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Form N-CSR Trust for Advised Portfo For: Sep 30

December 8, 2022 3:40 PM EST

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES



Investment Company Act file number 811-21422



Trust for Advised Portfolios
(Exact name of registrant as specified in charter)



615 East Michigan Street
Milwaukee, Wisconsin 53202
(Address of principal executive offices) (Zip code)



Russell B. Simon
Trust for Advised Portfolios
777 East Wisconsin Avenue, 10th Floor
Milwaukee, Wisconsin 53202
(Name and address of agent for service)



(626) 914-7395
Registrant's telephone number, including area code



Date of fiscal year end: September 30



Date of reporting period:  September 30, 2022

Item 1. Reports to Stockholders.

(a)


 

 

REGAN TOTAL RETURN INCOME FUND 

INSTITUTIONAL CLASS (RCIRX) 

INVESTOR CLASS (RCTRX)

 

 

 

ANNUAL REPORT TO SHAREHOLDERS
September 30, 2022


TABLE OF CONTENTS

 

LETTER TO SHAREHOLDERS 1
   
PERFORMANCE SUMMARY 5
   
EXPENSE EXAMPLE 6
   
ALLOCATION OF PORTFOLIO HOLDINGS 8
   
SCHEDULE OF INVESTMENTS 9
   
STATEMENT OF ASSETS AND LIABILITIES 24
   
STATEMENT OF OPERATIONS 25
   
STATEMENTS OF CHANGES IN NET ASSETS 26
   
FINANCIAL HIGHLIGHTS 28
   
NOTES TO FINANCIAL STATEMENTS 30
   
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 41
   
APPROVAL OF INVESTMENT ADVISORY AGREEMENT 43
   
ADDITIONAL INFORMATION 45
   
TRUSTEE AND OFFICER INFORMATION 46
   
PRIVACY NOTICE 48

 

Regan Total Return Income Fund 

Letter to Shareholders (Unaudited) 

September 30, 2022

 

 

September 30, 2022

 

Dear Shareholder,

 

The Regan Total Return Income Fund (‘Fund’) is an open-end mutual fund that seeks to provide a high level of risk adjusted current income and capital appreciation, primarily investing in seasoned, senior, mortgage-backed securities. The Fund is intended to be a solution for investors that are looking for high current income, with low duration and low credit risk. By focusing on high quality, income-producing instruments, the strategy seeks to outperform traditional total return strategies while taking on less risk.

 

The Fund recently completed its second full year of operation. The Fund was launched on October 1st, 2020 and has delivered strong results since inception. Assets under management have grown to $185mm as of September 30, 2022, increasing from $65mm as at the end of the first year. We’re continuing to see strong demand persist, particularly from RIA and Wealth Advisor channels as more clients are identifying this Fund as a solution for their portfolio needs or adding to their existing allocations as the Fund continues to deliver consistently strong results. The Fund is very well positioned for its third year, particularly considering the market headwinds. We remain excited with the prospect of assisting our investors in meeting their investment goals.

 

Performance for the Fiscal Year Ended September 30, 2022

 

As of September 30, 2022, the Fund’s institutional class shares (RCIRX) returned 13.07% since inception on October 1, 2020. The investor class (RCTRX) shares have returned a positive 12.53% since inception.

 

The Bloomberg U.S. Aggregate Bond Index, which serves as the benchmark for the Fund had a negative return of -15.36% across the same period.

 

Regan Total Return Income Fund – Institutional Share Class (RCIRX)

 

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2021                   0.78% 0.10% 0.27%   7.18%
2022 0.20% 0.00% -0.54% -0.41% -0.72% -0.67% 0.32% 0.21% -1.19%       -2.77%

 

Regan Total Return Income Fund – Investor Share Class (RCTRX)

 

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2021                   0.77% 0.10% 0.18%   6.89%
2022 0.20% 0.00% -0.52% -0.51% -0.71% -0.71% 0.31% 0.21% -1.22%       -2.92%
1

A breakdown of distributions can be found below:

 

Regan Total Return Income Fund – Institutional Share Class (RCIRX)

 

  December 2021 March 2022 June 2022 September 2022
Ordinary        
Income 1.06% 0.78% 1.52% 1.24%
Dividends        
Capital Gains        
Distributions 0.21%
(Short-Term)        

 

Regan Total Return Income Fund – Investor Share Class (RCTRX)

 

  December 2021 March 2022 June 2022 September 2022
Ordinary        
Income 1.08% 0.68% 1.45% 1.19%
Dividends        
Capital Gains        
Distributions 0.21%
(Short-Term)        

 

Growth of $10,000: October 1, 2021 Through September 30, 2022

 

The chart below shows the growth of $10,000 from 10/1/2021 to 9/30/2022 based on the returns of the insitutional share class of Regan Total Return Income Fund, the Bloomberg U.S. Aggregate Bond Index, or the Bloomberg US Corporate High Yield Index. Note that investors cannot directly invest in an index and unmanaged index returns do not reflect any fees or expenses.

 

2

Market and Portfolio Commentary

 

Regan Capital launched Regan Total Return Income Fund in October 2020 to capitalize on the firm’s institutional investment framework with a broader base of investors. While corporate, municipal, and total return strategies are broadly available to the public via mutual funds and ETFs, that is not the case for non-agency RMBS. From our calculations, there is only approximately $20bn in non-agency RMBS mutual funds available to institutions and investors out of a $1.5 trillion market. Our mutual fund brings investors the ability to gain exposure to RMBS with potential yields of 8% - 10% in a daily liquid vehicle while simultaneously managing exposures to interest rate and credit risks. We anticipate our mutual fund to fill the void that exists, eventually growing to several billion in assets.

 

We continue to manage potential risks that could arise from withdrawls; the Fund will typically maintain a 15%+ cash position, in light of what happened to RMBS mutual funds in March 2020. Within our cash allocation, we invest in short-term treasury bills that boast significant yield advantages to money market funds, while maintaining high levels of liquidity. Non-agency RMBS funds saw an average drawdown from redemptions of 17% through  March 2020, resulting in forced selling that significantly affected returns. In addition to a large cash buffer, the Fund primarily focuses on senior, high quality paper, that saw the least amount of markdowns in March 2020. The Fund’s securities portfolio comprises 97.5% non-agency RMBS and 2.5% agency RMBS. While it is possible that this ratio of non-agency to agency will change over time, the Fund will focus primarily on the non-agency side. The Fund purchases the majority of its bonds at a discount to par (<$100), which creates upside to stronger housing through prepayments and deal calls. Additionally, the Fund will aim to minimize duration risk as much as possible, in an effort to protect investors from a potential rise in rates over the coming years. We achieve this by maintaining a portfolio of mostly floating rate securites. As of September 30, 2022, the portfolio held approximately 57% floating rate assets.

 

10-year treasuries that were yielding 1.46% as of 10/1/21 are yielding 3.83% as of 9/30/22. The 2.37% move in treasury yields combined with spread widening punished investors who owned long duration assets over the past year. With traditional fixed income, corporate and municipal bonds, the timing of cashflows from semi-annual interest payments and return of principal at maturity results in inherently higher duration and sensitivity to interest rates. By owning most traditional fixed income, you’re making a bet that interest rates will fall. Why is that? The majority of outstanding debt in most funds has been issued within the last five years, is low coupon, and is very long dated. For example, if you were to take a look at the top 15% of positions within the Bloomberg U.S. Aggregate Bond Index (AGG) as of 9/30/22, you’d see a weighted average coupon (WAC) of 2.58%, weighted average price of $88, and a weighted average duration of 6.13 years. Similarly, the duration on most major indices remains stuck at 6-7 years, yields hover between 5-7% and YTD returns are on average -15%. While yields have risen to decade highs, the market has given up 3+ years of income and is still very sensitive to any further rise in interest rates or widening in spreads. Regan Total Return Income Fund has minimized losses this fiscal year and is now able to take advantage of a market trading at much higher yields.

 

The legacy non-agency RMBS market offers a unique opportunity to purchase high yielding floating rate assets that are senior in the capital stack. This allows Regan to manage the portfolio’s duration without hedging and minimize interest rate exposure. Mortgage bonds amortize; as the bonds pay investors both principal and interest on a monthly basis, our holdings de-risk and gain in value as time passes. This allows us to recoup our investment quickly into a rising yield environment and to effectively manage the portfolio’s interest rate sensitivity.

3

We’re now seeing the most compelling risk-adjusted returns in non-agency RMBS since 2012. According to S&P/Case-Schiller U.S. National Hope Price Index, single-family home prices have increased 126% from 1/1/2012 to 8/31/22. The built-up equity borrowers have in their homes has increased dramatically, making legacy RMBS safer over time, yet given the selloff in fixed income markets this year, coupled with industry-wide redemptions, we have been able to invest in senior bonds that were originally AAA at 8-11% yields. At present, there are more sellers than buyers which has resulted in an opportunity to purchase RMBS at extremely attractive yields.

 

We maintain a positive outlook for this asset class and expect to continue meeting our goals of managing this Fund in a manner that generates attractive risk-adjusted returns with high levels of current income.

 

Thank you for your continued support.

 

 

Skyler Weinand, CFA

 

Chief Investment Officer

 

The opinions expressed above are subject to change, are not guaranteed and should not be considered recommendations to buy or sell any security.

 

Please refer to the Schedule of Investments in the report for more complete information regarding Fund holdings. Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security.

 

Past performance does not guarantee future results.

 

Mutual fund investing involves risk and principal loss is possible. Investments in asset-backed and mortgage-backed securities include additional risks that investors should be aware of, including credit risk, prepayment risk, possible illiquidity, and default, as well as increased susceptibility to adverse economic developments. Investments in debt securities typically decrease when interest rates rise. This risk is usually greater for longer term debt securities. Investments in lower-rated and nonrated securities present a greater risk of loss of principal and interest than higher -rated securities do. For more information on these risks and other risks of the fund, please see the Prospectus. Registration with the SEC does not in any way constitute an endorsement by the SEC of an investment advisor’s skill or expertise.

 

The Bloomberg U.S. Aggregate Bond Index is a broad benchmark index for the U.S. bond market that covers all major types of bonds, including taxable corporate bonds, Treasury bonds, and municipal bonds.

 

Residential mortgage-backed securities (RMBS) are a debt-based security (similar to a bond), backed by the interest paid on loans for residences. An RMBS is constructed by one of two sources: a government agency such as the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), or by a non-agency investment-banking firm.

 

Must be preceded or accompanied by a prospectus.

 

The Regan Total Return Income Fund is distributed by Quasar Distributors, LLC.

4

 

Regan Total Return Income Fund 

Performance Summary (Unaudited) 

September 30, 2022

 

 

Comparison of a Hypothetical $10,000 Investment

in the Regan Total Return Income Fund - Institutional Class

and the Bloomberg U.S. Aggregate Bond Index

 

 

Investment Returns

For the Period Ended September 30, 2022

 

            Annualized
    6-Months   1-Year   Since Inception*
Regan Total Return Income Fund            
Institutional Class   -2.44%   -1.65%   6.34%
Investor Class   -2.61%   -1.91%   6.09%
Bloomberg U.S. Aggregate Bond Index (1)   -9.22%   -14.60%   -8.00%

 

* Inception date on October 1, 2020.

 

(1) The Bloomberg 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.

5

 

Regan Total Return Income Fund 

Expense Example (Unaudited) 

September 30, 2022

 

 

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 April 1, 2022 to September 30, 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.

