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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)
615 East
Michigan Street
Milwaukee,
Wisconsin 53202
(Address of principal executive offices) (Zip code)
Russell
B. Simon, President
Advisor
Managed Portfolios
2020 East
Financial Way, Suite 100
Glendora,
CA 91741
(Name and address of agent for service)
(626) 914-7395
Registrant’s telephone number, including area code
Date of fiscal year end: September
30
Date of reporting period: March
31, 2025
Item 1. Reports to Stockholders.
|
|
|
|
|
Regan Total Return Income Fund
|
|
|
Investor Class | RCTRX
|
|
Semi-Annual Shareholder Report | March 31, 2025
|
This semi-annual shareholder report contains important information about the Regan Total Return Income Fund for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.regancapital.com/total-return-income-fund-rctrx/. You can also request this information by contacting us at 888-447-3426.
|
|
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*
|
|
Investor Class
|
$66
|
%
|
KEY FUND STATISTICS (as of March 31, 2025)
|
|
|
Net Assets
|
$1,381,736,628
|
|
Portfolio Turnover
|
13%
|
|
30-Day SEC Yield
|
5.66%
|
|
30-Day SEC Yield Unsubsidized
|
5.61%
|
Visit https://www.regancapital.com/total-return-income-fund-rctrx/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of March 31, 2025)
Security Type Breakdown (%)
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.regancapital.com/total-return-income-fund-rctrx/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Regan Capital documents not be householded, please contact Regan Capital at 888-447-3426, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Regan Capital or your financial intermediary.
| Regan Total Return Income Fund
|
PAGE 1
|
TSR-SAR-00777X587 |
48.725.315.210.80.30.00.3
|
|
|
|
|
Regan Total Return Income Fund
|
|
|
Institutional Class | RCIRX
|
|
Semi-Annual Shareholder Report | March 31, 2025
|
This semi-annual shareholder report contains important information about the Regan Total Return Income Fund for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.regancapital.com/mutual-funds/total-return-income-fund-rcirx/. You can also request this information by contacting us at 888-447-3426.
|
|
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*
|
|
Institutional Class
|
$54
|
%
|
KEY FUND STATISTICS (as of March 31, 2025)
|
|
|
Net Assets
|
$1,381,736,628
|
|
Portfolio Turnover
|
13%
|
|
30-Day SEC Yield
|
5.91%
|
|
30-Day SEC Yield Unsubsidized
|
5.87%
|
Visit https://www.regancapital.com/mutual-funds/total-return-income-fund-rcirx/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of March 31, 2025)
Security Type Breakdown (%)
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.regancapital.com/mutual-funds/total-return-income-fund-rcirx/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Regan Capital documents not be householded, please contact Regan Capital at 888-447-3426, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Regan Capital or your financial intermediary.
| Regan Total Return Income Fund
|
PAGE 1
|
TSR-SAR-00777X579 |
48.725.315.210.80.30.00.3
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial
Expert.
Not applicable for semi-annual reports.
Item 4.
Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5.
Audit Committee of Listed Registrants.
Not applicable to registrants who are not listed issuers (as defined in
Rule 10A-3 under the Securities Exchange Act of 1934).
Item 6.
Investments.
|
(a) |
Schedule of Investments is included as part of the report to shareholders filed under
Item 1 of this Form. |
Item 7.
Financial Statements and Financial Highlights for Open-End Investment Companies.
Regan
Total Return Income Fund
Semi-Annual
Financial Statements
March 31,
2025
TABLE OF CONTENTS
REGAN
TOTAL RETURN INCOME FUND
SCHEDULE
OF INVESTMENTS
March 31,
2025 (Unaudited)
|
|
|
|
|
|
|
|
|
NON-AGENCY
MORTGAGE-BACKED SECURITIES - 48.7%
|
|
|
|
|
|
|
|
ABN
Amro Mortgage Corp., Series 2003-12, Class 1A, 5.00%, 12/25/2033 |
|
|
$73,782 |
|
|
$72,538
|
|
Accredited
Mortgage Loan Trust, Series 2004-4, Class A1A, 5.11% (1 mo. Term SOFR + 0.79%), 01/25/2035 |
|
|
142,217 |
|
|
142,587
|
|
ACE
Securities Corp.
|
|
|
|
|
|
|
|
Series 2006-ASL1,
Class A, 4.71% (1 mo. Term SOFR + 0.39%), 02/25/2036 |
|
|
267,853 |
|
|
22,895
|
|
Series 2006-SL3,
Class A1, 4.63% (1 mo. Term SOFR + 0.31%), 06/25/2036 |
|
|
9,098,297 |
|
|
77,987
|
|
Series 2006-SL4,
Class A1, 4.67% (1 mo. Term SOFR + 0.35%), 09/25/2036 |
|
|
1,758,605 |
|
|
66,404
|
|
Series 2007-D1,
Class A4, 6.93%, 02/25/2038(c)(d) |
|
|
457,653 |
|
|
384,148
|
|
Series 2007-HE5,
Class A2C, 4.79% (1 mo. Term SOFR + 0.47%), 07/25/2037 |
|
|
6,627,450 |
|
|
2,095,307
|
|
Adjustable
RateMortgage Trust
|
|
|
|
|
|
|
|
Series 2004-2,
Class 6A1, 6.00%, 02/25/2035(a) |
|
|
13,876 |
|
|
13,807
|
|
Series 2004-4,
Class 3A1, 4.85%, 03/25/2035(a) |
|
|
23,987 |
|
|
23,626
|
|
Series 2005-10,
Class 1A1, 6.21%, 01/25/2036(a) |
|
|
189,758 |
|
|
179,018
|
|
Series 2005-10,
Class 6A21, 4.93% (1 mo. Term SOFR + 0.61%), 01/25/2036(b) |
|
|
98,902 |
|
|
87,874
|
|
Series 2005-3,
Class 7A1, 6.10%, 07/25/2035(a) |
|
|
218,173 |
|
|
203,642
|
|
Series 2005-6A,
Class 2A1, 5.05% (1 mo. Term SOFR + 0.73%), 11/25/2035 |
|
|
114,967 |
|
|
31,563
|
|
Series 2005-7,
Class 1A1, 5.93%, 10/25/2035(a)(b) |
|
|
153,187 |
|
|
104,167
|
|
Series 2005-7,
Class 2A21, 4.87%, 10/25/2035(a) |
|
|
1,080,908 |
|
|
946,714
|
|
Series 2005-7,
Class 5A1, 5.13%, 10/25/2035(a) |
|
|
1,924,948 |
|
|
1,389,163
|
|
Series 2006-1,
Class 1A1, 4.71%, 03/25/2036(a) |
|
|
59,137 |
|
|
54,935
|
|
Aegis
Asset Backed Securities Trust, Series 2004-5, Class M2, 6.26% (1 mo. Term SOFR + 1.94%), 12/25/2034 |
|
|
155,233 |
|
|
139,028
|
|
AFC
Home Equity Loan Trust, Series 2000-1, Class 2A, 5.07% (1 mo. Term SOFR + 0.75%), 03/25/2030 |
|
|
105,899 |
|
|
101,500
|
|
Agate
Bay Mortgage Trust
|
|
|
|
|
|
|
|
Series 2015-4,
Class A5, 3.00%, 06/25/2045(a)(d) |
|
|
281,899 |
|
|
256,263
|
|
Series 2015-6,
Class A3, 3.50%, 09/25/2045(a)(d) |
|
|
328,875 |
|
|
302,045
|
|
American
Home Mortgage Assets LLC
|
|
|
|
|
|
|
|
Series 2006-2,
Class 1A1, 5.60% (MTA + 0.96%), 09/25/2046 |
|
|
458,084 |
|
|
397,163
|
|
Series 2007-3,
Class 11A1, 4.85% (1 mo. Term SOFR + 0.53%), 06/25/2037 |
|
|
152,793 |
|
|
146,362
|
|
American
Home Mortgage Investment Trust
|
|
|
|
|
|
|
|
Series 2004-3,
Class MH1, 5.33% (1 mo. Term SOFR + 1.01%), 10/25/2034 |
|
|
81,764 |
|
|
78,400
|
|
Series 2007-1,
Class GA1A, 4.59% (1 mo. Term SOFR + 0.27%), 05/25/2047 |
|
|
6,732,153 |
|
|
4,981,370
|
|
Series 2007-1,
Class GA1C, 4.62% (1 mo. Term SOFR + 0.30%), 05/25/2047 |
|
|
11,087,429 |
|
|
6,515,333
|
|
Series 2007-1,
Class GIOP, 2.08%, 05/25/2047(e) |
|
|
21,765,548 |
|
|
3,408,927
|
|
Series 2007-2,
Class 12A1, 4.97% (1 mo. Term SOFR + 0.65%), 03/25/2037 |
|
|
1,008,405 |
|
|
383,589
|
|
Series 2007-A,
Class 4A, 5.33% (1 mo. Term SOFR + 1.01%), 07/25/2046(d) |
|
|
109,975 |
|
|
23,542
|
|
Angel
Oak Mortgage Trust LLC
|
|
|
|
|
|
|
|
Series 2021-2,
Class A1, 0.99%, 04/25/2066(a)(d) |
|
|
482,448 |
|
|
414,525
|
|
Series 2021-3,
Class A1, 1.07%, 05/25/2066(a)(d) |
|
|
4,220,138 |
|
|
3,621,135
|
|
Series 2021-4,
Class A1, 1.04%, 01/20/2065(a)(d) |
|
|
4,628,466 |
|
|
3,870,510
|
|
Series 2021-5,
Class A1, 0.95%, 07/25/2066(a)(d) |
|
|
972,249 |
|
|
837,830
|
|
Series 2023-1,
Class A3, 4.75%, 09/26/2067(c)(d) |
|
|
206,418 |
|
|
202,140
|
|
Argent
Securities Inc., Series 2006-W5, Class A2B, 4.63% (1 mo. Term SOFR + 0.31%), 06/25/2036 |
|
|
303,139 |
|
|
81,550
|
|
Argent
Securities, Inc. Asset-Backed Pass-Through Certificates Series 2003-W7, Series 2006-W4, Class A2D, 4.97% (1 mo. Term SOFR
+ 0.65%), 05/25/2036 |
|
|
272,417 |
|
|
64,937
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
REGAN
TOTAL RETURN INCOME FUND
SCHEDULE
OF INVESTMENTS
March
31, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
NON-AGENCY
MORTGAGE-BACKED SECURITIES - (Continued)
|
|
ASG
ResecuritizationTrust
|
|
|
|
|
|
|
|
Series 2011-1,
Class 2H1, 6.00%, 09/28/2036(a)(b)(d) |
|
|
$3,222,000 |
|
|
$1,006,875
|
|
Series 2011-2,
Class M52, 5.75%, 02/28/2036(d) |
|
|
674,548 |
|
|
635,073
|
|
Series 2013-2,
Class 1M40, 4.91%, 12/28/2035(a)(b)(d) |
|
|
2,296,487 |
|
|
2,076,886
|
|
Asset
Backed Funding Certificates, Series 2002-WF2, Class A2, 5.56% (1 mo. Term SOFR + 1.24%), 05/25/2032 |
|
|
6,240 |
|
|
6,237
|
|
Asset
Backed Securities Corp. Home Equity, Series 2004-HE9, Class M1, 5.41%
(1
mo. Term SOFR + 1.09%), 12/25/2034 |
|
|
240,737 |
|
|
222,375
|
|
Banc
of America Alternative Loan Trust
|
|
|
|
|
|
|
|
Series 2005-10,
Class 1CB1, 4.83% (1 mo. Term SOFR + 0.51%), 11/25/2035 |
|
|
447,398 |
|
|
387,113
|
|
Series 2005-11,
Class 1CB3, 5.50%, 12/25/2035 |
|
|
199,950 |
|
|
179,927
|
|
Series 2005-11,
Class 1CB5, 5.50%, 12/25/2035 |
|
|
167,170 |
|
|
150,430
|
|
Series 2006-5,
Class CB7, 6.00%, 06/25/2046 |
|
|
814,838 |
|
|
702,240
|
|
Series 2006-6,
Class 2A10, 6.00%, 07/25/2046 |
|
|
436,589 |
|
|
363,230
|
|
Series 2006-6,
Class 2A8, 6.00%, 07/25/2046 |
|
|
314,787 |
|
|
261,894
|
|
Series 2007-1,
Class 1A1, 3.99%, 04/25/2028(a) |
|
|
282,307 |
|
|
256,015
|
|
Series 2007-2,
Class 1A1, 5.50%, 06/25/2037 |
|
|
636,698 |
|
|
552,945
|
|
Series 2007-2,
Class 3A2, 4.79% (1 mo. Term SOFR + 0.47%), 06/25/2037 |
|
|
126,829 |
|
|
90,882
|
|
Banc
of America Funding Corp.
|
|
|
|
|
|
|
|
Series 2003-2,
Class B1, 6.50%, 06/25/2032(a)(b) |
|
|
145,627 |
|
|
107,764
|
|
Series 2004-B,
Class 7M1, 5.33% (1 mo. Term SOFR + 1.01%), 12/20/2034 |
|
|
92,996 |
|
|
97,265
|
|
Series 2005-1,
Class 1A6, 5.50%, 02/25/2035 |
|
|
38,641 |
|
|
37,600
|
|
Series 2005-3,
Class 1A10, 5.25%, 06/25/2035 |
|
|
258,881 |
|
|
233,654
|
|
Series 2005-5,
Class 3A5, 5.50%, 08/25/2035 |
|
|
158,220 |
|
|
145,585
|
|
Series 2005-6,
Class 1A3, 5.75%, 10/25/2035 |
|
|
1,048,755 |
|
|
862,963
|
|
Series 2005-6,
Class 1A8, 6.00%, 10/25/2035 |
|
|
300,074 |
|
|
251,886
|
|
Series 2005-8,
Class 1A1, 5.50%, 01/25/2036 |
|
|
200,666 |
|
|
164,987
|
|
Series 2005-B,
Class 2A1, 4.65%, 04/20/2035(a) |
|
|
28,613 |
|
|
25,844
|
|
Series 2005-E,
Class 8A1, 6.07% (MTA + 1.43%), 06/20/2035 |
|
|
984,398 |
|
|
763,189
|
|
Series 2005-H,
Class 1A1, 6.56%, 11/20/2035(a) |
|
|
187,561 |
|
|
178,539
|
|
Series 2006-7,
Class 1A1, 4.88% (1 mo. Term SOFR + 0.56%), 09/25/2036 |
|
|
668,558 |
|
|
511,141
|
|
Series 2006-B,
Class 2A1, 4.72%, 03/20/2036(a) |
|
|
36,960 |
|
|
31,382
|
|
Series 2006-G,
Class 3A3, 6.60% (12 mo. Term SOFR + 2.47%), 07/20/2036 |
|
|
7,237 |
|
|
7,183
|
|
Series 2006-I,
Class 6A1, 4.81% (1 mo. Term SOFR + 0.49%), 12/20/2046 |
|
|
1,315,842 |
|
|
1,169,381
|
|
Series 2007-1,
Class 1A3, 6.00%, 01/25/2037 |
|
|
43,900 |
|
|
37,558
|
|
Series 2007-1,
Class TA1A, 4.49% (1 mo. Term SOFR + 0.17%), 01/25/2037 |
|
|
216,183 |
|
|
182,973
|
|
Series 2007-2,
Class 1A31, 6.00%, 03/25/2037 |
|
|
360,293 |
|
|
269,035
|
|
Series 2007-2,
Class TA1B, 5.81%, 03/25/2037(a) |
|
|
54,148 |
|
|
52,226
|
|
Series 2007-4,
Class 3A1, 4.80% (1 mo. Term SOFR + 0.48%), 06/25/2037 |
|
|
154,816 |
|
|
116,866
|
|
Series 2007-8,
Class 4A1, 6.00%, 08/25/2037 |
|
|
81,215 |
|
|
65,961
|
|
Series 2007-A,
Class 2A1, 4.75% (1 mo. Term SOFR + 0.43%), 02/20/2047 |
|
|
910,603 |
|
|
836,148
|
|
Series 2007-C,
Class 7A4, 4.87% (1 mo. Term SOFR + 0.55%), 05/20/2047 |
|
|
227,451 |
|
|
208,846
|
|
Series 2007-C,
Class 7A5, 5.03% (1 mo. Term SOFR + 0.71%), 05/20/2047 |
|
|
1,008,613 |
|
|
932,693
|
|
Series 2009-R14A,
Class 2A, 6.58% (-2 x 1 mo. Term SOFR + 14.80%), 07/26/2035(d)(f) |
|
|
448,071 |
|
|
380,392
|
|
Series 2010-R6,
Class 3A4, 6.25%, 09/26/2037(a)(d) |
|
|
583,902 |
|
|
213,520
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
REGAN
TOTAL RETURN INCOME FUND
SCHEDULE
OF INVESTMENTS
March
31, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
NON-AGENCY
MORTGAGE-BACKED SECURITIES - (Continued)
|
|
Series 2010-R8,
Class 1A4, 5.75%, 05/26/2036(d) |
|
|
$266,405 |
|
|
$155,179
|
|
Series 2015-R2,
Class 3A3, 4.38%, 04/29/2037(a)(d) |
|
|
1,672,757 |
|
|
1,469,013
|
|
Series 2016-R2,
Class 1A2, 11.90%, 05/01/2033(a)(d)(g) |
|
|
1,962,838 |
|
|
1,928,849
|
|
Banc
of America Funding Corporation, Series 2006-4, Class A11, 6.00%, 07/25/2036 |
|
|
173,841 |
|
|
131,849
|
|
Banc
of America Mortgage Securities
|
|
|
|
|
|
|
|
Series 2003-H,
Class 2A2, 7.42%, 09/25/2033(a) |
|
|
570,234 |
|
|
543,345
|
|
Series 2005-E,
Class 3A1, 5.76%, 06/25/2035(a) |
|
|
210,788 |
|
|
202,247
|
|
Series 2005-F,
Class 2A2, 6.36%, 07/25/2035(a)(b) |
|
|
212,583 |
|
|
192,388
|
|
Series 2007-3,
Class 1A1, 6.00%, 09/25/2037 |
|
|
1,686,649 |
|
|
1,367,371
|
|
Banc
of America Mortgage Securities, Inc.
|
|
|
|
|
|
|
|
Series 2005-3,
Class 2A3, 5.50%, 03/25/2035 |
|
|
438,929 |
|
|
395,712
|
|
Series 2005-8,
Class A12, 5.50%, 09/25/2035 |
|
|
871,410 |
|
|
762,678
|
|
Series 2005-G,
Class 2A1, 5.90%, 08/25/2035(a)(b) |
|
|
411,385 |
|
|
378,989
|
|
Series 2005-H,
Class 2A1, 5.71%, 09/25/2035(a) |
|
|
181,788 |
|
|
160,386
|
|
Series 2005-I,
Class 3A1, 4.11%, 10/25/2035(a) |
|
|
479,030 |
|
|
383,904
|
|
Series 2005-J,
Class 2A1, 5.67%, 11/25/2035(a) |
|
|
50,500 |
|
|
44,705
|
|
Series 2006-2,
Class A2, 6.00% (1 mo. Term SOFR + 6.00%), 07/25/2046 |
|
|
238,126 |
|
|
205,515
|
|
Series 2006-2,
Class A3, 5.03% (1 mo. Term SOFR + 0.71%), 07/25/2046 |
|
|
733,802 |
|
|
591,686
|
|
Series 2007-1,
Class 1A4, 6.00%, 03/25/2037 |
|
|
1,022,434 |
|
|
867,190
|
|
Series 2007-1,
Class 2A11, 5.03% (1 mo. Term SOFR + 0.71%), 01/25/2037 |
|
|
742,061 |
|
|
625,899
|
|
Series 2007-2,
Class A7, 5.50%, 05/25/2037 |
|
|
69,705 |
|
|
52,575
|
|
Bank
of America NA, Series 2008-R4, Class 1A4, 4.88% (1 mo. Term SOFR + 0.56%), 07/25/2037(d) |
|
|
269,496 |
|
|
184,741
|
|
BankAmerica
Manufactured Housing Contract Trust
|
|
|
|
|
|
|
|
Series 1997-1,
Class B1, 6.94%, 03/15/2026 |
|
|
600,000 |
|
|
60,382
|
|
Series 1998-2,
Class B1, 7.22%, 12/10/2025(a) |
|
|
2,177,312 |
|
|
229,204
|
|
Bayview
Asset Management LLC/Private Equity, Series 2021-2, Class A5, 2.50%, 06/25/2051(a)(b)(d) |
|
|
111,511 |
|
|
94,338
|
|
Bayview
Commercial Asset Trust
|
|
|
|
|
|
|
|
Series 2006-3A,
Class M1, 4.94% (1 mo. Term SOFR + 0.62%), 10/25/2036(d) |
|
|
472,193 |
|
|
451,356
|
|
Series 2006-4A,
Class A2, 4.84% (1 mo. Term SOFR + 0.52%), 12/25/2036(d) |
|
|
274,981 |
|
|
258,072
|
|
Bayview
Financial Acquisition Trust, Series 2006-C, Class 2A3, 4.88% (1 mo. Term SOFR + 0.55%), 11/28/2036 |
|
|
795,260 |
|
|
736,958
|
|
BCAP
LLC Trust
|
|
|
|
|
|
|
|
Series 2007-AA4,
Class 12A1, 4.39%, 06/25/2047(a) |
|
|
2,487,965 |
|
|
994,148
|
|
Series 2008-IND2,
Class A2, 3.99%, 04/25/2038(a) |
|
|
877,851 |
|
|
680,944
|
|
Series 2011-RR4,
Class 7A1, 5.25%, 04/26/2037(b)(d) |
|
|
1,840,429 |
|
|
1,030,640
|
|
Series 2011-RR4,
Class 8A1, 5.25%, 02/26/2036(a)(d) |
|
|
1,226,322 |
|
|
486,155
|
|
Series 2011-RR9,
Class 6A6, 5.62%, 01/26/2036(a)(b)(d) |
|
|
3,251,153 |
|
|
1,355,324
|
|
Series 2012-RR4,
Class 4A7, 4.16%, 02/26/2036(a)(d) |
|
|
1,861,676 |
|
|
1,030,159
|
|
Bear
Stearns Adjustable RateMortgage Trust
|
|
|
|
|
|
|
|
Series 2003-5,
Class 2B1, 5.26%, 08/25/2033(a) |
|
|
46,771 |
|
|
39,265
|
|
Series 2003-6,
Class 2A1, 7.48%, 08/25/2033(a) |
|
|
124,897 |
|
|
121,024
|
|
Series 2003-7,
Class 2A, 7.75%, 10/25/2033(a)(b) |
|
|
18,857 |
|
|
15,369
|
|
Series 2004-10,
Class 12A5, 5.12%, 01/25/2035(a) |
|
|
16,618 |
|
|
16,085
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
REGAN
TOTAL RETURN INCOME FUND
SCHEDULE
OF INVESTMENTS
March
31, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
NON-AGENCY
MORTGAGE-BACKED SECURITIES - (Continued)
|
|
Series 2004-2,
Class 22A, 7.01%, 05/25/2034(a)(b) |
|
|
$2,594 |
|
|
$2,347
|
|
Series 2005-12,
Class 23A1, 4.53%, 02/25/2036(a) |
|
|
421,229 |
|
|
386,150
|
|
Series 2006-1,
Class A1, 6.53% (1 yr. CMT Rate + 2.25%), 02/25/2036(b) |
|
|
87,592 |
|
|
78,395
|
|
Series 2006-2,
Class 2A1, 4.57%, 07/25/2036(a)(b) |
|
|
177,743 |
|
|
144,772
|
|
Series 2006-2,
Class 3A1, 4.45%, 07/25/2036(a) |
|
|
309,316 |
|
|
260,954
|
|
Series 2006-4,
Class 2A1, 4.41%, 10/25/2036(a) |
|
|
121,206 |
|
|
106,967
|
|
Series 2007-2,
Class 4A1, 6.10% (1 yr. CMT Rate + 2.20%), 12/25/2046 |
|
|
773,328 |
|
|
684,283
|
|
Series 2007-4,
Class 22A1, 4.43%, 06/25/2047(a) |
|
|
141,972 |
|
|
124,488
|
|
Bear
Stearns Alt-A Trust
|
|
|
|
|
|
|
|
Series 2004-3,
Class A1, 5.07% (1 mo. Term SOFR + 0.75%), 04/25/2034(b) |
|
|
177,613 |
|
|
166,299
|
|
Series 2004-4,
Class M2, 6.31% (1 mo. Term SOFR + 1.99%), 06/25/2034 |
|
|
218,354 |
|
|
213,958
|
|
Series 2005-7,
Class 23A1, 4.68%, 09/25/2035(a) |
|
|
253,746 |
|
|
104,517
|
|
Series 2006-3,
Class 34A1, 4.29%, 05/25/2036(a) |
|
|
3,151,025 |
|
|
1,401,415
|
|
Series 2006-6,
Class 31A1, 4.64%, 11/25/2036(a) |
|
|
974,704 |
|
|
563,326
|
|
Series 2006-7,
Class 23A1, 5.58%, 12/25/2046(a) |
|
|
1,839,583 |
|
|
1,310,343
|
|
Bear
Stearns Alt-A Trust II, Series 2007-1, Class 1A1, 4.35%, 09/25/2047(a) |
|
|
6,810,008 |
|
|
3,318,566
|
|
Bear
Stearns Asset Backed Securities Trust
|
|
|
|
|
|
|
|
Series 2003-AC4,
Class A, 5.50%, 09/25/2033(c) |
|
|
79,840 |
|
|
72,367
|
|
Series 2004-HE7,
Class M2, 6.16% (1 mo. Term SOFR + 1.84%), 08/25/2034 |
|
|
3,205 |
|
|
3,135
|
|
Series 2004-HE8,
Class M3, 6.53% (1 mo. Term SOFR + 2.21%), 09/25/2034 |
|
|
411,979 |
|
|
400,320
|
|
Series 2004-HE9,
Class M2, 5.94% (1 mo. Term SOFR + 1.91%), 11/25/2034 |
|
|
1,731,545 |
|
|
1,644,986
|
|
Series 2005-AC6,
Class 1A3, 5.50%, 09/25/2035(a) |
|
|
290,451 |
|
|
275,882
|
|
Series 2005-AC8,
Class A3, 3.22% (-1 x 1 mo. Term SOFR + 7.54%), 11/25/2035(e)(f) |
|
|
3,017,200 |
|
|
759,931
|
|
Series 2006-AC3,
Class 1A1, 4.83% (1 mo. Term SOFR + 0.51%), 05/25/2036 |
|
|
2,761,126 |
|
|
682,092
|
|
Series 2006-SD3,
Class 23A2, 4.83% (1 mo. Term SOFR + 0.51%), 07/25/2036 |
|
|
875,246 |
|
|
763,444
|
|
Series 2007-AC5,
Class A3, 6.00%, 07/25/2037 |
|
|
3,779,962 |
|
|
1,365,538
|
|
Series 2007-AC6,
Class A1, 6.50%, 10/25/2037 |
|
|
1,378,171 |
|
|
559,184
|
|
Series 2007-HE2,
Class 23A, 4.71% (1 mo. Term SOFR + 0.39%), 03/25/2037 |
|
|
87,843 |
|
|
83,820
|
|
Series 2007-SD1,
Class 1A3A, 6.50%, 10/25/2036 |
|
|
1,403,008 |
|
|
509,477
|
|
Series 2007-SD1,
Class 22A1, 5.36%, 10/25/2036(a) |
|
|
828,677 |
|
|
361,742
|
|
Bear
Stearns Cos. LLC, Series 2008-R2, Class 2A2, 4.27%, 06/25/2047(a)(d) |
|
|
3,358,909 |
|
|
2,580,721
|
|
Bear
Stearns Mortgage Funding Trust
|
|
|
|
|
|
|
|
Series 2006-AR3,
Class 2A1, 4.83% (1 mo. Term SOFR + 0.51%), 11/25/2036 |
|
|
66,966 |
|
|
60,875
|
|
Series 2007-AR5,
Class 1A1A, 4.77% (1 mo. Term SOFR + 0.45%), 06/25/2047(b) |
|
|
406,478 |
|
|
345,506
|
|
Bear
Stearns Structured Products, Inc.
|
|
|
|
|
|
|
|
Series 2007-R6,
Class 1A1, 5.12%, 01/26/2036(a)(b) |
|
|
693,824 |
|
|
503,022
|
|
Series 2007-R6,
Class 2A1, 4.33%, 12/26/2046(a)(b) |
|
|
202,472 |
|
|
143,755
|
|
BINOM
Securitization Trust, Series 2021-INV1, Class A1, 2.03%, 06/25/2056(a)(d) |
|
|
406,466 |
|
|
364,232
|
|
Bombardier
Capital Mortgage Securitization Corp., Series 2000-A, Class A2, 7.58%, 06/15/2030(a) |
|
|
3,879,580 |
|
|
290,709
|
|
Carrington
Mortgage Loan Trust, Series 2006-FRE2, Class A2, 4.55% (1 mo. Term SOFR + 0.23%), 10/25/2036 |
|
|
2,208,034 |
|
|
1,694,156
|
|
CC
Funding Corp./DE
|
|
|
|
|
|
|
|
Series 2003-4A,
Class B1, 5.03%, 10/25/2034(a)(d) |
|
|
295,450 |
|
|
277,245
|
|
Series 2004-1A,
Class A2, 4.76% (1 mo. Term SOFR + 0.44%), 01/25/2035(d) |
|
|
82,839 |
|
|
80,930
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
REGAN
TOTAL RETURN INCOME FUND
SCHEDULE
OF INVESTMENTS
March
31, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
NON-AGENCY
MORTGAGE-BACKED SECURITIES - (Continued)
|
|
Series 2004-3A,
Class A2, 4.73% (1 mo. Term SOFR + 0.41%), 08/25/2035(b)(d) |
|
|
$41,223 |
|
|
$37,513
|
|
Series 2004-4A,
Class B1, 3.86%, 10/25/2035(a)(d) |
|
|
2,578,374 |
|
|
2,162,744
|
|
Series 2005-CA,
Class A1, 4.64% (1 mo. Term SOFR + 0.32%), 10/25/2046(d) |
|
|
93,731 |
|
|
97,917
|
|
Series 2006-1A,
Class A1, 4.58% (1 mo. Term SOFR + 0.26%), 12/25/2046(d) |
|
|
379,612 |
|
|
326,763
|
|
Series 2006-2A,
Class A2, 4.61% (1 mo. Term SOFR + 0.29%), 04/25/2047(d) |
|
|
3,240,473 |
|
|
2,456,062
|
|
Series 2006-4A,
Class A1, 4.56% (1 mo. Term SOFR + 0.24%), 11/25/2047(d) |
|
|
775,208 |
|
|
751,148
|
|
Series 2006-4A,
Class A2, 4.61% (1 mo. Term SOFR + 0.29%), 11/25/2047(d) |
|
|
54,563 |
|
|
48,156
|
|
CDC
Mortgage Capital Trust, Series 2002-HE1, Class A, 5.05% (1 mo. Term SOFR + 0.73%), 01/25/2033 |
|
|
72 |
|
|
72
|
|
Charlie
Mac LLC, Series 2004-1, Class A8, 4.98% (1 mo. Term SOFR + 0.66%), 08/25/2034 |
|
|
27,120 |
|
|
25,248
|
|
Chase
Funding Mortgage Loan Asset-Backed, Series 2003-5, Class 1M2, 5.64%, 09/25/2032(a) |
|
|
72,328 |
|
|
64,777
|
|
Chase
Mortgage Finance Corp.
|
|
|
|
|
|
|
|
Series 2004-S2,
Class 2A4, 5.50%, 02/25/2034 |
|
|
181,432 |
|
|
179,326
|
|
Series 2005-A1,
Class 2A4, 4.95%, 12/25/2035(a) |
|
|
284,290 |
|
|
269,096
|
|
Series 2006-S1,
Class A5, 6.50%, 05/25/2036 |
|
|
4,065,050 |
|
|
1,867,258
|
|
Series 2006-S2,
Class 1A19, 6.25%, 10/25/2036 |
|
|
446,951 |
|
|
167,857
|
|
Series 2006-S4,
Class A1, 5.08% (1 mo. Term SOFR + 0.76%), 12/25/2036 |
|
|
2,412,348 |
|
|
704,440
|
|
Series 2007-A1,
Class 11M1, 4.73%, 03/25/2037(a) |
|
|
92,532 |
|
|
85,266
|
|
Series 2007-A1,
Class 1A5, 6.69%, 02/25/2037(a)(b) |
|
|
1,811 |
|
|
1,684
|
|
Series 2007-A3,
Class 1A7, 5.26%, 12/25/2037(a) |
|
|
121,133 |
|
|
101,626
|
|
Series 2007-A3,
Class 3A1, 5.11%, 12/25/2037(a) |
|
|
311,215 |
|
|
270,204
|
|
Series 2007-S1,
Class A1, 5.03% (1 mo. Term SOFR + 0.71%), 02/25/2037 |
|
|
6,455,759 |
|
|
1,906,053
|
|
Series 2019-ATR1,
Class A11, 5.38% (1 mo. Term SOFR + 1.06%), 04/25/2049(d) |
|
|
66,879 |
|
|
64,439
|
|
Series 2019-ATR1,
Class A3, 4.00%, 04/25/2049(a)(d) |
|
|
166,041 |
|
|
157,390
|
|
Series 2019-ATR1,
Class B4, 4.40%, 04/25/2049(a)(d) |
|
|
144,000 |
|
|
113,167
|
|
ChaseflexTrust
|
|
|
|
|
|
|
|
Series 2005-2,
Class 1A1, 6.00%, 06/25/2035 |
|
|
691,472 |
|
|
443,952
|
|
Series 2006-1,
Class A5, 6.16%, 06/25/2036(a) |
|
|
34,478 |
|
|
32,659
|
|
Series 2007-1,
Class 2A6, 6.00%, 02/25/2037 |
|
|
1,853,641 |
|
|
632,044
|
|
Series 2007-3,
Class 1A2, 4.89% (1 mo. Term SOFR + 0.57%), 07/25/2037 |
|
|
10,647,008 |
|
|
3,108,001
|
|
Series 2007-M1,
Class 1A1, 4.73% (1 mo. Term SOFR + 0.41%), 08/25/2037 |
|
|
286,412 |
|
|
263,061
|
|
Series 2007-M1,
Class 2AV2, 4.58% (1 mo. Term SOFR + 0.57%), 08/25/2037 |
|
|
515,639 |
|
|
424,047
|
|
Chevy
Chase Mortgage Funding Corp., Series 2005-2A, Class A2, 4.66% (1 mo. Term SOFR + 0.34%), 05/25/2036(d) |
|
|
238,084 |
|
|
225,510
|
|
CIM
Trust, Series 2019-INV1, Class A2, 5.45% (30 day avg SOFR US + 1.11%), 02/25/2049(d) |
|
|
285,472 |
|
|
277,146
|
|
Citicorp
Mortgage Securities, Inc.
|
|
|
|
|
|
|
|
Series 2006-3,
Class 1A4, 6.00%, 06/25/2036 |
|
|
1,288,139 |
|
|
1,172,517
|
|
Series 2006-4,
Class 1A4, 6.00%, 08/25/2036 |
|
|
937,451 |
|
|
856,448
|
|
Series 2007-5,
Class 1A9, 6.00%, 06/25/2037 |
|
|
48,557 |
|
|
42,795
|
|
Citigroup
Financial Products, Inc.
|
|
|
|
|
|
|
|
Series 1997-HUD1,
Class A4, 2.62%, 12/25/2030(a)(b) |
|
|
208,860 |
|
|
86,635
|
|
Series 2004-HYB3,
Class 1A, 5.78%, 09/25/2034(a) |
|
|
85,818 |
|
|
77,799
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
REGAN
TOTAL RETURN INCOME FUND
SCHEDULE
OF INVESTMENTS
March
31, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
NON-AGENCY
MORTGAGE-BACKED SECURITIES - (Continued)
|
|
Series 2005-10,
Class 1A2A, 4.40%, 12/25/2035(a)(b) |
|
|
$115,662 |
|
|
$68,240
|
|
Series 2005-2,
Class 1A1, 5.94%, 05/25/2035(a) |
|
|
199,960 |
|
|
189,821
|
|
Series 2005-WF1,
Class M2, 6.03%, 11/25/2034(c) |
|
|
337,412 |
|
|
290,953
|
|
Series 2005-WF2,
Class AF6A, 6.13%, 08/25/2035(c) |
|
|
807,259 |
|
|
737,362
|
|
Series 2006-8,
Class A1, 5.03% (1 mo. Term SOFR + 0.71%), 10/25/2035(d) |
|
|
5,464,979 |
|
|
2,548,273
|
|
Series 2022-J1,
Class A1, 2.50%, 02/25/2052(a)(d) |
|
|
803,744 |
|
|
738,433
|
|
Citigroup
Mortgage Loan Trust Inc., Series 2014-12, Class 2A5, 3.33%, 02/25/2037(a)(d) |
|
|
2,254,582 |
|
|
1,721,076
|
|
Citigroup
Mortgage Loan Trust, Inc.
