# EDGAR Filing Document

**Accession Number:** 0001612930
**File Stem:** 0001145549-23-017057
**Filing Date:** 2023-3
**Character Count:** 61275
**Document Hash:** 37c9bc858f6c3321a9faa6c690b1e6b2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-017057.hdr.sgml**: 20230321

**ACCESSION NUMBER**: 0001145549-23-017057

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230321

**DATE AS OF CHANGE**: 20230321

**PERIOD START**: 20230131

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Angel Oak Funds Trust
- **CENTRAL INDEX KEY:** 0001612930
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22980
- **FILM NUMBER:** 23749329

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

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

## Series and Classes Contracts Data

### Angel Oak High Yield Opportunities Fund (Series ID: S000053719)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000168882 | Class A             | ANHAX           |
| C000168883 | Institutional Class | ANHIX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Atlanta

  - **State:** GA

  - **Foreign country:** US

  - **Zip / Postal Code:** 30326

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

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

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

- **b. EDGAR series identifier (if any):** S000053719

- **c. LEI of Series:** 549300T7PJMTQIW8KW05

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

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

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

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $64297138.94

**Total Liabilities:** $1207809.15

**Net Assets:** $63089329.79

**Delayed Delivery Securities:** $780224.77

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 14.694221495728 | **1-Year:** 152.213398231566 | **5-Year:** 1616.643473389420 | **10-Year:** 815.399066790870 | **30-Year:** 121.482274048101

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

- **3-Month:** 26.088414505855 | **1-Year:** 1985.057943753546 | **5-Year:** 11582.819847842460 | **10-Year:** 4585.934933641624 | **30-Year:** 227.935086241976

