# EDGAR Filing Document

**Accession Number:** 0001716885
**File Stem:** 0001193125-26-285137
**Filing Date:** 2026-6
**Character Count:** 106141
**Document Hash:** 3cf9af78d6cea99bfe9ed216bfe49e42
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-285137.hdr.sgml**: 20260626

**ACCESSION NUMBER**: 0001193125-26-285137

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260626

**DATE AS OF CHANGE**: 20260626

**PERIOD START**: 20270131

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Angel Oak Strategic Credit Fund
- **CENTRAL INDEX KEY:** 0001716885

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23289
- **FILM NUMBER:** 261127675

**BUSINESS ADDRESS:**
- **STREET 1:** ANGEL OAK CAPITAL ADVISORS, LLC
- **STREET 2:** 980 HAMMOND DRIVE, SUITE 200
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30328
- **BUSINESS PHONE:** 404-953-4900

**MAIL ADDRESS:**
- **STREET 1:** ANGEL OAK CAPITAL ADVISORS, LLC
- **STREET 2:** 980 HAMMOND DRIVE, SUITE 200
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30328

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Angel Oak Strategic Credit Fund** | **Angel Oak Strategic Credit Fund** | **Angel Oak Strategic Credit Fund** |
| **Consolidated Schedule of Investments** | **Consolidated Schedule of Investments** | **Consolidated Schedule of Investments** |
| **April 30, 2026 (Unaudited)** | **April 30, 2026 (Unaudited)** | **April 30, 2026 (Unaudited)** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES - 29.8%** | **Par**  | **Value**  |
|  American Home Mortgage Assets LLC, Series 2006-6, Class XP, 0.04%, 12/25/2046 <sup>(a)(b)</sup> | $656531 | $2711 |
| Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust |
| &nbsp;&nbsp; Series 2006-5, Class CBIO, 6.00%, 06/25/2046 <sup>(a)</sup> | 628791 | 140754 |
| &nbsp;&nbsp; Series 2006-6, Class CBIO, 6.00%, 07/25/2046 <sup>(a)</sup> | 1160105 | 255798 |
| Bellemeade Re Ltd. | Bellemeade Re Ltd. | Bellemeade Re Ltd. |
| &nbsp;&nbsp; Series 2023-1, Class B1, 10.35% (30 day avg SOFR US + 6.70%), 10/25/2033 <sup>(c)</sup> | 400000 | 426448 |
| &nbsp;&nbsp; Series 2024-1, Class B1, 9.20% (30 day avg SOFR US + 5.55%), 08/25/2034 <sup>(c)</sup> | 650000 | 678101 |
| &nbsp;&nbsp; Series 2025-1, Class B1, 8.70% (30 day avg SOFR US + 5.05%), 10/25/2035 <sup>(c)</sup> | 500000 | 517453 |
|  Colony American Finance Ltd., Series 2020-4, Class D, 2.71%, 12/15/2052 <sup>(c)</sup> | 770000 | 681379 |
|  Countrywide Home Loan Mortgage Pass Through Trust, Series 2004-29, Class 1X, 0.00%, 02/25/2035 <sup>(a)(b)</sup> | 733567 | 7 |
| Credit Suisse Mortgage Capital Certificates | Credit Suisse Mortgage Capital Certificates | Credit Suisse Mortgage Capital Certificates |
| &nbsp;&nbsp; Series 2017-RPL1, Class B4, 2.99%, 07/25/2057 <sup>(b)(c)</sup> | 1407944 | 560420 |
| &nbsp;&nbsp; Series 2022-ATH1, Class B2, 4.57%, 01/25/2067 <sup>(b)(c)</sup> | 2000000 | 1727868 |
|  Downey Savings & Loan Association Mortgage Loan Trust, Series 2004-AR2, Class X2, 0.01%, 11/19/2044 <sup>(a)(b)</sup> | 251193 | 445 |
| Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust |
| &nbsp;&nbsp; Series 2024-NQM1, Class B3, 7.47%, 11/25/2069 <sup>(b)(c)</sup> | 1000000 | 981105 |
| &nbsp;&nbsp; Series 2025-NQM1, Class B2, 7.43%, 01/25/2070 <sup>(b)(c)</sup> | 500000 | 500434 |
| &nbsp;&nbsp; Series 2025-NQM1, Class B3, 7.43%, 01/25/2070 <sup>(b)(c)</sup> | 500000 | 483674 |
|  GS Mortgage-Backed Securities Trust, Series 2020-NQM1, Class B2, 6.50%, 09/27/2060 <sup>(b)(c)</sup> | 2975000 | 2855434 |
| JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
| &nbsp;&nbsp; Series 2021-11, Class AX1, 0.22%, 01/25/2052 <sup>(a)(b)(c)</sup> | 69561318 | 727890 |
| &nbsp;&nbsp; Series 2022-6, Class B5, 3.29%, 11/25/2052 <sup>(b)(c)</sup> | 1265000 | 631368 |
| &nbsp;&nbsp; Series 2023-6, Class B4, 6.07%, 12/26/2053 <sup>(b)(c)</sup> | 510140 | 442745 |
| &nbsp;&nbsp; Series 2024-8, Class B5, 6.92%, 01/25/2055 <sup>(b)(c)</sup> | 804000 | 660808 |
| &nbsp;&nbsp; Series 2024-8, Class B6, 5.64%, 01/25/2055 <sup>(b)(c)</sup> | 1606867 | 1045834 |
| JPMorgan Chase Bank NA | JPMorgan Chase Bank NA | JPMorgan Chase Bank NA |
| &nbsp;&nbsp; Series 2020-CL1, Class M5, 9.37% (1 mo. Term SOFR + 5.71%), 10/25/2057 <sup>(c)</sup> | 104684 | 108785 |
| &nbsp;&nbsp; Series 2021-CL1, Class B, 10.55% (30 day avg SOFR US + 6.90%), 03/25/2051 <sup>(c)</sup> | 74979 | 73322 |
| &nbsp;&nbsp; Series 2021-CL1, Class M5, 7.50% (30 day avg SOFR US + 3.85%), 03/25/2051 <sup>(c)</sup> | 37772 | 38151 |
|  New Residential Mortgage Loan Trust, Series 2015-1A, Class B6, 5.14%, 05/28/2052 <sup>(b)(c)</sup> | 1224944 | 1028083 |
|  Point Securitization Trust, Series 2025-2, Class B1, 7.00%, 10/25/2055 <sup>(c)(d)</sup> | 1500000 | 1323863 |
|  Radnor RE Ltd., Series 2024-1, Class B1, 8.80% (30 day avg SOFR US + 5.15%), 09/25/2034 <sup>(c)</sup> | 1100000 | 1145304 |
| RALI Trust | RALI Trust | RALI Trust |
| &nbsp;&nbsp; Series 2006-QS6, Class 1AV, 0.77%, 06/25/2036 <sup>(a)(b)</sup> | 3731892 | 100136 |
| &nbsp;&nbsp; Series 2007-QS11, Class AV, 0.25%, 10/25/2037 <sup>(a)(b)</sup> | 10686230 | 97349 |
|  Selene Loan Trust, 10.37%, 05/18/2054 <sup>(b)</sup> | 5044413 | 5377208 |
|  Structured Asset Mortgage Investments, Inc., Series 2006-AR7, Class X, 0.90%, 08/25/2036 <sup>(a)</sup> | 6847972 | 239066 |
|  Unlock Hea Trust, Series 2025-2, Class C, 6.00%, 11/25/2041 <sup>(c)</sup> | 500000 | 403005 |
| Western Alliance Bancorp | Western Alliance Bancorp | Western Alliance Bancorp |
| &nbsp;&nbsp; Series 2021-CL2, Class B, 12.15% (30 day avg SOFR US + 8.50%), 07/25/2059 <sup>(c)</sup> | 400000 | 396776 |
| &nbsp;&nbsp; Series 2021-CL2, Class M3, 7.75% (30 day avg SOFR US + 4.10%), 07/25/2059 <sup>(c)</sup> | 1224784 | 1324307 |
| &nbsp;&nbsp; Series 2021-CL2, Class M5, 10.15% (30 day avg SOFR US + 6.50%), 07/25/2059 <sup>(c)</sup> | 357108 | 347972 |
| **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** (Cost $25,362,096) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** (Cost $25,362,096) | 25324003 |
| **COLLATERALIZED LOAN OBLIGATIONS - 27.9%** | **Par**  | **Value**  |
|  ABPCI Direct Lending Fund ABS Ltd., Series 2022-2A, Class B, 4.99%, 03/01/2032 <sup>(c)</sup> | 219941 | 209517 |
|  Apidos CLO Ltd., Series 2019-32A, Class ER, 9.18% (3 mo. Term SOFR + 5.50%), 01/20/2033 <sup>(c)</sup> | 700000 | 696714 |
| Dryden Senior Loan Fund | Dryden Senior Loan Fund | Dryden Senior Loan Fund |
| &nbsp;&nbsp; Series 2017-54A, Class D, 7.04% (3 mo. Term SOFR + 3.36%), 10/19/2029 <sup>(c)</sup> | 1012500 | 1015821 |
| &nbsp;&nbsp; Series 2024-119A, Class D2, 9.07% (3 mo. Term SOFR + 5.40%), 04/15/2036 <sup>(c)</sup> | 1000000 | 1001570 |
|  First Eagle Private Credit LLC, Series 2016-1A, Class CR, 8.93% (3 mo. Term SOFR + 5.26%), 01/25/2032 <sup>(c)(e)</sup> | 5018261 | 5045194 |
| Golub Capital Partners ABS Funding Ltd. | Golub Capital Partners ABS Funding Ltd. | Golub Capital Partners ABS Funding Ltd. |
| &nbsp;&nbsp; Series 2020-1A, Class B, 4.50%, 01/22/2029 <sup>(c)</sup> | 55037 | 53246 |
| &nbsp;&nbsp; Series 2021-1A, Class B, 3.82%, 04/20/2029 <sup>(c)</sup> | 168087 | 166633 |
|  Halsey Point CLO Ltd., Series 2022-6A, Class FR, 12.15% (3 mo. Term SOFR + 8.47%), 01/20/2038 <sup>(c)</sup> | 250000 | 219753 |
