# EDGAR Filing Document

**Accession Number:** 0001612930
**File Stem:** 0001193125-26-285142
**Filing Date:** 2026-6
**Character Count:** 152847
**Document Hash:** ac21bc87fa76e165653395329aec2f90
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-285142.hdr.sgml**: 20260626

**ACCESSION NUMBER**: 0001193125-26-285142

**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 Funds Trust
- **CENTRAL INDEX KEY:** 0001612930

**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:** 811-22980
- **FILM NUMBER:** 261127679

**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

## Series and Classes Contracts Data

### Angel Oak Total Return ETF (Series ID: S000094807)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000263351 | Angel Oak Total Return ETF | TRBF            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Angel Oak Total Return ETF** | **Angel Oak Total Return ETF** | **Angel Oak Total Return ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **April 30, 2026 (Unaudited)** | **April 30, 2026 (Unaudited)** | **April 30, 2026 (Unaudited)** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY - 43.9%** | **Par**  | **Value**  |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp; Pool QE0312, 2.00%, 04/01/2052 | 771578 | $618950 |
| &nbsp;&nbsp; Pool RB5149, 2.50%, 03/01/2042 | 705998 | 630844 |
| &nbsp;&nbsp; Pool RQ0028, 6.00%, 07/01/2055 | 454896 | 464671 |
| &nbsp;&nbsp; Pool SD6284, 2.00%, 01/01/2054 | 311016 | 249722 |
| &nbsp;&nbsp; Pool SD8224, 2.50%, 07/01/2052 | 300101 | 252565 |
| &nbsp;&nbsp; Pool SD8317, 6.00%, 04/01/2053 | 163453 | 168015 |
| &nbsp;&nbsp; Pool SD8523, 5.00%, 04/01/2055 | 475936 | 469454 |
| &nbsp;&nbsp; Pool SL1232, 5.00%, 04/01/2055 | 753443 | 745009 |
| &nbsp;&nbsp; Pool SL3938, 5.50%, 07/01/2054 | 557062 | 561659 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| &nbsp;&nbsp; Pool BT0240, 2.00%, 09/01/2051 | 604477 | 485863 |
| &nbsp;&nbsp; Pool BV7773, 2.50%, 04/01/2052 | 658719 | 553981 |
| &nbsp;&nbsp; Pool CA9273, 2.00%, 02/01/2051 | 245640 | 198191 |
| &nbsp;&nbsp; Pool CB0456, 2.50%, 05/01/2051 | 598289 | 502480 |
| &nbsp;&nbsp; Pool CB2806, 2.50%, 02/01/2052 | 790403 | 672778 |
| &nbsp;&nbsp; Pool CB3164, 2.50%, 03/01/2052 | 934975 | 788730 |
| &nbsp;&nbsp; Pool CB7336, 5.50%, 10/01/2053 | 528090 | 532745 |
| &nbsp;&nbsp; Pool FM5066, 3.00%, 10/01/2050 | 370182 | 325954 |
| &nbsp;&nbsp; Pool FM6672, 2.50%, 03/01/2051 | 38300 | 32299 |
| &nbsp;&nbsp; Pool FM7652, 2.50%, 06/01/2051 | 187309 | 158476 |
| &nbsp;&nbsp; Pool MA3810, 2.50%, 10/01/2039 | 558390 | 509443 |
| &nbsp;&nbsp; Pool MA4128, 2.00%, 09/01/2040 | 576913 | 506132 |
| &nbsp;&nbsp; Pool MA4437, 2.00%, 10/01/2051 | 600800 | 484037 |
| &nbsp;&nbsp; Pool MA4512, 2.50%, 01/01/2052 | 251905 | 212735 |
| &nbsp;&nbsp; Pool MA4520, 2.00%, 01/01/2042 | 558747 | 484844 |
| &nbsp;&nbsp; Pool MA4547, 2.00%, 02/01/2052 | 553171 | 444778 |
| &nbsp;&nbsp; Pool MA4548, 2.50%, 02/01/2052 | 77065 | 64980 |
| &nbsp;&nbsp; Pool MA4563, 2.50%, 03/01/2052 | 30201 | 25465 |
| &nbsp;&nbsp; Pool MA4653, 3.00%, 07/01/2052 | 339300 | 297928 |
| &nbsp;&nbsp; Pool MA5551, 4.50%, 12/01/2054 | 254404 | 244996 |
| &nbsp;&nbsp; Pool MA5615, 6.00%, 02/01/2055 | 193740 | 197903 |
| &nbsp;&nbsp; Pool MA5646, 5.50%, 03/01/2055 | 238970 | 240410 |
| **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY** (Cost $12,312,202) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY** (Cost $12,312,202) | 12126037 |
| **CORPORATE OBLIGATIONS - 26.5%** | **Par**  | **Value**  |
| **Basic Materials - 1.1%** | **Basic Materials - 1.1%** | **Basic Materials - 1.1%** |
|  Barrick North America Finance LLC, 5.75%, 05/01/2043 | 30000 | 29921 |
|  Dow Chemical Co., 5.15%, 02/15/2034 | 50000 | 49348 |
|  First Quantum Minerals Ltd., 7.25%, 02/15/2034 <sup>(a)</sup> | 20000 | 20577 |
|  Glencore Funding LLC, 2.63%, 09/23/2031 <sup>(a)</sup> | 35000 | 31326 |
|  Methanex US Operations, Inc., 6.25%, 03/15/2032 <sup>(a)</sup> | 35000 | 36038 |
|  Mosaic Co., 5.63%, 11/15/2043 | 35000 | 32906 |
|  Nutrien Ltd., 2.95%, 05/13/2030 | 65000 | 61054 |
|  Teck Resources Ltd., 3.90%, 07/15/2030 | 30000 | 29207 |
|  |  | 290377 |
| **Communications - 1.7%** | **Communications - 1.7%** | **Communications - 1.7%** |
|  AT&T, Inc., 3.50%, 09/15/2053 | 70000 | 45367 |
|  Bell Telephone Co. of Canada or Bell Canada, 6.88% to 09/15/2030 then 5 yr. CMT Rate + 2.39%, 09/15/2055 | 30000 | 30796 |
|  CCO Holdings LLC / CCO Holdings Capital Corp., 6.38%, 09/01/2029 <sup>(a)</sup> | 30000 | 30070 |
|  Charter Communications Operating LLC / Charter Communications Operating Capital, 3.90%, 06/01/2052 | 25000 | 15726 |
| Comcast Corp. | Comcast Corp. | Comcast Corp. |
| &nbsp;&nbsp; 6.50%, 11/15/2035 | 45000 | 49301 |
| &nbsp;&nbsp; 3.25%, 11/01/2039 | 15000 | 11573 |
|  Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 10.00%, 02/15/2031 <sup>(a)</sup> | 25000 | 26031 |
|  Gen Digital, Inc., 6.25%, 04/01/2033 <sup>(a)</sup> | 25000 | 24377 |
|  Meta Platforms, Inc., 5.40%, 08/15/2054 | 35000 | 31129 |
|  Outfront Media Capital LLC / Outfront Media Capital Corp., 4.63%, 03/15/2030 <sup>(a)</sup> | 20000 | 19473 |
|  Rogers Communications, Inc., 7.13% to 04/15/2035 then 5 yr. CMT Rate + 2.62%, 04/15/2055 | 45000 | 46451 |
|  Sunrise FinCo I BV, 4.88%, 07/15/2031 <sup>(a)</sup> | 15000 | 14422 |
|  TELUS Corp., 3.40%, 05/13/2032 | 35000 | 31891 |
|  T-Mobile USA, Inc., 3.40%, 10/15/2052 | 50000 | 32613 |
|  Verizon Communications, Inc., 3.55%, 03/22/2051 | 45000 | 31374 |
|  Videotron Ltd., 3.63%, 06/15/2029 <sup>(a)</sup> | 30000 | 29090 |
|  |  | 469684 |
| **Consumer, Cyclical - 1.9%** | **Consumer, Cyclical - 1.9%** | **Consumer, Cyclical - 1.9%** |
|  AutoZone, Inc., 3.75%, 04/18/2029 | 50000 | 49098 |
|  Boyd Gaming Corp., 4.75%, 06/15/2031 <sup>(a)</sup> | 35000 | 33760 |
|  Caesars Entertainment, Inc., 4.63%, 10/15/2029 <sup>(a)</sup> | 25000 | 24145 |
|  Clarios Global LP / Clarios US Finance Co., 6.75%, 09/15/2032 <sup>(a)</sup> | 20000 | 20470 |
|  Ford Motor Credit Co. LLC, 4.00%, 11/13/2030 | 15000 | 14094 |
|  General Motors Financial Co., Inc., 6.10%, 01/07/2034 | 35000 | 36560 |
|  Goodyear Tire & Rubber Co., 6.63%, 07/15/2030 | 25000 | 24763 |
|  Home Depot, Inc., 4.50%, 09/15/2032 | 30000 | 30072 |
|  Installed Building Products, Inc., 5.63%, 02/01/2034 <sup>(a)</sup> | 30000 | 29926 |
|  Lithia Motors, Inc., 3.88%, 06/01/2029 <sup>(a)</sup> | 25000 | 23972 |
|  Lowe's Cos., Inc., 5.50%, 10/15/2035 | 30000 | 30792 |
|  Newell Brands, Inc., 8.50%, 06/01/2028 <sup>(a)</sup> | 20000 | 20912 |
|  NVR, Inc., 3.00%, 05/15/2030 | 50000 | 47117 |
|  PulteGroup, Inc., 6.38%, 05/15/2033 | 30000 | 32382 |
|  Royal Caribbean Cruises Ltd., 6.00%, 02/01/2033 <sup>(a)</sup> | 30000 | 30468 |
|  Sally Holdings LLC / Sally Capital, Inc., 6.75%, 04/01/2032 | 20000 | 20627 |
|  Viking Cruises Ltd., 5.88%, 10/15/2033 <sup>(a)</sup> | 25000 | 25076 |
|  Walmart, Inc., 4.15%, 09/09/2032 | 30000 | 29844 |
|  |  | 524078 |
| **Consumer, Non-cyclical - 2.6%** | **Consumer, Non-cyclical - 2.6%** | **Consumer, Non-cyclical - 2.6%** |
|  AbbVie, Inc., 4.95%, 03/15/2031 | 45000 | 45936 |
|  Acadia Healthcare Co., Inc., 7.38%, 03/15/2033 <sup>(a)</sup> | 20000 | 20483 |
|  Amgen, Inc., 5.25%, 03/02/2033 | 30000 | 30709 |
|  Amneal Pharmaceuticals LLC, 6.88%, 08/01/2032 <sup>(a)</sup> | 20000 | 20796 |
|  BAT International Finance PLC, 5.93%, 02/02/2029 | 30000 | 31104 |
|  Belron UK Finance PLC, 5.75%, 10/15/2029 <sup>(a)</sup> | 20000 | 20213 |
|  DaVita, Inc., 6.88%, 09/01/2032 <sup>(a)</sup> | 20000 | 20657 |
|  Eli Lilly & Co., 4.50%, 02/09/2027 | 80000 | 80414 |
|  EquipmentShare.com, Inc., 8.63%, 05/15/2032 <sup>(a)</sup> | 20000 | 21236 |
|  Gilead Sciences, Inc., 2.60%, 10/01/2040 | 45000 | 32554 |
|  Grand Canyon University, 5.13%, 10/01/2028 | 65000 | 64563 |
|  HCA, Inc., 5.90%, 06/01/2053 | 35000 | 33321 |
|  Johnson & Johnson, 5.25%, 06/01/2054 | 30000 | 29672 |
|  Merck & Co., Inc., 2.75%, 12/10/2051 | 50000 | 30281 |
|  Molina Healthcare, Inc., 6.25%, 01/15/2033 <sup>(a)</sup> | 25000 | 24988 |
|  Perrigo Finance Unlimited Co., 6.13%, 09/30/2032 | 25000 | 23543 |
|  Pfizer, Inc., 1.75%, 08/18/2031 | 35000 | 30633 |
|  Philip Morris International, Inc., 4.88%, 02/15/2028 | 60000 | 60594 |
|  Post Holdings, Inc., 6.38%, 03/01/2033 <sup>(a)</sup> | 25000 | 25006 |
|  Simmons Foods, Inc., 4.63%, 03/01/2029 <sup>(a)</sup> | 25000 | 24137 |
|  UnitedHealth Group, Inc., 3.50%, 08/15/2039 | 55000 | 45145 |
|  |  | 715985 |
| **Diversified - 0.1%** | **Diversified - 0.1%** | **Diversified - 0.1%** |
|  Stena International SA, 7.25%, 01/15/2031 <sup>(a)</sup> | 20000 | 20349 |
| **Energy - 4.7%** | **Energy - 4.7%** | **Energy - 4.7%** |
