Regan
Floating
Rate
MBS
ETF
Schedule
of
Investments
April
30,
2025
(Unaudited)
1
COLLATERALIZED
MORTGAGE
OBLIGATIONS
92.33%
(a)
Principal
Amount
Fair
Value
Fannie
Mae
REMIC,
Series
53,
Class
FY,
4.97%,
8/25/2032
$
43,271‌
$
43,217‌
Fannie
Mae
REMIC,
Series
68,
Class
FB,
4.97%,
10/25/2032
34,528‌
34,397‌
Fannie
Mae
REMIC,
Series
64,
Class
FS,
5.85%,
7/25/2033
40,328‌
40,979‌
Fannie
Mae
REMIC,
Series
69,
Class
NF,
5.95%,
7/25/2033
192,128‌
195,805‌
Fannie
Mae
REMIC,
Series
81,
Class
FE,
4.97%,
9/25/2033
56,066‌
55,918‌
Fannie
Mae
REMIC,
Series
38,
Class
FK,
4.82%,
5/25/2034
172,736‌
171,790‌
Fannie
Mae
REMIC,
Series
40,
Class
FY,
4.92%,
5/25/2034
914,674‌
910,694‌
Fannie
Mae
REMIC,
Series
25,
Class
PF,
4.82%,
4/25/2035
87,838‌
86,851‌
Fannie
Mae
REMIC,
Series
45,
Class
XA,
4.81%,
6/25/2035
238,595‌
236,529‌
Fannie
Mae
REMIC,
Series
106,
Class
PF,
4.82%,
12/25/2035
360,768‌
353,284‌
Fannie
Mae
REMIC,
Series
20,
Class
GF,
4.82%,
4/25/2036
83,301‌
82,659‌
Fannie
Mae
REMIC,
Series
45,
Class
FM,
4.87%,
6/25/2036
108,007‌
107,309‌
Fannie
Mae
REMIC,
Series
62,
Class
FP,
4.72%,
7/25/2036
348,034‌
345,751‌
Fannie
Mae
REMIC,
Series
101,
Class
FC,
4.77%,
7/25/2036
50,486‌
49,858‌
Fannie
Mae
REMIC,
Series
101,
Class
FD,
4.77%,
7/25/2036
34,213‌
33,757‌
Fannie
Mae
REMIC,
Series
81,
Class
FB,
4.82%,
9/25/2036
714,337‌
706,643‌
Fannie
Mae
REMIC,
Series
88,
Class
AF,
4.93%,
9/25/2036
110,133‌
109,077‌
Fannie
Mae
REMIC,
Series
86,
Class
CF,
5.67%,
9/25/2036
62,738‌
63,358‌
Fannie
Mae
REMIC,
Series
101,
Class
FA,
4.89%,
10/25/2036
849,431‌
840,358‌
Fannie
Mae
REMIC,
Series
104,
Class
FC,
4.72%,
11/25/2036
186,874‌
185,180‌
Fannie
Mae
REMIC,
Series
108,
Class
FB,
4.77%,
11/25/2036
411,059‌
408,781‌
Fannie
Mae
REMIC,
Series
104,
Class
FD,
4.83%,
11/25/2036
144‌
143‌
Fannie
Mae
REMIC,
Series
92,
Class
OF,
5.04%,
9/25/2037
108,731‌
107,943‌
Fannie
Mae
REMIC,
Series
102,
Class
FA,
5.04%,
11/25/2037
55,108‌
54,756‌
Fannie
Mae
REMIC,
Series
117,
Class
FM,
5.17%,
1/25/2038
165,336‌
164,200‌
Fannie
Mae
REMIC,
Series
117,
Class
MF,
5.17%,
1/25/2038
115,705‌
114,878‌
Fannie
Mae
REMIC,
Series
7,
Class
FA,
4.92%,
2/25/2038
222,084‌
221,527‌
Fannie
Mae
REMIC,
Series
24,
Class
PF,
5.12%,
2/25/2038
18,842‌
18,842‌
Fannie
Mae
REMIC,
Series
12,
Class
FA,
5.14%,
3/25/2038
63,017‌
62,880‌
Fannie
Mae
REMIC,
Series
16,
Class
KF,
5.27%,
3/25/2038
111,197‌
110,675‌
Fannie
Mae
REMIC,
Series
68,
Class
FC,
5.44%,
8/25/2038
884,788‌
892,148‌
Fannie
Mae
REMIC,
Series
46,
Class
FC,
5.17%,
6/25/2039
266,450‌
266,043‌
Fannie
Mae
REMIC,
Series
46,
Class
FA,
5.17%,
6/25/2039
283,589‌