|  Man GLG US CLO Ltd., Series 2024-1A, Class D2, 8.88% (3 mo. Term SOFR + 5.20%), 07/20/2037 <sup>(c)</sup> | 1000000 | 1001452 |
|  Maranon Loan Funding Ltd., Series 2025-1A, Class E, 10.67% (3 mo. Term SOFR + 7.00%), 10/15/2037 <sup>(c)</sup> | 3250000 | 3164918 |
|  Monroe Capital ABS Funding Ltd., Series 2021-1A, Class B, 3.91%, 04/22/2031 <sup>(c)</sup> | 273510 | 250260 |
|  Monroe Capital CLO Ltd., Series 2019-1A, Class DR, 7.73% (3 mo. Term SOFR + 4.06%), 11/22/2033 <sup>(c)</sup> | 2000000 | 1922892 |
|  Neuberger Berman Loan Advisers Lasalle Street Lending CLO Ltd., Series 2024-2A, Class E, 11.18% (3 mo. Term SOFR + 7.50%), 04/20/2038 <sup>(c)</sup> | 2000000 | 1999386 |
|  OFSI Fund Ltd., Series 2025-15A, Class E, 10.18% (3 mo. Term SOFR + 6.50%), 03/31/2038 <sup>(c)</sup> | 1500000 | 1482785 |
| Pikes Peak CLO Ltd. | Pikes Peak CLO Ltd. | Pikes Peak CLO Ltd. |
| &nbsp;&nbsp; Series 2020-5A, Class FR, 11.50% (3 mo. Term SOFR + 7.82%), 10/20/2037 <sup>(c)</sup> | 1000000 | 924067 |
| &nbsp;&nbsp; Series 2023-14A, Class ER, 9.68% (3 mo. Term SOFR + 6.00%), 07/20/2038 <sup>(c)</sup> | 2000000 | 1929758 |
|  Star Mountain CFO I LP, Series 2026-1A, Class C, 11.65% (3 mo. Term SOFR + 8.00%), 12/31/2038 <sup>(c)(f)</sup> | 825000 | 825000 |
|  Tikehau US CLO Ltd., Series 2023-1A, Class ER, 11.56% (3 mo. Term SOFR + 7.89%), 03/15/2038 <sup>(c)</sup> | 1750000 | 1734168 |
| **TOTAL COLLATERALIZED LOAN OBLIGATIONS** (Cost $23,908,860) | **TOTAL COLLATERALIZED LOAN OBLIGATIONS** (Cost $23,908,860) | 23643134 |
| **ASSET-BACKED SECURITIES - 21.1%** | **Par**  | **Value**  |
| **Automobile - 6.3%** | **Automobile - 6.3%** | **Automobile - 6.3%** |
|  AgoraCapital Auto Securities Trust, Series 2025-1A, Class C, 10.17%, 11/25/2032 <sup>(c)</sup> | 500000 | 522420 |
|  Carvana Auto Receivables Trust, Series 2022-N1, Class E, 6.01%, 12/11/2028 <sup>(c)</sup> | 150508 | 147589 |
|  CPS Auto Trust, Series 2025-D, Class E, 7.69%, 05/16/2033 <sup>(c)</sup> | 500000 | 509465 |
|  Exeter Automobile Receivables Trust, Series 2022-2A, Class E, 6.34%, 10/15/2029 <sup>(c)</sup> | 500000 | 484098 |
|  FHF Trust, Series 2025-1A, Class D, 5.95%, 06/15/2032 <sup>(c)</sup> | 300000 | 284843 |
|  Flagship Credit Auto Trust, Series 2024-1, Class E, 8.60%, 05/15/2031 <sup>(c)</sup> | 200000 | 168019 |
|  Hertz Corp., Series 2025-6A, Class D, 8.30%, 05/25/2032 <sup>(c)</sup> | 250000 | 250557 |
|  Lendbuzz Securitization Trust, Series 2026-1A, Class D, 6.86%, 02/15/2033 <sup>(c)</sup> | 70933 | 70376 |
|  Lobel Automobile Receivables Trust, Series 2026-1, Class E, 8.37%, 01/15/2031 <sup>(c)</sup> | 750000 | 718387 |
|  Prestige Auto Receivables Trust, Series 2024-1A, Class E, 7.94%, 04/15/2031 <sup>(c)</sup> | 500000 | 501917 |
| Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust |
| &nbsp;&nbsp; Series 2021-2A, Class A, 2.65%, 03/25/2030 <sup>(c)</sup> | 62178 | 61634 |
| &nbsp;&nbsp; Series 2025-3A, Class E, 11.09%, 02/27/2034 <sup>(c)</sup> | 500000 | 501807 |
| &nbsp;&nbsp; Series 2025-6A, Class E, 10.53%, 08/25/2034 <sup>(c)</sup> | 250000 | 249403 |
| &nbsp;&nbsp; Series 2026-R1A, Class D, 7.72%, 07/25/2034 <sup>(c)</sup> | 500000 | 493509 |
|  Santander Holdings USA, Inc., Series 2024-A, Class F, 10.17%, 06/15/2032 <sup>(c)</sup> | 107016 | 109843 |
|  Strike Acceptance Auto Funding Trust, Series 2023-1A, Class A, 8.00%, 05/15/2026 <sup>(c)</sup> | 260699 | 261760 |
|  US Auto Funding Trust, Series 2022-1A, Class D, 9.14%, 07/15/2027 <sup>(c)</sup> | 1450000 | 14 |
|  |  | 5335641 |
| **Consumer - 14.2%** | **Consumer - 14.2%** | **Consumer - 14.2%** |
| ACHD Trust | ACHD Trust | ACHD Trust |
| &nbsp;&nbsp; Series 2025-DS1, Class B, 9.38%, 01/09/2034 <sup>(c)</sup> | 150000 | 151741 |
| &nbsp;&nbsp; Series 2025-DS1, Class C, 11.33%, 01/09/2034 <sup>(c)</sup> | 600000 | 602779 |
|  ACHV ABS Trust, Series 2024-3AL, Class E, 7.00%, 12/26/2031 <sup>(c)</sup> | 346723 | 347172 |
| Affirm, Inc. | Affirm, Inc. | Affirm, Inc. |
| &nbsp;&nbsp; Series 2025-X1, Class CERT, 0.00%, 04/15/2030 <sup>(c)</sup> | 10100 | 188885 |
| &nbsp;&nbsp; Series 2025-X2, Class CERT, 0.00%, 10/15/2030 <sup>(a)(c)</sup> | 4500 | 300514 |
|  AMCR ABS Trust, Series 2026-A, Class D, 12.08%, 05/18/2033 <sup>(c)</sup> | 250000 | 251653 |
|  Aqua Finance Trust, Series 2021-A, Class C, 3.14%, 07/17/2046 <sup>(c)</sup> | 274184 | 254834 |
|  Bankers Healthcare Group, Inc., Series 2026-1CON, Class E, 8.03%, 06/17/2036 <sup>(c)</sup> | 500000 | 499809 |
|  Lendingpoint Asset Securitization Trust, Series 2022-A, Class E, 7.02%, 06/15/2029 <sup>(c)</sup> | 100000 | 1 |
|  Marlette Funding Trust, Series 2021-2A, Class R, 0.00%, 09/15/2031 <sup>(c)</sup> | 18149 | 234640 |
|  Momnt Technologies Trust, Series 2023-1A, Class B, 8.29%, 03/20/2045 <sup>(c)</sup> | 500000 | 512891 |
| Oportun Financial Corp. | Oportun Financial Corp. | Oportun Financial Corp. |
| &nbsp;&nbsp; Series 2024-3, Class D, 9.60%, 08/15/2029 <sup>(c)</sup> | 500000 | 504662 |
| &nbsp;&nbsp; Series 2025-D, Class E, 10.82%, 02/08/2033 <sup>(c)</sup> | 200000 | 200645 |
| &nbsp;&nbsp; Series 2026-A, Class E, 9.38%, 01/09/2034 <sup>(c)</sup> | 250000 | 249560 |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust |
| &nbsp;&nbsp; Series 2020-2, Class CERT, 0.00%, 12/15/2027 <sup>(a)(b)(c)</sup> | 4000000 | 285 |
| &nbsp;&nbsp; Series 2021-1, Class C, 4.09%, 11/15/2027 <sup>(c)</sup> | 8055 | 8023 |
| &nbsp;&nbsp; Series 2021-3, Class C, 3.27%, 05/15/2029 <sup>(c)</sup> | 17804 | 17624 |
| &nbsp;&nbsp; Series 2022-2, Class C, 7.50%, 01/15/2030 <sup>(c)</sup> | 181323 | 181634 |
| &nbsp;&nbsp; Series 2024-11, Class F, 12.00%, 07/15/2032 <sup>(c)</sup> | 249971 | 236978 |
| &nbsp;&nbsp; Series 2024-6, Class D, 11.35%, 11/15/2031 <sup>(c)</sup> | 214164 | 214714 |
| &nbsp;&nbsp; Series 2025-1, Class F, 12.00%, 07/15/2032 <sup>(c)</sup> | 214247 | 210641 |
| &nbsp;&nbsp; Series 2025-5, Class F, 12.00%, 03/15/2033 <sup>(c)</sup> | 199992 | 192369 |
| &nbsp;&nbsp; Series 2025-6, Class E, 8.48%, 04/15/2033 <sup>(c)</sup> | 999908 | 995576 |
| &nbsp;&nbsp; Series 2025-6, Class F2, 12.00%, 04/15/2033 <sup>(c)</sup> | 249977 | 244839 |
| &nbsp;&nbsp; Series 2025-8, Class E, 9.57%, 07/15/2033 <sup>(c)</sup> | 499828 | 500095 |
| &nbsp;&nbsp; Series 2025-R2, Class D, 5.80%, 10/15/2032 <sup>(c)</sup> | 247914 | 246452 |
| &nbsp;&nbsp; Series 2025-R2, Class E, 9.34%, 10/15/2032 <sup>(c)</sup> | 620673 | 454684 |
| &nbsp;&nbsp; Series 2026-1, Class E, 9.23%, 09/15/2033 <sup>(c)</sup> | 750000 | 744667 |
|  Pagaya Technologies Ltd., Series 2025-2, Class E, 8.71%, 07/20/2033 <sup>(c)</sup> | 500000 | 505265 |
|  Powerpay Securitization Funding LLC, Series 2024-1A, Class B, 8.46%, 02/18/2039 <sup>(c)</sup> | 192161 | 195838 |
|  Prosper Marketplace Issuance Trust, Series 2024-1A, Class D, 10.98%, 08/15/2029 <sup>(c)</sup> | 500000 | 504965 |
|  Republic Finance Issuance Trust, Series 2024-A, Class D, 9.49%, 08/20/2032 <sup>(c)</sup> | 250000 | 252332 |
|  Sunbit Asset Securitization Trust, Series 2025-1, Class D, 7.92%, 07/15/2030 <sup>(c)</sup> | 250000 | 248654 |
|  Upgrade Master Pass-Thru Trust, Series 2026-ST1, Class CERT, 0.00%, 03/15/2034 <sup>(c)</sup> | 1000000 | 929862 |
