# EDGAR Filing Document

**Accession Number:** 0001866278
**File Stem:** 0001580642-25-007715
**Filing Date:** 2025-12
**Character Count:** 143940
**Document Hash:** 1febee5a536e10700fe5cfd3198bcfe9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-007715.hdr.sgml**: 20251209

**ACCESSION NUMBER**: 0001580642-25-007715

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251209

**DATE AS OF CHANGE**: 20251209

**EFFECTIVENESS DATE**: 20251209

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Atlas U.S. Tactical Income Fund
- **CENTRAL INDEX KEY:** 0001866278

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** PR
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23705
- **FILM NUMBER:** 251558002

**BUSINESS ADDRESS:**
- **STREET 1:** BUCHANAN OFFICE CENTER, ROAD 165 #40
- **STREET 2:** SUITE 201
- **CITY:** GUAYNABO
- **STATE:** PR
- **ZIP:** 00968
- **BUSINESS PHONE:** 787-781-1301

**MAIL ADDRESS:**
- **STREET 1:** BUCHANAN OFFICE CENTER, ROAD 165 #40
- **STREET 2:** SUITE 201
- **CITY:** GUAYNABO
- **STATE:** PR
- **ZIP:** 00968

## Series and Classes Contracts Data

### Atlas U.S. Tactical Income Fund (Series ID: S000072935)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000229637 | Atlas U.S. Tactical Income Fund Class A |  |
| C000229638 | Atlas U.S. Tactical Income Fund Class C |  |

?xml version='1.0' encoding='ASCII'?

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 811-23705

**Atlas U.S. Tactical Income Fund, Inc.**

(Exact name of registrant as specified in charter)

<u>225 Pictoria Drive Cincinnati, OH</u> <u>45246</u> <br> (Address of principal executive offices) (Zip code)

<u>Pedro Gonzalez</u>

<u>Buchanan Office Center, Road 165 No. 40, Suite 201, Guaynabo, PR 00968</u>

(Name and address of agent for service)

Registrant's telephone number, including area code: 855-969-8440

Date of fiscal year end: <u>9/30</u> <br>Date of reporting period: <u>9/30/25</u>

**Item 1. Reports to Stockholders.**

(a) #### Atlas U.S. Tactical Income Fund, Inc. - Class A (ATLAX)

#### Annual Shareholder Report - September 30, 2025
![Image](i5acaf9330088018bfdfadbfd.jpg)

# Fund Overview
This annual shareholder report contains important information about Atlas U.S. Tactical Income Fund, Inc. for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://www.atlas-am.com/investments-annual-report-eng-old**. You can also request this information by contacting us at (855) 969-8440.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $583 | 5.64% |

---

# How did the Fund perform during the reporting period?
**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Costs of $10,000 investment\*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Costs paid as percentage of a $10,000 investment\***

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $162&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.57%**

The Fund gained a total return of 6.59% for the year ended on September 30, 2025. The performance observed during the fiscal year was primarily a function of a lower interest rate environment and an improved credit market. The Bloomberg U.S. Aggregate Bond Index added 2.88% for the same period.

<u>Strategy</u>

The Fund seeks to maximize total return, consistent with preservation of capital. The Fund will invest primarily in fixed-income securities, including U.S. government, mortgage-backed, corporate debt securities and municipal obligations.

<u>Techniques</u>

Throughout the Fund's fiscal year, the interest rate market remained range bound, with rates peaking in January of 2025. As we reached summer, general price levels continued to ease towards the Federal Reserve's long-term goal, coupled with a softer labor market, it paved the way for a shift in the Fed's monetary policy outlook and a reduction in short-term interest rates by the end of the fiscal year.

The interest rate moves were highly advantageous for the Fund, given the tactical shift towards higher duration securities combined with higher yielding securities in the US Agency Mortgage-Backed and Corporate bond sectors. The adviser is not expecting to alter the sector allocation significantly in the immediate future; however, duration positioning may vary as volatility is expected to play a big role during the next fiscal year.

\*Excludes interest expense

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ide03b4cae7ed9529ef08730a.jpg)

---

| | | |
|:---|:---|:---|
| | **Atlas U.S. Tactical Income Fund - with load** | **Bloomberg U.S. Aggregate Bond Index** |
| **Sep-2020** | $9654 | $10000 |
| **Sep-2021** | $10693 | $9910 |
| **Sep-2022** | $8119 | $8464 |
| **Sep-2023** | $8531 | $8518 |
| **Sep-2024** | $10252 | $9504 |
| **Sep-2025** | $10928 | $9778 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **5 Years** |
| Atlas U.S. Tactical Income Fund |  |  |
| Without Load | 6.59% | 2.51% |
| With Load | 2.90% | 1.79% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $75885781 |
| Number of Portfolio Holdings | 75 |
| Advisory Fee (net of waivers) | $660000 |
| Portfolio Turnover | 7% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i36cd5204662e8501a6206e5e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 7.7% |
| Corporate Bonds | 33.7% |
| U.S. Government & Agencies | 58.6% |

---

# What did the Fund invest in?

# **Sector Weighting (% of total investments)**![Group By Sector Chart](i7df3c073ff10c189d8159485.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 0.1% |
| Consumer Staples | 0.1% |
| Technology | 0.4% |
| Consumer Discretionary | 0.4% |
| Health Care | 0.3% |
| Financials | 40.1% |
| MBS Passthrough | 58.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Ginnie Mae II Pool, 6.000%, 06/20/53 | 13.7% |
| Ginnie Mae II Pool, 5.500%, 10/20/52 | 9.8% |
| Morgan Stanley, 5.297%, 04/20/37 | 9.2% |
| Capital One Financial Corporation, 5.268%, 05/10/33 | 9.1% |
| JPMorgan Chase & Company, 5.717%, 09/14/33 | 8.2% |
| Ginnie Mae II Pool, 6.500%, 03/20/53 | 6.9% |
| Annaly Capital Management, Inc. | 6.1% |
| Ginnie Mae II Pool, 5.500%, 11/20/53 | 6.1% |
| AGNC Investment Corporation | 5.7% |
| Bank of America Corporation, 3.846%, 03/08/37 | 5.7% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i10f76a1640e326733c78d011.jpg)

#### Atlas U.S. Tactical Income Fund, Inc. - Class A (ATLAX)

#### Annual Shareholder Report - September 30, 2025
Additional information is available on the Fund's website (**https://www.atlas-am.com/investments-annual-report-eng-old**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-ATLAX

#### Atlas U.S. Tactical Income Fund, Inc. - Class C (ATLCX)

#### Annual Shareholder Report - September 30, 2025
![Image](i5acaf9330088018bfdfadbfd.jpg)

# Fund Overview
This annual shareholder report contains important information about Atlas U.S. Tactical Income Fund, Inc. for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://www.atlas-am.com/investments-annual-report-eng-old**. You can also request this information by contacting us at (855) 969-8440.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $658 | 6.39% |

---

# How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs of $10,000 investment\*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs paid as percentage of a $10,000 investment\***

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$239&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32%**

The Fund gained a total return of 5.82% for the year ended on September 30, 2025. The performance observed during the fiscal year was primarily a function of a lower interest rate environment and an improved credit market. The Bloomberg U.S. Aggregate Bond Index added 2.88% for the same period.

<u>Strategy</u>

The Fund seeks to maximize total return, consistent with preservation of capital. The Fund will invest primarily in fixed-income securities, including U.S. government, mortgage-backed, corporate debt securities and municipal obligations.

<u>Techniques</u>

Throughout the Fund's fiscal year, the interest rate market remained range bound, with rates peaking in January of 2025. As we reached summer, general price levels continued to ease towards the Federal Reserve's long-term goal, coupled with a softer labor market, it paved the way for a shift in the Fed's monetary policy outlook and a reduction in short-term interest rates by the end of the fiscal year.

The interest rate moves were highly advantageous for the Fund, given the tactical shift towards higher duration securities combined with higher yielding securities in the US Agency Mortgage-Backed and Corporate bond sectors. The adviser is not expecting to alter the sector allocation significantly in the immediate future; however, duration positioning may vary as volatility is expected to play a big role during the next fiscal year.

\*Excludes interest expense

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ic8a070b34dcb107d6c396eb7.jpg)

---

| | | |
|:---|:---|:---|
| | **Atlas U.S. Tactical Income Fund** | **Bloomberg U.S. Aggregate Bond Index** |
| **Sep-2020** | $10000 | $10000 |
| **Sep-2021** | $10988 | $9910 |
| **Sep-2022** | $8282 | $8464 |
| **Sep-2023** | $8629 | $8518 |
| **Sep-2024** | $10288 | $9504 |
| **Sep-2025** | $10887 | $9778 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **5 Years** |
| Atlas U.S. Tactical Income Fund | 5.82% | 1.71% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $75885781 |
| Number of Portfolio Holdings | 75 |
| Advisory Fee (net of waivers) | $660000 |
| Portfolio Turnover | 7% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i63147ffc58684b406d248caa.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 7.7% |
| Corporate Bonds | 33.7% |
| U.S. Government & Agencies | 58.6% |

---

# What did the Fund invest in?

# **Sector Weighting (% of total investments)**![Group By Sector Chart](i8a9388896be604c0cc66fc1d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 0.1% |
| Consumer Staples | 0.1% |
| Technology | 0.4% |
| Consumer Discretionary | 0.4% |
| Health Care | 0.3% |
| Financials | 40.1% |
| MBS Passthrough | 58.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Ginnie Mae II Pool, 6.000%, 06/20/53 | 13.7% |
| Ginnie Mae II Pool, 5.500%, 10/20/52 | 9.8% |
| Morgan Stanley, 5.297%, 04/20/37 | 9.2% |
| Capital One Financial Corporation, 5.268%, 05/10/33 | 9.1% |
| JPMorgan Chase & Company, 5.717%, 09/14/33 | 8.2% |
| Ginnie Mae II Pool, 6.500%, 03/20/53 | 6.9% |
| Annaly Capital Management, Inc. | 6.1% |
| Ginnie Mae II Pool, 5.500%, 11/20/53 | 6.1% |
| AGNC Investment Corporation | 5.7% |
| Bank of America Corporation, 3.846%, 03/08/37 | 5.7% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i10f76a1640e326733c78d011.jpg)

#### Atlas U.S. Tactical Income Fund, Inc. - Class C (ATLCX)

#### Annual Shareholder Report - September 30, 2025
Additional information is available on the Fund's website (**https://www.atlas-am.com/investments-annual-report-eng-old**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-ATLCX

(b) Not applicable

**Item 2. Code of Ethics.** 

(a) The registrant has, as of the end
 of the period covered by this report, adopted a code of ethics that applies to the registrant's principal executive officer, principal
 financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals
 are employed by the registrant or a third party.

(b) N/A

(c) During the period covered by this
 report, there were no amendments to any provision of the code of ethics.

(d) During the period covered by this
 report, there were no waivers or implicit waivers of a provision of the code of ethics.

(e) N/A

(f) See Item 19(a)(1)

**Item 3. Audit Committee Financial Expert.** 

(a) The
 Registrant's board of trustees has determined that Fernando Nido is an audit committee financial expert, as defined in Item 3 of
 Form N-CSR. Mr. Nido is independent for purposes of this Item 3.

