SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Exact name of registrant as specified in charter)
(Address of principal executive offices) (Zip code)
(Name and address of agent for service)
(a) |
REGAN TOTAL RETURN INCOME FUND
INSTITUTIONAL CLASS (RCIRX)
INVESTOR CLASS (RCTRX)
SEMI ANNUAL REPORT TO SHAREHOLDERS
MARCH 31, 2022
TABLE OF CONTENTS
Regan Total Return Income Fund
March 31, 2022 (Unaudited)
Investment Returns
For the period ended March 31, 2022
6-Months | 1-Year | Since Inception | ||||
Regan Total Return Income Fund | ||||||
Institutional Class | 0.81% | 4.14% | 10.37% | |||
Investor Class | 0.72% | 3.81% | 10.14% | |||
Bloomberg Barclays U.S. Aggregate Bond Index(1) | -5.92% | -4.15% | -4.56% |
(1) | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based fixed-income index that includes government Treasury securities, corporate bonds, mortgage-backed securities, asset-backed securities and munis to simulate the universe of bonds in the market. |
The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, please call 1.800.44.REGAN or visit the Fund’s website at www.reganfunds.com.
The gross expense ratios as stated in the prospectus dated January 30, 2022 are 5.24% and 2.57% for the Investor Class and Institutional Class, respectively. The net expense ratios are 1.61% and 1.31% for the Investor Class and Institutional Class, respectively, with contractual fee waivers through January 31, 2023.
Regan Total Return Income Fund
March 31, 2022 (Unaudited)
As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including redemption fees; and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2021 to March 31, 2022 (the “period”).
Actual Expenses
The “Actual Fund Return” lines in the table below provide information about actual account values and actual expenses. You may use the information in these lines, together with the amount you invested, to estimate the expenses you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 equals 8.6), then multiply the result by the number in the corresponding line under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes
The information in the table with the lines titled “Hypothetical 5% Return” provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as redemption fees. Therefore, the information in the lines titled “Hypothetical 5% Return” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if transactional costs were included, your costs would have been higher.
Expenses Paid During the Period | ||||
Expenses | ||||
Beginning | Ending | Annualized | Paid | |
Account | Account | Expense | During the | |
Value | Value | Ratio | Period | |
Regan Total Return Income Fund | ||||
Institutional Class | ||||
Actual Fund Return(1) | $1,000.00 | $1,008.10 | 1.29% | $6.46 |
Hypothetical 5% Return(2) | $1,000.00 | $1,018.50 | 1.29% | $6.49 |
Investor Class | ||||
Actual Fund Return(1) | $1,000.00 | $1,007.20 | 1.53% | $7.66 |
Hypothetical 5% Return(2) | $1,000.00 | $1,017.30 | 1.53% | $7.70 |
(1) | Expenses are equal to each of the Funds’ annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 182/365. The expense ratios reflect an expense waiver. The returns assume all dividends and distributions were reinvested. |
(2) | Expenses are equal to each of the Funds’ annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 182/365. The expense ratios reflect an expense waiver. The returns assume all dividends and distributions were reinvested. |
Regan Total Return Income Fund
Allocation of Portfolio Holdings
(Calculated as a percentage of Total Investments)
March 31, 2022 (Unaudited)
![](https://capedge.com/proxy/N-CSRS/0000894189-22-004197/image00001.jpg)
* | Short-Term Investments consist of amounts held in money market funds and US Treasury Bills. |
Regan Total Return Income Fund
March 31, 2022 (Unaudited)
Principal Amount | Value | |||||||
ASSET BACKED SECURITIES — 19.99% | ||||||||
Ace Securities Corp. | ||||||||
Series 2003-MH1, Class 1A1, 6.500%, 08-15-2030 (1)(3) | $ | 8,518 | $ | 8,542 | ||||
Series 2006-ASL1, Class A, 0.737% (1 Month USD LIBOR + 0.280%), 02-25-2036 (2) | 292,624 | 47,181 | ||||||
Aegis Asset Backed Securities Trust | ||||||||
Series 2004-2, Class M3, 2.857% (1 Month LIBOR USD + 2.400%), 06-26-2034 (2) | 154,448 | 152,902 | ||||||
American Home Mortgage Investment Trust | ||||||||
Series 2007-A, Class 4A, 1.357% (1 Month USD LIBOR + 0.900%), 07-25-2046 (2)(3) | 113,496 | 42,242 | ||||||
Argent Securities Inc. | ||||||||
Series 2006-W4, Class A2D, 0.997% (1 Month USD LIBOR + 0.540%), 05-25-2036 (2) | 294,543 | 90,637 | ||||||
Series 2006-W5, Class A2B, 0.657% (1 Month LIBOR USD + 0.200%), 06-25-2036 (2) | 325,552 | 110,740 | ||||||
BankAmerica Manufactured Housing Contract Trust | ||||||||
Series 1997-1, Class B1, 6.940%, 06-10-2021 | 600,000 | 231,709 | ||||||
Bear Stearns Asset Backed Securities Trust | ||||||||
Series 2006-HE7, Class 1A2, 0.797% (1 Month LIBOR USD + 0.340%), 06-25-2036 (2)(a) | 140,790 | 132,906 | ||||||
Series 2007-SD1, Class 22A1, 2.747%, 10-25-2036 (1) | 954,196 | 604,408 | ||||||
Bombardier Capital Mortgage Securitization Corp. | ||||||||
Series 1999-B, Class A2, 6.975%, 12-15-2029 (1) | 140,180 | 24,955 | ||||||
Chase Funding Mortgage Loan Asset-Backed CTFS | ||||||||
Series 2003-5, Class 1M2, 5.641%, 09-25-2032 (1) | 88,535 | 80,742 | ||||||
Series 2003-6, Class 2M1, 1.207% (1 Month USD LIBOR + 0.750%), 11-25-2034 (2) | 797,139 | 799,967 | ||||||
CHEC LOAN TRUST | ||||||||
Series 2004-2, Class M3, 2.332% (1 Month USD LIBOR + 1.875%), 04-25-2034 (2) | 457,071 | 453,562 | ||||||
Citigroup Mortgage Loan Trust Inc | ||||||||
Series 2014-12, 2.897%, 02-25-2037 (1) | 2,631,932 | 2,276,627 | ||||||
Conseco Finance Securitizations Corp. | ||||||||
Series 2002-1, Class M2, 9.546%, 12-01-2033 (1) | 1,951,594 | 1,968,528 | ||||||
Conseco Financial Corp | ||||||||
Series 1996-8, Class B1, 7.950%, 11-15-2026 (1) | 1,453,799 | 1,413,640 | ||||||
Series 1996-6, Class B1, 8.000%, 09-15-2027 (1) | 1,131,683 | 1,088,940 | ||||||
Series 1997-4, Class M1, 7.220%, 02-15-2029 (1) | 197,797 | 202,533 | ||||||
Series 1998-8, Class M1, 6.980%, 09-01-2029 (1) | 1,538,424 | 1,492,020 | ||||||
Series 1999-4, Class A7, 7.410%, 01-01-2030 | 2,527,457 | 1,287,490 | ||||||
Series 1999-5, Class A6, 7.500%, 03-01-2030 (1) | 2,982,570 | 1,452,546 | ||||||
Countrywide Asset-Backed Certificates | ||||||||
Series 2006-1, Class AF6, 4.520%, 07-25-2036 (1) | 58,789 | 56,942 | ||||||
Series 2007-6, Class 2A3, 0.677% (1 Month USD LIBOR + 0.220%), 09-25-2037 (2) | 214,889 | 221,387 | ||||||
Series 2006-9, Class 1AF6, 5.989%, 10-25-2046 (1) | 211,097 | 203,059 | ||||||
Countrywide Home Equity Loan Trust | ||||||||
Series 2004-B, Class 2A, 0.617% (1 Month USD LIBOR + 0.220%), 02-15-2029 (2) | 660,497 | 625,763 | ||||||
Credit Suisse Mortgage Trust | ||||||||
Series 2007-1, Class 5A14, 5.863%, 02-25-2037 (1) | 1,390,715 | 409,754 | ||||||
Series 2007-1, Class AF6, 6.000%, 02-25-2037 | 236,259 | 184,247 | ||||||
Series 2015-1R, Class 6A1, 0.747% (1 Month USD LIBOR + 0.280%), 05-27-2037 (2)(3)(a) | 301,810 | 290,583 | ||||||
Credit-Based Asset Servicing and Securitization | ||||||||
Series 2006-CB8, Class A1, 0.737% (1 Month USD LIBOR + 0.280%), 10-25-2036 (2) | 96,833 | 93,034 | ||||||
Series 2007-RP1, Class A, 0.497% (1 Month USD LIBOR + 0.310%), 05-25-2046 (2)(3) | 134,329 | 122,980 | ||||||
Encore Credit Receivables Trust | ||||||||
Series 2005-1, Class M1, 1.117% (1 Month USD LIBOR + 0.660%), 07-25-2035 (2) | 219,109 | 221,691 | ||||||
First Horizon Alternative Mortgage Securities | ||||||||
Series 2006-AA8, Class 2A1, 3.060%, 01-25-2037 (1) | 245,632 | 154,633 | ||||||
FirstCity Capital Home Equity Funding Corp. | ||||||||
Series 1998-2, Class A1, 6.990%, 01-25-2029 (3) | 440,083 | 443,860 | ||||||
Fremont Home Loan Trust | ||||||||
Series 2004-C, Class M2, 1.507% (1 Month USD LIBOR + 1.050%), 08-25-2034 (2) | 217,654 | 209,984 | ||||||
Series 2006-B, Class 2A2, 0.557% (1 Month USD LIBOR + 0.100%), 08-25-2036 (2) | 83,333 | 32,301 | ||||||
Series 2006-3, Class 1A1, 0.737% (1 Month USD LIBOR + 0.280%), 02-25-2037 (2)(a) | 68,625 | 50,371 |
The accompanying notes are an integral part of these financial statements.
