# EDGAR Filing Document

**Accession Number:** 0001970751
**File Stem:** 0001133228-25-006248
**Filing Date:** 2025-6
**Character Count:** 270413
**Document Hash:** 6c0430a8d3c90b0e48d08d6e3ef37d2e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-006248.hdr.sgml**: 20250609

**ACCESSION NUMBER**: 0001133228-25-006248

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250609

**DATE AS OF CHANGE**: 20250609

**EFFECTIVENESS DATE**: 20250609

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advisor Managed Portfolios
- **CENTRAL INDEX KEY:** 0001970751

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23859
- **FILM NUMBER:** 251033700

**BUSINESS ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** (626) 914-7385

**MAIL ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

## Series and Classes Contracts Data

### Regan Total Return Income Fund (Series ID: S000082971)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000246397 | Investor Class      | RCTRX           |
| C000246398 | Institutional Class | RCIRX           |

?xml version='1.0' encoding='ASCII'? 2025-04-09197804_ReganTotalReturnIncomeFund_InvestorClass_TSRSemiAnnual

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 **<u>811-23859</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Advisor Managed Portfolios</u>**

(Exact name of registrant as specified in charter)

**<u>615 East Michigan Street</u>**

**<u>Milwaukee, Wisconsin 53202</u>**

(Address of principal executive offices) (Zip code)

**<u>Russell B. Simon, President</u>**

**<u>Advisor Managed Portfolios</u>**

**<u>2020 East Financial Way, Suite 100</u>**

**<u>Glendora, CA 91741</u>**

(Name and address of agent for service)

**<u>(626) 914-7395</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>September 30</u>**

Date of reporting period: **<u>March 31, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img002.jpg) | **Regan Total Return Income Fund**  | ![image](img003.jpg) |
| ![image](img002.jpg) | Investor Class \| RCTRX  | ![image](img003.jpg) |
| ![image](img002.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](img003.jpg) |

---

This semi-annual shareholder report contains important information about the Regan Total Return Income Fund for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.regancapital.com/total-return-income-fund-rctrx/. You can also request this information by contacting us at 888-447-3426.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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** **\*** |
| Investor Class | $66 | 1.30% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1381736628 |
| **Portfolio Turnover** | 13% |
| **30-Day SEC Yield** | 5.66% |
| **30-Day SEC Yield Unsubsidized** | 5.61% |

---

Visit https://www.regancapital.com/total-return-income-fund-rctrx/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

**Security Type Breakdown (%)**

![image](ts3967img003.jpg)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.regancapital.com/total-return-income-fund-rctrx/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Regan Capital documents not be householded, please contact Regan Capital at 888-447-3426, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Regan Capital or your financial intermediary.

---

| | | |
|:---|:---|:---|
| Regan Total Return Income Fund | PAGE 1 | TSR-SAR-00777X587 |

---

48.725.315.210.80.30.00.3 ------

---

| | | |
|:---|:---|:---|
| ![image](img001.jpg) | **Regan Total Return Income Fund**  | ![image](img003.jpg) |
| ![image](img001.jpg) | Institutional Class \| RCIRX  | ![image](img003.jpg) |
| ![image](img001.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](img003.jpg) |

---

This semi-annual shareholder report contains important information about the Regan Total Return Income Fund for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.regancapital.com/mutual-funds/total-return-income-fund-rcirx/. You can also request this information by contacting us at 888-447-3426.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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** **\*** |
| Institutional Class | $54 | 1.07% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1381736628 |
| **Portfolio Turnover** | 13% |
| **30-Day SEC Yield** | 5.91% |
| **30-Day SEC Yield Unsubsidized** | 5.87% |

---

Visit https://www.regancapital.com/mutual-funds/total-return-income-fund-rcirx/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

**Security Type Breakdown (%)**

![image](ts3966img003.jpg)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.regancapital.com/mutual-funds/total-return-income-fund-rcirx/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Regan Capital documents not be householded, please contact Regan Capital at 888-447-3426, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Regan Capital or your financial intermediary.

---

| | | |
|:---|:---|:---|
| Regan Total Return Income Fund | PAGE 1 | TSR-SAR-00777X579 |

---

48.725.315.210.80.30.00.3 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included as part of the report to shareholders filed under
 Item 1 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](regan_capital_logo.jpg)

**Regan Total Return Income Fund**

Semi-Annual Financial Statements

March 31, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedule of Investments](#tsoi) | [1](#tsoi) |
| [Statement of Assets and Liabilities](#tsal) | [42](#tsal) |
| [Statement of Operations](#tsop) | [43](#tsop) |
| [Statements of Changes in Net Assets](#tscna) | [44](#tscna) |
| [Financial Highlights](#fihi) | [45](#fihi) |
| [Notes to Financial Statements](#tnote) | [47](#tnote) |
| [Additional Information](#taddn) | [55](#taddn) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**REGAN TOTAL RETURN INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES - 48.7%**<br>|  |  |
| ABN Amro Mortgage Corp., Series 2003-12, Class 1A, 5.00%, 12/25/2033 | $73782 | $72538  |
|  Accredited Mortgage Loan Trust, Series 2004-4, Class A1A, 5.11% (1 mo. Term SOFR + 0.79%), 01/25/2035 | 142217 | 142587  |
| ACE Securities Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-ASL1, Class A, 4.71% (1 mo. Term SOFR + 0.39%), 02/25/2036 | 267853 | 22895  |
| &nbsp;&nbsp;&nbsp; Series 2006-SL3, Class A1, 4.63% (1 mo. Term SOFR + 0.31%), 06/25/2036 | 9098297 | 77987  |
| &nbsp;&nbsp;&nbsp; Series 2006-SL4, Class A1, 4.67% (1 mo. Term SOFR + 0.35%), 09/25/2036 | 1758605 | 66404  |
| &nbsp;&nbsp;&nbsp; Series 2007-D1, Class A4, 6.93%, 02/25/2038<sup>(c)(d)</sup> | 457653 | 384148  |
| &nbsp;&nbsp;&nbsp; Series 2007-HE5, Class A2C, 4.79% (1 mo. Term SOFR + 0.47%), 07/25/2037 | 6627450 | 2095307  |
| Adjustable RateMortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-2, Class 6A1, 6.00%, 02/25/2035<sup>(a)</sup> | 13876 | 13807  |
| &nbsp;&nbsp;&nbsp; Series 2004-4, Class 3A1, 4.85%, 03/25/2035<sup>(a)</sup> | 23987 | 23626  |
| &nbsp;&nbsp;&nbsp; Series 2005-10, Class 1A1, 6.21%, 01/25/2036<sup>(a)</sup> | 189758 | 179018  |
| &nbsp;&nbsp;&nbsp; Series 2005-10, Class 6A21, 4.93% (1 mo. Term SOFR + 0.61%), 01/25/2036<sup>(b)</sup> | 98902 | 87874  |
| &nbsp;&nbsp;&nbsp; Series 2005-3, Class 7A1, 6.10%, 07/25/2035<sup>(a)</sup> | 218173 | 203642  |
| &nbsp;&nbsp;&nbsp; Series 2005-6A, Class 2A1, 5.05% (1 mo. Term SOFR + 0.73%), 11/25/2035 | 114967 | 31563  |
| &nbsp;&nbsp;&nbsp; Series 2005-7, Class 1A1, 5.93%, 10/25/2035<sup>(a)(b)</sup> | 153187 | 104167  |
| &nbsp;&nbsp;&nbsp; Series 2005-7, Class 2A21, 4.87%, 10/25/2035<sup>(a)</sup> | 1080908 | 946714  |
| &nbsp;&nbsp;&nbsp; Series 2005-7, Class 5A1, 5.13%, 10/25/2035<sup>(a)</sup> | 1924948 | 1389163  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class 1A1, 4.71%, 03/25/2036<sup>(a)</sup> | 59137 | 54935  |
|  Aegis Asset Backed Securities Trust, Series 2004-5, Class M2, 6.26% (1 mo. Term SOFR + 1.94%), 12/25/2034 | 155233 | 139028  |
|  AFC Home Equity Loan Trust, Series 2000-1, Class 2A, 5.07% (1 mo. Term SOFR + 0.75%), 03/25/2030 | 105899 | 101500  |
| Agate Bay Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-4, Class A5, 3.00%, 06/25/2045<sup>(a)(d)</sup> | 281899 | 256263  |
| &nbsp;&nbsp;&nbsp; Series 2015-6, Class A3, 3.50%, 09/25/2045<sup>(a)(d)</sup> | 328875 | 302045  |
| American Home Mortgage Assets LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class 1A1, 5.60% (MTA + 0.96%), 09/25/2046 | 458084 | 397163  |
| &nbsp;&nbsp;&nbsp; Series 2007-3, Class 11A1, 4.85% (1 mo. Term SOFR + 0.53%), 06/25/2037 | 152793 | 146362  |
| American Home Mortgage Investment Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-3, Class MH1, 5.33% (1 mo. Term SOFR + 1.01%), 10/25/2034 | 81764 | 78400  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class GA1A, 4.59% (1 mo. Term SOFR + 0.27%), 05/25/2047 | 6732153 | 4981370  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class GA1C, 4.62% (1 mo. Term SOFR + 0.30%), 05/25/2047 | 11087429 | 6515333  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class GIOP, 2.08%, 05/25/2047<sup>(e)</sup> | 21765548 | 3408927  |
| &nbsp;&nbsp;&nbsp; Series 2007-2, Class 12A1, 4.97% (1 mo. Term SOFR + 0.65%), 03/25/2037 | 1008405 | 383589  |
| &nbsp;&nbsp;&nbsp; Series 2007-A, Class 4A, 5.33% (1 mo. Term SOFR + 1.01%), 07/25/2046<sup>(d)</sup> | 109975 | 23542  |
| Angel Oak Mortgage Trust LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class A1, 0.99%, 04/25/2066<sup>(a)(d)</sup> | 482448 | 414525  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class A1, 1.07%, 05/25/2066<sup>(a)(d)</sup> | 4220138 | 3621135  |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class A1, 1.04%, 01/20/2065<sup>(a)(d)</sup> | 4628466 | 3870510  |
| &nbsp;&nbsp;&nbsp; Series 2021-5, Class A1, 0.95%, 07/25/2066<sup>(a)(d)</sup> | 972249 | 837830  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class A3, 4.75%, 09/26/2067<sup>(c)(d)</sup> | 206418 | 202140  |
|  Argent Securities Inc., Series 2006-W5, Class A2B, 4.63% (1 mo. Term SOFR + 0.31%), 06/25/2036 | 303139 | 81550  |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates Series 2003-W7, Series 2006-W4, Class A2D, 4.97% (1 mo. Term SOFR + 0.65%), 05/25/2036 | 272417 | 64937  |

---

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

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REGAN TOTAL RETURN INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| ASG ResecuritizationTrust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2011-1, Class 2H1, 6.00%, 09/28/2036<sup>(a)(b)(d)</sup> | $3222000 | $1006875  |
| &nbsp;&nbsp;&nbsp; Series 2011-2, Class M52, 5.75%, 02/28/2036<sup>(d)</sup> | 674548 | 635073  |
| &nbsp;&nbsp;&nbsp; Series 2013-2, Class 1M40, 4.91%, 12/28/2035<sup>(a)(b)(d)</sup> | 2296487 | 2076886  |
|  Asset Backed Funding Certificates, Series 2002-WF2, Class A2, 5.56% (1 mo. Term SOFR + 1.24%), 05/25/2032 | 6240 | 6237  |
| &nbsp;&nbsp;&nbsp; Asset Backed Securities Corp. Home Equity, Series 2004-HE9, Class M1, 5.41% <br>(1 mo. Term SOFR + 1.09%), 12/25/2034 | 240737 | 222375  |
| Banc of America Alternative Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-10, Class 1CB1, 4.83% (1 mo. Term SOFR + 0.51%), 11/25/2035 | 447398 | 387113  |
| &nbsp;&nbsp;&nbsp; Series 2005-11, Class 1CB3, 5.50%, 12/25/2035 | 199950 | 179927  |
| &nbsp;&nbsp;&nbsp; Series 2005-11, Class 1CB5, 5.50%, 12/25/2035 | 167170 | 150430  |
| &nbsp;&nbsp;&nbsp; Series 2006-5, Class CB7, 6.00%, 06/25/2046 | 814838 | 702240  |
| &nbsp;&nbsp;&nbsp; Series 2006-6, Class 2A10, 6.00%, 07/25/2046 | 436589 | 363230  |
| &nbsp;&nbsp;&nbsp; Series 2006-6, Class 2A8, 6.00%, 07/25/2046 | 314787 | 261894  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 1A1, 3.99%, 04/25/2028<sup>(a)</sup> | 282307 | 256015  |
| &nbsp;&nbsp;&nbsp; Series 2007-2, Class 1A1, 5.50%, 06/25/2037 | 636698 | 552945  |
| &nbsp;&nbsp;&nbsp; Series 2007-2, Class 3A2, 4.79% (1 mo. Term SOFR + 0.47%), 06/25/2037 | 126829 | 90882  |
| Banc of America Funding Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-2, Class B1, 6.50%, 06/25/2032<sup>(a)(b)</sup> | 145627 | 107764  |
| &nbsp;&nbsp;&nbsp; Series 2004-B, Class 7M1, 5.33% (1 mo. Term SOFR + 1.01%), 12/20/2034 | 92996 | 97265  |
| &nbsp;&nbsp;&nbsp; Series 2005-1, Class 1A6, 5.50%, 02/25/2035 | 38641 | 37600  |
| &nbsp;&nbsp;&nbsp; Series 2005-3, Class 1A10, 5.25%, 06/25/2035 | 258881 | 233654  |
| &nbsp;&nbsp;&nbsp; Series 2005-5, Class 3A5, 5.50%, 08/25/2035 | 158220 | 145585  |
| &nbsp;&nbsp;&nbsp; Series 2005-6, Class 1A3, 5.75%, 10/25/2035 | 1048755 | 862963  |
| &nbsp;&nbsp;&nbsp; Series 2005-6, Class 1A8, 6.00%, 10/25/2035 | 300074 | 251886  |
| &nbsp;&nbsp;&nbsp; Series 2005-8, Class 1A1, 5.50%, 01/25/2036 | 200666 | 164987  |
| &nbsp;&nbsp;&nbsp; Series 2005-B, Class 2A1, 4.65%, 04/20/2035<sup>(a)</sup> | 28613 | 25844  |
| &nbsp;&nbsp;&nbsp; Series 2005-E, Class 8A1, 6.07% (MTA + 1.43%), 06/20/2035 | 984398 | 763189  |
| &nbsp;&nbsp;&nbsp; Series 2005-H, Class 1A1, 6.56%, 11/20/2035<sup>(a)</sup> | 187561 | 178539  |
| &nbsp;&nbsp;&nbsp; Series 2006-7, Class 1A1, 4.88% (1 mo. Term SOFR + 0.56%), 09/25/2036 | 668558 | 511141  |
| &nbsp;&nbsp;&nbsp; Series 2006-B, Class 2A1, 4.72%, 03/20/2036<sup>(a)</sup> | 36960 | 31382  |
| &nbsp;&nbsp;&nbsp; Series 2006-G, Class 3A3, 6.60% (12 mo. Term SOFR + 2.47%), 07/20/2036 | 7237 | 7183  |
| &nbsp;&nbsp;&nbsp; Series 2006-I, Class 6A1, 4.81% (1 mo. Term SOFR + 0.49%), 12/20/2046 | 1315842 | 1169381  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 1A3, 6.00%, 01/25/2037 | 43900 | 37558  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class TA1A, 4.49% (1 mo. Term SOFR + 0.17%), 01/25/2037 | 216183 | 182973  |
| &nbsp;&nbsp;&nbsp; Series 2007-2, Class 1A31, 6.00%, 03/25/2037 | 360293 | 269035  |
| &nbsp;&nbsp;&nbsp; Series 2007-2, Class TA1B, 5.81%, 03/25/2037<sup>(a)</sup> | 54148 | 52226  |
| &nbsp;&nbsp;&nbsp; Series 2007-4, Class 3A1, 4.80% (1 mo. Term SOFR + 0.48%), 06/25/2037 | 154816 | 116866  |
| &nbsp;&nbsp;&nbsp; Series 2007-8, Class 4A1, 6.00%, 08/25/2037 | 81215 | 65961  |
| &nbsp;&nbsp;&nbsp; Series 2007-A, Class 2A1, 4.75% (1 mo. Term SOFR + 0.43%), 02/20/2047 | 910603 | 836148  |
| &nbsp;&nbsp;&nbsp; Series 2007-C, Class 7A4, 4.87% (1 mo. Term SOFR + 0.55%), 05/20/2047 | 227451 | 208846  |
| &nbsp;&nbsp;&nbsp; Series 2007-C, Class 7A5, 5.03% (1 mo. Term SOFR + 0.71%), 05/20/2047 | 1008613 | 932693  |
| &nbsp;&nbsp;&nbsp; Series 2009-R14A, Class 2A, 6.58% (-2 x 1 mo. Term SOFR + 14.80%), 07/26/2035<sup>(d)(f)</sup> | 448071 | 380392  |
| &nbsp;&nbsp;&nbsp; Series 2010-R6, Class 3A4, 6.25%, 09/26/2037<sup>(a)(d)</sup> | 583902 | 213520  |

---

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

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REGAN TOTAL RETURN INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2010-R8, Class 1A4, 5.75%, 05/26/2036<sup>(d)</sup> | $266405 | $155179  |
| &nbsp;&nbsp;&nbsp; Series 2015-R2, Class 3A3, 4.38%, 04/29/2037<sup>(a)(d)</sup> | 1672757 | 1469013  |
| &nbsp;&nbsp;&nbsp; Series 2016-R2, Class 1A2, 11.90%, 05/01/2033<sup>(a)(d)(g)</sup> | 1962838 | 1928849  |
|  Banc of America Funding Corporation, Series 2006-4, Class A11, 6.00%, 07/25/2036 | 173841 | 131849  |
| Banc of America Mortgage Securities<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-H, Class 2A2, 7.42%, 09/25/2033<sup>(a)</sup> | 570234 | 543345  |
| &nbsp;&nbsp;&nbsp; Series 2005-E, Class 3A1, 5.76%, 06/25/2035<sup>(a)</sup> | 210788 | 202247  |
| &nbsp;&nbsp;&nbsp; Series 2005-F, Class 2A2, 6.36%, 07/25/2035<sup>(a)(b)</sup> | 212583 | 192388  |
| &nbsp;&nbsp;&nbsp; Series 2007-3, Class 1A1, 6.00%, 09/25/2037 | 1686649 | 1367371  |
| Banc of America Mortgage Securities, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-3, Class 2A3, 5.50%, 03/25/2035 | 438929 | 395712  |
| &nbsp;&nbsp;&nbsp; Series 2005-8, Class A12, 5.50%, 09/25/2035 | 871410 | 762678  |
| &nbsp;&nbsp;&nbsp; Series 2005-G, Class 2A1, 5.90%, 08/25/2035<sup>(a)(b)</sup> | 411385 | 378989  |
| &nbsp;&nbsp;&nbsp; Series 2005-H, Class 2A1, 5.71%, 09/25/2035<sup>(a)</sup> | 181788 | 160386  |
| &nbsp;&nbsp;&nbsp; Series 2005-I, Class 3A1, 4.11%, 10/25/2035<sup>(a)</sup> | 479030 | 383904  |
| &nbsp;&nbsp;&nbsp; Series 2005-J, Class 2A1, 5.67%, 11/25/2035<sup>(a)</sup> | 50500 | 44705  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class A2, 6.00% (1 mo. Term SOFR + 6.00%), 07/25/2046 | 238126 | 205515  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class A3, 5.03% (1 mo. Term SOFR + 0.71%), 07/25/2046 | 733802 | 591686  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 1A4, 6.00%, 03/25/2037 | 1022434 | 867190  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 2A11, 5.03% (1 mo. Term SOFR + 0.71%), 01/25/2037 | 742061 | 625899  |
| &nbsp;&nbsp;&nbsp; Series 2007-2, Class A7, 5.50%, 05/25/2037 | 69705 | 52575  |
|  Bank of America NA, Series 2008-R4, Class 1A4, 4.88% (1 mo. Term SOFR + 0.56%), 07/25/2037<sup>(d)</sup> | 269496 | 184741  |
| BankAmerica Manufactured Housing Contract Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 1997-1, Class B1, 6.94%, 03/15/2026 | 600000 | 60382  |
| &nbsp;&nbsp;&nbsp; Series 1998-2, Class B1, 7.22%, 12/10/2025<sup>(a)</sup> | 2177312 | 229204  |
|  Bayview Asset Management LLC/Private Equity, Series 2021-2, Class A5, 2.50%, 06/25/2051<sup>(a)(b)(d)</sup> | 111511 | 94338  |
| Bayview Commercial Asset Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-3A, Class M1, 4.94% (1 mo. Term SOFR + 0.62%), 10/25/2036<sup>(d)</sup> | 472193 | 451356  |
| &nbsp;&nbsp;&nbsp; Series 2006-4A, Class A2, 4.84% (1 mo. Term SOFR + 0.52%), 12/25/2036<sup>(d)</sup> | 274981 | 258072  |
|  Bayview Financial Acquisition Trust, Series 2006-C, Class 2A3, 4.88% (1 mo. Term SOFR + 0.55%), 11/28/2036 | 795260 | 736958  |
| BCAP LLC Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2007-AA4, Class 12A1, 4.39%, 06/25/2047<sup>(a)</sup> | 2487965 | 994148  |
| &nbsp;&nbsp;&nbsp; Series 2008-IND2, Class A2, 3.99%, 04/25/2038<sup>(a)</sup> | 877851 | 680944  |
| &nbsp;&nbsp;&nbsp; Series 2011-RR4, Class 7A1, 5.25%, 04/26/2037<sup>(b)(d)</sup> | 1840429 | 1030640  |
| &nbsp;&nbsp;&nbsp; Series 2011-RR4, Class 8A1, 5.25%, 02/26/2036<sup>(a)(d)</sup> | 1226322 | 486155  |
| &nbsp;&nbsp;&nbsp; Series 2011-RR9, Class 6A6, 5.62%, 01/26/2036<sup>(a)(b)(d)</sup> | 3251153 | 1355324  |
| &nbsp;&nbsp;&nbsp; Series 2012-RR4, Class 4A7, 4.16%, 02/26/2036<sup>(a)(d)</sup> | 1861676 | 1030159  |
| Bear Stearns Adjustable RateMortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-5, Class 2B1, 5.26%, 08/25/2033<sup>(a)</sup> | 46771 | 39265  |
| &nbsp;&nbsp;&nbsp; Series 2003-6, Class 2A1, 7.48%, 08/25/2033<sup>(a)</sup> | 124897 | 121024  |
| &nbsp;&nbsp;&nbsp; Series 2003-7, Class 2A, 7.75%, 10/25/2033<sup>(a)(b)</sup> | 18857 | 15369  |
| &nbsp;&nbsp;&nbsp; Series 2004-10, Class 12A5, 5.12%, 01/25/2035<sup>(a)</sup> | 16618 | 16085  |

---

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

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REGAN TOTAL RETURN INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2004-2, Class 22A, 7.01%, 05/25/2034<sup>(a)(b)</sup> | $2594 | $2347  |
| &nbsp;&nbsp;&nbsp; Series 2005-12, Class 23A1, 4.53%, 02/25/2036<sup>(a)</sup> | 421229 | 386150  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class A1, 6.53% (1 yr. CMT Rate + 2.25%), 02/25/2036<sup>(b)</sup> | 87592 | 78395  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class 2A1, 4.57%, 07/25/2036<sup>(a)(b)</sup> | 177743 | 144772  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class 3A1, 4.45%, 07/25/2036<sup>(a)</sup> | 309316 | 260954  |
| &nbsp;&nbsp;&nbsp; Series 2006-4, Class 2A1, 4.41%, 10/25/2036<sup>(a)</sup> | 121206 | 106967  |
| &nbsp;&nbsp;&nbsp; Series 2007-2, Class 4A1, 6.10% (1 yr. CMT Rate + 2.20%), 12/25/2046 | 773328 | 684283  |
| &nbsp;&nbsp;&nbsp; Series 2007-4, Class 22A1, 4.43%, 06/25/2047<sup>(a)</sup> | 141972 | 124488  |
| Bear Stearns Alt-A Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-3, Class A1, 5.07% (1 mo. Term SOFR + 0.75%), 04/25/2034<sup>(b)</sup> | 177613 | 166299  |
| &nbsp;&nbsp;&nbsp; Series 2004-4, Class M2, 6.31% (1 mo. Term SOFR + 1.99%), 06/25/2034 | 218354 | 213958  |
| &nbsp;&nbsp;&nbsp; Series 2005-7, Class 23A1, 4.68%, 09/25/2035<sup>(a)</sup> | 253746 | 104517  |
| &nbsp;&nbsp;&nbsp; Series 2006-3, Class 34A1, 4.29%, 05/25/2036<sup>(a)</sup> | 3151025 | 1401415  |
| &nbsp;&nbsp;&nbsp; Series 2006-6, Class 31A1, 4.64%, 11/25/2036<sup>(a)</sup> | 974704 | 563326  |
| &nbsp;&nbsp;&nbsp; Series 2006-7, Class 23A1, 5.58%, 12/25/2046<sup>(a)</sup> | 1839583 | 1310343  |
| Bear Stearns Alt-A Trust II, Series 2007-1, Class 1A1, 4.35%, 09/25/2047<sup>(a)</sup> | 6810008 | 3318566  |
| Bear Stearns Asset Backed Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-AC4, Class A, 5.50%, 09/25/2033<sup>(c)</sup> | 79840 | 72367  |
| &nbsp;&nbsp;&nbsp; Series 2004-HE7, Class M2, 6.16% (1 mo. Term SOFR + 1.84%), 08/25/2034 | 3205 | 3135  |
| &nbsp;&nbsp;&nbsp; Series 2004-HE8, Class M3, 6.53% (1 mo. Term SOFR + 2.21%), 09/25/2034 | 411979 | 400320  |
| &nbsp;&nbsp;&nbsp; Series 2004-HE9, Class M2, 5.94% (1 mo. Term SOFR + 1.91%), 11/25/2034 | 1731545 | 1644986  |
| &nbsp;&nbsp;&nbsp; Series 2005-AC6, Class 1A3, 5.50%, 09/25/2035<sup>(a)</sup> | 290451 | 275882  |
| &nbsp;&nbsp;&nbsp; Series 2005-AC8, Class A3, 3.22% (-1 x 1 mo. Term SOFR + 7.54%), 11/25/2035<sup>(e)(f)</sup> | 3017200 | 759931  |
| &nbsp;&nbsp;&nbsp; Series 2006-AC3, Class 1A1, 4.83% (1 mo. Term SOFR + 0.51%), 05/25/2036 | 2761126 | 682092  |
| &nbsp;&nbsp;&nbsp; Series 2006-SD3, Class 23A2, 4.83% (1 mo. Term SOFR + 0.51%), 07/25/2036 | 875246 | 763444  |
| &nbsp;&nbsp;&nbsp; Series 2007-AC5, Class A3, 6.00%, 07/25/2037 | 3779962 | 1365538  |
| &nbsp;&nbsp;&nbsp; Series 2007-AC6, Class A1, 6.50%, 10/25/2037 | 1378171 | 559184  |
| &nbsp;&nbsp;&nbsp; Series 2007-HE2, Class 23A, 4.71% (1 mo. Term SOFR + 0.39%), 03/25/2037 | 87843 | 83820  |
| &nbsp;&nbsp;&nbsp; Series 2007-SD1, Class 1A3A, 6.50%, 10/25/2036 | 1403008 | 509477  |
| &nbsp;&nbsp;&nbsp; Series 2007-SD1, Class 22A1, 5.36%, 10/25/2036<sup>(a)</sup> | 828677 | 361742  |
| Bear Stearns Cos. LLC, Series 2008-R2, Class 2A2, 4.27%, 06/25/2047<sup>(a)(d)</sup> | 3358909 | 2580721  |
| Bear Stearns Mortgage Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR3, Class 2A1, 4.83% (1 mo. Term SOFR + 0.51%), 11/25/2036 | 66966 | 60875  |
| &nbsp;&nbsp;&nbsp; Series 2007-AR5, Class 1A1A, 4.77% (1 mo. Term SOFR + 0.45%), 06/25/2047<sup>(b)</sup> | 406478 | 345506  |
| Bear Stearns Structured Products, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2007-R6, Class 1A1, 5.12%, 01/26/2036<sup>(a)(b)</sup> | 693824 | 503022  |
| &nbsp;&nbsp;&nbsp; Series 2007-R6, Class 2A1, 4.33%, 12/26/2046<sup>(a)(b)</sup> | 202472 | 143755  |
| BINOM Securitization Trust, Series 2021-INV1, Class A1, 2.03%, 06/25/2056<sup>(a)(d)</sup> | 406466 | 364232  |
|  Bombardier Capital Mortgage Securitization Corp., Series 2000-A, Class A2, 7.58%, 06/15/2030<sup>(a)</sup> | 3879580 | 290709  |
|  Carrington Mortgage Loan Trust, Series 2006-FRE2, Class A2, 4.55% (1 mo. Term SOFR + 0.23%), 10/25/2036 | 2208034 | 1694156  |
| CC Funding Corp./DE<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-4A, Class B1, 5.03%, 10/25/2034<sup>(a)(d)</sup> | 295450 | 277245  |
| &nbsp;&nbsp;&nbsp; Series 2004-1A, Class A2, 4.76% (1 mo. Term SOFR + 0.44%), 01/25/2035<sup>(d)</sup> | 82839 | 80930  |

---

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

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REGAN TOTAL RETURN INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2004-3A, Class A2, 4.73% (1 mo. Term SOFR + 0.41%), 08/25/2035<sup>(b)(d)</sup> | $41223 | $37513  |
| &nbsp;&nbsp;&nbsp; Series 2004-4A, Class B1, 3.86%, 10/25/2035<sup>(a)(d)</sup> | 2578374 | 2162744  |
| &nbsp;&nbsp;&nbsp; Series 2005-CA, Class A1, 4.64% (1 mo. Term SOFR + 0.32%), 10/25/2046<sup>(d)</sup> | 93731 | 97917  |
| &nbsp;&nbsp;&nbsp; Series 2006-1A, Class A1, 4.58% (1 mo. Term SOFR + 0.26%), 12/25/2046<sup>(d)</sup> | 379612 | 326763  |
| &nbsp;&nbsp;&nbsp; Series 2006-2A, Class A2, 4.61% (1 mo. Term SOFR + 0.29%), 04/25/2047<sup>(d)</sup> | 3240473 | 2456062  |
| &nbsp;&nbsp;&nbsp; Series 2006-4A, Class A1, 4.56% (1 mo. Term SOFR + 0.24%), 11/25/2047<sup>(d)</sup> | 775208 | 751148  |
| &nbsp;&nbsp;&nbsp; Series 2006-4A, Class A2, 4.61% (1 mo. Term SOFR + 0.29%), 11/25/2047<sup>(d)</sup> | 54563 | 48156  |
|  CDC Mortgage Capital Trust, Series 2002-HE1, Class A, 5.05% (1 mo. Term SOFR + 0.73%), 01/25/2033 | 72 | 72  |
|  Charlie Mac LLC, Series 2004-1, Class A8, 4.98% (1 mo. Term SOFR + 0.66%), 08/25/2034 | 27120 | 25248  |
|  Chase Funding Mortgage Loan Asset-Backed, Series 2003-5, Class 1M2, 5.64%, 09/25/2032<sup>(a)</sup> | 72328 | 64777  |
| Chase Mortgage Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-S2, Class 2A4, 5.50%, 02/25/2034 | 181432 | 179326  |
| &nbsp;&nbsp;&nbsp; Series 2005-A1, Class 2A4, 4.95%, 12/25/2035<sup>(a)</sup> | 284290 | 269096  |
| &nbsp;&nbsp;&nbsp; Series 2006-S1, Class A5, 6.50%, 05/25/2036 | 4065050 | 1867258  |
| &nbsp;&nbsp;&nbsp; Series 2006-S2, Class 1A19, 6.25%, 10/25/2036 | 446951 | 167857  |
| &nbsp;&nbsp;&nbsp; Series 2006-S4, Class A1, 5.08% (1 mo. Term SOFR + 0.76%), 12/25/2036 | 2412348 | 704440  |
| &nbsp;&nbsp;&nbsp; Series 2007-A1, Class 11M1, 4.73%, 03/25/2037<sup>(a)</sup> | 92532 | 85266  |
| &nbsp;&nbsp;&nbsp; Series 2007-A1, Class 1A5, 6.69%, 02/25/2037<sup>(a)(b)</sup> | 1811 | 1684  |
| &nbsp;&nbsp;&nbsp; Series 2007-A3, Class 1A7, 5.26%, 12/25/2037<sup>(a)</sup> | 121133 | 101626  |
| &nbsp;&nbsp;&nbsp; Series 2007-A3, Class 3A1, 5.11%, 12/25/2037<sup>(a)</sup> | 311215 | 270204  |
| &nbsp;&nbsp;&nbsp; Series 2007-S1, Class A1, 5.03% (1 mo. Term SOFR + 0.71%), 02/25/2037 | 6455759 | 1906053  |
| &nbsp;&nbsp;&nbsp; Series 2019-ATR1, Class A11, 5.38% (1 mo. Term SOFR + 1.06%), 04/25/2049<sup>(d)</sup> | 66879 | 64439  |
| &nbsp;&nbsp;&nbsp; Series 2019-ATR1, Class A3, 4.00%, 04/25/2049<sup>(a)(d)</sup> | 166041 | 157390  |
| &nbsp;&nbsp;&nbsp; Series 2019-ATR1, Class B4, 4.40%, 04/25/2049<sup>(a)(d)</sup> | 144000 | 113167  |
| ChaseflexTrust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-2, Class 1A1, 6.00%, 06/25/2035 | 691472 | 443952  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class A5, 6.16%, 06/25/2036<sup>(a)</sup> | 34478 | 32659  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 2A6, 6.00%, 02/25/2037 | 1853641 | 632044  |
| &nbsp;&nbsp;&nbsp; Series 2007-3, Class 1A2, 4.89% (1 mo. Term SOFR + 0.57%), 07/25/2037 | 10647008 | 3108001  |
| &nbsp;&nbsp;&nbsp; Series 2007-M1, Class 1A1, 4.73% (1 mo. Term SOFR + 0.41%), 08/25/2037 | 286412 | 263061  |
| &nbsp;&nbsp;&nbsp; Series 2007-M1, Class 2AV2, 4.58% (1 mo. Term SOFR + 0.57%), 08/25/2037 | 515639 | 424047  |
|  Chevy Chase Mortgage Funding Corp., Series 2005-2A, Class A2, 4.66% (1 mo. Term SOFR + 0.34%), 05/25/2036<sup>(d)</sup> | 238084 | 225510  |
|  CIM Trust, Series 2019-INV1, Class A2, 5.45% (30 day avg SOFR US + 1.11%), 02/25/2049<sup>(d)</sup> | 285472 | 277146  |
| Citicorp Mortgage Securities, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-3, Class 1A4, 6.00%, 06/25/2036 | 1288139 | 1172517  |
| &nbsp;&nbsp;&nbsp; Series 2006-4, Class 1A4, 6.00%, 08/25/2036 | 937451 | 856448  |
| &nbsp;&nbsp;&nbsp; Series 2007-5, Class 1A9, 6.00%, 06/25/2037 | 48557 | 42795  |
| Citigroup Financial Products, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 1997-HUD1, Class A4, 2.62%, 12/25/2030<sup>(a)(b)</sup> | 208860 | 86635  |
| &nbsp;&nbsp;&nbsp; Series 2004-HYB3, Class 1A, 5.78%, 09/25/2034<sup>(a)</sup> | 85818 | 77799  |