283,078‌
Fannie
Mae
REMIC,
Series
72,
Class
JF,
5.22%,
9/25/2039
284,766‌
284,683‌
Fannie
Mae
REMIC,
Series
38,
Class
FC,
5.02%,
6/25/2040
848,879‌
846,251‌
Fannie
Mae
REMIC,
Series
58,
Class
FY,
5.20%,
6/25/2040
70,850‌
70,779‌
Fannie
Mae
REMIC,
Series
2010-141
FB,
4.94%,
12/25/2040
1,222,425‌
1,212,271‌
Fannie
Mae
REMIC,
Series
41,
Class
FK,
4.89%,
5/25/2041
202,211‌
200,862‌
Fannie
Mae
REMIC,
Series
55,
Class
FJ,
4.91%,
6/25/2041
583,639‌
579,963‌
Fannie
Mae
REMIC,
Series
118,
Class
FB,
4.92%,
11/25/2041
414,011‌
412,467‌
Fannie
Mae
REMIC,
Series
149,
Class
MF,
4.97%,
11/25/2041
49,090‌
48,932‌
Fannie
Mae
REMIC,
Series
19,
Class
JF,
5.02%,
3/25/2042
67,053‌
66,428‌
Fannie
Mae
REMIC,
Series
70,
Class
FA,
4.92%,
7/25/2042
853,173‌
841,968‌
Fannie
Mae
REMIC,
Series
116,
Class
FP,
4.72%,
10/25/2042
81,180‌
79,603‌
Fannie
Mae
REMIC,
Series
122,
Class
FM,
4.87%,
11/25/2042
1,221,876‌
1,197,309‌
Fannie
Mae
REMIC,
Series
10,
Class
FA,
4.82%,
2/25/2043
146,575‌
142,996‌
Regan
Floating
Rate
MBS
ETF
Schedule
of
Investments
(continued)
April
30,
2025
(Unaudited)
2
COLLATERALIZED
MORTGAGE
OBLIGATIONS
92.33%
-
continued
Principal
Amount
Fair
Value
Fannie
Mae
REMIC,
Series
10,
Class
FB,
4.82%,
2/25/2043
$
191,592‌
$
186,949‌
Fannie
Mae
REMIC,
Series
92,
Class
FA,
5.02%,
9/25/2043
304,163‌
299,463‌
Fannie
Mae
REMIC,
Series
118,
Class
FB,
4.99%,
12/25/2043
153,625‌
151,073‌
Fannie
Mae
REMIC,
Series
10,
Class
KF,
4.92%,
3/25/2044
165,760‌
163,140‌
Fannie
Mae
REMIC,
Series
79,
Class
FE,
4.72%,
11/25/2045
88,706‌
87,448‌
Fannie
Mae
REMIC,
Series
2,
Class
FB,
4.87%,
2/25/2046
143,699‌
142,184‌
Fannie
Mae
REMIC,
Series
10,
Class
FA,
4.82%,
3/25/2046
486,256‌
481,429‌
Fannie
Mae
REMIC,
Series
25,
Class
FL,
4.97%,
5/25/2046
1,218,360‌
1,196,862‌
Fannie
Mae
REMIC,
Series
81,
Class
FA,
4.82%,
11/25/2046
542,734‌
537,512‌
Fannie
Mae
REMIC,
Series
91,
Class
AF,
4.87%,
12/25/2046
56,731‌
56,119‌
Fannie
Mae
REMIC,
Series
106,
Class
EF,
4.97%,
1/25/2047
1,951,466‌
1,914,123‌
Fannie
Mae
REMIC,
Series
79,
Class
FB,
4.72%,
10/25/2047
652,874‌
650,176‌
Fannie
Mae
REMIC,
Series
42,
Class
FD,
4.72%,
6/25/2048
463,303‌
452,466‌
Fannie
Mae
REMIC,
Series
36,
Class
FD,
4.72%,
6/25/2048
133,773‌
131,950‌
Fannie
Mae
REMIC,
Series
15,
Class
FA,
4.97%,
4/25/2049
272,310‌
265,322‌
Fannie
Mae
REMIC,
Series
38,
Class
FA,
4.92%,
7/25/2049
5,304,082‌
5,154,173‌
Fannie
Mae
REMIC,
Series
33,
Class
FB,
4.92%,
7/25/2049
294,602‌
286,452‌
Fannie
Mae
REMIC,
Series
38,
Class
CF,
4.92%,
7/25/2049
1,249,574‌
1,217,333‌
Fannie
Mae
REMIC,
Series
43,
Class
FD,
4.87%,
8/25/2049
669,982‌
