# EDGAR Filing Document

**Accession Number:** 0001612930
**File Stem:** 0001145549-25-044412
**Filing Date:** 2025-6
**Character Count:** 134723
**Document Hash:** df37f28c204f157e06b6008147c7a0c5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-044412.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0001145549-25-044412

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22980
- **FILM NUMBER:** 251086779

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

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

## Series and Classes Contracts Data

### Angel Oak High Yield Opportunities ETF (Series ID: S000083812)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000247829 | Angel Oak High Yield Opportunities ETF | AOHY            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Angel Oak High Yield Opportunities ETF** | **Angel Oak High Yield Opportunities ETF** | **Angel Oak High Yield Opportunities ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** |
| **CORPORATE OBLIGATIONS - 83.6%** | **Par** | **Value** |
| **Basic Materials - 7.9%** | **Basic Materials - 7.9%** | **Basic Materials - 7.9%** |
|  Axalta Coating Systems Dutch Holding B B.V., 7.25%, 02/15/2031 <sup>(a)</sup> | $250000 | $259180 |
|  Capstone Copper Corp., 6.75%, 03/31/2033 <sup>(a)</sup> | 100000 | 98329 |
| Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. |
| &nbsp;&nbsp; 5.88%, 06/01/2027 | 400000 | 395016 |
| &nbsp;&nbsp; 6.75%, 04/15/2030 <sup>(a)</sup> | 500000 | 482095 |
| &nbsp;&nbsp; 7.00%, 03/15/2032 <sup>(a)</sup> | 250000 | 235184 |
| Consolidated Energy Finance SA | Consolidated Energy Finance SA | Consolidated Energy Finance SA |
| &nbsp;&nbsp; 6.50%, 05/15/2026 <sup>(a)</sup> | 500000 | 482493 |
| &nbsp;&nbsp; 5.63%, 10/15/2028 <sup>(a)</sup> | 200000 | 156214 |
| &nbsp;&nbsp; 12.00%, 02/15/2031 <sup>(a)</sup> | 700000 | 631909 |
|  CVR Partners LP / CVR Nitrogen Finance Corp., 6.13%, 06/15/2028 <sup>(a)</sup> | 1200000 | 1160974 |
|  First Quantum Minerals Ltd., 8.00%, 03/01/2033 <sup>(a)</sup> | 200000 | 198126 |
|  Hecla Mining Co., 7.25%, 02/15/2028 | 500000 | 501735 |
|  Magnera Corp., 7.25%, 11/15/2031 <sup>(a)</sup> | 800000 | 757288 |
|  Mercer International, Inc., 5.13%, 02/01/2029 | 750000 | 617899 |
|  Methanex Corp., 5.25%, 12/15/2029 | 500000 | 475469 |
|  Methanex US Operations, Inc., 6.25%, 03/15/2032 <sup>(a)</sup> | 500000 | 473961 |
|  NOVA Chemicals Corp., 8.50%, 11/15/2028 <sup>(a)</sup> | 200000 | 211035 |
|  Novelis Corp., 4.75%, 01/30/2030 <sup>(a)</sup> | 350000 | 325817 |
|  Olin Corp., 6.63%, 04/01/2033 <sup>(a)</sup> | 550000 | 522556 |
|  Taseko Mines Ltd., 8.25%, 05/01/2030 <sup>(a)</sup> | 1000000 | 1010956 |
|  |  | 8996236 |
| **Communications - 5.0%** | **Communications - 5.0%** | **Communications - 5.0%** |
|  Cars.com, Inc., 6.38%, 11/01/2028 <sup>(a)</sup> | 500000 | 491655 |
|  CMG Media Corp., 8.88%, 06/18/2029 <sup>(a)</sup> | 250000 | 219375 |
|  Consolidated Communications, Inc., 6.50%, 10/01/2028 <sup>(a)</sup> | 500000 | 492095 |
|  CSC Holdings LLC, 5.50%, 04/15/2027 <sup>(a)</sup> | 500000 | 465068 |
|  Cumulus Media New Holdings, Inc., 8.00%, 07/01/2029 <sup>(a)</sup> | 509000 | 142520 |
| Directv Financing LLC / Directv Financing Co.-Obligor, Inc. | Directv Financing LLC / Directv Financing Co.-Obligor, Inc. | Directv Financing LLC / Directv Financing Co.-Obligor, Inc. |
| &nbsp;&nbsp; 5.88%, 08/15/2027 <sup>(a)</sup> | 1000000 | 967389 |
| &nbsp;&nbsp; 10.00%, 02/15/2031 <sup>(a)</sup> | 550000 | 521257 |
|  Gen Digital, Inc., 6.25%, 04/01/2033 <sup>(a)</sup> | 500000 | 499901 |
|  Gray Media, Inc., 5.38%, 11/15/2031 <sup>(a)</sup> | 1000000 | 597540 |
|  Lamar Media Corp., 4.88%, 01/15/2029 | 250000 | 242960 |
|  Nexstar Media, Inc., 5.63%, 07/15/2027 <sup>(a)</sup> | 500000 | 495766 |
|  Outfront Media Capital LLC / Outfront Media Capital Corp., 5.00%, 08/15/2027 <sup>(a)</sup> | 250000 | 245193 |
|  Univision Communications, Inc., 6.63%, 06/01/2027 <sup>(a)</sup> | 250000 | 242149 |
|  Urban One, Inc., 7.38%, 02/01/2028 <sup>(a)</sup> | 200000 | 96218 |
|  |  | 5719086 |
| **Consumer, Cyclical - 9.8%** | **Consumer, Cyclical - 9.8%** | **Consumer, Cyclical - 9.8%** |
|  Adient Global Holdings Ltd., 7.50%, 02/15/2033 <sup>(a)</sup> | 500000 | 474202 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026 <sup>(a)</sup> | 166667 | 165695 |
|  American Axle & Manufacturing, Inc., 5.00%, 10/01/2029 | 1000000 | 878471 |
| Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. |
| &nbsp;&nbsp; 4.63%, 10/15/2029 <sup>(a)</sup> | 1000000 | 924168 |
| &nbsp;&nbsp; 6.50%, 02/15/2032 <sup>(a)</sup> | 100000 | 100610 |
|  Carnival Corp., 6.00%, 05/01/2029 <sup>(a)</sup> | 350000 | 348312 |
|  Champ Acquisition Corp., 8.38%, 12/01/2031 <sup>(a)</sup> | 600000 | 633586 |
|  Cinemark USA, Inc., 7.00%, 08/01/2032 <sup>(a)</sup> | 1000000 | 1023529 |
|  FirstCash, Inc., 4.63%, 09/01/2028 <sup>(a)</sup> | 500000 | 485241 |
|  Goodyear Tire & Rubber Co., 5.00%, 07/15/2029 | 797000 | 758961 |
|  Installed Building Products, Inc., 5.75%, 02/01/2028 <sup>(a)</sup> | 100000 | 98378 |
|  LCM Investments Holdings LLC, 8.25%, 08/01/2031 <sup>(a)</sup> | 100000 | 104691 |
| Lithia Motors, Inc. | Lithia Motors, Inc. | Lithia Motors, Inc. |
| &nbsp;&nbsp; 4.63%, 12/15/2027 <sup>(a)</sup> | 250000 | 242975 |
| &nbsp;&nbsp; 3.88%, 06/01/2029 <sup>(a)</sup> | 500000 | 464824 |
|  Marriott Ownership Resorts, Inc., 4.75%, 01/15/2028 | 500000 | 474378 |
| NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. |
| &nbsp;&nbsp; 5.88%, 03/15/2026 <sup>(a)</sup> | 46000 | 45801 |
| &nbsp;&nbsp; 6.25%, 03/01/2030 <sup>(a)</sup> | 500000 | 488182 |
|  New Red Finance, Inc., 4.38%, 01/15/2028 <sup>(a)</sup> | 250000 | 242299 |
|  Phinia, Inc., 6.75%, 04/15/2029 <sup>(a)</sup> | 495000 | 500903 |
|  Resideo Funding, Inc., 6.50%, 07/15/2032 <sup>(a)</sup> | 500000 | 496619 |
|  Saks Global Enterprises LLC, 11.00%, 12/15/2029 <sup>(a)</sup> | 550000 | 334212 |
|  Sally Holdings LLC / Sally Capital, Inc., 6.75%, 03/01/2032 | 900000 | 907719 |
|  STL Holding Co. LLC, 8.75%, 02/15/2029 <sup>(a)</sup> | 450000 | 457543 |
|  VistaJet Malta Finance PLC / Vista Management Holding, Inc., 9.50%, 06/01/2028 <sup>(a)</sup> | 100000 | 97792 |
|  White Cap Buyer LLC, 6.88%, 10/15/2028 <sup>(a)</sup> | 500000 | 487717 |
|  |  | 11236808 |
| **Consumer, Non-cyclical - 13.0%** | **Consumer, Non-cyclical - 13.0%** | **Consumer, Non-cyclical - 13.0%** |
|  Acadia Healthcare Co., Inc., 7.38%, 03/15/2033 <sup>(a)</sup> | 600000 | 600228 |
|  B&G Foods, Inc., 8.00%, 09/15/2028 <sup>(a)</sup> | 400000 | 397354 |
|  Belron UK Finance PLC, 5.75%, 10/15/2029 <sup>(a)</sup> | 250000 | 249930 |
|  Chobani Holdco LLC, 8.75% (includes 9.50% PIK), 10/01/2029 <sup>(a)</sup> | 312587 | 332021 |
|  Concentra Escrow Issuer Corp., 6.88%, 07/15/2032 <sup>(a)</sup> | 600000 | 615028 |
|  DaVita, Inc., 6.88%, 09/01/2032 <sup>(a)</sup> | 900000 | 909361 |
|  Dcli Bidco LLC, 7.75%, 11/15/2029 <sup>(a)</sup> | 500000 | 466313 |
|  EquipmentShare.com, Inc., 9.00%, 05/15/2028 <sup>(a)</sup> | 500000 | 509526 |
|  Fiesta Purchaser, Inc., 9.63%, 09/15/2032 <sup>(a)</sup> | 500000 | 524066 |
|  Herc Holdings, Inc., 6.63%, 06/15/2029 <sup>(a)</sup> | 250000 | 247267 |
|  Hertz Global Holdings, Inc., 12.63%, 07/15/2029 <sup>(a)</sup> | 350000 | 340765 |
|  Insulet Corp., 6.50%, 04/01/2033 <sup>(a)</sup> | 250000 | 255260 |
|  Korn Ferry, 4.63%, 12/15/2027 <sup>(a)</sup> | 250000 | 242128 |
|  Matthews International Corp., 8.63%, 10/01/2027 <sup>(a)</sup> | 250000 | 259420 |
|  Medline Borrower LP, 5.25%, 10/01/2029 <sup>(a)</sup> | 1000000 | 950618 |
|  Molina Healthcare, Inc., 6.25%, 01/15/2033 <sup>(a)</sup> | 550000 | 546225 |
|  NESCO Holdings, Inc., 5.50%, 04/15/2029 <sup>(a)</sup> | 100000 | 90800 |
| Performance Food Group, Inc. | Performance Food Group, Inc. | Performance Food Group, Inc. |
| &nbsp;&nbsp; 4.25%, 08/01/2029 <sup>(a)</sup> | 500000 | 473922 |
| &nbsp;&nbsp; 6.13%, 09/15/2032 <sup>(a)</sup> | 250000 | 250387 |
|  Perrigo Finance Unlimited Co., 6.13%, 09/30/2032 | 1000000 | 993299 |
| Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. |
| &nbsp;&nbsp; 6.25%, 02/15/2032 <sup>(a)</sup> | 250000 | 252250 |
| &nbsp;&nbsp; 6.38%, 03/01/2033 <sup>(a)</sup> | 1000000 | 991258 |
|  Prime Security Services Borrower LLC / Prime Finance, Inc., 3.38%, 08/31/2027 <sup>(a)</sup> | 250000 | 238716 |