---

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

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REGAN TOTAL RETURN INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2005-10, Class 1A2A, 4.40%, 12/25/2035<sup>(a)(b)</sup> | $115662 | $68240  |
| &nbsp;&nbsp;&nbsp; Series 2005-2, Class 1A1, 5.94%, 05/25/2035<sup>(a)</sup> | 199960 | 189821  |
| &nbsp;&nbsp;&nbsp; Series 2005-WF1, Class M2, 6.03%, 11/25/2034<sup>(c)</sup> | 337412 | 290953  |
| &nbsp;&nbsp;&nbsp; Series 2005-WF2, Class AF6A, 6.13%, 08/25/2035<sup>(c)</sup> | 807259 | 737362  |
| &nbsp;&nbsp;&nbsp; Series 2006-8, Class A1, 5.03% (1 mo. Term SOFR + 0.71%), 10/25/2035<sup>(d)</sup> | 5464979 | 2548273  |
| &nbsp;&nbsp;&nbsp; Series 2022-J1, Class A1, 2.50%, 02/25/2052<sup>(a)(d)</sup> | 803744 | 738433  |
|  Citigroup Mortgage Loan Trust Inc., Series 2014-12, Class 2A5, 3.33%, 02/25/2037<sup>(a)(d)</sup> | 2254582 | 1721076  |
| Citigroup Mortgage Loan Trust, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-HYB2, Class 2A, 6.76%, 03/25/2034<sup>(a)</sup> | 140197 | 126992  |
| &nbsp;&nbsp;&nbsp; Series 2005-7, Class 2A3A, 4.34%, 09/25/2035<sup>(a)</sup> | 758857 | 512079  |
| &nbsp;&nbsp;&nbsp; Series 2005-9, Class 1A1, 4.69% (1 mo. Term SOFR + 0.37%), 11/25/2035 | 1280714 | 1091416  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR1, Class 1A1, 6.56% (1 yr. CMT Rate + 2.40%), 10/25/2035<sup>(b)</sup> | 206299 | 180409  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR1, Class 2A1, 6.30% (1 yr. CMT Rate + 2.40%), 03/25/2036 | 37647 | 37755  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR2, Class 1A1, 5.85%, 03/25/2036<sup>(a)</sup> | 213919 | 162376  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR7, Class 1A3A, 5.61%, 07/25/2046<sup>(a)</sup> | 923478 | 866827  |
| &nbsp;&nbsp;&nbsp; Series 2006-WF1, Class A2C, 4.51%, 03/25/2036<sup>(c)</sup> | 590287 | 275201  |
| &nbsp;&nbsp;&nbsp; Series 2007-10, Class 2A4A, 7.88%, 09/25/2037<sup>(a)</sup> | 24905 | 24462  |
| &nbsp;&nbsp;&nbsp; Series 2007-2, Class 1A2, 4.78% (1 mo. Term SOFR + 0.46%), 11/25/2036 | 1591213 | 1244106  |
| &nbsp;&nbsp;&nbsp; Series 2007-9, Class 3A1, 6.50%, 06/25/2037<sup>(d)</sup> | 529204 | 510959  |
| &nbsp;&nbsp;&nbsp; Series 2007-AR1, Class A4, 4.85% (1 mo. Term SOFR + 0.53%), 01/25/2037 | 5929947 | 1109650  |
| &nbsp;&nbsp;&nbsp; Series 2007-OPX1, Class A2, 4.83% (1 mo. Term SOFR + 0.51%), 01/25/2037 | 1172134 | 490078  |
| &nbsp;&nbsp;&nbsp; Series 2009-8, Class 2A2, 6.10%, 04/25/2037<sup>(a)(b)(d)</sup> | 2022927 | 1110081  |
| CitimortgageAlternative Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-A1, Class 1A5, 5.50%, 04/25/2036 | 185915 | 172948  |
| &nbsp;&nbsp;&nbsp; Series 2006-A7, Class 1A1, 6.00%, 12/25/2036<sup>(a)</sup> | 396399 | 346654  |
| &nbsp;&nbsp;&nbsp; Series 2006-A7, Class 1A12, 6.00%, 12/25/2036 | 315580 | 278225  |
| &nbsp;&nbsp;&nbsp; Series 2007-A3, Class 1A1, 6.00%, 03/25/2037<sup>(a)</sup> | 509928 | 442620  |
| &nbsp;&nbsp;&nbsp; Series 2007-A4, Class 1A9, 5.03% (1 mo. Term SOFR + 0.71%), 04/25/2037 | 1333007 | 1117821  |
| &nbsp;&nbsp;&nbsp; Series 2007-A5, Class 1A3, 4.93% (1 mo. Term SOFR + 0.61%), 05/25/2037 | 256583 | 211991  |
| CitiMortgage, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-1, Class 1A4, 5.50%, 02/25/2035 | 18197 | 17616  |
| &nbsp;&nbsp;&nbsp; Series 2005-1, Class 1A7, 4.83% (1 mo. Term SOFR + 0.51%), 02/25/2035 | 207017 | 191619  |
| COLT Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1R, Class A2, 1.17%, 05/25/2065<sup>(a)(d)</sup> | 0<sup>(h)</sup> | 0<sup>(h)</sup>  |
| &nbsp;&nbsp;&nbsp; Series 2021-2R, Class A1, 0.80%, 07/27/2054<sup>(d)</sup> | 215019 | 195345  |
| &nbsp;&nbsp;&nbsp; Series 2021-RPL1, Class A1, 1.67%, 09/25/2061<sup>(a)(d)</sup> | 988007 | 894105  |
| Conseco Finance Securitizations Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 1999-6, Class A1, 7.36%, 06/01/2030<sup>(a)(d)</sup> | 8125614 | 2246120  |
| &nbsp;&nbsp;&nbsp; Series 2001-2, Class M1, 7.69%, 03/01/2031<sup>(a)</sup> | 933759 | 927664  |
| &nbsp;&nbsp;&nbsp; Series 2001-4, Class M2, 8.59%, 09/01/2033<sup>(a)</sup> | 2271321 | 2289626  |
| &nbsp;&nbsp;&nbsp; Series 2002-1, Class M2, 9.55%, 12/01/2033<sup>(a)</sup> | 1493029 | 1454962  |
| Conseco Financial Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 1996-8, Class B1, 7.95%, 11/15/2026<sup>(a)</sup> | 885351 | 896840  |
| &nbsp;&nbsp;&nbsp; Series 1998-8, Class M1, 6.98%, 09/01/2030<sup>(a)</sup> | 1888407 | 1902780  |
| &nbsp;&nbsp;&nbsp; Series 1999-4, Class A7, 7.41%, 05/01/2031 | 2153193 | 663883  |
| &nbsp;&nbsp;&nbsp; Series 1999-5, Class A6, 7.50%, 03/01/2030<sup>(a)</sup> | 6176667 | 1780455  |

---

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

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REGAN TOTAL RETURN INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| Conseco, Inc./Old<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 1995-5, Class B2, 7.65%, 09/15/2026<sup>(a)</sup> | $3859471 | $23562  |
| &nbsp;&nbsp;&nbsp; Series 1997-7, Class M1, 7.03%, 07/15/2028<sup>(a)</sup> | 334064 | 339413  |
| &nbsp;&nbsp;&nbsp; Series 1998-3, Class M1, 6.86%, 03/01/2030<sup>(a)</sup> | 1414507 | 1425363  |
| Countrywide Alternative Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-J2, Class M, 6.00%, 10/25/2033 | 149918 | 149025  |
| &nbsp;&nbsp;&nbsp; Series 2003-J3, Class 1A3, 5.25%, 11/25/2033<sup>(b)</sup> | 91590 | 81882  |
| &nbsp;&nbsp;&nbsp; Series 2004-28CB, Class 2A5, 4.83% (1 mo. Term SOFR + 0.51%), 01/25/2035 | 101111 | 85820  |
| &nbsp;&nbsp;&nbsp; Series 2004-30CB, Class 2A3, 5.75%, 02/25/2035 | 1919608 | 1278393  |
| &nbsp;&nbsp;&nbsp; Series 2004-34T1, Class A2, 5.50%, 02/25/2035 | 788957 | 704920  |
| &nbsp;&nbsp;&nbsp; Series 2004-J5, Class M2, 6.08% (1 mo. Term SOFR + 1.76%), 08/25/2034 | 173390 | 171015  |
| &nbsp;&nbsp;&nbsp; Series 2005-11CB, Class 2A3, 5.50%, 06/25/2035 | 184106 | 149577  |
| &nbsp;&nbsp;&nbsp; Series 2005-11CB, Class 3A2, 4.93% (1 mo. Term SOFR + 0.61%), 06/25/2035 | 758162 | 537856  |
| &nbsp;&nbsp;&nbsp; Series 2005-14, Class 2A1, 4.85% (1 mo. Term SOFR + 0.53%), 05/25/2035 | 116017 | 110131  |
| &nbsp;&nbsp;&nbsp; Series 2005-17, Class 2A1, 4.91% (1 mo. Term SOFR + 0.59%), 07/25/2035 | 564020 | 467936  |
| &nbsp;&nbsp;&nbsp; Series 2005-19CB, Class A2, 7.18% (-2 x 1 mo. Term SOFR + 16.69%), 06/25/2035<sup>(f)</sup> | 58311 | 46190  |
| &nbsp;&nbsp;&nbsp; Series 2005-2, Class 2A1, 5.45%, 03/25/2035<sup>(a)</sup> | 87417 | 84598  |
| &nbsp;&nbsp;&nbsp; Series 2005-20CB, Class 1A2, 5.50%, 07/25/2035 | 419749 | 333954  |
| &nbsp;&nbsp;&nbsp; Series 2005-20CB, Class 1A3, 5.50%, 07/25/2035 | 1788998 | 1423331  |
| &nbsp;&nbsp;&nbsp; Series 2005-21CB, Class A3, 5.25%, 06/25/2035 | 277549 | 207053  |
| &nbsp;&nbsp;&nbsp; Series 2005-21CB, Class A7, 5.50%, 06/25/2035 | 46965 | 35463  |
| &nbsp;&nbsp;&nbsp; Series 2005-24, Class 4A2, 5.03% (1 mo. Term SOFR + 0.71%), 07/20/2035 | 372866 | 265153  |
| &nbsp;&nbsp;&nbsp; Series 2005-27, Class 1A4, 3.78%, 08/25/2035<sup>(a)</sup> | 410869 | 355023  |
| &nbsp;&nbsp;&nbsp; Series 2005-27, Class 1A5, 3.87%, 08/25/2035<sup>(a)</sup> | 390502 | 353107  |
| &nbsp;&nbsp;&nbsp; Series 2005-27, Class 1A6, 5.66% (1 mo. Term SOFR + 1.34%), 08/25/2035 | 378266 | 291204  |
| &nbsp;&nbsp;&nbsp; Series 2005-27, Class 2A1, 5.99% (MTA + 1.35%), 08/25/2035 | 1530576 | 1312971  |
| &nbsp;&nbsp;&nbsp; Series 2005-28CB, Class 1A9, 4.98% (1 mo. Term SOFR + 0.66%), 08/25/2035 | 2035857 | 1620643  |
| &nbsp;&nbsp;&nbsp; Series 2005-28CB, Class 3A3, 5.13% (1 mo. Term SOFR + 0.81%), 08/25/2035 | 2395337 | 783428  |
| &nbsp;&nbsp;&nbsp; Series 2005-28CB, Class 3A5, 6.00%, 08/25/2035 | 103549 | 41292  |
| &nbsp;&nbsp;&nbsp; Series 2005-29CB, Class A2, 4.73% (1 mo. Term SOFR + 0.41%), 07/25/2035 | 581604 | 302664  |
| &nbsp;&nbsp;&nbsp; Series 2005-29CB, Class A4, 5.00%, 07/25/2035 | 56895 | 31876  |
| &nbsp;&nbsp;&nbsp; Series 2005-45, Class 2A1, 6.69% (MTA + 2.05%), 10/20/2035 | 501709 | 359005  |
| &nbsp;&nbsp;&nbsp; Series 2005-46CB, Class A14, 5.50%, 10/25/2035 | 254253 | 176732  |
| &nbsp;&nbsp;&nbsp; Series 2005-49CB, Class A7, 5.50%, 11/25/2035 | 580600 | 369873  |
| &nbsp;&nbsp;&nbsp; Series 2005-50CB, Class 2A1, 6.00%, 11/25/2035 | 925997 | 419519  |
| &nbsp;&nbsp;&nbsp; Series 2005-50CB, Class 3A1, 6.00%, 11/25/2035 | 1127906 | 435285  |
| &nbsp;&nbsp;&nbsp; Series 2005-51, Class 3A2A, 5.93% (MTA + 1.29%), 11/20/2035 | 721527 | 633757  |
| &nbsp;&nbsp;&nbsp; Series 2005-53T2, Class 2A6, 4.93% (1 mo. Term SOFR + 0.61%), 11/25/2035 | 2531166 | 1303904  |
| &nbsp;&nbsp;&nbsp; Series 2005-53T2, Class 2A7, 1.07% (-1 x 1 mo. Term SOFR + 5.39%), 11/25/2035<sup>(e)(f)</sup> | 2531166 | 223814  |
| &nbsp;&nbsp;&nbsp; Series 2005-56, Class 4A1, 5.05% (1 mo. Term SOFR + 0.73%), 11/25/2035<sup>(b)</sup> | 642259 | 565990  |
| &nbsp;&nbsp;&nbsp; Series 2005-57CB, Class 3A3, 5.50%, 12/25/2035 | 354800 | 163870  |
| &nbsp;&nbsp;&nbsp; Series 2005-64CB, Class 1A12, 5.23% (1 mo. Term SOFR + 0.91%), 12/25/2035 | 186439 | 157686  |
| &nbsp;&nbsp;&nbsp; Series 2005-65CB, Class 1A5, 5.18% (1 mo. Term SOFR + 0.86%), 01/25/2036 | 374078 | 229917  |

---

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

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REGAN TOTAL RETURN INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2005-65CB, Class 1A7, 5.50%, 01/25/2036 | $1173087 | $775205  |
| &nbsp;&nbsp;&nbsp; Series 2005-65CB, Class 1A9, 5.50%, 01/25/2036 | 1932456 | 1273968  |
| &nbsp;&nbsp;&nbsp; Series 2005-65CB, Class 2A4, 5.50%, 12/25/2035 | 542531 | 374527  |
| &nbsp;&nbsp;&nbsp; Series 2005-6CB, Class 1A6, 5.50%, 04/25/2035 | 723175 | 617699  |
| &nbsp;&nbsp;&nbsp; Series 2005-70CB, Class A4, 5.50%, 12/25/2035 | 375665 | 241414  |
| &nbsp;&nbsp;&nbsp; Series 2005-72, Class A1, 4.97% (1 mo. Term SOFR + 0.65%), 01/25/2036 | 1335525 | 1207157  |
| &nbsp;&nbsp;&nbsp; Series 2005-73CB, Class 1A7, 5.50%, 01/25/2036 | 204661 | 194662  |
| &nbsp;&nbsp;&nbsp; Series 2005-76, Class 3A1, 4.95% (1 mo. Term SOFR + 0.63%), 01/25/2046 | 1525519 | 1366369  |
| &nbsp;&nbsp;&nbsp; Series 2005-J10, Class 1A13, 5.13% (1 mo. Term SOFR + 0.81%), 10/25/2035 | 296421 | 180699  |
| &nbsp;&nbsp;&nbsp; Series 2005-J3, Class 2A1, 4.93% (1 mo. Term SOFR + 0.61%), 05/25/2035 | 468964 | 361890  |
| &nbsp;&nbsp;&nbsp; Series 2005-J7, Class 1A7, 5.13% (1 mo. Term SOFR + 0.81%), 07/25/2035 | 634357 | 283738  |
| &nbsp;&nbsp;&nbsp; Series 2005-J8, Class 1A5, 5.50%, 07/25/2035 | 294906 | 204580  |
| &nbsp;&nbsp;&nbsp; Series 2006-14CB, Class A5, 5.13% (1 mo. Term SOFR + 0.81%), 06/25/2036 | 2966470 | 1305580  |
| &nbsp;&nbsp;&nbsp; Series 2006-18CB, Class A11, 4.93% (1 mo. Term SOFR + 0.61%), 07/25/2036 | 892597 | 354668  |
| &nbsp;&nbsp;&nbsp; Series 2006-18CB, Class A5, 4.78% (1 mo. Term SOFR + 0.46%), 07/25/2036 | 5672617 | 2189724  |
| &nbsp;&nbsp;&nbsp; Series 2006-18CB, Class A6, 10.86% (-4 x 1 mo. Term SOFR + 28.14%), 07/25/2036<sup>(f)</sup> | 203038 | 175747  |
| &nbsp;&nbsp;&nbsp; Series 2006-18CB, Class A7, 4.78% (1 mo. Term SOFR + 0.46%), 07/25/2036 | 3456146 | 1334130  |
| &nbsp;&nbsp;&nbsp; Series 2006-20CB, Class A4, 4.78% (1 mo. Term SOFR + 0.46%), 07/25/2036 | 2641469 | 840841  |
| &nbsp;&nbsp;&nbsp; Series 2006-23CB, Class 2A5, 4.83% (1 mo. Term SOFR + 0.51%), 08/25/2036 | 8845310 | 1773270  |
| &nbsp;&nbsp;&nbsp; Series 2006-24CB, Class A16, 5.75%, 08/25/2036 | 170722 | 85281  |
| &nbsp;&nbsp;&nbsp; Series 2006-24CB, Class A2, 6.00%, 08/25/2036 | 340422 | 176038  |
| &nbsp;&nbsp;&nbsp; Series 2006-24CB, Class A22, 6.00%, 08/25/2036 | 415645 | 214937  |
| &nbsp;&nbsp;&nbsp; Series 2006-24CB, Class A9, 6.00%, 08/25/2036 | 544418 | 281527  |
| &nbsp;&nbsp;&nbsp; Series 2006-25CB, Class A9, 6.00%, 10/25/2036 | 991211 | 518056  |
| &nbsp;&nbsp;&nbsp; Series 2006-26CB, Class A20, 4.78% (1 mo. Term SOFR + 0.46%), 09/25/2036 | 1521061 | 509703  |
| &nbsp;&nbsp;&nbsp; Series 2006-26CB, Class A6, 6.25%, 09/25/2036<sup>(b)</sup> | 10983 | 5052  |
| &nbsp;&nbsp;&nbsp; Series 2006-26CB, Class A8, 6.25%, 09/25/2036 | 42080 | 20183  |
| &nbsp;&nbsp;&nbsp; Series 2006-28CB, Class A3, 6.50%, 10/25/2036 | 406664 | 204000  |
| &nbsp;&nbsp;&nbsp; Series 2006-32CB, Class A16, 5.50%, 11/25/2036 | 45888 | 24655  |
| &nbsp;&nbsp;&nbsp; Series 2006-32CB, Class A3, 6.00%, 11/25/2036 | 346337 | 194747  |
| &nbsp;&nbsp;&nbsp; Series 2006-32CB, Class A7, 5.16% (1 mo. Term SOFR + 0.84%), 11/25/2036 | 1565068 | 738324  |
| &nbsp;&nbsp;&nbsp; Series 2006-34, Class A5, 6.25%, 11/25/2046 | 1282209 | 576700  |
| &nbsp;&nbsp;&nbsp; Series 2006-36T2, Class 1A9, 5.33% (1 mo. Term SOFR + 1.01%), 12/25/2036 | 353008 | 113888  |
| &nbsp;&nbsp;&nbsp; Series 2006-39CB, Class 2A1, 4.88% (1 mo. Term SOFR + 0.56%), 01/25/2037 | 3939232 | 454349  |
| &nbsp;&nbsp;&nbsp; Series 2006-39CB, Class 2A4, 4.88% (1 mo. Term SOFR + 0.56%), 01/25/2037 | 2644203 | 304981  |
| &nbsp;&nbsp;&nbsp; Series 2006-40T1, Class 2A1, 6.00%, 12/25/2036 | 1058262 | 286089  |
| &nbsp;&nbsp;&nbsp; Series 2006-40T1, Class 2A4, 6.00%, 12/25/2036 | 2156714 | 583044  |
| &nbsp;&nbsp;&nbsp; Series 2006-40T1, Class 2A6, 2.17% (-1 x 1 mo. Term SOFR + 6.49%), 12/25/2036<sup>(e)(f)</sup> | 6678580 | 680969  |
| &nbsp;&nbsp;&nbsp; Series 2006-41CB, Class 1A7, 6.00%, 01/25/2037 | 292038 | 147440  |
| &nbsp;&nbsp;&nbsp; Series 2006-41CB, Class 1A9, 6.00%, 01/25/2037 | 235827 | 119061  |
| &nbsp;&nbsp;&nbsp; Series 2006-42, Class 1A1, 5.03% (1 mo. Term SOFR + 0.71%), 01/25/2047<sup>(b)</sup> | 152223 | 58454  |
| &nbsp;&nbsp;&nbsp; Series 2006-42, Class 1A2, 0.97% (-1 x 1 mo. Term SOFR + 5.29%), 01/25/2047<sup>(e)(f)</sup> | 211666 | 18983  |
| &nbsp;&nbsp;&nbsp; Series 2006-42, Class 1A5, 6.00%, 01/25/2047 | 474688 | 246444  |

---

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

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REGAN TOTAL RETURN INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2006-43CB, Class 3A3, 2.20% (-1 x 1 mo. Term SOFR + 6.52%), 02/25/2037<sup>(e)(f)</sup> | $6860267 | $1027748  |
| &nbsp;&nbsp;&nbsp; Series 2006-45T1, Class 2A15, 5.50%, 02/25/2037 | 2381091 | 1204960  |
| &nbsp;&nbsp;&nbsp; Series 2006-46, Class A2, 4.95% (1 mo. Term SOFR + 0.63%), 02/25/2047 | 6602412 | 2385183  |
| &nbsp;&nbsp;&nbsp; Series 2006-8T1, Class 1A4, 6.00%, 04/25/2036 | 73734 | 34515  |
| &nbsp;&nbsp;&nbsp; Series 2006-9T1, Class A7, 6.00%, 05/25/2036 | 1805631 | 711442  |
| &nbsp;&nbsp;&nbsp; Series 2006-HY13, Class 4A1, 4.82%, 02/25/2037<sup>(a)</sup> | 396231 | 348353  |
| &nbsp;&nbsp;&nbsp; Series 2006-J1, Class 1A13, 5.50%, 02/25/2036 | 69579 | 47265  |
| &nbsp;&nbsp;&nbsp; Series 2006-J2, Class A2, 1.07% (-1 x 1 mo. Term SOFR + 5.39%), 04/25/2036<sup>(e)(f)</sup> | 2105527 | 189466  |
| &nbsp;&nbsp;&nbsp; Series 2006-J5, Class 1A1, 6.50%, 09/25/2036 | 918297 | 480065  |
| &nbsp;&nbsp;&nbsp; Series 2006-J5, Class 1A5, 6.50%, 09/25/2036 | 216421 | 113140  |
| &nbsp;&nbsp;&nbsp; Series 2006-OA10, Class 1A1, 5.60% (MTA + 0.96%), 08/25/2046 | 261685 | 234814  |
| &nbsp;&nbsp;&nbsp; Series 2006-OA9, Class 2A1A, 4.85% (1 mo. Term SOFR + 0.53%), 07/20/2046 | 67792 | 56832  |
| &nbsp;&nbsp;&nbsp; Series 2007-11T1, Class A12, 4.78% (1 mo. Term SOFR + 0.46%), 05/25/2037 | 357065 | 109683  |
| &nbsp;&nbsp;&nbsp; Series 2007-14T2, Class A1, 6.00%, 07/25/2037 | 6825231 | 3569732  |
| &nbsp;&nbsp;&nbsp; Series 2007-16CB, Class 1A5, 4.83% (1 mo. Term SOFR + 0.51%), 08/25/2037 | 1412400 | 884352  |
| &nbsp;&nbsp;&nbsp; Series 2007-16CB, Class 2A2, 17.63% (-8 x 1 mo. Term SOFR + 53.63%), 08/25/2037<sup>(f)</sup> | 713059 | 903537  |
| &nbsp;&nbsp;&nbsp; Series 2007-16CB, Class 4A7, 6.00%, 08/25/2037 | 263724 | 193825  |
| &nbsp;&nbsp;&nbsp; Series 2007-16CB, Class 5A1, 6.25%, 08/25/2037 | 215969 | 101275  |
| &nbsp;&nbsp;&nbsp; Series 2007-17CB, Class 1A10, 9.50% (-5 x 1 mo. Term SOFR + 29.37%), 08/25/2037<sup>(f)</sup> | 694638 | 583626  |
| &nbsp;&nbsp;&nbsp; Series 2007-18CB, Class 1A6, 12.39% (-6 x 1 mo. Term SOFR + 38.31%), 08/25/2037<sup>(f)</sup> | 384255 | 305603  |
| &nbsp;&nbsp;&nbsp; Series 2007-18CB, Class 1A7, 4.90% (1 mo. Term SOFR + 0.58%), 08/25/2037 | 1239819 | 390620  |
| &nbsp;&nbsp;&nbsp; Series 2007-1T1, Class 2A1, 4.90% (1 mo. Term SOFR + 0.58%), 03/25/2037 | 3513751 | 1433747  |
| &nbsp;&nbsp;&nbsp; Series 2007-22, Class 2A16, 6.50%, 09/25/2037 | 1049864 | 385346  |
| &nbsp;&nbsp;&nbsp; Series 2007-23CB, Class A4, 2.07% (-1 x 1 mo. Term SOFR + 6.39%), 09/25/2037<sup>(e)(f)</sup> | 3579687 | 529408  |
| &nbsp;&nbsp;&nbsp; Series 2007-23CB, Class A7, 4.83% (1 mo. Term SOFR + 0.51%), 09/25/2037 | 1817263 | 644471  |
| &nbsp;&nbsp;&nbsp; Series 2007-24, Class A1, 0.00% (1 mo. Term SOFR + 0.66%), 10/25/2037 | 4647574 | 1003168  |
| &nbsp;&nbsp;&nbsp; Series 2007-24, Class A6, 5.43% (1 mo. Term SOFR + 1.11%), 10/25/2037 | 215784 | 51172  |
| &nbsp;&nbsp;&nbsp; Series 2007-24, Class A7, 1.57% (-1 x 1 mo. Term SOFR + 5.89%), 10/25/2037<sup>(e)(f)</sup> | 215784 | 19988  |
| &nbsp;&nbsp;&nbsp; Series 2007-25, Class 1A2, 6.50%, 11/25/2037 | 1254087 | 568425  |
| &nbsp;&nbsp;&nbsp; Series 2007-2CB, Class 2A1, 5.03% (1 mo. Term SOFR + 0.71%), 03/25/2037 | 293837 | 119625  |
| &nbsp;&nbsp;&nbsp; Series 2007-3T1, Class 1A2, 4.93% (1 mo. Term SOFR + 0.61%), 04/25/2037 | 3829816 | 1250040  |
| &nbsp;&nbsp;&nbsp; Series 2007-3T1, Class 1A3, 4.93% (1 mo. Term SOFR + 0.61%), 04/25/2037 | 1370048 | 447179  |
| &nbsp;&nbsp;&nbsp; Series 2007-3T1, Class 1A4, 4.93% (1 mo. Term SOFR + 0.61%), 04/25/2037 | 2348653 | 766593  |
| &nbsp;&nbsp;&nbsp; Series 2007-5CB, Class 1A11, 6.00%, 04/25/2037 | 589519 | 298065  |
| &nbsp;&nbsp;&nbsp; Series 2007-5CB, Class 1A18, 1.22% (-1 x 1 mo. Term SOFR + 5.54%), 04/25/2037<sup>(e)(f)</sup> | 358595 | 40204  |
| &nbsp;&nbsp;&nbsp; Series 2007-5CB, Class 1A24, 0.00%, 04/25/2037<sup>(i)</sup> | 290933 | 11661  |
| &nbsp;&nbsp;&nbsp; Series 2007-9T1, Class 1A4, 4.93% (1 mo. Term SOFR + 0.61%), 05/25/2037 | 1158087 | 422968  |

---

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

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REGAN TOTAL RETURN INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2007-9T1, Class 1A5, 1.07% (-1 x 1 mo. Term SOFR + 5.39%), 05/25/2037<sup>(e)(f)</sup> | $1158087 | $104928  |
| &nbsp;&nbsp;&nbsp; Series 2007-J1, Class 2A6, 5.03% (1 mo. Term SOFR + 0.71%), 03/25/2037 | 1768932 | 522872  |
| &nbsp;&nbsp;&nbsp; Series 2007-J1, Class 3A2, 4.09%, 11/25/2036<sup>(c)</sup> | 90811 | 83843  |
| &nbsp;&nbsp;&nbsp; Series 2007-OA2, Class 1A1, 5.48% (MTA + 0.84%), 03/25/2047 | 253833 | 215673  |
| &nbsp;&nbsp;&nbsp; Series 2007-OA7, Class A1A, 4.79% (1 mo. Term SOFR + 0.47%), 05/25/2047 | 1192562 | 1090603  |
| &nbsp;&nbsp;&nbsp; Series 2007-OH1, Class A1D, 4.64% (1 mo. Term SOFR + 0.32%), 04/25/2047 | 58488 | 50738  |
| &nbsp;&nbsp;&nbsp; Series 2008-1R, Class 1A1, 4.90% (1 mo. Term SOFR + 0.58%), 08/25/2037 | 2068723 | 658324  |
| &nbsp;&nbsp;&nbsp; Series 2008-1R, Class 2A3, 6.00%, 08/25/2037 | 1702128 | 790286  |
| &nbsp;&nbsp;&nbsp; Series 2008-2R, Class 4A1, 6.25%, 08/25/2037<sup>(a)</sup> | 1140045 | 533038  |
| Countrywide Asset-Backed Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-BC3, Class M2, 5.33% (1 mo. Term SOFR + 1.01%), 06/25/2034 | 231560 | 229784  |
| &nbsp;&nbsp;&nbsp; Series 2004-BC3, Class M5, 6.31% (1 mo. Term SOFR + 1.99%), 04/25/2034 | 616461 | 555193  |
| &nbsp;&nbsp;&nbsp; Series 2005-17, Class 1AF4, 6.55%, 05/25/2036<sup>(b)(c)</sup> | 1616795 | 1219872  |
| &nbsp;&nbsp;&nbsp; Series 2005-AB4, Class 2A1, 4.97% (1 mo. Term SOFR + 0.65%), 03/25/2036 | 267359 | 235226  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class AF6, 4.43%, 07/25/2036<sup>(a)</sup> | 20488 | 20046  |
| &nbsp;&nbsp;&nbsp; Series 2006-15, Class A6, 4.29%, 10/25/2046<sup>(a)</sup> | 93271 | 94178  |
| Countrywide Home Loan Mortgage Pass Through Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-48, Class 2A3, 4.74%, 10/25/2033<sup>(a)</sup> | 242745 | 115223  |
| &nbsp;&nbsp;&nbsp; Series 2003-53, Class M, 6.84%, 02/19/2034<sup>(a)</sup> | 394635 | 367600  |
| &nbsp;&nbsp;&nbsp; Series 2003-56, Class M, 10.04%, 12/25/2033<sup>(a)</sup> | 10209 | 11243  |
| &nbsp;&nbsp;&nbsp; Series 2004-2, Class 3A1, 6.87%, 03/25/2034<sup>(a)</sup> | 258173 | 255660  |
| &nbsp;&nbsp;&nbsp; Series 2004-29, Class 1A1, 4.97% (1 mo. Term SOFR + 0.65%), 02/25/2035 | 149023 | 142529  |
| &nbsp;&nbsp;&nbsp; Series 2004-29, Class 2A1, 5.09% (1 mo. Term SOFR + 0.77%), 02/25/2035 | 52482 | 48303  |
| &nbsp;&nbsp;&nbsp; Series 2004-9, Class A7, 5.25%, 06/25/2034 | 178293 | 161524  |
| &nbsp;&nbsp;&nbsp; Series 2005-16, Class A2, 4.93% (1 mo. Term SOFR + 0.61%), 09/25/2035 | 332917 | 182225  |
| &nbsp;&nbsp;&nbsp; Series 2005-17, Class 1A8, 5.50%, 09/25/2035 | 496523 | 484971  |
| &nbsp;&nbsp;&nbsp; Series 2005-19, Class 2A1, 4.78% (1 mo. Term SOFR + 0.46%), 08/25/2035 | 330876 | 59151  |
| &nbsp;&nbsp;&nbsp; Series 2005-21, Class A12, 6.10% (-4 x 1 mo. Term SOFR + 21.95%), 10/25/2035<sup>(f)</sup> | 94093 | 66511  |
| &nbsp;&nbsp;&nbsp; Series 2005-25, Class A17, 5.50%, 11/25/2035 | 394222 | 183391  |
| &nbsp;&nbsp;&nbsp; Series 2005-30, Class A8, 5.50%, 01/25/2036 | 95946 | 58568  |
| &nbsp;&nbsp;&nbsp; Series 2005-7, Class 3A2, 3.46%, 03/25/2035<sup>(a)</sup> | 647381 | 503161  |
| &nbsp;&nbsp;&nbsp; Series 2005-9, Class 1A3, 4.89% (1 mo. Term SOFR + 0.57%), 05/25/2035 | 103687 | 90659  |
| &nbsp;&nbsp;&nbsp; Series 2005-HYB8, Class 4A1, 4.64%, 12/20/2035<sup>(a)</sup> | 117868 | 104564  |
| &nbsp;&nbsp;&nbsp; Series 2005-J3, Class 1A3, 5.78% (1 mo. Term SOFR + 1.46%), 09/25/2035 | 1209309 | 828067  |
| &nbsp;&nbsp;&nbsp; Series 2005-J3, Class 2A1, 4.78% (1 mo. Term SOFR + 0.46%), 09/25/2035 | 485759 | 412204  |
| &nbsp;&nbsp;&nbsp; Series 2006-10, Class 1A11, 5.85%, 05/25/2036 | 162083 | 63996  |
| &nbsp;&nbsp;&nbsp; Series 2006-20, Class 1A35, 6.00%, 02/25/2037 | 647791 | 299357  |
| &nbsp;&nbsp;&nbsp; Series 2006-6, Class A9, 6.00%, 04/25/2036 | 2158252 | 1042462  |
| &nbsp;&nbsp;&nbsp; Series 2006-8, Class 1A1, 6.00%, 05/25/2036 | 2149714 | 1279386  |
| &nbsp;&nbsp;&nbsp; Series 2006-9, Class A1, 6.00%, 05/25/2036 | 40431 | 18292  |
| &nbsp;&nbsp;&nbsp; Series 2006-9, Class A17, 4.93% (1 mo. Term SOFR + 0.61%), 05/25/2036 | 1075647 | 379318  |
| &nbsp;&nbsp;&nbsp; Series 2006-HYB2, Class 1A1, 5.23%, 04/20/2036<sup>(a)</sup> | 241656 | 207057  |
| &nbsp;&nbsp;&nbsp; Series 2006-J2, Class 1A6, 6.00%, 04/25/2036 | 770486 | 390166  |
| &nbsp;&nbsp;&nbsp; Series 2006-J4, Class A3, 6.25%, 09/25/2036 | 128577 | 45271  |
| &nbsp;&nbsp;&nbsp; Series 2006-J4, Class A4, 6.25%, 09/25/2036 | 102098 | 35968  |

---

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

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REGAN TOTAL RETURN INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2006-J4, Class A9, 6.25%, 09/25/2036 | $59706 | $21034  |
| &nbsp;&nbsp;&nbsp; Series 2007-10, Class A6, 6.00%, 07/25/2037<sup>(e)</sup> | 396737 | 86043  |
| &nbsp;&nbsp;&nbsp; Series 2007-11, Class A12, 6.00%, 08/25/2037 | 560752 | 241499  |
| &nbsp;&nbsp;&nbsp; Series 2007-18, Class 1A1, 6.00%, 11/25/2037 | 254346 | 110574  |
| &nbsp;&nbsp;&nbsp; Series 2007-20, Class A1, 6.50%, 01/25/2038 | 120439 | 53318  |
| &nbsp;&nbsp;&nbsp; Series 2007-3, Class A14, 4.83% (1 mo. Term SOFR + 0.51%), 04/25/2037 | 666014 | 222392  |
| &nbsp;&nbsp;&nbsp; Series 2007-3, Class A16, 6.00%, 04/25/2037 | 512495 | 243294  |
| &nbsp;&nbsp;&nbsp; Series 2007-4, Class 1A1, 6.00%, 05/25/2037 | 1626071 | 712021  |
| &nbsp;&nbsp;&nbsp; Series 2007-HY1, Class 1A1, 4.74%, 04/25/2037<sup>(a)</sup> | 1282733 | 1191681  |
| &nbsp;&nbsp;&nbsp; Series 2007-HY4, Class 1A1, 4.93%, 09/25/2047<sup>(a)</sup> | 1635396 | 1500906  |
| &nbsp;&nbsp;&nbsp; Series 2007-HY5, Class 3A1, 5.70%, 09/25/2037<sup>(a)</sup> | 574038 | 533276  |
| &nbsp;&nbsp;&nbsp; Series 2007-J2, Class 2A5, 6.00%, 07/25/2037 | 162868 | 55282  |
| &nbsp;&nbsp;&nbsp; Series 2007-J3, Class A9, 6.00%, 07/25/2037 | 260826 | 110804  |
| Countrywide Home Loans<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-15, Class A5, 5.50%, 08/25/2035 | 446426 | 231014  |
| &nbsp;&nbsp;&nbsp; Series 2005-2, Class 2A1, 5.07% (1 mo. Term SOFR + 0.75%), 03/25/2035<sup>(b)</sup> | 211599 | 195200  |
| &nbsp;&nbsp;&nbsp; Series 2005-21, Class A2, 5.50%, 10/25/2035 | 177652 | 97013  |
| &nbsp;&nbsp;&nbsp; Series 2005-31, Class 2A1, 4.45%, 01/25/2036<sup>(a)</sup> | 180192 | 158011  |
| &nbsp;&nbsp;&nbsp; Series 2007-17, Class 1A1, 6.00%, 10/25/2037 | 274989 | 189353  |
| Credit Suisse First Boston Mortgage Securities Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2002-9, Class 1A1, 7.00%, 03/25/2032 | 773866 | 685659  |
| &nbsp;&nbsp;&nbsp; Series 2005-10, Class 10A3, 6.00%, 11/25/2035 | 379405 | 86734  |
| &nbsp;&nbsp;&nbsp; Series 2005-10, Class 6A7, 5.50%, 11/25/2035 | 216421 | 70220  |
| &nbsp;&nbsp;&nbsp; Series 2005-10, Class 9A1, 6.00%, 11/25/2035 | 1410833 | 994794  |
| &nbsp;&nbsp;&nbsp; Series 2005-4, Class 2A4, 5.50%, 06/25/2035 | 1736592 | 1240199  |
| &nbsp;&nbsp;&nbsp; Series 2005-9, Class 1A3, 5.25%, 10/25/2035 | 153529 | 139153  |
| &nbsp;&nbsp;&nbsp; Series 2005-9, Class 3A1, 6.00%, 10/25/2035 | 3145813 | 945254  |
| &nbsp;&nbsp;&nbsp; Series 2005-9, Class 4A1, 7.33% (-3 x 1 mo. Term SOFR + 19.21%), 10/25/2035<sup>(f)</sup> | 347713 | 327429  |
| &nbsp;&nbsp;&nbsp; Series 2005-9, Class 5A1, 5.13% (1 mo. Term SOFR + 0.81%), 10/25/2035 | 555619 | 250033  |
| Credit Suisse Management LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2001-28, Class 1A1, 5.61% (1 mo. LIBOR US + 0.65%), 11/25/2031<sup>(j)</sup> | 623446 | 367861  |
| &nbsp;&nbsp;&nbsp; Series 2002-30, Class 1A1, 7.50%, 11/25/2032 | 91193 | 92833  |
| &nbsp;&nbsp;&nbsp; Series 2004-6, Class 4A12, 4.83% (1 mo. Term SOFR + 0.51%), 10/25/2034 | 102359 | 91360  |
| &nbsp;&nbsp;&nbsp; Series 2005-11, Class 1A1, 6.50%, 12/25/2035 | 1107820 | 505073  |
| &nbsp;&nbsp;&nbsp; Series 2005-11, Class 3A5, 5.50%, 12/25/2035 | 185008 | 72268  |
| &nbsp;&nbsp;&nbsp; Series 2005-11, Class 8A4, 6.00%, 12/25/2035 | 264042 | 198786  |
| &nbsp;&nbsp;&nbsp; Series 2005-11, Class 8A5, 6.00%, 12/25/2035 | 148706 | 111955  |
| &nbsp;&nbsp;&nbsp; Series 2005-12, Class 8A1, 6.00%, 01/25/2036 | 58785 | 36183  |
| &nbsp;&nbsp;&nbsp; Series 2005-5, Class 6A3, 5.00%, 07/25/2035 | 101993 | 97120  |
| &nbsp;&nbsp;&nbsp; Series 2005-7, Class 2A2, 4.73% (1 mo. Term SOFR + 0.41%), 08/25/2035 | 962483 | 376491  |
| &nbsp;&nbsp;&nbsp; Series 2005-8, Class 5A1, 7.33% (-3 x 1 mo. Term SOFR + 19.21%), 09/25/2035<sup>(f)</sup> | 950424 | 457142  |
| Credit Suisse Mortgage Capital Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class 1A2, 6.13% (-6 x 1 mo. Term SOFR + 29.90%), 02/25/2036<sup>(f)</sup> | 25525 | 23444  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class 5A1, 6.00%, 02/25/2036 | 37145 | 18737  |