6

 

Regan Total Return Income Fund 

Expense Example Cont. (Unaudited) 

September 30, 2022

 

 

Expenses Paid During the Period

 
                Expenses  
    Beginning   Ending   Annualized   Paid  
    Account   Account   Expense   During the  
    Value   Value   Ratio   Period(1)  
Regan Total Return Income Fund                  
Institutional Class                  
Actual Fund Return (1)   $1,000.00   $975.60   1.30%   $6.44  
Hypothetical 5% Return (2)   $1,000.00   $1,018.55   1.30%   $6.58  
Investor Class                  
Actual Fund Return (1)   $1,000.00   $973.90   1.55%   $7.67  
Hypothetical 5% Return (2)   $1,000.00   $1,017.30   1.55%   $7.84  

  


(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 183/365. The expense ratios reflect an expense waiver. The returns assume all dividends and distributions were reinvested.
7

 

Regan Total Return Income Fund 

Allocation of Portfolio Holdings (Unaudited) 

September 30, 2022

 

(Calculated as a percentage of Total Investments)

 

 

 

* Short Term Investments consist of amounts held in money market funds and US Treasury Bills.
8

 

Regan Total Return Income Fund

SCHEDULE OF INVESTMENTS 

September 30, 2022

 

 

    Principal
Amount
    Value  
ASSET BACKED SECURITIES ― 28.6%                
Ace Securities Corp.                
Series 2006-ASL1, Class A, 3.364% (1 Month USD LIBOR + 0.280%), 02-25-2036 (2)   $ 288,812     $ 42,562  
Series 2006-HE4, Class A2B, 3.304% (1 Month LIBOR USD + 0.220%), 10-25-2036 (2)     2,321,823       974,589  
Series 2006-ASAP5, Class A2D, 3.604% (1 Month LIBOR USD + 0.520%), 10-25-2036 (2)     2,021,794       737,505  
Series 2006-ASAP6, Class A2D, 3.524% (1 Month LIBOR USD + 0.440%), 12-26-2036 (2)     2,768,849       1,028,359  
Series 2007-D1, Class A4, 6.930%, 02-25-2038 (3)(4)     817,695       670,023  
Aegis Asset Backed Securities Trust                
Series 2004-2, Class M3, 5.484% (1 Month LIBOR USD + 2.400%), 06-26-2034 (2)     154,448       141,966  
American Home Mortgage Investment Trust                
Series 2007-A, Class 4A, 3.984% (1 Month USD LIBOR + 0.900%), 07-25-2046 (2)(3)     113,080       34,033  
Angel Oak Mortgage Trust                
Series 2020-5, Class A1, 1.373%, 05-25-2065 (1)(3)     22,009       19,644  
Series 2021-3, Class A1, 1.068%, 05-25-2066 (1)(3)     373,914       307,077  
Argent Securities Inc.                
Series 2006-W4, Class A2D, 3.624% (1 Month USD LIBOR + 0.540%), 05-25-2036 (2)     288,587       74,417  
Series 2006-W5, Class A2B, 3.284% (1 Month LIBOR USD + 0.200%), 06-25-2036 (2)     317,297       93,780  
Arroyo Mortgage Trust                
Series 2022-2, Class A1, 4.950%, 07-25-2057 (3)(4)     400,649       385,568  
Banc of America Funding Corporation                
Series 2016-R2, Class 1A2, 8.712%, 05-02-2033 (1)(3)     1,482,377       1,467,593  
BankAmerica Manufactured Housing Contract Trust                
Series 1997-1, Class B1, 6.940%, 03-25-2023     600,000       189,120  
Bayview Commercial Asset Trust                
Series 2004-3, Class B1, 5.484% (1 Month LIBOR USD + 2.400%), 01-25-2035 (2)(3)     35,460       35,364  
Bear Stearns Asset Backed Securities Trust                
Series 2006-HE7, Class 1A2, 3.424% (1 Month LIBOR USD + 0.340%), 09-25-2036 (2)     124,367       119,515  
Series 2007-SD1, Class 22A1, 3.436%, 10-25-2036 (1)     911,310       550,301  
BRAVO Residential Funding Trust                
Series 2021-HE2, Class A1, 3.031% (SOFR30A + 0.750%), 11-25-2069 (2)(3)     88,287       87,216  
Series 2021-HE1, Class A1, 3.031% (SOFR30A + 0.750%), 01-27-2070 (2)(3)     503,927       498,093  
CDC Mortgage Capital Trust                
Series 2002-HE1, Class A, 3.704% (1 Month LIBOR USD + 0.620%), 01-25-2033 (2)     9,552       9,346  
Chase Funding Mortgage Loan Asset-Backed CTFS                
Series 2003-5, Class 1M2, 5.641%, 09-25-2032 (1)     85,768       66,706  
Series 2003-2, Class 2A2, 3.644% (1 Month LIBOR USD + 0.560%), 02-25-2033 (2)     925,099       870,481  
CHEC LOAN TRUST                
Series 2004-2, Class M3, 4.959% (1 Month USD LIBOR + 1.875%), 04-25-2034 (2)     457,071       454,525  
Citigroup Mortgage Loan Trust Inc                
Series 2014-12, Class 2A5, 2.864%, 02-25-2037 (1)(3)     2,541,515       1,958,341  
Conseco Finance Securitizations Corp.                
Series 1999-6, Class A1, 7.360%, 06-01-2030 (1)(3)     2,997,116       1,190,700  
Series 2000-4, Class A6, 8.310%, 05-01-2032 (1)     660,851       150,234  
9

 

 

Regan Total Return Income Fund

SCHEDULE OF INVESTMENTS 

September 30, 2022

 

 

Series 2002-1, Class M2, 9.546%, 12-01-2032 (1)   $ 1,951,594     $ 1,831,707  
Conseco Financial Corp                
Series 1996-8, Class B1, 7.950%, 11-15-2026 (1)     1,575,095       1,476,914  
Series 1996-6, Class B1, 8.000%, 09-15-2027 (1)     1,216,008       1,130,748  
Series 1997-4, Class M1, 7.220%, 02-15-2029 (1)     160,848       163,102  
Series 1997-5, Class B1, 6.970%, 05-15-2029 (1)     822,531       760,925  
Series 1998-8, Class M1, 6.980%, 09-01-2030 (1)     2,182,011       2,026,081  
Series 1999-4, Class A7, 7.410%, 01-01-2030     2,445,243       1,134,453  
Series 1998-3, Class M1, 6.860%, 03-01-2030 (1)     1,644,779       1,520,725  
Series 1999-5, Class A6, 7.500%, 03-01-2030 (1)     5,203,129       2,240,974  
Countrywide Asset-Backed Certificates                
Series 2007-6, Class 2A3, 3.304% (1 Month USD LIBOR + 0.220%), 07-25-2034 (2)     183,557       187,018  
Series 2006-1, Class AF6, 5.526%, 05-25-2036 (1)     45,006       42,091  
Series 2006-15, Class A6, 4.345%, 08-25-2046 (1)     164,774       164,534  
Series 2006-9, Class 1AF6, 5.989%, 08-25-2046 (1)     186,064       172,473  
Countrywide Home Equity Loan Trust                
Series 2004-B, Class 2A, 3.038% (1 Month USD LIBOR + 0.220%), 02-15-2029 (2)     598,755       559,077  
Credit Suisse Mortgage Trust                
Series 2007-1, Class 1A6A, 5.863%, 02-25-2037 (1)     1,356,166       309,592  
Series 2007-1, Class 5A14, 6.000%, 02-25-2037     939,415       579,697  
Series 2015-1R, Class 6A1, 2.910% (1 Month USD LIBOR + 0.280%), 05-28-2037 (2)(3)(a)     248,026       238,800  
Series 2021-NQM4, Class A1, 1.101%, 05-25-2066 (1)(3)     131,776       106,453  
Credit-Based Asset Servicing and Securitization                
Series 2001-CB4, Class 1A1, 3.984% (1 Month LIBOR USD + 0.900%), 11-25-2033 (2)     31,137       29,963  
Series 2004-CB7, Class AF5, 3.799%, 10-25-2034 (4)(a)     33,631       29,343  
Series 2006-CB8, Class A1, 3.364% (1 Month USD LIBOR + 0.280%), 10-25-2036 (2)     85,650       79,403  
Series 2007-RP1, Class A, 3.394% (1 Month USD LIBOR + 0.310%), 04-25-2037 (2)(3)     126,545       108,121  
Encore Credit Receivables Trust                
Series 2005-1, Class M1, 3.744% (1 Month USD LIBOR + 0.660%), 03-25-2035 (2)     18,295       19,370  
EquiFirst Mortgage Loan Trust                
Series 2004-1, Class 2A3, 3.884% (1 Month LIBOR USD + 0.800%), 01-25-2034 (2)     565,294       528,905  
First Franklin Mtg Loan Asset Backed Certificates                
Series 2005-FF11, Class M2, 3.759% (1 Month LIBOR USD + 0.675%), 11-25-2035 (2)     211,411       206,855  
Series 2006-FF11, Class 2A3, 3.384% (1 Month LIBOR USD + 0.300%), 08-25-2036 (2)     387,308       364,421  
Series 2006-FF18, Class A2C, 3.244% (1 Month LIBOR USD + 0.160%), 12-26-2037 (2)     620,554       559,125  
First Horizon Alternative Mortgage Securities                
Series 2006-AA8, Class 2A1, 3.641%, 01-25-2037 (1)     241,939       144,043  
Fremont Home Loan Trust                
Series 2004-C, Class M2, 4.134% (1 Month USD LIBOR + 1.050%), 08-25-2034 (2)     204,994       191,668  
Series 2006-B, Class 2A2, 3.184% (1 Month USD LIBOR + 0.200%), 08-25-2036 (2)     81,188       28,725  
Series 2006-3, Class 1A1, 3.364% (1 Month USD LIBOR + 0.280%), 02-25-2037 (2)(a)     65,313       47,940  
GCAT                
Series 2022-INV2, Class A5, 3.000%, 04-25-2052 (1)(3)     678,685       560,339  
GMAC Mortgage Corporation Loan Trust                
Series 2007-HE3, Class 2A1, 5.564%, 09-25-2037 (1)     209,412       182,796  
10

 

Regan Total Return Income Fund

SCHEDULE OF INVESTMENTS 

September 30, 2022

 

 

Greenpoint Manufactured Housing            
Series 1999-5, Class M1B, 8.290%, 12-15-2029 (1)   $ 29,968     $ 29,927  
Series 1999-5, Class M2, 9.230%, 12-15-2029 (1)     56,457       48,353  
Series 2000-3, Class IA, 8.450%, 06-20-2031 (1)     2,373,340       1,279,115  
GS Mortgage Securities Corp.                
Series 2015-7R, Class A, 2.714% (1 Month USD LIBOR + 0.150%), 09-28-2037 (2)(3)     52,368       51,946  
GSAMP Trust                
Series 2006-S1, Class A1, 3.364% (1 Month USD LIBOR + 0.280%), 11-25-2035 (2)     787,161       91,186  
Series 2006-S5, Class A1, 1.804% (1 Month LIBOR USD + 0.180%), 09-25-2036 (2)     18,588,882       248,967  
Series 2006-S5, Class A2, 6.158%, 09-25-2036 (4)     6,193,616       88,592  
GSRPM Mortgage Loan Trust                
Series 2004-1, Class B1, 6.834% (1 Month LIBOR USD + 3.750%), 09-25-2042 (2)(3)     173,300       172,995  
Home Equity Asset Trust                
Series 2002-2, Class A3, 3.664% (1 Month USD LIBOR + 0.580%), 12-27-2032 (2)     94,405       87,897  
Home Equity Mortgage                
Series 2007-A, Class 2A4B, 3.534% (1 Month LIBOR USD + 0.450%), 04-25-2037 (2)     3,710,580       1,402,036  
HSI Asset Securitization Corporation Trust                
Series 2007-HE2, Class 2A1, 3.194% (1 Month USD LIBOR + 0.110%), 04-27-2037 (2)     188,359       100,601  
IndyMac Residential Asset Backed Trust                
Series 2006-C, Class 2A, 3.344% (1 Month USD LIBOR + 0.260%), 08-25-2036 (2)     78,253       73,778  
Series 2007-A, Class 2A2, 3.274% (1 Month USD LIBOR + 0.190%), 04-25-2037 (2)     1,146,892       786,302  
Series 2007-A, Class 1A, 3.304% (1 Month LIBOR USD + 0.220%), 04-25-2037 (2)     320,864       244,820  
Long Beach Mortgage Loan Trust                
Series 2004-2, Class A1, 3.304% (1 Month LIBOR USD + 0.440%), 06-25-2034 (2)     398,443       369,781  
Series 2006-A, Class A1, 3.174% (1 Month USD LIBOR + 0.180%), 05-25-2036 (2)     980,561       22,762  
Mastr Asset Backed Securities Trust                
Series 2006-AM2, Class A3, 3.424% (1 Month LIBOR USD + 0.340%), 06-25-2036 (2)     635,629       566,281  
MASTR Asset Backed Securities Trust                
Series 2006-FRE2, Class A5, 3.564% (1 Month USD LIBOR + 0.480%), 03-25-2036 (2)     265,422       189,526  
Series A-3, Class A3, 3.304% (1 Month LIBOR USD + 0.220%), 08-25-2036 (2)     1,033,870       430,494  
Series A-5, Class A5, 3.564% (1 Month LIBOR USD + 0.480%), 08-25-2036 (2)     471,912       196,486  
Merrill Lynch Mortgage Investors Trust                
Series 2004-HE2, Class M1, 4.284% (1 Month LIBOR USD + 1.200%), 08-25-2035 (2)     355,991       343,451  
Series 2006-RM3, Class A1B, 3.464% (1 Month USD LIBOR + 0.380%), 06-25-2037 (2)     5,939,596       189,086  
METLIFE SECURITIZATION TRUST                
Series 2020-INV1, Class A2A, 2.500%, 05-25-2050 (1)(3)     36,925       31,260  
Morgan Stanley Capital Inc                
Series 2003-NC8, Class B1, 8.484% (1 Month USD LIBOR + 5.400%), 09-25-2033 (2)     119,173       117,705  
Series 2004-HE6, Class M1, 3.909% (1 Month LIBOR USD + 0.825%), 08-25-2034 (2)     260,983       248,245  
Series 2004-WMC3, Class M3, 3.954% (1 Month USD LIBOR + 0.870%), 01-25-2035 (2)     268,808       273,326  
Series 2007-HE1, Class A2C, 3.234% (1 Month LIBOR USD + 0.150%), 11-25-2036 (2)     567,718       349,265  
Morgan Stanley Mortgage Loan Trust                
Series 2007-1XS, Class 1A1, 6.465%, 09-25-2046 (4)     645,939       259,560  
New Residential Mortgage Loan Trust                
Series 2022-NQM1, Class A1, 2.277%, 04-25-2061 (1)(3)     539,649       456,866  
11

