Regan
Floating
Rate
MBS
ETF
Schedule
of
Investments
April
30,
2026
(Unaudited)
(a)
COLLATERALIZED
MORTGAGE
OBLIGATIONS
—
92.50%
Principal
Amount
Fair
Value
Fannie
Mae
Grantor
Trust
2004,
Series
T1,
Class
2A,
4.29%,
8/25/2043
$
212,357
$
203,818
Fannie
Mae
REMIC,
Series
70,
Class
OF,
4.71%,
10/25/2031
52,261
52,698
Fannie
Mae
REMIC,
Series
13,
Class
FA,
4.66%,
3/25/2032
29,742
29,868
Fannie
Mae
REMIC,
Series
13,
Class
FC,
4.66%,
3/25/2032
29,742
29,868
Fannie
Mae
REMIC,
Series
13,
Class
FB,
4.66%,
3/25/2032
29,742
29,868
Fannie
Mae
REMIC,
Series
53,
Class
FY,
4.26%,
8/25/2032
34,428
34,395
Fannie
Mae
REMIC,
Series
68,
Class
FB,
4.26%,
10/25/2032
27,780
27,766
Fannie
Mae
REMIC,
Series
44,
Class
FI,
4.51%,
6/25/2033
88,970
89,398
Fannie
Mae
REMIC,
Series
64,
Class
FS,
5.17%,
7/25/2033
33,510
34,023
Fannie
Mae
REMIC,
Series
69,
Class
NF,
5.27%,
7/25/2033
161,317
164,236
Fannie
Mae
REMIC,
Series
81,
Class
FE,
4.26%,
9/25/2033
45,768
45,665
Fannie
Mae
REMIC,
Series
130,
Class
FD,
4.26%,
1/25/2034
103,490
103,359
Fannie
Mae
REMIC,
Series
38,
Class
FK,
4.11%,
5/25/2034
225,499
224,156
Fannie
Mae
REMIC,
Series
25,
Class
PF,
4.11%,
4/25/2035
74,755
74,152
Fannie
Mae
REMIC,
Series
45,
Class
XA,
4.10%,
6/25/2035
190,345
189,021
Fannie
Mae
REMIC,
Series
56,
Class
F,
4.05%,
7/25/2035
58,299
57,776
Fannie
Mae
REMIC,
Series
106,
Class
UF,
4.06%,
11/25/2035
73,569
73,396
Fannie
Mae
REMIC,
Series
106,
Class
PF,
4.11%,
12/25/2035
328,892
326,426
Fannie
Mae
REMIC,
Series
3,
Class
CF,
4.06%,
3/25/2036
76,927
76,316
Fannie
Mae
REMIC,
Series
39,
Class
FG,
4.68%,
3/25/2036
98,344
99,310
Fannie
Mae
REMIC,
Series
24,
Class
F,
4.06%,
4/25/2036
269,852
267,382
Fannie
Mae
REMIC,
Series
20,
Class
GF,
4.11%,
4/25/2036
69,870
69,266
Fannie
Mae
REMIC,
Series
45,
Class
FM,
4.16%,
6/25/2036
90,592
89,945
Fannie
Mae
REMIC,
Series
15,
Class
FJ,
4.69%,
6/25/2036
128,890
130,020
Fannie
Mae
REMIC,
Series
62,
Class
FP,
4.01%,
7/25/2036
286,402
283,980
Fannie
Mae
REMIC,
Series
101,
Class
FC,
4.06%,
7/25/2036
21,373
21,328
Fannie
Mae
REMIC,
Series
101,
Class
FD,
4.06%,
7/25/2036
14,484
14,453
Fannie
Mae
REMIC,
Series
79,
Class
DF,
4.11%,
8/25/2036
79,724
79,222
Fannie
Mae
REMIC,
Series
83,
Class
FH,
4.20%,
9/25/2036
168,001
166,904
Fannie
Mae
REMIC,
Series
88,
Class
AF,
4.22%,
9/25/2036
92,391
91,805
Fannie
Mae
REMIC,
Series
86,
Class
CF,
4.96%,
9/25/2036
58,823
59,928
Fannie
Mae
REMIC,
Series
101,
Class
FA,
4.18%,
10/25/2036
666,894
661,930
Fannie
Mae
REMIC,
Series
104,
Class
FC,
4.01%,
11/25/2036
118,183
117,257
Fannie
Mae
REMIC,
Series
33,
Class
FB,
4.58%,
3/25/2037
75,693
76,168
Fannie
Mae
REMIC,
Series
25,
Class
FB,
4.09%,
4/25/2037
39,366
38,855
Fannie
Mae
REMIC,
Series
54,
Class
AF,
4.32%,
4/25/2037
126,368
126,010
Fannie
Mae
REMIC,
Series
103,
Class
BF,
4.01%,
7/25/2037
573,074
567,218
Fannie
Mae
REMIC,
Series
89,
Class
EF,
4.32%,
9/25/2037
38,673
38,613
Fannie
Mae
REMIC,
Series
92,
Class
OF,
4.33%,
9/25/2037
129,024
128,783
Fannie
Mae
REMIC,
Series
102,
Class
FA,
4.33%,
11/25/2037
48,082
47,929
Fannie
Mae
REMIC,
Series
117,
Class
FM,
4.46%,
1/25/2038
229,522
229,854
Fannie
Mae
REMIC,
Series
117,
Class
MF,
4.46%,
1/25/2038
98,685
98,829
Fannie
Mae
REMIC,
Series
7,
Class
FA,
4.21%,
2/25/2038
187,771
186,819
Fannie
Mae
REMIC,
Series
12,
Class
FA,
4.43%,
3/25/2038
51,572
51,607
Fannie
Mae
REMIC,
Series
16,
Class
KF,
4.56%,
3/25/2038
99,016
99,529
Fannie
Mae
REMIC,
Series
68,
Class
FC,
4.73%,
8/25/2038
765,286
774,130
Regan
Floating
Rate
MBS
ETF
Schedule
of
Investments
(continued)
April
30,
2026
(Unaudited)
COLLATERALIZED
MORTGAGE
OBLIGATIONS
—
92.50%
-
continued
Principal
Amount
Fair
Value
Fannie
Mae
REMIC,
Series
93,
Class
GF,
4.21%,
4/25/2039
$
59,908
$
59,444
Fannie
Mae
REMIC,
Series
46,
Class
FC,
4.46%,
6/25/2039
245,669
246,590
Fannie
Mae
REMIC,