| Upstart Pass-Through Trust Series | Upstart Pass-Through Trust Series | Upstart Pass-Through Trust Series |
| &nbsp;&nbsp; Series 2020-ST6, Class CERT, 0.00%, 01/20/2027 <sup>(c)</sup> | 386105 | 744 |
| &nbsp;&nbsp; Series 2021-ST3, Class CERT, 0.00%, 05/20/2027 <sup>(c)</sup> | 2850000 | 17062 |
| &nbsp;&nbsp; Series 2021-ST9, Class CERT, 0.00%, 11/20/2029 <sup>(c)</sup> | 200000 | 18656 |
| &nbsp;&nbsp; Series 2022-ST1, Class CERT, 0.00%, 03/20/2030 <sup>(c)</sup> | 100000 | 14981 |
| Upstart Securitization Trust | Upstart Securitization Trust | Upstart Securitization Trust |
| &nbsp;&nbsp; Series 2022-1, Class C, 5.71%, 03/20/2032 <sup>(c)</sup> | 137762 | 61382 |
| &nbsp;&nbsp; Series 2022-2, Class C, 8.43%, 05/20/2032 <sup>(c)</sup> | 170749 | 135202 |
| &nbsp;&nbsp; Series 2022-4, Class R, 0.00%, 08/20/2032 <sup>(c)</sup> | 9967 | 618181 |
|  |  | 12051491 |
| **Equipment - 0.6%** | **Equipment - 0.6%** | **Equipment - 0.6%** |
|  Octane Receivables Trust, Series 2024-RPT1, Class R2, 8.71%, 02/22/2030 | 500000 | 502666 |
| **TOTAL ASSET-BACKED SECURITIES** (Cost $19,433,842) | **TOTAL ASSET-BACKED SECURITIES** (Cost $19,433,842) | 17889798 |
| **CORPORATE OBLIGATIONS - 12.4%** | **Par**  | **Value**  |
| **Basic Materials - 0.7%** | **Basic Materials - 0.7%** | **Basic Materials - 0.7%** |
|  Consolidated Energy Finance SA, 5.63%, 10/15/2028 <sup>(c)</sup> | 500000 | 475625 |
|  Mercer International, Inc., 5.13%, 02/01/2029 | 235000 | 94214 |
|  |  | 569839 |
| **Communications - 1.2%** | **Communications - 1.2%** | **Communications - 1.2%** |
|  Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 10.00%, 02/15/2031 <sup>(c)</sup> | 500000 | 520620 |
|  Gray Media, Inc., 5.38%, 11/15/2031 <sup>(c)</sup> | 600000 | 469173 |
|  |  | 989793 |
| **Consumer, Cyclical - 0.3%** | **Consumer, Cyclical - 0.3%** | **Consumer, Cyclical - 0.3%** |
|  K Hovnanian Enterprises, Inc., 8.38%, 10/01/2033 <sup>(c)</sup> | 250000 | 251399 |
| **Consumer, Non-cyclical - 2.3%** | **Consumer, Non-cyclical - 2.3%** | **Consumer, Non-cyclical - 2.3%** |
|  Fiesta Purchaser, Inc., 9.63%, 09/15/2032 <sup>(c)</sup> | 500000 | 518335 |
| Hertz Corp. | Hertz Corp. | Hertz Corp. |
| &nbsp;&nbsp; 12.63%, 07/15/2029 <sup>(c)</sup> | 250000 | 235844 |
| &nbsp;&nbsp; Series 2023-3A, Class D, 9.43%, 02/25/2028 <sup>(c)</sup> | 250000 | 254179 |
|  Raven Acquisition Holdings LLC, 6.88%, 11/15/2031 <sup>(c)</sup> | 500000 | 495238 |
|  Upbound Group, Inc., 6.38%, 02/15/2029 <sup>(c)</sup> | 500000 | 494497 |
|  |  | 1998093 |
| **Energy - 2.1%** | **Energy - 2.1%** | **Energy - 2.1%** |
|  Calumet Specialty Products Partners LP / Calumet Finance Corp., 9.75%, 02/15/2031 <sup>(c)</sup> | 500000 | 530193 |
|  CVR Energy, Inc., 7.88%, 02/15/2034 <sup>(c)</sup> | 500000 | 501833 |
|  Sunoco LP, 7.88% to 09/18/2030 then 5 yr. CMT Rate + 4.23%, Perpetual <sup>(c)</sup> | 250000 | 259037 |
|  Venture Global LNG, Inc., 9.00% to 09/30/2029 then 5 yr. CMT Rate + 5.44%, Perpetual <sup>(c)</sup> | 500000 | 494864 |
|  |  | 1785927 |
| **Financial - 4.3%** | **Financial - 4.3%** | **Financial - 4.3%** |
|  Burford Capital Global Finance LLC, 7.50%, 07/15/2033 <sup>(c)</sup> | 250000 | 205700 |
|  Freedom Mortgage Holdings LLC, 7.88%, 04/01/2033 <sup>(c)</sup> | 500000 | 487856 |
|  goeasy Ltd., 6.88%, 02/15/2031 <sup>(c)</sup> | 250000 | 207867 |
|  Jefferies Finance LLC / JFIN Co.-Issuer Corp., 6.63%, 10/15/2031 <sup>(c)</sup> | 500000 | 489477 |
|  PHH Corp., 9.88%, 11/01/2029 <sup>(c)</sup> | 500000 | 505342 |
|  Phoenix Aviation Capital Ltd., 9.25%, 07/15/2030 <sup>(c)</sup> | 500000 | 510699 |
|  PRA Group, Inc., 5.00%, 10/01/2029 <sup>(c)</sup> | 500000 | 474984 |
|  Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, 6.50%, 02/15/2029 <sup>(c)</sup> | 500000 | 491628 |
|  Velocity Commercial Capital LLC, 9.38%, 02/15/2031 <sup>(c)</sup> | 250000 | 258826 |
|  |  | 3632379 |
| **Industrial - 1.2%** | **Industrial - 1.2%** | **Industrial - 1.2%** |
|  Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 02/01/2032 <sup>(c)</sup> | 500000 | 508509 |
|  Trivium Packaging Finance BV, 12.25%, 01/15/2031 <sup>(c)</sup> | 500000 | 545522 |
|  |  | 1054031 |
| **Technology - 0.3%** | **Technology - 0.3%** | **Technology - 0.3%** |
|  Unisys Corp., 10.63%, 01/15/2031 <sup>(c)</sup> | 250000 | 217565 |
| **TOTAL CORPORATE OBLIGATIONS** (Cost $10,434,427) | **TOTAL CORPORATE OBLIGATIONS** (Cost $10,434,427) | 10499026 |
| **EXCHANGE TRADED FUNDS - 4.2%** | **Shares**  | **Value**  |
| Invesco Senior Loan ETF | 145143 | 2987043 |
| iShares Broad USD High Yield Corporate Bond ETF | 14928 | 555769 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $3,561,933) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $3,561,933) | 3542812 |
| **U.S. TREASURY NOTES - 3.6%** | **Par**  | **Value**  |
| 4.50%, 02/15/2036 | $3000000 | 3044297 |
| **TOTAL U.S. TREASURY NOTES** (Cost $3,075,108) | **TOTAL U.S. TREASURY NOTES** (Cost $3,075,108) | 3044297 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.0%** | **Par**  | **Value**  |
|  GS Mortgage Securities Corp., Series 2018-TWR, Class G, 7.88% (1 mo. Term SOFR + 4.22%), 07/15/2031 <sup>(c)(g)</sup> | 311000 | 10742 |
|  HTL Commercial Mortgage Trust, Series 2024-T53, Class F, 12.32%, 05/10/2039 <sup>(b)(c)</sup> | 500000 | 512100 |
|  Morgan Stanley Capital I, Inc., Series 2014-150E, Class B, 4.26%, 09/09/2032 <sup>(c)</sup> | 123000 | 105106 |
| X-Caliber Funding LLC | X-Caliber Funding LLC | X-Caliber Funding LLC |
| &nbsp;&nbsp; 0.00%, 06/06/2026 <sup>(c)(h)</sup> | 209401 | 205516 |
| &nbsp;&nbsp; Series 2021-9, Class B1, 11.78% (1 mo. Term SOFR + 8.12%), 10/06/2026 <sup>(c)(g)</sup> | 50000 | 4 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** (Cost $1,153,551) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** (Cost $1,153,551) | 833468 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY - 0.1%** | **Par**  | **Value**  |
|  Federal Home Loan Mortgage Corp., Series 2017-KF41, Class B, 6.27% (30 day avg SOFR US + 2.61%), 11/25/2026 <sup>(c)</sup> | 129217 | 121661 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY** (Cost $129,217) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY** (Cost $129,217) | 121661 |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY - 0.0% <sup>(i)</sup>** | **Par**  | **Value**  |
|  Government National Mortgage Association, Series 2025-63, Class QI, 6.00%, 04/20/2055 <sup>(a)</sup> | 520918 | 47889 |
| **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY** (Cost $97,751) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY** (Cost $97,751) | 47889 |
| **SHORT-TERM INVESTMENTS - 4.6%** | **Shares**  | **Value**  |
| **Money Market Funds – 4.6%**<br> First American Government Obligations Fund - Class U, 3.60% <sup>(j)</sup> | 3888708 | 3888708 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $3,888,708) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $3,888,708) | 3888708 |
| **TOTAL INVESTMENTS - 104.7% (**Cost $91,045,493**)** | **TOTAL INVESTMENTS - 104.7% (**Cost $91,045,493**)** | 88834796 |
| Liabilities in Excess of Other Assets - (4.7)% | Liabilities in Excess of Other Assets - (4.7)% | (4005620) |
| **TOTAL NET ASSETS - 100.0%** |  | $84829176 |

