# EDGAR Filing Document

**Accession Number:** 0001612930
**File Stem:** 0001145549-23-017056
**Filing Date:** 2023-3
**Character Count:** 34095
**Document Hash:** 2c1ae0b354547953ceb997f7972ba340
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-017056.hdr.sgml**: 20230321

**ACCESSION NUMBER**: 0001145549-23-017056

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230321

**DATE AS OF CHANGE**: 20230321

**PERIOD START**: 20230131

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Angel Oak Funds Trust
- **CENTRAL INDEX KEY:** 0001612930
- **IRS NUMBER:** 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:** 23749328

**BUSINESS ADDRESS:**
- **STREET 1:** 3344 PEACHTREE ROAD NE, SUITE 1725
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30326
- **BUSINESS PHONE:** 404-953-4900

**MAIL ADDRESS:**
- **STREET 1:** 3344 PEACHTREE ROAD NE, SUITE 1725
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30326

## Series and Classes Contracts Data

### Angel Oak Financials Income Impact Fund (Series ID: S000046807)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000146236 | Class A             | ANFLX           |
| C000146237 | Institutional Class | ANFIX           |
| C000159179 | Class C             | AFLCX           |

## 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:** 3344 Peachtree Road NE

  - **City:** Atlanta

  - **State:** GA

  - **Foreign country:** US

  - **Zip / Postal Code:** 30326

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

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

- **a. Name of Series:** Angel Oak Financials Income Fund

- **b. EDGAR series identifier (if any):** S000046807

- **c. LEI of Series:** 549300BXI7M64OGENR88

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

- **a. Date of fiscal year-end:** 2023-01-31

- **b. Date as of which information is reported:** 2023-01-31

**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:** $103982076.80

**Total Liabilities:** $784298.22

**Net Assets:** $103197778.58

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1085.784265174547 | **1-Year:** 5218.856278274543 | **5-Year:** 10996.577420168830 | **10-Year:** 5282.578925976628 | **30-Year:** 0.000000000000