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000168882 | 1.39%                | -0.70%               | 3.14%                |
| Class ID C000168883 | 1.42%                | -0.68%               | 3.18%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $54142.52                | $562905.65                                 |
| Month 2  | $-108757.30              | $-664179.74                                |
| Month 3  | $130706.12               | $1515226.41                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CARNIVAL CORP                  | Carnival Corp                                                                  | CUSIP: 143658BR2<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    350000 | PA      | $276939.25    | 0.44%             | 2029-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FORTRESS TRANS & INFRAST       | Fortress Transportation and Infrastructure Investors LLC                       | CUSIP: 34960PAC5<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257350.44    | 0.41%             | 2027-08-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| GCAT                           | GCAT 2023-NQM2 Trust                                                           | CUSIP: 36169DAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    850000 | PA      | $774029.64    | 1.23%             | 2067-11-25      | Variable      | 6.90%                 | No            |                  3 | On Loan: No      |
| GS Mortgage-Backed Securities  | GS Mortgage-Backed Securities Corp Trust 2019-PJ1                              | CUSIP: 36257TAV2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    511534 | PA      | $292197.70    | 0.46%             | 2049-08-25      | Variable      | 4.08%                 | No            |                  2 | On Loan: No      |
| ENACT HOLDINGS INC             | Enact Holdings Inc                                                             | CUSIP: 37255LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $493467.50    | 0.78%             | 2025-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GLOBAL AIR LEASE CO LTD        | Global Aircraft Leasing Co Ltd                                                 | CUSIP: 37960JAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    433620 | PA      | $396198.06    | 0.63%             | 2024-09-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GOEASY LTD                     | goeasy Ltd                                                                     | CUSIP: 380355AF4<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |    500000 | PA      | $446920.09    | 0.71%             | 2026-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER         | Goodyear Tire & Rubber Co/The                                                  | CUSIP: 382550BN0<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |    500000 | PA      | $441117.50    | 0.70%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES DREDGE&DOCK        | Great Lakes Dredge & Dock Corp                                                 | CUSIP: 390607AF6<br>LEI: 549300H65E3MZ1CX0P05 | Long             | DBT              | CORP              | US        |    100000 | PA      | $84404.00     | 0.13%             | 2029-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HECLA MINING CO                | Hecla Mining Co                                                                | CUSIP: 422704AH9<br>LEI: 5493009Y6HOBZD1QD537 | Long             | DBT              | CORP              | US        |    500000 | PA      | $498389.83    | 0.79%             | 2028-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP       | Hilcorp Energy I LP / Hilcorp Finance Co                                       | CUSIP: 431318AU8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    900000 | PA      | $838107.00    | 1.33%             | 2029-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| INSTALLED BUILDING PRODU       | Installed Building Products Inc                                                | CUSIP: 45780RAA9<br>LEI: 549300I95Y9P9YM5FI86 | Long             | DBT              | CORP              | US        |    100000 | PA      | $92255.01     | 0.15%             | 2028-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| KORN/FERRY INTERNATIONAL       | Korn Ferry                                                                     | CUSIP: 50067PAA7<br>LEI: 549300FOD20OM0GT5G40 | Long             | DBT              | CORP              | US        |    250000 | PA      | $235261.25    | 0.37%             | 2027-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MERCER INTL INC                | Mercer International Inc                                                       | CUSIP: 588056BB6<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |    750000 | PA      | $642596.25    | 1.02%             | 2029-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| BRUNDAGE-BONE CONCRETE         | Brundage-Bone Concrete Pumping Holdings Inc                                    | CUSIP: 66981QAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $238648.75    | 0.38%             | 2026-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PRA GROUP INC                  | PRA Group Inc                                                                  | CUSIP: 69354NAC0<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248237.43    | 0.39%             | 2025-09-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| PRA GROUP INC                  | PRA Group Inc                                                                  | CUSIP: 69354NAD8<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |    500000 | PA      | $430043.03    | 0.68%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I       | Performance Food Group Inc                                                     | CUSIP: 71376LAE0<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |    500000 | PA      | $445970.00    | 0.71%             | 2029-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PRIME SECSRVC BRW/FINANC       | Prime Security Services Borrower LLC / Prime Finance