|  Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.38%, 06/15/2029 <sup>(a)</sup> | 15000 | 14992 |
|  Antero Resources Corp., 5.38%, 03/01/2030 <sup>(a)</sup> | 30000 | 30198 |
|  Archrock Partners LP / Archrock Partners Finance Corp., 6.63%, 09/01/2032 <sup>(a)</sup> | 20000 | 20646 |
|  BP Capital Markets America, Inc., 2.94%, 06/04/2051 | 50000 | 31587 |
|  Cenovus Energy, Inc., 2.65%, 01/15/2032 | 35000 | 31325 |
|  Cheniere Energy, Inc., 5.65%, 04/15/2034 | 90000 | 92744 |
|  Columbia Pipelines Holding Co. LLC, 5.68%, 01/15/2034 <sup>(a)</sup> | 60000 | 61345 |
|  ConocoPhillips, 6.50%, 02/01/2039 | 30000 | 33224 |
|  Crescent Energy Finance LLC, 7.63%, 04/01/2032 <sup>(a)</sup> | 15000 | 15453 |
|  Devon Energy Corp., 5.60%, 07/15/2041 | 30000 | 29262 |
|  DT Midstream, Inc., 4.30%, 04/15/2032 <sup>(a)</sup> | 35000 | 33500 |
|  Enbridge, Inc., 7.63% to 01/15/2033 then 5 yr. CMT Rate + 4.42%, 01/15/2083 | 30000 | 32589 |
|  Energy Transfer LP, 8.00% (5 yr. CMT Rate + 4.02%), 05/15/2054 | 45000 | 47724 |
|  Enterprise Products Operating LLC, 6.71% (3 mo. Term SOFR + 3.04%), 06/01/2067 | 30000 | 29749 |
|  EOG Resources, Inc., 4.95%, 04/15/2050 | 35000 | 31193 |
|  EQT Corp., 7.00%, 02/01/2030 | 45000 | 48144 |
|  Excelerate Energy LP, 8.00%, 05/15/2030 <sup>(a)</sup> | 30000 | 31863 |
|  Expand Energy Corp., 5.38%, 03/15/2030 | 60000 | 60636 |
|  Exxon Mobil Corp., 4.33%, 03/19/2050 | 35000 | 29196 |
|  Genesis Energy LP / Genesis Energy Finance Corp., 8.00%, 05/15/2033 | 20000 | 21064 |
|  Gulfport Energy Operating Corp., 6.75%, 09/01/2029 <sup>(a)</sup> | 20000 | 20543 |
|  Halliburton Co., 5.00%, 11/15/2045 | 35000 | 31429 |
|  Helmerich & Payne, Inc., 4.85%, 12/01/2029 | 45000 | 45013 |
|  Hess Midstream Operations LP, 5.50%, 10/15/2030 <sup>(a)</sup> | 15000 | 15015 |
|  Hilcorp Energy I LP / Hilcorp Finance Co., 6.25%, 11/01/2028 <sup>(a)</sup> | 15000 | 15103 |
|  Kinder Morgan, Inc., 5.95%, 08/01/2054 | 30000 | 29627 |
|  ONEOK, Inc., 6.05%, 09/01/2033 | 35000 | 36827 |
|  Ovintiv, Inc., 6.50%, 02/01/2038 | 45000 | 47422 |
|  Shell International Finance BV, 3.00%, 11/26/2051 | 50000 | 32049 |
|  South Bow Canadian Infrastructure Holdings Ltd., 7.50% to 03/01/2035 then 5 yr. CMT Rate + 3.67%, 03/01/2055 | 30000 | 31882 |
|  SunCoke Energy, Inc., 4.88%, 06/30/2029 <sup>(a)</sup> | 25000 | 23069 |
|  Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.75%, 03/15/2034 <sup>(a)</sup> | 20000 | 20447 |
|  TransCanada PipeLines Ltd., 6.13% to 10/17/2031 then 5 yr. CMT Rate + 2.25%, 10/17/2056 | 62000 | 62289 |
|  Valero Energy Corp., 5.15%, 03/10/2036 | 50000 | 49249 |
|  Venture Global Plaquemines LNG LLC, 6.50%, 01/15/2034 <sup>(a)</sup> | 30000 | 31467 |
|  Whistler Pipeline LLC, 5.95%, 09/30/2034 <sup>(a)</sup> | 30000 | 30739 |
|  Williams Cos., Inc., 5.80%, 11/15/2054 | 30000 | 29054 |
|  Woodside Finance Ltd., 5.40%, 05/19/2030 | 30000 | 30659 |
|  |  | 1308317 |
| **Financial - 8.7%** | **Financial - 8.7%** | **Financial - 8.7%** |
|  American Homes 4 Rent LP, 5.25%, 03/15/2035 | 15000 | 14869 |
|  AmFam Holdings, Inc., 2.81%, 03/11/2031 <sup>(a)</sup> | 70000 | 61912 |
|  Apollo Global Management, Inc., 6.38%, 11/15/2033 | 30000 | 32122 |
|  Arch Capital Group Ltd., 7.35%, 05/01/2034 | 55000 | 62427 |
|  Ares Capital Corp., 3.20%, 11/15/2031 | 30000 | 26306 |
|  Bank of America Corp., 2.59% to 04/29/2030 then SOFR + 2.15%, 04/29/2031 | 135000 | 124898 |
|  Barclays PLC, 5.34% to 09/10/2034 then SOFR + 1.91%, 09/10/2035 | 65000 | 64509 |
|  Blackstone Holdings Finance Co. LLC, 6.20%, 04/22/2033 <sup>(a)</sup> | 60000 | 63604 |
|  BNP Paribas SA, 5.28% to 11/19/2029 then SOFR + 1.28%, 11/19/2030 <sup>(a)</sup> | 75000 | 76332 |
|  Burford Capital Global Finance LLC, 7.50%, 07/15/2033 <sup>(a)</sup> | 25000 | 20570 |
|  CBRE Services, Inc., 5.25%, 06/01/2036 <sup>(b)</sup> | 65000 | 63796 |
|  Cousins Properties LP, 5.88%, 10/01/2034 | 30000 | 30548 |
|  Deutsche Bank AG/New York NY, 5.00% to 09/11/2029 then SOFR + 1.70%, 09/11/2030 | 80000 | 80375 |
|  EPR Properties, 3.60%, 11/15/2031 | 35000 | 32168 |
|  EZCORP, Inc., 7.38%, 04/01/2032 <sup>(a)</sup> | 20000 | 21193 |
|  Fairfax Financial Holdings Ltd., 5.75%, 05/20/2035 | 30000 | 30733 |
|  Fifth Third Bancorp, 5.63% to 01/29/2031 then SOFR + 1.84%, 01/29/2032 | 30000 | 30978 |
|  GGAM Finance Ltd., 5.88%, 03/15/2030 <sup>(a)</sup> | 20000 | 20197 |
|  Globe Life, Inc., 5.85%, 09/15/2034 | 30000 | 31081 |
|  Goldman Sachs Group, Inc., 4.02% to 10/31/2037 then 3 mo. Term SOFR + 1.63%, 10/31/2038 | 115000 | 100673 |
|  Goodman US Finance Seven, LLC, 5.25%, 04/28/2036 <sup>(a)</sup> | 65000 | 64038 |
|  Highwoods Realty LP, 2.60%, 02/01/2031 | 35000 | 31115 |
|  Host Hotels & Resorts LP, 3.50%, 09/15/2030 | 15000 | 14168 |
|  Huntington National Bank, 4.55% to 05/17/2027 then SOFR + 1.65%, 05/17/2028 | 30000 | 29992 |
|  Iron Mountain, Inc., 6.25%, 01/15/2033 <sup>(a)</sup> | 15000 | 15240 |
|  Jane Street Group / JSG Finance, Inc., 6.75%, 05/01/2033 <sup>(a)</sup> | 20000 | 20557 |
|  Jefferson Capital Holdings LLC, 8.25%, 05/15/2030 <sup>(a)</sup> | 20000 | 20941 |
|  JP Morgan Chase & Co., 5.63%, 08/16/2043 | 65000 | 64927 |
|  JPMorgan Chase & Co., 4.95% to 10/22/2034 then SOFR + 1.34%, 10/22/2035 | 65000 | 64292 |
|  Keybank National Association, 5.85%, 11/15/2027 | 30000 | 30580 |
|  KKR Group Finance Co. III LLC, 5.13%, 06/01/2044 <sup>(a)</sup> | 50000 | 44843 |
|  Liberty Mutual Group, Inc., 6.50%, 03/15/2035 <sup>(a)</sup> | 45000 | 47729 |
|  Mid-America Apartments LP, 2.88%, 09/15/2051 | 50000 | 31320 |
|  Millrose Properties, Inc., 6.38%, 08/01/2030 <sup>(a)</sup> | 20000 | 20270 |
|  Morgan Stanley, 5.95% to 01/19/2033 then 5 yr. CMT Rate + 2.43%, 01/19/2038 | 110000 | 113361 |
|  Munich Re Group, 5.88% to 05/23/2032 then 5 yr. CMT Rate + 3.98%, 05/23/2042 <sup>(a)</sup> | 30000 | 30795 |
|  OneMain Finance Corp., 7.13%, 11/15/2031 | 25000 | 25366 |
|  Panther Escrow Issuer LLC, 7.13%, 06/01/2031 <sup>(a)</sup> | 25000 | 25131 |
|  PennyMac Financial Services, Inc., 6.75%, 02/15/2034 <sup>(a)</sup> | 25000 | 24219 |
|  Phillips Edison Grocery Center Operating Partnership I, LP, 5.25%, 08/15/2032 | 30000 | 30479 |
|  PNC Financial Services Group, Inc., 5.68% to 01/22/2034 then SOFR + 1.90%, 01/22/2035 | 60000 | 61864 |
|  Prologis Targeted US Logistics Fund LP, 5.25%, 04/01/2029 <sup>(a)</sup> | 30000 | 30594 |
|  Public Storage Operating Co., 5.35%, 08/01/2053 | 35000 | 33059 |
|  Realty Income Corp., 4.90%, 07/15/2033 | 30000 | 29950 |
|  RenaissanceRe Holdings Ltd., 5.80%, 04/01/2035 | 45000 | 46222 |
|  RGA Global Funding, 5.00%, 08/25/2032 <sup>(a)</sup> | 65000 | 64681 |
| RHP Hotel Properties LP / RHP Finance Corp. | RHP Hotel Properties LP / RHP Finance Corp. | RHP Hotel Properties LP / RHP Finance Corp. |
| &nbsp;&nbsp; 4.50%, 02/15/2029 <sup>(a)</sup> | 15000 | 14776 |
| &nbsp;&nbsp; 6.50%, 04/01/2032 <sup>(a)</sup> | 20000 | 20535 |
|  Safehold GL Holdings LLC, 2.80%, 06/15/2031 | 70000 | 63523 |
|  Sammons Financial Group, Inc., 4.75%, 04/08/2032 <sup>(a)</sup> | 35000 | 33585 |
|  Simon Property Group LP, 6.65%, 01/15/2054 | 30000 | 33223 |
|  Starwood Property Trust, Inc., 5.75%, 01/15/2031 <sup>(a)</sup> | 20000 | 20005 |
|  UBS Group AG, 7.50%, 02/15/2028 | 30000 | 31712 |
|  US Bancorp, 5.84% to 06/10/2033 then SOFR + 2.26%, 06/12/2034 | 60000 | 62684 |
|  UWM Holdings LLC, 6.25%, 03/15/2031 <sup>(a)</sup> | 25000 | 23201 |
|  Walker & Dunlop, Inc., 6.63%, 04/01/2033 <sup>(a)</sup> | 25000 | 24877 |
|  Wells Fargo Bank NA, 6.60%, 01/15/2038 | 30000 | 32905 |
|  Welltower OP LLC, 4.25%, 04/15/2028 | 30000 | 29972 |
|  |  | 2396022 |
| **Industrial - 1.5%** | **Industrial - 1.5%** | **Industrial - 1.5%** |
|  Boeing Co., 5.04%, 05/01/2027 | 28000 | 28160 |
|  Builders FirstSource, Inc., 6.75%, 05/15/2035 <sup>(a)</sup> | 20000 | 20223 |
|  Canadian National Railway Co., 3.20%, 08/02/2046 | 90000 | 63818 |
|  FTAI Aviation Investors LLC, 5.88%, 04/15/2033 <sup>(a)</sup> | 20000 | 19910 |
|  Genesee & Wyoming, Inc., 6.25%, 04/15/2032 <sup>(a)</sup> | 20000 | 20495 |
|  L3Harris Technologies, Inc., 4.85%, 04/27/2035 | 30000 | 29445 |
| Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. |
| &nbsp;&nbsp; 6.38%, 03/01/2032 <sup>(a)</sup> | 15000 | 15246 |
| &nbsp;&nbsp; 6.75%, 03/01/2033 <sup>(a)</sup> | 20000 | 20294 |
|  Reworld Holding Corp., 4.88%, 12/01/2029 <sup>(a)</sup> | 25000 | 24023 |
|  RTX Corp., 6.10%, 03/15/2034 | 35000 | 37688 |
|  Standard Building Solutions, Inc., 6.50%, 08/15/2032 <sup>(a)</sup> | 20000 | 20214 |
|  Union Pacific Corp., 3.20%, 05/20/2041 | 80000 | 62085 |
|  Vulcan Materials Co., 4.50%, 06/15/2047 | 35000 | 29398 |
