# EDGAR Filing Document

**Accession Number:** 0001612930
**File Stem:** 0001133228-26-004853
**Filing Date:** 2026-4
**Character Count:** 751534
**Document Hash:** 101060dd3cddc0b3eb6efd026fd0fdfa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-004853.hdr.sgml**: 20260408

**ACCESSION NUMBER**: 0001133228-26-004853

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 64

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260408

**DATE AS OF CHANGE**: 20260408

**EFFECTIVENESS DATE**: 20260408

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22980
- **FILM NUMBER:** 26847175

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

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

## Series and Classes Contracts Data

### Angel Oak Multi-Strategy Income Fund (Series ID: S000048360)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000152733 | Class A             | ANGLX           |
| C000152734 | Institutional Class | ANGIX           |
| C000159180 | Class C             | ANGCX           |

### Angel Oak UltraShort Income Fund (Series ID: S000061509)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000199192 | Class A             | AOUAX           |
| C000199193 | Institutional Class | AOUIX           |
| C000199194 | Class A1            | AOUNX           |

### Angel Oak Income ETF (Series ID: S000077753)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000238279 | Angel Oak Income ETF | CARY            |

### Angel Oak UltraShort Income ETF (Series ID: S000077754)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000238280 | Angel Oak UltraShort Income ETF | UYLD            |

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

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

### Angel Oak Mortgage-Backed Securities ETF (Series ID: S000083813)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000247830 | Angel Oak Mortgage-Backed Securities ETF | MBS             |

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

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

?xml version='1.0' encoding='ASCII'? 2025-12-02190132_AngelOakMulti-StrategyIncomeFund_ClassA_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-22980</u>**

**<u>Angel Oak Funds Trust</u>**

(Exact name of registrant as specified in charter)

**<u>980 Hammond Drive, Suite 200</u>**

**<u>Atlanta, Georgia 30328</u>**

(Address of principal executive offices) (Zip code)

**<u>Ward Bortz, President</u>**

**<u>980 Hammond Drive, Suite 200</u>**

**<u>Atlanta, Georgia 30328</u>**

(Name and address of agent for service)

Copy to:

**<u>Stephen T. Cohen</u>**

**<u>Matthew E. Barsamian</u>**

**<u>Dechert LLP</u>**

**<u>1900 K Street NW</u>**

**<u>Washington, DC 20006</u>**

**<u>404-953-4900</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>January 31</u>**

Date of reporting period: **<u>January 31, 2026</u>**

**<u>Item 1. Reports to Stockholders.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The following are copies of the reports transmitted to each Fund's
 shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).

---

| | | |
|:---|:---|:---|
| ![image](img89944_k20250128200686.jpg) | **Angel Oak Multi-Strategy Income Fund**  | ![image](img89943_202501282005515.jpg) |
| ![image](img89944_k20250128200686.jpg) | Class A \| ANGLX  | ![image](img89943_202501282005515.jpg) |
| ![image](img89944_k20250128200686.jpg) | Annual Shareholder Report \| January 31, 2026  | ![image](img89943_202501282005515.jpg) |

---

This annual shareholder report contains important information about the Angel Oak Multi-Strategy Income Fund (the Fund) for the period of February 1, 2025, to January 31, 2026. You can find additional information about the Fund at

https://angeloakcapital.com/resources/. You can also request this information by contacting us at 1-855-751-4324.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $162 | 1.56% |

---

**HOW DID THE FUND PERFORM DURING THE PERIOD?**

The Fund's Class A shares returned 7.44%, without sales charges, for the 12-month period ending January 31, 2026. The Fund outperformed the Bloomberg U.S. Aggregate Bond Index, its benchmark, by 59 basis points, as the benchmark returned 6.85% over the same period.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

The Fund benefited from higher current income and spread outperformance across its credit allocations, particularly in non-agency residential mortgage-backed securities (RMBS) and asset-backed securities (ABS). The Fund's shorter interest rate duration relative to the benchmark was the primary detractor.

**HOW WAS THE FUND POSITIONED DURING THE PERIOD?**

The Fund reduced its exposure to agency RMBS following spread compression and reallocated assets to agency commercial mortgage-backed securities and ABS. The Fund also decreased its allocation to non-agency RMBS while increasing its exposure to corporate credit to enhance overall portfolio diversification.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Non-agency RMBS; ABS |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Interest rate duration positioning |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\*** (as of January 31, 2026)

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

Angel Oak Multi-Strategy Income Fund PAGE 1 TSR-AR-03463K307

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6739img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A (without sales charge)**  | 7.44 | 1.87 | 2.65 |
| **Class A (with maximum 2.25% sales charge)**  | 5.00 | 1.41 | 2.42 |
| **Bloomberg U.S. Aggregate Bond Index**  | 6.85 | -0.20 | 1.88 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** **Visit** **https://angeloakcapital.com/investments/** **for more recent performance information.**

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $2642516733 | **Effective Duration** | 4.23 years |
| **Number of Holdings** | 1068 | **30-Day SEC Yield (Class A)** | 5.87% |
| **Net Advisory Fee** | $24195486 | **30-Day SEC Yield Unsubsidized (Class A)** | 5.87% |
| **Portfolio Turnover** | 75% | **Weighted Average Life** | 5.90 years |
| **Average Credit Quality** | BBB | **Distribution Yield (Class A)** | 4.18% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Top Security Types (% of net** **assets)** |  |
|  Residential Mortgage-Backed Securities  | 48.8% |
|  Asset-Backed Securities  | 13.4% |
|  Residential Mortgage-Backed Securities - U.S. Government Agency  | 9.2% |
|  Corporate Obligations  | 9.1% |
|  Collateralized Loan Obligations  | 7.9% |
|  Commercial Mortgage-Backed Securities - U.S. Government Agency  | 7.1% |
|  Commercial Mortgage-Backed Securities  | 4.5% |
|  Money Market Funds  | 2.1% |
|  Commercial Real Estate  | 0.8% |
|  Cash & Other  | -2.9% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers (% of net** **assets)** |  |
|  Federal Home Loan Mortgage Corp.  | 10.1% |
|  Federal National Mortgage Association  | 5.9% |
|  JP Morgan Mortgage Trust  | 4.5% |
|  Saluda Grade Mortgage Funding LLC  | 4.5% |
|  GS Mortgage-Backed Securities Trust  | 3.7% |
|  Helios Loan Funding Trust  | 2.8% |
|  Credit Suisse Mortgage Capital Certificates  | 2.7% |
|  Exeter Automobile Receivables Trust  | 2.2% |
|  First American Government Obligations Fund  | 2.1% |
|  Ellington Financial Mortgage Trust  | 1.9% |

---

---

| | |
|:---|:---|
| **Credit Ratings Breakdown (%** **of net assets)** **\*** |  |
|  AAA  | 5.8% |
|  AA  | 21.1% |
|  A  | 5.3% |
|  BBB  | 13.5% |
|  BB  | 20.7% |
|  B  | 6.0% |
|  CCC  | 2.3% |
|  CC  | 0.2% |
|  NR  | 25.1% |

---

\* Ratings provided by nationally recognized statistical rating organizations. Ratings are expressed as letters ranging from AAA, the highest grade, to D, the lowest grade. The adviser uses the highest rating if securities are rated differently and uses nonrated when no formal rating is issued.

Angel Oak Multi-Strategy Income Fund PAGE 2 TSR-AR-03463K307

------

**Material Fund Changes:**

On October 1, 2025, Brookfield Asset Management Ltd. acquired a majority of Angel Oak Companies, LP, the parent of Angel Oak Asset Management Holdings, LLC, itself the parent of Angel Oak Capital Advisors, LLC ("Angel Oak"), the investment adviser of the Fund (the "Transaction"). Although the Transaction did not result in any material change in the day-to-day management of the Fund, it resulted in a change of control of Angel Oak (the "Change of Control"). Consistent with applicable requirements under the Investment Company Act of 1940, as amended (the "1940 Act"), the previous investment advisory agreement between Angel Oak and the Trust, on behalf of the Fund, automatically terminated due to its "assignment" (as defined in the 1940 Act) caused by the Change of Control and was replaced by a new investment advisory agreement between Angel Oak and the Trust, on behalf of the Fund, which was approved by the Board of Trustees and shareholders as required.

This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by May 31, 2026, at

https://angeloakcapital.com/resources/ or upon request at 1-855-751-4324.

---

| | |
|:---|:---|
| ![image](img89944_k20250128200686.jpg) | **AVAILABILITY OF ADDITIONAL INFORMATION** |
| ![image](img89944_k20250128200686.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://angeloakcapital.com/resources/. |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Angel Oak Capital Advisors, LLC documents not be householded, please contact Angel Oak Capital Advisors, LLC at 1-855-751-4324, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Angel Oak Capital Advisors, LLC or your financial intermediary.

Angel Oak Multi-Strategy Income Fund PAGE 3 TSR-AR-03463K307

------

---

| | | |
|:---|:---|:---|
| ![image](img89944_k20250128200686.jpg) | **Angel Oak Multi-Strategy Income Fund**  | ![image](img89943_202501282005515.jpg) |
| ![image](img89944_k20250128200686.jpg) | Class C \| ANGCX  | ![image](img89943_202501282005515.jpg) |
| ![image](img89944_k20250128200686.jpg) | Annual Shareholder Report \| January 31, 2026  | ![image](img89943_202501282005515.jpg) |

---

This annual shareholder report contains important information about the Angel Oak Multi-Strategy Income Fund (the Fund) for the period of February 1, 2025, to January 31, 2026. You can find additional information about the Fund at

https://angeloakcapital.com/resources/. You can also request this information by contacting us at 1-855-751-4324.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class C | $239 | 2.31% |

---

**HOW DID THE FUND PERFORM DURING THE PERIOD?**

The Fund's Class C shares returned 6.62%, without sales charges, for the 12-month period ending January 31, 2026. The Fund underperformed the Bloomberg U.S. Aggregate Bond Index, its benchmark, by 23 basis points, as the benchmark returned 6.85% over the same period.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

The Fund benefited from higher current income and spread outperformance across its credit allocations, particularly in non-agency residential mortgage-backed securities (RMBS) and asset-backed securities (ABS). The Fund's shorter interest rate duration relative to the benchmark was the primary detractor.

**HOW WAS THE FUND POSITIONED DURING THE PERIOD?**

The Fund reduced its exposure to agency RMBS following spread compression and reallocated assets to agency commercial mortgage-backed securities and ABS. The Fund also decreased its allocation to non-agency RMBS while increasing its exposure to corporate credit to enhance overall portfolio diversification.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Non-agency RMBS; ABS |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Interest rate duration positioning |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\*** (as of January 31, 2026)

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

Angel Oak Multi-Strategy Income Fund PAGE 1 TSR-AR-03463K505

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6740img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C (without sales charge)**  | 6.62 | 1.09 | 1.89 |
| **Class C (with maximum 1.00% deferred sales charge)**  | 5.62 | 1.09 | 1.89 |
| **Bloomberg U.S. Aggregate Bond Index**  | 6.85 | -0.20 | 1.88 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** **Visit** **https://angeloakcapital.com/investments/** **for more recent performance information.**

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $2642516733 | **Effective Duration** | 4.23 years |
| **Number of Holdings** | 1068 | **30-Day SEC Yield (Class C)** | 5.24% |
| **Net Advisory Fee** | $24195486 | **30-Day SEC Yield Unsubsidized (Class C)** | 5.24% |
| **Portfolio Turnover** | 75% | **Weighted Average Life** | 5.90 years |
| **Average Credit Quality** | BBB | **Distribution Yield (Class C)** | 3.48% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Top Security Types (% of net** **assets)** |  |
|  Residential Mortgage-Backed Securities  | 48.8% |
|  Asset-Backed Securities  | 13.4% |
|  Residential Mortgage-Backed Securities - U.S. Government Agency  | 9.2% |
|  Corporate Obligations  | 9.1% |
|  Collateralized Loan Obligations  | 7.9% |
|  Commercial Mortgage-Backed Securities - U.S. Government Agency  | 7.1% |
|  Commercial Mortgage-Backed Securities  | 4.5% |
|  Money Market Funds  | 2.1% |
|  Commercial Real Estate  | 0.8% |
|  Cash & Other  | -2.9% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers (% of net** **assets)** |  |
|  Federal Home Loan Mortgage Corp.  | 10.1% |
|  Federal National Mortgage Association  | 5.9% |
|  JP Morgan Mortgage Trust  | 4.5% |
|  Saluda Grade Mortgage Funding LLC  | 4.5% |
|  GS Mortgage-Backed Securities Trust  | 3.7% |
|  Helios Loan Funding Trust  | 2.8% |
|  Credit Suisse Mortgage Capital Certificates  | 2.7% |
|  Exeter Automobile Receivables Trust  | 2.2% |
|  First American Government Obligations Fund  | 2.1% |
|  Ellington Financial Mortgage Trust  | 1.9% |

---

---

| | |
|:---|:---|
| **Credit Ratings Breakdown (%** **of net assets)** **\*** |  |
|  AAA  | 5.8% |
|  AA  | 21.1% |
|  A  | 5.3% |
|  BBB  | 13.5% |
|  BB  | 20.7% |
|  B  | 6.0% |
|  CCC  | 2.3% |
|  CC  | 0.2% |
|  NR  | 25.1% |

---

\* Ratings provided by nationally recognized statistical rating organizations. Ratings are expressed as letters ranging from AAA, the highest grade, to D, the lowest grade. The adviser uses the highest rating if securities are rated differently and uses nonrated when no formal rating is issued.

Angel Oak Multi-Strategy Income Fund PAGE 2 TSR-AR-03463K505

------

**Material Fund Changes:**

On October 1, 2025, Brookfield Asset Management Ltd. acquired a majority of Angel Oak Companies, LP, the parent of Angel Oak Asset Management Holdings, LLC, itself the parent of Angel Oak Capital Advisors, LLC ("Angel Oak"), the investment adviser of the Fund (the "Transaction"). Although the Transaction did not result in any material change in the day-to-day management of the Fund, it resulted in a change of control of Angel Oak (the "Change of Control"). Consistent with applicable requirements under the Investment Company Act of 1940, as amended (the "1940 Act"), the previous investment advisory agreement between Angel Oak and the Trust, on behalf of the Fund, automatically terminated due to its "assignment" (as defined in the 1940 Act) caused by the Change of Control and was replaced by a new investment advisory agreement between Angel Oak and the Trust, on behalf of the Fund, which was approved by the Board of Trustees and shareholders as required.

This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by May 31, 2026, at

https://angeloakcapital.com/resources/ or upon request at 1-855-751-4324.

---

| | |
|:---|:---|
| ![image](img89944_k20250128200686.jpg) | **AVAILABILITY OF ADDITIONAL INFORMATION** |
| ![image](img89944_k20250128200686.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://angeloakcapital.com/resources/. |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Angel Oak Capital Advisors, LLC documents not be householded, please contact Angel Oak Capital Advisors, LLC at 1-855-751-4324, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Angel Oak Capital Advisors, LLC or your financial intermediary.

Angel Oak Multi-Strategy Income Fund PAGE 3 TSR-AR-03463K505

------

---

| | | |
|:---|:---|:---|
| ![image](img89944_k20250128200686.jpg) | **Angel Oak Multi-Strategy Income Fund**  | ![image](img89943_202501282005515.jpg) |
| ![image](img89944_k20250128200686.jpg) | Institutional Class \| ANGIX  | ![image](img89943_202501282005515.jpg) |
| ![image](img89944_k20250128200686.jpg) | Annual Shareholder Report \| January 31, 2026  | ![image](img89943_202501282005515.jpg) |

---

This annual shareholder report contains important information about the Angel Oak Multi-Strategy Income Fund (the Fund) for the period of February 1, 2025, to January 31, 2026. You can find additional information about the Fund at

https://angeloakcapital.com/resources/. You can also request this information by contacting us at 1-855-751-4324.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class | $136 | 1.31% |

---

**HOW DID THE FUND PERFORM DURING THE PERIOD?**

The Fund's Institutional Class shares returned 7.85% for the 12-month period ending January 31, 2026. The Fund outperformed the Bloomberg U.S. Aggregate Bond Index, its benchmark, by 100 basis points, as the benchmark returned 6.85% over the same period.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

The Fund benefited from higher current income and spread outperformance across its credit allocations, particularly in non-agency residential mortgage-backed securities (RMBS) and asset-backed securities (ABS). The Fund's shorter interest rate duration relative to the benchmark was the primary detractor.

**HOW WAS THE FUND POSITIONED DURING THE PERIOD?**

The Fund reduced its exposure to agency RMBS following spread compression and reallocated assets to agency commercial mortgage-backed securities and ABS. The Fund also decreased its allocation to non-agency RMBS while increasing its exposure to corporate credit to enhance overall portfolio diversification.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Non-agency RMBS; ABS |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Interest rate duration positioning |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\*** (as of January 31, 2026)

The $500,000 chart reflects a hypothetical $500,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Angel Oak Multi-Strategy Income Fund PAGE 1 TSR-AR-03463K406

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $500,000)

![image](ts6741img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional Class**  | 7.85 | 2.14 | 2.92 |
| **Bloomberg U.S. Aggregate Bond Index**  | 6.85 | -0.20 | 1.88 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** **Visit** **https://angeloakcapital.com/investments/** **for more recent performance information.**

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $2642516733 | **Effective Duration** | 4.23 years |
| **Number of Holdings** | 1068 | **30-Day SEC Yield (Institutional Class)** | 6.25% |
| **Net Advisory Fee** | $24195486 | **30-Day SEC Yield Unsubsidized** **(Institutional Class)** | 6.25% |
| **Portfolio Turnover** | 75% | **Weighted Average Life** | 5.90 years |
| **Average Credit Quality** | BBB | **Distribution Yield (Institutional Class)** | 4.43% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Top Security Types (% of net** **assets)** |  |
|  Residential Mortgage-Backed Securities  | 48.8% |
|  Asset-Backed Securities  | 13.4% |
|  Residential Mortgage-Backed Securities - U.S. Government Agency  | 9.2% |
|  Corporate Obligations  | 9.1% |
|  Collateralized Loan Obligations  | 7.9% |
|  Commercial Mortgage-Backed Securities - U.S. Government Agency  | 7.1% |
|  Commercial Mortgage-Backed Securities  | 4.5% |
|  Money Market Funds  | 2.1% |
|  Commercial Real Estate  | 0.8% |
|  Cash & Other  | -2.9% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers (% of net** **assets)** |  |
|  Federal Home Loan Mortgage Corp.  | 10.1% |
|  Federal National Mortgage Association  | 5.9% |
|  JP Morgan Mortgage Trust  | 4.5% |
|  Saluda Grade Mortgage Funding LLC  | 4.5% |
|  GS Mortgage-Backed Securities Trust  | 3.7% |
|  Helios Loan Funding Trust  | 2.8% |
|  Credit Suisse Mortgage Capital Certificates  | 2.7% |
|  Exeter Automobile Receivables Trust  | 2.2% |
|  First American Government Obligations Fund  | 2.1% |
|  Ellington Financial Mortgage Trust  | 1.9% |

---

---

| | |
|:---|:---|
| **Credit Ratings Breakdown (%** **of net assets)** **\*** |  |
|  AAA  | 5.8% |
|  AA  | 21.1% |
|  A  | 5.3% |
|  BBB  | 13.5% |
|  BB  | 20.7% |
|  B  | 6.0% |
|  CCC  | 2.3% |
|  CC  | 0.2% |
|  NR  | 25.1% |

---

\* Ratings provided by nationally recognized statistical rating organizations. Ratings are expressed as letters ranging from AAA, the highest grade, to D, the lowest grade. The adviser uses the highest rating if securities are rated differently and uses nonrated when no formal rating is issued.

Angel Oak Multi-Strategy Income Fund PAGE 2 TSR-AR-03463K406

------

**Material Fund Changes:**

On October 1, 2025, Brookfield Asset Management Ltd. acquired a majority of Angel Oak Companies, LP, the parent of Angel Oak Asset Management Holdings, LLC, itself the parent of Angel Oak Capital Advisors, LLC ("Angel Oak"), the investment adviser of the Fund (the "Transaction"). Although the Transaction did not result in any material change in the day-to-day management of the Fund, it resulted in a change of control of Angel Oak (the "Change of Control"). Consistent with applicable requirements under the Investment Company Act of 1940, as amended (the "1940 Act"), the previous investment advisory agreement between Angel Oak and the Trust, on behalf of the Fund, automatically terminated due to its "assignment" (as defined in the 1940 Act) caused by the Change of Control and was replaced by a new investment advisory agreement between Angel Oak and the Trust, on behalf of the Fund, which was approved by the Board of Trustees and shareholders as required.

This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by May 31, 2026, at

https://angeloakcapital.com/resources/ or upon request at 1-855-751-4324.

---

| | |
|:---|:---|
| ![image](img89944_k20250128200686.jpg) | **AVAILABILITY OF ADDITIONAL INFORMATION** |
| ![image](img89944_k20250128200686.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://angeloakcapital.com/resources/. |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Angel Oak Capital Advisors, LLC documents not be householded, please contact Angel Oak Capital Advisors, LLC at 1-855-751-4324, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Angel Oak Capital Advisors, LLC or your financial intermediary.

Angel Oak Multi-Strategy Income Fund PAGE 3 TSR-AR-03463K406

------

---

| | | |
|:---|:---|:---|
| ![image](img89944_k20250128200686.jpg) | **Angel Oak UltraShort Income Fund**  | ![image](img89943_202501282005515.jpg) |
| ![image](img89944_k20250128200686.jpg) | Class A \| AOUAX  | ![image](img89943_202501282005515.jpg) |
| ![image](img89944_k20250128200686.jpg) | Annual Shareholder Report \| January 31, 2026  | ![image](img89943_202501282005515.jpg) |

---

This annual shareholder report contains important information about the Angel Oak UltraShort Income Fund (the Fund) for the period of February 1, 2025, to January 31, 2026. You can find additional information about the Fund at

https://angeloakcapital.com/resources/. You can also request this information by contacting us at 1-855-751-4324.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $62 | 0.60% |

---

**HOW DID THE FUND PERFORM DURING THE PERIOD?**

The Fund's Class A shares returned 5.13% for the 12-month period ending January 31, 2026. The Fund outperformed the Bloomberg Short Treasury: 9-12 Months Index and Bloomberg Short-Term Government/Corporate Index, its performance benchmarks, by 81 basis points (bps) and 76 bps, respectively, as the performance benchmarks returned 4.32% and 4.37%, respectively.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

The Fund outperformed both performance benchmarks, driven by overweight allocations to investment-grade (IG) corporate bonds, asset-backed securities (ABS), non-agency residential mortgage-backed securities, and collateralized loan obligations (CLOs). Higher income, stronger yields, and credit rating upgrades across these sectors further supported relative performance. Duration positioning also contributed as short-term Treasury yields declined.

**HOW WAS THE FUND POSITIONED DURING THE PERIOD?**

The Fund maintained an overweight to securitized credit, increasing allocations to IG corporate bonds, agency commercial mortgage-backed securities, and CLOs while reducing exposure to ABS. Overall, the Fund increased diversification, credit quality, and liquidity during the period.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | High income relative to performance benchmarks; IG securitized credit |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Cash and government allocations with lower yield versus credit sectors |

---

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\*** (as of January 31, 2026)

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

Angel Oak UltraShort Income Fund PAGE 1 TSR-AR-03463K844

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6743img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(04/30/2018)** |
| **Class A**  | 5.13 | 3.08 | 2.96 |
| **Bloomberg U.S. Aggregate Bond Index**  | 6.85 | -0.20 | 2.10 |
| **Bloomberg Short Treasury: 9-12 Months Index**  | 4.32 | 2.83 | 2.61 |
| **Bloomberg Short Term Government/Corporate Index**  | 4.37 | 3.18 | 2.76 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** **Visit** **https://angeloakcapital.com/investments/** **for more recent performance information.**

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $805130948 | **Effective Duration** | 0.86 years |
| **Number of Holdings** | 460 | **30-Day SEC Yield (Class A)** | 4.14% |
| **Net Advisory Fee** | $1593074 | **30-Day SEC Yield Unsubsidized (Class A)** | 3.92% |
| **Portfolio Turnover** | 76% | **Weighted Average Life** | 1.59 years |
| **Average Credit Quality** | A | **Distribution Yield (Class A)** | 3.64% |

---

Angel Oak UltraShort Income Fund PAGE 2 TSR-AR-03463K844

------

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Top Security Types (% of net** **assets)** |  |
|  Corporate Obligations  | 23.8% |
|  Asset-Backed Securities  | 21.8% |
|  Commercial Mortgage-Backed Securities - U.S. Government Agency  | 20.5% |
|  Collateralized Loan Obligations  | 14.6% |
|  Residential Mortgage-Backed Securities  | 14.4% |
|  Money Market Funds  | 2.7% |
|  Commercial Mortgage-Backed Securities  | 2.4% |
|  U.S. Treasury Bills  | 1.0% |
|  Residential Mortgage-Backed Securities - U.S. Government Agency Credit Risk Transfer  | 0.7% |
|  Cash & Other  | -1.9% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers (% of net** **assets)** |  |
|  Federal Home Loan Mortgage Corp.  | 18.7% |
|  Pagaya AI Debt Selection Trust  | 7.9% |
|  First American Government Obligations Fund  | 2.7% |
|  Federal National Mortgage Association  | 2.5% |
|  Vista Point Securitization Trust  | 2.2% |
|  Towd Point Mortgage Trust  | 1.4% |
|  GS Mortgage-Backed Securities Trust  | 1.4% |
|  Bain Capital Credit CLO Ltd.  | 1.3% |
|  CIFC Funding Ltd.  | 1.3% |
|  Dryden Senior Loan Fund  | 1.1% |

---

---

| | |
|:---|:---|
| **Credit Ratings Breakdown (%** **of net assets)** **\*** |  |
|  AAA  | 28.3% |
|  AA  | 28.1% |
|  A  | 10.7% |
|  BBB  | 22.8% |
|  BB  | 2.8% |
|  B  | 0.2% |
|  NR  | 7.1% |

---

\* Ratings provided by nationally recognized statistical rating organizations. Ratings are expressed as letters ranging from AAA, the highest grade, to D, the lowest grade. The adviser uses the highest rating if securities are rated differently and uses nonrated when no formal rating is issued.

**Material Fund Changes:**

On October 1, 2025, Brookfield Asset Management Ltd. acquired a majority of Angel Oak Companies, LP, the parent of Angel Oak Asset Management Holdings, LLC, itself the parent of Angel Oak Capital Advisors, LLC ("Angel Oak"), the investment adviser of the Fund (the "Transaction"). Although the Transaction did not result in any material change in the day-to-day management of the Fund, it resulted in a change of control of Angel Oak (the "Change of Control"). Consistent with applicable requirements under the Investment Company Act of 1940, as amended (the "1940 Act"), the previous investment advisory agreement between Angel Oak and the Trust, on behalf of the Fund, automatically terminated due to its "assignment" (as defined in the 1940 Act) caused by the Change of Control and was replaced by a new investment advisory agreement between Angel Oak and the Trust, on behalf of the Fund, which was approved by the Board of Trustees and shareholders as required.

This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by May 31, 2026, at

https://angeloakcapital.com/resources/ or upon request at 1-855-751-4324.

---

| | |
|:---|:---|
| ![image](img89944_k20250128200686.jpg) | **AVAILABILITY OF ADDITIONAL INFORMATION** |
| ![image](img89944_k20250128200686.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://angeloakcapital.com/resources/. |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Angel Oak Capital Advisors, LLC documents not be householded, please contact Angel Oak Capital Advisors, LLC at 1-855-751-4324, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Angel Oak Capital Advisors, LLC or your financial intermediary.

Angel Oak UltraShort Income Fund PAGE 3 TSR-AR-03463K844

------

---

| | | |
|:---|:---|:---|
| ![image](img89944_k20250128200686.jpg) | **Angel Oak UltraShort Income Fund**  | ![image](img89943_202501282005515.jpg) |
| ![image](img89944_k20250128200686.jpg) | Class A1 \| AOUNX  | ![image](img89943_202501282005515.jpg) |
| ![image](img89944_k20250128200686.jpg) | Annual Shareholder Report \| January 31, 2026  | ![image](img89943_202501282005515.jpg) |

---

This annual shareholder report contains important information about the Angel Oak UltraShort Income Fund (the Fund) for the period of February 1, 2025, to January 31, 2026. You can find additional information about the Fund at

https://angeloakcapital.com/resources/. You can also request this information by contacting us at 1-855-751-4324.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A1 | $62 | 0.60% |

---

**HOW DID THE FUND PERFORM DURING THE PERIOD?**

The Fund's Class A1 shares returned 5.14%, without sales charges, for the 12-month period ending January 31, 2026. The Fund outperformed the Bloomberg Short Treasury: 9-12 Months Index and Bloomberg Short-Term Government/Corporate Index, its performance benchmarks, by 82 basis points (bps) and 77 bps, respectively, as the performance benchmarks returned 4.32% and 4.37%, respectively.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

The Fund outperformed both performance benchmarks, driven by overweight allocations to investment-grade (IG) corporate bonds, asset-backed securities (ABS), non-agency residential mortgage-backed securities, and collateralized loan obligations (CLOs). Higher income, stronger yields, and credit rating upgrades across these sectors further supported relative performance. Duration positioning also contributed as short-term Treasury yields declined.

**HOW WAS THE FUND POSITIONED DURING THE PERIOD?**

The Fund maintained an overweight to securitized credit, increasing allocations to IG corporate bonds, agency commercial mortgage-backed securities, and CLOs while reducing exposure to ABS. Overall, the Fund increased diversification, credit quality, and liquidity during the period.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | High income relative to performance benchmarks; IG securitized credit |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Cash and government allocations with lower yield versus credit sectors |

---

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\*** (as of January 31, 2026)

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

Angel Oak UltraShort Income Fund PAGE 1 TSR-AR-03463K778

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6742img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(07/22/2022)** |
| **Class A1 (without sales charge)**  | 5.14 | 4.95 |
| **Class A1 (with maximum 1.50% sales charge)**  | 3.07 | 4.50 |
| **Bloomberg U.S. Aggregate Bond Index**  | 6.85 | 2.58 |
| **Bloomberg Short Treasury: 9-12 Months Index**  | 4.32 | 4.31 |
| **Bloomberg Short Term Government/Corporate Index**  | 4.37 | 4.60 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** **Visit** **https://angeloakcapital.com/investments/** **for more recent performance information.**

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $805130948 | **Effective Duration** | 0.86 years |
| **Number of Holdings** | 460 | **30-Day SEC Yield (Class A1)** | 4.15% |
| **Net Advisory Fee** | $1593074 | **30-Day SEC Yield Unsubsidized (Class A1)** | 3.94% |
| **Portfolio Turnover** | 76% | **Weighted Average Life** | 1.59 years |
| **Average Credit Quality** | A | **Distribution Yield (Class A1)** | 3.65% |

---

Angel Oak UltraShort Income Fund PAGE 2 TSR-AR-03463K778

------

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Top Security Types (% of net** **assets)** |  |
|  Corporate Obligations  | 23.8% |
|  Asset-Backed Securities  | 21.8% |
|  Commercial Mortgage-Backed Securities - U.S. Government Agency  | 20.5% |
|  Collateralized Loan Obligations  | 14.6% |
|  Residential Mortgage-Backed Securities  | 14.4% |
|  Money Market Funds  | 2.7% |
|  Commercial Mortgage-Backed Securities  | 2.4% |
|  U.S. Treasury Bills  | 1.0% |
|  Residential Mortgage-Backed Securities - U.S. Government Agency Credit Risk Transfer  | 0.7% |
|  Cash & Other  | -1.9% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers (% of net** **assets)** |  |
|  Federal Home Loan Mortgage Corp.  | 18.7% |
|  Pagaya AI Debt Selection Trust  | 7.9% |
|  First American Government Obligations Fund  | 2.7% |
|  Federal National Mortgage Association  | 2.5% |
|  Vista Point Securitization Trust  | 2.2% |
|  Towd Point Mortgage Trust  | 1.4% |
|  GS Mortgage-Backed Securities Trust  | 1.4% |
|  Bain Capital Credit CLO Ltd.  | 1.3% |
|  CIFC Funding Ltd.  | 1.3% |
|  Dryden Senior Loan Fund  | 1.1% |

---

---

| | |
|:---|:---|
| **Credit Ratings Breakdown (%** **of net assets)** **\*** |  |
|  AAA  | 28.3% |
|  AA  | 28.1% |
|  A  | 10.7% |
|  BBB  | 22.8% |
|  BB  | 2.8% |
|  B  | 0.2% |
|  NR  | 7.1% |

---

\* Ratings provided by nationally recognized statistical rating organizations. Ratings are expressed as letters ranging from AAA, the highest grade, to D, the lowest grade. The adviser uses the highest rating if securities are rated differently and uses nonrated when no formal rating is issued.

**Material Fund Changes:**

On October 1, 2025, Brookfield Asset Management Ltd. acquired a majority of Angel Oak Companies, LP, the parent of Angel Oak Asset Management Holdings, LLC, itself the parent of Angel Oak Capital Advisors, LLC ("Angel Oak"), the investment adviser of the Fund (the "Transaction"). Although the Transaction did not result in any material change in the day-to-day management of the Fund, it resulted in a change of control of Angel Oak (the "Change of Control"). Consistent with applicable requirements under the Investment Company Act of 1940, as amended (the "1940 Act"), the previous investment advisory agreement between Angel Oak and the Trust, on behalf of the Fund, automatically terminated due to its "assignment" (as defined in the 1940 Act) caused by the Change of Control and was replaced by a new investment advisory agreement between Angel Oak and the Trust, on behalf of the Fund, which was approved by the Board of Trustees and shareholders as required.

This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by May 31, 2026, at

https://angeloakcapital.com/resources/ or upon request at 1-855-751-4324.

---

| | |
|:---|:---|
| ![image](img89944_k20250128200686.jpg) | **AVAILABILITY OF ADDITIONAL INFORMATION** |
| ![image](img89944_k20250128200686.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://angeloakcapital.com/resources/. |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Angel Oak Capital Advisors, LLC documents not be householded, please contact Angel Oak Capital Advisors, LLC at 1-855-751-4324, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Angel Oak Capital Advisors, LLC or your financial intermediary.

Angel Oak UltraShort Income Fund PAGE 3 TSR-AR-03463K778

------

---

| | | |
|:---|:---|:---|
| ![image](img89944_k20250128200686.jpg) | **Angel Oak UltraShort Income Fund**  | ![image](img89943_202501282005515.jpg) |
| ![image](img89944_k20250128200686.jpg) | Institutional Class \| AOUIX  | ![image](img89943_202501282005515.jpg) |
| ![image](img89944_k20250128200686.jpg) | Annual Shareholder Report \| January 31, 2026  | ![image](img89943_202501282005515.jpg) |

---

This annual shareholder report contains important information about the Angel Oak UltraShort Income Fund (the Fund) for the period of February 1, 2025, to January 31, 2026. You can find additional information about the Fund at

https://angeloakcapital.com/resources/. You can also request this information by contacting us at 1-855-751-4324.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class | $36 | 0.35% |

---

**HOW DID THE FUND PERFORM DURING THE PERIOD?**

The Fund's Institutional Class shares returned 5.39% for the 12-month period ending January 31, 2026. The Fund outperformed the Bloomberg Short Treasury: 9-12 Months Index and Bloomberg Short-Term Government/Corporate Index, its performance benchmarks, by 107 basis points (bps) and 102 bps, respectively, as the performance benchmarks returned 4.32% and 4.37%, respectively.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

The Fund outperformed both performance benchmarks, driven by overweight allocations to investment-grade (IG) corporate bonds, asset-backed securities (ABS), non-agency residential mortgage-backed securities, and collateralized loan obligations (CLOs). Higher income, stronger yields, and credit rating upgrades across these sectors further supported relative performance. Duration positioning also contributed as short-term Treasury yields declined.

**HOW WAS THE FUND POSITIONED DURING THE PERIOD?**

The Fund maintained an overweight to securitized credit, increasing allocations to IG corporate bonds, agency commercial mortgage-backed securities, and CLOs while reducing exposure to ABS. Overall, the Fund increased diversification, credit quality, and liquidity during the period.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | High income relative to performance benchmarks; IG securitized credit |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Cash and government allocations with lower yield versus credit sectors |

---

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\*** (as of January 31, 2026)

The $500,000 chart reflects a hypothetical $500,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Angel Oak UltraShort Income Fund PAGE 1 TSR-AR-03463K828

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $500,000)

![image](ts6744img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(04/02/2018)** |
| **Institutional Class**  | 5.39 | 3.33 | 3.23 |
| **Bloomberg U.S. Aggregate Bond Index**  | 6.85 | -0.20 | 1.97 |
| **Bloomberg Short Treasury: 9-12 Months Index**  | 4.32 | 2.83 | 2.60 |
| **Bloomberg Short Term Government/Corporate Index**  | 4.37 | 3.18 | 2.75 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** **Visit** **https://angeloakcapital.com/investments/** **for more recent performance information.**

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $805130948 | **Effective Duration** | 0.86 years |
| **Number of Holdings** | 460 | **30-Day SEC Yield (Institutional Class)** | 4.49% |
| **Net Advisory Fee** | $1593074 | **30-Day SEC Yield Unsubsidized** **(Institutional Class)** | 4.26% |
| **Portfolio Turnover** | 76% | **Weighted Average Life** | 1.59 years |
| **Average Credit Quality** | A | **Distribution Yield (Institutional Class)** | 3.88% |

---

Angel Oak UltraShort Income Fund PAGE 2 TSR-AR-03463K828

------

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Top Security Types (% of net** **assets)** |  |
|  Corporate Obligations  | 23.8% |
|  Asset-Backed Securities  | 21.8% |
|  Commercial Mortgage-Backed Securities - U.S. Government Agency  | 20.5% |
|  Collateralized Loan Obligations  | 14.6% |
|  Residential Mortgage-Backed Securities  | 14.4% |
|  Money Market Funds  | 2.7% |
|  Commercial Mortgage-Backed Securities  | 2.4% |
|  U.S. Treasury Bills  | 1.0% |
|  Residential Mortgage-Backed Securities - U.S. Government Agency Credit Risk Transfer  | 0.7% |
|  Cash & Other  | -1.9% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers (% of net** **assets)** |  |
|  Federal Home Loan Mortgage Corp.  | 18.7% |
|  Pagaya AI Debt Selection Trust  | 7.9% |
|  First American Government Obligations Fund  | 2.7% |
|  Federal National Mortgage Association  | 2.5% |
|  Vista Point Securitization Trust  | 2.2% |
|  Towd Point Mortgage Trust  | 1.4% |
|  GS Mortgage-Backed Securities Trust  | 1.4% |
|  Bain Capital Credit CLO Ltd.  | 1.3% |
|  CIFC Funding Ltd.  | 1.3% |
|  Dryden Senior Loan Fund  | 1.1% |

---

---

| | |
|:---|:---|
| **Credit Ratings Breakdown (%** **of net assets)** **\*** |  |
|  AAA  | 28.3% |
|  AA  | 28.1% |
|  A  | 10.7% |
|  BBB  | 22.8% |
|  BB  | 2.8% |
|  B  | 0.2% |
|  NR  | 7.1% |

---

\* Ratings provided by nationally recognized statistical rating organizations. Ratings are expressed as letters ranging from AAA, the highest grade, to D, the lowest grade. The adviser uses the highest rating if securities are rated differently and uses nonrated when no formal rating is issued.

**Material Fund Changes:**

On October 1, 2025, Brookfield Asset Management Ltd. acquired a majority of Angel Oak Companies, LP, the parent of Angel Oak Asset Management Holdings, LLC, itself the parent of Angel Oak Capital Advisors, LLC ("Angel Oak"), the investment adviser of the Fund (the "Transaction"). Although the Transaction did not result in any material change in the day-to-day management of the Fund, it resulted in a change of control of Angel Oak (the "Change of Control"). Consistent with applicable requirements under the Investment Company Act of 1940, as amended (the "1940 Act"), the previous investment advisory agreement between Angel Oak and the Trust, on behalf of the Fund, automatically terminated due to its "assignment" (as defined in the 1940 Act) caused by the Change of Control and was replaced by a new investment advisory agreement between Angel Oak and the Trust, on behalf of the Fund, which was approved by the Board of Trustees and shareholders as required.

This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by May 31, 2026, at

https://angeloakcapital.com/resources/ or upon request at 1-855-751-4324.

---

| | |
|:---|:---|
| ![image](img89944_k20250128200686.jpg) | **AVAILABILITY OF ADDITIONAL INFORMATION** |
| ![image](img89944_k20250128200686.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://angeloakcapital.com/resources/. |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Angel Oak Capital Advisors, LLC documents not be householded, please contact Angel Oak Capital Advisors, LLC at 1-855-751-4324, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Angel Oak Capital Advisors, LLC or your financial intermediary.

Angel Oak UltraShort Income Fund PAGE 3 TSR-AR-03463K828

------

---

| | | |
|:---|:---|:---|
| ![image](img89944_k20250128200686.jpg) | **Angel Oak High Yield Opportunities ETF**  | ![image](img89943_202501282005515.jpg) |
| ![image](img89944_k20250128200686.jpg) | AOHY (Principal U.S. Listing Exchange: Nasdaq Stock Market LLC) | ![image](img89943_202501282005515.jpg) |
| ![image](img89944_k20250128200686.jpg) | Annual Shareholder Report \| January 31, 2026  | ![image](img89943_202501282005515.jpg) |

---

This annual shareholder report contains important information about the Angel Oak High Yield Opportunities ETF (the Fund) for the period of February 1, 2025, to January 31, 2026. You can find additional information about the Fund at

https://angeloakcapital.com/resources/. You can also request this information by contacting us at 1-855-751-4324.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Angel Oak High Yield Opportunities ETF | $57 | 0.55% |

---

**HOW DID THE FUND PERFORM DURING THE PERIOD?**

The Fund returned 7.14% based on net asset value (NAV) for the 12-month period ending January 31, 2026. The Fund underperformed the Bloomberg U.S. Corporate High Yield Index, its performance benchmark, by 56 basis points based on NAV, as the performance benchmark returned 7.70% over the same period.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

The Fund's underperformance relative to its performance benchmark was driven primarily by the drag from its cash allocation during the period. The high-yield (HY) corporate bond allocation returned 7.71%, in line with the performance benchmark. Performance within the Fund's securitized credit allocation—an out-of-index exposure—was mixed: non-agency residential mortgage-backed securities (RMBS) contributed positively while asset-backed securities (ABS) detracted.

**HOW WAS THE FUND POSITIONED DURING THE PERIOD?**

The Fund reduced its allocation to non-agency RMBS following its strong performance while making only a modest reduction to the ABS allocation. At the same time, the HY corporate bond allocation increased substantially as the Fund rotated exposure from RMBS into corporate bonds.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Overweight to HY securitized credit, non-agency RMBS, and HY corporate bond selection |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Cash drag, ABS strategies |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\*** (as of January 31, 2026)

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Angel Oak High Yield Opportunities ETF PAGE 1 TSR-AR-03463K745

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6736img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Angel Oak High Yield Opportunities ETF NAV**  | 7.14 | 5.22 | 6.83 |
| **Bloomberg U.S. Aggregate Bond Index**  | 6.85 | -0.20 | 1.88 |
| **Bloomberg U.S. Corporate High Yield Index**  | 7.70 | 4.54 | 6.75 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** **Visit** **https://angeloakcapital.com/investments/** **for more recent performance information.**

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $122734929 | **Effective Duration** | 3.13 years |
| **Number of Holdings** | 201 | **30-Day SEC Yield** | 6.51% |
| **Net Advisory Fee** | $665361 | **30-Day SEC Yield Unsubsidized** | 6.51% |
| **Portfolio Turnover** | 58% | **Weighted Average Life** | 3.56 years |
| **Average Credit Quality** | BB | **Distribution Yield** | 5.33% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Top Sectors (% of net assets)** |  |
|  Financial  | 20.4% |
|  Energy  | 14.1% |
|  Consumer, Non-cyclical  | 13.3% |
|  Industrial  | 12.4% |
|  Consumer, Cyclical  | 10.6% |
|  Basic Materials  | 7.8% |
|  Communications  | 5.4% |
|  Mortgage Securities  | 4.2% |
|  Asset-Backed Securities  | 3.7% |
|  Cash & Other  | 8.1% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers (% of net** **assets)** |  |
|  iShares Broad USD High Yield Corporate Bond ETF  | 3.3% |
|  Venture Global LNG, Inc.  | 2.1% |
|  Freedom Mortgage Holdings LLC  | 1.8% |
|  Phoenix Aviation Capital Ltd.  | 1.5% |
|  First Quantum Minerals Ltd.  | 1.4% |
|  goeasy Ltd.  | 1.3% |
|  CVR Energy, Inc.  | 1.1% |
|  Caesars Entertainment, Inc.  | 1.0% |
|  Directv Financing LLC / Directv Financing Co.-Obligor, Inc.  | 1.0% |
|  GGAM Finance Ltd.  | 1.0% |

---

---

| | |
|:---|:---|
| **Credit Ratings Breakdown (%** **of net assets)** **\*** |  |
|  A  | 0.5% |
|  BBB  | 4.2% |
|  BB  | 54.6% |
|  B  | 33.7% |
|  CCC  | 5.2% |
|  NR  | 1.8% |

---

\* Ratings provided by nationally recognized statistical rating organizations. Ratings are expressed as letters ranging from AAA, the highest grade, to D, the lowest grade. The adviser uses the highest rating if securities are rated differently and uses nonrated when no formal rating is issued.

Angel Oak High Yield Opportunities ETF PAGE 2 TSR-AR-03463K745

------

**Material Fund Changes:**

On October 1, 2025, Brookfield Asset Management Ltd. acquired a majority of Angel Oak Companies, LP, the parent of Angel Oak Asset Management Holdings, LLC, itself the parent of Angel Oak Capital Advisors, LLC ("Angel Oak"), the investment adviser of the Fund (the "Transaction"). Although the Transaction did not result in any material change in the day-to-day management of the Fund, it resulted in a change of control of Angel Oak (the "Change of Control"). Consistent with applicable requirements under the Investment Company Act of 1940, as amended (the "1940 Act"), the previous investment advisory agreement between Angel Oak and the Trust, on behalf of the Fund, automatically terminated due to its "assignment" (as defined in the 1940 Act) caused by the Change of Control and was replaced by a new investment advisory agreement between Angel Oak and the Trust, on behalf of the Fund, which was approved by the Board of Trustees and shareholders as required.

This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by May 31, 2026, at

https://angeloakcapital.com/resources/ or upon request at 1-855-751-4324.

---

| | |
|:---|:---|
| ![image](img89944_k20250128200686.jpg) | **AVAILABILITY OF ADDITIONAL INFORMATION** |
| ![image](img89944_k20250128200686.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://angeloakcapital.com/resources/. |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Angel Oak Capital Advisors, LLC documents not be householded, please contact Angel Oak Capital Advisors, LLC at 1-855-751-4324, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Angel Oak Capital Advisors, LLC or your financial intermediary.

Angel Oak High Yield Opportunities ETF PAGE 3 TSR-AR-03463K745

------

---

| | | |
|:---|:---|:---|
| ![image](img89944_k20250128200686.jpg) | **Angel Oak Mortgage-Backed Securities** **ETF**  | ![image](img89943_202501282005515.jpg) |
| ![image](img89944_k20250128200686.jpg) | MBS (Principal U.S. Listing Exchange: Nasdaq Stock Market LLC) | ![image](img89943_202501282005515.jpg) |
| ![image](img89944_k20250128200686.jpg) | Annual Shareholder Report \| January 31, 2026  | ![image](img89943_202501282005515.jpg) |

---

This annual shareholder report contains important information about the Angel Oak Mortgage-Backed Securities ETF (the Fund) for the period of February 1, 2025, to January 31, 2026. You can find additional information about the Fund at

https://angeloakcapital.com/resources/. You can also request this information by contacting us at 1-855-751-4324.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Angel Oak Mortgage-Backed Securities ETF | $51 | 0.49% |

---

**HOW DID THE FUND PERFORM DURING THE PERIOD?**

The Fund returned 8.41% based on net asset value (NAV) for the 12-month period ending January 31, 2026. The Fund underperformed the Bloomberg U.S. Mortgage-Backed Securities Index, its performance benchmark, by 6 basis points (bps) based on NAV, as the performance benchmark returned 8.47% over the same period.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

The Fund's non-agency residential mortgage-backed securities (RMBS) allocation outperformed the benchmark and contributed positively. Within the agency RMBS allocation, the overweight to intermediate-coupon securities was also a contributor. Duration positioning added further positive impact. The primary detractor relative to the benchmark was cash drag.

**HOW WAS THE FUND POSITIONED DURING THE PERIOD?**

The Fund increased its allocation to non-agency RMBS in response to a strong rally in agency mortgage-backed securities during the latter half of the period. Within non-agency RMBS, the Fund added exposure to discounted non-qualified mortgage (non-QM) tranches and reperforming loans (RPLs). In the agency RMBS allocation, the Fund reduced its exposure to intermediate-coupon securities following their outperformance and shifted toward a more pronounced barbell positioning.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Non-agency RMBS; prime, non-QM, and RPL subsectors of RMBS; and underweight to agency RMBS |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Cash drag |

---

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\*** (as of January 31, 2026)

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Angel Oak Mortgage-Backed Securities ETF PAGE 1 TSR-AR-03463K737

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6738img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(06/04/2021)** |
| **Angel Oak Mortgage-Backed Securities ETF NAV**  | 8.41 | 1.12 |
| **Bloomberg U.S. Aggregate Bond Index**  | 6.85 | 0.10 |
| **Bloomberg U.S. Mortgage-Backed Securities Index**  | 8.47 | 0.40 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** **Visit** **https://angeloakcapital.com/investments/** **for more recent performance information.**

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $168604171 | **Effective Duration** | 6.03 years |
| **Number of Holdings** | 135 | **30-Day SEC Yield** | 4.36% |
| **Net Advisory Fee** | $801938 | **30-Day SEC Yield Unsubsidized** | 4.06% |
| **Portfolio Turnover** | 97% | **Weighted Average Life** | 8.03 years |
| **Average Credit Quality** | AA | **Distribution Yield** | 4.49% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Top Security Types (% of net** **assets)** |  |
|  Residential Mortgage-Backed Securities  | 58.4% |
|  Residential Mortgage-Backed Securities - U.S. Government Agency  | 38.8% |
|  Money Market Funds  | 3.5% |
|  Futures Contracts  | 0.0%\* |
|  Cash & Other  | -0.7% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers (% of net** **assets)** |  |
|  Federal Home Loan Mortgage Corp.  | 21.0% |
|  Federal National Mortgage Association  | 17.7% |
|  FIGRE Trust  | 8.3% |
|  COLT Funding LLC  | 5.7% |
|  JP Morgan Mortgage Trust  | 4.5% |
|  First American Government Obligations Fund  | 3.5% |
|  Pretium Mortgage Credit Partners LLC  | 3.4% |
|  Credit Suisse Mortgage Capital Certificates  | 2.6% |
|  Onslow Bay Mortgage Loan Trust  | 2.6% |
|  Verus Securitization Trust  | 2.6% |

---

---

| | |
|:---|:---|
| **Credit Ratings Breakdown (%** **of net assets)** **\*\*** |  |
|  AAA  | 28.1% |
|  AA  | 50.0% |
|  A  | 5.8% |
|  BBB  | 13.6% |
|  BB  | 1.5% |
|  NR  | 1.0% |

---

\* Represents less than 0.05% of net assets.

\*\* Ratings provided by nationally recognized statistical rating organizations. Ratings are expressed as letters ranging from AAA, the highest grade, to D, the lowest grade. The adviser uses the highest rating if securities are rated differently and uses nonrated when no formal rating is issued.

Angel Oak Mortgage-Backed Securities ETF PAGE 2 TSR-AR-03463K737

------

**Material Fund Changes:**

On October 1, 2025, Brookfield Asset Management Ltd. acquired a majority of Angel Oak Companies, LP, the parent of Angel Oak Asset Management Holdings, LLC, itself the parent of Angel Oak Capital Advisors, LLC ("Angel Oak"), the investment adviser of the Fund (the "Transaction"). Although the Transaction did not result in any material change in the day-to-day management of the Fund, it resulted in a change of control of Angel Oak (the "Change of Control"). Consistent with applicable requirements under the Investment Company Act of 1940, as amended (the "1940 Act"), the previous investment advisory agreement between Angel Oak and the Trust, on behalf of the Fund, automatically terminated due to its "assignment" (as defined in the 1940 Act) caused by the Change of Control and was replaced by a new investment advisory agreement between Angel Oak and the Trust, on behalf of the Fund, which was approved by the Board of Trustees and shareholders as required.

This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by May 31, 2026, at

https://angeloakcapital.com/resources/ or upon request at 1-855-751-4324.

---

| | |
|:---|:---|
| ![image](img89944_k20250128200686.jpg) | **AVAILABILITY OF ADDITIONAL INFORMATION** |
| ![image](img89944_k20250128200686.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://angeloakcapital.com/resources/. |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Angel Oak Capital Advisors, LLC documents not be householded, please contact Angel Oak Capital Advisors, LLC at 1-855-751-4324, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Angel Oak Capital Advisors, LLC or your financial intermediary.

Angel Oak Mortgage-Backed Securities ETF PAGE 3 TSR-AR-03463K737

------

---

| | | |
|:---|:---|:---|
| ![image](img89944_k20250128200686.jpg) | **Angel Oak UltraShort Income ETF**  | ![image](img89943_202501282005515.jpg) |
| ![image](img89944_k20250128200686.jpg) | UYLD (Principal U.S. Listing Exchange: Nasdaq Stock Market LLC) | ![image](img89943_202501282005515.jpg) |
| ![image](img89944_k20250128200686.jpg) | Annual Shareholder Report \| January 31, 2026  | ![image](img89943_202501282005515.jpg) |

---

This annual shareholder report contains important information about the Angel Oak UltraShort Income ETF (the Fund) for the period of February 1, 2025, to January 31, 2026. You can find additional information about the Fund at

https://angeloakcapital.com/resources/. You can also request this information by contacting us at 1-855-751-4324.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Angel Oak UltraShort Income ETF | $35 | 0.34% |

---

**HOW DID THE FUND PERFORM DURING THE PERIOD?**

The Fund returned 5.29% based on net asset value (NAV) for the 12-month period ending January 31, 2026. The Fund outperformed the Bloomberg U.S. Treasury Bills Index, one of its performance benchmarks, by 107 basis points (bps) based on NAV, as the performance benchmark returned 4.22% over the same period. The Fund outperformed the Bloomberg Short-Term Government/Corporate Index, its other performance benchmark, by 92 bps based on NAV, as that performance benchmark returned 4.37% over the same period.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

The Fund outperformed both performance benchmarks, driven by overweight allocations to investment-grade (IG) corporate bonds, asset-backed securities (ABS), non-agency residential mortgage-backed securities (RMBS), and collateralized loan obligations (CLOs). Higher income, stronger yields, and credit rating upgrades across these sectors further supported relative performance. Duration positioning also contributed as short-term Treasury yields declined.

**HOW WAS THE FUND POSITIONED DURING THE PERIOD?**

The Fund maintained an overweight to securitized credit, increasing allocations to IG corporate bonds, agency commercial mortgage-backed securities, and non-agency RMBS while reducing exposure to ABS and CLOs. Overall, the Fund increased diversification, credit quality, and liquidity during the period.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | High income relative to performance benchmarks; IG securitized credit |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Cash and government allocations with lower yield versus credit sectors |

---

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\*** (as of January 31, 2026)

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Angel Oak UltraShort Income ETF PAGE 1 TSR-AR-03463K752

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6745img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(10/24/2022)** |
| **Angel Oak UltraShort Income ETF NAV**  | 5.29 | 6.25 |
| **Bloomberg U.S. Aggregate Bond Index**  | 6.85 | 5.74 |
| **Bloomberg Short Term Government/Corporate Index**  | 4.37 | 4.91 |
| **Bloomberg U.S. Treasury Bills Index**  | 4.22 | 4.82 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** **Visit** **https://angeloakcapital.com/investments/** **for more recent performance information.**

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $1315508946 | **Effective Duration** | 0.82 years |
| **Number of Holdings** | 461 | **30-Day SEC Yield** | 4.57% |
| **Net Advisory Fee** | $3446885 | **30-Day SEC Yield Unsubsidized** | 4.36% |
| **Portfolio Turnover** | 87% | **Weighted Average Life** | 1.69 years |
| **Average Credit Quality** | A | **Distribution Yield** | 3.89% |

---

Angel Oak UltraShort Income ETF PAGE 2 TSR-AR-03463K752

------

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Top Security Types (% of net** **assets)** |  |
|  Corporate Obligations  | 24.2% |
|  Commercial Mortgage-Backed Securities - U.S. Government Agency  | 22.8% |
|  Asset-Backed Securities  | 22.5% |
|  Collateralized Loan Obligations  | 14.4% |
|  Residential Mortgage-Backed Securities  | 12.7% |
|  Money Market Funds  | 3.5% |
|  U.S. Treasury Bills  | 1.3% |
|  Residential Mortgage-Backed Securities - U.S. Government Agency Credit Risk Transfer  | 1.1% |
|  Commercial Mortgage-Backed Securities  | 1.0% |
|  Cash & Other  | -3.5% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers (% of net** **assets)** |  |
|  Federal Home Loan Mortgage Corp.  | 23.1% |
|  Pagaya AI Debt Selection Trust  | 6.2% |
|  First American Government Obligations Fund  | 3.5% |
|  Vista Point Securitization Trust  | 2.4% |
|  United States Treasury Bills  | 1.4% |
|  BlueMountain CLO Ltd.  | 1.3% |
|  Marlette Funding Trust  | 1.2% |
|  Exeter Automobile Receivables Trust  | 1.1% |
|  JP Morgan Mortgage Trust  | 1.0% |
|  Maranon Loan Funding Ltd.  | 1.0% |

---

---

| | |
|:---|:---|
| **Credit Ratings Breakdown (%** **of net assets)** **\*** |  |
|  AAA  | 28.6% |
|  AA  | 30.2% |
|  A  | 10.3% |
|  BBB  | 24.0% |
|  BB  | 1.8% |
|  B  | 0.2% |
|  NR  | 4.9% |

---

\* Ratings provided by nationally recognized statistical rating organizations. Ratings are expressed as letters ranging from AAA, the highest grade, to D, the lowest grade. The adviser uses the highest rating if securities are rated differently and uses nonrated when no formal rating is issued.

**Material Fund Changes:**

Effective February 1, 2025, the Fund's expense limit was increased from 0.29% to 0.34% of the Fund's average daily net assets.

On October 1, 2025, Brookfield Asset Management Ltd. acquired a majority of Angel Oak Companies, LP, the parent of Angel Oak Asset Management Holdings, LLC, itself the parent of Angel Oak Capital Advisors, LLC ("Angel Oak"), the investment adviser of the Fund (the "Transaction"). Although the Transaction did not result in any material change in the day-to-day management of the Fund, it resulted in a change of control of Angel Oak (the "Change of Control"). Consistent with applicable requirements under the Investment Company Act of 1940, as amended (the "1940 Act"), the previous investment advisory agreement between Angel Oak and the Trust, on behalf of the Fund, automatically terminated due to its "assignment" (as defined in the 1940 Act) caused by the Change of Control and was replaced by a new investment advisory agreement between Angel Oak and the Trust, on behalf of the Fund, which was approved by the Board of Trustees and shareholders as required.

This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by May 31, 2026, at

https://angeloakcapital.com/resources/ or upon request at 1-855-751-4324.

---

| | |
|:---|:---|
| ![image](img89944_k20250128200686.jpg) | **AVAILABILITY OF ADDITIONAL INFORMATION** |
| ![image](img89944_k20250128200686.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://angeloakcapital.com/resources/. |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Angel Oak Capital Advisors, LLC documents not be householded, please contact Angel Oak Capital Advisors, LLC at 1-855-751-4324, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Angel Oak Capital Advisors, LLC or your financial intermediary.

Angel Oak UltraShort Income ETF PAGE 3 TSR-AR-03463K752

------

---

| | | |
|:---|:---|:---|
| ![image](img89944_k20250128200686.jpg) | **Angel Oak Income ETF**  | ![image](img89943_202501282005515.jpg) |
| ![image](img89944_k20250128200686.jpg) | CARY (Principal U.S. Listing Exchange: Nasdaq Stock Market LLC) | ![image](img89943_202501282005515.jpg) |
| ![image](img89944_k20250128200686.jpg) | Annual Shareholder Report \| January 31, 2026  | ![image](img89943_202501282005515.jpg) |

---

This annual shareholder report contains important information about the Angel Oak Income ETF (the Fund) for the period of February 1, 2025, to January 31, 2026. You can find additional information about the Fund at

https://angeloakcapital.com/resources/. You can also request this information by contacting us at 1-855-751-4324.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Angel Oak Income ETF | $82 | 0.79% |

---

**HOW DID THE FUND PERFORM DURING THE PERIOD?**

The Fund returned 7.87% based on net asset value (NAV) for the 12-month period ending January 31, 2026. The Fund outperformed the Bloomberg U.S. Aggregate Bond Index, its benchmark, by 102 basis points based on NAV, as the benchmark returned 6.85% over the same period.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

The Fund benefited from higher current income and spread outperformance across its credit allocations, particularly in non-agency residential mortgage-backed securities (RMBS) and asset-backed securities (ABS). The allocation to agency RMBS also contributed positively. In contrast, the Fund's shorter interest rate duration relative to the benchmark was the primary detractor.

**HOW WAS THE FUND POSITIONED DURING THE PERIOD?**

The Fund reduced its exposure to agency RMBS, non-agency RMBS, and ABS following spread compression and reallocated assets to agency commercial mortgage-backed securities, collateralized loan obligations, and corporate credit. The Fund also increased duration in response to the steepening of the U.S. Treasury yield curve.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Non-agency RMBS; ABS |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Interest rate duration positioning |

---

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\*** (as of January 31, 2026)

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Angel Oak Income ETF PAGE 1 TSR-AR-03463K760

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6737img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(11/07/2022)** |
| **Angel Oak Income ETF NAV**  | 7.87 | 7.86 |
| **Bloomberg U.S. Aggregate Bond Index**  | 6.85 | 5.59 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** **Visit** **https://angeloakcapital.com/investments/** **for more recent performance information.**

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $827918853 | **Effective Duration** | 3.99 years |
| **Number of Holdings** | 665 | **30-Day SEC Yield** | 5.45% |
| **Net Advisory Fee** | $4505138 | **30-Day SEC Yield Unsubsidized** | 5.25% |
| **Portfolio Turnover** | 85% | **Weighted Average Life** | 5.36 years |
| **Average Credit Quality** | BBB | **Distribution Yield** | 3.86% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Top Security Types (% of net** **assets)** |  |
|  Residential Mortgage-Backed Securities  | 33.7% |
|  Asset-Backed Securities  | 15.4% |
|  Collateralized Loan Obligations  | 12.3% |
|  Corporate Obligations  | 11.8% |
|  Residential Mortgage-Backed Securities - U.S. Government Agency  | 10.0% |
|  Commercial Mortgage-Backed Securities - U.S. Government Agency  | 8.1% |
|  Money Market Funds  | 5.9% |
|  Commercial Mortgage-Backed Securities  | 3.7% |
|  Exchange Traded Funds  | 1.7% |
|  Cash & Other  | -2.6% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers (% of net** **assets)** |  |
|  Federal Home Loan Mortgage Corp.  | 11.7% |
|  First American Government Obligations Fund  | 5.9% |
|  Federal National Mortgage Association  | 5.7% |
|  JP Morgan Mortgage Trust  | 2.7% |
|  RCKT Mortgage Trust  | 2.0% |
|  Vista Point Securitization Trust  | 1.8% |
|  Exeter Automobile Receivables Trust  | 1.8% |
|  Bellemeade Re Ltd.  | 1.8% |
|  CPS Auto Trust  | 1.8% |
|  Verus Securitization Trust  | 1.8% |

---

---

| | |
|:---|:---|
| **Credit Ratings Breakdown (%** **of net assets)** **\*** |  |
|  AAA  | 5.3% |
|  AA  | 28.2% |
|  A  | 7.2% |
|  BBB  | 16.0% |
|  BB  | 24.6% |
|  B  | 11.1% |
|  CCC  | 0.5% |
|  NR  | 7.1% |

---

\* Ratings provided by nationally recognized statistical rating organizations. Ratings are expressed as letters ranging from AAA, the highest grade, to D, the lowest grade. The adviser uses the highest rating if securities are rated differently and uses nonrated when no formal rating is issued.

Angel Oak Income ETF PAGE 2 TSR-AR-03463K760

------

**Material Fund Changes:**

On October 1, 2025, Brookfield Asset Management Ltd. acquired a majority of Angel Oak Companies, LP, the parent of Angel Oak Asset Management Holdings, LLC, itself the parent of Angel Oak Capital Advisors, LLC ("Angel Oak"), the investment adviser of the Fund (the "Transaction"). Although the Transaction did not result in any material change in the day-to-day management of the Fund, it resulted in a change of control of Angel Oak (the "Change of Control"). Consistent with applicable requirements under the Investment Company Act of 1940, as amended (the "1940 Act"), the previous investment advisory agreement between Angel Oak and the Trust, on behalf of the Fund, automatically terminated due to its "assignment" (as defined in the 1940 Act) caused by the Change of Control and was replaced by a new investment advisory agreement between Angel Oak and the Trust, on behalf of the Fund, which was approved by the Board of Trustees and shareholders as required.

This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by May 31, 2026, at

https://angeloakcapital.com/resources/ or upon request at 1-855-751-4324.

---

| | |
|:---|:---|
| ![image](img89944_k20250128200686.jpg) | **AVAILABILITY OF ADDITIONAL INFORMATION** |
| ![image](img89944_k20250128200686.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://angeloakcapital.com/resources/. |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Angel Oak Capital Advisors, LLC documents not be householded, please contact Angel Oak Capital Advisors, LLC at 1-855-751-4324, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Angel Oak Capital Advisors, LLC or your financial intermediary.

Angel Oak Income ETF PAGE 3 TSR-AR-03463K760

------

---

| | | |
|:---|:---|:---|
| ![image](img89944_k20250128200686.jpg) | **Angel Oak Total Return ETF**  | ![image](img89943_202501282005515.jpg) |
| ![image](img89944_k20250128200686.jpg) | TRBF (Principal U.S. Listing Exchange: Nasdaq Stock Market LLC) | ![image](img89943_202501282005515.jpg) |
| ![image](img89944_k20250128200686.jpg) | Annual Shareholder Report \| January 31, 2026  | ![image](img89943_202501282005515.jpg) |

---

This annual shareholder report contains important information about the Angel Oak Total Return ETF (the Fund) for the period of October 6, 2025, to January 31, 2026. You can find additional information about the Fund at

https://angeloakcapital.com/resources/. You can also request this information by contacting us at 1-855-751-4324.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Angel Oak Total Return ETF | $14\* | 0.44%\*\* |

---

\* ***Amount shown reflects the expenses of the Fund from inception date through*** ***January 31, 2026. Expenses would be higher if the*** ***Fund had been in operation for the entire period of this report.***

\*\* ***Annualized***

**HOW DID THE FUND PERFORM DURING THE PERIOD?**

The Fund returned 1.41% based on net asset value (NAV) from its inception on October 6, 2025, through the period ending January 31, 2026. The Fund outperformed the Bloomberg U.S. Aggregate Bond Index, its benchmark, by 25 basis points based on NAV, as the performance benchmark returned 1.16% over the same period.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

The Fund benefited from its overweight to securitized credit and agency mortgage-backed securities. Non-agency residential mortgage-backed securities (RMBS) and asset-backed securities (ABS) each delivered gains of more than 3% over the period, and agency RMBS returned more than 1.25%. In contrast, the Fund's interest-rate duration, which was longer than that of the benchmark, detracted from performance amid rising 10-year Treasury yields. Security selection within investment-grade (IG) corporate bonds also detracted from returns relative to the benchmark.

**HOW WAS THE FUND POSITIONED DURING THE PERIOD?**

At inception, the Fund adopted a shorter credit spread-duration position, underweighting IG corporate bonds while overweighting securitized credit within its credit allocation. The Fund also maintained a significant underweight to Treasuries and an overweight to agency RMBS, implemented through a barbell coupon structure relative to the benchmark. The portfolio's duration was modestly longer than the benchmark.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Non-agency RMBS, ABS, and collateralized loan obligations |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | IG corporate bond security selection |

---

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\*** (as of January 31, 2026)

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

---

| | | |
|:---|:---|:---|
| Angel Oak Total Return ETF | PAGE 1 | TSR-AR-03463K729 |

---

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6746img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(10/06/2025)** |
| **Angel Oak Total Return ETF NAV**  | 1.41 |
| **Bloomberg U.S. Aggregate Bond Index**  | 1.16 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** **Visit** **https://angeloakcapital.com/investments/** **for more recent performance information.**

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $20978658 | **Effective Duration** | 6.37 years |
| **Number of Holdings** | 200 | **30-Day SEC Yield** | 4.35% |
| **Net Advisory Fee** | $25126 | **30-Day SEC Yield Unsubsidized** | 4.20% |
| **Portfolio Turnover** | 78% | **Weighted Average Life** | 8.42 years |
| **Average Credit Quality** | A | **Distribution Yield** | 4.10% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Top Security Types (% of net** **assets)** |  |
|  Residential Mortgage-Backed Securities - U.S. Government Agency  | 38.9% |
|  Corporate Obligations  | 26.2% |
|  Residential Mortgage-Backed Securities  | 12.6% |
|  U.S. Treasury Securities  | 5.4% |
|  Commercial Mortgage-Backed Securities- U.S. Government Agency  | 5.3% |
|  Collateralized Loan Obligations  | 4.8% |
|  Asset-Backed Securities  | 4.5% |
|  Money Market Funds  | 2.2% |
|  Exchange Traded Funds  | 1.5% |
|  Cash & Other  | -1.4% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers (% of net** **assets)** |  |
|  Federal National Mortgage Association  | 30.7% |
|  Federal Home Loan Mortgage Corp.  | 13.5% |
|  United States Treasury Notes  | 5.3% |
|  Willow Tree CLO Ltd.  | 4.8% |
|  FIGRE Trust  | 3.6% |
|  Pagaya AI Debt Selection Trust  | 2.6% |
|  First American Government Obligations Fund  | 2.2% |
|  Onslow Bay Mortgage Loan Trust  | 1.2% |
|  Saluda Grade Mortgage Funding LLC  | 1.2% |
|  New Residential Mortgage Loan Trust  | 1.2% |

---

---

| | |
|:---|:---|
| **Credit Ratings Breakdown (%** **of net assets)** **\*** |  |
|  AAA  | 3.5% |
|  AA  | 60.0% |
|  A  | 10.0% |
|  BBB  | 17.8% |
|  BB  | 6.1% |
|  B  | 1.9% |
|  NR  | 0.7% |

---

\* Ratings provided by nationally recognized statistical rating organizations. Ratings are expressed as letters ranging from AAA, the highest grade, to D, the lowest grade. The adviser uses the highest rating if securities are rated differently and uses nonrated when no formal rating is issued.

---

| | | |
|:---|:---|:---|
| Angel Oak Total Return ETF | PAGE 2 | TSR-AR-03463K729 |

---

------

**Material Fund Changes:**

The Fund's Board of Trustees approved an Investment Subadvisory Agreement between Angel Oak Capital Advisors, LLC and Brookfield Public Securities Group LLC (the "Subadviser") with respect to the Fund to be effective upon shareholder approval and the effectiveness of a new prospectus. The Subadviser will serve as subadviser to a portion of the Fund's portfolio that is allocated to corporate debt.

This is a summary of certain changes to the Fund since inception date. For more complete information, you may review the Fund's next prospectus, which we expect to be available by May 31, 2026, at

https://angeloakcapital.com/resources/ or upon request at 1-855-751-4324.

---

| | |
|:---|:---|
| ![image](img89944_k20250128200686.jpg) | **AVAILABILITY OF ADDITIONAL INFORMATION** |
| ![image](img89944_k20250128200686.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://angeloakcapital.com/resources/. |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Angel Oak Capital Advisors, LLC documents not be householded, please contact Angel Oak Capital Advisors, LLC at 1-855-751-4324, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Angel Oak Capital Advisors, LLC or your financial intermediary.

---

| | | |
|:---|:---|:---|
| Angel Oak Total Return ETF | PAGE 3 | TSR-AR-03463K729 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's Principal Executive Officer and Principal Financial Officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*A copy of the registrant's Code of Ethics is filed herewith.*

**<u>Item 3. Audit Committee Financial Expert.</u>**

The registrant's board of Trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Mr. Alvin R. Albe, Jr. is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 01/31/2026 | FYE 01/31/2025 |
| (a) Audit Fees | $289000 | $264182 |
| (b) Audit-Related Fees | $9939 | $5000 |
| (c) Tax Fees | $29400 | $28000 |
| (d) All Other Fees | $0 | $0 |

---

(e)(1) The Audit, Financial and Administrative Oversight Committee has not adopted written pre-approval policies and procedures. Instead, the Committee has the duty and responsibility to pre-approve all auditing services and permissible non-auditing services to be provided to the Funds in accordance with its Charter and the 1940 Act. In addition, the Committee considers matters with respect to the principal accountant's independence each year. The Committee did not approve any of the audit-related, tax or other non-audit fees described above pursuant to the "de minimis exceptions" set forth in Rule 2-01(c)(7)(i)(C) and Rule 2-01(c)(7)(ii) of Regulation S-X.

The Audit, Financial and Administrative Oversight Committee also has the duty and responsibility to pre-approve those non-audit services provided to the Funds' investment adviser (and entities controlling, controlled by or under common control with the investment adviser that provide ongoing services to the Funds) where the engagement relates directly to the operations or financial reporting of the Funds in accordance with the Charter of the Committee and the 1940 Act. The Committee considered whether the provision of any non-audit services rendered to the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the Funds that were not pre-approved by the Committee because the engagement did not relate directly to the operations and financial reporting of the Funds is compatible with maintaining the principal accountant's independence.

(e)(2) The percentage of fees billed by Cohen & Company, Ltd. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 01/31/2026 | FYE 01/31/2025 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) Not Applicable.

 

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser for the last two years.

 

---

| | | |
|:---|:---|:---|
| Non-Audit Related Fees | FYE 01/31/2026 | FYE 01/31/2025 |
| Registrant | $29400 | $28000 |
| Registrant's Investment Adviser | $0 | $0 |

---

(h) The audit committee of the board of Trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

The registrant is not a foreign issuer.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the "Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee, consisting of the entire Board, are as follows: Alvin R. Albe, Jr., Keith M. Schappert, Ira P. Cohen, and Andrea N. Mullins.

(b) Not Applicable.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Fund's Schedule of Investments is included within the financial statements
 filed under Item 7(a) of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.</u>**

(a) The registrant's Financial Statements are filed herewith.

![](angeloak_cover23015.jpg)

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedule of Investments](#soi1) |  |
| &nbsp;&nbsp;&nbsp; [Angel Oak Multi-Strategy Income Fund](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [Angel Oak UltraShort Income Fund](#soi2) | [37](#soi2) |
| &nbsp;&nbsp;&nbsp; [Angel Oak High Yield Opportunities ETF](#soi3) | [55](#soi3) |
| &nbsp;&nbsp;&nbsp; [Angel Oak Mortgage-Backed Securities ETF](#soi4) | [62](#soi4) |
| &nbsp;&nbsp;&nbsp; [Angel Oak UltraShort Income ETF](#soi5) | [68](#soi5) |
| &nbsp;&nbsp;&nbsp; [Angel Oak Income ETF](#soi6) | [87](#soi6) |
| &nbsp;&nbsp;&nbsp; [Angel Oak Total Return ETF](#soi7) | [111](#soi7) |
| [Statements of Assets and Liabilities](#sal) | [119](#sal) |
| [Statements of Operations](#sop) | [122](#sop) |
| [Statements of Changes in Net Assets](#scna1) |  |
| &nbsp;&nbsp;&nbsp; [Angel Oak Multi-Strategy Income Fund](#scna1) | [124](#scna1) |
| &nbsp;&nbsp;&nbsp; [Angel Oak UltraShort Income Fund](#scna2) | [126](#scna2) |
| &nbsp;&nbsp;&nbsp; [Angel Oak High Yield Opportunities ETF](#scna3) | [128](#scna3) |
| &nbsp;&nbsp;&nbsp; [Angel Oak Mortgage-Backed Securities ETF](#scna4) | [129](#scna4) |
| &nbsp;&nbsp;&nbsp; [Angel Oak UltraShort Income ETF](#scna5) | [130](#scna5) |
| &nbsp;&nbsp;&nbsp; [Angel Oak Income ETF](#scna6) | [131](#scna6) |
| &nbsp;&nbsp;&nbsp; [Angel Oak Total Return ETF](#scna7) | [132](#scna7) |
| [Financial Highlights](#fihi1) |  |
| &nbsp;&nbsp;&nbsp; [Angel Oak Multi-Strategy Income Fund](#fihi1) | [133](#fihi1) |
| &nbsp;&nbsp;&nbsp; [Angel Oak UltraShort Income Fund](#fihi2) | [136](#fihi2) |
| &nbsp;&nbsp;&nbsp; [Angel Oak High Yield Opportunities ETF](#fihi3) | [139](#fihi3) |
| &nbsp;&nbsp;&nbsp; [Angel Oak Mortgage-Backed Securities ETF](#fihi4) | [140](#fihi4) |
| &nbsp;&nbsp;&nbsp; [Angel Oak UltraShort Income ETF](#fihi5) | [141](#fihi5) |
| &nbsp;&nbsp;&nbsp; [Angel Oak Income ETF](#fihi6) | [142](#fihi6) |
| &nbsp;&nbsp;&nbsp; [Angel Oak Total Return ETF](#fihi7) | [143](#fihi7) |
| [Notes to the Financial Statements](#notes) | [144](#notes) |
| [Report of Independent Registered Public Accounting Firm](#opinion) | [170](#opinion) |
| [Additional Information](#ai1) | [172](#ai1) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK MULTI-STRATEGY INCOME FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**January 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 48.8%**<br>|  |  |
|  Adjustable Rate Mortgage Trust, Series 2007-2, Class 1A21, 4.61%, 06/25/2037<sup>(a)</sup> | $1464435 | $1186229  |
| American Home Mortgage Assets LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class XC, 0.30%, 05/25/2046<sup>(a)(b)</sup> | 12617168 | 101593  |
| &nbsp;&nbsp;&nbsp; Series 2006-6, Class XP, 0.04%, 12/25/2046<sup>(a)(b)</sup> | 45861553 | 348640  |
| &nbsp;&nbsp;&nbsp; Series 2007-5, Class XP, 0.06%, 06/25/2047<sup>(a)(b)</sup> | 10756123 | 123265  |
|  American Home Mortgage Investment Trust, Series 2006-3, Class 22A1, 5.78% (6 mo. Term SOFR + 2.18%), 12/25/2036, (11.57% Cap)<sup>(c)</sup> | 2883850 | 2480803  |
| AMSR Trust, Series 2023-SFR1, Class C, 4.00%, 04/17/2040<sup>(d)</sup> | 1000000 | 973127  |
|  Arroyo Mortgage Trust, Series 2022-1, Class M1, 3.65%, 12/25/2056<sup>(d)</sup> | 2000000 | 1670246  |
| ATLX Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-RPL1, Class A2, 4.41%, 04/25/2064<sup>(a)(d)</sup> | 3000000 | 2952462  |
| &nbsp;&nbsp;&nbsp; Series 2024-RPL1, Class M1, 4.41%, 04/25/2064<sup>(a)(d)</sup> | 4700000 | 4557378  |
| ATLXM Trust, Series 2024-RPL2, Class M1, 3.85%, 04/25/2063<sup>(a)(d)</sup> | 10000000 | 9572270  |
|  Banc of America Alternative Loan Trust, Series 2006-9, Class 30PO, 0.00%, 01/25/2037<sup>(e)</sup> | 110879 | 62800  |
| Banc of America Funding Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2007-2, Class 1A16, 4.39% (1 mo. Term SOFR + 0.71%), 03/25/2037, (6.00% Cap) | 1825785 | 1333614  |
| &nbsp;&nbsp;&nbsp; Series 2007-8, Class 2A1, 7.00%, 10/25/2037<sup>(c)</sup> | 2592572 | 1870344  |
| &nbsp;&nbsp;&nbsp; Series 2007-A, Class 2A2, 4.21% (1 mo. Term SOFR + 0.53%), 02/20/2047, (10.50% Cap) | 570101 | 521046  |
| &nbsp;&nbsp;&nbsp; Series 2007-C, Class 7A4, 4.23% (1 mo. Term SOFR + 0.55%), 05/20/2047<sup>(c)</sup> | 1477373 | 1395627  |
| &nbsp;&nbsp;&nbsp; Series 2014-R1, Class A2, 3.83% (1 mo. LIBOR US + 0.15%), 06/26/2037<sup>(d)(f)</sup> | 3146302 | 2934537  |
| Barclays Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class A1, 1.75%, 09/25/2051<sup>(a)(d)</sup> | 1699083 | 1554773  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM3, Class A1, 5.64%, 05/25/2065<sup>(a)(d)</sup> | 7069485 | 7152247  |
|  Bayview Financial Acquisition Trust, Series 2005-D, Class APO, 0.00%, 12/28/2035<sup>(e)</sup> | 112146 | 91199  |
|  BCAP LLC Trust, Series 2013-RR1, Class 6A2, 4.58%, 05/26/2036<sup>(a)(d)</sup> | 2570640 | 1520804  |
|  Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-6, Class 1A1, 4.85%, 08/25/2035<sup>(a)</sup> | 1046967 | 905403  |
|  Bear Stearns Asset Backed Securities Trust, Series 2005-AC5, Class 1A2, 4.79% (1 mo. Term SOFR + 1.11%), 08/25/2035, (5.50% Cap) | 1028268 | 692203  |
| Bellemeade Re Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class B1, 10.40% (30 day avg SOFR US + 6.70%), 10/25/2033<sup>(d)</sup> | 538000 | 571983  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class M1B, 7.95% (30 day avg SOFR US + 4.25%), 10/25/2033<sup>(d)</sup> | 6200000 | 6325228  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class M1C, 7.65% (30 day avg SOFR US + 3.95%), 08/25/2034<sup>(d)</sup> | 5430000 | 5564626  |

---

See accompanying notes which are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK MULTI-STRATEGY INCOME FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class M2, 8.30% (30 day avg SOFR US + 4.60%), 08/25/2034<sup>(d)</sup> | $1000000 | $1038241  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class B1, 8.75% (30 day avg SOFR US + 5.05%), 10/25/2035<sup>(d)</sup> | 2600000 | 2639393  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class M1C, 6.95% (30 day avg SOFR US + 3.25%), 10/25/2035<sup>(d)</sup> | 1500000 | 1530700  |
|  Boston Lending Trust, Series 2021-1, Class A, 2.00%, 07/25/2061<sup>(a)(d)</sup> | 3343088 | 3287846  |
| BRAVO Residential Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM3, Class A2, 1.85%, 04/25/2060<sup>(a)(d)</sup> | 1350449 | 1277951  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class A2, 4.35%, 01/25/2060<sup>(d)(g)</sup> | 1283503 | 1270741  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class A3, 4.35%, 01/25/2060<sup>(d)(g)</sup> | 4861309 | 4827757  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM8, Class A2, 4.30%, 08/01/2053<sup>(d)(g)</sup> | 1762635 | 1730194  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES2, Class A3, 5.34%, 07/26/2055<sup>(d)(g)</sup> | 3421000 | 3444557  |
|  Builder Capital Loan Acquisition Trust, Series 2024-NPL1, Class A1B, 9.00%, 09/25/2029<sup>(d)(g)</sup> | 10092000 | 10037483  |
| Cascade Funding Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-NR1, Class A1, 6.41%, 11/25/2029<sup>(d)(g)</sup> | 5359870 | 5413485  |
| &nbsp;&nbsp;&nbsp; Series 2024-R1, Class M1, 4.00%, 10/25/2054<sup>(d)(g)</sup> | 1500000 | 1415256  |
|  Cascade MH Asset Trust, Series 2021-MH1, Class B3, 7.67%, 02/25/2046<sup>(a)(d)</sup> | 3000000 | 2758389  |
| CC Funding Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-4A, Class NIO, 0.41%, 04/25/2037<sup>(a)(b)(d)</sup> | 13728720 | 179736  |
| &nbsp;&nbsp;&nbsp; Series 2006-1A, Class A1, 3.94% (1 mo. Term SOFR + 0.26%), 12/25/2046<sup>(c)(d)</sup> | 2362436 | 2130671  |
| &nbsp;&nbsp;&nbsp; Series 2006-2A, Class A1, 3.92% (1 mo. Term SOFR + 0.24%), 04/25/2047<sup>(c)(d)</sup> | 7201632 | 6591891  |
| &nbsp;&nbsp;&nbsp; Series 2006-4A, Class A2, 3.97% (1 mo. Term SOFR + 0.29%), 11/25/2047<sup>(c)(d)</sup> | 2776831 | 2381852  |
| Chase Mortgage Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-CL1, Class B, 10.20% (30 day avg SOFR US + 6.50%), 02/25/2050<sup>(d)</sup> | 2159000 | 2012650  |
| &nbsp;&nbsp;&nbsp; Series 2021-CL1, Class M3, 5.25% (30 day avg SOFR US + 1.55%), 02/25/2050<sup>(d)</sup> | 1873527 | 1781729  |
| &nbsp;&nbsp;&nbsp; Series 2021-CL1, Class M4, 6.35% (30 day avg SOFR US + 2.65%), 02/25/2050<sup>(d)</sup> | 1938164 | 1770017  |
| &nbsp;&nbsp;&nbsp; Series 2021-CL1, Class M5, 6.95% (30 day avg SOFR US + 3.25%), 02/25/2050<sup>(d)</sup> | 775170 | 693102  |
| &nbsp;&nbsp;&nbsp; Series 2024-7, Class A4, 6.00%, 06/25/2055<sup>(a)(d)</sup> | 5673593 | 5749988  |
| Chaseflex Trust, Series 2005-2, Class 5A6, 5.00%, 06/25/2035 | 1306327 | 678326  |
| CIM Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-J1, Class B5, 3.96%, 08/25/2049<sup>(a)(d)</sup> | 613000 | 433680  |
| &nbsp;&nbsp;&nbsp; Series 2021-J1, Class B4, 2.66%, 03/25/2051<sup>(a)(d)</sup> | 1237106 | 668837  |
| &nbsp;&nbsp;&nbsp; Series 2021-J2, Class B4, 2.67%, 04/25/2051<sup>(a)(d)</sup> | 1483023 | 817971  |
| &nbsp;&nbsp;&nbsp; Series 2021-J3, Class B4, 2.61%, 06/25/2051<sup>(a)(d)</sup> | 1281000 | 620735  |
| &nbsp;&nbsp;&nbsp; Series 2022-R1, Class M3, 4.00%, 01/25/2061<sup>(a)(d)</sup> | 7425000 | 6253550  |
| &nbsp;&nbsp;&nbsp; Series 2025-NR1, Class A1, 5.00%, 06/25/2064<sup>(d)(g)</sup> | 2858251 | 2817555  |

---

See accompanying notes which are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK MULTI-STRATEGY INCOME FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** |
| Citimortgage Alternative Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-A4, Class 1A3, 6.00%, 09/25/2036<sup>(c)</sup> | $2325462 | $2169019  |
| &nbsp;&nbsp;&nbsp; Series 2006-A6, Class 1APO, 0.00%, 11/25/2036<sup>(e)</sup> | 67593 | 37112  |
| &nbsp;&nbsp;&nbsp; Series 2006-A7, Class 1A1, 6.00%, 12/25/2036, (7.50% Cap)<sup>(a)(c)</sup> | 1560321 | 1393751  |
| &nbsp;&nbsp;&nbsp; Series 2006-A7, Class 1A9, 4.44% (1 mo. Term SOFR + 0.76%), 12/25/2036, (6.00% Cap)<sup>(c)</sup> | 3398517 | 2827624  |
| &nbsp;&nbsp;&nbsp; Series 2007-A3, Class 1A2, 4.39% (1 mo. Term SOFR + 0.71%), 03/25/2037, (6.00% Cap)<sup>(c)</sup> | 1735544 | 1413245  |
| &nbsp;&nbsp;&nbsp; Series 2007-A3, Class APO, 0.00%, 03/25/2037<sup>(e)</sup> | 80396 | 43046  |
| &nbsp;&nbsp;&nbsp; Series 2007-A4, Class APO, 0.00%, 04/25/2037<sup>(e)</sup> | 66017 | 35897  |
| &nbsp;&nbsp;&nbsp; Series 2007-A5, Class 1A3, 4.29% (1 mo. Term SOFR + 0.61%), 05/25/2037, (6.10% Cap)<sup>(c)</sup> | 2836256 | 2452196  |
| CitiMortgage, Inc., Series 2005-2, Class 1APO, 0.00%, 03/25/2035<sup>(e)</sup> | 26991 | 18794  |
| COLT Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-2R, Class B1, 4.12%, 10/26/2065<sup>(a)(d)</sup> | 3605000 | 3340772  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class B2, 3.94%, 08/25/2066<sup>(a)(d)</sup> | 5250000 | 4252930  |
| &nbsp;&nbsp;&nbsp; Series 2021-3R, Class M1, 2.36%, 12/25/2064<sup>(a)(d)</sup> | 2862000 | 2458435  |
| &nbsp;&nbsp;&nbsp; Series 2021-5, Class B1, 4.20%, 11/26/2066<sup>(a)(d)</sup> | 4085000 | 3590347  |
| &nbsp;&nbsp;&nbsp; Series 2021-HX1, Class B3A, 4.12%, 10/25/2066<sup>(a)(d)</sup> | 5510000 | 4318170  |
| &nbsp;&nbsp;&nbsp; Series 2021-RPL1, Class M2, 3.08%, 09/25/2061<sup>(a)(d)</sup> | 2250000 | 1964893  |
| &nbsp;&nbsp;&nbsp; Series 2022-2, Class B1, 3.95%, 02/25/2067<sup>(a)(d)</sup> | 1750000 | 1491212  |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class B1, 4.22%, 02/25/2067<sup>(a)(d)</sup> | 2362000 | 2113277  |
| Countrywide Alternative Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-14, Class 2X, 0.32%, 05/25/2035<sup>(a)(b)</sup> | 8017763 | 53278  |
| &nbsp;&nbsp;&nbsp; Series 2005-16, Class X2, 0.00%, 06/25/2035<sup>(a)(b)</sup> | 13294429 | 133  |
| &nbsp;&nbsp;&nbsp; Series 2005-24, Class 1AX, 0.00%, 07/20/2035<sup>(a)(b)</sup> | 5368838 | 4118  |
| &nbsp;&nbsp;&nbsp; Series 2005-27, Class 2X1, 0.00%, 08/25/2035<sup>(a)(b)</sup> | 15550662 | 156  |
| &nbsp;&nbsp;&nbsp; Series 2005-38, Class X, 4.66%, 09/25/2035<sup>(a)(b)</sup> | 31784926 | 509  |
| &nbsp;&nbsp;&nbsp; Series 2005-41, Class 2X2, 0.00%, 09/25/2035<sup>(a)(b)</sup> | 3299216 | 6684  |
| &nbsp;&nbsp;&nbsp; Series 2005-44, Class 1X, 0.02%, 10/25/2035<sup>(a)(b)</sup> | 16806382 | 36722  |
| &nbsp;&nbsp;&nbsp; Series 2005-44, Class 2X, 5.06%, 10/25/2035<sup>(a)(b)</sup> | 1439188 | 266774  |
| &nbsp;&nbsp;&nbsp; Series 2005-56, Class 4X, 0.00%, 11/25/2035<sup>(a)(b)</sup> | 17501713 | 155905  |
| &nbsp;&nbsp;&nbsp; Series 2005-58R, Class A, 0.08%, 12/20/2035<sup>(a)(b)(d)</sup> | 31884839 | 312248  |
| &nbsp;&nbsp;&nbsp; Series 2005-59R, Class A, 2.21%, 12/20/2035<sup>(a)(b)(d)</sup> | 9052689 | 769  |
| &nbsp;&nbsp;&nbsp; Series 2005-J11, Class 1A4, 4.19% (1 mo. Term SOFR + 0.51%), 11/25/2035, (5.50% Cap) | 2503700 | 1181634  |
| &nbsp;&nbsp;&nbsp; Series 2005-J14, Class A8, 5.50%, 12/25/2035 | 1345892 | 777833  |
| &nbsp;&nbsp;&nbsp; Series 2006-29T1, Class 2A13, 4.09% (1 mo. Term SOFR + 0.41%), 10/25/2036, (8.00% Cap) | 1970205 | 926757  |
| &nbsp;&nbsp;&nbsp; Series 2006-HY10, Class 1X, 0.48%, 05/25/2036<sup>(a)(b)</sup> | 2274436 | 43214  |
| &nbsp;&nbsp;&nbsp; Series 2006-OA1, Class 1X, 0.05%, 03/20/2046<sup>(a)(b)</sup> | 7574803 | 73188  |
| &nbsp;&nbsp;&nbsp; Series 2006-OA10, Class XAD, 0.00%, 08/25/2046<sup>(b)(g)</sup> | 18101564 | 13540  |
| &nbsp;&nbsp;&nbsp; Series 2006-OA10, Class XNB, 0.00%, 08/25/2046<sup>(a)(b)</sup> | 17439900 | 174  |
| &nbsp;&nbsp;&nbsp; Series 2006-OA10, Class XPP, 0.00%, 08/25/2046<sup>(a)(b)</sup> | 10379600 | 104  |
| &nbsp;&nbsp;&nbsp; Series 2006-OA3, Class X, 0.00%, 05/25/2036<sup>(a)(b)</sup> | 9498651 | 23015 |