 

Regan Total Return Income Fund

SCHEDULE OF INVESTMENTS 

September 30, 2022

 

 

Nomura Home Equity Loan Inc            
Series 2006-AF1, Class A1, 6.032%, 10-25-2036 (4)   $ 1,491,888     $ 391,574  
Nomura Resecuritization Trust                
Series 2015-10R, Class 1A2, 5.146%, 12-25-2036 (1)(3)     1,214,960       953,541  
Novastar Home Equity Loan                
Series 2006-3, Class A2C, 3.404% (1 Month LIBOR USD + 0.320%), 10-25-2036 (2)     1,867,887       1,081,984  
Series 2006-5, Class A2B, 3.324% (1 Month USD LIBOR + 0.240%), 11-25-2036 (2)     1,022,871       352,998  
Oakwood Mortgage Investors Inc.                
Series 1997-A, Class B1, 7.450%, 05-15-2027 (1)     101,830       99,472  
Series 2002-C, Class M1, 6.890%, 11-15-2032 (1)     1,380,154       1,336,115  
Option One Mortgage Loan Trust                
Series 2006-3, Class 1A1, 3.224% (1 Month LIBOR USD + 0.140%), 02-25-2037 (2)     1,031,173       687,331  
Series 2007-1, Class 1A1, 3.224% (1 Month LIBOR USD + 0.140%), 01-25-2037 (2)     604,893       417,301  
Series 2007-FXD1, Class 3A4, 5.860%, 01-25-2037 (4)     224,520       215,762  
OWNIT Mortgage Loan Asset-Backed Certificates                
Series 2006-6, Class A2C, 3.404% (1 Month USD LIBOR + 0.320%), 09-25-2037 (2)     1,618,209       827,975  
RBSSP Resecuritization Trust                
Series 2010-9, Class 7A6, 6.000%, 05-27-2037 (1)(3)     1,043,027       532,546  
Renaissance Home Equity Loan Trust                
Series 2002-3, Class A, 3.844% (1 Month LIBOR USD + 0.760%), 12-25-2032 (2)     397,551       344,290  
Series 2003-4, Class M2F, 6.244%, 03-25-2034 (4)     223,315       208,687  
Series 2004-1, Class M4, 5.784% (1 Month USD LIBOR + 2.700%), 05-25-2034 (2)     239,243       180,941  
Series 2004-2, Class M1, 6.414%, 07-25-2034 (4)     426,629       329,382  
Residential Funding Mortgage Securities II                
Series 2006-HI5, Class A4, 6.200%, 12-25-2036 (4)     8,158,581       1,926,018  
ResMAE Mortgage Loan Trust                
Series 2006-1, Class A2B, 3.384% (1 Month LIBOR USD + 0.300%), 02-25-2036 (2)(3)     3,006,384       1,065,096  
Series 2006-1, Class A2C, 3.484% (1 Month LIBOR USD + 0.400%), 02-25-2036 (2)(3)     3,322,977       1,177,748  
Securitized Asset Backed Receivables LLC                
Series 2006-WM2, Class A2B, 3.204% (1 Month LIBOR USD + 0.120%), 09-25-2036 (2)     651,734       463,901  
Security National Mortgage Loan Trust                
Series 2006-3A, Class A3, 6.330%, 01-25-2037 (1)(3)     351,760       152,968  
Specialty Underwriting & Residential Finance                
Series 2006-BC3, Class A2C, 3.384% (1 Month LIBOR USD + 0.300%), 06-25-2037 (2)     86,467       52,845  
Structured Asset Securities Corporation                
Series 2006-S3, Class A1, 3.344% (1 Month USD LIBOR + 0.260%), 09-25-2036 (2)     1,053,065       364,047  
Series 2006-BC6, Class A1, 3.244% (1 Month LIBOR USD + 0.160%), 01-25-2037 (2)     386,118       368,540  
UCFC Manufactured Housing Contract                
Series 1996-1, Class M, 7.900%, 01-15-2028 (1)     35,264       31,054  
Series 1997-2, Class M, 7.380%, 10-15-2028     75,614       72,917  
WAMU Asset-Backed Certificates                
Series 2007-HE4, Class 2A2, 3.214% (1 Month USD LIBOR + 0.130%), 07-25-2047 (2)     328,549       211,528  
12

 

Regan Total Return Income Fund

SCHEDULE OF INVESTMENTS 

September 30, 2022

 

 

Washington Mutual Asset-Backed Certificates            
Series 2007-HE1, Class 2A1, 3.144% (1 Month USD LIBOR + 0.060%), 11-25-2036 (2)   $ 1,552,984     $ 577,096  
                 
TOTAL ASSET BACKED SECURITIES                
(Cost $56,349,939)             53,057,705  
                 
MORTGAGE BACKED SECURITIES - NON-AGENCY ― 52.6%                
Adjustable Rate Mortgage Trust                
Series 2004-4, Class 3A1, 3.010%, 03-25-2035 (1)(a)     44,221       41,457  
Series 2005-10, Class 1A1, 3.602%, 01-25-2036 (1)     142,052       125,331  
Series 2006-1, Class 1A1, 3.315%, 03-25-2036 (1)     95,466       81,220  
Agate Bay Mortgage Trust                
Series 2015-4, Class A5, 3.000%, 06-25-2045 (1)(3)(a)     386,623       360,526  
Series 2015-6, Class A3, 3.500%, 09-25-2045 (1)(3)     429,313       389,863  
American Home Mortgage Assets                
Series 2007-3, Class 11A1, 3.504% (1 Month USD LIBOR + 0.420%), 06-25-2037 (2)     178,989       169,133  
Series 2006-4, Class 1A12, 3.294% (1 Month LIBOR USD + 0.210%), 10-25-2046 (2)     952,728       526,766  
American Home Mortgage Investment Trust                
Series 2004-3, Class MH1, 3.083% (1 Month LIBOR USD + 0.900%), 10-25-2034 (2)     79,840       69,367  
Series 2007-2, Class 11A1, 3.544% (1 Month USD LIBOR + 0.460%), 03-25-2047 (2)     383,171       154,281  
Series 2007-2, Class 12A1, 3.624% (1 Month LIBOR USD + 0.540%), 03-25-2047 (2)     1,072,778       435,112  
Angel Oak Mortgage Trust                
Series 2019-2, Class A1, 3.628%, 03-25-2049 (1)(3)     13,117       13,065  
Series 2020-2, Class A1A, 2.531%, 01-25-2065 (1)(3)     103,332       95,568  
ASG Resecuritization Trust                
Series 2011-2, Class M52, 5.750%, 02-28-2036 (3)     405,486       380,983  
Banc of America Alternative Loan Trust                
Series 2005-11, Class 1CB5, 5.500%, 12-25-2035     179,660       158,347  
Series 2006-5, Class CB7, 6.000%, 06-25-2046     264,276       232,121  
Series 2007-2, Class 1A1, 5.500%, 06-25-2037     781,377       644,730  
Banc of America Funding Corporation                
Series 2004-2, Class 1CB1, 5.750%, 09-20-2034     356,937       343,663  
Series 2005-B, Class 2A1, 2.931%, 04-20-2035 (1)     57,740       50,353  
Series 2005-D, Class A1, 3.261%, 05-25-2035 (1)     52,162       50,435  
Series 2005-6, Class 1A8, 6.000%, 10-25-2035     371,357       289,389  
Series 2006-G, Class 3A3, 5.910% (12 Month LIBOR USD + 1.750%), 07-20-2036 (2)     27,279       26,606  
Series 2006-4, Class A11, 6.000%, 07-25-2036     241,940       191,488  
Series 2007-4, Class 3A1, 3.454% (1 Month USD LIBOR + 0.370%), 06-25-2037 (2)     191,987       150,196  
Banc of America Mortgage Securities                
Series 2003-H, Class 2A2, 4.053%, 09-25-2033 (1)     898,600       834,479  
Series 2004-D, Class 2A2, 3.038%, 05-25-2034 (1)(a)     69,416       64,210  
Series 2005-E, Class 3A1, 3.647%, 06-25-2035 (1)     232,858       207,678  
Series 2005-F, Class 2A2, 3.941%, 07-25-2035 (1)     267,351       247,731  
Series 2005-J, Class 2A1, 2.447%, 11-25-2035 (1)     56,369       50,757  
Series 2007-2, Class A7, 5.500%, 05-25-2037     81,930       61,418  
13

 

Regan Total Return Income Fund 

SCHEDULE OF INVESTMENTS 

September 30, 2022

 

 

Series 2007-3, Class 1A1, 6.000%, 09-25-2037   $ 507,414     $ 437,644  
Series 2006-2, Class A3, 3.684% (1 Month LIBOR USD + 0.600%), 07-25-2046 (2)     919,415       728,221  
Series 2006-2, Class A2, 6.000% (1 Month LIBOR USD + 6.000%), 07-25-2046 (2)     298,359       257,195  
Bayview Commercial Asset Trust                
Series 2006-1A, Class B1, 4.659% (1 Month USD LIBOR + 1.575%), 04-25-2036 (2)(3)     205,319       182,530  
BCAP LLC Trust                
Series 2008-IND2, Class A2, 3.106%, 04-25-2038 (1)     998,473       779,472  
Bear Stearns Ajustable Rate Mortgage Trust                
Series 2003-6, Class 1B1, 3.716%, 08-25-2033 (1)     298,811       233,839  
Series 2003-8, Class 2A1, 2.082%, 01-25-2034 (1)     97,491       92,435  
Bear Stearns Alt-A Trust                
Series 2004-5, Class M, 3.218%, 06-25-2034 (1)     561,287       475,811  
Series 2005-7, Class 23A1, 3.503%, 09-25-2035 (1)     261,153       118,986  
Series 2005-9, Class 26A1, 3.082%, 11-25-2035 (1)     506,757       346,413  
Series 2006-5, Class 2A2, 3.652%, 08-25-2036 (1)     1,317,333       721,507  
Bear Stearns Asset Backed Securities Trust                
Series 2007-AC4, Class A2, 14.406% (1 Month USD LIBOR + 25.200%), 05-25-2037 (2)     667,538       621,687  
Charlie Mac                
Series 2004-1, Class A8, 3.634% (1 Month USD LIBOR + 0.550%), 08-25-2034 (2)     32,951       29,066  
Chase Mortgage Finance Corporation                
Series 2005-A1, Class 3A1, 2.958%, 12-25-2035 (1)     121,312       106,529  
Series 2007-S1, Class A1, 3.684% (1 Month USD LIBOR + 0.600%), 02-25-2037 (2)     1,366,021       395,833  
Series 2007-A1, Class 11M1, 3.377%, 03-25-2037 (1)     122,321       115,277  
Series 2007-A3, Class 1A7, 4.041%, 12-25-2037 (1)     147,912       123,953  
ChaseFlex Trust                
Series 2007-3, Class 1A2, 3.544% (1 Month USD LIBOR + 0.460%), 07-25-2037 (2)     893,262       255,358  
Series 2007-M1, Class 1A1, 3.384% (1 Month USD LIBOR + 0.300%), 08-25-2037 (2)     354,124       308,684  
CHEVY CHASE MORTGAGE FUNDING CORP.                
Series 2005-1A, Class A2, 3.284% (1 Month USD LIBOR + 0.200%), 01-25-2036 (2)(3)     28,846       25,775  
Series 2005-2A, Class A2, 3.314% (1 Month USD LIBOR + 0.230%), 05-25-2036 (2)(3)     154,104       133,827  
Series 2006-4A, Class A2, 3.264% (1 Month USD LIBOR + 0.180%), 11-25-2047 (2)(3)     70,408       54,157  
CIM Trust                
Series 2020-INV1, Class A2, 2.500%, 04-25-2050 (1)(3)     112,869       94,370  
Citicorp Mortgage Securities, Inc.                
Series 2007-5, Class 1A9, 6.000%, 06-25-2037     66,613       55,552  
Citigroup Mortgage Loan Trust Inc                
Series 2004-2, Class 1A1, 6.500%, 09-25-2033 (3)     341,593       321,514  
Series 2005-9, Class 21A2, 5.500%, 10-25-2035     193,733       189,257  
Series 2006-AR1, Class 2A1, 2.490% (1 Month USD LIBOR + 2.400%), 03-25-2036 (2)     61,662       57,135  
Series 2007-OPX1, Class A2, 3.284% (1 Month USD LIBOR + 0.200%), 01-25-2037 (2)     1,292,185       527,930  
Series 2007-AR1, Class A4, 3.504% (1 Month USD LIBOR + 0.420%), 01-25-2037 (2)     5,929,947       1,099,372  
Series 2007-10, Class 22AA, 3.878%, 09-25-2037 (1)     33,831       30,489  
Series 2021-INV2, Class A3A, 2.500%, 05-25-2051 (1)(3)     351,677       280,036  
Countrywide Alternative Loan Trust                
Series 2005-J1, Class 2A1, 5.500%, 02-25-2025     13,939       13,430  
14

 

Regan Total Return Income Fund

SCHEDULE OF INVESTMENTS

September 30, 2022

 

 