---

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

11<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REGAN TOTAL RETURN INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class 2A3, 6.00%, 03/25/2036 | $72896 | $28266  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class 5A1, 5.13% (1 mo. Term SOFR + 0.81%), 03/25/2036 | 6082446 | 1903103  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class 6A8, 5.75%, 03/25/2036 | 212827 | 110289  |
| &nbsp;&nbsp;&nbsp; Series 2006-3, Class 1A3, 6.81%, 04/25/2036<sup>(c)</sup> | 9650000 | 477529  |
| &nbsp;&nbsp;&nbsp; Series 2006-3, Class 1A4B, 6.66%, 04/25/2036<sup>(c)</sup> | 2537309 | 125921  |
| &nbsp;&nbsp;&nbsp; Series 2006-3, Class 5A7, 6.00%, 04/25/2036 | 2193599 | 486589  |
| &nbsp;&nbsp;&nbsp; Series 2006-6, Class 1A12, 6.00%, 07/25/2036 | 1804813 | 862096  |
| &nbsp;&nbsp;&nbsp; Series 2006-6, Class 1A4, 6.00%, 07/25/2036 | 2485857 | 1187407  |
| &nbsp;&nbsp;&nbsp; Series 2006-6, Class 2A2, 1.47% (-1 x 1 mo. Term SOFR + 5.79%), 07/25/2036<sup>(e)(f)</sup> | 2279865 | 124149  |
| &nbsp;&nbsp;&nbsp; Series 2006-6, Class 2A4, 6.50%, 07/25/2036 | 4481093 | 1006512  |
| &nbsp;&nbsp;&nbsp; Series 2006-7, Class 3A12, 6.25%, 08/25/2036 | 1368735 | 500818  |
| &nbsp;&nbsp;&nbsp; Series 2006-9, Class 4A1, 6.00%, 11/25/2036 | 2359757 | 1334952  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 1A6A, 5.86%, 02/25/2037<sup>(a)</sup> | 1625061 | 359757  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 5A13, 6.00%, 02/25/2037 | 1646069 | 904890  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 5A14, 6.00%, 02/25/2037 | 3617314 | 1998768  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 5A4, 6.00%, 02/25/2037 | 489916 | 270682  |
| &nbsp;&nbsp;&nbsp; Series 2007-3, Class 1A2, 5.59%, 04/25/2037<sup>(a)</sup> | 3973634 | 945404  |
| &nbsp;&nbsp;&nbsp; Series 2007-3, Class 2A10, 6.00%, 04/25/2037 | 6206063 | 1941502  |
| &nbsp;&nbsp;&nbsp; Series 2007-4, Class 2A2, 6.00%, 06/25/2037 | 97479 | 52717  |
| &nbsp;&nbsp;&nbsp; Series 2007-4R, Class 1A1, 5.19%, 10/26/2036<sup>(a)(d)</sup> | 61197 | 55042  |
| &nbsp;&nbsp;&nbsp; Series 2011-2R, Class 4A2, 3.55% (1 mo. Term SOFR + 0.22%), 02/27/2037<sup>(b)(d)</sup> | 3293899 | 2775110  |
| &nbsp;&nbsp;&nbsp; Series 2013-6, Class 1A1, 2.50%, 07/25/2028<sup>(a)(d)</sup> | 24276 | 23367  |
| &nbsp;&nbsp;&nbsp; Series 2014-2R, Class 26A1, 3.00%, 06/27/2037<sup>(a)(d)</sup> | 131628 | 130434  |
| &nbsp;&nbsp;&nbsp; Series 2014-6R, Class 8A1, 3.00%, 08/27/2036<sup>(a)(b)(d)</sup> | 322641 | 304508  |
| &nbsp;&nbsp;&nbsp; Series 2014-6R, Class 9A1, 2.75%, 12/27/2035<sup>(a)(d)</sup> | 29172 | 28790  |
| &nbsp;&nbsp;&nbsp; Series 2015-1R, Class 6A1, 4.80% (1 mo. Term SOFR + 0.39%), 05/27/2037<sup>(b)(d)</sup> | 88125 | 84847  |
| &nbsp;&nbsp;&nbsp; Series 2015-6R, Class 5A2, 4.27% (1 mo. Term SOFR + 0.29%), 03/27/2036<sup>(d)</sup> | 828272 | 635757  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A3, 1.54%, 02/25/2066<sup>(a)(d)</sup> | 157112 | 141000  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM7, Class A3, 2.06%, 10/25/2066<sup>(a)(d)</sup> | 178064 | 155992  |
| Credit Suisse Mortgage Trust, Series 2006-6, Class 1A8, 6.00%, 07/25/2036 | 1208567 | 577291  |
| Credit-Based Asset Servicing and Securitization LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-CB6, Class B2, 5.07% (1 mo. Term SOFR + 2.96%), 07/25/2035 | 685012 | 522938  |
| &nbsp;&nbsp;&nbsp; Series 2006-CB8, Class A1, 4.71% (1 mo. Term SOFR + 0.39%), 10/25/2036 | 67455 | 60917  |
| &nbsp;&nbsp;&nbsp; Series 2007-CB4, Class A2C, 3.41%, 04/25/2037<sup>(c)</sup> | 850000 | 561377  |
| &nbsp;&nbsp;&nbsp; Series 2007-CB5, Class A1, 0.00% (1 mo. Term SOFR + 0.17%), 04/25/2037 | 114855 | 65985  |
| &nbsp;&nbsp;&nbsp; Series 2007-RP1, Class A, 4.74% (1 mo. Term SOFR + 0.42%), 05/25/2046<sup>(d)</sup> | 95636 | 82936  |
| CSAB Mortgage-Backed Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class A3, 4.91% (1 mo. Term SOFR + 0.59%), 06/25/2036 | 4739105 | 653258  |
| &nbsp;&nbsp;&nbsp; Series 2006-3, Class A4B, 6.61%, 11/25/2036<sup>(c)</sup> | 589791 | 80448  |
| &nbsp;&nbsp;&nbsp; Series 2006-4, Class A6A, 6.18%, 12/25/2036<sup>(b)(c)</sup> | 30758 | 3998  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 1A1A, 5.90%, 05/25/2037<sup>(a)</sup> | 2012745 | 451116  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 4A1, 4.78% (1 mo. Term SOFR + 0.46%), 05/25/2037 | 8237420 | 1051310  |

---

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

12<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REGAN TOTAL RETURN INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| Deutsche ALT-A Securities, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-4, Class A5, 5.50%, 09/25/2035<sup>(a)</sup> | $59127 | $52820  |
| &nbsp;&nbsp;&nbsp; Series 2005-5, Class 1A6, 3.41% (-7 x 1 mo. Term SOFR + 35.09%), 11/25/2035<sup>(b)(f)</sup> | 14950 | 15638  |
| &nbsp;&nbsp;&nbsp; Series 2005-6, Class 1A3, 5.50%, 12/25/2035 | 13199 | 10614  |
| &nbsp;&nbsp;&nbsp; Series 2006-AB3, Class A5B, 6.80%, 07/25/2036<sup>(c)</sup> | 600443 | 516435  |
| &nbsp;&nbsp;&nbsp; Series 2006-AB4, Class A4B, 6.50%, 10/25/2036<sup>(c)</sup> | 418215 | 361490  |
| &nbsp;&nbsp;&nbsp; Series 2007-AR1, Class A5, 4.91% (1 mo. Term SOFR + 0.59%), 01/25/2047 | 391886 | 343475  |
| &nbsp;&nbsp;&nbsp; Series 2007-RMP1, Class A2, 4.73% (1 mo. Term SOFR + 0.41%), 12/25/2036<sup>(b)</sup> | 87893 | 77355  |
| Deutsche Mortgage Securities, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-1, Class 3A5, 6.16%, 12/25/2033<sup>(c)</sup> | 18320 | 17977  |
| &nbsp;&nbsp;&nbsp; Series 2006-PR1, Class 3A1, 5.92% (-1 x 1 mo. Term SOFR + 11.96%), 04/15/2036<sup>(d)(f)</sup> | 30087 | 27413  |
| &nbsp;&nbsp;&nbsp; Series 2006-PR1, Class 4AF1, 4.72% (1 mo. Term SOFR + 0.40%), 04/15/2036<sup>(d)</sup> | 19569 | 17725  |
| &nbsp;&nbsp;&nbsp; Series 2006-PR1, Class 4AF2, 4.78% (1 mo. Term SOFR + 0.46%), 04/15/2036<sup>(d)</sup> | 2498582 | 2279787  |
| &nbsp;&nbsp;&nbsp; Series 2006-PR1, Class 5AF1, 4.98% (1 mo. Term SOFR + 0.66%), 04/15/2036<sup>(d)</sup> | 366930 | 327349  |
| &nbsp;&nbsp;&nbsp; Series 2006-PR1, Class 5AF3, 4.80% (1 mo. Term SOFR + 0.48%), 04/15/2036<sup>(d)</sup> | 3423952 | 3033225  |
| &nbsp;&nbsp;&nbsp; Series 2006-PR1, Class 5AI4, 5.92% (-1 x 1 mo. Term SOFR + 11.96%), 04/15/2036<sup>(d)(f)</sup> | 438268 | 385321  |
| &nbsp;&nbsp;&nbsp; Series 2006-PR1, Class 5AS4, 3.39%, 04/15/2036<sup>(a)(d)(e)</sup> | 2426994 | 268479  |
| &nbsp;&nbsp;&nbsp; Series 2008-RS1, Class 4A2, 4.69% (1 mo. LIBOR US + 0.25%), 05/28/2037<sup>(d)(j)</sup> | 1022550 | 916122  |
| Downey Savings & Loan Association Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR5, Class 2A1A, 5.09% (1 mo. Term SOFR + 0.77%), 09/19/2045 | 4531401 | 2354820  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR1, Class 2A1A, 5.58% (MTA + 0.94%), 04/19/2046 | 2294981 | 1879521  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR2, Class 2A1A, 4.63% (1 mo. Term SOFR + 0.31%), 10/19/2036 | 891023 | 589744  |
| &nbsp;&nbsp;&nbsp; Series 2007-AR1, Class 2A1A, 4.57% (1 mo. Term SOFR + 0.25%), 03/19/2037 | 88655 | 72589  |
|  Ellington Financial Mortgage Trust, Series 2021-1, Class A1, 0.80%, 02/25/2066<sup>(a)(d)</sup> | 2082191 | 1793059  |
|  Equifirst Mortgage Loan Trust, Series 2004-2, Class M7, 7.43% (1 mo. Term SOFR + 3.11%), 10/25/2034 | 39742 | 36616  |
| First Franklin Mortgage Loan Asset Backed Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-FF5, Class M3, 6.91% (1 mo. Term SOFR + 2.59%), 03/25/2034 | 279711 | 259556  |
| &nbsp;&nbsp;&nbsp; Series 2004-FF5, Class A3C, 5.43% (1 mo. Term SOFR + 1.11%), 08/25/2034 | 108709 | 99130  |
| &nbsp;&nbsp;&nbsp; Series 2006-FF12, Class A5, 4.74% (1 mo. Term SOFR + 0.42%), 09/25/2036 | 1332111 | 1232396  |
| &nbsp;&nbsp;&nbsp; Series 2006-FF5, Class 2A4, 4.91% (1 mo. Term SOFR + 0.59%), 04/25/2036 | 5517739 | 4933769  |
| First Horizon Alternative Mortgage Securities<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-AA11, Class 2A1, 4.40%, 01/25/2036<sup>(a)</sup> | 381990 | 188641  |
| &nbsp;&nbsp;&nbsp; Series 2005-FA3, Class 1A2, 4.93% (1 mo. Term SOFR + 0.61%), 05/25/2035 | 1711751 | 994494  |
| &nbsp;&nbsp;&nbsp; Series 2005-FA6, Class A7, 5.50%, 09/25/2035 | 757101 | 390909  |
| &nbsp;&nbsp;&nbsp; Series 2006-AA2, Class 2A1, 5.26%, 05/25/2036<sup>(a)</sup> | 293005 | 244730  |
| &nbsp;&nbsp;&nbsp; Series 2006-AA8, Class 2A1, 4.81%, 02/25/2037<sup>(a)</sup> | 226385 | 155448  |

---

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

13<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REGAN TOTAL RETURN INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2006-FA2, Class 1A3, 6.00%, 05/25/2036 | $1875037 | $750638  |
| &nbsp;&nbsp;&nbsp; Series 2006-FA2, Class 1A6, 6.00%, 05/25/2036 | 796917 | 319032  |
| &nbsp;&nbsp;&nbsp; Series 2006-FA6, Class 2A4, 6.75%, 11/25/2036 | 110463 | 31554  |
| &nbsp;&nbsp;&nbsp; Series 2006-FA8, Class 1A7, 6.00%, 02/25/2037 | 966758 | 366307  |
| &nbsp;&nbsp;&nbsp; Series 2006-RE1, Class A1, 5.50%, 05/25/2035<sup>(a)</sup> | 46190 | 29089  |
| &nbsp;&nbsp;&nbsp; Series 2007-FA1, Class A1, 4.75% (1 mo. Term SOFR + 0.43%), 03/25/2037 | 11170562 | 2853537  |
| &nbsp;&nbsp;&nbsp; Series 2007-FA2, Class 1A5, 4.73% (1 mo. Term SOFR + 0.41%), 04/25/2037 | 8624 | 2042  |
| &nbsp;&nbsp;&nbsp; Series 2007-FA3, Class A5, 5.03% (1 mo. Term SOFR + 0.71%), 06/25/2037 | 3182341 | 727942  |
| First Horizon Asset Securities, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR3, Class 2A1, 6.74%, 08/25/2035<sup>(a)</sup> | 674967 | 486422  |
| &nbsp;&nbsp;&nbsp; Series 2007-4, Class 1A16, 5.03% (1 mo. Term SOFR + 0.71%), 08/25/2037 | 3176538 | 809540  |
| &nbsp;&nbsp;&nbsp; Series 2007-AR3, Class 2A2, 6.35%, 11/25/2037<sup>(a)</sup> | 59331 | 45314  |
| FirstKey Mortgage Trust, Series 2015-1, Class A3, 3.50%, 03/25/2045<sup>(a)(d)</sup> | 44866 | 41394  |
| Flagstar Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-6RR, Class 2A4, 4.00%, 09/25/2048<sup>(a)(d)</sup> | 187635 | 183061  |
| &nbsp;&nbsp;&nbsp; Series 2018-6RR, Class AM, 4.91%, 10/25/2048<sup>(a)(d)</sup> | 24885 | 22142  |
| &nbsp;&nbsp;&nbsp; Series 2019-1INV, Class A11, 5.38% (1 mo. Term SOFR + 1.06%), 10/25/2049<sup>(d)</sup> | 272794 | 263025  |
| &nbsp;&nbsp;&nbsp; Series 2019-1INV, Class A13, 3.50%, 10/25/2049<sup>(a)(d)</sup> | 23690 | 21297  |
| Fremont Home Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-C, Class M2, 5.48% (1 mo. Term SOFR + 1.16%), 08/25/2034 | 100651 | 88591  |
| &nbsp;&nbsp;&nbsp; Series 2006-3, Class 1A1, 4.71% (1 mo. Term SOFR + 0.39%), 02/25/2037 | 52913 | 38759  |
| &nbsp;&nbsp;&nbsp; Series 2006-B, Class 2A2, 4.53% (1 mo. Term SOFR + 0.21%), 08/25/2036 | 75445 | 23469  |
| &nbsp;&nbsp;&nbsp; Series 2006-E, Class 1A1, 4.57% (1 mo. Term SOFR + 0.25%), 01/25/2037 | 1416373 | 734823  |
| Galton Funding Mortgage Trust, Series 2019-2, Class A21, 4.00%, 06/25/2059<sup>(a)(d)</sup> | 49657 | 46359  |
| GCAT<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A1, 1.04%, 05/25/2066<sup>(a)(d)</sup> | 1606634 | 1365716  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A3, 1.50%, 05/25/2066<sup>(a)(d)</sup> | 1122802 | 962253  |
| Global Mortgage Securitization Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-A, Class A2, 4.70% (1 mo. Term SOFR + 0.38%), 04/25/2032<sup>(d)</sup> | 322673 | 312870  |
| &nbsp;&nbsp;&nbsp; Series 2005-A, Class B1, 5.25%, 04/25/2032<sup>(b)(d)</sup> | 69606 | 60139  |
| GMAC Mortgage Corp. Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2002-HE1, Class A2, 4.91% (1 mo. Term SOFR + 0.59%), 01/25/2029 | 364978 | 312138  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR4, Class 2A2, 6.79%, 07/19/2035<sup>(a)</sup> | 95124 | 72483  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR6, Class 2A1, 3.85%, 11/19/2035<sup>(a)</sup> | 456315 | 356825  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR6, Class 3A1, 4.25%, 11/19/2035<sup>(a)(b)</sup> | 10158 | 7568  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR1, Class 1A1, 3.94%, 04/19/2036<sup>(a)</sup> | 363368 | 295883  |
| &nbsp;&nbsp;&nbsp; Series 2007-HE3, Class 2A1, 7.00%, 09/25/2037<sup>(a)</sup> | 99467 | 97823  |
| Greenpoint Manufactured Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 1999-5, Class M2, 9.23%, 12/15/2029<sup>(a)</sup> | 612540 | 609149  |
| &nbsp;&nbsp;&nbsp; Series 2000-3, Class IA, 8.40%, 06/20/2031<sup>(a)</sup> | 6395481 | 2282382  |
| Greenpoint Mortgage Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR1, Class A3, 4.99% (1 mo. Term SOFR + 0.67%), 06/25/2045 | 79451 | 72354  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR3, Class 1A1, 4.91% (1 mo. Term SOFR + 0.59%), 08/25/2045 | 521054 | 437806  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR5, Class 2A1, 4.99% (1 mo. Term SOFR + 0.67%), 11/25/2045 | 4066669 | 2708667  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR2, Class 3A2, 5.07% (1 mo. Term SOFR + 0.75%), 03/25/2036 | 200047 | 193023  |

---

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

14<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REGAN TOTAL RETURN INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| GS Mortgage Securities Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2008-2R, Class 1A1, 4.66%, 09/25/2036<sup>(a)(d)</sup> | $183135 | $54914  |
| &nbsp;&nbsp;&nbsp; Series 2008-2R, Class 2A1, 7.50%, 10/25/2036<sup>(a)(d)</sup> | 239267 | 27518  |
| &nbsp;&nbsp;&nbsp; Series 2009-4R, Class 2A3, 4.88% (1 mo. Term SOFR + 0.56%), 12/26/2036<sup>(d)</sup> | 2709298 | 1933775  |
| &nbsp;&nbsp;&nbsp; Series 2015-3R, Class 1B, 4.71% (1 mo. Term SOFR + 0.39%), 01/26/2037<sup>(d)</sup> | 621680 | 552920  |
|  GS Mortgage-Backed Securities Trust, Series 2021-GR2, Class A9, 5.00% (30 day avg SOFR US + 0.85%), 02/25/2052<sup>(d)</sup> | 1583814 | 1465962  |
| GSAA Home Equity Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-14, Class 1A2, 5.13% (1 mo. Term SOFR + 0.81%), 12/25/2035 | 770008 | 344366  |
| &nbsp;&nbsp;&nbsp; Series 2006-11, Class 2A1, 4.61% (1 mo. Term SOFR + 0.29%), 07/25/2036 | 4600735 | 893034  |
| GSAA Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-14, Class 2A3, 5.13% (1 mo. Term SOFR + 0.81%), 12/25/2035 | 263871 | 237353  |
| &nbsp;&nbsp;&nbsp; Series 2005-7, Class AF4, 5.56%, 05/25/2035<sup>(b)(c)</sup> | 256617 | 224412  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class A2, 4.87% (1 mo. Term SOFR + 0.55%), 01/25/2036 | 4508798 | 1264170  |
| &nbsp;&nbsp;&nbsp; Series 2006-10, Class AF3, 5.98%, 06/25/2036<sup>(a)</sup> | 4263553 | 960280  |
| &nbsp;&nbsp;&nbsp; Series 2006-10, Class AF4, 6.80%, 06/25/2036<sup>(c)</sup> | 1490283 | 334650  |
| &nbsp;&nbsp;&nbsp; Series 2006-12, Class A1, 4.53% (1 mo. Term SOFR + 0.21%), 08/25/2036 | 3162989 | 748268  |
| &nbsp;&nbsp;&nbsp; Series 2006-15, Class AF4, 6.46%, 09/25/2036<sup>(c)</sup> | 2012186 | 509710  |
| &nbsp;&nbsp;&nbsp; Series 2006-17, Class A2, 4.79% (1 mo. Term SOFR + 0.47%), 11/25/2036 | 3727062 | 891002  |
| &nbsp;&nbsp;&nbsp; Series 2006-19, Class A1, 4.61% (1 mo. Term SOFR + 0.29%), 12/25/2036 | 75863 | 19984  |
| &nbsp;&nbsp;&nbsp; Series 2006-20, Class 2A1B, 4.63% (1 mo. Term SOFR + 0.31%), 12/25/2046 | 10817333 | 477603  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class 1A2, 4.97% (1 mo. Term SOFR + 0.65%), 12/25/2035 | 1853343 | 1721165  |
| &nbsp;&nbsp;&nbsp; Series 2006-3, Class A4, 5.13% (1 mo. Term SOFR + 0.81%), 03/25/2036 | 4832103 | 310372  |
| &nbsp;&nbsp;&nbsp; Series 2006-7, Class AF2, 5.99%, 03/25/2046<sup>(a)</sup> | 442183 | 160597  |
| &nbsp;&nbsp;&nbsp; Series 2007-10, Class A1A, 6.00%, 11/25/2037 | 3485461 | 1854241  |
| &nbsp;&nbsp;&nbsp; Series 2007-10, Class A2A, 6.50%, 11/25/2037 | 2121357 | 780919  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 1A1, 4.59% (1 mo. Term SOFR + 0.27%), 02/25/2037 | 8190758 | 2332922  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 1A2, 4.77% (1 mo. Term SOFR + 0.45%), 02/25/2037 | 1694479 | 479968  |
| &nbsp;&nbsp;&nbsp; Series 2007-5, Class 2A1A, 4.67% (1 mo. Term SOFR + 0.35%), 04/25/2047 | 615223 | 574791  |
| &nbsp;&nbsp;&nbsp; Series 2007-8, Class A3, 5.33% (1 mo. Term SOFR + 1.01%), 08/25/2037 | 173389 | 169445  |
| GSAMP Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-OPT, Class B3, 3.54%, 11/25/2034<sup>(c)</sup> | 791737 | 594784  |
| &nbsp;&nbsp;&nbsp; Series 2004-OPT, Class M1, 3.79% (1 mo. Term SOFR + 0.98%), 11/25/2034 | 49309 | 46794  |
| &nbsp;&nbsp;&nbsp; Series 2006-S5, Class A2, 6.16%, 09/25/2036<sup>(c)</sup> | 19888893 | 253764  |
| &nbsp;&nbsp;&nbsp; Series 2007-NC1, Class A2D, 4.89% (1 mo. Term SOFR + 0.57%), 12/25/2046 | 2324476 | 1090734  |
| GSMPS Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-RP1, Class 1A4, 8.50%, 01/25/2035<sup>(d)</sup> | 31789 | 32671  |
| &nbsp;&nbsp;&nbsp; Series 2005-RP1, Class 1AF, 4.78% (1 mo. Term SOFR + 0.46%), 01/25/2035<sup>(d)</sup> | 28467 | 24749  |
| &nbsp;&nbsp;&nbsp; Series 2005-RP2, Class 1AF, 4.78% (1 mo. Term SOFR + 0.46%), 03/25/2035<sup>(d)</sup> | 6850734 | 6382837  |
| &nbsp;&nbsp;&nbsp; Series 2005-RP3, Class 1AF, 4.78% (1 mo. Term SOFR + 0.46%), 09/25/2035<sup>(d)</sup> | 415920 | 355511  |
| &nbsp;&nbsp;&nbsp; Series 2006-RP1, Class 1AS, 0.00%, 01/25/2036<sup>(a)(d)(e)</sup> | 12222845 | 95302  |
| GSR Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-2F, Class 1A4, 5.50%, 01/25/2034 | 22461 | 22613  |
| &nbsp;&nbsp;&nbsp; Series 2005-2F, Class 3A2, 3.32% (-1 x 1 mo. Term SOFR + 7.64%), 03/25/2035<sup>(e)(f)</sup> | 397496 | 77083  |
| &nbsp;&nbsp;&nbsp; Series 2005-3F, Class 1A3, 5.50%, 03/25/2035 | 863158 | 741960  |

---

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

15<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REGAN TOTAL RETURN INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2005-6F, Class 3A11, 4.73% (1 mo. Term SOFR + 0.41%), 07/25/2035 | $458117 | $401656  |
| &nbsp;&nbsp;&nbsp; Series 2005-9F, Class 1A6, 5.50%, 12/25/2035 | 301635 | 255257  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR2, Class 1A2, 4.45%, 04/25/2035<sup>(a)</sup> | 344563 | 289462  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR2, Class 5A1, 7.32%, 04/25/2035<sup>(a)</sup> | 7446 | 6992  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR3, Class 5A1, 6.70%, 05/25/2035<sup>(a)</sup> | 819702 | 712843  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR3, Class 6A1, 4.29%, 05/25/2035<sup>(a)</sup> | 2575397 | 1925580  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR3, Class 7A1, 3.58%, 05/25/2035<sup>(a)</sup> | 393539 | 327055  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR6, Class B1, 6.11%, 09/25/2035<sup>(a)</sup> | 83558 | 72676  |
| &nbsp;&nbsp;&nbsp; Series 2006-10F, Class 4A1, 4.78% (1 mo. Term SOFR + 0.46%), 01/25/2037 | 1662640 | 214072  |
| &nbsp;&nbsp;&nbsp; Series 2006-3F, Class 2A3, 5.75%, 03/25/2036 | 399314 | 351283  |
| &nbsp;&nbsp;&nbsp; Series 2006-3F, Class 2A7, 5.75%, 03/25/2036 | 243951 | 214608  |
| &nbsp;&nbsp;&nbsp; Series 2006-3F, Class 5A1, 4.78% (1 mo. Term SOFR + 0.46%), 03/25/2036 | 1301186 | 178433  |
| &nbsp;&nbsp;&nbsp; Series 2006-3F, Class 5A2, 2.72% (-1 x 1 mo. Term SOFR + 7.04%), 03/25/2036<sup>(e)(f)</sup> | 377863 | 32629  |
| &nbsp;&nbsp;&nbsp; Series 2006-4F, Class 4A2, 2.72% (-1 x 1 mo. Term SOFR + 7.04%), 05/25/2036<sup>(e)(f)</sup> | 8296296 | 902736  |
| &nbsp;&nbsp;&nbsp; Series 2006-7F, Class 4A2, 6.50%, 08/25/2036 | 1703211 | 499040  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR1, Class 2A4, 4.74%, 01/25/2036<sup>(a)</sup> | 1984076 | 1828321  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR1, Class 3A1, 4.68%, 01/25/2036<sup>(a)</sup> | 113415 | 135483  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR2, Class 1A1, 4.79% (1 mo. Term SOFR + 0.47%), 12/25/2035 | 44598 | 38044  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR2, Class 3A1, 5.93%, 04/25/2036<sup>(a)</sup> | 466116 | 272682  |
| &nbsp;&nbsp;&nbsp; Series 2006-OA1, Class 2A2, 4.95% (1 mo. Term SOFR + 0.63%), 08/25/2046 | 4517010 | 994517  |
| &nbsp;&nbsp;&nbsp; Series 2007-3F, Class 3A7, 6.00%, 05/25/2037 | 3668932 | 2704290  |
| &nbsp;&nbsp;&nbsp; Series 2007-AR1, Class 2A1, 4.52%, 03/25/2047<sup>(a)</sup> | 272731 | 161545  |
| &nbsp;&nbsp;&nbsp; Series 2007-OA1, Class 2A3A, 4.74% (1 mo. Term SOFR + 0.42%), 05/25/2037 | 702197 | 391075  |
| Harborview Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-7, Class 4A, 5.90%, 11/19/2034<sup>(a)</sup> | 534933 | 492062  |
| &nbsp;&nbsp;&nbsp; Series 2004-8, Class 2A3, 5.25% (1 mo. Term SOFR + 0.93%), 11/19/2034 | 226228 | 206519  |
| &nbsp;&nbsp;&nbsp; Series 2005-1, Class 2A1A, 4.97% (1 mo. Term SOFR + 0.65%), 03/19/2035<sup>(b)</sup> | 156841 | 148411  |
| &nbsp;&nbsp;&nbsp; Series 2005-13, Class 2A11, 4.99% (1 mo. Term SOFR + 0.67%), 02/19/2036 | 1604495 | 716675  |
| &nbsp;&nbsp;&nbsp; Series 2005-14, Class 3A1A, 7.44%, 12/19/2035<sup>(a)</sup> | 89 | 88  |
| &nbsp;&nbsp;&nbsp; Series 2005-15, Class 3A11, 6.64% (MTA + 2.00%), 10/20/2045 | 2357139 | 1756060  |
| &nbsp;&nbsp;&nbsp; Series 2005-6, Class A1B, 5.47% (6 mo. Term SOFR + 1.19%), 07/19/2045 | 107035 | 89360  |
| &nbsp;&nbsp;&nbsp; Series 2005-7, Class 1A1, 4.79% (Ent 11th COFI Repl + 1.85%), 06/19/2045 | 513483 | 236003  |
| &nbsp;&nbsp;&nbsp; Series 2005-8, Class 1A2A, 5.09% (1 mo. Term SOFR + 0.77%), 09/19/2035 | 335327 | 204540  |
| &nbsp;&nbsp;&nbsp; Series 2006-4, Class 1A2A, 4.81% (1 mo. Term SOFR + 0.49%), 05/19/2046 | 2878269 | 1463785  |
| &nbsp;&nbsp;&nbsp; Series 2006-5, Class 2A1A, 4.79% (1 mo. Term SOFR + 0.47%), 07/19/2046 | 10144809 | 5522468  |
| &nbsp;&nbsp;&nbsp; Series 2006-6, Class 1A1A, 5.04%, 08/19/2036<sup>(a)</sup> | 431323 | 289074  |
| &nbsp;&nbsp;&nbsp; Series 2006-BU1, Class 2A1B, 4.93% (1 mo. Term SOFR + 0.61%), 02/19/2046 | 560797 | 422521  |
| &nbsp;&nbsp;&nbsp; Series 2007-2, Class 2A1A, 4.59% (1 mo. Term SOFR + 0.43%), 05/25/2038 | 3752912 | 3001839  |
| &nbsp;&nbsp;&nbsp; Series 2007-4, Class 2A1, 4.65% (1 mo. Term SOFR + 0.55%), 07/19/2047 | 302699 | 287289  |
| HarborViewMortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-14, Class 4A1A, 5.18%, 12/19/2035<sup>(a)</sup> | 1281007 | 645931  |
| &nbsp;&nbsp;&nbsp; Series 2005-16, Class 3A1A, 4.93% (1 mo. Term SOFR + 0.61%), 01/19/2036 | 1955626 | 1269705  |
| &nbsp;&nbsp;&nbsp; Series 2006-8, Class 1A1, 4.83% (1 mo. Term SOFR + 0.51%), 07/21/2036 | 696195 | 333164  |

---

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

16<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REGAN TOTAL RETURN INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
|  Home Equity Asset Trust, Series 2003-7, Class A2, 5.19% (1 mo. Term SOFR + 0.87%), 03/25/2034 | $32585 | $31856  |
|  Homebanc Mortgage Trust, Series 2005-1, Class A2, 5.05% (1 mo. Term SOFR + 0.73%), 03/25/2035 | 433113 | 346088  |
| HSBC Asset Loan Obligation<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class 1A1, 6.00%, 12/25/2036 | 283080 | 76436  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class 1A7, 4.80% (1 mo. Term SOFR + 0.48%), 12/25/2036 | 8273277 | 1614912  |
| &nbsp;&nbsp;&nbsp; Series 2007-WF1, Class A1, 4.55% (1 mo. Term SOFR + 0.23%), 12/25/2036 | 1249156 | 360973  |
| HSI Asset Securitization Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-HE2, Class 2A2, 4.65% (1 mo. Term SOFR + 0.33%), 12/25/2036 | 473292 | 118538  |
| &nbsp;&nbsp;&nbsp; Series 2007-HE2, Class 2A1, 4.65% (1 mo. Term SOFR + 0.33%), 04/25/2037 | 166369 | 84682  |
| ImpacCMB Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-5, Class 1M2, 5.30% (1 mo. Term SOFR + 0.98%), 10/25/2034 | 14463 | 14277  |
| &nbsp;&nbsp;&nbsp; Series 2004-6, Class 1A2, 5.21% (1 mo. Term SOFR + 0.89%), 10/25/2034 | 41525 | 41430  |
| &nbsp;&nbsp;&nbsp; Series 2004-6, Class 2A, 6.06%, 10/25/2034<sup>(c)</sup> | 355786 | 418897  |
| &nbsp;&nbsp;&nbsp; Series 2004-6, Class M2, 5.33% (1 mo. Term SOFR + 1.01%), 10/25/2034 | 14808 | 14330  |
| &nbsp;&nbsp;&nbsp; Series 2004-6, Class M4, 6.16% (1 mo. Term SOFR + 1.84%), 10/25/2034 | 9872 | 9581  |
| &nbsp;&nbsp;&nbsp; Series 2005-7, Class A1, 4.95% (1 mo. Term SOFR + 0.63%), 11/25/2035 | 14017 | 12474  |
| &nbsp;&nbsp;&nbsp; Series 2005-8, Class 1AM, 5.13% (1 mo. Term SOFR + 0.81%), 02/25/2036 | 881208 | 823457  |
| ImpacSecured Assets CMN Owner Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-2, Class A2D, 5.29% (1 mo. Term SOFR + 0.97%), 03/25/2036 | 136170 | 112276  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class 1A2B, 4.77% (1 mo. Term SOFR + 0.45%), 08/25/2036 | 1393524 | 1330952  |
| &nbsp;&nbsp;&nbsp; Series 2007-3, Class A1A, 4.65% (1 mo. Term SOFR + 0.33%), 09/25/2037 | 116830 | 102229  |
| &nbsp;&nbsp;&nbsp; Series 2007-3, Class A1B, 4.91% (1 mo. Term SOFR + 0.59%), 09/25/2037 | 1537090 | 1321683  |
| Imperial Fund Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A1, 1.07%, 09/25/2056<sup>(a)(d)</sup> | 2860078 | 2378964  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A3, 1.52%, 09/25/2056<sup>(a)(d)</sup> | 221819 | 186427  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM3, Class A1, 1.60%, 11/25/2056<sup>(a)(d)</sup> | 487470 | 417962  |
| IndymacIMJA Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2007-A1, Class A3, 6.00%, 08/25/2037 | 2646097 | 965116  |
| &nbsp;&nbsp;&nbsp; Series 2007-A1, Class A7, 6.00%, 08/25/2037 | 1373066 | 501324  |
|  Indymac IMSC Mortgage Loan Trust, Series 2007-F3, Class 2A1, 6.50%, 09/25/2037 | 26514 | 14206  |
| IndymacINDA Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR2, Class 1A1, 4.82%, 09/25/2036<sup>(a)</sup> | 291876 | 185993  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR2, Class 4A1, 4.50%, 09/25/2036<sup>(a)</sup> | 127000 | 118290  |
| &nbsp;&nbsp;&nbsp; Series 2007-AR1, Class 1A1, 4.13%, 03/25/2037<sup>(a)</sup> | 172714 | 133041  |
| &nbsp;&nbsp;&nbsp; Series 2007-AR1, Class 1A2, 4.13%, 03/25/2037<sup>(a)</sup> | 277778 | 214899  |
| IndymacIndex Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR11, Class A3, 3.83%, 08/25/2035<sup>(a)</sup> | 30354 | 21967  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR31, Class 5A1, 5.01% (1 mo. Term SOFR + 0.69%), 01/25/2036 | 2050354 | 1376594  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR5, Class 4A1, 4.27%, 05/25/2035<sup>(a)</sup> | 208516 | 141558  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR7, Class 1A1, 3.64%, 06/25/2035<sup>(a)</sup> | 635628 | 349790  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR25, Class 4A3, 3.70%, 09/25/2036<sup>(a)</sup> | 1798562 | 1447846  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR5, Class 2A1, 3.67%, 05/25/2036<sup>(a)</sup> | 1314905 | 1270051  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR9, Class 3A3, 3.51%, 06/25/2036<sup>(a)(b)</sup> | 74362 | 56515  |
| &nbsp;&nbsp;&nbsp; Series 2007-AR15, Class 2A1, 3.46%, 08/25/2037<sup>(a)</sup> | 204854 | 143981  |