---

Percentages are stated as a percent of net assets.<br>

CMT - Constant Maturity Treasury LP – Limited Partnership <br> SOFR - Secured Overnight Financing Rate

(a) Interest only security.

(b) 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 April 30, 2026.

(c) Security is exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities are determined to be liquid by the Adviser, under the procedures established by the Fund's Board of Trustees, unless otherwise denoted. As of April 30, 2026, the value of these securities total $71,500,736 or 84.3% of the Fund's net assets.

(d) Step coupon bond. The rate disclosed is as of April 30, 2026.

(e) All or a portion of the security has been pledged as collateral in connection with open reverse repurchase agreements. At April 30, 2026, the value of securities pledged amounted to $5,045,194.

(f) As of April 30, 2026, the Fund has fair valued these securities under the procedures established by Angel Oak Capital Advisors, LLC as Valuation Designee pursuant to Rule 2a-5 under the Investment Company Act of 1940. The value of these securities amounted to $825,000 or 1.0% of net assets. Value determined using significant unobservable inputs.

(g) Issuer is currently in default and not accruing income.

(h) Zero coupon bonds make no periodic interest payments.

(i) Represents less than 0.05% of net assets.

(j) The rate shown represents the 7-day annualized yield as of April 30, 2026.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Angel Oak Strategic Credit Fund** | **Angel Oak Strategic Credit Fund** | **Angel Oak Strategic Credit Fund** | **Angel Oak Strategic Credit Fund** | **Angel Oak Strategic Credit Fund** |
| **Consolidated Schedule of Open Futures Contracts** | **Consolidated Schedule of Open Futures Contracts** | **Consolidated Schedule of Open Futures Contracts** | **Consolidated Schedule of Open Futures Contracts** | **Consolidated Schedule of Open Futures Contracts** |
| **April 30, 2026 (Unaudited)** | **April 30, 2026 (Unaudited)** | **April 30, 2026 (Unaudited)** | **April 30, 2026 (Unaudited)** | **April 30, 2026 (Unaudited)** |
| **Long Futures Contracts** | **Contracts Purchased** | **Expiration Date** | **Notional Value** | **Value / Unrealized**<br> **Appreciation**<br> (Depreciation) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 10 Year Notes | 119 | 06/18/2026 | $13160656 | $(264448) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Long Bonds | 11 | 06/18/2026 | 1241281 | (43351) |
| **Total Unrealized Appreciation (Depreciation)** |  | $– | $– | $**(307799)** |

---

The average monthly notional value of long futures contracts during the period ended April 30, 2026, was $16,585,383.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Angel Oak Strategic Credit Fund** | **Angel Oak Strategic Credit Fund** | **Angel Oak Strategic Credit Fund** | **Angel Oak Strategic Credit Fund** | **Angel Oak Strategic Credit Fund** | **Angel Oak Strategic Credit Fund** |
| **Consolidated Schedule of Open Reverse Repurchase Agreements** | **Consolidated Schedule of Open Reverse Repurchase Agreements** | **Consolidated Schedule of Open Reverse Repurchase Agreements** | **Consolidated Schedule of Open Reverse Repurchase Agreements** | **Consolidated Schedule of Open Reverse Repurchase Agreements** | **Consolidated Schedule of Open Reverse Repurchase Agreements** |
| **April 30, 2026 (Unaudited)** | **April 30, 2026 (Unaudited)** | **April 30, 2026 (Unaudited)** | **April 30, 2026 (Unaudited)** | **April 30, 2026 (Unaudited)** | **April 30, 2026 (Unaudited)** |
| **Counterparty** | **Interest Rate** | **Trade Date** | **Maturity Date** | **Net Closing Amount** | **Face Value** |
| Lucid Management and Capital Partners LP | 4.58% | 04/16/2026 | 07/16/2026 | $5471615 | $5409000 |
| A reverse repurchase agreement, although structured as a sale and repurchase obligation, acts as a financing transaction under which the Fund will effectively pledge certain assets as collateral to secure a short-term loan. Generally, the other party to the agreement makes the loan in an amount less than the fair value of the pledged collateral. At the maturity of the reverse repurchase agreement, the Fund will be required to repay the loan and interest and correspondingly receive back its collateral. While used as collateral, the pledged assets continue to pay principal and interest which are for the benefit of the Fund. | A reverse repurchase agreement, although structured as a sale and repurchase obligation, acts as a financing transaction under which the Fund will effectively pledge certain assets as collateral to secure a short-term loan. Generally, the other party to the agreement makes the loan in an amount less than the fair value of the pledged collateral. At the maturity of the reverse repurchase agreement, the Fund will be required to repay the loan and interest and correspondingly receive back its collateral. While used as collateral, the pledged assets continue to pay principal and interest which are for the benefit of the Fund. | A reverse repurchase agreement, although structured as a sale and repurchase obligation, acts as a financing transaction under which the Fund will effectively pledge certain assets as collateral to secure a short-term loan. Generally, the other party to the agreement makes the loan in an amount less than the fair value of the pledged collateral. At the maturity of the reverse repurchase agreement, the Fund will be required to repay the loan and interest and correspondingly receive back its collateral. While used as collateral, the pledged assets continue to pay principal and interest which are for the benefit of the Fund. | A reverse repurchase agreement, although structured as a sale and repurchase obligation, acts as a financing transaction under which the Fund will effectively pledge certain assets as collateral to secure a short-term loan. Generally, the other party to the agreement makes the loan in an amount less than the fair value of the pledged collateral. At the maturity of the reverse repurchase agreement, the Fund will be required to repay the loan and interest and correspondingly receive back its collateral. While used as collateral, the pledged assets continue to pay principal and interest which are for the benefit of the Fund. | A reverse repurchase agreement, although structured as a sale and repurchase obligation, acts as a financing transaction under which the Fund will effectively pledge certain assets as collateral to secure a short-term loan. Generally, the other party to the agreement makes the loan in an amount less than the fair value of the pledged collateral. At the maturity of the reverse repurchase agreement, the Fund will be required to repay the loan and interest and correspondingly receive back its collateral. While used as collateral, the pledged assets continue to pay principal and interest which are for the benefit of the Fund. | A reverse repurchase agreement, although structured as a sale and repurchase obligation, acts as a financing transaction under which the Fund will effectively pledge certain assets as collateral to secure a short-term loan. Generally, the other party to the agreement makes the loan in an amount less than the fair value of the pledged collateral. At the maturity of the reverse repurchase agreement, the Fund will be required to repay the loan and interest and correspondingly receive back its collateral. While used as collateral, the pledged assets continue to pay principal and interest which are for the benefit of the Fund. |

---

------

**Angel Oak Strategic Credit Fund**<br> **Consolidated Schedule of Centrally Cleared Credit Default Swaps – Buy Protection <sup>(a)</sup><br> April 30, 2026 (Unaudited)<br>** <br>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br> Obligation** | **Implied Credit** <br> **Spread at**<br> **04/30/26 <sup>(b)</sup>** | **Pay (Receive)**<br> **Fixed Rate** | **Payment<br> Frequency** | **Maturit**<br> **y Date** | **Counterparty** | **Notional**<br> **Amount <sup>(c)</sup>** | **Value** | **Premiums Paid**<br> (Received) | **Unrealized** <br> **Appreciation**<br> (Depreciation) |
| Markit CDX.NA.IG <sup>(d)</sup> | 0.55% | 1.000% | Quarterly | 06/20/2031 | Wells Fargo Securities, LLC | $30000000 | $(663625) | $(508435) | $(155190) |

---

(a) If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection
 an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the
 notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(b) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements on U.S. municipal issues, corporate issues or sovereign
 issues of an emerging country as of year-end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular
 referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and
 a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as "Defaulted" indicates a credit event has occurred for the referenced entity or obligation.

(c) The maximum potential amount the Fund could be required to pay as seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms
 of that particular swap agreement.

(d) Centrally cleared swap, clearing agent: Intercontinental Exchange. The average monthly notional value of long swap contracts during the period ended April 30, 20256, was $47,500,000.

------

#### Securities Valuation and Fair Value Measurements (Unaudited)

The Fund records its investments at fair value in accordance with fair valuation accounting standards which establish an authoritative 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 and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, these standards require expanded disclosure for each major category of assets. These inputs are summarized in the three broad levels listed below:

Level 1 - quoted prices in active markets for identical securities that the Fund has the ability to access

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments based on the best information available)

The inputs or methodology used for valuing securities are not an indication of the risks associated with investing in those securities.

Investments in registered open-end management investment companies, including money market funds, will be valued based upon the net asset value of such investments and are categorized as Level 1 of the fair value hierarchy.

Fair values for long-term debt securities, including asset-backed securities, mortgage-backed securities, collateralized loan obligations, and corporate obligations are normally determined on the basis of valuations provided by independent pricing services. Vendors typically value such securities based on one or more inputs, including, but not limited to, benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and pricing models such as yield measurers calculated using factors such as cash flows, financial or collateral performance and other reference data. In addition to these inputs, cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information may be utilized. Securities that use similar valuation techniques and inputs are categorized as Level 2 of the fair value hierarchy. To the extent the significant inputs are unobservable; the values generally would be categorized as Level 3.