Series 2003-J2, Class M, 6.000%, 10-25-2033   $ 187,098     $ 165,697  
Series 2004-28CB, Class 2A5, 3.484% (1 Month USD LIBOR + 0.400%), 01-25-2035 (2)     213,035       202,083  
Series 2004-28CB, Class 2A4, 5.750%, 01-25-2035     225,778       206,427  
Series 2005-19CB, Class A2, 10.155% (1 Month USD LIBOR + 16.940%), 06-25-2035 (2)     71,867       58,677  
Series 2005-17, Class 2A1, 3.564% (1 Month LIBOR USD + 0.480%), 07-25-2035 (2)     824,923       668,669  
Series 2005-J8, Class 1A5, 5.500%, 07-25-2035     142,302       109,429  
Series 2005-27, Class 1A6, 4.314% (1 Month LIBOR USD + 1.230%), 08-25-2035 (2)     513,300       456,770  
Series 2005-42CB, Class A1, 3.764% (1 Month LIBOR USD + 0.680%), 10-25-2035 (2)     3,489,813       2,260,001  
Series 2005-J10, Class 1A9, 3.784% (1 Month LIBOR USD + 0.700%), 10-25-2035 (2)     503,396       345,155  
Series 2005-51, Class 3A2A, 2.394% (12 Month US Treasury Average + 1.290%), 11-20-2035 (2)     882,682       729,657  
Series 2005-49CB, Class A7, 5.500%, 11-25-2035     703,735       489,845  
Series 2005-57CB, Class 3A3, 5.500%, 12-25-2035 (a)     198,512       112,358  
Series 2006-6CB, Class 2A13, 3.484% (1 Month LIBOR USD + 0.400%), 05-25-2036 (2)     1,407,339       452,263  
Series 2006-17T1, Class A1, 6.250%, 06-25-2036     896,882       382,747  
Series 2006-24CB, Class A13, 3.434% (1 Month USD LIBOR + 0.350%), 08-25-2036 (2)     506,685       248,008  
Series 2006-24CB, Class A9, 6.000%, 08-25-2036     606,512       359,308  
Series 2006-24CB, Class A22, 6.000%, 08-25-2036     463,052       274,319  
Series 2006-26CB, Class A20, 3.434% (1 Month LIBOR USD + 0.350%), 09-25-2036 (2)     1,580,950       669,874  
Series 2006-32CB, Class A3, 6.000%, 11-25-2036     380,215       236,452  
Series 2006-A7, Class 1A12, 6.000%, 12-25-2036     319,048       261,948  
Series 2006-39CB, Class 2A1, 3.534% (1 Month LIBOR USD + 0.450%), 01-25-2037 (2)     4,004,892       458,690  
Series 2006-41CB, Class 1A7, 6.000%, 01-25-2037 (a)     324,127       195,125  
Series 2007-J1, Class 2A6, 3.684% (1 Month USD LIBOR + 0.600%), 03-25-2037 (2)     1,796,507       536,023  
Series 2007-OA2, Class 1A1, 1.944% (1 Month USD LIBOR + 0.840%), 03-25-2047 (2)     356,409       301,046  
Series 2007-3T1, Class 1A2, 3.584% (1 Month USD LIBOR + 0.500%), 04-25-2037 (2)     1,740,303       620,331  
Series 2007-9T1, Class 1A5, 2.416% (1 Month USD LIBOR + 5.500%), 05-25-2037 (2)     1,225,555       109,691  
Series 2007-11T1, Class A35, 3.414% (1 Month LIBOR USD + 0.330%), 05-25-2037 (2)     3,298,051       1,243,139  
Series 2007-9T1, Class 1A4, 3.584% (1 Month USD LIBOR + 0.500%), 05-25-2037 (2)(5)     1,225,555       445,641  
Series 2007-16CB, Class 1A2, 3.484% (1 Month USD LIBOR + 0.400%), 08-25-2037 (2)     342,615       230,013  
Series 2007-22, Class 2A16, 6.500%, 09-25-2037     1,087,491       470,982  
Series 2007-24, Class A7, 2.916% (1 Month USD LIBOR + 6.000%), 10-25-2037 (2)(5)     226,474       32,435  
Series 2007-24, Class A6, 4.084% (1 Month USD LIBOR + 1.000%), 10-25-2037 (2)     226,474       59,454  
Series 2007-25, Class 1A2, 6.500%, 11-25-2037     1,270,516       657,445  
Series 2006-34, Class A5, 6.250%, 11-25-2046     807,467       407,031  
Series 2006-46, Class A2, 3.604% (1 Month LIBOR USD + 0.520%), 02-25-2047 (2)     464,323       188,308  
Series 2007-OH1, Class A1D, 3.294% (1 Month LIBOR USD + 0.210%), 04-25-2047 (2)     83,496       66,422  
Countrywide Home Loans                
Series 2003-48, Class 2A3, 4.102%, 10-25-2033 (1)(a)     119,939       98,590  
Series 2004-J3, Class A7, 5.500%, 05-25-2034     94,485       87,584  
Series 2004-20, Class 2A1, 2.506%, 09-25-2034 (1)     369,131       316,954  
Series 2005-2, Class 2A1, 3.724% (1 Month LIBOR USD + 0.640%), 03-25-2035 (2)     128,726       115,892  
Series 2005-19, Class 2A1, 3.434% (1 Month USD LIBOR + 0.350%), 08-25-2035 (2)     349,679       83,735  
Series 2005-15, Class A5, 5.500%, 08-25-2035     481,748       286,698  
Series 2005-21, Class A2, 5.500%, 10-25-2035     205,567       134,949  
Series 2005-25, Class A17, 5.500%, 11-25-2035     402,165       212,708  
15

 

Regan Total Return Income Fund 

SCHEDULE OF INVESTMENTS 

September 30, 2022

 

 

Series 2005-31, Class 2A1, 2.449%, 01-25-2036 (1)   $ 231,623     $ 202,771  
Series 2006-10, Class 1A11, 5.850%, 05-25-2036     174,646       84,340  
Series 2007-1, Class A2, 6.000%, 03-25-2037     1,476,525       774,311  
Series 2007-HY1, Class 1A1, 2.862%, 04-25-2037 (1)     518,179       470,879  
Series 2007-3, Class A16, 6.000%, 04-25-2037     536,253       292,463  
Series 2007-10, Class A6, 6.000%, 07-25-2037 (5)     405,070       89,047  
Series 2007-17, Class 1A1, 6.000%, 10-25-2037     320,319       234,209  
Credit Suisse First Boston Mortgage Securities                
Series 2001-28, Class 1A1, 3.734% (1 Month LIBOR USD + 0.650%), 11-25-2031 (2)     113,553       72,674  
Series 2002-9, Class 1A1, 7.000%, 03-25-2032     955,492       869,828  
Series 2002-18, Class 2A1, 7.500%, 06-25-2032     112,233       102,119  
Series 2004-6, Class 4A12, 3.484% (1 Month USD LIBOR + 0.400%), 10-25-2034 (2)     160,542       153,638  
Series 2005-7, Class 2A2, 3.384% (1 Month USD LIBOR + 0.300%), 08-25-2035 (2)     1,095,006       460,471  
Series 2005-9, Class 1A3, 5.250%, 10-25-2035     177,695       156,792  
Series 2005-10, Class 6A7, 5.500%, 11-25-2035     253,869       124,770  
Series 2005-11, Class 3A5, 5.500%, 12-25-2035     196,868       99,928  
Credit Suisse Mortgage Trust                
Series 2013-6, Class 1A1, 2.500%, 07-25-2028 (1)(3)     53,596       49,539  
Series 2006-2, Class 6A8, 5.750%, 03-25-2036     214,652       117,807  
Series 2006-6, Class 1A8, 6.000%, 07-25-2036     1,301,252       714,927  
Series 2006-6, Class 1A12, 6.000%, 07-25-2036     1,943,223       1,067,635  
Series 2006-6, Class 2A4, 6.500%, 07-25-2036     4,500,307       1,336,347  
Series 2007-4R, Class 1A1, 5.642%, 10-26-2036 (1)(3)     79,988       67,403  
Series 2007-4, Class 2A2, 6.000%, 06-25-2037     105,903       63,508  
Series 2007-5, Class 3A19, 6.000%, 08-25-2037     246,304       192,458  
CSAB Mortgage Backed Trust                
Series 2006-1, Class A3, 3.564% (1 Month USD LIBOR + 0.480%), 06-25-2036 (2)     5,075,126       913,328  
Series 2007-1, Class 4A1, 3.434% (1 Month LIBOR USD + 0.350%), 05-25-2037 (2)     8,180,448       966,104  
Deutsche Alt-A Securities INC Mortgage Loan Trust                
Series 2003-1, Class A1, 5.500%, 09-25-2033     533,903       486,234  
Series 2005-4, Class A5, 5.500%, 09-25-2035 (1)     76,396       65,221  
Deutsche Mortgage Securities, Inc.                
Series 2004-1, Class 3A5, 6.160%, 12-25-2033 (4)     38,814       36,124  
Series 2004-5, Class A4B, 6.125%, 07-25-2034 (4)     44,947       42,020  
Series 2006-PR1, Class 5AF1, 3.368% (1 Month USD LIBOR + 0.550%), 04-15-2036 (2)(3)     519,838       412,414  
First Horizon Alternative Mortgage Securities                
Series 2005-AA10, Class 2A1, 2.773%, 12-25-2035 (1)     200,183       166,026  
FirstKey Mortgage Trust                
Series 2015-1, Class A3, 3.500%, 03-25-2045 (1)(3)     55,255       49,851  
Flagstar Mortgage Trust                
Series 2018-6RR, Class 2A4, 4.000%, 10-25-2048 (1)(3)     146,028       142,354  
GMAC Mortgage Corporation Loan Trust                
Series 2005-AR4, Class 2A2, 4.112%, 07-19-2035 (1)     126,701       102,335  
GMRF Mortgage Acquisition Co. LLC                
Series 2018-1, Class B2, 3.950%, 11-25-2057 (1)(3)     110,283       95,191  
16

 

Regan Total Return Income Fund 

SCHEDULE OF INVESTMENTS 

September 30, 2022

 

 

GSAA Home Equity Trust            
Series 2004-NC1, Class AF5, 6.190%, 11-25-2033 (4)   $ 498,159     $ 439,812  
Series 2005-14, Class A1, 3.784% (1 Month LIBOR USD + 0.700%), 12-25-2035 (2)     770,008       348,225  
Series 2006-11, Class 2A1, 3.264% (1 Month LIBOR USD + 0.180%), 07-25-2036 (2)     484,026       123,303  
GSMPS Mortgage Loan Trust                
Series 2005-RP1, Class 1AF, 3.434% (1 Month LIBOR USD + 0.350%), 01-25-2035 (2)(3)(a)     36,299       30,073  
Series 2005-RP3, Class 1AF, 3.434% (1 Month USD LIBOR + 0.350%), 09-25-2035 (2)(3)(a)     521,038       432,462  
Series 2006-RP1, Class 1AF2, 3.434% (1 Month LIBOR USD + 0.350%), 01-25-2036 (2)(3)     682,315       568,077  
GSR Mortgage Loan Trust                
Series 2004-2F, Class 1A4, 5.500%, 01-25-2034 (a)     30,242       27,702  
Series 2005-1F, Class 4A1, 3.384% (1 Month USD LIBOR + 0.300%), 01-25-2035 (2)     383,403       352,894  
Series 2005-AR6, Class B1, 3.327%, 09-25-2035 (1)     95,823       85,499  
Series 2005-AR5, Class 2A3, 3.493%, 10-25-2035 (1)     24,739       15,024  
Series 2006-AR1, Class 3A1, 2.741%, 01-25-2036 (1)     134,023       128,683  
Series 2006-3F, Class 2A3, 5.750%, 03-25-2036     74,422       69,631  
Series 2006-AR2, Class 3A1, 2.766%, 04-25-2036 (1)(a)     547,316       368,891  
Series 2006-7F, Class 4A2, 6.500%, 08-25-2036     1,751,718       662,756  
Series 2006-10F, Class 4A1, 3.434% (1 Month LIBOR USD + 0.350%), 01-25-2037 (2)     1,695,854       237,598  
Series 2007-AR2, Class 1A1, 2.979%, 05-25-2037 (1)     884,764       514,987  
Series 2007-OA1, Class 2A3A, 3.394% (1 Month USD LIBOR + 0.310%), 05-25-2037 (2)     478,440       352,818  
Series 2006-OA1, Class 2A2, 3.604% (1 Month LIBOR USD + 0.520%), 08-25-2046 (2)     3,309,847       1,150,016  
HarborView Mortgage Loan Trust                
Series 2004-8, Class 2A4A, 3.793% (1 Month USD LIBOR + 0.800%), 11-19-2034 (2)     297,847       276,031  
Series 2004-8, Class 2A3, 3.813% (1 Month LIBOR USD + 0.820%), 11-19-2034 (2)     283,905       241,462  
Series 2005-14, Class 4A1A, 3.656%, 12-19-2035 (1)     622,673       363,351  
Series 2005-14, Class 3A1A, 3.701%, 12-19-2035 (1)     56,512       52,842  
Series 2005-16, Class 1A1A, 3.493% (1 Month USD LIBOR + 0.500%), 01-19-2036 (2)     6,323,972       1,925,507  
Series 2005-16, Class 3A1A, 3.493% (1 Month LIBOR USD + 0.500%), 01-19-2036 (2)     2,214,440       1,374,428  
Series 2006-8, Class 1A1, 3.214% (1 Month LIBOR USD + 0.400%), 07-21-2036 (2)     800,675       426,300  
Series 2006-5, Class 2A1A, 3.353% (1 Month USD LIBOR + 0.360%), 07-19-2046 (2)     1,590,026       827,725  
Series 2007-4, Class 2A1, 3.213% (1 Month LIBOR USD + 0.220%), 07-19-2047 (2)     384,302       345,449  
HSI Asset Loan Obligation                
Series 2007-WF1, Class A1, 3.204% (1 Month USD LIBOR + 0.120%), 12-25-2036 (2)     819,008       274,049  
Impac CMB Trust                
Series 2004-6, Class 2A, 6.060%, 10-25-2034 (4)     199,705       203,654  
Series 2004-11, Class 2A1, 3.744% (1 Month USD LIBOR + 0.660%), 03-25-2035 (2)(a)     34,518       31,170  
Series 2005-5, Class A1, 3.724% (1 Month LIBOR USD + 0.320%), 08-25-2035 (2)     543,237       502,081  
Impac Secured Assets Corp.                
Series 2005-2, Class A2D, 3.944% (1 Month USD LIBOR + 0.860%), 03-25-2036 (2)     55,229       46,348  
Series 2007-3, Class A1A, 3.304% (1 Month USD LIBOR + 0.220%), 09-25-2037 (2)     181,808       159,698  
IndyMac IMJA Mortgage Loan Trust                
Series 2007-A1, Class A3, 6.000%, 08-25-2037     2,734,928       1,185,158  
IndyMac IMSC Mortgage Loan Trust                
Series 2007-F3, Class 2A1, 6.500%, 09-25-2037     27,429       16,921  
IndyMac INDA Mortgage Loan Trust                
17