|
|
|
|
|
|
|
|
Series 2004-HYB2,
Class 2A, 6.76%, 03/25/2034(a) |
|
|
140,197 |
|
|
126,992
|
|
Series 2005-7,
Class 2A3A, 4.34%, 09/25/2035(a) |
|
|
758,857 |
|
|
512,079
|
|
Series 2005-9,
Class 1A1, 4.69% (1 mo. Term SOFR + 0.37%), 11/25/2035 |
|
|
1,280,714 |
|
|
1,091,416
|
|
Series 2006-AR1,
Class 1A1, 6.56% (1 yr. CMT Rate + 2.40%), 10/25/2035(b) |
|
|
206,299 |
|
|
180,409
|
|
Series 2006-AR1,
Class 2A1, 6.30% (1 yr. CMT Rate + 2.40%), 03/25/2036 |
|
|
37,647 |
|
|
37,755
|
|
Series 2006-AR2,
Class 1A1, 5.85%, 03/25/2036(a) |
|
|
213,919 |
|
|
162,376
|
|
Series 2006-AR7,
Class 1A3A, 5.61%, 07/25/2046(a) |
|
|
923,478 |
|
|
866,827
|
|
Series 2006-WF1,
Class A2C, 4.51%, 03/25/2036(c) |
|
|
590,287 |
|
|
275,201
|
|
Series 2007-10,
Class 2A4A, 7.88%, 09/25/2037(a) |
|
|
24,905 |
|
|
24,462
|
|
Series 2007-2,
Class 1A2, 4.78% (1 mo. Term SOFR + 0.46%), 11/25/2036 |
|
|
1,591,213 |
|
|
1,244,106
|
|
Series 2007-9,
Class 3A1, 6.50%, 06/25/2037(d) |
|
|
529,204 |
|
|
510,959
|
|
Series 2007-AR1,
Class A4, 4.85% (1 mo. Term SOFR + 0.53%), 01/25/2037 |
|
|
5,929,947 |
|
|
1,109,650
|
|
Series 2007-OPX1,
Class A2, 4.83% (1 mo. Term SOFR + 0.51%), 01/25/2037 |
|
|
1,172,134 |
|
|
490,078
|
|
Series 2009-8,
Class 2A2, 6.10%, 04/25/2037(a)(b)(d) |
|
|
2,022,927 |
|
|
1,110,081
|
|
CitimortgageAlternative
Loan Trust
|
|
|
|
|
|
|
|
Series 2006-A1,
Class 1A5, 5.50%, 04/25/2036 |
|
|
185,915 |
|
|
172,948
|
|
Series 2006-A7,
Class 1A1, 6.00%, 12/25/2036(a) |
|
|
396,399 |
|
|
346,654
|
|
Series 2006-A7,
Class 1A12, 6.00%, 12/25/2036 |
|
|
315,580 |
|
|
278,225
|
|
Series 2007-A3,
Class 1A1, 6.00%, 03/25/2037(a) |
|
|
509,928 |
|
|
442,620
|
|
Series 2007-A4,
Class 1A9, 5.03% (1 mo. Term SOFR + 0.71%), 04/25/2037 |
|
|
1,333,007 |
|
|
1,117,821
|
|
Series 2007-A5,
Class 1A3, 4.93% (1 mo. Term SOFR + 0.61%), 05/25/2037 |
|
|
256,583 |
|
|
211,991
|
|
CitiMortgage,
Inc.
|
|
|
|
|
|
|
|
Series 2005-1,
Class 1A4, 5.50%, 02/25/2035 |
|
|
18,197 |
|
|
17,616
|
|
Series 2005-1,
Class 1A7, 4.83% (1 mo. Term SOFR + 0.51%), 02/25/2035 |
|
|
207,017 |
|
|
191,619
|
|
COLT
Funding LLC
|
|
|
|
|
|
|
|
Series 2021-1R,
Class A2, 1.17%, 05/25/2065(a)(d) |
|
|
0(h) |
|
|
0(h)
|
|
Series 2021-2R,
Class A1, 0.80%, 07/27/2054(d) |
|
|
215,019 |
|
|
195,345
|
|
Series 2021-RPL1,
Class A1, 1.67%, 09/25/2061(a)(d) |
|
|
988,007 |
|
|
894,105
|
|
Conseco
Finance Securitizations Corp.
|
|
|
|
|
|
|
|
Series 1999-6,
Class A1, 7.36%, 06/01/2030(a)(d) |
|
|
8,125,614 |
|
|
2,246,120
|
|
Series 2001-2,
Class M1, 7.69%, 03/01/2031(a) |
|
|
933,759 |
|
|
927,664
|
|
Series 2001-4,
Class M2, 8.59%, 09/01/2033(a) |
|
|
2,271,321 |
|
|
2,289,626
|
|
Series 2002-1,
Class M2, 9.55%, 12/01/2033(a) |
|
|
1,493,029 |
|
|
1,454,962
|
|
Conseco
Financial Corp.
|
|
|
|
|
|
|
|
Series 1996-8,
Class B1, 7.95%, 11/15/2026(a) |
|
|
885,351 |
|
|
896,840
|
|
Series 1998-8,
Class M1, 6.98%, 09/01/2030(a) |
|
|
1,888,407 |
|
|
1,902,780
|
|
Series 1999-4,
Class A7, 7.41%, 05/01/2031 |
|
|
2,153,193 |
|
|
663,883
|
|
Series 1999-5,
Class A6, 7.50%, 03/01/2030(a) |
|
|
6,176,667 |
|
|
1,780,455
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
REGAN
TOTAL RETURN INCOME FUND
SCHEDULE
OF INVESTMENTS
March
31, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
NON-AGENCY
MORTGAGE-BACKED SECURITIES - (Continued)
|
|
Conseco,
Inc./Old
|
|
|
|
|
|
|
|
Series 1995-5,
Class B2, 7.65%, 09/15/2026(a) |
|
|
$3,859,471 |
|
|
$23,562
|
|
Series 1997-7,
Class M1, 7.03%, 07/15/2028(a) |
|
|
334,064 |
|
|
339,413
|
|
Series 1998-3,
Class M1, 6.86%, 03/01/2030(a) |
|
|
1,414,507 |
|
|
1,425,363
|
|
Countrywide
Alternative Loan Trust
|
|
|
|
|
|
|
|
Series 2003-J2,
Class M, 6.00%, 10/25/2033 |
|
|
149,918 |
|
|
149,025
|
|
Series 2003-J3,
Class 1A3, 5.25%, 11/25/2033(b) |
|
|
91,590 |
|
|
81,882
|
|
Series 2004-28CB,
Class 2A5, 4.83% (1 mo. Term SOFR + 0.51%), 01/25/2035 |
|
|
101,111 |
|
|
85,820
|
|
Series 2004-30CB,
Class 2A3, 5.75%, 02/25/2035 |
|
|
1,919,608 |
|
|
1,278,393
|
|
Series 2004-34T1,
Class A2, 5.50%, 02/25/2035 |
|
|
788,957 |
|
|
704,920
|
|
Series 2004-J5,
Class M2, 6.08% (1 mo. Term SOFR + 1.76%), 08/25/2034 |
|
|
173,390 |
|
|
171,015
|
|
Series 2005-11CB,
Class 2A3, 5.50%, 06/25/2035 |
|
|
184,106 |
|
|
149,577
|
|
Series 2005-11CB,
Class 3A2, 4.93% (1 mo. Term SOFR + 0.61%), 06/25/2035 |
|
|
758,162 |
|
|
537,856
|
|
Series 2005-14,
Class 2A1, 4.85% (1 mo. Term SOFR + 0.53%), 05/25/2035 |
|
|
116,017 |
|
|
110,131
|
|
Series 2005-17,
Class 2A1, 4.91% (1 mo. Term SOFR + 0.59%), 07/25/2035 |
|
|
564,020 |
|
|
467,936
|
|
Series 2005-19CB,
Class A2, 7.18% (-2 x 1 mo. Term SOFR + 16.69%), 06/25/2035(f) |
|
|
58,311 |
|
|
46,190
|
|
Series 2005-2,
Class 2A1, 5.45%, 03/25/2035(a) |
|
|
87,417 |
|
|
84,598
|
|
Series 2005-20CB,
Class 1A2, 5.50%, 07/25/2035 |
|
|
419,749 |
|
|
333,954
|
|
Series 2005-20CB,
Class 1A3, 5.50%, 07/25/2035 |
|
|
1,788,998 |
|
|
1,423,331
|
|
Series 2005-21CB,
Class A3, 5.25%, 06/25/2035 |
|
|
277,549 |
|
|
207,053
|
|
Series 2005-21CB,
Class A7, 5.50%, 06/25/2035 |
|
|
46,965 |
|
|
35,463
|
|
Series 2005-24,
Class 4A2, 5.03% (1 mo. Term SOFR + 0.71%), 07/20/2035 |
|
|
372,866 |
|
|
265,153
|
|
Series 2005-27,
Class 1A4, 3.78%, 08/25/2035(a) |
|
|
410,869 |
|
|
355,023
|
|
Series 2005-27,
Class 1A5, 3.87%, 08/25/2035(a) |
|
|
390,502 |
|
|
353,107
|
|
Series 2005-27,
Class 1A6, 5.66% (1 mo. Term SOFR + 1.34%), 08/25/2035 |
|
|
378,266 |
|
|
291,204
|
|
Series 2005-27,
Class 2A1, 5.99% (MTA + 1.35%), 08/25/2035 |
|
|
1,530,576 |
|
|
1,312,971
|
|
Series 2005-28CB,
Class 1A9, 4.98% (1 mo. Term SOFR + 0.66%), 08/25/2035 |
|
|
2,035,857 |
|
|
1,620,643
|
|
Series 2005-28CB,
Class 3A3, 5.13% (1 mo. Term SOFR + 0.81%), 08/25/2035 |
|
|
2,395,337 |
|
|
783,428
|
|
Series 2005-28CB,
Class 3A5, 6.00%, 08/25/2035 |
|
|
103,549 |
|
|
41,292
|
|
Series 2005-29CB,
Class A2, 4.73% (1 mo. Term SOFR + 0.41%), 07/25/2035 |
|
|
581,604 |
|
|
302,664
|
|
Series 2005-29CB,
Class A4, 5.00%, 07/25/2035 |
|
|
56,895 |
|
|
31,876
|
|
Series 2005-45,
Class 2A1, 6.69% (MTA + 2.05%), 10/20/2035 |
|
|
501,709 |
|
|
359,005
|
|
Series 2005-46CB,
Class A14, 5.50%, 10/25/2035 |
|
|
254,253 |
|
|
176,732
|
|
Series 2005-49CB,
Class A7, 5.50%, 11/25/2035 |
|
|
580,600 |
|
|
369,873
|
|
Series 2005-50CB,
Class 2A1, 6.00%, 11/25/2035 |
|
|
925,997 |
|
|
419,519
|
|
Series 2005-50CB,
Class 3A1, 6.00%, 11/25/2035 |
|
|
1,127,906 |
|
|
435,285
|
|
Series 2005-51,
Class 3A2A, 5.93% (MTA + 1.29%), 11/20/2035 |
|
|
721,527 |
|
|
633,757
|
|
Series 2005-53T2,
Class 2A6, 4.93% (1 mo. Term SOFR + 0.61%), 11/25/2035 |
|
|
2,531,166 |
|
|
1,303,904
|
|
Series 2005-53T2,
Class 2A7, 1.07% (-1 x 1 mo. Term SOFR + 5.39%), 11/25/2035(e)(f) |
|
|
2,531,166 |
|
|
223,814
|
|
Series 2005-56,
Class 4A1, 5.05% (1 mo. Term SOFR + 0.73%), 11/25/2035(b) |
|
|
642,259 |
|
|
565,990
|
|
Series 2005-57CB,
Class 3A3, 5.50%, 12/25/2035 |
|
|
354,800 |
|
|
163,870
|
|
Series 2005-64CB,
Class 1A12, 5.23% (1 mo. Term SOFR + 0.91%), 12/25/2035 |
|
|
186,439 |
|
|
157,686
|
|
Series 2005-65CB,
Class 1A5, 5.18% (1 mo. Term SOFR + 0.86%), 01/25/2036 |
|
|
374,078 |
|
|
229,917
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
REGAN
TOTAL RETURN INCOME FUND
SCHEDULE
OF INVESTMENTS
March
31, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
NON-AGENCY
MORTGAGE-BACKED SECURITIES - (Continued)
|
|
Series 2005-65CB,
Class 1A7, 5.50%, 01/25/2036 |
|
|
$1,173,087 |
|
|
$775,205
|
|
Series 2005-65CB,
Class 1A9, 5.50%, 01/25/2036 |
|
|
1,932,456 |
|
|
1,273,968
|
|
Series 2005-65CB,
Class 2A4, 5.50%, 12/25/2035 |
|
|
542,531 |
|
|
374,527
|
|
Series 2005-6CB,
Class 1A6, 5.50%, 04/25/2035 |
|
|
723,175 |
|
|
617,699
|
|
Series 2005-70CB,
Class A4, 5.50%, 12/25/2035 |
|
|
375,665 |
|
|
241,414
|
|
Series 2005-72,
Class A1, 4.97% (1 mo. Term SOFR + 0.65%), 01/25/2036 |
|
|
1,335,525 |
|
|
1,207,157
|
|
Series 2005-73CB,
Class 1A7, 5.50%, 01/25/2036 |
|
|
204,661 |
|
|
194,662
|
|
Series 2005-76,
Class 3A1, 4.95% (1 mo. Term SOFR + 0.63%), 01/25/2046 |
|
|
1,525,519 |
|
|
1,366,369
|
|
Series 2005-J10,
Class 1A13, 5.13% (1 mo. Term SOFR + 0.81%), 10/25/2035 |
|
|
296,421 |
|
|
180,699
|
|
Series 2005-J3,
Class 2A1, 4.93% (1 mo. Term SOFR + 0.61%), 05/25/2035 |
|
|
468,964 |
|
|
361,890
|
|
Series 2005-J7,
Class 1A7, 5.13% (1 mo. Term SOFR + 0.81%), 07/25/2035 |
|
|
634,357 |
|
|
283,738
|
|
Series 2005-J8,
Class 1A5, 5.50%, 07/25/2035 |
|
|
294,906 |
|
|
204,580
|
|
Series 2006-14CB,
Class A5, 5.13% (1 mo. Term SOFR + 0.81%), 06/25/2036 |
|
|
2,966,470 |
|
|
1,305,580
|
|
Series 2006-18CB,
Class A11, 4.93% (1 mo. Term SOFR + 0.61%), 07/25/2036 |
|
|
892,597 |
|
|
354,668
|
|
Series 2006-18CB,
Class A5, 4.78% (1 mo. Term SOFR + 0.46%), 07/25/2036 |
|
|
5,672,617 |
|
|
2,189,724
|
|
Series 2006-18CB,
Class A6, 10.86% (-4 x 1 mo. Term SOFR + 28.14%), 07/25/2036(f) |
|
|
203,038 |
|
|
175,747
|
|
Series 2006-18CB,
Class A7, 4.78% (1 mo. Term SOFR + 0.46%), 07/25/2036 |
|
|
3,456,146 |
|
|
1,334,130
|
|
Series 2006-20CB,
Class A4, 4.78% (1 mo. Term SOFR + 0.46%), 07/25/2036 |
|
|
2,641,469 |
|
|
840,841
|
|
Series 2006-23CB,
Class 2A5, 4.83% (1 mo. Term SOFR + 0.51%), 08/25/2036 |
|
|
8,845,310 |
|
|
1,773,270
|
|
Series 2006-24CB,
Class A16, 5.75%, 08/25/2036 |
|
|
170,722 |
|
|
85,281
|
|
Series 2006-24CB,
Class A2, 6.00%, 08/25/2036 |
|
|
340,422 |
|
|
176,038
|
|
Series 2006-24CB,
Class A22, 6.00%, 08/25/2036 |
|
|
415,645 |
|
|
214,937
|
|
Series 2006-24CB,
Class A9, 6.00%, 08/25/2036 |
|
|
544,418 |
|
|
281,527
|
|
Series 2006-25CB,
Class A9, 6.00%, 10/25/2036 |
|
|
991,211 |
|
|
518,056
|
|
Series 2006-26CB,
Class A20, 4.78% (1 mo. Term SOFR + 0.46%), 09/25/2036 |
|
|
1,521,061 |
|
|
509,703
|
|
Series 2006-26CB,
Class A6, 6.25%, 09/25/2036(b) |
|
|
10,983 |
|
|
5,052
|
|
Series 2006-26CB,
Class A8, 6.25%, 09/25/2036 |
|
|
42,080 |
|
|
20,183
|
|
Series 2006-28CB,
Class A3, 6.50%, 10/25/2036 |
|
|
406,664 |
|
|
204,000
|
|
Series 2006-32CB,
Class A16, 5.50%, 11/25/2036 |
|
|
45,888 |
|
|
24,655
|
|
Series 2006-32CB,
Class A3, 6.00%, 11/25/2036 |
|
|
346,337 |
|
|
194,747
|
|
Series 2006-32CB,
Class A7, 5.16% (1 mo. Term SOFR + 0.84%), 11/25/2036 |
|
|
1,565,068 |
|
|
738,324
|
|
Series 2006-34,
Class A5, 6.25%, 11/25/2046 |
|
|
1,282,209 |
|
|
576,700
|
|
Series 2006-36T2,
Class 1A9, 5.33% (1 mo. Term SOFR + 1.01%), 12/25/2036 |
|
|
353,008 |
|
|
113,888
|
|
Series 2006-39CB,
Class 2A1, 4.88% (1 mo. Term SOFR + 0.56%), 01/25/2037 |
|
|
3,939,232 |
|
|
454,349
|
|
Series 2006-39CB,
Class 2A4, 4.88% (1 mo. Term SOFR + 0.56%), 01/25/2037 |
|
|
2,644,203 |
|
|
304,981
|
|
Series 2006-40T1,
Class 2A1, 6.00%, 12/25/2036 |
|
|
1,058,262 |
|
|
286,089
|
|
Series 2006-40T1,
Class 2A4, 6.00%, 12/25/2036 |
|
|
2,156,714 |
|
|
583,044
|
|
Series 2006-40T1,
Class 2A6, 2.17% (-1 x 1 mo. Term SOFR + 6.49%), 12/25/2036(e)(f) |
|
|
6,678,580 |
|
|
680,969
|
|
Series 2006-41CB,
Class 1A7, 6.00%, 01/25/2037 |
|
|
292,038 |
|
|
147,440
|
|
Series 2006-41CB,
Class 1A9, 6.00%, 01/25/2037 |
|
|
235,827 |
|
|
119,061
|
|
Series 2006-42,
Class 1A1, 5.03% (1 mo. Term SOFR + 0.71%), 01/25/2047(b) |
|
|
152,223 |
|
|
58,454
|
|
Series 2006-42,
Class 1A2, 0.97% (-1 x 1 mo. Term SOFR + 5.29%), 01/25/2047(e)(f) |
|
|
211,666 |
|
|
18,983
|
|
Series 2006-42,
Class 1A5, 6.00%, 01/25/2047 |
|
|
474,688 |
|
|
246,444
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
REGAN
TOTAL RETURN INCOME FUND
SCHEDULE
OF INVESTMENTS
March
31, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
NON-AGENCY
MORTGAGE-BACKED SECURITIES - (Continued)
|
|
Series 2006-43CB,
Class 3A3, 2.20% (-1 x 1 mo. Term SOFR + 6.52%), 02/25/2037(e)(f) |
|
|
$6,860,267 |
|
|
$1,027,748
|
|
Series 2006-45T1,
Class 2A15, 5.50%, 02/25/2037 |
|
|
2,381,091 |
|
|
1,204,960
|
|
Series 2006-46,
Class A2, 4.95% (1 mo. Term SOFR + 0.63%), 02/25/2047 |
|
|
6,602,412 |
|
|
2,385,183
|
|
Series 2006-8T1,
Class 1A4, 6.00%, 04/25/2036 |
|
|
73,734 |
|
|
34,515
|
|
Series 2006-9T1,
Class A7, 6.00%, 05/25/2036 |
|
|
1,805,631 |
|
|
711,442
|
|
Series 2006-HY13,
Class 4A1, 4.82%, 02/25/2037(a) |
|
|
396,231 |
|
|
348,353
|
|
Series 2006-J1,
Class 1A13, 5.50%, 02/25/2036 |
|
|
69,579 |
|
|
47,265
|
|
Series 2006-J2,
Class A2, 1.07% (-1 x 1 mo. Term SOFR + 5.39%), 04/25/2036(e)(f) |
|
|
2,105,527 |
|
|
189,466
|
|
Series 2006-J5,
Class 1A1, 6.50%, 09/25/2036 |
|
|
918,297 |
|
|
480,065
|
|
Series 2006-J5,
Class 1A5, 6.50%, 09/25/2036 |
|
|
216,421 |
|
|
113,140
|
|
Series 2006-OA10,
Class 1A1, 5.60% (MTA + 0.96%), 08/25/2046 |
|
|
261,685 |
|
|
234,814
|
|
Series 2006-OA9,
Class 2A1A, 4.85% (1 mo. Term SOFR + 0.53%), 07/20/2046 |
|
|
67,792 |
|
|
56,832
|
|
Series 2007-11T1,
Class A12, 4.78% (1 mo. Term SOFR + 0.46%), 05/25/2037 |
|
|
357,065 |
|
|
109,683
|
|
Series 2007-14T2,
Class A1, 6.00%, 07/25/2037 |
|
|
6,825,231 |
|
|
3,569,732
|
|
Series 2007-16CB,
Class 1A5, 4.83% (1 mo. Term SOFR + 0.51%), 08/25/2037 |
|
|
1,412,400 |
|
|
884,352
|
|
Series 2007-16CB,
Class 2A2, 17.63% (-8 x 1 mo. Term SOFR + 53.63%), 08/25/2037(f) |
|
|
713,059 |
|
|
903,537
|
|
Series 2007-16CB,
Class 4A7, 6.00%, 08/25/2037 |
|
|
263,724 |
|
|
193,825
|
|
Series 2007-16CB,
Class 5A1, 6.25%, 08/25/2037 |
|
|
215,969 |
|
|
101,275
|
|
Series 2007-17CB,
Class 1A10, 9.50% (-5 x 1 mo. Term SOFR + 29.37%), 08/25/2037(f) |
|
|
694,638 |
|
|
583,626
|
|
Series 2007-18CB,
Class 1A6, 12.39% (-6 x 1 mo. Term SOFR + 38.31%), 08/25/2037(f) |
|
|
384,255 |
|
|
305,603
|
|
Series 2007-18CB,
Class 1A7, 4.90% (1 mo. Term SOFR + 0.58%), 08/25/2037 |
|
|
1,239,819 |
|
|
390,620
|
|
Series 2007-1T1,
Class 2A1, 4.90% (1 mo. Term SOFR + 0.58%), 03/25/2037 |
|
|
3,513,751 |
|
|
1,433,747
|
|
Series 2007-22,
Class 2A16, 6.50%, 09/25/2037 |
|
|
1,049,864 |
|
|
385,346
|
|
Series 2007-23CB,
Class A4, 2.07% (-1 x 1 mo. Term SOFR + 6.39%), 09/25/2037(e)(f) |
|
|
3,579,687 |
|
|
529,408
|
|
Series 2007-23CB,
Class A7, 4.83% (1 mo. Term SOFR + 0.51%), 09/25/2037 |
|
|
1,817,263 |
|
|
644,471
|
|
Series 2007-24,
Class A1, 0.00% (1 mo. Term SOFR + 0.66%), 10/25/2037 |
|
|
4,647,574 |
|
|
1,003,168
|
|
Series 2007-24,
Class A6, 5.43% (1 mo. Term SOFR + 1.11%), 10/25/2037 |
|
|
215,784 |
|
|
51,172
|
|
Series 2007-24,
Class A7, 1.57% (-1 x 1 mo. Term SOFR + 5.89%), 10/25/2037(e)(f) |
|
|
215,784 |
|
|
19,988
|
|
Series 2007-25,
Class 1A2, 6.50%, 11/25/2037 |
|
|
1,254,087 |
|
|
568,425
|
|
Series 2007-2CB,
Class 2A1, 5.03% (1 mo. Term SOFR + 0.71%), 03/25/2037 |
|
|
293,837 |
|
|
119,625
|
|
Series 2007-3T1,
Class 1A2, 4.93% (1 mo. Term SOFR + 0.61%), 04/25/2037 |
|
|
3,829,816 |
|
|
1,250,040
|
|
Series 2007-3T1,
Class 1A3, 4.93% (1 mo. Term SOFR + 0.61%), 04/25/2037 |
|
|
1,370,048 |
|
|
447,179
|
|
Series 2007-3T1,
Class 1A4, 4.93% (1 mo. Term SOFR + 0.61%), 04/25/2037 |
|
|
2,348,653 |
|
|
766,593
|
|
Series 2007-5CB,
Class 1A11, 6.00%, 04/25/2037 |
|
|
589,519 |
|
|
298,065
|
|
Series 2007-5CB,
Class 1A18, 1.22% (-1 x 1 mo. Term SOFR + 5.54%), 04/25/2037(e)(f) |
|
|
358,595 |
|
|
40,204
|
|
Series 2007-5CB,
Class 1A24, 0.00%, 04/25/2037(i) |
|
|
290,933 |
|
|
11,661
|
|
Series 2007-9T1,
Class 1A4, 4.93% (1 mo. Term SOFR + 0.61%), 05/25/2037 |
|
|
1,158,087 |
|
|
422,968
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
REGAN
TOTAL RETURN INCOME FUND
SCHEDULE
OF INVESTMENTS
March
31, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
NON-AGENCY
MORTGAGE-BACKED SECURITIES - (Continued)
|
|
Series 2007-9T1,
Class 1A5, 1.07% (-1 x 1 mo. Term SOFR + 5.39%), 05/25/2037(e)(f) |
|
|
$1,158,087 |
|
|
$104,928
|
|
Series 2007-J1,
Class 2A6, 5.03% (1 mo. Term SOFR + 0.71%), 03/25/2037 |
|
|
1,768,932 |
|
|
522,872
|
|
Series 2007-J1,
Class 3A2, 4.09%, 11/25/2036(c) |
|
|
90,811 |
|
|
83,843
|
|
Series 2007-OA2,
Class 1A1, 5.48% (MTA + 0.84%), 03/25/2047 |
|
|
253,833 |
|
|
215,673
|
|
Series 2007-OA7,
Class A1A, 4.79% (1 mo. Term SOFR + 0.47%), 05/25/2047 |
|
|
1,192,562 |
|
|
1,090,603
|
|
Series 2007-OH1,
Class A1D, 4.64% (1 mo. Term SOFR + 0.32%), 04/25/2047 |
|
|
58,488 |
|
|
50,738
|
|
Series 2008-1R,
Class 1A1, 4.90% (1 mo. Term SOFR + 0.58%), 08/25/2037 |
|
|
2,068,723 |
|
|
658,324
|
|
Series 2008-1R,
Class 2A3, 6.00%, 08/25/2037 |
|
|
1,702,128 |
|
|
790,286
|
|
Series 2008-2R,
Class 4A1, 6.25%, 08/25/2037(a) |
|
|
1,140,045 |
|
|
533,038
|
|
Countrywide
Asset-Backed Certificates
|
|
|
|
|
|
|
|
Series 2004-BC3,
Class M2, 5.33% (1 mo. Term SOFR + 1.01%), 06/25/2034 |
|
|
231,560 |
|
|
229,784
|
|
Series 2004-BC3,
Class M5, 6.31% (1 mo. Term SOFR + 1.99%), 04/25/2034 |
|
|
616,461 |
|
|
555,193
|
|
Series 2005-17,
Class 1AF4, 6.55%, 05/25/2036(b)(c) |
|
|
1,616,795 |
|
|
1,219,872
|
|
Series 2005-AB4,
Class 2A1, 4.97% (1 mo. Term SOFR + 0.65%), 03/25/2036 |
|
|
267,359 |
|
|
235,226
|
|
Series 2006-1,
Class AF6, 4.43%, 07/25/2036(a) |
|
|
20,488 |
|
|
20,046
|
|
Series 2006-15,
Class A6, 4.29%, 10/25/2046(a) |
|
|
93,271 |
|
|
94,178
|
|
Countrywide
Home Loan Mortgage Pass Through Trust
|
|
|
|
|
|
|
|
Series 2003-48,
Class 2A3, 4.74%, 10/25/2033(a) |
|
|
242,745 |
|
|
115,223
|
|
Series 2003-53,
Class M, 6.84%, 02/19/2034(a) |
|
|
394,635 |
|
|
367,600
|
|
Series 2003-56,
Class M, 10.04%, 12/25/2033(a) |
|
|
10,209 |
|
|
11,243
|
|
Series 2004-2,
Class 3A1, 6.87%, 03/25/2034(a) |
|
|
258,173 |
|
|
255,660
|
|
Series 2004-29,
Class 1A1, 4.97% (1 mo. Term SOFR + 0.65%), 02/25/2035 |
|
|
149,023 |
|
|
142,529
|
|
Series 2004-29,
Class 2A1, 5.09% (1 mo. Term SOFR + 0.77%), 02/25/2035 |
|
|
52,482 |
|
|
48,303
|
|
Series 2004-9,
Class A7, 5.25%, 06/25/2034 |
|
|
178,293 |
|
|
161,524
|
|
Series 2005-16,
Class A2, 4.93% (1 mo. Term SOFR + 0.61%), 09/25/2035 |
|
|
332,917 |
|
|
182,225
|
|
Series 2005-17,
Class 1A8, 5.50%, 09/25/2035 |
|
|
496,523 |
|
|
484,971
|
|
Series 2005-19,
Class 2A1, 4.78% (1 mo. Term SOFR + 0.46%), 08/25/2035 |
|
|
330,876 |
|
|
59,151
|
|
Series 2005-21,
Class A12, 6.10% (-4 x 1 mo. Term SOFR + 21.95%), 10/25/2035(f) |
|
|
94,093 |
|
|
66,511
|
|
Series 2005-25,
Class A17, 5.50%, 11/25/2035 |
|
|
394,222 |
|
|
183,391
|
|
Series 2005-30,
Class A8, 5.50%, 01/25/2036 |
|
|
95,946 |
|
|
58,568
|
|
Series 2005-7,
Class 3A2, 3.46%, 03/25/2035(a) |
|
|
647,381 |
|
|
503,161
|
|
Series 2005-9,
Class 1A3, 4.89% (1 mo. Term SOFR + 0.57%), 05/25/2035 |
|
|
103,687 |
|
|
90,659
|
|
Series 2005-HYB8,
Class 4A1, 4.64%, 12/20/2035(a) |
|
|
117,868 |
|
|
104,564
|
|
Series 2005-J3,
Class 1A3, 5.78% (1 mo. Term SOFR + 1.46%), 09/25/2035 |
|
|
1,209,309 |
|
|
828,067
|
|
Series 2005-J3,
Class 2A1, 4.78% (1 mo. Term SOFR + 0.46%), 09/25/2035 |
|
|
485,759 |
|
|
412,204
|
|
Series 2006-10,
Class 1A11, 5.85%, 05/25/2036 |
|
|
162,083 |
|
|
63,996
|
|
Series 2006-20,
Class 1A35, 6.00%, 02/25/2037 |
|
|
647,791 |
|
|
299,357
|
|
Series 2006-6,
Class A9, 6.00%, 04/25/2036 |
|
|
2,158,252 |
|
|
1,042,462
|
|
Series 2006-8,
Class 1A1, 6.00%, 05/25/2036 |
|
|
2,149,714 |
|
|
1,279,386
|
|
Series 2006-9,
Class A1, 6.00%, 05/25/2036 |
|
|
40,431 |
|
|
18,292
|
|
Series 2006-9,
Class A17, 4.93% (1 mo. Term SOFR + 0.61%), 05/25/2036 |
|
|
1,075,647 |
|
|
379,318
|
|
Series 2006-HYB2,
Class 1A1, 5.23%, 04/20/2036(a) |
|
|
241,656 |
|
|
207,057
|
|
Series 2006-J2,
Class 1A6, 6.00%, 04/25/2036 |
|
|
770,486 |
|
|
390,166
|
|
Series 2006-J4,
Class A3, 6.25%, 09/25/2036 |
|
|
128,577 |
|
|
45,271
|
|
Series 2006-J4,
Class A4, 6.25%, 09/25/2036 |
|
|
102,098 |
|
|
35,968
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
REGAN
TOTAL RETURN INCOME FUND
SCHEDULE
OF INVESTMENTS
March
31, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
NON-AGENCY
MORTGAGE-BACKED SECURITIES - (Continued)
|
|
Series 2006-J4,
Class A9, 6.25%, 09/25/2036 |
|
|
$59,706 |
|
|
$21,034
|
|
Series 2007-10,
Class A6, 6.00%, 07/25/2037(e) |
|
|
396,737 |
|
|
86,043
|
|
Series 2007-11,
Class A12, 6.00%, 08/25/2037 |
|
|
560,752 |
|
|
241,499
|
|
Series 2007-18,
Class 1A1, 6.00%, 11/25/2037 |
|
|
254,346 |
|
|
110,574
|
|
Series 2007-20,
Class A1, 6.50%, 01/25/2038 |
|
|
120,439 |
|
|
53,318
|
|
Series 2007-3,
Class A14, 4.83% (1 mo. Term SOFR + 0.51%), 04/25/2037 |
|
|
666,014 |
|
|
222,392
|
|
Series 2007-3,
Class A16, 6.00%, 04/25/2037 |
|
|
512,495 |
|
|
243,294
|
|
Series 2007-4,
Class 1A1, 6.00%, 05/25/2037 |
|
|
1,626,071 |
|
|
712,021
|
|
Series 2007-HY1,
Class 1A1, 4.74%, 04/25/2037(a) |
|
|
1,282,733 |
|
|
1,191,681
|
|
Series 2007-HY4,
Class 1A1, 4.93%, 09/25/2047(a) |
|
|
1,635,396 |
|
|
1,500,906
|
|
Series 2007-HY5,
Class 3A1, 5.70%, 09/25/2037(a) |
|
|
574,038 |
|
|
533,276
|
|
Series 2007-J2,
Class 2A5, 6.00%, 07/25/2037 |
|
|
162,868 |
|
|
55,282
|
|
Series 2007-J3,
Class A9, 6.00%, 07/25/2037 |
|
|
260,826 |
|
|
110,804
|
|
Countrywide
Home Loans
|
|
|
|
|
|
|
|
Series 2005-15,
Class A5, 5.50%, 08/25/2035 |
|
|
446,426 |
|
|
231,014
|
|
Series 2005-2,
Class 2A1, 5.07% (1 mo. Term SOFR + 0.75%), 03/25/2035(b) |
|
|
211,599 |
|
|
195,200
|
|
Series 2005-21,
Class A2, 5.50%, 10/25/2035 |
|
|
177,652 |
|
|
97,013
|
|
Series 2005-31,
Class 2A1, 4.45%, 01/25/2036(a) |
|
|
180,192 |
|
|
158,011
|
|
Series 2007-17,
Class 1A1, 6.00%, 10/25/2037 |
|
|
274,989 |
|
|
189,353
|
|
Credit
Suisse First Boston Mortgage Securities Corp.