Equity securities, including preferred stocks, that are traded on a national securities exchange, except those listed on the Nasdaq Global Market<sup>®</sup>, Nasdaq Global Select Market<sup>®</sup> and the Nasdaq Capital Market<sup>®</sup> exchanges (collectively, "Nasdaq"), are valued at the last sale price at the close of that exchange. Securities traded on Nasdaq will be valued at the Nasdaq Official Closing Price. If, on a particular day, an exchange-listed or Nasdaq security does not trade, then: (i) the security shall be valued at the mean between the most recent quoted bid and asked prices at the close of the exchange; or (ii) the security shall be valued at the latest sales price on the Composite Market (defined below) for the day such security is being valued. "Composite Market" means a consolidation of the trade information provided by national securities and foreign exchanges and over-the-counter ("OTC") markets as published by a pricing service. In the event market quotations or Composite Market pricing are not readily available, fair value will be determined in accordance with the procedures adopted by the Board of Trustees ("Board"). All equity securities that are not traded on a listed exchange are valued at the last sale price at the close of the OTC market. If a non-exchange listed security does not trade on a particular day, then the mean between the last quoted bid and asked price will be used as long as it continues to reflect the value of the security. If the mean is not available, then bid price can be used as long as the bid price continues to reflect the value of the security. Otherwise, fair value will be determined in accordance with the procedures adopted by the Board. These securities will generally be categorized as Level 3 securities. When using the market quotations or close prices provided by the pricing service and when the market is considered active, the security will be classified as a Level 1 security. Sometimes, an equity security owned by the Fund will be valued by the pricing service with factors other than market quotations or when the market is considered inactive. When this happens, the security will be classified as a Level 2 security.

Short term debt securities having a maturity of 60 days or less are generally valued at amortized cost, which approximates fair market value. These investments are categorized as Level 2 of the fair value hierarchy. Reverse repurchase agreements and repurchase agreements are priced at their acquisition cost, and assessed for credit adjustments which represents fair value. These securities will generally be categorized as Level 2 securities.

Financial derivative instruments, such as futures contracts, that are traded on a national securities or commodities exchange are typically valued at the settlement price determined by the relevant exchange. Swaps, such as credit default swaps, interest-rate swaps, and currency swaps, are valued by a pricing service. 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. OTC financial derivative instruments, such as certain futures contracts or swap agreements, derive their values from underlying asset prices, indices, reference rates, other inputs or a combination of these factors. These instruments are normally valued on the basis of evaluations provided by independent pricing services or broker-dealer quotations. Derivatives that use similar valuation techniques as described above are typically categorized as Level 2 of the fair value hierarchy.

Securities may be fair valued in accordance with the fair valuation procedures approved by the Board. The Valuation and Risk Management Oversight Committee is generally responsible for overseeing the Fund's valuation processes and reports quarterly to the Board. The Board has selected Angel Oak Capital Advisors, LLC (the "Adviser") as the Valuation Designee. As such, the Valuation Committee of the Adviser has been delegated the day-to-day responsibilities for making all necessary determinations of the fair value of portfolio securities and other assets for which market quotations are not readily available or if the prices obtained from independent pricing services are deemed to be unreliable indicators of market or fair value. Representatives of the Valuation Designee's Valuation Committee report quarterly to the Valuation and Risk Management Oversight Committee.

The following is a summary of the investments by their inputs used to value the Fund's net assets as of April 30, 2026: <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets** | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities | $– | $25324003 | $– | $25324003 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Collateralized Loan Obligations | – | 22818134 | 825000 | 23643134 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities | – | 17889798 | – | 17889798 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Obligations | – | 10499026 | – | 10499026 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | 3542812 | – | – | 3542812 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes | – | 3044297 | – | 3044297 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities | – | 833468 | – | 833468 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities – U.S. Government Agency | – | 121661 | – | 121661 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities – U.S. Government Agency | – | 47889 | – | 47889 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 3888708 | – | – | 3888708 |
| **Total** | $7431520 | $79059566 | $2343710 | $88834796 |
| **Other Financial Instruments**<br> **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts\* | $(307799) | $– | $– | $(307799) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reverse Repurchase Agreements | – | (5409000) | – | (5409000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Swaps\* | – | (155190) | – | (155190) |
| **Total** | $(307799) | $(5564190) | $– | $(5871989) |
| \*Futures and swaps are reflected at the unrealized appreciation (depreciation) on the instrument as presented in the Consolidated Schedule of Open Futures Contracts and Consolidated Schedule of Centrally Cleared Credit Default Swaps – Buy Protection. | \*Futures and swaps are reflected at the unrealized appreciation (depreciation) on the instrument as presented in the Consolidated Schedule of Open Futures Contracts and Consolidated Schedule of Centrally Cleared Credit Default Swaps – Buy Protection. | \*Futures and swaps are reflected at the unrealized appreciation (depreciation) on the instrument as presented in the Consolidated Schedule of Open Futures Contracts and Consolidated Schedule of Centrally Cleared Credit Default Swaps – Buy Protection. | \*Futures and swaps are reflected at the unrealized appreciation (depreciation) on the instrument as presented in the Consolidated Schedule of Open Futures Contracts and Consolidated Schedule of Centrally Cleared Credit Default Swaps – Buy Protection. | \*Futures and swaps are reflected at the unrealized appreciation (depreciation) on the instrument as presented in the Consolidated Schedule of Open Futures Contracts and Consolidated Schedule of Centrally Cleared Credit Default Swaps – Buy Protection. |
| <br> See the Consolidated Schedule of Investments for further disaggregation of investment categories. | <br> See the Consolidated Schedule of Investments for further disaggregation of investment categories. | <br> See the Consolidated Schedule of Investments for further disaggregation of investment categories. | <br> See the Consolidated Schedule of Investments for further disaggregation of investment categories. | <br> See the Consolidated Schedule of Investments for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Angel Oak Strategic Credit Fund

- **b. Investment Company Act file number:** 811-23289

- **c. CIK number of Registrant:** 0001716885

- **d. LEI of Registrant:** 549300KHR3RXXW4KTW47

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 980 Hammond Drive

  - **City:** Atlanta

  - **State:** GA

  - **Foreign country:** US

  - **Zip / Postal Code:** 30328

  - **Telephone number:** 404-953-4900

**Item A.2. Information about the Series.**

- **a. Name of Series:** Angel Oak Strategic Credit Fund

- **c. LEI of Series:** 549300KHR3RXXW4KTW47

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2027-01-31

- **b. Date as of which information is reported:** 2026-04-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $91717944.19

**Total Liabilities:** $7107234.49

**Net Assets:** $84610709.70

**Cash Not Reported:** $516274.05

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 177.804630634261 | **1-Year:** -4386.246105884998 | **5-Year:** 3526.579091966264 | **10-Year:** 6988.355726376130 | **30-Year:** 196.296826879999

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 853.478130774000 | **1-Year:** 3778.295627818703 | **5-Year:** 7406.718670782113 | **10-Year:** 6943.865377273517 | **30-Year:** 3467.320021459403

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 1.00%                | -0.68%               | 0.87%                |
| Class ID N/A | 1.00%                | -0.64%               | 0.87%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $135222.40               | $-387318.78                                |
| Month 2  | $28131.42                | $-878097.30                                |
| Month 3  | $-232293.91              | $699519.46                                 |