Series
46,
Class
FA,
4.46%,
6/25/2039
262,096
263,081
Fannie
Mae
REMIC,
Series
72,
Class
JF,
4.51%,
9/25/2039
211,904
213,066
Fannie
Mae
REMIC,
Series
27,
Class
FG,
4.76%,
4/25/2040
610,441
615,732
Fannie
Mae
REMIC,
Series
58,
Class
FY,
4.49%,
6/25/2040
61,434
61,478
Fannie
Mae
REMIC,
Series
134,
Class
BF,
4.19%,
10/25/2040
487,637
485,921
Fannie
Mae
REMIC,
Series
135,
Class
AF,
4.31%,
12/25/2040
63,303
62,851
Fannie
Mae
REMIC,
Series
41,
Class
FK,
4.18%,
5/25/2041
176,620
175,150
Fannie
Mae
REMIC,
Series
55,
Class
FJ,
4.20%,
6/25/2041
496,657
492,809
Fannie
Mae
REMIC,
Series
62,
Class
KF,
4.26%,
7/25/2041
169,036
167,971
Fannie
Mae
REMIC,
Series
149,
Class
MF,
4.26%,
11/25/2041
39,368
39,271
Fannie
Mae
REMIC,
Series
121,
Class
PF,
4.11%,
12/25/2041
143,539
141,261
Fannie
Mae
REMIC,
Series
3,
Class
DF,
4.31%,
2/25/2042
368,702
366,364
Fannie
Mae
REMIC,
Series
10,
Class
AF,
4.11%,
3/25/2042
638,788
632,575
Fannie
Mae
REMIC,
Series
19,
Class
JF,
4.31%,
3/25/2042
56,980
56,605
Fannie
Mae
REMIC,
Series
33,
Class
F,
4.28%,
4/25/2042
73,973
73,526
Fannie
Mae
REMIC,
Series
111,
Class
QF,
4.06%,
6/25/2042
50,934
50,635
Fannie
Mae
REMIC,
Series
70,
Class
FA,
4.21%,
7/25/2042
736,703
728,989
Fannie
Mae
REMIC,
Series
116,
Class
FP,
4.01%,
10/25/2042
583,385
573,224
Fannie
Mae
REMIC,
Series
122,
Class
FM,
4.16%,
11/25/2042
1,083,535
1,066,144
Fannie
Mae
REMIC,
Series
134,
Class
FK,
4.11%,
12/25/2042
118,576
116,288
Fannie
Mae
REMIC,
Series
10,
Class
FA,
4.11%,
2/25/2043
127,504
125,067
Fannie
Mae
REMIC,
Series
10,
Class
FB,
4.11%,
2/25/2043
169,534
166,313
Fannie
Mae
REMIC,
Series
13,
Class
FA,
4.11%,
3/25/2043
380,427
373,231
Fannie
Mae
REMIC,
Series
92,
Class
FA,
4.31%,
9/25/2043
265,369
262,823
Fannie
Mae
REMIC,
Series
118,
Class
FB,
4.28%,
12/25/2043
137,921
136,298
Fannie
Mae
REMIC,
Series
10,
Class
KF,
4.21%,
3/25/2044
148,778
147,089
Fannie
Mae
REMIC,
Series
89,
Class
FM,
4.16%,
1/25/2045
552,631
543,734
Fannie
Mae
REMIC,
Series
79,
Class
FE,
4.01%,
11/25/2045
77,904
76,643
Fannie
Mae
REMIC,
Series
2,
Class
FB,
4.16%,
2/25/2046
124,563
123,001
Fannie
Mae
REMIC,
Series
25,
Class
FL,
4.26%,
5/25/2046
1,074,306
1,060,455
Fannie
Mae
REMIC,
Series
60,
Class
UF,
4.16%,
9/25/2046
354,904
352,293
Fannie
Mae
REMIC,
Series
79,
Class
NF,
4.21%,
11/25/2046
602,723
592,378
Fannie
Mae
REMIC,
Series
91,
Class
AF,
4.16%,
12/25/2046
45,835
45,491
Fannie
Mae
REMIC,
Series
106,
Class
EF,
4.26%,
1/25/2047
1,736,112
1,711,849
Fannie
Mae
REMIC,
Series
79,
Class
FB,
4.01%,
10/25/2047
507,994
503,252
Fannie
Mae
REMIC,
Series
112,
Class
FC,
4.11%,
1/25/2048
2,054,448
2,005,429
Fannie
Mae
REMIC,
Series
42,
Class
FD,
4.01%,
6/25/2048
416,629
408,461
Fannie
Mae
REMIC,
Series
36,
Class
FD,
4.01%,
6/25/2048
106,220
105,041
Fannie
Mae
REMIC,
Series
56,
Class
FD,
4.70%,
7/25/2048
63,732
64,474
Fannie
Mae
REMIC,
Series
60,
Class
FK,
4.06%,
8/25/2048
480,638
466,977
Fannie
Mae
REMIC,
Series
55,
Class
FB,
4.06%,
8/25/2048
677,519
658,494
Fannie
Mae
REMIC,
Series
1,
Class
HF,
4.21%,
2/25/2049
143,523
141,399
Fannie
Mae
REMIC,
Series
38,
Class
FA,
4.21%,
7/25/2049
4,590,982
4,519,412
Fannie
Mae
REMIC,
Series
33,
Class
FB,
4.21%,
7/25/2049
575,979
565,678
Fannie
Mae
REMIC,
Series
38,
Class
CF,
4.21%,
7/25/2049
1,136,465
1,115,765
Regan
Floating
Rate
MBS
ETF
Schedule
of
Investments
(continued)
April
30,
2026
(Unaudited)
COLLATERALIZED
MORTGAGE
OBLIGATIONS
—
92.50%
-
continued
Principal
Amount
Fair
Value
Fannie
Mae
REMIC,
Series
31,
Class
FB,
4.21%,
7/25/2049
$
462,339
$
453,394
Fannie
Mae
REMIC,
Series
43,
Class
FD,
4.16%,
8/25/2049
582,429
572,394
Fannie
Mae
REMIC,
4.21%,
10/25/2049
923,338
908,102
Fannie
Mae
REMIC,
Series
67,
Class
FB,
4.21%,
11/25/2049
170,752
168,012
Fannie
Mae
REMIC,
Series
61,
Class
AF,
4.26%,
11/25/2049
4,262,234
4,207,487
Fannie
Mae
REMIC,