|  Raven Acquisition Holdings LLC, 6.88%, 11/15/2031 <sup>(a)</sup> | 500000 | 488923 |
|  Simmons Foods, Inc., 4.63%, 03/01/2029 <sup>(a)</sup> | 550000 | 511730 |
|  Sotheby's, 7.38%, 10/15/2027 <sup>(a)</sup> | 300000 | 283069 |
|  Sotheby's/Bidfair Holdings, Inc., 5.88%, 06/01/2029 <sup>(a)</sup> | 500000 | 427623 |
|  TreeHouse Foods, Inc., 4.00%, 09/01/2028 | 600000 | 538964 |
|  Upbound Group, Inc., 6.38%, 02/15/2029 <sup>(a)</sup> | 500000 | 472486 |
|  US Foods, Inc., 7.25%, 01/15/2032 <sup>(a)</sup> | 200000 | 209472 |
|  VT Topco, Inc., 8.50%, 08/15/2030 <sup>(a)</sup> | 1100000 | 1152236 |
|  |  | 14820645 |
| **Diversified - 0.5%** | **Diversified - 0.5%** | **Diversified - 0.5%** |
|  Stena International SA, 7.25%, 01/15/2031 <sup>(a)</sup> | 625000 | 617548 |
| **Energy - 16.1%** | **Energy - 16.1%** | **Energy - 16.1%** |
|  Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 8.63%, 06/15/2029 <sup>(a)</sup> | 700000 | 723319 |
| Antero Midstream Partners LP / Antero Midstream Finance Corp. | Antero Midstream Partners LP / Antero Midstream Finance Corp. | Antero Midstream Partners LP / Antero Midstream Finance Corp. |
| &nbsp;&nbsp; 5.75%, 01/15/2028 <sup>(a)</sup> | 1250000 | 1243631 |
| &nbsp;&nbsp; 6.63%, 02/01/2032 <sup>(a)</sup> | 100000 | 101143 |
| Archrock Partners LP / Archrock Partners Finance Corp. | Archrock Partners LP / Archrock Partners Finance Corp. | Archrock Partners LP / Archrock Partners Finance Corp. |
| &nbsp;&nbsp; 6.88%, 04/01/2027 <sup>(a)</sup> | 252000 | 251887 |
| &nbsp;&nbsp; 6.63%, 09/01/2032 <sup>(a)</sup> | 800000 | 796351 |
|  Aris Water Holdings LLC, 7.25%, 04/01/2030 <sup>(a)</sup> | 450000 | 446972 |
|  Borr IHC Ltd. / Borr Finance LLC, 10.38%, 11/15/2030 <sup>(a)</sup> | 190291 | 164735 |
| Calumet Specialty Products Partners LP / Calumet Finance Corp. | Calumet Specialty Products Partners LP / Calumet Finance Corp. | Calumet Specialty Products Partners LP / Calumet Finance Corp. |
| &nbsp;&nbsp; 8.13%, 01/15/2027 <sup>(a)</sup> | 600000 | 563251 |
| &nbsp;&nbsp; 9.75%, 07/15/2028 <sup>(a)</sup> | 200000 | 179189 |
| Comstock Resources, Inc. | Comstock Resources, Inc. | Comstock Resources, Inc. |
| &nbsp;&nbsp; 6.75%, 03/01/2029 <sup>(a)</sup> | 100000 | 95461 |
| &nbsp;&nbsp; 5.88%, 01/15/2030 <sup>(a)</sup> | 700000 | 634624 |
|  Encino Acquisition Partners Holdings LLC, 8.50%, 05/01/2028 <sup>(a)</sup> | 250000 | 250402 |
| Genesis Energy LP / Genesis Energy Finance Corp. | Genesis Energy LP / Genesis Energy Finance Corp. | Genesis Energy LP / Genesis Energy Finance Corp. |
| &nbsp;&nbsp; 8.25%, 01/15/2029 | 475000 | 483208 |
| &nbsp;&nbsp; 8.00%, 05/15/2033 | 250000 | 242836 |
|  Greenfire Resources Ltd., 12.00%, 10/01/2028 <sup>(a)</sup> | 200000 | 211276 |
|  Gulfport Energy Operating Corp., 6.75%, 09/01/2029 <sup>(a)</sup> | 430000 | 424298 |
|  Helix Energy Solutions Group, Inc., 9.75%, 03/01/2029 <sup>(a)</sup> | 350000 | 354714 |
|  Hilcorp Energy I LP / Hilcorp Finance Co., 5.75%, 02/01/2029 <sup>(a)</sup> | 900000 | 843554 |
|  Kinetik Holdings LP, 5.88%, 06/15/2030 <sup>(a)</sup> | 250000 | 244519 |
|  Kodiak Gas Services LLC, 7.25%, 02/15/2029 <sup>(a)</sup> | 500000 | 508286 |
|  Moss Creek Resources Holdings, Inc., 8.25%, 09/01/2031 <sup>(a)</sup> | 500000 | 460187 |
|  New Fortress Energy, Inc., 6.50%, 09/30/2026 <sup>(a)</sup> | 500000 | 410091 |
|  Northriver Midstream Finance LP, 6.75%, 07/15/2032 <sup>(a)</sup> | 100000 | 99477 |
|  PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 02/15/2028 | 500000 | 441793 |
|  Rockies Express Pipeline LLC, 6.75%, 03/15/2033 <sup>(a)</sup> | 100000 | 101728 |
|  Shelf Drilling Holdings Ltd., 9.63%, 04/15/2029 <sup>(a)</sup> | 1000000 | 708853 |
|  SunCoke Energy, Inc., 4.88%, 06/30/2029 <sup>(a)</sup> | 1000000 | 919745 |
|  Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 12/31/2030 <sup>(a)</sup> | 1000000 | 932161 |
|  TransMontaigne Partners LLC, 8.50%, 06/15/2030 <sup>(a)</sup> | 250000 | 251985 |
| USA Compression Partners LP / USA Compression Finance Corp. | USA Compression Partners LP / USA Compression Finance Corp. | USA Compression Partners LP / USA Compression Finance Corp. |
| &nbsp;&nbsp; 6.88%, 09/01/2027 | 750000 | 744360 |
| &nbsp;&nbsp; 7.13%, 03/15/2029 <sup>(a)</sup> | 625000 | 631669 |
| Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
| &nbsp;&nbsp; 4.13%, 08/15/2031 <sup>(a)</sup> | 250000 | 224845 |
| &nbsp;&nbsp; 3.88%, 11/01/2033 <sup>(a)</sup> | 250000 | 211128 |
| Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
| &nbsp;&nbsp; 9.00% to 09/30/2029 then 5 yr. CMT Rate + 5.44%, Perpetual <sup>(a)</sup> | 1500000 | 1290682 |
| &nbsp;&nbsp; 8.38%, 06/01/2031 <sup>(a)</sup> | 700000 | 675700 |
|  Warrior Met Coal, Inc., 7.88%, 12/01/2028 <sup>(a)</sup> | 1009000 | 1019010 |
|  Wildfire Intermediate Holdings LLC, 7.50%, 10/15/2029 <sup>(a)</sup> | 500000 | 458750 |
|  |  | 18345820 |
| **Financial - 18.1%** | **Financial - 18.1%** | **Financial - 18.1%** |
|  Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp., 5.25%, 04/15/2030 <sup>(a)</sup> | 500000 | 367882 |
|  Blackstone Mortgage Trust, Inc., 7.75%, 12/01/2029 <sup>(a)</sup> | 600000 | 623804 |
|  Credit Acceptance Corp., 6.63%, 03/15/2030 <sup>(a)</sup> | 600000 | 589851 |
|  Encore Capital Group, Inc., 8.50%, 05/15/2030 <sup>(a)</sup> | 500000 | 519198 |
|  EZCORP, Inc., 7.38%, 04/01/2032 <sup>(a)</sup> | 250000 | 262348 |
|  Freedom Mortgage Corp., 7.63%, 05/01/2026 <sup>(a)</sup> | 500000 | 499110 |
| Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC |
| &nbsp;&nbsp; 9.25%, 02/01/2029 <sup>(a)</sup> | 1100000 | 1121522 |
| &nbsp;&nbsp; 8.38%, 04/01/2032 <sup>(a)</sup> | 1000000 | 979015 |
| GGAM Finance Ltd. | GGAM Finance Ltd. | GGAM Finance Ltd. |
| &nbsp;&nbsp; 8.00%, 02/15/2027 <sup>(a)</sup> | 500000 | 513775 |
| &nbsp;&nbsp; 6.88%, 04/15/2029 <sup>(a)</sup> | 450000 | 460668 |
|  Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/2027 <sup>(a)</sup> | 1100000 | 1097390 |
| goeasy Ltd. | goeasy Ltd. | goeasy Ltd. |
| &nbsp;&nbsp; 4.38%, 05/01/2026 <sup>(a)</sup> | 500000 | 493133 |
| &nbsp;&nbsp; 9.25%, 12/01/2028 <sup>(a)</sup> | 200000 | 209562 |
| &nbsp;&nbsp; 7.63%, 07/01/2029 <sup>(a)</sup> | 900000 | 908201 |
|  HAT Holdings I LLC / HAT Holdings II LLC, 3.38%, 06/15/2026 <sup>(a)</sup> | 750000 | 728164 |
|  Jane Street Group / JSG Finance, Inc., 6.13%, 11/01/2032 <sup>(a)</sup> | 500000 | 491885 |
|  Jefferies Finance LLC / JFIN Co.-Issuer Corp., 6.63%, 10/15/2031 <sup>(a)</sup> | 250000 | 245182 |
|  Jefferson Capital Holdings LLC, 9.50%, 02/15/2029 <sup>(a)</sup> | 400000 | 419675 |
|  LD Holdings Group LLC, 6.13%, 04/01/2028 <sup>(a)</sup> | 400000 | 329659 |
|  LPL Holdings, Inc., 4.63%, 11/15/2027 <sup>(a)</sup> | 500000 | 497884 |
| Macquarie Airfinance Holdings Ltd. | Macquarie Airfinance Holdings Ltd. | Macquarie Airfinance Holdings Ltd. |
| &nbsp;&nbsp; 8.13%, 03/30/2029 <sup>(a)</sup> | 200000 | 209327 |
| &nbsp;&nbsp; 6.50%, 03/26/2031 <sup>(a)</sup> | 200000 | 205608 |
|  MPT Operating Partnership LP / MPT Finance Corp., 3.50%, 03/15/2031 | 500000 | 331885 |
| Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. |
| &nbsp;&nbsp; 6.00%, 01/15/2027 <sup>(a)</sup> | 650000 | 650834 |
| &nbsp;&nbsp; 6.50%, 08/01/2029 <sup>(a)</sup> | 750000 | 763023 |
| OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
| &nbsp;&nbsp; 7.50%, 05/15/2031 | 250000 | 253791 |
| &nbsp;&nbsp; 7.13%, 11/15/2031 | 500000 | 502570 |
|  Panther Escrow Issuer LLC, 7.13%, 06/01/2031 <sup>(a)</sup> | 1200000 | 1230408 |
|  PennyMac Financial Services, Inc., 5.75%, 09/15/2031 <sup>(a)</sup> | 450000 | 429056 |
|  PHH Corp., 9.88%, 11/01/2029 <sup>(a)</sup> | 600000 | 581010 |
| PRA Group, Inc. | PRA Group, Inc. | PRA Group, Inc. |
| &nbsp;&nbsp; 5.00%, 10/01/2029 <sup>(a)</sup> | 500000 | 456036 |
| &nbsp;&nbsp; 8.88%, 01/31/2030 <sup>(a)</sup> | 100000 | 103113 |
|  RHP Hotel Properties LP / RHP Finance Corp., 6.50%, 04/01/2032 <sup>(a)</sup> | 300000 | 299297 |
| Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. |
| &nbsp;&nbsp; 7.25%, 04/01/2029 <sup>(a)</sup> | 200000 | 207655 |
| &nbsp;&nbsp; 6.00%, 04/15/2030 <sup>(a)</sup> | 900000 | 890468 |
|  StoneX Group, Inc., 7.88%, 03/01/2031 <sup>(a)</sup> | 1000000 | 1042072 |