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

- **3-Month:** 0.000000000000 | **1-Year:** 495.050446103592 | **5-Year:** 902.395981894740 | **10-Year:** 1135.799876207833 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000146236 | 1.05%                | -1.71%               | 1.24%                |
| Class ID C000146237 | 1.20%                | -1.81%               | 1.40%                |
| Class ID C000159179 | 1.00%                | -1.80%               | 1.20%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-305998.82              | $1262411.95                                |
| Month 2  | $-1040948.22             | $-1462271.30                               |
| Month 3  | $-1225944.23             | $2220689.23                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| STELLAR BANCORP INC              | Stellar Bancorp Inc                                  | CUSIP: 01748HAA5<br>LEI: 54930070P8Z0WHFBB536 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $945162.64    | 0.92%             | 2029-10-01      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| AmeriServ Financial Inc          | AmeriServ Financial Inc                              | CUSIP: 03074A102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     89566 | NS      | $360950.98    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| ARBOR REALTY TRUST INC           | Arbor Realty Trust Inc                               | CUSIP: 038923AJ7<br>LEI: 549300ASFUWYQO0RW077 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1461890.54   | 1.42%             | 2024-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Arrow Financial Corp             | Arrow Financial Corp                                 | CUSIP: 042744102<br>LEI: 2549007Z8GI9ZZIQ1817 | Long             | EC               | CORP              | US        |     17613 | NS      | $579643.83    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| BANC OF CALIFORNIA INC           | Banc of California Inc                               | CUSIP: 05990KAC0<br>LEI: 549300ZKWUJDP6LJ1X87 | Long             | DBT              | CORP              | US        |    500000 | PA      | $489071.20    | 0.47%             | 2025-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BANKFINANCIAL CORP               | BankFinancial Corp                                   | CUSIP: 06643PAA2<br>LEI: N/A                  | Long             | SN               | CORP              | US        |   2000000 | PA      | $1793394.12   | 1.74%             | 2031-05-15      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| BANKGUAM HOLDING CO              | BankGuam Holding Co                                  | CUSIP: 06644AAB2<br>LEI: 549300UZSAYMXQIF8W75 | Long             | SN               | CORP              | GU        |   2000000 | PA      | $1826588.58   | 1.77%             | 2031-07-01      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| CB FINANCIAL SERVICES            | CB Financial Services Inc                            | CUSIP: 12479GAA9<br>LEI: 549300JEGYKCDOBSG664 | Long             | SN               | CORP              | US        |   1000000 | PA      | $882144.93    | 0.85%             | 2031-12-15      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| CENTRAL PACIFIC FIN CORP         | Central Pacific Financial Corp                       | CUSIP: 154760AC6<br>LEI: 549300W3YEAOZ4KGG849 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $932677.56    | 0.90%             | 2030-11-01      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| DIME COMMUNITY BANCSHARE         | Dime Community Bancshares Inc                        | CUSIP: 25432XAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $902122.10    | 0.87%             | 2032-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Eagle Bancorp Montana Inc        | Eagle Bancorp Montana Inc                            | CUSIP: 26942G100<br>LEI: 549300P2SVRIY3YU1412 | Long             | EC               | CORP              | US        |     25700 | NS      | $429961.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| FS BANCORP INC                   | FS Bancorp Inc                                       | CUSIP: 30263YAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $878805.82    | 0.85%             | 2031-02-15      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| FIDELITY BANK ATLANTA            | Fidelity Bank/Atlanta GA                             | CUSIP: 316041CP5<br>LEI: 549300VEKCSSF6IT9X67 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1931256.50   | 1.87%             | 2030-05-31      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| FIDELITY FINANCIAL CORP          | Fidelity Financial Corp                              | CUSIP: 316144AC8<br>LEI: 549300MH8LY2P6Y7NV11 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2720697.03   | 2.64%             | 2032-04-30      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Financial Institutions Inc       | Financial Institutions Inc                           | CUSIP: 317585404<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16594 | NS      | $410037.74    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| FINANCIAL INSTITUTIONS I         | Financial Institutions Inc                           | CUSIP: 317585AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1467946.55   | 1.42%             | 2030-04-15      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| First American Government Obli   | First American Government Obligations Fund           | CUSIP: 31846V211<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   1282389 | NS      | $1282389.16   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST BANCSHARES INC             | First Bancshares Inc/The                             | CUSIP: 318916AB9<br>LEI: 5493006DL5RXJODMAF36 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2423259.43   | 2.35%             | 2033-05-01      | Variable      | 6.40%                 | No            |                  2 | On Loan: No      |