---

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

17<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REGAN TOTAL RETURN INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
|  IndyMac INDX Mortgage Loan Trust, Series 2006-AR37, Class 1A1, 4.42%, 02/25/2037<sup>(a)</sup> | $48946 | $40104  |
| IndymacResidential Asset Backed Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-C, Class 2A, 4.69% (1 mo. Term SOFR + 0.37%), 08/25/2036 | 58433 | 55568  |
| &nbsp;&nbsp;&nbsp; Series 2007-A, Class 1A, 4.65% (1 mo. Term SOFR + 0.33%), 04/25/2037 | 260805 | 199182  |
| &nbsp;&nbsp;&nbsp; Series 2007-A, Class 2A2, 4.62% (1 mo. Term SOFR + 0.30%), 04/25/2037 | 234208 | 157439  |
| &nbsp;&nbsp;&nbsp; Series 2007-A, Class 2A4B, 4.88% (1 mo. Term SOFR + 0.56%), 04/25/2037 | 3710580 | 1467317  |
| Investment Capital Access, Inc., Series 13, Class M1, 7.88%, 12/28/2033<sup>(c)</sup> | 24935 | 25031  |
|  IXIS Real Estate Capital Trust, Series 2007-HE1, Class A1, 4.49% (1 mo. Term SOFR + 0.17%), 05/25/2037 | 452445 | 92923  |
| JP Morgan Alternative Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-S1, Class 2A11, 6.00%, 12/25/2035 | 10588 | 7033  |
| &nbsp;&nbsp;&nbsp; Series 2006-A1, Class 2A2, 4.95%, 03/25/2036<sup>(a)</sup> | 2355579 | 1770514  |
| &nbsp;&nbsp;&nbsp; Series 2006-A2, Class 2A2, 4.77%, 05/25/2036<sup>(a)</sup> | 1039747 | 629620  |
| &nbsp;&nbsp;&nbsp; Series 2006-A2, Class 3A1, 4.31%, 05/25/2036<sup>(a)</sup> | 716010 | 400493  |
| &nbsp;&nbsp;&nbsp; Series 2006-A4, Class A8, 4.38%, 09/25/2036<sup>(a)</sup> | 6277 | 7283  |
| &nbsp;&nbsp;&nbsp; Series 2006-A5, Class 1A1, 4.75% (1 mo. Term SOFR + 0.43%), 10/25/2036 | 174951 | 157618  |
| &nbsp;&nbsp;&nbsp; Series 2006-A6, Class 2A6, 4.97%, 11/25/2036<sup>(a)</sup> | 729311 | 610340  |
| &nbsp;&nbsp;&nbsp; Series 2006-S1, Class 3A5, 5.73%, 03/25/2036<sup>(a)</sup> | 34870 | 34638  |
| &nbsp;&nbsp;&nbsp; Series 2006-S3, Class A6, 6.62%, 08/25/2036<sup>(c)</sup> | 126164 | 123897  |
| &nbsp;&nbsp;&nbsp; Series 2007-A2, Class 2A1, 4.89%, 05/25/2037<sup>(a)</sup> | 140396 | 124172  |
|  JP Morgan Mortgage Acquisition Corp., Series 2007-CH4, Class A5, 4.67% (1 mo. Term SOFR + 0.35%), 05/25/2037 | 18 | 18  |
| JP Morgan Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-A1, Class 5A1, 6.83%, 02/25/2034<sup>(a)</sup> | 57381 | 58159  |
| &nbsp;&nbsp;&nbsp; Series 2004-A3, Class 1A1, 6.95%, 07/25/2034<sup>(a)</sup> | 179678 | 167342  |
| &nbsp;&nbsp;&nbsp; Series 2004-A3, Class 4A1, 7.63%, 07/25/2034<sup>(a)</sup> | 35931 | 35600  |
| &nbsp;&nbsp;&nbsp; Series 2005-A1, Class 3A4, 5.68%, 02/25/2035<sup>(a)</sup> | 17488 | 16762  |
| &nbsp;&nbsp;&nbsp; Series 2005-A2, Class 1A1, 5.99%, 04/25/2035<sup>(a)</sup> | 94445 | 92045  |
| &nbsp;&nbsp;&nbsp; Series 2005-A2, Class 2A1, 3.96%, 04/25/2035<sup>(a)</sup> | 81423 | 67032  |
| &nbsp;&nbsp;&nbsp; Series 2005-A3, Class 6A5, 5.71%, 06/25/2035<sup>(a)</sup> | 139446 | 140132  |
| &nbsp;&nbsp;&nbsp; Series 2005-A8, Class 1A1, 5.20%, 11/25/2035<sup>(a)</sup> | 881069 | 691991  |
| &nbsp;&nbsp;&nbsp; Series 2005-A8, Class 2A3, 5.74%, 11/25/2035<sup>(a)</sup> | 366603 | 297458  |
| &nbsp;&nbsp;&nbsp; Series 2005-ALT1, Class 2A1, 5.67%, 10/25/2035<sup>(a)</sup> | 219093 | 169717  |
| &nbsp;&nbsp;&nbsp; Series 2005-S3, Class 2A2, 5.50%, 01/25/2036 | 162452 | 137311  |
| &nbsp;&nbsp;&nbsp; Series 2006-A4, Class 5A1, 4.53%, 06/25/2036<sup>(a)</sup> | 112943 | 77486  |
| &nbsp;&nbsp;&nbsp; Series 2006-A6, Class 3A2, 4.47%, 10/25/2036<sup>(a)</sup> | 323878 | 179706  |
| &nbsp;&nbsp;&nbsp; Series 2006-A7, Class 2A3, 4.56%, 01/25/2037<sup>(a)</sup> | 1119565 | 874580  |
| &nbsp;&nbsp;&nbsp; Series 2006-A7, Class 2A4R, 4.56%, 01/25/2037<sup>(a)</sup> | 230133 | 179775  |
| &nbsp;&nbsp;&nbsp; Series 2006-S3, Class 1A13, 6.50%, 08/25/2036 | 626833 | 194895  |
| &nbsp;&nbsp;&nbsp; Series 2007-A1, Class B1, 6.41%, 07/25/2035<sup>(a)</sup> | 33182 | 30306  |
| &nbsp;&nbsp;&nbsp; Series 2007-A4, Class 3A1, 5.49%, 06/25/2037<sup>(a)</sup> | 53580 | 40926  |
| &nbsp;&nbsp;&nbsp; Series 2007-S1, Class 2A22, 5.75%, 03/25/2037 | 306735 | 109952  |
| &nbsp;&nbsp;&nbsp; Series 2007-S1, Class 2A3, 4.93% (1 mo. Term SOFR + 0.61%), 03/25/2037 | 148455 | 42087  |
| &nbsp;&nbsp;&nbsp; Series 2007-S3, Class 1A18, 4.93% (1 mo. Term SOFR + 0.61%), 08/25/2037 | 843785 | 268824  |
| &nbsp;&nbsp;&nbsp; Series 2007-S3, Class 1A64, 7.50%, 08/25/2037 | 2940310 | 955365  |
| &nbsp;&nbsp;&nbsp; Series 2007-S3, Class 1A96, 6.00%, 08/25/2037<sup>(b)</sup> | 18615 | 7074  |

---

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

18<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REGAN TOTAL RETURN INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2007-S3, Class 1A97, 6.00%, 08/25/2037<sup>(b)</sup> | $37213 | $14141  |
| &nbsp;&nbsp;&nbsp; Series 2013-3, Class A3, 3.34%, 07/25/2043<sup>(a)(d)</sup> | 143132 | 133108  |
| &nbsp;&nbsp;&nbsp; Series 2014-1, Class 1A1A, 4.00%, 01/25/2044<sup>(a)(d)</sup> | 69677 | 66007  |
| &nbsp;&nbsp;&nbsp; Series 2015-4, Class B1, 3.52%, 06/25/2045<sup>(a)(d)</sup> | 39039 | 36410  |
| &nbsp;&nbsp;&nbsp; Series 2016-1, Class A7, 3.50%, 05/25/2046<sup>(a)(d)</sup> | 225983 | 205351  |
| &nbsp;&nbsp;&nbsp; Series 2016-3, Class 1A10, 3.00%, 10/25/2046<sup>(a)(d)</sup> | 802007 | 692792  |
| &nbsp;&nbsp;&nbsp; Series 2016-4, Class A12, 3.00%, 10/25/2046<sup>(a)(d)(g)</sup> | 852204 | 700684  |
| &nbsp;&nbsp;&nbsp; Series 2017-4, Class A3, 3.50%, 11/25/2048<sup>(a)(d)</sup> | 4342 | 3949  |
| &nbsp;&nbsp;&nbsp; Series 2019-1, Class A11, 5.38% (1 mo. Term SOFR + 1.06%), 05/25/2049<sup>(d)</sup> | 1298862 | 1241767  |
| &nbsp;&nbsp;&nbsp; Series 2019-8, Class A11, 5.28% (1 mo. Term SOFR + 0.96%), 03/25/2050<sup>(d)</sup> | 181201 | 171863  |
| &nbsp;&nbsp;&nbsp; Series 2019-9, Class A11, 5.33% (1 mo. Term SOFR + 1.01%), 05/25/2050<sup>(d)</sup> | 1667600 | 1601149  |
| &nbsp;&nbsp;&nbsp; Series 2019-INV1, Class A11, 5.38% (1 mo. Term SOFR + 1.06%), 10/25/2049<sup>(d)</sup> | 1252630 | 1203350  |
| &nbsp;&nbsp;&nbsp; Series 2019-INV3, Class A11, 5.43% (1 mo. Term SOFR + 1.11%), 05/25/2050<sup>(d)</sup> | 1456435 | 1391712  |
| &nbsp;&nbsp;&nbsp; Series 2020-2, Class A7A, 3.00%, 07/25/2050<sup>(a)(d)</sup> | 955427 | 815027  |
| &nbsp;&nbsp;&nbsp; Series 2020-5, Class A11, 5.43% (1 mo. Term SOFR + 1.11%), 12/25/2050<sup>(d)</sup> | 351646 | 335275  |
| &nbsp;&nbsp;&nbsp; Series 2020-8, Class A11, 5.25% (30 day avg SOFR US + 0.90%), 03/25/2051<sup>(d)</sup> | 627340 | 590966  |
| &nbsp;&nbsp;&nbsp; Series 2020-INV1, Class A11, 5.26% (1 mo. Term SOFR + 0.94%), 08/25/2050<sup>(d)</sup> | 4264 | 4029  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class A4, 2.50%, 07/25/2051<sup>(a)(d)</sup> | 68263 | 61456  |
| JP Morgan Reremic<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2009-11, Class 3A2, 5.96%, 01/26/2037<sup>(a)(b)(d)</sup> | 5285513 | 4198680  |
| &nbsp;&nbsp;&nbsp; Series 2014-1, Class 3A1, 3.00%, 05/26/2037<sup>(d)</sup> | 442452 | 425485  |
| Lehman Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-2, Class 3A5, 5.50%, 12/25/2035 | 1186478 | 628984  |
| &nbsp;&nbsp;&nbsp; Series 2005-2, Class AX, 5.50%, 12/25/2035<sup>(b)(e)</sup> | 316189 | 56124  |
| &nbsp;&nbsp;&nbsp; Series 2005-3, Class 3A1, 6.00%, 01/25/2036 | 5405841 | 1221260  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class 3A5, 5.50%, 02/25/2036 | 2200029 | 1587298  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class 1A1, 5.75%, 04/25/2036<sup>(a)</sup> | 155352 | 97179  |
| &nbsp;&nbsp;&nbsp; Series 2006-5, Class 2A1, 4.78% (1 mo. Term SOFR + 0.46%), 09/25/2036 | 3842958 | 507454  |
| &nbsp;&nbsp;&nbsp; Series 2006-6, Class 1A1, 4.93% (1 mo. Term SOFR + 0.61%), 10/25/2036 | 3396342 | 896652  |
| &nbsp;&nbsp;&nbsp; Series 2006-7, Class 1A8, 4.61% (1 mo. Term SOFR + 0.29%), 11/25/2036 | 2440733 | 1046515  |
| &nbsp;&nbsp;&nbsp; Series 2006-7, Class 4A1, 4.68% (1 mo. Term SOFR + 0.36%), 11/25/2036 | 2160236 | 125450  |
| &nbsp;&nbsp;&nbsp; Series 2006-9, Class 1A2, 5.03% (1 mo. Term SOFR + 0.71%), 01/25/2037 | 1128959 | 578178  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 2A3, 2.20% (-1 x 1 mo. Term SOFR + 6.52%), 02/25/2037<sup>(e)(f)</sup> | 8551428 | 983180  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 3A1, 4.68% (1 mo. Term SOFR + 0.36%), 02/25/2037 | 2197988 | 295883  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 3A2, 2.82% (-1 x 1 mo. Term SOFR + 7.14%), 02/25/2037<sup>(e)(f)</sup> | 2197988 | 224448  |
| &nbsp;&nbsp;&nbsp; Series 2007-2, Class 1A1, 5.75%, 02/25/2037 | 1023290 | 677377  |
| &nbsp;&nbsp;&nbsp; Series 2007-3, Class 1A2, 2.27% (-1 x 1 mo. Term SOFR + 6.59%), 03/25/2037<sup>(b)(e)(f)</sup> | 1386376 | 189656  |
| &nbsp;&nbsp;&nbsp; Series 2007-4, Class 2A3, 4.76% (1 mo. Term SOFR + 0.44%), 05/25/2037 | 5467935 | 1111368  |
| &nbsp;&nbsp;&nbsp; Series 2007-5, Class 10A4, 4.84% (1 mo. Term SOFR + 0.52%), 06/25/2037 | 3109655 | 695657  |
| &nbsp;&nbsp;&nbsp; Series 2007-6, Class 1A7, 6.00%, 07/25/2037 | 221111 | 198840  |
| &nbsp;&nbsp;&nbsp; Series 2007-7, Class 1A1, 4.93% (1 mo. Term SOFR + 0.61%), 08/25/2037 | 2107078 | 1021267  |

---

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

19<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REGAN TOTAL RETURN INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2008-2, Class 1A1, 6.00%, 03/25/2038 | $302392 | $79567  |
| &nbsp;&nbsp;&nbsp; Series 2008-2, Class 1A11, 6.00%, 03/25/2038 | 6849578 | 1802308  |
| &nbsp;&nbsp;&nbsp; Series 2008-3, Class A1, 4.80% (1 mo. Term SOFR + 0.48%), 02/25/2037 | 40219429 | 8873560  |
| &nbsp;&nbsp;&nbsp; Series 2008-4, Class A1, 4.81% (1 mo. Term SOFR + 0.49%), 01/25/2037 | 7747549 | 2196139  |
| Lehman XS Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-10, Class 1A1, 4.95% (1 mo. Term SOFR + 0.63%), 01/25/2036 | 940753 | 785666  |
| &nbsp;&nbsp;&nbsp; Series 2005-3, Class 1M1, 5.18% (1 mo. Term SOFR + 0.86%), 09/25/2035 | 4431256 | 4288671  |
| &nbsp;&nbsp;&nbsp; Series 2005-7N, Class 1A1B, 5.03% (1 mo. Term SOFR + 0.71%), 12/25/2035 | 198125 | 158856  |
| &nbsp;&nbsp;&nbsp; Series 2006-10N, Class 2A1, 4.67% (1 mo. Term SOFR + 0.35%), 05/25/2046 | 166484 | 165125  |
| &nbsp;&nbsp;&nbsp; Series 2006-12N, Class A31A, 4.83% (1 mo. Term SOFR + 0.51%), 08/25/2046 | 58335 | 59149  |
| &nbsp;&nbsp;&nbsp; Series 2006-16N, Class A4A, 4.81% (1 mo. Term SOFR + 0.49%), 11/25/2046 | 521009 | 456709  |
| &nbsp;&nbsp;&nbsp; Series 2006-GP2, Class 1A5A, 4.85% (1 mo. Term SOFR + 0.53%), 06/25/2046<sup>(b)</sup> | 48571 | 40617  |
| &nbsp;&nbsp;&nbsp; Series 2007-10H, Class 2A2, 7.50%, 07/25/2037 | 339425 | 313775  |
| &nbsp;&nbsp;&nbsp; Series 2007-15N, Class 2A1, 4.93% (1 mo. Term SOFR + 0.61%), 08/25/2037 | 26137 | 25423  |
| &nbsp;&nbsp;&nbsp; Series 2007-15N, Class 4A1, 5.33% (1 mo. Term SOFR + 1.01%), 08/25/2047 | 365918 | 305503  |
| &nbsp;&nbsp;&nbsp; Series 2007-16N, Class 2A2, 6.13% (1 mo. Term SOFR + 1.81%), 09/25/2047 | 5570697 | 4979857  |
| &nbsp;&nbsp;&nbsp; Series 2007-3, Class 1BA1, 4.75% (1 mo. Term SOFR + 0.43%), 03/25/2037 | 299089 | 281601  |
| &nbsp;&nbsp;&nbsp; Series 2007-3, Class 1BA2, 5.19% (6 mo. Term SOFR + 0.93%), 03/25/2037 | 261731 | 264745  |
| &nbsp;&nbsp;&nbsp; Series 2007-6, Class 1A1, 5.94% (6 mo. Term SOFR + 1.68%), 05/25/2037 | 482940 | 390617  |
| &nbsp;&nbsp;&nbsp; Series 2007-7N, Class 1A2, 4.91% (1 mo. Term SOFR + 0.59%), 06/25/2047 | 910019 | 840294  |
| Long Beach Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-2, Class A1, 4.87% (1 mo. Term SOFR + 0.55%), 06/25/2034 | 1932368 | 1910357  |
| &nbsp;&nbsp;&nbsp; Series 2004-4, Class M1, 5.33% (1 mo. Term SOFR + 1.01%), 10/25/2034<sup>(b)</sup> | 22973 | 20561  |
| &nbsp;&nbsp;&nbsp; Series 2006-A, Class A1, 4.61% (1 mo. Term SOFR + 0.29%), 05/25/2036 | 974327 | 17572  |
|  Luminent Mortgage Trust, Series 2006-3, Class 12A1, 4.85% (1 mo. Term SOFR + 0.53%), 05/25/2036 | 101126 | 88738  |
| Master Resecuritization Trust, Series 2008-1, Class A1, 6.00%, 09/27/2037<sup>(a)(b)(d)</sup> | 421926 | 280053  |
| Mastr Adjustable RateMortgages Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-13, Class 3A7, 6.37%, 11/21/2034<sup>(a)</sup> | 208551 | 197914  |
| &nbsp;&nbsp;&nbsp; Series 2004-4, Class 2A3, 6.80%, 05/25/2034<sup>(a)</sup> | 175574 | 165597  |
| &nbsp;&nbsp;&nbsp; Series 2004-6, Class 4A6, 6.44%, 07/25/2034<sup>(a)</sup> | 75725 | 75408  |
| &nbsp;&nbsp;&nbsp; Series 2005-6, Class 5A1, 3.50%, 07/25/2035<sup>(a)</sup> | 169190 | 151229  |
| &nbsp;&nbsp;&nbsp; Series 2005-6, Class 7A1, 6.83%, 06/25/2035<sup>(a)</sup> | 17215 | 15961  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class 2A1, 7.35%, 04/25/2036<sup>(a)</sup> | 57792 | 27549  |
| MASTR Adjustable RateMortgages Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-7, Class 3A1, 3.60%, 09/25/2035<sup>(a)</sup> | 355709 | 216817  |
| &nbsp;&nbsp;&nbsp; Series 2006-OA1, Class 1A1, 4.64% (1 mo. Term SOFR + 0.32%), 04/25/2046 | 212688 | 191217  |
| MASTR Alternative Loans Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-6, Class B1, 5.71%, 09/25/2033<sup>(a)</sup> | 328596 | 296360  |
| &nbsp;&nbsp;&nbsp; Series 2004-13, Class 10A3, 5.75%, 01/25/2035 | 444955 | 375963  |
| &nbsp;&nbsp;&nbsp; Series 2004-4, Class 1A1, 5.50%, 05/25/2034 | 18735 | 18154  |
| &nbsp;&nbsp;&nbsp; Series 2005-4, Class 5A1, 6.00%, 05/25/2035 | 575151 | 508166  |
| &nbsp;&nbsp;&nbsp; Series 2005-5, Class 3A1, 5.75%, 08/25/2035 | 3639142 | 1672031  |
| &nbsp;&nbsp;&nbsp; Series 2005-6, Class 2A1, 4.88% (1 mo. Term SOFR + 0.56%), 12/25/2035 | 3483609 | 580748  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class A2, 5.13% (1 mo. Term SOFR + 0.81%), 02/25/2036 | 1895300 | 622363  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class 2A1, 4.83% (1 mo. Term SOFR + 0.51%), 03/25/2036 | 239523 | 22736  |

---

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

20<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REGAN TOTAL RETURN INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2006-3, Class 2A2, 6.75%, 07/25/2036 | $1065125 | $365538  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 2A15, 4.80% (1 mo. Term SOFR + 0.48%), 10/25/2036 | 2587113 | 557283  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 2A7, 6.00%, 10/25/2036 | 983507 | 282468  |
| &nbsp;&nbsp;&nbsp; Series 2007-HF1, Class 1A1, 4.08%, 10/25/2047<sup>(a)</sup> | 601939 | 499706  |
| MastrAsset Backed Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-AM2, Class A3, 4.77% (1 mo. Term SOFR + 0.45%), 06/25/2036 | 501025 | 459482  |
| &nbsp;&nbsp;&nbsp; Series 2006-FRE2, Class A5, 4.91% (1 mo. Term SOFR + 0.59%), 03/25/2036 | 224268 | 133240  |
| MASTR Asset Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-3, Class 4A10, 5.50%, 03/25/2034 | 439385 | 383893  |
| &nbsp;&nbsp;&nbsp; Series 2004-4, Class 1A7, 5.25%, 12/26/2033 | 192460 | 186214  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class 1A14, 6.00%, 06/25/2036 | 573794 | 321770  |
| Mastr Seasoned Securities Trust, Series 2005-1, Class 4A1, 7.21%, 10/25/2032<sup>(a)</sup> | 212433 | 203655  |
|  Mastr Specialized Loan Trust, Series 2007-1, Class A, 5.17% (1 mo. Term SOFR + 0.85%), 01/25/2037<sup>(d)</sup> | 575668 | 228150  |
| Mellon Residential Funding Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 1999-TBC3, Class A2, 5.01%, 10/20/2029<sup>(a)</sup> | 369483 | 358035  |
| &nbsp;&nbsp;&nbsp; Series 2000-TBC2, Class A1, 4.91% (1 mo. Term SOFR + 0.59%), 06/15/2030 | 137439 | 133546  |
| &nbsp;&nbsp;&nbsp; Series 2000-TBC3, Class A1, 4.87% (1 mo. Term SOFR + 0.55%), 12/15/2030 | 94173 | 91146  |
|  Merrill Lynch Alternative Note Asset, Series 2007-A1, Class A2C, 4.89% (1 mo. Term SOFR + 0.57%), 01/25/2037 | 3633135 | 1088024  |
| Merrill Lynch Mortgage BackedSecurities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2007-2, Class 1A1, 6.53% (1 yr. CMT Rate + 2.40%), 08/25/2036 | 448561 | 382185  |
| &nbsp;&nbsp;&nbsp; Series 2007-3, Class 2A1, 4.91%, 06/25/2037<sup>(a)</sup> | 914039 | 542253  |
| Merrill Lynch Mortgage Investors, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-HE1, Class M1, 5.48% (1 mo. Term SOFR + 1.16%), 07/25/2034 | 53365 | 52914  |
| &nbsp;&nbsp;&nbsp; Series 2005-A10, Class A, 4.85% (1 mo. Term SOFR + 0.53%), 02/25/2036 | 103353 | 100916  |
| &nbsp;&nbsp;&nbsp; Series 2005-A5, Class A3, 5.05%, 06/25/2035<sup>(a)</sup> | 333281 | 321181  |
| &nbsp;&nbsp;&nbsp; Series 2005-A9, Class 2A1E, 6.21%, 12/25/2035<sup>(a)</sup> | 224911 | 215414  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR1, Class A1, 4.76% (1 mo. Term SOFR + 0.44%), 03/25/2037<sup>(d)</sup> | 478903 | 159473  |
| &nbsp;&nbsp;&nbsp; Series 2006-RM2, Class A1A, 4.80% (1 mo. Term SOFR + 0.48%), 05/25/2037 | 7523262 | 2097282  |
| &nbsp;&nbsp;&nbsp; Series 2006-RM3, Class A1B, 4.81% (1 mo. Term SOFR + 0.49%), 06/25/2037 | 5939596 | 176066  |
| MFRA Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-NQM3, Class A1, 1.01%, 01/26/2065<sup>(a)(d)</sup> | 123488 | 115912  |
| &nbsp;&nbsp;&nbsp; Series 2021-INV2, Class A1, 1.91%, 11/25/2056<sup>(a)(d)</sup> | 127213 | 112127  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A1, 1.03%, 11/25/2064<sup>(a)(d)</sup> | 1230492 | 1070477  |
| MLCC Mortgage Investors, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-A, Class 2A1, 5.21% (1 mo. Term SOFR + 0.89%), 03/25/2028 | 13725 | 12403  |
| &nbsp;&nbsp;&nbsp; Series 2003-C, Class A1, 5.09% (1 mo. Term SOFR + 0.77%), 06/25/2028 | 285882 | 267079  |
| &nbsp;&nbsp;&nbsp; Series 2003-D, Class A, 5.05% (1 mo. Term SOFR + 0.73%), 08/25/2028<sup>(b)</sup> | 41003 | 35467  |
| &nbsp;&nbsp;&nbsp; Series 2003-F, Class A3, 6.36%, 10/25/2028<sup>(a)</sup> | 108041 | 106380  |
| &nbsp;&nbsp;&nbsp; Series 2003-H, Class A1, 5.07% (1 mo. Term SOFR + 0.75%), 01/25/2029 | 314448 | 275178  |
| &nbsp;&nbsp;&nbsp; Series 2004-A, Class B1, 5.18% (1 mo. Term SOFR + 0.86%), 04/25/2029 | 66623 | 43179  |
| &nbsp;&nbsp;&nbsp; Series 2004-B, Class A1, 4.93% (1 mo. Term SOFR + 0.61%), 05/25/2029<sup>(b)</sup> | 44467 | 40909  |
| &nbsp;&nbsp;&nbsp; Series 2004-G, Class A1, 4.99% (1 mo. Term SOFR + 0.67%), 01/25/2030 | 25769 | 24138  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class 2A1, 5.79%, 02/25/2036<sup>(a)</sup> | 305716 | 300402  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class 2A, 6.28%, 05/25/2036<sup>(a)</sup> | 39340 | 38331  |
| &nbsp;&nbsp;&nbsp; Series 2006-3, Class 2A1, 6.44%, 10/25/2036<sup>(a)</sup> | 617777 | 524240  |

---

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

21<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REGAN TOTAL RETURN INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| Morgan Stanley ABS Capital I, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-NC8, Class B1, 9.83% (1 mo. Term SOFR + 5.51%), 09/25/2033 | $103387 | $106688  |
| &nbsp;&nbsp;&nbsp; Series 2004-HE6, Class M2, 5.33% (1 mo. Term SOFR + 1.01%), 08/25/2034 | 141623 | 138712  |
| &nbsp;&nbsp;&nbsp; Series 2004-HE6, Class M3, 5.41% (1 mo. Term SOFR + 1.09%), 08/25/2034 | 74386 | 72449  |
| &nbsp;&nbsp;&nbsp; Series 2004-NC5, Class M1, 5.33% (1 mo. Term SOFR + 1.01%), 05/25/2034 | 966485 | 927824  |
| &nbsp;&nbsp;&nbsp; Series 2005-HE1, Class M1, 5.11% (1 mo. Term SOFR + 0.79%), 12/25/2034 | 205686 | 199825  |
| &nbsp;&nbsp;&nbsp; Series 2005-HE1, Class M2, 5.14% (1 mo. Term SOFR + 0.82%), 12/25/2034 | 239111 | 232257  |
| &nbsp;&nbsp;&nbsp; Series 2005-NC1, Class B3, 7.43% (1 mo. Term SOFR + 3.11%), 01/25/2035<sup>(b)</sup> | 44252 | 44527  |
| &nbsp;&nbsp;&nbsp; Series 2006-HE6, Class A2FP, 4.55% (1 mo. Term SOFR + 0.23%), 09/25/2036 | 156079 | 53569  |
| &nbsp;&nbsp;&nbsp; Series 2007-HE7, Class A2C, 5.68% (1 mo. Term SOFR + 1.36%), 07/25/2037 | 2105000 | 1854111  |
| Morgan Stanley Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-11AR, Class 1A2A, 4.74% (1 mo. Term SOFR + 0.42%), 01/25/2035 | 67302 | 63392  |
| &nbsp;&nbsp;&nbsp; Series 2004-5AR, Class 2A, 5.27%, 07/25/2034<sup>(a)</sup> | 137594 | 126146  |
| &nbsp;&nbsp;&nbsp; Series 2005-10, Class 1A1, 5.13% (1 mo. Term SOFR + 0.81%), 12/25/2035 | 361144 | 215737  |
| &nbsp;&nbsp;&nbsp; Series 2005-10, Class 1A5, 5.75%, 12/25/2035 | 25082 | 16373  |
| &nbsp;&nbsp;&nbsp; Series 2005-4, Class 4A, 4.56%, 08/25/2035<sup>(a)</sup> | 34454 | 15765  |
| &nbsp;&nbsp;&nbsp; Series 2005-6AR, Class 3A2, 5.77%, 11/25/2035<sup>(a)</sup> | 521977 | 453543  |
| &nbsp;&nbsp;&nbsp; Series 2005-7, Class 7A6, 5.50%, 11/25/2035 | 119568 | 110205  |
| &nbsp;&nbsp;&nbsp; Series 2005-9AR, Class 2A, 5.62%, 12/25/2035<sup>(a)</sup> | 181893 | 169968  |
| &nbsp;&nbsp;&nbsp; Series 2006-11, Class 2A1, 6.00%, 08/25/2036 | 458478 | 190919  |
| &nbsp;&nbsp;&nbsp; Series 2006-16AX, Class 1A, 4.77% (1 mo. Term SOFR + 0.45%), 11/25/2036 | 2789699 | 441772  |
| &nbsp;&nbsp;&nbsp; Series 2006-16AX, Class 2A2, 4.77% (1 mo. Term SOFR + 0.45%), 11/25/2036 | 4757444 | 1365818  |
| &nbsp;&nbsp;&nbsp; Series 2006-17XS, Class A6, 6.08%, 10/25/2046<sup>(c)</sup> | 2093141 | 498649  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class 6A, 6.50%, 02/25/2036 | 348511 | 146700  |
| &nbsp;&nbsp;&nbsp; Series 2006-3AR, Class 2A3, 4.76%, 03/25/2036<sup>(a)</sup> | 612165 | 347960  |
| &nbsp;&nbsp;&nbsp; Series 2006-7, Class 5A2, 5.96%, 06/25/2036<sup>(a)</sup> | 39282 | 11032  |
| &nbsp;&nbsp;&nbsp; Series 2006-8AR, Class 3A, 4.45%, 06/25/2036<sup>(a)(b)</sup> | 531763 | 365321  |
| &nbsp;&nbsp;&nbsp; Series 2006-8AR, Class 3B1, 6.33%, 06/25/2036<sup>(a)</sup> | 13968 | 9527  |
| &nbsp;&nbsp;&nbsp; Series 2006-8AR, Class 4A2, 6.63%, 06/25/2036<sup>(a)</sup> | 10540 | 9274  |
| &nbsp;&nbsp;&nbsp; Series 2007-2AX, Class 2A1, 4.61% (1 mo. Term SOFR + 0.29%), 12/25/2036 | 884872 | 303546  |
| &nbsp;&nbsp;&nbsp; Series 2007-10XS, Class A19, 6.00%, 02/25/2037<sup>(a)</sup> | 549283 | 182626  |
| &nbsp;&nbsp;&nbsp; Series 2007-14AR, Class 3A3, 4.49%, 10/25/2037<sup>(a)</sup> | 313294 | 295286  |
| &nbsp;&nbsp;&nbsp; Series 2007-15AR, Class 1A1, 4.17%, 11/25/2037<sup>(a)</sup> | 1403024 | 1147995  |
| &nbsp;&nbsp;&nbsp; Series 2007-1XS, Class 2A4A, 6.58%, 09/25/2046<sup>(c)</sup> | 5500233 | 1378414  |
| &nbsp;&nbsp;&nbsp; Series 2007-6XS, Class 2A5S, 6.50%, 02/25/2047<sup>(c)</sup> | 1656242 | 560175  |
| &nbsp;&nbsp;&nbsp; Series 2007-7AX, Class 1A, 4.87% (1 mo. Term SOFR + 0.55%), 04/25/2037 | 2012999 | 481035  |
| &nbsp;&nbsp;&nbsp; Series 2007-7AX, Class 2A3, 5.15% (1 mo. Term SOFR + 0.83%), 04/25/2037<sup>(b)</sup> | 198627 | 45684  |
| &nbsp;&nbsp;&nbsp; Series 2007-7AX, Class 2A4, 5.07% (1 mo. Term SOFR + 0.75%), 04/25/2037 | 10923871 | 456235  |
| &nbsp;&nbsp;&nbsp; Series 2007-7AX, Class 2A6, 5.07% (1 mo. Term SOFR + 0.75%), 04/25/2037 | 2743559 | 114585  |
| &nbsp;&nbsp;&nbsp; Series 2007-8XS, Class A1, 5.75%, 04/25/2037<sup>(a)</sup> | 1800876 | 873037  |
| Morgan Stanley ReremicTrust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2010-R5, Class 3B, 2.89%, 03/26/2037<sup>(c)(d)</sup> | 247277 | 253462  |
| &nbsp;&nbsp;&nbsp; Series 2013-R3, Class 6B2, 4.31%, 12/26/2036<sup>(a)(d)</sup> | 312250 | 272106  |
| &nbsp;&nbsp;&nbsp; Series 2015-R2, Class 1B, 4.19% (MTA + 0.71%), 12/27/2046<sup>(d)</sup> | 836632 | 755718  |