|  United Wholesale Mortgage LLC, 5.50%, 04/15/2029 <sup>(a)</sup> | 500000 | 484727 |
|  Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, 6.50%, 02/15/2029 <sup>(a)</sup> | 500000 | 458038 |
|  Walker & Dunlop, Inc., 6.63%, 04/01/2033 <sup>(a)</sup> | 250000 | 254532 |
|  |  | 20711358 |
| **Industrial - 11.4%** | **Industrial - 11.4%** | **Industrial - 11.4%** |
|  Advanced Drainage Systems, Inc., 6.38%, 06/15/2030 <sup>(a)</sup> | 500000 | 508210 |
|  Axon Enterprise, Inc., 6.25%, 03/15/2033 <sup>(a)</sup> | 500000 | 510864 |
|  Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 02/01/2032 <sup>(a)</sup> | 550000 | 537264 |
| Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. |
| &nbsp;&nbsp; 5.00%, 03/01/2030 <sup>(a)</sup> | 250000 | 240126 |
| &nbsp;&nbsp; 6.38%, 03/01/2034 <sup>(a)</sup> | 500000 | 496892 |
|  Clydesdale Acquisition Holdings, Inc., 6.75%, 04/15/2032 <sup>(a)</sup> | 600000 | 613990 |
|  Coherent Corp., 5.00%, 12/15/2029 <sup>(a)</sup> | 500000 | 479379 |
|  Fortress Transportation and Infrastructure Investors LLC, 5.88%, 04/15/2033 <sup>(a)</sup> | 1200000 | 1149487 |
|  Genesee & Wyoming, Inc., 6.25%, 04/15/2032 <sup>(a)</sup> | 300000 | 304335 |
|  Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029 <sup>(a)</sup> | 1050000 | 959632 |
|  Knife River Corp., 7.75%, 05/01/2031 <sup>(a)</sup> | 800000 | 837642 |
|  MIWD Holdco II LLC / MIWD Finance Corp., 5.50%, 02/01/2030 <sup>(a)</sup> | 100000 | 90367 |
|  Moog, Inc., 4.25%, 12/15/2027 <sup>(a)</sup> | 250000 | 241389 |
|  Mueller Water Products, Inc., 4.00%, 06/15/2029 <sup>(a)</sup> | 300000 | 281971 |
|  Owens-Brockway Glass Container, Inc., 7.25%, 05/15/2031 <sup>(a)</sup> | 750000 | 745723 |
|  Quikrete Holdings, Inc., 6.75%, 03/01/2033 <sup>(a)</sup> | 700000 | 703231 |
|  Reworld Holding Corp., 5.00%, 09/01/2030 | 500000 | 460238 |
|  Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029 <sup>(a)</sup> | 200000 | 189971 |
|  Sealed Air Corp., 6.50%, 07/15/2032 <sup>(a)</sup> | 400000 | 407162 |
|  Sealed Air Corp./Sealed Air Corp. US, 7.25%, 02/15/2031 <sup>(a)</sup> | 100000 | 104260 |
|  Seaspan Corp., 5.50%, 08/01/2029 <sup>(a)</sup> | 700000 | 639673 |
|  Sensata Technologies BV, 5.88%, 09/01/2030 <sup>(a)</sup> | 250000 | 243638 |
|  Smyrna Ready Mix Concrete LLC, 6.00%, 11/01/2028 <sup>(a)</sup> | 500000 | 489097 |
|  Standard Building Solutions, Inc., 6.50%, 08/15/2032 <sup>(a)</sup> | 600000 | 608006 |
|  Stonepeak Nile Parent LLC, 7.25%, 03/15/2032 <sup>(a)</sup> | 100000 | 101625 |
|  Trinity Industries, Inc., 7.75%, 07/15/2028 <sup>(a)</sup> | 100000 | 103173 |
|  Vertiv Group Corp., 4.13%, 11/15/2028 <sup>(a)</sup> | 500000 | 483475 |
|  XPO, Inc., 7.13%, 06/01/2031 <sup>(a)</sup> | 500000 | 512342 |
|  |  | 13043162 |
| **Technology - 0.6%** | **Technology - 0.6%** | **Technology - 0.6%** |
|  Zebra Technologies Corp., 6.50%, 06/01/2032 <sup>(a)</sup> | 700000 | 703942 |
| **Utilities - 1.2%** | **Utilities - 1.2%** | **Utilities - 1.2%** |
|  Atlantica Sustainable Infrastructure PLC, 4.13%, 06/15/2028 <sup>(a)</sup> | 250000 | 237705 |
|  NRG Energy, Inc., 6.25%, 11/01/2034 <sup>(a)</sup> | 500000 | 499614 |
|  Pike Corp., 8.63%, 01/31/2031 <sup>(a)</sup> | 225000 | 236325 |
| Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
| &nbsp;&nbsp; 7.75%, 10/15/2031 <sup>(a)</sup> | 100000 | 105805 |
| &nbsp;&nbsp; 6.88%, 04/15/2032 <sup>(a)</sup> | 250000 | 259149 |
|  |  | 1338598 |
| **TOTAL CORPORATE OBLIGATIONS** (Cost $99,245,029) | **TOTAL CORPORATE OBLIGATIONS** (Cost $99,245,029) | 95533203 |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES - 6.2%** | **Par** | **Value** |
|  Bellemeade Re Ltd., Series 2024-1, Class B1, 9.90% (30 day avg SOFR US + 5.55%), 08/25/2034 <sup>(a)</sup> | 500000 | 519214 |
|  Citigroup Mortgage Loan Trust, Inc., Series 2024-1, Class B5, 6.75%, 07/25/2054 <sup>(a)(b)</sup> | 1016000 | 848624 |
|  JP Morgan Mortgage Trust, Series 2020-3, Class B4, 3.83%, 08/25/2050 <sup>(a)(b)</sup> | 678390 | 604723 |
|  Morgan Stanley Residential Mortgage Loan Trust, Series 2024-3, Class B5, 6.81%, 07/25/2054 <sup>(a)(b)</sup> | 1160000 | 972412 |
|  Progress Residential Trust, Series 2021-SFR9, Class F, 4.05%, 11/17/2040 <sup>(a)</sup> | 500000 | 483681 |
| PRPM LLC | PRPM LLC | PRPM LLC |
| &nbsp;&nbsp; Series 2024-2, Class A2, 10.04%, 03/25/2029 <sup>(a)(c)</sup> | 500000 | 515206 |
| &nbsp;&nbsp; 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> | 500000 | 517349 |
|  Rate Mortgage Trust, Series 2024-J1, Class B5, 6.49%, 07/25/2054 <sup>(a)(b)</sup> | 929000 | 730566 |
|  Rithm Capital Corp., Series 2015-1A, Class B6, 5.21%, 05/28/2052 <sup>(a)(b)</sup> | 1238739 | 899284 |
| **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** (Cost $7,069,825) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** (Cost $7,069,825) | 7093765 |
| **ASSET-BACKED SECURITIES - 3.5%** | **Par** | **Value** |
| **Automobile - 1.9%** | **Automobile - 1.9%** | **Automobile - 1.9%** |
|  Avis Budget Car Rental LLC, Series 2024-2A, Class D, 7.43%, 10/20/2028 <sup>(a)</sup> | 500000 | 503050 |
|  CPS Auto Trust, Series 2024-B, Class E, 8.36%, 11/17/2031 <sup>(a)</sup> | 200000 | 206384 |
| Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
| &nbsp;&nbsp; Series 2022-2A, Class E, 6.34%, 10/15/2029 <sup>(a)</sup> | 200000 | 184667 |
| &nbsp;&nbsp; Series 2023-2A, Class E, 9.75%, 11/15/2030 <sup>(a)</sup> | 200000 | 215249 |
|  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> | 160979 | 163534 |
|  SBNA Auto Receivables Trust, Series 2024-A, Class E, 8.00%, 04/15/2032 <sup>(a)</sup> | 200000 | 206314 |
|  Strike Acceptance Auto Funding Trust, Series 2023-1A, Class A, 8.00%, 05/15/2026 <sup>(a)</sup> | 94221 | 94401 |
| Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust |
| &nbsp;&nbsp; Series 2023-1A, Class E, 13.45%, 06/15/2028 <sup>(a)</sup> | 100000 | 105578 |
| &nbsp;&nbsp; Series 2023-1A, Class F, 16.00%, 06/17/2030 <sup>(a)</sup> | 200000 | 210984 |
|  Veros Automobile Receivables Trust, Series 2024-1, Class D, 9.87%, 05/15/2031 <sup>(a)</sup> | 250000 | 264209 |
|  |  | 2154370 |
| **Consumer - 1.1%** | **Consumer - 1.1%** | **Consumer - 1.1%** |
| Affirm, Inc. | Affirm, Inc. | Affirm, Inc. |
| &nbsp;&nbsp; Series 2023-B, Class E, 11.32%, 09/15/2028 <sup>(a)</sup> | 200000 | 203304 |
| &nbsp;&nbsp; Series 2024-A, Class E, 9.17%, 02/15/2029 <sup>(a)</sup> | 100000 | 101060 |
|  Marlette Funding Trust, Series 2023-1A, Class D, 8.15%, 04/15/2033 <sup>(a)</sup> | 250000 | 254234 |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust |
| &nbsp;&nbsp; Series 2024-11, Class E, 10.33%, 07/15/2032 <sup>(a)</sup> | 199977 | 198452 |
| &nbsp;&nbsp; Series 2025-1, Class E, 10.08%, 07/15/2032 <sup>(a)</sup> | 250000 | 245158 |
|  Purchasing Power Funding, Series 2024-A, Class E, 10.18%, 08/15/2028 <sup>(a)</sup> | 200000 | 204247 |
|  Upstart Securitization Trust, Series 2023-1, Class C, 11.10%, 02/20/2033 <sup>(a)</sup> | 100000 | 102089 |
|  |  | 1308544 |
| **Equipment - 0.5%** | **Equipment - 0.5%** | **Equipment - 0.5%** |
| 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 2024-2A, Class E, 9.04%, 07/20/2032 <sup>(a)</sup> | 200000 | 205990 |
| &nbsp;&nbsp; Series 2024-RVM1, Class E, 8.42%, 01/22/2046 <sup>(a)</sup> | 173000 | 172624 |
|  |  | 577311 |
| **TOTAL ASSET-BACKED SECURITIES** (Cost $3,971,345) | **TOTAL ASSET-BACKED SECURITIES** (Cost $3,971,345) | 4040225 |
| **COMMON STOCKS - 0.2%** | **Shares** | **Value**  |
| **Energy - 0.2%** | **Energy - 0.2%** |  |
| Enviva Escrow <sup>(d)(e)</sup> | 400000 | 0 |
| Enviva LLC <sup>(e)</sup> | 14555 | 225602 |
|  |  | 225602 |
| **TOTAL COMMON STOCKS** (Cost $502,758) | **TOTAL COMMON STOCKS** (Cost $502,758) | 225602 |
| **SHORT-TERM INVESTMENTS - 5.6%** | **Shares** | **Value**  |
| **Money Market Funds - 5.6%** |  |  |
| First American Government Obligations Fund - Class U, 4.27% <sup>(f)</sup> | 6461375 | 6461375 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $6,461,375) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $6,461,375) | 6461375 |
| **TOTAL INVESTMENTS - 99.1% (**Cost $117,250,332**)** | **TOTAL INVESTMENTS - 99.1% (**Cost $117,250,332**)** | 113354170 |
| Other Assets in Excess of Liabilities - 0.9% | Other Assets in Excess of Liabilities - 0.9% | 1007951 |
| **TOTAL NET ASSETS - 100.0%** |  | $114362121 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

