Regan Fixed Rate MBS ETF
Schedule of Investments
June 30, 2026 (Unaudited)

AGENCY MORTGAGE-BACKED SECURITIES - 91.9%
Par  

Value  
Fannie Mae Grantor Trust, Series 2001-T10, Class A1, 7.00%, 12/25/2041

    $        51,744

    $        51,931
Fannie Mae Whole Loan
Series 2003-W16, Class AF5, 4.40%, 11/25/2033 (a)

             227,640

             228,760
Series 2003-W4, Class 1A4, 4.38%, 10/25/2042 (b)(c)

             359,058

             353,795
Federal Home Loan Mortgage Corp.
Series 4075, Class KB, 2.50%, 07/15/2042

             278,295

             224,398
Series 4094, Class ME, 2.50%, 08/15/2042

             137,660

             123,181
Series 4096, Class HA, 2.00%, 12/15/2041

             210,722

             197,823
Series 4158, Class TC, 1.75%, 12/15/2042

             86,571

             82,113
Series 4165, Class TD, 1.50%, 12/15/2042

             192,395

             180,944
Series 4171, Class MN, 3.00%, 02/15/2043

             98,000

             74,775
Series 4171, Class NG, 2.00%, 06/15/2042

             65,118

             59,984
Series 4183, Class ME, 2.00%, 02/15/2042

             71,194

             69,273
Series 4468, Class EY, 3.25%, 08/15/2044

             131,509

             128,840
Series 4480, Class NA, 3.50%, 03/15/2045

             99,777

             95,557
Series 4550, Class DA, 3.00%, 03/15/2044

             101,565

             99,152
Series 4565, Class NG, 2.00%, 02/15/2046

             95,598

             84,814
Series 4585, Class QA, 3.50%, 04/15/2046

             162,145

             149,164
Series 4631, Class GP, 3.50%, 03/15/2046

             150,842

             144,163
Series 4705, Class MG, 2.50%, 07/15/2047

             696,319

             599,144
Series 4708, Class LM, 3.00%, 08/15/2047 (b)

             157,512

             110,701
Series 4717, Class BY, 3.00%, 09/15/2047 (b)

             87,000

             70,361
Series 4756, Class QB, 3.50%, 02/15/2048

             479,273

             434,971
Series 4915, Class DA, 1.50%, 09/25/2049

             371,516

             304,198
Series 4919, Class JL, 2.50%, 09/25/2049

             95,935

             80,940
Series 4926, Class JL, 2.50%, 09/25/2049

             97,617

             82,359
Series 4942, Class A, 3.00%, 01/25/2049

             80,171

             74,217
Series 4973, Class PO, 0.00%, 01/15/2041 (d)

             220,793

             168,918
Series 5041, Class JE, 1.25%, 03/25/2049

             66,253

             54,210
Series 5041, Class MC, 1.50%, 11/25/2050 (b)

             159,126

             81,751
Series 5082, Class UA, 2.00%, 03/25/2051

             607,456

             473,710
Series 5124, Class DH, 2.00%, 01/25/2048

             88,192

             76,701
Series 5169, Class YA, 2.00%, 09/25/2051 (b)

             136,807

             73,876
Series 5190, Class LA, 2.50%, 05/25/2049 (b)

             51,267

             42,616
Series 5210, Class DZ, 4.00%, 04/25/2052 (b)(e)

             199,131

             154,949
Series T-57, Class 1AP, 0.00%, 07/25/2043 (d)

             500,490

             301,797
Series T-59, Class 1A1, 6.50%, 10/25/2043

             79,113

             80,055
Federal National Mortgage Association
Series 2011-111, Class ME, 4.00%, 11/25/2041 (b)

             69,346

             62,758
Series 2012-106, Class QN, 3.50%, 10/25/2042

             202,722

             187,739
Series 2012-144, Class NB, 2.50%, 12/25/2042

             266,000

             197,522
Series 2012-146, Class PE, 1.75%, 08/25/2042

             199,112

             178,569
Series 2012-19, Class HB, 4.00%, 01/25/2042 (b)

