# EDGAR Filing Document

**Accession Number:** 0001970751
**File Stem:** 0001133228-25-013348
**Filing Date:** 2025-12
**Character Count:** 312977
**Document Hash:** f36f6623a1e01556c311345aab523128
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-013348.hdr.sgml**: 20251208

**ACCESSION NUMBER**: 0001133228-25-013348

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251208

**DATE AS OF CHANGE**: 20251208

**EFFECTIVENESS DATE**: 20251208

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23859
- **FILM NUMBER:** 251555942

**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'? 2025-07-31197804_ReganTotalReturnIncomeFund_InvestorClass_TSRAnnual

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>**

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

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](img173054_202410181404375.jpg) | **Regan Total Return Income Fund**  | ![image](img173055_202511181439764.jpg) |
| ![image](img173054_202410181404375.jpg) | Investor Class \| RCTRX  | ![image](img173055_202511181439764.jpg) |
| ![image](img173054_202410181404375.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img173055_202511181439764.jpg) |

---

This annual shareholder report contains important information about the Regan Total Return Income Fund for the period of October 1, 2024, to September 30, 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. This report describes important material changes to the Fund.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Class | $130 | 1.26% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ending September 30, 2025, the Fund outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index ("Agg"). The Agg was up +2.88% over this period while the Fund was up +6.23%.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Due to the Fund's lower effective duration, the Fund has outperformed indices like the Agg over the last year as market volatility due to interest rates, tariffs and overall economic uncertainty resulted in rising yields in the middle of the fiscal year period. In the third quarter of 2025, the Fed cut their benchmark rate by 0.25% (on September 17th) and the market is pricing in two more cuts by the end of the year. Prepayment rates continue to be at very low levels during the fiscal year.

**POSITIONING**

At end of fiscal year, Non-Agency RMBS remains our largest individual allocation with 47.3% of the NAV allocated to this sector as we continue to favor the potential risk-adjusted returns. The allocation to other sectors is as follows - 33.1% in Agency RMBS, 16.9% in U.S. Treasury Securities and Bills, 1.9% in Municipals, 0.5% in Cash & Cash Equivalents and 0.3% in Corporates.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5484img003.jpg)

---

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

---

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(10/01/2020)** |
| **Investor Class (without sales charge)**  | 6.23 | 6.59 |
| **Bloomberg US Aggregate Bond Index**  | 2.88 | -0.46 |

---

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

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

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1593655420 |
| **Net Advisory Fee** | $10236192 |
| **Portfolio Turnover** | 28% |
| **30-Day SEC Yield** | 5.07% |
| **30-Day SEC Yield Unsubsidized** | 5.23% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of September 30, 2025)

**Security Type Breakdown (%)**

![image](ts5484img004.jpg)

---

| | | |
|:---|:---|:---|
| Regan Total Return Income Fund | PAGE 2 | TSR-AR-00777X587 |

---

------

**HOW HAS THE FUND CHANGED**

The advisor reduced the management fee for its advisory services to the Fund from 0.89% to 0.85% effective on February 1, 2025.

Effective February 1, 2025, the advisor modified the Fund's expense limitation arrangement. The Board of Trustees approved a revised Expense Limitation Agreement between the Adviser and the Trust, which lowered the Fund's expense cap from 1.20% to 0.99%.

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 3 | TSR-AR-00777X587 |

---

100001147211253117431294913755100009907846185169501977547.333.110.16.81.90.80.30.00.3 ------

---

| | | |
|:---|:---|:---|
| ![image](img173052_202410181344434.jpg) | **Regan Total Return Income Fund**  | ![image](img173055_202511181439764.jpg) |
| ![image](img173052_202410181344434.jpg) | Institutional Class \| RCIRX  | ![image](img173055_202511181439764.jpg) |
| ![image](img173052_202410181344434.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img173055_202511181439764.jpg) |

---

This annual shareholder report contains important information about the Regan Total Return Income Fund for the period of October 1, 2024, to September 30, 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. This report describes important material changes to the Fund.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class | $105 | 1.02% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ending September 30, 2025, the Fund outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index ("Agg"). The Agg was up +2.88% over this period while the Fund was up +6.41%.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Due to the Fund's lower effective duration, the Fund has outperformed indices like the Agg over the last year as market volatility due to interest rates, tariffs and overall economic uncertainty resulted in rising yields in the middle of the fiscal year period. In the third quarter of 2025, the Fed cut their benchmark rate by 0.25% (on September 17th) and the market is pricing in two more cuts by the end of the year. Prepayment rates continue to be at very low levels during the fiscal year.

**POSITIONING**

At end of fiscal year, Non-Agency RMBS remains our largest individual allocation with 47.3% of the NAV allocated to this sector as we continue to favor the potential risk-adjusted returns. The allocation to other sectors is as follows - 33.1% in Agency RMBS, 16.9% in U.S. Treasury Securities and Bills, 1.9% in Municipals, 0.5% in Cash & Cash Equivalents and 0.3% in Corporates.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5483img003.jpg)

---

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

---

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(10/01/2020)** |
| **Institutional Class (without sales charge)**  | 6.41 | 6.84 |
| **Bloomberg US Aggregate Bond Index**  | 2.88 | -0.46 |

---

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

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

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1593655420 |
| **Net Advisory Fee** | $10236192 |
| **Portfolio Turnover** | 28% |
| **30-Day SEC Yield** | 5.32% |
| **30-Day SEC Yield Unsubsidized** | 5.48% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of September 30, 2025)

**Security Type Breakdown (%)**

![image](ts5483img004.jpg)

**HOW HAS THE FUND CHANGED**

The advisor reduced the management fee for its advisory services to the Fund from 0.89% to 0.85% effective on February 1, 2025.

Effective February 1, 2025, the advisor modified the Fund's expense limitation arrangement. The Board of Trustees approved a revised Expense Limitation Agreement between the Adviser and the Trust, which lowered the Fund's expense cap from 1.20% to 0.99%.

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 2 | TSR-AR-00777X579 |

---

100001149611307118311308313922100009907846185169501977547.333.110.16.81.90.80.30.00.3 ------

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

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

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*A copy of the registrant's Code of Ethics is filed herewith.*

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

The registrant's board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Brian Ferrie is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

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

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| **Regan Total Return Income Fund** | **Regan Total Return Income Fund** | **Regan Total Return Income Fund** |
|  | FYE 09/30/2025 | FYE 09/30/2024 |
| (a) Audit Fees | $22900 | $22000 |
| (b) Audit-Related Fees |  |  |
| (c) Tax Fees | $3100 | $3100 |
| (d) All Other Fees |  |  |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by principal accountant applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| **Regan Total Return Income Fund** | **Regan Total Return Income Fund** | **Regan Total Return Income Fund** |
|  | FYE 09/30/2025 | FYE 09/30/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) N/A

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

 

---

| | | |
|:---|:---|:---|
| Non-Audit Related Fees | FYE 09/30/2025 | FYE 09/30/2024 |
| Registrant | $3100 | $3100 |
| Registrant's Investment Adviser |  |  |

---

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) Not applicable

(j) Not applicable

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

Not applicable

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) "Schedule of Investments is included within the financial statements filed under Item 7
 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**

Annual Financial Statements

September 30, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedule of Investments](#tsoi) | [1](#tsoi) |
| [Statement of Assets and Liabilities](#sai_1254) | [46](#tsal) |
| [Statement of Operations](#tsop) | [47](#tsop) |
| [Statements of Changes in Net Assets](#tscna) | [48](#tscna) |
| [Financial Highlights](#fihi) | [49](#fihi) |
| [Notes to Financial Statements](#tnote) | [51](#tnote) |
| [Report of Independent Registered Public Accounting Firm](#rep) | [60](#rep) |
| [Additional Information](#taddn) | [61](#taddn) |

---

------

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

**Regan Total Return Income Fund** 

**Schedule of Investments** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES - 47.3%**<br>|  |  |
|  Accredited Mortgage Loan Trust, Series 2004-4, Class A1A, 4.78% (1 mo. Term SOFR + 0.79%), 01/25/2035  | $73263 | $73272  |
| ACE Securities Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-ASL1, Class A, 4.55% (1 mo. Term SOFR + 0.39%), 02/25/2036  | 264949 | 20008  |
| &nbsp;&nbsp;&nbsp; Series 2006-SL3, Class A1, 4.47% (1 mo. Term SOFR + 0.31%), 06/25/2036  | 9094919 | 75090  |
| &nbsp;&nbsp;&nbsp; Series 2006-SL4, Class A1, 4.51% (1 mo. Term SOFR + 0.35%), 09/25/2036  | 1753487 | 65544  |
| &nbsp;&nbsp;&nbsp; Series 2007-D1, Class A3, 7.25%, 02/25/2038<sup>(a)(b)</sup> | 1640229 | 1245426  |
| &nbsp;&nbsp;&nbsp; Series 2007-D1, Class A4, 6.93%, 02/25/2038<sup>(a)(b)</sup> | 395177 | 339787  |
| &nbsp;&nbsp;&nbsp; Series 2007-HE5, Class A2C, 4.63% (1 mo. Term SOFR + 0.47%), 07/25/2037  | 6557175 | 2074691  |
| Adjustable Rate Mortgage Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-2, Class 6A1, 5.61%, 02/25/2035<sup>(c)</sup> | 7640 | 7599  |
| &nbsp;&nbsp;&nbsp; Series 2004-4, Class 3A1, 4.67%, 03/25/2035<sup>(c)</sup> | 23182 | 22829  |
| &nbsp;&nbsp;&nbsp; Series 2005-10, Class 1A1, 5.56%, 01/25/2036<sup>(c)</sup> | 184807 | 174992  |
| &nbsp;&nbsp;&nbsp; Series 2005-10, Class 6A21, 4.77% (1 mo. Term SOFR + 0.61%), 01/25/2036  | 94792 | 89739  |
| &nbsp;&nbsp;&nbsp; Series 2005-3, Class 7A1, 6.66%, 07/25/2035<sup>(c)</sup> | 160390 | 155317  |
| &nbsp;&nbsp;&nbsp; Series 2005-6A, Class 2A1, 4.89% (1 mo. Term SOFR + 0.73%), 11/25/2035  | 114967 | 30715  |
| &nbsp;&nbsp;&nbsp; Series 2005-7, Class 1A1, 5.46%, 10/25/2035<sup>(c)</sup> | 151402 | 109292  |
| &nbsp;&nbsp;&nbsp; Series 2005-7, Class 2A21, 4.71%, 10/25/2035<sup>(c)</sup> | 958270 | 846478  |
| &nbsp;&nbsp;&nbsp; Series 2005-7, Class 5A1, 4.71%, 10/25/2035<sup>(c)</sup> | 1838319 | 1302188  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class 1A1, 4.68%, 03/25/2036<sup>(c)</sup> | 58004 | 54000  |
| &nbsp;&nbsp;&nbsp; Aegis Asset Backed Securities Trust, Series 2004-5, Class M2, 6.10% (1 mo. Term <br>SOFR + 1.94%), 12/25/2034  | 146907 | 133412  |
|  AFC Home Equity Loan Trust, Series 2000-1, Class 2A, 5.08% (1 mo. Term SOFR + 0.75%), 03/25/2030  | 101519 | 97848  |
| Agate Bay Mortgage Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-4, Class A5, 3.00%, 06/25/2045<sup>(a)(c)</sup> | 276446 | 253435  |
| &nbsp;&nbsp;&nbsp; Series 2015-6, Class A3, 3.50%, 09/25/2045<sup>(a)(c)</sup> | 299471 | 277609  |
|  Alliance Bancorp Trust, Series 2007-OA1, Class A1, 4.75% (1 mo. Term SOFR + 0.59%), 07/25/2037  | 564843 | 495673  |
| American Home Mortgage Assets LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class 1A1, 4.48% (1 mo. Term SOFR + 0.32%), 05/25/2046  | 918920 | 852445  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class 1A1, 5.11% (MTA + 0.96%), 09/25/2046  | 441296 | 404881  |
| &nbsp;&nbsp;&nbsp; Series 2007-3, Class 11A1, 4.69% (1 mo. Term SOFR + 0.53%), 06/25/2037  | 145212 | 142300  |
| American Home Mortgage Investment Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-3, Class MH1, 4.79% (1 mo. Term SOFR + 1.01%), 10/25/2034  | 81929 | 79542  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class GA1A, 4.43% (1 mo. Term SOFR + 0.27%), 05/25/2047  | 6482593 | 4855150  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class GIOP, 2.08%, 05/25/2047<sup>(d)</sup> | 21237733 | 3314161  |
| &nbsp;&nbsp;&nbsp; Series 2007-2, Class 12A1, 4.81% (1 mo. Term SOFR + 0.65%), 03/25/2037  | 1002306 | 389220  |
| &nbsp;&nbsp;&nbsp; Series 2007-A, Class 4A, 5.17% (1 mo. Term SOFR + 1.01%), 07/25/2046<sup>(a)</sup> | 109975 | 22496  |
| Angel Oak Mortgage Trust LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class A1, 1.07%, 05/25/2066<sup>(a)(c)</sup> | 3925950 | 3409395  |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class A1, 1.04%, 01/20/2065<sup>(a)(c)</sup> | 4452934 | 3760292  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class A3, 4.75%, 09/26/2067<sup>(a)(b)</sup> | 190857 | 189306  |
|  Argent Securities Inc., Series 2006-W5, Class A2B, 4.47% (1 mo. Term SOFR + 0.31%), 06/25/2036  | 300155 | 80999  |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates Series 2003-W7, Series 2006-W4, Class A2D, 4.81% (1 mo. Term SOFR + 0.65%), 05/25/2036  | 269041 | 63784  |

---

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** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)**  | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)**  | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)**  |
| ASG Resecuritization Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2011-1, Class 2H1, 6.00%, 09/28/2036<sup>(a)(c)(e)</sup> | $3222000 | $1006875 |
| &nbsp;&nbsp;&nbsp; Series 2011-2, Class M52, 5.75%, 02/28/2036<sup>(a)</sup> | 629288 | 600314  |
| &nbsp;&nbsp;&nbsp; Series 2013-2, Class 1M40, 4.81%, 12/28/2035<sup>(a)(c)(e)</sup> | 2211852 | 2000344  |
| Asset Backed Funding Certificates <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-WF1, Class M8, 6.15% (1 mo. Term SOFR + 1.99%), 04/25/2034  | 324122 | 334014  |
| &nbsp;&nbsp;&nbsp; Series 2007-WMC1, Class A1A, 5.52% (1 mo. Term SOFR + 1.36%), 06/25/2037  | 145152 | 103278  |
|  Asset Backed Securities Corp. Home Equity, Series 2005-HE2, Class M4, 5.50% (1 mo. Term SOFR + 1.34%), 02/25/2035  | 199370 | 189344  |
| Banc of America Alternative Loan Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-10, Class 1CB1, 4.67% (1 mo. Term SOFR + 0.51%), 11/25/2035  | 411401 | 357934  |
| &nbsp;&nbsp;&nbsp; Series 2005-11, Class 1CB3, 5.50%, 12/25/2035  | 190850 | 174044  |
| &nbsp;&nbsp;&nbsp; Series 2005-11, Class 1CB5, 5.50%, 12/25/2035  | 159562 | 145511  |
| &nbsp;&nbsp;&nbsp; Series 2006-5, Class CB7, 6.00%, 06/25/2046  | 778781 | 680215  |
| &nbsp;&nbsp;&nbsp; Series 2006-6, Class 2A10, 6.00%, 07/25/2046  | 428273 | 362273  |
| &nbsp;&nbsp;&nbsp; Series 2006-6, Class 2A8, 6.00%, 07/25/2046  | 308791 | 261203  |
| &nbsp;&nbsp;&nbsp; Series 2006-6, Class CB1, 4.92% (1 mo. Term SOFR + 0.76%), 07/25/2046  | 488913 | 377467  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 1A1, 3.99%, 04/25/2028<sup>(c)</sup> | 209689 | 191649  |
| &nbsp;&nbsp;&nbsp; Series 2007-2, Class 1A1, 5.50%, 06/25/2037  | 590207 | 516422  |
| &nbsp;&nbsp;&nbsp; Series 2007-2, Class 3A2, 4.63% (1 mo. Term SOFR + 0.47%), 06/25/2037  | 118505 | 85812  |
| Banc of America Funding Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-2, Class B1, 6.50%, 06/25/2032<sup>(c)</sup> | 144837 | 142535  |
| &nbsp;&nbsp;&nbsp; Series 2004-B, Class 7M1, 5.15% (1 mo. Term SOFR + 1.01%), 12/20/2034  | 43279 | 47743  |
| &nbsp;&nbsp;&nbsp; Series 2005-1, Class 1A6, 5.50%, 02/25/2035  | 29697 | 29307  |
| &nbsp;&nbsp;&nbsp; Series 2005-3, Class 1A10, 5.25%, 06/25/2035  | 251535 | 232988  |
| &nbsp;&nbsp;&nbsp; Series 2005-5, Class 3A5, 5.50%, 08/25/2035  | 126279 | 118521  |
| &nbsp;&nbsp;&nbsp; Series 2005-6, Class 1A3, 5.75%, 10/25/2035  | 1030827 | 862051  |
| &nbsp;&nbsp;&nbsp; Series 2005-6, Class 1A8, 6.00%, 10/25/2035  | 294944 | 251480  |
| &nbsp;&nbsp;&nbsp; Series 2005-8, Class 1A1, 5.50%, 01/25/2036  | 196184 | 164719  |
| &nbsp;&nbsp;&nbsp; Series 2005-B, Class 2A1, 4.68%, 04/20/2035<sup>(c)</sup> | 27736 | 25301  |
| &nbsp;&nbsp;&nbsp; Series 2005-E, Class 8A1, 5.58% (MTA + 1.43%), 06/20/2035  | 1085656 | 849754  |
| &nbsp;&nbsp;&nbsp; Series 2005-H, Class 1A1, 6.41%, 11/20/2035<sup>(c)</sup> | 141906 | 133252  |
| &nbsp;&nbsp;&nbsp; Series 2006-7, Class 1A1, 4.72% (1 mo. Term SOFR + 0.56%), 09/25/2036  | 598232 | 466081  |
| &nbsp;&nbsp;&nbsp; Series 2006-B, Class 2A1, 4.63%, 03/20/2036<sup>(c)</sup> | 36033 | 33123  |
| &nbsp;&nbsp;&nbsp; Series 2006-G, Class 3A3, 6.22% (12 mo. Term SOFR + 2.47%), 07/20/2036  | 4682 | 4655  |
| &nbsp;&nbsp;&nbsp; Series 2006-I, Class 6A1, 4.63% (1 mo. Term SOFR + 0.49%), 12/20/2046  | 1197621 | 1067811  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 1A3, 6.00%, 01/25/2037  | 43055 | 37378  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class TA1A, 4.33% (1 mo. Term SOFR + 0.17%), 01/25/2037  | 206289 | 177227  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class TA3A, 4.59% (1 mo. Term SOFR + 0.43%), 01/25/2037  | 514363 | 446846  |
| &nbsp;&nbsp;&nbsp; Series 2007-2, Class 1A31, 6.00%, 03/25/2037  | 353599 | 268476  |
| &nbsp;&nbsp;&nbsp; Series 2007-2, Class TA1B, 5.81%, 03/25/2037<sup>(c)</sup> | 47846 | 48880  |
| &nbsp;&nbsp;&nbsp; Series 2007-4, Class 3A1, 4.64% (1 mo. Term SOFR + 0.48%), 06/25/2037  | 151775 | 116112  |
| &nbsp;&nbsp;&nbsp; Series 2007-8, Class 4A1, 6.00%, 08/25/2037  | 75125 | 62144  |
| &nbsp;&nbsp;&nbsp; Series 2007-A, Class 2A1, 4.57% (1 mo. Term SOFR + 0.43%), 02/20/2047  | 800775 | 748297  |
| &nbsp;&nbsp;&nbsp; Series 2007-C, Class 7A4, 4.69% (1 mo. Term SOFR + 0.55%), 05/20/2047  | 213795 | 198180  |
| &nbsp;&nbsp;&nbsp; Series 2007-C, Class 7A5, 4.85% (1 mo. Term SOFR + 0.71%), 05/20/2047  | 948059 | 884878  |

---

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** 

**September 30, 2025(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 2009-R14A, Class 2A, 6.57% (-2 x 1 mo. Term SOFR + 14.80%), 07/26/2035<sup>(a)(f)</sup> | $423534 | $360050 |
| &nbsp;&nbsp;&nbsp; Series 2010-R6, Class 3A4, 6.25%, 09/26/2037<sup>(a)(c)</sup> | 583902 | 197581  |
| &nbsp;&nbsp;&nbsp; Series 2010-R8, Class 1A4, 5.75%, 05/26/2036<sup>(a)</sup> | 265003 | 151487  |
| &nbsp;&nbsp;&nbsp; Series 2015-R2, Class 3A3, 3.69%, 04/29/2037<sup>(a)(c)</sup> | 1676533 | 1511987  |
| &nbsp;&nbsp;&nbsp; Series 2016-R2, Class 1A2, 8.44%, 05/01/2033<sup>(a)(c)(g)</sup> | 2046096 | 2147491  |
|  Banc of America Funding Corporation, Series 2006-4, Class A11, 6.00%, 07/25/2036  | 166083 | 128213  |
| Banc of America Mortgage Securities <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-H, Class 2A2, 6.67%, 09/25/2033<sup>(c)</sup> | 548481 | 527445  |
| &nbsp;&nbsp;&nbsp; Series 2005-E, Class 3A1, 5.40%, 06/25/2035<sup>(c)</sup> | 206275 | 198356  |
| &nbsp;&nbsp;&nbsp; Series 2005-F, Class 2A2, 5.49%, 07/25/2035<sup>(c)</sup> | 260537 | 248043  |
| &nbsp;&nbsp;&nbsp; Series 2007-3, Class 1A1, 6.00%, 09/25/2037  | 1599545 | 1319367  |
| Banc of America Mortgage Securities, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-3, Class 2A3, 5.50%, 03/25/2035  | 420859 | 385031  |
| &nbsp;&nbsp;&nbsp; Series 2005-8, Class A12, 5.50%, 09/25/2035  | 845506 | 749857  |
| &nbsp;&nbsp;&nbsp; Series 2005-A, Class 1A1, 3.99%, 02/25/2035<sup>(c)</sup> | 104084 | 89908  |
| &nbsp;&nbsp;&nbsp; Series 2005-G, Class 2A1, 5.24%, 08/25/2035<sup>(c)</sup> | 400554 | 381860  |
| &nbsp;&nbsp;&nbsp; Series 2005-H, Class 2A1, 5.12%, 09/25/2035<sup>(c)</sup> | 170398 | 149717  |
| &nbsp;&nbsp;&nbsp; Series 2005-I, Class 3A1, 3.91%, 10/25/2035<sup>(c)</sup> | 470219 | 377437  |
| &nbsp;&nbsp;&nbsp; Series 2005-J, Class 2A1, 5.53%, 11/25/2035<sup>(c)</sup> | 49274 | 44275  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class A2, 6.00% (1 mo. Term SOFR + 6.00%), 07/25/2046  | 267830 | 238016  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class A3, 4.87% (1 mo. Term SOFR + 0.71%), 07/25/2046  | 661008 | 538739  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 1A4, 6.00%, 03/25/2037  | 1003406 | 862610  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 2A11, 4.87% (1 mo. Term SOFR + 0.71%), 01/25/2037  | 729320 | 620262  |
| &nbsp;&nbsp;&nbsp; Series 2007-2, Class A1, 4.62% (1 mo. Term SOFR + 0.46%), 05/25/2037  | 1753033 | 1149766  |
| &nbsp;&nbsp;&nbsp; Series 2007-2, Class A6, 5.75%, 05/25/2037  | 166926 | 122945  |
| &nbsp;&nbsp;&nbsp; Series 2007-2, Class A7, 5.50%, 05/25/2037  | 64201 | 49182  |
|  Bank of America NA, Series 2008-R4, Class 1A4, 4.89% (1 mo. Term SOFR + 0.56%), 07/25/2037<sup>(a)</sup> | 260142 | 180553  |
| BankAmerica Manufactured Housing Contract Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 1997-1, Class B1, 6.94%, 03/15/2026  | 600000 | 43320  |
| &nbsp;&nbsp;&nbsp; Series 1998-2, Class B1, 7.18%, 12/10/2025<sup>(c)</sup> | 2177312 | 183991  |
|  Bayview Financial Acquisition Trust, Series 2006-C, Class 2A3, 4.72% (1 mo. Term SOFR + 0.55%), 11/28/2036  | 719377 | 676615  |
| BCAP LLC Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2007-AA4, Class 12A1, 4.38%, 06/25/2047<sup>(c)</sup> | 2487965 | 957719  |
| &nbsp;&nbsp;&nbsp; Series 2008-IND2, Class A2, 3.78%, 04/25/2038<sup>(c)</sup> | 796762 | 616275  |
| &nbsp;&nbsp;&nbsp; Series 2009-RR4, Class 1A2, 6.50%, 06/26/2037<sup>(a)(c)(e)</sup> | 72468 | 13914  |
| &nbsp;&nbsp;&nbsp; Series 2010-RR9, Class 6A2, 6.00%, 10/26/2035<sup>(a)(c)</sup> | 6011833 | 5128695  |
| &nbsp;&nbsp;&nbsp; Series 2011-RR4, Class 7A1, 5.25%, 04/26/2037<sup>(a)(e)</sup> | 1816290 | 1017123  |
| &nbsp;&nbsp;&nbsp; Series 2011-RR4, Class 8A1, 5.25%, 02/26/2036<sup>(a)(c)</sup> | 1203027 | 454046  |
| &nbsp;&nbsp;&nbsp; Series 2011-RR9, Class 6A6, 4.74%, 01/26/2036<sup>(a)(c)(e)</sup> | 3251307 | 1355388  |
| &nbsp;&nbsp;&nbsp; Series 2012-RR4, Class 4A7, 4.15%, 02/26/2036<sup>(a)(c)</sup> | 1807035 | 969565  |
| Bear Stearns Adjustable Rate Mortgage Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-5, Class 2B1, 4.74%, 08/25/2033<sup>(c)</sup> | 45279 | 37977  |
| &nbsp;&nbsp;&nbsp; Series 2003-6, Class 2A1, 6.37%, 08/25/2033<sup>(c)</sup> | 119157 | 117197  |

---

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** 

**September 30, 2025(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 2004-10, Class 12A5, 5.05%, 01/25/2035<sup>(c)</sup> | $15940 | $15419 |
| &nbsp;&nbsp;&nbsp; Series 2005-12, Class 23A1, 4.48%, 02/25/2036<sup>(c)</sup> | 414370 | 381709  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class A1, 6.53% (1 yr. CMT Rate + 2.25%), 02/25/2036  | 85234 | 82138  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class 2A1, 4.40%, 07/25/2036<sup>(c)</sup> | 172595 | 148954  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class 3A1, 4.23%, 07/25/2036<sup>(c)</sup> | 300546 | 257288  |
| &nbsp;&nbsp;&nbsp; Series 2006-4, Class 2A1, 4.25%, 10/25/2036<sup>(c)</sup> | 113891 | 100332  |
| &nbsp;&nbsp;&nbsp; Series 2007-2, Class 4A1, 6.10% (1 yr. CMT Rate + 2.20%), 12/25/2046  | 756980 | 676855  |
| Bear Stearns Alt-A Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-6, Class 2A1, 5.69%, 01/25/2034<sup>(c)</sup> | 127605 | 120945  |
| &nbsp;&nbsp;&nbsp; Series 2004-3, Class A1, 4.91% (1 mo. Term SOFR + 0.75%), 04/25/2034  | 140953 | 139781  |
| &nbsp;&nbsp;&nbsp; Series 2004-4, Class M2, 6.15% (1 mo. Term SOFR + 1.99%), 06/25/2034  | 218354 | 220380  |
| &nbsp;&nbsp;&nbsp; Series 2005-7, Class 23A1, 4.29%, 09/25/2035<sup>(c)</sup> | 243867 | 99820  |
| &nbsp;&nbsp;&nbsp; Series 2006-3, Class 34A1, 4.07%, 05/25/2036<sup>(c)</sup> | 3005563 | 1238582  |
| &nbsp;&nbsp;&nbsp; Series 2006-6, Class 31A1, 4.47%, 11/25/2036<sup>(c)</sup> | 1065311 | 603289  |
| &nbsp;&nbsp;&nbsp; Series 2006-7, Class 23A1, 5.65%, 12/25/2046<sup>(c)</sup> | 1673219 | 1163820  |
| Bear Stearns Alt-A Trust II, Series 2007-1, Class 1A1, 4.21%, 09/25/2047<sup>(c)</sup> | 6639905 | 3131648  |
| Bear Stearns Asset Backed Securities Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-AC4, Class A, 5.50%, 09/25/2033<sup>(b)</sup> | 74596 | 67227  |
| &nbsp;&nbsp;&nbsp; Series 2004-FR2, Class M5, 4.84% (1 mo. Term SOFR + 2.74%), 06/25/2034  | 334034 | 331892  |
| &nbsp;&nbsp;&nbsp; Series 2004-HE7, Class M2, 6.00% (1 mo. Term SOFR + 1.84%), 08/25/2034  | 3109 | 3047  |
| &nbsp;&nbsp;&nbsp; Series 2004-HE8, Class M3, 6.37% (1 mo. Term SOFR + 2.21%), 09/25/2034  | 391627 | 385592  |
| &nbsp;&nbsp;&nbsp; Series 2004-HE9, Class M2, 5.17% (1 mo. Term SOFR + 1.91%), 11/25/2034  | 1731545 | 1662543  |
| &nbsp;&nbsp;&nbsp; Series 2005-AC6, Class 1A3, 5.50%, 09/25/2035<sup>(c)</sup> | 284647 | 274854  |
| &nbsp;&nbsp;&nbsp; Series 2005-AC8, Class A3, 3.38% (-1 x 1 mo. Term SOFR + 7.54%), 11/25/2035<sup>(d)(f)</sup> | 3017184 | 770237  |
| &nbsp;&nbsp;&nbsp; Series 2005-SD2, Class 2M3, 8.02% (1 mo. Term SOFR + 3.86%), 12/25/2044  | 2809021 | 3370203  |
| &nbsp;&nbsp;&nbsp; Series 2006-AC3, Class 1A1, 4.67% (1 mo. Term SOFR + 0.51%), 05/25/2036  | 2706509 | 638993  |
| &nbsp;&nbsp;&nbsp; Series 2006-SD3, Class 23A2, 4.67% (1 mo. Term SOFR + 0.51%), 07/25/2036  | 847110 | 741585  |
| &nbsp;&nbsp;&nbsp; Series 2007-AC5, Class A3, 6.00%, 07/25/2037  | 3779995 | 1335733  |
| &nbsp;&nbsp;&nbsp; Series 2007-AC6, Class A1, 6.50%, 10/25/2037  | 1370732 | 538852  |
| &nbsp;&nbsp;&nbsp; Series 2007-HE2, Class 23A, 4.55% (1 mo. Term SOFR + 0.39%), 03/25/2037  | 85575 | 81638  |
| &nbsp;&nbsp;&nbsp; Series 2007-HE5, Class 2A, 4.49% (1 mo. Term SOFR + 0.33%), 06/25/2047  | 381187 | 379064  |
| &nbsp;&nbsp;&nbsp; Series 2007-SD1, Class 1A3A, 6.50%, 10/25/2036  | 1408459 | 481662  |
| &nbsp;&nbsp;&nbsp; Series 2007-SD1, Class 22A1, 5.13%, 10/25/2036<sup>(c)</sup> | 828677 | 351213  |
| Bear Stearns Cos. LLC, Series 2008-R2, Class 2A2, 4.05%, 06/25/2047<sup>(a)(c)</sup> | 3376472 | 2593793  |
| Bear Stearns Mortgage Funding Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR3, Class 2A1, 4.67% (1 mo. Term SOFR + 0.51%), 11/25/2036  | 64676 | 59701  |
| &nbsp;&nbsp;&nbsp; Series 2007-AR5, Class 1A1A, 4.61% (1 mo. Term SOFR + 0.45%), 06/25/2047  | 395043 | 352541  |
| Bear Stearns Structured Products, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2007-R6, Class 1A1, 4.97%, 01/26/2036<sup>(c)(e)</sup> | 663958 | 481370  |
| &nbsp;&nbsp;&nbsp; Series 2007-R6, Class 2A1, 3.96%, 12/26/2046<sup>(c)(e)</sup> | 198213 | 140731  |
| BINOM Securitization Trust, Series 2021-INV1, Class A1, 2.03%, 06/25/2056<sup>(a)(c)</sup> | 364772 | 331735  |
|  Bombardier Capital Mortgage Securitization Corp., Series 2000-A, Class A2, 7.58%, 06/15/2030<sup>(c)</sup> | 3879580 | 249888  |
| Carrington Mortgage Loan Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-FRE1, Class A4, 4.52% (1 mo. Term SOFR + 0.36%), 04/25/2036  | 1450000 | 1331180  |
| &nbsp;&nbsp;&nbsp; Series 2006-FRE2, Class A2, 4.39% (1 mo. Term SOFR + 0.23%), 10/25/2036  | 3661263 | 2806297  |

---

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** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)**  | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)**  | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)**  |
| CC Funding Corp./DE <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-4A, Class B1, 4.99%, 10/25/2034<sup>(a)(c)</sup> | $260976 | $247241 |
| &nbsp;&nbsp;&nbsp; Series 2004-1A, Class A2, 4.60% (1 mo. Term SOFR + 0.44%), 01/25/2035<sup>(a)</sup> | 424069 | 417956  |
| &nbsp;&nbsp;&nbsp; Series 2004-3A, Class A2, 4.57% (1 mo. Term SOFR + 0.41%), 08/25/2035<sup>(a)</sup> | 39134 | 38143  |
| &nbsp;&nbsp;&nbsp; Series 2004-4A, Class B1, 3.82%, 10/25/2035<sup>(a)(c)</sup> | 2484178 | 2093604  |
| &nbsp;&nbsp;&nbsp; Series 2005-CA, Class A1, 4.48% (1 mo. Term SOFR + 0.32%), 10/25/2046<sup>(a)</sup> | 65666 | 70236  |
| &nbsp;&nbsp;&nbsp; Series 2006-1A, Class A1, 4.42% (1 mo. Term SOFR + 0.26%), 12/25/2046<sup>(a)</sup> | 357867 | 313420  |
| &nbsp;&nbsp;&nbsp; Series 2006-2A, Class A2, 4.45% (1 mo. Term SOFR + 0.29%), 04/25/2047<sup>(a)</sup> | 2922482 | 2242049  |
| &nbsp;&nbsp;&nbsp; Series 2006-4A, Class A1, 4.40% (1 mo. Term SOFR + 0.24%), 11/25/2047<sup>(a)</sup> | 745008 | 746579  |
| &nbsp;&nbsp;&nbsp; Series 2006-4A, Class A2, 4.45% (1 mo. Term SOFR + 0.29%), 11/25/2047<sup>(a)</sup> | 52312 | 46844  |
|  Charlie Mac LLC, Series 2004-1, Class A8, 4.82% (1 mo. Term SOFR + 0.66%), 08/25/2034  | 26242 | 24622  |
|  Chase Funding Mortgage Loan Asset-Backed, Series 2003-5, Class 1M2, 5.64%, 09/25/2032<sup>(c)</sup> | 72328 | 66359  |
| Chase Mortgage Finance Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-S2, Class 2A4, 5.50%, 02/25/2034  | 158096 | 158590  |
| &nbsp;&nbsp;&nbsp; Series 2005-A1, Class 2A4, 4.84%, 12/25/2035<sup>(c)</sup> | 277978 | 263822  |
| &nbsp;&nbsp;&nbsp; Series 2006-S1, Class A5, 6.50%, 05/25/2036  | 4065023 | 1759955  |
| &nbsp;&nbsp;&nbsp; Series 2006-S2, Class 1A19, 6.25%, 10/25/2036  | 440318 | 158712  |
| &nbsp;&nbsp;&nbsp; Series 2006-S4, Class A1, 4.92% (1 mo. Term SOFR + 0.76%), 12/25/2036  | 2412348 | 754226  |
| &nbsp;&nbsp;&nbsp; Series 2007-A1, Class 11M1, 4.62%, 03/25/2037<sup>(c)</sup> | 87082 | 80838  |
| &nbsp;&nbsp;&nbsp; Series 2007-A1, Class 1A5, 6.52%, 02/25/2037<sup>(c)</sup> | 1420 | 1414  |
| &nbsp;&nbsp;&nbsp; Series 2007-A3, Class 1A7, 4.57%, 12/25/2037<sup>(c)</sup> | 109330 | 90017  |
| &nbsp;&nbsp;&nbsp; Series 2007-A3, Class 3A1, 4.75%, 12/25/2037<sup>(c)</sup> | 279105 | 240573  |
| &nbsp;&nbsp;&nbsp; Series 2007-S1, Class A1, 4.87% (1 mo. Term SOFR + 0.71%), 02/25/2037  | 6455759 | 1892697  |
| &nbsp;&nbsp;&nbsp; Series 2019-ATR1, Class A11, 5.22% (1 mo. Term SOFR + 1.06%), 04/25/2049<sup>(a)</sup> | 63564 | 61177  |
| &nbsp;&nbsp;&nbsp; Series 2019-ATR1, Class B4, 4.39%, 04/25/2049<sup>(a)(c)</sup> | 144000 | 112970  |
| Chaseflex Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-2, Class 1A1, 6.00%, 06/25/2035  | 687440 | 427671  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class A5, 6.16%, 06/25/2036<sup>(c)</sup> | 32232 | 30860  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 2A6, 6.00%, 02/25/2037  | 1854021 | 605047  |
| &nbsp;&nbsp;&nbsp; Series 2007-3, Class 1A2, 4.90% (1 mo. Term SOFR + 0.57%), 07/25/2037  | 10646488 | 3190417  |
| &nbsp;&nbsp;&nbsp; Series 2007-M1, Class 1A1, 4.57% (1 mo. Term SOFR + 0.41%), 08/25/2037  | 259490 | 228593  |
|  Chevy Chase Mortgage Funding Corp., Series 2005-2A, Class A2, 4.50% (1 mo. Term SOFR + 0.34%), 05/25/2036<sup>(a)</sup> | 221475 | 212352  |
|  CIM Trust, Series 2019-INV1, Class A2, 5.47% (30 day avg SOFR US + 1.11%), 02/25/2049<sup>(a)</sup> | 234891 | 228237  |
| Citicorp Mortgage Securities, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-3, Class 1A4, 6.00%, 06/25/2036  | 1232082 | 1136102  |
| &nbsp;&nbsp;&nbsp; Series 2006-4, Class 1A4, 6.00%, 08/25/2036  | 919154 | 848315  |
| &nbsp;&nbsp;&nbsp; Series 2007-5, Class 1A9, 6.00%, 06/25/2037  | 47242 | 42252  |
| Citigroup Financial Products, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 1997-HUD1, Class A4, 2.61%, 12/25/2030<sup>(c)(e)</sup> | 205451 | 90213  |
| &nbsp;&nbsp;&nbsp; Series 2004-HYB3, Class 1A, 5.10%, 09/25/2034<sup>(c)</sup> | 83635 | 76617  |
| &nbsp;&nbsp;&nbsp; Series 2005-10, Class 1A2A, 4.24%, 12/25/2035<sup>(c)</sup> | 113977 | 69781  |
| &nbsp;&nbsp;&nbsp; Series 2005-2, Class 1A1, 5.75%, 05/25/2035<sup>(c)</sup> | 159231 | 152596  |

