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

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 1^st, 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%

0.31%

0.21%

-1.22%

-2.92%

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.

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.

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.

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.

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.

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.

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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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.

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.

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.

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.

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.

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⁾

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

Regan Total Return Income Fund

Financial Highlights

Investor Class

For a Capital Share Outstanding Throughout Each 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⁾

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

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.

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

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.

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.

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

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

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.

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.

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.

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.

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.

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.

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

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.

●

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.

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.

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)

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).

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.

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, 3^rd 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.

(a)	(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Filed herewith

(2) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(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.

(b)	Certifications pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002. Furnished herewith.

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