---

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

22<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REGAN TOTAL RETURN INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
|  Mortgage Loan Resecuritization Trust, Series 2009-RS1, Class B15, 5.30% (1 mo. LIBOR US + 0.34%), 04/16/2036<sup>(d)(j)</sup> | $4624064 | $3351802  |
| MortgageITTrust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-3, Class A1, 5.03% (1 mo. Term SOFR + 0.71%), 08/25/2035<sup>(b)</sup> | 69642 | 66522  |
| &nbsp;&nbsp;&nbsp; Series 2005-4, Class A1, 4.99% (1 mo. Term SOFR + 0.67%), 10/25/2035 | 91563 | 90848  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class 1A1, 4.89% (1 mo. Term SOFR + 0.57%), 04/25/2036 | 278785 | 262957  |
|  New Century Alternative Mortgage Loan Trust, Series 2006-ALT2, Class AF3, 4.61%, 10/25/2036<sup>(a)</sup> | 1523779 | 289450  |
| New Century Home Equity Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2002-1, Class M2, 6.53% (1 mo. Term SOFR + 2.21%), 03/25/2032 | 70629 | 70658  |
| &nbsp;&nbsp;&nbsp; Series 2004-4, Class M2, 5.23% (1 mo. Term SOFR + 0.91%), 02/25/2035 | 17586 | 19806  |
| &nbsp;&nbsp;&nbsp; Series 2006-S1, Class A1, 4.77% (1 mo. Term SOFR + 0.45%), 03/25/2036 | 10303018 | 232519  |
| &nbsp;&nbsp;&nbsp; Series 2003-A, Class A, 3.80% (1 mo. Term SOFR + 0.83%), 10/25/2033<sup>(d)</sup> | 400881 | 398961  |
| &nbsp;&nbsp;&nbsp; Series 2004-4, Class M1, 5.20% (1 mo. Term SOFR + 0.88%), 02/25/2035 | 425793 | 420127  |
| &nbsp;&nbsp;&nbsp; Series 2005-3, Class M5, 5.44% (1 mo. Term SOFR + 0.78%), 07/25/2035 | 224738 | 222723  |
| &nbsp;&nbsp;&nbsp; Series 2005-A, Class A6, 4.62%, 08/25/2035<sup>(c)</sup> | 59256 | 57017  |
| New York Mortgage Trust, Series 2006-1, Class 2A2, 5.15%, 05/25/2036<sup>(a)</sup> | 28894 | 24148  |
| NMLT Trust, Series 2021-INV1, Class A1, 1.19%, 05/25/2056<sup>(a)(d)</sup> | 1999103 | 1724584  |
| Nomura Asset Acceptance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-AF2, Class 2A, 4.34%, 08/25/2036<sup>(a)</sup> | 743715 | 688402  |
| &nbsp;&nbsp;&nbsp; Series 2006-AF2, Class 4A, 5.92%, 08/25/2036<sup>(a)(b)</sup> | 552390 | 469531  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR4, Class A1A, 4.77% (1 mo. Term SOFR + 0.45%), 12/25/2036 | 174439 | 155572  |
| &nbsp;&nbsp;&nbsp; Series 2006-WF1, Class A2, 5.76%, 06/25/2036<sup>(a)</sup> | 160152 | 43204  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 1A1A, 6.50%, 03/25/2047<sup>(c)</sup> | 779849 | 703974  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 1A3, 6.46%, 03/25/2047<sup>(b)(c)</sup> | 243248 | 197518  |
| &nbsp;&nbsp;&nbsp; Series 2007-2, Class A1B, 6.02%, 06/25/2037<sup>(a)</sup> | 1005600 | 875711  |
| Nomura Home Equity Loan Inc, Series 2006-AF1, Class A1, 6.53%, 10/25/2036<sup>(c)</sup> | 1411039 | 292503  |
|  Nomura Home Equity Loan, Inc., Series 2006-HE3, Class 1A1, 4.73% (1 mo. Term SOFR + 0.41%), 07/25/2036<sup>(b)</sup> | 141746 | 124453  |
| Nomura ResecuritizationTrust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2011-4RA, Class 3A10, 4.80%, 12/26/2035<sup>(a)(d)</sup> | 2506538 | 773379  |
| &nbsp;&nbsp;&nbsp; Series 2015-10R, Class 1A2, 4.78%, 12/25/2036<sup>(a)(d)(g)</sup> | 1317396 | 1088029  |
| NovastarHome Equity Loan<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-1, Class A2, 5.21% (1 mo. Term SOFR + 0.89%), 05/25/2033 | 49960 | 48921  |
| &nbsp;&nbsp;&nbsp; Series 2006-3, Class A2C, 4.75% (1 mo. Term SOFR + 0.43%), 10/25/2036 | 4214985 | 1857590  |
| &nbsp;&nbsp;&nbsp; Series 2006-5, Class A2B, 4.67% (1 mo. Term SOFR + 0.35%), 11/25/2036 | 938088 | 282149  |
| Oakwood Mortgage Investors, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 1997-A, Class B1, 7.45%, 05/15/2027 | 32218 | 29099  |
| &nbsp;&nbsp;&nbsp; Series 1999-C, Class A2, 7.48%, 08/15/2027 | 591985 | 449300  |
| Onslow Bay Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-EXP1, Class 1A3, 3.00%, 02/25/2060<sup>(a)(d)</sup> | 1212734 | 1044228  |
| &nbsp;&nbsp;&nbsp; Series 2020-EXP1, Class 1A8, 3.50%, 02/25/2060<sup>(a)(d)</sup> | 388075 | 346451  |
| &nbsp;&nbsp;&nbsp; Series 2020-EXP2, Class A9, 3.00%, 05/25/2060<sup>(a)(d)</sup> | 234148 | 204321  |
|  Option One Mortgage Loan Trust, Series 2007-FXD1, Class 1A1, 5.87%, 01/25/2037<sup>(c)</sup> | 1758213 | 1494013  |
|  Ownit Mortgage Loan Asset Backed Certificates, Series 2006-6, Class A2C, 4.75% (1 mo. Term SOFR + 0.43%), 09/25/2037 | 1347247 | 587068  |

---

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

23<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REGAN TOTAL RETURN INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| PHH Alternative Mortgage Trust, Series 2007-2, Class 3A1, 6.00%, 05/25/2037 | $208000 | $190091  |
| PHH Mortgage Capital LLC, Series 2007-3, Class A3, 4.42%, 06/18/2037<sup>(a)</sup> | 6989 | 6861  |
| Popular ABS, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2002-5, Class M1, 5.80%, 11/25/2032<sup>(c)</sup> | 478026 | 478530  |
| &nbsp;&nbsp;&nbsp; Series 2004-3, Class M2, 3.80%, 07/25/2034<sup>(c)</sup> | 667699 | 563036  |
| Prime Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-4, Class 1A2, 5.00%, 10/25/2026 | 108022 | 103958  |
| &nbsp;&nbsp;&nbsp; Series 2005-4, Class 2A9, 5.50%, 10/25/2035 | 76271 | 68737  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class 3A1, 4.78% (1 mo. Term SOFR + 0.46%), 06/25/2036 | 1199977 | 857559  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class 3A2, 2.72% (-1 x 1 mo. Term SOFR + 7.04%), 06/25/2036<sup>(e)(f)</sup> | 1199977 | 163403  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class 1A21, 4.76% (1 mo. Term SOFR + 0.44%), 11/25/2036 | 2692531 | 2187244  |
| &nbsp;&nbsp;&nbsp; Series 2006-DR1, Class 2A1, Pool DR12A1, 5.50%, 05/25/2035<sup>(d)</sup> | 3106518 | 2876128  |
| &nbsp;&nbsp;&nbsp; Series 2006-DR1, Class 2A2, 6.00%, 05/25/2035<sup>(d)</sup> | 381663 | 323971  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class A2, 6.00%, 03/25/2037 | 2174400 | 1946456  |
| PSMC Trust, Series 2021-1, Class A11, 2.50%, 03/25/2051<sup>(a)(d)</sup> | 433031 | 382837  |
| RAAC Series<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-SP1, Class 1A1, 5.00%, 09/25/2034 | 108381 | 106203  |
| &nbsp;&nbsp;&nbsp; Series 2005-SP2, Class 2A, 5.03% (1 mo. Term SOFR + 0.71%), 06/25/2044 | 636811 | 576763  |
| RALI Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-QA7, Class A1, 4.80%, 07/25/2035<sup>(a)</sup> | 1805879 | 1285887  |
| &nbsp;&nbsp;&nbsp; Series 2005-QA8, Class CB21, 5.30%, 07/25/2035<sup>(a)</sup> | 384386 | 199368  |
| &nbsp;&nbsp;&nbsp; Series 2005-QA9, Class CB11, 4.77%, 08/25/2035<sup>(a)</sup> | 96659 | 87039  |
| &nbsp;&nbsp;&nbsp; Series 2005-QS10, Class 3A1, 4.93% (1 mo. Term SOFR + 0.61%), 08/25/2035 | 274870 | 189143  |
| &nbsp;&nbsp;&nbsp; Series 2005-QS10, Class 3A3, 5.50%, 08/25/2035 | 1303229 | 952586  |
| &nbsp;&nbsp;&nbsp; Series 2005-QS11, Class A3, 0.57% (-1 x 1 mo. Term SOFR + 4.89%), 07/25/2035<sup>(e)(f)</sup> | 378492 | 19470  |
| &nbsp;&nbsp;&nbsp; Series 2005-QS12, Class A8, 4.78% (1 mo. Term SOFR + 0.46%), 08/25/2035 | 2847909 | 2273780  |
| &nbsp;&nbsp;&nbsp; Series 2005-QS13, Class 2A3, 5.75%, 09/25/2035 | 1790554 | 1505617  |
| &nbsp;&nbsp;&nbsp; Series 2005-QS14, Class 2A1, 6.00%, 09/25/2035 | 3346028 | 1068553  |
| &nbsp;&nbsp;&nbsp; Series 2005-QS14, Class 3A1, 6.00%, 09/25/2035 | 777822 | 677753  |
| &nbsp;&nbsp;&nbsp; Series 2005-QS14, Class 3A3, 6.00%, 09/25/2035 | 1807510 | 1574965  |
| &nbsp;&nbsp;&nbsp; Series 2005-QS16, Class A1, 5.13% (1 mo. Term SOFR + 0.81%), 11/25/2035 | 896804 | 734842  |
| &nbsp;&nbsp;&nbsp; Series 2005-QS7, Class A1, 5.50%, 06/25/2035 | 1365843 | 1138246  |
| &nbsp;&nbsp;&nbsp; Series 2006-QA1, Class A21, 5.21%, 01/25/2036<sup>(a)</sup> | 834173 | 562614  |
| &nbsp;&nbsp;&nbsp; Series 2006-QA3, Class A2, 5.03% (1 mo. Term SOFR + 0.71%), 04/25/2036 | 1779552 | 1544618  |
| &nbsp;&nbsp;&nbsp; Series 2006-QA5, Class 1A1, 4.79% (1 mo. Term SOFR + 0.47%), 07/25/2036 | 4456341 | 1471337  |
| &nbsp;&nbsp;&nbsp; Series 2006-QA5, Class 1A3, 4.87% (1 mo. Term SOFR + 0.55%), 07/25/2036 | 25724 | 8565  |
| &nbsp;&nbsp;&nbsp; Series 2006-QA6, Class A1, 4.81% (1 mo. Term SOFR + 0.49%), 07/25/2036 | 242306 | 219694  |
| &nbsp;&nbsp;&nbsp; Series 2006-QA9, Class A1, 4.79% (1 mo. Term SOFR + 0.47%), 11/25/2036<sup>(b)</sup> | 48448 | 23158  |
| &nbsp;&nbsp;&nbsp; Series 2006-QO10, Class A1, 4.75% (1 mo. Term SOFR + 0.43%), 01/25/2037 | 1584791 | 1413698  |
| &nbsp;&nbsp;&nbsp; Series 2006-QO2, Class A1, 4.87% (1 mo. Term SOFR + 0.55%), 02/25/2046 | 7163433 | 1238449  |
| &nbsp;&nbsp;&nbsp; Series 2006-QO4, Class 2A1, 4.81% (1 mo. Term SOFR + 0.49%), 04/25/2046 | 1161340 | 1078224  |
| &nbsp;&nbsp;&nbsp; Series 2006-QO7, Class 3A2, 4.84% (1 mo. Term SOFR + 0.52%), 09/25/2046 | 396436 | 389035  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS12, Class 2A15, 4.93% (1 mo. Term SOFR + 0.61%), 09/25/2036 | 1196357 | 853166  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS12, Class 2A18, 5.75%, 09/25/2036 | 237635 | 183655  |

---

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

24<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REGAN TOTAL RETURN INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2006-QS13, Class 1A1, 4.77% (1 mo. Term SOFR + 0.45%), 09/25/2036 | $4528067 | $3202236  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS13, Class 1A10, 6.00%, 09/25/2036 | 464937 | 370195  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS15, Class A3, 6.50%, 10/25/2036 | 102486 | 88197  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS16, Class A9, 6.00%, 11/25/2036<sup>(b)</sup> | 90959 | 65036  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS17, Class A2, 2.22% (-1 x 1 mo. Term SOFR + 6.54%), 12/25/2036<sup>(e)(f)</sup> | 1457112 | 162495  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS18, Class 2A1, 4.88% (1 mo. Term SOFR + 0.56%), 12/25/2036 | 16419281 | 11877860  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS2, Class 1A14, 5.13% (1 mo. Term SOFR + 0.81%), 02/25/2036 | 245208 | 191209  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS2, Class 1A17, 4.91% (1 mo. Term SOFR + 0.59%), 02/25/2036 | 3718988 | 2858018  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS2, Class 1A2, 4.93% (1 mo. Term SOFR + 0.61%), 02/25/2036 | 1414677 | 1088622  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS2, Class 1A7, 6.00%, 02/25/2036<sup>(e)</sup> | 221144 | 37581  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS3, Class 2AP, 0.00%, 03/25/2036<sup>(i)</sup> | 477977 | 238262  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS4, Class A12, 4.93% (1 mo. Term SOFR + 0.61%), 04/25/2036 | 1875703 | 1385250  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS4, Class A2, 6.00%, 04/25/2036 | 344997 | 278507  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS4, Class A8, 8.00% (-790 x 1 mo. Term SOFR + 5,052.56%), 04/25/2036<sup>(f)</sup> | 119654 | 100620  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS6, Class 1A1, 6.00%, 06/25/2036 | 420805 | 339803  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS6, Class 1A11, 5.13% (1 mo. Term SOFR + 0.81%), 06/25/2036 | 1269638 | 967170  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS6, Class 1A5, 5.75%, 06/25/2036 | 199832 | 158868  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS6, Class 1A9, 5.03% (1 mo. Term SOFR + 0.71%), 06/25/2036 | 2028011 | 1534282  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS7, Class A1, 6.00%, 06/25/2036 | 57933 | 45589  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS9, Class 1A1, 4.83% (1 mo. Term SOFR + 0.51%), 07/25/2036 | 354289 | 255533  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS9, Class 1A4, 6.00%, 07/25/2036 | 204144 | 163121  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS9, Class 1A8, 5.08% (1 mo. Term SOFR + 0.76%), 07/25/2036 | 726238 | 532721  |
| &nbsp;&nbsp;&nbsp; Series 2007-QH8, Class A, 5.54%, 10/25/2037<sup>(a)</sup> | 984400 | 789803  |
| &nbsp;&nbsp;&nbsp; Series 2007-QH9, Class A1, 6.19%, 11/25/2037<sup>(a)</sup> | 316174 | 269603  |
| &nbsp;&nbsp;&nbsp; Series 2007-QS1, Class 1A1, 6.00%, 01/25/2037 | 239095 | 188362  |
| &nbsp;&nbsp;&nbsp; Series 2007-QS1, Class 1A2, 1.02% (-1 x 1 mo. Term SOFR + 5.34%), 01/25/2037<sup>(e)(f)</sup> | 1428648 | 89253  |
| &nbsp;&nbsp;&nbsp; Series 2007-QS1, Class 1A5, 4.98% (1 mo. Term SOFR + 0.66%), 01/25/2037 | 2887232 | 2129461  |
| &nbsp;&nbsp;&nbsp; Series 2007-QS1, Class 2A2, 4.79% (1 mo. Term SOFR + 0.47%), 01/25/2037 | 536889 | 361180  |
| &nbsp;&nbsp;&nbsp; Series 2007-QS1, Class 2AP, 0.00%, 01/25/2037<sup>(i)</sup> | 760086 | 312665  |
| &nbsp;&nbsp;&nbsp; Series 2007-QS10, Class A1, 6.50%, 09/25/2037 | 15162 | 12486  |
| &nbsp;&nbsp;&nbsp; Series 2007-QS3, Class A3, 6.25%, 02/25/2037 | 1186406 | 970050  |
| &nbsp;&nbsp;&nbsp; Series 2007-QS5, Class A1, 5.50%, 03/25/2037 | 818940 | 663505  |
| &nbsp;&nbsp;&nbsp; Series 2007-QS7, Class 1A5, 4.83% (1 mo. Term SOFR + 0.51%), 05/25/2037 | 1186755 | 875870  |
| &nbsp;&nbsp;&nbsp; Series 2007-QS7, Class 1A7, 4.98% (1 mo. Term SOFR + 0.66%), 05/25/2037 | 472608 | 352561  |
| &nbsp;&nbsp;&nbsp; Series 2007-QS7, Class 2A1, 6.75%, 06/25/2037 | 767308 | 295419  |
| &nbsp;&nbsp;&nbsp; Series 2007-QS8, Class A1, 4.83% (1 mo. Term SOFR + 0.51%), 06/25/2037 | 6823020 | 4939344  |
| &nbsp;&nbsp;&nbsp; Series 2007-QS8, Class A3, 5.03% (1 mo. Term SOFR + 0.71%), 06/25/2037 | 243324 | 178797  |
| &nbsp;&nbsp;&nbsp; Series 2007-QS9, Class A33, 6.50%, 07/25/2037 | 2897076 | 2360696  |
|  RAMP Trust, Series 2003-RS9, Class MII2, 5.58% (1 mo. Term SOFR + 1.91%), 10/25/2033 | 405915 | 387322  |
| RBSGC Mortgage Pass Through Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2008-A, Class A1, 5.50%, 11/25/2035<sup>(a)(d)</sup> | 447195 | 373533  |
| &nbsp;&nbsp;&nbsp; Series 2008-B, Class A1, 6.00%, 06/25/2037<sup>(d)</sup> | 160746 | 139124  |

---

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

25<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REGAN TOTAL RETURN INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| RBSSP ResecuritizationTrust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2009-12, Class 17A2, 6.78%, 10/25/2035<sup>(a)(d)</sup> | $58444 | $58440  |
| &nbsp;&nbsp;&nbsp; Series 2009-12, Class 9A2, 4.78%, 03/25/2036<sup>(a)(d)</sup> | 312592 | 212932  |
| &nbsp;&nbsp;&nbsp; Series 2009-5, Class 13A3, 4.94% (1 mo. Term SOFR + 0.61%), 08/26/2037<sup>(d)</sup> | 1059470 | 463549  |
| &nbsp;&nbsp;&nbsp; Series 2010-2, Class 3A2, 4.31%, 12/26/2036<sup>(a)(b)(d)</sup> | 221440 | 193483  |
| &nbsp;&nbsp;&nbsp; Series 2010-9, Class 7A6, 6.00%, 05/26/2037<sup>(a)(d)</sup> | 1005773 | 435466  |
| &nbsp;&nbsp;&nbsp; Series 2013-4, Class 1A2, 5.93% (1 mo. Term SOFR + 1.61%), 12/26/2037<sup>(d)</sup> | 734773 | 612322  |
| Renaissance Home Equity Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-4, Class A3, 5.67% (1 mo. Term SOFR + 1.35%), 03/25/2034 | 177503 | 160511  |
| &nbsp;&nbsp;&nbsp; Series 2004-1, Class M4, 7.13% (1 mo. Term SOFR + 2.81%), 05/25/2034 | 239243 | 172360  |
| &nbsp;&nbsp;&nbsp; Series 2004-2, Class M1, 6.41%, 07/25/2034<sup>(c)</sup> | 334964 | 296302  |
|  RESI Finance LP, Series 2003-D, Class B3, 5.74% (1 mo. Term SOFR + 1.41%), 12/10/2035<sup>(b)(d)</sup> | 21046 | 8966  |
| Residential Asset Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-A4, Class A11, 5.50%, 08/25/2034<sup>(b)</sup> | 82833 | 74757  |
| &nbsp;&nbsp;&nbsp; Series 2004-A4, Class A13, 4.98% (1 mo. Term SOFR + 0.66%), 08/25/2034 | 504263 | 451599  |
| &nbsp;&nbsp;&nbsp; Series 2005-A10, Class A4, 5.50%, 09/25/2035 | 325926 | 149395  |
| &nbsp;&nbsp;&nbsp; Series 2005-A11, Class 2A1, 4.85%, 10/25/2035 | 6576987 | 2258979  |
| &nbsp;&nbsp;&nbsp; Series 2005-A12, Class A6, 4.93% (1 mo. Term SOFR + 0.61%), 11/25/2035 | 902088 | 430801  |
| &nbsp;&nbsp;&nbsp; Series 2005-A15, Class 2A12, 6.00%, 02/25/2036 | 739169 | 286535  |
| &nbsp;&nbsp;&nbsp; Series 2005-A15, Class 4A1, 6.00%, 02/25/2036 | 2285786 | 667539  |
| &nbsp;&nbsp;&nbsp; Series 2005-A15, Class 5A1, 5.75%, 02/25/2036 | 732666 | 267818  |
| &nbsp;&nbsp;&nbsp; Series 2005-A8CB, Class A1, 4.93% (1 mo. Term SOFR + 0.61%), 07/25/2035 | 1166022 | 567992  |
| &nbsp;&nbsp;&nbsp; Series 2005-A8CB, Class A13, 4.93% (1 mo. Term SOFR + 0.61%), 07/25/2035 | 1185483 | 576455  |
| &nbsp;&nbsp;&nbsp; Series 2005-A9, Class A4, 5.50%, 07/25/2035 | 104417 | 33441  |
| &nbsp;&nbsp;&nbsp; Series 2006-A10, Class A4, 6.50%, 09/25/2036 | 577034 | 175982  |
| &nbsp;&nbsp;&nbsp; Series 2006-A10, Class A5, 6.50%, 09/25/2036 | 997461 | 304203  |
| &nbsp;&nbsp;&nbsp; Series 2006-A10, Class A7, 6.50%, 09/25/2036 | 8215845 | 2505646  |
| &nbsp;&nbsp;&nbsp; Series 2006-A14C, Class 2A4, 6.00%, 12/25/2036 | 4021183 | 1122849  |
| &nbsp;&nbsp;&nbsp; Series 2006-A14C, Class 2A6, 4.88% (1 mo. Term SOFR + 0.56%), 12/25/2036 | 5624345 | 1179399  |
| &nbsp;&nbsp;&nbsp; Series 2006-A15, Class A13, 6.25%, 01/25/2037 | 3208022 | 1070169  |
| &nbsp;&nbsp;&nbsp; Series 2006-A2, Class A11, 6.00%, 01/25/2046 | 1717924 | 630153  |
| &nbsp;&nbsp;&nbsp; Series 2006-A2, Class A7, 6.00%, 01/25/2046 | 938132 | 343707  |
| &nbsp;&nbsp;&nbsp; Series 2006-A6, Class 1A13, 6.00%, 07/25/2036 | 3662077 | 918905  |
| &nbsp;&nbsp;&nbsp; Series 2006-A7CB, Class 2A5, 4.68% (1 mo. Term SOFR + 0.36%), 07/25/2036 | 428258 | 69884  |
| &nbsp;&nbsp;&nbsp; Series 2006-A8, Class 1A5, 6.25%, 08/25/2036 | 15355 | 9932  |
| &nbsp;&nbsp;&nbsp; Series 2006-A8, Class 2A2, 6.75%, 08/25/2036 | 2578036 | 767691  |
| &nbsp;&nbsp;&nbsp; Series 2006-A8, Class 2A3, 6.00%, 08/25/2036 | 903958 | 239273  |
| &nbsp;&nbsp;&nbsp; Series 2006-A8, Class 3A8, 5.18% (1 mo. Term SOFR + 0.86%), 08/25/2036 | 506948 | 173211  |
| &nbsp;&nbsp;&nbsp; Series 2007-A1, Class A3, 5.03% (1 mo. Term SOFR + 0.71%), 03/25/2037 | 17319557 | 4037857  |
| &nbsp;&nbsp;&nbsp; Series 2007-A1, Class A4, 0.72% (-1 x 1 mo. Term SOFR + 5.04%), 03/25/2037<sup>(e)(f)</sup> | 6142429 | 320979  |
| &nbsp;&nbsp;&nbsp; Series 2007-A1, Class A9, 5.75%, 03/25/2037 | 3178931 | 933473  |
| &nbsp;&nbsp;&nbsp; Series 2007-A2, Class 1A6, 6.00%, 04/25/2037 | 1603856 | 798709  |
| &nbsp;&nbsp;&nbsp; Series 2007-A3, Class 1A1, 4.88% (1 mo. Term SOFR + 0.56%), 04/25/2037 | 1965856 | 704219  |
| &nbsp;&nbsp;&nbsp; Series 2007-A3, Class 2A1, 4.74% (1 mo. Term SOFR + 0.42%), 04/25/2037 | 15928191 | 3506113  |

---

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

26<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REGAN TOTAL RETURN INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2007-A5, Class 1A3, 4.81% (1 mo. Term SOFR + 0.49%), 05/25/2037 | $23458125 | $2954534  |
| &nbsp;&nbsp;&nbsp; Series 2007-A6, Class 1A4, 6.00%, 06/25/2037 | 1444646 | 746491  |
| &nbsp;&nbsp;&nbsp; Series 2007-A7, Class A6, 6.00%, 07/25/2037 | 362150 | 133847  |
| &nbsp;&nbsp;&nbsp; Series 2007-A8, Class 1A2, 6.00%, 08/25/2037 | 213163 | 102408  |
| &nbsp;&nbsp;&nbsp; Series 2007-A8, Class 2A1, 6.25%, 08/25/2037 | 13348590 | 3102994  |
| ResmaeMortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class A2B, 4.73% (1 mo. Term SOFR + 0.41%), 02/25/2036<sup>(d)</sup> | 2904838 | 983454  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class A2C, 4.83% (1 mo. Term SOFR + 0.51%), 02/25/2036<sup>(d)</sup> | 5716200 | 1935126  |
| RFMSI Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-SA2, Class 2A2, 6.34%, 06/25/2035<sup>(a)</sup> | 444019 | 422276  |
| &nbsp;&nbsp;&nbsp; Series 2006-S10, Class 1A1, 6.00%, 10/25/2036 | 1377532 | 1096213  |
| &nbsp;&nbsp;&nbsp; Series 2006-S12, Class 3A7, 5.75%, 12/25/2036 | 105449 | 88821  |
| &nbsp;&nbsp;&nbsp; Series 2006-S7, Class A9, 6.50%, 08/25/2036 | 268108 | 224275  |
| &nbsp;&nbsp;&nbsp; Series 2007-S3, Class 1A5, 5.50%, 03/25/2037 | 287798 | 198863  |
| &nbsp;&nbsp;&nbsp; Series 2007-S6, Class 1A16, 6.00%, 06/25/2037 | 17556 | 13763  |
| &nbsp;&nbsp;&nbsp; Series 2007-S6, Class 2A4, 6.00%, 06/25/2037 | 1146002 | 879011  |
| &nbsp;&nbsp;&nbsp; Series 2007-SA1, Class 2A2, 4.94%, 02/25/2037<sup>(a)</sup> | 122202 | 80909  |
| &nbsp;&nbsp;&nbsp; Series 2007-SA3, Class 2A1, 5.28%, 07/27/2037<sup>(a)</sup> | 1244212 | 909038  |
| &nbsp;&nbsp;&nbsp; Series 2007-SA4, Class 3A1, 5.85%, 10/25/2037<sup>(a)</sup> | 93304 | 56930  |
| Rithm Capital Corp., Series 2021-INV2, Class A7, 2.50%, 09/25/2051<sup>(a)(d)</sup> | 93393 | 83334  |
| Saxon Asset Securities Trust | 2107712 | 1839769  |
| &nbsp;&nbsp;&nbsp; Series 2004-1, Class A, 2.10% (1 mo. Term SOFR + 0.65%), 03/25/2035 | 2107712 | 1839769  |
| &nbsp;&nbsp;&nbsp; Series 2004-2, Class MF1, 3.65%, 08/25/2035<sup>(c)</sup> | 269792 | 261027  |
| Securitized Asset Backed Receivables LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-DO1, Class M1, 5.41% (1 mo. Term SOFR + 1.09%), 07/25/2034 | 33905 | 46508  |
| &nbsp;&nbsp;&nbsp; Series 2005-EC1, Class M3, 5.44% (1 mo. Term SOFR + 1.12%), 01/25/2035 | 235027 | 271552  |
| &nbsp;&nbsp;&nbsp; Series 2006-HE1, Class A2B, 4.61% (1 mo. Term SOFR + 0.29%), 07/25/2036 | 674017 | 218526  |
| &nbsp;&nbsp;&nbsp; Securitized Asset Backed Receivables LLC, Series 2004-OP2, Class M2, 6.01% <br>(1 mo. Term SOFR + 1.69%), 08/25/2034 | 550689 | 520336  |
|  Security National Mortgage Loan Trust, Series 2006-3A, Class A3, 6.33%, 01/25/2037<sup>(a)(d)</sup> | 303204 | 120280  |
| Sequoia Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 10, Class 1A, 5.23% (1 mo. Term SOFR + 0.91%), 10/20/2027 | 43753 | 42129  |
| &nbsp;&nbsp;&nbsp; Series 2003-3, Class A1, 5.09% (1 mo. Term SOFR + 0.77%), 07/20/2033 | 132767 | 123295  |
| &nbsp;&nbsp;&nbsp; Series 2003-4, Class 2A1, 5.13% (1 mo. Term SOFR + 0.81%), 07/20/2033<sup>(b)</sup> | 3597 | 3273  |
| &nbsp;&nbsp;&nbsp; Series 2004-5, Class A2, 4.95% (1 mo. Term SOFR + 0.63%), 06/20/2034 | 123860 | 114472  |
| &nbsp;&nbsp;&nbsp; Series 2004-6, Class A2, 4.99% (1 mo. Term SOFR + 0.67%), 07/20/2034 | 14756 | 14623  |
| &nbsp;&nbsp;&nbsp; Series 2005-1, Class A1, 4.89% (1 mo. Term SOFR + 0.57%), 02/20/2035 | 37562 | 35454  |
| &nbsp;&nbsp;&nbsp; Series 2007-3, Class 1A1, 4.83% (1 mo. Term SOFR + 0.51%), 07/20/2036 | 22443 | 19498  |
| &nbsp;&nbsp;&nbsp; Series 2007-3, Class 2BA1, 4.75%, 07/20/2037<sup>(a)</sup> | 96 | 79  |
| &nbsp;&nbsp;&nbsp; Series 2013-5, Class A1, 2.50%, 05/25/2043<sup>(a)(d)</sup> | 198077 | 171559  |
| &nbsp;&nbsp;&nbsp; Series 2013-9, Class AP, 0.00%, 07/25/2043<sup>(d)(i)</sup> | 223035 | 157908  |
| &nbsp;&nbsp;&nbsp; Series 9, Class 1A, 5.13% (1 mo. Term SOFR + 0.81%), 09/20/2032 | 65507 | 62547  |
| SGR Residential Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-2, Class A1, 1.38%, 05/25/2065<sup>(a)(d)</sup> | 18059 | 16646  |
| &nbsp;&nbsp;&nbsp; Series 2020-2, Class A2, 1.59%, 05/25/2065<sup>(a)(d)</sup> | 70889 | 65334  |

---

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

27<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REGAN TOTAL RETURN INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| Soundview Home Equity Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2001-2, Class AF, 6.50%, 03/25/2030<sup>(c)</sup> | $113122 | $109417  |
| &nbsp;&nbsp;&nbsp; Series 2006-3, Class A4, 4.93% (1 mo. Term SOFR + 0.61%), 11/25/2036 | 2553454 | 2399651  |
| &nbsp;&nbsp;&nbsp; Series 2006-OPT3, Class 2A4, 4.93% (1 mo. Term SOFR + 0.61%), 06/25/2036<sup>(b)</sup> | 75343 | 70408  |
| &nbsp;&nbsp;&nbsp; Series 2006-OPT5, Class 2A4, 4.91% (1 mo. Term SOFR + 0.59%), 07/25/2036 | 3639965 | 3301599  |
| &nbsp;&nbsp;&nbsp; Series 2007-OPT2, Class 2A3, 4.61% (1 mo. Term SOFR + 0.29%), 07/25/2037 | 4914242 | 4382035  |
| &nbsp;&nbsp;&nbsp; Series 2007-OPT4, Class 2A3, 5.53% (1 mo. Term SOFR + 1.21%), 09/25/2037 | 319697 | 263612  |
| Specialty Underwriting & Residential Finance<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-BC3, Class A2C, 4.73% (1 mo. Term SOFR + 0.41%), 06/25/2037 | 79728 | 47501  |
| &nbsp;&nbsp;&nbsp; Series 2006-BC4, Class A2B, 4.65% (1 mo. Term SOFR + 0.33%), 09/25/2037 | 1679168 | 572469  |
| Structured Adjustable RateMortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-14, Class 1A, 5.78%, 10/25/2034<sup>(a)</sup> | 120236 | 113930  |
| &nbsp;&nbsp;&nbsp; Series 2004-17, Class A1, 4.51%, 11/25/2034<sup>(a)</sup> | 131012 | 118830  |
| &nbsp;&nbsp;&nbsp; Series 2004-18, Class 1A1, 4.98%, 12/25/2034<sup>(a)</sup> | 43113 | 37705  |
| &nbsp;&nbsp;&nbsp; Series 2004-2, Class 4A1, 5.43%, 03/25/2034<sup>(a)</sup> | 135584 | 127869  |
| &nbsp;&nbsp;&nbsp; Series 2004-7, Class A4, 5.23% (1 mo. Term SOFR + 0.91%), 06/25/2034 | 419410 | 380483  |
| &nbsp;&nbsp;&nbsp; Series 2005-12, Class 2A1, 5.81%, 06/25/2035<sup>(a)</sup> | 203798 | 152298  |
| &nbsp;&nbsp;&nbsp; Series 2005-18, Class 1A1, 4.61%, 09/25/2035<sup>(a)</sup> | 570177 | 350473  |
| &nbsp;&nbsp;&nbsp; Series 2005-20, Class 1A1, 6.46%, 10/25/2035<sup>(a)</sup> | 487795 | 450164  |
| &nbsp;&nbsp;&nbsp; Series 2005-21, Class 1A, 4.75%, 11/25/2035<sup>(a)</sup> | 340993 | 220990  |
| &nbsp;&nbsp;&nbsp; Series 2005-8XS, Class M1, 5.08% (1 mo. Term SOFR + 0.76%), 04/25/2035 | 474502 | 475462  |
| &nbsp;&nbsp;&nbsp; Series 2006-10, Class 2A1, 5.61%, 11/25/2036<sup>(a)</sup> | 442205 | 336714  |
| &nbsp;&nbsp;&nbsp; Series 2006-11, Class 1A1, 4.75% (1 mo. Term SOFR + 0.43%), 12/25/2036 | 2033555 | 2043215  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class 5A1, 5.34%, 03/25/2036<sup>(a)</sup> | 870061 | 680360  |
| &nbsp;&nbsp;&nbsp; Series 2006-4, Class 6A, 3.95%, 05/25/2036<sup>(a)</sup> | 3893718 | 2219272  |
| &nbsp;&nbsp;&nbsp; Series 2006-8, Class 3A1, 4.57%, 09/25/2036<sup>(a)</sup> | 3990428 | 3650499  |
| &nbsp;&nbsp;&nbsp; Series 2007-3, Class 2A1, 4.10%, 04/25/2047<sup>(a)</sup> | 206954 | 191741  |
| &nbsp;&nbsp;&nbsp; Series 2007-5, Class 3A1, 4.79%, 06/25/2037<sup>(a)</sup> | 2113575 | 1732015  |
| &nbsp;&nbsp;&nbsp; Series 2007-7, Class 1A1, 5.03% (1 mo. Term SOFR + 0.71%), 08/25/2037 | 822441 | 783039  |
| Structured Asset Investment Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-5, Class M7, 7.43% (1 mo. Term SOFR + 3.11%), 05/25/2034 | 508601 | 441045  |
| &nbsp;&nbsp;&nbsp; Series 2004-8, Class A2, 4.98% (1 mo. Term SOFR + 0.66%), 09/25/2034 | 1058878 | 1020656  |
| &nbsp;&nbsp;&nbsp; Series 2005-11, Class A7, 5.15% (1 mo. Term SOFR + 0.83%), 01/25/2036 | 314925 | 304835  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class A4, 5.03% (1 mo. Term SOFR + 0.71%), 04/25/2036 | 446382 | 213573  |
|  Structured Asset Mortgage Investments Inc., Series 2006-AR5, Class 3A1, 4.85% (1 mo. Term SOFR + 0.53%), 05/25/2046 | 1562540 | 675568  |
| Structured Asset Mortgage Investments, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-AR1, Class 1A1, 5.13% (1 mo. Term SOFR + 0.81%), 03/19/2034 | 128400 | 120706  |
| &nbsp;&nbsp;&nbsp; Series 2004-AR1, Class 1A2, 5.13% (1 mo. Term SOFR + 0.81%), 03/19/2034<sup>(b)</sup> | 3715 | 3325  |
| &nbsp;&nbsp;&nbsp; Series 2004-AR4, Class 3A1, 6.54%, 12/19/2034<sup>(a)</sup> | 182900 | 180687  |
| &nbsp;&nbsp;&nbsp; Series 2004-AR5, Class 1A1, 5.09% (1 mo. Term SOFR + 0.77%), 10/19/2034 | 6770 | 6451  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR8, Class A2, 6.23% (MTA + 1.48%), 02/25/2036<sup>(b)</sup> | 714893 | 577276  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR1, Class 3A1, 4.89% (1 mo. Term SOFR + 0.57%), 02/25/2036 | 1413672 | 1136902  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR2, Class A1, 4.89% (1 mo. Term SOFR + 0.57%), 02/25/2036 | 54487 | 49973  |