---

See accompanying notes which are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK MULTI-STRATEGY INCOME FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  |
| Countrywide Home Loan Mortgage Pass Through Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-20, Class X, 0.68%, 10/25/2034<sup>(a)(b)</sup> | $3992496 | $166435  |
| &nbsp;&nbsp;&nbsp; Series 2004-25, Class 1X, 0.00%, 02/25/2035<sup>(a)(b)</sup> | 8668203 | 87  |
| &nbsp;&nbsp;&nbsp; Series 2004-29, Class 1X, 0.35%, 02/25/2035<sup>(a)(b)</sup> | 1253722 | 13  |
| &nbsp;&nbsp;&nbsp; Series 2005-1, Class 1X, 0.31%, 03/25/2035<sup>(a)(b)</sup> | 2523146 | 121  |
| &nbsp;&nbsp;&nbsp; Series 2005-11, Class 4X, 0.06%, 04/25/2035<sup>(a)(b)</sup> | 2940578 | 145223  |
| &nbsp;&nbsp;&nbsp; Series 2005-2, Class 2X, 0.00%, 03/25/2035<sup>(a)(b)</sup> | 6251289 | 63  |
| &nbsp;&nbsp;&nbsp; Series 2005-7, Class 3A2, 3.43%, 03/25/2035<sup>(a)(c)</sup> | 3009205 | 2386959  |
| &nbsp;&nbsp;&nbsp; Series 2005-7, Class 3X, 0.86%, 03/25/2035<sup>(a)(b)</sup> | 816092 | 31293  |
| &nbsp;&nbsp;&nbsp; Series 2006-12, Class X, 0.13%, 07/25/2036<sup>(a)(b)</sup> | 11746956 | 48950  |
| &nbsp;&nbsp;&nbsp; Series 2007-18, Class 2A1, 6.50%, 11/25/2037 | 1881851 | 688696  |
|  Credit Suisse First Boston Mortgage Securities Corp., Series 2005-10, Class 6A12, 5.50%, 11/25/2035<sup>(c)</sup> | 1942856 | 643536  |
|  Credit Suisse Management LLC, Series 2002-18, Class 2A1, 7.50%, 06/25/2032 | 1614375 | 1518985  |
| Credit Suisse Mortgage Capital Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-4, Class 1A1, 4.49% (1 mo. Term SOFR + 0.81%), 05/25/2036, (6.00% Cap) | 1678584 | 720514  |
| &nbsp;&nbsp;&nbsp; Series 2014-3R, Class 1A1, 2.47% (1 mo. LIBOR US + 0.45%), 03/27/2036, (7.50% Cap)<sup>(d)(f)</sup> | 391142 | 307144  |
| &nbsp;&nbsp;&nbsp; Series 2014-7R, Class 8A2, 4.17%, 07/27/2037<sup>(a)(d)</sup> | 2137738 | 1989928  |
| &nbsp;&nbsp;&nbsp; Series 2017-RPL3, Class B5, 4.37%, 08/01/2057<sup>(a)(d)</sup> | 6433013 | 5530963  |
| &nbsp;&nbsp;&nbsp; Series 2020-RPL4, Class B3, 3.98%, 01/25/2060<sup>(a)(d)</sup> | 10124150 | 6793497  |
| &nbsp;&nbsp;&nbsp; Series 2020-RPL4, Class B4, 3.98%, 01/25/2060<sup>(a)(d)</sup> | 10125738 | 5869495  |
| &nbsp;&nbsp;&nbsp; Series 2020-RPL4, Class XS, 1.48%, 01/25/2060<sup>(a)(b)(d)</sup> | 154546546 | 3616544  |
| &nbsp;&nbsp;&nbsp; Series 2021-AFC1, Class B1, 3.25%, 03/25/2056<sup>(a)(d)</sup> | 3031450 | 1985394  |
| &nbsp;&nbsp;&nbsp; Series 2021-AFC1, Class B2, 4.26%, 03/25/2056<sup>(a)(d)</sup> | 1539950 | 1054164  |
| &nbsp;&nbsp;&nbsp; Series 2021-INV1, Class AIOS, 0.04%, 07/25/2056<sup>(a)(b)(d)</sup> | 95237101 | 172189  |
| &nbsp;&nbsp;&nbsp; Series 2021-INV1, Class AX4, 0.40%, 07/25/2056<sup>(a)(b)(d)</sup> | 6364518 | 113257  |
| &nbsp;&nbsp;&nbsp; Series 2021-INV1, Class B3, 3.08%, 07/25/2056<sup>(a)(d)</sup> | 3904154 | 3317910  |
| &nbsp;&nbsp;&nbsp; Series 2021-INV2, Class A11X, 0.45% (-1 x 30 day avg SOFR US + 4.15%), 11/25/2056, (5.00% Cap)<sup>(b)(d)(h)</sup> | 17209052 | 538988  |
| &nbsp;&nbsp;&nbsp; Series 2021-INV2, Class A15X, 0.50%, 11/25/2056<sup>(a)(b)(d)</sup> | 10310400 | 231087  |
| &nbsp;&nbsp;&nbsp; Series 2021-INV2, Class AIOS, 0.04%, 11/25/2056<sup>(a)(b)(d)</sup> | 277390374 | 505128  |
| &nbsp;&nbsp;&nbsp; Series 2021-INV2, Class AX4, 0.15%, 11/25/2056<sup>(a)(b)(d)</sup> | 15791758 | 105884  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class M1, 2.28%, 02/25/2066<sup>(a)(d)</sup> | 1000000 | 777435  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM7, Class B1, 3.72%, 10/25/2066<sup>(a)(d)</sup> | 5417100 | 4520500  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM8, Class A2, 2.30%, 10/25/2066<sup>(a)(d)</sup> | 1329500 | 1185563  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM8, Class A3, 2.41%, 10/25/2066<sup>(a)(d)</sup> | 12485031 | 11209698  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM8, Class B1, 4.21%, 10/25/2066<sup>(a)(d)</sup> | 4346000 | 3548848  |
| &nbsp;&nbsp;&nbsp; Series 2022-ATH1, Class B1, 4.64%, 01/25/2067<sup>(a)(d)</sup> | 7220300 | 6806663  |
| &nbsp;&nbsp;&nbsp; Series 2022-ATH2, Class B1, 4.98%, 05/25/2067<sup>(a)(d)</sup> | 4450000 | 4210083  |
| &nbsp;&nbsp;&nbsp; Series 2022-ATH2, Class B2, 4.98%, 05/25/2067<sup>(a)(d)</sup> | 7000000 | 6078275  |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM5, Class M1, 5.17%, 05/25/2067<sup>(a)(d)</sup> | 500000 | 482094  |
|  Cross Mortgage Trust, Series 2025-H5, Class A2, 5.76%, 07/25/2070<sup>(d)(g)</sup> | 1750524 | 1780876  |

---

See accompanying notes which are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK MULTI-STRATEGY INCOME FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  |
| Deephaven Residential Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class B2, 3.93%, 04/25/2066<sup>(a)(d)</sup> | $6528000 | $5311736  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class M1, 2.22%, 04/25/2066<sup>(a)(d)</sup> | 2500000 | 1971167  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class B2, 4.13%, 08/25/2066<sup>(a)(d)</sup> | 4600000 | 3698382  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class B1, 4.26%, 01/25/2067<sup>(a)(d)</sup> | 5000000 | 4310840  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class B2, 4.26%, 01/25/2067<sup>(a)(d)</sup> | 4628000 | 3701673  |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class B1, 5.28%, 07/25/2067<sup>(a)(d)</sup> | 5000000 | 4752635  |
| Deutsche ALT-A Securities, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-5, Class 2A4, 5.50%, 11/25/2035<sup>(c)</sup> | 3348854 | 1751826  |
| &nbsp;&nbsp;&nbsp; Series 2006-AB2, Class A8, 5.73%, 06/25/2036<sup>(a)(c)</sup> | 2145582 | 1967374  |
| &nbsp;&nbsp;&nbsp; Series 2007-AR1, Class A1, 4.03% (1 mo. Term SOFR + 0.35%), 01/25/2047, (10.50% Cap)<sup>(c)</sup> | 4612129 | 4396406  |
| &nbsp;&nbsp;&nbsp; Series 2007-AR1, Class A2, 4.15% (1 mo. Term SOFR + 0.47%), 01/25/2047, (10.50% Cap) | 801014 | 740144  |
| &nbsp;&nbsp;&nbsp; Series 2007-BAR1, Class A4, 4.27% (1 mo. Term SOFR + 0.59%), 03/25/2037<sup>(c)</sup> | 83950000 | 6222038  |
|  Deutsche Mortgage Securities, Inc., Series 2009-RS6, Class A2B, 3.69%, 08/25/2037<sup>(a)(d)</sup> | 6011724 | 5576458  |
| Downey Savings & Loan Association Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-AR1, Class X2, 0.04%, 09/19/2044<sup>(a)(b)</sup> | 10234621 | 3889  |
| &nbsp;&nbsp;&nbsp; Series 2004-AR2, Class C, 0.00%, 11/19/2044<sup>(i)</sup> | 1000 | 1  |
| &nbsp;&nbsp;&nbsp; Series 2004-AR2, Class X2, 0.01%, 11/19/2044<sup>(a)(b)</sup> | 9521942 | 9074  |
| &nbsp;&nbsp;&nbsp; Series 2004-AR4, Class X2, 0.00%, 01/19/2045<sup>(a)(b)</sup> | 8646658 | 571  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR1, Class 1A, 4.33% (1 mo. Term SOFR + 0.65%), 02/19/2045, (10.50% Cap)<sup>(c)</sup> | 15001215 | 11467304  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR1, Class C, 0.00%, 02/19/2045<sup>(i)</sup> | 1000000 | 10000  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR1, Class X2, 0.00%, 02/19/2045<sup>(a)(b)</sup> | 15092834 | 17945  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR2, Class 2A1C, 4.23% (1 mo. Term SOFR + 0.55%), 03/19/2045, (10.50% Cap)<sup>(c)</sup> | 893747 | 881248  |
| &nbsp;&nbsp;&nbsp; Series 2007-AR1, Class 1A1A, 3.93% (1 mo. Term SOFR + 0.25%), 04/19/2047<sup>(c)</sup> | 29191350 | 24119762  |
|  DSLA Mortgage Loan Trust, Series 2005-AR2, Class C, 0.00%, 03/19/2045 | 1 | 0  |
|  Eagle Re Ltd., Series 2021-2, Class M2, 7.95% (30 day avg SOFR US + 4.25%), 04/25/2034<sup>(d)</sup> | 3000000 | 3088740  |
| Ellington Financial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class B1, 3.20%, 06/25/2066<sup>(a)(d)</sup> | 3320000 | 2466777  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class M1, 2.30%, 06/25/2066<sup>(a)(d)</sup> | 2710000 | 1905000  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class B2, 4.29%, 09/25/2066<sup>(a)(d)</sup> | 2910000 | 2208422  |
| &nbsp;&nbsp;&nbsp; Series 2022-4, Class AIOS, 0.25%, 09/25/2067<sup>(a)(b)(d)</sup> | 245309972 | 722683  |
| &nbsp;&nbsp;&nbsp; Series 2022-4, Class B1, 5.88%, 09/25/2067<sup>(a)(d)</sup> | 4010100 | 4040898  |
| &nbsp;&nbsp;&nbsp; Series 2022-4, Class B3, 5.88%, 09/25/2067<sup>(a)(d)</sup> | 20696974 | 11455361  |
| &nbsp;&nbsp;&nbsp; Series 2022-4, Class X, 0.00%, 09/25/2067<sup>(a)(b)(d)</sup> | 245309972 | 445483  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES1, Class B2, 8.03%, 01/26/2060<sup>(a)(d)</sup> | 1393000 | 1417258  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES1, Class B3, 8.72%, 01/26/2060<sup>(a)(d)</sup> | 3588553 | 3648378  |
| &nbsp;&nbsp;&nbsp; Series 2024-INV2, Class B3, 7.63%, 10/25/2069<sup>(a)(d)</sup> | 6155807 | 6097462  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class B2, 7.50%, 11/25/2069<sup>(a)(d)</sup> | 2897500 | 2902376 |

---

See accompanying notes which are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK MULTI-STRATEGY INCOME FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class B3, 7.50%, 11/25/2069<sup>(a)(d)</sup> | $2739000 | $2708474  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES2, Class A3, 6.09%, 02/25/2060<sup>(d)(g)</sup> | 2854000 | 2887649  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class B3, 7.44%, 01/25/2070<sup>(a)(d)</sup> | 5008000 | 4727056  |
| &nbsp;&nbsp;&nbsp; Series 2026-NQM1, Class B2, 0.00%, 02/25/2071<sup>(a)(d)</sup> | 3903000 | 3778513  |
| FIGRE Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-HE1, Class C, 6.75%, 03/25/2054<sup>(a)(d)</sup> | 940946 | 967494  |
| &nbsp;&nbsp;&nbsp; Series 2025-HE5, Class D, 6.36%, 08/25/2055<sup>(a)(d)</sup> | 3500000 | 3568432  |
| &nbsp;&nbsp;&nbsp; Series 2025-HE7, Class D, 6.20%, 11/25/2055<sup>(a)(d)</sup> | 5000000 | 4986765  |
| Flagstar Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-2, Class B5, 4.00%, 04/25/2048<sup>(a)(d)</sup> | 2540029 | 2287924  |
| &nbsp;&nbsp;&nbsp; Series 2018-6RR, Class B5, 4.90%, 10/25/2048<sup>(a)(d)</sup> | 2478000 | 2051251  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class B4, 3.08%, 02/01/2051<sup>(a)(d)</sup> | 2535519 | 2058801  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class B5, 3.08%, 02/01/2051<sup>(a)(d)</sup> | 1222000 | 660185  |
| &nbsp;&nbsp;&nbsp; Series 2021-10IN, Class B5, 3.50%, 10/25/2051<sup>(a)(d)</sup> | 1156378 | 961870  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class B4, 2.78%, 04/25/2051<sup>(a)(d)</sup> | 1340188 | 729514  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class B5, 2.78%, 04/25/2051<sup>(a)(d)</sup> | 1343000 | 671693  |
| &nbsp;&nbsp;&nbsp; Series 2021-6INV, Class B5, 3.48%, 08/25/2051<sup>(a)(d)</sup> | 2867898 | 2267647  |
| &nbsp;&nbsp;&nbsp; Series 2021-9INV, Class AX1, 0.45%, 09/25/2041<sup>(a)(b)(d)</sup> | 170736899 | 1917888  |
| &nbsp;&nbsp;&nbsp; Series 2021-9INV, Class B4, 2.95%, 09/25/2041<sup>(a)(d)</sup> | 418549 | 387310  |
| &nbsp;&nbsp;&nbsp; Series 2021-9INV, Class B5, 2.95%, 09/25/2041<sup>(a)(d)</sup> | 1211408 | 782445  |
| GCAT Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM4, Class A3, 1.56%, 08/25/2066<sup>(a)(d)</sup> | 597877 | 517333  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM6, Class M1, 3.41%, 08/25/2066<sup>(a)(d)</sup> | 1250000 | 996607  |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM1, Class A1A, 3.17%, 02/25/2067<sup>(d)(g)</sup> | 2464991 | 2434361  |
|  Goldman Sachs Mortgage Pass-Through Trust, Series 2022-1, Class PT, 4.23%, 02/25/2053<sup>(a)(d)</sup> | 41610661 | 37705667  |
| Greenpoint Mortgage Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR1, Class X1, 0.47%, 06/25/2045<sup>(a)(b)</sup> | 10633005 | 81215  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR3, Class X1, 0.23%, 08/25/2045<sup>(a)(b)</sup> | 20281660 | 231434  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR4, Class 4A1A, 4.41% (1 mo. Term SOFR + 0.73%), 10/25/2045, (10.50% Cap) | 688395 | 648940  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR4, Class X4, 0.00%, 10/25/2045<sup>(a)(b)</sup> | 5915244 | 0  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR3, Class 4X, 1.00%, 04/25/2036<sup>(b)</sup> | 13456685 | 453356  |
| GS Mortgage Securities Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2014-5R, Class 3B2, 4.15% (1 mo. Term SOFR + 0.26%), 02/26/2037<sup>(d)</sup> | 4225104 | 4123592  |
| &nbsp;&nbsp;&nbsp; Series 2014-5R, Class 3B3, 4.15% (1 mo. Term SOFR + 0.26%), 02/26/2037<sup>(d)</sup> | 5707000 | 5286617  |
| &nbsp;&nbsp;&nbsp; Series 2014-5R, Class 3B4, 4.15% (1 mo. Term SOFR + 0.26%), 02/26/2037<sup>(d)</sup> | 5709149 | 4824648  |
| GS Mortgage-Backed Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-PJ1, Class B4, 4.01%, 08/25/2049<sup>(a)(d)</sup> | 1500000 | 1230532  |
| &nbsp;&nbsp;&nbsp; Series 2019-PJ1, Class B5, 4.01%, 08/25/2049<sup>(a)(d)</sup> | 577000 | 416258  |
| &nbsp;&nbsp;&nbsp; Series 2019-PJ3, Class AIOS, 0.22%, 03/25/2050<sup>(a)(b)(d)</sup> | 23862906 | 234000  |
| &nbsp;&nbsp;&nbsp; Series 2020-PJ5, Class B5, 3.25%, 03/27/2051<sup>(a)(d)</sup> | 1651641 | 1013995  |
| &nbsp;&nbsp;&nbsp; Series 2020-PJ6, Class AX1, 0.02%, 05/25/2051<sup>(a)(b)(d)</sup> | 288161008 | 269142  |
| &nbsp;&nbsp;&nbsp; Series 2020-PJ6, Class B4, 2.77%, 05/25/2051<sup>(a)(d)</sup> | 1675066 | 1382863  |

---

See accompanying notes which are an integral part of these financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK MULTI-STRATEGY INCOME FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  |
| &nbsp;&nbsp;&nbsp; Series 2020-PJ6, Class B5, 2.77%, 05/25/2051<sup>(a)(d)</sup> | $1451274 | $913349  |
| &nbsp;&nbsp;&nbsp; Series 2020-RPL1, Class B1, 3.76%, 07/25/2059<sup>(a)(d)</sup> | 6323000 | 5389656  |
| &nbsp;&nbsp;&nbsp; Series 2021-HP1, Class B3, 3.21%, 01/25/2052<sup>(a)(c)(d)</sup> | 3405930 | 2888266  |
| &nbsp;&nbsp;&nbsp; Series 2021-HP1, Class B4, 3.21%, 01/25/2052<sup>(a)(d)</sup> | 3415177 | 2867396  |
| &nbsp;&nbsp;&nbsp; Series 2021-HP1, Class B5, 3.21%, 01/25/2052<sup>(a)(d)</sup> | 1371606 | 1116957  |
| &nbsp;&nbsp;&nbsp; Series 2021-INV1, Class B3, 3.02%, 12/25/2051<sup>(a)(d)</sup> | 3852549 | 3246770  |
| &nbsp;&nbsp;&nbsp; Series 2021-MM1, Class A2, 2.50%, 04/25/2052<sup>(a)(d)</sup> | 782722 | 660652  |
| &nbsp;&nbsp;&nbsp; Series 2021-MM1, Class B3, 2.73%, 04/25/2052<sup>(a)(c)(d)</sup> | 2379317 | 2020319  |
| &nbsp;&nbsp;&nbsp; Series 2021-MM1, Class B4, 2.73%, 04/25/2052<sup>(a)(d)</sup> | 1523773 | 760994  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class A3, 1.53%, 07/25/2061<sup>(a)(d)</sup> | 1771015 | 1642453  |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ1, Class B4, 2.74%, 06/25/2051<sup>(a)(d)</sup> | 2182560 | 1622414  |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ1, Class B5, 2.74%, 06/25/2051<sup>(a)(d)</sup> | 1039000 | 524648  |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ11, Class A2, 2.50%, 04/25/2052<sup>(a)(d)</sup> | 1145091 | 965941  |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ11, Class B4, 2.85%, 04/25/2052<sup>(a)(d)</sup> | 1300000 | 670367  |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ3, Class B4, 2.65%, 08/25/2051<sup>(a)(d)</sup> | 1163475 | 944056  |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ3, Class B5, 2.65%, 08/25/2051<sup>(a)(d)</sup> | 1176269 | 713524  |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ4, Class AX1, 0.01%, 09/25/2051<sup>(a)(b)(d)</sup> | 411048408 | 153732  |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ4, Class B4, 2.61%, 09/25/2051<sup>(a)(d)</sup> | 2469890 | 1441845  |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ5, Class B4, 2.58%, 10/25/2051<sup>(a)(d)</sup> | 3445529 | 2355532  |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ6, Class AX1, 0.02%, 11/25/2051<sup>(a)(b)(d)</sup> | 712900639 | 660146  |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ6, Class B4, 2.68%, 11/25/2051<sup>(a)(c)(d)</sup> | 5114529 | 4060190  |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ7, Class B4, 2.72%, 01/25/2052<sup>(a)(c)(d)</sup> | 7049257 | 5604772  |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ8, Class B4, 2.76%, 01/25/2052<sup>(a)(d)</sup> | 3586492 | 2676793  |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ8, Class B5, 2.76%, 01/25/2052<sup>(a)(d)</sup> | 1237000 | 622942  |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ9, Class A13, 2.00%, 02/26/2052<sup>(a)(d)</sup> | 1500000 | 952108  |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ9, Class B4, 2.92%, 02/26/2052<sup>(a)(d)</sup> | 3126027 | 2523311  |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ9, Class B5, 2.92%, 02/26/2052<sup>(a)(d)</sup> | 1177110 | 839080  |
| &nbsp;&nbsp;&nbsp; Series 2022-GR1, Class B4, 3.19%, 06/25/2052<sup>(a)(d)</sup> | 3562729 | 2879850  |
| &nbsp;&nbsp;&nbsp; Series 2022-GR1, Class B5, 3.19%, 06/25/2052<sup>(a)(d)</sup> | 1118581 | 860105  |
| &nbsp;&nbsp;&nbsp; Series 2022-LTV1, Class A15X, 0.45% (-1 x 30 day avg SOFR US + 4.15%), 06/25/2052, (5.00% Cap)<sup>(b)(d)(h)</sup> | 11964059 | 405091  |
| &nbsp;&nbsp;&nbsp; Series 2022-LTV1, Class B2, 3.24%, 06/25/2052<sup>(a)(c)(d)</sup> | 4479935 | 3822778  |
| &nbsp;&nbsp;&nbsp; Series 2022-LTV1, Class B4, 3.24%, 06/25/2052<sup>(a)(d)</sup> | 4623686 | 3711599  |
| &nbsp;&nbsp;&nbsp; Series 2022-LTV1, Class B5, 3.24%, 06/25/2052<sup>(a)(d)</sup> | 722394 | 549789  |
| &nbsp;&nbsp;&nbsp; Series 2022-PJ3, Class A4, 2.50%, 08/25/2052<sup>(a)(d)</sup> | 3848842 | 3222366  |
| &nbsp;&nbsp;&nbsp; Series 2023-PJ4, Class A15, 6.00%, 01/25/2054<sup>(a)(d)</sup> | 2120330 | 2148881  |
| &nbsp;&nbsp;&nbsp; Series 2023-PJ6, Class A16, 6.50%, 04/25/2054<sup>(a)(d)</sup> | 1751941 | 1784287  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE1, Class B2, 7.70% (30 day avg SOFR US + 4.00%), <br>08/25/2054<sup>(d)</sup> | 2947000 | 2935890  |
| &nbsp;&nbsp;&nbsp; Series 2024-PJ3, Class B4, 5.91%, 08/25/2054<sup>(a)(d)</sup> | 2340000 | 1987605  |
| &nbsp;&nbsp;&nbsp; Series 2024-PJ5, Class B4, 6.90%, 09/25/2054<sup>(a)(d)</sup> | 1613000 | 1485539  |
| &nbsp;&nbsp;&nbsp; Series 2024-PJ6, Class B4, 6.70%, 10/25/2054<sup>(a)(d)</sup> | 1584000 | 1415478  |
| &nbsp;&nbsp;&nbsp; Series 2024-PJ8, Class B4, 6.83%, 02/25/2055<sup>(a)(d)</sup> | 1734000 | 1527011  |
| &nbsp;&nbsp;&nbsp; Series 2024-RPL2, Class M1, 4.07%, 07/25/2061<sup>(a)(d)</sup> | 5000000 | 4756040  |
| &nbsp;&nbsp;&nbsp; Series 2024-RPL4, Class M1, 4.00%, 09/25/2061<sup>(a)(d)</sup> | 3500000 | 3373293  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES2, Class B2, 7.96%, 09/25/2055<sup>(a)(d)</sup> | 2500000 | 2503232  |
| &nbsp;&nbsp;&nbsp; Series 2025-RPL3, Class A1, 4.10%, 07/25/2065<sup>(d)(g)</sup> | 4523866 | 4440025  |

---

See accompanying notes which are an integral part of these financial statements.

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK MULTI-STRATEGY INCOME FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  |
| GSAA Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-14, Class 2A3, 4.49% (1 mo. Term SOFR + 0.81%), 12/25/2035<sup>(c)</sup> | $1704530 | $1532841  |
| &nbsp;&nbsp;&nbsp; Series 2007-2, Class AV1, 3.87% (1 mo. Term SOFR + 0.19%), 03/25/2037 | 3242670 | 629707  |
| &nbsp;&nbsp;&nbsp; Series 2007-5, Class 2A1A, 4.03% (1 mo. Term SOFR + 0.35%), 04/25/2047<sup>(c)</sup> | 1184893 | 1115742  |
| &nbsp;&nbsp;&nbsp; GSR Mortgage Loan Trust, Series 2005-6F, Class 3A6, 4.12% <br>(1 mo. Term SOFR + 0.44%), 07/25/2035, (7.25% Cap) | 1196304 | 1062143  |
| Harborview Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-11, Class X1, 0.00%, 01/19/2035<sup>(a)(b)</sup> | 6450122 | 65  |
| &nbsp;&nbsp;&nbsp; Series 2004-7, Class X1, 0.50%, 11/19/2034<sup>(a)(b)</sup> | 858941 | 12504  |
| &nbsp;&nbsp;&nbsp; Series 2004-9, Class 4A2, 4.57% (1 mo. Term SOFR + 0.89%), 12/19/2034<sup>(c)</sup> | 1374327 | 1247859  |
| &nbsp;&nbsp;&nbsp; Series 2005-1, Class X, 0.00%, 03/19/2035<sup>(a)(b)</sup> | 4157179 | 6161  |
| &nbsp;&nbsp;&nbsp; Series 2005-10, Class X, 0.00%, 11/19/2035<sup>(a)(b)</sup> | 20248021 | 202  |
| &nbsp;&nbsp;&nbsp; Series 2005-11, Class X, 0.00%, 08/19/2045<sup>(a)(b)</sup> | 6187671 | 62  |
| &nbsp;&nbsp;&nbsp; Series 2005-12, Class X2B, 0.11%, 10/19/2035<sup>(a)(b)</sup> | 6848481 | 68  |
| &nbsp;&nbsp;&nbsp; Series 2005-13, Class X, 0.00%, 02/19/2036<sup>(a)(b)</sup> | 9874632 | 99  |
| &nbsp;&nbsp;&nbsp; Series 2005-3, Class X2, 0.04%, 06/19/2035<sup>(a)(b)</sup> | 27692430 | 277  |
| &nbsp;&nbsp;&nbsp; Series 2005-8, Class 2XA1, 0.04%, 09/19/2035<sup>(a)(b)</sup> | 20900123 | 209  |
| &nbsp;&nbsp;&nbsp; Series 2006-14, Class 2A1A, 4.09% (1 mo. Term SOFR + 0.41%), 01/25/2047<sup>(c)</sup> | 14232824 | 13688461  |
| &nbsp;&nbsp;&nbsp; Series 2007-6, Class 2A1A, 3.98% (1 mo. Term SOFR + 0.30%), 08/19/2037, (10.50% Cap) | 1395289 | 1250733  |
| Helios Loan Funding Trust, 10.23%, 01/10/2054<sup>(a)</sup> | 68801714 | 72932225  |
| Home RE Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class M2, 6.95% (30 day avg SOFR US + 3.25%), 01/25/2034<sup>(d)</sup> | 7031011 | 7068248  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class M2, 9.70% (30 day avg SOFR US + 6.00%), 10/25/2033<sup>(d)</sup> | 3000000 | 3219888  |
| &nbsp;&nbsp;&nbsp; Series 2026-1, Class B1, 8.93% (30 day avg SOFR US + 4.20%), 01/25/2036<sup>(d)</sup> | 1500000 | 1514328  |
| &nbsp;&nbsp;&nbsp; Homebanc Mortgage Trust, Series 2004-2, Class A2, 4.69% <br>(1 mo. Term SOFR + 1.01%), 12/25/2034, (11.50% Cap) | 704998 | 682935  |
|  Impac Secured Assets CMN Owner Trust, Series 2006-2, Class 1A2C, 4.35% (1 mo. Term SOFR + 0.67%), 08/25/2036, (11.50% Cap)<sup>(c)</sup> | 2718491 | 2476942  |
| Imperial Fund Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class B2, 4.36%, 06/25/2056<sup>(a)(d)</sup> | 2570000 | 2080024  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM4, Class B2, 4.10%, 01/25/2057<sup>(a)(d)</sup> | 2500000 | 1957647  |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM1, Class B2, 4.08%, 02/25/2067<sup>(a)(d)</sup> | 7250000 | 5423674  |
| Indymac Index Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-AR12, Class AX2, 0.00%, 12/25/2034<sup>(a)(b)</sup> | 1315498 | 13  |
| &nbsp;&nbsp;&nbsp; Series 2005-16IP, Class AX, 0.00%, 07/25/2045<sup>(a)(b)</sup> | 9333945 | 4452  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR10, Class AX, 0.00%, 06/25/2035<sup>(a)(b)</sup> | 22275141 | 223  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR12, Class AX2, 0.00%, 07/25/2035<sup>(a)(b)</sup> | 35818843 | 358  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR14, Class 2X, 0.01%, 07/25/2035<sup>(a)(b)</sup> | 16827872 | 13597  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR2, Class AX2, 0.00%, 02/25/2035<sup>(a)(b)</sup> | 8239544 | 0  |

---

See accompanying notes which are an integral part of these financial statements.

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK MULTI-STRATEGY INCOME FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR4, Class AX2, 0.00%, 03/25/2035<sup>(a)(b)</sup> | $10185388 | $126615  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR8, Class AX2, 0.00%, 05/25/2035<sup>(a)(b)</sup> | 13732975 | 137  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR25, Class 5A1, 3.63%, 09/25/2036<sup>(a)(c)</sup> | 3566880 | 2796951  |
| &nbsp;&nbsp;&nbsp; Series 2007-AR9, Class 2A1, 3.79%, 04/25/2037<sup>(a)(c)</sup> | 2735297 | 1706625  |
|  Invitation Homes Trust, Series 2024-SFR1, Class A, 4.00%, 09/17/2041<sup>(d)</sup> | 2992496 | 2949859  |
| JP Morgan Chase Commercial Mortgage Securities<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-LTV1, Class B4, 4.60%, 06/25/2049<sup>(a)(d)</sup> | 3346671 | 3214889  |
| &nbsp;&nbsp;&nbsp; Series 2019-LTV1, Class B5, 4.60%, 06/25/2049<sup>(a)(d)</sup> | 1752008 | 1442199  |
| JP Morgan Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-ALT1, Class 2A1, 5.27%, 10/25/2035<sup>(a)(c)</sup> | 4163132 | 3117687  |
| &nbsp;&nbsp;&nbsp; Series 2006-A6, Class 1A4L, 4.26%, 10/25/2036<sup>(a)</sup> | 1288994 | 939676  |
| &nbsp;&nbsp;&nbsp; Series 2007-A4, Class 3A3, 5.02%, 06/25/2037<sup>(a)</sup> | 1060648 | 863179  |
| &nbsp;&nbsp;&nbsp; Series 2019-7, Class AX1, 0.00%, 02/25/2050<sup>(a)(b)(d)</sup> | 17634777 | 53  |
| &nbsp;&nbsp;&nbsp; Series 2019-7, Class B4, 3.97%, 02/25/2050<sup>(a)(d)</sup> | 2668229 | 2249528  |
| &nbsp;&nbsp;&nbsp; Series 2019-7, Class B5, 3.97%, 02/25/2050<sup>(a)(d)</sup> | 1199000 | 871901  |
| &nbsp;&nbsp;&nbsp; Series 2019-8, Class AX1, 0.14%, 03/25/2050<sup>(a)(b)(d)</sup> | 36693083 | 219828  |
| &nbsp;&nbsp;&nbsp; Series 2019-9, Class B5, 3.79%, 05/25/2050<sup>(a)(d)</sup> | 2324529 | 2082953  |
| &nbsp;&nbsp;&nbsp; Series 2019-LTV3, Class B5, 4.36%, 03/25/2050<sup>(a)(d)</sup> | 1608826 | 1481978  |
| &nbsp;&nbsp;&nbsp; Series 2020-1, Class B5, 3.82%, 06/25/2050<sup>(a)(d)</sup> | 1985914 | 1735582  |
| &nbsp;&nbsp;&nbsp; Series 2020-3, Class B4, 3.83%, 08/25/2050<sup>(a)(d)</sup> | 189705 | 170011  |
| &nbsp;&nbsp;&nbsp; Series 2020-3, Class B5, 3.83%, 08/25/2050<sup>(a)(d)</sup> | 1505834 | 1315068  |
| &nbsp;&nbsp;&nbsp; Series 2020-5, Class B5, 3.57%, 12/25/2050<sup>(a)(d)</sup> | 1619707 | 1296440  |
| &nbsp;&nbsp;&nbsp; Series 2020-LTV1, Class B5, 4.25%, 06/25/2050<sup>(a)(d)</sup> | 2606338 | 2397338  |
| &nbsp;&nbsp;&nbsp; Series 2020-LTV2, Class B5, 3.98%, 11/25/2050<sup>(a)(d)</sup> | 2877409 | 2489877  |
| &nbsp;&nbsp;&nbsp; Series 2021-10, Class B5, 2.83%, 12/25/2051<sup>(a)(d)</sup> | 2258064 | 1556747  |
| &nbsp;&nbsp;&nbsp; Series 2021-13, Class A5, 2.50%, 04/25/2052<sup>(a)(d)</sup> | 1500000 | 1048560  |
| &nbsp;&nbsp;&nbsp; Series 2021-15, Class B3, 3.11%, 06/25/2052<sup>(a)(d)</sup> | 8315497 | 6969443  |
| &nbsp;&nbsp;&nbsp; Series 2021-15, Class B4, 3.11%, 06/25/2052<sup>(a)(d)</sup> | 4837794 | 3963861  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class B4, 2.93%, 07/25/2051<sup>(a)(d)</sup> | 1939826 | 1573918  |
| &nbsp;&nbsp;&nbsp; Series 2021-6, Class B4, 2.83%, 10/25/2051<sup>(a)(d)</sup> | 3458743 | 2718873  |
| &nbsp;&nbsp;&nbsp; Series 2021-7, Class B4, 2.80%, 11/25/2051<sup>(a)(d)</sup> | 1695806 | 1336373  |
| &nbsp;&nbsp;&nbsp; Series 2021-7, Class B5, 2.80%, 11/25/2051<sup>(a)(d)</sup> | 1695806 | 946892  |
| &nbsp;&nbsp;&nbsp; Series 2021-8, Class B4, 2.84%, 12/25/2051<sup>(a)(d)</sup> | 2892133 | 2281627  |
| &nbsp;&nbsp;&nbsp; Series 2021-INV6, Class A5A, 2.50%, 04/25/2052<sup>(a)(d)</sup> | 1010931 | 849256  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class B4, 3.09%, 07/25/2052<sup>(a)(c)(d)</sup> | 13670210 | 10792125  |
| &nbsp;&nbsp;&nbsp; Series 2023-6, Class A3, 5.50%, 12/26/2053<sup>(a)(c)(d)</sup> | 12938880 | 13060078  |
| &nbsp;&nbsp;&nbsp; Series 2023-6, Class AX1, 0.23%, 12/26/2053<sup>(a)(b)(d)</sup> | 109123827 | 113271  |
| &nbsp;&nbsp;&nbsp; Series 2023-6, Class B4, 6.11%, 12/26/2053<sup>(a)(d)</sup> | 1536863 | 1351084  |
| &nbsp;&nbsp;&nbsp; Series 2023-7, Class B4, 6.16%, 02/25/2054<sup>(a)(d)</sup> | 1035500 | 871239  |
| &nbsp;&nbsp;&nbsp; Series 2023-8, Class B4, 6.14%, 02/25/2054<sup>(a)(d)</sup> | 2998782 | 2682351  |
| &nbsp;&nbsp;&nbsp; Series 2023-9, Class B4, 6.29%, 04/25/2054<sup>(a)(d)</sup> | 2942610 | 2744958  |
| &nbsp;&nbsp;&nbsp; Series 2024-10, Class A11X, 2.55% (-1 x 30 day avg SOFR US + 6.25%), 03/25/2055, (7.50% Cap)<sup>(b)(d)(h)</sup> | 92528065 | 3274106  |
| &nbsp;&nbsp;&nbsp; Series 2024-10, Class B6, 6.66%, 03/25/2055<sup>(a)(d)</sup> | 2843931 | 1932571  |
| &nbsp;&nbsp;&nbsp; Series 2024-11, Class A2, 6.00%, 04/25/2055<sup>(a)(c)(d)</sup> | 4485670 | 4546070  |
| &nbsp;&nbsp;&nbsp; Series 2024-12, Class A4, 6.00%, 06/25/2055<sup>(a)(d)</sup> | 5987684 | 6068308  |

---

See accompanying notes which are an integral part of these financial statements.

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK MULTI-STRATEGY INCOME FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  |
| &nbsp;&nbsp;&nbsp; Series 2024-4, Class B4, 7.08%, 10/25/2054<sup>(a)(d)</sup> | $2974389 | $2905478  |
| &nbsp;&nbsp;&nbsp; Series 2024-5, Class A11X, 3.05% (-1 x 30 day avg SOFR US + 6.75%), 11/25/2054, (8.00% Cap)<sup>(b)(d)(h)</sup> | 81899381 | 3716184  |
| &nbsp;&nbsp;&nbsp; Series 2024-5, Class B4, 6.91%, 11/25/2054<sup>(a)(d)</sup> | 2588690 | 2537193  |
| &nbsp;&nbsp;&nbsp; Series 2024-5, Class B5, 6.91%, 11/25/2054<sup>(a)(d)</sup> | 2366000 | 1997512  |
| &nbsp;&nbsp;&nbsp; Series 2024-6, Class B4, 6.90%, 12/25/2054<sup>(a)(d)</sup> | 2512639 | 2296020  |
| &nbsp;&nbsp;&nbsp; Series 2024-6, Class B5, 6.90%, 12/25/2054<sup>(a)(d)</sup> | 1795000 | 1490706  |
| &nbsp;&nbsp;&nbsp; Series 2024-8, Class B4, 6.94%, 01/25/2055<sup>(a)(d)</sup> | 2611000 | 2391384  |
| &nbsp;&nbsp;&nbsp; Series 2024-9, Class B4, 6.97%, 02/25/2055<sup>(a)(d)</sup> | 3284845 | 3186924  |
| &nbsp;&nbsp;&nbsp; Series 2024-9, Class B6, 6.86%, 02/25/2055<sup>(a)(d)</sup> | 2597975 | 1762033  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES7, Class B2, 8.29%, 04/25/2056<sup>(a)(d)</sup> | 4369000 | 4392361  |
|  JP Morgan Wealth Management, Series 2020-ATR1, Class A5, 3.00%, 02/25/2050<sup>(a)(d)</sup> | 2830949 | 2473055  |
| JPMorgan Chase Bank NA<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-CL1, Class M2, 5.49% (1 mo. Term SOFR + 1.81%), 04/25/2047<sup>(d)</sup> | 3212787 | 3263038  |
| &nbsp;&nbsp;&nbsp; Series 2019-CL1, Class M4, 6.39% (1 mo. Term SOFR + 2.71%), 04/25/2047<sup>(d)</sup> | 1189473 | 1226843  |
| &nbsp;&nbsp;&nbsp; Series 2020-CL1, Class B, 13.79% (1 mo. Term SOFR + 10.11%), 10/25/2057<sup>(d)</sup> | 6690285 | 7021360  |
| &nbsp;&nbsp;&nbsp; Series 2020-CL1, Class M2, 6.29% (1 mo. Term SOFR + 2.61%), 10/25/2057<sup>(d)</sup> | 2493102 | 2609862  |
| &nbsp;&nbsp;&nbsp; Series 2020-CL1, Class M4, 8.14% (1 mo. Term SOFR + 4.46%), 10/25/2057<sup>(d)</sup> | 797141 | 850516  |
| &nbsp;&nbsp;&nbsp; Series 2020-CL1, Class M5, 9.39% (1 mo. Term SOFR + 5.71%), 10/25/2057<sup>(d)</sup> | 1531034 | 1591693  |
| &nbsp;&nbsp;&nbsp; Series 2021-CL1, Class B, 10.60% (30 day avg SOFR US + 6.90%), 03/25/2051<sup>(d)</sup> | 1150672 | 1125167  |
| &nbsp;&nbsp;&nbsp; Series 2021-CL1, Class M5, 7.55% (30 day avg SOFR US + 3.85%), 03/25/2051<sup>(d)</sup> | 351770 | 320747  |
| Lake Summit Mortgage Trust, 8.67%, 08/15/2049<sup>(a)</sup> | 2125593 | 2110429  |
|  Legacy Mortgage Asset Trust, Series 2021-GS3, Class A1, 5.75%, 07/25/2061<sup>(d)(g)</sup> | 4112036 | 4191135  |
| Lehman Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2007-5, Class PO1, 0.00%, 06/25/2037<sup>(e)</sup> | 15131 | 11150  |
| &nbsp;&nbsp;&nbsp; Series 2007-9, Class AP, 0.00%, 10/25/2037<sup>(e)</sup> | 8932 | 7562  |
| Lehman XS Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-3, Class 3A3A, 4.68%, 09/25/2035<sup>(g)</sup> | 1489564 | 1308756  |
| &nbsp;&nbsp;&nbsp; Series 2007-12N, Class 1A3A, 4.19% (1 mo. Term SOFR + 0.51%), 07/25/2047 | 1126512 | 1101649  |
| &nbsp;&nbsp;&nbsp; Series 2007-7N, Class 1A1A, 4.23% (1 mo. Term SOFR + 0.55%), 06/25/2047 | 2251567 | 2168378  |
| &nbsp;&nbsp;&nbsp; Series 2007-9, Class WFIO, 0.00%, 04/25/2037<sup>(b)</sup> | 12326794 | 123  |
| Luminent Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class A1, 4.51% (1 mo. Term SOFR + 0.83%), 04/25/2036<sup>(c)</sup> | 2842870 | 2617300  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class X, 0.05%, 04/25/2036<sup>(a)(b)</sup> | 20132962 | 78357  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class X, 0.00%, 02/25/2046<sup>(a)(b)</sup> | 28365804 | 284  |

---

See accompanying notes which are an integral part of these financial statements.

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK MULTI-STRATEGY INCOME FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  |
| &nbsp;&nbsp;&nbsp; Series 2006-5, Class X, 0.00%, 07/25/2036<sup>(a)(b)</sup> | $23659513 | $237  |
|  Mastr Adjustable Rate Mortgages Trust, Series 2005-7, Class 2A1, 4.38%, 09/25/2035<sup>(a)</sup> | 836972 | 772289  |
| MASTR Alternative Loans Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-6, Class 30PO, 0.00%, 07/25/2034<sup>(e)</sup> | 72033 | 59746  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 15PO, 0.00%, 02/25/2026<sup>(e)</sup> | 2913 | 0  |
| &nbsp;&nbsp;&nbsp; Series 2007-HF1, Class 4A1, 7.00%, 10/25/2047<sup>(c)</sup> | 9522417 | 3760584  |
| MASTR Asset Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-2, Class PO, 0.00%, 11/25/2035<sup>(e)</sup> | 9677 | 5641  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class AP, 0.00%, 11/25/2037<sup>(e)</sup> | 403 | 0  |
| Mello Mortgage Capital Acceptance<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-MTG1, Class B4, 3.66%, 03/25/2048<sup>(a)(d)</sup> | 1799000 | 1389301  |
| &nbsp;&nbsp;&nbsp; Series 2018-MTG1, Class B5, 3.66%, 03/25/2048<sup>(a)(d)</sup> | 1499000 | 1073206  |
| &nbsp;&nbsp;&nbsp; Series 2021-INV4, Class B5, 3.20%, 12/25/2051<sup>(a)(d)</sup> | 1120595 | 918865  |
| &nbsp;&nbsp;&nbsp; Series 2021-MTG1, Class B4, 2.65%, 04/25/2051<sup>(a)(d)</sup> | 1008326 | 794634  |
| &nbsp;&nbsp;&nbsp; Series 2021-MTG1, Class B5, 2.65%, 04/25/2051<sup>(a)(d)</sup> | 503724 | 279024  |
| &nbsp;&nbsp;&nbsp; Series 2021-MTG2, Class B4, 2.67%, 06/25/2051<sup>(a)(d)</sup> | 1540628 | 1147866  |
| &nbsp;&nbsp;&nbsp; Series 2021-MTG3, Class B5, 2.90%, 07/01/2051<sup>(a)(d)</sup> | 488000 | 224469  |
| Merrill Lynch Mortgage Investors, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-OPT1, Class M3, 6.26% (1 mo. Term SOFR + 2.59%), 07/25/2034 | 1558243 | 1284203  |
| &nbsp;&nbsp;&nbsp; Series 2006-AF1, Class AF2A, 6.25%, 08/25/2036 | 1610662 | 588212  |
| MFRA Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-INV2, Class B1, 4.39%, 11/25/2056<sup>(a)(c)(d)</sup> | 4000000 | 3540588  |
| &nbsp;&nbsp;&nbsp; Series 2021-RPL1, Class A2, 2.07%, 07/25/2060<sup>(a)(d)</sup> | 4106000 | 3566562  |
| &nbsp;&nbsp;&nbsp; Series 2021-RPL1, Class M2, 2.85%, 07/25/2060<sup>(a)(d)</sup> | 4500000 | 3857521  |
| Morgan Stanley ABS Capital I, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2007-HE6, Class A3, 3.97% (1 mo. Term SOFR + 0.47%), 05/25/2037 | 11102573 | 9945307  |
| &nbsp;&nbsp;&nbsp; Series 2007-HE6, Class A4, 4.04% (1 mo. Term SOFR + 0.61%), 05/25/2037<sup>(c)</sup> | 1598771 | 1410391  |
| Morgan Stanley Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-3AR, Class 1AX, 1.04%, 03/25/2036<sup>(a)(b)</sup> | 12753204 | 365507  |
| &nbsp;&nbsp;&nbsp; Series 2006-5AR, Class AX, 0.54%, 04/25/2036<sup>(a)(b)</sup> | 13239615 | 68449  |
|  Morgan Stanley Reremic Trust, Series 2015-R4, Class CB3, 4.10%, 08/26/2047<sup>(a)(d)</sup> | 1010309 | 878080  |
| Morgan Stanley Residential Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class B4, 2.94%, 03/25/2051<sup>(a)(d)</sup> | 742356 | 432671  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class B5, 2.94%, 03/25/2051<sup>(a)(d)</sup> | 988000 | 508799  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class B4, 2.78%, 06/25/2051<sup>(a)(d)</sup> | 1093000 | 557115  |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class B4, 2.92%, 07/25/2051<sup>(a)(d)</sup> | 1240000 | 654592  |
| &nbsp;&nbsp;&nbsp; Series 2021-5, Class B4, 2.98%, 08/25/2051<sup>(a)(d)</sup> | 1921951 | 1112285  |
| &nbsp;&nbsp;&nbsp; Series 2025-SPL1, Class B1, 4.25%, 02/25/2065<sup>(d)(g)</sup> | 3410000 | 3045052  |
| MortgageIT Trust, Series 2006-1, Class 1X, 0.17%, 04/25/2036<sup>(a)(b)</sup> | 6437185 | 0  |
|  New Residential Mortgage LLC, Series 2025-FHT1, Class A, 6.55%, 03/25/2032<sup>(d)(g)</sup> | 1701322 | 1736044 |

---

See accompanying notes which are an integral part of these financial statements.

11<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK MULTI-STRATEGY INCOME FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  |
| New Residential Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-2A, Class B4, 5.18%, 03/25/2057<sup>(a)(d)</sup> | $2154509 | $2110340  |
| &nbsp;&nbsp;&nbsp; Series 2018-2A, Class B6, 5.20%, 02/25/2058<sup>(a)(d)</sup> | 1179845 | 949488  |
| &nbsp;&nbsp;&nbsp; Series 2019-2A, Class B6, 4.71%, 12/25/2057<sup>(a)(d)</sup> | 4982434 | 4190003  |
| &nbsp;&nbsp;&nbsp; Series 2019-6A, Class B5IA, 1.75%, 09/25/2059<sup>(a)(b)(d)</sup> | 11809219 | 739163  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM3, Class B2, 4.05%, 11/27/2056<sup>(a)(d)</sup> | 2729000 | 2343016  |
| &nbsp;&nbsp;&nbsp; Series 2022-SFR2, Class E2, 4.00%, 09/04/2039<sup>(d)</sup> | 2554000 | 2480833  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class B1, 7.26%, 04/25/2065<sup>(a)(d)</sup> | 5116000 | 5208809  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class B3, 7.26%, 04/25/2065<sup>(a)(d)</sup> | 11758000 | 10370180  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM3, Class B1, 7.03%, 05/25/2065<sup>(a)(d)</sup> | 2884000 | 2948230  |
| &nbsp;&nbsp;&nbsp; Nomura Resecuritization Trust, Series 2014-3R, Class 4A15, 1.44% <br>(1 mo. Term SOFR + 0.27%), 03/26/2037<sup>(d)</sup> | 3306185 | 2743006  |
|  Oceanview Mortgage Trust, Series 2021-5, Class B4, 2.97%, 10/25/2051<sup>(a)(d)</sup> | 1715000 | 910752  |
| Onslow Bay Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-J2, Class A1, 2.50%, 07/25/2051<sup>(a)(d)</sup> | 1479327 | 1244116  |
| &nbsp;&nbsp;&nbsp; Series 2021-J3, Class A7, 2.50%, 10/25/2051<sup>(a)(d)</sup> | 2500000 | 1749780  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class A1, 1.07%, 02/25/2066<sup>(a)(d)</sup> | 866081 | 762427  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A3, 1.56%, 05/25/2061<sup>(a)(d)</sup> | 1709057 | 1450091  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM4, Class A2, 2.16%, 10/25/2061<sup>(a)(d)</sup> | 1719077 | 1489577  |
|  PHH Alternative Mortgage Trust, Series 2007-1, Class 21PO, 0.00%, 02/25/2037<sup>(e)</sup> | 10017 | 8281  |
| PMT Loan Trust, Series 2025-J3, Class A8, 5.50%, 11/27/2056<sup>(a)(d)</sup> | 2786986 | 2802902  |
| Point Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A1, 6.25%, 06/25/2055<sup>(d)</sup> | 937020 | 944094  |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class A1, 5.75%, 09/25/2055<sup>(d)(g)</sup> | 3249329 | 3241095  |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class B1, 7.00%, 09/25/2055<sup>(d)(g)</sup> | 1500000 | 1277961  |
| Pretium Mortgage Credit Partners LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-RPL1, Class M2, 4.00%, 07/25/2069<sup>(d)(g)</sup> | 4000000 | 3772708  |
| &nbsp;&nbsp;&nbsp; Series 2025-RPL2, Class A2, 4.00%, 08/25/2064<sup>(d)(g)</sup> | 8000000 | 7703704  |
| &nbsp;&nbsp;&nbsp; Series 2025-RPL2, Class M1, 4.00%, 08/25/2064<sup>(d)(g)</sup> | 2754000 | 2607344  |
|  Progress Residential Trust, Series 2023-SFR2, Class D, 4.50%, 10/17/2040<sup>(d)</sup> | 800000 | 790366  |
| PRPM LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM1, Class B1, 5.39%, 08/25/2067<sup>(a)(d)</sup> | 3750000 | 3666315  |
| &nbsp;&nbsp;&nbsp; Series 2024-7, Class A1, 5.87%, 11/25/2029<sup>(d)(g)</sup> | 2398977 | 2397245  |
| &nbsp;&nbsp;&nbsp; Series 2024-RPL4, Class A3, 4.00%, 12/25/2054<sup>(d)(g)</sup> | 2936000 | 2813337  |
| &nbsp;&nbsp;&nbsp; Series 2025-RCF4, Class M2, 4.50%, 08/25/2055<sup>(d)(g)</sup> | 2000000 | 1849302  |
| Radnor RE Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class M1C, 7.20% (30 day avg SOFR US + 3.50%), 09/25/2034<sup>(d)</sup> | 500000 | 508153  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class M2, 7.70% (30 day avg SOFR US + 4.00%), 09/25/2034<sup>(d)</sup> | 1500000 | 1550175  |
| RALI Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-QA13, Class 2A1, 5.20%, 12/25/2035<sup>(a)(c)</sup> | 2922887 | 2611944  |
| &nbsp;&nbsp;&nbsp; Series 2005-QS13, Class AP, 0.00%, 09/25/2035<sup>(e)</sup> | 164192 | 108226  |

---

See accompanying notes which are an integral part of these financial statements.

12<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK MULTI-STRATEGY INCOME FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  |
| &nbsp;&nbsp;&nbsp; Series 2005-QS17, Class A1, 6.00%, 12/25/2035<sup>(c)</sup> | $1368878 | $1217106  |
| &nbsp;&nbsp;&nbsp; Series 2005-QS17, Class AP, 0.00%, 12/25/2035<sup>(e)</sup> | 212397 | 141316  |
| &nbsp;&nbsp;&nbsp; Series 2006-QA7, Class 2A1, 4.16% (1 mo. Term SOFR + 0.48%), 08/25/2036<sup>(c)</sup> | 4159726 | 3807738  |
| &nbsp;&nbsp;&nbsp; Series 2006-QA9, Class A1, 4.15% (1 mo. Term SOFR + 0.47%), 11/25/2036, (11.00% Cap) | 1268213 | 626646  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS11, Class 1A2, 6.00%, 08/25/2036<sup>(c)</sup> | 1517235 | 1214988  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS11, Class 1A8, 6.00%, 08/25/2036<sup>(c)</sup> | 1511621 | 1210550  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS12, Class AP, 0.00%, 09/25/2036<sup>(e)</sup> | 66680 | 42267  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS14, Class A15, 4.09% (1 mo. Term SOFR + 0.41%), 11/25/2036, (7.50% Cap) | 1181513 | 866541  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS15, Class A5, 6.50%, 10/25/2036 | 800554 | 685956  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS15, Class AP, 0.00%, 10/25/2036<sup>(e)</sup> | 91987 | 43985  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS16, Class AP, 0.00%, 11/25/2036<sup>(e)</sup> | 90479 | 44338  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS3, Class 1A1, 4.49% (1 mo. Term SOFR + 0.81%), 03/25/2036, (5.50% Cap)<sup>(c)</sup> | 1966251 | 1659842  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS3, Class 1A8, 4.19% (1 mo. Term SOFR + 0.51%), 03/25/2036, (6.00% Cap) | 1060819 | 911719  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS5, Class AP, 0.00%, 05/25/2036<sup>(e)</sup> | 24617 | 14978  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS9, Class 1AP, 0.00%, 07/25/2036<sup>(e)</sup> | 14760 | 8874  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS9, Class 2AP, 0.00%, 07/25/2036<sup>(e)</sup> | 14951 | 0  |
| &nbsp;&nbsp;&nbsp; Series 2007-QA2, Class A3, 4.09% (1 mo. Term SOFR + 0.41%), 02/25/2037, (14.00% Cap)<sup>(c)</sup> | 4232785 | 3702620  |
| &nbsp;&nbsp;&nbsp; Series 2007-QS1, Class 1AP, 0.00%, 01/25/2037<sup>(e)</sup> | 16091 | 12948  |
| &nbsp;&nbsp;&nbsp; Series 2007-QS3, Class AP, 0.00%, 02/25/2037<sup>(e)</sup> | 330747 | 151624  |
| &nbsp;&nbsp;&nbsp; Series 2007-QS4, Class 4A3, 0.00%, 03/25/2037<sup>(e)</sup> | 487886 | 0  |
| &nbsp;&nbsp;&nbsp; Series 2007-QS5, Class AP, 0.00%, 03/25/2037<sup>(e)</sup> | 150541 | 77999  |
| &nbsp;&nbsp;&nbsp; Series 2007-QS6, Class AP, 0.00%, 04/25/2037<sup>(e)</sup> | 253878 | 124563  |
| &nbsp;&nbsp;&nbsp; Series 2007-QS9, Class AP, 0.00%, 07/25/2037<sup>(e)</sup> | 717323 | 337434  |
| Rate Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-HB1, Class B4, 2.70%, 12/25/2051<sup>(a)(d)</sup> | 2400983 | 1666837  |
| &nbsp;&nbsp;&nbsp; Series 2021-J1, Class B4, 2.70%, 07/25/2051<sup>(a)(d)</sup> | 1291000 | 649520  |
| &nbsp;&nbsp;&nbsp; Series 2022-J1, Class B4, 2.75%, 01/25/2052<sup>(a)(d)</sup> | 3397688 | 1942044  |
| &nbsp;&nbsp;&nbsp; Series 2024-J2, Class B5, 6.42%, 07/25/2054<sup>(a)(d)</sup> | 927000 | 703802  |
| &nbsp;&nbsp;&nbsp; Series 2024-J3, Class B4, 6.40%, 10/25/2054<sup>(a)(d)</sup> | 747000 | 622371  |
| &nbsp;&nbsp;&nbsp; Series 2024-J3, Class B5, 6.40%, 10/25/2054<sup>(a)(d)</sup> | 935000 | 706836  |
|  RBSSP Resecuritization Trust, Series 2009-3, Class 3A3, 5.75%, 09/26/2035<sup>(a)(d)</sup> | 1152086 | 1026818  |
| RCKT Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class B4, 2.56%, 06/25/2051<sup>(a)(d)</sup> | 2344443 | 1661200  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class B5, 2.56%, 06/25/2051<sup>(a)(d)</sup> | 1566000 | 751124  |
| &nbsp;&nbsp;&nbsp; Series 2021-5, Class A1, 2.50%, 11/25/2051<sup>(a)(d)</sup> | 5350471 | 4548318  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class B3, 2.75%, 01/25/2052<sup>(a)(c)(d)</sup> | 9256925 | 7161157  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class B4, 2.75%, 01/25/2052<sup>(a)(d)</sup> | 5197193 | 3798239  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class B5, 2.75%, 01/25/2052<sup>(a)(d)</sup> | 2245000 | 1015663  |

---

See accompanying notes which are an integral part of these financial statements.

13<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK MULTI-STRATEGY INCOME FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  |
| Residential Asset Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-A11, Class 1A1, 4.24% (1 mo. Term SOFR + 0.56%), 10/25/2035, (5.50% Cap) | $1468101 | $868969  |
| &nbsp;&nbsp;&nbsp; Series 2005-A11, Class 1A3, 5.50%, 10/25/2035 | 1328820 | 850535  |
| &nbsp;&nbsp;&nbsp; Series 2005-A11, Class PO, 0.00%, 10/25/2035<sup>(e)</sup> | 518493 | 221164  |
| &nbsp;&nbsp;&nbsp; Series 2006-A2, Class A5, 4.49% (1 mo. Term SOFR + 0.81%), 01/25/2046, (6.00% Cap) | 1846479 | 567392  |
| &nbsp;&nbsp;&nbsp; Series 2007-A2, Class 2A2, 6.50%, 04/25/2037 | 3943420 | 1163297  |
| &nbsp;&nbsp;&nbsp; Series 2007-A8, Class 1A1, 6.00%, 08/25/2037 | 3864867 | 1841454  |
| RFMSI Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-S7, Class AP, 0.00%, 11/25/2035<sup>(e)</sup> | 10809 | 5944  |
| &nbsp;&nbsp;&nbsp; Series 2006-S10, Class 1AP, 0.00%, 10/25/2036<sup>(e)</sup> | 10835 | 5610  |
| &nbsp;&nbsp;&nbsp; Series 2006-S4, Class AP, 0.00%, 04/25/2036<sup>(e)</sup> | 102284 | 66840  |
| &nbsp;&nbsp;&nbsp; Series 2006-S5, Class A4, 0.00%, 06/25/2036<sup>(e)</sup> | 25303 | 14446  |
| &nbsp;&nbsp;&nbsp; Series 2007-S5, Class AP, 0.00%, 05/25/2037<sup>(e)</sup> | 158137 | 81111  |
| Saluda Grade Mortgage Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-SEQ1, Class A1, 3.32%, 05/25/2050<sup>(a)(d)</sup> | 1784782 | 1744214  |
| &nbsp;&nbsp;&nbsp; Series 2020-SEQ1, Class C, 0.00%, 05/25/2050<sup>(a)(b)(d)</sup> | 26202262 | 2990910  |
| &nbsp;&nbsp;&nbsp; Series 2021-FIG2, Class M1, 4.25%, 10/25/2051<sup>(a)(d)</sup> | 1449524 | 1458824  |
| &nbsp;&nbsp;&nbsp; Series 2021-FIG2, Class M2, 6.00%, 10/25/2051<sup>(a)(d)</sup> | 1159619 | 1161420  |
| &nbsp;&nbsp;&nbsp; Series 2021-MF1, Class A1, 3.81%, 11/25/2029<sup>(a)(d)</sup> | 6884819 | 6637516  |
| &nbsp;&nbsp;&nbsp; Series 2022-SEQ2, Class B1, 5.50%, 02/25/2052<sup>(a)(d)</sup> | 3153250 | 2906237  |
| &nbsp;&nbsp;&nbsp; Series 2022-SEQ2, Class B2, 6.00%, 02/25/2052<sup>(a)(d)</sup> | 2011000 | 1839639  |
| &nbsp;&nbsp;&nbsp; Series 2022-SEQ2, Class B3, 7.47%, 02/25/2052<sup>(a)(d)</sup> | 2211115 | 2096679  |
| &nbsp;&nbsp;&nbsp; Series 2022-SEQ2, Class CERT, 0.00%, 02/25/2052<sup>(d)</sup> | 38061600 | 35971257  |
| &nbsp;&nbsp;&nbsp; Series 2022-SEQ2, Class M1, 5.00%, 02/25/2052<sup>(a)(d)</sup> | 5213750 | 4879601  |
| &nbsp;&nbsp;&nbsp; Series 2022-SEQ2, Class XS, 0.00%, 02/25/2052<sup>(a)(b)(d)</sup> | 88898274 | 856090  |
| &nbsp;&nbsp;&nbsp; Series 2022-SG2, Class A, 8.00%, 05/15/2052<sup>(d)(g)</sup> | 15000000 | 15066720  |
| &nbsp;&nbsp;&nbsp; Series 2023-FIG3, Class A, 7.07%, 08/25/2053<sup>(a)(d)</sup> | 2604488 | 2651007  |
| &nbsp;&nbsp;&nbsp; Series 2023-FIG4, Class A, 6.72%, 11/25/2053<sup>(a)(d)</sup> | 4103265 | 4239920  |
| &nbsp;&nbsp;&nbsp; Series 2023-SEQ3, Class A2, 6.89%, 06/01/2053<sup>(a)(d)</sup> | 4250000 | 4304872  |
| &nbsp;&nbsp;&nbsp; Series 2025-LOC5, Class B1, 7.42% (1 mo. Term SOFR + 3.75%), 10/25/2055<sup>(d)</sup> | 3029000 | 3056715  |
| &nbsp;&nbsp;&nbsp; Series 2025-NPL1, Class A1, 7.12%, 01/25/2030<sup>(d)(g)</sup> | 8899231 | 8905950  |
| &nbsp;&nbsp;&nbsp; Series 2025-NPL1, Class A2, 9.05%, 01/25/2030<sup>(d)(g)</sup> | 1250000 | 1254756  |
| &nbsp;&nbsp;&nbsp; Series 2025-NPL2, Class A1, 7.77%, 05/25/2030<sup>(d)(g)</sup> | 6267762 | 6289060  |
| &nbsp;&nbsp;&nbsp; Series 2026-HB1, Class A1X, 0.00%, 04/25/2056<sup>(a)(b)(d)</sup> | 132700000 | 2224278  |
| &nbsp;&nbsp;&nbsp; Series 2026-HB1, Class B1, 0.00% (1 mo. Term SOFR + 3.45%), 04/25/2056<sup>(d)</sup> | 2800000 | 2800000  |
| &nbsp;&nbsp;&nbsp; Series 2026-HB1, Class B2, 0.00% (1 mo. Term SOFR + 4.55%), 04/25/2056<sup>(d)</sup> | 5935000 | 5910759  |
| Sequoia Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-2, Class XA, 0.16%, 03/20/2035<sup>(a)(b)</sup> | 2622125 | 0  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 5A1, 3.99%, 10/20/2046<sup>(a)(c)</sup> | 1575666 | 1122619  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class B4, 2.66%, 03/25/2051<sup>(a)(d)</sup> | 2308069 | 1435176  |
| &nbsp;&nbsp;&nbsp; Series 2023-4, Class A10, 5.80%, 11/25/2053<sup>(a)(d)</sup> | 706732 | 709531  |

---

See accompanying notes which are an integral part of these financial statements.

14<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK MULTI-STRATEGY INCOME FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  |
| &nbsp;&nbsp;&nbsp; Series 2023-5, Class B4, 5.75%, 12/25/2053<sup>(a)(d)</sup> | $1191000 | $979278  |
| &nbsp;&nbsp;&nbsp; Series 2024-8, Class B4, 6.62%, 09/25/2054<sup>(a)(d)</sup> | 2802365 | 2670018  |
| SGR Residential Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-2, Class A1, 1.38%, 05/25/2065<sup>(a)(d)</sup> | 462218 | 431364  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class A2, 1.94%, 12/25/2061<sup>(a)(d)</sup> | 1519611 | 1312210  |
|  Shellpoint Asset Funding Trust, Series 2013-1, Class B4, 3.84%, 07/25/2043<sup>(a)(d)</sup> | 782566 | 695441  |
| Starwood Mortgage Residential Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class B1, 3.52%, 05/25/2065<sup>(a)(d)</sup> | 2743000 | 2446844  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class A3, 1.43%, 05/25/2065<sup>(a)(d)</sup> | 87188 | 84115  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class B2, 4.10%, 06/25/2056<sup>(a)(d)</sup> | 2902000 | 2394194  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class M1, 2.49%, 06/25/2056<sup>(a)(c)(d)</sup> | 5170000 | 3913948  |
| &nbsp;&nbsp;&nbsp; Series 2021-5, Class A3, 2.44%, 09/25/2066<sup>(a)(d)</sup> | 6478263 | 5761527  |
| &nbsp;&nbsp;&nbsp; Series 2021-6, Class B2, 3.94%, 11/25/2066<sup>(a)(d)</sup> | 3921000 | 2930450  |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class A3, 4.16%, 03/25/2067<sup>(a)(d)</sup> | 2167806 | 2080563  |
| Structured Asset Mortgage Investments, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-AR1, Class X, 0.02%, 03/19/2034<sup>(a)(b)</sup> | 2938162 | 29  |
| &nbsp;&nbsp;&nbsp; Series 2004-AR7, Class X, 0.76%, 04/19/2035<sup>(a)(b)</sup> | 4768480 | 28392  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR2, Class 1X, 0.20%, 05/25/2045<sup>(a)(b)</sup> | 6263472 | 8518  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR3, Class 1X, 0.01%, 08/25/2035<sup>(a)(b)</sup> | 8028730 | 13432  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR5, Class 1X, 0.00%, 05/25/2046<sup>(a)(b)</sup> | 9976517 | 107487  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR5, Class 4X, 0.00%, 05/25/2046<sup>(a)(b)</sup> | 34687588 | 26224  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR7, Class X, 0.90%, 08/25/2036<sup>(b)</sup> | 21027480 | 702654  |
|  Terwin Mortgage Trust, Series 2005-18AL, Class PX, 0.28%, 01/25/2037<sup>(a)(b)(d)</sup> | 21239332 | 142261  |
| Towd Point Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-6, Class B4, 3.29%, 10/25/2057<sup>(a)(d)</sup> | 4500000 | 3304197  |
| &nbsp;&nbsp;&nbsp; Series 2018-2, Class B4, 3.28%, 03/25/2058<sup>(a)(d)</sup> | 3000000 | 2204007  |
| &nbsp;&nbsp;&nbsp; Series 2018-5, Class B3, 3.48%, 07/25/2058<sup>(a)(d)</sup> | 3000000 | 2123004  |
| &nbsp;&nbsp;&nbsp; Series 2019-1, Class B2, 3.78%, 03/25/2058<sup>(a)(d)</sup> | 3000000 | 2364501  |
| &nbsp;&nbsp;&nbsp; Series 2019-HY2, Class B3, 6.04% (1 mo. Term SOFR + 2.36%), 05/25/2058<sup>(d)</sup> | 2294000 | 2138790  |
| &nbsp;&nbsp;&nbsp; Series 2021-SJ2, Class A2, 2.50%, 12/25/2061<sup>(a)(d)</sup> | 2548781 | 2405606  |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class M2, 5.04%, 07/25/2065<sup>(a)(d)</sup> | 1695000 | 1535123  |
| &nbsp;&nbsp;&nbsp; Series 2024-4, Class A2, 4.59%, 10/27/2064<sup>(a)(d)</sup> | 2897000 | 2769144  |
| &nbsp;&nbsp;&nbsp; Series 2024-4, Class M1, 4.59%, 10/27/2064<sup>(a)(d)</sup> | 4966000 | 4570885  |
|  Triangle Re Ltd., Series 2023-1, Class M1A, 7.10% (30 day avg SOFR US + 3.40%), 11/25/2033<sup>(d)</sup> | 1768118 | 1777908  |
| Unlock Hea Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class A, 7.00%, 10/25/2038<sup>(d)</sup> | 1596031 | 1595148  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class B, 7.00%, 10/25/2038<sup>(d)</sup> | 16450000 | 16203530  |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class B, 7.25%, 11/25/2041<sup>(d)</sup> | 4890000 | 4824508  |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class C, 6.00%, 11/25/2041<sup>(d)</sup> | 500000 | 389367  |
| UWM Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-INV1, Class B5, 3.15%, 08/25/2051<sup>(a)(d)</sup> | 1517477 | 1255275  |
| &nbsp;&nbsp;&nbsp; Series 2021-INV2, Class B5, 3.23%, 09/25/2051<sup>(a)(d)</sup> | 1992302 | 1609248  |

---

See accompanying notes which are an integral part of these financial statements.

15<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK MULTI-STRATEGY INCOME FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  |
| Verus Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class B1, 3.20%, 06/25/2066<sup>(a)(d)</sup> | $1750000 | $1344763  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class B2, 3.96%, 06/25/2066<sup>(a)(d)</sup> | 2270000 | 1781335  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class M1, 2.40%, 06/25/2066<sup>(a)(d)</sup> | 2500000 | 1909160  |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class A3, 1.35%, 07/25/2066<sup>(a)(d)</sup> | 1391257 | 1192978  |
| &nbsp;&nbsp;&nbsp; Series 2022-2, Class B1, 4.27%, 02/25/2067<sup>(a)(d)</sup> | 6743650 | 5565453  |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class B2, 4.05%, 02/25/2067<sup>(a)(d)</sup> | 5296000 | 4150337  |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class M1, 4.05%, 02/25/2067<sup>(a)(d)</sup> | 2500000 | 2099217  |
| Vista Point Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES1, Class B2, 10.35%, 05/25/2054<sup>(a)(d)</sup> | 1000000 | 1042979  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES2, Class B1, 7.50%, 10/25/2054<sup>(a)(d)</sup> | 1000000 | 1022046  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES3, Class B1, 7.83%, 01/25/2055<sup>(a)(d)</sup> | 1750000 | 1779955  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES2, Class B2, 8.15%, 08/25/2055<sup>(a)(d)</sup> | 3250000 | 3342791  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES3, Class B1, 6.99%, 11/25/2055<sup>(a)(d)</sup> | 7733000 | 7895501  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES3, Class B2, 7.88%, 11/25/2055<sup>(a)(d)</sup> | 2000000 | 2012498  |
| Washington Mutual Alternative Mortgage Pass-Through Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-MS7, Class P, 0.00%, 03/25/2033<sup>(e)</sup> | 183 | 143  |
| &nbsp;&nbsp;&nbsp; Series 2004-AR10, Class X, 0.10%, 07/25/2044<sup>(a)(b)</sup> | 6420289 | 578  |
| &nbsp;&nbsp;&nbsp; Series 2005-5, Class CB11, 5.19% (1 mo. Term SOFR + 1.51%), 07/25/2035, (6.00% Cap)<sup>(c)</sup> | 2440506 | 2219765  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR6, Class X, 0.00%, 04/25/2045<sup>(a)(b)</sup> | 12478292 | 76405  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR8, Class 3X1, 0.04%, 10/25/2046<sup>(a)(b)</sup> | 10125722 | 132485  |
| &nbsp;&nbsp;&nbsp; Series 2007-OA4, Class 1XPP, 0.00%, 05/25/2047<sup>(a)(b)</sup> | 54120878 | 15966  |
| &nbsp;&nbsp;&nbsp; Series 2007-OA4, Class XPPP, 0.01%, 04/25/2047<sup>(a)(b)</sup> | 17152588 | 57890  |
| &nbsp;&nbsp;&nbsp; Series 2007-OA5, Class 1XPP, 0.00%, 06/25/2047<sup>(a)(b)</sup> | 49242914 | 3545  |
| Wells Fargo Mortgage Backed Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2007-17, Class APO, 0.00%, 01/25/2038<sup>(e)</sup> | 14392 | 9259  |
| &nbsp;&nbsp;&nbsp; Series 2019-3, Class B4, 3.73%, 07/25/2049<sup>(a)(d)</sup> | 1627000 | 1139933  |
| &nbsp;&nbsp;&nbsp; Series 2019-4, Class B4, 3.51%, 09/25/2049<sup>(a)(d)</sup> | 2124000 | 1389128  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class B4, 2.70%, 12/25/2050<sup>(a)(d)</sup> | 1818000 | 984276  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class B5, 2.70%, 12/25/2050<sup>(a)(d)</sup> | 1011000 | 504940  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class B4, 2.97%, 08/25/2051<sup>(a)(d)</sup> | 1454650 | 1140447  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class B5, 2.97%, 08/25/2051<sup>(a)(d)</sup> | 1158000 | 543819  |
| Western Alliance Bancorp<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-CL2, Class B, 12.20% (30 day avg SOFR US + 8.50%), 07/25/2059<sup>(d)</sup> | 6600000 | 6546837  |
| &nbsp;&nbsp;&nbsp; Series 2021-CL2, Class M4, 9.05% (30 day avg SOFR US + 5.35%), 07/25/2059<sup>(d)</sup> | 11052530 | 10899784  |
| &nbsp;&nbsp;&nbsp; Series 2021-CL2, Class M5, 10.20% (30 day avg SOFR US + 6.50%), 07/25/2059<sup>(d)</sup> | 6455987 | 6290268  |
| WinWater Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2014-1, Class B5, 3.93%, 06/20/2044<sup>(a)(d)</sup> | 2370000 | 1871108  |
| &nbsp;&nbsp;&nbsp; Series 2014-2, Class B5, 4.04%, 09/20/2044<sup>(a)(d)</sup> | 1938000 | 1587815  |
| &nbsp;&nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $1,407,158,026)** |  | 1290660782  |

---

See accompanying notes which are an integral part of these financial statements.

16<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK MULTI-STRATEGY INCOME FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES — 13.4%**<br>|  |  |
| **Automobile — 7.5%**<br>|  |  |
| ACC Trust, Series 2022-1, Class D, 6.65%, 10/20/2028<sup>(d)</sup> | $1500000 | $15  |
| ACM Auto Trust, Series 2025-4A, Class B, 8.42%, 08/20/2032<sup>(d)</sup> | 600000 | 605721  |
|  AgoraCapital Auto Securities Trust, Series 2025-1A, Class B, 7.27%, 11/25/2032<sup>(d)</sup> | 2000000 | 2020815  |
|  American Heritage Auto Receivables Trust, Series 2024-1A, Class D, 6.34%, 01/18/2033<sup>(d)</sup> | 750000 | 771340  |
|  Arivo Acceptance Auto Loan Receivables Trust, Series 2022-1A, Class D, 7.38%, 09/17/2029<sup>(d)</sup> | 500000 | 502503  |
|  Avis Budget Car Rental LLC, Series 2023-4A, Class D, 7.31%, 06/20/2029<sup>(d)</sup> | 5000000 | 5141509  |
|  Bridgecrest Lending Auto Securitization Trust, Series 2023-1, Class E, 10.37%, 07/15/2030<sup>(d)</sup> | 10000000 | 10958718  |
|  CAL Receivables LLC, Series 2022-1, Class B, 8.06% (30 day avg SOFR US + 4.35%), 10/15/2026<sup>(d)</sup> | 1182012 | 1184934  |
|  CarNow Auto Receivables Trust, Series 2022-1A, Class D, 5.79%, 09/15/2027<sup>(d)</sup> | 1724876 | 1619395  |
| Carvana Auto Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-N1, Class F, 4.55%, 01/10/2028<sup>(d)</sup> | 590747 | 588974  |
| &nbsp;&nbsp;&nbsp; Series 2021-N4, Class E, 4.53%, 09/11/2028<sup>(d)</sup> | 16826034 | 16404468  |
| &nbsp;&nbsp;&nbsp; Series 2023-N2, Class E, 9.94%, 04/10/2030<sup>(d)</sup> | 6500000 | 6827920  |
| &nbsp;&nbsp;&nbsp; Series 2023-N3, Class E, 9.49%, 09/10/2030<sup>(d)</sup> | 4000000 | 4248481  |
|  Corporate One Auto Receivables Trust, Series 2026-1A, Class D, 5.48%, 07/15/2034<sup>(d)</sup> | 750000 | 749679  |
| CPS Auto Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-D, Class E, 12.12%, 06/17/2030<sup>(d)</sup> | 4100000 | 4474521  |
| &nbsp;&nbsp;&nbsp; Series 2023-D, Class E, 10.13%, 05/15/2031<sup>(d)</sup> | 6120000 | 6687160  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class E, 8.42%, 08/15/2031<sup>(d)</sup> | 1000000 | 1052352  |
| &nbsp;&nbsp;&nbsp; Series 2024-B, Class E, 8.36%, 11/17/2031<sup>(d)</sup> | 6000000 | 6362791  |
| &nbsp;&nbsp;&nbsp; Series 2024-C, Class E, 8.04%, 03/15/2032<sup>(d)</sup> | 4000000 | 4207221  |
| &nbsp;&nbsp;&nbsp; Series 2024-D, Class E, 7.13%, 06/15/2032<sup>(d)</sup> | 2000000 | 2055137  |
| &nbsp;&nbsp;&nbsp; Series 2025-A, Class E, 7.65%, 08/16/2032<sup>(d)</sup> | 1800000 | 1863195  |
| &nbsp;&nbsp;&nbsp; Series 2025-B, Class E, 7.95%, 03/15/2033<sup>(d)</sup> | 2226000 | 2325822  |
| &nbsp;&nbsp;&nbsp; Series 2025-C, Class E, 6.59%, 02/15/2033<sup>(d)</sup> | 4000000 | 3995209  |
| &nbsp;&nbsp;&nbsp; Series 2025-D, Class E, 7.69%, 05/16/2033<sup>(d)</sup> | 2000000 | 2068940  |
| Exeter Automobile Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class E, 5.02%, 10/15/2029<sup>(d)</sup> | 8500000 | 8459598  |
| &nbsp;&nbsp;&nbsp; Series 2022-2A, Class E, 6.34%, 10/15/2029<sup>(d)</sup> | 9300000 | 9089044  |
| &nbsp;&nbsp;&nbsp; Series 2022-5A, Class E, 10.45%, 04/15/2030<sup>(d)</sup> | 9436000 | 10021687  |
| &nbsp;&nbsp;&nbsp; Series 2022-6A, Class E, 11.61%, 06/17/2030<sup>(d)</sup> | 5500000 | 5835603  |
| &nbsp;&nbsp;&nbsp; Series 2023-3A, Class E, 9.98%, 01/15/2031<sup>(d)</sup> | 3028000 | 3279949  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class E, 7.89%, 08/15/2031<sup>(d)</sup> | 2375000 | 2488113  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class E, 7.98%, 10/15/2031<sup>(d)</sup> | 4096000 | 4328367  |
| &nbsp;&nbsp;&nbsp; Series 2024-3A, Class E, 7.84%, 10/15/2031<sup>(d)</sup> | 11784000 | 12442021  |
| &nbsp;&nbsp;&nbsp; Series 2024-5A, Class E, 7.22%, 05/17/2032<sup>(d)</sup> | 3000000 | 3103038 |

---

See accompanying notes which are an integral part of these financial statements.

17<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK MULTI-STRATEGY INCOME FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES — (Continued)**  | **ASSET-BACKED SECURITIES — (Continued)**  | **ASSET-BACKED SECURITIES — (Continued)**  |
| **Automobile — (Continued)** | **Automobile — (Continued)** | **Automobile — (Continued)** |
| FHF Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-2A, Class D, 9.31%, 10/15/2030<sup>(d)</sup> | $688000 | $709561  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class D, 7.15%, 09/15/2031<sup>(d)</sup> | 1128000 | 1113870  |
| &nbsp;&nbsp;&nbsp; Series 2024-3A, Class D, 6.01%, 12/15/2031<sup>(d)</sup> | 1717000 | 1631867  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class D, 5.95%, 06/15/2032<sup>(d)</sup> | 600000 | 572675  |
| Flagship Credit Auto Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class E, 4.03%, 03/15/2029<sup>(d)</sup> | 4000000 | 3312736  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class E, 5.37%, 06/15/2029<sup>(d)</sup> | 1000000 | 739831  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class E, 8.60%, 05/15/2031<sup>(d)</sup> | 1150000 | 1092322  |
| GLS Auto Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class E, 11.42%, 03/15/2030<sup>(d)</sup> | 7870000 | 8539477  |
| &nbsp;&nbsp;&nbsp; Series 2023-2A, Class E, 9.37%, 01/15/2030<sup>(d)</sup> | 3000000 | 3195691  |
| &nbsp;&nbsp;&nbsp; Series 2023-3A, Class E, 9.27%, 08/15/2030<sup>(d)</sup> | 2500000 | 2666019  |
| &nbsp;&nbsp;&nbsp; Series 2023-4A, Class E, 9.72%, 08/15/2030<sup>(d)</sup> | 5270000 | 5684311  |
| &nbsp;&nbsp;&nbsp; Series 2024-3A, Class E, 7.25%, 06/16/2031<sup>(d)</sup> | 1000000 | 1030774  |
| &nbsp;&nbsp;&nbsp; Series 2024-4A, Class E, 7.51%, 08/15/2031<sup>(d)</sup> | 1500000 | 1559872  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class E, 7.19%, 03/15/2032<sup>(d)</sup> | 1000000 | 1045735  |
| Hertz Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-2A, Class D, 5.16%, 06/26/2028<sup>(d)</sup> | 4000000 | 3954594  |
| &nbsp;&nbsp;&nbsp; Series 2023-4A, Class C, 7.51%, 03/25/2030<sup>(d)</sup> | 800000 | 846200  |
|  JPMorgan Chase Bank NA, Series 2021-2, Class G, 8.48%, 12/26/2028<sup>(d)</sup> | 22432 | 22482  |
|  Prestige Auto Receivables Trust, Series 2024-1A, Class E, 7.94%, 04/15/2031<sup>(d)</sup> | 6682000 | 6261095  |
| Research-Driven Pagaya Motor Asset Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-3A, Class E, 11.09%, 02/27/2034<sup>(d)</sup> | 1000000 | 1002487  |
| &nbsp;&nbsp;&nbsp; Series 2025-6A, Class E, 10.53%, 08/25/2034<sup>(d)</sup> | 500000 | 499153  |
|  Santander Holdings USA, Inc., Series 2024-A, Class F, 10.17%, 06/15/2032<sup>(d)</sup> | 932063 | 961618  |
|  Strike Acceptance Auto Funding Trust, Series 2023-1A, Class A, 8.00%, 05/15/2026<sup>(d)</sup> | 832966 | 836768  |
|  Upgrade Auto Receivables Trust, Series 2025-1A, Class C, 5.55%, 04/15/2032<sup>(d)</sup> | 2744000 | 2774231  |
| US Auto Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class B, 5.13%, 12/15/2026<sup>(d)</sup> | 1208406 | 403065  |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class D, 9.14%, 07/15/2027<sup>(d)</sup> | 2053000 | 20  |
|  Veros Automobile Receivables Trust, Series 2025-1, Class D, 8.79%, 05/17/2032<sup>(d)</sup> | 1500000 | 1556341  |
|  |  | 197777035  |
| **Consumer — 5.0%**<br>|  |  |
| ACHD Trust, Series 2025-DS1, Class C, 11.33%, 01/09/2034<sup>(d)</sup> | 3650000 | 3677298  |
| ACHV ABS Trust, Series 2024-3AL, Class E, 7.00%, 12/26/2031<sup>(d)</sup> | 1445673 | 1445801  |
| Affirm, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class 1E, 9.17%, 02/15/2029<sup>(d)</sup> | 6440000 | 6460177  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class E, 9.17%, 02/15/2029<sup>(d)</sup> | 3350000 | 3360496  |
| &nbsp;&nbsp;&nbsp; Series 2024-X1, Class CERT, 0.00%, 05/15/2029<sup>(d)</sup> | 10885 | 62429  |

---

See accompanying notes which are an integral part of these financial statements.

18<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK MULTI-STRATEGY INCOME FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES — (Continued)** | **ASSET-BACKED SECURITIES — (Continued)** | **ASSET-BACKED SECURITIES — (Continued)** |
| **Consumer — (Continued)** | **Consumer — (Continued)** | **Consumer — (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2024-X2, Class CERT, 0.00%, 12/17/2029<sup>(d)</sup> | $9712 | $175038  |
| &nbsp;&nbsp;&nbsp; Series 2025-X2, Class CERT, 0.00%, 10/15/2030<sup>(b)(d)</sup> | 6050 | 615927  |
| Aqua Finance Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-A, Class D, 6.07%, 07/16/2040<sup>(d)</sup> | 1581382 | 1572323  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class C, 3.14%, 07/17/2046<sup>(d)</sup> | 2165328 | 2012742  |
|  Bankers Healthcare Group, Inc., Series 2022-C, Class E, 9.73%, 10/17/2035<sup>(d)</sup> | 2517000 | 2710122  |
|  Foundation Finance Trust, Series 2025-2A, Class E, 8.35%, 04/15/2052<sup>(d)</sup> | 1000000 | 1016675  |
| Goldman Home Improvement Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-GRN2, Class C, 2.77%, 06/25/2051<sup>(d)</sup> | 5293944 | 5097801  |
| &nbsp;&nbsp;&nbsp; Series 2021-GRN2, Class D, 4.00%, 06/25/2051<sup>(d)</sup> | 1438763 | 1397876  |
| Lendingpoint Asset Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-B, Class C, 3.21%, 02/15/2029<sup>(d)</sup> | 57535 | 57259  |
| &nbsp;&nbsp;&nbsp; Series 2022-A, Class E, 7.02%, 06/15/2029<sup>(d)</sup> | 3320000 | 33  |
|  LendingPoint Pass-Through Trust, Series 2022-ST3, Class CERT, 0.00%, 05/15/2028<sup>(d)</sup> | 1576000 | 189088  |
| Marlette Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-3A, Class D, 7.80%, 11/15/2032<sup>(d)</sup> | 3356911 | 3398740  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class D, 8.15%, 04/15/2033<sup>(d)</sup> | 12000000 | 12199303  |
| &nbsp;&nbsp;&nbsp; Series 2023-2A, Class D, 7.92%, 06/15/2033<sup>(d)</sup> | 22640000 | 23132880  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class D, 6.93%, 07/17/2034<sup>(d)</sup> | 500000 | 513269  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class D, 6.02%, 07/16/2035<sup>(d)</sup> | 1500000 | 1515220  |
| Momnt Technologies Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class B, 8.29%, 03/20/2045<sup>(d)</sup> | 400000 | 415332  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class C, 11.24%, 03/20/2045<sup>(d)</sup> | 900000 | 518348  |
| NetCredit Funding LLC, Series 2025-A, Class A, 7.29%, 10/20/2031<sup>(d)</sup> | 1566649 | 1588571  |
| Oportun Financial Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-C, Class D, 5.57%, 10/08/2031<sup>(d)</sup> | 649474 | 643970  |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class D, 9.60%, 08/15/2029<sup>(d)</sup> | 4300000 | 4353698  |
| &nbsp;&nbsp;&nbsp; Series 2025-B, Class E, 9.40%, 05/09/2033<sup>(d)</sup> | 2000000 | 2018907  |
| &nbsp;&nbsp;&nbsp; Series 2025-C, Class E, 9.20%, 07/08/2033<sup>(d)</sup> | 1000000 | 998652  |
| &nbsp;&nbsp;&nbsp; Series 2025-D, Class D, 6.97%, 02/08/2033<sup>(d)</sup> | 500000 | 499518  |
| Pagaya AI Debt Selection Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class C, 4.09%, 11/15/2027<sup>(d)</sup> | 487461 | 484723  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class C, 3.27%, 05/15/2029<sup>(d)</sup> | 417400 | 412564  |
| &nbsp;&nbsp;&nbsp; Series 2021-5, Class C, 3.93%, 08/15/2029<sup>(d)</sup> | 476634 | 472289  |
| &nbsp;&nbsp;&nbsp; Series 2022-2, Class C, 7.50%, 01/15/2030<sup>(d)</sup> | 2459516 | 2466143  |
| &nbsp;&nbsp;&nbsp; Series 2024-10, Class F, 12.00%, 06/15/2032<sup>(d)</sup> | 1996972 | 1885915  |
| &nbsp;&nbsp;&nbsp; Series 2024-11, Class F, 12.00%, 07/15/2032<sup>(d)</sup> | 1749799 | 1632303  |
| &nbsp;&nbsp;&nbsp; Series 2024-6, Class D, 11.35%, 11/15/2031<sup>(d)</sup> | 256042 | 260000  |
| &nbsp;&nbsp;&nbsp; Series 2024-7, Class D, 10.90%, 12/15/2031<sup>(d)</sup> | 1247915 | 1280615  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class F, 12.00%, 07/15/2032<sup>(d)</sup> | 1243102 | 1215999  |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class F, 12.00%, 10/15/2032<sup>(d)</sup> | 999895 | 960166  |
| &nbsp;&nbsp;&nbsp; Series 2025-5, Class F, 12.00%, 03/15/2033<sup>(d)</sup> | 999961 | 948859  |
| &nbsp;&nbsp;&nbsp; Series 2025-6, Class E, 8.48%, 04/15/2033<sup>(d)</sup> | 6800000 | 6819887  |

---

See accompanying notes which are an integral part of these financial statements.

19<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK MULTI-STRATEGY INCOME FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES — (Continued)**  | **ASSET-BACKED SECURITIES — (Continued)**  | **ASSET-BACKED SECURITIES — (Continued)**  |
| **Consumer — (Continued)**  | **Consumer — (Continued)**  | **Consumer — (Continued)**  |
| &nbsp;&nbsp;&nbsp; Series 2025-6, Class F2, 12.00%, 04/15/2033<sup>(d)</sup> | $1000000 | $971447  |
| &nbsp;&nbsp;&nbsp; Series 2025-7, Class E, 8.89%, 05/15/2033<sup>(d)</sup> | 1000000 | 1003028  |
| &nbsp;&nbsp;&nbsp; Series 2025-8, Class E, 9.57%, 07/15/2033<sup>(d)</sup> | 3250000 | 3269302  |
|  Powerpay Securitization Funding LLC, Series 2024-1A, Class B, 8.46%, 02/18/2039<sup>(d)</sup> | 500000 | 521430  |
|  Prosper Marketplace Issuance Trust, Series 2024-1A, Class D, 10.98%, 08/15/2029<sup>(d)</sup> | 2000000 | 2046954  |
| Purchasing Power Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class D, 7.26%, 08/15/2028<sup>(d)</sup> | 1780000 | 1782966  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class E, 10.18%, 08/15/2028<sup>(d)</sup> | 400000 | 401562  |
|  RCKT Mortgage Trust, Series 2025-2A, Class E, 7.83%, 11/27/2034<sup>(d)</sup> | 2261000 | 2325856  |
| Republic Finance Issuance Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class C, 7.28%, 08/20/2032<sup>(d)</sup> | 600000 | 617880  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class D, 9.49%, 08/20/2032<sup>(d)</sup> | 500000 | 514801  |
| Sunbit Asset Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class C, 6.12%, 07/15/2030<sup>(d)</sup> | 1000000 | 1003737  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class D, 7.92%, 07/15/2030<sup>(d)</sup> | 750000 | 760461  |
|  Theorem Funding Trust, Series 2022-2A, Class B, 9.27%, 12/15/2028<sup>(d)</sup> | 2693218 | 2697438  |
|  Upgrade Master Pass-Thru Trust, Series 2021-PT2, Class A, 26.60%, 05/15/2027<sup>(a)(d)</sup> | 105442 | 95792  |
|  Upgrade Receivables Trust, Series 2024-1A, Class D, 8.90%, 02/18/2031<sup>(d)</sup> | 1000000 | 1028862  |
|  Upstart Pass-Through Trust, Series 2021-ST5, Class CERT, 0.00%, 07/20/2027<sup>(d)</sup> | 4250000 | 251187  |
| Upstart Pass-Through Trust Series<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-ST4, Class CERT, 0.00%, 11/20/2026<sup>(d)</sup> | 8452371 | 20040  |
| &nbsp;&nbsp;&nbsp; Series 2021-ST3, Class CERT, 0.00%, 05/20/2027<sup>(d)</sup> | 11400000 | 301396  |
| &nbsp;&nbsp;&nbsp; Series 2021-ST4, Class CERT, 0.00%, 07/20/2027<sup>(d)</sup> | 1475000 | 71831  |
| &nbsp;&nbsp;&nbsp; Series 2021-ST6, Class CERT, 0.00%, 08/20/2027<sup>(d)</sup> | 9416000 | 672712  |
| &nbsp;&nbsp;&nbsp; Series 2021-ST7, Class CERT, 0.00%, 09/20/2029<sup>(d)</sup> | 1500000 | 116089  |
| &nbsp;&nbsp;&nbsp; Series 2021-ST8, Class CERT, 0.00%, 10/20/2029<sup>(d)</sup> | 2370000 | 234401  |
| &nbsp;&nbsp;&nbsp; Series 2021-ST9, Class CERT, 0.00%, 11/20/2029<sup>(d)</sup> | 1629000 | 227155  |
| &nbsp;&nbsp;&nbsp; Series 2022-ST1, Class CERT, 0.00%, 03/20/2030<sup>(d)</sup> | 2400000 | 486883  |
| &nbsp;&nbsp;&nbsp; Series 2022-ST2, Class CERT, 0.00%, 04/20/2030<sup>(d)</sup> | 1500000 | 328586  |
| Upstart Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-1, Class CERT, 0.00%, 04/20/2026<sup>(d)</sup> | 20143 | 267426  |
| &nbsp;&nbsp;&nbsp; Series 2019-3, Class CERT, 0.00%, 01/21/2030<sup>(b)(d)</sup> | 25442 | 644  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class C, 5.71%, 03/20/2032<sup>(d)</sup> | 5661745 | 3058325  |
| &nbsp;&nbsp;&nbsp; Series 2022-2, Class C, 8.43%, 05/20/2032<sup>(d)</sup> | 2063127 | 1731432  |
| &nbsp;&nbsp;&nbsp; Series 2022-4, Class R, 0.00%, 08/20/2032<sup>(d)</sup> | 17500 | 986344  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class C, 11.10%, 02/20/2033<sup>(d)</sup> | 2015715 | 2053789  |
| &nbsp;&nbsp;&nbsp; Series 2023-2, Class C, 11.87%, 06/20/2033<sup>(d)</sup> | 2000000 | 2121883  |
| &nbsp;&nbsp;&nbsp; Series 2025-4, Class D, 7.67%, 11/20/2035<sup>(d)</sup> | 1000000 | 1011583  |
|  |  | 133470178  |

---

See accompanying notes which are an integral part of these financial statements.