---

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** 

**September 30, 2025(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-WF1, Class M2, 6.03%, 11/25/2034<sup>(b)</sup> | $337412 | $297152 |
| &nbsp;&nbsp;&nbsp; Series 2005-WF2, Class AF6A, 6.13%, 08/25/2035<sup>(b)</sup> | 772838 | 716417  |
| &nbsp;&nbsp;&nbsp; Series 2006-8, Class A1, 4.87% (1 mo. Term SOFR + 0.71%), 10/25/2035<sup>(a)</sup> | 5298889 | 2371660  |
|  Citigroup Mortgage Loan Trust Inc., Series 2014-12, Class 2A5, 3.35%, 02/25/2037<sup>(a)(c)</sup> | 2128321 | 1636310  |
| Citigroup Mortgage Loan Trust, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-HYB2, Class 2A, 6.75%, 03/25/2034<sup>(c)</sup> | 135353 | 125971  |
| &nbsp;&nbsp;&nbsp; Series 2005-7, Class 2A3A, 4.04%, 09/25/2035<sup>(c)</sup> | 686754 | 459560  |
| &nbsp;&nbsp;&nbsp; Series 2005-8, Class 2A3, 5.50%, 09/25/2035  | 713869 | 663170  |
| &nbsp;&nbsp;&nbsp; Series 2005-9, Class 1A1, 4.53% (1 mo. Term SOFR + 0.37%), 11/25/2035  | 1250436 | 1083793  |
| &nbsp;&nbsp;&nbsp; Series 2005-9, Class 22A2, 6.00%, 11/25/2035  | 895962 | 912915  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR1, Class 1A1, 6.56% (1 yr. CMT Rate + 2.40%), 10/25/2035  | 184025 | 177402  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR1, Class 2A1, 6.30% (1 yr. CMT Rate + 2.40%), 03/25/2036  | 31160 | 31464  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR2, Class 1A1, 5.78%, 03/25/2036<sup>(c)</sup> | 208979 | 155856  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR7, Class 1A3A, 5.09%, 07/25/2046<sup>(c)</sup> | 874619 | 831348  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR7, Class 2A2A, 4.77%, 11/25/2036<sup>(c)</sup> | 195619 | 168354  |
| &nbsp;&nbsp;&nbsp; Series 2006-WF1, Class A2C, 6.10%, 03/25/2036<sup>(b)</sup> | 574191 | 264659  |
| &nbsp;&nbsp;&nbsp; Series 2007-10, Class 2A4A, 6.82%, 09/25/2037<sup>(c)</sup> | 20239 | 19887  |
| &nbsp;&nbsp;&nbsp; Series 2007-2, Class 1A2, 4.62% (1 mo. Term SOFR + 0.46%), 11/25/2036  | 1548535 | 1226298  |
| &nbsp;&nbsp;&nbsp; Series 2007-9, Class 3A1, 6.50%, 06/25/2037<sup>(a)</sup> | 485191 | 478933  |
| &nbsp;&nbsp;&nbsp; Series 2007-AR1, Class A4, 4.69% (1 mo. Term SOFR + 0.53%), 01/25/2037  | 5929947 | 1104386  |
| &nbsp;&nbsp;&nbsp; Series 2007-OPX1, Class A2, 4.67% (1 mo. Term SOFR + 0.51%), 01/25/2037  | 1145065 | 475088  |
| &nbsp;&nbsp;&nbsp; Series 2009-8, Class 2A2, 6.10%, 04/25/2037<sup>(a)(c)(e)</sup> | 1984005 | 1088723  |
| &nbsp;&nbsp;&nbsp; Series 2012-7, Class 11A2, 4.90%, 09/25/2035<sup>(a)(c)(d)</sup> | 630392 | 563393  |
| Citimortgage Alternative Loan Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-A1, Class 1A5, 5.50%, 04/25/2036  | 177014 | 162940  |
| &nbsp;&nbsp;&nbsp; Series 2006-A7, Class 1A1, 6.00%, 12/25/2036<sup>(c)</sup> | 375893 | 334872  |
| &nbsp;&nbsp;&nbsp; Series 2006-A7, Class 1A12, 6.00%, 12/25/2036  | 299255 | 268143  |
| &nbsp;&nbsp;&nbsp; Series 2007-A3, Class 1A1, 6.00%, 03/25/2037<sup>(c)</sup> | 468036 | 413896  |
| &nbsp;&nbsp;&nbsp; Series 2007-A4, Class 1A13, 5.75%, 04/25/2037  | 206688 | 183102  |
| &nbsp;&nbsp;&nbsp; Series 2007-A4, Class 1A6, 5.75%, 04/25/2037  | 105827 | 93724  |
| &nbsp;&nbsp;&nbsp; Series 2007-A4, Class 1A9, 4.87% (1 mo. Term SOFR + 0.71%), 04/25/2037  | 1255024 | 1040232  |
| &nbsp;&nbsp;&nbsp; Series 2007-A5, Class 1A3, 4.77% (1 mo. Term SOFR + 0.61%), 05/25/2037  | 243438 | 202066  |
| CitiMortgage, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-1, Class 1A4, 5.50%, 02/25/2035  | 17510 | 17175  |
| &nbsp;&nbsp;&nbsp; Series 2005-1, Class 1A7, 4.67% (1 mo. Term SOFR + 0.51%), 02/25/2035  | 199196 | 185570  |
| COLT Funding LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2R, Class A1, 0.80%, 07/27/2054<sup>(a)</sup> | 197621 | 182347  |
| &nbsp;&nbsp;&nbsp; Series 2021-RPL1, Class A1, 1.67%, 09/25/2061<sup>(a)(c)</sup> | 1470469 | 1353251  |
| &nbsp;&nbsp;&nbsp; Series 2023-4, Class B1, 8.36%, 10/25/2068<sup>(a)(c)</sup> | 2688000 | 2733733  |
| Conseco Finance Securitizations Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 1999-6, Class A1, 7.36%, 06/01/2030<sup>(a)(c)</sup> | 12778116 | 3298860  |
| &nbsp;&nbsp;&nbsp; Series 2001-2, Class M1, 7.69%, 03/01/2031<sup>(c)</sup> | 971191 | 977884  |
| &nbsp;&nbsp;&nbsp; Series 2001-4, Class M2, 8.59%, 09/01/2033<sup>(c)</sup> | 2295268 | 2317513  |
| &nbsp;&nbsp;&nbsp; Series 2002-1, Class M2, 9.55%, 12/01/2033<sup>(c)</sup> | 1354462 | 1332773  |

---

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** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| Conseco Financial Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 1996-8, Class B1, 7.95%, 11/15/2026<sup>(c)</sup> | $678636 | $685624  |
| &nbsp;&nbsp;&nbsp; Series 1998-8, Class M1, 6.98%, 09/01/2030<sup>(c)</sup> | 1606112 | 1624337 |
| &nbsp;&nbsp;&nbsp; Series 1999-4, Class A7, 7.41%, 05/01/2031  | 2117223 | 581660  |
| &nbsp;&nbsp;&nbsp; Series 1999-5, Class A6, 7.50%, 03/01/2030<sup>(c)</sup> | 6120465 | 1609881  |
| Conseco, Inc./Old <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 1995-5, Class B2, 7.65%, 09/15/2026<sup>(c)</sup> | 3859471 | 39  |
| &nbsp;&nbsp;&nbsp; Series 1997-7, Class M1, 7.03%, 07/15/2028<sup>(c)</sup> | 274059 | 278610  |
| &nbsp;&nbsp;&nbsp; Series 1998-3, Class M1, 6.86%, 03/01/2030<sup>(c)</sup> | 1153772 | 1194461  |
| Countrywide Alternative Loan Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-J2, Class M, 6.00%, 10/25/2033  | 128950 | 129842  |
| &nbsp;&nbsp;&nbsp; Series 2003-J3, Class 1A3, 5.25%, 11/25/2033  | 88591 | 88356  |
| &nbsp;&nbsp;&nbsp; Series 2004-28CB, Class 2A5, 4.67% (1 mo. Term SOFR + 0.51%), 01/25/2035  | 93902 | 80281  |
| &nbsp;&nbsp;&nbsp; Series 2004-30CB, Class 2A3, 5.75%, 02/25/2035  | 1874068 | 1252322  |
| &nbsp;&nbsp;&nbsp; Series 2004-34T1, Class A2, 5.50%, 02/25/2035  | 717263 | 648923  |
| &nbsp;&nbsp;&nbsp; Series 2004-J5, Class M2, 5.92% (1 mo. Term SOFR + 1.76%), 08/25/2034  | 148903 | 147411  |
| &nbsp;&nbsp;&nbsp; Series 2005-11CB, Class 2A3, 5.50%, 06/25/2035  | 177336 | 143974  |
| &nbsp;&nbsp;&nbsp; Series 2005-11CB, Class 3A2, 4.77% (1 mo. Term SOFR + 0.61%), 06/25/2035  | 727353 | 509073  |
| &nbsp;&nbsp;&nbsp; Series 2005-14, Class 2A1, 4.69% (1 mo. Term SOFR + 0.53%), 05/25/2035  | 100401 | 96348  |
| &nbsp;&nbsp;&nbsp; Series 2005-17, Class 2A1, 4.75% (1 mo. Term SOFR + 0.59%), 07/25/2035  | 548586 | 458742  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-19CB, Class A2, 7.54% (-2 x 1 mo. Term SOFR + 16.69%), <br>06/25/2035<sup>(f)</sup> | 249644 | 200802  |
| &nbsp;&nbsp;&nbsp; Series 2005-2, Class 2A1, 5.40%, 03/25/2035<sup>(c)</sup> | 76440 | 74435  |
| &nbsp;&nbsp;&nbsp; Series 2005-20CB, Class 1A2, 5.50%, 07/25/2035  | 403617 | 320438  |
| &nbsp;&nbsp;&nbsp; Series 2005-20CB, Class 1A3, 5.50%, 07/25/2035  | 1720242 | 1365727  |
| &nbsp;&nbsp;&nbsp; Series 2005-21CB, Class A3, 5.25%, 06/25/2035  | 254523 | 186694  |
| &nbsp;&nbsp;&nbsp; Series 2005-21CB, Class A7, 5.50%, 06/25/2035  | 43069 | 31989  |
| &nbsp;&nbsp;&nbsp; Series 2005-24, Class 4A2, 4.85% (1 mo. Term SOFR + 0.71%), 07/20/2035  | 335756 | 244875  |
| &nbsp;&nbsp;&nbsp; Series 2005-27, Class 1A4, 3.59%, 08/25/2035<sup>(c)</sup> | 400871 | 349551  |
| &nbsp;&nbsp;&nbsp; Series 2005-27, Class 1A5, 3.68%, 08/25/2035<sup>(c)</sup> | 380857 | 347156  |
| &nbsp;&nbsp;&nbsp; Series 2005-27, Class 1A6, 5.50% (1 mo. Term SOFR + 1.34%), 08/25/2035  | 368923 | 290529  |
| &nbsp;&nbsp;&nbsp; Series 2005-27, Class 2A1, 5.50% (MTA + 1.35%), 08/25/2035  | 1449773 | 1256669  |
| &nbsp;&nbsp;&nbsp; Series 2005-28CB, Class 1A9, 4.82% (1 mo. Term SOFR + 0.66%), 08/25/2035  | 1988796 | 1580405  |
| &nbsp;&nbsp;&nbsp; Series 2005-28CB, Class 3A3, 4.97% (1 mo. Term SOFR + 0.81%), 08/25/2035  | 2362612 | 730571  |
| &nbsp;&nbsp;&nbsp; Series 2005-28CB, Class 3A5, 6.00%, 08/25/2035  | 102134 | 38484  |
| &nbsp;&nbsp;&nbsp; Series 2005-29CB, Class A2, 4.57% (1 mo. Term SOFR + 0.41%), 07/25/2035  | 553041 | 273367  |
| &nbsp;&nbsp;&nbsp; Series 2005-29CB, Class A4, 5.00%, 07/25/2035  | 54100 | 29115  |
| &nbsp;&nbsp;&nbsp; Series 2005-45, Class 2A1, 6.20% (MTA + 2.05%), 10/20/2035  | 484263 | 348311  |
| &nbsp;&nbsp;&nbsp; Series 2005-46CB, Class A14, 5.50%, 10/25/2035  | 242610 | 165377  |
| &nbsp;&nbsp;&nbsp; Series 2005-49CB, Class A7, 5.50%, 11/25/2035  | 571510 | 359599  |
| &nbsp;&nbsp;&nbsp; Series 2005-50CB, Class 2A1, 6.00%, 11/25/2035  | 918593 | 390707  |
| &nbsp;&nbsp;&nbsp; Series 2005-50CB, Class 3A1, 6.00%, 11/25/2035  | 1128101 | 424071  |
| &nbsp;&nbsp;&nbsp; Series 2005-51, Class 3A2A, 5.44% (MTA + 1.29%), 11/20/2035  | 691820 | 621679  |
| &nbsp;&nbsp;&nbsp; Series 2005-53T2, Class 2A6, 4.77% (1 mo. Term SOFR + 0.61%), 11/25/2035  | 2388595 | 1218699  |
| &nbsp;&nbsp;&nbsp; Series 2005-53T2, Class 2A7, 1.23% (-1 x 1 mo. Term SOFR + 5.39%), 11/25/2035<sup>(d)(f)</sup> | 2388595 | 233215  |
| &nbsp;&nbsp;&nbsp; Series 2005-56, Class 4A1, 4.89% (1 mo. Term SOFR + 0.73%), 11/25/2035  | 611873 | 581645  |

---

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** 

**September 30, 2025(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 2005-57CB, Class 3A3, 5.50%, 12/25/2035  | $351279 | $159662 |
| &nbsp;&nbsp;&nbsp; Series 2005-59, Class 1A1, 4.91% (1 mo. Term SOFR + 0.77%), 11/20/2035  | 331540 | 321286  |
| &nbsp;&nbsp;&nbsp; Series 2005-64CB, Class 1A12, 5.07% (1 mo. Term SOFR + 0.91%), 12/25/2035 | 177352 | 149994  |
| &nbsp;&nbsp;&nbsp; Series 2005-65CB, Class 1A5, 5.02% (1 mo. Term SOFR + 0.86%), 01/25/2036 | 361181 | 217532  |
| &nbsp;&nbsp;&nbsp; Series 2005-65CB, Class 1A7, 5.50%, 01/25/2036  | 1132647 | 738260  |
| &nbsp;&nbsp;&nbsp; Series 2005-65CB, Class 1A9, 5.50%, 01/25/2036  | 1865835 | 1213582  |
| &nbsp;&nbsp;&nbsp; Series 2005-65CB, Class 2A4, 5.50%, 12/25/2035  | 1095409 | 744365  |
| &nbsp;&nbsp;&nbsp; Series 2005-6CB, Class 1A6, 5.50%, 04/25/2035  | 682577 | 582741  |
| &nbsp;&nbsp;&nbsp; Series 2005-70CB, Class A4, 5.50%, 12/25/2035  | 362305 | 228297  |
| &nbsp;&nbsp;&nbsp; Series 2005-72, Class A1, 4.81% (1 mo. Term SOFR + 0.65%), 01/25/2036  | 1271705 | 1170245  |
| &nbsp;&nbsp;&nbsp; Series 2005-73CB, Class 1A7, 5.50%, 01/25/2036  | 192963 | 186499  |
| &nbsp;&nbsp;&nbsp; Series 2005-76, Class 3A1, 4.79% (1 mo. Term SOFR + 0.63%), 01/25/2046  | 1502142 | 1378453  |
| &nbsp;&nbsp;&nbsp; Series 2005-J10, Class 1A13, 4.97% (1 mo. Term SOFR + 0.81%), 10/25/2035  | 286370 | 164950  |
| &nbsp;&nbsp;&nbsp; Series 2005-J3, Class 2A1, 4.77% (1 mo. Term SOFR + 0.61%), 05/25/2035  | 464451 | 356560  |
| &nbsp;&nbsp;&nbsp; Series 2005-J7, Class 1A7, 4.97% (1 mo. Term SOFR + 0.81%), 07/25/2035  | 634357 | 278318  |
| &nbsp;&nbsp;&nbsp; Series 2005-J8, Class 1A5, 5.50%, 07/25/2035  | 291172 | 199714  |
| &nbsp;&nbsp;&nbsp; Series 2006-14CB, Class A5, 4.97% (1 mo. Term SOFR + 0.81%), 06/25/2036  | 2923687 | 1248248  |
| &nbsp;&nbsp;&nbsp; Series 2006-18CB, Class A11, 4.77% (1 mo. Term SOFR + 0.61%), 07/25/2036  | 889832 | 341916  |
| &nbsp;&nbsp;&nbsp; Series 2006-18CB, Class A5, 4.62% (1 mo. Term SOFR + 0.46%), 07/25/2036  | 5655044 | 2106074  |
| &nbsp;&nbsp;&nbsp; Series 2006-18CB, Class A6, 11.51% (-4 x 1 mo. Term SOFR + 28.14%), 07/25/2036<sup>(f)</sup> | 6176192 | 6604835  |
| &nbsp;&nbsp;&nbsp; Series 2006-18CB, Class A7, 4.62% (1 mo. Term SOFR + 0.46%), 07/25/2036  | 3445440 | 1283164  |
| &nbsp;&nbsp;&nbsp; Series 2006-20CB, Class A4, 4.62% (1 mo. Term SOFR + 0.46%), 07/25/2036  | 2620305 | 787621  |
| &nbsp;&nbsp;&nbsp; Series 2006-23CB, Class 2A5, 4.67% (1 mo. Term SOFR + 0.51%), 08/25/2036  | 8855912 | 1620669  |
| &nbsp;&nbsp;&nbsp; Series 2006-24CB, Class A16, 5.75%, 08/25/2036  | 169063 | 82178  |
| &nbsp;&nbsp;&nbsp; Series 2006-24CB, Class A2, 6.00%, 08/25/2036  | 337115 | 169716  |
| &nbsp;&nbsp;&nbsp; Series 2006-24CB, Class A22, 6.00%, 08/25/2036  | 411607 | 207219  |
| &nbsp;&nbsp;&nbsp; Series 2006-24CB, Class A9, 6.00%, 08/25/2036  | 539129 | 271418  |
| &nbsp;&nbsp;&nbsp; Series 2006-25CB, Class A9, 6.00%, 10/25/2036  | 973231 | 493622  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-26CB, Class A20, 4.62% (1 mo. Term SOFR + 0.46%), <br>09/25/2036  | 1506506 | 483896  |
| &nbsp;&nbsp;&nbsp; Series 2006-26CB, Class A6, 6.25%, 09/25/2036  | 10878 | 5056  |
| &nbsp;&nbsp;&nbsp; Series 2006-26CB, Class A8, 6.25%, 09/25/2036  | 41677 | 19371  |
| &nbsp;&nbsp;&nbsp; Series 2006-28CB, Class A3, 6.50%, 10/25/2036  | 403704 | 202141  |
| &nbsp;&nbsp;&nbsp; Series 2006-32CB, Class A16, 5.50%, 11/25/2036  | 45077 | 23583  |
| &nbsp;&nbsp;&nbsp; Series 2006-32CB, Class A3, 6.00%, 11/25/2036  | 340193 | 186548  |
| &nbsp;&nbsp;&nbsp; Series 2006-32CB, Class A7, 5.00% (1 mo. Term SOFR + 0.84%), 11/25/2036 | 1537387 | 701091  |
| &nbsp;&nbsp;&nbsp; Series 2006-33CB, Class 2A1, 6.00%, 11/25/2036  | 251433 | 127681  |
| &nbsp;&nbsp;&nbsp; Series 2006-34, Class A5, 6.25%, 11/25/2046  | 1282209 | 561824  |
| &nbsp;&nbsp;&nbsp; Series 2006-36T2, Class 1A9, 5.17% (1 mo. Term SOFR + 1.01%), 12/25/2036  | 353175 | 111491  |
| &nbsp;&nbsp;&nbsp; Series 2006-39CB, Class 2A1, 4.72% (1 mo. Term SOFR + 0.56%), 01/25/2037  | 3939400 | 427598  |
| &nbsp;&nbsp;&nbsp; Series 2006-39CB, Class 2A4, 4.72% (1 mo. Term SOFR + 0.56%), 01/25/2037  | 2644316 | 287025  |
| &nbsp;&nbsp;&nbsp; Series 2006-40T1, Class 2A1, 6.00%, 12/25/2036  | 1132374 | 303325  |
| &nbsp;&nbsp;&nbsp; Series 2006-40T1, Class 2A4, 6.00%, 12/25/2036  | 2156778 | 577729  |
| &nbsp;&nbsp;&nbsp; Series 2006-40T1, Class 2A6, 2.33% (-1 x 1 mo. Term SOFR + 6.49%), 12/25/2036<sup>(d)(f)</sup> | 6678778 | 715847  |

---

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** 

**September 30, 2025(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 2006-41CB, Class 1A7, 6.00%, 01/25/2037  | $290108 | $142785 |
| &nbsp;&nbsp;&nbsp; Series 2006-41CB, Class 1A9, 6.00%, 01/25/2037  | 248553 | 122332  |
| &nbsp;&nbsp;&nbsp; Series 2006-42, Class 1A5, 6.00%, 01/25/2047  | 470267 | 255850  |
| &nbsp;&nbsp;&nbsp; Series 2006-43CB, Class 3A3, 2.36% (-1 x 1 mo. Term SOFR + 6.52%), 02/25/2037<sup>(d)(f)</sup> | 6860778 | 1067744 |
| &nbsp;&nbsp;&nbsp; Series 2006-45T1, Class 2A15, 5.50%, 02/25/2037  | 2381093 | 1200968  |
| &nbsp;&nbsp;&nbsp; Series 2006-46, Class A2, 4.79% (1 mo. Term SOFR + 0.63%), 02/25/2047  | 6601705 | 2334672  |
| &nbsp;&nbsp;&nbsp; Series 2006-8T1, Class 1A4, 6.00%, 04/25/2036  | 73734 | 34351  |
| &nbsp;&nbsp;&nbsp; Series 2006-9T1, Class A7, 6.00%, 05/25/2036  | 1801255 | 698380  |
| &nbsp;&nbsp;&nbsp; Series 2006-HY13, Class 4A1, 4.75%, 02/25/2037<sup>(c)</sup> | 379143 | 335306  |
| &nbsp;&nbsp;&nbsp; Series 2006-J1, Class 1A13, 5.50%, 02/25/2036  | 68480 | 45953  |
| &nbsp;&nbsp;&nbsp; Series 2006-J2, Class A2, 1.23% (-1 x 1 mo. Term SOFR + 5.39%), 04/25/2036<sup>(d)(f)</sup> | 2054121 | 201196  |
| &nbsp;&nbsp;&nbsp; Series 2006-J5, Class 1A1, 6.50%, 09/25/2036  | 918297 | 469849  |
| &nbsp;&nbsp;&nbsp; Series 2006-J5, Class 1A5, 6.50%, 09/25/2036  | 216421 | 110732  |
| &nbsp;&nbsp;&nbsp; Series 2006-OA10, Class 1A1, 5.11% (MTA + 0.96%), 08/25/2046  | 253962 | 231546  |
| &nbsp;&nbsp;&nbsp; Series 2006-OA12, Class A1C, 4.53% (1 mo. Term SOFR + 0.39%), 09/20/2046  | 277362 | 247021  |
| &nbsp;&nbsp;&nbsp; Series 2006-OA17, Class 1A1A, 4.44% (1 mo. Term SOFR + 0.31%), 12/20/2046  | 353828 | 311248  |
| &nbsp;&nbsp;&nbsp; Series 2006-OA9, Class 2A1A, 4.67% (1 mo. Term SOFR + 0.53%), 07/20/2046  | 64856 | 54947  |
| &nbsp;&nbsp;&nbsp; Series 2007-11T1, Class A12, 4.62% (1 mo. Term SOFR + 0.46%), 05/25/2037  | 357063 | 107739  |
| &nbsp;&nbsp;&nbsp; Series 2007-12T1, Class A7, 4.77% (1 mo. Term SOFR + 0.61%), 06/25/2037  | 3528395 | 1126926  |
| &nbsp;&nbsp;&nbsp; Series 2007-14T2, Class A1, 6.00%, 07/25/2037  | 6824407 | 3478334  |
| &nbsp;&nbsp;&nbsp; Series 2007-15CB, Class A6, 5.75%, 07/25/2037  | 792099 | 447650  |
| &nbsp;&nbsp;&nbsp; Series 2007-16CB, Class 1A5, 4.67% (1 mo. Term SOFR + 0.51%), 08/25/2037  | 1360886 | 837668  |
| &nbsp;&nbsp;&nbsp; Series 2007-16CB, Class 2A2, 18.98% (-8 x 1 mo. Term SOFR + 53.63%), 08/25/2037<sup>(f)</sup> | 704123 | 904915  |
| &nbsp;&nbsp;&nbsp; Series 2007-16CB, Class 4A7, 6.00%, 08/25/2037  | 256443 | 186311  |
| &nbsp;&nbsp;&nbsp; Series 2007-16CB, Class 5A1, 6.25%, 08/25/2037  | 213570 | 96602  |
| &nbsp;&nbsp;&nbsp; Series 2007-17CB, Class 1A10, 10.25% (-5 x 1 mo. Term SOFR + 29.37%), 08/25/2037<sup>(f)</sup> | 690363 | 594144  |
| &nbsp;&nbsp;&nbsp; Series 2007-18CB, Class 1A6, 13.37% (-6 x 1 mo. Term SOFR + 38.31%), 08/25/2037<sup>(f)</sup> | 383640 | 311054  |
| &nbsp;&nbsp;&nbsp; Series 2007-18CB, Class 1A7, 4.74% (1 mo. Term SOFR + 0.58%), 08/25/2037  | 1237837 | 355809  |
| &nbsp;&nbsp;&nbsp; Series 2007-1T1, Class 2A1, 4.74% (1 mo. Term SOFR + 0.58%), 03/25/2037  | 3079562 | 1123059  |
| &nbsp;&nbsp;&nbsp; Series 2007-22, Class 2A16, 6.50%, 09/25/2037  | 1049801 | 366173  |
| &nbsp;&nbsp;&nbsp; Series 2007-23CB, Class A4, 2.23% (-1 x 1 mo. Term SOFR + 6.39%), 09/25/2037<sup>(d)(f)</sup> | 3531053 | 547879  |
| &nbsp;&nbsp;&nbsp; Series 2007-23CB, Class A7, 4.67% (1 mo. Term SOFR + 0.51%), 09/25/2037  | 1792573 | 610749  |
| &nbsp;&nbsp;&nbsp; Series 2007-24, Class A1, 4.82% (1 mo. Term SOFR + 0.66%), 10/25/2037  | 4538551 | 932306  |
| &nbsp;&nbsp;&nbsp; Series 2007-24, Class A6, 5.27% (1 mo. Term SOFR + 1.11%), 10/25/2037  | 210714 | 48137  |
| &nbsp;&nbsp;&nbsp; Series 2007-24, Class A7, 1.73% (-1 x 1 mo. Term SOFR + 5.89%), 10/25/2037<sup>(d)(f)</sup> | 210714 | 20109  |
| &nbsp;&nbsp;&nbsp; Series 2007-25, Class 1A2, 6.50%, 11/25/2037  | 1257055 | 545275  |
| &nbsp;&nbsp;&nbsp; Series 2007-2CB, Class 2A1, 4.87% (1 mo. Term SOFR + 0.71%), 03/25/2037  | 289337 | 113384  |
| &nbsp;&nbsp;&nbsp; Series 2007-3T1, Class 1A2, 4.77% (1 mo. Term SOFR + 0.61%), 04/25/2037  | 3832711 | 1235491  |
| &nbsp;&nbsp;&nbsp; Series 2007-3T1, Class 1A3, 4.77% (1 mo. Term SOFR + 0.61%), 04/25/2037  | 1371083 | 441975  |

---

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** 

**September 30, 2025(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 2007-3T1, Class 1A4, 4.77% (1 mo. Term SOFR + 0.61%), 04/25/2037  | $2350429 | $757671 |
| &nbsp;&nbsp;&nbsp; Series 2007-5CB, Class 1A11, 6.00%, 04/25/2037  | 581841 | 284030  |
| &nbsp;&nbsp;&nbsp; Series 2007-5CB, Class 1A18, 1.38% (-1 x 1 mo. Term SOFR + 5.54%), 04/25/2037<sup>(d)(f)</sup> | 353924 | 42637 |
| &nbsp;&nbsp;&nbsp; Series 2007-5CB, Class 1A24, 0.00%, 04/25/2037<sup>(h)</sup> | 287143 | 9869  |
| &nbsp;&nbsp;&nbsp; Series 2007-9T1, Class 1A4, 4.77% (1 mo. Term SOFR + 0.61%), 05/25/2037  | 1156930 | 398761  |
| &nbsp;&nbsp;&nbsp; Series 2007-9T1, Class 1A5, 1.23% (-1 x 1 mo. Term SOFR + 5.39%), 05/25/2037<sup>(d)(f)</sup> | 1156930 | 109772  |
| &nbsp;&nbsp;&nbsp; Series 2007-J1, Class 2A6, 4.87% (1 mo. Term SOFR + 0.71%), 03/25/2037  | 1772119 | 514215  |
| &nbsp;&nbsp;&nbsp; Series 2007-OA2, Class 1A1, 4.99% (MTA + 0.84%), 03/25/2047  | 226386 | 196134  |
| &nbsp;&nbsp;&nbsp; Series 2007-OA7, Class A1A, 4.63% (1 mo. Term SOFR + 0.47%), 05/25/2047  | 1541939 | 1429495  |
| &nbsp;&nbsp;&nbsp; Series 2007-OH1, Class A1D, 4.48% (1 mo. Term SOFR + 0.32%), 04/25/2047  | 56931 | 50168  |
| &nbsp;&nbsp;&nbsp; Series 2008-1R, Class 1A1, 4.91% (1 mo. Term SOFR + 0.58%), 08/25/2037  | 2483205 | 711410  |
| &nbsp;&nbsp;&nbsp; Series 2008-1R, Class 2A3, 6.00%, 08/25/2037  | 1689848 | 771995  |
| &nbsp;&nbsp;&nbsp; Series 2008-2R, Class 4A1, 6.25%, 08/25/2037<sup>(c)</sup> | 1127380 | 508668  |
| Countrywide Asset-Backed Certificates <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-BC3, Class M2, 5.17% (1 mo. Term SOFR + 1.01%), 06/25/2034  | 214237 | 213428  |
| &nbsp;&nbsp;&nbsp; Series 2004-BC3, Class M5, 6.15% (1 mo. Term SOFR + 1.99%), 04/25/2034  | 616461 | 559581  |
| &nbsp;&nbsp;&nbsp; Series 2005-17, Class 1AF4, 6.55%, 05/25/2036<sup>(b)</sup> | 1613890 | 1338927  |
| &nbsp;&nbsp;&nbsp; Series 2005-AB4, Class 2A1, 4.81% (1 mo. Term SOFR + 0.65%), 03/25/2036  | 259715 | 233989  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class AF6, 4.42%, 07/25/2036<sup>(c)</sup> | 18600 | 18363  |
| &nbsp;&nbsp;&nbsp; Series 2006-15, Class A6, 4.26%, 10/25/2046<sup>(c)</sup> | 81568 | 84355  |
| &nbsp;&nbsp;&nbsp; Series 2007-BC3, Class 2A4, 4.77% (1 mo. Term SOFR + 0.61%), 11/25/2047  | 312752 | 281218  |
| &nbsp;&nbsp;&nbsp; Series 2007-QX1, Class A1, 4.94% (1 mo. Term SOFR + 0.61%), 05/25/2037<sup>(a)</sup> | 4716388 | 4317654  |
| Countrywide Home Loan Mortgage Pass Through Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-48, Class 2A3, 6.31%, 10/25/2033<sup>(c)</sup> | 232640 | 112015  |
| &nbsp;&nbsp;&nbsp; Series 2003-53, Class M, 6.62%, 02/19/2034<sup>(c)</sup> | 330983 | 308917  |
| &nbsp;&nbsp;&nbsp; Series 2003-56, Class M, 10.48%, 12/25/2033<sup>(c)</sup> | 8896 | 10027  |
| &nbsp;&nbsp;&nbsp; Series 2004-2, Class 3A1, 6.87%, 03/25/2034<sup>(c)</sup> | 247541 | 247372  |
| &nbsp;&nbsp;&nbsp; Series 2004-29, Class 1A1, 4.81% (1 mo. Term SOFR + 0.65%), 02/25/2035  | 128213 | 123960  |
| &nbsp;&nbsp;&nbsp; Series 2004-29, Class 2A1, 4.93% (1 mo. Term SOFR + 0.77%), 02/25/2035  | 43125 | 40352  |
| &nbsp;&nbsp;&nbsp; Series 2004-9, Class A7, 5.25%, 06/25/2034  | 167758 | 164285  |
| &nbsp;&nbsp;&nbsp; Series 2005-17, Class 1A8, 5.50%, 09/25/2035  | 480091 | 480224  |
| &nbsp;&nbsp;&nbsp; Series 2005-19, Class 2A1, 4.62% (1 mo. Term SOFR + 0.46%), 08/25/2035  | 330929 | 57359  |
| &nbsp;&nbsp;&nbsp; Series 2005-21, Class A12, 6.25% (-4 x 1 mo. Term SOFR + 21.95%), 10/25/2035<sup>(f)</sup> | 91234 | 63096  |
| &nbsp;&nbsp;&nbsp; Series 2005-25, Class A17, 5.50%, 11/25/2035  | 394261 | 179633  |
| &nbsp;&nbsp;&nbsp; Series 2005-30, Class A8, 5.50%, 01/25/2036  | 92098 | 54251  |
| &nbsp;&nbsp;&nbsp; Series 2005-7, Class 3A1, 3.87%, 03/25/2035<sup>(c)</sup> | 859943 | 694975  |
| &nbsp;&nbsp;&nbsp; Series 2005-7, Class 3A2, 3.43%, 03/25/2035<sup>(c)</sup> | 637280 | 501308  |
| &nbsp;&nbsp;&nbsp; Series 2005-9, Class 1A3, 4.73% (1 mo. Term SOFR + 0.57%), 05/25/2035  | 100573 | 88702  |
| &nbsp;&nbsp;&nbsp; Series 2005-HYB8, Class 4A1, 4.64%, 12/20/2035<sup>(c)</sup> | 114319 | 101780  |
| &nbsp;&nbsp;&nbsp; Series 2005-J3, Class 1A3, 5.62% (1 mo. Term SOFR + 1.46%), 09/25/2035  | 1193288 | 810778  |
| &nbsp;&nbsp;&nbsp; Series 2005-J3, Class 2A1, 4.62% (1 mo. Term SOFR + 0.46%), 09/25/2035  | 440613 | 373106  |
| &nbsp;&nbsp;&nbsp; Series 2005-R1, Class 2A2, 6.50%, 03/25/2035<sup>(a)</sup> | 238344 | 251009  |
| &nbsp;&nbsp;&nbsp; Series 2006-10, Class 1A11, 5.85%, 05/25/2036  | 161328 | 61315  |
| &nbsp;&nbsp;&nbsp; Series 2006-20, Class 1A35, 6.00%, 02/25/2037  | 635281 | 281472  |

---

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** 

**September 30, 2025(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 2006-6, Class A9, 6.00%, 04/25/2036  | $2158102 | $1008609 |
| &nbsp;&nbsp;&nbsp; Series 2006-8, Class 1A1, 6.00%, 05/25/2036  | 2024408 | 1177611  |
| &nbsp;&nbsp;&nbsp; Series 2006-9, Class A1, 6.00%, 05/25/2036  | 40432 | 17954 |
| &nbsp;&nbsp;&nbsp; Series 2006-9, Class A17, 4.77% (1 mo. Term SOFR + 0.61%), 05/25/2036  | 1075663 | 371445  |
| &nbsp;&nbsp;&nbsp; Series 2006-HYB2, Class 1A1, 5.39%, 04/20/2036<sup>(c)</sup> | 206129 | 179369  |
| &nbsp;&nbsp;&nbsp; Series 2006-J2, Class 1A6, 6.00%, 04/25/2036  | 714907 | 343532  |
| &nbsp;&nbsp;&nbsp; Series 2006-J4, Class A3, 6.25%, 09/25/2036  | 164953 | 57394  |
| &nbsp;&nbsp;&nbsp; Series 2006-J4, Class A4, 6.25%, 09/25/2036  | 102098 | 35544  |
| &nbsp;&nbsp;&nbsp; Series 2006-J4, Class A9, 6.25%, 09/25/2036  | 59706 | 20785  |
| &nbsp;&nbsp;&nbsp; Series 2007-10, Class A6, 6.00%, 07/25/2037<sup>(d)</sup> | 396371 | 83938  |
| &nbsp;&nbsp;&nbsp; Series 2007-11, Class A12, 6.00%, 08/25/2037  | 561157 | 237186  |
| &nbsp;&nbsp;&nbsp; Series 2007-18, Class 1A1, 6.00%, 11/25/2037  | 254266 | 108244  |
| &nbsp;&nbsp;&nbsp; Series 2007-20, Class A1, 6.50%, 01/25/2038  | 217191 | 92002  |
| &nbsp;&nbsp;&nbsp; Series 2007-3, Class A14, 4.67% (1 mo. Term SOFR + 0.51%), 04/25/2037  | 667214 | 211448  |
| &nbsp;&nbsp;&nbsp; Series 2007-3, Class A16, 6.00%, 04/25/2037  | 513418 | 231493  |
| &nbsp;&nbsp;&nbsp; Series 2007-4, Class 1A1, 6.00%, 05/25/2037  | 1626608 | 659762  |
| &nbsp;&nbsp;&nbsp; Series 2007-HY1, Class 1A1, 4.68%, 04/25/2037<sup>(c)</sup> | 1227764 | 1148363  |
| &nbsp;&nbsp;&nbsp; Series 2007-HY5, Class 3A1, 4.85%, 09/25/2037<sup>(c)</sup> | 422292 | 392306  |
| &nbsp;&nbsp;&nbsp; Series 2007-J2, Class 2A5, 6.00%, 07/25/2037  | 163041 | 53520  |
| &nbsp;&nbsp;&nbsp; Series 2007-J3, Class A9, 6.00%, 07/25/2037  | 260882 | 109384  |
| Countrywide Home Loans <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-15, Class A5, 5.50%, 08/25/2035  | 445585 | 226204  |
| &nbsp;&nbsp;&nbsp; Series 2005-2, Class 2A1, 4.91% (1 mo. Term SOFR + 0.75%), 03/25/2035  | 205351 | 204421  |
| &nbsp;&nbsp;&nbsp; Series 2005-21, Class A2, 5.50%, 10/25/2035  | 172254 | 91185  |
| &nbsp;&nbsp;&nbsp; Series 2005-31, Class 2A1, 4.48%, 01/25/2036<sup>(c)</sup> | 174376 | 156504  |
| &nbsp;&nbsp;&nbsp; Series 2007-17, Class 1A1, 6.00%, 10/25/2037  | 266833 | 182342  |
| Credit Suisse First Boston Mortgage Securities Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2002-9, Class 1A1, 7.00%, 03/25/2032  | 757337 | 674279  |
| &nbsp;&nbsp;&nbsp; Series 2005-10, Class 10A3, 6.00%, 11/25/2035  | 379420 | 81428  |
| &nbsp;&nbsp;&nbsp; Series 2005-10, Class 6A7, 5.50%, 11/25/2035  | 216421 | 74825  |
| &nbsp;&nbsp;&nbsp; Series 2005-10, Class 9A1, 6.00%, 11/25/2035  | 1372212 | 944325  |
| &nbsp;&nbsp;&nbsp; Series 2005-4, Class 2A4, 5.50%, 06/25/2035  | 1748302 | 1213910  |
| &nbsp;&nbsp;&nbsp; Series 2005-9, Class 1A3, 5.25%, 10/25/2035  | 153529 | 140015  |
| &nbsp;&nbsp;&nbsp; Series 2005-9, Class 3A1, 6.00%, 10/25/2035  | 3162620 | 873867  |
| &nbsp;&nbsp;&nbsp; Series 2005-9, Class 4A1, 7.78% (-3 x 1 mo. Term SOFR + 19.21%), 10/25/2035<sup>(f)</sup> | 334182 | 342946  |
| &nbsp;&nbsp;&nbsp; Series 2005-9, Class 5A1, 4.97% (1 mo. Term SOFR + 0.81%), 10/25/2035  | 549407 | 238223  |
| Credit Suisse Management LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2001-28, Class 1A1, 4.92% (1 mo. Term SOFR + 0.76%), 11/25/2031  | 604646 | 340658  |
| &nbsp;&nbsp;&nbsp; Series 2002-30, Class 1A1, 7.50%, 11/25/2032  | 85039 | 87661  |
| &nbsp;&nbsp;&nbsp; Series 2004-6, Class 4A12, 4.67% (1 mo. Term SOFR + 0.51%), 10/25/2034  | 102285 | 92190  |
| &nbsp;&nbsp;&nbsp; Series 2005-11, Class 1A1, 6.50%, 12/25/2035  | 1093627 | 477089  |
| &nbsp;&nbsp;&nbsp; Series 2005-11, Class 3A5, 5.50%, 12/25/2035  | 185007 | 70625  |
| &nbsp;&nbsp;&nbsp; Series 2005-11, Class 8A4, 6.00%, 12/25/2035  | 251583 | 181718  |
| &nbsp;&nbsp;&nbsp; Series 2005-11, Class 8A5, 6.00%, 12/25/2035  | 141689 | 102342  |
| &nbsp;&nbsp;&nbsp; Series 2005-12, Class 8A1, 6.00%, 01/25/2036  | 58627 | 35801  |
| &nbsp;&nbsp;&nbsp; Series 2005-5, Class 6A3, 5.00%, 07/25/2035  | 74184 | 71616  |