655,340‌
Fannie
Mae
REMIC,
4.92%,
10/25/2049
1,035,157‌
1,014,159‌
Fannie
Mae
REMIC,
Series
67,
Class
FB,
4.92%,
11/25/2049
186,409‌
182,594‌
Fannie
Mae
REMIC,
Series
61,
Class
AF,
4.97%,
11/25/2049
4,850,152‌
4,739,524‌
Fannie
Mae
REMIC,
Series
81,
Class
QF,
4.97%,
12/25/2049
2,236,245‌
2,176,218‌
Fannie
Mae
REMIC,
Series
76,
Class
FA,
4.97%,
12/25/2049
128,037‌
124,448‌
Fannie
Mae
REMIC,
Series
37,
Class
FH,
4.87%,
1/25/2050
800,309‌
784,239‌
Fannie
Mae
REMIC,
Series
81,
Class
FJ,
4.97%,
1/25/2050
1,377,643‌
1,339,206‌
Fannie
Mae
REMIC,
Series
79,
Class
FA,
4.97%,
1/25/2050
471,715‌
459,076‌
Fannie
Mae
REMIC,
Series
12,
Class
FL,
4.92%,
3/25/2050
727,284‌
702,810‌
Fannie
Mae
REMIC,
Series
10,
Class
FE,
4.97%,
3/25/2050
5,998,720‌
5,833,998‌
Fannie
Mae
REMIC,
Series
36,
Class
FH,
4.92%,
6/25/2050
2,196,873‌
2,115,159‌
Fannie
Mae
REMIC,
Series
54,
Class
WF,
4.28%,
8/25/2050
436,798‌
424,673‌
Fannie
Mae
REMIC,
Series
37,
Class
FG,
4.77%,
8/25/2050
311,122‌
302,794‌
Fannie
Mae
REMIC,
Series
41,
Class
GF,
4.97%,
3/25/2053
4,179,849‌
4,142,780‌
Fannie
Mae
REMIC,
Series
4,
Class
FB,
5.00%,
3/25/2053
1,683,128‌
1,660,748‌
Fannie
Mae
REMIC,
Series
40,
Class
FA,
5.50%,
3/25/2054
613,807‌
609,182‌
Fannie
Mae
REMIC,
Series
96,
Class
FB,
5.75%,
12/25/2054
1,502,030‌
1,495,969‌
Fannie
Mae
REMIC,
Series
104,
Class
FA,
5.40%,
1/25/2055
96,330‌
95,965‌
Fannie
Mae
REMIC,
Series
103,
Class
FH,
5.60%,
1/25/2055
982,276‌
978,276‌
Fannie
Mae
REMIC,
Series
10,
Class
FB,
5.20%,
2/25/2055
191,934‌
187,559‌
Fannie
Mae
REMIC,
Series
41,
Class
FG,
4.97%,
8/25/2059
728,458‌
713,097‌
Freddie
Mac
REMIC,
Series
2481,
Class
FE,
5.46%,
3/15/2032
47,607‌
48,027‌
Freddie
Mac
REMIC,
Series
3969,
Class
AF,
4.91%,
10/15/2033
754,295‌
750,097‌
Freddie
Mac
REMIC,
Series
2733,
Class
FB,
5.06%,
10/15/2033
42,875‌
42,940‌
Freddie
Mac
REMIC,
Series
3305,
Class
BF,
4.78%,
7/15/2034
278,149‌
274,880‌
Freddie
Mac
REMIC,
Series
3067,
Class
FA,
4.81%,
11/15/2035
811,840‌
802,574‌
Freddie
Mac
REMIC,
Series
3153,
Class
FX,
4.81%,
5/15/2036
121,615‌
120,739‌
Freddie
Mac
REMIC,
Series
3155,
Class
PF,
4.81%,
5/15/2036
761,326‌
753,644‌
Regan
Floating
Rate
MBS
ETF
Schedule
of
Investments
(continued)
April
30,
2025
(Unaudited)
3
COLLATERALIZED
MORTGAGE
OBLIGATIONS
92.33%
-
continued
Principal
Amount
Fair
Value
Freddie
Mac
REMIC,
Series
3153,
Class
EF,
4.87%,
5/15/2036
$
106,093‌
$
105,488‌
Freddie
Mac
REMIC,
Series
3222,
Class
KF,
4.86%,
9/15/2036
206,804‌
204,537‌
Freddie
Mac
REMIC,
Series
3210,
Class
FA,
4.86%,
9/15/2036
299,913‌
296,523‌
Freddie
Mac
REMIC,
Series
3361,
Class
AF,