|  Waste Connections, Inc., 2.95%, 01/15/2052 | 50000 | 31706 |
|  |  | 422705 |
| **Technology - 0.8%** | **Technology - 0.8%** | **Technology - 0.8%** |
|  Amkor Technology, Inc., 5.88%, 10/01/2033 <sup>(a)</sup> | 20000 | 20134 |
|  Apple, Inc., 4.50%, 02/23/2036 | 50000 | 49909 |
|  Broadcom, Inc., 4.60%, 07/15/2030 | 45000 | 45219 |
|  Intel Corp., 3.75%, 08/05/2027 | 65000 | 64479 |
|  Leidos, Inc., 5.40%, 03/15/2032 | 30000 | 30593 |
|  Zebra Technologies Corp., 6.50%, 06/01/2032 <sup>(a)</sup> | 20000 | 20401 |
|  |  | 230735 |
| **Utilities - 3.4%** | **Utilities - 3.4%** | **Utilities - 3.4%** |
|  AltaGas Ltd., 7.20% to 10/15/2034 then 5 yr. CMT Rate + 3.57%, 10/15/2054 <sup>(a)</sup> | 30000 | 31183 |
|  American Electric Power Co., Inc., 7.05% to 12/15/2029 then 5 yr. CMT Rate + 2.75%, 12/15/2054 | 30000 | 31411 |
|  CenterPoint Energy, Inc., 6.85% to 02/15/2035 then 5 yr. CMT Rate + 2.95%, 02/15/2055 | 30000 | 31697 |
|  Consolidated Edison Co. of New York, Inc., 3.95%, 04/01/2050 | 40000 | 30916 |
|  Duke Energy Florida LLC, 6.40%, 06/15/2038 | 30000 | 32829 |
|  Entergy Corp., 7.13% to 12/01/2029 then 5 yr. CMT Rate + 2.67%, 12/01/2054 | 60000 | 61807 |
|  Evergy, Inc., 2.90%, 09/15/2029 | 65000 | 61711 |
|  Exelon Corp., 4.05%, 04/15/2030 | 30000 | 29396 |
|  Hawaiian Electric Co., Inc., 6.00%, 10/01/2033 <sup>(a)</sup> | 20000 | 20077 |
|  Monongahela Power Co., 5.40%, 12/15/2043 <sup>(a)</sup> | 50000 | 47456 |
|  New York State Electric & Gas Corp., 1.95%, 10/01/2030 <sup>(a)</sup> | 35000 | 30639 |
|  NextEra Energy Capital Holdings, Inc., 5.25%, 03/15/2034 | 30000 | 30426 |
|  NiSource, Inc., 4.38%, 05/15/2047 | 75000 | 61073 |
|  NRG Energy, Inc., 6.25%, 11/01/2034 <sup>(a)</sup> | 20000 | 20246 |
|  PG&E Corp., 7.38% to 03/15/2030 then 5 yr. CMT Rate + 3.88%, 03/15/2055 | 30000 | 30876 |
|  PPL Capital Funding, Inc., 5.25%, 09/01/2034 | 30000 | 30306 |
|  Public Service Co. of Colorado, 5.25%, 04/01/2053 | 50000 | 45395 |
|  Sempra, 6.55% to 04/01/2035 then 5 yr. CMT Rate + 2.14%, 04/01/2055 | 30000 | 30323 |
|  Sierra Pacific Power Co., 6.20% to 12/15/2030 then 5 yr. CMT Rate + 2.55%, 12/15/2055 | 70000 | 69118 |
|  Southern California Edison Co., 4.00%, 04/01/2047 | 85000 | 62803 |
|  Southern Co., 4.40%, 07/01/2046 | 55000 | 45351 |
|  Virginia Electric and Power Co., 4.45%, 02/15/2044 | 35000 | 29687 |
|  Vistra Operations Co. LLC, 6.00%, 04/15/2034 <sup>(a)</sup> | 30000 | 30980 |
|  Wisconsin Electric Power Co., 4.60%, 10/01/2034 | 30000 | 29662 |
|  XPLR Infrastructure Operating Partners LP, 7.25%, 01/15/2029 <sup>(a)</sup> | 15000 | 15606 |
|  |  | 940974 |
| **TOTAL CORPORATE OBLIGATIONS** (Cost $7,366,766) | **TOTAL CORPORATE OBLIGATIONS** (Cost $7,366,766) | 7319226 |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES - 11.6%** | **Par**  | **Value**  |
|  A&D Mortgage LLC, Series 2026-NQM3, Class A1, 5.08%, 04/25/2071 <sup>(a)(d)</sup> | 250000 | 250401 |
|  ATLX Trust, Series 2024-RPL1, Class M1, 4.40%, 04/25/2064 <sup>(a)(d)</sup> | 150000 | 146874 |
|  BRAVO Residential Funding Trust, Series 2021-NQM3, Class A1, 1.70%, 04/25/2060 <sup>(a)(d)</sup> | 165727 | 154610 |
|  CIM Trust, Series 2022-R1, Class M3, 4.00%, 01/25/2061 <sup>(a)(d)</sup> | 250000 | 201574 |
| COLT Funding LLC | COLT Funding LLC | COLT Funding LLC |
| &nbsp;&nbsp; Series 2021-1, Class M1, 2.29%, 06/25/2066 <sup>(a)(d)</sup> | 100000 | 81061 |
| &nbsp;&nbsp; Series 2021-RPL1, Class M2, 3.08%, 09/25/2061 <sup>(a)(d)</sup> | 250000 | 222662 |
| Credit Suisse Mortgage Capital Certificates | Credit Suisse Mortgage Capital Certificates | Credit Suisse Mortgage Capital Certificates |
| &nbsp;&nbsp; Series 2019-AFC1, Class A1, 3.57%, 07/25/2049 <sup>(a)(c)</sup> | 47708 | 46343 |
| &nbsp;&nbsp; Series 2021-NQM6, Class A3, 1.59%, 07/25/2066 <sup>(a)(d)</sup> | 53280 | 46346 |
|  Ellington Financial Mortgage Trust, Series 2022-1, Class B1, 3.86%, 01/25/2067 <sup>(a)(d)</sup> | 200000 | 157128 |
| GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
| &nbsp;&nbsp; Series 2024-PJ10, Class AX1, 0.65%, 04/25/2055 <sup>(a)(d)(e)</sup> | 5434790 | 45147 |
| &nbsp;&nbsp; Series 2024-RPL2, Class M1, 4.11%, 07/25/2061 <sup>(a)(d)</sup> | 500000 | 476021 |
|  JP Morgan Mortgage Trust, Series 2023-6, Class AX1, 0.20%, 12/26/2053 <sup>(a)(d)(e)</sup> | 1572947 | 2882 |
|  New Residential Mortgage Loan Trust, Series 2025-NQM5, Class M1, 6.09%, 08/25/2065 <sup>(a)(d)</sup> | 250000 | 251993 |
|  Onslow Bay Mortgage Loan Trust, Series 2022-J2, Class A10, 3.00%, 08/25/2052 <sup>(a)(d)</sup> | 350000 | 264273 |
|  Saluda Grade Mortgage Funding LLC, Series 2025-LOC5, Class B1, 7.40% (1 mo. Term SOFR + 3.75%), 10/25/2055 <sup>(a)</sup> | 250000 | 251192 |
|  Sequoia Mortgage Trust, Series 2026-1, Class A1, 5.00%, 02/25/2056 <sup>(a)(d)</sup> | 190396 | 186409 |
|  Starwood Mortgage Residential Trust, Series 2022-3, Class A1, 5.16%, 03/25/2067 <sup>(a)(d)</sup> | 140860 | 140518 |
|  Towd Point Mortgage Trust, Series 2021-1, Class A1, 2.25%, 11/25/2061 <sup>(a)(d)</sup> | 210800 | 198004 |
|  Visio Trust, Series 2021-1R, Class A3, 1.69%, 05/25/2056 <sup>(a)</sup> | 86630 | 81823 |
| **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** (Cost $3,196,512) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** (Cost $3,196,512) | 3205261 |
| **U.S. TREASURY BONDS - 4.2%** | **Par**  | **Value**  |
| &nbsp;&nbsp; 1.13%, 05/15/2040 | 920000 | 576276 |
| &nbsp;&nbsp; 2.50%, 02/15/2046 | 860000 | 587588 |
| **TOTAL U.S. TREASURY BONDS** (Cost $1,197,285) | **TOTAL U.S. TREASURY BONDS** (Cost $1,197,285) | 1163864 |
| **COLLATERALIZED LOAN OBLIGATIONS - 3.6%** | **Par**  | **Value**  |
| **Asset Backed Securities - 3.6%** | **Asset Backed Securities - 3.6%** | **Asset Backed Securities - 3.6%** |
|  Willow Tree CLO Ltd., Series 2024-1A, Class B, 5.88% (3 mo. Term SOFR + 2.20%), 10/17/2034 <sup>(a)</sup> | 1000000 | 999972 |
| **TOTAL COLLATERALIZED LOAN OBLIGATIONS** (Cost $1,003,098) | **TOTAL COLLATERALIZED LOAN OBLIGATIONS** (Cost $1,003,098) | 999972 |
| **ASSET-BACKED SECURITIES - 3.4%** | **Par**  | **Value**  |
| **Automobile - 1.2%** | **Automobile - 1.2%** | **Automobile - 1.2%** |
|  ACM Auto Trust, Series 2025-1A, Class A, 5.38%, 06/20/2029 <sup>(a)</sup> | 37176 | 36814 |
|  CPS Auto Trust, Series 2025-B, Class E, 7.95%, 03/15/2033 <sup>(a)</sup> | 24000 | 24798 |
|  Prestige Auto Receivables Trust, Series 2024-1A, Class E, 7.94%, 04/15/2031 <sup>(a)</sup> | 25000 | 25096 |
|  Research-Driven Pagaya Motor Asset Trust, Series 2026-R1A, Class B, 6.21%, 07/25/2034 <sup>(a)</sup> | 250000 | 250389 |
|  |  | 337097 |
| **Consumer - 2.2%** | **Consumer - 2.2%** | **Consumer - 2.2%** |
|  ACHD Trust, Series 2025-DS1, Class B, 9.38%, 01/09/2034 <sup>(a)</sup> | 100000 | 101161 |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust |
| &nbsp;&nbsp; Series 2025-8, Class B, 5.41%, 07/15/2033 <sup>(a)</sup> | 114960 | 114421 |
| &nbsp;&nbsp; Series 2025-R2, Class D, 5.80%, 10/15/2032 <sup>(a)</sup> | 99166 | 98581 |
|  RCKT Mortgage Trust, Series 2025-2A, Class E, 7.83%, 11/27/2034 <sup>(a)</sup> | 50000 | 48863 |
|  Regional Management Issuance Trust, Series 2022-1, Class D, 6.72%, 03/15/2032 <sup>(a)</sup> | 250000 | 250414 |
|  |  | 613440 |
| **TOTAL ASSET-BACKED SECURITIES** (Cost $947,140) | **TOTAL ASSET-BACKED SECURITIES** (Cost $947,140) | 950537 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY - 2.0%** | **Par**  | **Value**  |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp; Series K-170, Class A2, 5.00%, 02/25/2035 <sup>(d)</sup> | 300000 | 308476 |
| &nbsp;&nbsp; Series K-171, Class A2, 4.40%, 06/25/2035 <sup>(d)</sup> | 250000 | 245544 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY** (Cost $560,832) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY** (Cost $560,832) | 554020 |
| **EXCHANGE TRADED FUNDS - 1.1%** | **Shares**  | **Value**  |
| Invesco Senior Loan ETF | 14479 | 297978 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $300,012) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $300,012) | 297978 |
| **SHORT-TERM INVESTMENTS - 5.1%** | **Shares**  | **Value**  |
| **Money Market Funds – 5.1%**<br> First American Government Obligations Fund - Class U, 3.60% <sup>(f)</sup> | 1406444 | 1406444 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $1,406,444) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $1,406,444) | 1406444 |
| **TOTAL INVESTMENTS - 101.4% (**Cost $28,290,291**)** | **TOTAL INVESTMENTS - 101.4% (**Cost $28,290,291**)** | 28023339 |
| Liabilities in Excess of Other Assets - (1.4)% | Liabilities in Excess of Other Assets - (1.4)% | (388107) |
| **TOTAL NET ASSETS - 100.0%** |  | $27635232 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