Series
76,
Class
FA,
4.26%,
12/25/2049
111,118
109,629
Fannie
Mae
REMIC,
Series
81,
Class
QF,
4.26%,
12/25/2049
2,026,498
1,995,875
Fannie
Mae
REMIC,
Series
37,
Class
FH,
4.16%,
1/25/2050
713,285
701,752
Fannie
Mae
REMIC,
Series
81,
Class
FJ,
4.26%,
1/25/2050
1,256,341
1,235,729
Fannie
Mae
REMIC,
Series
79,
Class
FA,
4.26%,
1/25/2050
1,144,390
1,126,396
Fannie
Mae
REMIC,
Series
12,
Class
FL,
4.21%,
3/25/2050
688,813
675,440
Fannie
Mae
REMIC,
Series
10,
Class
FE,
4.26%,
3/25/2050
5,384,953
5,297,900
Fannie
Mae
REMIC,
Series
27,
Class
FD,
4.21%,
5/25/2050
907,827
889,293
Fannie
Mae
REMIC,
Series
36,
Class
FH,
4.21%,
6/25/2050
2,029,689
1,988,284
Fannie
Mae
REMIC,
Series
37,
Class
FG,
4.06%,
8/25/2050
277,759
271,506
Fannie
Mae
REMIC,
Series
54,
Class
WF,
4.23%,
8/25/2050
439,749
436,260
Fannie
Mae
REMIC,
Series
25,
Class
WF,
3.85%,
5/25/2051
400,830
392,100
Fannie
Mae
REMIC,
Series
41,
Class
GF,
4.26%,
3/25/2053
3,609,075
3,591,270
Fannie
Mae
REMIC,
Series
4,
Class
FB,
4.30%,
3/25/2053
1,248,932
1,244,509
Fannie
Mae
REMIC,
Series
21,
Class
FB,
4.95%,
7/25/2053
324,299
328,211
Fannie
Mae
REMIC,
Series
58,
Class
FN,
4.15%,
12/25/2053
735,128
729,611
Fannie
Mae
REMIC,
Series
25,
Class
FB,
4.80%,
5/25/2054
307,653
310,127
Fannie
Mae
REMIC,
Series
48,
Class
FC,
4.75%,
7/25/2054
325,532
328,504
Fannie
Mae
REMIC,
Series
60,
Class
FG,
4.75%,
9/25/2054
416,658
420,439
Fannie
Mae
REMIC,
Series
73,
Class
FB,
4.85%,
10/25/2054
242,215
244,674
Fannie
Mae
REMIC,
Series
84,
Class
FD,
4.80%,
11/25/2054
138,652
139,898
Fannie
Mae
REMIC,
Series
88,
Class
FE,
4.75%,
12/25/2054
493,740
497,785
Fannie
Mae
REMIC,
Series
96,
Class
FA,
5.05%,
12/25/2054
447,066
451,834
Fannie
Mae
REMIC,
Series
95,
Class
FC,
5.05%,
12/25/2054
341,739
346,589
Fannie
Mae
REMIC,
Series
105,
Class
AF,
4.70%,
1/25/2055
21,836
22,016
Fannie
Mae
REMIC,
Series
104,
Class
FA,
4.70%,
1/25/2055
284,925
286,857
Fannie
Mae
REMIC,
Series
103,
Class
FC,
4.80%,
1/25/2055
1,267,910
1,281,245
Fannie
Mae
REMIC,
Series
103,
Class
FH,
4.90%,
1/25/2055
552,308
557,804
Fannie
Mae
REMIC,
Series
10,
Class
FB,
4.50%,
2/25/2055
137,644
137,126
Fannie
Mae
REMIC,
Series
18,
Class
KF,
4.60%,
3/25/2055
409,325
411,242
Fannie
Mae
REMIC,
Series
12,
Class
GF,
5.00%,
3/25/2055
355,500
359,710
Fannie
Mae
REMIC,
Series
32,
Class
FA,
4.90%,
5/25/2055
279,639
282,770
Fannie
Mae
REMIC,
Series
35,
Class
HF,
5.35%,
5/25/2055
73,957
74,834
Fannie
Mae
REMIC,
Series
38,
Class
DF,
4.09%,
6/25/2055
851,306
841,973
Fannie
Mae
REMIC,
Series
28,
Class
FJ,
4.21%,
6/25/2059
122,006
119,887
Fannie
Mae
REMIC,
Series
41,
Class
FG,
4.26%,
8/25/2059
672,648
659,621
Fannie
Mae
REMIC,
Series
62,
Class
FQ,
4.26%,
11/25/2059
499,612
492,659
Fannie
Mae
REMIC
Trust
2004,
Series
W5,
Class
F1,
4.21%,
2/25/2047
472,165
452,098
Fannie
Mae
Trust
2003,
Series
W6,
Class
6A,
4.83%,
8/25/2042
115,363
116,142
Freddie
Mac
REMIC,
Series
2334,
Class
FO,
4.72%,
7/15/2031
26,959
27,170
Freddie
Mac
REMIC,
Series
2582,
Class
FH,
5.00%,
7/15/2031
79,226
80,141
Freddie
Mac
REMIC,
Series
2408,
Class
FO,
4.65%,
1/15/2032
12,522
12,557
Regan
Floating
Rate
MBS
ETF
Schedule
of
Investments
(continued)
April
30,
2026
(Unaudited)
COLLATERALIZED
MORTGAGE
OBLIGATIONS
—
92.50%
-
continued
Principal
Amount
Fair
Value
Freddie
Mac
REMIC,
Series
2406,
Class
FP,
4.73%,
1/15/2032
$
50,848
$
51,321
Freddie
Mac
REMIC,
Series
2481,
Class
FE,
4.75%,
3/15/2032
38,009
38,384
Freddie
Mac
REMIC,
Series
2463,
Class
FJ,
4.75%,
3/15/2032
39,009
39,386
Freddie
Mac
REMIC,
Series
2444,
Class
FR,
4.75%,
5/15/2032
39,215
39,608
Freddie
Mac
REMIC,
Series
2526,
Class
FH,
4.20%,
11/15/2032
59,445
58,671
Freddie
Mac
REMIC,
Series
2711,
Class
FC,
4.65%,
2/15/2033
40,157
40,483
Freddie
Mac
REMIC,
Series
2647,
Class
VF,
5.27%,
7/15/2033
323,036
330,201
Freddie
Mac
REMIC,
Series