| FIRST BUSINESS FINANCIAL         | First Business Financial Services Inc                | CUSIP: 319390AA8<br>LEI: 549300BXKLW2T50TKU95 | Long             | DBT              | CORP              | US        |    750000 | PA      | $731347.06    | 0.71%             | 2029-08-15      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| FIRST FOUNDATION INC             | First Foundation Inc                                 | CUSIP: 32026VAA2<br>LEI: 254900TQZQ6LBCK77E82 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $860570.31    | 0.83%             | 2032-02-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| FIRST GUARANTY BANCSHRS          | First Guaranty Bancshares Inc                        | CUSIP: 32043P205<br>LEI: 549300600XNPWN48W622 | Long             | EP               | CORP              | US        |     40000 | NS      | $1006000.00   | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| FIRST INTERNET BANCORP           | First Internet Bancorp                               | CUSIP: 320557AG6<br>LEI: 549300T25MP2M92XU194 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $885928.04    | 0.86%             | 2031-09-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| FIRST NORTHWEST BANCORP          | First Northwest Bancorp                              | CUSIP: 335834AC1<br>LEI: 549300YDR3VSTKB9DQ65 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1346623.22   | 1.30%             | 2031-03-30      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| FLUSHING FINANCIAL CORP          | Flushing Financial Corp                              | CUSIP: 343873AB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2580356.70   | 2.50%             | 2031-12-01      | Variable      | 3.12%                 | No            |                  2 | On Loan: No      |
| FLUSHING FINANCIAL CORP          | Flushing Financial Corp                              | CUSIP: 343873AC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $477225.44    | 0.46%             | 2032-09-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| HOME BANCSHARES INC              | Home BancShares Inc/AR                               | CUSIP: 41138PAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $955303.74    | 0.93%             | 2030-07-31      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| HOMESTREET INC                   | HomeStreet Inc                                       | CUSIP: 43785VAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2912380.44   | 2.82%             | 2026-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| INDEPENDENT BANK CORP-MI         | Independent Bank Corp/MI                             | CUSIP: 453838AE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $724008.72    | 0.70%             | 2030-05-31      | Variable      | 5.95%                 | No            |                  2 | On Loan: No      |
| INDEPENDENT BANK GRP INC         | Independent Bank Group Inc                           | CUSIP: 45384BAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $991014.54    | 0.96%             | 2027-12-31      | Variable      | 7.58%                 | No            |                  2 | On Loan: No      |
| JAMESMARK BANCSHARES INC         | Jamesmark Bancshares Inc                             | CUSIP: 470456AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    850000 | PA      | $751079.49    | 0.73%             | 2031-10-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| KINGSTONE COS INC                | Kingstone Cos Inc                                    | CUSIP: 496719AB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4028000 | PA      | $4028000.00   | 3.90%             | 2024-12-30      | Fixed         | 12.00%                | No            |                  3 | On Loan: No      |
| KINGSTONE COMPANIES INC WARRANTS | KINGSTONE COMPANIES INC WARRANTS                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |    195750 | NS      | $97875.00     | 0.09%             |  |  |  | No            |                  3 | On Loan: No      |
| LIMESTONE BANCORP INC            | Limestone Bancorp Inc                                | CUSIP: 53262LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $965049.25    | 0.94%             | 2029-07-31      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| MALVERN BANCORP INC              | Malvern Bancorp Inc                                  | CUSIP: 561409AC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $494887.45    | 0.48%             | 2027-02-15      | Variable      | 8.75%                 | No            |                  2 | On Loan: No      |
| MERCANTILE BANK CORP             | Mercantile Bank Corp                                 | CUSIP: 587376AE4<br>LEI: P16VZZCKTJ5IONL6XE37 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2556912.60   | 2.48%             | 2032-01-30      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| MIDWEST BANKCENTRE MO            | Midwest Bankcentre Inc                               | CUSIP: 598281AE3<br>LEI: N/A                  | Long             | SN               | CORP              | US        |   1500000 | PA      | $1332287.27   | 1.29%             | 2031-06-15      | Variable      | 3.62%                 | No            |                  2 | On Loan: No      |
| MILLENNIUM CONS HOLDINGS         | Millennium Consolidated Holdings LLC                 | CUSIP: 60040RAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $994852.67    | 0.96%             | 2023-06-30      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| NARRAGANSETT FINANCIAL           | Narragansett Financial Corp                          | CUSIP: 631004AE8<br>LEI: N/A                  | Long             | SN               | CORP              | US        |   2000000 | PA      | $1795523.54   | 1.74%             | 2031-05-15      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| NY COMMUNITY BANCORP INC         | New York Community Bancorp Inc                       | CUSIP: 649445AC7<br>LEI: 529900HVXOTLY61GL030 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $985042.77    | 0.95%             | 2028-11-06      | Variable      | 5.90%                 | No            |                  2 | On Loan: No      |