---

| |
|:---|
| CMT - Constant Maturity Treasury |
| LP - Limited Partnership |
| PLC - Public Limited Company |
| SOFR - Secured Overnight Financing Rate |

---

(a) 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 $7,345,100 or 26.6% of the Fund's net assets.

(b) Security or a portion of the security purchased on a when-issued or delayed delivery basis.

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

(d) 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.

(e) Interest only security.

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Angel Oak Total Return ETF** | **Angel Oak Total Return ETF** | **Angel Oak Total Return ETF** | **Angel Oak Total Return ETF** | **Angel Oak Total Return ETF** |
| **Schedule of Open Futures Contracts** | **Schedule of Open Futures Contracts** | **Schedule of Open Futures Contracts** | **Schedule of Open Futures Contracts** | **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 5 Year Note | 35 | 06/30/2026 | $3774258 | $(15115) |

---

The average monthly notional value of long and short futures contracts during the period ended April 30, 2026, was $1,433,805 and ($326,789), respectively.

------

**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, corporate obligations, and whole loans 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 measures 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets** | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities – U.S. Government Agency | $– | $12126037 | $– | $12126037 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Obligations | – | 7319226 | – | 7319226 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities | – | 3205261 | – | 3205261 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds | – | 1163864 | – | 1163864 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Collateralized Loan Obligations | – | 999972 | – | 999972 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities | – | 950537 | – | 950537 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities – U.S. Government Agency | – | 554020 | – | 554020 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | 297978 | – | – | 297978 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Short-term Investments | 1406444 | – | – | 1406444 |
| **Total** | $1704422 | $26318917 | $– | $28023339 |
| **<u>Other Financial Instruments</u>** |  |  |  |  |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts \* | $(15115) | $– | $– | $(15115) |
| \* Futures are reflected at the unrealized appreciation (depreciation) on the instrument as presented in the Schedule of Open Futures Contracts. | \* Futures are reflected at the unrealized appreciation (depreciation) on the instrument as presented in the Schedule of Open Futures Contracts. | \* Futures are reflected at the unrealized appreciation (depreciation) on the instrument as presented in the Schedule of Open Futures Contracts. | \* Futures are reflected at the unrealized appreciation (depreciation) on the instrument as presented in the Schedule of Open Futures Contracts. | \* Futures are reflected at the unrealized appreciation (depreciation) on the instrument as presented in the Schedule of Open Futures Contracts. |
| See the Schedule of Investments for further disaggregation of investment categories. | See the Schedule of Investments for further disaggregation of investment categories. | See the Schedule of Investments for further disaggregation of investment categories. | See the Schedule of Investments for further disaggregation of investment categories. | See the 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 Funds Trust

- **b. Investment Company Act file number:** 811-22980

- **c. CIK number of Registrant:** 0001612930

- **d. LEI of Registrant:** 549300DGLMLNBVBKK655

- **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 Total Return ETF

- **b. EDGAR series identifier (if any):** S000094807

- **c. LEI of Series:** 254900SIDCUM9VBX4984

**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:** $27831755.86

**Total Liabilities:** $201238.45

**Net Assets:** $27630517.41

**Delayed Delivery Securities:** $64418.25

**Cash Not Reported:** $55385.27

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 25.076958472842 | **1-Year:** 866.942876067871 | **5-Year:** 5338.617535854677 | **10-Year:** 8208.271554230876 | **30-Year:** 1838.577412487993

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

- **3-Month:** 3.733190990618 | **1-Year:** 175.149236163896 | **5-Year:** 517.030094422714 | **10-Year:** 100.988880254847 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000263351 | 1.68%                | -1.90%               | 0.23%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-5928.94                | $284295.36                                 |
| Month 2  | $-3313.52                | $-508377.80                                |
| Month 3  | $-65869.36               | $8968.80                                   |