**Designated Index Information**

- **Index Name:** Fund's Securities Portfolio

- **Index Identifier:** MC4PPV85FT

### Schedule of Portfolio Investments

| Name                           | Title                                                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AgoraCapital Auto Securities T | AgoraCapital Auto Securities Trust 2025-1                           | CUSIP: 008483AC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $522420.50    | 0.62%             | 2032-11-25      | Fixed         | 10.17%                | No            |                  2 | On Loan: No      |
| AMCR ABS Trust                 | AMCR ABS Trust 2026-A                                               | CUSIP: 02341AAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $251652.80    | 0.30%             | 2033-05-18      | Fixed         | 12.08%                | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust 2021-3                               | CUSIP: 69546RAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     17804 | PA      | $17623.57     | 0.02%             | 2029-05-15      | Fixed         | 3.27%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | PAGAYA AI Debt Trust 2022-2                                         | CUSIP: 69546VAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    181323 | PA      | $181633.74    | 0.21%             | 2030-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Lin | Santander Bank Auto Credit-Linked Notes Series 2024-A               | CUSIP: 80290CCN2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    107016 | PA      | $109843.22    | 0.13%             | 2032-06-15      | Fixed         | 10.17%                | No            |                  2 | On Loan: No      |
| Star Mountain CFO LP           | Star Mountain CFO I LP                                              | CUSIP: 85516JAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    825000 | PA      | $825000.00    | 0.98%             | 2038-12-31      | Floating      | 11.65%                | No            |                  3 | On Loan: No      |
| Selene 2024-1                  | Selene 2024-1                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-MBS          | USGSE             | US        |   5044413 | PA      | $5377207.58   | 6.36%             | 2034-10-01      | Variable      | 11.58%                | No            |                  2 | On Loan: No      |
| REVREPS243                     | REVREPO32010LAG9                                                    | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -5409000 | PA      | $-5409000.00  | -6.39%            |  |  |  | No            |                  2 | On Loan: No      |
| Oportun Funding LLC            | Oportun Issuance Trust 2026-A                                       | CUSIP: 68390VAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $249559.63    | 0.29%             | 2034-01-09      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2024-11                                | CUSIP: 69548EAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    249971 | PA      | $236977.90    | 0.28%             | 2032-07-15      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2024-6 And Pagaya AI Debt Trust 2024-6 | CUSIP: 69548LAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    214164 | PA      | $214714.13    | 0.25%             | 2031-11-15      | Fixed         | 11.35%                | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2025-1                                 | CUSIP: 69548VAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    214247 | PA      | $210641.22    | 0.25%             | 2032-07-15      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2025-5                                 | CUSIP: 69548XAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    199992 | PA      | $192369.32    | 0.23%             | 2033-03-15      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya Ai Debt Grantor Trust 2025-6                                 | CUSIP: 69549CAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    999908 | PA      | $995575.94    | 1.18%             | 2033-04-15      | Fixed         | 8.48%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans         | CHL Mortgage Pass-Through Trust 2004-29                             | CUSIP: 12669GJA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    733567 | PA      | $7.34         | 0.00%             | 2035-02-25      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED ENERGY FIN        | Consolidated Energy Finance SA                                      | CUSIP: 20914UAF3<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |    500000 | PA      | $475625.00    | 0.56%             | 2028-10-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Colony American Finance Ltd    | Corevest American Finance 2020-4 Trust                              | CUSIP: 21873AAL1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    770000 | PA      | $681378.93    | 0.81%             | 2052-12-15      | Fixed         | 2.71%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                 | Consumer Portfolio Services Auto Trust 2025-D                       | CUSIP: 223936AE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $509465.00    | 0.60%             | 2033-05-16      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| NewStar Commercial Loan Fundin | First Eagle Commercial Loan Funding 2016-1 LLC                      | CUSIP: 32010LAG9<br>LEI: 549300MOI46ZB4RZW883 | Long             | ABS-CBDO         | CORP              | US        |   5018261 | PA      | $5045194.30   | 5.96%             | 2032-01-25      | Floating      | 8.93%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust   | GS Mortgage Securities Corp Trust 2018-TWR                          | CUSIP: 36251SAU2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    311000 | PA      | $10742.35     | 0.01%             | 2031-07-15      | Floating      | 7.88%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities  | GS Mortgage-Backed Securities Trust 2020-NQM1                       | CUSIP: 36259WAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2975000 | PA      | $2855434.16   | 3.37%             | 2060-09-27      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| HTL Commercial Mortgage Trust  | HTL Commercial Mortgage Trust 2024-T53                              | CUSIP: 404300AL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $512100.00    | 0.61%             | 2039-05-10      | Variable      | 12.32%                | No            |                  2 | On Loan: No      |
| Invesco Senior Loan ETF        | Invesco Senior Loan ETF                                             | CUSIP: 46138G508<br>LEI: 549300SIHU6DQELRNG59 | Long             | EC               | RF                | US        |    145143 | NS      | $2987042.94   | 3.53%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Broad USD High Yield C | iShares Broad USD High Yield Corporate Bond ETF                     | CUSIP: 46435U853<br>LEI: 549300X7H67ZLUE3IZ46 | Long             | EC               | RF                | US        |     14928 | NS      | $555769.44    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| J.P. Morgan Wealth Management  | JPMorgan Chase Bank NA - JPMWM                                      | CUSIP: 46591HBP4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     37772 | PA      | $38151.18     | 0.05%             | 2051-03-25      | Floating      | 7.50%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Wealth Management  | JPMorgan Chase Bank NA - JPMWM                                      | CUSIP: 46591HBQ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     74979 | PA      | $73322.10     | 0.09%             | 2051-03-25      | Floating      | 10.55%                | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust Series 2024-8                              | CUSIP: 46658GBJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1606867 | PA      | $1045834.21   | 1.24%             | 2055-01-25      | Variable      | 5.64%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN LLC / JFIN       | Jefferies Finance LLC / JFIN Co-Issuer Corp                         | CUSIP: 47232MAG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $489477.00    | 0.58%             | 2031-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| K HOVNANIAN ENTERPRISES        | K Hovnanian Enterprises Inc                                         | CUSIP: 48251UAQ1<br>LEI: 549300JJCQ0KAI7CJG32 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251399.00    | 0.30%             | 2033-10-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust  | Lendbuzz Securitization Trust 2026-1                                | CUSIP: 525952AE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     70933 | PA      | $70376.19     | 0.08%             | 2033-02-15      | Fixed         | 6.86%                 | No            |                  2 | On Loan: No      |
| LendingPoint Asset Securitizat | Lendingpoint 2022-A Asset Securitization Trust                      | CUSIP: 52605AAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $1.00         | 0.00%             | 2029-06-15      | Fixed         | 7.02%                 | No            |                  2 | On Loan: No      |
| Lobel Automobile Receivables T | Lobel Automobile Receivables Trust 2026-1                           | CUSIP: 53948VAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    750000 | PA      | $718386.75    | 0.85%             | 2031-01-15      | Fixed         | 8.37%                 | No            |                  2 | On Loan: No      |
| Man US CLO Ltd                 | Man US CLO 2024-1 Ltd                                               | CUSIP: 56167CAN4<br>LEI: 2549007JRE3Q11AV7970 | Long             | ABS-CBDO         | CORP              | JE        |   1000000 | PA      | $1001452.00   | 1.18%             | 2037-07-20      | Floating      | 8.88%                 | No            |                  2 | On Loan: No      |
| Maranon Loan Funding Ltd       | Maranon Loan Funding 2025-1 Ltd                                     | CUSIP: 56575QAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3250000 | PA      | $3164918.25   | 3.74%             | 2037-10-15      | Floating      | 10.67%                | No            |                  2 | On Loan: No      |
| Marlette Funding Trust         | Marlette Funding Trust 2021-2                                       | CUSIP: 57108T107<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     18149 | PA      | $234640.42    | 0.28%             | 2031-09-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MERCER INTL INC                | Mercer International Inc                                            | CUSIP: 588056BB6<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |    235000 | PA      | $94213.85     | 0.11%             | 2029-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Momnt Technologies Trust       | Momnt Technologies Trust 2023-1                                     | CUSIP: 608934AB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $512891.45    | 0.61%             | 2045-03-20      | Fixed         | 8.29%                 | No            |                  2 | On Loan: No      |
| Monroe Capital ABS Funding LTD | Monroe Capital ABS Funding 2021-1 Ltd                               | CUSIP: 610331AC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    273510 | PA      | $250260.29    | 0.30%             | 2031-04-22      | Fixed         | 3.91%                 | No            |                  2 | On Loan: No      |
| Monroe Capital MML CLO         | MONROE CAPITAL MML CLO VIII LTD                                     | CUSIP: 61034RAQ5<br>LEI: 254900CN59JSSABI7X69 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1922892.00   | 2.27%             | 2033-11-22      | Floating      | 7.73%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust 2014-150E                            | CUSIP: 61764BAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    123000 | PA      | $105105.39    | 0.12%             | 2032-09-09      | Fixed         | 4.26%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman Loan Advisers | Neuberger Berman Loan Advisers LaSalle Street Lending CLO II Ltd    | CUSIP: 64135QAA4<br>LEI: 254900IOVQ7KBVZKPZ16 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1999386.00   | 2.36%             | 2038-04-20      | Floating      | 11.18%                | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan  | New Residential Mortgage Loan Trust 2015-1                          | CUSIP: 64829CAT5<br>LEI: 549300RCJSGOC0A85G53 | Long             | ABS-MBS          | CORP              | US        |   1224944 | PA      | $1028082.84   | 1.22%             | 2052-05-28      | Variable      | 5.14%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2025-8                                 | CUSIP: 694956AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    499828 | PA      | $500094.95    | 0.59%             | 2033-07-15      | Fixed         | 9.56%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya Ai Debt Grantor Trust 2025-6                                 | CUSIP: 69549CAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    249977 | PA      | $244839.43    | 0.29%             | 2033-04-15      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| Western Alliance Bank          | Western Alliance Bank                                               | CUSIP: 95763PNE7<br>LEI: SI7YQSVPFZBSQ878IC17 | Long             | ABS-MBS          | CORP              | US        |   1224784 | PA      | $1324307.30   | 1.57%             | 2059-07-25      | Floating      | 7.75%                 | No            |                  2 | On Loan: No      |
| ABPCI Direct Lending Fund ABS  | ABPCI Direct Lending Fund ABS II LLC                                | CUSIP: 00090NAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    219941 | PA      | $209517.22    | 0.25%             | 2032-03-01      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| Western Alliance Bank          | Western Alliance Bank                                               | CUSIP: 95763PNG2<br>LEI: SI7YQSVPFZBSQ878IC17 | Long             | ABS-MBS          | CORP              | US        |    357108 | PA      | $347972.05    | 0.41%             | 2059-07-25      | Floating      | 10.15%                | No            |                  2 | On Loan: No      |
| Western Alliance Bank          | Western Alliance Bank                                               | CUSIP: 95763PNH0<br>LEI: SI7YQSVPFZBSQ878IC17 | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $396775.60    | 0.47%             | 2059-07-25      | Floating      | 12.15%                | No            |                  2 | On Loan: No      |