Inc                       | CUSIP: 74166MAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $222184.57    | 0.35%             | 2027-08-31      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| PRIMO WATER HOLDINGS INC       | Primo Water Holdings Inc                                                       | CUSIP: 74168LAA4<br>LEI: 9845008F9A5F2E1D4832 | Long             | DBT              | CORP              | US        |    500000 | PA      | $436885.00    | 0.69%             | 2029-04-30      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust     | Progress Residential 2021-SFR9 Trust                                           | CUSIP: 74333QAN5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $411873.50    | 0.65%             | 2040-11-17      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Radnor Re LTD                  | Radnor RE 2021-2 Ltd                                                           | CUSIP: 75049GAD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    750000 | PA      | $656572.50    | 1.04%             | 2031-11-25      | Floating      | 10.31%                | No            |                  2 | On Loan: No      |
| REALOGY GROUP/CO-ISSUER        | Realogy Group LLC / Realogy Co-Issuer Corp                                     | CUSIP: 75606DAQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $374420.00    | 0.59%             | 2030-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| RENT-A-CENTER INC              | Rent-A-Center Inc/TX                                                           | CUSIP: 76009NAL4<br>LEI: 529900QUHE15UQNCCJ63 | Long             | DBT              | CORP              | US        |    500000 | PA      | $425605.00    | 0.67%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ROLLER BEARING CO OF AME       | Roller Bearing Co of America Inc                                               | CUSIP: 775631AD6<br>LEI: 254900U9XW6S76H2P167 | Long             | DBT              | CORP              | US        |    200000 | PA      | $180437.50    | 0.29%             | 2029-10-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SEASPAN CORP                   | Seaspan Corp                                                                   | CUSIP: 81254UAK2<br>LEI: 5493007Z8Q1H45KT7W98 | Long             | DBT              | CORP              | MH        |    500000 | PA      | $380615.00    | 0.60%             | 2029-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SELECT MEDICAL CORP            | Select Medical Corp                                                            | CUSIP: 816196AT6<br>LEI: 549300X05KS0JKR8CB50 | Long             | DBT              | CORP              | US        |    500000 | PA      | $488827.50    | 0.77%             | 2026-08-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SIMMONS FOOD INC/SIMMONS       | Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed | CUSIP: 82873MAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $211276.25    | 0.33%             | 2029-03-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| SKOPOS AUTO RECEIVABLES TRUST  | Skopos Auto Receivables Trust 2019-1                                           | CUSIP: 83085DAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    350000 | PA      | $344564.50    | 0.55%             | 2026-06-15      | Fixed         | 7.82%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES/SKYMILES       | Delta Air Lines Inc / SkyMiles IP Ltd                                          | CUSIP: 830867AB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $486733.30    | 0.77%             | 2028-10-20      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SOTHEBY'S                      | Sotheby's                                                                      | CUSIP: 835898AH0<br>LEI: 549300P5BAAMQQ7VL735 | Long             | DBT              | CORP              | US        |    300000 | PA      | $290385.00    | 0.46%             | 2027-10-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| SOTHEBY'S/BIDFAIR HLD          | Sotheby's/Bidfair Holdings Inc                                                 | CUSIP: 83600GAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $428292.50    | 0.68%             | 2029-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SPIRIT LOYALTY KY LTD/IP       | Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd                               | CUSIP: 84859BAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    300000 | PA      | $305850.00    | 0.48%             | 2025-09-20      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC         | Spirit AeroSystems Inc                                                         | CUSIP: 85205TAL4<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100462.00    | 0.16%             | 2025-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SMYRNA READY MIX CONCRET       | Smyrna Ready Mix Concrete LLC                                                  | CUSIP: 85236FAA1<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |    250000 | PA      | $227746.88    | 0.36%             | 2028-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST        | Starwood Property Trust Inc                                                    | CUSIP: 85571BAS4<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |    500000 | PA      | $498250.00    | 0.79%             | 2023-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SUBURBAN PROPANE PARTNRS       | Suburban Propane Partners LP/Suburban Energy Finance Corp                      | CUSIP: 864486AL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $87135.53     | 0.14%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUNCOKE ENERGY INC             | SunCoke Energy Inc                                                             | CUSIP: 86722AAD5<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | DBT              | CORP              | US        |    500000 | PA      | $439776.54    | 0.70%             | 2029-06-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SYLVAMO CORP                   | Sylvamo