**Designated Index Information**

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

- **Index Identifier:** W2LLM62M8C

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Freddie Mac                    | Freddie Mac Pool                                                                | CUSIP: 3132DWD59<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    300101 | PA      | $252565.04    | 0.91%             | 2052-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                                                | CUSIP: 3132DWG23<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    163453 | PA      | $168015.18    | 0.61%             | 2053-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                                                | CUSIP: 3132DWPG2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    475936 | PA      | $469454.41    | 1.70%             | 2055-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                                                | CUSIP: 3133B9KZ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    771578 | PA      | $618949.54    | 2.24%             | 2052-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                                                | CUSIP: 3133KYWJ4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    705998 | PA      | $630843.52    | 2.28%             | 2042-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                                                | CUSIP: 31427NLN7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    753443 | PA      | $745008.86    | 2.70%             | 2055-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                                                | CUSIP: 31427RLU2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    557062 | PA      | $561659.50    | 2.03%             | 2054-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                                                | CUSIP: 3142J6A60<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    454896 | PA      | $464670.97    | 1.68%             | 2055-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FTAI AVIATION INVESTORS        | FTAI Aviation Investors LLC                                                     | CUSIP: 34960PAH4<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19909.95     | 0.07%             | 2033-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities  | GS Mortgage-Backed Securities Trust 2024-PJ10                                   | CUSIP: 36273ABB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5434790 | PA      | $45146.80     | 0.16%             | 2055-04-25      | Variable      | 0.65%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO         | General Motors Financial Co Inc                                                 | CUSIP: 37045XEP7<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36559.75     | 0.13%             | 2034-01-07      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC           | Glencore Funding LLC                                                            | CUSIP: 378272BG2<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |     35000 | PA      | $31326.22     | 0.11%             | 2031-09-23      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| GLOBE LIFE INC                 | Globe Life Inc                                                                  | CUSIP: 37959EAC6<br>LEI: 5493001JFHKQOPP6XA71 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31081.29     | 0.11%             | 2034-09-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC        | Goldman Sachs Group Inc/The                                                     | CUSIP: 38148YAA6<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    115000 | PA      | $100673.19    | 0.36%             | 2038-10-31      | Variable      | 4.02%                 | No            |                  2 | On Loan: No      |
| GOODMAN US SEVEN LLC           | Goodman US Finance Seven LLC                                                    | CUSIP: 38239BAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $64037.55     | 0.23%             | 2036-04-28      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER         | Goodyear Tire & Rubber Co/The                                                   | CUSIP: 382550BS9<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24762.77     | 0.09%             | 2030-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| GRAND CANYON UNIVERSITY        | Grand Canyon University                                                         | CUSIP: 38528UAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $64563.02     | 0.23%             | 2028-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| GULFPORT ENERGY OP CORP        | Gulfport Energy Operating Corp                                                  | CUSIP: 402635AT3<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20543.22     | 0.07%             | 2029-09-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HCA INC                        | HCA Inc                                                                         | CUSIP: 404119CR8<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     35000 | PA      | $33321.12     | 0.12%             | 2053-06-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| HALLIBURTON CO                 | Halliburton Co                                                                  | CUSIP: 406216BK6<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | DBT              | CORP              | US        |     35000 | PA      | $31429.43     | 0.11%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAIIAN ELEC CO               | Hawaiian Electric Co Inc                                                        | CUSIP: 419866AV0<br>LEI: 549300PQE8D806LWQV52 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20077.44     | 0.07%             | 2033-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HELMERICH & PAYNE INC          | Helmerich & Payne Inc                                                           | CUSIP: 423452AM3<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45012.51     | 0.16%             | 2029-12-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATION       | Hess Midstream Operations LP                                                    | CUSIP: 428102AF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $15015.11     | 0.05%             | 2030-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HIGHWOODS REALTY LP            | Highwoods Realty LP                                                             | CUSIP: 431282AT9<br>LEI: JUJNVZX73BIYHLR58F51 | Long             | DBT              | CORP              | US        |     35000 | PA      | $31114.83     | 0.11%             | 2031-02-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP       | Hilcorp Energy I LP / Hilcorp Finance Co                                        | CUSIP: 431318AS3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $15103.23     | 0.05%             | 2028-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                 | Home Depot Inc/The                                                              | CUSIP: 437076CS9<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30072.07     | 0.11%             | 2032-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HOST HOTELS & RESORTS LP       | Host Hotels & Resorts LP                                                        | CUSIP: 44107TAZ9<br>LEI: FXB7X4WXVA8QPMNOGS12 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14167.86     | 0.05%             | 2030-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON NATIONAL BANK       | Huntington National Bank/The                                                    | CUSIP: 44644MAF8<br>LEI: 2WHM8VNJH63UN14OL754 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29992.08     | 0.11%             | 2028-05-17      | Variable      | 4.55%                 | No            |                  2 | On Loan: No      |
| INSTALLED BUILDING PRODU       | Installed Building Products Inc                                                 | CUSIP: 45780RAB7<br>LEI: 549300I95Y9P9YM5FI86 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29926.18     | 0.11%             | 2034-02-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | J.P. Morgan Mortgage Trust 2023-6                                               | CUSIP: 465989AJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1572947 | PA      | $2881.64      | 0.01%             | 2053-12-26      | Variable      | 0.20%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO            | JPMorgan Chase & Co                                                             | CUSIP: 46625HJM3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     65000 | PA      | $64927.24     | 0.23%             | 2043-08-16      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN        | Jane Street Group / JSG Finance Inc                                             | CUSIP: 47077WAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $20557.02     | 0.07%             | 2033-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CAPITAL HOLDIN       | Jefferson Capital Holdings LLC                                                  | CUSIP: 472481AC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $20940.82     | 0.08%             | 2030-05-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| JOHNSON & JOHNSON              | Johnson & Johnson                                                               | CUSIP: 478160CX0<br>LEI: 549300G0CFPGEF6X2043 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29672.20     | 0.11%             | 2054-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                | Gen Digital Inc                                                                 | CUSIP: 668771AM0<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24377.14     | 0.09%             | 2033-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| RHP HOTEL PPTY/RHP FINAN       | RHP Hotel Properties LP / RHP Finance Corp                                      | CUSIP: 749571AG0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $14775.89     | 0.05%             | 2029-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| RHP HOTEL PPTY/RHP FINAN       | RHP Hotel Properties LP / RHP Finance Corp                                      | CUSIP: 749571AK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $20534.74     | 0.07%             | 2032-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| RTX CORP                       | RTX Corp                                                                        | CUSIP: 75513ECW9<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |     35000 | PA      | $37688.32     | 0.14%             | 2034-03-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN       | Rogers Communications Inc                                                       | CUSIP: 775109DH1<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |     45000 | PA      | $46451.40     | 0.17%             | 2055-04-15      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES        | Royal Caribbean Cruises Ltd                                                     | CUSIP: 780153BV3<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     30000 | PA      | $30467.73     | 0.11%             | 2033-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SAFEHOLD GL HOLDINGS LLC       | Safehold GL Holdings LLC                                                        | CUSIP: 78646UAA7<br>LEI: 54930012UY5Z4Q8NL108 | Long             | DBT              | CORP              | US        |     70000 | PA      | $63522.92     | 0.23%             | 2031-06-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| ACHD Trust                     | ACHD Trust 2025-DS1                                                             | CUSIP: 00092TAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $101160.59    | 0.37%             | 2034-01-09      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                 | ACM Auto Trust 2025-1                                                           | CUSIP: 00161EAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     37176 | PA      | $36813.83     | 0.13%             | 2029-06-20      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| A&D Mortgage Trust             | A&D Mortgage Trust 2026-NQM3                                                    | CUSIP: 00248BAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $250401.50    | 0.91%             | 2071-04-25      | Variable      | 5.08%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                     | AbbVie Inc                                                                      | CUSIP: 00287YDT3<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45935.90     | 0.17%             | 2031-03-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| ACADIA HEALTHCARE CO INC       | Acadia Healthcare Co Inc                                                        | CUSIP: 00404AAQ2<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20482.84     | 0.07%             | 2033-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ALTAGAS LTD                    | AltaGas Ltd                                                                     | CUSIP: 021361AD2<br>LEI: 2549008X5V70MOS4HM10 | Long             | DBT              | CORP              | CA        |     30000 | PA      | $31182.51     | 0.11%             | 2054-10-15      | Variable      | 7.20%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER        | American Electric Power Co Inc                                                  | CUSIP: 025537AZ4<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31410.78     | 0.11%             | 2054-12-15      | Variable      | 7.05%                 | No            |                  2 | On Loan: No      |
| AMERICAN HOMES 4 RENT          | American Homes 4 Rent LP                                                        | CUSIP: 02666TAJ6<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14868.76     | 0.05%             | 2035-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AMFAM HOLDINGS INC             | AmFam Holdings Inc                                                              | CUSIP: 03115AAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $61912.13     | 0.22%             | 2031-03-11      | Fixed         | 2.81%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                      | Amgen Inc                                                                       | CUSIP: 031162DR8<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30709.29     | 0.11%             | 2033-03-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AMKOR TECHNOLOGY INC           | Amkor Technology Inc                                                            | CUSIP: 031652BL3<br>LEI: 529900VHLRTKPWZJBM84 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20133.70     | 0.07%             | 2033-10-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ARCHROCK PARTNERS LP/FIN       | Archrock Partners LP / Archrock Partners Finance Corp                           | CUSIP: 03959KAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $20646.24     | 0.07%             | 2032-09-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD               | GGAM Finance Ltd                                                                | CUSIP: 36170JAE6<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |     20000 | PA      | $20197.40     | 0.07%             | 2030-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| GENESEE & WYOMING INC          | Genesee & Wyoming Inc                                                           | CUSIP: 371559AB1<br>LEI: G617XSG94Z7G0RMW3L02 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20494.86     | 0.07%             | 2032-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN          | Genesis Energy LP / Genesis Energy Finance Corp                                 | CUSIP: 37185LAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $21064.32     | 0.08%             | 2033-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GILEAD SCIENCES INC            | Gilead Sciences Inc                                                             | CUSIP: 375558BS1<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |     45000 | PA      | $32553.58     | 0.12%             | 2040-10-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                     | Intel Corp                                                                      | CUSIP: 458140BY5<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |     65000 | PA      | $64478.64     | 0.23%             | 2027-08-05      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Invesco Senior Loan ETF        | Invesco Senior Loan ETF                                                         | CUSIP: 46138G508<br>LEI: 549300SIHU6DQELRNG59 | Long             | EC               | RF                | US        |     14479 | NS      | $297977.82    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| IRON MOUNTAIN INC              | Iron Mountain Inc                                                               | CUSIP: 46284VAQ4<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15240.18     | 0.06%             | 2033-01-15      | Fixed         | 6.25%                 | No            |                  2 | 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        |      1169 | NS      | $43521.87     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| SALLY HOLDINGS/SALLY CAP       | Sally Holdings LLC / Sally Capital Inc                                          | CUSIP: 79546VAQ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $20627.06     | 0.07%             | 2032-04-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortg | Saluda Grade Alternative Mortgage Trust 2025-LOC5                               | CUSIP: 79581XAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $251192.35    | 0.91%             | 2055-10-25      | Floating      | 7.40%                 | No            |                  2 | On Loan: No      |
| SAMMONS FINANCIAL GROUP        | Sammons Financial Group Inc                                                     | CUSIP: 79588TAE0<br>LEI: 254900SHCOQLVJ21CT59 | Long             | DBT              | CORP              | US        |     35000 | PA      | $33584.61     | 0.12%             | 2032-04-08      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SEMPRA                         | Sempra                                                                          | CUSIP: 816851BV0<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30322.92     | 0.11%             | 2055-04-01      | Variable      | 6.55%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2026-1                                                   | CUSIP: 81750KAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    190396 | PA      | $186409.09    | 0.67%             | 2056-02-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| SHELL INTERNATIONAL FIN        | Shell International Finance BV                                                  | CUSIP: 822582CL4<br>LEI: 213800ITMMKU4Z7I4F78 | Long             | DBT              | CORP              | NL        |     50000 | PA      | $32049.05     | 0.12%             | 2051-11-26      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SIERRA PACIFIC POWER CO        | Sierra Pacific Power Co                                                         | CUSIP: 826418BR5<br>LEI: QB888G5GSVGE1LD1WV84 | Long             | DBT              | CORP              | US        |     70000 | PA      | $69117.96     | 0.25%             | 2055-12-15      | Variable      | 6.20%                 | No            |                  2 | On Loan: No      |
