# EDGAR Filing Document

**Accession Number:** 0001716885
**File Stem:** 0001145549-25-044409
**Filing Date:** 2025-6
**Character Count:** 111758
**Document Hash:** d0b007692246e75467d25da87385589e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-044409.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0001145549-25-044409

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**PERIOD START**: 20260131

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23289
- **FILM NUMBER:** 251086775

**BUSINESS ADDRESS:**
- **STREET 1:** ONE BUCKHEAD PLAZA
- **STREET 2:** 3060 PEACHTREE RD. NW, SUITE 500
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30305
- **BUSINESS PHONE:** 404-953-4900

**MAIL ADDRESS:**
- **STREET 1:** ONE BUCKHEAD PLAZA
- **STREET 2:** 3060 PEACHTREE RD. NW, SUITE 500
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30305

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Angel Oak Strategic Credit Fund** | **Angel Oak Strategic Credit Fund** | **Angel Oak Strategic Credit Fund** |
| **Consolidated Schedule of Investments** | **Consolidated Schedule of Investments** | **Consolidated Schedule of Investments** |
| **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES – 30.7%** | **Par** | **Value** |
|  A&D Mortgage LLC, Series 2024-NQM6, Class B2, 7.30%, 01/25/2070 <sup>(a)(b)</sup> | $1000000 | $947844 |
|  American Home Mortgage Assets LLC, Series 2006-6, Class XP, 0.04%, 12/25/2046 <sup>(b)(c)</sup> | 729573 | 5912 |
| Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust |
| &nbsp;&nbsp; Series 2006-5, Class CBIO, 6.00%, 06/25/2046 <sup>(c)</sup> | 678988 | 161026 |
| &nbsp;&nbsp; Series 2006-6, Class CBIO, 6.00%, 07/25/2046 <sup>(c)</sup> | 1238059 | 293109 |
| Bellemeade Re Ltd. | Bellemeade Re Ltd. | Bellemeade Re Ltd. |
| &nbsp;&nbsp; Series 2023-1, Class B1, 11.05% (30 day avg SOFR US + 6.70%), 10/25/2033 <sup>(a)</sup> | 400000 | 430872 |
| &nbsp;&nbsp; Series 2024-1, Class B1, 9.90% (30 day avg SOFR US + 5.55%), 08/25/2034 <sup>(a)</sup> | 650000 | 674978 |
|  Colony American Finance Ltd., Series 2020-4, Class D, 2.71%, 12/15/2052 <sup>(a)</sup> | 770000 | 655945 |
|  Countrywide Home Loan Mortgage Pass Through Trust, Series 2004-29, Class 1X, 0.00%, 02/25/2035 <sup>(b)(c)</sup> | 887052 | 9 |
| Credit Suisse Mortgage Capital Certificates | Credit Suisse Mortgage Capital Certificates | Credit Suisse Mortgage Capital Certificates |
| &nbsp;&nbsp; Series 2017-RPL1, Class B4, 2.98%, 07/25/2057 <sup>(a)(b)</sup> | 1425253 | 448446 |
| &nbsp;&nbsp; Series 2022-ATH1, Class B2, 4.69%, 01/25/2067 <sup>(a)(b)</sup> | 2000000 | 1523186 |
|  Downey Savings & Loan Association Mortgage Loan Trust, Series 2004-AR2, Class X2, 0.01%, 11/19/2044 <sup>(b)(c)</sup> | 272590 | 267 |
| Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust |
| &nbsp;&nbsp; Series 2024-NQM1, Class B3, 7.65%, 11/25/2069 <sup>(a)(b)</sup> | 1000000 | 940605 |
| &nbsp;&nbsp; Series 2025-NQM1, Class B2, 7.45%, 01/25/2070 <sup>(a)(b)</sup> | 500000 | 484422 |
| &nbsp;&nbsp; Series 2025-NQM1, Class B3, 7.45%, 01/25/2070 <sup>(a)(b)</sup> | 500000 | 465591 |
|  GS Mortgage-Backed Securities Trust, Series 2020-NQM1, Class B2, 6.93%, 09/27/2060 <sup>(a)(b)</sup> | 2975000 | 3020122 |
|  Home Partners of America Trust, Series 2021-2, Class F, 3.80%, 12/17/2026 <sup>(a)</sup> | 384034 | 366563 |
| JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
| &nbsp;&nbsp; Series 2021-11, Class AX1, 0.22%, 01/25/2052 <sup>(a)(b)(c)</sup> | 74739937 | 742467 |
| &nbsp;&nbsp; Series 2022-6, Class B4, 3.29%, 11/25/2052 <sup>(a)(b)</sup> | 3030175 | 1696647 |
| &nbsp;&nbsp; Series 2022-6, Class B5, 3.29%, 11/25/2052 <sup>(a)(b)</sup> | 1265000 | 627597 |
| &nbsp;&nbsp; Series 2023-6, Class B4, 6.19%, 12/26/2053 <sup>(a)(b)</sup> | 519900 | 440092 |
| &nbsp;&nbsp; Series 2024-8, Class B5, 7.04%, 01/25/2055 <sup>(a)(b)</sup> | 804000 | 684139 |
| &nbsp;&nbsp; Series 2024-8, Class B6, 6.88%, 01/25/2055 <sup>(a)(b)</sup> | 1606867 | 1116901 |
| JPMorgan Chase Bank NA | JPMorgan Chase Bank NA | JPMorgan Chase Bank NA |
| &nbsp;&nbsp; Series 2020-CL1, Class M5, 10.04% (1 mo. Term SOFR + 5.71%), 10/25/2057 <sup>(a)</sup> | 120314 | 125185 |
| &nbsp;&nbsp; Series 2021-CL1, Class B, 11.25% (30 day avg SOFR US + 6.90%), 03/25/2051 <sup>(a)</sup> | 74979 | 72302 |
| &nbsp;&nbsp; Series 2021-CL1, Class M5, 8.20% (30 day avg SOFR US + 3.85%), 03/25/2051 <sup>(a)</sup> | 41502 | 37833 |
|  L Street Securities, Series 2015-WF1, Class 1M2, 9.72% (30 day avg SOFR US + 5.36%), 11/25/2025 <sup>(a)</sup> | 9369 | 9509 |
|  Progress Residential Trust, Series 2021-SFR9, Class F, 4.05%, 11/17/2040 <sup>(a)</sup> | 500000 | 483680 |
|  PRPM LLC, Series 2024-NQM3, Class B1, 7.48%, 08/25/2069 <sup>(a)(b)</sup> | 1000000 | 1002706 |
|  Radnor RE Ltd., Series 2024-1, Class B1, 9.50% (30 day avg SOFR US + 5.15%), 09/25/2034 <sup>(a)</sup> | 1100000 | 1138169 |
| RALI Trust | RALI Trust | RALI Trust |
| &nbsp;&nbsp; Series 2006-QS6, Class 1AV, 0.77%, 06/25/2036 <sup>(b)(c)</sup> | 4160247 | 121700 |
| &nbsp;&nbsp; Series 2007-QS11, Class AV, 0.25%, 10/25/2037 <sup>(b)(c)</sup> | 11628914 | 108044 |
|  Rithm Capital Corp., Series 2015-1A, Class B6, 5.21%, 05/28/2052 <sup>(a)(b)</sup> | 1238739 | 899284 |
|  Selene Loan Trust, 11.14%, 04/23/2054 <sup>(b)</sup> | 6794137 | 7246647 |
|  Structured Asset Mortgage Investments, Inc., Series 2006-AR7, Class X, 0.90%, 08/25/2036 <sup>(c)</sup> | 7468548 | 247134 |
| Western Alliance Bancorp | Western Alliance Bancorp | Western Alliance Bancorp |
| &nbsp;&nbsp; Series 2021-CL2, Class B, 12.85% (30 day avg SOFR US + 8.50%), 07/25/2059 <sup>(a)</sup> | 400000 | 397031 |
| &nbsp;&nbsp; Series 2021-CL2, Class M3, 8.45% (30 day avg SOFR US + 4.10%), 07/25/2059 <sup>(a)</sup> | 1327586 | 1334822 |
| &nbsp;&nbsp; Series 2021-CL2, Class M5, 10.85% (30 day avg SOFR US + 6.50%), 07/25/2059 <sup>(a)</sup> | 387081 | 377259 |
| **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** (Cost $29,332,893) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** (Cost $29,332,893) | 29328045 |