---

| |
|:---|
| CMT - Constant Maturity Treasury |
| LP - Limited Partnership |
| PIK - Payment in Kind |
| PLC - Public Limited Company<br> SA - Sociedad Anónima |
| SOFR - Secured Overnight Financing Rate |

---

(a) Security is exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933.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 $96,421,641 or 84.3% 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) Step coupon bond. The rate disclosed is as of April 30, 2025.

(d) As of April 30, 2025, the Fund has fair valued these securities under the procedures established by Angel Oak Capital Advisors, LLC as Valuation Designee pursuant to Rule 2a-5 under the
 Investment Company Act of 1940. The value of these securities amounted to $0 or 0.0% of net assets. Value determined using significant unobservable inputs.

(e) Non-income producing security.

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

------

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

The Fund record 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;Corporate Obligations | $– | $95533203 | $– | $95533203 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities | – | 7093765 | – | 7093765 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities | – | 4040225 | – | 4040225 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | – | 225602 | 0 | 225602 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 6461375 | – | – | 6461375 |
| **Total** | $6461375 | $106892795 | $0 | $113354170 |
| See the Schedule of Investments for further disaggregation of investment categories. Level 3 holdings as of April 30, 2025, are immaterial and no further quantitative information about Level 3 Fair Value Measurements has been included. | See the Schedule of Investments for further disaggregation of investment categories. Level 3 holdings as of April 30, 2025, are immaterial and no further quantitative information about Level 3 Fair Value Measurements has been included. | See the Schedule of Investments for further disaggregation of investment categories. Level 3 holdings as of April 30, 2025, are immaterial and no further quantitative information about Level 3 Fair Value Measurements has been included. | See the Schedule of Investments for further disaggregation of investment categories. Level 3 holdings as of April 30, 2025, are immaterial and no further quantitative information about Level 3 Fair Value Measurements has been included. | See the Schedule of Investments for further disaggregation of investment categories. Level 3 holdings as of April 30, 2025, are immaterial and no further quantitative information about Level 3 Fair Value Measurements has been included. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Angel Oak Funds Trust

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

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

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

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

  - **Street Address 1:** 3344 Peachtree Road NE

  - **City:** Atlanta

  - **State:** GA

  - **Foreign country:** US

  - **Zip / Postal Code:** 30326

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

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

- **a. Name of Series:** Angel Oak High Yield Opportunities ETF

- **b. EDGAR series identifier (if any):** S000083812

- **c. LEI of Series:** 254900ZCII2VFW4OK231

**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:** $115114573.59

**Total Liabilities:** $752451.72

**Net Assets:** $114362121.87

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 73.521415245745 | **1-Year:** 427.598084403514 | **5-Year:** 954.207466454193 | **10-Year:** 438.880850580507 | **30-Year:** 0.000000000000

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

- **3-Month:** 47.788634966437 | **1-Year:** 6073.405737469177 | **5-Year:** 19942.389011410310 | **10-Year:** 5903.810280895382 | **30-Year:** 369.178992961082