|
|
|
|
|
|
|
|
Series 2002-9,
Class 1A1, 7.00%, 03/25/2032 |
|
|
773,866 |
|
|
685,659
|
|
Series 2005-10,
Class 10A3, 6.00%, 11/25/2035 |
|
|
379,405 |
|
|
86,734
|
|
Series 2005-10,
Class 6A7, 5.50%, 11/25/2035 |
|
|
216,421 |
|
|
70,220
|
|
Series 2005-10,
Class 9A1, 6.00%, 11/25/2035 |
|
|
1,410,833 |
|
|
994,794
|
|
Series 2005-4,
Class 2A4, 5.50%, 06/25/2035 |
|
|
1,736,592 |
|
|
1,240,199
|
|
Series 2005-9,
Class 1A3, 5.25%, 10/25/2035 |
|
|
153,529 |
|
|
139,153
|
|
Series 2005-9,
Class 3A1, 6.00%, 10/25/2035 |
|
|
3,145,813 |
|
|
945,254
|
|
Series 2005-9,
Class 4A1, 7.33% (-3 x 1 mo. Term SOFR + 19.21%), 10/25/2035(f) |
|
|
347,713 |
|
|
327,429
|
|
Series 2005-9,
Class 5A1, 5.13% (1 mo. Term SOFR + 0.81%), 10/25/2035 |
|
|
555,619 |
|
|
250,033
|
|
Credit
Suisse Management LLC
|
|
|
|
|
|
|
|
Series 2001-28,
Class 1A1, 5.61% (1 mo. LIBOR US + 0.65%), 11/25/2031(j) |
|
|
623,446 |
|
|
367,861
|
|
Series 2002-30,
Class 1A1, 7.50%, 11/25/2032 |
|
|
91,193 |
|
|
92,833
|
|
Series 2004-6,
Class 4A12, 4.83% (1 mo. Term SOFR + 0.51%), 10/25/2034 |
|
|
102,359 |
|
|
91,360
|
|
Series 2005-11,
Class 1A1, 6.50%, 12/25/2035 |
|
|
1,107,820 |
|
|
505,073
|
|
Series 2005-11,
Class 3A5, 5.50%, 12/25/2035 |
|
|
185,008 |
|
|
72,268
|
|
Series 2005-11,
Class 8A4, 6.00%, 12/25/2035 |
|
|
264,042 |
|
|
198,786
|
|
Series 2005-11,
Class 8A5, 6.00%, 12/25/2035 |
|
|
148,706 |
|
|
111,955
|
|
Series 2005-12,
Class 8A1, 6.00%, 01/25/2036 |
|
|
58,785 |
|
|
36,183
|
|
Series 2005-5,
Class 6A3, 5.00%, 07/25/2035 |
|
|
101,993 |
|
|
97,120
|
|
Series 2005-7,
Class 2A2, 4.73% (1 mo. Term SOFR + 0.41%), 08/25/2035 |
|
|
962,483 |
|
|
376,491
|
|
Series 2005-8,
Class 5A1, 7.33% (-3 x 1 mo. Term SOFR + 19.21%), 09/25/2035(f) |
|
|
950,424 |
|
|
457,142
|
|
Credit
Suisse Mortgage Capital Certificates
|
|
|
|
|
|
|
|
Series 2006-1,
Class 1A2, 6.13% (-6 x 1 mo. Term SOFR + 29.90%), 02/25/2036(f) |
|
|
25,525 |
|
|
23,444
|
|
Series 2006-1,
Class 5A1, 6.00%, 02/25/2036 |
|
|
37,145 |
|
|
18,737
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
REGAN
TOTAL RETURN INCOME FUND
SCHEDULE
OF INVESTMENTS
March
31, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
NON-AGENCY
MORTGAGE-BACKED SECURITIES - (Continued)
|
|
Series 2006-2,
Class 2A3, 6.00%, 03/25/2036 |
|
|
$72,896 |
|
|
$28,266
|
|
Series 2006-2,
Class 5A1, 5.13% (1 mo. Term SOFR + 0.81%), 03/25/2036 |
|
|
6,082,446 |
|
|
1,903,103
|
|
Series 2006-2,
Class 6A8, 5.75%, 03/25/2036 |
|
|
212,827 |
|
|
110,289
|
|
Series 2006-3,
Class 1A3, 6.81%, 04/25/2036(c) |
|
|
9,650,000 |
|
|
477,529
|
|
Series 2006-3,
Class 1A4B, 6.66%, 04/25/2036(c) |
|
|
2,537,309 |
|
|
125,921
|
|
Series 2006-3,
Class 5A7, 6.00%, 04/25/2036 |
|
|
2,193,599 |
|
|
486,589
|
|
Series 2006-6,
Class 1A12, 6.00%, 07/25/2036 |
|
|
1,804,813 |
|
|
862,096
|
|
Series 2006-6,
Class 1A4, 6.00%, 07/25/2036 |
|
|
2,485,857 |
|
|
1,187,407
|
|
Series 2006-6,
Class 2A2, 1.47% (-1 x 1 mo. Term SOFR + 5.79%), 07/25/2036(e)(f) |
|
|
2,279,865 |
|
|
124,149
|
|
Series 2006-6,
Class 2A4, 6.50%, 07/25/2036 |
|
|
4,481,093 |
|
|
1,006,512
|
|
Series 2006-7,
Class 3A12, 6.25%, 08/25/2036 |
|
|
1,368,735 |
|
|
500,818
|
|
Series 2006-9,
Class 4A1, 6.00%, 11/25/2036 |
|
|
2,359,757 |
|
|
1,334,952
|
|
Series 2007-1,
Class 1A6A, 5.86%, 02/25/2037(a) |
|
|
1,625,061 |
|
|
359,757
|
|
Series 2007-1,
Class 5A13, 6.00%, 02/25/2037 |
|
|
1,646,069 |
|
|
904,890
|
|
Series 2007-1,
Class 5A14, 6.00%, 02/25/2037 |
|
|
3,617,314 |
|
|
1,998,768
|
|
Series 2007-1,
Class 5A4, 6.00%, 02/25/2037 |
|
|
489,916 |
|
|
270,682
|
|
Series 2007-3,
Class 1A2, 5.59%, 04/25/2037(a) |
|
|
3,973,634 |
|
|
945,404
|
|
Series 2007-3,
Class 2A10, 6.00%, 04/25/2037 |
|
|
6,206,063 |
|
|
1,941,502
|
|
Series 2007-4,
Class 2A2, 6.00%, 06/25/2037 |
|
|
97,479 |
|
|
52,717
|
|
Series 2007-4R,
Class 1A1, 5.19%, 10/26/2036(a)(d) |
|
|
61,197 |
|
|
55,042
|
|
Series 2011-2R,
Class 4A2, 3.55% (1 mo. Term SOFR + 0.22%), 02/27/2037(b)(d) |
|
|
3,293,899 |
|
|
2,775,110
|
|
Series 2013-6,
Class 1A1, 2.50%, 07/25/2028(a)(d) |
|
|
24,276 |
|
|
23,367
|
|
Series 2014-2R,
Class 26A1, 3.00%, 06/27/2037(a)(d) |
|
|
131,628 |
|
|
130,434
|
|
Series 2014-6R,
Class 8A1, 3.00%, 08/27/2036(a)(b)(d) |
|
|
322,641 |
|
|
304,508
|
|
Series 2014-6R,
Class 9A1, 2.75%, 12/27/2035(a)(d) |
|
|
29,172 |
|
|
28,790
|
|
Series 2015-1R,
Class 6A1, 4.80% (1 mo. Term SOFR + 0.39%), 05/27/2037(b)(d) |
|
|
88,125 |
|
|
84,847
|
|
Series 2015-6R,
Class 5A2, 4.27% (1 mo. Term SOFR + 0.29%), 03/27/2036(d) |
|
|
828,272 |
|
|
635,757
|
|
Series 2021-NQM2,
Class A3, 1.54%, 02/25/2066(a)(d) |
|
|
157,112 |
|
|
141,000
|
|
Series 2021-NQM7,
Class A3, 2.06%, 10/25/2066(a)(d) |
|
|
178,064 |
|
|
155,992
|
|
Credit
Suisse Mortgage Trust, Series 2006-6, Class 1A8, 6.00%, 07/25/2036 |
|
|
1,208,567 |
|
|
577,291
|
|
Credit-Based
Asset Servicing and Securitization LLC
|
|
|
|
|
|
|
|
Series 2004-CB6,
Class B2, 5.07% (1 mo. Term SOFR + 2.96%), 07/25/2035 |
|
|
685,012 |
|
|
522,938
|
|
Series 2006-CB8,
Class A1, 4.71% (1 mo. Term SOFR + 0.39%), 10/25/2036 |
|
|
67,455 |
|
|
60,917
|
|
Series 2007-CB4,
Class A2C, 3.41%, 04/25/2037(c) |
|
|
850,000 |
|
|
561,377
|
|
Series 2007-CB5,
Class A1, 0.00% (1 mo. Term SOFR + 0.17%), 04/25/2037 |
|
|
114,855 |
|
|
65,985
|
|
Series 2007-RP1,
Class A, 4.74% (1 mo. Term SOFR + 0.42%), 05/25/2046(d) |
|
|
95,636 |
|
|
82,936
|
|
CSAB
Mortgage-Backed Trust
|
|
|
|
|
|
|
|
Series 2006-1,
Class A3, 4.91% (1 mo. Term SOFR + 0.59%), 06/25/2036 |
|
|
4,739,105 |
|
|
653,258
|
|
Series 2006-3,
Class A4B, 6.61%, 11/25/2036(c) |
|
|
589,791 |
|
|
80,448
|
|
Series 2006-4,
Class A6A, 6.18%, 12/25/2036(b)(c) |
|
|
30,758 |
|
|
3,998
|
|
Series 2007-1,
Class 1A1A, 5.90%, 05/25/2037(a) |
|
|
2,012,745 |
|
|
451,116
|
|
Series 2007-1,
Class 4A1, 4.78% (1 mo. Term SOFR + 0.46%), 05/25/2037 |
|
|
8,237,420 |
|
|
1,051,310
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
REGAN
TOTAL RETURN INCOME FUND
SCHEDULE
OF INVESTMENTS
March
31, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
NON-AGENCY
MORTGAGE-BACKED SECURITIES - (Continued)
|
|
Deutsche
ALT-A Securities, Inc.
|
|
|
|
|
|
|
|
Series 2005-4,
Class A5, 5.50%, 09/25/2035(a) |
|
|
$59,127 |
|
|
$52,820
|
|
Series 2005-5,
Class 1A6, 3.41% (-7 x 1 mo. Term SOFR + 35.09%), 11/25/2035(b)(f) |
|
|
14,950 |
|
|
15,638
|
|
Series 2005-6,
Class 1A3, 5.50%, 12/25/2035 |
|
|
13,199 |
|
|
10,614
|
|
Series 2006-AB3,
Class A5B, 6.80%, 07/25/2036(c) |
|
|
600,443 |
|
|
516,435
|
|
Series 2006-AB4,
Class A4B, 6.50%, 10/25/2036(c) |
|
|
418,215 |
|
|
361,490
|
|
Series 2007-AR1,
Class A5, 4.91% (1 mo. Term SOFR + 0.59%), 01/25/2047 |
|
|
391,886 |
|
|
343,475
|
|
Series 2007-RMP1,
Class A2, 4.73% (1 mo. Term SOFR + 0.41%), 12/25/2036(b) |
|
|
87,893 |
|
|
77,355
|
|
Deutsche
Mortgage Securities, Inc.
|
|
|
|
|
|
|
|
Series 2004-1,
Class 3A5, 6.16%, 12/25/2033(c) |
|
|
18,320 |
|
|
17,977
|
|
Series 2006-PR1,
Class 3A1, 5.92% (-1 x 1 mo. Term SOFR + 11.96%), 04/15/2036(d)(f) |
|
|
30,087 |
|
|
27,413
|
|
Series 2006-PR1,
Class 4AF1, 4.72% (1 mo. Term SOFR + 0.40%), 04/15/2036(d) |
|
|
19,569 |
|
|
17,725
|
|
Series 2006-PR1,
Class 4AF2, 4.78% (1 mo. Term SOFR + 0.46%), 04/15/2036(d) |
|
|
2,498,582 |
|
|
2,279,787
|
|
Series 2006-PR1,
Class 5AF1, 4.98% (1 mo. Term SOFR + 0.66%), 04/15/2036(d) |
|
|
366,930 |
|
|
327,349
|
|
Series 2006-PR1,
Class 5AF3, 4.80% (1 mo. Term SOFR + 0.48%), 04/15/2036(d) |
|
|
3,423,952 |
|
|
3,033,225
|
|
Series 2006-PR1,
Class 5AI4, 5.92% (-1 x 1 mo. Term SOFR + 11.96%), 04/15/2036(d)(f) |
|
|
438,268 |
|
|
385,321
|
|
Series 2006-PR1,
Class 5AS4, 3.39%, 04/15/2036(a)(d)(e) |
|
|
2,426,994 |
|
|
268,479
|
|
Series 2008-RS1,
Class 4A2, 4.69% (1 mo. LIBOR US + 0.25%), 05/28/2037(d)(j) |
|
|
1,022,550 |
|
|
916,122
|
|
Downey
Savings & Loan Association Mortgage Loan Trust
|
|
|
|
|
|
|
|
Series 2005-AR5,
Class 2A1A, 5.09% (1 mo. Term SOFR + 0.77%), 09/19/2045 |
|
|
4,531,401 |
|
|
2,354,820
|
|
Series 2006-AR1,
Class 2A1A, 5.58% (MTA + 0.94%), 04/19/2046 |
|
|
2,294,981 |
|
|
1,879,521
|
|
Series 2006-AR2,
Class 2A1A, 4.63% (1 mo. Term SOFR + 0.31%), 10/19/2036 |
|
|
891,023 |
|
|
589,744
|
|
Series 2007-AR1,
Class 2A1A, 4.57% (1 mo. Term SOFR + 0.25%), 03/19/2037 |
|
|
88,655 |
|
|
72,589
|
|
Ellington
Financial Mortgage Trust, Series 2021-1, Class A1, 0.80%, 02/25/2066(a)(d) |
|
|
2,082,191 |
|
|
1,793,059
|
|
Equifirst
Mortgage Loan Trust, Series 2004-2, Class M7, 7.43% (1 mo. Term SOFR + 3.11%), 10/25/2034 |
|
|
39,742 |
|
|
36,616
|
|
First
Franklin Mortgage Loan Asset Backed Certificates
|
|
|
|
|
|
|
|
Series 2003-FF5,
Class M3, 6.91% (1 mo. Term SOFR + 2.59%), 03/25/2034 |
|
|
279,711 |
|
|
259,556
|
|
Series 2004-FF5,
Class A3C, 5.43% (1 mo. Term SOFR + 1.11%), 08/25/2034 |
|
|
108,709 |
|
|
99,130
|
|
Series 2006-FF12,
Class A5, 4.74% (1 mo. Term SOFR + 0.42%), 09/25/2036 |
|
|
1,332,111 |
|
|
1,232,396
|
|
Series 2006-FF5,
Class 2A4, 4.91% (1 mo. Term SOFR + 0.59%), 04/25/2036 |
|
|
5,517,739 |
|
|
4,933,769
|
|
First
Horizon Alternative Mortgage Securities
|
|
|
|
|
|
|
|
Series 2005-AA11,
Class 2A1, 4.40%, 01/25/2036(a) |
|
|
381,990 |
|
|
188,641
|
|
Series 2005-FA3,
Class 1A2, 4.93% (1 mo. Term SOFR + 0.61%), 05/25/2035 |
|
|
1,711,751 |
|
|
994,494
|
|
Series 2005-FA6,
Class A7, 5.50%, 09/25/2035 |
|
|
757,101 |
|
|
390,909
|
|
Series 2006-AA2,
Class 2A1, 5.26%, 05/25/2036(a) |
|
|
293,005 |
|
|
244,730
|
|
Series 2006-AA8,
Class 2A1, 4.81%, 02/25/2037(a) |
|
|
226,385 |
|
|
155,448
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
REGAN
TOTAL RETURN INCOME FUND
SCHEDULE
OF INVESTMENTS
March
31, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
NON-AGENCY
MORTGAGE-BACKED SECURITIES - (Continued)
|
|
Series 2006-FA2,
Class 1A3, 6.00%, 05/25/2036 |
|
|
$1,875,037 |
|
|
$750,638
|
|
Series 2006-FA2,
Class 1A6, 6.00%, 05/25/2036 |
|
|
796,917 |
|
|
319,032
|
|
Series 2006-FA6,
Class 2A4, 6.75%, 11/25/2036 |
|
|
110,463 |
|
|
31,554
|
|
Series 2006-FA8,
Class 1A7, 6.00%, 02/25/2037 |
|
|
966,758 |
|
|
366,307
|
|
Series 2006-RE1,
Class A1, 5.50%, 05/25/2035(a) |
|
|
46,190 |
|
|
29,089
|
|
Series 2007-FA1,
Class A1, 4.75% (1 mo. Term SOFR + 0.43%), 03/25/2037 |
|
|
11,170,562 |
|
|
2,853,537
|
|
Series 2007-FA2,
Class 1A5, 4.73% (1 mo. Term SOFR + 0.41%), 04/25/2037 |
|
|
8,624 |
|
|
2,042
|
|
Series 2007-FA3,
Class A5, 5.03% (1 mo. Term SOFR + 0.71%), 06/25/2037 |
|
|
3,182,341 |
|
|
727,942
|
|
First
Horizon Asset Securities, Inc.
|
|
|
|
|
|
|
|
Series 2005-AR3,
Class 2A1, 6.74%, 08/25/2035(a) |
|
|
674,967 |
|
|
486,422
|
|
Series 2007-4,
Class 1A16, 5.03% (1 mo. Term SOFR + 0.71%), 08/25/2037 |
|
|
3,176,538 |
|
|
809,540
|
|
Series 2007-AR3,
Class 2A2, 6.35%, 11/25/2037(a) |
|
|
59,331 |
|
|
45,314
|
|
FirstKey
Mortgage Trust, Series 2015-1, Class A3, 3.50%, 03/25/2045(a)(d) |
|
|
44,866 |
|
|
41,394
|
|
Flagstar
Mortgage Trust
|
|
|
|
|
|
|
|
Series 2018-6RR,
Class 2A4, 4.00%, 09/25/2048(a)(d) |
|
|
187,635 |
|
|
183,061
|
|
Series 2018-6RR,
Class AM, 4.91%, 10/25/2048(a)(d) |
|
|
24,885 |
|
|
22,142
|
|
Series 2019-1INV,
Class A11, 5.38% (1 mo. Term SOFR + 1.06%), 10/25/2049(d) |
|
|
272,794 |
|
|
263,025
|
|
Series 2019-1INV,
Class A13, 3.50%, 10/25/2049(a)(d) |
|
|
23,690 |
|
|
21,297
|
|
Fremont
Home Loan Trust
|
|
|
|
|
|
|
|
Series 2004-C,
Class M2, 5.48% (1 mo. Term SOFR + 1.16%), 08/25/2034 |
|
|
100,651 |
|
|
88,591
|
|
Series 2006-3,
Class 1A1, 4.71% (1 mo. Term SOFR + 0.39%), 02/25/2037 |
|
|
52,913 |
|
|
38,759
|
|
Series 2006-B,
Class 2A2, 4.53% (1 mo. Term SOFR + 0.21%), 08/25/2036 |
|
|
75,445 |
|
|
23,469
|
|
Series 2006-E,
Class 1A1, 4.57% (1 mo. Term SOFR + 0.25%), 01/25/2037 |
|
|
1,416,373 |
|
|
734,823
|
|
Galton
Funding Mortgage Trust, Series 2019-2, Class A21, 4.00%, 06/25/2059(a)(d) |
|
|
49,657 |
|
|
46,359
|
|
GCAT
|
|
|
|
|
|
|
|
Series 2021-NQM2,
Class A1, 1.04%, 05/25/2066(a)(d) |
|
|
1,606,634 |
|
|
1,365,716
|
|
Series 2021-NQM2,
Class A3, 1.50%, 05/25/2066(a)(d) |
|
|
1,122,802 |
|
|
962,253
|
|
Global
Mortgage Securitization Ltd.
|
|
|
|
|
|
|
|
Series 2005-A,
Class A2, 4.70% (1 mo. Term SOFR + 0.38%), 04/25/2032(d) |
|
|
322,673 |
|
|
312,870
|
|
Series 2005-A,
Class B1, 5.25%, 04/25/2032(b)(d) |
|
|
69,606 |
|
|
60,139
|
|
GMAC
Mortgage Corp. Loan Trust
|
|
|
|
|
|
|
|
Series 2002-HE1,
Class A2, 4.91% (1 mo. Term SOFR + 0.59%), 01/25/2029 |
|
|
364,978 |
|
|
312,138
|
|
Series 2005-AR4,
Class 2A2, 6.79%, 07/19/2035(a) |
|
|
95,124 |
|
|
72,483
|
|
Series 2005-AR6,
Class 2A1, 3.85%, 11/19/2035(a) |
|
|
456,315 |
|
|
356,825
|
|
Series 2005-AR6,
Class 3A1, 4.25%, 11/19/2035(a)(b) |
|
|
10,158 |
|
|
7,568
|
|
Series 2006-AR1,
Class 1A1, 3.94%, 04/19/2036(a) |
|
|
363,368 |
|
|
295,883
|
|
Series 2007-HE3,
Class 2A1, 7.00%, 09/25/2037(a) |
|
|
99,467 |
|
|
97,823
|
|
Greenpoint
Manufactured Housing
|
|
|
|
|
|
|
|
Series 1999-5,
Class M2, 9.23%, 12/15/2029(a) |
|
|
612,540 |
|
|
609,149
|
|
Series 2000-3,
Class IA, 8.40%, 06/20/2031(a) |
|
|
6,395,481 |
|
|
2,282,382
|
|
Greenpoint
Mortgage Funding Trust
|
|
|
|
|
|
|
|
Series 2005-AR1,
Class A3, 4.99% (1 mo. Term SOFR + 0.67%), 06/25/2045 |
|
|
79,451 |
|
|
72,354
|
|
Series 2005-AR3,
Class 1A1, 4.91% (1 mo. Term SOFR + 0.59%), 08/25/2045 |
|
|
521,054 |
|
|
437,806
|
|
Series 2005-AR5,
Class 2A1, 4.99% (1 mo. Term SOFR + 0.67%), 11/25/2045 |
|
|
4,066,669 |
|
|
2,708,667
|
|
Series 2006-AR2,
Class 3A2, 5.07% (1 mo. Term SOFR + 0.75%), 03/25/2036 |
|
|
200,047 |
|
|
193,023
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
REGAN
TOTAL RETURN INCOME FUND
SCHEDULE
OF INVESTMENTS
March
31, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
NON-AGENCY
MORTGAGE-BACKED SECURITIES - (Continued)
|
|
GS
Mortgage Securities Corp.
|
|
|
|
|
|
|
|
Series 2008-2R,
Class 1A1, 4.66%, 09/25/2036(a)(d) |
|
|
$183,135 |
|
|
$54,914
|
|
Series 2008-2R,
Class 2A1, 7.50%, 10/25/2036(a)(d) |
|
|
239,267 |
|
|
27,518
|
|
Series 2009-4R,
Class 2A3, 4.88% (1 mo. Term SOFR + 0.56%), 12/26/2036(d) |
|
|
2,709,298 |
|
|
1,933,775
|
|
Series 2015-3R,
Class 1B, 4.71% (1 mo. Term SOFR + 0.39%), 01/26/2037(d) |
|
|
621,680 |
|
|
552,920
|
|
GS
Mortgage-Backed Securities Trust, Series 2021-GR2, Class A9, 5.00% (30 day avg SOFR US + 0.85%), 02/25/2052(d) |
|
|
1,583,814 |
|
|
1,465,962
|
|
GSAA
Home Equity Trust
|
|
|
|
|
|
|
|
Series 2005-14,
Class 1A2, 5.13% (1 mo. Term SOFR + 0.81%), 12/25/2035 |
|
|
770,008 |
|
|
344,366
|
|
Series 2006-11,
Class 2A1, 4.61% (1 mo. Term SOFR + 0.29%), 07/25/2036 |
|
|
4,600,735 |
|
|
893,034
|
|
GSAA
Trust
|
|
|
|
|
|
|
|
Series 2005-14,
Class 2A3, 5.13% (1 mo. Term SOFR + 0.81%), 12/25/2035 |
|
|
263,871 |
|
|
237,353
|
|
Series 2005-7,
Class AF4, 5.56%, 05/25/2035(b)(c) |
|
|
256,617 |
|
|
224,412
|
|
Series 2006-1,
Class A2, 4.87% (1 mo. Term SOFR + 0.55%), 01/25/2036 |
|
|
4,508,798 |
|
|
1,264,170
|
|
Series 2006-10,
Class AF3, 5.98%, 06/25/2036(a) |
|
|
4,263,553 |
|
|
960,280
|
|
Series 2006-10,
Class AF4, 6.80%, 06/25/2036(c) |
|
|
1,490,283 |
|
|
334,650
|
|
Series 2006-12,
Class A1, 4.53% (1 mo. Term SOFR + 0.21%), 08/25/2036 |
|
|
3,162,989 |
|
|
748,268
|
|
Series 2006-15,
Class AF4, 6.46%, 09/25/2036(c) |
|
|
2,012,186 |
|
|
509,710
|
|
Series 2006-17,
Class A2, 4.79% (1 mo. Term SOFR + 0.47%), 11/25/2036 |
|
|
3,727,062 |
|
|
891,002
|
|
Series 2006-19,
Class A1, 4.61% (1 mo. Term SOFR + 0.29%), 12/25/2036 |
|
|
75,863 |
|
|
19,984
|
|
Series 2006-20,
Class 2A1B, 4.63% (1 mo. Term SOFR + 0.31%), 12/25/2046 |
|
|
10,817,333 |
|
|
477,603
|
|
Series 2006-2,
Class 1A2, 4.97% (1 mo. Term SOFR + 0.65%), 12/25/2035 |
|
|
1,853,343 |
|
|
1,721,165
|
|
Series 2006-3,
Class A4, 5.13% (1 mo. Term SOFR + 0.81%), 03/25/2036 |
|
|
4,832,103 |
|
|
310,372
|
|
Series 2006-7,
Class AF2, 5.99%, 03/25/2046(a) |
|
|
442,183 |
|
|
160,597
|
|
Series 2007-10,
Class A1A, 6.00%, 11/25/2037 |
|
|
3,485,461 |
|
|
1,854,241
|
|
Series 2007-10,
Class A2A, 6.50%, 11/25/2037 |
|
|
2,121,357 |
|
|
780,919
|
|
Series 2007-1,
Class 1A1, 4.59% (1 mo. Term SOFR + 0.27%), 02/25/2037 |
|
|
8,190,758 |
|
|
2,332,922
|
|
Series 2007-1,
Class 1A2, 4.77% (1 mo. Term SOFR + 0.45%), 02/25/2037 |
|
|
1,694,479 |
|
|
479,968
|
|
Series 2007-5,
Class 2A1A, 4.67% (1 mo. Term SOFR + 0.35%), 04/25/2047 |
|
|
615,223 |
|
|
574,791
|
|
Series 2007-8,
Class A3, 5.33% (1 mo. Term SOFR + 1.01%), 08/25/2037 |
|
|
173,389 |
|
|
169,445
|
|
GSAMP
Trust
|
|
|
|
|
|
|
|
Series 2004-OPT,
Class B3, 3.54%, 11/25/2034(c) |
|
|
791,737 |
|
|
594,784
|
|
Series 2004-OPT,
Class M1, 3.79% (1 mo. Term SOFR + 0.98%), 11/25/2034 |
|
|
49,309 |
|
|
46,794
|
|
Series 2006-S5,
Class A2, 6.16%, 09/25/2036(c) |
|
|
19,888,893 |
|
|
253,764
|
|
Series 2007-NC1,
Class A2D, 4.89% (1 mo. Term SOFR + 0.57%), 12/25/2046 |
|
|
2,324,476 |
|
|
1,090,734
|
|
GSMPS
Mortgage Loan Trust
|
|
|
|
|
|
|
|
Series 2005-RP1,
Class 1A4, 8.50%, 01/25/2035(d) |
|
|
31,789 |
|
|
32,671
|
|
Series 2005-RP1,
Class 1AF, 4.78% (1 mo. Term SOFR + 0.46%), 01/25/2035(d) |
|
|
28,467 |
|
|
24,749
|
|
Series 2005-RP2,
Class 1AF, 4.78% (1 mo. Term SOFR + 0.46%), 03/25/2035(d) |
|
|
6,850,734 |
|
|
6,382,837
|
|
Series 2005-RP3,
Class 1AF, 4.78% (1 mo. Term SOFR + 0.46%), 09/25/2035(d) |
|
|
415,920 |
|
|
355,511
|
|
Series 2006-RP1,
Class 1AS, 0.00%, 01/25/2036(a)(d)(e) |
|
|
12,222,845 |
|
|
95,302
|
|
GSR
Mortgage Loan Trust
|
|
|
|
|
|
|
|
Series 2004-2F,
Class 1A4, 5.50%, 01/25/2034 |
|
|
22,461 |
|
|
22,613
|
|
Series 2005-2F,
Class 3A2, 3.32% (-1 x 1 mo. Term SOFR + 7.64%), 03/25/2035(e)(f) |
|
|
397,496 |
|
|
77,083
|
|
Series 2005-3F,
Class 1A3, 5.50%, 03/25/2035 |
|
|
863,158 |
|
|
741,960
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
REGAN
TOTAL RETURN INCOME FUND
SCHEDULE
OF INVESTMENTS
March
31, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
NON-AGENCY
MORTGAGE-BACKED SECURITIES - (Continued)
|
|
Series 2005-6F,
Class 3A11, 4.73% (1 mo. Term SOFR + 0.41%), 07/25/2035 |
|
|
$458,117 |
|
|
$401,656
|
|
Series 2005-9F,
Class 1A6, 5.50%, 12/25/2035 |
|
|
301,635 |
|
|
255,257
|
|
Series 2005-AR2,
Class 1A2, 4.45%, 04/25/2035(a) |
|
|
344,563 |
|
|
289,462
|
|
Series 2005-AR2,
Class 5A1, 7.32%, 04/25/2035(a) |
|
|
7,446 |
|
|
6,992
|
|
Series 2005-AR3,
Class 5A1, 6.70%, 05/25/2035(a) |
|
|
819,702 |
|
|
712,843
|
|
Series 2005-AR3,
Class 6A1, 4.29%, 05/25/2035(a) |
|
|
2,575,397 |
|
|
1,925,580
|
|
Series 2005-AR3,
Class 7A1, 3.58%, 05/25/2035(a) |
|
|
393,539 |
|
|
327,055
|
|
Series 2005-AR6,
Class B1, 6.11%, 09/25/2035(a) |
|
|
83,558 |
|
|
72,676
|
|
Series 2006-10F,
Class 4A1, 4.78% (1 mo. Term SOFR + 0.46%), 01/25/2037 |
|
|
1,662,640 |
|
|
214,072
|
|
Series 2006-3F,
Class 2A3, 5.75%, 03/25/2036 |
|
|
399,314 |
|
|
351,283
|
|
Series 2006-3F,
Class 2A7, 5.75%, 03/25/2036 |
|
|
243,951 |
|
|
214,608
|
|
Series 2006-3F,
Class 5A1, 4.78% (1 mo. Term SOFR + 0.46%), 03/25/2036 |
|
|
1,301,186 |
|
|
178,433
|
|
Series 2006-3F,
Class 5A2, 2.72% (-1 x 1 mo. Term SOFR + 7.04%), 03/25/2036(e)(f) |
|
|
377,863 |
|
|
32,629
|
|
Series 2006-4F,
Class 4A2, 2.72% (-1 x 1 mo. Term SOFR + 7.04%), 05/25/2036(e)(f) |
|
|
8,296,296 |
|
|
902,736
|
|
Series 2006-7F,
Class 4A2, 6.50%, 08/25/2036 |
|
|
1,703,211 |
|
|
499,040
|
|
Series 2006-AR1,
Class 2A4, 4.74%, 01/25/2036(a) |
|
|
1,984,076 |
|
|
1,828,321
|
|
Series 2006-AR1,
Class 3A1, 4.68%, 01/25/2036(a) |
|
|
113,415 |
|
|
135,483
|
|
Series 2006-AR2,
Class 1A1, 4.79% (1 mo. Term SOFR + 0.47%), 12/25/2035 |
|
|
44,598 |
|
|
38,044
|
|
Series 2006-AR2,
Class 3A1, 5.93%, 04/25/2036(a) |
|
|
466,116 |
|
|
272,682
|
|
Series 2006-OA1,
Class 2A2, 4.95% (1 mo. Term SOFR + 0.63%), 08/25/2046 |
|
|
4,517,010 |
|
|
994,517
|
|
Series 2007-3F,
Class 3A7, 6.00%, 05/25/2037 |
|
|
3,668,932 |
|
|
2,704,290
|
|
Series 2007-AR1,
Class 2A1, 4.52%, 03/25/2047(a) |
|
|
272,731 |
|
|
161,545
|
|
Series 2007-OA1,
Class 2A3A, 4.74% (1 mo. Term SOFR + 0.42%), 05/25/2037 |
|
|
702,197 |
|
|
391,075
|
|
Harborview
Mortgage Loan Trust
|
|
|
|
|
|
|
|
Series 2004-7,
Class 4A, 5.90%, 11/19/2034(a) |
|
|
534,933 |
|
|
492,062
|
|
Series 2004-8,
Class 2A3, 5.25% (1 mo. Term SOFR + 0.93%), 11/19/2034 |
|
|
226,228 |
|
|
206,519
|
|
Series 2005-1,
Class 2A1A, 4.97% (1 mo. Term SOFR + 0.65%), 03/19/2035(b) |
|
|
156,841 |
|
|
148,411
|
|
Series 2005-13,
Class 2A11, 4.99% (1 mo. Term SOFR + 0.67%), 02/19/2036 |
|
|
1,604,495 |
|
|
716,675
|
|
Series 2005-14,
Class 3A1A, 7.44%, 12/19/2035(a) |
|
|
89 |
|
|
88
|
|
Series 2005-15,
Class 3A11, 6.64% (MTA + 2.00%), 10/20/2045 |
|
|
2,357,139 |
|
|
1,756,060
|
|
Series 2005-6,
Class A1B, 5.47% (6 mo. Term SOFR + 1.19%), 07/19/2045 |
|
|
107,035 |
|
|
89,360
|
|
Series 2005-7,
Class 1A1, 4.79% (Ent 11th COFI Repl + 1.85%), 06/19/2045 |
|
|
513,483 |
|
|
236,003
|
|
Series 2005-8,
Class 1A2A, 5.09% (1 mo. Term SOFR + 0.77%), 09/19/2035 |
|
|
335,327 |
|
|
204,540
|
|
Series 2006-4,
Class 1A2A, 4.81% (1 mo. Term SOFR + 0.49%), 05/19/2046 |
|
|
2,878,269 |
|
|
1,463,785
|
|
Series 2006-5,
Class 2A1A, 4.79% (1 mo. Term SOFR + 0.47%), 07/19/2046 |
|
|
10,144,809 |
|
|
5,522,468
|
|
Series 2006-6,
Class 1A1A, 5.04%, 08/19/2036(a) |
|
|
431,323 |
|
|
289,074
|
|
Series 2006-BU1,
Class 2A1B, 4.93% (1 mo. Term SOFR + 0.61%), 02/19/2046 |
|
|
560,797 |
|
|
422,521
|
|
Series 2007-2,
Class 2A1A, 4.59% (1 mo. Term SOFR + 0.43%), 05/25/2038 |
|
|
3,752,912 |
|
|
3,001,839
|
|
Series 2007-4,
Class 2A1, 4.65% (1 mo. Term SOFR + 0.55%), 07/19/2047 |
|
|
302,699 |
|
|
287,289
|
|
HarborViewMortgage
Loan Trust
|
|
|
|
|
|
|
|
Series 2005-14,
Class 4A1A, 5.18%, 12/19/2035(a) |
|
|
1,281,007 |
|
|
645,931
|
|
Series 2005-16,
Class 3A1A, 4.93% (1 mo. Term SOFR + 0.61%), 01/19/2036 |
|
|
1,955,626 |
|
|
1,269,705
|
|
Series 2006-8,
Class 1A1, 4.83% (1 mo. Term SOFR + 0.51%), 07/21/2036 |
|
|
696,195 |
|
|
333,164
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
REGAN
TOTAL RETURN INCOME FUND
SCHEDULE
OF INVESTMENTS
March
31, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
NON-AGENCY
MORTGAGE-BACKED SECURITIES - (Continued)
|
|
Home
Equity Asset Trust, Series 2003-7, Class A2, 5.19% (1 mo. Term SOFR + 0.87%), 03/25/2034 |
|
|
$32,585 |
|
|
$31,856
|
|
Homebanc
Mortgage Trust, Series 2005-1, Class A2, 5.05% (1 mo. Term SOFR + 0.73%), 03/25/2035 |
|
|
433,113 |
|
|
346,088
|
|
HSBC
Asset Loan Obligation
|
|
|
|
|
|
|
|
Series 2006-2,
Class 1A1, 6.00%, 12/25/2036 |
|
|
283,080 |
|
|
76,436
|
|
Series 2006-2,
Class 1A7, 4.80% (1 mo. Term SOFR + 0.48%), 12/25/2036 |
|
|
8,273,277 |
|
|
1,614,912
|
|
Series 2007-WF1,
Class A1, 4.55% (1 mo. Term SOFR + 0.23%), 12/25/2036 |
|
|
1,249,156 |
|
|
360,973
|
|
HSI
Asset Securitization Corp.