| NEXBANK CAPITAL INC              | NexBank Capital Inc                                  | CUSIP: 65341TAE7<br>LEI: 549300H29S945S4X7A03 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2684442.39   | 2.60%             | 2031-08-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| NEXBANK CAPITAL INC              | NexBank Capital Inc                                  | CUSIP: 65341TAG2<br>LEI: 549300H29S945S4X7A03 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $940180.27    | 0.91%             | 2032-07-15      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| NORTHPOINTE BANCSHARES I         | Northpointe Bancshares Inc                           | CUSIP: 66661NAE0<br>LEI: 549300EYMKMD4WKEKP72 | Long             | SN               | CORP              | US        |   1000000 | PA      | $961386.83    | 0.93%             | 2029-09-30      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| A10 CAPITAL LLC                  | A10 Capital LLC                                      | CUSIP: 66982EAA0<br>LEI: 549300RXTK0PSG57BV49 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $930042.81    | 0.90%             | 2026-08-17      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| OAKSTARS BANCSHARES INC          | Oakstar Bancshares Inc                               | CUSIP: 67630PAB7<br>LEI: N/A                  | Long             | SN               | CORP              | US        |   1000000 | PA      | $910599.05    | 0.88%             | 2031-04-15      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| OLNEY BANCSHARES TX INC          | Olney Bancshares of Texas Inc                        | CUSIP: 68123AAA4<br>LEI: N/A                  | Long             | SN               | CORP              | US        |   1250000 | PA      | $1132288.08   | 1.10%             | 2031-03-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PACWEST BANCORP                  | PacWest Bancorp                                      | CUSIP: 695263202<br>LEI: 549300YI8VMFO7G36V04 | Long             | EP               | CORP              | US        |     40000 | NS      | $1035200.00   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle Financial Partners In   | Pinnacle Financial Partners Inc                      | CUSIP: 72346Q104<br>LEI: 54930098EZ8JMSAZGS24 | Long             | EC               | CORP              | US        |      6000 | NS      | $472380.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| PREFERRED BANK LA CALIF          | Preferred Bank/Los Angeles CA                        | CUSIP: 740367NL7<br>LEI: 5493007K6HGI9G0ECX16 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3522723.40   | 3.41%             | 2031-06-15      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| RBB BANCORP                      | RBB Bancorp                                          | CUSIP: 74930BAG0<br>LEI: 549300A23FBFZNGET525 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2713737.78   | 2.63%             | 2031-04-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| RIVER FINANCIAL CORP             | River Financial Corp                                 | CUSIP: 76821PAA9<br>LEI: N/A                  | Long             | SN               | CORP              | US        |   1000000 | PA      | $905812.39    | 0.88%             | 2031-03-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| SMARTFINANCIAL INC               | SmartFinancial Inc                                   | CUSIP: 83190LAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1242079.48   | 1.20%             | 2028-10-02      | Variable      | 5.62%                 | No            |                  2 | On Loan: No      |
| SOUTH ST SEC FUND LLC            | South Street Securities Funding LLC                  | CUSIP: 84046SAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $929338.20    | 0.90%             | 2026-12-30      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PRIMIS FINANCIAL CORP            | Primis Financial Corp                                | CUSIP: 843395AA2<br>LEI: 549300JNX3M2EENG1F11 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $999519.74    | 0.97%             | 2027-01-31      | Variable      | 8.75%                 | No            |                  2 | On Loan: No      |
| WEBSTER FINANCIAL CORP           | Webster Financial Corp                               | CUSIP: 85917AAB6<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47070.06     | 0.05%             | 2029-12-30      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Sterling Bancorp Inc/MI          | Sterling Bancorp Inc/MI                              | CUSIP: 85917W102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     89800 | NS      | $546882.00    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| STERLING BANCORP/MI              | Sterling Bancorp Inc/MI                              | CUSIP: 85917WAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1981564.00   | 1.92%             | 2026-04-15      | Variable      | 10.65%                | No            |                  2 | On Loan: No      |