20<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK MULTI-STRATEGY INCOME FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES — (Continued)**  | **ASSET-BACKED SECURITIES — (Continued)**  | **ASSET-BACKED SECURITIES — (Continued)**  |
| **Credit Card — 0.0%<sup>(j)</sup>**<br>|  |  |
|  Avant Credit Card Master Trust, Series 2024-1A, Class C, 6.23%, 04/15/2030<sup>(d)</sup> | $500000 | $501460  |
| **Equipment — 0.6%**<br>|  |  |
| Octane Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class E, 9.25%, 08/20/2030<sup>(d)</sup> | 6038000 | 6333040  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class E, 9.04%, 07/20/2032<sup>(d)</sup> | 3000000 | 3220066  |
| &nbsp;&nbsp;&nbsp; Series 2024-RPT1, Class R2, 8.71%, 02/22/2030 | 3243000 | 3297758  |
| &nbsp;&nbsp;&nbsp; Series 2024-RVM1, Class E, 8.42%, 01/22/2046<sup>(d)</sup> | 3288000 | 3489460  |
| &nbsp;&nbsp;&nbsp; Red Oak Funding Master Trust, Series 2025-1A, Class A, 5.70% <br>(30 day avg SOFR US + 2.00%), 12/20/2030<sup>(d)</sup> | 500000 | 501445  |
|  |  | 16841769  |
| **Property Assessed Clean Energy — 0.1%**<br>|  |  |
| Goodgreen Trust, Series 2017-2A, Class A, 3.26%, 10/15/2053<sup>(d)</sup> | 2673887 | 2444866  |
| **Solar — 0.1%**<br>|  |  |
| GoodLeap Sustainable Home Solutions Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-3CS, Class A, 2.10%, 05/20/2048<sup>(d)</sup> | 921894 | 736672  |
| &nbsp;&nbsp;&nbsp; Series 2023-2GS, Class B, 7.80%, 05/20/2055<sup>(d)</sup> | 900000 | 471979  |
|  Mosaic Solar Loans LLC, Series 2021-2A, Class B, 2.09%, 04/22/2047<sup>(d)</sup> | 723638 | 564844  |
|  |  | 1773495  |
| **Structured Settlement — 0.0%<sup>(j)</sup>**<br>|  |  |
|  Stone Street Receivables Funding, Series 2015-1A, Class C, 5.60%, 12/15/2054<sup>(d)</sup> | 454787 | 411243  |
| **Whole Business — 0.1%**<br>|  |  |
| FAT Brands, Inc., Series 2021-1, Class A2, 7.00%, 07/25/2051<sup>(d)</sup> | 1929600 | 1391526  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $385,015,216)** |  | 354611572  |
| &nbsp;&nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY — 9.2%**<br>|  |  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool QJ0225, 6.00%, 07/01/2054 | 10167022 | 10466807  |
| &nbsp;&nbsp;&nbsp; Pool QJ5663, 5.00%, 10/01/2054 | 12498976 | 12522336  |
| &nbsp;&nbsp;&nbsp; Pool QJ6122, 5.00%, 10/01/2054 | 2825747 | 2825730  |
| &nbsp;&nbsp;&nbsp; Pool RA3515, 2.50%, 09/01/2050 | 12363674 | 10626404  |
| &nbsp;&nbsp;&nbsp; Pool RA4179, 2.50%, 12/01/2050 | 2415569 | 2058234  |
| &nbsp;&nbsp;&nbsp; Pool SD1581, 2.50%, 09/01/2052 | 5625729 | 4803590  |
| &nbsp;&nbsp;&nbsp; Pool SD3636, 6.00%, 08/01/2053 | 1260113 | 1297662  |
| &nbsp;&nbsp;&nbsp; Pool SD5781, 6.00%, 07/01/2054 | 6588743 | 6787136  |
| &nbsp;&nbsp;&nbsp; Pool SD6195, 5.00%, 10/01/2053 | 7747656 | 7786348  |
| &nbsp;&nbsp;&nbsp; Pool SD8134, 2.00%, 03/01/2051 | 12087712 | 9839132  |
| &nbsp;&nbsp;&nbsp; Pool SD8150, 2.00%, 06/01/2051 | 5829057 | 4771136  |
| &nbsp;&nbsp;&nbsp; Pool SD8322, 4.50%, 05/01/2053 | 333134 | 326430  |

---

See accompanying notes which are an integral part of these financial statements.

21<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK MULTI-STRATEGY INCOME FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY — (Continued)**  | &nbsp;&nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY — (Continued)**  | &nbsp;&nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY — (Continued)**  |
| &nbsp;&nbsp;&nbsp; Pool SL0817, 6.00%, 04/01/2055 | $3740878 | $3889290  |
| &nbsp;&nbsp;&nbsp; Pool SL1634, 2.50%, 07/01/2052 | 8551172 | 7301512  |
| Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool BY0126, 5.50%, 04/01/2053 | 2432837 | 2477202  |
| &nbsp;&nbsp;&nbsp; Pool CA7278, 2.50%, 10/01/2050 | 6467470 | 5515485  |
| &nbsp;&nbsp;&nbsp; Pool CB2795, 3.00%, 02/01/2052 | 3677068 | 3272425  |
| &nbsp;&nbsp;&nbsp; Pool CB3349, 2.50%, 04/01/2052 | 3166528 | 2705853  |
| &nbsp;&nbsp;&nbsp; Pool CB3770, 3.50%, 06/01/2052 | 7309350 | 6772023  |
| &nbsp;&nbsp;&nbsp; Pool CB4289, 4.50%, 08/01/2052 | 2818846 | 2771810  |
| &nbsp;&nbsp;&nbsp; Pool CB8004, 6.00%, 02/01/2054 | 3749811 | 3849830  |
| &nbsp;&nbsp;&nbsp; Pool CB8710, 6.00%, 06/01/2054 | 3234784 | 3327131  |
| &nbsp;&nbsp;&nbsp; Pool CB9060, 5.50%, 08/01/2054 | 8674946 | 8808740  |
| &nbsp;&nbsp;&nbsp; Pool CB9655, 5.00%, 12/01/2054 | 11558796 | 11573175  |
| &nbsp;&nbsp;&nbsp; Pool DB3770, 5.50%, 05/01/2054 | 3896249 | 3953906  |
| &nbsp;&nbsp;&nbsp; Pool DB6624, 5.50%, 06/01/2054 | 1109016 | 1141046  |
| &nbsp;&nbsp;&nbsp; Pool DC3426, 5.00%, 09/01/2054 | 2780329 | 2785525  |
| &nbsp;&nbsp;&nbsp; Pool DC4050, 5.00%, 10/01/2054 | 19633240 | 19639248  |
| &nbsp;&nbsp;&nbsp; Pool DC5739, 5.50%, 11/01/2054 | 2619985 | 2662850  |
| &nbsp;&nbsp;&nbsp; Pool FA1728, 6.00%, 10/01/2053 | 11031830 | 11319187  |
| &nbsp;&nbsp;&nbsp; Pool FP0069, 2.50%, 01/01/2052 | 12150166 | 10378344  |
| &nbsp;&nbsp;&nbsp; Pool FS6925, 2.50%, 12/01/2051 | 2199588 | 1872117  |
| &nbsp;&nbsp;&nbsp; Pool FS8458, 5.50%, 11/01/2053 | 3957180 | 4020684  |
| &nbsp;&nbsp;&nbsp; Pool MA4562, 2.00%, 03/01/2052 | 8018577 | 6530162  |
| &nbsp;&nbsp;&nbsp; Pool MA4579, 3.00%, 04/01/2052 | 19946224 | 17735644  |
| &nbsp;&nbsp;&nbsp; Pool MA4624, 3.00%, 06/01/2052 | 16215648 | 14432231  |
| &nbsp;&nbsp;&nbsp; Pool MA5320, 4.00%, 03/01/2054 | 8907663 | 8521720  |
|  Government National Mortgage Association, Pool MA9166, 3.00%, 09/20/2053 | 3127305 | 2836422  |
| &nbsp;&nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY** <br>**(Cost $242,050,902)** |  | 244204507  |
| **CORPORATE OBLIGATIONS — 9.1%**<br>|  |  |
| **Basic Materials — 0.8%**<br>|  |  |
| Capstone Copper Corp., 6.75%, 03/31/2033<sup>(d)</sup> | 1900000 | 1969926  |
| Celanese US Holdings LLC, 7.38%, 02/15/2034 | 1040000 | 1058966  |
| Century Aluminum Co., 6.88%, 08/01/2032<sup>(d)</sup> | 1030000 | 1067921  |
| Cleveland-Cliffs, Inc., 7.63%, 01/15/2034<sup>(d)</sup> | 2050000 | 2148435  |
| Consolidated Energy Finance SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 05/15/2026<sup>(d)</sup> | 1010000 | 1000642  |
| &nbsp;&nbsp;&nbsp; 12.00%, 02/15/2031<sup>(d)</sup> | 1750000 | 1472013  |
|  CVR Partners LP / CVR Nitrogen Finance Corp., 6.13%, 06/15/2028<sup>(d)</sup> | 1050000 | 1050830  |
| First Quantum Minerals Ltd., 7.25%, 02/15/2034<sup>(d)</sup> | 3020000 | 3175026  |
| Magnera Corp., 4.75%, 11/15/2029<sup>(d)</sup> | 1800000 | 1627883  |
| Mercer International, Inc., 5.13%, 02/01/2029 | 1400000 | 866297  |

---

See accompanying notes which are an integral part of these financial statements.

22<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK MULTI-STRATEGY INCOME FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)**<br>|  |  |
| **Basic Materials — (Continued)**<br>|  |  |
| Methanex US Operations, Inc., 6.25%, 03/15/2032<sup>(d)</sup> | $2090000 | $2156516  |
| Novelis Corp., 4.75%, 01/30/2030<sup>(d)</sup> | 550000 | 533390  |
| Olin Corp., 6.63%, 04/01/2033<sup>(d)</sup> | 1070000 | 1049846  |
| Taseko Mines Ltd., 8.25%, 05/01/2030<sup>(d)</sup> | 1970000 | 2093503  |
|  |  | 21271194  |
| **Communications — 0.4%**<br>|  |  |
| Cars.com, Inc., 6.38%, 11/01/2028<sup>(d)</sup> | 2100000 | 2102405  |
|  Cogent Communications Group LLC / Cogent Finance, Inc., 6.50%, 07/01/2032<sup>(d)</sup> | 1710000 | 1572368  |
|  Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 10.00%, 02/15/2031<sup>(d)</sup> | 2120000 | 2185485  |
| Gen Digital, Inc., 6.25%, 04/01/2033<sup>(d)</sup> | 1030000 | 1036071  |
| Gray Media, Inc., 5.38%, 11/15/2031<sup>(d)</sup> | 2930000 | 2179118  |
|  Outfront Media Capital LLC / Outfront Media Capital Corp., 4.63%, 03/15/2030<sup>(d)</sup> | 1100000 | 1074699  |
| Univision Communications, Inc., 4.50%, 05/01/2029<sup>(d)</sup> | 1100000 | 1051308  |
|  |  | 11201454  |
| **Consumer, Cyclical — 1.0%**<br>|  |  |
| Adient Global Holdings Ltd., 7.50%, 02/15/2033<sup>(d)</sup> | 1020000 | 1059760  |
| American Axle & Manufacturing, Inc., 7.75%, 10/15/2033<sup>(d)</sup> | 2060000 | 2120291  |
| Caesars Entertainment, Inc., 4.63%, 10/15/2029<sup>(d)</sup> | 2230000 | 2142656  |
| Carnival Corp., 6.13%, 02/15/2033<sup>(d)</sup> | 600000 | 617507  |
| Champ Acquisition Corp., 8.38%, 12/01/2031<sup>(d)</sup> | 1870000 | 1998495  |
| Cinemark USA, Inc., 7.00%, 08/01/2032<sup>(d)</sup> | 2010000 | 2081156  |
| Clarios Global LP / Clarios US Finance Co., 6.75%, 09/15/2032<sup>(d)</sup> | 2040000 | 2112757  |
| FirstCash, Inc., 4.63%, 09/01/2028<sup>(d)</sup> | 1500000 | 1489891  |
| Goodyear Tire & Rubber Co., 6.63%, 07/15/2030 | 1590000 | 1629457  |
| K Hovnanian Enterprises, Inc., 8.38%, 10/01/2033<sup>(d)</sup> | 1020000 | 1043215  |
| Lithia Motors, Inc., 3.88%, 06/01/2029<sup>(d)</sup> | 1300000 | 1258277  |
| NCL Corp. Ltd., 6.25%, 09/15/2033<sup>(d)</sup> | 1060000 | 1066355  |
| New Flyer Holdings, Inc., 9.25%, 07/01/2030<sup>(d)</sup> | 980000 | 1056510  |
| Newell Brands, Inc., 8.50%, 06/01/2028<sup>(d)</sup> | 1010000 | 1059647  |
| Phinia, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/2029<sup>(d)</sup> | 400000 | 413991  |
| &nbsp;&nbsp;&nbsp; 6.63%, 10/15/2032<sup>(d)</sup> | 600000 | 625061  |
| Resideo Funding, Inc., 6.50%, 07/15/2032<sup>(d)</sup> | 1020000 | 1037351  |
| Sally Holdings LLC / Sally Capital, Inc., 6.75%, 03/01/2032 | 900000 | 933565  |
| Viking Cruises Ltd., 5.88%, 10/15/2033<sup>(d)</sup> | 2100000 | 2129949  |
|  |  | 25875891  |
| **Consumer, Non-Cyclical — 1.2%**<br>|  |  |
| Acadia Healthcare Co., Inc., 7.38%, 03/15/2033<sup>(d)</sup> | 2700000 | 2670421  |
| Amneal Pharmaceuticals LLC, 6.88%, 08/01/2032<sup>(d)</sup> | 1020000 | 1075303  |
| B&G Foods, Inc., 8.00%, 09/15/2028<sup>(d)</sup> | 390000 | 368552  |
| Belron UK Finance PLC, 5.75%, 10/15/2029<sup>(d)</sup> | 600000 | 611743  |
| Concentra Health Services, Inc., 6.88%, 07/15/2032<sup>(d)</sup> | 950000 | 995842  |

---

See accompanying notes which are an integral part of these financial statements.

23<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK MULTI-STRATEGY INCOME FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)** <br>|  |  |
| **Consumer, Non-Cyclical — (Continued)**  | **Consumer, Non-Cyclical — (Continued)**  | **Consumer, Non-Cyclical — (Continued)**  |
| DaVita, Inc., 6.88%, 09/01/2032<sup>(d)</sup> | $1520000 | $1566675  |
| Dcli Bidco LLC, 7.75%, 11/15/2029<sup>(d)</sup> | 600000 | 610969  |
| EquipmentShare.com, Inc., 8.63%, 05/15/2032<sup>(d)</sup> | 1500000 | 1605415  |
| Fiesta Purchaser, Inc., 9.63%, 09/15/2032<sup>(d)</sup> | 1460000 | 1480576  |
| Hertz Corp., 12.63%, 07/15/2029<sup>(d)</sup> | 1050000 | 1057690  |
| Medline Borrower LP, 5.25%, 10/01/2029<sup>(d)</sup> | 1580000 | 1583741  |
| Molina Healthcare, Inc., 6.25%, 01/15/2033<sup>(d)</sup> | 1040000 | 1048044  |
| NESCO Holdings, Inc., 5.50%, 04/15/2029<sup>(d)</sup> | 300000 | 295805  |
| Performance Food Group, Inc., 4.25%, 08/01/2029<sup>(d)</sup> | 900000 | 881885  |
| Perrigo Finance Unlimited Co., 6.13%, 09/30/2032 | 2090000 | 2057390  |
| Post Holdings, Inc., 6.38%, 03/01/2033<sup>(d)</sup> | 2090000 | 2107792  |
| Raven Acquisition Holdings LLC, 6.88%, 11/15/2031<sup>(d)</sup> | 1900000 | 1906470  |
| Simmons Foods, Inc., 4.63%, 03/01/2029<sup>(d)</sup> | 2190000 | 2112148  |
| Synergy Infrastructure Holdings LLC, 7.88%, 12/01/2030<sup>(d)</sup> | 1010000 | 1056093  |
| TreeHouse Foods, Inc., 4.00%, 09/01/2028 | 600000 | 598843  |
| Upbound Group, Inc., 6.38%, 02/15/2029<sup>(d)</sup> | 2100000 | 2083151  |
| US Foods, Inc., 7.25%, 01/15/2032<sup>(d)</sup> | 200000 | 210092  |
| VT Topco, Inc., 8.50%, 08/15/2030<sup>(d)</sup> | 2040000 | 2091857  |
| Williams Scotsman, Inc., 6.63%, 04/15/2030<sup>(d)</sup> | 1000000 | 1036786  |
|  |  | 31113283  |
| **Diversified — 0.1%**<br>|  |  |
| Stena International SA, 7.25%, 01/15/2031<sup>(d)</sup> | 1925000 | 1979232  |
| **Energy — 1.1%**<br>|  |  |
|  Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 8.63%, 06/15/2029<sup>(d)</sup> | 1490000 | 1574272  |
|  Antero Midstream Partners LP / Antero Midstream Finance Corp., 6.63%, 02/01/2032<sup>(d)</sup> | 1200000 | 1247288  |
|  Archrock Partners LP / Archrock Partners Finance Corp., 6.63%, 09/01/2032<sup>(d)</sup> | 1530000 | 1586911  |
| Bristow Group, Inc., 6.75%, 02/01/2033<sup>(d)</sup> | 250000 | 253047  |
|  Calumet Specialty Products Partners LP / Calumet Finance Corp., 9.75%, 07/15/2028<sup>(d)</sup> | 500000 | 515465  |
| Comstock Resources, Inc., 5.88%, 01/15/2030<sup>(d)</sup> | 1960000 | 1913564  |
| CVR Energy, Inc., 7.88%, 02/15/2034<sup>(d)</sup> | 2215000 | 2199801  |
|  Genesis Energy LP / Genesis Energy Finance Corp., 8.00%, 05/15/2033 | 2030000 | 2119588  |
| Gulfport Energy Operating Corp., 6.75%, 09/01/2029<sup>(d)</sup> | 1010000 | 1042862  |
| Helix Energy Solutions Group, Inc., 9.75%, 03/01/2029<sup>(d)</sup> | 950000 | 1000810  |
| Kinetik Holdings LP, 5.88%, 06/15/2030<sup>(d)</sup> | 600000 | 607534  |
| Kodiak Gas Services LLC, 6.50%, 10/01/2033<sup>(d)</sup> | 1030000 | 1055496  |
| Moss Creek Resources Holdings, Inc., 8.25%, 09/01/2031<sup>(d)</sup> | 800000 | 778502  |
| PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 02/15/2028 | 1000000 | 999304  |
| SunCoke Energy, Inc., 4.88%, 06/30/2029<sup>(d)</sup> | 2550000 | 2406976  |
|  Sunoco LP, 7.88% to 09/18/2030 then 5 yr. CMT Rate + 4.23%, Perpetual<sup>(d)</sup> | 1020000 | 1051253  |

---

See accompanying notes which are an integral part of these financial statements.

24<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK MULTI-STRATEGY INCOME FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)** <br>|  |  |
| **Energy — (Continued)** | **Energy — (Continued)** | **Energy — (Continued)** |
|  Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 12/31/2030<sup>(d)</sup> | $1880000 | $1908952  |
|  USA Compression Partners LP / USA Compression Finance Corp., 7.13%, 03/15/2029<sup>(d)</sup> | 630000 | 652670  |
| Venture Global LNG, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.00% to 09/30/2029 then 5 yr. CMT Rate + 5.44%, Perpetual<sup>(d)</sup> | 3880000 | 3415732  |
| &nbsp;&nbsp;&nbsp; 8.38%, 06/01/2031<sup>(d)</sup> | 950000 | 972292  |
| Western Midstream Operating LP, 7.25%, 04/01/2030<sup>(d)</sup> | 450000 | 479105  |
| Wildfire Intermediate Holdings LLC, 7.50%, 10/15/2029<sup>(d)</sup> | 990000 | 1006123  |
|  |  | 28787547  |
| **Financial — 3.1%**<br>|  |  |
| A10 Capital LLC, 5.88%, 08/17/2026<sup>(d)</sup> | 1000000 | 989946  |
| Asurion LLC and Asurion Co.-Issuer, Inc., 8.00%, 12/31/2032<sup>(d)</sup> | 250000 | 261364  |
|  BankGuam Holding Co., 4.75% to 07/01/2026 then 3 mo. Term SOFR + 4.13%, 07/01/2031<sup>(d)</sup> | 2000000 | 1953431  |
| Blackstone Mortgage Trust, Inc., 7.75%, 12/01/2029<sup>(d)</sup> | 940000 | 1008183  |
|  Brookline Bancorp, Inc., 7.30% (3 mo. Term SOFR + 3.58%), 09/15/2029 | 1000000 | 1003763  |
| Burford Capital Global Finance LLC, 7.50%, 07/15/2033<sup>(d)</sup> | 1620000 | 1566031  |
| Clear Street Holdings LLC, 5.88%, 05/15/2026<sup>(d)</sup> | 2000000 | 1992640  |
| Credit Acceptance Corp., 6.63%, 03/15/2030<sup>(d)</sup> | 1600000 | 1604570  |
| Customers Bank, 7.39% (3 mo. Term SOFR + 3.70%), 06/26/2029<sup>(d)</sup> | 1000000 | 1002839  |
| Encore Capital Group, Inc., 6.63%, 04/15/2031<sup>(d)</sup> | 1040000 | 1049823  |
| EZCORP, Inc., 7.38%, 04/01/2032<sup>(d)</sup> | 1480000 | 1580304  |
|  Fidelity Financial Corp., 5.00% to 04/30/2027 then 3 mo. Term SOFR + 2.47%, 04/30/2032<sup>(d)</sup> | 3000000 | 2844478  |
|  First Bancshares, Inc., 6.40% to 05/01/2028 then 3 mo. Term SOFR + 3.65%, 05/01/2033 | 1000000 | 1018973  |
|  First Foundation, Inc., 3.50% to 02/01/2027 then SOFR + 2.04%, 02/01/2032 | 1000000 | 923520  |
|  First Northwest Bancorp, 3.75% to 03/30/2026 then 3 mo. Term SOFR + 3.00%, 03/30/2031 | 1500000 | 1206826  |
|  Flushing Financial Corp., 3.13% to 12/01/2026 then 3 mo. Term SOFR + 2.04%, 12/01/2031 | 3000000 | 2674622  |
| Freedom Mortgage Holdings LLC, 7.88%, 04/01/2033<sup>(d)</sup> | 4040000 | 4123373  |
|  FS Bancorp, Inc., 3.75% to 02/15/2026 then 3 mo. Term SOFR + 3.37%, 02/15/2031 | 1000000 | 994610  |
|  Georgia Banking Co., Inc., 4.13% to 06/15/2026 then 3 mo. Term SOFR + 3.40%, 06/15/2031<sup>(d)</sup> | 4000000 | 3895525  |
| GGAM Finance Ltd., 5.88%, 03/15/2030<sup>(d)</sup> | 1560000 | 1587768  |
| Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/2027<sup>(d)</sup> | 2880000 | 2984777  |
| goeasy Ltd., 6.88%, 02/15/2031<sup>(d)</sup> | 2250000 | 2116785  |
|  Jacksonville Bancorp, Inc. Statutory Trust, 7.73% (3 mo. Term SOFR + 4.01%), 09/15/2038<sup>(d)</sup> | 1200000 | 1192008  |
| Jane Street Group / JSG Finance, Inc., 6.75%, 05/01/2033<sup>(d)</sup> | 2010000 | 2091623  |
| Jefferies Finance LLC / JFIN Co.-Issuer Corp., 6.63%, 10/15/2031<sup>(d)</sup> | 1060000 | 1051271  |

---

See accompanying notes which are an integral part of these financial statements.

25<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK MULTI-STRATEGY INCOME FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  |
| **Financial — (Continued)** | **Financial — (Continued)** | **Financial — (Continued)** |
| Jefferson Capital Holdings LLC, 8.25%, 05/15/2030<sup>(d)</sup> | $1520000 | $1602598  |
| LD Holdings Group LLC, 6.13%, 04/01/2028<sup>(d)</sup> | 500000 | 474210  |
| Mechanics Bancorp, 6.50%, 06/01/2026 | 750000 | 742687  |
| Millrose Properties, Inc., 6.38%, 08/01/2030<sup>(d)</sup> | 1040000 | 1062220  |
|  Narragansett Financial Corp., 3.88% to 05/15/2026 then 3 mo. Term SOFR + 3.19%, 05/15/2031<sup>(d)</sup> | 2000000 | 1971511  |
| NexBank Capital, Inc., 6.00%, 07/15/2032<sup>(d)</sup> | 1000000 | 953415  |
| OneMain Finance Corp., 7.13%, 11/15/2031 | 2060000 | 2136113  |
| Panther Escrow Issuer LLC, 7.13%, 06/01/2031<sup>(d)</sup> | 1910000 | 1968343  |
| PennyMac Financial Services, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/15/2029<sup>(d)</sup> | 900000 | 866609  |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/15/2031<sup>(d)</sup> | 800000 | 790756  |
| PHH Corp., 9.88%, 11/01/2029<sup>(d)</sup> | 1450000 | 1484771  |
| Phoenix Aviation Capital Ltd., 9.25%, 07/15/2030<sup>(d)</sup> | 2810000 | 2947142  |
| PRA Group, Inc., 5.00%, 10/01/2029<sup>(d)</sup> | 1600000 | 1467104  |
|  Provident Funding Associates LP / PFG Finance Corp., 9.75%, 09/15/2029<sup>(d)</sup> | 1490000 | 1564001  |
| ReadyCap Holdings LLC, 9.38%, 03/01/2028<sup>(d)</sup> | 3000000 | 3003501  |
| RHP Hotel Properties LP / RHP Finance Corp., 6.50%, 04/01/2032<sup>(d)</sup> | 510000 | 527835  |
| Rocket Cos., Inc., 7.13%, 02/01/2032<sup>(d)</sup> | 1990000 | 2080718  |
| South Street Securities Funding LLC, 6.25%, 12/30/2026<sup>(d)</sup> | 1000000 | 1000665  |
| Starwood Property Trust, Inc., 5.75%, 01/15/2031<sup>(d)</sup> | 1050000 | 1064509  |
| Stonebriar ABF Issuer LLC, 8.13%, 12/15/2030<sup>(d)</sup> | 510000 | 530112  |
| Stonex Escrow Issuer LLC, 6.88%, 07/15/2032<sup>(d)</sup> | 1930000 | 1992704  |
|  Texas State Bankshares, Inc., 7.53% (3 mo. Term SOFR + 3.81%), 06/15/2029<sup>(d)</sup> | 2000000 | 2000668  |
| Trinitas Capital Management LLC, 6.00%, 07/30/2026<sup>(d)</sup> | 4000000 | 3975000  |
|  Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, 6.50%, 02/15/2029<sup>(d)</sup> | 1660000 | 1615986  |
| UWM Holdings LLC, 6.25%, 03/15/2031<sup>(d)</sup> | 1560000 | 1551120  |
| Walker & Dunlop, Inc., 6.63%, 04/01/2033<sup>(d)</sup> | 1020000 | 1046176  |
|  |  | 83139527  |
| **Industrial — 1.1%**<br>|  |  |
| Advanced Drainage Systems, Inc., 6.38%, 06/15/2030<sup>(d)</sup> | 600000 | 613817  |
| AmeriTex HoldCo Intermediate LLC, 7.63%, 08/15/2033<sup>(d)</sup> | 1430000 | 1504739  |
| Axon Enterprise, Inc., 6.25%, 03/15/2033<sup>(d)</sup> | 1200000 | 1244106  |
| Beacon Mobility Corp., 7.25%, 08/01/2030<sup>(d)</sup> | 1500000 | 1571250  |
|  Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 02/01/2032<sup>(d)</sup> | 1000000 | 1007210  |
| Builders FirstSource, Inc., 6.75%, 05/15/2035<sup>(d)</sup> | 2010000 | 2114277  |
| Clearwater Paper Corp., 4.75%, 08/15/2028<sup>(d)</sup> | 1400000 | 1324805  |
| Clydesdale Acquisition Holdings, Inc., 6.75%, 04/15/2032<sup>(d)</sup> | 1000000 | 1008494  |
| Coherent Corp., 5.00%, 12/15/2029<sup>(d)</sup> | 1900000 | 1893501  |
| Enerflex, Inc., 6.88%, 01/15/2031<sup>(d)</sup> | 1030000 | 1065232  |
| FTAI Aviation Investors LLC, 5.88%, 04/15/2033<sup>(d)</sup> | 1200000 | 1217458  |
| Genesee & Wyoming, Inc., 6.25%, 04/15/2032<sup>(d)</sup> | 520000 | 535974  |

---

See accompanying notes which are an integral part of these financial statements.

26<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK MULTI-STRATEGY INCOME FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  |
| **Industrial — (Continued)** | **Industrial — (Continued)** | **Industrial — (Continued)** |
| Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029<sup>(d)</sup> | $2150000 | $2116543  |
| Knife River Corp., 7.75%, 05/01/2031<sup>(d)</sup> | 600000 | 626940  |
| Owens-Brockway Glass Container, Inc., 7.25%, 05/15/2031<sup>(d)</sup> | 2060000 | 2099126  |
| Quikrete Holdings, Inc., 6.75%, 03/01/2033<sup>(d)</sup> | 1010000 | 1049817  |
| Reworld Holding Corp., 4.88%, 12/01/2029<sup>(d)</sup> | 1110000 | 1075480  |
| Seaspan Corp., 5.50%, 08/01/2029<sup>(d)</sup> | 1100000 | 1047164  |
| Sensata Technologies, Inc., 3.75%, 02/15/2031<sup>(d)</sup> | 1000000 | 938795  |
| Smyrna Ready Mix Concrete LLC, 8.88%, 11/15/2031<sup>(d)</sup> | 1990000 | 2122703  |
| Standard Building Solutions, Inc., 6.50%, 08/15/2032<sup>(d)</sup> | 1200000 | 1238174  |
| Trivium Packaging Finance BV, 12.25%, 01/15/2031<sup>(d)</sup> | 980000 | 1073123  |
| XPO, Inc., 7.13%, 06/01/2031<sup>(d)</sup> | 250000 | 259759  |
|  |  | 28748487  |
| **Technology — 0.1%**<br>|  |  |
| Amkor Technology, Inc., 5.88%, 10/01/2033<sup>(d)</sup> | 1040000 | 1061168  |
| CACI International, Inc., 6.38%, 06/15/2033<sup>(d)</sup> | 700000 | 727151  |
| Zebra Technologies Corp., 6.50%, 06/01/2032<sup>(d)</sup> | 1010000 | 1041023  |
|  |  | 2829342  |
| **Utilities — 0.2%**<br>|  |  |
| Hawaiian Electric Co., Inc., 6.00%, 10/01/2033<sup>(d)</sup> | 1050000 | 1066465  |
| NRG Energy, Inc., 6.25%, 11/01/2034<sup>(d)</sup> | 2060000 | 2115832  |
| Vistra Operations Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.75%, 10/15/2031<sup>(d)</sup> | 100000 | 105859  |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/15/2032<sup>(d)</sup> | 1200000 | 1261500  |
| VoltaGrid LLC, 7.38%, 11/01/2030<sup>(d)</sup> | 1040000 | 1053912  |
|  |  | 5603568  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE OBLIGATIONS** <br>**(Cost $238,411,034)** |  | 240549525  |
| **COLLATERALIZED LOAN OBLIGATIONS — 7.9%**<br>|  |  |
|  Allegro CLO Ltd., Series 2021-1A, Class D1R, 6.82% (3 mo. Term SOFR + 3.15%), 07/20/2038<sup>(d)</sup> | 8500000 | 8607627  |
|  AMMC CLO Ltd., Series 2020-23A, Class D1R3, 6.87% (3 mo. Term SOFR + 3.20%), 07/17/2038<sup>(d)</sup> | 6000000 | 6037524  |
| Anchorage Capital CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-26A, Class D1R, 7.07% (3 mo. Term SOFR + 3.40%), 03/19/2038<sup>(d)</sup> | 3250000 | 3288425  |
| &nbsp;&nbsp;&nbsp; Series 2023-26A, Class D2R, 8.42% (3 mo. Term SOFR + 4.75%), 03/19/2038<sup>(d)</sup> | 2000000 | 2020814  |
| Anthelion CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class D1, 7.32% (3 mo. Term SOFR + 3.65%), 07/20/2036<sup>(d)</sup> | 4500000 | 4533835  |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class D1, 0.00% (3 mo. Term SOFR + 3.20%), 04/20/2039<sup>(d)</sup> | 7000000 | 7000000  |
| Ares CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-58A, Class D2R2, 8.07% (3 mo. Term SOFR + 4.40%), 04/15/2038<sup>(d)</sup> | 3000000 | 3024024  |

---

See accompanying notes which are an integral part of these financial statements.

27<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK MULTI-STRATEGY INCOME FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS — (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS — (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS — (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2021-ALFA, Class C, 5.93% (3 mo. Term SOFR + 2.26%), 10/15/2034<sup>(d)</sup> | $1160000 | $1162543  |
|  Ballyrock CLO Ltd., Series 2022-21A, Class C1R, 6.82% (3 mo. Term SOFR + 3.15%), 10/20/2037<sup>(d)</sup> | 1220000 | 1227675  |
| Barings Middle Market CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-II, Class COM, 0.00%, 01/15/2031<sup>(a)</sup> | 428329 | 12850  |
| &nbsp;&nbsp;&nbsp; Series 2023-IA, Class A1, 6.12% (3 mo. Term SOFR + 2.45%), 01/20/2036<sup>(d)</sup> | 5986247 | 6001315  |
|  Battalion CLO Ltd., Series 2025-29A, Class D1, 6.97% (3 mo. Term SOFR + 3.30%), 03/31/2038<sup>(d)</sup> | 5000000 | 5073175  |
| Black Diamond CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class E, 11.17% (3 mo. Term SOFR + 7.50%), 10/25/2035<sup>(d)</sup> | 2500000 | 2507863  |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class D1, 7.47% (3 mo. Term SOFR + 3.55%), 10/15/2038<sup>(d)</sup> | 6000000 | 6051180  |
| Blackrock CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class C, 6.42% (3 mo. Term SOFR + 2.75%), 07/15/2037<sup>(d)</sup> | 4000000 | 4055652  |
| &nbsp;&nbsp;&nbsp; Series 5A, Class CR, 6.87% (3 mo. Term SOFR + 3.15%), 06/15/2034<sup>(d)</sup> | 5000000 | 5041660  |
|  Canyon CLO Ltd., Series 2025-3A, Class D2, 6.96% (3 mo. Term SOFR + 3.25%), 01/15/2039<sup>(d)</sup> | 5000000 | 5031255  |
|  Capital Four US CLO Ltd., Series 2022-1A, Class BR, 6.32% (3 mo. Term SOFR + 2.65%), 01/20/2037<sup>(c)(d)</sup> | 8500000 | 8540766  |
|  Cerberus Loan Funding LP, Series 2024-2A, Class D, 8.62% (3 mo. Term SOFR + 4.95%), 07/15/2036<sup>(d)</sup> | 3660000 | 3688654  |
|  CQS US CLO Ltd., Series 2025-5A, Class D1, 6.96% (3 mo. Term SOFR + 3.15%), 01/17/2039<sup>(d)</sup> | 2000000 | 2011440  |
|  Crown City CLO Ltd., Series 2020-1A, Class D1RR, 6.67% (3 mo. Term SOFR + 3.00%), 07/20/2038<sup>(d)</sup> | 2625000 | 2647475  |
|  Elmwood CLO Ltd., Series 2021-3A, Class DR2, 6.72% (3 mo. Term SOFR + 3.05%), 07/20/2038<sup>(d)</sup> | 6000000 | 6066060  |
| &nbsp;&nbsp;&nbsp; Franklin Park Place CLO LLC, Series 2025-1A, Class D1, 6.77% <br>(3 mo. Term SOFR + 3.10%), 07/15/2038<sup>(d)</sup> | 5000000 | 5059205  |
| Gallatin CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class D1R, 9.32% (3 mo. Term SOFR + 3.60%), 10/14/2036<sup>(c)(d)</sup> | 6000000 | 6047700  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class D1, 7.67% (3 mo. Term SOFR + 4.00%), 10/20/2037<sup>(d)</sup> | 3000000 | 3026166  |
|  Greenacre Park CLO LLC, Series 2021-2A, Class D2R, 8.17% (3 mo. Term SOFR + 4.50%), 07/20/2038<sup>(d)</sup> | 3000000 | 3031197  |
|  JP Morgan Mortgage Trust, Series 2018-11A, Class A2, 5.63% (3 mo. Term SOFR + 1.96%), 07/14/2031<sup>(d)</sup> | 1200000 | 1202664  |
|  KKR CLO Trust, Series 32A, Class CR, 6.17% (3 mo. Term SOFR + 2.50%), 04/15/2037<sup>(d)</sup> | 1300000 | 1303827  |
|  Kohlberg & Co. LLC, Series 2025-1A, Class A, 5.42% (3 mo. Term SOFR + 1.75%), 07/15/2037<sup>(d)</sup> | 5000000 | 5030975 |

---

See accompanying notes which are an integral part of these financial statements.

28<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK MULTI-STRATEGY INCOME FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS — (Continued)**  | **COLLATERALIZED LOAN OBLIGATIONS — (Continued)**  | **COLLATERALIZED LOAN OBLIGATIONS — (Continued)**  |
| Man GLG US CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class C, 7.67% (3 mo. Term SOFR + 4.00%), 07/20/2035<sup>(d)</sup> | $2000000 | $2014576  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class D2, 8.87% (3 mo. Term SOFR + 5.20%), 07/20/2037<sup>(d)</sup> | 2000000 | 2015294  |
|  Maranon Loan Funding Ltd., Series 2025-1A, Class E, 10.84% (3 mo. Term SOFR + 7.00%), 10/15/2037<sup>(d)</sup> | 3000000 | 3006921  |
| Marble Point CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-3A, Class D1R2, 6.67% (3 mo. Term SOFR + 3.00%), 10/19/2038<sup>(d)</sup> | 3000000 | 3034893  |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class E, 11.85% (3 mo. Term SOFR + 8.18%), 04/20/2035<sup>(d)</sup> | 3000000 | 3000000  |
|  Monroe Capital CLO Ltd., Series 2021-2A, Class C, 6.63% (3 mo. Term SOFR + 2.91%), 09/14/2033<sup>(d)</sup> | 2000000 | 2012380  |
| &nbsp;&nbsp;&nbsp; MP CLO Ltd., Series 2015-2A, Class CRR, 6.23% (3 mo. Term <br>SOFR + 2.56%), 04/28/2034<sup>(d)</sup> | 3000000 | 3010122  |
| NBBLUE, 9.74%, 04/15/2040<sup>(i)</sup> | 3000000 | 3117150  |
|  Neuberger Berman Loan Advisers Lasalle Street Lending CLO Ltd., Series 2024-2A, Class E, 11.17% (3 mo. Term SOFR + 7.50%), 04/20/2038<sup>(d)</sup> | 5000000 | 5033310  |
|  Oaktree CLO Ltd., Series 2022-2A, Class D1R2, 6.92% (3 mo. Term SOFR + 3.25%), 10/15/2037<sup>(c)(d)</sup> | 10000000 | 10072510  |
| &nbsp;&nbsp;&nbsp; Obra CLO Management LLC, Series 2025-2A, Class D2, 7.92% <br>(3 mo. Term SOFR + 4.25%), 07/20/2038<sup>(d)</sup> | 2000000 | 2011042  |
|  Ocean Trails CLO Ltd., Series 2023-14A, Class D1R, 6.77% (3 mo. Term SOFR + 3.10%), 01/20/2038<sup>(d)</sup> | 5940000 | 5974024  |
| &nbsp;&nbsp;&nbsp; Octagon Investment Partners Ltd., Series 2018-1A, Class C, 5.63% <br>(3 mo. Term SOFR + 1.96%), 04/15/2031<sup>(d)</sup> | 2500000 | 2506340  |
|  OFSI Fund Ltd., Series 2026-16A, Class D1, 0.00% (3 mo. Term SOFR + 3.25%), 03/31/2039<sup>(d)(k)</sup> | 3000000 | 3000000  |
|  Palmer Square Loan Funding Ltd., Series 2022-3A, Class DR, 9.57% (3 mo. Term SOFR + 5.90%), 04/15/2031<sup>(d)</sup> | 3260000 | 3278465  |
| Pikes Peak CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-5A, Class FR, 11.49% (3 mo. Term SOFR + 7.82%), 10/20/2037<sup>(d)</sup> | 1000000 | 960626  |
| &nbsp;&nbsp;&nbsp; Series 2023-14A, Class D1R, 6.82% (3 mo. Term SOFR + 3.15%), 07/20/2038<sup>(d)</sup> | 2500000 | 2513960  |
| Sculptor CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 26A, Class D1AR, 7.07% (3 mo. Term SOFR + 3.40%), 01/20/2038<sup>(d)</sup> | 2600000 | 2616466  |
| &nbsp;&nbsp;&nbsp; Series 29A, Class D1R, 7.07% (3 mo. Term SOFR + 3.40%), 07/22/2038<sup>(d)</sup> | 5000000 | 5049175  |
|  Silver Point CLO Ltd., Series 2025-10A, Class D2, 7.92% (3 mo. Term SOFR + 4.25%), 07/15/2038<sup>(d)</sup> | 3000000 | 3015960  |
|  Sound Point CLO Ltd., Series 2025-2A, Class D1, 7.97% (3 mo. Term SOFR + 4.30%), 04/15/2038<sup>(c)(d)</sup> | 6875000 | 6969174 |

---

See accompanying notes which are an integral part of these financial statements.

29<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK MULTI-STRATEGY INCOME FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS — (Continued)**  | **COLLATERALIZED LOAN OBLIGATIONS — (Continued)**  | **COLLATERALIZED LOAN OBLIGATIONS — (Continued)**  |
| Trinitas CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-14A, Class DR2, 6.82% (3 mo. Term SOFR + 3.15%), 01/25/2034<sup>(d)</sup> | $2500000 | $2511552  |
| &nbsp;&nbsp;&nbsp; Series 2025-32A, Class D1, 6.77% (3 mo. Term SOFR + 3.10%), 07/23/2038<sup>(d)</sup> | 3500000 | 3542094  |
| Voya CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-1A, Class BR, 5.73% (3 mo. Term SOFR + 2.06%), 01/20/2031<sup>(d)</sup> | 2740000 | 2746510  |
| &nbsp;&nbsp;&nbsp; Series 2018-1A, Class C, 6.53% (3 mo. Term SOFR + 2.86%), 04/19/2031<sup>(d)</sup> | 1750000 | 1758180  |
|  Warwick Capital CLO Ltd., Series 2025-6A, Class D2, 8.41%, 07/20/2038<sup>(d)</sup> | 2000000 | 2015052  |
|  Wind River CLO Ltd., Series 2023-1A, Class D1R, 7.07% (3 mo. Term SOFR + 3.40%), 07/25/2038<sup>(d)</sup> | 4000000 | 4034336  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $208,535,996)** |  | 209153658  |
| &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY — 7.1%**<br>|  |  |
| Connecticut Avenue Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-01, Class B10, 9.31% (30 day avg SOFR US + 5.61%), 10/25/2049<sup>(d)</sup> | 1500000 | 1527683  |
| &nbsp;&nbsp;&nbsp; Series 2019-01, Class CE, 12.56% (30 day avg SOFR US + 8.86%), 10/25/2049<sup>(d)</sup> | 2000000 | 2030712  |
| &nbsp;&nbsp;&nbsp; Series 2020-01, Class CE, 11.31% (30 day avg SOFR US + 7.61%), 03/25/2050<sup>(d)</sup> | 8000000 | 8271248  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-KF41, Class B, 6.40% (30 day avg SOFR US + 2.61%), 11/25/2026<sup>(d)</sup> | 600479 | 563899  |
| &nbsp;&nbsp;&nbsp; Series 2019-KF64, Class B, 6.20% (30 day avg SOFR US + 2.41%), 06/25/2026<sup>(d)</sup> | 2487563 | 2493250  |
| &nbsp;&nbsp;&nbsp; Series K143, Class A2, 2.35%, 03/25/2032 | 7185000 | 6450219  |
| &nbsp;&nbsp;&nbsp; Series K-159, Class A2, 4.50%, 07/25/2033<sup>(a)</sup> | 20000000 | 20113360  |
| &nbsp;&nbsp;&nbsp; Series K-161, Class A2, 4.90%, 10/25/2033<sup>(a)</sup> | 15000000 | 15455160  |
| &nbsp;&nbsp;&nbsp; Series K-165, Class A2, 4.49%, 09/25/2034 | 14464000 | 14479592  |
| &nbsp;&nbsp;&nbsp; Series K-170, Class A2, 5.00%, 02/25/2035<sup>(a)</sup> | 10700000 | 11103758  |
| &nbsp;&nbsp;&nbsp; Series K-171, Class A2, 4.40%, 06/25/2035<sup>(a)</sup> | 1750000 | 1741822  |
| &nbsp;&nbsp;&nbsp; Series K-172, Class A2, 4.58%, 08/25/2035<sup>(a)</sup> | 9750000 | 9776237  |
| &nbsp;&nbsp;&nbsp; Series K-173, Class A2, 4.60%, 09/25/2035<sup>(a)</sup> | 4700000 | 4740434  |
| &nbsp;&nbsp;&nbsp; Series K-174, Class A2, 4.53%, 10/25/2035<sup>(a)</sup> | 5000000 | 5020710  |
| &nbsp;&nbsp;&nbsp; Series K-176, Class A2, 4.39%, 12/25/2035<sup>(a)(k)</sup> | 12000000 | 11894280  |
| &nbsp;&nbsp;&nbsp; Series K543, Class A2, 4.33%, 06/25/2030<sup>(a)</sup> | 10000000 | 10084420  |
| &nbsp;&nbsp;&nbsp; Series K544, Class A2, 4.27%, 07/25/2030<sup>(a)</sup> | 10000000 | 10057950  |
| &nbsp;&nbsp;&nbsp; Series K545, Class A2, 4.29%, 07/25/2030<sup>(a)</sup> | 10000000 | 10067300  |
| &nbsp;&nbsp;&nbsp; Series K547, Class A2, 4.42%, 05/25/2030<sup>(a)</sup> | 5000000 | 5024555  |
| &nbsp;&nbsp;&nbsp; Series K548, Class A2, 4.32%, 09/25/2030<sup>(a)</sup> | 8000000 | 8071560  |

---

See accompanying notes which are an integral part of these financial statements.

30<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK MULTI-STRATEGY INCOME FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY — (Continued)**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series K549, Class A2, 4.34%, 09/25/2030<sup>(a)</sup> | $3000000 | $3037485  |
| &nbsp;&nbsp;&nbsp; Series KF169, Class AS, 4.35% (30 day avg SOFR US + 0.56%), 11/25/2035 | 25000000 | 25031150  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY** <br>**(Cost $186,436,620)** |  | 187036784  |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — 4.5%**<br>|  |  |
| ALA Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-OANA, Class C, 5.77% (1 mo. Term SOFR + 2.09%), 06/15/2040<sup>(d)</sup> | 1700000 | 1713731  |
| &nbsp;&nbsp;&nbsp; Series 2025-OANA, Class D, 6.77% (1 mo. Term SOFR + 3.09%), 06/15/2040<sup>(d)</sup> | 1300000 | 1310273  |
|  Arbor Realty Collateralized Loan Obligation Ltd., Series 2025-BTR1, Class AS, 6.31% (1 mo. Term SOFR + 2.64%), 01/20/2041<sup>(d)</sup> | 4000000 | 4041348  |
|  AREIT CRE Ltd., Series 2024-CRE9, Class AS, 5.92% (1 mo. Term SOFR + 2.24%), 05/17/2041<sup>(d)</sup> | 1700000 | 1701914  |
| ARES Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-IND, Class D, 6.57% (1 mo. Term SOFR + 2.89%), 07/15/2041<sup>(d)</sup> | 4500000 | 4529529  |
| &nbsp;&nbsp;&nbsp; Series 2024-IND, Class E, 7.62% (1 mo. Term SOFR + 3.94%), 07/15/2041<sup>(d)</sup> | 4500000 | 4528980  |
| ARZ Trust, Series 2024-BILT, Class D, 7.00%, 06/11/2039<sup>(d)</sup> | 850000 | 878642  |
|  Banc of America Re-Remic Trust, Series 2025-ASHF, Class C, 6.68% (1 mo. Term SOFR + 3.00%), 02/15/2042<sup>(d)</sup> | 3250000 | 3261622  |
| Bank-2025, Series 2025-BNK51, Class D, 4.00%, 12/25/2067<sup>(d)</sup> | 2000000 | 1431064  |
| BX Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-AIRC, Class C, 6.27% (1 mo. Term SOFR + 2.59%), 08/15/2041<sup>(d)</sup> | 1474327 | 1482266  |
| &nbsp;&nbsp;&nbsp; Series 2024-BIO, Class C, 6.32% (1 mo. Term SOFR + 2.64%), 02/15/2041<sup>(d)</sup> | 4800000 | 4778165  |
| &nbsp;&nbsp;&nbsp; Series 2024-BIO, Class D, 7.32% (1 mo. Term SOFR + 3.64%), 02/15/2041<sup>(d)</sup> | 3300000 | 3268056  |
| &nbsp;&nbsp;&nbsp; Series 2024-KING, Class D, 6.17% (1 mo. Term SOFR + 2.49%), 05/15/2034<sup>(d)</sup> | 2467516 | 2488003  |
| &nbsp;&nbsp;&nbsp; Series 2024-PALM, Class D, 6.32% (1 mo. Term SOFR + 2.64%), 06/15/2037<sup>(d)</sup> | 1038462 | 1042327  |
| &nbsp;&nbsp;&nbsp; Series 2024-VLT4, Class E, 6.57% (1 mo. Term SOFR + 2.89%), 06/15/2041<sup>(d)</sup> | 300000 | 299278  |
| &nbsp;&nbsp;&nbsp; Series 2024-VLT4, Class F, 7.62% (1 mo. Term SOFR + 3.94%), 06/15/2041<sup>(d)</sup> | 4500000 | 4496067  |
| &nbsp;&nbsp;&nbsp; Series 2025-BIO3, Class D, 6.96%, 02/10/2042<sup>(a)(d)</sup> | 1750000 | 1764845  |
| &nbsp;&nbsp;&nbsp; Series 2025-VLT7, Class D, 6.93% (1 mo. Term SOFR + 3.25%), 07/15/2044<sup>(d)</sup> | 3700000 | 3716395  |
| &nbsp;&nbsp;&nbsp; Series 2025-VOLT, Class C, 6.03% (1 mo. Term SOFR + 2.35%), 12/15/2044<sup>(d)</sup> | 3500000 | 3517710  |

---

See accompanying notes which are an integral part of these financial statements.

31<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK MULTI-STRATEGY INCOME FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — (Continued)**<br>|  |  |
|  Commercial Mortgage Pass Through Certificates, Series 2024-WCL1, Class C, 6.57% (1 mo. Term SOFR + 2.89%), 06/15/2041<sup>(d)</sup> | $5500000 | $5498422  |
|  DBSG Mortgage Trust, Series 2024-ALTA, Class D, 7.06%, 06/10/2037<sup>(a)(d)</sup> | 1600000 | 1620651  |
| DC Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-HLTN, Class C, 7.04%, 04/13/2040<sup>(a)(d)</sup> | 1200000 | 1209818  |
| &nbsp;&nbsp;&nbsp; Series 2024-HLTN, Class D, 7.71%, 04/13/2040<sup>(a)(d)</sup> | 1200000 | 1214363  |
| Extended Stay America Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-ESH, Class D, 6.28% (1 mo. Term SOFR + 2.60%), 10/15/2042<sup>(d)</sup> | 1000000 | 1012042  |
| &nbsp;&nbsp;&nbsp; Series 2025-ESH, Class E, 7.03% (1 mo. Term SOFR + 3.35%), 10/15/2042<sup>(d)</sup> | 2700000 | 2738659  |
|  Gaea Mortgage Loan Trust, Series 2025-A, Class A, 6.75%, 02/25/2030<sup>(a)(d)</sup> | 7260129 | 7132024  |
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp., Series 2018-TWR, Class G, 7.90% <br>(1 mo. Term SOFR + 4.22%), 07/15/2031<sup>(d)(l)</sup> | 500000 | 21638  |
| Hilton USA Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-ORL, Class C, 6.12% (1 mo. Term SOFR + 2.44%), 05/15/2037<sup>(d)</sup> | 800000 | 802475  |
| &nbsp;&nbsp;&nbsp; Series 2024-ORL, Class D, 6.87% (1 mo. Term SOFR + 3.19%), 05/15/2037<sup>(d)</sup> | 800000 | 802919  |
| HTL Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-T53, Class D, 8.20%, 05/10/2039<sup>(a)(d)</sup> | 700000 | 717714  |
| &nbsp;&nbsp;&nbsp; Series 2024-T53, Class F, 11.93%, 05/10/2039<sup>(a)(d)</sup> | 400000 | 413005  |
|  ICNQ Mortgage Trust, Series 2024-MF, Class E, 6.35%, 12/10/2034<sup>(a)(d)</sup> | 3250000 | 3285825  |
|  Jabil, Inc., Series 2018-PTC, Class A, 5.18% (1 mo. Term SOFR + 1.50%), 04/15/2031<sup>(d)(l)</sup> | 3500000 | 1524750  |
|  Jackson Park Trust, Series 2019-LIC, Class E, 3.24%, 10/14/2039<sup>(a)(d)</sup> | 5000000 | 4421725  |
| Morgan Stanley, Series 2024-BPR2, Class A, 7.29%, 05/05/2029<sup>(d)</sup> | 2598288 | 2730874  |
|  Morgan Stanley Capital I, Inc., Series 2014-150E, Class A, 3.91%, 09/09/2032<sup>(d)</sup> | 3040000 | 2755532  |
| NYC Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-28L, Class C, 5.44%, 11/05/2038<sup>(a)(d)</sup> | 1600000 | 1610072  |
| &nbsp;&nbsp;&nbsp; Series 2025-28L, Class D, 6.21%, 11/05/2038<sup>(a)(d)</sup> | 1600000 | 1603867  |
| Stellar Management, Series 2025-IP, Class E, 6.85%, 06/10/2042<sup>(a)(d)</sup> | 750000 | 763460  |
|  TX Trust, Series 2024-HOU, Class D, 6.92% (1 mo. Term SOFR + 3.24%), 06/15/2039<sup>(d)</sup> | 500000 | 501078  |
|  Wells Fargo Commercial Mortgage Trust, Series 2025-VTT, Class E, 7.14%, 03/15/2038<sup>(a)(d)</sup> | 5200000 | 5179600  |
|  WFLD Mortgage Trust, Series 2014-MONT, Class A, 3.75%, 08/10/2031<sup>(a)(d)</sup> | 1551716 | 1504700  |
| X-Caliber Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 11.42% (1 mo. Term SOFR + 7.75%), 03/06/2026<sup>(d)</sup> | 628203 | 625677  |
| &nbsp;&nbsp;&nbsp; 6.42% (1 mo. Term SOFR + 2.75%), 03/06/2026<sup>(d)</sup> | 3350418 | 3342122  |
| &nbsp;&nbsp;&nbsp; 11.00%, 09/01/2026<sup>(d)(l)</sup> | 3500000 | 3274278  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2026<sup>(d)</sup> | 300000 | 286053  |

---

See accompanying notes which are an integral part of these financial statements.

32<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK MULTI-STRATEGY INCOME FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — (Continued)**<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 10/01/2027<sup>(d)(l)</sup> | $3621300 | $911785  |
| &nbsp;&nbsp;&nbsp; 11.46% (1 mo. LIBOR US + 6.50%), 11/15/2027<sup>(d)(f)(l)</sup> | 1628000 | 163  |
| &nbsp;&nbsp;&nbsp; Series 2019-1, Class B1, 19.45% (1 mo. Term SOFR + 15.75%), 11/06/2026<sup>(d)(l)</sup> | 5129931 | 518  |
| &nbsp;&nbsp;&nbsp; Series 2020-5, Class A, 7.09% (1 mo. Term SOFR + 3.37%), 05/06/2026<sup>(d)</sup> | 566148 | 565100  |
| &nbsp;&nbsp;&nbsp; Series 2020-5, Class B1, 12.09% (1 mo. Term SOFR + 8.37%), 05/06/2026<sup>(d)</sup> | 1321012 | 1314936  |
| &nbsp;&nbsp;&nbsp; Series 2021-10, Class B1, 11.82% (1 mo. Term SOFR + 8.12%), 06/06/2026<sup>(d)</sup> | 2000000 | 2019152  |
| &nbsp;&nbsp;&nbsp; Series 2021-7, Class A, 6.84% (1 mo. Term SOFR + 3.12%), 04/06/2026<sup>(d)</sup> | 3950000 | 3947982  |
| &nbsp;&nbsp;&nbsp; Series 2021-7, Class B2, 0.00%, 04/06/2026<sup>(d)</sup> | 1788000 | 1824150  |
| &nbsp;&nbsp;&nbsp; Series 2021-9, Class B1, 11.82% (1 mo. Term SOFR + 8.12%), 04/06/2026<sup>(d)(l)</sup> | 1215000 | 102  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $129,756,149)** |  | 117427446  |
| **COMMERCIAL REAL ESTATE — 0.8%**<br>|  |  |
| Geary<sup>(i)(m)(n)</sup> | 7068750 | 7887750  |
| Leavenworth<sup>(i)(m)(n)</sup> | 2945000 | 3648000  |
| Octavia<sup>(i)(m)(n)</sup> | 8003750 | 10089000  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMERCIAL REAL ESTATE** <br>**(Cost $18,707,750)** |  | 21624750 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **AFFILIATED EXCHANGE TRADED FUNDS — 0.8%**<br>|  |  |
| Angel Oak High Yield Opportunities ETF<sup>(n)</sup> | 880240 | 9810275  |
| Angel Oak Mortgage-Backed Securities ETF<sup>(n)</sup> | 960882 | 8407717  |
| Angel Oak Total Return ETF<sup>(n)</sup> | 47800 | 2388657  |
| &nbsp;&nbsp;&nbsp; **TOTAL AFFILIATED EXCHANGE TRADED FUNDS** <br>**(Cost $20,737,925)** |  | 20606649  |
| **EXCHANGE TRADED FUNDS — 0.4%**<br>|  |  |
| Invesco Senior Loan ETF | 481927 | 9995166  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $10,004,805)** |  | 9995166  |
| **PREFERRED STOCKS — 0.3%**<br>|  |  |
| **Financial — 0.2%**<br>|  |  |
|  Dynex Capital, Inc., Series C, 9.38% (3 mo. Term SOFR + 5.72%), Perpetual | 173425 | 4484771  |
|  MFA Financial, Inc., Series C, 9.27% (3 mo. Term SOFR + 5.61%), Perpetual | 52942 | 1228254  |
|  |  | 5713025 |

---

See accompanying notes which are an integral part of these financial statements.

33<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK MULTI-STRATEGY INCOME FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**  |
| **PREFERRED STOCKS — (Continued)** | **PREFERRED STOCKS — (Continued)** | **PREFERRED STOCKS — (Continued)** |
| **Real Estate Investment Trust — 0.1%**<br>|  |  |
|  AGNC Investment Corp., Series E, 8.91% (3 mo. Term SOFR + 5.25%), Perpetual | 66529 | $1695159  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $6,505,536)** |  | 7408184 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| &nbsp;&nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER — 0.3%**<br>|  |  |
|  Federal Home Loan Mortgage Corp., Series 2018-SPI4, Class B, 4.51%, 11/25/2048<sup>(a)(d)</sup> | $9002832 | 6711756  |
| &nbsp;&nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER** <br>**(Cost $8,921,265)** |  | 6711756 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **COMMON STOCKS — 0.2%**<br>|  |  |
| **Energy — 0.0%<sup>(j)</sup>**<br>|  |  |
| Enviva Escrow<sup>(i)(m)</sup> | 100000 | 0  |
| Enviva LLC<sup>(m)</sup> | 3638 | 54570  |
|  |  | 54570  |
| **Financial — 0.1%**<br>|  |  |
| Kingstone Companies, Inc. | 32996 | 509788  |
| PennyMac Mortgage Investment Trust | 81182 | 960383  |
| Redwood Trust, Inc. | 238507 | 1307019  |
|  |  | 2777190  |
| **Real Estate Investment Trust — 0.1%**<br>|  |  |
| Annaly Capital Management, Inc. | 84833 | 1952007  |
| Ellington Financial, Inc. | 103500 | 1329975  |
|  |  | 3281982  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $9,886,019)** |  | 6113742 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **WHOLE LOANS — 0.2%**<br>|  |  |
| Agency High Balance Residential Mortgages<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 07/24/2026 | $591621 | 591168  |
| &nbsp;&nbsp;&nbsp; 7.00%, 04/26/2037 | 171076 | 171417  |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/24/2037 | 259880 | 261720  |
| &nbsp;&nbsp;&nbsp; 7.00%, 08/24/2037 | 214663 | 219479  |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/24/2048 | 455916 | 412220  |
| Savannah Grand, 10.11%, 03/31/2026 | 3111177 | 3105232  |
| &nbsp;&nbsp;&nbsp; **TOTAL WHOLE LOANS** <br>**(Cost $4,781,803)** |  | 4761236 |

---

See accompanying notes which are an integral part of these financial statements.

34<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK MULTI-STRATEGY INCOME FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS — 2.1%**<br>|  |  |
| **Money Market Funds — 2.1%**<br>|  |  |
| First American Government Obligations Fund - Class U, 3.63%<sup>(c)(o)</sup> | 56090226 | $56090226  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $56,090,226)** |  | 56090226  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 105.1%**<br>**(Cost $2,932,999,272)** |  | $2776955983  |
| Liabilities in Excess of Other Assets — (5.1)% |  | (134439250)  |
| **TOTAL NET ASSETS — 100.0%** |  | $2642516733 |

---

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury

LIBOR - London Interbank Offered Rate

LP - Limited Partnership

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> 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 January 31, 2026.

<sup>(b)</sup> Interest only security.

<sup>(c)</sup> All or a portion of security has been pledged as collateral in connection with open credit agreements. At January 31, 2026, the value of the securities pledged amounted to $230,529,046.

<sup>(d)</sup> Security is exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities are determined to be liquid by the Adviser, under the procedures established by the Fund's Board of Trustees, unless otherwise denoted. As of January 31, 2026, the value of these securities total $1,957,792,395 or 74.1% of the Fund's net assets.

<sup>(e)</sup> Principal only security.

<sup>(f)</sup> Securities referencing LIBOR are expected to transition to an alternative reference rate.

<sup>(g)</sup> Step coupon bond. The rate disclosed is as of January 31, 2026.

<sup>(h)</sup> Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope. Interest rate may also be subject to a cap or floor.

<sup>(i)</sup> As of January 31, 2026, the Fund has fair valued these securities under the procedures established by Angel Oak Capital Advisors, LLC as Valuation Designee pursuant to Rule 2a-5 under the Investment Company Act of 1940. The value of these securities amounted to $24,751,901 or 0.9% of net assets. Value determined using significant unobservable inputs.

<sup>(j)</sup> Represents less than 0.05% of net assets.

<sup>(k)</sup> Security or a portion of the security purchased on a when-issued or delayed delivery basis.

<sup>(l)</sup> Issuer is currently in default and not accruing income.

<sup>(m)</sup> Non-income producing security. Income is not being accrued.

<sup>(n)</sup> Affiliated security as defined by the Investment Company Act of 1940.

<sup>(o)</sup> The rate shown represents the 7-day annualized yield as of January 31, 2026.

See accompanying notes which are an integral part of these financial statements.

35<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Angel Oak Multi-Strategy Income Fund** 

**Consolidated Schedule of Centrally Cleared Credit Default** 

**Swaps – Buy Protection<sup>(a)</sup>** 

**January 31, 2026** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation** | **Implied** <br>**Credit** <br>**Spread at** <br>**01/31/26<sup>(b)</sup>** | **Pay** <br>(Receive) <br>**Fixed Rate** | **Payment** <br>**Frequency** | **Maturity** <br>**Date** | **Counterparty** | **Notional** <br>**Amount<sup>(c)</sup>** | **Value** | **Premiums** <br>**Paid** <br>(Received) | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| &nbsp;&nbsp;&nbsp; Markit <br>CDX.NA.IG<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 0.49% | &nbsp;&nbsp;&nbsp; 1.000% | Quarterly | 12/20/2030 | Wells Fargo <br>Securities, <br>LLC | $500000000 | $(11829954) | $(10944321) | &nbsp;&nbsp; $(885633) |

---

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

obligation or underlying securities comprising the referenced index.

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

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

<sup>(d)</sup> Centrally cleared swap, clearing agent: Intercontinental Exchange.

See accompanying notes which are an integral part of these financial statements.

36<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK ULTRASHORT INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — 23.8%**<br>|  |  |
| **Basic Materials — 1.4%**<br>|  |  |
| ArcelorMittal SA, 6.55%, 11/29/2027 | $3050000 | $3175538  |
| Cabot Corp., 3.40%, 09/15/2026 | 700000 | 696064  |
| Consolidated Energy Finance SA, 6.50%, 05/15/2026<sup>(a)</sup> | 500000 | 495368  |
| CVR Partners LP / CVR Nitrogen Finance Corp., 6.13%, 06/15/2028<sup>(a)</sup> | 225000 | 225178  |
| FMC Corp., 3.20%, 10/01/2026 | 3050000 | 3022117  |
| International Flavors & Fragrances, Inc., 1.83%, 10/15/2027<sup>(a)</sup> | 3360000 | 3233945  |
| Methanex Corp., 5.13%, 10/15/2027 | 350000 | 351163  |
|  |  | 11199373  |
| **Communications — 0.1%**<br>|  |  |
|  Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/2027<sup>(a)</sup> | 246000 | 247325  |
| Nexstar Media, Inc., 5.63%, 07/15/2027<sup>(a)</sup> | 450000 | 450340  |
|  |  | 697665  |
| **Consumer, Cyclical — 3.4%**<br>|  |  |
| Beazer Homes USA, Inc., 5.88%, 10/15/2027 | 600000 | 598188  |
| BorgWarner, Inc., 2.65%, 07/01/2027 | 900000 | 883358  |
| Carnival Corp., 4.00%, 08/01/2028<sup>(a)</sup> | 3405000 | 3371471  |
| Delta Air Lines, Inc., 4.95%, 07/10/2028 | 1300000 | 1322650  |
| Ford Motor Credit Co. LLC, 2.90%, 02/16/2028 | 2900000 | 2807410  |
| General Motors Co., 5.35%, 04/15/2028 | 180000 | 184581  |
| General Motors Financial Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 04/06/2026 | 400000 | 401057  |
| &nbsp;&nbsp;&nbsp; 2.40%, 04/10/2028 | 2650000 | 2557745  |
| Huntington Bank Auto Credit-Linked Notes, 5.05%, 03/30/2028 | 2750000 | 2802820  |
| Meritage Homes Corp., 5.13%, 06/06/2027 | 1700000 | 1712756  |
| Newell Brands, Inc., 8.50%, 06/01/2028<sup>(a)</sup> | 650000 | 681951  |
| Royal Caribbean Cruises Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 07/01/2026<sup>(a)</sup> | 1770000 | 1769474  |
| &nbsp;&nbsp;&nbsp; 5.38%, 07/15/2027<sup>(a)</sup> | 490000 | 493830  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/01/2028<sup>(a)</sup> | 1230000 | 1255536  |
| Southwest Airlines Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 11/15/2026 | 2007000 | 1991652  |
| &nbsp;&nbsp;&nbsp; 4.38%, 11/15/2028 | 340000 | 341926  |
| Toll Brothers Finance Corp., 4.88%, 03/15/2027 | 930000 | 936398  |
| United Airlines, Inc., 4.38%, 04/15/2026<sup>(a)</sup> | 3360000 | 3359435  |
|  |  | 27472238  |
| **Consumer, Non-Cyclical — 2.0%**<br>|  |  |
| Ashtead Capital, Inc., 1.50%, 08/12/2026<sup>(a)</sup> | 1750000 | 1724043  |
| Conagra Brands, Inc., 1.38%, 11/01/2027 | 3360000 | 3207721  |
| Global Payments, Inc., 4.95%, 08/15/2027 | 2750000 | 2783240  |
| Greywolf CLO Ltd., 5.25%, 06/15/2026 | 125000 | 125131  |
| HCA, Inc., 5.20%, 06/01/2028 | 1700000 | 1742026  |
| Keurig Dr Pepper, Inc., 5.10%, 03/15/2027 | 3000000 | 3033197  |
| Kraft Heinz Foods Co., 3.00%, 06/01/2026 | 2500000 | 2492095  |
| Universal Health Services, Inc., 1.65%, 09/01/2026 | 700000 | 689811  |
|  |  | 15797264  |

---

See accompanying notes which are an integral part of these financial statements.

37<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK ULTRASHORT INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)** | **CORPORATE OBLIGATIONS — (Continued)** | **CORPORATE OBLIGATIONS — (Continued)** |
| **Energy — 2.3%**<br>|  |  |
| Continental Resources, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.27%, 11/15/2026<sup>(a)</sup> | $1800000 | $1773167  |
| &nbsp;&nbsp;&nbsp; 4.38%, 01/15/2028 | 1665000 | 1667677  |
| Enbridge, Inc., 4.60%, 06/20/2028 | 1220000 | 1237192  |
| EQT Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 05/15/2026<sup>(a)</sup> | 904000 | 901190  |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/01/2027 | 1250000 | 1276936  |
| &nbsp;&nbsp;&nbsp; 3.90%, 10/01/2027 | 896000 | 893039  |
| Occidental Petroleum Corp., 3.20%, 08/15/2026 | 950000 | 944994  |
| ONEOK, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 07/15/2026 | 600000 | 601503  |
| &nbsp;&nbsp;&nbsp; 4.55%, 07/15/2028 | 1100000 | 1109980  |
| Onslow Bay Mortgage Loan Trust, 3.00%, 02/15/2027 | 1115000 | 1105867  |
| Ovintiv, Inc., 5.65%, 05/15/2028 | 240000 | 247586  |
| PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 02/15/2028 | 800000 | 799444  |
| Sabine Pass Liquefaction LLC, 5.88%, 06/30/2026 | 71000 | 71078  |
| SAIF Securitization Trust, 4.20%, 03/15/2028 | 750000 | 751866  |
|  Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.00%, 01/15/2028 | 1500000 | 1501974  |
| Venture Global LNG, Inc., 8.13%, 06/01/2028<sup>(a)</sup> | 650000 | 665874  |
| Western Midstream Operating LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/01/2028 | 900000 | 904721  |
| &nbsp;&nbsp;&nbsp; 4.75%, 08/15/2028 | 2150000 | 2177709  |
|  |  | 18631797  |
| **Financial — 8.2%**<br>|  |  |
| ABN AMRO Bank NV, 4.80%, 04/18/2026<sup>(a)</sup> | 3230000 | 3232948  |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.00%, 10/29/2028 | 1760000 | 1707785  |
| Air Lease Corp., 1.88%, 08/15/2026 | 3000000 | 2965571  |
| Aircastle Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.85%, 01/26/2028<sup>(a)</sup> | 1800000 | 1752425  |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/18/2028<sup>(a)</sup> | 1270000 | 1335123  |
| Ally Financial, Inc., 7.10%, 11/15/2027 | 3230000 | 3392775  |
| Apollo Management Holdings LP, 4.40%, 05/27/2026<sup>(a)</sup> | 340000 | 340148  |
| Ares Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 01/15/2027 | 2150000 | 2208052  |
| &nbsp;&nbsp;&nbsp; 2.88%, 06/15/2027 | 60000 | 58918  |
| &nbsp;&nbsp;&nbsp; 2.88%, 06/15/2028 | 1255000 | 1204797  |
| Athene Global Funding, 5.52%, 03/25/2027<sup>(a)</sup> | 2580000 | 2619095  |
| Avolon Holdings Funding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.53%, 11/18/2027<sup>(a)</sup> | 308000 | 299192  |
| &nbsp;&nbsp;&nbsp; 2.75%, 02/21/2028<sup>(a)</sup> | 1150000 | 1116704  |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/04/2028<sup>(a)</sup> | 1632000 | 1698966  |
| Barclays PLC, 5.20%, 05/12/2026 | 3225000 | 3236021  |
| Blackstone Mortgage Trust, Inc., 3.75%, 01/15/2027<sup>(a)</sup> | 600000 | 592514  |
| Capital One NA, 3.45%, 07/27/2026 | 1100000 | 1097744 |

---

See accompanying notes which are an integral part of these financial statements.

38<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK ULTRASHORT INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  |
| **Financial — (Continued)**<br>|  |  |
| Citigroup, Inc., 4.60%, 03/09/2026 | $1000000 | $1000572  |
| Comerica, Inc., 3.80%, 07/22/2026 | 1800000 | 1792683  |
| Cooperatieve Rabobank UA, 3.75%, 07/21/2026 | 3060000 | 3055698  |
| Crown Castle, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.90%, 03/15/2027 | 225000 | 222260  |
| &nbsp;&nbsp;&nbsp; 3.80%, 02/15/2028 | 2000000 | 1987635  |
| Fifth Third Bank NA, 3.85%, 03/15/2026 | 1850000 | 1849808  |
| Freedom Mortgage Corp., 6.63%, 01/15/2027<sup>(a)</sup> | 600000 | 599829  |
| GGAM Finance Ltd., 8.00%, 02/15/2027<sup>(a)</sup> | 250000 | 254420  |
| Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/2027<sup>(a)</sup> | 600000 | 621829  |
| goeasy Ltd., 4.38%, 05/01/2026<sup>(a)</sup> | 274000 | 272642  |
| HAT Holdings I LLC / HAT Holdings II LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 06/15/2026<sup>(a)</sup> | 1450000 | 1443577  |
| &nbsp;&nbsp;&nbsp; 8.00%, 06/15/2027<sup>(a)</sup> | 2040000 | 2115705  |
| Host Hotels & Resorts LP, 4.25%, 12/15/2028 | 2550000 | 2556089  |
| Jefferies Finance LLC / JFIN Co.-Issuer Corp., 5.00%, 08/15/2028<sup>(a)</sup> | 790000 | 766514  |
| Jefferson Capital Holdings LLC, 6.00%, 08/15/2026<sup>(a)</sup> | 650000 | 649358  |
| KeyBank NA, 3.40%, 05/20/2026 | 1040000 | 1038400  |
| Lloyds Banking Group PLC, 4.65%, 03/24/2026 | 800000 | 800951  |
| LPL Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/20/2027 | 370000 | 376977  |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/15/2027<sup>(a)</sup> | 2860000 | 2848307  |
| Macquarie Airfinance Holdings Ltd., 5.20%, 03/27/2028<sup>(a)</sup> | 2700000 | 2743180  |
| Manufacturers & Traders Trust Co., 3.40%, 08/17/2027 | 250000 | 247672  |
| OneMain Finance Corp., 3.50%, 01/15/2027 | 450000 | 444632  |
| PRA Group, Inc., 8.38%, 02/01/2028<sup>(a)</sup> | 650000 | 657131  |
| Radian Group, Inc., 4.88%, 03/15/2027 | 1850000 | 1857663  |
| Starwood Property Trust, Inc., 4.38%, 01/15/2027<sup>(a)</sup> | 300000 | 298185  |
| Synchrony Bank, 5.63%, 08/23/2027 | 1950000 | 1986267  |
| United Wholesale Mortgage LLC, 5.75%, 06/15/2027<sup>(a)</sup> | 400000 | 400648  |
|  Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, 4.75%, 04/15/2028<sup>(a)</sup> | 450000 | 449265  |
| VICI Properties LP / VICI Note Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/01/2026<sup>(a)</sup> | 1573000 | 1574413  |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/01/2027<sup>(a)</sup> | 490000 | 495277  |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/15/2027<sup>(a)</sup> | 927000 | 921901  |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/15/2028<sup>(a)</sup> | 500000 | 501646  |
|  |  | 65689912  |
| **Industrial — 4.3%**<br>|  |  |
| Amcor Finance USA, Inc., 3.63%, 04/28/2026 | 2100000 | 2097559  |
| Arrow Electronics, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 01/15/2027 | 100000 | 102625  |
| &nbsp;&nbsp;&nbsp; 3.88%, 01/12/2028 | 3390000 | 3372647  |
| Avnet, Inc., 6.25%, 03/15/2028 | 3050000 | 3165809  |
| Black & Decker Holdings, Inc., 7.05%, 07/01/2028<sup>(a)</sup> | 2100000 | 2194288 |

---

See accompanying notes which are an integral part of these financial statements.

39<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK ULTRASHORT INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  |
| **Industrial — (Continued)**  | **Industrial — (Continued)**  | **Industrial — (Continued)**  |
| Boeing Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 02/01/2026 | $1750000 | $1750000  |
| &nbsp;&nbsp;&nbsp; 3.10%, 05/01/2026 | 1300000 | 1296929  |
| Flex Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/01/2026 | 1500000 | 1500000  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/2028 | 2925000 | 3022856  |
| GATX Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 09/15/2026 | 600000 | 596944  |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/15/2028 | 1100000 | 1086907  |
| Hexcel Corp., 4.20%, 02/15/2027 | 1700000 | 1698021  |
| JP Morgan Mortgage Trust, 1.70%, 04/15/2026 | 400000 | 398180  |
| MasTec, Inc., 4.50%, 08/15/2028<sup>(a)</sup> | 3240000 | 3234539  |
| Owens-Brockway Glass Container, Inc., 6.63%, 05/13/2027<sup>(a)</sup> | 300000 | 301740  |
| Palmer Square Loan Funding Ltd., 5.75%, 05/24/2026<sup>(a)</sup> | 135000 | 135528  |
| Sealed Air Corp., 1.57%, 10/15/2026<sup>(a)</sup> | 1800000 | 1770147  |
| Silgan Holdings, Inc., 1.40%, 04/01/2026<sup>(a)</sup> | 2500000 | 2486476  |
| Smyrna Ready Mix Concrete LLC, 6.00%, 11/01/2028<sup>(a)</sup> | 750000 | 752822  |
| XPO, Inc., 6.25%, 06/01/2028<sup>(a)</sup> | 3490000 | 3557008  |
|  |  | 34521025  |
| **Technology — 1.2%**<br>|  |  |
| CDW LLC / CDW Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.67%, 12/01/2026 | 1800000 | 1779379  |
| &nbsp;&nbsp;&nbsp; 4.25%, 04/01/2028 | 1350000 | 1345877  |
| Fiserv, Inc., 2.25%, 06/01/2027 | 3360000 | 3282074  |
| Oracle Corp., 2.30%, 03/25/2028 | 3405000 | 3253288  |
|  |  | 9660618  |
| **Utilities — 0.9%**<br>|  |  |
| National Fuel Gas Co., 5.50%, 10/01/2026 | 1850000 | 1867316  |
| NRG Energy, Inc., 2.45%, 12/02/2027<sup>(a)</sup> | 2290000 | 2215260  |
| Vistra Operations Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 12/30/2026<sup>(a)</sup> | 2745000 | 2771110  |
| &nbsp;&nbsp;&nbsp; 3.70%, 01/30/2027<sup>(a)</sup> | 745000 | 742780  |
|  |  | 7596466  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE OBLIGATIONS** <br>**(Cost $190,374,225)** |  | 191266358  |
| **ASSET-BACKED SECURITIES — 21.8%**<br>|  |  |
| **Automobile — 8.5%**<br>|  |  |
| ACM Auto Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-3A, Class A, 5.01%, 01/22/2030<sup>(a)</sup> | 879336 | 878507  |
| &nbsp;&nbsp;&nbsp; Series 2025-4A, Class A, 5.87%, 05/20/2030<sup>(a)</sup> | 698807 | 701603  |
|  AgoraCapital Auto Securities Trust, Series 2025-1A, Class A, 6.40%, 11/25/2032<sup>(a)</sup> | 619288 | 621400  |
| American Credit Acceptance Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class D, 6.53%, 04/12/2030<sup>(a)</sup> | 3000000 | 3062775  |
| &nbsp;&nbsp;&nbsp; Series 2026-1, Class A, 4.16%, 07/12/2029<sup>(a)</sup> | 1500000 | 1500224  |

---

See accompanying notes which are an integral part of these financial statements.

40<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK ULTRASHORT INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES — (Continued)** <br>|  |  |
| **Automobile — (Continued)** <br>|  |  |
|  AmeriCredit Automobile Receivables Trust, Series 2025-1, Class A2A, 4.22%, 03/19/2029<sup>(a)</sup> | $2000000 | $2003160  |
|  Arivo Acceptance Auto Loan Receivables Trust, Series 2022-2A, Class A, 6.90%, 01/16/2029<sup>(a)</sup> | 81898 | 82545  |
|  CarMax Auto Owner Trust, Series 2026-1, Class A2B, 4.06% (30 day avg SOFR US + 0.37%), 04/16/2029 | 2150000 | 2151050  |
| Carvana Auto Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-N1, Class C, 1.30%, 01/10/2028 | 346462 | 342386  |
| &nbsp;&nbsp;&nbsp; Series 2021-N2, Class C, 1.07%, 03/10/2028 | 153567 | 150532  |
| &nbsp;&nbsp;&nbsp; Series 2021-N3, Class C, 1.02%, 06/12/2028 | 359214 | 350213  |
| CPS Auto Trust, Series 2023-D, Class D, 7.80%, 01/15/2030<sup>(a)</sup> | 2000000 | 2090458  |
| DT Auto Owner Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class E, 5.53%, 03/15/2029<sup>(a)</sup> | 1170000 | 1169716  |
| &nbsp;&nbsp;&nbsp; Series 2022-2A, Class D, 5.46%, 03/15/2028<sup>(a)</sup> | 3539555 | 3556758  |
| &nbsp;&nbsp;&nbsp; Series 2022-3A, Class E, 10.99%, 07/16/2029<sup>(a)</sup> | 2000000 | 2094277  |
| Exeter Automobile Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class E, 5.02%, 10/15/2029<sup>(a)</sup> | 3000000 | 2985740  |
| &nbsp;&nbsp;&nbsp; Series 2022-3A, Class D, 6.76%, 09/15/2028 | 4863951 | 4917228  |
| FHF Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-2A, Class A, 6.14%, 12/15/2027<sup>(a)</sup> | 48962 | 49018  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class C, 7.42%, 05/15/2031<sup>(a)</sup> | 2000000 | 2006301  |
| Flagship Credit Auto Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class D, 1.65%, 09/15/2027<sup>(a)</sup> | 193000 | 189509  |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class D, 2.26%, 12/15/2027<sup>(a)</sup> | 288000 | 275025  |
|  GLS Auto Receivables Trust, Series 2022-2A, Class E, 5.50%, 06/15/2029<sup>(a)</sup> | 1000000 | 1005951  |
|  HAT Holdings I LLC / HAT Holdings II LLC, Series 2021-2A, Class C, 2.52%, 12/27/2027<sup>(a)</sup> | 1500000 | 1475439  |
|  Huntington Bank Auto Credit-Linked Notes, Series 2024-1, Class B1, 6.15%, 05/20/2032<sup>(a)</sup> | 208421 | 211923  |
|  Hyatt Hotels Corp., Series 2025-D, Class A2B, 4.09% (30 day avg SOFR US + 0.38%), 11/15/2028 | 3000000 | 3002957  |
| Lendbuzz Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class A2, 6.92%, 08/15/2028<sup>(a)</sup> | 211241 | 213769  |
| &nbsp;&nbsp;&nbsp; Series 2026-1A, Class A2, 4.68%, 07/15/2030<sup>(a)</sup> | 500000 | 499953  |
| Lobel Automobile Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class C, 8.31%, 10/16/2028<sup>(a)</sup> | 339529 | 340164  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class D, 8.00%, 03/15/2030<sup>(a)</sup> | 3010000 | 3039363  |
| &nbsp;&nbsp;&nbsp; Series 2023-2, Class C, 10.04%, 06/15/2029<sup>(a)</sup> | 3000000 | 3062350  |
|  Luxury Lease Partners Auto Lease Trust, Series 2024-4, Class A, 7.29%, 07/15/2030<sup>(a)</sup> | 142763 | 143630  |
|  Prestige Auto Receivables Trust, Series 2025-1A, Class B, 5.34%, 11/15/2028<sup>(a)</sup> | 3000000 | 2999446  |
| Research-Driven Pagaya Motor Asset Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-3A, Class A, 7.13%, 01/26/2032<sup>(a)</sup> | 145627 | 145892  |
| &nbsp;&nbsp;&nbsp; Series 2023-4A, Class A, 7.54%, 03/25/2032<sup>(a)</sup> | 521017 | 522113  |

---

See accompanying notes which are an integral part of these financial statements.

41<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK ULTRASHORT INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES — (Continued)** <br>|  |  |
| **Automobile — (Continued)** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-3A, Class A2, 5.15%, 02/27/2034<sup>(a)</sup> | $3500000 | $3529474  |
| &nbsp;&nbsp;&nbsp; Series 2025-5A, Class A3, 4.84%, 06/26/2034<sup>(a)</sup> | 2000000 | 2006574  |
|  Strike Acceptance Auto Funding Trust, Series 2025-1A, Class A, 5.84%, 04/15/2032<sup>(a)</sup> | 1115143 | 1120712  |
|  THL Credit Lake Shore MM CLO Ltd., Series 2023-3A, Class A2, 7.50%, 12/15/2028<sup>(a)</sup> | 171030 | 174244  |
|  Toyota Auto Receivables Owner Trust, Series 2024-D, Class A3, 4.40%, 06/15/2029 | 4000000 | 4027199  |
| United Auto Credit Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class B, 5.05%, 02/10/2028<sup>(a)</sup> | 3500000 | 3507190  |
| &nbsp;&nbsp;&nbsp; Series 2026-1, Class A, 4.41%, 06/12/2028<sup>(a)(c)</sup> | 1000000 | 1001336  |
| US Auto Funding Trust, Series 2022-1A, Class B, 5.13%, 12/15/2026<sup>(a)</sup> | 697157 | 232537  |
| Veros Automobile Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class C, 7.57%, 12/15/2028<sup>(a)</sup> | 920000 | 948263  |
| &nbsp;&nbsp;&nbsp; Series 2026-1, Class B, 4.84%, 05/15/2029<sup>(a)</sup> | 1000000 | 1001643  |
|  Westlake Automobile Receivables Trust, Series 2025-2A, Class A2B, 4.29% (30 day avg SOFR US + 0.58%), 09/15/2028<sup>(a)</sup> | 3000000 | 3001792  |
|  |  | 68392339  |
| **Consumer — 13.0%**<br>|  |  |
| ACHD Trust, Series 2025-DS1, Class A, 5.98%, 01/09/2034<sup>(a)</sup> | 360415 | 361461  |
| ACHV ABS Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1PL, Class D, 8.47%, 03/18/2030<sup>(a)</sup> | 1169082 | 1179023  |
| &nbsp;&nbsp;&nbsp; Series 2023-3PL, Class D, 8.36%, 08/19/2030<sup>(a)</sup> | 1832577 | 1844751  |
| &nbsp;&nbsp;&nbsp; Series 2024-1PL, Class C, 6.42%, 04/25/2031<sup>(a)</sup> | 374669 | 378826  |
| &nbsp;&nbsp;&nbsp; Series 2024-1PL, Class D, 7.29%, 04/25/2031<sup>(a)</sup> | 1054253 | 1069796  |
| &nbsp;&nbsp;&nbsp; Series 2024-2PL, Class B, 5.43%, 10/27/2031<sup>(a)</sup> | 361603 | 365325  |
| &nbsp;&nbsp;&nbsp; Series 2024-3AL, Class C, 5.68%, 12/26/2031<sup>(a)</sup> | 471601 | 477050  |
| AMCR ABS Trust, Series 2024-A, Class A, 6.26%, 08/18/2031<sup>(a)</sup> | 404672 | 405160  |
|  Cherry Securitization Trust, Series 2025-1A, Class A, 6.13%, 11/15/2032<sup>(a)</sup> | 1500000 | 1524072  |
| Fortress Credit BSL Ltd., Series 2021-2A, Class A, 2.19%, 01/15/2042<sup>(a)</sup> | 446590 | 424960  |
| FREED ABS TRUST<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-3FP, Class D, 7.36%, 08/20/2029<sup>(a)</sup> | 225155 | 226064  |
| &nbsp;&nbsp;&nbsp; Series 2022-4FP, Class D, 7.40%, 12/18/2029<sup>(a)</sup> | 468259 | 470028  |
| goeasy Ltd., Series 2021-GRN2, Class A, 1.15%, 06/25/2051<sup>(a)</sup> | 316312 | 311043  |
|  Lendingpoint Asset Securitization Trust, Series 2021-B, Class C, 3.21%, 02/15/2029<sup>(a)</sup> | 221854 | 220792  |
| Marlette Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class D, 8.15%, 04/15/2033<sup>(a)</sup> | 3060000 | 3110822  |
| &nbsp;&nbsp;&nbsp; Series 2023-3A, Class C, 7.06%, 09/15/2033<sup>(a)</sup> | 1149219 | 1153054  |
| &nbsp;&nbsp;&nbsp; Series 2023-3A, Class D, 8.04%, 09/15/2033<sup>(a)</sup> | 3785000 | 3898308  |
|  Mission Lane Credit Card Master Trust, Series 2025-1A, Class A, 6.24%, 06/20/2043<sup>(a)</sup> | 1526279 | 1539409  |
|  Momnt Technologies Trust, Series 2023-1A, Class A, 6.92%, 03/20/2045<sup>(a)</sup> | 214987 | 215461 |

---

See accompanying notes which are an integral part of these financial statements.

42<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK ULTRASHORT INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES — (Continued)** <br>|  |  |
| **Consumer — (Continued)** <br>|  |  |
| Oportun Financial Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class B, 5.83%, 02/09/2032<sup>(a)</sup> | $468753 | $469559  |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class B, 5.48%, 08/15/2029<sup>(a)</sup> | 3000000 | 3005929  |
| &nbsp;&nbsp;&nbsp; Series 2025-A, Class B, 5.30%, 02/08/2033<sup>(a)</sup> | 2521000 | 2520974  |
| Pagaya AI Debt Selection Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class C, 4.09%, 11/15/2027<sup>(a)</sup> | 11336 | 11273  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class C, 4.89%, 10/15/2029<sup>(a)</sup> | 1772854 | 1762241  |
| &nbsp;&nbsp;&nbsp; Series 2023-7, Class ABC, 8.80%, 07/15/2031<sup>(a)(d)</sup> | 80214 | 80304  |
| &nbsp;&nbsp;&nbsp; Series 2023-7, Class C, 8.80%, 07/15/2031<sup>(a)</sup> | 71794 | 71910  |
| &nbsp;&nbsp;&nbsp; Series 2023-8, Class B, 7.96%, 06/16/2031<sup>(a)</sup> | 3175603 | 3240402  |
| &nbsp;&nbsp;&nbsp; Series 2023-8, Class C, 9.54%, 06/16/2031<sup>(a)</sup> | 3288274 | 3360018  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class B, 7.11%, 07/15/2031<sup>(a)</sup> | 1600902 | 1602680  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class C, 8.34%, 07/15/2031<sup>(a)</sup> | 1734769 | 1737529  |
| &nbsp;&nbsp;&nbsp; Series 2024-10, Class C, 5.99%, 06/15/2032<sup>(a)</sup> | 1240133 | 1248183  |
| &nbsp;&nbsp;&nbsp; Series 2024-11, Class B, 5.64%, 07/15/2032<sup>(a)</sup> | 3059100 | 3086652  |
| &nbsp;&nbsp;&nbsp; Series 2024-11, Class C, 5.87%, 07/15/2032<sup>(a)</sup> | 689613 | 695297  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class B, 6.61%, 08/15/2031<sup>(a)</sup> | 2476305 | 2482512  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class C, 7.57%, 08/15/2031<sup>(a)</sup> | 402635 | 403938  |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class A, 6.26%, 10/15/2031<sup>(a)</sup> | 161400 | 161743  |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class B, 6.57%, 10/15/2031<sup>(a)</sup> | 2153705 | 2158733  |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class C, 7.30%, 10/15/2031<sup>(a)</sup> | 430470 | 431780  |
| &nbsp;&nbsp;&nbsp; Series 2024-5, Class B, 6.60%, 10/15/2031<sup>(a)</sup> | 920862 | 925853  |
| &nbsp;&nbsp;&nbsp; Series 2024-6, Class B, 6.59%, 11/15/2031<sup>(a)</sup> | 985357 | 990495  |
| &nbsp;&nbsp;&nbsp; Series 2024-8, Class D, 6.53%, 01/15/2032<sup>(a)</sup> | 704002 | 708664  |
| &nbsp;&nbsp;&nbsp; Series 2024-9, Class D, 6.17%, 03/15/2032<sup>(a)</sup> | 543562 | 546532  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class B, 5.63%, 07/15/2032<sup>(a)</sup> | 999915 | 1007709  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class C, 5.87%, 07/15/2032<sup>(a)</sup> | 999915 | 1006038  |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class B, 5.33%, 10/15/2032<sup>(a)</sup> | 1624829 | 1632109  |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class C, 5.64%, 10/15/2032<sup>(a)</sup> | 1999790 | 2008342  |
| &nbsp;&nbsp;&nbsp; Series 2025-3, Class A2, 5.37%, 12/15/2032<sup>(a)</sup> | 944067 | 953131  |
| &nbsp;&nbsp;&nbsp; Series 2025-3, Class B, 6.06%, 12/15/2032<sup>(a)</sup> | 999797 | 1012931  |
| &nbsp;&nbsp;&nbsp; Series 2025-4, Class A2, 5.37%, 01/17/2033<sup>(a)</sup> | 2499911 | 2519484  |
| &nbsp;&nbsp;&nbsp; Series 2025-4, Class B, 5.69%, 01/17/2033<sup>(a)</sup> | 2999893 | 3022964  |
| &nbsp;&nbsp;&nbsp; Series 2025-4, Class C, 6.15%, 01/17/2033<sup>(a)</sup> | 999964 | 1010482  |
| &nbsp;&nbsp;&nbsp; Series 2025-5, Class C, 5.64%, 03/15/2033<sup>(a)</sup> | 4499826 | 4518829  |
| &nbsp;&nbsp;&nbsp; Series 2025-6, Class A2, 4.50%, 04/15/2033<sup>(a)</sup> | 1163831 | 1165886  |
| &nbsp;&nbsp;&nbsp; Series 2025-6, Class B, 4.88%, 04/15/2033<sup>(a)</sup> | 1000000 | 997945  |
| &nbsp;&nbsp;&nbsp; Series 2025-7, Class A2, 4.53%, 05/15/2033<sup>(a)</sup> | 7000000 | 7004809  |
| &nbsp;&nbsp;&nbsp; Series 2025-7, Class B, 5.06%, 05/15/2033<sup>(a)</sup> | 2000000 | 1995816  |
| &nbsp;&nbsp;&nbsp; Series 2025-8, Class B, 5.41%, 07/15/2033<sup>(a)</sup> | 2000000 | 2003853  |
| &nbsp;&nbsp;&nbsp; Series 2025-R1, Class A2, 5.34%, 06/15/2032<sup>(a)</sup> | 1674974 | 1685703  |
| &nbsp;&nbsp;&nbsp; Series 2026-1, Class B, 5.37%, 09/15/2033<sup>(a)</sup> | 1000000 | 1000000  |
| Pagaya Technologies Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A, 5.72%, 01/20/2034<sup>(a)</sup> | 1600000 | 1613916  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class C, 6.30%, 01/20/2034<sup>(a)</sup> | 2000000 | 2015442  |

---

See accompanying notes which are an integral part of these financial statements.