|
|
|
|
|
|
|
|
Series 2006-HE2,
Class 2A2, 4.65% (1 mo. Term SOFR + 0.33%), 12/25/2036 |
|
|
473,292 |
|
|
118,538
|
|
Series 2007-HE2,
Class 2A1, 4.65% (1 mo. Term SOFR + 0.33%), 04/25/2037 |
|
|
166,369 |
|
|
84,682
|
|
ImpacCMB
Trust
|
|
|
|
|
|
|
|
Series 2004-5,
Class 1M2, 5.30% (1 mo. Term SOFR + 0.98%), 10/25/2034 |
|
|
14,463 |
|
|
14,277
|
|
Series 2004-6,
Class 1A2, 5.21% (1 mo. Term SOFR + 0.89%), 10/25/2034 |
|
|
41,525 |
|
|
41,430
|
|
Series 2004-6,
Class 2A, 6.06%, 10/25/2034(c) |
|
|
355,786 |
|
|
418,897
|
|
Series 2004-6,
Class M2, 5.33% (1 mo. Term SOFR + 1.01%), 10/25/2034 |
|
|
14,808 |
|
|
14,330
|
|
Series 2004-6,
Class M4, 6.16% (1 mo. Term SOFR + 1.84%), 10/25/2034 |
|
|
9,872 |
|
|
9,581
|
|
Series 2005-7,
Class A1, 4.95% (1 mo. Term SOFR + 0.63%), 11/25/2035 |
|
|
14,017 |
|
|
12,474
|
|
Series 2005-8,
Class 1AM, 5.13% (1 mo. Term SOFR + 0.81%), 02/25/2036 |
|
|
881,208 |
|
|
823,457
|
|
ImpacSecured
Assets CMN Owner Trust
|
|
|
|
|
|
|
|
Series 2005-2,
Class A2D, 5.29% (1 mo. Term SOFR + 0.97%), 03/25/2036 |
|
|
136,170 |
|
|
112,276
|
|
Series 2006-2,
Class 1A2B, 4.77% (1 mo. Term SOFR + 0.45%), 08/25/2036 |
|
|
1,393,524 |
|
|
1,330,952
|
|
Series 2007-3,
Class A1A, 4.65% (1 mo. Term SOFR + 0.33%), 09/25/2037 |
|
|
116,830 |
|
|
102,229
|
|
Series 2007-3,
Class A1B, 4.91% (1 mo. Term SOFR + 0.59%), 09/25/2037 |
|
|
1,537,090 |
|
|
1,321,683
|
|
Imperial
Fund Mortgage Trust
|
|
|
|
|
|
|
|
Series 2021-NQM2,
Class A1, 1.07%, 09/25/2056(a)(d) |
|
|
2,860,078 |
|
|
2,378,964
|
|
Series 2021-NQM2,
Class A3, 1.52%, 09/25/2056(a)(d) |
|
|
221,819 |
|
|
186,427
|
|
Series 2021-NQM3,
Class A1, 1.60%, 11/25/2056(a)(d) |
|
|
487,470 |
|
|
417,962
|
|
IndymacIMJA
Mortgage Loan Trust
|
|
|
|
|
|
|
|
Series 2007-A1,
Class A3, 6.00%, 08/25/2037 |
|
|
2,646,097 |
|
|
965,116
|
|
Series 2007-A1,
Class A7, 6.00%, 08/25/2037 |
|
|
1,373,066 |
|
|
501,324
|
|
Indymac
IMSC Mortgage Loan Trust, Series 2007-F3, Class 2A1, 6.50%, 09/25/2037 |
|
|
26,514 |
|
|
14,206
|
|
IndymacINDA
Mortgage Loan Trust
|
|
|
|
|
|
|
|
Series 2006-AR2,
Class 1A1, 4.82%, 09/25/2036(a) |
|
|
291,876 |
|
|
185,993
|
|
Series 2006-AR2,
Class 4A1, 4.50%, 09/25/2036(a) |
|
|
127,000 |
|
|
118,290
|
|
Series 2007-AR1,
Class 1A1, 4.13%, 03/25/2037(a) |
|
|
172,714 |
|
|
133,041
|
|
Series 2007-AR1,
Class 1A2, 4.13%, 03/25/2037(a) |
|
|
277,778 |
|
|
214,899
|
|
IndymacIndex
Mortgage Loan Trust
|
|
|
|
|
|
|
|
Series 2005-AR11,
Class A3, 3.83%, 08/25/2035(a) |
|
|
30,354 |
|
|
21,967
|
|
Series 2005-AR31,
Class 5A1, 5.01% (1 mo. Term SOFR + 0.69%), 01/25/2036 |
|
|
2,050,354 |
|
|
1,376,594
|
|
Series 2005-AR5,
Class 4A1, 4.27%, 05/25/2035(a) |
|
|
208,516 |
|
|
141,558
|
|
Series 2005-AR7,
Class 1A1, 3.64%, 06/25/2035(a) |
|
|
635,628 |
|
|
349,790
|
|
Series 2006-AR25,
Class 4A3, 3.70%, 09/25/2036(a) |
|
|
1,798,562 |
|
|
1,447,846
|
|
Series 2006-AR5,
Class 2A1, 3.67%, 05/25/2036(a) |
|
|
1,314,905 |
|
|
1,270,051
|
|
Series 2006-AR9,
Class 3A3, 3.51%, 06/25/2036(a)(b) |
|
|
74,362 |
|
|
56,515
|
|
Series 2007-AR15,
Class 2A1, 3.46%, 08/25/2037(a) |
|
|
204,854 |
|
|
143,981
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
REGAN
TOTAL RETURN INCOME FUND
SCHEDULE
OF INVESTMENTS
March
31, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
NON-AGENCY
MORTGAGE-BACKED SECURITIES - (Continued)
|
|
IndyMac
INDX Mortgage Loan Trust, Series 2006-AR37, Class 1A1, 4.42%, 02/25/2037(a) |
|
|
$48,946 |
|
|
$40,104
|
|
IndymacResidential
Asset Backed Trust
|
|
|
|
|
|
|
|
Series 2006-C,
Class 2A, 4.69% (1 mo. Term SOFR + 0.37%), 08/25/2036 |
|
|
58,433 |
|
|
55,568
|
|
Series 2007-A,
Class 1A, 4.65% (1 mo. Term SOFR + 0.33%), 04/25/2037 |
|
|
260,805 |
|
|
199,182
|
|
Series 2007-A,
Class 2A2, 4.62% (1 mo. Term SOFR + 0.30%), 04/25/2037 |
|
|
234,208 |
|
|
157,439
|
|
Series 2007-A,
Class 2A4B, 4.88% (1 mo. Term SOFR + 0.56%), 04/25/2037 |
|
|
3,710,580 |
|
|
1,467,317
|
|
Investment
Capital Access, Inc., Series 13, Class M1, 7.88%, 12/28/2033(c) |
|
|
24,935 |
|
|
25,031
|
|
IXIS
Real Estate Capital Trust, Series 2007-HE1, Class A1, 4.49% (1 mo. Term SOFR + 0.17%), 05/25/2037 |
|
|
452,445 |
|
|
92,923
|
|
JP
Morgan Alternative Loan Trust
|
|
|
|
|
|
|
|
Series 2005-S1,
Class 2A11, 6.00%, 12/25/2035 |
|
|
10,588 |
|
|
7,033
|
|
Series 2006-A1,
Class 2A2, 4.95%, 03/25/2036(a) |
|
|
2,355,579 |
|
|
1,770,514
|
|
Series 2006-A2,
Class 2A2, 4.77%, 05/25/2036(a) |
|
|
1,039,747 |
|
|
629,620
|
|
Series 2006-A2,
Class 3A1, 4.31%, 05/25/2036(a) |
|
|
716,010 |
|
|
400,493
|
|
Series 2006-A4,
Class A8, 4.38%, 09/25/2036(a) |
|
|
6,277 |
|
|
7,283
|
|
Series 2006-A5,
Class 1A1, 4.75% (1 mo. Term SOFR + 0.43%), 10/25/2036 |
|
|
174,951 |
|
|
157,618
|
|
Series 2006-A6,
Class 2A6, 4.97%, 11/25/2036(a) |
|
|
729,311 |
|
|
610,340
|
|
Series 2006-S1,
Class 3A5, 5.73%, 03/25/2036(a) |
|
|
34,870 |
|
|
34,638
|
|
Series 2006-S3,
Class A6, 6.62%, 08/25/2036(c) |
|
|
126,164 |
|
|
123,897
|
|
Series 2007-A2,
Class 2A1, 4.89%, 05/25/2037(a) |
|
|
140,396 |
|
|
124,172
|
|
JP
Morgan Mortgage Acquisition Corp., Series 2007-CH4, Class A5, 4.67% (1 mo. Term SOFR + 0.35%), 05/25/2037 |
|
|
18 |
|
|
18
|
|
JP
Morgan Mortgage Trust
|
|
|
|
|
|
|
|
Series 2004-A1,
Class 5A1, 6.83%, 02/25/2034(a) |
|
|
57,381 |
|
|
58,159
|
|
Series 2004-A3,
Class 1A1, 6.95%, 07/25/2034(a) |
|
|
179,678 |
|
|
167,342
|
|
Series 2004-A3,
Class 4A1, 7.63%, 07/25/2034(a) |
|
|
35,931 |
|
|
35,600
|
|
Series 2005-A1,
Class 3A4, 5.68%, 02/25/2035(a) |
|
|
17,488 |
|
|
16,762
|
|
Series 2005-A2,
Class 1A1, 5.99%, 04/25/2035(a) |
|
|
94,445 |
|
|
92,045
|
|
Series 2005-A2,
Class 2A1, 3.96%, 04/25/2035(a) |
|
|
81,423 |
|
|
67,032
|
|
Series 2005-A3,
Class 6A5, 5.71%, 06/25/2035(a) |
|
|
139,446 |
|
|
140,132
|
|
Series 2005-A8,
Class 1A1, 5.20%, 11/25/2035(a) |
|
|
881,069 |
|
|
691,991
|
|
Series 2005-A8,
Class 2A3, 5.74%, 11/25/2035(a) |
|
|
366,603 |
|
|
297,458
|
|
Series 2005-ALT1,
Class 2A1, 5.67%, 10/25/2035(a) |
|
|
219,093 |
|
|
169,717
|
|
Series 2005-S3,
Class 2A2, 5.50%, 01/25/2036 |
|
|
162,452 |
|
|
137,311
|
|
Series 2006-A4,
Class 5A1, 4.53%, 06/25/2036(a) |
|
|
112,943 |
|
|
77,486
|
|
Series 2006-A6,
Class 3A2, 4.47%, 10/25/2036(a) |
|
|
323,878 |
|
|
179,706
|
|
Series 2006-A7,
Class 2A3, 4.56%, 01/25/2037(a) |
|
|
1,119,565 |
|
|
874,580
|
|
Series 2006-A7,
Class 2A4R, 4.56%, 01/25/2037(a) |
|
|
230,133 |
|
|
179,775
|
|
Series 2006-S3,
Class 1A13, 6.50%, 08/25/2036 |
|
|
626,833 |
|
|
194,895
|
|
Series 2007-A1,
Class B1, 6.41%, 07/25/2035(a) |
|
|
33,182 |
|
|
30,306
|
|
Series 2007-A4,
Class 3A1, 5.49%, 06/25/2037(a) |
|
|
53,580 |
|
|
40,926
|
|
Series 2007-S1,
Class 2A22, 5.75%, 03/25/2037 |
|
|
306,735 |
|
|
109,952
|
|
Series 2007-S1,
Class 2A3, 4.93% (1 mo. Term SOFR + 0.61%), 03/25/2037 |
|
|
148,455 |
|
|
42,087
|
|
Series 2007-S3,
Class 1A18, 4.93% (1 mo. Term SOFR + 0.61%), 08/25/2037 |
|
|
843,785 |
|
|
268,824
|
|
Series 2007-S3,
Class 1A64, 7.50%, 08/25/2037 |
|
|
2,940,310 |
|
|
955,365
|
|
Series 2007-S3,
Class 1A96, 6.00%, 08/25/2037(b) |
|
|
18,615 |
|
|
7,074
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
REGAN
TOTAL RETURN INCOME FUND
SCHEDULE
OF INVESTMENTS
March
31, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
NON-AGENCY
MORTGAGE-BACKED SECURITIES - (Continued)
|
|
Series 2007-S3,
Class 1A97, 6.00%, 08/25/2037(b) |
|
|
$37,213 |
|
|
$14,141
|
|
Series 2013-3,
Class A3, 3.34%, 07/25/2043(a)(d) |
|
|
143,132 |
|
|
133,108
|
|
Series 2014-1,
Class 1A1A, 4.00%, 01/25/2044(a)(d) |
|
|
69,677 |
|
|
66,007
|
|
Series 2015-4,
Class B1, 3.52%, 06/25/2045(a)(d) |
|
|
39,039 |
|
|
36,410
|
|
Series 2016-1,
Class A7, 3.50%, 05/25/2046(a)(d) |
|
|
225,983 |
|
|
205,351
|
|
Series 2016-3,
Class 1A10, 3.00%, 10/25/2046(a)(d) |
|
|
802,007 |
|
|
692,792
|
|
Series 2016-4,
Class A12, 3.00%, 10/25/2046(a)(d)(g) |
|
|
852,204 |
|
|
700,684
|
|
Series 2017-4,
Class A3, 3.50%, 11/25/2048(a)(d) |
|
|
4,342 |
|
|
3,949
|
|
Series 2019-1,
Class A11, 5.38% (1 mo. Term SOFR + 1.06%), 05/25/2049(d) |
|
|
1,298,862 |
|
|
1,241,767
|
|
Series 2019-8,
Class A11, 5.28% (1 mo. Term SOFR + 0.96%), 03/25/2050(d) |
|
|
181,201 |
|
|
171,863
|
|
Series 2019-9,
Class A11, 5.33% (1 mo. Term SOFR + 1.01%), 05/25/2050(d) |
|
|
1,667,600 |
|
|
1,601,149
|
|
Series 2019-INV1,
Class A11, 5.38% (1 mo. Term SOFR + 1.06%), 10/25/2049(d) |
|
|
1,252,630 |
|
|
1,203,350
|
|
Series 2019-INV3,
Class A11, 5.43% (1 mo. Term SOFR + 1.11%), 05/25/2050(d) |
|
|
1,456,435 |
|
|
1,391,712
|
|
Series 2020-2,
Class A7A, 3.00%, 07/25/2050(a)(d) |
|
|
955,427 |
|
|
815,027
|
|
Series 2020-5,
Class A11, 5.43% (1 mo. Term SOFR + 1.11%), 12/25/2050(d) |
|
|
351,646 |
|
|
335,275
|
|
Series 2020-8,
Class A11, 5.25% (30 day avg SOFR US + 0.90%), 03/25/2051(d) |
|
|
627,340 |
|
|
590,966
|
|
Series 2020-INV1,
Class A11, 5.26% (1 mo. Term SOFR + 0.94%), 08/25/2050(d) |
|
|
4,264 |
|
|
4,029
|
|
Series 2021-3,
Class A4, 2.50%, 07/25/2051(a)(d) |
|
|
68,263 |
|
|
61,456
|
|
JP
Morgan Reremic
|
|
|
|
|
|
|
|
Series 2009-11,
Class 3A2, 5.96%, 01/26/2037(a)(b)(d) |
|
|
5,285,513 |
|
|
4,198,680
|
|
Series 2014-1,
Class 3A1, 3.00%, 05/26/2037(d) |
|
|
442,452 |
|
|
425,485
|
|
Lehman
Mortgage Trust
|
|
|
|
|
|
|
|
Series 2005-2,
Class 3A5, 5.50%, 12/25/2035 |
|
|
1,186,478 |
|
|
628,984
|
|
Series 2005-2,
Class AX, 5.50%, 12/25/2035(b)(e) |
|
|
316,189 |
|
|
56,124
|
|
Series 2005-3,
Class 3A1, 6.00%, 01/25/2036 |
|
|
5,405,841 |
|
|
1,221,260
|
|
Series 2006-1,
Class 3A5, 5.50%, 02/25/2036 |
|
|
2,200,029 |
|
|
1,587,298
|
|
Series 2006-2,
Class 1A1, 5.75%, 04/25/2036(a) |
|
|
155,352 |
|
|
97,179
|
|
Series 2006-5,
Class 2A1, 4.78% (1 mo. Term SOFR + 0.46%), 09/25/2036 |
|
|
3,842,958 |
|
|
507,454
|
|
Series 2006-6,
Class 1A1, 4.93% (1 mo. Term SOFR + 0.61%), 10/25/2036 |
|
|
3,396,342 |
|
|
896,652
|
|
Series 2006-7,
Class 1A8, 4.61% (1 mo. Term SOFR + 0.29%), 11/25/2036 |
|
|
2,440,733 |
|
|
1,046,515
|
|
Series 2006-7,
Class 4A1, 4.68% (1 mo. Term SOFR + 0.36%), 11/25/2036 |
|
|
2,160,236 |
|
|
125,450
|
|
Series 2006-9,
Class 1A2, 5.03% (1 mo. Term SOFR + 0.71%), 01/25/2037 |
|
|
1,128,959 |
|
|
578,178
|
|
Series 2007-1,
Class 2A3, 2.20% (-1 x 1 mo. Term SOFR + 6.52%), 02/25/2037(e)(f) |
|
|
8,551,428 |
|
|
983,180
|
|
Series 2007-1,
Class 3A1, 4.68% (1 mo. Term SOFR + 0.36%), 02/25/2037 |
|
|
2,197,988 |
|
|
295,883
|
|
Series 2007-1,
Class 3A2, 2.82% (-1 x 1 mo. Term SOFR + 7.14%), 02/25/2037(e)(f) |
|
|
2,197,988 |
|
|
224,448
|
|
Series 2007-2,
Class 1A1, 5.75%, 02/25/2037 |
|
|
1,023,290 |
|
|
677,377
|
|
Series 2007-3,
Class 1A2, 2.27% (-1 x 1 mo. Term SOFR + 6.59%), 03/25/2037(b)(e)(f) |
|
|
1,386,376 |
|
|
189,656
|
|
Series 2007-4,
Class 2A3, 4.76% (1 mo. Term SOFR + 0.44%), 05/25/2037 |
|
|
5,467,935 |
|
|
1,111,368
|
|
Series 2007-5,
Class 10A4, 4.84% (1 mo. Term SOFR + 0.52%), 06/25/2037 |
|
|
3,109,655 |
|
|
695,657
|
|
Series 2007-6,
Class 1A7, 6.00%, 07/25/2037 |
|
|
221,111 |
|
|
198,840
|
|
Series 2007-7,
Class 1A1, 4.93% (1 mo. Term SOFR + 0.61%), 08/25/2037 |
|
|
2,107,078 |
|
|
1,021,267
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
REGAN
TOTAL RETURN INCOME FUND
SCHEDULE
OF INVESTMENTS
March
31, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
NON-AGENCY
MORTGAGE-BACKED SECURITIES - (Continued)
|
|
Series 2008-2,
Class 1A1, 6.00%, 03/25/2038 |
|
|
$302,392 |
|
|
$79,567
|
|
Series 2008-2,
Class 1A11, 6.00%, 03/25/2038 |
|
|
6,849,578 |
|
|
1,802,308
|
|
Series 2008-3,
Class A1, 4.80% (1 mo. Term SOFR + 0.48%), 02/25/2037 |
|
|
40,219,429 |
|
|
8,873,560
|
|
Series 2008-4,
Class A1, 4.81% (1 mo. Term SOFR + 0.49%), 01/25/2037 |
|
|
7,747,549 |
|
|
2,196,139
|
|
Lehman
XS Trust
|
|
|
|
|
|
|
|
Series 2005-10,
Class 1A1, 4.95% (1 mo. Term SOFR + 0.63%), 01/25/2036 |
|
|
940,753 |
|
|
785,666
|
|
Series 2005-3,
Class 1M1, 5.18% (1 mo. Term SOFR + 0.86%), 09/25/2035 |
|
|
4,431,256 |
|
|
4,288,671
|
|
Series 2005-7N,
Class 1A1B, 5.03% (1 mo. Term SOFR + 0.71%), 12/25/2035 |
|
|
198,125 |
|
|
158,856
|
|
Series 2006-10N,
Class 2A1, 4.67% (1 mo. Term SOFR + 0.35%), 05/25/2046 |
|
|
166,484 |
|
|
165,125
|
|
Series 2006-12N,
Class A31A, 4.83% (1 mo. Term SOFR + 0.51%), 08/25/2046 |
|
|
58,335 |
|
|
59,149
|
|
Series 2006-16N,
Class A4A, 4.81% (1 mo. Term SOFR + 0.49%), 11/25/2046 |
|
|
521,009 |
|
|
456,709
|
|
Series 2006-GP2,
Class 1A5A, 4.85% (1 mo. Term SOFR + 0.53%), 06/25/2046(b) |
|
|
48,571 |
|
|
40,617
|
|
Series 2007-10H,
Class 2A2, 7.50%, 07/25/2037 |
|
|
339,425 |
|
|
313,775
|
|
Series 2007-15N,
Class 2A1, 4.93% (1 mo. Term SOFR + 0.61%), 08/25/2037 |
|
|
26,137 |
|
|
25,423
|
|
Series 2007-15N,
Class 4A1, 5.33% (1 mo. Term SOFR + 1.01%), 08/25/2047 |
|
|
365,918 |
|
|
305,503
|
|
Series 2007-16N,
Class 2A2, 6.13% (1 mo. Term SOFR + 1.81%), 09/25/2047 |
|
|
5,570,697 |
|
|
4,979,857
|
|
Series 2007-3,
Class 1BA1, 4.75% (1 mo. Term SOFR + 0.43%), 03/25/2037 |
|
|
299,089 |
|
|
281,601
|
|
Series 2007-3,
Class 1BA2, 5.19% (6 mo. Term SOFR + 0.93%), 03/25/2037 |
|
|
261,731 |
|
|
264,745
|
|
Series 2007-6,
Class 1A1, 5.94% (6 mo. Term SOFR + 1.68%), 05/25/2037 |
|
|
482,940 |
|
|
390,617
|
|
Series 2007-7N,
Class 1A2, 4.91% (1 mo. Term SOFR + 0.59%), 06/25/2047 |
|
|
910,019 |
|
|
840,294
|
|
Long
Beach Mortgage Loan Trust
|
|
|
|
|
|
|
|
Series 2004-2,
Class A1, 4.87% (1 mo. Term SOFR + 0.55%), 06/25/2034 |
|
|
1,932,368 |
|
|
1,910,357
|
|
Series 2004-4,
Class M1, 5.33% (1 mo. Term SOFR + 1.01%), 10/25/2034(b) |
|
|
22,973 |
|
|
20,561
|
|
Series 2006-A,
Class A1, 4.61% (1 mo. Term SOFR + 0.29%), 05/25/2036 |
|
|
974,327 |
|
|
17,572
|
|
Luminent
Mortgage Trust, Series 2006-3, Class 12A1, 4.85% (1 mo. Term SOFR + 0.53%), 05/25/2036 |
|
|
101,126 |
|
|
88,738
|
|
Master
Resecuritization Trust, Series 2008-1, Class A1, 6.00%, 09/27/2037(a)(b)(d) |
|
|
421,926 |
|
|
280,053
|
|
Mastr
Adjustable RateMortgages Trust
|
|
|
|
|
|
|
|
Series 2004-13,
Class 3A7, 6.37%, 11/21/2034(a) |
|
|
208,551 |
|
|
197,914
|
|
Series 2004-4,
Class 2A3, 6.80%, 05/25/2034(a) |
|
|
175,574 |
|
|
165,597
|
|
Series 2004-6,
Class 4A6, 6.44%, 07/25/2034(a) |
|
|
75,725 |
|
|
75,408
|
|
Series 2005-6,
Class 5A1, 3.50%, 07/25/2035(a) |
|
|
169,190 |
|
|
151,229
|
|
Series 2005-6,
Class 7A1, 6.83%, 06/25/2035(a) |
|
|
17,215 |
|
|
15,961
|
|
Series 2006-2,
Class 2A1, 7.35%, 04/25/2036(a) |
|
|
57,792 |
|
|
27,549
|
|
MASTR
Adjustable RateMortgages Trust
|
|
|
|
|
|
|
|
Series 2005-7,
Class 3A1, 3.60%, 09/25/2035(a) |
|
|
355,709 |
|
|
216,817
|
|
Series 2006-OA1,
Class 1A1, 4.64% (1 mo. Term SOFR + 0.32%), 04/25/2046 |
|
|
212,688 |
|
|
191,217
|
|
MASTR
Alternative Loans Trust
|
|
|
|
|
|
|
|
Series 2003-6,
Class B1, 5.71%, 09/25/2033(a) |
|
|
328,596 |
|
|
296,360
|
|
Series 2004-13,
Class 10A3, 5.75%, 01/25/2035 |
|
|
444,955 |
|
|
375,963
|
|
Series 2004-4,
Class 1A1, 5.50%, 05/25/2034 |
|
|
18,735 |
|
|
18,154
|
|
Series 2005-4,
Class 5A1, 6.00%, 05/25/2035 |
|
|
575,151 |
|
|
508,166
|
|
Series 2005-5,
Class 3A1, 5.75%, 08/25/2035 |
|
|
3,639,142 |
|
|
1,672,031
|
|
Series 2005-6,
Class 2A1, 4.88% (1 mo. Term SOFR + 0.56%), 12/25/2035 |
|
|
3,483,609 |
|
|
580,748
|
|
Series 2006-1,
Class A2, 5.13% (1 mo. Term SOFR + 0.81%), 02/25/2036 |
|
|
1,895,300 |
|
|
622,363
|
|
Series 2006-2,
Class 2A1, 4.83% (1 mo. Term SOFR + 0.51%), 03/25/2036 |
|
|
239,523 |
|
|
22,736
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
REGAN
TOTAL RETURN INCOME FUND
SCHEDULE
OF INVESTMENTS
March
31, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
NON-AGENCY
MORTGAGE-BACKED SECURITIES - (Continued)
|
|
Series 2006-3,
Class 2A2, 6.75%, 07/25/2036 |
|
|
$1,065,125 |
|
|
$365,538
|
|
Series 2007-1,
Class 2A15, 4.80% (1 mo. Term SOFR + 0.48%), 10/25/2036 |
|
|
2,587,113 |
|
|
557,283
|
|
Series 2007-1,
Class 2A7, 6.00%, 10/25/2036 |
|
|
983,507 |
|
|
282,468
|
|
Series 2007-HF1,
Class 1A1, 4.08%, 10/25/2047(a) |
|
|
601,939 |
|
|
499,706
|
|
MastrAsset
Backed Securities Trust
|
|
|
|
|
|
|
|
Series 2006-AM2,
Class A3, 4.77% (1 mo. Term SOFR + 0.45%), 06/25/2036 |
|
|
501,025 |
|
|
459,482
|
|
Series 2006-FRE2,
Class A5, 4.91% (1 mo. Term SOFR + 0.59%), 03/25/2036 |
|
|
224,268 |
|
|
133,240
|
|
MASTR
Asset Securitization Trust
|
|
|
|
|
|
|
|
Series 2004-3,
Class 4A10, 5.50%, 03/25/2034 |
|
|
439,385 |
|
|
383,893
|
|
Series 2004-4,
Class 1A7, 5.25%, 12/26/2033 |
|
|
192,460 |
|
|
186,214
|
|
Series 2006-2,
Class 1A14, 6.00%, 06/25/2036 |
|
|
573,794 |
|
|
321,770
|
|
Mastr
Seasoned Securities Trust, Series 2005-1, Class 4A1, 7.21%, 10/25/2032(a) |
|
|
212,433 |
|
|
203,655
|
|
Mastr
Specialized Loan Trust, Series 2007-1, Class A, 5.17% (1 mo. Term SOFR + 0.85%), 01/25/2037(d) |
|
|
575,668 |
|
|
228,150
|
|
Mellon
Residential Funding Corp.
|
|
|
|
|
|
|
|
Series 1999-TBC3,
Class A2, 5.01%, 10/20/2029(a) |
|
|
369,483 |
|
|
358,035
|
|
Series 2000-TBC2,
Class A1, 4.91% (1 mo. Term SOFR + 0.59%), 06/15/2030 |
|
|
137,439 |
|
|
133,546
|
|
Series 2000-TBC3,
Class A1, 4.87% (1 mo. Term SOFR + 0.55%), 12/15/2030 |
|
|
94,173 |
|
|
91,146
|
|
Merrill
Lynch Alternative Note Asset, Series 2007-A1, Class A2C, 4.89% (1 mo. Term SOFR + 0.57%), 01/25/2037 |
|
|
3,633,135 |
|
|
1,088,024
|
|
Merrill
Lynch Mortgage BackedSecurities Trust
|
|
|
|
|
|
|
|
Series 2007-2,
Class 1A1, 6.53% (1 yr. CMT Rate + 2.40%), 08/25/2036 |
|
|
448,561 |
|
|
382,185
|
|
Series 2007-3,
Class 2A1, 4.91%, 06/25/2037(a) |
|
|
914,039 |
|
|
542,253
|
|
Merrill
Lynch Mortgage Investors, Inc.
|
|
|
|
|
|
|
|
Series 2003-HE1,
Class M1, 5.48% (1 mo. Term SOFR + 1.16%), 07/25/2034 |
|
|
53,365 |
|
|
52,914
|
|
Series 2005-A10,
Class A, 4.85% (1 mo. Term SOFR + 0.53%), 02/25/2036 |
|
|
103,353 |
|
|
100,916
|
|
Series 2005-A5,
Class A3, 5.05%, 06/25/2035(a) |
|
|
333,281 |
|
|
321,181
|
|
Series 2005-A9,
Class 2A1E, 6.21%, 12/25/2035(a) |
|
|
224,911 |
|
|
215,414
|
|
Series 2006-AR1,
Class A1, 4.76% (1 mo. Term SOFR + 0.44%), 03/25/2037(d) |
|
|
478,903 |
|
|
159,473
|
|
Series 2006-RM2,
Class A1A, 4.80% (1 mo. Term SOFR + 0.48%), 05/25/2037 |
|
|
7,523,262 |
|
|
2,097,282
|
|
Series 2006-RM3,
Class A1B, 4.81% (1 mo. Term SOFR + 0.49%), 06/25/2037 |
|
|
5,939,596 |
|
|
176,066
|
|
MFRA
Trust
|
|
|
|
|
|
|
|
Series 2020-NQM3,
Class A1, 1.01%, 01/26/2065(a)(d) |
|
|
123,488 |
|
|
115,912
|
|
Series 2021-INV2,
Class A1, 1.91%, 11/25/2056(a)(d) |
|
|
127,213 |
|
|
112,127
|
|
Series 2021-NQM2,
Class A1, 1.03%, 11/25/2064(a)(d) |
|
|
1,230,492 |
|
|
1,070,477
|
|
MLCC
Mortgage Investors, Inc.
|
|
|
|
|
|
|
|
Series 2003-A,
Class 2A1, 5.21% (1 mo. Term SOFR + 0.89%), 03/25/2028 |
|
|
13,725 |
|
|
12,403
|
|
Series 2003-C,
Class A1, 5.09% (1 mo. Term SOFR + 0.77%), 06/25/2028 |
|
|
285,882 |
|
|
267,079
|
|
Series 2003-D,
Class A, 5.05% (1 mo. Term SOFR + 0.73%), 08/25/2028(b) |
|
|
41,003 |
|
|
35,467
|
|
Series 2003-F,
Class A3, 6.36%, 10/25/2028(a) |
|
|
108,041 |
|
|
106,380
|
|
Series 2003-H,
Class A1, 5.07% (1 mo. Term SOFR + 0.75%), 01/25/2029 |
|
|
314,448 |
|
|
275,178
|
|
Series 2004-A,
Class B1, 5.18% (1 mo. Term SOFR + 0.86%), 04/25/2029 |
|
|
66,623 |
|
|
43,179
|
|
Series 2004-B,
Class A1, 4.93% (1 mo. Term SOFR + 0.61%), 05/25/2029(b) |
|
|
44,467 |
|
|
40,909
|
|
Series 2004-G,
Class A1, 4.99% (1 mo. Term SOFR + 0.67%), 01/25/2030 |
|
|
25,769 |
|
|
24,138
|
|
Series 2006-1,
Class 2A1, 5.79%, 02/25/2036(a) |
|
|
305,716 |
|
|
300,402
|
|
Series 2006-2,
Class 2A, 6.28%, 05/25/2036(a) |
|
|
39,340 |
|
|
38,331
|
|
Series 2006-3,
Class 2A1, 6.44%, 10/25/2036(a) |
|
|
617,777 |
|
|
524,240
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
REGAN
TOTAL RETURN INCOME FUND
SCHEDULE
OF INVESTMENTS
March
31, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
NON-AGENCY
MORTGAGE-BACKED SECURITIES - (Continued)
|
|
Morgan
Stanley ABS Capital I, Inc.
|
|
|
|
|
|
|
|
Series 2003-NC8,
Class B1, 9.83% (1 mo. Term SOFR + 5.51%), 09/25/2033 |
|
|
$103,387 |
|
|
$106,688
|
|
Series 2004-HE6,
Class M2, 5.33% (1 mo. Term SOFR + 1.01%), 08/25/2034 |
|
|
141,623 |
|
|
138,712
|
|
Series 2004-HE6,
Class M3, 5.41% (1 mo. Term SOFR + 1.09%), 08/25/2034 |
|
|
74,386 |
|
|
72,449
|
|
Series 2004-NC5,
Class M1, 5.33% (1 mo. Term SOFR + 1.01%), 05/25/2034 |
|
|
966,485 |
|
|
927,824
|
|
Series 2005-HE1,
Class M1, 5.11% (1 mo. Term SOFR + 0.79%), 12/25/2034 |
|
|
205,686 |
|
|
199,825
|
|
Series 2005-HE1,
Class M2, 5.14% (1 mo. Term SOFR + 0.82%), 12/25/2034 |
|
|
239,111 |
|
|
232,257
|
|
Series 2005-NC1,
Class B3, 7.43% (1 mo. Term SOFR + 3.11%), 01/25/2035(b) |
|
|
44,252 |
|
|
44,527
|
|
Series 2006-HE6,
Class A2FP, 4.55% (1 mo. Term SOFR + 0.23%), 09/25/2036 |
|
|
156,079 |
|
|
53,569
|
|
Series 2007-HE7,
Class A2C, 5.68% (1 mo. Term SOFR + 1.36%), 07/25/2037 |
|
|
2,105,000 |
|
|
1,854,111
|
|
Morgan
Stanley Mortgage Loan Trust
|
|
|
|
|
|
|
|
Series 2004-11AR,
Class 1A2A, 4.74% (1 mo. Term SOFR + 0.42%), 01/25/2035 |
|
|
67,302 |
|
|
63,392
|
|
Series 2004-5AR,
Class 2A, 5.27%, 07/25/2034(a) |
|
|
137,594 |
|
|
126,146
|
|
Series 2005-10,
Class 1A1, 5.13% (1 mo. Term SOFR + 0.81%), 12/25/2035 |
|
|
361,144 |
|
|
215,737
|
|
Series 2005-10,
Class 1A5, 5.75%, 12/25/2035 |
|
|
25,082 |
|
|
16,373
|
|
Series 2005-4,
Class 4A, 4.56%, 08/25/2035(a) |
|
|
34,454 |
|
|
15,765
|
|
Series 2005-6AR,
Class 3A2, 5.77%, 11/25/2035(a) |
|
|
521,977 |
|
|
453,543
|
|
Series 2005-7,
Class 7A6, 5.50%, 11/25/2035 |
|
|
119,568 |
|
|
110,205
|
|
Series 2005-9AR,
Class 2A, 5.62%, 12/25/2035(a) |
|
|
181,893 |
|
|
169,968
|
|
Series 2006-11,
Class 2A1, 6.00%, 08/25/2036 |
|
|
458,478 |
|
|
190,919
|
|
Series 2006-16AX,
Class 1A, 4.77% (1 mo. Term SOFR + 0.45%), 11/25/2036 |
|
|
2,789,699 |
|
|
441,772
|
|
Series 2006-16AX,
Class 2A2, 4.77% (1 mo. Term SOFR + 0.45%), 11/25/2036 |
|
|
4,757,444 |
|
|
1,365,818
|
|
Series 2006-17XS,
Class A6, 6.08%, 10/25/2046(c) |
|
|
2,093,141 |
|
|
498,649
|
|
Series 2006-2,
Class 6A, 6.50%, 02/25/2036 |
|
|
348,511 |
|
|
146,700
|
|
Series 2006-3AR,
Class 2A3, 4.76%, 03/25/2036(a) |
|
|
612,165 |
|
|
347,960
|
|
Series 2006-7,
Class 5A2, 5.96%, 06/25/2036(a) |
|
|
39,282 |
|
|
11,032
|
|
Series 2006-8AR,
Class 3A, 4.45%, 06/25/2036(a)(b) |
|
|
531,763 |
|
|
365,321
|
|
Series 2006-8AR,
Class 3B1, 6.33%, 06/25/2036(a) |
|
|
13,968 |
|
|
9,527
|
|
Series 2006-8AR,
Class 4A2, 6.63%, 06/25/2036(a) |
|
|
10,540 |
|
|
9,274
|
|
Series 2007-2AX,
Class 2A1, 4.61% (1 mo. Term SOFR + 0.29%), 12/25/2036 |
|
|
884,872 |
|
|
303,546
|
|
Series 2007-10XS,
Class A19, 6.00%, 02/25/2037(a) |
|
|
549,283 |
|
|
182,626
|
|
Series 2007-14AR,
Class 3A3, 4.49%, 10/25/2037(a) |
|
|
313,294 |
|
|
295,286
|
|
Series 2007-15AR,
Class 1A1, 4.17%, 11/25/2037(a) |
|
|
1,403,024 |
|
|
1,147,995
|
|
Series 2007-1XS,
Class 2A4A, 6.58%, 09/25/2046(c) |
|
|
5,500,233 |
|
|
1,378,414
|
|
Series 2007-6XS,
Class 2A5S, 6.50%, 02/25/2047(c) |
|
|
1,656,242 |
|
|
560,175
|
|
Series 2007-7AX,
Class 1A, 4.87% (1 mo. Term SOFR + 0.55%), 04/25/2037 |
|
|
2,012,999 |
|
|
481,035
|
|
Series 2007-7AX,
Class 2A3, 5.15% (1 mo. Term SOFR + 0.83%), 04/25/2037(b) |
|
|
198,627 |
|
|
45,684
|
|
Series 2007-7AX,
Class 2A4, 5.07% (1 mo. Term SOFR + 0.75%), 04/25/2037 |
|
|
10,923,871 |
|
|
456,235
|
|
Series 2007-7AX,
Class 2A6, 5.07% (1 mo. Term SOFR + 0.75%), 04/25/2037 |
|
|
2,743,559 |
|
|
114,585
|
|
Series 2007-8XS,
Class A1, 5.75%, 04/25/2037(a) |
|
|
1,800,876 |
|
|
873,037
|
|
Morgan
Stanley ReremicTrust
|
|
|
|
|
|
|
|
Series 2010-R5,
Class 3B, 2.89%, 03/26/2037(c)(d) |
|
|
247,277 |
|
|
253,462
|
|
Series 2013-R3,
Class 6B2, 4.31%, 12/26/2036(a)(d) |
|
|
312,250 |
|
|
272,106
|
|
Series 2015-R2,
Class 1B, 4.19% (MTA + 0.71%), 12/27/2046(d) |
|
|
836,632 |
|
|
755,718
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
REGAN
TOTAL RETURN INCOME FUND
SCHEDULE
OF INVESTMENTS
March
31, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
NON-AGENCY
MORTGAGE-BACKED SECURITIES - (Continued)
|
|
Mortgage
Loan Resecuritization Trust, Series 2009-RS1, Class B15, 5.30% (1 mo. LIBOR US + 0.34%), 04/16/2036(d)(j) |
|
|
$4,624,064 |
|
|
$3,351,802
|
|
MortgageITTrust
|
|
|
|
|
|
|
|
Series 2005-3,
Class A1, 5.03% (1 mo. Term SOFR + 0.71%), 08/25/2035(b) |
|
|
69,642 |
|
|
66,522
|
|
Series 2005-4,
Class A1, 4.99% (1 mo. Term SOFR + 0.67%), 10/25/2035 |
|
|
91,563 |
|
|
90,848
|
|
Series 2006-1,
Class 1A1, 4.89% (1 mo. Term SOFR + 0.57%), 04/25/2036 |
|
|
278,785 |
|
|
262,957
|
|
New
Century Alternative Mortgage Loan Trust, Series 2006-ALT2, Class AF3, 4.61%, 10/25/2036(a) |
|
|
1,523,779 |
|
|
289,450
|
|
New
Century Home Equity Loan Trust
|
|
|
|
|
|
|
|
Series 2002-1,
Class M2, 6.53% (1 mo. Term SOFR + 2.21%), 03/25/2032 |
|
|
70,629 |
|
|
70,658
|
|
Series 2004-4,
Class M2, 5.23% (1 mo. Term SOFR + 0.91%), 02/25/2035 |
|
|
17,586 |
|
|
19,806
|
|
Series 2006-S1,
Class A1, 4.77% (1 mo. Term SOFR + 0.45%), 03/25/2036 |
|
|
10,303,018 |
|
|
232,519
|
|
Series 2003-A,
Class A, 3.80% (1 mo. Term SOFR + 0.83%), 10/25/2033(d) |
|
|
400,881 |
|
|
398,961
|
|
Series 2004-4,
Class M1, 5.20% (1 mo. Term SOFR + 0.88%), 02/25/2035 |
|
|
425,793 |
|
|
420,127
|
|
Series 2005-3,
Class M5, 5.44% (1 mo. Term SOFR + 0.78%), 07/25/2035 |
|
|
224,738 |
|
|
222,723
|
|
Series 2005-A,
Class A6, 4.62%, 08/25/2035(c) |
|
|
59,256 |
|
|
57,017
|
|
New
York Mortgage Trust, Series 2006-1, Class 2A2, 5.15%, 05/25/2036(a) |
|
|
28,894 |
|
|
24,148
|
|
NMLT
Trust, Series 2021-INV1, Class A1, 1.19%, 05/25/2056(a)(d) |
|
|
1,999,103 |
|
|
1,724,584
|
|
Nomura
Asset Acceptance Corp.