 

Regan Total Return Income Fund

SCHEDULE OF INVESTMENTS

September 30, 2022

 

 

Series 2007-AR1, Class 1A1, 3.014%, 03-25-2037 (1)   $ 199,439     $ 167,489  
IndyMac INDX Mortgage Loan Trust                
Series 2005-AR5, Class 4A1, 2.808%, 05-25-2035 (1)     350,328       260,646  
Series 2005-AR5, Class 1A1, 2.811%, 05-25-2035 (1)     826,905       670,385  
Series 2006-AR19, Class 4A1, 3.330%, 08-25-2036 (1)     1,251,415       1,107,064  
Series 2007-AR21IP, Class 1A2, 3.271%, 11-25-2036 (1)     72,919       66,615  
Series 2006-AR37, Class 1A1, 3.227%, 02-25-2037 (1)     81,092       68,142  
Series 2007-AR9, Class 2A1, 3.179%, 06-25-2037 (1)     22,087       13,414  
J.P. Morgan Alternative Loan Trust                
Series 2006-S1, Class 3A5, 5.730%, 03-25-2036 (1)     46,878       44,952  
Series 2006-A2, Class 3A1, 2.934%, 05-25-2036 (1)     124,096       77,754  
Series 2006-S3, Class A5, 6.920%, 08-25-2036 (4)     1,113,776       839,500  
Series 2006-A6, Class 2A6, 2.738%, 11-25-2036 (1)     1,055,352       835,917  
Series 2007-A2, Class 2A1, 3.626%, 05-25-2037 (1)     185,229       158,092  
JP Morgan Mortgage Trust                
Series 2004-A1, Class 5A1, 2.240%, 02-25-2034 (1)     73,346       72,979  
Series 2004-A3, Class 1A1, 2.776%, 07-25-2034 (1)     30,145       27,540  
Series 2005-A1, Class 3A4, 3.199%, 02-25-2035 (1)(a)     41,434       37,891  
Series 2005-A2, Class 2A1, 3.251%, 04-25-2035 (1)     88,408       76,209  
Series 2007-A1, Class 5A6, 2.612%, 07-25-2035 (1)     170,605       160,857  
Series 2005-A8, Class 1A1, 3.184%, 11-25-2035 (1)     1,201,222       1,005,325  
Series 2006-A4, Class 5A1, 3.631%, 06-25-2036 (1)     146,304       111,985  
Series 2007-S1, Class 2A22, 5.750%, 03-25-2037     311,212       139,745  
Series 2007-S3, Class 1A18, 3.584% (1 Month USD LIBOR + 0.500%), 08-25-2037 (2)     879,062       321,699  
Series 2014-1, Class B3, 3.676%, 01-25-2044 (1)(3)     63,706       54,607  
Series 2017-4, Class A3, 3.500%, 11-25-2048 (1)(3)     7,715       7,177  
Series 2019-INV1, Class A11, 4.034% (1 Month LIBOR USD + 0.950%), 09-25-2049 (2)(3)(a)     20,028       19,077  
Series 2020-LTV1, Class A11, 3.444% (1 Month LIBOR USD + 1.000%), 06-25-2050 (2)(3)     24,644       24,430  
Lehman Mortgage Trust                
Series 2008-4, Class A1, 3.464% (1 Month LIBOR USD + 0.380%), 01-25-2037 (2)     3,687,678       1,157,238  
Series 2007-1, Class 2A3, 3.546% (1 Month USD LIBOR + 6.630%), 02-25-2037 (2)(5)     1,514,943       195,212  
Series 2007-3, Class 1A3, 3.384% (1 Month USD LIBOR + 0.300%), 04-25-2037 (2)     1,517,922       396,258  
Series 2007-6, Class 1A7, 6.000%, 07-25-2037     570,392       495,893  
Series 2007-7, Class 1A1, 3.584% (1 Month USD LIBOR + 0.500%), 08-25-2037 (2)     744,855       398,990  
Series 2007-10, Class 2A1, 6.500%, 01-25-2038     1,203,762       415,565  
Lehman XS Trust                
Series 2007-6, Class 1A1, 4.845% (1 Month USD LIBOR + 1.250%), 05-25-2037 (2)     573,060       469,744  
MASTR Adjustable Rate Mortgages Trust                
Series 2004-4, Class 2A3, 1.931%, 05-25-2034 (1)     229,990       214,175  
Series 2005-6, Class 5A1, 2.862%, 07-25-2035 (1)     172,587       154,636  
Series 2005-7, Class 3A1, 3.022%, 09-25-2035 (1)     357,393       232,242  
Series 2006-2, Class 2A1, 3.209%, 04-25-2036 (1)(a)     64,812       36,684  
Series 2006-OA1, Class 1A1, 3.294% (1 Month LIBOR USD + 0.210%), 04-25-2046 (2)     179,908       158,309  
MASTR Alternative Loan Trust                
Series 2003-4, Class 3A1, 6.000%, 06-25-2033     19,783       19,580  
18

 

Regan Total Return Income Fund 

SCHEDULE OF INVESTMENTS 

September 30, 2022

 

 

Series 2004-8, Class 1A1, 6.500%, 09-25-2034   $ 31,191     $ 30,507  
Series 2005-4, Class 5A1, 6.000%, 05-25-2035     764,920       649,840  
MASTR Alternative Loans Trust                
Series 2003-6, Class 3A3, 6.000%, 09-25-2033     46,323       42,845  
Series 2004-12, Class 2A1, 6.500%, 12-25-2034     65,939       61,691  
MASTR Asset Securitization Trust                
Series 2006-2, Class 1A14, 6.000%, 06-25-2036     136,323       93,655  
MASTR Resecuritization Trust                
Series 2008-1, Class A1, 6.000%, 09-27-2037 (1)(3)(a)     277,149       232,805  
Mello Mortgage Capital Acceptance Trust                
Series 2021-INV2, Class A4, 2.500%, 08-25-2051 (1)(3)     47,383       40,789  
Merrill Lynch Mortgage Backed Securities Trust                
Series 2007-2, Class 1A1, 5.880% (1 Month USD LIBOR + 2.400%), 08-25-2036 (2)     464,032       415,831  
Morgan Stanley Mortgage Loan Trust                
Series 2004-5AR, Class 2A, 2.963%, 07-25-2034 (1)     33,271       31,357  
Series 2004-11AR, Class 1A2A, 3.394% (1 Month LIBOR USD + 0.310%), 01-25-2035 (2)     99,799       91,206  
Series 2005-4, Class 4A, 4.710%, 08-25-2035 (1)     37,906       19,765  
Series 2005-7, Class 7A6, 5.500%, 11-25-2035     143,569       130,965  
Series 2005-9AR, Class 2A, 3.328%, 12-25-2035 (1)     381,373       326,074  
Series 2005-10, Class 1A1, 3.784% (1 Month LIBOR USD + 0.700%), 12-25-2035 (2)     312,013       200,546  
Series 2005-10, Class 1A5, 5.750%, 12-25-2035     30,649       22,217  
Series 2006-3AR, Class 2A3, 3.295%, 03-25-2036 (1)     563,123       392,910  
Series 2006-7, Class 3A, 5.138%, 06-25-2036 (1)     108,470       72,430  
Series 2007-14AR, Class 3A3, 2.985%, 10-25-2037 (1)     576,215       506,801  
Series 2007-13, Class 6A1, 6.000%, 10-25-2037     191,886       115,471  
Series 2007-10XS, Class A19, 6.000%, 02-25-2047 (1)     549,283       250,122  
Morgan Stanley ReRemic Trust                
Series 2013-R3, Class 6B2, 3.342%, 12-29-2036 (1)(3)     370,558       329,846  
MortgageIT Trust                
Series 2005-1, Class 2A, 3.814% (1 Month LIBOR USD + 1.250%), 02-25-2035 (2)     70,438       67,660  
New Residential Mortgage Loan Trust                
Series 2018-1A, Class B3, 5.000%, 12-25-2057 (1)(3)     157,391       145,961  
Nomura Asset Acceptance Corporation                
Series 2005-WF1, Class 1A1, 5.675%, 03-25-2035 (1)     28,924       28,220  
Series 2007-1, Class 1A1A, 5.995%, 03-25-2047 (4)     868,317       784,749  
Series 2007-2, Class A1B, 6.017%, 04-25-2047 (1)     1,258,027       1,031,946  
Onslow Bay Financial LLC                
Series 2021-INV2, Class A3, 2.500%, 10-25-2051 (1)(3)     544,278       433,403  
Series 2020-EXP3, Class 2A1B, 3.984% (1 Month LIBOR USD + 0.900%), 06-25-2060 (2)(3)(a)     399,908       369,115  
PHHMC Mortgage Pass Through Certificates                
Series 2007-3, Class A3, 4.304%, 06-18-2037 (1)     8,706       8,108  
Prime Mortgage Trust                
Series 2006-DR1, Class 2A2, 6.000%, 05-25-2035 (3)     504,662       409,629  
Series 2005-4, Class 2A9, 5.500%, 10-25-2035     193,972       164,156  
Series 2006-1, Class 3A1, 3.434% (1 Month LIBOR USD + 0.350%), 06-25-2036 (2)     1,664,884       1,164,741  
19

 

Regan Total Return Income Fund 

SCHEDULE OF INVESTMENTS 

September 30, 2022

 

 