Corp                                                                   | CUSIP: 87133LAA8<br>LEI: 5493001AOYU1ZOWOC971 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $957755.00    | 1.52%             | 2029-09-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN        | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp                   | CUSIP: 87470LAH4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $508427.50    | 0.81%             | 2025-10-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN        | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp                   | CUSIP: 87470LAJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $456007.50    | 0.72%             | 2030-12-31      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TASEKO MINES LTD               | Taseko Mines Ltd                                                               | CUSIP: 876511AF3<br>LEI: 549300XKUO1JSLU7KX54 | Long             | DBT              | CORP              | CA        |    500000 | PA      | $474472.50    | 0.75%             | 2026-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CMG MEDIA CORPORATION          | CMG Media Corp                                                                 | CUSIP: 88146LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $195403.75    | 0.31%             | 2027-12-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| TOWNSQUARE MEDIA INC           | Townsquare Media Inc                                                           | CUSIP: 892231AB7<br>LEI: 549300XBA8C68H0DR538 | Long             | DBT              | CORP              | US        |    300000 | PA      | $281599.76    | 0.45%             | 2026-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                 | Transocean Inc                                                                 | CUSIP: 893830BQ1<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |    113000 | PA      | $118068.05    | 0.19%             | 2027-01-30      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| TREEHOUSE FOODS INC            | TreeHouse Foods Inc                                                            | CUSIP: 89469AAD6<br>LEI: 5493007M7EVHE470Q576 | Long             | DBT              | CORP              | US        |    250000 | PA      | $208807.50    | 0.33%             | 2028-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COHERENT CORP                  | Coherent Corp                                                                  | CUSIP: 902104AC2<br>LEI: 549300O5C25A0MMHHU33 | Long             | DBT              | CORP              | US        |    500000 | PA      | $454857.09    | 0.72%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                   | US Foods Inc                                                                   | CUSIP: 90290MAC5<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250768.75    | 0.40%             | 2025-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL       | United Wholesale Mortgage LLC                                                  | CUSIP: 913229AA8<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |    500000 | PA      | $430675.00    | 0.68%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL        | Uniti Group LP / Uniti Group Finance Inc / CSL Capital LLC                     | CUSIP: 91327BAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $139274.00    | 0.22%             | 2029-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| UNIVAR SOLUTIONS USA INC       | Univar Solutions USA Inc/Washington                                            | CUSIP: 91337CAA4<br>LEI: 5493008FTB9VZW6CVA82 | Long             | DBT              | CORP              | US        |    250000 | PA      | $241816.72    | 0.38%             | 2027-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS       | Univision Communications Inc                                                   | CUSIP: 914906AU6<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245316.25    | 0.39%             | 2027-06-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| URBAN ONE INC                  | Urban One Inc                                                                  | CUSIP: 91705JAC9<br>LEI: 549300PLGIGPBRQUP240 | Long             | DBT              | CORP              | US        |    200000 | PA      | $182167.00    | 0.29%             | 2028-02-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN       | USA Compression Partners LP / USA Compression Finance Corp                     | CUSIP: 91740PAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $728343.75    | 1.15%             | 2027-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU       | Venture Global Calcasieu Pass LLC                                              | CUSIP: 92328MAB9<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    250000 | PA      | $222001.25    | 0.35%             | 2031-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU       | Venture Global Calcasieu Pass LLC                                              | CUSIP: 92328MAC7<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    250000 | PA      | $212687.50    | 0.34%             | 2033-11-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust     | Verus Securitization Trust 2021-1                                              | CUSIP: 92537QAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    726000 | PA      | $501496.84    | 0.79%             | 2066-01-25      | Variable      | 1.97%                 | No            |                  2 | On Loan: No      |