4.81%,
11/15/2036
55,239‌
54,797‌
Freddie
Mac
REMIC,
Series
3281,
Class
AF,
4.78%,
2/15/2037
157,495‌
155,884‌
Freddie
Mac
REMIC,
Series
3284,
Class
CF,
4.83%,
3/15/2037
232,912‌
230,510‌
Freddie
Mac
REMIC,
Series
3309,
Class
FG,
4.89%,
4/15/2037
92,485‌
91,662‌
Freddie
Mac
REMIC,
Series
3318,
Class
F,
4.71%,
5/15/2037
14,665‌
14,501‌
Freddie
Mac
REMIC,
Series
3361,
Class
LF,
5.01%,
8/15/2037
167,141‌
166,618‌
Freddie
Mac
REMIC,
Series
4276,
Class
FA,
4.96%,
9/15/2037
287,983‌
285,751‌
Freddie
Mac
REMIC,
Series
3371,
Class
FA,
5.06%,
9/15/2037
83,546‌
83,396‌
Freddie
Mac
REMIC,
Series
4832,
Class
FW,
4.82%,
4/15/2038
555,919‌
548,421‌
Freddie
Mac
REMIC,
Series
3455,
Class
FG,
5.36%,
6/15/2038
815,259‌
819,433‌
Freddie
Mac
REMIC,
Series
5335,
Class
FB,
5.16%,
10/15/2039
168,877‌
169,097‌
Freddie
Mac
REMIC,
Series
3639,
Class
FC,
5.21%,
2/15/2040
153,003‌
153,371‌
Freddie
Mac
REMIC,
Series
3666,
Class
FC,
5.19%,
5/15/2040
149,130‌
148,485‌
Freddie
Mac
REMIC,
Series
3740,
Class
DF,
4.94%,
10/15/2040
96,613‌
95,315‌
Freddie
Mac
REMIC,
Series
3759,
Class
FB,
4.96%,
11/15/2040
281,086‌
277,359‌
Freddie
Mac
REMIC,
Series
3997,
Class
FJ,
4.91%,
1/15/2041
233,098‌
230,380‌
Freddie
Mac
REMIC,
Series
3843,
Class
FE,
5.01%,
4/15/2041
223,588‌
222,204‌
Freddie
Mac
REMIC,
Series
4105,
Class
LF,
4.81%,
8/15/2041
340,821‌
339,531‌
Freddie
Mac
REMIC,
Series
3930,
Class
KF,
4.96%,
9/15/2041
3,012,882‌
2,985,187‌
Freddie
Mac
REMIC,
Series
4068,
Class
UF,
4.96%,
6/15/2042
393,158‌
386,734‌
Freddie
Mac
REMIC,
Series
4105,
Class
NF,
4.86%,
9/15/2042
857,632‌
839,600‌
Freddie
Mac
REMIC,
Series
4116,
Class
LF,
4.76%,
10/15/2042
1,570,350‌
1,532,763‌
Freddie
Mac
REMIC,
Series
4122,
Class
FP,
4.86%,
10/15/2042
244,261‌
239,556‌
Freddie
Mac
REMIC,
Series
5031,
Class
FA,
4.65%,
8/15/2043
1,962,195‌
1,897,480‌
Freddie
Mac
REMIC,
Series
4240,
Class
FA,
4.96%,
8/15/2043
608,500‌
597,595‌
Freddie
Mac
REMIC,
Series
4255,
Class
GF,
4.81%,
9/15/2043
67,461‌
66,288‌
Freddie
Mac
REMIC,
Series
4286,
Class
VF,
4.91%,
12/15/2043
121,645‌
119,535‌
Freddie
Mac
REMIC,
Series
4281,
Class
LF,
4.96%,
12/15/2043
1,625,411‌
1,600,745‌
Freddie
Mac
REMIC,
Series
4310,
Class
FA,
5.01%,
2/15/2044
90,406‌
89,076‌
Freddie
Mac
REMIC,
Series
4383,
Class
KF,
4.86%,
9/15/2044
6,241,055‌
6,101,216‌
Freddie
Mac
REMIC,
Series
4431,
Class
FT,
4.86%,
1/15/2045
4,836,335‌
4,731,971‌
Freddie
Mac
REMIC,
Series
4587,
Class
AF,
4.81%,
6/15/2046
73,931‌
73,341‌
Freddie
Mac
REMIC,
Series
4614,
Class
FK,
4.96%,
9/15/2046
2,786,167‌
2,734,051‌
Freddie
Mac
REMIC,
Series
4945,
Class
F,
4.97%,
12/15/2046