| SUMMIT FIN GROUP INC             | Summit Financial Group Inc                           | CUSIP: 86606GAF8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $864266.45    | 0.84%             | 2031-12-01      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| TEXAS STATE BNKSHRS INC          | Texas State Bankshares Inc                           | CUSIP: 882727AA8<br>LEI: 549300KSLUE7MP08XL09 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1935068.64   | 1.88%             | 2029-06-15      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| TRINITAS CAPITAL MGMT            | Trinitas Capital Management LLC                      | CUSIP: 89642CAC4<br>LEI: 254900JU042545A6UD08 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1799366.02   | 1.74%             | 2026-07-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TRINITY CAPITAL INC/MD           | Trinity Capital Inc                                  | CUSIP: 896442AH3<br>LEI: 549300YGT4SBRQYDVU48 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1718273.90   | 1.67%             | 2026-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| UNITED INS HOLDINGS CORP         | United Insurance Holdings Corp                       | CUSIP: 910710AA0<br>LEI: 5299002P9105LJQA8G51 | Long             | DBT              | CORP              | US        |    490000 | PA      | $245612.50    | 0.24%             | 2027-12-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| VALLEY NATIONAL BANCORP          | Valley National Bancorp                              | CUSIP: 919794AG2<br>LEI: 549300ET52S1UBIB9762 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $982795.32    | 0.95%             | 2032-09-30      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| WESTERN ALLIANCE BANCORP         | Western Alliance Bancorp                             | CUSIP: 957638AD1<br>LEI: 5493003VJXZ5JXT9S762 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1746278.76   | 1.69%             | 2031-06-15      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| WHITEHORSE FINANCE               | WhiteHorse Finance Inc                               | CUSIP: 96524VAB2<br>LEI: 5493006LP9COIV2ZIB05 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $856957.27    | 0.83%             | 2026-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ZAIS GROUP LLC                   | ZAIS Group LLC                                       | CUSIP: 98888AAA6<br>LEI: E0MBPPLOD7ILISPPA045 | Long             | DBT              | CORP              | US        |    560000 | PA      | $557900.00    | 0.54%             | 2023-11-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BANCORP BANK                     | Bancorp Bank/The                                     | CUSIP: 05969AAA3<br>LEI: 24C4CXKSJUS7LUHQN688 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1908679.22   | 1.85%             | 2025-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Bank7 Corp                       | Bank7 Corp                                           | CUSIP: 06652N107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17000 | NS      | $468520.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIZENS COMM BANC WI            | Citizens Community Bancorp Inc/WI                    | CUSIP: 174903AD6<br>LEI: 549300VKLJAF4WABEF16 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1169372.32   | 1.13%             | 2032-04-01      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| CIVISTA BANCSHARES INC           | Civista Bancshares Inc                               | CUSIP: 178867AC1<br>LEI: 5493001LX61Z2UVYSC48 | Long             | SN               | CORP              | US        |   2500000 | PA      | $2213144.28   | 2.14%             | 2031-12-01      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| CLEAR STREET HOLDINGS            | Clear Street Holdings LLC                            | CUSIP: 18469LAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1870585.40   | 1.81%             | 2026-05-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| COLONY BANKCORP INC              | Colony Bankcorp Inc                                  | CUSIP: 19623PAA9<br>LEI: N/A                  | Long             | SN               | CORP              | US        |   1000000 | PA      | $915014.45    | 0.89%             | 2032-05-20      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| COWEN INC                        | Cowen Inc                                            | CUSIP: 223622AG6<br>LEI: 5493008QI0EFC5WBED75 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1013246.18   | 0.98%             | 2024-05-06      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| DICKINSON FINANCIAL CORP         | Dickinson Financial Corp                             | CUSIP: 25323LAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1149580.91   | 1.11%             | 2030-11-15      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| EQUITY BANCSHARES INC            | Equity Bancshares Inc                                | CUSIP: 29460XAC3<br>LEI: 549300BPQ2EJNU4WF694 | Long             | SN               | CORP              | US        |   1000000 | PA      | $989180.43    | 0.96%             | 2030-06-30      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| FEDNAT HOLDING CO                | FedNat Holding Co                                    | CUSIP: 31431BAC3<br>LEI: 549300TFR6HALUYTYJ66 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $775000.00    | 0.75%             | 2029-03-15      | None          | 7.75%                 | No            |                  3 | On Loan: No      |
| First United Corp                | First United Corp                                    | CUSIP: 33741H107<br>LEI: 549300G54QPXQLB4KN58 | Long             | EC               | CORP              | US        |     36500 | NS      | $709560.00    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRSTSUN CAPITAL BCORP           | Firstsun Capital Bancorp                             | CUSIP: 33767UAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1930289.24   | 1.87%             | 2030-07-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Greene County Bancorp Inc        | Greene County Bancorp Inc                            | CUSIP: 394357107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6500 | NS      | $318175.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| MARBLE PT LOAN FIN/MPLF          | Marble Point Loan Financing Ltd / MPLF Funding I LLC | CUSIP: 56607VAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3364375.00   | 3.26%             | 2025-11-16      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-07

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

**Signature:** /s/ Daniel Fazioli

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

**Title:** Principal Financial Officer