Regan Total Return Income Fund
Schedule of Investments
March 31, 2022 (Unaudited)
Principal Amount | Value | |||||||
Greenpoint Manufactured Housing | ||||||||
Series 1999-5, Class M1B, 8.290%, 12-15-2029 (1) | $ | 40,968 | $ | 41,900 | ||||
Series 1999-5, Class M2, 9.230%, 12-15-2029 (1) | 57,757 | 52,422 | ||||||
GS Mortgage Securities Corp. | ||||||||
Series 2015-3R, Class 2A2, 0.597% (1 Month USD LIBOR + 0.140%), 10-26-2036 (2)(3) | 362,297 | 355,438 | ||||||
Series 2015-7R, Class A, 0.381% (1 Month USD LIBOR + 0.150%), 09-26-2037 (2)(3) | 98,301 | 97,391 | ||||||
GSAMP Trust | ||||||||
Series 2006-S1, Class A1, 0.737% (1 Month USD LIBOR + 0.280%), 11-25-2035 (2) | 795,179 | 109,626 | ||||||
Home Equity Asset Trust | ||||||||
Series 2002-2, Class A3, 1.037% (1 Month USD LIBOR + 0.580%), 06-25-2032 (2) | 94,405 | 90,229 | ||||||
Home Equity Mortgage | ||||||||
Series 2007-A, Class 2A, 0.907%, 04-25-2037 | 3,710,580 | 1,756,139 | ||||||
HSI Asset Securitization Corporation Trust | ||||||||
Series 2007-HE2, Class 2A1, 0.567% (1 Month USD LIBOR + 0.110%), 04-25-2037 (2) | 194,400 | 114,345 | ||||||
Indymac Home Equity Loan Asset-Backed Trust | ||||||||
Series 2000-C, Class AF6, 5.754%, 02-25-2030 (1) | 65,721 | 64,540 | ||||||
IndyMac Residential Asset Backed Trust | ||||||||
Series 2006-C, Class 2A, 0.717% (1 Month USD LIBOR + 0.260%), 08-25-2036 (2) | 86,393 | 84,062 | ||||||
Series 2007-A, Class 2A2, 0.647% (1 Month USD LIBOR + 0.190%), 04-25-2037 (2) | 1,202,839 | 901,423 | ||||||
Long Beach Mortgage Loan Trust | ||||||||
Series 2006-A, Class A1, 0.637% (1 Month USD LIBOR + 0.180%), 05-25-2036 (2) | 983,131 | 24,744 | ||||||
MASTR Asset Backed Securities Trust | ||||||||
Series 2006-FRE2, Class A5, 0.937% (1 Month USD LIBOR + 0.480%), 03-25-2036 (2) | 282,338 | 214,808 | ||||||
Merrill Lynch Mortgage Investors Trust | ||||||||
Series 2006-RM3, Class A1B, 0.837% (1 Month USD LIBOR + 0.380%), 06-25-2037 (2) | 5,939,596 | 216,937 | ||||||
Morgan Stanley Capital Inc | ||||||||
Series 2003-NC8, Class B1, 5.857% (1 Month USD LIBOR + 5.400%), 09-25-2033 (2) | 119,173 | 123,799 | ||||||
Series 2004-HE8, Class M3, 1.582% (1 Month LIBOR USD + 1.125%), 09-25-2034 (2) | 56,637 | 54,875 | ||||||
Series 2004-WMC3, Class M3, 1.327% (1 Month USD LIBOR + 0.870%), 01-25-2035 (2) | 369,596 | 373,208 | ||||||
Series 2007-HE1, Class A2C, 0.607% (1 Month LIBOR USD + 0.150%), 11-25-2036 (2) | 497,875 | 346,254 | ||||||
Morgan Stanley Mortgage Loan Trust | ||||||||
Series 2007-1XS, Class 1A1, 5.965%, 09-25-2046 (4) | 657,629 | 315,105 | ||||||
Nomura Home Equity Loan Inc | ||||||||
Series 2006-AF1, Class A1, 6.032%, 10-25-2036 (4) | 1,512,204 | 460,500 | ||||||
Nomura Resecuritization Trust | ||||||||
Series 2015-10R, Class 1A2, 5.149%, 12-25-2036 (1)(3) | 1,203,616 | 1,051,165 | ||||||
Novastar Home Equity Loan | ||||||||
Series 2006-5, Class A2B, 0.697% (1 Month USD LIBOR + 0.240%), 11-25-2036 (2) | 1,070,051 | 447,878 | ||||||
Oakwood Mortgage Investors Inc. | ||||||||
Series 1997-A, Class B1, 7.450%, 05-15-2027 | 118,837 | 118,068 | ||||||
Option One Mortgage Loan Trust | ||||||||
Series 2006-3, Class 1A1, 0.597% (1 Month LIBOR USD + 0.140%), 02-25-2037 (2) | 1,093,773 | 808,659 | ||||||
OWNIT Mortgage Loan Asset-Backed Certificates | ||||||||
Series 2006-6, Class A2C, 0.777% (1 Month USD LIBOR + 0.320%), 09-25-2037 (2) | 876,646 | 494,054 | ||||||
RBSSP Resecuritization Trust | ||||||||
Series 2010-9, Class 7A6, 6.000%, 05-27-2037 (1)(3) | 1,075,302 | 636,322 | ||||||
Renaissance Home Equity Loan Trust | ||||||||
Series 2003-4, Class M2F, 6.244%, 03-25-2034 (4) | 239,036 | 242,009 | ||||||
Series 2004-1, Class M4, 3.157% (1 Month USD LIBOR + 2.700%), 05-25-2034 (2) | 316,476 | 323,870 | ||||||
Series 2004-2, Class M1, 6.414%, 07-25-2034 (4) | 445,464 | 407,743 | ||||||
Series 2005-1, Class AF6, 5.470%, 05-25-2035 (4) | 132,652 | 129,622 | ||||||
Series 2005-1, Class AF5, 5.951%, 05-25-2035 (4) | 561,611 | 553,650 | ||||||
Securitized Asset Backed Receivables LLC | ||||||||
Series 2006-WM2, Class A2B, 0.577% (1 Month LIBOR USD + 0.120%), 09-25-2036 (2) | 688,651 | 559,104 | ||||||
Security National Mortgage Loan Trust | ||||||||
Series 2006-3A, Class A3, 6.330%, 01-25-2037 (1)(3) | 367,978 | 188,608 | ||||||
Specialty Underwriting & Residential Finance | ||||||||
Series 2006-BC3, Class A2C, 0.757% (1 Month LIBOR USD + 0.300%), 06-25-2037 (2) | 87,552 | 58,949 |
The accompanying notes are an integral part of these financial statements.
Regan Total Return Income Fund
Schedule of Investments
March 31, 2022 (Unaudited)
Principal Amount | Value | |||||||
Structured Asset Securities Corporation | ||||||||
Series 2006-S3, Class A1, 0.717% (1 Month USD LIBOR + 0.260%), 09-25-2036 (2) | $ | 1,092,720 | $ | 406,794 | ||||
UCFC Manufactured Housing Contract | ||||||||
Series 1996-1, Class M, 7.900%, 01-15-2028 (1) | 44,669 | 40,157 | ||||||
Series 1997-2, Class M, 7.380%, 10-15-2028 | 91,636 | 91,143 | ||||||
WAMU Asset-Backed Certificates | ||||||||
Series 2007-HE4, Class 2A2, 0.587% (1 Month USD LIBOR + 0.130%), 07-25-2047 (2) | 351,386 | 253,303 | ||||||
Washington Mutual Asset-Backed Certificates | ||||||||
Series 2006-HE5, Class 1A, 0.612% (1 Month LIBOR USD + 0.155%), 10-25-2036 (2) | 355,315 | 297,164 | ||||||
Series 2007-HE1, Class 2A1, 0.517% (1 Month USD LIBOR + 0.060%), 11-25-2036 (2) | 1,586,388 | 677,311 | ||||||
TOTAL ASSET BACKED SECURITIES | ||||||||
(Cost $31,406,384) | $ | 30,866,724 | ||||||
MORTGAGE BACKED SECURITIES — NON-AGENCY — 57.51% | ||||||||
Adjustable Rate Mortgage Trust | ||||||||
Series 2005-10, Class 1A1, 2.740%, 01-25-2036 (1) | 145,869 | 136,320 | ||||||
Series 2006-1, Class 1A1, 3.309%, 03-25-2036 (1) | 98,422 | 86,760 | ||||||
American Home Mortgage Assets | ||||||||
Series 2007-3, Class 11A1, 0.877% (1 Month USD LIBOR + 0.420%), 06-25-2037 (2) | 195,027 | 195,255 | ||||||
American Home Mortgage Investment Trust | ||||||||
Series 2004-3, Class MH1, 1.087% (1 Month LIBOR USD + 0.900%), 10-25-2034 (2) | 79,397 | 75,037 | ||||||
Series 2005-2, Class 4A1, 2.329% (1 Month USD LIBOR + 1.500%), 09-25-2045 (2) | 24,034 | 24,018 | ||||||
Series 2007-2, Class 11A1, 0.917% (1 Month USD LIBOR + 0.460%), 03-25-2047 (2) | 398,421 | 173,028 | ||||||
Series 2007-2, Class 12A1, 0.997% (1 Month LIBOR USD + 0.540%), 03-25-2047 (2) | 1,090,431 | 484,125 | ||||||
ASG Resecuritization Trust | ||||||||
Series 2011-2, Class M52, 5.750%, 02-28-2036 (3) | 446,403 | 445,236 | ||||||
Banc of America Alternative Loan Trust | ||||||||
Series 2007-2, Class 1A1, 5.500%, 06-25-2037 | 786,598 | 755,066 | ||||||
Banc of America Funding Corporation | ||||||||
Series 2005-B, Class 2A1, 2.727%, 04-20-2035 (1) | 61,689 | 57,765 | ||||||
Series 2006-4, Class A11, 6.000%, 07-25-2036 | 261,052 | 234,510 | ||||||
Series 2007-4, Class 3A1, 0.827% (1 Month USD LIBOR + 0.370%), 06-25-2037 (2) | 195,819 | 153,505 | ||||||
Banc of America Mortgage Securities | ||||||||
Series 2005-J, Class 2A1, 2.409%, 11-25-2035 (1) | 60,624 | 57,773 | ||||||
Series 2007-2, Class A7, 5.500%, 05-25-2037 | 90,894 | 79,454 | ||||||
Series 2007-3, Class 1A1, 6.000%, 09-25-2037 | 130,857 | 126,379 | ||||||
Bayview Commercial Asset Trust | ||||||||
Series 2006-1A, Class B1, 2.032% (1 Month USD LIBOR + 1.575%), 04-25-2036 (2)(3) | 230,280 | 215,684 | ||||||
Bear Stearns Adjustable Rate Mortgage Trust | ||||||||
Series 2005-12, Class 24A1, 3.066%, 02-25-2036 (1) | 99,354 | 92,172 | ||||||
Bear Stearns Adjustable Rate Mortgage Trust | ||||||||
Series 2003-6, Class 1B1, 2.743%, 08-25-2033 (1) | 348,929 | 285,958 | ||||||
Series 2006-1, Class A1, 2.400% (1 Month USD LIBOR + 2.250%), 02-25-2036 (2) | 51,603 | 52,215 | ||||||
Bear Stearns Alt-A Trust | ||||||||
Series 2004-5, Class M, 2.651%, 06-25-2034 (1) | 649,218 | 584,270 | ||||||
Series 2005-7, Class 23A1, 2.888%, 09-25-2035 (1) | 261,157 | 126,864 | ||||||
Series 2005-9, Class 26A1, 2.953%, 11-25-2035 (1) | 517,840 | 375,948 | ||||||
Series 2006-5, Class 2A2, 3.292%, 08-25-2036 (1) | 1,339,740 | 822,266 | ||||||
Bear Stearns Asset Backed Securities Trust | ||||||||
Series 2007-AC4, Class A2, 23.602% (1 Month USD LIBOR + 25.200%), 02-25-2037 (2) | 703,582 | 748,097 | ||||||
Charlie Mac | ||||||||
Series 2004-1, Class A8, 1.007% (1 Month USD LIBOR + 0.550%), 08-25-2034 (2) | 34,016 | 29,761 | ||||||
Chase Mortgage Finance Corporation | ||||||||
Series 2005-A1, Class 3A1, 2.878%, 12-25-2035 (1) | 127,032 | 120,088 | ||||||
Series 2007-S1, Class A1, 1.057% (1 Month USD LIBOR + 0.600%), 02-25-2037 (2) | 1,383,661 | 459,293 | ||||||
Series 2007-A1, Class 11M1, 3.147%, 03-25-2037 (1) | 133,768 | 134,219 | ||||||
Series 2007-A3, Class 1A7, 3.251%, 12-25-2037 (1) | 167,955 | 149,511 |
The accompanying notes are an integral part of these financial statements.