3969,
Class
AF,
4.20%,
10/15/2033
604,180
601,406
Freddie
Mac
REMIC,
Series
2733,
Class
FB,
4.35%,
10/15/2033
32,902
32,931
Freddie
Mac
REMIC,
Series
3305,
Class
BF,
4.07%,
7/15/2034
226,733
224,759
Freddie
Mac
REMIC,
Series
4265,
Class
FD,
4.15%,
1/15/2035
853,517
847,405
Freddie
Mac
REMIC,
Series
3003,
Class
KF,
4.00%,
7/15/2035
128,098
127,184
Freddie
Mac
REMIC,
Series
3085,
Class
FW,
4.45%,
8/15/2035
96,496
96,850
Freddie
Mac
REMIC,
Series
3153,
Class
FX,
4.10%,
5/15/2036
95,113
94,385
Freddie
Mac
REMIC,
Series
3155,
Class
PF,
4.10%,
5/15/2036
658,112
652,868
Freddie
Mac
REMIC,
Series
3153,
Class
EF,
4.16%,
5/15/2036
85,843
85,348
Freddie
Mac
REMIC,
Series
3208,
Class
FC,
4.15%,
8/15/2036
249,622
247,994
Freddie
Mac
REMIC,
Series
3210,
Class
FA,
4.15%,
9/15/2036
258,382
256,290
Freddie
Mac
REMIC,
Series
3222,
Class
KF,
4.15%,
9/15/2036
179,527
178,118
Freddie
Mac
REMIC,
Series
3361,
Class
AF,
4.10%,
11/15/2036
47,085
46,631
Freddie
Mac
REMIC,
Series
3281,
Class
AF,
4.07%,
2/15/2037
193,110
190,826
Freddie
Mac
REMIC,
Series
3293,
Class
FA,
4.07%,
3/15/2037
552,412
545,760
Freddie
Mac
REMIC,
Series
3284,
Class
CF,
4.12%,
3/15/2037
198,991
196,762
Freddie
Mac
REMIC,
Series
3309,
Class
FG,
4.18%,
4/15/2037
79,396
78,652
Freddie
Mac
REMIC,
Series
3318,
Class
F,
4.00%,
5/15/2037
12,830
12,651
Freddie
Mac
REMIC,
Series
3311,
Class
NF,
4.05%,
5/15/2037
86,564
85,475
Freddie
Mac
REMIC,
Series
3360,
Class
FC,
4.47%,
5/15/2037
48,478
48,550
Freddie
Mac
REMIC,
Series
3361,
Class
LF,
4.30%,
8/15/2037
149,204
148,637
Freddie
Mac
REMIC,
Series
3355,
Class
BF,
4.45%,
8/15/2037
42,836
42,859
Freddie
Mac
REMIC,
Series
4276,
Class
FA,
4.25%,
9/15/2037
254,243
251,988
Freddie
Mac
REMIC,
Series
3371,
Class
FA,
4.35%,
9/15/2037
66,124
65,991
Freddie
Mac
REMIC,
Series
3368,
Class
AF,
4.47%,
9/15/2037
50,062
50,128
Freddie
Mac
REMIC,
Series
4579,
Class
FD,
4.13%,
1/15/2038
89,398
88,271
Freddie
Mac
REMIC,
Series
3416,
Class
BF,
4.50%,
2/15/2038
276,011
276,903
Freddie
Mac
REMIC,
Series
4832,
Class
FW,
4.13%,
4/15/2038
448,823
443,363
Freddie
Mac
REMIC,
Series
3455,
Class
FG,
4.65%,
6/15/2038
706,592
710,068
Freddie
Mac
REMIC,
Series
4730,
Class
WF,
4.13%,
8/15/2038
131,740
130,116
Freddie
Mac
REMIC,
Series
4615,
Class
AF,
4.13%,
10/15/2038
65,748
64,917
Freddie
Mac
REMIC,
Series
5335,
Class
FB,
4.45%,
10/15/2039
143,708
144,137
Freddie
Mac
REMIC,
Series
4365,
Class
FH,
4.29%,
1/15/2040
83,050
82,455
Freddie
Mac
REMIC,
Series
3639,
Class
FC,
4.50%,
2/15/2040
124,195
124,547
Freddie
Mac
REMIC,
Series
3666,
Class
FC,
4.48%,
5/15/2040
132,640
132,719
Freddie
Mac
REMIC,
Series
4638,
Class
FA,
4.22%,
7/15/2040
46,558
46,031
Freddie
Mac
REMIC,
Series
4989,
Class
FA,
4.13%,
8/15/2040
84,231
82,688
Freddie
Mac
REMIC,
Series
3757,
Class
PF,
4.25%,
8/15/2040
109,106
108,881
Freddie
Mac
REMIC,
Series
3740,
Class
DF,
4.23%,
10/15/2040
81,986
81,222
Freddie
Mac
REMIC,
Series
3753,
Class
FA,
4.25%,
11/15/2040
681,576
675,587
Regan
Floating
Rate
MBS
ETF
Schedule
of
Investments
(continued)
April
30,
2026
(Unaudited)
COLLATERALIZED
MORTGAGE
OBLIGATIONS
—
92.50%
-
continued
Principal
Amount
Fair
Value
Freddie
Mac
REMIC,
Series
3759,
Class
FB,
4.25%,
11/15/2040
$
235,083
$
232,982
Freddie
Mac
REMIC,
Series
3997,
Class
FJ,
4.20%,
1/15/2041
202,914
201,134
Freddie
Mac
REMIC,
Series
3807,
Class
FM,
4.25%,
2/15/2041
97,743
97,181
Freddie
Mac
REMIC,
Series
3843,
Class
FE,
4.30%,
4/15/2041
196,934
195,768
Freddie
Mac
REMIC,
Series
4105,
Class
LF,
4.10%,
8/15/2041
305,728
304,981
Freddie
Mac
REMIC,
Series
4105,
Class
NF,
4.15%,
9/15/2042
904,650
889,722
Freddie
Mac
REMIC,
Series
4116,
Class
LF,
4.05%,
10/15/2042
1,347,311
1,320,171
Freddie
Mac
REMIC,
Series
4159,
Class
FQ,
4.25%,
1/15/2043
417,317
414,674
Freddie
Mac
REMIC,
Series
4240,
Class
FA,
4.25%,
8/15/2043