---

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** 

**September 30, 2025(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 2005-7, Class 2A2, 4.57% (1 mo. Term SOFR + 0.41%), 08/25/2035  | $941870 | $333634 |
| &nbsp;&nbsp;&nbsp; Series 2005-8, Class 5A1, 7.78% (-3 x 1 mo. Term SOFR + 19.21%), 09/25/2035<sup>(f)</sup> | 950424 | 466772 |
| &nbsp;&nbsp;&nbsp; Series 2005-8, Class 9A1, 4.75%, 09/25/2035  | 375165 | 236784  |
| Credit Suisse Mortgage Capital Certificates <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class 1A2, 7.03% (-6 x 1 mo. Term SOFR + 29.90%), 02/25/2036<sup>(f)</sup> | 24239 | 23449  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class 5A1, 6.00%, 02/25/2036  | 36292 | 17946  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class 2A3, 6.00%, 03/25/2036  | 72896 | 27355  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class 5A1, 4.97% (1 mo. Term SOFR + 0.81%), 03/25/2036  | 6082441 | 1834807  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class 6A8, 5.75%, 03/25/2036  | 204021 | 100441  |
| &nbsp;&nbsp;&nbsp; Series 2006-3, Class 1A3, 6.81%, 04/25/2036<sup>(b)</sup> | 9650000 | 467329  |
| &nbsp;&nbsp;&nbsp; Series 2006-3, Class 1A4B, 6.66%, 04/25/2036<sup>(b)</sup> | 2537309 | 123216  |
| &nbsp;&nbsp;&nbsp; Series 2006-3, Class 5A7, 6.00%, 04/25/2036  | 2193599 | 464341  |
| &nbsp;&nbsp;&nbsp; Series 2006-4, Class 10A1, 6.50%, 05/25/2036  | 8085114 | 2007846  |
| &nbsp;&nbsp;&nbsp; Series 2006-6, Class 1A12, 6.00%, 07/25/2036  | 1804402 | 813142  |
| &nbsp;&nbsp;&nbsp; Series 2006-6, Class 1A4, 6.00%, 07/25/2036  | 2485292 | 1119981  |
| &nbsp;&nbsp;&nbsp; Series 2006-6, Class 2A2, 1.63% (-1 x 1 mo. Term SOFR + 5.79%), 07/25/2036<sup>(d)(f)</sup> | 2279865 | 122779  |
| &nbsp;&nbsp;&nbsp; Series 2006-6, Class 2A4, 6.50%, 07/25/2036  | 4481093 | 901116  |
| &nbsp;&nbsp;&nbsp; Series 2006-7, Class 3A12, 6.25%, 08/25/2036  | 1368735 | 487873  |
| &nbsp;&nbsp;&nbsp; Series 2006-9, Class 4A1, 6.00%, 11/25/2036  | 3865033 | 2134410  |
| &nbsp;&nbsp;&nbsp; Series 2006-9, Class 4A13, 6.50%, 11/25/2036  | 364409 | 210251  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 1A6A, 5.86%, 02/25/2037<sup>(c)</sup> | 1614932 | 352476  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 5A13, 6.00%, 02/25/2037  | 1628333 | 875520  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 5A14, 6.00%, 02/25/2037  | 3578339 | 1934135  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 5A4, 6.00%, 02/25/2037  | 484638 | 261931  |
| &nbsp;&nbsp;&nbsp; Series 2007-3, Class 1A1A, 5.84%, 04/25/2037<sup>(c)</sup> | 18537130 | 4512175  |
| &nbsp;&nbsp;&nbsp; Series 2007-3, Class 1A2, 5.59%, 04/25/2037<sup>(c)</sup> | 3944676 | 950636  |
| &nbsp;&nbsp;&nbsp; Series 2007-3, Class 2A10, 6.00%, 04/25/2037  | 6206063 | 1827152  |
| &nbsp;&nbsp;&nbsp; Series 2007-4, Class 2A2, 6.00%, 06/25/2037  | 97479 | 51533  |
| &nbsp;&nbsp;&nbsp; Series 2007-4R, Class 1A1, 4.89%, 10/26/2036<sup>(a)(c)</sup> | 59143 | 53616  |
| &nbsp;&nbsp;&nbsp; Series 2007-5, Class 2A5, 5.00%, 08/25/2037  | 5188910 | 4641090  |
| &nbsp;&nbsp;&nbsp; Series 2007-5, Class 3A2, 10.71% (-4 x 1 mo. Term SOFR + 27.34%), 08/25/2037<sup>(f)</sup> | 953167 | 1055475  |
| &nbsp;&nbsp;&nbsp; Series 2011-2R, Class 4A2, 3.21% (1 mo. Term SOFR + 0.22%), 02/27/2037<sup>(a)(e)</sup> | 3060483 | 2578457  |
| &nbsp;&nbsp;&nbsp; Series 2013-6, Class 1A1, 2.50%, 07/25/2028<sup>(a)(c)</sup> | 19546 | 18987  |
| &nbsp;&nbsp;&nbsp; Series 2014-6R, Class 8A1, 3.00%, 08/27/2036<sup>(a)(c)(e)</sup> | 282090 | 266237  |
| &nbsp;&nbsp;&nbsp; Series 2014-6R, Class 9A1, 2.75%, 12/27/2035<sup>(a)(c)</sup> | 14800 | 14695  |
| &nbsp;&nbsp;&nbsp; Series 2015-1R, Class 6A1, 4.35% (1 mo. Term SOFR + 0.39%), 05/27/2037<sup>(a)(e)</sup> | 57763 | 55614  |
| &nbsp;&nbsp;&nbsp; Series 2015-6R, Class 5A2, 3.36% (1 mo. Term SOFR + 0.29%), 03/27/2036<sup>(a)</sup> | 783058 | 618922  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM7, Class A3, 2.06%, 10/25/2066<sup>(a)(c)</sup> | 160136 | 142033  |
| Credit Suisse Mortgage Trust, Series 2006-6, Class 1A8, 6.00%, 07/25/2036  | 1208292 | 544509 |

---

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** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| Credit-Based Asset Servicing and Securitization LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-CB6, Class B2, 4.41% (1 mo. Term SOFR + 2.96%), 07/25/2035  | $685012 | $536184 |
| &nbsp;&nbsp;&nbsp; Series 2006-CB8, Class A1, 4.55% (1 mo. Term SOFR + 0.39%), 10/25/2036  | 63084 | 57976  |
| &nbsp;&nbsp;&nbsp; Series 2007-CB4, Class A2C, 3.39%, 04/25/2037<sup>(b)</sup> | 850000 | 572494 |
| &nbsp;&nbsp;&nbsp; Series 2007-CB5, Class A1, 2.96% (1 mo. Term SOFR + 0.23%), 04/25/2037  | 111353 | 66090  |
| &nbsp;&nbsp;&nbsp; Series 2007-RP1, Class A, 4.58% (1 mo. Term SOFR + 0.42%), 05/25/2046<sup>(a)</sup> | 1374486 | 1205209  |
| CSAB Mortgage Backed Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class A3, 4.75% (1 mo. Term SOFR + 0.59%), 06/25/2036  | 4644703 | 591500  |
| &nbsp;&nbsp;&nbsp; Series 2006-3, Class A4B, 6.61%, 11/25/2036<sup>(b)</sup> | 585098 | 75997  |
| &nbsp;&nbsp;&nbsp; Series 2006-4, Class A6A, 6.18%, 12/25/2036<sup>(b)</sup> | 30498 | 4583  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 1A1A, 5.90%, 05/25/2037<sup>(c)</sup> | 1974915 | 420918  |
|  CSAB Mortgage-Backed Trust, Series 2007-1, Class 4A1, 4.62% (1 mo. Term SOFR + 0.46%), 05/25/2037  | 8236949 | 1008675  |
| Deutsche ALT-A Securities, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-4, Class A5, 5.50%, 09/25/2035<sup>(c)</sup> | 57983 | 52635  |
| &nbsp;&nbsp;&nbsp; Series 2005-5, Class 1A6, 3.40% (-7 x 1 mo. Term SOFR + 35.09%), 11/25/2035<sup>(e)(f)</sup> | 12835 | 13426  |
| &nbsp;&nbsp;&nbsp; Series 2005-6, Class 1A3, 5.50%, 12/25/2035  | 12055 | 9757  |
| &nbsp;&nbsp;&nbsp; Series 2006-AB3, Class A5B, 6.80%, 07/25/2036<sup>(b)</sup> | 559092 | 487051  |
| &nbsp;&nbsp;&nbsp; Series 2006-AB4, Class A4B, 6.50%, 10/25/2036<sup>(b)</sup> | 396830 | 346867  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 1A4A, 4.49% (1 mo. Term SOFR + 0.33%), 08/25/2037  | 408870 | 357853  |
| &nbsp;&nbsp;&nbsp; Series 2007-AR1, Class A5, 4.75% (1 mo. Term SOFR + 0.59%), 01/25/2047  | 374280 | 329554  |
| &nbsp;&nbsp;&nbsp; Series 2007-RMP1, Class A2, 4.57% (1 mo. Term SOFR + 0.41%), 12/25/2036  | 1800739 | 1668477  |
| Deutsche Mortgage Securities, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-1, Class 3A5, 6.16%, 12/25/2033<sup>(b)</sup> | 14974 | 14823  |
| &nbsp;&nbsp;&nbsp; Series 2006-PR1, Class 3A1, 6.15% (-1 x 1 mo. Term SOFR + 11.96%), 04/15/2036<sup>(a)(f)</sup> | 28501 | 26269  |
| &nbsp;&nbsp;&nbsp; Series 2006-PR1, Class 4AF1, 4.55% (1 mo. Term SOFR + 0.40%), 04/15/2036<sup>(a)</sup> | 799641 | 739478  |
| &nbsp;&nbsp;&nbsp; Series 2006-PR1, Class 4AF2, 4.61% (1 mo. Term SOFR + 0.46%), 04/15/2036<sup>(a)</sup> | 1921199 | 1778535  |
| &nbsp;&nbsp;&nbsp; Series 2006-PR1, Class 5AF1, 4.81% (1 mo. Term SOFR + 0.66%), 04/15/2036<sup>(a)</sup> | 340027 | 306261  |
| &nbsp;&nbsp;&nbsp; Series 2006-PR1, Class 5AF3, 4.63% (1 mo. Term SOFR + 0.48%), 04/15/2036<sup>(a)</sup> | 3172912 | 2838719  |
| &nbsp;&nbsp;&nbsp; Series 2006-PR1, Class 5AF4, 4.60% (1 mo. Term SOFR + 0.45%), 04/15/2036<sup>(a)</sup> | 2452210 | 2190967  |
| &nbsp;&nbsp;&nbsp; Series 2006-PR1, Class 5AI2, 6.32% (-2 x 1 mo. Term SOFR + 14.08%), 04/15/2036<sup>(a)(f)</sup> | 2397352 | 2331045  |
| &nbsp;&nbsp;&nbsp; Series 2006-PR1, Class 5AI4, 6.15% (-1 x 1 mo. Term SOFR + 11.96%), 04/15/2036<sup>(a)(f)</sup> | 404910 | 386920  |
| &nbsp;&nbsp;&nbsp; Series 2006-PR1, Class 5AS4, 3.35%, 04/15/2036<sup>(a)(c)(d)</sup> | 2242192 | 279101  |
| &nbsp;&nbsp;&nbsp; Series 2006-PR1, Class AX, 0.26%, 04/15/2036<sup>(a)(c)(d)</sup> | 6742273 | 30967  |
| &nbsp;&nbsp;&nbsp; Series 2008-RS1, Class 4A2, 4.53% (1 mo. Term SOFR + 0.36%), 05/28/2037<sup>(a)</sup> | 1023213 | 940191  |

---

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** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| Downey Savings & Loan Association Mortgage Loan Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR5, Class 2A1A, 4.91% (1 mo. Term SOFR + 0.77%), <br>09/19/2045  | $4574287 | $2383675 |
| &nbsp;&nbsp;&nbsp; Series 2006-AR1, Class 2A1A, 5.09% (MTA + 0.94%), 04/19/2046  | 2212879 | 1808292  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AR1, Class 2A1A, 4.39% (1 mo. Term SOFR + 0.25%), <br>03/19/2037  | 85066 | 70691  |
|  EMC Mortgage Loan Trust, Series 2001-A, Class A, 5.01% (1 mo. Term SOFR + 0.85%), 05/25/2040<sup>(a)</sup> | 442766 | 435866  |
|  Encore Credit Receivables Trust, Series 2005-1, Class M4, 5.29% (1 mo. Term SOFR + 1.13%), 07/25/2035  | 626282 | 554967 |
|  Equifirst Mortgage Loan Trust, Series 2004-2, Class M7, 7.27% (1 mo. Term SOFR + 3.11%), 10/25/2034  | 39742 | 37640  |
|  Finance America Mortgage Loan Trust, Series 2004-2, Class M7, 6.97% (1 mo. Term SOFR + 2.81%), 08/25/2034  | 545523 | 469947  |
| First Franklin Mortgage Loan Asset Backed Certificates <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-FF5, Class M3, 6.75% (1 mo. Term SOFR + 2.59%), 03/25/2034  | 278613 | 265385  |
| &nbsp;&nbsp;&nbsp; Series 2004-FF5, Class A3C, 5.27% (1 mo. Term SOFR + 1.11%), 08/25/2034  | 104901 | 98913  |
| &nbsp;&nbsp;&nbsp; Series 2004-FF7, Class M7, 7.27% (1 mo. Term SOFR + 3.11%), 09/25/2034  | 735271 | 790821  |
| &nbsp;&nbsp;&nbsp; Series 2006-FF5, Class 2A4, 4.75% (1 mo. Term SOFR + 0.59%), 04/25/2036  | 5517739 | 5050280  |
| First Horizon Alternative Mortgage Securities <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-AA11, Class 2A1, 4.35%, 01/25/2036<sup>(c)</sup> | 372817 | 178099  |
| &nbsp;&nbsp;&nbsp; Series 2005-FA3, Class 1A2, 4.77% (1 mo. Term SOFR + 0.61%), 05/25/2035  | 1653189 | 936434  |
| &nbsp;&nbsp;&nbsp; Series 2005-FA6, Class A7, 5.50%, 09/25/2035  | 735696 | 368774  |
| &nbsp;&nbsp;&nbsp; Series 2006-AA2, Class 2A1, 4.86%, 05/25/2036<sup>(c)</sup> | 265250 | 216583  |
| &nbsp;&nbsp;&nbsp; Series 2006-AA8, Class 2A1, 4.74%, 02/25/2037<sup>(c)</sup> | 222932 | 151738  |
| &nbsp;&nbsp;&nbsp; Series 2006-FA1, Class 1A1, 5.02% (1 mo. Term SOFR + 0.86%), 04/25/2036  | 3018181 | 941527  |
| &nbsp;&nbsp;&nbsp; Series 2006-FA2, Class 1A3, 6.00%, 05/25/2036  | 1821355 | 678002  |
| &nbsp;&nbsp;&nbsp; Series 2006-FA2, Class 1A6, 6.00%, 05/25/2036  | 774102 | 288160  |
| &nbsp;&nbsp;&nbsp; Series 2006-FA6, Class 2A4, 6.75%, 11/25/2036  | 110649 | 29913  |
| &nbsp;&nbsp;&nbsp; Series 2006-FA8, Class 1A7, 6.00%, 02/25/2037  | 954702 | 341292  |
| &nbsp;&nbsp;&nbsp; Series 2006-RE1, Class A1, 5.50%, 05/25/2035<sup>(c)</sup> | 44610 | 27619  |
| &nbsp;&nbsp;&nbsp; Series 2007-FA1, Class A1, 4.59% (1 mo. Term SOFR + 0.43%), 03/25/2037  | 11170545 | 2751514  |
| &nbsp;&nbsp;&nbsp; Series 2007-FA2, Class 1A5, 4.57% (1 mo. Term SOFR + 0.41%), 04/25/2037  | 8624 | 1971  |
| &nbsp;&nbsp;&nbsp; Series 2007-FA3, Class A5, 4.87% (1 mo. Term SOFR + 0.71%), 06/25/2037  | 3181776 | 715127  |
| First Horizon Asset Securities, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR3, Class 2A1, 6.00%, 08/25/2035<sup>(c)</sup> | 583806 | 389922  |
| &nbsp;&nbsp;&nbsp; Series 2007-4, Class 1A16, 4.87% (1 mo. Term SOFR + 0.71%), 08/25/2037  | 3176538 | 807052  |
| &nbsp;&nbsp;&nbsp; Series 2007-AR3, Class 2A2, 5.72%, 11/25/2037<sup>(c)</sup> | 288210 | 207428  |
| FirstKey Mortgage Trust, Series 2015-1, Class A3, 3.50%, 03/25/2045<sup>(a)(c)</sup> | 43805 | 40700  |
| Flagstar Mortgage Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-6RR, Class 2A4, 4.00%, 09/25/2048<sup>(a)(c)</sup> | 133406 | 131228  |
| &nbsp;&nbsp;&nbsp; Series 2018-6RR, Class AM, 4.91%, 10/25/2048<sup>(a)(c)</sup> | 22734 | 20236  |
| &nbsp;&nbsp;&nbsp; Series 2019-1INV, Class A11, 5.22% (1 mo. Term SOFR + 1.06%), 10/25/2049<sup>(a)</sup> | 260659 | 250971  |
| &nbsp;&nbsp;&nbsp; Series 2019-1INV, Class A13, 3.50%, 10/25/2049<sup>(a)(c)</sup> | 22636 | 20368  |

---

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** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| Fremont Home Loan Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-C, Class M2, 5.32% (1 mo. Term SOFR + 1.16%), 08/25/2034  | $98284 | $87912 |
| &nbsp;&nbsp;&nbsp; Series 2006-3, Class 1A1, 4.55% (1 mo. Term SOFR + 0.39%), 02/25/2037  | 50584 | 37490  |
| &nbsp;&nbsp;&nbsp; Series 2006-B, Class 2A2, 4.47% (1 mo. Term SOFR + 0.31%), 08/25/2036  | 74564 | 23063  |
| &nbsp;&nbsp;&nbsp; Series 2006-E, Class 1A1, 4.41% (1 mo. Term SOFR + 0.25%), 01/25/2037  | 1376755 | 706831  |
| Galton Funding Mortgage Trust, Series 2019-2, Class A21, 4.00%, 06/25/2059<sup>(a)(c)</sup> | 45040 | 42148  |
| GCAT <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A1, 1.04%, 05/25/2066<sup>(a)(c)</sup> | 1512924 | 1303558  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A3, 1.50%, 05/25/2066<sup>(a)(c)</sup> | 1057368 | 918854  |
| Global Mortgage Securitization Ltd. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-A, Class A2, 4.54% (1 mo. Term SOFR + 0.38%), 04/25/2032<sup>(a)</sup> | 353508 | 344253 |
| &nbsp;&nbsp;&nbsp; Series 2005-A, Class B1, 5.25%, 04/25/2032<sup>(a)</sup> | 57165 | 52815  |
| GMAC Mortgage Corp. Loan Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2002-HE1, Class A2, 4.75% (1 mo. Term SOFR + 0.59%), 01/25/2029  | 104732 | 91315  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR4, Class 2A2, 5.80%, 07/19/2035<sup>(c)</sup> | 86415 | 61455  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR6, Class 2A1, 3.84%, 11/19/2035<sup>(c)</sup> | 454704 | 328992  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR6, Class 3A1, 3.76%, 11/19/2035<sup>(c)</sup> | 9707 | 8495  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR1, Class 1A1, 3.79%, 04/19/2036<sup>(c)</sup> | 1596663 | 1323686  |
| &nbsp;&nbsp;&nbsp; Series 2006-J1, Class A2, 5.75%, 04/25/2036  | 259929 | 222457  |
| &nbsp;&nbsp;&nbsp; Series 2007-HE3, Class 2A1, 7.00%, 09/25/2037<sup>(c)</sup> | 88918 | 88000  |
| Greenpoint Manufactured Housing <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 1999-5, Class M2, 9.23%, 12/15/2029<sup>(c)</sup> | 514943 | 514839  |
| &nbsp;&nbsp;&nbsp; Series 2000-3, Class IA, 8.37%, 06/20/2031<sup>(c)</sup> | 6256686 | 1992169  |
| Greenpoint Mortgage Funding Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR1, Class A3, 4.83% (1 mo. Term SOFR + 0.67%), 06/25/2045  | 74371 | 67733  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR3, Class 1A1, 4.75% (1 mo. Term SOFR + 0.59%), 08/25/2045  | 520060 | 439810  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR5, Class 2A1, 4.83% (1 mo. Term SOFR + 0.67%), 11/25/2045  | 4006518 | 2658464  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR1, Class A1A, 4.85% (1 mo. Term SOFR + 0.69%), 02/25/2036  | 99056 | 90019  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR2, Class 3A2, 4.91% (1 mo. Term SOFR + 0.75%), 03/25/2036  | 195857 | 191459  |
| &nbsp;&nbsp;&nbsp; Series 2007-AR2, Class 2A1, 4.67% (1 mo. Term SOFR + 0.51%), 05/25/2037  | 416884 | 407536  |
| GS Mortgage Securities Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2008-2R, Class 1A1, 4.74%, 09/25/2036<sup>(a)(c)</sup> | 182441 | 50171  |
| &nbsp;&nbsp;&nbsp; Series 2008-2R, Class 2A1, 7.50%, 10/25/2036<sup>(a)(c)</sup> | 239090 | 25714  |
| &nbsp;&nbsp;&nbsp; Series 2009-4R, Class 2A3, 4.89% (1 mo. Term SOFR + 0.56%), 12/26/2036<sup>(a)</sup> | 2565475 | 1860901  |
| &nbsp;&nbsp;&nbsp; Series 2015-3R, Class 1B, 4.55% (1 mo. Term SOFR + 0.39%), 01/26/2037<sup>(a)</sup> | 556627 | 504325  |
|  GS Mortgage-Backed Securities Trust, Series 2021-GR2, Class A9, 5.00% (30 day avg SOFR US + 0.85%), 02/25/2052<sup>(a)</sup> | 1521554 | 1410280  |
| GSAA Home Equity Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-14, Class 1A2, 4.97% (1 mo. Term SOFR + 0.81%), 12/25/2035  | 770008 | 343365  |
| &nbsp;&nbsp;&nbsp; Series 2006-11, Class 2A1, 4.45% (1 mo. Term SOFR + 0.29%), 07/25/2036  | 4600735 | 843754  |
| GSAA Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-14, Class 2A3, 4.97% (1 mo. Term SOFR + 0.81%), 12/25/2035  | 249326 | 226047  |
| &nbsp;&nbsp;&nbsp; Series 2005-7, Class AF4, 5.56%, 05/25/2035<sup>(b)</sup> | 240112 | 229419  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class A2, 4.71% (1 mo. Term SOFR + 0.55%), 01/25/2036  | 4437951 | 1207729  |
| &nbsp;&nbsp;&nbsp; Series 2006-10, Class AF3, 5.98%, 06/25/2036<sup>(c)</sup> | 4218643 | 931491  |
| &nbsp;&nbsp;&nbsp; Series 2006-10, Class AF4, 6.80%, 06/25/2036<sup>(b)</sup> | 1474585 | 324630  |
| &nbsp;&nbsp;&nbsp; Series 2006-12, Class A1, 4.37% (1 mo. Term SOFR + 0.21%), 08/25/2036  | 3112938 | 709696  |

---

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** 

**September 30, 2025(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 2006-15, Class AF4, 6.46%, 09/25/2036<sup>(b)</sup> | $1994330 | $495724 |
| &nbsp;&nbsp;&nbsp; Series 2006-17, Class A2, 4.63% (1 mo. Term SOFR + 0.47%), 11/25/2036  | 6201987 | 1470307  |
| &nbsp;&nbsp;&nbsp; Series 2006-17, Class A3A, 4.75% (1 mo. Term SOFR + 0.59%), 11/25/2036  | 3859368 | 1208446  |
| &nbsp;&nbsp;&nbsp; Series 2006-19, Class A1, 4.45% (1 mo. Term SOFR + 0.29%), 12/25/2036  | 74530 | 19078  |
| &nbsp;&nbsp;&nbsp; Series 2006-20, Class 2A1A, 4.37% (1 mo. Term SOFR + 0.21%), 12/25/2046  | 409051 | 195938  |
| &nbsp;&nbsp;&nbsp; Series 2006-20, Class 2A1B, 4.47% (1 mo. Term SOFR + 0.31%), 12/25/2046  | 10817333 | 391938  |
| &nbsp;&nbsp;&nbsp; Series 2006-3, Class A4, 4.97% (1 mo. Term SOFR + 0.81%), 03/25/2036  | 4832103 | 297104  |
| &nbsp;&nbsp;&nbsp; Series 2006-7, Class AF2, 5.99%, 03/25/2046<sup>(c)</sup> | 433034 | 152550  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 1A1, 4.43% (1 mo. Term SOFR + 0.27%), 02/25/2037  | 8063795 | 2232455  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 1A2, 4.61% (1 mo. Term SOFR + 0.45%), 02/25/2037  | 1668214 | 459584  |
| &nbsp;&nbsp;&nbsp; Series 2007-10, Class A1A, 6.00%, 11/25/2037  | 3261869 | 1590737 |
| &nbsp;&nbsp;&nbsp; Series 2007-10, Class A2A, 6.50%, 11/25/2037  | 2121878 | 758648  |
| &nbsp;&nbsp;&nbsp; Series 2007-5, Class 2A1A, 4.51% (1 mo. Term SOFR + 0.35%), 04/25/2047  | 546432 | 504889  |
| &nbsp;&nbsp;&nbsp; Series 2007-8, Class A3, 5.17% (1 mo. Term SOFR + 1.01%), 08/25/2037  | 125706 | 124425  |
| GSAMP Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-AR1, Class M1, 5.25% (1 mo. Term SOFR + 1.09%), 06/25/2034  | 1590639 | 1715603  |
| &nbsp;&nbsp;&nbsp; Series 2004-OPT, Class B3, 3.51%, 11/25/2034<sup>(b)</sup> | 791737 | 612793  |
| &nbsp;&nbsp;&nbsp; Series 2004-OPT, Class M1, 3.39% (1 mo. Term SOFR + 0.98%), 11/25/2034  | 41125 | 39802  |
| &nbsp;&nbsp;&nbsp; Series 2004-WF, Class M3, 6.15% (1 mo. Term SOFR + 1.99%), 10/25/2034  | 195487 | 197220  |
| &nbsp;&nbsp;&nbsp; Series 2006-S5, Class A2, 6.16%, 09/25/2036<sup>(b)</sup> | 22152718 | 258855  |
| &nbsp;&nbsp;&nbsp; Series 2007-NC1, Class A2D, 4.73% (1 mo. Term SOFR + 0.57%), 12/25/2046  | 2271026 | 1119409  |
| GSMPS Mortgage Loan Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-RP1, Class 1A4, 8.50%, 01/25/2035<sup>(a)</sup> | 30315 | 31502  |
| &nbsp;&nbsp;&nbsp; Series 2005-RP1, Class 1AF, 4.62% (1 mo. Term SOFR + 0.46%), 01/25/2035<sup>(a)</sup> | 26769 | 23460  |
| &nbsp;&nbsp;&nbsp; Series 2005-RP2, Class 1AF, 4.62% (1 mo. Term SOFR + 0.46%), 03/25/2035<sup>(a)</sup> | 6503254 | 6116221  |
| &nbsp;&nbsp;&nbsp; Series 2005-RP3, Class 1AF, 4.62% (1 mo. Term SOFR + 0.46%), 09/25/2035<sup>(a)</sup> | 396631 | 340577  |
| &nbsp;&nbsp;&nbsp; Series 2006-RP1, Class 1AS, 0.00%, 01/25/2036<sup>(a)(c)(d)(i)</sup> | 11572356 | 189162  |
| GSR Mortgage Loan Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-2F, Class 1A4, 5.50%, 01/25/2034  | 21647 | 22095  |
| &nbsp;&nbsp;&nbsp; Series 2005-2F, Class 3A2, 3.48% (-1 x 1 mo. Term SOFR + 7.64%), 03/25/2035<sup>(d)(f)</sup> | 397496 | 80368  |
| &nbsp;&nbsp;&nbsp; Series 2005-6F, Class 3A11, 4.57% (1 mo. Term SOFR + 0.41%), 07/25/2035  | 434194 | 377475  |
| &nbsp;&nbsp;&nbsp; Series 2005-9F, Class 1A6, 5.50%, 12/25/2035  | 285199 | 241599  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR2, Class 1A2, 4.43%, 04/25/2035<sup>(c)</sup> | 337698 | 295010  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR2, Class 5A1, 6.56%, 04/25/2035<sup>(c)</sup> | 192456 | 189124  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR3, Class 5A1, 6.61%, 05/25/2035<sup>(c)</sup> | 786271 | 681029  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR3, Class 6A1, 4.32%, 05/25/2035<sup>(c)</sup> | 2428204 | 1798229  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR3, Class 7A1, 3.58%, 05/25/2035<sup>(c)</sup> | 384511 | 324066  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR6, Class B1, 5.79%, 09/25/2035<sup>(c)</sup> | 81426 | 70636  |
| &nbsp;&nbsp;&nbsp; Series 2006-10F, Class 4A1, 4.62% (1 mo. Term SOFR + 0.46%), 01/25/2037  | 1660162 | 201244  |
| &nbsp;&nbsp;&nbsp; Series 2006-3F, Class 2A3, 5.75%, 03/25/2036  | 390805 | 350718  |
| &nbsp;&nbsp;&nbsp; Series 2006-3F, Class 2A7, 5.75%, 03/25/2036  | 238753 | 214262  |
| &nbsp;&nbsp;&nbsp; Series 2006-3F, Class 5A1, 4.62% (1 mo. Term SOFR + 0.46%), 03/25/2036  | 1296664 | 158691  |
| &nbsp;&nbsp;&nbsp; Series 2006-3F, Class 5A2, 2.88% (-1 x 1 mo. Term SOFR + 7.04%), 03/25/2036<sup>(d)(f)</sup> | 376550 | 30746  |
| &nbsp;&nbsp;&nbsp; Series 2006-4F, Class 4A2, 2.88% (-1 x 1 mo. Term SOFR + 7.04%), 05/25/2036<sup>(d)(f)</sup> | 8128046 | 910526  |

---

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** 

**September 30, 2025(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 2006-7F, Class 4A2, 6.50%, 08/25/2036  | $1694732 | $441947 |
| &nbsp;&nbsp;&nbsp; Series 2006-AR1, Class 2A4, 4.67%, 01/25/2036<sup>(c)</sup> | 1893942 | 1761855  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR1, Class 3A1, 4.66%, 01/25/2036<sup>(c)</sup> | 110863 | 133068  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR2, Class 1A1, 4.63% (1 mo. Term SOFR + 0.47%), 12/25/2035  | 43330 | 37180  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR2, Class 3A1, 5.85%, 04/25/2036<sup>(c)</sup> | 466067 | 267138  |
| &nbsp;&nbsp;&nbsp; Series 2007-3F, Class 3A7, 6.00%, 05/25/2037  | 3443690 | 2478780  |
| &nbsp;&nbsp;&nbsp; Series 2007-3F, Class 4A1, 4.57% (1 mo. Term SOFR + 0.41%), 05/25/2037  | 4353798 | 688548  |
| &nbsp;&nbsp;&nbsp; Series 2007-AR1, Class 2A1, 4.24%, 03/25/2047<sup>(c)</sup> | 260881 | 143877  |
| &nbsp;&nbsp;&nbsp; Series 2007-OA1, Class 2A3A, 4.58% (1 mo. Term SOFR + 0.42%), 05/25/2037  | 668256 | 367892  |
| Harborview Mortgage Loan Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-7, Class 4A, 5.13%, 11/19/2034<sup>(c)</sup> | 452241 | 409720 |
| &nbsp;&nbsp;&nbsp; Series 2004-8, Class 2A3, 5.07% (1 mo. Term SOFR + 0.93%), 11/19/2034  | 208393 | 189594  |
| &nbsp;&nbsp;&nbsp; Series 2005-1, Class 2A1A, 4.79% (1 mo. Term SOFR + 0.65%), 03/19/2035  | 146297 | 149197  |
| &nbsp;&nbsp;&nbsp; Series 2005-12, Class 1A1A, 6.15% (MTA + 2.00%), 10/19/2035  | 427199 | 199095  |
| &nbsp;&nbsp;&nbsp; Series 2005-13, Class 2A11, 4.81% (1 mo. Term SOFR + 0.67%), 02/19/2036  | 1556901 | 663568  |
| &nbsp;&nbsp;&nbsp; Series 2005-15, Class 2A11, 4.79% (1 mo. Term SOFR + 0.65%), 10/20/2045  | 1938836 | 1796192  |
| &nbsp;&nbsp;&nbsp; Series 2005-15, Class 3A11, 6.15% (MTA + 2.00%), 10/20/2045  | 2198602 | 1638584  |
| &nbsp;&nbsp;&nbsp; Series 2005-6, Class A1B, 5.43% (6 mo. Term SOFR + 1.19%), 07/19/2045  | 233061 | 197176  |
| &nbsp;&nbsp;&nbsp; Series 2005-7, Class 1A1, 4.78% (Ent 11th COFI Repl + 1.85%), 06/19/2045  | 506646 | 226206  |
| &nbsp;&nbsp;&nbsp; Series 2005-8, Class 1A2A, 4.91% (1 mo. Term SOFR + 0.77%), 09/19/2035  | 319220 | 189195  |
| &nbsp;&nbsp;&nbsp; Series 2005-9, Class B2, 5.22% (1 mo. Term SOFR + 1.09%), 06/20/2035  | 276860 | 254200  |
| &nbsp;&nbsp;&nbsp; Series 2006-11, Class A1A, 4.59% (1 mo. Term SOFR + 0.45%), 12/19/2036  | 1631068 | 1461424  |
| &nbsp;&nbsp;&nbsp; Series 2006-5, Class 2A1A, 4.61% (1 mo. Term SOFR + 0.47%), 07/19/2046  | 10035539 | 5195038  |
| &nbsp;&nbsp;&nbsp; Series 2006-6, Class 1A1A, 5.00%, 08/19/2036<sup>(c)</sup> | 425738 | 275402  |
| &nbsp;&nbsp;&nbsp; Series 2006-9, Class 2A1A, 4.67% (1 mo. Term SOFR + 0.53%), 11/19/2036  | 880910 | 820007  |
| &nbsp;&nbsp;&nbsp; Series 2006-BU1, Class 2A1B, 4.75% (1 mo. Term SOFR + 0.61%), 02/19/2046  | 505870 | 377734  |
| &nbsp;&nbsp;&nbsp; Series 2007-2, Class 2A1A, 4.43% (1 mo. Term SOFR + 0.43%), 05/25/2038  | 3517599 | 2828178  |
| &nbsp;&nbsp;&nbsp; Series 2007-3, Class 2A1A, 4.65% (1 mo. Term SOFR + 0.51%), 05/19/2037  | 2116416 | 1993255  |
| &nbsp;&nbsp;&nbsp; Series 2007-4, Class 2A1, 4.47% (1 mo. Term SOFR + 0.55%), 07/19/2037  | 286458 | 281666  |
| &nbsp;&nbsp;&nbsp; Series 2007-7, Class 2A1A, 6.27% (1 mo. Term SOFR + 2.11%), 10/25/2037  | 219768 | 205750  |
| HarborView Mortgage Loan Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-14, Class 4A1A, 4.75%, 12/19/2035<sup>(c)</sup> | 1262280 | 620714  |
| &nbsp;&nbsp;&nbsp; Series 2005-16, Class 3A1A, 4.75% (1 mo. Term SOFR + 0.61%), 01/19/2036  | 1927539 | 1247040  |
| &nbsp;&nbsp;&nbsp; Series 2006-8, Class 1A1, 4.45% (1 mo. Term SOFR + 0.51%), 07/21/2036  | 675361 | 317894  |
|  Home Equity Asset Trust, Series 2003-7, Class A2, 5.03% (1 mo. Term SOFR + 0.87%), 03/25/2034  | 32585 | 32196  |
| HSBC Asset Loan Obligation <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class 1A1, 6.00%, 12/25/2036  | 283050 | 73625  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class 1A7, 4.64% (1 mo. Term SOFR + 0.48%), 12/25/2036  | 8273106 | 1556510  |
| &nbsp;&nbsp;&nbsp; Series 2007-WF1, Class A1, 4.39% (1 mo. Term SOFR + 0.23%), 12/25/2036  | 1221066 | 341965  |
| HSI Asset Securitization Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-HE2, Class 2A2, 4.49% (1 mo. Term SOFR + 0.33%), 12/25/2036  | 469474 | 115643  |
| &nbsp;&nbsp;&nbsp; Series 2007-HE2, Class 2A1, 4.49% (1 mo. Term SOFR + 0.33%), 04/25/2037  | 165025 | 81726  |
| Impac CMB Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-4, Class 2A1, 5.25%, 09/25/2034<sup>(b)</sup> | 363468 | 368654  |
| &nbsp;&nbsp;&nbsp; Series 2004-5, Class 1M2, 5.14% (1 mo. Term SOFR + 0.98%), 10/25/2034  | 11826 | 11741  |
| &nbsp;&nbsp;&nbsp; Series 2004-6, Class 1A2, 5.05% (1 mo. Term SOFR + 0.89%), 10/25/2034  | 42587 | 42566  |

---

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** 

**September 30, 2025(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 2004-6, Class 2A, 6.06%, 10/25/2034<sup>(b)</sup> | $333971 | $418315 |
| &nbsp;&nbsp;&nbsp; Series 2005-7, Class A1, 4.79% (1 mo. Term SOFR + 0.63%), 11/25/2035  | 12515 | 11319  |
| &nbsp;&nbsp;&nbsp; Series 2005-8, Class 1AM, 4.97% (1 mo. Term SOFR + 0.81%), 02/25/2036  | 845166 | 795460  |
| Impac Secured Assets CMN Owner Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class 1A2B, 4.61% (1 mo. Term SOFR + 0.45%), 08/25/2036  | 1201601 | 1136544  |
| &nbsp;&nbsp;&nbsp; Series 2007-3, Class A1A, 4.49% (1 mo. Term SOFR + 0.33%), 09/25/2037  | 108028 | 95641  |
| &nbsp;&nbsp;&nbsp; Series 2007-3, Class A1B, 4.75% (1 mo. Term SOFR + 0.59%), 09/25/2037  | 1421056 | 1237888  |
| Imperial Fund Mortgage Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class A1, 1.07%, 06/25/2056<sup>(a)(c)</sup> | 379698 | 333145  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A1, 1.07%, 09/25/2056<sup>(a)(c)</sup> | 3018658 | 2601221  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A3, 1.52%, 09/25/2056<sup>(a)(c)</sup> | 209920 | 182657 |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM3, Class A1, 1.60%, 11/25/2056<sup>(a)(c)</sup> | 468274 | 410408  |
| Indymac Home Equity Loan Asset-Backed Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2001-C, Class M2, 6.45% (1 mo. Term SOFR + 2.29%), 12/25/2032  | 399917 | 409803  |
| &nbsp;&nbsp;&nbsp; Series 2004-C, Class M5, 4.25% (1 mo. Term SOFR + 1.69%), 03/25/2035  | 579288 | 483960  |
| &nbsp;&nbsp;&nbsp; Series 2004-C, Class M6, 4.25% (1 mo. Term SOFR + 1.99%), 03/25/2035  | 293558 | 238667  |
| Indymac IMJA Mortgage Loan Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2007-A1, Class A3, 6.00%, 08/25/2037  | 2645898 | 954575  |
| &nbsp;&nbsp;&nbsp; Series 2007-A1, Class A7, 6.00%, 08/25/2037  | 1373066 | 495864  |
|  Indymac IMSC Mortgage Loan Trust, Series 2007-F3, Class 2A1, 6.50%, 09/25/2037  | 26566 | 13710  |
| Indymac INDA Mortgage Loan Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR2, Class 1A1, 4.29%, 09/25/2036<sup>(c)</sup> | 284303 | 176599  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR2, Class 4A1, 4.30%, 09/25/2036<sup>(c)</sup> | 121730 | 113333  |
| &nbsp;&nbsp;&nbsp; Series 2007-AR1, Class 1A1, 4.11%, 03/25/2037<sup>(c)</sup> | 290323 | 226129  |
| &nbsp;&nbsp;&nbsp; Series 2007-AR1, Class 1A2, 4.11%, 03/25/2037<sup>(c)</sup> | 275445 | 216743  |
| Indymac Index Mortgage Loan Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-AR9, Class B1, 4.39%, 11/25/2034<sup>(c)</sup> | 433921 | 363623  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR11, Class A3, 3.69%, 08/25/2035<sup>(c)</sup> | 137883 | 101775  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR31, Class 5A1, 4.85% (1 mo. Term SOFR + 0.69%), 01/25/2036  | 2027548 | 1363793  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR5, Class 4A1, 4.20%, 05/25/2035<sup>(c)</sup> | 285616 | 189616  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR7, Class 1A1, 3.51%, 06/25/2035<sup>(c)</sup> | 632713 | 345165  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR13, Class A2, 4.87% (1 mo. Term SOFR + 0.71%), 07/25/2036<sup>(e)</sup> | 170455 | 106321  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR25, Class 4A3, 3.58%, 09/25/2036<sup>(c)</sup> | 1770199 | 1498573  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR5, Class 2A1, 3.72%, 05/25/2036<sup>(c)</sup> | 1186357 | 1145915  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR9, Class 3A3, 3.46%, 06/25/2036<sup>(c)</sup> | 72848 | 63032  |
| &nbsp;&nbsp;&nbsp; Series 2007-AR15, Class 2A1, 3.38%, 08/25/2037<sup>(c)</sup> | 203713 | 142499  |
|  IndyMac INDX Mortgage Loan Trust, Series 2006-AR37, Class 1A1, 4.32%, 02/25/2037<sup>(c)</sup> | 39910 | 31622  |
| Indymac Residential Asset Backed Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-C, Class 2A, 4.53% (1 mo. Term SOFR + 0.37%), 08/25/2036  | 55220 | 53136  |
| &nbsp;&nbsp;&nbsp; Series 2007-A, Class 1A, 4.49% (1 mo. Term SOFR + 0.33%), 04/25/2037  | 252606 | 196546  |
| &nbsp;&nbsp;&nbsp; Series 2007-A, Class 2A2, 4.46% (1 mo. Term SOFR + 0.30%), 04/25/2037  | 490009 | 331867  |
| &nbsp;&nbsp;&nbsp; Series 2007-A, Class 2A4B, 4.72% (1 mo. Term SOFR + 0.56%), 04/25/2037  | 3710580 | 1513653  |
| Investment Capital Access, Inc., Series 13, Class M1, 7.88%, 12/28/2033<sup>(b)</sup> | 18937 | 18967  |