Regan Total Return Income Fund
Schedule of Investments
March 31, 2022 (Unaudited)
Principal Amount | Value | |||||||
ChaseFlex Trust | ||||||||
Series 2007-3, Class 1A2, 0.917% (1 Month USD LIBOR + 0.460%), 07-25-2037 (2) | $ | 902,141 | $ | 267,372 | ||||
Series 2007-M1, Class 1A1, 0.757% (1 Month USD LIBOR + 0.300%), 08-25-2037 (2) | 387,768 | 352,963 | ||||||
CHEVY CHASE MORTGAGE FUNDING CORP. | ||||||||
Series 2005-1A, Class A2, 0.657% (1 Month USD LIBOR + 0.200%), 01-25-2036 (2)(3) | 37,529 | 35,059 | ||||||
Series 2005-2A, Class A2, 0.687% (1 Month USD LIBOR + 0.230%), 05-25-2036 (2)(3) | 169,875 | 158,150 | ||||||
Series 2006-4A, Class A2, 0.637% (1 Month USD LIBOR + 0.180%), 11-25-2047 (2)(3) | 80,330 | 65,394 | ||||||
Citicorp Mortgage Securities, Inc. | ||||||||
Series 2007-5, Class 1A9, 6.000%, 06-25-2037 | 80,083 | 76,992 | ||||||
Citigroup Mortgage Loan Trust Inc | ||||||||
Series 2004-2, Class 1A1, 6.500%, 08-25-2033 (3) | 520,324 | 521,235 | ||||||
Series 2009-4, Class 7A5, 5.480%, 05-25-2035 (1)(3) | 382,418 | 375,200 | ||||||
Series 2005-9, Class 21A2, 5.500%, 11-25-2035 | 234,502 | 233,527 | ||||||
Series 2006-AR1, Class 2A1, 2.490% (1 Month USD LIBOR + 2.400%), 03-25-2036 (2) | 81,646 | 79,202 | ||||||
Series 2007-AR1, Class A4, 0.607% (1 Month USD LIBOR + 0.420%), 01-25-2037 (2) | 3,826,942 | 718,321 | ||||||
Series 2007-OPX1, Class A2, 0.657% (1 Month USD LIBOR + 0.200%), 01-25-2037 (2) | 1,338,613 | 711,971 | ||||||
Series 2009-6, 0.257%, 04-25-2037 | 3,268,026 | 2,300,420 | ||||||
Series 2014-8, Class 2A1, 3.450%, 06-27-2037 (1)(3)(a) | 180,790 | 179,976 | ||||||
Series 2007-10, Class 22AA, 3.185%, 09-25-2037 (1) | 37,106 | 34,972 | ||||||
Citimortgage Alternative Loan Trust | ||||||||
Series 2006-A7, Class 1A6A, 6.000%, 12-25-2036 | 171,287 | 165,061 | ||||||
Series 2007-A1, Class 1A2, 1.007% (1 Month USD LIBOR + 0.550%), 01-25-2037 (2) | 597,656 | 505,032 | ||||||
Countrywide Alternative Loan Trust | ||||||||
Series 2005-J1, Class 2A1, 5.500%, 02-25-2025 | 19,933 | 19,752 | ||||||
Series 2003-J2, Class M, 6.000%, 10-25-2033 | 195,512 | 187,105 | ||||||
Series 2004-2CB, Class 1A9, 5.750%, 03-25-2034 | 532,830 | 542,984 | ||||||
Series 2004-28CB, Class 2A5, 0.857% (1 Month USD LIBOR + 0.400%), 01-25-2035 (2) | 244,758 | 231,675 | ||||||
Series 2004-28CB, Class 2A4, 5.750%, 01-25-2035 | 236,944 | 232,127 | ||||||
Series 2005-J1, Class 1A8, 5.500%, 02-25-2035 | 456,328 | 448,616 | ||||||
Series 2005-1CB, Class 4A1, 0.957% (1 Month LIBOR USD + 0.500%), 03-25-2035 (2) | 1,138,474 | 783,317 | ||||||
Series 2005-19CB, Class A2, 15.936% (1 Month USD LIBOR + 16.940%), 06-25-2035 (2) | 78,761 | 75,253 | ||||||
Series 2005-J8, Class 1A5, 5.500%, 07-25-2035 | 152,506 | 136,205 | ||||||
Series 2005-27, Class 1A6, 1.687% (1 Month LIBOR USD + 1.230%), 08-25-2035 (2) | 543,114 | 508,761 | ||||||
Series 2005-J10, Class 1A9, 1.157% (1 Month LIBOR USD + 0.700%), 10-25-2035 (2) | 556,625 | 391,650 | ||||||
Series 2005-49CB, Class A7, 5.500%, 11-25-2035 | 761,897 | 604,716 | ||||||
Series 2006-6CB, Class 2A13, 0.857% (1 Month LIBOR USD + 0.400%), 05-25-2036 (2) | 811,822 | 242,990 | ||||||
Series 2006-12CB, Class A3, 5.750% (1 Month USD LIBOR + 5.750%), 05-25-2036 (2) | 130,673 | 88,375 | ||||||
Series 2006-17T1, Class A1, 6.250%, 06-25-2036 | 906,543 | 461,785 | ||||||
Series 2006-24CB, Class A13, 0.807% (1 Month USD LIBOR + 0.350%), 08-25-2036 (2) | 532,239 | 281,338 | ||||||
Series 2006-26CB, Class A20, 0.807% (1 Month LIBOR USD + 0.350%), 09-25-2036 (2) | 1,587,971 | 707,596 | ||||||
Series 2006-32CB, Class A7, 1.187% (1 Month LIBOR USD + 0.730%), 11-25-2036 (2) | 1,076,085 | 572,226 | ||||||
Series 2006-32CB, Class A3, 6.000%, 11-25-2036 | 401,276 | 297,061 | ||||||
Series 2007-J1, Class 2A6, 1.057% (1 Month USD LIBOR + 0.600%), 03-25-2037 (2) | 1,799,782 | 464,713 | ||||||
Series 2007-OA2, Class 1A1, 0.927%, (1 Month USD LIBOR + 0.840%), 03-25-2047 | 382,617 | 346,269 | ||||||
Series 2007-3T1, Class 1A2, 0.957% (1 Month USD LIBOR + 0.500%), 04-25-2037 (2) | 1,828,859 | 684,654 | ||||||
Series 2007-9T1, Class 1A4, 0.957% (1 Month USD LIBOR + 0.500%), 05-25-2037 (2) | 1,297,938 | 464,822 | ||||||
Series 2007-9T1, Class 1A5, 5.043% (1 Month USD LIBOR + 5.500%), 05-25-2037 (2) | 1,297,938 | 209,677 | ||||||
Series 2007-16CB, Class 1A2, 0.857% (1 Month USD LIBOR + 0.400%), 08-25-2037 (2) | 372,164 | 258,346 | ||||||
Series 2007-24, Class A6, 1.457% (1 Month USD LIBOR + 1.000%), 10-25-2037 (2) | 238,333 | 55,798 | ||||||
Series 2007-24, Class A7, 5.543% (1 Month USD LIBOR + 6.000%), 10-25-2037 (2) | 238,333 | 54,651 | ||||||
Series 2006-OA19, Class A1, 0.629% (1 Month USD LIBOR + 0.180%), 02-20-2047 (2) | 539,533 | 438,515 | ||||||
Series 2007-OH1, Class A1D, 0.667% (1 Month LIBOR USD + 0.210%), 04-25-2047 (2) | 96,111 | 81,287 | ||||||
Countrywide Home Loans | ||||||||
Series 2003-48, Class 2A3, 2.292%, 10-25-2033 (1)(a) | 122,182 | 100,433 | ||||||
Series 2003-49, Class A8A, 2.553%, 12-19-2033 (1) | 295,782 | 291,868 | ||||||
Series 2004-J3, Class A7, 5.500%, 05-25-2034 | 118,735 | 118,259 | ||||||
Series 2004-8, Class 1A11, 5.250%, 07-25-2034 | 698,083 | 689,598 | ||||||
Series 2004-20, Class 2A1, 2.281%, 09-25-2034 (1) | 390,329 | 345,342 |
The accompanying notes are an integral part of these financial statements.