(a)(2) Not applicable.

(a)(3) Not applicable.

**Item 4. Principal Accountant Fees and Services.** 

(a) Audit
 Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant's principal
 accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant
 in connection with statutory and regulatory filings or engagements for those fiscal years are as follows:

2025 - $23,500

2024 - $22,400

(b) Audit-Related
 Fees. There were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant that
 are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph
 (a) of this item.

2025 - None

2024 - None

(c) Tax
 Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for
 tax compliance are as follows:

2025 - None

2024 - None

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

(d) All
 Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's
 principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years
 ended September 30, 2025 and 2024, respectively.

(e)(1) The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant.

(e)(2) There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable. The percentage of
 hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent
 fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees
 was zero percent (0%).

(g) All non-audit fees billed by the
 registrant's principal accountant for services rendered to the registrant for the fiscal years ended September 30, 2025 and 2024
 respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant
 for the registrant's adviser.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) ![](img_001.jpg)

**ATLAS U.S. TACTICAL INCOME FUND, INC.**

ANNUAL FINANCIAL STATEMENTS

and ADDITIONAL INFORMATION

September 30, 2025

**ATLAS U.S. TACTICAL INCOME FUND, INC.**

**SCHEDULE OF INVESTMENTS**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 14.2%** |  |
|  | **APPAREL & TEXTILE PRODUCTS — 0.3%** |  |
| 2783 | NIKE, Inc., Class B | $194058 |
|  | **BIOTECH & PHARMA - 0.4%** |  |
| 258 | Amgen, Inc. | 72807 |
| 1188 | Merck & Company, Inc. | 99709 |
| 5114 | Moderna, Inc.<sup>(a)</sup> | 132095 |
|  |  | 304611 |
|  | **E-COMMERCE DISCRETIONARY - 0.2%** |  |
| 745 | Amazon.com, Inc.<sup>(a)</sup> | 163580 |
|  | **HEALTH CARE FACILITIES & SERVICES - 0.2%** |  |
| 214 | Humana, Inc. | 55677 |
| 391 | UnitedHealth Group, Inc. | 135012 |
|  |  | 190689 |
|  | **LEISURE FACILITIES & SERVICES - 0.2%** |  |
| 3727 | Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 146061 |
|  | **MORTGAGE FINANCE - 11.8%** |  |
| 442390 | AGNC Investment Corporation | 4330998 |
| 229351 | Annaly Capital Management, Inc. | 4635184 |
|  |  | 8966182 |
|  | **RETAIL - CONSUMER STAPLES - 0.2%** |  |
| 1603 | Target Corporation | 143789 |
|  | **SOFTWARE - 0.6%** |  |
| 357 | Adobe, Inc.<sup>(a)</sup> | 125932 |
| 68 | Microsoft Corporation | 35220 |
| 1168 | Salesforce, Inc. | 276816 |
|  |  | 437968 |
|  | **TECHNOLOGY SERVICES - 0.2%** |  |
| 1002 | Fiserv, Inc.<sup>(a)</sup> | 129188 |

---

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

**ATLAS U.S. TACTICAL INCOME FUND, INC.**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 14.2% (Continued)** |  |
|  | **TRANSPORTATION & LOGISTICS - 0.1%** |  |
| 1305 | United Parcel Service, Inc., Class B | $109007 |
|  | **TOTAL COMMON STOCKS (Cost $14,007,269)** | 10785133 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | |
|  | **CORPORATE BONDS — 62.0%** |  |  |  |  |
|  | **ASSET MANAGEMENT — 4.2%** |  |  |  |  |
| 3000000 | Charles Schwab Corporation<sup>(b)</sup> | SOFRRATE + 2.500% | 5.8530 | 05/19/34 | 3213071 |
|  | **BANKING — 31.5%** |  |  |  |  |
| 2400000 | Bank of America Corporation<sup>(b)</sup> | H15T5Y + 1.200% | 2.4820 | 09/21/36 | 2084659 |
| 4600000 | Bank of America Corporation<sup>(b)</sup> | H15T5Y + 2.000% | 3.8460 | 03/08/37 | 4298511 |
| 1250000 | Citigroup, Inc. |  | 6.6250 | 06/15/32 | 1387652 |
| 1000000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 2.661% | 6.1740 | 05/25/34 | 1064236 |
| 3000000 | Citigroup, Inc. |  | 6.1250 | 08/25/36 | 3207600 |
| 100000 | JPMorgan Chase & Company |  | 4.2500 | 10/01/27 | 100697 |
| 5900000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 2.580% | 5.7170 | 09/14/33 | 6242087 |
| 3500000 | US Bancorp Series BB<sup>(b)</sup> | SOFRRATE + 2.110% | 4.9670 | 07/22/33 | 3515347 |
| 1750000 | Wells Fargo Bank NA |  | 6.6000 | 01/15/38 | 1977402 |
|  |  |  |  |  | 23878191 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 11.8%** |  |  |  |  |
| 1750000 | Goldman Sachs Group, Inc. |  | 6.7500 | 10/01/37 | 1961463 |
| 6900000 | Morgan Stanley Series F<sup>(b)</sup> | SOFRRATE + 2.620% | 5.2970 | 04/20/37 | 7001599 |
|  |  |  |  |  | 8963062 |
|  | **SPECIALTY FINANCE — 14.5%** |  |  |  |  |
| 4000000 | American Express Company<sup>(b)</sup> | SOFRRATE + 2.255% | 4.9890 | 05/26/33 | 4079878 |
| 6725000 | Capital One Financial Corporation<sup>(b)</sup> | SOFRRATE + 2.370% | 5.2680 | 05/10/33 | 6879141 |
|  |  |  |  |  | 10959019 |
|  | **TOTAL CORPORATE BONDS (Cost $45,808,676)** |  |  |  | 47013343 |

---

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

**ATLAS U.S. TACTICAL INCOME FUND, INC.**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 107.9%** |  |  |  |
|  | **AGENCY FIXED RATE — 107.9%** |  |  |  |
| 1598289 | Fannie Mae Pool<sup>(d)</sup> | 5.5000 | 11/01/52 | $1624667 |
| 1977288 | Fannie Mae Pool<sup>(d)</sup> | 6.0000 | 05/01/54 | 2022405 |
| 728412 | Ginnie Mae I Pool | 4.0000 | 01/15/46 | 711740 |
| 682142 | Ginnie Mae I Pool | 2.5000 | 08/15/49 | 592102 |
| 532211 | Ginnie Mae I Pool | 2.5000 | 09/15/49 | 461958 |
| 1038631 | Ginnie Mae I Pool | 2.5000 | 12/15/49 | 901523 |
| 2269776 | Ginnie Mae I Pool<sup>(d)</sup> | 6.0000 | 06/15/53 | 2438803 |
| 994965 | Ginnie Mae II Pool<sup>(d)</sup> | 4.0000 | 09/20/47 | 937495 |
| 968150 | Ginnie Mae II Pool | 4.5000 | 02/20/48 | 942160 |
| 292287 | Ginnie Mae II Pool | 2.5000 | 03/20/50 | 252795 |
| 4498079 | Ginnie Mae II Pool<sup>(d)</sup> | 2.5000 | 03/20/51 | 3890430 |
| 2406661 | Ginnie Mae II Pool<sup>(d)</sup> | 3.0000 | 07/20/51 | 2140504 |
| 604224 | Ginnie Mae II Pool | 3.0000 | 07/20/51 | 537411 |
| 3652065 | Ginnie Mae II Pool<sup>(d)</sup> | 3.0000 | 09/20/51 | 3214629 |
| 962172 | Ginnie Mae II Pool | 2.0000 | 03/20/52 | 754010 |
| 1766957 | Ginnie Mae II Pool | 3.0000 | 03/20/52 | 1543446 |
| 7073132 | Ginnie Mae II Pool<sup>(d)</sup> | 5.5000 | 10/20/52 | 7458359 |
| 1085925 | Ginnie Mae II Pool<sup>(d)</sup> | 6.0000 | 01/20/53 | 1170359 |
| 1305126 | Ginnie Mae II Pool<sup>(d)</sup> | 5.5000 | 02/20/53 | 1376229 |
| 1592912 | Ginnie Mae II Pool<sup>(d)</sup> | 6.0000 | 03/20/53 | 1716764 |
| 2563483 | Ginnie Mae II Pool<sup>(d)</sup> | 6.5000 | 03/20/53 | 2788375 |
| 4813194 | Ginnie Mae II Pool<sup>(d)</sup> | 6.5000 | 03/20/53 | 5235498 |
| 1064997 | Ginnie Mae II Pool<sup>(d)</sup> | 5.5000 | 04/20/53 | 1123023 |
| 1726815 | Ginnie Mae II Pool<sup>(d)</sup> | 5.5000 | 04/20/53 | 1820899 |
| 1197305 | Ginnie Mae II Pool<sup>(d)</sup> | 6.0000 | 04/20/53 | 1290403 |
| 1634915 | Ginnie Mae II Pool<sup>(d)</sup> | 5.0000 | 05/20/53 | 1695372 |
| 1564998 | Ginnie Mae II Pool<sup>(d)</sup> | 5.5000 | 05/20/53 | 1650262 |
| 994219 | Ginnie Mae II Pool<sup>(d)</sup> | 5.5000 | 06/20/53 | 1048388 |
| 2327685 | Ginnie Mae II Pool<sup>(d)</sup> | 5.5000 | 06/20/53 | 2454505 |
| 1662668 | Ginnie Mae II Pool<sup>(d)</sup> | 5.5000 | 06/20/53 | 1753242 |
| 1162228 | Ginnie Mae II Pool | 6.0000 | 06/20/53 | 1252598 |
| 9676833 | Ginnie Mae II Pool<sup>(d)</sup> | 6.0000 | 06/20/53 | 10429232 |
| 1082404 | Ginnie Mae II Pool | 6.5000 | 06/20/53 | 1177372 |
| 422501 | Ginnie Mae II Pool | 5.0000 | 07/20/53 | 438124 |

---

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

**ATLAS U.S. TACTICAL INCOME FUND, INC.**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 107.9% (Continued)** |  |  |  |
|  | **AGENCY FIXED RATE — 107.9% (Continued)** |  |  |  |
| 1080832 | Ginnie Mae II Pool<sup>(d)</sup> | 5.5000 | 07/20/53 | $1139721 |
| 1043211 | Ginnie Mae II Pool<sup>(d)</sup> | 5.5000 | 07/20/53 | 1100050 |
| 985373 | Ginnie Mae II Pool | 6.5000 | 09/20/53 | 1071830 |
| 4543222 | Ginnie Mae II Pool<sup>(d)</sup> | 5.5000 | 11/20/53 | 4614466 |
| 987282 | Ginnie Mae II Pool<sup>(d)</sup> | 6.0000 | 11/20/53 | 1064051 |
| 130806 | Ginnie Mae II Pool | 4.5000 | 02/20/54 | 133658 |
| 1007111 | Ginnie Mae II Pool | 6.0000 | 09/20/54 | 1085434 |
| 2815070 | Ginnie Mae II Pool<sup>(d)</sup> | 5.5000 | 10/20/54 | 2840571 |
|  |  |  |  | 81894863 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $79,859,911)** |  |  | 81894863 |
|  | **TOTAL INVESTMENTS - 184.1% (Cost $139,675,856)** |  |  | $139693339 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (84.1)%** |  |  | (63807558) |
|  | **NET ASSETS - 100.0%** |  |  | $75885781 |

---

**OPEN FUTURES CONTRACTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number of<br> Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(c)</sup>** | **Unrealized<br> (Depreciation)** |
| (90) | CBOT 10 Year US Treasury Note | 12/19/2025 | $(10125000) | $(29531) |
|  | **TOTAL FUTURES CONTRACTS** |  |  |  |

---

H15T5Y US Treasury Yield Curve Rate T Note Constant Maturity 5 Year <br> SOFRRATE United States SOFR Secured Overnight Financing Rate

**REVERSE REPURCHASE AGREEMENTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount** | **Counterparty** | **Acquired Date** | **Interest (%)** | **Maturity** | **Fair Value** |
| $(21780000) | StoneX | 9/24/2025 | 4.4500 | 10/1/2025 | $(21780000) |
| (43850000) | StoneX | 9/30/2025 | 4.3500 | 10/7/2025 | (43850000) |
|  | **TOTAL REVERSE REPURCHASE AGREEMENTS (Proceeds $65,630,000)** |  |  |  | $(65630000) |

---

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

**ATLAS U.S. TACTICAL INCOME FUND, INC.**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Variable rate security; the rate shown represents the rate on September 30, 2025. Bond converts to floating rate in the final year of the bond.