---

---

| | | |
|:---|:---|:---|
| **COLLATERALIZED LOAN OBLIGATIONS - 27.5%** | **Par** | **Value** |
|  Babson CLO Ltd., Series 2023-1A, Class E, 12.27% (3 mo. Term SOFR + 8.00%), 04/20/2036 <sup>(a)</sup> | 2000000 | 2010948 |
|  Birch Grove CLO Ltd., Series 2023-6A, Class E, 13.20% (3 mo. Term SOFR + 8.93%), 07/20/2035 <sup>(a)</sup> | 1300000 | 1308306 |
|  Black Diamond CLO Ltd., Series 2022-1A, Class E, 11.78% (3 mo. Term SOFR + 7.50%), 10/25/2035 <sup>(a)</sup> | 1500000 | 1513934 |
|  Bryant Park Funding Ltd., Series 2023-20A, Class E, 12.89% (3 mo. Term SOFR + 8.63%), 07/15/2036 <sup>(a)</sup> | 1000000 | 1003250 |
|  Carlyle Global Market Strategies, Series 2023-2A, Class E, 12.44% (3 mo. Term SOFR + 8.17%), 07/20/2036 <sup>(a)</sup> | 1000000 | 1005536 |
|  First Eagle Private Credit LLC, Series 2016-1A, Class CR, 9.54% (3 mo. Term SOFR + 5.26%), 01/25/2032 <sup>(a)(d)</sup> | 10500000 | 10514857 |
|  Halsey Point CLO Ltd., Series 2022-6A, Class FR, 12.74% (3 mo. Term SOFR + 8.47%), 01/20/2038 <sup>(a)</sup> | 250000 | 231186 |
|  Katayma CLO Ltd., Series 2023-1A, Class E, 12.41% (3 mo. Term SOFR + 8.14%), 10/20/2036 <sup>(a)</sup> | 1000000 | 1007465 |
|  KKR CLO Trust, Series 2022-43A, Class ER, 12.23% (3 mo. Term SOFR + 7.97%), 01/15/2036 <sup>(a)</sup> | 750000 | 748780 |
|  Man US CLO Ltd., Series 2024-1A, Class D2, 9.47% (3 mo. Term SOFR + 5.20%), 07/20/2037 <sup>(a)</sup> | 1000000 | 1001192 |
|  Neuberger Berman Loan Advisers Lasalle Street Lending CLO Ltd., Series 2024-2A, Class E, 11.77% (3 mo. Term SOFR + 7.50%), 04/20/2038 <sup>(a)</sup> | 1000000 | 1000835 |
|  Park Blue CLO Ltd., Series 2023-3A, Class E, 12.07% (3 mo. Term SOFR + 7.80%), 04/20/2036 <sup>(a)</sup> | 1000000 | 1006659 |
| Pikes Peak CLO Ltd. | Pikes Peak CLO Ltd. | Pikes Peak CLO Ltd. |
| &nbsp;&nbsp; Series 2020-5A, Class FR, 12.09% (3 mo. Term SOFR + 7.82%), 10/20/2037 <sup>(a)</sup> | 1000000 | 920211 |
| &nbsp;&nbsp; Series 2023-14A, Class E, 12.85% (3 mo. Term SOFR + 8.58%), 04/20/2036 <sup>(a)</sup> | 1000000 | 1008956 |
|  Regatta Funding Ltd., Series 2022-1A, Class F, 12.52% (3 mo. Term SOFR + 8.25%), 04/20/2035 <sup>(a)</sup> | 500000 | 489133 |
|  Sycamore Tree CLO Ltd., Series 2024-5A, Class E, 11.76% (3 mo. Term SOFR + 7.49%), 04/20/2036 <sup>(a)</sup> | 1000000 | 999582 |
|  Trinitas CLO Ltd., Series 2020-14A, Class D, 8.84% (3 mo. Term SOFR + 4.56%), 01/25/2034 <sup>(a)</sup> | 500000 | 496339 |
| **TOTAL COLLATERALIZED LOAN OBLIGATIONS** (Cost $26,599,013) | **TOTAL COLLATERALIZED LOAN OBLIGATIONS** (Cost $26,599,013) | 26267169 |
| **ASSET-BACKED SECURITIES - 23.2%** | **Par** | **Value** |
| **Automobile - 6.9%** | **Automobile - 6.9%** | **Automobile - 6.9%** |
|  Avis Budget Car Rental LLC, Series 2024-2A, Class D, 7.43%, 10/20/2028 <sup>(a)</sup> | 1150000 | 1157016 |
|  CAL Receivables LLC, Series 2022-1, Class B, 8.69% (30 day avg SOFR US + 4.35%), 10/15/2026 <sup>(a)</sup> | 371672 | 370742 |
| Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
| &nbsp;&nbsp; Series 2019-3A, Class R, 0.00%, 07/15/2026 <sup>(a)</sup> | 5000 | 809130 |
| &nbsp;&nbsp; Series 2019-4A, Class R, 0.00%, 10/15/2026 <sup>(a)</sup> | 2000 | 398796 |
| &nbsp;&nbsp; Series 2021-N4, Class E, 4.53%, 09/11/2028 <sup>(a)</sup> | 346015 | 332483 |
|  CPS Auto Trust, Series 2024-B, Class E, 8.36%, 11/17/2031 <sup>(a)</sup> | 300000 | 309576 |
|  Exeter Automobile Receivables Trust, Series 2022-2A, Class E, 6.34%, 10/15/2029 <sup>(a)</sup> | 500000 | 461667 |
|  Flagship Credit Auto Trust, Series 2024-1, Class E, 8.60%, 05/15/2031 <sup>(a)</sup> | 200000 | 200974 |
|  Huntington Bank Auto Credit-Linked Notes, Series 2024-1, Class D, 9.60% (30 day avg SOFR US + 5.25%), 05/20/2032 <sup>(a)</sup> | 321958 | 327068 |
|  JPMorgan Chase Bank NA, Series 2021-2, Class G, 8.48%, 12/26/2028 <sup>(a)</sup> | 389122 | 390946 |
|  Prestige Auto Receivables Trust, Series 2024-1A, Class E, 7.94%, 04/15/2031 <sup>(a)</sup> | 200000 | 204319 |
|  Research-Driven Pagaya Motor Asset Trust, Series 2021-2A, Class A, 2.65%, 03/25/2030 <sup>(a)</sup> | 120895 | 117828 |
|  Santander Holdings USA, Inc., Series 2024-A, Class F, 10.17%, 06/15/2032 <sup>(a)</sup> | 184406 | 188162 |
|  SBNA Auto Receivables Trust, Series 2024-A, Class E, 8.00%, 04/15/2032 <sup>(a)</sup> | 300000 | 309471 |
|  Strike Acceptance Auto Funding Trust, Series 2023-1A, Class A, 8.00%, 05/15/2026 <sup>(a)</sup> | 235552 | 236002 |
|  Tricolor Auto Securitization Trust, Series 2023-1A, Class F, 16.00%, 06/17/2030 <sup>(a)</sup> | 500000 | 527462 |
| US Auto Funding Trust | US Auto Funding Trust | US Auto Funding Trust |
| &nbsp;&nbsp; Series 2022-1A, Class A, 3.98%, 10/15/2025 <sup>(a)</sup> | 9834 | 9761 |
| &nbsp;&nbsp; Series 2022-1A, Class D, 9.14%, 07/15/2027 <sup>(a)</sup> | 1450000 | 14 |
|  Veros Automobile Receivables Trust, Series 2024-1, Class D, 9.87%, 05/15/2031 <sup>(a)</sup> | 250000 | 264209 |
|  |  | 6615626 |
| **Consumer - 14.6%** | **Consumer - 14.6%** | **Consumer - 14.6%** |
|  ACHV ABS Trust, Series 2024-3AL, Class E, 7.00%, 12/26/2031 <sup>(a)</sup> | 500000 | 488444 |
| Affirm, Inc. | Affirm, Inc. | Affirm, Inc. |
| &nbsp;&nbsp; Series 2023-B, Class E, 11.32%, 09/15/2028 <sup>(a)</sup> | 300000 | 304956 |
| &nbsp;&nbsp; Series 2024-A, Class E, 9.17%, 02/15/2029 <sup>(a)</sup> | 200000 | 202121 |
|  Aqua Finance Trust, Series 2021-A, Class C, 3.14%, 07/17/2046 <sup>(a)</sup> | 300000 | 270650 |
|  GreenSky Home Improvement Trust, Series 2024-1, Class E, 9.00%, 06/25/2059 <sup>(a)</sup> | 500000 | 505809 |
| LendingClub Receivables Trust | LendingClub Receivables Trust | LendingClub Receivables Trust |
| &nbsp;&nbsp; Series 2019-1, Class CERT, 0.00%, 07/17/2045 <sup>(a)</sup> | 17660 | 326 |
| &nbsp;&nbsp; Series 2019-3, Class R1, 0.00%, 10/15/2025 <sup>(a)</sup> | 5200000 | 11239 |
| &nbsp;&nbsp; Series 2019-7, Class R1, 0.00%, 01/15/2027 <sup>(a)</sup> | 3000000 | 15496 |
| Lendingpoint Asset Securitization Trust | Lendingpoint Asset Securitization Trust | Lendingpoint Asset Securitization Trust |
| &nbsp;&nbsp; Series 2021-B, Class C, 3.21%, 02/15/2029 <sup>(a)</sup> | 228440 | 221664 |
| &nbsp;&nbsp; Series 2022-A, Class E, 7.02%, 06/15/2029 <sup>(a)</sup> | 100000 | 1 |
| &nbsp;&nbsp; Series 2022-B, Class C, 8.45%, 10/15/2029 <sup>(a)</sup> | 900000 | 214831 |
| Marlette Funding Trust | Marlette Funding Trust | Marlette Funding Trust |
| &nbsp;&nbsp; Series 2022-3A, Class D, 7.80%, 11/15/2032 <sup>(a)</sup> | 1000000 | 1009394 |
| &nbsp;&nbsp; Series 2023-1A, Class D, 8.15%, 04/15/2033 <sup>(a)</sup> | 1000000 | 1016936 |
| &nbsp;&nbsp; Series 2023-2A, Class D, 7.92%, 06/15/2033 <sup>(a)</sup> | 500000 | 505332 |
|  Momnt Technologies Trust, Series 2023-1A, Class B, 8.29%, 03/20/2045 <sup>(a)</sup> | 500000 | 490193 |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust |
| &nbsp;&nbsp; Series 2020-2, Class CERT, 0.00%, 12/15/2027 <sup>(a)(b)(c)</sup> | 4000000 | 40295 |
| &nbsp;&nbsp; Series 2021-1, Class C, 4.09%, 11/15/2027 <sup>(a)</sup> | 44023 | 43079 |
| &nbsp;&nbsp; Series 2021-3, Class C, 3.27%, 05/15/2029 <sup>(a)</sup> | 56567 | 54652 |
| &nbsp;&nbsp; Series 2022-1, Class C, 4.89%, 10/15/2029 <sup>(a)</sup> | 1005007 | 983770 |
| &nbsp;&nbsp; Series 2022-2, Class C, 7.50%, 01/15/2030 <sup>(a)</sup> | 499970 | 494799 |
| &nbsp;&nbsp; Series 2024-10, Class E, 10.41%, 06/15/2032 <sup>(a)</sup> | 499958 | 498084 |
| &nbsp;&nbsp; Series 2024-11, Class F, 12.00%, 07/15/2032 <sup>(a)</sup> | 249971 | 232345 |
| &nbsp;&nbsp; Series 2024-6, Class D, 11.35%, 11/15/2031 <sup>(a)</sup> | 442193 | 455962 |
| &nbsp;&nbsp; Series 2024-8, Class E, 10.41%, 01/15/2032 <sup>(a)</sup> | 499978 | 507946 |
| &nbsp;&nbsp; Series 2024-9, Class E, 10.11%, 03/15/2032 <sup>(a)</sup> | 399939 | 397499 |
| &nbsp;&nbsp; Series 2025-1, Class E, 10.08%, 07/15/2032 <sup>(a)</sup> | 250000 | 245157 |
| &nbsp;&nbsp; Series 2025-1, Class F, 12.00%, 07/15/2032 <sup>(a)</sup> | 250000 | 237701 |
|  Powerpay Securitization Funding LLC, Series 2024-1A, Class B, 8.46%, 02/18/2039 <sup>(a)</sup> | 200000 | 204653 |
|  Prosper Marketplace Issuance Trust, Series 2024-1A, Class D, 10.98%, 08/15/2029 <sup>(a)</sup> | 500000 | 524887 |
|  Purchasing Power Funding, Series 2024-A, Class E, 10.18%, 08/15/2028 <sup>(a)</sup> | 200000 | 204247 |
|  Reach Financial LLC, Series 2024-2A, Class D, 8.83%, 07/15/2031 <sup>(a)</sup> | 400000 | 410074 |