Regan Total Return Income Fund
Schedule of Investments
March 31, 2022 (Unaudited)
Principal Amount | Value | |||||||
Series 2005-2, Class 2A1, 1.097% (1 Month LIBOR USD + 0.640%), 03-25-2035 (2) | $ | 144,688 | $ | 139,278 | ||||
Series 2005-19, Class 2A1, 0.807% (1 Month USD LIBOR + 0.350%), 08-25-2035 (2) | 361,769 | 82,407 | ||||||
Series 2005-J2, Class 3A9, 1.857% (1 Month LIBOR USD + 1.400%), 08-25-2035 (2) | 73,054 | 46,757 | ||||||
Series 2005-15, Class A5, 5.500%, 08-25-2035 | 490,729 | 331,218 | ||||||
Series 2005-21, Class A2, 5.500%, 10-25-2035 | 214,735 | 161,087 | ||||||
Series 2005-25, Class A17, 5.500%, 11-25-2035 | 449,898 | 287,174 | ||||||
Series 2005-31, Class 2A1, 2.427%, 01-25-2036 (1) | 240,602 | 221,348 | ||||||
Series 2006-10, Class 1A11, 5.850%, 05-25-2036 | 183,713 | 110,745 | ||||||
Series 2007-3, Class A16, 6.000%, 04-25-2037 | 558,954 | 360,531 | ||||||
Series 2007-10, Class A6, 6.000%, 07-25-2037 | 440,160 | 92,734 | ||||||
Series 2007-17, Class 1A1, 6.000%, 10-25-2037 | 363,229 | 321,035 | ||||||
Credit Suisse First Boston Mortgage Securities | ||||||||
Series 2002-9, Class 1A1, 7.000%, 03-25-2032 | 1,055,086 | 1,078,701 | ||||||
Series 2002-10, Class 2A1, 7.500%, 05-25-2032 | 428,900 | 435,724 | ||||||
Series 2002-18, Class 2A1, 7.500%, 06-25-2032 | 18,878 | 19,173 | ||||||
Series 2002-29, Class 1A1, 7.500%, 10-25-2032 | 469,710 | 481,067 | ||||||
Series 2002-30, Class DB1, 7.367%, 11-25-2032 (1) | 326,992 | 327,681 | ||||||
Series 2004-6, Class 4A12, 0.857% (1 Month USD LIBOR + 0.400%), 10-25-2034 (2) | 170,926 | 160,745 | ||||||
Series 2005-7, Class 2A2, 0.757% (1 Month USD LIBOR + 0.300%), 08-25-2035 (2) | 1,136,663 | 500,904 | ||||||
Series 2005-9, Class 1A3, 5.250%, 10-25-2035 | 201,703 | 199,650 | ||||||
Series 2005-10, Class 6A7, 5.500%, 11-25-2035 | 257,308 | 145,093 | ||||||
Series 2005-11, Class 3A5, 5.500%, 12-25-2035 | 205,416 | 123,135 | ||||||
Credit Suisse Mortgage Trust | ||||||||
Series 2006-2, Class 6A8, 5.750%, 03-25-2036 | 236,498 | 156,960 | ||||||
Series 2006-6, Class 1A12, 6.000%, 07-25-2036 | 2,072,546 | 1,403,794 | ||||||
Series 2007-4R, Class 1A1, 3.779%, 10-26-2036 (1)(3) | 86,066 | 80,270 | ||||||
Series 2007-4, Class 2A2, 6.000%, 06-25-2037 | 107,624 | 77,848 | ||||||
Series 2007-5, Class 3A19, 6.000%, 08-25-2037 | 268,331 | 230,232 | ||||||
CSAB Mortgage Backed Trust | ||||||||
Series 2006-1, Class A3, 0.937% (1 Month USD LIBOR + 0.480%), 06-25-2036 (2) | 5,177,259 | 991,753 | ||||||
CSMC Mortgage Trust | ||||||||
Series 2006-6, 6.500%, 07-25-2036 | 4,182,345 | 1,444,255 | ||||||
CWALT INC | ||||||||
Series 2005-42CB, 1.137%, 10-25-2035 | 3,634,022 | 2,441,164 | ||||||
Series 2005-51, 1.431%, 11-20-2035 | 979,933 | 857,439 | ||||||
Deutsche Alt-A Securities INC Mortgage Loan Trust | ||||||||
Series 2005-4, Class A5, 5.500%, 09-25-2035 (1) | 81,598 | 77,398 | ||||||
Series 2005-5, Class 2A1, 0.657% (1 Month LIBOR USD + 0.200%), 11-25-2035 (2) | 1,242,375 | 608,677 | ||||||
Series 2007-OA1, Class A1, 0.607% (1 Month USD LIBOR + 0.150%), 02-25-2047 (2) | 1,050,039 | 740,702 | ||||||
Deutsche Mortgage Securities, Inc. | ||||||||
Series 2004-1, Class 3A5, 6.160%, 12-25-2033 (4) | 44,404 | 43,814 | ||||||
Series 2006-PR1, Class 5AF1, 0.947% (1 Month USD LIBOR + 0.550%), 04-15-2036 (2)(3) | 560,941 | 443,782 | ||||||
First Horizon Alternative Mortgage Securities | ||||||||
Series 2005-AA10, Class 2A1, 2.336%, 12-25-2035 (1)(a) | 228,262 | 196,306 | ||||||
FirstKey Mortgage Trust | ||||||||
Series 2015-1, Class A3, 3.500%, 03-25-2045 (1)(3) | 60,342 | 59,214 | ||||||
GMAC Mortgage Corporation Loan Trust | ||||||||
Series 2005-AR4, Class 2A2, 2.829%, 07-19-2035 (1) | 140,381 | 122,647 | ||||||
GSAA Home Equity Trust | ||||||||
Series 2005-14, Class A1, 1.157% (1 Month LIBOR USD + 0.700%), 12-25-2035 (2) | 770,008 | 378,825 | ||||||
Series 2006-11, Class 2A1, 0.637% (1 Month LIBOR USD + 0.180%), 07-25-2036 (2) | 494,589 | 143,803 | ||||||
GSMPS Mortgage Loan Trust | ||||||||
Series 2005-RP1, Class 1AF, 0.807% (1 Month LIBOR USD + 0.350%), 01-25-2035 (2)(3)(a) | 39,037 | 32,342 | ||||||
Series 2005-RP3, Class 1AF, 0.807% (1 Month USD LIBOR + 0.350%), 09-25-2035 (2)(3)(a) | 38,673 | 32,099 | ||||||
Series 2006-RP1, Class 1AF2, 0.807% (1 Month LIBOR USD + 0.350%), 01-25-2036 (2)(3) | 733,224 | 616,363 | ||||||
GSR Mortgage Loan Trust | ||||||||
Series 2004-9, Class 4A1, 2.866%, 08-25-2034 (1) | 189,118 | 188,157 | ||||||
Series 2005-1F, Class 4A1, 0.757% (1 Month USD LIBOR + 0.300%), 01-25-2035 (2) | 401,265 | 368,996 |
The accompanying notes are an integral part of these financial statements.
Regan Total Return Income Fund
Schedule of Investments
March 31, 2022 (Unaudited)
Principal Amount | Value | |||||||
Series 2005-AR6, Class B1, 2.800%, 09-25-2035 (1)(a) | $ | 99,221 | $ | 91,159 | ||||
Series 2005-AR5, Class 2A3, 2.638%, 10-25-2035 (1) | 26,256 | 17,526 | ||||||
Series 2006-AR1, Class 3A1, 2.796%, 01-25-2036 (1) | 172,347 | 179,388 | ||||||
Series 2006-3F, Class 2A3, 5.750%, 03-25-2036 | 85,322 | 84,083 | ||||||
Series 2007-OA1, Class 2A3A, 0.767% (1 Month USD LIBOR + 0.310%), 05-25-2037 (2) | 514,829 | 412,960 | ||||||
Series 2006-OA1, Class 2A2, 0.977% (1 Month LIBOR USD + 0.520%), 08-25-2046 (2) | 3,437,007 | 1,366,307 | ||||||
HarborView Mortgage Loan Trust | ||||||||
Series 2004-8, Class 2A4A, 1.249% (1 Month USD LIBOR + 0.800%), 11-19-2034 (2) | 327,562 | 315,544 | ||||||
Series 2005-14, Class 3A1A, 2.481%, 12-19-2035 (1) | 88,072 | 84,391 | ||||||
Series 2005-14, Class 4A1A, 2.918%, 12-19-2035 (1) | 647,693 | 411,847 | ||||||
Series 2005-16, Class 1A1A, 0.949% (1 Month USD LIBOR + 0.500%), 01-19-2036 (2) | 6,524,942 | 2,198,951 | ||||||
Series 2005-16, Class 3A1A, 0.949% (1 Month LIBOR USD + 0.500%), 01-19-2036 (2) | 719,767 | 479,768 | ||||||
Series 2006-8, Class 1A1, 0.649% (1 Month LIBOR USD + 0.400%), 07-21-2036 (2) | 858,422 | 528,742 | ||||||
Series 2006-4, Class 1A1A, 0.809% (1 Month LIBOR USD + 0.360%), 05-19-2046 (2) | 5,638,059 | 3,006,423 | ||||||
Series 2006-5, Class 2A1A, 0.809% (1 Month USD LIBOR + 0.360%), 07-19-2046 (2) | 1,724,701 | 992,053 | ||||||
HSI Asset Loan Obligation | ||||||||
Series 2007-WF1, Class A1, 0.517% (1 Month USD LIBOR + 0.060%), 12-25-2036 (2) | 844,661 | 300,314 | ||||||
Impac CMB Trust | ||||||||
Series 2004-11, Class 2A1, 1.117% (1 Month USD LIBOR + 0.660%), 03-25-2035 (2)(a) | 37,264 | 33,649 | ||||||
Impac Secured Assets Corp. | ||||||||
Series 2005-2, Class 2A1, 1.317% (1 Month USD LIBOR + 0.860%), 03-25-2036 (2) | 62,150 | 54,667 | ||||||
Series 2007-3, Class A1A, 0.567% (1 Month USD LIBOR + 0.110%), 09-25-2037 (2) | 204,130 | 191,011 | ||||||
IndyMac IMSC Mortgage Loan Trust | ||||||||
Series 2007-F3, Class 2A1, 6.500%, 09-25-2037 (a) | 27,862 | 19,559 | ||||||
IndyMac INDX Mortgage Loan Trust | ||||||||
Series 2004-AR5, Class 2A1A, 1.317% (1 Month USD LIBOR + 0.860%), 08-25-2034 (2)(a) | 35,695 | 31,857 | ||||||
Series 2005-AR5, Class 4A1, 2.722%, 05-25-2035 (1) | 351,962 | 287,802 | ||||||
Series 2006-AR19, Class 4A1, 3.116%, 08-25-2036 (1) | 1,337,740 | 1,317,715 | ||||||
Series 2005-AR18, Class 1A2, 2.077% (1 Month USD LIBOR + 1.620%), 10-25-2036 (2) | 768,912 | 435,339 | ||||||
Series 2007-AR21IP, Class 1A2, 2.896%, 11-25-2036 (1) | 79,965 | 73,408 | ||||||
Series 2006-AR37, Class 1A1, 3.348%, 02-25-2037 (1) | 83,647 | 76,325 | ||||||
Series 2007-AR9, Class 2A1, 3.006%, 04-25-2037 (1) | 23,032 | 15,351 | ||||||
J.P. Morgan Alternative Loan Trust | ||||||||
Series 2006-A2, Class 3A1, 2.659%, 05-25-2036 (1) | 131,989 | 93,838 | ||||||
Series 2006-S3, Class A5, 6.920%, 08-25-2036 (4) | 1,129,974 | 1,020,866 | ||||||
Series 2007-A2, Class 3A1, 3.250%, 05-25-2037 (1) | 203,834 | 186,105 | ||||||
JP Morgan Mortgage Trust | ||||||||
Series 2004-A1, Class 5A1, 2.240%, 02-25-2034 (1)(a) | 76,251 | 73,849 | ||||||
Series 2005-A2, Class 2A1, 3.446%, 04-25-2035 (1) | 89,803 | 86,946 | ||||||
Series 2007-A1, Class 5A6, 2.391%, 07-25-2035 (1) | 212,635 | 207,014 | ||||||
Series 2005-A8, Class 1A1, 2.764%, 11-25-2035 (1) | 1,385,767 | 1,237,299 | ||||||
Series 2006-A4, Class 5A1, 3.358%, 06-25-2036 (1) | 155,059 | 127,231 | ||||||
Series 2007-S3, Class 1A18, 0.957% (1 Month USD LIBOR + 0.500%), 08-25-2037 (2) | 886,571 | 310,264 | ||||||
Series 2017-4, Class A3, 3.500%, 11-25-2048 (1)(3) | 11,440 | 11,473 | ||||||
Lehman Mortgage Trust | ||||||||
Series 2007-1, Class 2A3, 6.173% (1 Month USD LIBOR + 6.630%), 02-25-2037 (2) | 1,532,375 | 304,712 | ||||||
Series 2007-3, Class 1A3, 0.757% (1 Month USD LIBOR + 0.300%), 03-25-2037 (2) | 1,565,730 | 440,670 | ||||||
Series 2007-6, Class 1A7, 6.000%, 07-25-2037 | 629,815 | 614,874 | ||||||
Series 2007-7, Class 1A1, 0.957% (1 Month USD LIBOR + 0.500%), 08-25-2037 (2) | 833,834 | 464,731 | ||||||
Lehman XS Trust | ||||||||
Series 2007-6, Class 1A1, 2.079% (1 Month USD LIBOR + 1.250%), 05-25-2037 (2) | 609,347 | 552,602 | ||||||
MASTR Adjustable Rate Mortgages Trust | ||||||||
Series 2004-4, Class 2A3, 1.945%, 05-25-2034 (1) | 238,777 | 233,455 | ||||||
Series 2005-6, Class 5A1, 2.683%, 07-25-2035 (1) | 86,170 | 81,642 | ||||||
Series 2005-7, 2.722%, 09-25-2035 | 371,479 | 250,191 | ||||||
Series 2006-OA1, Class 1A1, 0.667% (1 Month LIBOR USD + 0.210%), 04-25-2046 (2) | 187,204 | 174,460 | ||||||
MASTR Alternative Loans Trust | ||||||||
Series 2003-5, Class 3A1, 6.000%, 08-25-2033 | 172,927 | 174,533 |
The accompanying notes are an integral part of these financial statements.