---

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** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
|  IXIS Real Estate Capital Trust, Series 2007-HE1, Class A1, 4.33% (1 mo. Term SOFR + 0.17%), 05/25/2037  | $447912 | $90956 |
| JP Morgan Alternative Loan Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-S1, Class 2A11, 6.00%, 12/25/2035  | 10195 | 6714  |
| &nbsp;&nbsp;&nbsp; Series 2006-A1, Class 2A2, 4.91%, 03/25/2036<sup>(c)</sup> | 2256150 | 1682053  |
| &nbsp;&nbsp;&nbsp; Series 2006-A2, Class 2A2, 4.65%, 05/25/2036<sup>(c)</sup> | 992374 | 592586  |
| &nbsp;&nbsp;&nbsp; Series 2006-A2, Class 3A1, 4.24%, 05/25/2036<sup>(c)</sup> | 683388 | 375192  |
| &nbsp;&nbsp;&nbsp; Series 2006-A4, Class A8, 4.12%, 09/25/2036<sup>(c)</sup> | 5359 | 6399  |
| &nbsp;&nbsp;&nbsp; Series 2006-A5, Class 1A1, 4.59% (1 mo. Term SOFR + 0.43%), 10/25/2036  | 163740 | 151164  |
| &nbsp;&nbsp;&nbsp; Series 2006-A6, Class 2A6, 4.88%, 11/25/2036<sup>(c)</sup> | 689136 | 579161  |
| &nbsp;&nbsp;&nbsp; Series 2006-A7, Class 1A4, 4.73% (1 mo. Term SOFR + 0.57%), 12/25/2036  | 1169486 | 1038842  |
| &nbsp;&nbsp;&nbsp; Series 2006-S1, Class 3A5, 5.73%, 03/25/2036<sup>(c)</sup> | 31113 | 31367 |
| &nbsp;&nbsp;&nbsp; Series 2006-S3, Class A6, 6.62%, 08/25/2036<sup>(b)</sup> | 107800 | 107504  |
| &nbsp;&nbsp;&nbsp; Series 2007-A2, Class 2A1, 4.78%, 05/25/2037<sup>(c)</sup> | 130009 | 114406  |
| &nbsp;&nbsp;&nbsp; JP Morgan Mortgage Acquisition Corp., Series 2006-CH2, Class AF6, <br>5.54%, 10/25/2036<sup>(b)</sup> | 545403 | 326282  |
| JP Morgan Mortgage Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-A1, Class 5A1, 6.83%, 02/25/2034<sup>(c)</sup> | 54040 | 54830  |
| &nbsp;&nbsp;&nbsp; Series 2004-A3, Class 1A1, 6.51%, 07/25/2034<sup>(c)</sup> | 168609 | 160966  |
| &nbsp;&nbsp;&nbsp; Series 2005-A1, Class 3A4, 5.54%, 02/25/2035<sup>(c)</sup> | 16867 | 16262  |
| &nbsp;&nbsp;&nbsp; Series 2005-A2, Class 1A1, 6.00%, 04/25/2035<sup>(c)</sup> | 83562 | 82090  |
| &nbsp;&nbsp;&nbsp; Series 2005-A2, Class 2A1, 3.95%, 04/25/2035<sup>(c)</sup> | 78131 | 64696  |
| &nbsp;&nbsp;&nbsp; Series 2005-A3, Class 6A5, 5.72%, 06/25/2035<sup>(c)</sup> | 127091 | 127702  |
| &nbsp;&nbsp;&nbsp; Series 2005-A8, Class 1A1, 4.98%, 11/25/2035<sup>(c)</sup> | 1492903 | 1162394  |
| &nbsp;&nbsp;&nbsp; Series 2005-A8, Class 2A3, 5.42%, 11/25/2035<sup>(c)</sup> | 351647 | 285993  |
| &nbsp;&nbsp;&nbsp; Series 2005-ALT1, Class 2A1, 5.42%, 10/25/2035<sup>(c)</sup> | 202679 | 153800  |
| &nbsp;&nbsp;&nbsp; Series 2005-S3, Class 2A2, 5.50%, 01/25/2036  | 160926 | 137905  |
| &nbsp;&nbsp;&nbsp; Series 2006-A4, Class 5A1, 4.43%, 06/25/2036<sup>(c)</sup> | 106957 | 72103  |
| &nbsp;&nbsp;&nbsp; Series 2006-A6, Class 3A2, 4.34%, 10/25/2036<sup>(c)</sup> | 315580 | 174576  |
| &nbsp;&nbsp;&nbsp; Series 2006-A7, Class 2A4R, 4.47%, 01/25/2037<sup>(c)</sup> | 218938 | 175640  |
| &nbsp;&nbsp;&nbsp; Series 2007-A1, Class B1, 5.96%, 07/25/2035<sup>(c)</sup> | 33182 | 29866  |
| &nbsp;&nbsp;&nbsp; Series 2007-A3, Class 1A1, 4.71%, 05/25/2037<sup>(c)</sup> | 443446 | 373041  |
| &nbsp;&nbsp;&nbsp; Series 2007-A4, Class 1A1, 4.68%, 06/25/2037<sup>(c)</sup> | 1652617 | 1298342  |
| &nbsp;&nbsp;&nbsp; Series 2007-A4, Class 3A1, 5.26%, 06/25/2037<sup>(c)</sup> | 52772 | 40722  |
| &nbsp;&nbsp;&nbsp; Series 2007-S1, Class 2A22, 5.75%, 03/25/2037  | 306801 | 105764  |
| &nbsp;&nbsp;&nbsp; Series 2007-S3, Class 1A18, 4.77% (1 mo. Term SOFR + 0.61%), 08/25/2037  | 842617 | 261802  |
| &nbsp;&nbsp;&nbsp; Series 2007-S3, Class 1A64, 7.50%, 08/25/2037  | 2931948 | 904996  |
| &nbsp;&nbsp;&nbsp; Series 2007-S3, Class 1A96, 6.00%, 08/25/2037  | 18570 | 7844  |
| &nbsp;&nbsp;&nbsp; Series 2013-3, Class A3, 3.36%, 07/25/2043<sup>(a)(c)</sup> | 123379 | 115949  |
| &nbsp;&nbsp;&nbsp; Series 2016-1, Class A7, 3.50%, 05/25/2046<sup>(a)(c)</sup> | 217061 | 198276  |
| &nbsp;&nbsp;&nbsp; Series 2016-3, Class 1A10, 3.00%, 10/25/2046<sup>(a)(c)</sup> | 814101 | 721509  |
| &nbsp;&nbsp;&nbsp; Series 2016-4, Class A12, 3.00%, 10/25/2046<sup>(a)(c)(g)</sup> | 865068 | 722528  |
| &nbsp;&nbsp;&nbsp; Series 2017-4, Class A3, 3.50%, 11/25/2048<sup>(a)(c)</sup> | 3918 | 3563  |
| &nbsp;&nbsp;&nbsp; Series 2019-1, Class A11, 5.22% (1 mo. Term SOFR + 1.06%), 05/25/2049<sup>(a)</sup> | 1232814 | 1176387  |
| &nbsp;&nbsp;&nbsp; Series 2019-8, Class A11, 5.12% (1 mo. Term SOFR + 0.96%), 03/25/2050<sup>(a)</sup> | 262459 | 248613  |
| &nbsp;&nbsp;&nbsp; Series 2019-9, Class A11, 5.17% (1 mo. Term SOFR + 1.01%), 05/25/2050<sup>(a)</sup> | 1569646 | 1505521  |

---

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** 

**September 30, 2025(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 2019-INV1, Class A11, 5.22% (1 mo. Term SOFR + 1.06%), 09/25/2049<sup>(a)</sup> | $1141186 | $1093977 |
| &nbsp;&nbsp;&nbsp; Series 2019-INV3, Class A11, 5.27% (1 mo. Term SOFR + 1.11%), 05/25/2050<sup>(a)</sup> | 1478795 | 1411504  |
| &nbsp;&nbsp;&nbsp; Series 2020-2, Class A7A, 3.00%, 07/25/2050<sup>(a)(c)</sup> | 928493 | 803740  |
| &nbsp;&nbsp;&nbsp; Series 2020-5, Class A11, 5.44% (1 mo. Term SOFR + 1.11%), 12/25/2050<sup>(a)</sup> | 337000 | 320840  |
| &nbsp;&nbsp;&nbsp; Series 2020-8, Class A11, 5.25% (30 day avg SOFR US + 0.90%), 03/25/2051<sup>(a)</sup> | 602978 | 568193  |
| &nbsp;&nbsp;&nbsp; Series 2020-INV1, Class A11, 5.10% (1 mo. Term SOFR + 0.94%), 08/25/2050<sup>(a)</sup> | 49750 | 46939  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class A4, 2.50%, 07/25/2051<sup>(a)(c)</sup> | 64537 | 58784  |
| JP Morgan Reremic  | JP Morgan Reremic  | JP Morgan Reremic  |
| &nbsp;&nbsp;&nbsp; Series 2009-11, Class 3A2, 5.95%, 01/26/2037<sup>(a)(c)(e)</sup> | 4901881 | 3893932 |
| &nbsp;&nbsp;&nbsp; Series 2014-1, Class 3A1, 3.00%, 05/26/2037<sup>(a)</sup> | 386631 | 378289  |
| Lehman Mortgage Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-2, Class 2A1, 4.95% (1 mo. Term SOFR + 0.79%), 12/25/2035  | 3937364 | 1923467  |
| &nbsp;&nbsp;&nbsp; Series 2005-2, Class 3A5, 5.50%, 12/25/2035  | 1142862 | 580888  |
| &nbsp;&nbsp;&nbsp; Series 2005-2, Class AX, 5.50%, 12/25/2035<sup>(d)(e)</sup> | 292116 | 51851  |
| &nbsp;&nbsp;&nbsp; Series 2005-3, Class 3A1, 6.00%, 01/25/2036  | 5405978 | 1180540  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class 1A3, 5.50%, 02/25/2036  | 601469 | 271333  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class 3A5, 5.50%, 02/25/2036  | 2185620 | 1557943  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class 1A1, 5.74%, 04/25/2036<sup>(c)</sup> | 154021 | 95390  |
| &nbsp;&nbsp;&nbsp; Series 2006-5, Class 2A1, 4.62% (1 mo. Term SOFR + 0.46%), 09/25/2036  | 3842926 | 473536  |
| &nbsp;&nbsp;&nbsp; Series 2006-6, Class 1A1, 4.77% (1 mo. Term SOFR + 0.61%), 10/25/2036  | 3363266 | 842020  |
| &nbsp;&nbsp;&nbsp; Series 2006-7, Class 1A8, 4.45% (1 mo. Term SOFR + 0.29%), 11/25/2036  | 2441299 | 1013656  |
| &nbsp;&nbsp;&nbsp; Series 2006-7, Class 4A1, 4.52% (1 mo. Term SOFR + 0.36%), 11/25/2036  | 2158930 | 119660  |
| &nbsp;&nbsp;&nbsp; Series 2006-9, Class 1A2, 4.87% (1 mo. Term SOFR + 0.71%), 01/25/2037  | 1117948 | 561193  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 2A3, 2.36% (-1 x 1 mo. Term SOFR + 6.52%), 02/25/2037<sup>(d)(f)</sup> | 8545531 | 1038503  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 3A1, 4.52% (1 mo. Term SOFR + 0.36%), 02/25/2037  | 2182862 | 289033  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 3A2, 2.98% (-1 x 1 mo. Term SOFR + 7.14%), 02/25/2037<sup>(d)(f)</sup> | 13293630 | 1434824  |
| &nbsp;&nbsp;&nbsp; Series 2007-2, Class 1A1, 5.75%, 02/25/2037  | 1022955 | 668756  |
| &nbsp;&nbsp;&nbsp; Series 2007-3, Class 1A2, 2.43% (-1 x 1 mo. Term SOFR + 6.59%), 03/25/2037<sup>(d)(e)(f)</sup> | 1386376 | 189656  |
| &nbsp;&nbsp;&nbsp; Series 2007-4, Class 2A3, 4.60% (1 mo. Term SOFR + 0.44%), 05/25/2037  | 5420930 | 1066446  |
| &nbsp;&nbsp;&nbsp; Series 2007-5, Class 10A4, 4.68% (1 mo. Term SOFR + 0.52%), 06/25/2037  | 3109887 | 677625  |
| &nbsp;&nbsp;&nbsp; Series 2007-5, Class 4A2, 4.59% (1 mo. Term SOFR + 0.43%), 08/25/2036<sup>(e)</sup> | 371869 | 223354  |
| &nbsp;&nbsp;&nbsp; Series 2007-6, Class 1A7, 6.00%, 07/25/2037  | 99469 | 88058  |
| &nbsp;&nbsp;&nbsp; Series 2007-7, Class 1A1, 4.77% (1 mo. Term SOFR + 0.61%), 08/25/2037  | 2035707 | 954794  |
| &nbsp;&nbsp;&nbsp; Series 2008-2, Class 1A1, 6.00%, 03/25/2038  | 297312 | 72298  |
| &nbsp;&nbsp;&nbsp; Series 2008-2, Class 1A11, 6.00%, 03/25/2038  | 6734523 | 1637657  |
| &nbsp;&nbsp;&nbsp; Series 2008-3, Class A1, 4.64% (1 mo. Term SOFR + 0.48%), 02/25/2037  | 40219429 | 8860561  |
| &nbsp;&nbsp;&nbsp; Series 2008-4, Class A1, 4.65% (1 mo. Term SOFR + 0.49%), 01/25/2037  | 7717635 | 2133782  |
| Lehman XS Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-10, Class 1A1, 4.79% (1 mo. Term SOFR + 0.63%), 01/25/2036  | 924795 | 788068  |
| &nbsp;&nbsp;&nbsp; Series 2005-3, Class 1M1, 5.02% (1 mo. Term SOFR + 0.86%), 09/25/2035  | 4286777 | 4201282  |
| &nbsp;&nbsp;&nbsp; Series 2005-7N, Class 1A1B, 4.87% (1 mo. Term SOFR + 0.71%), 12/25/2035  | 187270 | 151254  |

---

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** 

**September 30, 2025(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 2005-8, Class 2A4A, 6.19%, 12/25/2035<sup>(b)</sup> | $31996 | $35361 |
| &nbsp;&nbsp;&nbsp; Series 2006-10N, Class 1A4A, 4.87% (1 mo. Term SOFR + 0.71%), 07/25/2046  | 483579 | 359006  |
| &nbsp;&nbsp;&nbsp; Series 2006-10N, Class 2A1, 4.51% (1 mo. Term SOFR + 0.35%), 05/25/2046  | 162409 | 163219  |
| &nbsp;&nbsp;&nbsp; Series 2006-12N, Class A31A, 4.67% (1 mo. Term SOFR + 0.51%), 08/25/2046  | 51925 | 54298  |
| &nbsp;&nbsp;&nbsp; Series 2006-GP2, Class 1A5A, 4.69% (1 mo. Term SOFR + 0.53%), 06/25/2046  | 45609 | 44097  |
| &nbsp;&nbsp;&nbsp; Series 2007-10H, Class 2A2, 7.50%, 07/25/2037  | 331384 | 309568  |
| &nbsp;&nbsp;&nbsp; Series 2007-15N, Class 2A1, 4.77% (1 mo. Term SOFR + 0.61%), 08/25/2037  | 23493 | 23050  |
| &nbsp;&nbsp;&nbsp; Series 2007-16N, Class 2A2, 5.97% (1 mo. Term SOFR + 1.81%), 09/25/2047  | 6534050 | 5957678  |
| &nbsp;&nbsp;&nbsp; Series 2007-3, Class 1BA1, 4.59% (1 mo. Term SOFR + 0.43%), 03/25/2037  | 295252 | 279484  |
| &nbsp;&nbsp;&nbsp; Series 2007-3, Class 1BA2, 4.94% (6 mo. Term SOFR + 0.93%), 03/25/2037  | 258374 | 259267  |
| &nbsp;&nbsp;&nbsp; Series 2007-6, Class 1A1, 5.69% (6 mo. Term SOFR + 1.68%), 05/25/2037  | 475400 | 388651 |
| &nbsp;&nbsp;&nbsp; Series 2007-7N, Class 1A2, 4.75% (1 mo. Term SOFR + 0.59%), 06/25/2047  | 848522 | 799106 |
| Long Beach Mortgage Loan Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-2, Class A1, 4.71% (1 mo. Term SOFR + 0.55%), 06/25/2034  | 1822954 | 1801157  |
| &nbsp;&nbsp;&nbsp; Series 2004-4, Class M1, 5.17% (1 mo. Term SOFR + 1.01%), 10/25/2034  | 21698 | 21067  |
| &nbsp;&nbsp;&nbsp; Series 2006-A, Class A1, 4.45% (1 mo. Term SOFR + 0.29%), 05/25/2036  | 972802 | 16497  |
| Luminent Mortgage Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-3, Class 12A1, 4.69% (1 mo. Term SOFR + 0.53%), 05/25/2036  | 82107 | 72591  |
| &nbsp;&nbsp;&nbsp; Series 2006-7, Class 2A1, 4.61% (1 mo. Term SOFR + 0.45%), 12/25/2036  | 2775814 | 2435685  |
| Master Resecuritization Trust, Series 2008-1, Class A1, 6.00%, 09/27/2037<sup>(a)(c)(e)</sup> | 394047 | 261549  |
| Mastr Adjustable Rate Mortgages Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-13, Class 3A7, 5.58%, 11/21/2034<sup>(c)</sup> | 188476 | 180913  |
| &nbsp;&nbsp;&nbsp; Series 2004-4, Class 2A3, 6.80%, 05/25/2034<sup>(c)</sup> | 174415 | 166668  |
| &nbsp;&nbsp;&nbsp; Series 2004-6, Class 4A6, 5.97%, 07/25/2034<sup>(c)</sup> | 71871 | 71577  |
| &nbsp;&nbsp;&nbsp; Series 2005-6, Class 5A1, 3.42%, 07/25/2035<sup>(c)</sup> | 165339 | 147753  |
| &nbsp;&nbsp;&nbsp; Series 2005-6, Class 7A1, 6.78%, 06/25/2035<sup>(c)</sup> | 7545 | 6975  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class 2A1, 6.95%, 04/25/2036<sup>(c)</sup> | 57792 | 26614  |
| &nbsp;&nbsp;&nbsp; Series 2007-3, Class 22A5, 4.95% (1 mo. Term SOFR + 0.79%), 05/25/2047  | 3372345 | 2807814  |
| MASTR Adjustable RateMortgages Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-7, Class 3A1, 3.54%, 09/25/2035<sup>(c)</sup> | 355408 | 212710  |
| &nbsp;&nbsp;&nbsp; Series 2006-OA1, Class 1A1, 4.48% (1 mo. Term SOFR + 0.32%), 04/25/2046  | 209419 | 193730  |
| MASTR Alternative Loans Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-6, Class B1, 5.72%, 09/25/2033<sup>(c)</sup> | 315730 | 285886  |
| &nbsp;&nbsp;&nbsp; Series 2004-13, Class 10A3, 5.75%, 01/25/2035  | 1804374 | 1537777  |
| &nbsp;&nbsp;&nbsp; Series 2004-4, Class 1A1, 5.50%, 05/25/2034  | 18158 | 17929  |
| &nbsp;&nbsp;&nbsp; Series 2005-4, Class 5A1, 6.00%, 05/25/2035  | 539589 | 477629  |
| &nbsp;&nbsp;&nbsp; Series 2005-5, Class 3A1, 5.75%, 08/25/2035  | 3596788 | 1588997  |
| &nbsp;&nbsp;&nbsp; Series 2005-6, Class 2A1, 4.72% (1 mo. Term SOFR + 0.56%), 12/25/2035  | 3483528 | 566631  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class A2, 4.97% (1 mo. Term SOFR + 0.81%), 02/25/2036  | 1881906 | 587562  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class 2A1, 4.67% (1 mo. Term SOFR + 0.51%), 03/25/2036  | 239522 | 21287  |
| &nbsp;&nbsp;&nbsp; Series 2006-3, Class 2A2, 6.75%, 07/25/2036  | 1065125 | 353693  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 2A15, 4.64% (1 mo. Term SOFR + 0.48%), 10/25/2036  | 2576637 | 524728  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 2A7, 6.00%, 10/25/2036  | 979524 | 264013  |
| &nbsp;&nbsp;&nbsp; Series 2007-HF1, Class 1A1, 3.97%, 10/25/2047<sup>(c)</sup> | 590290 | 497926  |

---

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** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| Mastr Asset Backed Securities Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-AM2, Class A3, 4.61% (1 mo. Term SOFR + 0.45%), 06/25/2036  | $489085 | $454387 |
| &nbsp;&nbsp;&nbsp; Series 2006-FRE2, Class A5, 4.75% (1 mo. Term SOFR + 0.59%), 03/25/2036  | 217778 | 130337  |
| MASTR Asset Securitization Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-3, Class 4A10, 5.50%, 03/25/2034  | 424009 | 363322  |
| &nbsp;&nbsp;&nbsp; Series 2004-4, Class 1A7, 5.25%, 12/26/2033  | 169730 | 166608  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class 1A14, 6.00%, 06/25/2036  | 547063 | 294604  |
| Mastr Seasoned Securities Trust, Series 2005-1, Class 4A1, 6.37%, 10/25/2032<sup>(c)</sup> | 201034 | 194866  |
|  Mastr Specialized Loan Trust, Series 2005-2, Class M4, 3.22% (1 mo. Term SOFR + 2.38%), 07/25/2035<sup>(a)</sup> | 901537 | 962801  |
| Mellon Residential Funding Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 1999-TBC3, Class A2, 5.14%, 10/20/2029<sup>(c)</sup> | 298660 | 292104  |
| &nbsp;&nbsp;&nbsp; Series 2000-TBC2, Class A1, 4.74% (1 mo. Term SOFR + 0.59%), 06/15/2030  | 124245 | 121600  |
| &nbsp;&nbsp;&nbsp; Series 2000-TBC3, Class A1, 4.70% (1 mo. Term SOFR + 0.55%), 12/15/2030  | 81678 | 79628 |
|  Meritage Mortgage Loan Trust, Series 2004-1, Class M1, 5.02% (1 mo. Term SOFR + 0.86%), 07/25/2034<sup>(e)</sup> | 265393 | 227044 |
|  Merrill Lynch Alternative Note Asset, Series 2007-A1, Class A2C, 4.73% (1 mo. Term SOFR + 0.57%), 01/25/2037  | 3596009 | 1076203  |
|  Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-5, Class 1A, 5.97% (1 mo. Term SOFR + 1.81%), 10/25/2037  | 2672632 | 1633898  |
| Merrill Lynch Mortgage Backed Securities Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2007-2, Class 1A1, 6.25% (1 yr. CMT Rate + 2.40%), 08/25/2036  | 439819 | 377577  |
| &nbsp;&nbsp;&nbsp; Series 2007-3, Class 2A1, 4.63%, 06/25/2037<sup>(c)</sup> | 869410 | 499858  |
| Merrill Lynch Mortgage Investors, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-HE1, Class M1, 5.32% (1 mo. Term SOFR + 1.16%), 07/25/2034  | 44444 | 44196  |
| &nbsp;&nbsp;&nbsp; Series 2005-A10, Class A, 4.69% (1 mo. Term SOFR + 0.53%), 02/25/2036  | 2017433 | 1983525  |
| &nbsp;&nbsp;&nbsp; Series 2005-A5, Class A3, 4.68%, 06/25/2035<sup>(c)</sup> | 302451 | 293160  |
| &nbsp;&nbsp;&nbsp; Series 2005-A9, Class 2A1E, 5.89%, 12/25/2035<sup>(c)</sup> | 203573 | 196396  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR1, Class A1, 4.60% (1 mo. Term SOFR + 0.44%), 03/25/2037<sup>(a)</sup> | 469008 | 152884  |
| &nbsp;&nbsp;&nbsp; Series 2006-RM2, Class A1A, 4.64% (1 mo. Term SOFR + 0.48%), 05/25/2037  | 7397500 | 2045687  |
| &nbsp;&nbsp;&nbsp; Series 2006-RM3, Class A1B, 4.65% (1 mo. Term SOFR + 0.49%), 06/25/2037  | 5939596 | 170899  |
| MFRA Trust, Series 2021-INV2, Class A1, 1.91%, 11/25/2056<sup>(a)(c)</sup> | 220061 | 198088  |
| MLCC Mortgage Investors, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-A, Class 2A1, 5.05% (1 mo. Term SOFR + 0.89%), 03/25/2028  | 14630 | 12915  |
| &nbsp;&nbsp;&nbsp; Series 2003-C, Class A1, 4.93% (1 mo. Term SOFR + 0.77%), 06/25/2028  | 245291 | 228181  |
| &nbsp;&nbsp;&nbsp; Series 2003-D, Class A, 4.89% (1 mo. Term SOFR + 0.73%), 08/25/2028  | 232224 | 217443  |
| &nbsp;&nbsp;&nbsp; Series 2003-F, Class A3, 6.36%, 10/25/2028<sup>(c)</sup> | 91871 | 90796  |
| &nbsp;&nbsp;&nbsp; Series 2003-H, Class A1, 4.91% (1 mo. Term SOFR + 0.75%), 01/25/2029  | 287873 | 251343  |
| &nbsp;&nbsp;&nbsp; Series 2004-A, Class B1, 5.02% (1 mo. Term SOFR + 0.86%), 04/25/2029  | 61392 | 37263  |
| &nbsp;&nbsp;&nbsp; Series 2004-G, Class A1, 4.83% (1 mo. Term SOFR + 0.67%), 01/25/2030  | 25221 | 23862  |
| &nbsp;&nbsp;&nbsp; Series 2005-3, Class 2A, 5.43%, 11/25/2035<sup>(c)</sup> | 9304 | 9065  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class 2A1, 5.60%, 02/25/2036<sup>(c)</sup> | 285898 | 281112  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class 2A, 5.97%, 05/25/2036<sup>(c)</sup> | 30914 | 30295  |
| &nbsp;&nbsp;&nbsp; Series 2006-3, Class 2A1, 6.02%, 10/25/2036<sup>(c)</sup> | 595587 | 501813  |
| Morgan Stanley ABS Capital I, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-NC8, Class B1, 9.67% (1 mo. Term SOFR + 5.51%), 09/25/2033  | 97219 | 101804  |
| &nbsp;&nbsp;&nbsp; Series 2004-HE6, Class M2, 5.17% (1 mo. Term SOFR + 1.01%), 08/25/2034  | 121706 | 120590  |

---

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** 

**September 30, 2025(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-HE6, Class M3, 5.25% (1 mo. Term SOFR + 1.09%), 08/25/2034  | $58944 | $56630 |
| &nbsp;&nbsp;&nbsp; Series 2004-NC5, Class M1, 5.17% (1 mo. Term SOFR + 1.01%), 05/25/2034  | 912499 | 882560  |
| &nbsp;&nbsp;&nbsp; Series 2005-HE1, Class M2, 4.98% (1 mo. Term SOFR + 0.82%), 12/25/2034  | 226165 | 222693  |
| &nbsp;&nbsp;&nbsp; Series 2006-HE6, Class A2FP, 4.39% (1 mo. Term SOFR + 0.23%), 09/25/2036  | 154366 | 52793  |
| &nbsp;&nbsp;&nbsp; Series 2007-HE7, Class A2C, 5.52% (1 mo. Term SOFR + 1.36%), 07/25/2037  | 2105000 | 1848047  |
| Morgan Stanley Mortgage Loan Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-5AR, Class 2A, 4.96%, 07/25/2034<sup>(c)</sup> | 133455 | 123791  |
| &nbsp;&nbsp;&nbsp; Series 2005-10, Class 1A1, 4.97% (1 mo. Term SOFR + 0.81%), 12/25/2035  | 359051 | 210937  |
| &nbsp;&nbsp;&nbsp; Series 2005-10, Class 1A5, 5.75%, 12/25/2035  | 24937 | 16088  |
| &nbsp;&nbsp;&nbsp; Series 2005-4, Class 4A, 4.54%, 08/25/2035<sup>(c)</sup> | 34444 | 15379  |
| &nbsp;&nbsp;&nbsp; Series 2005-6AR, Class 3A2, 5.24%, 11/25/2035<sup>(c)</sup> | 521979 | 452721  |
| &nbsp;&nbsp;&nbsp; Series 2005-7, Class 7A6, 5.50%, 11/25/2035  | 108290 | 99089  |
| &nbsp;&nbsp;&nbsp; Series 2006-11, Class 2A1, 6.00%, 08/25/2036  | 458630 | 183913  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-16AX, Class 1A, 4.61% (1 mo. Term SOFR + 0.45%), <br>11/25/2036  | 2781933 | 433361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-16AX, Class 2A2, 4.61% (1 mo. Term SOFR + 0.45%), <br>11/25/2036  | 4736501 | 1300815 |
| &nbsp;&nbsp;&nbsp; Series 2006-17XS, Class A6, 6.08%, 10/25/2046<sup>(b)</sup> | 2091262 | 480648  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class 6A, 6.50%, 02/25/2036  | 347974 | 139333  |
| &nbsp;&nbsp;&nbsp; Series 2006-3AR, Class 2A3, 4.65%, 03/25/2036<sup>(c)</sup> | 603697 | 332591  |
| &nbsp;&nbsp;&nbsp; Series 2006-7, Class 4A2, 5.02% (1 mo. Term SOFR + 0.86%), 06/25/2036  | 3001350 | 1057105  |
| &nbsp;&nbsp;&nbsp; Series 2006-7, Class 5A2, 5.96%, 06/25/2036<sup>(c)</sup> | 37320 | 9393  |
| &nbsp;&nbsp;&nbsp; Series 2006-8AR, Class 3A, 4.26%, 06/25/2036<sup>(c)</sup> | 519900 | 373389  |
| &nbsp;&nbsp;&nbsp; Series 2006-8AR, Class 3B1, 6.13%, 06/25/2036<sup>(c)</sup> | 13304 | 9345  |
| &nbsp;&nbsp;&nbsp; Series 2006-8AR, Class 4A2, 6.50%, 06/25/2036<sup>(c)</sup> | 9541 | 8531  |
| &nbsp;&nbsp;&nbsp; Series 2007-10XS, Class A19, 6.00%, 02/25/2037<sup>(c)</sup> | 549283 | 182519  |
| &nbsp;&nbsp;&nbsp; Series 2007-14AR, Class 3A3, 4.40%, 10/25/2037<sup>(c)</sup> | 314431 | 298091  |
| &nbsp;&nbsp;&nbsp; Series 2007-15AR, Class 1A1, 3.93%, 11/25/2037<sup>(c)</sup> | 1380805 | 1146912  |
| &nbsp;&nbsp;&nbsp; Series 2007-1XS, Class 2A4A, 6.58%, 09/25/2046<sup>(b)</sup> | 5436131 | 1388534  |
| &nbsp;&nbsp;&nbsp; Series 2007-2AX, Class 2A1, 4.45% (1 mo. Term SOFR + 0.29%), 12/25/2036  | 866817 | 293620  |
| &nbsp;&nbsp;&nbsp; Series 2007-6XS, Class 2A5S, 6.50%, 02/25/2047<sup>(b)</sup> | 1635116 | 543653  |
| &nbsp;&nbsp;&nbsp; Series 2007-7AX, Class 1A, 4.71% (1 mo. Term SOFR + 0.55%), 04/25/2037  | 1983219 | 461236  |
| &nbsp;&nbsp;&nbsp; Series 2007-7AX, Class 2A1, 4.51% (1 mo. Term SOFR + 0.35%), 04/25/2037  | 9927792 | 2583833  |
| &nbsp;&nbsp;&nbsp; Series 2007-7AX, Class 2A3, 4.99% (1 mo. Term SOFR + 0.83%), 04/25/2037  | 195622 | 50904  |
| &nbsp;&nbsp;&nbsp; Series 2007-7AX, Class 2A4, 4.91% (1 mo. Term SOFR + 0.75%), 04/25/2037  | 10923871 | 446326  |
| &nbsp;&nbsp;&nbsp; Series 2007-7AX, Class 2A6, 4.91% (1 mo. Term SOFR + 0.75%), 04/25/2037  | 2743559 | 112096  |
| &nbsp;&nbsp;&nbsp; Series 2007-8XS, Class A1, 5.75%, 04/25/2037<sup>(c)</sup> | 1753641 | 842345  |
| Morgan Stanley Reremic Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2010-R5, Class 3B, 7.31%, 03/26/2037<sup>(a)(b)</sup> | 232844 | 243981  |
| &nbsp;&nbsp;&nbsp; Series 2013-R3, Class 6B2, 4.16%, 12/26/2036<sup>(a)(c)</sup> | 301440 | 264847  |
| &nbsp;&nbsp;&nbsp; Series 2015-R2, Class 1B, 4.07% (MTA + 0.71%), 12/27/2046<sup>(a)</sup> | 800736 | 725786  |
| &nbsp;&nbsp;&nbsp; Mortgage Loan Resecuritization Trust, Series 2009-RS1, Class B15, 4.73% <br>(1 mo. Term SOFR + 0.45%), 04/16/2036<sup>(a)</sup> | 4622633 | 3393097  |
| MortgageIT Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-3, Class A1, 4.87% (1 mo. Term SOFR + 0.71%), 08/25/2035  | 59839 | 59730  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class 1A1, 4.73% (1 mo. Term SOFR + 0.57%), 04/25/2036  | 252701 | 241440  |

---

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** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
|  New Century Alternative Mortgage Loan Trust, Series 2006-ALT2, Class AF3, 4.50%, 10/25/2036<sup>(c)</sup> | $1504532 | $268347 |
| New Century Home Equity Loan Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2002-1, Class M2, 6.37% (1 mo. Term SOFR + 2.21%), 03/25/2032  | 67167 | 67236  |
| &nbsp;&nbsp;&nbsp; Series 2003-A, Class A, 3.28% (1 mo. Term SOFR + 0.83%), 10/25/2033<sup>(a)</sup> | 374618 | 380384  |
| &nbsp;&nbsp;&nbsp; Series 2004-4, Class M2, 5.07% (1 mo. Term SOFR + 0.91%), 02/25/2035  | 2538 | 4309  |
| &nbsp;&nbsp;&nbsp; Series 2005-3, Class M5, 5.28% (1 mo. Term SOFR + 0.78%), 07/25/2035  | 186801 | 186140  |
| &nbsp;&nbsp;&nbsp; Series 2005-A, Class A6, 4.59%, 08/25/2035<sup>(b)</sup> | 50517 | 48910  |
| &nbsp;&nbsp;&nbsp; Series 2006-S1, Class A1, 4.61% (1 mo. Term SOFR + 0.45%), 03/25/2036  | 10285166 | 221642  |
| New York Mortgage Trust, Series 2006-1, Class 2A2, 4.81%, 05/25/2036<sup>(c)</sup> | 25236 | 20562  |
| NMLT Trust, Series 2021-INV1, Class A1, 1.19%, 05/25/2056<sup>(a)(c)</sup> | 2119061 | 1869954  |
| Nomura Asset Acceptance Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-AF2, Class 2A, 4.09%, 08/25/2036<sup>(c)</sup> | 627433 | 605618  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR4, Class A1A, 4.61% (1 mo. Term SOFR + 0.45%), 12/25/2036  | 169905 | 155198  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 1A1A, 6.50%, 03/25/2047<sup>(b)</sup> | 741157 | 684171  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 1A3, 6.46%, 03/25/2047<sup>(b)</sup> | 230706 | 218065  |
| &nbsp;&nbsp;&nbsp; Series 2007-2, Class A1B, 6.02%, 06/25/2037<sup>(c)</sup> | 956915 | 848295 |
| Nomura Home Equity Loan Inc, Series 2006-AF1, Class A1, 6.53%, 10/25/2036<sup>(b)</sup> | 1402029 | 240459 |
| Nomura Resecuritization Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2011-4RA, Class 3A10, 4.62%, 12/26/2035<sup>(a)(c)</sup> | 2512500 | 759689  |
| &nbsp;&nbsp;&nbsp; Series 2014-1R, Class 1A13, 1.58% (1 mo. Term SOFR + 0.27%), 10/26/2036<sup>(a)(e)</sup> | 1364397 | 1109937  |
| &nbsp;&nbsp;&nbsp; Series 2015-10R, Class 1A2, 0.00%, 12/25/2036<sup>(a)(c)(i)</sup> | 1341040 | 1097021  |
| Novastar Home Equity Loan <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-1, Class A2, 5.05% (1 mo. Term SOFR + 0.89%), 05/25/2033  | 28587 | 28200  |
| &nbsp;&nbsp;&nbsp; Series 2006-3, Class A2C, 4.59% (1 mo. Term SOFR + 0.43%), 10/25/2036  | 4159730 | 1909432  |
| &nbsp;&nbsp;&nbsp; Series 2006-5, Class A2B, 4.51% (1 mo. Term SOFR + 0.35%), 11/25/2036  | 922570 | 282955  |
| Oakwood Mortgage Investors, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 1997-A, Class B1, 7.45%, 05/15/2027  | 20462 | 19689  |
| &nbsp;&nbsp;&nbsp; Series 1999-C, Class A2, 7.48%, 08/15/2027  | 921548 | 687471  |
| Onslow Bay Mortgage Loan Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-EXP1, Class 1A3, 3.00%, 02/25/2060<sup>(a)(c)</sup> | 1168014 | 1009887  |
| &nbsp;&nbsp;&nbsp; Series 2020-EXP2, Class A9, 3.00%, 05/25/2060<sup>(a)(c)</sup> | 215515 | 186830  |
|  Option One Mortgage Loan Trust, Series 2007-FXD1, Class 1A1, 5.87%, 01/25/2037<sup>(b)</sup> | 1704786 | 1465995  |
| Origen Manufactured Housing, Series 2002-A, Class M2, 8.85%, 05/15/2032<sup>(c)</sup> | 174449 | 177724  |
|  Ownit Mortgage Loan Asset Backed Certificates, Series 2006-6, Class A2C, 4.59% (1 mo. Term SOFR + 0.43%), 09/25/2037  | 1289835 | 571567  |
| PHH Alternative Mortgage Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2007-2, Class 1A4, 4.87% (1 mo. Term SOFR + 0.71%), 05/25/2037  | 666172 | 597135  |
| &nbsp;&nbsp;&nbsp; Series 2007-2, Class 2A2, 6.00%, 05/25/2037  | 1622766 | 1422665  |
| &nbsp;&nbsp;&nbsp; Series 2007-2, Class 3A1, 6.00%, 05/25/2037  | 201885 | 187981  |
| PHH Mortgage Capital LLC, Series 2007-3, Class A3, 4.43%, 06/18/2037<sup>(c)</sup> | 6806 | 6734  |
| Popular ABS, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2002-5, Class M1, 5.80%, 11/25/2032<sup>(b)</sup> | 395247 | 413544  |
| &nbsp;&nbsp;&nbsp; Series 2004-3, Class M2, 3.76%, 07/25/2034<sup>(b)</sup> | 667699 | 575035  |

