# EDGAR Filing Document

**Accession Number:** 0001612930
**File Stem:** 0001133228-25-010505
**Filing Date:** 2025-10
**Character Count:** 712014
**Document Hash:** 310028e526a4097ef428c5f11757a91a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-010505.hdr.sgml**: 20251006

**ACCESSION NUMBER**: 0001133228-25-010505

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 41

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20251006

**DATE AS OF CHANGE**: 20251006

**EFFECTIVENESS DATE**: 20251006

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22980
- **FILM NUMBER:** 251376012

**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 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             |

?xml version='1.0' encoding='ASCII'? 2025-07-28190132_AngelOakMulti-StrategyIncomeFund_ClassA_TSRSemiAnnual

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>**

&nbsp;&nbsp;&nbsp;&nbsp;**<u>Angel Oak Funds Trust</u>**

(Exact name of registrant as specified in charter)

**<u>3344 Peachtree Rd. NE, Suite 1725</u>**

**<u>Atlanta, Georgia 30326</u>**

(Address of principal executive offices) (Zip code)

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

**<u>3344 Peachtree Rd. NE, Suite 1725</u>**

**<u>Atlanta, Georgia 30326</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>July 31, 2025</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) | Semi-Annual Shareholder Report \| July 31, 2025  | ![image](img89943_202501282005515.jpg) |

---

This semi-annual shareholder report contains important information about the Angel Oak Multi-Strategy Income Fund (the Fund) for the period of February 1, 2025 to July 31, 2025. 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 LAST SIX MONTHS?** (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 | $78 | 1.54% |

---

\* ***Annualized.***

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

The Fund's Class A shares returned 3.39%, without sales charges, for the six-month period ending July 31, 2025. The Fund outperformed the Bloomberg U.S. Aggregate Bond Index, the Fund's benchmark, by 19 basis points, as the benchmark returned 3.20% over the same period.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

The Fund benefited from higher current income and spread outperformance within credit allocations, most notably in non-agency residential mortgage-backed securities (RMBS) and asset-backed securities (ABS). A shorter interest rate duration was the primary detractor from relative performance.

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

The Fund reduced its allocation to non-agency RMBS to realize gains following spread compression while increasing exposure to agency RMBS to strengthen credit quality and position for potential spread tightening. Allocations to ABS and high-yield corporates were also increased in anticipation of further spread improvement.

---

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

---

---

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

---

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

------

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\*** (as of July 31, 2025)

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.

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

![image](ts5181img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A (without sales charge)**  | 5.97 | 2.02 | 1.97 |
| **Class A (with maximum 2.25% sales charge)**  | 3.57 | 1.56 | 1.73 |
| **Bloomberg U.S. Aggregate Bond Index**  | 3.38 | -1.07 | 1.66 |

---

\* **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 July 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $2701609209 | **Effective Duration** | 4.25 years |
| **Number of Holdings** | 1098 | **30-Day SEC Yield (** **Class A)** | 6.14% |
| **Net Advisory Fee** | $12222617 | **30-Day SEC Yield Unsubsidized (** **Class A)** | 6.14% |
| **Portfolio Turnover** | 41% | **Weighted Average Life** | 6.34 years |
| **Average Credit Quality** | BBB | **Distribution Yield (** **Class A)** | 5.34% |

---

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

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Top Security Types (% of net** **assets)**

---

| | |
|:---|:---|
|  Residential Mortgage-Backed Securities  | 47.3% |
|  Asset-Backed Securities  | 18.4% |
|  Residential Mortgage-Backed Securities - U.S. Government Agency  | 10.8% |
|  Collateralized Loan Obligations  | 7.8% |
|  Corporate Obligations  | 6.6% |
|  Commercial Mortgage-Backed Securities  | 4.6% |
|  Residential Mortgage-Backed Securities - U.S. Government Agency Credit Risk Transfer  | 4.1% |
|  Commercial Mortgage-Backed Securities - U.S. Government Agency  | 3.2% |
|  Money Market Funds  | 2.9% |
|  Cash & Other  | -5.7% |

---

**Top 10 Issuers (% of net assets)**

---

| | |
|:---|:---|
|  Federal National Mortgage Association  | 9.7% |
|  Federal Home Loan Mortgage Corp.  | 7.8% |
|  Saluda Grade Mortgage Funding LLC  | 4.0% |
|  JP Morgan Mortgage Trust  | 4.0% |
|  GS Mortgage-Backed Securities Trust  | 4.0% |
|  First American Government Obligations Fund  | 2.9% |
|  Exeter Automobile Receivables Trust  | 2.5% |
|  Credit Suisse Mortgage Capital Certificates  | 2.4% |
|  Helios Loan Funding Trust  | 2.3% |
|  Verus Securitization Trust  | 2.1% |

---

**Credit Ratings Breakdown (% of net** **assets)** **\***

---

| | |
|:---|:---|
|  AAA  | 8.9% |
|  AA  | 19.5% |
|  A  | 5.8% |
|  BBB  | 11.7% |
|  BB  | 23.9% |
|  B  | 5.4% |
|  CCC  | 3.2% |
|  CC  | 0.3% |
|  C  | 0.1% |
|  NR  | 21.2% |

---

\* 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 3 TSR-SAR-03463K307

------

**Material Fund Changes:**

Effective April 1, 2025, the ultimate parent of the Fund's investment adviser announced a strategic partnership with Brookfield Asset Management Ltd. ("Brookfield") in which Brookfield has agreed to acquire a majority of the ultimate parent of the Fund's investment adviser (the "Transaction"). The Transaction is not expected to result in any material change in the day-to-day management of the Fund.

This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund's current prospectus, dated May 31, 2025, as supplemented to date, which is available 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 4 TSR-SAR-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) | Semi-Annual Shareholder Report \| July 31, 2025  | ![image](img89943_202501282005515.jpg) |

---

This semi-annual shareholder report contains important information about the Angel Oak Multi-Strategy Income Fund (the Fund) for the period of February 1, 2025 to July 31, 2025. 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 LAST SIX MONTHS?** (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 | $115 | 2.29% |

---

\* ***Annualized.***

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

The Fund's Class C shares returned 2.93%, without sales charges, for the six-month period ending July 31, 2025. The Fund underperformed the Bloomberg U.S. Aggregate Bond Index, the Fund's benchmark, by 27 basis points, as the benchmark returned 3.20% over the same period.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

The Fund benefited from higher current income and spread outperformance within credit allocations, most notably in non-agency residential mortgage-backed securities (RMBS) and asset-backed securities (ABS). A shorter interest rate duration was the primary detractor from relative performance.

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

The Fund reduced its allocation to non-agency RMBS to realize gains following spread compression while increasing exposure to agency RMBS to strengthen credit quality and position for potential spread tightening. Allocations to ABS and high-yield corporates were also increased in anticipation of further spread improvement.

---

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

---

---

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

---

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

------

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\*** (as of July 31, 2025)

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.

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

![image](ts5182img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(08/04/2015)** |
| **Class C (without sales charge)**  | 5.14 | 1.25 | 1.20 |
| **Class C (with maximum 1.00% deferred sales charge)**  | 4.14 | 1.25 | 1.20 |
| **Bloomberg U.S. Aggregate Bond Index**  | 3.38 | -1.07 | 1.67 |

---

\* **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 July 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $2701609209 | **Effective Duration** | 4.25 years |
| **Number of Holdings** | 1098 | **30-Day SEC Yield (** **Class C)** | 5.53% |
| **Net Advisory Fee** | $12222617 | **30-Day SEC Yield Unsubsidized (** **Class C)** | 5.53% |
| **Portfolio Turnover** | 41% | **Weighted Average Life** | 6.34 years |
| **Average Credit Quality** | BBB | **Distribution Yield (** **Class C)** | 4.64% |

---

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

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Top Security Types (% of net** **assets)**

---

| | |
|:---|:---|
|  Residential Mortgage-Backed Securities  | 47.3% |
|  Asset-Backed Securities  | 18.4% |
|  Residential Mortgage-Backed Securities - U.S. Government Agency  | 10.8% |
|  Collateralized Loan Obligations  | 7.8% |
|  Corporate Obligations  | 6.6% |
|  Commercial Mortgage-Backed Securities  | 4.6% |
|  Residential Mortgage-Backed Securities - U.S. Government Agency Credit Risk Transfer  | 4.1% |
|  Commercial Mortgage-Backed Securities - U.S. Government Agency  | 3.2% |
|  Money Market Funds  | 2.9% |
|  Cash & Other  | -5.7% |

---

**Top 10 Issuers (% of net assets)**

---

| | |
|:---|:---|
|  Federal National Mortgage Association  | 9.7% |
|  Federal Home Loan Mortgage Corp.  | 7.8% |
|  Saluda Grade Mortgage Funding LLC  | 4.0% |
|  JP Morgan Mortgage Trust  | 4.0% |
|  GS Mortgage-Backed Securities Trust  | 4.0% |
|  First American Government Obligations Fund  | 2.9% |
|  Exeter Automobile Receivables Trust  | 2.5% |
|  Credit Suisse Mortgage Capital Certificates  | 2.4% |
|  Helios Loan Funding Trust  | 2.3% |
|  Verus Securitization Trust  | 2.1% |

---

**Credit Ratings Breakdown (% of net** **assets)** **\***

---

| | |
|:---|:---|
|  AAA  | 8.9% |
|  AA  | 19.5% |
|  A  | 5.8% |
|  BBB  | 11.7% |
|  BB  | 23.9% |
|  B  | 5.4% |
|  CCC  | 3.2% |
|  CC  | 0.3% |
|  C  | 0.1% |
|  NR  | 21.2% |

---

\* 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 3 TSR-SAR-03463K505

------

**Material Fund Changes:**

Effective April 1, 2025, the ultimate parent of the Fund's investment adviser announced a strategic partnership with Brookfield Asset Management Ltd. ("Brookfield") in which Brookfield has agreed to acquire a majority of the ultimate parent of the Fund's investment adviser (the "Transaction"). The Transaction is not expected to result in any material change in the day-to-day management of the Fund.

This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund's current prospectus, dated May 31, 2025, as supplemented to date, which is available 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 4 TSR-SAR-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) | Semi-Annual Shareholder Report \| July 31, 2025  | ![image](img89943_202501282005515.jpg) |

---

This semi-annual shareholder report contains important information about the Angel Oak Multi-Strategy Income Fund (the Fund) for the period of February 1, 2025 to July 31, 2025. 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 LAST SIX MONTHS?** (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 | $65 | 1.29% |

---

\* ***Annualized.***

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

The Fund's Institutional Class shares returned 3.53% for the six-month period ending July 31, 2025. The Fund outperformed the Bloomberg U.S. Aggregate Bond Index, the Fund's benchmark, by 33 basis points, as the benchmark returned 3.20% over the same period.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

The Fund benefited from higher current income and spread outperformance within credit allocations, most notably in non-agency residential mortgage-backed securities (RMBS) and asset-backed securities (ABS). A shorter interest rate duration was the primary detractor from relative performance.

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

The Fund reduced its allocation to non-agency RMBS to realize gains following spread compression while increasing exposure to agency RMBS to strengthen credit quality and position for potential spread tightening. Allocations to ABS and high-yield corporates were also increased in anticipation of further spread improvement.

---

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

---

---

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

---

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

------

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\*** (as of July 31, 2025)

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.

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

![image](ts5183img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional Class**  | 6.13 | 2.28 | 2.22 |
| **Bloomberg U.S. Aggregate Bond Index**  | 3.38 | -1.07 | 1.66 |

---

\* **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 July 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $2701609209 | **Effective Duration** | 4.25 years |
| **Number of Holdings** | 1098 | **30-Day SEC Yield (** **Institutional Class)** | 6.54% |
| **Net Advisory Fee** | $12222617 | **30-Day SEC Yield Unsubsidized** **(Institutional Class)** | 6.54% |
| **Portfolio Turnover** | 41% | **Weighted Average Life** | 6.34 years |
| **Average Credit Quality** | BBB | **Distribution Yield (** **Institutional Class)** | 5.62% |

---

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

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Top Security Types (% of net** **assets)**

---

| | |
|:---|:---|
|  Residential Mortgage-Backed Securities  | 47.3% |
|  Asset-Backed Securities  | 18.4% |
|  Residential Mortgage-Backed Securities - U.S. Government Agency  | 10.8% |
|  Collateralized Loan Obligations  | 7.8% |
|  Corporate Obligations  | 6.6% |
|  Commercial Mortgage-Backed Securities  | 4.6% |
|  Residential Mortgage-Backed Securities - U.S. Government Agency Credit Risk Transfer  | 4.1% |
|  Commercial Mortgage-Backed Securities - U.S. Government Agency  | 3.2% |
|  Money Market Funds  | 2.9% |
|  Cash & Other  | -5.7% |

---

**Top 10 Issuers (% of net assets)**

---

| | |
|:---|:---|
|  Federal National Mortgage Association  | 9.7% |
|  Federal Home Loan Mortgage Corp.  | 7.8% |
|  Saluda Grade Mortgage Funding LLC  | 4.0% |
|  JP Morgan Mortgage Trust  | 4.0% |
|  GS Mortgage-Backed Securities Trust  | 4.0% |
|  First American Government Obligations Fund  | 2.9% |
|  Exeter Automobile Receivables Trust  | 2.5% |
|  Credit Suisse Mortgage Capital Certificates  | 2.4% |
|  Helios Loan Funding Trust  | 2.3% |
|  Verus Securitization Trust  | 2.1% |

---

**Credit Ratings Breakdown (% of net** **assets)** **\***

---

| | |
|:---|:---|
|  AAA  | 8.9% |
|  AA  | 19.5% |
|  A  | 5.8% |
|  BBB  | 11.7% |
|  BB  | 23.9% |
|  B  | 5.4% |
|  CCC  | 3.2% |
|  CC  | 0.3% |
|  C  | 0.1% |
|  NR  | 21.2% |

---

\* 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 April 1, 2025, the ultimate parent of the Fund's investment adviser announced a strategic partnership with Brookfield Asset Management Ltd. ("Brookfield") in which Brookfield has agreed to acquire a majority of the ultimate parent of the Fund's investment adviser (the "Transaction"). The Transaction is not expected to result in any material change in the day-to-day management of the Fund.

This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund's current prospectus, dated May 31, 2025, as supplemented to date, which is available 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-SAR-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) | Semi-Annual Shareholder Report \| July 31, 2025  | ![image](img89943_202501282005515.jpg) |

---

This semi-annual shareholder report contains important information about the Angel Oak UltraShort Income Fund (the Fund) for the period of February 1, 2025 to July 31, 2025. 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 LAST SIX MONTHS?** (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 | $30 | 0.60% |

---

\* ***Annualized.***

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

The Fund's Class A shares returned 2.50% for the six-month period ending July 31, 2025. The Fund outperformed the Bloomberg Short Treasury: 9-12 Months Index and the Bloomberg Short-Term Government/Corporate Index, the Fund's performance benchmarks, by 56 basis points (bps) and 42 bps, respectively, as the performance benchmarks returned 1.94% and 2.08%, respectively.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

The Fund outperformed its performance benchmarks during the period, supported by overweight allocations to investment-grade (IG) asset-backed securities (ABS), non-agency residential mortgage-backed securities (RMBS), collateralized loan obligations (CLOs), and IG corporates. Higher income, stronger yields, and tighter spreads across these sectors further enhanced relative performance.

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

The Fund maintained an overweight to securitized credit, with increased allocations to IG ABS, non-agency RMBS, and CLOs, all of which contributed positively.

---

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

---

---

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

---

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

------

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\*** (as of July 31, 2025)

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.

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

![image](ts5186img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(04/30/2018)** |
| **Class A**  | 5.46 | 2.88 | 2.81 |
| **Bloomberg U.S. Aggregate Bond Index**  | 3.38 | -1.07 | 1.76 |
| **Bloomberg Short Treasury: 9-12 Months Index**  | 4.52 | 2.38 | 2.47 |
| **Bloomberg Short Term Government/Corporate Index**  | 4.72 | 2.75 | 2.64 |

---

\* **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 July 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $660246034 | **Effective Duration** | 0.79 years |
| **Number of Holdings** | 437 | **30-Day SEC Yield (** **Class A)** | 4.70% |
| **Net Advisory Fee** | $705667 | **30-Day SEC Yield Unsubsidized (** **Class A)** | 4.50% |
| **Portfolio Turnover** | 38% | **Weighted Average Life** | 1.58 years |
| **Average Credit Quality** | A | **Distribution Yield (** **Class A)** | 4.82% |

---

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

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Top Security Types (% of net** **assets)**

---

| | |
|:---|:---|
|  Asset-Backed Securities  | 31.3% |
|  Commercial Mortgage-Backed Securities - U.S. Government Agency  | 18.3% |
|  Corporate Obligations  | 16.1% |
|  Collateralized Loan Obligations  | 14.7% |
|  Residential Mortgage-Backed Securities  | 13.8% |
|  Money Market Funds  | 3.0% |
|  Commercial Mortgage-Backed Securities  | 2.9% |
|  Residential Mortgage-Backed Securities - U.S. Government Agency Credit Risk Transfer  | 0.8% |
|  Futures Contracts  | 0.2% |
|  Cash & Other  | -1.1% |

---

**Top 10 Issuers (% of net assets)**

---

| | |
|:---|:---|
|  Federal Home Loan Mortgage Corp.  | 18.0% |
|  Pagaya AI Debt Selection Trust  | 9.4% |
|  First American Government Obligations Fund  | 3.0% |
|  Avis Budget Car Rental LLC  | 1.6% |
|  Vista Point Securitization Trust  | 1.6% |
|  GS Mortgage-Backed Securities Trust  | 1.5% |
|  ACHV ABS Trust  | 1.4% |
|  American Credit Acceptance Receivables Trust  | 1.4% |
|  Onslow Bay Mortgage Loan Trust  | 1.3% |
|  Federal National Mortgage Association  | 1.3% |

---

**Credit Ratings Breakdown (% of net** **assets)** **\***

---

| | |
|:---|:---|
|  AAA  | 31.5% |
|  AA  | 25.3% |
|  A  | 20.1% |
|  BBB  | 18.2% |
|  BB  | 2.4% |
|  B  | 0.7% |
|  CCC  | 0.0% |
|  CC  | 0.0% |
|  C  | 0.1% |
|  NR  | 1.7% |

---

\* 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.

**Material Fund Changes:**

Effective April 1, 2025, the ultimate parent of the Fund's investment adviser announced a strategic partnership with Brookfield Asset Management Ltd. ("Brookfield") in which Brookfield has agreed to acquire a majority of the ultimate parent of the Fund's investment adviser (the "Transaction"). The Transaction is not expected to result in any material change in the day-to-day management of the Fund.

This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund's current prospectus, dated May 31, 2025, as supplemented to date, which is available 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-SAR-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) | Semi-Annual Shareholder Report \| July 31, 2025  | ![image](img89943_202501282005515.jpg) |

---

This semi-annual shareholder report contains important information about the Angel Oak UltraShort Income Fund (the Fund) for the period of February 1, 2025 to July 31, 2025. 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 LAST SIX MONTHS?** (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 | $30 | 0.60% |

---

\* ***Annualized.***

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

The Fund's Class A1 shares returned 2.50%, without sales charges, for the six-month period ending July 31, 2025. The Fund outperformed the Bloomberg Short Treasury: 9-12 Months Index and the Bloomberg Short-Term Government/Corporate Index, the Fund's performance benchmarks, by 56 basis points (bps) and 42 bps, respectively, as the performance benchmarks returned 1.94% and 2.08%, respectively.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

The Fund outperformed its performance benchmarks during the period, supported by overweight allocations to investment-grade (IG) asset-backed securities (ABS), non-agency residential mortgage-backed securities (RMBS), collateralized loan obligations (CLOs), and IG corporates. Higher income, stronger yields, and tighter spreads across these sectors further enhanced relative performance.

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

The Fund maintained an overweight to securitized credit, with increased allocations to IG ABS, non-agency RMBS, and CLOs, all of which contributed positively.

---

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

---

---

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

---

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

------

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\*** (as of July 31, 2025)

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.

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

![image](ts5185img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(07/22/2022)** |
| **Class A1 (without sales charge)**  | 5.47 | 4.92 |
| **Class A1 (with maximum 1.50% sales charge)**  | 3.39 | 4.39 |
| **Bloomberg U.S. Aggregate Bond Index**  | 3.38 | 1.84 |
| **Bloomberg Short Treasury: 9-12 Months Index**  | 4.52 | 4.24 |
| **Bloomberg Short Term Government/Corporate Index**  | 4.72 | 4.62 |

---

\* **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 July 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $660246034 | **Effective Duration** | 0.79 years |
| **Number of Holdings** | 437 | **30-Day SEC Yield (** **Class A1)** | 4.74% |
| **Net Advisory Fee** | $705667 | **30-Day SEC Yield Unsubsidized (** **Class A1)** | 4.53% |
| **Portfolio Turnover** | 38% | **Weighted Average Life** | 1.58 years |
| **Average Credit Quality** | A | **Distribution Yield (** **Class A1)** | 4.83% |

---

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

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Top Security Types (% of net** **assets)**

---

| | |
|:---|:---|
|  Asset-Backed Securities  | 31.3% |
|  Commercial Mortgage-Backed Securities - U.S. Government Agency  | 18.3% |
|  Corporate Obligations  | 16.1% |
|  Collateralized Loan Obligations  | 14.7% |
|  Residential Mortgage-Backed Securities  | 13.8% |
|  Money Market Funds  | 3.0% |
|  Commercial Mortgage-Backed Securities  | 2.9% |
|  Residential Mortgage-Backed Securities - U.S. Government Agency Credit Risk Transfer  | 0.8% |
|  Futures Contracts  | 0.2% |
|  Cash & Other  | -1.1% |

---

**Top 10 Issuers (% of net assets)**

---

| | |
|:---|:---|
|  Federal Home Loan Mortgage Corp.  | 18.0% |
|  Pagaya AI Debt Selection Trust  | 9.4% |
|  First American Government Obligations Fund  | 3.0% |
|  Avis Budget Car Rental LLC  | 1.6% |
|  Vista Point Securitization Trust  | 1.6% |
|  GS Mortgage-Backed Securities Trust  | 1.5% |
|  ACHV ABS Trust  | 1.4% |
|  American Credit Acceptance Receivables Trust  | 1.4% |
|  Onslow Bay Mortgage Loan Trust  | 1.3% |
|  Federal National Mortgage Association  | 1.3% |

---

**Credit Ratings Breakdown (% of net** **assets)** **\***

---

| | |
|:---|:---|
|  AAA  | 31.5% |
|  AA  | 25.3% |
|  A  | 20.1% |
|  BBB  | 18.2% |
|  BB  | 2.4% |
|  B  | 0.7% |
|  CCC  | 0.0% |
|  CC  | 0.0% |
|  C  | 0.1% |
|  NR  | 1.7% |

---

\* 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.

**Material Fund Changes:**

Effective April 1, 2025, the ultimate parent of the Fund's investment adviser announced a strategic partnership with Brookfield Asset Management Ltd. ("Brookfield") in which Brookfield has agreed to acquire a majority of the ultimate parent of the Fund's investment adviser (the "Transaction"). The Transaction is not expected to result in any material change in the day-to-day management of the Fund.

This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund's current prospectus, dated May 31, 2025, as supplemented to date, which is available 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-SAR-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) | Semi-Annual Shareholder Report \| July 31, 2025  | ![image](img89943_202501282005515.jpg) |

---

This semi-annual shareholder report contains important information about the Angel Oak UltraShort Income Fund (the Fund) for the period of February 1, 2025 to July 31, 2025. 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 LAST SIX MONTHS?** (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 | $18 | 0.35% |

---

\* ***Annualized.***

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

The Fund's Institutional Class shares returned 2.62% for the six-month period ending July 31, 2025. The Fund outperformed the Bloomberg Short Treasury: 9-12 Months Index and the Bloomberg Short-Term Government/Corporate Index, the Fund's performance benchmarks, by 68 basis points (bps) and 54 bps, respectively, as the performance benchmarks returned 1.94% and 2.08%, respectively.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

The Fund outperformed its performance benchmarks during the period, supported by overweight allocations to investment-grade (IG) asset-backed securities (ABS), non-agency residential mortgage-backed securities (RMBS), collateralized loan obligations (CLOs), and IG corporates. Higher income, stronger yields, and tighter spreads across these sectors further enhanced relative performance.

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

The Fund maintained an overweight to securitized credit, with increased allocations to IG ABS, non-agency RMBS, and CLOs, all of which contributed positively.

---

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

---

---

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

---

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

------

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\*** (as of July 31, 2025)

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.

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

![image](ts5187img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(04/02/2018)** |
| **Institutional Class**  | 5.72 | 3.12 | 3.08 |
| **Bloomberg U.S. Aggregate Bond Index**  | 3.38 | -1.07 | 1.63 |
| **Bloomberg Short Treasury: 9-12 Months Index**  | 4.52 | 2.38 | 2.45 |
| **Bloomberg Short Term Government/Corporate Index**  | 4.72 | 2.75 | 2.63 |

---

\* **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 July 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $660246034 | **Effective Duration** | 0.79 years |
| **Number of Holdings** | 437 | **30-Day SEC Yield (** **Institutional Class)** | 5.06% |
| **Net Advisory Fee** | $705667 | **30-Day SEC Yield Unsubsidized** **(Institutional Class)** | 4.86% |
| **Portfolio Turnover** | 38% | **Weighted Average Life** | 1.58 years |
| **Average Credit Quality** | A | **Distribution Yield (** **Institutional Class)** | 5.08% |

---

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

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Top Security Types (% of net** **assets)**

---

| | |
|:---|:---|
|  Asset-Backed Securities  | 31.3% |
|  Commercial Mortgage-Backed Securities - U.S. Government Agency  | 18.3% |
|  Corporate Obligations  | 16.1% |
|  Collateralized Loan Obligations  | 14.7% |
|  Residential Mortgage-Backed Securities  | 13.8% |
|  Money Market Funds  | 3.0% |
|  Commercial Mortgage-Backed Securities  | 2.9% |
|  Residential Mortgage-Backed Securities - U.S. Government Agency Credit Risk Transfer  | 0.8% |
|  Futures Contracts  | 0.2% |
|  Cash & Other  | -1.1% |

---

**Top 10 Issuers (% of net assets)**

---

| | |
|:---|:---|
|  Federal Home Loan Mortgage Corp.  | 18.0% |
|  Pagaya AI Debt Selection Trust  | 9.4% |
|  First American Government Obligations Fund  | 3.0% |
|  Avis Budget Car Rental LLC  | 1.6% |
|  Vista Point Securitization Trust  | 1.6% |
|  GS Mortgage-Backed Securities Trust  | 1.5% |
|  ACHV ABS Trust  | 1.4% |
|  American Credit Acceptance Receivables Trust  | 1.4% |
|  Onslow Bay Mortgage Loan Trust  | 1.3% |
|  Federal National Mortgage Association  | 1.3% |

---

**Credit Ratings Breakdown (% of net** **assets)** **\***

---

| | |
|:---|:---|
|  AAA  | 31.5% |
|  AA  | 25.3% |
|  A  | 20.1% |
|  BBB  | 18.2% |
|  BB  | 2.4% |
|  B  | 0.7% |
|  CCC  | 0.0% |
|  CC  | 0.0% |
|  C  | 0.1% |
|  NR  | 1.7% |

---

\* 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.

**Material Fund Changes:**

Effective April 1, 2025, the ultimate parent of the Fund's investment adviser announced a strategic partnership with Brookfield Asset Management Ltd. ("Brookfield") in which Brookfield has agreed to acquire a majority of the ultimate parent of the Fund's investment adviser (the "Transaction"). The Transaction is not expected to result in any material change in the day-to-day management of the Fund.

This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund's current prospectus, dated May 31, 2025, as supplemented to date, which is available 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-SAR-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) | Semi-Annual Shareholder Report \| July 31, 2025  | ![image](img89943_202501282005515.jpg) |

---

This semi-annual shareholder report contains important information about the Angel Oak High Yield Opportunities ETF (the Fund) for the period of February 1, 2025 to July 31, 2025. 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 LAST SIX MONTHS?** (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 | $28 | 0.55% |

---

\* ***Annualized.***

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

The Fund returned 3.41% based on net asset value (NAV) for the six-month period ending July 31, 2025. The Fund underperformed the Bloomberg U.S. Corporate High Yield Index, the Fund's performance benchmark, by 21 basis points (bps) based on NAV, as the performance benchmark returned 3.62% over the same period.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

The Fund's underperformance relative to its performance benchmark was primarily due to the drag from its cash allocation during a period when the performance benchmark's average yield was 7.48%. The high-yield (HY) corporate bond allocation returned 3.51%, marginally trailing the performance benchmark, reflecting the Fund's conservative positioning and overweight to B- and BB-rated issuers given tight valuations and a cautious long-term risk-reward outlook. Conversely, the HY securitized credit allocation—an out-of-index holding—outperformed, with asset-backed securities (ABS) and non-agency residential mortgage-backed securities (RMBS) exceeding benchmark returns by more than 220 bps and 40 bps, respectively.

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

The Fund's out-of-index exposure to securitized credit—specifically HY non-agency RMBS and ABS—proved beneficial, as we viewed these sectors as undervalued relative to HY corporate credit.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Overweight to HY securitized credit |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Underweight to longer-duration BB-rated issuers during a period when the 5-year Treasury rallied 35 bps and returned 3.68% |
| ↓ | Underweight to higher-risk, higher-potential-return CCC-and-below-rated issuers during a period of outperformance |
| ↓ | Negative attribution from consumer cyclical holdings, driven primarily by security selection |

---

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

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**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\*** (as of July 31, 2025)

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.

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

![image](ts5178img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Angel Oak High Yield Opportunities ETF NAV**  | 7.79 | 5.92 | 5.82 |
| **Bloomberg U.S. Aggregate Bond Index**  | 3.38 | -1.07 | 1.66 |
| **Bloomberg U.S. Corporate High Yield Index**  | 8.67 | 5.09 | 5.49 |

---

\* **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 July 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $120622766 | **Effective Duration** | 2.87 years |
| **Number of Holdings** | 246 | **30-Day SEC Yield** | 6.89% |
| **Net Advisory Fee** | $320299 | **30-Day SEC Yield Unsubsidized** | 6.89% |
| **Portfolio Turnover** | 16% | **Weighted Average Life** | 3.60 years |
| **Average Credit Quality** | BB | **Distribution Yield** | 7.00% |

---

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

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**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Top Sectors (% of net assets)**

---

| | |
|:---|:---|
|  Financial  | 19.6% |
|  Energy  | 15.8% |
|  Consumer, Non-cyclical  | 12.8% |
|  Industrial  | 12.0% |
|  Consumer, Cyclical  | 10.1% |
|  Basic Materials  | 7.6% |
|  Communications  | 5.4% |
|  Mortgage Securities  | 4.6% |
|  Asset-Backed Securities  | 4.0% |
|  Cash & Other  | 8.1% |

---

**Top 10 Issuers (% of net assets)**

---

| | |
|:---|:---|
|  First American Government Obligations Fund  | 3.8% |
|  Venture Global LNG, Inc.  | 1.8% |
|  Freedom Mortgage Holdings LLC  | 1.8% |
|  goeasy Ltd.  | 1.4% |
|  Directv Financing LLC / Directv Financing Co.-Obligor, Inc.  | 1.3% |
|  Nationstar Mortgage Holdings, Inc.  | 1.2% |
|  USA Compression Partners LP / USA Compression Finance Corp.  | 1.2% |
|  Antero Midstream Partners LP / Antero Midstream Finance Corp.  | 1.1% |
|  Consolidated Energy Finance SA  | 1.1% |
|  Goodyear Tire & Rubber Co.  | 1.1% |

---

**Credit Ratings Breakdown (% of net** **assets)** **\***

---

| | |
|:---|:---|
|  AAA  | 3.6% |
|  AA  | 0.5% |
|  BBB  | 5.4% |
|  BB  | 53.3% |
|  B  | 30.4% |
|  CCC  | 5.1% |
|  CC  | 0.1% |
|  NR  | 1.6% |

---

\* 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 April 1, 2025, the ultimate parent of the Fund's investment adviser announced a strategic partnership with Brookfield Asset Management Ltd. ("Brookfield") in which Brookfield has agreed to acquire a majority of the ultimate parent of the Fund's investment adviser (the "Transaction"). The Transaction is not expected to result in any material change in the day-to-day management of the Fund.

This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund's current prospectus, dated May 31, 2025, as supplemented to date, which is available 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-SAR-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) | Semi-Annual Shareholder Report \| July 31, 2025  | ![image](img89943_202501282005515.jpg) |

---

This semi-annual shareholder report contains important information about the Angel Oak Mortgage-Backed Securities ETF (the Fund) for the period of February 1, 2025 to July 31, 2025. 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 LAST SIX MONTHS?** (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 | $25 | 0.49% |

---

\* ***Annualized.***

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

The Fund returned 3.38% based on net asset value (NAV) for the six-month period ending July 31, 2025. The Fund outperformed the Bloomberg U.S. Mortgage-Backed Securities Index, the Fund's performance benchmark, by 10 basis points based on NAV, as the performance benchmark returned 3.28% over the same period.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

The Fund outperformed its performance benchmark during the period, primarily due to a larger allocation to non-agency residential mortgage-backed securities (RMBS). Although the overweight to higher coupons in the agency RMBS allocation underperformed relative to the benchmark, it helped the Fund better withstand volatility during the period. Stronger yields and tighter spreads in non-agency RMBS further supported relative returns.

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

The Fund maintained a higher allocation to non-agency RMBS than its performance benchmark, with overweight positions in the non-qualified mortgage (non-QM) and prime jumbo subsectors, both of which generated strong results.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Investment-grade non-agency RMBS; non-QM subsector; underweight to agency RMBS |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Overweight to higher-coupon agency RMBS |

---

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

------

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\*** (as of July 31, 2025)

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.

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

![image](ts5180img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(06/04/2021)** |
| **Angel Oak Mortgage-Backed Securities ETF NAV**  | 4.71 | 0.10 |
| **Bloomberg U.S. Aggregate Bond Index**  | 3.38 | -0.72 |
| **Bloomberg U.S. Mortgage-Backed Securities Index**  | 3.36 | -0.73 |

---

\* **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 July 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $128726825 | **Effective Duration** | 6.29 years |
| **Number of Holdings** | 125 | **30-Day SEC Yield** | 4.69% |
| **Net Advisory Fee** | $425487 | **30-Day SEC Yield Unsubsidized** | 4.39% |
| **Portfolio Turnover** | 45% | **Weighted Average Life** | 8.76 years |
| **Average Credit Quality** | AA | **Distribution Yield** | 7.29% |

---

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

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Top Security Types (% of net** **assets)**

---

| | |
|:---|:---|
|  Residential Mortgage-Backed Securities  | 60.5% |
|  Residential Mortgage-Backed Securities - U.S. Government Agency  | 44.1% |
|  Residential Mortgage-Backed Securities - U.S. Government Agency Credit Risk Transfer  | 15.5% |
|  Money Market Funds  | 2.7% |
|  Commercial Mortgage-Backed Securities - U.S. Government Agency  | 0.2% |
|  Asset-Backed Securities  | 0.0% |
|  Futures Contracts  | -0.1% |
|  Cash & Other  | -22.9% |

---

**Top 10 Issuers (% of net assets)**

---

| | |
|:---|:---|
|  Federal National Mortgage Association  | 34.7% |
|  Federal Home Loan Mortgage Corp.  | 25.0% |
|  JP Morgan Mortgage Trust  | 7.6% |
|  COLT Funding LLC  | 7.6% |
|  Verus Securitization Trust  | 6.8% |
|  Pretium Mortgage Credit Partners LLC  | 4.4% |
|  PRPM LLC  | 3.6% |
|  SGR Residential Mortgage Trust  | 3.0% |
|  Credit Suisse Mortgage Capital Certificates  | 2.9% |
|  First American Government Obligations Fund  | 2.7% |

---

**Credit Ratings Breakdown (% of net** **assets)** **\***

---

| | |
|:---|:---|
|  AAA  | 25.2% |
|  AA  | 56.9% |
|  A  | 4.4% |
|  BBB  | 5.9% |
|  BB  | 5.4% |
|  B  | 0.9% |
|  NR  | 1.3% |

---

\* 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 April 1, 2025, the ultimate parent of the Fund's investment adviser announced a strategic partnership with Brookfield Asset Management Ltd. ("Brookfield") in which Brookfield has agreed to acquire a majority of the ultimate parent of the Fund's investment adviser (the "Transaction"). The Transaction is not expected to result in any material change in the day-to-day management of the Fund.

This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund's current prospectus, dated May 31, 2025, as supplemented to date, which is available 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-SAR-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) | Semi-Annual Shareholder Report \| July 31, 2025  | ![image](img89943_202501282005515.jpg) |

---

This semi-annual shareholder report contains important information about the Angel Oak UltraShort Income ETF (the Fund) for the period of February 1, 2025 to July 31, 2025. 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 LAST SIX MONTHS?** (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 | $17 | 0.34% |

---

\* ***Annualized.***

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

The Fund returned 2.57% based on net asset value (NAV) for the six-month period ending July 31, 2025. The Fund outperformed both the Bloomberg U.S. Treasury Bills Index and the Bloomberg Short-Term Government/Corporate Index, the Fund's performance benchmarks, by 49 basis points, as the performance benchmarks each returned 2.08% over the same period.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

The Fund outperformed its performance benchmarks during the period, supported by overweight allocations to investment-grade (IG) asset-backed securities (ABS), non-agency residential mortgage-backed securities (RMBS), collateralized loan obligations (CLOs), and IG corporates. Higher income, stronger yields, and tighter spreads across these sectors further enhanced relative performance.

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

The Fund maintained an overweight to securitized credit, with increased allocations to IG ABS, non-agency RMBS, and CLOs, all of which contributed positively.

---

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

---

---

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

---

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

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**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\*** (as of July 31, 2025)

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.

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

![image](ts5184img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(10/24/2022)** |
| **Angel Oak UltraShort Income ETF NAV**  | 5.69 | 6.43 |
| **Bloomberg U.S. Aggregate Bond Index**  | 3.38 | 5.49 |
| **Bloomberg Short Term Government/Corporate Index**  | 4.72 | 4.99 |
| **Bloomberg U.S. Treasury Bills Index**  | 4.65 | 4.94 |

---

\* **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 July 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $1050024683 | **Effective Duration** | 0.80 years |
| **Number of Holdings** | 474 | **30-Day SEC Yield** | 5.04% |
| **Net Advisory Fee** | $1454778 | **30-Day SEC Yield Unsubsidized** | 4.83% |
| **Portfolio Turnover** | 43% | **Weighted Average Life** | 1.29 years |
| **Average Credit Quality** | A | **Distribution Yield** | 5.37% |

---

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

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**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Top Security Types (% of net** **assets)**

---

| | |
|:---|:---|
|  Asset-Backed Securities  | 28.8% |
|  Corporate Obligations  | 17.5% |
|  Collateralized Loan Obligations  | 16.1% |
|  Commercial Mortgage-Backed Securities - U.S. Government Agency  | 14.8% |
|  Residential Mortgage-Backed Securities  | 10.5% |
|  Money Market Funds  | 10.4% |
|  Residential Mortgage-Backed Securities - U.S. Government Agency Credit Risk Transfer  | 1.8% |
|  Commercial Mortgage-Backed Securities  | 1.3% |
|  Common Stocks  | 0.3% |
|  Cash & Other  | -1.5% |

---

**Top 10 Issuers (% of net assets)**

---

| | |
|:---|:---|
|  Federal Home Loan Mortgage Corp.  | 14.3% |
|  First American Government Obligations Fund  | 10.4% |
|  Pagaya AI Debt Selection Trust  | 8.4% |
|  Federal National Mortgage Association  | 1.9% |
|  ACHV ABS TRUST  | 1.9% |
|  Avis Budget Car Rental LLC  | 1.8% |
|  Vista Point Securitization Trust  | 1.6% |
|  Apidos CLO Ltd.  | 1.6% |
|  American Credit Acceptance Receivables Trust  | 1.5% |
|  Marlette Funding Trust  | 1.4% |

---

**Credit Ratings Breakdown (% of net** **assets)** **\***

---

| | |
|:---|:---|
|  AAA  | 35.0% |
|  AA  | 22.9% |
|  A  | 18.7% |
|  BBB  | 20.6% |
|  BB  | 1.5% |
|  B  | 0.6% |
|  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.

**Material Fund Changes:**

Effective April 1, 2025, the ultimate parent of the Fund's investment adviser announced a strategic partnership with Brookfield Asset Management Ltd. ("Brookfield") in which Brookfield has agreed to acquire a majority of the ultimate parent of the Fund's investment adviser (the "Transaction"). The Transaction is not expected to result in any material change in the day-to-day management of the Fund.

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.

This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund's current prospectus, dated May 31, 2025, as supplemented to date, which is available 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-SAR-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) | Semi-Annual Shareholder Report \| July 31, 2025  | ![image](img89943_202501282005515.jpg) |

---

This semi-annual shareholder report contains important information about the Angel Oak Income ETF (the Fund) for the period of February 1, 2025 to July 31, 2025. 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 LAST SIX MONTHS?** (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 | $40 | 0.79% |

---

\* ***Annualized.***

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

The Fund returned 3.67% based on net asset value (NAV) for the six-month period ending July 31, 2025. The Fund outperformed the Bloomberg U.S. Aggregate Bond Index, the Fund's benchmark, by 47 basis points based on NAV, as the benchmark returned 3.20% over the same period.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

The Fund outperformed its benchmark, driven by higher current income and spread outperformance within credit allocations, most notably in non-agency residential mortgage-backed securities (RMBS) and asset-backed securities (ABS). A shorter interest rate duration was the primary detractor from relative performance.

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

The Fund trimmed its allocation to non-agency RMBS to lock in gains following spread compression while increasing allocations to ABS and high-yield corporates in anticipation of further spread tightening.

---

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

---

---

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

---

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

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**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\*** (as of July 31, 2025)

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.

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

![image](ts5179img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(11/07/2022)** |
| **Angel Oak Income ETF NAV**  | 6.41 | 7.80 |
| **Bloomberg U.S. Aggregate Bond Index**  | 3.38 | 5.31 |

---

\* **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 July 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $551639271 | **Effective Duration** | 4.21 years |
| **Number of Holdings** | 635 | **30-Day SEC Yield** | 5.82% |
| **Net Advisory Fee** | $1772845 | **30-Day SEC Yield Unsubsidized** | 5.62% |
| **Portfolio Turnover** | 37% | **Weighted Average Life** | 6.51 years |
| **Average Credit Quality** | BBB | **Distribution Yield** | 6.25% |

---

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

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Top Security Types (% of net** **assets)**

---

| | |
|:---|:---|
|  Residential Mortgage-Backed Securities  | 31.4% |
|  Asset-Backed Securities  | 21.8% |
|  Residential Mortgage-Backed Securities - U.S. Government Agency  | 20.1% |
|  Collateralized Loan Obligations  | 10.9% |
|  Corporate Obligations  | 6.6% |
|  Commercial Mortgage-Backed Securities  | 3.8% |
|  Exchange Traded Funds  | 3.7% |
|  Money Market Funds  | 3.4% |
|  Residential Mortgage-Backed Securities - U.S. Government Agency Credit Risk Transfer  | 0.3% |
|  Cash & Other  | -2.0% |

---

**Top 10 Issuers (% of net assets)**

---

| | |
|:---|:---|
|  Federal Home Loan Mortgage Corp.  | 10.0% |
|  Federal National Mortgage Association  | 8.9% |
|  Verus Securitization Trust  | 4.6% |
|  First American Government Obligations Fund  | 3.4% |
|  PRPM LLC  | 3.1% |
|  JP Morgan Mortgage Trust  | 3.1% |
|  Exeter Automobile Receivables Trust  | 3.1% |
|  COLT Funding LLC  | 2.3% |
|  CPS Auto Trust  | 2.3% |
|  Ellington Financial Mortgage Trust  | 2.3% |

---

**Credit Ratings Breakdown (% of net** **assets)** **\***

---

| | |
|:---|:---|
|  AAA  | 6.8% |
|  AA  | 22.7% |
|  A  | 8.4% |
|  BBB  | 16.3% |
|  BB  | 30.2% |
|  B  | 5.8% |
|  CCC  | 0.1% |
|  NR  | 9.7% |

---

\* 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.

**Material Fund Changes:**

Effective April 1, 2025, the ultimate parent of the Fund's investment adviser announced a strategic partnership with Brookfield Asset Management Ltd. ("Brookfield") in which Brookfield has agreed to acquire a majority of the ultimate parent of the Fund's investment adviser (the "Transaction"). The Transaction is not expected to result in any material change in the day-to-day management of the Fund.