Regan Total Return Income Fund
Schedule of Investments
March 31, 2022 (Unaudited)
Principal | ||||||||
Amount | Value | |||||||
Series 2003-6, Class 3A3, 6.000%, 09-25-2033 | $ | 52,938 | $ | 52,944 | ||||
Series 2004-12, Class 2A1, 6.500%, 12-25-2034 | 74,232 | 74,881 | ||||||
MASTR Asset Securitization Trust | ||||||||
Series 2006-2, Class 1A14, 6.000%, 06-25-2036 | 143,485 | 114,979 | ||||||
MASTR Resecuritization Trust | ||||||||
Series 2008-1, Class A1, 6.000%, 09-27-2037 (1)(3)(a) | 300,506 | 252,425 | ||||||
Merrill Lynch Mortgage Backed Securities Trust | ||||||||
Series 2007-2, Class 1A1, 3.530% (1 Month USD LIBOR + 2.400%), 08-25-2036 (2) | 105,469 | 100,191 | ||||||
Merrill Lynch Mortgage Investors Trust | ||||||||
Series 2003-A4, Class 3A, 2.331%, 05-25-2033 (1) | 196,614 | 193,847 | ||||||
Series 2005-A2, Class A2, 2.813%, 02-25-2035 (1) | 174,139 | 174,075 | ||||||
MLCC Mortgage Investors Inc | ||||||||
Series 2003-B, Class A1, 1.137% (1 Month USD LIBOR + 0.680%), 04-25-2028 (2) | 112,036 | 110,282 | ||||||
Morgan Stanley Mortgage Loan Trust | ||||||||
Series 2004-3, Class 3A, 6.000%, 04-25-2034 | 83,933 | 85,371 | ||||||
Series 2004-5AR, Class 4A, 2.586%, 07-25-2034 (1) | 247,280 | 247,414 | ||||||
Series 2005-4, Class 4A, 4.834%, 08-25-2035 (1) | 40,416 | 26,419 | ||||||
Series 2005-7, Class 7A6, 5.500%, 11-25-2035 | 151,011 | 153,487 | ||||||
Series 2005-10, Class 1A1, 1.157% (1 Month LIBOR USD + 0.700%), 12-25-2035 (2) | 320,342 | 218,338 | ||||||
Series 2005-10, Class 1A5, 5.750%, 12-25-2035 | 31,467 | 27,609 | ||||||
Series 2006-3AR, Class 2A3, 3.031%, 03-25-2036 (1) | 642,293 | 498,501 | ||||||
Series 2006-7, Class 3A, 5.154%, 06-25-2036 (1) | 111,878 | 88,238 | ||||||
Series 2007-10XS, Class A19, 6.000%, 02-25-2037 (1) | 549,283 | 308,415 | ||||||
Series 2007-14AR, Class 3A3, 2.597%, 10-25-2037 (1) | 714,856 | 653,679 | ||||||
Series 2007-13, Class 6A1, 6.000%, 10-25-2037 | 193,420 | 142,314 | ||||||
Morgan Stanley ReRemic Trust | ||||||||
Series 2013-R3, Class 6B2, 3.030%, 12-29-2036 (1)(3) | 387,514 | 362,618 | ||||||
PHHMC Mortgage Pass Through Certificates | ||||||||
Series 2007-3, Class A3, 4.273%, 06-18-2037 (1) | 8,911 | 8,672 | ||||||
Prime Mortgage Trust | ||||||||
Series 2006-DR1, Class 2A2, 6.000%, 05-25-2035 (3) | 547,952 | 504,308 | ||||||
Series 2006-1, Class 3A1, 0.807% (1 Month LIBOR USD + 0.350%), 06-25-2036 (2) | 2,006,276 | 1,410,263 | ||||||
RBSGC Mortgage Pass Through Certificates | ||||||||
Series 2008-A, Class A1, 5.500%, 11-25-2035 (1)(3) | 304,922 | 283,733 | ||||||
RBSSP Resecuritization Trust | ||||||||
Series 2009-12, Class 9A2, 2.773%, 03-25-2036 (1)(3) | 475,575 | 439,699 | ||||||
Residential Accredit Loans, Inc. | ||||||||
Series 2005-QS5, Class A1, 0.857% (1 Month LIBOR USD + 0.400%), 04-25-2035 (2) | 935,945 | 750,626 | ||||||
Series 2005-QS7, Class A1, 5.500%, 06-25-2035 | 460,862 | 440,802 | ||||||
Series 2005-QA9, Class CB11, 3.077%, 08-25-2035 (1) | 137,505 | 130,626 | ||||||
Series 2005-QA9, Class CB3, 3.386%, 08-25-2035 (1) | 74,386 | 71,724 | ||||||
Series 2005-QS10, Class 3A3, 5.500%, 08-25-2035 | 647,177 | 524,640 | ||||||
Series 2005-QS13, Class 2A3, 5.750%, 09-25-2035 | 1,343,306 | 1,282,732 | ||||||
Series 2005-QS14, Class 3A3, 6.000%, 09-25-2035 | 473,779 | 456,220 | ||||||
Series 2006-QS2, Class 1A17, 0.937% (1 Month LIBOR USD + 0.480%), 02-25-2036 (2) | 636,118 | 496,075 | ||||||
Series 2006-QS2, Class 1A7, 6.000%, 02-25-2036 | 312,922 | 48,190 | ||||||
Series 2006-QS4, Class A8, 8.000% (1 Month USD LIBOR + 5,143.000%), 04-25-2036 (2) | 79,370 | 71,425 | ||||||
Series 2006-QS11, Class 1A2, 6.000%, 08-25-2036 | 495,219 | 452,660 | ||||||
Series 2006-QS11, Class 1A1, 6.500%, 08-25-2036 | 526,778 | 494,790 | ||||||
Series 2006-QS15, Class A1, 6.500%, 10-25-2036 | 527,618 | 498,851 | ||||||
Series 2006-QS16, Class A3, 6.000% (1 Month LIBOR USD + 0.550%), 11-25-2036 (2) | 511,475 | 479,271 | ||||||
Series 2007-QS1, Class 2A2, 0.817% (1 Month LIBOR USD + 0.360%), 01-25-2037 (2) | 756,985 | 570,097 | ||||||
Series 2007-QS1, Class 2A4, 1.007% (1 Month LIBOR USD + 0.550%), 01-25-2037 (2) | 948,772 | 722,919 | ||||||
Series 2007-QS1, Class 1A5, 1.007% (1 Month LIBOR USD + 0.550%), 01-25-2037 (2) | 3,168,076 | 2,464,385 | ||||||
Series 2007-QA3, Class A3, 0.647% (1 Month LIBOR USD + 0.190%), 05-25-2037 (2) | 548,677 | 544,751 | ||||||
Series 2007-QS8, Class A3, 1.057% (1 Month USD LIBOR + 0.600%), 06-25-2037 (2) | 329,254 | 256,383 |
The accompanying notes are an integral part of these financial statements.
Regan Total Return Income Fund
Schedule of Investments
March 31, 2022 (Unaudited)
Principal | ||||||||
Amount | Value | |||||||
Residential Asset Securitization Trust | ||||||||
Series 2005-A15, Class 2A12, 6.000%, 02-25-2036 | $ | 741,787 | $ | 402,564 | ||||
Series 2006-A7CB, Class 2A5, 0.707% (1 Month USD LIBOR + 0.250%), 07-25-2036 (2) | 424,700 | 55,300 | ||||||
Series 2006-A8, Class 3A8, 1.207% (1 Month LIBOR USD + 0.750%), 08-25-2036 (2) | 523,373 | 231,427 | ||||||
Series 2006-A10, Class A4, 6.500%, 09-25-2036 | 536,427 | 270,361 | ||||||
Series 2007-A3, Class 1A1, 0.907% (1 Month USD LIBOR + 0.450%), 04-25-2037 (2) | 1,241,871 | 521,540 | ||||||
Residential Funding Mtg Sec I | ||||||||
Series 2006-S12, Class 3A7, 5.750%, 12-25-2036 | 154,877 | 149,106 | ||||||
Series 2007-SA3, Class 2A1, 4.317%, 07-27-2037 (1) | 561,283 | 492,688 | ||||||
Series 2007-SA4, Class 3A1, 4.406%, 10-25-2037 (1) | 121,204 | 97,428 | ||||||
Salomon Brothers Mortgage Securities VII | ||||||||
Series 1997-HUD1, Class A4, 3.200%, 12-25-2030 (1)(a) | 250,630 | 188,129 | ||||||
Sequoia Mortgage Trust | ||||||||
Series 2004-11, Class A3, 1.049% (1 Month USD LIBOR + 0.600%), 12-20-2034 (2) | 43,703 | 43,491 | ||||||
Series 2007-3, Class 2BA1, 3.008%, 07-20-2037 (1) | 33,221 | 27,115 | ||||||
Series 2014-1, Class 2A5, 4.000%, 04-25-2044 (1)(3) | 124,269 | 124,440 | ||||||
Structured Adjustable Rate Mortgage Loan Trust | ||||||||
Series 2005-18, Class 1A1, 3.010%, 09-25-2035 (1) | 777,116 | 641,849 | ||||||
Series 2005-23, Class 3A1, 2.915%, 01-25-2036 (1) | 111,378 | 79,481 | ||||||
Series 2007-3, Class 2A1, 3.298%, 04-25-2047 (1) | 407,932 | 408,959 | ||||||
Structured Asset Mortgage Investments Inc | ||||||||
Series 2006-AR5, Class 1A1, 0.877% (1 Month USD LIBOR + 0.420%), 05-25-2036 (2) | 76,801 | 73,689 | ||||||
Series 2006-AR5, Class 3A1, 0.877% (1 Month LIBOR USD + 0.420%), 05-25-2036 (2) | 2,041,879 | 937,901 | ||||||
Structured Asset Securities Corporation | ||||||||
Series 2006-3H, Class 1A2, 5.750%, 12-25-2035 | 312,688 | 310,043 | ||||||
Suntrust Adjustable Rate Mortgage Loan Trust | ||||||||
Series 2007-2, Class 2A1, 2.682%, 04-25-2037 (1) | 197,613 | 139,903 | ||||||
Series 2007-4, Class 2A1, 2.584%, 10-25-2037 (1) | 157,218 | 137,796 | ||||||
Terwin Mortgage Trust | ||||||||
Series 2005-18AL, Class A3, 0.827% (1 Month USD LIBOR + 0.370%), 01-25-2037 (2) | 419,617 | 202,975 | ||||||
TIAA Bank Mortgage Loan Trust | ||||||||
Series 2018-3, Class A13, 4.000%, 11-25-2048 (1)(3) | 241,112 | 241,437 | ||||||
WAMU Mortgage Pass-Through Certificates | ||||||||
Series 2004-S1, Class 1A11, 5.500%, 03-25-2034 | 39,500 | 38,555 | ||||||
Series 2004-AR9, Class B1, 2.732%, 08-25-2034 (1)(a) | 218,274 | 201,249 | ||||||
Series 2004-A11, Class A, 2.402%, 10-25-2034 (1) | 169,574 | 166,369 | ||||||
Series 2004-CB3, Class 1A, 6.000%, 10-25-2034 | 52,497 | 52,812 | ||||||
Series 2005-AR12, Class 1A4, 2.849%, 10-25-2035 (1) | 36,632 | 36,561 | ||||||
Series 2006-AR2, Class 2A1, 3.218%, 03-25-2036 (1) | 104,716 | 104,549 | ||||||
Series 2006-AR10, Class 1A2, 2.890%, 09-25-2036 (1) | 479,705 | 463,954 | ||||||
Series 2006-AR14, Class 2A3, 2.455%, 11-25-2036 (1) | 143,315 | 137,558 | ||||||
Series 2007-HY1, Class 1A1, 2.795%, 02-25-2037 (1) | 191,439 | 179,057 | ||||||
Series 2005-AR2, Class 2A3, 1.157% (1 Month LIBOR USD + 0.700%), 01-25-2045 (2) | 85,133 | 80,876 | ||||||
Washington Mutual Alternative Mortgage Pass-Through Certificates | ||||||||
Series 2005-1, Class 1A1, 5.500%, 03-25-2035 | 252,778 | 248,053 | ||||||
Series 2006-4, Class 3A3, 6.467%, 05-25-2036 (4) | 242,045 | 232,601 | ||||||
Series 2006-AR10, Class A2B, 0.877% (1 Month USD LIBOR + 0.420%), 12-25-2036 (2) | 663,169 | 95,959 | ||||||
Washington Mutual MSC Mortgage Pass-Through Certificates | ||||||||
Series 2004-RA3, Class 2A, 5.849%, 08-25-2038 (1) | 281,347 | 281,487 | ||||||
Wells Fargo Mortgage Backed Securities Trust | ||||||||
Series 2006-AR12, Class 2A1, 2.780%, 09-25-2036 (1) | 115,370 | 109,716 | ||||||
Series 2006-AR14, Class 2A3, 2.603%, 10-25-2036 (1) | 81,743 | 79,472 | ||||||
Yale Mortgage Loan Trust | ||||||||
Series 2007-1, Class A, 0.857% (1 Month USD LIBOR + 0.400%), 06-25-2037 (2)(3) | 86,344 | 33,884 | ||||||
TOTAL MORTGAGE BACKED SECURITIES — NON-AGENCY | ||||||||
(Cost $91,113,231) | $ | 88,105,312 |
The accompanying notes are an integral part of these financial statements.