---

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** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| Prime Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-4, Class 1A2, 5.00%, 10/25/2026  | $107700 | $105142 |
| &nbsp;&nbsp;&nbsp; Series 2005-4, Class 2A9, 5.50%, 10/25/2035  | 74596 | 67931  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class 3A1, 4.62% (1 mo. Term SOFR + 0.46%), 06/25/2036  | 1167905 | 844585  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class 3A2, 2.88% (-1 x 1 mo. Term SOFR + 7.04%), 06/25/2036<sup>(d)(f)</sup> | 1167905 | 167771  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class 1A21, 4.60% (1 mo. Term SOFR + 0.44%), 11/25/2036  | 1806774 | 1656758  |
| &nbsp;&nbsp;&nbsp; Series 2006-DR1, Class 2A1, Pool DR12A1, 5.50%, 05/25/2035<sup>(a)</sup> | 2859166 | 2687338  |
| &nbsp;&nbsp;&nbsp; Series 2006-DR1, Class 2A2, 6.00%, 05/25/2035<sup>(a)</sup> | 3918513 | 3351422  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class A2, 6.00%, 03/25/2037  | 1913744 | 1727150  |
| RAAC Series <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-SP1, Class 1A1, 5.00%, 09/25/2034  | 88533 | 87901  |
| &nbsp;&nbsp;&nbsp; Series 2005-SP2, Class 2A, 4.87% (1 mo. Term SOFR + 0.71%), 06/25/2044  | 585842 | 538648  |
| RALI Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-QA7, Class A1, 4.65%, 07/25/2035<sup>(c)</sup> | 1790232 | 1284571  |
| &nbsp;&nbsp;&nbsp; Series 2005-QA8, Class CB21, 5.19%, 07/25/2035<sup>(c)</sup> | 380239 | 192152  |
| &nbsp;&nbsp;&nbsp; Series 2005-QA9, Class CB11, 4.63%, 08/25/2035<sup>(c)</sup> | 89778 | 80192  |
| &nbsp;&nbsp;&nbsp; Series 2005-QO1, Class A1, 4.57% (1 mo. Term SOFR + 0.41%), 08/25/2035  | 1557489 | 1081105 |
| &nbsp;&nbsp;&nbsp; Series 2005-QS10, Class 3A1, 4.77% (1 mo. Term SOFR + 0.61%), 08/25/2035  | 259818 | 177458 |
| &nbsp;&nbsp;&nbsp; Series 2005-QS10, Class 3A3, 5.50%, 08/25/2035  | 1231862 | 900410  |
| &nbsp;&nbsp;&nbsp; Series 2005-QS11, Class A3, 0.73% (-1 x 1 mo. Term SOFR + 4.89%), 07/25/2035<sup>(d)(f)</sup> | 361438 | 21611  |
| &nbsp;&nbsp;&nbsp; Series 2005-QS12, Class A8, 4.62% (1 mo. Term SOFR + 0.46%), 08/25/2035  | 2672948 | 2148188  |
| &nbsp;&nbsp;&nbsp; Series 2005-QS13, Class 2A3, 5.75%, 09/25/2035  | 1677722 | 1435896  |
| &nbsp;&nbsp;&nbsp; Series 2005-QS14, Class 2A1, 6.00%, 09/25/2035  | 3342856 | 996504  |
| &nbsp;&nbsp;&nbsp; Series 2005-QS14, Class 3A1, 6.00%, 09/25/2035  | 724052 | 637882  |
| &nbsp;&nbsp;&nbsp; Series 2005-QS14, Class 3A3, 6.00%, 09/25/2035  | 1682558 | 1482314  |
| &nbsp;&nbsp;&nbsp; Series 2005-QS16, Class A1, 4.97% (1 mo. Term SOFR + 0.81%), 11/25/2035  | 817731 | 675539  |
| &nbsp;&nbsp;&nbsp; Series 2005-QS7, Class A1, 5.50%, 06/25/2035  | 1266974 | 1063263  |
| &nbsp;&nbsp;&nbsp; Series 2006-QA3, Class A2, 4.87% (1 mo. Term SOFR + 0.71%), 04/25/2036  | 1703031 | 1516465  |
| &nbsp;&nbsp;&nbsp; Series 2006-QA5, Class 1A1, 4.63% (1 mo. Term SOFR + 0.47%), 07/25/2036  | 4411735 | 1408209  |
| &nbsp;&nbsp;&nbsp; Series 2006-QA5, Class 1A3, 4.71% (1 mo. Term SOFR + 0.55%), 07/25/2036  | 25467 | 8189  |
| &nbsp;&nbsp;&nbsp; Series 2006-QA6, Class A1, 4.65% (1 mo. Term SOFR + 0.49%), 07/25/2036  | 230373 | 210666  |
| &nbsp;&nbsp;&nbsp; Series 2006-QA9, Class A1, 4.63% (1 mo. Term SOFR + 0.47%), 11/25/2036  | 46990 | 24401  |
| &nbsp;&nbsp;&nbsp; Series 2006-QO10, Class A1, 4.59% (1 mo. Term SOFR + 0.43%), 01/25/2037  | 3146879 | 2837295  |
| &nbsp;&nbsp;&nbsp; Series 2006-QO2, Class A1, 4.71% (1 mo. Term SOFR + 0.55%), 02/25/2046  | 7163433 | 1168019  |
| &nbsp;&nbsp;&nbsp; Series 2006-QO4, Class 2A1, 4.65% (1 mo. Term SOFR + 0.49%), 04/25/2046  | 1080161 | 1015253  |
| &nbsp;&nbsp;&nbsp; Series 2006-QO7, Class 3A2, 4.68% (1 mo. Term SOFR + 0.52%), 09/25/2046  | 388471 | 382981  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS12, Class 2A15, 4.77% (1 mo. Term SOFR + 0.61%), 09/25/2036  | 1137769 | 836701  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS12, Class 2A18, 5.75%, 09/25/2036  | 225997 | 180282  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS13, Class 1A10, 6.00%, 09/25/2036  | 461023 | 369295  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS15, Class A3, 6.50%, 10/25/2036  | 99138 | 86518  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS16, Class A9, 6.00%, 11/25/2036  | 85173 | 67834  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS17, Class A2, 2.38% (-1 x 1 mo. Term SOFR + 6.54%), 12/25/2036<sup>(d)(f)</sup> | 1412826 | 169560  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS18, Class 2A1, 4.72% (1 mo. Term SOFR + 0.56%), 12/25/2036  | 15547668 | 11380307  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS2, Class 1A10, 4.77% (1 mo. Term SOFR + 0.61%), 02/25/2036  | 2661775 | 2061971  |

---

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** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS2, Class 1A14, 4.97% (1 mo. Term SOFR + 0.81%), 02/25/2036  | $461502 | $362167 |
| &nbsp;&nbsp;&nbsp; Series 2006-QS2, Class 1A17, 4.75% (1 mo. Term SOFR + 0.59%), 02/25/2036  | 3499724 | 2707567  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS2, Class 1A2, 4.77% (1 mo. Term SOFR + 0.61%), 02/25/2036  | 1331271 | 1031283  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS2, Class 1A7, 6.00%, 02/25/2036<sup>(d)</sup> | 208105 | 35254  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS3, Class 2AP, 0.00%, 03/25/2036<sup>(h)</sup> | 456168 | 233016  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS4, Class A12, 4.77% (1 mo. Term SOFR + 0.61%), 04/25/2036  | 1763753 | 1308380  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS4, Class A2, 6.00%, 04/25/2036  | 382036 | 311806  |
| &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> | 112513 | 95106  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS6, Class 1A1, 6.00%, 06/25/2036  | 400167 | 327251  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS6, Class 1A11, 4.97% (1 mo. Term SOFR + 0.81%), 06/25/2036  | 1207370 | 924832  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS6, Class 1A13, 6.00%, 06/25/2036  | 477356 | 390395  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS6, Class 1A15, 6.00%, 06/25/2036  | 347880 | 284506  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS6, Class 1A5, 5.75%, 06/25/2036  | 190032 | 153062  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS6, Class 1A9, 4.87% (1 mo. Term SOFR + 0.71%), 06/25/2036  | 1928549 | 1467369  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS7, Class A1, 6.00%, 06/25/2036  | 53774 | 43060  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS8, Class A4, 4.72% (1 mo. Term SOFR + 0.56%), 08/25/2036  | 1233725 | 958989 |
| &nbsp;&nbsp;&nbsp; Series 2006-QS9, Class 1A1, 4.67% (1 mo. Term SOFR + 0.51%), 07/25/2036  | 329771 | 237998 |
| &nbsp;&nbsp;&nbsp; Series 2006-QS9, Class 1A4, 6.00%, 07/25/2036  | 190017 | 152824  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS9, Class 1A8, 4.92% (1 mo. Term SOFR + 0.76%), 07/25/2036  | 675980 | 496005  |
| &nbsp;&nbsp;&nbsp; Series 2007-QH8, Class A, 5.14%, 10/25/2037<sup>(c)</sup> | 929414 | 742207  |
| &nbsp;&nbsp;&nbsp; Series 2007-QH9, Class A1, 4.17%, 11/25/2037<sup>(c)</sup> | 315050 | 262742  |
| &nbsp;&nbsp;&nbsp; Series 2007-QS1, Class 1A1, 6.00%, 01/25/2037  | 229210 | 182898  |
| &nbsp;&nbsp;&nbsp; Series 2007-QS1, Class 1A2, 1.18% (-1 x 1 mo. Term SOFR + 5.34%), 01/25/2037<sup>(d)(f)</sup> | 1369582 | 110183  |
| &nbsp;&nbsp;&nbsp; Series 2007-QS1, Class 1A5, 4.82% (1 mo. Term SOFR + 0.66%), 01/25/2037  | 2767863 | 2050660  |
| &nbsp;&nbsp;&nbsp; Series 2007-QS1, Class 2A10, 6.00%, 01/25/2037  | 1245351 | 951636  |
| &nbsp;&nbsp;&nbsp; Series 2007-QS1, Class 2A2, 4.63% (1 mo. Term SOFR + 0.47%), 01/25/2037  | 518220 | 350772  |
| &nbsp;&nbsp;&nbsp; Series 2007-QS1, Class 2A9, 2.43% (-1 x 1 mo. Term SOFR + 6.59%), 01/25/2037<sup>(d)(f)</sup> | 1199053 | 166151  |
| &nbsp;&nbsp;&nbsp; Series 2007-QS1, Class 2AP, 0.00%, 01/25/2037<sup>(h)</sup> | 719257 | 300144  |
| &nbsp;&nbsp;&nbsp; Series 2007-QS10, Class A1, 6.50%, 09/25/2037  | 14411 | 12024  |
| &nbsp;&nbsp;&nbsp; Series 2007-QS2, Class A3, 6.00%, 01/25/2037  | 292429 | 232707  |
| &nbsp;&nbsp;&nbsp; Series 2007-QS3, Class A3, 6.25%, 02/25/2037  | 1128070 | 937928  |
| &nbsp;&nbsp;&nbsp; Series 2007-QS5, Class A1, 5.50%, 03/25/2037  | 780015 | 643629  |
| &nbsp;&nbsp;&nbsp; Series 2007-QS7, Class 1A5, 4.67% (1 mo. Term SOFR + 0.51%), 05/25/2037  | 1154352 | 878054  |
| &nbsp;&nbsp;&nbsp; Series 2007-QS7, Class 1A7, 4.82% (1 mo. Term SOFR + 0.66%), 05/25/2037  | 459704 | 353342  |
| &nbsp;&nbsp;&nbsp; Series 2007-QS7, Class 2A1, 6.75%, 06/25/2037  | 762848 | 278301  |
| &nbsp;&nbsp;&nbsp; Series 2007-QS8, Class A1, 4.67% (1 mo. Term SOFR + 0.51%), 06/25/2037  | 6558068 | 4776083  |
| &nbsp;&nbsp;&nbsp; Series 2007-QS8, Class A3, 4.87% (1 mo. Term SOFR + 0.71%), 06/25/2037  | 233875 | 172836  |
| &nbsp;&nbsp;&nbsp; Series 2007-QS9, Class A33, 6.50%, 07/25/2037  | 2752533 | 2270210  |
|  RAMP Trust, Series 2003-RS9, Class MII2, 5.00% (1 mo. Term SOFR + 1.91%), 10/25/2033  | 405915 | 392965  |
| RBSGC Mortgage Pass Through Certificates <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2008-A, Class A1, 5.50%, 11/25/2035<sup>(a)(c)</sup> | 417631 | 348982  |
| &nbsp;&nbsp;&nbsp; Series 2008-B, Class A1, 6.00%, 06/25/2037<sup>(a)</sup> | 152659 | 134041  |

---

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** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| RBSSP Resecuritization Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2009-12, Class 9A2, 4.61%, 03/25/2036<sup>(a)(c)</sup> | $299401 | $200017 |
| &nbsp;&nbsp;&nbsp; Series 2009-5, Class 13A3, 4.89% (1 mo. Term SOFR + 0.61%), 08/26/2037<sup>(a)</sup> | 2425470 | 1029492  |
| &nbsp;&nbsp;&nbsp; Series 2009-5, Class 4A3, 4.94% (1 mo. Term SOFR + 0.61%), 10/26/2036<sup>(a)</sup> | 5601618 | 1400141  |
| &nbsp;&nbsp;&nbsp; Series 2009-6, Class 9A3, 4.89% (1 mo. Term SOFR + 0.56%), 11/26/2036<sup>(a)</sup> | 2141220 | 468988  |
| &nbsp;&nbsp;&nbsp; Series 2009-7, Class 15A3, 4.84% (1 mo. Term SOFR + 0.51%), 01/26/2046<sup>(a)(e)</sup> | 4385363 | 1162121  |
| &nbsp;&nbsp;&nbsp; Series 2010-2, Class 3A2, 4.16%, 12/26/2036<sup>(a)(c)</sup> | 213774 | 204382  |
| &nbsp;&nbsp;&nbsp; Series 2010-9, Class 7A6, 6.00%, 05/26/2037<sup>(a)(c)</sup> | 1006105 | 408001  |
| &nbsp;&nbsp;&nbsp; Series 2013-4, Class 1A2, 5.95% (1 mo. Term SOFR + 1.61%), 12/26/2037<sup>(a)</sup> | 719673 | 612730  |
| RCKT Mortgage Trust, Series 2020-1, Class A13, 3.00%, 02/25/2050<sup>(a)(c)</sup> | 565353 | 490192  |
| Renaissance Home Equity Loan Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-2, Class A, 3.43% (1 mo. Term SOFR + 0.99%), 08/25/2033  | 1725392 | 1575070  |
| &nbsp;&nbsp;&nbsp; Series 2003-2, Class M1, 3.43% (1 mo. Term SOFR + 1.35%), 08/25/2033  | 222540 | 201611  |
| &nbsp;&nbsp;&nbsp; Series 2003-4, Class A3, 5.51% (1 mo. Term SOFR + 1.35%), 03/25/2034  | 169959 | 155317  |
| &nbsp;&nbsp;&nbsp; Series 2004-1, Class M4, 6.97% (1 mo. Term SOFR + 2.81%), 05/25/2034  | 239243 | 180399  |
| &nbsp;&nbsp;&nbsp; Series 2004-2, Class M1, 6.41%, 07/25/2034<sup>(b)</sup> | 323524 | 289420  |
|  RESI Finance LP, Series 2003-D, Class B3, 5.61% (1 mo. Term SOFR + 1.41%), 12/10/2035<sup>(a)(e)</sup> | 19535 | 8322 |
| Residential Asset Securitization Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-A4, Class A11, 5.50%, 08/25/2034  | 74622 | 72292  |
| &nbsp;&nbsp;&nbsp; Series 2004-A4, Class A13, 4.82% (1 mo. Term SOFR + 0.66%), 08/25/2034  | 450292 | 404831  |
| &nbsp;&nbsp;&nbsp; Series 2005-A10, Class A4, 5.50%, 09/25/2035  | 323653 | 138616  |
| &nbsp;&nbsp;&nbsp; Series 2005-A11, Class 2A1, 4.85%, 10/25/2035  | 6581281 | 2232714  |
| &nbsp;&nbsp;&nbsp; Series 2005-A12, Class A6, 4.77% (1 mo. Term SOFR + 0.61%), 11/25/2035  | 903273 | 431589  |
| &nbsp;&nbsp;&nbsp; Series 2005-A15, Class 2A12, 6.00%, 02/25/2036  | 739171 | 270670  |
| &nbsp;&nbsp;&nbsp; Series 2005-A15, Class 4A1, 6.00%, 02/25/2036  | 2294101 | 610739  |
| &nbsp;&nbsp;&nbsp; Series 2005-A15, Class 5A1, 5.75%, 02/25/2036  | 732534 | 240131  |
| &nbsp;&nbsp;&nbsp; Series 2005-A8CB, Class A1, 4.77% (1 mo. Term SOFR + 0.61%), 07/25/2035  | 1159067 | 526114  |
| &nbsp;&nbsp;&nbsp; Series 2005-A8CB, Class A13, 4.77% (1 mo. Term SOFR + 0.61%), 07/25/2035  | 1173175 | 535051  |
| &nbsp;&nbsp;&nbsp; Series 2005-A9, Class A4, 5.50%, 07/25/2035  | 104672 | 33704  |
| &nbsp;&nbsp;&nbsp; Series 2006-A10, Class A4, 6.50%, 09/25/2036  | 570914 | 168389  |
| &nbsp;&nbsp;&nbsp; Series 2006-A10, Class A5, 6.50%, 09/25/2036  | 986883 | 291078  |
| &nbsp;&nbsp;&nbsp; Series 2006-A10, Class A7, 6.50%, 09/25/2036  | 8128702 | 2397531  |
| &nbsp;&nbsp;&nbsp; Series 2006-A14C, Class 2A4, 6.00%, 12/25/2036  | 4023251 | 1084912  |
| &nbsp;&nbsp;&nbsp; Series 2006-A14C, Class 2A6, 4.72% (1 mo. Term SOFR + 0.56%), 12/25/2036  | 5627520 | 1106937  |
| &nbsp;&nbsp;&nbsp; Series 2006-A15, Class A13, 6.25%, 01/25/2037  | 3198400 | 1034629  |
| &nbsp;&nbsp;&nbsp; Series 2006-A2, Class A11, 6.00%, 01/25/2046  | 1717154 | 616009  |
| &nbsp;&nbsp;&nbsp; Series 2006-A2, Class A7, 6.00%, 01/25/2046  | 937721 | 335891  |
| &nbsp;&nbsp;&nbsp; Series 2006-A6, Class 1A13, 6.00%, 07/25/2036  | 3662081 | 848763  |
| &nbsp;&nbsp;&nbsp; Series 2006-A7CB, Class 2A5, 4.52% (1 mo. Term SOFR + 0.36%), 07/25/2036  | 428536 | 68408  |
| &nbsp;&nbsp;&nbsp; Series 2006-A8, Class 1A5, 6.25%, 08/25/2036  | 15355 | 10505  |
| &nbsp;&nbsp;&nbsp; Series 2006-A8, Class 2A2, 6.75%, 08/25/2036  | 2583958 | 738292  |
| &nbsp;&nbsp;&nbsp; Series 2006-A8, Class 2A3, 6.00%, 08/25/2036  | 906035 | 230110  |
| &nbsp;&nbsp;&nbsp; Series 2006-A8, Class 3A8, 5.02% (1 mo. Term SOFR + 0.86%), 08/25/2036  | 507862 | 163849  |
| &nbsp;&nbsp;&nbsp; Series 2007-A1, Class A4, 0.88% (-1 x 1 mo. Term SOFR + 5.04%), 03/25/2037<sup>(d)(f)</sup> | 6143540 | 420722  |

---

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** 

**September 30, 2025(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-A1, Class A6, 2.78% (-1 x 1 mo. Term SOFR + 6.94%), 03/25/2037<sup>(d)(f)</sup> | $2892151 | $465242 |
| &nbsp;&nbsp;&nbsp; Series 2007-A1, Class A8, 6.00%, 03/25/2037  | 303947 | 92264  |
| &nbsp;&nbsp;&nbsp; Series 2007-A2, Class 1A6, 6.00%, 04/25/2037  | 1595952 | 792059  |
| &nbsp;&nbsp;&nbsp; Series 2007-A3, Class 1A1, 4.72% (1 mo. Term SOFR + 0.56%), 04/25/2037  | 1937626 | 663791  |
| &nbsp;&nbsp;&nbsp; Series 2007-A3, Class 2A1, 4.58% (1 mo. Term SOFR + 0.42%), 04/25/2037  | 15909649 | 3022536  |
| &nbsp;&nbsp;&nbsp; Series 2007-A5, Class 1A3, 4.65% (1 mo. Term SOFR + 0.49%), 05/25/2037  | 23479844 | 2764785  |
| &nbsp;&nbsp;&nbsp; Series 2007-A6, Class 1A4, 6.00%, 06/25/2037  | 1446375 | 715981  |
| &nbsp;&nbsp;&nbsp; Series 2007-A7, Class A6, 6.00%, 07/25/2037  | 362153 | 130935  |
| &nbsp;&nbsp;&nbsp; Series 2007-A8, Class 1A2, 6.00%, 08/25/2037  | 210925 | 97871  |
| &nbsp;&nbsp;&nbsp; Series 2007-A8, Class 2A1, 6.25%, 08/25/2037  | 13349822 | 3085916  |
| Resmae Mortgage Loan Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class A2B, 4.57% (1 mo. Term SOFR + 0.41%), 02/25/2036<sup>(a)</sup> | 2852168 | 970413  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class A2C, 4.67% (1 mo. Term SOFR + 0.51%), 02/25/2036<sup>(a)</sup> | 5612555 | 1909493  |
| RFMSI Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-SA2, Class 2A2, 5.91%, 06/25/2035<sup>(c)</sup> | 399960 | 380468  |
| &nbsp;&nbsp;&nbsp; Series 2006-S10, Class 1A1, 6.00%, 10/25/2036  | 1759490 | 1429235  |
| &nbsp;&nbsp;&nbsp; Series 2006-S12, Class 3A7, 5.75%, 12/25/2036  | 99782 | 85157 |
| &nbsp;&nbsp;&nbsp; Series 2006-S7, Class A9, 6.50%, 08/25/2036  | 260767 | 222228  |
| &nbsp;&nbsp;&nbsp; Series 2006-S8, Class A13, 4.62% (1 mo. Term SOFR + 0.46%), 09/25/2036  | 844646 | 586922  |
| &nbsp;&nbsp;&nbsp; Series 2007-S3, Class 1A5, 5.50%, 03/25/2037  | 283412 | 197557  |
| &nbsp;&nbsp;&nbsp; Series 2007-S6, Class 1A16, 6.00%, 06/25/2037  | 17556 | 13992  |
| &nbsp;&nbsp;&nbsp; Series 2007-S6, Class 2A4, 6.00%, 06/25/2037  | 1113245 | 864873  |
| &nbsp;&nbsp;&nbsp; Series 2007-SA1, Class 2A2, 4.90%, 02/25/2037<sup>(c)</sup> | 120042 | 78326  |
| &nbsp;&nbsp;&nbsp; Series 2007-SA3, Class 2A1, 5.11%, 07/27/2037<sup>(c)</sup> | 1180686 | 856810  |
| Rithm Capital Corp., Series 2021-INV2, Class A7, 2.50%, 09/25/2051<sup>(a)(c)</sup> | 88586 | 79740  |
|  Sail Net Interest Margin Notes, Series 2003-BC8, Class M1, 5.32% (1 mo. Term SOFR + 1.16%), 08/25/2033  | 75124 | 70705  |
|  Saxon Asset Securities Trust, Series 2004-1, Class A, 4.58% (1 mo. Term SOFR + 0.65%), 03/25/2035  | 2011530 | 1784625  |
| Securitized Asset Backed Receivables LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-OP2, Class M2, 5.85% (1 mo. Term SOFR + 1.69%), 08/25/2034  | 461158 | 452611  |
| &nbsp;&nbsp;&nbsp; Series 2005-EC1, Class M3, 5.28% (1 mo. Term SOFR + 1.12%), 01/25/2035  | 217384 | 266216  |
| &nbsp;&nbsp;&nbsp; Series 2006-HE1, Class A2B, 4.45% (1 mo. Term SOFR + 0.29%), 07/25/2036  | 669952 | 219434  |
|  Security National Mortgage Loan Trust, Series 2006-3A, Class A3, 6.33%, 01/25/2037<sup>(a)(c)</sup> | 290522 | 110620  |
| Sequoia Mortgage Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 10, Class 1A, 5.05% (1 mo. Term SOFR + 0.91%), 10/20/2027  | 27874 | 27063  |
| &nbsp;&nbsp;&nbsp; Series 2003-3, Class A1, 4.91% (1 mo. Term SOFR + 0.77%), 07/20/2033  | 103491 | 96489  |
| &nbsp;&nbsp;&nbsp; Series 2003-4, Class 2A1, 4.95% (1 mo. Term SOFR + 0.81%), 07/20/2033  | 3415 | 3407  |
| &nbsp;&nbsp;&nbsp; Series 2004-6, Class A2, 4.81% (1 mo. Term SOFR + 0.67%), 07/20/2034  | 10229 | 10197  |
| &nbsp;&nbsp;&nbsp; Series 2007-3, Class 2BA1, 4.25%, 07/20/2037<sup>(c)</sup> | 92 | 73  |
| &nbsp;&nbsp;&nbsp; Series 2013-5, Class A1, 2.50%, 05/25/2043<sup>(a)(c)</sup> | 187151 | 164279  |
| &nbsp;&nbsp;&nbsp; Series 2013-9, Class AP, 0.00%, 07/25/2043<sup>(a)(h)</sup> | 354760 | 252915  |
| &nbsp;&nbsp;&nbsp; Series 2019-4, Class A1, 3.50%, 11/25/2049<sup>(a)(c)</sup> | 39843 | 36252  |
| &nbsp;&nbsp;&nbsp; Series 9, Class 1A, 4.95% (1 mo. Term SOFR + 0.81%), 09/20/2032  | 58478 | 57499  |

---

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** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| SGR Residential Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-2, Class A1, 1.38%, 05/25/2065<sup>(a)(c)</sup> | $16599 | $15463 |
| &nbsp;&nbsp;&nbsp; Series 2020-2, Class A2, 1.59%, 05/25/2065<sup>(a)(c)</sup> | 65178 | 60773  |
| Soundview Home Equity Loan Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2001-2, Class AF, 6.50%, 03/25/2030<sup>(b)</sup> | 107629 | 103824  |
| &nbsp;&nbsp;&nbsp; Series 2006-3, Class A4, 4.77% (1 mo. Term SOFR + 0.61%), 11/25/2036  | 2408744 | 2286696  |
| &nbsp;&nbsp;&nbsp; Series 2006-OPT3, Class 2A4, 4.77% (1 mo. Term SOFR + 0.61%), 06/25/2036  | 42534 | 42184  |
| &nbsp;&nbsp;&nbsp; Series 2006-OPT5, Class 2A4, 4.75% (1 mo. Term SOFR + 0.59%), 07/25/2036  | 3513981 | 3240931  |
| &nbsp;&nbsp;&nbsp; Series 2007-OPT2, Class 2A3, 4.45% (1 mo. Term SOFR + 0.29%), 07/25/2037  | 4737825 | 4290922  |
| &nbsp;&nbsp;&nbsp; Series 2007-OPT4, Class 2A3, 5.37% (1 mo. Term SOFR + 1.21%), 09/25/2037  | 308042 | 259505  |
| Specialty Underwriting & Residential Finance <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-BC3, Class A2C, 4.57% (1 mo. Term SOFR + 0.41%), 06/25/2037  | 78644 | 46527  |
| &nbsp;&nbsp;&nbsp; Series 2006-BC4, Class A2B, 4.49% (1 mo. Term SOFR + 0.33%), 09/25/2037  | 1655168 | 563879  |
| Structured Adjustable Rate Mortgage Loan Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-14, Class 1A, 5.36%, 10/25/2034<sup>(c)</sup> | 103274 | 98693  |
| &nbsp;&nbsp;&nbsp; Series 2004-17, Class A1, 4.19%, 11/25/2034<sup>(c)</sup> | 127261 | 113185  |
| &nbsp;&nbsp;&nbsp; Series 2004-2, Class 4A1, 5.28%, 03/25/2034<sup>(c)</sup> | 126135 | 122343  |
| &nbsp;&nbsp;&nbsp; Series 2004-7, Class A4, 5.07% (1 mo. Term SOFR + 0.91%), 06/25/2034  | 419410 | 405773  |
| &nbsp;&nbsp;&nbsp; Series 2005-12, Class 2A1, 5.65%, 06/25/2035<sup>(c)</sup> | 195964 | 144483 |
| &nbsp;&nbsp;&nbsp; Series 2005-18, Class 1A1, 4.32%, 09/25/2035<sup>(c)</sup> | 563953 | 345704  |
| &nbsp;&nbsp;&nbsp; Series 2005-20, Class 1A1, 6.03%, 10/25/2035<sup>(c)</sup> | 472424 | 437675  |
| &nbsp;&nbsp;&nbsp; Series 2005-21, Class 1A, 4.58%, 11/25/2035<sup>(c)</sup> | 337075 | 217118  |
| &nbsp;&nbsp;&nbsp; Series 2005-8XS, Class M1, 4.92% (1 mo. Term SOFR + 0.76%), 04/25/2035  | 430366 | 439220  |
| &nbsp;&nbsp;&nbsp; Series 2006-10, Class 2A1, 5.09%, 11/25/2036<sup>(c)</sup> | 388087 | 295476  |
| &nbsp;&nbsp;&nbsp; Series 2006-11, Class 1A1, 4.59% (1 mo. Term SOFR + 0.43%), 12/25/2036  | 1948318 | 1973446  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class 5A1, 5.22%, 03/25/2036<sup>(c)</sup> | 813645 | 650724  |
| &nbsp;&nbsp;&nbsp; Series 2006-4, Class 6A, 3.89%, 05/25/2036<sup>(c)</sup> | 3832620 | 2159919  |
| &nbsp;&nbsp;&nbsp; Series 2006-8, Class 3A1, 4.36%, 09/25/2036<sup>(c)</sup> | 3916198 | 3605641  |
| &nbsp;&nbsp;&nbsp; Series 2007-3, Class 2A1, 3.84%, 04/25/2047<sup>(c)</sup> | 202519 | 187991  |
| &nbsp;&nbsp;&nbsp; Series 2007-5, Class 3A1, 4.80%, 06/25/2037<sup>(c)</sup> | 2056647 | 1693235  |
| &nbsp;&nbsp;&nbsp; Series 2007-7, Class 1A1, 4.87% (1 mo. Term SOFR + 0.71%), 08/25/2037  | 745550 | 743833  |
| Structured Asset Investment Loan Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-5, Class M7, 7.27% (1 mo. Term SOFR + 3.11%), 05/25/2034  | 508601 | 449635  |
| &nbsp;&nbsp;&nbsp; Series 2004-8, Class A2, 4.82% (1 mo. Term SOFR + 0.66%), 09/25/2034  | 1015123 | 987226  |
| &nbsp;&nbsp;&nbsp; Series 2005-11, Class A7, 4.99% (1 mo. Term SOFR + 0.83%), 01/25/2036  | 283575 | 276812  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class A4, 4.87% (1 mo. Term SOFR + 0.71%), 04/25/2036  | 433893 | 205221  |
|  Structured Asset Mortgage Investments Inc., Series 2006-AR5, Class 3A1, 4.69% (1 mo. Term SOFR + 0.53%), 05/25/2046  | 1562540 | 699471  |
| Structured Asset Mortgage Investments, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-AR1, Class 1A2, 4.95% (1 mo. Term SOFR + 0.81%), 03/19/2034  | 3179 | 3025  |
| &nbsp;&nbsp;&nbsp; Series 2004-AR4, Class 3A1, 6.42%, 12/19/2034<sup>(c)</sup> | 171358 | 170768  |
| &nbsp;&nbsp;&nbsp; Series 2004-AR5, Class 1A1, 4.91% (1 mo. Term SOFR + 0.77%), 10/19/2034  | 5652 | 5442  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR8, Class A2, 6.23% (MTA + 1.48%), 02/25/2036  | 790262 | 676980 |
| &nbsp;&nbsp;&nbsp; Series 2006-AR1, Class 3A1, 4.73% (1 mo. Term SOFR + 0.57%), 02/25/2036  | 1359321 | 1107046  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR2, Class A1, 4.73% (1 mo. Term SOFR + 0.57%), 02/25/2036  | 207192 | 193432  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR3, Class 11A1, 4.69% (1 mo. Term SOFR + 0.53%), 04/25/2036  | 678778 | 617445  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR3, Class 12A1, 4.71% (1 mo. Term SOFR + 0.55%), 05/25/2036  | 527813 | 434757  |

---

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** 

**September 30, 2025(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 21A1, 4.67% (1 mo. Term SOFR + 0.51%), 02/25/2036  | $784146 | $638900 |
| &nbsp;&nbsp;&nbsp; Series 2006-AR3, Class 22A1, 4.04%, 05/25/2036<sup>(c)</sup> | 284449 | 116130  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR5, Class 2A1, 4.69% (1 mo. Term SOFR + 0.53%), 05/25/2046  | 3064346 | 2170097  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR5, Class 4A1, 4.71% (1 mo. Term SOFR + 0.55%), 05/25/2046  | 308291 | 104721  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR6, Class 2A1, 4.65% (1 mo. Term SOFR + 0.49%), 07/25/2046  | 1847177 | 1297628  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR7, Class A1A, 4.69% (1 mo. Term SOFR + 0.53%), 08/25/2036  | 11443587 | 9497067  |
| &nbsp;&nbsp;&nbsp; Series 2007-AR1, Class 1A1, 4.59% (1 mo. Term SOFR + 0.43%), 01/25/2037<sup>(e)</sup> | 272840 | 230140  |
| &nbsp;&nbsp;&nbsp; Series 2007-AR3, Class 2A1, 4.65% (1 mo. Term SOFR + 0.49%), 09/25/2047<sup>(e)</sup> | 168017 | 144914 |
| Structured Asset Securities Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-22A, Class 3A, 6.11%, 06/25/2033<sup>(c)</sup> | 38651 | 37136  |
| &nbsp;&nbsp;&nbsp; Series 2004-6XS, Class M1, 5.67%, 03/25/2034<sup>(b)</sup> | 237721 | 233393  |
| &nbsp;&nbsp;&nbsp; Series 2004-SC1, Class A, 7.14%, 12/25/2029<sup>(a)(c)</sup> | 974302 | 784932  |
| &nbsp;&nbsp;&nbsp; Series 2006-S3, Class A1, 4.53% (1 mo. Term SOFR + 0.37%), 09/25/2036  | 951615 | 239111  |
| Suntrust Adjustable Rate Mortgage Loan Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2007-2, Class 2A1, 5.88%, 04/25/2037<sup>(c)</sup> | 218814 | 118077  |
| &nbsp;&nbsp;&nbsp; Series 2007-4, Class 2A1, 4.72%, 10/25/2037<sup>(c)</sup> | 111501 | 83605  |
|  SunTrust Alternative Loan Trust 2006-1F, Series 2006-1F, Class 2A, 6.50%, 04/25/2036  | 1174721 | 412802 |
| TBW Mortgage Backed Pass Through Certificates <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class 1A4, 5.50%, 04/25/2036  | 1568843 | 409833  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class DX, 6.00%, 07/25/2036<sup>(d)</sup> | 601749 | 59415  |
| &nbsp;&nbsp;&nbsp; Series 2006-3, Class 1A, 6.00%, 07/25/2036  | 626955 | 231936  |
| &nbsp;&nbsp;&nbsp; Series 2006-3, Class 2A1, 6.50%, 07/25/2036  | 921171 | 263617  |
| &nbsp;&nbsp;&nbsp; Series 2006-3, Class 4A3, 2.83% (-1 x 1 mo. Term SOFR + 6.99%), 07/25/2036<sup>(d)(f)</sup> | 11067275 | 451684  |
| &nbsp;&nbsp;&nbsp; Series 2006-5, Class A4, 6.70%, 11/25/2036<sup>(b)</sup> | 9215000 | 1551037  |
| &nbsp;&nbsp;&nbsp; Series 2007-2, Class A6A, 6.51%, 07/25/2037<sup>(b)</sup> | 1538555 | 568085  |
| Terwin Mortgage Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-19HE, Class A1, 5.01% (1 mo. Term SOFR + 0.85%), 10/25/2034<sup>(a)</sup> | 292618 | 287668  |
| &nbsp;&nbsp;&nbsp; Series 2004-7HE, Class A1, 5.37% (1 mo. Term SOFR + 1.21%), 07/25/2034<sup>(a)</sup> | 702428 | 683539  |
| Thornburg Mortgage Securities Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-6, Class A1, 4.97% (1 mo. Term SOFR + 0.81%), 12/25/2033  | 38489 | 37625  |
| &nbsp;&nbsp;&nbsp; Series 2004-4, Class 1A, 4.85% (1 mo. Term SOFR + 0.69%), 12/25/2044  | 135357 | 126003  |
| &nbsp;&nbsp;&nbsp; Series 2005-1, Class A2, 4.96%, 04/25/2045<sup>(c)</sup> | 135607 | 134464  |
| &nbsp;&nbsp;&nbsp; Series 2007-3, Class 2A1, 5.58% (12 mo. Term SOFR + 1.97%), 06/25/2047  | 95019 | 93013  |
| TIAA Mortgage Loan Trust, Series 2018-3, Class A13, 4.00%, 11/25/2048<sup>(a)(c)</sup> | 91430 | 86722  |
| Toorak Mortgage Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-INV1, Class A3, 1.56%, 07/25/2056<sup>(a)(c)</sup> | 991326 | 899162  |
| &nbsp;&nbsp;&nbsp; Series 2022-INV1, Class A1, 2.58%, 02/25/2057<sup>(a)(c)</sup> | 58256 | 54655  |
| Verus Securitization Trust, Series 2023-2, Class B1, 7.44%, 03/25/2068<sup>(a)(c)</sup> | 1744000 | 1754547  |
| WaMu Mortgage Pass Through Certificates <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2002-AR17, Class 1B2, 5.35% (MTA + 1.20%), 11/25/2042  | 67315 | 63373  |
| &nbsp;&nbsp;&nbsp; Series 2002-AR2, Class A, 4.20% (Ent 11th COFI Repl + 1.25%), 02/27/2034  | 361762 | 351164  |
| &nbsp;&nbsp;&nbsp; Series 2002-AR9, Class 1A, 5.55% (MTA + 1.40%), 08/25/2042  | 10699 | 10420  |
| &nbsp;&nbsp;&nbsp; Series 2004-AR10, Class B1, 5.17% (1 mo. Term SOFR + 1.01%), 07/25/2044  | 861695 | 810869  |

---

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** 

**September 30, 2025(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, 6.00%, 10/25/2034<sup>(c)</sup> | $105090 | $102798 |
| &nbsp;&nbsp;&nbsp; Series 2004-AR9, Class B1, 5.28%, 08/25/2034<sup>(c)</sup> | 119634 | 112423  |
| &nbsp;&nbsp;&nbsp; Series 2004-S1, Class 1A11, 5.50%, 03/25/2034  | 21390 | 21688  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR12, Class 1A4, 4.55%, 10/25/2035<sup>(c)</sup> | 25515 | 23391  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR12, Class 1A6, 4.55%, 10/25/2035<sup>(c)</sup> | 46108 | 42271  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR15, Class A1A1, 4.79% (1 mo. Term SOFR + 0.63%), 11/25/2045  | 559837 | 541224  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR17, Class A1A1, 4.81% (1 mo. Term SOFR + 0.65%), 12/25/2045  | 546295 | 502625  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR4, Class A5, 4.35%, 04/25/2035<sup>(c)</sup> | 271359 | 263198  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR1, Class 1A1A, 5.22% (MTA + 1.07%), 01/25/2046  | 374081 | 334282  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR12, Class 2A3, 3.75%, 10/25/2036<sup>(c)</sup> | 311548 | 282717  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR14, Class 1A4, 4.21%, 11/25/2036<sup>(c)</sup> | 201886 | 181823  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR14, Class 2A3, 4.10%, 11/25/2036<sup>(c)</sup> | 624670 | 547509  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR15, Class 2A, 5.65% (MTA + 1.50%), 11/25/2046  | 722758 | 645702  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR18, Class 1A1, 3.71%, 01/25/2037<sup>(c)</sup> | 57846 | 50161  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR18, Class 3A3, 3.49%, 01/25/2037<sup>(c)</sup> | 138459 | 115256  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR2, Class 1A1, 4.58%, 03/25/2036<sup>(c)</sup> | 922011 | 834235  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR3, Class A1B, 5.15% (MTA + 1.00%), 02/25/2046  | 420049 | 368528  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR5, Class A12A, 5.13% (MTA + 0.98%), 06/25/2046  | 12860 | 12062  |
| &nbsp;&nbsp;&nbsp; Series 2007-HY1, Class 1A1, 4.40%, 02/25/2037<sup>(c)</sup> | 251389 | 224355  |
| &nbsp;&nbsp;&nbsp; Series 2007-HY5, Class 2A1, 3.41%, 05/25/2037<sup>(c)</sup> | 133089 | 109360  |
| &nbsp;&nbsp;&nbsp; Series 2007-HY7, Class 4A1, 4.66%, 07/25/2037<sup>(c)</sup> | 64614 | 58745  |
| Washington Mutual Alternative Mortgage Pass-Through Certificates <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-10, Class 2A8, 6.00%, 11/25/2035  | 640983 | 624425  |
| &nbsp;&nbsp;&nbsp; Series 2005-10, Class 4CB1, 5.75%, 12/25/2035  | 294492 | 274192  |
| &nbsp;&nbsp;&nbsp; Series 2005-3, Class 1CB3, 4.72% (1 mo. Term SOFR + 0.56%), 05/25/2035  | 1512099 | 1275516  |
| &nbsp;&nbsp;&nbsp; Series 2005-5, Class CB6, 4.87% (1 mo. Term SOFR + 0.71%), 07/25/2035  | 53597 | 47063  |
| &nbsp;&nbsp;&nbsp; Series 2005-7, Class 2CB4, 5.50%, 08/25/2035  | 385677 | 385571  |
| &nbsp;&nbsp;&nbsp; Series 2005-8, Class 3CB1, 6.00%, 10/25/2035  | 80474 | 63956  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class 2CB2, 7.00%, 02/25/2036  | 727925 | 545495  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class 1A1, 6.00%, 03/25/2036  | 785958 | 778983  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class 4CB, 6.00%, 03/25/2036  | 903889 | 895430  |
| &nbsp;&nbsp;&nbsp; Series 2006-4, Class 3A5, 6.85%, 05/25/2036<sup>(b)</sup> | 531908 | 469527  |
| &nbsp;&nbsp;&nbsp; Series 2006-5, Class 1A2, 6.00%, 07/25/2036  | 326890 | 264636  |
| &nbsp;&nbsp;&nbsp; Series 2006-5, Class 2CB2, 4.87% (1 mo. Term SOFR + 0.71%), 07/25/2036  | 428309 | 273566  |
| &nbsp;&nbsp;&nbsp; Series 2006-5, Class 4A1, 6.00%, 06/25/2026<sup>(e)</sup> | 1636700 | 16  |
| &nbsp;&nbsp;&nbsp; Series 2006-7, Class A3, 3.92%, 09/25/2036<sup>(b)</sup> | 2361637 | 617048  |
| &nbsp;&nbsp;&nbsp; Series 2006-8, Class A3A, 4.12%, 10/25/2036<sup>(b)</sup> | 324944 | 136881  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR3, Class A1A, 5.12% (MTA + 0.97%), 05/25/2046  | 45349 | 40137  |
| &nbsp;&nbsp;&nbsp; Series 2007-2, Class 1A10, 2.41% (-1 x 1 mo. Term SOFR + 6.57%), 04/25/2037<sup>(d)(f)</sup> | 3369194 | 660250  |
| &nbsp;&nbsp;&nbsp; Series 2007-HY2, Class 1A1, 4.21%, 04/25/2037<sup>(c)</sup> | 7815786 | 3997024  |
| Washington Mutual Mortgage Pass-Through Certificates <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-1, Class 1A1, 5.50%, 03/25/2035  | 817850 | 806234  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR2, Class 2A3, 4.97% (1 mo. Term SOFR + 0.81%), 01/25/2045  | 38571 | 38725  |