<sup>(c)</sup> The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund's futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.

<sup>(d)</sup> This security has been pledged as collateral for securities sold under agreements to repurchase of $70,038,702.

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

**Atlas U.S. Tactical Income Fund, Inc.**

**Statement of Assets and Liabilities**

**September 30, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments, at fair value (cost $139,675,856) - including $70,038,702 of securities held in a pledge account for repurchase agreements collateral | $139693339 |
| &nbsp;&nbsp;&nbsp;Cash | 249908 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 992450 |
| &nbsp;&nbsp;&nbsp;Deposits with broker for futures contracts | 591697 |
| &nbsp;&nbsp;&nbsp;Dividend receivable | 215679 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 1406 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 1956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 141746435 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Reverse repurchase agreements (proceeds $65,630,000) | 65630000 |
| &nbsp;&nbsp;&nbsp;Distribution fees payable | 77658 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 60000 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 24448 |
| &nbsp;&nbsp;&nbsp;Interest payable for reverse repurchase agreements | 24144 |
| &nbsp;&nbsp;&nbsp;Payable for securities purchased | 9999 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 34405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 65860654 |
| &nbsp;&nbsp;&nbsp;Contingencies & Commitments | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $**75885781** |
| **Net assets:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $91731306 |
| &nbsp;&nbsp;&nbsp;Accumulated losses | (15845525) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Net Assets** | $**75885781** |
| **Shares outstanding, $0.01 par value, 1,000,000,000 shares authorized** |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | 7578534 |
| &nbsp;&nbsp;&nbsp;Class C Shares | 1059815 |
|  | **8638349** |
| Class A Shares: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**66602723** |
| &nbsp;&nbsp;&nbsp;Net assets and redemption price per share (a) | $**8.79** |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (maximum sales charge of 3.50%) | $**9.11** |
| Class C Shares: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**9283058** |
| &nbsp;&nbsp;&nbsp;Net assets, offering price and redemption price per share (a) | $**8.76** |

---

(a) Redemptions made within 60 days of purchases may be assessed a redemption fee of 1.00%.

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

**Atlas U.S. Tactical Income Fund, Inc.**

**Statement of Operations**

**For the Year Ended September 30, 2025**

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Interest | $6729150 |
| &nbsp;&nbsp;&nbsp;Dividends | 1271508 |
| &nbsp;&nbsp;&nbsp;Less: foreign tax withholding | (124793) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 7875865 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Interest and leverage related expenses | 3062686 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 895663 |
| &nbsp;&nbsp;&nbsp;Distribution fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 163406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 99457 |
| &nbsp;&nbsp;&nbsp;Administration fee | 76560 |
| &nbsp;&nbsp;&nbsp;Fund accounting fees | 40653 |
| &nbsp;&nbsp;&nbsp;Professional fees | 40501 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 39934 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 30060 |
| &nbsp;&nbsp;&nbsp;Legal fees | 26022 |
| &nbsp;&nbsp;&nbsp;Audit and accounting fees | 25180 |
| &nbsp;&nbsp;&nbsp;Printing expenses | 20838 |
| &nbsp;&nbsp;&nbsp;Custody fees | 18635 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 8501 |
| &nbsp;&nbsp;&nbsp;Shareholder service fees | 6001 |
| &nbsp;&nbsp;&nbsp;Other expenses | 3448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 4557545 |
| &nbsp;&nbsp;&nbsp;Less: Advisory fees voluntarily waived by Adviser | (235663) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 4321882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 3553983 |
| **Realized and Unrealized Gain (Loss):** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 837292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | 207451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 1044743 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 36457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | (68203) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | (31746) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 1012997 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets from operations | $4566980 |

---

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

**Atlas U.S. Tactical Income Fund, Inc.**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **For The<br> Year Ended<br> September 30,<br> 2025** | **For The<br> Year Ended<br> September 30,<br> 2024** |
| **From Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $3553983 | $3463156 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments, options purchased and futures contracts | 1044743 | (737367) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and futures contracts | (31746) | 11663246 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets from operations | 4566980 | 14389035 |
| **Distributions to shareholders:** |  |  |
| Distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (3060566) | (3035250) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (403061) | (428368) |
| Return of capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (52523) | (196857) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (8017) | (31740) |
| Distributions to shareholders: | (3524167) | (3692215) |
| **From capital share transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 1622183 | 2583407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 132000 | 613000 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 691357 | 785282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 128662 | 162738 |
| &nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (6870279) | (9046836) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (2104339) | (1886638) |
| &nbsp;&nbsp;&nbsp;Redemption fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | - | 289 |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets from capital share transactions | (6400416) | (6788758) |
| **Net Increase (Decrease) in Net Assets** | (5357603) | 3908062 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | $81243384 | $77335322 |
| &nbsp;&nbsp;&nbsp;End of Year | $**75885781** | $**81243384** |

---

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

**Atlas U.S. Tactical Income Fund, Inc.**

**Statement of Cash Flows**

**For the Year Ended September 30, 2025**

---

| | |
|:---|:---|
| **Cash provided by operating activities** |  |
| &nbsp;&nbsp;&nbsp;Net increase in net assets from operations | $4566980 |
| &nbsp;&nbsp;&nbsp;**Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (11728929) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of investments | 9075364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from paydowns on investments | 4200921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of discount on investments, net | (23372) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investments and futures contracts | (922398) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on investments and futures contracts | (36457) |
| &nbsp;&nbsp;&nbsp;**Decrease (increase) in assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 32578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | 4679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend receivable | (14571) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 44 |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for securities purchased | 9999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees payable | 60000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees payable | 20483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to related parties | (8353) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | (7308) |
| **Net cash provided by operating activities** | 5229660 |
| **Cash flows used in financing activities:** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 1754183 |
| &nbsp;&nbsp;&nbsp;Increase in borrowings of $0, net of repayments of $4,930,000 | 4930000 |
| &nbsp;&nbsp;&nbsp;Interest payable on borrowings | (93820) |
| &nbsp;&nbsp;&nbsp;Payment of shares redeemed | (9060219) |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders | (2704148) |
| **Net cash used in financing activities** | (5174004) |
| &nbsp;&nbsp;&nbsp;Net increase in cash | 55656 |
| &nbsp;&nbsp;&nbsp;Cash at beginning of year | 785949 |
| &nbsp;&nbsp;&nbsp;**Cash at end of year (includes deposits with broker)** | $841605 |
| **Cash** | $249908 |
| **Restricted Cash Held with Broker** | 591697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reconciliation to cash balance | $841605 |
| &nbsp;&nbsp;&nbsp;**Supplemental disclosures:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest paid | $3156506 |
| &nbsp;&nbsp;&nbsp;**Non-Cash Financing Activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | $820019 |

---

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

**Atlas U.S. Tactical Income Fund, Inc.**

**Financial Highlights**

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  |  | **For the<br> Year Ended<br> September 30,<br> 2025** | **For the<br> Year Ended<br> September 30,<br> 2024** | **For the<br> Year Ended<br> September 30,<br> 2023** | **For the<br> Year Ended<br> September 30,<br> 2022** | **For the<br> Year Ended<br> September 30,<br> 2021** |
| Per-share operating performance: | Per-share operating performance: |  |  |  |  |  |
| Net asset value, beginning of year | Net asset value, beginning of year | $8.65 | $7.55 | $7.55 | $10.39 | $9.77 |
| Income from investment operations: | Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income\* | &nbsp;&nbsp;&nbsp;Net investment income\* | 0.41 | 0.37 | 0.33 | 0.24 | 0.25 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) from investment operations | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) from investment operations | 0.14 | 1.12 | 0.06 | (2.67 | 0.79 |
|  |  | 0.55 | 1.49 | 0.39 | (2.43 | 1.04 |
| Less distributions: | Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.40) | (0.37) | (0.34) | (0.38) | (0.42) |
| &nbsp;&nbsp;&nbsp;Return of capital | &nbsp;&nbsp;&nbsp;Return of capital | (0.01 | (0.02 | (0.05) | (0.03 | - |
| &nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;Total distributions | (0.41 | (0.39 | (0.39) | (0.41 | (0.42 |
| Paid in capital from redemption fees\* | Paid in capital from redemption fees\* |  | 0.00 |  | 0.00 | 0.00 |
| Net asset value, end of year | Net asset value, end of year | $8.79 | $8.65 | $7.55 | $7.55 | $10.39 |
| Total investment return based on net asset value per share\*\* | Total investment return based on net asset value per share\*\* | 6.59 | 20.17 | 5.07% | (24.00) | 10.77 |
| Net assets, end of year (in thousands) | Net assets, end of year (in thousands) | $66603 | $70239 | $66691 | $66340 | $86658 |
| Ratios as a percentage of average net assets: | Ratios as a percentage of average net assets: |  |  |  |  |  |
| Expenses\*\*\*: | Expenses\*\*\*: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;before waiver | &nbsp;&nbsp;&nbsp;before waiver | 5.95 | 6.06 | 5.62% | 2.41 | 1.90 |
| &nbsp;&nbsp;&nbsp;net of waiver | &nbsp;&nbsp;&nbsp;net of waiver | 5.64 | 5.41 | 4.72% | 1.99 | 1.58 |
| Net investment income | Net investment income | 4.82 | 4.51 | 4.18% | 2.56 | 2.45 |
| Portfolio turnover rate | Portfolio turnover rate | 7 | 21 | 109% | 139 | 14 |
| \* | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year. |
| \*\* | Total returns shown are historical in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable sales charges and redemption fees. Had the adviser not waived fees, total returns would have been lower. | Total returns shown are historical in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable sales charges and redemption fees. Had the adviser not waived fees, total returns would have been lower. | Total returns shown are historical in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable sales charges and redemption fees. Had the adviser not waived fees, total returns would have been lower. | Total returns shown are historical in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable sales charges and redemption fees. Had the adviser not waived fees, total returns would have been lower. | Total returns shown are historical in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable sales charges and redemption fees. Had the adviser not waived fees, total returns would have been lower. | Total returns shown are historical in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable sales charges and redemption fees. Had the adviser not waived fees, total returns would have been lower. |
| \*\*\* | Expenses excluding interest and leverage related expenses: | Expenses excluding interest and leverage related expenses: | Expenses excluding interest and leverage related expenses: | Expenses excluding interest and leverage related expenses: | Expenses excluding interest and leverage related expenses: | Expenses excluding interest and leverage related expenses: |
|  | before waiver | 1.88 | 1.77 | 1.83% | 1.73 | 1.77 |
|  | net of waiver | 1.57 | 1.12 | 0.93% | 1.31 | 1.45 |
| + | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| ^ | Less than $0.01 per share. | Less than $0.01 per share. | Less than $0.01 per share. | Less than $0.01 per share. | Less than $0.01 per share. | Less than $0.01 per share. |