| SIMMONS FOOD INC/SIMMONS       | Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed  | CUSIP: 82873MAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $24137.46     | 0.09%             | 2029-03-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| SIMON PROPERTY GROUP LP        | Simon Property Group LP                                                         | CUSIP: 828807DX2<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              | CORP              | US        |     30000 | PA      | $33222.73     | 0.12%             | 2054-01-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW CAN INFRA HOLD       | South Bow Canadian Infrastructure Holdings Ltd                                  | CUSIP: 836720AJ1<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |     30000 | PA      | $31882.04     | 0.12%             | 2055-03-01      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON            | Southern California Edison Co                                                   | CUSIP: 842400GG2<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |     85000 | PA      | $62803.14     | 0.23%             | 2047-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                    | Southern Co/The                                                                 | CUSIP: 842587CX3<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |     55000 | PA      | $45351.25     | 0.16%             | 2046-07-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| STANDARD BUILDING SOLUTI       | Standard Building Solutions Inc                                                 | CUSIP: 853191AA2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20213.50     | 0.07%             | 2032-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BELL CANADA                    | Bell Telephone Co of Canada or Bell Canada                                      | CUSIP: 0778FPAP4<br>LEI: 5493000G3EFX9S7TDE29 | Long             | DBT              | CORP              | CA        |     30000 | PA      | $30795.60     | 0.11%             | 2055-09-15      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| BELRON UK FINANCE PLC          | Belron UK Finance PLC                                                           | CUSIP: 080782AA3<br>LEI: 9845006BC9D1A77B8178 | Long             | DBT              | CORP              | GB        |     20000 | PA      | $20213.43     | 0.07%             | 2029-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE HOLDINGS FINA       | Blackstone Holdings Finance Co LLC                                              | CUSIP: 09261BAK6<br>LEI: 549300D2L6J4NC1QVZ22 | Long             | DBT              | CORP              | US        |     60000 | PA      | $63603.79     | 0.23%             | 2033-04-22      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus | BRAVO Residential Funding Trust 2021-NQM3                                       | CUSIP: 105690AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    165727 | PA      | $154609.59    | 0.56%             | 2060-04-25      | Variable      | 1.70%                 | No            |                  2 | On Loan: No      |
| OVINTIV INC                    | Ovintiv Inc                                                                     | CUSIP: 292505AG9<br>LEI: 2549003MEX7YMKLGI239 | Long             | DBT              | CORP              | US        |     45000 | PA      | $47422.28     | 0.17%             | 2038-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NY STATE ELECTRIC & GAS        | New York State Electric & Gas Corp                                              | CUSIP: 649840CS2<br>LEI: 549300GEC6J0YHUXA160 | Long             | DBT              | CORP              | US        |     35000 | PA      | $30638.67     | 0.11%             | 2030-10-01      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| XPLR INFRAST OPERATING         | XPLR Infrastructure Operating Partners LP                                       | CUSIP: 65342QAM4<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15606.42     | 0.06%             | 2029-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC       | OBX 2022-J2 Trust                                                               | CUSIP: 67115QAK9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    350000 | PA      | $264272.75    | 0.96%             | 2052-08-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                      | ONEOK Inc                                                                       | CUSIP: 682680BL6<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36826.44     | 0.13%             | 2033-09-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP           | OneMain Finance Corp                                                            | CUSIP: 682691AG5<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25366.48     | 0.09%             | 2031-11-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAP LLC/C       | Outfront Media Capital LLC / Outfront Media Capital Corp                        | CUSIP: 69007TAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $19472.71     | 0.07%             | 2030-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| PG&E CORP                      | PG&E Corp                                                                       | CUSIP: 69331CAM0<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30876.06     | 0.11%             | 2055-03-15      | Variable      | 7.38%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES         | PNC Financial Services Group Inc/The                                            | CUSIP: 693475BW4<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61864.43     | 0.22%             | 2035-01-22      | Variable      | 5.68%                 | 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        |     99166 | PA      | $98580.82     | 0.36%             | 2032-10-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2025-8                                             | CUSIP: 69549TAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    114960 | PA      | $114421.50    | 0.41%             | 2033-07-15      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| PANTHER ESCROW ISSUER          | Panther Escrow Issuer LLC                                                       | CUSIP: 69867RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $25131.19     | 0.09%             | 2031-06-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC          | PennyMac Financial Services Inc                                                 | CUSIP: 70932MAH0<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24218.84     | 0.09%             | 2034-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PERRIGO FINANCE UNLIMITE       | Perrigo Finance Unlimited Co                                                    | CUSIP: 71429MAD7<br>LEI: 549300E86RB6YCTMRM83 | Long             | DBT              | CORP              | IE        |     25000 | PA      | $23542.95     | 0.09%             | 2032-09-30      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| PFIZER INC                     | Pfizer Inc                                                                      | CUSIP: 717081FB4<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |     35000 | PA      | $30632.65     | 0.11%             | 2031-08-18      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC         | Philip Morris International Inc                                                 | CUSIP: 718172CZ0<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60593.99     | 0.22%             | 2028-02-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| PHILLIPS EDISON GROCERY        | Phillips Edison Grocery Center Operating Partnership I LP                       | CUSIP: 71845JAD0<br>LEI: 549300WUPIVS6ZE0ZI51 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30479.25     | 0.11%             | 2032-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC              | Post Holdings Inc                                                               | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25006.40     | 0.09%             | 2033-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| TELUS CORP                     | TELUS Corp                                                                      | CUSIP: 87971MBW2<br>LEI: 894500TX134IMF6NW757 | Long             | DBT              | CORP              | CA        |     35000 | PA      | $31891.18     | 0.12%             | 2032-05-13      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| UWM HOLDINGS LLC               | UWM Holdings LLC                                                                | CUSIP: 903522AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $23201.29     | 0.08%             | 2031-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| UNION PACIFIC CORP             | Union Pacific Corp                                                              | CUSIP: 907818FT0<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |     80000 | PA      | $62085.25     | 0.22%             | 2041-05-20      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| US BANCORP                     | US Bancorp                                                                      | CUSIP: 91159HJN1<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     60000 | PA      | $62683.55     | 0.23%             | 2034-06-12      | Variable      | 5.84%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                                                | CUSIP: 912810RQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    860000 | PA      | $587588.28    | 2.13%             | 2046-02-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                                                | CUSIP: 912810SR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    920000 | PA      | $576275.78    | 2.09%             | 2040-05-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC         | UnitedHealth Group Inc                                                          | CUSIP: 91324PDT6<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     55000 | PA      | $45145.20     | 0.16%             | 2039-08-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| VALERO ENERGY CORP             | Valero Energy Corp                                                              | CUSIP: 91913YBG4<br>LEI: 549300XTO5VR8SKV1V74 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49249.36     | 0.18%             | 2036-03-10      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE          | Venture Global Plaquemines LNG LLC                                              | CUSIP: 922966AC0<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31466.73     | 0.11%             | 2034-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS         | Verizon Communications Inc                                                      | CUSIP: 92343VGB4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     45000 | PA      | $31374.46     | 0.11%             | 2051-03-22      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| VIDEOTRON LTD                  | Videotron Ltd                                                                   | CUSIP: 92660FAN4<br>LEI: 549300LW4GNJRBECSD81 | Long             | DBT              | CORP              | CA        |     30000 | PA      | $29090.47     | 0.11%             | 2029-06-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD             | Viking Cruises Ltd                                                              | CUSIP: 92676XAH0<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |     25000 | PA      | $25075.90     | 0.09%             | 2033-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ELEC & POWER CO       | Virginia Electric and Power Co                                                  | CUSIP: 927804FR0<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |     35000 | PA      | $29686.87     | 0.11%             | 2044-02-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Visio Trust                    | Visio 2021-1R Trust                                                             | CUSIP: 92837UAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     86630 | PA      | $81822.88     | 0.30%             | 2056-05-25      | Fixed         | 1.69%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC       | Vistra Operations Co LLC                                                        | CUSIP: 92840VAS1<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30980.43     | 0.11%             | 2034-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VULCAN MATERIALS CO            | Vulcan Materials Co                                                             | CUSIP: 929160AV1<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | DBT              | CORP              | US        |     35000 | PA      | $29397.95     | 0.11%             | 2047-06-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO BANK NA            | Wells Fargo Bank NA                                                             | CUSIP: 92976GAJ0<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |     30000 | PA      | $32904.94     | 0.12%             | 2038-01-15      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| WALMART INC                    | Walmart Inc                                                                     | CUSIP: 931142EY5<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29844.01     | 0.11%             | 2032-09-09      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| WALKER & DUNLOP INC            | Walker & Dunlop Inc                                                             | CUSIP: 93148PAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $24876.71     | 0.09%             | 2033-04-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| WASTE CONNECTIONS INC          | Waste Connections Inc                                                           | CUSIP: 94106BAD3<br>LEI: 549300HDLRTPBQU69P29 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $31706.23     | 0.11%             | 2052-01-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ELECTRIC POWER       | Wisconsin Electric Power Co                                                     | CUSIP: 976656CS5<br>LEI: AENKIFMULUAWOUU8Q584 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29662.01     | 0.11%             | 2034-10-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| WOODSIDE FINANCE LTD           | Woodside Finance Ltd                                                            | CUSIP: 980236AT0<br>LEI: 254900AIZKU6TGRRNZ98 | Long             | DBT              | CORP              | AU        |     30000 | PA      | $30659.05     | 0.11%             | 2030-05-19      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                 | NRG Energy Inc                                                                  | CUSIP: 629377CX8<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20245.60     | 0.07%             | 2034-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NVR INC                        | NVR Inc                                                                         | CUSIP: 62944TAF2<br>LEI: 529900RWXR4JI3JYTV70 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47117.18     | 0.17%             | 2030-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NUTRIEN LTD                    | Nutrien Ltd                                                                     | CUSIP: 67077MAW8<br>LEI: 5493002QQ7GD21OWF963 | Long             | DBT              | CORP              | CA        |     65000 | PA      | $61054.14     | 0.22%             | 2030-05-13      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| ZEBRA TECHNOLOGIES CORP        | Zebra Technologies Corp                                                         | CUSIP: 989207AD7<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20401.46     | 0.07%             | 2032-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AMNEAL PHARMACEUTICALS L       | Amneal Pharmaceuticals LLC                                                      | CUSIP: 03168LAA3<br>LEI: 54930037VIXE7LRZ1M66 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20795.76     | 0.08%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ANTERO RESOURCES CORP          | Antero Resources Corp                                                           | CUSIP: 03674XAS5<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30197.61     | 0.11%             | 2030-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PART/FI       | Antero Midstream Partners LP / Antero Midstream Finance Corp                    | CUSIP: 03690AAH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $14992.43     | 0.05%             | 2029-06-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| APOLLO GLOBAL MANAGEMENT       | Apollo Global Management Inc                                                    | CUSIP: 03769MAA4<br>LEI: 254900LMFT1CY9IYB476 | Long             | DBT              | CORP              | US        |     30000 | PA      | $32122.08     | 0.12%             | 2033-11-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| APPLE INC                      | Apple Inc                                                                       | CUSIP: 037833BW9<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49908.95     | 0.18%             | 2036-02-23      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ARCH CAPITAL GROUP LTD         | Arch Capital Group Ltd                                                          | CUSIP: 03937LAA3<br>LEI: 549300AYR4P8AFKDCE43 | Long             | DBT              | CORP              | BM        |     55000 | PA      | $62427.49     | 0.23%             | 2034-05-01      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                                                | CUSIP: 3132DT6V7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    311016 | PA      | $249722.51    | 0.90%             | 2054-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC       | Ford Motor Credit Co LLC                                                        | CUSIP: 345397B36<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14094.03     | 0.05%             | 2030-11-13      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| REWORLD HOLDING CORP           | Reworld Holding Corp                                                            | CUSIP: 22303XAA3<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24023.25     | 0.09%             | 2029-12-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| EXELON CORP                    | Exelon Corp                                                                     | CUSIP: 30161NAX9<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29395.55     | 0.11%             | 2030-04-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                   | Broadcom Inc                                                                    | CUSIP: 11135FCK5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45218.93     | 0.16%             | 2030-07-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC       | Builders FirstSource Inc                                                        | CUSIP: 12008RAT4<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20222.58     | 0.07%             | 2035-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| EZCORP INC                     | EZCORP Inc                                                                      | CUSIP: 302301AJ5<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |     20000 | PA      | $21193.20     | 0.08%             | 2032-04-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| EXXON MOBIL CORPORATION        | Exxon Mobil Corp                                                                | CUSIP: 30231GBG6<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |     35000 | PA      | $29195.53     | 0.11%             | 2050-03-19      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN       | Burford Capital Global Finance LLC                                              | CUSIP: 12116LAG4<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |     25000 | PA      | $20570.00     | 0.07%             | 2033-07-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP         | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $30069.90     | 0.11%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| RENAISSANCERE HOLDINGS L       | RenaissanceRe Holdings Ltd                                                      | CUSIP: 75968NAG6<br>LEI: EK6GB9U3U58PDI411C94 | Long             | DBT              | CORP              | BM        |     45000 | PA      | $46222.05     | 0.17%             | 2035-04-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Research-Driven Pagaya Motor A | Research-Driven Pagaya Motor Asset Trust 2026-R1                                | CUSIP: 76089TAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $250388.85    | 0.91%             | 2034-07-25      | Fixed         | 6.21%                 | No            |                  2 | On Loan: No      |