517,866‌
511,255‌
Freddie
Mac
REMIC,
Series
4792,
Class
FA,
4.76%,
5/15/2048
979,730‌
943,855‌
Freddie
Mac
REMIC,
Series
5383,
Class
AF,
5.35%,
8/15/2048
299,836‌
302,130‌
Freddie
Mac
REMIC,
Series
4826,
Class
KF,
4.76%,
9/15/2048
49,680‌
48,375‌
Freddie
Mac
REMIC,
Series
4852,
Class
BF,
4.86%,
12/15/2048
632,239‌
612,231‌
Freddie
Mac
REMIC,
Series
4913,
Class
UF,
4.91%,
3/15/2049
1,474,923‌
1,427,805‌
Freddie
Mac
REMIC,
Series
4863,
Class
F,
4.91%,
3/15/2049
167,586‌
162,792‌
Freddie
Mac
REMIC,
Series
4882,
Class
FA,
4.91%,
5/15/2049
4,254,001‌
4,136,867‌
Freddie
Mac
REMIC,
Series
4903,
Class
NF,
4.87%,
8/25/2049
403,836‌
395,453‌
Freddie
Mac
REMIC,
Series
4918,
Class
F,
4.92%,
10/25/2049
1,938,811‌
1,886,465‌
Freddie
Mac
REMIC,
Series
4940,
Class
FE,
5.02%,
1/25/2050
275,549‌
267,900‌
Regan
Floating
Rate
MBS
ETF
Schedule
of
Investments
(continued)
April
30,
2025
(Unaudited)
4
COLLATERALIZED
MORTGAGE
OBLIGATIONS
92.33%
-
continued
Principal
Amount
Fair
Value
Freddie
Mac
REMIC,
Series
4959,
Class
JF,
4.92%,
3/25/2050
$
657,274‌
$
638,530‌
Freddie
Mac
REMIC,
Series
4990,
Class
FN,
4.82%,
5/25/2050
641,757‌
615,712‌
Freddie
Mac
REMIC,
Series
4981,
Class
JF,
4.87%,
6/25/2050
1,181,292‌
1,145,105‌
Freddie
Mac
REMIC,
Series
5119,
Class
QF,
4.55%,
6/25/2051
663,224‌
619,048‌
Freddie
Mac
REMIC,
Series
5270,
Class
FH,
5.30%,
6/25/2052
783,651‌
772,185‌
Freddie
Mac
REMIC,
Series
5396,
Class
HF,
5.30%,
4/25/2054
245,911‌
247,059‌
Freddie
Mac
REMIC,
Series
4347,
Class
EF,
4.96%,
6/15/2054
2,915,626‌
2,858,650‌
Freddie
Mac
REMIC,
Series
5469,
Class
F,
5.45%,
9/25/2054
473,558‌
468,581‌
Freddie
Mac
REMIC,
Series
5475,
Class
FA,
5.45%,
11/25/2054
228,521‌
226,382‌
Freddie
Mac
REMIC,
Series
5482,
Class
FC,
5.65%,
12/25/2054
504,789‌
503,265‌
Freddie
Mac
REMIC,
Series
5483,
Class
FD,
5.65%,
12/25/2054
402,231‌
400,690‌
Freddie
Mac
Strips,
Series
240,
Class
F22,
4.81%,
7/15/2036
132,165‌
130,804‌
Freddie
Mac
Strips,
Series
264,
Class
F1,
5.01%,
7/15/2042
103,374‌
101,890‌
Freddie
Mac
Strips,
Series
271,
Class
F5,
4.96%,
8/15/2042
212,972‌
209,399‌
Freddie
Mac
Strips,
Series
272,
Class
F1,
4.96%,
8/15/2042
83,829‌
82,426‌
Freddie
Mac
Strips,
Series
280,
Class
F1,
4.96%,
9/15/2042
337,383‌
331,710‌
Freddie
Mac
Strips,
Series
359,
Class
F3,
4.91%,
10/15/2047
1,709,764‌
1,677,100‌
Freddie
Mac
Strips,
Series
406,
Class
F4,
5.25%,
10/25/2053
751,610‌
749,319‌
Government
National
Mortgage
Association,
Series
32,
Class
FT,
4.73%,
1/20/2034
388,412‌
388,041‌
Government
National
Mortgage
Association,
Series
46,
Class
MF,
4.84%,
5/16/2034
70,820‌
70,813‌