PRKCM Trust            
Series 2021-AFC2, Class A1, 2.071%, 11-25-2056 (1)(3)   $ 448,668     $ 370,499  
RAAC Series                
Series 2005-SP1, Class 1A1, 5.000%, 09-25-2034     141,944       126,057  
RBSGC Mortgage Pass Through Certificates                
Series 2008-A, Class A1, 5.500%, 11-25-2035 (1)(3)     264,249       222,768  
RBSSP Resecuritization Trust                
Series 2009-12, Class 9A2, 2.905%, 03-26-2036 (1)(3)     418,100       375,392  
Residential Accredit Loans, Inc.                
Series 2005-QS5, Class A1, 3.484% (1 Month LIBOR USD + 0.400%), 04-25-2035 (2)     830,054       655,679  
Series 2005-QS7, Class A1, 5.500%, 06-25-2035     418,976       355,211  
Series 2005-QA9, Class CB11, 3.674%, 08-25-2035 (1)     129,208       114,738  
Series 2005-QS13, Class 2A3, 5.750%, 09-25-2035     1,207,665       1,025,457  
Series 2005-QS14, Class 3A3, 6.000%, 09-25-2035     428,308       369,875  
Series 2006-QS2, Class 1A17, 3.564% (1 Month LIBOR USD + 0.480%), 02-25-2036 (2)     597,184       458,130  
Series 2006-QS2, Class 1A7, 6.000%, 02-25-2036 (a)(5)     293,769       45,240  
Series 2006-QS4, Class A8, 8.000% (1 Month USD LIBOR + 5,143.000%), 04-25-2036 (2)     72,249       62,591  
Series 2006-QS8, Class A1, 6.000%, 08-25-2036     846,121       664,652  
Series 2007-QS1, Class 2A2, 3.444% (1 Month LIBOR USD + 0.360%), 01-25-2037 (2)     694,525       510,094  
Series 2007-QS1, Class 1A5, 3.634% (1 Month LIBOR USD + 0.550%), 01-25-2037 (2)     2,954,081       2,253,939  
Series 2007-QS8, Class A3, 3.684% (1 Month USD LIBOR + 0.600%), 06-25-2037 (2)     308,686       238,528  
Residential Asset Securitization Trust                
Series 2005-A15, Class 2A12, 6.000%, 02-25-2036     740,404       338,486  
Series 2005-A15, Class 4A1, 6.000%, 02-25-2036     2,301,487       791,226  
Series 2006-A2, Class A7, 6.000%, 05-25-2036     858,336       377,554  
Series 2006-A7CB, Class 2A5, 3.334% (1 Month USD LIBOR + 0.250%), 07-25-2036 (2)     426,729       54,932  
Series 2006-A8, Class 3A8, 3.834% (1 Month LIBOR USD + 0.750%), 08-25-2036 (2)     508,189       213,100  
Series 2006-A8, Class 2A2, 6.750%, 08-25-2036     1,360,176       459,950  
Series 2006-A10, Class A4, 6.500%, 09-25-2036     524,584       207,927  
Series 2006-A10, Class A5, 6.500%, 09-25-2036     310,517       123,078  
Series 2007-A3, Class 1A1, 3.534% (1 Month USD LIBOR + 0.450%), 04-25-2037 (2)     1,996,961       790,672  
Series 2006-A2, Class A11, 6.000%, 01-25-2046     1,714,467       757,657  
Residential Funding Mtg Sec I                
Series 2007-SA3, Class 2A1, 4.567%, 07-25-2037 (1)     518,977       420,231  
Series 2007-SA4, Class 3A1, 4.848%, 10-25-2037 (1)     117,519       87,932  
Salomon Brothers Mortgage Securities VII                
Series 1997-HUD1, Class A4, 3.138%, 12-25-2030 (1)(a)     230,383       155,532  
Sequoia Mortgage Trust                
Series 2004-11, Class A3, 3.593% (1 Month USD LIBOR + 0.600%), 12-20-2034 (2)     4,645       4,634  
Series 2007-3, Class 2BA1, 3.219%, 07-20-2037 (1)     29,029       22,167  
Series 2013-5, Class A1, 2.500%, 05-25-2043 (1)(3)     246,756       209,401  
Series 2013-9, Class AP, , 07-25-2043 (2)(3)(6)     256,281       183,425  
Series 2014-1, Class 2A5, 4.000%, 04-25-2044 (1)(3)     104,842       103,872  
Series 2015-3, Class A1, 3.500%, 07-25-2045 (1)(3)     542,312       486,493  
Structured Adjustable Rate Mortgage Loan Trust                
20

 

Regan Total Return Income Fund 

SCHEDULE OF INVESTMENTS 

September 30, 2022

 

 

Series 2005-17, Class 5A1, 3.677%, 08-25-2035 (1)   $ 526,662     $ 316,459  
Series 2005-18, Class 1A1, 3.663%, 09-25-2035 (1)     766,991       594,495  
Series 2005-20, Class 1A1, 3.511%, 10-25-2035 (1)     803,474       730,478  
Series 2005-23, Class 3A1, 3.361%, 01-25-2036 (1)     97,394       62,403  
Series 2007-3, Class 2A1, 3.303%, 04-25-2037 (1)     368,546       347,914  
Structured Asset Mortgage Investments Inc                
Series 2005-AR5, Class A2, 3.493% (1 Month LIBOR USD + 0.500%), 07-19-2035 (2)     139,285       130,377  
Series 2006-AR3, Class 22A1, 2.891%, 05-25-2036 (1)     439,343       244,657  
Series 2006-AR5, Class 3A1, 3.504% (1 Month LIBOR USD + 0.420%), 05-25-2036 (2)     2,036,608       839,089  
Series 2006-AR5, Class 1A1, 3.504% (1 Month USD LIBOR + 0.420%), 05-25-2036 (2)     138,923       107,091  
Structured Asset Securities Corporation                
Series 2003-37A, Class 2A, 3.156%, 12-25-2033     53,659       51,614  
Suntrust Adjustable Rate Mortgage Loan Trust                
Series 2007-2, Class 2A1, 2.664%, 04-25-2037 (1)     172,998       111,146  
Series 2007-4, Class 2A1, 3.636%, 10-25-2037 (1)     144,642       115,475  
TBW Mortgage Backed Pass Through Certificates                
Series 2006-3, Class 2A1, 6.500%, 07-25-2036     879,973       346,433  
Thornburg Mortgage Securities Trust                
Series 2005-1, Class A2, 2.094%, 04-25-2045 (1)(a)     204,440       186,552  
TIAA Bank Mortgage Loan Trust                
Series 2018-3, Class A13, 4.000%, 11-25-2048 (1)(3)     175,137       163,989  
WAMU Mortgage Pass-Through Certificates                
Series 2004-S1, Class 1A11, 5.500%, 03-25-2034     36,342       32,820  
Series 2004-S2, Class 2A4, 5.500%, 06-25-2034     141,274       135,968  
Series 2004-AR9, Class B1, 3.911%, 08-25-2034 (1)     192,731       180,562  
Series 2004-A11, Class A, 4.141%, 10-25-2034 (1)     156,241       144,095  
Series 2004-CB3, Class 1A, 6.000%, 10-25-2034     47,905       46,220  
Series 2005-AR5, Class A6, 3.311%, 05-25-2035 (1)     132,767       124,336  
Series 2005-AR12, Class 1A4, 3.803%, 10-25-2035 (1)     33,791       31,822  
Series 2006-AR2, Class 2A1, 3.220%, 03-25-2036 (1)     99,649       89,985  
Series 2006-AR14, Class 2A3, 2.611%, 11-25-2036 (1)     124,035       112,070  
Series 2007-HY1, Class 1A1, 2.781%, 02-25-2037 (1)     187,798       165,857  
Series 2005-AR2, Class 2A3, 3.784% (1 Month LIBOR USD + 0.700%), 01-25-2045 (2)     70,064       67,468  
Washington Mutual Alternative Mortgage Pass-Through Certificates                
Series 2005-1, Class 1A1, 5.500%, 03-25-2035     236,144       212,296  
Series 2005-7, Class 2CB4, 5.500%, 08-25-2035     588,816       554,188  
Series 2006-4, Class 3A3, 6.467%, 05-25-2036 (4)     221,689       190,434  
Series 2006-AR10, Class A2B, 3.504% (1 Month USD LIBOR + 0.420%), 12-25-2036 (2)     663,169       92,539  
Wells Fargo Alternative Loan Trust                
Series 2007-PA3, Class 1A4, 5.750%, 07-25-2037     306,254       253,710  
Series 2007-PA6, Class A1, 3.864%, 12-28-2037 (1)(a)     122,334       104,412  
Wells Fargo Mortgage Backed Securities Trust                
Series 2006-AR12, Class 2A1, 4.441%, 09-25-2036 (1)     89,825       85,828  
Series 2006-AR14, Class 2A3, 4.363%, 10-25-2036 (1)     77,403       72,676  
Series 2018-1, Class A1, 3.500%, 07-25-2047 (1)(3)     32,013       27,798  
21

 

Regan Total Return Income Fund 

SCHEDULE OF INVESTMENTS 

September 30, 2022

 

 

Series 2021-INV1, Class A2, 2.500%, 08-25-2051 (1)(3)   $ 88,694     $ 70,626  
Winwater Mortgage Loan Trust                
Series 2015-A, Class A3, 3.500%, 06-20-2045 (1)(3)     257,223       232,882  
Yale Mortgage Loan Trust                
Series 2007-1, Class A, 3.484% (1 Month USD LIBOR + 0.400%), 06-25-2037 (2)(3)     84,534       28,677  
                 
TOTAL MORTGAGE BACKED SECURITIES - NON-AGENCY                
(Cost $107,822,217)             97,565,759  
                 
MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY ― 2.1%                
FannieMae Grantor Trust                
Series 2004-T5, Class A13, 3.044%, 05-28-2035 (1)     1,012,578       952,071  
Series 2004-T5, Class AB7, 2.944%, 05-28-2035 (1)     395,119       357,480  
Series 2002-T4, Class A3, 7.500%, 12-25-2041     163,466       174,614  
Series 2002-T16, Class A4, 4.487%, 05-25-2042 (1)     23,816       23,261  
FannieMae Whole Loan                
Series 2002-W8, Class A2, 7.000%, 06-25-2042     168,057       177,798  
FHLMC Structured Pass Through Securities                
Series T-076, Class 2A, 1.949%, 10-25-2037 (1)     255,097       234,434  
Series T-042, Class A5, 7.500%, 02-25-2042     155,750       160,033  
Series T-063, Class 1A1, 2.059% (12 Month US Treasury Average + 1.200%), 02-25-2045 (2)(a)     75,179       71,661  
Freddie Mac                
Series 4076, Class QB, 1.750%, 11-15-2041     141,840       134,201  
Series 5020, Class HA, 1.000%, 08-25-2050     987,240       762,838  
Freddie Mac Whole Loan Securities Trust                
Series 2017-SC02, Class 2A, 3.500%, 05-25-2047     28,903       27,170  
Government National Mortgage Association                
Series 2011-43, Class ZQ, 5.500%, 01-16-2033     499,286       499,799  
Series 2016-51, Class BO, 04-20-2046 (6)     161,640       114,485  
Series 2016-H03, Class FB, 3.007% (1 Month USD LIBOR + 0.650%), 01-20-2066 (2)     51,842       51,501  
Series 2019-043, Class SQ, 3.036% (1 Month LIBOR USD + 6.050%), 04-20-2049 (2)(5)     3,369,684       194,781  
                 
TOTAL MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY                
(Cost $4,136,004)             3,936,127  
                 
MORTGAGE SECURED NOTE ― 0.4%                
KORTH DIRECT MORTGAGE                
Series B, 12.500%, 01-25-2027 (2)(3)(a)     800,000       800,000  
                 
TOTAL MORTGAGE SECURED NOTE                
(Cost $800,000)             800,000  
22

 

Regan Total Return Income Fund 

SCHEDULE OF INVESTMENTS 

September 30, 2022

 

 

SHORT TERM INVESTMENTS ― 14.9%            
MONEY MARKET FUNDS ― 0.8%            
First American Treasury Obligations Fund - 2.875% (b)   $ 1,561,961     $ 1,561,961  
                 
TOTAL MONEY MARKET FUNDS                
(cost $1,561,961)             1,561,961  
                 
US TREASURY BILLS ― 14.1%                
0%, 12-8-2022     1,500,000       1,491,801  
0%, 1-26-2023     10,000,000       9,892,183  
0%, 3-16-2023     10,000,000       9,832,766  
0%, 3-2-2023     5,000,000       4,923,104  
                 
TOTAL US TREASURY BILLS                
(cost $26,226,673)             26,139,854  
                 
TOTAL SHORT TERM INVESTMENTS                
(Cost $27,788,634)             27,701,815  
                 
TOTAL INVESTMENTS ― 98.6%                
(Cost $196,896,794)             183,061,406  
Other Assets in Excess of Liabilities ― 1.4%             2,569,217  
TOTAL NET ASSETS ― 100.0%           $ 185,630,623  

 


(1) Variable Rate Security. The Coupon is based on an underlying pool of loans and represents the rate in effect as of September 30, 2022.

(2) Floating Rate Security based on a reference index and spread. The rate reported is the rate in effect as of September 30, 2022.

(3) Restricted security deemed liquid. The total market value of these securities was $21,784,570 (11.74% of total net assets) as of September 30, 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 September 30, 2022.

(5) Interest only factor based debt instrument.

(6) Principal only factor based debt instrument.

(a) Value determined using unobservable inputs.

(b) The rate quoted is the annualized seven-day effective yield as of September 30, 2022.