| WARRIOR MET COAL INC           | Warrior Met Coal Inc                                                           | CUSIP: 93627CAB7<br>LEI: 549300152B1S9YKBYV79 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1972990.00   | 3.13%             | 2028-12-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| TRI POINTE GROUP / HOMES       | TRI Pointe Group Inc / TRI Pointe Homes Inc                                    | CUSIP: 962178AN9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $249328.75    | 0.40%             | 2024-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| WHITE CAP BUYER LLC            | White Cap Buyer LLC                                                            | CUSIP: 96350RAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $455939.17    | 0.72%             | 2028-10-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| COPPER MOUNTAIN MINING C       | Copper Mountain Mining Corp                                                    | CUSIP: BO8204600<br>LEI: 5493006C53WJSL5MMV91 | Long             | DBT              | CORP              | CA        |    523055 | PA      | $517824.45    | 0.82%             | 2026-04-09      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| AMC NETWORKS INC               | AMC Networks Inc                                                               | CUSIP: 00164VAE3<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |    500000 | PA      | $428267.50    | 0.68%             | 2025-08-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN       | American Airlines Inc/AAdvantage Loyalty IP Ltd                                | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $490565.51    | 0.78%             | 2026-04-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC        | American Axle & Manufacturing Inc                                              | CUSIP: 02406PBB5<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $825295.26    | 1.31%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PART/FI       | Antero Midstream Partners LP / Antero Midstream Finance Corp                   | CUSIP: 03690AAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1196931.25   | 1.90%             | 2028-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ARAMARK SERVICES INC           | Aramark Services Inc                                                           | CUSIP: 038522AR9<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | DBT              | CORP              | US        |    500000 | PA      | $500737.50    | 0.79%             | 2025-05-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ARCHROCK PARTNERS LP/FIN       | Archrock Partners LP / Archrock Partners Finance Corp                          | CUSIP: 03959KAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    700000 | PA      | $686815.50    | 1.09%             | 2027-04-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ATLANTICA SUSTAIN INFRA        | Atlantica Sustainable Infrastructure PLC                                       | CUSIP: 04916WAA2<br>LEI: 549300ITBBGKJ651R879 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $222806.25    | 0.35%             | 2028-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| BELLEMEADE RE LT               | Bellemeade Re Ltd                                                              | CUSIP: 07876AAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    710000 | PA      | $653065.10    | 1.04%             | 2031-06-25      | Floating      | 7.21%                 | No            |                  2 | On Loan: No      |
| BELLEMEADE RE LT               | Bellemeade Re Ltd                                                              | CUSIP: 07876MAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    640000 | PA      | $646364.80    | 1.02%             | 2031-03-25      | Floating      | 9.16%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                 | Bombardier Inc                                                                 | CUSIP: 097751BR1<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    160000 | PA      | $163220.00    | 0.26%             | 2024-12-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC               | CSC Holdings LLC                                                               | CUSIP: 126307AQ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    500000 | PA      | $441000.00    | 0.70%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CVR PARTNERS/CVR NITROGE       | CVR Partners LP / CVR Nitrogen Finance Corp                                    | CUSIP: 12663QAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $901979.60    | 1.43%             | 2028-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ENTERCOM MEDIA CORP            | Audacy Capital Corp                                                            | CUSIP: 29365DAA7<br>LEI: 549300S5JUSXRHNCHD80 | Long             | DBT              | CORP              | US        |    100000 | PA      | $16618.36     | 0.03%             | 2027-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HAT HOLDINGS I LLC/HAT         | HAT Holdings I LLC / HAT Holdings II LLC                                       | CUSIP: 418751AE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $666577.50    | 1.06%             | 2026-06-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| HAWAIIAN BRAND INTELLECT       | Hawaiian Brand Intellectual Property Ltd / HawaiianMiles Loyalty Ltd           | CUSIP: 41984LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    500000 | PA      | $478122.50    | 0.76%             | 2026-01-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| STONEX GROUP INC               | StoneX Group Inc                                                               | CUSIP: 46116VAE5<br>LEI: 549300JUF07L8VF02M60 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100637.00    | 0.16%             | 2025-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2020-2                                                | CUSIP: 46591TBY9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    725624 | PA      | $577872.73    | 0.92%             | 2050-07-25      | Variable      | 3.82%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2020-3                                                | CUSIP: 46592ABZ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    722464 | PA      | $572311.31    | 0.91%             | 2050-08-25      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| KINETIK HOLDINGS LP            | Kinetik Holdings LP                                                            | CUSIP: 49461MAA8<br>LEI: 549300RD6AJIMYC0HY12 | Long             | DBT              | CORP              | US        |    250000 | PA      | $237833.75    | 0.38%             | 2030-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC               | LPL Holdings Inc                                                               | CUSIP: 50212YAC8<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    500000 | PA      | $476375.00    | 0.76%             | 2027-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| LAMAR MEDIA CORP               | Lamar Media Corp                                                               | CUSIP: 513075BW0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $235558.49    | 0.37%             | 2029-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| LD HOLDINGS GROUP LLC          | LD Holdings Group LLC                                                          | CUSIP: 521088AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $261456.00    | 0.41%             | 2028-04-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| LITHIA MOTORS INC              | Lithia Motors Inc                                                              | CUSIP: 536797AE3<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |    250000 | PA      | $232791.25    | 0.37%             | 2027-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MIWD HLDCO II/MIWD FIN         | MIWD Holdco II LLC / MIWD Finance Corp                                         | CUSIP: 55337PAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $83365.00     | 0.13%             | 2030-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL        | MPT Operating Partnership LP / MPT Finance Corp                                | CUSIP: 55342UAM6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $350688.84    | 0.56%             | 2031-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MATTHEWS INTERNATIONAL C       | Matthews International Corp                                                    | CUSIP: 577128AA9<br>LEI: 549300ZVC5O0ATML6U61 | Long             | DBT              | CORP              | US        |    250000 | PA      | $238593.75    | 0.38%             | 2025-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MOOG INC                       | Moog Inc                                                                       | CUSIP: 615394AM5<br>LEI: 549300WM2I4U7OBAHG07 | Long             | DBT              | CORP              | US        |    250000 | PA      | $232678.75    | 0.37%             | 2027-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MUELLER WATER PRODUCTS         | Mueller Water Products Inc                                                     | CUSIP: 624758AF5<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | DBT              | CORP              | US        |    300000 | PA      | $266439.50    | 0.42%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP            | Medline Borrower LP                                                            | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    500000 | PA      | $424690.00    | 0.67%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NMI HOLDINGS                   | NMI Holdings Inc                                                               | CUSIP: 629209AA5<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | DBT              | CORP              | US        |    250000 | PA      | $254200.00    | 0.40%             | 2025-06-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC         | Nationstar Mortgage Holdings Inc                                               | CUSIP: 63861CAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    650000 | PA      | $603908.50    | 0.96%             | 2027-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NESCO HOLDINGS II INC          | NESCO Holdings II Inc                                                          | CUSIP: 64083YAA9<br>LEI: 254900FAHT0HW9T6L409 | Long             | DBT              | CORP              | US        |    100000 | PA      | $89943.50     | 0.14%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW FORTRESS ENERGY INC        | New Fortress Energy Inc                                                        | CUSIP: 644393AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $239667.03    | 0.38%             | 2025-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NEW FORTRESS ENERGY INC        | New Fortress Energy Inc                                                        | CUSIP: 644393AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $460755.49    | 0.73%             | 2026-09-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan  | New Residential Mortgage Loan Trust 2022-SFR2                                  | CUSIP: 64830RAJ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    760000 | PA      | $636512.92    | 1.01%             | 2039-09-04      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC              | Nexstar Media Inc                                                              | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    250000 | PA      | $239132.50    | 0.38%             | 2027-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Oaktown Re Ltd                 | Oaktown Re VII Ltd                                                             | CUSIP: 67389JAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |   1000000 | PA      | $851043.00    | 1.35%             | 2034-04-25      | Floating      | 8.71%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN       | 1011778 BC ULC / New Red Finance Inc                                           | CUSIP: 68245XAJ8<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    250000 | PA      | $230706.25    | 0.37%             | 2028-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAP LLC/C       | Outfront Media Capital LLC / Outfront Media Capital Corp                       | CUSIP: 69007TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $230303.86    | 0.37%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PBF HOLDING CO LLC             | PBF Holding Co LLC / PBF Finance Corp                                          | CUSIP: 