This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund's current prospectus, dated May 31, 2025, as supplemented to date, which is available 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-SAR-03463K760

------

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

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

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

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

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

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

![](angeloak_cover1_efp-17668.jpg)

------

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

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| Schedule of Investments<br>|  |
| &nbsp;&nbsp;&nbsp; [Angel Oak Multi-Strategy Income Fund](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [Angel Oak UltraShort Income Fund](#soi2) | [38](#soi2) |
| &nbsp;&nbsp;&nbsp; [Angel Oak High Yield Opportunities ETF](#soi3) | [55](#soi3) |
| &nbsp;&nbsp;&nbsp; [Angel Oak Mortgage-Backed Securities ETF](#soi4) | [64](#soi4) |
| &nbsp;&nbsp;&nbsp; [Angel Oak UltraShort Income ETF](#soi5) | [70](#soi5) |
| &nbsp;&nbsp;&nbsp; [Angel Oak Income ETF](#soi6) | [89](#soi6) |
| [Statements of Assets and Liabilities](#sal) | [111](#sal) |
| [Statements of Operations](#sop) | [114](#sop) |
| Statements of Changes in Net Assets<br>|  |
| &nbsp;&nbsp;&nbsp; [Angel Oak Multi-Strategy Income Fund](#scna1) | [116](#scna1) |
| &nbsp;&nbsp;&nbsp; [Angel Oak UltraShort Income Fund](#scna2) | [118](#scna2) |
| &nbsp;&nbsp;&nbsp; [Angel Oak High Yield Opportunities ETF](#scna3) | [120](#scna3) |
| &nbsp;&nbsp;&nbsp; [Angel Oak Mortgage-Backed Securities ETF](#scna4) | [121](#scna4) |
| &nbsp;&nbsp;&nbsp; [Angel Oak UltraShort Income ETF](#scna5) | [122](#scna5) |
| &nbsp;&nbsp;&nbsp; [Angel Oak Income ETF](#scna6) | [123](#scna6) |
| Financial Highlights<br>|  |
| &nbsp;&nbsp;&nbsp; [Angel Oak Multi-Strategy Income Fund](#fihi1) | [124](#fihi1) |
| &nbsp;&nbsp;&nbsp; [Angel Oak UltraShort Income Fund](#fihi2) | [127](#fihi2) |
| &nbsp;&nbsp;&nbsp; [Angel Oak High Yield Opportunities ETF](#fihi3) | [130](#fihi3) |
| &nbsp;&nbsp;&nbsp; [Angel Oak Mortgage-Backed Securities ETF](#fihi4) | [131](#fihi4) |
| &nbsp;&nbsp;&nbsp; [Angel Oak UltraShort Income ETF](#fihi5) | [132](#fihi5) |
| &nbsp;&nbsp;&nbsp; [Angel Oak Income ETF](#fihi6) | [133](#fihi6) |
| [Notes to the Financial Statements](#no1) | [134](#no1) |
| [Additional Information](#ai1) | [158](#ai1) |
| [Form N-CSR Items 8-11](#ai2) | [159](#ai2) |

---

------

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

**ANGEL OAK MULTI-STRATEGY INCOME FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**July 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 47.3%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 47.3%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 47.3%** |
|  Adjustable Rate Mortgage Trust, Series 2007-2, Class 1A21, 4.96%, 06/25/2037<sup>(a)</sup> | $1580589 | $1293122  |
| American Home Mortgage Assets LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class XC, 0.13%, 05/25/2046<sup>(a)(b)</sup> | 12865414 | 95796  |
| &nbsp;&nbsp;&nbsp; Series 2006-6, Class XP, 0.04%, 12/25/2046<sup>(a)(b)</sup> | 486184 | 3420  |
| &nbsp;&nbsp;&nbsp; Series 2007-5, Class XP, 0.07%, 06/25/2047<sup>(a)(b)</sup> | 11537884 | 124759  |
|  American Home Mortgage Investment Trust, Series 2006-3, Class 22A1, 6.32% (6 mo. Term SOFR + 2.18%), 12/25/2036, (11.57% Cap)<sup>(c)</sup> | 3172271 | 2688484  |
| AMSR Trust, Series 2023-SFR1, Class C, 4.00%, 04/17/2040<sup>(d)</sup> | 1000000 | 958304  |
|  Arroyo Mortgage Trust, Series 2022-1, Class M1, 3.65%, 12/25/2056<sup>(d)</sup> | 2000000 | 1492290  |
| ATLX Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-RPL1, Class A2, 4.34%, 04/25/2064<sup>(a)(d)</sup> | 3000000 | 2906229  |
| &nbsp;&nbsp;&nbsp; Series 2024-RPL1, Class M1, 4.34%, 04/25/2064<sup>(a)(d)</sup> | 3500000 | 3331157  |
| ATLXM Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-RPL2, Class A1, 3.85%, 04/25/2063<sup>(d)(e)</sup> | 9361052 | 9065467  |
| &nbsp;&nbsp;&nbsp; Series 2024-RPL2, Class M1, 3.85%, 04/25/2063<sup>(a)(d)</sup> | 10000000 | 9317260  |
|  Banc of America Alternative Loan Trust, Series 2006-9, Class 30PO, 0.00%, 01/25/2037<sup>(f)</sup> | 116442 | 65229  |
| Banc of America Funding Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2007-2, Class 1A16, 5.07% (1 mo. Term SOFR + 0.71%), 03/25/2037, (6.00% Cap) | 1888508 | 1382939  |
| &nbsp;&nbsp;&nbsp; Series 2007-8, Class 2A1, 7.00%, 10/25/2037<sup>(c)</sup> | 2741087 | 2144221  |
| &nbsp;&nbsp;&nbsp; Series 2007-A, Class 2A2, 4.89% (1 mo. Term SOFR + 0.53%), 02/20/2047, (10.50% Cap) | 640171 | 564452  |
| &nbsp;&nbsp;&nbsp; Series 2007-C, Class 7A4, 4.91% (1 mo. Term SOFR + 0.55%), 05/20/2047<sup>(c)</sup> | 1590884 | 1479301  |
| &nbsp;&nbsp;&nbsp; Series 2014-R1, Class A2, 3.96% (1 mo. LIBOR US + 0.15%), 06/26/2037<sup>(c)(d)(g)</sup> | 3446121 | 3289346  |
|  Bayview Financial Acquisition Trust, Series 2005-D, Class APO, 0.00%, 12/28/2035<sup>(f)</sup> | 126801 | 101229  |
| &nbsp;&nbsp;&nbsp; BCAP LLC Trust, Series 2013-RR1, Class 6A2, <br>4.66%, 05/26/2036<sup>(a)(d)</sup> | 2738135 | 1747195  |
|  Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-6, Class 1A1, 4.94%, 08/25/2035<sup>(a)</sup> | 1082640 | 926711  |
| &nbsp;&nbsp;&nbsp; Bear Stearns Asset Backed Securities Trust, Series 2005-AC5, Class 1A2, 5.47% (1 mo. Term SOFR + 1.11%), 08/25/2035, <br>(5.50% Cap) | 1057277 | 688455  |
| Bellemeade Re Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class B1, 11.05% (30 day avg SOFR US + 6.70%), 10/25/2033<sup>(d)</sup> | 538000 | 576960  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class M1B, 8.60% (30 day avg SOFR US + 4.25%), 10/25/2033<sup>(d)</sup> | 6200000 | 6386217  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class M1C, 8.30% (30 day avg SOFR US + 3.95%), 08/25/2034<sup>(d)</sup> | 5430000 | 5568259  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class M2, 8.95% (30 day avg SOFR US + 4.60%), 08/25/2034<sup>(d)</sup> | 1000000 | 1039558  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** |
| &nbsp;&nbsp;&nbsp; Boston Lending Trust, Series 2021-1, Class A, <br>2.00%, 07/25/2061<sup>(a)(d)</sup> | $3481975 | $3285017  |
| BRAVO Residential Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM3, Class A2, 1.85%, 04/25/2060<sup>(a)(d)</sup> | 1513164 | 1404838  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class A2, 4.35%, 01/25/2060<sup>(d)(e)</sup> | 1356256 | 1326695  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class A3, 4.35%, 01/25/2060<sup>(d)(e)</sup> | 904171 | 858210  |
|  Builder Capital Loan Acquisition Trust, Series 2024-NPL1, Class A1B, 9.00%, 09/25/2029<sup>(d)(e)</sup> | 5000000 | 5083150  |
| Cascade Funding Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-NR1, Class A1, 6.41%, 11/25/2029<sup>(d)(e)</sup> | 5628644 | 5698844  |
| &nbsp;&nbsp;&nbsp; Series 2024-R1, Class M1, 4.00%, 10/25/2054<sup>(d)(e)</sup> | 1500000 | 1378811  |
|  Cascade MH Asset Trust, Series 2021-MH1, Class B3, 7.69%, 02/25/2046<sup>(a)(d)</sup> | 3000000 | 2739114  |
| CC Funding Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-4A, Class NIO, 0.41%, 04/25/2037<sup>(a)(b)(d)</sup> | 14069040 | 191156  |
| &nbsp;&nbsp;&nbsp; Series 2006-1A, Class A1, 4.62% (1 mo. Term SOFR + 0.26%), 12/25/2046<sup>(c)(d)</sup> | 2482231 | 2287788  |
| &nbsp;&nbsp;&nbsp; Series 2006-2A, Class A1, 4.60% (1 mo. Term SOFR + 0.24%), 04/25/2047<sup>(c)(d)</sup> | 7533909 | 6856889  |
| &nbsp;&nbsp;&nbsp; Series 2006-4A, Class A2, 4.65% (1 mo. Term SOFR + 0.29%), 11/25/2047<sup>(c)(d)</sup> | 2892898 | 2430274  |
| Chase Mortgage Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-CL1, Class B, 10.85% (30 day avg SOFR US + 6.50%), 02/25/2050<sup>(d)</sup> | 2159000 | 2017285  |
| &nbsp;&nbsp;&nbsp; Series 2021-CL1, Class M3, 5.90% (30 day avg SOFR US + 1.55%), 02/25/2050<sup>(d)</sup> | 1967559 | 1871792  |
| &nbsp;&nbsp;&nbsp; Series 2021-CL1, Class M4, 7.00% (30 day avg SOFR US + 2.65%), 02/25/2050<sup>(d)</sup> | 2035441 | 1860012  |
| &nbsp;&nbsp;&nbsp; Series 2021-CL1, Class M5, 7.60% (30 day avg SOFR US + 3.25%), 02/25/2050<sup>(d)</sup> | 814076 | 728456  |
| Chaseflex Trust, Series 2005-2, Class 5A6, 5.00%, 06/25/2035 | 1318596 | 753130  |
| CIM Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-J1, Class B5, 3.92%, 08/25/2049<sup>(a)(d)</sup> | 613000 | 390881  |
| &nbsp;&nbsp;&nbsp; Series 2021-J1, Class B4, 2.66%, 03/25/2051<sup>(a)(d)</sup> | 1257149 | 659748  |
| &nbsp;&nbsp;&nbsp; Series 2021-J2, Class B4, 2.67%, 04/25/2051<sup>(a)(d)</sup> | 1506376 | 825994  |
| &nbsp;&nbsp;&nbsp; Series 2021-J3, Class B4, 2.61%, 06/25/2051<sup>(a)(d)</sup> | 1281000 | 615052  |
| &nbsp;&nbsp;&nbsp; Series 2025-NR1, Class A1, 5.00%, 06/25/2064<sup>(d)(e)</sup> | 3190277 | 3166541  |
| Citimortgage Alternative Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-A4, Class 1A3, 6.00%, 09/25/2036<sup>(c)</sup> | 2462373 | 2186969  |
| &nbsp;&nbsp;&nbsp; Series 2006-A6, Class 1APO, 0.00%, 11/25/2036<sup>(f)</sup> | 69160 | 37526  |
| &nbsp;&nbsp;&nbsp; Series 2006-A7, Class 1A1, 6.00%, 12/25/2036, (7.50% Cap)<sup>(a)(c)</sup> | 1615042 | 1405374  |
| &nbsp;&nbsp;&nbsp; Series 2006-A7, Class 1A9, 5.12% (1 mo. Term SOFR + 0.76%), 12/25/2036, (6.00% Cap)<sup>(c)</sup> | 3517704 | 2849794  |
| &nbsp;&nbsp;&nbsp; Series 2007-A3, Class 1A2, 5.07% (1 mo. Term SOFR + 0.71%), 03/25/2037, (6.00% Cap)<sup>(c)</sup> | 1806985 | 1444836  |
| &nbsp;&nbsp;&nbsp; Series 2007-A3, Class APO, 0.00%, 03/25/2037<sup>(f)</sup> | 83226 | 44053  |
| &nbsp;&nbsp;&nbsp; Series 2007-A4, Class APO, 0.00%, 04/25/2037<sup>(f)</sup> | 64039 | 34405  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2007-A5, Class 1A3, 4.97% (1 mo. Term SOFR + 0.61%), 05/25/2037, (6.10% Cap)<sup>(c)</sup> | $2992721 | $2503977  |
| CitiMortgage, Inc., Series 2005-2, Class 1APO, 0.00%, 03/25/2035<sup>(f)</sup> | 27205 | 18766  |
| COLT Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-2R, Class B1, 4.12%, 10/26/2065<sup>(a)(d)</sup> | 3605000 | 3167032  |
| &nbsp;&nbsp;&nbsp; Series 2021-3R, Class M1, 2.36%, 12/25/2064<sup>(a)(d)</sup> | 2862000 | 2358185  |
| &nbsp;&nbsp;&nbsp; Series 2021-5, Class B1, 4.24%, 11/26/2066<sup>(a)(d)</sup> | 4085000 | 3471413  |
| &nbsp;&nbsp;&nbsp; Series 2021-HX1, Class B3A, 4.14%, 10/25/2066<sup>(a)(d)</sup> | 5510000 | 4080844  |
| &nbsp;&nbsp;&nbsp; Series 2022-2, Class B1, 3.96%, 02/25/2067<sup>(a)(d)</sup> | 1750000 | 1405562  |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class B1, 4.22%, 02/25/2067<sup>(a)(d)</sup> | 2362000 | 2043196  |
| &nbsp;&nbsp;&nbsp; Series 2022-4, Class B1, 4.70%, 03/25/2067<sup>(a)(d)</sup> | 3535000 | 3145871  |
| &nbsp;&nbsp;&nbsp; Series 2022-5, Class B1, 4.73%, 03/25/2067<sup>(a)(d)</sup> | 4714000 | 4367380  |
| &nbsp;&nbsp;&nbsp; Series 2022-6, Class M1, 4.62%, 06/27/2067<sup>(a)(d)</sup> | 969978 | 868816  |
| &nbsp;&nbsp;&nbsp; Series 2022-7, Class B2, 6.26%, 04/25/2067<sup>(a)(d)</sup> | 4452000 | 4411108  |
| &nbsp;&nbsp;&nbsp; Series 2022-8, Class B2, 6.49%, 08/25/2067<sup>(a)(d)</sup> | 1170000 | 1156100  |
| Countrywide Alternative Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-14, Class 2X, 0.06%, 05/25/2035<sup>(a)(b)</sup> | 8917558 | 60202  |
| &nbsp;&nbsp;&nbsp; Series 2005-16, Class X2, 0.00%, 06/25/2035<sup>(a)(b)</sup> | 14240253 | 142  |
| &nbsp;&nbsp;&nbsp; Series 2005-24, Class 1AX, 0.00%, 07/20/2035<sup>(a)(b)</sup> | 6058990 | 4465  |
| &nbsp;&nbsp;&nbsp; Series 2005-27, Class 2X1, 0.00%, 08/25/2035<sup>(a)(b)</sup> | 16047371 | 160  |
| &nbsp;&nbsp;&nbsp; Series 2005-38, Class X, 4.79%, 09/25/2035<sup>(a)(b)</sup> | 33656013 | 471  |
| &nbsp;&nbsp;&nbsp; Series 2005-41, Class 2X2, 0.00%, 09/25/2035<sup>(a)(b)</sup> | 3365545 | 6368  |
| &nbsp;&nbsp;&nbsp; Series 2005-44, Class 1X, 0.02%, 10/25/2035<sup>(a)(b)</sup> | 17362417 | 35697  |
| &nbsp;&nbsp;&nbsp; Series 2005-44, Class 2X, 5.38%, 10/25/2035<sup>(a)(b)</sup> | 1611714 | 290967  |
| &nbsp;&nbsp;&nbsp; Series 2005-51, Class 1X, 1.79%, 11/20/2035<sup>(a)(b)</sup> | 12065031 | 830677  |
| &nbsp;&nbsp;&nbsp; Series 2005-51, Class 3X2, 0.05%, 11/20/2035<sup>(a)(b)</sup> | 9801520 | 59505  |
| &nbsp;&nbsp;&nbsp; Series 2005-51, Class 4X, 0.03%, 11/20/2035<sup>(a)(b)</sup> | 13709917 | 52331  |
| &nbsp;&nbsp;&nbsp; Series 2005-56, Class 4X, 0.00%, 11/25/2035<sup>(a)(b)</sup> | 18303130 | 149335  |
| &nbsp;&nbsp;&nbsp; Series 2005-58R, Class A, 0.08%, 12/20/2035<sup>(a)(b)(d)</sup> | 32722018 | 312593  |
| &nbsp;&nbsp;&nbsp; Series 2005-59R, Class A, 2.21%, 12/20/2035<sup>(a)(b)(d)</sup> | 9052689 | 715  |
| &nbsp;&nbsp;&nbsp; Series 2005-J11, Class 1A4, 4.87% (1 mo. Term SOFR + 0.51%), 11/25/2035, (5.50% Cap) | 2542834 | 1321378  |
| &nbsp;&nbsp;&nbsp; Series 2005-J14, Class A8, 5.50%, 12/25/2035 | 1396287 | 859473  |
| &nbsp;&nbsp;&nbsp; Series 2006-29T1, Class 2A13, 4.77% (1 mo. Term SOFR + 0.41%), 10/25/2036, (8.00% Cap) | 1970236 | 895825  |
| &nbsp;&nbsp;&nbsp; Series 2006-HY10, Class 1X, 0.48%, 05/25/2036<sup>(a)(b)</sup> | 2316296 | 45365  |
| &nbsp;&nbsp;&nbsp; Series 2006-OA1, Class 1X, 0.06%, 03/20/2046<sup>(a)(b)</sup> | 7996370 | 69904  |
| &nbsp;&nbsp;&nbsp; Series 2006-OA10, Class XAD, 0.00%, 08/25/2046<sup>(b)(e)</sup> | 18407893 | 15610  |
| &nbsp;&nbsp;&nbsp; Series 2006-OA10, Class XNB, 0.00%, 08/25/2046<sup>(a)(b)</sup> | 17754616 | 178  |
| &nbsp;&nbsp;&nbsp; Series 2006-OA10, Class XPP, 0.00%, 08/25/2046<sup>(a)(b)</sup> | 10555252 | 106  |
| &nbsp;&nbsp;&nbsp; Series 2006-OA3, Class X, 0.00%, 05/25/2036<sup>(a)(b)</sup> | 10151560 | 22851  |
| Countrywide Home Loan Mortgage Pass Through Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-20, Class X, 0.57%, 10/25/2034<sup>(a)(b)</sup> | 4207603 | 167606  |
| &nbsp;&nbsp;&nbsp; Series 2004-25, Class 1X, 0.00%, 02/25/2035<sup>(a)(b)</sup> | 10009366 | 100  |
| &nbsp;&nbsp;&nbsp; Series 2004-29, Class 1X, 0.20%, 02/25/2035<sup>(a)(b)</sup> | 1338882 | 13  |
| &nbsp;&nbsp;&nbsp; Series 2005-1, Class 1X, 0.12%, 03/25/2035<sup>(a)(b)</sup> | 2663428 | 109  |
| &nbsp;&nbsp;&nbsp; Series 2005-11, Class 4X, 0.05%, 04/25/2035<sup>(a)(b)</sup> | 3610247 | 175379  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2005-2, Class 2X, 0.00%, 03/25/2035<sup>(a)(b)</sup> | $6458601 | $65  |
| &nbsp;&nbsp;&nbsp; Series 2005-7, Class 3A2, 3.43%, 03/25/2035<sup>(a)(c)</sup> | 3059738 | 2407323  |
| &nbsp;&nbsp;&nbsp; Series 2005-7, Class 3X, 0.86%, 03/25/2035<sup>(a)(b)</sup> | 829796 | 32298  |
| &nbsp;&nbsp;&nbsp; Series 2006-12, Class X, 0.13%, 07/25/2036<sup>(a)(b)</sup> | 12427648 | 52109  |
| &nbsp;&nbsp;&nbsp; Series 2007-18, Class 2A1, 6.50%, 11/25/2037 | 1882073 | 678292  |
|  Credit Suisse First Boston Mortgage Securities Corp., Series 2005-10, Class 6A12, 5.50%, 11/25/2035<sup>(c)</sup> | 1942856 | 717133  |
|  Credit Suisse Management LLC, Series 2002-18, Class 2A1, 7.50%, 06/25/2032 | 1655565 | 1546314  |
| Credit Suisse Mortgage Capital Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-4, Class 1A1, 5.17% (1 mo. Term SOFR + 0.81%), 05/25/2036, (6.00% Cap) | 1685501 | 776353  |
| &nbsp;&nbsp;&nbsp; Series 2014-3R, Class 1A1, 2.47% (1 mo. LIBOR US + 0.45%), 03/27/2036, (7.50% Cap)<sup>(d)(g)</sup> | 391142 | 304944  |
| &nbsp;&nbsp;&nbsp; Series 2014-7R, Class 8A2, 4.47%, 07/27/2037<sup>(a)(d)</sup> | 2196134 | 1982738  |
| &nbsp;&nbsp;&nbsp; Series 2017-RPL3, Class B5, 4.45%, 08/01/2057<sup>(a)(d)</sup> | 6754886 | 5820868  |
| &nbsp;&nbsp;&nbsp; Series 2020-RPL4, Class B3, 3.99%, 01/25/2060<sup>(a)(d)</sup> | 10124150 | 6686120  |
| &nbsp;&nbsp;&nbsp; Series 2020-RPL4, Class B4, 3.99%, 01/25/2060<sup>(a)(d)</sup> | 10125738 | 5796479  |
| &nbsp;&nbsp;&nbsp; Series 2020-RPL4, Class XS, 1.52%, 01/25/2060<sup>(a)(b)(d)</sup> | 162666807 | 4189321  |
| &nbsp;&nbsp;&nbsp; Series 2021-AFC1, Class B1, 3.25%, 03/25/2056<sup>(a)(d)</sup> | 3031450 | 1922846  |
| &nbsp;&nbsp;&nbsp; Series 2021-AFC1, Class B2, 4.26%, 03/25/2056<sup>(a)(d)</sup> | 1539950 | 1022337  |
| &nbsp;&nbsp;&nbsp; Series 2021-INV1, Class AIOS, 0.04%, 07/25/2056<sup>(a)(b)(d)</sup> | 99472054 | 183327  |
| &nbsp;&nbsp;&nbsp; Series 2021-INV1, Class AX4, 0.40%, 07/25/2056<sup>(a)(b)(d)</sup> | 6667690 | 121419  |
| &nbsp;&nbsp;&nbsp; Series 2021-INV1, Class B3, 3.08%, 07/25/2056<sup>(a)(d)</sup> | 3976747 | 3320961  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV2, Class A11X, 0.00% (-1 x 30 day avg SOFR <br>US + 4.15%), 11/25/2056, (5.00% Cap)<sup>(b)(d)(h)</sup> | 17758583 | 598446  |
| &nbsp;&nbsp;&nbsp; Series 2021-INV2, Class A15X, 0.50%, 11/25/2056<sup>(a)(b)(d)</sup> | 10639639 | 243946  |
| &nbsp;&nbsp;&nbsp; Series 2021-INV2, Class AIOS, 0.04%, 11/25/2056<sup>(a)(b)(d)</sup> | 285724981 | 531448  |
| &nbsp;&nbsp;&nbsp; Series 2021-INV2, Class AX4, 0.15%, 11/25/2056<sup>(a)(b)(d)</sup> | 16296031 | 111872  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class M1, 2.28%, 02/25/2066<sup>(a)(d)</sup> | 1000000 | 764577  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM8, Class A2, 2.30%, 10/25/2066<sup>(a)(d)</sup> | 1406556 | 1151405  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM8, Class B1, 4.21%, 10/25/2066<sup>(a)(d)</sup> | 4346000 | 3426760  |
| &nbsp;&nbsp;&nbsp; Series 2022-ATH1, Class B1, 4.65%, 01/25/2067<sup>(a)(d)</sup> | 7220300 | 6494256  |
| &nbsp;&nbsp;&nbsp; Series 2022-ATH2, Class B1, 4.98%, 05/25/2067<sup>(a)(d)</sup> | 4450000 | 4080699  |
| &nbsp;&nbsp;&nbsp; Series 2022-ATH2, Class B2, 4.98%, 05/25/2067<sup>(a)(d)</sup> | 7000000 | 5979281  |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM4, Class A3, 4.82%, 06/25/2067<sup>(d)(e)</sup> | 9130995 | 9082993  |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM5, Class M1, 5.17%, 05/25/2067<sup>(a)(d)</sup> | 500000 | 462137  |
| Deephaven Residential Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class B2, 3.93%, 04/25/2066<sup>(a)(d)</sup> | 6528000 | 5204135  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class B2, 4.13%, 08/25/2066<sup>(a)(d)</sup> | 4600000 | 3566127  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class B1, 4.26%, 01/25/2067<sup>(a)(d)</sup> | 5000000 | 4247565  |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class B1, 5.27%, 07/25/2067<sup>(a)(d)</sup> | 5000000 | 4711200  |
| Deutsche ALT-A Securities, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-5, Class 2A4, 5.50%, 11/25/2035<sup>(c)</sup> | 3423967 | 1761176  |
| &nbsp;&nbsp;&nbsp; Series 2006-AB2, Class A8, 4.69%, 06/25/2036<sup>(a)(c)</sup> | 2253122 | 2050641  |
| &nbsp;&nbsp;&nbsp; Series 2007-AR1, Class A1, 4.71% (1 mo. Term SOFR + 0.35%), 01/25/2047, (10.50% Cap)<sup>(c)</sup> | 4763519 | 4514625  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2007-AR1, Class A2, 4.83% (1 mo. Term SOFR + 0.47%), 01/25/2047, (10.50% Cap) | $827307 | $744687  |
| &nbsp;&nbsp;&nbsp; Series 2007-BAR1, Class A4, 4.95% (1 mo. Term SOFR + 0.59%), 03/25/2037<sup>(c)</sup> | 83950000 | 5754017  |
|  Deutsche Mortgage Securities, Inc., Series 2009-RS6, Class A2B, 3.70%, 08/25/2037<sup>(a)(c)(d)</sup> | 6106253 | 5638691  |
| Downey Savings & Loan Association Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-AR1, Class X2, 0.01%, 09/19/2044<sup>(a)(b)</sup> | 10453467 | 3659  |
| &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> | 9857874 | 9109  |
| &nbsp;&nbsp;&nbsp; Series 2004-AR4, Class X2, 0.00%, 01/19/2045<sup>(a)(b)(c)</sup> | 9079042 | 536  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR1, Class 1A, 5.01% (1 mo. Term SOFR + 0.65%), 02/19/2045, (10.50% Cap) | 15796334 | 12062381  |
| &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> | 16660434 | 19309  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR2, Class 2A1C, 4.91% (1 mo. Term SOFR + 0.55%), 03/19/2045, (10.50% Cap)<sup>(c)</sup> | 991058 | 967590  |
| &nbsp;&nbsp;&nbsp; Series 2007-AR1, Class 1A1A, 4.61% (1 mo. Term SOFR + 0.25%), 04/19/2047<sup>(c)</sup> | 30014189 | 24317616  |
|  DSLA Mortgage Loan Trust, Series 2005-AR2, Class C, 0.00%, 03/19/2045 | 1 | 0  |
| &nbsp;&nbsp;&nbsp; Eagle Re Ltd., Series 2021-2, Class M2, 8.60% (30 day avg SOFR <br>US + 4.25%), 04/25/2034<sup>(d)</sup> | 3000000 | 3084261  |
| Ellington Financial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class B1, 3.20%, 06/25/2066<sup>(a)(d)</sup> | 3320000 | 2380324  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class M1, 2.30%, 06/25/2066<sup>(a)(d)</sup> | 2710000 | 1843022  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class B2, 4.29%, 09/25/2066<sup>(a)(d)</sup> | 2910000 | 2166047  |
| &nbsp;&nbsp;&nbsp; Series 2022-4, Class AIOS, 0.25%, 09/25/2067<sup>(a)(b)(d)</sup> | 264240443 | 891283  |
| &nbsp;&nbsp;&nbsp; Series 2022-4, Class B1, 5.90%, 09/25/2067<sup>(a)(d)</sup> | 4010100 | 4016905  |
| &nbsp;&nbsp;&nbsp; Series 2022-4, Class B3, 5.90%, 09/25/2067<sup>(a)(d)</sup> | 20802921 | 11243792  |
| &nbsp;&nbsp;&nbsp; Series 2022-4, Class X, 0.00%, 09/25/2067<sup>(a)(b)(d)</sup> | 264240443 | 524517  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES1, Class B1, 7.04%, 01/26/2060<sup>(a)(d)</sup> | 1550000 | 1543904  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES1, Class B2, 8.03%, 01/26/2060<sup>(a)(d)</sup> | 1393000 | 1409925  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES1, Class B3, 8.72%, 01/26/2060<sup>(a)(d)</sup> | 3588553 | 3636988  |
| &nbsp;&nbsp;&nbsp; Series 2024-INV2, Class B3, 7.67%, 10/25/2069<sup>(a)(d)</sup> | 6155807 | 5623065  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class B2, 7.60%, 11/25/2069<sup>(a)(d)</sup> | 2897500 | 2791840  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class B3, 7.60%, 11/25/2069<sup>(a)(d)</sup> | 2739000 | 2570899  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES2, Class A3, 6.09%, 02/25/2060<sup>(d)(e)</sup> | 2854000 | 2845292  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class B3, 7.45%, 01/25/2070<sup>(a)(d)</sup> | 5008000 | 4650183  |
| FIGRE Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-HE1, Class C, 6.75%, 03/25/2054<sup>(a)(d)</sup> | 1077305 | 1092915  |
| &nbsp;&nbsp;&nbsp; Series 2024-HE4, Class A, 5.06%, 09/25/2054<sup>(a)(d)</sup> | 2468596 | 2476175  |
| Flagstar Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-2, Class B5, 4.00%, 04/25/2048<sup>(a)(d)</sup> | 2554503 | 2230523  |
| &nbsp;&nbsp;&nbsp; Series 2018-6RR, Class B5, 4.90%, 10/25/2048<sup>(a)(d)</sup> | 2478000 | 2016079  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class B4, 3.08%, 02/01/2051<sup>(a)(d)</sup> | 2579371 | 2055256  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class B5, 3.08%, 02/01/2051<sup>(a)(d)</sup> | 1222000 | 624014  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2021-10IN, Class B5, 3.50%, 10/25/2051<sup>(a)(d)</sup> | $1170647 | $893851  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class B4, 2.78%, 04/25/2051<sup>(a)(d)</sup> | 1340188 | 726926  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class B5, 2.78%, 04/25/2051<sup>(a)(d)</sup> | 1343000 | 663882  |
| &nbsp;&nbsp;&nbsp; Series 2021-6INV, Class B5, 3.48%, 08/25/2051<sup>(a)(d)</sup> | 2903616 | 2222456  |
| &nbsp;&nbsp;&nbsp; Series 2021-9INV, Class AX1, 0.46%, 09/25/2041<sup>(a)(b)(d)</sup> | 182936090 | 2295299  |
| &nbsp;&nbsp;&nbsp; Series 2021-9INV, Class B4, 2.96%, 09/25/2041<sup>(a)(d)</sup> | 445209 | 402330  |
| &nbsp;&nbsp;&nbsp; Series 2021-9INV, Class B5, 2.96%, 09/25/2041<sup>(a)(d)</sup> | 1211408 | 763284  |
| GCAT Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM4, Class A3, 1.56%, 08/25/2066<sup>(a)(d)</sup> | 625409 | 510104  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM6, Class M1, 3.41%, 08/25/2066<sup>(a)(d)</sup> | 1250000 | 914829  |
|  Goldman Sachs Mortgage Pass-Through Trust, Series 2022-1, Class PT, 4.24%, 02/25/2053<sup>(a)(d)</sup> | 44282938 | 39887679  |
| Greenpoint Mortgage Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR1, Class X1, 0.23%, 06/25/2045<sup>(a)(b)</sup> | 11013929 | 76712  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR3, Class X1, 0.01%, 08/25/2045<sup>(a)(b)</sup> | 20298811 | 219065  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR4, Class 4A1A, 5.09% (1 mo. Term SOFR + 0.73%), 10/25/2045, (10.50% Cap) | 780833 | 716819  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR4, Class X4, 0.00%, 10/25/2045<sup>(a)(b)</sup> | 6709546 | 0  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR3, Class 4X, 1.00%, 04/25/2036<sup>(b)</sup> | 13672515 | 447105  |
| GS Mortgage Securities Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2014-5R, Class 3B2, 4.73% (1 mo. Term SOFR + 0.26%), 02/26/2037<sup>(d)</sup> | 4925633 | 4776091  |
| &nbsp;&nbsp;&nbsp; Series 2014-5R, Class 3B3, 4.73% (1 mo. Term SOFR + 0.26%), 02/26/2037<sup>(c)(d)</sup> | 5707000 | 5210462  |
| &nbsp;&nbsp;&nbsp; Series 2014-5R, Class 3B4, 4.73% (1 mo. Term SOFR + 0.26%), 02/26/2037<sup>(c)(d)</sup> | 5709149 | 4702352  |
| GS Mortgage-Backed Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-PJ1, Class B4, 4.02%, 08/25/2049<sup>(a)(d)</sup> | 1500000 | 1198047  |
| &nbsp;&nbsp;&nbsp; Series 2019-PJ1, Class B5, 4.02%, 08/25/2049<sup>(a)(d)</sup> | 577000 | 407791  |
| &nbsp;&nbsp;&nbsp; Series 2019-PJ3, Class AIOS, 0.21%, 03/25/2050<sup>(a)(b)(d)</sup> | 24716446 | 246201  |
| &nbsp;&nbsp;&nbsp; Series 2020-PJ5, Class B5, 3.25%, 03/27/2051<sup>(a)(d)</sup> | 1683115 | 1029134  |
| &nbsp;&nbsp;&nbsp; Series 2020-PJ6, Class AX1, 0.03%, 05/25/2051<sup>(a)(b)(d)</sup> | 299760474 | 291967  |
| &nbsp;&nbsp;&nbsp; Series 2020-PJ6, Class B4, 2.78%, 05/25/2051<sup>(a)(d)</sup> | 1701367 | 1376175  |
| &nbsp;&nbsp;&nbsp; Series 2020-PJ6, Class B5, 2.78%, 05/25/2051<sup>(a)(c)(d)</sup> | 1474061 | 895583  |
| &nbsp;&nbsp;&nbsp; Series 2020-RPL1, Class B1, 3.78%, 07/25/2059<sup>(a)(d)</sup> | 6323000 | 5136660  |
| &nbsp;&nbsp;&nbsp; Series 2021-HP1, Class B3, 3.21%, 01/25/2052<sup>(a)(d)</sup> | 3458384 | 2883583  |
| &nbsp;&nbsp;&nbsp; Series 2021-HP1, Class B4, 3.21%, 01/25/2052<sup>(a)(d)</sup> | 3467773 | 2862068  |
| &nbsp;&nbsp;&nbsp; Series 2021-HP1, Class B5, 3.21%, 01/25/2052<sup>(a)(d)</sup> | 1392730 | 1114900  |
| &nbsp;&nbsp;&nbsp; Series 2021-INV1, Class B3, 3.02%, 12/25/2051<sup>(a)(d)</sup> | 3911092 | 3238717  |
| &nbsp;&nbsp;&nbsp; Series 2021-MM1, Class A2, 2.50%, 04/25/2052<sup>(a)(d)</sup> | 808431 | 654020  |
| &nbsp;&nbsp;&nbsp; Series 2021-MM1, Class B3, 2.73%, 04/25/2052<sup>(a)(c)(d)</sup> | 2423549 | 2021168  |
| &nbsp;&nbsp;&nbsp; Series 2021-MM1, Class B4, 2.73%, 04/25/2052<sup>(a)(d)</sup> | 1523773 | 730486  |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ1, Class B4, 2.75%, 06/25/2051<sup>(a)(d)</sup> | 2218553 | 1618450  |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ1, Class B5, 2.75%, 06/25/2051<sup>(a)(d)</sup> | 1039000 | 514026  |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ11, Class A2, 2.50%, 04/25/2052<sup>(a)(d)</sup> | 1190857 | 963396  |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ11, Class B4, 2.86%, 04/25/2052<sup>(a)(d)</sup> | 1300000 | 648508  |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ3, Class B4, 2.72%, 08/25/2051<sup>(a)(d)</sup> | 1182281 | 939211  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ3, Class B5, 2.72%, 08/25/2051<sup>(a)(d)</sup> | $1192509 | $713874  |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ4, Class AX1, 0.01%, 09/25/2051<sup>(a)(b)(d)</sup> | 430039369 | 237812  |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ4, Class B4, 2.61%, 09/25/2051<sup>(a)(d)</sup> | 2509978 | 1453719  |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ5, Class B4, 2.58%, 10/25/2051<sup>(a)(d)</sup> | 3501926 | 2358414  |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ6, Class AX1, 0.02%, 11/25/2051<sup>(a)(b)(d)</sup> | 740858516 | 708261  |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ6, Class B4, 2.68%, 11/25/2051<sup>(a)(d)</sup> | 5195369 | 3976728  |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ7, Class B4, 2.72%, 01/25/2052<sup>(a)(d)</sup> | 7153798 | 5484037  |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ8, Class B4, 2.76%, 01/25/2052<sup>(a)(d)</sup> | 3638972 | 2668455  |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ8, Class B5, 2.76%, 01/25/2052<sup>(a)(d)</sup> | 1237000 | 592565  |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ9, Class A13, 2.00%, 02/26/2052<sup>(a)(d)</sup> | 1500000 | 895937  |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ9, Class B4, 2.93%, 02/26/2052<sup>(a)(d)</sup> | 3174707 | 2507539  |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ9, Class B5, 2.93%, 02/26/2052<sup>(a)(d)</sup> | 1195441 | 820283  |
| &nbsp;&nbsp;&nbsp; Series 2022-GR1, Class B4, 3.19%, 06/25/2052<sup>(a)(d)</sup> | 3617189 | 2818662  |
| &nbsp;&nbsp;&nbsp; Series 2022-GR1, Class B5, 3.19%, 06/25/2052<sup>(a)(d)</sup> | 1135680 | 839644  |
| &nbsp;&nbsp;&nbsp; Series 2022-LTV1, Class A14, 3.00%, 06/25/2052<sup>(a)(d)</sup> | 16557500 | 11322002  |
| &nbsp;&nbsp;&nbsp; Series 2022-LTV1, Class A15X, 0.00% (-1 x 30 day avg SOFR US + 4.15%), 06/25/2052, (5.00% Cap)<sup>(b)(d)(h)</sup> | 12675489 | 465799  |
| &nbsp;&nbsp;&nbsp; Series 2022-LTV1, Class B2, 3.24%, 06/25/2052<sup>(a)(c)(d)</sup> | 4543863 | 3699740  |
| &nbsp;&nbsp;&nbsp; Series 2022-LTV1, Class B4, 3.24%, 06/25/2052<sup>(a)(d)</sup> | 4689665 | 3636244  |
| &nbsp;&nbsp;&nbsp; Series 2022-LTV1, Class B5, 3.24%, 06/25/2052<sup>(a)(d)</sup> | 732703 | 533701  |
| &nbsp;&nbsp;&nbsp; Series 2022-PJ3, Class A4, 2.50%, 08/25/2052<sup>(a)(d)</sup> | 4039031 | 3251638  |
| &nbsp;&nbsp;&nbsp; Series 2023-CCM1, Class B1, 7.41%, 08/25/2053<sup>(a)(d)</sup> | 2300000 | 2293905  |
| &nbsp;&nbsp;&nbsp; Series 2023-PJ4, Class A15, 6.00%, 01/25/2054<sup>(a)(d)</sup> | 2580919 | 2580901  |
| &nbsp;&nbsp;&nbsp; Series 2023-PJ6, Class A16, 6.50%, 04/25/2054<sup>(a)(d)</sup> | 2529205 | 2563819  |
| &nbsp;&nbsp;&nbsp; Series 2024-PJ3, Class B4, 6.12%, 08/25/2054<sup>(a)(d)</sup> | 2340000 | 1862909  |
| &nbsp;&nbsp;&nbsp; Series 2024-PJ5, Class B4, 6.90%, 09/25/2054<sup>(a)(d)</sup> | 1613000 | 1375479  |
| &nbsp;&nbsp;&nbsp; Series 2024-PJ6, Class B4, 6.74%, 10/25/2054<sup>(a)(d)</sup> | 1584000 | 1329185  |
| &nbsp;&nbsp;&nbsp; Series 2024-PJ8, Class B4, 6.90%, 02/25/2055<sup>(a)(d)</sup> | 1734000 | 1359761  |
| &nbsp;&nbsp;&nbsp; Series 2024-RPL4, Class M1, 4.00%, 09/25/2061<sup>(a)(d)</sup> | 3500000 | 3303055  |
| &nbsp;&nbsp;&nbsp; Series 2025-PJ5, Class A2, 5.50%, 10/25/2055<sup>(a)(d)</sup> | 7831026 | 7763022  |
| &nbsp;&nbsp;&nbsp; Series 2025-RPL3, Class A1, 4.10%, 07/25/2065<sup>(d)(e)</sup> | 4695939 | 4532497  |
| GSAA Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-14, Class 2A3, 5.17% (1 mo. Term SOFR + 0.81%), 12/25/2035<sup>(c)</sup> | 1871202 | 1645558  |
| &nbsp;&nbsp;&nbsp; Series 2007-2, Class AV1, 4.55% (1 mo. Term SOFR + 0.19%), 03/25/2037 | 3271188 | 610001  |
| &nbsp;&nbsp;&nbsp; Series 2007-5, Class 2A1A, 4.71% (1 mo. Term SOFR + 0.35%), 04/25/2047<sup>(c)</sup> | 1310797 | 1210472  |
| &nbsp;&nbsp;&nbsp; GSR Mortgage Loan Trust, Series 2005-6F, Class 3A6, 4.80% <br>(1 mo. Term SOFR + 0.44%), 07/25/2035, (7.25% Cap) | 1264652 | 1071328  |
| Harborview Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-11, Class X1, 0.00%, 01/19/2035<sup>(a)(b)</sup> | 6631790 | 66  |
| &nbsp;&nbsp;&nbsp; Series 2004-7, Class X1, 0.50%, 11/19/2034<sup>(a)(b)</sup> | 879795 | 13114  |
| &nbsp;&nbsp;&nbsp; Series 2004-9, Class 4A2, 5.25% (1 mo. Term SOFR + 0.89%), 12/19/2034<sup>(c)</sup> | 1422897 | 1256970  |
| &nbsp;&nbsp;&nbsp; Series 2005-1, Class X, 0.00%, 03/19/2035<sup>(a)(b)</sup> | 4390612 | 6375  |
| &nbsp;&nbsp;&nbsp; Series 2005-10, Class X, 0.00%, 11/19/2035<sup>(a)(b)</sup> | 21751004 | 218  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2005-11, Class X, 0.00%, 08/19/2045<sup>(a)(b)</sup> | $6395846 | $64  |
| &nbsp;&nbsp;&nbsp; Series 2005-12, Class X2B, 0.11%, 10/19/2035<sup>(a)(b)</sup> | 6883293 | 69  |
| &nbsp;&nbsp;&nbsp; Series 2005-13, Class X, 0.00%, 02/19/2036<sup>(a)(b)</sup> | 10660002 | 107  |
| &nbsp;&nbsp;&nbsp; Series 2005-3, Class X2, 0.04%, 06/19/2035<sup>(a)(b)</sup> | 31304846 | 313  |
| &nbsp;&nbsp;&nbsp; Series 2005-8, Class 2XA1, 0.04%, 09/19/2035<sup>(a)(b)</sup> | 21112168 | 211  |
| &nbsp;&nbsp;&nbsp; Series 2006-14, Class 2A1A, 4.77% (1 mo. Term SOFR + 0.41%), 01/25/2047<sup>(c)</sup> | 14869858 | 13706886  |
| &nbsp;&nbsp;&nbsp; Series 2007-6, Class 2A1A, 4.66% (1 mo. Term SOFR + 0.30%), 08/19/2037, (10.50% Cap) | 1465735 | 1304674  |
| Helios Loan Funding Trust, 11.54%, 02/13/2054<sup>(a)</sup> | 57675844 | 61141758  |
| Home RE Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class M2, 7.60% (30 day avg SOFR US + 3.25%), 01/25/2034<sup>(d)</sup> | 8250000 | 8322468  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class M2, 10.35% (30 day avg SOFR US + 6.00%), 10/25/2033<sup>(d)</sup> | 3000000 | 3222552  |
| &nbsp;&nbsp;&nbsp; Homebanc Mortgage Trust, Series 2004-2, Class A2, 5.37% <br>(1 mo. Term SOFR + 1.01%), 12/25/2034, (11.50% Cap) | 764483 | 733146  |
|  Impac Secured Assets CMN Owner Trust, Series 2006-2, Class 1A2C, 5.03% (1 mo. Term SOFR + 0.67%), 08/25/2036, (11.50% Cap)<sup>(c)</sup> | 2952962 | 2646775  |
| Indymac Index Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-AR12, Class AX2, 0.00%, 12/25/2034<sup>(a)(b)</sup> | 1345277 | 13  |
| &nbsp;&nbsp;&nbsp; Series 2005-16IP, Class AX, 0.00%, 07/25/2045<sup>(a)(b)</sup> | 10874059 | 4861  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR10, Class AX, 0.00%, 06/25/2035<sup>(a)(b)</sup> | 23369994 | 234  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR12, Class AX2, 0.00%, 07/25/2035<sup>(a)(b)</sup> | 37281438 | 373  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR14, Class 2X, 0.01%, 07/25/2035<sup>(a)(b)</sup> | 18382756 | 14320  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR2, Class AX2, 0.00%, 02/25/2035<sup>(a)(b)</sup> | 8958599 | 0  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR4, Class AX2, 0.00%, 03/25/2035<sup>(a)(b)</sup> | 11233598 | 130355  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR8, Class AX2, 0.00%, 05/25/2035<sup>(a)(b)</sup> | 14785790 | 148  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR25, Class 5A1, 3.69%, 09/25/2036<sup>(a)(c)</sup> | 3727674 | 2899716  |
| &nbsp;&nbsp;&nbsp; Series 2007-AR9, Class 2A1, 3.71%, 04/25/2037<sup>(a)(c)</sup> | 3027441 | 1868509  |
|  Invitation Homes Trust, Series 2024-SFR1, Class A, 4.00%, 09/17/2041<sup>(d)</sup> | 2994870 | 2924125  |
| JP Morgan Chase Commercial Mortgage Securities<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-LTV1, Class B4, 4.61%, 06/25/2049<sup>(a)(d)</sup> | 3670286 | 3484969  |
| &nbsp;&nbsp;&nbsp; Series 2019-LTV1, Class B5, 4.61%, 06/25/2049<sup>(a)(d)</sup> | 1752008 | 1413094  |
| JP Morgan Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-ALT1, Class 2A1, 5.33%, 10/25/2035<sup>(a)(c)</sup> | 4417421 | 3454931  |
| &nbsp;&nbsp;&nbsp; Series 2006-A6, Class 1A4L, 4.42%, 10/25/2036<sup>(a)</sup> | 1326423 | 999916  |
| &nbsp;&nbsp;&nbsp; Series 2007-A4, Class 3A3, 5.29%, 06/25/2037<sup>(a)</sup> | 1104755 | 868316  |
| &nbsp;&nbsp;&nbsp; Series 2019-7, Class AX1, 0.00%, 02/25/2050<sup>(a)(b)(d)</sup> | 17928457 | 54  |
| &nbsp;&nbsp;&nbsp; Series 2019-7, Class B4, 3.95%, 02/25/2050<sup>(a)(d)</sup> | 2715715 | 2182832  |
| &nbsp;&nbsp;&nbsp; Series 2019-7, Class B5, 3.95%, 02/25/2050<sup>(a)(d)</sup> | 1199000 | 817128  |
| &nbsp;&nbsp;&nbsp; Series 2019-8, Class AX1, 0.14%, 03/25/2050<sup>(a)(b)(d)</sup> | 40617780 | 274292  |
| &nbsp;&nbsp;&nbsp; Series 2019-9, Class B5, 3.79%, 05/25/2050<sup>(a)(d)</sup> | 2374490 | 2092657  |
| &nbsp;&nbsp;&nbsp; Series 2019-LTV3, Class B5, 4.34%, 03/25/2050<sup>(a)(d)</sup> | 1697514 | 1523899  |
| &nbsp;&nbsp;&nbsp; Series 2020-1, Class B5, 3.82%, 06/25/2050<sup>(a)(d)</sup> | 2025043 | 1745296  |
| &nbsp;&nbsp;&nbsp; Series 2020-3, Class B4, 3.83%, 08/25/2050<sup>(a)(d)</sup> | 196306 | 173529  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2020-3, Class B5, 3.83%, 08/25/2050<sup>(a)(d)</sup> | $1558232 | $1341371  |
| &nbsp;&nbsp;&nbsp; Series 2020-5, Class B5, 3.57%, 12/25/2050<sup>(a)(d)</sup> | 1655655 | 1262843  |
| &nbsp;&nbsp;&nbsp; Series 2020-LTV1, Class B5, 4.25%, 06/25/2050<sup>(a)(d)</sup> | 2687377 | 2382408  |
| &nbsp;&nbsp;&nbsp; Series 2020-LTV2, Class B5, 4.00%, 11/25/2050<sup>(a)(d)</sup> | 2943514 | 2481394  |
| &nbsp;&nbsp;&nbsp; Series 2021-10, Class B5, 2.83%, 12/25/2051<sup>(a)(d)</sup> | 2291450 | 1571169  |
| &nbsp;&nbsp;&nbsp; Series 2021-13, Class A5, 2.50%, 04/25/2052<sup>(a)(d)</sup> | 1500000 | 986511  |
| &nbsp;&nbsp;&nbsp; Series 2021-14, Class A3, 2.50%, 05/25/2052<sup>(a)(d)</sup> | 5979987 | 4839669  |
| &nbsp;&nbsp;&nbsp; Series 2021-15, Class B3, 3.11%, 06/25/2052<sup>(a)(d)</sup> | 8430784 | 6940399  |
| &nbsp;&nbsp;&nbsp; Series 2021-15, Class B4, 3.11%, 06/25/2052<sup>(a)(d)</sup> | 4904866 | 3907300  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class B4, 2.93%, 07/25/2051<sup>(a)(d)</sup> | 1967749 | 1547440  |
| &nbsp;&nbsp;&nbsp; Series 2021-6, Class B4, 2.83%, 10/25/2051<sup>(a)(d)</sup> | 3509845 | 2697688  |
| &nbsp;&nbsp;&nbsp; Series 2021-7, Class B4, 2.80%, 11/25/2051<sup>(a)(d)</sup> | 1720797 | 1326502  |
| &nbsp;&nbsp;&nbsp; Series 2021-7, Class B5, 2.80%, 11/25/2051<sup>(a)(d)</sup> | 1720797 | 952022  |
| &nbsp;&nbsp;&nbsp; Series 2021-8, Class B4, 2.84%, 12/25/2051<sup>(a)(d)</sup> | 2934878 | 2265274  |
| &nbsp;&nbsp;&nbsp; Series 2021-INV6, Class A5A, 2.50%, 04/25/2052<sup>(a)(d)</sup> | 1064911 | 859095  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class B4, 3.08%, 07/25/2052<sup>(a)(c)(d)</sup> | 13828027 | 10704055  |
| &nbsp;&nbsp;&nbsp; Series 2023-6, Class A3, 5.50%, 12/26/2053<sup>(a)(c)(d)</sup> | 14890150 | 14729128  |
| &nbsp;&nbsp;&nbsp; Series 2023-6, Class B4, 6.17%, 12/26/2053<sup>(a)(d)</sup> | 1551599 | 1292699  |
| &nbsp;&nbsp;&nbsp; Series 2023-7, Class B4, 6.23%, 02/25/2054<sup>(a)(d)</sup> | 1035500 | 819619  |
| &nbsp;&nbsp;&nbsp; Series 2023-8, Class B4, 6.23%, 02/25/2054<sup>(a)(d)</sup> | 3022004 | 2573928  |
| &nbsp;&nbsp;&nbsp; Series 2023-9, Class B4, 6.35%, 04/25/2054<sup>(a)(d)</sup> | 2967892 | 2644997  |
| &nbsp;&nbsp;&nbsp; Series 2024-10, Class B6, 6.98%, 03/25/2055<sup>(a)(d)</sup> | 2843931 | 1922278  |
| &nbsp;&nbsp;&nbsp; Series 2024-11, Class A2, 6.00%, 04/25/2055<sup>(a)(c)(d)</sup> | 5853351 | 5893089  |
| &nbsp;&nbsp;&nbsp; Series 2024-4, Class B4, 7.12%, 10/25/2054<sup>(a)(d)</sup> | 2997274 | 2784141  |
| &nbsp;&nbsp;&nbsp; Series 2024-5, Class B4, 6.92%, 11/25/2054<sup>(a)(d)</sup> | 2605974 | 2437847  |
| &nbsp;&nbsp;&nbsp; Series 2024-5, Class B5, 6.92%, 11/25/2054<sup>(a)(d)</sup> | 2366000 | 1981799  |
| &nbsp;&nbsp;&nbsp; Series 2024-6, Class B4, 6.92%, 12/25/2054<sup>(a)(d)</sup> | 2512639 | 2156593  |
| &nbsp;&nbsp;&nbsp; Series 2024-6, Class B5, 6.92%, 12/25/2054<sup>(a)(d)</sup> | 1795000 | 1484273  |
| &nbsp;&nbsp;&nbsp; Series 2024-8, Class B4, 7.02%, 01/25/2055<sup>(a)(d)</sup> | 2611000 | 2262865  |
| &nbsp;&nbsp;&nbsp; Series 2024-9, Class B4, 7.00%, 02/25/2055<sup>(a)(d)</sup> | 3308734 | 3053501  |
| &nbsp;&nbsp;&nbsp; Series 2024-9, Class B6, 6.78%, 02/25/2055<sup>(a)(d)</sup> | 2676609 | 1811168  |
|  JP Morgan Wealth Management, Series 2020-ATR1, Class A5, 3.00%, 02/25/2050<sup>(a)(d)</sup> | 2924416 | 2531108  |
| JP Morgan Chase Bank NA<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-CL1, Class M2, 6.17% (1 mo. Term SOFR + 1.81%), 04/25/2047<sup>(d)</sup> | 3312230 | 3365461  |
| &nbsp;&nbsp;&nbsp; Series 2019-CL1, Class M4, 7.07% (1 mo. Term SOFR + 2.71%), 04/25/2047<sup>(d)</sup> | 1226290 | 1266370  |
| &nbsp;&nbsp;&nbsp; Series 2020-CL1, Class B, 14.47% (1 mo. Term SOFR + 10.11%), 10/25/2057<sup>(d)</sup> | 6690285 | 7022986  |
| &nbsp;&nbsp;&nbsp; Series 2020-CL1, Class M2, 6.97% (1 mo. Term SOFR + 2.61%), 10/25/2057<sup>(d)</sup> | 2659277 | 2785313  |
| &nbsp;&nbsp;&nbsp; Series 2020-CL1, Class M4, 8.82% (1 mo. Term SOFR + 4.46%), 10/25/2057<sup>(d)</sup> | 850273 | 907889  |
| &nbsp;&nbsp;&nbsp; Series 2020-CL1, Class M5, 10.07% (1 mo. Term SOFR + 5.71%), 10/25/2057<sup>(d)</sup> | 1633083 | 1698423  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2021-CL1, Class B, 11.25% (30 day avg SOFR US + 6.90%), 03/25/2051<sup>(d)</sup> | $1150672 | $1105121  |
| &nbsp;&nbsp;&nbsp; Series 2021-CL1, Class M5, 8.20% (30 day avg SOFR US + 3.85%), 03/25/2051<sup>(d)</sup> | 367425 | 335212  |
| Lake Summit Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.67%, 08/15/2049<sup>(a)</sup> | 2485398 | 2460907  |
| &nbsp;&nbsp;&nbsp; 6.68%, 08/28/2049<sup>(a)</sup> | 9194942 | 8987183  |
|  Legacy Mortgage Asset Trust, Series 2021-GS3, Class A1, 5.75%, 07/25/2061<sup>(d)(e)</sup> | 4286233 | 4320592  |
| Lehman Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2007-5, Class PO1, 0.00%, 06/25/2037<sup>(f)</sup> | 15566 | 11366  |
| &nbsp;&nbsp;&nbsp; Series 2007-9, Class AP, 0.00%, 10/25/2037<sup>(f)</sup> | 9929 | 7897  |
| Lehman XS Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-3, Class 3A3A, 4.77%, 09/25/2035<sup>(e)</sup> | 1599699 | 1419022  |
| &nbsp;&nbsp;&nbsp; Series 2007-12N, Class 1A3A, 4.87% (1 mo. Term SOFR + 0.51%), 07/25/2047 | 1193908 | 1148627  |
| &nbsp;&nbsp;&nbsp; Series 2007-7N, Class 1A1A, 4.91% (1 mo. Term SOFR + 0.55%), 06/25/2047 | 2441846 | 2285529  |
| &nbsp;&nbsp;&nbsp; Series 2007-9, Class WFIO, 0.55%, 04/25/2037<sup>(b)</sup> | 13234387 | 132  |
| Luminent Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class A1, 5.19% (1 mo. Term SOFR + 0.83%), 04/25/2036<sup>(c)</sup> | 2921539 | 2584017  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class X, 0.06%, 04/25/2036<sup>(a)(b)</sup> | 20701846 | 72477  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class X, 0.00%, 02/25/2046<sup>(a)(b)</sup> | 29019728 | 290  |
| &nbsp;&nbsp;&nbsp; Series 2006-5, Class X, 0.00%, 07/25/2036<sup>(a)(b)</sup> | 24798736 | 248  |
|  Mastr Adjustable Rate Mortgages Trust, Series 2005-7, Class 2A1, 4.50%, 09/25/2035<sup>(a)</sup> | 882978 | 809877  |
| MASTR Alternative Loans Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-6, Class 30PO, 0.00%, 07/25/2034<sup>(f)</sup> | 73067 | 60111  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 15PO, 0.00%, 08/25/2025<sup>(f)</sup> | 2913 | 0  |
| &nbsp;&nbsp;&nbsp; Series 2007-HF1, Class 4A1, 7.00%, 10/25/2047<sup>(c)</sup> | 9522417 | 3709381  |
| MASTR Asset Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-2, Class PO, 0.00%, 11/25/2035<sup>(f)</sup> | 9823 | 5662  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class AP, 0.00%, 11/25/2037<sup>(f)</sup> | 403 | 0  |
| Mello Mortgage Capital Acceptance<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-MTG1, Class B4, 3.67%, 03/25/2048<sup>(a)(d)</sup> | 1799000 | 1287564  |
| &nbsp;&nbsp;&nbsp; Series 2018-MTG1, Class B5, 3.67%, 03/25/2048<sup>(a)(d)</sup> | 1499000 | 1050313  |
| &nbsp;&nbsp;&nbsp; Series 2021-INV4, Class B5, 3.20%, 12/25/2051<sup>(a)(d)</sup> | 1135024 | 869273  |
| &nbsp;&nbsp;&nbsp; Series 2021-MTG1, Class B4, 2.64%, 04/25/2051<sup>(a)(d)</sup> | 1023882 | 788813  |
| &nbsp;&nbsp;&nbsp; Series 2021-MTG1, Class B5, 2.64%, 04/25/2051<sup>(a)(d)</sup> | 511496 | 273642  |
| &nbsp;&nbsp;&nbsp; Series 2021-MTG2, Class B4, 2.66%, 06/25/2051<sup>(a)(d)</sup> | 1564417 | 1123890  |
| &nbsp;&nbsp;&nbsp; Series 2021-MTG3, Class B5, 2.90%, 07/01/2051<sup>(a)(d)</sup> | 488000 | 213354  |
| Merrill Lynch Mortgage Investors, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-OPT1, Class M3, 6.94% (1 mo. Term SOFR + 2.59%), 07/25/2034 | 1558243 | 1252659  |
| &nbsp;&nbsp;&nbsp; Series 2006-AF1, Class AF2A, 6.25%, 08/25/2036 | 1626259 | 646354  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** |
| MFRA Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-INV2, Class B1, 4.39%, 11/25/2056<sup>(a)(d)</sup> | $4000000 | $3390948  |
| &nbsp;&nbsp;&nbsp; Series 2021-RPL1, Class A2, 2.07%, 07/25/2060<sup>(a)(d)</sup> | 4106000 | 3486713  |
| &nbsp;&nbsp;&nbsp; Series 2021-RPL1, Class M2, 2.85%, 07/25/2060<sup>(a)(d)</sup> | 4500000 | 3790841  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM3, Class A3, 6.13%, 12/25/2069<sup>(d)(e)</sup> | 4337513 | 4377188  |
| Morgan Stanley ABS Capital I, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2007-HE6, Class A3, 4.65% (1 mo. Term SOFR + 0.29%), 05/25/2037 | 11483049 | 10184086  |
| &nbsp;&nbsp;&nbsp; Series 2007-HE6, Class A4, 4.72% (1 mo. Term SOFR + 0.36%), 05/25/2037<sup>(c)</sup> | 1653559 | 1443198  |
| Morgan Stanley Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-3AR, Class 1AX, 0.58%, 03/25/2036<sup>(a)(b)</sup> | 13237243 | 384529  |
| &nbsp;&nbsp;&nbsp; Series 2006-5AR, Class AX, 0.21%, 04/25/2036<sup>(a)(b)</sup> | 13928251 | 72162  |
|  Morgan Stanley Reremic Trust, Series 2015-R4, Class CB3, 4.38%, 08/26/2047<sup>(a)(d)</sup> | 1010309 | 900292  |
| Morgan Stanley Residential Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class B4, 2.94%, 03/25/2051<sup>(a)(d)</sup> | 754216 | 433307  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class B5, 2.94%, 03/25/2051<sup>(a)(d)</sup> | 988000 | 495940  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class B4, 2.78%, 06/25/2051<sup>(a)(d)</sup> | 1093000 | 543376  |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class B4, 2.92%, 07/25/2051<sup>(a)(d)</sup> | 1240000 | 630525  |
| &nbsp;&nbsp;&nbsp; Series 2021-5, Class B4, 2.98%, 08/25/2051<sup>(a)(d)</sup> | 1949864 | 1112430  |
| MortgageIT Trust, Series 2006-1, Class 1X, 0.07%, 04/25/2036<sup>(a)(b)</sup> | 6995826 | 0  |
|  New Residential Mortgage LLC, Series 2025-FHT1, Class A, 6.55%, 03/25/2032<sup>(d)(e)</sup> | 1855850 | 1859237  |
| New Residential Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-2A, Class B6, 5.25%, 02/25/2058<sup>(a)(d)</sup> | 1176570 | 931968  |
| &nbsp;&nbsp;&nbsp; Series 2019-2A, Class B6, 4.74%, 12/25/2057<sup>(a)(d)</sup> | 4964073 | 4043183  |
| &nbsp;&nbsp;&nbsp; Series 2019-6A, Class B5IA, 1.75%, 09/25/2059<sup>(a)(b)(d)</sup> | 12508763 | 804664  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class B1, 7.28%, 04/25/2065<sup>(a)(d)</sup> | 5116000 | 5000112  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class B3, 7.28%, 04/25/2065<sup>(a)(d)</sup> | 11758000 | 10451310  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM3, Class B1, 7.06%, 05/25/2065<sup>(a)(d)</sup> | 2784000 | 2709990  |
|  Nomura Resecuritization Trust, Series 2014-3R, Class 4A15, 1.83% (1 mo. Term SOFR + 0.27%), 03/26/2037<sup>(c)(d)</sup> | 3447020 | 2749781  |
|  Oceanview Mortgage Trust, Series 2021-5, Class B4, 2.97%, 10/25/2051<sup>(a)(d)</sup> | 1715000 | 907211  |
| Onslow Bay Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-J2, Class A1, 2.50%, 07/25/2051<sup>(a)(d)</sup> | 1519487 | 1219638  |
| &nbsp;&nbsp;&nbsp; Series 2021-J3, Class A7, 2.50%, 10/25/2051<sup>(a)(d)</sup> | 2500000 | 1643405  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class A1, 1.07%, 02/25/2066<sup>(a)(d)</sup> | 981143 | 831187  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A3, 1.56%, 05/25/2061<sup>(a)(d)</sup> | 1770718 | 1461239  |
|  PHH Alternative Mortgage Trust, Series 2007-1, Class 21PO, 0.00%, 02/25/2037<sup>(f)</sup> | 10576 | 8672  |
| &nbsp;&nbsp;&nbsp; PMT Loan Trust, Series 2025-INV4, Class A12, <br>5.50%, 03/25/2056<sup>(a)(d)</sup> | 5000000 | 4937625  |
|  Point Securitization Trust, Series 2025-1, Class A1, 6.25%, 06/25/2055<sup>(d)</sup> | 989996 | 989237  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** |
| Pretium Mortgage Credit Partners LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-NPL4, Class A1, 7.00%, 07/25/2054<sup>(d)(e)</sup> | $869278 | $870296  |
| &nbsp;&nbsp;&nbsp; Series 2024-NPL6, Class A1, 5.93%, 10/25/2054<sup>(d)(e)</sup> | 3491645 | 3492179  |
| &nbsp;&nbsp;&nbsp; Series 2024-NPL7, Class A1, 5.93%, 10/25/2054<sup>(d)(e)</sup> | 1813773 | 1819809  |
| &nbsp;&nbsp;&nbsp; Series 2025-RPL2, Class A2, 4.00%, 08/25/2064<sup>(d)(e)</sup> | 8000000 | 7558072  |
|  Progress Residential Trust, Series 2023-SFR2, Class D, 4.50%, 10/17/2040<sup>(d)</sup> | 800000 | 772630  |
| PRPM LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM1, Class B1, 5.41%, 08/25/2067<sup>(a)(d)</sup> | 3750000 | 3691890  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class A1, 7.03%, 03/25/2029<sup>(d)(e)</sup> | 775802 | 788742  |
| &nbsp;&nbsp;&nbsp; Series 2024-5, Class A1, 5.69%, 09/25/2029<sup>(d)(e)</sup> | 2838546 | 2860678  |
| &nbsp;&nbsp;&nbsp; Series 2024-7, Class A1, 5.87%, 11/25/2029<sup>(d)(e)</sup> | 2560979 | 2569788  |
| &nbsp;&nbsp;&nbsp; Series 2024-RCF1, Class A1, 4.00%, 01/25/2054<sup>(d)(e)</sup> | 1394361 | 1364790  |
| &nbsp;&nbsp;&nbsp; Series 2024-RCF1, Class A3, 4.00%, 01/25/2054<sup>(d)(e)</sup> | 1000000 | 952004  |
| &nbsp;&nbsp;&nbsp; Series 2024-RCF1, Class M1, 4.00%, 01/25/2054<sup>(d)(e)</sup> | 1250000 | 1179304  |
| &nbsp;&nbsp;&nbsp; Series 2024-RCF2, Class A3, 3.75%, 03/25/2054<sup>(d)(e)</sup> | 2000000 | 1881502  |
| &nbsp;&nbsp;&nbsp; Series 2024-RPL4, Class A3, 4.00%, 12/25/2054<sup>(d)(e)</sup> | 2936000 | 2747039  |
| &nbsp;&nbsp;&nbsp; Series 2025-RCF3, Class M1A, 5.25%, 07/25/2055<sup>(a)(d)</sup> | 2200000 | 2215963  |
|  Radian Mortgage Capital Trust, Series 2025-J1, Class A4, 5.50%, 07/25/2055<sup>(a)(c)(d)</sup> | 9939123 | 9820569  |
| Radnor RE Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class M1A, 7.05% (30 day avg SOFR US + 2.70%), 07/25/2033<sup>(d)</sup> | 2244949 | 2259518  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class M1C, 7.85% (30 day avg SOFR US + 3.50%), 09/25/2034<sup>(d)</sup> | 500000 | 507661  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class M2, 8.35% (30 day avg SOFR US + 4.00%), 09/25/2034<sup>(d)</sup> | 1500000 | 1545180  |
| RALI Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-QA13, Class 2A1, 5.30%, 12/25/2035<sup>(a)(c)</sup> | 3053061 | 2706377  |
| &nbsp;&nbsp;&nbsp; Series 2005-QO5, Class X, 1.66%, 01/25/2046<sup>(a)(b)</sup> | 19291554 | 1651859  |
| &nbsp;&nbsp;&nbsp; Series 2005-QS13, Class AP, 0.00%, 09/25/2035<sup>(f)</sup> | 169523 | 110700  |
| &nbsp;&nbsp;&nbsp; Series 2005-QS17, Class A1, 6.00%, 12/25/2035<sup>(c)</sup> | 1426270 | 1257859  |
| &nbsp;&nbsp;&nbsp; Series 2005-QS17, Class AP, 0.00%, 12/25/2035<sup>(f)</sup> | 222333 | 146281  |
| &nbsp;&nbsp;&nbsp; Series 2006-QA7, Class 2A1, 4.84% (1 mo. Term SOFR + 0.48%), 08/25/2036<sup>(c)</sup> | 4331907 | 3867055  |
| &nbsp;&nbsp;&nbsp; Series 2006-QA9, Class A1, 4.83% (1 mo. Term SOFR + 0.47%), 11/25/2036, (11.00% Cap) | 1353175 | 715149  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS11, Class 1A2, 6.00%, 08/25/2036<sup>(c)</sup> | 1643172 | 1304191  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS11, Class 1A8, 6.00%, 08/25/2036<sup>(c)</sup> | 1637092 | 1299304  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS12, Class AP, 0.00%, 09/25/2036<sup>(f)</sup> | 69292 | 41718  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS14, Class A15, 4.77% (1 mo. Term SOFR + 0.41%), 11/25/2036, (7.50% Cap) | 1265602 | 905575  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS15, Class A5, 6.50%, 10/25/2036 | 852022 | 724637  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS15, Class AP, 0.00%, 10/25/2036<sup>(f)</sup> | 93126 | 43903  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS16, Class AP, 0.00%, 11/25/2036<sup>(f)</sup> | 97804 | 47332  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS3, Class 1A1, 5.17% (1 mo. Term SOFR + 0.81%), 03/25/2036, (5.50% Cap)<sup>(c)</sup> | 2116500 | 1740390  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2006-QS3, Class 1A8, 4.87% (1 mo. Term SOFR + 0.51%), 03/25/2036, (6.00% Cap) | $1141880 | $955071  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS5, Class AP, 0.00%, 05/25/2036<sup>(f)</sup> | 24887 | 14970  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS9, Class 1AP, 0.00%, 07/25/2036<sup>(f)</sup> | 33114 | 19700  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS9, Class 2AP, 0.00%, 07/25/2036<sup>(f)</sup> | 14951 | 0  |
| &nbsp;&nbsp;&nbsp; Series 2007-QA2, Class A3, 4.77% (1 mo. Term SOFR + 0.41%), 02/25/2037, (14.00% Cap)<sup>(c)</sup> | 4339031 | 3720914  |
| &nbsp;&nbsp;&nbsp; Series 2007-QS1, Class 1AP, 0.00%, 01/25/2037<sup>(f)</sup> | 17558 | 14019  |
| &nbsp;&nbsp;&nbsp; Series 2007-QS3, Class AP, 0.00%, 02/25/2037<sup>(f)</sup> | 356554 | 161245  |
| &nbsp;&nbsp;&nbsp; Series 2007-QS4, Class 4A3, 0.00%, 03/25/2037<sup>(f)</sup> | 492414 | 0  |
| &nbsp;&nbsp;&nbsp; Series 2007-QS5, Class AP, 0.00%, 03/25/2037<sup>(f)</sup> | 155249 | 79483  |
| &nbsp;&nbsp;&nbsp; Series 2007-QS6, Class AP, 0.00%, 04/25/2037<sup>(f)</sup> | 260714 | 126241  |
| &nbsp;&nbsp;&nbsp; Series 2007-QS9, Class AP, 0.00%, 07/25/2037<sup>(f)</sup> | 762396 | 353910  |
| Rate Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-HB1, Class B4, 2.70%, 12/25/2051<sup>(a)(d)</sup> | 2436519 | 1660707  |
| &nbsp;&nbsp;&nbsp; Series 2021-J1, Class B4, 2.71%, 07/25/2051<sup>(a)(d)</sup> | 1291000 | 633454  |
| &nbsp;&nbsp;&nbsp; Series 2022-J1, Class B4, 2.75%, 01/25/2052<sup>(a)(d)</sup> | 3449968 | 1925652  |
| &nbsp;&nbsp;&nbsp; Series 2024-J2, Class A2, 5.50%, 07/25/2054<sup>(a)(d)</sup> | 1529070 | 1509487  |
| &nbsp;&nbsp;&nbsp; Series 2024-J2, Class B5, 6.44%, 07/25/2054<sup>(a)(d)</sup> | 927000 | 693071  |
| &nbsp;&nbsp;&nbsp; Series 2024-J3, Class B4, 6.40%, 10/25/2054<sup>(a)(d)</sup> | 747000 | 584047  |
| &nbsp;&nbsp;&nbsp; Series 2024-J3, Class B5, 6.40%, 10/25/2054<sup>(a)(d)</sup> | 935000 | 704087  |
|  RBSSP Resecuritization Trust, Series 2009-3, Class 3A3, 5.75%, 09/26/2035<sup>(a)(d)</sup> | 1220117 | 1081378  |
| RCKT Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class B4, 2.56%, 06/25/2051<sup>(a)(d)</sup> | 2382859 | 1660888  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class B5, 2.56%, 06/25/2051<sup>(a)(d)</sup> | 1566000 | 740887  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class B3, 2.75%, 01/25/2052<sup>(a)(c)(d)</sup> | 9256925 | 7065283  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class B4, 2.75%, 01/25/2052<sup>(a)(d)</sup> | 5197193 | 3621991  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class B5, 2.75%, 01/25/2052<sup>(a)(d)</sup> | 2245000 | 982118  |
| Residential Asset Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-A11, Class 1A1, 4.92% (1 mo. Term SOFR + 0.56%), 10/25/2035, (5.50% Cap) | 1541101 | 936811  |
| &nbsp;&nbsp;&nbsp; Series 2005-A11, Class 1A3, 5.50%, 10/25/2035 | 1394484 | 921980  |
| &nbsp;&nbsp;&nbsp; Series 2005-A11, Class PO, 0.00%, 10/25/2035<sup>(f)</sup> | 533449 | 224310  |
| &nbsp;&nbsp;&nbsp; Series 2006-A2, Class A5, 5.17% (1 mo. Term SOFR + 0.81%), 01/25/2046, (6.00% Cap) | 1846479 | 558287  |
| &nbsp;&nbsp;&nbsp; Series 2007-A2, Class 2A2, 6.50%, 04/25/2037 | 3943420 | 1136876  |
| &nbsp;&nbsp;&nbsp; Series 2007-A8, Class 1A1, 6.00%, 08/25/2037 | 3864813 | 1841993  |
| RFMSI Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-S7, Class AP, 0.00%, 11/25/2035<sup>(f)</sup> | 11171 | 7246  |
| &nbsp;&nbsp;&nbsp; Series 2006-S10, Class 1AP, 0.00%, 10/25/2036<sup>(f)</sup> | 11073 | 5664  |
| &nbsp;&nbsp;&nbsp; Series 2006-S4, Class AP, 0.00%, 04/25/2036<sup>(f)</sup> | 104758 | 67752  |
| &nbsp;&nbsp;&nbsp; Series 2006-S5, Class A4, 0.00%, 06/25/2036<sup>(f)</sup> | 27322 | 15427  |
| &nbsp;&nbsp;&nbsp; Series 2007-S5, Class AP, 0.00%, 05/25/2037<sup>(f)</sup> | 161694 | 81965  |
| Rithm Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM3, Class B2, 4.05%, 11/27/2056<sup>(a)(d)</sup> | 2729000 | 2233757  |
| &nbsp;&nbsp;&nbsp; Series 2022-SFR2, Class E2, 4.00%, 09/04/2039<sup>(d)</sup> | 2554000 | 2432006  |