             60,322

             58,765
Series 2012-93, Class TY, 2.00%, 06/25/2042

             226,174

             208,528
Series 2013-125, Class AD, 3.00%, 11/25/2039

             72,564

             68,169
Series 2013-54, Class PC, 1.10%, 05/25/2043

             376,272

             323,484
Series 2013-58, Class KG, 2.50%, 02/25/2043

             536,692

             493,782
Series 2015-13, Class KE, 3.00%, 03/25/2045

             97,987

             71,515
Series 2016-22, Class EB, 2.00%, 06/25/2044

             322,398

             269,858
Series 2017-11, Class PH, 2.50%, 03/25/2047

             73,909

             62,260
Series 2017-48, Class PG, 2.75%, 05/25/2047

             349,606

             311,146
Series 2017-49, Class LA, 3.00%, 06/25/2043

             12,565

             12,346
Series 2017-53, Class PA, 2.00%, 07/25/2047

             576,725

             474,267
Series 2017-64, Class PD, 2.50%, 07/25/2047

             137,632

             119,829


Series 2017-7, Class JA, 2.00%, 02/25/2047

             155,010

             128,333
Series 2017-80, Class GY, 3.50%, 10/25/2047

             505,022

             458,676
Series 2019-65, Class HJ, 2.00%, 11/25/2049

             75,232

             61,785
Series 2019-70, Class HA, 2.50%, 12/25/2049

             138,570

             119,821
Series 2020-15, Class EC, 2.50%, 10/25/2049

             318,193

             276,895
Series 2020-48, Class DA, 2.00%, 07/25/2050

             283,248

             237,247
Series 2021-17, Class KB, 1.00%, 04/25/2051 (b)

             141,972

             106,035
Series 2021-30, Class NC, 1.50%, 03/25/2048

             150,547

             133,088
Series 2021-58, Class KC, 1.50%, 04/25/2051

             524,578

             451,239
Series 2021-69, Class WJ, 1.50%, 10/25/2050

             200,602

             170,173
Series 2021-72, Class NA, 1.50%, 10/25/2051

             377,679

             197,023
Government National Mortgage Association
Series 2010-46, Class OJ, 0.00%, 06/20/2037 (d)

             243,003

             197,022
Series 2011-66, Class UA, 4.00%, 05/16/2041

             84,627

             80,356
Series 2012-106, Class UD, 1.50%, 09/20/2042

             329,662

             278,679
Series 2012-59, Class MP, 3.50%, 05/20/2042

             239,931

             225,654
Series 2012-75, Class PB, 2.50%, 06/20/2042

             162,000

             127,674
Series 2013-24, Class KE, 3.00%, 02/20/2043

             225,000

             189,975
Series 2015-52, Class EA, 2.00%, 01/16/2043

             36,532

             35,003
Series 2016-103, Class KM, 2.75%, 03/20/2046

             182,963

             171,264
Series 2016-117, Class JE, 3.00%, 08/20/2046

             139,454

             125,825
Series 2017-134, Class BA, 2.50%, 11/20/2046

             126,096

             114,967
Series 2018-124, Class NW, 3.50%, 09/20/2048

             370,559

             342,232
Series 2019-133, Class EB, 2.00%, 04/20/2049 (b)

             112,000

             70,980
Series 2019-23, Class NE, 3.50%, 11/20/2048

             235,091

             217,961
Series 2019-86, Class WC, 2.00%, 03/20/2049 (b)

             72,643

             59,703
Series 2020-163, Class LG, 1.75%, 04/20/2048

             633,192

             497,379
Series 2020-183, Class BA, 1.25%, 12/20/2050

             167,945

             83,582
Series 2020-95, Class MD, 3.50%, 07/20/2050

             379,458

             338,371
Series 2021-64, Class GX, 1.00%, 04/20/2051

             172,599

             131,977
Series 2021-73, Class YK, 1.25%, 04/20/2051

             639,450

             500,127
Series 2021-76, Class NC, 1.00%, 08/20/2050

             833,229

             637,054
Series 2021-93, Class QD, 1.25%, 09/20/2050

             109,491

             85,346
Series 2022-36, Class C, 1.55%, 02/20/2052 (c)