69318FAJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $472107.50    | 0.75%             | 2028-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PBF LOGISTICS LP/FINANCE       | PBF Logistics LP / PBF Logistics Finance Corp                                  | CUSIP: 69318UAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $250265.78    | 0.40%             | 2023-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC          | PennyMac Financial Services Inc                                                | CUSIP: 70932MAC1<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |    250000 | PA      | $210475.74    | 0.33%             | 2031-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust     | Progress Residential 2021-SFR1                                                 | CUSIP: 74331FAL5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    765000 | PA      | $658609.92    | 1.04%             | 2038-04-17      | Fixed         | 2.76%                 | No            |                  2 | On Loan: No      |
| MATIV HOLDINGS INC             | Mativ Holdings Inc                                                             | CUSIP: 808541AA4<br>LEI: 549300Z1FU4IDULG1R21 | Long             | DBT              | CORP              | US        |    500000 | PA      | $463185.00    | 0.73%             | 2026-10-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SENSATA TECHNOLOGIES BV        | Sensata Technologies BV                                                        | CUSIP: 81725WAL7<br>LEI: PUCKW5P5O3XMOZVH7T53 | Long             | DBT              | CORP              | NL        |    250000 | PA      | $245623.75    | 0.39%             | 2030-09-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SHELF DRILL HOLD LTD           | Shelf Drilling Holdings Ltd                                                    | CUSIP: 822538AE4<br>LEI: 54930078ZJ3XP4MRYB68 | Long             | DBT              | CORP              | KY        |   1500000 | PA      | $1415625.00   | 2.24%             | 2025-02-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| VERTIV GROUP CORPORATION       | Vertiv Group Corp                                                              | CUSIP: 92535UAB0<br>LEI: 549300ZT8RQ5VK10E643 | Long             | DBT              | CORP              | US        |    500000 | PA      | $433775.86    | 0.69%             | 2028-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ARROW BIDCO LLC                | Arrow Bidco LLC                                                                | CUSIP: 042728AA3<br>LEI: 549300YHZN08M0H3O128 | Long             | DBT              | CORP              | US        |    750000 | PA      | $750872.37    | 1.19%             | 2024-03-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| BEACON ROOFING SUPPLY IN       | Beacon Roofing Supply Inc                                                      | CUSIP: 073685AF6<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |    250000 | PA      | $238588.75    | 0.38%             | 2026-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC       | Builders FirstSource Inc                                                       | CUSIP: 12008RAN7<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |    250000 | PA      | $233470.70    | 0.37%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CPI CG INC                     | CPI CG Inc                                                                     | CUSIP: 12598FAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    234000 | PA      | $231316.02    | 0.37%             | 2026-03-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| CALUMET SPECIALTY PROD         | Calumet Specialty Products Partners LP / Calumet Finance Corp                  | CUSIP: 131477AV3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    600000 | PA      | $579756.56    | 0.92%             | 2027-01-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| CARGO AIRCRAFT MANAGEMEN       | Cargo Aircraft Management Inc                                                  | CUSIP: 14180LAA4<br>LEI: 549300GH5J7LOMV44F11 | Long             | DBT              | CORP              | US        |    500000 | PA      | $453082.50    | 0.72%             | 2028-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CARS.COM INC                   | Cars.com Inc                                                                   | CUSIP: 14575EAA3<br>LEI: 5493002G6J07LNGX4M98 | Long             | DBT              | CORP              | US        |    500000 | PA      | $465120.00    | 0.74%             | 2028-11-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CITGO PETROLEUM CORP           | CITGO Petroleum Corp                                                           | CUSIP: 17302XAK2<br>LEI: YX52P86PXMLYDOTUQ225 | Long             | DBT              | CORP              | US        |    500000 | PA      | $496345.00    | 0.79%             | 2025-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP              | Clarios Global LP                                                              | CUSIP: 18060TAA3<br>LEI: 549300474L1ZLXZY2P98 | Long             | DBT              | CORP              | CA        |    226000 | PA      | $227631.72    | 0.36%             | 2025-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC           | Cleveland-Cliffs Inc                                                           | CUSIP: 185899AH4<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    400000 | PA      | $393874.00    | 0.62%             | 2027-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MAXIM CRANE WORKS LLC          | Maxim Crane Works Holdings Capital LLC                                         | CUSIP: 18911YAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    220000 | PA      | $212743.76    | 0.34%             | 2024-08-01      | Fixed         | 10.12%                | No            |                  2 | On Loan: No      |
