Regan Total Return Income Investor RCTRX

Under normal circumstances, the fund will invest at least 80% of its net assets in mortgage-backed securities ("MBS"). In seeking to meet its objective, the fund will primarily invest in RMBS that is non-agency MBS. The weighted average life of its MBS investments will generally range from between 0 and 10 years. The fund may invest in other fixed-income securities, including CMBS, asset-backed securities, senior tranche CLOs, and securities of other fixed-income investment companies.