---

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

**Atlas U.S. Tactical Income Fund, Inc.**

**Financial Highlights**

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  |  | **For the<br> Year Ended<br> September 30,<br> 2025** | **For the<br> Year Ended<br> September 30,<br> 2024** | **For the<br> Year Ended<br> September 30,<br> 2023** | **For the<br> Year Ended<br> September 30,<br> 2022** | **For the<br> Year Ended<br> September 30,<br> 2021** |
| Per-share operating performance: | Per-share operating performance: |  |  |  |  |  |
| Net asset value, beginning of year | Net asset value, beginning of year | $8.63 | $7.55 | $7.55 | $10.37 | $9.75 |
| Income from investment operations: | Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income**\*** | &nbsp;&nbsp;&nbsp;Net investment income**\*** | 0.33 | 0.31 | 0.28 | 0.17 | 0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) from investment operations | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) from investment operations | 0.15 | 1.11 | 0.05 | (2.67 | 0.79 |
|  |  | 0.48 | 1.42 | 0.33 | (2.50 | 0.96 |
| Less distributions: | Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.34) | (0.32) | (0.28) | (0.29) | (0.34) |
| &nbsp;&nbsp;&nbsp;Return of capital | &nbsp;&nbsp;&nbsp;Return of capital | (0.01 | (0.02 | (0.05) | (0.03 | - |
| &nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;Total distributions | (0.35 | (0.34 | (0.33) | (0.32 | (0.34 |
| Paid in capital from redemption fees\* | Paid in capital from redemption fees\* |  | 0.00 |  | 0.00 | 0.00 |
| Net asset value, end of year | Net asset value, end of year | $8.76 | $8.63 | $7.55 | $7.55 | $10.37 |
| Total investment return based on net asset value per share\*\* | Total investment return based on net asset value per share\*\* | 5.82 | 19.23 | 4.19% | (24.56) | 9.89 |
| Net assets, end of year (in thousands) | Net assets, end of year (in thousands) | $9283 | $11005 | $10644 | $11137 | $14649 |
| Ratios as a percentage of average net assets: | Ratios as a percentage of average net assets: |  |  |  |  |  |
| Expenses\*\*\*: | Expenses\*\*\*: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;before waiver | &nbsp;&nbsp;&nbsp;before waiver | 6.70 | 6.81 | 6.36% | 3.13 | 2.64 |
| &nbsp;&nbsp;&nbsp;net of waiver | &nbsp;&nbsp;&nbsp;net of waiver | 6.39 | 6.16 | 5.49% | 2.73 | 2.32 |
| Net investment income | Net investment income | 4.06 | 3.76 | 3.40% | 1.80 | 1.68 |
| Portfolio turnover rate | Portfolio turnover rate | 7 | 21 | 109% | 139 | 14 |
| \* | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year. |
| \*\* | Total returns shown are historical in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable redemption fees. Had the adviser not waived fees, total returns would have been lower. | Total returns shown are historical in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable redemption fees. Had the adviser not waived fees, total returns would have been lower. | Total returns shown are historical in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable redemption fees. Had the adviser not waived fees, total returns would have been lower. | Total returns shown are historical in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable redemption fees. Had the adviser not waived fees, total returns would have been lower. | Total returns shown are historical in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable redemption fees. Had the adviser not waived fees, total returns would have been lower. | Total returns shown are historical in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable redemption fees. Had the adviser not waived fees, total returns would have been lower. |
| \*\*\* | Expenses excluding interest and leverage related expenses: | Expenses excluding interest and leverage related expenses: | Expenses excluding interest and leverage related expenses: | Expenses excluding interest and leverage related expenses: | Expenses excluding interest and leverage related expenses: | Expenses excluding interest and leverage related expenses: |
|  | before waiver | 2.63 | 2.51 | 2.58% | 2.46 | 2.51 |
|  | net of waiver | 2.32 | 1.86 | 1.71% | 2.06 | 2.19 |
| + | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| ^ | Less than $0.01 per share. | Less than $0.01 per share. | Less than $0.01 per share. | Less than $0.01 per share. | Less than $0.01 per share. | Less than $0.01 per share. |

---

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

**Atlas U.S. Tactical Income Fund, Inc.**

**Notes to Financial Statements**

**September 30, 2025**

Note 1 – Organization and Significant Accounting Policies

Prior to June 17, 2021, the Atlas U.S. Tactical Income Fund, Inc. (the "Fund") was a diversified, leveraged, open-end, redeemable at will, mutual fund investment company registered under the Puerto Rico Investment Companies Act of 2013 (the Act), as amended, and organized under the laws of the Commonwealth of Puerto Rico. The Fund was incorporated on April 16, 2015, and started operations on October 1, 2015. Since June 17, 2021, the Fund has been registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund's investment objective is to maximize total return, consistent with preservation of capital.

The Fund currently offers Class A and Class C shares. Class A shares are offered at net asset value plus a maximum sales charge of 3.50%. Class C shares are offered at net asset value. The Fund charges a fee of 1% on redemptions of shares held for less than 60 days. Each class represents an interest in the same assets of the Fund and classes are identical except for differences in their sales charge structures and distribution charges. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans. The Fund's income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

The following is a summary of significant accounting policies followed by the Fund:

Operating Segments

The Fund has adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio manager and Chief Financial Officer of the Fund. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

Basis of Accounting

The financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") applicable to investment companies. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Accounting Standard Codification ("ASC") Topic 946 "Financial Services – Investment Companies" including FASB Accounting Standard Update 2013-08.

Use of Estimates

The preparation of financial statements in conformity with 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 revenue and expenses during the reporting period. Actual results could differ from those estimates.

**Atlas U.S. Tactical Income Fund, Inc.**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

Note 1 – Organization and Significant Accounting Policies – (continued)

Net Asset Value

The net asset value ("NAV") per share of the Fund is determined as of the close of regular trading on each day that the New York Stock Exchange is open for business by adding the assets value of all securities and other assets of the Fund, then subtracting its liabilities, and then dividing the result by the total number of shares outstanding.

Fair Value Measurements

The Fund follows the provisions of FASB ASC 820 – "Fair Value Measurements and Disclosures" for fair value measurements of financial assets and financial liabilities and for fair value measurements of non-financial items that are recognized or disclosed at fair value in the financial statements on a recurring basis and defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It also establishes a framework for measuring fair value and expands disclosures about fair value measurements.

Investment Transactions

Investment transactions are recorded on the trade date. Differences between cost and fair values are reflected as unrealized appreciation or depreciation on investments. The Fund uses the high-cost method for determining realized gains or losses on investments.

Dividend income is recognized on the ex-dividend date, and interest income is recognized on an accrual basis. Discounts and premiums on fixed income securities are accreted or amortized using the effective interest method.

Taxation

The Fund recognizes the tax benefits of uncertain tax positions only where the position is more likely than not to be sustained on its merits in examination by the tax authorities. Management has analyzed the Fund's tax positions, and has concluded that no liability should be recorded related to uncertain tax positions taken on returns filed for open tax years. As of September 30, 2025, there were no uncertain tax positions for the Fund or unrecognized tax benefits. The Fund remains subject to income tax examinations for its Puerto Rico income taxes filed for the fiscal years 2020 to 2024, or expected to be filed in 2025.

The Fund can invest in taxable and tax-exempt securities. In general, distributions of taxable income dividends, if any, to Puerto Rico individuals, estates, and trusts are subject to a tax of 15%. Moreover, distribution of capital gain dividends, if any to (a) Puerto Rico individuals, estates, and trusts are subject to a tax of 15% and (b) Puerto Rico corporations are subject to a tax of 20%. The tax withholdings are effected at the time of payment of the corresponding dividend. Otherwise, tax distributions are subject to regular income tax. Individual shareholders may be subject to alternate basic tax on certain fund distributions. Certain Puerto Rico entities receiving taxable income dividends are entitled to claim an 85% dividends received deduction. Fund shareholders are advised to consult their own tax advisers.

REIT distributions – The character of distributions received from Real Estate Investment Trusts ("REITs") held by the Fund is generally comprised of net investment income, capital gains, and return of capital. It is the policy of the Fund to estimate the character of distributions received from underlying REITs based on historical data provided by the REITs. After each calendar year end, REITs report the actual tax character of these distributions. Differences between the estimated and actual amounts reported by the REITs are reflected in the Fund's records in the year in which they are reported by the REITs by adjusting related investment cost basis, capital gains and income, as necessary.

**Atlas U.S. Tactical Income Fund, Inc.**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

Note 1 – Organization and Significant Accounting Policies – (continued)

In addition, the Fund is exempt from United States income taxes, except for dividends received from United States sources, which are subject to a 10% United States withholding tax, if certain requirements are met. Dividend income is recorded net of taxes.

Shares Issues and Redemptions

In accordance with the terms of the Fund, a NAV per share is determined for each share class, as of the close of business on every business day for the purposes of issuance and redemption of the Fund's shares. The Fund may assess a short-term redemption fee of 1.00% of the total redemption amount if a shareholder sells their shares after holding them for less than 60 days. The Fund received $0 and $289 in redemption fees for the year ended September 30, 2025, and the year ended September 30, 2024, respectively.

Dividends and Distributions to Shareholders

The Fund distributes income on a monthly basis. The Fund does not generally intend to distribute capital gains unless the Board of Directors of the Fund (the "Board") determines that capital gains must be distributed to holders of shares in order to ensure advantageous tax treatment for the Fund or its shareholders.

Concentration of Credit Risk

The Fund is designated as a diversified fund which may not invest more than 5% of the Fund's total assets in a single issuer with the exception of obligations guaranteed by the U.S. Government or one of its agencies nor invest more than 10% of the outstanding voting securities of an issuer and has at least 75% of the Fund's assets invested in cash and cash equivalents, Government securities, securities of other investment companies.

Financial instruments that potentially expose the Fund to certain concentrations of credit risk include cash in bank accounts. The cash deposits, at times, may exceed the amount insured by the Federal Deposit Insurance Corporation ("FDIC").

Deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit are standardly insured up to $250,000 by the FDIC. The standard insurance coverage is per depositor, per insured bank. Cash deposits with counter parties for futures and options are uninsured. At September 30, 2025, the Fund had uninsured cash deposits fully related to broker deposits and variation funds for futures and options. The Fund has not experienced any losses on such accounts. As of September 30, 2025, the Fund held $249,908 in cash at U.S. Bank, N.A. The Fund held $591,697 at Interactive Brokers.