---

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

28<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REGAN TOTAL RETURN INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2006-AR3, Class 11A1, 4.85% (1 mo. Term SOFR + 0.53%), 04/25/2036 | $716192 | $645265  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR3, Class 21A1, 4.83% (1 mo. Term SOFR + 0.51%), 02/25/2036 | 813884 | 655450  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR3, Class 22A1, 4.42%, 05/25/2036<sup>(a)</sup> | 302730 | 136413  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR5, Class 2A1, 4.85% (1 mo. Term SOFR + 0.53%), 05/25/2046 | 3069595 | 2155686  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR5, Class 4A1, 4.87% (1 mo. Term SOFR + 0.55%), 05/25/2046 | 313832 | 110470  |
| &nbsp;&nbsp;&nbsp; Series 2007-AR1, Class 2A1, 4.79% (1 mo. Term SOFR + 0.47%), 01/25/2037 | 383768 | 337561  |
| &nbsp;&nbsp;&nbsp; Series 2007-AR3, Class 2A1, 4.81% (1 mo. Term SOFR + 0.49%), 09/25/2047<sup>(b)</sup> | 176280 | 152042  |
| Structured Asset Securities Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-22A, Class 3A, 6.33%, 06/25/2033<sup>(a)</sup> | 40354 | 38377  |
| &nbsp;&nbsp;&nbsp; Series 2003-39EX, Class M3, 3.90%, 08/25/2033<sup>(b)(c)</sup> | 15724 | 13208  |
| &nbsp;&nbsp;&nbsp; Series 2004-6XS, Class M1, 5.67%, 03/25/2034<sup>(c)</sup> | 255815 | 248776  |
| &nbsp;&nbsp;&nbsp; Series 2004-SC1, Class A, 7.46%, 12/25/2029<sup>(a)(d)</sup> | 700204 | 592468  |
| &nbsp;&nbsp;&nbsp; Series 2006-S3, Class A1, 4.69% (1 mo. Term SOFR + 0.37%), 09/25/2036 | 959715 | 250196  |
| Suntrust Adjustable RateMortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2007-2, Class 2A1, 5.88%, 04/25/2037<sup>(a)</sup> | 220580 | 121490  |
| &nbsp;&nbsp;&nbsp; Series 2007-4, Class 2A1, 5.45%, 10/25/2037<sup>(a)</sup> | 121141 | 94155  |
|  SunTrust Alternative Loan Trust 2006-1F, Series 2006-1F, Class 2A, 6.50%, 04/25/2036 | 1176669 | 425243  |
| TBW Mortgage BackedPass Through Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class 1A4, 5.50%, 04/25/2036 | 1568843 | 397992  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class DX, 6.00%, 07/25/2036<sup>(e)</sup> | 639445 | 67777  |
| &nbsp;&nbsp;&nbsp; Series 2006-3, Class 1A, 6.00%, 07/25/2036 | 626955 | 239862  |
| &nbsp;&nbsp;&nbsp; Series 2006-3, Class 2A1, 6.50%, 07/25/2036 | 921171 | 271492  |
| &nbsp;&nbsp;&nbsp; Series 2006-3, Class 4A3, 2.67% (-1 x 1 mo. Term SOFR + 6.99%), 07/25/2036<sup>(e)(f)</sup> | 11067275 | 543301  |
| &nbsp;&nbsp;&nbsp; Series 2006-5, Class A4, 6.70%, 11/25/2036<sup>(c)</sup> | 9215000 | 1605683  |
| &nbsp;&nbsp;&nbsp; Series 2007-2, Class A6A, 6.51%, 07/25/2037<sup>(c)</sup> | 1576355 | 580713  |
| TerwinMortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-19HE, Class A1, 5.17% (1 mo. Term SOFR + 0.85%), 10/25/2034<sup>(d)</sup> | 376930 | 367761  |
| &nbsp;&nbsp;&nbsp; Series 2004-7HE, Class A1, 5.53% (1 mo. Term SOFR + 1.21%), 07/25/2034<sup>(d)</sup> | 758076 | 728782  |
| Thornburg Mortgage Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-6, Class A1, 5.13% (1 mo. Term SOFR + 0.81%), 12/25/2033 | 41884 | 40608  |
| &nbsp;&nbsp;&nbsp; Series 2004-4, Class 1A, 5.01% (1 mo. Term SOFR + 0.69%), 12/25/2044 | 139432 | 125996  |
| &nbsp;&nbsp;&nbsp; Series 2005-1, Class A2, 5.29%, 04/25/2045<sup>(a)</sup> | 176071 | 176312  |
| &nbsp;&nbsp;&nbsp; Series 2007-3, Class 2A1, 5.99% (12 mo. Term SOFR + 1.97%), 06/25/2047<sup>(b)</sup> | 107648 | 97960  |
| TIAA Mortgage Loan Trust, Series 2018-3, Class A13, 4.00%, 11/25/2048<sup>(a)(d)</sup> | 93292 | 88003  |
| Toorak Mortgage Corp., Series 2022-INV1, Class A1, 2.58%, 02/25/2057<sup>(a)(d)</sup> | 63477 | 58756  |
| TowdPoint Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-4, Class A2, 2.50%, 10/25/2060<sup>(d)</sup> | 705000 | 577406  |
| &nbsp;&nbsp;&nbsp; Series 2021-R1, Class A1, 2.92%, 11/30/2060<sup>(a)(d)</sup> | 254515 | 219331  |
| Verus Securitization Trust, Series 2021-1, Class A2, 1.05%, 01/25/2066<sup>(a)(d)</sup> | 106963 | 93861  |
| WaMu Mortgage Pass Through Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2002-AR17, Class 1B2, 5.84% (MTA + 1.20%), 11/25/2042 | 70972 | 65947  |
| &nbsp;&nbsp;&nbsp; Series 2002-AR2, Class A, 4.19% (Ent 11th COFI Repl + 1.25%), 02/27/2034 | 159917 | 153607  |

---

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

29<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REGAN TOTAL RETURN INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2004-AR11, Class A, 6.95%, 10/25/2034<sup>(a)</sup> | $101981 | $99417  |
| &nbsp;&nbsp;&nbsp; Series 2004-AR8, Class A1, 5.27% (1 mo. Term SOFR + 0.95%), 06/25/2044 | 226144 | 222684  |
| &nbsp;&nbsp;&nbsp; Series 2004-AR9, Class B1, 6.01%, 08/25/2034<sup>(a)</sup> | 139407 | 130413  |
| &nbsp;&nbsp;&nbsp; Series 2004-S1, Class 1A11, 5.50%, 03/25/2034 | 24495 | 24507  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR12, Class 1A4, 5.00%, 10/25/2035<sup>(a)</sup> | 26944 | 24537  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR12, Class 1A6, 5.00%, 10/25/2035<sup>(a)</sup> | 48690 | 44341  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR15, Class A1A1, 4.95% (1 mo. Term SOFR + 0.63%), 11/25/2045 | 352274 | 337189  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR19, Class A1B2, 5.25% (1 mo. Term SOFR + 0.93%), 12/25/2045<sup>(b)</sup> | 67223 | 62786  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR1, Class 1A1A, 5.71% (MTA + 1.07%), 01/25/2046 | 381007 | 338624  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR12, Class 2A3, 4.18%, 10/25/2036<sup>(a)</sup> | 356752 | 326031  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR14, Class 1A4, 4.22%, 11/25/2036<sup>(a)</sup> | 214586 | 188663  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR14, Class 2A3, 4.31%, 11/25/2036<sup>(a)</sup> | 693744 | 605848  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR18, Class 1A1, 3.85%, 01/25/2037<sup>(a)</sup> | 62411 | 54205  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR18, Class 3A3, 0.00%, 01/25/2037<sup>(a)</sup> | 140233 | 126911  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR2, Class 1A1, 4.60%, 03/25/2036<sup>(a)</sup> | 941958 | 828434  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR3, Class A1B, 5.64% (MTA + 1.00%), 02/25/2046 | 437119 | 378075  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR5, Class A12A, 5.62% (MTA + 0.98%), 06/25/2046<sup>(b)</sup> | 13330 | 10864  |
| &nbsp;&nbsp;&nbsp; Series 2007-HY1, Class 1A1, 4.54%, 02/25/2037<sup>(a)</sup> | 265443 | 235644  |
| &nbsp;&nbsp;&nbsp; Series 2007-HY5, Class 2A1, 3.42%, 05/25/2037<sup>(a)</sup> | 139514 | 112007  |
| &nbsp;&nbsp;&nbsp; Series 2007-HY7, Class 4A1, 5.04%, 07/25/2037<sup>(a)</sup> | 69119 | 61618  |
| &nbsp;&nbsp;&nbsp; Series 2007-OA1, Class A1A, 5.34% (MTA + 0.70%), 02/25/2047 | 1424962 | 1266181  |
| &nbsp;&nbsp;&nbsp; Series 2007-OA4, Class 1A, 5.41% (MTA + 0.77%), 05/25/2047 | 139235 | 121153  |
| Washington Mutual Alternative Mortgage Pass-Through Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-10, Class 2A8, 6.00%, 11/25/2035 | 655349 | 627479  |
| &nbsp;&nbsp;&nbsp; Series 2005-10, Class 4CB1, 5.75%, 12/25/2035 | 318324 | 290429  |
| &nbsp;&nbsp;&nbsp; Series 2005-3, Class 1CB3, 4.88% (1 mo. Term SOFR + 0.56%), 05/25/2035 | 1574350 | 1313624  |
| &nbsp;&nbsp;&nbsp; Series 2005-5, Class CB6, 5.03% (1 mo. Term SOFR + 0.71%), 07/25/2035 | 56567 | 49140  |
| &nbsp;&nbsp;&nbsp; Series 2005-7, Class 2CB4, 5.50%, 08/25/2035 | 402857 | 396580  |
| &nbsp;&nbsp;&nbsp; Series 2005-8, Class 3CB1, 6.00%, 10/25/2035 | 82154 | 63784  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class 2CB2, 7.00%, 02/25/2036 | 756528 | 550073  |
| &nbsp;&nbsp;&nbsp; Series 2006-5, Class 2CB2, 5.03% (1 mo. Term SOFR + 0.71%), 07/25/2036 | 447196 | 285055  |
| &nbsp;&nbsp;&nbsp; Series 2006-5, Class 4A1, 6.00%, 06/25/2025<sup>(b)</sup> | 1636700 | 16  |
| &nbsp;&nbsp;&nbsp; Series 2006-7, Class A3, 3.93%, 09/25/2036<sup>(c)</sup> | 2400945 | 637846  |
| &nbsp;&nbsp;&nbsp; Series 2006-8, Class A3A, 4.11%, 10/25/2036<sup>(c)</sup> | 333297 | 141900  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR3, Class A1A, 5.61% (MTA + 0.97%), 05/25/2046<sup>(b)</sup> | 46655 | 37292  |
| &nbsp;&nbsp;&nbsp; Series 2007-2, Class 1A10, 2.25% (-1 x 1 mo. Term SOFR + 6.57%), 04/25/2037<sup>(e)(f)</sup> | 3450840 | 639071  |
| &nbsp;&nbsp;&nbsp; Series 2007-HY2, Class 1A1, 4.19%, 04/25/2037<sup>(a)</sup> | 8057246 | 4216604  |
|  Washington Mutual Asset-Backed Certificates, Series 2007-HE1, Class 2A1, 4.55% (1 mo. Term SOFR + 0.23%), 11/25/2036 | 1483263 | 461803  |
| Washington Mutual Mortgage Pass-Through Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-1, Class 1A1, 5.50%, 03/25/2035 | 843637 | 818182  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR2, Class 2A3, 5.13% (1 mo. Term SOFR + 0.81%), 01/25/2045 | 45370 | 45264  |
| &nbsp;&nbsp;&nbsp; Series 2006-4, Class 3A3, 6.47%, 05/25/2036<sup>(c)</sup> | 178048 | 154739  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR10, Class A2B, 4.85% (1 mo. Term SOFR + 0.53%), 12/25/2036 | 5109627 | 843670  |

---

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

30<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REGAN TOTAL RETURN INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| Washington Mutual MSC Mortgage Pass-Through CTFS<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-AR3, Class 2A2, 4.83%, 06/25/2033<sup>(a)</sup> | $98713 | $83186  |
| &nbsp;&nbsp;&nbsp; Series 2004-RA2, Class CB1, 7.00%, 07/25/2033<sup>(a)</sup> | 21814 | 18317  |
| Wells Fargo Alternative Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-1, Class 2A3, 5.50%, 02/25/2035 | 833919 | 773877  |
| &nbsp;&nbsp;&nbsp; Series 2007-PA1, Class A8, 4.97% (1 mo. Term SOFR + 0.65%), 03/25/2037 | 732840 | 585174  |
| &nbsp;&nbsp;&nbsp; Series 2007-PA2, Class 2A1, 4.86% (1 mo. Term SOFR + 0.54%), 06/25/2037 | 224978 | 193549  |
| &nbsp;&nbsp;&nbsp; Series 2007-PA2, Class 2A2, 1.64% (-1 x 1 mo. Term SOFR + 5.96%), 06/25/2037<sup>(e)(f)</sup> | 2908056 | 285320  |
| &nbsp;&nbsp;&nbsp; Series 2007-PA3, Class 1A1, 5.75%, 07/25/2037 | 78470 | 68729  |
| &nbsp;&nbsp;&nbsp; Series 2007-PA3, Class 1A2, 5.75%, 07/25/2037 | 182715 | 159122  |
| &nbsp;&nbsp;&nbsp; Series 2007-PA3, Class 1A4, 5.75%, 07/25/2037 | 987776 | 860230  |
| &nbsp;&nbsp;&nbsp; Series 2007-PA3, Class 2A1, 6.00%, 07/25/2037 | 1550295 | 1421380  |
| &nbsp;&nbsp;&nbsp; Series 2007-PA6, Class A1, 6.55%, 12/28/2037<sup>(a)</sup> | 357226 | 325164  |
| Wells Fargo Mortgage BackedSecurities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-7, Class 3A1, 6.00%, 06/25/2036<sup>(b)</sup> | 543018 | 502292  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR12, Class 2A1, 6.93%, 09/25/2036<sup>(a)</sup> | 93531 | 89588  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR14, Class 2A3, 7.39%, 10/25/2036<sup>(a)</sup> | 196259 | 177139  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR16, Class A1, 7.75%, 10/25/2036<sup>(a)</sup> | 227302 | 213927  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR5, Class 2A1, 6.70%, 04/25/2036<sup>(a)</sup> | 226269 | 221509  |
| &nbsp;&nbsp;&nbsp; Series 2007-AR3, Class A4, 6.35%, 04/25/2037<sup>(a)</sup> | 1510077 | 1328506  |
| &nbsp;&nbsp;&nbsp; Series 2019-4, Class A17, 3.50%, 09/25/2049<sup>(a)(d)</sup> | 43948 | 39505  |
| WinWater Mortgage Loan Trust, Series 2015-A, Class A3, 3.50%, 06/20/2045<sup>(a)(d)</sup> | 205143 | 190506  |
|  Yale Mortgage Loan Trust 2007-1, Series 2007-1, Class A, 4.83% (1 mo. Term SOFR + 0.51%), 06/25/2037<sup>(d)</sup> | 78091 | 24331  |
|  RALI Trust, Series 2006-QS2, Class 1A10, 4.93% (1 mo. Term SOFR + 0.61%), 02/25/2036 | 2828540 | 2176618  |
| &nbsp;&nbsp;&nbsp; **TOTAL NON-AGENCY MORTGAGE-BACKED SECURITIES** <br>**(Cost $791,125,652)** |  | 673059306  |
| **AGENCY MORTGAGE-BACKED SECURITIES - 25.3%**<br>|  |  |
| Fannie Mae Grantor Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2001-T13, Class A1, 5.09% (1 mo. Term SOFR + 0.27%), 03/25/2032 | 1821675 | 1748830  |
| &nbsp;&nbsp;&nbsp; Series 2002-T16, Class A4, 5.43%, 05/25/2042<sup>(a)</sup> | 16171 | 15927  |
| &nbsp;&nbsp;&nbsp; Series 2002-T4, Class A3, 7.50%, 12/25/2041 | 118642 | 125023  |
| Fannie Mae Whole Loan<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 1998-W2, Class A8, 6.50%, 06/25/2028 | 79793 | 79812  |
| &nbsp;&nbsp;&nbsp; Series 2002-W8, Class A2, 7.00%, 06/25/2042 | 120556 | 125642  |
| &nbsp;&nbsp;&nbsp; Series 2003-W1, Class 2A, 5.19%, 12/25/2042<sup>(a)(b)</sup> | 13165 | 12046  |
| &nbsp;&nbsp;&nbsp; Series 2003-W4, Class 3A, 4.64%, 10/25/2042<sup>(a)</sup> | 109106 | 116400  |
| &nbsp;&nbsp;&nbsp; Series 2003-W4, Class 4A, 5.26%, 10/25/2042<sup>(a)</sup> | 78032 | 79498  |
| &nbsp;&nbsp;&nbsp; Series 2004-W1, Class 3A, 5.03%, 01/25/2043<sup>(a)</sup> | 70502 | 66052  |
| &nbsp;&nbsp;&nbsp; Series 2004-W14, Class 1AF, 4.85% (30 day avg SOFR US + 0.51%), 07/25/2044 | 1526202 | 1443167  |

---

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

31<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REGAN TOTAL RETURN INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2380, Class CF, 5.06% (30 day avg SOFR US + 0.71%), 11/15/2031 | $71924 | $71667  |
| &nbsp;&nbsp;&nbsp; Series 246, Class PO, Pool S0-4925, 0.00%, 05/15/2037<sup>(i)</sup> | 212654 | 176178  |
| &nbsp;&nbsp;&nbsp; Series 277, Class F6, 4.91% (30 day avg SOFR US + 0.56%), 09/15/2042 | 996597 | 981012  |
| &nbsp;&nbsp;&nbsp; Series 2770, Class LO, 0.00%, 03/15/2034<sup>(i)</sup> | 5729 | 4644  |
| &nbsp;&nbsp;&nbsp; Series 2771, Class FM, 4.87% (30 day avg SOFR US + 0.51%), 03/15/2034 | 24050 | 23900  |
| &nbsp;&nbsp;&nbsp; Series 2819, Class F, 4.86% (30 day avg SOFR US + 0.51%), 06/15/2034 | 33390 | 33247  |
| &nbsp;&nbsp;&nbsp; Series 2916, Class AO, 0.00%, 01/15/2035<sup>(b)(i)</sup> | 168951 | 143925  |
| &nbsp;&nbsp;&nbsp; Series 3006, Class YF, 4.72% (30 day avg SOFR US + 0.37%), 07/15/2035 | 222031 | 219893  |
| &nbsp;&nbsp;&nbsp; Series 3152, Class WF, 4.92% (30 day avg SOFR US + 0.57%), 02/15/2034 | 25714 | 25246  |
| &nbsp;&nbsp;&nbsp; Series 3210, Class FA, 4.86% (30 day avg SOFR US + 0.51%), 09/15/2036 | 310594 | 307639  |
| &nbsp;&nbsp;&nbsp; Series 3231, Class FA, 4.86% (30 day avg SOFR US + 0.51%), 10/15/2036 | 217888 | 216462  |
| &nbsp;&nbsp;&nbsp; Series 3232, Class KF, 4.91% (30 day avg SOFR US + 0.56%), 10/15/2036 | 104307 | 103362  |
| &nbsp;&nbsp;&nbsp; Series 3240, Class AF, 4.81% (30 day avg SOFR US + 0.46%), 11/15/2036 | 471722 | 463783  |
| &nbsp;&nbsp;&nbsp; Series 3242, Class FA, 4.86% (30 day avg SOFR US + 0.51%), 11/15/2036 | 165600 | 163723  |
| &nbsp;&nbsp;&nbsp; Series 325, Class PO, 0.00%, 03/15/2044<sup>(i)</sup> | 670637 | 496462  |
| &nbsp;&nbsp;&nbsp; Series 327, Class PO, 0.00%, 03/15/2044<sup>(i)</sup> | 1398800 | 1066076  |
| &nbsp;&nbsp;&nbsp; Series 3281, Class AF, 4.78% (30 day avg SOFR US + 0.43%), 02/15/2037 | 230898 | 228560  |
| &nbsp;&nbsp;&nbsp; Series 3284, Class LF, 4.77% (30 day avg SOFR US + 0.42%), 03/15/2037 | 279470 | 276610  |
| &nbsp;&nbsp;&nbsp; Series 3317, Class F, 4.86% (30 day avg SOFR US + 0.51%), 07/15/2036 | 378396 | 375910  |
| &nbsp;&nbsp;&nbsp; Series 3320, Class FC, 4.63% (30 day avg SOFR US + 0.28%), 05/15/2037 | 22379 | 22264  |
| &nbsp;&nbsp;&nbsp; Series 3378, Class FA, 5.04% (30 day avg SOFR US + 0.69%), 06/15/2037 | 7060 | 7039  |
| &nbsp;&nbsp;&nbsp; Series 3404, Class AF, 5.32% (30 day avg SOFR US + 0.97%), 01/15/2038 | 49675 | 49897  |
| &nbsp;&nbsp;&nbsp; Series 3417, Class EO, 0.00%, 11/15/2036<sup>(i)</sup> | 111119 | 88784  |
| &nbsp;&nbsp;&nbsp; Series 3423, Class PF, 5.16% (30 day avg SOFR US + 0.81%), 03/15/2038 | 15495 | 15504  |
| &nbsp;&nbsp;&nbsp; Series 3501, Class FC, 5.61% (30 day avg SOFR US + 1.26%), 01/15/2039 | 724175 | 736673  |
| &nbsp;&nbsp;&nbsp; Series 3567, Class F, 5.70% (30 day avg SOFR US + 1.36%), 02/15/2038 | 156465 | 144834  |
| &nbsp;&nbsp;&nbsp; Series 3666, Class FC, 5.19% (30 day avg SOFR US + 0.84%), 05/15/2040 | 184014 | 183622  |
| &nbsp;&nbsp;&nbsp; Series 3747, Class UF, 4.94% (30 day avg SOFR US + 0.59%), 10/15/2040 | 1420692 | 1403698  |
| &nbsp;&nbsp;&nbsp; Series 3758, Class F, 4.93% (30 day avg SOFR US + 0.58%), 11/15/2040 | 989541 | 981457  |
| &nbsp;&nbsp;&nbsp; Series 3772, Class ND, 4.50%, 11/15/2040 | 60941 | 58750  |
| &nbsp;&nbsp;&nbsp; Series 3812, Class US, 0.37% (-2 x 30 day avg SOFR US + 9.07%), 02/15/2041<sup>(f)</sup> | 78429 | 63840  |
| &nbsp;&nbsp;&nbsp; Series 3815, Class DS, 0.56% (-3 x 30 day avg SOFR US + 13.61%), 02/15/2041<sup>(f)</sup> | 254483 | 233685  |
| &nbsp;&nbsp;&nbsp; Series 3822, Class FC, 4.87% (30 day avg SOFR US + 0.52%), 03/15/2041 | 494608 | 491387  |
| &nbsp;&nbsp;&nbsp; Series 3835, Class FO, 0.00%, 04/15/2041<sup>(i)</sup> | 2579713 | 1999907  |
| &nbsp;&nbsp;&nbsp; Series 3954, Class PF, 4.96% (30 day avg SOFR US + 0.61%), 07/15/2041 | 160225 | 159440  |
| &nbsp;&nbsp;&nbsp; Series 3997, Class FQ, 4.96% (30 day avg SOFR US + 0.61%), 02/15/2042 | 1305443 | 1284643  |
| &nbsp;&nbsp;&nbsp; Series 4020, Class EF, 4.91% (30 day avg SOFR US + 0.56%), 02/15/2042 | 490564 | 482101  |
| &nbsp;&nbsp;&nbsp; Series 4026, Class GA, 2.00%, 09/15/2041 | 291475 | 273362  |
| &nbsp;&nbsp;&nbsp; Series 4032, Class WO, 0.00%, 04/15/2039<sup>(i)</sup> | 200298 | 156907  |
| &nbsp;&nbsp;&nbsp; Series 406, Class F15, 0.00% (30 day avg SOFR US + 1.45%), 10/25/2053 | 2410407 | 2424331  |
| &nbsp;&nbsp;&nbsp; Series 406, Class F44, 5.34% (30 day avg SOFR US + 1.00%), 10/25/2053 | 841151 | 841945  |
| &nbsp;&nbsp;&nbsp; Series 4061, Class SL, 0.00% (-2 x 30 day avg SOFR US + 6.86%), 06/15/2042<sup>(f)</sup> | 44323 | 20712  |

---

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

32<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REGAN TOTAL RETURN INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 4068, Class FA, 4.91% (30 day avg SOFR US + 0.56%), 06/15/2042 | $1605699 | $1584265  |
| &nbsp;&nbsp;&nbsp; Series 4074, Class KF, 4.76% (30 day avg SOFR US + 0.41%), 02/15/2041 | 18371 | 18338  |
| &nbsp;&nbsp;&nbsp; Series 4076, Class LF, 4.76% (30 day avg SOFR US + 0.41%), 07/15/2042 | 208706 | 205495  |
| &nbsp;&nbsp;&nbsp; Series 4076, Class QB, 1.75%, 11/15/2041 | 48920 | 47994  |
| &nbsp;&nbsp;&nbsp; Series 4087, Class FB, 4.93% (30 day avg SOFR US + 0.58%), 07/15/2042 | 86784 | 85613  |
| &nbsp;&nbsp;&nbsp; Series 4103, Class FB, 4.91% (30 day avg SOFR US + 0.56%), 09/15/2042 | 1606491 | 1580447  |
| &nbsp;&nbsp;&nbsp; Series 4108, Class FC, 4.86% (30 day avg SOFR US + 0.51%), 09/15/2042 | 2426098 | 2384406  |
| &nbsp;&nbsp;&nbsp; Series 4111, Class AF, 4.86% (30 day avg SOFR US + 0.51%), 09/15/2042 | 1877957 | 1844331  |
| &nbsp;&nbsp;&nbsp; Series 413, Class F44, 5.29% (30 day avg SOFR US + 0.95%), 05/25/2054 | 692687 | 692837  |
| &nbsp;&nbsp;&nbsp; Series 4171, Class NG, 2.00%, 06/15/2042 | 16784 | 15320  |
| &nbsp;&nbsp;&nbsp; Series 4182, Class UC, 1.50%, 09/15/2027 | 627 | 624  |
| &nbsp;&nbsp;&nbsp; Series 4204, Class AB, 3.00%, 05/15/2043 | 58125 | 45232  |
| &nbsp;&nbsp;&nbsp; Series 4347, Class EF, 4.96% (30 day avg SOFR US + 0.61%), 06/15/2054 | 4821714 | 4742275  |
| &nbsp;&nbsp;&nbsp; Series 4351, Class PO, 0.00%, 06/15/2044<sup>(i)</sup> | 1167906 | 879119  |
| &nbsp;&nbsp;&nbsp; Series 4378, Class FA, 4.86% (30 day avg SOFR US + 0.51%), 08/15/2044 | 3051410 | 2990468  |
| &nbsp;&nbsp;&nbsp; Series 4385, Class FM, 4.86% (30 day avg SOFR US + 0.51%), 11/15/2043 | 2656574 | 2611999  |
| &nbsp;&nbsp;&nbsp; Series 4400, Class FA, 4.86% (30 day avg SOFR US + 0.51%), 02/15/2041 | 151955 | 149740  |
| &nbsp;&nbsp;&nbsp; Series 4431, Class FT, 4.86% (30 day avg SOFR US + 0.51%), 01/15/2045 | 1366960 | 1341095  |
| &nbsp;&nbsp;&nbsp; Series 4436, Class FC, 4.81% (30 day avg SOFR US + 0.46%), 02/15/2045 | 132360 | 129518  |
| &nbsp;&nbsp;&nbsp; Series 4484, Class LT, 3.50%, 09/15/2037 | 1203 | 1199  |
| &nbsp;&nbsp;&nbsp; Series 4508, Class CF, 4.86% (30 day avg SOFR US + 0.51%), 09/15/2045 | 150603 | 148802  |
| &nbsp;&nbsp;&nbsp; Series 4615, Class GT, 0.00% (-4 x 30 day avg SOFR US + 15.54%), 10/15/2042<sup>(f)</sup> | 1009829 | 759497  |
| &nbsp;&nbsp;&nbsp; Series 4620, Class AF, 4.88% (30 day avg SOFR US + 0.55%), 11/15/2042 | 154878 | 153847  |
| &nbsp;&nbsp;&nbsp; Series 4621, Class HK, 2.00%, 10/15/2046 | 141756 | 115919  |
| &nbsp;&nbsp;&nbsp; Series 4628, Class KF, 4.96% (30 day avg SOFR US + 0.61%), 01/15/2055 | 442107 | 433669  |
| &nbsp;&nbsp;&nbsp; Series 4631, Class FA, 4.96% (30 day avg SOFR US + 0.61%), 11/15/2046 | 448189 | 441103  |
| &nbsp;&nbsp;&nbsp; Series 4663, Class PH, 2.50%, 03/15/2047 | 106450 | 91778  |
| &nbsp;&nbsp;&nbsp; Series 4708, Class F, 4.76% (30 day avg SOFR US + 0.41%), 08/15/2047 | 540453 | 527398  |
| &nbsp;&nbsp;&nbsp; Series 4710, Class TN, 3.00%, 08/15/2047 | 650774 | 573071  |
| &nbsp;&nbsp;&nbsp; Series 4774, Class BF, 4.76% (30 day avg SOFR US + 0.41%), 02/15/2048 | 1244074 | 1207082  |
| &nbsp;&nbsp;&nbsp; Series 4792, Class KO, 0.00%, 07/15/2043<sup>(i)</sup> | 1014879 | 557589  |
| &nbsp;&nbsp;&nbsp; Series 4804, Class MF, 4.81% (30 day avg SOFR US + 0.46%), 06/15/2048 | 3820235 | 3713311  |
| &nbsp;&nbsp;&nbsp; Series 4821, Class FA, 4.76% (30 day avg SOFR US + 0.41%), 07/15/2048 | 267119 | 258774  |
| &nbsp;&nbsp;&nbsp; Series 4839, Class WO, 0.00%, 08/15/2056<sup>(i)</sup> | 3024748 | 1961856  |
| &nbsp;&nbsp;&nbsp; Series 4867, Class FA, 4.86% (30 day avg SOFR US + 0.51%), 03/15/2049 | 191085 | 188702  |
| &nbsp;&nbsp;&nbsp; Series 4875, Class F, 4.91% (30 day avg SOFR US + 0.56%), 04/15/2049 | 1791378 | 1749526  |
| &nbsp;&nbsp;&nbsp; Series 4882, Class F, 4.91% (30 day avg SOFR US + 0.56%), 05/15/2049 | 2140362 | 2086544  |
| &nbsp;&nbsp;&nbsp; Series 4882, Class FA, 4.91% (30 day avg SOFR US + 0.56%), 05/15/2049 | 2719859 | 2656278  |
| &nbsp;&nbsp;&nbsp; Series 4911, Class FB, 4.90% (30 day avg SOFR US + 0.56%), 09/25/2049 | 1183399 | 1168238  |
| &nbsp;&nbsp;&nbsp; Series 4912, Class PA, 2.00%, 06/25/2049 | 161119 | 132646  |
| &nbsp;&nbsp;&nbsp; Series 4913, Class UF, 4.91% (30 day avg SOFR US + 0.56%), 03/15/2049 | 1444022 | 1404812  |
| &nbsp;&nbsp;&nbsp; Series 4918, Class F, 4.90% (30 day avg SOFR US + 0.56%), 10/25/2049 | 6206216 | 6063923  |
| &nbsp;&nbsp;&nbsp; Series 4921, Class NB, 1.75%, 08/25/2049 | 232558 | 190046  |
| &nbsp;&nbsp;&nbsp; Series 4929, Class FB, 4.90% (30 day avg SOFR US + 0.56%), 09/25/2049 | 546116 | 530798  |
| &nbsp;&nbsp;&nbsp; Series 4930, Class FG, 4.90% (30 day avg SOFR US + 0.56%), 11/25/2049 | 562392 | 547125  |

---

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

33<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REGAN TOTAL RETURN INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 4930, Class FJ, 4.90% (30 day avg SOFR US + 0.56%), 11/25/2049 | $543052 | $528376  |
| &nbsp;&nbsp;&nbsp; Series 4939, Class CF, 4.95% (30 day avg SOFR US + 0.61%), 12/25/2049 | 1581933 | 1555881  |
| &nbsp;&nbsp;&nbsp; Series 4942, Class OQ, 0.00%, 04/15/2053<sup>(i)</sup> | 1912910 | 1560514  |
| &nbsp;&nbsp;&nbsp; Series 4943, Class JP, 2.50%, 09/25/2049 | 314757 | 273096  |
| &nbsp;&nbsp;&nbsp; Series 4981, Class GF, 4.85% (30 day avg SOFR US + 0.51%), 06/25/2050 | 1996776 | 1955188  |
| &nbsp;&nbsp;&nbsp; Series 4981, Class JF, 4.85% (30 day avg SOFR US + 0.51%), 06/25/2050 | 2376920 | 2314063  |
| &nbsp;&nbsp;&nbsp; Series 4982, Class F, 4.90% (30 day avg SOFR US + 0.56%), 06/25/2050 | 2243049 | 2186305  |
| &nbsp;&nbsp;&nbsp; Series 4993, Class KF, 4.90% (30 day avg SOFR US + 0.56%), 07/25/2050 | 2435842 | 2352865  |
| &nbsp;&nbsp;&nbsp; Series 4993, Class UG, 1.50%, 07/25/2050 | 89570 | 50773  |
| &nbsp;&nbsp;&nbsp; Series 5003, Class PA, 1.50%, 08/25/2050 | 1607055 | 1228835  |
| &nbsp;&nbsp;&nbsp; Series 5004, Class FM, 4.80% (30 day avg SOFR US + 0.46%), 08/25/2050 | 459842 | 440613  |
| &nbsp;&nbsp;&nbsp; Series 5019, Class PC, 1.00%, 10/25/2050 | 4495672 | 3335490  |
| &nbsp;&nbsp;&nbsp; Series 5019, Class PL, 1.00%, 10/25/2050 | 2724642 | 2021503  |
| &nbsp;&nbsp;&nbsp; Series 5020, Class HA, 1.00%, 08/25/2050 | 764249 | 578452  |
| &nbsp;&nbsp;&nbsp; Series 5031, Class FA, 4.65% (30 day avg SOFR US + 0.30%), 08/15/2043 | 2066997 | 2004472  |
| &nbsp;&nbsp;&nbsp; Series 5034, Class KL, 1.25%, 11/25/2050 | 859166 | 627078  |
| &nbsp;&nbsp;&nbsp; Series 5035, Class HM, 1.00%, 10/25/2050 | 353997 | 172051  |
| &nbsp;&nbsp;&nbsp; Series 5037, Class QC, 2.00%, 11/25/2050 | 72872 | 46921  |
| &nbsp;&nbsp;&nbsp; Series 5038, Class PJ, 0.75%, 10/25/2050 | 355512 | 251176  |
| &nbsp;&nbsp;&nbsp; Series 5053, Class KC, 1.00%, 12/25/2050 | 2207692 | 1545925  |
| &nbsp;&nbsp;&nbsp; Series 5056, Class P, 0.75%, 12/25/2050 | 16783704 | 12516358  |
| &nbsp;&nbsp;&nbsp; Series 5058, Class LW, 1.25%, 01/25/2051 | 96630 | 45744  |
| &nbsp;&nbsp;&nbsp; Series 5058, Class PM, 0.75%, 12/25/2050 | 1864014 | 1341722  |
| &nbsp;&nbsp;&nbsp; Series 5060, Class DP, 1.00%, 11/25/2050 | 3091840 | 2287132  |
| &nbsp;&nbsp;&nbsp; Series 5060, Class EP, 1.00%, 12/25/2050 | 2764250 | 2046186  |
| &nbsp;&nbsp;&nbsp; Series 5062, Class PA, 1.25%, 01/25/2051 | 1524092 | 1135354  |
| &nbsp;&nbsp;&nbsp; Series 5068, Class AB, 1.00%, 11/25/2050 | 1028397 | 773863  |
| &nbsp;&nbsp;&nbsp; Series 5068, Class GE, 1.00%, 11/25/2050 | 358482 | 282931  |
| &nbsp;&nbsp;&nbsp; Series 5070, Class EP, 1.00%, 09/25/2050 | 3274409 | 2403951  |
| &nbsp;&nbsp;&nbsp; Series 5071, Class GP, 2.00%, 02/25/2051 | 370781 | 308076  |
| &nbsp;&nbsp;&nbsp; Series 5078, Class GJ, 0.75%, 02/25/2051 | 545095 | 395896  |
| &nbsp;&nbsp;&nbsp; Series 5081, Class DC, 1.00%, 03/25/2051 | 1076878 | 769625  |
| &nbsp;&nbsp;&nbsp; Series 5085, Class LC, 0.75%, 03/25/2051 | 208775 | 146047  |
| &nbsp;&nbsp;&nbsp; Series 5087, Class PD, 0.75%, 03/25/2051 | 1265973 | 915238  |
| &nbsp;&nbsp;&nbsp; Series 5092, Class AS, 2.00%, 04/25/2051 | 37034 | 18787  |
| &nbsp;&nbsp;&nbsp; Series 5101, Class CE, 1.00%, 02/25/2051 | 1214004 | 874543  |
| &nbsp;&nbsp;&nbsp; Series 5119, Class AB, 1.50%, 08/25/2049 | 398435 | 315654  |
| &nbsp;&nbsp;&nbsp; Series 5131, Class TG, 1.00%, 04/25/2049 | 86070 | 70553  |
| &nbsp;&nbsp;&nbsp; Series 5132, Class PA, 1.00%, 08/25/2051 | 1220410 | 975753  |
| &nbsp;&nbsp;&nbsp; Series 5139, Class DM, 1.25%, 02/25/2051 | 763189 | 623515  |
| &nbsp;&nbsp;&nbsp; Series 5151, Class GC, 1.50%, 10/25/2051 | 83631 | 33690  |
| &nbsp;&nbsp;&nbsp; Series 5151, Class LT, 1.50%, 04/25/2051 | 1540674 | 1244662  |
| &nbsp;&nbsp;&nbsp; Series 5151, Class WN, 2.00%, 10/25/2050 | 117043 | 90219  |
| &nbsp;&nbsp;&nbsp; Series 5153, Class PA, 1.00%, 10/25/2051 | 540198 | 435537  |
| &nbsp;&nbsp;&nbsp; Series 5181, Class EA, 1.88%, 05/25/2050 | 11711484 | 9390682  |
| &nbsp;&nbsp;&nbsp; Series 5315, Class OQ, 0.00%, 01/25/2055<sup>(i)</sup> | 395794 | 321162  |