             268,829

             229,532
Series 2022-9, Class GA, 2.00%, 01/20/2052

             130,519

             107,270
TOTAL AGENCY MORTGAGE-BACKED SECURITIES (Cost $15,868,353)

             15,902,926






U.S. TREASURY SECURITIES - 5.7%
Par  

Value  
United States Treasury Inflation Indexed Bonds, 0.13%, 04/15/2027

             1,002,550

             983,264
TOTAL U.S. TREASURY SECURITIES (Cost $985,146)

             983,264






SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 0.7%
Shares  

Value  
First American Treasury Obligations Fund - Class X, 3.58% (f)

            122,114

             122,114
TOTAL MONEY MARKET FUNDS (Cost $122,114)

             122,114






TOTAL INVESTMENTS - 98.3% (Cost $16,975,613)

             17,008,304
Other Assets in Excess of Liabilities - 1.7%
0.01692
            292,719
TOTAL NET ASSETS - 100.0%




    $        17,301,023


Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.




PO Principal Only







(a)

Step coupon bond. The rate disclosed is as of June 30, 2026.
(b)

Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $1,246,290 or 7.2% of net assets as of June 30, 2026.
(c)

Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of June 30, 2026.
(d)

Principal only security.
(e)

This security accrues interest which is added to the outstanding principal balance. The interest payment will be deferred until all other tranches in the structure are paid off. The rate disclosed is as of June 30, 2026.
(f)

The rate shown represents the 7-day annualized yield as of June 30, 2026.






Regan Fixed Rate MBS ETF
Schedule of Futures Contracts
June 30, 2026 (Unaudited)

Description

Contracts Sold

Expiration Date

Notional Value

Value / Unrealized Appreciation (Depreciation)
   U.S. Treasury 5 Year Note

(60)

09/30/2026

    $        6,398,426

    $        (24,387)
Net Unrealized Appreciation (Depreciation)



    $        –

    $        –

    $        (24,387)




















Summary of Fair Value Disclosure as of June 30, 2026 (Unaudited)
 
Regan Fixed Rate MBS ETF has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
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 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of June 30, 2026:



Level 1

Level 2

Level 3

Total
Assets:







Investments:







  Agency Mortgage-Backed Securities
    $        –

    $        14,656,636

    $        1,246,290

    $        15,902,926
  U.S. Treasury Securities
            –

            983,264

            –

            983,264
  Money Market Funds
            122,114

            –

            –

            122,114
Total Investments
    $        122,114

    $        15,639,900

    $        1,246,290

    $        17,008,304








Liabilities:







Other Financial Instruments:







  Futures Contracts *
    $        (24,387)

    $        –

    $        –

    $        (24,387)
Total Other Financial Instruments
    $        (24,387)

    $        –

    $        –

    $        (24,387)

* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of June 30, 2026.




 

Refer to the Schedule of Investments for further disaggregation of investment categories.




Fair Value Measurement Using Significant Unobservable Inputs

Level 3
Beginning balance as of September 30, 2025

    $        1,100,970
Purchases

             331,092
Sales

             (74,467)
Change in unrealized appreciation/depreciation

             (18,604)
Amortization/(Accretion)

             20,299
Realized gain/loss

             5,221
Transfers into Level 3

             81,751
Transfers out of Level 3

             (199,970)
Ending balance as of June 30, 2026

    $        1,246,292


$0
Change in unrealized appreciation/depreciation still held as of June 30, 2026

    $        (18,604)


 0





Description

Fair Value as of June 30, 2026

Valuation Technique

Unobservable Inputs

Input Values (Ranges)
Agency Mortgage-Backed Securities

    $        1,246,290

0

0

    $        –


    $        1,246,290