| Republic Finance Issuance Trust | Republic Finance Issuance Trust | Republic Finance Issuance Trust |
| &nbsp;&nbsp; Series 2021-A, Class D, 5.23%, 12/22/2031 <sup>(a)</sup> | 200000 | 192585 |
| &nbsp;&nbsp; Series 2024-A, Class D, 9.49%, 08/20/2032 <sup>(a)</sup> | 250000 | 256798 |
|  Upgrade Master Pass-Thru Trust, Series 2021-PT2, Class A, 17.88%, 05/15/2027 <sup>(a)(b)</sup> | 85236 | 78036 |
|  Upgrade Receivables Trust, Series 2024-1A, Class D, 8.90%, 02/18/2031 <sup>(a)</sup> | 500000 | 511186 |
| Upstart Pass-Through Trust Series | Upstart Pass-Through Trust Series | Upstart Pass-Through Trust Series |
| &nbsp;&nbsp; Series 2021-ST3, Class CERT, 0.00%, 05/20/2027 <sup>(a)</sup> | 2850000 | 196142 |
| &nbsp;&nbsp; Series 2021-ST9, Class CERT, 0.00%, 11/20/2029 <sup>(a)</sup> | 200000 | 64858 |
| &nbsp;&nbsp; Series 2022-ST1, Class CERT, 0.00%, 03/20/2030 <sup>(a)</sup> | 100000 | 36447 |
| Upstart Securitization Trust | Upstart Securitization Trust | Upstart Securitization Trust |
| &nbsp;&nbsp; Series 2021-5, Class C, 4.15%, 11/20/2031 <sup>(a)</sup> | 825665 | 805416 |
| &nbsp;&nbsp; Series 2022-1, Class C, 5.71%, 03/20/2032 <sup>(a)</sup> | 200000 | 115663 |
| &nbsp;&nbsp; Series 2022-2, Class C, 8.43%, 05/20/2032 <sup>(a)</sup> | 452555 | 400969 |
| &nbsp;&nbsp; Series 2023-1, Class C, 11.10%, 02/20/2033 <sup>(a)</sup> | 500000 | 510447 |
|  |  | 13961089 |
| **Equipment - 1.3%** | **Equipment - 1.3%** | **Equipment - 1.3%** |
| Octane Receivables Trust | Octane Receivables Trust | Octane Receivables Trust |
| &nbsp;&nbsp; Series 2024-1A, Class E, 7.82%, 08/20/2031 <sup>(a)</sup> | 200000 | 198697 |
| &nbsp;&nbsp; Series 2024-RPT1, Class R2, 8.71%, 02/22/2030 | 500000 | 500465 |
| &nbsp;&nbsp; Series 2024-RVM1, Class E, 8.42%, 01/22/2046 <sup>(a)</sup> | 500000 | 498911 |
|  |  | 1198073 |
| **Solar - 0.4%** | **Solar - 0.4%** | **Solar - 0.4%** |
|  GoodLeap Sustainable Home Solutions Trust, Series 2023-2GS, Class B, 7.80%, 05/20/2055 <sup>(a)</sup> | 500000 | 323885 |
| Mosaic Solar Loans LLC | Mosaic Solar Loans LLC | Mosaic Solar Loans LLC |
| &nbsp;&nbsp; Series 2018-1A, Class C, 0.00%, 06/22/2043 <sup>(a)(e)</sup> | 3723 | 3692 |
| &nbsp;&nbsp; Series 2019-1A, Class B, 0.00%, 12/21/2043 <sup>(a)(e)</sup> | 4809 | 4486 |
|  |  | 332063 |
| **TOTAL ASSET-BACKED SECURITIES** (Cost $24,925,955) | **TOTAL ASSET-BACKED SECURITIES** (Cost $24,925,955) | 22106851 |
| **CORPORATE OBLIGATIONS - 13.7%** | **Par** | **Value** |
| **Basic Materials - 1.1%** | **Basic Materials - 1.1%** | **Basic Materials - 1.1%** |
|  Consolidated Energy Finance SA, 5.63%, 10/15/2028 <sup>(a)</sup> | 500000 | 390535 |
|  CVR Partners LP / CVR Nitrogen Finance Corp., 6.13%, 06/15/2028 <sup>(a)</sup> | 500000 | 483739 |
|  Mercer International, Inc., 5.13%, 02/01/2029 | 235000 | 193608 |
|  |  | 1067882 |
| **Communications - 0.9%** | **Communications - 0.9%** | **Communications - 0.9%** |
|  Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 10.00%, 02/15/2031 <sup>(a)</sup> | 500000 | 473870 |
|  Gray Media, Inc., 5.38%, 11/15/2031 <sup>(a)</sup> | 600000 | 358524 |
|  |  | 832394 |
| **Consumer, Cyclical - 1.2%** | **Consumer, Cyclical - 1.2%** | **Consumer, Cyclical - 1.2%** |
|  American Axle & Manufacturing, Inc., 6.50%, 04/01/2027 | 500000 | 488292 |
|  Caesars Entertainment, Inc., 4.63%, 10/15/2029 <sup>(a)</sup> | 500000 | 462084 |
|  Saks Global Enterprises LLC, 11.00%, 12/15/2029 <sup>(a)</sup> | 250000 | 151914 |
|  |  | 1102290 |
| **Consumer, Non-cyclical - 2.6%** | **Consumer, Non-cyclical - 2.6%** | **Consumer, Non-cyclical - 2.6%** |
|  Fiesta Purchaser, Inc., 9.63%, 09/15/2032 <sup>(a)</sup> | 250000 | 262033 |
|  Herc Holdings, Inc., 6.63%, 06/15/2029 <sup>(a)</sup> | 500000 | 494533 |
|  Hertz Global Holdings, Inc., 12.63%, 07/15/2029 <sup>(a)</sup> | 250000 | 243404 |
|  Raven Acquisition Holdings LLC, 6.88%, 11/15/2031 <sup>(a)</sup> | 500000 | 488923 |
|  Upbound Group, Inc., 6.38%, 02/15/2029 <sup>(a)</sup> | 500000 | 472486 |
|  VT Topco, Inc., 8.50%, 08/15/2030 <sup>(a)</sup> | 500000 | 523744 |
|  |  | 2485123 |
| **Diversified - 0.3%** | **Diversified - 0.3%** | **Diversified - 0.3%** |
|  Stena International SA, 7.25%, 01/15/2031 <sup>(a)</sup> | 300000 | 296423 |
| **Energy - 1.5%** | **Energy - 1.5%** | **Energy - 1.5%** |
|  Greenfire Resources Ltd., 12.00%, 10/01/2028 <sup>(a)</sup> | 320000 | 338041 |
|  New Fortress Energy, Inc., 6.50%, 09/30/2026 <sup>(a)</sup> | 500000 | 410091 |
|  Shelf Drilling Holdings Ltd., 9.63%, 04/15/2029 <sup>(a)</sup> | 380000 | 269364 |
|  Venture Global LNG, Inc., 9.00% to 09/30/2029 then 5 yr. CMT Rate + 5.44%, Perpetual <sup>(a)</sup> | 500000 | 430227 |
|  |  | 1447723 |
| **Financial - 5.1%** | **Financial - 5.1%** | **Financial - 5.1%** |
|  Blackstone Mortgage Trust, Inc., 7.75%, 12/01/2029 <sup>(a)</sup> | 500000 | 519837 |
|  Credit Acceptance Corp., 6.63%, 03/15/2030 <sup>(a)</sup> | 500000 | 491542 |
|  Freedom Mortgage Corp., 6.63%, 01/15/2027 <sup>(a)</sup> | 500000 | 496760 |
| Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC |
| &nbsp;&nbsp; 9.25%, 02/01/2029 <sup>(a)</sup> | 150000 | 152935 |
| &nbsp;&nbsp; 8.38%, 04/01/2032 <sup>(a)</sup> | 500000 | 489507 |
|  Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/2027 <sup>(a)</sup> | 500000 | 498814 |
|  goeasy Ltd., 7.63%, 07/01/2029 <sup>(a)</sup> | 500000 | 504556 |
|  Jefferies Finance LLC / JFIN Co.-Issuer Corp., 6.63%, 10/15/2031 <sup>(a)</sup> | 500000 | 490364 |
|  PennyMac Financial Services, Inc., 5.75%, 09/15/2031 <sup>(a)</sup> | 500000 | 476729 |
|  PHH Corp., 9.88%, 11/01/2029 <sup>(a)</sup> | 500000 | 484175 |
|  United Wholesale Mortgage LLC, 5.50%, 04/15/2029 <sup>(a)</sup> | 200000 | 193891 |
|  Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, 6.50%, 02/15/2029 <sup>(a)</sup> | 100000 | 91607 |
|  |  | 4890717 |
| **Industrial – 1.0%** | **Industrial – 1.0%** | **Industrial – 1.0%** |
|  Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 02/01/2032 <sup>(a)</sup> | 500000 | 488422 |
|  Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029 <sup>(a)</sup> | 450000 | 411271 |
|  |  | 899693 |
| **TOTAL CORPORATE OBLIGATIONS** (Cost $13,239,852) | **TOTAL CORPORATE OBLIGATIONS** (Cost $13,239,852) | 13022245 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.7%** | **Par** | **Value** |
|  Banc of America Re-Remic Trust, Series 2024-NASH, Class D, 9.17% (1 mo. Term SOFR + 4.85%), 05/15/2039 <sup>(a)</sup> | 500000 | 496180 |
|  GS Mortgage Securities Corp., Series 2018-TWR, Class G, 8.54% (1 mo. Term SOFR + 4.22%), 07/15/2031 <sup>(a)</sup> | 311000 | 24812 |
|  HTL Commercial Mortgage Trust, Series 2024-T53, Class F, 12.32%, 05/10/2039 <sup>(a)(b)</sup> | 500000 | 517378 |
|  LBA Trust, Series 2024-BOLT, Class F, 8.76% (1 mo. Term SOFR + 4.44%), 06/15/2039 <sup>(a)</sup> | 300000 | 301450 |
|  Morgan Stanley Capital I, Inc., Series 2014-150E, Class B, 4.26%, 09/09/2032 <sup>(a)</sup> | 123000 | 85103 |
| X-Caliber Funding LLC | X-Caliber Funding LLC | X-Caliber Funding LLC |
| &nbsp;&nbsp; 0.00%, 06/06/2025 <sup>(a)(f)</sup> | 219401 | 204981 |
| &nbsp;&nbsp; Series 2021-9, Class B1, 12.44% (1 mo. Term SOFR + 8.12%), 04/06/2026 <sup>(a)(g)</sup> | 50000 | 8968 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** (Cost $1,954,447) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** (Cost $1,954,447) | 1638872 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY - 0.1%** | **Par** | **Value** |
|  Federal Home Loan Mortgage Corp., Series 2017-KF41, Class B, 6.95% (30 day avg SOFR US + 2.61%), 11/25/2025 <sup>(a)</sup> | 129217 | 127135 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY** (Cost $129,217) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY** (Cost $129,217) | 127135 |
| **SHORT-TERM INVESTMENTS - 6.4%** | **Shares** | **Value**  |
| **Money Market Funds - 6.4%** |  |  |
| First American Government Obligations Fund - Class U, 4.27% <sup>(h)</sup> | 6102663 | 6102663 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $6,102,663) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $6,102,663) | 6102663 |
| **TOTAL INVESTMENTS - 103.3% (**Cost $102,284,040**)** | **TOTAL INVESTMENTS - 103.3% (**Cost $102,284,040**)** | 98592980 |
| Liabilities in Excess of Other Assets - (3.3)% | Liabilities in Excess of Other Assets - (3.3)% | (3182374) |
| **TOTAL NET ASSETS - 100.0%** |  | $95410606 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