**Futures Contracts** – The Fund is subject to interest rate risk in the normal course of pursuing its investment objectives. To manage interest rate risk, the Fund may enter into futures contracts. Upon entering into a futures contract with a broker, the Fund is required to deposit, in a segregated account, a specified amount of cash which is classified as "cash deposit" with broker in the accompanying Statement of Assets and Liabilities. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by the Fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. When a contract is closed, the Fund recognizes a realized gain or loss. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities. With futures contracts, there is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. Futures contracts outstanding at September 30, 2025 are listed after the Fund's Schedule of Investments.

**Atlas U.S. Tactical Income Fund, Inc.**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

Note 1 – Organization and Significant Accounting Policies – (continued)

**Options Transactions** – The Fund is subject to equity price and interest rate risk in the normal course of pursuing its investment objective and may purchase options to help hedge against risk.

The Fund may purchase put and call options. Put options are purchased to hedge against a decline in the value of securities held in the Fund's portfolio. If such a decline occurs, the put options will permit the Fund to sell the securities underlying such options at the exercise price, or to close out the options at a profit. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by the Fund upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to the Fund. In addition, in the event that the price of the security in connection with which an option was purchased moves in a direction favorable to the Fund, the benefits realized by the Fund as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Purchased options are non-income producing securities. With purchased options, there is minimal counterparty risk to the Fund since these options are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default. There were no options held at September 30, 2025.

The effect of derivative instruments on the Statement of Assets and Liabilities at September 30, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Derivative** | **Risk Type** | **Location of derivatives on<br> Statement of Assets and Liabilities** | **Fair value of<br> asset/liability<br> derivatives** |
| Futures contracts | Interest Rate | Variation margin on futures contracts | $1406 |
|  |  | Total | $1406 |

---

The effect of derivative instruments on the Statement of Operations for the year ended September 30, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Derivative** | **Risk Type** | **Location of gain (loss) on derivatives** | **Realized and<br> unrealized gain<br> (loss) on derivatives** |
| Futures contracts | Interest Rate | Net realized gain on futures contracts | $409953 |
| Futures contracts | Equity | Net realized loss on futures contracts | (202502) |
|  |  | **Total** | $207451 |
| Futures Contracts | Interest Rate | Net change in unrealized depreciation on futures contracts | (68203) |
|  |  | **Total** | $(68203) |

---

The notional value of the derivative instruments outstanding as of September 30, 2025, as disclosed in the Schedule of Investments, and the realized gain and loss amounts and changes in unrealized gains and losses on derivative instruments during the period as disclosed above and within the Statement of Operations, serve as indicators of the volume of derivative activity for the Fund.

The cost of purchases and proceeds from the sale of securities, other than short-term securities, for the year ended September 30, 2025, amounted to $11,728,929 and $9,075,364, respectively.

**Atlas U.S. Tactical Income Fund, Inc.**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

Note 2 – Fair Value Measurements

**Security valuation** – Securities listed on an exchange are valued at the last reported sale price at the close of the primary exchange's regular trading session on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price ("NOCP"). In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Debt securities (other than short-term obligations) are valued each day by an independent pricing service based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions or market quotations from a major market maker in the securities. 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 Fund may fair value a particular bond pursuant to fair valuation policies and procedures adopted by the Board if the adviser does not believe that the round lot value provided by the independent pricing service reflects fair value of the Fund's holding. The Board has designated Atlas Asset Management LLC, the Fund's adviser (the "Adviser"), as its valuation designee. Futures contracts are valued at the final settled price or, in the absence of a settled price, at the last sale price on the day of valuation. Exchange traded options are valued at the last sale price or in the absence of a sale, at the mean between the current bid and ask prices. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost.

Open-end underlying funds are valued at their respective NAV as reported by such investment companies. The underlying funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the boards of the underlying funds.

The Fund determines the fair value of its financial instruments based on the GAAP Fair Value Measurement framework, which establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below:

Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access.

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

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

**Atlas U.S. Tactical Income Fund, Inc.**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

Note 2 – Fair Value Measurements (continued)

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following table summarizes the inputs used as of September 30, 2025, for the Fund's assets measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $10785133 | $- | $- | $10785133 |
| Corporate Bonds |  | 47013343 |  | 47013343 |
| U.S. Government & Agencies | - | 81894863 | - | 81894863 |
|  | 10785133 | 128908206 | - | 139693339 |
| Total Assets | $10785133 | $128908206 | $- | $139693339 |
| **Liabilities** |  |  |  |  |
| Reverse Repurchase Agreements | $- | $(65630000) | $- | $(65630000) |
| Futures Contracts\*\* | (29531) | - | - | (29531) |
| Total Liabilities | $(29531) | $(65630000) | $- | $(65659531) |

---

The Fund did not hold any Level 3 securities during the year.

\* Please refer to the Schedule of Investments for industry classifications. <br> \*\* Represents cumulative unrealized depreciation on futures contracts at September 30, 2025.

The following is a description of the Fund's valuation methodologies used for assets and liabilities measured at fair value:

***Equity Securities –*** Equity securities include common stock, exchange-traded funds and master limited partnerships. Equity securities with quoted market prices obtained from an active exchange market are classified as Level 1.

***Exchange-Traded Funds ("ETFs")*** – ETFs are priced continuously during normal trading hours in an active exchange market. The NAV of ETFs is calculated at the end of each trading day, at market close. ETFs are classified as Level 1.

***U.S. Government Agency Debentures, Mortgage-Backed and Instrumentalities*** – Fair value for these securities is obtained from third-party pricing service providers that use a pricing methodology based on an active exchange market and quoted market prices for similar securities. Other U.S. Government debt securities are classified as Level 2.

***Corporate Bonds –*** The fair value of corporate bonds is estimated using various techniques, which may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (when observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. Although most corporate bonds are categorized in Level 2 of the fair value hierarchy, in instances when lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

**Atlas U.S. Tactical Income Fund, Inc.**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

Note 3 – Management, Advisory, Distribution and Other Fees

Investment Advisory Fees

The Adviser provides investment advisory services to the Fund. The Adviser charges an investment advisory fee at an annual rate of 0.65% on the first $100 million, 0.60% on the next $200 million and 0.55% on assets exceeding $300 million on the Fund's average daily gross assets. For the year ended September 30, 2025, $895,663 of investment advisory fees was earned by the Adviser.

The Adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund until at least January 31, 2026 to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (excluding (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (ii) acquired fund fees and expenses; (ii) borrowing costs (such as interest and dividend expense on securities sold short); (iv) taxes; and (v) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Directors, contractual indemnification of Fund service providers (other than the Adviser))) will not exceed 1.15% of the average daily gross assets of the Fund's Class A shares and 1.90% of the average daily gross assets of the Fund's Class C shares. Fees waived or reimbursed by the Adviser may be recouped by the Adviser from the Fund, to the extent that overall expenses fall below the expense limitation within three years following when such amounts were waived and/or reimbursed if such recoupment can be achieved within the lesser of the foregoing expense limits or the expenses limits in place at the time of the recoupment. During the year ended September 30, 2025, the Adviser voluntarily waived fees of $235,663 which is not subject to recapture by the Adviser.

Distribution (12b-1) Fees

The distributor of the Fund is Northern Lights Distributors, LLC ("NLD" or the "Distributor"). The distribution fee amounts to an annual rate of 0.25% and 1.00% of the Class A and Class C shares, respectively, computed on the Fund's average daily net assets. For the year ended September 30, 2025, the Fund paid distribution fees equal to $163,406 for Class A and $99,457 for Class C. The Distributor acts as the Fund's principal underwriter in a continuous public offering of the Fund's shares. For the year ended September 30, 2025, the Distributor received $36,966 in underwriting commissions for sales of Class A shares, of which $2,758 was retained by the principal underwriter or other affiliated broker-dealers.

In addition, certain affiliates of the Distributor provide services to the Fund as noted below.

Other Fees

Ultimus Fund Solutions, LLC ("UFS"), an affiliate of the Distributor, provides administration, fund accounting, and transfer agent services to the Fund. Pursuant to a separate servicing agreement with UFS, the Fund pays UFS customary fees for providing administration, fund accounting and transfer agency services to the Fund. Under the terms of the Fund's agreement with UFS, UFS pays for certain operating expenses of the Fund.

Northern Lights Compliance Services, LLC ("NLCS") – NLCS, an affiliate of UFS and the Distributor, provides a Chief Compliance Officer to the Fund, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Fund. Under the terms of such agreement, NLCS receives customary fees from the Fund.

Blu Giant, LLC ("Blu Giant") Blu Giant, an affiliate of UFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Fund on an ad-hoc basis.

Certain officers and directors of the Fund are also officers and directors of the Adviser. The Fund also has three independent directors, who are paid based upon fees per meeting and disclosed in the Prospectus. For the year ended September 30, 2025, the independent directors received $30,060 in fees.

**Atlas U.S. Tactical Income Fund, Inc.**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

Note 4 – Investment and Other Requirements and Limitations

The Fund is subject to certain requirements and limitations related to investments. Some of these requirements and limitations are imposed statutorily or by regulation, while others are by procedures established by the Board. The most significant requirements and limitations are discussed below.

The Fund is prohibited from investing in direct or indirect obligations issued by the Commonwealth of Puerto Rico or any of its instrumentalities or any security deemed illiquid by the Adviser.

Normally, at least 20% of the Fund's assets must be invested solely in securities issued by Government National Mortgage Association ("GNMA" or "Ginnie Mae"), Federal National Mortgage Association ("FNMA" or "Fannie Mae") and Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac") representing an interest in or guaranteed by mortgages on real property located in Puerto Rico.

Note 5 – Share Transactions

The Fund is authorized to issue 1,000,000,000 shares of Class A and Class C shares of common stock with $0.01 par value per share. Transactions in shares during the year ended September 30, 2025, and the year ended September 30, 2024, were as follows:

**<u>September 30, 2025</u>**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Shares** |
|  | **Class A** | **Class C** |
| Shares sold | 190052 | 15611 |
| Shares issued in reinvestment of distributions | 81588 | 15233 |
| Shares redeemed | (815309) | (245968) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease | (543669) | (215124) |
| Shares outstanding |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 8122203 | 1274939 |
| &nbsp;&nbsp;&nbsp;End of year | 7578534 | 1059815 |

---

**<u>September 30, 2024</u>**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Shares** |
|  | **Class A** | **Class C** |
| Shares sold | 313668 | 74071 |
| Shares issued in reinvestment of distributions | 96712 | 20028 |
| Shares redeemed | (1123148) | (229171) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease | (712768) | (135072) |
| Shares outstanding |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 8834971 | 1410011 |
| &nbsp;&nbsp;&nbsp;End of year | 8122203 | 1274939 |

---

**Atlas U.S. Tactical Income Fund, Inc.**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

Note 6 – Tax Information

The Fund is exempt from Puerto Rico income tax for a taxable year if it distributes to its shareholders at least 90% of its net income for the taxable year within the time period provided by the Puerto Rico Internal Revenue Code of 2011, as amended.