43<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK ULTRASHORT INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES — (Continued)** <br>|  |  |
| **Consumer — (Continued)** <br>|  |  |
| Sotheby's Artfi Master Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A1, 6.43%, 12/22/2031<sup>(a)</sup> | $3446000 | $3453656  |
| &nbsp;&nbsp;&nbsp; Series 2026-1A, Class A2, 4.92% (3 mo. Term SOFR + 1.25%), 06/20/2033<sup>(a)(c)</sup> | 2200000 | 2200000  |
|  SpringCastle America LLC, Series 2020-AA, Class A, 1.97%, 09/25/2037<sup>(a)</sup> | 4094203 | 3874245  |
|  Sunbit Asset Securitization Trust, Series 2025-1, Class A, 5.36%, 07/15/2030<sup>(a)</sup> | 1000000 | 1003757  |
| Theorem Funding Trust, Series 2022-3A, Class B, 8.95%, 04/15/2029<sup>(a)</sup> | 1019683 | 1023731  |
|  Upgrade Master Pass-Thru Trust, Series 2025-ST8, Class B, 5.07%, 12/15/2033<sup>(a)</sup> | 1500000 | 1504374  |
|  Upstart Pass-Through Trust Series, Series 2022-ST3, Class A, 4.30%, 05/20/2030<sup>(a)</sup> | 192790 | 192428  |
| Upstart Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class C, 3.28%, 07/20/2031<sup>(a)</sup> | 10684 | 10671  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A, 5.45%, 04/20/2035<sup>(a)</sup> | 1440888 | 1454398  |
| &nbsp;&nbsp;&nbsp; Series 2025-4, Class B, 5.20%, 11/20/2035<sup>(a)</sup> | 1000000 | 1000067  |
|  Upstart Structured Pass-Through Trust, Series 2022-2A, Class A, 4.25%, 06/17/2030<sup>(a)</sup> | 80652 | 80485  |
|  |  | 104851807  |
| **Credit Card — 0.3%**<br>|  |  |
| Mill City Mortgage Trust, Series 2025-A, Class A, 5.80%, 05/15/2030<sup>(a)</sup> | 1500000 | 1514907  |
|  Mission Lane Credit Card Master Trust, Series 2025-C, Class A, 4.78%, 12/16/2030<sup>(a)</sup> | 1000000 | 1003846  |
|  |  | 2518753  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $176,015,367)** |  | 175762899  |
| &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY — 20.5%**<br>|  |  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool WN1022, 2.10%, 11/01/2026 | 2000000 | 1970274  |
| &nbsp;&nbsp;&nbsp; Pool WN2035, 2.05%, 10/01/2026 | 6415195 | 6337167  |
| &nbsp;&nbsp;&nbsp; Series K055, Class A2, 2.67%, 03/25/2026 | 4254699 | 4246832  |
| &nbsp;&nbsp;&nbsp; Series K062, Class AM, 3.51%, 12/25/2026 | 2860000 | 2848102  |
| &nbsp;&nbsp;&nbsp; Series K-F100, Class AL, 4.03% (30 day avg SOFR US + 0.24%), 11/25/2027 | 3369235 | 3356378  |
| &nbsp;&nbsp;&nbsp; Series K-F100, Class AS, 3.97% (30 day avg SOFR US + 0.18%), 01/25/2028 | 1358356 | 1355047  |
| &nbsp;&nbsp;&nbsp; Series K-F101, Class AS, 3.99% (30 day avg SOFR US + 0.20%), 01/25/2031 | 209860 | 207798  |
| &nbsp;&nbsp;&nbsp; Series K-F102, Class AS, 3.99% (30 day avg SOFR US + 0.20%), 01/25/2031 | 8113957 | 8007355  |
| &nbsp;&nbsp;&nbsp; Series K-F103, Class AS, 4.03% (30 day avg SOFR US + 0.24%), 01/25/2031 | 6545592 | 6467418  |
| &nbsp;&nbsp;&nbsp; Series K-F104, Class AS, 4.04% (30 day avg SOFR US + 0.25%), 01/25/2031 | 3214411 | 3199949  |

---

See accompanying notes which are an integral part of these financial statements.

44<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK ULTRASHORT INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY — (Continued)**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series K-F105, Class AS, 4.04% (30 day avg SOFR US + 0.25%), 02/25/2031 | $4548346 | $4517731  |
| &nbsp;&nbsp;&nbsp; Series K-F106, Class AS, 4.04% (30 day avg SOFR US + 0.25%), 01/25/2031 | 1442691 | 1426693  |
| &nbsp;&nbsp;&nbsp; Series K-F108, Class AS, 4.04% (30 day avg SOFR US + 0.25%), 02/25/2031 | 463013 | 460878  |
| &nbsp;&nbsp;&nbsp; Series K-F113, Class AS, 4.02% (30 day avg SOFR US + 0.23%), 05/25/2028 | 578309 | 575359  |
| &nbsp;&nbsp;&nbsp; Series K-F114, Class AS, 4.01% (30 day avg SOFR US + 0.22%), 05/25/2031 | 1152066 | 1136881  |
| &nbsp;&nbsp;&nbsp; Series K-F115, Class AS, 4.00% (30 day avg SOFR US + 0.21%), 06/25/2031 | 4231221 | 4174172  |
| &nbsp;&nbsp;&nbsp; Series K-F117, Class AS, 4.03% (30 day avg SOFR US + 0.24%), 06/25/2031 | 3120239 | 3084674  |
| &nbsp;&nbsp;&nbsp; Series K-F118, Class AS, 3.99% (30 day avg SOFR US + 0.20%), 07/25/2028 | 1837839 | 1825910  |
| &nbsp;&nbsp;&nbsp; Series K-F120, Class AS, 3.99% (30 day avg SOFR US + 0.20%), 08/25/2031 | 6905611 | 6859496  |
| &nbsp;&nbsp;&nbsp; Series K-F121, Class AS, 3.97% (30 day avg SOFR US + 0.18%), 08/25/2028 | 6348820 | 6302587  |
| &nbsp;&nbsp;&nbsp; Series K-F122, Class AS, 3.98% (30 day avg SOFR US + 0.19%), 09/25/2031 | 4739056 | 4716256  |
| &nbsp;&nbsp;&nbsp; Series KF123, Class AS, 3.99% (30 day avg SOFR US + 0.20%), 09/25/2028 | 1189359 | 1180933  |
| &nbsp;&nbsp;&nbsp; Series KF-127, Class AS, 4.00% (30 day avg SOFR US + 0.21%), 12/25/2028 | 8068469 | 8030474  |
| &nbsp;&nbsp;&nbsp; Series KF128, Class AS, 4.02% (30 day avg SOFR US + 0.23%), 12/25/2031 | 5360912 | 5313436  |
| &nbsp;&nbsp;&nbsp; Series KF129, Class AS, 4.04% (30 day avg SOFR US + 0.25%), 01/25/2029 | 4172197 | 4145774  |
| &nbsp;&nbsp;&nbsp; Series KF130, Class AS, 4.08% (30 day avg SOFR US + 0.29%), 01/25/2029 | 893250 | 891405  |
| &nbsp;&nbsp;&nbsp; Series KF133, Class AS, 4.16% (30 day avg SOFR US + 0.37%), 02/25/2029 | 3581195 | 3569517  |
| &nbsp;&nbsp;&nbsp; Series KF135, Class AS, 4.16% (30 day avg SOFR US + 0.37%), 05/25/2029 | 605446 | 604621  |
| &nbsp;&nbsp;&nbsp; Series KF136, Class AS, 4.20% (30 day avg SOFR US + 0.41%), 04/25/2032 | 475804 | 474118  |
| &nbsp;&nbsp;&nbsp; Series KF155, Class AS, 4.46% (30 day avg SOFR US + 0.67%), 02/25/2030 | 727976 | 729638  |
| &nbsp;&nbsp;&nbsp; Series KF160, Class AS, 4.49% (30 day avg SOFR US + 0.70%), 10/25/2030 | 1435222 | 1443865  |
| &nbsp;&nbsp;&nbsp; Series KF166, Class AS, 4.39% (30 day avg SOFR US + 0.60%), 01/25/2032 | 5000000 | 5008815  |
| &nbsp;&nbsp;&nbsp; Series KF169, Class AS, 4.35% (30 day avg SOFR US + 0.56%), 11/25/2035 | 5000000 | 5006230  |
| &nbsp;&nbsp;&nbsp; Series KF43, Class A, 4.14% (30 day avg SOFR US + 0.35%), 01/25/2028 | 1730741 | 1727243  |

---

See accompanying notes which are an integral part of these financial statements.

45<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK ULTRASHORT INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY — (Continued)** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series KF48, Class A, 4.19% (30 day avg SOFR US + 0.40%), 06/25/2028 | $638724 | $637746  |
| &nbsp;&nbsp;&nbsp; Series KF60, Class A, 4.39% (30 day avg SOFR US + 0.60%), 02/25/2026 | 97633 | 97761  |
| &nbsp;&nbsp;&nbsp; Series KF62, Class A, 4.38% (30 day avg SOFR US + 0.59%), 04/25/2026 | 201553 | 201880  |
| &nbsp;&nbsp;&nbsp; Series KF64, Class A, 4.34% (30 day avg SOFR US + 0.55%), 06/25/2026 | 258008 | 258348  |
| &nbsp;&nbsp;&nbsp; Series KF67, Class A, 4.42% (30 day avg SOFR US + 0.63%), 08/25/2029 | 649764 | 652058  |
| &nbsp;&nbsp;&nbsp; Series KF68, Class A, 4.39% (30 day avg SOFR US + 0.60%), 07/25/2026 | 1958021 | 1961285  |
| &nbsp;&nbsp;&nbsp; Series KF74, Class AS, 4.31% (SOFR 1M Historical Calendar Day Compounded + 0.53%), 01/25/2027 | 14402 | 14420  |
| &nbsp;&nbsp;&nbsp; Series KF75, Class AS, 4.33% (SOFR 1M Historical Calendar Day Compounded + 0.55%), 12/25/2029 | 333508 | 334160  |
| &nbsp;&nbsp;&nbsp; Series KF81, Class AS, 4.19% (30 day avg SOFR US + 0.40%), 06/25/2027 | 1038782 | 1038412  |
| &nbsp;&nbsp;&nbsp; Series KF82, Class AS, 4.21% (30 day avg SOFR US + 0.42%), 06/25/2030 | 526196 | 524615  |
| &nbsp;&nbsp;&nbsp; Series KF84, Class AL, 4.20% (30 day avg SOFR US + 0.41%), 07/25/2030 | 865112 | 867876  |
| &nbsp;&nbsp;&nbsp; Series KF86, Class AL, 4.19% (30 day avg SOFR US + 0.40%), 08/25/2027 | 1142642 | 1142113  |
| &nbsp;&nbsp;&nbsp; Series KF86, Class AS, 4.11% (30 day avg SOFR US + 0.32%), 08/25/2027 | 3745857 | 3739807  |
| &nbsp;&nbsp;&nbsp; Series KF88, Class AL, 4.23% (30 day avg SOFR US + 0.44%), 09/25/2030 | 1208760 | 1206683  |
| &nbsp;&nbsp;&nbsp; Series KF91, Class AL, 4.23% (30 day avg SOFR US + 0.44%), 10/25/2030 | 592383 | 592493  |
| &nbsp;&nbsp;&nbsp; Series KF92, Class AS, 4.15% (30 day avg SOFR US + 0.36%), 10/25/2030 | 67443 | 67045  |
| &nbsp;&nbsp;&nbsp; Series KF93, Class AL, 4.18% (30 day avg SOFR US + 0.39%), 10/25/2027 | 468415 | 468728  |
| &nbsp;&nbsp;&nbsp; Series KF93, Class AS, 4.10% (30 day avg SOFR US + 0.31%), 10/25/2027 | 400495 | 399559  |
| &nbsp;&nbsp;&nbsp; Series KF94, Class AL, 4.20% (30 day avg SOFR US + 0.41%), 11/25/2030 | 1780929 | 1774338  |
| &nbsp;&nbsp;&nbsp; Series KF95, Class AL, 4.16% (30 day avg SOFR US + 0.37%), 11/25/2030 | 89461 | 89211  |
| &nbsp;&nbsp;&nbsp; Series KF96, Class AS, 4.09% (30 day avg SOFR US + 0.30%), 11/25/2030 | 1666075 | 1651802  |
| &nbsp;&nbsp;&nbsp; Series KF97, Class AS, 4.04% (30 day avg SOFR US + 0.25%), 12/25/2030 | 3754423 | 3713710  |
| &nbsp;&nbsp;&nbsp; Series KF98, Class AL, 4.07% (30 day avg SOFR US + 0.28%), 12/25/2030 | 4052680 | 4014556  |
| &nbsp;&nbsp;&nbsp; Series KF99, Class AS, 3.99% (30 day avg SOFR US + 0.20%), 12/25/2030 | 8856827 | 8740696  |

---

See accompanying notes which are an integral part of these financial statements.

46<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK ULTRASHORT INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY — (Continued)** <br>|  |  |
| Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool AN1760, 2.63%, 06/01/2026 | $7993000 | $7941525  |
| &nbsp;&nbsp;&nbsp; Pool AN1959, 2.69%, 07/01/2026 | 852584 | 847535  |
| &nbsp;&nbsp;&nbsp; Pool AN2428, 2.36%, 08/01/2026 | 1555000 | 1540899  |
| &nbsp;&nbsp;&nbsp; Pool AN2855, 2.22%, 09/01/2026 | 1530000 | 1513240  |
| &nbsp;&nbsp;&nbsp; Pool AN3381, 2.52%, 10/01/2026 | 1288975 | 1274726  |
| &nbsp;&nbsp;&nbsp; Pool BL5005, 2.41%, 11/01/2026 | 3550847 | 3512509  |
| &nbsp;&nbsp;&nbsp; Series 2016-M6, Class A2, 2.49%, 05/25/2026 | 1658703 | 1651516  |
| &nbsp;&nbsp;&nbsp; Series 2017-M15, Class ATS2, 3.16%, 11/25/2027<sup>(d)</sup> | 760629 | 751703  |
| &nbsp;&nbsp;&nbsp; Series 2019-M28, Class AV, 2.23%, 02/25/2027 | 820069 | 810820  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY** <br>**(Cost $165,672,861)** |  | 165236801  |
| **COLLATERALIZED LOAN OBLIGATIONS — 14.6%**<br>|  |  |
|  AGL CLO Ltd., Series 2021-14A, Class AR, 0.00% (3 mo. Term SOFR + 1.13%), 12/02/2034<sup>(a)</sup> | 2750000 | 2755500  |
|  Apidos CLO Ltd., Series 2019-31A, Class A1R, 5.03% (3 mo. Term SOFR + 1.36%), 04/15/2031<sup>(a)</sup> | 1194070 | 1195166  |
|  Bain Capital Credit CLO Ltd., Series 2020-5A, Class ARR, 4.82% (3 mo. Term SOFR + 1.15%), 04/20/2034<sup>(a)</sup> | 10800000 | 10812172  |
|  BCRED BSL Static CLO Ltd., Series 2025-1A, Class AR, 4.92% (3 mo. Term SOFR + 1.25%), 07/24/2035<sup>(a)</sup> | 1489645 | 1494663  |
|  BCRED MML CLO LLC, Series 2022-1A, Class A1, 5.32% (3 mo. Term SOFR + 1.65%), 04/20/2035<sup>(a)</sup> | 6035000 | 6055404  |
|  Black Diamond CLO Ltd., Series 2019-2A, Class A1AR, 4.99% (3 mo. Term SOFR + 1.32%), 07/23/2032<sup>(a)</sup> | 2415518 | 2418978  |
|  Blackrock CLO Ltd., Series 2025-2A, Class A, 5.05% (3 mo. Term SOFR + 1.27%), 11/21/2033<sup>(a)</sup> | 7900000 | 7902346  |
|  BlueMountain CLO Ltd., Series 2018-22A, Class A2, 5.33% (3 mo. Term SOFR + 1.66%), 07/15/2031<sup>(a)</sup> | 3500000 | 3501526  |
|  Canyon Capital CLO Ltd., Series 2016-1A, Class AR, 5.00% (3 mo. Term SOFR + 1.33%), 07/15/2031<sup>(a)</sup> | 1203538 | 1204126  |
|  Canyon CLO Ltd., Series 2018-1A, Class A, 5.00% (3 mo. Term SOFR + 1.33%), 07/15/2031<sup>(a)</sup> | 2356686 | 2357987  |
|  CarVal CLO Ltd., Series 2022-1A, Class A1, 5.18% (3 mo. Term SOFR + 1.51%), 04/21/2034<sup>(a)</sup> | 4400000 | 4400000  |
|  Cerberus Loan Funding LP, Series 2023-1A, Class A, 6.07% (3 mo. Term SOFR + 2.40%), 03/22/2035<sup>(a)</sup> | 5000000 | 5010740  |
|  CIFC Funding Ltd., Series 2020-1A, Class A1R, 5.08% (3 mo. Term SOFR + 1.41%), 07/15/2036<sup>(a)</sup> | 10250000 | 10268368  |
| Dryden Senior Loan Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-41A, Class BR, 5.23% (3 mo. Term SOFR + 1.56%), 04/15/2031<sup>(a)</sup> | 2306534 | 2310478  |
| &nbsp;&nbsp;&nbsp; Series 2018-61A, Class A1R2, 4.75% (3 mo. Term SOFR + 1.08%), 01/17/2032<sup>(a)</sup> | 3797416 | 3798301  |

---

See accompanying notes which are an integral part of these financial statements.

47<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK ULTRASHORT INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS — (Continued)**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-64A, Class A, 4.90% (3 mo. Term SOFR + 1.23%), 04/18/2031<sup>(a)</sup> | $3001736 | $3003513  |
|  Fortress Credit BSL Ltd., Series 2020-1A, Class A1AR, 4.77% (3 mo. Term SOFR + 1.10%), 10/20/2033<sup>(a)</sup> | 3375604 | 3376482  |
|  Gallatin CLO Ltd., Series 2017-1A, Class A1R, 5.02% (3 mo. Term SOFR + 1.35%), 07/15/2031<sup>(a)</sup> | 743203 | 743740  |
|  Goldman Home Improvement Trust, Series 2022-61A, Class A1AR, 4.90% (3 mo. Term SOFR + 1.23%), 07/25/2035<sup>(a)</sup> | 2500000 | 2501188  |
|  Greywolf CLO Ltd., Series 2020-3RA, Class A1R2, 4.90% (3 mo. Term SOFR + 1.23%), 04/22/2033<sup>(a)</sup> | 3606082 | 3610835  |
| &nbsp;&nbsp;&nbsp; Highbridge Loan Management Ltd., Series 11A-17, Class BR, 5.70% <br>(3 mo. Term SOFR + 1.81%), 05/06/2030<sup>(a)</sup> | 274238 | 274240  |
|  ING Investment Management CLO Ltd., Series 2013-2A, Class A1R, 4.90% (3 mo. Term SOFR + 1.23%), 04/25/2031<sup>(a)</sup> | 36580 | 36497  |
|  JP Morgan Mortgage Trust, Series 2018-11A, Class A2, 5.63% (3 mo. Term SOFR + 1.96%), 07/14/2031<sup>(a)</sup> | 1625000 | 1628608  |
|  KKR CLO Trust, Series 18, Class A1R2, 4.72% (3 mo. Term SOFR + 1.05%), 10/18/2035<sup>(a)</sup> | 3689649 | 3696744  |
|  LJV I MM CLO LLC, Series 2022-1A, Class A1, 5.52% (3 mo. Term SOFR + 1.85%), 04/28/2034<sup>(a)</sup> | 3490192 | 3493826  |
| &nbsp;&nbsp;&nbsp; Octagon Investment Partners Ltd., Series 2013-1A, Class BR2, 5.33% <br>(3 mo. Term SOFR + 1.66%), 01/25/2031<sup>(a)</sup> | 663426 | 664315  |
|  OZLM Ltd., Series 2019-24A, Class A1AR, 5.09% (3 mo. Term SOFR + 1.42%), 07/20/2032<sup>(a)</sup> | 1221744 | 1222307  |
| &nbsp;&nbsp;&nbsp; Pagaya AI Debt Selection Trust, Series 2022-4A, Class A2R, 4.97% <br>(3 mo. Term SOFR + 1.30%), 07/24/2031<sup>(a)</sup> | 3250000 | 3252834  |
|  Sequoia Mortgage Trust, Series 2019-15A, Class AR, 5.13% (3 mo. Term SOFR + 1.46%), 01/15/2032<sup>(a)</sup> | 3126476 | 3129371  |
|  Shackleton CLO Ltd., Series 2019-15A, Class BR, 5.48% (3 mo. Term SOFR + 1.81%), 01/15/2032<sup>(a)</sup> | 3400000 | 3413280  |
|  Sound Point CLO Ltd., Series 2015-2A, Class ARRR, 5.14% (3 mo. Term SOFR + 1.47%), 07/20/2032<sup>(a)</sup> | 3533363 | 3537133  |
|  Steele Creek CLO Ltd., Series 2019-2A, Class ARR, 4.67% (3 mo. Term SOFR + 1.00%), 07/15/2032<sup>(a)</sup> | 1876252 | 1876408  |
| THL Credit Lake Shore MM CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-2A, Class A1RR, 5.07% (3 mo. Term SOFR + 1.40%), 10/17/2031<sup>(a)</sup> | 410494 | 410749  |
| &nbsp;&nbsp;&nbsp; Series 2019-2A, Class CRR, 6.27% (3 mo. Term SOFR + 2.60%), 10/17/2031<sup>(a)</sup> | 1550000 | 1557477  |
|  Trinitas CLO Ltd., Series 2020-14A, Class A1R2, 4.77% (3 mo. Term SOFR + 1.10%), 01/25/2034<sup>(a)</sup> | 4800000 | 4800624  |
|  Twin Brook CLO Ltd., Series 2024-2A, Class AR, 0.00% (3 mo. Term SOFR + 1.25%), 10/20/2035<sup>(a)(c)</sup> | 5500000 | 5500000  |
|  Venture CDO Ltd., Series 2018-32A, Class A1, 5.03% (3 mo. Term SOFR + 1.36%), 07/18/2031<sup>(a)</sup> | 719038 | 719677  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $117,916,773)** |  | 117935603  |

---

See accompanying notes which are an integral part of these financial statements.

48<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK ULTRASHORT INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 14.4%**<br>|  |  |
| Adamas Trust, Inc., Series 2025-CP1, Class A1, 3.75%, 11/25/2069<sup>(a)(d)</sup> | $940009 | $914024  |
| Bellemeade Re Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class M1B, 7.95% (30 day avg SOFR US + 4.25%), 10/25/2033<sup>(a)</sup> | 300000 | 306059  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class M1A, 5.85% (30 day avg SOFR US + 2.15%), 08/25/2034<sup>(a)</sup> | 153860 | 154135  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class M1A, 5.25% (30 day avg SOFR US + 1.55%), 10/25/2035<sup>(a)</sup> | 1001274 | 1003613  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class M1C, 6.95% (30 day avg SOFR US + 3.25%), 10/25/2035<sup>(a)</sup> | 1000000 | 1020467  |
| BRAVO Residential Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM3, Class A1, 1.70%, 04/25/2060<sup>(a)(d)</sup> | 2426629 | 2305499  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES2, Class A1A, 5.55%, 09/25/2054<sup>(a)(b)</sup> | 3821424 | 3864407  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class A1A, 4.35%, 01/25/2060<sup>(a)(b)</sup> | 855668 | 851546  |
|  Bunker Hill Loan Depositary Trust, Series 2019-3, Class A3, 3.14%, 11/25/2059<sup>(a)(b)</sup> | 166896 | 166785  |
|  Cascade Funding Mortgage Trust, Series 2024-NR1, Class A1, 6.41%, 11/25/2029<sup>(a)(b)</sup> | 893312 | 902248  |
| &nbsp;&nbsp;&nbsp; Chase Mortgage Finance Corp., Series 2019-ATR2, Class A11, 4.69% <br>(1 mo. Term SOFR + 1.01%), 07/25/2049, (6.50% Cap)<sup>(a)</sup> | 1065286 | 1034825  |
|  CIM Trust, Series 2019-INV2, Class A11, 4.76% (30 day avg SOFR US + 1.06%), 05/25/2049, (6.50% Cap)<sup>(a)</sup> | 125582 | 120054  |
| COLT Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-3R, Class A3, 1.51%, 12/25/2064<sup>(a)(d)</sup> | 373567 | 350946  |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class A1, 3.90%, 02/25/2067<sup>(a)(d)</sup> | 652726 | 643715  |
| &nbsp;&nbsp;&nbsp; Series 2025-10, Class A3, 5.44%, 10/25/2070<sup>(a)(b)</sup> | 1951024 | 1966757  |
| COOPR Residential Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES1, Class A1A, 5.65%, 05/25/2060<sup>(a)(b)</sup> | 896617 | 905773  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES2, Class A1B, 5.60%, 06/25/2060<sup>(a)(b)</sup> | 923328 | 937171  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES3, Class A1A, 4.84%, 09/25/2060<sup>(a)(b)</sup> | 1916734 | 1914324  |
| Credit Suisse Mortgage Capital Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-NQM1, Class A1, 3.66%, 10/25/2059<sup>(a)(b)</sup> | 295039 | 293140  |
| &nbsp;&nbsp;&nbsp; Series 2022-ATH1, Class A1A, 2.87%, 01/25/2067<sup>(a)(d)</sup> | 1557657 | 1536119  |
|  Cross Mortgage Trust, Series 2025-CES1, Class A1A, 5.30%, 11/25/2060<sup>(a)(b)</sup> | 1896695 | 1895221  |
|  Deephaven Residential Mortgage Trust, Series 2025-CES1, Class A1A, 5.22%, 10/25/2055<sup>(a)(b)</sup> | 1890430 | 1905002  |
|  Ellington Financial Mortgage Trust, Series 2025-NQM6, Class A3, 5.40%, 12/25/2070<sup>(a)(b)</sup> | 1476779 | 1479342  |
| FIGRE Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-FL1, Class A1, 5.27%, 07/25/2055<sup>(a)(b)</sup> | 1480542 | 1485947  |
| &nbsp;&nbsp;&nbsp; Series 2025-HE6, Class A, 5.04%, 09/25/2055<sup>(a)(d)</sup> | 955076 | 955455  |
| &nbsp;&nbsp;&nbsp; Series 2025-HE7, Class A, 5.15%, 11/25/2055<sup>(a)(d)</sup> | 1912215 | 1921698  |
|  Flagship Credit Auto Trust, Series 2018-6RR, Class 1A2, 4.49% (1 mo. Term SOFR + 0.81%), 10/25/2048<sup>(a)</sup> | 753101 | 729813  |
| Gallatin CLO Ltd., Series 2017-1, Class A21, 3.50%, 07/25/2056<sup>(a)(d)</sup> | 31152 | 28729  |
| GCAT Trust, Series 2021-NQM2, Class A2, 1.24%, 05/25/2066<sup>(a)(d)</sup> | 1039557 | 908886  |
|  GGAM Finance Ltd., Series 2014-EB1A, Class B2, 6.39%, 07/25/2044<sup>(a)(d)</sup> | 109437 | 111093  |

---

See accompanying notes which are an integral part of these financial statements.

49<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK ULTRASHORT INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**<br>|  |  |
|  GS Mortgage Securities Corp., Series 2020-PJ2, Class A1, 3.50%, 07/25/2050<sup>(a)(d)</sup> | $194919 | $178671  |
| GS Mortgage-Backed Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class A3, 1.53%, 07/25/2061<sup>(a)(d)</sup> | 999162 | 926631  |
| &nbsp;&nbsp;&nbsp; Series 2025-DSC2, Class A1, 5.04%, 01/25/2066<sup>(a)(b)</sup> | 4874896 | 4906973  |
| &nbsp;&nbsp;&nbsp; Series 2025-HE1, Class A1, 5.25% (30 day avg SOFR US + 1.55%), 10/25/2055<sup>(a)</sup> | 3489089 | 3528439  |
| &nbsp;&nbsp;&nbsp; Series 2025-HE2, Class A1, 5.25% (30 day avg SOFR US + 1.55%), 12/25/2065<sup>(a)</sup> | 1860036 | 1866092  |
|  Home RE Ltd., Series 2026-1, Class M1B, 6.38% (30 day avg SOFR US + 2.15%), 01/25/2036<sup>(a)</sup> | 1000000 | 1005257  |
|  Hyundai Auto Receivables Trust, Series 2021-NQM1, Class A3, 1.62%, 06/25/2056<sup>(a)(d)</sup> | 885307 | 791300  |
|  International Flavors & Fragrances, Inc., Series 2019-5, Class A11, 4.69% (1 mo. Term SOFR + 1.01%), 11/25/2049, (6.50% Cap)<sup>(a)</sup> | 473343 | 463279  |
|  JP Morgan Chase Commercial Mortgage Securities, Series 2019-6, Class A3, 3.50%, 12/25/2049<sup>(a)(d)</sup> | 925480 | 844495  |
| JP Morgan Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-HE1, Class A1, 5.45% (30 day avg SOFR US + 1.75%), 11/25/2053<sup>(a)</sup> | 320526 | 322079  |
| &nbsp;&nbsp;&nbsp; Series 2025-12MPR, Class A1D, 5.06%, 06/25/2056<sup>(a)(b)</sup> | 2330026 | 2338547  |
| MasTec, Inc., Series 2021-MTG2, Class A10, 2.50%, 06/25/2051<sup>(a)(d)</sup> | 2960162 | 2668488  |
| Methanex Corp., Series 2020-INV1, Class A5, 3.00%, 05/25/2050<sup>(a)(d)</sup> | 1362648 | 1201305  |
|  Metlife Securitization Trust, Series 2021-NMR1, Class A1, 1.13%, 11/25/2060<sup>(a)(d)</sup> | 492561 | 480804  |
| Morgan Stanley Residential Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-INV1, Class A3, 1.80%, 05/25/2056<sup>(a)(d)</sup> | 998888 | 901681  |
| &nbsp;&nbsp;&nbsp; Series 2025-SPL1, Class A3, 4.25%, 02/25/2065<sup>(a)(b)</sup> | 976471 | 942738  |
|  Natixis Commercial Mortgage Securities Trust, Series 2021-INV1, Class A6, 2.50%, 06/25/2051<sup>(a)(d)</sup> | 1824619 | 1662956  |
|  New Residential Mortgage Loan Trust, Series 2022-NQM4, Class A3, 5.00%, 06/25/2062<sup>(a)(b)</sup> | 863458 | 843888  |
|  NYC Commercial Mortgage Trust, Series 2020-EXP1, Class 2A1, 4.54% (1 mo. Term SOFR + 0.86%), 02/25/2060<sup>(a)</sup> | 258988 | 253389  |
| OZLM Ltd., Series 2021-NQM1, Class A3, 1.33%, 02/25/2066<sup>(a)(d)</sup> | 3131052 | 2775891  |
| PRA Group, Inc., Series 2025-NQM6, Class A1, 4.99%, 12/25/2070<sup>(a)(d)</sup> | 1388738 | 1391070  |
|  Pretium Mortgage Credit Partners LLC, Series 2025-NPL9, Class A1, 5.39%, 08/25/2055<sup>(a)(b)</sup> | 1880998 | 1889588  |
| PRPM LLC, Series 2025-RCF5, Class A1, 4.84%, 10/25/2055<sup>(a)(b)</sup> | 934613 | 934445  |
|  RCKT Mortgage Trust, Series 2025-CES7, Class A1B, 5.48%, 07/25/2055<sup>(a)(b)</sup> | 1325419 | 1342267  |
|  SAIF Securitization Trust, Series 2025-CES1, Class A1, 5.41%, 06/25/2065<sup>(a)(b)</sup> | 3592725 | 3599361  |
| Saluda Grade Mortgage Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-MF1, Class A1, 3.81%, 11/25/2029<sup>(a)(d)</sup> | 2458864 | 2370542  |
| &nbsp;&nbsp;&nbsp; Series 2025-NPL1, Class A1, 7.12%, 01/25/2030<sup>(a)(b)</sup> | 1977607 | 1979100  |
| &nbsp;&nbsp;&nbsp; Series 2025-NPL2, Class A1, 7.77%, 05/25/2030<sup>(a)(b)</sup> | 2268189 | 2275896  |
|  Santander US Capital Markets LLC, Series 2025-CES1, Class A1A, 5.04%, 09/25/2055<sup>(a)(b)</sup> | 1934325 | 1944009  |

---

See accompanying notes which are an integral part of these financial statements.

50<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK ULTRASHORT INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** <br>|  |  |
|  Sequoia Mortgage Trust, Series 2023-4, Class A10, 5.80%, 11/25/2053<sup>(a)(d)</sup> | $120466 | $120943  |
|  SGR Residential Mortgage Trust, Series 2021-2, Class A2, 1.94%, 12/25/2061<sup>(a)(d)</sup> | 3282097 | 2834147  |
|  Starwood Property Trust, Inc., Series 2020-INV1, Class A3, 1.59%, 11/25/2055<sup>(a)(d)</sup> | 724997 | 702484  |
| Towd Point Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-HY3, Class A1A, 4.79% (1 mo. Term SOFR + 1.11%), 10/25/2059<sup>(a)</sup> | 531581 | 531897  |
| &nbsp;&nbsp;&nbsp; Series 2021-SJ2, Class A2, 2.50%, 12/25/2061<sup>(a)(d)</sup> | 1500000 | 1415739  |
| &nbsp;&nbsp;&nbsp; Series 2025-CRM1, Class A1, 5.80%, 01/25/2065<sup>(a)(b)</sup> | 1566325 | 1589098  |
| &nbsp;&nbsp;&nbsp; Series 2025-CRM1, Class A2B, 5.25%, 01/25/2065<sup>(a)(b)</sup> | 4000000 | 4008984  |
| &nbsp;&nbsp;&nbsp; Series 2025-FIX1, Class A1, 4.97%, 09/25/2065<sup>(a)(b)</sup> | 3727062 | 3732288  |
| Verus Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class A2, 1.25%, 07/25/2066<sup>(a)(d)</sup> | 1229153 | 1055565  |
| &nbsp;&nbsp;&nbsp; Series 2021-8, Class A3, 2.49%, 11/25/2066<sup>(a)(d)</sup> | 1242155 | 1133914  |
| &nbsp;&nbsp;&nbsp; Series 2022-5, Class A3, 3.80%, 04/25/2067<sup>(a)(d)</sup> | 758650 | 710161  |
| &nbsp;&nbsp;&nbsp; Series 2023-3, Class A3, 6.74%, 03/25/2068<sup>(a)(b)</sup> | 499672 | 505058  |
| Visio Trust, Series 2021-1R, Class A3, 1.69%, 05/25/2056<sup>(a)</sup> | 966839 | 915547  |
| Vista Point Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES1, Class A1, 6.68%, 05/25/2054<sup>(a)(b)</sup> | 762387 | 778120  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES2, Class A1, 5.25%, 10/25/2054<sup>(a)(b)</sup> | 340398 | 342394  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES2, Class A2, 5.66%, 10/25/2054<sup>(a)(b)</sup> | 2000000 | 1999296  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES3, Class A1, 5.68%, 01/25/2055<sup>(a)(b)</sup> | 770888 | 780702  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES1, Class A1, 5.81%, 04/25/2055<sup>(a)(b)</sup> | 2445464 | 2484973  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES1, Class A2, 6.03%, 04/25/2055<sup>(a)(b)</sup> | 3069000 | 3085735  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES2, Class A1, 5.60%, 08/25/2055<sup>(a)(b)</sup> | 3718375 | 3744761  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES3, Class A1, 5.30%, 11/25/2055<sup>(a)(b)</sup> | 4331472 | 4341815  |
|  WinWater Mortgage Loan Trust, Series 2015-A, Class AX1, 0.36%, 06/20/2045<sup>(a)(d)(e)</sup> | 4712321 | 57160  |
| &nbsp;&nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $117,837,783)** |  | 116112755  |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — 2.4%**<br>|  |  |
|  ACREC Trust, Series 2021-FL1, Class AS, 5.29% (1 mo. Term SOFR + 1.61%), 10/16/2036<sup>(a)</sup> | 370000 | 370446  |
|  Arbor Realty Collateralized Loan Obligation Ltd., Series 2025-BTR1, Class A, 5.60% (1 mo. Term SOFR + 1.93%), 01/20/2041<sup>(a)</sup> | 1000000 | 1004266  |
|  BrightSpire Capital, Inc., Series 2021-FL1, Class AS, 5.39% (1 mo. Term SOFR + 1.71%), 08/19/2038<sup>(a)</sup> | 2000000 | 1996218  |
|  BXP Trust, Series 2017-CQHP, Class A, 4.58% (1 mo. Term SOFR + 0.90%), 11/15/2034<sup>(a)</sup> | 688679 | 670493  |
|  Commercial Mortgage Pass Through Certificates, Series 2025-SBX, Class B, 5.55%, 08/10/2041<sup>(a)(d)</sup> | 2000000 | 2018368  |
|  GS Mortgage-Backed Securities Trust, Series 2018-TWR, Class B, 5.18% (1 mo. Term SOFR + 1.50%), 07/15/2031<sup>(a)(f)</sup> | 775000 | 391322  |
|  Jabil, Inc., Series 2018-PTC, Class A, 5.18% (1 mo. Term SOFR + 1.50%), 04/15/2031<sup>(a)(f)</sup> | 1253000 | 545861  |

---

See accompanying notes which are an integral part of these financial statements.

51<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK ULTRASHORT INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — (Continued)** <br>|  |  |
|  KREF Ltd., Series 2021-FL2, Class A, 4.86% (1 mo. Term SOFR + 1.18%), 02/15/2039<sup>(a)</sup> | $186263 | $186671  |
|  MF1 Multifamily Housing Mortgage Loan Trust, Series 2021-FL7, Class AS, 5.24% (1 mo. Term SOFR + 1.56%), 10/16/2036<sup>(a)</sup> | 2010000 | 2012203  |
|  National Fuel Gas Co., Series 2019-MILE, Class A, 5.26% (1 mo. Term SOFR + 1.58%), 07/15/2036<sup>(a)</sup> | 848857 | 807522  |
|  NYC Commercial Mortgage Trust, Series 2025-28L, Class A, 4.67%, 11/05/2038<sup>(a)(d)</sup> | 500000 | 502732  |
|  TPG Real Estate Finance Issuer Ltd., Series 2022-FL5, Class AS, 5.83% (1 mo. Term SOFR + 2.15%), 02/15/2039<sup>(a)</sup> | 1000000 | 999907  |
| Velocity Commercial Capital Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class A, 1.52%, 08/25/2051<sup>(a)(d)</sup> | 2462380 | 2165055  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class A, 1.96%, 10/25/2051<sup>(a)(d)</sup> | 1514607 | 1285047  |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class A, 2.52%, 12/26/2051<sup>(a)(d)</sup> | 833404 | 726143  |
|  Wells Fargo Commercial Mortgage Trust, Series 2025-VTT, Class C, 6.03%, 03/15/2038<sup>(a)(d)</sup> | 4000000 | 4015684  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $21,374,947)** |  | 19697938  |
| &nbsp;&nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER — 0.7%**<br>|  |  |
|  Connecticut Avenue Securities Trust, Series 2023-R08, Class 1M1, 5.20% (30 day avg SOFR US + 1.50%), 10/25/2043<sup>(a)</sup> | 268964 | 269732  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-SC02, Class M2, 3.64%, 10/25/2046<sup>(d)</sup> | 1043683 | 1016003  |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA3, Class M1B, 6.60% (30 day avg SOFR US + 2.90%), 04/25/2042<sup>(a)</sup> | 3111000 | 3190010  |
| &nbsp;&nbsp;&nbsp; Series 2025-HQA1, Class M1, 4.85% (30 day avg SOFR US + 1.15%), 02/25/2045<sup>(a)</sup> | 763865 | 766009  |
| &nbsp;&nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER** <br>**(Cost $5,290,243)** |  | 5241754  |
| &nbsp;&nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY — 0.1%**<br>|  |  |
|  Federal Home Loan Mortgage Corp., Series 5078, Class AB, 2.00%, 09/25/2035 | 22247 | 22223  |
|  Federal National Mortgage Association, Series 2017-61, Class K, 3.50%, 08/25/2046 | 384836 | 375803  |
| &nbsp;&nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY** <br>**(Cost $409,272)** |  | 398026 |

---

See accompanying notes which are an integral part of these financial statements.

52<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK ULTRASHORT INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS — 3.7%**<br>|  |  |
| **Money Market Funds — 2.7%**<br>|  |  |
| First American Government Obligations Fund - Class U, 3.63%<sup>(g)</sup> | 21482711 | $21482711 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  |  |
| **U.S. Treasury Bills — 1.0%**<br>|  |  |
| 3.55%, 04/30/2026<sup>(h)</sup> | $8000000 | 7930880  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $29,414,168)** |  | 29413591  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 102.0%**<br>**(Cost $824,305,639)** |  | $821065725  |
| Liabilities in Excess of Other Assets — (2.0)% |  | (15934777)  |
| **TOTAL NET ASSETS — 100.0%** |  | $805130948 |

---

Percentages are stated as a percent of net assets.

LP - Limited Partnership

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Security is exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities are determined to be liquid by the Adviser, under the procedures established by the Fund's Board of Trustees, unless otherwise denoted. As of January 31, 2026, the value of these securities total $490,204,148 or 60.9% of the Fund's net assets.

<sup>(b)</sup> Step coupon bond. The rate disclosed is as of January 31, 2026.

<sup>(c)</sup> Security or a portion of the security purchased on a when-issued or delayed delivery basis.

<sup>(d)</sup> 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 January 31, 2026.

<sup>(e)</sup> Interest only security.

<sup>(f)</sup> Issuer is currently in default and not accruing income.

<sup>(g)</sup> The rate shown represents the 7-day annualized yield as of January 31, 2026.

<sup>(h)</sup> The rate shown is the annualized yield as of January 31, 2026.

See accompanying notes which are an integral part of these financial statements.

53<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Angel Oak UltraShort Income Fund** 

**SCHEDULE OF OPEN FUTURES CONTRACTS** 

**January 31, 2026** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short Futures Contracts** | **Contracts Sold** | **Expiration** <br>**Date** | **Notional Value** | **Value/Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Eris SOFR 4 Year Swap | &nbsp;&nbsp;&nbsp;&nbsp;(213) | 12/21/2026 | $(19864657) | &nbsp;&nbsp;&nbsp;&nbsp; $345103  |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp;(143) | 03/31/2026 | (29814383) | &nbsp;&nbsp;&nbsp;&nbsp; 26312  |
| **Total Unrealized Appreciation (Depreciation)** | **Total Unrealized Appreciation (Depreciation)** | **Total Unrealized Appreciation (Depreciation)** | **Total Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; $371415 |

---

See accompanying notes which are an integral part of these financial statements.

54<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK HIGH YIELD OPPORTUNITIES ETF** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — 88.0%**<br>|  |  |
| **Basic Materials — 7.8%**<br>|  |  |
| Capstone Copper Corp., 6.75%, 03/31/2033<sup>(a)</sup> | $100000 | $103680  |
| Celanese US Holdings LLC, 7.38%, 02/15/2034 | 560000 | 570213  |
| Century Aluminum Co., 6.88%, 08/01/2032<sup>(a)</sup> | 580000 | 601354  |
| Cleveland-Cliffs, Inc., 7.63%, 01/15/2034<sup>(a)</sup> | 1150000 | 1205220  |
| Consolidated Energy Finance SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 05/15/2026<sup>(a)</sup> | 500000 | 495367  |
| &nbsp;&nbsp;&nbsp; 5.63%, 10/15/2028<sup>(a)</sup> | 200000 | 165250  |
| &nbsp;&nbsp;&nbsp; 12.00%, 02/15/2031<sup>(a)</sup> | 700000 | 588805  |
| CVR Partners LP / CVR Nitrogen Finance Corp., 6.13%, 06/15/2028<sup>(a)</sup> | 560000 | 560442  |
| First Quantum Minerals Ltd., 7.25%, 02/15/2034<sup>(a)</sup> | 1600000 | 1682133  |
| Mercer International, Inc., 5.13%, 02/01/2029 | 750000 | 464087  |
| Methanex US Operations, Inc., 6.25%, 03/15/2032<sup>(a)</sup> | 1110000 | 1145327  |
| Novelis Corp., 4.75%, 01/30/2030<sup>(a)</sup> | 350000 | 339430  |
| Olin Corp., 6.63%, 04/01/2033<sup>(a)</sup> | 600000 | 588699  |
| Taseko Mines Ltd., 8.25%, 05/01/2030<sup>(a)</sup> | 1050000 | 1115827  |
|  |  | 9625834  |
| **Communications — 4.7%**<br>|  |  |
| Cars.com, Inc., 6.38%, 11/01/2028<sup>(a)</sup> | 500000 | 500573  |
| CMG Media Corp., 8.88%, 06/18/2029<sup>(a)</sup> | 250000 | 216782  |
| &nbsp;&nbsp;&nbsp; Cogent Communications Group LLC / Cogent Finance, Inc., <br>6.50%, 07/01/2032<sup>(a)</sup> | 910000 | 836757  |
| CSC Holdings LLC, 5.50%, 04/15/2027<sup>(a)</sup> | 100000 | 88341  |
| Cumulus Media New Holdings, Inc., 8.00%, 07/01/2029<sup>(a)</sup> | 509000 | 143793  |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC / Directv Financing Co.-Obligor, Inc., <br>10.00%, 02/15/2031<sup>(a)</sup> | 1230000 | 1267993  |
| Gen Digital, Inc., 6.25%, 04/01/2033<sup>(a)</sup> | 500000 | 502947  |
| Gray Media, Inc., 5.38%, 11/15/2031<sup>(a)</sup> | 1000000 | 743727  |
| Lamar Media Corp., 4.88%, 01/15/2029 | 250000 | 250159  |
| &nbsp;&nbsp;&nbsp; Outfront Media Capital LLC / Outfront Media Capital Corp., <br>4.63%, 03/15/2030<sup>(a)</sup> | 650000 | 635049  |
| Univision Communications, Inc., 4.50%, 05/01/2029<sup>(a)</sup> | 580000 | 554326  |
|  |  | 5740447  |
| **Consumer, Cyclical — 10.6%**<br>|  |  |
| Adient Global Holdings Ltd., 7.50%, 02/15/2033<sup>(a)</sup> | 500000 | 519490  |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc./AAdvantage Loyalty IP Ltd., <br>5.50%, 04/20/2026<sup>(a)</sup> | 41667 | 41718  |
| American Axle & Manufacturing, Inc., 7.75%, 10/15/2033<sup>(a)</sup> | 1100000 | 1132194  |
| Caesars Entertainment, Inc., 4.63%, 10/15/2029<sup>(a)</sup> | 1320000 | 1268299  |
| Champ Acquisition Corp., 8.38%, 12/01/2031<sup>(a)</sup> | 600000 | 641228  |
| Cinemark USA, Inc., 7.00%, 08/01/2032<sup>(a)</sup> | 1020000 | 1056109  |
| Clarios Global LP / Clarios US Finance Co., 6.75%, 09/15/2032<sup>(a)</sup> | 1080000 | 1118518  |
| FirstCash, Inc., 4.63%, 09/01/2028<sup>(a)</sup> | 500000 | 496630  |
| Goodyear Tire & Rubber Co., 6.63%, 07/15/2030 | 870000 | 891590  |
| K Hovnanian Enterprises, Inc., 8.38%, 10/01/2033<sup>(a)</sup> | 540000 | 552291  |
| Lithia Motors, Inc., 3.88%, 06/01/2029<sup>(a)</sup> | 610000 | 590422  |

---

See accompanying notes which are an integral part of these financial statements.

55<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK HIGH YIELD OPPORTUNITIES ETF** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)** <br>|  |  |
| **Consumer, Cyclical — (Continued)** <br>|  |  |
| NCL Corp. Ltd., 6.25%, 09/15/2033<sup>(a)</sup> | $560000 | $563357  |
| New Flyer Holdings, Inc., 9.25%, 07/01/2030<sup>(a)</sup> | 550000 | 592940  |
| New Red Finance, Inc., 4.38%, 01/15/2028<sup>(a)</sup> | 250000 | 248675  |
| Newell Brands, Inc., 8.50%, 06/01/2028<sup>(a)</sup> | 540000 | 566544  |
| Phinia, Inc., 6.75%, 04/15/2029<sup>(a)</sup> | 495000 | 512314  |
| Resideo Funding, Inc., 6.50%, 07/15/2032<sup>(a)</sup> | 540000 | 549186  |
| Sally Holdings LLC / Sally Capital, Inc., 6.75%, 03/01/2032 | 530000 | 549766  |
| Viking Cruises Ltd., 5.88%, 10/15/2033<sup>(a)</sup> | 1120000 | 1135973  |
|  |  | 13027244  |
| **Consumer, Non-cyclical — 13.3%**<br>|  |  |
| Acadia Healthcare Co., Inc., 7.38%, 03/15/2033<sup>(a)</sup> | 1090000 | 1078059  |
| Amneal Pharmaceuticals LLC, 6.88%, 08/01/2032<sup>(a)</sup> | 250000 | 263555  |
| B&G Foods, Inc., 8.00%, 09/15/2028<sup>(a)</sup> | 400000 | 378002  |
| Belron UK Finance PLC, 5.75%, 10/15/2029<sup>(a)</sup> | 250000 | 254893  |
| Bidfair Holdings, Inc., 5.88%, 06/01/2029<sup>(a)</sup> | 500000 | 481951  |
| Chobani Holdco LLC, 8.75% (or 9.50% PIK), 10/01/2029<sup>(a)</sup> | 327434 | 349807  |
| Concentra Health Services, Inc., 6.88%, 07/15/2032<sup>(a)</sup> | 600000 | 628953  |
| DaVita, Inc., 6.88%, 09/01/2032<sup>(a)</sup> | 850000 | 876101  |
| Dcli Bidco LLC, 7.75%, 11/15/2029<sup>(a)</sup> | 500000 | 509140  |
| EquipmentShare.com, Inc., 8.63%, 05/15/2032<sup>(a)</sup> | 800000 | 856222  |
| Fiesta Purchaser, Inc., 9.63%, 09/15/2032<sup>(a)</sup> | 820000 | 831556  |
| Hertz Corp., 12.63%, 07/15/2029<sup>(a)</sup> | 560000 | 564101  |
| Korn Ferry, 4.63%, 12/15/2027<sup>(a)</sup> | 250000 | 249410  |
| Medline Borrower LP, 5.25%, 10/01/2029<sup>(a)</sup> | 1000000 | 1002368  |
| Molina Healthcare, Inc., 6.25%, 01/15/2033<sup>(a)</sup> | 550000 | 554254  |
| NESCO Holdings, Inc., 5.50%, 04/15/2029<sup>(a)</sup> | 100000 | 98602  |
| Performance Food Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/01/2029<sup>(a)</sup> | 500000 | 489936  |
| &nbsp;&nbsp;&nbsp; 6.13%, 09/15/2032<sup>(a)</sup> | 250000 | 257077  |
| Perrigo Finance Unlimited Co., 6.13%, 09/30/2032 | 1150000 | 1132056  |
| Post Holdings, Inc., 6.38%, 03/01/2033<sup>(a)</sup> | 1120000 | 1129535  |
| Raven Acquisition Holdings LLC, 6.88%, 11/15/2031<sup>(a)</sup> | 500000 | 501703  |
| Simmons Foods, Inc., 4.63%, 03/01/2029<sup>(a)</sup> | 550000 | 530448  |
| Sotheby's, 7.38%, 10/15/2027<sup>(a)</sup> | 300000 | 299024  |
| Synergy Infrastructure Holdings LLC, 7.88%, 12/01/2030<sup>(a)</sup> | 540000 | 564644  |
| TreeHouse Foods, Inc., 4.00%, 09/01/2028 | 600000 | 598843  |
| Upbound Group, Inc., 6.38%, 02/15/2029<sup>(a)</sup> | 500000 | 495988  |
| US Foods, Inc., 7.25%, 01/15/2032<sup>(a)</sup> | 200000 | 210092  |
| VT Topco, Inc., 8.50%, 08/15/2030<sup>(a)</sup> | 1100000 | 1127962  |
|  |  | 16314282  |
| **Diversified — 0.5%**<br>|  |  |
| Stena International SA, 7.25%, 01/15/2031<sup>(a)</sup> | 625000 | 642608 |

---

See accompanying notes which are an integral part of these financial statements.

56<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK HIGH YIELD OPPORTUNITIES ETF** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)** <br>|  |  |
| **Energy — 13.6%**<br>|  |  |
|  Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 8.63%, 06/15/2029<sup>(a)</sup> | $790000 | $834681  |
|  Antero Midstream Partners LP / Antero Midstream Finance Corp., 6.63%, 02/01/2032<sup>(a)</sup> | 100000 | 103941  |
| &nbsp;&nbsp;&nbsp; Archrock Partners LP / Archrock Partners Finance Corp., <br>6.63%, 09/01/2032<sup>(a)</sup> | 860000 | 891989  |
| &nbsp;&nbsp;&nbsp; Ascent Resources Utica Holdings LLC / ARU Finance Corp., <br>6.63%, 07/15/2033<sup>(a)</sup> | 100000 | 103615  |
| Borr IHC Ltd. / Borr Finance LLC, 10.38%, 11/15/2030<sup>(a)</sup> | 180340 | 184601  |
| Bristow Group, Inc., 6.75%, 02/01/2033<sup>(a)</sup> | 150000 | 151828  |
| Calumet Specialty Products Partners LP / Calumet Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.75%, 07/15/2028<sup>(a)</sup> | 200000 | 206186  |
| &nbsp;&nbsp;&nbsp; 9.75%, 02/15/2031<sup>(a)</sup> | 100000 | 103198  |
| Comstock Resources, Inc., 5.88%, 01/15/2030<sup>(a)</sup> | 1220000 | 1191096  |
| CVR Energy, Inc., 7.88%, 02/15/2034<sup>(a)</sup> | 1310000 | 1301011  |
| &nbsp;&nbsp;&nbsp; Genesis Energy LP / Genesis Energy Finance Corp., <br>8.00%, 05/15/2033 | 1140000 | 1190310  |
| Gulfport Energy Operating Corp., 6.75%, 09/01/2029<sup>(a)</sup> | 430000 | 443991  |
| Helix Energy Solutions Group, Inc., 9.75%, 03/01/2029<sup>(a)</sup> | 350000 | 368719  |
| Hilcorp Energy I LP / Hilcorp Finance Co., 5.75%, 02/01/2029<sup>(a)</sup> | 280000 | 280220  |
| Howard Midstream Energy Partners LLC, 6.63%, 01/15/2034<sup>(a)</sup> | 250000 | 256756  |
| Kinetik Holdings LP, 5.88%, 06/15/2030<sup>(a)</sup> | 250000 | 253139  |
| Kodiak Gas Services LLC, 6.50%, 10/01/2033<sup>(a)</sup> | 580000 | 594357  |
| Moss Creek Resources Holdings, Inc., 8.25%, 09/01/2031<sup>(a)</sup> | 500000 | 486564  |
| PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 02/15/2028 | 500000 | 499652  |
| SunCoke Energy, Inc., 4.88%, 06/30/2029<sup>(a)</sup> | 1250000 | 1179890  |
|  Sunoco LP, 7.88% to 09/18/2030 then 5 yr. CMT Rate + 4.23%, Perpetual<sup>(a)</sup> | 540000 | 556546  |
|  Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 12/31/2030<sup>(a)</sup> | 1110000 | 1127094  |
| TransMontaigne Partners LLC, 8.50%, 06/15/2030<sup>(a)</sup> | 250000 | 259526  |
|  USA Compression Partners LP / USA Compression Finance Corp., 7.13%, 03/15/2029<sup>(a)</sup> | 625000 | 647490  |
| Venture Global LNG, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.00% to 09/30/2029 then 5 yr. CMT Rate + 5.44%, Perpetual<sup>(a)</sup> | 2070000 | 1822311  |
| &nbsp;&nbsp;&nbsp; 8.38%, 06/01/2031<sup>(a)</sup> | 700000 | 716425  |
| Western Midstream Operating LP, 7.25%, 04/01/2030<sup>(a)</sup> | 450000 | 479105  |
| Wildfire Intermediate Holdings LLC, 7.50%, 10/15/2029<sup>(a)</sup> | 500000 | 508143  |
|  |  | 16742384  |
| **Financial — 21.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp., <br>5.25%, 04/15/2030<sup>(a)</sup> | 500000 | 477254  |
| Asurion LLC and Asurion Co.-Issuer, Inc., 8.00%, 12/31/2032<sup>(a)</sup> | 150000 | 156818  |
| Blackstone Mortgage Trust, Inc., 7.75%, 12/01/2029<sup>(a)</sup> | 600000 | 643521  |
| Burford Capital Global Finance LLC, 7.50%, 07/15/2033<sup>(a)</sup> | 910000 | 879684  |
| Credit Acceptance Corp., 6.63%, 03/15/2030<sup>(a)</sup> | 600000 | 601714  |

---

See accompanying notes which are an integral part of these financial statements.

57<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK HIGH YIELD OPPORTUNITIES ETF** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)** <br>|  |  |
| **Financial — (Continued)** <br>|  |  |
| Encore Capital Group, Inc., 6.63%, 04/15/2031<sup>(a)</sup> | $560000 | $565289  |
| EZCORP, Inc., 7.38%, 04/01/2032<sup>(a)</sup> | 830000 | 886252  |
| Freedom Mortgage Holdings LLC, 7.88%, 04/01/2033<sup>(a)</sup> | 2160000 | 2204576  |
| GGAM Finance Ltd., 5.88%, 03/15/2030<sup>(a)</sup> | 1240000 | 1262072  |
| Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/2027<sup>(a)</sup> | 1100000 | 1140019  |
| goeasy Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/01/2026<sup>(a)</sup> | 500000 | 497521  |
| &nbsp;&nbsp;&nbsp; 6.88%, 02/15/2031<sup>(a)</sup> | 1200000 | 1128952  |
| HAT Holdings I LLC / HAT Holdings II LLC, 3.38%, 06/15/2026<sup>(a)</sup> | 161000 | 160287  |
| Jane Street Group / JSG Finance, Inc., 6.75%, 05/01/2033<sup>(a)</sup> | 1010000 | 1051015  |
| Jefferies Finance LLC / JFIN Co.-Issuer Corp., 6.63%, 10/15/2031<sup>(a)</sup> | 600000 | 595059  |
| Jefferson Capital Holdings LLC, 8.25%, 05/15/2030<sup>(a)</sup> | 900000 | 948907  |
| LD Holdings Group LLC, 6.13%, 04/01/2028<sup>(a)</sup> | 400000 | 379368  |
| Millrose Properties, Inc., 6.38%, 08/01/2030<sup>(a)</sup> | 200000 | 204273  |
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP / MPT Finance Corp., <br>3.50%, 03/15/2031 | 500000 | 370922  |
| OneMain Finance Corp., 7.13%, 11/15/2031 | 1100000 | 1140643  |
| Panther Escrow Issuer LLC, 7.13%, 06/01/2031<sup>(a)</sup> | 1090000 | 1123295  |
| PennyMac Financial Services, Inc., 5.75%, 09/15/2031<sup>(a)</sup> | 450000 | 444800  |
| PHH Corp., 9.88%, 11/01/2029<sup>(a)</sup> | 800000 | 819184  |
| Phoenix Aviation Capital Ltd., 9.25%, 07/15/2030<sup>(a)</sup> | 1800000 | 1887849  |
| PRA Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029<sup>(a)</sup> | 500000 | 458470  |
| &nbsp;&nbsp;&nbsp; 8.88%, 01/31/2030<sup>(a)</sup> | 100000 | 100803  |
| &nbsp;&nbsp;&nbsp; Provident Funding Associates LP / PFG Finance Corp., <br>9.75%, 09/15/2029<sup>(a)</sup> | 790000 | 829235  |
| RHP Hotel Properties LP / RHP Finance Corp., 6.50%, 04/01/2032<sup>(a)</sup> | 270000 | 279442  |
| Rocket Cos., Inc., 7.13%, 02/01/2032<sup>(a)</sup> | 1050000 | 1097866  |
| Starwood Property Trust, Inc., 5.75%, 01/15/2031<sup>(a)</sup> | 560000 | 567738  |
| Stonebriar ABF Issuer LLC, 8.13%, 12/15/2030<sup>(a)</sup> | 270000 | 280648  |
| Stonex Escrow Issuer LLC, 6.88%, 07/15/2032<sup>(a)</sup> | 350000 | 361371  |
|  Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, 6.50%, 02/15/2029<sup>(a)</sup> | 940000 | 915077  |
| UWM Holdings LLC, 6.25%, 03/15/2031<sup>(a)</sup> | 830000 | 825275  |
| Velocity Commercial Capital LLC, 9.38%, 02/15/2031<sup>(a)</sup> | 100000 | 101625  |
| Walker & Dunlop, Inc., 6.63%, 04/01/2033<sup>(a)</sup> | 540000 | 553858  |
|  |  | 25940682  |
| **Industrial — 12.9%**<br>|  |  |
| Advanced Drainage Systems, Inc., 6.38%, 06/15/2030<sup>(a)</sup> | 500000 | 511514  |
| AmeriTex HoldCo Intermediate LLC, 7.63%, 08/15/2033<sup>(a)</sup> | 100000 | 105226  |
| Axon Enterprise, Inc., 6.25%, 03/15/2033<sup>(a)</sup> | 500000 | 518378  |
| Beacon Mobility Corp., 7.25%, 08/01/2030<sup>(a)</sup> | 800000 | 838000  |
| &nbsp;&nbsp;&nbsp; Brundage-Bone Concrete Pumping Holdings, Inc., <br>7.50%, 02/01/2032<sup>(a)</sup> | 550000 | 553966  |
| Builders FirstSource, Inc., 6.75%, 05/15/2035<sup>(a)</sup> | 1070000 | 1125511  |
| Clydesdale Acquisition Holdings, Inc., 6.75%, 04/15/2032<sup>(a)</sup> | 600000 | 605097 |

---

See accompanying notes which are an integral part of these financial statements.

58<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK HIGH YIELD OPPORTUNITIES ETF** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)** <br>|  |  |
| **Industrial — (Continued)** <br>|  |  |
| Coherent Corp., 5.00%, 12/15/2029<sup>(a)</sup> | $500000 | $498290  |
| Enerflex, Inc., 6.88%, 01/15/2031<sup>(a)</sup> | 550000 | 568813  |
| FTAI Aviation Investors LLC, 5.88%, 04/15/2033<sup>(a)</sup> | 1200000 | 1217458  |
| Genesee & Wyoming, Inc., 6.25%, 04/15/2032<sup>(a)</sup> | 280000 | 288601  |
| Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029<sup>(a)</sup> | 1260000 | 1240393  |
| Knife River Corp., 7.75%, 05/01/2031<sup>(a)</sup> | 800000 | 835920  |
| Moog, Inc., 4.25%, 12/15/2027<sup>(a)</sup> | 250000 | 248841  |
| Mueller Water Products, Inc., 4.00%, 06/15/2029<sup>(a)</sup> | 300000 | 292216  |
| Owens-Brockway Glass Container, Inc., 7.25%, 05/15/2031<sup>(a)</sup> | 1100000 | 1120892  |
| Quikrete Holdings, Inc., 6.75%, 03/01/2033<sup>(a)</sup> | 560000 | 582077  |
| Reworld Holding Corp., 4.88%, 12/01/2029<sup>(a)</sup> | 620000 | 600718  |
| Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029<sup>(a)</sup> | 200000 | 197199  |
| Seaspan Corp., 5.50%, 08/01/2029<sup>(a)</sup> | 590000 | 561660  |
| Sensata Technologies BV, 5.88%, 09/01/2030<sup>(a)</sup> | 250000 | 253981  |
| Smyrna Ready Mix Concrete LLC, 8.88%, 11/15/2031<sup>(a)</sup> | 1110000 | 1184020  |
| Standard Building Solutions, Inc., 6.50%, 08/15/2032<sup>(a)</sup> | 600000 | 619087  |
| Stonepeak Nile Parent LLC, 7.25%, 03/15/2032<sup>(a)</sup> | 100000 | 105693  |
| Trinity Industries, Inc., 7.75%, 07/15/2028<sup>(a)</sup> | 100000 | 103284  |
| Trivium Packaging Finance BV, 12.25%, 01/15/2031<sup>(a)</sup> | 600000 | 657014  |
| Urban One, Inc., 7.63%, 04/01/2031<sup>(a)</sup> | 122000 | 54815  |
| XPO, Inc., 7.13%, 06/01/2031<sup>(a)</sup> | 270000 | 280540  |
|  |  | 15769204  |
| **Technology — 1.9%**<br>|  |  |
| Amkor Technology, Inc., 5.88%, 10/01/2033<sup>(a)</sup> | 500000 | 510177  |
| CACI International, Inc., 6.38%, 06/15/2033<sup>(a)</sup> | 400000 | 415515  |
| Unisys Corp., 10.63%, 01/15/2031<sup>(a)</sup> | 800000 | 759656  |
| Zebra Technologies Corp., 6.50%, 06/01/2032<sup>(a)</sup> | 570000 | 587508  |
|  |  | 2272856  |
| **Utilities — 1.6%**<br>|  |  |
| Hawaiian Electric Co., Inc., 6.00%, 10/01/2033<sup>(a)</sup> | 560000 | 568781  |
| NRG Energy, Inc., 6.25%, 11/01/2034<sup>(a)</sup> | 500000 | 513552  |
| Vistra Operations Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.75%, 10/15/2031<sup>(a)</sup> | 100000 | 105859  |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/15/2032<sup>(a)</sup> | 250000 | 262812  |
| VoltaGrid LLC, 7.38%, 11/01/2030<sup>(a)</sup> | 550000 | 557357  |
|  |  | 2008361  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE OBLIGATIONS** <br>**(Cost $108,142,180)** |  | 108083902  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 4.6%**<br>|  |  |
| Bellemeade Re Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class B1, 9.25% (30 day avg SOFR US + 5.55%), 08/25/2034<sup>(a)</sup> | 500000 | 520834  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class B1, 8.75% (30 day avg SOFR US + 5.05%), 10/25/2035<sup>(a)</sup> | 500000 | 507576  |

---

See accompanying notes which are an integral part of these financial statements.

59<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK HIGH YIELD OPPORTUNITIES ETF** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Citigroup Mortgage Loan Trust, Inc., Series 2024-1, Class B5, <br>6.66%, 07/25/2054<sup>(a)(b)</sup> | $1016000 | $828936  |
| &nbsp;&nbsp;&nbsp; JP Morgan Mortgage Trust, Series 2020-3, Class B4, <br>3.83%, 08/25/2050<sup>(a)(b)</sup> | 649214 | 581814  |
|  Morgan Stanley Residential Mortgage Loan Trust, Series 2024-3, Class B5, 6.79%, 07/25/2054<sup>(a)(b)</sup> | 1160000 | 959834  |
|  New Residential Mortgage Loan Trust, Series 2015-1A, Class B6, 5.17%, 05/28/2052<sup>(a)(b)</sup> | 1226795 | 1037186  |
|  Radnor RE Ltd., Series 2024-1, Class B1, 8.85% (30 day avg SOFR US + 5.15%), 09/25/2034<sup>(a)</sup> | 500000 | 522965  |
| Rate Mortgage Trust, Series 2024-J1, Class B5, 6.43%, 07/25/2054<sup>(a)(b)</sup> | 929000 | 713884  |
| &nbsp;&nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $5,752,915)** |  | 5673029 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **EXCHANGE TRADED FUNDS — 3.3%**<br>|  |  |
| iShares Broad USD High Yield Corporate Bond ETF | 107905 | 4061544  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $4,049,761)** |  | 4061544 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **ASSET-BACKED SECURITIES — 3.3%**<br>|  |  |
| **Automobile — 1.4%**<br>|  |  |
| ACM Auto Trust, Series 2025-4A, Class B, 8.42%, 08/20/2032<sup>(a)</sup> | $200000 | 201907  |
|  Exeter Automobile Receivables Trust, Series 2022-2A, Class E, 6.34%, 10/15/2029<sup>(a)</sup> | 200000 | 195463  |
|  Prestige Auto Receivables Trust, Series 2024-1A, Class E, 7.94%, 04/15/2031<sup>(a)</sup> | 500000 | 468505  |
|  Research-Driven Pagaya Motor Asset Trust, Series 2025-3A, Class E, 11.09%, 02/27/2034<sup>(a)</sup> | 500000 | 501243  |
|  Strike Acceptance Auto Funding Trust, Series 2023-1A, Class A, 8.00%, 05/15/2026<sup>(a)</sup> | 347466 | 349052  |
|  |  | 1716170  |
| **Consumer — 1.9%**<br>|  |  |
| ACHD Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-DS1, Class B, 9.38%, 01/09/2034<sup>(a)</sup> | 250000 | 254241  |
| &nbsp;&nbsp;&nbsp; Series 2025-DS1, Class C, 11.33%, 01/09/2034<sup>(a)</sup> | 250000 | 251870  |
| Affirm, Inc., Series 2024-A, Class E, 9.17%, 02/15/2029<sup>(a)</sup> | 100000 | 100313  |
| AMDR ABS Trust, Series 2025-1A, Class B, 9.69%, 12/19/2033<sup>(a)</sup> | 250000 | 254607  |
| Pagaya AI Debt Selection Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-5, Class E, 9.70%, 03/15/2033<sup>(a)</sup> | 499981 | 505847  |
| &nbsp;&nbsp;&nbsp; Series 2025-6, Class E, 8.48%, 04/15/2033<sup>(a)</sup> | 200000 | 200585  |
| &nbsp;&nbsp;&nbsp; Series 2025-8, Class E, 9.57%, 07/15/2033<sup>(a)</sup> | 250000 | 251485  |
| &nbsp;&nbsp;&nbsp; Series 2026-1, Class E, 9.23%, 09/15/2033<sup>(a)</sup> | 250000 | 250000 |

---

See accompanying notes which are an integral part of these financial statements.

60<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK HIGH YIELD OPPORTUNITIES ETF** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES — (Continued)**  | **ASSET-BACKED SECURITIES — (Continued)**  | **ASSET-BACKED SECURITIES — (Continued)**  |
| **Consumer — (Continued)**  | **Consumer — (Continued)**  | **Consumer — (Continued)**  |
| &nbsp;&nbsp;&nbsp; Purchasing Power Funding, Series 2024-A, Class E, <br>10.18%, 08/15/2028<sup>(a)</sup> | $200000 | $200781  |
| &nbsp;&nbsp;&nbsp; Upstart Securitization Trust, Series 2023-1, Class C, <br>11.10%, 02/20/2033<sup>(a)</sup> | 55992 | 57050  |
|  |  | 2326779  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $4,042,722)** |  | 4042949 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **COMMON STOCKS — 0.2%**<br>|  |  |
| **Energy — 0.2%**<br>|  |  |
| Enviva Escrow<sup>(c)(d)</sup> | 400000 | 0  |
| Enviva LLC<sup>(d)</sup> | 14555 | 218325  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $502,758)** |  | 218325  |
| **SHORT-TERM INVESTMENTS — 0.6%**<br>|  |  |
| **Money Market Funds — 0.6%**<br>|  |  |
| First American Government Obligations Fund - Class U, 3.63%<sup>(e)</sup> | 699310 | 699310  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $699,310)** |  | 699310  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 100.0%**<br>**(Cost $123,189,646)** |  | $122779059  |
| Liabilities in Excess of Other Assets — (0.0)%<sup>(f)</sup> |  | (44130)  |
| **TOTAL NET ASSETS — 100.0%** |  | $122734929 |

---

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury

LP - Limited Partnership

PIK - Payment in Kind

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Security is exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities are determined to be liquid by the Adviser, under the procedures established by the Fund's Board of Trustees, unless otherwise denoted. As of January 31, 2026, the value of these securities total $110,141,638 or 89.7% of the Fund's net assets.

<sup>(b)</sup> 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 January 31, 2026.

<sup>(c)</sup> As of January 31, 2026, the Fund has fair valued these securities under the procedures established by Angel Oak Capital Advisors, LLC as Valuation Designee pursuant to Rule 2a-5 under the Investment Company Act of 1940. The value of these securities amounted to $0 or 0.0% of net assets. Value determined using significant unobservable inputs.

<sup>(d)</sup> Non-income producing security. Income is not being accrued.

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of January 31, 2026.

<sup>(f)</sup> Represents less than 0.05% of net assets. 

See accompanying notes which are an integral part of these financial statements.

61<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK MORTGAGE-BACKED SECURITIES ETF** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 58.4%**<br>|  |  |
| **ATLX Trust**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-RPL1, Class A2, 4.41%, 04/25/2064<sup>(a)(b)</sup> | $500000 | $492077  |
| &nbsp;&nbsp;&nbsp; Series 2024-RPL1, Class M1, 4.41%, 04/25/2064<sup>(a)(b)</sup> | 1000000 | 969655  |
|  Chase Home Lending Mortgage Trust, Series 2024-8, Class A5A, 5.50%, 08/25/2055<sup>(a)(b)</sup> | 2500005 | 2521603  |
| CIM Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-R1, Class M3, 4.00%, 01/25/2061<sup>(a)(b)</sup> | 1000000 | 842229  |
| &nbsp;&nbsp;&nbsp; Series 2023-R3, Class A1B, 4.50%, 01/25/2063<sup>(a)(b)</sup> | 1000000 | 797069  |
|  Colony American Finance Ltd., Series 2020-4, Class D, 2.71%, 12/15/2052<sup>(a)</sup> | 300000 | 271535  |
| COLT Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class M1, 2.29%, 06/25/2066<sup>(a)(b)</sup> | 1179000 | 941006  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class M1, 2.30%, 09/27/2066<sup>(a)(b)</sup> | 135000 | 102589  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class B2, 4.09%, 12/27/2066<sup>(a)(b)</sup> | 1300000 | 1122229  |
| &nbsp;&nbsp;&nbsp; Series 2022-2, Class B1, 3.95%, 02/25/2067<sup>(a)(b)</sup> | 500000 | 426061  |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class A1, 3.90%, 02/25/2067<sup>(a)(b)</sup> | 5328576 | 5255015  |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class B1, 4.22%, 02/25/2067<sup>(a)(b)</sup> | 2000000 | 1789396  |
| Credit Suisse Mortgage Capital Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-AFC1, Class M1, 2.19%, 03/25/2056<sup>(a)(b)</sup> | 1000000 | 631293  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class M1, 2.28%, 02/25/2066<sup>(a)(b)</sup> | 50000 | 38872  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM5, Class A3, 1.35%, 05/25/2066<sup>(a)(b)</sup> | 1162018 | 1008742  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM8, Class A3, 2.41%, 10/25/2066<sup>(a)(b)</sup> | 1229710 | 1104096  |
| &nbsp;&nbsp;&nbsp; Series 2022-ATH2, Class B1, 4.98%, 05/25/2067<sup>(a)(b)</sup> | 1750000 | 1655651  |
| Deephaven Residential Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class M1, 2.22%, 04/25/2066<sup>(a)(b)</sup> | 100000 | 78847  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class B1, 3.27%, 08/25/2066<sup>(a)(b)</sup> | 700000 | 539725  |
| Ellington Financial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class B2, 4.14%, 02/25/2066<sup>(a)(b)</sup> | 777000 | 612614  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class M1, 2.30%, 06/25/2066<sup>(a)(b)</sup> | 139000 | 97710  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class B2, 4.29%, 09/25/2066<sup>(a)(b)</sup> | 1000000 | 758908  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class B1, 3.86%, 01/25/2067<sup>(a)(b)</sup> | 750000 | 575342  |
| &nbsp;&nbsp;&nbsp; Series 2022-4, Class B1, 5.88%, 09/25/2067<sup>(a)(b)</sup> | 1000000 | 1007680  |
| FIGRE Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-HE1, Class D, 7.19%, 03/25/2054<sup>(a)(b)</sup> | 156824 | 160387  |
| &nbsp;&nbsp;&nbsp; Series 2025-HE1, Class D, 6.59%, 01/25/2055<sup>(a)(b)</sup> | 2000000 | 2056488  |
| &nbsp;&nbsp;&nbsp; Series 2025-HE5, Class D, 6.36%, 08/25/2055<sup>(a)(b)</sup> | 2900000 | 2956701  |
| &nbsp;&nbsp;&nbsp; Series 2025-HE6, Class D, 6.04%, 09/25/2055<sup>(a)(b)</sup> | 2000000 | 1997496  |
| &nbsp;&nbsp;&nbsp; Series 2025-HE7, Class D, 6.20%, 11/25/2055<sup>(a)(b)</sup> | 2000000 | 1994706  |
| &nbsp;&nbsp;&nbsp; Series 2025-HE8, Class D, 6.30%, 11/25/2055<sup>(a)(b)</sup> | 2000000 | 2010872  |
| &nbsp;&nbsp;&nbsp; Series 2025-PF2, Class D, 6.14%, 10/25/2055<sup>(a)(b)</sup> | 853000 | 852620  |
| &nbsp;&nbsp;&nbsp; Series 2026-HE1, Class D, 6.12%, 01/25/2056<sup>(a)(b)</sup> | 2000000 | 2005704  |
| GS Mortgage-Backed Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-MM1, Class A2, 2.50%, 04/25/2052<sup>(a)(b)</sup> | 782722 | 660652  |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ9, Class A13, 2.00%, 02/26/2052<sup>(a)(b)</sup> | 1500000 | 952109  |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ9, Class A4, 2.50%, 02/26/2052<sup>(a)(b)</sup> | 1331209 | 1107040  |

---

See accompanying notes which are an integral part of these financial statements.

62<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK MORTGAGE-BACKED SECURITIES ETF** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  |
|  Hyundai Auto Receivables Trust, Series 2021-NQM1, Class A3, 1.62%, 06/25/2056<sup>(a)(b)</sup> | $177062 | $158260  |
| Invitation Homes Trust, Series 2024-SFR1, Class A, 4.00%, 09/17/2041<sup>(a)</sup> | 997499 | 983286  |
| JP Morgan Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-6, Class B3, 4.26%, 12/25/2049<sup>(a)(b)</sup> | 81835 | 77463  |
| &nbsp;&nbsp;&nbsp; Series 2020-3, Class B4, 3.83%, 08/25/2050<sup>(a)(b)</sup> | 320391 | 287129  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class A3, 2.50%, 06/25/2051<sup>(a)(b)</sup> | 1316196 | 1114726  |
| &nbsp;&nbsp;&nbsp; Series 2021-12, Class A8, 2.50%, 02/25/2052<sup>(a)(b)</sup> | 1500000 | 1255667  |
| &nbsp;&nbsp;&nbsp; Series 2021-13, Class A5, 2.50%, 04/25/2052<sup>(a)(b)</sup> | 1499999 | 1048559  |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class A3, 2.50%, 08/25/2051<sup>(a)(b)</sup> | 980765 | 833727  |
| &nbsp;&nbsp;&nbsp; Series 2021-6, Class A4, 2.50%, 10/25/2051<sup>(a)(b)</sup> | 919021 | 834129  |
| &nbsp;&nbsp;&nbsp; Series 2023-4, Class 1A2, 6.00%, 11/25/2053<sup>(a)(b)</sup> | 648048 | 654475  |
| &nbsp;&nbsp;&nbsp; Series 2023-6, Class AX1, 0.23%, 12/26/2053<sup>(a)(b)(c)</sup> | 16712101 | 17347  |
| &nbsp;&nbsp;&nbsp; Series 2024-5, Class B4, 6.91%, 11/25/2054<sup>(a)(b)</sup> | 391929 | 384132  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES2, Class M1, 6.24%, 06/25/2055<sup>(a)(d)</sup> | 1000000 | 1022312  |
|  JP Morgan Wealth Management, Series 2020-ATR1, Class A5, 3.00%, 02/25/2050<sup>(a)(b)</sup> | 1887300 | 1648703  |
|  Mello Mortgage Capital Acceptance, Series 2022-INV2, Class A15, 3.00%, 04/25/2052<sup>(a)(b)</sup> | 1974982 | 1712718  |
| MFRA Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-INV2, Class M1, 3.20%, 11/25/2056<sup>(a)(b)</sup> | 2000000 | 1678928  |
| &nbsp;&nbsp;&nbsp; Series 2021-RPL1, Class A2, 2.07%, 07/25/2060<sup>(a)(b)</sup> | 500000 | 434311  |
| &nbsp;&nbsp;&nbsp; Series 2021-RPL1, Class M2, 2.85%, 07/25/2060<sup>(a)(b)</sup> | 1000000 | 857227  |
| Mill City Mortgage Trust, Series 2017-2, Class M3, 3.25%, 07/25/2059<sup>(a)(b)</sup> | 160000 | 153008  |
| Morgan Stanley Residential Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-3, Class B4, 6.55%, 09/25/2053<sup>(a)(b)</sup> | 250000 | 226083  |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class A9, 6.00%, 07/25/2054<sup>(a)(b)</sup> | 1810024 | 1834396  |
| New Residential Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-2A, Class B6, 4.71%, 12/25/2057<sup>(a)(b)</sup> | 291811 | 245400  |
| &nbsp;&nbsp;&nbsp; Series 2015-1A, Class B6, 5.17%, 05/28/2052<sup>(a)(b)</sup> | 654290 | 553166  |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM4, Class A3, 5.00%, 06/25/2062<sup>(a)(d)</sup> | 2453660 | 2398047  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM5, Class M1, 6.09%, 08/25/2065<sup>(a)(b)</sup> | 1750000 | 1745072  |
| Onslow Bay Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-J2, Class A1, 2.50%, 07/25/2051<sup>(a)(b)</sup> | 739664 | 622058  |
| &nbsp;&nbsp;&nbsp; Series 2021-J3, Class A7, 2.50%, 10/25/2051<sup>(a)(b)</sup> | 1500000 | 1049868  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class A1, 1.07%, 02/25/2066<sup>(a)(b)</sup> | 577388 | 508285  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A3, 1.56%, 05/25/2061<sup>(a)(b)</sup> | 561547 | 476458  |
| &nbsp;&nbsp;&nbsp; Series 2022-INV1, Class A18, 3.00%, 12/25/2051<sup>(a)(b)</sup> | 155787 | 134659  |
| &nbsp;&nbsp;&nbsp; Series 2022-J2, Class A10, 3.00%, 08/25/2052<sup>(a)(b)</sup> | 2057000 | 1534631  |
| Pretium Mortgage Credit Partners LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-RPL1, Class A1, 4.00%, 07/25/2069<sup>(a)(d)</sup> | 1819682 | 1794816  |
| &nbsp;&nbsp;&nbsp; Series 2025-RPL1, Class A2, 4.00%, 07/25/2069<sup>(a)(d)</sup> | 2000000 | 1930372  |
| &nbsp;&nbsp;&nbsp; Series 2025-RPL2, Class A2, 4.00%, 08/25/2064<sup>(a)(d)</sup> | 2000000 | 1925926  |
|  Provident Funding Mortgage Trust, Series 2021-INV1, Class A14, 2.50%, 08/25/2051<sup>(a)(b)</sup> | 1550155 | 1303354  |

---

See accompanying notes which are an integral part of these financial statements.

63<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK MORTGAGE-BACKED SECURITIES ETF** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  |
| PRPM LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-RCF1, Class A2, 4.50%, 02/25/2055<sup>(a)(d)</sup> | $1500000 | $1489906  |
| &nbsp;&nbsp;&nbsp; Series 2025-RCF1, Class A3, 4.50%, 02/25/2055<sup>(a)(d)</sup> | 1250000 | 1238160  |
| Rate Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-HB1, Class A1, 2.50%, 12/25/2051<sup>(a)(b)</sup> | 1189971 | 1000515  |
| &nbsp;&nbsp;&nbsp; Series 2021-J3, Class A25, 2.50%, 10/25/2051<sup>(a)(b)</sup> | 500000 | 343249  |
| RCKT Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-5, Class A1, 2.50%, 11/25/2051<sup>(a)(b)</sup> | 3866607 | 3286918  |
| &nbsp;&nbsp;&nbsp; Series 2022-4, Class A2, 3.50%, 06/25/2052<sup>(a)(b)</sup> | 695257 | 627360  |
| Saluda Grade Mortgage Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-SEQ2, Class A3, 4.50%, 02/25/2052<sup>(a)(b)</sup> | 750000 | 739648  |
| &nbsp;&nbsp;&nbsp; Series 2023-FIG4, Class A, 6.72%, 11/25/2053<sup>(a)(b)</sup> | 631272 | 652295  |
| &nbsp;&nbsp;&nbsp; Series 2025-LOC5, Class B1, 7.42% (1 mo. Term SOFR + 3.75%), 10/25/2055<sup>(a)</sup> | 410000 | 413751  |
| &nbsp;&nbsp;&nbsp; Series 2026-HB1, Class M3, 0.00% (1 mo. Term SOFR + 2.45%), 04/25/2056<sup>(a)</sup> | 1000000 | 1000000  |
| Sequoia Mortgage Trust, Series 2026-1, Class A1, 5.00%, 02/25/2056<sup>(a)(b)</sup> | 2500000 | 2490265  |
| SGR Residential Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class A3, 1.56%, 07/25/2061<sup>(a)(b)</sup> | 2079131 | 1755874  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class M1, 2.50%, 07/25/2061<sup>(a)(b)</sup> | 744000 | 509100  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class B2, 4.04%, 12/25/2061<sup>(a)(b)</sup> | 910000 | 645747  |
| Starwood Mortgage Residential Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-2, Class A1, 3.17%, 02/25/2067<sup>(a)(b)</sup> | 1355867 | 1322294  |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class A1, 4.16%, 03/25/2067<sup>(a)(b)</sup> | 180651 | 181924  |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class A3, 4.16%, 03/25/2067<sup>(a)(b)</sup> | 903253 | 866901  |
| Towd Point Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-4, Class M1, 2.88%, 10/25/2060<sup>(a)</sup> | 565000 | 457767  |
| &nbsp;&nbsp;&nbsp; Series 2024-4, Class A2, 4.59%, 10/27/2064<sup>(a)(b)</sup> | 500000 | 477933  |
| &nbsp;&nbsp;&nbsp; Series 2024-4, Class M1, 4.59%, 10/27/2064<sup>(a)(b)</sup> | 500000 | 460218  |
| Verus Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class B1, 3.20%, 06/25/2066<sup>(a)(b)</sup> | 1750000 | 1344763  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class M1, 2.40%, 06/25/2066<sup>(a)(b)</sup> | 1000000 | 763664  |
| &nbsp;&nbsp;&nbsp; Series 2021-5, Class M1, 2.33%, 09/25/2066<sup>(a)(b)</sup> | 250000 | 192755  |
| &nbsp;&nbsp;&nbsp; Series 2021-8, Class B1, 4.24%, 11/25/2066<sup>(a)(b)</sup> | 1000000 | 877579  |
| &nbsp;&nbsp;&nbsp; Series 2022-2, Class B1, 4.27%, 02/25/2067<sup>(a)(b)</sup> | 1300000 | 1072874  |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class A3, 4.13%, 02/25/2067<sup>(a)(b)</sup> | 195843 | 188546  |
|  Wells Fargo Mortgage Backed Securities Trust, Series 2021-2, Class A3, 2.50%, 06/25/2051<sup>(a)(b)</sup> | 282715 | 250976  |
| &nbsp;&nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $97,373,797)** |  | 98484399  |

---

See accompanying notes which are an integral part of these financial statements.

64<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK MORTGAGE-BACKED SECURITIES ETF** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY — 38.8%**<br>|  |  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool QJ6122, 5.00%, 10/01/2054 | $1883831 | $1883820  |
| &nbsp;&nbsp;&nbsp; Pool QJ7063, 5.50%, 10/01/2054 | 2263894 | 2304469  |
| &nbsp;&nbsp;&nbsp; Pool QX0791, 5.50%, 12/01/2054 | 1891310 | 1926982  |
| &nbsp;&nbsp;&nbsp; Pool RA3515, 2.50%, 09/01/2050 | 3933896 | 3381129  |
| &nbsp;&nbsp;&nbsp; Pool RA4179, 2.50%, 12/01/2050 | 4420649 | 3766704  |
| &nbsp;&nbsp;&nbsp; Pool RC1914, 2.00%, 06/01/2036 | 263833 | 244498  |
| &nbsp;&nbsp;&nbsp; Pool SD0803, 3.00%, 01/01/2052 | 702199 | 626681  |
| &nbsp;&nbsp;&nbsp; Pool SD1581, 2.50%, 09/01/2052 | 2659362 | 2270726  |
| &nbsp;&nbsp;&nbsp; Pool SD4663, 6.00%, 01/01/2054 | 2668365 | 2741625  |
| &nbsp;&nbsp;&nbsp; Pool SD5470, 5.00%, 03/01/2053 | 1907216 | 1919124  |
| &nbsp;&nbsp;&nbsp; Pool SD6141, 6.00%, 08/01/2054 | 1596503 | 1637091  |
| &nbsp;&nbsp;&nbsp; Pool SD6443, 6.00%, 10/01/2053 | 1297551 | 1336445  |
| &nbsp;&nbsp;&nbsp; Pool SD8150, 2.00%, 06/01/2051 | 3643161 | 2981960  |
| &nbsp;&nbsp;&nbsp; Pool SD8160, 2.00%, 08/01/2051 | 1981727 | 1618525  |
| &nbsp;&nbsp;&nbsp; Pool SD8243, 3.50%, 09/01/2052 | 286202 | 264881  |
| &nbsp;&nbsp;&nbsp; Pool SD8272, 3.00%, 12/01/2052 | 3056642 | 2716453  |
| &nbsp;&nbsp;&nbsp; Pool SD8447, 6.00%, 07/01/2054 | 677486 | 695133  |
| &nbsp;&nbsp;&nbsp; Pool SD8506, 5.50%, 02/01/2055 | 2139431 | 2170089  |
| &nbsp;&nbsp;&nbsp; Pool SL3161, 3.50%, 08/01/2053 | 982329 | 910990  |
| Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool BF0496, 3.00%, 07/01/2060 | 867604 | 771857  |
| &nbsp;&nbsp;&nbsp; Pool BR0948, 2.00%, 04/01/2051 | 1463315 | 1191106  |
| &nbsp;&nbsp;&nbsp; Pool BU1842, 2.00%, 01/01/2052 | 2493998 | 2028500  |
| &nbsp;&nbsp;&nbsp; Pool CA7528, 2.50%, 10/01/2050 | 1072872 | 913401  |
| &nbsp;&nbsp;&nbsp; Pool CB2795, 3.00%, 02/01/2052 | 2326544 | 2070520  |
| &nbsp;&nbsp;&nbsp; Pool CB3770, 3.50%, 06/01/2052 | 1782768 | 1651713  |
| &nbsp;&nbsp;&nbsp; Pool CB5906, 5.50%, 03/01/2053 | 2561353 | 2612063  |
| &nbsp;&nbsp;&nbsp; Pool DC6402, 5.00%, 11/01/2054 | 1954207 | 1954195  |
| &nbsp;&nbsp;&nbsp; Pool FM6099, 2.00%, 02/01/2051 | 1158989 | 942667  |
| &nbsp;&nbsp;&nbsp; Pool FP0069, 2.50%, 01/01/2052 | 1735738 | 1482620  |
| &nbsp;&nbsp;&nbsp; Pool FS2531, 2.00%, 06/01/2052 | 3249911 | 2650943  |
| &nbsp;&nbsp;&nbsp; Pool FS9287, 5.50%, 09/01/2054 | 1903955 | 1934510  |
| &nbsp;&nbsp;&nbsp; Pool MA4237, 2.00%, 01/01/2051 | 5076426 | 4162243  |
| &nbsp;&nbsp;&nbsp; Pool MA4599, 3.00%, 05/01/2052 | 3743364 | 3322067  |
| &nbsp;&nbsp;&nbsp; Pool MA4839, 4.00%, 12/01/2052 | 1025242 | 979379  |
| &nbsp;&nbsp;&nbsp; Pool MA5139, 6.00%, 09/01/2053 | 1178086 | 1210246  |
| &nbsp;&nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY** <br>**(Cost $64,507,582)** |  | 65275355 |

---

See accompanying notes which are an integral part of these financial statements.

65<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK MORTGAGE-BACKED SECURITIES ETF** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS — 3.5%**<br>|  |  |
| **Money Market Funds — 3.5%**<br>|  |  |
| First American Government Obligations Fund - Class U, 3.63%<sup>(e)</sup> | 5944580 | $5944580  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $5,944,580)** |  | 5944580 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 100.7%**<br>**(Cost $167,825,959)** |  | $169704334 |
| Liabilities in Excess of Other Assets — (0.7)% |  | (1100163) |
| **TOTAL NET ASSETS — 100.0%** |  | $168604171 |

---

Percentages are stated as a percent of net assets.

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Security is exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities are determined to be liquid by the Adviser, under the procedures established by the Fund's Board of Trustees, unless otherwise denoted. As of January 31, 2026, the value of these securities total $98,484,399 or 58.4% of the Fund's net assets.

<sup>(b)</sup> 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 January 31, 2026.

<sup>(c)</sup> Interest only security.

<sup>(d)</sup> Step coupon bond. The rate disclosed is as of January 31, 2026.

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of January 31, 2026.

See accompanying notes which are an integral part of these financial statements.