---

| |
|:---|
| CMT - Constant Maturity Treasury |
| LLC - Limited Liability Company |
| LP - Limited Partnership |
| SA - Sociedad Anónima |
| SOFR - Secured Overnight Financing Rate |

---

(a) Security is exempt under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional
 buyers. As of April 30, 2025, the value of these securities total $83,124,104 or 87.1% of the Fund's net assets.

(b) Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral
 increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of April 30, 2025.

(c) Interest only security.

(d) All or a portion of security has been pledged as collateral in connection with open reverse repurchase agreements. At April 30, 2025, the value of securities pledged amounted to $5,007,075.

(e) Principal only security.

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

(g) Issuer is currently in default.

(h) The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Angel Oak Strategic Credit Fund** | **Angel Oak Strategic Credit Fund** | **Angel Oak Strategic Credit Fund** | **Angel Oak Strategic Credit Fund** | **Angel Oak Strategic Credit Fund** |
| **Consolidated Schedule of Open Futures Contracts** | **Consolidated Schedule of Open Futures Contracts** | **Consolidated Schedule of Open Futures Contracts** | **Consolidated Schedule of Open Futures Contracts** | **Consolidated Schedule of Open Futures Contracts** |
| **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (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 | 271 | 06/30/2025 | $29591930 | $221396 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Long Bonds | 26 | 06/18/2025 | 3032250 | 52112 |
| **Total Unrealized Appreciation (Depreciation)** | **Total Unrealized Appreciation (Depreciation)** | **Total Unrealized Appreciation (Depreciation)** | **Total Unrealized Appreciation (Depreciation)** | $273508 |

---

The average monthly notional value of long futures during the period ended April 30, 2025, was $14,827,709.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Angel Oak Strategic Credit Fund** | **Angel Oak Strategic Credit Fund** | **Angel Oak Strategic Credit Fund** | **Angel Oak Strategic Credit Fund** | **Angel Oak Strategic Credit Fund** | **Angel Oak Strategic Credit Fund** | **Angel Oak Strategic Credit Fund** | **Angel Oak Strategic Credit Fund** | **Angel Oak Strategic Credit Fund** | |
| **Consolidated Schedule of Centrally Cleared Credit Default Swaps - Buy Protection <sup>(a)</sup>** | **Consolidated Schedule of Centrally Cleared Credit Default Swaps - Buy Protection <sup>(a)</sup>** | **Consolidated Schedule of Centrally Cleared Credit Default Swaps - Buy Protection <sup>(a)</sup>** | **Consolidated Schedule of Centrally Cleared Credit Default Swaps - Buy Protection <sup>(a)</sup>** | **Consolidated Schedule of Centrally Cleared Credit Default Swaps - Buy Protection <sup>(a)</sup>** | **Consolidated Schedule of Centrally Cleared Credit Default Swaps - Buy Protection <sup>(a)</sup>** | **Consolidated Schedule of Centrally Cleared Credit Default Swaps - Buy Protection <sup>(a)</sup>** | **Consolidated Schedule of Centrally Cleared Credit Default Swaps - Buy Protection <sup>(a)</sup>** | **Consolidated Schedule of Centrally Cleared Credit Default Swaps - Buy Protection <sup>(a)</sup>** | |
| **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | |
| **Reference Obligation** | <br> **Implied Credit Spread at** <br> **04/30/25 <sup>(b)</sup>** | **Pay (Receive)**<br> **Fixed Rate** | **Payment** <br> **Frequency** | **Maturity Date** | <br> **Counter Party** | **Notional Amount <sup>(c)</sup>** | <br> **Value** | **Premium Paid (Received)** | <br>**Unrealized** <br> **Appreciation**<br> (Depreciation) |
| Markit CDX.NA.IG <sup>(d)</sup> | <br> 0.69% | 1.000% | Quarterly | 06/20/2030 | Wells Fargo Securities, LLC | $25000000 | <br> ($372544) | <br> ($307377) | ($65167) |

---

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

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

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

(d) Centrally cleared swap, clearing agent: Intercontinental Exchange.

The average monthly notional value of long swaps during the period ended April 30, 2025, was $25,000,000.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Angel Oak Strategic Credit Fund** | **Angel Oak Strategic Credit Fund** | **Angel Oak Strategic Credit Fund** | **Angel Oak Strategic Credit Fund** | **Angel Oak Strategic Credit Fund** | **Angel Oak Strategic Credit Fund** |
| **Consolidated Schedule of Open Reverse Repurchase Agreements** | **Consolidated Schedule of Open Reverse Repurchase Agreements** | **Consolidated Schedule of Open Reverse Repurchase Agreements** | **Consolidated Schedule of Open Reverse Repurchase Agreements** | **Consolidated Schedule of Open Reverse Repurchase Agreements** | **Consolidated Schedule of Open Reverse Repurchase Agreements** |
| **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** |
| **Counterparty** | **Interest Rate** | **Trade Date** | **Maturity Date** | **Net Closing Amount** | **Face Value** |
| Lucid Management and Capital Partners LP | 5.16% | 04/16/2025 | 07/17/2025 | $4309089<br>| $4253000<br>|

---

A reverse repurchase agreement, although structured as a sale and repurchase obligation, acts as a financing transaction under which the Fund will effectively pledge certain assets as collateral to secure a short-term loan. Generally, the other party to the agreement makes the loan in an amount less than the fair value of the pledged collateral. At the maturity of the reverse repurchase agreement, the Fund will be required to repay the loan and interest and correspondingly receive back its collateral. While used as collateral, the pledged assets continue to pay principal and interest which are for the benefit of the Fund.

------

#### 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

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 measurers calculated using factors such as cash flows, financial or collateral performance and other reference data. In addition to these inputs, cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information may be utilized. Securities that use similar valuation techniques and inputs are categorized as Level 2 of the fair value hierarchy. To the extent the significant inputs are unobservable; the values generally would be categorized as Level 3.

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

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

Financial derivative instruments, such as futures contracts, that are traded on a national securities or commodities exchange are typically valued at the settlement price determined by the relevant exchange. Swaps, such as credit default swaps, interest-rate swaps and currency swaps, are valued by a pricing service. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy. OTC financial derivative instruments, such as certain futures contracts or swap agreements, derive their values from underlying asset prices, indices, reference rates, other inputs or a combination of these factors. These instruments are normally valued on the basis of evaluations provided by independent pricing services or broker dealer quotations. Derivatives that use similar valuation techniques as described above are typically categorized as Level 2 of the fair value hierarchy.