541,981
535,409
Freddie
Mac
REMIC,
Series
4255,
Class
GF,
4.10%,
9/15/2043
58,813
57,994
Freddie
Mac
REMIC,
Series
4283,
Class
JF,
4.15%,
12/15/2043
460,972
455,759
Freddie
Mac
REMIC,
Series
4286,
Class
VF,
4.20%,
12/15/2043
108,144
106,748
Freddie
Mac
REMIC,
Series
4281,
Class
LF,
4.25%,
12/15/2043
1,417,613
1,402,788
Freddie
Mac
REMIC,
Series
4310,
Class
FA,
4.30%,
2/15/2044
83,255
82,416
Freddie
Mac
REMIC,
Series
4383,
Class
KF,
4.15%,
9/15/2044
5,691,392
5,589,021
Freddie
Mac
REMIC,
Series
4431,
Class
FT,
4.15%,
1/15/2045
4,296,613
4,221,424
Freddie
Mac
REMIC,
Series
4476,
Class
BF,
4.00%,
5/15/2045
267,426
260,458
Freddie
Mac
REMIC,
Series
4587,
Class
AF,
4.10%,
6/15/2046
58,371
57,919
Freddie
Mac
REMIC,
Series
4614,
Class
FK,
4.25%,
9/15/2046
2,471,621
2,436,367
Freddie
Mac
REMIC,
Series
4945,
Class
F,
4.28%,
12/15/2046
503,147
496,003
Freddie
Mac
REMIC,
Series
4648,
Class
FA,
4.25%,
1/15/2047
253,068
249,352
Freddie
Mac
REMIC,
Series
4735,
Class
FB,
4.10%,
12/15/2047
458,352
447,756
Freddie
Mac
REMIC,
Series
4754,
Class
FM,
4.05%,
2/15/2048
817,746
795,798
Freddie
Mac
REMIC,
Series
4792,
Class
FA,
4.05%,
5/15/2048
875,818
851,881
Freddie
Mac
REMIC,
Series
4821,
Class
FL,
4.05%,
6/15/2048
653,610
636,520
Freddie
Mac
REMIC,
Series
5383,
Class
AF,
4.67%,
8/15/2048
237,863
239,848
Freddie
Mac
REMIC,
Series
4826,
Class
KF,
4.05%,
9/15/2048
46,137
45,098
Freddie
Mac
REMIC,
Series
4845,
Class
WF,
4.05%,
12/15/2048
80,826
79,748
Freddie
Mac
REMIC,
Series
4852,
Class
BF,
4.15%,
12/15/2048
579,197
567,029
Freddie
Mac
REMIC,
Series
4913,
Class
UF,
4.20%,
3/15/2049
1,297,049
1,272,457
Freddie
Mac
REMIC,
Series
4863,
Class
F,
4.20%,
3/15/2049
151,772
148,990
Freddie
Mac
REMIC,
Series
5426,
Class
BF,
4.57%,
4/15/2049
330,682
331,654
Freddie
Mac
REMIC,
Series
4882,
Class
FA,
4.20%,
5/15/2049
3,677,794
3,622,575
Freddie
Mac
REMIC,
Series
4903,
Class
NF,
4.16%,
8/25/2049
350,596
344,746
Freddie
Mac
REMIC,
Series
4916,
Class
FA,
4.16%,
9/25/2049
326,040
323,071
Freddie
Mac
REMIC,
Series
4918,
Class
F,
4.21%,
10/25/2049
1,591,837
1,568,456
Freddie
Mac
REMIC,
Series
4927,
Class
FG,
4.26%,
11/25/2049
368,822
362,780
Freddie
Mac
REMIC,
Series
4940,
Class
FE,
4.31%,
1/25/2050
645,413
636,474
Freddie
Mac
REMIC,
Series
4959,
Class
JF,
4.21%,
3/25/2050
595,443
583,757
Freddie
Mac
REMIC,
Series
4981,
Class
JF,
4.16%,
6/25/2050
1,042,893
1,023,883
Freddie
Mac
REMIC,
Series
5003,
Class
AF,
4.16%,
8/25/2050
681,210
664,074
Freddie
Mac
REMIC,
Series
5270,
Class
FH,
4.60%,
6/25/2052
699,309
701,899
Freddie
Mac
REMIC,
Series
5273,
Class
FA,
4.90%,
11/25/2052
116,088
116,517
Freddie
Mac
REMIC,
Series
5391,
Class
FC,
4.75%,
3/25/2054
474,128
478,386
Freddie
Mac
REMIC,
Series
5389,
Class
FC,
5.00%,
3/25/2054
1,697,021
1,716,728
Freddie
Mac
REMIC,
Series
5469,
Class
F,
4.75%,
9/25/2054
386,947
389,680
Freddie
Mac
REMIC,
Series
5475,
Class
FA,
4.75%,
11/25/2054
309,673
311,830
Regan
Floating
Rate
MBS
ETF
Schedule
of
Investments
(continued)
April
30,
2026
(Unaudited)
COLLATERALIZED
MORTGAGE
OBLIGATIONS
—
92.50%
-
continued
Principal
Amount
Fair
Value
Freddie
Mac
REMIC,
Series
5473,
Class
BF,
4.95%,
11/25/2054
$
2,248,929
$
2,276,062
Freddie
Mac
REMIC,
Series
5480,
Class
FG,
4.80%,
12/25/2054
172,111
173,759
Freddie
Mac
REMIC,
Series
5484,
Class
FA,
4.85%,
12/25/2054
448,275
453,055
Freddie
Mac
REMIC,
Series
5483,
Class
FB,
5.08%,
12/25/2054
218,064
220,922
Freddie
Mac
REMIC,
Series
5495,
Class
AF,
4.80%,
1/25/2055
71,746
72,500
Freddie
Mac
REMIC,
Series
5508,
Class
FA,
4.55%,
2/25/2055
57,360
57,318
Freddie
Mac
REMIC,
Series
5499,
Class
FX,
5.05%,
2/25/2055
52,933
53,620
Freddie
Mac
REMIC,
Series
5511,
Class
FG,
4.80%,
3/25/2055
333,709
336,858
Freddie
Mac
REMIC,
Series
5517,
Class
F,
4.85%,
3/25/2055
130,610
130,459
Freddie
Mac
REMIC,
Series
5524,