The Fund is treated as a "passive foreign investment company" ("PFIC") under the United States Internal Revenue Code of 1986, as amended (the "U.S. Code"). As such, the Fund will not qualify as a regulated investment company under Subchapter M of the U.S. Code and will be treated as a non-U.S. corporation whose only business activity in the United States is trading in stocks or securities for its own account, which, under the U.S. Code, does not constitute engaging in the conduct of a trade or business within the United States, even if its principal office is located therein. As a result, the Fund will be subject to U.S. federal income tax withholding only with respect to certain types of income from United States sources considered fixed, determinable, annual and periodic income (such as dividends and interest paid by U.S. payors).

In general, the Fund's distributions will be subject to Puerto Rico income taxes as dividend income, capital gains, or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a Puerto Rico tax-qualified retirement plan or an IRA, in which case your distributions may be taxed as ordinary income when withdrawn from the tax-advantaged account. Such distributions will also be subject to U.S federal income taxes and the PFIC rules if received by a U.S. person not residing in Puerto Rico. Distributions to residents of Puerto Rico who own, directly or indirectly, less than 10% of the total shares of the Fund will not be subject to U.S. federal income taxes.

Note 7 – Tax Components of Capital

The tax attributes of distributions paid during the fiscal years ended September 30, 2025 and September 30, 2024, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Fiscal<br> Year Ended<br> September 30,<br> 2025** | **Fiscal<br> Year Ended**<br> **September 30,<br> 2024** |
| Ordinary Income | $(3463627) | $(3463618) |
| Return of Capital | (60540) | (228597) |
| Total | $(3524167) | $(3692215) |

---

The Fund's net investment income and net realized gain (loss) on investments and futures contracts reflected in the financial statements differ from distributable net investment income and net realized gain (loss) on investments and futures contracts for tax purposes. Permanent book and tax differences are primarily attributable to paydowns from mortgage-backed securities, as follows:

---

| | |
|:---|:---|
|  | **2025** |
| Net investment income per statement of operations | $3553983 |
| Reclassification of realized loss on securities' paydown for tax purposes | (90356) |
| Distributable net investment income for tax purposes | $3463627 |
| Net realized gain on investments and derivatives per statement of operations | $1044743 |
| Reclassification of realized loss on securities' paydown for tax purposes | 90356 |
| Net realized gain on investments and derivatives for tax purposes | $1135099 |

---

**Atlas U.S. Tactical Income Fund, Inc.**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

Note 7 – Tax Components of Capital – (continued)

The accumulated net investment income and accumulated net realized gain on investments (tax basis) and derivatives, respectively, (for tax purposes) at September 30, 2025, were as follows:

---

| | |
|:---|:---|
|  | **2025** |
| Undistributed net investment income, beginning of the year | $- |
| Net investment income for the year | 3463627 |
| Distributions | (3463627) |
| Accumulated net investment income, end of the year | $- |
| Accumulated net realized loss on investments and derivatives,beginning of the year | $(16968576) |
| Net realized gain on investment and derivatives for the year, tax basis Distributions | 1135099 |
| Accumulated net realized loss on investments and derivatives,end of the year, tax basis | - |
|  | $(15833477) |

---

The amount of net unrealized appreciation/(depreciation) and the cost of investment securities for tax purposes was as follows:

---

| | |
|:---|:---|
| Cost of investments for tax purposes | $139675856 |
| Gross appreciation | 3765700 |
| Gross depreciation | (3748217) |
| Net appreciation (depreciation) | $17483 |

---

Note 8 – Securities Sold Under Agreements to Repurchase

The Fund may enter into reverse repurchase agreements. In a reverse repurchase agreement, the Fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. The Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by the Fund to counterparties are reflected as a liability on the Statement of Assets and Liabilities. Interest payments made by the Fund to counterparties are recorded as a component of interest expense on the Statement of Operations. The reverse repurchase agreements on the Statement of Assets and Liabilities are recorded at their contractual amount, which approximates their fair value based on Level 2 inputs in the fair value hierarchy.

At September 30, 2025, the Fund had outstanding $65,630,000 in securities sold under agreements to repurchase. Summarized information on such borrowing was as follows:

---

| | |
|:---|:---|
| Weighted-average interest rate at end of the year | 4.38% |
| Maximum aggregate balance outstanding at any time during the year | $68919000.0 |
| Average balance outstanding during the year | $65396934.0 |
| Weighted-average interest rate during the year | 4.62% |

---

**Atlas U.S. Tactical Income Fund, Inc.**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

Note 8 – Securities Sold Under Agreements to Repurchase – (continued)

At September 30, 2025, the interest rates on two outstanding agreements with maturities up to October 7, 2025, were 4.35%, and 4.45%, respectively.

At September 30, 2025, investment securities amounting to $70,038,702 were pledged as collateral for securities sold under agreements to repurchase, limited to the reverse repurchase balance. The counterparties under such agreements to repurchase have the right to sell or repledge the investment securities. Interest payable on securities sold under agreements to repurchase amounted to $24,144 at September 30, 2025. The interest expense for the year ended September 30, 2025, was $3,062,686.

No trades were executed by any affiliate of the Adviser.

Note 9 – Risks and Uncertainties

***Leverage Risk.*** The use of leverage by the Fund creates an opportunity for increased net income, but at the same time, creates special risks. Because, under normal market conditions, obligations with longer-term or medium-term maturities produce higher yields than short-term obligations, the Adviser believes that the spread inherent in the difference between the short-term rates paid by the Fund in the course of leveraging and the longer-term rates received by the Fund from securities purchased with the proceeds of such leverage will provide holders of the shares with a potentially higher yield. Investors should note, however, that leverage creates certain risks for shareholders, including higher volatility in the NAV and market value of the shares as well as in the dividend rate paid by the Fund on the shares. Since any decline in the value of the Fund's investment will be borne entirely by the shareholders, the effect of leverage in the declining market would result in a greater decrease in NAV per share than if the Fund were not leveraged, which will result in a lower redemption price of the shares. The effect of leverage may cause a shareholder to lose all or a portion of its investment in the Fund.

***Mortgage-Backed Securities Risk.*** Mortgage-backed securities are classified generally as either commercial mortgage-backed securities or residential mortgage-backed securities, each of which is subject to certain specific risks. Mortgage-backed securities tend to be more sensitive to changes in interest rates than other types of debt securities. Investments in mortgage-backed securities are subject to both extension risk, where borrowers extend the duration of their mortgages in times of rising interest rates, and prepayment risk, where borrowers pay off their mortgages sooner than expected in times of declining interest rates. These risks may reduce the Fund's returns. In addition, investments in mortgage-backed securities, including those comprised of subprime mortgages, may be subject to a higher degree of credit risk, valuation risk, and liquidity risk than various other types of fixed-income securities.

Note 10 – Investment and Other Requirements and Limitations

The Fund is subject to certain requirements and limitations related to investments and leverage. Some of these requirements and limitations are imposed statutorily or by regulation while others are imposed by procedures established by the Board. The most significant requirements and limitations are discussed below. In accordance with the requirements of the Puerto Rico Investment Companies Act and rulings issued by the Commissioner of Financial Institutions ("OCFI"), the Fund is required to invest at least 20% of the Fund's total assets in Puerto Rico Assets (the "20% investment requirement"). The balance of the Fund's assets is invested in U.S. debt and other fixed-income obligations. The Fund continues to be required to invest at least 90% of its assets in securities that are rated, at the time of purchase, within the highest rating category by one or more nationally recognized statistical rating organizations or are deemed of comparable quality by the Adviser. The OCFI granted a waiver that permits the Fund to maintain PR assets acquired prior to the effective date of the change in investment

**Atlas U.S. Tactical Income Fund, Inc.**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

Note 10 – Investment and Other Requirements and Limitations – (continued)

policy. Therefore, the Fund will gradually achieve the approved investment policy and applicable compliance ratios with the gradual disposal of assets as market and economic conditions permit.

The Fund's investment objective and fundamental policies may not be changed without the vote of a majority of the Fund's outstanding shares of common stock and the consent of OCFI. All other investment policies and limitations, however, subject to applicable Puerto Rico law, may be changed by the Board without the approval of either the Fund's shareholders or OCFI. The Fund's leverage, as measured by the ratio of total assets, may not exceed 33 1⁄3%. Should this ratio be exceeded, the Fund is precluded from further leverage transactions until the maximum 33 1⁄3% ratio is restored. The Fund may issue preferred stock, debt securities and other forms of leverage to the extent that immediately after their issuance the value of the Fund's total assets less all the Fund's liabilities and indebtedness which are not represented by preferred stock, debt securities, or other forms of leverage being issued or already outstanding is equal to or greater than 300% of the aggregate par value of all outstanding preferred stock (not including any accumulated dividends or other distributions attributable to such preferred stock) and the total amount outstanding of debt securities and other forms of leverage.

Note 11 – Offsetting of Financial Assets and Derivative Assets and Liabilities

The Fund's policy is to recognize a net asset or liability equal to the net unrealized appreciation (depreciation) of the repurchase agreements. The following table shows additional information regarding repurchase agreements and the offsetting of assets and liabilities at September 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Gross Amounts Not Offset in the<br> Statement of Assets & Liabilities** | **Gross Amounts Not Offset in the<br> Statement of Assets & Liabilities** | |
| **<u>Liabilities</u>:**<br>**Description** |<br>**Gross Amounts<br> of Recognized<br> Liabilities** |<br>**Gross Amounts<br> Offset in the<br> Statement of<br> Assets &<br> Liabilities** |<br>**Net Amounts<br> Presented in the<br> Statement of<br> Assets &<br> Liabilities** | **Financial<br> Instruments<br> Pledged<sup>(1)</sup>** | **Collateral<br> Pledged/<br> (Received)** | <br>**Net Amount** |
| Reverse repurchase agreements | $65630000 | $- | $65630000 | $65630000 | $- | $- |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The amount is limited to the reverse
 repurchase balance and accordingly does not include excess collateral pledged.

**Remaining Contractual maturity of the lending agreement**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Overnight &<br> Continuous** | **Up to 30 Days** | **30-90 Days** | **Greater than<br> 90 Days** | **Total** |
| US Government Agency Obligations | $- | $65630000 | $- | $- | $65630000 |
| Gross amount of unrecognized liabilities for reverse repurchase agreements |  |  |  |  | $65630000 |

---

Note 12 – 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 Section 2(a)(9) of the 1940 Act. As of September 30, 2025, Pershing LLC, an account holding shares for the benefit of others in nominee name, held approximately 78% of the voting securities for the Fund. The Fund has no knowledge as to whether any beneficial owner included in these nominee accounts holds more than 25% of the voting shares of the Fund.

**Atlas U.S. Tactical Income Fund, Inc.**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

Note 13 – Commitments and Contingencies

The Fund indemnifies its officers and Directors for certain liabilities that may arise from the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, and which provide general indemnities. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

Note 14 – New Accounting Pronouncement

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund management is evaluating the impacts of these changes on the Fund's financial statements.

Note 15 – Subsequent Events

Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements other than the following:

Distributions: The Board declared the following distributions after September 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Class** | **Dividend Per Share** | **Record Date** | **Payable Date** |
| A | $0.0364 | 10/29/25 | 10/31/25 |
| C | $0.0310 | 10/29/25 | 10/31/25 |

---

![](img_002.jpg)

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders and Board of Directors of

Atlas U.S Tactical Income Fund, Inc.