---

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

34<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REGAN TOTAL RETURN INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 5328, Class JY, 0.25%, 09/25/2050 | $680242 | $458213  |
| &nbsp;&nbsp;&nbsp; Series 5338, Class FH, 4.76% (30 day avg SOFR US + 0.41%), 04/15/2045 | 565727 | 553488  |
| &nbsp;&nbsp;&nbsp; Series 5473, Class FA, 5.44% (30 day avg SOFR US + 1.10%), 11/25/2054 | 278132 | 277048  |
| &nbsp;&nbsp;&nbsp; Series 5498, Class FC, 5.49% (30 day avg SOFR US + 1.15%), 01/25/2055 | 592175 | 594687  |
| &nbsp;&nbsp;&nbsp; Series T-42, Class A5, 7.50%, 02/25/2042 | 123534 | 130794  |
| &nbsp;&nbsp;&nbsp; Series T-76, Class 2A, 2.35%, 10/25/2037<sup>(a)</sup> | 297612 | 267447  |
| Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2002-26, Class A3, 5.21%, 06/25/2041<sup>(a)</sup> | 573558 | 572972  |
| &nbsp;&nbsp;&nbsp; Series 2002-8, Class FE, 5.20% (30 day avg SOFR US + 0.86%), 03/25/2032 | 34174 | 34270  |
| &nbsp;&nbsp;&nbsp; Series 2002-9, Class FB, 5.20% (30 day avg SOFR US + 0.86%), 03/25/2032 | 35006 | 34269  |
| &nbsp;&nbsp;&nbsp; Series 2003-25, Class KP, 5.00%, 04/25/2033 | 5735 | 5689  |
| &nbsp;&nbsp;&nbsp; Series 2004-25, Class FA, 4.85% (30 day avg SOFR US + 0.51%), 04/25/2034 | 19386 | 19305  |
| &nbsp;&nbsp;&nbsp; Series 2004-51, Class XO, 0.00%, 07/25/2034<sup>(i)</sup> | 300808 | 262114  |
| &nbsp;&nbsp;&nbsp; Series 2005-66, Class FD, 4.75% (30 day avg SOFR US + 0.41%), 07/25/2035 | 85674 | 84730  |
| &nbsp;&nbsp;&nbsp; Series 2005-82, Class FY, 4.72% (30 day avg SOFR US + 0.38%), 09/25/2035 | 272387 | 269927  |
| &nbsp;&nbsp;&nbsp; Series 2006-101, Class FD, 4.75% (30 day avg SOFR US + 0.41%), 07/25/2036 | 44012 | 43413  |
| &nbsp;&nbsp;&nbsp; Series 2006-115, Class AF, 4.69% (30 day avg SOFR US + 0.35%), 12/25/2036 | 63933 | 62921  |
| &nbsp;&nbsp;&nbsp; Series 2006-118, Class A1, 4.53% (30 day avg SOFR US + 0.17%), 12/25/2036 | 1250527 | 1220730  |
| &nbsp;&nbsp;&nbsp; Series 2006-20, Class GF, 4.80% (30 day avg SOFR US + 0.46%), 04/25/2036 | 104226 | 103431  |
| &nbsp;&nbsp;&nbsp; Series 2006-23, Class BD, 1.00%, 04/25/2036 | 335084 | 290972  |
| &nbsp;&nbsp;&nbsp; Series 2006-42, Class CF, 4.90% (30 day avg SOFR US + 0.56%), 06/25/2036 | 75473 | 75002  |
| &nbsp;&nbsp;&nbsp; Series 2006-72, Class TE, 4.75% (30 day avg SOFR US + 0.41%), 08/25/2036 | 68853 | 68081  |
| &nbsp;&nbsp;&nbsp; Series 2006-90, Class BO, 0.00%, 09/25/2036<sup>(i)</sup> | 445884 | 387052  |
| &nbsp;&nbsp;&nbsp; Series 2006-94, Class GF, 4.80% (30 day avg SOFR US + 0.46%), 10/25/2026 | 137303 | 137267  |
| &nbsp;&nbsp;&nbsp; Series 2007-109, Class NF, 5.00% (30 day avg SOFR US + 0.66%), 12/25/2037 | 249050 | 247734  |
| &nbsp;&nbsp;&nbsp; Series 2007-117, Class MF, 5.15% (30 day avg SOFR US + 0.81%), 01/25/2038 | 87168 | 86718  |
| &nbsp;&nbsp;&nbsp; Series 2007-43, Class EB, 4.68% (30 day avg SOFR US + 0.34%), 05/25/2037 | 341224 | 335877  |
| &nbsp;&nbsp;&nbsp; Series 2007-65, Class KF, 4.83% (30 day avg SOFR US + 0.49%), 07/25/2037 | 25518 | 25320  |
| &nbsp;&nbsp;&nbsp; Series 2007-91, Class JF, 5.05% (30 day avg SOFR US + 0.71%), 10/25/2037 | 199104 | 198469  |
| &nbsp;&nbsp;&nbsp; Series 2007-95, Class A2, 5.65% (30 day avg SOFR US + 0.36%), 08/27/2036 | 2578187 | 2588552  |
| &nbsp;&nbsp;&nbsp; Series 2007-96, Class AF, 5.17% (30 day avg SOFR US + 0.83%), 06/25/2037 | 98006 | 97988  |
| &nbsp;&nbsp;&nbsp; Series 2009-106, Class FA, 5.20% (30 day avg SOFR US + 0.86%), 01/25/2040 | 395500 | 396377  |
| &nbsp;&nbsp;&nbsp; Series 2010-141, Class FB, 4.92% (30 day avg SOFR US + 0.58%), 12/25/2040 | 352508 | 349708  |
| &nbsp;&nbsp;&nbsp; Series 2010-61, Class PO, 0.00%, 03/25/2040<sup>(i)</sup> | 117469 | 93544  |
| &nbsp;&nbsp;&nbsp; Series 2010-68, Class FA, 5.45% (30 day avg SOFR US + 1.11%), 07/25/2040 | 286642 | 283775  |
| &nbsp;&nbsp;&nbsp; Series 2011-118, Class CF, 4.95% (30 day avg SOFR US + 0.61%), 10/25/2039 | 36759 | 36641  |
| &nbsp;&nbsp;&nbsp; Series 2011-126, Class WA, 2.50%, 12/25/2041 | 170012 | 139329  |
| &nbsp;&nbsp;&nbsp; Series 2011-130, Class KO, 0.00%, 12/25/2041<sup>(i)</sup> | 115029 | 90604  |
| &nbsp;&nbsp;&nbsp; Series 2011-40, Class SB, 0.00% (-3 x 30 day avg SOFR US + 9.91%), 11/25/2040<sup>(f)</sup> | 42394 | 31045  |
| &nbsp;&nbsp;&nbsp; Series 2011-51, Class FM, 5.10% (30 day avg SOFR US + 0.76%), 06/25/2041 | 773811 | 769106  |
| &nbsp;&nbsp;&nbsp; Series 2011-55, Class FH, 4.89% (30 day avg SOFR US + 0.55%), 06/25/2041 | 832368 | 827367  |
| &nbsp;&nbsp;&nbsp; Series 2011-57, Class FE, 4.90% (30 day avg SOFR US + 0.56%), 07/25/2041 | 3076355 | 3050935  |
| &nbsp;&nbsp;&nbsp; Series 2011-57, Class FT, 4.90% (30 day avg SOFR US + 0.56%), 07/25/2041 | 2269481 | 2243094  |
| &nbsp;&nbsp;&nbsp; Series 2011-59, Class FA, 5.05% (30 day avg SOFR US + 0.71%), 07/25/2041 | 476167 | 474139  |
| &nbsp;&nbsp;&nbsp; Series 2011-63, Class FA, 5.03% (30 day avg SOFR US + 0.69%), 07/25/2041 | 498639 | 496245  |
| &nbsp;&nbsp;&nbsp; Series 2011-71, Class FA, 5.07% (30 day avg SOFR US + 0.73%), 12/25/2036 | 162386 | 162242  |

---

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

35<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REGAN TOTAL RETURN INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2011-86, Class NF, 5.00% (30 day avg SOFR US + 0.66%), 09/25/2041 | $184597 | $183745  |
| &nbsp;&nbsp;&nbsp; Series 2011-96, Class PF, 4.95% (30 day avg SOFR US + 0.61%), 10/25/2041 | 1420885 | 1403703  |
| &nbsp;&nbsp;&nbsp; Series 2012-103, Class NF, 4.85% (30 day avg SOFR US + 0.51%), 09/25/2042 | 810408 | 799433  |
| &nbsp;&nbsp;&nbsp; Series 2012-120, Class QB, 2.50%, 08/25/2042 | 50000 | 40685  |
| &nbsp;&nbsp;&nbsp; Series 2012-128, Class HS, 0.00% (-2 x 30 day avg SOFR US + 5.83%), 11/25/2042<sup>(f)</sup> | 148366 | 101717  |
| &nbsp;&nbsp;&nbsp; Series 2012-14, Class FL, 4.90% (30 day avg SOFR US + 0.56%), 12/25/2040 | 25072 | 25059  |
| &nbsp;&nbsp;&nbsp; Series 2012-146, Class QA, 1.00%, 01/25/2043 | 66105 | 56042  |
| &nbsp;&nbsp;&nbsp; Series 2012-15, Class KB, 3.50%, 03/25/2042 | 70000 | 62703  |
| &nbsp;&nbsp;&nbsp; Series 2012-39, Class FK, 4.95% (30 day avg SOFR US + 0.61%), 04/25/2042 | 530137 | 525363  |
| &nbsp;&nbsp;&nbsp; Series 2012-40, Class LX, 0.00% (-2 x 30 day avg SOFR US + 6.69%), 04/25/2042<sup>(f)</sup> | 203214 | 123693  |
| &nbsp;&nbsp;&nbsp; Series 2012-6, Class F, 4.95% (30 day avg SOFR US + 0.61%), 02/25/2042 | 711049 | 703146  |
| &nbsp;&nbsp;&nbsp; Series 2012-65, Class FB, 4.97% (30 day avg SOFR US + 0.63%), 06/25/2042 | 216057 | 213495  |
| &nbsp;&nbsp;&nbsp; Series 2012-66, Class FB, 4.90% (30 day avg SOFR US + 0.56%), 06/25/2042 | 1552564 | 1523677  |
| &nbsp;&nbsp;&nbsp; Series 2012-70, Class FA, 4.90% (30 day avg SOFR US + 0.56%), 07/25/2042 | 706947 | 699280  |
| &nbsp;&nbsp;&nbsp; Series 2012-71, Class FL, 4.95% (30 day avg SOFR US + 0.61%), 07/25/2042 | 153483 | 151488  |
| &nbsp;&nbsp;&nbsp; Series 2012-72, Class FQ, 4.95% (30 day avg SOFR US + 0.61%), 07/25/2042 | 278184 | 273740  |
| &nbsp;&nbsp;&nbsp; Series 2012-79, Class FM, 4.90% (30 day avg SOFR US + 0.56%), 07/25/2042 | 81961 | 80830  |
| &nbsp;&nbsp;&nbsp; Series 2012-80, Class FM, 4.95% (30 day avg SOFR US + 0.61%), 08/25/2042 | 5681029 | 5609105  |
| &nbsp;&nbsp;&nbsp; Series 2012-80, Class NA, 2.75%, 06/25/2042 | 187021 | 169903  |
| &nbsp;&nbsp;&nbsp; Series 2012-90, Class ZJ, 1.50%, 03/25/2042 | 961620 | 870926  |
| &nbsp;&nbsp;&nbsp; Series 2012-93, Class FC, 4.85% (30 day avg SOFR US + 0.51%), 09/25/2042 | 1711076 | 1673391  |
| &nbsp;&nbsp;&nbsp; Series 2013-2, Class AZ, 2.00%, 02/25/2043 | 150268 | 120693  |
| &nbsp;&nbsp;&nbsp; Series 2013-31, Class PY, 2.50%, 02/25/2043 | 96155 | 80113  |
| &nbsp;&nbsp;&nbsp; Series 2013-34, Class PF, 4.80% (30 day avg SOFR US + 0.46%), 08/25/2042 | 186145 | 184452  |
| &nbsp;&nbsp;&nbsp; Series 2013-50, Class US, 0.00% (-1 x 30 day avg SOFR US + 3.89%), 05/25/2043<sup>(f)</sup> | 639553 | 318089  |
| &nbsp;&nbsp;&nbsp; Series 2013-57, Class FN, 4.80% (30 day avg SOFR US + 0.46%), 06/25/2043 | 1113120 | 1094086  |
| &nbsp;&nbsp;&nbsp; Series 2013-58, Class FY, 4.70% (30 day avg SOFR US + 0.36%), 02/25/2043 | 911712 | 892889  |
| &nbsp;&nbsp;&nbsp; Series 2013-68, Class NA, 1.00%, 03/25/2042 | 178159 | 150403  |
| &nbsp;&nbsp;&nbsp; Series 2013-83, Class US, 0.55% (-1 x 30 day avg SOFR US + 4.89%), 08/25/2043<sup>(f)</sup> | 160197 | 108797  |
| &nbsp;&nbsp;&nbsp; Series 2013-97, Class JF, 4.80% (30 day avg SOFR US + 0.46%), 04/25/2038 | 376605 | 372494  |
| &nbsp;&nbsp;&nbsp; Series 2013-98, Class PO, 0.00%, 09/25/2043<sup>(i)</sup> | 1725733 | 1317160  |
| &nbsp;&nbsp;&nbsp; Series 2014-17, Class PF, 4.85% (30 day avg SOFR US + 0.51%), 04/25/2044 | 1517278 | 1490393  |
| &nbsp;&nbsp;&nbsp; Series 2014-61, Class PO, 0.00%, 05/25/2043<sup>(i)</sup> | 1156889 | 596154  |
| &nbsp;&nbsp;&nbsp; Series 2014-63, Class FL, 4.85% (30 day avg SOFR US + 0.51%), 10/25/2044 | 1219160 | 1200175  |
| &nbsp;&nbsp;&nbsp; Series 2014-73, Class FA, 4.80% (30 day avg SOFR US + 0.46%), 11/25/2044 | 4020225 | 3943017  |
| &nbsp;&nbsp;&nbsp; Series 2015-27, Class HA, 3.00%, 03/25/2044 | 22475 | 21722  |
| &nbsp;&nbsp;&nbsp; Series 2015-32, Class FA, 4.75% (30 day avg SOFR US + 0.41%), 05/25/2045 | 218044 | 212840  |
| &nbsp;&nbsp;&nbsp; Series 2015-48, Class FB, 4.75% (30 day avg SOFR US + 0.41%), 07/25/2045 | 259446 | 253369  |
| &nbsp;&nbsp;&nbsp; Series 2015-73, Class ES, 0.00% (-2 x 30 day avg SOFR US + 9.07%), 10/25/2045<sup>(f)</sup> | 198408 | 121711  |
| &nbsp;&nbsp;&nbsp; Series 2016-106, Class EF, 4.95% (30 day avg SOFR US + 0.61%), 01/25/2047 | 5506932 | 5417037  |
| &nbsp;&nbsp;&nbsp; Series 2016-50, Class PC, 2.00%, 08/25/2046 | 636454 | 518111  |
| &nbsp;&nbsp;&nbsp; Series 2016-60, Class UF, 4.85% (30 day avg SOFR US + 0.51%), 09/25/2046 | 376585 | 372650  |

---

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

36<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REGAN TOTAL RETURN INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2017-39, Class FT, 4.85% (30 day avg SOFR US + 0.51%), 05/25/2047 | $2107089 | $2062852  |
| &nbsp;&nbsp;&nbsp; Series 2017-51, Class FC, 4.80% (30 day avg SOFR US + 0.46%), 07/25/2047 | 1277863 | 1248905  |
| &nbsp;&nbsp;&nbsp; Series 2018-11, Class KA, 3.00%, 03/25/2048 | 1001469 | 880169  |
| &nbsp;&nbsp;&nbsp; Series 2018-22, Class FJ, 4.75% (30 day avg SOFR US + 0.41%), 04/25/2048 | 141518 | 137009  |
| &nbsp;&nbsp;&nbsp; Series 2018-32, Class FC, 4.75% (30 day avg SOFR US + 0.41%), 05/25/2048 | 2523132 | 2443164  |
| &nbsp;&nbsp;&nbsp; Series 2018-35, Class FA, 4.75% (30 day avg SOFR US + 0.41%), 05/25/2048 | 1957514 | 1895743  |
| &nbsp;&nbsp;&nbsp; Series 2018-39, Class FG, 4.70% (30 day avg SOFR US + 0.36%), 11/25/2033 | 773566 | 765101  |
| &nbsp;&nbsp;&nbsp; Series 2018-4, Class FM, 4.75% (30 day avg SOFR US + 0.41%), 02/25/2048 | 843865 | 817362  |
| &nbsp;&nbsp;&nbsp; Series 2018-45, Class FT, 4.75% (30 day avg SOFR US + 0.41%), 06/25/2048 | 830900 | 805778  |
| &nbsp;&nbsp;&nbsp; Series 2018-76, Class FN, 4.80% (30 day avg SOFR US + 0.46%), 10/25/2048 | 3781588 | 3673726  |
| &nbsp;&nbsp;&nbsp; Series 2018-94, Class FA, 4.85% (30 day avg SOFR US + 0.51%), 01/25/2049 | 620535 | 604361  |
| &nbsp;&nbsp;&nbsp; Series 2019-1, Class NF, 4.90% (30 day avg SOFR US + 0.56%), 02/25/2049 | 2130203 | 2083934  |
| &nbsp;&nbsp;&nbsp; Series 2019-12, Class FB, 4.90% (30 day avg SOFR US + 0.56%), 04/25/2049 | 236444 | 230924  |
| &nbsp;&nbsp;&nbsp; Series 2019-17, Class JF, 4.85% (30 day avg SOFR US + 0.51%), 04/25/2049 | 5683930 | 5579257  |
| &nbsp;&nbsp;&nbsp; Series 2019-20, Class ND, 2.50%, 05/25/2049 | 315681 | 261440  |
| &nbsp;&nbsp;&nbsp; Series 2019-20, Class NE, 2.75%, 05/25/2049 | 402493 | 349760  |
| &nbsp;&nbsp;&nbsp; Series 2019-24, Class NJ, 2.50%, 05/25/2049 | 1108152 | 949993  |
| &nbsp;&nbsp;&nbsp; Series 2019-33, Class FB, 4.90% (30 day avg SOFR US + 0.56%), 07/25/2049 | 148745 | 145226  |
| &nbsp;&nbsp;&nbsp; Series 2019-34, Class KP, 2.50%, 07/25/2049 | 61585 | 51435  |
| &nbsp;&nbsp;&nbsp; Series 2019-43, Class FC, 4.85% (30 day avg SOFR US + 0.51%), 08/25/2049 | 254451 | 249661  |
| &nbsp;&nbsp;&nbsp; Series 2019-46, Class FG, 4.85% (30 day avg SOFR US + 0.51%), 08/25/2049 | 246670 | 243530  |
| &nbsp;&nbsp;&nbsp; Series 2019-48, Class ML, 3.00%, 09/25/2049 | 75990 | 51729  |
| &nbsp;&nbsp;&nbsp; Series 2019-57, Class FG, 4.90% (30 day avg SOFR US + 0.56%), 10/25/2049 | 5562606 | 5465595  |
| &nbsp;&nbsp;&nbsp; Series 2019-62, Class FA, 4.95% (30 day avg SOFR US + 0.61%), 11/25/2059 | 982178 | 967218  |
| &nbsp;&nbsp;&nbsp; Series 2019-68, Class FD, 4.95% (30 day avg SOFR US + 0.61%), 11/25/2049 | 2700462 | 2629744  |
| &nbsp;&nbsp;&nbsp; Series 2019-69, Class FA, 4.95% (30 day avg SOFR US + 0.61%), 12/25/2049 | 682778 | 670511  |
| &nbsp;&nbsp;&nbsp; Series 2019-8, Class FA, 4.90% (30 day avg SOFR US + 0.56%), 03/25/2049 | 773309 | 762605  |
| &nbsp;&nbsp;&nbsp; Series 2019-81, Class FJ, 4.95% (30 day avg SOFR US + 0.61%), 01/25/2050 | 2239461 | 2187205  |
| &nbsp;&nbsp;&nbsp; Series 2020-48, Class DA, 2.00%, 07/25/2050 | 665083 | 554306  |
| &nbsp;&nbsp;&nbsp; Series 2020-49, Class GA, 1.50%, 02/25/2049 | 363400 | 294532  |
| &nbsp;&nbsp;&nbsp; Series 2020-70, Class JC, 1.25%, 10/25/2050 | 6619765 | 4876371  |
| &nbsp;&nbsp;&nbsp; Series 2020-71, Class KU, 1.00%, 10/25/2050 | 95471 | 51540  |
| &nbsp;&nbsp;&nbsp; Series 2020-75, Class ND, 1.25%, 10/25/2050 | 2075504 | 1475739  |
| &nbsp;&nbsp;&nbsp; Series 2020-75, Class PB, 1.00%, 11/25/2050 | 3490875 | 2711247  |
| &nbsp;&nbsp;&nbsp; Series 2020-78, Class CA, 2.00%, 10/25/2044 | 30708 | 27838  |
| &nbsp;&nbsp;&nbsp; Series 2020-80, Class JF, 4.64% (30 day avg SOFR US + 0.30%), 11/25/2050 | 1465562 | 1394394  |
| &nbsp;&nbsp;&nbsp; Series 2020-80, Class MA, 1.00%, 11/25/2050 | 3293924 | 2348181  |
| &nbsp;&nbsp;&nbsp; Series 2020-81, Class PB, 1.00%, 03/25/2050 | 2209510 | 1693154  |
| &nbsp;&nbsp;&nbsp; Series 2020-81, Class PC, 1.25%, 03/25/2050 | 1473007 | 1149358  |
| &nbsp;&nbsp;&nbsp; Series 2020-92, Class PH, 1.00%, 02/25/2050 | 3341357 | 2467498  |
| &nbsp;&nbsp;&nbsp; Series 2020-96, Class NW, 1.00%, 01/25/2051 | 514441 | 380319  |
| &nbsp;&nbsp;&nbsp; Series 2021-15, Class HD, 1.00%, 04/25/2051 | 2005357 | 1424766  |
| &nbsp;&nbsp;&nbsp; Series 2021-15, Class HN, 1.00%, 04/25/2051 | 376004 | 275196  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class HB, 1.00%, 02/25/2051 | 679658 | 504394  |
| &nbsp;&nbsp;&nbsp; Series 2021-56, Class HE, 1.25%, 09/25/2051 | 482062 | 405454  |
| &nbsp;&nbsp;&nbsp; Series 2021-58, Class LD, 1.50%, 03/25/2051 | 1508747 | 1270440  |

---

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

37<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REGAN TOTAL RETURN INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2021-65, Class GA, 2.00%, 07/25/2049 | $73404 | $60315  |
| &nbsp;&nbsp;&nbsp; Series 2021-66, Class HB, 2.00%, 10/25/2051 | 93732 | 83173  |
| &nbsp;&nbsp;&nbsp; Series 2021-69, Class LK, 1.50%, 05/25/2051 | 1454449 | 1201710  |
| &nbsp;&nbsp;&nbsp; Series 2021-72, Class JC, 1.25%, 05/25/2051 | 792528 | 663514  |
| &nbsp;&nbsp;&nbsp; Series 2021-75, Class PB, 1.50%, 11/25/2051 | 1534384 | 1288253  |
| &nbsp;&nbsp;&nbsp; Series 2021-87, Class NC, 1.50%, 11/25/2051 | 1542968 | 1253239  |
| &nbsp;&nbsp;&nbsp; Series 2021-87, Class QA, 2.00%, 12/25/2051 | 49322 | 30538  |
| &nbsp;&nbsp;&nbsp; Series 2021-87, Class QC, 2.00%, 12/25/2051 | 315287 | 192142  |
| &nbsp;&nbsp;&nbsp; Series 2021-87, Class WM, 2.00%, 12/25/2051 | 61000 | 35834  |
| &nbsp;&nbsp;&nbsp; Series 2021-93, Class CG, 2.00%, 03/25/2047 | 2346720 | 2000471  |
| &nbsp;&nbsp;&nbsp; Series 2021-94, Class KU, 2.00%, 12/25/2051 | 97534 | 57137  |
| &nbsp;&nbsp;&nbsp; Series 2022-17, Class YE, 3.50%, 04/25/2052 | 69000 | 61140  |
| &nbsp;&nbsp;&nbsp; Series 2022-22, Class HA, 2.50%, 03/25/2043 | 736348 | 687064  |
| &nbsp;&nbsp;&nbsp; Series 2022-66, Class CA, 4.50%, 10/25/2052 | 33025 | 32153  |
| &nbsp;&nbsp;&nbsp; Series 2023-36, Class AO, 0.00%, 08/25/2050<sup>(i)</sup> | 245536 | 175846  |
| &nbsp;&nbsp;&nbsp; Series 2023-38, Class FD, 5.22% (30 day avg SOFR US + 0.86%), 10/25/2039 | 1422217 | 1414698  |
| &nbsp;&nbsp;&nbsp; Series 2023-53, Class FH, 6.14% (30 day avg SOFR US + 1.80%), 11/25/2053 | 3133773 | 3163638  |
| &nbsp;&nbsp;&nbsp; Series 2023-56, Class FA, 5.74% (30 day avg SOFR US + 1.40%), 11/25/2053 | 649937 | 655348  |
| &nbsp;&nbsp;&nbsp; Series 2024-103, Class FE, 5.64% (30 day avg SOFR US + 1.30%), 01/25/2055 | 379614 | 380477  |
| &nbsp;&nbsp;&nbsp; Series 2024-15, Class FD, 5.69% (30 day avg SOFR US + 1.35%), 04/25/2054 | 394515 | 396534  |
| &nbsp;&nbsp;&nbsp; Series 2024-40, Class FC, 5.24% (30 day avg SOFR US + 0.90%), 05/25/2054 | 844463 | 841807  |
| &nbsp;&nbsp;&nbsp; Series 399, Class 1, 0.00%, 11/25/2039<sup>(i)</sup> | 1449294 | 1146936  |
|  Freddie Mac Whole Loan Securities Trust, Series 2017-SC02, Class 2A, 3.50%, 05/25/2047 | 21731 | 19112  |
| Government National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-63, Class FL, 4.78% (1 mo. Term SOFR + 0.46%), 08/16/2034 | 37539 | 37357  |
| &nbsp;&nbsp;&nbsp; Series 2007-17, Class CF, 4.68% (1 mo. Term SOFR + 0.36%), 04/16/2037 | 153170 | 151815  |
| &nbsp;&nbsp;&nbsp; Series 2007-26, Class FD, 4.63% (1 mo. Term SOFR + 0.31%), 05/16/2037 | 1791975 | 1785780  |
| &nbsp;&nbsp;&nbsp; Series 2009-14, Class FA, 5.35% (1 mo. Term SOFR + 1.03%), 03/20/2039 | 796706 | 800137  |
| &nbsp;&nbsp;&nbsp; Series 2009-40, Class PO, 0.00%, 06/20/2039<sup>(i)</sup> | 471529 | 371529  |
| &nbsp;&nbsp;&nbsp; Series 2010-147, Class PG, 3.50%, 05/20/2040 | 29510 | 29202  |
| &nbsp;&nbsp;&nbsp; Series 2010-42, Class OP, 0.00%, 04/20/2040<sup>(i)</sup> | 1123955 | 886876  |
| &nbsp;&nbsp;&nbsp; Series 2011-135, Class FN, 4.83% (1 mo. Term SOFR + 0.51%), 10/16/2041 | 248565 | 245216  |
| &nbsp;&nbsp;&nbsp; Series 2011-151, Class DL, 3.00%, 06/16/2041 | 78500 | 70941  |
| &nbsp;&nbsp;&nbsp; Series 2011-151, Class FD, 4.83% (1 mo. Term SOFR + 0.51%), 06/16/2041 | 1786291 | 1764323  |
| &nbsp;&nbsp;&nbsp; Series 2011-151, Class FJ, 4.78% (1 mo. Term SOFR + 0.46%), 11/20/2041 | 432062 | 427087  |
| &nbsp;&nbsp;&nbsp; Series 2011-151, Class GF, 4.83% (1 mo. Term SOFR + 0.51%), 11/20/2041 | 1355517 | 1337662  |
| &nbsp;&nbsp;&nbsp; Series 2011-75, Class PO, 0.00%, 05/20/2041<sup>(i)</sup> | 176143 | 152635  |
| &nbsp;&nbsp;&nbsp; Series 2011-83, Class F, 4.81% (1 mo. Term SOFR + 0.49%), 06/20/2041 | 1044300 | 1031119  |
| &nbsp;&nbsp;&nbsp; Series 2012-106, Class QD, 1.50%, 07/20/2042 | 61062 | 53565  |
| &nbsp;&nbsp;&nbsp; Series 2012-21, Class QF, 4.78% (1 mo. Term SOFR + 0.46%), 02/20/2042 | 911732 | 903840  |
| &nbsp;&nbsp;&nbsp; Series 2012-40, Class PW, 4.00%, 01/20/2042 | 130424 | 127238  |
| &nbsp;&nbsp;&nbsp; Series 2012-84, Class QD, 2.00%, 07/16/2042 | 45290 | 38883  |
| &nbsp;&nbsp;&nbsp; Series 2012-96, Class FQ, 4.83% (1 mo. Term SOFR + 0.51%), 08/20/2042 | 559264 | 557282  |
| &nbsp;&nbsp;&nbsp; Series 2013-131, Class PF, 4.78% (1 mo. Term SOFR + 0.46%), 09/16/2043 | 437103 | 430793  |
| &nbsp;&nbsp;&nbsp; Series 2013-169, Class EZ, 3.25%, 11/16/2043<sup>(g)</sup> | 79453 | 69797  |
| &nbsp;&nbsp;&nbsp; Series 2013-64, Class NF, 4.68% (1 mo. Term SOFR + 0.36%), 04/20/2043 | 320518 | 316214  |

---

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

38<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REGAN TOTAL RETURN INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2013-72, Class DA, 2.04%, 11/16/2047 | $130000 | $93407  |
| &nbsp;&nbsp;&nbsp; Series 2014-2, Class BK, 0.00%, 04/16/2040<sup>(i)</sup> | 201245 | 156176  |
| &nbsp;&nbsp;&nbsp; Series 2014-21, Class DA, 2.00%, 04/16/2026 | 1289 | 1286  |
| &nbsp;&nbsp;&nbsp; Series 2014-94, Class CA, 1.75%, 01/20/2044 | 50255 | 43624  |
| &nbsp;&nbsp;&nbsp; Series 2015-126, Class GS, 0.00% (-2 x 1 mo. Term SOFR + 9.07%), 09/20/2045<sup>(f)</sup> | 357665 | 222678  |
| &nbsp;&nbsp;&nbsp; Series 2015-159, Class DW, 0.00% (-3 x 1 mo. Term SOFR + 7.79%), 08/20/2045<sup>(f)</sup> | 80670 | 50872  |
| &nbsp;&nbsp;&nbsp; Series 2015-53, Class KC, 3.00%, 04/16/2045 | 58514 | 43735  |
| &nbsp;&nbsp;&nbsp; Series 2016-H24, Class F, 5.27% (1 mo. Term SOFR + 0.96%), 11/20/2066 | 115006 | 115679  |
| &nbsp;&nbsp;&nbsp; Series 2017-39, Class BD, 2.50%, 06/20/2045 | 150484 | 145721  |
| &nbsp;&nbsp;&nbsp; Series 2018-138, Class FB, 4.73% (1 mo. Term SOFR + 0.41%), 10/20/2048 | 2460502 | 2386348  |
| &nbsp;&nbsp;&nbsp; Series 2018-14, Class FB, 4.68% (1 mo. Term SOFR + 0.36%), 01/20/2048 | 2983135 | 2917300  |
| &nbsp;&nbsp;&nbsp; Series 2018-168, Class KF, 4.78% (1 mo. Term SOFR + 0.46%), 12/20/2048 | 3113505 | 3032284  |
| &nbsp;&nbsp;&nbsp; Series 2018-77, Class FA, 4.73% (1 mo. Term SOFR + 0.41%), 06/20/2048 | 852062 | 826340  |
| &nbsp;&nbsp;&nbsp; Series 2019-23, Class FT, 4.88% (1 mo. Term SOFR + 0.56%), 02/20/2049 | 1583530 | 1548668  |
| &nbsp;&nbsp;&nbsp; Series 2019-23, Class NE, 3.50%, 11/20/2048 | 566060 | 527141  |
| &nbsp;&nbsp;&nbsp; Series 2019-33, Class F, 4.88% (1 mo. Term SOFR + 0.56%), 03/20/2049 | 354992 | 347438  |
| &nbsp;&nbsp;&nbsp; Series 2019-42, Class FG, 4.83% (1 mo. Term SOFR + 0.51%), 09/20/2039 | 9607422 | 9513711  |
| &nbsp;&nbsp;&nbsp; Series 2019-43, Class CF, 4.88% (1 mo. Term SOFR + 0.56%), 04/20/2049 | 11696709 | 11416381  |
| &nbsp;&nbsp;&nbsp; Series 2019-43, Class FB, 4.88% (1 mo. Term SOFR + 0.56%), 04/20/2049 | 7951097 | 7774519  |
| &nbsp;&nbsp;&nbsp; Series 2019-43, Class SQ, 1.62% (-1 x 1 mo. Term SOFR + 5.94%), 04/20/2049<sup>(e)(f)</sup> | 2201814 | 175180  |
| &nbsp;&nbsp;&nbsp; Series 2019-5, Class BO, 0.00%, 12/20/2039<sup>(i)</sup> | 132392 | 100863  |
| &nbsp;&nbsp;&nbsp; Series 2019-86, Class FE, 4.83% (1 mo. Term SOFR + 0.51%), 07/20/2049 | 1957271 | 1925528  |
| &nbsp;&nbsp;&nbsp; Series 2019-89, Class FH, 4.83% (1 mo. Term SOFR + 0.51%), 07/20/2049 | 7034168 | 6850935  |
| &nbsp;&nbsp;&nbsp; Series 2019-90, Class AF, 4.83% (1 mo. Term SOFR + 0.51%), 07/20/2049 | 412639 | 401357  |
| &nbsp;&nbsp;&nbsp; Series 2019-98, Class KF, 4.88% (1 mo. Term SOFR + 0.56%), 08/20/2049 | 3048923 | 2972143  |
| &nbsp;&nbsp;&nbsp; Series 2020-134, Class AP, 1.00%, 09/20/2050 | 2447448 | 1974116  |
| &nbsp;&nbsp;&nbsp; Series 2020-134, Class AQ, 1.00%, 09/20/2050 | 3059310 | 2467645  |
| &nbsp;&nbsp;&nbsp; Series 2020-134, Class XJ, 1.00%, 09/20/2050 | 199999 | 86885  |
| &nbsp;&nbsp;&nbsp; Series 2020-149, Class BP, 1.00%, 10/20/2050 | 2246596 | 1705114  |
| &nbsp;&nbsp;&nbsp; Series 2020-149, Class JT, 1.00%, 10/20/2050 | 3417707 | 2700288  |
| &nbsp;&nbsp;&nbsp; Series 2020-149, Class UY, 2.00%, 10/20/2050 | 151103 | 86233  |
| &nbsp;&nbsp;&nbsp; Series 2020-160, Class KQ, 1.50%, 10/20/2050 | 95385 | 58270  |
| &nbsp;&nbsp;&nbsp; Series 2020-165, Class UC, 1.25%, 11/20/2050 | 645931 | 490514  |
| &nbsp;&nbsp;&nbsp; Series 2020-183, Class HX, 1.00%, 12/20/2049 | 48000 | 23998  |
| &nbsp;&nbsp;&nbsp; Series 2020-191, Class PC, 1.00%, 12/20/2050 | 3692867 | 2948207  |
| &nbsp;&nbsp;&nbsp; Series 2021-139, Class QO, 0.00%, 09/20/2049<sup>(i)</sup> | 881942 | 377079  |
| &nbsp;&nbsp;&nbsp; Series 2021-160, Class MA, 1.00%, 01/20/2050 | 435174 | 336770  |
| &nbsp;&nbsp;&nbsp; Series 2021-66, Class DU, 2.00%, 04/20/2051 | 40732 | 23964  |
| &nbsp;&nbsp;&nbsp; Series 2021-77, Class LC, 1.25%, 07/20/2050 | 741497 | 574374  |
| &nbsp;&nbsp;&nbsp; Series 2021-98, Class IY, 3.00%, 06/20/2051<sup>(e)</sup> | 133142 | 17948  |
| &nbsp;&nbsp;&nbsp; Series 2022-154, Class FC, 4.89% (30 day avg SOFR US + 0.55%), 09/20/2052 | 2694921 | 2625281  |
| &nbsp;&nbsp;&nbsp; Series 2022-24, Class UA, 2.50%, 02/20/2052 | 76892 | 57548  |
| &nbsp;&nbsp;&nbsp; Series 2023-101, Class KO, 0.00%, 01/20/2051<sup>(i)</sup> | 921989 | 623553  |

---

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

39<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REGAN TOTAL RETURN INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2023-117, Class FA, 5.59% (30 day avg SOFR US + 1.25%), 08/20/2053  | $604375  | $605915  |
| &nbsp;&nbsp;&nbsp; Series 2023-134, Class F, 5.34% (30 day avg SOFR US + 1.00%), 08/20/2053 | 222982 | 221973  |
| &nbsp;&nbsp;&nbsp; Series 2024-144, Class FD, 5.49% (30 day avg SOFR US + 1.15%), 09/20/2054 | 224522 | 224068  |
| &nbsp;&nbsp;&nbsp; Series 2024-19, Class JF, 5.39% (30 day avg SOFR US + 1.05%), 02/20/2054 | 599863 | 601379  |
| &nbsp;&nbsp;&nbsp; Series 2024-30, Class CF, 5.59% (30 day avg SOFR US + 1.25%), 02/20/2054 | 497452 | 498465  |
| &nbsp;&nbsp;&nbsp; Series 2024-51, Class FL, 5.24% (30 day avg SOFR US + 0.90%), 03/20/2054 | 130676 | 130399  |
| &nbsp;&nbsp;&nbsp; **TOTAL AGENCY MORTGAGE-BACKED SECURITIES** <br>**(Cost $348,020,962)** |  | 350175028  |
| **U.S. TREASURY SECURITIES - 10.8%**<br>|  |  |
| STRIPS, 0.00%, 11/15/2044<sup>(k)</sup> | 10000000 | 3869073  |
| United States Treasury Floating Rate Note<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.42% (3 Month US Treasury Money Market Yield + 0.17%), 04/30/2025 | 10000000 | 9999965  |
| &nbsp;&nbsp;&nbsp; 4.38% (3 Month US Treasury Money Market Yield + 0.13%), 07/31/2025 | 16000000 | 16002958  |
| &nbsp;&nbsp;&nbsp; 4.42% (3 Month US Treasury Money Market Yield + 0.17%), 10/31/2025 | 15000000 | 15010481  |
| &nbsp;&nbsp;&nbsp; 4.50% (3 Month US Treasury Money Market Yield + 0.25%), 01/31/2026 | 10000000 | 10013932  |
| &nbsp;&nbsp;&nbsp; 4.40% (3 Month US Treasury Money Market Yield + 0.15%), 04/30/2026 | 23000000 | 23010990  |
| &nbsp;&nbsp;&nbsp; 4.43% (3 Month US Treasury Money Market Yield + 0.18%), 07/31/2026 | 11000000 | 11012785  |
| &nbsp;&nbsp;&nbsp; 4.46% (3 Month US Treasury Money Market Yield + 0.21%), 10/31/2026 | 15000000 | 15021502  |
| &nbsp;&nbsp;&nbsp; 4.35% (3 Month US Treasury Money Market Yield + 0.10%), 01/31/2027 | 20000000 | 19991316  |
| United States Treasury Inflation Indexed Bonds, 0.13%, 04/15/2025 | 24597000 | 24620841  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $148,332,177)** |  | 148553843  |
| **MORTGAGE SECURED NOTES - 0.0%<sup>(l)</sup>**<br>|  |  |
| Korth Direct Mortgage, Inc., Series 2021 B, 12.50%, 01/25/2027<sup>(b)(d)</sup> | 800000<sup>(h)</sup> | 0<sup>(h)</sup>  |
| &nbsp;&nbsp;&nbsp; **TOTAL MORTGAGE SECURED NOTES** <br>**(Cost $800,000)** |  | 0<sup>(h)</sup>  |
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 15.5%**<br>|  |  |
| **Money Market Funds - 0.3%**<br>|  |  |
| First American Government Obligations Fund - Class X, 4.27%<sup>(m)</sup> | 4496811 | 4496811  |
|  | **Par**  |  |
| **U.S. Treasury Bills - 15.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.36%, 04/01/2025<sup>(k)</sup> | $35000000 | 35000000  |
| &nbsp;&nbsp;&nbsp; 4.29%, 04/03/2025<sup>(k)</sup> | 6000000 | 5998588  |
| &nbsp;&nbsp;&nbsp; 4.24%, 04/15/2025<sup>(k)</sup> | 25000000 | 24958705  |
| &nbsp;&nbsp;&nbsp; 4.24%, 05/06/2025<sup>(k)</sup> | 10000000 | 9958763  |
| &nbsp;&nbsp;&nbsp; 4.24%, 05/13/2025<sup>(k)</sup> | 25000000 | 24876742  |
| &nbsp;&nbsp;&nbsp; 4.24%, 05/27/2025<sup>(k)</sup> | 11000000 | 10927483  |
| &nbsp;&nbsp;&nbsp; 4.22%, 06/20/2025<sup>(k)</sup> | 25000000 | 24766711  |
| &nbsp;&nbsp;&nbsp; 4.23%, 07/15/2025<sup>(k)</sup> | 25000000 | 24694552  |

---

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

40<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REGAN TOTAL RETURN INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **SHORT-TERM INVESTMENTS - (Continued)**  | **SHORT-TERM INVESTMENTS - (Continued)**  | **SHORT-TERM INVESTMENTS - (Continued)**  |
| **U.S. Treasury Bills - (Continued)**  | **U.S. Treasury Bills - (Continued)**  | **U.S. Treasury Bills - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 4.26%, 08/28/2025<sup>(k)</sup> | $24000000 | $23591616  |
| &nbsp;&nbsp;&nbsp; 4.19%, 09/18/2025<sup>(k)</sup> | 25000000 | 24517153  |
|  |  | 209290313  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $213,783,148)** |  | 213787124  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.3%** <br>**(Cost $1,502,061,939)** |  | $1385575301  |
| Liabilities in Excess of Other Assets - (0.3)% |  | (3838673)  |
| **TOTAL NET ASSETS - 100.0%** |  | $1381736628 |

---

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury

Ent 11th COFI Repl- Enterprise 11th District COFI Replacement Index

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

PO - Principal Only

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of March 31, 2025.