---

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** 

**September 30, 2025(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 2006-4, Class 3A3, 6.47%, 05/25/2036<sup>(b)</sup> | $172057 | $151932 |
| &nbsp;&nbsp;&nbsp; Series 2006-AR7, Class 3A, 5.20% (MTA + 1.05%), 07/25/2046  | 3036552 | 2770619  |
| Washington Mutual MSC Mortgage Pass-Through CTFS <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-AR3, Class 2A2, 4.69%, 06/25/2033<sup>(c)</sup> | 95995 | 84147  |
| &nbsp;&nbsp;&nbsp; Series 2004-RA2, Class CB1, 7.00%, 07/25/2033<sup>(c)</sup> | 18041 | 15050  |
| Wells Fargo Alternative Loan Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-1, Class 2A3, 5.50%, 02/25/2035  | 762360 | 718446  |
| &nbsp;&nbsp;&nbsp; Series 2007-PA1, Class A8, 4.81% (1 mo. Term SOFR + 0.65%), 03/25/2037  | 705236 | 569949  |
| &nbsp;&nbsp;&nbsp; Series 2007-PA2, Class 2A1, 4.70% (1 mo. Term SOFR + 0.54%), 06/25/2037  | 206551 | 180905  |
| &nbsp;&nbsp;&nbsp; Series 2007-PA2, Class 2A2, 1.80% (-1 x 1 mo. Term SOFR + 5.96%), 06/25/2037<sup>(d)(f)</sup> | 2669864 | 280094  |
| &nbsp;&nbsp;&nbsp; Series 2007-PA3, Class 1A2, 5.75%, 07/25/2037  | 174859 | 153331  |
| &nbsp;&nbsp;&nbsp; Series 2007-PA3, Class 1A4, 5.75%, 07/25/2037  | 945307 | 828921  |
| &nbsp;&nbsp;&nbsp; Series 2007-PA3, Class 2A1, 6.00%, 07/25/2037  | 1718654 | 1558218  |
| &nbsp;&nbsp;&nbsp; Series 2007-PA4, Class 1A1, 7.95%, 07/25/2037<sup>(c)</sup> | 381344 | 359949  |
| &nbsp;&nbsp;&nbsp; Series 2007-PA6, Class A1, 6.09%, 12/28/2037<sup>(c)</sup> | 339116 | 308785  |
|  Wells Fargo Home Equity Trust, Series 2004-1, Class 1A, 4.87% (1 mo. Term SOFR + 0.71%), 04/25/2034  | 98477 | 98123  |
| Wells Fargo Mortgage Backed Securities Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-7, Class 3A1, 6.00%, 06/25/2036<sup>(e)</sup> | 515604 | 476933 |
| &nbsp;&nbsp;&nbsp; Series 2006-AR12, Class 2A1, 6.17%, 09/25/2036<sup>(c)</sup> | 86589 | 83054  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR14, Class 2A3, 6.50%, 10/25/2036<sup>(c)</sup> | 183682 | 168837  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR16, Class A1, 6.73%, 10/25/2036<sup>(c)</sup> | 207771 | 196257  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR5, Class 2A1, 6.68%, 04/25/2036<sup>(c)</sup> | 209993 | 208509  |
| &nbsp;&nbsp;&nbsp; Series 2007-15, Class A1, 6.00%, 11/25/2037  | 360064 | 351944  |
| &nbsp;&nbsp;&nbsp; Series 2007-AR3, Class A4, 6.29%, 04/25/2037<sup>(c)</sup> | 1206179 | 1070759  |
| &nbsp;&nbsp;&nbsp; Series 2019-4, Class A17, 3.50%, 09/25/2049<sup>(a)(c)</sup> | 41781 | 37640  |
| WinWater Mortgage Loan Trust, Series 2015-A, Class A3, 3.50%, 06/20/2045<sup>(a)(c)</sup> | 194575 | 182432  |
|  Yale Mortgage Loan Trust 2007-1, Series 2007-1, Class A, 4.67% (1 mo. Term SOFR + 0.51%), 06/25/2037<sup>(a)</sup> | 76587 | 23791  |
| &nbsp;&nbsp;&nbsp; **TOTAL NON-AGENCY MORTGAGE-BACKED SECURITIES** <br>**(Cost $752,008,088)** |  | 754518688  |
| **AGENCY MORTGAGE-BACKED SECURITIES - 33.1%**<br>|  |  |
| Fannie Mae Grantor Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2001-T13, Class A1, 4.60% (1 mo. Term SOFR + 0.27%), 03/25/2032  | 1700882 | 1636338  |
| &nbsp;&nbsp;&nbsp; Series 2002-T16, Class A4, 5.61%, 05/25/2042<sup>(c)</sup> | 15641 | 15531  |
| &nbsp;&nbsp;&nbsp; Series 2002-T4, Class A3, 7.50%, 12/25/2041  | 113214 | 120378  |
| Fannie Mae Whole Loan <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 1998-W2, Class A8, 6.50%, 06/25/2028  | 53790 | 54263  |
| &nbsp;&nbsp;&nbsp; Series 2002-W8, Class A2, 7.00%, 06/25/2042  | 112286 | 117474  |
| &nbsp;&nbsp;&nbsp; Series 2003-W1, Class 1A1, 4.72%, 12/25/2042<sup>(c)</sup> | 992073 | 996563  |
| &nbsp;&nbsp;&nbsp; Series 2003-W1, Class 2A, 5.09%, 12/25/2042<sup>(c)</sup> | 12418 | 12464  |
| &nbsp;&nbsp;&nbsp; Series 2003-W4, Class 3A, 4.53%, 10/25/2042<sup>(c)</sup> | 101388 | 108816  |
| &nbsp;&nbsp;&nbsp; Series 2003-W4, Class 4A, 5.13%, 10/25/2042<sup>(c)</sup> | 70344 | 72063  |
| &nbsp;&nbsp;&nbsp; Series 2004-W14, Class 1AF, 4.87% (30 day avg SOFR US + 0.51%), 07/25/2044  | 1445603 | 1381377  |

---

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** 

**September 30, 2025(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, 5.09% (30 day avg SOFR US + 0.71%), 11/15/2031  | $50207 | $50057 |
| &nbsp;&nbsp;&nbsp; Series 246, Class PO, Pool S0-4925, 0.00%, 05/15/2037<sup>(h)</sup> | 196342 | 164487  |
| &nbsp;&nbsp;&nbsp; Series 261, Class PO, 0.00%, 05/15/2040<sup>(h)</sup> | 1146503 | 916506  |
| &nbsp;&nbsp;&nbsp; Series 264, Class F1, Pool S0-5783, 5.04% (30 day avg SOFR US + 0.66%), 07/15/2042  | 450452 | 445808  |
| &nbsp;&nbsp;&nbsp; Series 2733, Class FB, 5.09% (30 day avg SOFR US + 0.71%), 10/15/2033  | 40232 | 40308  |
| &nbsp;&nbsp;&nbsp; Series 277, Class F6, 4.94% (30 day avg SOFR US + 0.56%), 09/15/2042  | 955291 | 940993  |
| &nbsp;&nbsp;&nbsp; Series 2770, Class LO, 0.00%, 03/15/2034<sup>(h)</sup> | 5160 | 4262  |
| &nbsp;&nbsp;&nbsp; Series 2771, Class FM, 4.87% (30 day avg SOFR US + 0.51%), 03/15/2034  | 20742 | 20620  |
| &nbsp;&nbsp;&nbsp; Series 2819, Class F, 4.89% (30 day avg SOFR US + 0.51%), 06/15/2034  | 29607 | 29539  |
| &nbsp;&nbsp;&nbsp; Series 2916, Class AO, 0.00%, 01/15/2035<sup>(h)</sup> | 152095 | 138102  |
| &nbsp;&nbsp;&nbsp; Series 3006, Class YF, 4.75% (30 day avg SOFR US + 0.37%), 07/15/2035  | 206088 | 203937  |
| &nbsp;&nbsp;&nbsp; Series 3067, Class FA, 4.84% (30 day avg SOFR US + 0.46%), 11/15/2035  | 330938 | 327999  |
| &nbsp;&nbsp;&nbsp; Series 3146, Class FP, 4.84% (30 day avg SOFR US + 0.46%), 04/15/2036  | 252096 | 249866  |
| &nbsp;&nbsp;&nbsp; Series 3149, Class FB, 4.84% (30 day avg SOFR US + 0.46%), 05/15/2036  | 418654 | 415180  |
| &nbsp;&nbsp;&nbsp; Series 3149, Class FH, 4.84% (30 day avg SOFR US + 0.46%), 05/15/2036  | 207253 | 205983  |
| &nbsp;&nbsp;&nbsp; Series 3152, Class WF, 4.95% (30 day avg SOFR US + 0.57%), 02/15/2034  | 23074 | 22978  |
| &nbsp;&nbsp;&nbsp; Series 319, Class F1, 4.94% (30 day avg SOFR US + 0.56%), 11/15/2043  | 660435 | 649608 |
| &nbsp;&nbsp;&nbsp; Series 3210, Class FA, 4.89% (30 day avg SOFR US + 0.51%), 09/15/2036  | 406114 | 403035  |
| &nbsp;&nbsp;&nbsp; Series 3231, Class FA, 4.89% (30 day avg SOFR US + 0.51%), 10/15/2036  | 191280 | 189881  |
| &nbsp;&nbsp;&nbsp; Series 3232, Class KF, 4.94% (30 day avg SOFR US + 0.56%), 10/15/2036  | 91606 | 91029  |
| &nbsp;&nbsp;&nbsp; Series 3236, Class EF, 4.79% (30 day avg SOFR US + 0.41%), 11/15/2036  | 17794 | 17606  |
| &nbsp;&nbsp;&nbsp; Series 3236, Class KF, 4.79% (30 day avg SOFR US + 0.41%), 11/15/2036  | 138010 | 136496  |
| &nbsp;&nbsp;&nbsp; Series 3240, Class AF, 4.84% (30 day avg SOFR US + 0.46%), 11/15/2036  | 447160 | 441272  |
| &nbsp;&nbsp;&nbsp; Series 3240, Class FM, 4.84% (30 day avg SOFR US + 0.46%), 11/15/2036  | 467141 | 462759  |
| &nbsp;&nbsp;&nbsp; Series 3242, Class FA, 4.89% (30 day avg SOFR US + 0.51%), 11/15/2036  | 147276 | 146053  |
| &nbsp;&nbsp;&nbsp; Series 325, Class PO, 0.00%, 03/15/2044<sup>(h)</sup> | 634398 | 483638  |
| &nbsp;&nbsp;&nbsp; Series 327, Class PO, 0.00%, 03/15/2044<sup>(h)</sup> | 1338388 | 1037951  |
| &nbsp;&nbsp;&nbsp; Series 3281, Class AF, 4.81% (30 day avg SOFR US + 0.43%), 02/15/2037  | 219154 | 216731  |
| &nbsp;&nbsp;&nbsp; Series 3284, Class CF, 4.86% (30 day avg SOFR US + 0.48%), 03/15/2037  | 300782 | 297712  |
| &nbsp;&nbsp;&nbsp; Series 3284, Class LF, 4.80% (30 day avg SOFR US + 0.42%), 03/15/2037  | 257548 | 254709  |
| &nbsp;&nbsp;&nbsp; Series 3311, Class FN, 4.79% (30 day avg SOFR US + 0.41%), 05/15/2037  | 270918 | 267735  |
| &nbsp;&nbsp;&nbsp; Series 3311, Class KF, 4.83% (30 day avg SOFR US + 0.45%), 05/15/2037  | 531538 | 525906  |
| &nbsp;&nbsp;&nbsp; Series 3312, Class FN, 4.71% (30 day avg SOFR US + 0.33%), 07/15/2036  | 454741 | 448728  |
| &nbsp;&nbsp;&nbsp; Series 3317, Class F, 4.89% (30 day avg SOFR US + 0.51%), 07/15/2036  | 351630 | 349031  |
| &nbsp;&nbsp;&nbsp; Series 3320, Class FC, 4.66% (30 day avg SOFR US + 0.28%), 05/15/2037  | 15022 | 14957  |
| &nbsp;&nbsp;&nbsp; Series 3355, Class AF, 4.99% (30 day avg SOFR US + 0.61%), 08/15/2037  | 1186988 | 1180886  |
| &nbsp;&nbsp;&nbsp; Series 3378, Class FA, 5.07% (30 day avg SOFR US + 0.69%), 06/15/2037  | 6210 | 6198  |
| &nbsp;&nbsp;&nbsp; Series 3404, Class AF, 5.34% (30 day avg SOFR US + 0.97%), 01/15/2038  | 45180 | 45461  |
| &nbsp;&nbsp;&nbsp; Series 3423, Class PF, 5.19% (30 day avg SOFR US + 0.81%), 03/15/2038  | 13545 | 13565  |
| &nbsp;&nbsp;&nbsp; Series 3501, Class FC, 5.64% (30 day avg SOFR US + 1.26%), 01/15/2039  | 672023 | 683448  |
| &nbsp;&nbsp;&nbsp; Series 3567, Class F, 5.20% (30 day avg SOFR US + 1.36%), 02/15/2038  | 149941 | 138157  |
| &nbsp;&nbsp;&nbsp; Series 3666, Class FC, 5.22% (30 day avg SOFR US + 0.84%), 05/15/2040  | 178087 | 178299  |
| &nbsp;&nbsp;&nbsp; Series 3747, Class UF, 4.97% (30 day avg SOFR US + 0.59%), 10/15/2040  | 1349995 | 1336598  |
| &nbsp;&nbsp;&nbsp; Series 3758, Class F, 4.96% (30 day avg SOFR US + 0.58%), 11/15/2040  | 924954 | 917407  |
| &nbsp;&nbsp;&nbsp; Series 3772, Class ND, 4.50%, 11/15/2040  | 60941 | 60323  |

---

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** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 3795, Class FA, 5.11% (30 day avg SOFR US + 0.73%), 01/15/2041  | $2502913 | $2498087 |
| &nbsp;&nbsp;&nbsp; Series 3812, Class US, 0.33% (-2 x 30 day avg SOFR US + 9.07%), 02/15/2041<sup>(f)</sup> | 78429 | 67297  |
| &nbsp;&nbsp;&nbsp; Series 3815, Class DS, 0.49% (-3 x 30 day avg SOFR US + 13.61%), 02/15/2041<sup>(f)</sup> | 252206 | 244135  |
| &nbsp;&nbsp;&nbsp; Series 3822, Class FC, 4.90% (30 day avg SOFR US + 0.52%), 03/15/2041  | 469594 | 465996  |
| &nbsp;&nbsp;&nbsp; Series 3822, Class FY, 4.89% (30 day avg SOFR US + 0.51%), 02/15/2033  | 258074 | 257549  |
| &nbsp;&nbsp;&nbsp; Series 3835, Class FO, 0.00%, 04/15/2041<sup>(h)</sup> | 2984463 | 2359543  |
| &nbsp;&nbsp;&nbsp; Series 3954, Class PF, 4.99% (30 day avg SOFR US + 0.61%), 07/15/2041  | 141113 | 140622  |
| &nbsp;&nbsp;&nbsp; Series 3964, Class MY, 4.00%, 11/15/2041<sup>(e)</sup> | 183000 | 168675  |
| &nbsp;&nbsp;&nbsp; Series 3967, Class AL, 2.50%, 12/15/2041  | 142294 | 129995  |
| &nbsp;&nbsp;&nbsp; Series 3997, Class FQ, 4.99% (30 day avg SOFR US + 0.61%), 02/15/2042  | 1567413 | 1552824  |
| &nbsp;&nbsp;&nbsp; Series 4020, Class EF, 4.94% (30 day avg SOFR US + 0.56%), 02/15/2042  | 446709 | 442753  |
| &nbsp;&nbsp;&nbsp; Series 4026, Class GA, 2.00%, 09/15/2041  | 274502 | 259898  |
| &nbsp;&nbsp;&nbsp; Series 4032, Class WO, 0.00%, 04/15/2039<sup>(h)</sup> | 188124 | 149289  |
| &nbsp;&nbsp;&nbsp; Series 4039, Class FA, 4.99% (30 day avg SOFR US + 0.61%), 05/15/2042  | 571691 | 566931  |
| &nbsp;&nbsp;&nbsp; Series 4048, Class FB, 4.89% (30 day avg SOFR US + 0.51%), 10/15/2041  | 328376 | 326931  |
| &nbsp;&nbsp;&nbsp; Series 406, Class F15, 5.81% (30 day avg SOFR US + 1.45%), 10/25/2053  | 2140262 | 2163187 |
| &nbsp;&nbsp;&nbsp; Series 406, Class F44, 5.36% (30 day avg SOFR US + 1.00%), 10/25/2053  | 738373 | 742148  |
| &nbsp;&nbsp;&nbsp; Series 4061, Class SL, 0.00% (-2 x 30 day avg SOFR US + 6.86%), 06/15/2042<sup>(f)(i)</sup> | 44323 | 21766  |
| &nbsp;&nbsp;&nbsp; Series 4068, Class FA, 4.94% (30 day avg SOFR US + 0.56%), 06/15/2042  | 1452126 | 1435399  |
| &nbsp;&nbsp;&nbsp; Series 4074, Class KF, 4.79% (30 day avg SOFR US + 0.41%), 02/15/2041  | 8781 | 8773  |
| &nbsp;&nbsp;&nbsp; Series 4076, Class LF, 4.79% (30 day avg SOFR US + 0.41%), 07/15/2042  | 189774 | 186738  |
| &nbsp;&nbsp;&nbsp; Series 4076, Class QB, 1.75%, 11/15/2041  | 35809 | 35323  |
| &nbsp;&nbsp;&nbsp; Series 4087, Class FB, 4.96% (30 day avg SOFR US + 0.58%), 07/15/2042  | 80654 | 79786  |
| &nbsp;&nbsp;&nbsp; Series 4094, Class CF, 4.99% (30 day avg SOFR US + 0.61%), 08/15/2042  | 313351 | 308940  |
| &nbsp;&nbsp;&nbsp; Series 4103, Class FB, 4.94% (30 day avg SOFR US + 0.56%), 09/15/2042  | 1519321 | 1496180  |
| &nbsp;&nbsp;&nbsp; Series 4108, Class FC, 4.89% (30 day avg SOFR US + 0.51%), 09/15/2042  | 2358740 | 2323804  |
| &nbsp;&nbsp;&nbsp; Series 4111, Class AF, 4.89% (30 day avg SOFR US + 0.51%), 09/15/2042  | 1738839 | 1708420  |
| &nbsp;&nbsp;&nbsp; Series 4125, Class FA, 4.84% (30 day avg SOFR US + 0.46%), 11/15/2042  | 4580713 | 4474199  |
| &nbsp;&nbsp;&nbsp; Series 413, Class F26, 5.56% (30 day avg SOFR US + 1.20%), 05/25/2054  | 865128 | 869512  |
| &nbsp;&nbsp;&nbsp; Series 413, Class F44, 5.31% (30 day avg SOFR US + 0.95%), 05/25/2054  | 554925 | 555934  |
| &nbsp;&nbsp;&nbsp; Series 4136, Class DF, 4.79% (30 day avg SOFR US + 0.41%), 11/15/2042  | 354680 | 346413  |
| &nbsp;&nbsp;&nbsp; Series 4143, Class KF, 4.81% (30 day avg SOFR US + 0.46%), 09/15/2037  | 577683 | 564150  |
| &nbsp;&nbsp;&nbsp; Series 4171, Class NG, 2.00%, 06/15/2042  | 14986 | 13857  |
| &nbsp;&nbsp;&nbsp; Series 4204, Class AB, 3.00%, 05/15/2043  | 58125 | 45909  |
| &nbsp;&nbsp;&nbsp; Series 4248, Class FL, 4.94% (30 day avg SOFR US + 0.56%), 05/15/2041  | 252647 | 250965  |
| &nbsp;&nbsp;&nbsp; Series 4316, Class JF, 4.89% (30 day avg SOFR US + 0.51%), 01/15/2044  | 919347 | 907732  |
| &nbsp;&nbsp;&nbsp; Series 4347, Class EF, 4.99% (30 day avg SOFR US + 0.61%), 06/15/2054  | 4568292 | 4486197  |
| &nbsp;&nbsp;&nbsp; Series 4351, Class PO, 0.00%, 06/15/2044<sup>(h)</sup> | 1090905 | 835941  |
| &nbsp;&nbsp;&nbsp; Series 4378, Class FA, 4.89% (30 day avg SOFR US + 0.51%), 08/15/2044  | 2989851 | 2927635  |
| &nbsp;&nbsp;&nbsp; Series 4385, Class FM, 4.89% (30 day avg SOFR US + 0.51%), 11/15/2043  | 2537023 | 2500788  |
| &nbsp;&nbsp;&nbsp; Series 4400, Class FA, 4.89% (30 day avg SOFR US + 0.51%), 02/15/2041  | 309963 | 306786  |
| &nbsp;&nbsp;&nbsp; Series 4431, Class FT, 4.89% (30 day avg SOFR US + 0.51%), 01/15/2045  | 1288554 | 1263384  |
| &nbsp;&nbsp;&nbsp; Series 4436, Class FC, 4.84% (30 day avg SOFR US + 0.46%), 02/15/2045  | 121878 | 119085  |
| &nbsp;&nbsp;&nbsp; Series 4503, Class FA, 4.81% (30 day avg SOFR US + 0.46%), 02/15/2042  | 798687 | 779441  |

---

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** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 4508, Class CF, 4.89% (30 day avg SOFR US + 0.51%), 09/15/2045  | $290584 | $287994 |
| &nbsp;&nbsp;&nbsp; Series 4606, Class FB, 4.99% (30 day avg SOFR US + 0.61%), 08/15/2046  | 722803 | 708777  |
| &nbsp;&nbsp;&nbsp; Series 4615, Class GT, 0.00% (-4 x 30 day avg SOFR US + 15.54%), 10/15/2042<sup>(f)(i)</sup> | 958075 | 759587  |
| &nbsp;&nbsp;&nbsp; Series 4620, Class AF, 4.90% (30 day avg SOFR US + 0.55%), 11/15/2042  | 138773 | 137894  |
| &nbsp;&nbsp;&nbsp; Series 4621, Class HK, 2.00%, 10/15/2046  | 182785 | 155347  |
| &nbsp;&nbsp;&nbsp; Series 4628, Class KF, 4.99% (30 day avg SOFR US + 0.61%), 01/15/2055  | 423790 | 412121  |
| &nbsp;&nbsp;&nbsp; Series 4631, Class FA, 4.99% (30 day avg SOFR US + 0.61%), 11/15/2046  | 428095 | 424893  |
| &nbsp;&nbsp;&nbsp; Series 4663, Class PH, 2.50%, 03/15/2047  | 101296 | 87680  |
| &nbsp;&nbsp;&nbsp; Series 4678, Class AF, 4.86% (30 day avg SOFR US + 0.51%), 12/15/2042  | 550265 | 545317  |
| &nbsp;&nbsp;&nbsp; Series 4691, Class FA, 4.84% (30 day avg SOFR US + 0.46%), 06/15/2047  | 355529 | 346123  |
| &nbsp;&nbsp;&nbsp; Series 4708, Class F, 4.79% (30 day avg SOFR US + 0.41%), 08/15/2047  | 514850 | 500968  |
| &nbsp;&nbsp;&nbsp; Series 4710, Class TN, 3.00%, 08/15/2047  | 650708 | 580550  |
| &nbsp;&nbsp;&nbsp; Series 4722, Class FA, 0.00% (30 day avg SOFR US + 0.43%), 05/15/2038  | 1960177 | 1910104  |
| &nbsp;&nbsp;&nbsp; Series 4774, Class BF, 4.79% (30 day avg SOFR US + 0.41%), 02/15/2048  | 1182293 | 1144430  |
| &nbsp;&nbsp;&nbsp; Series 4775, Class MP, 3.00%, 02/15/2048<sup>(e)</sup> | 303948 | 260351  |
| &nbsp;&nbsp;&nbsp; Series 4790, Class F, 4.68% (30 day avg SOFR US + 0.30%), 10/15/2043  | 1288195 | 1262013 |
| &nbsp;&nbsp;&nbsp; Series 4793, Class CB, 3.00%, 05/15/2048  | 34082 | 30913  |
| &nbsp;&nbsp;&nbsp; Series 4804, Class MF, 4.84% (30 day avg SOFR US + 0.46%), 06/15/2048  | 3605261 | 3499058  |
| &nbsp;&nbsp;&nbsp; Series 4813, Class CJ, 3.00%, 08/15/2048  | 203137 | 180452  |
| &nbsp;&nbsp;&nbsp; Series 4821, Class FA, 4.79% (30 day avg SOFR US + 0.41%), 07/15/2048  | 473352 | 457486  |
| &nbsp;&nbsp;&nbsp; Series 4831, Class FD, 4.79% (30 day avg SOFR US + 0.41%), 10/15/2048  | 805562 | 779729  |
| &nbsp;&nbsp;&nbsp; Series 4839, Class WO, 0.00%, 08/15/2056<sup>(h)</sup> | 27794311 | 17949546  |
| &nbsp;&nbsp;&nbsp; Series 4842, Class FA, 4.84% (30 day avg SOFR US + 0.46%), 11/15/2048  | 605230 | 586966  |
| &nbsp;&nbsp;&nbsp; Series 4844, Class F, 4.89% (30 day avg SOFR US + 0.51%), 11/15/2048  | 1366162 | 1326988  |
| &nbsp;&nbsp;&nbsp; Series 4846, Class PA, 4.00%, 06/15/2047  | 8969 | 8945  |
| &nbsp;&nbsp;&nbsp; Series 4851, Class KF, 4.89% (30 day avg SOFR US + 0.51%), 08/15/2057  | 8737580 | 8456421  |
| &nbsp;&nbsp;&nbsp; Series 4851, Class PO, 0.00%, 08/15/2057<sup>(h)</sup> | 6056736 | 3920058  |
| &nbsp;&nbsp;&nbsp; Series 4867, Class FA, 4.89% (30 day avg SOFR US + 0.51%), 03/15/2049  | 173951 | 172458  |
| &nbsp;&nbsp;&nbsp; Series 4875, Class F, 4.94% (30 day avg SOFR US + 0.56%), 04/15/2049  | 1665394 | 1623497  |
| &nbsp;&nbsp;&nbsp; Series 4882, Class F, 4.94% (30 day avg SOFR US + 0.56%), 05/15/2049  | 2056259 | 2001375  |
| &nbsp;&nbsp;&nbsp; Series 4882, Class FA, 4.94% (30 day avg SOFR US + 0.56%), 05/15/2049  | 2467574 | 2406172  |
| &nbsp;&nbsp;&nbsp; Series 4911, Class FB, 4.92% (30 day avg SOFR US + 0.56%), 09/25/2049  | 1101379 | 1074582  |
| &nbsp;&nbsp;&nbsp; Series 4912, Class PA, 2.00%, 06/25/2049  | 157602 | 133268  |
| &nbsp;&nbsp;&nbsp; Series 4913, Class UF, 4.94% (30 day avg SOFR US + 0.56%), 03/15/2049  | 1387328 | 1348539  |
| &nbsp;&nbsp;&nbsp; Series 4918, Class F, 4.92% (30 day avg SOFR US + 0.56%), 10/25/2049  | 5775421 | 5634782  |
| &nbsp;&nbsp;&nbsp; Series 4921, Class FN, 4.92% (30 day avg SOFR US + 0.56%), 10/25/2049  | 736250 | 715612  |
| &nbsp;&nbsp;&nbsp; Series 4921, Class NB, 1.75%, 08/25/2049  | 222055 | 187504  |
| &nbsp;&nbsp;&nbsp; Series 4925, Class FY, 4.92% (30 day avg SOFR US + 0.56%), 10/25/2049  | 245935 | 239002  |
| &nbsp;&nbsp;&nbsp; Series 4929, Class FB, 4.92% (30 day avg SOFR US + 0.56%), 09/25/2049  | 516129 | 501443  |
| &nbsp;&nbsp;&nbsp; Series 4930, Class FG, 4.92% (30 day avg SOFR US + 0.56%), 11/25/2049  | 535896 | 520771  |
| &nbsp;&nbsp;&nbsp; Series 4930, Class FJ, 4.92% (30 day avg SOFR US + 0.56%), 11/25/2049  | 523127 | 508334  |
| &nbsp;&nbsp;&nbsp; Series 4936, Class DE, 2.50%, 12/25/2049  | 1913962 | 1667074  |
| &nbsp;&nbsp;&nbsp; Series 4939, Class CF, 4.97% (30 day avg SOFR US + 0.61%), 12/25/2049  | 1515457 | 1484843  |
| &nbsp;&nbsp;&nbsp; Series 4942, Class OQ, 0.00%, 04/15/2053<sup>(h)</sup> | 1796372 | 1500121  |
| &nbsp;&nbsp;&nbsp; Series 4943, Class JP, 2.50%, 09/25/2049  | 305809 | 269199  |
| &nbsp;&nbsp;&nbsp; Series 4960, Class PD, 2.00%, 10/25/2049  | 195115 | 166767  |

---

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** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 4981, Class GF, 4.87% (30 day avg SOFR US + 0.51%), 06/25/2050  | $1880832 | $1827182 |
| &nbsp;&nbsp;&nbsp; Series 4981, Class JF, 4.87% (30 day avg SOFR US + 0.51%), 06/25/2050  | 2232088 | 2170259  |
| &nbsp;&nbsp;&nbsp; Series 4982, Class F, 4.92% (30 day avg SOFR US + 0.56%), 06/25/2050  | 2092160 | 2036600  |
| &nbsp;&nbsp;&nbsp; Series 4993, Class KF, 4.92% (30 day avg SOFR US + 0.56%), 07/25/2050  | 2519621 | 2437301  |
| &nbsp;&nbsp;&nbsp; Series 4993, Class UG, 1.50%, 07/25/2050  | 89569 | 51291  |
| &nbsp;&nbsp;&nbsp; Series 5003, Class PA, 1.50%, 08/25/2050  | 1548969 | 1235383  |
| &nbsp;&nbsp;&nbsp; Series 5004, Class FM, 4.82% (30 day avg SOFR US + 0.46%), 08/25/2050  | 437980 | 420195  |
| &nbsp;&nbsp;&nbsp; Series 5019, Class PC, 1.00%, 10/25/2050  | 4446754 | 3418015  |
| &nbsp;&nbsp;&nbsp; Series 5019, Class PL, 1.00%, 10/25/2050  | 2607873 | 2004551  |
| &nbsp;&nbsp;&nbsp; Series 5020, Class HA, 1.00%, 08/25/2050  | 720356 | 562545  |
| &nbsp;&nbsp;&nbsp; Series 5034, Class KL, 1.25%, 11/25/2050  | 834325 | 631779  |
| &nbsp;&nbsp;&nbsp; Series 5035, Class HM, 1.00%, 10/25/2050  | 353996 | 176158  |
| &nbsp;&nbsp;&nbsp; Series 5037, Class QC, 2.00%, 11/25/2050  | 72872 | 47836  |
| &nbsp;&nbsp;&nbsp; Series 5038, Class JP, 0.75%, 10/25/2050  | 9765730 | 7110894  |
| &nbsp;&nbsp;&nbsp; Series 5038, Class PJ, 0.75%, 10/25/2050  | 537497 | 392658  |
| &nbsp;&nbsp;&nbsp; Series 5053, Class KC, 1.00%, 12/25/2050  | 2138567 | 1585419 |
| &nbsp;&nbsp;&nbsp; Series 5056, Class P, 0.75%, 12/25/2050  | 16165967 | 12616418  |
| &nbsp;&nbsp;&nbsp; Series 5058, Class LW, 1.25%, 01/25/2051  | 96630 | 46093  |
| &nbsp;&nbsp;&nbsp; Series 5058, Class PM, 0.75%, 12/25/2050  | 1814674 | 1320420  |
| &nbsp;&nbsp;&nbsp; Series 5060, Class DP, 1.00%, 11/25/2050  | 3002046 | 2302039  |
| &nbsp;&nbsp;&nbsp; Series 5060, Class EP, 1.00%, 12/25/2050  | 2668406 | 2045334  |
| &nbsp;&nbsp;&nbsp; Series 5062, Class PA, 1.25%, 01/25/2051  | 1450837 | 1094498  |
| &nbsp;&nbsp;&nbsp; Series 5068, Class AB, 1.00%, 11/25/2050  | 970787 | 751945  |
| &nbsp;&nbsp;&nbsp; Series 5068, Class GE, 1.00%, 11/25/2050  | 329412 | 264893  |
| &nbsp;&nbsp;&nbsp; Series 5070, Class EP, 1.00%, 09/25/2050  | 3144344 | 2411181  |
| &nbsp;&nbsp;&nbsp; Series 5071, Class ET, 1.00%, 02/25/2051  | 85906 | 61802  |
| &nbsp;&nbsp;&nbsp; Series 5071, Class GP, 2.00%, 02/25/2051  | 344094 | 300494  |
| &nbsp;&nbsp;&nbsp; Series 5078, Class GJ, 0.75%, 02/25/2051  | 522341 | 393591  |
| &nbsp;&nbsp;&nbsp; Series 5078, Class HA, 1.50%, 02/25/2051  | 421148 | 200854  |
| &nbsp;&nbsp;&nbsp; Series 5081, Class DC, 1.00%, 03/25/2051  | 1052170 | 784358  |
| &nbsp;&nbsp;&nbsp; Series 5082, Class UA, 2.00%, 03/25/2051  | 3077640 | 2424778  |
| &nbsp;&nbsp;&nbsp; Series 5085, Class LC, 0.75%, 03/25/2051  | 201211 | 150574  |
| &nbsp;&nbsp;&nbsp; Series 5087, Class PD, 0.75%, 03/25/2051  | 1220620 | 917144  |
| &nbsp;&nbsp;&nbsp; Series 5092, Class AS, 2.00%, 04/25/2051  | 86528 | 42153  |
| &nbsp;&nbsp;&nbsp; Series 5099, Class GE, 1.75%, 09/25/2050  | 8332938 | 6772510  |
| &nbsp;&nbsp;&nbsp; Series 5101, Class CE, 1.00%, 02/25/2051  | 1162265 | 883149  |
| &nbsp;&nbsp;&nbsp; Series 5119, Class AB, 1.50%, 08/25/2049  | 373416 | 304547  |
| &nbsp;&nbsp;&nbsp; Series 5119, Class QF, 4.56% (30 day avg SOFR US + 0.20%), 06/25/2051  | 7933163 | 7467680  |
| &nbsp;&nbsp;&nbsp; Series 5131, Class TG, 1.00%, 04/25/2049  | 137452 | 117445  |
| &nbsp;&nbsp;&nbsp; Series 5132, Class PA, 1.00%, 08/25/2051  | 1156607 | 957193  |
| &nbsp;&nbsp;&nbsp; Series 5151, Class GC, 1.50%, 10/25/2051  | 83631 | 33431  |
| &nbsp;&nbsp;&nbsp; Series 5153, Class PA, 1.00%, 10/25/2051  | 509864 | 425434  |
| &nbsp;&nbsp;&nbsp; Series 5181, Class EA, 1.88%, 05/25/2050  | 11033764 | 8991072  |
| &nbsp;&nbsp;&nbsp; Series 5328, Class JY, 0.25%, 09/25/2050  | 655255 | 459318  |
| &nbsp;&nbsp;&nbsp; Series 5449, Class FM, 5.61% (30 day avg SOFR US + 1.25%), 08/25/2054  | 559145 | 560921  |
| &nbsp;&nbsp;&nbsp; Series 5458, Class DF, 5.46% (30 day avg SOFR US + 1.10%), 10/25/2054  | 587905 | 587675  |

---

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** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 5460, Class FN, 5.46% (30 day avg SOFR US + 1.10%), 10/25/2054  | $878180 | $876719 |
| &nbsp;&nbsp;&nbsp; Series 5468, Class MF, 5.66% (30 day avg SOFR US + 1.30%), 11/25/2054  | 620223 | 623255  |
| &nbsp;&nbsp;&nbsp; Series 5472, Class FB, 5.51% (30 day avg SOFR US + 1.15%), 11/25/2054  | 192049 | 192189  |
| &nbsp;&nbsp;&nbsp; Series 5472, Class FE, 5.71% (30 day avg SOFR US + 1.35%), 11/25/2054  | 409705 | 412238  |
| &nbsp;&nbsp;&nbsp; Series 5473, Class BF, 5.66% (30 day avg SOFR US + 1.30%), 11/25/2054  | 437263 | 439367  |
| &nbsp;&nbsp;&nbsp; Series 5473, Class FA, 5.46% (30 day avg SOFR US + 1.10%), 11/25/2054  | 426777 | 426504  |
| &nbsp;&nbsp;&nbsp; Series 5484, Class FD, 5.51% (30 day avg SOFR US + 1.15%), 12/25/2054  | 394228 | 395660  |
| &nbsp;&nbsp;&nbsp; Series 5498, Class FC, 5.51% (30 day avg SOFR US + 1.15%), 01/25/2055  | 553875 | 555858  |
| &nbsp;&nbsp;&nbsp; Series 5502, Class FG, 5.36% (30 day avg SOFR US + 1.00%), 02/25/2055  | 975922 | 972729  |
| &nbsp;&nbsp;&nbsp; Series 5511, Class QF, 5.71% (30 day avg SOFR US + 1.35%), 03/25/2055  | 1033974 | 1040456  |
| &nbsp;&nbsp;&nbsp; Series 5517, Class FE, 5.31% (30 day avg SOFR US + 0.95%), 03/25/2055  | 356603 | 353354  |
| &nbsp;&nbsp;&nbsp; Series 5524, Class FB, 5.56% (30 day avg SOFR US + 1.20%), 04/25/2055  | 519069 | 518280  |
| &nbsp;&nbsp;&nbsp; Series T-42, Class A5, 7.50%, 02/25/2042  | 117177 | 125146  |
| &nbsp;&nbsp;&nbsp; Series T-76, Class 2A, 2.20%, 10/25/2037<sup>(c)</sup> | 293548 | 268264  |
| Federal National Mortgage Association <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2002-26, Class A3, 5.24%, 06/25/2041<sup>(c)</sup> | 540651 | 543809 |
| &nbsp;&nbsp;&nbsp; Series 2002-8, Class FE, 5.22% (30 day avg SOFR US + 0.86%), 03/25/2032  | 28836 | 28953  |
| &nbsp;&nbsp;&nbsp; Series 2002-9, Class FB, 5.22% (30 day avg SOFR US + 0.86%), 03/25/2032  | 30567 | 30026  |
| &nbsp;&nbsp;&nbsp; Series 2003-25, Class KP, 5.00%, 04/25/2033  | 4967 | 4959  |
| &nbsp;&nbsp;&nbsp; Series 2004-17, Class FT, 4.87% (30 day avg SOFR US + 0.51%), 04/25/2034  | 249301 | 248477  |
| &nbsp;&nbsp;&nbsp; Series 2004-25, Class FA, 4.87% (30 day avg SOFR US + 0.51%), 04/25/2034  | 16478 | 16413  |
| &nbsp;&nbsp;&nbsp; Series 2004-51, Class XO, 0.00%, 07/25/2034<sup>(h)</sup> | 270454 | 239479  |
| &nbsp;&nbsp;&nbsp; Series 2005-25, Class PF, 4.82% (30 day avg SOFR US + 0.46%), 04/25/2035  | 339729 | 336902  |
| &nbsp;&nbsp;&nbsp; Series 2005-66, Class FD, 4.77% (30 day avg SOFR US + 0.41%), 07/25/2035  | 77787 | 77000  |
| &nbsp;&nbsp;&nbsp; Series 2005-82, Class FY, 4.74% (30 day avg SOFR US + 0.38%), 09/25/2035  | 238230 | 236474  |
| &nbsp;&nbsp;&nbsp; Series 2006-101, Class FD, 4.77% (30 day avg SOFR US + 0.41%), 07/25/2036  | 30423 | 29958  |
| &nbsp;&nbsp;&nbsp; Series 2006-112, Class LF, 5.02% (30 day avg SOFR US + 0.66%), 11/25/2036  | 742962 | 739218  |
| &nbsp;&nbsp;&nbsp; Series 2006-115, Class AF, 4.71% (30 day avg SOFR US + 0.35%), 12/25/2036  | 61899 | 60942  |
| &nbsp;&nbsp;&nbsp; Series 2006-118, Class A1, 4.52% (30 day avg SOFR US + 0.17%), 12/25/2036  | 1152110 | 1126970  |
| &nbsp;&nbsp;&nbsp; Series 2006-16, Class FA, 4.77% (30 day avg SOFR US + 0.41%), 03/25/2036  | 213844 | 212072  |
| &nbsp;&nbsp;&nbsp; Series 2006-20, Class GF, 4.82% (30 day avg SOFR US + 0.46%), 04/25/2036  | 95201 | 94415  |
| &nbsp;&nbsp;&nbsp; Series 2006-23, Class BD, 1.00%, 04/25/2036  | 316518 | 278522  |
| &nbsp;&nbsp;&nbsp; Series 2006-42, Class CF, 4.92% (30 day avg SOFR US + 0.56%), 06/25/2036  | 68338 | 68003  |
| &nbsp;&nbsp;&nbsp; Series 2006-44, Class FY, 5.04% (30 day avg SOFR US + 0.68%), 06/25/2036  | 445782 | 445334  |
| &nbsp;&nbsp;&nbsp; Series 2006-72, Class TE, 4.77% (30 day avg SOFR US + 0.41%), 08/25/2036  | 63003 | 62391  |
| &nbsp;&nbsp;&nbsp; Series 2006-90, Class BO, 0.00%, 09/25/2036<sup>(h)</sup> | 415834 | 364853  |
| &nbsp;&nbsp;&nbsp; Series 2006-94, Class GF, 4.82% (30 day avg SOFR US + 0.46%), 10/25/2026  | 47204 | 47200  |
| &nbsp;&nbsp;&nbsp; Series 2007-100, Class TF, 5.02% (30 day avg SOFR US + 0.66%), 10/25/2037  | 1600678 | 1595338  |
| &nbsp;&nbsp;&nbsp; Series 2007-106, Class FM, 5.01% (30 day avg SOFR US + 0.65%), 11/25/2037  | 612806 | 610502  |
| &nbsp;&nbsp;&nbsp; Series 2007-109, Class NF, 5.02% (30 day avg SOFR US + 0.66%), 12/25/2037  | 238695 | 237817  |
| &nbsp;&nbsp;&nbsp; Series 2007-117, Class MF, 5.17% (30 day avg SOFR US + 0.81%), 01/25/2038  | 82937 | 83073  |
| &nbsp;&nbsp;&nbsp; Series 2007-4, Class DF, 4.92% (30 day avg SOFR US + 0.56%), 02/25/2037  | 391222 | 388045  |
| &nbsp;&nbsp;&nbsp; Series 2007-43, Class EB, 4.70% (30 day avg SOFR US + 0.34%), 05/25/2037  | 323613 | 317652  |
| &nbsp;&nbsp;&nbsp; Series 2007-65, Class KF, 4.85% (30 day avg SOFR US + 0.49%), 07/25/2037  | 24705 | 24470  |
| &nbsp;&nbsp;&nbsp; Series 2007-86, Class FA, 4.92% (30 day avg SOFR US + 0.56%), 09/25/2037  | 600197 | 597230  |
| &nbsp;&nbsp;&nbsp; Series 2007-91, Class JF, 5.07% (30 day avg SOFR US + 0.71%), 10/25/2037  | 190946 | 190602  |