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Atlas U.S. Tactical Income Fund, Inc. (the "Fund") as of September 30, 2025, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations and its cash flows for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Fund's financial highlights for the periods ended September 30, 2022, and prior, were audited by other auditors whose report dated November 29, 2022, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian, counterparties, and broker. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund's auditor since 2023**.**

![](img_003.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

November 25, 2025

![](img_004.jpg)

**<u>PROXY VOTING POLICY</u>**

Information regarding how the Fund voted proxies relating to portfolio securities for the most recent twelve month period ended June 30 as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies is available without charge, upon request, by calling 1-855-969-8440 or by referring to the Securities and Exchange Commission's ("SEC") website at http://www.sec.gov.

**Atlas U.S. Tactical Income Fund, Inc.**

**ADDITIONAL INFORMATION (Unaudited)**

**September 30, 2025**

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

Approval of Continuance of Amended Investment Advisory Agreement

During a meeting held on May 14, 2025, the Board of Directors (the "Board") of Atlas U.S. Tactical Income Fund, Inc. (the "Fund"), including a majority of the Directors who are not "interested persons" of the Fund ("Independent Directors"), as that term is defined in the Investment Company Act of 1940, as amended (the "1940 Act"), discussed the continuance of the amended investment advisory agreement by and between Atlas Asset Management, LLC ("Atlas") and the Fund (the "Advisory Agreement").

The Board reviewed and discussed the 15(c) materials and acknowledged that Atlas had also routinely provided information to the Board throughout the year. The Independent Directors considered counsel's guidance and their own business judgment in evaluating the Advisory Agreement and the weight to be given to each factor considered. In considering the approval of the continuance of the Advisory Agreement, the Board did not identify any single factor or group of factors as all-important or controlling, and considered a variety of factors in its analysis, including those discussed below.

Nature, Extent and Quality of Services. The Board recognized that the Fund's portfolio manager had excellent academic credentials and had many years of experience in the financial services industry. The Board acknowledged that Atlas had been designated as the Board's Valuation Designee pursuant to Rule 2a-5 under the 1940 Act and was responsible for overseeing the fair valuation process for the Fund in addition to providing a complete and continuous investment program for the Fund. The Board commented that the portfolio manager made all investment decisions for the Fund and placed orders with brokers and dealers on the basis of best execution. The Board discussed that the portfolio manager ensured the Fund's compliance with all investment policies and limitations disclosed in the prospectus, while Atlas's chief compliance officer monitored the Fund's liquidity. The Board commented that Atlas was using NLCS to assist with the Fund's compliance program and reported no material compliance issues since the renewal of the advisory agreement. The Board noted that Atlas reported an SEC examination of the Atlas in 2024 and noted that while there were recommendations, there were no material deficiency findings made by the SEC. The Board observed that Atlas had intended to engage a third-party compliance service provider to review Atlas's policies and procedures on a periodic basis to ensure that they remained consistent with SEC requirements. The Board discussed that Atlas reported that there had been no litigation matters, or administrative actions against it or any of its affiliates since the approval of the

**Atlas U.S. Tactical Income Fund, Inc.**

**ADDITIONAL INFORMATION (Unaudited)(Continued)**

**September 30, 2025**

Advisory Agreement. The Board discussed Atlas's financial health and confirmed with Atlas that there had been no material changes to Atlas's financial condition since the approval of the Advisory Agreement. The Board concluded that it had a reasonable basis to expect Atlas to continue providing quality services to the Fund in line with the Board's expectations.

Performance. The Board reviewed the performance data for both share classes of the Fund, including one-year, five-year and since inception returns as of March 31, 2025. The Board also reviewed comparisons of the Fund's performance against the Non-Traditional Fixed Income Morningstar Category Average and benchmarks. The Board noted that the Fund had outperformed the Bloomberg U.S. Aggregate Bond Index for all periods, underperformed the S&P 500 Index for all periods, and outperformed its Morningstar Category for the one-year and five-year periods ended March 31, 2025. The Board recalled that Atlas noted that the Fund may underperform the S&P 500 Index during certain periods of high volatility given the significant concentration of fixed income assets in the Fund. The Board determined that the Fund's performance was satisfactory.

Fees and Expenses. The Board noted that the Fund's management fee was above the average of its Morningstar category and the Fund's expense ratio was below the average of its Morningstar category. The Board remarked that Atlas had entered into an expense limitation agreement to keep the Fund's expenses below a certain level and intended to renew the agreement when it expired. The Board acknowledged that the Fund's management fee, after fee waiver, was below the average of its Morningstar category. The Board concluded that the Fund's fees and expenses were not unreasonable.

Profitability. The Board observed that Atlas was managing the Fund at a loss. The Board therefore determined that Atlas's excessive profitability was not a concern for the Fund at this time.

Economies of Scale. The Board considered the extent to which economies of scale would be realized as the Fund grew and whether fee levels reflected a reasonable sharing of economies of scale for the benefit of the Fund's investors. The Board discussed Atlas's expectations for growth of the Fund, noting that the advisory fee structure provided for reduced advisory fees as the assets of the Fund increased. The Board observed that economies of scale would be considered in the future as the Fund's asset levels grow.

Conclusion. Based on all the information considered and the conclusions reached, with no single factor or conclusion being determinative and with each Director not necessarily attributing the same weight to each factor, the Board determined that the continuation of the Advisory Agreement for an additional one-year period to be in the best interests of the Fund.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included under Item 7

**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.**

None

**Item 16. Controls and Procedures**

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the
 registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation
 and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these
 disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Act) 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

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable

(b) Not applicable

**Item 19. Exhibits.**

(a)(1) Code of Ethics for Principal Executive and Senior Financial Officers is [attached hereto.](coe.htm)

(a)(2) Not applicable

(a)(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 Act (17 CFR 270.30a-2(a)): [Attached hereto.](atlas_ex99cert.htm)

(a)(4) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto](atlas_ex99-906cert.htm)

**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.

---

| | |
|:---|:---|
| (Registrant) | Atlas U.S. Tactical Income Fund, Inc. |
| By (Signature and Title) | /s/ Paul Hopgood |
|  | Paul Hopgood, President |
| Date | 11/28/25 |
| 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 person on behalf of the registrant and in the capacities and on the dates indicated. | 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 person on behalf of the registrant and in the capacities and on the dates indicated. |
| By (Signature and Title) | /s/ Paul Hopgood |
|  | Paul Hopgood, Principal Executive Officer/President |
| Date | 11/28/25 |
| By (Signature and Title) | /s/ Pedro Gonzalez |
|  | Pedro Gonzalez, Principal Financial Officer/Treasurer |
| Date | 11/28/25 |

---

## Ex-99.Cert

**EX-99.CERT**

**CERTIFICATIONS**

I, Paul Hopgood, certify that:

1. I have reviewed this report on Form N-CSR of the Atlas U.S. Tactical Income Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 11/28/25 | /s/ Paul Hopgood |
|  | | Paul Hopgood |
|  | | Principal Executive Officer/President |

---

I, Pedro Gonzalez, certify that:

1. I have reviewed this report on Form N-CSR of the Atlas U.S. Tactical Income Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 11/28/25 | /s/ Pedro Gonzalez |
|  | | Pedro Gonzalez |
|  | | Principal Financial Officer/ Treasurer |

---

## Exhibit 99.906

**EX-99.906CERT**

**certification**

Paul Hopgood, Principal Executive Officer/President, and Pedro Gonzalez, Principal Financial Officer/Treasurer of Atlas U.S. Tactical Income Fund, Inc. (the "Registrant"), each certify to the best of his knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended September 30, 2025, (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Principal Executive Officer/President<br> Atlas U.S. Tactical Income Fund, Inc. | Principal Financial Officer/Treasurer<br> Atlas U.S. Tactical Income Fund, Inc. |
| /s/ Paul Hopgood | /s/ Pedro Gonzalez |
| Paul Hopgood | Pedro Gonzalez |

---

Date: <u>11/28/25</u> Date: <u>11/28/25</u>

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Atlas U.S. Tactical Income Fund, Inc. and will be retained by Atlas U.S. Tactical Income Fund, Inc. and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

## Ex-99.Code

**ATLAS U.S. U.S. tactical INCOME fund**

**CODE OF ETHICS**

**Adopted Under Rule 17j-1**

This Code is adopted under Rule 17j-1, under the Investment Company Act of 1940, and Rule 204 A-1, under the Investment Advisers Act of 1940, and has been approved by the Board of each of the mutual Fund for which Atlas Asset Management, LLC ("AAM") serves as Manager.

This Code is designed to prevent fraud by reinforcing fiduciary principles that must govern the conduct of Employees. This Code sets forth standards of conduct expected of Employees, and addresses conflicts that arise from personal trading. Employees (1) must adhere to fiduciary standards, (2) have obligations to Clients, (3) may be required to restrict their personal trading, and (4) may be required to report their personal securities transactions and holdings.

Questions concerning this Code should be referred to the Chief Compliance Officer.

While affirming its confidence in the integrity and good faith of all of its officers and Directors, Atlas U.S. Tactical Income Fund (the "Fund"), recognizes that the knowledge of present or future portfolio transactions and, in certain instances, the power to influence portfolio transactions which may be possessed by certain of its officers, employees and Directors could place such individuals, if they engage in personal transactions in securities which are eligible for investment by the Fund, in a position where their personal interest may conflict with that of the Fund.

In view of the foregoing and of the prohibitions of Rule 17j-1(b) under the Investment Company Act of 1940 (the "1940 Act"), the Fund has determined to adopt this Code of Ethics to specify and prohibit certain types of transactions deemed to create conflicts of interest (or at least the potential for or the appearance of such a conflict), and to establish reporting requirements and enforcement procedures.

I. Statement of General Principles.

In recognition of the Fund and confidence placed in the Fund by its shareholders, and to give effect to the Fund's belief that its operations should be directed to the benefit of its shareholders, the Fund hereby adopts the following general principles to guide the actions of its Directors, officers, and employees.

(1) The interests of the Fund's shareholders are paramount, and all of the Fund's personnel must conduct themselves and their operations to give maximum effect to this tenet by assiduously placing the interests of the shareholders before their own.

(2) All personal transactions in securities by the Fund's personnel must be accomplished so as to avoid even the appearance of a conflict of interest on the part of such personnel with the interests of the Fund and its shareholders.

(3) All of the Fund's personnel must avoid actions or activities that allow (or appear to allow) a person to profit or benefit from his or her position with respect to the Fund, or that otherwise bring into question the person's independence or judgment.

II. Definitions.

(1) "Access Person" shall mean (i) each Director or officer of the Fund or its investment adviser or sub-advisers, (ii) each employee of the Fund or its investment adviser or sub-advisers (or of any company in a control relationship to the Fund) who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of a security by the Fund or any series thereof (each a "Fund"), or whose functions relate to the making of any recommendations with respect to such purchases or sales, (iii) any natural person in a control relationship to the Fund or its investment adviser or sub-advisers who obtains information concerning recommendations made to or by the Fund with respect to the purchase or sale of a security by any Fund, or whose functions relate to the making of any recommendations with respect to such purchases or sales; (iv) each director, officer or general partner of any principal underwriter for the Fund, but only where such person in the ordinary course either makes, participates in, or obtains information regarding the purchase or sale of securities by the Fund(s), or whose functions relate to the making of recommendations regarding securities to the Fund(s); and (v) any natural person in a control relationship with a Fund or any of the Fund's advisers or sub-advisers who obtain information concerning recommendations made to the Fund with regard to the purchase or sale of a security.