|
|
|
|
|
|
|
|
Series 2006-AF2,
Class 2A, 4.34%, 08/25/2036(a) |
|
|
743,715 |
|
|
688,402
|
|
Series 2006-AF2,
Class 4A, 5.92%, 08/25/2036(a)(b) |
|
|
552,390 |
|
|
469,531
|
|
Series 2006-AR4,
Class A1A, 4.77% (1 mo. Term SOFR + 0.45%), 12/25/2036 |
|
|
174,439 |
|
|
155,572
|
|
Series 2006-WF1,
Class A2, 5.76%, 06/25/2036(a) |
|
|
160,152 |
|
|
43,204
|
|
Series 2007-1,
Class 1A1A, 6.50%, 03/25/2047(c) |
|
|
779,849 |
|
|
703,974
|
|
Series 2007-1,
Class 1A3, 6.46%, 03/25/2047(b)(c) |
|
|
243,248 |
|
|
197,518
|
|
Series 2007-2,
Class A1B, 6.02%, 06/25/2037(a) |
|
|
1,005,600 |
|
|
875,711
|
|
Nomura
Home Equity Loan Inc, Series 2006-AF1, Class A1, 6.53%, 10/25/2036(c) |
|
|
1,411,039 |
|
|
292,503
|
|
Nomura
Home Equity Loan, Inc., Series 2006-HE3, Class 1A1, 4.73% (1 mo. Term SOFR + 0.41%), 07/25/2036(b) |
|
|
141,746 |
|
|
124,453
|
|
Nomura
ResecuritizationTrust
|
|
|
|
|
|
|
|
Series 2011-4RA,
Class 3A10, 4.80%, 12/26/2035(a)(d) |
|
|
2,506,538 |
|
|
773,379
|
|
Series 2015-10R,
Class 1A2, 4.78%, 12/25/2036(a)(d)(g) |
|
|
1,317,396 |
|
|
1,088,029
|
|
NovastarHome
Equity Loan
|
|
|
|
|
|
|
|
Series 2003-1,
Class A2, 5.21% (1 mo. Term SOFR + 0.89%), 05/25/2033 |
|
|
49,960 |
|
|
48,921
|
|
Series 2006-3,
Class A2C, 4.75% (1 mo. Term SOFR + 0.43%), 10/25/2036 |
|
|
4,214,985 |
|
|
1,857,590
|
|
Series 2006-5,
Class A2B, 4.67% (1 mo. Term SOFR + 0.35%), 11/25/2036 |
|
|
938,088 |
|
|
282,149
|
|
Oakwood
Mortgage Investors, Inc.
|
|
|
|
|
|
|
|
Series 1997-A,
Class B1, 7.45%, 05/15/2027 |
|
|
32,218 |
|
|
29,099
|
|
Series 1999-C,
Class A2, 7.48%, 08/15/2027 |
|
|
591,985 |
|
|
449,300
|
|
Onslow
Bay Mortgage Loan Trust
|
|
|
|
|
|
|
|
Series 2020-EXP1,
Class 1A3, 3.00%, 02/25/2060(a)(d) |
|
|
1,212,734 |
|
|
1,044,228
|
|
Series 2020-EXP1,
Class 1A8, 3.50%, 02/25/2060(a)(d) |
|
|
388,075 |
|
|
346,451
|
|
Series 2020-EXP2,
Class A9, 3.00%, 05/25/2060(a)(d) |
|
|
234,148 |
|
|
204,321
|
|
Option
One Mortgage Loan Trust, Series 2007-FXD1, Class 1A1, 5.87%, 01/25/2037(c) |
|
|
1,758,213 |
|
|
1,494,013
|
|
Ownit
Mortgage Loan Asset Backed Certificates, Series 2006-6, Class A2C, 4.75% (1 mo. Term SOFR + 0.43%), 09/25/2037 |
|
|
1,347,247 |
|
|
587,068
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
REGAN
TOTAL RETURN INCOME FUND
SCHEDULE
OF INVESTMENTS
March
31, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
NON-AGENCY
MORTGAGE-BACKED SECURITIES - (Continued)
|
|
PHH
Alternative Mortgage Trust, Series 2007-2, Class 3A1, 6.00%, 05/25/2037 |
|
|
$208,000 |
|
|
$190,091
|
|
PHH
Mortgage Capital LLC, Series 2007-3, Class A3, 4.42%, 06/18/2037(a) |
|
|
6,989 |
|
|
6,861
|
|
Popular
ABS, Inc.
|
|
|
|
|
|
|
|
Series 2002-5,
Class M1, 5.80%, 11/25/2032(c) |
|
|
478,026 |
|
|
478,530
|
|
Series 2004-3,
Class M2, 3.80%, 07/25/2034(c) |
|
|
667,699 |
|
|
563,036
|
|
Prime
Mortgage Trust
|
|
|
|
|
|
|
|
Series 2005-4,
Class 1A2, 5.00%, 10/25/2026 |
|
|
108,022 |
|
|
103,958
|
|
Series 2005-4,
Class 2A9, 5.50%, 10/25/2035 |
|
|
76,271 |
|
|
68,737
|
|
Series 2006-1,
Class 3A1, 4.78% (1 mo. Term SOFR + 0.46%), 06/25/2036 |
|
|
1,199,977 |
|
|
857,559
|
|
Series 2006-1,
Class 3A2, 2.72% (-1 x 1 mo. Term SOFR + 7.04%), 06/25/2036(e)(f) |
|
|
1,199,977 |
|
|
163,403
|
|
Series 2006-2,
Class 1A21, 4.76% (1 mo. Term SOFR + 0.44%), 11/25/2036 |
|
|
2,692,531 |
|
|
2,187,244
|
|
Series 2006-DR1,
Class 2A1, Pool DR12A1, 5.50%, 05/25/2035(d) |
|
|
3,106,518 |
|
|
2,876,128
|
|
Series 2006-DR1,
Class 2A2, 6.00%, 05/25/2035(d) |
|
|
381,663 |
|
|
323,971
|
|
Series 2007-1,
Class A2, 6.00%, 03/25/2037 |
|
|
2,174,400 |
|
|
1,946,456
|
|
PSMC
Trust, Series 2021-1, Class A11, 2.50%, 03/25/2051(a)(d) |
|
|
433,031 |
|
|
382,837
|
|
RAAC
Series
|
|
|
|
|
|
|
|
Series 2005-SP1,
Class 1A1, 5.00%, 09/25/2034 |
|
|
108,381 |
|
|
106,203
|
|
Series 2005-SP2,
Class 2A, 5.03% (1 mo. Term SOFR + 0.71%), 06/25/2044 |
|
|
636,811 |
|
|
576,763
|
|
RALI
Trust
|
|
|
|
|
|
|
|
Series 2005-QA7,
Class A1, 4.80%, 07/25/2035(a) |
|
|
1,805,879 |
|
|
1,285,887
|
|
Series 2005-QA8,
Class CB21, 5.30%, 07/25/2035(a) |
|
|
384,386 |
|
|
199,368
|
|
Series 2005-QA9,
Class CB11, 4.77%, 08/25/2035(a) |
|
|
96,659 |
|
|
87,039
|
|
Series 2005-QS10,
Class 3A1, 4.93% (1 mo. Term SOFR + 0.61%), 08/25/2035 |
|
|
274,870 |
|
|
189,143
|
|
Series 2005-QS10,
Class 3A3, 5.50%, 08/25/2035 |
|
|
1,303,229 |
|
|
952,586
|
|
Series 2005-QS11,
Class A3, 0.57% (-1 x 1 mo. Term SOFR + 4.89%), 07/25/2035(e)(f) |
|
|
378,492 |
|
|
19,470
|
|
Series 2005-QS12,
Class A8, 4.78% (1 mo. Term SOFR + 0.46%), 08/25/2035 |
|
|
2,847,909 |
|
|
2,273,780
|
|
Series 2005-QS13,
Class 2A3, 5.75%, 09/25/2035 |
|
|
1,790,554 |
|
|
1,505,617
|
|
Series 2005-QS14,
Class 2A1, 6.00%, 09/25/2035 |
|
|
3,346,028 |
|
|
1,068,553
|
|
Series 2005-QS14,
Class 3A1, 6.00%, 09/25/2035 |
|
|
777,822 |
|
|
677,753
|
|
Series 2005-QS14,
Class 3A3, 6.00%, 09/25/2035 |
|
|
1,807,510 |
|
|
1,574,965
|
|
Series 2005-QS16,
Class A1, 5.13% (1 mo. Term SOFR + 0.81%), 11/25/2035 |
|
|
896,804 |
|
|
734,842
|
|
Series 2005-QS7,
Class A1, 5.50%, 06/25/2035 |
|
|
1,365,843 |
|
|
1,138,246
|
|
Series 2006-QA1,
Class A21, 5.21%, 01/25/2036(a) |
|
|
834,173 |
|
|
562,614
|
|
Series 2006-QA3,
Class A2, 5.03% (1 mo. Term SOFR + 0.71%), 04/25/2036 |
|
|
1,779,552 |
|
|
1,544,618
|
|
Series 2006-QA5,
Class 1A1, 4.79% (1 mo. Term SOFR + 0.47%), 07/25/2036 |
|
|
4,456,341 |
|
|
1,471,337
|
|
Series 2006-QA5,
Class 1A3, 4.87% (1 mo. Term SOFR + 0.55%), 07/25/2036 |
|
|
25,724 |
|
|
8,565
|
|
Series 2006-QA6,
Class A1, 4.81% (1 mo. Term SOFR + 0.49%), 07/25/2036 |
|
|
242,306 |
|
|
219,694
|
|
Series 2006-QA9,
Class A1, 4.79% (1 mo. Term SOFR + 0.47%), 11/25/2036(b) |
|
|
48,448 |
|
|
23,158
|
|
Series 2006-QO10,
Class A1, 4.75% (1 mo. Term SOFR + 0.43%), 01/25/2037 |
|
|
1,584,791 |
|
|
1,413,698
|
|
Series 2006-QO2,
Class A1, 4.87% (1 mo. Term SOFR + 0.55%), 02/25/2046 |
|
|
7,163,433 |
|
|
1,238,449
|
|
Series 2006-QO4,
Class 2A1, 4.81% (1 mo. Term SOFR + 0.49%), 04/25/2046 |
|
|
1,161,340 |
|
|
1,078,224
|
|
Series 2006-QO7,
Class 3A2, 4.84% (1 mo. Term SOFR + 0.52%), 09/25/2046 |
|
|
396,436 |
|
|
389,035
|
|
Series 2006-QS12,
Class 2A15, 4.93% (1 mo. Term SOFR + 0.61%), 09/25/2036 |
|
|
1,196,357 |
|
|
853,166
|
|
Series 2006-QS12,
Class 2A18, 5.75%, 09/25/2036 |
|
|
237,635 |
|
|
183,655
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
REGAN
TOTAL RETURN INCOME FUND
SCHEDULE
OF INVESTMENTS
March
31, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
NON-AGENCY
MORTGAGE-BACKED SECURITIES - (Continued)
|
|
Series 2006-QS13,
Class 1A1, 4.77% (1 mo. Term SOFR + 0.45%), 09/25/2036 |
|
|
$4,528,067 |
|
|
$3,202,236
|
|
Series 2006-QS13,
Class 1A10, 6.00%, 09/25/2036 |
|
|
464,937 |
|
|
370,195
|
|
Series 2006-QS15,
Class A3, 6.50%, 10/25/2036 |
|
|
102,486 |
|
|
88,197
|
|
Series 2006-QS16,
Class A9, 6.00%, 11/25/2036(b) |
|
|
90,959 |
|
|
65,036
|
|
Series 2006-QS17,
Class A2, 2.22% (-1 x 1 mo. Term SOFR + 6.54%), 12/25/2036(e)(f) |
|
|
1,457,112 |
|
|
162,495
|
|
Series 2006-QS18,
Class 2A1, 4.88% (1 mo. Term SOFR + 0.56%), 12/25/2036 |
|
|
16,419,281 |
|
|
11,877,860
|
|
Series 2006-QS2,
Class 1A14, 5.13% (1 mo. Term SOFR + 0.81%), 02/25/2036 |
|
|
245,208 |
|
|
191,209
|
|
Series 2006-QS2,
Class 1A17, 4.91% (1 mo. Term SOFR + 0.59%), 02/25/2036 |
|
|
3,718,988 |
|
|
2,858,018
|
|
Series 2006-QS2,
Class 1A2, 4.93% (1 mo. Term SOFR + 0.61%), 02/25/2036 |
|
|
1,414,677 |
|
|
1,088,622
|
|
Series 2006-QS2,
Class 1A7, 6.00%, 02/25/2036(e) |
|
|
221,144 |
|
|
37,581
|
|
Series 2006-QS3,
Class 2AP, 0.00%, 03/25/2036(i) |
|
|
477,977 |
|
|
238,262
|
|
Series 2006-QS4,
Class A12, 4.93% (1 mo. Term SOFR + 0.61%), 04/25/2036 |
|
|
1,875,703 |
|
|
1,385,250
|
|
Series 2006-QS4,
Class A2, 6.00%, 04/25/2036 |
|
|
344,997 |
|
|
278,507
|
|
Series 2006-QS4,
Class A8, 8.00% (-790 x 1 mo. Term SOFR + 5,052.56%), 04/25/2036(f) |
|
|
119,654 |
|
|
100,620
|
|
Series 2006-QS6,
Class 1A1, 6.00%, 06/25/2036 |
|
|
420,805 |
|
|
339,803
|
|
Series 2006-QS6,
Class 1A11, 5.13% (1 mo. Term SOFR + 0.81%), 06/25/2036 |
|
|
1,269,638 |
|
|
967,170
|
|
Series 2006-QS6,
Class 1A5, 5.75%, 06/25/2036 |
|
|
199,832 |
|
|
158,868
|
|
Series 2006-QS6,
Class 1A9, 5.03% (1 mo. Term SOFR + 0.71%), 06/25/2036 |
|
|
2,028,011 |
|
|
1,534,282
|
|
Series 2006-QS7,
Class A1, 6.00%, 06/25/2036 |
|
|
57,933 |
|
|
45,589
|
|
Series 2006-QS9,
Class 1A1, 4.83% (1 mo. Term SOFR + 0.51%), 07/25/2036 |
|
|
354,289 |
|
|
255,533
|
|
Series 2006-QS9,
Class 1A4, 6.00%, 07/25/2036 |
|
|
204,144 |
|
|
163,121
|
|
Series 2006-QS9,
Class 1A8, 5.08% (1 mo. Term SOFR + 0.76%), 07/25/2036 |
|
|
726,238 |
|
|
532,721
|
|
Series 2007-QH8,
Class A, 5.54%, 10/25/2037(a) |
|
|
984,400 |
|
|
789,803
|
|
Series 2007-QH9,
Class A1, 6.19%, 11/25/2037(a) |
|
|
316,174 |
|
|
269,603
|
|
Series 2007-QS1,
Class 1A1, 6.00%, 01/25/2037 |
|
|
239,095 |
|
|
188,362
|
|
Series 2007-QS1,
Class 1A2, 1.02% (-1 x 1 mo. Term SOFR + 5.34%), 01/25/2037(e)(f) |
|
|
1,428,648 |
|
|
89,253
|
|
Series 2007-QS1,
Class 1A5, 4.98% (1 mo. Term SOFR + 0.66%), 01/25/2037 |
|
|
2,887,232 |
|
|
2,129,461
|
|
Series 2007-QS1,
Class 2A2, 4.79% (1 mo. Term SOFR + 0.47%), 01/25/2037 |
|
|
536,889 |
|
|
361,180
|
|
Series 2007-QS1,
Class 2AP, 0.00%, 01/25/2037(i) |
|
|
760,086 |
|
|
312,665
|
|
Series 2007-QS10,
Class A1, 6.50%, 09/25/2037 |
|
|
15,162 |
|
|
12,486
|
|
Series 2007-QS3,
Class A3, 6.25%, 02/25/2037 |
|
|
1,186,406 |
|
|
970,050
|
|
Series 2007-QS5,
Class A1, 5.50%, 03/25/2037 |
|
|
818,940 |
|
|
663,505
|
|
Series 2007-QS7,
Class 1A5, 4.83% (1 mo. Term SOFR + 0.51%), 05/25/2037 |
|
|
1,186,755 |
|
|
875,870
|
|
Series 2007-QS7,
Class 1A7, 4.98% (1 mo. Term SOFR + 0.66%), 05/25/2037 |
|
|
472,608 |
|
|
352,561
|
|
Series 2007-QS7,
Class 2A1, 6.75%, 06/25/2037 |
|
|
767,308 |
|
|
295,419
|
|
Series 2007-QS8,
Class A1, 4.83% (1 mo. Term SOFR + 0.51%), 06/25/2037 |
|
|
6,823,020 |
|
|
4,939,344
|
|
Series 2007-QS8,
Class A3, 5.03% (1 mo. Term SOFR + 0.71%), 06/25/2037 |
|
|
243,324 |
|
|
178,797
|
|
Series 2007-QS9,
Class A33, 6.50%, 07/25/2037 |
|
|
2,897,076 |
|
|
2,360,696
|
|
RAMP
Trust, Series 2003-RS9, Class MII2, 5.58% (1 mo. Term SOFR + 1.91%), 10/25/2033 |
|
|
405,915 |
|
|
387,322
|
|
RBSGC
Mortgage Pass Through Certificates
|
|
|
|
|
|
|
|
Series 2008-A,
Class A1, 5.50%, 11/25/2035(a)(d) |
|
|
447,195 |
|
|
373,533
|
|
Series 2008-B,
Class A1, 6.00%, 06/25/2037(d) |
|
|
160,746 |
|
|
139,124
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
REGAN
TOTAL RETURN INCOME FUND
SCHEDULE
OF INVESTMENTS
March
31, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
NON-AGENCY
MORTGAGE-BACKED SECURITIES - (Continued)
|
|
RBSSP
ResecuritizationTrust
|
|
|
|
|
|
|
|
Series 2009-12,
Class 17A2, 6.78%, 10/25/2035(a)(d) |
|
|
$58,444 |
|
|
$58,440
|
|
Series 2009-12,
Class 9A2, 4.78%, 03/25/2036(a)(d) |
|
|
312,592 |
|
|
212,932
|
|
Series 2009-5,
Class 13A3, 4.94% (1 mo. Term SOFR + 0.61%), 08/26/2037(d) |
|
|
1,059,470 |
|
|
463,549
|
|
Series 2010-2,
Class 3A2, 4.31%, 12/26/2036(a)(b)(d) |
|
|
221,440 |
|
|
193,483
|
|
Series 2010-9,
Class 7A6, 6.00%, 05/26/2037(a)(d) |
|
|
1,005,773 |
|
|
435,466
|
|
Series 2013-4,
Class 1A2, 5.93% (1 mo. Term SOFR + 1.61%), 12/26/2037(d) |
|
|
734,773 |
|
|
612,322
|
|
Renaissance
Home Equity Loan Trust
|
|
|
|
|
|
|
|
Series 2003-4,
Class A3, 5.67% (1 mo. Term SOFR + 1.35%), 03/25/2034 |
|
|
177,503 |
|
|
160,511
|
|
Series 2004-1,
Class M4, 7.13% (1 mo. Term SOFR + 2.81%), 05/25/2034 |
|
|
239,243 |
|
|
172,360
|
|
Series 2004-2,
Class M1, 6.41%, 07/25/2034(c) |
|
|
334,964 |
|
|
296,302
|
|
RESI
Finance LP, Series 2003-D, Class B3, 5.74% (1 mo. Term SOFR + 1.41%), 12/10/2035(b)(d) |
|
|
21,046 |
|
|
8,966
|
|
Residential
Asset Securitization Trust
|
|
|
|
|
|
|
|
Series 2004-A4,
Class A11, 5.50%, 08/25/2034(b) |
|
|
82,833 |
|
|
74,757
|
|
Series 2004-A4,
Class A13, 4.98% (1 mo. Term SOFR + 0.66%), 08/25/2034 |
|
|
504,263 |
|
|
451,599
|
|
Series 2005-A10,
Class A4, 5.50%, 09/25/2035 |
|
|
325,926 |
|
|
149,395
|
|
Series 2005-A11,
Class 2A1, 4.85%, 10/25/2035 |
|
|
6,576,987 |
|
|
2,258,979
|
|
Series 2005-A12,
Class A6, 4.93% (1 mo. Term SOFR + 0.61%), 11/25/2035 |
|
|
902,088 |
|
|
430,801
|
|
Series 2005-A15,
Class 2A12, 6.00%, 02/25/2036 |
|
|
739,169 |
|
|
286,535
|
|
Series 2005-A15,
Class 4A1, 6.00%, 02/25/2036 |
|
|
2,285,786 |
|
|
667,539
|
|
Series 2005-A15,
Class 5A1, 5.75%, 02/25/2036 |
|
|
732,666 |
|
|
267,818
|
|
Series 2005-A8CB,
Class A1, 4.93% (1 mo. Term SOFR + 0.61%), 07/25/2035 |
|
|
1,166,022 |
|
|
567,992
|
|
Series 2005-A8CB,
Class A13, 4.93% (1 mo. Term SOFR + 0.61%), 07/25/2035 |
|
|
1,185,483 |
|
|
576,455
|
|
Series 2005-A9,
Class A4, 5.50%, 07/25/2035 |
|
|
104,417 |
|
|
33,441
|
|
Series 2006-A10,
Class A4, 6.50%, 09/25/2036 |
|
|
577,034 |
|
|
175,982
|
|
Series 2006-A10,
Class A5, 6.50%, 09/25/2036 |
|
|
997,461 |
|
|
304,203
|
|
Series 2006-A10,
Class A7, 6.50%, 09/25/2036 |
|
|
8,215,845 |
|
|
2,505,646
|
|
Series 2006-A14C,
Class 2A4, 6.00%, 12/25/2036 |
|
|
4,021,183 |
|
|
1,122,849
|
|
Series 2006-A14C,
Class 2A6, 4.88% (1 mo. Term SOFR + 0.56%), 12/25/2036 |
|
|
5,624,345 |
|
|
1,179,399
|
|
Series 2006-A15,
Class A13, 6.25%, 01/25/2037 |
|
|
3,208,022 |
|
|
1,070,169
|
|
Series 2006-A2,
Class A11, 6.00%, 01/25/2046 |
|
|
1,717,924 |
|
|
630,153
|
|
Series 2006-A2,
Class A7, 6.00%, 01/25/2046 |
|
|
938,132 |
|
|
343,707
|
|
Series 2006-A6,
Class 1A13, 6.00%, 07/25/2036 |
|
|
3,662,077 |
|
|
918,905
|
|
Series 2006-A7CB,
Class 2A5, 4.68% (1 mo. Term SOFR + 0.36%), 07/25/2036 |
|
|
428,258 |
|
|
69,884
|
|
Series 2006-A8,
Class 1A5, 6.25%, 08/25/2036 |
|
|
15,355 |
|
|
9,932
|
|
Series 2006-A8,
Class 2A2, 6.75%, 08/25/2036 |
|
|
2,578,036 |
|
|
767,691
|
|
Series 2006-A8,
Class 2A3, 6.00%, 08/25/2036 |
|
|
903,958 |
|
|
239,273
|
|
Series 2006-A8,
Class 3A8, 5.18% (1 mo. Term SOFR + 0.86%), 08/25/2036 |
|
|
506,948 |
|
|
173,211
|
|
Series 2007-A1,
Class A3, 5.03% (1 mo. Term SOFR + 0.71%), 03/25/2037 |
|
|
17,319,557 |
|
|
4,037,857
|
|
Series 2007-A1,
Class A4, 0.72% (-1 x 1 mo. Term SOFR + 5.04%), 03/25/2037(e)(f) |
|
|
6,142,429 |
|
|
320,979
|
|
Series 2007-A1,
Class A9, 5.75%, 03/25/2037 |
|
|
3,178,931 |
|
|
933,473
|
|
Series 2007-A2,
Class 1A6, 6.00%, 04/25/2037 |
|
|
1,603,856 |
|
|
798,709
|
|
Series 2007-A3,
Class 1A1, 4.88% (1 mo. Term SOFR + 0.56%), 04/25/2037 |
|
|
1,965,856 |
|
|
704,219
|
|
Series 2007-A3,
Class 2A1, 4.74% (1 mo. Term SOFR + 0.42%), 04/25/2037 |
|
|
15,928,191 |
|
|
3,506,113
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
REGAN
TOTAL RETURN INCOME FUND
SCHEDULE
OF INVESTMENTS
March
31, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
NON-AGENCY
MORTGAGE-BACKED SECURITIES - (Continued)
|
|
Series 2007-A5,
Class 1A3, 4.81% (1 mo. Term SOFR + 0.49%), 05/25/2037 |
|
|
$23,458,125 |
|
|
$2,954,534
|
|
Series 2007-A6,
Class 1A4, 6.00%, 06/25/2037 |
|
|
1,444,646 |
|
|
746,491
|
|
Series 2007-A7,
Class A6, 6.00%, 07/25/2037 |
|
|
362,150 |
|
|
133,847
|
|
Series 2007-A8,
Class 1A2, 6.00%, 08/25/2037 |
|
|
213,163 |
|
|
102,408
|
|
Series 2007-A8,
Class 2A1, 6.25%, 08/25/2037 |
|
|
13,348,590 |
|
|
3,102,994
|
|
ResmaeMortgage
Loan Trust
|
|
|
|
|
|
|
|
Series 2006-1,
Class A2B, 4.73% (1 mo. Term SOFR + 0.41%), 02/25/2036(d) |
|
|
2,904,838 |
|
|
983,454
|
|
Series 2006-1,
Class A2C, 4.83% (1 mo. Term SOFR + 0.51%), 02/25/2036(d) |
|
|
5,716,200 |
|
|
1,935,126
|
|
RFMSI
Trust
|
|
|
|
|
|
|
|
Series 2005-SA2,
Class 2A2, 6.34%, 06/25/2035(a) |
|
|
444,019 |
|
|
422,276
|
|
Series 2006-S10,
Class 1A1, 6.00%, 10/25/2036 |
|
|
1,377,532 |
|
|
1,096,213
|
|
Series 2006-S12,
Class 3A7, 5.75%, 12/25/2036 |
|
|
105,449 |
|
|
88,821
|
|
Series 2006-S7,
Class A9, 6.50%, 08/25/2036 |
|
|
268,108 |
|
|
224,275
|
|
Series 2007-S3,
Class 1A5, 5.50%, 03/25/2037 |
|
|
287,798 |
|
|
198,863
|
|
Series 2007-S6,
Class 1A16, 6.00%, 06/25/2037 |
|
|
17,556 |
|
|
13,763
|
|
Series 2007-S6,
Class 2A4, 6.00%, 06/25/2037 |
|
|
1,146,002 |
|
|
879,011
|
|
Series 2007-SA1,
Class 2A2, 4.94%, 02/25/2037(a) |
|
|
122,202 |
|
|
80,909
|
|
Series 2007-SA3,
Class 2A1, 5.28%, 07/27/2037(a) |
|
|
1,244,212 |
|
|
909,038
|
|
Series 2007-SA4,
Class 3A1, 5.85%, 10/25/2037(a) |
|
|
93,304 |
|
|
56,930
|
|
Rithm
Capital Corp., Series 2021-INV2, Class A7, 2.50%, 09/25/2051(a)(d) |
|
|
93,393 |
|
|
83,334
|
|
Saxon
Asset Securities Trust |
|
|
2,107,712 |
|
|
1,839,769
|
|
Series 2004-1,
Class A, 2.10% (1 mo. Term SOFR + 0.65%), 03/25/2035 |
|
|
2,107,712 |
|
|
1,839,769
|
|
Series 2004-2,
Class MF1, 3.65%, 08/25/2035(c) |
|
|
269,792 |
|
|
261,027
|
|
Securitized
Asset Backed Receivables LLC
|
|
|
|
|
|
|
|
Series 2004-DO1,
Class M1, 5.41% (1 mo. Term SOFR + 1.09%), 07/25/2034 |
|
|
33,905 |
|
|
46,508
|
|
Series 2005-EC1,
Class M3, 5.44% (1 mo. Term SOFR + 1.12%), 01/25/2035 |
|
|
235,027 |
|
|
271,552
|
|
Series 2006-HE1,
Class A2B, 4.61% (1 mo. Term SOFR + 0.29%), 07/25/2036 |
|
|
674,017 |
|
|
218,526
|
|
Securitized
Asset Backed Receivables LLC, Series 2004-OP2, Class M2, 6.01%
(1
mo. Term SOFR + 1.69%), 08/25/2034 |
|
|
550,689 |
|
|
520,336
|
|
Security
National Mortgage Loan Trust, Series 2006-3A, Class A3, 6.33%, 01/25/2037(a)(d) |
|
|
303,204 |
|
|
120,280
|
|
Sequoia
Mortgage Trust
|
|
|
|
|
|
|
|
Series 10,
Class 1A, 5.23% (1 mo. Term SOFR + 0.91%), 10/20/2027 |
|
|
43,753 |
|
|
42,129
|
|
Series 2003-3,
Class A1, 5.09% (1 mo. Term SOFR + 0.77%), 07/20/2033 |
|
|
132,767 |
|
|
123,295
|
|
Series 2003-4,
Class 2A1, 5.13% (1 mo. Term SOFR + 0.81%), 07/20/2033(b) |
|
|
3,597 |
|
|
3,273
|
|
Series 2004-5,
Class A2, 4.95% (1 mo. Term SOFR + 0.63%), 06/20/2034 |
|
|
123,860 |
|
|
114,472
|
|
Series 2004-6,
Class A2, 4.99% (1 mo. Term SOFR + 0.67%), 07/20/2034 |
|
|
14,756 |
|
|
14,623
|
|
Series 2005-1,
Class A1, 4.89% (1 mo. Term SOFR + 0.57%), 02/20/2035 |
|
|
37,562 |
|
|
35,454
|
|
Series 2007-3,
Class 1A1, 4.83% (1 mo. Term SOFR + 0.51%), 07/20/2036 |
|
|
22,443 |
|
|
19,498
|
|
Series 2007-3,
Class 2BA1, 4.75%, 07/20/2037(a) |
|
|
96 |
|
|
79
|
|
Series 2013-5,
Class A1, 2.50%, 05/25/2043(a)(d) |
|
|
198,077 |
|
|
171,559
|
|
Series 2013-9,
Class AP, 0.00%, 07/25/2043(d)(i) |
|
|
223,035 |
|
|
157,908
|
|
Series 9,
Class 1A, 5.13% (1 mo. Term SOFR + 0.81%), 09/20/2032 |
|
|
65,507 |
|
|
62,547
|
|
SGR
Residential Mortgage Trust
|
|
|
|
|
|
|
|
Series 2020-2,
Class A1, 1.38%, 05/25/2065(a)(d) |
|
|
18,059 |
|
|
16,646
|
|
Series 2020-2,
Class A2, 1.59%, 05/25/2065(a)(d) |
|
|
70,889 |
|
|
65,334
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
REGAN
TOTAL RETURN INCOME FUND
SCHEDULE
OF INVESTMENTS
March
31, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
NON-AGENCY
MORTGAGE-BACKED SECURITIES - (Continued)
|
|
Soundview
Home Equity Loan Trust
|
|
|
|
|
|
|
|
Series 2001-2,
Class AF, 6.50%, 03/25/2030(c) |
|
|
$113,122 |
|
|
$109,417
|
|
Series 2006-3,
Class A4, 4.93% (1 mo. Term SOFR + 0.61%), 11/25/2036 |
|
|
2,553,454 |
|
|
2,399,651
|
|
Series 2006-OPT3,
Class 2A4, 4.93% (1 mo. Term SOFR + 0.61%), 06/25/2036(b) |
|
|
75,343 |
|
|
70,408
|
|
Series 2006-OPT5,
Class 2A4, 4.91% (1 mo. Term SOFR + 0.59%), 07/25/2036 |
|
|
3,639,965 |
|
|
3,301,599
|
|
Series 2007-OPT2,
Class 2A3, 4.61% (1 mo. Term SOFR + 0.29%), 07/25/2037 |
|
|
4,914,242 |
|
|
4,382,035
|
|
Series 2007-OPT4,
Class 2A3, 5.53% (1 mo. Term SOFR + 1.21%), 09/25/2037 |
|
|
319,697 |
|
|
263,612
|
|
Specialty
Underwriting & Residential Finance
|
|
|
|
|
|
|
|
Series 2006-BC3,
Class A2C, 4.73% (1 mo. Term SOFR + 0.41%), 06/25/2037 |
|
|
79,728 |
|
|
47,501
|
|
Series 2006-BC4,
Class A2B, 4.65% (1 mo. Term SOFR + 0.33%), 09/25/2037 |
|
|
1,679,168 |
|
|
572,469
|
|
Structured
Adjustable RateMortgage Loan Trust
|
|
|
|
|
|
|
|
Series 2004-14,
Class 1A, 5.78%, 10/25/2034(a) |
|
|
120,236 |
|
|
113,930
|
|
Series 2004-17,
Class A1, 4.51%, 11/25/2034(a) |
|
|
131,012 |
|
|
118,830
|
|
Series 2004-18,
Class 1A1, 4.98%, 12/25/2034(a) |
|
|
43,113 |
|
|
37,705
|
|
Series 2004-2,
Class 4A1, 5.43%, 03/25/2034(a) |
|
|
135,584 |
|
|
127,869
|
|
Series 2004-7,
Class A4, 5.23% (1 mo. Term SOFR + 0.91%), 06/25/2034 |
|
|
419,410 |
|
|
380,483
|
|
Series 2005-12,
Class 2A1, 5.81%, 06/25/2035(a) |
|
|
203,798 |
|
|
152,298
|
|
Series 2005-18,
Class 1A1, 4.61%, 09/25/2035(a) |
|
|
570,177 |
|
|
350,473
|
|
Series 2005-20,
Class 1A1, 6.46%, 10/25/2035(a) |
|
|
487,795 |
|
|
450,164
|
|
Series 2005-21,
Class 1A, 4.75%, 11/25/2035(a) |
|
|
340,993 |
|
|
220,990
|
|
Series 2005-8XS,
Class M1, 5.08% (1 mo. Term SOFR + 0.76%), 04/25/2035 |
|
|
474,502 |
|
|
475,462
|
|
Series 2006-10,
Class 2A1, 5.61%, 11/25/2036(a) |
|
|
442,205 |
|
|
336,714
|
|
Series 2006-11,
Class 1A1, 4.75% (1 mo. Term SOFR + 0.43%), 12/25/2036 |
|
|
2,033,555 |
|
|
2,043,215
|
|
Series 2006-2,
Class 5A1, 5.34%, 03/25/2036(a) |
|
|
870,061 |
|
|
680,360
|
|
Series 2006-4,
Class 6A, 3.95%, 05/25/2036(a) |
|
|
3,893,718 |
|
|
2,219,272
|
|
Series 2006-8,
Class 3A1, 4.57%, 09/25/2036(a) |
|
|
3,990,428 |
|
|
3,650,499
|
|
Series 2007-3,
Class 2A1, 4.10%, 04/25/2047(a) |
|
|
206,954 |
|
|
191,741
|
|
Series 2007-5,
Class 3A1, 4.79%, 06/25/2037(a) |
|
|
2,113,575 |
|
|
1,732,015
|
|
Series 2007-7,
Class 1A1, 5.03% (1 mo. Term SOFR + 0.71%), 08/25/2037 |
|
|
822,441 |
|
|
783,039
|
|
Structured
Asset Investment Loan Trust
|
|
|
|
|
|
|
|
Series 2004-5,
Class M7, 7.43% (1 mo. Term SOFR + 3.11%), 05/25/2034 |
|
|
508,601 |
|
|
441,045
|
|
Series 2004-8,
Class A2, 4.98% (1 mo. Term SOFR + 0.66%), 09/25/2034 |
|
|
1,058,878 |
|
|
1,020,656
|
|
Series 2005-11,
Class A7, 5.15% (1 mo. Term SOFR + 0.83%), 01/25/2036 |
|
|
314,925 |
|
|
304,835
|
|
Series 2006-2,
Class A4, 5.03% (1 mo. Term SOFR + 0.71%), 04/25/2036 |
|
|
446,382 |
|
|
213,573
|
|
Structured
Asset Mortgage Investments Inc., Series 2006-AR5, Class 3A1, 4.85% (1 mo. Term SOFR + 0.53%), 05/25/2046 |
|
|
1,562,540 |
|
|
675,568
|
|
Structured
Asset Mortgage Investments, Inc.