Government
National
Mortgage
Association,
Series
70,
Class
FH,
4.83%,
7/20/2034
536,183‌
534,924‌
Government
National
Mortgage
Association,
Series
84,
Class
F,
4.69%,
11/16/2035
86,412‌
85,581‌
Government
National
Mortgage
Association,
Series
78,
Class
FA,
4.91%,
12/16/2037
892,204‌
888,877‌
Government
National
Mortgage
Association,
Series
79,
Class
FA,
4.88%,
12/20/2037
1,419,965‌
1,419,207‌
Government
National
Mortgage
Association,
Series
3,
Class
FA,
4.88%,
1/20/2038
1,178,756‌
1,175,823‌
Government
National
Mortgage
Association,
Series
51,
Class
FH,
5.19%,
6/16/2038
110,076‌
110,333‌
Government
National
Mortgage
Association,
Series
51,
Class
FG,
5.21%,
6/16/2038
63,821‌
63,997‌
Government
National
Mortgage
Association,
Series
66,
Class
FN,
5.38%,
8/20/2038
150,456‌
150,908‌
Government
National
Mortgage
Association,
Series
29,
Class
FL,
5.09%,
5/16/2039
381,699‌
381,820‌
Government
National
Mortgage
Association,
Series
19,
Class
FD,
4.89%,
7/16/2039
1,118‌
1,118‌
Government
National
Mortgage
Association,
Series
66,
Class
UF,
5.44%,
8/16/2039
98,155‌
98,973‌
Government
National
Mortgage
Association,
Series
149,
Class
MF,
4.83%,
12/20/2039
1,527,047‌
1,508,566‌
Regan
Floating
Rate
MBS
ETF
Schedule
of
Investments
(continued)
April
30,
2025
(Unaudited)
5
COLLATERALIZED
MORTGAGE
OBLIGATIONS
92.33%
-
continued
Principal
Amount
Fair
Value
Government
National
Mortgage
Association,
Series
20,
Class
FD,
5.25%,
2/20/2040
$
185,305‌
$
185,418‌
Government
National
Mortgage
Association,
Series
31,
Class
FV,
5.18%,
3/20/2040
181,692‌
181,094‌
Government
National
Mortgage
Association,
Series
153,
Class
LF,
4.69%,
7/16/2041
233,733‌
229,989‌
Government
National
Mortgage
Association,
Series
135,
Class
FN,
4.84%,
10/16/2041
1,929,559‌
1,899,494‌
Government
National
Mortgage
Association,
Series
113,
Class
QF,
4.73%,
2/20/2042
196,033‌
193,980‌
Government
National
Mortgage
Association,
Series
74,
Class
LF,
4.83%,
6/20/2042
1,167,316‌
1,145,308‌
Government
National
Mortgage
Association,
Series
5,
Class
FA,
4.88%,
1/20/2044
2,319,524‌
2,282,052‌
Government
National
Mortgage
Association,
Series
110,
Class
DF,
4.65%,
8/20/2045
338,703‌
328,861‌
Government
National
Mortgage
Association,
Series
161,
Class
GF,
4.73%,
11/20/2045
59,983‌
58,417‌
Government
National
Mortgage
Association,
Series
161,
Class
AF,
4.73%,
11/20/2045
559,086‌
543,918‌
Government
National
Mortgage
Association,
Series
33,
Class
UF,
4.88%,
3/20/2046
3,223,278‌
3,161,161‌
Government
National
Mortgage
Association,
Series
49,
Class
MF,
4.93%,
4/20/2046
1,021,220‌
1,008,632‌
Government