Class
FA,
4.85%,
4/25/2055
139,977
139,663
Freddie
Mac
REMIC,
Series
5589,
Class
FB,
4.75%,
10/25/2055
461,589
465,649
Freddie
Mac
REMIC,
Series
5583,
Class
FA,
4.90%,
10/25/2055
169,268
171,400
Freddie
Mac
REMIC,
Series
4839,
Class
QF,
4.15%,
8/15/2056
908,545
887,063
Freddie
Mac
REMIC
Trust
2005,
Series
S001,
Class
1A2,
3.92%,
9/25/2035
809,169
792,293
Freddie
Mac
Strips,
Series
240,
Class
F22,
4.10%,
7/15/2036
112,988
112,091
Freddie
Mac
Strips,
Series
330,
Class
F4,
4.13%,
10/15/2037
51,684
51,050
Freddie
Mac
Strips,
Series
263,
Class
F5,
4.25%,
6/15/2042
434,995
431,009
Freddie
Mac
Strips,
Series
264,
Class
F1,
4.30%,
7/15/2042
88,511
87,678
Freddie
Mac
Strips,
Series
339,
Class
F5,
4.20%,
11/15/2044
2,004,200
1,974,134
Freddie
Mac
Strips,
Series
359,
Class
F3,
4.20%,
10/15/2047
1,596,155
1,572,974
Freddie
Mac
Strips,
Series
406,
Class
F4,
4.55%,
10/25/2053
534,005
535,744
Government
National
Mortgage
Association,
Series
35,
Class
FB,
4.08%,
8/16/2031
73,513
72,977
Government
National
Mortgage
Association,
Series
67,
Class
FP,
4.68%,
8/20/2033
1,017,633
1,017,854
Government
National
Mortgage
Association,
Series
32,
Class
FT,
4.08%,
1/20/2034
321,866
321,825
Government
National
Mortgage
Association,
Series
11,
Class
FX,
4.83%,
2/20/2034
112,218
112,252
Government
National
Mortgage
Association,
Series
46,
Class
MF,
4.18%,
5/16/2034
44,436
44,255
Government
National
Mortgage
Association,
Series
84,
Class
F,
4.03%,
11/16/2035
73,835
73,278
Government
National
Mortgage
Association,
Series
23,
Class
FT,
4.08%,
4/20/2037
209,065
209,022
Government
National
Mortgage
Association,
Series
51,
Class
FN,
4.20%,
8/20/2037
106,413
105,571
Government
National
Mortgage
Association,
Series
72,
Class
HF,
4.22%,
11/20/2037
133,599
132,607
Government
National
Mortgage
Association,
Series
79,
Class
FA,
4.23%,
12/20/2037
1,204,681
1,196,170
Government
National
Mortgage
Association,
Series
3,
Class
FA,
4.23%,
1/20/2038
1,053,682
1,052,215
Government
National
Mortgage
Association,
Series
51,
Class
FH,
4.53%,
6/16/2038
196,110
196,512
Regan
Floating
Rate
MBS
ETF
Schedule
of
Investments
(continued)
April
30,
2026
(Unaudited)
COLLATERALIZED
MORTGAGE
OBLIGATIONS
—
92.50%
-
continued
Principal
Amount
Fair
Value
Government
National
Mortgage
Association,
Series
51,
Class
FG,
4.55%,
6/16/2038
$
55,093
$
55,222
Government
National
Mortgage
Association,
Series
58,
Class
FA,
4.60%,
7/20/2038
119,708
120,060
Government
National
Mortgage
Association,
Series
68,
Class
FA,
4.73%,
8/20/2038
532,659
534,485
Government
National
Mortgage
Association,
Series
66,
Class
FN,
4.73%,
8/20/2038
137,732
137,943
Government
National
Mortgage
Association,
Series
6,
Class
FJ,
4.76%,
2/20/2039
457,865
457,957
Government
National
Mortgage
Association,
Series
15,
Class
FL,
4.73%,
3/20/2039
649,103
649,223
Government
National
Mortgage
Association,
Series
12,
Class
FA,
4.73%,
3/20/2039
649,102
649,223
Government
National
Mortgage
Association,
Series
66,
Class
UF,
4.78%,
8/16/2039
84,553
85,129
Government
National
Mortgage
Association,
Series
92,
Class
FJ,
4.46%,
10/16/2039
85,511
85,615
Government
National
Mortgage
Association,
Series
110,
Class
CF,
4.39%,
11/16/2039
1,478,553
1,477,747
Government
National
Mortgage
Association,
Series
116,
Class
KF,
4.31%,
12/16/2039
40,663
40,562
Government
National
Mortgage
Association,
Series
149,
Class
MF,
4.18%,
12/20/2039
1,482,227
1,469,272
Government
National
Mortgage
Association,
Series
20,
Class
FD,
4.60%,
2/20/2040
247,395
248,442
Government
National
Mortgage
Association,
Series
31,
Class
FV,
4.53%,
3/20/2040
243,133
243,530
Government
National
Mortgage
Association,
Series
85,
Class
FE,
4.23%,
7/20/2040
839,041
832,467
Government
National
Mortgage
Association,
Series
2014-131,
Class
BW,
5.76%,
5/20/2041
124,260
122,154
Government