| CBRE SERVICES INC              | CBRE Services Inc                                                               | CUSIP: 12505BAM2<br>LEI: 549300CTE3HOMEUMM603 | Long             | DBT              | CORP              | US        |     65000 | PA      | $63795.52     | 0.23%             | 2036-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust   | CSMC 2019-AFC1 Trust                                                            | CUSIP: 12596XAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     47708 | PA      | $46343.53     | 0.17%             | 2049-07-25      | Variable      | 3.57%                 | No            |                  2 | On Loan: No      |
| RGA GLOBAL FUNDING             | RGA Global Funding                                                              | CUSIP: 76209PAJ2<br>LEI: 549300Y22K5FOEBMSK42 | Long             | DBT              | CORP              | US        |     65000 | PA      | $64680.98     | 0.23%             | 2032-08-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORP             | Expand Energy Corp                                                              | CUSIP: 845467AS8<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60636.30     | 0.22%             | 2030-03-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC               | COLT 2021-RPL1 Trust                                                            | CUSIP: 12598PAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $222662.50    | 0.81%             | 2061-09-25      | Variable      | 3.08%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                 | Consumer Portfolio Services Auto Trust 2025-B                                   | CUSIP: 12630SAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     24000 | PA      | $24798.67     | 0.09%             | 2033-03-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust   | Csmc 2021-Nqm6 Trust                                                            | CUSIP: 12662KAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     53280 | PA      | $46346.55     | 0.17%             | 2066-07-25      | Variable      | 1.58%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC          | Caesars Entertainment Inc                                                       | CUSIP: 12769GAA8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24144.56     | 0.09%             | 2029-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CANADIAN NATL RAILWAY          | Canadian National Railway Co                                                    | CUSIP: 136375CK6<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | DBT              | CORP              | CA        |     90000 | PA      | $63818.34     | 0.23%             | 2046-08-02      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| CENOVUS ENERGY INC             | Cenovus Energy Inc                                                              | CUSIP: 15135UAW9<br>LEI: 254900LJGL2N2XEMD470 | Long             | DBT              | CORP              | CA        |     35000 | PA      | $31325.22     | 0.11%             | 2032-01-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| CENTERPOINT ENERGY INC         | CenterPoint Energy Inc                                                          | CUSIP: 15189TBJ5<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31696.59     | 0.11%             | 2055-02-15      | Variable      | 6.85%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP       | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175CA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $15726.34     | 0.06%             | 2052-06-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINE HOLDCO       | Columbia Pipelines Holding Co LLC                                               | CUSIP: 19828AAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $61345.34     | 0.22%             | 2034-01-15      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                   | Comcast Corp                                                                    | CUSIP: 20030NAK7<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     45000 | PA      | $49301.30     | 0.18%             | 2035-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                   | Comcast Corp                                                                    | CUSIP: 20030NCY5<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     15000 | PA      | $11573.22     | 0.04%             | 2039-11-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CONOCOPHILLIPS                 | ConocoPhillips                                                                  | CUSIP: 20825CAQ7<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | DBT              | CORP              | US        |     30000 | PA      | $33224.02     | 0.12%             | 2039-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CON EDISON CO OF NY INC        | Consolidated Edison Co of New York Inc                                          | CUSIP: 209111FY4<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |     40000 | PA      | $30916.15     | 0.11%             | 2050-04-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| COUSINS PROPERTIES LP          | Cousins Properties LP                                                           | CUSIP: 222793AA9<br>LEI: 254900ZQIHJ5FQH4C329 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30547.88     | 0.11%             | 2034-10-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                     | DaVita Inc                                                                      | CUSIP: 23918KAW8<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20656.62     | 0.07%             | 2032-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY               | Deutsche Bank AG/New York NY                                                    | CUSIP: 251526CX5<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |     80000 | PA      | $80375.22     | 0.29%             | 2030-09-11      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| DEVON ENERGY CORPORATION       | Devon Energy Corp                                                               | CUSIP: 25179MAL7<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29262.34     | 0.11%             | 2041-07-15      | Fixed         | 5.60%                 | 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        |     25000 | PA      | $26031.00     | 0.09%             | 2031-02-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE        | Crescent Energy Finance LLC                                                     | CUSIP: 45344LAD5<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15453.26     | 0.06%             | 2032-04-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO            | JPMorgan Chase & Co                                                             | CUSIP: 46647PER3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     65000 | PA      | $64291.61     | 0.23%             | 2035-10-22      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| KKR GROUP FINANCE CO III       | KKR Group Finance Co III LLC                                                    | CUSIP: 48250AAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $44842.78     | 0.16%             | 2044-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| KEYBANK NATIONAL ASSN          | Keybank National Association                                                    | CUSIP: 49327M3F9<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30580.24     | 0.11%             | 2027-11-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC              | Kinder Morgan Inc                                                               | CUSIP: 49456BBA8<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29626.60     | 0.11%             | 2054-08-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                 | Lowe's Cos Inc                                                                  | CUSIP: 548661CJ4<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30792.27     | 0.11%             | 2035-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MERCK & CO INC                 | Merck & Co Inc                                                                  | CUSIP: 58933YBF1<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |     50000 | PA      | $30280.99     | 0.11%             | 2051-12-10      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| DT MIDSTREAM INC               | DT Midstream Inc                                                                | CUSIP: 23345MAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     35000 | PA      | $33499.67     | 0.12%             | 2032-04-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| DOW CHEMICAL CO/THE            | Dow Chemical Co/The                                                             | CUSIP: 260543DJ9<br>LEI: ZQUIP1CSZO8LXRBSOU78 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49347.96     | 0.18%             | 2034-02-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| EOG RESOURCES INC              | EOG Resources Inc                                                               | CUSIP: 26875PAT8<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | DBT              | CORP              | US        |     35000 | PA      | $31192.74     | 0.11%             | 2050-04-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| EQT CORP                       | EQT Corp                                                                        | CUSIP: 26884LAG4<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     45000 | PA      | $48144.42     | 0.17%             | 2030-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| EPR PROPERTIES                 | EPR Properties                                                                  | CUSIP: 26884UAG4<br>LEI: 549300YSSXFHMPOWZ492 | Long             | DBT              | CORP              | US        |     35000 | PA      | $32168.35     | 0.12%             | 2031-11-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                   | Enbridge Inc                                                                    | CUSIP: 29250NBP9<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |     30000 | PA      | $32589.18     | 0.12%             | 2083-01-15      | Variable      | 7.62%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP             | Energy Transfer LP                                                              | CUSIP: 29273VAX8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     45000 | PA      | $47724.15     | 0.17%             | 2054-05-15      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| ENTERGY CORP                   | Entergy Corp                                                                    | CUSIP: 29364GAQ6<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61806.78     | 0.22%             | 2054-12-01      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER       | Enterprise Products Operating LLC                                               | CUSIP: 29379VAN3<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29749.13     | 0.11%             | 2067-06-01      | Variable      | 6.71%                 | No            |                  2 | On Loan: No      |
| EQUIPMENTSHARE.COM INC         | EquipmentShare.com Inc                                                          | CUSIP: 29450YAB5<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |     20000 | PA      | $21236.30     | 0.08%             | 2032-05-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| EVERGY INC                     | Evergy Inc                                                                      | CUSIP: 30034WAB2<br>LEI: 549300PGTHDQY6PSUI61 | Long             | DBT              | CORP              | US        |     65000 | PA      | $61711.18     | 0.22%             | 2029-09-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| EXCELERATE ENERGY LP           | Excelerate Energy LP                                                            | CUSIP: 30069UAA6<br>LEI: LGL4IE90TNTFYJ55BK06 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31862.82     | 0.12%             | 2030-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| FAIRFAX FINL HLDGS LTD         | Fairfax Financial Holdings Ltd                                                  | CUSIP: 303901BX9<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |     30000 | PA      | $30732.64     | 0.11%             | 2035-05-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137HLJ52<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    300000 | PA      | $308476.20    | 1.12%             | 2035-02-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137HMCA6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    250000 | PA      | $245544.00    | 0.89%             | 2035-06-25      | Variable      | 4.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                 | CUSIP: 3140LNHS9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    604477 | PA      | $485862.58    | 1.76%             | 2051-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                 | CUSIP: 3140MMT73<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    658719 | PA      | $553981.33    | 2.00%             | 2052-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                 | CUSIP: 3140QHJT3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    245640 | PA      | $198190.87    | 0.72%             | 2051-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                 | CUSIP: 3140QKQJ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    598289 | PA      | $502480.14    | 1.82%             | 2051-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                 | CUSIP: 3140QNDL3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    790403 | PA      | $672777.96    | 2.43%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                 | CUSIP: 3140QNQS4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    934975 | PA      | $788729.76    | 2.85%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                 | CUSIP: 3140QTEJ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    528090 | PA      | $532744.66    | 1.93%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                 | CUSIP: 3140X8TY3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    370182 | PA      | $325954.32    | 1.18%             | 2050-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                 | CUSIP: 3140XAMW9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     38300 | PA      | $32298.59     | 0.12%             | 2051-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                 | CUSIP: 3140XBQE3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    187309 | PA      | $158476.09    | 0.57%             | 2051-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                 | CUSIP: 31418D4X7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    600800 | PA      | $484037.07    | 1.75%             | 2051-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                 | CUSIP: 31418DGU0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    558390 | PA      | $509443.40    | 1.84%             | 2039-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                 | CUSIP: 31418DSS2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    576913 | PA      | $506131.79    | 1.83%             | 2040-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                 | CUSIP: 31418EAN0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    251905 | PA      | $212735.10    | 0.77%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                 | CUSIP: 31418EAW0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    558747 | PA      | $484844.10    | 1.75%             | 2042-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                    | BNP Paribas SA                                                                  | CUSIP: 09659W2Z6<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |     75000 | PA      | $76331.90     | 0.28%             | 2030-11-19      | Variable      | 5.28%                 | No            |                  2 | On Loan: No      |