---

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

13<br>

------

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

**ANGEL OAK MULTI-STRATEGY INCOME FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** |
| Saluda Grade Mortgage Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-SEQ1, Class A1, 3.32%, 05/25/2050<sup>(a)(d)</sup> | $2243944 | $2180629  |
| &nbsp;&nbsp;&nbsp; Series 2020-SEQ1, Class C, 0.00%, 05/25/2050<sup>(a)(b)(d)</sup> | 26202262 | 3005819  |
| &nbsp;&nbsp;&nbsp; Series 2021-FIG2, Class M1, 4.25%, 10/25/2051<sup>(a)(d)</sup> | 1449524 | 1453195  |
| &nbsp;&nbsp;&nbsp; Series 2021-FIG2, Class M2, 6.00%, 10/25/2051<sup>(a)(d)</sup> | 1159619 | 1161972  |
| &nbsp;&nbsp;&nbsp; Series 2021-MF1, Class A1, 3.81%, 11/25/2029<sup>(a)(d)</sup> | 7042013 | 6749953  |
| &nbsp;&nbsp;&nbsp; Series 2022-SEQ2, Class B1, 5.50%, 02/25/2052<sup>(a)(d)</sup> | 3153250 | 2920165  |
| &nbsp;&nbsp;&nbsp; Series 2022-SEQ2, Class B2, 6.00%, 02/25/2052<sup>(a)(d)</sup> | 2011000 | 1846432  |
| &nbsp;&nbsp;&nbsp; Series 2022-SEQ2, Class B3, 7.53%, 02/25/2052<sup>(a)(d)</sup> | 2309200 | 2177887  |
| &nbsp;&nbsp;&nbsp; Series 2022-SEQ2, Class CERT, 0.00%, 02/25/2052<sup>(d)</sup> | 38061600 | 35767095  |
| &nbsp;&nbsp;&nbsp; Series 2022-SEQ2, Class M1, 5.00%, 02/25/2052<sup>(a)(d)</sup> | 5213750 | 4887114  |
| &nbsp;&nbsp;&nbsp; Series 2022-SEQ2, Class XS, 0.00%, 02/25/2052<sup>(a)(b)(d)</sup> | 96526895 | 1093746  |
| &nbsp;&nbsp;&nbsp; Series 2022-SG2, Class A, 8.00%, 05/15/2052<sup>(d)</sup> | 15000000 | 14992875  |
| &nbsp;&nbsp;&nbsp; Series 2023-FIG3, Class A, 7.07%, 08/25/2053<sup>(a)(d)</sup> | 2909232 | 2973948  |
| &nbsp;&nbsp;&nbsp; Series 2023-FIG4, Class A, 6.72%, 11/25/2053<sup>(a)(d)</sup> | 4673605 | 4790273  |
| &nbsp;&nbsp;&nbsp; Series 2023-SEQ3, Class A2, 6.89%, 06/01/2053<sup>(a)(d)</sup> | 4250000 | 4301077  |
| &nbsp;&nbsp;&nbsp; Series 2025-NPL1, Class A1, 7.12%, 01/25/2030<sup>(d)(e)</sup> | 9626810 | 9607470  |
| &nbsp;&nbsp;&nbsp; Series 2025-NPL1, Class A2, 9.05%, 01/25/2030<sup>(d)(e)</sup> | 1250000 | 1243541  |
| &nbsp;&nbsp;&nbsp; Series 2025-NPL2, Class A1, 7.77%, 05/25/2030<sup>(d)(e)</sup> | 7116061 | 7161078  |
| Sequoia Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-2, Class XA, 0.00%, 03/20/2035<sup>(a)(b)</sup> | 2853756 | 0  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 5A1, 4.08%, 10/20/2046<sup>(a)(c)</sup> | 1612944 | 1156565  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class B4, 2.66%, 03/25/2051<sup>(a)(d)</sup> | 2344337 | 1426625  |
| &nbsp;&nbsp;&nbsp; Series 2023-4, Class A10, 6.00%, 11/25/2053<sup>(a)(d)</sup> | 1901778 | 1906066  |
| &nbsp;&nbsp;&nbsp; Series 2023-5, Class B4, 5.98%, 12/25/2053<sup>(a)(d)</sup> | 1191000 | 917240  |
| &nbsp;&nbsp;&nbsp; Series 2024-7, Class A2, 6.00%, 08/25/2054<sup>(a)(d)</sup> | 3492801 | 3526520  |
| &nbsp;&nbsp;&nbsp; Series 2024-8, Class B4, 6.66%, 09/25/2054<sup>(a)(d)</sup> | 2821975 | 2562458  |
| SGR Residential Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-2, Class A1, 1.38%, 05/25/2065<sup>(a)(d)</sup> | 518034 | 473721  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class A1, 1.74%, 12/25/2061<sup>(a)(d)</sup> | 2963880 | 2515661  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class A2, 1.94%, 12/25/2061<sup>(a)(d)</sup> | 1587747 | 1278020  |
|  Shellpoint Asset Funding Trust, Series 2013-1, Class B4, 3.85%, 07/25/2043<sup>(a)(d)</sup> | 782566 | 684938  |
|  Spruce Hill Mortgage Loan Trust, Series 2020-SH1, Class B2, 4.68%, 01/28/2050<sup>(a)(d)</sup> | 6000000 | 5336946  |
| Starwood Mortgage Residential Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class B1, 3.52%, 05/25/2065<sup>(a)(d)</sup> | 2743000 | 2336704  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class A3, 1.43%, 05/25/2065<sup>(a)(d)</sup> | 126639 | 119578  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class M1, 2.49%, 06/25/2056<sup>(a)(d)</sup> | 5170000 | 3856660  |
| &nbsp;&nbsp;&nbsp; Series 2021-5, Class A3, 2.44%, 09/25/2066<sup>(a)(d)</sup> | 6879784 | 6018029  |
| &nbsp;&nbsp;&nbsp; Series 2021-6, Class B2, 3.94%, 11/25/2066<sup>(a)(d)</sup> | 3921000 | 2856445  |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class A3, 4.16%, 03/25/2067<sup>(a)(d)</sup> | 2266807 | 2107392  |
| &nbsp;&nbsp;&nbsp; Series 2022-SFR3, Class A, 5.99% (1 mo. Term SOFR + 1.65%), 05/17/2039<sup>(d)</sup> | 1967852 | 1977262  |
| Structured Asset Mortgage Investments, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-AR1, Class X, 0.00%, 03/19/2034<sup>(a)(b)</sup> | 3173993 | 32  |
| &nbsp;&nbsp;&nbsp; Series 2004-AR7, Class X, 0.38%, 04/19/2035<sup>(a)(b)</sup> | 5074472 | 30619  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2005-AR2, Class 1X, 0.01%, 05/25/2045<sup>(a)(b)</sup> | $6430404 | $7922  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR3, Class 1X, 0.01%, 08/25/2035<sup>(a)(b)</sup> | 8814116 | 13732  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR5, Class 1X, 0.00%, 05/25/2046<sup>(a)(b)</sup> | 9986430 | 101572  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR5, Class 4X, 0.00%, 05/25/2046<sup>(a)(b)</sup> | 34742637 | 25258  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR7, Class X, 0.90%, 08/25/2036<sup>(b)</sup> | 22049782 | 728789  |
|  Terwin Mortgage Trust, Series 2005-18AL, Class PX, 0.00%, 01/25/2037<sup>(a)(b)(d)</sup> | 21673267 | 147877  |
| Towd Point Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-6, Class B4, 3.33%, 10/25/2057<sup>(a)(d)</sup> | 4500000 | 3092909  |
| &nbsp;&nbsp;&nbsp; Series 2018-2, Class B4, 3.74%, 03/25/2058<sup>(a)(d)</sup> | 3000000 | 2038875  |
| &nbsp;&nbsp;&nbsp; Series 2018-5, Class B3, 3.48%, 07/25/2058<sup>(a)(d)</sup> | 3000000 | 1990308  |
| &nbsp;&nbsp;&nbsp; Series 2019-1, Class B2, 3.79%, 03/25/2058<sup>(a)(d)</sup> | 3000000 | 2298519  |
| &nbsp;&nbsp;&nbsp; Series 2019-HY2, Class B3, 6.72% (1 mo. Term SOFR + 2.36%), 05/25/2058<sup>(d)</sup> | 2294000 | 2042009  |
| &nbsp;&nbsp;&nbsp; Series 2021-SJ2, Class A2, 2.50%, 12/25/2061<sup>(a)(d)</sup> | 2548781 | 2361239  |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class M2, 5.08%, 07/25/2065<sup>(a)(d)</sup> | 1695000 | 1525295  |
| &nbsp;&nbsp;&nbsp; Series 2024-4, Class A2, 4.50%, 10/27/2064<sup>(a)(d)</sup> | 2897000 | 2608699  |
| &nbsp;&nbsp;&nbsp; Series 2024-4, Class M1, 4.50%, 10/27/2064<sup>(a)(d)</sup> | 4966000 | 4336500  |
|  Triangle Re Ltd., Series 2023-1, Class M1A, 7.75% (30 day avg SOFR US + 3.40%), 11/25/2033<sup>(d)</sup> | 3030722 | 3055041  |
| Unlock Hea Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class A, 7.00%, 09/25/2035<sup>(d)(e)</sup> | 8515137 | 8491899  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class B, 8.00%, 09/25/2035<sup>(d)(e)</sup> | 10000000 | 9620570  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class A, 7.00%, 10/25/2038<sup>(d)</sup> | 1618080 | 1617454  |
| UWM Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-INV1, Class B5, 3.15%, 08/25/2051<sup>(a)(d)</sup> | 1538301 | 1176888  |
| &nbsp;&nbsp;&nbsp; Series 2021-INV2, Class B5, 3.24%, 09/25/2051<sup>(a)(d)</sup> | 2017582 | 1575726  |
|  VCAT Asset Securitization LLC, Series 2025-NPL1, Class A1, 5.88%, 01/25/2055<sup>(d)(e)</sup> | 839932 | 846109  |
| Verus Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class B1, 3.20%, 06/25/2066<sup>(a)(d)</sup> | 1750000 | 1258934  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class B2, 3.96%, 06/25/2066<sup>(a)(d)</sup> | 2270000 | 1622078  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class M1, 2.40%, 06/25/2066<sup>(a)(d)</sup> | 2500000 | 1840983  |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class A3, 1.35%, 07/25/2066<sup>(a)(d)</sup> | 1512741 | 1233586  |
| &nbsp;&nbsp;&nbsp; Series 2022-2, Class B1, 4.27%, 02/25/2067<sup>(a)(d)</sup> | 6743650 | 5682638  |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class B2, 4.07%, 02/25/2067<sup>(a)(d)</sup> | 5296000 | 4024595  |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class M1, 4.07%, 02/25/2067<sup>(a)(d)</sup> | 2500000 | 2071328  |
| &nbsp;&nbsp;&nbsp; Series 2022-4, Class B1, 4.76%, 04/25/2067<sup>(a)(c)(d)</sup> | 8741000 | 8024002  |
| &nbsp;&nbsp;&nbsp; Series 2022-7, Class B1, 5.33%, 07/25/2067<sup>(a)(d)</sup> | 3119000 | 3074111  |
| &nbsp;&nbsp;&nbsp; Series 2022-7, Class B2, 5.33%, 07/25/2067<sup>(a)(d)</sup> | 6000000 | 5880672  |
| &nbsp;&nbsp;&nbsp; Series 2022-7, Class M1, 5.33%, 07/25/2067<sup>(a)(d)</sup> | 1000000 | 963723  |
| &nbsp;&nbsp;&nbsp; Series 2022-8, Class A3, 6.13%, 09/25/2067<sup>(d)(e)</sup> | 534906 | 541053  |
| &nbsp;&nbsp;&nbsp; Series 2022-INV1, Class B1, 5.79%, 08/25/2067<sup>(a)(d)</sup> | 3483000 | 3406736  |
| &nbsp;&nbsp;&nbsp; Series 2022-INV1, Class B2, 5.79%, 08/25/2067<sup>(a)(d)</sup> | 2200000 | 2121178  |
| &nbsp;&nbsp;&nbsp; Series 2022-INV2, Class B1, 6.77%, 10/25/2067<sup>(a)(d)</sup> | 1400000 | 1401382  |
| &nbsp;&nbsp;&nbsp; Series 2023-6, Class B2, 7.79%, 09/25/2068<sup>(a)(d)</sup> | 3450000 | 3468085  |

---

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

15<br>

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

**ANGEL OAK MULTI-STRATEGY INCOME FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2023-INV1, Class M1, 7.49%, 02/25/2068<sup>(a)(d)</sup> | $2300000 | $2336738  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class B2, 7.35%, 01/25/2070<sup>(a)(d)</sup> | 1250000 | 1192023  |
| &nbsp;&nbsp;&nbsp; Series 2025-4, Class B1, 7.44%, 05/25/2070<sup>(a)(d)</sup> | 2600000 | 2638737  |
| &nbsp;&nbsp;&nbsp; Series 2025-4, Class B2, 7.44%, 05/25/2070<sup>(a)(d)</sup> | 1900000 | 1834275  |
| &nbsp;&nbsp;&nbsp; Series 2025-5, Class B2, 7.35%, 06/25/2070<sup>(a)(d)</sup> | 1350000 | 1319066  |
| Vista Point Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES1, Class B2, 10.35%, 05/25/2054<sup>(a)(d)</sup> | 1000000 | 1051967  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES2, Class A3, 5.91%, 10/25/2054<sup>(d)(e)</sup> | 1000000 | 991217  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES2, Class B1, 7.50%, 10/25/2054<sup>(a)(d)</sup> | 1000000 | 1018287  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES3, Class A3, 6.19%, 01/25/2055<sup>(d)(e)</sup> | 2000000 | 2020308  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES3, Class B1, 7.83%, 01/25/2055<sup>(a)(d)</sup> | 1750000 | 1772915  |
| Washington Mutual Alternative Mortgage Pass-Through Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-MS7, Class P, 0.00%, 03/25/2033<sup>(f)</sup> | 193 | 150  |
| &nbsp;&nbsp;&nbsp; Series 2004-AR10, Class X, 0.00%, 07/25/2044<sup>(a)(b)</sup> | 6889220 | 537  |
| &nbsp;&nbsp;&nbsp; Series 2005-5, Class CB11, 5.87% (1 mo. Term SOFR + 1.51%), 07/25/2035, (6.00% Cap)<sup>(c)</sup> | 2597304 | 2356817  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR6, Class X, 0.06%, 04/25/2045<sup>(a)(b)</sup> | 13060181 | 75997  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR8, Class 3X1, 0.04%, 10/25/2046<sup>(a)(b)</sup> | 10285355 | 124628  |
| &nbsp;&nbsp;&nbsp; Series 2007-OA4, Class 1XPP, 0.00%, 05/25/2047<sup>(a)(b)</sup> | 56227603 | 14957  |
| &nbsp;&nbsp;&nbsp; Series 2007-OA4, Class XPPP, 0.01%, 04/25/2047<sup>(a)(b)</sup> | 17545175 | 54320  |
| &nbsp;&nbsp;&nbsp; Series 2007-OA5, Class 1XPP, 0.00%, 06/25/2047<sup>(a)(b)</sup> | 51325155 | 3285  |
| Wells Fargo Mortgage Backed Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2007-17, Class APO, 0.00%, 01/25/2038<sup>(f)</sup> | 14813 | 9441  |
| &nbsp;&nbsp;&nbsp; Series 2019-3, Class B4, 3.73%, 07/25/2049<sup>(a)(d)</sup> | 1627000 | 1119265  |
| &nbsp;&nbsp;&nbsp; Series 2019-4, Class B4, 3.52%, 09/25/2049<sup>(a)(d)</sup> | 2124000 | 1366176  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class B4, 2.70%, 12/25/2050<sup>(a)(d)</sup> | 1818000 | 969863  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class B5, 2.70%, 12/25/2050<sup>(a)(d)</sup> | 1011000 | 498134  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class B4, 2.97%, 08/25/2051<sup>(a)(d)</sup> | 1477144 | 1132891  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class B5, 2.97%, 08/25/2051<sup>(a)(d)</sup> | 1158000 | 534778  |
| Western Alliance Bancorp<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-CL2, Class B, 12.85% (30 day avg SOFR US + 8.50%), 07/25/2059<sup>(d)</sup> | 6600000 | 6551054  |
| &nbsp;&nbsp;&nbsp; Series 2021-CL2, Class M4, 9.70% (30 day avg SOFR US + 5.35%), 07/25/2059<sup>(d)</sup> | 11520106 | 11364112  |
| &nbsp;&nbsp;&nbsp; Series 2021-CL2, Class M5, 10.85% (30 day avg SOFR US + 6.50%), 07/25/2059<sup>(d)</sup> | 6729107 | 6559244  |
| WinWater Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2014-1, Class B5, 3.93%, 06/20/2044<sup>(a)(c)(d)</sup> | 2370000 | 1840160  |
| &nbsp;&nbsp;&nbsp; Series 2014-2, Class B5, 4.04%, 09/20/2044<sup>(a)(d)</sup> | 1938000 | 1629589  |
| &nbsp;&nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $1,419,014,292)** |  | 1278197424  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES — 18.4%**<br>|  |  |
| **Automobile — 10.1%**<br>|  |  |
| ACC Trust, Series 2022-1, Class D, 6.65%, 10/20/2028<sup>(d)</sup> | $1500000 | $20984  |
|  AgoraCapital Auto Securities Trust, Series 2025-1A, Class B, 7.27%, 11/25/2032<sup>(d)</sup> | 2000000 | 2014253  |
|  American Heritage Auto Receivables Trust, Series 2024-1A, Class D, 6.34%, 01/18/2033<sup>(d)</sup> | 750000 | 766326  |
|  Arivo Acceptance Auto Loan Receivables Trust, Series 2022-1A, Class D, 7.38%, 09/17/2029<sup>(d)</sup> | 500000 | 490177  |
| Avis Budget Car Rental LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class C, 2.13%, 08/20/2027<sup>(d)</sup> | 540000 | 524545  |
| &nbsp;&nbsp;&nbsp; Series 2021-2A, Class D, 4.08%, 02/20/2028<sup>(d)</sup> | 7825000 | 7558326  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class C, 6.23%, 04/20/2029<sup>(d)</sup> | 700000 | 711485  |
| &nbsp;&nbsp;&nbsp; Series 2023-3A, Class D, 7.32%, 02/20/2028<sup>(d)</sup> | 1250000 | 1257803  |
| &nbsp;&nbsp;&nbsp; Series 2023-4A, Class D, 7.31%, 06/20/2029<sup>(d)</sup> | 5000000 | 5063722  |
| &nbsp;&nbsp;&nbsp; Series 2023-5A, Class D, 7.35%, 04/20/2028<sup>(d)</sup> | 1250000 | 1267359  |
| &nbsp;&nbsp;&nbsp; Series 2023-6A, Class D, 7.37%, 12/20/2029<sup>(d)</sup> | 2750000 | 2786568  |
| Bridgecrest Lending Auto Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class E, 10.37%, 07/15/2030<sup>(d)</sup> | 8000000 | 8904724  |
| &nbsp;&nbsp;&nbsp; Series 2025-3, Class E, 7.47%, 05/17/2032<sup>(d)</sup> | 2750000 | 2750007  |
|  CAL Receivables LLC, Series 2022-1, Class B, 8.69% (30 day avg SOFR US + 4.35%), 10/15/2026<sup>(d)</sup> | 4354668 | 4348241  |
|  CarNow Auto Receivables Trust, Series 2022-1A, Class D, 5.79%, 09/15/2027<sup>(d)</sup> | 2294439 | 2222365  |
| Carvana Auto Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-4A, Class R, 0.00%, 10/15/2026<sup>(d)</sup> | 13000 | 1728983  |
| &nbsp;&nbsp;&nbsp; Series 2021-N1, Class F, 4.55%, 01/10/2028<sup>(d)</sup> | 865648 | 860109  |
| &nbsp;&nbsp;&nbsp; Series 2021-N2, Class E, 2.90%, 03/10/2028<sup>(d)</sup> | 11855105 | 11574423  |
| &nbsp;&nbsp;&nbsp; Series 2021-N4, Class E, 4.53%, 09/11/2028<sup>(d)</sup> | 13250630 | 12894735  |
| &nbsp;&nbsp;&nbsp; Series 2023-N1, Class E, 10.46%, 04/10/2030<sup>(d)</sup> | 5000000 | 5379721  |
| &nbsp;&nbsp;&nbsp; Series 2023-N2, Class E, 9.94%, 04/10/2030<sup>(d)</sup> | 4000000 | 4259160  |
| &nbsp;&nbsp;&nbsp; Series 2023-N3, Class E, 9.49%, 09/10/2030<sup>(d)</sup> | 4000000 | 4263459  |
| &nbsp;&nbsp;&nbsp; Series 2023-P5, Class D, 7.18%, 12/10/2030<sup>(d)</sup> | 3256000 | 3446285  |
| &nbsp;&nbsp;&nbsp; Series 2024-P2, Class D, 6.10%, 06/10/2031 | 432000 | 443097  |
| CPS Auto Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-D, Class E, 12.12%, 06/17/2030<sup>(d)</sup> | 4100000 | 4535613  |
| &nbsp;&nbsp;&nbsp; Series 2023-D, Class E, 10.13%, 05/15/2031<sup>(d)</sup> | 6120000 | 6741000  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class E, 8.42%, 08/15/2031<sup>(d)</sup> | 1000000 | 1055523  |
| &nbsp;&nbsp;&nbsp; Series 2024-B, Class E, 8.36%, 11/17/2031<sup>(d)</sup> | 7770000 | 8233899  |
| &nbsp;&nbsp;&nbsp; Series 2024-C, Class E, 8.04%, 03/15/2032<sup>(d)</sup> | 1500000 | 1577215  |
| &nbsp;&nbsp;&nbsp; Series 2025-A, Class E, 7.65%, 08/16/2032<sup>(d)</sup> | 1800000 | 1864799  |
| &nbsp;&nbsp;&nbsp; Series 2025-B, Class E, 7.95%, 03/15/2033<sup>(d)</sup> | 3000000 | 3130030  |
| &nbsp;&nbsp;&nbsp; Series 2025-C, Class E, 6.59%, 02/15/2033<sup>(d)</sup> | 4000000 | 3999074  |
| Exeter Automobile Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class E, 5.02%, 10/15/2029<sup>(d)</sup> | 6000000 | 5878484  |
| &nbsp;&nbsp;&nbsp; Series 2022-2A, Class E, 6.34%, 10/15/2029<sup>(d)</sup> | 9300000 | 8620695  |
| &nbsp;&nbsp;&nbsp; Series 2022-5A, Class E, 10.45%, 04/15/2030<sup>(d)</sup> | 7146000 | 7521985  |
| &nbsp;&nbsp;&nbsp; Series 2022-6A, Class E, 11.61%, 06/17/2030<sup>(d)</sup> | 5500000 | 6045329  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES — (Continued)**  | **ASSET-BACKED SECURITIES — (Continued)**  | **ASSET-BACKED SECURITIES — (Continued)**  |
| **Automobile — (Continued)**  | **Automobile — (Continued)**  | **Automobile — (Continued)**  |
| &nbsp;&nbsp;&nbsp; Series 2023-2A, Class E, 9.75%, 11/15/2030<sup>(d)</sup> | $2640000 | $2871197  |
| &nbsp;&nbsp;&nbsp; Series 2023-3A, Class E, 9.98%, 01/15/2031<sup>(d)</sup> | 3028000 | 3304032  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class E, 7.89%, 08/15/2031<sup>(d)</sup> | 2375000 | 2490171  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class E, 7.98%, 10/15/2031<sup>(d)</sup> | 4096000 | 4303917  |
| &nbsp;&nbsp;&nbsp; Series 2024-3A, Class E, 7.84%, 10/15/2031<sup>(d)</sup> | 11784000 | 12351852  |
| &nbsp;&nbsp;&nbsp; Series 2024-5A, Class E, 7.22%, 05/17/2032<sup>(d)</sup> | 6000000 | 6170880  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class E, 7.48%, 09/15/2032<sup>(d)</sup> | 6989000 | 7206526  |
| FHF Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-2A, Class D, 9.31%, 10/15/2030<sup>(d)</sup> | 688000 | 736011  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class D, 7.15%, 09/15/2031<sup>(d)</sup> | 1128000 | 1161631  |
| &nbsp;&nbsp;&nbsp; Series 2024-3A, Class D, 6.01%, 12/15/2031<sup>(d)</sup> | 1717000 | 1722567  |
| Flagship Credit Auto Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class E, 3.16%, 09/15/2028<sup>(d)</sup> | 4100000 | 3942834  |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class E, 4.03%, 03/15/2029<sup>(d)</sup> | 4000000 | 3489016  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class E, 5.37%, 06/15/2029<sup>(d)</sup> | 1000000 | 809469  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class E, 8.60%, 05/15/2031<sup>(d)</sup> | 1150000 | 1177559  |
|  Foursight Capital Automobile Receivables Trust, Series 2022-1, Class E, 4.69%, 08/15/2029<sup>(d)</sup> | 5000000 | 4934489  |
| GLS Auto Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class E, 11.42%, 03/15/2030<sup>(d)</sup> | 7870000 | 8674763  |
| &nbsp;&nbsp;&nbsp; Series 2023-2A, Class E, 9.37%, 01/15/2030<sup>(d)</sup> | 3000000 | 3217835  |
| &nbsp;&nbsp;&nbsp; Series 2023-3A, Class E, 9.27%, 08/15/2030<sup>(d)</sup> | 2500000 | 2685989  |
| &nbsp;&nbsp;&nbsp; Series 2023-4A, Class E, 9.72%, 08/15/2030<sup>(d)</sup> | 5270000 | 5751306  |
| &nbsp;&nbsp;&nbsp; Series 2024-3A, Class E, 7.25%, 06/16/2031<sup>(d)</sup> | 1000000 | 1032037  |
| &nbsp;&nbsp;&nbsp; Series 2024-4A, Class E, 7.51%, 08/15/2031<sup>(d)</sup> | 1500000 | 1566683  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class E, 7.19%, 03/15/2032<sup>(d)</sup> | 1000000 | 1024441  |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class E, 7.73%, 06/15/2032<sup>(d)</sup> | 4004000 | 4177964  |
| Hertz Global Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2A, Class D, 4.34%, 12/27/2027<sup>(d)</sup> | 12935000 | 12473224  |
| &nbsp;&nbsp;&nbsp; Series 2022-2A, Class D, 5.16%, 06/26/2028<sup>(d)</sup> | 4000000 | 3827054  |
| &nbsp;&nbsp;&nbsp; Series 2023-4A, Class C, 7.51%, 03/25/2030<sup>(d)</sup> | 800000 | 835681  |
|  Huntington Bank Auto Credit-Linked Notes, Series 2024-1, Class D, 9.60% (30 day avg SOFR US + 5.25%), 05/20/2032<sup>(d)</sup> | 1009484 | 1033591  |
|  JP Morgan Chase Bank NA, Series 2021-2, Class G, 8.48%, 12/26/2028<sup>(d)</sup> | 1111777 | 1114295  |
|  Kinetic Advantage Master Owner Trust, Series 2024-1A, Class A, 6.99% (30 day avg SOFR US + 2.65%), 11/15/2027<sup>(d)</sup> | 750000 | 752020  |
|  Prestige Auto Receivables Trust, Series 2024-1A, Class E, 7.94%, 04/15/2031<sup>(d)</sup> | 6682000 | 6939167  |
|  Research-Driven Pagaya Motor Asset Trust, Series 2025-3A, Class E, 11.09%, 02/27/2034<sup>(d)</sup> | 1000000 | 1001617  |
|  Santander Holdings USA, Inc., Series 2024-A, Class F, 10.17%, 06/15/2032<sup>(d)</sup> | 1218026 | 1235151  |
|  Skopos Auto Receivable Trust, Series 2019-1A, Class E, 7.82%, 06/15/2026<sup>(d)</sup> | 707993 | 709418  |
|  Strike Acceptance Auto Funding Trust, Series 2023-1A, Class A, 8.00%, 05/15/2026<sup>(d)</sup> | 1570620 | 1576984  |