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

The following is a summary of the investments by their inputs used to value the Fund's net assets as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets** | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities | $– | $29328045 | $– | $29328045 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Collateralized Loan Obligations | – | 26267169 | – | 26267169 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities | – | 22106851 | – | 22106851 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Obligations | – | 13022245 | – | 13022245 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities | – | 1638872 | – | 1638872 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities – U.S. Government Agency | – | 127135 | – | 127135 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 6102663 | – | – | 6102663 |
| **Total** | $6102663 | $92490317 | $– | $98592980 |
| <br> **Other Financial Instruments**<br> **Assets** | <br> **Other Financial Instruments**<br> **Assets** | <br> **Other Financial Instruments**<br> **Assets** | <br> **Other Financial Instruments**<br> **Assets** | <br> **Other Financial Instruments**<br> **Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts\* | $273508 | $– | $– | $273508 |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reverse Repurchase Agreements | – | (4253000) | – | (4253000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Swaps\* | – | (65167) | – | (65167) |
| **Total** | $273508 | $(4318167) | $– | $(4044659) |
| \*Futures and swaps are reflected at the unrealized appreciation (depreciation) on the instrument as presented in the Consolidated Schedule of Open Futures Contracts and Consolidated Schedule of Centrally Cleared Credit Default Swaps – Buy Protection. | \*Futures and swaps are reflected at the unrealized appreciation (depreciation) on the instrument as presented in the Consolidated Schedule of Open Futures Contracts and Consolidated Schedule of Centrally Cleared Credit Default Swaps – Buy Protection. | \*Futures and swaps are reflected at the unrealized appreciation (depreciation) on the instrument as presented in the Consolidated Schedule of Open Futures Contracts and Consolidated Schedule of Centrally Cleared Credit Default Swaps – Buy Protection. | \*Futures and swaps are reflected at the unrealized appreciation (depreciation) on the instrument as presented in the Consolidated Schedule of Open Futures Contracts and Consolidated Schedule of Centrally Cleared Credit Default Swaps – Buy Protection. | \*Futures and swaps are reflected at the unrealized appreciation (depreciation) on the instrument as presented in the Consolidated Schedule of Open Futures Contracts and Consolidated Schedule of Centrally Cleared Credit Default Swaps – Buy Protection. |
| <br> See the Consolidated Schedule of Investments for further disaggregation of investment categories. | <br> See the Consolidated Schedule of Investments for further disaggregation of investment categories. | <br> See the Consolidated Schedule of Investments for further disaggregation of investment categories. | <br> See the Consolidated Schedule of Investments for further disaggregation of investment categories. | <br> See the Consolidated Schedule of Investments for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 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 Strategic Credit Fund

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

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

- **a. Date of fiscal year-end:** 2026-01-31

- **b. Date as of which information is reported:** 2025-04-30

**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:** $100686151.90

**Total Liabilities:** $5445629.03

**Net Assets:** $95240522.87

**Cash Not Reported:** $747623.03

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 178.902290813688 | **1-Year:** 2576.050063476805 | **5-Year:** -366.992497945699 | **10-Year:** 4189.922249672280 | **30-Year:** 463.974318079999

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

- **3-Month:** 284.071741995545 | **1-Year:** 2893.363319143925 | **5-Year:** 9768.207059798962 | **10-Year:** 11847.750628900070 | **30-Year:** 6049.538399133413

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 1.79%                | 0.00%                | 0.36%                |
| Class ID N/A | 1.83%                | 0.00%                | 0.36%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $600244.48               | $24168.10                                  |
| Month 2  | $711890.49               | $-1433383.30                               |
| Month 3  | $27705.53                | $-732681.38                                |