66<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK MORTGAGE-BACKED SECURITIES ETF** 

**SCHEDULE OF OPEN FUTURES CONTRACTS** 

**January 31, 2026** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short Futures Contracts** | **Contracts Sold** | **Expiration** <br>**Date** | **Notional** <br>**Value** | **Value/Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp;(7) | &nbsp;&nbsp; 03/20/2026 | $(782797) | &nbsp;&nbsp;&nbsp;&nbsp; $6210  |
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp;(43) | &nbsp;&nbsp; 03/31/2026 | $(4683976) | &nbsp;&nbsp;&nbsp;&nbsp; $(5932)  |
| **Total Unrealized Appreciation (Depreciation)** | **Total Unrealized Appreciation (Depreciation)** | **Total Unrealized Appreciation (Depreciation)** | **Total Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; $278 |

---

See accompanying notes which are an integral part of these financial statements.

67<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Angel Oak UltraShort Income ETF** 

**Schedule of Investments** 

**January 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **CORPORATE OBLIGATIONS — 24.2%**<br>|  |  |
| **Basic Materials — 1.4%**<br>|  |  |
| ArcelorMittal SA, 6.55%, 11/29/2027 | $4800000 | $4997568  |
| Cabot Corp., 3.40%, 09/15/2026 | 2250000 | 2237349  |
| Consolidated Energy Finance SA, 6.50%, 05/15/2026<sup>(a)</sup> | 761000 | 753950  |
| CVR Partners LP / CVR Nitrogen Finance Corp., 6.13%, 06/15/2028<sup>(a)</sup> | 275000 | 275217  |
| FMC Corp., 3.20%, 10/01/2026 | 3400000 | 3368917  |
| International Flavors & Fragrances, Inc., 1.83%, 10/15/2027<sup>(a)</sup> | 5650000 | 5438032  |
| Methanex Corp., 5.13%, 10/15/2027 | 350000 | 351164  |
| Mosaic Global Holdings, Inc., 7.30%, 01/15/2028 | 950000 | 1001279  |
|  |  | 18423476  |
| **Communications — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC / Directv Financing Co.-Obligor, Inc., <br>5.88%, 08/15/2027<sup>(a)</sup> | 328000 | 329767  |
| Nexstar Media, Inc., 5.63%, 07/15/2027<sup>(a)</sup> | 450000 | 450340  |
|  |  | 780107  |
| **Consumer, Cyclical — 3.7%**<br>|  |  |
| AutoNation, Inc., 1.95%, 08/01/2028 | 5381000 | 5094744  |
| Carnival Corp., 4.00%, 08/01/2028<sup>(a)</sup> | 5785000 | 5728035  |
| Delta Air Lines, Inc., 4.95%, 07/10/2028 | 5210000 | 5300775  |
| Ford Motor Credit Co. LLC, 2.90%, 02/16/2028 | 4800000 | 4646747  |
| General Motors Co., 5.35%, 04/15/2028 | 1070000 | 1097229  |
| General Motors Financial Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 04/06/2026 | 600000 | 601585  |
| &nbsp;&nbsp;&nbsp; 2.40%, 04/10/2028 | 3400000 | 3281635  |
| Meritage Homes Corp., 5.13%, 06/06/2027 | 2100000 | 2115757  |
| Newell Brands, Inc., 8.50%, 06/01/2028<sup>(a)</sup> | 800000 | 839324  |
| Royal Caribbean Cruises Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 07/01/2026<sup>(a)</sup> | 2126000 | 2125369  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/01/2028<sup>(a)</sup> | 5565000 | 5680536  |
| Southwest Airlines Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 11/15/2026 | 3800000 | 3770941  |
| &nbsp;&nbsp;&nbsp; 4.38%, 11/15/2028 | 1410000 | 1417989  |
| Toll Brothers Finance Corp., 4.88%, 03/15/2027 | 2153000 | 2167811  |
| United Airlines, Inc., 4.38%, 04/15/2026<sup>(a)</sup> | 5280000 | 5279112  |
|  |  | 49147589  |
| **Consumer, Non-cyclical — 2.2%**<br>|  |  |
| Ashtead Capital, Inc., 1.50%, 08/12/2026<sup>(a)</sup> | 2608000 | 2569317  |
| Conagra Brands, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.38%, 11/01/2027 | 4090000 | 3904637  |
| &nbsp;&nbsp;&nbsp; 7.00%, 10/01/2028 | 1560000 | 1666176  |
| Global Payments, Inc., 4.95%, 08/15/2027 | 2058000 | 2082875  |
| HCA, Inc., 5.20%, 06/01/2028 | 2050000 | 2100678  |
| Keurig Dr Pepper, Inc., 5.10%, 03/15/2027 | 5815000 | 5879346  |
| Kraft Heinz Foods Co., 3.00%, 06/01/2026 | 4800000 | 4784823  |
| Universal Health Services, Inc., 1.65%, 09/01/2026 | 5565000 | 5483997  |
|  |  | 28471849  |

---

See accompanying notes which are an integral part of these financial statements.

68<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Angel Oak UltraShort Income ETF** 

**Schedule of Investments** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)** | **CORPORATE OBLIGATIONS — (Continued)** | **CORPORATE OBLIGATIONS — (Continued)** |
| **Energy — 2.3%**<br>|  |  |
| Continental Resources, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.27%, 11/15/2026<sup>(a)</sup> | $3400000 | $3349315  |
| &nbsp;&nbsp;&nbsp; 4.38%, 01/15/2028 | 2720000 | 2724373  |
| Enbridge, Inc., 4.60%, 06/20/2028 | 2080000 | 2109311  |
| EQT Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 05/15/2026<sup>(a)</sup> | 1907000 | 1901072  |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/01/2027 | 2385000 | 2436394  |
| &nbsp;&nbsp;&nbsp; 3.90%, 10/01/2027 | 1493000 | 1488066  |
| Occidental Petroleum Corp., 3.20%, 08/15/2026 | 3100000 | 3083666  |
| ONEOK, Inc., 4.55%, 07/15/2028 | 2000000 | 2018145  |
| Ovintiv, Inc., 5.65%, 05/15/2028 | 498000 | 513742  |
| PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 02/15/2028 | 800000 | 799443  |
|  Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.00%, 01/15/2028 | 5565000 | 5572322  |
| Venture Global LNG, Inc., 8.13%, 06/01/2028<sup>(a)</sup> | 800000 | 819538  |
| Western Midstream Operating LP, 4.75%, 08/15/2028 | 4050000 | 4102196  |
|  |  | 30917583  |
| **Financial — 8.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC / AerCap Global Aviation Trust, <br>3.00%, 10/29/2028 | 5785000 | 5613374  |
| Air Lease Corp., 1.88%, 08/15/2026 | 4800000 | 4744913  |
| Aircastle Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.85%, 01/26/2028<sup>(a)</sup> | 3400000 | 3310137  |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/18/2028<sup>(a)</sup> | 1480000 | 1555892  |
| Ally Financial, Inc., 2.20%, 11/02/2028 | 5210000 | 4940950  |
| Ares Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 01/15/2027 | 4000000 | 4108004  |
| &nbsp;&nbsp;&nbsp; 2.88%, 06/15/2027 | 335000 | 328959  |
| &nbsp;&nbsp;&nbsp; 2.88%, 06/15/2028 | 1785000 | 1713596  |
| Athene Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.52%, 03/25/2027<sup>(a)</sup> | 2779000 | 2821110  |
| &nbsp;&nbsp;&nbsp; 4.83%, 05/09/2028<sup>(a)</sup> | 2436000 | 2463818  |
| Avolon Holdings Funding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.53%, 11/18/2027<sup>(a)</sup> | 2005000 | 1947664  |
| &nbsp;&nbsp;&nbsp; 2.75%, 02/21/2028<sup>(a)</sup> | 1585000 | 1539109  |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/04/2028<sup>(a)</sup> | 2610000 | 2717096  |
| Barclays PLC, 5.20%, 05/12/2026 | 5105000 | 5122446  |
| Blackstone Mortgage Trust, Inc., 3.75%, 01/15/2027<sup>(a)</sup> | 800000 | 790018  |
| Comerica, Inc., 3.80%, 07/22/2026 | 3400000 | 3386179  |
| Cooperatieve Rabobank UA, 3.75%, 07/21/2026 | 4880000 | 4873139  |
| Crown Castle, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.90%, 03/15/2027 | 330000 | 325981  |
| &nbsp;&nbsp;&nbsp; 3.80%, 02/15/2028 | 3240000 | 3219968  |
| Fifth Third Bank NA, 3.85%, 03/15/2026 | 3450000 | 3449642  |
| Freedom Mortgage Corp., 6.63%, 01/15/2027<sup>(a)</sup> | 800000 | 799772  |
| GGAM Finance Ltd., 8.00%, 02/15/2027<sup>(a)</sup> | 250000 | 254420  |

---

See accompanying notes which are an integral part of these financial statements.

69<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Angel Oak UltraShort Income ETF** 

**Schedule of Investments** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)** | **CORPORATE OBLIGATIONS — (Continued)** | **CORPORATE OBLIGATIONS — (Continued)** |
| **Financial — (Continued)** | **Financial — (Continued)** | **Financial — (Continued)** |
| Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/2027<sup>(a)</sup> | $850000 | $880924  |
| Global Payments, Inc., 4.80%, 04/01/2026 | 2750000 | 2752878  |
| goeasy Ltd., 4.38%, 05/01/2026<sup>(a)</sup> | 260000 | 258711  |
| HAT Holdings I LLC / HAT Holdings II LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 06/15/2026<sup>(a)</sup> | 2885000 | 2872221  |
| &nbsp;&nbsp;&nbsp; 8.00%, 06/15/2027<sup>(a)</sup> | 3260000 | 3380980  |
| Host Hotels & Resorts LP, 4.25%, 12/15/2028 | 5731000 | 5744685  |
| Jefferies Finance LLC / JFIN Co.-Issuer Corp., 5.00%, 08/15/2028<sup>(a)</sup> | 610000 | 591865  |
| Jefferson Capital Holdings LLC, 6.00%, 08/15/2026<sup>(a)</sup> | 800000 | 799210  |
| KeyBank NA, 3.40%, 05/20/2026 | 1915000 | 1912055  |
| Lloyds Banking Group PLC, 4.65%, 03/24/2026 | 700000 | 700832  |
| LPL Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/20/2027 | 2410000 | 2455445  |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/15/2027<sup>(a)</sup> | 2800000 | 2788553  |
| Macquarie Airfinance Holdings Ltd., 5.20%, 03/27/2028<sup>(a)</sup> | 5210000 | 5293321  |
| Manufacturers & Traders Trust Co., 3.40%, 08/17/2027 | 500000 | 495344  |
| OneMain Finance Corp., 3.50%, 01/15/2027 | 400000 | 395229  |
| PRA Group, Inc., 8.38%, 02/01/2028<sup>(a)</sup> | 800000 | 808777  |
| Radian Group, Inc., 4.88%, 03/15/2027 | 3350000 | 3363877  |
| Starwood Property Trust, Inc., 4.38%, 01/15/2027<sup>(a)</sup> | 300000 | 298185  |
| Synchrony Bank, 5.63%, 08/23/2027 | 3425000 | 3488699  |
| United Wholesale Mortgage LLC, 5.75%, 06/15/2027<sup>(a)</sup> | 400000 | 400648  |
|  Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, 4.75%, 04/15/2028<sup>(a)</sup> | 200000 | 199673  |
| VICI Properties LP / VICI Note Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/01/2027<sup>(a)</sup> | 580000 | 586246  |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/15/2027<sup>(a)</sup> | 5565000 | 5534387  |
|  |  | 106028932  |
| **Industrial — 4.1%**<br>|  |  |
| Amcor Finance USA, Inc., 3.63%, 04/28/2026 | 3950000 | 3945409  |
| Arrow Electronics, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 01/15/2027 | 1100000 | 1128879  |
| &nbsp;&nbsp;&nbsp; 3.88%, 01/12/2028 | 5045000 | 5019176  |
| Avnet, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/15/2026 | 274000 | 274037  |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/15/2028 | 5511000 | 5720253  |
| Black & Decker Holdings, Inc., 7.05%, 07/01/2028<sup>(a)</sup> | 3950000 | 4127351  |
| Boeing Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 02/01/2026 | 2580000 | 2580000  |
| &nbsp;&nbsp;&nbsp; 3.10%, 05/01/2026 | 832000 | 830035  |
| Flex Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/01/2026 | 1050000 | 1050000  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/2028 | 5147000 | 5319193  |
| GATX Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 09/15/2026 | 1298000 | 1291390  |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/15/2028 | 670000 | 662025  |

---

See accompanying notes which are an integral part of these financial statements.

70<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Angel Oak UltraShort Income ETF** 

**Schedule of Investments** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)** | **CORPORATE OBLIGATIONS — (Continued)** | **CORPORATE OBLIGATIONS — (Continued)** |
| **Industrial — (Continued)** | **Industrial — (Continued)** | **Industrial — (Continued)** |
| Hexcel Corp., 4.20%, 02/15/2027 | $990000 | $988847  |
| MasTec, Inc., 4.50%, 08/15/2028<sup>(a)</sup> | 5210000 | 5201218  |
| Owens-Brockway Glass Container, Inc., 6.63%, 05/13/2027<sup>(a)</sup> | 300000 | 301739  |
| Sealed Air Corp., 1.57%, 10/15/2026<sup>(a)</sup> | 3400000 | 3343611  |
| Silgan Holdings, Inc., 1.40%, 04/01/2026<sup>(a)</sup> | 4995000 | 4967979  |
| Smyrna Ready Mix Concrete LLC, 6.00%, 11/01/2028<sup>(a)</sup> | 850000 | 853199  |
| XPO, Inc., 6.25%, 06/01/2028<sup>(a)</sup> | 5970000 | 6084624  |
|  |  | 53688965  |
| **Technology — 1.2%**<br>|  |  |
| CDW LLC / CDW Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.67%, 12/01/2026 | 2250000 | 2224224  |
| &nbsp;&nbsp;&nbsp; 4.25%, 04/01/2028 | 2650000 | 2641907  |
| Fiserv, Inc., 2.25%, 06/01/2027 | 5650000 | 5518964  |
| Oracle Corp., 2.30%, 03/25/2028 | 5785000 | 5527246  |
|  |  | 15912341  |
| **Utilities — 1.1%**<br>|  |  |
| National Fuel Gas Co., 5.50%, 10/01/2026 | 3350000 | 3381357  |
| NRG Energy, Inc., 2.45%, 12/02/2027<sup>(a)</sup> | 5860000 | 5668743  |
| Vistra Operations Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 12/30/2026<sup>(a)</sup> | 1450000 | 1463792  |
| &nbsp;&nbsp;&nbsp; 3.70%, 01/30/2027<sup>(a)</sup> | 2530000 | 2522461  |
| &nbsp;&nbsp;&nbsp; 4.30%, 10/15/2028<sup>(a)</sup> | 2165000 | 2166221  |
|  |  | 15202574  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE OBLIGATIONS** <br>**(Cost $317,167,348)** |  | 318573416  |
| &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY — 22.8%**<br>|  |  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series K-F100, Class AL, 4.03% (30 day avg SOFR US + 0.24%), 11/25/2027 | 3629839 | 3615987  |
| &nbsp;&nbsp;&nbsp; Series K-F100, Class AS, 3.97% (30 day avg SOFR US + 0.18%), 01/25/2028 | 3275450 | 3267471  |
| &nbsp;&nbsp;&nbsp; Series K-F101, Class AS, 3.99% (30 day avg SOFR US + 0.20%), 01/25/2031 | 69953 | 69266  |
| &nbsp;&nbsp;&nbsp; Series K-F102, Class AS, 3.99% (30 day avg SOFR US + 0.20%), 01/25/2031 | 25536310 | 25200814  |
| &nbsp;&nbsp;&nbsp; Series K-F103, Class AS, 4.03% (30 day avg SOFR US + 0.24%), 01/25/2031 | 11033997 | 10902218  |
| &nbsp;&nbsp;&nbsp; Series K-F104, Class AS, 4.04% (30 day avg SOFR US + 0.25%), 01/25/2031 | 2368513 | 2357857  |
| &nbsp;&nbsp;&nbsp; Series K-F105, Class AS, 4.04% (30 day avg SOFR US + 0.25%), 02/25/2031 | 10945712 | 10872036  |
| &nbsp;&nbsp;&nbsp; Series K-F106, Class AS, 4.04% (30 day avg SOFR US + 0.25%), 01/25/2031 | 4905149 | 4850756  |

---

See accompanying notes which are an integral part of these financial statements.

71<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Angel Oak UltraShort Income ETF** 

**Schedule of Investments** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY — (Continued)** | &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY — (Continued)** | &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY — (Continued)** |
| &nbsp;&nbsp;&nbsp; Series K-F108, Class AS, 4.04% (30 day avg SOFR US + 0.25%), 02/25/2031 | $5093148 | $5069654  |
| &nbsp;&nbsp;&nbsp; Series K-F109, Class AS, 4.03% (30 day avg SOFR US + 0.24%), 03/25/2031 | 271707 | 269957  |
| &nbsp;&nbsp;&nbsp; Series K-F111, Class AS, 4.03% (30 day avg SOFR US + 0.24%), 03/25/2031 | 6407357 | 6367157  |
| &nbsp;&nbsp;&nbsp; Series K-F112, Class AS, 4.02% (30 day avg SOFR US + 0.23%), 04/25/2031 | 4965191 | 4902287  |
| &nbsp;&nbsp;&nbsp; Series K-F113, Class AS, 4.02% (30 day avg SOFR US + 0.23%), 05/25/2028 | 5001508 | 4975995  |
| &nbsp;&nbsp;&nbsp; Series K-F114, Class AS, 4.01% (30 day avg SOFR US + 0.22%), 05/25/2031 | 7439941 | 7341875  |
| &nbsp;&nbsp;&nbsp; Series K-F115, Class AS, 4.00% (30 day avg SOFR US + 0.21%), 06/25/2031 | 5094736 | 5026044  |
| &nbsp;&nbsp;&nbsp; Series K-F117, Class AS, 4.03% (30 day avg SOFR US + 0.24%), 06/25/2031 | 2696503 | 2665768  |
| &nbsp;&nbsp;&nbsp; Series K-F118, Class AS, 3.99% (30 day avg SOFR US + 0.20%), 07/25/2028 | 3408089 | 3385967  |
| &nbsp;&nbsp;&nbsp; Series K-F119, Class AS, 4.00% (30 day avg SOFR US + 0.21%), 07/25/2031 | 9306819 | 9244650  |
| &nbsp;&nbsp;&nbsp; Series K-F120, Class AS, 3.99% (30 day avg SOFR US + 0.20%), 08/25/2031 | 24714820 | 24549774  |
| &nbsp;&nbsp;&nbsp; Series K-F121, Class AS, 3.97% (30 day avg SOFR US + 0.18%), 08/25/2028 | 6819741 | 6770079  |
| &nbsp;&nbsp;&nbsp; Series K-F122, Class AS, 3.98% (30 day avg SOFR US + 0.19%), 09/25/2031 | 5732678 | 5705098  |
| &nbsp;&nbsp;&nbsp; Series KF123, Class AS, 3.99% (30 day avg SOFR US + 0.20%), 09/25/2028 | 3263941 | 3240817  |
| &nbsp;&nbsp;&nbsp; Series KF124, Class AS, 4.01% (30 day avg SOFR US + 0.22%), 10/25/2031 | 4649862 | 4618364  |
| &nbsp;&nbsp;&nbsp; Series KF125, Class AS, 4.01% (30 day avg SOFR US + 0.22%), 10/25/2028 | 6548531 | 6505114  |
| &nbsp;&nbsp;&nbsp; Series KF126, Class AS, 4.03% (30 day avg SOFR US + 0.24%), 11/25/2031 | 5566278 | 5538040  |
| &nbsp;&nbsp;&nbsp; Series KF-127, Class AS, 4.00% (30 day avg SOFR US + 0.21%), 12/25/2028 | 23960907 | 23848075  |
| &nbsp;&nbsp;&nbsp; Series KF128, Class AS, 4.02% (30 day avg SOFR US + 0.23%), 12/25/2031 | 8615751 | 8539450  |
| &nbsp;&nbsp;&nbsp; Series KF129, Class AS, 4.04% (30 day avg SOFR US + 0.25%), 01/25/2029 | 8234821 | 8182670  |
| &nbsp;&nbsp;&nbsp; Series KF130, Class AS, 4.08% (30 day avg SOFR US + 0.29%), 01/25/2029 | 1683433 | 1679955  |
| &nbsp;&nbsp;&nbsp; Series KF132, Class AS, 4.18% (30 day avg SOFR US + 0.39%), 02/25/2032 | 4710802 | 4710058  |
| &nbsp;&nbsp;&nbsp; Series KF133, Class AS, 4.16% (30 day avg SOFR US + 0.37%), 02/25/2029 | 926898 | 923875  |

---

See accompanying notes which are an integral part of these financial statements.

72<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Angel Oak UltraShort Income ETF** 

**Schedule of Investments** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY — (Continued)** | &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY — (Continued)** | &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY — (Continued)** |
| &nbsp;&nbsp;&nbsp; Series KF134, Class AS, 4.20% (30 day avg SOFR US + 0.41%), 03/25/2032 | $1044875 | $1043406  |
| &nbsp;&nbsp;&nbsp; Series KF136, Class AS, 4.20% (30 day avg SOFR US + 0.41%), 04/25/2032 | 713706 | 711178  |
| &nbsp;&nbsp;&nbsp; Series KF141, Class AS, 4.36% (30 day avg SOFR US + 0.57%), 07/25/2032 | 870754 | 873815  |
| &nbsp;&nbsp;&nbsp; Series KF155, Class AS, 4.46% (30 day avg SOFR US + 0.67%), 02/25/2030 | 181994 | 182409  |
| &nbsp;&nbsp;&nbsp; Series KF160, Class AS, 4.49% (30 day avg SOFR US + 0.70%), 10/25/2030 | 459271 | 462037  |
| &nbsp;&nbsp;&nbsp; Series KF166, Class AS, 4.39% (30 day avg SOFR US + 0.60%), 01/25/2032 | 5000000 | 5008815  |
| &nbsp;&nbsp;&nbsp; Series KF169, Class AS, 4.35% (30 day avg SOFR US + 0.56%), 11/25/2035 | 10000000 | 10012460  |
| &nbsp;&nbsp;&nbsp; Series KF37, Class A, 4.26% (30 day avg SOFR US + 0.47%), 09/25/2027 | 644525 | 644928  |
| &nbsp;&nbsp;&nbsp; Series KF57, Class A, 4.44% (30 day avg SOFR US + 0.65%), 12/25/2028 | 170369 | 171146  |
| &nbsp;&nbsp;&nbsp; Series KF59, Class A, 4.44% (30 day avg SOFR US + 0.65%), 02/25/2029 | 701319 | 703348  |
| &nbsp;&nbsp;&nbsp; Series KF61, Class A, 4.43% (30 day avg SOFR US + 0.64%), 03/25/2029 | 569188 | 570838  |
| &nbsp;&nbsp;&nbsp; Series KF67, Class A, 4.42% (30 day avg SOFR US + 0.63%), 08/25/2029 | 236278 | 237112  |
| &nbsp;&nbsp;&nbsp; Series KF75, Class AS, 4.33% (SOFR 1M Historical Calendar Day Compounded + 0.55%), 12/25/2029 | 917147 | 918941  |
| &nbsp;&nbsp;&nbsp; Series KF81, Class AS, 4.19% (30 day avg SOFR US + 0.40%), 06/25/2027 | 1828788 | 1828135  |
| &nbsp;&nbsp;&nbsp; Series KF82, Class AS, 4.21% (30 day avg SOFR US + 0.42%), 06/25/2030 | 5261963 | 5246146  |
| &nbsp;&nbsp;&nbsp; Series KF85, Class AS, 4.12% (30 day avg SOFR US + 0.33%), 08/25/2030 | 824675 | 819327  |
| &nbsp;&nbsp;&nbsp; Series KF88, Class AL, 4.23% (30 day avg SOFR US + 0.44%), 09/25/2030 | 3475185 | 3469214  |
| &nbsp;&nbsp;&nbsp; Series KF91, Class AS, 4.17% (30 day avg SOFR US + 0.38%), 10/25/2030 | 2961916 | 2947142  |
| &nbsp;&nbsp;&nbsp; Series KF94, Class AL, 4.20% (30 day avg SOFR US + 0.41%), 11/25/2030 | 5342787 | 5323014  |
| &nbsp;&nbsp;&nbsp; Series KF96, Class AL, 4.16% (30 day avg SOFR US + 0.37%), 12/25/2030 | 137725 | 136973  |
| &nbsp;&nbsp;&nbsp; Series KF96, Class AS, 4.09% (30 day avg SOFR US + 0.30%), 11/25/2030 | 1705744 | 1691131  |
| &nbsp;&nbsp;&nbsp; Series KF97, Class AS, 4.04% (30 day avg SOFR US + 0.25%), 12/25/2030 | 3223864 | 3188904  |
| &nbsp;&nbsp;&nbsp; Series KF98, Class AL, 4.07% (30 day avg SOFR US + 0.28%), 12/25/2030 | 5080972 | 5033175  |

---

See accompanying notes which are an integral part of these financial statements.

73<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Angel Oak UltraShort Income ETF** 

**Schedule of Investments** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY — (Continued)** | &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY — (Continued)** | &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY — (Continued)** |
| &nbsp;&nbsp;&nbsp; Series KF98, Class AS, 4.00% (30 day avg SOFR US + 0.21%), 12/25/2030 | $5263421 | $5176522  |
| &nbsp;&nbsp;&nbsp; Series KF99, Class AS, 3.99% (30 day avg SOFR US + 0.20%), 12/25/2030 | 21216911 | 20938715  |
| &nbsp;&nbsp;&nbsp; Series KJ21, Class A2, 3.70%, 09/25/2026 | 205164 | 204726  |
| Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool AN3381, 2.52%, 10/01/2026 | 897388 | 887467  |
| &nbsp;&nbsp;&nbsp; Series 2015-M10, Class A2, 3.09%, 04/25/2027<sup>(c)</sup> | 2150098 | 2128257  |
| &nbsp;&nbsp;&nbsp; Series 2016-M3, Class A2, 2.70%, 02/25/2026 | 444314 | 443607  |
| &nbsp;&nbsp;&nbsp; Series 2016-M9, Class A2, 2.29%, 06/25/2026 | 1381644 | 1375871  |
| &nbsp;&nbsp;&nbsp; Series 2017-M15, Class ATS2, 3.16%, 11/25/2027<sup>(c)</sup> | 1217007 | 1202725  |
| &nbsp;&nbsp;&nbsp; Series 2019-M28, Class AV, 2.23%, 02/25/2027 | 1628988 | 1610615  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY** <br>**(Cost $300,868,297)** |  | 300389227  |
| **ASSET-BACKED SECURITIES — 22.5%**<br>|  |  |
| **Automobile — 9.9%**<br>|  |  |
| ACM Auto Trust, Series 2025-4A, Class A, 5.87%, 05/20/2030<sup>(a)</sup> | 1164679 | 1169339  |
| &nbsp;&nbsp;&nbsp; AgoraCapital Auto Securities Trust, Series 2025-1A, Class A, <br>6.40%, 11/25/2032<sup>(a)</sup> | 928932 | 932100  |
| American Credit Acceptance Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-3, Class D, 6.82%, 10/12/2029<sup>(a)</sup> | 4470000 | 4574554  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class D, 6.53%, 04/12/2030<sup>(a)</sup> | 5500000 | 5615087  |
| &nbsp;&nbsp;&nbsp; Series 2026-1, Class A, 4.16%, 07/12/2029<sup>(a)</sup> | 2500000 | 2500373  |
|  AmeriCredit Automobile Receivables Trust, Series 2025-1, Class A2B, 4.25% (30 day avg SOFR US + 0.55%), 03/19/2029<sup>(a)</sup> | 5000000 | 5003161  |
| Arivo Acceptance Auto Loan Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-2A, Class A, 6.90%, 01/16/2029<sup>(a)</sup> | 54598 | 55030  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 6.46%, 04/17/2028<sup>(a)</sup> | 130997 | 131710  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2, 4.92%, 05/15/2029<sup>(a)</sup> | 1000000 | 1003168  |
| Avis Budget Car Rental LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2A, Class A, 1.66%, 02/20/2028<sup>(a)</sup> | 9000000 | 8825402  |
| &nbsp;&nbsp;&nbsp; Series 2021-2A, Class B, 1.90%, 02/20/2028<sup>(a)</sup> | 1333000 | 1304680  |
| &nbsp;&nbsp;&nbsp; Series 2023-3A, Class C, 7.05%, 02/22/2028<sup>(a)</sup> | 800000 | 815380  |
|  Bridgecrest Lending Auto Securitization Trust, Series 2026-1, Class A2, 4.10%, 07/17/2028 | 2000000 | 2000836  |
| Carvana Auto Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-N2, Class C, 1.07%, 03/10/2028 | 63123 | 61876  |
| &nbsp;&nbsp;&nbsp; Series 2021-N3, Class C, 1.02%, 06/12/2028 | 20208 | 19702  |
| CPS Auto Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-B, Class E, 7.14%, 10/15/2029<sup>(a)</sup> | 500000 | 505324  |
| &nbsp;&nbsp;&nbsp; Series 2023-C, Class D, 6.77%, 10/15/2029<sup>(a)</sup> | 7300000 | 7534840  |

---

See accompanying notes which are an integral part of these financial statements.

74<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Angel Oak UltraShort Income ETF** 

**Schedule of Investments** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **ASSET-BACKED SECURITIES — (Continued)** | **ASSET-BACKED SECURITIES — (Continued)** | **ASSET-BACKED SECURITIES — (Continued)** |
| **Automobile — (Continued)** | **Automobile — (Continued)** | **Automobile — (Continued)** |
| DT Auto Owner Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class E, 5.53%, 03/15/2029<sup>(a)</sup> | $2000000 | $1999514  |
| &nbsp;&nbsp;&nbsp; Series 2022-2A, Class D, 5.46%, 03/15/2028<sup>(a)</sup> | 3015701 | 3030358  |
| &nbsp;&nbsp;&nbsp; Series 2023-2A, Class D, 6.62%, 02/15/2029<sup>(a)</sup> | 1245000 | 1273071  |
| Exeter Automobile Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-3A, Class D, 6.76%, 09/15/2028 | 4519421 | 4568924  |
| &nbsp;&nbsp;&nbsp; Series 2022-5A, Class D, 7.40%, 02/15/2029 | 4650275 | 4711065  |
| &nbsp;&nbsp;&nbsp; Series 2025-5A, Class A2, 4.38%, 06/15/2028 | 4700000 | 4707777  |
| FinBe USA Trust, Series 2025-1A, Class A, 5.70%, 12/15/2028<sup>(a)</sup> | 291593 | 291706  |
| Flagship Credit Auto Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class D, 1.65%, 09/15/2027<sup>(a)</sup> | 263000 | 258242  |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class D, 2.26%, 12/15/2027<sup>(a)</sup> | 392000 | 374340  |
| &nbsp;&nbsp;&nbsp; Series 2023-3, Class C, 6.01%, 07/16/2029<sup>(a)</sup> | 585000 | 586238  |
| &nbsp;&nbsp;&nbsp; GLS Auto Receivables Trust, Series 2022-2A, Class E, <br>5.50%, 06/15/2029<sup>(a)</sup> | 2500000 | 2514879  |
|  Huntington Bank Auto Credit-Linked Notes, Series 2024-1, Class B1, 6.15%, 05/20/2032<sup>(a)</sup> | 208421 | 211923  |
| &nbsp;&nbsp;&nbsp; Hyundai Auto Receivables Trust, Series 2023-A, Class A4, <br>4.48%, 07/17/2028 | 6308000 | 6324542  |
| Lendbuzz Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class A2, 6.92%, 08/15/2028<sup>(a)</sup> | 105621 | 106884  |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class A2, 5.18%, 05/15/2030<sup>(a)</sup> | 469765 | 471982  |
| &nbsp;&nbsp;&nbsp; Series 2026-1A, Class A2, 4.68%, 07/15/2030<sup>(a)</sup> | 1000000 | 999906  |
| Lobel Automobile Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class C, 8.31%, 10/16/2028<sup>(a)</sup> | 297088 | 297643  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class D, 8.00%, 03/15/2030<sup>(a)</sup> | 4250000 | 4291459  |
| &nbsp;&nbsp;&nbsp; Series 2023-2, Class C, 10.04%, 06/15/2029<sup>(a)</sup> | 1000000 | 1020783  |
| &nbsp;&nbsp;&nbsp; Luxury Lease Partners Auto Lease Trust, Series 2024-4, Class A, <br>7.29%, 07/15/2030<sup>(a)</sup> | 124918 | 125676  |
| Prestige Auto Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, 5.34%, 11/15/2028<sup>(a)</sup> | 5000000 | 4999076  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class C, 5.52%, 02/15/2030<sup>(a)</sup> | 5000000 | 4976797  |
| Research-Driven Pagaya Motor Asset Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-3A, Class B, 6.58%, 11/25/2030<sup>(a)</sup> | 652402 | 656017  |
| &nbsp;&nbsp;&nbsp; Series 2023-3A, Class A, 7.13%, 01/26/2032<sup>(a)</sup> | 87376 | 87535  |
| &nbsp;&nbsp;&nbsp; Series 2023-4A, Class A, 7.54%, 03/25/2032<sup>(a)</sup> | 104203 | 104423  |
| &nbsp;&nbsp;&nbsp; Series 2025-3A, Class A2, 5.15%, 02/27/2034<sup>(a)</sup> | 4500000 | 4537895  |
| &nbsp;&nbsp;&nbsp; Series 2025-5A, Class A3, 4.84%, 06/26/2034<sup>(a)</sup> | 3000000 | 3009861  |
| &nbsp;&nbsp;&nbsp; Series 2025-6A, Class A3, 5.01%, 08/25/2034<sup>(a)</sup> | 2000000 | 2006313  |
|  Santander Consumer USA Holdings, Inc., Series 2025-4, Class A2, 4.28%, 01/15/2029 | 8000000 | 8017482  |
| &nbsp;&nbsp;&nbsp; Strike Acceptance Auto Funding Trust, Series 2025-1A, Class A, <br>5.84%, 04/15/2032<sup>(a)</sup> | 1115143 | 1120712  |
| &nbsp;&nbsp;&nbsp; Toyota Auto Receivables Owner Trust, Series 2024-D, Class A3, <br>4.40%, 06/15/2029 | 6000000 | 6040799  |

---

See accompanying notes which are an integral part of these financial statements.

75<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Angel Oak UltraShort Income ETF** 

**Schedule of Investments** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **ASSET-BACKED SECURITIES — (Continued)**  | **ASSET-BACKED SECURITIES — (Continued)**  | **ASSET-BACKED SECURITIES — (Continued)**  |
| **Automobile — (Continued)** | **Automobile — (Continued)** | **Automobile — (Continued)** |
| &nbsp;&nbsp;&nbsp; Tricolor Auto Securitization Trust, Series 2024-2A, Class A, <br>6.36%, 12/15/2027<sup>(a)</sup> | $372559 | $349263  |
| &nbsp;&nbsp;&nbsp; Upgrade Auto Receivables Trust, Series 2025-1A, Class A2, <br>4.54%, 05/15/2029<sup>(a)</sup> | 3050000 | 3054809  |
| US Auto Funding Trust, Series 2022-1A, Class B, 5.13%, 12/15/2026<sup>(a)</sup> | 46477 | 15502  |
| &nbsp;&nbsp;&nbsp; Veros Automobile Receivables Trust, Series 2026-1, Class A, <br>4.53%, 08/15/2028<sup>(a)</sup> | 1840000 | 1840584  |
| Westlake Automobile Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class A2B, 4.29% (30 day avg SOFR US + 0.58%), 09/15/2028<sup>(a)</sup> | 2000000 | 2001195  |
| &nbsp;&nbsp;&nbsp; Series 2025-P1, Class A3, 4.58%, 06/15/2029<sup>(a)</sup> | 1391000 | 1403545  |
| &nbsp;&nbsp;&nbsp; Series 2026-1A, Class A2A, 4.02%, 09/15/2028<sup>(a)</sup> | 2000000 | 2000545  |
| &nbsp;&nbsp;&nbsp; Series 2026-1A, Class A2B, 0.00% (30 day avg SOFR US + 0.53%), 09/15/2028<sup>(a)</sup> | 3000000 | 3001090  |
|  |  | 129442917  |
| **Consumer — 12.5%**<br>|  |  |
| ACHD Trust, Series 2025-DS1, Class A, 5.98%, 01/09/2034<sup>(a)</sup> | 540623 | 542192  |
| ACHV ABS Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1PL, Class B, 6.34%, 04/25/2031<sup>(a)</sup> | 260388 | 263585  |
| &nbsp;&nbsp;&nbsp; Series 2024-1PL, Class C, 6.42%, 04/25/2031<sup>(a)</sup> | 366154 | 370217  |
| &nbsp;&nbsp;&nbsp; Series 2024-1PL, Class D, 7.29%, 04/25/2031<sup>(a)</sup> | 3162758 | 3209388  |
| &nbsp;&nbsp;&nbsp; Series 2024-2PL, Class B, 5.43%, 10/27/2031<sup>(a)</sup> | 351189 | 354804  |
| &nbsp;&nbsp;&nbsp; Series 2024-2PL, Class C, 5.72%, 10/27/2031<sup>(a)</sup> | 1994901 | 2015751  |
| &nbsp;&nbsp;&nbsp; Series 2024-3AL, Class C, 5.68%, 12/26/2031<sup>(a)</sup> | 856211 | 866104  |
| &nbsp;&nbsp;&nbsp; Series 2024-3AL, Class D, 6.75%, 12/26/2031<sup>(a)</sup> | 2769319 | 2809188  |
| &nbsp;&nbsp;&nbsp; Bankers Healthcare Group, Inc., Series 2025-2CON, Class B, <br>5.17%, 09/17/2036<sup>(a)</sup> | 1500000 | 1515949  |
| &nbsp;&nbsp;&nbsp; Cherry Securitization Trust, Series 2025-1A, Class A, <br>6.13%, 11/15/2032<sup>(a)</sup> | 2000000 | 2032096  |
| FREED ABS TRUST<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-3FP, Class D, 7.36%, 08/20/2029<sup>(a)</sup> | 405279 | 406916  |
| &nbsp;&nbsp;&nbsp; Series 2022-4FP, Class D, 7.40%, 12/18/2029<sup>(a)</sup> | 591082 | 593314  |
| &nbsp;&nbsp;&nbsp; Lendingpoint Asset Securitization Trust, Series 2021-B, Class C, <br>3.21%, 02/15/2029<sup>(a)</sup> | 302057 | 300611  |
| Marlette Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class D, 8.15%, 04/15/2033<sup>(a)</sup> | 5000000 | 5083043  |
| &nbsp;&nbsp;&nbsp; Series 2023-3A, Class C, 7.06%, 09/15/2033<sup>(a)</sup> | 969654 | 972889  |
| &nbsp;&nbsp;&nbsp; Series 2023-3A, Class D, 8.04%, 09/15/2033<sup>(a)</sup> | 6201800 | 6387458  |
| &nbsp;&nbsp;&nbsp; Series 2023-4A, Class B, 8.15%, 12/15/2033<sup>(a)</sup> | 1755000 | 1820158  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, 4.95%, 07/16/2035<sup>(a)</sup> | 2000000 | 2010201  |
| &nbsp;&nbsp;&nbsp; Momnt Technologies Trust, Series 2023-1A, Class A, <br>6.92%, 03/20/2045<sup>(a)</sup> | 175898 | 176286  |
| Oportun Financial Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class B, 5.83%, 02/09/2032<sup>(a)</sup> | 468753 | 469559  |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class B, 5.48%, 08/15/2029<sup>(a)</sup> | 2000000 | 2003953  |
| &nbsp;&nbsp;&nbsp; Series 2025-A, Class B, 5.30%, 02/08/2033<sup>(a)</sup> | 6800000 | 6799929  |

---

See accompanying notes which are an integral part of these financial statements.

76<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Angel Oak UltraShort Income ETF** 

**Schedule of Investments** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **ASSET-BACKED SECURITIES — (Continued)**  | **ASSET-BACKED SECURITIES — (Continued)**  | **ASSET-BACKED SECURITIES — (Continued)**  |
| **Consumer — (Continued)** | **Consumer — (Continued)** | **Consumer — (Continued)** |
| Pagaya AI Debt Selection Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class C, 4.89%, 10/15/2029<sup>(a)</sup> | $1981425 | $1969564  |
| &nbsp;&nbsp;&nbsp; Series 2023-7, Class ABC, 8.80%, 07/15/2031<sup>(a)(c)</sup> | 74954 | 75038  |
| &nbsp;&nbsp;&nbsp; Series 2023-7, Class C, 8.80%, 07/15/2031<sup>(a)</sup> | 71794 | 71910  |
| &nbsp;&nbsp;&nbsp; Series 2023-8, Class B, 7.96%, 06/16/2031<sup>(a)</sup> | 3897331 | 3976857  |
| &nbsp;&nbsp;&nbsp; Series 2023-8, Class C, 9.54%, 06/16/2031<sup>(a)</sup> | 2591303 | 2647840  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class B, 7.11%, 07/15/2031<sup>(a)</sup> | 1946551 | 1948713  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class C, 8.34%, 07/15/2031<sup>(a)</sup> | 2120273 | 2123646  |
| &nbsp;&nbsp;&nbsp; Series 2024-10, Class C, 5.99%, 06/15/2032<sup>(a)</sup> | 3100334 | 3120457  |
| &nbsp;&nbsp;&nbsp; Series 2024-11, Class B, 5.64%, 07/15/2032<sup>(a)</sup> | 1223640 | 1234661  |
| &nbsp;&nbsp;&nbsp; Series 2024-11, Class C, 5.87%, 07/15/2032<sup>(a)</sup> | 689613 | 695297  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class B, 6.61%, 08/15/2031<sup>(a)</sup> | 1906251 | 1911029  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class C, 7.57%, 08/15/2031<sup>(a)</sup> | 1610538 | 1615751  |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class A, 6.26%, 10/15/2031<sup>(a)</sup> | 688641 | 690104  |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class B, 6.57%, 10/15/2031<sup>(a)</sup> | 2455223 | 2460955  |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class C, 7.30%, 10/15/2031<sup>(a)</sup> | 430470 | 431780  |
| &nbsp;&nbsp;&nbsp; Series 2024-5, Class B, 6.60%, 10/15/2031<sup>(a)</sup> | 920862 | 925853  |
| &nbsp;&nbsp;&nbsp; Series 2024-6, Class B, 6.59%, 11/15/2031<sup>(a)</sup> | 985357 | 990495  |
| &nbsp;&nbsp;&nbsp; Series 2024-8, Class C, 6.03%, 01/15/2032<sup>(a)</sup> | 505391 | 508041  |
| &nbsp;&nbsp;&nbsp; Series 2024-8, Class D, 6.53%, 01/15/2032<sup>(a)</sup> | 905146 | 911140  |
| &nbsp;&nbsp;&nbsp; Series 2024-9, Class B, 5.31%, 03/15/2032<sup>(a)</sup> | 2883489 | 2893055  |
| &nbsp;&nbsp;&nbsp; Series 2024-9, Class D, 6.17%, 03/15/2032<sup>(a)</sup> | 815343 | 819798  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A2, 5.16%, 07/15/2032<sup>(a)</sup> | 1951244 | 1967875  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class B, 5.63%, 07/15/2032<sup>(a)</sup> | 1999829 | 2015419  |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class C, 5.64%, 10/15/2032<sup>(a)</sup> | 1999790 | 2008342  |
| &nbsp;&nbsp;&nbsp; Series 2025-3, Class A2, 5.37%, 12/15/2032<sup>(a)</sup> | 1416100 | 1429697  |
| &nbsp;&nbsp;&nbsp; Series 2025-4, Class B, 5.69%, 01/17/2033<sup>(a)</sup> | 7999716 | 8061238  |
| &nbsp;&nbsp;&nbsp; Series 2025-4, Class C, 6.15%, 01/17/2033<sup>(a)</sup> | 2999893 | 3031446  |
| &nbsp;&nbsp;&nbsp; Series 2025-5, Class A2, 5.11%, 03/15/2033<sup>(a)</sup> | 5997698 | 6035193  |
| &nbsp;&nbsp;&nbsp; Series 2025-5, Class B, 5.44%, 03/15/2033<sup>(a)</sup> | 6337255 | 6368775  |
| &nbsp;&nbsp;&nbsp; Series 2025-5, Class C, 5.64%, 03/15/2033<sup>(a)</sup> | 3499865 | 3514645  |
| &nbsp;&nbsp;&nbsp; Series 2025-6, Class A2, 4.50%, 04/15/2033<sup>(a)</sup> | 2000000 | 2003531  |
| &nbsp;&nbsp;&nbsp; Series 2025-7, Class A2, 4.53%, 05/15/2033<sup>(a)</sup> | 10000000 | 10006870  |
| &nbsp;&nbsp;&nbsp; Series 2026-1, Class A2, 4.74%, 09/15/2033<sup>(a)</sup> | 1500000 | 1500000  |
| &nbsp;&nbsp;&nbsp; Series 2026-1, Class B, 5.37%, 09/15/2033<sup>(a)</sup> | 2000000 | 2000000  |
| Pagaya Technologies Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A, 5.72%, 01/20/2034<sup>(a)</sup> | 2500000 | 2521744  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class C, 6.30%, 01/20/2034<sup>(a)</sup> | 1000000 | 1007721  |
| &nbsp;&nbsp;&nbsp; Purchasing Power Funding, Series 2024-A, Class B, <br>6.43%, 08/15/2028<sup>(a)</sup> | 600000 | 602463  |
| Reach Financial LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class C, 8.45%, 02/18/2031<sup>(a)</sup> | 1230179 | 1245186  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, 6.29%, 02/18/2031<sup>(a)</sup> | 1681121 | 1692175  |
| &nbsp;&nbsp;&nbsp; Series 2026-1A, Class A, 4.32%, 02/15/2033<sup>(a)</sup> | 2000000 | 2000213  |
| &nbsp;&nbsp;&nbsp; SoFi Consumer Loan Program Trust, Series 2025-3, Class A, <br>4.47%, 08/15/2034<sup>(a)</sup> | 1385284 | 1389660  |

---

See accompanying notes which are an integral part of these financial statements.

77<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Angel Oak UltraShort Income ETF** 

**Schedule of Investments** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **ASSET-BACKED SECURITIES — (Continued)**  | **ASSET-BACKED SECURITIES — (Continued)**  | **ASSET-BACKED SECURITIES — (Continued)**  |
| **Consumer — (Continued)** | **Consumer — (Continued)** | **Consumer — (Continued)** |
| Sotheby's Artfi Master Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A1, 6.43%, 12/22/2031<sup>(a)</sup> | $7321000 | $7337266  |
| &nbsp;&nbsp;&nbsp; Series 2026-1A, Class A2, 4.92% (3 mo. Term SOFR + 1.25%), 06/20/2033<sup>(a)(d)</sup> | 2000000 | 2000000  |
| &nbsp;&nbsp;&nbsp; SpringCastle America LLC, Series 2020-AA, Class A, <br>1.97%, 09/25/2037<sup>(a)</sup> | 628639 | 594866  |
| &nbsp;&nbsp;&nbsp; Sunbit Asset Securitization Trust, Series 2025-1, Class A, <br>5.36%, 07/15/2030<sup>(a)</sup> | 1500000 | 1505635  |
| Theorem Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-2A, Class B, 9.27%, 12/15/2028<sup>(a)</sup> | 2885591 | 2890112  |
| &nbsp;&nbsp;&nbsp; Series 2022-3A, Class B, 8.95%, 04/15/2029<sup>(a)</sup> | 1966531 | 1974338  |
| Upgrade Master Pass-Thru Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-ST4, Class A, 5.50%, 08/16/2032<sup>(a)</sup> | 672752 | 676118  |
| &nbsp;&nbsp;&nbsp; Series 2025-ST5, Class A, 4.79%, 09/15/2032<sup>(a)</sup> | 1506489 | 1510647  |
| &nbsp;&nbsp;&nbsp; Series 2025-ST8, Class B, 5.07%, 12/15/2033<sup>(a)</sup> | 2500000 | 2507291  |
| &nbsp;&nbsp;&nbsp; Upgrade Receivables Trust, Series 2024-1A, Class B, <br>5.77%, 02/18/2031<sup>(a)</sup> | 1656444 | 1659230  |
| &nbsp;&nbsp;&nbsp; Upstart Pass-Through Trust Series, Series 2022-ST3, Class A, <br>4.30%, 05/20/2030<sup>(a)</sup> | 184027 | 183681  |
| Upstart Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class C, 3.28%, 07/20/2031<sup>(a)</sup> | 17807 | 17785  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A, 5.45%, 04/20/2035<sup>(a)</sup> | 2247785 | 2268861  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class B, 6.33%, 04/20/2035<sup>(a)</sup> | 1000000 | 1023131  |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class B, 5.62%, 06/20/2035<sup>(a)</sup> | 4366000 | 4403889  |
| &nbsp;&nbsp;&nbsp; Upstart Structured Pass-Through Trust, Series 2022-2A, Class A, <br>4.25%, 06/17/2030<sup>(a)</sup> | 451814 | 450875  |
|  |  | 164431493  |
| **Credit Card — 0.0%<sup>(e)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Mission Lane Credit Card Master Trust, Series 2025-C, Class A, <br>4.78%, 12/16/2030<sup>(a)</sup> | 500000 | 501923  |
| **Equipment — 0.1%**<br>|  |  |
|  Verizon Master Trust, Series 2023-4, Class A1B, 4.56% (30 day avg SOFR US + 0.85%), 06/20/2029 | 1293000 | 1295501  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $294,953,889)** |  | 295671834  |
| **COLLATERALIZED LOAN OBLIGATIONS — 14.4%**<br>|  |  |
| Apidos CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-23A, Class ARR, 4.72% (3 mo. Term SOFR + 1.05%), 04/15/2033<sup>(a)</sup> | 9824601 | 9823009  |
| &nbsp;&nbsp;&nbsp; Series 2019-31A, Class A1R, 5.03% (3 mo. Term SOFR + 1.36%), 04/15/2031<sup>(a)</sup> | 1944190 | 1945975  |
|  Ares CLO Ltd., Series 2016-41A, Class AR2, 5.00% (3 mo. Term SOFR + 1.33%), 04/15/2034<sup>(a)</sup> | 9220000 | 9231525  |

---

See accompanying notes which are an integral part of these financial statements.

78<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Angel Oak UltraShort Income ETF** 

**Schedule of Investments** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS — (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS — (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS — (Continued)** |
| &nbsp;&nbsp;&nbsp; Bain Capital Credit CLO Ltd., Series 2020-5A, Class ARR, 4.82% <br>(3 mo. Term SOFR + 1.15%), 04/20/2034<sup>(a)</sup> | $6200000 | $6206987  |
| &nbsp;&nbsp;&nbsp; Barings Middle Market CLO Ltd., Series 2023-IA, Class A1, 6.12% <br>(3 mo. Term SOFR + 2.45%), 01/20/2036<sup>(a)</sup> | 4988539 | 5001095  |
| &nbsp;&nbsp;&nbsp; BCRED BSL Static CLO Ltd., Series 2025-1A, Class AR, 4.92% <br>(3 mo. Term SOFR + 1.25%), 07/24/2035<sup>(a)</sup> | 6964089 | 6987551  |
| &nbsp;&nbsp;&nbsp; Black Diamond CLO Ltd., Series 2019-2A, Class A1AR, 4.99% <br>(3 mo. Term SOFR + 1.32%), 07/23/2032<sup>(a)</sup> | 5032330 | 5039536  |
| &nbsp;&nbsp;&nbsp; Blackrock CLO Ltd., Series 2025-2A, Class A, 5.05% (3 mo. Term <br>SOFR + 1.27%), 11/21/2033<sup>(a)</sup> | 12000000 | 12003564  |
| BlueMountain CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-22A, Class A2, 5.33% (3 mo. Term SOFR + 1.66%), 07/15/2031<sup>(a)</sup> | 4500000 | 4501962  |
| &nbsp;&nbsp;&nbsp; Series 2018-3A, Class A1R, 4.86% (3 mo. Term SOFR + 1.19%), 10/25/2030<sup>(a)</sup> | 2880329 | 2882063  |
| &nbsp;&nbsp;&nbsp; Series 2021-31A, Class A1R, 4.77% (3 mo. Term SOFR + 1.10%), 04/19/2034<sup>(a)</sup> | 10000000 | 10013980  |
| &nbsp;&nbsp;&nbsp; Capital Four US CLO Ltd., Series 2022-1A, Class BR, 6.32% <br>(3 mo. Term SOFR + 2.65%), 01/20/2037<sup>(a)</sup> | 2000000 | 2009592  |
|  Cerberus Loan Funding LP, Series 2024-1A, Class A, 5.57% (3 mo. Term SOFR + 1.90%), 04/15/2036<sup>(a)</sup> | 8250000 | 8258423  |
| &nbsp;&nbsp;&nbsp; Fortress Credit BSL Ltd., Series 2020-1A, Class A1AR, 4.77% <br>(3 mo. Term SOFR + 1.10%), 10/20/2033<sup>(a)</sup> | 5063406 | 5064723  |
| Fortress Credit Opportunities<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-31A, Class A1, 5.17% (3 mo. Term SOFR + 1.50%), 07/20/2033<sup>(a)</sup> | 5584023 | 5599871  |
| &nbsp;&nbsp;&nbsp; Series 2025-35A, Class A1, 5.07% (3 mo. Term SOFR + 1.40%), 07/20/2033<sup>(a)</sup> | 5381773 | 5402832  |
|  Gallatin CLO Ltd., Series 2017-1A, Class A1R, 5.02% (3 mo. Term SOFR + 1.35%), 07/15/2031<sup>(a)</sup> | 1579307 | 1580448  |
|  Goldentree Loan Opportunities Ltd., Series 2016-12X, Class CR, 5.88% (3 mo. Term SOFR + 2.21%), 07/21/2030<sup>(f)</sup> | 77109 | 77160  |
| Greywolf CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-1A, Class A2, 5.56% (3 mo. Term SOFR + 1.89%), 04/26/2031<sup>(a)</sup> | 1771777 | 1772536  |
| &nbsp;&nbsp;&nbsp; Series 2020-3RA, Class A1R2, 4.90% (3 mo. Term SOFR + 1.23%), 04/22/2033<sup>(a)</sup> | 2694727 | 2698278  |
| &nbsp;&nbsp;&nbsp; Highbridge Loan Management Ltd., Series 11A-17, Class BR, 5.70% <br>(3 mo. Term SOFR + 1.81%), 05/06/2030<sup>(a)</sup> | 411356 | 411360  |
|  KKR CLO Trust, Series 18, Class A1R2, 4.72% (3 mo. Term SOFR + 1.05%), 10/18/2035<sup>(a)</sup> | 6602529 | 6615226  |
|  LJV I MM CLO LLC, Series 2022-1A, Class A1, 5.52% (3 mo. Term SOFR + 1.85%), 04/28/2034<sup>(a)</sup> | 4238091 | 4242503  |
|  Magnetite CLO Ltd., Series 2019-23A, Class BR, 5.58% (3 mo. Term SOFR + 1.91%), 01/25/2035<sup>(a)</sup> | 1750000 | 1750000  |
| &nbsp;&nbsp;&nbsp; Maranon Loan Funding Ltd., Series 2023-2A, Class A1, 6.17% <br>(3 mo. Term SOFR + 2.50%), 01/15/2036<sup>(a)</sup> | 13000000 | 13030498  |

---

See accompanying notes which are an integral part of these financial statements.

79<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Angel Oak UltraShort Income ETF** 

**Schedule of Investments** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS — (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS — (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS — (Continued)** |
| Octagon Investment Partners Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2013-1A, Class BR2, 5.33% (3 mo. Term SOFR + 1.66%), 01/25/2031<sup>(a)</sup> | $1752468 | $1754817  |
| &nbsp;&nbsp;&nbsp; Series 2016-1A, Class XRR, 4.97% (3 mo. Term SOFR + 1.30%), 04/24/2037<sup>(a)</sup> | 3763158 | 3773702  |
| OZLM Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2014-6A, Class B2S, 4.84%, 04/17/2031<sup>(a)</sup> | 10000000 | 9995860  |
| &nbsp;&nbsp;&nbsp; Series 2019-24A, Class A1AR, 5.09% (3 mo. Term SOFR + 1.42%), 07/20/2032<sup>(a)</sup> | 1674471 | 1675243  |
|  Race Point CLO Ltd., Series 2016-10A, Class B1R, 5.58% (3 mo. Term SOFR + 1.91%), 07/25/2031<sup>(a)</sup> | 3000000 | 3007104  |
|  Rockford Tower CLO Ltd., Series 2019-2A, Class AR2, 5.02% (3 mo. Term SOFR + 1.13%), 08/20/2032<sup>(a)</sup> | 4042014 | 4049006  |
|  Romark CLO LLC, Series 2021-4A, Class A1R, 4.79% (3 mo. Term SOFR + 1.14%), 07/10/2034<sup>(a)</sup> | 4000000 | 4002220  |
| Sound Point CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2014-1RA, Class A, 5.08% (3 mo. Term SOFR + 1.41%), 07/18/2031<sup>(a)</sup> | 1525415 | 1527475  |
| &nbsp;&nbsp;&nbsp; Series 2015-2A, Class ARRR, 5.14% (3 mo. Term SOFR + 1.47%), 07/20/2032<sup>(a)</sup> | 3785746 | 3789785  |
|  Steele Creek CLO Ltd., Series 2019-2A, Class ARR, 4.67% (3 mo. Term SOFR + 1.00%), 07/15/2032<sup>(a)</sup> | 2814379 | 2814612  |
| THL Credit Lake Shore MM CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-2A, Class A1RR, 5.07% (3 mo. Term SOFR + 1.40%), 10/17/2031<sup>(a)</sup> | 410494 | 410749  |
| &nbsp;&nbsp;&nbsp; Series 2019-2A, Class BRR, 5.37% (3 mo. Term SOFR + 1.70%), 10/17/2031<sup>(a)</sup> | 1500000 | 1500142  |
|  Trinitas CLO Ltd., Series 2020-14A, Class A1R2, 4.77% (3 mo. Term SOFR + 1.10%), 01/25/2034<sup>(a)</sup> | 8000000 | 8001040  |
|  Twin Brook CLO Ltd., Series 2024-2A, Class AR, 0.00% (3 mo. Term SOFR + 1.25%), 10/20/2035<sup>(a)(d)</sup> | 9000000 | 9000000  |
| &nbsp;&nbsp;&nbsp; Upland CLO Ltd., Series 2016-1A, Class A2R, 5.58% (3 mo. Term <br>SOFR + 1.91%), 04/20/2031<sup>(a)</sup> | 1990664 | 1993929  |
|  Venture CDO Ltd., Series 2018-32A, Class A1, 5.03% (3 mo. Term SOFR + 1.36%), 07/18/2031<sup>(a)</sup> | 618707 | 619257  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $189,977,175)** |  | 190065638  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 12.7%**<br>|  |  |
| A&D Mortgage LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2026-NQM1, Class A1, 4.91%, 02/25/2071<sup>(a)(c)</sup> | 1800000 | 1805616  |
| &nbsp;&nbsp;&nbsp; Series 2026-NQM1, Class A2, 5.11%, 02/25/2071<sup>(a)(b)</sup> | 2900000 | 2908610  |
| Adamas Trust, Inc., Series 2025-CP1, Class A1, 3.75%, 11/25/2069<sup>(a)(c)</sup> | 1880018 | 1828049  |
| ATLX Trust, Series 2024-RPL1, Class A1, 3.85%, 04/25/2064<sup>(a)(b)</sup> | 878538 | 866762  |

---

See accompanying notes which are an integral part of these financial statements.

80<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Angel Oak UltraShort Income ETF** 

**Schedule of Investments** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** |
| Bellemeade Re Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class M1B, 7.95% (30 day avg SOFR US + 4.25%), 10/25/2033<sup>(a)</sup> | $200000 | $204040  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class M1A, 5.85% (30 day avg SOFR US + 2.15%), 08/25/2034<sup>(a)</sup> | 153860 | 154135  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class M1A, 5.25% (30 day avg SOFR US + 1.55%), 10/25/2035<sup>(a)</sup> | 1802294 | 1806504  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class M1C, 6.95% (30 day avg SOFR US + 3.25%), 10/25/2035<sup>(a)</sup> | 1000000 | 1020467  |
| BRAVO Residential Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM3, Class A1, 1.70%, 04/25/2060<sup>(a)(c)</sup> | 4164464 | 3956586  |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM3, Class A3, 5.50%, 07/25/2062<sup>(a)(c)</sup> | 341493 | 344323  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class A1A, 4.35%, 01/25/2060<sup>(a)(b)</sup> | 1711337 | 1703092  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class A2, 4.35%, 01/25/2060<sup>(a)(b)</sup> | 1711337 | 1694321  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class A3, 4.35%, 01/25/2060<sup>(a)(b)</sup> | 855668 | 849763  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM8, Class A1B, 4.30%, 08/01/2053<sup>(a)(b)</sup> | 1762635 | 1742049  |
| &nbsp;&nbsp;&nbsp; Cascade Funding Mortgage Trust, Series 2024-NR1, Class A1, <br>6.41%, 11/25/2029<sup>(a)(b)</sup> | 893312 | 902247  |
| COLT Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class A1, 3.90%, 02/25/2067<sup>(a)(c)</sup> | 659253 | 650152  |
| &nbsp;&nbsp;&nbsp; Series 2025-10, Class A3, 5.44%, 10/25/2070<sup>(a)(b)</sup> | 2926536 | 2950135  |
| &nbsp;&nbsp;&nbsp; Series 2025-12, Class A1, 4.98%, 01/26/2071<sup>(a)(c)</sup> | 1000000 | 1002055  |
| COOPR Residential Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES1, Class A1A, 5.65%, 05/25/2060<sup>(a)(b)</sup> | 1344926 | 1358659  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES2, Class A1B, 5.60%, 06/25/2060<sup>(a)(b)</sup> | 1700769 | 1726269  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES3, Class A1A, 4.84%, 09/25/2060<sup>(a)(b)</sup> | 7571098 | 7561581  |
|  Credit Suisse Mortgage Capital Certificates, Series 2022-ATH1, Class A1A, 2.87%, 01/25/2067<sup>(a)(c)</sup> | 1982780 | 1955364  |
| Deephaven Residential Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES1, Class A1A, 5.22%, 10/25/2055<sup>(a)(b)</sup> | 3308253 | 3333753  |
| &nbsp;&nbsp;&nbsp; Series 2025-INV1, Class A3, 5.39%, 11/25/2060<sup>(a)(b)</sup> | 982253 | 985726  |
| Ellington Financial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM6, Class A1, 5.00%, 12/25/2070<sup>(a)(c)</sup> | 1373404 | 1375736  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM6, Class A3, 5.40%, 12/25/2070<sup>(a)(b)</sup> | 2461298 | 2465570  |
| FIGRE Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-SL1, Class A1, 5.75%, 07/25/2053<sup>(a)(c)</sup> | 2672223 | 2730002  |
| &nbsp;&nbsp;&nbsp; Series 2025-FL1, Class A1, 5.27%, 07/25/2055<sup>(a)(b)</sup> | 2326565 | 2335060  |
| &nbsp;&nbsp;&nbsp; Series 2025-HE5, Class C, 5.69%, 08/25/2055<sup>(a)(c)</sup> | 2248318 | 2267874  |
| &nbsp;&nbsp;&nbsp; Series 2025-HE6, Class A, 5.04%, 09/25/2055<sup>(a)(c)</sup> | 955076 | 955455  |
| &nbsp;&nbsp;&nbsp; Series 2026-HE1, Class A, 4.98%, 01/25/2056<sup>(a)(c)</sup> | 1380000 | 1383763  |
| GCAT Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A2, 1.24%, 05/25/2066<sup>(a)(c)</sup> | 1274929 | 1114671  |
| &nbsp;&nbsp;&nbsp; Series 2023-NQM2, Class A3, 6.60%, 11/25/2067<sup>(a)(b)</sup> | 303544 | 308071  |
| &nbsp;&nbsp;&nbsp; Series 2025-INV5, Class A28, 5.20% (30 day avg SOFR US + 1.50%), 12/25/2055, (6.50% Cap)<sup>(a)</sup> | 2942964 | 2973374  |

---

See accompanying notes which are an integral part of these financial statements.

81<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Angel Oak UltraShort Income ETF** 

**Schedule of Investments** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** |
| GS Mortgage-Backed Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-HE1, Class A1, 5.25% (30 day avg SOFR US + 1.55%), 10/25/2055<sup>(a)</sup> | $5240612 | $5299715  |
| &nbsp;&nbsp;&nbsp; Series 2025-HE2, Class A1, 5.25% (30 day avg SOFR US + 1.55%), 12/25/2065<sup>(a)</sup> | 3720072 | 3732184  |
|  Home RE Ltd., Series 2026-1, Class M1B, 6.38% (30 day avg SOFR US + 2.15%), 01/25/2036<sup>(a)</sup> | 1669000 | 1677774  |
| JP Morgan Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-4, Class 1A4A, 5.50%, 11/25/2053<sup>(a)(c)</sup> | 706930 | 709417  |
| &nbsp;&nbsp;&nbsp; Series 2023-HE1, Class A1, 5.45% (30 day avg SOFR US + 1.75%), 11/25/2053<sup>(a)</sup> | 389439 | 391326  |
| &nbsp;&nbsp;&nbsp; Series 2025-12MPR, Class A1D, 5.06%, 06/25/2056<sup>(a)(b)</sup> | 3495039 | 3507820  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES7, Class A1A, 5.06%, 04/25/2056<sup>(a)(b)</sup> | 3930716 | 3935126  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES7, Class A1B, 5.21%, 04/25/2056<sup>(a)(b)</sup> | 4913395 | 4918461  |
|  MFRA Trust, Series 2025-NQM5, Class A1F, 4.95% (30 day avg SOFR US + 1.25%), 11/25/2070, (7.00% Cap)<sup>(a)</sup> | 1483087 | 1487526  |
|  Morgan Stanley Residential Mortgage Loan Trust, Series 2025-SPL1, Class A3, 4.25%, 02/25/2065<sup>(a)(b)</sup> | 1464707 | 1414107  |
|  New Residential Mortgage Loan Trust, Series 2022-NQM4, Class A3, 5.00%, 06/25/2062<sup>(a)(b)</sup> | 863458 | 843888  |
|  Oaktown Re, Series 2021-2, Class M1B, 6.60% (30 day avg SOFR US + 2.90%), 04/25/2034<sup>(a)</sup> | 999975 | 1007340  |
| Onslow Bay Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class A3, 5.95%, 11/25/2064<sup>(a)(b)</sup> | 969820 | 975395  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM23, Class A1, 4.87%, 10/25/2065<sup>(a)(c)</sup> | 2946136 | 2957193  |
|  Pretium Mortgage Credit Partners LLC, Series 2025-NPL9, Class A1, 5.39%, 08/25/2055<sup>(a)(b)</sup> | 3761995 | 3779176  |
| PRPM LLC, Series 2024-NQM4, Class A3, 6.13%, 12/26/2069<sup>(a)(b)</sup> | 1612549 | 1633900  |
|  RCKT Mortgage Trust, Series 2025-CES7, Class A1B, 5.48%, 07/25/2055<sup>(a)(b)</sup> | 2650839 | 2684534  |
| RUN Trust, Series 2022-NQM1, Class A1, 4.00%, 03/25/2067<sup>(a)</sup> | 1882604 | 1894122  |
|  SAIF Securitization Trust, Series 2025-CES1, Class A1, 5.41%, 06/25/2065<sup>(a)(b)</sup> | 4939997 | 4949122  |
| Saluda Grade Mortgage Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-NPL1, Class A1, 7.12%, 01/25/2030<sup>(a)(b)</sup> | 3161534 | 3163921  |
| &nbsp;&nbsp;&nbsp; Series 2026-HB1, Class A1B, 0.00% (1 mo. Term SOFR + 1.55%), 04/25/2056<sup>(a)</sup> | 4000000 | 4000000  |
|  Santander US Capital Markets LLC, Series 2025-CES1, Class A1A, 5.04%, 09/25/2055<sup>(a)(b)</sup> | 2901488 | 2916013  |
| &nbsp;&nbsp;&nbsp; Sequoia Mortgage Trust, Series 2023-4, Class A10, <br>5.80%, 11/25/2053<sup>(a)(c)</sup> | 96373 | 96754  |
| Starwood Mortgage Residential Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class A3, 1.43%, 05/25/2065<sup>(a)(c)</sup> | 405239 | 390958  |
| &nbsp;&nbsp;&nbsp; Series 2021-SFR2, Class F, 6.64% (1 mo. Term SOFR + 2.96%), 01/17/2039<sup>(a)</sup> | 209662 | 209201  |

---

See accompanying notes which are an integral part of these financial statements.

82<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Angel Oak UltraShort Income ETF** 

**Schedule of Investments** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** |
| Towd Point Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-HY3, Class A1A, 4.79% (1 mo. Term SOFR + 1.11%), 10/25/2059<sup>(a)</sup> | $304558 | $304740  |
| &nbsp;&nbsp;&nbsp; Series 2021-SJ2, Class A2, 2.50%, 12/25/2061<sup>(a)(c)</sup> | 1500000 | 1415739  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES2, Class A2, 5.58%, 07/25/2065<sup>(a)(b)</sup> | 2500000 | 2513617  |
| &nbsp;&nbsp;&nbsp; Series 2025-CRM1, Class A1, 5.80%, 01/25/2065<sup>(a)(b)</sup> | 2741068 | 2780921  |
| &nbsp;&nbsp;&nbsp; Series 2025-CRM1, Class A2B, 5.25%, 01/25/2065<sup>(a)(b)</sup> | 6000000 | 6013476  |
| Verus Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class A3, 4.13%, 02/25/2067<sup>(a)(c)</sup> | 163202 | 157122  |
| &nbsp;&nbsp;&nbsp; Series 2025-12, Class A1, 4.96%, 12/25/2070<sup>(a)(c)</sup> | 1488634 | 1494408  |
| Vista Point Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES1, Class A1, 6.68%, 05/25/2054<sup>(a)(b)</sup> | 3089192 | 3152940  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES2, Class A1, 5.25%, 10/25/2054<sup>(a)(b)</sup> | 680796 | 684788  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES2, Class A2, 5.66%, 10/25/2054<sup>(a)(b)</sup> | 2000000 | 1999296  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES3, Class A1, 5.68%, 01/25/2055<sup>(a)(b)</sup> | 770888 | 780702  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES1, Class A1, 5.81%, 04/25/2055<sup>(a)(b)</sup> | 3260619 | 3313298  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES1, Class A2, 6.03%, 04/25/2055<sup>(a)(b)</sup> | 3000000 | 3016359  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES2, Class A1, 5.60%, 08/25/2055<sup>(a)(b)</sup> | 10269142 | 10342012  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES3, Class A1, 5.30%, 11/25/2055<sup>(a)(b)</sup> | 8662943 | 8683630  |
| &nbsp;&nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $165,199,133)** |  | 166447855  |
| &nbsp;&nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER — 1.1%**<br>|  |  |
| Connecticut Avenue Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M1, 5.20% (30 day avg SOFR US + 1.50%), 10/25/2043<sup>(a)</sup> | 379713 | 380799  |
| &nbsp;&nbsp;&nbsp; Series 2024-R02, Class 1M1, 4.80% (30 day avg SOFR US + 1.10%), 02/25/2044<sup>(a)</sup> | 749219 | 751083  |
| &nbsp;&nbsp;&nbsp; Series 2024-R03, Class 2M1, 4.85% (30 day avg SOFR US + 1.15%), 03/25/2044<sup>(a)</sup> | 786675 | 789875  |
| &nbsp;&nbsp;&nbsp; Series 2024-R05, Class 2M1, 4.70% (30 day avg SOFR US + 1.00%), 07/25/2044<sup>(a)</sup> | 331390 | 332669  |
| &nbsp;&nbsp;&nbsp; Series 2025-R01, Class 1A1, 4.65% (30 day avg SOFR US + 0.95%), 01/25/2045<sup>(a)</sup> | 1273766 | 1276630  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-SC02, Class M2, 3.64%, 10/25/2046<sup>(c)</sup> | 45226 | 44027  |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA3, Class M1B, 6.60% (30 day avg SOFR US + 2.90%), 04/25/2042<sup>(a)</sup> | 4627000 | 4744512  |
| &nbsp;&nbsp;&nbsp; Series 2023-DNA1, Class M1A, 5.80% (30 day avg SOFR US + 2.10%), 03/25/2043<sup>(a)</sup> | 1019535 | 1035483  |
| &nbsp;&nbsp;&nbsp; Series 2023-HQA2, Class M1A, 5.70% (30 day avg SOFR US + 2.00%), 06/25/2043<sup>(a)</sup> | 293568 | 295188  |
| &nbsp;&nbsp;&nbsp; Series 2024-DNA1, Class M1, 5.05% (30 day avg SOFR US + 1.35%), 02/25/2044<sup>(a)</sup> | 668860 | 671287  |

---

See accompanying notes which are an integral part of these financial statements.

83<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Angel Oak UltraShort Income ETF** 

**Schedule of Investments** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| &nbsp;&nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER — (Continued)**  | &nbsp;&nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER — (Continued)**  | &nbsp;&nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER — (Continued)**  |
| &nbsp;&nbsp;&nbsp; Series 2024-DNA2, Class A1, 4.95% (30 day avg SOFR US + 1.25%), 05/25/2044<sup>(a)</sup> | $723344 | $729371  |
| &nbsp;&nbsp;&nbsp; Series 2024-HQA2, Class M1, 4.90% (30 day avg SOFR US + 1.20%), 08/25/2044<sup>(a)</sup> | 1125398 | 1128566  |
| &nbsp;&nbsp;&nbsp; Series 2025-HQA1, Class A1, 4.65% (30 day avg SOFR US + 0.95%), 02/25/2045<sup>(a)</sup> | 1512500 | 1518310  |
| &nbsp;&nbsp;&nbsp; Series 2025-HQA1, Class M1, 4.85% (30 day avg SOFR US + 1.15%), 02/25/2045<sup>(a)</sup> | 933613 | 936233  |
| &nbsp;&nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER** <br>**(Cost $14,620,430)** |  | 14634033  |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — 1.0%**<br>|  |  |
|  ACREC Trust, Series 2021-FL1, Class AS, 5.29% (1 mo. Term SOFR + 1.61%), 10/16/2036<sup>(a)</sup> | 700000 | 700843  |
|  Arbor Realty Collateralized Loan Obligation Ltd., Series 2025-BTR1, Class A, 5.60% (1 mo. Term SOFR + 1.93%), 01/20/2041<sup>(a)</sup> | 1000000 | 1004266  |
|  BrightSpire Capital, Inc., Series 2021-FL1, Class AS, 5.39% (1 mo. Term SOFR + 1.71%), 08/19/2038<sup>(a)</sup> | 2000000 | 1996218  |
|  Commercial Mortgage Pass Through Certificates, Series 2025-SBX, Class B, 5.55%, 08/10/2041<sup>(a)(c)</sup> | 3000000 | 3027552  |
|  KREF Ltd., Series 2021-FL2, Class A, 4.86% (1 mo. Term SOFR + 1.18%), 02/15/2039<sup>(a)</sup> | 558789 | 560013  |
|  MF1 Multifamily Housing Mortgage Loan Trust, Series 2021-FL7, Class AS, 5.24% (1 mo. Term SOFR + 1.56%), 10/16/2036<sup>(a)</sup> | 3500000 | 3503836  |
| &nbsp;&nbsp;&nbsp; NYC Commercial Mortgage Trust, Series 2025-28L, Class A, <br>4.67%, 11/05/2038<sup>(a)(c)</sup> | 500000 | 502732  |
| &nbsp;&nbsp;&nbsp; TPG Real Estate Finance Issuer Ltd., Series 2022-FL5, Class AS, <br>5.83% (1 mo. Term SOFR + 2.15%), 02/15/2039<sup>(a)</sup> | 500000 | 499954  |
|  Wells Fargo Commercial Mortgage Trust, Series 2025-VTT, Class C, 6.03%, 03/15/2038<sup>(a)(c)</sup> | 1000000 | 1003921  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $12,669,894)** |  | 12799335 |

---

See accompanying notes which are an integral part of these financial statements.

84<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Angel Oak UltraShort Income ETF** 

**Schedule of Investments** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS — 4.8%**<br>|  |  |
| **Money Market Funds — 3.5%**<br>|  |  |
| First American Government Obligations Fund - Class U, 3.63%<sup>(g)</sup> | 45392366 | $45392366 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **U.S. Treasury Bills — 1.3%**<br>|  |  |
| 3.69%, 03/10/2026<sup>(h)</sup> | $8000000 | 7969981  |
| 3.55%, 04/30/2026<sup>(h)</sup> | 10000000 | 9913600  |
|  |  | 17883581  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $63,276,669)** |  | 63275947  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 103.5%** <br>**(Cost $1,358,732,835)** |  | $1361857285  |
| Liabilities in Excess of Other Assets — (3.5)% |  | (46348339)  |
| **TOTAL NET ASSETS — 100.0%** |  | $1315508946 |

---

Percentages are stated as a percent of net assets.

LP - Limited Partnership

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Security is exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities are determined to be liquid by the Adviser, under the procedures established by the Fund's Board of Trustees, unless otherwise denoted. As of January 31, 2026, the value of these securities total $756,881,603 or 57.5% of the Fund's net assets.

<sup>(b)</sup> Step coupon bond. The rate disclosed is as of January 31, 2026.

<sup>(c)</sup> 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 January 31, 2026.

<sup>(d)</sup> Security or a portion of the security purchased on a when-issued or delayed delivery basis.

<sup>(e)</sup> Represents less than 0.05% of net assets.

<sup>(f)</sup> Security is exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. As of January 31, 2026, the value of these securities total $77,160 or 0.0% of the Fund's net assets.

<sup>(g)</sup> The rate shown represents the 7-day annualized yield as of January 31, 2026.

<sup>(h)</sup> The rate shown is the annualized yield as of January 31, 2026.

See accompanying notes which are an integral part of these financial statements.

85<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Angel Oak UltraShort Income ETF** 

**Schedule of Open Futures Contracts** 

**January 31, 2026** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short Futures Contracts** | **Contracts** <br>**Sold** | **Expiration** <br>**Date** | **Notional** <br>**Value** | **Value/Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp;(244) | 03/31/2026 | $(50872094) | &nbsp;&nbsp;&nbsp;&nbsp; $44896 |

---

See accompanying notes which are an integral part of these financial statements.

86<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 33.7%**<br>|  |  |
| ATLX Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-RPL1, Class A2, 4.41%, 04/25/2064<sup>(a)(b)</sup> | $1700000 | $1673062  |
| &nbsp;&nbsp;&nbsp; Series 2024-RPL1, Class M1, 4.41%, 04/25/2064<sup>(a)(b)</sup> | 5000000 | 4848275  |
| &nbsp;&nbsp;&nbsp; Barclays Mortgage Loan Trust, Series 2025-NQM3, Class A1, <br>5.64%, 05/25/2065<sup>(a)(b)</sup> | 1767371 | 1788062  |
| Bellemeade Re Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class B1, 10.40% (30 day avg SOFR US + 6.70%), 10/25/2033<sup>(a)</sup> | 200000 | 212633  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class M1B, 7.95% (30 day avg SOFR US + 4.25%), 10/25/2033<sup>(a)</sup> | 1000000 | 1020198  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class M2, 8.30% (30 day avg SOFR US + 4.60%), 08/25/2034<sup>(a)</sup> | 900000 | 934417  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class B1, 8.75% (30 day avg SOFR US + 5.05%), 10/25/2035<sup>(a)</sup> | 1000000 | 1015151  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class M1B, 6.20% (30 day avg SOFR US + 2.50%), 10/25/2035<sup>(a)</sup> | 3400000 | 3420556  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class M1C, 6.95% (30 day avg SOFR US + 3.25%), 10/25/2035<sup>(a)</sup> | 3250000 | 3316518  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class M2, 7.60% (30 day avg SOFR US + 3.90%), 10/25/2035<sup>(a)</sup> | 5150000 | 5306781  |
| BRAVO Residential Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A2, 1.28%, 03/25/2060<sup>(a)(b)</sup> | 66361 | 65510  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class A2, 4.35%, 01/25/2060<sup>(a)(c)</sup> | 427834 | 423580  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class A3, 4.35%, 01/25/2060<sup>(a)(c)</sup> | 855668 | 849763  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES2, Class A3, 5.34%, 07/26/2055<sup>(a)(c)</sup> | 1000000 | 1006886  |
| &nbsp;&nbsp;&nbsp; Series 2025-HE1, Class B1, 6.49%, 09/25/2072<sup>(a)(b)</sup> | 2500000 | 2464883  |
|  Builder Capital Loan Acquisition Trust, Series 2024-NPL1, Class A1B, 9.00%, 09/25/2029<sup>(a)(c)</sup> | 2000000 | 1989196  |
| Cascade Funding Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-NR1, Class A1, 6.41%, 11/25/2029<sup>(a)(c)</sup> | 893312 | 902248  |
| &nbsp;&nbsp;&nbsp; Series 2024-R1, Class M1, 4.00%, 10/25/2054<sup>(a)(c)</sup> | 1000000 | 943504  |
| Chase Mortgage Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-4, Class B4, 6.13%, 03/25/2055<sup>(a)(b)</sup> | 2000239 | 1918909  |
| &nbsp;&nbsp;&nbsp; Series 2024-5, Class B4, 6.22%, 04/25/2055<sup>(a)(b)</sup> | 1868036 | 1795882  |
| CIM Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-R1, Class M3, 4.00%, 01/25/2061<sup>(a)(b)</sup> | 1500000 | 1263344  |
| &nbsp;&nbsp;&nbsp; Series 2023-R3, Class A1B, 4.50%, 01/25/2063<sup>(a)(b)</sup> | 1000000 | 797069  |
|  Colony American Finance Ltd., Series 2020-4, Class D, 2.71%, 12/15/2052<sup>(a)</sup> | 300000 | 271535  |
| COLT Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-5, Class B1, 4.20%, 11/26/2066<sup>(a)(b)</sup> | 3500000 | 3076185  |
| &nbsp;&nbsp;&nbsp; Series 2021-HX1, Class B3A, 4.12%, 10/25/2066<sup>(a)(b)</sup> | 2000000 | 1567394  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class B2, 4.09%, 12/27/2066<sup>(a)(b)</sup> | 3300000 | 2848735  |
| &nbsp;&nbsp;&nbsp; Series 2022-2, Class B1, 3.95%, 02/25/2067<sup>(a)(b)</sup> | 3051299 | 2600076  |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class B1, 4.22%, 02/25/2067<sup>(a)(b)</sup> | 2000000 | 1789396  |

---

See accompanying notes which are an integral part of these financial statements.

87<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  |
| Credit Suisse Mortgage Capital Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM5, Class A3, 1.35%, 05/25/2066<sup>(a)(b)</sup> | $2330603 | $2023185  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM6, Class A3, 1.59%, 07/25/2066<sup>(a)(b)</sup> | 1618241 | 1409810  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM8, Class A3, 2.41%, 10/25/2066<sup>(a)(b)</sup> | 3689130 | 3312289  |
| &nbsp;&nbsp;&nbsp; Series 2022-ATH2, Class B1, 4.98%, 05/25/2067<sup>(a)(b)</sup> | 2500000 | 2365215  |
| &nbsp;&nbsp;&nbsp; Series 2022-ATH2, Class B2, 4.98%, 05/25/2067<sup>(a)(b)</sup> | 3000000 | 2604975  |
| Deephaven Residential Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class B1, 3.17%, 04/25/2066<sup>(a)(b)</sup> | 400000 | 323306  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class B2, 3.93%, 04/25/2066<sup>(a)(b)</sup> | 1300000 | 1057791  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class B1, 3.27%, 08/25/2066<sup>(a)(b)</sup> | 2948000 | 2273014  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class B2, 4.13%, 08/25/2066<sup>(a)(b)</sup> | 1000000 | 803996  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class B1, 4.26%, 01/25/2067<sup>(a)(b)</sup> | 1750000 | 1508794  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class B2, 4.26%, 01/25/2067<sup>(a)(b)</sup> | 4000000 | 3199372  |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class A3, 5.30%, 07/25/2067<sup>(a)(b)</sup> | 225395 | 230254  |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class B1, 5.28%, 07/25/2067<sup>(a)(b)</sup> | 1243000 | 1181505  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES1, Class B1, 6.97%, 10/25/2055<sup>(a)(b)</sup> | 2500000 | 2514073  |
| &nbsp;&nbsp;&nbsp; Series 2025-INV1, Class B2, 7.27%, 11/25/2060<sup>(a)(b)</sup> | 1000000 | 991702  |
| Ellington Financial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class B2, 4.14%, 02/25/2066<sup>(a)(b)</sup> | 1000000 | 788435  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class B1, 3.20%, 06/25/2066<sup>(a)(b)</sup> | 2315000 | 1720057  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class M1, 2.30%, 06/25/2066<sup>(a)(b)</sup> | 700000 | 492066  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class B2, 4.29%, 09/25/2066<sup>(a)(b)</sup> | 1500000 | 1138362  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class B1, 3.86%, 01/25/2067<sup>(a)(b)</sup> | 1935000 | 1484383  |
| &nbsp;&nbsp;&nbsp; Series 2022-4, Class B1, 5.88%, 09/25/2067<sup>(a)(b)</sup> | 1500000 | 1511520  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES1, Class B2, 8.03%, 01/26/2060<sup>(a)(b)</sup> | 1000000 | 1017414  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class B3, 7.50%, 11/25/2069<sup>(a)(b)</sup> | 400000 | 395542  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class B2, 7.44%, 01/25/2070<sup>(a)(b)</sup> | 1804000 | 1811600  |
| FIGRE Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-HE1, Class D, 7.19%, 03/25/2054<sup>(a)(b)</sup> | 627297 | 641546  |
| &nbsp;&nbsp;&nbsp; Series 2024-HE4, Class C, 5.30%, 09/25/2054<sup>(a)(b)</sup> | 771224 | 771693  |
| &nbsp;&nbsp;&nbsp; Series 2025-HE5, Class D, 6.36%, 08/25/2055<sup>(a)(b)</sup> | 1841000 | 1876995  |
| &nbsp;&nbsp;&nbsp; Series 2025-HE7, Class D, 6.20%, 11/25/2055<sup>(a)(b)</sup> | 2000000 | 1994706  |
| &nbsp;&nbsp;&nbsp; Series 2026-HE1, Class D, 6.12%, 01/25/2056<sup>(a)(b)</sup> | 1250000 | 1253565  |
| GCAT Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A3, 1.50%, 05/25/2066<sup>(a)(b)</sup> | 174175 | 154272  |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM2, Class A3, 4.21%, 02/25/2067<sup>(a)(b)</sup> | 712599 | 686249  |
| GS Mortgage-Backed Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-MM1, Class A2, 2.50%, 04/25/2052<sup>(a)(b)</sup> | 782722 | 660652  |
| &nbsp;&nbsp;&nbsp; Series 2024-HE1, Class B2, 7.70% (30 day avg SOFR US + 4.00%), 08/25/2054<sup>(a)</sup> | 1000000 | 996230  |
| &nbsp;&nbsp;&nbsp; Series 2024-PJ7, Class B4, 6.65%, 11/25/2054<sup>(a)(b)</sup> | 1529000 | 1380357  |
| &nbsp;&nbsp;&nbsp; Series 2024-PJ8, Class B5, 6.83%, 02/25/2055<sup>(a)(b)</sup> | 1262000 | 1151069  |
| &nbsp;&nbsp;&nbsp; Series 2024-PJ8, Class B6, 6.83%, 02/25/2055<sup>(a)(b)</sup> | 1734641 | 1314436  |
| &nbsp;&nbsp;&nbsp; Series 2024-RPL4, Class M1, 4.00%, 09/25/2061<sup>(a)(b)</sup> | 1500000 | 1445697  |
| &nbsp;&nbsp;&nbsp; Series 2025-DSC1, Class B2, 7.35%, 06/25/2065<sup>(a)(b)</sup> | 1000000 | 991886  |

---

See accompanying notes which are an integral part of these financial statements.

88<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  |
| &nbsp;&nbsp;&nbsp; Series 2026-CES1, Class B1, 6.52%, 05/25/2056<sup>(a)(b)</sup> | $1000000 | $1007829  |
| &nbsp;&nbsp;&nbsp; Series 2026-CES1, Class B2, 7.66%, 05/25/2056<sup>(a)(b)</sup> | 600000 | 604652  |
|  Home RE Ltd., Series 2026-1, Class M2, 7.93% (30 day avg SOFR US + 3.20%), 01/25/2036<sup>(a)</sup> | 2700000 | 2723965  |
| Imperial Fund Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class B2, 4.36%, 06/25/2056<sup>(a)(b)</sup> | 2000000 | 1618696  |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM1, Class B2, 4.08%, 02/25/2067<sup>(a)(b)</sup> | 2000000 | 1496186  |
|  Invitation Homes Trust, Series 2024-SFR1, Class A, 4.00%, 09/17/2041<sup>(a)</sup> | 997499 | 983286  |
| JP Morgan Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2014-2, Class B2, 3.37%, 06/25/2029<sup>(a)(b)</sup> | 21186 | 20870  |
| &nbsp;&nbsp;&nbsp; Series 2020-3, Class B4, 3.83%, 08/25/2050<sup>(a)(b)</sup> | 320391 | 287129  |
| &nbsp;&nbsp;&nbsp; Series 2020-4, Class B2, 3.62%, 11/25/2050<sup>(a)(b)</sup> | 1115974 | 996132  |
| &nbsp;&nbsp;&nbsp; Series 2023-4, Class 2A2, 5.50%, 11/25/2053<sup>(a)(b)</sup> | 1044950 | 1051491  |
| &nbsp;&nbsp;&nbsp; Series 2023-6, Class A3, 5.50%, 12/26/2053<sup>(a)(b)</sup> | 2166383 | 2186676  |
| &nbsp;&nbsp;&nbsp; Series 2023-6, Class AX1, 0.23%, 12/26/2053<sup>(a)(b)(d)</sup> | 33424201 | 34694  |
| &nbsp;&nbsp;&nbsp; Series 2023-6, Class B4, 6.11%, 12/26/2053<sup>(a)(b)</sup> | 512607 | 450642  |
| &nbsp;&nbsp;&nbsp; Series 2023-7, Class B4, 6.16%, 02/25/2054<sup>(a)(b)</sup> | 1035500 | 871239  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class B6, 5.61%, 06/25/2054<sup>(a)(b)</sup> | 2086219 | 1333918  |
| &nbsp;&nbsp;&nbsp; Series 2024-10, Class B4, 6.97%, 03/25/2055<sup>(a)(b)</sup> | 3496518 | 3445099  |
| &nbsp;&nbsp;&nbsp; Series 2024-10, Class B5, 6.97%, 03/25/2055<sup>(a)(b)</sup> | 1421000 | 1212838  |
| &nbsp;&nbsp;&nbsp; Series 2024-8, Class A3, 5.50%, 01/25/2055<sup>(a)(b)</sup> | 2682448 | 2707574  |
| &nbsp;&nbsp;&nbsp; Series 2024-9, Class B5, 6.97%, 02/25/2055<sup>(a)(b)</sup> | 1339000 | 1145369  |
| &nbsp;&nbsp;&nbsp; Series 2025-CCM1, Class A2, 5.50%, 06/25/2055<sup>(a)(b)</sup> | 3007133 | 3050439  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES2, Class M1, 6.24%, 06/25/2055<sup>(a)(c)</sup> | 1500000 | 1533468  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES7, Class B2, 8.29%, 04/25/2056<sup>(a)(b)</sup> | 1652000 | 1660833  |
|  Legacy Mortgage Asset Trust, Series 2021-GS3, Class A1, 5.75%, 07/25/2061<sup>(a)(c)</sup> | 893921 | 911116  |
|  Mello Mortgage Capital Acceptance, Series 2022-INV2, Class A15, 3.00%, 04/25/2052<sup>(a)(b)</sup> | 394996 | 342544  |
| MFRA Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-INV2, Class B1, 4.39%, 11/25/2056<sup>(a)(b)</sup> | 1329000 | 1176360  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A3, 1.47%, 11/25/2064<sup>(a)(b)</sup> | 332456 | 300319  |
|  Morgan Stanley Residential Mortgage Loan Trust, Series 2023-3, Class B4, 6.55%, 09/25/2053<sup>(a)(b)</sup> | 1198000 | 1083389  |
|  New Residential Mortgage LLC, Series 2025-FHT1, Class A, 6.55%, 03/25/2032<sup>(a)(c)</sup> | 850661 | 868022  |
| New Residential Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-1A, Class B6, 5.17%, 05/28/2052<sup>(a)(b)</sup> | 846150 | 715372  |
| &nbsp;&nbsp;&nbsp; Series 2017-5A, Class B4, 5.90%, 06/25/2057<sup>(a)(b)</sup> | 218456 | 218160  |
| &nbsp;&nbsp;&nbsp; Series 2019-2A, Class B6, 4.71%, 12/25/2057<sup>(a)(b)</sup> | 1436606 | 1208121  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM3, Class B1, 3.40%, 11/27/2056<sup>(a)(b)</sup> | 2000000 | 1682380  |
| &nbsp;&nbsp;&nbsp; Series 2022-SFR2, Class E2, 4.00%, 09/04/2039<sup>(a)</sup> | 700000 | 679946  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM6, Class B2, 6.94%, 10/25/2065<sup>(a)(b)</sup> | 3170000 | 3110255  |

---

See accompanying notes which are an integral part of these financial statements.