National
Mortgage
Association,
Series
153,
Class
LF,
4.03%,
7/16/2041
203,178
200,787
Government
National
Mortgage
Association,
Series
135,
Class
FN,
4.18%,
10/16/2041
1,767,720
1,750,101
Government
National
Mortgage
Association,
Series
113,
Class
QF,
4.08%,
2/20/2042
177,144
175,534
Government
National
Mortgage
Association,
Series
34,
Class
FA,
4.23%,
3/20/2042
196,467
193,989
Government
National
Mortgage
Association,
Series
74,
Class
LF,
4.18%,
6/20/2042
1,015,634
1,000,007
Government
National
Mortgage
Association,
Series
124,
Class
GF,
4.03%,
10/20/2042
871,339
854,919
Government
National
Mortgage
Association,
Series
5,
Class
FA,
4.23%,
1/20/2044
2,197,506
2,170,184
Regan
Floating
Rate
MBS
ETF
Schedule
of
Investments
(continued)
April
30,
2026
(Unaudited)
COLLATERALIZED
MORTGAGE
OBLIGATIONS
—
92.50%
-
continued
Principal
Amount
Fair
Value
Government
National
Mortgage
Association,
Series
110,
Class
DF,
4.00%,
8/20/2045
$
303,890
$
295,963
Government
National
Mortgage
Association,
Series
161,
Class
AF,
4.08%,
11/20/2045
495,528
484,421
Government
National
Mortgage
Association,
Series
33,
Class
UF,
4.23%,
3/20/2046
2,858,088
2,814,177
Government
National
Mortgage
Association,
Series
49,
Class
MF,
4.28%,
4/20/2046
884,494
877,516
Government
National
Mortgage
Association,
Series
83,
Class
NF,
4.18%,
6/20/2046
1,115,974
1,091,834
Government
National
Mortgage
Association,
Series
89,
Class
HF,
4.23%,
7/20/2046
1,337,170
1,315,901
Government
National
Mortgage
Association,
Series
18,
Class
GF,
4.08%,
2/20/2047
127,366
124,077
Government
National
Mortgage
Association,
Series
1,
Class
EF,
4.08%,
1/20/2048
974,140
947,378
Government
National
Mortgage
Association,
Series
138,
Class
FB,
4.08%,
10/20/2048
1,720,850
1,677,839
Government
National
Mortgage
Association,
Series
33,
Class
F,
4.23%,
3/20/2049
121,664
119,961
Government
National
Mortgage
Association,
Series
35,
Class
GF,
4.23%,
3/20/2049
1,169,553
1,152,147
Government
National
Mortgage
Association,
Series
31,
Class
GF,
4.23%,
3/20/2049
321,719
317,061
Government
National
Mortgage
Association,
Series
44,
Class
FM,
4.23%,
4/20/2049
954,502
938,555
Government
National
Mortgage
Association,
Series
71,
Class
FK,
4.13%,
6/20/2049
1,464,851
1,431,910
Government
National
Mortgage
Association,
Series
90,
Class
BF,
4.13%,
7/20/2049
2,815,508
2,751,738
Government
National
Mortgage
Association,
Series
98,
Class
KF,
4.23%,
8/20/2049
3,104,800
3,049,691
Government
National
Mortgage
Association,
Series
115,
Class
FE,
4.18%,
9/20/2049
2,742,420
2,686,845
Government
National
Mortgage
Association,
Series
143,
Class
AF,
4.23%,
11/20/2049
3,272,378
3,224,728
Government
National
Mortgage
Association,
Series
143,
Class
JF,
4.23%,
11/20/2049
3,927,296
3,870,978
Government
National
Mortgage
Association,
Series
30,
Class
FE,
4.23%,
3/20/2050
1,473,371
1,446,772
Government
National
Mortgage
Association,
Series
98,
Class
FM,
2.50%,
6/20/2051
157,363
131,504
Government
National
Mortgage
Association,
Series
64,
Class
FA,
4.34%,
4/20/2052
1,790,385
1,704,931
Government
National
Mortgage
Association,
Series
78,
Class
FM,
4.49%,
4/20/2052
1,755,126
1,677,505
Regan
Floating
Rate
MBS
ETF
Schedule
of
Investments
(continued)
April
30,
2026
(Unaudited)
COLLATERALIZED
MORTGAGE
OBLIGATIONS
—
92.50%
-
continued
Principal
Amount
Fair
Value
Government
National
Mortgage
Association,
Series
160,
Class
NF,
4.14%,
9/20/2052
$
2,041,346
$
2,012,375
Government
National
Mortgage
Association,
Series
154,
Class
FC,
4.19%,
9/20/2052
1,330,813
1,314,919
Government
National
Mortgage
Association,
Series
80,
Class
GF,
4.54%,
6/20/2053
83,073
83,371
Government
National
Mortgage
Association,
Series
96,
Class
FA,
4.69%,
7/20/2053
77,065
77,658
Government
National
Mortgage
Association,
Series
116,
Class
F,
4.84%,
8/20/2053