**Designated Index Information**

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

- **Index Identifier:** MC4PPV85FT

### Schedule of Portfolio Investments

| Name                           | Title                                                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Greensky Home Improvement Issu | GreenSky Home Improvement Trust 2024-1                              | CUSIP: 39571MAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $505809.20    | 0.53%             | 2059-06-25      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| NewStar Commercial Loan Fundin | First Eagle Commercial Loan Funding 2016-1 LLC                      | CUSIP: 32010LAG9<br>LEI: 549300MOI46ZB4RZW883 | Long             | ABS-CBDO         | CORP              | US        |  10500000 | PA      | $10514857.50  | 11.04%            | 2032-01-25      | Floating      | 9.54%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust 2020-2                               | CUSIP: 69546J104<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $40295.17     | 0.04%             | 2027-12-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Trust 2022-1                                         | CUSIP: 69546MAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1005007 | PA      | $983769.75    | 1.03%             | 2029-10-15      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| Park Blue CLO Ltd              | PARK BLUE CLO 2023-III LTD                                          | CUSIP: 70019BAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1006659.00   | 1.06%             | 2036-04-20      | Floating      | 12.07%                | 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        |    200000 | PA      | $204319.32    | 0.21%             | 2031-04-15      | Fixed         | 7.94%                 | No            |                  2 | On Loan: No      |
| ACHV ABS TRUST                 | ACHV ABS Trust 2024-3AL                                             | CUSIP: 00092KAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $488443.90    | 0.51%             | 2031-12-26      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| A&D Mortgage Trust             | ADMT 2024-NQM6                                                      | CUSIP: 00249YAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $947844.00    | 1.00%             | 2070-01-25      | Variable      | 7.30%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                     | Affirm Asset Securitization Trust 2023-B                            | CUSIP: 00792FAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $304956.30    | 0.32%             | 2028-09-15      | Fixed         | 11.32%                | No            |                  2 | On Loan: No      |
| Affirm Inc                     | Affirm Asset Securitization Trust 2024-A                            | CUSIP: 00834BAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $202120.72    | 0.21%             | 2029-02-15      | Fixed         | 9.17%                 | No            |                  2 | On Loan: No      |
| Banc of America Merrill Lynch  | BAMLL Commercial Mortgage Securities Trust 2024-NASH                | CUSIP: 05555CAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $496180.50    | 0.52%             | 2039-05-15      | Floating      | 9.17%                 | No            |                  2 | On Loan: No      |
| Banc of America Alternative Lo | Banc of America Alternative Loan Trust 2006-6                       | CUSIP: 059487AN8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1238059 | PA      | $293109.17    | 0.31%             | 2046-07-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BELLEMEADE RE LT               | Bellemeade Re 2023-1 Ltd                                            | CUSIP: 07876XAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    400000 | PA      | $430871.60    | 0.45%             | 2033-10-25      | Floating      | 11.05%                | No            |                  2 | On Loan: No      |
| Black Diamond CLO Ltd          | Black Diamond CLO 2022-1 Ltd                                        | CUSIP: 09203GAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   1500000 | PA      | $1513933.50   | 1.59%             | 2035-10-25      | Floating      | 11.78%                | No            |                  2 | On Loan: No      |
| Bryant Park Funding Ltd        | Bryant Park Funding 2023-20 Ltd                                     | CUSIP: 117651AA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1003250.00   | 1.05%             | 2036-07-15      | Floating      | 12.89%                | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategi | CARLYLE US CLO 2023-2 LTD                                           | CUSIP: 14318HAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1005536.00   | 1.06%             | 2036-07-20      | Floating      | 12.44%                | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust | Carvana Auto Receivables Trust 2019-4                               | CUSIP: 14686YAK3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2000 | PA      | $398795.65    | 0.42%             | 2026-10-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CoreVest American Finance Ltd  | Corevest American Finance 2020-4 Trust                              | CUSIP: 21873AAL1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    770000 | PA      | $655944.52    | 0.69%             | 2052-12-15      | Fixed         | 2.71%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC          | Directv Financing LLC / Directv Financing Co-Obligor Inc            | CUSIP: 25461LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $473870.20    | 0.50%             | 2031-02-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T | EFMT 2024-NQM1                                                      | CUSIP: 26845DAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $940605.00    | 0.99%             | 2069-11-25      | Variable      | 7.65%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T | EFMT 2025-NQM1                                                      | CUSIP: 26846CAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $484422.00    | 0.51%             | 2070-01-25      | Variable      | 7.45%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust     | Flagship Credit Auto Trust 2024-1                                   | CUSIP: 33843VAN3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $200973.92    | 0.21%             | 2031-05-15      | Fixed         | 8.60%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD          | Freedom Mortgage Holdings LLC                                       | CUSIP: 35641AAA6<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152934.75    | 0.16%             | 2029-02-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| HalseyPoint CLO Ltd.           | Halseypoint Clo 6 Ltd                                               | CUSIP: 40639JAG8<br>LEI: 5493001PG85K1980W896 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $231186.50    | 0.24%             | 2038-01-20      | Floating      | 12.74%                | No            |                  2 | On Loan: No      |
| The Huntington National Bank   | Huntington Bank Auto Credit-Linked Notes Series 2024-1              | CUSIP: 44644NAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    321958 | PA      | $327067.97    | 0.34%             | 2032-05-20      | Floating      | 9.60%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | J.P. Morgan Mortgage Trust 2022-6                                   | CUSIP: 46655KDH6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1265000 | PA      | $627596.86    | 0.66%             | 2052-11-25      | Variable      | 3.29%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust Series 2024-8                              | CUSIP: 46658GBH4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    804000 | PA      | $684138.88    | 0.72%             | 2055-01-25      | Variable      | 7.04%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN LLC / JFIN       | Jefferies Finance LLC / JFIN Co-Issuer Corp                         | CUSIP: 47232MAG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $490364.10    | 0.51%             | 2031-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| LendingPoint Asset Securitizat | Lendingpoint 2022-A Asset Securitization Trust                      | CUSIP: 52605AAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $1.00         | 0.00%             | 2029-06-15      | Fixed         | 7.02%                 | No            |                  2 | On Loan: No      |
| LendingPoint Asset Securitizat | Lendingpoint 2021-B Asset Securitization Trust                      | CUSIP: 52607HAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    228440 | PA      | $221664.38    | 0.23%             | 2029-02-15      | Fixed         | 3.21%                 | No            |                  2 | On Loan: No      |
| Man US CLO Ltd                 | Man US CLO 2024-1 Ltd                                               | CUSIP: 56167CAN4<br>LEI: 2549007JRE3Q11AV7970 | Long             | ABS-CBDO         | CORP              | JE        |   1000000 | PA      | $1001192.00   | 1.05%             | 2037-07-20      | Floating      | 9.47%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust         | Marlette Funding Trust 2023-2                                       | CUSIP: 57109LAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $505331.60    | 0.53%             | 2033-06-15      | Fixed         | 7.92%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust         | Marlette Funding Trust 2022-3                                       | CUSIP: 57109NAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1009394.20   | 1.06%             | 2032-11-15      | Fixed         | 7.80%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust         | Marlette Funding Trust 2023-1                                       | CUSIP: 57110PAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1016935.60   | 1.07%             | 2033-04-15      | Fixed         | 8.15%                 | No            |                  2 | On Loan: No      |
| Momnt Technologies Trust       | Momnt Technologies Trust 2023-1                                     | CUSIP: 608934AB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $490193.15    | 0.51%             | 2045-03-20      | Fixed         | 8.29%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust 2014-150E                            | CUSIP: 61764BAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    123000 | PA      | $85102.62     | 0.09%             | 2032-09-09      | Fixed         | 4.26%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC         | Mosaic Solar Loan Trust 2019-1                                      | CUSIP: 61946CAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      4809 | PA      | $4485.53      | 0.00%             | 2043-12-21      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC         | Mosaic Solar Loan Trust 2018-1                                      | CUSIP: 61946FAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3723 | PA      | $3691.85      | 0.00%             | 2043-06-22      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan  | New Residential Mortgage Loan Trust 2015-1                          | CUSIP: 64829CAT5<br>LEI: 549300RCJSGOC0A85G53 | Long             | ABS-MBS          | CORP              | US        |   1238739 | PA      | $899283.72    | 0.94%             | 2052-05-28      | Variable      | 5.21%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust       | Octane Receivables Trust 2024-RVM1                                  | CUSIP: 67579FAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $498911.10    | 0.52%             | 2046-01-22      | Fixed         | 8.42%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2024-10                                | CUSIP: 69546UAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    499958 | PA      | $498083.75    | 0.52%             | 2032-06-15      | Fixed         | 10.41%                | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust 2021-1                               | CUSIP: 69547JAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     44023 | PA      | $43078.76     | 0.05%             | 2027-11-15      | Fixed         | 4.09%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2024-6 And Pagaya AI Debt Trust 2024-6 | CUSIP: 69548LAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    442193 | PA      | $455961.64    | 0.48%             | 2031-11-15      | Fixed         | 11.35%                | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2024-8                                 | CUSIP: 69548PAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    499978 | PA      | $507945.69    | 0.53%             | 2032-01-15      | Fixed         | 10.41%                | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya Ai Debt Grantor Trust 2024-9                                 | CUSIP: 69548QAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    399939 | PA      | $397499.36    | 0.42%             | 2032-03-15      | Fixed         | 10.11%                | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2025-1                                 | CUSIP: 69548VAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $245157.45    | 0.26%             | 2032-07-15      | Fixed         | 10.08%                | No            |                  2 | On Loan: No      |
| PHH ESCROW ISS LCC/PHH C       | PHH Escrow Issuer LLC/PHH Corp                                      | CUSIP: 716964AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $484175.08    | 0.51%             | 2029-11-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| Pikes Peak CLO                 | Pikes Peak CLO 14 2023 Ltd                                          | CUSIP: 72134DAA7<br>LEI: 213800AO7LGLGDRRY278 | Long             | ABS-CBDO         | CORP              | JE        |   1000000 | PA      | $1008956.00   | 1.06%             | 2036-04-20      | Floating      | 12.85%                | No            |                  2 | On Loan: No      |
| Residential Accredit Loans, In | RALI Series 2006-QS6 Trust                                          | CUSIP: 74922EAV1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4160247 | PA      | $121699.70    | 0.13%             | 2036-06-25      | Variable      | 0.77%                 | No            |                  2 | On Loan: No      |
| SAKS GLOBAL ENTERPRISES        | Saks Global Enterprises LLC                                         | CUSIP: 79380MAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $151914.35    | 0.16%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Lin | Santander Bank Auto Credit-Linked Notes Series 2024-A               | CUSIP: 80290CCN2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    184406 | PA      | $188162.40    | 0.20%             | 2032-06-15      | Fixed         | 10.17%                | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL        | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC     | CUSIP: 91327BAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $91607.50     | 0.10%             | 2029-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Upgrade Receivables Trust      | Upgrade Receivables Trust 2024-1                                    | CUSIP: 91533NAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $511186.40    | 0.54%             | 2031-02-18      | Fixed         | 8.90%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC         | Venture Global LNG Inc                                              | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | EP               | CORP              | US        |    500000 | PA      | $430227.45    | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Selene 2024-1                  | Selene 2024-1                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-MBS          | USGSE             | US        |   6794137 | PA      | $7246647.14   | 7.61%             | 2034-10-01      | Variable      | 11.58%                | No            |                  2 | On Loan: No      |
| N/A                            | US 5YR NOTE (CBT) Jun25                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       271 | NC      | $221395.39    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| REVREPO32010LAG9               | REVREPO32010LAG9                                                    | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -1701000 | PA      | $-1701000.00  | -1.79%            |  |  |  | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T | Tricolor Auto Securitization Trust 2023-1                           | CUSIP: 89616KAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $527461.60    | 0.55%             | 2030-06-17      | Fixed         | 16.00%                | No            |                  2 | On Loan: No      |