89<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  |
| NMLT Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-INV2, Class B2, 4.07%, 08/25/2056<sup>(a)(b)</sup> | $1500000 | $1207302  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES1, Class A3, 5.37%, 08/25/2060<sup>(a)(c)</sup> | 1505000 | 1500076  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES1, Class B1, 6.56%, 08/25/2060<sup>(a)(b)</sup> | 1000000 | 1002260  |
|  Oaktown Re, Series 2021-2, Class M1B, 6.60% (30 day avg SOFR US + 2.90%), 04/25/2034<sup>(a)</sup> | 888866 | 895414  |
|  Onslow Bay Mortgage Loan Trust, Series 2021-J2, Class A1, 2.50%, 07/25/2051<sup>(a)(b)</sup> | 1479327 | 1244116  |
| PMT Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-J2, Class A3, 5.50%, 08/25/2056<sup>(a)(b)</sup> | 3072245 | 3101023  |
| &nbsp;&nbsp;&nbsp; Series 2025-J3, Class A8, 5.50%, 11/27/2056<sup>(a)(b)</sup> | 2786986 | 2802903  |
|  Point Securitization Trust, Series 2025-2, Class A1, 5.75%, 09/25/2055<sup>(a)(c)</sup> | 1499690 | 1495890  |
| Pretium Mortgage Credit Partners LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-RPL1, Class A2, 4.00%, 07/25/2069<sup>(a)(c)</sup> | 1500000 | 1447779  |
| &nbsp;&nbsp;&nbsp; Series 2025-RPL1, Class M2, 4.00%, 07/25/2069<sup>(a)(c)</sup> | 1000000 | 943177  |
| &nbsp;&nbsp;&nbsp; Series 2025-RPL2, Class M1, 4.00%, 08/25/2064<sup>(a)(c)</sup> | 6286000 | 5951258  |
| &nbsp;&nbsp;&nbsp; Series 2025-RPL5, Class M1, 4.15%, 01/25/2070<sup>(a)(c)</sup> | 2250000 | 2075292  |
|  Progress Residential Trust, Series 2023-SFR2, Class D, 4.50%, 10/17/2040<sup>(a)</sup> | 200000 | 197592  |
| PRPM LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM1, Class B1, 5.39%, 08/25/2067<sup>(a)(b)</sup> | 1500000 | 1466526  |
| &nbsp;&nbsp;&nbsp; Series 2024-7, Class A1, 5.87%, 11/25/2029<sup>(a)(c)</sup> | 799659 | 799082  |
| &nbsp;&nbsp;&nbsp; Series 2025-RCF4, Class M1A, 4.50%, 08/25/2055<sup>(a)(c)</sup> | 2000000 | 1942524  |
| &nbsp;&nbsp;&nbsp; Series 2025-RCF5, Class M2, 5.50%, 10/25/2055<sup>(a)(c)</sup> | 1850000 | 1790264  |
| &nbsp;&nbsp;&nbsp; Series 2025-RPL4, Class A3, 3.00%, 05/25/2055<sup>(a)(c)</sup> | 2000000 | 1839236  |
| Radnor RE Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class M1C, 7.20% (30 day avg SOFR US + 3.50%), 09/25/2034<sup>(a)</sup> | 500000 | 508153  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class M2, 7.70% (30 day avg SOFR US + 4.00%), 09/25/2034<sup>(a)</sup> | 1000000 | 1033450  |
|  Rate Mortgage Trust, Series 2021-J3, Class A25, 2.50%, 10/25/2051<sup>(a)(b)</sup> | 500000 | 343249  |
| RCKT Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-5, Class A1, 2.50%, 11/25/2051<sup>(a)(b)</sup> | 5350471 | 4548318  |
| &nbsp;&nbsp;&nbsp; Series 2022-4, Class A2, 3.50%, 06/25/2052<sup>(a)(b)</sup> | 2394775 | 2160906  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES1, Class B2B, 6.64%, 01/25/2045<sup>(a)(b)</sup> | 3000000 | 3018015  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES3, Class B2B, 5.97%, 03/25/2055<sup>(a)(b)</sup> | 2839000 | 2782254  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES5, Class B2A, 8.07%, 05/25/2055<sup>(a)(b)</sup> | 2730000 | 2791073  |
| Saluda Grade Mortgage Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-SEQ1, Class A1, 3.32%, 05/25/2050<sup>(a)(b)</sup> | 107087 | 104653  |
| &nbsp;&nbsp;&nbsp; Series 2023-FIG3, Class A, 7.07%, 08/25/2053<sup>(a)(b)</sup> | 612821 | 623766  |
| &nbsp;&nbsp;&nbsp; Series 2023-FIG4, Class A, 6.72%, 11/25/2053<sup>(a)(b)</sup> | 1262543 | 1304591  |
| &nbsp;&nbsp;&nbsp; Series 2025-LOC5, Class B1, 7.42% (1 mo. Term SOFR + 3.75%), 10/25/2055<sup>(a)</sup> | 1000000 | 1009150  |

---

See accompanying notes which are an integral part of these financial statements.

90<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  |
| &nbsp;&nbsp;&nbsp; Series 2025-NPL1, Class A1, 7.12%, 01/25/2030<sup>(a)(c)</sup> | $3955214 | $3958200  |
| &nbsp;&nbsp;&nbsp; Series 2025-NPL1, Class A2, 9.05%, 01/25/2030<sup>(a)(c)</sup> | 500000 | 501903  |
| &nbsp;&nbsp;&nbsp; Series 2025-NPL2, Class A1, 7.77%, 05/25/2030<sup>(a)(c)</sup> | 2646220 | 2655212  |
| &nbsp;&nbsp;&nbsp; Series 2026-HB1, Class B1, 0.00% (1 mo. Term SOFR + 3.45%), 04/25/2056<sup>(a)</sup> | 1000000 | 1000000  |
| &nbsp;&nbsp;&nbsp; Series 2026-HB1, Class B2, 0.00% (1 mo. Term SOFR + 4.55%), 04/25/2056<sup>(a)</sup> | 2000000 | 1991831  |
| Sequoia Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-2, Class A19, 3.50%, 02/25/2048<sup>(a)(b)</sup> | 153710 | 137904  |
| &nbsp;&nbsp;&nbsp; Series 2023-2, Class B4, 5.00%, 03/25/2053<sup>(a)(b)</sup> | 1387618 | 1261439  |
| &nbsp;&nbsp;&nbsp; Series 2023-4, Class B4, 5.80%, 11/25/2053<sup>(a)(b)</sup> | 1441053 | 1274102  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class B4, 6.03%, 03/25/2054<sup>(a)(b)</sup> | 1419853 | 1313825  |
| &nbsp;&nbsp;&nbsp; Series 2026-1, Class A1, 5.00%, 02/25/2056<sup>(a)(b)</sup> | 6000000 | 5976636  |
| SGR Residential Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class A3, 1.56%, 07/25/2061<sup>(a)(b)</sup> | 1413289 | 1193555  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class A2, 1.94%, 12/25/2061<sup>(a)(b)</sup> | 529730 | 457431  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class B2, 4.04%, 12/25/2061<sup>(a)(b)</sup> | 910000 | 645747  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class B2, 6.73%, 12/25/2065<sup>(a)(b)</sup> | 2090000 | 2001227  |
| Starwood Mortgage Residential Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-INV1, Class B1, 3.66%, 09/27/2049<sup>(a)(b)</sup> | 500000 | 474947  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class B1, 3.52%, 05/25/2065<sup>(a)(b)</sup> | 600000 | 535219  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class B2, 4.10%, 06/25/2056<sup>(a)(b)</sup> | 3000000 | 2475045  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class M1, 2.49%, 06/25/2056<sup>(a)(b)</sup> | 1000000 | 757050  |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class B31, 4.68%, 08/25/2056<sup>(a)(b)</sup> | 2460000 | 1782108  |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class A3, 4.16%, 03/25/2067<sup>(a)(b)</sup> | 903253 | 866901  |
| Towd Point Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-6, Class B4, 3.29%, 10/25/2057<sup>(a)(b)</sup> | 3000000 | 2202798  |
| &nbsp;&nbsp;&nbsp; Series 2018-5, Class B3, 3.48%, 07/25/2058<sup>(a)(b)</sup> | 2000000 | 1415336  |
| &nbsp;&nbsp;&nbsp; Series 2019-1, Class B2, 3.78%, 03/25/2058<sup>(a)(b)</sup> | 2000000 | 1576334  |
| &nbsp;&nbsp;&nbsp; Series 2021-SJ2, Class A2, 2.50%, 12/25/2061<sup>(a)(b)</sup> | 2000000 | 1887652  |
|  Tricon American Homes Trust, Series 2020-SFR1, Class D, 2.55%, 07/17/2038<sup>(a)</sup> | 200000 | 197096  |
| Unlock Hea Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class B, 7.00%, 10/25/2038<sup>(a)</sup> | 10000000 | 9850170  |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class A, 6.00%, 11/25/2041<sup>(a)</sup> | 2949130 | 2938513  |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class B, 7.25%, 11/25/2041<sup>(a)</sup> | 1000000 | 986607  |
| Verus Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class M1, 1.97%, 01/25/2066<sup>(a)(b)</sup> | 1926000 | 1640888  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class B2, 3.96%, 06/25/2066<sup>(a)(b)</sup> | 1257000 | 986404  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class M1, 2.40%, 06/25/2066<sup>(a)(b)</sup> | 1500000 | 1145496  |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class A3, 1.35%, 07/25/2066<sup>(a)(b)</sup> | 548606 | 470420  |
| &nbsp;&nbsp;&nbsp; Series 2021-6, Class M1, 2.94%, 10/25/2066<sup>(a)(b)</sup> | 290000 | 224182  |
| &nbsp;&nbsp;&nbsp; Series 2021-7, Class B1, 4.14%, 10/25/2066<sup>(a)(b)</sup> | 400000 | 328864  |
| &nbsp;&nbsp;&nbsp; Series 2021-8, Class B1, 4.24%, 11/25/2066<sup>(a)(b)</sup> | 2000000 | 1755158  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class B2, 3.98%, 01/25/2067<sup>(a)(b)</sup> | 3000000 | 2332761  |
| &nbsp;&nbsp;&nbsp; Series 2022-2, Class B1, 4.27%, 02/25/2067<sup>(a)(b)</sup> | 3800000 | 3136094  |

---

See accompanying notes which are an integral part of these financial statements.

91<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class A3, 4.13%, 02/25/2067<sup>(a)(b)</sup> | $1958428 | $1885461  |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class B2, 4.05%, 02/25/2067<sup>(a)(b)</sup> | 1500000 | 1175511  |
| Vista Point Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES1, Class B2, 10.35%, 05/25/2054<sup>(a)(b)</sup> | 1000000 | 1042979  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES2, Class B1, 7.50%, 10/25/2054<sup>(a)(b)</sup> | 1000000 | 1022046  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES3, Class B1, 7.83%, 01/25/2055<sup>(a)(b)</sup> | 1250000 | 1271396  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES1, Class A3, 6.28%, 04/25/2055<sup>(a)(c)</sup> | 1000000 | 1017694  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES2, Class B1, 7.06%, 08/25/2055<sup>(a)(b)</sup> | 3000000 | 3037464  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES2, Class B2, 8.15%, 08/25/2055<sup>(a)(b)</sup> | 3000000 | 3085653  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES3, Class B1, 6.99%, 11/25/2055<sup>(a)(b)</sup> | 3750000 | 3828803  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES3, Class B2, 7.88%, 11/25/2055<sup>(a)(b)</sup> | 1000000 | 1006249  |
| &nbsp;&nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $276,014,610)** |  | 278944373  |
| **ASSET-BACKED SECURITIES — 15.4%**<br>|  |  |
| **Automobile — 9.6%**<br>|  |  |
| AgoraCapital Auto Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, 7.27%, 11/25/2032<sup>(a)</sup> | 1000000 | 1010407  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class C, 10.17%, 11/25/2032<sup>(a)</sup> | 500000 | 529516  |
|  Arivo Acceptance Auto Loan Receivables Trust, Series 2025-1A, Class D, 5.82%, 01/15/2032<sup>(a)</sup> | 500000 | 501689  |
| Avis Budget Car Rental LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2A, Class D, 4.08%, 02/20/2028<sup>(a)</sup> | 2000000 | 1980971  |
| &nbsp;&nbsp;&nbsp; Series 2023-2A, Class D, 7.26%, 10/20/2027<sup>(a)</sup> | 1500000 | 1514004  |
| &nbsp;&nbsp;&nbsp; Series 2023-4A, Class D, 7.31%, 06/20/2029<sup>(a)</sup> | 2250000 | 2313679  |
| &nbsp;&nbsp;&nbsp; Series 2023-7A, Class D, 7.31%, 08/21/2028<sup>(a)</sup> | 1000000 | 1014084  |
| Bridgecrest Lending Auto Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class E, 10.37%, 07/15/2030<sup>(a)</sup> | 3050000 | 3342409  |
| &nbsp;&nbsp;&nbsp; Series 2026-1, Class E, 6.63%, 02/15/2033<sup>(a)</sup> | 1000000 | 1003229  |
|  CarNow Auto Receivables Trust, Series 2022-1A, Class D, 5.79%, 09/15/2027<sup>(a)</sup> | 554835 | 520906  |
| Carvana Auto Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-N4, Class E, 4.53%, 09/11/2028<sup>(a)</sup> | 3577470 | 3487839  |
| &nbsp;&nbsp;&nbsp; Series 2023-N2, Class E, 9.94%, 04/10/2030<sup>(a)</sup> | 1500000 | 1575674  |
| &nbsp;&nbsp;&nbsp; Series 2023-N3, Class E, 9.49%, 09/10/2030<sup>(a)</sup> | 2411000 | 2560772  |
|  Corporate One Auto Receivables Trust, Series 2026-1A, Class D, 5.48%, 07/15/2034<sup>(a)</sup> | 250000 | 249893  |
| CPS Auto Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-C, Class E, 9.08%, 04/15/2030<sup>(a)</sup> | 1000000 | 1051479  |
| &nbsp;&nbsp;&nbsp; Series 2022-D, Class E, 12.12%, 06/17/2030<sup>(a)</sup> | 1000000 | 1091346  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class E, 8.42%, 08/15/2031<sup>(a)</sup> | 5200000 | 5472232  |
| &nbsp;&nbsp;&nbsp; Series 2024-B, Class E, 8.36%, 11/17/2031<sup>(a)</sup> | 1000000 | 1060465  |
| &nbsp;&nbsp;&nbsp; Series 2024-C, Class E, 8.04%, 03/15/2032<sup>(a)</sup> | 1000000 | 1051805  |
| &nbsp;&nbsp;&nbsp; Series 2025-B, Class E, 7.95%, 03/15/2033<sup>(a)</sup> | 1750000 | 1828476  |
| &nbsp;&nbsp;&nbsp; Series 2025-C, Class E, 6.59%, 02/15/2033<sup>(a)</sup> | 1000000 | 998802  |
| &nbsp;&nbsp;&nbsp; Series 2025-D, Class E, 7.69%, 05/16/2033<sup>(a)</sup> | 2500000 | 2586174  |

---

See accompanying notes which are an integral part of these financial statements.

92<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES — (Continued)** | **ASSET-BACKED SECURITIES — (Continued)** | **ASSET-BACKED SECURITIES — (Continued)** |
| **Automobile — (Continued)**  | **Automobile — (Continued)**  | **Automobile — (Continued)**  |
| Exeter Automobile Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class E, 5.02%, 10/15/2029<sup>(a)</sup> | $3000000 | $2985740  |
| &nbsp;&nbsp;&nbsp; Series 2022-5A, Class E, 10.45%, 04/15/2030<sup>(a)</sup> | 2000000 | 2124139  |
| &nbsp;&nbsp;&nbsp; Series 2022-6A, Class E, 11.61%, 06/17/2030<sup>(a)</sup> | 2000000 | 2122038  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class E, 7.89%, 08/15/2031<sup>(a)</sup> | 1000000 | 1047626  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class E, 7.98%, 10/15/2031<sup>(a)</sup> | 1354000 | 1430813  |
| &nbsp;&nbsp;&nbsp; Series 2024-3A, Class E, 7.84%, 10/15/2031<sup>(a)</sup> | 2505000 | 2644880  |
| &nbsp;&nbsp;&nbsp; Series 2024-5A, Class E, 7.22%, 05/17/2032<sup>(a)</sup> | 2414000 | 2496911  |
| FHF Trust, Series 2024-3A, Class D, 6.01%, 12/15/2031<sup>(a)</sup> | 1000000 | 950418  |
| FinBe USA Trust, Series 2025-1A, Class B, 6.60%, 12/16/2030<sup>(a)</sup> | 1000000 | 1000884  |
|  Flagship Credit Auto Trust, Series 2024-1, Class E, 8.60%, 05/15/2031<sup>(a)</sup> | 585000 | 555660  |
| GLS Auto Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class E, 11.42%, 03/15/2030<sup>(a)</sup> | 1000000 | 1085067  |
| &nbsp;&nbsp;&nbsp; Series 2023-3A, Class E, 9.27%, 08/15/2030<sup>(a)</sup> | 1500000 | 1599611  |
| &nbsp;&nbsp;&nbsp; Series 2023-4A, Class E, 9.72%, 08/15/2030<sup>(a)</sup> | 1000000 | 1078617  |
| &nbsp;&nbsp;&nbsp; Series 2024-3A, Class E, 7.25%, 06/16/2031<sup>(a)</sup> | 1000000 | 1030774  |
| &nbsp;&nbsp;&nbsp; Series 2024-4A, Class E, 7.51%, 08/15/2031<sup>(a)</sup> | 1826000 | 1898884  |
| &nbsp;&nbsp;&nbsp; Series 2025-3A, Class E, 6.52%, 08/16/2032<sup>(a)</sup> | 1000000 | 1007166  |
|  GLS Auto Select Receivables Trust, Series 2026-1A, Class D, 5.25%, 04/18/2033<sup>(a)</sup> | 1000000 | 1001325  |
| Hertz Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-2A, Class D, 5.16%, 06/26/2028<sup>(a)</sup> | 1000000 | 988648  |
| &nbsp;&nbsp;&nbsp; Series 2025-6A, Class D, 8.30%, 05/25/2032<sup>(a)</sup> | 750000 | 767993  |
|  JPMorgan Chase Bank NA, Series 2021-2, Class G, 8.48%, 12/26/2028<sup>(a)</sup> | 9546 | 9567  |
|  Lendbuzz Securitization Trust, Series 2026-1A, Class C, 5.74%, 09/15/2031<sup>(a)</sup> | 750000 | 749935  |
|  Lobel Automobile Receivables Trust, Series 2023-2, Class D, 11.00%, 09/16/2030<sup>(a)</sup> | 1000000 | 1050936  |
|  Luxury Lease Partners Auto Lease Trust, Series 2024-4, Class A, 7.29%, 07/15/2030<sup>(a)</sup> | 178454 | 179538  |
| Prestige Auto Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class D, 8.08%, 08/15/2028<sup>(a)</sup> | 25000 | 24882  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class E, 7.94%, 04/15/2031<sup>(a)</sup> | 1975000 | 1850593  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class E, 6.75%, 11/17/2031<sup>(a)</sup> | 750000 | 714948  |
| Research-Driven Pagaya Motor Asset Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-5A, Class C, 5.47%, 06/26/2034<sup>(a)</sup> | 3000000 | 3020095  |
| &nbsp;&nbsp;&nbsp; Series 2025-6A, Class C, 5.53%, 08/25/2034<sup>(a)</sup> | 2000000 | 2001822  |
| &nbsp;&nbsp;&nbsp; Series 2025-6A, Class E, 10.53%, 08/25/2034<sup>(a)</sup> | 250000 | 249576  |
|  SAFCO Auto Receivables Trust, Series 2025-1A, Class D, 6.60%, 12/10/2030<sup>(a)</sup> | 1000000 | 996046  |
|  Santander Holdings USA, Inc., Series 2024-A, Class F, 10.17%, 06/15/2032<sup>(a)</sup> | 186413 | 192324  |

---

See accompanying notes which are an integral part of these financial statements.

93<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES — (Continued)** | **ASSET-BACKED SECURITIES — (Continued)** | **ASSET-BACKED SECURITIES — (Continued)** |
| **Automobile — (Continued)**  | **Automobile — (Continued)**  | **Automobile — (Continued)**  |
|  SBNA Auto Receivables Trust, Series 2024-A, Class E, 8.00%, 04/15/2032<sup>(a)</sup> | $1500000 | $1556599  |
|  Securitized Term Auto Receivables Trust, Series 2025-A, Class D, 6.75%, 07/25/2031<sup>(a)</sup> | 595685 | 609323  |
|  Strike Acceptance Auto Funding Trust, Series 2023-1A, Class A, 8.00%, 05/15/2026<sup>(a)</sup> | 133275 | 133883  |
|  United Auto Credit Securitization Trust, Series 2022-1, Class E, 5.00%, 11/10/2028<sup>(a)</sup> | 389766 | 388947  |
| Veros Automobile Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class C, 7.57%, 12/15/2028<sup>(a)</sup> | 680000 | 700890  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class D, 8.79%, 05/17/2032<sup>(a)</sup> | 530000 | 549907  |
|  |  | 79542856  |
| **Consumer — 5.1%**<br>|  |  |
| ACHD Trust, Series 2025-DS1, Class C, 11.33%, 01/09/2034<sup>(a)</sup> | 1000000 | 1007479  |
| ACHV ABS Trust, Series 2024-2PL, Class D, 6.40%, 10/27/2031<sup>(a)</sup> | 2977907 | 3012791  |
| Affirm, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class 1E, 9.17%, 02/15/2029<sup>(a)</sup> | 1000000 | 1003133  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class E, 9.17%, 02/15/2029<sup>(a)</sup> | 200000 | 200627  |
| &nbsp;&nbsp;&nbsp; Series 2024-B, Class E, 7.35%, 09/15/2029<sup>(a)</sup> | 1000000 | 1005781  |
| AMDR ABS Trust, Series 2025-1A, Class A, 6.38%, 12/19/2033<sup>(a)</sup> | 358139 | 360553  |
| Aqua Finance Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-A, Class D, 6.07%, 07/16/2040<sup>(a)</sup> | 810458 | 805815  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class C, 3.14%, 07/17/2046<sup>(a)</sup> | 175567 | 163195  |
|  Bankers Healthcare Group, Inc., Series 2022-C, Class E, 9.73%, 10/17/2035<sup>(a)</sup> | 500000 | 538363  |
| Foundation Finance Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class D, 4.96%, 05/15/2041<sup>(a)</sup> | 61446 | 60338  |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class E, 8.35%, 04/15/2052<sup>(a)</sup> | 350000 | 355836  |
|  Lendingpoint Asset Securitization Trust, Series 2021-B, Class C, 3.21%, 02/15/2029<sup>(a)</sup> | 28767 | 28630  |
| Marlette Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-3A, Class D, 7.80%, 11/15/2032<sup>(a)</sup> | 2316444 | 2345309  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class D, 8.15%, 04/15/2033<sup>(a)</sup> | 6000550 | 6100211  |
| &nbsp;&nbsp;&nbsp; Series 2023-2A, Class D, 7.92%, 06/15/2033<sup>(a)</sup> | 4500000 | 4597966  |
| Momnt Technologies Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class B, 8.29%, 03/20/2045<sup>(a)</sup> | 100000 | 103833  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class C, 11.24%, 03/20/2045<sup>(a)</sup> | 100000 | 57594  |
| Oportun Financial Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-B, Class D, 5.41%, 05/08/2031<sup>(a)</sup> | 363691 | 361551  |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class D, 9.60%, 08/15/2029<sup>(a)</sup> | 1500000 | 1518732  |
| &nbsp;&nbsp;&nbsp; Series 2025-D, Class D, 6.97%, 02/08/2033<sup>(a)</sup> | 500000 | 499518  |
| &nbsp;&nbsp;&nbsp; Series 2025-D, Class E, 10.82%, 02/08/2033<sup>(a)</sup> | 300000 | 300008  |

---

See accompanying notes which are an integral part of these financial statements.

94<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES — (Continued)** | **ASSET-BACKED SECURITIES — (Continued)** | **ASSET-BACKED SECURITIES — (Continued)** |
| **Consumer — (Continued)**  | **Consumer — (Continued)**  | **Consumer — (Continued)**  |
| Pagaya AI Debt Selection Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class C, 4.09%, 11/15/2027<sup>(a)</sup> | $2834 | $2818  |
| &nbsp;&nbsp;&nbsp; Series 2021-5, Class C, 3.93%, 08/15/2029<sup>(a)</sup> | 59579 | 59036  |
| &nbsp;&nbsp;&nbsp; Series 2022-2, Class C, 7.50%, 01/15/2030<sup>(a)</sup> | 245952 | 246614  |
| &nbsp;&nbsp;&nbsp; Series 2023-8, Class C, 9.54%, 06/16/2031<sup>(a)</sup> | 357421 | 365219  |
| &nbsp;&nbsp;&nbsp; Series 2024-7, Class D, 10.90%, 12/15/2031<sup>(a)</sup> | 271286 | 278395  |
| &nbsp;&nbsp;&nbsp; Series 2025-5, Class E, 9.70%, 03/15/2033<sup>(a)</sup> | 1287450 | 1302557  |
| &nbsp;&nbsp;&nbsp; Series 2025-6, Class E, 8.48%, 04/15/2033<sup>(a)</sup> | 2000000 | 2005849  |
| &nbsp;&nbsp;&nbsp; Series 2025-7, Class E, 8.89%, 05/15/2033<sup>(a)</sup> | 500000 | 501514  |
| &nbsp;&nbsp;&nbsp; Series 2025-8, Class E, 9.57%, 07/15/2033<sup>(a)</sup> | 1000000 | 1005939  |
| &nbsp;&nbsp;&nbsp; Series 2025-R1, Class E, 12.11%, 06/15/2032<sup>(a)</sup> | 145177 | 147107  |
| &nbsp;&nbsp;&nbsp; Series 2025-R3, Class E, 8.93%, 01/18/2033<sup>(a)</sup> | 2000000 | 2001896  |
| &nbsp;&nbsp;&nbsp; Series 2026-1, Class B, 5.37%, 09/15/2033<sup>(a)</sup> | 2750000 | 2750000  |
| &nbsp;&nbsp;&nbsp; Series 2026-1, Class E, 9.23%, 09/15/2033<sup>(a)</sup> | 1000000 | 1000000  |
|  Pagaya Technologies Ltd., Series 2025-1, Class E, 11.28%, 01/20/2034<sup>(a)</sup> | 750000 | 773733  |
|  Powerpay Securitization Funding LLC, Series 2024-1A, Class B, 8.46%, 02/18/2039<sup>(a)</sup> | 300000 | 312858  |
|  Prosper Marketplace Issuance Trust, Series 2024-1A, Class D, 10.98%, 08/15/2029<sup>(a)</sup> | 500000 | 511739  |
| Purchasing Power Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class D, 7.26%, 08/15/2028<sup>(a)</sup> | 1000000 | 1001666  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class E, 10.18%, 08/15/2028<sup>(a)</sup> | 200000 | 200781  |
| RCKT Mortgage Trust, Series 2025-2A, Class E, 7.83%, 11/27/2034<sup>(a)</sup> | 1000000 | 1028685  |
| Republic Finance Issuance Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class C, 7.28%, 08/20/2032<sup>(a)</sup> | 400000 | 411920  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class D, 9.49%, 08/20/2032<sup>(a)</sup> | 250000 | 257401  |
| &nbsp;&nbsp;&nbsp; Theorem Funding Trust, Series 2022-2A, Class B, 9.27%, <br>12/15/2028<sup>(a)</sup> | 192373 | 192674  |
| Upstart Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class C, 11.10%, 02/20/2033<sup>(a)</sup> | 167976 | 171149  |
| &nbsp;&nbsp;&nbsp; Series 2023-2, Class C, 11.87%, 06/20/2033<sup>(a)</sup> | 1000000 | 1060941  |
|  |  | 42017754  |
| **Credit Card — 0.1%**<br>|  |  |
|  Avant Credit Card Master Trust, Series 2024-1A, Class C, 6.23%, 04/15/2030<sup>(a)</sup> | 500000 | 501460  |
| **Equipment — 0.6%**<br>|  |  |
| Octane Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class E, 9.25%, 08/20/2030<sup>(a)</sup> | 2000000 | 2097728  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class E, 9.04%, 07/20/2032<sup>(a)</sup> | 2000000 | 2146711  |
| &nbsp;&nbsp;&nbsp; Series 2024-RVM1, Class E, 8.42%, 01/22/2046<sup>(a)</sup> | 1000000 | 1061271  |
|  |  | 5305710  |

---

See accompanying notes which are an integral part of these financial statements.

95<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES — (Continued)**  | **ASSET-BACKED SECURITIES — (Continued)**  | **ASSET-BACKED SECURITIES — (Continued)**  |
| **Solar — 0.0%<sup>(e)</sup>** | **Solar — 0.0%<sup>(e)</sup>** | **Solar — 0.0%<sup>(e)</sup>** |
|  GoodLeap Sustainable Home Solutions Trust, Series 2023-2GS, Class B, 7.80%, 05/20/2055<sup>(a)</sup> | $100000 | $52442  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $126,083,762)** |  | 127420222  |
| **COLLATERALIZED LOAN OBLIGATIONS — 12.3%**<br>|  |  |
| AB BSL CLO Ltd., Series 2025-6A, Class D2, 8.48%, 07/20/2037<sup>(a)</sup> | 2000000 | 1991654  |
| &nbsp;&nbsp;&nbsp; Allegro CLO Ltd., Series 2021-1A, Class D1R, 6.82% (3 mo. Term <br>SOFR + 3.15%), 07/20/2038<sup>(a)</sup> | 1500000 | 1518993  |
| AMMC CLO Ltd., Series 2025-32A, Class D2, 8.08%, 10/17/2038<sup>(a)</sup> | 4000000 | 4013312  |
|  Anchorage Capital CLO Ltd., Series 2015-7A, Class CR3, 6.12% (3 mo. Term SOFR + 2.45%), 04/28/2037<sup>(a)</sup> | 2000000 | 2006754  |
| &nbsp;&nbsp;&nbsp; Anchorage Credit Funding Ltd., Series 2016-3A, Class A2R, 6.03% <br>(3 mo. Term SOFR + 2.36%), 01/28/2039<sup>(a)</sup> | 1275000 | 1277322  |
|  Anthelion CLO Ltd., Series 2025-2A, Class D1, 0.00% (3 mo. Term SOFR + 3.20%), 04/20/2039<sup>(a)</sup> | 2000000 | 2000000  |
|  Ares CLO Ltd., Series 2023-70A, Class ER, 9.17% (3 mo. Term SOFR + 5.50%), 01/25/2039<sup>(a)</sup> | 2000000 | 2018208  |
|  BXDL Static CLO LLC, Series 2025-1A, Class C, 5.87% (3 mo. Term SOFR + 2.20%), 07/20/2035<sup>(a)</sup> | 1925000 | 1942650  |
| &nbsp;&nbsp;&nbsp; Carlyle Global Market Strategies, Series 2019-1A, Class CR2, 6.27% <br>(3 mo. Term SOFR + 2.60%), 04/20/2031<sup>(a)</sup> | 2400000 | 2401781  |
| &nbsp;&nbsp;&nbsp; Cent CLO Ltd., Series 2018-27A, Class B1R, 5.73% (3 mo. Term <br>SOFR + 2.06%), 01/25/2035<sup>(a)</sup> | 3850000 | 3863779  |
| Cerberus Loan Funding LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class C, 8.07% (3 mo. Term SOFR + 4.40%), 03/22/2035<sup>(a)</sup> | 1500000 | 1507950  |
| &nbsp;&nbsp;&nbsp; Series 2023-2A, Class D2, 12.17% (3 mo. Term SOFR + 8.50%), 07/15/2035<sup>(a)</sup> | 1900000 | 1925553  |
| &nbsp;&nbsp;&nbsp; CIFC Funding Ltd., Series 2024-3A, Class D1, 6.82% (3 mo. Term <br>SOFR + 3.15%), 07/21/2037<sup>(a)</sup> | 1000000 | 1006118  |
| &nbsp;&nbsp;&nbsp; CQS US CLO Ltd., Series 2025-5A, Class D1, 6.96% (3 mo. Term <br>SOFR + 3.15%), 01/17/2039<sup>(a)</sup> | 1000000 | 1005720  |
|  Crown Point CLO Ltd., Series 2021-10A, Class D, 7.43% (3 mo. Term SOFR + 3.76%), 07/20/2034<sup>(a)</sup> | 2000000 | 2007452  |
|  Deerpath Capital CLO Ltd., Series 2024-1A, Class D, 8.92% (3 mo. Term SOFR + 5.25%), 07/15/2036<sup>(a)</sup> | 3500000 | 3527489  |
| Dryden Senior Loan Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-64A, Class D, 6.58% (3 mo. Term SOFR + 2.91%), 04/18/2031<sup>(a)</sup> | 1500000 | 1512275  |
| &nbsp;&nbsp;&nbsp; Series 2023-107A, Class D1R, 6.75% (3 mo. Term SOFR + 2.90%), 08/15/2038<sup>(a)</sup> | 3650000 | 3684890  |
| &nbsp;&nbsp;&nbsp; Series 2024-119A, Class D2, 9.07% (3 mo. Term SOFR + 5.40%), 04/15/2036<sup>(a)</sup> | 2000000 | 2008358  |

---

See accompanying notes which are an integral part of these financial statements.

96<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS — (Continued)**  | **COLLATERALIZED LOAN OBLIGATIONS — (Continued)**  | **COLLATERALIZED LOAN OBLIGATIONS — (Continued)**  |
| &nbsp;&nbsp;&nbsp; Eldridge CLO Ltd., Series 2025-1A, Class D2, 8.02% (3 mo. Term <br>SOFR + 4.10%), 10/20/2038<sup>(a)</sup> | $2250000 | $2270012  |
| Fortress Credit Opportunities<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-29A, Class D, 7.17% (3 mo. Term SOFR + 3.50%), 04/20/2033<sup>(a)</sup> | 2500000 | 2513502  |
| &nbsp;&nbsp;&nbsp; Series 2025-37A, Class B, 6.27% (3 mo. Term SOFR + 2.60%), 07/20/2033<sup>(a)</sup> | 2500000 | 2526112  |
| Gallatin CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class D1R, 9.32% (3 mo. Term SOFR + 3.60%), 10/14/2036<sup>(a)</sup> | 2000000 | 2015900  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class D1, 7.67% (3 mo. Term SOFR + 4.00%), 10/20/2037<sup>(a)</sup> | 4000000 | 4034888  |
|  HPS Private Credit CLO LLC, Series 2024-2A, Class C, 7.10% (3 mo. Term SOFR + 3.25%), 05/15/2036<sup>(a)</sup> | 4000000 | 4011076  |
|  ICG US CLO Ltd., Series 2023-1A, Class D1R, 6.87% (3 mo. Term SOFR + 3.20%), 07/18/2038<sup>(a)</sup> | 4000000 | 4025056  |
| Madison Park Funding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-19A, Class ER3, 11.01% (3 mo. Term SOFR + 7.34%), 01/22/2037<sup>(a)</sup> | 4000000 | 4000000  |
| &nbsp;&nbsp;&nbsp; Series 2019-37A, Class BR2, 5.62% (3 mo. Term SOFR + 1.95%), 04/15/2037<sup>(a)</sup> | 1750000 | 1753248  |
|  Maranon Loan Funding Ltd., Series 2021-3A, Class DR, 8.48% (3 mo. Term SOFR + 4.81%), 10/15/2036<sup>(a)</sup> | 1000000 | 1011343  |
| Marble Point CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-1A, Class D1R, 7.32% (3 mo. Term SOFR + 3.65%), 07/20/2037<sup>(a)</sup> | 3000000 | 3019104  |
| &nbsp;&nbsp;&nbsp; Series 2020-3A, Class D1R2, 6.67% (3 mo. Term SOFR + 3.00%), 10/19/2038<sup>(a)</sup> | 2000000 | 2023262  |
|  Monroe Capital CLO Ltd., Series 2021-2A, Class C, 6.63% (3 mo. Term SOFR + 2.91%), 09/14/2033<sup>(a)</sup> | 500000 | 503095  |
| &nbsp;&nbsp;&nbsp; Octagon Investment Partners Ltd., Series 2018-1A, Class DR, 10.92% <br>(3 mo. Term SOFR + 7.25%), 10/20/2037<sup>(a)</sup> | 2575000 | 2598263  |
|  Pikes Peak CLO Ltd., Series 2023-14A, Class D2R, 8.32% (3 mo. Term SOFR + 4.65%), 07/20/2038<sup>(a)</sup> | 2300000 | 2325493  |
| Regatta Funding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-2A, Class D1R2, 0.00% (3 mo. Term SOFR + 2.65%), 04/15/2039<sup>(a)</sup> | 3000000 | 3000000  |
| &nbsp;&nbsp;&nbsp; Series 2025-3A, Class D2, 8.18%, 07/20/2038<sup>(a)</sup> | 2000000 | 2024786  |
|  Sculptor CLO Ltd., Series 29A, Class D1R, 7.07% (3 mo. Term SOFR + 3.40%), 07/22/2038<sup>(a)</sup> | 3000000 | 3029505  |
|  Sound Point CLO Ltd., Series 2023-1A, Class D1R, 7.17% (3 mo. Term SOFR + 3.50%), 07/26/2038<sup>(a)</sup> | 5000000 | 5035300  |
|  Sycamore Tree CLO Ltd., Series 2023-3A, Class BR, 5.82% (3 mo. Term SOFR + 2.15%), 04/20/2037<sup>(a)</sup> | 6440000 | 6454046  |
| &nbsp;&nbsp;&nbsp; Trinitas CLO Ltd., Series 2025-32A, Class D1, 6.77% (3 mo. Term <br>SOFR + 3.10%), 07/23/2038<sup>(a)</sup> | 1500000 | 1518041  |

---

See accompanying notes which are an integral part of these financial statements.

97<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS — (Continued)**  | **COLLATERALIZED LOAN OBLIGATIONS — (Continued)**  | **COLLATERALIZED LOAN OBLIGATIONS — (Continued)**  |
|  Voya CLO Ltd., Series 2018-1A, Class C, 6.53% (3 mo. Term SOFR + 2.86%), 04/19/2031<sup>(a)</sup> | $775000 | $778622  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $101,520,552)** |  | 101690912  |
| **CORPORATE OBLIGATIONS — 11.8%** | **CORPORATE OBLIGATIONS — 11.8%** | **CORPORATE OBLIGATIONS — 11.8%** |
| **Basic Materials — 1.0%** | **Basic Materials — 1.0%** | **Basic Materials — 1.0%** |
| Barrick International Barbados Corp., 6.35%, 10/15/2036<sup>(a)</sup> | 95000 | 104475  |
| Capstone Copper Corp., 6.75%, 03/31/2033<sup>(a)</sup> | 480000 | 497665  |
| Celanese US Holdings LLC, 7.38%, 02/15/2034 | 410000 | 417477  |
| Century Aluminum Co., 6.88%, 08/01/2032<sup>(a)</sup> | 410000 | 425095  |
| Cleveland-Cliffs, Inc., 7.63%, 01/15/2034<sup>(a)</sup> | 800000 | 838414  |
| Consolidated Energy Finance SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 05/15/2026<sup>(a)</sup> | 390000 | 386387  |
| &nbsp;&nbsp;&nbsp; 12.00%, 02/15/2031<sup>(a)</sup> | 670000 | 563570  |
| CVR Partners LP / CVR Nitrogen Finance Corp., 6.13%, 06/15/2028<sup>(a)</sup> | 330000 | 330261  |
| First Quantum Minerals Ltd., 7.25%, 02/15/2034<sup>(a)</sup> | 1180000 | 1240573  |
| Freeport-McMoRan, Inc., 5.40%, 11/14/2034 | 145000 | 149569  |
| Magnera Corp., 4.75%, 11/15/2029<sup>(a)</sup> | 560000 | 506452  |
| Mercer International, Inc., 5.13%, 02/01/2029 | 420000 | 259889  |
| Methanex US Operations, Inc., 6.25%, 03/15/2032<sup>(a)</sup> | 810000 | 835779  |
| Mosaic Co., 5.63%, 11/15/2043 | 155000 | 149559  |
| Novelis Corp., 4.75%, 01/30/2030<sup>(a)</sup> | 210000 | 203658  |
| Nucor Corp., 5.10%, 06/01/2035 | 150000 | 152908  |
| Nutrien Ltd., 4.13%, 03/15/2035 | 165000 | 152885  |
| Olin Corp., 6.63%, 04/01/2033<sup>(a)</sup> | 420000 | 412089  |
| Taseko Mines Ltd., 8.25%, 05/01/2030<sup>(a)</sup> | 780000 | 828900  |
|  |  | 8455605  |
| **Communications — 0.6%**<br>|  |  |
| AT&T, Inc., 4.90%, 08/15/2037 | 315000 | 306275  |
| Cars.com, Inc., 6.38%, 11/01/2028<sup>(a)</sup> | 300000 | 300343  |
|  Cogent Communications Group LLC / Cogent Finance, Inc., 6.50%, 07/01/2032<sup>(a)</sup> | 670000 | 616074  |
| Comcast Corp., 6.50%, 11/15/2035 | 185000 | 204630  |
|  Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 10.00%, 02/15/2031<sup>(a)</sup> | 820000 | 845329  |
| Gen Digital, Inc., 6.25%, 04/01/2033<sup>(a)</sup> | 390000 | 392299  |
| Gray Media, Inc., 5.38%, 11/15/2031<sup>(a)</sup> | 890000 | 661917  |
| Lamar Media Corp., 4.88%, 01/15/2029 | 170000 | 170108  |
|  Outfront Media Capital LLC / Outfront Media Capital Corp., 4.63%, 03/15/2030<sup>(a)</sup> | 420000 | 410339  |
| T-Mobile USA, Inc., 5.75%, 01/15/2034 | 195000 | 205916  |
| Univision Communications, Inc., 4.50%, 05/01/2029<sup>(a)</sup> | 430000 | 410966  |
| Verizon Communications, Inc., 4.27%, 01/15/2036 | 325000 | 304746  |
|  |  | 4828942  |

---

See accompanying notes which are an integral part of these financial statements.

98<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  |
| **Consumer, Cyclical — 1.3%**<br>|  |  |
| Adient Global Holdings Ltd., 7.50%, 02/15/2033<sup>(a)</sup> | $400000 | $415592  |
| American Axle & Manufacturing, Inc., 7.75%, 10/15/2033<sup>(a)</sup> | 810000 | 833707  |
| BorgWarner, Inc., 5.40%, 08/15/2034 | 150000 | 154212  |
| Caesars Entertainment, Inc., 4.63%, 10/15/2029<sup>(a)</sup> | 860000 | 826316  |
| Carnival Corp., 6.13%, 02/15/2033<sup>(a)</sup> | 320000 | 329337  |
| Champ Acquisition Corp., 8.38%, 12/01/2031<sup>(a)</sup> | 710000 | 758787  |
| Cinemark USA, Inc., 7.00%, 08/01/2032<sup>(a)</sup> | 790000 | 817967  |
| Clarios Global LP / Clarios US Finance Co., 6.75%, 09/15/2032<sup>(a)</sup> | 800000 | 828532  |
| FirstCash, Inc., 4.63%, 09/01/2028<sup>(a)</sup> | 340000 | 337709  |
| Ford Motor Credit Co. LLC, 6.13%, 03/08/2034 | 100000 | 102323  |
| General Motors Financial Co., Inc., 6.10%, 01/07/2034 | 145000 | 153812  |
| Goodyear Tire & Rubber Co., 6.63%, 07/15/2030 | 620000 | 635386  |
| K Hovnanian Enterprises, Inc., 8.38%, 10/01/2033<sup>(a)</sup> | 400000 | 409104  |
| Lithia Motors, Inc., 3.88%, 06/01/2029<sup>(a)</sup> | 430000 | 416199  |
| Lowe's Cos., Inc., 2.80%, 09/15/2041 | 210000 | 151508  |
| Meritage Homes Corp., 5.65%, 03/15/2035 | 150000 | 153247  |
| NCL Corp. Ltd., 6.25%, 09/15/2033<sup>(a)</sup> | 410000 | 412458  |
| New Flyer Holdings, Inc., 9.25%, 07/01/2030<sup>(a)</sup> | 390000 | 420448  |
| Newell Brands, Inc., 8.50%, 06/01/2028<sup>(a)</sup> | 390000 | 409170  |
| O'Reilly Automotive, Inc., 4.70%, 06/15/2032 | 150000 | 151400  |
| Phinia, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/2029<sup>(a)</sup> | 125000 | 129372  |
| &nbsp;&nbsp;&nbsp; 6.63%, 10/15/2032<sup>(a)</sup> | 320000 | 333366  |
| PulteGroup, Inc., 6.38%, 05/15/2033 | 140000 | 153460  |
| Resideo Funding, Inc., 6.50%, 07/15/2032<sup>(a)</sup> | 400000 | 406804  |
| Royal Caribbean Cruises Ltd., 6.00%, 02/01/2033<sup>(a)</sup> | 200000 | 206228  |
| Sally Holdings LLC / Sally Capital, Inc., 6.75%, 03/01/2032 | 480000 | 497902  |
| Viking Cruises Ltd., 5.88%, 10/15/2033<sup>(a)</sup> | 820000 | 831694  |
|  |  | 11276040  |
| **Consumer, Non-Cyclical — 2.0%**<br>|  |  |
| Acadia Healthcare Co., Inc., 7.38%, 03/15/2033<sup>(a)</sup> | 800000 | 791236  |
| Agilent Technologies, Inc., 4.75%, 09/09/2034 | 205000 | 204690  |
| Amgen, Inc., 5.25%, 03/02/2033 | 200000 | 207028  |
| Amneal Pharmaceuticals LLC, 6.88%, 08/01/2032<sup>(a)</sup> | 390000 | 411145  |
| Ashtead Capital, Inc., 5.95%, 10/15/2033<sup>(a)</sup> | 190000 | 200406  |
| B&G Foods, Inc., 8.00%, 09/15/2028<sup>(a)</sup> | 50000 | 47250  |
| Baxter International, Inc., 2.54%, 02/01/2032 | 235000 | 205411  |
| Belron UK Finance PLC, 5.75%, 10/15/2029<sup>(a)</sup> | 200000 | 203914  |
| Bio-Rad Laboratories, Inc., 3.70%, 03/15/2032 | 220000 | 207762  |
| Brown-Forman Corp., 4.00%, 04/15/2038 | 170000 | 153748  |
| Bunge Ltd. Finance Corp., 2.75%, 05/14/2031 | 225000 | 207220  |
| Campbell's Co., 5.40%, 03/21/2034 | 205000 | 208570  |
| Chobani Holdco LLC, 8.75% (or 9.50% PIK), 10/01/2029<sup>(a)</sup> | 314250 | 335722  |
| Conagra Brands, Inc., 5.30%, 11/01/2038 | 160000 | 151178  |
| Concentra Health Services, Inc., 6.88%, 07/15/2032<sup>(a)</sup> | 360000 | 377372  |

---

See accompanying notes which are an integral part of these financial statements.

99<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  |
| **Consumer, Non-Cyclical — (Continued)**  | **Consumer, Non-Cyclical — (Continued)**  | **Consumer, Non-Cyclical — (Continued)**  |
| Constellation Brands, Inc., 4.90%, 05/01/2033 | $155000 | $155783  |
| DaVita, Inc., 6.88%, 09/01/2032<sup>(a)</sup> | 590000 | 608117  |
| Dcli Bidco LLC, 7.75%, 11/15/2029<sup>(a)</sup> | 320000 | 325850  |
| EquipmentShare.com, Inc., 8.63%, 05/15/2032<sup>(a)</sup> | 580000 | 620761  |
| Fiesta Purchaser, Inc., 9.63%, 09/15/2032<sup>(a)</sup> | 570000 | 578033  |
| GE HealthCare Technologies, Inc., 5.50%, 06/15/2035 | 200000 | 206648  |
| Global Payments, Inc., 5.40%, 08/15/2032 | 150000 | 152278  |
| HCA, Inc., 5.45%, 09/15/2034 | 200000 | 205367  |
| Hertz Corp., 12.63%, 07/15/2029<sup>(a)</sup> | 410000 | 413003  |
| J.M. Smucker Co., 6.20%, 11/15/2033 | 190000 | 205724  |
| JBS USA Food Co., 6.75%, 03/15/2034 | 185000 | 204077  |
| Keurig Dr Pepper, Inc., 5.30%, 03/15/2034 | 200000 | 203608  |
| Kraft Heinz Foods Co., 6.88%, 01/26/2039 | 135000 | 151084  |
| Kroger Co., 5.00%, 09/15/2034 | 205000 | 205262  |
| Mars, Inc., 5.20%, 03/01/2035<sup>(a)</sup> | 200000 | 204841  |
| Medline Borrower LP, 5.25%, 10/01/2029<sup>(a)</sup> | 620000 | 621468  |
| Molina Healthcare, Inc., 6.25%, 01/15/2033<sup>(a)</sup> | 400000 | 403094  |
| Molson Coors Beverage Co., 4.20%, 07/15/2046 | 125000 | 101048  |
| Performance Food Group, Inc., 4.25%, 08/01/2029<sup>(a)</sup> | 510000 | 499735  |
| Perrigo Finance Unlimited Co., 6.13%, 09/30/2032 | 810000 | 797362  |
| Philip Morris International, Inc., 5.25%, 02/13/2034 | 200000 | 206530  |
| Post Holdings, Inc., 6.38%, 03/01/2033<sup>(a)</sup> | 810000 | 816896  |
| Raven Acquisition Holdings LLC, 6.88%, 11/15/2031<sup>(a)</sup> | 650000 | 652213  |
| Royalty Pharma PLC, 3.30%, 09/02/2040 | 265000 | 206052  |
| Simmons Foods, Inc., 4.63%, 03/01/2029<sup>(a)</sup> | 840000 | 810139  |
| Synergy Infrastructure Holdings LLC, 7.88%, 12/01/2030<sup>(a)</sup> | 400000 | 418255  |
| TreeHouse Foods, Inc., 4.00%, 09/01/2028 | 710000 | 708631  |
| Tyson Foods, Inc., 4.88%, 08/15/2034 | 205000 | 203862  |
| United Rentals North America, Inc., 6.00%, 12/15/2029<sup>(a)</sup> | 100000 | 102549  |
| Upbound Group, Inc., 6.38%, 02/15/2029<sup>(a)</sup> | 330000 | 327352  |
| US Foods, Inc., 7.25%, 01/15/2032<sup>(a)</sup> | 160000 | 168074  |
| VT Topco, Inc., 8.50%, 08/15/2030<sup>(a)</sup> | 790000 | 810082  |
| Zimmer Biomet Holdings, Inc., 2.60%, 11/24/2031 | 230000 | 207821  |
|  |  | 16414251  |
| **Diversified — 0.1%**<br>|  |  |
| Stena International SA, 7.25%, 01/15/2031<sup>(a)</sup> | 600000 | 616903  |
| **Energy — 1.6%**<br>|  |  |
|  Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 8.63%, 06/15/2029<sup>(a)</sup> | 580000 | 612804  |
|  Archrock Partners LP / Archrock Partners Finance Corp., 6.63%, 09/01/2032<sup>(a)</sup> | 600000 | 622318  |
| Borr IHC Ltd. / Borr Finance LLC, 10.38%, 11/15/2030<sup>(a)</sup> | 153289 | 156911  |
| Bristow Group, Inc., 6.75%, 02/01/2033<sup>(a)</sup> | 100000 | 101219  |

---

See accompanying notes which are an integral part of these financial statements.

100<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  |
| **Energy — (Continued)**  | **Energy — (Continued)**  | **Energy — (Continued)**  |
|  Calumet Specialty Products Partners LP / Calumet Finance Corp., 9.75%, 07/15/2028<sup>(a)</sup> | $100000 | $103093  |
| Cheniere Corpus Christi Holdings LLC, 2.74%, 12/31/2039 | 180000 | 154507  |
| Cheniere Energy Partners LP, 5.75%, 08/15/2034 | 145000 | 151199  |
| Comstock Resources, Inc., 5.88%, 01/15/2030<sup>(a)</sup> | 860000 | 839625  |
| Continental Resources, Inc., 5.75%, 01/15/2031<sup>(a)</sup> | 145000 | 149735  |
| CVR Energy, Inc., 7.88%, 02/15/2034<sup>(a)</sup> | 975000 | 968309  |
| Energy Transfer LP, 7.38%, 02/01/2031<sup>(a)</sup> | 95000 | 98601  |
| Genesis Energy LP / Genesis Energy Finance Corp., 8.00%, 05/15/2033 | 800000 | 835306  |
| Gulfport Energy Operating Corp., 6.75%, 09/01/2029<sup>(a)</sup> | 400000 | 413015  |
| Helix Energy Solutions Group, Inc., 9.75%, 03/01/2029<sup>(a)</sup> | 320000 | 337115  |
| Hess Corp., 7.13%, 03/15/2033 | 130000 | 149659  |
| Hilcorp Energy I LP / Hilcorp Finance Co., 5.75%, 02/01/2029<sup>(a)</sup> | 170000 | 170133  |
| Howard Midstream Energy Partners LLC, 6.63%, 01/15/2034<sup>(a)</sup> | 330000 | 338918  |
| Kinder Morgan, Inc., 5.95%, 08/01/2054 | 150000 | 150944  |
| Kinetik Holdings LP, 5.88%, 06/15/2030<sup>(a)</sup> | 100000 | 101256  |
| Kodiak Gas Services LLC, 6.50%, 10/01/2033<sup>(a)</sup> | 410000 | 420149  |
| Moss Creek Resources Holdings, Inc., 8.25%, 09/01/2031<sup>(a)</sup> | 200000 | 194625  |
| MPLX LP, 5.00%, 03/01/2033 | 155000 | 155762  |
| ONEOK, Inc., 6.05%, 09/01/2033 | 140000 | 148545  |
| PBF Holding Co. LLC / PBF Finance Corp., 7.88%, 09/15/2030<sup>(a)</sup> | 340000 | 340822  |
| Plains All American Pipeline LP / PAA Finance Corp., 5.70%, 09/15/2034 | 145000 | 149595  |
| SunCoke Energy, Inc., 4.88%, 06/30/2029<sup>(a)</sup> | 880000 | 830643  |
|  Sunoco LP, 7.88% to 09/18/2030 then 5 yr. CMT Rate + 4.23%, Perpetual<sup>(a)</sup> | 400000 | 412256  |
|  Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 12/31/2030<sup>(a)</sup> | 820000 | 832628  |
| Targa Resources Corp., 6.50%, 03/30/2034 | 140000 | 153167  |
| TransMontaigne Partners LLC, 8.50%, 06/15/2030<sup>(a)</sup> | 310000 | 321812  |
|  USA Compression Partners LP / USA Compression Finance Corp., 7.13%, 03/15/2029<sup>(a)</sup> | 480000 | 497272  |
|  Venture Global LNG, Inc., 9.00% to 09/30/2029 then 5 yr. CMT Rate + 5.44%, Perpetual<sup>(a)</sup> | 1530000 | 1346925  |
| Western Midstream Operating LP, 6.15%, 04/01/2033 | 145000 | 153292  |
| Wildfire Intermediate Holdings LLC, 7.50%, 10/15/2029<sup>(a)</sup> | 380000 | 386189  |
| Williams Cos., Inc., 5.60%, 03/15/2035 | 145000 | 150691  |
|  |  | 12949040  |
| **Financial — 3.0%**<br>|  |  |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.30%, 01/30/2032 | 220000 | 203598  |
| Aircastle Ltd. / Aircastle Ireland DAC, 5.25%, 03/15/2030<sup>(a)</sup> | 200000 | 204688  |
|  American Express Co., 5.28% to 07/26/2034 then SOFR + 1.42%, 07/26/2035 | 405000 | 414793  |
| American Tower Corp., 5.55%, 07/15/2033 | 195000 | 203768  |

---

See accompanying notes which are an integral part of these financial statements.

101<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  |
| **Financial — (Continued)**  | **Financial — (Continued)**  | **Financial — (Continued)**  |
| Asurion LLC and Asurion Co.-Issuer, Inc., 8.00%, 12/31/2032<sup>(a)</sup> | $100000 | $104545  |
| Avolon Holdings Funding Ltd., 4.95%, 10/15/2032<sup>(a)</sup> | 205000 | 203457  |
|  Bank of America Corp., 2.48% to 09/21/2031 then 5 yr. CMT Rate + 1.20%, 09/21/2036 | 530000 | 465264  |
| Blackstone Mortgage Trust, Inc., 7.75%, 12/01/2029<sup>(a)</sup> | 360000 | 386113  |
| Burford Capital Global Finance LLC, 7.50%, 07/15/2033<sup>(a)</sup> | 640000 | 618679  |
|  Capital One Financial Corp., 6.18% to 01/30/2035 then SOFR + 2.04%, 01/30/2036 | 390000 | 403986  |
| Credit Acceptance Corp., 6.63%, 03/15/2030<sup>(a)</sup> | 490000 | 491400  |
| Crown Castle, Inc., 5.10%, 05/01/2033 | 200000 | 202158  |
| Enact Holdings, Inc., 6.25%, 05/28/2029 | 150000 | 157264  |
| Encore Capital Group, Inc., 6.63%, 04/15/2031<sup>(a)</sup> | 410000 | 413872  |
| EZCORP, Inc., 7.38%, 04/01/2032<sup>(a)</sup> | 570000 | 608631  |
|  Fifth Third Bancorp, 5.63% to 01/29/2031 then SOFR + 1.84%, 01/29/2032 | 395000 | 413949  |
| Freedom Mortgage Holdings LLC, 7.88%, 04/01/2033<sup>(a)</sup> | 1590000 | 1622813  |
| GGAM Finance Ltd., 5.88%, 03/15/2030<sup>(a)</sup> | 600000 | 610680  |
| Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/2027<sup>(a)</sup> | 1100000 | 1140019  |
| goeasy Ltd., 6.88%, 02/15/2031<sup>(a)</sup> | 890000 | 837306  |
|  Goldman Sachs Group, Inc., 4.02% to 10/31/2037 then 3 mo. Term SOFR + 1.63%, 10/31/2038 | 460000 | 411898  |
| Jane Street Group / JSG Finance, Inc., 6.75%, 05/01/2033<sup>(a)</sup> | 790000 | 822081  |
| Jefferies Finance LLC / JFIN Co.-Issuer Corp., 6.63%, 10/15/2031<sup>(a)</sup> | 420000 | 416541  |
| Jefferson Capital Holdings LLC, 8.25%, 05/15/2030<sup>(a)</sup> | 590000 | 622061  |
|  JPMorgan Chase & Co., 4.95% to 10/22/2034 then SOFR + 1.34%, 10/22/2035 | 515000 | 517352  |
| LPL Holdings, Inc., 4.38%, 05/15/2031<sup>(a)</sup> | 190000 | 184878  |
|  M&T Bank Corp., 5.40% to 07/30/2030 then 5 yr. CMT Rate + 1.43%, 07/30/2035 | 410000 | 414365  |
| Macquarie Airfinance Holdings Ltd., 6.50%, 03/26/2031<sup>(a)</sup> | 190000 | 203412  |
| Millrose Properties, Inc., 6.38%, 08/01/2030<sup>(a)</sup> | 400000 | 408546  |
|  Morgan Stanley, 5.95% to 01/19/2033 then 5 yr. CMT Rate + 2.43%, 01/19/2038 | 395000 | 413286  |
| NMI Holdings, Inc., 6.00%, 08/15/2029 | 150000 | 154963  |
| OneMain Finance Corp., 7.13%, 11/15/2031 | 800000 | 829558  |
| Panther Escrow Issuer LLC, 7.13%, 06/01/2031<sup>(a)</sup> | 730000 | 752299  |
| PennyMac Financial Services, Inc., 6.75%, 02/15/2034<sup>(a)</sup> | 650000 | 656380  |
| PHH Corp., 9.88%, 11/01/2029<sup>(a)</sup> | 640000 | 655347  |
| Phoenix Aviation Capital Ltd., 9.25%, 07/15/2030<sup>(a)</sup> | 1080000 | 1132709  |
|  PNC Financial Services Group, Inc., 5.68% to 01/22/2034 then SOFR + 1.90%, 01/22/2035 | 440000 | 461769  |
| PRA Group, Inc., 5.00%, 10/01/2029<sup>(a)</sup> | 530000 | 485978  |
|  Provident Funding Associates LP / PFG Finance Corp., 9.75%, 09/15/2029<sup>(a)</sup> | 590000 | 619302  |
| Prudential Financial, Inc., 5.20%, 03/14/2035 | 200000 | 204132  |

---

See accompanying notes which are an integral part of these financial statements.

102<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  |
| **Financial — (Continued)**  | **Financial — (Continued)**  | **Financial — (Continued)**  |
| Radian Group, Inc., 6.20%, 05/15/2029 | $145000 | $152309  |
| RHP Hotel Properties LP / RHP Finance Corp., 6.50%, 04/01/2032<sup>(a)</sup> | 200000 | 206994  |
| Rocket Cos., Inc., 7.13%, 02/01/2032<sup>(a)</sup> | 780000 | 815558  |
| Starwood Property Trust, Inc., 5.75%, 01/15/2031<sup>(a)</sup> | 410000 | 415665  |
| Stonebriar ABF Issuer LLC, 8.13%, 12/15/2030<sup>(a)</sup> | 200000 | 207887  |
| Stonex Escrow Issuer LLC, 6.88%, 07/15/2032<sup>(a)</sup> | 740000 | 764042  |
|  UBS Group AG, 5.70% to 02/08/2034 then 1 yr. CMT Rate + 1.77%, 02/08/2035<sup>(a)</sup> | 395000 | 413952  |
|  Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, 6.50%, 02/15/2029<sup>(a)</sup> | 650000 | 632766  |
| UWM Holdings LLC, 6.25%, 03/15/2031<sup>(a)</sup> | 610000 | 606527  |
| Walker & Dunlop, Inc., 6.63%, 04/01/2033<sup>(a)</sup> | 400000 | 410265  |
|  Wells Fargo & Co., 5.56% to 07/25/2033 then SOFR + 1.99%, 07/25/2034 | 395000 | 411769  |
|  |  | 25111574  |
| **Industrial — 1.5%**<br>|  |  |
| Advanced Drainage Systems, Inc., 6.38%, 06/15/2030<sup>(a)</sup> | 330000 | 337599  |
| AmeriTex HoldCo Intermediate LLC, 7.63%, 08/15/2033<sup>(a)</sup> | 540000 | 568223  |
| Amphenol Corp., 5.25%, 04/05/2034 | 145000 | 150252  |
| Arrow Electronics, Inc., 5.88%, 04/10/2034 | 195000 | 203221  |
| Axon Enterprise, Inc., 6.25%, 03/15/2033<sup>(a)</sup> | 320000 | 331762  |
| Beacon Mobility Corp., 7.25%, 08/01/2030<sup>(a)</sup> | 590000 | 618025  |
| Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 02/01/2032<sup>(a)</sup> | 300000 | 302163  |
| Builders FirstSource, Inc., 6.75%, 05/15/2035<sup>(a)</sup> | 780000 | 820466  |
| Burlington Northern Santa Fe LLC, 4.13%, 06/15/2047 | 180000 | 149074  |
| Carrier Global Corp., 3.38%, 04/05/2040 | 125000 | 100780  |
| Clydesdale Acquisition Holdings, Inc., 6.75%, 04/15/2032<sup>(a)</sup> | 320000 | 322718  |
| Coherent Corp., 5.00%, 12/15/2029<sup>(a)</sup> | 300000 | 298974  |
| CRH America Finance, Inc., 5.40%, 05/21/2034 | 195000 | 201919  |
| CSX Corp., 6.15%, 05/01/2037 | 140000 | 153489  |
| Enerflex, Inc., 6.88%, 01/15/2031<sup>(a)</sup> | 410000 | 424024  |
| FTAI Aviation Investors LLC, 5.88%, 04/15/2033<sup>(a)</sup> | 330000 | 334801  |
| GATX Corp., 5.50%, 06/15/2035 | 195000 | 200076  |
| Genesee & Wyoming, Inc., 6.25%, 04/15/2032<sup>(a)</sup> | 200000 | 206144  |
| Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029<sup>(a)</sup> | 850000 | 836773  |
| Knife River Corp., 7.75%, 05/01/2031<sup>(a)</sup> | 480000 | 501552  |
| Northrop Grumman Corp., 5.20%, 06/01/2054 | 160000 | 150871  |
| Owens-Brockway Glass Container, Inc., 7.25%, 05/15/2031<sup>(a)</sup> | 810000 | 825384  |
| Quikrete Holdings, Inc., 6.75%, 03/01/2033<sup>(a)</sup> | 390000 | 405375  |
| Reworld Holding Corp., 4.88%, 12/01/2029<sup>(a)</sup> | 430000 | 416627  |
| Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029<sup>(a)</sup> | 170000 | 167619  |
| RTX Corp., 6.10%, 03/15/2034 | 140000 | 152829  |
| Seaspan Corp., 5.50%, 08/01/2029<sup>(a)</sup> | 430000 | 409346  |
| Sensata Technologies, Inc., 3.75%, 02/15/2031<sup>(a)</sup> | 360000 | 337966  |

---

See accompanying notes which are an integral part of these financial statements.

103<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  |
| **Industrial — (Continued)**  | **Industrial — (Continued)**  | **Industrial — (Continued)**  |
| Smyrna Ready Mix Concrete LLC, 8.88%, 11/15/2031<sup>(a)</sup> | $780000 | $832014  |
| Standard Building Solutions, Inc., 6.50%, 08/15/2032<sup>(a)</sup> | 320000 | 330180  |
| Stonepeak Nile Parent LLC, 7.25%, 03/15/2032<sup>(a)</sup> | 320000 | 338219  |
| Trinity Industries, Inc., 7.75%, 07/15/2028<sup>(a)</sup> | 320000 | 330507  |
| Trivium Packaging Finance BV, 12.25%, 01/15/2031<sup>(a)</sup> | 380000 | 416109  |
| United Parcel Service, Inc., 5.50%, 05/22/2054 | 105000 | 102352  |
| Waste Management, Inc., 4.88%, 02/15/2034 | 150000 | 153492  |
| XPO, Inc., 7.13%, 06/01/2031<sup>(a)</sup> | 160000 | 166246  |
|  |  | 12597171  |
| **Technology — 0.4%**<br>|  |  |
| Amkor Technology, Inc., 5.88%, 10/01/2033<sup>(a)</sup> | 400000 | 408142  |
| CACI International, Inc., 6.38%, 06/15/2033<sup>(a)</sup> | 270000 | 280472  |
| CDW LLC / CDW Finance Corp., 5.55%, 08/22/2034 | 200000 | 203244  |
| Dell International LLC / EMC Corp., 4.85%, 02/01/2035 | 205000 | 200693  |
| Fiserv, Inc., 5.25%, 08/11/2035 | 150000 | 148990  |
| IBM International Capital Pte Ltd., 4.90%, 02/05/2034 | 200000 | 200951  |
| MSCI, Inc., 5.25%, 09/01/2035 | 200000 | 200765  |
| Oracle Corp., 3.90%, 05/15/2035 | 235000 | 202684  |
| Roper Technologies, Inc., 1.75%, 02/15/2031 | 230000 | 201954  |
| Unisys Corp., 10.63%, 01/15/2031<sup>(a)</sup> | 480000 | 455794  |
| VMware LLC, 2.20%, 08/15/2031 | 225000 | 200380  |
| Zebra Technologies Corp., 6.50%, 06/01/2032<sup>(a)</sup> | 400000 | 412286  |
|  |  | 3116355  |
| **Utilities — 0.3%**<br>|  |  |
| Berkshire Hathaway Energy Co., 6.13%, 04/01/2036 | 190000 | 206008  |
| Duke Energy Florida LLC, 6.40%, 06/15/2038 | 185000 | 205887  |
| Hawaiian Electric Co., Inc., 6.00%, 10/01/2033<sup>(a)</sup> | 410000 | 416429  |
| NRG Energy, Inc., 6.25%, 11/01/2034<sup>(a)</sup> | 790000 | 811411  |
| Virginia Electric and Power Co., 5.15%, 03/15/2035 | 200000 | 203069  |
| Vistra Operations Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/15/2032<sup>(a)</sup> | 310000 | 325888  |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/15/2034<sup>(a)</sup> | 195000 | 204668  |
| VoltaGrid LLC, 7.38%, 11/01/2030<sup>(a)</sup> | 410000 | 415484  |
|  |  | 2788844  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE OBLIGATIONS** <br>**(Cost $97,502,064)** |  | 98154725  |
| &nbsp;&nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY — 10.0%**<br>|  |  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool QJ0865, 5.50%, 08/01/2054 | 945514 | 959506  |
| &nbsp;&nbsp;&nbsp; Pool QJ7063, 5.50%, 10/01/2054 | 2263894 | 2304470  |
| &nbsp;&nbsp;&nbsp; Pool QJ7675, 6.00%, 11/01/2054 | 2448638 | 2512420  |
| &nbsp;&nbsp;&nbsp; Pool QX0791, 5.50%, 12/01/2054 | 2095509 | 2135032  |

---

See accompanying notes which are an integral part of these financial statements.

104<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY — (Continued)**  | &nbsp;&nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY — (Continued)**  | &nbsp;&nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY — (Continued)**  |
| &nbsp;&nbsp;&nbsp; Pool RA4179, 2.50%, 12/01/2050 | $4545478 | $3873066  |
| &nbsp;&nbsp;&nbsp; Pool SD5007, 5.00%, 09/01/2053 | 941133 | 945245  |
| &nbsp;&nbsp;&nbsp; Pool SD6195, 5.00%, 10/01/2053 | 797591 | 801574  |
| &nbsp;&nbsp;&nbsp; Pool SL0716, 5.00%, 03/01/2055 | 3790848 | 3802672  |
| &nbsp;&nbsp;&nbsp; Pool SL0741, 6.00%, 02/01/2055 | 4256830 | 4377290  |
| &nbsp;&nbsp;&nbsp; Pool SL0817, 6.00%, 04/01/2055 | 3273268 | 3403128  |
| &nbsp;&nbsp;&nbsp; Pool SL1634, 2.50%, 07/01/2052 | 5700782 | 4867675  |
| Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool BR0948, 2.00%, 04/01/2051 | 2926630 | 2382212  |
| &nbsp;&nbsp;&nbsp; Pool BW5186, 5.00%, 11/01/2052 | 807347 | 808351  |
| &nbsp;&nbsp;&nbsp; Pool BX0432, 6.00%, 11/01/2052 | 2910847 | 2996563  |
| &nbsp;&nbsp;&nbsp; Pool CA4149, 3.00%, 09/01/2049 | 8390632 | 7469902  |
| &nbsp;&nbsp;&nbsp; Pool CA8895, 2.50%, 02/01/2051 | 2055659 | 1751553  |
| &nbsp;&nbsp;&nbsp; Pool CB3000, 2.00%, 12/01/2051 | 4871534 | 3959232  |
| &nbsp;&nbsp;&nbsp; Pool CB7336, 5.50%, 10/01/2053 | 5444924 | 5542763  |
| &nbsp;&nbsp;&nbsp; Pool DB3770, 5.50%, 05/01/2054 | 913743 | 927264  |
| &nbsp;&nbsp;&nbsp; Pool DC3426, 5.00%, 09/01/2054 | 972154 | 973971  |
| &nbsp;&nbsp;&nbsp; Pool DC5739, 5.50%, 11/01/2054 | 1334451 | 1356284  |
| &nbsp;&nbsp;&nbsp; Pool FP0069, 2.50%, 01/01/2052 | 3471476 | 2965241  |
| &nbsp;&nbsp;&nbsp; Pool FS4653, 5.50%, 05/01/2053 | 1124519 | 1143673  |
| &nbsp;&nbsp;&nbsp; Pool FS6738, 5.00%, 09/01/2053 | 2170527 | 2181209  |
| &nbsp;&nbsp;&nbsp; Pool FS8870, 5.00%, 09/01/2053 | 2579053 | 2590321  |
| &nbsp;&nbsp;&nbsp; Pool FS9192, 3.00%, 07/01/2052 | 3642204 | 3234569  |
| &nbsp;&nbsp;&nbsp; Pool FS9409, 5.50%, 10/01/2054 | 5337836 | 5433506  |
| &nbsp;&nbsp;&nbsp; Pool MA4511, 2.00%, 01/01/2052 | 1527264 | 1246501  |
| Government National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool MA8490, 5.00%, 12/20/2052 | 748343 | 748163  |
| &nbsp;&nbsp;&nbsp; Pool MA8570, 5.50%, 01/20/2053 | 4319666 | 4405865  |
| &nbsp;&nbsp;&nbsp; Pool MA9018, 6.00%, 07/20/2053 | 562086 | 575059  |
| &nbsp;&nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY** <br>**(Cost $81,502,750)** |  | 82674280  |
| &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY - 8.1%**<br>|  |  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series K-172, Class A2, 4.58%, 08/25/2035<sup>(b)</sup> | 11000000 | 11029601  |
| &nbsp;&nbsp;&nbsp; Series K-173, Class A2, 4.60%, 09/25/2035<sup>(b)</sup> | 1000000 | 1008603  |
| &nbsp;&nbsp;&nbsp; Series K-174, Class A2, 4.53%, 10/25/2035<sup>(b)</sup> | 5000000 | 5020710  |
| &nbsp;&nbsp;&nbsp; Series K-176, Class A1, 4.37%, 09/25/2035<sup>(f)</sup> | 13000000 | 13015977  |
| &nbsp;&nbsp;&nbsp; Series K547, Class A2, 4.42%, 05/25/2030<sup>(b)</sup> | 5000000 | 5024555  |
| &nbsp;&nbsp;&nbsp; Series K548, Class A2, 4.32%, 09/25/2030<sup>(b)</sup> | 2000000 | 2017890  |
| &nbsp;&nbsp;&nbsp; Series K549, Class A2, 4.34%, 09/25/2030<sup>(b)</sup> | 2000000 | 2024990  |

---

See accompanying notes which are an integral part of these financial statements.

105<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY — (Continued)** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series K553, Class A2, 4.07%, 12/25/2030<sup>(b)</sup> | $7500000 | $7504380  |
| &nbsp;&nbsp;&nbsp; Series K761, Class A2, 4.40%, 06/25/2032<sup>(b)</sup> | 10000000 | 10087790  |
| &nbsp;&nbsp;&nbsp; Series KF169, Class AS, 4.35% (30 day avg SOFR US + 0.56%), 11/25/2035 | 10000000 | 10012460  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY** <br>**(Cost $66,797,162)** |  | 66746956  |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — 3.7%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 3.7%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 3.7%** |
| ALA Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-OANA, Class C, 5.77% (1 mo. Term SOFR + 2.09%), 06/15/2040<sup>(a)</sup> | 300000 | 302423  |
| &nbsp;&nbsp;&nbsp; Series 2025-OANA, Class D, 6.77% (1 mo. Term SOFR + 3.09%), 06/15/2040<sup>(a)</sup> | 200000 | 201580  |
|  Arbor Realty Collateralized Loan Obligation Ltd., Series 2025-BTR1, Class AS, 6.31% (1 mo. Term SOFR + 2.64%), 01/20/2041<sup>(a)</sup> | 1000000 | 1010337  |
|  AREIT CRE Ltd., Series 2024-CRE9, Class AS, 5.92% (1 mo. Term SOFR + 2.24%), 05/17/2041<sup>(a)</sup> | 800000 | 800901  |
| &nbsp;&nbsp;&nbsp; ARES Commercial Mortgage Trust, Series 2024-IND, Class D, 6.57% <br>(1 mo. Term SOFR + 2.89%), 07/15/2041<sup>(a)</sup> | 500000 | 503281  |
| ARZ Trust, Series 2024-BILT, Class D, 7.00%, 06/11/2039<sup>(a)</sup> | 250000 | 258424  |
| &nbsp;&nbsp;&nbsp; Banc of America Re-Remic Trust, Series 2025-ASHF, Class C, 6.68% <br>(1 mo. Term SOFR + 3.00%), 02/15/2042<sup>(a)</sup> | 750000 | 752682  |
| Bank-2025, Series 2025-BNK51, Class D, 4.00%, 12/25/2067<sup>(a)</sup> | 1000000 | 715532  |
| BX Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-AIRC, Class C, 6.27% (1 mo. Term SOFR + 2.59%), 08/15/2041<sup>(a)</sup> | 260175 | 261576  |
| &nbsp;&nbsp;&nbsp; Series 2024-BIO, Class C, 6.32% (1 mo. Term SOFR + 2.64%), 02/15/2041<sup>(a)</sup> | 200000 | 199090  |
| &nbsp;&nbsp;&nbsp; Series 2024-BIO, Class D, 7.32% (1 mo. Term SOFR + 3.64%), 02/15/2041<sup>(a)</sup> | 200000 | 198064  |
| &nbsp;&nbsp;&nbsp; Series 2024-KING, Class D, 6.17% (1 mo. Term SOFR + 2.49%), 05/15/2034<sup>(a)</sup> | 493503 | 497601  |
| &nbsp;&nbsp;&nbsp; Series 2024-PALM, Class D, 6.32% (1 mo. Term SOFR + 2.64%), 06/15/2037<sup>(a)</sup> | 259615 | 260582  |
| &nbsp;&nbsp;&nbsp; Series 2024-VLT4, Class E, 6.57% (1 mo. Term SOFR + 2.89%), 06/15/2041<sup>(a)</sup> | 200000 | 199519  |
| &nbsp;&nbsp;&nbsp; Series 2024-VLT4, Class F, 7.62% (1 mo. Term SOFR + 3.94%), 06/15/2041<sup>(a)</sup> | 500000 | 499563  |
| &nbsp;&nbsp;&nbsp; Series 2025-BIO3, Class D, 6.96%, 02/10/2042<sup>(a)(b)</sup> | 750000 | 756362  |
| &nbsp;&nbsp;&nbsp; Series 2025-VLT7, Class D, 6.93% (1 mo. Term SOFR + 3.25%), 07/15/2044<sup>(a)</sup> | 800000 | 803545  |
| &nbsp;&nbsp;&nbsp; Series 2025-VOLT, Class C, 6.03% (1 mo. Term SOFR + 2.35%), 12/15/2044<sup>(a)</sup> | 1500000 | 1507590  |

---

See accompanying notes which are an integral part of these financial statements.

106<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES — (Continued)**  |
|  Commercial Mortgage Pass Through Certificates, Series 2024-WCL1, Class C, 6.57% (1 mo. Term SOFR + 2.89%), 06/15/2041<sup>(a)</sup> | $1500000 | $1499569  |
|  DBSG Mortgage Trust, Series 2024-ALTA, Class D, 7.06%, 06/10/2037<sup>(a)(b)</sup> | 400000 | 405163  |
| DC Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-HLTN, Class C, 7.04%, 04/13/2040<sup>(a)(b)</sup> | 500000 | 504091  |
| &nbsp;&nbsp;&nbsp; Series 2024-HLTN, Class D, 7.71%, 04/13/2040<sup>(a)(b)</sup> | 300000 | 303591  |
| Extended Stay America Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-ESH, Class D, 6.28% (1 mo. Term SOFR + 2.60%), 10/15/2042<sup>(a)</sup> | 5000000 | 5060210  |
| &nbsp;&nbsp;&nbsp; Series 2025-ESH, Class E, 7.03% (1 mo. Term SOFR + 3.35%), 10/15/2042<sup>(a)</sup> | 4000000 | 4057272  |
|  Gaea Mortgage Loan Trust, Series 2025-A, Class A, 6.75%, 02/25/2030<sup>(a)(b)</sup> | 1815032 | 1783006  |
| Hilton USA Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-ORL, Class C, 6.12% (1 mo. Term SOFR + 2.44%), 05/15/2037<sup>(a)</sup> | 200000 | 200619  |
| &nbsp;&nbsp;&nbsp; Series 2024-ORL, Class D, 6.87% (1 mo. Term SOFR + 3.19%), 05/15/2037<sup>(a)</sup> | 200000 | 200730  |
| HTL Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-T53, Class D, 8.20%, 05/10/2039<sup>(a)(b)</sup> | 300000 | 307592  |
| &nbsp;&nbsp;&nbsp; Series 2024-T53, Class F, 11.93%, 05/10/2039<sup>(a)(b)</sup> | 100000 | 103251  |
| ICNQ Mortgage Trust, Series 2024-MF, Class E, 6.35%, 12/10/2034<sup>(a)(b)</sup> | 750000 | 758267  |
| Jackson Park Trust, Series 2019-LIC, Class E, 3.24%, 10/14/2039<sup>(a)(b)</sup> | 750000 | 663259  |
|  Morgan Stanley ABS Capital I, Inc., Series 2024-BPR2, Class A, 7.29%, 05/05/2029<sup>(a)</sup> | 288699 | 303430  |
|  Morgan Stanley Capital I, Inc., Series 2014-150E, Class A, 3.91%, 09/09/2032<sup>(a)</sup> | 800000 | 725140  |
| NYC Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-28L, Class C, 5.44%, 11/05/2038<sup>(a)(b)</sup> | 1000000 | 1006295  |
| &nbsp;&nbsp;&nbsp; Series 2025-28L, Class D, 6.21%, 11/05/2038<sup>(a)(b)</sup> | 1000000 | 1002417  |
| Stellar Management, Series 2025-IP, Class E, 6.85%, 06/10/2042<sup>(a)(b)</sup> | 250000 | 254487  |
|  TX Trust, Series 2024-HOU, Class D, 6.92% (1 mo. Term SOFR + 3.24%), 06/15/2039<sup>(a)</sup> | 200000 | 200431  |
|  Wells Fargo Commercial Mortgage Trust, Series 2025-VTT, Class E, 7.14%, 03/15/2038<sup>(a)(b)</sup> | 1500000 | 1494116  |
|  WFLD Mortgage Trust, Series 2014-MONT, Class A, 3.75%, 08/10/2031<sup>(a)(b)</sup> | 273832 | 265535  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $30,501,411)** |  | 30827123 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **EXCHANGE TRADED FUNDS — 1.7%**<br>|  |  |
| Invesco Senior Loan ETF | 144578 | 2998548  |
| iShares Broad USD High Yield Corporate Bond ETF | 307515 | 11574864  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $14,552,893)** |  | 14573412 |

---

See accompanying notes which are an integral part of these financial statements.

107<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER — 0.2%**<br>|  |  |
|  Connecticut Avenue Securities Trust, Series 2024-R02, Class 1B2, 7.40% (30 day avg SOFR US + 3.70%), 02/25/2044<sup>(a)</sup> | $1000000 | $1051602  |
|  Federal Home Loan Mortgage Corp., Series 2022-HQA3, Class M1B, 7.25% (30 day avg SOFR US + 3.55%), 08/25/2042<sup>(a)</sup> | 500000 | 520650  |
| &nbsp;&nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER** <br>**(Cost $1,496,563)** |  | 1572252 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **COMMON STOCKS — 0.0%<sup>(e)</sup>**<br>|  |  |
| **Energy — 0.0%<sup>(e)</sup>**<br>|  |  |
| Enviva Escrow<sup>(g)(h)</sup> | 150000 | 0  |
| Enviva LLC<sup>(h)</sup> | 5458 | 81870  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $183,056)** |  | 81870  |
| **SHORT-TERM INVESTMENTS — 5.9%**<br>|  |  |
| **Money Market Funds — 5.9%**<br>|  |  |
| First American Government Obligations Fund - Class U, 3.63%<sup>(i)</sup> | 48785209 | 48785209  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $48,785,209)** |  | 48785209  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 102.8%**<br>**(Cost $844,940,032)** |  | $851471334  |
| Liabilities in Excess of Other Assets — (2.8)% |  | (23552481)  |
| **TOTAL NET ASSETS — 100.0%** |  | $827918853 |

---

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury

LP - Limited Partnership

PIK - Payment in Kind

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Security is exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities are determined to be liquid by the Advisor, under the procedures established by the Fund's Board of Trustees, unless otherwise denoted. As of January 31, 2026, the value of these securities total $615,633,823 or 74.4% of the Fund's net assets.

<sup>(b)</sup> 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 January 31, 2026.

<sup>(c)</sup> Step coupon bond. The rate disclosed is as of January 31, 2026.

<sup>(d)</sup> Interest only security.

<sup>(e)</sup> Represents less than 0.05% of net assets.

<sup>(f)</sup> Security or a portion of the security purchased on a when-issued or delayed delivery basis.

See accompanying notes which are an integral part of these financial statements.

108<br>

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**ANGEL OAK INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026(Continued)** 

<sup>(g)</sup> As of January 31, 2026, the Fund has fair valued these securities under the procedures established by Angel Oak Capital Advisors, LLC as Valuation Designee pursuant to Rule 2a-5 under the Investment Company Act of 1940. The value of these securities amounted to $0 or 0.0% of net assets. Value determined using significant unobservable inputs.

<sup>(h)</sup> Non-income producing security. Income is not being accrued.

<sup>(i)</sup> The rate shown represents the 7-day annualized yield as of January 31, 2026.

See accompanying notes which are an integral part of these financial statements.

109<br>

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**Angel Oak Income ETF** 

**SCHEDULE OF OPEN FUTURES CONTRACTS** 

**January 31, 2026** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Long Futures Contracts** | **Contracts Purchased** | **Expiration** <br>**Date** | **Notional Value** | **Value/Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp; 410 | &nbsp;&nbsp; 03/31/2026 | $44661172 | &nbsp;&nbsp;&nbsp;&nbsp; $(18294) |

---

**Schedule of Centrally Cleared Credit Default** 

**Swaps - Buy Protection<sup>(a)</sup>** 

**January 31, 2026** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference** <br>**Obligation** | **Implied** <br>**Credit** <br>**Spread at** <br>**01/31/26<sup>(b)</sup>** | **Pay** <br>(Receive) <br>**Fixed Rate** | **Payment** <br>**Frequency** | **Maturity** <br>**Date** | **Counterparty** | **Notional** <br>**Amount<sup>(c)</sup>** | **Value** | **Premiums** <br>**Paid** <br>(Received) | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| &nbsp;&nbsp;&nbsp; Markit <br>CDX.NA.IG<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 0.49% | &nbsp;&nbsp;&nbsp; 1.00% | Quarterly | 12/20/2030 | Wells Fargo <br>Securities, <br>LLC | $150000000 | $(3548986) | $(3327712) | &nbsp;&nbsp; $(221274) |

---

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

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

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

<sup>(d)</sup> Centrally cleared swap, clearing agent: Intercontinental Exchange.

See accompanying notes which are an integral part of these financial statements.

110<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Angel Oak Total Return ETF** 

**Schedule of Investments** 

**January 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES - U.S.GOVERNMENT AGENCY — 38.9%**<br>|  |  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool QE0312, 2.00%, 04/01/2052 | $780919 | $636384  |
| &nbsp;&nbsp;&nbsp; Pool RA4179, 2.50%, 12/01/2050 | 337864 | 287884  |
| &nbsp;&nbsp;&nbsp; Pool SD6284, 2.00%, 01/01/2054 | 316234 | 257013  |
| &nbsp;&nbsp;&nbsp; Pool SD8150, 2.00%, 06/01/2051 | 346100 | 283286  |
| &nbsp;&nbsp;&nbsp; Pool SD8224, 2.50%, 07/01/2052 | 304776 | 260344  |
| Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool BT0240, 2.00%, 09/01/2051 | 613850 | 500811  |
| &nbsp;&nbsp;&nbsp; Pool BV7773, 2.50%, 04/01/2052 | 673007 | 573813  |
| &nbsp;&nbsp;&nbsp; Pool CA9273, 2.00%, 02/01/2051 | 251897 | 205668  |
| &nbsp;&nbsp;&nbsp; Pool CB0456, 2.50%, 05/01/2051 | 609139 | 517645  |
| &nbsp;&nbsp;&nbsp; Pool CB2806, 2.50%, 02/01/2052 | 803586 | 691173  |
| &nbsp;&nbsp;&nbsp; Pool CB3164, 2.50%, 03/01/2052 | 951162 | 811566  |
| &nbsp;&nbsp;&nbsp; Pool CB7336, 5.50%, 10/01/2053 | 563268 | 573389  |
| &nbsp;&nbsp;&nbsp; Pool FM6672, 2.50%, 03/01/2051 | 38874 | 33145  |
| &nbsp;&nbsp;&nbsp; Pool FM7652, 2.50%, 06/01/2051 | 190921 | 163259  |
| &nbsp;&nbsp;&nbsp; Pool MA4237, 2.00%, 01/01/2051 | 528107 | 433003  |
| &nbsp;&nbsp;&nbsp; Pool MA4437, 2.00%, 10/01/2051 | 610127 | 498918  |
| &nbsp;&nbsp;&nbsp; Pool MA4512, 2.50%, 01/01/2052 | 256522 | 219114  |
| &nbsp;&nbsp;&nbsp; Pool MA4547, 2.00%, 02/01/2052 | 561253 | 455444  |
| &nbsp;&nbsp;&nbsp; Pool MA4548, 2.50%, 02/01/2052 | 78424 | 66914  |
| &nbsp;&nbsp;&nbsp; Pool MA4563, 2.50%, 03/01/2052 | 30761 | 26189  |
| &nbsp;&nbsp;&nbsp; Pool MA4599, 3.00%, 05/01/2052 | 412566 | 366134  |
| &nbsp;&nbsp;&nbsp; Pool MA4653, 3.00%, 07/01/2052 | 344961 | 307296  |
| &nbsp;&nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY** <br>**(Cost $8,197,876)** |  | 8168392  |
| **CORPORATE OBLIGATIONS — 26.2%**<br>|  |  |
| **Basic Materials — 0.9%**<br>|  |  |
| Barrick International Barbados Corp., 6.35%, 10/15/2036<sup>(a)</sup> | 20000 | 21995  |
| First Quantum Minerals Ltd., 7.25%, 02/15/2034<sup>(a)</sup> | 15000 | 15770  |
| Freeport-McMoRan, Inc., 5.40%, 11/14/2034 | 35000 | 36103  |
| Methanex US Operations, Inc., 6.25%, 03/15/2032<sup>(a)</sup> | 20000 | 20636  |
| Mosaic Co., 5.63%, 11/15/2043 | 35000 | 33772  |
| Nucor Corp., 5.10%, 06/01/2035 | 35000 | 35678  |
| Nutrien Ltd., 4.13%, 03/15/2035 | 35000 | 32430  |
|  |  | 196384 |
| **Communications — 1.4%**<br>|  |  |
| AT&T, Inc., 4.90%, 08/15/2037 | 70000 | 68061  |
| Comcast Corp., 6.50%, 11/15/2035 | 40000 | 44244  |
|  Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 10.00%, 02/15/2031<sup>(a)</sup> | 20000 | 20618  |
| Gen Digital, Inc., 6.25%, 04/01/2033<sup>(a)</sup> | 20000 | 20118  |

---

See accompanying notes which are an integral part of these financial statements.

111<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Angel Oak Total Return ETF** 

**Schedule of Investments** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  |
| **Communications — (Continued)**  | **Communications — (Continued)**  | **Communications — (Continued)**  |
|  Outfront Media Capital LLC / Outfront Media Capital Corp., 4.63%, 03/15/2030<sup>(a)</sup> | $20000 | $19540  |
| T-Mobile USA, Inc., 5.75%, 01/15/2034 | 45000 | 47519  |
| Verizon Communications, Inc., 4.27%, 01/15/2036 | 75000 | 70326  |
|  |  | 290426  |
| **Consumer, Cyclical — 1.9%**<br>|  |  |
| BorgWarner, Inc., 5.40%, 08/15/2034 | 35000 | 35983  |
| Caesars Entertainment, Inc., 4.63%, 10/15/2029<sup>(a)</sup> | 20000 | 19217  |
| Clarios Global LP / Clarios US Finance Co., 6.75%, 09/15/2032<sup>(a)</sup> | 15000 | 15535  |
| Ford Motor Credit Co. LLC, 6.13%, 03/08/2034 | 20000 | 20465  |
| General Motors Financial Co., Inc., 6.10%, 01/07/2034 | 35000 | 37127  |
| Lithia Motors, Inc., 3.88%, 06/01/2029<sup>(a)</sup> | 20000 | 19358  |
| Lowe's Cos., Inc., 2.80%, 09/15/2041 | 50000 | 36073  |
| Meritage Homes Corp., 5.65%, 03/15/2035 | 35000 | 35758  |
| Newell Brands, Inc., 8.50%, 06/01/2028<sup>(a)</sup> | 20000 | 20983  |
| O'Reilly Automotive, Inc., 4.70%, 06/15/2032 | 35000 | 35327  |
| Phinia, Inc., 6.75%, 04/15/2029<sup>(a)</sup> | 25000 | 25874  |
| PulteGroup, Inc., 6.38%, 05/15/2033 | 30000 | 32884  |
| Royal Caribbean Cruises Ltd., 6.00%, 02/01/2033<sup>(a)</sup> | 45000 | 46401  |
| Viking Cruises Ltd., 5.88%, 10/15/2033<sup>(a)</sup> | 20000 | 20285  |
|  |  | 401270  |
| **Consumer, Non-Cyclical — 5.8%**<br>|  |  |
| Acadia Healthcare Co., Inc., 7.38%, 03/15/2033<sup>(a)</sup> | 20000 | 19781  |
| Agilent Technologies, Inc., 4.75%, 09/09/2034 | 45000 | 44932  |
| Amgen, Inc., 5.25%, 03/02/2033 | 45000 | 46581  |
| Amneal Pharmaceuticals LLC, 6.88%, 08/01/2032<sup>(a)</sup> | 20000 | 21084  |
| Ashtead Capital, Inc., 5.95%, 10/15/2033<sup>(a)</sup> | 45000 | 47465  |
| Baxter International, Inc., 2.54%, 02/01/2032 | 55000 | 48075  |
| Belron UK Finance PLC, 5.75%, 10/15/2029<sup>(a)</sup> | 20000 | 20391  |
| Bio-Rad Laboratories, Inc., 3.70%, 03/15/2032 | 50000 | 47219  |
| Brown-Forman Corp., 4.00%, 04/15/2038 | 40000 | 36176  |
| Bunge Ltd. Finance Corp., 2.75%, 05/14/2031 | 50000 | 46049  |
| Campbell's Co., 5.40%, 03/21/2034 | 45000 | 45784  |
| Conagra Brands, Inc., 5.30%, 11/01/2038 | 35000 | 33070  |
| Constellation Brands, Inc., 4.90%, 05/01/2033 | 35000 | 35177  |
| DaVita, Inc., 6.88%, 09/01/2032<sup>(a)</sup> | 20000 | 20614  |
| EquipmentShare.com, Inc., 8.63%, 05/15/2032<sup>(a)</sup> | 20000 | 21406  |
| GE HealthCare Technologies, Inc., 5.50%, 06/15/2035 | 45000 | 46496  |
| Global Payments, Inc., 5.40%, 08/15/2032 | 35000 | 35532  |
| HCA, Inc., 5.45%, 09/15/2034 | 45000 | 46207  |
| J.M. Smucker Co., 6.20%, 11/15/2033 | 40000 | 43310  |
| JBS USA Food Co., 6.75%, 03/15/2034 | 40000 | 44125  |
| Keurig Dr Pepper, Inc., 5.30%, 03/15/2034 | 45000 | 45812  |
| Kraft Heinz Foods Co., 6.88%, 01/26/2039 | 30000 | 33574  |
| Kroger Co., 5.00%, 09/15/2034 | 45000 | 45058  |

---

See accompanying notes which are an integral part of these financial statements.