192,337
194,304
Government
National
Mortgage
Association,
Series
128,
Class
CF,
4.84%,
8/20/2053
105,942
107,204
Government
National
Mortgage
Association,
Series
111,
Class
FN,
4.84%,
8/20/2053
90,074
91,150
Government
National
Mortgage
Association,
Series
51,
Class
FL,
4.54%,
3/20/2054
197,844
198,437
Government
National
Mortgage
Association,
Series
64,
Class
YK,
4.64%,
4/20/2054
79,772
80,179
Government
National
Mortgage
Association,
Series
64,
Class
YF,
4.77%,
4/20/2054
1,381,249
1,390,429
Government
National
Mortgage
Association,
Series
64,
Class
YX,
4.77%,
4/20/2054
481,955
485,159
Government
National
Mortgage
Association,
Series
84,
Class
FJ,
4.84%,
5/20/2054
1,516,576
1,530,351
Government
National
Mortgage
Association,
Series
97,
Class
FW,
4.79%,
6/20/2054
158,366
159,468
Government
National
Mortgage
Association,
Series
97,
Class
CF,
4.79%,
6/20/2054
147,732
148,752
Government
National
Mortgage
Association,
Series
197,
Class
FV,
4.59%,
12/20/2054
139,550
140,300
Government
National
Mortgage
Association,
Series
41,
Class
F,
4.84%,
3/20/2055
35,310
35,650
Government
National
Mortgage
Association,
Series
1,
Class
AF,
4.74%,
1/20/2056
12,802
12,826
Government
National
Mortgage
Association,
Series
H27,
Class
FA,
4.16%,
12/20/2060
14,821
14,720
Government
National
Mortgage
Association,
Series
2012-H11,
Class
FA,
4.48%,
2/20/2062
64,089
64,261
Government
National
Mortgage
Association,
Series
H12,
Class
FA,
4.33%,
4/20/2062
136,466
136,169
Government
National
Mortgage
Association,
Series
H23,
Class
WA,
4.30%,
10/20/2062
120,314
120,338
Government
National
Mortgage
Association,
Series
44,
Class
FB,
4.82%,
3/20/2064
145,805
147,057
Government
National
Mortgage
Association,
Series
2014-H15,
Class
FA,
4.28%,
7/20/2064
40,862
40,859
Regan
Floating
Rate
MBS
ETF
Schedule
of
Investments
(continued)
April
30,
2026
(Unaudited)
(a)
Floating
rate
security.
The
rate
shown
is
the
effective
interest
rate
as
of
April
30,
2026.
COLLATERALIZED
MORTGAGE
OBLIGATIONS
—
92.50%
-
continued
Principal
Amount
Fair
Value
Government
National
Mortgage
Association,
Series
H20,
Class
MF,
4.43%,
10/20/2064
$
48,058
$
48,110
Government
National
Mortgage
Association,
Series
H28,
Class
FD,
4.48%,
8/20/2065
87,644
87,882
Government
National
Mortgage
Association,
Series
H26,
Class
FG,
4.30%,
10/20/2065
78,810
78,823
Government
National
Mortgage
Association,
Series
H06,
Class
FG,
4.60%,
3/20/2066
82,470
82,796
Government
National
Mortgage
Association,
Series
H23,
Class
F,
4.53%,
10/20/2066
113,493
113,792
Government
National
Mortgage
Association,
Series
H03,
Class
FA,
4.55%,
12/20/2066
69,022
69,456
Government
National
Mortgage
Association,
Series
H12,
Class
FL,
4.26%,
5/20/2067
564,298
564,074
Government
National
Mortgage
Association,
Series
2020-H04,
Class
FP,
4.28%,
6/20/2069
172,508
172,673
Government
National
Mortgage
Association,
Series
H05,
Class
FL,
4.51%,
1/20/2073
94,884
95,036
Government
National
Mortgage
Association,
Series
H06,
Class
FA,
4.34%,
4/20/2074
62,258
62,544
Government
National
Mortgage
Association,
Series
H09,
Class
BF,
4.39%,
6/20/2074
139,300
134,599
Total
Collateralized
Mortgage
Obligations
(Cost $184,796,729)
185,906,014
U.S.
GOVERNMENT
&
AGENCIES
—
7.97%
(a)
United
States
Treasury
Bill,
3.62
%
,
3/18/2027
2,000,000
1,936,580
United
States
Treasury
Floating
Rate
Note,
3.74
%
,
1/31/2028
5,000,000
5,000,521
United
States
Treasury
Floating
Rate
Note,
3.75
%
,
4/30/2028
3,000,000
2,999,947
United
States
Treasury
Inflation
Indexed
Bond,
0.13
%
,
4/15/2027
5,275,000
6,085,661
Total
U.S.
Government
&
Agencies
(Cost $16,007,412)
16,022,709
Total
Investments
—
100.47%
(Cost
$200,804,141)
201,928,723
Liabilities
in
Excess
of
Other
Assets — (0.47)%
(940,682)
NET
ASSETS
—
100.00%
$
200,988,041
REMIC
-
Real
Estate
Mortgage
Investment
Conduit