National
Mortgage
Association,
Series
83,
Class
NF,
4.84%,
6/20/2046
992,793‌
968,976‌
Government
National
Mortgage
Association,
Series
1,
Class
EF,
4.74%,
1/20/2048
1,045,674‌
1,010,944‌
Government
National
Mortgage
Association,
Series
138,
Class
FB,
4.73%,
10/20/2048
1,905,165‌
1,841,941‌
Government
National
Mortgage
Association,
Series
31,
Class
GF,
4.88%,
3/20/2049
357,642‌
351,278‌
Government
National
Mortgage
Association,
Series
33,
Class
F,
4.88%,
3/20/2049
136,569‌
133,305‌
Government
National
Mortgage
Association,
Series
35,
Class
GF,
4.88%,
3/20/2049
1,296,867‌
1,273,582‌
Government
National
Mortgage
Association,
Series
98,
Class
KF,
4.88%,
8/20/2049
3,406,498‌
3,310,780‌
Government
National
Mortgage
Association,
Series
30,
Class
FE,
4.88%,
3/20/2050
2,071,083‌
2,020,631‌
Government
National
Mortgage
Association,
Series
154,
Class
FC,
4.90%,
9/20/2052
1,466,884‌
1,424,712‌
Government
National
Mortgage
Association,
Series
197,
Class
LF,
5.05%,
11/20/2052
460,099‌
453,166‌
Government
National
Mortgage
Association,
Series
111,
Class
FD,
5.35%,
8/20/2053
173,165‌
172,494‌
Regan
Floating
Rate
MBS
ETF
Schedule
of
Investments
(continued)
April
30,
2025
(Unaudited)
6
COLLATERALIZED
MORTGAGE
OBLIGATIONS
92.33%
-
continued
Principal
Amount
Fair
Value
Government
National
Mortgage
Association,
Series
111,
Class
FN,
5.55%,
8/20/2053
$
123,842‌
$
124,128‌
Government
National
Mortgage
Association,
Series
128,
Class
CF,
5.55%,
8/20/2053
128,761‌
129,019‌
Government
National
Mortgage
Association,
Series
51,
Class
FL,
5.25%,
3/20/2054
113,590‌
113,173‌
Government
National
Mortgage
Association,
Series
64,
Class
YX,
5.44%,
4/20/2054
494,959‌
495,853‌
Government
National
Mortgage
Association,
Series
97,
Class
CF,
5.50%,
6/20/2054
221,044‌
220,524‌
Government
National
Mortgage
Association,
Series
2011-H06,
Class
FA,
4.89%,
2/20/2061
203,075‌
203,116‌
Total
Collateralized
Mortgage
Obligations
(Cost $143,584,765)
143,755,020‌
U.S.
GOVERNMENT
&
AGENCIES
7.06%
(a)
United
States
Treasury
Bill,
4.18
%
,
8/28/2025
1,000,000‌
986,265‌
United
States
Treasury
Floating
Rate
Note,
4.42
%
,
4/30/2026
8,000,000‌
8,001,938‌
United
States
Treasury
Floating
Rate
Note,
4.45
%
,
7/31/2026
2,000,000‌
2,001,016‌
Total
U.S.
Government
&
Agencies
(Cost $10,984,848)
10,989,219‌
Total
Investments
99.39%
(Cost
$154,569,613)
154,744,239‌
Other
Assets
in
Excess
of
Liabilities — 0.61%
943,574‌
NET
ASSETS
100.00%
$
155,687,813‌
(a)
Floating
rate
security.
The
rate
shown
is
the
effective
interest
rate
as
of
April
30,
2025.
REMIC
-
Real
Estate
Mortgage
Investment
Conduit