|
|
|
|
|
|
|
|
Series 2004-AR1,
Class 1A1, 5.13% (1 mo. Term SOFR + 0.81%), 03/19/2034 |
|
|
128,400 |
|
|
120,706
|
|
Series 2004-AR1,
Class 1A2, 5.13% (1 mo. Term SOFR + 0.81%), 03/19/2034(b) |
|
|
3,715 |
|
|
3,325
|
|
Series 2004-AR4,
Class 3A1, 6.54%, 12/19/2034(a) |
|
|
182,900 |
|
|
180,687
|
|
Series 2004-AR5,
Class 1A1, 5.09% (1 mo. Term SOFR + 0.77%), 10/19/2034 |
|
|
6,770 |
|
|
6,451
|
|
Series 2005-AR8,
Class A2, 6.23% (MTA + 1.48%), 02/25/2036(b) |
|
|
714,893 |
|
|
577,276
|
|
Series 2006-AR1,
Class 3A1, 4.89% (1 mo. Term SOFR + 0.57%), 02/25/2036 |
|
|
1,413,672 |
|
|
1,136,902
|
|
Series 2006-AR2,
Class A1, 4.89% (1 mo. Term SOFR + 0.57%), 02/25/2036 |
|
|
54,487 |
|
|
49,973
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
REGAN
TOTAL RETURN INCOME FUND
SCHEDULE
OF INVESTMENTS
March
31, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
NON-AGENCY
MORTGAGE-BACKED SECURITIES - (Continued)
|
|
Series 2006-AR3,
Class 11A1, 4.85% (1 mo. Term SOFR + 0.53%), 04/25/2036 |
|
|
$716,192 |
|
|
$645,265
|
|
Series 2006-AR3,
Class 21A1, 4.83% (1 mo. Term SOFR + 0.51%), 02/25/2036 |
|
|
813,884 |
|
|
655,450
|
|
Series 2006-AR3,
Class 22A1, 4.42%, 05/25/2036(a) |
|
|
302,730 |
|
|
136,413
|
|
Series 2006-AR5,
Class 2A1, 4.85% (1 mo. Term SOFR + 0.53%), 05/25/2046 |
|
|
3,069,595 |
|
|
2,155,686
|
|
Series 2006-AR5,
Class 4A1, 4.87% (1 mo. Term SOFR + 0.55%), 05/25/2046 |
|
|
313,832 |
|
|
110,470
|
|
Series 2007-AR1,
Class 2A1, 4.79% (1 mo. Term SOFR + 0.47%), 01/25/2037 |
|
|
383,768 |
|
|
337,561
|
|
Series 2007-AR3,
Class 2A1, 4.81% (1 mo. Term SOFR + 0.49%), 09/25/2047(b) |
|
|
176,280 |
|
|
152,042
|
|
Structured
Asset Securities Corp.
|
|
|
|
|
|
|
|
Series 2003-22A,
Class 3A, 6.33%, 06/25/2033(a) |
|
|
40,354 |
|
|
38,377
|
|
Series 2003-39EX,
Class M3, 3.90%, 08/25/2033(b)(c) |
|
|
15,724 |
|
|
13,208
|
|
Series 2004-6XS,
Class M1, 5.67%, 03/25/2034(c) |
|
|
255,815 |
|
|
248,776
|
|
Series 2004-SC1,
Class A, 7.46%, 12/25/2029(a)(d) |
|
|
700,204 |
|
|
592,468
|
|
Series 2006-S3,
Class A1, 4.69% (1 mo. Term SOFR + 0.37%), 09/25/2036 |
|
|
959,715 |
|
|
250,196
|
|
Suntrust
Adjustable RateMortgage Loan Trust
|
|
|
|
|
|
|
|
Series 2007-2,
Class 2A1, 5.88%, 04/25/2037(a) |
|
|
220,580 |
|
|
121,490
|
|
Series 2007-4,
Class 2A1, 5.45%, 10/25/2037(a) |
|
|
121,141 |
|
|
94,155
|
|
SunTrust
Alternative Loan Trust 2006-1F, Series 2006-1F, Class 2A, 6.50%, 04/25/2036 |
|
|
1,176,669 |
|
|
425,243
|
|
TBW
Mortgage BackedPass Through Certificates
|
|
|
|
|
|
|
|
Series 2006-1,
Class 1A4, 5.50%, 04/25/2036 |
|
|
1,568,843 |
|
|
397,992
|
|
Series 2006-2,
Class DX, 6.00%, 07/25/2036(e) |
|
|
639,445 |
|
|
67,777
|
|
Series 2006-3,
Class 1A, 6.00%, 07/25/2036 |
|
|
626,955 |
|
|
239,862
|
|
Series 2006-3,
Class 2A1, 6.50%, 07/25/2036 |
|
|
921,171 |
|
|
271,492
|
|
Series 2006-3,
Class 4A3, 2.67% (-1 x 1 mo. Term SOFR + 6.99%), 07/25/2036(e)(f) |
|
|
11,067,275 |
|
|
543,301
|
|
Series 2006-5,
Class A4, 6.70%, 11/25/2036(c) |
|
|
9,215,000 |
|
|
1,605,683
|
|
Series 2007-2,
Class A6A, 6.51%, 07/25/2037(c) |
|
|
1,576,355 |
|
|
580,713
|
|
TerwinMortgage
Trust
|
|
|
|
|
|
|
|
Series 2004-19HE,
Class A1, 5.17% (1 mo. Term SOFR + 0.85%), 10/25/2034(d) |
|
|
376,930 |
|
|
367,761
|
|
Series 2004-7HE,
Class A1, 5.53% (1 mo. Term SOFR + 1.21%), 07/25/2034(d) |
|
|
758,076 |
|
|
728,782
|
|
Thornburg
Mortgage Securities Trust
|
|
|
|
|
|
|
|
Series 2003-6,
Class A1, 5.13% (1 mo. Term SOFR + 0.81%), 12/25/2033 |
|
|
41,884 |
|
|
40,608
|
|
Series 2004-4,
Class 1A, 5.01% (1 mo. Term SOFR + 0.69%), 12/25/2044 |
|
|
139,432 |
|
|
125,996
|
|
Series 2005-1,
Class A2, 5.29%, 04/25/2045(a) |
|
|
176,071 |
|
|
176,312
|
|
Series 2007-3,
Class 2A1, 5.99% (12 mo. Term SOFR + 1.97%), 06/25/2047(b) |
|
|
107,648 |
|
|
97,960
|
|
TIAA
Mortgage Loan Trust, Series 2018-3, Class A13, 4.00%, 11/25/2048(a)(d) |
|
|
93,292 |
|
|
88,003
|
|
Toorak
Mortgage Corp., Series 2022-INV1, Class A1, 2.58%, 02/25/2057(a)(d) |
|
|
63,477 |
|
|
58,756
|
|
TowdPoint
Mortgage Trust
|
|
|
|
|
|
|
|
Series 2020-4,
Class A2, 2.50%, 10/25/2060(d) |
|
|
705,000 |
|
|
577,406
|
|
Series 2021-R1,
Class A1, 2.92%, 11/30/2060(a)(d) |
|
|
254,515 |
|
|
219,331
|
|
Verus
Securitization Trust, Series 2021-1, Class A2, 1.05%, 01/25/2066(a)(d) |
|
|
106,963 |
|
|
93,861
|
|
WaMu
Mortgage Pass Through Certificates
|
|
|
|
|
|
|
|
Series 2002-AR17,
Class 1B2, 5.84% (MTA + 1.20%), 11/25/2042 |
|
|
70,972 |
|
|
65,947
|
|
Series 2002-AR2,
Class A, 4.19% (Ent 11th COFI Repl + 1.25%), 02/27/2034 |
|
|
159,917 |
|
|
153,607
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
REGAN
TOTAL RETURN INCOME FUND
SCHEDULE
OF INVESTMENTS
March
31, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
NON-AGENCY
MORTGAGE-BACKED SECURITIES - (Continued)
|
|
Series 2004-AR11,
Class A, 6.95%, 10/25/2034(a) |
|
|
$101,981 |
|
|
$99,417
|
|
Series 2004-AR8,
Class A1, 5.27% (1 mo. Term SOFR + 0.95%), 06/25/2044 |
|
|
226,144 |
|
|
222,684
|
|
Series 2004-AR9,
Class B1, 6.01%, 08/25/2034(a) |
|
|
139,407 |
|
|
130,413
|
|
Series 2004-S1,
Class 1A11, 5.50%, 03/25/2034 |
|
|
24,495 |
|
|
24,507
|
|
Series 2005-AR12,
Class 1A4, 5.00%, 10/25/2035(a) |
|
|
26,944 |
|
|
24,537
|
|
Series 2005-AR12,
Class 1A6, 5.00%, 10/25/2035(a) |
|
|
48,690 |
|
|
44,341
|
|
Series 2005-AR15,
Class A1A1, 4.95% (1 mo. Term SOFR + 0.63%), 11/25/2045 |
|
|
352,274 |
|
|
337,189
|
|
Series 2005-AR19,
Class A1B2, 5.25% (1 mo. Term SOFR + 0.93%), 12/25/2045(b) |
|
|
67,223 |
|
|
62,786
|
|
Series 2006-AR1,
Class 1A1A, 5.71% (MTA + 1.07%), 01/25/2046 |
|
|
381,007 |
|
|
338,624
|
|
Series 2006-AR12,
Class 2A3, 4.18%, 10/25/2036(a) |
|
|
356,752 |
|
|
326,031
|
|
Series 2006-AR14,
Class 1A4, 4.22%, 11/25/2036(a) |
|
|
214,586 |
|
|
188,663
|
|
Series 2006-AR14,
Class 2A3, 4.31%, 11/25/2036(a) |
|
|
693,744 |
|
|
605,848
|
|
Series 2006-AR18,
Class 1A1, 3.85%, 01/25/2037(a) |
|
|
62,411 |
|
|
54,205
|
|
Series 2006-AR18,
Class 3A3, 0.00%, 01/25/2037(a) |
|
|
140,233 |
|
|
126,911
|
|
Series 2006-AR2,
Class 1A1, 4.60%, 03/25/2036(a) |
|
|
941,958 |
|
|
828,434
|
|
Series 2006-AR3,
Class A1B, 5.64% (MTA + 1.00%), 02/25/2046 |
|
|
437,119 |
|
|
378,075
|
|
Series 2006-AR5,
Class A12A, 5.62% (MTA + 0.98%), 06/25/2046(b) |
|
|
13,330 |
|
|
10,864
|
|
Series 2007-HY1,
Class 1A1, 4.54%, 02/25/2037(a) |
|
|
265,443 |
|
|
235,644
|
|
Series 2007-HY5,
Class 2A1, 3.42%, 05/25/2037(a) |
|
|
139,514 |
|
|
112,007
|
|
Series 2007-HY7,
Class 4A1, 5.04%, 07/25/2037(a) |
|
|
69,119 |
|
|
61,618
|
|
Series 2007-OA1,
Class A1A, 5.34% (MTA + 0.70%), 02/25/2047 |
|
|
1,424,962 |
|
|
1,266,181
|
|
Series 2007-OA4,
Class 1A, 5.41% (MTA + 0.77%), 05/25/2047 |
|
|
139,235 |
|
|
121,153
|
|
Washington
Mutual Alternative Mortgage Pass-Through Certificates
|
|
|
|
|
|
|
|
Series 2005-10,
Class 2A8, 6.00%, 11/25/2035 |
|
|
655,349 |
|
|
627,479
|
|
Series 2005-10,
Class 4CB1, 5.75%, 12/25/2035 |
|
|
318,324 |
|
|
290,429
|
|
Series 2005-3,
Class 1CB3, 4.88% (1 mo. Term SOFR + 0.56%), 05/25/2035 |
|
|
1,574,350 |
|
|
1,313,624
|
|
Series 2005-5,
Class CB6, 5.03% (1 mo. Term SOFR + 0.71%), 07/25/2035 |
|
|
56,567 |
|
|
49,140
|
|
Series 2005-7,
Class 2CB4, 5.50%, 08/25/2035 |
|
|
402,857 |
|
|
396,580
|
|
Series 2005-8,
Class 3CB1, 6.00%, 10/25/2035 |
|
|
82,154 |
|
|
63,784
|
|
Series 2006-1,
Class 2CB2, 7.00%, 02/25/2036 |
|
|
756,528 |
|
|
550,073
|
|
Series 2006-5,
Class 2CB2, 5.03% (1 mo. Term SOFR + 0.71%), 07/25/2036 |
|
|
447,196 |
|
|
285,055
|
|
Series 2006-5,
Class 4A1, 6.00%, 06/25/2025(b) |
|
|
1,636,700 |
|
|
16
|
|
Series 2006-7,
Class A3, 3.93%, 09/25/2036(c) |
|
|
2,400,945 |
|
|
637,846
|
|
Series 2006-8,
Class A3A, 4.11%, 10/25/2036(c) |
|
|
333,297 |
|
|
141,900
|
|
Series 2006-AR3,
Class A1A, 5.61% (MTA + 0.97%), 05/25/2046(b) |
|
|
46,655 |
|
|
37,292
|
|
Series 2007-2,
Class 1A10, 2.25% (-1 x 1 mo. Term SOFR + 6.57%), 04/25/2037(e)(f) |
|
|
3,450,840 |
|
|
639,071
|
|
Series 2007-HY2,
Class 1A1, 4.19%, 04/25/2037(a) |
|
|
8,057,246 |
|
|
4,216,604
|
|
Washington
Mutual Asset-Backed Certificates, Series 2007-HE1, Class 2A1, 4.55% (1 mo. Term SOFR + 0.23%), 11/25/2036 |
|
|
1,483,263 |
|
|
461,803
|
|
Washington
Mutual Mortgage Pass-Through Certificates
|
|
|
|
|
|
|
|
Series 2005-1,
Class 1A1, 5.50%, 03/25/2035 |
|
|
843,637 |
|
|
818,182
|
|
Series 2005-AR2,
Class 2A3, 5.13% (1 mo. Term SOFR + 0.81%), 01/25/2045 |
|
|
45,370 |
|
|
45,264
|
|
Series 2006-4,
Class 3A3, 6.47%, 05/25/2036(c) |
|
|
178,048 |
|
|
154,739
|
|
Series 2006-AR10,
Class A2B, 4.85% (1 mo. Term SOFR + 0.53%), 12/25/2036 |
|
|
5,109,627 |
|
|
843,670
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
REGAN
TOTAL RETURN INCOME FUND
SCHEDULE
OF INVESTMENTS
March
31, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
NON-AGENCY
MORTGAGE-BACKED SECURITIES - (Continued)
|
|
Washington
Mutual MSC Mortgage Pass-Through CTFS
|
|
|
|
|
|
|
|
Series 2003-AR3,
Class 2A2, 4.83%, 06/25/2033(a) |
|
|
$98,713 |
|
|
$83,186
|
|
Series 2004-RA2,
Class CB1, 7.00%, 07/25/2033(a) |
|
|
21,814 |
|
|
18,317
|
|
Wells
Fargo Alternative Loan Trust
|
|
|
|
|
|
|
|
Series 2005-1,
Class 2A3, 5.50%, 02/25/2035 |
|
|
833,919 |
|
|
773,877
|
|
Series 2007-PA1,
Class A8, 4.97% (1 mo. Term SOFR + 0.65%), 03/25/2037 |
|
|
732,840 |
|
|
585,174
|
|
Series 2007-PA2,
Class 2A1, 4.86% (1 mo. Term SOFR + 0.54%), 06/25/2037 |
|
|
224,978 |
|
|
193,549
|
|
Series 2007-PA2,
Class 2A2, 1.64% (-1 x 1 mo. Term SOFR + 5.96%), 06/25/2037(e)(f) |
|
|
2,908,056 |
|
|
285,320
|
|
Series 2007-PA3,
Class 1A1, 5.75%, 07/25/2037 |
|
|
78,470 |
|
|
68,729
|
|
Series 2007-PA3,
Class 1A2, 5.75%, 07/25/2037 |
|
|
182,715 |
|
|
159,122
|
|
Series 2007-PA3,
Class 1A4, 5.75%, 07/25/2037 |
|
|
987,776 |
|
|
860,230
|
|
Series 2007-PA3,
Class 2A1, 6.00%, 07/25/2037 |
|
|
1,550,295 |
|
|
1,421,380
|
|
Series 2007-PA6,
Class A1, 6.55%, 12/28/2037(a) |
|
|
357,226 |
|
|
325,164
|
|
Wells
Fargo Mortgage BackedSecurities Trust
|
|
|
|
|
|
|
|
Series 2006-7,
Class 3A1, 6.00%, 06/25/2036(b) |
|
|
543,018 |
|
|
502,292
|
|
Series 2006-AR12,
Class 2A1, 6.93%, 09/25/2036(a) |
|
|
93,531 |
|
|
89,588
|
|
Series 2006-AR14,
Class 2A3, 7.39%, 10/25/2036(a) |
|
|
196,259 |
|
|
177,139
|
|
Series 2006-AR16,
Class A1, 7.75%, 10/25/2036(a) |
|
|
227,302 |
|
|
213,927
|
|
Series 2006-AR5,
Class 2A1, 6.70%, 04/25/2036(a) |
|
|
226,269 |
|
|
221,509
|
|
Series 2007-AR3,
Class A4, 6.35%, 04/25/2037(a) |
|
|
1,510,077 |
|
|
1,328,506
|
|
Series 2019-4,
Class A17, 3.50%, 09/25/2049(a)(d) |
|
|
43,948 |
|
|
39,505
|
|
WinWater
Mortgage Loan Trust, Series 2015-A, Class A3, 3.50%, 06/20/2045(a)(d) |
|
|
205,143 |
|
|
190,506
|
|
Yale
Mortgage Loan Trust 2007-1, Series 2007-1, Class A, 4.83% (1 mo. Term SOFR + 0.51%), 06/25/2037(d) |
|
|
78,091 |
|
|
24,331
|
|
RALI
Trust, Series 2006-QS2, Class 1A10, 4.93% (1 mo. Term SOFR + 0.61%), 02/25/2036 |
|
|
2,828,540 |
|
|
2,176,618
|
|
TOTAL
NON-AGENCY MORTGAGE-BACKED SECURITIES
(Cost
$791,125,652) |
|
|
|
|
|
673,059,306
|
|
AGENCY
MORTGAGE-BACKED SECURITIES - 25.3%
|
|
|
|
|
|
|
|
Fannie
Mae Grantor Trust
|
|
|
|
|
|
|
|
Series 2001-T13,
Class A1, 5.09% (1 mo. Term SOFR + 0.27%), 03/25/2032 |
|
|
1,821,675 |
|
|
1,748,830
|
|
Series 2002-T16,
Class A4, 5.43%, 05/25/2042(a) |
|
|
16,171 |
|
|
15,927
|
|
Series 2002-T4,
Class A3, 7.50%, 12/25/2041 |
|
|
118,642 |
|
|
125,023
|
|
Fannie
Mae Whole Loan
|
|
|
|
|
|
|
|
Series 1998-W2,
Class A8, 6.50%, 06/25/2028 |
|
|
79,793 |
|
|
79,812
|
|
Series 2002-W8,
Class A2, 7.00%, 06/25/2042 |
|
|
120,556 |
|
|
125,642
|
|
Series 2003-W1,
Class 2A, 5.19%, 12/25/2042(a)(b) |
|
|
13,165 |
|
|
12,046
|
|
Series 2003-W4,
Class 3A, 4.64%, 10/25/2042(a) |
|
|
109,106 |
|
|
116,400
|
|
Series 2003-W4,
Class 4A, 5.26%, 10/25/2042(a) |
|
|
78,032 |
|
|
79,498
|
|
Series 2004-W1,
Class 3A, 5.03%, 01/25/2043(a) |
|
|
70,502 |
|
|
66,052
|
|
Series 2004-W14,
Class 1AF, 4.85% (30 day avg SOFR US + 0.51%), 07/25/2044 |
|
|
1,526,202 |
|
|
1,443,167
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
REGAN
TOTAL RETURN INCOME FUND
SCHEDULE
OF INVESTMENTS
March
31, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
AGENCY
MORTGAGE-BACKED SECURITIES - (Continued)
|
|
Federal
Home Loan Mortgage Corp.
|
|
|
|
|
|
|
|
Series 2380,
Class CF, 5.06% (30 day avg SOFR US + 0.71%), 11/15/2031 |
|
|
$71,924 |
|
|
$71,667
|
|
Series 246,
Class PO, Pool S0-4925, 0.00%, 05/15/2037(i) |
|
|
212,654 |
|
|
176,178
|
|
Series 277,
Class F6, 4.91% (30 day avg SOFR US + 0.56%), 09/15/2042 |
|
|
996,597 |
|
|
981,012
|
|
Series 2770,
Class LO, 0.00%, 03/15/2034(i) |
|
|
5,729 |
|
|
4,644
|
|
Series 2771,
Class FM, 4.87% (30 day avg SOFR US + 0.51%), 03/15/2034 |
|
|
24,050 |
|
|
23,900
|
|
Series 2819,
Class F, 4.86% (30 day avg SOFR US + 0.51%), 06/15/2034 |
|
|
33,390 |
|
|
33,247
|
|
Series 2916,
Class AO, 0.00%, 01/15/2035(b)(i) |
|
|
168,951 |
|
|
143,925
|
|
Series 3006,
Class YF, 4.72% (30 day avg SOFR US + 0.37%), 07/15/2035 |
|
|
222,031 |
|
|
219,893
|
|
Series 3152,
Class WF, 4.92% (30 day avg SOFR US + 0.57%), 02/15/2034 |
|
|
25,714 |
|
|
25,246
|
|
Series 3210,
Class FA, 4.86% (30 day avg SOFR US + 0.51%), 09/15/2036 |
|
|
310,594 |
|
|
307,639
|
|
Series 3231,
Class FA, 4.86% (30 day avg SOFR US + 0.51%), 10/15/2036 |
|
|
217,888 |
|
|
216,462
|
|
Series 3232,
Class KF, 4.91% (30 day avg SOFR US + 0.56%), 10/15/2036 |
|
|
104,307 |
|
|
103,362
|
|
Series 3240,
Class AF, 4.81% (30 day avg SOFR US + 0.46%), 11/15/2036 |
|
|
471,722 |
|
|
463,783
|
|
Series 3242,
Class FA, 4.86% (30 day avg SOFR US + 0.51%), 11/15/2036 |
|
|
165,600 |
|
|
163,723
|
|
Series 325,
Class PO, 0.00%, 03/15/2044(i) |
|
|
670,637 |
|
|
496,462
|
|
Series 327,
Class PO, 0.00%, 03/15/2044(i) |
|
|
1,398,800 |
|
|
1,066,076
|
|
Series 3281,
Class AF, 4.78% (30 day avg SOFR US + 0.43%), 02/15/2037 |
|
|
230,898 |
|
|
228,560
|
|
Series 3284,
Class LF, 4.77% (30 day avg SOFR US + 0.42%), 03/15/2037 |
|
|
279,470 |
|
|
276,610
|
|
Series 3317,
Class F, 4.86% (30 day avg SOFR US + 0.51%), 07/15/2036 |
|
|
378,396 |
|
|
375,910
|
|
Series 3320,
Class FC, 4.63% (30 day avg SOFR US + 0.28%), 05/15/2037 |
|
|
22,379 |
|
|
22,264
|
|
Series 3378,
Class FA, 5.04% (30 day avg SOFR US + 0.69%), 06/15/2037 |
|
|
7,060 |
|
|
7,039
|
|
Series 3404,
Class AF, 5.32% (30 day avg SOFR US + 0.97%), 01/15/2038 |
|
|
49,675 |
|
|
49,897
|
|
Series 3417,
Class EO, 0.00%, 11/15/2036(i) |
|
|
111,119 |
|
|
88,784
|
|
Series 3423,
Class PF, 5.16% (30 day avg SOFR US + 0.81%), 03/15/2038 |
|
|
15,495 |
|
|
15,504
|
|
Series 3501,
Class FC, 5.61% (30 day avg SOFR US + 1.26%), 01/15/2039 |
|
|
724,175 |
|
|
736,673
|
|
Series 3567,
Class F, 5.70% (30 day avg SOFR US + 1.36%), 02/15/2038 |
|
|
156,465 |
|
|
144,834
|
|
Series 3666,
Class FC, 5.19% (30 day avg SOFR US + 0.84%), 05/15/2040 |
|
|
184,014 |
|
|
183,622
|
|
Series 3747,
Class UF, 4.94% (30 day avg SOFR US + 0.59%), 10/15/2040 |
|
|
1,420,692 |
|
|
1,403,698
|
|
Series 3758,
Class F, 4.93% (30 day avg SOFR US + 0.58%), 11/15/2040 |
|
|
989,541 |
|
|
981,457
|
|
Series 3772,
Class ND, 4.50%, 11/15/2040 |
|
|
60,941 |
|
|
58,750
|
|
Series 3812,
Class US, 0.37% (-2 x 30 day avg SOFR US + 9.07%), 02/15/2041(f) |
|
|
78,429 |
|
|
63,840
|
|
Series 3815,
Class DS, 0.56% (-3 x 30 day avg SOFR US + 13.61%), 02/15/2041(f) |
|
|
254,483 |
|
|
233,685
|
|
Series 3822,
Class FC, 4.87% (30 day avg SOFR US + 0.52%), 03/15/2041 |
|
|
494,608 |
|
|
491,387
|
|
Series 3835,
Class FO, 0.00%, 04/15/2041(i) |
|
|
2,579,713 |
|
|
1,999,907
|
|
Series 3954,
Class PF, 4.96% (30 day avg SOFR US + 0.61%), 07/15/2041 |
|
|
160,225 |
|
|
159,440
|
|
Series 3997,
Class FQ, 4.96% (30 day avg SOFR US + 0.61%), 02/15/2042 |
|
|
1,305,443 |
|
|
1,284,643
|
|
Series 4020,
Class EF, 4.91% (30 day avg SOFR US + 0.56%), 02/15/2042 |
|
|
490,564 |
|
|
482,101
|
|
Series 4026,
Class GA, 2.00%, 09/15/2041 |
|
|
291,475 |
|
|
273,362
|
|
Series 4032,
Class WO, 0.00%, 04/15/2039(i) |
|
|
200,298 |
|
|
156,907
|
|
Series 406,
Class F15, 0.00% (30 day avg SOFR US + 1.45%), 10/25/2053 |
|
|
2,410,407 |
|
|
2,424,331
|
|
Series 406,
Class F44, 5.34% (30 day avg SOFR US + 1.00%), 10/25/2053 |
|
|
841,151 |
|
|
841,945
|
|
Series 4061,
Class SL, 0.00% (-2 x 30 day avg SOFR US + 6.86%), 06/15/2042(f) |
|
|
44,323 |
|
|
20,712
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
REGAN
TOTAL RETURN INCOME FUND
SCHEDULE
OF INVESTMENTS
March
31, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
AGENCY
MORTGAGE-BACKED SECURITIES - (Continued)
|
|
Series 4068,
Class FA, 4.91% (30 day avg SOFR US + 0.56%), 06/15/2042 |
|
|
$1,605,699 |
|
|
$1,584,265
|
|
Series 4074,
Class KF, 4.76% (30 day avg SOFR US + 0.41%), 02/15/2041 |
|
|
18,371 |
|
|
18,338
|
|
Series 4076,
Class LF, 4.76% (30 day avg SOFR US + 0.41%), 07/15/2042 |
|
|
208,706 |
|
|
205,495
|
|
Series 4076,
Class QB, 1.75%, 11/15/2041 |
|
|
48,920 |
|
|
47,994
|
|
Series 4087,
Class FB, 4.93% (30 day avg SOFR US + 0.58%), 07/15/2042 |
|
|
86,784 |
|
|
85,613
|
|
Series 4103,
Class FB, 4.91% (30 day avg SOFR US + 0.56%), 09/15/2042 |
|
|
1,606,491 |
|
|
1,580,447
|
|
Series 4108,
Class FC, 4.86% (30 day avg SOFR US + 0.51%), 09/15/2042 |
|
|
2,426,098 |
|
|
2,384,406
|
|
Series 4111,
Class AF, 4.86% (30 day avg SOFR US + 0.51%), 09/15/2042 |
|
|
1,877,957 |
|
|
1,844,331
|
|
Series 413,
Class F44, 5.29% (30 day avg SOFR US + 0.95%), 05/25/2054 |
|
|
692,687 |
|
|
692,837
|
|
Series 4171,
Class NG, 2.00%, 06/15/2042 |
|
|
16,784 |
|
|
15,320
|
|
Series 4182,
Class UC, 1.50%, 09/15/2027 |
|
|
627 |
|
|
624
|
|
Series 4204,
Class AB, 3.00%, 05/15/2043 |
|
|
58,125 |
|
|
45,232
|
|
Series 4347,
Class EF, 4.96% (30 day avg SOFR US + 0.61%), 06/15/2054 |
|
|
4,821,714 |
|
|
4,742,275
|
|
Series 4351,
Class PO, 0.00%, 06/15/2044(i) |
|
|
1,167,906 |
|
|
879,119
|
|
Series 4378,
Class FA, 4.86% (30 day avg SOFR US + 0.51%), 08/15/2044 |
|
|
3,051,410 |
|
|
2,990,468
|
|
Series 4385,
Class FM, 4.86% (30 day avg SOFR US + 0.51%), 11/15/2043 |
|
|
2,656,574 |
|
|
2,611,999
|
|
Series 4400,
Class FA, 4.86% (30 day avg SOFR US + 0.51%), 02/15/2041 |
|
|
151,955 |
|
|
149,740
|
|
Series 4431,
Class FT, 4.86% (30 day avg SOFR US + 0.51%), 01/15/2045 |
|
|
1,366,960 |
|
|
1,341,095
|
|
Series 4436,
Class FC, 4.81% (30 day avg SOFR US + 0.46%), 02/15/2045 |
|
|
132,360 |
|
|
129,518
|
|
Series 4484,
Class LT, 3.50%, 09/15/2037 |
|
|
1,203 |
|
|
1,199
|
|
Series 4508,
Class CF, 4.86% (30 day avg SOFR US + 0.51%), 09/15/2045 |
|
|
150,603 |
|
|
148,802
|
|
Series 4615,
Class GT, 0.00% (-4 x 30 day avg SOFR US + 15.54%), 10/15/2042(f) |
|
|
1,009,829 |
|
|
759,497
|
|
Series 4620,
Class AF, 4.88% (30 day avg SOFR US + 0.55%), 11/15/2042 |
|
|
154,878 |
|
|
153,847
|
|
Series 4621,
Class HK, 2.00%, 10/15/2046 |
|
|
141,756 |
|
|
115,919
|
|
Series 4628,
Class KF, 4.96% (30 day avg SOFR US + 0.61%), 01/15/2055 |
|
|
442,107 |
|
|
433,669
|
|
Series 4631,
Class FA, 4.96% (30 day avg SOFR US + 0.61%), 11/15/2046 |
|
|
448,189 |
|
|
441,103
|
|
Series 4663,
Class PH, 2.50%, 03/15/2047 |
|
|
106,450 |
|
|
91,778
|
|
Series 4708,
Class F, 4.76% (30 day avg SOFR US + 0.41%), 08/15/2047 |
|
|
540,453 |
|
|
527,398
|
|
Series 4710,
Class TN, 3.00%, 08/15/2047 |
|
|
650,774 |
|
|
573,071
|
|
Series 4774,
Class BF, 4.76% (30 day avg SOFR US + 0.41%), 02/15/2048 |
|
|
1,244,074 |
|
|
1,207,082
|
|
Series 4792,
Class KO, 0.00%, 07/15/2043(i) |
|
|
1,014,879 |
|
|
557,589
|
|
Series 4804,
Class MF, 4.81% (30 day avg SOFR US + 0.46%), 06/15/2048 |
|
|
3,820,235 |
|
|
3,713,311
|
|
Series 4821,
Class FA, 4.76% (30 day avg SOFR US + 0.41%), 07/15/2048 |
|
|
267,119 |
|
|
258,774
|
|
Series 4839,
Class WO, 0.00%, 08/15/2056(i) |
|
|
3,024,748 |
|
|
1,961,856
|
|
Series 4867,
Class FA, 4.86% (30 day avg SOFR US + 0.51%), 03/15/2049 |
|
|
191,085 |
|
|
188,702
|
|
Series 4875,
Class F, 4.91% (30 day avg SOFR US + 0.56%), 04/15/2049 |
|
|
1,791,378 |
|
|
1,749,526
|
|
Series 4882,
Class F, 4.91% (30 day avg SOFR US + 0.56%), 05/15/2049 |
|
|
2,140,362 |
|
|
2,086,544
|
|
Series 4882,
Class FA, 4.91% (30 day avg SOFR US + 0.56%), 05/15/2049 |
|
|
2,719,859 |
|
|
2,656,278
|
|
Series 4911,
Class FB, 4.90% (30 day avg SOFR US + 0.56%), 09/25/2049 |
|
|
1,183,399 |
|
|
1,168,238
|
|
Series 4912,
Class PA, 2.00%, 06/25/2049 |
|
|
161,119 |
|
|
132,646
|
|
Series 4913,
Class UF, 4.91% (30 day avg SOFR US + 0.56%), 03/15/2049 |
|
|
1,444,022 |
|
|
1,404,812
|
|
Series 4918,
Class F, 4.90% (30 day avg SOFR US + 0.56%), 10/25/2049 |
|
|
6,206,216 |
|
|
6,063,923
|
|
Series 4921,
Class NB, 1.75%, 08/25/2049 |
|
|
232,558 |
|
|
190,046
|
|
Series 4929,
Class FB, 4.90% (30 day avg SOFR US + 0.56%), 09/25/2049 |
|
|
546,116 |
|
|
530,798
|
|
Series 4930,
Class FG, 4.90% (30 day avg SOFR US + 0.56%), 11/25/2049 |
|
|
562,392 |
|
|
547,125
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
REGAN
TOTAL RETURN INCOME FUND
SCHEDULE
OF INVESTMENTS
March
31, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
AGENCY
MORTGAGE-BACKED SECURITIES - (Continued)
|
|
Series 4930,
Class FJ, 4.90% (30 day avg SOFR US + 0.56%), 11/25/2049 |
|
|
$543,052 |
|
|
$528,376
|
|
Series 4939,
Class CF, 4.95% (30 day avg SOFR US + 0.61%), 12/25/2049 |
|
|
1,581,933 |
|
|
1,555,881
|
|
Series 4942,
Class OQ, 0.00%, 04/15/2053(i) |
|
|
1,912,910 |
|
|
1,560,514
|
|
Series 4943,
Class JP, 2.50%, 09/25/2049 |
|
|
314,757 |
|
|
273,096
|
|
Series 4981,
Class GF, 4.85% (30 day avg SOFR US + 0.51%), 06/25/2050 |
|
|
1,996,776 |
|
|
1,955,188
|
|
Series 4981,
Class JF, 4.85% (30 day avg SOFR US + 0.51%), 06/25/2050 |
|
|
2,376,920 |
|
|
2,314,063
|
|
Series 4982,
Class F, 4.90% (30 day avg SOFR US + 0.56%), 06/25/2050 |
|
|
2,243,049 |
|
|
2,186,305
|
|
Series 4993,
Class KF, 4.90% (30 day avg SOFR US + 0.56%), 07/25/2050 |
|
|
2,435,842 |
|
|
2,352,865
|
|
Series 4993,
Class UG, 1.50%, 07/25/2050 |
|
|
89,570 |
|
|
50,773
|
|
Series 5003,
Class PA, 1.50%, 08/25/2050 |
|
|
1,607,055 |
|
|
1,228,835
|
|
Series 5004,
Class FM, 4.80% (30 day avg SOFR US + 0.46%), 08/25/2050 |
|
|
459,842 |
|
|
440,613
|
|
Series 5019,
Class PC, 1.00%, 10/25/2050 |
|
|
4,495,672 |
|
|
3,335,490
|
|
Series 5019,
Class PL, 1.00%, 10/25/2050 |
|
|
2,724,642 |
|
|
2,021,503
|
|
Series 5020,
Class HA, 1.00%, 08/25/2050 |
|
|
764,249 |
|
|
578,452
|
|
Series 5031,
Class FA, 4.65% (30 day avg SOFR US + 0.30%), 08/15/2043 |
|
|
2,066,997 |
|
|
2,004,472
|
|
Series 5034,
Class KL, 1.25%, 11/25/2050 |
|
|
859,166 |
|
|
627,078
|
|
Series 5035,
Class HM, 1.00%, 10/25/2050 |
|
|
353,997 |
|
|
172,051
|
|
Series 5037,
Class QC, 2.00%, 11/25/2050 |
|
|
72,872 |
|
|
46,921
|
|
Series 5038,
Class PJ, 0.75%, 10/25/2050 |
|
|
355,512 |
|
|
251,176
|
|
Series 5053,
Class KC, 1.00%, 12/25/2050 |
|
|
2,207,692 |
|
|
1,545,925
|
|
Series 5056,
Class P, 0.75%, 12/25/2050 |
|
|
16,783,704 |
|
|
12,516,358
|
|
Series 5058,
Class LW, 1.25%, 01/25/2051 |
|
|
96,630 |
|
|
45,744
|
|
Series 5058,
Class PM, 0.75%, 12/25/2050 |
|
|
1,864,014 |
|
|
1,341,722
|
|
Series 5060,
Class DP, 1.00%, 11/25/2050 |
|
|
3,091,840 |
|
|
2,287,132
|
|
Series 5060,
Class EP, 1.00%, 12/25/2050 |
|
|
2,764,250 |
|
|
2,046,186
|
|
Series 5062,
Class PA, 1.25%, 01/25/2051 |
|
|
1,524,092 |
|
|
1,135,354
|
|
Series 5068,
Class AB, 1.00%, 11/25/2050 |
|
|
1,028,397 |
|
|
773,863
|
|
Series 5068,
Class GE, 1.00%, 11/25/2050 |
|
|
358,482 |
|
|
282,931
|
|
Series 5070,
Class EP, 1.00%, 09/25/2050 |
|
|
3,274,409 |
|
|
2,403,951
|
|
Series 5071,
Class GP, 2.00%, 02/25/2051 |
|
|
370,781 |
|
|
308,076
|
|
Series 5078,
Class GJ, 0.75%, 02/25/2051 |
|
|
545,095 |
|
|
395,896
|
|
Series 5081,
Class DC, 1.00%, 03/25/2051 |
|
|
1,076,878 |
|
|
769,625
|
|
Series 5085,
Class LC, 0.75%, 03/25/2051 |
|
|
208,775 |
|
|
146,047
|
|
Series 5087,
Class PD, 0.75%, 03/25/2051 |