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000247829 | 0.77%                | -1.03%               | -0.07%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $28819.93                | $150348.78                                 |
| Month 2  | $157513.86               | $-1971728.30                               |
| Month 3  | $145979.69               | $-902599.85                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ATLANTICA SUSTAIN INFRA        | Atlantica Sustainable Infrastructure PLC                                       | CUSIP: 04916WAA2<br>LEI: 549300ITBBGKJ651R879 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $237704.61    | 0.21%             | 2028-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                     | Affirm Asset Securitization Trust 2024-A                                       | CUSIP: 00834BAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $101060.36    | 0.09%             | 2029-02-15      | Fixed         | 9.17%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC               | LPL Holdings Inc                                                               | CUSIP: 50212YAC8<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    500000 | PA      | $497883.99    | 0.44%             | 2027-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| LAMAR MEDIA CORP               | Lamar Media Corp                                                               | CUSIP: 513075BW0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $242960.35    | 0.21%             | 2029-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                 | NRG Energy Inc                                                                 | CUSIP: 629377CX8<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    500000 | PA      | $499614.25    | 0.44%             | 2034-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC         | Nationstar Mortgage Holdings Inc                                               | CUSIP: 63861CAG4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $763022.74    | 0.67%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                   | Novelis Corp                                                                   | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    350000 | PA      | $325817.17    | 0.28%             | 2030-01-30      | Fixed         | 4.75%                 | 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    | 0.17%             | 2031-08-20      | Fixed         | 7.82%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L       | First Quantum Minerals Ltd                                                     | CUSIP: 335934AW5<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $198125.76    | 0.17%             | 2033-03-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD               | GGAM Finance Ltd                                                               | CUSIP: 36170JAC0<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |    500000 | PA      | $513775.00    | 0.45%             | 2027-02-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GOEASY LTD                     | goeasy Ltd                                                                     | CUSIP: 380355AJ6<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |    900000 | PA      | $908200.80    | 0.79%             | 2029-07-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| HELIX ENERGY SOLUTIONS         | Helix Energy Solutions Group Inc                                               | CUSIP: 42330PAL1<br>LEI: 416AP2JOUTCWEGSOZW41 | Long             | DBT              | CORP              | US        |    350000 | PA      | $354714.50    | 0.31%             | 2029-03-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| KNIFE RIVER CORP               | Knife River Corp                                                               | CUSIP: 498894AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $837641.60    | 0.73%             | 2031-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD            | NCL Corp Ltd                                                                   | CUSIP: 62886HBP5<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    500000 | PA      | $488182.40    | 0.43%             | 2030-03-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                | Gen Digital Inc                                                                | CUSIP: 668771AM0<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |    500000 | PA      | $499901.15    | 0.44%             | 2033-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| OWENS-BROCKWAY                 | Owens-Brockway Glass Container Inc                                             | CUSIP: 69073TAU7<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |    750000 | PA      | $745722.65    | 0.65%             | 2031-05-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| PIKE CORP                      | Pike Corp                                                                      | CUSIP: 721283AB5<br>LEI: 549300P4EKEP6HK0NC58 | Long             | DBT              | CORP              | US        |    225000 | PA      | $236325.15    | 0.21%             | 2031-01-31      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| RESIDEO FUNDING INC            | Resideo Funding Inc                                                            | CUSIP: 76119LAD3<br>LEI: 5493000IFJ6XJKH66598 | Long             | DBT              | CORP              | US        |    500000 | PA      | $496618.90    | 0.43%             | 2032-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ROLLER BEARING CO OF AME       | Roller Bearing Co of America Inc                                               | CUSIP: 775631AD6<br>LEI: 254900U9XW6S76H2P167 | Long             | DBT              | CORP              | US        |    200000 | PA      | $189970.80    | 0.17%             | 2029-10-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                | Sealed Air Corp                                                                | CUSIP: 812127AC2<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |    400000 | PA      | $407162.48    | 0.36%             | 2032-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SEASPAN CORP                   | Seaspan Corp                                                                   | CUSIP: 81254UAK2<br>LEI: 5493007Z8Q1H45KT7W98 | Long             | DBT              | CORP              | MH        |    700000 | PA      | $639672.53    | 0.56%             | 2029-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SUNCOKE ENERGY INC             | SunCoke Energy Inc                                                             | CUSIP: 86722AAD5<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $919745.20    | 0.80%             | 2029-06-30      | Fixed         | 4.88%                 | 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        |    200000 | PA      | $210984.64    | 0.18%             | 2030-06-17      | Fixed         | 16.00%                | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL       | United Wholesale Mortgage LLC                                                  | CUSIP: 913229AA8<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |    500000 | PA      | $484726.95    | 0.42%             | 2029-04-15      | Fixed         | 5.50%                 | 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        |    500000 | PA      | $503050.50    | 0.44%             | 2028-10-20      | Fixed         | 7.43%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC               | CSC Holdings LLC                                                               | CUSIP: 126307AQ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    500000 | PA      | $465067.47    | 0.41%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CINEMARK USA INC               | Cinemark USA Inc                                                               | CUSIP: 172441BH9<br>LEI: 54930008H2137JSCPQ09 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1023529.00   | 0.89%             | 2032-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED COMMUNICATI       | Consolidated Communications Inc                                                | CUSIP: 20903XAF0<br>LEI: 549300WW675Y48HDVX34 | Long             | DBT              | CORP              | US        |    500000 | PA      | $492095.00    | 0.43%             | 2028-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED ENERGY FIN        | Consolidated Energy Finance SA                                                 | CUSIP: 20914UAF3<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $156214.00    | 0.14%             | 2028-10-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CREDIT ACCEPTANC               | Credit Acceptance Corp                                                         | CUSIP: 225310AS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    600000 | PA      | $589851.00    | 0.52%             | 2030-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust   | Upstart Securitization Trust 2023-1                                            | CUSIP: 91679AAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $102089.40    | 0.09%             | 2033-02-20      | Fixed         | 11.10%                | No            |                  2 | On Loan: No      |
| WHITE CAP BUYER LLC            | White Cap Buyer LLC                                                            | CUSIP: 96350RAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $487717.30    | 0.43%             | 2028-10-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ADVANCED DRAINAGE SYSTEM       | Advanced Drainage Systems Inc                                                  | CUSIP: 00790RAB0<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | DBT              | CORP              | US        |    500000 | PA      | $508210.00    | 0.44%             | 2030-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ARIS WATER HOLDINGS LLC        | Aris Water Holdings LLC                                                        | CUSIP: 04041NAA0<br>LEI: 5493007AWQW8ZKCHVV46 | Long             | DBT              | CORP              | US        |    450000 | PA      | $446971.92    | 0.39%             | 2030-04-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| AXALTA COATING SYSTEMS D       | Axalta Coating Systems Dutch Holding B BV                                      | CUSIP: 05455JAA5<br>LEI: 5493007DMEBZH3CQ5E51 | Long             | DBT              | CORP              | NL        |    250000 | PA      | $259180.00    | 0.23%             | 2031-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BELLEMEADE RE LT               | Bellemeade Re Ltd                                                              | CUSIP: 078915AE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    500000 | PA      | $519214.00    | 0.45%             | 2034-08-25      | Floating      | 9.90%                 | No            |                  2 | On Loan: No      |
| CALUMET SPECIALTY PROD         | Calumet Specialty Products Partners LP / Calumet Finance Corp                  | CUSIP: 131477AV3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    600000 | PA      | $563250.96    | 0.49%             | 2027-01-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                  | Carnival Corp                                                                  | CUSIP: 143658BR2<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    350000 | PA      | $348312.16    | 0.30%             | 2029-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust  | Citigroup Mortgage Loan Trust 2024-1                                           | CUSIP: 17332CCJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1016000 | PA      | $848624.16    | 0.74%             | 2054-07-25      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| COMSTOCK RESOURCES INC         | Comstock Resources Inc                                                         | CUSIP: 205768AS3<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |    100000 | PA      | $95460.94     | 0.08%             | 2029-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL        | MPT Operating Partnership LP / MPT Finance Corp                                | CUSIP: 55342UAM6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $331885.30    | 0.29%             | 2031-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mor | Morgan Stanley Residential Mortgage Loan Trust 2024-3                          | CUSIP: 61776QBA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1160000 | PA      | $972411.76    | 0.85%             | 2054-07-25      | Variable      | 6.81%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC         | Nationstar Mortgage Holdings Inc                                               | CUSIP: 63861CAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    650000 | PA      | $650833.95    | 0.57%             | 2027-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD          | Freedom Mortgage Holdings LLC                                                  | CUSIP: 35641AAA6<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1121521.50   | 0.98%             | 2029-02-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN          | Genesis Energy LP / Genesis Energy Finance Corp                                | CUSIP: 37185LAP7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    475000 | PA      | $483207.80    | 0.42%             | 2029-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER         | Goodyear Tire & Rubber Co/The                                                  | CUSIP: 382550BN0<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |    797000 | PA      | $758960.78    | 0.66%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HERTZ CORP/THE                 | Hertz Corp/The                                                                 | CUSIP: 428040DC0<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |    350000 | PA      | $340765.29    | 0.30%             | 2029-07-15      | Fixed         | 12.62%                | No            |                  2 | On Loan: No      |
| KORN/FERRY INTERNATIONAL       | Korn Ferry                                                                     | CUSIP: 50067PAA7<br>LEI: 549300FOD20OM0GT5G40 | Long             | DBT              | CORP              | US        |    250000 | PA      | $242127.68    | 0.21%             | 2027-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MOOG INC                       | Moog Inc                                                                       | CUSIP: 615394AM5<br>LEI: 549300WM2I4U7OBAHG07 | Long             | DBT              | CORP              | US        |    250000 | PA      | $241388.95    | 0.21%             | 2027-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust       | Octane Receivables Trust 2024-2                                                | CUSIP: 67578YAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $205990.20    | 0.18%             | 2032-07-20      | Fixed         | 9.04%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAP LLC/C       | Outfront Media Capital LLC / Outfront Media Capital Corp                       | CUSIP: 69007TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $245193.13    | 0.21%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU       | Venture Global Calcasieu Pass LLC                                              | CUSIP: 92328MAB9<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    250000 | PA      | $224844.55    | 0.20%             | 2031-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC       | Vistra Operations Co LLC                                                       | CUSIP: 92840VAR3<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    250000 | PA      | $259148.56    | 0.23%             | 2032-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS         | Adient Global Holdings Ltd                                                     | CUSIP: 00687YAD7<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |    500000 | PA      | $474201.58    | 0.41%             | 2033-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ALLIANCE RES OP/FINANCE        | Alliance Resource Operating Partners LP / Alliance Resource Finance Corp       | CUSIP: 01879NAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    700000 | PA      | $723319.10    | 0.63%             | 2029-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| ARCHROCK PARTNERS LP/FIN       | Archrock Partners LP / Archrock Partners Finance Corp                          | CUSIP: 03959KAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    252000 | PA      | $251887.48    | 0.22%             | 2027-04-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| B&G FOODS INC                  | B&G Foods Inc                                                                  | CUSIP: 05508WAC9<br>LEI: 549300TRW1LZMDJZAQ78 | Long             | DBT              | CORP              | US        |    400000 | PA      | $397354.20    | 0.35%             | 2028-09-15      | Fixed         | 8.00%                 | 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        |    200000 | PA      | $206383.70    | 0.18%             | 2031-11-17      | Fixed         | 8.36%                 | No            |                  2 | On Loan: No      |