 

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

23

 

 

Regan Total Return Income Fund 

STATEMENT OF ASSETS AND LIABILITIES 

September 30, 2022

 

 

Assets      
Investments, at value (cost $196,896,794)   $ 183,061,406  
Interest Receivable     855,519  
Receivable for capital shares sold     962,813  
Receivable for investments sold     649,167  
Receivable from Custody     341,554  
Other assets     52,444  
Total Assets     185,922,903  
         
Liabilities        
Payable for capital shares redeemed     16,634  
Payable for investments purchased     46,095  
Distribution fees - Investor Class     1,295  
Payable to Advisor     87,150  
Payable for professional fees     16,558  
Payable for administration and accounting     57,718  
Payable for directors fees     308  
Payable to custodian     4,987  
Payable for transfer agent fees     24,591  
Accrued Shareholder Servicing Fees     18,695  
Accrued expenses and other liabilities     18,249  
Total Liabilities     292,280  
         
Net Assets   $ 185,630,623  
         
Components of Net Assets        
Paid-in capital   $ 182,218,712  
Total distributable earnings     3,411,911  
Net Assets   $ 185,630,623  
         
Institutional Class:        
Net assets   $ 180,600,105  
Shares outstanding (unlimited number of shares authorized, no par value)     19,448,674  
Net asset value, offering and redemption price per share   $ 9.29  
         
Investor Class:        
Net assets   $ 5,030,518  
Shares outstanding (unlimited number of shares authorized, no par value)     537,604  
Net asset value, offering and redemption price per share   $ 9.36  

 

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

24

 

Regan Total Return Income Fund 

STATEMENT OF OPERATIONS 

For the Period Ended September 30, 2022

 

 

Investment Income

     
Interest income   $ 11,165,180  
         
Expenses        
Advisory fees     1,116,250  
Administration fees (Note 3)     207,051  
Shareholder servicing fees (Note 6)     121,631  
Transfer agent fees and expenses (Note 3)     98,092  
Registration fees     76,359  
Custody fees (Note 3)     28,302  
Legal fees     28,211  
Audit fees     22,575  
Trustees’ fees     17,170  
Shareholder reporting fees     13,543  
Compliance fees (Note 3)     12,001  
Miscellaneous expenses     6,989  
Distribution fees - Investor Class (Note 7)     5,809  
Insurance expense     5,780  
Total Expenses     1,759,763  
Expenses waived and reimbursed by the Adviser (Note 3)     (128,004 )
Net Expenses     1,631,759  
         
Net Investment Income     9,533,421  
         
Realized and Unrealized Gain (Loss) on Investments        
Net realized loss on Investments     (397,007 )
Change in unrealized appreciation/depreciation on investments     (13,120,688 )
Net Realized and Unrealized Loss on Investments     (13,517,695 )
         
Net decrease in Net Assets from Operations   $ (3,984,274 )

 

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

25

 

Regan Total Return Income Fund 

STATEMENTS OF CHANGES IN NET ASSETS

 

  

    Year Ended 
September 30, 2022
   

Year Ended 

September 30, 2021*

 
Operations            
Net investment income   $ 9,533,421     $ 1,796,779  
Net realized gain (loss) on investments     (397,007 )     278,131  
Change in unrealized appreciation/depreciation on investments     (13,120,688 )     (714,700 )
Net increase (decrease) in Net Assets from Operations     (3,984,274 )     1,360,210  
                 
Distributions to Shareholders                
From distributable earnings                
Institutional Class     (6,759,171 )     (1,538,444 )(1)
Investor Class     (141,976 )     (32,029 )(1)
Return of Capital                
Institutional Class     (3,094,686 )     (545,053 )(1)
Investor Class     (65,004 )     (11,348 )(1)
Total Distributions to Shareholders     (10,060,837 )     (2,126,874 )
                 
Capital Share Transactions                
Proceeds from shares sold                
Institutional Class     222,169,607       61,980,903  
Investor Class     7,584,807       795,977  
Proceeds from shares reinvested                
Institutional Class     8,084,876       1,876,695  
Investor Class     196,460       37,961  
Cost of shares redeemed                
Institutional Class     (88,176,330 )     (10,810,252 )
Investor Class     (3,282,123 )     (16,183 )
Net Increase in Net Assets from Capital Share Transactions     146,577,297       53,865,101  
                 
Total Increase in Net Assets     132,532,186       53,098,437  
                 
Net Assets                
Beginning of year     53,098,437        
End of year   $ 185,630,623     $ 53,098,437  

 

* 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.
26

 

Regan Total Return Income Fund 

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

 

 

    Year Ended 
September 30, 2022
   

Year Ended

September 30, 2021*

 
Capital Shares Transactions            
Institutional Class                
Shares Sold     22,601,401       5,944,500  
Shares reinvested     837,743       182,918  
Shares redeemed     (9,081,969 )     (1,035,919 )
Net increase in shares outstanding     14,357,175       5,091,499  
                 
Investor Class                
Shares Sold     765,762       76,600  
Shares reinvested     20,197       3,671  
Shares redeemed     (327,074 )     (1,552 )
Net increase in shares outstanding     458,885       78,719  

 

* The inception date of the Fund is October 1, 2020.

 

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

27

 

Regan Total Return Income Fund 

Financial Highlights 

Institutional Class

 

 

For a Capital Share Outstanding Throughout Each Year Presented:

 

   

For the Year 

Ended 

September 30, 2022 

   

For the Year 

Ended 

September 30, 2021 (1)

 
Net Asset Value, Beginning of Year   $ 10.27     $ 10.00  
                 
Gain from Investment Operations:                
Net investment income (2)     0.74       0.95  
Net realized and unrealized gain (loss) on investments     (0.89 )     0.49  
Total Gain from Investment Operations     (0.15 )     1.44  
                 
Less Distributions:                
From net investment income     (0.45 )     (0.82 )(3)
From net realized gain on investments     (0.02 )     (0.06 )
From return of capital     (0.36 )     (0.29 )(3)
Total Distributions     (0.83 )     (1.17 )
Net Asset Value, End of Year   $ 9.29     $ 10.27  
                 
Total Return     (1.65 )%     14.96 %
                 
Supplemental Data and Ratios:                
Net assets, end of year (in thousands)   $ 180,600     $ 52,283  
Ratio of expenses to average net assets                
Before fees waived and reimbursed by the Adviser     1.40 %     2.56 %
After fees waived and reimbursed by the Adviser     1.30 %     1.28 %
Ratio of net investment income to average net assets                
After fees waived and reimbursed by the Adviser     7.61 %     9.15 %
Portfolio turnover rate     62.88 %     88.09 %

 


(1) Inception date of the Fund was October 1, 2020.

(2) Per share amounts have been calculated using the average shares method.

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

 

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

28

 

Regan Total Return Income Fund 

Financial Highlights 

Investor Class

 

  

For a Capital Share Outstanding Throughout Each Year Presented:

 

   

For the Year

Ended September 30,

2022

   

For the Year

Ended September 30,

2021 (1)

 
Net Asset Value, Beginning of Year   $ 10.36     $ 10.00  
                 
Gain from Investment Operations:     0.72       1.03  
Net investment income (2)                
Net realized and unrealized gain (loss) on investments     (0.90 )     0.41  
Total Gain from Investment Operations     (0.18 )     1.44  
                 
Less Distributions:                
From net investment income     (0.44 )     (0.75 )(3)
From net realized gain on investments     (0.02 )     (0.06 )
From return of capital     (0.36 )     (0.27 )(3)
Total distributions     (0.82 )     (1.08 )
Net Asset Value, End of Year   $ 9.36     $ 10.36  
                 
Total Return     (1.91 )%     14.72 %
                 
Supplemental Data and Ratios:                
Net assets, end of year (in thousands)   $ 5,031     $ 816  
Ratio of expenses to average net assets                
Before fees waived and reimbursed by the Adviser     1.67 %     5.23 %
After fees waived and reimbursed by the Adviser     1.54 %     1.53 %
Ratio of net investment income to average net assets                
After fees waived and reimbursed by the Adviser     7.36 %     9.89 %
Portfolio turnover rate     62.88 %     88.09 %

 


(1) Inception date of the Fund was October 1, 2020.

(2) Per share amounts have been calculated using the average shares method.

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

 

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

29

 

Regan Total Return Income Fund 

Notes to Financial Statements 

September 30, 2022

 

 

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. 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 - 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.

30

 

Regan Total Return Income Fund 

Notes to Financial Statements 

September 30, 2022

 

 

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

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.

 

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, 2022:

  

Description   Level 1     Level 2     Level 3     Total  
Assets                        
Asset Backed Securities   $     $ 52,741,622     $ 316,083     $ 53,057,705  
Mortgage Backed Securities – Non-Agency           94,923,370       2,642,389       97,565,759  
Mortgage Backed Securities – Agency           3,864,466       71,661       3,936,127  
Mortgage Secured Note                 800,000       800,000  
Short Term Investments     1,561,961       26,139,854             27,701,815  
Total   $ 1,561,961     $ 177,669,312     $ 3,830,133     $ 183,061,406  

31

 

Regan Total Return Income Fund 

Notes to Financial Statements 

September 30, 2022

 

 

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

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.

 

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 Backed 

Securities – 

Agency 

   

Mortgage 

Secured Note 

 
Balance at September 30, 2021   $ 633,740     $ 929,692     $     $  
Purchased     1,056,536       3,313,506       73,566       800,000  
Accrued discounts/premiums     81,925       69,854              
Sale/Paydown Proceeds     (291,290 )     (850,585 )     (1,998 )      
Realized Gain (Loss)     34,122       38,543       93        
Change in unrealized Appreciation (depreciation)     (213,794 )     (86,489 )            
Transfers from Level 3(1)     (985,156 )     (772,132 )            
Balance at September 30, 2022   $ 316,083     $ 2,642,389     $ 71,661     $ 800,000  

 

(1) 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 Adviser believes that the value from the pricing service represents the fair value of each security for which the transfer occurred.
32

 

Regan Total Return Income Fund 

Notes to Financial Statements 

September 30, 2022

 

 

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

The change in unrealized appreciation/(depreciation) for Level 3 securities still held at September 30, 2022 was $(46,816).

 

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

 

Regan Total Return Income Fund

 

   

Value at 

September 30, 2022 

 

Valuation 

Technique(s) 

Asset Backed Securities   $ 316,083     Acquisition Cost
Mortgage Backed Securities – Agency   $ 71,661     Acquisition Cost
Mortgage Backed Securities – Non-Agency   $ 2,642,389     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 records security transactions based on trade date. Realized gains and losses on sales of securities are calculated by comparing the original cost of the specifically identified security lot sold with the net sales proceeds. Dividend income is recognized on the ex-dividend date, and interest income is recognized on an accrual basis. 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. 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.

 

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.

33

 

Regan Total Return Income Fund 

Notes to Financial Statements 

September 30, 2022

 

  

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (Continued) 

 

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, 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.

 

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.

 

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 September 30, 2022, the Fund incurred the following expenses for administration and fund accounting, compliance, custody and transfer agency fees:

 

Administration and Fund Accounting   $ 207,051  
Compliance Service     12,001  
Custody     28,302  
Transfer Agency     98,092  
34

 

Regan Total Return Income Fund 

Notes to Financial Statements 

September 30, 2022

 

 

NOTE 3 – INVESTMENT MANAGEMENT AGREEMENT AND OTHER RELATED PARTY TRANSACTIONS (Continued)

 

At September 30, 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   128,004   September 30, 2025

 

At September 30, 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   $57,718
Compliance Services   3,003
Custody   4,987
Transfer Agency   24,591

 

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 $17,170 for their services and reimbursement of travel expenses during the period ended September 30, 2022. 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, 2022, were as follows:

 

      Non-Government   Government
Purchases     $ 177,309,190     $ 4,406,915  
Sales     $ 62,635,532     $ 357,896  
35

 

Regan Total Return Income Fund 

Notes to Financial Statements 

September 30, 2022

 

 

NOTE 5 – FEDERAL INCOME TAX INFORMATION

 

At September 30, 2022, the components of distributable earnings for income tax purposes were as follows:

 

Regan Total Return Income Fund

 

Cost of investments   $   179,990,775  
Gross unrealized appreciation     17,060,835  
Gross unrealized depreciation     (13,990,204 )
Net unrealized appreciation on investments     3,070,631  
         
Undistributed ordinary income     509,073  
Undistributed long-term capital gains      
Distributable earnings     509,073  
Other book/tax temporary differences     (167,793 )
Total distributable earnings   $ 3,411,911  

 

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.

 

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, 2022, the following table shows the reclassifications made:

 

 

Total 

Distributable 

Earnings 

 

Paid-In 

Capital 

Regan Total Return Income Fund $  15,063,997   $  (15,063,997)

 

The following table summarizes the characteristics of distributions paid during the years ended September 30, 2022 and September 30, 2021:

 

Regan Total Return Income Fund

 
    Income     Long Term Capital Gains     Return of Capital     Total Distributions  
September 30, 2022   $ 6,901,147     $     $ 3,159,690     $ 10,060,837  
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.
36

 

Regan Total Return Income Fund 

Notes to Financial Statements 

September 30, 2022

 

 

NOTE 5 – FEDERAL INCOME TAX INFORMATION (Continued)

 

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, 2022, the Fund had no late-year or post-October losses.

 

At September 30, 2022, the Fund had 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. Pursuant to the Internal Revenue Code, the character of such capital loss carryforwards is as follows:

  

Not Subject to Expiration
Short Term Long Term Total
$130,915 $36,878 $167,793

 

The Fund did not utilize any capital loss carryforwards at September 30, 2022.

 

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, 2022, class specific Shareholder Servicing fees were as follows:

 

Institutional Class $119,386 Investor Class $2,245

 

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 September 30, 2022, distribution fees incurred are disclosed on the Statement of Operations.

37

 

Regan Total Return Income Fund 

Notes to Financial Statements 

September 30, 2022

 

 

NOTE 7 – DISTRIBUTION PLAN (Continued) 

 

For the year ended September 30, 2022, class specific Distribution fees were as follows:

 

  Investor Class $5,809

 

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. Loan activity for the year ended September 30, 2022 was as follows:

 

Maximum Available Credit   $ 15,000,000  
Largest Amount Outstanding on an Individual Day   $ 7,511,000  
Average Daily Loan Outstanding   $ 1,790,857  
Interest Expense – 7 days   $ 2,109  
Loan Outstanding as of September 30, 2022   $  
Average Interest Rate     6.04 %

 

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.

38

 

Regan Total Return Income Fund 

Notes to Financial Statements 

September 30, 2022

 

 

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.