Regan Total Return Income Fund
Schedule of Investments
March 31, 2022 (Unaudited)
Principal | ||||||||
Amount | Value | |||||||
MORTGAGE BACKED SECURITIES — U.S. GOVERNMENT AGENCY — 0.76% | ||||||||
FannieMae Grantor Trust | ||||||||
Series 2004-T5, Class A13, 0.787%, 05-28-2035 (1) | $ | 1,099,487 | $ | 1,063,481 | ||||
Freddie Mac Whole Loan Securities Trust | ||||||||
Series 2017-SC02, Class 2A, 3.500%, 05-25-2047 | 32,264 | 31,756 | ||||||
Government National Mortgage Association | ||||||||
Series 2016-H03, Class FB, 0.756% (1 Month USD LIBOR + 0.650%), 01-20-2066 (2) | 57,376 | 57,420 | ||||||
1,152,657 | ||||||||
TOTAL MORTGAGE BACKED SECURITIES — U.S. GOVERNMENT AGENCY | ||||||||
(Cost $1,159,960) | $ | 1,152,657 | ||||||
MORTGAGE SECURED NOTE — 0.52% | ||||||||
KORTH DIRECT MORTGAGE | ||||||||
12.500%, 01-25-2027 (3)(a) | 800,000 | 800,000 | ||||||
TOTAL MORTGAGE SECURED NOTE | ||||||||
(Cost $800,000) | $ | 800,000 | ||||||
SHORT TERM INVESTMENTS — 26.00% | ||||||||
MONEY MARKET FUNDS — 9.72% | ||||||||
First American Government Obligations Fund — 0.026% (b) | 14,820,222 | 14,820,222 | ||||||
TOTAL MONEY MARKET FUNDS | ||||||||
(Cost $14,820,222) | $ | 14,820,222 | ||||||
US TREASURY BILLS — 16.28% | ||||||||
0%, 08-11-2022 | 5,000,000 | 4,984,768 | ||||||
0%, 09-15-2022 | 5,000,000 | 4,978,502 | ||||||
0%, 08-29-2022 | 5,000,000 | 4,974,780 | ||||||
0%, 01-26-2023 | 10,000,000 | 9,888,667 | ||||||
TOTAL US TREASURY BILLS | ||||||||
(Cost $24,875,548) | $ | 24,826,717 | ||||||
TOTAL SHORT TERM INVESTMENTS | ||||||||
(Cost $39,695,770) | $ | 39,646,939 | ||||||
TOTAL INVESTMENTS — 104.8% | ||||||||
(Cost $164,175,345) | 160,571,632 | |||||||
Liabilities in Excess of Other Assets — (4.8)% | (7,706,116 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 152,865,516 |
(1) | Variable rate security. The coupon is based on an underlying pool of loans and represents the rate in effect as of March 31, 2022. |
(2) | Floating rate security based on a reference index and spread. The rate reported is the rate in effect as of March 31, 2022. |
(3) | Restricted security deemed liquid. The total market value of these securities was $9,551,152 (6.25% of total net assets) as of March 31, 2022. |
(4) | Step-up bond. The interest rate will step up if the issuer does not redeem the bond by an expected redemption date. The interest rate shown is the rate in effect as of March 31, 2022. |
(a) | Value determined using unobservable inputs. |
(b) | The rate quoted is the annualized seven-day effective yield as of March 31, 2022. |
The accompanying notes are an integral part of these financial statements.
Regan Total Return Income Fund
Statement of Assets and Liabilities
March 31, 2022 (Unaudited)
Assets | ||||
Investments, at value (cost $164,175,345) | $ | 160,571,632 | ||
Cash | 36,495 | |||
Interest Receivable | 370,571 | |||
Receivable for capital shares sold | 7,118,457 | |||
Receivable for investments sold | 488,954 | |||
Other assets | 50,676 | |||
Total Assets | 168,636,785 | |||
Liabilities | ||||
Payable for capital shares redeemed | 352,120 | |||
Payable for investments purchased | 15,241,478 | |||
Distribution fees - Investor Class | 1,510 | |||
Payable to Advisor | 94,247 | |||
Accrued Shareholder Servicing Fees | 20,441 | |||
Accrued expenses and other liabilities | 61,473 | |||
Total Liabilities | 15,771,269 | |||
Net Assets | $ | 152,865,516 | ||
Components of Net Assets | ||||
Paid-in capital | $ | 157,728,329 | ||
Total distributable earnings | (4,862,813 | ) | ||
Net Assets | $ | 152,865,516 | ||
Institutional Class: | ||||
Net assets | $ | 151,103,246 | ||
Shares outstanding (unlimited number of shares authorized, no par value) | 15,389,019 | |||
Net asset value, offering and redemption price per share | $ | 9.82 | ||
Investor Class: | ||||
Net assets | $ | 1,762,270 | ||
Shares outstanding (unlimited number of shares authorized, no par value) | 178,051 | |||
Net asset value, offering and redemption price per share | $ | 9.90 |
The accompanying notes are an integral part of these financial statements.
Regan Total Return Income Fund
For the Period Ended March 31, 2022 (Unaudited)
Investment Income | ||||
Interest income | $ | 3,893,632 | ||
Expenses | ||||
Advisory fees | 408,388 | |||
Administration fees (Note 3) | 72,562 | |||
Shareholder servicing fees (Note 6) | 42,096 | |||
Transfer agent fees and expenses (Note 3) | 36,854 | |||
Registration fees | 30,468 | |||
Legal fees | 11,446 | |||
Audit fees | 10,544 | |||
Trustees’ fees | 7,820 | |||
Custody fees (Note 3) | 6,634 | |||
Compliance fees (Note 3) | 6,006 | |||
Miscellaneous expenses | 3,830 | |||
Distribution fees - Investor Class (Note 7) | 2,332 | |||
Insurance expense | 1,794 | |||
Shareholder reporting fees | 1,182 | |||
Total Expenses | 641,956 | |||
Expenses waived and reimbursed by the Adviser (Note 3) | (47,630 | ) | ||
Net Expenses | 594,326 | |||
Net Investment Income | 3,299,306 | |||
Realized and Unrealized Gain (Loss) on Investments | ||||
Net realized gain on Investments | 402,009 | |||
Change in unrealized appreciation/depreciation on investments | (2,889,013 | ) | ||
Net Realized and Unrealized Loss on Investments | (2,487,004 | ) | ||
Net increase in Net Assets from Operations | $ | 812,302 |
The accompanying notes are an integral part of these financial statements.
Regan Total Return Income Fund
Statements of Changes in Net Assets
Period Ended March 31, 2022 (Unaudited) | Year Ended September 30, 2021* | |||||||
Operations | ||||||||
Net investment income | $ | 3,299,306 | $ | 1,796,779 | ||||
Net realized gain on investments | 402,009 | 278,131 | ||||||
Change in unrealized appreciation/depreciation on investments | (2,889,013 | ) | (714,700 | ) | ||||
Net Increase in Net Assets from Operations | 812,302 | 1,360,210 | ||||||
Distributions to Shareholders | ||||||||
From distributable earnings | (5,464,853 | ) | (1,570,473 | )(1) | ||||
Return of Capital | — | (556,401 | )(1) | |||||
Total Distributions to Shareholders | (5,464,853 | ) | (2,126,874 | ) | ||||
Capital Share Transactions | ||||||||
Proceeds from shares sold | ||||||||
Institutional Class | 118,978,071 | 61,980,903 | ||||||
Investor Class | 3,598,100 | 795,977 | ||||||
Proceeds from shares reinvested | ||||||||
Institutional Class | 4,450,675 | 1,876,695 | ||||||
Investor Class | 112,789 | 37,961 | ||||||
Cost of shares redeemed | ||||||||
Institutional Class | (20,058,933 | ) | (10,810,252 | ) | ||||
Investor Class | (2,661,072 | ) | (16,183 | ) | ||||
Net Increase in Net Assets from Capital Share Transactions | 104,419,630 | 53,865,101 | ||||||
Total Increase in Net Assets | 99,767,079 | 53,098,437 | ||||||
Net Assets | ||||||||
Beginning of period | 53,098,437 | — | ||||||
End of period | $ | 152,865,516 | $ | 53,098,437 | ||||
Capital Shares Transactions | ||||||||
Institutional Class | ||||||||
Shares Sold | 11,838,407 | 5,944,500 | ||||||
Shares reinvested | 450,653 | 182,918 | ||||||
Shares redeemed | (1,991,540 | ) | (1,035,919 | ) | ||||
Net increase in shares outstanding | 10,297,520 | 5,091,499 | ||||||
Investor Class | ||||||||
Shares Sold | 350,562 | 76,600 | ||||||
Shares reinvested | 11,323 | 3,671 | ||||||
Shares redeemed | (262,553 | ) | (1,552 | ) | ||||
Net increase in shares outstanding | 99,332 | 78,719 |
* | The inception date of the Fund is October 1, 2020. |
(1) | 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. |
The accompanying notes are an integral part of these financial statements.