---

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

18<br>

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

**ANGEL OAK MULTI-STRATEGY INCOME FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES — (Continued)**  | **ASSET-BACKED SECURITIES — (Continued)**  | **ASSET-BACKED SECURITIES — (Continued)**  |
| **Automobile — (Continued)**  | **Automobile — (Continued)**  | **Automobile — (Continued)**  |
| US Auto Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class A, 3.98%, 10/15/2025<sup>(d)</sup> | $82357 | $82077  |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class B, 5.13%, 12/15/2025<sup>(d)</sup> | 1300000 | 550519  |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class D, 9.14%, 07/15/2027<sup>(d)</sup> | 2053000 | 21  |
| Veros Automobile Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class D, 9.87%, 05/15/2031<sup>(d)</sup> | 3500000 | 3700246  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class C, 6.17%, 12/17/2029<sup>(d)</sup> | 1400000 | 1420109  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class D, 8.79%, 05/17/2032<sup>(d)</sup> | 1500000 | 1561182  |
|  Westlake Automobile Receivables Trust, Series 2021-3A, Class F, 4.25%, 06/15/2028<sup>(d)</sup> | 3000000 | 2960217  |
|  |  | 271316245  |
| **Consumer — 7.5%**<br>|  |  |
| ACHV ABS TRUST, Series 2024-3AL, Class E, 7.00%, 12/26/2031<sup>(d)</sup> | 1750000 | 1732313  |
| Affirm, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-B, Class E, 11.32%, 09/15/2028<sup>(d)</sup> | 800000 | 804093  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class 1E, 9.17%, 02/15/2029<sup>(d)</sup> | 6440000 | 6500385  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class D, 6.89%, 02/15/2029<sup>(d)</sup> | 900000 | 906719  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class E, 9.17%, 02/15/2029<sup>(d)</sup> | 3350000 | 3381412  |
| &nbsp;&nbsp;&nbsp; Series 2024-X1, Class CERT, 0.00%, 05/15/2029<sup>(d)</sup> | 10885 | 161227  |
| &nbsp;&nbsp;&nbsp; Series 2024-X2, Class CERT, 0.00%, 12/17/2029<sup>(d)</sup> | 9712 | 410778  |
| Aqua Finance Trust, Series 2021-A, Class C, 3.14%, 07/17/2046<sup>(d)</sup> | 2220000 | 2054538  |
| Bankers Healthcare Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-C, Class E, 9.73%, 10/17/2035<sup>(d)</sup> | 2517000 | 2726245  |
| &nbsp;&nbsp;&nbsp; Series 2024-1CON, Class D, 8.00%, 04/17/2035<sup>(d)</sup> | 800000 | 839878  |
| &nbsp;&nbsp;&nbsp; Series 2025-1CON, Class E, 8.62%, 04/17/2036<sup>(d)</sup> | 2000000 | 2047435  |
| &nbsp;&nbsp;&nbsp; Series 2025-2CON, Class E, 7.76%, 09/17/2036<sup>(d)</sup> | 1000000 | 999589  |
|  Foundation Finance Trust, Series 2025-2A, Class E, 8.35%, 04/15/2052<sup>(d)</sup> | 1000000 | 1004013  |
| Goldman Home Improvement Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-GRN2, Class C, 2.77%, 06/25/2051<sup>(d)</sup> | 6913792 | 6799210  |
| &nbsp;&nbsp;&nbsp; Series 2021-GRN2, Class D, 4.00%, 06/25/2051<sup>(d)</sup> | 1878997 | 1857378  |
| LendingClub Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-7, Class R1, 0.00%, 01/15/2027<sup>(d)</sup> | 19049500 | 34808  |
| &nbsp;&nbsp;&nbsp; Series 2019-7, Class R2, 0.00%, 01/15/2027<sup>(d)</sup> | 4408000 | 8054  |
| Lendingpoint Asset Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-B, Class C, 3.21%, 02/15/2029<sup>(d)</sup> | 281203 | 276266  |
| &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 | 143682  |
| Marlette Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-3A, Class D, 7.80%, 11/15/2032<sup>(d)</sup> | 3820000 | 3873878  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class D, 8.15%, 04/15/2033<sup>(d)</sup> | 20477000 | 20896033  |
| &nbsp;&nbsp;&nbsp; Series 2023-2A, Class D, 7.92%, 06/15/2033<sup>(d)</sup> | 23640000 | 24115736  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class D, 6.93%, 07/17/2034<sup>(d)</sup> | 500000 | 511975  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class D, 6.02%, 07/16/2035<sup>(d)</sup> | 1500000 | 1501036  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES — (Continued)**  | **ASSET-BACKED SECURITIES — (Continued)**  | **ASSET-BACKED SECURITIES — (Continued)**  |
| **Consumer — (Continued)**  | **Consumer — (Continued)**  | **Consumer — (Continued)**  |
| Momnt Technologies Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class B, 8.29%, 03/20/2045<sup>(d)</sup> | $400000 | $403903  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class C, 11.24%, 03/20/2045<sup>(d)</sup> | 900000 | 904431  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, 6.24%, 06/20/2043<sup>(d)</sup> | 4834097 | 4836368  |
| NetCredit Funding LLC, Series 2025-A, Class A, 7.29%, 10/20/2031<sup>(d)</sup> | 2771568 | 2796620  |
| Oportun Financial Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-C, Class D, 5.57%, 10/08/2031<sup>(d)</sup> | 1113387 | 1096147  |
| &nbsp;&nbsp;&nbsp; Series 2025-B, Class E, 9.40%, 05/09/2033<sup>(d)</sup> | 2000000 | 1992658  |
| Pagaya AI Debt Selection Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class C, 4.09%, 11/15/2027<sup>(d)</sup> | 1097324 | 1084449  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class C, 3.27%, 05/15/2029<sup>(d)</sup> | 724699 | 711495  |
| &nbsp;&nbsp;&nbsp; Series 2021-5, Class C, 3.93%, 08/15/2029<sup>(d)</sup> | 872736 | 855692  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class C, 4.89%, 10/15/2029<sup>(d)</sup> | 10487177 | 10400632  |
| &nbsp;&nbsp;&nbsp; Series 2022-2, Class C, 7.50%, 01/15/2030<sup>(d)</sup> | 4342872 | 4375893  |
| &nbsp;&nbsp;&nbsp; Series 2024-10, Class E, 10.41%, 06/15/2032<sup>(d)</sup> | 2499788 | 2574502  |
| &nbsp;&nbsp;&nbsp; Series 2024-10, Class F, 12.00%, 06/15/2032<sup>(d)</sup> | 1999831 | 1863504  |
| &nbsp;&nbsp;&nbsp; Series 2024-11, Class E, 10.33%, 07/15/2032<sup>(d)</sup> | 5999311 | 6148782  |
| &nbsp;&nbsp;&nbsp; Series 2024-11, Class F, 12.00%, 07/15/2032<sup>(d)</sup> | 1749799 | 1658382  |
| &nbsp;&nbsp;&nbsp; Series 2024-6, Class D, 11.35%, 11/15/2031<sup>(d)</sup> | 351685 | 360989  |
| &nbsp;&nbsp;&nbsp; Series 2024-7, Class D, 10.90%, 12/15/2031<sup>(d)</sup> | 1741905 | 1807148  |
| &nbsp;&nbsp;&nbsp; Series 2024-8, Class E, 10.41%, 01/15/2032<sup>(d)</sup> | 2428944 | 2505095  |
| &nbsp;&nbsp;&nbsp; Series 2024-9, Class E, 10.11%, 03/15/2032<sup>(d)</sup> | 892083 | 917263  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class E, 10.08%, 07/15/2032<sup>(d)</sup> | 5259551 | 5335737  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class F, 12.00%, 07/15/2032<sup>(d)</sup> | 1249893 | 1208990  |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class E, 10.90%, 10/15/2032<sup>(d)</sup> | 2999685 | 3062352  |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class F, 12.00%, 10/15/2032<sup>(d)</sup> | 999895 | 953147  |
| &nbsp;&nbsp;&nbsp; Series 2025-3, Class E, 12.63%, 12/15/2032<sup>(d)</sup> | 3250000 | 3344197  |
| &nbsp;&nbsp;&nbsp; Series 2025-4, Class D, 6.57%, 01/17/2033<sup>(d)</sup> | 2000000 | 2007208  |
| &nbsp;&nbsp;&nbsp; Series 2025-5, Class D, 5.87%, 03/15/2033<sup>(d)</sup> | 2000000 | 2001439  |
| &nbsp;&nbsp;&nbsp; Series 2025-5, Class F, 12.00%, 03/15/2033<sup>(d)</sup> | 1000000 | 947439  |
| Powerpay Securitization Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 6.53%, 02/18/2039<sup>(d)</sup> | 656286 | 670703  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, 8.46%, 02/18/2039<sup>(d)</sup> | 500000 | 515241  |
|  Prosper Marketplace Issuance Trust, Series 2024-1A, Class D, 10.98%, 08/15/2029<sup>(d)</sup> | 2000000 | 2083047  |
| Purchasing Power Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class D, 7.26%, 08/15/2028<sup>(d)</sup> | 600000 | 602041  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class E, 10.18%, 08/15/2028<sup>(d)</sup> | 400000 | 404625  |
| Reach Financial LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class D, 8.83%, 07/15/2031<sup>(d)</sup> | 1000000 | 1043709  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class D, 7.75%, 08/16/2032<sup>(d)</sup> | 1000000 | 1014639  |
| Republic Finance Issuance Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class D, 5.23%, 12/22/2031<sup>(d)</sup> | 1840000 | 1785011  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class C, 7.28%, 08/20/2032<sup>(d)</sup> | 600000 | 614333  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class D, 9.49%, 08/20/2032<sup>(d)</sup> | 500000 | 510566  |
| &nbsp;&nbsp;&nbsp; Series 2024-B, Class D, 8.83%, 11/20/2037<sup>(d)</sup> | 5090000 | 5224237  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES — (Continued)**  | **ASSET-BACKED SECURITIES — (Continued)**  | **ASSET-BACKED SECURITIES — (Continued)**  |
| **Consumer — (Continued)**  | **Consumer — (Continued)**  | **Consumer — (Continued)**  |
| Sunbit Asset Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class C, 6.12%, 07/15/2030<sup>(d)</sup> | $1000000 | $999803  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class D, 7.92%, 07/15/2030<sup>(d)</sup> | 750000 | 749952  |
|  Theorem Funding Trust, Series 2022-2A, Class B, 9.27%, 12/15/2028<sup>(d)</sup> | 4200000 | 4240715  |
|  Upgrade Master Pass-Thru Trust, Series 2021-PT2, Class A, 34.05%, 05/15/2027<sup>(a)(d)</sup> | 352851 | 342981  |
|  Upgrade Receivables Trust, Series 2024-1A, Class D, 8.90%, 02/18/2031<sup>(d)</sup> | 1000000 | 1017740  |
|  Upstart Pass-Through Trust, Series 2021-ST5, Class CERT, 0.00%, 07/20/2027<sup>(d)</sup> | 4250000 | 437768  |
| Upstart Pass-Through Trust Series<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-ST4, Class CERT, 0.00%, 11/20/2026<sup>(d)</sup> | 8452371 | 268860  |
| &nbsp;&nbsp;&nbsp; Series 2021-ST3, Class CERT, 0.00%, 05/20/2027<sup>(d)(k)</sup> | 11400000 | 873340  |
| &nbsp;&nbsp;&nbsp; Series 2021-ST4, Class CERT, 0.00%, 07/20/2027<sup>(d)</sup> | 1475000 | 138853  |
| &nbsp;&nbsp;&nbsp; Series 2021-ST6, Class CERT, 0.00%, 08/20/2027<sup>(d)</sup> | 9416000 | 1530382  |
| &nbsp;&nbsp;&nbsp; Series 2021-ST7, Class CERT, 0.00%, 09/20/2029<sup>(d)</sup> | 1500000 | 224753  |
| &nbsp;&nbsp;&nbsp; Series 2021-ST8, Class CERT, 0.00%, 10/20/2029<sup>(d)</sup> | 2370000 | 472081  |
| &nbsp;&nbsp;&nbsp; Series 2021-ST9, Class CERT, 0.00%, 11/20/2029<sup>(d)</sup> | 1629000 | 419049  |
| &nbsp;&nbsp;&nbsp; Series 2022-ST1, Class CERT, 0.00%, 03/20/2030<sup>(d)</sup> | 2400000 | 825142  |
| &nbsp;&nbsp;&nbsp; Series 2022-ST2, Class CERT, 0.00%, 04/20/2030<sup>(d)</sup> | 1500000 | 381094  |
| Upstart Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-1, Class CERT, 0.00%, 04/20/2026<sup>(d)</sup> | 20143 | 247360  |
| &nbsp;&nbsp;&nbsp; Series 2019-3, Class CERT, 0.00%, 01/21/2030<sup>(b)(d)</sup> | 25442 | 10967  |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class C, 3.19%, 09/20/2031<sup>(d)</sup> | 2487060 | 2455295  |
| &nbsp;&nbsp;&nbsp; Series 2021-5, Class C, 4.15%, 11/20/2031<sup>(d)</sup> | 6379122 | 6306247  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class C, 5.71%, 03/20/2032<sup>(d)</sup> | 1800000 | 1062940  |
| &nbsp;&nbsp;&nbsp; Series 2022-2, Class C, 8.43%, 05/20/2032<sup>(d)</sup> | 3313058 | 2966532  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class C, 11.10%, 02/20/2033<sup>(d)</sup> | 3600000 | 3686976  |
| &nbsp;&nbsp;&nbsp; Series 2023-2, Class C, 11.87%, 06/20/2033<sup>(d)</sup> | 2000000 | 2131174  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class B, 6.33%, 04/20/2035<sup>(d)</sup> | 2820000 | 2861959  |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class D, 8.00%, 06/20/2035<sup>(d)</sup> | 3250000 | 3277916  |
|  |  | 202139207  |
| **Credit Card — 0.0%<sup>(l)</sup>**<br>|  |  |
|  Avant Credit Card Master Trust, Series 2024-1A, Class C, 6.23%, 04/15/2030<sup>(d)</sup> | 500000 | 496172  |
| **Equipment — 0.5%**<br>|  |  |
| Octane Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class E, 9.25%, 08/20/2030<sup>(d)</sup> | 6038000 | 6386128  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class E, 7.82%, 08/20/2031<sup>(d)</sup> | 512000 | 524385  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class E, 9.04%, 07/20/2032<sup>(d)</sup> | 3740000 | 3961890  |
| &nbsp;&nbsp;&nbsp; Series 2024-RPT1, Class R2, 8.71%, 02/22/2030 | 3243000 | 3280557  |
| &nbsp;&nbsp;&nbsp; Series 2024-RVM1, Class E, 8.42%, 01/22/2046<sup>(d)</sup> | 315000 | 328051  |
|  |  | 14481011 |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES — (Continued)** | **ASSET-BACKED SECURITIES — (Continued)** | **ASSET-BACKED SECURITIES — (Continued)** |
| **Property Assessed Clean Energy — 0.1%**<br>|  |  |
| Goodgreen Trust, Series 2017-2A, Class A, 3.26%, 10/15/2053<sup>(d)</sup> | $2895762 | $2573040  |
| **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> | 966413 | 754678  |
| &nbsp;&nbsp;&nbsp; Series 2023-2GS, Class B, 7.80%, 05/20/2055<sup>(d)</sup> | 900000 | 560041  |
| Helios Issuer LLC, Series 2021-B, Class A, 1.62%, 07/20/2048<sup>(d)</sup> | 2046107 | 1696531  |
| Mosaic Solar Loans LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-1A, Class B, 0.00%, 12/21/2043<sup>(d)(f)</sup> | 93187 | 87145  |
| &nbsp;&nbsp;&nbsp; Series 2021-2A, Class B, 2.09%, 04/22/2047<sup>(d)</sup> | 768699 | 561650  |
|  |  | 3660045  |
| **Structured Settlement — 0.0%<sup>(l)</sup>**<br>|  |  |
|  Stone Street Receivables Funding, Series 2015-1A, Class C, 5.60%, 12/15/2054<sup>(d)</sup> | 478076 | 426201  |
| **Whole Business — 0.1%**<br>|  |  |
| FAT Brands, Inc., Series 2021-1, Class A2, 7.00%, 07/25/2051<sup>(d)</sup> | 1929600 | 1934424  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $529,854,303)** |  | 497026345  |
| &nbsp;&nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY — 10.8%**<br>|  |  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool QG6305, 4.50%, 07/01/2053 | 17401795 | 16526518  |
| &nbsp;&nbsp;&nbsp; Pool QI4343, 4.50%, 04/01/2054 | 4474951 | 4255369  |
| &nbsp;&nbsp;&nbsp; Pool QJ0225, 6.00%, 07/01/2054 | 10839272 | 11050063  |
| &nbsp;&nbsp;&nbsp; Pool QJ5663, 5.00%, 10/01/2054 | 13120660 | 12799742  |
| &nbsp;&nbsp;&nbsp; Pool QJ6122, 5.00%, 10/01/2054 | 2855860 | 2780654  |
| &nbsp;&nbsp;&nbsp; Pool QJ7677, 5.50%, 11/01/2054 | 6934846 | 6918549  |
| &nbsp;&nbsp;&nbsp; Pool QJ7705, 5.00%, 11/01/2054 | 2448937 | 2389039  |
| &nbsp;&nbsp;&nbsp; Pool QJ7711, 5.00%, 11/01/2054 | 5183233 | 5053217  |
| &nbsp;&nbsp;&nbsp; Pool RJ1430, 6.00%, 05/01/2054 | 5650098 | 5737019  |
| &nbsp;&nbsp;&nbsp; Pool SD2500, 5.00%, 03/01/2053 | 10928374 | 10640586  |
| &nbsp;&nbsp;&nbsp; Pool SD3636, 6.00%, 08/01/2053 | 1362395 | 1389315  |
| &nbsp;&nbsp;&nbsp; Pool SD5143, 6.00%, 04/01/2054 | 20492777 | 20936118  |
| &nbsp;&nbsp;&nbsp; Pool SD5781, 6.00%, 07/01/2054 | 7755149 | 7910811  |
| &nbsp;&nbsp;&nbsp; Pool SD6195, 5.00%, 10/01/2053 | 8067706 | 7895590  |
| &nbsp;&nbsp;&nbsp; Pool SD8134, 2.00%, 03/01/2051 | 12532471 | 9841825  |
| &nbsp;&nbsp;&nbsp; Pool SD8322, 4.50%, 05/01/2053 | 345408 | 327812  |
| &nbsp;&nbsp;&nbsp; Pool SL0817, 6.00%, 04/01/2055 | 3982730 | 4100754  |
| Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool 000TBA, 5.00%, 08/15/2040 | 30000000 | 29202962  |
| &nbsp;&nbsp;&nbsp; Pool BY0126, 5.50%, 04/01/2053 | 2824974 | 2822751  |
| &nbsp;&nbsp;&nbsp; Pool CA7278, 2.50%, 10/01/2050 | 6750007 | 5551377  |
| &nbsp;&nbsp;&nbsp; Pool CB3770, 3.50%, 06/01/2052 | 7519273 | 6733774  |
| &nbsp;&nbsp;&nbsp; Pool CB4289, 4.50%, 08/01/2052 | 2975241 | 2833899  |

---

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** 

**July 31, 2025 (Unaudited)(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 CB8004, 6.00%, 02/01/2054 | $4165247 | $4234532  |
| &nbsp;&nbsp;&nbsp; Pool CB8710, 6.00%, 06/01/2054 | 3470820 | 3535061  |
| &nbsp;&nbsp;&nbsp; Pool CB9060, 5.50%, 08/01/2054 | 9349589 | 9315931  |
| &nbsp;&nbsp;&nbsp; Pool CB9655, 5.00%, 12/01/2054 | 11798667 | 11502709  |
| &nbsp;&nbsp;&nbsp; Pool DB3770, 5.50%, 05/01/2054 | 4139747 | 4122256  |
| &nbsp;&nbsp;&nbsp; Pool DB6624, 5.50%, 06/01/2054 | 1197925 | 1199232  |
| &nbsp;&nbsp;&nbsp; Pool DC1302, 5.00%, 08/01/2054 | 1468433 | 1441464  |
| &nbsp;&nbsp;&nbsp; Pool DC3426, 5.00%, 09/01/2054 | 2812846 | 2744047  |
| &nbsp;&nbsp;&nbsp; Pool DC4050, 5.00%, 10/01/2054 | 20130369 | 19606536  |
| &nbsp;&nbsp;&nbsp; Pool DC5656, 5.00%, 11/01/2054 | 2967240 | 2912744  |
| &nbsp;&nbsp;&nbsp; Pool DC5739, 5.50%, 11/01/2054 | 2916850 | 2909085  |
| &nbsp;&nbsp;&nbsp; Pool FS3826, 3.00%, 01/01/2052 | 3139158 | 2696713  |
| &nbsp;&nbsp;&nbsp; Pool FS6925, 2.50%, 12/01/2051 | 2276709 | 1870614  |
| &nbsp;&nbsp;&nbsp; Pool FS7280, 5.00%, 03/01/2053 | 10491403 | 10241351  |
| &nbsp;&nbsp;&nbsp; Pool FS7798, 6.00%, 06/01/2054 | 4730086 | 4814679  |
| &nbsp;&nbsp;&nbsp; Pool FS8458, 5.50%, 11/01/2053 | 4323292 | 4310430  |
| &nbsp;&nbsp;&nbsp; Pool MA4562, 2.00%, 03/01/2052 | 8288745 | 6513388  |
| &nbsp;&nbsp;&nbsp; Pool MA4624, 3.00%, 06/01/2052 | 16873088 | 14476283  |
| Government National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool MA8799, 4.50%, 04/20/2053 | 3442686 | 3271873  |
| &nbsp;&nbsp;&nbsp; Pool MA9166, 3.00%, 09/20/2053 | 3282819 | 2887833  |
| &nbsp;&nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY** <br>**(Cost $295,561,103)** |  | 292304505  |
| **COLLATERALIZED LOAN OBLIGATIONS — 7.8%**<br>|  |  |
|  Allegro CLO Ltd., Series 2021-1A, Class D1R, 7.47% (3 mo. Term SOFR + 3.15%), 07/20/2038<sup>(d)</sup> | 8500000 | 8500000  |
|  AMMC CDO, Series 2020-23A, Class D1R3, 7.52% (3 mo. Term SOFR + 3.20%), 07/17/2038<sup>(d)</sup> | 6000000 | 6000000  |
| Anchorage Capital CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-26A, Class D1R, 7.69% (3 mo. Term SOFR + 3.40%), 03/19/2038<sup>(d)</sup> | 3250000 | 3260101  |
| &nbsp;&nbsp;&nbsp; Series 2023-26A, Class D2R, 9.04% (3 mo. Term SOFR + 4.75%), 03/19/2038<sup>(d)</sup> | 2000000 | 1999426  |
| Anchorage Credit Funding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-8A, Class BR, 3.01%, 07/25/2037<sup>(d)</sup> | 9350000 | 8731666  |
| &nbsp;&nbsp;&nbsp; Series 2019-9A, Class BR, 3.05%, 10/25/2037<sup>(d)</sup> | 7000000 | 6498520  |
| &nbsp;&nbsp;&nbsp; Series 2019-9A, Class CR, 3.55%, 10/25/2037<sup>(d)</sup> | 3000000 | 2790495  |
|  Anthelion CLO Ltd., Series 2025-1A, Class D1, 7.97% (3 mo. Term SOFR + 3.65%), 07/20/2036<sup>(d)</sup> | 4500000 | 4500000  |
|  Apidos CLO Ltd., Series 2023-46A, Class E, 12.27% (3 mo. Term SOFR + 7.95%), 10/24/2036<sup>(d)</sup> | 2000000 | 2006924  |
|  Ares CLO Ltd., Series 2020-58A, Class D2R2, 8.72% (3 mo. Term SOFR + 4.40%), 04/15/2038<sup>(d)</sup> | 3000000 | 3009591  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS — (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS — (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS — (Continued)** |
|  Ballyrock CLO Ltd., Series 2022-21A, Class C1R, 7.48% (3 mo. Term SOFR + 3.15%), 10/20/2037<sup>(d)</sup> | $1220000 | $1219157  |
|  Barings Middle Market CLO Ltd., Series 2018-II, Class COM, 0.00%, 01/15/2031<sup>(a)</sup> | 428329 | 12850  |
|  Battalion CLO Ltd., Series 2025-29A, Class D1, 7.58% (3 mo. Term SOFR + 3.30%), 03/31/2038<sup>(d)</sup> | 5000000 | 5000000  |
| &nbsp;&nbsp;&nbsp; BCC Middle Market CLO LLC, Series 2023-2A, Class A1, 6.83% <br>(3 mo. Term SOFR + 2.50%), 10/21/2035<sup>(c)(d)</sup> | 10000000 | 10029040  |
| &nbsp;&nbsp;&nbsp; Black Diamond CLO Ltd., Series 2022-1A, Class E, 11.82% <br>(3 mo. Term SOFR + 7.50%), 10/25/2035<sup>(d)</sup> | 2500000 | 2514207  |
| Blackrock CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class C, 8.98% (3 mo. Term SOFR + 4.65%), 04/20/2035<sup>(d)</sup> | 2000000 | 2009198  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class C, 7.07% (3 mo. Term SOFR + 2.75%), 07/15/2037<sup>(d)</sup> | 4000000 | 4000000  |
|  Blue Owl Capital Corp., Series 2023-13A, Class A, 6.87% (3 mo. Term SOFR + 2.55%), 09/20/2035<sup>(d)</sup> | 3000000 | 3004146  |
| &nbsp;&nbsp;&nbsp; Capital Four US CLO Ltd., Series 2022-1A, Class BR, 6.98% <br>(3 mo. Term SOFR + 2.65%), 01/20/2037<sup>(c)(d)</sup> | 8500000 | 8533549  |
|  Carlyle Global Market Strategies, Series 2022-6A, Class ER, 12.22% (3 mo. Term SOFR + 7.90%), 10/25/2036<sup>(d)</sup> | 3000000 | 3036540  |
| CIFC Funding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-3A, Class D, 7.44% (3 mo. Term SOFR + 3.11%), 07/18/2031<sup>(d)</sup> | 2000000 | 2011054  |
| &nbsp;&nbsp;&nbsp; Series 2019-7A, Class D, 9.30% (3 mo. Term SOFR + 4.97%), 01/20/2033<sup>(d)</sup> | 5000000 | 5013355  |
|  Elmwood CLO Ltd., Series 2021-3A, Class DR2, 7.31% (3 mo. Term SOFR + 3.05%), 07/20/2038<sup>(d)</sup> | 6000000 | 6020238  |
| &nbsp;&nbsp;&nbsp; Franklin Park Place CLO LLC, Series 2025-1A, Class D1, 7.42% <br>(3 mo. Term SOFR + 3.10%), 07/15/2038<sup>(d)</sup> | 5000000 | 5000000  |
| &nbsp;&nbsp;&nbsp; Greenacre Park CLO LLC, Series 2021-2A, Class D2R, 8.80% <br>(3 mo. Term SOFR + 4.50%), 07/20/2038<sup>(d)</sup> | 3000000 | 2999472  |
|  Jamestown CLO Ltd., Series 2018-11A, Class A2, 6.28% (3 mo. Term SOFR + 1.96%), 07/14/2031<sup>(d)</sup> | 1200000 | 1204061  |
|  Katayma CLO Ltd., Series 2023-1A, Class E, 12.47% (3 mo. Term SOFR + 8.14%), 10/20/2036<sup>(d)</sup> | 4500000 | 4515611  |
| &nbsp;&nbsp;&nbsp; Madison Park Funding Ltd., Series 2021-38A, Class D, 7.48% <br>(3 mo. Term SOFR + 3.16%), 07/17/2034<sup>(d)</sup> | 3410000 | 3416728  |
|  Man US CLO Ltd., Series 2024-1A, Class D2, 9.53% (3 mo. Term SOFR + 5.20%), 07/20/2037<sup>(d)</sup> | 2000000 | 2008398  |
|  Marble Point CLO Ltd., Series 2022-1A, Class E, 12.51% (3 mo. Term SOFR + 8.18%), 04/20/2035<sup>(d)</sup> | 3000000 | 3010062  |
|  MCF CLO Ltd., Series 2017-3A, Class ER, 13.74% (3 mo. Term SOFR + 9.41%), 07/20/2033<sup>(d)</sup> | 3000000 | 3000000  |
|  MP CLO Ltd., Series 2015-2A, Class CRR, 6.88% (3 mo. Term SOFR + 2.56%), 04/28/2034<sup>(d)</sup> | 3000000 | 3009204  |
| NBBLUE, 9.74%, 04/15/2040 | 3000000 | 3103260  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS — (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS — (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS — (Continued)** |
|  Neuberger Berman Loan Advisers Lasalle Street Lending CLO Ltd., Series 2024-2A, Class E, 11.83% (3 mo. Term SOFR + 7.50%), 04/20/2038<sup>(d)</sup> | $2000000 | $2001194  |
|  Oaktree CLO Ltd., Series 2022-2A, Class D1R2, 7.57% (3 mo. Term SOFR + 3.25%), 10/15/2037<sup>(d)</sup> | 10000000 | 10051930  |
| &nbsp;&nbsp;&nbsp; Obra Clo Management LLC, Series 2025-2A, Class D2, 8.52% <br>(3 mo. Term SOFR + 4.25%), 07/20/2038<sup>(d)</sup> | 2000000 | 2000852  |
|  Ocean Trails CLO, Series 2023-14A, Class D1R, 7.43% (3 mo. Term SOFR + 3.10%), 01/20/2038<sup>(d)</sup> | 5940000 | 5975497  |
| &nbsp;&nbsp;&nbsp; Octagon Credit Investors LLC, Series 2023-1A, Class E, 11.57% <br>(3 mo. Term SOFR + 7.24%), 10/20/2036<sup>(d)</sup> | 7000000 | 7105028  |
| &nbsp;&nbsp;&nbsp; Octagon Investment Partners Ltd., Series 2018-1A, Class C, 6.28% <br>(3 mo. Term SOFR + 1.96%), 04/15/2031<sup>(d)</sup> | 2500000 | 2507557  |
|  Orion CLO Ltd., Series 2023-2X, Class E, 12.22% (3 mo. Term SOFR + 7.90%), 01/25/2037<sup>(m)</sup> | 2000000 | 2004758  |
| Pikes Peak CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-5A, Class FR, 12.15% (3 mo. Term SOFR + 7.82%), 10/20/2037<sup>(d)</sup> | 1000000 | 975817  |
| &nbsp;&nbsp;&nbsp; Series 2023-14A, Class D1R, 7.48% (3 mo. Term SOFR + 3.15%), 07/20/2038<sup>(d)</sup> | 2500000 | 2499908  |
|  Post CLO Ltd., Series 2023-1A, Class D, 9.58% (3 mo. Term SOFR + 5.25%), 04/20/2036<sup>(d)</sup> | 1000000 | 1003443  |
|  Sculptor CLO Ltd., Series 26A, Class D1AR, 7.73% (3 mo. Term SOFR + 3.40%), 01/20/2038<sup>(d)</sup> | 2600000 | 2603341  |
|  Silver Point CLO Ltd., Series 2025-10A, Class D2, 8.52% (3 mo. Term SOFR + 4.25%), 07/15/2038<sup>(d)</sup> | 3000000 | 3000000  |
| Trinitas CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-14A, Class D, 8.88% (3 mo. Term SOFR + 4.56%), 01/25/2034<sup>(d)</sup> | 3000000 | 3008274  |
| &nbsp;&nbsp;&nbsp; Series 2023-22A, Class B1, 7.23% (3 mo. Term SOFR + 2.90%), 07/20/2036<sup>(c)(d)</sup> | 5300000 | 5316128  |
| &nbsp;&nbsp;&nbsp; Series 2023-22A, Class E, 13.04% (3 mo. Term SOFR + 8.71%), 07/20/2036<sup>(d)</sup> | 3000000 | 3022602  |
| &nbsp;&nbsp;&nbsp; Series 2025-32A, Class D1, 0.00% (3 mo. Term SOFR + 3.10%), 07/23/2038<sup>(d)(n)</sup> | 8500000 | 8500000  |
|  Venture CDO Ltd., Series 2014-18X, Class CR, 6.68% (3 mo. Term SOFR + 2.36%), 10/15/2029<sup>(m)</sup> | 2074673 | 2078339  |
|  Vibrant CLO Ltd., Series 2021-12A, Class BR, 6.83% (3 mo. Term SOFR + 2.50%), 04/20/2034<sup>(d)</sup> | 4000000 | 4012312  |
| Voya CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-1A, Class BR, 6.39% (3 mo. Term SOFR + 2.06%), 01/20/2031<sup>(d)</sup> | 2740000 | 2748075  |
| &nbsp;&nbsp;&nbsp; Series 2018-1A, Class C, 7.19% (3 mo. Term SOFR + 2.86%), 04/19/2031<sup>(d)</sup> | 1750000 | 1753808  |
|  Warwick Capital CLO Ltd., Series 2025-6A, Class D2, 8.41%, 07/20/2038<sup>(d)</sup> | 2000000 | 2000000  |
| &nbsp;&nbsp;&nbsp; Wellfleet CLO Ltd., Series 2015-1A, Class SUB, <br>0.00%, 07/20/2029<sup>(a)(d)</sup> | 4900000 | 490  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS — (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS — (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS — (Continued)** |
|  Whitehorse Ltd., Series 2018-12A, Class C, 7.25% (3 mo. Term SOFR + 2.93%), 10/15/2031<sup>(d)</sup> | $2130000 | $2130769  |
|  Wind River CLO Ltd., Series 2023-1A, Class D1R, 7.72% (3 mo. Term SOFR + 3.40%), 07/25/2038<sup>(d)</sup> | 4000000 | 4029704  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $213,790,523)** |  | 211296679  |
| **CORPORATE OBLIGATIONS — 6.6%**<br>|  |  |
| **Basic Materials — 0.6%**<br>|  |  |
| Axalta Coating Systems Dutch Holding B B.V., 7.25%, 02/15/2031<sup>(d)</sup> | 600000 | 624712  |
| Capstone Copper Corp., 6.75%, 03/31/2033<sup>(d)</sup> | 1900000 | 1937664  |
| Cleveland-Cliffs, Inc., 7.00%, 03/15/2032<sup>(d)</sup> | 1900000 | 1856033  |
| Consolidated Energy Finance SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 05/15/2026<sup>(d)</sup> | 800000 | 783016  |
| &nbsp;&nbsp;&nbsp; 12.00%, 02/15/2031<sup>(d)</sup> | 400000 | 376366  |
| &nbsp;&nbsp;&nbsp; CVR Partners LP / CVR Nitrogen Finance Corp., <br>6.13%, 06/15/2028<sup>(d)</sup> | 1700000 | 1688946  |
| First Quantum Minerals Ltd., 8.00%, 03/01/2033<sup>(d)</sup> | 1900000 | 1960177  |
| Magnera Corp., 4.75%, 11/15/2029<sup>(d)</sup> | 1800000 | 1592619  |
| Mercer International, Inc., 5.13%, 02/01/2029 | 1400000 | 1129047  |
| Methanex Corp., 5.25%, 12/15/2029 | 305000 | 302361  |
| NOVA Chemicals Corp., 8.50%, 11/15/2028<sup>(d)</sup> | 200000 | 210283  |
| Olin Corp., 6.63%, 04/01/2033<sup>(d)</sup> | 350000 | 341023  |
| Taseko Mines Ltd., 8.25%, 05/01/2030<sup>(d)</sup> | 1900000 | 1986228  |
|  |  | 14788475  |
| **Communications — 0.3%**<br>|  |  |
| Cars.com, Inc., 6.38%, 11/01/2028<sup>(d)</sup> | 2100000 | 2097428  |
| Directv Financing LLC / Directv Financing Co.-Obligor, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 08/15/2027<sup>(d)</sup> | 1400000 | 1393180  |
| &nbsp;&nbsp;&nbsp; 10.00%, 02/15/2031<sup>(d)</sup> | 1250000 | 1206439  |
| Gen Digital, Inc., 6.25%, 04/01/2033<sup>(d)</sup> | 500000 | 510989  |
| Gray Media, Inc., 5.38%, 11/15/2031<sup>(d)</sup> | 3900000 | 2881975  |
| Nexstar Media, Inc., 5.63%, 07/15/2027<sup>(d)</sup> | 400000 | 399474  |
| Univision Communications, Inc., 8.00%, 08/15/2028<sup>(d)</sup> | 800000 | 822530  |
|  |  | 9312015  |
| **Consumer, Cyclical — 0.7%**<br>|  |  |
| American Axle & Manufacturing, Inc., 5.00%, 10/01/2029 | 600000 | 544865  |
| Caesars Entertainment, Inc., 4.63%, 10/15/2029<sup>(d)</sup> | 1730000 | 1636145  |
| Carnival Corp., 6.13%, 02/15/2033<sup>(d)</sup> | 600000 | 611020  |
| Champ Acquisition Corp., 8.38%, 12/01/2031<sup>(d)</sup> | 600000 | 636267  |
| Cinemark USA, Inc., 7.00%, 08/01/2032<sup>(d)</sup> | 1200000 | 1240194  |
| Clarios Global LP / Clarios US Finance Co., 6.75%, 02/15/2030<sup>(d)</sup> | 2000000 | 2063310  |
| FirstCash, Inc., 4.63%, 09/01/2028<sup>(d)</sup> | 1500000 | 1467840  |
| Goodyear Tire & Rubber Co., 5.00%, 07/15/2029 | 1500000 | 1456314  |
| Lithia Motors, Inc., 3.88%, 06/01/2029<sup>(d)</sup> | 1300000 | 1225723  |
| NCL Corp. Ltd., 6.25%, 03/01/2030<sup>(d)</sup> | 1350000 | 1367191  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  |
| **Consumer, Cyclical — (Continued)** | **Consumer, Cyclical — (Continued)** | **Consumer, Cyclical — (Continued)** |
| Phinia, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/2029<sup>(d)</sup> | $400000 | $412136  |
| &nbsp;&nbsp;&nbsp; 6.63%, 10/15/2032<sup>(d)</sup> | 600000 | 611764  |
| Resideo Funding, Inc., 6.50%, 07/15/2032<sup>(d)</sup> | 775000 | 787161  |
| Saks Global Enterprises LLC, 11.00%, 12/15/2029<sup>(d)</sup> | 350000 | 80500  |
| Sally Holdings LLC / Sally Capital, Inc., 6.75%, 03/01/2032 | 900000 | 924816  |
| STL Holding Co. LLC, 8.75%, 02/15/2029<sup>(d)</sup> | 450000 | 468701  |
| White Cap Buyer LLC, 6.88%, 10/15/2028<sup>(d)</sup> | 3100000 | 3094281  |
|  |  | 18628228  |
| **Consumer, Non-cyclical — 0.9%**<br>|  |  |
| Acadia Healthcare Co., Inc., 7.38%, 03/15/2033<sup>(d)</sup> | 2700000 | 2783287  |
| B&G Foods, Inc., 8.00%, 09/15/2028<sup>(d)</sup> | 390000 | 365139  |
| Belron UK Finance PLC, 5.75%, 10/15/2029<sup>(d)</sup> | 600000 | 606006  |
| Concentra Escrow Issuer Corp., 6.88%, 07/15/2032<sup>(d)</sup> | 600000 | 617244  |
| DaVita, Inc., 6.88%, 09/01/2032<sup>(d)</sup> | 1650000 | 1697601  |
| Dcli Bidco LLC, 7.75%, 11/15/2029<sup>(d)</sup> | 600000 | 613031  |
| EquipmentShare.com, Inc., 9.00%, 05/15/2028<sup>(d)</sup> | 1900000 | 2004834  |
| Fiesta Purchaser, Inc., 9.63%, 09/15/2032<sup>(d)</sup> | 800000 | 847415  |
| Herc Holdings, Inc., 6.63%, 06/15/2029<sup>(d)</sup> | 2500000 | 2561330  |
| Hertz Global Holdings, Inc., 12.63%, 07/15/2029<sup>(d)</sup> | 350000 | 365950  |
| Medline Borrower LP, 5.25%, 10/01/2029<sup>(d)</sup> | 900000 | 882978  |
| Molina Healthcare, Inc., 6.25%, 01/15/2033<sup>(d)</sup> | 350000 | 345756  |
| NESCO Holdings, Inc., 5.50%, 04/15/2029<sup>(d)</sup> | 300000 | 292738  |
| Performance Food Group, Inc., 4.25%, 08/01/2029<sup>(d)</sup> | 900000 | 866070  |
| Perrigo Finance Unlimited Co., 6.13%, 09/30/2032 | 1200000 | 1213681  |
| Post Holdings, Inc., 6.38%, 03/01/2033<sup>(d)</sup> | 900000 | 901572  |
| Raven Acquisition Holdings LLC, 6.88%, 11/15/2031<sup>(d)</sup> | 1900000 | 1923801  |
| Simmons Foods, Inc., 4.63%, 03/01/2029<sup>(d)</sup> | 350000 | 331661  |
| TreeHouse Foods, Inc., 4.00%, 09/01/2028 | 600000 | 555556  |
| Upbound Group, Inc., 6.38%, 02/15/2029<sup>(d)</sup> | 2100000 | 2050373  |
| US Foods, Inc., 7.25%, 01/15/2032<sup>(d)</sup> | 200000 | 208622  |
| VT Topco, Inc., 8.50%, 08/15/2030<sup>(d)</sup> | 2040000 | 2174499  |
| Williams Scotsman, Inc., 6.63%, 04/15/2030<sup>(d)</sup> | 1000000 | 1031826  |
|  |  | 25240970  |
| **Diversified — 0.1%**<br>|  |  |
| Stena International SA, 7.25%, 01/15/2031<sup>(d)</sup> | 1925000 | 1958081  |
| **Energy — 0.6%**<br>|  |  |
|  Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 8.63%, 06/15/2029<sup>(d)</sup> | 900000 | 954136  |
|  Antero Midstream Partners LP / Antero Midstream Finance Corp., 6.63%, 02/01/2032<sup>(d)</sup> | 1200000 | 1234615  |
|  Archrock Partners LP / Archrock Partners Finance Corp., 6.63%, 09/01/2032<sup>(d)</sup> | 600000 | 609424  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  |
| **Energy — (Continued)**  | **Energy — (Continued)**  | **Energy — (Continued)**  |
| Aris Water Holdings LLC, 7.25%, 04/01/2030<sup>(d)</sup> | $450000 | $461875  |
|  Calumet Specialty Products Partners LP / Calumet Finance Corp., 9.75%, 07/15/2028<sup>(d)</sup> | 500000 | 480373  |
| Comstock Resources, Inc., 5.88%, 01/15/2030<sup>(d)</sup> | 450000 | 425153  |
| Genesis Energy LP / Genesis Energy Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 01/15/2029 | 275000 | 287069  |
| &nbsp;&nbsp;&nbsp; 8.00%, 05/15/2033 | 900000 | 933968  |
| Greenfire Resources Ltd., 12.00%, 10/01/2028<sup>(d)</sup> | 196000 | 206423  |
| Gulfport Energy Operating Corp., 6.75%, 09/01/2029<sup>(d)</sup> | 320000 | 325603  |
| Helix Energy Solutions Group, Inc., 9.75%, 03/01/2029<sup>(d)</sup> | 950000 | 992879  |
| Kinetik Holdings LP, 5.88%, 06/15/2030<sup>(d)</sup> | 600000 | 601037  |
| Moss Creek Resources Holdings, Inc., 8.25%, 09/01/2031<sup>(d)</sup> | 800000 | 781689  |
| New Fortress Energy, Inc., 6.50%, 09/30/2026<sup>(d)</sup> | 200000 | 70161  |
| PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 02/15/2028 | 1000000 | 963219  |
| Shelf Drilling Holdings Ltd., 9.63%, 04/15/2029<sup>(d)</sup> | 1510000 | 1294377  |
| SunCoke Energy, Inc., 4.88%, 06/30/2029<sup>(d)</sup> | 2550000 | 2334360  |
|  Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 12/31/2030<sup>(d)</sup> | 700000 | 686319  |
|  USA Compression Partners LP / USA Compression Finance Corp., 7.13%, 03/15/2029<sup>(d)</sup> | 630000 | 644445  |
| 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> | 215000 | 215248  |
| &nbsp;&nbsp;&nbsp; 8.38%, 06/01/2031<sup>(d)</sup> | 950000 | 983286  |
| Wildfire Intermediate Holdings LLC, 7.50%, 10/15/2029<sup>(d)</sup> | 200000 | 199508  |
|  |  | 15685167  |
| **Financial — 2.6%**<br>|  |  |
| A10 Capital LLC, 5.88%, 08/17/2026<sup>(d)</sup> | 1000000 | 989714  |
|  BankGuam Holding Co., 4.75% to 07/01/2026 then 3 mo. Term SOFR + 4.13%, 07/01/2031<sup>(d)</sup> | 2000000 | 1906398  |
| Blackstone Mortgage Trust, Inc., 7.75%, 12/01/2029<sup>(d)</sup> | 600000 | 634786  |
|  Brookline Bancorp, Inc., 7.90% (3 mo. Term SOFR + 3.58%), 09/15/2029 | 1000000 | 990621  |
| Clear Street Holdings LLC, 5.88%, 05/15/2026<sup>(d)</sup> | 2000000 | 2000243  |
|  Columbia Banking System, Inc., 9.85% (3 mo. Term SOFR + 5.52%), 12/10/2025<sup>(d)</sup> | 2500000 | 2494534  |
| Credit Acceptance Corp., 6.63%, 03/15/2030<sup>(d)</sup> | 1600000 | 1623272  |
| Customers Bank, 8.01% (3 mo. Term SOFR + 3.70%), 06/26/2029<sup>(d)</sup> | 1000000 | 996480  |
| Encore Capital Group, Inc., 8.50%, 05/15/2030<sup>(d)</sup> | 500000 | 529807  |
| EZCORP, Inc., 7.38%, 04/01/2032<sup>(d)</sup> | 1425000 | 1487643  |
| FedNat Holding Co., 7.75%, 03/15/2029<sup>(i)(k)</sup> | 2500000 | 150000  |
| &nbsp;&nbsp;&nbsp; Fidelity Financial Corp., 5.00% to 04/30/2027 then 3 mo. Term <br>SOFR + 2.47%, 04/30/2032<sup>(d)</sup> | 3000000 | 2755276  |
|  Financial Institutions, Inc., 0.00% (3 mo. LIBOR US + 3.94%), 04/15/2030<sup>(g)</sup> | 1125000 | 1114349  |
|  First Bancshares, Inc., 6.40% to 05/01/2028 then 3 mo. Term SOFR + 3.65%, 05/01/2033 | 1000000 | 994012  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  |
| **Financial — (Continued)**  | **Financial — (Continued)**  | **Financial — (Continued)**  |
|  First Foundation, Inc., 3.50% to 02/01/2027 then SOFR + 2.04%, 02/01/2032 | $1000000 | $809890  |
| &nbsp;&nbsp;&nbsp; First Northwest Bancorp, 3.75% to 03/30/2026 then 3 mo. Term <br>SOFR + 3.00%, 03/30/2031 | 1500000 | 1231696  |
| &nbsp;&nbsp;&nbsp; Flushing Financial Corp., 3.13% to 12/01/2026 then 3 mo. Term <br>SOFR + 2.04%, 12/01/2031 | 3000000 | 2500967  |
| Freedom Mortgage Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 02/01/2029<sup>(d)</sup> | 900000 | 938841  |
| &nbsp;&nbsp;&nbsp; 8.38%, 04/01/2032<sup>(d)</sup> | 650000 | 665399  |
|  FS Bancorp, Inc., 3.75% to 02/15/2026 then 3 mo. Term SOFR + 3.37%, 02/15/2031 | 1000000 | 978543  |
|  Georgia Banking Co., Inc., 4.13% to 06/15/2026 then 3 mo. Term SOFR + 3.40%, 06/15/2031<sup>(d)</sup> | 4000000 | 3697860  |
| GGAM Finance Ltd., 8.00%, 02/15/2027<sup>(d)</sup> | 400000 | 412208  |
| Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/2027<sup>(d)</sup> | 1950000 | 2016081  |
| goeasy Ltd., 7.63%, 07/01/2029<sup>(d)</sup> | 1950000 | 2009579  |
| HomeStreet, Inc., 6.50%, 06/01/2026 | 750000 | 742093  |
| &nbsp;&nbsp;&nbsp; Jacksonville Bancorp, Inc. Statutory Trust, 8.33% (3 mo. Term <br>SOFR + 4.01%), 09/15/2038<sup>(d)</sup> | 1200000 | 1147318  |
| Jane Street Group / JSG Finance, Inc., 6.75%, 05/01/2033<sup>(d)</sup> | 500000 | 512031  |
| Jefferies Finance LLC / JFIN Co.-Issuer Corp., 6.63%, 10/15/2031<sup>(d)</sup> | 900000 | 896510  |
| Jefferson Capital Holdings LLC, 9.50%, 02/15/2029<sup>(d)</sup> | 730000 | 771047  |
| LD Holdings Group LLC, 6.13%, 04/01/2028<sup>(d)</sup> | 500000 | 429224  |
| Macquarie Airfinance Holdings Ltd., 8.13%, 03/30/2029<sup>(d)</sup> | 200000 | 209203  |
|  Marble Point Loan Financing Ltd. / MPLF Funding I LLC, 7.50%, 11/16/2025<sup>(d)</sup> | 1750000 | 1739063  |
|  Narragansett Financial Corp., 3.88% to 05/15/2026 then 3 mo. Term SOFR + 3.19%, 05/15/2031<sup>(d)</sup> | 2000000 | 1899813  |
| Nationstar Mortgage Holdings, Inc., 7.13%, 02/01/2032<sup>(d)</sup> | 1200000 | 1254057  |
| NexBank Capital, Inc., 6.00%, 07/15/2032<sup>(d)</sup> | 1000000 | 948110  |
| OneMain Finance Corp., 4.00%, 09/15/2030 | 2000000 | 1837561  |
| Panther Escrow Issuer LLC, 7.13%, 06/01/2031<sup>(d)</sup> | 1200000 | 1241685  |
| PennyMac Financial Services, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/15/2029<sup>(d)</sup> | 900000 | 862773  |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/15/2031<sup>(d)</sup> | 800000 | 783692  |
| PHH Corp., 9.88%, 11/01/2029<sup>(d)</sup> | 800000 | 802255  |
| PRA Group, Inc., 5.00%, 10/01/2029<sup>(d)</sup> | 1600000 | 1479696  |
|  Primis Financial Corp., 8.52% (3 mo. Term SOFR + 4.21%), 01/31/2027<sup>(d)</sup> | 1000000 | 984212  |
| ReadyCap Holdings LLC, 9.38%, 03/01/2028<sup>(d)</sup> | 3000000 | 2998357  |
| RHP Hotel Properties LP / RHP Finance Corp., 6.50%, 04/01/2032<sup>(d)</sup> | 250000 | 255516  |
| South Street Securities Funding LLC, 6.25%, 12/30/2026<sup>(d)</sup> | 1000000 | 1002512  |
| Starwood Property Trust, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 04/01/2029<sup>(d)</sup> | 100000 | 104709  |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/15/2030<sup>(d)</sup> | 900000 | 909565  |
| StoneX Group, Inc., 7.88%, 03/01/2031<sup>(d)</sup> | 1200000 | 1261801  |