| CARS.COM INC                   | Cars.com Inc                                                                   | CUSIP: 14575EAA3<br>LEI: 5493002G6J07LNGX4M98 | Long             | DBT              | CORP              | US        |    500000 | PA      | $491655.45    | 0.43%             | 2028-11-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CHAMP ACQUISITION CORP         | Champ Acquisition Corp                                                         | CUSIP: 15807XAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    600000 | PA      | $633586.20    | 0.55%             | 2031-12-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| ACADIA HEALTHCARE CO INC       | Acadia Healthcare Co Inc                                                       | CUSIP: 00404AAQ2<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |    600000 | PA      | $600228.30    | 0.52%             | 2033-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ARCHROCK PARTNERS LP/FIN       | Archrock Partners LP / Archrock Partners Finance Corp                          | CUSIP: 03959KAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $796351.04    | 0.70%             | 2032-09-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| AXON ENTERPRISE INC            | Axon Enterprise Inc                                                            | CUSIP: 05464CAD3<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |    500000 | PA      | $510863.50    | 0.45%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC           | Cleveland-Cliffs Inc                                                           | CUSIP: 185899AH4<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    400000 | PA      | $395015.64    | 0.35%             | 2027-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC           | Cleveland-Cliffs Inc                                                           | CUSIP: 185899AN1<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    500000 | PA      | $482095.25    | 0.42%             | 2030-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BORR IHC LTD / BORR FIN        | Borr IHC Ltd / Borr Finance LLC                                                | CUSIP: 100018AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    190291 | PA      | $164734.86    | 0.14%             | 2030-11-15      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| CMG MEDIA CORPORATION          | CMG Media Corp                                                                 | CUSIP: 125773AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $219375.00    | 0.19%             | 2029-06-18      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC          | Caesars Entertainment Inc                                                      | CUSIP: 12769GAC4<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100610.30    | 0.09%             | 2032-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CHOBANI HOLDCO II LLC          | Chobani Holdco II LLC                                                          | CUSIP: 169918AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    312587 | PA      | $332021.51    | 0.29%             | 2029-10-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC           | Cleveland-Cliffs Inc                                                           | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    250000 | PA      | $235183.93    | 0.21%             | 2032-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| COMSTOCK RESOURCES INC         | Comstock Resources Inc                                                         | CUSIP: 205768AT1<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |    700000 | PA      | $634624.45    | 0.55%             | 2030-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CUMULUS MEDIA NEW HLDGS        | Cumulus Media New Holdings Inc                                                 | CUSIP: 23110AAB2<br>LEI: 5493001D9VBAVY1OKJ46 | Long             | DBT              | CORP              | US        |    509000 | PA      | $142520.00    | 0.12%             | 2029-07-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Enviva LLC                     | Enviva LLC                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     14555 | NS      | $225602.50    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| EQUIPMENTSHARE.COM INC         | EquipmentShare.com Inc                                                         | CUSIP: 29450YAA7<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |    500000 | PA      | $509526.29    | 0.45%             | 2028-05-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| ENVIVA ESCROW                  | ENVIVA ESCROW                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    400000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CONSOLIDATED ENERGY FIN        | Consolidated Energy Finance SA                                                 | CUSIP: 20914UAE6<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |    500000 | PA      | $482493.00    | 0.42%             | 2026-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED ENERGY FIN        | Consolidated Energy Finance SA                                                 | CUSIP: 20914UAH9<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |    700000 | PA      | $631908.62    | 0.55%             | 2031-02-15      | Fixed         | 12.00%                | 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        |    200000 | PA      | $184667.00    | 0.16%             | 2029-10-15      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables  | Exeter Automobile Receivables Trust 2023-2                                     | CUSIP: 30168CAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $215249.08    | 0.19%             | 2030-11-15      | Fixed         | 9.75%                 | 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        |    550000 | PA      | $521257.21    | 0.46%             | 2031-02-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| ENCORE CAPITAL GROUP INC       | Encore Capital Group Inc                                                       | CUSIP: 292554AR3<br>LEI: 5493000UVC6H49CIH830 | Long             | DBT              | CORP              | US        |    500000 | PA      | $519198.10    | 0.45%             | 2030-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund                                     | CUSIP: 31846V211<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   6461375 | NS      | $6461374.91   | 5.65%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRSTCASH INC                  | FirstCash Inc                                                                  | CUSIP: 33767DAB1<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |    500000 | PA      | $485240.75    | 0.42%             | 2028-09-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| HAT HOLDINGS I LLC/HAT         | HAT Holdings I LLC / HAT Holdings II LLC                                       | CUSIP: 418751AE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $728164.50    | 0.64%             | 2026-06-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| HECLA MINING CO                | Hecla Mining Co                                                                | CUSIP: 422704AH9<br>LEI: 5493009Y6HOBZD1QD537 | Long             | DBT              | CORP              | US        |    500000 | PA      | $501735.02    | 0.44%             | 2028-02-15      | Fixed         | 7.25%                 | 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        |    160979 | PA      | $163533.98    | 0.14%             | 2032-05-20      | Floating      | 9.60%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CAPITAL HOLDIN       | Jefferson Capital Holdings LLC                                                 | CUSIP: 472481AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $419674.80    | 0.37%             | 2029-02-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| KINETIK HOLDINGS LP            | Kinetik Holdings LP                                                            | CUSIP: 49461MAA8<br>LEI: 549300RD6AJIMYC0HY12 | Long             | DBT              | CORP              | US        |    250000 | PA      | $244518.75    | 0.21%             | 2030-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| KODIAK GAS SERVICES LLC        | Kodiak Gas Services LLC                                                        | CUSIP: 50012LAC8<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |    500000 | PA      | $508286.28    | 0.44%             | 2029-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS       | Univision Communications Inc                                                   | CUSIP: 914906AU6<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    250000 | PA      | $242148.60    | 0.21%             | 2027-06-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN       | 1011778 BC ULC / New Red Finance Inc                                           | CUSIP: 68245XAJ8<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    250000 | PA      | $242298.93    | 0.21%             | 2028-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PRA GROUP INC                  | PRA Group Inc                                                                  | CUSIP: 69354NAD8<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |    500000 | PA      | $456035.60    | 0.40%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2024-11                                           | CUSIP: 69548EAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    199977 | PA      | $198451.47    | 0.17%             | 2032-07-15      | Fixed         | 10.33%                | No            |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I       | Performance Food Group Inc                                                     | CUSIP: 71376LAE0<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |    500000 | PA      | $473921.67    | 0.41%             | 2029-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PHINIA INC                     | Phinia Inc                                                                     | CUSIP: 71880KAA9<br>LEI: 254900HG6MORZE1FFM18 | Long             | DBT              | CORP              | US        |    495000 | PA      | $500902.45    | 0.44%             | 2029-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC              | Post Holdings Inc                                                              | CUSIP: 737446AU8<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    250000 | PA      | $252249.82    | 0.22%             | 2032-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FIESTA PURCHASER INC           | Fiesta Purchaser Inc                                                           | CUSIP: 31659AAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $524066.00    | 0.46%             | 2032-09-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| FORTRESS TRANS & INFRAST       | Fortress Transportation and Infrastructure Investors LLC                       | CUSIP: 34960PAH4<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1149487.08   | 1.01%             | 2033-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE CORP          | Freedom Mortgage Corp                                                          | CUSIP: 35640YAH0<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |    500000 | PA      | $499110.20    | 0.44%             | 2026-05-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| MOSS CREEK RESOURCES HLD       | Moss Creek Resources Holdings Inc                                              | CUSIP: 61965RAC9<br>LEI: 54930037SLMSPWKYIX36 | Long             | DBT              | CORP              | US        |    500000 | PA      | $460186.55    | 0.40%             | 2031-09-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| NORTHRIVER MIDSTREAM FIN       | Northriver Midstream Finance LP                                                | CUSIP: 66679NAB6<br>LEI: 549300SOLNLY3BL6GF18 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $99477.35     | 0.09%             | 2032-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BRUNDAGE-BONE CONCRETE         | Brundage-Bone Concrete Pumping Holdings Inc                                    | CUSIP: 66981QAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    550000 | PA      | $537263.67    | 0.47%             | 2032-02-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| URBAN ONE INC                  | Urban One Inc                                                                  | CUSIP: 91705JAC9<br>LEI: 549300PLGIGPBRQUP240 | Long             | DBT              | CORP              | US        |    200000 | PA      | $96218.00     | 0.08%             | 2028-02-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| SMYRNA READY MIX CONCRET       | Smyrna Ready Mix Concrete LLC                                                  | CUSIP: 85236FAA1<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |    500000 | PA      | $489096.55    | 0.43%             | 2028-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| STANDARD BUILDING SOLUTI       | Standard Building Solutions Inc                                                | CUSIP: 853191AA2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |    600000 | PA      | $608006.20    | 0.53%             | 2032-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| STONEPEAK NILE PARENT          | Stonepeak Nile Parent LLC                                                      | CUSIP: 861932AA9<br>LEI: 254900TJV3VAFZD0GU41 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101625.50    | 0.09%             | 2032-03-15      | Fixed         | 7.25%                 | 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    | 0.23%             | 2031-05-15      | Fixed         | 9.87%                 | No            |                  2 | On Loan: No      |