112<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Angel Oak Total Return ETF** 

**Schedule of Investments** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  |
| **Consumer, Non-Cyclical — (Continued)** | **Consumer, Non-Cyclical — (Continued)** | **Consumer, Non-Cyclical — (Continued)** |
| Mars, Inc., 5.20%, 03/01/2035<sup>(a)</sup> | $45000 | $46089  |
| Molina Healthcare, Inc., 6.25%, 01/15/2033<sup>(a)</sup> | 20000 | 20155  |
| Molson Coors Beverage Co., 4.20%, 07/15/2046 | 30000 | 24252  |
| Perrigo Finance Unlimited Co., 6.13%, 09/30/2032 | 15000 | 14766  |
| Philip Morris International, Inc., 5.25%, 02/13/2034 | 45000 | 46469  |
| Post Holdings, Inc., 6.38%, 03/01/2033<sup>(a)</sup> | 20000 | 20170  |
| Royalty Pharma PLC, 3.30%, 09/02/2040 | 60000 | 46653  |
| Simmons Foods, Inc., 4.63%, 03/01/2029<sup>(a)</sup> | 20000 | 19289  |
| Tyson Foods, Inc., 4.88%, 08/15/2034 | 45000 | 44750  |
| United Rentals North America, Inc., 6.00%, 12/15/2029<sup>(a)</sup> | 20000 | 20510  |
| Zimmer Biomet Holdings, Inc., 2.60%, 11/24/2031 | 50000 | 45178  |
|  |  | 1222199  |
| **Diversified — 0.1%**<br>|  |  |
| Stena International SA, 7.25%, 01/15/2031<sup>(a)</sup> | 20000 | 20564  |
| **Energy — 2.4%**<br>|  |  |
|  Archrock Partners LP / Archrock Partners Finance Corp., 6.63%, 09/01/2032<sup>(a)</sup> | 20000 | 20744  |
| Cheniere Corpus Christi Holdings LLC, 2.74%, 12/31/2039 | 40000 | 34335  |
| Cheniere Energy Partners LP, 5.75%, 08/15/2034 | 35000 | 36496  |
| Continental Resources, Inc., 5.75%, 01/15/2031<sup>(a)</sup> | 35000 | 36143  |
| Energy Transfer LP, 7.38%, 02/01/2031<sup>(a)</sup> | 20000 | 20758  |
| Genesis Energy LP / Genesis Energy Finance Corp., 8.00%, 05/15/2033 | 20000 | 20883  |
| Gulfport Energy Operating Corp., 6.75%, 09/01/2029<sup>(a)</sup> | 20000 | 20651  |
| Hess Corp., 7.13%, 03/15/2033 | 30000 | 34537  |
| Kinder Morgan, Inc., 5.95%, 08/01/2054 | 35000 | 35220  |
| MPLX LP, 5.00%, 03/01/2033 | 35000 | 35172  |
| ONEOK, Inc., 6.05%, 09/01/2033 | 30000 | 31831  |
| Plains All American Pipeline LP / PAA Finance Corp., 5.70%, 09/15/2034 | 35000 | 36109  |
| SunCoke Energy, Inc., 4.88%, 06/30/2029<sup>(a)</sup> | 20000 | 18878  |
|  Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 12/31/2030<sup>(a)</sup> | 20000 | 20308  |
| Targa Resources Corp., 6.50%, 03/30/2034 | 30000 | 32821  |
| Western Midstream Operating LP, 6.15%, 04/01/2033 | 30000 | 31716  |
| Williams Cos., Inc., 5.60%, 03/15/2035 | 35000 | 36374  |
|  |  | 502976  |
| **Financial — 8.5%**<br>|  |  |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.30%, 01/30/2032 | 50000 | 46272  |
| Aircastle Ltd. / Aircastle Ireland DAC, 5.25%, 03/15/2030<sup>(a)</sup> | 45000 | 46055  |
|  American Express Co., 5.28% to 07/26/2034 then SOFR + 1.42%, 07/26/2035 | 90000 | 92176  |
| American Tower Corp., 5.55%, 07/15/2033 | 45000 | 47024  |
| Avolon Holdings Funding Ltd., 4.95%, 10/15/2032<sup>(a)</sup> | 45000 | 44661  |
|  Bank of America Corp., 2.48% to 09/21/2031 then 5 yr. CMT Rate + 1.20%, 09/21/2036 | 120000 | 105343  |

---

See accompanying notes which are an integral part of these financial statements.

113<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Angel Oak Total Return ETF** 

**Schedule of Investments** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  |
| **Financial — (Continued)**  | **Financial — (Continued)**  | **Financial — (Continued)**  |
| Burford Capital Global Finance LLC, 7.50%, 07/15/2033<sup>(a)</sup> | $20000 | $19334  |
|  Capital One Financial Corp., 6.18% to 01/30/2035 then SOFR + 2.04%, 01/30/2036 | 90000 | 93228  |
| Crown Castle, Inc., 5.10%, 05/01/2033 | 45000 | 45485  |
| Enact Holdings, Inc., 6.25%, 05/28/2029 | 35000 | 36695  |
| EZCORP, Inc., 7.38%, 04/01/2032<sup>(a)</sup> | 20000 | 21356  |
| Fifth Third Bancorp, 5.63% to 01/29/2031 then SOFR + 1.84%, 01/29/2032 | 90000 | 94318  |
| GGAM Finance Ltd., 5.88%, 03/15/2030<sup>(a)</sup> | 20000 | 20356  |
|  Goldman Sachs Group, Inc., 4.02% to 10/31/2037 then 3 mo. Term SOFR + 1.63%, 10/31/2038 | 105000 | 94020  |
| Jane Street Group / JSG Finance, Inc., 6.75%, 05/01/2033<sup>(a)</sup> | 20000 | 20812  |
| Jefferson Capital Holdings LLC, 8.25%, 05/15/2030<sup>(a)</sup> | 20000 | 21087  |
|  JPMorgan Chase & Co., 4.95% to 10/22/2034 then SOFR + 1.34%, 10/22/2035 | 115000 | 115525  |
| LPL Holdings, Inc., 4.38%, 05/15/2031<sup>(a)</sup> | 45000 | 43787  |
|  M&T Bank Corp., 5.40% to 07/30/2030 then 5 yr. CMT Rate + 1.43%, 07/30/2035 | 90000 | 90958  |
| Macquarie Airfinance Holdings Ltd., 6.50%, 03/26/2031<sup>(a)</sup> | 45000 | 48177  |
| Millrose Properties, Inc., 6.38%, 08/01/2030<sup>(a)</sup> | 20000 | 20427  |
|  Morgan Stanley, 5.95% to 01/19/2033 then 5 yr. CMT Rate + 2.43%, 01/19/2038 | 90000 | 94166  |
| NMI Holdings, Inc., 6.00%, 08/15/2029 | 35000 | 36158  |
| OneMain Finance Corp., 7.13%, 11/15/2031 | 20000 | 20739  |
|  PNC Financial Services Group, Inc., 5.68% to 01/22/2034 then SOFR + 1.90%, 01/22/2035 | 100000 | 104948  |
| Prudential Financial, Inc., 5.20%, 03/14/2035 | 45000 | 45930  |
| Radian Group, Inc., 6.20%, 05/15/2029 | 35000 | 36764  |
| RHP Hotel Properties LP / RHP Finance Corp., 6.50%, 04/01/2032<sup>(a)</sup> | 20000 | 20699  |
| Starwood Property Trust, Inc., 5.75%, 01/15/2031<sup>(a)</sup> | 20000 | 20276  |
|  UBS Group AG, 5.70% to 02/08/2034 then 1 yr. CMT Rate + 1.77%, 02/08/2035<sup>(a)</sup> | 90000 | 94318  |
| UWM Holdings LLC, 6.25%, 03/15/2031<sup>(a)</sup> | 20000 | 19886  |
| Walker & Dunlop, Inc., 6.63%, 04/01/2033<sup>(a)</sup> | 20000 | 20513  |
| Wells Fargo & Co., 5.56% to 07/25/2033 then SOFR + 1.99%, 07/25/2034 | 90000 | 93821  |
|  |  | 1775314  |
| **Industrial — 2.2%**<br>|  |  |
| Amphenol Corp., 5.25%, 04/05/2034 | 35000 | 36268  |
| Arrow Electronics, Inc., 5.88%, 04/10/2034 | 45000 | 46897  |
| Builders FirstSource, Inc., 6.75%, 05/15/2035<sup>(a)</sup> | 20000 | 21038  |
| Burlington Northern Santa Fe LLC, 4.13%, 06/15/2047 | 40000 | 33127  |
| Carrier Global Corp., 3.38%, 04/05/2040 | 30000 | 24187  |
| CRH America Finance, Inc., 5.40%, 05/21/2034 | 45000 | 46597  |
| CSX Corp., 6.15%, 05/01/2037 | 30000 | 32891  |
| GATX Corp., 5.50%, 06/15/2035 | 45000 | 46171  |
| Genesee & Wyoming, Inc., 6.25%, 04/15/2032<sup>(a)</sup> | 15000 | 15461  |
| Northrop Grumman Corp., 5.20%, 06/01/2054 | 35000 | 33003  |

---

See accompanying notes which are an integral part of these financial statements.

114<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Angel Oak Total Return ETF** 

**Schedule of Investments** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  |
| **Industrial — (Continued)**  | **Industrial — (Continued)**  | **Industrial — (Continued)**  |
| Quikrete Holdings, Inc., 6.75%, 03/01/2033<sup>(a)</sup> | $20000 | $20788  |
| Reworld Holding Corp., 4.88%, 12/01/2029<sup>(a)</sup> | 20000 | 19378  |
| RTX Corp., 6.10%, 03/15/2034 | 30000 | 32749  |
| United Parcel Service, Inc., 5.50%, 05/22/2054 | 25000 | 24369  |
| Waste Management, Inc., 4.88%, 02/15/2034 | 35000 | 35815  |
|  |  | 468739  |
| **Technology — 1.9%**<br>|  |  |
| Amkor Technology, Inc., 5.88%, 10/01/2033<sup>(a)</sup> | 20000 | 20407  |
| CDW LLC / CDW Finance Corp., 5.55%, 08/22/2034 | 45000 | 45730  |
| Dell International LLC / EMC Corp., 4.85%, 02/01/2035 | 45000 | 44054  |
| Fiserv, Inc., 5.25%, 08/11/2035 | 35000 | 34764  |
| IBM International Capital Pte Ltd., 4.90%, 02/05/2034 | 45000 | 45214  |
| MSCI, Inc., 5.25%, 09/01/2035 | 45000 | 45172  |
| Oracle Corp., 3.90%, 05/15/2035 | 55000 | 47437  |
| Roper Technologies, Inc., 1.75%, 02/15/2031 | 50000 | 43903  |
| VMware LLC, 2.20%, 08/15/2031 | 50000 | 44529  |
| Zebra Technologies Corp., 6.50%, 06/01/2032<sup>(a)</sup> | 15000 | 15461  |
|  |  | 386671  |
| **Utilities — 1.1%**<br>|  |  |
| Berkshire Hathaway Energy Co., 6.13%, 04/01/2036 | 40000 | 43370  |
| Duke Energy Florida LLC, 6.40%, 06/15/2038 | 40000 | 44516  |
| Hawaiian Electric Co., Inc., 6.00%, 10/01/2033<sup>(a)</sup> | 20000 | 20314  |
| NRG Energy, Inc., 6.25%, 11/01/2034<sup>(a)</sup> | 20000 | 20542  |
| Virginia Electric and Power Co., 5.15%, 03/15/2035 | 45000 | 45690  |
| Vistra Operations Co. LLC, 6.00%, 04/15/2034<sup>(a)</sup> | 45000 | 47231  |
|  |  | 221663  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE OBLIGATIONS** <br>**(Cost $5,502,103)** |  | 5486206  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 12.6%**<br>|  |  |
| ATLX Trust, Series 2024-RPL1, Class M1, 4.41%, 04/25/2064<sup>(a)(b)</sup> | 150000 | 145448  |
|  BRAVO Residential Funding Trust, Series 2021-NQM3, Class A1, 1.70%, 04/25/2060<sup>(a)(b)</sup> | 107850 | 102467  |
| CIM Trust, Series 2022-R1, Class M3, 4.00%, 01/25/2061<sup>(a)(b)</sup> | 250000 | 210557  |
| COLT Funding LLC, Series 2021-RPL1, Class M2, 3.08%, 09/25/2061<sup>(a)(b)</sup> | 250000 | 218321  |
| Credit Suisse Mortgage Capital Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-AFC1, Class A1, 3.57%, 07/25/2049<sup>(a)(c)</sup> | 56152 | 54174  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM6, Class A3, 1.59%, 07/25/2066<sup>(a)(b)</sup> | 55110 | 48012  |
|  Ellington Financial Mortgage Trust, Series 2022-1, Class B1, 3.86%, 01/25/2067<sup>(a)(b)</sup> | 65000 | 49863  |
| FIGRE Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-HE6, Class D, 6.04%, 09/25/2055<sup>(a)(b)</sup> | 250000 | 249687  |
| &nbsp;&nbsp;&nbsp; Series 2025-HE7, Class D, 6.20%, 11/25/2055<sup>(a)(b)</sup> | 250000 | 249338  |
| &nbsp;&nbsp;&nbsp; Series 2026-HE1, Class D, 6.12%, 01/25/2056<sup>(a)(b)</sup> | 250000 | 250713  |

---

See accompanying notes which are an integral part of these financial statements.

115<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Angel Oak Total Return ETF** 

**Schedule of Investments** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  |
|  JP Morgan Mortgage Trust, Series 2023-6, Class AX1, 0.23%, 12/26/2053<sup>(a)(b)(d)</sup> | $1671210 | $1735  |
|  New Residential Mortgage Loan Trust, Series 2025-NQM5, Class M1, 6.09%, 08/25/2065<sup>(a)(b)</sup> | 250000 | 249296  |
|  Onslow Bay Mortgage Loan Trust, Series 2022-J2, Class A10, 3.00%, 08/25/2052<sup>(a)(b)</sup> | 350000 | 261119  |
|  Saluda Grade Mortgage Funding LLC, Series 2025-LOC5, Class B1, 7.42% (1 mo. Term SOFR + 3.75%), 10/25/2055<sup>(a)</sup> | 250000 | 252287  |
|  Towd Point Mortgage Trust, Series 2021-1, Class A1, 2.25%, 11/25/2061<sup>(a)(b)</sup> | 221325 | 210006  |
| Visio Trust, Series 2021-1R, Class A3, 1.69%, 05/25/2056<sup>(a)</sup> | 99478 | 94201  |
| &nbsp;&nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $2,642,017)** |  | 2647224  |
| **U.S. TREASURY BONDS — 5.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.13%, 05/15/2040 | 1200000 | 758695  |
| &nbsp;&nbsp;&nbsp; 2.50%, 02/15/2046 | 520000 | 361420  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BONDS** <br>**(Cost $1,132,414)** |  | 1120115  |
| &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY — 5.3%**<br>|  |  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series K-170, Class A2, 5.00%, 02/25/2035<sup>(b)</sup> | 300000 | 311320  |
| &nbsp;&nbsp;&nbsp; Series K-171, Class A2, 4.40%, 06/25/2035<sup>(b)</sup> | 250000 | 248832  |
| &nbsp;&nbsp;&nbsp; Series K-172, Class A2, 4.58%, 08/25/2035<sup>(b)</sup> | 250000 | 250673  |
| &nbsp;&nbsp;&nbsp; Series K-173, Class A2, 4.60%, 09/25/2035<sup>(b)</sup> | 300000 | 302581  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY** <br>**(Cost $1,120,874)** |  | 1113406  |
| **COLLATERALIZED LOAN OBLIGATIONS — 4.8%**<br>|  |  |
|  Willow Tree CLO Ltd., Series 2024-1A, Class B, 5.87% (3 mo. Term SOFR + 2.20%), 10/17/2034<sup>(a)</sup> | 1000000 | 1007913  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $1,003,280)** |  | 1007913  |
| **ASSET-BACKED SECURITIES — 4.5%**<br>|  |  |
| **Automobile — 1.2%**<br>|  |  |
| CPS Auto Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-B, Class E, 7.14%, 10/15/2029<sup>(a)</sup> | 200000 | 202130  |
| &nbsp;&nbsp;&nbsp; Series 2025-B, Class E, 7.95%, 03/15/2033<sup>(a)</sup> | 24000 | 25076  |
|  Prestige Auto Receivables Trust, Series 2024-1A, Class E, 7.94%, 04/15/2031<sup>(a)</sup> | 25000 | 23425  |
|  |  | 250631  |

---

See accompanying notes which are an integral part of these financial statements.

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**Angel Oak Total Return ETF** 

**Schedule of Investments** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES — (Continued)**  | **ASSET-BACKED SECURITIES — (Continued)**  | **ASSET-BACKED SECURITIES — (Continued)**  |
| **Consumer — 3.3%** | **Consumer — 3.3%** | **Consumer — 3.3%** |
| ACHD Trust, Series 2025-DS1, Class B, 9.38%, 01/09/2034<sup>(a)</sup> | $100000 | $101697  |
| Pagaya AI Debt Selection Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-8, Class B, 7.96%, 06/16/2031<sup>(a)</sup> | 288691 | 294582  |
| &nbsp;&nbsp;&nbsp; Series 2026-1, Class B, 5.37%, 09/15/2033<sup>(a)</sup> | 250000 | 250000  |
| RCKT Mortgage Trust, Series 2025-2A, Class E, 7.83%, 11/27/2034<sup>(a)</sup> | 50000 | 51434  |
|  |  | 697713  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $941,919)** |  | 948344 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **EXCHANGE TRADED FUNDS — 1.5%**<br>|  |  |
| Invesco Senior Loan ETF | 7229 | 149929  |
| iShares Broad USD High Yield Corporate Bond ETF | 4548 | 171187  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $321,033)** |  | 321116  |
| **SHORT-TERM INVESTMENTS — 2.2%**<br>|  |  |
| **Money Market Funds — 2.2%**<br>|  |  |
| First American Government Obligations Fund - Class U, 3.63%<sup>(e)</sup> | 460498 | 460498  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $460,498)** |  | 460498  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 101.4%** <br>**(Cost $21,322,014)** |  | $21273214  |
| Liabilities in Excess of Other Assets - (1.4)% |  | (294556)  |
| **TOTAL NET ASSETS — 100.0%** |  | $20978658 |

---

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury

LP - Limited Partnership

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Security is exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities are determined to be liquid by the Adviser, under the procedures established by the Fund's Board of Trustees, unless otherwise denoted. As of October 31, 2025, the value of these securities total $6,007,175 or 28.6% of the Fund's net assets.

<sup>(b)</sup> 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 January 31, 2026.

<sup>(c)</sup> Step coupon bond. The rate disclosed is as of January 31, 2026.

<sup>(d)</sup> Interest only security.

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of January 31, 2026.

See accompanying notes which are an integral part of these financial statements.

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**Angel Oak Total Return ETF** 

**Schedule of Open Futures Contracts** 

**January 31, 2026** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short Futures Contracts** | **Contracts Sold** | **Expiration** <br>**Date** | **Notional** <br>**Value** | **Value/Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp;(12) | &nbsp;&nbsp; 03/31/2026 | $(1307156) | &nbsp;&nbsp;&nbsp;&nbsp; $(2438) |

---

See accompanying notes which are an integral part of these financial statements.

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**ANGEL OAK FUNDS TRUST** 

**Statements of Assets and Liabilities** 

**January 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Multi-Strategy** <br>**Income Fund<sup>(a)</sup>** | **UltraShort** <br>**Income Fund**  |
| **Assets**<br>|  |  |
| Investments in unaffiliated securities at fair value\* | $2734724584 | $821065725  |
| Investments in affiliated securities at fair value\* | 42231399 | —  |
| Cash | 3371285 | —  |
| Receivable for investments sold | 41519537 | 90713  |
| Deposit at broker for swaps | 17163677 | —  |
| Dividends and interest receivable | 15686673 | 3456961  |
| Receivable for Fund shares sold | 4868882 | 898279  |
| Deposit at broker for futures | 250594 | 409615  |
| Prepaid expenses | 74502 | 33574  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 2859891133 | 825954867  |
| **Liabilities**<br>|  |  |
| Payable for credit agreements | 100000000 | —  |
| Payable for investments purchased | 89957814 | 16845757  |
| Net swap premiums received | 10944321 | —  |
| Payable for Fund shares redeemed | 8735914 | 2536709  |
| Payable for distributions to shareholders | 3619789 | 1094437  |
| Payable to Adviser | 1994945 | 148855  |
| Depreciation on swaps | 885633 | —  |
| Interest payable for credit agreements | 469083 | —  |
| Payable to administrator, fund accountant, and transfer agent | 454657 | 127992  |
| 12b-1 fees accrued | 54357 | 5914  |
| Payable to custodian | 22783 | 6600  |
| Other accrued expenses | 235104 | 57655  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 217374400 | 20823919  |
| **Net Assets** | $2642516733 | $805130948  |
| **Net Assets Consist of:**<br>|  |  |
| Paid-in capital | $4544392606 | $858119761  |
| Total distributable earnings (accumulated deficit) | (1901875873) | (52988813)  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $2642516733 | $805130948  |
| **Class A:**<br>|  |  |
| Net Assets | $152006954 | $28375138  |
|  Shares outstanding (unlimited number of shares authorized, no par value) | 17305386 | 2870980  |
| **Net asset value ("NAV") per share** | $8.78 | $9.88  |
| **Offering price per share (NAV/0.9775)<sup>(b)</sup>** | $8.98 | $9.88  |

---

See accompanying notes which are an integral part of these financial statements.

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**ANGEL OAK FUNDS TRUST** 

**Statements of Assets and Liabilities** 

**January 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Multi-Strategy** <br>**Income Fund<sup>(a)</sup>** | **UltraShort** <br>**Income Fund**  |
| **Class C:**<br>|  |  |
| Net Assets | $25061290 | $—  |
|  Shares outstanding (unlimited number of shares authorized, no par value) | 2889765 | —  |
| **NAV and offering price per share** | $8.67 | $—  |
| **Minimum redemption price per share (NAV\*0.99)<sup>(c)</sup>** | $8.58 | $—  |
| **Institutional Class:**<br>|  |  |
| Net Assets | $2465448489 | $775885008  |
|  Shares outstanding (unlimited number of shares authorized, no par value) | 281594806 | 78512722  |
| **Net asset value ("NAV") and offering price per share** | $8.76 | $9.88  |
| **Class A1:**<br>|  |  |
| Net Assets | $— | $870802  |
|  Shares outstanding (unlimited number of shares authorized, no par value) |  | 88291  |
| **Net asset value ("NAV") per share** | $— | $9.86  |
| **Offering price per share (NAV/0.985)<sup>(d)</sup>** | $— | $10.01  |
| **Minimum redemption price per share (NAV\*0.995)<sup>(e)</sup>** | $— | $9.81  |
| **\*Identified Cost:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | $2893553597 | $824305639  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities | 39445675 |  |

---

<sup>(a)</sup> Statement has been consolidated. See Note 1 in the Notes to Financial Statements for basis of consolidation.

<sup>(b)</sup> Class A shares impose a maximum 2.25% sales charge on purchases. This fee is not charged to shareholders of the UltraShort Income Fund.

<sup>(c)</sup> A contingent deferred sales charge ("CDSC") of 1.00% may be charged.

<sup>(d)</sup> Class A1 shares impose a maximum 1.50% sales charge on purchases.

<sup>(e)</sup> A CDSC of 0.50% may be charged. 

See accompanying notes which are an integral part of these financial statements.

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**ANGEL OAK FUNDS TRUST** 

**Statements of Assets and Liabilities** 

**January 31, 2026(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **High Yield** <br>**Opportunities ETF** | **Mortgage-Backed** <br>**Securities ETF** | **UltraShort** <br>**Income ETF** | **Income ETF** | **Total** <br>**Return ETF**  |
| **Assets**<br>|  |  |  |  |  |
|  Investments in securities at fair value\* | &nbsp;&nbsp;&nbsp;&nbsp; $122779059 | &nbsp;&nbsp;&nbsp; $169704334 | $1361857285 | $851471334 | $21273214  |
|  Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp; 2129073 | &nbsp;&nbsp;&nbsp; 577240 | 5466308 | 4548344 | 127690  |
|  Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10024653 | 842014 | 5012326 | 996994  |
|  Receivable for fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1748880 | 5727635 |  | —  |
| Deposit at broker for futures | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 250555 | 465183 | 631610 | 14562  |
| Deposit at broker for swaps | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |  | 5149564 | —  |
| Receivable for transaction fee | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 1146 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | &nbsp;&nbsp;&nbsp;&nbsp; 124908132 | &nbsp;&nbsp;&nbsp; 182305662 | 1374359571 | 866813178 | 22412460  |
| **Liabilities**<br>|  |  |  |  |  |
|  Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp; 1560000 | &nbsp;&nbsp;&nbsp; 12997941 | 54158942 | 32122791 | 1353274  |
|  Payable for distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp; 555889 | &nbsp;&nbsp;&nbsp; 636414 | 4326680 | 2712464 | 73133  |
| Payable to Adviser | &nbsp;&nbsp;&nbsp;&nbsp; 57314 | &nbsp;&nbsp;&nbsp; 67136 | 365003 | 510084 | 7395  |
| Net swap premiums received | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |  | 3327712 | —  |
| Depreciation on swaps | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |  | 221274 | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; 2173203 | &nbsp;&nbsp;&nbsp; 13701491 | 58850625 | 38894325 | 1433802  |
| **Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; $122734929 | &nbsp;&nbsp;&nbsp; $168604171 | $1315508946 | $827918853 | $20978658  |
| **Net Assets Consist of:**<br>|  |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp; $128002416 | &nbsp;&nbsp;&nbsp; $169827539 | $1312178402 | $820394905 | $21018480  |
|  Total distributable earnings (accumulated deficit) | &nbsp;&nbsp;&nbsp;&nbsp; (5267487) | &nbsp;&nbsp;&nbsp; (1223368) | 3330544 | 7523948 | (39822)  |
| &nbsp;&nbsp;&nbsp; Net Assets | &nbsp;&nbsp;&nbsp;&nbsp; $122734929 | &nbsp;&nbsp;&nbsp; $168604171 | $1315508946 | $827918853 | $20978658  |
|  Shares outstanding (unlimited number of shares authorized, no par value) | &nbsp;&nbsp;&nbsp;&nbsp; 11035384 | &nbsp;&nbsp;&nbsp; 19281336 | 25724000 | 39620000 | 420000  |
|  **Net asset value ("NAV") and offering price per share** | &nbsp;&nbsp;&nbsp;&nbsp; $11.12 | &nbsp;&nbsp;&nbsp; $8.74 | $51.14 | $20.90 | $49.95  |
| **\*Identified Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in securities | &nbsp;&nbsp;&nbsp;&nbsp; $123189646 | &nbsp;&nbsp;&nbsp; $167825959 | $1358732835 | $844940032 | $21322014 |

---

See accompanying notes which are an integral part of these financial statements.

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**ANGEL OAK FUNDS TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended January 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Multi-Strategy** <br>**Income Fund<sup>(a)</sup>** | **UltraShort** <br>**Income Fund**  |
| **INVESTMENT INCOME**<br>|  |  |
| Interest | $183495240 | $34011141  |
| Dividends from unaffiliated investments | 4207661 | 855848  |
| Dividends from affiliated investments | 1864428 | —  |
| Swap income | 1725659 | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | $191292988 | $34866989  |
| **EXPENSES**<br>|  |  |
| Investment Advisory (See Note 5) | 24314948 | 2961098  |
| Interest expense | 8984091 | —  |
| 12b-1 - Class A | 386953 | 66379  |
| 12b-1 - Class A1 |  | 2961  |
| 12b-1 - Class C | 292756 | —  |
| Fund accounting | 653007 | 151676  |
| Administration | 402361 | 120138  |
| Legal | 385148 | 89486  |
| Transfer agent | 356305 | 101301  |
| Trustee | 229946 | 79950  |
| Custodian | 164025 | 37935  |
| Audit & tax | 132200 | 39619  |
| Registration | 123363 | 84459  |
| Printing | 107820 | 16207  |
| Insurance | 36863 | 6805  |
| Compliance | 12000 | 12000  |
| Miscellaneous | 84785 | 22769  |
| &nbsp;&nbsp;&nbsp; Total Expenses | 36666571 | 3792783  |
| &nbsp;&nbsp;&nbsp; Fees contractually recouped by Adviser (See Note 5) | 54590 | —  |
| &nbsp;&nbsp;&nbsp; Fees contractually waived by Adviser (See Note 5) | (174052) | (1368024)  |
| &nbsp;&nbsp;&nbsp; Net Expenses | 36547109 | 2424759  |
| **Net investment income (loss)** | 154745879 | 32442230  |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS**<br>|  |  |
| Net Realized gain (loss) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Unaffiliated Securities | (64161636) | (384561)  |
| &nbsp;&nbsp;&nbsp; Affiliated Securities | (3671399) | —  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | 4957385 | 883677  |
| &nbsp;&nbsp;&nbsp; Swaps | (4121667) | —  |
| Net change in unrealized appreciation/depreciation on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Unaffiliated Investments | 109921549 | 2834412  |
| &nbsp;&nbsp;&nbsp; Affiliated Investments | 7024369 | —  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | 374294 | (559263)  |
| &nbsp;&nbsp;&nbsp; Swaps | (786458) | —  |
| **Net realized and unrealized gain (loss) on investments** | 49536437 | 2774265  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $204282316 | $35216495 |

---

<sup>(a)</sup> Statement has been consolidated. See Note 1 in the Notes to Financial Statements for basis of consolidation.

See accompanying notes which are an integral part of these financial statements.

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**ANGEL OAK FUNDS TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Year or Period Ended January 31, 2026 (Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **High Yield** <br>**Opportunities ETF** | **Mortgage-Backed** <br>**Securities ETF** | **UltraShort** <br>**Income ETF** | **Income ETF** | **Total** <br>**Return ETF<sup>(a)</sup>**  |
| **INVESTMENT INCOME**<br>|  |  |  |  |  |
| Interest | &nbsp;&nbsp;&nbsp; $8367730 | &nbsp;&nbsp; $9332236 | $51526409 | $37217810 | $285784  |
| Dividends | &nbsp;&nbsp;&nbsp; 234945 | &nbsp;&nbsp; 124248 | 2303543 | 1514481 | 11742  |
| Swap income | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 220915 | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp;&nbsp; 8602675 | &nbsp;&nbsp; 9456484 | 53829952 | 38953206 | 297526  |
| **EXPENSES**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Advisory <br>(See Note 5) | &nbsp;&nbsp;&nbsp; 665361 | &nbsp;&nbsp; 1292921 | 5575843 | 5645680 | 33692  |
| &nbsp;&nbsp;&nbsp; Interest expense | &nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp; — |  |  | —  |
| &nbsp;&nbsp;&nbsp; Total Expenses | &nbsp;&nbsp;&nbsp; 665458 | &nbsp;&nbsp; 1292921 | 5575843 | 5645680 | 33692  |
| &nbsp;&nbsp;&nbsp; Fees contractually waived by Adviser (See Note 5) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (490983) | (2128958) | (1140542) | (8566)  |
| &nbsp;&nbsp;&nbsp; Net Expenses | &nbsp;&nbsp;&nbsp; 665458 | &nbsp;&nbsp; 801938 | 3446885 | 4505138 | 25126  |
|  **Net investment income (loss)** | &nbsp;&nbsp;&nbsp; 7937217 | &nbsp;&nbsp; 8654546 | 50383067 | 34448068 | 272400  |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS**<br>|  |  |  |  |  |
| Net Realized gain (loss) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; (390186) | &nbsp;&nbsp; 2055593 | 462285 | 3204634 | 25963  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (500831) | 255160 | (307853) | —  |
| &nbsp;&nbsp;&nbsp; Swaps | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |  | (270496) | —  |
|  Net change in unrealized appreciation/depreciation on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; 720400 | &nbsp;&nbsp; 2773164 | 941999 | 6662538 | (48800)  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (9260) | 44896 | (48590) | (2438)  |
| &nbsp;&nbsp;&nbsp; Swaps | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |  | (221274) | —  |
|  **Net realized and unrealized gain (loss) on investments** | &nbsp;&nbsp;&nbsp; 330214 | &nbsp;&nbsp; 4318666 | 1704340 | 9018959 | (25275)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp; $8267431 | &nbsp;&nbsp; $12973212 | $52087407 | $43467027 | $247125 |

---

<sup>(a)</sup> Fund commenced operations on October 6, 2025.

See accompanying notes which are an integral part of these financial statements.

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**ANGEL OAK MULTI-STRATEGY INCOME FUND** 

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS<sup>(a)</sup>** 

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended January 31,**  | **For the Year Ended January 31,**  |
|  | **2026** | **2025**  |
| **INCREASE (DECREASE) IN NET ASSETS DUE TO:**<br>|  |  |
| **OPERATIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $154745879 | $165947832  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions, futures contracts, and swaps | (66997317) | (159746977)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments, futures contracts, and swaps | 116533754  | 186391273  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 204282316 | 192592128  |
| **DISTRIBUTIONS TO SHAREHOLDERS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Distributions, Class A | (8289576) | (9085999)  |
| &nbsp;&nbsp;&nbsp; Distributions, Class C | (1369920) | (1730961)  |
| &nbsp;&nbsp;&nbsp; Distributions, Institutional Class | (143133414) | (153154212)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (152792910) | (163971172)  |
| **CAPITAL TRANSACTIONS - CLASS A**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 62754859  | 99698648  |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions | 6663257  | 6420973  |
| &nbsp;&nbsp;&nbsp; Amount paid for shares redeemed | (65997692) | (96409739)  |
| &nbsp;&nbsp;&nbsp; **Total Class A** | 3420424 | 9709882  |
| **CAPITAL TRANSACTIONS - CLASS C**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 3675861  | 11826190  |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions | 1006130  | 1307460  |
| &nbsp;&nbsp;&nbsp; Amount paid for shares redeemed | (13541604) | (13934861)  |
| &nbsp;&nbsp;&nbsp; **Total Class C** | (8859613) | (801211)  |
| **CAPITAL TRANSACTIONS - INSTITUTIONAL CLASS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 808970497  | 960786432  |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions | 89058467  | 95135034  |
| &nbsp;&nbsp;&nbsp; Amount paid for shares redeemed | (1093132345) | (1002043809)  |
| &nbsp;&nbsp;&nbsp; Total Institutional Class | (195103381) | 53877657  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | (200542570) | 62786328  |
| **Total increase (decrease) in net assets** | (149053164) | 91407284  |
| **NET ASSETS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 2791569897 | 2700162613  |
| &nbsp;&nbsp;&nbsp; End of year | $2642516733 | $2791569897  |

---

See accompanying notes which are an integral part of these financial statements.

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**ANGEL OAK MULTI-STRATEGY INCOME FUND** 

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS<sup>(a)</sup>(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended January 31,**  | **For the Year Ended January 31,**  |
|  | **2026** | **2025**  |
| **SHARE TRANSACTIONS - CLASS A**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 7206067  | 11627906  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 763607  | 745763  |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (7557283) | (11133272)  |
| &nbsp;&nbsp;&nbsp; **Total Class A** | 412391 | 1240397  |
| **SHARE TRANSACTIONS - CLASS C**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 427280  | 1377987  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 116762  | 153664  |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (1573131) | (1638847)  |
| &nbsp;&nbsp;&nbsp; **Total Class C** | (1029089) | (107196)  |
| **SHARE TRANSACTIONS - INSTITUTIONAL CLASS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 93147767  | 111435494  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 10241601  | 11086268  |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (125874596) | (117048885)  |
| &nbsp;&nbsp;&nbsp; Total Institutional Class | (22485228) | 5472877  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in share transactions** | (23101926) | 6606078 |

---

<sup>(a)</sup> Statement has been consolidated. See Note 1 in the Notes to Financial Statements for basis of consolidation.

See accompanying notes which are an integral part of these financial statements.

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**ANGEL OAK ULTRASHORT INCOME FUND** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended January 31,**  | **For the Year Ended January 31,**  |
|  | **2026** | **2025**  |
| **INCREASE (DECREASE) IN NET ASSETS DUE TO:**<br>|  |  |
| **OPERATIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $32442230 | $23515231  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions and futures contracts | 499116  | (3757738)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments and futures contracts | 2275149  | 9083263  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 35216495 | 28840756  |
| **DISTRIBUTIONS TO SHAREHOLDERS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Distributions, Class A | (1249317) | (1272092)  |
| &nbsp;&nbsp;&nbsp; Distributions, Class A1 | (55608) | (40536)  |
| &nbsp;&nbsp;&nbsp; Distributions, Institutional Class | (31937501) | (22462258)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (33242426) | (23774886)  |
| **CAPITAL TRANSACTIONS - CLASS A**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 19995257  | 11136715  |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions | 1203358  | 1236573  |
| &nbsp;&nbsp;&nbsp; Amount paid for shares redeemed | (18336611) | (12673568)  |
| &nbsp;&nbsp;&nbsp; **Total Class A** | 2862004 | (300280)  |
| **CAPITAL TRANSACTIONS - CLASS A1**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 300000  | 545925  |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions | 42345  | 34503  |
| &nbsp;&nbsp;&nbsp; Amount paid for shares redeemed | (602201) | (5832)  |
| &nbsp;&nbsp;&nbsp; **Total Class A1** | (259856) | 574596  |
| **CAPITAL TRANSACTIONS - INSTITUTIONAL CLASS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 551026177  | 187690468  |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions | 19803355  | 17515369  |
| &nbsp;&nbsp;&nbsp; Amount paid for shares redeemed | (250694925) | (185010487)  |
| &nbsp;&nbsp;&nbsp; Total Institutional Class | 320134607  | 20195350  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | 322736755 | 20469666  |
| **Total increase (decrease) in net assets** | 324710824 | 25535536  |
| **NET ASSETS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 480420124 | 454884588  |
| &nbsp;&nbsp;&nbsp; End of year | $805130948 | $480420124  |

---

See accompanying notes which are an integral part of these financial statements.

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**ANGEL OAK ULTRASHORT INCOME FUND** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended January 31,**  | **For the Year Ended January 31,**  |
|  | **2026** | **2025**  |
| **SHARE TRANSACTIONS - CLASS A**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 2026014  | 1134534  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 121910  | 125920  |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (1858123) | (1291769)  |
| &nbsp;&nbsp;&nbsp; **Total Class A** | 289801 | (31315)  |
| **SHARE TRANSACTIONS - CLASS A1**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 30426  | 55578  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 4298  | 3511  |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (61077) | (600)  |
| &nbsp;&nbsp;&nbsp; **Total Class A1** | (26353) | 58489  |
| **SHARE TRANSACTIONS - INSTITUTIONAL CLASS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 55827004  | 19105924  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 2006364  | 1784204  |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (25408167) | (18856937)  |
| &nbsp;&nbsp;&nbsp; Total Institutional Class | 32425201 | 2033191  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in share transactions** | 32688649 | 2060365 |

---

See accompanying notes which are an integral part of these financial statements.

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**ANGEL OAK HIGH YIELD OPPORTUNITIES ETF<sup>(a)</sup>** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended January 31,**  | **For the Year Ended January 31,**  |
|  | **2026** | **2025**  |
| **INCREASE (DECREASE) IN NET ASSETS DUE TO:**<br>|  |  |
| **OPERATIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $7937217 | $6056228  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | (390186) | 942570  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | 720400  | 825323  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 8267431 | 7824121  |
| **DISTRIBUTIONS TO SHAREHOLDERS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Distributions | (7969058) | (6059277)  |
| **CAPITAL TRANSACTIONS - INSTITUTIONAL CLASS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | —  | 2301926  |
| &nbsp;&nbsp;&nbsp; Amount paid for shares redeemed | —  | (445672)  |
| &nbsp;&nbsp;&nbsp; **Total Institutional Class** |  | 1856254  |
| **CAPITAL TRANSACTIONS - ETF**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 26952891  | 46842977  |
| &nbsp;&nbsp;&nbsp; Amount paid for shares redeemed | (20185400) | (6830003)  |
| &nbsp;&nbsp;&nbsp; Total  | 6767491  | 40012974  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | 6767491 | 41869228  |
| **Total increase (decrease) in net assets** | 7065864 | 43634072  |
| **NET ASSETS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 115669065 | 72034993  |
| &nbsp;&nbsp;&nbsp; End of year | $122734929 | $115669065  |
| **SHARE TRANSACTIONS - INSTITUTIONAL CLASS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | —  | 212117  |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | —  | (40968)  |
| &nbsp;&nbsp;&nbsp; **Total Institutional Class** |  | 171149  |
| **SHARE TRANSACTIONS - ETF**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 2425000  | 4250001  |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (1825000) | (625001)  |
| &nbsp;&nbsp;&nbsp; Total | 600000 | 3625000  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in share transactions** | 600000 | 3796149 |

---

<sup>(a)</sup> Effective as of the close of business on February 16, 2024, the Angel Oak High Yield Opportunities Fund was reorganized into the Angel Oak High Yield Opportunities ETF pursuant to an Agreement and Plan of Reorganization. See Note 1.

See accompanying notes which are an integral part of these financial statements.

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**ANGEL OAK MORTGAGE-BACKED SECURITIES ETF<sup>(a)</sup>** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended January 31,**  | **For the Year Ended January 31,**  |
|  | **2026** | **2025**  |
| **INCREASE (DECREASE) IN NET ASSETS DUE TO:**<br>|  |  |
| **OPERATIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $8654546 | $3538782  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions and futures contracts | 1554762  | (130986)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments and futures contracts | 2763904  | 700515  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 12973212 | 4108311  |
| **DISTRIBUTIONS TO SHAREHOLDERS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Distributions | (8685546) | (3507320)  |
| **CAPITAL TRANSACTIONS - INSTITUTIONAL CLASS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Amount paid for shares redeemed | —  | (5)  |
| &nbsp;&nbsp;&nbsp; **Total Institutional Class** |  | (5)  |
| **CAPITAL TRANSACTIONS - ETF**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 56855352  | 140078020  |
| &nbsp;&nbsp;&nbsp; Amount paid for shares redeemed | (64136602) | —  |
| &nbsp;&nbsp;&nbsp; Total | (7281250) | 140078020  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | (7281250) | 140078015  |
| **Total increase (decrease) in net assets** | (2993584) | 140679006  |
| **NET ASSETS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 171597755 | 30918749  |
| &nbsp;&nbsp;&nbsp; End of year | $168604171 | $171597755  |
| **SHARE TRANSACTIONS - ETF**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 6550000  | 16525000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (7425000) | —  |
| &nbsp;&nbsp;&nbsp; Total | (875000) | 16525000  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in share transactions** | (875000) | 16525000 |

---

<sup>(a)</sup> Effective as of the close of business on February 16, 2024, the Angel Oak Total Return Bond Fund was reorganized into the Angel Oak Mortgage-Backed Securities ETF pursuant to an Agreement and Plan of Reorganization. See Note 1. 

See accompanying notes which are an integral part of these financial statements.

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**Angel Oak UltraShort Income ETF** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended January 31,**  | **For the Year Ended January 31,**  |
|  | **2026** | **2025**  |
| **INCREASE (DECREASE) IN NET ASSETS DUE TO:**<br>|  |  |
| **OPERATIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $50383067 | $29539943  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions and futures contracts | 717445  | 567899  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments and futures contracts | 986895  | 1317043  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 52087407 | 31424885  |
| **DISTRIBUTIONS TO SHAREHOLDERS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Distributions | (51322432) | (29681993)  |
| **CAPITAL TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 581190440  | 653122509  |
| &nbsp;&nbsp;&nbsp; Amount paid for shares redeemed | —  | (44204342)  |
| &nbsp;&nbsp;&nbsp; Transaction Fees | 61320  | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | 581251760 | 608918167  |
| **Total increase (decrease) in net assets** | 582016735 | 610661059  |
| **NET ASSETS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 733492211 | 122831152  |
| &nbsp;&nbsp;&nbsp; End of year | $1315508946 | $733492211  |
| **SHARE TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 11360000  | 12804000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | —  | (864000)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in share transactions** | 11360000 | 11940000 |

---

See accompanying notes which are an integral part of these financial statements.

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**ANGEL OAK INCOME ETF** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended January 31,**  | **For the Year Ended January 31,**  |
|  | **2026** | **2025**  |
| **INCREASE (DECREASE) IN NET ASSETS DUE TO:**<br>|  |  |
| **OPERATIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $34448068 | $15598864  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions, futures contracts, and swaps | 2626285  | 1340537  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments, futures contracts, and swaps | 6392674  | (1794874)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 43467027 | 15144527  |
| **DISTRIBUTIONS TO SHAREHOLDERS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Distributions | (35899563) | (17033228)  |
| **CAPITAL TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 492922256  | 265562266  |
| &nbsp;&nbsp;&nbsp; Amount paid for shares redeemed | (40747932) | (1434552)  |
| &nbsp;&nbsp;&nbsp; Transaction Fees | 72634  | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | 452246958 | 264127714  |
| **Total increase (decrease) in net assets** | 459814422 | 262239013  |
| **NET ASSETS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 368104431 | 105865418  |
| &nbsp;&nbsp;&nbsp; End of year | $827918853 | $368104431  |
| **SHARE TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 23680000  | 12800000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (1950000) | (70000)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in share transactions** | 21730000 | 12730000 |

---

See accompanying notes which are an integral part of these financial statements.

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**ANGEL OAK TOTAL RETURN ETF** 

**STATEMENT OF CHANGES IN NET ASSETS** 

---

| | |
|:---|:---|
|  | **For the Period** <br>**Ended January 31,** <br>**2026<sup>(a)</sup>**  |
| **INCREASE (DECREASE) IN NET ASSETS DUE TO:**<br>|  |
| **OPERATIONS**<br>|  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp; $272400  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions and futures contracts | &nbsp;&nbsp;&nbsp; 25963  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments and futures contracts | &nbsp;&nbsp;&nbsp; (51238)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; 247125  |
| **DISTRIBUTIONS TO SHAREHOLDERS**<br>|  |
| &nbsp;&nbsp;&nbsp; Distributions | &nbsp;&nbsp;&nbsp; (286947)  |
| **CAPITAL TRANSACTIONS**<br>|  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | &nbsp;&nbsp;&nbsp; 21018480  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; 21018480  |
| **Total increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; 20978658  |
| **NET ASSETS**<br>|  |
| &nbsp;&nbsp;&nbsp; Beginning of Period | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of Period | &nbsp;&nbsp;&nbsp; $20978658  |
| **SHARE TRANSACTIONS**<br>|  |
| &nbsp;&nbsp;&nbsp; Shares sold  | &nbsp;&nbsp;&nbsp; 420000  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in share transactions** | &nbsp;&nbsp;&nbsp; 420000 |

---

<sup>(a)</sup> Fund commenced operations on October 6, 2025.

See accompanying notes which are an integral part of these financial statements.

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**ANGEL OAK MULTI-STRATEGY INCOME FUND - CLASS A** 

**CONSOLIDATED FINANCIAL HIGHLIGHTS<sup>(a)</sup>** 

**(For a share outstanding during each year)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended January 31,**  | **For the Year Ended January 31,**  | **For the Year Ended January 31,**  | **For the Year Ended January 31,**  | **For the Year Ended January 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022**  |
| **SELECTED PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $8.62 | $8.51 | $8.63 | $10.24 | $10.43  |
| **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss) | 0.48 | 0.51 | 0.49 | 0.48 | 0.47  |
| Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.15 | 0.10 | (0.13) | (1.62) | (0.19)  |
| **Total from investment operations** | 0.63 | 0.61 | 0.36 | (1.14) | 0.28  |
| **LESS DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |  |
| From net investment income | (0.47) | (0.50) | (0.48) | (0.47) | (0.47)  |
| **Total distributions** | (0.47) | (0.50) | (0.48) | (0.47) | (0.47)  |
| **Net asset value, end of year** | $8.78 | $8.62 | $8.51 | $8.63 | $10.24  |
| Total return<sup>(c)(d)</sup> | 7.44% | 7.36% | 4.38% | -11.28% | 2.71%  |
| **RATIOS AND SUPPLEMENTAL DATA:**<br>|  |  |  |  |  |
| Net assets, end of year (000's omitted) | $152007 | $145599 | $133198 | $150450 | $335439  |
|  Ratio of expenses to average net assets before waiver and reimbursement/recoupment<sup>(e)</sup> | 1.56% | 1.64% | 2.13% | 1.79% | 1.29%  |
|  Ratio of expenses to average net assets before waiver and reimbursement/recoupment excluding interest expense<sup>(e)</sup> | 1.23% | 1.26% | 1.26% | 1.23% | 1.20%  |
|  Ratio of expenses to average net assets after waiver and reimbursement/recoupment<sup>(e)</sup> | 1.56% | 1.62% | 2.11% | 1.77% | 1.28%  |
|  Ratio of expenses to average net assets after waiver and reimbursement/recoupment excluding interest expense<sup>(e)</sup> | 1.23% | 1.24% | 1.24% | 1.21% | 1.19%  |
|  Ratio of net investment income (loss) to average net assets before waiver and reimbursement/recoupment<sup>(e)</sup> | 5.44% | 5.90% | 5.78% | 4.83% | 4.42%  |
|  Ratio of net investment income (loss) to average net assets after waiver and reimbursement/recoupment<sup>(e)</sup> | 5.44% | 5.92% | 5.80% | 4.85% | 4.43%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | 75% | 60% | 32% | 14% | 56% |

---

<sup>(a)</sup> Financial Highlights have been consolidated. See Note 1 in the Notes to Financial Statements for basis of consolidation.

<sup>(b)</sup> Net realized and unrealized gain (loss) per share may include balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gain/(loss) in the Statements of Operations due to share transactions for the year.

<sup>(c)</sup> Total return does not include the effect of sales charges.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

See accompanying notes which are an integral part of these financial statements.

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**ANGEL OAK MULTI-STRATEGY INCOME FUND - CLASS C** 

**CONSOLIDATED FINANCIAL HIGHLIGHTS<sup>(a)</sup>** 

**(For a share outstanding during each year)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended January 31,**  | **For the Year Ended January 31,**  | **For the Year Ended January 31,**  | **For the Year Ended January 31,**  | **For the Year Ended January 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022**  |
| **SELECTED PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $8.52 | $8.41 | $8.54 | $10.13 | $10.34  |
| **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss) | 0.41 | 0.44 | 0.43 | 0.39 | 0.38  |
| Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.14 | 0.11 | (0.14) | (1.58) | (0.20)  |
| **Total from investment operations** | 0.55 | 0.55 | 0.29 | (1.19) | 0.18  |
| **LESS DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |  |
| From net investment income | (0.40) | (0.44) | (0.42) | (0.40) | (0.39)  |
| **Total distributions** | (0.40) | (0.44) | (0.42) | (0.40) | (0.39)  |
| **Net asset value, end of year** | $8.67 | $8.52 | $8.41 | $8.54 | $10.13  |
| Total return<sup>(c)(d)</sup> | 6.62% | 6.66% | 3.51% | -11.88% | 1.78%  |
| **RATIOS AND SUPPLEMENTAL DATA:**<br>|  |  |  |  |  |
| Net assets, end of year (000's omitted) | $25061 | $33373 | $33868 | $46512 | $71445  |
|  Ratio of expenses to average net assets before waiver and reimbursement/recoupment<sup>(e)</sup> | 2.31% | 2.39% | 2.88% | 2.54% | 2.04%  |
|  Ratio of expenses to average net assets before waiver and reimbursement/recoupment excluding interest expense<sup>(e)</sup> | 1.98% | 2.01% | 2.01% | 1.98% | 1.95%  |
|  Ratio of expenses to average net assets after waiver and reimbursement/recoupment<sup>(e)</sup> | 2.31% | 2.37% | 2.86% | 2.52% | 2.03%  |
|  Ratio of expenses to average net assets after waiver and reimbursement/recoupment excluding interest expense<sup>(e)</sup> | 1.98% | 1.99% | 1.99% | 1.96% | 1.94%  |
|  Ratio of net investment income (loss) to average net assets before waiver and reimbursement/recoupment<sup>(e)</sup> | 4.69% | 5.15% | 5.03% | 4.17% | 3.69%  |
|  Ratio of net investment income (loss) to average net assets after waiver and reimbursement/recoupment<sup>(e)</sup> | 4.69% | 5.17% | 5.05% | 4.19% | 3.70%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | 75% | 60% | 32% | 14% | 56% |

---

<sup>(a)</sup> Financial Highlights have been consolidated. See Note 1 in the Notes to Financial Statements for basis of consolidation.

<sup>(b)</sup> Net realized and unrealized gain (loss) per share may include balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gain/(loss) in the Statements of Operations due to share transactions for the year.

<sup>(c)</sup> Total return does not include the effect of sales charges.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

See accompanying notes which are an integral part of these financial statements.

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**ANGEL OAK MULTI-STRATEGY INCOME FUND - INSTITUTIONAL CLASS** 

**CONSOLIDATED FINANCIAL HIGHLIGHTS<sup>(a)</sup>** 

**(For a share outstanding during each year)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended January 31,**  | **For the Year Ended January 31,**  | **For the Year Ended January 31,**  | **For the Year Ended January 31,**  | **For the Year Ended January 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022**  |
| **SELECTED PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $8.59 | $8.48 | $8.61 | $10.21 | $10.41  |
| **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss) | 0.50 | 0.53 | 0.51 | 0.49 | 0.49  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.16 | 0.10 | (0.14) | (1.59) | (0.19)  |
| **Total from investment operations** | 0.66 | 0.63 | 0.37 | (1.10) | 0.30  |
| **LESS DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |  |
| From net investment income | (0.49) | (0.52) | (0.50) | (0.50) | (0.50)  |
| **Total distributions** | (0.49) | (0.52) | (0.50) | (0.50) | (0.50)  |
| **Net asset value, end of year** | $8.76 | $8.59 | $8.48 | $8.61 | $10.21  |
| Total return<sup>(c)</sup> | 7.85% | 7.65% | 4.54% | -10.98% | 2.87%  |
| **RATIOS AND SUPPLEMENTAL DATA:**<br>|  |  |  |  |  |
| Net assets, end of year (000's omitted) | $2465448 | $2612598 | $2533096 | $2793964 | $6820115  |
|  Ratio of expenses to average net assets before waiver and reimbursement/recoupment<sup>(d)</sup> | 1.31% | 1.39% | 1.88% | 1.54% | 1.04%  |
|  Ratio of expenses to average net assets before waiver and reimbursement/recoupment excluding interest expense<sup>(d)</sup> | 0.98% | 1.01% | 1.01% | 0.98% | 0.95%  |
|  Ratio of expenses to average net assets after waiver and reimbursement/recoupment<sup>(d)</sup> | 1.31% | 1.37% | 1.86% | 1.52% | 1.03%  |
|  Ratio of expenses to average net assets after waiver and reimbursement/recoupment excluding interest expense<sup>(d)</sup> | 0.98% | 0.99% | 0.99% | 0.96% | 0.94%  |
|  Ratio of net investment income (loss) to average net assets before waiver and reimbursement/recoupment<sup>(d)</sup> | 5.69% | 6.15% | 6.01% | 5.03% | 4.69%  |
|  Ratio of net investment income (loss) to average net assets after waiver and reimbursement/recoupment<sup>(d)</sup> | 5.69% | 6.17% | 6.03% | 5.05% | 4.70%  |
| Portfolio turnover rate<sup>(c)(e)</sup> | 75% | 60% | 32% | 14% | 56% |

---

<sup>(a)</sup> Financial Highlights have been consolidated. See Note 1 in the Notes to Financial Statements for basis of consolidation.

<sup>(b)</sup> Net realized and unrealized gain (loss) per share may include balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gain/(loss) in the Statements of Operations due to share transactions for the year.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

<sup>(e)</sup> Portfolio turnover rate excludes in-kind transactions.

See accompanying notes which are an integral part of these financial statements.

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**ANGEL OAK ULTRASHORT INCOME FUND - CLASS A** 

**FINANCIAL HIGHLIGHTS** 

**(For a share outstanding during each year)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended January 31,**  | **For the Year Ended January 31,**  | **For the Year Ended January 31,**  | **For the Year Ended January 31,**  | **For the Year Ended January 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022**  |
| **SELECTED PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $9.85 | $9.74 | $9.56 | $10.00 | $10.08  |
| **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss) | 0.47 | 0.49 | 0.36 | 0.12 | 0.08  |
| Net realized and unrealized gain (loss) on investments<sup>(a)</sup> | 0.02 | 0.12 | 0.24 | (0.36) | (0.05)  |
| **Total from investment operations** | 0.49 | 0.61 | 0.60 | (0.24) | 0.03  |
| **LESS DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |  |
| From net investment income | (0.46) | (0.50) | (0.42) | (0.20) | (0.11)  |
| **Total distributions** | (0.46) | (0.50) | (0.42) | (0.20) | (0.11)  |
| **Net asset value, end of year** | $9.88 | $9.85 | $9.74 | $9.56 | $10.00  |
| Total return<sup>(b)</sup> | 5.13% | 6.39% | 6.36% | -2.42% | 0.27%  |
| **RATIOS AND SUPPLEMENTAL DATA:**<br>|  |  |  |  |  |
| Net assets, end of year (000's omitted) | $28375 | $25425 | $25439 | $39536 | $171328  |
|  Ratio of expenses to average net assets before waiver and reimbursement/recoupment<sup>(c)</sup> | 0.80% | 0.84% | 0.84% | 0.79% | 0.78%  |
|  Ratio of expenses to average net assets after waiver and reimbursement/recoupment<sup>(c)</sup> | 0.60% | 0.60% | 0.60% | 0.60% | 0.56%  |
|  Ratio of net investment income (loss) to average net assets before waiver and reimbursement/recoupment<sup>(c)</sup> | 4.39% | 4.78% | 4.01% | 1.51% | 0.56%  |
|  Ratio of net investment income (loss) to average net assets after waiver and reimbursement/recoupment<sup>(c)</sup> | 4.59% | 5.02% | 4.25% | 1.70% | 0.78%  |
| Portfolio turnover rate<sup>(b)</sup> | 76% | 92% | 46% | 31% | 92% |

---

<sup>(a)</sup> Net realized and unrealized gain (loss) per share includes balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gain/(loss) in the Statements of Operations due to share transactions for the year.

<sup>(b)</sup> Not annualized for periods less than one year.

<sup>(c)</sup> Annualized for periods less than one year.

See accompanying notes which are an integral part of these financial statements.

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**ANGEL OAK ULTRASHORT INCOME FUND - CLASS A1** 

**FINANCIAL HIGHLIGHTS** 

**(For a share outstanding during each year or period)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year or Period Ended January 31,**  | **For the Year or Period Ended January 31,**  | **For the Year or Period Ended January 31,**  | **For the Year or Period Ended January 31,**  |
|  | **2026** | **2025** | **2024**  | **2023<sup>(a)</sup>**  |
| **SELECTED PER SHARE DATA:**<br>|  |  |  |  |
| Net asset value, beginning of year or period | &nbsp;&nbsp; $9.83 | &nbsp;&nbsp; $9.72 | &nbsp;&nbsp; $9.55 | &nbsp;&nbsp; $9.70  |
| **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.13  |
| Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp; (0.14)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp; (0.01)  |
| **LESS DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.14)  |
| **Total distributions** | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.14)  |
| **Net asset value, end of year or period** | &nbsp;&nbsp; $9.86 | &nbsp;&nbsp; $9.83 | &nbsp;&nbsp; $9.72 | &nbsp;&nbsp; $9.55  |
| Total return<sup>(c)(d)</sup> | &nbsp;&nbsp; 5.14% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.27% | &nbsp;&nbsp; -0.25%  |
| **RATIOS AND SUPPLEMENTAL DATA:**<br>|  |  |  |  |
| Net assets, end of year or period (000's omitted) | &nbsp;&nbsp; $871 | &nbsp;&nbsp; $1127 | &nbsp;&nbsp; $546 | &nbsp;&nbsp; $513  |
|  Ratio of expenses to average net assets before waiver and reimbursement/recoupment<sup>(e)</sup> | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.79%  |
|  Ratio of expenses to average net assets after waiver and reimbursement/recoupment<sup>(e)</sup> | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.60%  |
|  Ratio of net investment income (loss) to average net assets before waiver and reimbursement/recoupment<sup>(e)</sup> | &nbsp;&nbsp; 4.37% | &nbsp;&nbsp; 4.81% | &nbsp;&nbsp; 4.08% | &nbsp;&nbsp; 2.32%  |
|  Ratio of net investment income (loss) to average net assets after waiver and reimbursement/recoupment<sup>(e)</sup> | &nbsp;&nbsp; 4.57% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 4.32% | &nbsp;&nbsp; 2.51%  |
| Portfolio turnover rate<sup>(c)</sup>  | &nbsp;&nbsp; 76% | &nbsp;&nbsp; 92% | &nbsp;&nbsp; 46% | &nbsp;&nbsp; 31%<sup>(f)</sup> |

---

<sup>(a)</sup> Class commenced operations on July 22, 2022.

<sup>(b)</sup> Net realized and unrealized gain (loss) per share may include balancing amounts necessary to reconcile the change in net asset value per share for the year or period, and may not reconcile with the aggregate gain/(loss) in the Statements of Operations due to share transactions for the year or period.

<sup>(c)</sup> Total return does not include the effect of sales charges.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Figure presented represents turnover for the Fund as a whole for the entire fiscal period.

See accompanying notes which are an integral part of these financial statements.

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**ANGEL OAK ULTRASHORT INCOME FUND - INSTITUTIONAL CLASS** 

**FINANCIAL HIGHLIGHTS** 

**(For a share outstanding during each year)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended January 31,**  | **For the Year Ended January 31,**  | **For the Year Ended January 31,**  | **For the Year Ended January 31,**  | **For the Year Ended January 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022**  |
| **SELECTED PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $9.85 | $9.74 | $9.56 | $10.01 | $10.09  |
| **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss) | 0.52 | 0.52 | 0.40 | 0.19 | 0.11  |
|  Net realized and unrealized gain (loss) on investments<sup>(a)</sup> | —<sup>(b)</sup> | 0.11 | 0.22 | (0.41) | (0.06)  |
| **Total from investment operations** | 0.52 | 0.63 | 0.62 | (0.22) | 0.05  |
| **LESS DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |  |
| From net investment income | (0.49) | (0.52) | (0.44) | (0.23) | (0.13)  |
| **Total distributions** | (0.49) | (0.52) | (0.44) | (0.23) | (0.13)  |
| **Net asset value, end of year** | $9.88 | $9.85 | $9.74 | $9.56 | $10.01  |
| Total return<sup>(c)</sup> | 5.39% | 6.66% | 6.64% | -2.24% | 0.51%  |
| **RATIOS AND SUPPLEMENTAL DATA:**<br>|  |  |  |  |  |
| Net assets, end of year (000's omitted) | $775887 | $453868 | $428899 | $653848 | $1492542  |
|  Ratio of expenses to average net assets before waiver and reimbursement/recoupment<sup>(d)</sup> | 0.55% | 0.59% | 0.59% | 0.54% | 0.53%  |
|  Ratio of expenses to average net assets after waiver and reimbursement/recoupment<sup>(d)</sup> | 0.35% | 0.35% | 0.35% | 0.35% | 0.31%  |
|  Ratio of net investment income (loss) to average net assets before waiver and reimbursement/recoupment<sup>(d)</sup> | 4.63% | 5.03% | 4.27% | 1.82% | 0.82%  |
|  Ratio of net investment income (loss) to average net assets after waiver and reimbursement/recoupment<sup>(d)</sup> | 4.83% | 5.27% | 4.51% | 2.01% | 1.04%  |
| Portfolio turnover rate<sup>(c)</sup> | 76% | 92% | 46% | 31% | 92% |

---

<sup>(a)</sup> Net realized and unrealized gain (loss) per share includes balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gain/(loss) in the Statements of Operations due to share transactions for the year.

<sup>(b)</sup> Less than $0.005.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

See accompanying notes which are an integral part of these financial statements.

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**ANGEL OAK HIGH YIELD OPPORTUNITIES ETF<sup>(a)</sup>** 

**FINANCIAL HIGHLIGHTS** 

**(For a share outstanding during each year)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** | **For the Year Ended January 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022**  |
| **SELECTED PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $11.08 | $10.85 | $10.58 | $11.54 | $11.73  |
| **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss) | 0.73<sup>(b)</sup> | 0.72<sup>(b)</sup> | 0.72 | 0.60 | 0.60  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 0.04 | 0.22 | 0.27 | (0.95) | (0.18)  |
| **Total from investment operations** | 0.77 | 0.94 | 0.99 | (0.35) | 0.42  |
| **LESS DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |  |
| From net investment income | (0.73) | (0.71) | (0.72) | (0.61) | (0.61)  |
| **Total distributions** | (0.73) | (0.71) | (0.72) | (0.61) | (0.61)  |
| **Net asset value, end of year** | $11.12 | $11.08 | $10.85 | $10.58 | $11.54  |
| Total return on net asset value<sup>(d)(e)</sup> | 7.14% | 9.00% | 9.77% | -2.89% | 3.62%  |
| Total return on market value<sup>(d)(f)</sup> | 7.30% | 9.04% | N/A | N/A | N/A  |
| **RATIOS AND SUPPLEMENTAL DATA:**<br>|  |  |  |  |  |
| Net assets, end of year (000's omitted) | $122735 | $115669 | $72035 | $59694 | $69503  |
|  Ratio of expenses to average net assets before waiver and reimbursement/recoupment<sup>(g)</sup> | 0.55% | 0.58% | 0.93% | 0.98% | 0.89%  |
|  Ratio of expenses to average net assets after waiver and reimbursement/recoupment<sup>(g)</sup> | 0.55% | 0.55% | 0.55% | 0.64% | 0.65%  |
|  Ratio of net investment income (loss) to average net assets before waiver and reimbursement/recoupment<sup>(g)</sup> | 6.56% | 6.55% | 6.48% | 5.30% | 4.86%  |
|  Ratio of net investment income (loss) to average net assets after waiver and reimbursement/recoupment<sup>(g)</sup> | 6.56% | 6.58% | 6.86% | 5.64% | 5.10%  |
| Portfolio turnover rate<sup>(d)(h)</sup> | 58% | 37% | 20% | 33% | 38% |

---

<sup>(a)</sup> Effective as of the close of business on February 16, 2024, the Angel Oak High Yield Opportunities Fund was reorganized into the Angel Oak High Yield Opportunities ETF pursuant to an Agreement and Plan of Reorganization. The Angel Oak High Yield Opportunities Fund's performance and financial history, inclusive of expense limitations, has been adopted by the Angel Oak High Yield Opportunities ETF and will be used going forward. As a result, the information prior to February 16, 2024, reflects that of the Angel Oak High Yield Opportunities Fund's Institutional Shares inclusive of expense limitations. See Note 1.

<sup>(b)</sup> Net investment income/(loss) per share has been calculated based on average shares outstanding during the year.

<sup>(c)</sup> Net realized and unrealized gain (loss) per share includes balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gain/(loss) in the Statements of Operations due to share transactions for the year.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Total return on net asset value is computed based upon the net asset value of common stock on the first business day and the closing net asset value on the last business day of the year. Dividends and distributions are assumed to be reinvested.

<sup>(f)</sup> Total return on market value is computed based upon the Nasdaq Stock Exchange market price of the Fund's shares and excludes the effect of brokerage commissions. Dividends and distributions are assumed to be reinvested.

<sup>(g)</sup> Annualized for periods less than one year.

<sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions.

See accompanying notes which are an integral part of these financial statements.

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**ANGEL OAK MORTGAGE-BACKED SECURITIES ETF<sup>(a)</sup>** 

**FINANCIAL HIGHLIGHTS** 

**(For a share outstanding during each year or period)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year or Period Ended January 31,**  | **For the Year or Period Ended January 31,**  | **For the Year or Period Ended January 31,**  | **For the Year or Period Ended January 31,**  | **For the Year or Period Ended January 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022<sup>(b)</sup>**  |
| **SELECTED PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year or period | $8.51 | $8.51 | $8.71 | $9.77 | $10.00  |
| **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss) | 0.46<sup>(c)</sup> | 0.45<sup>(c)</sup> | 0.38 | 0.24 | 0.09  |
| Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | 0.24 | (0.04) | (0.20) | (1.05) | (0.22)  |
| **Total from investment operations** | 0.70 | 0.41 | 0.18 | (0.81) | (0.13)  |
| **LESS DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |  |
| From net investment income | (0.47) | (0.41) | (0.38) | (0.25) | (0.10)  |
| **Total distributions** | (0.47) | (0.41) | (0.38) | (0.25) | (0.10)  |
| **Net asset value, end of year or period** | $8.74 | $8.51 | $8.51 | $8.71 | $9.77  |
| Total return on net asset value<sup>(e)(f)</sup> | 8.41% | 4.98% | 2.24% | -8.32% | -1.28%  |
| Total return on market value<sup>(e)(g)</sup> | 8.27% | 5.17% | N/A | N/A | N/A  |
| **RATIOS AND SUPPLEMENTAL DATA:**<br>|  |  |  |  |  |
| Net assets, end of year or period (000's omitted) | $168604 | $171598 | $30919 | $34786 | $39133  |
|  Ratio of expenses to average net assets before waiver and reimbursement/recoupment<sup>(h)</sup> | 0.79% | 0.82% | 1.10% | 1.17% | 0.97%  |
|  Ratio of expenses to average net assets after waiver and reimbursement/recoupment<sup>(h)</sup> | 0.49% | 0.49% | 0.44% | 0.58% | 0.59%  |
|  Ratio of net investment income (loss) to average net assets before waiver and reimbursement/recoupment<sup>(h)</sup> | 4.99% | 4.91% | 3.87% | 2.08% | 1.06%  |
|  Ratio of net investment income (loss) to average net assets after waiver and reimbursement/recoupment<sup>(h)</sup> | 5.29% | 5.24% | 4.53% | 2.67% | 1.44%  |
| Portfolio turnover rate<sup>(e)(i)</sup> | 97% | 113% | 60% | 53% | 22% |

---

<sup>(a)</sup> Effective as of the close of business on February 16, 2024, the Angel Oak Total return Bond Fund was reorganized into the Angel Oak Mortgage-Backed Securities ETF pursuant to an Agreement and Plan of Reorganization. The Angel Oak Total return Bond Fund's performance and financial history, inclusive of expense limitations, has been adopted by the Angel Oak Mortgage-Backed Securities ETF and will be used going forward. As a result, the information prior to February 16, 2024, reflects that of the Angel Oak Total return Bond Fund's Institutional Shares inclusive of expense limitations. See Note 1.

<sup>(b)</sup> Fund commenced operations on June 4, 2021.

<sup>(c)</sup> Net investment income/(loss) per share has been calculated based on average shares outstanding during the year or period.

<sup>(d)</sup> Net realized and unrealized gain (loss) per share may include balancing amounts necessary to reconcile the change in net asset value per share for the year or period, and may not reconcile with the aggregate gain/(loss) in the Statements of Operations due to share transactions for the year or period.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Total return on net asset value is computed based upon the net asset value of common stock on the first business day and the closing net asset value on the last business day of the year or period. Dividends and distributions are assumed to be reinvested.

<sup>(g)</sup> Total return on market value is computed based upon the Nasdaq Stock Exchange market price of the Fund's shares and excludes the effect of brokerage commissions. Dividends and distributions are assumed to be reinvested.

<sup>(h)</sup> Annualized for periods less than one year.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions.

See accompanying notes which are an integral part of these financial statements.

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**ANGEL OAK ULTRASHORT INCOME ETF** 

**FINANCIAL HIGHLIGHTS** 

**(For a share outstanding during each year or period)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year or Period Ended January 31,**  | **For the Year or Period Ended January 31,**  | **For the Year or Period Ended January 31,**  | **For the Year or Period Ended January 31,**  |
|  | **2026** | **2025** | **2024** | **2023<sup>(a)</sup>**  |
| **SELECTED PER SHARE DATA:**<br>|  |  |  |  |
| Net asset value, beginning of year or period | $51.06 | $50.67 | $50.58 | $50.00  |
| **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | 2.54 | 2.99 | 3.16 | 0.69  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 0.10 | 0.18 | 0.15 | 0.27  |
| **Total from investment operations** | 2.64 | 3.17 | 3.31 | 0.96  |
| **LESS DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| From net investment income | (2.56) | (2.78) | (3.19) | (0.38)  |
| From net realized gain | —<sup>(d)</sup> | —<sup>(d)</sup> | (0.03) | —  |
| **Total distributions** | (2.56) | (2.78) | (3.22) | (0.38)  |
| ETF transaction fees per share<sup>(e)</sup> | —<sup>(d)</sup> |  |  | —  |
| **Net asset value, end of year or period** | $51.14 | $51.06 | $50.67 | $50.58  |
| Total return on net asset value<sup>(g)(h)</sup> | 5.29% | 6.43% | 6.78% | 1.92%  |
| Total return on market value<sup>(f)(h)</sup> | 5.23% | 6.49% | 6.84% | 1.90%  |
| **RATIOS AND SUPPLEMENTAL DATA:**<br>|  |  |  |  |
| Net assets, end of year or period (000's omitted) | $1315509 | $733492 | $122831 | $46534  |
|  Ratio of expenses to average net assets before waiver and reimbursement/recoupment<sup>(i)</sup> | 0.55% | 0.55% | 0.55% | 0.55%  |
|  Ratio of expenses to average net assets after waiver and reimbursement/recoupment<sup>(i)</sup> | 0.34% <sup>(i)</sup> | 0.29% | 0.29% | 0.29%  |
|  Ratio of net investment income (loss) to average net assets before waiver and reimbursement/recoupment<sup>(i)</sup> | 4.76% | 5.59% | 6.00% | 4.80%  |
|  Ratio of net investment income (loss) to average net assets after waiver and reimbursement/recoupment<sup>(i)</sup> | 4.97% | 5.85% | 6.26% | 5.06%  |
| Portfolio turnover rate<sup>(f)(k)</sup> | 87% | 91% | 75% | 23% |

---

<sup>(a)</sup> Fund commenced operations on October 24, 2022.

<sup>(b)</sup> Net investment income/(loss) per share has been calculated based on average shares outstanding during the year or period.

<sup>(c)</sup> Net realized and unrealized gain (loss) per share may include balancing amounts necessary to reconcile the change in net asset value per share for the year or period, and may not reconcile with the aggregate gain/(loss) in the Statements of Operations due to share transactions for the year or period.

<sup>(d)</sup> Less than $0.005.

<sup>(e)</sup> Calculated using average shares method.

<sup>(f)</sup> Not annualized for periods less than one year.

<sup>(g)</sup> Total return on net asset value is computed based upon the net asset value of common stock on the first business day and the closing net asset value on the last business day of the year or period. Dividends and distributions are assumed to be reinvested.

<sup>(h)</sup> Total return on market value is computed based upon the Nasdaq Stock Exchange market price of the Fund's shares and excludes the effect of brokerage commissions. Dividends and distributions are assumed to be reinvested.

<sup>(i)</sup> Annualized for periods less than one year.

<sup>(j)</sup> Effective February 1, 2025, the Board of Trustees approved an amendment to the contractual expense limitation with the Adviser to increase the Fund's expense limit from 0.29% to 0.34% of the Fund's average daily net assets through September 30, 2027.

<sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions.

See accompanying notes which are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK INCOME ETF** 

**FINANCIAL HIGHLIGHTS** 

**(For a share outstanding during each year or period)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year or Period Ended January 31,**  | **For the Year or Period Ended January 31,**  | **For the Year or Period Ended January 31,**  | **For the Year or Period Ended January 31,**  |
|  | **2026** | **2025** | **2024** | **2023<sup>(a)</sup>**  |
| **SELECTED PER SHARE DATA:**<br>|  |  |  |  |
| Net asset value, beginning of year or period | $20.58 | $20.52 | $20.39 | $20.00  |
| **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | 1.26 | 1.34 | 1.40 | 0.26  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup>  | 0.32 | 0.08 | 0.15 | 0.23  |
| **Total from investment operations** | 1.58 | 1.42 | 1.55 | 0.49  |
| **LESS DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| From net investment income | (1.21) | (1.27) | (1.41) | (0.10)  |
| From net realized gain | (0.05) | (0.09) | (0.01) | —  |
| **Total distributions** | (1.26) | (1.36) | (1.42) | (0.10)  |
| ETF transaction fees per share<sup>(d)</sup> | —<sup>(e)</sup> |  |  | —  |
| **Net asset value, end of year or period** | $20.90 | $20.58 | $20.52 | $20.39  |
| Total return on net asset value<sup>(f)(g)</sup> | 7.87% | 7.10% | 7.95% | 2.41%  |
| Total return on market value<sup>(f)(h)</sup> | 7.62% | 7.56% | 7.61% | 2.49%  |
| **RATIOS AND SUPPLEMENTAL DATA:**<br>|  |  |  |  |
| Net assets, end of year or period (000's omitted) | $827919 | $368104 | $105865 | $33636  |
|  Ratio of expenses to average net assets before waiver and reimbursement/recoupment<sup>(i)</sup> | 0.99% | 0.99% | 0.99% | 0.99%  |
|  Ratio of expenses to average net assets after waiver and reimbursement/recoupment<sup>(i)</sup> | 0.79% | 0.79% | 0.79% | 0.79%  |
|  Ratio of net investment income (loss) to average net assets before waiver and reimbursement/recoupment<sup>(i)</sup> | 5.84% | 6.27% | 6.71% | 5.44%  |
|  Ratio of net investment income (loss) to average net assets after waiver and reimbursement/recoupment<sup>(i)</sup> | 6.04% | 6.47% | 6.91% | 5.64%  |
| Portfolio turnover rate<sup>(f)(j)</sup> | 85% | 77% | 43% | 59% |

---

<sup>(a)</sup> Fund commenced operations on November 7, 2022.

<sup>(b)</sup> Net investment income/(loss) per share has been calculated based on average shares outstanding during the year or period.

<sup>(c)</sup> Net realized and unrealized gain (loss) per share may include balancing amounts necessary to reconcile the change in net asset value per share for the year or period, and may not reconcile with the aggregate gain/(loss) in the Statements of Operations due to share transactions for the year or period.

<sup>(d)</sup> Calculated using average shares method.

<sup>(e)</sup> Less than $0.005 per share.

<sup>(f)</sup> Not annualized for periods less than one year.

<sup>(g)</sup> Total return on net asset value is computed based upon the net asset value of common stock on the first business day and the closing net asset value on the last business day of the year or period. Dividends and distributions are assumed to be reinvested.

<sup>(h)</sup> Total return on market value is computed based upon the Nasdaq Stock Exchange market price of the Fund's shares and excludes the effect of brokerage commissions. Dividends and distributions are assumed to be reinvested.

<sup>(i)</sup> Annualized for periods less than one year.

<sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions.

See accompanying notes which are an integral part of these financial statements.

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**ANGEL OAK TOTAL RETURN ETF** 

**FINANCIAL HIGHLIGHTS** 

**(For a share outstanding during each period)** 

---

| | |
|:---|:---|
|  | **For the** <br>**Period Ended** <br>**January 31,** <br>**2026<sup>(a)</sup>**  |
| **SELECTED PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $50.00  |
| **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.77  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.07)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.70  |
| **LESS DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.69)  |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp; (0.06)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.75)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $49.95  |
| Total return on net asset value<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.41%  |
| Total return on market value<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.45%  |
| **RATIOS AND SUPPLEMENTAL DATA:**<br>|  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;&nbsp;&nbsp; $20979  |
| Ratio of expenses to average net assets before waiver and reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.59%  |
| Ratio of expenses to average net assets after waiver and reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.44%  |
| Ratio of net investment income (loss) to average net assets before waiver and reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.62%  |
| Ratio of net investment income (loss) to average net assets after waiver and reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.77%  |
| Portfolio turnover rate<sup>(d)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 78% |

---

<sup>(a)</sup> Fund commenced operations on October 6, 2025.

<sup>(b)</sup> Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Net realized and unrealized gain (loss) per share may include balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain/(loss) in the Statements of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Total return on net asset value is computed based upon the net asset value of common stock on the first business day and the closing net asset value on the last business day of the period. Dividends and distributions are assumed to be reinvested.

<sup>(f)</sup> Total return on market value is computed based upon the Nasdaq Stock Exchange market price of the Fund's shares and excludes the effect of brokerage commissions. Dividends and distributions are assumed to be reinvested.

<sup>(g)</sup> Annualized for periods less than one year.

<sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions.

See accompanying notes which are an integral part of these financial statements.

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**ANGEL OAK FUNDS TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**January 31, 2026** 

**NOTE 1. ORGANIZATION** 

Angel Oak Funds Trust (the "Trust") is a Delaware statutory trust organized on June 20, 2014, and registered with the U.S. Securities and Exchange Commission as an open-end management investment company, as defined in the Investment Company Act of 1940 as amended (the "1940 Act"). The Trust consists of seven series, Angel Oak Multi-Strategy Income Fund (the "Multi-Strategy Income Fund"), Angel Oak UltraShort Income Fund (the "UltraShort Income Fund"), Angel Oak High Yield Opportunities ETF (performance successor to the Angel Oak High Yield Opportunities Fund) (the "High Yield Opportunities ETF" or "Acquiring High Yield ETF"), Angel Oak Mortgage-Backed Securities ETF (performance successor to the Angel Oak Total Return Bond Fund) (the "Mortgage-Backed Securities ETF" or "Acquiring MBS ETF"), Angel Oak UltraShort Income ETF (the "UltraShort Income ETF"), Angel Oak Income ETF (the "Income ETF"), and Angel Oak Total Return ETF (the "Total Return ETF") (together, the "Funds"). Please see the table below for a summary of class specific information:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ticker** | **Investment Objective** | **Commencement**<br>**of Operations** | **Maximum**<br>**Front-End**<br>**Sales Charge** | **Maximum**<br>**Back-End**<br>**Sales Charge** | **12b-1 Fees**  |
| **Multi-Strategy Income Fund** | **Multi-Strategy Income Fund** | **Multi-Strategy Income Fund** | **Multi-Strategy Income Fund** | **Multi-Strategy Income Fund** | **Multi-Strategy Income Fund** | **Multi-Strategy Income Fund** |
| &nbsp;&nbsp;&nbsp; Class A | ANGLX | Current Income | 06/28/2011 | 2.25% | N/A | 0.25%  |
| &nbsp;&nbsp;&nbsp; Class C | ANGCX | Current Income | 08/04/2015 | N/A | 1.00% | 1.00%  |
| &nbsp;&nbsp;&nbsp; Institutional Class | ANGIX | Current Income | 08/16/2012 | N/A | N/A | N/A  |
| **UltraShort Income Fund** | **UltraShort Income Fund** | **UltraShort Income Fund** | **UltraShort Income Fund** | **UltraShort Income Fund** | **UltraShort Income Fund** | **UltraShort Income Fund** |
| &nbsp;&nbsp;&nbsp; Class A | AOUAX | Current Income, Minimize<br>Price Volatility, and<br>Maintain Liquidity | 04/30/2018 | N/A | N/A | 0.25%  |
| &nbsp;&nbsp;&nbsp; Class A1 | AOUNX | Current Income, Minimize<br>Price Volatility, and<br>Maintain Liquidity | 07/22/2022 | 1.50% | 0.50% | 0.25%  |
| &nbsp;&nbsp;&nbsp; Institutional Class | AOUIX | Current Income, Minimize<br>Price Volatility, and<br>Maintain Liquidity | 04/02/2018 | N/A | N/A | N/A  |
| **High Yield Opportunities ETF** | **High Yield Opportunities ETF** | **High Yield Opportunities ETF** | **High Yield Opportunities ETF** | **High Yield Opportunities ETF** | **High Yield Opportunities ETF** | **High Yield Opportunities ETF** |
|  | AOHY | Current Income & Capital<br>Appreciation | 03/31/2009 | N/A | N/A | N/A  |
| **Mortgage-Backed Securities ETF** | **Mortgage-Backed Securities ETF** | **Mortgage-Backed Securities ETF** | **Mortgage-Backed Securities ETF** | **Mortgage-Backed Securities ETF** | **Mortgage-Backed Securities ETF** | **Mortgage-Backed Securities ETF** |
|  | MBS | Total Return | 06/04/2021 | N/A | N/A | N/A  |
| **UltraShort Income ETF** | **UltraShort Income ETF** | **UltraShort Income ETF** | **UltraShort Income ETF** | **UltraShort Income ETF** | **UltraShort Income ETF** | **UltraShort Income ETF** |
|  | UYLD | Current Income, Minimize<br>Price Volatility, and<br>Maintain Liquidity | 10/24/2022 | N/A | N/A | N/A  |
| **Income ETF** | **Income ETF** | **Income ETF** | **Income ETF** | **Income ETF** | **Income ETF** | **Income ETF** |
|  | CARY | Current Income | 11/07/2022 | N/A | N/A | N/A  |
| **Total Return ETF**  | **Total Return ETF**  | **Total Return ETF**  | **Total Return ETF**  | **Total Return ETF**  | **Total Return ETF**  | **Total Return ETF**  |
|  | TRBF | Total Return | 10/06/2025 | N/A | N/A | N/A |

---

The Multi-Strategy Income Fund, UltraShort Income Fund, High Yield Opportunities ETF, UltraShort Income ETF, and Income ETF are diversified series of the Trust. The Mortgage-Backed Securities ETF and Total Return ETF are non-diversified series of the Trust, which means that they can invest a higher percentage of assets in any one issuer. Investing in a non-diversified fund may entail greater risks than is normally associated with more widely diversified funds.

Effective as of the close of business on February 16, 2024, the Angel Oak High Yield Opportunities Fund and the Angel Oak Total Return Bond Fund were reorganized into the Angel Oak High Yield Opportunities ETF and Angel Oak Mortgage-Backed Securities ETF, respectively (the "Reorganizations"). The Reorganizations did not result in a material change to the respective Funds' investment portfolios or accounting policies.

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**ANGEL OAK FUNDS TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**January 31, 2026(Continued)** 

The High Yield Opportunities ETF, Mortgage-Backed Securities ETF, UltraShort Income ETF, Income ETF, and Total Return ETF (alone, an "ETF", together, the "ETFs") list and principally trade their shares on the National Association of Securities Dealers Automated Quotation System ("NASDAQ") ("Exchange"). Shares of the ETFs trade on the Exchange at market prices that may be below, at, or above the ETFs' net asset value ("NAV"). The ETFs will issue and redeem shares on a continuous basis at NAV only in large blocks of shares called "Creation Units". The table below summarizes the number of shares typically issued or redeemed in each Creation Unit.

---

| | |
|:---|:---|
|  | **Shares**  |
| High Yield Opportunities ETF | 25000  |
| Mortgage-Backed Securities ETF | 25000  |
| UltraShort Income ETF | 4000  |
| Income ETF | 10000  |
| Total Return ETF | 20000 |

---

Creation Units will be issued and redeemed in exchange for a portfolio of securities and/or a designated amount of U.S. cash, all of which were in cash during the period. Once created, shares generally will trade in the secondary market at market prices that change throughout the day in quantities less than a Creation Unit. Except when aggregated in Creation Units, shares are not redeemable securities of an ETF.

Shares of the ETFs may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed an Authorized Participant Agreement with Quasar Distributors, LLC, a wholly-owned subsidiary of Foreside Financial Group, LLC (doing business as ACA Group) (the "Distributor"). Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the ETFs. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees. A purchase or redemption (i.e. creation or redemption) transaction fee of $300, payable by the Authorized Participant or Adviser, is imposed for the transfer and other transaction costs associated with the purchase or redemption of Creation Units.

Wholly-Owned Subsidiaries – As part of its investment strategy, the Multi-Strategy Income Fund invests directly or, to comply with certain regulations, through its wholly-owned and controlled subsidiaries, Hyperion Loan Funding Trust ("Hyperion") and Helios Loan Funding Trust ("Helios"), each a statutory trust organized under the laws of the state of Delaware and incorporated on August 2, 2018, and May 20, 2024, respectively. Hyperion acts as an investment vehicle in order to purchase residential and commercial real estate whole loans, participations in such loans, or instruments representing the right to receive interest payments and principal due on such loans. Helios acts an investment vehicle in order to purchase residential home equity lines of credit ("HELOCs"). The allocation of the Multi-Strategy Income Fund's investments, if any, in Hyperion and Helios will vary over time. Helios is reported as a Residential Mortgage-Backed Security in the Multi-Strategy Income Fund's Consolidated Schedule of Investments.

On January 31, 2026, investments in Hyperion and Helios represented 0.18% and 2.76%, respectively, of the total net assets of the Multi-Strategy Income Fund.

The consolidated financial statements of the Multi-Strategy Income Fund include the investment activity and financial statements of Hyperion and Helios. All intercompany accounts and transactions have been eliminated in consolidation. Because the Multi-Strategy Income Fund may invest a substantial portion of its assets in its subsidiaries, the Multi-Strategy Income Fund may be considered to be investing indirectly in some of those investments through its subsidiaries. For that reason, references to the Multi- Strategy Income Fund may also encompass its subsidiaries.

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**ANGEL OAK FUNDS TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**January 31, 2026(Continued)** 

At January 31, 2026, investments held by Hyperion and Helios included whole loans and HELOCs, respectively, valued at $4,761,236 and $72,932,225, respectively. At January 31, 2026, Hyperion held $3,371,285 in cash, and there was no cash held in Helios.

**NOTE 2. SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements in accordance with the accounting principles generally accepted in the United States of America ("GAAP"). The Funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Codification Topic, *Financial Services-Investment Companies*.

**Securities Valuation and Fair Value Measurements: The Funds record their investments at fair value in accordance with fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, these standards require expanded disclosure for each major category of assets. These inputs are summarized in the three broad levels listed below:** 

Level 1 – quoted prices in active markets for identical securities that the Funds have the ability to access

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

Level 3 – significant unobservable inputs (including the Funds' 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 NAV 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 ("ABS"), mortgage- backed securities ("MBS"), collateralized loan obligations ("CLOs"), 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

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**ANGEL OAK FUNDS TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**January 31, 2026(Continued)** 

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 Funds 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 Funds' 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.

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**ANGEL OAK FUNDS TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**January 31, 2026(Continued)** 

The following is a summary of the investments by their inputs used to value each Fund's net assets as of January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Multi-Strategy Income Fund**  | **Multi-Strategy Income Fund**  | **Multi-Strategy Income Fund**  | **Multi-Strategy Income Fund**  | **Multi-Strategy Income Fund**  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets**<br>|  |  |  |  |
|  Residential Mortgage-Backed Securities | $— | $1290650781 | $10001 | $1290660782  |
| Asset-Backed Securities |  | 354611572 |  | 354611572  |
|  Residential Mortgage-Backed Securities – U.S. Government Agency |  | 244204507 |  | 244204507  |
| Corporate Obligations |  | 240549525 |  | 240549525  |
| Collateralized Loan Obligations |  | 206036508 | 3117150 | 209153658  |
|  Commercial Mortgage-Backed Securities – U.S. Government Agency |  | 187036784 |  | 187036784  |
|  Commercial Mortgage-Backed Securities |  | 117427446 |  | 117427446  |
| Commercial Real Estate |  |  | 21624750 | 21624750  |
| Affiliated Exchange Traded Funds | 20606649 |  |  | 20606649  |
| Exchange Traded Funds | 9995166 |  |  | 9995166  |
| Preferred Stocks | 7408184 |  |  | 7408184  |
|  Residential Mortgage-Backed Securities – U.S. Government Agency Credit Risk Transfer |  | 6711756 |  | 6711756  |
| Common Stocks | 6059172 | 54570 | 0 | 6113742  |
| Whole Loans |  | 4761236 |  | 4761236  |
| Short-Term Investments | 56090226 |  |  | 56090226  |
| **Total** | $100159397 | $2652044685 | $24751901 | $2776955983  |
| **Other Financial Instruments**<br>|  |  |  |  |
| **Liabilities**<br>|  |  |  |  |
| Swaps\* | $— | $(885633) | $— | $(885633) |

---

\* Swaps are reflected at the unrealized appreciation (depreciation) on the instrument as presented in the Consolidated Schedule of Centrally Cleared Credit Default Swaps - Buy Protection.

See the Consolidated Schedule of Investments for further disaggregation of investment categories. Level 3 holdings as of January 31, 2026, are immaterial and no further quantitative information about Level 3 Fair Value Measurements has been included.

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**NOTES TO THE FINANCIAL STATEMENTS** 

**January 31, 2026(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **UltraShort Income Fund**  | **UltraShort Income Fund**  | **UltraShort Income Fund**  | **UltraShort Income Fund**  | **UltraShort Income Fund**  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets**<br>|  |  |  |  |
| Corporate Obligations | $— | $191266358 | $— | $191266358  |
| Asset-Backed Securities |  | 175762899 |  | 175762899  |
|  Commercial Mortgage-Backed Securities – U.S. Government Agency |  | 165236801 |  | 165236801  |
| Collateralized Loan Obligations |  | 117935603 |  | 117935603  |
|  Residential Mortgage-Backed Securities |  | 116112755 |  | 116112755  |
|  Commercial Mortgage-Backed Securities |  | 19697938 |  | 19697938  |
|  Residential Mortgage-Backed Securities – U.S. Government Agency Credit Risk Transfer |  | 5241754 |  | 5241754  |
|  Residential Mortgage-Backed Securities – U.S. Government Agency |  | 398026 |  | 398026  |
| Short-Term Investments | 21482711 | 7930880 |  | 29413591  |
| **Total** | $21482711 | $799583014 | $— | $821065725  |
| **Other Financial Instruments**<br>|  |  |  |  |
| **Assets**<br>|  |  |  |  |
| Futures Contracts\* | $371415 | $— | $— | $371415 |

---

\* Futures are reflected at the unrealized appreciation (depreciation) on the instrument as presented in the Schedule of Open Futures Contracts.

See the Schedule of Investments for further disaggregation of investment categories.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **High Yield Opportunities ETF**  | **High Yield Opportunities ETF**  | **High Yield Opportunities ETF**  | **High Yield Opportunities ETF**  | **High Yield Opportunities ETF**  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets**<br>|  |  |  |  |
| Corporate Obligations | $— | $108083902 | $— | $108083902  |
|  Residential Mortgage-Backed Securities |  | 5673029 |  | 5673029  |
| Exchange Traded Funds | 4061544 |  |  | 4061544  |
| Asset-Backed Securities |  | 4042949 |  | 4042949  |
| Common Stock |  | 218325 | 0 | 218325  |
| Short-Term Investments | 699310 |  |  | 699310  |
| **Total** | $4760854 | $118018205 | $— | $122779059 |

---

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**NOTES TO THE FINANCIAL STATEMENTS** 

**January 31, 2026(Continued)** 

See the Schedule of Investments for further disaggregation of investment categories. Level 3 holdings as of January 31, 2026, are immaterial and no further quantitative information about Level 3 Fair Value Measurements has been included.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Mortgage-Backed Securities ETF**  | **Mortgage-Backed Securities ETF**  | **Mortgage-Backed Securities ETF**  | **Mortgage-Backed Securities ETF**  | **Mortgage-Backed Securities ETF**  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets**<br>|  |  |  |  |
|  Residential Mortgage-Backed Securities | $— | $98484399 | $— | $98484399  |
|  Residential Mortgage-Backed Securities – U.S. Government Agency |  | 65275355 |  | 65275355  |
| Short-Term Investments | 5944580 |  |  | 5944580  |
| **Total** | $5944580 | $163759754 | $— | $169704334  |
| **Other Financial Instruments**<br>|  |  |  |  |
| **Assets**<br>|  |  |  |  |
| Futures Contracts\* | $6210 | $— | $— | $6210  |
| **Liabilities**<br>|  |  |  |  |
| Futures Contracts\* | (5932) |  |  | (5932)  |
| **Total** | $278 | $— | $— | $278 |

---

\* Futures are reflected at the unrealized appreciation (depreciation) on the instrument as presented in the Schedule of Open Futures Contracts.