|
|
1,265,973 |
|
|
915,238
|
|
Series 5092,
Class AS, 2.00%, 04/25/2051 |
|
|
37,034 |
|
|
18,787
|
|
Series 5101,
Class CE, 1.00%, 02/25/2051 |
|
|
1,214,004 |
|
|
874,543
|
|
Series 5119,
Class AB, 1.50%, 08/25/2049 |
|
|
398,435 |
|
|
315,654
|
|
Series 5131,
Class TG, 1.00%, 04/25/2049 |
|
|
86,070 |
|
|
70,553
|
|
Series 5132,
Class PA, 1.00%, 08/25/2051 |
|
|
1,220,410 |
|
|
975,753
|
|
Series 5139,
Class DM, 1.25%, 02/25/2051 |
|
|
763,189 |
|
|
623,515
|
|
Series 5151,
Class GC, 1.50%, 10/25/2051 |
|
|
83,631 |
|
|
33,690
|
|
Series 5151,
Class LT, 1.50%, 04/25/2051 |
|
|
1,540,674 |
|
|
1,244,662
|
|
Series 5151,
Class WN, 2.00%, 10/25/2050 |
|
|
117,043 |
|
|
90,219
|
|
Series 5153,
Class PA, 1.00%, 10/25/2051 |
|
|
540,198 |
|
|
435,537
|
|
Series 5181,
Class EA, 1.88%, 05/25/2050 |
|
|
11,711,484 |
|
|
9,390,682
|
|
Series 5315,
Class OQ, 0.00%, 01/25/2055(i) |
|
|
395,794 |
|
|
321,162
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
REGAN
TOTAL RETURN INCOME FUND
SCHEDULE
OF INVESTMENTS
March
31, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
AGENCY
MORTGAGE-BACKED SECURITIES - (Continued)
|
|
Series 5328,
Class JY, 0.25%, 09/25/2050 |
|
|
$680,242 |
|
|
$458,213
|
|
Series 5338,
Class FH, 4.76% (30 day avg SOFR US + 0.41%), 04/15/2045 |
|
|
565,727 |
|
|
553,488
|
|
Series 5473,
Class FA, 5.44% (30 day avg SOFR US + 1.10%), 11/25/2054 |
|
|
278,132 |
|
|
277,048
|
|
Series 5498,
Class FC, 5.49% (30 day avg SOFR US + 1.15%), 01/25/2055 |
|
|
592,175 |
|
|
594,687
|
|
Series T-42,
Class A5, 7.50%, 02/25/2042 |
|
|
123,534 |
|
|
130,794
|
|
Series T-76,
Class 2A, 2.35%, 10/25/2037(a) |
|
|
297,612 |
|
|
267,447
|
|
Federal
National Mortgage Association
|
|
|
|
|
|
|
|
Series 2002-26,
Class A3, 5.21%, 06/25/2041(a) |
|
|
573,558 |
|
|
572,972
|
|
Series 2002-8,
Class FE, 5.20% (30 day avg SOFR US + 0.86%), 03/25/2032 |
|
|
34,174 |
|
|
34,270
|
|
Series 2002-9,
Class FB, 5.20% (30 day avg SOFR US + 0.86%), 03/25/2032 |
|
|
35,006 |
|
|
34,269
|
|
Series 2003-25,
Class KP, 5.00%, 04/25/2033 |
|
|
5,735 |
|
|
5,689
|
|
Series 2004-25,
Class FA, 4.85% (30 day avg SOFR US + 0.51%), 04/25/2034 |
|
|
19,386 |
|
|
19,305
|
|
Series 2004-51,
Class XO, 0.00%, 07/25/2034(i) |
|
|
300,808 |
|
|
262,114
|
|
Series 2005-66,
Class FD, 4.75% (30 day avg SOFR US + 0.41%), 07/25/2035 |
|
|
85,674 |
|
|
84,730
|
|
Series 2005-82,
Class FY, 4.72% (30 day avg SOFR US + 0.38%), 09/25/2035 |
|
|
272,387 |
|
|
269,927
|
|
Series 2006-101,
Class FD, 4.75% (30 day avg SOFR US + 0.41%), 07/25/2036 |
|
|
44,012 |
|
|
43,413
|
|
Series 2006-115,
Class AF, 4.69% (30 day avg SOFR US + 0.35%), 12/25/2036 |
|
|
63,933 |
|
|
62,921
|
|
Series 2006-118,
Class A1, 4.53% (30 day avg SOFR US + 0.17%), 12/25/2036 |
|
|
1,250,527 |
|
|
1,220,730
|
|
Series 2006-20,
Class GF, 4.80% (30 day avg SOFR US + 0.46%), 04/25/2036 |
|
|
104,226 |
|
|
103,431
|
|
Series 2006-23,
Class BD, 1.00%, 04/25/2036 |
|
|
335,084 |
|
|
290,972
|
|
Series 2006-42,
Class CF, 4.90% (30 day avg SOFR US + 0.56%), 06/25/2036 |
|
|
75,473 |
|
|
75,002
|
|
Series 2006-72,
Class TE, 4.75% (30 day avg SOFR US + 0.41%), 08/25/2036 |
|
|
68,853 |
|
|
68,081
|
|
Series 2006-90,
Class BO, 0.00%, 09/25/2036(i) |
|
|
445,884 |
|
|
387,052
|
|
Series 2006-94,
Class GF, 4.80% (30 day avg SOFR US + 0.46%), 10/25/2026 |
|
|
137,303 |
|
|
137,267
|
|
Series 2007-109,
Class NF, 5.00% (30 day avg SOFR US + 0.66%), 12/25/2037 |
|
|
249,050 |
|
|
247,734
|
|
Series 2007-117,
Class MF, 5.15% (30 day avg SOFR US + 0.81%), 01/25/2038 |
|
|
87,168 |
|
|
86,718
|
|
Series 2007-43,
Class EB, 4.68% (30 day avg SOFR US + 0.34%), 05/25/2037 |
|
|
341,224 |
|
|
335,877
|
|
Series 2007-65,
Class KF, 4.83% (30 day avg SOFR US + 0.49%), 07/25/2037 |
|
|
25,518 |
|
|
25,320
|
|
Series 2007-91,
Class JF, 5.05% (30 day avg SOFR US + 0.71%), 10/25/2037 |
|
|
199,104 |
|
|
198,469
|
|
Series 2007-95,
Class A2, 5.65% (30 day avg SOFR US + 0.36%), 08/27/2036 |
|
|
2,578,187 |
|
|
2,588,552
|
|
Series 2007-96,
Class AF, 5.17% (30 day avg SOFR US + 0.83%), 06/25/2037 |
|
|
98,006 |
|
|
97,988
|
|
Series 2009-106,
Class FA, 5.20% (30 day avg SOFR US + 0.86%), 01/25/2040 |
|
|
395,500 |
|
|
396,377
|
|
Series 2010-141,
Class FB, 4.92% (30 day avg SOFR US + 0.58%), 12/25/2040 |
|
|
352,508 |
|
|
349,708
|
|
Series 2010-61,
Class PO, 0.00%, 03/25/2040(i) |
|
|
117,469 |
|
|
93,544
|
|
Series 2010-68,
Class FA, 5.45% (30 day avg SOFR US + 1.11%), 07/25/2040 |
|
|
286,642 |
|
|
283,775
|
|
Series 2011-118,
Class CF, 4.95% (30 day avg SOFR US + 0.61%), 10/25/2039 |
|
|
36,759 |
|
|
36,641
|
|
Series 2011-126,
Class WA, 2.50%, 12/25/2041 |
|
|
170,012 |
|
|
139,329
|
|
Series 2011-130,
Class KO, 0.00%, 12/25/2041(i) |
|
|
115,029 |
|
|
90,604
|
|
Series 2011-40,
Class SB, 0.00% (-3 x 30 day avg SOFR US + 9.91%), 11/25/2040(f) |
|
|
42,394 |
|
|
31,045
|
|
Series 2011-51,
Class FM, 5.10% (30 day avg SOFR US + 0.76%), 06/25/2041 |
|
|
773,811 |
|
|
769,106
|
|
Series 2011-55,
Class FH, 4.89% (30 day avg SOFR US + 0.55%), 06/25/2041 |
|
|
832,368 |
|
|
827,367
|
|
Series 2011-57,
Class FE, 4.90% (30 day avg SOFR US + 0.56%), 07/25/2041 |
|
|
3,076,355 |
|
|
3,050,935
|
|
Series 2011-57,
Class FT, 4.90% (30 day avg SOFR US + 0.56%), 07/25/2041 |
|
|
2,269,481 |
|
|
2,243,094
|
|
Series 2011-59,
Class FA, 5.05% (30 day avg SOFR US + 0.71%), 07/25/2041 |
|
|
476,167 |
|
|
474,139
|
|
Series 2011-63,
Class FA, 5.03% (30 day avg SOFR US + 0.69%), 07/25/2041 |
|
|
498,639 |
|
|
496,245
|
|
Series 2011-71,
Class FA, 5.07% (30 day avg SOFR US + 0.73%), 12/25/2036 |
|
|
162,386 |
|
|
162,242
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
REGAN
TOTAL RETURN INCOME FUND
SCHEDULE
OF INVESTMENTS
March
31, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
AGENCY
MORTGAGE-BACKED SECURITIES - (Continued)
|
|
Series 2011-86,
Class NF, 5.00% (30 day avg SOFR US + 0.66%), 09/25/2041 |
|
|
$184,597 |
|
|
$183,745
|
|
Series 2011-96,
Class PF, 4.95% (30 day avg SOFR US + 0.61%), 10/25/2041 |
|
|
1,420,885 |
|
|
1,403,703
|
|
Series 2012-103,
Class NF, 4.85% (30 day avg SOFR US + 0.51%), 09/25/2042 |
|
|
810,408 |
|
|
799,433
|
|
Series 2012-120,
Class QB, 2.50%, 08/25/2042 |
|
|
50,000 |
|
|
40,685
|
|
Series 2012-128,
Class HS, 0.00% (-2 x 30 day avg SOFR US + 5.83%), 11/25/2042(f) |
|
|
148,366 |
|
|
101,717
|
|
Series 2012-14,
Class FL, 4.90% (30 day avg SOFR US + 0.56%), 12/25/2040 |
|
|
25,072 |
|
|
25,059
|
|
Series 2012-146,
Class QA, 1.00%, 01/25/2043 |
|
|
66,105 |
|
|
56,042
|
|
Series 2012-15,
Class KB, 3.50%, 03/25/2042 |
|
|
70,000 |
|
|
62,703
|
|
Series 2012-39,
Class FK, 4.95% (30 day avg SOFR US + 0.61%), 04/25/2042 |
|
|
530,137 |
|
|
525,363
|
|
Series 2012-40,
Class LX, 0.00% (-2 x 30 day avg SOFR US + 6.69%), 04/25/2042(f) |
|
|
203,214 |
|
|
123,693
|
|
Series 2012-6,
Class F, 4.95% (30 day avg SOFR US + 0.61%), 02/25/2042 |
|
|
711,049 |
|
|
703,146
|
|
Series 2012-65,
Class FB, 4.97% (30 day avg SOFR US + 0.63%), 06/25/2042 |
|
|
216,057 |
|
|
213,495
|
|
Series 2012-66,
Class FB, 4.90% (30 day avg SOFR US + 0.56%), 06/25/2042 |
|
|
1,552,564 |
|
|
1,523,677
|
|
Series 2012-70,
Class FA, 4.90% (30 day avg SOFR US + 0.56%), 07/25/2042 |
|
|
706,947 |
|
|
699,280
|
|
Series 2012-71,
Class FL, 4.95% (30 day avg SOFR US + 0.61%), 07/25/2042 |
|
|
153,483 |
|
|
151,488
|
|
Series 2012-72,
Class FQ, 4.95% (30 day avg SOFR US + 0.61%), 07/25/2042 |
|
|
278,184 |
|
|
273,740
|
|
Series 2012-79,
Class FM, 4.90% (30 day avg SOFR US + 0.56%), 07/25/2042 |
|
|
81,961 |
|
|
80,830
|
|
Series 2012-80,
Class FM, 4.95% (30 day avg SOFR US + 0.61%), 08/25/2042 |
|
|
5,681,029 |
|
|
5,609,105
|
|
Series 2012-80,
Class NA, 2.75%, 06/25/2042 |
|
|
187,021 |
|
|
169,903
|
|
Series 2012-90,
Class ZJ, 1.50%, 03/25/2042 |
|
|
961,620 |
|
|
870,926
|
|
Series 2012-93,
Class FC, 4.85% (30 day avg SOFR US + 0.51%), 09/25/2042 |
|
|
1,711,076 |
|
|
1,673,391
|
|
Series 2013-2,
Class AZ, 2.00%, 02/25/2043 |
|
|
150,268 |
|
|
120,693
|
|
Series 2013-31,
Class PY, 2.50%, 02/25/2043 |
|
|
96,155 |
|
|
80,113
|
|
Series 2013-34,
Class PF, 4.80% (30 day avg SOFR US + 0.46%), 08/25/2042 |
|
|
186,145 |
|
|
184,452
|
|
Series 2013-50,
Class US, 0.00% (-1 x 30 day avg SOFR US + 3.89%), 05/25/2043(f) |
|
|
639,553 |
|
|
318,089
|
|
Series 2013-57,
Class FN, 4.80% (30 day avg SOFR US + 0.46%), 06/25/2043 |
|
|
1,113,120 |
|
|
1,094,086
|
|
Series 2013-58,
Class FY, 4.70% (30 day avg SOFR US + 0.36%), 02/25/2043 |
|
|
911,712 |
|
|
892,889
|
|
Series 2013-68,
Class NA, 1.00%, 03/25/2042 |
|
|
178,159 |
|
|
150,403
|
|
Series 2013-83,
Class US, 0.55% (-1 x 30 day avg SOFR US + 4.89%), 08/25/2043(f) |
|
|
160,197 |
|
|
108,797
|
|
Series 2013-97,
Class JF, 4.80% (30 day avg SOFR US + 0.46%), 04/25/2038 |
|
|
376,605 |
|
|
372,494
|
|
Series 2013-98,
Class PO, 0.00%, 09/25/2043(i) |
|
|
1,725,733 |
|
|
1,317,160
|
|
Series 2014-17,
Class PF, 4.85% (30 day avg SOFR US + 0.51%), 04/25/2044 |
|
|
1,517,278 |
|
|
1,490,393
|
|
Series 2014-61,
Class PO, 0.00%, 05/25/2043(i) |
|
|
1,156,889 |
|
|
596,154
|
|
Series 2014-63,
Class FL, 4.85% (30 day avg SOFR US + 0.51%), 10/25/2044 |
|
|
1,219,160 |
|
|
1,200,175
|
|
Series 2014-73,
Class FA, 4.80% (30 day avg SOFR US + 0.46%), 11/25/2044 |
|
|
4,020,225 |
|
|
3,943,017
|
|
Series 2015-27,
Class HA, 3.00%, 03/25/2044 |
|
|
22,475 |
|
|
21,722
|
|
Series 2015-32,
Class FA, 4.75% (30 day avg SOFR US + 0.41%), 05/25/2045 |
|
|
218,044 |
|
|
212,840
|
|
Series 2015-48,
Class FB, 4.75% (30 day avg SOFR US + 0.41%), 07/25/2045 |
|
|
259,446 |
|
|
253,369
|
|
Series 2015-73,
Class ES, 0.00% (-2 x 30 day avg SOFR US + 9.07%), 10/25/2045(f) |
|
|
198,408 |
|
|
121,711
|
|
Series 2016-106,
Class EF, 4.95% (30 day avg SOFR US + 0.61%), 01/25/2047 |
|
|
5,506,932 |
|
|
5,417,037
|
|
Series 2016-50,
Class PC, 2.00%, 08/25/2046 |
|
|
636,454 |
|
|
518,111
|
|
Series 2016-60,
Class UF, 4.85% (30 day avg SOFR US + 0.51%), 09/25/2046 |
|
|
376,585 |
|
|
372,650
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
REGAN
TOTAL RETURN INCOME FUND
SCHEDULE
OF INVESTMENTS
March
31, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
AGENCY
MORTGAGE-BACKED SECURITIES - (Continued)
|
|
Series 2017-39,
Class FT, 4.85% (30 day avg SOFR US + 0.51%), 05/25/2047 |
|
|
$2,107,089 |
|
|
$2,062,852
|
|
Series 2017-51,
Class FC, 4.80% (30 day avg SOFR US + 0.46%), 07/25/2047 |
|
|
1,277,863 |
|
|
1,248,905
|
|
Series 2018-11,
Class KA, 3.00%, 03/25/2048 |
|
|
1,001,469 |
|
|
880,169
|
|
Series 2018-22,
Class FJ, 4.75% (30 day avg SOFR US + 0.41%), 04/25/2048 |
|
|
141,518 |
|
|
137,009
|
|
Series 2018-32,
Class FC, 4.75% (30 day avg SOFR US + 0.41%), 05/25/2048 |
|
|
2,523,132 |
|
|
2,443,164
|
|
Series 2018-35,
Class FA, 4.75% (30 day avg SOFR US + 0.41%), 05/25/2048 |
|
|
1,957,514 |
|
|
1,895,743
|
|
Series 2018-39,
Class FG, 4.70% (30 day avg SOFR US + 0.36%), 11/25/2033 |
|
|
773,566 |
|
|
765,101
|
|
Series 2018-4,
Class FM, 4.75% (30 day avg SOFR US + 0.41%), 02/25/2048 |
|
|
843,865 |
|
|
817,362
|
|
Series 2018-45,
Class FT, 4.75% (30 day avg SOFR US + 0.41%), 06/25/2048 |
|
|
830,900 |
|
|
805,778
|
|
Series 2018-76,
Class FN, 4.80% (30 day avg SOFR US + 0.46%), 10/25/2048 |
|
|
3,781,588 |
|
|
3,673,726
|
|
Series 2018-94,
Class FA, 4.85% (30 day avg SOFR US + 0.51%), 01/25/2049 |
|
|
620,535 |
|
|
604,361
|
|
Series 2019-1,
Class NF, 4.90% (30 day avg SOFR US + 0.56%), 02/25/2049 |
|
|
2,130,203 |
|
|
2,083,934
|
|
Series 2019-12,
Class FB, 4.90% (30 day avg SOFR US + 0.56%), 04/25/2049 |
|
|
236,444 |
|
|
230,924
|
|
Series 2019-17,
Class JF, 4.85% (30 day avg SOFR US + 0.51%), 04/25/2049 |
|
|
5,683,930 |
|
|
5,579,257
|
|
Series 2019-20,
Class ND, 2.50%, 05/25/2049 |
|
|
315,681 |
|
|
261,440
|
|
Series 2019-20,
Class NE, 2.75%, 05/25/2049 |
|
|
402,493 |
|
|
349,760
|
|
Series 2019-24,
Class NJ, 2.50%, 05/25/2049 |
|
|
1,108,152 |
|
|
949,993
|
|
Series 2019-33,
Class FB, 4.90% (30 day avg SOFR US + 0.56%), 07/25/2049 |
|
|
148,745 |
|
|
145,226
|
|
Series 2019-34,
Class KP, 2.50%, 07/25/2049 |
|
|
61,585 |
|
|
51,435
|
|
Series 2019-43,
Class FC, 4.85% (30 day avg SOFR US + 0.51%), 08/25/2049 |
|
|
254,451 |
|
|
249,661
|
|
Series 2019-46,
Class FG, 4.85% (30 day avg SOFR US + 0.51%), 08/25/2049 |
|
|
246,670 |
|
|
243,530
|
|
Series 2019-48,
Class ML, 3.00%, 09/25/2049 |
|
|
75,990 |
|
|
51,729
|
|
Series 2019-57,
Class FG, 4.90% (30 day avg SOFR US + 0.56%), 10/25/2049 |
|
|
5,562,606 |
|
|
5,465,595
|
|
Series 2019-62,
Class FA, 4.95% (30 day avg SOFR US + 0.61%), 11/25/2059 |
|
|
982,178 |
|
|
967,218
|
|
Series 2019-68,
Class FD, 4.95% (30 day avg SOFR US + 0.61%), 11/25/2049 |
|
|
2,700,462 |
|
|
2,629,744
|
|
Series 2019-69,
Class FA, 4.95% (30 day avg SOFR US + 0.61%), 12/25/2049 |
|
|
682,778 |
|
|
670,511
|
|
Series 2019-8,
Class FA, 4.90% (30 day avg SOFR US + 0.56%), 03/25/2049 |
|
|
773,309 |
|
|
762,605
|
|
Series 2019-81,
Class FJ, 4.95% (30 day avg SOFR US + 0.61%), 01/25/2050 |
|
|
2,239,461 |
|
|
2,187,205
|
|
Series 2020-48,
Class DA, 2.00%, 07/25/2050 |
|
|
665,083 |
|
|
554,306
|
|
Series 2020-49,
Class GA, 1.50%, 02/25/2049 |
|
|
363,400 |
|
|
294,532
|
|
Series 2020-70,
Class JC, 1.25%, 10/25/2050 |
|
|
6,619,765 |
|
|
4,876,371
|
|
Series 2020-71,
Class KU, 1.00%, 10/25/2050 |
|
|
95,471 |
|
|
51,540
|
|
Series 2020-75,
Class ND, 1.25%, 10/25/2050 |
|
|
2,075,504 |
|
|
1,475,739
|
|
Series 2020-75,
Class PB, 1.00%, 11/25/2050 |
|
|
3,490,875 |
|
|
2,711,247
|
|
Series 2020-78,
Class CA, 2.00%, 10/25/2044 |
|
|
30,708 |
|
|
27,838
|
|
Series 2020-80,
Class JF, 4.64% (30 day avg SOFR US + 0.30%), 11/25/2050 |
|
|
1,465,562 |
|
|
1,394,394
|
|
Series 2020-80,
Class MA, 1.00%, 11/25/2050 |
|
|
3,293,924 |
|
|
2,348,181
|
|
Series 2020-81,
Class PB, 1.00%, 03/25/2050 |
|
|
2,209,510 |
|
|
1,693,154
|
|
Series 2020-81,
Class PC, 1.25%, 03/25/2050 |
|
|
1,473,007 |
|
|
1,149,358
|
|
Series 2020-92,
Class PH, 1.00%, 02/25/2050 |
|
|
3,341,357 |
|
|
2,467,498
|
|
Series 2020-96,
Class NW, 1.00%, 01/25/2051 |
|
|
514,441 |
|
|
380,319
|
|
Series 2021-15,
Class HD, 1.00%, 04/25/2051 |
|
|
2,005,357 |
|
|
1,424,766
|
|
Series 2021-15,
Class HN, 1.00%, 04/25/2051 |
|
|
376,004 |
|
|
275,196
|
|
Series 2021-2,
Class HB, 1.00%, 02/25/2051 |
|
|
679,658 |
|
|
504,394
|
|
Series 2021-56,
Class HE, 1.25%, 09/25/2051 |
|
|
482,062 |
|
|
405,454
|
|
Series 2021-58,
Class LD, 1.50%, 03/25/2051 |
|
|
1,508,747 |
|
|
1,270,440
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
REGAN
TOTAL RETURN INCOME FUND
SCHEDULE
OF INVESTMENTS
March
31, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
AGENCY
MORTGAGE-BACKED SECURITIES - (Continued)
|
|
Series 2021-65,
Class GA, 2.00%, 07/25/2049 |
|
|
$73,404 |
|
|
$60,315
|
|
Series 2021-66,
Class HB, 2.00%, 10/25/2051 |
|
|
93,732 |
|
|
83,173
|
|
Series 2021-69,
Class LK, 1.50%, 05/25/2051 |
|
|
1,454,449 |
|
|
1,201,710
|
|
Series 2021-72,
Class JC, 1.25%, 05/25/2051 |
|
|
792,528 |
|
|
663,514
|
|
Series 2021-75,
Class PB, 1.50%, 11/25/2051 |
|
|
1,534,384 |
|
|
1,288,253
|
|
Series 2021-87,
Class NC, 1.50%, 11/25/2051 |
|
|
1,542,968 |
|
|
1,253,239
|
|
Series 2021-87,
Class QA, 2.00%, 12/25/2051 |
|
|
49,322 |
|
|
30,538
|
|
Series 2021-87,
Class QC, 2.00%, 12/25/2051 |
|
|
315,287 |
|
|
192,142
|
|
Series 2021-87,
Class WM, 2.00%, 12/25/2051 |
|
|
61,000 |
|
|
35,834
|
|
Series 2021-93,
Class CG, 2.00%, 03/25/2047 |
|
|
2,346,720 |
|
|
2,000,471
|
|
Series 2021-94,
Class KU, 2.00%, 12/25/2051 |
|
|
97,534 |
|
|
57,137
|
|
Series 2022-17,
Class YE, 3.50%, 04/25/2052 |
|
|
69,000 |
|
|
61,140
|
|
Series 2022-22,
Class HA, 2.50%, 03/25/2043 |
|
|
736,348 |
|
|
687,064
|
|
Series 2022-66,
Class CA, 4.50%, 10/25/2052 |
|
|
33,025 |
|
|
32,153
|
|
Series 2023-36,
Class AO, 0.00%, 08/25/2050(i) |
|
|
245,536 |
|
|
175,846
|
|
Series 2023-38,
Class FD, 5.22% (30 day avg SOFR US + 0.86%), 10/25/2039 |
|
|
1,422,217 |
|
|
1,414,698
|
|
Series 2023-53,
Class FH, 6.14% (30 day avg SOFR US + 1.80%), 11/25/2053 |
|
|
3,133,773 |
|
|
3,163,638
|
|
Series 2023-56,
Class FA, 5.74% (30 day avg SOFR US + 1.40%), 11/25/2053 |
|
|
649,937 |
|
|
655,348
|
|
Series 2024-103,
Class FE, 5.64% (30 day avg SOFR US + 1.30%), 01/25/2055 |
|
|
379,614 |
|
|
380,477
|
|
Series 2024-15,
Class FD, 5.69% (30 day avg SOFR US + 1.35%), 04/25/2054 |
|
|
394,515 |
|
|
396,534
|
|
Series 2024-40,
Class FC, 5.24% (30 day avg SOFR US + 0.90%), 05/25/2054 |
|
|
844,463 |
|
|
841,807
|
|
Series 399,
Class 1, 0.00%, 11/25/2039(i) |
|
|
1,449,294 |
|
|
1,146,936
|
|
Freddie
Mac Whole Loan Securities Trust, Series 2017-SC02, Class 2A, 3.50%, 05/25/2047 |
|
|
21,731 |
|
|
19,112
|
|
Government
National Mortgage Association
|
|
|
|
|
|
|
|
Series 2004-63,
Class FL, 4.78% (1 mo. Term SOFR + 0.46%), 08/16/2034 |
|
|
37,539 |
|
|
37,357
|
|
Series 2007-17,
Class CF, 4.68% (1 mo. Term SOFR + 0.36%), 04/16/2037 |
|
|
153,170 |
|
|
151,815
|
|
Series 2007-26,
Class FD, 4.63% (1 mo. Term SOFR + 0.31%), 05/16/2037 |
|
|
1,791,975 |
|
|
1,785,780
|
|
Series 2009-14,
Class FA, 5.35% (1 mo. Term SOFR + 1.03%), 03/20/2039 |
|
|
796,706 |
|
|
800,137
|
|
Series 2009-40,
Class PO, 0.00%, 06/20/2039(i) |
|
|
471,529 |
|
|
371,529
|
|
Series 2010-147,
Class PG, 3.50%, 05/20/2040 |
|
|
29,510 |
|
|
29,202
|
|
Series 2010-42,
Class OP, 0.00%, 04/20/2040(i) |
|
|
1,123,955 |
|
|
886,876
|
|
Series 2011-135,
Class FN, 4.83% (1 mo. Term SOFR + 0.51%), 10/16/2041 |
|
|
248,565 |
|
|
245,216
|
|
Series 2011-151,
Class DL, 3.00%, 06/16/2041 |
|
|
78,500 |
|
|
70,941
|
|
Series 2011-151,
Class FD, 4.83% (1 mo. Term SOFR + 0.51%), 06/16/2041 |
|
|
1,786,291 |
|
|
1,764,323
|
|
Series 2011-151,
Class FJ, 4.78% (1 mo. Term SOFR + 0.46%), 11/20/2041 |
|
|
432,062 |
|
|
427,087
|
|
Series 2011-151,
Class GF, 4.83% (1 mo. Term SOFR + 0.51%), 11/20/2041 |
|
|
1,355,517 |
|
|
1,337,662
|
|
Series 2011-75,
Class PO, 0.00%, 05/20/2041(i) |
|
|
176,143 |
|
|
152,635
|
|
Series 2011-83,
Class F, 4.81% (1 mo. Term SOFR + 0.49%), 06/20/2041 |
|
|
1,044,300 |
|
|
1,031,119
|
|
Series 2012-106,
Class QD, 1.50%, 07/20/2042 |
|
|
61,062 |
|
|
53,565
|
|
Series 2012-21,
Class QF, 4.78% (1 mo. Term SOFR + 0.46%), 02/20/2042 |
|
|
911,732 |
|
|
903,840
|
|
Series 2012-40,
Class PW, 4.00%, 01/20/2042 |
|
|
130,424 |
|
|
127,238
|
|
Series 2012-84,
Class QD, 2.00%, 07/16/2042 |
|
|
45,290 |
|
|
38,883
|
|
Series 2012-96,
Class FQ, 4.83% (1 mo. Term SOFR + 0.51%), 08/20/2042 |
|
|
559,264 |
|
|
557,282
|
|
Series 2013-131,
Class PF, 4.78% (1 mo. Term SOFR + 0.46%), 09/16/2043 |
|
|
437,103 |
|
|
430,793
|
|
Series 2013-169,
Class EZ, 3.25%, 11/16/2043(g) |
|
|
79,453 |
|
|
69,797
|
|
Series 2013-64,
Class NF, 4.68% (1 mo. Term SOFR + 0.36%), 04/20/2043 |
|
|
320,518 |
|
|
316,214
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
REGAN
TOTAL RETURN INCOME FUND
SCHEDULE
OF INVESTMENTS
March
31, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
AGENCY
MORTGAGE-BACKED SECURITIES - (Continued)
|
|
Series 2013-72,
Class DA, 2.04%, 11/16/2047 |
|
|
$130,000 |
|
|
$93,407
|
|
Series 2014-2,
Class BK, 0.00%, 04/16/2040(i) |
|
|
201,245 |
|
|
156,176
|
|
Series 2014-21,
Class DA, 2.00%, 04/16/2026 |
|
|
1,289 |
|
|
1,286
|
|
Series 2014-94,
Class CA, 1.75%, 01/20/2044 |
|
|
50,255 |
|
|
43,624
|
|
Series 2015-126,
Class GS, 0.00% (-2 x 1 mo. Term SOFR + 9.07%), 09/20/2045(f) |
|
|
357,665 |
|
|
222,678
|
|
Series 2015-159,
Class DW, 0.00% (-3 x 1 mo. Term SOFR + 7.79%), 08/20/2045(f) |
|
|
80,670 |
|
|
50,872
|
|
Series 2015-53,
Class KC, 3.00%, 04/16/2045 |
|
|
58,514 |
|
|
43,735
|
|
Series 2016-H24,
Class F, 5.27% (1 mo. Term SOFR + 0.96%), 11/20/2066 |
|
|
115,006 |
|
|
115,679
|
|
Series 2017-39,
Class BD, 2.50%, 06/20/2045 |
|
|
150,484 |
|
|
145,721
|
|
Series 2018-138,
Class FB, 4.73% (1 mo. Term SOFR + 0.41%), 10/20/2048 |
|
|
2,460,502 |
|
|
2,386,348
|
|
Series 2018-14,
Class FB, 4.68% (1 mo. Term SOFR + 0.36%), 01/20/2048 |
|
|
2,983,135 |
|
|
2,917,300
|
|
Series 2018-168,
Class KF, 4.78% (1 mo. Term SOFR + 0.46%), 12/20/2048 |
|
|
3,113,505 |
|
|
3,032,284
|
|
Series 2018-77,
Class FA, 4.73% (1 mo. Term SOFR + 0.41%), 06/20/2048 |
|
|
852,062 |
|
|
826,340
|
|
Series 2019-23,
Class FT, 4.88% (1 mo. Term SOFR + 0.56%), 02/20/2049 |
|
|
1,583,530 |
|
|
1,548,668
|
|
Series 2019-23,
Class NE, 3.50%, 11/20/2048 |
|
|
566,060 |
|
|
527,141
|
|
Series 2019-33,
Class F, 4.88% (1 mo. Term SOFR + 0.56%), 03/20/2049 |
|
|
354,992 |
|
|
347,438
|
|
Series 2019-42,
Class FG, 4.83% (1 mo. Term SOFR + 0.51%), 09/20/2039 |
|
|
9,607,422 |
|
|
9,513,711
|
|
Series 2019-43,
Class CF, 4.88% (1 mo. Term SOFR + 0.56%), 04/20/2049 |
|
|
11,696,709 |
|
|
11,416,381
|
|
Series 2019-43,
Class FB, 4.88% (1 mo. Term SOFR + 0.56%), 04/20/2049 |
|
|
7,951,097 |
|
|
7,774,519
|
|
Series 2019-43,
Class SQ, 1.62% (-1 x 1 mo. Term SOFR + 5.94%), 04/20/2049(e)(f) |
|
|
2,201,814 |
|
|
175,180
|
|
Series 2019-5,
Class BO, 0.00%, 12/20/2039(i) |
|
|
132,392 |
|
|
100,863
|
|
Series 2019-86,
Class FE, 4.83% (1 mo. Term SOFR + 0.51%), 07/20/2049 |
|
|
1,957,271 |
|
|
1,925,528
|
|
Series 2019-89,
Class FH, 4.83% (1 mo. Term SOFR + 0.51%), 07/20/2049 |
|
|
7,034,168 |
|
|
6,850,935
|
|
Series 2019-90,
Class AF, 4.83% (1 mo. Term SOFR + 0.51%), 07/20/2049 |
|
|
412,639 |
|
|
401,357
|
|
Series 2019-98,
Class KF, 4.88% (1 mo. Term SOFR + 0.56%), 08/20/2049 |
|
|
3,048,923 |
|
|
2,972,143
|
|
Series 2020-134,
Class AP, 1.00%, 09/20/2050 |
|
|
2,447,448 |
|
|
1,974,116
|
|
Series 2020-134,
Class AQ, 1.00%, 09/20/2050 |
|
|
3,059,310 |
|
|
2,467,645
|
|
Series 2020-134,
Class XJ, 1.00%, 09/20/2050 |
|
|
199,999 |
|
|
86,885
|
|
Series 2020-149,
Class BP, 1.00%, 10/20/2050 |
|
|
2,246,596 |
|
|
1,705,114
|
|
Series 2020-149,
Class JT, 1.00%, 10/20/2050 |
|
|
3,417,707 |
|
|
2,700,288
|
|
Series 2020-149,
Class UY, 2.00%, 10/20/2050 |
|
|
151,103 |
|
|
86,233
|
|
Series 2020-160,
Class KQ, 1.50%, 10/20/2050 |
|
|
95,385 |
|
|
58,270
|
|
Series 2020-165,
Class UC, 1.25%, 11/20/2050 |
|
|
645,931 |
|
|
490,514
|
|
Series 2020-183,
Class HX, 1.00%, 12/20/2049 |
|
|
48,000 |
|
|
23,998
|
|
Series 2020-191,
Class PC, 1.00%, 12/20/2050 |
|
|
3,692,867 |
|
|
2,948,207
|
|
Series 2021-139,
Class QO, 0.00%, 09/20/2049(i) |
|
|
881,942 |
|
|
377,079
|
|
Series 2021-160,
Class MA, 1.00%, 01/20/2050 |
|
|
435,174 |
|
|
336,770
|
|
Series 2021-66,
Class DU, 2.00%, 04/20/2051 |
|
|
40,732 |
|
|
23,964
|
|
Series 2021-77,
Class LC, 1.25%, 07/20/2050 |
|
|
741,497 |
|
|
574,374
|
|
Series 2021-98,
Class IY, 3.00%, 06/20/2051(e) |
|
|
133,142 |
|
|
17,948
|
|
Series 2022-154,
Class FC, 4.89% (30 day avg SOFR US + 0.55%), 09/20/2052 |
|
|
2,694,921 |
|
|
2,625,281
|
|
Series 2022-24,
Class UA, 2.50%, 02/20/2052 |
|
|
76,892 |
|
|
57,548
|
|
Series 2023-101,
Class KO, 0.00%, 01/20/2051(i) |
|
|
921,989 |
|
|
623,553
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
REGAN
TOTAL RETURN INCOME FUND
SCHEDULE
OF INVESTMENTS
March
31, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
AGENCY
MORTGAGE-BACKED SECURITIES - (Continued)
|
|
Series 2023-117,
Class FA, 5.59% (30 day avg SOFR US + 1.25%), 08/20/2053 |
|
|
$604,375
|
|
|
$605,915
|
|
Series 2023-134,
Class F, 5.34% (30 day avg SOFR US + 1.00%), 08/20/2053 |
|
|
222,982 |
|
|
221,973
|
|
Series 2024-144,
Class FD, 5.49% (30 day avg SOFR US + 1.15%), 09/20/2054 |
|
|
224,522 |
|
|
224,068
|
|
Series 2024-19,
Class JF, 5.39% (30 day avg SOFR US + 1.05%), 02/20/2054 |
|
|
599,863 |
|
|
601,379
|
|
Series 2024-30,
Class CF, 5.59% (30 day avg SOFR US + 1.25%), 02/20/2054 |
|
|
497,452 |
|
|
498,465
|
|
Series 2024-51,
Class FL, 5.24% (30 day avg SOFR US + 0.90%), 03/20/2054 |
|
|
130,676 |
|
|
130,399
|
|
TOTAL
AGENCY MORTGAGE-BACKED SECURITIES
(Cost
$348,020,962) |
|
|
|
|
|
350,175,028
|
|
U.S.