---

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** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2007-95, Class A2, 4.62% (30 day avg SOFR US + 0.36%), 08/27/2036  | $2090846 | $2110352 |
| &nbsp;&nbsp;&nbsp; Series 2007-96, Class AF, 5.19% (30 day avg SOFR US + 0.83%), 06/25/2037  | 87961 | 88106  |
| &nbsp;&nbsp;&nbsp; Series 2008-67, Class FG, 5.47% (30 day avg SOFR US + 1.11%), 07/25/2038  | 360249 | 364630  |
| &nbsp;&nbsp;&nbsp; Series 2009-106, Class FA, 5.22% (30 day avg SOFR US + 0.86%), 01/25/2040  | 360328 | 361668  |
| &nbsp;&nbsp;&nbsp; Series 2009-110, Class FG, 5.22% (30 day avg SOFR US + 0.86%), 01/25/2040  | 416251 | 417547  |
| &nbsp;&nbsp;&nbsp; Series 2010-54, Class BF, 4.87% (30 day avg SOFR US + 0.51%), 06/25/2036  | 147723 | 146701  |
| &nbsp;&nbsp;&nbsp; Series 2010-61, Class PO, 0.00%, 03/25/2040<sup>(h)</sup> | 113546 | 91972  |
| &nbsp;&nbsp;&nbsp; Series 2010-68, Class FA, 5.47% (30 day avg SOFR US + 1.11%), 07/25/2040  | 249422 | 251968  |
| &nbsp;&nbsp;&nbsp; Series 2010-95, Class FB, 4.87% (30 day avg SOFR US + 0.51%), 09/25/2040  | 1258153 | 1251341  |
| &nbsp;&nbsp;&nbsp; Series 2011-118, Class CF, 4.97% (30 day avg SOFR US + 0.61%), 10/25/2039  | 32599 | 32516  |
| &nbsp;&nbsp;&nbsp; Series 2011-126, Class WA, 2.50%, 12/25/2041  | 166609 | 146179  |
| &nbsp;&nbsp;&nbsp; Series 2011-130, Class KO, 0.00%, 12/25/2041<sup>(h)</sup> | 101706 | 81449  |
| &nbsp;&nbsp;&nbsp; Series 2011-146, Class UF, 5.47% (30 day avg SOFR US + 1.11%), 01/25/2042  | 803216 | 798401  |
| &nbsp;&nbsp;&nbsp; Series 2011-40, Class SB, 0.00% (-3 x 30 day avg SOFR US + 9.91%), 11/25/2040<sup>(f)(i)</sup> | 42394 | 32892  |
| &nbsp;&nbsp;&nbsp; Series 2011-51, Class FM, 5.12% (30 day avg SOFR US + 0.76%), 06/25/2041  | 738228 | 736629 |
| &nbsp;&nbsp;&nbsp; Series 2011-55, Class FH, 4.91% (30 day avg SOFR US + 0.55%), 06/25/2041  | 758344 | 752850  |
| &nbsp;&nbsp;&nbsp; Series 2011-57, Class FE, 4.92% (30 day avg SOFR US + 0.56%), 07/25/2041  | 2809035 | 2786711  |
| &nbsp;&nbsp;&nbsp; Series 2011-57, Class FT, 4.92% (30 day avg SOFR US + 0.56%), 07/25/2041  | 2143824 | 2125448  |
| &nbsp;&nbsp;&nbsp; Series 2011-59, Class FA, 5.07% (30 day avg SOFR US + 0.71%), 07/25/2041  | 435347 | 433992  |
| &nbsp;&nbsp;&nbsp; Series 2011-63, Class FA, 5.05% (30 day avg SOFR US + 0.69%), 07/25/2041  | 461564 | 459823  |
| &nbsp;&nbsp;&nbsp; Series 2011-71, Class FA, 5.09% (30 day avg SOFR US + 0.73%), 12/25/2036  | 148772 | 148697  |
| &nbsp;&nbsp;&nbsp; Series 2011-86, Class NF, 5.02% (30 day avg SOFR US + 0.66%), 09/25/2041  | 166385 | 165863  |
| &nbsp;&nbsp;&nbsp; Series 2011-96, Class PF, 4.97% (30 day avg SOFR US + 0.61%), 10/25/2041  | 1302791 | 1289592  |
| &nbsp;&nbsp;&nbsp; Series 2012-103, Class NF, 4.87% (30 day avg SOFR US + 0.51%), 09/25/2042  | 746169 | 735268  |
| &nbsp;&nbsp;&nbsp; Series 2012-120, Class QB, 2.50%, 08/25/2042  | 50000 | 41632  |
| &nbsp;&nbsp;&nbsp; Series 2012-122, Class FM, 4.87% (30 day avg SOFR US + 0.51%), 11/25/2042  | 643718 | 632619  |
| &nbsp;&nbsp;&nbsp; Series 2012-128, Class HS, 0.00% (-2 x 30 day avg SOFR US + 5.83%), 11/25/2042<sup>(f)(i)</sup> | 148366 | 107069  |
| &nbsp;&nbsp;&nbsp; Series 2012-146, Class QA, 1.00%, 01/25/2043  | 63629 | 55391  |
| &nbsp;&nbsp;&nbsp; Series 2012-15, Class BF, 5.02% (30 day avg SOFR US + 0.66%), 03/25/2042  | 158108 | 156851  |
| &nbsp;&nbsp;&nbsp; Series 2012-15, Class KB, 3.50%, 03/25/2042  | 70000 | 64262  |
| &nbsp;&nbsp;&nbsp; Series 2012-27, Class FA, 5.04% (30 day avg SOFR US + 0.68%), 03/25/2042  | 107333 | 106550  |
| &nbsp;&nbsp;&nbsp; Series 2012-39, Class FK, 4.97% (30 day avg SOFR US + 0.61%), 04/25/2042  | 497679 | 493156  |
| &nbsp;&nbsp;&nbsp; Series 2012-40, Class LX, 0.00% (-2 x 30 day avg SOFR US + 6.69%), 04/25/2042<sup>(f)(i)</sup> | 203214 | 129194  |
| &nbsp;&nbsp;&nbsp; Series 2012-6, Class F, 4.97% (30 day avg SOFR US + 0.61%), 02/25/2042  | 657256 | 651453  |
| &nbsp;&nbsp;&nbsp; Series 2012-65, Class FB, 4.99% (30 day avg SOFR US + 0.63%), 06/25/2042  | 195181 | 193443  |
| &nbsp;&nbsp;&nbsp; Series 2012-66, Class FB, 4.92% (30 day avg SOFR US + 0.56%), 06/25/2042  | 1431918 | 1415020  |
| &nbsp;&nbsp;&nbsp; Series 2012-67, Class GF, 4.92% (30 day avg SOFR US + 0.56%), 07/25/2042  | 1664055 | 1644627  |
| &nbsp;&nbsp;&nbsp; Series 2012-70, Class FA, 4.92% (30 day avg SOFR US + 0.56%), 07/25/2042  | 658347 | 651358  |
| &nbsp;&nbsp;&nbsp; Series 2012-71, Class FL, 4.97% (30 day avg SOFR US + 0.61%), 07/25/2042  | 147042 | 145511  |
| &nbsp;&nbsp;&nbsp; Series 2012-72, Class FQ, 4.97% (30 day avg SOFR US + 0.61%), 07/25/2042  | 260478 | 256202  |
| &nbsp;&nbsp;&nbsp; Series 2012-79, Class FM, 4.92% (30 day avg SOFR US + 0.56%), 07/25/2042  | 76039 | 75090  |
| &nbsp;&nbsp;&nbsp; Series 2012-80, Class FM, 4.97% (30 day avg SOFR US + 0.61%), 08/25/2042  | 5217352 | 5165723  |
| &nbsp;&nbsp;&nbsp; Series 2012-80, Class NA, 2.75%, 06/25/2042  | 171019 | 157410  |
| &nbsp;&nbsp;&nbsp; Series 2012-84, Class FJ, 4.82% (30 day avg SOFR US + 0.46%), 01/25/2042  | 374263 | 371450 |

---

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** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2012-93, Class FC, 4.87% (30 day avg SOFR US + 0.51%), 09/25/2042  | $1570372 | $1545060 |
| &nbsp;&nbsp;&nbsp; Series 2013-31, Class PY, 2.50%, 02/25/2043  | 96155 | 82293  |
| &nbsp;&nbsp;&nbsp; Series 2013-34, Class PF, 4.82% (30 day avg SOFR US + 0.46%), 08/25/2042  | 164081 | 162861  |
| &nbsp;&nbsp;&nbsp; Series 2013-50, Class US, 0.00% (-1 x 30 day avg SOFR US + 3.89%), 05/25/2043<sup>(f)(i)</sup> | 639553 | 332135  |
| &nbsp;&nbsp;&nbsp; Series 2013-57, Class FN, 4.82% (30 day avg SOFR US + 0.46%), 06/25/2043  | 1061479 | 1044885  |
| &nbsp;&nbsp;&nbsp; Series 2013-58, Class FY, 4.72% (30 day avg SOFR US + 0.36%), 02/25/2043  | 863215 | 845710  |
| &nbsp;&nbsp;&nbsp; Series 2013-68, Class NA, 1.00%, 03/25/2042  | 171857 | 149137  |
| &nbsp;&nbsp;&nbsp; Series 2013-83, Class US, 0.53% (-1 x 30 day avg SOFR US + 4.89%), 08/25/2043<sup>(f)</sup> | 160197 | 113716  |
| &nbsp;&nbsp;&nbsp; Series 2013-97, Class JF, 4.82% (30 day avg SOFR US + 0.46%), 04/25/2038  | 342847 | 339967  |
| &nbsp;&nbsp;&nbsp; Series 2013-98, Class PO, 0.00%, 09/25/2043<sup>(h)</sup> | 1629888 | 1265507  |
| &nbsp;&nbsp;&nbsp; Series 2014-17, Class PF, 4.87% (30 day avg SOFR US + 0.51%), 04/25/2044  | 1438563 | 1414406  |
| &nbsp;&nbsp;&nbsp; Series 2014-47, Class AF, 4.81% (30 day avg SOFR US + 0.46%), 08/25/2044  | 559104 | 553712  |
| &nbsp;&nbsp;&nbsp; Series 2014-61, Class PO, 0.00%, 05/25/2043<sup>(h)</sup> | 1156889 | 616306  |
| &nbsp;&nbsp;&nbsp; Series 2014-63, Class FL, 4.87% (30 day avg SOFR US + 0.51%), 10/25/2044  | 1094990 | 1079695 |
| &nbsp;&nbsp;&nbsp; Series 2014-73, Class FA, 4.82% (30 day avg SOFR US + 0.46%), 11/25/2044  | 3774129 | 3709790  |
| &nbsp;&nbsp;&nbsp; Series 2015-27, Class HA, 3.00%, 03/25/2044  | 20387 | 19733  |
| &nbsp;&nbsp;&nbsp; Series 2015-32, Class FA, 4.77% (30 day avg SOFR US + 0.41%), 05/25/2045  | 204145 | 199019  |
| &nbsp;&nbsp;&nbsp; Series 2015-38, Class DF, 4.77% (30 day avg SOFR US + 0.42%), 06/25/2055  | 809914 | 801761  |
| &nbsp;&nbsp;&nbsp; Series 2015-4, Class FA, 4.81% (30 day avg SOFR US + 0.46%), 02/25/2045  | 502254 | 491556  |
| &nbsp;&nbsp;&nbsp; Series 2015-48, Class FB, 4.77% (30 day avg SOFR US + 0.41%), 07/25/2045  | 242732 | 236747  |
| &nbsp;&nbsp;&nbsp; Series 2015-73, Class ES, 0.00% (-2 x 30 day avg SOFR US + 9.07%), 10/25/2045<sup>(f)(i)</sup> | 198408 | 130089  |
| &nbsp;&nbsp;&nbsp; Series 2016-106, Class EF, 4.97% (30 day avg SOFR US + 0.61%), 01/25/2047  | 5172916 | 5064649  |
| &nbsp;&nbsp;&nbsp; Series 2016-50, Class PC, 2.00%, 08/25/2046  | 602066 | 492439  |
| &nbsp;&nbsp;&nbsp; Series 2016-60, Class UF, 4.87% (30 day avg SOFR US + 0.51%), 09/25/2046  | 335894 | 333436  |
| &nbsp;&nbsp;&nbsp; Series 2017-39, Class FT, 4.87% (30 day avg SOFR US + 0.51%), 05/25/2047  | 2000986 | 1949494  |
| &nbsp;&nbsp;&nbsp; Series 2017-51, Class FC, 4.82% (30 day avg SOFR US + 0.46%), 07/25/2047  | 1183095 | 1153668  |
| &nbsp;&nbsp;&nbsp; Series 2018-11, Class KA, 3.00%, 03/25/2048  | 985689 | 876991  |
| &nbsp;&nbsp;&nbsp; Series 2018-16, Class FN, 4.72% (30 day avg SOFR US + 0.36%), 03/25/2048  | 310572 | 299178  |
| &nbsp;&nbsp;&nbsp; Series 2018-21, Class PO, 0.00%, 04/25/2048<sup>(h)</sup> | 515805 | 391252  |
| &nbsp;&nbsp;&nbsp; Series 2018-22, Class FJ, 4.77% (30 day avg SOFR US + 0.41%), 04/25/2048  | 188036 | 181638  |
| &nbsp;&nbsp;&nbsp; Series 2018-32, Class FC, 4.77% (30 day avg SOFR US + 0.41%), 05/25/2048  | 3756216 | 3646456  |
| &nbsp;&nbsp;&nbsp; Series 2018-35, Class FA, 4.77% (30 day avg SOFR US + 0.41%), 05/25/2048  | 1850898 | 1788167  |
| &nbsp;&nbsp;&nbsp; Series 2018-39, Class FG, 4.72% (30 day avg SOFR US + 0.36%), 11/25/2033  | 705547 | 698155  |
| &nbsp;&nbsp;&nbsp; Series 2018-4, Class FM, 4.77% (30 day avg SOFR US + 0.41%), 02/25/2048  | 806367 | 779304  |
| &nbsp;&nbsp;&nbsp; Series 2018-45, Class FT, 4.77% (30 day avg SOFR US + 0.41%), 06/25/2048  | 781731 | 756263  |
| &nbsp;&nbsp;&nbsp; Series 2018-76, Class FN, 4.82% (30 day avg SOFR US + 0.46%), 10/25/2048  | 3566953 | 3458093  |
| &nbsp;&nbsp;&nbsp; Series 2018-94, Class FA, 4.87% (30 day avg SOFR US + 0.51%), 01/25/2049  | 581298 | 565304  |
| &nbsp;&nbsp;&nbsp; Series 2019-1, Class NF, 4.92% (30 day avg SOFR US + 0.56%), 02/25/2049  | 2109662 | 2058995  |
| &nbsp;&nbsp;&nbsp; Series 2019-12, Class FB, 4.92% (30 day avg SOFR US + 0.56%), 04/25/2049  | 223517 | 217931  |
| &nbsp;&nbsp;&nbsp; Series 2019-17, Class JF, 4.87% (30 day avg SOFR US + 0.51%), 04/25/2049  | 5317529 | 5212798  |
| &nbsp;&nbsp;&nbsp; Series 2019-20, Class ND, 2.50%, 05/25/2049  | 237223 | 199110  |
| &nbsp;&nbsp;&nbsp; Series 2019-20, Class NE, 2.75%, 05/25/2049  | 302459 | 266349  |
| &nbsp;&nbsp;&nbsp; Series 2019-24, Class NJ, 2.50%, 05/25/2049  | 977193 | 850836  |
| &nbsp;&nbsp;&nbsp; Series 2019-25, Class FA, 4.92% (30 day avg SOFR US + 0.56%), 06/25/2049  | 187437 | 182952  |

---

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** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2019-25, Class PD, 2.50%, 05/25/2048  | $181873 | $164562 |
| &nbsp;&nbsp;&nbsp; Series 2019-33, Class FB, 4.92% (30 day avg SOFR US + 0.56%), 07/25/2049  | 139565 | 136056  |
| &nbsp;&nbsp;&nbsp; Series 2019-34, Class KP, 2.50%, 07/25/2049  | 60219 | 50959  |
| &nbsp;&nbsp;&nbsp; Series 2019-43, Class FC, 4.87% (30 day avg SOFR US + 0.51%), 08/25/2049  | 237967 | 233470  |
| &nbsp;&nbsp;&nbsp; Series 2019-46, Class FG, 4.87% (30 day avg SOFR US + 0.51%), 08/25/2049  | 227561 | 225040  |
| &nbsp;&nbsp;&nbsp; Series 2019-48, Class ML, 3.00%, 09/25/2049  | 75990 | 52414  |
| &nbsp;&nbsp;&nbsp; Series 2019-5, Class FE, 4.92% (30 day avg SOFR US + 0.56%), 03/25/2049  | 286701 | 281663  |
| &nbsp;&nbsp;&nbsp; Series 2019-51, Class TB, 2.25%, 05/25/2049  | 1248199 | 1098435  |
| &nbsp;&nbsp;&nbsp; Series 2019-57, Class FG, 4.92% (30 day avg SOFR US + 0.56%), 10/25/2049  | 5250872 | 5142341  |
| &nbsp;&nbsp;&nbsp; Series 2019-62, Class FA, 4.97% (30 day avg SOFR US + 0.61%), 11/25/2059  | 934673 | 922013  |
| &nbsp;&nbsp;&nbsp; Series 2019-68, Class FD, 4.97% (30 day avg SOFR US + 0.61%), 11/25/2049  | 2597759 | 2528941  |
| &nbsp;&nbsp;&nbsp; Series 2019-68, Class KP, 2.50%, 11/25/2049  | 250055 | 216601  |
| &nbsp;&nbsp;&nbsp; Series 2019-69, Class FA, 4.97% (30 day avg SOFR US + 0.61%), 12/25/2049  | 652312 | 640060  |
| &nbsp;&nbsp;&nbsp; Series 2019-8, Class FA, 4.92% (30 day avg SOFR US + 0.56%), 03/25/2049  | 725370 | 716590  |
| &nbsp;&nbsp;&nbsp; Series 2019-81, Class FJ, 4.97% (30 day avg SOFR US + 0.61%), 01/25/2050  | 2124093 | 2071791  |
| &nbsp;&nbsp;&nbsp; Series 2020-37, Class FD, 4.87% (30 day avg SOFR US + 0.51%), 06/25/2050  | 906556 | 897226 |
| &nbsp;&nbsp;&nbsp; Series 2020-48, Class DA, 2.00%, 07/25/2050  | 621798 | 527906  |
| &nbsp;&nbsp;&nbsp; Series 2020-49, Class GA, 1.50%, 02/25/2049  | 344411 | 288812  |
| &nbsp;&nbsp;&nbsp; Series 2020-61, Class GF, 4.69% (30 day avg SOFR US + 0.33%), 09/25/2050  | 4052826 | 3806544  |
| &nbsp;&nbsp;&nbsp; Series 2020-70, Class JC, 1.25%, 10/25/2050  | 6396702 | 4847199  |
| &nbsp;&nbsp;&nbsp; Series 2020-71, Class KU, 1.00%, 10/25/2050  | 95471 | 52576  |
| &nbsp;&nbsp;&nbsp; Series 2020-75, Class ND, 1.25%, 10/25/2050  | 1984969 | 1503783  |
| &nbsp;&nbsp;&nbsp; Series 2020-75, Class PB, 1.00%, 11/25/2050  | 3418508 | 2798033  |
| &nbsp;&nbsp;&nbsp; Series 2020-78, Class CA, 2.00%, 10/25/2044  | 28879 | 26473  |
| &nbsp;&nbsp;&nbsp; Series 2020-80, Class JF, 4.66% (30 day avg SOFR US + 0.30%), 11/25/2050  | 1591301 | 1513330  |
| &nbsp;&nbsp;&nbsp; Series 2020-80, Class MA, 1.00%, 11/25/2050  | 3204857 | 2380577  |
| &nbsp;&nbsp;&nbsp; Series 2020-92, Class PH, 1.00%, 02/25/2050  | 3152121 | 2422617  |
| &nbsp;&nbsp;&nbsp; Series 2020-96, Class NW, 1.00%, 01/25/2051  | 492593 | 377502  |
| &nbsp;&nbsp;&nbsp; Series 2021-15, Class HD, 1.00%, 04/25/2051  | 1882678 | 1405353  |
| &nbsp;&nbsp;&nbsp; Series 2021-15, Class HN, 1.00%, 04/25/2051  | 353002 | 263504  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class HB, 1.00%, 02/25/2051  | 658510 | 494428  |
| &nbsp;&nbsp;&nbsp; Series 2021-56, Class HE, 1.25%, 09/25/2051  | 459362 | 397638  |
| &nbsp;&nbsp;&nbsp; Series 2021-58, Class KC, 1.50%, 04/25/2051  | 3377248 | 2916117  |
| &nbsp;&nbsp;&nbsp; Series 2021-58, Class LD, 1.50%, 03/25/2051  | 1438434 | 1246116  |
| &nbsp;&nbsp;&nbsp; Series 2021-65, Class GA, 2.00%, 07/25/2049  | 71285 | 59162  |
| &nbsp;&nbsp;&nbsp; Series 2021-66, Class HB, 2.00%, 10/25/2051  | 93732 | 84607  |
| &nbsp;&nbsp;&nbsp; Series 2021-69, Class LK, 1.50%, 05/25/2051  | 1390748 | 1197727  |
| &nbsp;&nbsp;&nbsp; Series 2021-72, Class JC, 1.25%, 05/25/2051  | 740559 | 635118  |
| &nbsp;&nbsp;&nbsp; Series 2021-75, Class PB, 1.50%, 11/25/2051  | 1440377 | 1243122  |
| &nbsp;&nbsp;&nbsp; Series 2021-87, Class NC, 1.50%, 11/25/2051  | 1483843 | 1223733  |
| &nbsp;&nbsp;&nbsp; Series 2021-87, Class QA, 2.00%, 12/25/2051  | 213443 | 133237  |
| &nbsp;&nbsp;&nbsp; Series 2021-87, Class QC, 2.00%, 12/25/2051  | 315286 | 192805  |
| &nbsp;&nbsp;&nbsp; Series 2021-87, Class WM, 2.00%, 12/25/2051  | 61000 | 36337  |
| &nbsp;&nbsp;&nbsp; Series 2021-93, Class CG, 2.00%, 03/25/2047  | 2180172 | 1882311  |
| &nbsp;&nbsp;&nbsp; Series 2021-94, Class KU, 2.00%, 12/25/2051  | 97534 | 56020  |
| &nbsp;&nbsp;&nbsp; Series 2022-17, Class YE, 3.50%, 04/25/2052  | 69000 | 62422  |

---

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** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2022-66, Class CA, 4.50%, 10/25/2052  | $28362 | $25176 |
| &nbsp;&nbsp;&nbsp; Series 2023-36, Class AO, 0.00%, 08/25/2050<sup>(h)</sup> | 793112 | 577033  |
| &nbsp;&nbsp;&nbsp; Series 2023-38, Class FD, 5.21% (30 day avg SOFR US + 0.86%), 10/25/2039  | 1315270 | 1307869  |
| &nbsp;&nbsp;&nbsp; Series 2023-53, Class FH, 6.16% (30 day avg SOFR US + 1.80%), 11/25/2053  | 2585640 | 2637458  |
| &nbsp;&nbsp;&nbsp; Series 2023-56, Class FA, 5.76% (30 day avg SOFR US + 1.40%), 11/25/2053  | 522658 | 527075  |
| &nbsp;&nbsp;&nbsp; Series 2024-103, Class FE, 5.66% (30 day avg SOFR US + 1.30%), 01/25/2055  | 325422 | 327012  |
| &nbsp;&nbsp;&nbsp; Series 2024-15, Class FD, 5.71% (30 day avg SOFR US + 1.35%), 04/25/2054  | 348030 | 350004  |
| &nbsp;&nbsp;&nbsp; Series 2024-77, Class FG, 5.46% (30 day avg SOFR US + 1.10%), 11/25/2054  | 3004143 | 3003136  |
| &nbsp;&nbsp;&nbsp; Series 2024-96, Class FB, 5.76% (30 day avg SOFR US + 1.40%), 12/25/2054  | 9946771 | 10023131  |
| &nbsp;&nbsp;&nbsp; Series 2025-16, Class FA, 5.51% (30 day avg SOFR US + 1.15%), 03/25/2055  | 633166 | 635521  |
| &nbsp;&nbsp;&nbsp; Series 2025-35, Class FB, 5.36% (30 day avg SOFR US + 1.00%), 05/25/2055  | 652011 | 655440  |
| &nbsp;&nbsp;&nbsp; Series 2025-5, Class FA, 5.56% (30 day avg SOFR US + 1.20%), 02/25/2055  | 435901 | 438130  |
| &nbsp;&nbsp;&nbsp; Series 399, Class 1, 0.00%, 11/25/2039<sup>(h)</sup> | 1348537 | 1106758  |
|  Freddie Mac Whole Loan, Series 2005-S001, Class 2A2, 4.59% (1 mo. Term SOFR + 0.26%), 09/25/2045  | 7741274 | 7584257  |
|  Freddie Mac Whole Loan Securities Trust, Series 2017-SC02, Class 2A, 3.50%, 05/25/2047  | 20565 | 18132 |
| Government National Mortgage Association <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-63, Class FL, 4.61% (1 mo. Term SOFR + 0.46%), 08/16/2034  | 31857 | 31717  |
| &nbsp;&nbsp;&nbsp; Series 2004-80, Class FA, 4.65% (1 mo. Term SOFR + 0.51%), 10/20/2034  | 241282 | 239878  |
| &nbsp;&nbsp;&nbsp; Series 2007-17, Class CF, 4.51% (1 mo. Term SOFR + 0.36%), 04/16/2037  | 135590 | 134912  |
| &nbsp;&nbsp;&nbsp; Series 2007-26, Class FD, 4.46% (1 mo. Term SOFR + 0.31%), 05/16/2037  | 1662178 | 1652234  |
| &nbsp;&nbsp;&nbsp; Series 2008-65, Class FG, 5.00% (1 mo. Term SOFR + 0.86%), 08/20/2038  | 453902 | 453956  |
| &nbsp;&nbsp;&nbsp; Series 2009-14, Class FA, 5.17% (1 mo. Term SOFR + 1.03%), 03/20/2039  | 746282 | 749502  |
| &nbsp;&nbsp;&nbsp; Series 2009-29, Class FL, 4.91% (1 mo. Term SOFR + 0.76%), 05/16/2039  | 839408 | 840266  |
| &nbsp;&nbsp;&nbsp; Series 2009-36, Class FE, 5.05% (1 mo. Term SOFR + 0.91%), 09/20/2038  | 743363 | 744536  |
| &nbsp;&nbsp;&nbsp; Series 2009-40, Class PO, 0.00%, 06/20/2039<sup>(h)</sup> | 444466 | 350705  |
| &nbsp;&nbsp;&nbsp; Series 2009-50, Class FW, 5.25% (1 mo. Term SOFR + 1.11%), 07/20/2039  | 533538 | 537278  |
| &nbsp;&nbsp;&nbsp; Series 2009-52, Class FD, 5.21% (1 mo. Term SOFR + 1.06%), 07/16/2039  | 278154 | 278770  |
| &nbsp;&nbsp;&nbsp; Series 2009-83, Class TF, 5.15% (1 mo. Term SOFR + 1.01%), 08/20/2039  | 762079 | 767011  |
| &nbsp;&nbsp;&nbsp; Series 2010-147, Class PG, 3.50%, 05/20/2040  | 22701 | 22531  |
| &nbsp;&nbsp;&nbsp; Series 2010-25, Class FH, 4.98% (1 mo. Term SOFR + 0.83%), 02/16/2040  | 403845 | 404373  |
| &nbsp;&nbsp;&nbsp; Series 2010-42, Class OP, 0.00%, 04/20/2040<sup>(h)</sup> | 1056356 | 861502  |
| &nbsp;&nbsp;&nbsp; Series 2010-68, Class GF, 4.71% (1 mo. Term SOFR + 0.56%), 12/16/2039  | 299812 | 299381  |
| &nbsp;&nbsp;&nbsp; Series 2010-79, Class YF, 4.60% (1 mo. Term SOFR + 0.46%), 05/20/2035  | 973545 | 965819  |
| &nbsp;&nbsp;&nbsp; Series 2011-117, Class FJ, 5.12% (1 mo. Term SOFR + 0.98%), 08/20/2041  | 704283 | 710078  |
| &nbsp;&nbsp;&nbsp; Series 2011-135, Class FN, 4.66% (1 mo. Term SOFR + 0.51%), 10/16/2041  | 226085 | 223284  |
| &nbsp;&nbsp;&nbsp; Series 2011-151, Class DL, 3.00%, 06/16/2041  | 78500 | 72801  |
| &nbsp;&nbsp;&nbsp; Series 2011-151, Class FD, 4.66% (1 mo. Term SOFR + 0.51%), 06/16/2041  | 1683128 | 1664129  |
| &nbsp;&nbsp;&nbsp; Series 2011-151, Class FJ, 4.60% (1 mo. Term SOFR + 0.46%), 11/20/2041  | 410516 | 405624  |
| &nbsp;&nbsp;&nbsp; Series 2011-151, Class GF, 4.65% (1 mo. Term SOFR + 0.51%), 11/20/2041  | 1268646 | 1253794  |
| &nbsp;&nbsp;&nbsp; Series 2011-69, Class FB, 4.90% (1 mo. Term SOFR + 0.76%), 05/20/2041  | 1475502 | 1470403  |
| &nbsp;&nbsp;&nbsp; Series 2011-75, Class PO, 0.00%, 05/20/2041<sup>(h)</sup> | 167619 | 149154  |
| &nbsp;&nbsp;&nbsp; Series 2011-81, Class FT, 4.76% (1 mo. Term SOFR + 0.61%), 04/16/2040  | 508902 | 506555  |
| &nbsp;&nbsp;&nbsp; Series 2011-83, Class F, 4.63% (1 mo. Term SOFR + 0.49%), 06/20/2041  | 981381 | 970431  |
| &nbsp;&nbsp;&nbsp; Series 2012-106, Class QD, 1.50%, 07/20/2042  | 57323 | 51000  |
| &nbsp;&nbsp;&nbsp; Series 2012-17, Class CB, 3.50%, 02/20/2042  | 931738 | 888688  |

---

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

41<br>

------

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

**Regan Total Return Income Fund** 

**Schedule of Investments** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2012-21, Class QF, 4.60% (1 mo. Term SOFR + 0.46%), 02/20/2042  | $860308 | $853122 |
| &nbsp;&nbsp;&nbsp; Series 2012-40, Class PW, 4.00%, 01/20/2042  | 127166 | 125081  |
| &nbsp;&nbsp;&nbsp; Series 2012-84, Class QD, 2.00%, 07/16/2042  | 45290 | 39807  |
| &nbsp;&nbsp;&nbsp; Series 2012-96, Class FQ, 4.65% (1 mo. Term SOFR + 0.51%), 08/20/2042  | 498521 | 495609  |
| &nbsp;&nbsp;&nbsp; Series 2013-131, Class PF, 4.61% (1 mo. Term SOFR + 0.46%), 09/16/2043  | 415453 | 409701  |
| &nbsp;&nbsp;&nbsp; Series 2013-64, Class NF, 4.50% (1 mo. Term SOFR + 0.36%), 04/20/2043  | 290727 | 287721  |
| &nbsp;&nbsp;&nbsp; Series 2013-72, Class DA, 2.04%, 11/16/2047  | 130000 | 94595  |
| &nbsp;&nbsp;&nbsp; Series 2014-2, Class BK, 0.00%, 04/16/2040<sup>(h)</sup> | 188186 | 150107  |
| &nbsp;&nbsp;&nbsp; Series 2014-21, Class DA, 2.00%, 04/16/2026  | 331 | 331  |
| &nbsp;&nbsp;&nbsp; Series 2014-94, Class CA, 1.75%, 01/20/2044  | 48001 | 42505  |
| &nbsp;&nbsp;&nbsp; Series 2015-126, Class GS, 0.00% (-2 x 1 mo. Term SOFR + 9.07%), 09/20/2045<sup>(f)(i)</sup> | 357665 | 236543  |
| &nbsp;&nbsp;&nbsp; Series 2015-159, Class DW, 0.00% (-3 x 1 mo. Term SOFR + 7.79%), 08/20/2045<sup>(f)(i)</sup> | 80670 | 52883  |
| &nbsp;&nbsp;&nbsp; Series 2015-53, Class KC, 3.00%, 04/16/2045  | 58514 | 44356 |
| &nbsp;&nbsp;&nbsp; Series 2015-77, Class DG, 2.50%, 05/20/2045  | 70501 | 63789  |
| &nbsp;&nbsp;&nbsp; Series 2015-8, Class LZ, 3.00%, 11/16/2044<sup>(g)</sup> | 757118 | 688235  |
| &nbsp;&nbsp;&nbsp; Series 2016-49, Class MF, 4.75% (1 mo. Term SOFR + 0.61%), 04/20/2046  | 1343861 | 1333901  |
| &nbsp;&nbsp;&nbsp; Series 2017-180, Class GF, 4.69% (1 mo. Term SOFR + 0.41%), 12/20/2047  | 319602 | 309397  |
| &nbsp;&nbsp;&nbsp; Series 2017-39, Class BD, 2.50%, 06/20/2045  | 112962 | 110170  |
| &nbsp;&nbsp;&nbsp; Series 2018-120, Class FL, 4.55% (1 mo. Term SOFR + 0.41%), 09/20/2048  | 181547 | 175883  |
| &nbsp;&nbsp;&nbsp; Series 2018-138, Class FB, 4.55% (1 mo. Term SOFR + 0.41%), 10/20/2048  | 2314585 | 2242630  |
| &nbsp;&nbsp;&nbsp; Series 2018-14, Class FB, 4.50% (1 mo. Term SOFR + 0.36%), 01/20/2048  | 2753967 | 2694505  |
| &nbsp;&nbsp;&nbsp; Series 2018-168, Class KF, 4.60% (1 mo. Term SOFR + 0.46%), 12/20/2048  | 2917003 | 2838070  |
| &nbsp;&nbsp;&nbsp; Series 2018-49, Class FM, 4.50% (1 mo. Term SOFR + 0.36%), 04/20/2048  | 868014 | 839677  |
| &nbsp;&nbsp;&nbsp; Series 2018-77, Class FA, 4.55% (1 mo. Term SOFR + 0.41%), 06/20/2048  | 2677683 | 2622808  |
| &nbsp;&nbsp;&nbsp; Series 2019-103, Class FG, 4.70% (1 mo. Term SOFR + 0.56%), 04/20/2049  | 752677 | 734857  |
| &nbsp;&nbsp;&nbsp; Series 2019-23, Class FT, 4.70% (1 mo. Term SOFR + 0.56%), 02/20/2049  | 1508899 | 1474767  |
| &nbsp;&nbsp;&nbsp; Series 2019-23, Class NE, 3.50%, 11/20/2048  | 531516 | 500558  |
| &nbsp;&nbsp;&nbsp; Series 2019-33, Class F, 4.70% (1 mo. Term SOFR + 0.56%), 03/20/2049  | 321073 | 314143  |
| &nbsp;&nbsp;&nbsp; Series 2019-42, Class FG, 4.65% (1 mo. Term SOFR + 0.51%), 09/20/2039  | 9011759 | 8943153  |
| &nbsp;&nbsp;&nbsp; Series 2019-43, Class CF, 4.70% (1 mo. Term SOFR + 0.56%), 04/20/2049  | 11099596 | 10832573  |
| &nbsp;&nbsp;&nbsp; Series 2019-43, Class FB, 4.70% (1 mo. Term SOFR + 0.56%), 04/20/2049  | 7505392 | 7334605  |
| &nbsp;&nbsp;&nbsp; Series 2019-43, Class SQ, 1.80% (-1 x 1 mo. Term SOFR + 5.94%), 04/20/2049<sup>(d)(f)</sup> | 2096857 | 179136  |
| &nbsp;&nbsp;&nbsp; Series 2019-44, Class FM, 4.70% (1 mo. Term SOFR + 0.56%), 04/20/2049  | 2926955 | 2858043  |
| &nbsp;&nbsp;&nbsp; Series 2019-78, Class FB, 4.65% (1 mo. Term SOFR + 0.51%), 06/20/2049  | 4581428 | 4488762  |
| &nbsp;&nbsp;&nbsp; Series 2019-86, Class FE, 4.65% (1 mo. Term SOFR + 0.51%), 07/20/2049  | 1846113 | 1818441  |
| &nbsp;&nbsp;&nbsp; Series 2019-89, Class FH, 4.65% (1 mo. Term SOFR + 0.51%), 07/20/2049  | 6755141 | 6575513  |
| &nbsp;&nbsp;&nbsp; Series 2019-90, Class AF, 4.65% (1 mo. Term SOFR + 0.51%), 07/20/2049  | 387288 | 376607  |
| &nbsp;&nbsp;&nbsp; Series 2019-98, Class KF, 4.70% (1 mo. Term SOFR + 0.56%), 08/20/2049  | 2879136 | 2791312  |
| &nbsp;&nbsp;&nbsp; Series 2020-127, Class LP, 1.50%, 06/20/2050<sup>(e)</sup> | 293265 | 216283  |
| &nbsp;&nbsp;&nbsp; Series 2020-134, Class AP, 1.00%, 09/20/2050  | 2334086 | 1903214  |
| &nbsp;&nbsp;&nbsp; Series 2020-134, Class AQ, 1.00%, 09/20/2050  | 2917607 | 2379018  |
| &nbsp;&nbsp;&nbsp; Series 2020-134, Class XJ, 1.00%, 09/20/2050  | 199999 | 89277  |
| &nbsp;&nbsp;&nbsp; Series 2020-149, Class BP, 1.00%, 10/20/2050  | 2078764 | 1605802  |
| &nbsp;&nbsp;&nbsp; Series 2020-149, Class JT, 1.00%, 10/20/2050  | 3285058 | 2634969  |