| BOEING CO                      | Boeing Co/The                                                                   | CUSIP: 097023CU7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     28000 | PA      | $28160.24     | 0.10%             | 2027-05-01      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| BOYD GAMING CORP               | Boyd Gaming Corp                                                                | CUSIP: 103304BV2<br>LEI: 254900787YGRYS2A1Z35 | Long             | DBT              | CORP              | US        |     35000 | PA      | $33760.16     | 0.12%             | 2031-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BP CAP MARKETS AMERICA         | BP Capital Markets America Inc                                                  | CUSIP: 10373QBP4<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |     50000 | PA      | $31586.47     | 0.11%             | 2051-06-04      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| UBS AG STAMFORD CT             | UBS AG/Stamford CT                                                              | CUSIP: 22550L2M2<br>LEI: 254900R882POXXVAK772 | Long             | DBT              | CORP              | CH        |     30000 | PA      | $31711.70     | 0.11%             | 2028-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC             | Meta Platforms Inc                                                              | CUSIP: 30303M8V7<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |     35000 | PA      | $31128.60     | 0.11%             | 2054-08-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| METHANEX US OPERATIONS         | Methanex US Operations Inc                                                      | CUSIP: 59151LAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     35000 | PA      | $36038.49     | 0.13%             | 2032-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MID-AMERICA APARTMENTS         | Mid-America Apartments LP                                                       | CUSIP: 59523UAU1<br>LEI: 549300FXWGE3QSYCUJ38 | Long             | DBT              | CORP              | US        |     50000 | PA      | $31320.22     | 0.11%             | 2051-09-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| MILLROSE PROPERTIES INC        | Millrose Properties Inc                                                         | CUSIP: 601137AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $20270.08     | 0.07%             | 2030-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC          | Molina Healthcare Inc                                                           | CUSIP: 60855RAM2<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24988.20     | 0.09%             | 2033-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MONONGAHELA POWER CO           | Monongahela Power Co                                                            | CUSIP: 610202BP7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $47456.50     | 0.17%             | 2043-12-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                 | Morgan Stanley                                                                  | CUSIP: 61747YFB6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    110000 | PA      | $113360.92    | 0.41%             | 2038-01-19      | Variable      | 5.95%                 | No            |                  2 | On Loan: No      |
| MOSAIC CO                      | Mosaic Co/The                                                                   | CUSIP: 61945CAE3<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | DBT              | CORP              | US        |     35000 | PA      | $32905.52     | 0.12%             | 2043-11-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MUNICH RE                      | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen                       | CUSIP: 62582PAA8<br>LEI: 529900MUF4C20K50JS49 | Long             | DBT              | CORP              | DE        |     30000 | PA      | $30794.50     | 0.11%             | 2042-05-23      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL         | NextEra Energy Capital Holdings Inc                                             | CUSIP: 65339KCU2<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30425.80     | 0.11%             | 2034-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC                   | NiSource Inc                                                                    | CUSIP: 65473QBF9<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |     75000 | PA      | $61073.50     | 0.22%             | 2047-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC               | T-Mobile USA Inc                                                                | CUSIP: 87264ACT0<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     50000 | PA      | $32612.70     | 0.12%             | 2052-10-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust      | Towd Point Mortgage Trust 2021-1                                                | CUSIP: 89179YAR4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    210800 | PA      | $198003.95    | 0.72%             | 2061-11-25      | Variable      | 2.25%                 | No            |                  2 | On Loan: No      |
| TRANSCANADA PIPELINES          | TransCanada PipeLines Ltd                                                       | CUSIP: 89352HBK4<br>LEI: 5BV01I6231JPDAPMGH09 | Long             | DBT              | CORP              | CA        |     62000 | PA      | $62289.35     | 0.23%             | 2056-10-17      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| WELLTOWER OP LLC               | Welltower OP LLC                                                                | CUSIP: 95040QAD6<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29971.65     | 0.11%             | 2028-04-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| WHISTLER PIPELINE LLC          | Whistler Pipeline LLC                                                           | CUSIP: 96337RAC6<br>LEI: 549300NG57SGLTNW5C85 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30738.46     | 0.11%             | 2034-09-30      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC         | Williams Cos Inc/The                                                            | CUSIP: 969457CN8<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29053.54     | 0.11%             | 2054-11-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Willow Tree CLO                | Willow Tree Clo I LLC                                                           | CUSIP: 97122KAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $999972.00    | 3.62%             | 2034-10-17      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                 | CUSIP: 31418EB90<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     30201 | PA      | $25464.70     | 0.09%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                 | CUSIP: 31418EBR0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    553171 | PA      | $444778.23    | 1.61%             | 2052-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                 | CUSIP: 31418EBS8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     77065 | PA      | $64980.13     | 0.24%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                 | CUSIP: 31418EE30<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    339300 | PA      | $297928.05    | 1.08%             | 2052-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                 | CUSIP: 31418FEZ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    254404 | PA      | $244995.60    | 0.89%             | 2054-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                 | CUSIP: 31418FGZ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    193740 | PA      | $197902.81    | 0.72%             | 2055-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                 | CUSIP: 31418FHY6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    238970 | PA      | $240409.89    | 0.87%             | 2055-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T | Ellington Financial Mortgage Trust 2022-1                                       | CUSIP: 31573CAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $157128.00    | 0.57%             | 2067-01-25      | Variable      | 3.86%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP            | Fifth Third Bancorp                                                             | CUSIP: 316773DL1<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30978.28     | 0.11%             | 2032-01-29      | Variable      | 5.63%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund                                      | CUSIP: 31846V211<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   1400366 | NS      | $1400366.19   | 5.07%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST QUANTUM MINERALS L       | First Quantum Minerals Ltd                                                      | CUSIP: 335934AX3<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |     20000 | PA      | $20577.32     | 0.07%             | 2034-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY FLORIDA LLC        | Duke Energy Florida LLC                                                         | CUSIP: 341099CL1<br>LEI: 7MOHLM3DKE63RX2ZCN83 | Long             | DBT              | CORP              | US        |     30000 | PA      | $32828.82     | 0.12%             | 2038-06-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| ELI LILLY & CO                 | Eli Lilly & Co                                                                  | CUSIP: 532457CJ5<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |     80000 | PA      | $80413.47     | 0.29%             | 2027-02-09      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan  | New Residential Mortgage Loan Trust 2025-NQM5                                   | CUSIP: 64832GAF1<br>LEI: 213800USJ6KQFZEWGZ76 | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $251993.00    | 0.91%             | 2065-08-25      | Variable      | 6.09%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC              | Newell Brands Inc                                                               | CUSIP: 651229BG0<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20911.80     | 0.08%             | 2028-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| PPL CAPITAL FUNDING INC        | PPL Capital Funding Inc                                                         | CUSIP: 69352PAT0<br>LEI: 549300MROK5WY0D2NU17 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30306.34     | 0.11%             | 2034-09-01      | Fixed         | 5.25%                 | 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        |     25000 | PA      | $25095.84     | 0.09%             | 2031-04-15      | Fixed         | 7.94%                 | No            |                  2 | On Loan: No      |
| PROLOGIS TARGETED US           | Prologis Targeted US Logistics Fund LP                                          | CUSIP: 74350LAA2<br>LEI: 5493004DTBWUQ9F2VJ87 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30594.27     | 0.11%             | 2029-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE COLORADO        | Public Service Co of Colorado                                                   | CUSIP: 744448CY5<br>LEI: 5BANEF6PGSEK0SNMQF44 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45394.96     | 0.16%             | 2053-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE OP CO           | Public Storage Operating Co                                                     | CUSIP: 74460WAH0<br>LEI: 549300LMZF40TKJ6DM64 | Long             | DBT              | CORP              | US        |     35000 | PA      | $33059.21     | 0.12%             | 2053-08-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| PULTEGROUP INC                 | PulteGroup Inc                                                                  | CUSIP: 745867AP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $32381.79     | 0.12%             | 2033-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC          | Quikrete Holdings Inc                                                           | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15246.12     | 0.06%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC          | Quikrete Holdings Inc                                                           | CUSIP: 74843PAB6<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20293.50     | 0.07%             | 2033-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| RCKT Trust                     | RCKTL 2025-2                                                                    | CUSIP: 74939HAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     50000 | PA      | $48862.57     | 0.18%             | 2034-11-27      | Fixed         | 7.83%                 | No            |                  2 | On Loan: No      |
| REALTY INCOME CORP             | Realty Income Corp                                                              | CUSIP: 756109BT0<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29950.28     | 0.11%             | 2033-07-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance T | Regional Management Issuance Trust 2022-1                                       | CUSIP: 75907DAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $250414.20    | 0.91%             | 2032-03-15      | Fixed         | 6.72%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST        | Starwood Property Trust Inc                                                     | CUSIP: 85571BBG9<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20005.43     | 0.07%             | 2031-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential  | Starwood Mortgage Residential Trust 2022-3                                      | CUSIP: 85571RAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    140860 | PA      | $140518.01    | 0.51%             | 2067-03-25      | Variable      | 5.16%                 | No            |                  2 | On Loan: No      |
| STENA INTERNATIONAL SA         | Stena International SA                                                          | CUSIP: 85858EAD5<br>LEI: 213800A4LTGG4W55QP46 | Long             | DBT              | CORP              | LU        |     20000 | PA      | $20348.76     | 0.07%             | 2031-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SUNCOKE ENERGY INC             | SunCoke Energy Inc                                                              | CUSIP: 86722AAD5<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23069.04     | 0.08%             | 2029-06-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN        | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp                    | CUSIP: 87470LAM3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $20446.52     | 0.07%             | 2034-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TECK RESOURCES LIMITED         | Teck Resources Ltd                                                              | CUSIP: 878742BG9<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | DBT              | CORP              | CA        |     30000 | PA      | $29206.91     | 0.11%             | 2030-07-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| SUNRISE FINCO I BV             | Sunrise FinCo I BV                                                              | CUSIP: 90320BAA7<br>LEI: 213800MNFBDEQRS6HZ22 | Long             | DBT              | CORP              | NL        |     15000 | PA      | $14421.60     | 0.05%             | 2031-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| N/A                            | US 5YR NOTE (CBT) Jun26                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        37 | NC      | $-19762.29    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| AT&T INC                       | AT&T Inc                                                                        | CUSIP: 00206RKJ0<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     70000 | PA      | $45366.57     | 0.16%             | 2053-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ARES CAPITAL CORP              | Ares Capital Corp                                                               | CUSIP: 04010LBC6<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |     30000 | PA      | $26305.94     | 0.10%             | 2031-11-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| ATLX Trust                     | ATLX 2024-RPL1 Trust                                                            | CUSIP: 049915AC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $146873.85    | 0.53%             | 2064-04-25      | Variable      | 4.40%                 | No            |                  2 | On Loan: No      |
| AUTOZONE INC                   | AutoZone Inc                                                                    | CUSIP: 053332AW2<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49097.99     | 0.18%             | 2029-04-18      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BAT INTL FINANCE PLC           | BAT International Finance PLC                                                   | CUSIP: 05530QAQ3<br>LEI: 21380041YBGOQDFAC823 | Long             | DBT              | CORP              | GB        |     30000 | PA      | $31103.97     | 0.11%             | 2029-02-02      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP           | Bank of America Corp                                                            | CUSIP: 06051GJB6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    135000 | PA      | $124897.80    | 0.45%             | 2031-04-29      | Variable      | 2.59%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                   | Barclays PLC                                                                    | CUSIP: 06738ECV5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |     65000 | PA      | $64509.15     | 0.23%             | 2035-09-10      | Variable      | 5.33%                 | No            |                  2 | On Loan: No      |
| BARRICK NA FINANCE LLC         | Barrick North America Finance LLC                                               | CUSIP: 06849RAK8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $29920.54     | 0.11%             | 2043-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CIM Trust                      | CIM TRUST 2022-R1                                                               | CUSIP: 12571YAF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $201573.75    | 0.73%             | 2061-01-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY INC            | Cheniere Energy Inc                                                             | CUSIP: 16411RAN9<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | DBT              | CORP              | US        |     90000 | PA      | $92743.85     | 0.34%             | 2034-04-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN       | Clarios Global LP / Clarios US Finance Co                                       | CUSIP: 18060TAE5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $20470.40     | 0.07%             | 2032-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC               | COLT 2021-1 Mortgage Loan Trust                                                 | CUSIP: 19688EAD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $81060.55     | 0.29%             | 2066-06-25      | Variable      | 2.29%                 | No            |                  2 | On Loan: No      |
| L3HARRIS TECH INC              | L3Harris Technologies Inc                                                       | CUSIP: 413875AS4<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29444.38     | 0.11%             | 2035-04-27      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| LEIDOS INC                     | Leidos Inc                                                                      | CUSIP: 52532XAK1<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30593.17     | 0.11%             | 2032-03-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC       | Liberty Mutual Group Inc                                                        | CUSIP: 53079EAG9<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |     45000 | PA      | $47728.99     | 0.17%             | 2035-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LITHIA MOTORS INC              | Lithia Motors Inc                                                               | CUSIP: 536797AG8<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23972.52     | 0.09%             | 2029-06-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Angel Oak Funds Trust

**Signature:** /s/ Michael Colombo

**Name of Signer:** Michael Colombo

**Title:** Secretary