| WALKER & DUNLOP INC            | Walker & Dunlop Inc                                                            | CUSIP: 93148PAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $254532.50    | 0.22%             | 2033-04-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CALUMET SPECIALTY PROD         | Calumet Specialty Products Partners LP / Calumet Finance Corp                  | CUSIP: 131477AW1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $179189.00    | 0.16%             | 2028-07-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| CAPSTONE COPPER CORP           | Capstone Copper Corp                                                           | CUSIP: 14071LAA6<br>LEI: 549300III6KGKKC42W63 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $98328.88     | 0.09%             | 2033-03-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| REWORLD HOLDING CORP           | Reworld Holding Corp                                                           | CUSIP: 22282EAJ1<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | DBT              | CORP              | US        |    500000 | PA      | $460238.35    | 0.40%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EZCORP INC                     | EZCORP Inc                                                                     | CUSIP: 302301AJ5<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |    250000 | PA      | $262347.52    | 0.23%             | 2032-04-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD          | Freedom Mortgage Holdings LLC                                                  | CUSIP: 35641AAC2<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $979015.00    | 0.86%             | 2032-04-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                 | Gray Media Inc                                                                 | CUSIP: 389286AA3<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $597540.46    | 0.52%             | 2031-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES DREDGE&DOCK        | Great Lakes Dredge & Dock Corp                                                 | CUSIP: 390607AF6<br>LEI: 549300H65E3MZ1CX0P05 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $959632.07    | 0.84%             | 2029-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC              | Herc Holdings Inc                                                              | CUSIP: 42704LAE4<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    250000 | PA      | $247266.73    | 0.22%             | 2029-06-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| INSTALLED BUILDING PRODU       | Installed Building Products Inc                                                | CUSIP: 45780RAA9<br>LEI: 549300I95Y9P9YM5FI86 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98378.28     | 0.09%             | 2028-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LITHIA MOTORS INC              | Lithia Motors Inc                                                              | CUSIP: 536797AE3<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |    250000 | PA      | $242974.70    | 0.21%             | 2027-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MACQUARIE AIRFINANCE HLD       | Macquarie Airfinance Holdings Ltd                                              | CUSIP: 55609NAB4<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $209327.40    | 0.18%             | 2029-03-30      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| MACQUARIE AIRFINANCE HLD       | Macquarie Airfinance Holdings Ltd                                              | CUSIP: 55609NAD0<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $205607.60    | 0.18%             | 2031-03-26      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MAGNERA CORP                   | Magnera Corp                                                                   | CUSIP: 55939AAA5<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |    800000 | PA      | $757288.00    | 0.66%             | 2031-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MERCER INTL INC                | Mercer International Inc                                                       | CUSIP: 588056BB6<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |    750000 | PA      | $617899.22    | 0.54%             | 2029-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| METHANEX CORP                  | Methanex Corp                                                                  | CUSIP: 59151KAL2<br>LEI: 549300TSJHRXT9QXRD13 | Long             | DBT              | CORP              | CA        |    500000 | PA      | $475469.15    | 0.42%             | 2029-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC          | Molina Healthcare Inc                                                          | CUSIP: 60855RAM2<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |    550000 | PA      | $546224.91    | 0.48%             | 2033-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MUELLER WATER PRODUCTS         | Mueller Water Products Inc                                                     | CUSIP: 624758AF5<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | DBT              | CORP              | US        |    300000 | PA      | $281970.99    | 0.25%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP            | Medline Borrower LP                                                            | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $950617.62    | 0.83%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN       | American Airlines Inc/AAdvantage Loyalty IP Ltd                                | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    166667 | PA      | $165695.08    | 0.14%             | 2026-04-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PART/FI       | Antero Midstream Partners LP / Antero Midstream Finance Corp                   | CUSIP: 03690AAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1243630.75   | 1.09%             | 2028-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PART/FI       | Antero Midstream Partners LP / Antero Midstream Finance Corp                   | CUSIP: 03690AAK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $101142.70    | 0.09%             | 2032-02-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| BELRON UK FINANCE PLC          | Belron UK Finance PLC                                                          | CUSIP: 080782AA3<br>LEI: 9845006BC9D1A77B8178 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $249930.36    | 0.22%             | 2029-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE MORTGAGE TR         | Blackstone Mortgage Trust Inc                                                  | CUSIP: 09257WAF7<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | DBT              | CORP              | US        |    600000 | PA      | $623804.40    | 0.55%             | 2029-12-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD            | NCL Corp Ltd                                                                   | CUSIP: 62886HBA8<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |     46000 | PA      | $45800.55     | 0.04%             | 2026-03-15      | Fixed         | 5.88%                 | 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    | 0.36%             | 2026-09-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC       | Builders FirstSource Inc                                                       | CUSIP: 12008RAS6<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |    500000 | PA      | $496892.22    | 0.43%             | 2034-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC          | Caesars Entertainment Inc                                                      | CUSIP: 12769GAA8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $924168.40    | 0.81%             | 2029-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC              | Nexstar Media Inc                                                              | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    500000 | PA      | $495765.58    | 0.43%             | 2027-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NOVA CHEMICALS CORP            | NOVA Chemicals Corp                                                            | CUSIP: 66977WAT6<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $211034.80    | 0.18%             | 2028-11-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust       | Octane Receivables Trust 2024-RVM1                                             | CUSIP: 67579FAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    173000 | PA      | $172623.24    | 0.15%             | 2046-01-22      | Fixed         | 8.42%                 | No            |                  2 | On Loan: No      |
| OLIN CORP                      | Olin Corp                                                                      | CUSIP: 680665AN6<br>LEI: 549300GKK294V7W57P06 | Long             | DBT              | CORP              | US        |    550000 | PA      | $522556.10    | 0.46%             | 2033-04-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| PBF HOLDING CO LLC             | PBF Holding Co LLC / PBF Finance Corp                                          | CUSIP: 69318FAJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $441792.69    | 0.39%             | 2028-02-15      | Fixed         | 6.00%                 | 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    | 0.21%             | 2032-07-15      | Fixed         | 10.08%                | No            |                  2 | On Loan: No      |
| PANTHER ESCROW ISSUER          | Panther Escrow Issuer LLC                                                      | CUSIP: 69867RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1230408.00   | 1.08%             | 2031-06-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| PERRIGO FINANCE UNLIMITE       | Perrigo Finance Unlimited Co                                                   | CUSIP: 71429MAD7<br>LEI: 549300E86RB6YCTMRM83 | Long             | DBT              | CORP              | IE        |   1000000 | PA      | $993298.90    | 0.87%             | 2032-09-30      | Fixed         | 6.12%                 | 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        |    600000 | PA      | $581010.09    | 0.51%             | 2029-11-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| RHP HOTEL PPTY/RHP FINAN       | RHP Hotel Properties LP / RHP Finance Corp                                     | CUSIP: 749571AK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $299297.34    | 0.26%             | 2032-04-01      | Fixed         | 6.50%                 | 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    | 0.43%             | 2031-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SEALED AIR/SEALED AIR US       | Sealed Air Corp/Sealed Air Corp US                                             | CUSIP: 812127AB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $104260.00    | 0.09%             | 2031-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SHELF DRILL HOLD LTD           | Shelf Drilling Holdings Ltd                                                    | CUSIP: 822538AH7<br>LEI: 54930078ZJ3XP4MRYB68 | Long             | DBT              | CORP              | KY        |   1000000 | PA      | $708853.50    | 0.62%             | 2029-04-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| SOTHEBY'S                      | Sotheby's                                                                      | CUSIP: 835898AH0<br>LEI: 549300P5BAAMQQ7VL735 | Long             | DBT              | CORP              | US        |    300000 | PA      | $283068.54    | 0.25%             | 2027-10-15      | Fixed         | 7.38%                 | 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        |     94221 | PA      | $94400.65     | 0.08%             | 2026-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| TASEKO MINES LTD               | Taseko Mines Ltd                                                               | CUSIP: 876511AG1<br>LEI: 549300XKUO1JSLU7KX54 | Long             | DBT              | CORP              | CA        |   1000000 | PA      | $1010956.00   | 0.88%             | 2030-05-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| TRINITY INDUSTRIES INC         | Trinity Industries Inc                                                         | CUSIP: 896522AJ8<br>LEI: R1JB4KXN77XFCXOQKV49 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103172.63    | 0.09%             | 2028-07-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| COHERENT CORP                  | Coherent Corp                                                                  | CUSIP: 902104AC2<br>LEI: 549300O5C25A0MMHHU33 | Long             | DBT              | CORP              | US        |    500000 | PA      | $479378.85    | 0.42%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL        | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC                | CUSIP: 91327BAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $458037.51    | 0.40%             | 2029-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA/VM HOLDS        | VistaJet Malta Finance PLC / Vista Management Holding Inc                      | CUSIP: 92841HAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | MT        |    100000 | PA      | $97792.08     | 0.09%             | 2028-06-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| GENESEE & WYOMING INC          | Genesee & Wyoming Inc                                                          | CUSIP: 371559AB1<br>LEI: G617XSG94Z7G0RMW3L02 | Long             | DBT              | CORP              | US        |    300000 | PA      | $304335.30    | 0.27%             | 2032-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GULFPORT ENERGY OP CORP        | Gulfport Energy Operating Corp                                                 | CUSIP: 402635AT3<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |    430000 | PA      | $424297.51    | 0.37%             | 2029-09-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP       | Hilcorp Energy I LP / Hilcorp Finance Co                                       | CUSIP: 431318AU8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    900000 | PA      | $843553.53    | 0.74%             | 2029-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2020-3                                                | CUSIP: 46592ABZ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    678390 | PA      | $604723.40    | 0.53%             | 2050-08-25      | Variable      | 3.83%                 | No            |                  2 | On Loan: No      |
| MIWD HLDCO II/MIWD FIN         | MIWD Holdco II LLC / MIWD Finance Corp                                         | CUSIP: 55337PAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $90367.07     | 0.08%             | 2030-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust         | Marlette Funding Trust 2023-1                                                  | CUSIP: 57110PAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $254233.90    | 0.22%             | 2033-04-15      | Fixed         | 8.15%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP           | OneMain Finance Corp                                                           | CUSIP: 682691AG5<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    500000 | PA      | $502570.00    | 0.44%             | 2031-11-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I       | Performance Food Group Inc                                                     | CUSIP: 71376LAF7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250386.75    | 0.22%             | 2032-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC          | Quikrete Holdings Inc                                                          | CUSIP: 74843PAB6<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |    700000 | PA      | $703231.09    | 0.61%             | 2033-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| UPBOUND GROUP INC              | Upbound Group Inc                                                              | CUSIP: 76009NAL4<br>LEI: 529900QUHE15UQNCCJ63 | Long             | DBT              | CORP              | US        |    500000 | PA      | $472486.25    | 0.41%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SOTHEBY'S/BIDFAIR HLD          | Sotheby's/Bidfair Holdings Inc                                                 | CUSIP: 83600GAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $427623.40    | 0.37%             | 2029-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST        | Starwood Property Trust Inc                                                    | CUSIP: 85571BBB0<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |    200000 | PA      | $207654.94    | 0.18%             | 2029-04-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| TRANSMONTAIGNE PARTNERS        | TransMontaigne Partners LLC                                                    | CUSIP: 89377AAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $251985.00    | 0.22%             | 2030-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN       | USA Compression Partners LP / USA Compression Finance Corp                     | CUSIP: 91740PAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    625000 | PA      | $631669.38    | 0.55%             | 2029-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| VT TOPCO INC                   | VT Topco Inc                                                                   | CUSIP: 91838PAA9<br>LEI: 5493007T812R37X02Y38 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1152236.03   | 1.01%             | 2030-08-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| VERTIV GROUP CORPORATION       | Vertiv Group Corp                                                              | CUSIP: 92535UAB0<br>LEI: 549300ZT8RQ5VK10E643 | Long             | DBT              | CORP              | US        |    500000 | PA      | $483475.30    | 0.42%             | 2028-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T | Tricolor Auto Securitization Trust 2023-1                                      | CUSIP: 89616KAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $105577.98    | 0.09%             | 2028-06-15      | Fixed         | 13.45%                | 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    | 0.42%             | 2040-11-17      | Fixed         | 4.05%                 | 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    | 0.18%             | 2028-08-15      | Fixed         | 10.18%                | No            |                  2 | On Loan: No      |