39

 

Regan Total Return Income Fund 

Notes to Financial Statements 

September 30, 2022

 

 

NOTE 12 – PRINCIPAL RISKS (Continued)

 

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.

 

NOTE 13 – CONTROL OWNERSHIP

 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumption of control of the fund under 2(a)(9) of the 1940 Act. As of September 30, 2022, Charles Schwab & Co., Inc. held approximately 45%, in aggregate for the benefit of others, of the outstanding shares of the Fund.

40

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Board of Trustees of Trust for Advised Portfolios
and the Shareholders of Regan Total Return Income Fund

 

Opinion on the Financial Statements 

We have audited the accompanying statement of assets and liabilities of Regan Total Return Income Fund, a series of shares of beneficial interest in Trust for Advised Portfolios (the “Fund”), including the schedule of investments, as of September 30, 2022, and the related statement of operations for the year then ended and the statements of changes in net assets and the financial highlights for the year then ended and for period October 1, 2020 (commencement of operations) through September 30, 2021, 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, 2022, and the results of its operations for the year then ended and the changes in its net assets and its financial highlights for the year then ended and for the period October 1, 2020 through September 30, 2021, in conformity with accounting principles generally accepted in the United States of America

 

Basis for Opinion 

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

 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

41

Our audits included performing procedures to assess the risk 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, 2022 by correspondence with the custodian and brokers. 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.

 

 

BBD, LLP

 

We have served as the auditor of one or more of the Funds in the Trust for Advised Portfolios since 2010.

 

Philadelphia, Pennsylvania
December 2, 2022

42

 

Regan Total Return Income Fund 

Approval of Investment Advisory Agreement (Unaudited) 

September 30, 2022

 

 

At a meeting held on August 25 and 26, 2022, the Board of Trustees (the “Board”) of Trust for Advised Portfolios (the “Trust”), including all the Trustees who are not “interested persons” of the Trust (“Independent Trustees”), as that term is defined in the Investment Company Act of 1940, considered and approved the investment advisory agreement (“Advisory Agreement”) with Regan Capital, LLC (“Adviser”) for the Regan Total Return Income Fund (“Fund”).

 

Ahead of the August meeting, the Board received and reviewed substantial information regarding the Fund, the Adviser and the services provided by the Adviser to the Fund under the Advisory Agreement. This information formed the primary (but not exclusive) basis for the Board’s determinations. The information prepared specifically for the annual review of the Advisory Agreement supplemented the information provided to the Board and its committees throughout the year. The Board and its committees met regularly during the year and the information provided and topics discussed at such meetings were relevant to the review of the Advisory Agreement. Some of these reports and other data included, among other things, materials that outlined the investment performance of the Fund; compliance, regulatory, and risk management matters; the trading practices of the Adviser; valuation of investments; fund expenses; and overall market and regulatory developments. The Trustees considered the review of the Advisory Agreement to be an ongoing process and employed the accumulated information, knowledge, and experience they had gained during their tenure on the Board governing the Fund and working with the Adviser in their review of the Advisory Agreement. The Independent Trustees were advised by independent legal counsel during the annual review process as well as throughout the year, including meeting in executive sessions with such counsel without representatives from the Adviser present. In connection with their annual review, the Independent Trustees also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreement.

 

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

 


In considering the nature, extent and quality of the services provided by the Adviser, the Trustees considered the Adviser’s specific responsibilities in all aspects of the day-to-day management of the Fund, as well as the qualifications, experience and responsibilities of the portfolio managers and other key personnel who are involved in the day-to-day activities of the Fund. The Board also considered the Adviser’s resources and compliance structure, including information regarding its compliance program, chief compliance officer, and compliance record, and its disaster recovery/business continuity plan. The Board also considered the existing relationship between the Adviser and the Trust, as well as the Board’s knowledge of the Adviser’s operations, and noted that during the course of the year it met with representatives of the Adviser to discuss Fund performance and investment outlook, as well as various marketing and compliance topics, including the Adviser’s risk management process. The Board concluded that the Adviser had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Advisory Agreement and that, in the Board’s view, the nature, overall quality, and extent of the management services provided were and would continue to be satisfactory and reliable.
43


In assessing the quality of the portfolio management delivered by the Adviser, the Board reviewed the performance of the Fund on both an absolute basis and in comparison to its peer group, relevant benchmark index, and a comparable composite of accounts managed by the Adviser. The Board considered that the Fund had outperformed relative to its peer group average/median for the year-to-date and one-year period as of June 30, 2022. The Board also considered the Fund had underperformed relative its benchmark and the Adviser’s composite for the one-year period.

 


The Trustees also reviewed the cost of the services, and the structure and level of advisory fees payable by the Fund, including a comparison of the fee to fees payable by a peer group of funds. The Board noted that the Fund’s advisory fee and net expense ratio was higher than its peer group median/average but still within. After reviewing the materials that were provided, the Trustees noted that the fee to be received by the Adviser was within the range of advisory fees charged to comparable funds and concluded that such fee was fair and reasonable.

 


The Trustees considered whether, based on the asset size of the Fund, economies of scale had been achieved. The Board also considered the Adviser’s commitment to maintain its caps on Fund expenses. The Trustees concluded that they will have the opportunity to periodically reexamine whether economies of scale have been achieved.

 


The Trustees considered the profitability of the Adviser from managing the Fund. In assessing the Adviser’s profitability, the Trustees reviewed the Adviser’s financial information that was provided in the materials and took into account both the direct and indirect benefits to The Adviser from managing the Fund. The Trustees concluded that the Adviser’s profits from managing the Fund were not excessive and, after a review of the relevant financial information, that the Adviser appeared to have adequate capitalization and/or would maintain adequate profit levels to support the Fund.
44

 

Regan Total Return Income Fund 

Additional Information (Unaudited) 

September 30, 2022

 

 

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.

 

Tax Information 

For the fiscal period ended September 30, 2022, 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 June 30, 2021, 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 0.00%

 

Statement Regarding Liquidity Risk Management Program 

The Fund has adopted a liquidity risk management program. The Fund’s Board has designated the Operational Risk Committee (“Committee”) of the Adviser to serve as the administrator of the program. The Committee conducts the day-to-day operation of the program pursuant to policies and procedures administered by the Committee.

 

Under the program, the Committee manages the Fund’s liquidity risk, which is the risk that the Fund could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the Fund. This risk is managed by monitoring the degree of liquidity of the Fund’s investments, limiting the amount of the Fund’s illiquid investments, and utilizing various risk management tools and facilities available to the Fund for meeting shareholder redemptions, among other means. The Committee’s process of determining the degree of liquidity of the Fund’s investments is supported by one or more third-party liquidity assessment vendors.


The Fund’s Board reviewed a report prepared by the committee regarding the operation and effectiveness of the program for the period January 1, 2021 through December 31, 2021. No liquidity events impacting the Fund were noted in the report. In addition, the committee provided its assessment that the program had been effective in managing the Fund’s liquidity risk.
45

 

Regan Total Return Income Fund 

Trustees and Officer Information (Unaudited)

 

 

 

Name, Address and
Age
  Position(s)
Held with
Trust
  Term of
Office(1) and
Length of Time
Served
  Principal Occupation(s)
During Past 5 Years
  Number of
Portfolios in
Fund
Complex(2)
Overseen by
Trustee
  Other
Directorships(3)
Held During
Past 5 Years by
Trustee
Independent Trustees(4)    
Harry E. Resis
615 E. Michigan Street
Milwaukee, WI 53202
Year of birth: 1945
  Trustee   Since 2012   Private investor. Previously served as Director of US Fixed Income for Henderson Global Investors   1   None
Brian S. Ferrie
615 E. Michigan Street
Milwaukee, WI 53202
Year of birth: 1958
  Trustee   Since 2020   Chief Compliance Officer, Treasurer, The Jensen Quality Growth Fund (2004 to 2020); Treasurer, Jensen Investment Management (2003 to 2020)   1   None
Wan-Chong Kung
615 E. Michigan Street
Milwaukee, WI 53202
Year of birth: 1960
  Trustee   Since 2020   Senior Fund Manager, Nuveen Asset Management (FAF Advisors/First American Funds) (2011 to 2019)   1   None
Interested Trustee(5)    
Christopher E. Kashmerick
615 E. Michigan Street
Milwaukee, WI 53202
Year of birth: 1974
  Trustee and Chairman    Since 2018   Senior Vice President, U.S. Bancorp Fund Services, LLC (2011 to present)   1   None

 

Name, Address and
Age
  Position(s)
Held with
Trust
  Term of
Office(1) and
Length of Time
Served 
  Principal Occupation(s)
During Past 5 Years
Officers            
Jack Huntington
615 E. Michigan Street
Milwaukee, WI 53202
Year of birth: 1966
  Chief Compliance Officer
and AML Officer
  Since 2022   Vice President, U.S. Bancorp Fund Services, LLC (2022 to present); Director and Fund Chief Compliance Officer, Foreside Fund Officer Services, LLC (2015 to 2022)
Russell B. Simon
615 E. Michigan Street
Milwaukee, WI 53202
Year of birth: 1980
  President and Principal
Executive Officer
  Since 2022   Vice President, U.S, Bancorp Fund Services, LLC (2011 to present)
Eric T. McCormick
615 E. Michigan Street
Milwaukee, WI 53202
Year of birth: 1980
  Treasurer and Principal
Financial Officer
  Since 2022   Vice President, U.S, Bancorp Fund Services, LLC (2005 to present)
 
46

 

 

Name, Address and
Age
  Position(s)
Held with
Trust
  Term of
Office(1) and
Length of Time
Served 
  Principal Occupation(s)
During Past 5 Years
Officers (Continued)            
Scott A. Resnick
615 E. Michigan Street
Milwaukee, WI 53202
Year of birth: 1980
  Secretary   Since 2019   Assistant Vice President, U.S. Bancorp Fund Services, LLC (2018 to present); Associate, Legal & Compliance, PIMCO (2012 to 2018)

 

(1) Each Trustee serves an indefinite term; however, under the terms of the Board’s retirement policy, a Trustee shall retire at the end of the calendar year in which he or she reaches the age of 75 (this policy does not apply to any Trustee serving at the time the policy was adopted). Each officer serves an indefinite term until the election of a successor.

 

(2) The Trust is comprised of numerous series managed by unaffiliated investment advisers. The term “Fund Complex” applies only to the Funds.

 

The Funds do not hold themselves out as related to any other series within the Trust for purposes of investment and investor services, nor do they share the same investment advisor with any other series.

 

(3) “Other Directorships Held” includes only directorships of companies required to register or file reports with the SEC under the Securities Exchange Act of 1934, as amended, (that is, “public companies”) or other investment companies registered under the 1940 Act.

 

(4) The Trustees of the Trust who are not “interested persons” of the Trust as defined under the 1940 Act (“Independent Trustees”).

 

(5) Mr. Kashmerick is an “interested person” of the Trust as defined by the 1940 Act. Mr. Kashmerick is an interested Trustee of the Trust by virtue of the fact that he is an interested person of U.S. Bancorp Fund Services, LLC, the Fund’s administrator, fund accountant, and transfer agent.

 

The Fund’s Statement of Additional Information (“SAI”) includes information about the Fund’s Trustees and is available without charge, upon request, by calling 1-888-44-REGAN (1-888-447-3426).

47

PRIVACY NOTICE

 

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.

48

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.

Item 2. Code of Ethics.

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.

Item 3. Audit Committee Financial Expert.

The registrant’s board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee.  Harry E. Resis and Brian Ferrie are “audit committee financial experts” and are considered to be “independent” as each term is defined in Item 3 of Form N‑CSR.

Item 4. Principal Accountant Fees and Services.

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.

 
FYE  09/30/2022
FYE  09/30/2021
( a ) Audit Fees
$17,850
$17,500
( b ) Audit-Related Fees
None
None
( c ) Tax Fees
$3,100
$3,100
( d ) All Other Fees
None
None

(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 the principal accountant applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

 
FYE  09/30/2022
FYE  09/30/2021
Audit-Related Fees
0%
0%
Tax Fees
0%
0%
All Other Fees
0%
0%

(f) All of the principal accountant’s hours spent on auditing the registrant’s financial statements were attributed to work performed by full‑time permanent employees of the principal accountant.

(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  9/30/2022
FYE  09/30/2021
Registrant
$3,100
$3,100
Registrant’s Investment Adviser
N/A
N/A

(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

Item 5. Audit Committee of Listed Registrants.

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

Item 6. Investments.

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

(b)
Not Applicable
 
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed‑End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

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

Item 11. Controls and Procedures.

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

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

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 13. Exhibits.



(3) 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.

(4) Change in the registrant’s independent public accountant.  There was no change in the registrant’s independent public accountant for the period covered by this report.



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.


Trust for Advised Portfolios 


By  /s/  Russell B. Simon                                                                
                    Russell B. Simon, President

Date        12/8/2022                                                                                       


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

Date       12/8/2022                                                                                        
 

By  /s/  Eric T. McCormick                                                                     
                    Eric T. McCormick, Treasurer


Date         12/7/2022                                                                                       


ATTACHMENTS / EXHIBITS

CODE OF ETHICS

OFFICER CERTIFICATIONS

SARBANES-OXLEY ACT



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