| USASF Receivables LLC          | US Auto Funding Trust 2022-1                                        | CUSIP: 90355FAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      9834 | PA      | $9760.66      | 0.01%             | 2025-10-15      | Fixed         | 3.98%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL       | United Wholesale Mortgage LLC                                       | CUSIP: 913229AA8<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |    200000 | PA      | $193890.78    | 0.20%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Western Alliance Bank          | Western Alliance Bank                                               | CUSIP: 95763PNG2<br>LEI: SI7YQSVPFZBSQ878IC17 | Long             | ABS-MBS          | CORP              | US        |    387081 | PA      | $377259.14    | 0.40%             | 2059-07-25      | Floating      | 10.85%                | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC              | PRPM 2024-NQM3                                                      | CUSIP: 69381FAF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1002706.00   | 1.05%             | 2069-08-25      | Variable      | 7.48%                 | No            |                  2 | On Loan: No      |
| Radnor Re LTD                  | Radnor Re 2024-1 Ltd                                                | CUSIP: 75049AAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1100000 | PA      | $1138168.90   | 1.20%             | 2034-09-25      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| American Home Mortgage Assets  | American Home Mortgage Assets Trust 2006-6                          | CUSIP: 008684AF9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    729573 | PA      | $5911.73      | 0.01%             | 2046-12-25      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding | Avis Budget Rental Car Funding AESOP LLC                            | CUSIP: 05377RKK9<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   1150000 | PA      | $1157016.15   | 1.21%             | 2028-10-20      | Fixed         | 7.43%                 | No            |                  2 | On Loan: No      |
| Babson CLO Ltd                 | Barings Clo Ltd 2023-I                                              | CUSIP: 06763EAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2010948.00   | 2.11%             | 2036-04-20      | Floating      | 12.27%                | No            |                  2 | On Loan: No      |
| BLACKSTONE MORTGAGE TR         | Blackstone Mortgage Trust Inc                                       | CUSIP: 09257WAF7<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | DBT              | CORP              | US        |    500000 | PA      | $519837.00    | 0.55%             | 2029-12-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                 | CPS Auto Receivables Trust 2024-B                                   | CUSIP: 12627SAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $309575.55    | 0.33%             | 2031-11-17      | Fixed         | 8.36%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans         | CHL Mortgage Pass-Through Trust 2004-29                             | CUSIP: 12669GJA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    887052 | PA      | $8.87         | 0.00%             | 2035-02-25      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC          | Caesars Entertainment Inc                                           | CUSIP: 12769GAA8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    500000 | PA      | $462084.20    | 0.49%             | 2029-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust | Carvana Auto Receivables Trust 2019-3                               | CUSIP: 14686XAJ8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5000 | PA      | $809130.47    | 0.85%             | 2026-07-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED ENERGY FIN        | Consolidated Energy Finance SA                                      | CUSIP: 20914UAF3<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |    500000 | PA      | $390535.00    | 0.41%             | 2028-10-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| DSLA Mortgage Loan Trust       | DSLA Mortgage Loan Trust 2004-AR2                                   | CUSIP: 23332UAU8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    272590 | PA      | $267.14       | 0.00%             | 2044-11-19      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T | EFMT 2025-NQM1                                                      | CUSIP: 26846CAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $465591.00    | 0.49%             | 2070-01-25      | Variable      | 7.45%                 | No            |                  2 | On Loan: No      |
| FIESTA PURCHASER INC           | Fiesta Purchaser Inc                                                | CUSIP: 31659AAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $262033.00    | 0.28%             | 2032-09-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE CORP          | Freedom Mortgage Corp                                               | CUSIP: 35640YAJ6<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |    500000 | PA      | $496760.30    | 0.52%             | 2027-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities  | GS Mortgage-Backed Securities Trust 2020-NQM1                       | CUSIP: 36259WAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2975000 | PA      | $3020121.83   | 3.17%             | 2060-09-27      | Variable      | 6.93%                 | No            |                  2 | On Loan: No      |
| GOEASY LTD                     | goeasy Ltd                                                          | CUSIP: 380355AJ6<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |    500000 | PA      | $504556.00    | 0.53%             | 2029-07-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| GoodLeap Sustainable Home Impr | Goodleap Sustainable Home Solutions Trust 2023-2                    | CUSIP: 38237AAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $323885.10    | 0.34%             | 2055-05-20      | Fixed         | 7.80%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora | JPMorgan Chase Bank NA - CHASE                                      | CUSIP: 46591HAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    120314 | PA      | $125184.93    | 0.13%             | 2057-10-25      | Floating      | 10.04%                | No            |                  2 | On Loan: No      |
| BRUNDAGE-BONE CONCRETE         | Brundage-Bone Concrete Pumping Holdings Inc                         | CUSIP: 66981QAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $488421.52    | 0.51%             | 2032-02-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Prosper Marketplace Issuance T | Prosper Marketplace Issuance Trust Series 2024-1                    | CUSIP: 74363CAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $524887.20    | 0.55%             | 2029-08-15      | Fixed         | 10.98%                | No            |                  2 | On Loan: No      |
| Purchasing Power Funding       | Purchasing Power Funding 2024-A LLC                                 | CUSIP: 745935AE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $204246.88    | 0.21%             | 2028-08-15      | Fixed         | 10.18%                | No            |                  2 | On Loan: No      |
| Residential Accredit Loans, In | RALI Series 2007-QS11 Trust                                         | CUSIP: 74925GAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11628914 | PA      | $108044.24    | 0.11%             | 2037-10-25      | Variable      | 0.25%                 | No            |                  2 | On Loan: No      |
| Regatta XIX Funding Ltd        | Regatta XIX Funding Ltd                                             | CUSIP: 75888CAC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $489133.50    | 0.51%             | 2035-04-20      | Floating      | 12.52%                | No            |                  2 | On Loan: No      |
| Republic Finance Issuance Trus | Republic Finance Issuance Trust 2021-A                              | CUSIP: 76042UAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $192585.44    | 0.20%             | 2031-12-22      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| STENA INTERNATIONAL SA         | Stena International SA                                              | CUSIP: 85858EAD5<br>LEI: 213800A4LTGG4W55QP46 | Long             | DBT              | CORP              | LU        |    300000 | PA      | $296422.89    | 0.31%             | 2031-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Trinitas CLO Ltd               | Trinitas CLO XIV Ltd                                                | CUSIP: 89641QAJ9<br>LEI: 549300095MXHZZMH2053 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $496339.00    | 0.52%             | 2034-01-25      | Floating      | 8.84%                 | No            |                  2 | On Loan: No      |
| Upstart Pass Through Trust     | Upstart Pass-Through Trust Series 2022-ST1                          | CUSIP: 91683NAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $36446.65     | 0.04%             | 2030-03-20      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Western Alliance Bank          | Western Alliance Bank                                               | CUSIP: 95763PNE7<br>LEI: SI7YQSVPFZBSQ878IC17 | Long             | ABS-MBS          | CORP              | US        |   1327586 | PA      | $1334822.45   | 1.40%             | 2059-07-25      | Floating      | 8.45%                 | No            |                  2 | On Loan: No      |
| Western Alliance Bank          | Western Alliance Bank                                               | CUSIP: 95763PNH0<br>LEI: SI7YQSVPFZBSQ878IC17 | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $397031.20    | 0.42%             | 2059-07-25      | Floating      | 12.85%                | No            |                  2 | On Loan: No      |
| X-CALIBER FUNDING LLC          | X-Caliber Funding LLC                                               | CUSIP: 98373XAW0<br>LEI: 549300GGW5CBE4FDT866 | Long             | DBT              | CORP              | US        |    219401 | PA      | $204980.65    | 0.22%             | 2025-06-06      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| RAVEN ACQUISITION HOLDIN       | Raven Acquisition Holdings LLC                                      | CUSIP: 75420NAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $488922.64    | 0.51%             | 2031-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Republic Finance Issuance Trus | Republic Finance Issuance Trust 2024-A                              | CUSIP: 76041RAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $256798.33    | 0.27%             | 2032-08-20      | Fixed         | 9.49%                 | No            |                  2 | On Loan: No      |
| SHELF DRILL HOLD LTD           | Shelf Drilling Holdings Ltd                                         | CUSIP: 822538AH7<br>LEI: 54930078ZJ3XP4MRYB68 | Long             | DBT              | CORP              | KY        |    380000 | PA      | $269364.33    | 0.28%             | 2029-04-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| STRIKE ACCEPTANCE AUTO FUNDING | Strike Acceptance Auto Funding Trust 2023-1                         | CUSIP: 862942AA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    235552 | PA      | $236001.63    | 0.25%             | 2026-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Structured Asset Mortgage Inve | Structured Asset Mortgage Investments II Trust 2006-AR7             | CUSIP: 86361HAT1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7468548 | PA      | $247134.24    | 0.26%             | 2036-08-25      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| Sycamore Tree CLO Ltd          | Sycamore Tree CLO 2024-5 Ltd                                        | CUSIP: 87122QAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $999582.00    | 1.05%             | 2036-04-20      | Floating      | 11.76%                | No            |                  2 | On Loan: No      |
| USASF Receivables LLC          | US Auto Funding Trust 2022-1                                        | CUSIP: 90355FAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1450000 | PA      | $14.50        | 0.00%             | 2027-07-15      | Fixed         | 9.14%                 | No            |                  2 | On Loan: No      |
| Upgrade Master Pass-Thru Trust | Upgrade Master Pass-Thru Trust Series 2021-PT2                      | CUSIP: 91531XAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     85236 | PA      | $78035.76     | 0.08%             | 2027-05-15      | Variable      | 17.88%                | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust   | Upstart Securitization Trust 2021-5                                 | CUSIP: 91679JAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    825665 | PA      | $805415.65    | 0.85%             | 2031-11-20      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| VT TOPCO INC                   | VT Topco Inc                                                        | CUSIP: 91838PAA9<br>LEI: 5493007T812R37X02Y38 | Long             | DBT              | CORP              | US        |    500000 | PA      | $523743.65    | 0.55%             | 2030-08-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust   | Veros Auto Receivables Trust 2024-1                                 | CUSIP: 92512WAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $264208.98    | 0.28%             | 2031-05-15      | Fixed         | 9.87%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                 | Gray Media Inc                                                      | CUSIP: 389286AA3<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    600000 | PA      | $358524.28    | 0.38%             | 2031-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Home Partners of America Trust | Home Partners of America 2021-2 Trust                               | CUSIP: 43732VAL0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    384034 | PA      | $366562.52    | 0.38%             | 2026-12-17      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Wealth Management  | JPMorgan Chase Bank NA - JPMWM                                      | CUSIP: 46591HBP4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     41502 | PA      | $37832.78     | 0.04%             | 2051-03-25      | Floating      | 8.20%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Wealth Management  | JPMorgan Chase Bank NA - JPMWM                                      | CUSIP: 46591HBQ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     74979 | PA      | $72302.31     | 0.08%             | 2051-03-25      | Floating      | 11.25%                | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | J.P. Morgan Mortgage Trust 2023-6                                   | CUSIP: 465989AN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    519900 | PA      | $440092.01    | 0.46%             | 2053-12-26      | Variable      | 6.19%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | J.P. Morgan Mortgage Trust 2022-6                                   | CUSIP: 46655KDG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3030175 | PA      | $1696646.67   | 1.78%             | 2052-11-25      | Variable      | 3.29%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, NA - CACL | JPMorgan Chase Bank NA - CACLN                                      | CUSIP: 48128U2S7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    389122 | PA      | $390945.89    | 0.41%             | 2028-12-26      | Fixed         | 8.48%                 | No            |                  2 | On Loan: No      |
| LendingPoint Asset Securitizat | Lendingpoint 2022-B Asset Securitization Trust                      | CUSIP: 52606WAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    900000 | PA      | $214831.44    | 0.23%             | 2029-10-15      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman Loan Advisers | Neuberger Berman Loan Advisers LaSalle Street Lending CLO II Ltd    | CUSIP: 64135QAA4<br>LEI: 254900IOVQ7KBVZKPZ16 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1000835.00   | 1.05%             | 2038-04-20      | Floating      | 11.77%                | No            |                  2 | On Loan: No      |