---

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

29<br>

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

**ANGEL OAK MULTI-STRATEGY INCOME FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  |
| **Financial — (Continued)**  | **Financial — (Continued)**  | **Financial — (Continued)**  |
|  Texas State Bankshares, Inc., 8.13% (3 mo. Term SOFR + 3.81%), 06/15/2029<sup>(d)</sup> | $2000000 | $1999875  |
| Trinitas Capital Management LLC, 6.00%, 07/30/2026<sup>(d)</sup> | 4000000 | 3845000  |
| United Wholesale Mortgage LLC, 5.50%, 04/15/2029<sup>(d)</sup> | 2300000 | 2251632  |
|  Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, 6.50%, 02/15/2029<sup>(d)</sup> | 1200000 | 1168425  |
| Walker & Dunlop, Inc., 6.63%, 04/01/2033<sup>(d)</sup> | 600000 | 612279  |
|  |  | 68878213  |
| **Industrial — 0.7%**<br>|  |  |
| Advanced Drainage Systems, Inc., 6.38%, 06/15/2030<sup>(d)</sup> | 600000 | 609604  |
| Axon Enterprise, Inc., 6.25%, 03/15/2033<sup>(d)</sup> | 1200000 | 1232364  |
|  Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 02/01/2032<sup>(d)</sup> | 1000000 | 996396  |
| Clearwater Paper Corp., 4.75%, 08/15/2028<sup>(d)</sup> | 1400000 | 1320788  |
| Clydesdale Acquisition Holdings, Inc., 6.75%, 04/15/2032<sup>(d)</sup> | 1000000 | 1024985  |
| Coherent Corp., 5.00%, 12/15/2029<sup>(d)</sup> | 1900000 | 1860984  |
|  Fortress Transportation and Infrastructure Investors LLC, 5.88%, 04/15/2033<sup>(d)</sup> | 1200000 | 1190587  |
| Genesee & Wyoming, Inc., 6.25%, 04/15/2032<sup>(d)</sup> | 600000 | 607667  |
| Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029<sup>(d)</sup> | 1175000 | 1114005  |
| Knife River Corp., 7.75%, 05/01/2031<sup>(d)</sup> | 600000 | 630144  |
| Owens-Brockway Glass Container, Inc., 7.25%, 05/15/2031<sup>(d)</sup> | 1900000 | 1923725  |
| Quikrete Holdings, Inc., 6.75%, 03/01/2033<sup>(d)</sup> | 950000 | 974951  |
| Reworld Holding Corp., 4.88%, 12/01/2029<sup>(d)</sup> | 200000 | 191181  |
| Sealed Air Corp., 6.50%, 07/15/2032<sup>(d)</sup> | 300000 | 309266  |
| Seaspan Corp., 5.50%, 08/01/2029<sup>(d)</sup> | 950000 | 905437  |
| Sensata Technologies, Inc., 3.75%, 02/15/2031<sup>(d)</sup> | 1000000 | 913360  |
| Smyrna Ready Mix Concrete LLC, 6.00%, 11/01/2028<sup>(d)</sup> | 1900000 | 1895303  |
| Standard Building Solutions, Inc., 6.50%, 08/15/2032<sup>(d)</sup> | 1200000 | 1226258  |
| Vertiv Group Corp., 4.13%, 11/15/2028<sup>(d)</sup> | 400000 | 389380  |
| XPO, Inc., 7.13%, 06/01/2031<sup>(d)</sup> | 250000 | 258873  |
|  |  | 19575258  |
| **Technology — 0.0%<sup>(l)</sup>**<br>|  |  |
| Zebra Technologies Corp., 6.50%, 06/01/2032<sup>(d)</sup> | 500000 | 512923  |
| **Utilities — 0.1%**<br>|  |  |
| NRG Energy, Inc., 6.25%, 11/01/2034<sup>(d)</sup> | 400000 | 405621  |
| Pike Corp., 8.63%, 01/31/2031<sup>(d)</sup> | 225000 | 242233  |
| Vistra Operations Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.75%, 10/15/2031<sup>(d)</sup> | 100000 | 105917  |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/15/2032<sup>(d)</sup> | 1200000 | 1247606  |
|  |  | 2001377  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE OBLIGATIONS** <br>**(Cost $176,632,578)** |  | 176580707  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — 4.6%**<br>|  |  |
| ALA Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-OANA, Class C, 6.43% (1 mo. Term SOFR + 2.09%), 06/15/2040<sup>(d)</sup> | $1700000 | $1700146  |
| &nbsp;&nbsp;&nbsp; Series 2025-OANA, Class D, 7.43% (1 mo. Term SOFR + 3.09%), 06/15/2040<sup>(d)</sup> | 1300000 | 1300107  |
|  Arbor Realty Collateralized Loan Obligation Ltd., Series 2025-BTR1, Class AS, 6.99% (1 mo. Term SOFR + 2.64%), 01/20/2041<sup>(d)</sup> | 4000000 | 4012148  |
|  AREIT CRE Ltd., Series 2024-CRE9, Class AS, 6.58% (1 mo. Term SOFR + 2.24%), 05/17/2041<sup>(d)</sup> | 1700000 | 1688013  |
| ARES Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-IND, Class D, 7.23% (1 mo. Term SOFR + 2.89%), 07/15/2041<sup>(d)</sup> | 4500000 | 4522153  |
| &nbsp;&nbsp;&nbsp; Series 2024-IND, Class E, 8.28% (1 mo. Term SOFR + 3.94%), 07/15/2041<sup>(d)</sup> | 4500000 | 4518616  |
| ARZ Trust, Series 2024-BILT, Class D, 7.00%, 06/11/2029<sup>(d)</sup> | 850000 | 874334  |
| Banc of America Re-Remic Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-NASH, Class A, 6.34% (1 mo. Term SOFR + 2.00%), 05/15/2039<sup>(d)</sup> | 2400000 | 2413092  |
| &nbsp;&nbsp;&nbsp; Series 2024-NASH, Class C, 7.84% (1 mo. Term SOFR + 3.50%), 05/15/2039<sup>(d)</sup> | 800000 | 794382  |
| &nbsp;&nbsp;&nbsp; Series 2024-NASH, Class D, 9.19% (1 mo. Term SOFR + 4.85%), 05/15/2039<sup>(d)</sup> | 400000 | 397155  |
| &nbsp;&nbsp;&nbsp; Series 2025-ASHF, Class C, 7.34% (1 mo. Term SOFR + 3.00%), 02/15/2042<sup>(d)</sup> | 3250000 | 3265818  |
| BX Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-AIRC, Class C, 6.93% (1 mo. Term SOFR + 2.59%), 08/15/2039<sup>(d)</sup> | 1591532 | 1600600  |
| &nbsp;&nbsp;&nbsp; Series 2024-BIO, Class C, 6.98% (1 mo. Term SOFR + 2.64%), 02/15/2041<sup>(d)</sup> | 4800000 | 4773725  |
| &nbsp;&nbsp;&nbsp; Series 2024-BIO, Class D, 7.98% (1 mo. Term SOFR + 3.64%), 02/15/2041<sup>(d)</sup> | 3300000 | 3278454  |
| &nbsp;&nbsp;&nbsp; Series 2024-KING, Class D, 6.83% (1 mo. Term SOFR + 2.49%), 05/15/2034<sup>(d)</sup> | 2467516 | 2480643  |
| &nbsp;&nbsp;&nbsp; Series 2024-PALM, Class D, 6.98% (1 mo. Term SOFR + 2.64%), 06/15/2037<sup>(d)</sup> | 1038462 | 1038917  |
| &nbsp;&nbsp;&nbsp; Series 2024-VLT4, Class E, 7.23% (1 mo. Term SOFR + 2.89%), 07/15/2029<sup>(d)</sup> | 300000 | 291448  |
| &nbsp;&nbsp;&nbsp; Series 2024-VLT4, Class F, 8.28% (1 mo. Term SOFR + 3.94%), 07/15/2029<sup>(d)</sup> | 4500000 | 4408421  |
| &nbsp;&nbsp;&nbsp; Series 2025-BIO3, Class D, 6.96%, 02/10/2042<sup>(a)(d)</sup> | 1750000 | 1734105  |
| &nbsp;&nbsp;&nbsp; Series 2025-VLT7, Class D, 7.55% (1 mo. Term SOFR + 3.25%), 07/15/2044<sup>(d)</sup> | 3700000 | 3716935  |
|  Commercial Mortgage Pass Through Certificates, Series 2024-WCL1, Class C, 7.23% (1 mo. Term SOFR + 2.89%), 06/15/2041<sup>(d)</sup> | 5500000 | 5483599  |
| Computershare Corporate Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1CHI, Class D, 6.71%, 07/15/2035<sup>(a)(d)</sup> | 1450000 | 1453036  |
| &nbsp;&nbsp;&nbsp; Series 2024-1CHI, Class E, 7.57%, 07/15/2035<sup>(a)(d)</sup> | 1800000 | 1803231  |

---

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

31<br>

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

**ANGEL OAK MULTI-STRATEGY INCOME FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — (Continued)** |
|  DBSG Mortgage Trust, Series 2024-ALTA, Class D, 7.06%, 06/10/2037<sup>(a)(d)</sup> | $1600000 | $1614630  |
| DC Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-HLTN, Class C, 7.04%, 04/13/2040<sup>(a)(d)</sup> | 1200000 | 1203106  |
| &nbsp;&nbsp;&nbsp; Series 2024-HLTN, Class D, 7.71%, 04/13/2040<sup>(a)(d)</sup> | 1200000 | 1204418  |
|  Gaea Mortgage Loan Trust, Series 2025-A, Class A, 6.75%, 02/25/2030<sup>(a)(d)</sup> | 10573535 | 10686111  |
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp., Series 2018-TWR, Class G, 8.56% <br>(1 mo. Term SOFR + 4.22%), 07/15/2031<sup>(d)</sup> | 500000 | 39450  |
| Hilton USA Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-ORL, Class C, 6.78% (1 mo. Term SOFR + 2.44%), 05/15/2037<sup>(d)</sup> | 800000 | 800914  |
| &nbsp;&nbsp;&nbsp; Series 2024-ORL, Class D, 7.53% (1 mo. Term SOFR + 3.19%), 05/15/2037<sup>(d)</sup> | 800000 | 800899  |
| HTL Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-T53, Class D, 8.20%, 05/10/2039<sup>(a)(d)</sup> | 700000 | 715679  |
| &nbsp;&nbsp;&nbsp; Series 2024-T53, Class F, 11.93%, 05/10/2039<sup>(a)(d)</sup> | 400000 | 409961  |
| &nbsp;&nbsp;&nbsp; ICNQ Mortgage Trust, Series 2024-MF, Class E, <br>6.35%, 12/10/2034<sup>(a)(d)</sup> | 3250000 | 3254833  |
| &nbsp;&nbsp;&nbsp; Jackson Park Trust, Series 2019-LIC, Class E, <br>3.24%, 10/14/2039<sup>(a)(d)</sup> | 5000000 | 4269910  |
| &nbsp;&nbsp;&nbsp; JP Morgan Chase Commercial Mortgage Securities, <br>Series 2018-PTC, Class A, 5.84% (1 mo. Term SOFR + 1.50%), 04/15/2031<sup>(c)(d)</sup> | 3500000 | 1438297  |
| LBA Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-BOLT, Class E, 8.03% (1 mo. Term SOFR + 3.69%), 06/15/2039<sup>(d)</sup> | 6500000 | 6524505  |
| &nbsp;&nbsp;&nbsp; Series 2024-BOLT, Class F, 8.78% (1 mo. Term SOFR + 4.44%), 06/15/2039<sup>(d)</sup> | 1400000 | 1406594  |
| Morgan Stanley, Series 2024-BPR2, Class A, 7.29%, 05/05/2029<sup>(d)</sup> | 2667815 | 2757704  |
|  Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C7, Class G, 4.16%, 02/15/2046<sup>(a)(d)</sup> | 1000000 | 46453  |
|  Morgan Stanley Capital I, Inc., Series 2014-150E, Class A, 3.91%, 09/09/2032<sup>(d)</sup> | 3040000 | 2696146  |
| &nbsp;&nbsp;&nbsp; Stellar Management, Series 2025-IP, Class E, <br>6.85%, 06/10/2042<sup>(a)(d)</sup> | 750000 | 755153  |
|  TX Trust, Series 2024-HOU, Class D, 7.58% (1 mo. Term SOFR + 3.24%), 06/15/2039<sup>(d)</sup> | 500000 | 500214  |
|  Wells Fargo Commercial Mortgage Trust, Series 2025-VTT, Class E, 6.91%, 03/15/2038<sup>(a)(d)</sup> | 5200000 | 5133612  |
|  WFLD Mortgage Trust, Series 2014-MONT, Class A, 3.75%, 08/10/2031<sup>(a)(d)</sup> | 1561964 | 1499865  |
| X-Caliber Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 11.00%, 09/01/2025<sup>(d)</sup> | 3500000 | 3485559  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2025<sup>(d)</sup> | 300000 | 299743  |
| &nbsp;&nbsp;&nbsp; 11.46% (1 mo. LIBOR US + 6.50%), 11/01/2025<sup>(d)(g)(k)</sup> | 1628000 | 163  |
| &nbsp;&nbsp;&nbsp; 12.10% (1 mo. Term SOFR + 7.75%), 03/06/2026<sup>(d)</sup> | 658203 | 655557  |
| &nbsp;&nbsp;&nbsp; 7.10% (1 mo. Term SOFR + 2.75%), 03/06/2026<sup>(d)</sup> | 3510418 | 3501354  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — (Continued)** |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/31/2026<sup>(d)</sup> | $3621300 | $1459221  |
| &nbsp;&nbsp;&nbsp; Series 2019-1, Class B1, 20.08% (1 mo. Term SOFR + 15.75%), 11/06/2026<sup>(d)</sup> | 5129931 | 518  |
| &nbsp;&nbsp;&nbsp; Series 2020-5, Class A, 7.70% (1 mo. Term SOFR + 3.37%), 10/06/2025<sup>(d)</sup> | 566148 | 565038  |
| &nbsp;&nbsp;&nbsp; Series 2020-5, Class B1, 12.70% (1 mo. Term SOFR + 8.37%), 10/06/2025<sup>(d)</sup> | 1321012 | 1314632  |
| &nbsp;&nbsp;&nbsp; Series 2021-10, Class B1, 12.45% (1 mo. Term SOFR + 8.12%), 12/06/2025<sup>(d)</sup> | 2000000 | 2005956  |
| &nbsp;&nbsp;&nbsp; Series 2021-7, Class A, 7.44% (1 mo. Term SOFR + 3.11%), 01/06/2026<sup>(d)</sup> | 3950000 | 3939390  |
| &nbsp;&nbsp;&nbsp; Series 2021-7, Class B2, 0.00%, 01/06/2026<sup>(d)</sup> | 1788000 | 1814577  |
| &nbsp;&nbsp;&nbsp; Series 2021-9, Class B1, 12.45% (1 mo. Term SOFR + 8.12%), 04/06/2026<sup>(d)(k)</sup> | 1215000 | 118  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $137,011,298)** |  | 124349358  |
| &nbsp;&nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER — 4.1%**<br>|  |  |
|  Federal Home Loan Mortgage Corp., Series 2018-SPI4, Class B, 4.51%, 11/25/2048<sup>(a)(d)</sup> | 9064602 | 6522189  |
| Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/15/2040 | 35000000 | 35489233  |
| &nbsp;&nbsp;&nbsp; Pool 000TBA, 5.50%, 08/15/2040 | 70000000 | 69640340  |
| &nbsp;&nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER** <br>**(Cost $114,208,340)** |  | 111651762  |
| &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY — 3.2%**<br>|  |  |
| Connecticut Avenue Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-01, Class B10, 9.96% (30 day avg SOFR US + 5.61%), 10/25/2049<sup>(d)</sup> | 1500000 | 1511377  |
| &nbsp;&nbsp;&nbsp; Series 2019-01, Class CE, 13.21% (30 day avg SOFR US + 8.86%), 10/25/2049<sup>(d)</sup> | 2000000 | 2028590  |
| &nbsp;&nbsp;&nbsp; Series 2020-01, Class CE, 11.96% (30 day avg SOFR US + 7.61%), 03/25/2050<sup>(d)</sup> | 8000000 | 8295704  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-KF41, Class B, 6.93% (30 day avg SOFR US + 2.61%), 11/25/2025<sup>(d)</sup> | 600479 | 592378  |
| &nbsp;&nbsp;&nbsp; Series 2019-KF58, Class B, 6.58% (30 day avg SOFR US + 2.26%), 01/25/2026<sup>(d)</sup> | 1182007 | 1177225  |
| &nbsp;&nbsp;&nbsp; Series 2019-KF64, Class B, 6.73% (30 day avg SOFR US + 2.41%), 06/25/2026<sup>(d)</sup> | 2487563 | 2482882  |
| &nbsp;&nbsp;&nbsp; Series K143, Class A2, 2.35%, 03/25/2032 | 7185000 | 6316355  |
| &nbsp;&nbsp;&nbsp; Series K-159, Class A2, 4.50%, 07/25/2033<sup>(a)</sup> | 20000000 | 19851240  |
| &nbsp;&nbsp;&nbsp; Series K-165, Class A2, 4.49%, 09/25/2034 | 14464000 | 14245565  |

---

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** 

**July 31, 2025 (Unaudited)(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 K543, Class A2, 4.33%, 06/25/2030<sup>(a)</sup> | $10000000 | $9992010  |
| &nbsp;&nbsp;&nbsp; Series K544, Class A2, 4.27%, 07/25/2030<sup>(a)</sup> | 10000000 | 9992790  |
| &nbsp;&nbsp;&nbsp; Series K545, Class A2, 4.29%, 07/25/2030<sup>(n)</sup> | 10000000 | 9979960  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY** <br>**(Cost $86,371,274)** |  | 86466076  |
|  | **Shares**  |  |
| **AFFILIATED EXCHANGE TRADED FUNDS — 1.1%**<br>|  |  |
| Angel Oak High Yield Opportunities ETF<sup>(o)</sup> | 1575240 | 17461535  |
| Angel Oak Mortgage-Backed Securities ETF<sup>(o)</sup> | 1224882 | 10490257  |
| &nbsp;&nbsp;&nbsp; **TOTAL AFFILIATED EXCHANGE TRADED FUNDS** <br>**(Cost $30,352,559)** |  | 27951792  |
|  | **Par**  |  |
| **COMMERCIAL REAL ESTATE — 0.7%**<br>|  |  |
| Geary<sup>(j)(o)</sup> | $7068750 | 7331707  |
| Leavenworth<sup>(j)(o)</sup> | 2945000 | 2954424  |
| Octavia<sup>(j)(o)</sup> | 8003750 | 9091460  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMERCIAL REAL ESTATE** <br>**(Cost $18,707,750)** |  | 19377591  |
|  | **Shares**  |  |
| **EXCHANGE TRADED FUNDS — 0.5%**<br>|  |  |
| iShares Broad USD High Yield Corporate Bond ETF | 371900 | 13905341  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $13,909,060)** |  | 13905341  |
| **COMMON STOCKS — 0.3%**<br>|  |  |
| **Energy — 0.0%<sup>(l)</sup>**<br>|  |  |
| Enviva Escrow<sup>(i)(j)</sup> | 100000 | 0  |
| Enviva LLC<sup>(j)</sup> | 3638 | 71851  |
|  |  | 71851  |
| **Financial — 0.1%**<br>|  |  |
| Kingstone Companies, Inc.<sup>(j)</sup> | 61996 | 1016114  |
| PennyMac Mortgage Investment Trust | 81182 | 957136  |
| Redwood Trust, Inc. | 238507 | 1302248  |
|  |  | 3275498  |
| **Real Estate Investment Trust — 0.2%**<br>|  |  |
| Annaly Capital Management, Inc. | 84833 | 1724655  |
| Ellington Financial, Inc. | 103500 | 1313415  |
| Rithm Capital Corp. | 158870 | 1911206  |
|  |  | 4949276  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $11,782,214)** |  | 8296625 |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **PREFERRED STOCKS — 0.3%**<br>|  |  |
| **Financial — 0.2%**<br>|  |  |
|  Dynex Capital, Inc., Series C, 10.04% (3 mo. Term SOFR + 5.72%), Perpetual | 173425 | $4503847  |
|  MFA Financial, Inc., Series C, 9.90% (3 mo. Term SOFR + 5.61%), Perpetual | 52942 | 1298668  |
|  |  | 5802515  |
| **Real Estate Investment Trust — 0.1%**<br>|  |  |
|  AGNC Investment Corp., Series E, 9.57% (3 mo. Term SOFR + 5.25%), Perpetual | 66529 | 1709130  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $6,443,535)** |  | 7511645  |
|  | **Par**  |  |
| **WHOLE LOANS — 0.2%**<br>|  |  |
| Agency High Balance Residential Mortgages<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 07/24/2026 | $605506 | 601942  |
| &nbsp;&nbsp;&nbsp; 7.00%, 04/26/2037 | 175891 | 175491  |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/24/2037 | 269273 | 269698  |
| &nbsp;&nbsp;&nbsp; 7.75%, 08/24/2037 | 219408 | 222634  |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/24/2048 | 461303 | 434771  |
| Savannah Grand, 10.08%, 03/31/2026 | 3111177 | 3105491  |
| &nbsp;&nbsp;&nbsp; **TOTAL WHOLE LOANS** <br>**(Cost $4,818,619)** |  | 4810027  |
|  | **Shares**  |  |
| **SHORT-TERM INVESTMENTS — 2.9%**<br>|  |  |
| **Money Market Funds — 2.9%**<br>|  |  |
| First American Government Obligations Fund - Class U, 4.25%<sup>(c)(p)</sup> | 78539727 | 78539727  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $78,539,727)** |  | 78539727  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 108.8%** <br>**(Cost $3,136,997,175)** |  | $2938265604  |
| Liabilities in Excess of Other Assets — (8.8)% |  | (236656395)  |
| **TOTAL NET ASSETS — 100.0%** |  | $2701609209 |

---

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury

LIBOR - London Interbank Offered Rate

LP - Limited Partnership

SOFR - Secured Overnight Financing Rate

TBA - To be Announced

<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 July 31, 2025.

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

35<br>

------

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

**ANGEL OAK MULTI-STRATEGY INCOME FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**July 31, 2025 (Unaudited)(Continued)** 

<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 July 31, 2025, the value of securities pledged amounted to $253,660,469.

<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 July 31, 2025, the value of these securities total $2,026,036,271 or 75.0% of the Fund's net assets.

<sup>(e)</sup> Step coupon bond. The rate disclosed is as of July 31, 2025.

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

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

<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 July 31, 2025, the Fund has fair valued these securities under the procedures established by Angel Oak Capital Advisors, LLC as Valuation Designee pursuant to Rule 2a-5 under the Investment Company Act of 1940. The value of these securities amounted to $160,001 or 0.0% of net assets. Value determined using significant unobservable inputs.

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

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

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

<sup>(m)</sup> Security is exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. As of July 31, 2025, the value of these securities total $4,083,097 or 0.2% of the Fund's net assets.

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

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

<sup>(p)</sup> The rate shown represents the 7-day annualized yield as of July 31, 2025.

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

36<br>

------

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

**Angel Oak Multi-Strategy Income Fund** 

**Consolidated Schedule of Open Futures Contracts** 

**July 31, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Contracts Sold** | **Expiration** <br>**Date** | **Notional Value** | **Value/Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| **Short Futures Contracts**<br>|  |  |  |  |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp;(766) | &nbsp;&nbsp; 09/19/2025 | ($85073875) | &nbsp;&nbsp;&nbsp;&nbsp; $212741 |
| **Long Futures Contracts**<br>|  |  |  |  |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp; 304 | &nbsp;&nbsp; 09/30/2025 | $32884250 | ($67564)  |
| **Long/Short Total** |  |  |  | $145177 |

---

**Consolidated Schedule of Centrally Cleared Credit Default** 

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

**July 31, 2025 (Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference** <br>**Obligation** | **Implied** <br>**Credit** <br>**Spread at** <br>**07/31/25<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; 0.51% | &nbsp;&nbsp;&nbsp; 1.00% | Quarterly | 06/20/2030 | Wells Fargo <br>Securities, <br>LLC | $500000000 | ($11386333) | ($8512402) | &nbsp;&nbsp; ($2873931) |

---

<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.

37<br>

------

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

**Angel Oak UltraShort Income Fund** 

**Schedule of Investments** 

**July 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES — 31.3%** | **ASSET-BACKED SECURITIES — 31.3%** | **ASSET-BACKED SECURITIES — 31.3%** |
| **Automobile — 12.3%**  | **Automobile — 12.3%**  | **Automobile — 12.3%**  |
| &nbsp;&nbsp;&nbsp; AgoraCapital Auto Securities Trust, Series 2025-1A, Class A, <br>6.40%, 11/25/2032<sup>(a)</sup> | $914364 | $915137  |
| American Credit Acceptance Receivables Trust  | American Credit Acceptance Receivables Trust  | American Credit Acceptance Receivables Trust  |
| &nbsp;&nbsp;&nbsp; Series 2022-4, Class D, 8.00%, 02/15/2029<sup>(a)</sup> | 5843055 | 5908902  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class D, 6.53%, 04/12/2030<sup>(a)</sup> | 3000000 | 3070558  |
| Arivo Acceptance Auto Loan Receivables Trust  | Arivo Acceptance Auto Loan Receivables Trust  | Arivo Acceptance Auto Loan Receivables Trust  |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class A, 3.93%, 05/15/2028<sup>(a)</sup> | 68866 | 68764  |
| &nbsp;&nbsp;&nbsp; Series 2022-2A, Class A, 6.90%, 01/16/2029<sup>(a)</sup> | 154487 | 155799  |
| &nbsp;&nbsp;&nbsp; Avid Automobile Receivables Trust, Series 2023-1, Class B, <br>7.12%, 03/15/2027<sup>(a)</sup> | 133657 | 133718  |
| Avis Budget Car Rental LLC  | Avis Budget Car Rental LLC  | Avis Budget Car Rental LLC  |
| &nbsp;&nbsp;&nbsp; Series 2020-2A, Class C, 4.25%, 02/20/2027<sup>(a)</sup> | 5330000 | 5303038  |
| &nbsp;&nbsp;&nbsp; Series 2022-5A, Class B, 7.09%, 04/20/2027<sup>(a)</sup> | 5498000 | 5550625  |
| Carvana Auto Receivables Trust  | Carvana Auto Receivables Trust  | Carvana Auto Receivables Trust  |
| &nbsp;&nbsp;&nbsp; Series 2020-N1A, Class E, 5.20%, 07/15/2027<sup>(a)</sup> | 628381 | 627979  |
| &nbsp;&nbsp;&nbsp; Series 2021-N1, Class C, 1.30%, 01/10/2028  | 509822 | 498362  |
| &nbsp;&nbsp;&nbsp; Series 2021-N2, Class B, 0.75%, 03/10/2028  | 724835 | 703752  |
| &nbsp;&nbsp;&nbsp; Series 2021-N2, Class C, 1.07%, 03/10/2028  | 215142 | 208762  |
| &nbsp;&nbsp;&nbsp; Series 2021-N3, Class C, 1.02%, 06/12/2028  | 494005 | 476476  |
| &nbsp;&nbsp;&nbsp; Series 2025-P2, Class N, 5.71%, 06/10/2033<sup>(a)</sup> | 2980907 | 2980483  |
| CPS Auto Trust  | CPS Auto Trust  | CPS Auto Trust  |
| &nbsp;&nbsp;&nbsp; Series 2022-D, Class D, 8.73%, 01/16/2029<sup>(a)</sup> | 2900000 | 3015196  |
| &nbsp;&nbsp;&nbsp; Series 2023-D, Class D, 7.80%, 01/15/2030<sup>(a)</sup> | 2000000 | 2085244  |
| DT Auto Owner Trust  | DT Auto Owner Trust  | DT Auto Owner Trust  |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class E, 5.53%, 03/15/2029<sup>(a)</sup> | 1170000 | 1165503  |
| &nbsp;&nbsp;&nbsp; Series 2022-2A, Class D, 5.46%, 03/15/2028<sup>(a)</sup> | 5000000 | 5004985  |
| Exeter Automobile Receivables Trust  | Exeter Automobile Receivables Trust  | Exeter Automobile Receivables Trust  |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class E, 5.02%, 10/15/2029<sup>(a)</sup> | 1500000 | 1469621  |
| &nbsp;&nbsp;&nbsp; Series 2022-3A, Class D, 6.76%, 09/15/2028  | 6000000 | 6081876  |
| FHF Trust, Series 2022-2A, Class A, 6.14%, 12/15/2027<sup>(a)</sup> | 144083 | 144686  |
| Flagship Credit Auto Trust  | Flagship Credit Auto Trust  | Flagship Credit Auto Trust  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class D, 1.65%, 09/15/2027<sup>(a)</sup> | 193000 | 186183  |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class D, 2.26%, 12/15/2027<sup>(a)</sup> | 288000 | 272478  |
| &nbsp;&nbsp;&nbsp; Series 2022-2, Class C, 5.30%, 04/17/2028<sup>(a)</sup> | 1000000 | 999593  |
| &nbsp;&nbsp;&nbsp; GLS Auto Receivables Trust, Series 2022-3A, Class D, <br>6.42%, 06/15/2028<sup>(a)</sup> | 2600000 | 2631117  |
| Hertz Global Holdings, Inc.  | Hertz Global Holdings, Inc.  | Hertz Global Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp; Series 2021-2A, Class C, 2.52%, 12/27/2027<sup>(a)</sup> | 1500000 | 1441745  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class B, 6.22%, 06/25/2027<sup>(a)</sup> | 1000000 | 1004836  |
| &nbsp;&nbsp;&nbsp; Huntington Bank Auto Credit-Linked Notes, Series 2024-1, Class B1, <br>6.15%, 05/20/2032<sup>(a)</sup> | 280412 | 284072  |
| Lendbuzz Securitization Trust  | Lendbuzz Securitization Trust  | Lendbuzz Securitization Trust  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class A2, 6.92%, 08/15/2028<sup>(a)</sup> | 328031 | 332389  |
| &nbsp;&nbsp;&nbsp; Series 2023-3A, Class A2, 7.50%, 12/15/2028<sup>(a)</sup> | 251649 | 256734  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2, 6.19%, 08/15/2029<sup>(a)</sup> | 1538917 | 1551706  |

---

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

38<br>

------

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

**Angel Oak UltraShort Income Fund** 

**Schedule of Investments** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES — (Continued)**  | **ASSET-BACKED SECURITIES — (Continued)**  | **ASSET-BACKED SECURITIES — (Continued)**  |
| **Automobile — (Continued)**  | **Automobile — (Continued)**  | **Automobile — (Continued)**  |
| Lobel Automobile Receivables Trust  | Lobel Automobile Receivables Trust  | Lobel Automobile Receivables Trust  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class C, 8.31%, 10/16/2028<sup>(a)</sup> | $2000000 | $2017483  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class D, 8.00%, 03/15/2030<sup>(a)</sup> | 3010000 | 3068600  |
| &nbsp;&nbsp;&nbsp; Series 2023-2, Class C, 10.04%, 06/15/2029<sup>(a)</sup> | 3000000 | 3123914  |
| &nbsp;&nbsp;&nbsp; Luxury Lease Partners Auto Lease Trust, Series 2024-4, Class A, <br>7.29%, 07/15/2030<sup>(a)</sup> | 320790 | 321410  |
| &nbsp;&nbsp;&nbsp; Prestige Auto Receivables Trust, Series 2025-1A, Class B, <br>5.34%, 11/15/2028<sup>(a)</sup> | 3000000 | 3016736  |
| Research-Driven Pagaya Motor Asset Trust  | Research-Driven Pagaya Motor Asset Trust  | Research-Driven Pagaya Motor Asset Trust  |
| &nbsp;&nbsp;&nbsp; Series 2023-3A, Class A, 7.13%, 01/26/2032<sup>(a)</sup> | 221897 | 222546  |
| &nbsp;&nbsp;&nbsp; Series 2023-4A, Class A, 7.54%, 03/25/2032<sup>(a)</sup> | 760120 | 764705  |
| &nbsp;&nbsp;&nbsp; Series 2025-3A, Class A2, 5.15%, 02/27/2034<sup>(a)</sup> | 3500000 | 3515965  |
| &nbsp;&nbsp;&nbsp; Skopos Auto Receivable Trust, Series 2019-1A, Class E, <br>7.82%, 06/15/2026<sup>(a)</sup> | 400751 | 401557  |
| &nbsp;&nbsp;&nbsp; Strike Acceptance Auto Funding Trust, Series 2025-1A, Class A, <br>5.84%, 04/15/2032<sup>(a)</sup> | 1610707 | 1609015  |
| &nbsp;&nbsp;&nbsp; Tricolor Auto Securitization Trust, Series 2024-3A, Class A, <br>5.22%, 06/15/2028<sup>(a)</sup> | 393984 | 394474  |
| &nbsp;&nbsp;&nbsp; United Auto Credit Securitization Trust, Series 2025-1, Class B, <br>5.05%, 02/10/2028<sup>(a)</sup> | 3500000 | 3503638  |
| US Auto Funding Trust  | US Auto Funding Trust  | US Auto Funding Trust  |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class A, 3.98%, 10/15/2025<sup>(a)</sup> | 70091 | 69853  |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class B, 5.13%, 12/15/2025<sup>(a)</sup> | 750000 | 317607  |
| Veros Automobile Receivables Trust  | Veros Automobile Receivables Trust  | Veros Automobile Receivables Trust  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class A, 7.12%, 11/15/2028<sup>(a)</sup> | 61674 | 61717  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class C, 7.57%, 12/15/2028<sup>(a)</sup> | 920000 | 945787  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A, 5.31%, 09/15/2028<sup>(a)</sup> | 428484 | 429030  |
| &nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust, Series 2025-2A, Class A2B, <br>0.00% (30 day avg SOFR US + 0.58%), 09/15/2028<sup>(a)</sup> | 3000000 | 2999741  |
|  |  | 81314097  |
| **Consumer — 17.7%** | **Consumer — 17.7%** | **Consumer — 17.7%** |
| ACHV ABS TRUST  | ACHV ABS TRUST  | ACHV ABS TRUST  |
| &nbsp;&nbsp;&nbsp; Series 2023-1PL, Class D, 8.47%, 03/18/2030<sup>(a)</sup> | 2389325 | 2410642  |
| &nbsp;&nbsp;&nbsp; Series 2023-3PL, Class C, 7.35%, 08/19/2030<sup>(a)</sup> | 2578 | 2580  |
| &nbsp;&nbsp;&nbsp; Series 2023-3PL, Class D, 8.36%, 08/19/2030<sup>(a)</sup> | 3200000 | 3245150  |
| &nbsp;&nbsp;&nbsp; Series 2024-1PL, Class C, 6.42%, 04/25/2031<sup>(a)</sup> | 535320 | 540631  |
| &nbsp;&nbsp;&nbsp; Series 2024-1PL, Class D, 7.29%, 04/25/2031<sup>(a)</sup> | 833017 | 845816  |
| &nbsp;&nbsp;&nbsp; Series 2024-2PL, Class A, 5.07%, 10/27/2031<sup>(a)</sup> | 981430 | 983678  |
| &nbsp;&nbsp;&nbsp; Series 2024-2PL, Class B, 5.43%, 10/27/2031<sup>(a)</sup> | 549773 | 552155  |
| &nbsp;&nbsp;&nbsp; Series 2024-3AL, Class C, 5.68%, 12/26/2031<sup>(a)</sup> | 709664 | 712308  |
| Affirm, Inc., Series 2023-B, Class 1B, 7.44%, 09/15/2028<sup>(a)</sup> | 1200000 | 1202931  |
| AMCR ABS Trust, Series 2024-A, Class A, 6.26%, 08/18/2031<sup>(a)</sup> | 1803318 | 1808466  |
| &nbsp;&nbsp;&nbsp; Cascade Funding Mortgage Trust, Series 2021-GRN1, Class A, <br>1.10%, 03/20/2041<sup>(a)</sup> | 173205 | 171856  |
| Cherry Securitization Trust, Series 2025-1A, Class A, 6.13%, 11/15/2032<sup>(a)</sup> | 1500000 | 1513704  |
| Foundation Finance Trust, Series 2021-2A, Class A, 2.19%, 01/15/2042<sup>(a)</sup> | 514572 | 487417  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES — (Continued)**  | **ASSET-BACKED SECURITIES — (Continued)**  | **ASSET-BACKED SECURITIES — (Continued)**  |
| **Consumer — (Continued)**  | **Consumer — (Continued)**  | **Consumer — (Continued)**  |
| FREED ABS Trust  | FREED ABS Trust  | FREED ABS Trust  |
| &nbsp;&nbsp;&nbsp; Series 2021-3FP, Class D, 2.37%, 11/20/2028<sup>(a)</sup> | $36021 | $35911  |
| &nbsp;&nbsp;&nbsp; Series 2022-3FP, Class D, 7.36%, 08/20/2029<sup>(a)</sup> | 592325 | 595510  |
| &nbsp;&nbsp;&nbsp; Series 2022-4FP, Class D, 7.40%, 12/18/2029<sup>(a)</sup> | 1523958 | 1533473  |
| &nbsp;&nbsp;&nbsp; Goldman Home Improvement Trust, Series 2021-GRN2, Class A, <br>1.15%, 06/25/2051<sup>(a)</sup> | 460513 | 450766  |
| Lendingpoint Asset Securitization Trust  | Lendingpoint Asset Securitization Trust  | Lendingpoint Asset Securitization Trust  |
| &nbsp;&nbsp;&nbsp; Series 2021-B, Class C, 3.21%, 02/15/2029<sup>(a)</sup> | 1084317 | 1065280  |
| &nbsp;&nbsp;&nbsp; Series 2022-C, Class B, 7.46%, 02/15/2030<sup>(a)</sup> | 94353 | 94336  |
| LendingPoint Pass-Through Trust  | LendingPoint Pass-Through Trust  | LendingPoint Pass-Through Trust  |
| &nbsp;&nbsp;&nbsp; Series 2022-ST1, Class A, 2.50%, 03/15/2028<sup>(a)</sup> | 54532 | 53955  |
| &nbsp;&nbsp;&nbsp; Series 2022-ST2, Class A, 3.25%, 04/15/2028<sup>(a)</sup> | 82213 | 81348  |
| Marlette Funding Trust  | Marlette Funding Trust  | Marlette Funding Trust  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class C, 7.20%, 04/15/2033<sup>(a)</sup> | 2000000 | 2011326  |
| &nbsp;&nbsp;&nbsp; Series 2023-3A, Class C, 7.06%, 09/15/2033<sup>(a)</sup> | 3200000 | 3223657  |
| Momnt Technologies Trust  | Momnt Technologies Trust  | Momnt Technologies Trust  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class A, 6.92%, 03/20/2045<sup>(a)</sup> | 430565 | 430595  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, 6.24%, 06/20/2043<sup>(a)</sup> | 1933639 | 1934547  |
| NetCredit Funding LLC, Series 2024-A, Class A, 7.43%, 10/21/2030<sup>(a)</sup> | 84752 | 85899  |
| Oportun Financial Corp.  | Oportun Financial Corp.  | Oportun Financial Corp.  |
| &nbsp;&nbsp;&nbsp; Series 2022-A, Class B, 5.25%, 06/09/2031<sup>(a)</sup> | 4350000 | 4349715  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class A, 5.86%, 02/09/2032<sup>(a)</sup> | 343433 | 343731  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class B, 5.83%, 02/09/2032<sup>(a)</sup> | 500000 | 501302  |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class B, 5.48%, 08/15/2029<sup>(a)</sup> | 3000000 | 3001177  |
| Pagaya AI Debt Selection Trust  | Pagaya AI Debt Selection Trust  | Pagaya AI Debt Selection Trust  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class C, 4.09%, 11/15/2027<sup>(a)</sup> | 25519 | 25220  |
| &nbsp;&nbsp;&nbsp; Series 2021-HG1, Class B, 1.82%, 01/16/2029<sup>(a)</sup> | 555382 | 548424  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class C, 4.89%, 10/15/2029<sup>(a)</sup> | 2913105 | 2889065  |
| &nbsp;&nbsp;&nbsp; Series 2022-5, Class A, 8.10%, 06/17/2030<sup>(a)</sup> | 270472 | 271080  |
| &nbsp;&nbsp;&nbsp; Series 2023-5, Class C, 9.10%, 04/15/2031<sup>(a)</sup> | 1068434 | 1074810  |
| &nbsp;&nbsp;&nbsp; Series 2023-7, Class ABC, 8.74%, 07/15/2031<sup>(a)(b)</sup> | 1244608 | 1250840  |
| &nbsp;&nbsp;&nbsp; Series 2023-7, Class C, 8.80%, 07/15/2031<sup>(a)</sup> | 1113961 | 1123366  |
| &nbsp;&nbsp;&nbsp; Series 2023-8, Class B, 7.96%, 06/16/2031<sup>(a)</sup> | 4447337 | 4531571  |
| &nbsp;&nbsp;&nbsp; Series 2023-8, Class C, 9.54%, 06/16/2031<sup>(a)</sup> | 4824422 | 4943650  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class B, 7.11%, 07/15/2031<sup>(a)</sup> | 2337435 | 2359932  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class C, 8.34%, 07/15/2031<sup>(a)</sup> | 2532891 | 2570968  |
| &nbsp;&nbsp;&nbsp; Series 2024-10, Class C, 5.99%, 06/15/2032<sup>(a)</sup> | 1667983 | 1671294  |
| &nbsp;&nbsp;&nbsp; Series 2024-11, Class B, 5.64%, 07/15/2032<sup>(a)</sup> | 4730813 | 4741672  |
| &nbsp;&nbsp;&nbsp; Series 2024-11, Class C, 5.87%, 07/15/2032<sup>(a)</sup> | 999885 | 1002468  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class B, 6.61%, 08/15/2031<sup>(a)</sup> | 3569745 | 3598102  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class C, 7.57%, 08/15/2031<sup>(a)</sup> | 580422 | 586644  |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class A, 6.26%, 10/15/2031<sup>(a)</sup> | 250901 | 252365  |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class B, 6.57%, 10/15/2031<sup>(a)</sup> | 3075509 | 3096835  |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class C, 7.30%, 10/15/2031<sup>(a)</sup> | 614715 | 620950  |
| &nbsp;&nbsp;&nbsp; Series 2024-5, Class B, 6.60%, 10/15/2031<sup>(a)</sup> | 1296935 | 1309152  |
| &nbsp;&nbsp;&nbsp; Series 2024-6, Class B, 6.59%, 11/15/2031<sup>(a)</sup> | 1353431 | 1364070  |

---

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** 

**July 31, 2025 (Unaudited)(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 2024-8, Class D, 6.53%, 01/15/2032<sup>(a)</sup> | $991687 | $995442  |
| &nbsp;&nbsp;&nbsp; Series 2024-9, Class D, 6.17%, 03/15/2032<sup>(a)</sup> | 760815 | 761586  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class B, 5.63%, 07/15/2032<sup>(a)</sup> | 999915 | 1003343  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class C, 5.87%, 07/15/2032<sup>(a)</sup> | 999915 | 1003475  |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class B, 5.33%, 10/15/2032<sup>(a)</sup> | 1624829 | 1623831  |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class C, 5.64%, 10/15/2032<sup>(a)</sup> | 1999790 | 2000418  |
| &nbsp;&nbsp;&nbsp; Series 2025-3, Class A2, 5.37%, 12/15/2032<sup>(a)</sup> | 1000000 | 1004689  |
| &nbsp;&nbsp;&nbsp; Series 2025-3, Class B, 6.06%, 12/15/2032<sup>(a)</sup> | 1000000 | 1010404  |
| &nbsp;&nbsp;&nbsp; Series 2025-4, Class A2, 5.37%, 01/17/2033<sup>(a)</sup> | 2500000 | 2512049  |
| &nbsp;&nbsp;&nbsp; Series 2025-4, Class B, 5.69%, 01/17/2033<sup>(a)</sup> | 3000000 | 3019113  |
| &nbsp;&nbsp;&nbsp; Series 2025-4, Class C, 6.15%, 01/17/2033<sup>(a)</sup> | 1000000 | 1004313  |
| &nbsp;&nbsp;&nbsp; Series 2025-5, Class C, 5.64%, 03/15/2033<sup>(a)</sup> | 4500000 | 4504503  |
| &nbsp;&nbsp;&nbsp; Series 2025-R1, Class A2, 5.34%, 06/15/2032<sup>(a)</sup> | 1700000 | 1707912  |
| Pagaya Technologies Ltd.  | Pagaya Technologies Ltd.  | Pagaya Technologies Ltd.  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A, 5.72%, 01/20/2034<sup>(a)</sup> | 2300000 | 2312520  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class C, 6.30%, 01/20/2034<sup>(a)</sup> | 2000000 | 2013397  |
| &nbsp;&nbsp;&nbsp; Prosper Marketplace Issuance Trust, Series 2023-1A, Class C, <br>8.29%, 07/16/2029<sup>(a)</sup> | 1500000 | 1513094  |
|  Sotheby's Artfi Master Trust, Series 2024-1A, Class A1, 6.43%, 12/22/2031<sup>(a)</sup> | 3446000 | 3468799  |
| SpringCastle America LLC, Series 2020-AA, Class A, 1.97%, 09/25/2037<sup>(a)</sup> | 4794087 | 4505574  |
| &nbsp;&nbsp;&nbsp; Sunbit Asset Securitization Trust, Series 2025-1, Class A, <br>5.36%, 07/15/2030<sup>(a)</sup> | 1000000 | 999977  |
| Theorem Funding Trust, Series 2022-3A, Class B, 8.95%, 04/15/2029<sup>(a)</sup> | 1400000 | 1426081  |
| Upstart Pass-Through Trust Series  | Upstart Pass-Through Trust Series  | Upstart Pass-Through Trust Series  |
| &nbsp;&nbsp;&nbsp; Series 2021-ST4, Class A, 2.00%, 07/20/2027<sup>(a)</sup> | 366239 | 364362  |
| &nbsp;&nbsp;&nbsp; Series 2022-ST3, Class A, 4.30%, 05/20/2030<sup>(a)</sup> | 328533 | 326330  |
| Upstart Securitization Trust  | Upstart Securitization Trust  | Upstart Securitization Trust  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class C, 3.28%, 07/20/2031<sup>(a)</sup> | 292576 | 290064  |
| &nbsp;&nbsp;&nbsp; Series 2022-4, Class A, 5.98%, 08/20/2032<sup>(a)</sup> | 28834 | 28840  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A, 5.45%, 04/20/2035<sup>(a)</sup> | 2056603 | 2063993  |
| Upstart Structured Pass-Through Trust  | Upstart Structured Pass-Through Trust  | Upstart Structured Pass-Through Trust  |
| &nbsp;&nbsp;&nbsp; Series 2022-2A, Class A, 4.25%, 06/17/2030<sup>(a)</sup> | 136342 | 135566  |
| &nbsp;&nbsp;&nbsp; Series 2022-4A, Class B, 8.54%, 11/15/2030<sup>(a)</sup> | 737573 | 741222  |
|  |  | 116443237  |
| **Credit Card — 0.2%** | **Credit Card — 0.2%** | **Credit Card — 0.2%** |
| &nbsp;&nbsp;&nbsp; Mission Lane Credit Card Master Trust, Series 2025-A, Class A, <br>5.80%, 05/15/2030<sup>(a)</sup> | 1500000 | 1512415  |
| **Equipment — 0.5%** | **Equipment — 0.5%** | **Equipment — 0.5%** |
| Octane Receivables Trust, Series 2022-2A, Class D, 7.70%, 02/20/2030<sup>(a)</sup> | 3000000 | 3087560  |
| **Fiber — 0.6%** | **Fiber — 0.6%** | **Fiber — 0.6%** |
| &nbsp;&nbsp;&nbsp; Frontier Communications Parent, Inc., Series 2023-1, Class A2, <br>6.60%, 08/20/2053<sup>(a)</sup> | 4000000 | 4052459  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $206,689,399)** |  | 206409768  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY — 18.3%** | &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY — 18.3%** | &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY — 18.3%** |
| Federal Home Loan Mortgage Corp.  | Federal Home Loan Mortgage Corp.  | Federal Home Loan Mortgage Corp.  |
| &nbsp;&nbsp;&nbsp; Pool WN1022, 2.10%, 11/01/2026  | $2000000 | $1938782  |
| &nbsp;&nbsp;&nbsp; Series K052, Class A2, 3.15%, 11/25/2025  | 1416407 | 1410084  |
| &nbsp;&nbsp;&nbsp; Series K053, Class A2, 3.00%, 12/25/2025  | 1767195 | 1756677  |
| &nbsp;&nbsp;&nbsp; Series K054, Class A2, 2.75%, 01/25/2026  | 2325704 | 2305787  |
| &nbsp;&nbsp;&nbsp; Series K055, Class A2, 2.67%, 03/25/2026  | 5560124 | 5494603  |
| &nbsp;&nbsp;&nbsp; Series K056, Class A2, 2.53%, 05/25/2026  | 952941 | 939395  |
| &nbsp;&nbsp;&nbsp; Series K057, Class A2, 2.57%, 07/25/2026  | 5208503 | 5115891  |
| &nbsp;&nbsp;&nbsp; Series K058, Class A2, 2.65%, 08/25/2026  | 6000000 | 5886696  |
| &nbsp;&nbsp;&nbsp; Series K059, Class A2, 3.12%, 09/25/2026<sup>(b)</sup> | 3420000 | 3372305  |
| &nbsp;&nbsp;&nbsp; Series K062, Class AM, 3.51%, 12/25/2026  | 2860000 | 2822340  |
| &nbsp;&nbsp;&nbsp; Series K734, Class A2, 3.21%, 02/25/2026  | 862980 | 857962  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-F100, Class AL, 4.56% (30 day avg SOFR US + 0.24%), <br>11/25/2027  | 4674204 | 4650819  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-F100, Class AS, 4.50% (30 day avg SOFR US + 0.18%), <br>01/25/2028  | 1685981 | 1675103  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-F101, Class AS, 4.52% (30 day avg SOFR US + 0.20%), <br>01/25/2031  | 210036 | 207807  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-F104, Class AS, 4.57% (30 day avg SOFR US + 0.25%), <br>01/25/2031  | 3614269 | 3596389  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-F105, Class AS, 4.57% (30 day avg SOFR US + 0.25%), <br>02/25/2031  | 5150812 | 5130013  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-F108, Class AS, 4.57% (30 day avg SOFR US + 0.25%), <br>02/25/2031  | 536906 | 534197  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-F113, Class AS, 4.55% (30 day avg SOFR US + 0.23%), <br>05/25/2028  | 581449 | 577739  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-F114, Class AS, 4.54% (30 day avg SOFR US + 0.22%), <br>05/25/2031  | 1232881 | 1215403  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-F115, Class AS, 4.53% (30 day avg SOFR US + 0.21%), <br>06/25/2031  | 4291033 | 4228783  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-F117, Class AS, 4.56% (30 day avg SOFR US + 0.24%), <br>06/25/2031  | 440462 | 434989  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-F118, Class AS, 4.52% (30 day avg SOFR US + 0.20%), <br>07/25/2028  | 2077308 | 2060964  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-F121, Class AS, 4.50% (30 day avg SOFR US + 0.18%), <br>08/25/2028  | 3583303 | 3551982  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-F122, Class AS, 4.51% (30 day avg SOFR US + 0.19%), <br>09/25/2031  | 2216035 | 2204558  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KF123, Class AS, 4.52% (30 day avg SOFR US + 0.20%), <br>09/25/2028  | 1507464 | 1494766  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KF128, Class AS, 4.55% (30 day avg SOFR US + 0.23%), <br>12/25/2031  | 3078341 | 3057405  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KF129, Class AS, 4.57% (30 day avg SOFR US + 0.25%), <br>01/25/2029  | 2174229 | 2157996  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KF130, Class AS, 4.61% (30 day avg SOFR US + 0.29%), <br>01/25/2029  | 1022556 | 1019941  |