| ACHV ABS TRUST                 | ACHV ABS Trust 2024-3AL                                             | CUSIP: 00092KAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    346723 | PA      | $347171.98    | 0.41%             | 2031-12-26      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ACHD Trust                     | ACHD Trust 2025-DS1                                                 | CUSIP: 00092TAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $151740.89    | 0.18%             | 2034-01-09      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| ACHD Trust                     | ACHD Trust 2025-DS1                                                 | CUSIP: 00092TAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $602779.20    | 0.71%             | 2034-01-09      | Fixed         | 11.33%                | No            |                  2 | On Loan: No      |
| Affirm Inc                     | Affirm Asset Securitization Trust 2025-X1                           | CUSIP: 00834M103<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     10100 | PA      | $188884.65    | 0.22%             | 2030-04-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                     | Affirm Asset Securitization Trust 2025-X2                           | CUSIP: 00835D102<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      4500 | PA      | $300514.38    | 0.36%             | 2030-10-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| XCALI Mortgage Trust           | XCALI 2020-1 Mortgage Trust                                         | CUSIP: 98402TAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     50000 | PA      | $3.90         | 0.00%             | 2026-10-06      | Floating      | 11.78%                | No            |                  2 | On Loan: No      |
| N/A                            | CDX.NA.IG.46 06/20/2031 (BUY PROTECTION)                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |         1 | NC      | $-663625.40   | -0.78%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | US 10YR NOTE (CBT)Jun26                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       119 | NC      | $-264447.75   | -0.31%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | US LONG BOND(CBT) Jun26                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        11 | NC      | $-43351.00    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| PRA GROUP INC                  | PRA Group Inc                                                       | CUSIP: 69354NAD8<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |    500000 | PA      | $474984.35    | 0.56%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pagaya Point of Sale Holdings  | Pagaya Point Of Sale Holdings Grantor Trust 2025-2                  | CUSIP: 69549HAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $505264.70    | 0.60%             | 2033-07-20      | Fixed         | 8.71%                 | No            |                  2 | On Loan: No      |
| PHH ESCROW ISS LCC/PHH C       | PHH Escrow Issuer LLC/PHH Corp                                      | CUSIP: 716964AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $505342.00    | 0.60%             | 2029-11-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| PHOENIX AVIATION CAPITAL       | Phoenix Aviation Capital Ltd                                        | CUSIP: 71910DAA9<br>LEI: 8945008YQAKXZQ3VYJ15 | Long             | DBT              | CORP              | IE        |    500000 | PA      | $510699.00    | 0.60%             | 2030-07-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Pikes Peak CLO                 | Pikes Peak CLO 5                                                    | CUSIP: 72133QAG6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $924067.00    | 1.09%             | 2037-10-20      | Floating      | 11.50%                | No            |                  2 | On Loan: No      |
| Pikes Peak CLO                 | Pikes Peak CLO 14 2023 Ltd                                          | CUSIP: 72134DAE9<br>LEI: 213800AO7LGLGDRRY278 | Long             | ABS-CBDO         | CORP              | JE        |   2000000 | PA      | $1929758.00   | 2.28%             | 2038-07-20      | Floating      | 9.68%                 | No            |                  2 | On Loan: No      |
| Point Securitization Trust     | Point Securitization Trust 2025-2                                   | CUSIP: 73071PAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1323862.95   | 1.56%             | 2055-10-25      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| PowerPay Issuance Trust        | PowerPay Issuance Trust 2024-1                                      | CUSIP: 73934RAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    192161 | PA      | $195837.63    | 0.23%             | 2039-02-18      | Fixed         | 8.46%                 | No            |                  2 | On Loan: No      |
| Prestige Auto Receivables Trus | Prestige Auto Receivables Trust 2024-1                              | CUSIP: 74113QAL5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $501916.85    | 0.59%             | 2031-04-15      | Fixed         | 7.94%                 | No            |                  2 | On Loan: No      |
| Prosper Marketplace Issuance T | Prosper Marketplace Issuance Trust Series 2024-1                    | CUSIP: 74363CAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $504964.60    | 0.60%             | 2029-08-15      | Fixed         | 10.98%                | No            |                  2 | On Loan: No      |
| Residential Accredit Loans, In | RALI Series 2006-QS6 Trust                                          | CUSIP: 74922EAV1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3731892 | PA      | $100136.38    | 0.12%             | 2036-06-25      | Variable      | 0.77%                 | No            |                  2 | On Loan: No      |
| Residential Accredit Loans, In | RALI Series 2007-QS11 Trust                                         | CUSIP: 74925GAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10686230 | PA      | $97349.42     | 0.12%             | 2037-10-25      | Variable      | 0.25%                 | No            |                  2 | On Loan: No      |
| Radnor Re LTD                  | Radnor Re 2024-1 Ltd                                                | CUSIP: 75049AAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1100000 | PA      | $1145304.16   | 1.35%             | 2034-09-25      | Floating      | 8.80%                 | No            |                  2 | On Loan: No      |
| RAVEN ACQUISITION HOLDIN       | Raven Acquisition Holdings LLC                                      | CUSIP: 75420NAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $495238.30    | 0.59%             | 2031-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Republic Finance Issuance Trus | Republic Finance Issuance Trust 2024-A                              | CUSIP: 76041RAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $252332.25    | 0.30%             | 2032-08-20      | Fixed         | 9.49%                 | No            |                  2 | On Loan: No      |
| Research-Driven Pagaya Motor A | Research-Driven Pagaya Motor Asset Trust IV                         | CUSIP: 76088LAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     62178 | PA      | $61634.49     | 0.07%             | 2030-03-25      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Research-Driven Pagaya Motor A | Research-Driven Pagaya Motor Asset Trust 2026-R1                    | CUSIP: 76089TAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $493509.20    | 0.58%             | 2034-07-25      | Fixed         | 7.72%                 | No            |                  2 | On Loan: No      |
| Research-Driven Pagaya Motor A | Research-Driven Pagaya Motor Asset Trust 2025-3                     | CUSIP: 76091FAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $501806.55    | 0.59%             | 2034-02-27      | Fixed         | 11.09%                | No            |                  2 | On Loan: No      |
| Research-Driven Pagaya Motor A | Research-Driven Pagaya Motor Trust 2025-6                           | CUSIP: 76100HAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $249403.20    | 0.29%             | 2034-08-25      | Fixed         | 10.53%                | No            |                  2 | On Loan: No      |
| STRIKE ACCEPTANCE AUTO FUNDING | Strike Acceptance Auto Funding Trust 2023-1                         | CUSIP: 862942AA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    260699 | PA      | $261759.56    | 0.31%             | 2026-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Structured Asset Mortgage Inve | Structured Asset Mortgage Investments II Trust 2006-AR7             | CUSIP: 86361HAT1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6847972 | PA      | $239066.12    | 0.28%             | 2036-08-25      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| Sunbit Asset Securitization Tr | Sunbit Asset Securitization Trust 2025-1                            | CUSIP: 86709SAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $248653.58    | 0.29%             | 2030-07-15      | Fixed         | 7.92%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                      | Sunoco LP                                                           | CUSIP: 86765KAE9<br>LEI: 54930001NJU8E40NQ561 | Long             | EP               | CORP              | US        |    250000 | PA      | $259036.50    | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC         | Venture Global LNG Inc                                              | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | EP               | CORP              | US        |    500000 | PA      | $494863.85    | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| HalseyPoint CLO I, Ltd.        | Halseypoint Clo 6 Ltd                                               | CUSIP: 40639JAG8<br>LEI: 5493001PG85K1980W896 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $219752.75    | 0.26%             | 2038-01-20      | Floating      | 12.15%                | No            |                  2 | On Loan: No      |
| HERTZ CORP/THE                 | Hertz Corp/The                                                      | CUSIP: 428040DC0<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |    250000 | PA      | $235843.58    | 0.28%             | 2029-07-15      | Fixed         | 12.62%                | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC    | Hertz Vehicle Financing III LLC                                     | CUSIP: 42806MCD9<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $254179.30    | 0.30%             | 2028-02-25      | Fixed         | 9.43%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC    | Hertz Vehicle Financing III LLC                                     | CUSIP: 42806MDT3<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $250556.75    | 0.30%             | 2032-05-25      | Fixed         | 8.30%                 | No            |                  2 | On Loan: No      |
| X-CALIBER FUNDING LLC          | X-Caliber Funding LLC                                               | CUSIP: 98373XAW0<br>LEI: 549300GGW5CBE4FDT866 | Long             | DBT              | CORP              | US        |    209401 | PA      | $205516.00    | 0.24%             | 2026-06-06      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners Funding | Golub Capital Partners ABS Funding 2021-1 Ltd                       | CUSIP: 38178HAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    168087 | PA      | $166632.91    | 0.20%             | 2029-04-20      | Fixed         | 3.82%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                            | CUSIP: 38385E3N2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    520918 | PA      | $47889.03     | 0.06%             | 2055-04-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                 | Gray Media Inc                                                      | CUSIP: 389286AA3<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    600000 | PA      | $469173.00    | 0.55%             | 2031-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | J.P. Morgan Mortgage Trust 2023-6                                   | CUSIP: 465989AN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    510140 | PA      | $442744.94    | 0.52%             | 2053-12-26      | Variable      | 6.07%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2021-11                                    | CUSIP: 46654KBU0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  69561318 | PA      | $727889.63    | 0.86%             | 2052-01-25      | Variable      | 0.22%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | J.P. Morgan Mortgage Trust 2022-6                                   | CUSIP: 46655KDH6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1265000 | PA      | $631367.83    | 0.75%             | 2052-11-25      | Variable      | 3.29%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust Series 2024-8                              | CUSIP: 46658GBH4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    804000 | PA      | $660808.40    | 0.78%             | 2055-01-25      | Variable      | 6.92%                 | No            |                  2 | On Loan: No      |
| OFSI Fund LTD                  | OFSI BSL XV CLO Ltd                                                 | CUSIP: 67121AAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1482784.50   | 1.75%             | 2038-03-31      | Floating      | 10.18%                | No            |                  2 | On Loan: No      |
| Octane Receivables Trust       | Octane Recievables Trust 2024-RPT1                                  | CUSIP: 67578QAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $502666.00    | 0.59%             | 2030-02-22      | Fixed         | 8.71%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC            | Oportun Funding Trust 2024-3                                        | CUSIP: 68377NAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $504662.30    | 0.60%             | 2029-08-15      | Fixed         | 9.60%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC            | Oportun Issuance Trust 2025-D                                       | CUSIP: 68379HAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $200645.24    | 0.24%             | 2033-02-08      | Fixed         | 10.82%                | No            |                  2 | On Loan: No      |
| UPBOUND GROUP INC              | Upbound Group Inc                                                   | CUSIP: 76009NAL4<br>LEI: 529900QUHE15UQNCCJ63 | Long             | DBT              | CORP              | US        |    500000 | PA      | $494496.81    | 0.58%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Tikehau US CLO Ltd             | Tikehau US CLO IV Ltd                                               | CUSIP: 88675FAE5<br>LEI: 254900RN10DV5689GE29 | Long             | ABS-CBDO         | CORP              | BM        |   1750000 | PA      | $1734167.75   | 2.05%             | 2038-03-15      | Floating      | 11.56%                | No            |                  2 | On Loan: No      |