---

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

42<br>

------

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

**Regan Total Return Income Fund** 

**Schedule of Investments** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2020-149, Class UY, 2.00%, 10/20/2050  | $151103 | $86216 |
| &nbsp;&nbsp;&nbsp; Series 2020-160, Class KQ, 1.50%, 10/20/2050  | 288061 | 179698  |
| &nbsp;&nbsp;&nbsp; Series 2020-165, Class UC, 1.25%, 11/20/2050  | 623665 | 479957  |
| &nbsp;&nbsp;&nbsp; Series 2020-183, Class HX, 1.00%, 12/20/2049  | 48000 | 24483  |
| &nbsp;&nbsp;&nbsp; Series 2020-191, Class PC, 1.00%, 12/20/2050  | 3547089 | 2870631  |
| &nbsp;&nbsp;&nbsp; Series 2020-30, Class FE, 4.70% (1 mo. Term SOFR + 0.56%), 03/20/2050  | 3208831 | 3135436  |
| &nbsp;&nbsp;&nbsp; Series 2020-35, Class KF, 4.70% (1 mo. Term SOFR + 0.56%), 03/20/2050  | 6872552 | 6688383  |
| &nbsp;&nbsp;&nbsp; Series 2020-5, Class NA, 3.50%, 12/20/2049  | 184249 | 165824  |
| &nbsp;&nbsp;&nbsp; Series 2020-62, Class KF, 4.60% (1 mo. Term SOFR + 0.46%), 05/20/2050  | 12496121 | 12062205  |
| &nbsp;&nbsp;&nbsp; Series 2020-7, Class FM, 4.70% (1 mo. Term SOFR + 0.56%), 01/20/2050  | 19548536 | 19058405  |
| &nbsp;&nbsp;&nbsp; Series 2021-139, Class QO, 0.00%, 09/20/2049<sup>(h)</sup> | 881942 | 395098  |
| &nbsp;&nbsp;&nbsp; Series 2021-158, Class A, 1.00%, 01/20/2050  | 781811 | 597454  |
| &nbsp;&nbsp;&nbsp; Series 2021-160, Class MA, 1.00%, 01/20/2050  | 411211 | 322628  |
| &nbsp;&nbsp;&nbsp; Series 2021-46, Class KU, 1.50%, 02/20/2051<sup>(e)</sup> | 107997 | 50488  |
| &nbsp;&nbsp;&nbsp; Series 2021-66, Class DU, 2.00%, 04/20/2051  | 40732 | 24151 |
| &nbsp;&nbsp;&nbsp; Series 2021-98, Class IY, 3.00%, 06/20/2051<sup>(d)</sup> | 124350 | 16063  |
| &nbsp;&nbsp;&nbsp; Series 2022-154, Class FC, 4.94% (30 day avg SOFR US + 0.55%), 09/20/2052  | 2557177 | 2505861  |
| &nbsp;&nbsp;&nbsp; Series 2022-24, Class UA, 2.50%, 02/20/2052  | 76892 | 46757  |
| &nbsp;&nbsp;&nbsp; Series 2023-101, Class KO, 0.00%, 01/20/2051<sup>(h)</sup> | 882511 | 586209  |
| &nbsp;&nbsp;&nbsp; Series 2023-117, Class FA, 5.64% (30 day avg SOFR US + 1.25%), 08/20/2053  | 497176 | 498801  |
| &nbsp;&nbsp;&nbsp; Series 2023-134, Class F, 5.39% (30 day avg SOFR US + 1.00%), 08/20/2053  | 218465 | 218229  |
| &nbsp;&nbsp;&nbsp; Series 2023-80, Class GF, 5.29% (30 day avg SOFR US + 0.90%), 06/20/2053  | 110484 | 110338  |
| &nbsp;&nbsp;&nbsp; Series 2024-143, Class FB, 5.54% (30 day avg SOFR US + 1.15%), 09/20/2054  | 403134 | 404043  |
| &nbsp;&nbsp;&nbsp; Series 2024-144, Class FD, 5.54% (30 day avg SOFR US + 1.15%), 09/20/2054  | 383390 | 383324  |
| &nbsp;&nbsp;&nbsp; Series 2024-19, Class JF, 5.44% (30 day avg SOFR US + 1.05%), 02/20/2054  | 460736 | 461464  |
| &nbsp;&nbsp;&nbsp; Series 2024-30, Class CF, 5.64% (30 day avg SOFR US + 1.25%), 02/20/2054  | 518441 | 520781  |
| &nbsp;&nbsp;&nbsp; Series 2024-51, Class FL, 5.29% (30 day avg SOFR US + 0.90%), 03/20/2054  | 203026 | 202686  |
| &nbsp;&nbsp;&nbsp; Series 2024-64, Class YF, 5.45% (30 day avg SOFR US + 1.10%), 04/20/2054  | 22564 | 22626  |
| &nbsp;&nbsp;&nbsp; Series 2024-95, Class FW, 5.49% (30 day avg SOFR US + 1.10%), 06/20/2054  | 294629 | 294912  |
| &nbsp;&nbsp;&nbsp; **TOTAL AGENCY MORTGAGE-BACKED SECURITIES** <br>**(Cost $521,509,864)** |  | 526753644  |
| **U.S. TREASURY SECURITIES - 10.1%**<br>|  |  |
| STRIPS <br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 05/15/2044<sup>(i)</sup> | 20000000 | 7988986  |
| &nbsp;&nbsp;&nbsp; 0.00%, 11/15/2044<sup>(i)</sup> | 10000000 | 3892550  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/15/2045<sup>(i)</sup> | 5000000 | 1869782  |
| United States Treasury Floating Rate Note <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.07% (3 mo. U.S. Treasury Money Market Yield + 0.17%), 10/31/2025  | 15000000 | 14997400  |
| &nbsp;&nbsp;&nbsp; 4.14% (3 mo. U.S. Treasury Money Market Yield + 0.25%), 01/31/2026  | 10000000 | 10000007  |
| &nbsp;&nbsp;&nbsp; 4.05% (3 mo. U.S. Treasury Money Market Yield + 0.15%), 04/30/2026  | 23000000 | 22995996  |
| &nbsp;&nbsp;&nbsp; 4.08% (3 mo. U.S. Treasury Money Market Yield + 0.18%), 07/31/2026  | 11000000 | 11000530  |
| &nbsp;&nbsp;&nbsp; 4.10% (3 mo. U.S. Treasury Money Market Yield + 0.21%), 10/31/2026  | 15000000 | 15000275  |
| &nbsp;&nbsp;&nbsp; 4.00% (3 mo. U.S. Treasury Money Market Yield + 0.10%), 01/31/2027  | 25000000 | 24972447  |

---

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

43<br>

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

**Regan Total Return Income Fund** 

**Schedule of Investments** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - (Continued)** | **U.S. TREASURY SECURITIES - (Continued)** | **U.S. TREASURY SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; 4.06% (3 mo. U.S. Treasury Money Market Yield + 0.16%), 04/30/2027  | $20000000 | $19991416 |
| &nbsp;&nbsp;&nbsp; 4.06% (3 mo. U.S. Treasury Money Market Yield + 0.16%), 07/31/2027  | 28000000 | 27982200  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $160,086,790)** |  | 160691589  |
| **MUNICIPAL BONDS - 1.9%**<br>|  |  |
| Alaska Housing Finance Corp., 5.00%, 12/01/2054  | 4275000 | 4298749  |
| Florida Housing Finance Corp., 5.00%, 07/01/2050  | 6200000 | 6261062  |
| Georgia Housing & Finance Authority, 5.20%, 12/01/2050  | 12600000 | 12747471  |
| Texas Department of Housing & Community Affairs, 5.00%, 07/01/2050  | 7041921 | 7136132  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** <br>**(Cost $30,273,080)** |  | 30443414  |
| **CORPORATE BONDS - 0.3%**<br>|  |  |
| **Finance and Insurance - 0.3%** | **Finance and Insurance - 0.3%** | **Finance and Insurance - 0.3%** |
| Athene Global Funding, 5.23% (SOFR + 0.95%), 03/06/2028<sup>(a)</sup> | 5000000 | 5009392  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $4,998,200)** |  | 5009392 |
| **MORTGAGE SECURED NOTES - 0.0%<sup>(j)</sup>**<br>|  |  |
| Korth Direct Mortgage, Inc., Series 2021 B, 12.50%, 01/25/2027<sup>(a)(e)</sup> | 800000 | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL MORTGAGE SECURED NOTES** <br>**(Cost $800,000)** |  | 0  |
| **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  |
| **U.S. TREASURY BILLS - 6.8%** | **U.S. TREASURY BILLS - 6.8%** | **U.S. TREASURY BILLS - 6.8%** |
| 4.28%, 10/02/2025<sup>(k)</sup> | 25000000 | 24997214  |
| 4.25%, 10/21/2025<sup>(k)</sup> | 6000000 | 5986521  |
| 4.29%, 10/23/2025<sup>(k)</sup> | 10000000 | 9975381  |
| 4.28%, 10/30/2025<sup>(k)</sup> | 13600000 | 13555615  |
| 4.18%, 11/06/2025<sup>(k)</sup> | 4000000 | 3983940  |
| 4.25%, 11/28/2025<sup>(k)</sup> | 10000000 | 9935797  |
| 4.22%, 12/18/2025<sup>(k)</sup> | 30000000 | 29748331  |
| 3.93%, 03/05/2026<sup>(k)</sup> | 10000000 | 9839166  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $107,992,312)** |  | $108021965  |

---

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

44<br>

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

**Regan Total Return Income Fund** 

**Schedule of Investments** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS - (Continued)** | **SHORT-TERM INVESTMENTS - (Continued)** | **SHORT-TERM INVESTMENTS - (Continued)** |
| **MONEY MARKET FUNDS - 0.8%**<br>|  |  |
| First American Government Obligations Fund - Class X, 4.03%<sup>(l)</sup> | 12465854 | $12465854  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $12,465,854)** |  | 12465854  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.3%** <br>**(Cost $1,590,134,188)** |  | $1597904546  |
| Liabilities in Excess of Other Assets - (0.3)%  |  | (4249126)  |
| **TOTAL NET ASSETS - 100.0%** |  | $1593655420 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury

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

LLC - Limited Liability Company

LP - Limited Partnership

MTA - Moving Treasury Average

PO - Principal Only

SOFR - Secured Overnight Financing Rate

<sup>(a)</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 September 30, 2025, the value of these securities total $140,864,208 or 8.8% of the Fund's net assets.

<sup>(b)</sup> Step coupon bond. The rate disclosed is as of September 30, 2025.

<sup>(c)</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 September 30, 2025.

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

<sup>(e)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $18,890,302 or 1.2% of net assets as of September 30, 2025.

<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> 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 September 30, 2025.

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

<sup>(i)</sup> Zero coupon bonds make no periodic interest payments.

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

<sup>(k)</sup> The rate shown is the annualized yield as of September 30, 2025.

<sup>(l)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

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

45<br>

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

**Regan Total Return Income Fund** 

**STATEMENT OF ASSETS AND LIABILITIES** 

**September 30, 2025** 

---

| | |
|:---|:---|
| **ASSETS** <br>|  |
| Investments, at value (cost $1,590,134,188) | $1597904546  |
| Receivable for investments sold | 49572239  |
| Interest Receivable | 5703197  |
| Receivable for capital shares sold | 1852127  |
| Other assets | 217252  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 1655249361  |
| **LIABILITIES**<br>|  |
| Payable for investments purchased  | 56597546  |
| Payable for capital shares redeemed | 3326243  |
| Payable for cash overdraft | 854 |
| Distribution fees - Investor Class | 29497  |
| Payable to Advisor | 902497  |
| Payable for professional fees | 39766  |
| Payable for administration and accounting | 338889  |
| Payable for directors fees | 4136  |
| Payable to custodian | 32440  |
| Payable for transfer agent fees | 98856  |
| Accrued shareholder servicing fees | 126542  |
| Accrued expenses and other liabilities | 96675  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 61593941  |
| **NET ASSETS** | $1593655420  |
| **Components of Net Assets**<br>|  |
| Paid-in capital | $1402117334  |
| Total distributable earnings | 191538086  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $1593655420  |
| **Institutional Class:**<br>|  |
| &nbsp;&nbsp;&nbsp; Net assets | $1452381796  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited number of shares authorized, no par value) | 150620200  |
| &nbsp;&nbsp;&nbsp; **Net asset value, offering and redemption price per share** | $9.64  |
| **Investor Class:**<br>|  |
| &nbsp;&nbsp;&nbsp; Net assets | $141273624  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited number of shares authorized, no par value) | 14530593  |
| &nbsp;&nbsp;&nbsp; **Net asset value, offering and redemption price per share** | $9.72 |

---

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

46<br>

------

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

**REGAN TOTAL RETURN INCOME FUND** 

**STATEMENT OF OPERATIONS** 

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

---

| | |
|:---|:---|
| **INVESTMENT INCOME** <br>|  |
| Interest income | $78502821  |
| **EXPENSES**<br>|  |
| Advisory fees | 11056277  |
| Administration fees (Note 3) | 1232953  |
| Shareholder servicing fees (Note 6) | 790483  |
| Distribution fees - Investor Class (Note 7) | 271909  |
| Transfer agent fees and expenses (Note 3) | 271357  |
| Registration fees | 197948  |
| Custody fees (Note 3) | 174370  |
| Legal fees | 48343  |
| Shareholder reporting fees | 41705  |
| Audit fees | 38690  |
| Insurance expense | 16830  |
| Trustees' fees | 16621  |
| Miscellaneous expenses | 13413  |
| Compliance fees (Note 3) | 12288  |
| &nbsp;&nbsp;&nbsp; Total Expenses | 14183187  |
| &nbsp;&nbsp;&nbsp; Plus: Fees recaptured by Advisor (Note 3) | (820085)  |
| &nbsp;&nbsp;&nbsp; Net Expenses | 13363102  |
| **Net investment income** | 65139719  |
| **Realized and Unrealized Gain on Investments**<br>|  |
| Net realized gain on Investments | 6598971  |
| Change in unrealized appreciation/depreciation on investments | 14705651  |
| **Net realized and unrealized gain on investments** | 21304622  |
| **NET INCREASE IN NET ASSETS FROM OPERATIONS** | $86444341 |

---

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

47<br>

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

**REGAN TOTAL RETURN INCOME FUND** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **For the** <br>**Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2024**  |
| **OPERATIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $65139719 | $39833665  |
| &nbsp;&nbsp;&nbsp; Net realized gain on investments | 6598971 | 2056397  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation on investments | 14705651 | 26598679  |
| &nbsp;&nbsp;&nbsp; **Net Increase in Net Assets from Operations** | 86444341 | 68488741  |
| **DISTRIBUTIONS TO SHAREHOLDERS**<br>|  |  |
| From distributable earnings<br>|  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class | (60326721) | (39831749)  |
| &nbsp;&nbsp;&nbsp; Investor Class | (5146282) | (2863564)  |
| &nbsp;&nbsp;&nbsp; **Total Distributions to Shareholders** | (65473003) | (42695313)  |
| **CAPITAL SHARE TRANSACTIONS**<br>|  |  |
| Proceeds from shares sold<br>|  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class | 890503908 | 557602426  |
| &nbsp;&nbsp;&nbsp; Investor Class | 126688002 | 63336460  |
| Proceeds from shares reinvested<br>|  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class | 50505645 | 32735785  |
| &nbsp;&nbsp;&nbsp; Investor Class | 4778626 | 2715396  |
| Cost of shares redeemed<br>|  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class | (313494050) | (212726227)  |
| &nbsp;&nbsp;&nbsp; Investor Class | (60238857) | (18279371)  |
| &nbsp;&nbsp;&nbsp; **Net Increase in Net Assets from Capital Share Transactions** | 698743274 | 425384469  |
| **Total Increase in Net Assets** | 719714612 | 451177897  |
| **NET ASSETS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 873940808 | 422762911  |
| &nbsp;&nbsp;&nbsp; End of year | $1593655420 | $873940808  |
| **CAPITAL SHARES TRANSACTIONS**<br>|  |  |
| Institutional Class<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 93499956 | 59677114  |
| &nbsp;&nbsp;&nbsp; Shares reinvested | 5319590 | 3488634  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (32882803) | (22709236)  |
| &nbsp;&nbsp;&nbsp; N**et increase in shares outstanding** | 65936743 | 40456512  |
| Investor Class<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 13213632 | 6731133  |
| &nbsp;&nbsp;&nbsp; Shares reinvested | 498370 | 287006  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (6264918) | (1920975)  |
| &nbsp;&nbsp;&nbsp; N**et increase in shares outstanding** | 7447084 | 5097164 |

---

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

48<br>

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

**REGAN TOTAL RETURN INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**Institutional Class** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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 Year Ended September 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021<sup>(1)</sup>** |
| Net asset value, beginning of period | $9.52 | $9.14 | $9.29 | $10.27 | $10.00  |
| **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income <sup>(2)</sup> | 0.49 | 0.58 | 0.99 | 0.74 | 0.95  |
|  Net realized and unrealized gain (loss) on investments | 0.10 | 0.38 | (0.58) | (0.89) | 0.49  |
| **Total loss from Investment Operations** | 0.59 | 0.96 | 0.41 | (0.15) | 1.44  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| From net investment income | (0.41) | (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** | (0.47) | (0.58) | (0.56) | (0.83) | (1.17)  |
| **Net asset value, end of period** | $9.64 | $9.52 | $9.14 | $9.29 | $10.27  |
| Total return | 6.41% | 10.71% | 4.52% | (1.65)% | 14.96%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $1452382 | $805987 | $404455 | $180600 | $52283  |
| Ratio of expenses to average net assets\*<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived, reimbursed and recouped by the Advisor | 1.08% | 1.19% | 1.27% | 1.40% | 2.56%  |
| &nbsp;&nbsp;&nbsp; After fees waived, reimbursed and recouped by the Advisor | 1.02% | 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 | 5.10% | 6.06% | 10.62% | 7.61% | 9.15%  |
| Portfolio turnover rate<sup>(4)</sup> | 28.36% | 28.96% | 22.39% | 62.88% | 88.09% |

---

<sup>\*</sup> Effective February 1, 2025, the advisor reduced the expense cap from 1.20% to 0.99% of net assets. 

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

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

49<br>

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

**REGAN TOTAL RETURN INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**Investor Class** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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 Year Ended September 30,**  |
|  | **2025** | **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> | 0.46 | 0.56 | 0.99 | 0.72 | 1.03  |
|  Net realized and unrealized gain (loss) on investments | 0.12 | 0.37 | (0.59) | (0.90) | 0.41  |
| **Total Gain (Loss) from Investment Operations** | 0.58 | 0.93 | 0.40 | (0.18) | 1.44  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| From net investment income | (0.39) | (0.56) | (0.54) | (0.44) | (0.75)<sup>(3)</sup>  |
| From net realized gain on investments | (0.06) |  |  | (0.02) | (0.06)  |
| From return of capital |  |  |  | (0.36) | (0.27)<sup>(3)</sup>  |
| **Total distributions** | (0.45) | (0.56) | (0.54) | (0.82) | (1.08)  |
| **Net asset value, end of period** | $9.72 | $9.59 | $9.22 | $9.36 | $10.36  |
| Total return | 6.23% | 10.27% | 4.36% | (1.91)% | 14.72%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $141274 | $67954 | $18308 | $5031 | $816  |
| Ratio of expenses to average net assets\*<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived, reimbursed and recouped by the Advisor | 1.33% | 1.44% | 1.52% | 1.67% | 5.23%  |
| &nbsp;&nbsp;&nbsp; After fees waived, reimbursed and recouped by the Advisor | 1.26% | 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 | 4.75% | 5.89% | 10.54% | 7.36% | 9.89%  |
| Portfolio turnover rate<sup>(4)</sup> | 28.36% | 28.96% | 22.39% | 62.88% | 88.09% |

---

<sup>\*</sup> Effective February 1, 2025, the advisor reduced the expense cap from 1.20% to 0.99% of net assets. 

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

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

50<br>

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

**Regan Total Return Income Fund** 

**Notes to Financial Statements** 

**September 30, 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 its 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 Adviser does not represent the security's fair value) or when, in the judgment of the Adviser, events have rendered the market
 value unreliable, a security is fair valued in good faith by the Adviser 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.  |

---

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

**Regan Total Return Income Fund** 

**Notes to Financial Statements** 

**September 30, 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 September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | $— | $736324183 | $18194505 | $754518688 |
| &nbsp;&nbsp;&nbsp; Agency Mortgage-Backed Securities |  | 526057847 | 695797 | 526753644  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 160691589 |  | 160691589  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds |  | 30443414 |  | 30443414  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds |  | 5009392 |  | 5009392  |
| &nbsp;&nbsp;&nbsp; Mortgage Secured Note |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 108021965 |  | 108021965  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 12465854 |  |  | 12465854  |
| **Total Investments** | $12465854 | $1566548390 | $18890302 | $1597904546 |

---

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

52<br>

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

**Regan Total Return Income Fund** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

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; 13794556 |  | &nbsp;&nbsp;&nbsp; 715262  |
| &nbsp;&nbsp;&nbsp; Accrued discounts/premiums | &nbsp;&nbsp; 1285854 |  | &nbsp;&nbsp;&nbsp; 3648  |
| &nbsp;&nbsp;&nbsp; Sale/paydown proceeds | &nbsp;&nbsp; (3019057) |  | &nbsp;&nbsp;&nbsp; (23568)  |
| &nbsp;&nbsp;&nbsp; Realized gain (loss) | &nbsp;&nbsp; 380242 |  | &nbsp;&nbsp;&nbsp; 4081  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (1235283) | (120000) | &nbsp;&nbsp;&nbsp; (3626)  |
| &nbsp;&nbsp;&nbsp; Transfers to Level 3<sup>(2)</sup> | &nbsp;&nbsp; 1103983 | —  | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers from Level 3<sup>(2)</sup> | &nbsp;&nbsp; (5661729) | —  | &nbsp;&nbsp;&nbsp; (619135)  |
| Balance at September 30, 2025 | &nbsp;&nbsp; $18194505 | $— | &nbsp;&nbsp;&nbsp; $695797 |

---

<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. 

The change in unrealized appreciation/(depreciation) for Level 3 securities still held at September 30, 2025 was $(1,459,756).

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

---

| | | |
|:---|:---|:---|
|  | **Value at** <br>**September 30, 2025** | **Valuation** <br>**Technique(s)**  |
| Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp; $695798 | Acquisition Cost  |
| Non-Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp; $18184505 | Acquisition Cost |

---

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 Adviser 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.

&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

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

**Regan Total Return Income Fund** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

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. *Securities Purchased or Sold on a Forward-Commitment Basis.* The Fund may enter into TBA commitments or other purchase and sale transactions
 that specify forward delivery of a financial security. TBA commitments are forward agreements for the purchase or sale of mortgage-backed
 pass-through securities for a fixed price, with payment and delivery on an agreed upon future settlement date. Most commitments in mortgage-backed
 pass-through securities occur for future delivery in which the exact mortgage pools to be delivered are not specified until a few days
 prior to settlement. The specific securities to be delivered are not identified at the trade date. However, delivered securities must
 follow general trade parameters, including issuer, rate and mortgage terms. When entering into TBA commitments, the Fund may take possession
 of or deliver the underlying mortgage-backed pass-through securities but can extend the settlement or roll the transaction.

The following table sets forth the fair value and the location in the Statement of Assets and Liabilities of the Fund's TBA Commitments as of September 30, 2025:

**Assets**

---

| | |
|:---|:---|
| TBA Commitments | $48106542 |

---

**Liabilities**

---

| | |
|:---|:---|
| TBA Commitments | $48285135 |

---

The following table sets forth the effect of TBA Commitments on the Statement of Operations for the current fiscal period:

**Amount of Realized Gain (Loss) on TBA Commitments**

---

| | |
|:---|:---|
|  | **Investments in** <br>**Securities** |
| TBA Commitments | $3322393 |

---

54<br>

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

**Regan Total Return Income Fund** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

**Change in Unrealized Appreciation (Depreciation)**

---

| | |
|:---|:---|
|  | **Investments in** <br>**Securities** |
| TBA Commitments | $— |

---

The average monthly value of TBA Commitments during the current fiscal period was $49,696,154.

&nbsp;&nbsp;&nbsp;&nbsp;F. *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 September 30, 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.

&nbsp;&nbsp;&nbsp;&nbsp;G. *Segment Reporting.* The Fund operates as a single segment entity. The Fund's income, expenses, assets, and performance are regularly monitored and assessed
 by the Chief Operating Officer of the Advisor, who serves as the CODM, using the information presented in the financial statements and
 financial highlights.

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

The Trust entered into an agreement for the Adviser to furnish investment advisory services to the Fund. Under the terms of this agreement, the Fund will pay the Adviser a monthly fee based on the Fund's average daily net assets at the annual rate of 0.85%. Effective February 1, 2025, the Advisor reduced this fee from 0.89% to 0.85%.

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 0.99% (the "Expense Cap"). Prior to February 1, 2025, the expense cap was 1.20%, and shareholder servicing fees were excluded from the Expense Cap. Effective February 1, 2025, shareholder servicing fees are included in the Expense Cap. The Expense Cap will remain in effect through at least January 31, 2026 and may be terminated only by the Trust Board of Trustees. The Advisor may request recoupment from the Fund of previously waived fees and paid expenses for three years from the date such fees and expenses were waived or paid, provided that such recoupment does not cause the Fund's expense ratio (after the recoupment is taken into account) to exceed the lower of (1) the Expense Cap in place at the time such amounts were waived or paid and (2) the Fund's Expense Cap at the time of recoupment.

At September 30, 2025, the amounts reimbursed by the Advisor and subject to potential recapture by year were as follows:

---

| | | |
|:---|:---|:---|
| **Year Waived/Reimbursed** | **Amount** | **Expiration**  |
| 2025 | $820085 | September 30, 2028 |

---

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

**Regan Total Return Income Fund** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

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 year ended September 30, 2025, the Fund incurred the following expenses for administration and fund accounting, compliance, custody and transfer agency fees:

---

| | |
|:---|:---|
| Administration and Fund Accounting | $1232953  |
| Compliance Service | 12288  |
| Custody | 174370  |
| Transfer Agency | 271357 |

---

At September 30, 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 | $338889  |
| Compliance Services | 3000  |
| Custody | 32440  |
| Transfer Agency | 98856 |

---

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 $16,621 for their services and reimbursement of travel expenses during the year ended September 30, 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 year ended September 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Non-Government** | **Government**  |
| Purchases | $489364057 | $732505812  |
| Sales | $99160874 | $217205271 |

---

**NOTE 5 – FEDERAL INCOME TAX INFORMATION** 

At September 30, 2025, the components of distributable earnings for income tax purposes were as follows:

**Regan Total Return Income Fund** 

---

| | |
|:---|:---|
| Cost of investments | $1434909600  |
| Gross unrealized appreciation | 171019300  |
| Gross unrealized depreciation | (8024354)  |
| Net unrealized depreciation on investments | 162994946  |
| Undistributed ordinary income | 21236518  |
| Undistributed long-term capital gains | 7306904  |
| Undistributed earnings | 28543422  |
| Other accumulated gain (loss)  | (282)  |
| Total distributable earnings | $191538086 |

---

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.

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

**Regan Total Return Income Fund** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

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, 2025, the following table shows the reclassifications made:

---

| | | |
|:---|:---|:---|
|  | **Total** <br>**Distributable** <br>**Earnings** | **Paid-In** <br>**Capital**  |
| Regan Total Return Income Fund | $92354462 | $(92354462) |

---

The following table summarizes the characteristics of distributions paid during the years ended September 30, 2025 and September 30, 2024:

**Regan Total Return Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Income** | **Long Term** <br>**Capital Gains** | **Return** <br>**of Capital** | **Total** <br>**Distributions**  |
| September 30, 2025 | $63210097 | $2262906 | $— | $65473003  |
| September 30, 2024 | 42695313 |  |  | 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, 2025, the Fund had no late-year or post-October losses.

At September 30, 2025, 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.

**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 year ended September 30, 2025, class specific Shareholder Servicing fees were as follows:

---

| | |
|:---|:---|
| Institutional Class | $722235  |
| Investor Class | $68248 |

---

**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.

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

**Regan Total Return Income Fund** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

For the year ended September 30, 2025, class specific Distribution fees were as follows:

---

| | |
|:---|:---|
| Investor Class | $271909 |

---

**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 – LINE OF CREDIT** 

The Fund has access to a secured line of credit through an agreement with U.S. Bank. Prior to August 29, 2025, the line of credit was $35 million, and effective August 29, 2025, it was increased to $100 million. The Fund may temporarily draw on the line of credit to satisfy redemption requests or to settle investment transactions. Interest is charged to the Fund based on its borrowings at a rate per annum equal to the Prime Rate, to be paid monthly. Loan activity for the year ended September 30, 2025 was as follows:

---

| | |
|:---|:---|
| Maximum Available Credit | $100000000  |
| Largest Amount Outstanding on an Individual Day | $7208000  |
| Average Daily Loan Outstanding | $7208000  |
| Interest Expense – 3 days | $4505  |
| Loan Outstanding as of September 30, 2025 | $—  |
| Average Interest Rate | 7.50% |

---

**NOTE 10 – SUBSEQUENT EVENTS** 

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

**NOTE 11 – PRINCIPAL RISKS** 

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

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

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

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

**Regan Total Return Income Fund** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

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

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

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

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

**To Be Announced ("TBA") Security Risk. A TBA is a contract to purchase or sell a MBS at some point in the future and may be classified as a derivative in certain circumstances. Due to the forward-settling nature of TBAs, there is risk that the value of the underlying MBS will fluctuate greater than anticipated or that the TBA may not correlate to the underlying MBS or to the MBS market as a whole. There is also counterparty risk with entering into a TBA contract.** 

**NOTE 12 – CONTROL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumption of control of the fund under 2(a)(9) of the 1940 Act. As of September 30, 2025, Charles Schwab & Co., Inc. held approximately 57%, in aggregate for the benefit of others, of the outstanding shares of the Fund.

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**Regan Total Return Income Fund** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders of Regan Total Return Income Fund and

Board of Trustees of Advisor Managed Portfolios

<u>Opinion on the Financial Statements</u>

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

The Fund's financial highlights for the years ended September 30, 2022, and prior, were audited by other auditors whose report dated December 2, 2022, expressed an unqualified opinion on those financial highlights.

<u>Basis for Opinion</u>

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies within the Trust since 2023.

![](19501_sign.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

November 28, 2025

60<br>

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

**Regan Total Return Income Fund** 

**Additional Information** 

**September 30, 2025 (Unaudited)** 

**Tax Information** 

For the fiscal year ended September 30, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
| Regan Total Return Income Fund  | 0.00% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal period ended September 30, 2025, was as follows:

---

| | |
|:---|:---|
| Regan Total Return Income Fund | 0.00% |

---

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871 (k)(2)(C) for each Fund were as follows:

---

| | |
|:---|:---|
| Regan Total Return Income Fund | 7.36% |

---

**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.

61<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.

&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>**

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

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

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

**<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>**

Not applicable.

**<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;(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;(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.* Filed Herewith.](rtrif-efp19501_ex99code.htm)

 

&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.](rtrif-efp19501_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.](rtrif-efp19501_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 | Advisor Managed Portfolios |
| By | /s/ Russell B. Simon |
|  | *Russell B. Simon*, President/Principal Executive Officer |
| Date | 12/08/2025 |

---

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 | 12/08/2025 |
| By | /s/ Eric T. McCormick |
|  | *Eric T. McCormick*, Treasurer/Principal Financial Officer |
| Date | 12/08/2025 |

---

## Ex-99.Codeeth

**EX.99.CODE ETH**

Column A - Policies and Procedures

**ADVISOR MANAGED PORTFOLIOS**

**Code of Ethics For Principal Executive Officer & Principal Financial Officer – May 31, 2023**

**I.** **Introduction/Covered Persons** 

Advisor Managed Portfolios (the "Trust") has been successful in large part by managing its business with honesty and integrity. The principal officers of the Trust have an important and elevated role in corporate governance and in promoting investor confidence. To further the ends of ethical and honest conduct among its officers, the Audit Committee of the Board of Trustees of the Trust has adopted this Code of Ethics. This Code of Ethics is designed to comply with Section 406 of the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley") and the rules promulgated by the Securities and Exchange Commission (the "SEC") thereunder. This Code of Ethics applies to the principal executive officer, principal financial officer, controller and other senior financial officers of the Trust, as may be identified from time to time by the Audit Committee (collectively, the "Covered Persons").

The Audit Committee shall be responsible for the overall administration of this Code of Ethics, but has delegated to the Trust's Chief Compliance Officer (the "Chief Compliance Officer") the responsibility to oversee the day-to-day operation of this Code of Ethics. This Code of Ethics is in addition to, not in replacement of, the Trust's Code of Ethics for access persons (the "Investment Company Code of Ethics"), adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"). The Covered Persons may also be subject to the Investment Company Code of Ethics.

**II. Code of Ethics Requirements**

This Code of Ethics requires each Covered Person to:

&nbsp;&nbsp;&nbsp;&nbsp;1. Act with honesty and integrity, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;2. Provide full, fair, accurate, timely and understandable disclosure in reports submitted to or filed with the SEC and in all other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;3. Comply with laws, rules and regulations of the federal government, state governments and other regulatory agencies as they apply to the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;4. Disclose promptly to the Chief Compliance Officer any violations of this Code of Ethics of which the Covered Person may become aware; and

&nbsp;&nbsp;&nbsp;&nbsp;5. Not retaliate against any other Covered Person or any employee of the Trust or their affiliated persons for reports of potential violations that are made in good faith.

**III. Conflicts of Interest**

A conflict of interest occurs when a Covered Person's private interest interferes in any way—or even appears to interfere—with the interests of the Trust as a whole or with his or her service to the Trust. For example, a conflict of interest would arise if a Covered Person, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Persons and the Trust and already are subject to conflict of interest provisions in the Investment Company Act and the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"). For example, Covered Persons may not individually engage in certain transactions with the Trust (such as the purchase or sale of securities or other property, except the Trust's own fund shares) because of their status as "affiliated persons" of the Trust. The Trust's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Code of Ethics: Principal Executive Officer & Principal Financial Officers - May 31, 2023

Column A - Policies and Procedures

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Trust and its investment adviser and/or administrator of which the Covered Persons are also officers or employees. As a result, this Code recognizes that the Covered Persons will, in the normal course of their duties (whether formally for the Trust or for the adviser and/or administrator, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and/or administrator and the Trust. The participation of the Covered Persons in such activities is inherent in the contractual relationship between the Trust and its investment adviser and/or administrator and is consistent with the performance by the Covered Persons of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Persons should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Person should not be placed improperly before the interest of the Trust.

Each Covered Person must:

&nbsp;&nbsp;&nbsp;&nbsp;• not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Person would benefit personally to the detriment of the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;• not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Person rather than for the benefit of the Trust.

There are some conflict of interest situations that should be discussed with the Chief Compliance Officer if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any of the Trust's service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Person's employment, such as compensation or equity ownership.

**IV. Accurate, Complete, Timely and Understandable Information**

The Covered Persons are responsible for ensuring that Trust's shareholders and the public receive financial and other information that is accurate, complete, timely and understandable. Covered Persons are obligated to comply with all laws and regulations governing the public disclosure of Trust information. All public statements, whether oral or written, must be understandable and accurate, with no material omissions.

The books and records of the Trust must be kept accurate and current to ensure that the public receives information that is full, fair, accurate, complete and timely. The Covered Persons must ensure that transactions are completely and accurately recorded on the Trust's books and records in accordance with generally accepted accounting principles. Economic evaluations must fairly represent all information relevant to the evaluation being made. No secret or unrecorded cash funds or other assets may be established or maintained for any purpose. Each Covered Person shall also comply with the Trust's disclosure controls and procedures and the Trust's internal controls and procedures for financial reporting.

**V. Waivers**

The Audit Committee may grant a waiver from one or more provisions of this Code of Ethics upon the request of a Covered Person and after a review of the relevant facts and circumstances. The decision by the Audit Committee whether to grant a waiver from this Code of Ethics shall be final.

Code of Ethics: Principal Executive Officer & Principal Financial Officers - May 31, 2023

Column A - Policies and Procedures

"Waiver" shall mean the approval of a material departure from a provision of this Code of Ethics. If an executive officer becomes aware of a material departure from a provision of this Code of Ethics by any Covered Person, he or she shall immediately report such violation to the Chief Compliance Officer or the Audit Committee, as appropriate. The Chief Compliance Officer shall promptly report the violation to the Audit Committee. If the Audit Committee fails to take action with respect to the violation within ten business days, the Trust shall be deemed to have made an "implicit waiver" from this Code of Ethics.

If a waiver from one or more provisions of Section II of this Code of Ethics is granted by the Audit Committee to any Covered Person, including an implicit waiver, the Audit Committee shall direct the Trust to (a) post a notice and description of the waiver on the each applicable Fund's website within five business days following the waiver, including the name of the person to whom the Trust granted the waiver and the date of the waiver, maintain such notice on the website for at least 12 months, and retain such notice for a period of at least 6 years following the end of the fiscal year in which the waiver occurred; or (b) include a description of the waiver in the Trust's next report on Form N-CSR relating to the applicable Fund. If the waiver will be disclosed via a Fund's website, the Trust must have first disclosed in its most recent Form NCSR relating to the applicable Fund that it intends to disclose these events on the Fund's website and website's address.

**VI. Amendments**

This Code of Ethics may be amended by the Audit Committee as it deems appropriate. If a provision of the Code of Ethics that applies to any Covered Person and that relates to one or more provisions of Section II of this Code is amended, the Audit Committee shall direct the applicable Fund to (a) post a notice and description of the amendment on the Fund's website within five business days following the amendment, maintain such notice on the website for at least 12 months, and retain such notice for a period of at least 6 years following the end of the fiscal year in which the amendment occurred; or (b) include a description of the amendment in the Trust's next report on Form N-CSR relating to the applicable Fund. If the amendment will be disclosed via a Fund's website, the rules applicable to website postings of waivers, discussed in Section V above, apply. Technical, administrative or other non-substantive amendments to the Code of Ethics need not be disclosed.

**VII. Violations**

If the Audit Committee becomes aware of an actual or potential violation of this Code of Ethics, it shall direct an investigation into the facts and circumstances surrounding the violation. If a violation is found, the Audit Committee may impose on the Covered Person found to be in violation of this Code of Ethics any of a wide range of consequences as it deems appropriate, including warnings or letters of reprimand for less significant, first-time offenses, fines, reduced professional duties, suspension without pay and, in the most serious cases, termination.

**VIII. Disclosure**

The Audit Committee shall direct the Trust to make this Code of Ethics publicly available through one of the following three methods: (1) filing the Code as an exhibit to the Trust's annual report on Form N-CSR relating to each Fund; (2) posting the text of the Code on the applicable Fund's website, provided that the Fund has first disclosed the website's address and intent to provide disclosure in this manner in its most report on Form N-CSR and provided further that the text of the Code remains on the applicable Fund's website for as long as the Trust remains subject to the SEC's rules promulgated under Section 406 of Sarbanes-Oxley ; or (3) providing an undertaking in its most recent report on Form N-CSR relating to each applicable Fund to provide a copy of the Code of Ethics to any person without charge upon request.

Code of Ethics: Principal Executive Officer & Principal Financial Officers - May 31, 2023

Column A - Policies and Procedures

**IX. Acknowledgement**

Each Covered Person shall, in the form attached hereto as Appendix A, acknowledge receipt of and compliance with the Code of Ethics upon adoption of this Code of Ethics or when initially hired, whichever occurs later. Each Covered Person shall annually, in the form attached hereto as Appendix B, acknowledge receipt of and compliance with this Code of Ethics.

**X. Confidentiality**

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code or in the course of investigating any alleged violation of this Code, such matters shall not be disclosed to anyone other than the Board, its counsel, the Trust, its counsel, the investment adviser, and its counsel.

**XI. Internal Use**

The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of any Trust, as to any fact, circumstance, or legal conclusion.

**Adopted by the Board of Trustees on May 31, 2023**

Code of Ethics: Principal Executive Officer & Principal Financial Officers - May 31, 2023

## 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: | 12/08/2025 |  | /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: | 12/08/2025 |  | /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 year ended September 30, 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,* | *Treasurer and Principal Financial Officer,* |
| *Advisor Managed Portfolios* | *Advisor Managed Portfolios* |

---

Dated: <u>12/08/2025</u> Dated: <u>12/08/2025</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.