Regan Total Return Income Fund
Institutional Class
For a Capital Share Outstanding Throughout Each Period Presented:
For the Period Ended March 31, 2022 (Unaudited) | For the Year Ended September 30, 2021(1) | |||||||
Net Asset Value, Beginning of Period | $ | 10.27 | $ | 10.00 | ||||
Gain from Investment Operations: | ||||||||
Net investment income(2) | 0.04 | 0.95 | ||||||
Net realized and unrealized gain on investments(3) | 0.62 | 0.49 | ||||||
Total Gain from Investment Operations | 0.66 | 1.44 | ||||||
Less Distributions: | ||||||||
From net investment income | (1.11 | ) | (0.82 | )(4) | ||||
From net realized gain on investments | — | (0.06 | )(4) | |||||
From return of capital | — | (0.29 | ) | |||||
Total Distributions | (1.11 | ) | (1.17 | ) | ||||
Net Asset Value, End of Period | $ | 9.82 | $ | 10.27 | ||||
Total Return(5) | 0.81 | % | 14.96 | % | ||||
Supplemental Data and Ratios: | ||||||||
Net assets, end of period (in thousands) | $ | 151,103 | $ | 52,283 | ||||
Ratio of expenses to average net assets | ||||||||
Before fees waived and reimbursed by the Adviser(6) | 1.39 | % | 2.56 | % | ||||
After fees waived and reimbursed by the Adviser(6) | 1.29 | % | 1.28 | % | ||||
Ratio of net investment income to average net assets | ||||||||
After fees waived and reimbursed by the Adviser(6) | 7.20 | % | 9.15 | % | ||||
Portfolio turnover rate(5)(7) | 13.35 | % | 88.09 | % |
(1) | Inception date of the Fund was October 1, 2020. |
(2) | Per share amounts have been calculated using the average shares method. |
(3) | The amount of net realized and unrealized gain (loss) on investments per share does not accord with the amount in the Statement of Operations due to the timing of purchases and sales of Fund shares in relation to fluctuating market values. |
(4) | 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. |
(5) | Not annualized. |
(6) | Annualized. |
(7) | Portfolio turnover rate is calculated for the Fund without distinguishing between classes. |
The accompanying notes are an integral part of these financial statements.
Regan Total Return Income Fund
Financial Highlights
Investor Class
For a Capital Share Outstanding Throughout Each Period Presented:
For the Period Ended March 31, 2022 (Unaudited)(1) | For the Year Ended September 30, 2021 | |||||||
Net Asset Value, Beginning of Period | $ | 10.36 | $ | 10.00 | ||||
Gain from Investment Operations: | ||||||||
Net investment income(2) | 0.03 | 1.03 | ||||||
Net realized and unrealized gain on investments(3) | 0.53 | 0.41 | ||||||
Total Gain from Investment Operations | 0.56 | 1.44 | ||||||
Less Distributions: | ||||||||
From net investment income | (1.02 | ) | (0.75 | )(4) | ||||
From net realized gain on investments | — | (0.06 | )(4) | |||||
From return of capital | — | (0.27 | ) | |||||
Total Distributions | (1.02 | ) | (1.08 | ) | ||||
Net Asset Value, End of Period | $ | 9.90 | $ | 10.36 | ||||
Total Return(5) | 0.72 | % | 14.72 | % | ||||
Supplemental Data and Ratios: | ||||||||
Net assets, end of period (in thousands) | $ | 1,762 | $ | 816 | ||||
Ratio of expenses to average net assets | ||||||||
Before fees waived and reimbursed by the Adviser(6) | 1.64 | % | 5.23 | % | ||||
After fees waived and reimbursed by the Adviser(6) | 1.53 | % | 1.53 | % | ||||
Ratio of net investment income to average net assets | ||||||||
After fees waived and reimbursed by the Adviser(6) | 6.95 | % | 9.89 | % | ||||
Portfolio turnover rate(5)(7) | 13.35 | % | 88.09 | % |
(1) | Inception date of the Fund was October 1, 2020. |
(2) | Per share amounts have been calculated using the average shares method. |
(3) | The amount of net realized and unrealized gain (loss) on investments per share does not accord with the amount in the Statement of Operations due to the timing of purchases and sales of Fund shares in relation to fluctuating market values. |
(4) | 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. |
(5) | Not annualized. |
(6) | Annualized. |
(7) | Portfolio turnover rate is calculated for the Fund without distinguishing between classes. |
The accompanying notes are an integral part of these financial statements.
Regan Total Return Income Fund
Notes to Financial Statements
March 31, 2022 (Unaudited)
NOTE 1 – ORGANIZATION
Regan Total Return Income Fund (the “Fund”) is a diversified series of Trust for Advised 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 “Adviser”) 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.
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently followed by the Fund in preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for investment companies. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification Topic 946. The presentation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the period. Actual results may differ from those estimates.
A. Securities Valuation
Portfolio securities are valued using current market values or official closing prices, if available. Each security owned by the Fund that is listed on a securities exchange is valued at its last sale price on that exchange on the date as of which assets are valued. Where the security is listed on more than one exchange, the Fund will use the price of the exchange that the Fund generally considers to be the principal exchange on which the security is traded.
When reliable market quotations are not readily available or the Fund’s pricing service does not provide a valuation (or provides a valuation that in the judgment of the Adviser to the Fund 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 or other asset is valued at its fair value as determined 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. Fair value determinations are made in good faith in accordance with the procedures adopted by the Board. The Board will regularly evaluate whether the Fund’s fair valuation pricing procedures continue to be appropriate in light of the specific circumstances of the Fund and the quality of prices obtained through their application by the Trust’s valuation committee. 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.
Other types of securities that the Fund may hold for which fair value pricing might be required include, but are not limited to: (a) investments which are not frequently traded and/or the market price of which the Adviser believes may be stale; (b) illiquid securities, including “restricted” securities and private placements for which there is no public market; (c) securities of an issuer that has entered into a restructuring; (d) securities whose trading has been halted or suspended; and (e) fixed income securities that have gone into default and for which there is not a current market value quotation.
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.
Regan Total Return Income Fund
Notes to Financial Statements
March 31, 2022 (Unaudited)
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (Continued)
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized into three broad categories as defined below:
Level 1 - | Quoted prices in active markets for identical securities. An active market for a security is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. A quoted price in an active market provides the most reliable evidence of fair value. |
Level 2 - | Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data. |
Level 3 - | Significant unobservable inputs, including the Fund’s own assumptions in determining fair value of investments. |
Equity securities that are traded on a national securities exchange are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.
Short-term investments classified as money market instruments are valued at NAV. These investments are categorized as Level 1 of the fair value hierarchy.
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.
U.S. Government securities are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations.
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.
Generally, the Fund’s investments are valued at market value or, in the absence of a market value, at fair value as determined in good faith by the Fund’s Adviser with oversight by the Trust’s Valuation Committee pursuant to procedures approved by or under the direction of the Board. Pursuant to those procedures, the Adviser considers, among other things: (1) the last sales price on the securities exchange, if any, on which a security is primarily traded; (2) the mean between the bid and asked prices; (3) price quotations from an approved pricing service; and (4) other factors as necessary to determine a fair value under certain circumstances.
Depending on the relative significance of the valuation inputs, fair valued securities may be classified in either level 2 or level 3 of the fair value hierarchy.
Regan Total Return Income Fund
Notes to Financial Statements
March 31, 2022 (Unaudited)
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (Continued)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the fair values of the Fund’s investments in each category investment type as of March 31, 2022:
Description | Level 1 | Level 2 | Level 3 | Total | |||||||||
Assets | |||||||||||||
Asset Backed Securities | $ | ��� | $ | 30,392,864 | $ | 473,860 | $ | 30,866,724 | |||||
Mortgage Backed Securities – Agency | — | 1,152,657 | — | 1,152,657 | |||||||||
Mortgage Backed Securities – Non-Agency | — | 86,562,564 | 1,542,748 | 88,105,312 | |||||||||
Mortgage Secured Note | — | — | 800,000 | 800,000 | |||||||||
Short Term Investments | 14,820,222 | 24,826,717 | — | 39,646,939 | |||||||||
Total | $ | 14,820,222 | $ | 142,934,802 | $ | 2,816,608 | $ | 160,571,632 |
Please refer to the Schedule of Investments for further classification.
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.
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.
Asset Backed Securities | Mortgage Backed Securities – Non-Agency | Mortgage Secured Note | ||||||||
Balance at September 30, 2021 | $ | 633,740 | $ | 929,692 | $ | — | ||||
Purchased | 537,112 | 1,212,684 | 800,000 | |||||||
Accrued discounts/premiums | 32,188 | 24,881 | — | |||||||
Sale/Paydown Proceeds | (180,043 | ) | (435,517 | ) | — | |||||
Realized Ga in (Loss) Change in unrealized | 20,451 | 21,068 | — | |||||||
Appreciation (depreciation) | (41,401 | ) | (16,938 | ) | — | |||||
Transfers from Level 3(1) | (528,187 | ) | (193,122 | ) | — | |||||
Balance at March 31, 2022 | $ | 473,860 | $ | 1,542,748 | $ | 800,000 |
(1) | Transfers from Level 3 to Level 1 relate to securities that began the period valued at cost, but became valued by a third party pricing service during the period. The Adviser believes that the value from the pricing service represents the fair value of each security for which the transfer occurred. |
Regan Total Return Income Fund
Notes to Financial Statements
March 31, 2022 (Unaudited)
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (Continued)
The change in unrealized appreciation/(depreciation) for Level 3 securities still held at March 31, 2022 was ($9,656).
The following is a summary of quantitative information about Level 3 valued measurements:
Regan Total Return Income Fund
Value at March 31, 2022 | Valuation Technique(s) | |||||
Asset Backed Securities | $ | 473,860 | Acquisition Cost | |||
Mortgage Backed Securities – Non-Agency | $ | 1,542,748 | Acquisition Cost | |||
Mortgage Secured Note | $ | 800,000 | 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.
B. Security Transactions, Investment Income and Distributions
The Fund record security transactions based on trade date. Realized gains and losses on sales of securities are calculated by comparing the original cost of the specifically identified security lot sold with the net sales proceeds. Dividend income is recognized on the ex-dividend date, and interest income is recognized on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Trust’s understanding of the applicable country’s tax rules and rates.
C. Distributions to Shareholders
Distributions from net investment income, if any, are declared at least quarterly. Distributions of net realized gains, if any, are declared at least annually. Distributions to shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.
D. Federal Income Taxes
The Fund has elected to be taxed as Regulated Investment Companies (“RIC”) under the U.S. Internal Revenue Code of 1986, as amended, and intend to maintain this qualification and to distribute substantially all of their net taxable income to their shareholders. Therefore, no provision is made for federal income taxes. Due to the timing of dividend distributions (if any) and the differences in accounting for income and realized gains and losses for financial statement and federal income tax purposes, the fiscal year in which amounts are distributed may differ from the year in which the income and realized gains and losses are recorded by the Fund.