TREASURY SECURITIES - 10.8%
|
|
|
|
|
|
|
|
STRIPS,
0.00%, 11/15/2044(k) |
|
|
10,000,000 |
|
|
3,869,073
|
|
United
States Treasury Floating Rate Note
|
|
|
|
|
|
|
|
4.42%
(3 Month US Treasury Money Market Yield + 0.17%), 04/30/2025 |
|
|
10,000,000 |
|
|
9,999,965
|
|
4.38%
(3 Month US Treasury Money Market Yield + 0.13%), 07/31/2025 |
|
|
16,000,000 |
|
|
16,002,958
|
|
4.42%
(3 Month US Treasury Money Market Yield + 0.17%), 10/31/2025 |
|
|
15,000,000 |
|
|
15,010,481
|
|
4.50%
(3 Month US Treasury Money Market Yield + 0.25%), 01/31/2026 |
|
|
10,000,000 |
|
|
10,013,932
|
|
4.40%
(3 Month US Treasury Money Market Yield + 0.15%), 04/30/2026 |
|
|
23,000,000 |
|
|
23,010,990
|
|
4.43%
(3 Month US Treasury Money Market Yield + 0.18%), 07/31/2026 |
|
|
11,000,000 |
|
|
11,012,785
|
|
4.46%
(3 Month US Treasury Money Market Yield + 0.21%), 10/31/2026 |
|
|
15,000,000 |
|
|
15,021,502
|
|
4.35%
(3 Month US Treasury Money Market Yield + 0.10%), 01/31/2027 |
|
|
20,000,000 |
|
|
19,991,316
|
|
United
States Treasury Inflation Indexed Bonds, 0.13%, 04/15/2025 |
|
|
24,597,000 |
|
|
24,620,841
|
|
TOTAL
U.S. TREASURY SECURITIES
(Cost
$148,332,177) |
|
|
|
|
|
148,553,843
|
|
MORTGAGE
SECURED NOTES - 0.0%(l)
|
|
|
|
|
|
|
|
Korth
Direct Mortgage, Inc., Series 2021 B, 12.50%, 01/25/2027(b)(d) |
|
|
800,000(h) |
|
|
0(h)
|
|
TOTAL
MORTGAGE SECURED NOTES
(Cost
$800,000) |
|
|
|
|
|
0(h)
|
|
|
|
|
Shares |
|
|
|
|
SHORT-TERM
INVESTMENTS - 15.5%
|
|
|
|
|
|
|
|
Money
Market Funds - 0.3%
|
|
|
|
|
|
|
|
First
American Government Obligations Fund - Class X, 4.27%(m) |
|
|
4,496,811 |
|
|
4,496,811
|
|
|
|
|
Par
|
|
|
|
|
U.S.
Treasury Bills - 15.2%
|
|
|
|
|
|
|
|
4.36%, 04/01/2025(k) |
|
|
$35,000,000 |
|
|
35,000,000
|
|
4.29%, 04/03/2025(k) |
|
|
6,000,000 |
|
|
5,998,588
|
|
4.24%, 04/15/2025(k) |
|
|
25,000,000 |
|
|
24,958,705
|
|
4.24%, 05/06/2025(k) |
|
|
10,000,000 |
|
|
9,958,763
|
|
4.24%, 05/13/2025(k) |
|
|
25,000,000 |
|
|
24,876,742
|
|
4.24%, 05/27/2025(k) |
|
|
11,000,000 |
|
|
10,927,483
|
|
4.22%, 06/20/2025(k) |
|
|
25,000,000 |
|
|
24,766,711
|
|
4.23%, 07/15/2025(k) |
|
|
25,000,000 |
|
|
24,694,552
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
REGAN
TOTAL RETURN INCOME FUND
SCHEDULE
OF INVESTMENTS
March
31, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS - (Continued)
|
|
U.S.
Treasury Bills - (Continued)
|
|
4.26%, 08/28/2025(k) |
|
|
$24,000,000 |
|
|
$23,591,616
|
|
4.19%, 09/18/2025(k) |
|
|
25,000,000 |
|
|
24,517,153
|
|
|
|
|
|
|
|
209,290,313
|
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$213,783,148) |
|
|
|
|
|
213,787,124
|
|
TOTAL
INVESTMENTS - 100.3%
(Cost
$1,502,061,939) |
|
|
|
|
|
$1,385,575,301
|
|
Liabilities
in Excess of Other Assets - (0.3)% |
|
|
|
|
|
(3,838,673)
|
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
$1,381,736,628 |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
CMT
- Constant Maturity Treasury
Ent
11th COFI Repl- Enterprise 11th District COFI Replacement Index
LIBOR
- London Interbank Offered Rate
LLC
- Limited Liability Company
LP
- Limited Partnership
PO
- Principal Only
SOFR
- Secured Overnight Financing Rate
|
(a)
|
Coupon rate is
variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying
assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly.
The rate disclosed is as of March 31, 2025. |
|
(b)
|
Fair value determined
using significant unobservable inputs in accordance with procedures established by and under the supervision of the Advisor, acting as
Valuation Designee. These securities represented $23,453,174 or 1.4% of net assets as of March 31, 2025. |
|
(c)
|
Step coupon bond.
The rate disclosed is as of March 31, 2025. |
|
(d)
|
Security is exempt
from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions
exempt from registration to qualified institutional investors. As of March 31, 2025, the value of these securities total $111,961,611
or 8.1% of the Fund’s net assets. |
|
(e)
|
Interest only security. |
|
(f)
|
Inverse floating
rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically
based on a negative multiplier or slope. Interest rate may also be subject to a cap or floor. |
|
(g)
|
DL Custom Z Tranche
- This security accrues interest which is added to the outstanding principal balance. The interest payment will be deferred until all
other tranches in the structure are paid off. The rate disclosed is as of March 31, 2025. |
|
(i)
|
Principal only security. |
|
(j)
|
Securities referencing
LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date. |
|
(k)
|
The rate shown is
the annualized effective yield as of March 31, 2025. |
|
(l)
|
Represents less than
0.05% of net assets. |
|
(m)
|
The rate shown represents
the 7-day annualized effective yield as of March 31, 2025. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Regan
Total Return Income Fund
STATEMENT
OF ASSETS AND LIABILITIES
March 31,
2025 (Unaudited)
|
|
|
|
|
|
ASSETS
|
|
|
|
|
Investments,
at value (cost $1,425,156,600) |
|
|
$1,385,575,301
|
|
Receivable
for investments sold |
|
|
121,901,047
|
|
Interest
Receivable |
|
|
5,220,494
|
|
Receivable
for capital shares sold |
|
|
1,351,169
|
|
Other
assets |
|
|
41,267
|
|
Total
assets |
|
|
1,514,089,278
|
|
LIABILITIES
|
|
|
|
|
Payable
for capital shares redeemed |
|
|
2,422,986
|
|
Payable
for investments purchased |
|
|
128,070,955
|
|
Payable
for distributions |
|
|
11
|
|
Distribution
fees - Investor Class |
|
|
26,287
|
|
Payable
to Advisor |
|
|
927,527
|
|
Payable
for professional fees |
|
|
16,357
|
|
Payable
for administration and accounting |
|
|
479,654
|
|
Payable
for directors fees |
|
|
8,372
|
|
Payable
to custodian |
|
|
55,118
|
|
Payable
for transfer agent fees |
|
|
84,833
|
|
Payable
for loan interest expense |
|
|
524
|
|
Accrued
shareholder servicing fees |
|
|
207,936
|
|
Accrued
expenses and other liabilities |
|
|
52,090
|
|
Total
liabilities |
|
|
132,352,650
|
|
NET
ASSETS |
|
|
$
1,381,736,628 |
|
Components
of Net Assets
|
|
|
|
|
Paid-in
capital |
|
|
$1,304,309,684
|
|
Total
distributable earnings |
|
|
77,426,944
|
|
Net
assets |
|
|
$1,381,736,628
|
|
Institutional
Class:
|
|
|
|
|
Net
assets |
|
|
$1,248,942,918
|
|
Shares
outstanding (unlimited number of shares authorized, no par value) |
|
|
131,463,536
|
|
Net
asset value, offering and redemption price per share |
|
|
$9.50
|
|
Investor
Class:
|
|
|
|
|
Net
assets |
|
|
$132,793,710
|
|
Shares
outstanding (unlimited number of shares authorized, no par value) |
|
|
13,865,315
|
|
Net
asset value, offering and redemption price per share |
|
|
$9.58 |
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
REGAN
TOTAL RETURN INCOME FUND
STATEMENT
OF OPERATIONS
For
the Six Months Ended March 31, 2025 (Unaudited)
|
|
|
|
|
|
INVESTMENT
INCOME
|
|
|
|
|
Interest
income |
|
|
$35,791,904
|
|
EXPENSES
|
|
|
|
|
Advisory
fees |
|
|
4,811,252
|
|
Administration
fees (Note 3) |
|
|
495,869
|
|
Shareholder
servicing fees (Note 6) |
|
|
274,960
|
|
Registration
fees |
|
|
111,012
|
|
Distribution
fees - Investor Class (Note 7) |
|
|
99,410
|
|
Transfer
agent fees and expenses (Note 3) |
|
|
86,300
|
|
Custody
fees (Note 3) |
|
|
66,400
|
|
Shareholder
reporting fees |
|
|
15,088
|
|
Audit
fees |
|
|
13,100
|
|
Legal
fees |
|
|
11,548
|
|
Trustees’
fees |
|
|
7,879
|
|
Insurance
expense |
|
|
7,553
|
|
Compliance
fees (Note 3) |
|
|
5,984
|
|
Miscellaneous
expenses |
|
|
3,346
|
|
Total
expenses |
|
|
6,009,701
|
|
Plus:
Fees recaptured by Advisor (Note 3) |
|
|
(97,237)
|
|
Net
Expenses |
|
|
5,912,464
|
|
Net
investment income |
|
|
29,879,440
|
|
REALIZED
AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
|
|
|
|
|
Net
realized gain on Investments |
|
|
(6,268,611) |
|
Change
in unrealized appreciation/depreciation on investments |
|
|
9,954,866 |
|
Net
realized and unrealized gain on investments |
|
|
3,686,255
|
|
NET
INCREASE IN NET ASSETS FROM OPERATIONS |
|
|
$33,565,695 |
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
REGAN
TOTAL RETURN INCOME FUND
STATEMENTS
OF CHANGES IN NET ASSETS
|
|
|
|
|
|
|
|
|
OPERATIONS
|
|
|
|
|
|
|
|
Net
investment income |
|
|
$29,879,440 |
|
|
$39,833,655
|
|
Net
realized gain (loss) on investments |
|
|
(6,268,611) |
|
|
2,056,397
|
|
Change
in unrealized appreciation/depreciation on investments |
|
|
9,954,866 |
|
|
26,598,679
|
|
Net
increase (decrease) in net assets from operations |
|
|
33,565,695 |
|
|
68,488,731
|
|
DISTRIBUTIONS
TO SHAREHOLDERS
|
|
|
|
|
|
|
|
From
distributable earnings
|
|
|
|
|
|
|
|
Institutional
Class |
|
|
(25,370,638) |
|
|
(39,831,749)
|
|
Investor
Class |
|
|
(2,064,998) |
|
|
(2,863,564)
|
|
Net
realized gain on investments
|
|
|
|
|
|
|
|
Investor
Class |
|
|
(436,897) |
|
|
—
|
|
Institutional
Class |
|
|
(6,478,494) |
|
|
—
|
|
Total
distributions to shareholders |
|
|
(34,351,027) |
|
|
(42,695,313)
|
|
CAPITAL
SHARE TRANSACTIONS
|
|
|
|
|
|
|
|
Proceeds
from shares sold
|
|
|
|
|
|
|
|
Institutional
Class |
|
|
536,512,982 |
|
|
557,602,426
|
|
Investor
Class |
|
|
97,941,826 |
|
|
63,336,460
|
|
Proceeds
from shares reinvested
|
|
|
|
|
|
|
|
Institutional
Class |
|
|
26,766,227 |
|
|
32,735,785
|
|
Investor
Class |
|
|
2,303,852 |
|
|
2,715,396
|
|
Cost
of shares redeemed
|
|
|
|
|
|
|
|
Institutional
Class |
|
|
(119,586,307) |
|
|
(212,726,227)
|
|
Investor
Class |
|
|
(35,357,418) |
|
|
(18,279,371)
|
|
Net
increase in net assets from capital share transactions |
|
|
508,581,162 |
|
|
425,384,469
|
|
Total
increase in net assets |
|
|
507,795,830 |
|
|
451,177,887
|
|
NET
ASSETS
|
|
|
|
|
|
|
|
Beginning
of year |
|
|
873,940,798 |
|
|
422,762,911
|
|
End
of year |
|
|
$
1,381,736,628 |
|
|
$873,940,798
|
|
CAPITAL
SHARES TRANSACTIONS
|
|
|
|
|
|
|
|
Institutional
Class
|
|
|
|
|
|
|
|
Shares
sold |
|
|
56,552,624 |
|
|
59,677,114
|
|
Shares
reinvested |
|
|
2,845,828 |
|
|
3,488,634
|
|
Shares
redeemed |
|
|
(12,618,373) |
|
|
(22,709,236)
|
|
Net
increase in shares outstanding |
|
|
46,780,079 |
|
|
40,456,512
|
|
Investor
Class
|
|
|
|
|
|
|
|
Shares
sold |
|
|
10,232,086 |
|
|
6,731,133
|
|
Shares
reinvested |
|
|
242,578 |
|
|
287,006
|
|
Shares
redeemed |
|
|
(3,692,858) |
|
|
(1,920,975)
|
|
Net
increase in shares outstanding |
|
|
6,781,806 |
|
|
5,097,164 |
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
REGAN
TOTAL RETURN INCOME FUND
FINANCIAL
HIGHLIGHTS
Institutional
Class
For
a capital share outstanding throughout each period presented:
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
|
$9.52 |
|
|
$9.14 |
|
|
$9.29 |
|
|
$10.27 |
|
|
$10.00
|
|
GAIN
FROM INVESTMENT OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income(2) |
|
|
0.26 |
|
|
0.58 |
|
|
0.99 |
|
|
0.74 |
|
|
0.95
|
|
Net
realized and unrealized gain (loss) on investments |
|
|
— |
|
|
0.38 |
|
|
(0.58) |
|
|
(0.89) |
|
|
0.49
|
|
Total
gain (loss) from investment operations |
|
|
0.26 |
|
|
0.96 |
|
|
0.41 |
|
|
(0.15) |
|
|
1.44
|
|
LESS
DISTRIBUTIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From
net investment income |
|
|
(0.22) |
|
|
(0.58) |
|
|
(0.56) |
|
|
(0.45) |
|
|
(0.82)
(3) |
|
From
net realized gain on investments |
|
|
(0.06) |
|
|
— |
|
|
— |
|
|
(0.02) |
|
|
(0.06)
|
|
From
return of capital |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.36) |
|
|
(0.29)
(3) |
|
Total
distributions |
|
|
(0.28) |
|
|
(0.58) |
|
|
(0.56) |
|
|
(0.83) |
|
|
(1.17)
|
|
Net
asset value, end of period |
|
|
$
9.50 |
|
|
$9.52 |
|
|
$9.14 |
|
|
$9.29 |
|
|
$10.27
|
|
Total
return(4) |
|
|
6.42% |
|
|
10.71% |
|
|
4.52% |
|
|
(1.65)% |
|
|
14.96%
|
|
SUPPLEMENTAL
DATA AND RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$1,248,943 |
|
|
$805,987 |
|
|
$404,455 |
|
|
$180,600 |
|
|
$52,283
|
|
Ratio
of expenses to average net assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Before
fees waived, reimbursed and recouped by the Advisor(5) |
|
|
1.09% |
|
|
1.19% |
|
|
1.27% |
|
|
1.40% |
|
|
2.56%
|
|
After
fees waived, reimbursed and recouped by the Advisor(5) |
|
|
1.07% |
|
|
1.24% |
|
|
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) |
|
|
5.46% |
|
|
6.06% |
|
|
10.62% |
|
|
7.61% |
|
|
9.15%
|
|
Portfolio
turnover rate(4)(6) |
|
|
13.20% |
|
|
28.96% |
|
|
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. |
|
(6)
|
Portfolio turnover
rate is calculated for the Fund without distinguishing between classes. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
REGAN
TOTAL RETURN INCOME FUND
FINANCIAL
HIGHLIGHTS
Investor
Class
For
a capital share outstanding throughout each period presented:
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
|
$9.59 |
|
|
$9.22 |
|
|
$9.36 |
|
|
$10.36 |
|
|
$10.00
|
|
GAIN
FROM INVESTMENT OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income(2) |
|
|
0.24 |
|
|
0.56 |
|
|
0.99 |
|
|
0.72 |
|
|
1.03
|
|
Net
realized and unrealized gain (loss) on investments |
|
|
0.02 |
|
|
0.37 |
|
|
(0.59) |
|
|
(0.90) |
|
|
0.41
|
|
Total
gain (loss) from investment operations |
|
|
0.26 |
|
|
0.93 |
|
|
0.40 |
|
|
(0.18) |
|
|
1.44
|
|
LESS
DISTRIBUTIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From
net investment income |
|
|
(0.21) |
|
|
(0.56) |
|
|
(0.54) |
|
|
(0.44) |
|
|
(0.75)(3)
|
|
From
net realized gain on investments |
|
|
(0.06) |
|
|
— |
|
|
— |
|
|
(0.02) |
|
|
(0.06)
(3) |
|
From
return of capital |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.36) |
|
|
(0.27)
|
|
Total
distributions |
|
|
(0.27) |
|
|
(0.56) |
|
|
(0.54) |
|
|
(0.82) |
|
|
(1.08)
|
|
Net
asset value, end of period |
|
|
$
9.58 |
|
|
$9.59 |
|
|
$9.22 |
|
|
$9.36 |
|
|
$10.36
|
|
Total
return(4) |
|
|
6.32% |
|
|
10.27% |
|
|
4.36% |
|
|
(1.91)% |
|
|
14.72%
|
|
SUPPLEMENTAL
DATA AND RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$132,794 |
|
|
$67,954 |
|
|
$18,308 |
|
|
$5,031 |
|
|
$816
|
|
Ratio
of expenses to average net assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Before
fees waived, reimbursed and recouped by the Advisor(5) |
|
|
1.32% |
|
|
1.44% |
|
|
1.52% |
|
|
1.67% |
|
|
5.23%
|
|
After
fees waived, reimbursed and recouped by the Advisor(5) |
|
|
1.30% |
|
|
1.48% |
|
|
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) |
|
|
5.13% |
|
|
5.89% |
|
|
10.54% |
|
|
7.36% |
|
|
9.89%
|
|
Portfolio
turnover rate(4)(6) |
|
|
13.20% |
|
|
28.96% |
|
|
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. |
|
(6)
|
Portfolio turnover
rate is calculated for the Fund without distinguishing between classes. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Regan
Total Return Income Fund
Notes
to Financial Statements
March
31, 2025
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. |
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 each 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. |
TABLE OF CONTENTS
Regan
Total Return Income Fund
Notes
to Financial Statements
March
31, 2025(Continued)
|
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.
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, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Agency
Mortgage-Backed
Securities |
|
|
$— |
|
|
$649,762,101 |
|
|
$23,297,205 |
|
|
$673,059,306
|
|
Agency
Mortgage-Backed Securities |
|
|
— |
|
|
350,019,057 |
|
|
155,971 |
|
|
350,175,028
|
|
Mortgage
Secured Note |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
U.S.
Treasury Securities |
|
|
— |
|
|
148,553,843 |
|
|
— |
|
|
148,553,843
|
|
Total
Long-term Investments |
|
|
— |
|
|
1,148,335,001 |
|
|
23,453,176 |
|
|
1,171,788,177
|
|
Short-term
Investments |
|
|
4,496,811 |
|
|
209,290,313 |
|
|
— |
|
|
213,787,124
|
|
Investments,
at value |
|
|
$4,496,811 |
|
|
$1,989,703,885 |
|
|
$23,453,176 |
|
|
$1,385,575,301 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
TABLE OF CONTENTS
Regan
Total Return Income Fund
Notes
to Financial Statements
March
31, 2025(Continued)
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.
Following
is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.
|
|
|
|
|
|
|
|
|
|
|
|
Balance
at September 30, 2024 |
|
|
$11,545,939 |
|
|
$120,000 |
|
|
$619,135
|
|
Purchased |
|
|
17,055,128 |
|
|
— |
|
|
161,558
|
|
Accrued
discounts/premiums |
|
|
474,703 |
|
|
— |
|
|
1,402
|
|
Sale/paydown
proceeds |
|
|
(1,132,496) |
|
|
— |
|
|
(6,513)
|
|
Realized
gain (loss) |
|
|
174,160 |
|
|
— |
|
|
903
|
|
Change
in unrealized appreciation (depreciation) |
|
|
(522,404) |
|
|
(120,000) |
|
|
(1,379)
|
|
Transfers
to/from Level 3(2) |
|
|
(4,297,825) |
|
|
— |
|
|
(619,135)
|
|
Balance
at March 31, 2025 |
|
|
$23,297,205 |
|
|
$— |
|
|
$155,971 |
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Security classifications
were updated. Any securities previously classified as Asset Backed Securities and Non-Agency Mortgage Backed Securities are now included
in Non-Agency Mortgage-Backed Securities. |
|
(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, 2025 was $(808,335).
The
following is a summary of quantitative information about Level 3 valued measurements:
|
|
|
|
|
|
|
|
|
Agency
Mortgage-Backed Securities |
|
|
$155,971 |
|
|
Acquisition
Cost |
|
Mortgage
Secured Note |
|
|
$—
|
|
|
Expected
Cashflows* |
|
Non-Agency
Mortgage-Backed Securities |
|
|
$23,297,205 |
|
|
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.
TABLE OF CONTENTS
Regan
Total Return Income Fund
Notes
to Financial Statements
March
31, 2025(Continued)
|
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. Discounts and premiums are
amortized over the lives of the respective securities using the effective yield method. 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.
|
Stripped securities.
The Fund may invest in stripped securities which represent a participation in securities that may be structured in classes with rights
to receive different portions of the interest and principal. Interest-only securities receive all of the interest and principal-only securities
receive all of the principal. If the interest-only securities experience greater than anticipated prepayments of principal, the Fund may
fail to recoup fully its initial investment in these securities. Conversely, principal-only securities increase in value if prepayments
are greater than anticipated and decline if prepayments are slower than anticipated. The fair value of these securities is highly sensitive
to changes in interest rates. |
|
D.
|
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. |
|
E.
|
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, 2025, 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. Generally, tax authorities can examine tax returns filed for the preceding three years. The Fund is not aware
of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change
in the next twelve months.
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
TABLE OF CONTENTS
Regan
Total Return Income Fund
Notes
to Financial Statements
March
31, 2025(Continued)
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.
At
March 31, 2025, the amounts reimbursed by the Advisor and subject to potential recapture by year were as follows:
|
|
|
|
|
|
|
|
|
2025 |
|
|
$97,237 |
|
|
March
31, 2028 |
|
|
|
|
|
|
|
|
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, 2025, the Fund incurred the following
expenses for administration and fund accounting, compliance, custody and transfer agency fees:
|
|
|
|
|
|
Administration
and Fund Accounting |
|
|
$495,869
|
|
Compliance
Service |
|
|
5,984
|
|
Custody |
|
|
66,400
|
|
Transfer
Agency |
|
|
86,300 |
|
|
|
|
|
At
March 31, 2025, 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 |
|
|
$469,654
|
|
Compliance
Services |
|
|
5,696
|
|
Custody |
|
|
55,118
|
|
Transfer
Agency |
|
|
84,833 |
|
|
|
|
|
The
above payable amount for Compliance Services is included in Accrued expenses and other liabilities in the Statement of Assets and Liabilities.
The
Independent Trustees were paid $7,879 for their services and reimbursement of travel expenses during the period ended March 31, 2025.
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, 2025, were as follows:
|
|
|
|
|
|
|
|
|
Purchases |
|
|
$315,204,336 |
|
|
$273,886,855
|
|
Sales |
|
|
$51,669,230 |
|
|
$114,108,578 |
|
|
|
|
|
|
|
|
TABLE OF CONTENTS
Regan
Total Return Income Fund
Notes
to Financial Statements
March
31, 2025(Continued)
NOTE
5 – FEDERAL INCOME TAX INFORMATION
At
September 30, 2024, the components of distributable earnings for income tax purposes were as follows:
Regan
Total Return Income Fund
|
|
|
|
|
|
Cost
of investments |
|
|
$799,418,683
|
|
Gross
unrealized appreciation |
|
|
91,514,462
|
|
Gross
unrealized depreciation |
|
|
(19,421,822)
|
|
Net
unrealized depreciation on investments |
|
|
72,092,640
|
|
Undistributed
ordinary income |
|
|
4,056,530 |
|
Undistributed
long-term capital gains |
|
|
1,956,053
|
|
Distributable
earnings |
|
|
6,012,583
|
|
Other
book/tax temporary differences |
|
|
107,062
|
|
Total
distributable earnings |
|
|
78,212,285 |
|
|
|
|
|
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, 2024, the following
table shows the reclassifications made:
|
|
|
|
|
|
|
|
|
Regan
Total Return Income Fund |
|
|
$34,179,716 |
|
|
$(34,179,716) |
|
|
|
|
|
|
|
|
The
following table summarizes the characteristics of distributions paid during the period ended March 31, 2025 and year ended September 30,
2024:
Regan
Total Return Income Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2025 |
|
|
$
42,695,313 |
|
|
$ —
|
|
|
$ —
|
|
|
$
42,695,313 |
|
September 30,
2024 |
|
|
42,695,313 |
|
|
— |
|
|
— |
|
|
42,695,313 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2024, the Fund had no late-year or post-October losses.
At
September 30, 2024, the Fund had no 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.
TABLE OF CONTENTS
Regan
Total Return Income Fund
Notes
to Financial Statements
March
31, 2025(Continued)
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.
For
the six months ended March 31, 2025, class specific Shareholder Servicing fees were as follows:
|
|
|
|
|
|
Institutional
Class |
|
|
$255,078
|
|
Investor
Class |
|
|
$19,882 |
|
|
|
|
|
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, 2025, distribution fees incurred are disclosed on the Statement of Operations.
For
the six months ended March 31, 2025, class specific Distribution fees were as follows:
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 each Fund
and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote.
NOTE
9 – NEW ACCOUNTING PRONOUNCEMENT
In
November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU
2023-07”). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures
about significant segment expenses, allowing financial statement users to better understand the components of a segment’s profit
or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity’s
segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision
maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim
disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements.
The amendments are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after
December 15, 2024, and early adoption is permitted. Management is currently evaluating the impact of ASU 2023-07.
NOTE
10 – 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. During the six months ended March 31, 2025, the Fund did not draw
on this line of credit.
TABLE OF CONTENTS
Regan
Total Return Income Fund
Notes
to Financial Statements
March
31, 2025(Continued)
NOTE
11 – 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.
NOTE
12 – 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.
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 wouldhave 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, 2025, Charles Schwab & Co., Inc. held approximately 56%, in aggregate
for the benefit of others, of the outstanding shares of the Fund.
TABLE OF CONTENTS
Regan
Total Return Income Fund
Additional
Information
March
31, 2025 (Unaudited)
Approval
of Investment Advisory Agreement
At
a meeting held on November 20-21, 2024 (the “Meeting”), the Board of Trustees (the “Board” or “Trustees”)
of Advisor Managed Portfolios (the “Trust”), including all Trustees who were not “interested persons” of the Trust
(the “Independent Trustees”), as that term is defined in the Investment Company Act of 1940, considered and approved the continuance
of the investment advisory agreement (the “Advisory Agreement”) with Regan Capital, LLC (the “Advisor”) for the
Regan Total Return Income Fund (the “Fund”).
In
advance of the Meeting, the Board received and reviewed substantial information regarding the Fund, the Advisor, and the services provided
by the Advisor to the Fund under the Advisory Agreement, including information about the portfolio managers, the resources of the Advisor,
and the Fund’s performance and advisory fee. 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. 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 Fund. The Board 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 Fund; compliance, regulatory, and risk management matters; the trading practices of the Advisor; valuation of investments; fund
expenses; and overall market and regulatory developments. In addition, the Board noted that at the Meeting the Advisor was proposing a
contractual reduction in both the Fund’s advisory fee and annual expense limitation to be effective on February 1, 2025. 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.
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 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 its knowledge of the Advisor’s operations, and noted that during the course of the year
the Trustees met with the Advisor to discuss the Fund’s performance, the Advisor’s investment outlook, various marketing and
compliance topics, and 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 satisfactory
and reliable. |
|
• |
In assessing the quality of the portfolio management
delivered by the Advisor, the Board considered the Fund’s performance on both an absolute basis and in comparison to its peer groups
(a larger group category and a smaller, focused group), based on information provided by an independent consulting firm, and to its benchmark
index. The Board considered that the Fund outperformed the Bloomberg US Aggregate Bond Index for the one-year, three-year and since inception
periods ended June 30, 2024. The Board also considered that the Fund outperformed its larger peer group average for the one- and
three-year periods ended September 30, 2024. The Board noted that the Fund outperformed its focused peer group average over the three-year
period, but underperformed for the one year-period, each period ended September 30, 2024. |
|
• |
The Trustees reviewed the cost of the Advisor’s
services, and the structure and level of the advisory fee payable by the Fund, including a comparison of the fee to fees payable by its
peer groups (a larger group |
TABLE OF CONTENTS
Regan
Total Return Income Fund
Additional
Information
March
31, 2025 (Unaudited)(Continued)
category
and a smaller, focused group), based on information provided by an independent consulting firm. The Board noted that, to reduce the Fund’s
expenses, the Advisor maintained a contractual annual expense limitation for the Fund and that the Advisor was proposing to reduce both
the Fund’s advisory fee and expense limitation. The Trustees noted that the current advisory fee was above the focused peer group
average and was in the first quartile of the peer group out of four quartiles (a lower quartile number indicates a higher advisory fee).
The Trustees also noted that the Fund’s total net expense ratio was above both peer group averages and was in the first quartile
of the focused peer group out of four quartiles (a lower quartile number indicates higher expenses). After reviewing the materials that
were provided, the Board concluded that the advisory fee was fair and reasonable in light of the services provided.
|
• |
In considering whether economies of scale have
been achieved, the Trustees reviewed the Fund’s fee structure, the Advisor’s contractual fee waiver and expense reimbursement,
and the asset level of the Fund. They noted the Advisor’s proposal to contractually reduce both the Fund’s advisory fee and
annual expense limitation. The Trustees concluded that they will have the opportunity to periodically reexamine whether economies of scale
have been achieved. |
|
• |
The Trustees considered the profitability of
the Advisor from managing the Fund. In assessing the Advisor’s profitability, the Trustees reviewed the analysis provided by the
Advisor and took into account both the direct and indirect benefits to the Advisor from managing the Fund. The Trustees concluded that
the Advisor’s 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. |
Changes
in and Disagreements with Accountants for Open-End Investment Companies
There
were no changes in or disagreements with accountants during the period covered by this report.
Proxy
Disclosure for Open-End Investment Companies
There
were no matters submitted to a vote of shareholders during the period covered by this report.
Remuneration
Paid to Directors, Officers, and Others for Open-End Investment Companies
See
Financial Statements.
Statement
Regarding Basis for Approval of Investment Advisory Contract
See
Financial Statements.
|
(b) |
Financial Highlights are included within the financial statements filed under Item 7 of
this Form. |
Item 8.
Changes in and Disagreements with Accountants for Open-End Investment Companies.
See Item 7(a).
Item 9.
Proxy Disclosure for Open-End Investment Companies.
See Item 7(a).
Item 10.
Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
See Item 7(a).
Item 11.
Statement Regarding Basis for Approval of Investment Advisory Contract.
See Item 7(a).
Item 12.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Portfolio Managers
of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 14.
Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. Submission of Matters
to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders
may recommend nominees to the registrant’s board of trustees.
Item 16. Controls and Procedures.
|
(a) |
The Registrant’s Principal Executive Officer and Principal Financial Officer have
reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the
“Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b)
or 15d 15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls
and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed,
summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. |
|
(b) |
There were no changes in the Registrant's internal control over financial reporting (as
defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably
likely to materially affect, the Registrant's internal control over financial reporting. |
Item 17. Disclosure of Securities
Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 18. Recovery of Erroneously
Awarded Compensation.
Not applicable
Item 19. Exhibits.
|
(a) |
(1) Any code of ethics or amendment thereto, that is the subject of the disclosure
required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.
Not Applicable. |
(2) Any policy required by the listing standards adopted pursuant
to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities
association upon which the registrant’s securities are listed. Not Applicable.
(3) A separate certification
for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment
Company Act of 1940 (17 CFR 270.30a-2(a)). Filed herewith.
(4) Any written solicitation to purchase securities under Rule
23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.
Not applicable to open-end investment companies
|
(5) |
Change in the registrant’s independent public accountant. Provide the information
called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary
for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting
period. Not applicable to open-end investment companies and ETFs. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
| |
Advisor
Managed Portfolios |
|
| |
By
|
/s/ Russell
B. Simon |
|
| |
|
Russell
B. Simon, President/Principal Executive Officer |
|
Pursuant to the requirements of the Securities Exchange
Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant
and in the capacities and on the dates indicated.
| |
By
|
/s/ Russell
B. Simon |
|
| |
|
Russell
B. Simon, President/Principal Executive Officer |
|
| |
By
|
/s/ Eric
T. McCormick |
|
| |
|
Eric
T. McCormick, Principal Financial Officer |
|