| TRIVIUM PACKAGING FIN          | Trivium Packaging Finance BV                                        | CUSIP: 89686QAC0<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |    500000 | PA      | $545522.00    | 0.64%             | 2031-01-15      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| USASF Receivables LLC          | US Auto Funding Trust 2022-1                                        | CUSIP: 90355FAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1450000 | PA      | $14.50        | 0.00%             | 2027-07-15      | Fixed         | 9.14%                 | No            |                  2 | On Loan: No      |
| UNISYS CORP                    | Unisys Corp                                                         | CUSIP: 909214BX5<br>LEI: 549300T21W22FIJJOW08 | Long             | DBT              | CORP              | US        |    250000 | PA      | $217564.95    | 0.26%             | 2031-01-15      | Fixed         | 10.62%                | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                                    | CUSIP: 912810FT0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $3044296.86   | 3.60%             | 2036-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL        | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC     | CUSIP: 91327BAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $491627.90    | 0.58%             | 2029-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| UNLOCK HEA TRUST               | Unlock HEA Trust 2025-2                                             | CUSIP: 914917AC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $403004.50    | 0.48%             | 2041-11-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Upgrade Master Pass-Thru Trust | Upgrade Master Pass-Thru Trust Series 2026-ST1                      | CUSIP: 91533VAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $929862.48    | 1.10%             | 2034-03-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust   | Upstart Securitization Trust 2022-4                                 | CUSIP: 91678YAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      9967 | PA      | $618180.97    | 0.73%             | 2032-08-20      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust   | Upstart Securitization Trust 2022-2                                 | CUSIP: 91679TAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    170749 | PA      | $135202.52    | 0.16%             | 2032-05-20      | Fixed         | 8.43%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust   | Upstart Securitization Trust 2022-1                                 | CUSIP: 91679WAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    137762 | PA      | $61381.63     | 0.07%             | 2032-03-20      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| Upstart Pass Through Trust     | Upstart Pass-Through Trust Series 2020-ST6                          | CUSIP: 91680XAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    386105 | PA      | $744.12       | 0.00%             | 2027-01-20      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Upstart Pass Through Trust     | Upstart Pass-Through Trust Series 2021-ST3                          | CUSIP: 91681PAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2850000 | PA      | $17061.88     | 0.02%             | 2027-05-20      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Upstart Pass Through Trust     | Upstart Pass-Through Trust Series 2021-ST9                          | CUSIP: 91683MAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $18655.96     | 0.02%             | 2029-11-20      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Upstart Pass Through Trust     | Upstart Pass-Through Trust Series 2022-ST1                          | CUSIP: 91683NAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $14980.63     | 0.02%             | 2030-03-20      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| VELOCITY COM CAP LLC           | Velocity Commercial Capital LLC                                     | CUSIP: 92259RAE5<br>LEI: 549300TA4MQM8WN2XG31 | Long             | DBT              | CORP              | US        |    250000 | PA      | $258825.75    | 0.31%             | 2031-02-15      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2026-1                                 | CUSIP: 694964AA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    750000 | PA      | $744666.98    | 0.88%             | 2033-09-15      | Fixed         | 9.23%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2025-R2                                | CUSIP: 69544VAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    247914 | PA      | $246452.05    | 0.29%             | 2032-10-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust 2020-2                               | CUSIP: 69546J104<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $284.94       | 0.00%             | 2027-12-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2025-R2                                | CUSIP: 69549AAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    620673 | PA      | $454683.56    | 0.54%             | 2032-10-15      | Fixed         | 9.34%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust   | CSMC 2022-ATH1                                                      | CUSIP: 12660BAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1727868.00   | 2.04%             | 2067-01-25      | Variable      | 4.57%                 | No            |                  2 | On Loan: No      |
| CVR ENERGY INC                 | CVR Energy Inc                                                      | CUSIP: 12662PAJ7<br>LEI: 529900SOYZIXZBTXB558 | Long             | DBT              | CORP              | US        |    500000 | PA      | $501833.00    | 0.59%             | 2034-02-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust   | CSMC 2017-RPL1 Trust                                                | CUSIP: 22945AAH2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1407944 | PA      | $560419.67    | 0.66%             | 2057-07-25      | Variable      | 2.99%                 | No            |                  2 | On Loan: No      |
| DSLA Mortgage Loan Trust       | DSLA Mortgage Loan Trust 2004-AR2                                   | CUSIP: 23332UAU8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    251193 | PA      | $444.54       | 0.00%             | 2044-11-19      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC          | Directv Financing LLC / Directv Financing Co-Obligor Inc            | CUSIP: 25461LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $520620.00    | 0.62%             | 2031-02-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund        | Dryden 54 Senior Loan Fund                                          | CUSIP: 26244RAD3<br>LEI: 54930064P37IJ78XTR63 | Long             | ABS-CBDO         | CORP              | KY        |   1012500 | PA      | $1015821.00   | 1.20%             | 2029-10-19      | Floating      | 7.04%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund        | Dryden 119 CLO Ltd                                                  | CUSIP: 26254KAN3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1001570.00   | 1.18%             | 2036-04-15      | Floating      | 9.07%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T | EFMT 2024-NQM1                                                      | CUSIP: 26845DAJ4<br>LEI: 254900GTI06L3BTCLG55 | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $981105.00    | 1.16%             | 2069-11-25      | Variable      | 7.47%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T | EFMT 2025-NQM1                                                      | CUSIP: 26846CAF3<br>LEI: 254900TJEVLCYF1H3X71 | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $500434.50    | 0.59%             | 2070-01-25      | Variable      | 7.43%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T | EFMT 2025-NQM1                                                      | CUSIP: 26846CAG1<br>LEI: 254900TJEVLCYF1H3X71 | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $483674.00    | 0.57%             | 2070-01-25      | Variable      | 7.43%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables  | Exeter Automobile Receivables Trust 2022-2                          | CUSIP: 30166QAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $484097.75    | 0.57%             | 2029-10-15      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust           | FREMF 2017-KF41 Mortgage Trust                                      | CUSIP: 30306KAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    129217 | PA      | $121661.35    | 0.14%             | 2026-11-25      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC       | FHF Issuer Trust 2025-1                                             | CUSIP: 30340RAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $284842.56    | 0.34%             | 2032-06-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| FIESTA PURCHASER INC           | Fiesta Purchaser Inc                                                | CUSIP: 31659AAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $518335.50    | 0.61%             | 2032-09-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund                          | CUSIP: 31846V211<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   3888708 | NS      | $3888708.19   | 4.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Flagship Credit Auto Trust     | Flagship Credit Auto Trust 2024-1                                   | CUSIP: 33843VAN3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $168019.18    | 0.20%             | 2031-05-15      | Fixed         | 8.60%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD          | Freedom Mortgage Holdings LLC                                       | CUSIP: 35641AAD0<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |    500000 | PA      | $487855.70    | 0.58%             | 2033-04-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| GOEASY LTD                     | goeasy Ltd                                                          | CUSIP: 380355AR8<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |    250000 | PA      | $207866.98    | 0.25%             | 2031-02-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners Funding | Golub Capital Partners ABS Funding 2020-1 Ltd                       | CUSIP: 38177UAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |     55037 | PA      | $53246.16     | 0.06%             | 2029-01-22      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| American Home Mortgage Assets  | American Home Mortgage Assets Trust 2006-6                          | CUSIP: 008684AF9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    656531 | PA      | $2710.88      | 0.00%             | 2046-12-25      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| Apidos CLO                     | Apidos CLO XXXII                                                    | CUSIP: 03768QAU2<br>LEI: 549300CXPXW83QGWOL98 | Long             | ABS-CBDO         | CORP              | KY        |    700000 | PA      | $696713.50    | 0.82%             | 2033-01-20      | Floating      | 9.18%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust             | Aqua Finance Trust 2021-A                                           | CUSIP: 03842VAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    274184 | PA      | $254833.97    | 0.30%             | 2046-07-17      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Secur | BHG Securitization Trust 2026-1CON                                  | CUSIP: 05494TAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $499809.10    | 0.59%             | 2036-06-17      | Fixed         | 8.03%                 | No            |                  2 | On Loan: No      |
| Banc of America Alternative Lo | Banc of America Alternative Loan Trust 2006-6                       | CUSIP: 059487AN8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1160105 | PA      | $255797.69    | 0.30%             | 2046-07-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Banc of America Alternative Lo | Banc of America Alternative Loan Trust 2006-5                       | CUSIP: 05950BAV6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    628791 | PA      | $140753.58    | 0.17%             | 2046-06-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BELLEMEADE RE LT               | Bellemeade Re 2025-1 Ltd                                            | CUSIP: 07876NAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $517453.10    | 0.61%             | 2035-10-25      | Floating      | 8.70%                 | No            |                  2 | On Loan: No      |
| BELLEMEADE RE LT               | Bellemeade Re 2023-1 Ltd                                            | CUSIP: 07876XAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    400000 | PA      | $426448.00    | 0.50%             | 2033-10-25      | Floating      | 10.35%                | No            |                  2 | On Loan: No      |
| BELLEMEADE RE LT               | Bellemeade Re Ltd                                                   | CUSIP: 078915AE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    650000 | PA      | $678100.93    | 0.80%             | 2034-08-25      | Floating      | 9.20%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN       | Burford Capital Global Finance LLC                                  | CUSIP: 12116LAG4<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |    250000 | PA      | $205700.00    | 0.24%             | 2033-07-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CALUMET SPECIALTY PROD         | Calumet Specialty Products Partners LP / Calumet Finance Corp       | CUSIP: 131477BA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $530193.50    | 0.63%             | 2031-02-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust | Carvana Auto Receivables Trust 2022-N1                              | CUSIP: 14686GAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150508 | PA      | $147589.40    | 0.17%             | 2028-12-11      | Fixed         | 6.01%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora | JPMorgan Chase Bank NA - CHASE                                      | CUSIP: 46591HAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    104684 | PA      | $108785.00    | 0.13%             | 2057-10-25      | Floating      | 9.37%                 | No            |                  2 | On Loan: No      |
| BRUNDAGE-BONE CONCRETE         | Brundage-Bone Concrete Pumping Holdings Inc                         | CUSIP: 66981QAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $508509.50    | 0.60%             | 2032-02-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust 2021-1                               | CUSIP: 69547JAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      8055 | PA      | $8023.06      | 0.01%             | 2027-11-15      | Fixed         | 4.09%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-06-26

**Name of Applicant:** Angel Oak Strategic Credit Fund

**Signature:** /s/ Michael Colombo

**Name of Signer:** Michael Colombo

**Title:** Secretary