| Octane Receivables Trust       | Octane Receivables Trust 2024-1                                     | CUSIP: 67571FAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $198697.08    | 0.21%             | 2031-08-20      | Fixed         | 7.82%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2024-11                                | CUSIP: 69548EAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    249971 | PA      | $232345.46    | 0.24%             | 2032-07-15      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| Pikes Peak CLO                 | Pikes Peak CLO 5                                                    | CUSIP: 72133QAG6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $920211.00    | 0.97%             | 2037-10-20      | Floating      | 12.09%                | No            |                  2 | On Loan: No      |
| PowerPay Issuance Trust        | PowerPay Issuance Trust 2024-1                                      | CUSIP: 73934RAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $204653.02    | 0.21%             | 2039-02-18      | Fixed         | 8.46%                 | No            |                  2 | On Loan: No      |
| L Street Securities            | Wells Fargo Credit Risk Transfer Securities Trust 2015              | CUSIP: 949771AC3<br>LEI: 549300T6W1U156OOG754 | Long             | ABS-MBS          | CORP              | US        |      9369 | PA      | $9508.79      | 0.01%             | 2025-11-25      | Floating      | 9.72%                 | No            |                  2 | On Loan: No      |
| N/A                            | CDX44IG CDS (BUY PROTECTION)                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |         1 | NC      | $-372544.45   | -0.39%            |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC        | American Axle & Manufacturing Inc                                   | CUSIP: 02406PAU4<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |    500000 | PA      | $488291.98    | 0.51%             | 2027-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Banc of America Alternative Lo | Banc of America Alternative Loan Trust 2006-5                       | CUSIP: 05950BAV6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    678988 | PA      | $161025.99    | 0.17%             | 2046-06-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Birch Grove CLO Ltd.           | Birch Grove CLO 6 Ltd                                               | CUSIP: 09077GAA1<br>LEI: 254900HENKWLW4T9SW86 | Long             | ABS-CBDO         | CORP              | JE        |   1300000 | PA      | $1308305.70   | 1.37%             | 2035-07-20      | Floating      | 13.20%                | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust   | CSMC 2022-ATH1                                                      | CUSIP: 12660BAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1523186.00   | 1.60%             | 2067-01-25      | Variable      | 4.69%                 | No            |                  2 | On Loan: No      |
| CVR PARTNERS/CVR NITROGE       | CVR Partners LP / CVR Nitrogen Finance Corp                         | CUSIP: 12663QAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $483739.35    | 0.51%             | 2028-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CAL Receivables LLC            | CAL Receivables 2022-1 LLC                                          | CUSIP: 12804BAB4<br>LEI: 549300GJW1JSYKS6S265 | Long             | ABS-O            | CORP              | US        |    371672 | PA      | $370741.72    | 0.39%             | 2026-10-15      | Floating      | 8.69%                 | No            |                  2 | On Loan: No      |
| CREDIT ACCEPTANC               | Credit Acceptance Corp                                              | CUSIP: 225310AS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $491542.50    | 0.52%             | 2030-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust           | FREMF 2017-KF41 Mortgage Trust                                      | CUSIP: 30306KAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    129217 | PA      | $127134.72    | 0.13%             | 2025-11-25      | Floating      | 6.95%                 | No            |                  2 | On Loan: No      |
| HTL Commercial Mortgage Trust  | HTL Commercial Mortgage Trust 2024-T53                              | CUSIP: 404300AL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $517377.50    | 0.54%             | 2039-05-10      | Variable      | 12.32%                | No            |                  2 | On Loan: No      |
| HERTZ CORP/THE                 | Hertz Corp/The                                                      | CUSIP: 428040DC0<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |    250000 | PA      | $243403.78    | 0.26%             | 2029-07-15      | Fixed         | 12.62%                | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2021-11                                    | CUSIP: 46654KBU0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  74739937 | PA      | $742466.53    | 0.78%             | 2052-01-25      | Variable      | 0.22%                 | No            |                  2 | On Loan: No      |
| LBA Trust                      | LBA Trust 2024-BOLT                                                 | CUSIP: 50177BAQ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $301449.60    | 0.32%             | 2039-06-15      | Floating      | 8.76%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust 2021-3                               | CUSIP: 69546RAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     56567 | PA      | $54651.93     | 0.06%             | 2029-05-15      | Fixed         | 3.27%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | PAGAYA AI Debt Trust 2022-2                                         | CUSIP: 69546VAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    499970 | PA      | $494798.81    | 0.52%             | 2030-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC          | PennyMac Financial Services Inc                                     | CUSIP: 70932MAC1<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |    500000 | PA      | $476728.70    | 0.50%             | 2031-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust     | Progress Residential 2021-SFR9 Trust                                | CUSIP: 74333QAN5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $483680.50    | 0.51%             | 2040-11-17      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust | Carvana Auto Receivables Trust 2021-N4                              | CUSIP: 14687HAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    346015 | PA      | $332482.56    | 0.35%             | 2028-09-11      | Fixed         | 4.53%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund                          | CUSIP: 31846V211<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   6040663 | NS      | $6040663.33   | 6.34%             |  |  |  | No            |                  1 | On Loan: No      |
| FREEDOM MORTGAGE HOLD          | Freedom Mortgage Holdings LLC                                       | CUSIP: 35641AAC2<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |    500000 | PA      | $489507.50    | 0.51%             | 2032-04-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust   | GS Mortgage Securities Corp Trust 2018-TWR                          | CUSIP: 36251SAU2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    311000 | PA      | $24812.30     | 0.03%             | 2031-07-15      | Floating      | 8.54%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust Series 2024-8                              | CUSIP: 46658GBJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1606867 | PA      | $1116901.11   | 1.17%             | 2055-01-25      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| KKR Financial CLO Ltd          | KKR CLO 43 Ltd                                                      | CUSIP: 48256BAD7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    750000 | PA      | $748780.50    | 0.79%             | 2036-01-15      | Floating      | 12.23%                | No            |                  2 | On Loan: No      |
| LendingClub Receivables Trust  | LendingClub Receivables Trust Series 2019-1                         | CUSIP: 52604L104<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     17660 | PA      | $325.90       | 0.00%             | 2045-07-17      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC            | Reach ABS Trust 2024-2                                              | CUSIP: 75525HAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $410074.40    | 0.43%             | 2031-07-15      | Fixed         | 8.83%                 | No            |                  2 | On Loan: No      |
| Research-Driven Pagaya Motor A | Research-Driven Pagaya Motor Asset Trust IV                         | CUSIP: 76088LAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    120895 | PA      | $117827.63    | 0.12%             | 2030-03-25      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust   | Upstart Securitization Trust 2022-2                                 | CUSIP: 91679TAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    452555 | PA      | $400969.07    | 0.42%             | 2032-05-20      | Fixed         | 8.43%                 | No            |                  2 | On Loan: No      |
| Upstart Pass Through Trust     | Upstart Pass-Through Trust Series 2021-ST3                          | CUSIP: 91681PAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2850000 | PA      | $196142.25    | 0.21%             | 2027-05-20      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| x-caliber funding llc          | XCALI 2020-1 Mortgage Trust                                         | CUSIP: 98402TAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     50000 | PA      | $8967.90      | 0.01%             | 2026-04-06      | Floating      | 12.44%                | No            |                  2 | On Loan: No      |
| REVREPO32010LAG9               | REVREPO32010LAG9                                                    | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        |  -2552000 | PA      | $-2552000.00  | -2.68%            |  |  |  | No            |                  2 | On Loan: No      |
| GREENFIRE RESOURCES LTD        | Greenfire Resources Ltd                                             | CUSIP: 39525UAA5<br>LEI: 254900MTS0G2VGMJW059 | Long             | DBT              | CORP              | CA        |    320000 | PA      | $338040.96    | 0.35%             | 2028-10-01      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC              | Herc Holdings Inc                                                   | CUSIP: 42704LAE4<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    500000 | PA      | $494533.45    | 0.52%             | 2029-06-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Katayma CLO Ltd                | Katayma CLO I Ltd                                                   | CUSIP: 48585KAA5<br>LEI: 254900I6JJYMZNFX8987 | Long             | ABS-CBDO         | CORP              | JE        |   1000000 | PA      | $1007465.00   | 1.06%             | 2036-10-20      | Floating      | 12.41%                | No            |                  2 | On Loan: No      |
| LENDINGCLUB RECEIVABLES TRUST, | LendingClub Receivables Trust Series 2019-3                         | CUSIP: 52603E101<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5200000 | PA      | $11239.21     | 0.01%             | 2025-10-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MERCER INTL INC                | Mercer International Inc                                            | CUSIP: 588056BB6<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |    235000 | PA      | $193608.42    | 0.20%             | 2029-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NEW FORTRESS ENERGY INC        | New Fortress Energy Inc                                             | CUSIP: 644393AB6<br>LEI: 254900EICTYTCHA5X705 | Long             | DBT              | CORP              | US        |    500000 | PA      | $410090.93    | 0.43%             | 2026-09-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust       | Octane Recievables Trust 2024-RPT1                                  | CUSIP: 67578QAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $500465.50    | 0.53%             | 2030-02-22      | Fixed         | 8.71%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2025-1                                 | CUSIP: 69548VAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $237700.88    | 0.25%             | 2032-07-15      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| UPBOUND GROUP INC              | Upbound Group Inc                                                   | CUSIP: 76009NAL4<br>LEI: 529900QUHE15UQNCCJ63 | Long             | DBT              | CORP              | US        |    500000 | PA      | $472486.25    | 0.50%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SBNA Auto Receivables Trust    | SBNA Auto Receivables Trust 2024-A                                  | CUSIP: 78437PAH6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $309470.76    | 0.32%             | 2032-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust   | Upstart Securitization Trust 2023-1                                 | CUSIP: 91679AAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $510447.00    | 0.54%             | 2033-02-20      | Fixed         | 11.10%                | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust   | Upstart Securitization Trust 2022-1                                 | CUSIP: 91679WAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $115662.54    | 0.12%             | 2032-03-20      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| Upstart Pass Through Trust     | Upstart Pass-Through Trust Series 2021-ST9                          | CUSIP: 91683MAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $64857.81     | 0.07%             | 2029-11-20      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                            | US LONG BOND(CBT) Jun25                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        26 | NC      | $52112.13     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Aqua Finance Trust             | Aqua Finance Trust 2021-A                                           | CUSIP: 03842VAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $270649.71    | 0.28%             | 2046-07-17      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| BELLEMEADE RE LT               | Bellemeade Re Ltd                                                   | CUSIP: 078915AE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    650000 | PA      | $674978.20    | 0.71%             | 2034-08-25      | Floating      | 9.90%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust   | CSMC 2017-RPL1 Trust                                                | CUSIP: 22945AAH2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1425253 | PA      | $448445.84    | 0.47%             | 2057-07-25      | Variable      | 2.98%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables  | Exeter Automobile Receivables Trust 2022-2                          | CUSIP: 30166QAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $461667.50    | 0.48%             | 2029-10-15      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| GLOBAL AIR LEASE CO LTD        | Global Aircraft Leasing Co Ltd                                      | CUSIP: 37960JAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    500000 | PA      | $498813.55    | 0.52%             | 2027-09-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES DREDGE&DOCK        | Great Lakes Dredge & Dock Corp                                      | CUSIP: 390607AF6<br>LEI: 549300H65E3MZ1CX0P05 | Long             | DBT              | CORP              | US        |    450000 | PA      | $411270.89    | 0.43%             | 2029-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LendingClub Receivables Trust  | LendingClub Receivables Trust Series 2019-7                         | CUSIP: 52605F106<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $15495.73     | 0.02%             | 2027-01-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-26

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

**Signature:** /s/ Michael Colombo

**Name of Signer:** Michael Colombo

**Title:** Secretary