---

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** 

**July 31, 2025 (Unaudited)(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;&nbsp;&nbsp;&nbsp;&nbsp; Series KF133, Class AS, 4.69% (30 day avg SOFR US + 0.37%), <br>02/25/2029  | $3595227 | $3581202  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KF135, Class AS, 4.69% (30 day avg SOFR US + 0.37%), <br>05/25/2029  | 678552 | 677604  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KF136, Class AS, 4.73% (30 day avg SOFR US + 0.41%), <br>04/25/2032  | 497101 | 494374  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KF155, Class AS, 4.99% (30 day avg SOFR US + 0.67%), <br>02/25/2030  | 825894 | 831346  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KF160, Class AS, 5.02% (30 day avg SOFR US + 0.70%), <br>10/25/2030  | 1788435 | 1800013  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KF166, Class AS, 4.92% (30 day avg SOFR US + 0.60%), <br>01/25/2032  | 5000000 | 5014390  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KF43, Class A, 4.67% (30 day avg SOFR US + 0.35%), <br>01/25/2028  | 2112131 | 2106248  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KF48, Class A, 4.72% (30 day avg SOFR US + 0.40%), <br>06/25/2028  | 816098 | 814403  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KF60, Class A, 4.92% (30 day avg SOFR US + 0.60%), <br>02/25/2026  | 677578 | 678666  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KF62, Class A, 4.91% (30 day avg SOFR US + 0.59%), <br>04/25/2026  | 576765 | 577726  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KF64, Class A, 4.87% (30 day avg SOFR US + 0.55%), <br>06/25/2026  | 275564 | 275960  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KF67, Class A, 4.95% (30 day avg SOFR US + 0.63%), <br>08/25/2029  | 1035442 | 1040586  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KF68, Class A, 4.92% (30 day avg SOFR US + 0.60%), <br>07/25/2026  | 2517802 | 2523002  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KF74, Class AS, 4.85% (SOFR 1M Historical Calendar Day <br>Compounded + 0.53%), 01/25/2027  | 14566 | 14584  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KF75, Class AS, 4.87% (SOFR 1M Historical Calendar Day <br>Compounded + 0.55%), 12/25/2029  | 529506 | 530584  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KF81, Class AS, 4.72% (30 day avg SOFR US + 0.40%), <br>06/25/2027  | 1163834 | 1162703  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KF82, Class AS, 4.74% (30 day avg SOFR US + 0.42%), <br>06/25/2030  | 528628 | 526836  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KF84, Class AL, 4.73% (30 day avg SOFR US + 0.41%), <br>07/25/2030  | 1404665 | 1408963  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KF86, Class AL, 4.72% (30 day avg SOFR US + 0.40%), <br>08/25/2027  | 1149460 | 1148271  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KF86, Class AS, 4.64% (30 day avg SOFR US + 0.32%), <br>08/25/2027  | 3768207 | 3758519  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KF88, Class AL, 4.76% (30 day avg SOFR US + 0.44%), <br>09/25/2030  | 1387012 | 1383421  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KF91, Class AL, 4.76% (30 day avg SOFR US + 0.44%), <br>10/25/2030  | 593840 | 593898  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KF92, Class AS, 4.68% (30 day avg SOFR US + 0.36%), <br>10/25/2030  | 130083 | 129236  |

---

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** 

**July 31, 2025 (Unaudited)(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;&nbsp;&nbsp;&nbsp;&nbsp; Series KF93, Class AL, 4.71% (30 day avg SOFR US + 0.39%), <br>10/25/2027  | $769020 | $767825  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KF93, Class AS, 4.63% (30 day avg SOFR US + 0.31%), <br>10/25/2027  | 657512 | 655341  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KF94, Class AL, 4.73% (30 day avg SOFR US + 0.41%), <br>11/25/2030  | 2023297 | 2015031  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KF95, Class AL, 4.69% (30 day avg SOFR US + 0.37%), <br>11/25/2030  | 89655 | 89129  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KF96, Class AS, 4.62% (30 day avg SOFR US + 0.30%), <br>11/25/2030  | 2587991 | 2563713  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KF97, Class AS, 4.57% (30 day avg SOFR US + 0.25%), <br>12/25/2030  | 98921 | 97754  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KF98, Class AL, 4.60% (30 day avg SOFR US + 0.28%), <br>12/25/2030  | 5100702 | 5048369  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KF99, Class AS, 4.52% (30 day avg SOFR US + 0.20%), <br>12/25/2030  | 988042 | 973978  |
| Federal National Mortgage Association  | Federal National Mortgage Association  | Federal National Mortgage Association  |
| &nbsp;&nbsp;&nbsp; Pool AN0571, 3.10%, 01/01/2026  | 2000000 | 1984624  |
| &nbsp;&nbsp;&nbsp; Pool AN3381, 2.52%, 10/01/2026  | 1307532 | 1276604  |
| &nbsp;&nbsp;&nbsp; Pool BM7189, 3.03%, 10/01/2025<sup>(b)</sup> | 55686 | 55459  |
| &nbsp;&nbsp;&nbsp; Series 2016-M6, Class A2, 2.49%, 05/25/2026  | 2432441 | 2395529  |
| &nbsp;&nbsp;&nbsp; Series 2017-M15, Class ATS2, 3.16%, 11/25/2027<sup>(b)</sup> | 815992 | 796813  |
| &nbsp;&nbsp;&nbsp; Series 2019-M28, Class AV, 2.23%, 02/25/2027  | 1539469 | 1512477  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY** <br>**(Cost $121,365,220)** |  | 121004557  |
| **CORPORATE OBLIGATIONS — 16.1%**<br>|  |  |
| **Basic Materials — 0.7%** | **Basic Materials — 0.7%** | **Basic Materials — 0.7%** |
| Cabot Corp., 3.40%, 09/15/2026  | 700000 | 690695  |
| Consolidated Energy Finance SA, 6.50%, 05/15/2026<sup>(a)</sup> | 500000 | 489385  |
| First Quantum Minerals Ltd., 6.88%, 10/15/2027<sup>(a)</sup> | 600000 | 601443  |
| FMC Corp., 3.20%, 10/01/2026  | 1800000 | 1772096  |
| International Flavors & Fragrances, Inc., 1.23%, 10/01/2025<sup>(a)</sup> | 713000 | 708194  |
| Methanex Corp., 5.13%, 10/15/2027  | 350000 | 348516  |
|  |  | 4610329  |
| **Communications — 0.5%** | **Communications — 0.5%** | **Communications — 0.5%** |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC / Directv Financing Co.-Obligor, Inc., <br>5.88%, 08/15/2027<sup>(a)</sup> | 600000 | 597077  |
| Juniper Networks, Inc., 1.20%, 12/10/2025  | 500000 | 493508  |
| Nexstar Media, Inc., 5.63%, 07/15/2027<sup>(a)</sup> | 450000 | 449408  |
| Sprint LLC, 7.63%, 03/01/2026  | 1710000 | 1723025  |
|  |  | 3263018 |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  |
| **Consumer, Cyclical — 3.1%** | **Consumer, Cyclical — 3.1%** | **Consumer, Cyclical — 3.1%** |
| American Axle & Manufacturing, Inc., 6.50%, 04/01/2027  | $600000 | $600997  |
| AutoNation, Inc., 4.50%, 10/01/2025  | 600000 | 599320  |
| Beazer Homes USA, Inc., 5.88%, 10/15/2027  | 600000 | 598962  |
| BorgWarner, Inc., 2.65%, 07/01/2027  | 900000 | 869477  |
| Carnival Corp., 4.00%, 08/01/2028<sup>(a)</sup> | 1850000 | 1797969  |
| Delta Air Lines, Inc., 7.38%, 01/15/2026  | 1700000 | 1717753  |
| Ford Motor Credit Co. LLC, 2.90%, 02/16/2028  | 1800000 | 1689611  |
| General Motors Financial Co., Inc., 2.40%, 04/10/2028  | 1800000 | 1698997  |
| Hyatt Hotels Corp., 4.85%, 03/15/2026  | 300000 | 300096  |
| Mattel, Inc., 3.38%, 04/01/2026<sup>(a)</sup> | 1700000 | 1679220  |
| Meritage Homes Corp., 5.13%, 06/06/2027  | 1700000 | 1709597  |
| NCL Corp. Ltd., 5.88%, 03/15/2026<sup>(a)</sup> | 76000 | 76330  |
| Newell Brands, Inc., 8.50%, 06/01/2028<sup>(a)</sup> | 650000 | 682743  |
| Royal Caribbean Cruises Ltd., 4.25%, 07/01/2026<sup>(a)</sup> | 1770000 | 1763950  |
| Southwest Airlines Co., 3.00%, 11/15/2026  | 2007000 | 1964351  |
| Toll Brothers Finance Corp., 4.88%, 03/15/2027  | 930000 | 932810  |
| United Airlines, Inc., 4.38%, 04/15/2026<sup>(a)</sup> | 1800000 | 1790439  |
|  |  | 20472622  |
| **Consumer, Non-cyclical — 0.9%** | **Consumer, Non-cyclical — 0.9%** |  |
| Ashtead Capital, Inc., 1.50%, 08/12/2026<sup>(a)</sup> | 1750000 | 1693831  |
| Block Financial LLC, 5.25%, 10/01/2025  | 650000 | 650127  |
| Conagra Brands, Inc., 1.38%, 11/01/2027  | 1850000 | 1719354  |
| HCA, Inc., 5.20%, 06/01/2028  | 1700000 | 1729333  |
|  |  | 5792645  |
| **Energy — 2.1%** | **Energy — 2.1%** | **Energy — 2.1%** |
|  Archrock Partners LP / Archrock Partners Finance Corp., 6.88%, 04/01/2027<sup>(a)</sup> | 600000 | 601908  |
| Continental Resources, Inc., 2.27%, 11/15/2026<sup>(a)</sup> | 1800000 | 1742998  |
| EQT Corp.  | EQT Corp.  | EQT Corp.  |
| &nbsp;&nbsp;&nbsp; 3.13%, 05/15/2026<sup>(a)</sup> | 904000 | 891187  |
| &nbsp;&nbsp;&nbsp; 3.90%, 10/01/2027  | 896000 | 884071  |
| FTAI Infra Escrow Holdings LLC, 10.50%, 06/01/2027<sup>(a)</sup> | 650000 | 668568  |
| Occidental Petroleum Corp., 3.20%, 08/15/2026  | 950000 | 934303  |
| ONEOK, Inc.  | ONEOK, Inc.  | ONEOK, Inc.  |
| &nbsp;&nbsp;&nbsp; 4.85%, 07/15/2026  | 600000 | 601190  |
| &nbsp;&nbsp;&nbsp; 4.55%, 07/15/2028  | 1100000 | 1101588  |
| Ovintiv, Inc., 5.38%, 01/01/2026  | 1800000 | 1801698  |
| PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 02/15/2028  | 600000 | 577932  |
| Sabine Pass Liquefaction LLC  | Sabine Pass Liquefaction LLC  | Sabine Pass Liquefaction LLC  |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/30/2026  | 177000 | 177863  |
| &nbsp;&nbsp;&nbsp; 4.20%, 03/15/2028  | 750000 | 744290  |
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., <br>6.00%, 03/01/2027<sup>(a)</sup> | 400000 | 399016  |
| &nbsp;&nbsp;&nbsp; USA Compression Partners LP / USA Compression Finance Corp., <br>6.88%, 09/01/2027  | 300000 | 300174 |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  |
| **Energy — (Continued)**  | **Energy — (Continued)**  | **Energy — (Continued)**  |
| Venture Global LNG, Inc., 8.13%, 06/01/2028<sup>(a)</sup> | $650000 | $673389  |
| Western Midstream Operating LP, 4.75%, 08/15/2028  | 1800000 | 1794551  |
|  |  | 13894726  |
| **Financial — 4.5%** | **Financial — 4.5%** | **Financial — 4.5%** |
| Aircastle Ltd.  | Aircastle Ltd.  | Aircastle Ltd.  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/11/2025<sup>(a)</sup> | 450000 | 450000  |
| &nbsp;&nbsp;&nbsp; 2.85%, 01/26/2028<sup>(a)</sup> | 1800000 | 1718520  |
| Apollo Management Holdings LP, 4.40%, 05/27/2026<sup>(a)</sup> | 340000 | 339081  |
| Ares Capital Corp., 7.00%, 01/15/2027  | 1800000 | 1853576  |
| Avolon Holdings Funding Ltd.  | Avolon Holdings Funding Ltd.  | Avolon Holdings Funding Ltd.  |
| &nbsp;&nbsp;&nbsp; 2.53%, 11/18/2027<sup>(a)</sup> | 700000 | 667599  |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/04/2028<sup>(a)</sup> | 1100000 | 1145485  |
| Blackstone Mortgage Trust, Inc., 3.75%, 01/15/2027<sup>(a)</sup> | 600000 | 585071  |
| Capital One Financial Corp., 4.20%, 10/29/2025  | 1700000 | 1696946  |
| Capital One NA, 3.45%, 07/27/2026  | 1100000 | 1088798  |
| Comerica, Inc., 3.80%, 07/22/2026  | 1800000 | 1784063  |
| Fifth Third Bank NA, 3.85%, 03/15/2026  | 1850000 | 1840371  |
| Freedom Mortgage Corp., 6.63%, 01/15/2027<sup>(a)</sup> | 600000 | 600851  |
| GGAM Finance Ltd., 8.00%, 02/15/2027<sup>(a)</sup> | 250000 | 257630  |
| Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/2027<sup>(a)</sup> | 600000 | 620333  |
| goeasy Ltd., 4.38%, 05/01/2026<sup>(a)</sup> | 274000 | 270271  |
| HAT Holdings I LLC / HAT Holdings II LLC, 3.38%, 06/15/2026<sup>(a)</sup> | 825000 | 810014  |
| Host Hotels & Resorts LP, 4.50%, 02/01/2026  | 950000 | 948192  |
| Jefferson Capital Holdings LLC, 6.00%, 08/15/2026<sup>(a)</sup> | 220000 | 220105  |
| KeyBank NA, 3.40%, 05/20/2026  | 1040000 | 1028756  |
| Lloyds Banking Group PLC  | Lloyds Banking Group PLC  | Lloyds Banking Group PLC  |
| &nbsp;&nbsp;&nbsp; 4.58%, 12/10/2025  | 950000 | 949533  |
| &nbsp;&nbsp;&nbsp; 4.65%, 03/24/2026  | 800000 | 799639  |
| LPL Holdings, Inc.  | LPL Holdings, Inc.  | LPL Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/20/2027  | 140000 | 142348  |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/15/2027<sup>(a)</sup> | 1560000 | 1552155  |
| Manufacturers & Traders Trust Co., 3.40%, 08/17/2027  | 250000 | 244159  |
| Nationstar Mortgage Holdings, Inc., 6.00%, 01/15/2027<sup>(a)</sup> | 250000 | 250431  |
| OneMain Finance Corp., 3.50%, 01/15/2027  | 450000 | 439437  |
| PRA Group, Inc., 8.38%, 02/01/2028<sup>(a)</sup> | 420000 | 430043  |
| Radian Group, Inc., 4.88%, 03/15/2027  | 1850000 | 1850443  |
| Starwood Property Trust, Inc., 4.38%, 01/15/2027<sup>(a)</sup> | 300000 | 295112  |
| Synchrony Bank, 5.63%, 08/23/2027  | 1800000 | 1830929  |
| Truist Bank, 3.63%, 09/16/2025  | 600000 | 598909  |
| United Wholesale Mortgage LLC, 5.75%, 06/15/2027<sup>(a)</sup> | 400000 | 400300  |
| VICI Properties LP / VICI Note Co., Inc.  | VICI Properties LP / VICI Note Co., Inc.  | VICI Properties LP / VICI Note Co., Inc.  |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/01/2026<sup>(a)</sup> | 1573000 | 1565715  |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/15/2027<sup>(a)</sup> | 227000 | 223185  |
|  |  | 29498000  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  |
| **Industrial — 2.7%** | **Industrial — 2.7%** | **Industrial — 2.7%** |
| Arrow Electronics, Inc.  | Arrow Electronics, Inc.  | Arrow Electronics, Inc.  |
| &nbsp;&nbsp;&nbsp; 7.50%, 01/15/2027  | $100000 | $103322  |
| &nbsp;&nbsp;&nbsp; 3.88%, 01/12/2028  | 1700000 | 1666315  |
| Avnet, Inc., 6.25%, 03/15/2028  | 1800000 | 1867651  |
| Berry Global, Inc., 1.57%, 01/15/2026  | 1700000 | 1674389  |
| Boeing Co.  | Boeing Co.  | Boeing Co.  |
| &nbsp;&nbsp;&nbsp; 2.75%, 02/01/2026  | 1750000 | 1733293  |
| &nbsp;&nbsp;&nbsp; 3.10%, 05/01/2026  | 70000 | 69166  |
| Flex Ltd., 3.75%, 02/01/2026  | 1500000 | 1492341  |
| GATX Corp.  | GATX Corp.  | GATX Corp.  |
| &nbsp;&nbsp;&nbsp; 3.25%, 09/15/2026  | 600000 | 591368  |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/15/2028  | 1100000 | 1071727  |
| Hexcel Corp., 4.20%, 02/15/2027  | 1700000 | 1686712  |
| Jabil, Inc., 1.70%, 04/15/2026  | 400000 | 392180  |
| Owens-Brockway Glass Container, Inc., 6.63%, 05/13/2027<sup>(a)</sup> | 300000 | 300606  |
| Penske Truck Leasing Co. LP / PTL Finance Corp., 5.75%, 05/24/2026<sup>(a)</sup> | 135000 | 135976  |
| Rolls-Royce PLC, 3.63%, 10/14/2025<sup>(a)</sup> | 1750000 | 1746325  |
| Sealed Air Corp., 1.57%, 10/15/2026<sup>(a)</sup> | 1800000 | 1729123  |
| Silgan Holdings, Inc., 1.40%, 04/01/2026<sup>(a)</sup> | 1750000 | 1711465  |
|  |  | 17971959  |
| **Technology — 0.3%** | **Technology — 0.3%** | **Technology — 0.3%** |
| CDW LLC / CDW Finance Corp., 2.67%, 12/01/2026  | 1800000 | 1756287  |
| **Utilities — 1.3%** | **Utilities — 1.3%** | **Utilities — 1.3%** |
| National Fuel Gas Co., 5.50%, 10/01/2026  | 1850000 | 1863604  |
| NRG Energy, Inc.  | NRG Energy, Inc.  | NRG Energy, Inc.  |
| &nbsp;&nbsp;&nbsp; 2.00%, 12/02/2025<sup>(a)</sup> | 1100000 | 1087728  |
| &nbsp;&nbsp;&nbsp; 2.45%, 12/02/2027<sup>(a)</sup> | 750000 | 710941  |
| Pacific Gas and Electric Co., 3.15%, 01/01/2026  | 1750000 | 1738052  |
| Southern California Edison Co., 3.70%, 08/01/2025  | 1700000 | 1700000  |
| Vistra Operations Co. LLC  | Vistra Operations Co. LLC  | Vistra Operations Co. LLC  |
| &nbsp;&nbsp;&nbsp; 5.05%, 12/30/2026<sup>(a)</sup> | 1700000 | 1704202  |
| &nbsp;&nbsp;&nbsp; 3.70%, 01/30/2027<sup>(a)</sup> | 100000 | 98659  |
|  |  | 8903186  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE OBLIGATIONS** <br>**(Cost $105,845,080)** |  | 106162772  |
| **COLLATERALIZED LOAN OBLIGATIONS — 14.7%** | **COLLATERALIZED LOAN OBLIGATIONS — 14.7%** | **COLLATERALIZED LOAN OBLIGATIONS — 14.7%** |
|  Apidos CLO Ltd., Series 2019-31A, Class A1R, 5.68% (3 mo. Term SOFR + 1.36%), 04/15/2031<sup>(a)</sup> | 2457054 | 2460108  |
|  BCRED BSL Static CLO Ltd., Series 2025-1A, Class AR, 5.54% (3 mo. Term SOFR + 1.25%), 07/24/2035<sup>(a)</sup> | 2000000 | 1999572  |
|  BCRED MML CLO LLC, Series 2022-1A, Class A1, 5.98% (3 mo. Term SOFR + 1.65%), 04/20/2035<sup>(a)</sup> | 6035000 | 6040232  |
|  Black Diamond CLO Ltd., Series 2019-2A, Class A1AR, 5.64% (3 mo. Term SOFR + 1.32%), 07/23/2032<sup>(a)</sup> | 3568592 | 3572150  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS — (Continued)**  | **COLLATERALIZED LOAN OBLIGATIONS — (Continued)**  | **COLLATERALIZED LOAN OBLIGATIONS — (Continued)**  |
|  Blackstone, Inc., Series 2018-1A, Class A2, 5.59% (3 mo. Term SOFR + 1.27%), 04/15/2031<sup>(a)</sup> | $816466 | $817027  |
|  Canyon Capital CLO Ltd., Series 2016-1A, Class AR, 5.65% (3 mo. Term SOFR + 1.33%), 07/15/2031<sup>(a)</sup> | 2564729 | 2566276  |
|  Canyon CLO Ltd., Series 2018-1A, Class A, 5.65% (3 mo. Term SOFR + 1.33%), 07/15/2031<sup>(a)</sup> | 4976166 | 4979664  |
|  Carlyle Group, Inc., Series 2014-5A, Class A1RR, 5.72% (3 mo. Term SOFR + 1.40%), 07/15/2031<sup>(a)</sup> | 3111136 | 3116886  |
|  Cathedral Lake CLO Ltd., Series 2021-6A, Class X, 5.58% (3 mo. Term SOFR + 1.26%), 04/25/2034<sup>(a)</sup> | 631579 | 631636  |
|  Cerberus Loan Funding LP, Series 2023-1A, Class A, 6.72% (3 mo. Term SOFR + 2.40%), 03/22/2035<sup>(a)</sup> | 5000000 | 5007520  |
|  Churchill Middle Market CLO Ltd., Series 2023-2A, Class X, 6.33% (3 mo. Term SOFR + 2.00%), 01/20/2036<sup>(a)</sup> | 571429 | 571905  |
| &nbsp;&nbsp;&nbsp; Dryden Senior Loan Fund, Series 2015-41A, Class BR, 5.88% (3 mo. Term <br>SOFR + 1.56%), 04/15/2031<sup>(a)</sup> | 2650000 | 2655740  |
|  Gallatin CLO Ltd., Series 2017-1A, Class A1R, 5.67% (3 mo. Term SOFR + 1.35%), 07/15/2031<sup>(a)</sup> | 1077624 | 1078075  |
|  Greywolf CLO Ltd., Series 2020-3RA, Class A1R2, 5.56% (3 mo. Term SOFR + 1.23%), 04/22/2033<sup>(a)</sup> | 3900875 | 3909543  |
|  Highbridge Loan Management Ltd., Series 11A-17, Class BR, 6.07% (3 mo. Term SOFR + 1.81%), 05/06/2030<sup>(a)</sup> | 3106344 | 3107856  |
|  ING Investment Management CLO Ltd., Series 2013-2A, Class A1R, 5.55% (3 mo. Term SOFR + 1.23%), 04/25/2031<sup>(a)</sup> | 534813 | 533920  |
|  LCM Ltd., Series 14A, Class AR, 5.63% (3 mo. Term SOFR + 1.30%), 07/20/2031<sup>(a)</sup> | 24661 | 24665  |
|  LJV I MM CLO LLC, Series 2022-1A, Class A1, 6.16% (3 mo. Term SOFR + 1.85%), 04/28/2034<sup>(a)</sup> | 5315522 | 5325850  |
|  Neuberger Berman CLO Ltd., Series 2021-40A, Class A, 5.64% (3 mo. Term SOFR + 1.32%), 04/16/2033<sup>(a)</sup> | 2844892 | 2848991  |
|  Newark BSL CLO Ltd., Series 2016-1A, Class A2R, 6.13% (3 mo. Term SOFR + 1.81%), 12/21/2029<sup>(a)</sup> | 3595000 | 3599904  |
|  Octagon Investment Partners Ltd., Series 2013-1A, Class BR2, 5.98% (3 mo. Term SOFR + 1.66%), 01/25/2031<sup>(a)</sup> | 2010000 | 2011513  |
|  OZLM Ltd., Series 2019-24A, Class A1AR, 5.75% (3 mo. Term SOFR + 1.42%), 07/20/2032<sup>(a)</sup> | 2694732 | 2695339  |
|  Parliament Funding, Series 2020-1A, Class BR, 6.24% (3 mo. Term SOFR + 1.91%), 10/20/2031<sup>(a)</sup> | 2440946 | 2441585  |
|  Sound Point CLO Ltd., Series 2015-2A, Class ARRR, 5.80% (3 mo. Term SOFR + 1.47%), 07/20/2032<sup>(a)</sup> | 5343584 | 5349691  |
| Steele Creek CLO Ltd.  | Steele Creek CLO Ltd.  | Steele Creek CLO Ltd.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1RA, Class B, 6.09% (3 mo. Term SOFR + 1.76%), <br>04/21/2031<sup>(a)</sup> | 3455435 | 3456890  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class ARR, 5.36% (3 mo. Term SOFR + 1.04%), <br>04/15/2032<sup>(a)</sup> | 1646415 | 1646369  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class ARR, 5.32% (3 mo. Term SOFR + 1.00%), <br>07/15/2032<sup>(a)</sup> | 2984855 | 2984771 |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS — (Continued)**  | **COLLATERALIZED LOAN OBLIGATIONS — (Continued)**  | **COLLATERALIZED LOAN OBLIGATIONS — (Continued)**  |
|  Symphony CLO Ltd., Series 2014-15A, Class AR3, 5.66% (3 mo. Term SOFR + 1.34%), 01/17/2032<sup>(a)</sup> | $6795838 | $6803442  |
| &nbsp;&nbsp;&nbsp; TCI-Symphony CLO Ltd., Series 2016-1A, Class AR2, 5.60% (3 mo. Term <br>SOFR + 1.28%), 10/13/2032<sup>(a)</sup> | 3029136 | 3036460  |
| THL Credit Lake Shore MM CLO Ltd.  | THL Credit Lake Shore MM CLO Ltd.  | THL Credit Lake Shore MM CLO Ltd.  |
| &nbsp;&nbsp;&nbsp; Series 2019-2A, Class A1RR, 5.72% (3 mo. Term SOFR + 1.40%), 10/17/2031<sup>(a)</sup> | 995714 | 995991  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class CRR, 6.92% (3 mo. Term SOFR + 2.60%), <br>10/17/2031<sup>(a)</sup> | 1550000 | 1552006  |
|  TIAA CLO Ltd., Series 2016-1A, Class ARR, 5.58% (3 mo. Term SOFR + 1.25%), 07/20/2031<sup>(a)</sup> | 2380689 | 2382218  |
|  Venture CDO Ltd., Series 2018-32A, Class A1, 5.69% (3 mo. Term SOFR + 1.36%), 07/18/2031<sup>(a)</sup> | 1761910 | 1763733  |
|  Wellfleet CLO Ltd., Series 2018-2A, Class A1R, 5.41% (3 mo. Term SOFR + 1.08%), 10/20/2031<sup>(a)</sup> | 4988721 | 4988621  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $96,983,093)** |  | 96956149  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 13.8%**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 13.8%**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 13.8%**  |
| Bellemeade Re Ltd.  | Bellemeade Re Ltd.  | Bellemeade Re Ltd.  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class M1B, 8.60% (30 day avg SOFR US + 4.25%), 10/25/2033<sup>(a)</sup> | 300000 | 309010  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class M1A, 6.50% (30 day avg SOFR US + 2.15%), 08/25/2034<sup>(a)</sup> | 2375000 | 2381429  |
| BRAVO Residential Funding Trust  | BRAVO Residential Funding Trust  | BRAVO Residential Funding Trust  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM3, Class A1, 1.70%, 04/25/2060<sup>(a)(b)</sup> | 2719011 | 2538452  |
| &nbsp;&nbsp;&nbsp; Series 2023-NQM2, Class A3, 4.50%, 05/25/2062<sup>(a)(c)</sup> | 799480 | 786382  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class A1A, 4.35%, 01/25/2060<sup>(a)(c)</sup> | 904171 | 889281  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM3, Class A3, 5.88%, 03/25/2065<sup>(a)(c)</sup> | 950149 | 950683  |
| &nbsp;&nbsp;&nbsp; Bunker Hill Loan Depositary Trust, Series 2019-3, Class A3, <br>3.14%, 11/25/2059<sup>(a)(c)</sup> | 398582 | 392908  |
| &nbsp;&nbsp;&nbsp; Cascade Funding Mortgage Trust, Series 2024-NR1, Class A1, <br>6.41%, 11/25/2029<sup>(a)(c)</sup> | 938107 | 949807  |
| &nbsp;&nbsp;&nbsp; Chase Mortgage Finance Corp., Series 2019-ATR2, Class A11, <br>5.37% (1 mo. Term SOFR + 1.01%), 07/25/2049, (6.50% Cap)<sup>(a)</sup> | 1099389 | 1035850  |
|  CIM Trust, Series 2019-INV2, Class A11, 5.41% (30 day avg SOFR US + 1.06%), 05/25/2049, (6.50% Cap)<sup>(a)</sup> | 135054 | 128976  |
| COLT Funding LLC  | COLT Funding LLC  | COLT Funding LLC  |
| &nbsp;&nbsp;&nbsp; Series 2020-2, Class A3, 3.70%, 03/25/2065<sup>(a)(b)</sup> | 1710000 | 1660142  |
| &nbsp;&nbsp;&nbsp; Series 2021-3R, Class A3, 1.51%, 12/25/2064<sup>(a)(b)</sup> | 440426 | 389615  |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class A1, 3.90%, 02/25/2067<sup>(a)(b)</sup> | 691044 | 687870  |
| &nbsp;&nbsp;&nbsp; Series 2022-7, Class A3, 6.25%, 04/25/2067<sup>(a)(b)</sup> | 450319 | 449539  |
| &nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust, Series 2023-R08, Class 1M1, <br>5.85% (30 day avg SOFR US + 1.50%), 10/25/2043<sup>(a)</sup> | 428092 | 430376  |
| COOPR Residential Mortgage Trust  | COOPR Residential Mortgage Trust  | COOPR Residential Mortgage Trust  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES1, Class A1A, 5.65%, 05/25/2060<sup>(a)(c)</sup> | 973759 | 979234  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES2, Class A1B, 5.60%, 06/25/2060<sup>(a)(c)</sup> | 990869 | 1001337 |

---

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

49<br>

------

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

**Angel Oak UltraShort Income Fund** 

**Schedule of Investments** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  |
| Credit Suisse Mortgage Capital Certificates  | Credit Suisse Mortgage Capital Certificates  | Credit Suisse Mortgage Capital Certificates  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-PFHP, Class A, 5.34% (1 mo. Term SOFR + 1.00%), <br>12/15/2030<sup>(a)</sup> | $157537 | $152423  |
| &nbsp;&nbsp;&nbsp; Series 2019-NQM1, Class A1, 3.66%, 10/25/2059<sup>(a)(c)</sup> | 495960 | 484184  |
| &nbsp;&nbsp;&nbsp; Series 2022-ATH1, Class A1A, 2.87%, 01/25/2067<sup>(a)(b)</sup> | 1773028 | 1708245  |
| &nbsp;&nbsp;&nbsp; Ellington Financial Mortgage Trust, Series 2025-CES1, Class A1B, <br>5.88%, 01/25/2060<sup>(a)(c)</sup> | 1553842 | 1566976  |
|  Flagstar Mortgage Trust, Series 2018-6RR, Class 1A2, 5.17% (1 mo. Term SOFR + 0.81%), 10/25/2048<sup>(a)</sup> | 798029 | 756780  |
| &nbsp;&nbsp;&nbsp; Galton Funding Mortgage Trust, Series 2017-1, Class A21, <br>3.50%, 07/25/2056<sup>(a)(b)</sup> | 33189 | 30075  |
| GCAT Trust, Series 2021-NQM2, Class A2, 1.24%, 05/25/2066<sup>(a)(b)</sup> | 1153611 | 935041  |
| GS Mortgage-Backed Securities Trust  | GS Mortgage-Backed Securities Trust  | GS Mortgage-Backed Securities Trust  |
| &nbsp;&nbsp;&nbsp; Series 2014-EB1A, Class B2, 6.71%, 07/25/2044<sup>(a)(b)</sup> | 659516 | 666156  |
| &nbsp;&nbsp;&nbsp; Series 2020-PJ2, Class A1, 3.50%, 07/25/2050<sup>(a)(b)</sup> | 198972 | 176541  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class A3, 1.53%, 07/25/2061<sup>(a)(b)</sup> | 1168652 | 1038705  |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ9, Class A8, 2.50%, 02/26/2052<sup>(a)(b)</sup> | 6803834 | 5970800  |
| &nbsp;&nbsp;&nbsp; Series 2025-HE1, Class A1, 6.09% (30 day avg SOFR US + 1.55%), 10/25/2055<sup>(a)</sup> | 2000000 | 2014736  |
|  Imperial Fund Mortgage Trust, Series 2021-NQM1, Class A3, 1.62%, 06/25/2056<sup>(a)(b)</sup> | 987764 | 866570  |
| JP Morgan Mortgage Trust  | JP Morgan Mortgage Trust  | JP Morgan Mortgage Trust  |
| &nbsp;&nbsp;&nbsp; Series 2019-5, Class A11, 5.37% (1 mo. Term SOFR + 1.01%), 11/25/2049, (6.50% Cap)<sup>(a)</sup> | 539951 | 516963  |
| &nbsp;&nbsp;&nbsp; Series 2019-6, Class A3, 3.50%, 12/25/2049<sup>(a)(b)</sup> | 995768 | 902193  |
| &nbsp;&nbsp;&nbsp; Series 2019-LTV3, Class A3, 3.49%, 03/25/2050<sup>(a)(b)</sup> | 49148 | 48039  |
| &nbsp;&nbsp;&nbsp; Series 2023-HE1, Class A1, 6.10% (30 day avg SOFR US + 1.75%), 11/25/2053<sup>(a)</sup> | 387420 | 393792  |
| &nbsp;&nbsp;&nbsp; Mello Mortgage Capital Acceptance, Series 2021-MTG2, Class A10, <br>2.50%, 06/25/2051<sup>(a)(b)</sup> | 3070305 | 2718722  |
| &nbsp;&nbsp;&nbsp; Metlife Securitization Trust, Series 2020-INV1, Class A5, <br>3.00%, 05/25/2050<sup>(a)(b)</sup> | 1439998 | 1261590  |
| MFRA Trust, Series 2023-NQM4, Class A3, 6.78%, 12/25/2068<sup>(a)(c)</sup> | 651682 | 654013  |
| &nbsp;&nbsp;&nbsp; Mill City Mortgage Trust, Series 2021-NMR1, Class A1, <br>1.13%, 11/25/2060<sup>(a)(b)</sup> | 611200 | 589904  |
| &nbsp;&nbsp;&nbsp; New York Mortgage Trust, Inc., Series 2025-CP1, Class A1, <br>3.75%, 11/25/2069<sup>(a)(b)</sup> | 1000000 | 958410  |
| NMLT Trust, Series 2021-INV1, Class A3, 1.80%, 05/25/2056<sup>(a)(b)</sup> | 1101405 | 962649  |
| Onslow Bay Mortgage Loan Trust  | Onslow Bay Mortgage Loan Trust  | Onslow Bay Mortgage Loan Trust  |
| &nbsp;&nbsp;&nbsp; Series 2020-EXP1, Class 2A1, 5.22% (1 mo. Term SOFR + 0.86%), 02/25/2060<sup>(a)</sup> | 307717 | 292041  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class A3, 1.33%, 02/25/2066<sup>(a)(b)</sup> | 3547023 | 3090812  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM2, Class A3, 6.18%, 12/25/2063<sup>(a)(c)</sup> | 1056087 | 1055316  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM4, Class A3, 5.76%, 02/25/2055<sup>(a)(c)</sup> | 2804507 | 2811891  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM7, Class A3, 5.86%, 05/25/2055<sup>(a)(c)</sup> | 1427181 | 1440490  |
| &nbsp;&nbsp;&nbsp; Pretium Mortgage Credit Partners LLC, Series 2024-NPL5, Class A1, <br>5.96%, 09/25/2054<sup>(a)(c)</sup> | 926513 | 918838 |

---

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

50<br>

------

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

**Angel Oak UltraShort Income Fund** 

**Schedule of Investments** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  |
| PRPM LLC  | PRPM LLC  | PRPM LLC  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class A1, 7.03%, 03/25/2029<sup>(a)(c)</sup> | $620642 | $630994  |
| &nbsp;&nbsp;&nbsp; Series 2024-RCF1, Class A3, 4.00%, 01/25/2054<sup>(a)(c)</sup> | 500000 | 476002  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class A3, 6.10%, 04/25/2070<sup>(a)(c)</sup> | 979290 | 975561  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM3, Class A1, 5.61%, 05/25/2070<sup>(a)(c)</sup> | 1500000 | 1511859  |
| &nbsp;&nbsp;&nbsp; RCKT Mortgage Trust, Series 2025-CES7, Class A1B, <br>5.48%, 07/25/2055<sup>(a)(c)</sup> | 1500000 | 1510761  |
| Rithm Capital Corp.  | Rithm Capital Corp.  | Rithm Capital Corp.  |
| &nbsp;&nbsp;&nbsp; Series 2021-INV1, Class A6, 2.50%, 06/25/2051<sup>(a)(b)</sup> | 1907437 | 1724063  |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM4, Class A3, 5.00%, 06/25/2062<sup>(a)(c)</sup> | 913128 | 889624  |
| Saluda Grade Mortgage Funding LLC  | Saluda Grade Mortgage Funding LLC  | Saluda Grade Mortgage Funding LLC  |
| &nbsp;&nbsp;&nbsp; Series 2021-MF1, Class A1, 3.81%, 11/25/2029<sup>(a)(b)</sup> | 2515005 | 2410697  |
| &nbsp;&nbsp;&nbsp; Series 2025-NPL1, Class A1, 7.12%, 01/25/2030<sup>(a)(c)</sup> | 713097 | 711664  |
| &nbsp;&nbsp;&nbsp; Series 2025-NPL2, Class A1, 7.77%, 05/25/2030<sup>(a)(c)</sup> | 2575173 | 2591464  |
| &nbsp;&nbsp;&nbsp; Sequoia Mortgage Trust, Series 2023-4, Class A10, <br>6.00%, 11/25/2053<sup>(a)(b)</sup> | 324167 | 324898  |
| &nbsp;&nbsp;&nbsp; SGR Residential Mortgage Trust, Series 2021-2, Class A2, <br>1.94%, 12/25/2061<sup>(a)(b)</sup> | 3429259 | 2760303  |
| &nbsp;&nbsp;&nbsp; Starwood Mortgage Residential Trust, Series 2020-INV1, Class A3, <br>1.59%, 11/25/2055<sup>(a)(b)</sup> | 1003464 | 963490  |
| Towd Point Mortgage Trust  | Towd Point Mortgage Trust  | Towd Point Mortgage Trust  |
| &nbsp;&nbsp;&nbsp; Series 2019-HY3, Class A1A, 5.47% (1 mo. Term SOFR + 1.11%), 10/25/2059<sup>(a)</sup> | 687610 | 688363  |
| &nbsp;&nbsp;&nbsp; Series 2021-SJ2, Class A2, 2.50%, 12/25/2061<sup>(a)(b)</sup> | 1500000 | 1389628  |
| &nbsp;&nbsp;&nbsp; Series 2025-CRM1, Class A1, 5.80%, 01/25/2065<sup>(a)(c)</sup> | 1367257 | 1384543  |
| Verus Securitization Trust  | Verus Securitization Trust  | Verus Securitization Trust  |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class A2, 1.25%, 07/25/2066<sup>(a)(b)</sup> | 1336482 | 1076088  |
| &nbsp;&nbsp;&nbsp; Series 2021-8, Class A3, 2.49%, 11/25/2066<sup>(a)(b)</sup> | 1320771 | 1172967  |
| &nbsp;&nbsp;&nbsp; Series 2022-5, Class A3, 3.80%, 04/25/2067<sup>(a)(b)</sup> | 794397 | 778392  |
| &nbsp;&nbsp;&nbsp; Series 2023-2, Class A3, 6.85%, 03/25/2068<sup>(a)(c)</sup> | 572283 | 573881  |
| &nbsp;&nbsp;&nbsp; Series 2023-3, Class A3, 6.74%, 03/25/2068<sup>(a)(c)</sup> | 571291 | 570943  |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class A3, 5.66%, 03/25/2070<sup>(a)(c)</sup> | 1901175 | 1896622  |
| &nbsp;&nbsp;&nbsp; Series 2025-4, Class A3, 5.75%, 05/25/2070<sup>(a)(c)</sup> | 1942280 | 1955231  |
| Visio Trust, Series 2021-1R, Class A3, 1.69%, 05/25/2056<sup>(a)</sup> | 1015322 | 944561  |
| Vista Point Securitization Trust  | Vista Point Securitization Trust  | Vista Point Securitization Trust  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES1, Class A1, 6.68%, 05/25/2054<sup>(a)(c)</sup> | 999995 | 1017305  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES2, Class A1, 5.25%, 10/25/2054<sup>(a)(c)</sup> | 408495 | 408729  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES3, Class A1, 5.68%, 01/25/2055<sup>(a)(c)</sup> | 899846 | 907482  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES1, Class A1, 5.81%, 04/25/2055<sup>(a)(c)</sup> | 2821704 | 2853205  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES1, Class A2, 0.00%, 04/25/2055<sup>(a)(c)</sup> | 3069000 | 3084345  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES2, Class A1, 5.60%, 08/25/2055<sup>(a)(b)</sup> | 2050000 | 2064354  |
|  WinWater Mortgage Loan Trust, Series 2015-A, Class AX1, 0.35%, 06/20/2045<sup>(a)(b)(d)</sup> | 5063843 | 66539  |
| &nbsp;&nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $95,083,504)** |  | 91258344  |

---

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

51<br>

------

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

**Angel Oak UltraShort Income Fund** 

**Schedule of Investments** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — 2.9%**<br>|  |  |
|  ACREC Trust, Series 2021-FL1, Class AS, 5.96% (1 mo. Term SOFR + 1.61%), 10/16/2036<sup>(a)</sup> | $370000 | $370040  |
|  Arbor Realty Collateralized Loan Obligation Ltd., Series 2025-BTR1, Class A, 6.28% (1 mo. Term SOFR + 1.93%), 01/20/2041<sup>(a)</sup> | 1000000 | 1004778  |
|  BrightSpire Capital, Inc., Series 2021-FL1, Class AS, 6.07% (1 mo. Term SOFR + 1.71%), 08/19/2038<sup>(a)</sup> | 2000000 | 1988916  |
|  BXP Trust, Series 2017-CQHP, Class A, 5.24% (1 mo. Term SOFR + 0.90%), 11/15/2034<sup>(a)</sup> | 688679 | 668410  |
|  Commercial Mortgage Pass Through Certificates, Series 2025-SBX, Class B, 5.73%, 08/10/2041<sup>(a)(b)(e)</sup> | 2000000 | 2004294  |
|  GS Mortgage Securities Corp., Series 2018-TWR, Class B, 5.84% (1 mo. Term SOFR + 1.50%), 07/15/2031<sup>(a)</sup> | 775000 | 372357  |
|  JP Morgan Chase Commercial Mortgage Securities, Series 2018-PTC, Class A, 5.84% (1 mo. Term SOFR + 1.50%), 04/15/2031<sup>(a)</sup> | 1253000 | 514910  |
|  KREF Ltd., Series 2021-FL2, Class A, 5.53% (1 mo. Term SOFR + 1.18%), 02/15/2039<sup>(a)</sup> | 244014 | 243520  |
|  MF1 Multifamily Housing Mortgage Loan Trust, Series 2021-FL7, Class AS, 5.91% (1 mo. Term SOFR + 1.56%), 10/16/2036<sup>(a)</sup> | 2010000 | 2013968  |
| &nbsp;&nbsp;&nbsp; Natixis Commercial Mortgage Securities Trust, Series 2019-MILE, Class A, <br>5.92% (1 mo. Term SOFR + 1.58%), 07/15/2036<sup>(a)</sup> | 848857 | 794046  |
| &nbsp;&nbsp;&nbsp; TPG Real Estate Finance Issuer Ltd., Series 2022-FL5, Class AS, <br>6.49% (1 mo. Term SOFR + 2.15%), 02/15/2039<sup>(a)</sup> | 1000000 | 1002020  |
| Velocity Commercial Capital Loan Trust  | Velocity Commercial Capital Loan Trust  | Velocity Commercial Capital Loan Trust  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class A, 1.52%, 08/25/2051<sup>(a)(b)</sup> | 2615370 | 2258087  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class A, 1.96%, 10/25/2051<sup>(a)(b)</sup> | 1751050 | 1497572  |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class A, 2.52%, 12/26/2051<sup>(a)(b)</sup> | 872114 | 748390  |
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, Series 2025-VTT, Class C, <br>5.83%, 03/15/2038<sup>(a)(b)</sup> | 4000000 | 3985432  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $21,355,325)** |  | 19466740  |
| &nbsp;&nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER — 0.8%**<br>|  |  |
| Federal Home Loan Mortgage Corp.  | Federal Home Loan Mortgage Corp.  | Federal Home Loan Mortgage Corp.  |
| &nbsp;&nbsp;&nbsp; Series 2016-SC02, Class M2, 3.64%, 10/25/2046<sup>(b)</sup> | 1202902 | 1165608  |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA3, Class M1B, 7.25% (30 day avg SOFR US + 2.90%), 04/25/2042<sup>(a)</sup> | 3111000 | 3204349  |
| &nbsp;&nbsp;&nbsp; Series 2025-HQA1, Class M1, 5.50% (30 day avg SOFR US + 1.15%), 02/25/2045<sup>(a)</sup> | 1110531 | 1112607  |
| &nbsp;&nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER** <br>**(Cost $5,534,482)** |  | 5482564 |

---

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

52<br>

------

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

**Angel Oak UltraShort Income Fund** 

**Schedule of Investments** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 0.2%**<br>|  |  |
| **Financial — 0.2%** | **Financial — 0.2%** | **Financial — 0.2%** |
| Citigroup, Inc.  | 1000000 | $999713  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $999,218)** |  | 999713 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| &nbsp;&nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp., Series 5078, Class AB, <br>2.00%, 09/25/2035  | $506395 | 503272  |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association, Series 2017-61, Class K, <br>3.50%, 08/25/2046  | 434658 | 421155  |
| &nbsp;&nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY** <br>**(Cost $947,727)** |  | 924427  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS — 3.0%**<br>|  |  |
| **Money Market Funds — 3.0%**<br>|  |  |
| First American Government Obligations Fund - Class U, 4.25%<sup>(f)</sup> | 19570346 | 19570346  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $19,570,346)** |  | 19570346  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 101.2%** <br>**(Cost $674,373,394)** |  | 668235380  |
| Liabilities in Excess of Other Assets — (1.2)%  |  | (7989346)  |
| **TOTAL NET ASSETS — 100.0%** |  | $660246034 |

---

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 July 31, 2025, the value of these securities total $449,372,710 or 68.1% 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 July 31, 2025. 

<sup>(c)</sup> Step coupon bond. The rate disclosed is as of July 31, 2025.

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

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

<sup>(f)</sup> The rate shown represents the 7-day annualized yield as of July 31, 2025.