See the Schedule of Investments for further disaggregation of investment categories.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **UltraShort Income ETF**  | **UltraShort Income ETF**  | **UltraShort Income ETF**  | **UltraShort Income ETF**  | **UltraShort Income ETF**  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets**<br>|  |  |  |  |
| Corporate Obligations | $— | $318573416 | $— | $318573416  |
|  Commercial Mortgage-Backed Securities – U.S. Government Agency |  | 300389227 |  | 300389227  |
| Asset-Backed Securities |  | 295671834 |  | 295671834  |
| Collateralized Loan Obligations |  | 190065638 |  | 190065638  |
|  Residential Mortgage-Backed Securities |  | 166447855 |  | 166447855  |
|  Residential Mortgage-Backed Securities – U.S. Government Agency Credit Risk Transfer |  | 14634033 |  | 14634033  |
|  Commercial Mortgage-Backed Securities |  | 12799335 |  | 12799335  |
| Short-Term Investments | 45392366 | 17883581 |  | 63275947  |
| **Total** | $45392366 | $1316464919 | $— | $1361857285  |
| **Other Financial Instruments**<br>|  |  |  |  |
| **Assets**<br>|  |  |  |  |
| Futures Contracts\* | $44896 | $— | $— | $44896 |

---

\* Futures are reflected at the unrealized appreciation (depreciation) on the instrument as presented in the Schedule of Open Futures Contracts.

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**NOTES TO THE FINANCIAL STATEMENTS** 

**January 31, 2026(Continued)** 

See the Schedule of Investments for further disaggregation of investment categories.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Income ETF**  | **Income ETF**  | **Income ETF**  | **Income ETF**  | **Income ETF**  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets**<br>|  |  |  |  |
|  Residential Mortgage-Backed Securities | $— | $278944373 | $— | $278944373  |
| Asset-Backed Securities |  | 127420222 |  | 127420222  |
| Collateralized Loan Obligations |  | 101690912 |  | 101690912  |
| Corporate Obligations |  | 98154725 |  | 98154725  |
|  Residential Mortgage-Backed Securities – U.S. Government Agency |  | 82674280 |  | 82674280  |
|  Commercial Mortgage-Backed Securities - U.S. Government Agency |  | 66746956 |  | 66746956  |
|  Commercial Mortgage-Backed Securities |  | 30827123 |  | 30827123  |
| Exchange Traded Funds | 14573412 |  |  | 14573412  |
|  Residential Mortgage-Backed Securities – U.S. Government Agency Credit Risk Transfer |  | 1572252 |  | 1572252  |
| Common Stock |  | 81870 | 0 | 81870  |
| Short-Term Investments | 48785209 |  |  | 48785209  |
| **Total** | $63358621 | $788112713 | $0 | $851471334  |
| **Other Financial Instruments**<br>|  |  |  |  |
| **Liabilities**<br>|  |  |  |  |
| Futures Contracts\* | $(18294) | $— | $— | $(18294)  |
| Swaps\* |  | (221274) |  | (221274)  |
| **Total** | $(18294) | $(221274) | $— | $(239568) |

---

\* Futures and swaps are reflected at the unrealized appreciation (depreciation) on the instrument as presented in the Schedule of Open Futures Contracts and Schedule of Centrally Cleared Credit Default Swaps - Buy Protection.

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**NOTES TO THE FINANCIAL STATEMENTS** 

**January 31, 2026(Continued)** 

See the Schedule of Investments for further disaggregation of investment categories. Level 3 holdings as of January 31, 2026, are immaterial and no further quantitative information about Level 3 Fair Value Measurements has been included.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Total Return ETF**  | **Total Return ETF**  | **Total Return ETF**  | **Total Return ETF**  | **Total Return ETF**  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets**<br>|  |  |  |  |
|  Residential Mortgage-Backed Securities – U.S. Government Agency | $— | $8168392 | $— | $8168392  |
| Corporate Obligations |  | 5486206 |  | 5486206  |
|  Residential Mortgage-Backed Securities |  | 2647224 |  | 2647224  |
| U.S Treasury Bonds |  | 1120115 |  | 1120115  |
|  Commercial Mortgage-Backed Securities – U.S. Government Agency |  | 1113406 |  | 1113406  |
| Collateralized Loan Obligations |  | 1007913 |  | 1007913  |
| Asset-Backed Securities |  | 948344 |  | 948344  |
| Exchange Traded Funds | 321116 |  |  | 321116  |
| Short-Term Investments | 460498 |  |  | 460498  |
| **Total** | $781614 | $20491600 | $— | $21273214  |
| **Other Financial Instruments**<br>|  |  |  |  |
| **Liabilities**<br>|  |  |  |  |
| Futures Contracts\* | $(2438) | $— | $— | $(2438) |

---

\* Futures are reflected at the unrealized appreciation (depreciation) on the instrument as presented in the Schedule of Open Futures Contracts.

See the Schedule of Investments for further disaggregation of investment categories.

**Federal Income Taxes – The Funds intend to elect and continue to qualify to be taxed as "regulated investment companies" under Subchapter M of the Internal Revenue Code of 1986, as amended. If so qualified, the Funds generally will not be subject to federal income tax to the extent they distribute substantially all of their net investment income and capital gains to shareholders. The Funds generally intend to operate in a manner such that they will not be liable for federal income or excise taxes.** 

The Funds have adopted financial reporting rules regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the year or period ended January 31, 2026, the Funds did not incur any interest or penalties. The Funds have reviewed all open tax years and major jurisdictions and concluded that no provision for income tax is required in the Funds' financial statements. The Funds' Federal and state income and Federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

**Security Transactions and Income Recognition – Investment security transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Interest income and expense is recorded on an accrual basis. Discounts and premiums on securities purchased are accreted or amortized using the effective yield method, based on each security's estimated life and recoverable principal and recorded in interest income on the Statements of Operations. Dividend income and corporate transactions, if any, are recorded on the ex- date. Paydown gains and losses on mortgage-related and other ABS are recorded as components of** 

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**NOTES TO THE FINANCIAL STATEMENTS** 

**January 31, 2026(Continued)** 

interest income on the Statements of Operations. Payments received from certain investments held by the Funds may be comprised of dividends, capital gains and return of capital. The Funds originally estimate the expected classification of such payments. The amounts may subsequently be reclassified upon receipt of the information from the issuer. The actual character of distributions to the Funds' shareholders will be reflected in the Form 1099 received by shareholders after the end of the calendar year.

**Expenses – Expenses incurred by the Trust that do not relate to a specific Fund are allocated to the individual Funds based on each Fund's relative net assets or another appropriate basis. Expenses attributable to any class are borne by that class. Income, realized gains and losses, unrealized appreciation and depreciation and expenses are allocated to each class based on the net assets in relation to the relative net assets of each Fund.** 

**Dividends and Distributions – Distributions from each Fund's net investment income are accrued daily and typically paid monthly. The Funds intend to distribute their net realized long term capital gains and their net realized short term capital gains, if any, at least annually. Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or NAV per share of the Funds.** 

**For the latest tax year or period ended January 31, 2026, there were no reclassifications.** 

**Share Valuation – The NAV per share of a class of shares of each Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other assets, attributable to that class, minus all liabilities (including estimated accrued expenses) attributable to that class by the total number of shares of that class outstanding, rounded to the nearest cent. The Funds' NAV will not be calculated on the days on which the New York Stock Exchange is closed for trading.** 

**Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of income and expenses during the period. Actual results could differ from those estimates.** 

**Indemnifications – Under the Trust's organizational documents, the Trust will indemnify its officers and trustees for certain liabilities that may arise from performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties which provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred.** 

**Cash and Cash Equivalents – Cash and cash equivalents are highly liquid assets including coin, currency and short-term investments that typically mature in 30-90 days. Short-term investments can include U.S. Government and government agency securities, investment grade money market instruments, investment grade fixed-income securities, repurchase agreements, commercial paper and cash equivalents. Cash equivalents are extremely low risk assets that are liquid and easily converted into cash. These investments are only considered equivalents if they are readily available and are not restricted by some agreement. When the Adviser believes market, economic or political conditions are unfavorable for investors, the Adviser may invest up to 100% of a Fund's net assets in cash, cash equivalents or other short-term investments. Unfavorable market or economic conditions may include excessive volatility or a prolonged general decline in the securities markets or the U.S. economy. The Adviser also may invest in these types of securities or hold cash while looking for suitable investments** 

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**NOTES TO THE FINANCIAL STATEMENTS** 

**January 31, 2026(Continued)** 

opportunities or to maintain liquidity. Included in Investments in unaffiliated securities at fair value on the Statements of Assets and Liabilities are investments in First American money market funds held at major financial institutions as follows:

---

| | |
|:---|:---|
| Multi-Strategy Income Fund | $56090226  |
| UltraShort Income Fund | $21482711  |
| High Yield Opportunities ETF | $699310  |
| Mortgage-Backed Securities ETF | $5944580  |
| UltraShort Income ETF | $45392366  |
| Income ETF | $48785209  |
| Total Return ETF | $460498 |

---

**NOTE 3. RISKS ASSOCIATED WITH PORTFOLIO ASSETS** 

**Asset-Backed and Mortgage-Backed Securities and Whole Loan Risks – Prepayment risk is associated with MBS and ABS, including CLOs, and whole loans. If interest rates fall, the underlying debt may be repaid ahead of schedule, reducing the value of the Funds' investments. If interest rates rise, there may be fewer prepayments, which would cause the average bond maturity to rise, increasing the potential for the Funds to lose money. The value of these securities may be significantly affected by changes in interest rates, the market's perception of issuers, and the creditworthiness of the parties involved. The ability of the Funds to successfully utilize these instruments may depend on the ability of the Funds' Adviser to forecast interest rates and other economic factors correctly. These securities may have a structure that makes their reaction to interest rate changes and other factors difficult to predict, making their value highly volatile. Certain MBS may be secured by pools of mortgages on single-family, multi-family properties, as well as commercial properties. Similarly, ABS may be secured by pools of loans, such as corporate loans, student loans, automobile loans and credit card receivables. Whole loans are sold in their entirety rather than being pooled with other mortgages. Whole loans are mortgage loans sold to an investor in a secondary market. The investor purchasing the loan assumes full responsibility of the loan and all the contractual terms and rights associated with the funds. The credit risk on such loans is affected by homeowners or borrowers defaulting on their loans. The values of assets underlying mortgage-backed and ABS, including CLOs, may decline and therefore may not be adequate to cover underlying investors. To the extent the Funds focus their investments in particular types of mortgage-backed or ABS, including CLOs, and whole loans, the Funds may be more susceptible to risk factors affecting such types of investments.** 

**Subordinated Debt of Banks and Diversified Financial Companies – The Funds may invest in subordinated debt securities, sometimes also called "junior debt", which are debt securities for which the issuer's obligations to make principal and interest payments are secondary to the issuer's payment obligations to more senior debt securities. Such investments will consist primarily of debt issued by community banks or savings institutions (or their holding companies), which are subordinated to senior debt issued by the banks and deposits held by the bank, but are senior to trust preferred obligations, preferred stock and common stock issued by the bank.** 

**Investment Company Securities – The Funds may invest in the securities of other investment companies, including ETFs, closed-end funds and open-end (mutual) funds (also called underlying funds). When a Fund invests in underlying funds it will indirectly bear its proportionate share of any fees and expenses payable directly by the underlying fund. In connection with its investments in other investment companies, a Fund will incur higher expenses, many of which may be duplicative. Furthermore, because the Funds may invest in shares of ETFs and underlying funds, their performances are directly related to the ability of the ETFs and underlying funds to meet their respective investment objectives as well as the allocation of each Fund's assets among the ETFs and underlying funds by the Adviser. Accordingly, the Funds' investment performance will be influenced by the investment strategies of, and risks associated with, the ETFs and underlying funds in direct proportion to the amount of assets the Funds allocate to the ETFs and underlying funds utilizing such strategies. The Adviser may be subject** 

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**NOTES TO THE FINANCIAL STATEMENTS** 

**January 31, 2026(Continued)** 

to potential conflicts of interest in allocating a Fund's assets to underlying funds, such as a potential conflict in selecting affiliated underlying funds over unaffiliated underlying funds. In addition, a Fund's portfolio managers may be subject to potential conflicts of interest in allocating the Fund's assets among underlying funds, as certain of the Fund's portfolio managers may also manage an affiliated underlying fund in which the Fund may invest. Both the Adviser and a Fund's portfolio managers have a fiduciary duty to the Fund to act in the Fund's best interest when selecting underlying funds. Under the oversight of the Board of Trustees, the Adviser will carefully analyze any such potential conflicts of interest and will take steps to minimize and, where possible, eliminate them.

**High Yield Securities – The Funds may invest in below investment grade securities. These "high-yield" securities, also known as "junk bonds," will generally be rated BB or lower by S&P Global Ratings or will be of equivalent quality rating from another Nationally Recognized Statistical Ratings Organization, or if unrated, considered by the Adviser to be of comparable quality.** 

**Structured Products – The Funds may invest in certain structured products. Normally, structured products are privately offered and sold (that is, they are not registered under the securities laws); however, an active dealer market may exist for structured products that qualify for Rule 144A transactions. The risks of an investment in a structured product depend largely on the type of the collateral securities and the class of the structured product in which the Funds invest. In addition to the normal interest rate, default and other risks of fixed-income securities, structured products carry additional risks, including the possibility that distributions from collateral securities will not be adequate to make interest or other payments, the quality of the collateral may decline in value or default, the Funds may invest in structured products that are subordinate to other classes, values may be volatile and disputes with the issuer may produce unexpected investment results.** 

**Common and Preferred Stocks – The Funds may invest in common stock and preferred stock. Common stock represents an equity (ownership) interest in a company, and usually possesses voting rights and earns dividends. Dividends on common stock are not fixed but are declared at the discretion of the issuer. Common stock generally represents the riskiest investment in a company. In addition, common stock generally has the greatest appreciation and depreciation potential because increases and decreases in earnings are usually reflected in a company's stock price. The Funds may also invest in preferred stock. Preferred stock is a class of stock having a preference over common stock as to the payment of dividends and the recovery of investment should a company be liquidated, although preferred stock is usually junior to the debt securities of the issuer. Preferred stock typically does not possess voting rights and its market value may change based on changes in interest rates.** 

The fundamental risk of investing in stock is the risk that the value of the stock might decrease. Stock values fluctuate in response to the activities of an individual company or in response to general market and/or economic conditions. Historically, common stocks have provided greater long-term returns and have entailed greater short-term risks than preferred stocks, fixed-income and money market investments. The market values of all securities, including common and preferred stocks, is based upon the market's perception of value and not necessarily the book value of an issuer or other objective measures of a company's worth. If you invest in the Funds, you should be willing to accept the risks of the stock market (to the extent that a Fund invests in common stock) and should consider an investment in the Funds only as a part of your overall investment portfolio.

**Futures Contracts – The Funds may enter into futures contracts to hedge various investments for risk management as well as speculative purposes. Initial margin deposits are made upon entering into futures contracts and can be either cash or securities. Secondary margin limits are required to be maintained while futures are held, as defined by each contract.** 

During the period a futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by "marking-to-market" on a daily basis to reflect the fair value of the contract at the end of each day's trading. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the proceeds from the closing transaction and the Fund's cost of

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**January 31, 2026(Continued)** 

entering into a contract. The use of futures contracts involves the risk of illiquid markets or imperfect correlation between the value of the instruments and the underlying securities, or that the counterparty will fail to perform its obligations.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. Should market conditions move unexpectedly, the Funds may not achieve the anticipated benefits of the futures contract and may realize a loss. See Note 4 for information on futures contract activity during the year or period ended January 31, 2026.

**Swaps – The Funds may invest in credit default swaps, total return swaps, interest rate swaps, equity swaps, currency swaps and other types of swaps. During the year, the Multi-Strategy Income Fund and Income ETF used centrally cleared credit default swaps to hedge credit spread risk on its portfolio. Such transactions are subject to market risk, liquidity risk, risk of default by the other party to the transaction, known as "counterparty risk," regulatory risk and risk of imperfect correlation between the value of such instruments and the underlying assets and may involve commissions or other costs.** 

A credit default swap agreement may reference one or more debt securities or obligations that are not currently held by the Funds. The Funds are permitted to enter into a credit default swap as either the protection buyer or seller in the discretion of the Adviser. When buying protection under a credit default swap, the Fund is generally obligated to pay the protection seller an upfront or periodic stream of payments over the term of the contract until a credit event occurs, such as a default of the reference obligation. If no credit event occurs, the Fund may recover nothing if the swap is held through the termination date. However, if a credit event does occur, the Fund may receive the full notional value of the swap in exchange for the face amount of the obligations underlying the swap, the value of which may have significantly decreased. When selling protection under a credit default swap, the Fund receives an upfront or periodic stream of payments over the term of the contract provided that a credit event does not occur. However, as the seller of protection, the Fund effectively adds leverage to its portfolio because it gains exposure to the notional amount of the swap. Entering into a credit default swap may subject a Fund to greater risk than if the Fund had invested in the reference obligation directly. In addition to general market risks, credit default swaps also involve illiquidity risk, counter-party risk (for OTC swaps) and credit risk.

Swap agreements are primarily entered into by institutional investors and the value of such agreements may be extremely volatile. Certain swap agreements are traded OTC between two parties, while other more standardized swaps must be transacted through a Futures Commission Merchant and centrally cleared and exchange traded. While central clearing and exchange-trading are intended to reduce counterparty credit and liquidity risk, they do not make a swap transaction risk-free. The current regulatory environment regarding swap agreements is subject to change. The Adviser will continue to monitor these developments, particularly to the extent regulatory changes affect the Funds' ability to enter into swap agreements. See Note 4 for information on swap activity during the year ended January 31, 2026.

**To-Be-Announced Securities – The Funds may invest in to-be-announced securities ("TBAs"). TBAs is a term that is generally used to describe forward-settling MBS. These TBAs are generally issued by U.S. Government Agencies or U.S. Government Sponsored Entities such as Freddie Mac, Fannie Mae and Ginnie Mae. The actual mortgage-backed security that will be delivered to the buyer at the time TBA trades are entered is not known, however, the terms of the acceptable pools of loans that will comprise the mortgage-backed security are determined at the time the trade is entered into (coupon rate, maturity, credit quality, etc.). Investment in TBAs will generally increase the Funds' exposure to interest rate risk and could also expose the Funds to counterparty default risk. In order to mitigate counterparty default risk, the Funds only enter TBAs with counterparties for which the risk of default is determined to be remote.** 

**Second Lien Risk *(Multi-Strategy Income Fund only)* – Second lien loans, such as HELOC loans, are generally subject to similar risks as those associated with investments in senior loans.** 

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However, the risks associated with second lien loans are higher than the risks of loans with first priority over the collateral because in the event of default on a second lien loan, the first priority lien holder has first claim to the underlying collateral of the loan. It is possible that no collateral value would remain for the second priority lien holder and therefore result in a loss of investment to the Fund. Second lien loans also generally have greater price volatility than senior loans and may be less liquid. Second lien loans are generally of below investment grade quality, and therefore share the same risks as other below investment grade securities.

**Commercial Real Estate Risk (*Multi-Strategy Income Fund only*) – Exposure to commercial real estate comes with a variety of risks, including declines in the value of (or income generated by) real estate, risks related to general and local economic conditions, possible lack of availability of mortgage funds or other limits to accessing the credit or capital markets, defaults by borrowers or tenants (particularly during an economic downturn), and changes in interest rates. Any of these situations may result in extended periods during which there is a significant decline in the revenues and net income (or no revenues or net income) generated by a property. If this occurred, it could adversely affect the Fund's performance.** 

**Macroeconomic Risks – Developments such as public health crises, armed conflict, changing interest rates, inflation, supply chain disruptions, geopolitical risks, natural or environmental disasters, economic sanctions, and tariffs may disrupt economic markets and the prolonged economic impacts of these types of developments are uncertain. The operational and financial performance of the issuers of securities in which the Funds invest depends on future developments, including the duration, spread, and conclusion of global events, and such uncertainty may in turn impact the value of the Funds' investments.** 

**NOTE 4. DERIVATIVE TRANSACTIONS** 

The value and effect of derivative instruments on the Consolidated Statement of Assets and Liabilities as of January 31, 2026, for the Multi-Strategy Income Fund was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Derivatives** | **Type of**<br>**Derivative Risk** | **Consolidated Statement**<br>**of Assets and**<br>**Liabilities Location** | **Fair Value of**<br>**Deposit at**<br>**Broker for**<br>**Swaps** | **Value of** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Futures Contracts | Interest Rate | Deposit at broker for futures | $250594 | $—  |
| Swaps | Credit | Deposit at broker for swaps | $17163677 | $(885633)\* |

---

\* Represents the value of unrealized appreciation (depreciation) as presented in the Consolidated Schedule of Open Futures Contracts and Consolidated Schedule of Centrally Cleared Credit Default Swaps - Buy Protection.

The effect of derivative instruments on the Consolidated Statement of Operations for the year ended January 31, 2026, for the Multi-Strategy Income Fund was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives** | **Type of** <br>**Derivative Risk** | **Location of Gain (Loss) on** <br>**Derivatives in Income** | **Realized Gain (Loss)** <br>**on Derivatives**  |
| Futures Contracts | Interest Rate | Net realized gain (loss) on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4957385  |
| Swaps | Credit | Net realized gain (loss) on swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(4121667) |

---

157<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK FUNDS TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**January 31, 2026(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives** | **Type of** <br>**Derivative Risk** | **Location of Gain (Loss) on** <br>**Derivatives in Income** | **Change in Unrealized** <br>**Appreciation/Depreciation** <br>**on Derivatives**  |
| Futures Contracts | Interest Rate | Net change in unrealized appreciation/depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $374294  |
| Swaps | Credit | Net change in unrealized appreciation/depreciation on swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(786458) |

---

The average monthly notional value of long and short futures during the year ended January 31, 2026, was $45,116,931 and $(81,746,215), respectively. The average monthly notional value of long swap contracts during the year ended January 31, 2026, was $361,538,462.

The value and effect of derivative instruments on the Statements of Assets and Liabilities as of January 31, 2026, for the UltraShort Income Fund was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Derivatives** | **Type of** <br>**Derivative Risk** | **Statements of Assets and** <br>**Liabilities Location** | **Fair Value of** <br>**Deposit at** <br>**Broker for** <br>**Futures** | **Value of** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)\***  |
| Futures Contracts | Interest Rate | Deposit at broker for futures | $409615 | &nbsp;&nbsp;&nbsp; $371415 |

---

\* Represents the value of unrealized appreciation (depreciation) as presented in the Schedule of Open Futures Contracts.

The effect of derivative instruments on the Statements of Operations for the year ended January 31, 2026, for the UltraShort Income Fund was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives** | **Type of** <br>**Derivative Risk** | **Location of Gain (Loss) on** <br>**Derivatives in Income** | **Realized Gain (Loss)** <br>**on Derivatives**  |
| Futures Contracts | Interest Rate | Net realized gain (loss) on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $883677 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives** | **Type of** <br>**Derivative Risk** | **Location of Gain (Loss) on** <br>**Derivatives in Income** | **Change in Unrealized** <br>**Appreciation/Depreciation** <br>**on Derivatives**  |
| Futures Contracts | Interest Rate | Net change in unrealized appreciation/depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(559263) |

---

The average monthly notional value of short futures contracts during the year ended January 31, 2026, was $(87,247,809).

The value and effect of derivative instruments on the Statements of Assets and Liabilities as of January 31, 2026, for the Mortgage-Backed Securities ETF was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Derivatives** | **Type of** <br>**Derivative Risk** | **Statements of Assets and** <br>**Liabilities Location** | **Fair Value of** <br>**Deposit at** <br>**Broker for** <br>**Futures** | **Value of** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)\***  |
| Futures Contracts | Interest Rate | Deposit at broker for futures | $250555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $278 |

---

\* Represents the value of unrealized appreciation (depreciation) as presented in the Schedule of Open Futures Contracts.

158<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK FUNDS TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**January 31, 2026(Continued)** 

The effect of derivative instruments on the Statements of Operations for the year ended January 31, 2026, for the Mortgage-Backed Securities ETF was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives** | **Type of** <br>**Derivative Risk** | **Location of Gain (Loss) on** <br>**Derivatives in Income** | **Realized Gain (Loss)** <br>**on Derivatives**  |
| Futures Contracts | Interest Rate | Net realized gain (loss) on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(500831) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives** | **Type of** <br>**Derivative Risk** | **Location of Gain (Loss) on** <br>**Derivatives in Income** | **Change in Unrealized** <br>**Appreciation/Depreciation** <br>**on Derivatives**  |
| Futures Contracts | Interest Rate | Net change in unrealized appreciation/depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(9260) |

---

The average monthly notional value of long and short futures contracts during the year ended January 31, 2026, was $1,393,333 and $(11,051,043), respectively.

The value and effect of derivative instruments on the Statements of Assets and Liabilities as of January 31, 2026, for the UltraShort Income ETF was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Derivatives** | **Type of** <br>**Derivative Risk** | **Statements of Assets and** <br>**Liabilities Location** | **Fair Value of** <br>**Deposit at** <br>**Broker for** <br>**Futures** | **Value of** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)\***  |
| Futures Contracts | Interest Rate | Deposit at broker for futures | $465183 | &nbsp;&nbsp;&nbsp; $44896 |

---

\* Represents the value of unrealized appreciation (depreciation) as presented in the Schedule of Open Futures Contracts.

The effect of derivative instruments on the Statements of Operations for the year ended January 31, 2026, for the UltraShort Income ETF was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives** | **Type of** <br>**Derivative Risk** | **Location of Gain (Loss) on** <br>**Derivatives in Income** | **Realized Gain (Loss)** <br>**on Derivatives**  |
| Futures Contracts | Interest Rate | Net realized gain (loss) on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $255160 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives** | **Type of** <br>**Derivative Risk** | **Location of Gain (Loss) on** <br>**Derivatives in Income** | **Change in Unrealized** <br>**Appreciation/Depreciation** <br>**on Derivatives**  |
| Futures Contracts | Interest Rate | Net change in unrealized appreciation/depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $44896 |

---

The average monthly notional value of long and short futures contracts during the year ended January 31, 2026, was $79,784 and $(34,850,183), respectively.

159<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK FUNDS TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**January 31, 2026(Continued)** 

The value and effect of derivative instruments on the Statements of Assets and Liabilities as of January 31, 2026, for the Income ETF was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Derivatives** | **Type of** <br>**Derivative Risk** | **Statements of Assets and** <br>**Liabilities Location** | **Fair Value of** <br>**Deposit at** <br>**Broker for** <br>**Futures and** <br>**Swaps** | **Value of Unrealized** <br>**Appreciation** <br>**(Depreciation)\***  |
| Futures Contracts | Interest Rate | Deposit at broker for futures | $631610 | &nbsp;&nbsp;&nbsp;&nbsp; $(18294)  |
| Swaps | Credit | Deposit at broker for swaps | $5149564 | &nbsp;&nbsp;&nbsp;&nbsp; $(221274) |

---

\* Represents the value of unrealized appreciation (depreciation) as presented in the Schedule of Open Futures Contracts and Schedule of Centrally Cleared Credit Default Swaps – Buy Protection.

The effect of derivative instruments on the Statements of Operations for the year ended January 31, 2026, for the Income ETF was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives** | **Type of** <br>**Derivative Risk** | **Location of Gain (Loss) on** <br>**Derivatives in Income** | **Realized Gain (Loss)** <br>**on Derivatives**  |
| Futures Contracts | Interest Rate | Net realized gain (loss) on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(307853)  |
| Swaps | Credit | Net realized gain (loss) on swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(270496) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives** | **Type of** <br>**Derivative Risk** | **Location of Gain (Loss) on** <br>**Derivatives in Income** | **Change in Unrealized** <br>**Appreciation/Depreciation** <br>**on Derivatives**  |
| Futures Contracts | Interest Rate | Net change in unrealized appreciation/depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(48590)  |
| Swaps | Credit | Net change in unrealized appreciation/depreciation on swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(221274) |

---

The average monthly notional value of long and short futures contracts during the year ended January 31, 2026, was $8,150,137 and $(8,832,283), respectively. The average monthly notional value of long swap contracts during the year ended January 31, 2026, was $41,153,846.

The value and effect of derivative instruments on the Statements of Assets and Liabilities as of January 31, 2026, for the Total Return ETF was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Derivatives** | **Type of** <br>**Derivative Risk** | **Statements of Assets and** <br>**Liabilities Location** | **Fair Value of** <br>**Deposit at** <br>**Broker for** <br>**Futures** | **Value of Unrealized** <br>**Appreciation (Depreciation)\***  |
| Futures Contracts | Interest Rate | Deposit at broker for futures | &nbsp;&nbsp; $14562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2438) |

---

\* Represents the value of unrealized appreciation (depreciation) as presented in the Schedule of Open Futures Contracts.

160<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK FUNDS TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**January 31, 2026(Continued)** 

The effect of derivative instruments on the Statements of Operations for the period ended January 31, 2026, for the Total Return ETF was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives** | **Type of** <br>**Derivative Risk** | **Location of Gain (Loss) on** <br>**Derivatives in Income** | **Realized Gain (Loss)** <br>**on Derivatives**  |
| Futures Contracts | Interest Rate | Net realized gain (loss) on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— |

---

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives** | **Type of** <br>**Derivative Risk** | **Location of Gain (Loss) on** <br>**Derivatives in Income** | **Change in Unrealized** <br>**Appreciation/Depreciation** <br>**on Derivatives**  |
| Futures Contracts | Interest Rate | Net change in unrealized appreciation/depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2438) |

---

The average monthly notional value of short futures contracts during the period ended January 31, 2026, was $(100,550).

**Balance Sheet Offsetting Information – During the ordinary course of business, the Funds may enter into transactions subject to enforceable netting agreements or other similar arrangements ("netting agreements"). Generally, the right to offset in netting agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreement. Generally, the Funds manage their cash collateral and securities collateral on a counterparty basis. As of January 31, 2026, the Funds were not subject to any netting agreements.** 

The following table provides a summary of offsetting financial liabilities and derivatives and the effect of derivative instruments on the Statements of Assets and Liabilities as of January 31, 2026.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Multi-Strategy Income Fund**  | **Multi-Strategy Income Fund**  | **Multi-Strategy Income Fund**  | **Multi-Strategy Income Fund**  | **Multi-Strategy Income Fund**  | **Multi-Strategy Income Fund**  | **Multi-Strategy Income Fund**  |
|  | **Gross Amounts** <br>**of Recognized** <br>**Liabilities** | **Gross Amounts** <br>**Offset in** <br>**Consolidated** <br>**Statement of Assets** <br>**and Liabilities** | **Net Amounts of** <br>**Liabilities** <br>**Presented in** <br>**Consolidated** <br>**Statement of** <br>**Assets and** <br>**Liabilities \*\*** | **Gross Amounts Not Offset** <br>**in Consolidated Statement** <br>**of Assets and Liabilities**  | **Gross Amounts Not Offset** <br>**in Consolidated Statement** <br>**of Assets and Liabilities**  | **Gross Amounts Not Offset** <br>**in Consolidated Statement** <br>**of Assets and Liabilities**  |
|  | **Gross Amounts** <br>**of Recognized** <br>**Liabilities** | **Gross Amounts** <br>**Offset in** <br>**Consolidated** <br>**Statement of Assets** <br>**and Liabilities** | **Net Amounts of** <br>**Liabilities** <br>**Presented in** <br>**Consolidated** <br>**Statement of** <br>**Assets and** <br>**Liabilities \*\*** | **Financial** <br>**Instruments\*** | **Cash** <br>**Collateral** <br>**Pledged\*** | **Net** <br>**Amount**  |
| Swaps | &nbsp;&nbsp;&nbsp; $(885633) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(885633) | $— | $885633 | $— |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **UltraShort Income Fund**  | **UltraShort Income Fund**  | **UltraShort Income Fund**  | **UltraShort Income Fund**  | **UltraShort Income Fund**  | **UltraShort Income Fund**  | **UltraShort Income Fund**  |
|  | **Gross Amounts** <br>**of Recognized** <br>**Assets** | **Gross Amounts** <br>**Offset in** <br>**Statements of Assets** <br>**and Liabilities** | **Net Amounts of** <br>**Assets** <br>**Presented in** <br>**Statements of** <br>**Assets and** <br>**Liabilities\*\*\*** | **Gross Amounts Not Offset** <br>**in Statements of Assets** <br>**and Liabilities**  | **Gross Amounts Not Offset** <br>**in Statements of Assets** <br>**and Liabilities**  | **Gross Amounts Not Offset** <br>**in Statements of Assets** <br>**and Liabilities**  |
|  | **Gross Amounts** <br>**of Recognized** <br>**Assets** | **Gross Amounts** <br>**Offset in** <br>**Statements of Assets** <br>**and Liabilities** | **Net Amounts of** <br>**Assets** <br>**Presented in** <br>**Statements of** <br>**Assets and** <br>**Liabilities\*\*\*** | **Financial**<br>**Instruments\*** | **Cash** <br>**Collateral** <br>**Pledged\*** | **Net** <br>**Amount**  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $371415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $371415 | $— | $— | $371415 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Mortgage-Backed Securities ETF**  | **Mortgage-Backed Securities ETF**  | **Mortgage-Backed Securities ETF**  | **Mortgage-Backed Securities ETF**  | **Mortgage-Backed Securities ETF**  | **Mortgage-Backed Securities ETF**  | **Mortgage-Backed Securities ETF**  |
|  | **Gross Amounts** <br>**of Recognized** <br>**Assets** | **Gross Amounts** <br>**Offset in** <br>**Statements of Assets** <br>**and Liabilities** | **Net Amounts of** <br>**Assets** <br>**Presented in** <br>**Statements of** <br>**Assets and** <br>**Liabilities\*\*\*** | **Gross Amounts Not Offset** <br>**in Statements of Assets** <br>**and Liabilities**  | **Gross Amounts Not Offset** <br>**in Statements of Assets** <br>**and Liabilities**  | **Gross Amounts Not Offset** <br>**in Statements of Assets** <br>**and Liabilities**  |
|  | **Gross Amounts** <br>**of Recognized** <br>**Assets** | **Gross Amounts** <br>**Offset in** <br>**Statements of Assets** <br>**and Liabilities** | **Net Amounts of** <br>**Assets** <br>**Presented in** <br>**Statements of** <br>**Assets and** <br>**Liabilities\*\*\*** | **Financial** <br>**Instruments\*** | **Cash** <br>**Collateral** <br>**Pledged\*** | **Net** <br>**Amount**  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $6210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(5932) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $278 | $— | $— | &nbsp;&nbsp; $278 |

---

161<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK FUNDS TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**January 31, 2026(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **UltraShort Income ETF**  | **UltraShort Income ETF**  | **UltraShort Income ETF**  | **UltraShort Income ETF**  | **UltraShort Income ETF**  | **UltraShort Income ETF**  | **UltraShort Income ETF**  |
|  | **Gross Amounts** <br>**of Recognized** <br>**Assets** | **Gross Amounts** <br>**Offset in** <br>**Statements of Assets** <br>**and Liabilities** | **Net Amounts of** <br>**Assets** <br>**Presented in** <br>**Statements of** <br>**Assets and** <br>**Liabilities\*\*\*** | **Gross Amounts Not Offset** <br>**in Statements of Assets** <br>**and Liabilities**  | **Gross Amounts Not Offset** <br>**in Statements of Assets** <br>**and Liabilities**  | **Gross Amounts Not Offset** <br>**in Statements of Assets** <br>**and Liabilities**  |
|  | **Gross Amounts** <br>**of Recognized** <br>**Assets** | **Gross Amounts** <br>**Offset in** <br>**Statements of Assets** <br>**and Liabilities** | **Net Amounts of** <br>**Assets** <br>**Presented in** <br>**Statements of** <br>**Assets and** <br>**Liabilities\*\*\*** | **Financial**<br>**Instruments\*** | **Cash**<br>**Collateral**<br>**Pledged\*** | **Net**<br>**Amount**  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $44896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $44896 | $— | $— | $44896 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Income ETF**  | **Income ETF**  | **Income ETF**  | **Income ETF**  | **Income ETF**  | **Income ETF**  | **Income ETF**  |
|  | **Gross Amounts** <br>**of Recognized** <br>**Liabilities** | **Gross Amounts** <br>**Offset in** <br>**Statements of Assets** <br>**and Liabilities** | **Net Amounts of** <br>**Liabilities** <br>**Presented in** <br>**Statements of** <br>**Assets and** <br>**Liabilities** | **Gross Amounts Not Offset** <br>**in Statements of Assets** <br>**and Liabilities**  | **Gross Amounts Not Offset** <br>**in Statements of Assets** <br>**and Liabilities**  | **Gross Amounts Not Offset** <br>**in Statements of Assets** <br>**and Liabilities**  |
|  | **Gross Amounts** <br>**of Recognized** <br>**Liabilities** | **Gross Amounts** <br>**Offset in** <br>**Statements of Assets** <br>**and Liabilities** | **Net Amounts of** <br>**Liabilities** <br>**Presented in** <br>**Statements of** <br>**Assets and** <br>**Liabilities** | **Financial** <br>**Instruments\*** | **Cash** <br>**Collateral** <br>**Pledged\*** | **Net** <br>**Amount**  |
| Futures Contracts | &nbsp;&nbsp;&nbsp; $(18294) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(18294)\*\*\* | $— | $18294 | $—  |
| Swaps | &nbsp;&nbsp;&nbsp; $(221274) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(221274)\*\*\*\* | $— | $221274 | $— |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total Return ETF**  | **Total Return ETF**  | **Total Return ETF**  | **Total Return ETF**  | **Total Return ETF**  | **Total Return ETF**  | **Total Return ETF**  |
|  | **Gross Amounts** <br>**of Recognized** <br>**Liabilities** | **Gross Amounts** <br>**Offset in** <br>**Statements of Assets** <br>**and Liabilities** | **Net Amounts of** <br>**Liabilities** <br>**Presented in** <br>**Statements of** <br>**Assets and** <br>**Liabilities\*\*\*** | **Gross Amounts Not Offset** <br>**in Statements of Assets** <br>**and Liabilities**  | **Gross Amounts Not Offset** <br>**in Statements of Assets** <br>**and Liabilities**  | **Gross Amounts Not Offset** <br>**in Statements of Assets** <br>**and Liabilities**  |
|  | **Gross Amounts** <br>**of Recognized** <br>**Liabilities** | **Gross Amounts** <br>**Offset in** <br>**Statements of Assets** <br>**and Liabilities** | **Net Amounts of** <br>**Liabilities** <br>**Presented in** <br>**Statements of** <br>**Assets and** <br>**Liabilities\*\*\*** | **Financial** <br>**Instruments\*** | **Cash** <br>**Collateral** <br>**Pledged\*** | **Net** <br>**Amount**  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(2438) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(2438) | $— | $2438 | $— |

---

\* The amount is limited to the net amounts of financial assets and liabilities and accordingly does not include excess collateral pledged. 

\*\* Represents the value of unrealized appreciation (depreciation) as presented in the Consolidated Schedule of Centrally Cleared Credit Default Swaps - Buy Protection, which is included in depreciation on swaps on the Consolidated Statements of Assets and Liabilities.

\*\*\* Represents the value of unrealized appreciation (depreciation) as presented in the Schedule of Open Futures Contracts, which is included in deposit at broker for futures on the Statements of Assets and Liabilities.

\*\*\*\* Represents the value of unrealized appreciation (depreciation) as presented in the Schedule of Centrally Cleared Credit Default Swaps – Buy Protection, which is included in depreciation on swaps on the Statements of Assets and Liabilities.

In some instances, the actual collateral received/pledged may be more than the amounts disclosed herein.

**NOTE 5. FEES AND OTHER RELATED PARTY TRANSACTIONS** 

Under the terms of the investment advisory agreement, on behalf of the Funds (the "Agreement"), the Adviser manages the Funds' investments subject to oversight of the Trustees. As compensation for its management services, the Funds are obligated to pay the Adviser a fee. These fees are included in the Investment advisory line item that is reflected in the Statements of Operations. This fee is computed and accrued daily and paid monthly at an annual rate of the average daily net assets of each Fund as follows:

---

| | |
|:---|:---|
| Multi-Strategy Income Fund | 0.89%  |
| UltraShort Income Fund | 0.44%  |
| High Yield Opportunities ETF | 0.55%  |
| Mortgage-Backed Securities ETF | 0.79%  |
| UltraShort Income ETF | 0.55%  |
| Income ETF | 0.99%  |
| Total Return ETF | 0.59% |

---

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**ANGEL OAK FUNDS TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**January 31, 2026(Continued)** 

The Adviser is responsible for substantially all the expenses of the ETFs (including expenses of the Trust relating to the ETFs), except for the advisory fees, payments under the ETFs' 12b-1 plan (if any), interest expenses, dividend and interest expenses related to short sales, taxes, acquired fund fees and expenses (other than fees for funds advised by the Adviser), brokers' commissions and any other transaction related expenses and fees arising out of transactions effected on behalf of the ETFs, litigation and potential litigation and other extraordinary expenses not incurred in the ordinary course of the ETFs' business.

The Adviser contractually agreed through September 30, 2027, to waive or limit its fees and to assume other expenses of the Funds, except the High Yield Opportunities ETF, so that the ratio of each Fund's Total Annual Fund Operating Expenses to average net assets does not exceed the following:

---

| | |
|:---|:---|
| Multi-Strategy Income Fund  | 0.99%  |
| UltraShort Income Fund  | 0.35%  |
| Mortgage-Backed Securities ETF  | 0.49%  |
| UltraShort Income ETF  | 0.34%  |
| Income ETF  | 0.79%  |
| Total Return ETF  | 0.44% |

---

Prior to February 1, 2025, the Trust's contractual expense limitation agreement with the Adviser with respect to the UltraShort Income ETF limited the Fund's expenses to 0.29% of the Fund's average daily net assets.

These operating expense limitations do not apply to front-end sales loads, taxes, interest expenses, dividend and interest expenses related to short sales, brokerage commissions, 12b-1 fees, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, any transaction-related expenses and fees arising out of transactions effected on behalf of a Fund, litigation and potential litigation expenses, expenses of shareholder proposals, contested elections, or non-routine shareholder meetings and other non-routine expenses or extraordinary expenses not incurred in the ordinary course of a Fund's business and may only be changed or eliminated by the Board of Trustees upon 60 days' written notice to the Adviser.

The contractual waiver and/or reimbursement by the Adviser with respect to the Funds is subject to repayment by the Funds within 36 months following the month in which that particular waiver and/or reimbursement occurred, provided that the Funds are able to make the repayment without exceeding the expense limitations described above or the expense limitation in effect at the time of the reimbursement (whichever is lower). During the year or period ended January 31, 2026, the Adviser contractually waived the following expenses:

---

| | |
|:---|:---|
| Multi-Strategy Income Fund | $6258  |
| UltraShort Income Fund | $1368024  |
| Mortgage-Backed Securities ETF | $490983  |
| UltraShort Income ETF | $2128958  |
| Income ETF | $1140542  |
| Total Return ETF | $8566 |

---

Additionally, during the year ended January 31, 2026, the Multi-Strategy Income Fund repaid $54,590 of previously waived expenses to the Adviser. During the year ended January 31, 2026, the UltraShort Income Fund, UltraShort Income ETF, and Income ETF, had $2,187,213, $27,107, and $11,283 of previously waived expenses expire, respectively. The expense limitation agreement specifically refers to amounts that are contractually waived, see Statements of Operations.

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**NOTES TO THE FINANCIAL STATEMENTS** 

**January 31, 2026(Continued)** 

The amounts subject to repayment by the Funds, pursuant to the aforementioned conditions at January 31, 2026, are included in the table below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Recoverable** <br>**Expenses** <br>**Subject to** <br>**36 Month** <br>**Limit During** <br>**the Year** <br>**Ended 01/31/26** | **Recoverable** <br>**Expenses** <br>**Subject to** <br>**36 Month** <br>**Limit During** <br>**the Year** <br>**Ended 01/31/27** | **Recoverable** <br>**Expenses** <br>**Subject to** <br>**36 Month** <br>**Limit During** <br>**the Year** <br>**Ended 01/31/28** | **Recoverable** <br>**Expenses** <br>**Subject to** <br>**36 Month** <br>**Limit During** <br>**the Year** <br>**Ended 01/31/29**  |
| UltraShort Income Fund | $3781544 | $1332490 | $1081030 | $1368024  |
| Mortgage-Backed Securities ETF | $688772 | $— | $197790 | $490982  |
| UltraShort Income ETF | $3651215 | $209312 | $1312945 | $2128958  |
| Income ETF | $1732163 | $109491 | $482130 | $1140542  |
| Total Return ETF | $8566 | $— | $— | $8566 |

---

The Adviser has contractually agreed to waive the amount of each Fund's fees to the extent necessary to offset the proportionate share of the management fees incurred by the Fund through its investment in underlying funds for which the Adviser also serves as investment adviser (affiliated investments). This contractual waiver is not subject to recoupment by the Adviser. This arrangement may only be changed or eliminated by the Board of Trustees upon 60 days' written notice to the Adviser. During the year ended January 31, 2026, the Adviser waived $167,794 of the Multi-Strategy Income Fund's management fees of underlying funds. In total, fees waived during the period amounted to $174,052.

The Distributor acts as the Funds' principal underwriter in a continuous public offering of the Funds' shares. Each of the Funds (except for the High Yield Opportunities ETF) has adopted a Distribution Plan in accordance with Rule 12b-1 under the 1940 Act with respect to the Class A shares, Class A1 shares, Class C shares, and the ETFs, as applicable. The Distribution Plan provides that the Multi-Strategy Income Fund and the UltraShort Income Fund will pay a fee to the Distributor at an annual rate of up to 0.25% of the average daily net assets of Class A shares and Class A1 shares, as applicable, and at an annual rate of up to 1.00% of the average daily net assets of Class C shares. The Distribution Plan for the ETFs has not been activated. No distribution fees are paid by Institutional Class shares. These fees may be used by the Distributor to provide compensation for sales support, distribution activities or shareholder servicing activities. These fees are included in the 12b-1 line items that are reflected in the Statements of Operations.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"), an indirect wholly-owned subsidiary of U.S. Bancorp, serves as the Funds' Administrator ("Administrator") and, in that capacity, performs various administrative and accounting services for the Funds. Fund Services also serves as the Funds' fund accountant and transfer agent. The Administrator prepares various federal and state regulatory filings, reports and returns for the Funds; prepares reports and materials to be supplied to the Trustees; monitors the activities of the Funds' custodian; coordinates the preparation and payment of the Funds' expenses and reviews the Funds' expense accruals. As compensation for its services, the Administrator is entitled to a monthly fee at an annual rate based upon the average daily net assets of the Funds. U.S. Bank, N.A. (the "Custodian") serves as custodian to the Funds. These fees are included in the Fund accounting, Transfer agent, Administration, and Custodian line items that are reflected in the Statements of Operations.

The Funds make reimbursement payments to the Adviser for the salary associated with the Chief Compliance Officer. The compliance fees expensed by the Funds during the year or period ended January 31, 2026, are included in the Compliance line item that is reflected in the Statements of Operations.

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**NOTES TO THE FINANCIAL STATEMENTS** 

**January 31, 2026(Continued)** 

**NOTE 6. INVESTMENT TRANSACTIONS** 

For the year or period ended January 31, 2026, purchases and sales of investment securities, other than short-term investments and short-term U.S. Government securities, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| Multi-Strategy Income Fund | $2087278085 | $2301416713  |
| UltraShort Income Fund | $779506106 | $470696289  |
| High Yield Opportunities ETF | $77585653 | $66691529  |
| Mortgage-Backed Securities ETF | $155055596 | $166322054  |
| UltraShort Income ETF | $1370529284 | $788304817  |
| Income ETF | $896924388 | $473812747  |
| Total Return ETF | $35180569 | $14405544 |

---

For the year or period ended January 31, 2026, purchases and sales of long-term U.S. Government securities (included in the aggregate purchases and sales of investment securities displayed in the table above) were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| Multi-Strategy Income Fund | $502136646 | $572376100  |
| UltraShort Income Fund | $142979572 | $67727883  |
| High Yield Opportunities ETF | $— | $—  |
| Mortgage-Backed Securities ETF | $88215704 | $127967411  |
| UltraShort Income ETF | $309704622 | $161219291  |
| Income ETF | $181013224 | $113025945  |
| Total Return ETF | $18046080 | $7671394 |

---

**NOTE 7. TRANSACTIONS WITH AFFILIATES** 

The Funds' ownership of shares of affiliates represents holdings for which the Funds and the underlying investee fund have the same investment adviser or where the investee fund's investment adviser is under common control with the Funds' investment adviser.

The Multi-Strategy Income Fund had the following investments in affiliates during the year ended January 31, 2026:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value as of** <br>**01/31/25** | **Purchases** | **Sales** | **Net Realized** <br>**Gain (Loss) on** <br>**Investments in** <br>**Affiliates** | **Net Change** <br>**in Unrealized** <br>**Appreciation/**<br>**Depreciation** <br>**on Investments** <br>**in Affiliates** | **Value as of** <br>**01/31/26** | **Share/Par** <br>**Balance** | **Dividend** <br>**Income**  |
|  High Yield Opportunities ETF | $25121512 |  | $(15324403) | &nbsp;&nbsp; $(563418) | &nbsp;&nbsp;&nbsp; $576584 | $9810275 | 880240 | $1111533  |
|  Mortgage-Backed Securities ETF | 19217083 | 9983807 | (21228636) | &nbsp;&nbsp; (3107981) | &nbsp;&nbsp;&nbsp; 3543444 | 8407717 | 960882 | 730926  |
| Total Return ETF |  | 2401316 |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (12659) | 2388657 | 47800 | 21969  |
| Geary |  | 7312500 |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 575250 | 7887750 | 7068750 | —  |
| Leavenworth |  | 2945000 |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 703000 | 3648000 | 2945000 | —  |
| Octavia | 8003750 | 446500 |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1638750 | 10089000 | 8003750 | —  |
| **Total** | $52342345 | $23089123 | $(36553039) | &nbsp;&nbsp; $(3671399) | &nbsp;&nbsp;&nbsp; $7024369 | $42231399 | 19906422 | $1864428 |

---

**NOTE 8. BENEFICIAL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of 25% or more of the voting securities of a fund creates a presumption of control of a fund, under Section 2(a)(9) of the 1940 Act. At January 31, 2026, National Financial Services, LLC owned, as record shareholder, 44% of the outstanding shares of

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**ANGEL OAK FUNDS TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**January 31, 2026(Continued)** 

the UltraShort Income Fund. It is not known whether any underlying beneficial owners owned or controlled 25% or more of the voting securities of the Funds. At January 31, 2026, no record shareholder held more than 25% of the outstanding shares of the Multi-Strategy Income Fund.

**NOTE 9. FEDERAL TAX INFORMATION** 

The tax characterization of distributions paid for the latest tax year or period ended January 31, 2026, and January 31, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Multi-Strategy Income** <br>**Fund** | **Multi-Strategy Income** <br>**Fund** | **UltraShort Income** <br>**Fund** | **UltraShort Income** <br>**Fund** | **High Yield Opportunities** <br>**ETF**  | **High Yield Opportunities** <br>**ETF**  |
|  | **2026** | **2025** | **2026** | **2025** | **2026** | **2025**  |
| Distributions paid from:<br>|  |  |  |  |  |  |
| Ordinary Income | $152792910 | $163971172 | $33242426 | $23774886 | $7969058 | $6059277  |
|  Net Long-Term Capital Gain |  |  |  |  |  | —  |
| **Total**  | $152792910 | $163971172 | $33242426 | $23774886 | $7969058 | $6059277 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Mortgage-Backed** <br>**Securities ETF** | **Mortgage-Backed** <br>**Securities ETF** | **UltraShort Income** <br>**ETF** | **UltraShort Income** <br>**ETF** | **Income** <br>**ETF**  | **Income** <br>**ETF**  |
|  | **2026** | **2025** | **2026** | **2025** | **2026** | **2025**  |
| Distributions paid from:<br>|  |  |  |  |  |  |
| Ordinary Income | $8685546 | $3507320 | $51273878 | $29614235 | $35547174 | $16887023  |
|  Net Long-Term Capital Gain  |  |  | 48554 | 67758 | 352389 | 146205  |
| **Total**  | $8685546 | $3507320 | $51322432 | $29681993 | $35899563 | $17033228 |

---

---

| | | |
|:---|:---|:---|
|  | **Total Return ETF**  | **Total Return ETF**  |
|  | **2026<sup>(a)</sup>** | **2025**  |
| Distributions paid from:<br>|  |  |
| Ordinary Income  | $286947 | N/A  |
| Net Long-Term Capital Gain |  | N/A  |
| **Total**  | $286947 | N/A |

---

<sup>(a)</sup> Fund commenced operations October 6, 2025.

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**ANGEL OAK FUNDS TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**January 31, 2026(Continued)** 

As of the latest tax year or period ended January 31, 2026, the components of distributable earnings (accumulated deficit) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Multi-Strategy**<br>**Income Fund** | **UltraShort**<br>**Income Fund** | **High Yield**<br>**Opportunities**<br>**ETF** | **Mortgage-**<br>**Backed**<br>**Securities ETF** | **UltraShort**<br>**Income ETF** | **Income** <br>**ETF** | **Total**<br>**Return ETF**  |
| Tax Cost of Investments  | $2930176133 | $824323623 | $123228116 | $167841966 | $1358743045 | $844887998 | $21322934  |
| Unrealized Appreciation\*  | 40491368 | 2378089 | 2080650 | 2805995 | 4286931 | 10016759 | 38815  |
| Unrealized Depreciation\* | (193711518) | (5635987) | (2529707) | (943627) | (1172691) | (3433423) | (88535)  |
|  Net Unrealized Appreciation (Depreciation)\*  | (153220150) | (3257898) | (449057) | 1862368 | 3114240 | 6583336 | (49720)  |
| &nbsp;&nbsp;&nbsp; Undistributed Ordinary <br>Income  | 3418964 | 1159051 | 596129 | 686378 | 4843676 | 3309997 | 83031  |
|  Undistributed Long-Term Gain (Loss)  |  |  |  |  |  | 343079 | —  |
| Accumulated Gain (Loss). | 3418964 | 1159051 | 596129 | 686378 | 4843676 | 3653076 | 83031  |
| Other Accumulated Gain <br>&nbsp;&nbsp;&nbsp;&nbsp;(Loss)  | (1752074687) | (50889966) | (5414559) | (3772114) | (4627372) | (2712464) | (73133)  |
|  Distributable Earnings (AccumulatedDeficit)  | $(1901875873) | $(52988813) | $(5267487) | $(1223368) | $3330544 | $7523948 | $(39822) |

---

\* Represents aggregated amounts of Funds' investments, futures, and swaps. 

The temporary differences between book basis and tax basis in the Funds are primarily attributable to wash sales, partnership adjustments, and amortization of callable bonds.

As of the latest tax year or period ended January 31, 2026, the Funds had available for federal tax purposes an unused capital loss carryforward, which is available for offset against future taxable net capital gains. To the extent these carryforwards are used to offset futures gains, it is probable that the amount offset will not be distributed to shareholders. The carryforwards expire as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Multi-Strategy**<br>**Income Fund** | **UltraShort** <br>**Income Fund** | **High Yield** <br>**Opportunities**<br>**ETF** | **Mortgage-**<br>**Backed**<br>**Securities ETF** | **UltraShort** <br>**Income ETF** | **Income** <br>**ETF** | **Total** <br>**Return ETF**  |
|  No expiration short-term  | $499150193 | $29631880 | $902060 | &nbsp;&nbsp; $— | $300692 | $— | $—  |
| &nbsp;&nbsp;&nbsp; No expiration <br>long-term  | 1249304620 | $20163649 | $3956610 | &nbsp;&nbsp; $3135700 | $— | $— | $—  |
| **Total**  | $1748454813 | $49795529 | $4858670 | &nbsp;&nbsp; $3135700 | $300692 | $— | $— |

---

For the latest tax year or period ended January 31, 2026, the Funds' utilization of capital loss carryforward was as follows:

---

| | |
|:---|:---|
| Multi-Strategy Income Fund  | $—  |
| UltraShort Income Fund  | $—  |
| High Yield Opportunities ETF  | $—  |
| Mortgage-Backed Securities ETF  | $1531998  |
| UltraShort Income ETF  | $—  |
| Income ETF  | $—  |
| Total Return ETF  | $— |

---

Certain capital losses incurred after October 31 and within the current taxable year, are deemed to arise on the first business day of the Funds' following taxable year. For the latest tax year or period ended January 31, 2026, the Funds did not defer any post-October losses.

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**NOTES TO THE FINANCIAL STATEMENTS** 

**January 31, 2026(Continued)** 

**NOTE 10. CREDIT AGREEMENTS** 

In August 2015, as amended July 26, 2023, the Multi-Strategy Income Fund entered into a $200 million secured, committed, margin facility (the "Facility") with Société Générale, which expired in August 2024. The Facility was subsequently renewed on August 22, 2024, extending the expiration date to August 23, 2026, but can be terminated prior to this date by either party with 90 days' notice. Under the Facility, interest is charged at a floating rate based on the SOFR rate plus 1.6% and is payable on the last day of each interest period, which was 5.28% as of January 31, 2026. For the year ended January 31, 2026, the average principal balance and interest rate was approximately $100,000,000 and 5.79%, respectively. The Multi-Strategy Income Fund is required to pay a commitment fee under the Facility on undrawn amounts, and an additional fee if the level of debt outstanding falls below a certain percentage. During the reporting period the Multi-Strategy Income Fund was required to pay these commitment fees on undrawn amounts, which was 0.40% as of January 31, 2026. For the year ended January 31, 2026, these expenses and commitment fees, amounted to $6,375,694 and are included in the Interest expense line item that is reflected in the Consolidated Statement of Operations. Under the terms of the Facility, the Multi-Strategy Income Fund is also required to satisfy certain collateral requirements and maintain a certain level of net assets. For additional collateral information, see the Consolidated Schedule of Investments. As of January 31, 2026, the outstanding principal balance under the Facility was $100 million. The amount of the maximum loan outstanding during the year was $100 million from February 1, 2025, through January 31, 2026.

U.S. Bank, N.A. has made available to the Funds a $400 million unsecured credit facility, pursuant to a Loan Agreement ("Agreement") effective June 8, 2016, expiring on April 26, 2026, for the purposes of having cash available to satisfy redemption requests. Prior to April 26, 2025, the credit facility had a maximum principal availability of $275 million. Advances under the Agreement would be limited to the lesser of $400 million or 20% of the unencumbered assets of the UltraShort Income Fund, the Mortgage-Backed Securities ETF, the UltraShort Income ETF, and Income ETF; or 15% of the unencumbered assets of the High Yield Opportunities ETF and Total Return ETF; or 10% of the unencumbered assets of the Multi-Strategy Income Fund. Principal is due 45 days after the initial advance and at maturity. Interest is payable monthly in arrears. Under the credit facility, the interest rate paid by the Funds on outstanding borrowings is equal to the lender's prime rate, minus 1.00% which was 5.75% as of January 31, 2026. For the year ended January 31, 2026, the Funds' activity under the credit facility was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Average**<br>**Loan**<br>**Balance** | **Average**<br>**Interest**<br>**Rate** | **Maximum**<br>**Loan**<br>**Outstanding** | **Period Maximum**<br>**Loan was Outstanding**  |
| Multi-Strategy Income Fund | $4169333 | &nbsp;&nbsp; 6.44% | $7490000 | April 1, 2025  |
| High Yield Opportunities ETF | $290000 | &nbsp;&nbsp; 6.00% | $290000 | November 18, 2025 – <br>November 19, 2025 |

---

As of January 31, 2026, the Funds had no outstanding borrowings under this agreement.

**NOTE 11. SEGMENT REPORTING** 

Each Fund has one reportable segment. Business activities are managed on a consolidated basis and revenues are derived primarily through Fund's investments in accordance with its investment objective. Each Fund's chief operating decision maker ("CODM") is the Principal Financial Officer, Chief Investment Officer, Head of Portfolio Management – Public Strategies, and the Risk Committee. The CODM assesses performance based on a Fund's Total Return as reported in the Financial Highlights, and the same accounting policies are applied as described in the summary of significant accounting policies. Each Fund's Total Return is utilized by the CODM to compare results, including the impact of a Fund's costs, to a Fund's competitors and to a Fund's benchmark index.

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**NOTES TO THE FINANCIAL STATEMENTS** 

**January 31, 2026(Continued)** 

**NOTE 12. ACCOUNTING PRONOUNCEMENTS AND/OR REGULATORY UPDATES** 

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management has concluded there is no material impact to the Funds' financial statements.

**NOTE 13. SUBSEQUENT EVENTS** 

Management of the Funds has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date these financial statements were issued. This evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments.

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**ANGEL OAK FUNDS TRUST** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders and Board of Trustees of

Angel Oak Funds Trust

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, open futures contracts (as applicable), and centrally cleared credit default swaps – buy protection (as applicable), of Angel Oak Funds Trust comprising the Funds listed below (the "Funds") as of January 31, 2026, the related statements of operations and changes in net assets, and the financial highlights, for each of the periods indicated below and the related notes (consolidated for the Angel Oak Multi-Strategy Income Fund, collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of January 31, 2026, the results of their operations, the changes in net assets, and the financial highlights for the periods indicated below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name**  | **Consolidated** <br>**Statements of** <br>**Operations**  | **Consolidated** <br>**Statements of** <br>**Changes in Net Assets**  | **Consolidated** <br>**Financial Highlights**  |
| Angel Oak Multi-Strategy Income Fund <br>| For the year ended January 31, 2026  | For the years ended January 31, 2026 and 2025  | For the years ended January 31, 2026, 2025, 2024, 2023, and 2022 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name**  | **Statements of** <br>**Operations**  | **Statements of** <br>**Changes in Net Assets**  | **Financial Highlights**  |
| Angel Oak UltraShort Income Fund and Angel Oak High Yield Opportunities ETF<br>| For the year ended January 31, 2026  | For the years ended January 31, 2026 and 2025  | For the years ended January 31, 2026, 2025, 2024, 2023, and 2022  |
| Angel Oak Mortgage-Backed Securities ETF <br>| For the year ended January 31, 2026  | For the years ended January 31, 2026 and 2025 | For the years ended January 31, 2026, 2025, 2024, and 2023, and for the period from June 4, 2021 (commencement of operations) through January 31, 2022 |
| Angel Oak UltraShort Income ETF <br>| For the year ended January 31, 2026  | For the years ended January 31, 2026 and 2025  | For the years ended January 31, 2026, 2025, and 2024, and for the period from October 24, 2022 (commencement of operations) through January 31, 2023  |
| Angel Oak Income ETF <br>| For the year ended January 31, 2026  | For the years ended January 31, 2026 and 2025  | For the years ended January 31, 2026, 2025, and 2024, and for the period from November 7, 2022 (commencement of operations) through January 31, 2023 |
| Angel Oak Total Return ETF<br>| For the period from October 6, 2025 (commencement of operations) through January 31, 2026 | For the period from October 6, 2025 (commencement of operations) through January 31, 2026 | For the period from October 6, 2025 (commencement of operations) through January 31, 2026 |

---

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**ANGEL OAK FUNDS TRUST** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM(Continued)** 

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of January 31, 2026, by correspondence with the custodians, issuers, counterparties, and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more funds advised by Angel Oak Capital Advisors, LLC, since 2011.

![](cohen_sign_15082.jpg)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

April 1, 2026

171<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK FUNDS TRUST** 

**ADDITIONAL INFORMATION (Unaudited)** 

1. Shareholder Notification of Federal Tax Status

For the latest tax year or period ended January 31, 2026, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.80% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Funds intend to designate the maximum amount allowable as taxed at a maximum rate of 23.80%.

For the latest tax year or period ended January 31, 2026, the Multi-Strategy Income Fund, UltraShort Income Fund, High Yield Opportunities ETF, Mortgage-Backed Securities, UltraShort Income ETF, Income ETF, and Total Return ETF paid qualified dividend income of 0.00%, 0.00%, 0.00%, 0.00%, 0.00%, 0.00%, and 0.00%, respectively.

For the latest tax year or period ended January 31, 2026, the percentage of ordinary income dividends paid by the Multi-Strategy Income Fund, UltraShort Income Fund, High Yield Opportunities ETF, Mortgage- Backed Securities, UltraShort Income ETF, Income ETF, and Total Return ETF that qualifies for the dividends received deduction available to corporations was 0.00%, 0.00%, 0.00%, 0.00%, 0.00%, 0.00%, and 0.00%, respectively.

For the latest tax year or period ended January 31, 2026, the percentage of taxable ordinary income distributions for the Multi-Strategy Income Fund, UltraShort Income Fund, High Yield Opportunities ETF, Mortgage-Backed Securities, UltraShort Income ETF, Income ETF, and Total Return ETF that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) was 0.00%, 0.00%, 0.00%, 0.00%, 0.00%, 3.72%, and 7.54%, respectively.

For the latest tax year or period ended January 31, 2026, the percentage of taxable ordinary income distributions for the Multi-Strategy Income Fund, UltraShort Income Fund, High Yield Opportunities ETF, Mortgage-Backed Securities, UltraShort Income ETF, Income ETF, and Total Return ETF that are designated as interest related dividends under Internal Revenue 871(k)1(c) was 93.46%, 87.34%, 96.26%, 90.43%, 83.59%, 80.18%, and 85.76%, respectively.

2. Distribution of Premiums and Discounts

Information regarding how often shares of the High Yield Opportunities ETF, Mortgage-Backed Securities ETF, UltraShort Income ETF, Income ETF, and Total Return ETF trade on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Funds is available on the Funds' website at www.angeloakcapital.com.

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**ANGEL OAK FUNDS TRUST** 

**ADDITIONAL INFORMATION (Unaudited)(Continued)** 

**The below information is required disclosure from Form N-CSR.**

**Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies** 

There were no changes in or disagreements with accountants during the period covered by

this report.

**Item 9. Proxy Disclosure for Open-End Investment Companies** 

At a Special Meeting of Shareholders held on June 26, 2025, shareholders voted on a new Investment Advisory Agreement. With respect to the Mortgage-Backed Securities ETF, the Special Meeting of Shareholders was adjourned until October 1, 2025, and shareholders voted on a new Investment Advisory Agreement between the Fund and the Adviser, based on the following results

---

| | | | |
|:---|:---|:---|:---|
|  | **For** | **Against** | **Abstain**  |
| Mortgage-Backed Securities ETF | 7,223,022 | 29,384 | 1,113,733 |

---

With respect to the UltraShort Income ETF, the Special Meeting of Shareholders was adjourned until December 19, 2025, and shareholders voted on a new Investment Advisory Agreement between the Fund and the Adviser, based on the following results:

---

| | | | |
|:---|:---|:---|:---|
|  | **For** | **Against** | **Abstain**  |
| UltraShort Income ETF | 7,902,909 | 36,797 | 663,863 |

---

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.** 

Each Trustee who is not an "interested person" as defined in the 1940 Act (i.e., an "Independent Trustee") of the "Fund Complex" (which includes the Funds, as well as each series of Angel Oak Strategic Credit Fund, Angel Oak Financial Strategies Income Term Trust, and Angel Oak Credit Opportunities Term Trust, affiliated registrants not disclosed in this report) receives an annual retainer of $95,000 ($75,000 prior to November 1, 2025) (pro-rated for any periods less than one year) paid quarterly as well as $12,000 for attending each regularly scheduled meeting in connection with his or her service on the Board of the Fund Complex. In addition, each Committee Chair receives additional annual compensation of $12,000 (prorated for any periods less than one year), and the Chair of the Board receives an additional $27,000 ($17,000 prior to November 1, 2025). Independent Trustees are eligible for reimbursement of out-of-pocket expenses incurred in connection with attendance at meetings and applicable industry conferences when in line with applicable expense policy. Each Fund's allocated portion of the trustee compensation is included in the Trustee line item that is reflected in the Statements of Operations, which is paid by the Adviser for the ETFs due to the unitary fee structure. The Funds' Statements of Additional Information includes additional information about the Trustees and is available upon request by calling toll-free (855) 751-4324.

**Item 11. Statement Regarding the Basis for the Approval of the Investment Advisory Agreement** 

Pursuant to Section 15(c) of the Investment Company Act of 1940, as amended (the "1940 Act"), at the organizational meeting held on June 23-24, 2025 (the "Meeting"), the Board of Trustees (the "Board") of Angel Oak Funds Trust (the "Trust") considered and approved the Investment Advisory Agreement (the "Investment Advisory Agreement" or the "Agreement") between the Trust, on behalf of the Angel Oak Total Return ETF (the "Fund"), and Angel Oak Capital Advisors, LLC (the "Adviser" or "Angel Oak") for an initial two-year period.

The relevant provisions of the 1940 Act specifically provide that it is the duty of the Board to request and evaluate such information as the Board determines is necessary to allow it to properly consider the adoption of the Agreement, and it is the duty of the Adviser to furnish the Trustees with information that is responsive to their request. Accordingly, in determining whether to adopt the Investment Advisory Agreement between the Adviser and the Trust with respect to the Fund, the Board requested, and the Adviser provided, information and data relevant to the Board's consideration. This included materials prepared by the Adviser, the Fund's administrator that provided the Board with information regarding the estimated fees and expenses of the Fund, as compared to other similar funds.

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**ANGEL OAK FUNDS TRUST** 

**ADDITIONAL INFORMATION (Unaudited)(Continued)** 

Following their review and consideration, the Trustees determined that the Investment Advisory Agreement with respect to the Fund would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of the Fund and its shareholders. Accordingly, the Board, including those Trustees who are not considered to be "interested persons" of the Trust, as that term is defined in the 1940 Act (the "Independent Trustees"), unanimously approved the adoption of Investment Advisory Agreement. In reaching their decision, the Trustees requested and obtained from the Adviser such information as they deemed reasonably necessary to evaluate the Investment Advisory Agreement. The Trustees also carefully considered the projected profitability data and the comparative fee and expense information prepared by the Adviser. In considering the Investment Advisory Agreement with respect to the Fund, the Trustees evaluated a number of factors that they believed, in light of their reasonable business judgment, to be relevant. They based their decision on the following considerations, among others, although they did not identify any one specific consideration or any particular information that was controlling of their decision:

**The nature, extent and quality of the advisory services to be provided. The Trustees concluded that Angel Oak is capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past to the existing series of the Trust as well as the Angel Oak Strategic Credit Fund (a registered closed-end management investment company that is operated as an "interval fund") and Angel Oak Financial Strategies Income Term Trust (a closed-end management investment company listed on the New York Stock Exchange) and Angel Oak Strategic Credit Fund (collectively, the "Existing Funds"), Angel Oak's management capabilities demonstrated with respect to the Existing Funds, the professional qualifications and experience of each of the portfolio managers of the Fund, Angel Oak's investment and management oversight processes, and the competitive investment performance of the Existing Funds. The Trustees also determined that Angel Oak proposed to provide investment advisory services that were of the same quality as services provided to the Existing Funds, and that these services are appropriate in scope and extent in light of the Fund's proposed operations, the competitive landscape of the investment company business and investor needs. On the basis of the Trustees' assessment of the nature, extent and quality of the advisory services to be provided by Angel Oak, the Trustees concluded that Angel Oak is capable of generating a level of long-term investment performance that is appropriate in light of the Fund's investment objectives, policies and strategies and competitive with many other comparable investment companies, including other exchange-traded funds ("ETFs").** 

**The investment performance of the Fund. The Board noted that the Fund had not yet commenced operations, and consequently, the Fund's performance was not relevant to their considerations. The Board considered the past performance of the Existing Funds based on materials provided by Angel Oak and independent information obtained from an independent third-party data provider. The Board noted that the performance of the other Existing Funds reflected positively on Angel Oak's experience and ability to successfully implement the Fund's strategies, and they observed that the portfolio management team for the Fund would include individuals currently responsible for the Existing Funds.**

**The cost of advisory services to be provided and the level of profitability. On the basis of comparative information derived from the expense data that provided to the Board, the Trustees determined that the overall projected expense ratio of the Fund was equal to the median expense ratio for funds in its peer group. The Board noted that the quality of services provided by Angel Oak and the past performance of the Existing Funds demonstrated that the proposed advisory fee offered an appropriate value for the Fund and its shareholders. The Trustees also noted that Angel Oak had proposed to contractually limit the Fund's total operating expenses through at least September 30, 2027.** 

The Board also reviewed the fees that Angel Oak charges its other clients for discretionary portfolio management services, noting that Angel Oak has a variety of account types with different fee arrangements as well as certain unregistered funds and accounts that are comparable to the Fund. They took into account the unique management requirements involved in managing a registered investment company as opposed to other types of client accounts. The Trustees further considered that the Fund would operate pursuant to a unitary fee arrangement.

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**ANGEL OAK FUNDS TRUST** 

**ADDITIONAL INFORMATION (Unaudited)(Continued)** 

The Board also focused on Angel Oak's projected level of profitability with respect to the Fund, noting that Angel Oak did not expect to experience profitability with the Fund during its first year of operations. Accordingly, on the basis of the Board's review of the proposed fees to be charged by Angel Oak for investment advisory services, the investment advisory and other services to be provided to the Fund by Angel Oak, and the estimated level of profitability from Angel Oak's relationship with the Fund, the Board concluded that the proposed level of investment advisory fees and Angel Oak's projected profitability were appropriate in light of the investment advisory fees, overall expense ratios and investment performance of comparable investment companies and the historical profitability of the relationship between the Existing Funds and Angel Oak. The Trustees considered the profitability of Angel Oak both before and after the impact of the marketing-related expenses that Angel Oak expected to incur out of its own resources in connection with its management of the Fund.

**The extent to which economies of scale may be realized as the Fund grows and whether the proposed advisory fee reflects possible economies of scale. Although it was noted that the Fund's investment advisory fee will not decrease as the Fund's assets grow because it will not be subject to investment advisory fee breakpoints, the Trustees concluded that the Fund's proposed investment advisory fee was appropriate and appropriately reflected the current economic environment for Angel Oak and the competitive nature of the market. In this regard, they observed that nearly all of the ETFs in the Fund's peer group operate without advisory fee breakpoints and that most of the ETFs in the Fund's peer group operated pursuant to a unitary advisory fee structure. The Trustees then noted that they will have the opportunity to periodically re-examine whether the Fund has achieved economies of scale, and the appropriateness of the investment advisory fee payable to Angel Oak with respect to the Fund, in the future, at which time the implementation of fee breakpoints on the Fund could be considered.** 

**Benefits to Angel Oak from its relationship with the Fund (and any corresponding benefits to the Fund). The Trustees concluded that other benefits that will be derived by Angel Oak from its relationship with the Fund are reasonable and fair and consistent with industry practice and the best interests of the Fund and its shareholders.** 

**Other Considerations. In approving the Investment Advisory Agreement, the Trustees determined that Angel Oak has made a substantial commitment to the recruitment and retention of high-quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. The Trustees also concluded that Angel Oak has made a significant entrepreneurial commitment to the management and success of the Fund, which entails a substantial financial and professional commitment. The Board also considered matters with respect to the brokerage practices of Angel Oak, including its best-execution procedures, and noted that these were reasonable and consistent with standard industry practice. Following further discussion and the consideration of questions raised by the Independent Trustees, the Trustees determined that they had received sufficient information relating to the Fund to consider the approval of the Investment Advisory Agreement. It was noted that in making their determinations, the Trustees had considered and relied upon the materials provided to them for use at the Meeting with respect to the proposed contract and the presentation of the representatives of Angel Oak. In reaching their conclusion with respect to the approval of the Investment Advisory Agreement and the level of fees to be paid under the Agreement, the Trustees did not identify any one single factor as being controlling, rather, the Trustees took note of a combination of factors that had influenced their decision-making process. They noted the level and quality of investment advisory services provided by Angel Oak to the Existing Funds, and they found that these services will benefit the Fund and its shareholders and also reflected management's overall commitment to the growth and development of the Fund.**

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**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK FUNDS TRUST** 

**ADDITIONAL INFORMATION (Unaudited)(Continued)** 

**Statement Regarding the Basis for the Approval of the Subadvisory Agreement** 

Pursuant to Section 15(c) of the Investment Company Act of 1940, as amended (the "1940 Act"), at the in-person meeting held on December 2-3, 2025, the Board of Trustees (the "Board") of Angel Oak Funds Trust considered the approval of the Investment Subadvisory Agreement (the "Subadvisory Agreement" or the "Agreement") between Angel Oak Capital Advisors, LLC ("Angel Oak") and Brookfield Public Securities Group LLC (the "Subadviser" or "PSG") with respect to a limited portion of the portfolio of the Angel Oak Total Return ETF (the "TRBF" or the "Fund").

The relevant provisions of the 1940 Act specifically provide that it is the duty of the Board to request and evaluate such information as the Board determines is necessary to allow it to properly consider the approval of the Agreement, and it is the duty of the Subadviser to furnish the Trustees with information that is responsive to their request. Accordingly, in determining whether to approve the Subadvisory Agreement, the Board requested, and the Subadviser provided, information and data relevant to the Board's consideration.

Following their review and consideration, the Trustees determined that the Subadvisory Agreement with respect to the Fund would enable shareholders of the Fund to obtain high quality services with respect to the limited portion of the Fund's portfolio subadvised by PSG at a cost that is appropriate, reasonable, and in the best interests of the Fund and its shareholders. Accordingly, the Board, including those Trustees who are not considered to be "interested persons" of the Trust, as that term is defined in the 1940 Act (the "Independent Trustees"), unanimously approved the adoption of the Subadvisory Agreement. In reaching their decision, the Trustees requested and obtained from the Subadviser such information as they deemed reasonably necessary to evaluate the Subadvisory Agreement. The Trustees also carefully considered the comparative fee information prepared by the Subadviser. In considering the Subadvisory Agreement with respect to the Fund, the Trustees evaluated a number of factors that they believed, in light of their reasonable business judgment, to be relevant. They based their decision on the following considerations, among others, although they did not identify any one specific consideration or any particular information that was controlling of their decision:

**The nature, extent and quality of the advisory services to be provided. The Board reviewed the purposes and investment objective of the Fund and Angel Oak's overall plan to meet the Fund's stated purposes and objective. The Board considered Angel Oak's reasons for recommending the appointment of PSG as sub-adviser to a portion of the Fund's portfolio that is allocated to corporate debt, including Angel Oak's belief that PSG's expertise investing in corporate debt securities, as well as its long-term local relationships in key markets, would benefit the Fund's and its shareholders. The Board also received materials from PSG detailing its historical investment performance with respect to the strategy that would be implemented in the Fund's and its investment philosophy as well as the presentation from management of PSG, who had reviewed with the Board the Sub-Adviser's investment philosophy and process and their background and qualifications. The Board also considered the relationship between Angel Oak and PSG and noted that PSG is an affiliated person of Angel Oak under the 1940 Act. The Independent Trustees concluded, with respect to PSG, that the nature, extent and quality of the services to be provided, would be satisfactory and the Board supported a decision to approve the Sub-Advisory Agreement.** 

**The investment performance of the Fund. The Board noted that PSG is a newly proposed sub-adviser to the Fund, and consequently, the Fund's performance was not relevant to their considerations. The Board noted that the Sub-Adviser had provided information regarding the past performance of PSG's composite strategy most comparable to the portion of the portfolio that PSG is proposed to manage for the Fund. The Board noted that the performance information reflected positively on PSG's experience and ability to successfully implement the strategy that was proposed for a portion of the Fund.** 

**The cost of advisory services to be provided and the level of profitability. Profitability of PSG or its affiliates or Angel Oak or its affiliates in providing services to the Fund was not a significant factor considered by the Board, because the sub-advisory fee would be paid by Angel Oak out of the advisory fee paid to it by the Fund, and not by the Fund. In addition, the Board considered** 

176<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ANGEL OAK FUNDS TRUST** 

**ADDITIONAL INFORMATION (Unaudited)(Continued)** 

representations from Angel Oak that the sub-advisory fee to be paid by Angel Oak to PSG for services provided to the Fund was the result of arm's length negotiations and appropriately reflected the estimated services to be provided by PSG.

**The extent to which economies of scale may be realized as the Fund grows and whether the sub-advisory fee reflects possible economies of scale. The Board noted that, because the sub-advisory fee for the Fund would be paid by Angel Oak, not by the Fund, consideration of economies of scale with respect specifically to the sub-advisory fee was not relevant.** 

**Benefits to the Subadviser from its relationship with the Fund (and any corresponding benefits to the Fund). The Board considered that PSG's relationship with the Fund would be limited to its provision of sub-advisory services to the Fund and that, therefore, Angel Oak believed that PSG would not receive tangible ancillary benefits as a result of its relationship with the Fund, with the exception of possible benefits from soft dollars (e.g., research credits related to transaction commissions) for the Fund (which would also potentially benefit the Fund). The Board recognized that PSG could receive intangible benefits from its association with the Fund, such as increased name recognition or publicity from being selected as a sub-adviser to the Fund. The Board also noted that Angel Oak and PSG may derive indirect benefits from PSG's relationship with the Fund in the future due to the recent affiliation between Angel Oak and PSG. After an extensive review process, the Trustees concluded that other benefits that will be derived by PSG from its relationship with the Fund are reasonable and fair and consistent with industry practice and in the best interests of the Fund and its shareholders.** 

**Other Considerations. In approving the Sub-Advisory Agreement, the Trustees determined that PSG has made a substantial commitment to the recruitment and retention of high-quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. The Trustees also concluded that PSG has made a significant entrepreneurial commitment to the management and success of the Fund, which entails a substantial financial and professional commitment. The Board also considered matters with respect to the brokerage practices of the Fund, including its best-execution procedures, and noted that these were reasonable and consistent with standard industry practice.** 

177<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Fund's Financial Highlights are included within the financial statements
 filed under Item 7(a) of this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.</u>**

Response included within Item 7(a) of this Form.

**<u>Item 9. Proxy Disclosures for Open-End Management Investment Companies.</u>**

Response included within Item 7(a) of this Form.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.</u>**

Response included within Item 7(a) of this Form.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

Response included within Item 7(a) of this Form.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

 

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of Trustees.

**<u>Item 16. Controls and Procedures.</u>**

(a) The Registrant's Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant's service provider.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

(a) Not Applicable.

(b) Not Applicable.

**<u>Item 19. Exhibits.</u>**

---

| | |
|:---|:---|
| *(a)* | [*(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.*](aafs-efp23015_ex99code.htm) |
|  | Filed herewith. |
|  | (2) *Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed*. |
|  | Not Applicable. |
|  | [(3) *A separate certification for each Principal Executive Officer and Principal Financial Officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).*](aafs-efp23015_ex99cert.htm) |
|  | Filed herewith. |
|  | (4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* |
|  | Not applicable to open-end investment companies. |
|  | (5) *Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308).* |
|  | *Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period.* |
|  | Not applicable to open-end investment companies. |
| *(b)* | [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*](aafs-efp23015_ex99906cet.htm) |
|  | Filed herewith. |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Angel
 Oak Funds Trust

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Ward Bortz |
|  | Ward Bortz, President (Principal Executive Officer) |

---

Date <u>April 3, 2026</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Ward Bortz |
|  | Ward Bortz, President (Principal Executive Officer) |

---

Date <u>April 3, 2026</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Nilesh Likhite |
|  | Nilesh Likhite, Treasurer (Principal Financial Officer) |

---

Date <u>April 3, 2026</u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Codeeth

**EX.99.CODE ETH**

**ANGEL OAK FUNDS TRUST**

**ANGEL OAK STRATEGIC CREDIT FUND**

**ANGEL OAK FINANCIAL STRATEGIES INCOME TERM TRUST**

**SARBANES-OXLEY CODE OF ETHICS FOR**

**PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS**

I. Introduction/Covered Persons

Angel Oak Funds Trust, Angel Oak Strategic Credit Fund, and Angel Oak Financial Strategies Income Term Trust (each, a "Trust" and together, the "Trusts") have been successful in large part by managing their business with honesty and integrity. The principal officers of the Trusts have an important and elevated role in corporate governance and in promoting investor confidence. To further the ends of ethical and honest conduct among officers, the Audit, Financial and Administrative Oversight Committee (the "Oversight Committee") of the Boards of Trustees of the Trusts have adopted this Sarbanes-Oxley Code of Ethics. This Sarbanes-Oxley Code of Ethics is designed to comply with Section 406 of the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley") and the rules promulgated by the Securities and Exchange Commission (the "SEC") thereunder.

This Sarbanes-Oxley Code of Ethics applies to the principal executive officer, principal financial officer, controller and other senior financial officers of the Trusts, as may be identified from time to time by the Oversight Committee (collectively, the "Covered Persons").

The Oversight Committee shall be responsible for the overall administration of this Sarbanes-Oxley Code of Ethics, but has delegated to the Trusts' Chief Compliance Officer (the "Chief Compliance Officer") the responsibility to oversee the day-to-day operation of this Sarbanes-Oxley Code of Ethics.

This Sarbanes-Oxley Code of Ethics is in addition to, not in replacement of, the Trust's Code of Ethics for access persons (the "Trust Code of Ethics"), adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"). The Covered Persons may also be subject to the Trust Code of Ethics.

II. Code of Ethics Requirements

This Sarbanes-Oxley Code of Ethics requires each Covered Person to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Act with honesty and integrity, including the ethical handling of actual or apparent conflicts of interest
between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Provide full, fair, accurate, timely, and understandable disclosure in reports submitted to or filed
with the SEC and in all other public communications made by the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Comply with laws, rules, and regulations of the federal government, state governments, and other regulatory
agencies as they apply to the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Disclose promptly to the Chief Compliance Officer any violations of this Sarbanes-Oxley Code of Ethics
of which the Covered Person may become aware; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Not retaliate against any other Covered Person or any employee of the Trusts or
their affiliated persons for reports of potential violations that are made in good faith.

Sarbanes-Oxley Code of Ethics Page 1

III. Conflicts of Interest

A conflict of interest occurs when a Covered Person's private interest interferes in any way—or even appears to interfere—with the interests of a Trust as a whole or with the Covered Person's service to the Trusts. For example, a conflict of interest would arise if a Covered Person, or a member of his or her family, receives improper personal benefits as a result of his or her position with a Trust.

Certain conflicts of interest arise out of the relationships between Covered Persons and a Trust and already are subject to conflict of interest provisions in the Investment Company Act and the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"). For example, Covered Persons may not individually engage in certain transactions with a Trust (such as the purchase or sale of securities or other property, except the Trust's own mutual fund shares) because of their status as "affiliated persons" of the Trust. The Trusts' and the investment adviser's compliance programs and procedures are reasonably designed to prevent, or identify and correct, violations of these provisions. This Sarbanes-Oxley Code of Ethics does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Sarbanes-Oxley Code of Ethics.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between a Trust and its investment adviser and/or administrator of which the Covered Persons are also officers or employees. As a result, this Sarbanes-Oxley Code recognizes that the Covered Persons will, in the normal course of their duties (whether formally for a Trust or for the adviser and/or administrator, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and/or administrator and the Trust. The participation of the Covered Persons in such activities is inherent in the contractual relationship between a Trust and its investment adviser and/or administrator and is consistent with the performance by the Covered Persons of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically.

Other conflicts of interest are covered by this Sarbanes-Oxley Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under this Sarbanes-Oxley Code, but Covered Persons should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Person should not be placed improperly before the interest of a Trust.

Each Covered Person must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his or her personal influence or personal relationships improperly to
influence investment decisions or financial reporting by a Trust whereby the Covered Person would benefit personally to the detriment
of the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause a Trust to take action, or fail to take action, for the individual personal
benefit of the Covered Person rather than for the benefit of the Trust.

Sarbanes-Oxley Code of Ethics Page 2

There are some conflict of interest situations that should be discussed with the Chief Compliance Officer if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any
of the Trusts' service providers, other than as an employee of the Trusts' investment adviser, principal underwriter, administrator,
or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges, or
spreads paid by the Trusts for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from
the Covered Person's employment, such as compensation or equity ownership.

IV. Accurate, Complete, Timely, and Understandable Information

The Covered Persons are responsible for ensuring that the Trusts' shareholders and the public receive financial and other information that is accurate, complete, timely, and understandable. Covered Persons are obligated to comply with all laws and regulations governing the public disclosure of Trust information. All public statements, whether oral or written, must be understandable and accurate, with no material omissions.

The books and records of the Trusts must be kept accurate and current to ensure that the public receives information that is full, fair, accurate, complete, and timely. The Covered Persons must ensure that transactions are completely and accurately recorded on the Trusts' books and records in accordance with generally accepted accounting principles. Economic evaluations must fairly represent all information relevant to the evaluation being made. No secret or unrecorded cash funds or other assets may be established or maintained for any purpose.

Each Covered Person shall also comply with the Trusts' disclosure controls and procedures and the Trusts' internal controls and procedures for financial reporting.

V. Waivers

The Oversight Committee may grant a waiver from one or more provisions of this Sarbanes-Oxley Code of Ethics upon the request of a Covered Person and after a review of the relevant facts and circumstances. The decision by the Oversight Committee whether to grant a waiver from this Sarbanes-Oxley Code of Ethics shall be final.

"Waiver" shall mean the approval of a material departure from a provision of this Sarbanes-Oxley Code of Ethics. If an executive officer becomes aware of a material departure from a provision of this Sarbanes-Oxley Code of Ethics by any Covered Person, he or she shall immediately report such violation to the Chief Compliance Officer or the Oversight Committee, as appropriate. The Chief Compliance Officer shall promptly report the violation to the Oversight Committee. If the Oversight Committee fails to take action with respect to the violation within ten business days, the Trusts shall be deemed to have made an "implicit waiver" from this Sarbanes-Oxley Code of Ethics.

VI. Amendments

This Sarbanes-Oxley Code of Ethics may be amended by the Oversight Committee as it deems appropriate. If a provision of this Sarbanes-Oxley Code of Ethics that applies to any Covered Person and that relates to one or more provisions of Section II of this Sarbanes-Oxley Code is amended, the Oversight Committee shall direct the applicable fund to include a description of the amendment in the Trust's next annual or semi-annual report on Form N-CSR relating to the applicable fund.

Sarbanes-Oxley Code of Ethics Page 3

Technical, administrative, or other non-substantive amendments to the Sarbanes-Oxley Code of Ethics need not be disclosed.

VII. Violations

If the Oversight Committee becomes aware of an actual or potential violation of this Sarbanes-Oxley Code of Ethics, it shall direct an investigation into the facts and circumstances surrounding the violation. If a violation is found, the Oversight Committee may impose on the Covered Person found to be in violation of this Sarbanes-Oxley Code of Ethics any of a wide range of consequences as it deems appropriate, including warnings or letters of reprimand for less significant, first-time offenses, or fines, reduced professional duties, suspension without pay, and, in the most serious cases, termination.

VIII. Disclosure

The Oversight Committee shall direct the applicable Trust to make this Sarbanes-Oxley Code of Ethics publicly available by filing the Sarbanes-Oxley Code as an exhibit to the Trust's annual report on Form N-CSR relating to each fund.

IX. Acknowledgement

Each Covered Person shall, substantially in the form attached hereto as <u>Appendix A</u>, acknowledge receipt of and compliance with the Sarbanes-Oxley Code of Ethics upon adoption of this Sarbanes-Oxley Code of Ethics or when initially hired, whichever occurs later. Each Covered Person shall annually, substantially in the form attached hereto as <u>Appendix B</u>, acknowledge receipt of and compliance with this Sarbanes-Oxley Code of Ethics.

X. Confidentiality

All reports and records prepared or maintained pursuant to this Sarbanes-Oxley Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Sarbanes-Oxley Code or in the course of investigating any alleged violation of this Sarbanes-Oxley Code, such matters shall not be disclosed to anyone other than the Board, counsel for independent trustees, each Trust, counsel for each Trust, the investment adviser, and its counsel.

XI. Internal Use

The Sarbanes-Oxley Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of any Trust, as to any fact, circumstance, or legal conclusion.

Sarbanes-Oxley Code of Ethics Page 4

**APPENDIX A**

**ANGEL OAK FUNDS TRUST**

**ANGEL OAK STRATEGIC CREDIT FUND**

**ANGEL OAK FINANCIAL STRATEGIES INCOME TERM TRUST**

**ACKNOWLEDGMENT OF RECEIPT OF THE CODE OF ETHICS**

I acknowledge that I have received, read and understand the Code of Ethics dated<u> </u> and represent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. In accordance with the Code of Ethics, I will report all violations of the Code of Ethics to the Chief
Compliance Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I do not currently know of any violations of the Code of Ethics; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I will comply with the Code of Ethics in all other respects.

---

| | |
|:---|:---|
|  | Signature |
|  | Print Name |
|  | Title |
| Dated: |  |

---

Sarbanes-Oxley Code of Ethics – Exhibit A Page 5

**APPENDIX B**

**ANGEL OAK FUNDS TRUST**

**ANGEL OAK STRATEGIC CREDIT FUND**

**ANGEL OAK FINANCIAL STRATEGIES INCOME TERM TRUST**

**ANNUAL CERTIFICATION OF COMPLIANCE WITH**

**THE CODE OF ETHICS**

I certify that during the past year:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reported all violations of the Code of Ethics of which I was aware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I have complied with the Code of Ethics in all other respects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I have read and understand the Code of Ethics and recognize that I am
subject thereto.

---

| | |
|:---|:---|
|  | Signature |
|  | Print Name |
|  | Title |
| Dated: |  |

---

Sarbanes-Oxley Code of Ethics – Exhibit B Page 6

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Ward Bortz, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Angel Oak Funds Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets,
and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940)
and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including
its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report
is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control
over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to
the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent
functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record,
process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees
who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | April 3, 2026 | /s/ Ward Bortz |
|  |  | Ward Bortz<br> President (Principal Executive Officer) |

---

**<u>CERTIFICATIONS</u>**

I, Nilesh Likhite, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Angel Oak Funds Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets,
and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940)
and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including
its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report
is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a
date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control
over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to
the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent
functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record,
process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees
who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | April 3, 2026 | /s/ Nilesh Likhite |
|  |  | Nilesh Likhite |
|  |  | Treasurer (Principal Financial Officer) |

---

## Exhibit 99.906

**EX.99.906CERT**

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Angel Oak Funds Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Angel Oak Funds Trust for the year or period ended January 31, 2026, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Angel Oak Funds Trust for the stated period.

---

| | |
|:---|:---|
| /s/ Ward Bortz | /s/ Nilesh Likhite |
| Ward Bortz<br> President (Principal Executive Officer)<br> Angel Oak Funds Trust | Nilesh Likhite<br> Treasurer (Principal Financial Officer)<br> Angel Oak Funds Trust |

---

Dated: <u>April 3, 2026</u> Dated: <u>April 3, 2026</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Angel Oak Funds Trust for purposes of Section 18 of the Securities Exchange Act of 1934.