| SALLY HOLDINGS/SALLY CAP       | Sally Holdings LLC / Sally Capital Inc                                         | CUSIP: 79546VAQ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    900000 | PA      | $907719.30    | 0.79%             | 2032-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN        | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp                   | CUSIP: 87470LAJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $932161.30    | 0.82%             | 2030-12-31      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD               | GGAM Finance Ltd                                                               | CUSIP: 36170JAD8<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |    450000 | PA      | $460668.15    | 0.40%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN          | Genesis Energy LP / Genesis Energy Finance Corp                                | CUSIP: 37185LAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $242835.58    | 0.21%             | 2033-05-15      | Fixed         | 8.00%                 | 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        |   1100000 | PA      | $1097389.81   | 0.96%             | 2027-09-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| GOEASY LTD                     | goeasy Ltd                                                                     | CUSIP: 380355AF4<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |    500000 | PA      | $493133.45    | 0.43%             | 2026-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| INSULET CORPORATION            | Insulet Corp                                                                   | CUSIP: 45784PAL5<br>LEI: 549300TZTYD2PYN92D43 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255259.75    | 0.22%             | 2033-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN        | Jane Street Group / JSG Finance Inc                                            | CUSIP: 47077WAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $491884.85    | 0.43%             | 2032-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| MATTHEWS INTERNATIONAL C       | Matthews International Corp                                                    | CUSIP: 577128AC5<br>LEI: 549300ZVC5O0ATML6U61 | Long             | DBT              | CORP              | US        |    250000 | PA      | $259420.25    | 0.23%             | 2027-10-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Radnor Re LTD                  | Radnor Re 2024-1 Ltd                                                           | CUSIP: 75049AAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $517349.50    | 0.45%             | 2034-09-25      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| SIMMONS FOOD INC/SIMMONS       | Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed | CUSIP: 82873MAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    550000 | PA      | $511729.75    | 0.45%             | 2029-03-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST        | Starwood Property Trust Inc                                                    | CUSIP: 85571BBC8<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |    900000 | PA      | $890467.56    | 0.78%             | 2030-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| STL HOLDING CO LLC             | STL Holding Co LLC                                                             | CUSIP: 861036AB7<br>LEI: 984500BC2I63E7F48656 | Long             | DBT              | CORP              | US        |    450000 | PA      | $457543.35    | 0.40%             | 2029-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                     | Affirm Asset Securitization Trust 2023-B                                       | CUSIP: 00792FAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $203304.20    | 0.18%             | 2028-09-15      | Fixed         | 11.32%                | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC       | Builders FirstSource Inc                                                       | CUSIP: 12008RAN7<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |    250000 | PA      | $240126.44    | 0.21%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DCLI BIDCO LLC                 | Dcli Bidco LLC                                                                 | CUSIP: 233104AA6<br>LEI: 2549007UUVJTHHNK9T70 | Long             | DBT              | CORP              | US        |    500000 | PA      | $466312.60    | 0.41%             | 2029-11-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                     | DaVita Inc                                                                     | CUSIP: 23918KAW8<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    900000 | PA      | $909360.90    | 0.80%             | 2032-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC          | Directv Financing LLC / Directv Financing Co-Obligor Inc                       | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $967388.71    | 0.85%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TREEHOUSE FOODS INC            | TreeHouse Foods Inc                                                            | CUSIP: 89469AAD6<br>LEI: 5493007M7EVHE470Q576 | Long             | DBT              | CORP              | US        |    600000 | PA      | $538964.28    | 0.47%             | 2028-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN       | USA Compression Partners LP / USA Compression Finance Corp                     | CUSIP: 91740PAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $744360.08    | 0.65%             | 2027-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION         | Clydesdale Acquisition Holdings Inc                                            | CUSIP: 18972EAD7<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |    600000 | PA      | $613990.39    | 0.54%             | 2032-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CONCENTRA HEALTH SERVICE       | Concentra Health Services Inc                                                  | CUSIP: 20600DAA1<br>LEI: 984500GB84105F75DE32 | Long             | DBT              | CORP              | US        |    600000 | PA      | $615027.93    | 0.54%             | 2032-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ENCINO ACQUISITION PARTN       | Encino Acquisition Partners Holdings LLC                                       | CUSIP: 29254BAA5<br>LEI: 549300BUKUEKT2UE4T49 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250401.75    | 0.22%             | 2028-05-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| NESCO HOLDINGS II INC          | NESCO Holdings II Inc                                                          | CUSIP: 64083YAA9<br>LEI: 254900FAHT0HW9T6L409 | Long             | DBT              | CORP              | US        |    100000 | PA      | $90800.33     | 0.08%             | 2029-04-15      | Fixed         | 5.50%                 | 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    | 0.79%             | 2052-05-28      | Variable      | 5.21%                 | No            |                  2 | On Loan: No      |
| ANYWHERE RE GRP/REALOGY        | Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp                        | CUSIP: 75606DAQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $367882.25    | 0.32%             | 2030-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                   | US Foods Inc                                                                   | CUSIP: 90290MAH4<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |    200000 | PA      | $209472.00    | 0.18%             | 2032-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC         | Venture Global LNG Inc                                                         | CUSIP: 92332YAB7<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    700000 | PA      | $675700.14    | 0.59%             | 2031-06-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC       | Vistra Operations Co LLC                                                       | CUSIP: 92840VAP7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105805.20    | 0.09%             | 2031-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| WARRIOR MET COAL INC           | Warrior Met Coal Inc                                                           | CUSIP: 93627CAB7<br>LEI: 549300152B1S9YKBYV79 | Long             | DBT              | CORP              | US        |   1009000 | PA      | $1019010.29   | 0.89%             | 2028-12-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| WILDFIRE INTERMEDIATE HO       | Wildfire Intermediate Holdings LLC                                             | CUSIP: 96812HAA6<br>LEI: 5493003RHEMQJZEXIR02 | Long             | DBT              | CORP              | US        |    500000 | PA      | $458750.00    | 0.40%             | 2029-10-15      | Fixed         | 7.50%                 | 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        |   1200000 | PA      | $1160974.44   | 1.02%             | 2028-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| GOEASY LTD                     | goeasy Ltd                                                                     | CUSIP: 380355AH0<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $209562.00    | 0.18%             | 2028-12-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| GREENFIRE RESOURCES LTD        | Greenfire Resources Ltd                                                        | CUSIP: 39525UAA5<br>LEI: 254900MTS0G2VGMJW059 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $211275.60    | 0.18%             | 2028-10-01      | Fixed         | 12.00%                | 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        |    250000 | PA      | $245182.05    | 0.21%             | 2031-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| LCM INVESTMENTS HOLDINGS       | LCM Investments Holdings II LLC                                                | CUSIP: 50190EAC8<br>LEI: 549300P5V78NNQTG4428 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104690.90    | 0.09%             | 2031-08-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| LD HOLDINGS GROUP LLC          | LD Holdings Group LLC                                                          | CUSIP: 521088AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $329658.96    | 0.29%             | 2028-04-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| LITHIA MOTORS INC              | Lithia Motors Inc                                                              | CUSIP: 536797AG8<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |    500000 | PA      | $464823.50    | 0.41%             | 2029-06-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| MARRIOTT OWNERSHIP RESOR       | Marriott Ownership Resorts Inc                                                 | CUSIP: 57164PAF3<br>LEI: BW4532OH033VURR0IT68 | Long             | DBT              | CORP              | US        |    500000 | PA      | $474378.40    | 0.41%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| METHANEX US OPERATIONS         | Methanex US Operations Inc                                                     | CUSIP: 59151LAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $473961.30    | 0.41%             | 2032-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC          | PennyMac Financial Services Inc                                                | CUSIP: 70932MAC1<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |    450000 | PA      | $429055.83    | 0.38%             | 2031-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PRIME SECSRVC BRW/FINANC       | Prime Security Services Borrower LLC / Prime Finance Inc                       | CUSIP: 74166MAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $238716.13    | 0.21%             | 2027-08-31      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU       | Venture Global Calcasieu Pass LLC                                              | CUSIP: 92328MAC7<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    250000 | PA      | $211128.35    | 0.18%             | 2033-11-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC         | Venture Global LNG Inc                                                         | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | EP               | CORP              | US        |   1500000 | PA      | $1290682.35   | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| XPO INC                        | XPO Inc                                                                        | CUSIP: 98379KAB8<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |    500000 | PA      | $512342.00    | 0.45%             | 2031-06-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| ZEBRA TECHNOLOGIES CORP        | Zebra Technologies Corp                                                        | CUSIP: 989207AD7<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | DBT              | CORP              | US        |    700000 | PA      | $703941.87    | 0.62%             | 2032-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP           | OneMain Finance Corp                                                           | CUSIP: 682691AF7<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253791.19    | 0.22%             | 2031-05-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PRA GROUP INC                  | PRA Group Inc                                                                  | CUSIP: 69354NAF3<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103113.04    | 0.09%             | 2030-01-31      | Fixed         | 8.88%                 | 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   | 0.88%             | 2069-08-25      | Variable      | 7.48%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC              | Post Holdings Inc                                                              | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $991258.20    | 0.87%             | 2033-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC              | PRPM 2024-2 LLC                                                                | CUSIP: 74448BAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $515206.00    | 0.45%             | 2029-03-25      | Variable      | 10.04%                | No            |                  2 | On Loan: No      |
| STONEX GROUP INC               | StoneX Group Inc                                                               | CUSIP: 861896AA6<br>LEI: 549300JUF07L8VF02M60 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1042072.07   | 0.91%             | 2031-03-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC        | American Axle & Manufacturing Inc                                              | CUSIP: 02406PBB5<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $878471.00    | 0.77%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rate Mortgage Trust            | Rate Mortgage Trust 2024-J1                                                    | CUSIP: 75410PCM0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    929000 | PA      | $730565.60    | 0.64%             | 2054-07-25      | Variable      | 6.49%                 | No            |                  2 | On Loan: No      |
| ROCKIES EXPRESS PIPELINE       | Rockies Express Pipeline LLC                                                   | CUSIP: 77340RAU1<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101728.40    | 0.09%             | 2033-03-15      | Fixed         | 6.75%                 | 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        |    200000 | PA      | $206313.84    | 0.18%             | 2032-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| SAKS GLOBAL ENTERPRISES        | Saks Global Enterprises LLC                                                    | CUSIP: 79380MAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    550000 | PA      | $334211.56    | 0.29%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| SENSATA TECHNOLOGIES BV        | Sensata Technologies BV                                                        | CUSIP: 81725WAL7<br>LEI: PUCKW5P5O3XMOZVH7T53 | Long             | DBT              | CORP              | NL        |    250000 | PA      | $243637.78    | 0.21%             | 2030-09-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| STENA INTERNATIONAL SA         | Stena International SA                                                         | CUSIP: 85858EAD5<br>LEI: 213800A4LTGG4W55QP46 | Long             | DBT              | CORP              | LU        |    625000 | PA      | $617547.69    | 0.54%             | 2031-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** /s/ Michael Colombo

**Name of Signer:** Michael Colombo

**Title:** Secretary