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

53<br>

------

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

**Angel Oak UltraShort Income Fund** 

**Schedule of Open Futures Contracts** 

**July 31, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short Futures Contracts** | **Contracts** <br>**Sold** | **Expiration** <br>**Date** | **Notional Value** | **Value/Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Eris SOFR 3 Year Swap | &nbsp;&nbsp;&nbsp;&nbsp;(166) | &nbsp;&nbsp; 09/22/2025 | ($15268813) | &nbsp;&nbsp; $186368  |
| Eris SOFR 3 Year Swap | &nbsp;&nbsp;&nbsp;&nbsp;(293) | &nbsp;&nbsp; 12/22/2025 | (27708014) | &nbsp;&nbsp; 397220  |
| Eris SOFR 4 Year Swap | &nbsp;&nbsp;&nbsp;&nbsp;(213) | &nbsp;&nbsp; 12/21/2026 | (19815006) | &nbsp;&nbsp; 394753  |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp;(240) | &nbsp;&nbsp; 09/30/2025 | (49676250) | &nbsp;&nbsp; 151512  |
| **Total Unrealized Appreciation (Depreciation)** | **Total Unrealized Appreciation (Depreciation)** | **Total Unrealized Appreciation (Depreciation)** | **Total Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp; $1129853 |

---

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

54<br>

------

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

**ANGEL OAK HIGH YIELD OPPORTUNITIES ETF** 

**Schedule of Investments** 

**July 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — 86.6%**<br>|  |  |
| **Basic Materials — 7.6%**<br>|  |  |
| Axalta Coating Systems Dutch Holding B B.V., 7.25%, 02/15/2031<sup>(a)</sup> | $250000 | $260297  |
| Capstone Copper Corp., 6.75%, 03/31/2033<sup>(a)</sup> | 100000 | 101982  |
| Cleveland-Cliffs, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/01/2027 | 400000 | 400589  |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/2030<sup>(a)</sup> | 500000 | 497993  |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/15/2032<sup>(a)</sup> | 250000 | 244215  |
| Consolidated Energy Finance SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 05/15/2026<sup>(a)</sup> | 500000 | 489385  |
| &nbsp;&nbsp;&nbsp; 5.63%, 10/15/2028<sup>(a)</sup> | 200000 | 168476  |
| &nbsp;&nbsp;&nbsp; 12.00%, 02/15/2031<sup>(a)</sup> | 700000 | 658641  |
| CVR Partners LP / CVR Nitrogen Finance Corp., 6.13%, 06/15/2028<sup>(a)</sup> | 1200000 | 1192197  |
| First Quantum Minerals Ltd., 8.00%, 03/01/2033<sup>(a)</sup> | 200000 | 206335  |
| Hecla Mining Co., 7.25%, 02/15/2028 | 500000 | 506008  |
| Magnera Corp., 7.25%, 11/15/2031<sup>(a)</sup> | 800000 | 753832  |
| Mercer International, Inc., 5.13%, 02/01/2029 | 750000 | 604847  |
| Methanex Corp., 5.25%, 12/15/2029 | 500000 | 495673  |
| Methanex US Operations, Inc., 6.25%, 03/15/2032<sup>(a)</sup> | 500000 | 496017  |
| NOVA Chemicals Corp., 8.50%, 11/15/2028<sup>(a)</sup> | 200000 | 210283  |
| Novelis Corp., 4.75%, 01/30/2030<sup>(a)</sup> | 350000 | 335512  |
| Olin Corp., 6.63%, 04/01/2033<sup>(a)</sup> | 550000 | 535893  |
| Taseko Mines Ltd., 8.25%, 05/01/2030<sup>(a)</sup> | 1000000 | 1045383  |
|  |  | 9203558  |
| **Communications — 5.4%**<br>|  |  |
| Cars.com, Inc., 6.38%, 11/01/2028<sup>(a)</sup> | 500000 | 499388  |
| CMG Media Corp., 8.88%, 06/18/2029<sup>(a)</sup> | 250000 | 243175  |
|  Cogent Communications Group LLC / Cogent Finance, Inc., 6.50%, 07/01/2032<sup>(a)</sup> | 800000 | 784986  |
| Consolidated Communications, Inc., 6.50%, 10/01/2028<sup>(a)</sup> | 500000 | 507981  |
| CSC Holdings LLC, 5.50%, 04/15/2027<sup>(a)</sup> | 500000 | 484377  |
| Cumulus Media New Holdings, Inc., 8.00%, 07/01/2029<sup>(a)</sup> | 509000 | 138703  |
| Directv Financing LLC / Directv Financing Co.-Obligor, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 08/15/2027<sup>(a)</sup> | 1000000 | 995128  |
| &nbsp;&nbsp;&nbsp; 10.00%, 02/15/2031<sup>(a)</sup> | 550000 | 530833  |
| Gen Digital, Inc., 6.25%, 04/01/2033<sup>(a)</sup> | 500000 | 510989  |
| Gray Media, Inc., 5.38%, 11/15/2031<sup>(a)</sup> | 1000000 | 738968  |
| Lamar Media Corp., 4.88%, 01/15/2029 | 250000 | 245740  |
| Nexstar Media, Inc., 5.63%, 07/15/2027<sup>(a)</sup> | 500000 | 499342  |
|  Outfront Media Capital LLC / Outfront Media Capital Corp., 5.00%, 08/15/2027<sup>(a)</sup> | 250000 | 247654  |
| Urban One, Inc., 7.38%, 02/01/2028<sup>(a)</sup> | 200000 | 117086  |
|  |  | 6544350  |
| **Consumer, Cyclical — 10.1%**<br>|  |  |
| Adient Global Holdings Ltd., 7.50%, 02/15/2033<sup>(a)</sup> | 500000 | 510210  |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026<sup>(a)</sup> | 125000 | 124964  |
| American Axle & Manufacturing, Inc., 5.00%, 10/01/2029 | 1000000 | 908108  |

---

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

55<br>

------

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

**ANGEL OAK HIGH YIELD OPPORTUNITIES ETF** 

**Schedule of Investments** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  |
| **Consumer, Cyclical — (Continued)**  | **Consumer, Cyclical — (Continued)**  | **Consumer, Cyclical — (Continued)**  |
| Caesars Entertainment, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 10/15/2029<sup>(a)</sup> | $1000000 | $945749  |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/15/2032<sup>(a)</sup> | 100000 | 102044  |
| Carnival Corp., 6.00%, 05/01/2029<sup>(a)</sup> | 350000 | 353323  |
| Champ Acquisition Corp., 8.38%, 12/01/2031<sup>(a)</sup> | 600000 | 636267  |
| Cinemark USA, Inc., 7.00%, 08/01/2032<sup>(a)</sup> | 1000000 | 1033495  |
| FirstCash, Inc., 4.63%, 09/01/2028<sup>(a)</sup> | 500000 | 489280  |
| Goodyear Tire & Rubber Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2029 | 797000 | 773788  |
| &nbsp;&nbsp;&nbsp; 6.63%, 07/15/2030 | 500000 | 509104  |
| Installed Building Products, Inc., 5.75%, 02/01/2028<sup>(a)</sup> | 100000 | 100065  |
| LCM Investments Holdings LLC, 8.25%, 08/01/2031<sup>(a)</sup> | 100000 | 105805  |
| Lithia Motors, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/15/2027<sup>(a)</sup> | 250000 | 246735  |
| &nbsp;&nbsp;&nbsp; 3.88%, 06/01/2029<sup>(a)</sup> | 500000 | 471432  |
| Marriott Ownership Resorts, Inc., 4.75%, 01/15/2028 | 500000 | 488248  |
| NCL Corp. Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 03/15/2026<sup>(a)</sup> | 46000 | 46200  |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/01/2030<sup>(a)</sup> | 500000 | 506367  |
| New Flyer Holdings, Inc., 9.25%, 07/01/2030<sup>(a)</sup> | 100000 | 106486  |
| New Red Finance, Inc., 4.38%, 01/15/2028<sup>(a)</sup> | 250000 | 244580  |
| Newell Brands, Inc., 8.50%, 06/01/2028<sup>(a)</sup> | 250000 | 262593  |
| Phinia, Inc., 6.75%, 04/15/2029<sup>(a)</sup> | 495000 | 510018  |
| Resideo Funding, Inc., 6.50%, 07/15/2032<sup>(a)</sup> | 500000 | 507846  |
| Saks Global Enterprises LLC, 11.00%, 12/15/2029<sup>(a)</sup> | 550000 | 126500  |
| Sally Holdings LLC / Sally Capital, Inc., 6.75%, 03/01/2032 | 900000 | 924816  |
| STL Holding Co. LLC, 8.75%, 02/15/2029<sup>(a)</sup> | 450000 | 468701  |
|  VistaJet Malta Finance PLC / Vista Management Holding, Inc., 9.50%, 06/01/2028<sup>(a)</sup> | 100000 | 102596  |
| White Cap Buyer LLC, 6.88%, 10/15/2028<sup>(a)</sup> | 500000 | 499078  |
|  |  | 12104398  |
| **Consumer, Non-cyclical — 12.8%**<br>|  |  |
| Acadia Healthcare Co., Inc., 7.38%, 03/15/2033<sup>(a)</sup> | 600000 | 618508  |
| Amneal Pharmaceuticals LLC, 6.88%, 08/01/2032<sup>(a)(b)</sup> | 250000 | 254058  |
| B&G Foods, Inc., 8.00%, 09/15/2028<sup>(a)</sup> | 400000 | 374501  |
| Belron UK Finance PLC, 5.75%, 10/15/2029<sup>(a)</sup> | 250000 | 252503  |
| Chobani Holdco LLC, 8.75% (or 9.50% PIK), 10/01/2029<sup>(a)</sup> | 312587 | 336056  |
| Concentra Escrow Issuer Corp., 6.88%, 07/15/2032<sup>(a)</sup> | 600000 | 617244  |
| DaVita, Inc., 6.88%, 09/01/2032<sup>(a)</sup> | 900000 | 925964  |
| Dcli Bidco LLC, 7.75%, 11/15/2029<sup>(a)</sup> | 500000 | 510859  |
| EquipmentShare.com, Inc., 9.00%, 05/15/2028<sup>(a)</sup> | 500000 | 527588  |
| Fiesta Purchaser, Inc., 9.63%, 09/15/2032<sup>(a)</sup> | 500000 | 529635  |
| Herc Holdings, Inc., 6.63%, 06/15/2029<sup>(a)</sup> | 250000 | 256133  |
| Hertz Global Holdings, Inc., 12.63%, 07/15/2029<sup>(a)</sup> | 350000 | 365950  |
| Insulet Corp., 6.50%, 04/01/2033<sup>(a)</sup> | 250000 | 257161  |
| Korn Ferry, 4.63%, 12/15/2027<sup>(a)</sup> | 250000 | 246095  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  |
| **Consumer, Non-cyclical — (Continued)**  | **Consumer, Non-cyclical — (Continued)**  | **Consumer, Non-cyclical — (Continued)**  |
| Matthews International Corp., 8.63%, 10/01/2027<sup>(a)</sup> | $250000 | $260729  |
| Medline Borrower LP, 5.25%, 10/01/2029<sup>(a)</sup> | 1000000 | 981087  |
| Molina Healthcare, Inc., 6.25%, 01/15/2033<sup>(a)</sup> | 550000 | 543330  |
| NESCO Holdings, Inc., 5.50%, 04/15/2029<sup>(a)</sup> | 100000 | 97579  |
| Performance Food Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/01/2029<sup>(a)</sup> | 500000 | 481150  |
| &nbsp;&nbsp;&nbsp; 6.13%, 09/15/2032<sup>(a)</sup> | 250000 | 254184  |
| Perrigo Finance Unlimited Co., 6.13%, 09/30/2032 | 1000000 | 1011401  |
| Post Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 02/15/2032<sup>(a)</sup> | 250000 | 254982  |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/2033<sup>(a)</sup> | 1000000 | 1001746  |
|  Prime Security Services Borrower LLC / Prime Finance, Inc., 3.38%, 08/31/2027<sup>(a)</sup> | 250000 | 241301  |
| Raven Acquisition Holdings LLC, 6.88%, 11/15/2031<sup>(a)</sup> | 500000 | 506264  |
| Simmons Foods, Inc., 4.63%, 03/01/2029<sup>(a)</sup> | 550000 | 521182  |
| Sotheby's, 7.38%, 10/15/2027<sup>(a)</sup> | 300000 | 295454  |
| Sotheby's/Bidfair Holdings, Inc., 5.88%, 06/01/2029<sup>(a)</sup> | 500000 | 452253  |
| TreeHouse Foods, Inc., 4.00%, 09/01/2028 | 600000 | 555556  |
| Upbound Group, Inc., 6.38%, 02/15/2029<sup>(a)</sup> | 500000 | 488184  |
| US Foods, Inc., 7.25%, 01/15/2032<sup>(a)</sup> | 200000 | 208622  |
| VT Topco, Inc., 8.50%, 08/15/2030<sup>(a)</sup> | 1100000 | 1172524  |
|  |  | 15399783  |
| **Diversified — 0.5%**<br>|  |  |
| Stena International SA, 7.25%, 01/15/2031<sup>(a)</sup> | 625000 | 635741  |
| **Energy — 15.8%**<br>|  |  |
|  Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 8.63%, 06/15/2029<sup>(a)</sup> | 700000 | 742106  |
| Antero Midstream Partners LP / Antero Midstream Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/15/2028<sup>(a)</sup> | 1250000 | 1249155  |
| &nbsp;&nbsp;&nbsp; 6.63%, 02/01/2032<sup>(a)</sup> | 100000 | 102885  |
| Archrock Partners LP / Archrock Partners Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/01/2027<sup>(a)</sup> | 252000 | 252801  |
| &nbsp;&nbsp;&nbsp; 6.63%, 09/01/2032<sup>(a)</sup> | 800000 | 812565  |
| Aris Water Holdings LLC, 7.25%, 04/01/2030<sup>(a)</sup> | 450000 | 461875  |
|  Ascent Resources Utica Holdings LLC / ARU Finance Corp., 6.63%, 07/15/2033<sup>(a)</sup> | 100000 | 101471  |
| Borr IHC Ltd. / Borr Finance LLC, 10.38%, 11/15/2030<sup>(a)</sup> | 185194 | 174967  |
| Calumet Specialty Products Partners LP / Calumet Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.13%, 01/15/2027<sup>(a)</sup> | 600000 | 593632  |
| &nbsp;&nbsp;&nbsp; 9.75%, 07/15/2028<sup>(a)</sup> | 200000 | 192149  |
| Comstock Resources, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/01/2029<sup>(a)</sup> | 100000 | 98950  |
| &nbsp;&nbsp;&nbsp; 5.88%, 01/15/2030<sup>(a)</sup> | 700000 | 661349  |
| Encino Acquisition Partners Holdings LLC, 8.50%, 05/01/2028<sup>(a)</sup> | 250000 | 255312  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  |
| **Energy — (Continued)**  | **Energy — (Continued)**  | **Energy — (Continued)**  |
| Genesis Energy LP / Genesis Energy Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 01/15/2029 | $475000 | $495847  |
| &nbsp;&nbsp;&nbsp; 8.00%, 05/15/2033 | 250000 | 259436  |
| Greenfire Resources Ltd., 12.00%, 10/01/2028<sup>(a)</sup> | 198000 | 208530  |
| Gulfport Energy Operating Corp., 6.75%, 09/01/2029<sup>(a)</sup> | 430000 | 437529  |
| Helix Energy Solutions Group, Inc., 9.75%, 03/01/2029<sup>(a)</sup> | 350000 | 365798  |
| Hilcorp Energy I LP / Hilcorp Finance Co., 5.75%, 02/01/2029<sup>(a)</sup> | 900000 | 884826  |
| Kinetik Holdings LP, 5.88%, 06/15/2030<sup>(a)</sup> | 250000 | 250432  |
| Kodiak Gas Services LLC, 7.25%, 02/15/2029<sup>(a)</sup> | 500000 | 512531  |
| Moss Creek Resources Holdings, Inc., 8.25%, 09/01/2031<sup>(a)</sup> | 500000 | 488555  |
| New Fortress Energy, Inc., 6.50%, 09/30/2026<sup>(a)</sup> | 500000 | 175403  |
| Northriver Midstream Finance LP, 6.75%, 07/15/2032<sup>(a)</sup> | 100000 | 101897  |
| PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 02/15/2028 | 500000 | 481610  |
| Rockies Express Pipeline LLC, 6.75%, 03/15/2033<sup>(a)</sup> | 100000 | 104005  |
| Shelf Drilling Holdings Ltd., 9.63%, 04/15/2029<sup>(a)</sup> | 1000000 | 857203  |
| SunCoke Energy, Inc., 4.88%, 06/30/2029<sup>(a)</sup> | 1000000 | 915435  |
|  Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 12/31/2030<sup>(a)</sup> | 1000000 | 980456  |
| TransMontaigne Partners LLC, 8.50%, 06/15/2030<sup>(a)</sup> | 250000 | 261557  |
| USA Compression Partners LP / USA Compression Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 09/01/2027 | 750000 | 750434  |
| &nbsp;&nbsp;&nbsp; 7.13%, 03/15/2029<sup>(a)</sup> | 625000 | 639330  |
| Venture Global Calcasieu Pass LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2031<sup>(a)</sup> | 250000 | 231100  |
| &nbsp;&nbsp;&nbsp; 3.88%, 11/01/2033<sup>(a)</sup> | 250000 | 218347  |
| 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> | 1500000 | 1501733  |
| &nbsp;&nbsp;&nbsp; 8.38%, 06/01/2031<sup>(a)</sup> | 700000 | 724527  |
| Warrior Met Coal, Inc., 7.88%, 12/01/2028<sup>(a)</sup> | 1009000 | 1022745  |
| Wildfire Intermediate Holdings LLC, 7.50%, 10/15/2029<sup>(a)</sup> | 500000 | 498770  |
|  |  | 19067253  |
| **Financial — 19.6%**<br>|  |  |
|  Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp., 5.25%, 04/15/2030<sup>(a)</sup> | 500000 | 420340  |
| Blackstone Mortgage Trust, Inc., 7.75%, 12/01/2029<sup>(a)</sup> | 600000 | 634786  |
| Burford Capital Global Finance LLC, 7.50%, 07/15/2033<sup>(a)</sup> | 250000 | 251938  |
| Credit Acceptance Corp., 6.63%, 03/15/2030<sup>(a)</sup> | 600000 | 608727  |
| Encore Capital Group, Inc., 8.50%, 05/15/2030<sup>(a)</sup> | 500000 | 529807  |
| EZCORP, Inc., 7.38%, 04/01/2032<sup>(a)</sup> | 250000 | 260990  |
| Freedom Mortgage Corp., 7.63%, 05/01/2026<sup>(a)</sup> | 500000 | 502581  |
| Freedom Mortgage Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 02/01/2029<sup>(a)</sup> | 1100000 | 1147472  |
| &nbsp;&nbsp;&nbsp; 8.38%, 04/01/2032<sup>(a)</sup> | 1000000 | 1023690  |
| GGAM Finance Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 02/15/2027<sup>(a)</sup> | 500000 | 515260  |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/15/2029<sup>(a)</sup> | 450000 | 464720  |

---

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** 

**July 31, 2025 (Unaudited)(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> | $1100000 | $1137276  |
| goeasy Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/01/2026<sup>(a)</sup> | 500000 | 493195  |
| &nbsp;&nbsp;&nbsp; 9.25%, 12/01/2028<sup>(a)</sup> | 200000 | 211876  |
| &nbsp;&nbsp;&nbsp; 7.63%, 07/01/2029<sup>(a)</sup> | 900000 | 927498  |
| HAT Holdings I LLC / HAT Holdings II LLC, 3.38%, 06/15/2026<sup>(a)</sup> | 161000 | 158075  |
| Jane Street Group / JSG Finance, Inc., 6.13%, 11/01/2032<sup>(a)</sup> | 500000 | 496457  |
| Jefferies Finance LLC / JFIN Co.-Issuer Corp., 6.63%, 10/15/2031<sup>(a)</sup> | 250000 | 249031  |
| Jefferson Capital Holdings LLC, 9.50%, 02/15/2029<sup>(a)</sup> | 400000 | 422492  |
| LD Holdings Group LLC, 6.13%, 04/01/2028<sup>(a)</sup> | 400000 | 343379  |
| LPL Holdings, Inc., 4.63%, 11/15/2027<sup>(a)</sup> | 500000 | 497486  |
| Macquarie Airfinance Holdings Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.13%, 03/30/2029<sup>(a)</sup> | 200000 | 209203  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/26/2031<sup>(a)</sup> | 200000 | 211911  |
| MPT Operating Partnership LP / MPT Finance Corp., 3.50%, 03/15/2031 | 500000 | 340816  |
| Nationstar Mortgage Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/2027<sup>(a)</sup> | 650000 | 651122  |
| &nbsp;&nbsp;&nbsp; 6.50%, 08/01/2029<sup>(a)</sup> | 750000 | 767677  |
| OneMain Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 05/15/2031 | 250000 | 260780  |
| &nbsp;&nbsp;&nbsp; 7.13%, 11/15/2031 | 500000 | 516618  |
| Panther Escrow Issuer LLC, 7.13%, 06/01/2031<sup>(a)</sup> | 1200000 | 1241685  |
| PennyMac Financial Services, Inc., 5.75%, 09/15/2031<sup>(a)</sup> | 450000 | 440827  |
| PHH Corp., 9.88%, 11/01/2029<sup>(a)</sup> | 600000 | 601691  |
| Phoenix Aviation Capital Ltd., 9.25%, 07/15/2030<sup>(a)</sup> | 1200000 | 1258424  |
| PRA Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029<sup>(a)</sup> | 500000 | 462405  |
| &nbsp;&nbsp;&nbsp; 8.88%, 01/31/2030<sup>(a)</sup> | 100000 | 103980  |
|  Provident Funding Associates LP / PFG Finance Corp., 9.75%, 09/15/2029<sup>(a)</sup> | 100000 | 104745  |
| RHP Hotel Properties LP / RHP Finance Corp., 6.50%, 04/01/2032<sup>(a)</sup> | 300000 | 306620  |
| Rocket Cos., Inc., 6.38%, 08/01/2033<sup>(a)</sup> | 800000 | 816987  |
| Starwood Property Trust, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 04/01/2029<sup>(a)</sup> | 200000 | 209418  |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/15/2030<sup>(a)</sup> | 900000 | 909565  |
| Stonex Escrow Issuer LLC, 6.88%, 07/15/2032<sup>(a)</sup> | 350000 | 356540  |
| StoneX Group, Inc., 7.88%, 03/01/2031<sup>(a)</sup> | 1000000 | 1051501  |
| United Wholesale Mortgage LLC, 5.50%, 04/15/2029<sup>(a)</sup> | 500000 | 489485  |
|  Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, 6.50%, 02/15/2029<sup>(a)</sup> | 800000 | 778950  |
| Walker & Dunlop, Inc., 6.63%, 04/01/2033<sup>(a)</sup> | 250000 | 255116  |
|  |  | 23643142  |
| **Industrial — 12.0%**<br>|  |  |
| Advanced Drainage Systems, Inc., 6.38%, 06/15/2030<sup>(a)</sup> | 500000 | 508003  |
| AmeriTex HoldCo Intermediate LLC, 7.63%, 08/15/2033<sup>(a)(b)</sup> | 100000 | 101772  |
| Axon Enterprise, Inc., 6.25%, 03/15/2033<sup>(a)</sup> | 500000 | 513485  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  |
| **Industrial — (Continued)**  | **Industrial — (Continued)**  | **Industrial — (Continued)**  |
| Beacon Mobility Corp., 7.25%, 08/01/2030<sup>(a)</sup> | $250000 | $254885  |
| Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 02/01/2032<sup>(a)</sup> | 550000 | 548018  |
| Builders FirstSource, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2030<sup>(a)</sup> | 250000 | 244927  |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/2034<sup>(a)</sup> | 500000 | 507979  |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/15/2035<sup>(a)</sup> | 100000 | 102655  |
| Clydesdale Acquisition Holdings, Inc., 6.75%, 04/15/2032<sup>(a)</sup> | 600000 | 614991  |
| Coherent Corp., 5.00%, 12/15/2029<sup>(a)</sup> | 500000 | 489733  |
|  Fortress Transportation and Infrastructure Investors LLC, 5.88%, 04/15/2033<sup>(a)</sup> | 1200000 | 1190587  |
| Genesee & Wyoming, Inc., 6.25%, 04/15/2032<sup>(a)</sup> | 300000 | 303833  |
| Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029<sup>(a)</sup> | 1150000 | 1090303  |
| Knife River Corp., 7.75%, 05/01/2031<sup>(a)</sup> | 800000 | 840191  |
| MIWD Holdco II LLC / MIWD Finance Corp., 5.50%, 02/01/2030<sup>(a)</sup> | 100000 | 95434  |
| Moog, Inc., 4.25%, 12/15/2027<sup>(a)</sup> | 250000 | 244481  |
| Mueller Water Products, Inc., 4.00%, 06/15/2029<sup>(a)</sup> | 300000 | 286921  |
| Owens-Brockway Glass Container, Inc., 7.25%, 05/15/2031<sup>(a)</sup> | 750000 | 759365  |
| Quikrete Holdings, Inc., 6.75%, 03/01/2033<sup>(a)</sup> | 700000 | 718385  |
| Reworld Holding Corp., 5.00%, 09/01/2030 | 500000 | 474784  |
| Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029<sup>(a)</sup> | 200000 | 192577  |
| Sealed Air Corp., 6.50%, 07/15/2032<sup>(a)</sup> | 400000 | 412355  |
| Sealed Air Corp./Sealed Air Corp. US, 7.25%, 02/15/2031<sup>(a)</sup> | 100000 | 104065  |
| Seaspan Corp., 5.50%, 08/01/2029<sup>(a)</sup> | 700000 | 667164  |
| Sensata Technologies, Inc., 5.88%, 09/01/2030<sup>(a)</sup> | 250000 | 250472  |
| Smyrna Ready Mix Concrete LLC, 6.00%, 11/01/2028<sup>(a)</sup> | 500000 | 498764  |
| Standard Building Solutions, Inc., 6.50%, 08/15/2032<sup>(a)</sup> | 600000 | 613129  |
| Stonepeak Nile Parent LLC, 7.25%, 03/15/2032<sup>(a)</sup> | 100000 | 105109  |
| Trinity Industries, Inc., 7.75%, 07/15/2028<sup>(a)</sup> | 100000 | 104174  |
| Trivium Packaging Finance BV, 12.25%, 01/15/2031<sup>(a)</sup> | 600000 | 630517  |
| Vertiv Group Corp., 4.13%, 11/15/2028<sup>(a)</sup> | 500000 | 486725  |
| XPO, Inc., 7.13%, 06/01/2031<sup>(a)</sup> | 500000 | 517746  |
|  |  | 14473529  |
| **Technology — 1.7%**<br>|  |  |
| CACI International, Inc., 6.38%, 06/15/2033<sup>(a)</sup> | 400000 | 409516  |
| Unisys Corp., 10.63%, 01/15/2031<sup>(a)</sup> | 800000 | 840728  |
| Zebra Technologies Corp., 6.50%, 06/01/2032<sup>(a)</sup> | 700000 | 718093  |
|  |  | 1968337  |
| **Utilities — 1.1%**<br>|  |  |
| Atlantica Sustainable Infrastructure PLC, 4.13%, 06/15/2028<sup>(a)</sup> | 250000 | 241626  |
| NRG Energy, Inc., 6.25%, 11/01/2034<sup>(a)</sup> | 500000 | 507026  |
| Pike Corp., 8.63%, 01/31/2031<sup>(a)</sup> | 225000 | 242233  |

---

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

60<br>

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

**ANGEL OAK HIGH YIELD OPPORTUNITIES ETF** 

**Schedule of Investments** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  |
| **Utilities — (Continued)**  | **Utilities — (Continued)**  | **Utilities — (Continued)**  |
| Vistra Operations Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.75%, 10/15/2031<sup>(a)</sup> | $100000 | $105917  |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/15/2032<sup>(a)</sup> | 250000 | 259918  |
|  |  | 1356720  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE OBLIGATIONS** <br>**(Cost $105,656,656)** |  | 104396811  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 4.6%**<br>|  |  |
|  Bellemeade Re Ltd., Series 2024-1, Class B1, 9.90% (30 day avg SOFR US + 5.55%), 08/25/2034<sup>(a)</sup> | 500000 | 517926  |
|  Citigroup Mortgage Loan Trust, Inc., Series 2024-1, Class B5, 6.72%, 07/25/2054<sup>(a)(c)</sup> | 1016000 | 828390  |
|  JP Morgan Mortgage Trust, Series 2020-3, Class B4, 3.83%, 08/25/2050<sup>(a)(c)</sup> | 671804 | 593854  |
|  Morgan Stanley Residential Mortgage Loan Trust, Series 2024-3, Class B5, 6.79%, 07/25/2054<sup>(a)(c)</sup> | 1160000 | 951234  |
| PRPM LLC, Series 2024-2, Class A2, 10.04%, 03/25/2029<sup>(a)(d)</sup> | 500000 | 515050  |
|  Radnor RE Ltd., Series 2024-1, Class B1, 9.50% (30 day avg SOFR US + 5.15%), 09/25/2034<sup>(a)</sup> | 500000 | 521290  |
| Rate Mortgage Trust, Series 2024-J1, Class B5, 6.47%, 07/25/2054<sup>(a)(c)</sup> | 929000 | 713073  |
| Rithm Capital Corp., Series 2015-1A, Class B6, 5.19%, 05/28/2052<sup>(a)(c)</sup> | 1238739 | 919357  |
| &nbsp;&nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $5,700,701)** |  | 5560174  |
| **ASSET-BACKED SECURITIES — 4.0%**<br>|  |  |
| **Automobile — 2.0%**<br>|  |  |
| CPS Auto Trust, Series 2024-B, Class E, 8.36%, 11/17/2031<sup>(a)</sup> | 200000 | 211941  |
| Exeter Automobile Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-2A, Class E, 6.34%, 10/15/2029<sup>(a)</sup> | 200000 | 185391  |
| &nbsp;&nbsp;&nbsp; Series 2023-2A, Class E, 9.75%, 11/15/2030<sup>(a)</sup> | 200000 | 217515  |
|  Huntington Bank Auto Credit-Linked Notes, Series 2024-1, Class D, 9.60% (30 day avg SOFR US + 5.25%), 05/20/2032<sup>(a)</sup> | 140206 | 143554  |
|  Research-Driven Pagaya Motor Asset Trust, Series 2025-3A, Class E, 11.09%, 02/27/2034<sup>(a)</sup> | 500000 | 500808  |
|  Strike Acceptance Auto Funding Trust, Series 2023-1A, Class A, 8.00%, 05/15/2026<sup>(a)</sup> | 655173 | 657828  |
|  Tricolor Auto Securitization Trust, Series 2023-1A, Class F, 16.00%, 06/17/2030<sup>(a)</sup> | 200000 | 216636  |
|  Veros Automobile Receivables Trust, Series 2024-1, Class D, 9.87%, 05/15/2031<sup>(a)</sup> | 250000 | 264303  |
|  |  | 2397976  |
| **Consumer — 1.5%**<br>|  |  |
| Affirm, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-B, Class E, 11.32%, 09/15/2028<sup>(a)</sup> | 200000 | 201023  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class E, 9.17%, 02/15/2029<sup>(a)</sup> | 100000 | 100938  |
| Marlette Funding Trust, Series 2023-1A, Class D, 8.15%, 04/15/2033<sup>(a)</sup> | 250000 | 255116  |

---

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

61<br>

------

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

**ANGEL OAK HIGH YIELD OPPORTUNITIES ETF** 

**Schedule of Investments** 

**July 31, 2025 (Unaudited)(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 2024-11, Class E, 10.33%, 07/15/2032<sup>(a)</sup> | $199977 | $204959  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class E, 10.08%, 07/15/2032<sup>(a)</sup> | 249979 | 253600  |
| &nbsp;&nbsp;&nbsp; Series 2025-5, Class E, 9.70%, 03/15/2033<sup>(a)</sup> | 500000 | 505626  |
| &nbsp;&nbsp;&nbsp; Purchasing Power Funding, Series 2024-A, Class E, <br>10.18%, 08/15/2028<sup>(a)</sup> | 200000 | 202312  |
| &nbsp;&nbsp;&nbsp; Upstart Securitization Trust, Series 2023-1, Class C, <br>11.10%, 02/20/2033<sup>(a)</sup> | 100000 | 102416  |
|  |  | 1825990  |
| **Equipment — 0.5%**<br>|  |  |
| Octane Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class E, 7.82%, 08/20/2031<sup>(a)</sup> | 200000 | 204838  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class E, 9.04%, 07/20/2032<sup>(a)</sup> | 200000 | 211866  |
| &nbsp;&nbsp;&nbsp; Series 2024-RVM1, Class E, 8.42%, 01/22/2046<sup>(a)</sup> | 173000 | 180168  |
|  |  | 596872  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $4,711,248)** |  | 4820838 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **COMMON STOCKS — 0.2%** <br>|  |  |
| **Energy — 0.2%**<br>|  |  |
| Enviva Escrow<sup>(e)(f)</sup> | 400000 | 0  |
| Enviva LLC<sup>(f)</sup> | 14555 | 287461  |
|  |  | 287461  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $502,758)** |  | 287461  |
| **SHORT-TERM INVESTMENTS — 3.8%**<br>|  |  |
| **Money Market Funds — 3.8%**<br>|  |  |
| First American Government Obligations Fund - Class U, 4.25%<sup>(g)</sup> | 4578740 | 4578740  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $4,578,740)** |  | 4578740  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 99.2%** <br>**(Cost $121,150,103)** |  | $119644024  |
| Other Assets in Excess of Liabilities — 0.8% |  | 978742  |
| **TOTAL NET ASSETS — 100.0%** |  | $120622766 |

---

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

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

62<br>

------

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

**ANGEL OAK HIGH YIELD OPPORTUNITIES ETF** 

**Schedule of Investments** 

**July 31, 2025 (Unaudited)(Continued)** 

<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 July 31, 2025, the value of these securities total $103,773,620 or 86.0% of the Fund's net assets.

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

<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 July 31, 2025.

<sup>(d)</sup> Step coupon bond. The rate disclosed is as of July 31, 2025.

<sup>(e)</sup> As of July 31, 2025, the Fund has fair valued these securities under the procedures established by Angel Oak Capital Advisors, LLC as Valuation Designee pursuant to Rule 2a-5 under the Investment Company Act of 1940. The value of these securities amounted to $0 or 0.0% of net assets. Value determined using significant unobservable inputs. These securities represented $0 or 0.0% of net assets as of July 31, 2025.

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

<sup>(g)</sup> The rate shown represents the 7-day annualized yield as of July 31, 2025.

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

63<br>

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

**ANGEL OAK MORTGAGE-BACKED SECURITIES ETF** 

**Schedule of Investments** 

**July 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 60.5%**<br>|  |  |
| **ATLX Trust**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-RPL1, Class A2, 4.34%, 04/25/2064<sup>(a)(b)</sup> | $500000 | $484372  |
| &nbsp;&nbsp;&nbsp; Series 2024-RPL1, Class M1, 4.34%, 04/25/2064<sup>(a)(b)</sup> | 500000 | 475879  |
|  BRAVO Residential Funding Trust, Series 2023-NQM2, Class A3, 4.50%, 05/25/2062<sup>(a)(c)</sup> | 799480 | 786382  |
|  Chase Mortgage Finance Corp., Series 2024-8, Class A5A, 5.50%, 08/25/2055<sup>(a)(b)</sup> | 2500005 | 2417195  |
|  Colony American Finance Ltd., Series 2020-4, Class D, 2.71%, 12/15/2052<sup>(a)</sup> | 300000 | 256383  |
| COLT Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class M1, 2.29%, 06/25/2066<sup>(a)(b)</sup> | 1179000 | 857658  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class M1, 2.30%, 09/27/2066<sup>(a)(b)</sup> | 135000 | 88778  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class B2, 4.16%, 12/27/2066<sup>(a)(b)</sup> | 1300000 | 1103194  |
| &nbsp;&nbsp;&nbsp; Series 2022-2, Class B1, 3.96%, 02/25/2067<sup>(a)(b)</sup> | 500000 | 401589  |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class A1, 3.90%, 02/25/2067<sup>(a)(b)</sup> | 5641385 | 5615474  |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class B1, 4.22%, 02/25/2067<sup>(a)(b)</sup> | 2000000 | 1730056  |
| Credit Suisse Mortgage Capital Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-AFC1, Class M1, 2.19%, 03/25/2056<sup>(a)(b)</sup> | 1000000 | 611310  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class M1, 2.28%, 02/25/2066<sup>(a)(b)</sup> | 50000 | 38229  |
| &nbsp;&nbsp;&nbsp; Series 2022-ATH2, Class B1, 4.98%, 05/25/2067<sup>(a)(b)</sup> | 1750000 | 1604769  |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM4, Class A3, 4.82%, 06/25/2067<sup>(a)(c)</sup> | 1528200 | 1520166  |
| Deephaven Residential Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class M1, 2.22%, 04/25/2066<sup>(a)(b)</sup> | 100000 | 77458  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class B1, 3.27%, 08/25/2066<sup>(a)(b)</sup> | 700000 | 528480  |
| Ellington Financial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class B2, 4.14%, 02/25/2066<sup>(a)(b)</sup> | 777000 | 567194  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class M1, 2.30%, 06/25/2066<sup>(a)(b)</sup> | 139000 | 94531  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class B2, 4.29%, 09/25/2066<sup>(a)(b)</sup> | 1000000 | 744346  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class B1, 3.87%, 01/25/2067<sup>(a)(b)</sup> | 750000 | 560234  |
| &nbsp;&nbsp;&nbsp; Series 2022-4, Class B1, 5.90%, 09/25/2067<sup>(a)(b)</sup> | 1000000 | 1001697  |
| FIGRE Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-HE1, Class D, 7.19%, 03/25/2054<sup>(a)(b)</sup> | 179551 | 184817  |
| &nbsp;&nbsp;&nbsp; Series 2025-HE1, Class D, 6.59%, 01/25/2055<sup>(a)(b)</sup> | 2000000 | 2041014  |
| GS Mortgage-Backed Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-MM1, Class A2, 2.50%, 04/25/2052<sup>(a)(b)</sup> | 808431 | 654020  |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ9, Class A13, 2.00%, 02/26/2052<sup>(a)(b)</sup> | 1500000 | 895937  |
|  Imperial Fund Mortgage Trust, Series 2021-NQM1, Class A3, 1.62%, 06/25/2056<sup>(a)(b)</sup> | 197553 | 173314  |
| &nbsp;&nbsp;&nbsp; Invitation Homes Trust, Series 2024-SFR1, Class A, <br>4.00%, 09/17/2041<sup>(a)</sup> | 998290 | 974708  |
| JP Morgan Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-6, Class B3, 4.27%, 12/25/2049<sup>(a)(b)</sup> | 84124 | 78337  |
| &nbsp;&nbsp;&nbsp; Series 2020-3, Class B4, 3.83%, 08/25/2050<sup>(a)(b)</sup> | 331540 | 293071  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class A3, 2.50%, 06/25/2051<sup>(a)(b)</sup> | 1372646 | 1110409  |
| &nbsp;&nbsp;&nbsp; Series 2021-12, Class A8, 2.50%, 02/25/2052<sup>(a)(b)</sup> | 1500000 | 1201852  |
| &nbsp;&nbsp;&nbsp; Series 2021-13, Class A5, 2.50%, 04/25/2052<sup>(a)(b)</sup> | 1500000 | 986511  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class A3, 2.50%, 08/25/2051<sup>(a)(b)</sup> | $1016845 | $824540  |
| &nbsp;&nbsp;&nbsp; Series 2021-6, Class A4, 2.50%, 10/25/2051<sup>(a)(b)</sup> | 923953 | 815295  |
| &nbsp;&nbsp;&nbsp; Series 2023-4, Class 1A2, 6.00%, 11/25/2053<sup>(a)(b)</sup> | 717013 | 715147  |
| &nbsp;&nbsp;&nbsp; Series 2024-5, Class B4, 6.92%, 11/25/2054<sup>(a)(b)</sup> | 394546 | 369091  |
| &nbsp;&nbsp;&nbsp; Series 2024-INV1, Class A5A, 5.50%, 04/25/2055<sup>(a)(b)</sup> | 2500000 | 2433250  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES2, Class M1, 6.24%, 06/25/2055<sup>(a)(c)</sup> | 1000000 | 1014282  |
| &nbsp;&nbsp;&nbsp; JP Morgan Wealth Management, Series 2020-ATR1, Class A5, <br>3.00%, 02/25/2050<sup>(a)(b)</sup> | 1949610 | 1687405  |
| &nbsp;&nbsp;&nbsp; Mello Mortgage Capital Acceptance, Series 2022-INV2, Class A15, <br>3.00%, 04/25/2052<sup>(a)(b)</sup> | 2029267 | 1712845  |
| MFRA Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-RPL1, Class A2, 2.07%, 07/25/2060<sup>(a)(b)</sup> | 500000 | 424588  |
| &nbsp;&nbsp;&nbsp; Series 2021-RPL1, Class M2, 2.85%, 07/25/2060<sup>(a)(b)</sup> | 1000000 | 842409  |
| &nbsp;&nbsp;&nbsp; Mill City Mortgage Trust, Series 2017-2, Class M3, <br>3.25%, 07/25/2059<sup>(a)(b)</sup> | 160000 | 150661  |
| Morgan Stanley Residential Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-3, Class B4, 6.56%, 09/25/2053<sup>(a)(b)</sup> | 250000 | 209747  |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class A9, 6.00%, 07/25/2054<sup>(a)(b)</sup> | 1822374 | 1798288  |
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, Series 2019-2A, Class B6, <br>4.74%, 12/25/2057<sup>(a)(b)</sup> | 290735 | 236801  |
| Onslow Bay Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-J2, Class A1, 2.50%, 07/25/2051<sup>(a)(b)</sup> | 759744 | 609819  |
| &nbsp;&nbsp;&nbsp; Series 2021-J3, Class A7, 2.50%, 10/25/2051<sup>(a)(b)</sup> | 1500000 | 986043  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class A1, 1.07%, 02/25/2066<sup>(a)(b)</sup> | 654096 | 554125  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A3, 1.56%, 05/25/2061<sup>(a)(b)</sup> | 581807 | 480121  |
| &nbsp;&nbsp;&nbsp; Series 2022-INV1, Class A18, 3.00%, 12/25/2051<sup>(a)(b)</sup> | 162059 | 136269  |
| Pretium Mortgage Credit Partners LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-RPL1, Class A1, 4.00%, 07/25/2069<sup>(a)(c)</sup> | 1896740 | 1854735  |
| &nbsp;&nbsp;&nbsp; Series 2025-RPL1, Class A2, 4.00%, 07/25/2069<sup>(a)(c)</sup> | 2000000 | 1889770  |
| &nbsp;&nbsp;&nbsp; Series 2025-RPL2, Class A2, 4.00%, 08/25/2064<sup>(a)(c)</sup> | 2000000 | 1889518  |
| PRPM LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class A1, 7.03%, 03/25/2029<sup>(a)(c)</sup> | 620642 | 630994  |
| &nbsp;&nbsp;&nbsp; Series 2024-RCF2, Class A2, 3.75%, 03/25/2054<sup>(a)(c)</sup> | 1000000 | 955276  |
| &nbsp;&nbsp;&nbsp; Series 2024-RCF4, Class M1, 4.00%, 07/25/2054<sup>(a)(c)</sup> | 500000 | 465469  |
| &nbsp;&nbsp;&nbsp; Series 2025-RCF1, Class A2, 4.50%, 02/25/2055<sup>(a)(c)</sup> | 1500000 | 1443702  |
| &nbsp;&nbsp;&nbsp; Series 2025-RCF1, Class A3, 4.50%, 02/25/2055<sup>(a)(c)</sup> | 1250000 | 1183528  |
| Rate Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-HB1, Class A1, 2.50%, 12/25/2051<sup>(a)(b)</sup> | 1228170 | 995898  |
| &nbsp;&nbsp;&nbsp; Series 2021-J3, Class A25, 2.50%, 10/25/2051<sup>(a)(b)</sup> | 500000 | 320066  |
| RCKT Mortgage Trust, Series 2022-4, Class A2, 3.50%, 06/25/2052<sup>(a)(b)</sup> | 716685 | 623905  |
| Rithm Capital Corp., Series 2015-1A, Class B6, 5.19%, 05/28/2052<sup>(a)(b)</sup> | 660661 | 490324  |
| Saluda Grade Mortgage Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-SEQ2, Class A3, 4.50%, 02/25/2052<sup>(a)(b)</sup> | 750000 | 735599  |
| &nbsp;&nbsp;&nbsp; Series 2023-FIG4, Class A, 6.72%, 11/25/2053<sup>(a)(b)</sup> | 719016 | 736965  |
| SGR Residential Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class A3, 1.56%, 07/25/2061<sup>(a)(b)</sup> | 2158561 | 1815071  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class M1, 2.50%, 07/25/2061<sup>(a)(b)</sup> | 744000 | 480445  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class B2, 4.04%, 12/25/2061<sup>(a)(b)</sup> | $910000 | $652427  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class A3, 3.68%, 03/27/2062<sup>(a)(b)</sup> | 974025 | 881804  |
| Starwood Mortgage Residential Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-2, Class A1, 3.16%, 02/25/2067<sup>(a)(b)</sup> | 1424167 | 1359252  |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class A1, 4.16%, 03/25/2067<sup>(a)(b)</sup> | 188901 | 186038  |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class A3, 4.16%, 03/25/2067<sup>(a)(b)</sup> | 944503 | 878080  |
| Towd Point Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-4, Class M1, 2.88%, 10/25/2060<sup>(a)</sup> | 565000 | 444760  |
| &nbsp;&nbsp;&nbsp; Series 2024-4, Class A2, 4.50%, 10/27/2064<sup>(a)(b)</sup> | 500000 | 450242  |
| &nbsp;&nbsp;&nbsp; Series 2024-4, Class M1, 4.50%, 10/27/2064<sup>(a)(b)</sup> | 500000 | 436619  |
|  VCAT Asset Securitization LLC, Series 2025-NPL1, Class A1, 5.88%, 01/25/2055<sup>(a)(c)</sup> | 419966 | 423054  |
| Verus Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class B1, 3.20%, 06/25/2066<sup>(a)(b)</sup> | 1750000 | 1258934  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class M1, 2.40%, 06/25/2066<sup>(a)(b)</sup> | 1000000 | 736393  |
| &nbsp;&nbsp;&nbsp; Series 2021-5, Class M1, 2.33%, 09/25/2066<sup>(a)(b)</sup> | 250000 | 181627  |
| &nbsp;&nbsp;&nbsp; Series 2021-8, Class B1, 4.24%, 11/25/2066<sup>(a)(b)</sup> | 1000000 | 860243  |
| &nbsp;&nbsp;&nbsp; Series 2022-2, Class B1, 4.27%, 02/25/2067<sup>(a)(b)</sup> | 1300000 | 1095465  |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class A3, 4.13%, 02/25/2067<sup>(a)(b)</sup> | 206680 | 192851  |
| &nbsp;&nbsp;&nbsp; Series 2022-4, Class B1, 4.76%, 04/25/2067<sup>(a)(b)</sup> | 1500000 | 1376959  |
| &nbsp;&nbsp;&nbsp; Series 2022-7, Class B1, 5.33%, 07/25/2067<sup>(a)(b)</sup> | 1600000 | 1576973  |
| &nbsp;&nbsp;&nbsp; Series 2022-INV1, Class B2, 5.79%, 08/25/2067<sup>(a)(b)</sup> | 1500000 | 1446258  |
|  Vista Point Securitization Trust, Series 2024-CES2, Class A3, 5.91%, 10/25/2054<sup>(a)(c)</sup> | 500000 | 495609  |
|  Wells Fargo Mortgage-Backed Securities Trust, Series 2021-2, Class A3, 2.50%, 06/25/2051<sup>(a)(b)</sup> | 295545 | 257506  |
| &nbsp;&nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $77,999,757)** |  | 77862449  |
| &nbsp;&nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY — 44.1%**<br>|  |  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool QE8504, 5.00%, 08/01/2052 | 741816 | 723672  |
| &nbsp;&nbsp;&nbsp; Pool QI4343, 4.50%, 04/01/2054 | 462211 | 439531  |
| &nbsp;&nbsp;&nbsp; Pool QJ6122, 5.00%, 10/01/2054 | 1903907 | 1853769  |
| &nbsp;&nbsp;&nbsp; Pool QJ6384, 5.50%, 10/01/2054 | 1808044 | 1800405  |
| &nbsp;&nbsp;&nbsp; Pool QJ7063, 5.50%, 10/01/2054 | 2418241 | 2415581  |
| &nbsp;&nbsp;&nbsp; Pool QJ7677, 5.50%, 11/01/2054 | 3465118 | 3456975  |
| &nbsp;&nbsp;&nbsp; Pool QJ7705, 5.00%, 11/01/2054 | 1959150 | 1911231  |
| &nbsp;&nbsp;&nbsp; Pool QJ7711, 5.00%, 11/01/2054 | 1413609 | 1378150  |
| &nbsp;&nbsp;&nbsp; Pool QX0791, 5.50%, 12/01/2054 | 1985297 | 1984976  |
| &nbsp;&nbsp;&nbsp; Pool QX1669, 5.00%, 12/01/2054 | 2471335 | 2432512  |
| &nbsp;&nbsp;&nbsp; Pool RC1914, 2.00%, 06/01/2036 | 286681 | 261248  |
| &nbsp;&nbsp;&nbsp; Pool SD0803, 3.00%, 01/01/2052 | 750241 | 646843  |
| &nbsp;&nbsp;&nbsp; Pool SD4663, 6.00%, 01/01/2054 | 3086781 | 3140540  |
| &nbsp;&nbsp;&nbsp; Pool SD5470, 5.00%, 03/01/2053 | 2042600 | 2001576  |

---

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 Investments** 

**July 31, 2025 (Unaudited)(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 SD5781, 6.00%, 07/01/2054 | $415454 | $423793  |
| &nbsp;&nbsp;&nbsp; Pool SD6141, 6.00%, 08/01/2054 | 1938105 | 1967921  |
| &nbsp;&nbsp;&nbsp; Pool SD6443, 6.00%, 10/01/2053 | 1389383 | 1411050  |
| &nbsp;&nbsp;&nbsp; Pool SD6591, 5.00%, 10/01/2054 | 1394750 | 1358021  |
| &nbsp;&nbsp;&nbsp; Pool SD7029, 5.00%, 12/01/2054 | 485651 | 477718  |
| &nbsp;&nbsp;&nbsp; Pool SD8160, 2.00%, 08/01/2051 | 2054200 | 1616216  |
| &nbsp;&nbsp;&nbsp; Pool SD8243, 3.50%, 09/01/2052 | 297069 | 265573  |
| Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool 000TBA, 5.00%, 08/15/2040 | 10000000 | 9734321  |
| &nbsp;&nbsp;&nbsp; Pool BR0948, 2.00%, 04/01/2051 | 1520834 | 1194320  |
| &nbsp;&nbsp;&nbsp; Pool BU1842, 2.00%, 01/01/2052 | 2600767 | 2040772  |
| &nbsp;&nbsp;&nbsp; Pool CB3770, 3.50%, 06/01/2052 | 1833969 | 1642384  |
| &nbsp;&nbsp;&nbsp; Pool DC5656, 5.00%, 11/01/2054 | 1978160 | 1941829  |
| &nbsp;&nbsp;&nbsp; Pool DC6402, 5.00%, 11/01/2054 | 1967299 | 1915492  |
| &nbsp;&nbsp;&nbsp; Pool FM6099, 2.00%, 02/01/2051 | 1202578 | 943640  |
| &nbsp;&nbsp;&nbsp; Pool FS3826, 3.00%, 01/01/2052 | 2798316 | 2403910  |
| &nbsp;&nbsp;&nbsp; Pool FS9287, 5.50%, 09/01/2054 | 1957570 | 1951746  |
| &nbsp;&nbsp;&nbsp; Pool MA4839, 4.00%, 12/01/2052 | 1062962 | 980825  |
| &nbsp;&nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY** <br>**(Cost $56,953,164)** |  | 56716540  |
| &nbsp;&nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER — 15.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association, Pool 000TBA, <br>5.50%, 08/15/2040 | 20000000 | 19897240  |
| &nbsp;&nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER** <br>**(Cost $19,921,875)** |  | 19897240  |
| &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY — 0.2%**<br>|  |  |
|  Federal Home Loan Mortgage Corp., Series 2019-KF58, Class B, 6.58% (30 day avg SOFR US + 2.26%), 01/25/2026<sup>(a)</sup> | 253287 | 252262  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY** <br>**(Cost $252,021)** |  | 252262  |
| **ASSET-BACKED SECURITIES — 0.0%<sup>(d)</sup>**<br>|  |  |
| **Automobile — 0.0%<sup>(d)</sup>**<br>|  |  |
|  Carvana Auto Receivables Trust, Series 2020-N1A, Class E, 5.20%, 07/15/2027<sup>(a)</sup> | 38472 | 38448  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $38,213)** |  | 38448 |

---

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

67<br>

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

**ANGEL OAK MORTGAGE-BACKED SECURITIES ETF** 

**Schedule of Investments** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS — 2.7%**<br>|  |  |
| **Money Market Funds — 2.7%**<br>|  |  |
| First American Government Obligations Fund - Class U, 4.25%<sup>(e)</sup> | 3535388 | $3535388  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $3,535,388)** |  | 3535388  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 123.0%** <br>**(Cost $158,700,418)** |  | 158302327  |
| Liabilities in Excess of Other Assets — (23.0)% |  | (29575502)  |
| **TOTAL NET ASSETS — 100.0%** |  | $128726825 |

---

Percentages are stated as a percent of net assets.