(2) "Beneficial ownership" of a security is to be determined in the same manner as it is for purposes of Section 16 of the Securities Exchange Act of 1934. This means that a person should generally consider himself the beneficial owner of any securities in which he has a direct or indirect pecuniary interest. In addition, a person should consider himself the beneficial owner of securities held by his spouse, his minor children, a relative who shares his home, or other persons by reason of any contract, arrangement, understanding or relationship that provides him with sole or shared voting or investment power.

(3) "Control" shall have the same meaning as that set forth in Section 2(a)(9) of the 1940 Act. Section 2(a)(9) provides that "control" means the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company. Ownership of 25% or more of a company's outstanding voting securities is presumed to give the holder thereof control over the company. Such presumption may be countered by the facts and circumstances of a given situation.

(4) "Independent Director" means a Director of the Fund who is not an "interested person" of the Fund within the meaning of Section 2(a)(19) of the 1940 Act.

(5) "Initial Public Offering" ("IPO") means an offering of Securities registered under the Securities Act of 1933, the issuer of which, immediately before registration, was not subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934.

Effective June 2021<br>

(6) "Portfolio Manager" means an individual who is involved in making the purchase or sale decisions of securities for a Fund.

(7) "Private Placement" means an offering that is exempt from registration under the Securities Act of 1933 pursuant to Section 4(2) or Section 4(6) of the Securities Act of 1933 or pursuant to Rules 504, 505 or 506 under the Securities Act of 1933.

(8) "Special Purpose Investment Personnel" means each Access Person who, in connection with his or her regular functions (including, where appropriate, attendance at Board meetings and other meetings at which the official business of the Fund is discussed or carried on), obtains contemporaneous information regarding the purchase or sale of a security by a Fund. Special Purpose Investment Personnel shall occupy this status only with respect to those securities as to which he or she obtains such contemporaneous information.

(9) "Purchase or sale of a security" includes, among other things, the writing of an option to purchase or sell a security.

(10) "Review Officer" means the officer of the Fund or the adviser designated from time to time to receive and review reports of purchases and sales by Access Persons. It is recognized that a different Review Officer may be designated with respect to the Fund and the adviser and sub-advisers. The Review Officer shall be the Fund's CCO or their designee.

(11) "Security" shall have the same meaning as that set forth in Section 2(a)(36) of the 1940 Act, except that it shall not include direct obligations of the Government of the United States, bankers' acceptances, bank certificates of deposit, commercial paper, shares issued by registered, open-end mutual Fund (other than ETFs) and high-quality short-term debt instruments, including repurchase agreements.

(12) A Security "held or to be acquired" by any Fund means (A) any Security which, within the most recent fifteen days, (i) is or has been held by any Fund, or (ii) is being or has been considered by a Fund's investment adviser or sub-adviser for purchase by a Fund; (B) and any option to purchase or sell and any Security convertible into or exchangeable for any Security described in (A) above.

(13) A Security is "being purchased or sold" by the Fund from the time when a purchase or sale program has been communicated to the person who places the buy and sell orders for the Fund until the time when such program has been fully completed or terminated.

III. Prohibited Purchases and Sales of Securities.

(1) No Access Person shall, in connection with the purchase or sale, directly or indirectly, by such person of a Security held or to be acquired by any of the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) employ any device, scheme, or artifice to defraud such Fund;

Effective June 2021<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) make to such Fund any untrue statement of a material fact or omit to state to such Fund a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) engage in any act, practice or course of business which would operate as a fraud or deceit upon such Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) engage in any manipulative practice with respect to such Fund.

(2) No Portfolio Manager may purchase or sell, directly or indirectly, any Security as to which such person is a Portfolio Manager in which he had (or by reason of such transaction acquires) any Beneficial Ownership at any time within 15 calendar days before or after the time that the same (or a related) Security is being purchased or sold by any Fund, except that pre-approval may be sought for such purchase or sale from the Chief Compliance Officer after such Security has been sold for a Fund.

(3) No Special Purpose Investment Personnel may *profit* in the purchase and sale, or sale and purchase of a Security as to which he or she is a Special Purpose Investment Personnel within 30 days of acquiring Beneficial Ownership of that Security.

IV. Additional Restrictions and Requirements

(1) Pre-approval of Private Placements – Investment Personnel must obtain approval from the Review Officer before acquiring beneficial ownership of any securities offered in connection with an IPO or a Private Placement.

(2) Investment Personnel may not purchase Initial Public Offerings (IPO's), except insofar as pre-approval is sought and obtained from the Chief Compliance Officer.

(3) No Access Person shall accept or receive any gift of more than de minimis value from any person or entity that does business with or on behalf of the Fund.

(4) Each Access Person (other than the Fund's Independent Directors and its Directors and officers who are not currently affiliated with or employed by the Fund's investment adviser or principal underwriter) who is not required to provide such information under the terms of a code of ethics described in Section VII hereof must provide to the Review Officer a complete listing of all securities owned by such person as of the end of a calendar quarter. The initial listing must be submitted no later than 10 days of the date upon which such person first becomes an Access Person of the Fund, and each update thereafter must be provided no later than 30 days after the start of the subsequent year.

V. Reporting Obligations.

(1) Each Access Person (other than the Fund's Independent Directors) shall report all transactions in Securities in which the person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership. Reports shall be filed with the Review Officer quarterly.

Effective June 2021<br>

The Review Officer shall submit confidential quarterly reports with respect to his or her own personal securities transactions to an officer designated to receive his or her reports ("Alternate Review Officer"), who shall act in all respects in the manner prescribed herein for the Review Officer.

(2) Every report shall be made not later than 30 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and shall contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The date of the transaction, the title and the number of shares or the principal amount of each security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The price at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) The name of the broker, dealer, or bank with or through whom the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) The date the report was submitted by the Access Person.

(3) In the event no reportable transactions occurred during the quarter, the report should be so noted, returned signed, and dated.

(4) An Access Person who would otherwise be required to report his or her transactions under this Code shall not be required to file reports pursuant to this Section V where such person is required to file reports pursuant to a code of ethics described in Section VII, hereof.

(5) An Independent Director shall report transactions in Securities only if the Director knew at the time of the transaction or, in the ordinary course of fulfilling his or her official duties as a Director, should have known, that during the 15-day period immediately preceding or following the date of the transaction, such security was purchased or sold, or was being considered for purchase or sale, by the Fund. (The "should have known" standard implies no duty of inquiry, does not presume there should have been any deduction or extrapolation from discussions or memoranda dealing with tactics to be employed meeting a Fund's investment objectives, or that any knowledge is to be imputed because of prior knowledge of the Fund's portfolio holdings, market considerations, or the Fund's investment policies, objectives, and restrictions.)

(6) Any such report may contain a statement that the report shall not be construed as an admission by the person making such report that he has any direct or indirect beneficial ownership in the security to which the report relates.

(7) Each Independent Director shall report the name of any publicly owned company (or any company anticipating a public offering of its equity securities) and the total number of its shares beneficially owned by him or her if such total ownership is more than 1/2 of 1% of the company's

Effective June 2021<br>

outstanding shares. Such report shall be made promptly after the date on which the Director's ownership interest equaled or exceeded 1/2 of 1%.

VI. Review and Enforcement.

(1) The Review Officer shall compare all reported personal securities transactions with completed portfolio transactions of the Fund and a list of securities being considered for purchase or sale by the Fund's adviser(s) and sub-adviser(s) to determine whether a violation of this Code may have occurred. Before making any determination that a violation has been committed by any person, the Review Officer shall give such person an opportunity to supply additional explanatory material.

(2) If the Review Officer determines that a violation of this Code may have occurred, he shall submit his written determination, together with the confidential monthly report and any additional explanatory material provided by the individual, to the President of the Fund and outside counsel, who shall make an independent determination as to whether a violation has occurred.

(3) If the President and outside counsel find that a violation has occurred, the President shall impose upon the individual such sanctions as he or she deems appropriate and shall report the violation and the sanction imposed to the Board of Directors of the Fund.

(4) No person shall participate in a determination of whether he has committed a violation of the Code or of the imposition of any sanction against him/herself. If a securities transaction of the President is under consideration, any Vice President shall act in all respects in the manner prescribed herein for the President.

VII. Investment Adviser's or Principal Underwriter's Code of Ethics.

Each investment adviser (including, where applicable, any sub-adviser), and principal underwriter (where applicable) of the Fund shall:

(1) Submit to the Board of Directors of the Fund a copy of its code of ethics adopted pursuant to Rule 17j-1;

(2) Promptly report to the appropriate Fund in writing any material amendments to such code of ethics;

(3) Promptly furnish to the Fund upon request copies of any reports made pursuant to such Code by any person who is an Access Person as to the Fund; and

(4) Shall immediately furnish to the Fund, without request, all material information regarding any violation of such Code by any person who is an Access Person as to the Fund.

VIII. Annual Written Report to the Board.

Effective June 2021<br>

At least once a year, the Review Officer will provide the Board a written report that includes:

(1) Issues Arising Under the Code - The Report will describe any issue(s) that arose during the previous year under the Code, including any material Code violations, and any resulting sanction(s).

(2) Certification - The Report will certify to the Board that the Fund has adopted measures reasonably necessary to prevent its personnel from violating the Code currently and in the future.

IX. Records.

The Fund shall maintain records in the manner and to the extent set forth below, which records may be maintained under the conditions described in Rule 31a-2 under the Investment Company Act and shall be available for examination by representatives of the Securities and Exchange Commission.

(1) A copy of this Code and any other code which is, or at any time within the past five years has been, in effect shall be preserved in an easily accessible place;

(2) A record of any violation of this Code and of any action taken as a result of such violation shall be preserved in an easily accessible place for a period of not less than five years following the end of the fiscal year in which the violation occurs;

(3) A copy of each report made by an Access Person pursuant to this Code shall be preserved for a period of not less than five years from the end of the fiscal year in which it is made, the first two years in an easily accessible place; and

(4) A list of all persons who are, or within the past five years have been, required to make reports pursuant to this Code shall be maintained in an easily accessible place.

(5) A copy of each annual report to the Board will be maintained for at least five years from the end of the fiscal year in which it is made, the first two years in an easily accessible place; and

(6) A record of any decision, and the reasons supporting the decision, to approve the acquisition of Securities in an IPO or a Private Placement, shall be preserved for at least five years after the end of the fiscal year in which the approval is granted.

X. Miscellaneous

(1) Confidentiality. All reports of securities transactions and any other information filed with the Fund pursuant to this Code shall be treated as confidential.

(2) Interpretation of Provisions. The Board may from time to time adopt such interpretations of this Code as it deems appropriate.

Effective June 2021<br>

(3) Periodic Review and Reporting. The President of the Fund shall report to the Board at least annually as to the operation of this Code and shall address in any such report the need (if any) for further changes or modifications to this Code.

Effective June 2021<br>