<sup>(b)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Advisor, acting as Valuation Designee. These securities represented $23,453,174 or 1.4% of net assets as of March 31, 2025.

<sup>(c)</sup> Step coupon bond. The rate disclosed is as of March 31, 2025.

<sup>(d)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of March 31, 2025, the value of these securities total $111,961,611 or 8.1% of the Fund's net assets.

<sup>(e)</sup> Interest only security.

<sup>(f)</sup> Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope. Interest rate may also be subject to a cap or floor.

<sup>(g)</sup> DL Custom Z Tranche - This security accrues interest which is added to the outstanding principal balance. The interest payment will be deferred until all other tranches in the structure are paid off. The rate disclosed is as of March 31, 2025.

<sup>(h)</sup> Rounds to zero.

<sup>(i)</sup> Principal only security.

<sup>(j)</sup> Securities referencing LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date.

<sup>(k)</sup> The rate shown is the annualized effective yield as of March 31, 2025.

<sup>(l)</sup> Represents less than 0.05% of net assets.

<sup>(m)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

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

41<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Regan Total Return Income Fund** 

**STATEMENT OF ASSETS AND LIABILITIES** 

**March 31, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **ASSETS**<br>|  |
| Investments, at value (cost $1,425,156,600) | $1385575301  |
| Receivable for investments sold | 121901047  |
| Interest Receivable | 5220494  |
| Receivable for capital shares sold | 1351169  |
| Other assets | 41267  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 1514089278  |
| **LIABILITIES**<br>|  |
| Payable for capital shares redeemed | 2422986  |
| Payable for investments purchased | 128070955  |
| Payable for distributions | 11  |
| Distribution fees - Investor Class | 26287  |
| Payable to Advisor | 927527  |
| Payable for professional fees | 16357  |
| Payable for administration and accounting | 479654  |
| Payable for directors fees | 8372  |
| Payable to custodian | 55118  |
| Payable for transfer agent fees | 84833  |
| Payable for loan interest expense | 524  |
| Accrued shareholder servicing fees | 207936  |
| Accrued expenses and other liabilities | 52090  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 132352650  |
| **NET ASSETS** | $1381736628  |
| **Components of Net Assets**<br>|  |
| Paid-in capital | $1304309684  |
| Total distributable earnings | 77426944  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $1381736628  |
| **Institutional Class:**<br>|  |
| &nbsp;&nbsp;&nbsp; Net assets | $1248942918  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited number of shares authorized, no par value) | 131463536  |
| &nbsp;&nbsp;&nbsp; **Net asset value, offering and redemption price per share** | $9.50  |
| **Investor Class:**<br>|  |
| &nbsp;&nbsp;&nbsp; Net assets | $132793710  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited number of shares authorized, no par value) | 13865315  |
| &nbsp;&nbsp;&nbsp; **Net asset value, offering and redemption price per share** | $9.58 |

---

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

42<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REGAN TOTAL RETURN INCOME FUND** 

**STATEMENT OF OPERATIONS** 

**For the Six Months Ended March 31, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **INVESTMENT INCOME**<br>|  |
| Interest income | $35791904  |
| **EXPENSES**<br>|  |
| Advisory fees | 4811252  |
| Administration fees (Note 3) | 495869  |
| Shareholder servicing fees (Note 6) | 274960  |
| Registration fees | 111012  |
| Distribution fees - Investor Class (Note 7) | 99410  |
| Transfer agent fees and expenses (Note 3) | 86300  |
| Custody fees (Note 3) | 66400  |
| Shareholder reporting fees | 15088  |
| Audit fees | 13100  |
| Legal fees | 11548  |
| Trustees' fees | 7879  |
| Insurance expense | 7553  |
| Compliance fees (Note 3) | 5984  |
| Miscellaneous expenses | 3346  |
| &nbsp;&nbsp;&nbsp; Total expenses | 6009701  |
| &nbsp;&nbsp;&nbsp; Plus: Fees recaptured by Advisor (Note 3) | (97237)  |
| &nbsp;&nbsp;&nbsp; Net Expenses | 5912464  |
| **Net investment income** | 29879440  |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS**<br>|  |
| Net realized gain on Investments | (6268611) |
| Change in unrealized appreciation/depreciation on investments | 9954866 |
| **Net realized and unrealized gain on investments** | 3686255  |
| **NET INCREASE IN NET ASSETS FROM OPERATIONS** | $33565695 |

---

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

43<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REGAN TOTAL RETURN INCOME FUND** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **For the Six Months** <br>**Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended** <br>**September 30, 2024**  |
| **OPERATIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $29879440 | $39833655  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (6268611) | 2056397  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation on investments | 9954866 | 26598679  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 33565695 | 68488731  |
| **DISTRIBUTIONS TO SHAREHOLDERS**<br>|  |  |
| From distributable earnings<br>|  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class | (25370638) | (39831749)  |
| &nbsp;&nbsp;&nbsp; Investor Class | (2064998) | (2863564)  |
| Net realized gain on investments<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investor Class | (436897) | —  |
| &nbsp;&nbsp;&nbsp; Institutional Class | (6478494) | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (34351027) | (42695313)  |
| **CAPITAL SHARE TRANSACTIONS**<br>|  |  |
| Proceeds from shares sold<br>|  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class | 536512982 | 557602426  |
| &nbsp;&nbsp;&nbsp; Investor Class | 97941826 | 63336460  |
| Proceeds from shares reinvested<br>|  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class | 26766227 | 32735785  |
| &nbsp;&nbsp;&nbsp; Investor Class | 2303852 | 2715396  |
| Cost of shares redeemed<br>|  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class | (119586307) | (212726227)  |
| &nbsp;&nbsp;&nbsp; Investor Class | (35357418) | (18279371)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from capital share transactions** | 508581162 | 425384469  |
| **Total increase in net assets** | 507795830 | 451177887  |
| **NET ASSETS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 873940798 | 422762911  |
| &nbsp;&nbsp;&nbsp; End of year | $1381736628 | $873940798  |
| **CAPITAL SHARES TRANSACTIONS**<br>|  |  |
| Institutional Class<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 56552624 | 59677114  |
| &nbsp;&nbsp;&nbsp; Shares reinvested | 2845828 | 3488634  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (12618373) | (22709236)  |
| &nbsp;&nbsp;&nbsp; **Net increase in shares outstanding** | 46780079 | 40456512  |
| Investor Class<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 10232086 | 6731133  |
| &nbsp;&nbsp;&nbsp; Shares reinvested | 242578 | 287006  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (3692858) | (1920975)  |
| &nbsp;&nbsp;&nbsp; **Net increase in shares outstanding** | 6781806 | 5097164 |

---

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

44<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REGAN TOTAL RETURN INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**Institutional Class** 

**For a capital share outstanding throughout each period presented:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the** <br>**Six Months**<br>**Ended**<br>**March 31,** <br>**2025**<br>(Unaudited) | **For the Year Ended September 30,**  | **For the Year Ended September 30,**  | **For the Year Ended September 30,**  | **For the Year Ended September 30,**  |
|  | **For the** <br>**Six Months**<br>**Ended**<br>**March 31,** <br>**2025**<br>(Unaudited) | **2024** | **2023** | **2022** | **2021<sup>(1)</sup>**  |
| Net asset value, beginning of period | $9.52 | $9.14 | $9.29 | $10.27 | $10.00  |
| **GAIN FROM INVESTMENT OPERATIONS:** | **GAIN FROM INVESTMENT OPERATIONS:** |  |  |  |  |
| Net investment income<sup>(2)</sup> | 0.26 | 0.58 | 0.99 | 0.74 | 0.95  |
|  Net realized and unrealized gain (loss) on investments |  | 0.38 | (0.58) | (0.89) | 0.49  |
| **Total gain (loss) from investment operations** | 0.26 | 0.96 | 0.41 | (0.15) | 1.44  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| From net investment income | (0.22) | (0.58) | (0.56) | (0.45) | (0.82) <sup>(3)</sup>  |
| From net realized gain on investments | (0.06) |  |  | (0.02) | (0.06)  |
| From return of capital |  |  |  | (0.36) | (0.29) <sup>(3)</sup>  |
| **Total distributions** | (0.28) | (0.58) | (0.56) | (0.83) | (1.17)  |
| **Net asset value, end of period** | $9.50 | $9.52 | $9.14 | $9.29 | $10.27  |
| Total return<sup>(4)</sup> | 6.42% | 10.71% | 4.52% | (1.65)% | 14.96%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $1248943 | $805987 | $404455 | $180600 | $52283  |
| Ratio of expenses to average net assets<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived, reimbursed and recouped by the Advisor<sup>(5)</sup> | 1.09% | 1.19% | 1.27% | 1.40% | 2.56%  |
| &nbsp;&nbsp;&nbsp; After fees waived, reimbursed and recouped by the Advisor<sup>(5)</sup> | 1.07% | 1.24% | 1.30% | 1.30% | 1.28%  |
|  Ratio of net investment income to average net assets<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After fees waived, reimbursed and recouped by the Advisor<sup>(5)</sup> | 5.46% | 6.06% | 10.62% | 7.61% | 9.15%  |
| Portfolio turnover rate<sup>(4)(6)</sup> | 13.20% | 28.96% | 22.39% | 62.88% | 88.09% |

---

<sup>(1)</sup> Inception date of the Fund was October 1, 2020.

<sup>(2)</sup> Per share amounts have been calculated using the average shares method. 

<sup>(3)</sup> Amount does not accord to the Fund's annual report dated September 30, 2021 due to revisions to the tax characterization of distributions that were made after the issuance of the annual report. The revisions were the result of the Fund's election to defer accretion on market discount until disposition. 

<sup>(4)</sup> Not annualized.

<sup>(5)</sup> Annualized

<sup>(6)</sup> Portfolio turnover rate is calculated for the Fund without distinguishing between classes.

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

45<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REGAN TOTAL RETURN INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**Investor Class** 

**For a capital share outstanding throughout each period presented:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the** <br>**Six Months**<br>**Ended**<br>**March 31,**<br>**2025**<br>(Unaudited) | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** |
|  | **For the** <br>**Six Months**<br>**Ended**<br>**March 31,**<br>**2025**<br>(Unaudited) | **2024** | **2023** | **2022** | **2021<sup>(1)</sup>**  |
| Net asset value, beginning of period | $9.59 | $9.22 | $9.36 | $10.36 | $10.00  |
| **GAIN FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(2)</sup> | 0.24 | 0.56 | 0.99 | 0.72 | 1.03  |
|  Net realized and unrealized gain (loss) on investments | 0.02 | 0.37 | (0.59) | (0.90) | 0.41  |
| **Total gain (loss) from investment operations** | 0.26 | 0.93 | 0.40 | (0.18) | 1.44  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| From net investment income | (0.21) | (0.56) | (0.54) | (0.44) | (0.75)<sup>(3)</sup>  |
| From net realized gain on investments | (0.06) |  |  | (0.02) | (0.06) <sup>(3)</sup>  |
| From return of capital |  |  |  | (0.36) | (0.27)  |
| **Total distributions** | (0.27) | (0.56) | (0.54) | (0.82) | (1.08)  |
| **Net asset value, end of period** | $9.58 | $9.59 | $9.22 | $9.36 | $10.36  |
| Total return<sup>(4)</sup> | 6.32% | 10.27% | 4.36% | (1.91)% | 14.72%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $132794 | $67954 | $18308 | $5031 | $816  |
| Ratio of expenses to average net assets<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived, reimbursed and recouped by the Advisor<sup>(5)</sup> | 1.32% | 1.44% | 1.52% | 1.67% | 5.23%  |
| &nbsp;&nbsp;&nbsp; After fees waived, reimbursed and recouped by the Advisor<sup>(5)</sup> | 1.30% | 1.48% | 1.55% | 1.54% | 1.53%  |
|  Ratio of net investment income to average net assets<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After fees waived, reimbursed and recouped by the Advisor<sup>(5)</sup> | 5.13% | 5.89% | 10.54% | 7.36% | 9.89%  |
| Portfolio turnover rate<sup>(4)(6)</sup> | 13.20% | 28.96% | 22.39% | 62.88% | 88.09% |

---

<sup>(1)</sup> Inception date of the Fund was October 1, 2020.

<sup>(2)</sup> Per share amounts have been calculated using the average shares method. 

<sup>(3)</sup> Amount does not accord to the Fund's annual report dated September 30, 2021 due to revisions to the tax characterization of distributions that were made after the issuance of the annual report. The revisions were the result of the Fund's election to defer accretion on market discount until disposition. 

<sup>(4)</sup> Not annualized.

<sup>(5)</sup> Annualized

<sup>(6)</sup> Portfolio turnover rate is calculated for the Fund without distinguishing between classes.

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

46<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Regan Total Return Income Fund** 

**Notes to Financial Statements** 

**March 31, 2025** 

**NOTE 1 – ORGANIZATION** 

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund adopted the performance history of the
 Predecessor Fund.

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES** 

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

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

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

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

---

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

---

---

| | |
|:---|:---|
| Level 2 –<br>| 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.  |

---

47<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Regan Total Return Income Fund** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

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

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

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the fair values of the Fund's investments in each category investment type as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description/Assets** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Long-term Investments**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Agency Mortgage-Backed<br>Securities | $— | $649762101 | $23297205 | $673059306  |
| &nbsp;&nbsp;&nbsp; Agency Mortgage-Backed Securities |  | 350019057 | 155971 | 350175028  |
| &nbsp;&nbsp;&nbsp; Mortgage Secured Note |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 148553843 |  | 148553843  |
| &nbsp;&nbsp;&nbsp; **Total Long-term Investments** |  | 1148335001 | 23453176 | 1171788177  |
| **Short-term Investments** | 4496811 | 209290313 |  | 213787124  |
| &nbsp;&nbsp;&nbsp; **Investments, at value** | $4496811 | $1989703885 | $23453176 | $1385575301 |

---

Please refer to the Schedule of Investments for further classification.

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

The independent pricing service does not distinguish between smaller-sized bond positions, known as "odd lots", and larger institutional-sized bond positions, known as "round lots". The Advisor reviews pricing from the independent pricing service relative to odd lot acquisitions. If the vendor price is more than 3% greater than the acquisition price of the odd lot, cost is initially used to value the position. The Advisor monitors

48<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Regan Total Return Income Fund** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

market levels and the vendor pricing daily, and will employ the vendor's price when the Advisor believes it represents fair value, or if additional purchases of a security result in a round lot position. The Advisor also monitors current market levels for odd lot positions and updates fair valuations if material differences are observed.

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Non-Agency** <br>**Mortgage-Backed** <br>**Securities<sup>(1)</sup>** | **Mortgage** <br>**Secured Note** | **Agency** <br>**Mortgage-Backed** <br>**Securities**  |
| Balance at September 30, 2024 | &nbsp;&nbsp; $11545939 | $120000 | &nbsp;&nbsp;&nbsp; $619135  |
| &nbsp;&nbsp;&nbsp; Purchased | &nbsp;&nbsp; 17055128 |  | &nbsp;&nbsp;&nbsp; 161558  |
| &nbsp;&nbsp;&nbsp; Accrued discounts/premiums | &nbsp;&nbsp; 474703 |  | &nbsp;&nbsp;&nbsp; 1402  |
| &nbsp;&nbsp;&nbsp; Sale/paydown proceeds | &nbsp;&nbsp; (1132496) |  | &nbsp;&nbsp;&nbsp; (6513)  |
| &nbsp;&nbsp;&nbsp; Realized gain (loss) | &nbsp;&nbsp; 174160 |  | &nbsp;&nbsp;&nbsp; 903  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (522404) | (120000) | &nbsp;&nbsp;&nbsp; (1379)  |
| &nbsp;&nbsp;&nbsp; Transfers to/from Level 3<sup>(2)</sup> | &nbsp;&nbsp; (4297825) |  | &nbsp;&nbsp;&nbsp; (619135)  |
| Balance at March 31, 2025 | &nbsp;&nbsp; $23297205 | $— | &nbsp;&nbsp;&nbsp; $155971 |

---

<sup>(1)</sup> Security classifications were updated. Any securities previously classified as Asset Backed Securities and Non-Agency Mortgage Backed Securities are now included in Non-Agency Mortgage-Backed Securities.

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

The change in unrealized appreciation/(depreciation) for Level 3 securities still held at March 31, 2025 was $(808,335).

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

---

| | | |
|:---|:---|:---|
|  | **Value at** <br>**March 31, 2025** | **Valuation** <br>**Technique(s)**  |
| Agency Mortgage-Backed Securities | $155971 | Acquisition Cost  |
| Mortgage Secured Note  | $—  | Expected Cashflows\*  |
| Non-Agency Mortgage-Backed Securities  | $23297205 | Acquisition Cost |

---

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

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

49<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Regan Total Return Income Fund** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;B. *Security Transactions, Investment Income and Distributions*. The Fund records security transactions based on trade date. Realized gains and losses on sales
 of securities are calculated by comparing the original cost of the specifically identified security lot sold with the net sales proceeds.
 Dividend income is recognized on the ex-dividend date, and interest income is recognized on an accrual basis. Discounts and premiums are
 amortized over the lives of the respective securities using the effective yield method. Withholding taxes on foreign dividends have been
 provided for in accordance with the Trust's understanding of the applicable country's tax rules and rates.

&nbsp;&nbsp;&nbsp;&nbsp;C. *Stripped securities.* The Fund may invest in stripped securities which represent a participation in securities that may be structured in classes with rights
 to receive different portions of the interest and principal. Interest-only securities receive all of the interest and principal-only securities
 receive all of the principal. If the interest-only securities experience greater than anticipated prepayments of principal, the Fund may
 fail to recoup fully its initial investment in these securities. Conversely, principal-only securities increase in value if prepayments
 are greater than anticipated and decline if prepayments are slower than anticipated. The fair value of these securities is highly sensitive
 to changes in interest rates.

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

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

Management of the Fund is required to analyze all open tax years, as defined by IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of and during the period ended March 31, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as interest expense and other expense for penalties in the statement of operations. During the period, the Fund did not incur any interest or tax penalties. Generally, tax authorities can examine tax returns filed for the preceding three years. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

**NOTE 3 – INVESTMENT MANAGEMENT AGREEMENT AND OTHER RELATED PARTY TRANSACTIONS** 

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

The Advisor has contractually agreed to waive its management fee and/or reimburse the Fund's operating expenses (other than shareholder servicing fees, front-end or contingent deferred loads, taxes, interest expense, brokerage commissions, acquired fund fees and expenses, portfolio transaction expenses, dividends paid on short sales, extraordinary expenses, Rule 12b-1 fees, or intermediary servicing fees) for each class so that annual operating expenses will not exceed 1.20% (the "Expense Cap"). The Expense Cap will remain in effect through at least January 31, 2025 and may be terminated only by the Trust Board of Trustees. The Advisor may request recoupment from the Fund of previously waived fees and paid expenses for three years from the date such fees and expenses were waived

50<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Regan Total Return Income Fund** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

or paid, provided that such recoupment does not cause the Fund's expense ratio (after the recoupment is taken into account) to exceed the lower of (1) the Expense Cap in place at the time such amounts were waived or paid and (2) the Fund's Expense Cap at the time of recoupment.

At March 31, 2025, the amounts reimbursed by the Advisor and subject to potential recapture by year were as follows:

---

| | | |
|:---|:---|:---|
| **Year waived/reimbursed** | **Amount** | **Expiration**  |
| 2025 | $97237 | March 31, 2028 |

---

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"), serves as the Fund's administrator, fund accountant and transfer agent; and provides compliance services to the Fund. The officers of the Trust are employees of Fund Services. U.S. Bank serves as the Fund's custodian. Quasar Distributors, LLC ("Quasar" or the "Distributor") acts as the Fund's distributor and principal underwriter. For the period ended March 31, 2025, the Fund incurred the following expenses for administration and fund accounting, compliance, custody and transfer agency fees:

---

| | |
|:---|:---|
| Administration and Fund Accounting | $495869  |
| Compliance Service | 5984  |
| Custody | 66400  |
| Transfer Agency | 86300 |

---

At March 31, 2025, the Fund had payables due to Fund Services for administration and fund accounting, compliance, custody and transfer agency fees to U.S. Bank in the following amounts:

---

| | |
|:---|:---|
| Administration and Fund Accounting | $469654  |
| Compliance Services | 5696  |
| Custody | 55118  |
| Transfer Agency | 84833 |

---

The above payable amount for Compliance Services is included in Accrued expenses and other liabilities in the Statement of Assets and Liabilities.

The Independent Trustees were paid $7,879 for their services and reimbursement of travel expenses during the period ended March 31, 2025. The Fund pays no compensation to the Interested Trustee or officers of the Trust.

**NOTE 4 – INVESTMENT TRANSACTIONS** 

Purchases and sales of investment securities (excluding short-term investments) for the period ended March 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Non-Government** | **Government**  |
| Purchases | $315204336 | $273886855  |
| Sales | $51669230 | $114108578 |

---

51<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Regan Total Return Income Fund** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

**NOTE 5 – FEDERAL INCOME TAX INFORMATION** 

At September 30, 2024, the components of distributable earnings for income tax purposes were as follows:

**Regan Total Return Income Fund** 

---

| | |
|:---|:---|
| Cost of investments | $799418683  |
| Gross unrealized appreciation | 91514462  |
| Gross unrealized depreciation | (19421822)  |
| Net unrealized depreciation on investments | 72092640  |
| Undistributed ordinary income | 4056530 |
| Undistributed long-term capital gains | 1956053  |
| Distributable earnings | 6012583  |
| Other book/tax temporary differences | 107062  |
| Total distributable earnings | 78212285 |

---

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

Additionally, U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended September 30, 2024, the following table shows the reclassifications made:

---

| | | |
|:---|:---|:---|
|  | **Total** <br>**Distributable** <br>**Earnings** | **Paid-In** <br>**Capital**  |
| Regan Total Return Income Fund | $34179716 | $(34179716) |

---

The following table summarizes the characteristics of distributions paid during the period ended March 31, 2025 and year ended September 30, 2024:

**Regan Total Return Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Income** | **Long Term** <br>**Capital Gains** | **Return** <br>**of Capital** | **Total** <br>**Distributions**  |
| March 31, 2025 | $42695313 | &nbsp;&nbsp; $—  | $—  | $42695313  |
| September 30, 2024 | 42695313 | &nbsp;&nbsp; — |  | 42695313 |

---

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

The Fund is required, in order to meet certain excise tax requirements, to measure and distribute annually, net capital gains realized during the twelve month period ending October 31. In connection with this requirement, the Fund is permitted, for tax purposes, to defer into its next fiscal year any net capital losses incurred from November 1 through the end of the fiscal year. Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. As of September 30, 2024, the Fund had no late-year or post-October losses.

At September 30, 2024, the Fund had no capital loss carryforwards, which reduce the Fund's taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal tax.

52<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Regan Total Return Income Fund** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

**NOTE 6 – SHAREHOLDER SERVICING PLAN** 

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

---

| | |
|:---|:---|
| Institutional Class | 0.10%  |
| Investor Class | 0.15% |

---

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

For the six months ended March 31, 2025, class specific Shareholder Servicing fees were as follows:

---

| | |
|:---|:---|
| Institutional Class | $255078  |
| Investor Class  | $19882 |

---

**NOTE 7 – DISTRIBUTION PLAN** 

The Trust, on behalf of the Fund, has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act that allows the Fund to pay distribution fees for the sale and distribution of its Investor Class shares. The Plan provides for the payment of distribution fees at the annual rate of up to 0.25% of average daily net assets of the Investor Class shares. For the period ended March 31, 2025, distribution fees incurred are disclosed on the Statement of Operations.

For the six months ended March 31, 2025, class specific Distribution fees were as follows:

---

| | |
|:---|:---|
| Investor Class | $99410 |

---

**NOTE 8 – INDEMNIFICATIONS** 

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

**NOTE 9 – NEW ACCOUNTING PRONOUNCEMENT**

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements. The amendments are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. Management is currently evaluating the impact of ASU 2023-07.

**NOTE 10 – LINE OF CREDIT** 

The Fund has access to a $35 million secured line of credit through an agreement with U.S. Bank. The Fund may temporarily draw on the line of credit to satisfy redemption requests or to settle investment transactions. Interest is charged to the Fund based on its borrowings at a rate per annum equal to the Prime Rate, to be paid monthly. During the six months ended March 31, 2025, the Fund did not draw on this line of credit.

53<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Regan Total Return Income Fund** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

**NOTE 11 – SUBSEQUENT EVENTS** 

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

**NOTE 12 – PRINCIPAL RISKS** 

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

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

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

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

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

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

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

**NOTE 13 – CONTROL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumption of control of the fund under 2(a)(9) of the 1940 Act. As of March 31, 2025, Charles Schwab & Co., Inc. held approximately 56%, in aggregate for the benefit of others, of the outstanding shares of the Fund.

54<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Regan Total Return Income Fund** 

**Additional Information** 

**March 31, 2025 (Unaudited)** 

**Approval of Investment Advisory Agreement** 

At a meeting held on November 20-21, 2024 (the "Meeting"), the Board of Trustees (the "Board" or "Trustees") of Advisor Managed Portfolios (the "Trust"), including all Trustees who were not "interested persons" of the Trust (the "Independent Trustees"), as that term is defined in the Investment Company Act of 1940, considered and approved the continuance of the investment advisory agreement (the "Advisory Agreement") with Regan Capital, LLC (the "Advisor") for the Regan Total Return Income Fund (the "Fund").

In advance of the Meeting, the Board received and reviewed substantial information regarding the Fund, the Advisor, and the services provided by the Advisor to the Fund under the Advisory Agreement, including information about the portfolio managers, the resources of the Advisor, and the Fund's performance and advisory fee. This information formed the primary (but not exclusive) basis for the Board's determinations. The Trustees considered the review of the Advisory Agreement to be an ongoing process and employed the accumulated information, knowledge, and experience they had gained with the Advisor. The information prepared specifically for the review of the Advisory Agreement supplemented the information provided to the Trustees throughout the year related to the Advisor and the Fund. The Board and its committees met regularly during the year and the information provided and topics discussed at such meetings were relevant to the Board's review of the Advisory Agreement. Some of these reports and other data included, among other things, materials that outlined the investment performance of the Fund; compliance, regulatory, and risk management matters; the trading practices of the Advisor; valuation of investments; fund expenses; and overall market and regulatory developments. In addition, the Board noted that at the Meeting the Advisor was proposing a contractual reduction in both the Fund's advisory fee and annual expense limitation to be effective on February 1, 2025. The Independent Trustees were advised by independent legal counsel during the review process, including meeting in executive sessions with such counsel without representatives from the Advisor present. In connection with their review, the Independent Trustees also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreement.

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

&nbsp;&nbsp;&nbsp;&nbsp;• In considering the nature, extent and quality
 of the services provided by the Advisor, the Trustees considered the Advisor's specific responsibilities in all aspects of the day-to-day
 management of the Fund, as well as the qualifications, experience and responsibilities of the portfolio managers and other key personnel
 who are involved in the day-to-day activities of the Fund. The Board considered the Advisor's resources and compliance structure,
 including information regarding its compliance program, chief compliance officer and compliance record and its disaster recovery/business
 continuity plan. The Board also considered its knowledge of the Advisor's operations, and noted that during the course of the year
 the Trustees met with the Advisor to discuss the Fund's performance, the Advisor's investment outlook, various marketing and
 compliance topics, and the Advisor's risk management process. The Board concluded that the Advisor had sufficient quality and depth
 of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Advisory
 Agreement and that, in the Board's view, the nature, overall quality, and extent of the management services provided were satisfactory
 and reliable.

&nbsp;&nbsp;&nbsp;&nbsp;• In assessing the quality of the portfolio management
 delivered by the Advisor, the Board considered the Fund's performance on both an absolute basis and in comparison to its peer groups
 (a larger group category and a smaller, focused group), based on information provided by an independent consulting firm, and to its benchmark
 index. The Board considered that the Fund outperformed the Bloomberg US Aggregate Bond Index for the one-year, three-year and since inception
 periods ended June 30, 2024. The Board also considered that the Fund outperformed its larger peer group average for the one- and
 three-year periods ended September 30, 2024. The Board noted that the Fund outperformed its focused peer group average over the three-year
 period, but underperformed for the one year-period, each period ended September 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• The Trustees reviewed the cost of the Advisor's
 services, and the structure and level of the advisory fee payable by the Fund, including a comparison of the fee to fees payable by its
 peer groups (a larger group

55<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Regan Total Return Income Fund** 

**Additional Information** 

**March 31, 2025 (Unaudited)(Continued)** 

category and a smaller, focused group), based on information provided by an independent consulting firm. The Board noted that, to reduce the Fund's expenses, the Advisor maintained a contractual annual expense limitation for the Fund and that the Advisor was proposing to reduce both the Fund's advisory fee and expense limitation. The Trustees noted that the current advisory fee was above the focused peer group average and was in the first quartile of the peer group out of four quartiles (a lower quartile number indicates a higher advisory fee). The Trustees also noted that the Fund's total net expense ratio was above both peer group averages and was in the first quartile of the focused peer group out of four quartiles (a lower quartile number indicates higher expenses). After reviewing the materials that were provided, the Board concluded that the advisory fee was fair and reasonable in light of the services provided.

&nbsp;&nbsp;&nbsp;&nbsp;• In considering whether economies of scale have
 been achieved, the Trustees reviewed the Fund's fee structure, the Advisor's contractual fee waiver and expense reimbursement,
 and the asset level of the Fund. They noted the Advisor's proposal to contractually reduce both the Fund's advisory fee and
 annual expense limitation. The Trustees concluded that they will have the opportunity to periodically reexamine whether economies of scale
 have been achieved.

&nbsp;&nbsp;&nbsp;&nbsp;• The Trustees considered the profitability of
 the Advisor from managing the Fund. In assessing the Advisor's profitability, the Trustees reviewed the analysis provided by the
 Advisor and took into account both the direct and indirect benefits to the Advisor from managing the Fund. The Trustees concluded that
 the Advisor's profits from managing the Fund were not excessive and, after a review of the relevant financial information, that
 the Advisor appeared to have adequate capitalization and/or would maintain adequate profit levels to support the Fund.

**Changes in and Disagreements with Accountants for Open-End Investment Companies** 

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

**Proxy Disclosure for Open-End Investment Companies** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Remuneration Paid to Directors, Officers, and Others for Open-End Investment Companies** 

See Financial Statements.

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

See Financial Statements.

56<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of
 this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

See Item 7(a).

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have
 reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the
 "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b)
 or 15d 15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls
 and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed,
 summarized and reported and made known to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as
 defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably
 likely to materially affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](r-efp16000_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable to open-end investment companies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the registrant's independent public accountant. Provide the information
 called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary
 for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting
 period. Not applicable to open-end investment companies and ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](r-efp16000_ex99906cert.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.

Advisor Managed Portfolios

---

| | |
|:---|:---|
| By | /s/ Russell B. Simon |
|  | Russell B. Simon, President/Principal Executive Officer |

---

Date <u>6/06/25</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By | /s/ Russell B. Simon |
|  | *Russell B. Simon,* President/Principal Executive Officer |

---

Date <u>6/06/25</u>

---

| | |
|:---|:---|
| By | /s/ Eric T. McCormick |
|  | *Eric T. McCormick*, Principal Financial Officer |

---

Date <u>6/06/25</u>

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Russell B. Simon, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Advisor Managed Portfolios;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;(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;(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;(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;(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

&nbsp;&nbsp;&nbsp;&nbsp;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;(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;(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: | 6/06/25 | /s/ Russell B. Simon |
|  |  | Russell B. Simon, |
|  |  | President and Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Eric T. McCormick, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Advisor Managed Portfolios;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;(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;(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;(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;(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

&nbsp;&nbsp;&nbsp;&nbsp;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;(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;(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: | 6/06/25 | /s/ Eric T. McCormick |
|  |  | Eric T. McCormick, |
|  |  | Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Advisor Managed Portfolios, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Advisor Managed Portfolios for the period ended March 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Advisor Managed Portfolios for the stated period.

---

| | |
|:---|:---|
| /s/ Russell B. Simon | /s/ Eric T. McCormick |
| Russell B. Simon | Eric T. McCormick |
| President and Principal Executive Officer, <br>Advisor Managed Portfolios | Treasurer and Principal Financial Officer,<br> Advisor Managed Portfolios |

---

Dated: <u>6/06/25</u> Dated: <u>6/06/25</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Advisor Managed Portfolios for purposes of Section 18 of the Securities Exchange Act of 1934.