| COINBASE GLOBAL INC            | Coinbase Global Inc                                                            | CUSIP: 19260QAC1<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |    600000 | PA      | $388158.00    | 0.62%             | 2028-10-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| COMPASS MINERALS INTERNA       | Compass Minerals International Inc                                             | CUSIP: 20451NAG6<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |    500000 | PA      | $488372.18    | 0.77%             | 2027-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| COMSTOCK RESOURCES INC         | Comstock Resources Inc                                                         | CUSIP: 205768AS3<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |    100000 | PA      | $91939.00     | 0.15%             | 2029-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| COMSTOCK RESOURCES INC         | Comstock Resources Inc                                                         | CUSIP: 205768AT1<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |    100000 | PA      | $87334.00     | 0.14%             | 2030-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED COMMUNICATI       | Consolidated Communications Inc                                                | CUSIP: 20903XAF0<br>LEI: 549300WW675Y48HDVX34 | Long             | DBT              | CORP              | US        |    500000 | PA      | $408439.72    | 0.65%             | 2028-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| COVANTA HOLDING CORP           | Covanta Holding Corp                                                           | CUSIP: 22282EAJ1<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | DBT              | CORP              | US        |    250000 | PA      | $213389.34    | 0.34%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CROWNROCK LP/CROWNROCK F       | CrownRock LP / CrownRock Finance Inc                                           | CUSIP: 228701AG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $232418.75    | 0.37%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CUMULUS MEDIA NEW HLDGS        | Cumulus Media New Holdings Inc                                                 | CUSIP: 23110AAA4<br>LEI: 5493001D9VBAVY1OKJ46 | Long             | DBT              | CORP              | US        |    542000 | PA      | $453190.59    | 0.72%             | 2026-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC          | Directv Financing LLC / Directv Financing Co-Obligor Inc                       | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $907280.00    | 1.44%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ENCINO ACQUISITION PARTN       | Encino Acquisition Partners Holdings LLC                                       | CUSIP: 29254BAA5<br>LEI: 549300BUKUEKT2UE4T49 | Long             | DBT              | CORP              | US        |    250000 | PA      | $234246.20    | 0.37%             | 2028-05-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ENTERCOM MEDIA CORP            | Audacy Capital Corp                                                            | CUSIP: 29365DAB5<br>LEI: 549300S5JUSXRHNCHD80 | Long             | DBT              | CORP              | US        |    200000 | PA      | $34278.00     | 0.05%             | 2029-03-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ENVIVA PARTNERS LP/FIN C       | Enviva Partners LP / Enviva Partners Finance Corp                              | CUSIP: 29413XAD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $700912.50    | 1.11%             | 2026-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund                                     | CUSIP: 31846V211<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   4804259 | NS      | $4804259.27   | 7.62%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRSTCASH INC                  | FirstCash Inc                                                                  | CUSIP: 33767DAB1<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |    500000 | PA      | $447303.71    | 0.71%             | 2028-09-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY             | Ford Motor Co                                                                  | CUSIP: 345370DB3<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $982028.97    | 1.56%             | 2032-08-19      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac Structured Agency Credit Risk Debt Notes                           | CUSIP: 35564KDX4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $478125.00    | 0.76%             | 2033-08-25      | Floating      | 7.71%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac STACR REMIC Trust 2021-DNA6                                        | CUSIP: 35564KLU1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $958750.00    | 1.52%             | 2041-10-25      | Floating      | 7.71%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac STACR REMIC Trust 2022-HQA1                                        | CUSIP: 35564KTJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    650000 | PA      | $649998.70    | 1.03%             | 2042-03-25      | Floating      | 9.56%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE CORP          | Freedom Mortgage Corp                                                          | CUSIP: 35640YAF4<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |    500000 | PA      | $440468.88    | 0.70%             | 2026-05-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| GRAY ESCROW II INC             | Gray Escrow II Inc                                                             | CUSIP: 389286AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $759097.50    | 1.20%             | 2031-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MARRIOTT OWNERSHIP RESOR       | Marriott Ownership Resorts Inc                                                 | CUSIP: 57164PAF3<br>LEI: BW4532OH033VURR0IT68 | Long             | DBT              | CORP              | US        |    500000 | PA      | $451750.00    | 0.72%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** /s/ Daniel Fazioli

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

**Title:** Principal Financial Officer