Management of the Fund is required to analyze all open tax years, as defined by IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of and during the period ended March 31, 2022, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as interest expense and other expense for penalties in the statement of operations. During the period, the Fund did not incur any interest or tax penalties. The Fund has not currently filed any tax returns; generally, tax authorities can examine tax returns filed for the preceding three years.
Regan Total Return Income Fund
Notes to Financial Statements
March 31, 2022 (Unaudited)
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 0.89%.
The Adviser has contractually agreed to waive its management fee and/or reimburse the Fund’s operating expenses (other than shareholder servicing fees, front-end or contingent deferred loads, taxes, interest expense, brokerage commissions, acquired fund fees and expenses, portfolio transaction expenses, dividends paid on short sales, extraordinary expenses, Rule 12b-1 fees, or intermediary servicing fees) for each class so that annual operating expenses will not exceed 1.20% ( the “Expense Cap”). The Expense Cap will remain in effect through at least January 31, 2023 and may be terminated only by the Trust for Advised Portfolios Board of Trustees. The Adviser 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 March 31, 2022, the expenses reimbursed, and contractual fees waived by the Adviser and subject to potential recapture by period were as follows:
Regan Total Return Income Fund
Fiscal Year | Waived/reimbursed | Expiration | ||||||
September 30, 2021 | $ | 253,439 | September 30, 2024 | |||||
September 30, 2022 | 47,630 | March 31, 2025 |
U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as the Fund’s administrator and fund accountant and transfer agent. The officers of the Trust are employees of Fund Services. U.S. Bank serves as the Fund’s custodian and provides compliance services to the Funds. Quasar Distributors, LLC (“Quasar” or the “Distributor”) acts as the Fund’s distributor and principal underwriter. For the period ended March 31, 2022, the Fund incurred the following expenses for administration and fund accounting, compliance, custody and transfer agency fees:
Administration and Fund Accounting | $ | 72,562 | ||
Compliance Service | 6,006 | |||
Custody | 6,634 | |||
Transfer Agency | 36,854 |
At March 31, 2022, 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 | $ | 28,103 | ||
Compliance Services | 3,008 | |||
Custody | 2,398 | |||
Transfer Agency | 11,367 |
The above payable amounts are included in Accrued other expenses and other liabilities in the Statement of Assets and Liabilities.
The Independent Trustees were paid $7,820 for their services and reimbursement of travel expenses during the period ended March 31, 2022. The Fund pays no compensation to the Interested Trustee or officers of the Trust.
Regan Total Return Income Fund
Notes to Financial Statements
March 31, 2022 (Unaudited)
NOTE 4 – INVESTMENT TRANSACTIONS
Purchases and sales of investment securities (excluding short-term investments) for the period ended March 31, 2022, were as follows:
Non-Government | Government | |||||||
Purchases | $ | 63,469,210 | $ | 78,919,166 | ||||
Sales | $ | 12,932,823 | $ | 59,916,234 |
NOTE 5 – FEDERAL INCOME TAX INFORMATION
At September 30, 2021, the components of distributable earnings for income tax purposes were as follows:
Regan Total Return Income Fund
Cost of investments | $ | 53,397,252 | ||
Gross unrealized appreciation | 225,327 | |||
Gross unrealized depreciation | (435,590 | ) | ||
Net unrealized depreciation on vestments | (210,263 | ) | ||
Undistributed ordinary income | — | |||
Undistributed long-term capital gains | — | |||
Distributable earnings | — | |||
Other book/tax temporary differences | — | |||
Total distributable earnings | $ | (210,263 | ) |
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. The amounts in the table above do 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.
The following table summarizes the characteristics of distributions paid during the periods ended March 31, 2022 and September 30, 2021:
Regan Total Return Income Fund
Income | Short Term Capital Gains | Return of Capital | Total Distributions | ||||||||||||||
March 31, 2022 | $ | 5,464,853 | $ | — | $ | — | $ | 5,464,853 | |||||||||
September 30, 2021(1) | 1,570,473 | — | 556,401 | 2,126,874 |
(1) | Income and Return of Capital amounts do 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. |
At September 30, 2021, the Fund did not have any 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, thus reducing the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal tax.
Regan Total Return Income Fund
Notes to Financial Statements
March 31, 2022 (Unaudited)
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 period ended March 31, 2022, class specific Shareholder Servicing fees were as follows:
Institutional Class | $41,242 | Investor Class | $854 |
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 31,2022, distribution fees incurred are disclosed on the Statement of Operations.
For the period ended March 31, 2022, class specific Distribution fees were as follows:
Investor Class | $2,332 |
NOTE 8 – COMMITMENTS AND CONTINGENCIES
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 $15 million secured line of credit through an agreement with U.S. Bank. The Fund may temporarily draw on the line of credit to satisfy redemption requests or to settle investment transactions. Interest is charged to the Fund based on its borrowings at a rate per annum equal to the Prime Rate, to be paid monthly. There was no loan activity for the Fund for the period ended March 31, 2022.
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 – NEW ACCOUNTING PRONOUNCEMENTS
In March 2020, FASB issued Accounting Standards Update 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). The main objective of ASU 2020-04 is to provide relief to companies that will be impacted by the expected change in benchmark interest rates at the end of 2021, when participating banks will no longer be required to submit London Inter-bank Offered Rate (“LIBOR”) quotes by the UK Financial Conduct Authority. ASU 2020-04 allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. In addition, derivative contracts that qualified for hedge accounting prior to modification, will be allowed to continue to receive such treatment, even if critical terms change due to a change in the benchmark interest rate. For new and existing contracts, the Fund may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management is currently assessing the impact of the adoption of ASU 2020-04 to the Fund’s financial statements and various filings.
Regan Total Return Income Fund
Notes to Financial Statements
March 31, 2022 (Unaudited)
NOTE 12 – PRINCIPAL RISKS
Below is a summary of some, but not all, of the principal risks of investing in the Fund, each of which may adversely affect the Fund’s net asset value and total return. The Fund’s most recent prospectus provides further descriptions of the Fund’s investment objective, principal investment strategies and principal risks.
Mortgage-Backed Securities Risk. When interest rates increase, the market values of mortgage-backed securities decline. At the same time, however, mortgage refinancings and prepayments slow, which lengthens the effective duration of these securities. As a result, the negative effect of the interest rate increase on the market value of mortgage-backed securities is usually more pronounced than it is for other types of fixed income securities, potentially increasing the volatility of the Fund. Conversely, when market interest rates decline, while the value of mortgage-backed securities may increase, the rate of prepayment of the underlying mortgages also tends to increase, which shortens the effective duration of these securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgage may decline in value and be insufficient, upon foreclosure, to repay the associated loan. Additionally, the liquidity of non-investment grade securities and sub-prime mortgage securities can change dramatically over time.
Asset-Backed Securities Risk (“ABS”). ABS represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. Certain debt instruments may only pay principal at maturity or may only represent the right to receive payments of principal or payments of interest on underlying pools of mortgages, assets or government securities, but not both. The value of these types of instruments may change more drastically than debt securities that pay both principal and interest. The Fund may obtain a below market yield or incur a loss on such instruments during periods of declining interest rates. Principal only and interest only instruments are subject to extension risk. Certain ABS may provide, upon the occurrence of certain triggering events or defaults, for the investors to become the holders of the underlying assets. In that case, the Fund may become the holder of securities that it could not otherwise purchase, based on its investment strategies or its investment restrictions and limitations, at a time when such securities may be difficult to dispose of because of adverse market conditions.
Credit Risk. There is a risk that the issuer of a mortgage-backed security may experience unanticipated financial problems causing their securities to decline in value. Changes in the market’s perception of the issuer’s financial strength or in a security’s credit rating, which reflects a third party’s assessment of the credit risk presented by a particular issuer, may affect debt securities’ value. In addition, the Fund is subject to the risk that the issuer of a fixed income security will fail to make timely payments of interest or principal, or may stop making such payments altogether.
Interest Rate Risk. When interest rates increase this may result in a decrease in the value of debt securities held by the Fund. Conversely, as interest rates decrease, mortgage-backed securities’ prices typically do not rise as much as the prices of comparable bonds. Changes in government intervention may have adverse effects on investments, volatility, and illiquidity in debt markets.
Prepayment Risk. When interest rates fall, certain obligations may be paid off by the obligor earlier than expected by refinancing their mortgages, resulting in prepayment of the mortgage-backed securities held by the Fund. The Fund would then lose any price appreciation above the mortgage’s principal and 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.
Regan Total Return Income Fund
Additional Information
March 31, 2022 (Unaudited)
Quarterly Portfolio Schedule
The Fund files its complete schedule of portfolio holdings for the first and third quarters of each fiscal year with the Securities and Exchange Commission (SEC) on Part F of Form N-PORT. The Fund’s Form N-PORT is available without charge by visiting the SEC’s Web site at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. You may obtain information on the operation of the Public Reference Room by calling 1-800-SEC-0330.
Proxy Voting
You may obtain a description of the Fund’s proxy voting policy and voting records, without charge, upon request by contacting the Fund directly at 1-888-44-REGAN or on the EDGAR Database on the SEC’s website at ww.sec.gov. The Fund files its proxy voting records annually as of June 30, with the SEC on Form N-PX. The Fund’s Form N-PX is available without charge by visiting the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. You may obtain information on the operation of the Public Reference Room by calling 1-800-SEC-0330.
The Fund collects non-public information about you from the following sources:
• | Information we receive about you on applications or other forms; |
• | Information you give us orally; and/or |
• | Information about your transactions with us or others. |
We do not disclose any non-public personal information about our customers or former customers without the customer’s authorization, except as permitted by law or in response to inquiries from governmental authorities. We may share information with affiliated and unaffiliated third parties with whom we have contracts for servicing the Fund. We will provide unaffiliated third parties with only the information necessary to carry out their assigned responsibilities. We maintain physical, electronic and procedural safeguards to guard your non-public personal information and require third parties to treat your personal information with the same high degree of confidentiality.
In the event that you hold shares of the Fund through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary would govern how your non-public personal information would be shared by those entities with unaffiliated third parties.
Investment Adviser
Regan Capital, LLC
8350 North Central Expressway, Suite G108
Dallas, Texas 75206
Distributor
Quasar Distributors, LLC
111 East Kilbourn Ave. Suite 2200
Milwaukee, Wisconsin 53202
Custodian
U.S. Bank National Association
Custody Operations
1555 North River Center Drive, Suite 302
Milwaukee, Wisconsin 53212
Transfer Agent, Fund Accountant and Fund Administrator
U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, Wisconsin 53202
Independent Registered Public Accounting Firm
BBD, LLP
1835 Market Street, 3rd Floor
Philadelphia, Pennsylvania 19103
Legal Counsel
Morgan, Lewis & Bockius LLP
1111 Pennsylvania Avenue, NW
Washington, DC 20004
This report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus.
(b) | Not applicable. |
(a) | The Registrant’s President/Principal Executive Officer and Treasurer/Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d‑15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. |
(b) | There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. |
(a) | (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not applicable for semi-annual reports. |