SOFR - Secured Overnight Financing Rate

TBA - To be Announced

<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 July 31, 2025, the value of these securities total $78,153,159 or 60.7% 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 July 31, 2025.

<sup>(c)</sup> Step coupon bond. The rate disclosed is as of July 31, 2025.

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

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of July 31, 2025.

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

68<br>

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

**ANGEL OAK MORTGAGE-BACKED SECURITIES ETF** 

**Schedule of Open Futures Contracts** 

**July 31, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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;(165) | &nbsp;&nbsp; 09/19/2025 | ($18325312)  | &nbsp;&nbsp;&nbsp;&nbsp; ($67831)  |
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp;(67) | &nbsp;&nbsp; 09/30/2025 | (7247516) | &nbsp;&nbsp;&nbsp;&nbsp; (1620)  |
| **Total Unrealized Appreciation (Depreciation)** | **Total Unrealized Appreciation (Depreciation)** | **Total Unrealized Appreciation (Depreciation)** | **Total Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; ($69451) |

---

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** 

**July 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES — 28.8%**<br>|  |  |
| **Automobile — 10.2%**  | **Automobile — 10.2%**  | **Automobile — 10.2%**  |
| &nbsp;&nbsp;&nbsp; AgoraCapital Auto Securities Trust, Series 2025-1A, Class A, <br>6.40%, 11/25/2032<sup>(a)</sup> | $1371545 | $1372706  |
| American Credit Acceptance Receivables Trust  | American Credit Acceptance Receivables Trust  | American Credit Acceptance Receivables Trust  |
| &nbsp;&nbsp;&nbsp; Series 2022-4, Class D, 8.00%, 02/15/2029<sup>(a)</sup> | 5592638 | 5655663  |
| &nbsp;&nbsp;&nbsp; Series 2023-3, Class D, 6.82%, 10/12/2029<sup>(a)</sup> | 4315000 | 4392864  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class D, 6.53%, 04/12/2030<sup>(a)</sup> | 5500000 | 5629356  |
| Arivo Acceptance Auto Loan Receivables Trust  | Arivo Acceptance Auto Loan Receivables Trust  | Arivo Acceptance Auto Loan Receivables Trust  |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class A, 3.93%, 05/15/2028<sup>(a)</sup> | 10931 | 10915  |
| &nbsp;&nbsp;&nbsp; Series 2022-2A, Class A, 6.90%, 01/16/2029<sup>(a)</sup> | 102991 | 103866  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 6.46%, 04/17/2028<sup>(a)</sup> | 268057 | 269889  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2, 4.92%, 05/15/2029<sup>(a)(b)</sup> | 1000000 | 999976  |
| &nbsp;&nbsp;&nbsp; Avid Automobile Receivables Trust, Series 2023-1, Class B, <br>7.12%, 03/15/2027<sup>(a)</sup> | 20563 | 20572  |
| Avis Budget Car Rental LLC  | Avis Budget Car Rental LLC  | Avis Budget Car Rental LLC  |
| &nbsp;&nbsp;&nbsp; Series 2020-1A, Class D, 3.34%, 08/20/2026<sup>(a)</sup> | 833333 | 831922  |
| &nbsp;&nbsp;&nbsp; Series 2020-2A, Class C, 4.25%, 02/20/2027<sup>(a)</sup> | 3495000 | 3477321  |
| &nbsp;&nbsp;&nbsp; Series 2021-2A, Class A, 1.66%, 02/20/2028<sup>(a)</sup> | 6000000 | 5768425  |
| &nbsp;&nbsp;&nbsp; Series 2022-5A, Class B, 7.09%, 04/20/2027<sup>(a)</sup> | 1370000 | 1383113  |
| &nbsp;&nbsp;&nbsp; Series 2022-5A, Class C, 6.24%, 04/20/2027<sup>(a)</sup> | 3250000 | 3257729  |
| &nbsp;&nbsp;&nbsp; Series 2023-3A, Class C, 7.05%, 02/22/2028<sup>(a)</sup> | 800000 | 816638  |
| &nbsp;&nbsp;&nbsp; Series 2023-5A, Class A, 5.78%, 04/20/2028<sup>(a)</sup> | 3395000 | 3451183  |
| Carvana Auto Receivables Trust  | Carvana Auto Receivables Trust  | Carvana Auto Receivables Trust  |
| &nbsp;&nbsp;&nbsp; Series 2020-N1A, Class E, 5.20%, 07/15/2027<sup>(a)</sup> | 615557 | 615163  |
| &nbsp;&nbsp;&nbsp; Series 2021-N2, Class B, 0.75%, 03/10/2028  | 360506 | 350020  |
| &nbsp;&nbsp;&nbsp; Series 2021-N2, Class C, 1.07%, 03/10/2028  | 88433 | 85811  |
| &nbsp;&nbsp;&nbsp; Series 2021-N3, Class C, 1.02%, 06/12/2028  | 27791 | 26805  |
| CPS Auto Trust  | CPS Auto Trust  | CPS Auto Trust  |
| &nbsp;&nbsp;&nbsp; Series 2022-D, Class D, 8.73%, 01/16/2029<sup>(a)</sup> | 3100000 | 3223141  |
| &nbsp;&nbsp;&nbsp; Series 2023-C, Class D, 6.77%, 10/15/2029<sup>(a)</sup> | 7300000 | 7482170  |
| DT Auto Owner Trust  | DT Auto Owner Trust  | DT Auto Owner Trust  |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class E, 5.53%, 03/15/2029<sup>(a)</sup> | 2000000 | 1992313  |
| &nbsp;&nbsp;&nbsp; Series 2022-2A, Class D, 5.46%, 03/15/2028<sup>(a)</sup> | 4260000 | 4264247  |
| &nbsp;&nbsp;&nbsp; Series 2023-2A, Class D, 6.62%, 02/15/2029<sup>(a)</sup> | 1245000 | 1273621  |
| Exeter Automobile Receivables Trust  | Exeter Automobile Receivables Trust  | Exeter Automobile Receivables Trust  |
| &nbsp;&nbsp;&nbsp; Series 2022-3A, Class D, 6.76%, 09/15/2028  | 5575000 | 5651076  |
| &nbsp;&nbsp;&nbsp; Series 2022-5A, Class D, 7.40%, 02/15/2029  | 5050000 | 5139916  |
| FinBe USA Trust, Series 2025-1A, Class A, 5.70%, 12/15/2028<sup>(a)</sup> | 469643 | 469990  |
| Flagship Credit Auto Trust  | Flagship Credit Auto Trust  | Flagship Credit Auto Trust  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class D, 1.65%, 09/15/2027<sup>(a)</sup> | 263000 | 253710  |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class D, 2.26%, 12/15/2027<sup>(a)</sup> | 392000 | 370873  |
| &nbsp;&nbsp;&nbsp; Series 2022-2, Class C, 5.30%, 04/17/2028<sup>(a)</sup> | 1250000 | 1249491  |
| &nbsp;&nbsp;&nbsp; Series 2023-3, Class C, 6.01%, 07/16/2029<sup>(a)</sup> | 585000 | 594066  |
| GLS Auto Receivables Trust  | GLS Auto Receivables Trust  | GLS Auto Receivables Trust  |
| &nbsp;&nbsp;&nbsp; Series 2022-3A, Class D, 6.42%, 06/15/2028<sup>(a)</sup> | 4400000 | 4452659  |
| &nbsp;&nbsp;&nbsp; Series 2023-3A, Class C, 6.01%, 05/15/2029<sup>(a)</sup> | 1892000 | 1906921 |

---

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

70<br>

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

**Angel Oak UltraShort Income ETF** 

**Schedule of Investments** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES — (Continued)**<br>|  |  |
| **Automobile — (Continued)**<br>|  |  |
| Hertz Global Holdings, Inc.  | Hertz Global Holdings, Inc.  | Hertz Global Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class B, 6.22%, 06/25/2027<sup>(a)</sup> | $1450000 | $1457012  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class C, 6.91%, 06/25/2027<sup>(a)</sup> | 3000000 | 3022975  |
|  Huntington Bank Auto Credit-Linked Notes, Series 2024-1, Class B1, 6.15%, 05/20/2032<sup>(a)</sup> | 280412 | 284072  |
| Lendbuzz Securitization Trust  | Lendbuzz Securitization Trust  | Lendbuzz Securitization Trust  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class A2, 6.92%, 08/15/2028<sup>(a)</sup> | 164015 | 166194  |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class A2, 5.18%, 05/15/2030<sup>(a)</sup> | 500000 | 501033  |
| Lobel Automobile Receivables Trust  | Lobel Automobile Receivables Trust  | Lobel Automobile Receivables Trust  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class C, 8.31%, 10/16/2028<sup>(a)</sup> | 1750000 | 1765298  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class D, 8.00%, 03/15/2030<sup>(a)</sup> | 4250000 | 4332741  |
| &nbsp;&nbsp;&nbsp; Series 2023-2, Class A, 7.59%, 04/16/2029<sup>(a)</sup> | 98934 | 99013  |
| &nbsp;&nbsp;&nbsp; Series 2023-2, Class C, 10.04%, 06/15/2029<sup>(a)</sup> | 1000000 | 1041305  |
| &nbsp;&nbsp;&nbsp; Luxury Lease Partners Auto Lease Trust, Series 2024-4, Class A, <br>7.29%, 07/15/2030<sup>(a)</sup> | 280691 | 281233  |
| Prestige Auto Receivables Trust  | Prestige Auto Receivables Trust  | Prestige Auto Receivables Trust  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, 5.71%, 05/15/2028<sup>(a)</sup> | 1000000 | 1002979  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, 5.34%, 11/15/2028<sup>(a)</sup> | 5000000 | 5027893  |
| Research-Driven Pagaya Motor Asset Trust  | Research-Driven Pagaya Motor Asset Trust  | Research-Driven Pagaya Motor Asset Trust  |
| &nbsp;&nbsp;&nbsp; Series 2022-3A, Class B, 6.58%, 11/25/2030<sup>(a)</sup> | 839727 | 842570  |
| &nbsp;&nbsp;&nbsp; Series 2023-3A, Class A, 7.13%, 01/26/2032<sup>(a)</sup> | 133138 | 133527  |
| &nbsp;&nbsp;&nbsp; Series 2023-4A, Class A, 7.54%, 03/25/2032<sup>(a)</sup> | 152024 | 152941  |
| &nbsp;&nbsp;&nbsp; Series 2025-3A, Class A2, 5.15%, 02/27/2034<sup>(a)</sup> | 4500000 | 4520526  |
| &nbsp;&nbsp;&nbsp; Skopos Auto Receivable Trust, Series 2019-1A, Class E, <br>7.82%, 06/15/2026<sup>(a)</sup> | 293884 | 294475  |
| &nbsp;&nbsp;&nbsp; Strike Acceptance Auto Funding Trust, Series 2025-1A, Class A, <br>5.84%, 04/15/2032<sup>(a)</sup> | 1610707 | 1609015  |
| &nbsp;&nbsp;&nbsp; Tricolor Auto Securitization Trust, Series 2024-2A, Class A, <br>6.36%, 12/15/2027<sup>(a)</sup> | 480227 | 481321  |
| US Auto Funding Trust  | US Auto Funding Trust  | US Auto Funding Trust  |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class A, 3.98%, 10/15/2025<sup>(a)</sup> | 7885 | 7858  |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class B, 5.13%, 12/15/2025<sup>(a)</sup> | 50000 | 21174  |
| Veros Automobile Receivables Trust  | Veros Automobile Receivables Trust  | Veros Automobile Receivables Trust  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class A, 7.12%, 11/15/2028<sup>(a)</sup> | 12984 | 12993  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class A, 6.28%, 11/15/2027<sup>(a)</sup> | 436908 | 438538  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A, 5.31%, 09/15/2028<sup>(a)</sup> | 856967 | 858061  |
| &nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust, Series 2025-2A, Class A2B, <br>0.00% (30 day avg SOFR US + 0.58%), 09/15/2028<sup>(a)</sup> | 2000000 | 1999828  |
|  |  | 107198706  |
| **Consumer — 16.9%** | **Consumer — 16.9%** | **Consumer — 16.9%** |
| ACHV ABS TRUST  | ACHV ABS TRUST  | ACHV ABS TRUST  |
| &nbsp;&nbsp;&nbsp; Series 2023-1PL, Class D, 8.47%, 03/18/2030<sup>(a)</sup> | 2287373 | 2307781  |
| &nbsp;&nbsp;&nbsp; Series 2023-3PL, Class C, 7.35%, 08/19/2030<sup>(a)</sup> | 13185 | 13192  |
| &nbsp;&nbsp;&nbsp; Series 2023-3PL, Class D, 8.36%, 08/19/2030<sup>(a)</sup> | 4200000 | 4259259  |
| &nbsp;&nbsp;&nbsp; Series 2024-1PL, Class B, 6.34%, 04/25/2031<sup>(a)</sup> | 393098 | 397623  |

---

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

71<br>

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

**Angel Oak UltraShort Income ETF** 

**Schedule of Investments** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES — (Continued)**<br>|  |  |
| **Consumer — (Continued)**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1PL, Class C, 6.42%, 04/25/2031<sup>(a)</sup> | $523154 | $528344  |
| &nbsp;&nbsp;&nbsp; Series 2024-1PL, Class D, 7.29%, 04/25/2031<sup>(a)</sup> | 3332068 | 3383265  |
| &nbsp;&nbsp;&nbsp; Series 2024-2PL, Class B, 5.43%, 10/27/2031<sup>(a)</sup> | 533940 | 536253  |
| &nbsp;&nbsp;&nbsp; Series 2024-2PL, Class C, 5.72%, 10/27/2031<sup>(a)</sup> | 2990412 | 2994920  |
| &nbsp;&nbsp;&nbsp; Series 2024-3AL, Class C, 5.68%, 12/26/2031<sup>(a)</sup> | 1288425 | 1293223  |
| &nbsp;&nbsp;&nbsp; Series 2024-3AL, Class D, 6.75%, 12/26/2031<sup>(a)</sup> | 4000000 | 4033913  |
| Affirm, Inc.  | Affirm, Inc.  | Affirm, Inc.  |
| &nbsp;&nbsp;&nbsp; Series 2023-B, Class 1B, 7.44%, 09/15/2028<sup>(a)</sup> | 500000 | 501221  |
| &nbsp;&nbsp;&nbsp; Series 2024-X1, Class C, 6.57%, 05/15/2029<sup>(a)</sup> | 1650000 | 1657335  |
| &nbsp;&nbsp;&nbsp; Bankers Healthcare Group, Inc., Series 2025-2CON, Class B, <br>5.17%, 09/17/2036<sup>(a)</sup> | 1500000 | 1499646  |
| &nbsp;&nbsp;&nbsp; Cherry Securitization Trust, Series 2025-1A, Class A, <br>6.13%, 11/15/2032<sup>(a)</sup> | 2000000 | 2018271  |
| FREED ABS Trust  | FREED ABS Trust  | FREED ABS Trust  |
| &nbsp;&nbsp;&nbsp; Series 2021-3FP, Class D, 2.37%, 11/20/2028<sup>(a)</sup> | 24014 | 23941  |
| &nbsp;&nbsp;&nbsp; Series 2022-3FP, Class D, 7.36%, 08/20/2029<sup>(a)</sup> | 1066186 | 1071918  |
| &nbsp;&nbsp;&nbsp; Series 2022-4FP, Class D, 7.40%, 12/18/2029<sup>(a)</sup> | 1923685 | 1935696  |
| &nbsp;&nbsp;&nbsp; Lendingpoint Asset Securitization Trust, Series 2021-B, Class C, <br>3.21%, 02/15/2029<sup>(a)</sup> | 1476313 | 1450394  |
| &nbsp;&nbsp;&nbsp; LendingPoint Pass-Through Trust, Series 2022-ST2, Class A, <br>3.25%, 04/15/2028<sup>(a)</sup> | 13702 | 13558  |
| Marlette Funding Trust  | Marlette Funding Trust  | Marlette Funding Trust  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class C, 7.20%, 04/15/2033<sup>(a)</sup> | 8487000 | 8535064  |
| &nbsp;&nbsp;&nbsp; Series 2023-3A, Class C, 7.06%, 09/15/2033<sup>(a)</sup> | 2700000 | 2719961  |
| &nbsp;&nbsp;&nbsp; Series 2023-4A, Class B, 8.15%, 12/15/2033<sup>(a)</sup> | 1755000 | 1825877  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, 4.95%, 07/16/2035<sup>(a)</sup> | 2000000 | 1997558  |
| &nbsp;&nbsp;&nbsp; Momnt Technologies Trust, Series 2023-1A, Class A, <br>6.92%, 03/20/2045<sup>(a)</sup> | 352281 | 352305  |
| &nbsp;&nbsp;&nbsp; NetCredit Funding LLC, Series 2024-A, Class A, <br>7.43%, 10/21/2030<sup>(a)</sup> | 84752 | 85899  |
| Oportun Financial Corp.  | Oportun Financial Corp.  | Oportun Financial Corp.  |
| &nbsp;&nbsp;&nbsp; Series 2022-A, Class B, 5.25%, 06/09/2031<sup>(a)</sup> | 6750000 | 6749558  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class B, 5.83%, 02/09/2032<sup>(a)</sup> | 500000 | 501302  |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class B, 5.48%, 08/15/2029<sup>(a)</sup> | 2000000 | 2000785  |
| Pagaya AI Debt Selection Trust  | Pagaya AI Debt Selection Trust  | Pagaya AI Debt Selection Trust  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class C, 4.89%, 10/15/2029<sup>(a)</sup> | 3255823 | 3228954  |
| &nbsp;&nbsp;&nbsp; Series 2022-5, Class A, 8.10%, 06/17/2030<sup>(a)</sup> | 83838 | 84026  |
| &nbsp;&nbsp;&nbsp; Series 2023-5, Class C, 9.10%, 04/15/2031<sup>(a)</sup> | 1068434 | 1074810  |
| &nbsp;&nbsp;&nbsp; Series 2023-7, Class ABC, 8.74%, 07/15/2031<sup>(a)(c)</sup> | 1162995 | 1168818  |
| &nbsp;&nbsp;&nbsp; Series 2023-7, Class C, 8.80%, 07/15/2031<sup>(a)</sup> | 1113961 | 1123366  |
| &nbsp;&nbsp;&nbsp; Series 2023-8, Class B, 7.96%, 06/16/2031<sup>(a)</sup> | 5718004 | 5826306  |
| &nbsp;&nbsp;&nbsp; Series 2023-8, Class C, 9.54%, 06/16/2031<sup>(a)</sup> | 3801854 | 3895811  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class B, 7.11%, 07/15/2031<sup>(a)</sup> | 2842109 | 2869463  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class C, 8.34%, 07/15/2031<sup>(a)</sup> | 3095755 | 3142294  |
| &nbsp;&nbsp;&nbsp; Series 2024-10, Class C, 5.99%, 06/15/2032<sup>(a)</sup> | 4169957 | 4178235  |
| &nbsp;&nbsp;&nbsp; Series 2024-11, Class B, 5.64%, 07/15/2032<sup>(a)</sup> | 1892325 | 1896669  |

---

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

72<br>

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

**Angel Oak UltraShort Income ETF** 

**Schedule of Investments** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES — (Continued)**<br>|  |  |
| **Consumer — (Continued)**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-11, Class C, 5.87%, 07/15/2032<sup>(a)</sup> | $999885 | $1002468  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class B, 6.61%, 08/15/2031<sup>(a)</sup> | 2747977 | 2769807  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class C, 7.57%, 08/15/2031<sup>(a)</sup> | 2321689 | 2346575  |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class A, 6.26%, 10/15/2031<sup>(a)</sup> | 1070512 | 1076756  |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class B, 6.57%, 10/15/2031<sup>(a)</sup> | 3506080 | 3530392  |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class C, 7.30%, 10/15/2031<sup>(a)</sup> | 614715 | 620950  |
| &nbsp;&nbsp;&nbsp; Series 2024-5, Class B, 6.60%, 10/15/2031<sup>(a)</sup> | 1296935 | 1309152  |
| &nbsp;&nbsp;&nbsp; Series 2024-6, Class B, 6.59%, 11/15/2031<sup>(a)</sup> | 1353431 | 1364070  |
| &nbsp;&nbsp;&nbsp; Series 2024-8, Class C, 6.03%, 01/15/2032<sup>(a)</sup> | 711915 | 713858  |
| &nbsp;&nbsp;&nbsp; Series 2024-8, Class D, 6.53%, 01/15/2032<sup>(a)</sup> | 1275026 | 1279854  |
| &nbsp;&nbsp;&nbsp; Series 2024-9, Class B, 5.31%, 03/15/2032<sup>(a)</sup> | 3615789 | 3609647  |
| &nbsp;&nbsp;&nbsp; Series 2024-9, Class D, 6.17%, 03/15/2032<sup>(a)</sup> | 1141222 | 1142379  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class B, 5.63%, 07/15/2032<sup>(a)</sup> | 1999829 | 2006685  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class C, 5.87%, 07/15/2032<sup>(a)</sup> | 1499872 | 1505212  |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class B, 5.33%, 10/15/2032<sup>(a)</sup> | 1624829 | 1623831  |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class C, 5.64%, 10/15/2032<sup>(a)</sup> | 1999790 | 2000418  |
| &nbsp;&nbsp;&nbsp; Series 2025-3, Class A2, 5.37%, 12/15/2032<sup>(a)</sup> | 1500000 | 1507034  |
| &nbsp;&nbsp;&nbsp; Series 2025-3, Class B, 6.06%, 12/15/2032<sup>(a)</sup> | 1500000 | 1515606  |
| &nbsp;&nbsp;&nbsp; Series 2025-4, Class B, 5.69%, 01/17/2033<sup>(a)</sup> | 8000000 | 8050968  |
| &nbsp;&nbsp;&nbsp; Series 2025-4, Class C, 6.15%, 01/17/2033<sup>(a)</sup> | 3000000 | 3012938  |
| &nbsp;&nbsp;&nbsp; Series 2025-5, Class A2, 5.11%, 03/15/2033<sup>(a)</sup> | 5997930 | 6006680  |
| &nbsp;&nbsp;&nbsp; Series 2025-5, Class B, 5.44%, 03/15/2033<sup>(a)</sup> | 4000000 | 4002944  |
| &nbsp;&nbsp;&nbsp; Series 2025-5, Class C, 5.64%, 03/15/2033<sup>(a)</sup> | 3500000 | 3503502  |
| &nbsp;&nbsp;&nbsp; Series 2025-R1, Class A2, 5.34%, 06/15/2032<sup>(a)</sup> | 2300000 | 2310704  |
| &nbsp;&nbsp;&nbsp; Series 2025-R1, Class B, 5.71%, 06/15/2032<sup>(a)</sup> | 1450000 | 1453738  |
| Pagaya Technologies Ltd.  | Pagaya Technologies Ltd.  | Pagaya Technologies Ltd.  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A, 5.72%, 01/20/2034<sup>(a)</sup> | 3500000 | 3519053  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class C, 6.30%, 01/20/2034<sup>(a)</sup> | 1000000 | 1006699  |
| &nbsp;&nbsp;&nbsp; Purchasing Power Funding, Series 2024-A, Class B, <br>6.43%, 08/15/2028<sup>(a)</sup> | 600000 | 604112  |
| &nbsp;&nbsp;&nbsp; RCKT Mortgage Trust, Series 2025-1A, Class B, <br>4.99%, 07/25/2034<sup>(a)</sup> | 1100000 | 1102176  |
| Reach Financial LLC  | Reach Financial LLC  | Reach Financial LLC  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class C, 8.45%, 02/18/2031<sup>(a)</sup> | 1500000 | 1533114  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, 6.29%, 02/18/2031<sup>(a)</sup> | 2100000 | 2118839  |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class A, 4.93%, 08/18/2032<sup>(a)</sup> | 3250000 | 3252708  |
| &nbsp;&nbsp;&nbsp; Sotheby's Artfi Master Trust, Series 2024-1A, Class A1, <br>6.43%, 12/22/2031<sup>(a)</sup> | 7321000 | 7369436  |
| &nbsp;&nbsp;&nbsp; SpringCastle America LLC, Series 2020-AA, Class A, <br>1.97%, 09/25/2037<sup>(a)</sup> | 736102 | 691803  |
| Theorem Funding Trust  | Theorem Funding Trust  | Theorem Funding Trust  |
| &nbsp;&nbsp;&nbsp; Series 2022-2A, Class B, 9.27%, 12/15/2028<sup>(a)</sup> | 4500000 | 4543623  |
| &nbsp;&nbsp;&nbsp; Series 2022-3A, Class B, 8.95%, 04/15/2029<sup>(a)</sup> | 2700000 | 2750300  |
| &nbsp;&nbsp;&nbsp; Upgrade Receivables Trust, Series 2024-1A, Class B, <br>5.77%, 02/18/2031<sup>(a)</sup> | 2000000 | 2004949 |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES — (Continued)**<br>|  |  |
| **Consumer — (Continued)**<br>|  |  |
| Upstart Pass-Through Trust Series  | Upstart Pass-Through Trust Series  | Upstart Pass-Through Trust Series  |
| &nbsp;&nbsp;&nbsp; Series 2021-ST4, Class A, 2.00%, 07/20/2027<sup>(a)</sup> | $32798 | $32629  |
| &nbsp;&nbsp;&nbsp; Series 2022-ST3, Class A, 4.30%, 05/20/2030<sup>(a)</sup> | 313600 | 311497  |
| Upstart Securitization Trust  | Upstart Securitization Trust  | Upstart Securitization Trust  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class C, 3.61%, 06/20/2031<sup>(a)</sup> | 137234 | 136677  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class C, 3.28%, 07/20/2031<sup>(a)</sup> | 487627 | 483440  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A, 5.45%, 04/20/2035<sup>(a)</sup> | 3208301 | 3219830  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class B, 6.33%, 04/20/2035<sup>(a)</sup> | 1000000 | 1014879  |
|  |  | 178138746  |
| **Credit Card — 0.6%** | **Credit Card — 0.6%** | **Credit Card — 0.6%** |
| American Express Travel Related Services Co., Inc.  | American Express Travel Related Services Co., Inc.  | American Express Travel Related Services Co., Inc.  |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class A, 3.75%, 08/15/2027  | 3000000 | 2998795  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class A, 4.87%, 05/15/2028  | 2000000 | 2008079  |
|  Mercury Financial Credit Card Master Trust, Series 2024-2A, Class A, 6.56%, 07/20/2029<sup>(a)</sup> | 1500000 | 1510143  |
|  |  | 6517017  |
| **Equipment — 0.6%** | **Equipment — 0.6%** | **Equipment — 0.6%** |
| &nbsp;&nbsp;&nbsp; Octane Receivables Trust, Series 2022-2A, Class D, <br>7.70%, 02/20/2030<sup>(a)</sup> | 6000000 | 6175119  |
| **Fiber — 0.5%** | **Fiber — 0.5%** | **Fiber — 0.5%** |
| &nbsp;&nbsp;&nbsp; Frontier Communications Parent, Inc., Series 2023-1, Class A2, <br>6.60%, 08/20/2053<sup>(a)</sup> | 5000000 | 5065574  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $302,595,676)** |  | 303095162  |
| **CORPORATE OBLIGATIONS — 17.5%**<br>|  |  |
| **Basic Materials — 0.8%** | **Basic Materials — 0.8%** | **Basic Materials — 0.8%** |
| Cabot Corp., 3.40%, 09/15/2026  | 2250000 | 2220091  |
| Consolidated Energy Finance SA, 6.50%, 05/15/2026<sup>(a)</sup> | 761000 | 744844  |
| First Quantum Minerals Ltd., 6.88%, 10/15/2027<sup>(a)</sup> | 852000 | 854049  |
| FMC Corp., 3.20%, 10/01/2026  | 3400000 | 3347293  |
| International Flavors & Fragrances, Inc., 1.23%, 10/01/2025<sup>(a)</sup> | 1066000 | 1058814  |
| Methanex Corp., 5.13%, 10/15/2027  | 350000 | 348516  |
|  |  | 8573607  |
| **Communications — 0.4%** | **Communications — 0.4%** | **Communications — 0.4%** |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC / Directv Financing Co.-Obligor, Inc., <br>5.88%, 08/15/2027<sup>(a)</sup> | 800000 | 796103  |
| Juniper Networks, Inc., 1.20%, 12/10/2025  | 789000 | 778756  |
| Nexstar Media, Inc., 5.63%, 07/15/2027<sup>(a)</sup> | 450000 | 449408  |
| Sprint LLC, 7.63%, 03/01/2026  | 2522000 | 2541209  |
|  |  | 4565476  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)** | **CORPORATE OBLIGATIONS — (Continued)** | **CORPORATE OBLIGATIONS — (Continued)** |
| **Consumer, Cyclical — 3.1%** | **Consumer, Cyclical — 3.1%** | **Consumer, Cyclical — 3.1%** |
| American Axle & Manufacturing, Inc., 6.50%, 04/01/2027  | $800000 | $801329  |
| AutoNation, Inc., 4.50%, 10/01/2025  | 1600000 | 1598187  |
| Beazer Homes USA, Inc., 5.88%, 10/15/2027  | 800000 | 798616  |
| BorgWarner, Inc., 2.65%, 07/01/2027  | 2000000 | 1932171  |
| Carnival Corp., 4.00%, 08/01/2028<sup>(a)</sup> | 3450000 | 3352969  |
| Delta Air Lines, Inc., 7.38%, 01/15/2026  | 850000 | 858877  |
| Ford Motor Credit Co. LLC, 2.90%, 02/16/2028  | 3400000 | 3191488  |
| General Motors Financial Co., Inc., 2.40%, 04/10/2028  | 3400000 | 3209216  |
| Mattel, Inc., 3.38%, 04/01/2026<sup>(a)</sup> | 2000000 | 1975553  |
| Meritage Homes Corp., 5.13%, 06/06/2027  | 2100000 | 2111855  |
| NCL Corp. Ltd., 5.88%, 03/15/2026<sup>(a)</sup> | 80000 | 80347  |
| Newell Brands, Inc., 8.50%, 06/01/2028<sup>(a)</sup> | 800000 | 840299  |
| Royal Caribbean Cruises Ltd., 4.25%, 07/01/2026<sup>(a)</sup> | 2126000 | 2118733  |
| Southwest Airlines Co., 3.00%, 11/15/2026  | 3800000 | 3719250  |
| Toll Brothers Finance Corp., 4.88%, 03/15/2027  | 2153000 | 2159506  |
| United Airlines, Inc., 4.38%, 04/15/2026<sup>(a)</sup> | 3400000 | 3381940  |
|  |  | 32130336  |
| **Consumer, Non-cyclical — 1.0%** | **Consumer, Non-cyclical — 1.0%** | **Consumer, Non-cyclical — 1.0%** |
| Ashtead Capital, Inc., 1.50%, 08/12/2026<sup>(a)</sup> | 2608000 | 2524293  |
| Block Financial LLC, 5.25%, 10/01/2025  | 1400000 | 1400274  |
| Bunge Ltd. Finance Corp., 1.63%, 08/17/2025  | 125000 | 124807  |
| Conagra Brands, Inc., 1.38%, 11/01/2027  | 3350000 | 3113424  |
| HCA, Inc., 5.20%, 06/01/2028  | 2050000 | 2085372  |
| Royalty Pharma PLC, 1.20%, 09/02/2025  | 1655000 | 1649346  |
|  |  | 10897516  |
| **Energy — 2.1%** | **Energy — 2.1%** | **Energy — 2.1%** |
| &nbsp;&nbsp;&nbsp; Archrock Partners LP / Archrock Partners Finance Corp., <br>6.88%, 04/01/2027<sup>(a)</sup> | 850000 | 852703  |
| Continental Resources, Inc., 2.27%, 11/15/2026<sup>(a)</sup> | 3400000 | 3292329  |
| EQT Corp.  | EQT Corp.  | EQT Corp.  |
| &nbsp;&nbsp;&nbsp; 3.13%, 05/15/2026<sup>(a)</sup> | 1907000 | 1879970  |
| &nbsp;&nbsp;&nbsp; 3.90%, 10/01/2027  | 1493000 | 1473124  |
| FTAI Infra Escrow Holdings LLC, 10.50%, 06/01/2027<sup>(a)</sup> | 831000 | 854738  |
| Occidental Petroleum Corp., 3.20%, 08/15/2026  | 3100000 | 3048779  |
| ONEOK, Inc.  | ONEOK, Inc.  | ONEOK, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2026  | 100000 | 100109  |
| &nbsp;&nbsp;&nbsp; 4.85%, 07/15/2026  | 600000 | 601190  |
| &nbsp;&nbsp;&nbsp; 4.55%, 07/15/2028  | 2000000 | 2002888  |
| Ovintiv, Inc., 5.38%, 01/01/2026  | 2700000 | 2702547  |
| PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 02/15/2028  | 800000 | 770576  |
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., <br>6.00%, 03/01/2027<sup>(a)</sup> | 100000 | 99754  |
| &nbsp;&nbsp;&nbsp; USA Compression Partners LP / USA Compression Finance Corp., <br>6.88%, 09/01/2027  | 300000 | 300174 |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)** | **CORPORATE OBLIGATIONS — (Continued)** | **CORPORATE OBLIGATIONS — (Continued)** |
| **Energy — (Continued)**  | **Energy — (Continued)**  | **Energy — (Continued)**  |
| Venture Global LNG, Inc., 8.13%, 06/01/2028<sup>(a)</sup> | $800000 | $828787 |
| Western Midstream Operating LP, 4.75%, 08/15/2028  | 3400000 | 3389706  |
|  |  | 22197374  |
| **Financial — 5.4%** | **Financial — 5.4%** | **Financial — 5.4%** |
| Aircastle Ltd.  | Aircastle Ltd.  | Aircastle Ltd.  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/11/2025<sup>(a)</sup> | 1450000 | 1450000  |
| &nbsp;&nbsp;&nbsp; 2.85%, 01/26/2028<sup>(a)</sup> | 3400000 | 3246093  |
| Apollo Management Holdings LP, 4.40%, 05/27/2026<sup>(a)</sup> | 600000 | 598378  |
| Ares Capital Corp., 7.00%, 01/15/2027  | 3400000 | 3501198  |
| Athene Global Funding, 5.62%, 05/08/2026<sup>(a)</sup> | 1300000 | 1310960  |
| Avolon Holdings Funding Ltd.  | Avolon Holdings Funding Ltd.  | Avolon Holdings Funding Ltd.  |
| &nbsp;&nbsp;&nbsp; 2.53%, 11/18/2027<sup>(a)</sup> | 1400000 | 1335198  |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/04/2028<sup>(a)</sup> | 2000000 | 2082700  |
| Barclays PLC, 5.20%, 05/12/2026  | 2800000 | 2809584  |
| Blackstone Mortgage Trust, Inc., 3.75%, 01/15/2027<sup>(a)</sup> | 800000 | 780095  |
| Capital One Financial Corp., 4.20%, 10/29/2025  | 1460000 | 1457377  |
| Capital One NA, 3.45%, 07/27/2026  | 2400000 | 2375560  |
| Comerica, Inc., 3.80%, 07/22/2026  | 3400000 | 3369897  |
| Fifth Third Bank NA, 3.85%, 03/15/2026  | 3450000 | 3432043  |
| Freedom Mortgage Corp., 6.63%, 01/15/2027<sup>(a)</sup> | 800000 | 801134  |
| GGAM Finance Ltd., 8.00%, 02/15/2027<sup>(a)</sup> | 250000 | 257630  |
| Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/2027<sup>(a)</sup> | 850000 | 878805  |
| Global Payments, Inc., 4.80%, 04/01/2026  | 2750000 | 2750304  |
| goeasy Ltd., 4.38%, 05/01/2026<sup>(a)</sup> | 260000 | 256461  |
| HAT Holdings I LLC / HAT Holdings II LLC, 3.38%, 06/15/2026<sup>(a)</sup> | 1541000 | 1513008  |
| Host Hotels & Resorts LP, 4.50%, 02/01/2026  | 1050000 | 1048002  |
| Jefferson Capital Holdings LLC, 6.00%, 08/15/2026<sup>(a)</sup> | 280000 | 280134  |
| KeyBank NA, 3.40%, 05/20/2026  | 1915000 | 1894297  |
| Lloyds Banking Group PLC  | Lloyds Banking Group PLC  | Lloyds Banking Group PLC  |
| &nbsp;&nbsp;&nbsp; 4.58%, 12/10/2025  | 2000000 | 1999017  |
| &nbsp;&nbsp;&nbsp; 4.65%, 03/24/2026  | 700000 | 699684  |
| LPL Holdings, Inc.  | LPL Holdings, Inc.  | LPL Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/20/2027  | 2000000 | 2033546  |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/15/2027<sup>(a)</sup> | 300000 | 298491  |
| Manufacturers & Traders Trust Co., 3.40%, 08/17/2027  | 500000 | 488318  |
| Nationstar Mortgage Holdings, Inc., 6.00%, 01/15/2027<sup>(a)</sup> | 350000 | 350604  |
| OneMain Finance Corp., 3.50%, 01/15/2027  | 400000 | 390611  |
| PRA Group, Inc., 8.38%, 02/01/2028<sup>(a)</sup> | 580000 | 593869  |
| Radian Group, Inc., 4.88%, 03/15/2027  | 3350000 | 3350802  |
| Starwood Property Trust, Inc., 4.38%, 01/15/2027<sup>(a)</sup> | 300000 | 295112  |
| Synchrony Bank, 5.63%, 08/23/2027  | 3400000 | 3458421  |
| Truist Bank, 3.63%, 09/16/2025  | 1600000 | 1597089 |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)** | **CORPORATE OBLIGATIONS — (Continued)** | **CORPORATE OBLIGATIONS — (Continued)** |
| **Financial — (Continued)**  | **Financial — (Continued)**  | **Financial — (Continued)**  |
| United Wholesale Mortgage LLC  | United Wholesale Mortgage LLC  | United Wholesale Mortgage LLC  |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/15/2025<sup>(a)</sup> | $200000 | $200127  |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/15/2027<sup>(a)</sup> | 400000 | 400300  |
| VICI Properties LP / VICI Note Co., Inc., 3.75%, 02/15/2027<sup>(a)</sup> | 3400000 | 3342855  |
|  |  | 56927704  |
| **Industrial — 2.8%** | **Industrial — 2.8%** | **Industrial — 2.8%** |
| Arrow Electronics, Inc.  | Arrow Electronics, Inc.  | Arrow Electronics, Inc.  |
| &nbsp;&nbsp;&nbsp; 7.50%, 01/15/2027  | 1100000 | 1136543  |
| &nbsp;&nbsp;&nbsp; 3.88%, 01/12/2028  | 2300000 | 2254426  |
| Avnet, Inc.  | Avnet, Inc.  | Avnet, Inc.  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/15/2026  | 274000 | 273568  |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/15/2028  | 3126000 | 3243488  |
| Berry Global, Inc., 1.57%, 01/15/2026  | 2250000 | 2216103  |
| Boeing Co.  | Boeing Co.  | Boeing Co.  |
| &nbsp;&nbsp;&nbsp; 2.75%, 02/01/2026  | 2580000 | 2555369  |
| &nbsp;&nbsp;&nbsp; 3.10%, 05/01/2026  | 832000 | 822086  |
| Flex Ltd., 3.75%, 02/01/2026  | 1050000 | 1044639  |
| GATX Corp.  | GATX Corp.  | GATX Corp.  |
| &nbsp;&nbsp;&nbsp; 3.25%, 09/15/2026  | 1298000 | 1279326  |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/15/2028  | 670000 | 652779  |
| Hexcel Corp., 4.20%, 02/15/2027  | 990000 | 982262  |
| Jabil, Inc., 1.70%, 04/15/2026  | 500000 | 490226  |
| Owens-Brockway Glass Container, Inc., 6.63%, 05/13/2027<sup>(a)</sup> | 300000 | 300606  |
| &nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. Lp / PTL Finance Corp., <br>5.75%, 05/24/2026<sup>(a)</sup> | 440000 | 443181  |
| Rolls-Royce PLC, 3.63%, 10/14/2025<sup>(a)</sup> | 2601000 | 2595537  |
| Sealed Air Corp., 1.57%, 10/15/2026<sup>(a)</sup> | 3400000 | 3266121  |
| Silgan Holdings, Inc., 1.40%, 04/01/2026<sup>(a)</sup> | 3025000 | 2958390  |
| Textron, Inc., 4.00%, 03/15/2026  | 2400000 | 2390595  |
|  |  | 28905245  |
| **Technology — 0.5%** | **Technology — 0.5%** | **Technology — 0.5%** |
| CDW LLC / CDW Finance Corp.  | CDW LLC / CDW Finance Corp.  | CDW LLC / CDW Finance Corp.  |
| &nbsp;&nbsp;&nbsp; 2.67%, 12/01/2026  | 2250000 | 2195359  |
| &nbsp;&nbsp;&nbsp; 4.25%, 04/01/2028  | 500000 | 495304  |
| Hewlett Packard Enterprise Co., 1.75%, 04/01/2026  | 2700000 | 2650217  |
|  |  | 5340880  |
| **Utilities — 1.4%** | **Utilities — 1.4%** | **Utilities — 1.4%** |
| Edison International, 4.70%, 08/15/2025  | 1450000 | 1449806  |
| National Fuel Gas Co., 5.50%, 10/01/2026  | 3350000 | 3374634  |
| NRG Energy, Inc.  | NRG Energy, Inc.  | NRG Energy, Inc.  |
| &nbsp;&nbsp;&nbsp; 2.00%, 12/02/2025<sup>(a)</sup> | 2000000 | 1977687  |
| &nbsp;&nbsp;&nbsp; 2.45%, 12/02/2027<sup>(a)</sup> | 1350000 | 1279693  |
| Pacific Gas and Electric Co., 3.15%, 01/01/2026  | 2700000 | 2681566  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)** | **CORPORATE OBLIGATIONS — (Continued)** | **CORPORATE OBLIGATIONS — (Continued)** |
| **Utilities — (Continued)**  | **Utilities — (Continued)**  | **Utilities — (Continued)**  |
| Vistra Operations Co. LLC  | Vistra Operations Co. LLC  | Vistra Operations Co. LLC  |
| &nbsp;&nbsp;&nbsp; 5.05%, 12/30/2026<sup>(a)</sup> | $1450000 | $1453584  |
| &nbsp;&nbsp;&nbsp; 3.70%, 01/30/2027<sup>(a)</sup> | 1950000 | 1923856  |
|  |  | 14140826 |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE OBLIGATIONS** <br>**(Cost $183,191,513)** |  | 183678964  |
| **COLLATERALIZED LOAN OBLIGATIONS — 16.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; AMMC CLO Ltd., Series 2016-18A, Class BR, 6.19% (3 mo. Term <br>SOFR + 1.86%), 05/26/2031<sup>(a)</sup> | 1250000 | 1251336  |
| Apidos CLO Ltd.  | Apidos CLO Ltd.  | Apidos CLO Ltd.  |
| &nbsp;&nbsp;&nbsp; Series 2015-23A, Class ARR, 5.37% (3 mo. Term SOFR + 1.05%), 04/15/2033<sup>(a)</sup> | 12827622 | 12827262  |
| &nbsp;&nbsp;&nbsp; Series 2019-31A, Class A1R, 5.68% (3 mo. Term SOFR + 1.36%), 04/15/2031<sup>(a)</sup> | 3843084 | 3847861  |
| Assurant CLO Ltd.  | Assurant CLO Ltd.  | Assurant CLO Ltd.  |
| &nbsp;&nbsp;&nbsp; Series 2018-2A, Class A, 5.63% (3 mo. Term SOFR + 1.30%), 04/20/2031<sup>(a)</sup> | 680806 | 680970  |
| &nbsp;&nbsp;&nbsp; Series 2018-2A, Class B1, 6.04% (3 mo. Term SOFR + 1.71%), 04/20/2031<sup>(a)</sup> | 3000000 | 3001932  |
|  Atlas Senior Loan Fund Ltd., Series 2022-20A, Class XR, 5.48% (3 mo. Term SOFR + 1.15%), 10/19/2037<sup>(a)</sup> | 1400000 | 1399972  |
|  BCRED BSL Static CLO Ltd., Series 2025-1A, Class AR, 5.54% (3 mo. Term SOFR + 1.25%), 07/24/2035<sup>(a)</sup> | 3000000 | 2999358  |
|  Bean Creak CLO Ltd., Series 2015-1A, Class BR, 6.04% (3 mo. Term SOFR + 1.71%), 04/20/2031<sup>(a)</sup> | 3574752 | 3576186  |
|  Black Diamond CLO Ltd., Series 2019-2A, Class A1AR, 5.64% (3 mo. Term SOFR + 1.32%), 07/23/2032<sup>(a)</sup> | 7434567 | 7441979  |
|  Blackstone, Inc., Series 2018-1A, Class A1, 5.61% (3 mo. Term SOFR + 1.29%), 04/15/2031<sup>(a)</sup> | 3719455 | 3722014  |
|  BlueMountain CLO Ltd., Series 2018-22A, Class A2, 5.98% (3 mo. Term SOFR + 1.66%), 07/15/2031<sup>(a)</sup> | 4500000 | 4504320  |
|  Brightwood Capital MM, Series 2021-2A, Class C1, 7.48% (3 mo. Term SOFR + 3.16%), 11/15/2030<sup>(a)</sup> | 3000000 | 3002580  |
| &nbsp;&nbsp;&nbsp; Carlyle Group, Inc., Series 2014-1A, Class A1R2, 5.55% (3 mo. Term <br>SOFR + 1.23%), 04/17/2031<sup>(a)</sup> | 6360269 | 6363283  |
|  CBAM Ltd., Series 2019-10A, Class A1R, 5.71% (3 mo. Term SOFR + 1.38%), 04/20/2032<sup>(a)</sup> | 6558750 | 6558139  |
| Fortress Credit Opportunities  | Fortress Credit Opportunities  | Fortress Credit Opportunities  |
| &nbsp;&nbsp;&nbsp; Series 2025-31A, Class A1, 5.82% (3 mo. Term SOFR + 1.50%), 07/20/2033<sup>(a)</sup> | 8000000 | 8013696  |
| &nbsp;&nbsp;&nbsp; Series 2025-35A, Class A1, 5.73% (3 mo. Term SOFR + 1.40%), 07/20/2033<sup>(a)</sup> | 6150000 | 6150000  |
| &nbsp;&nbsp;&nbsp; Gallatin CLO Ltd., Series 2017-1A, Class A1R, 5.67% (3 mo. Term <br>SOFR + 1.35%), 07/15/2031<sup>(a)</sup> | 2289950 | 2290910 |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS — (Continued)**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Goldentree Loan Opportunities Ltd., Series 2016-12X, Class CR, 6.54% <br>(3 mo. Term SOFR + 2.21%), 07/21/2030<sup>(e)</sup> | $2320000 | $2326468  |
| Greywolf CLO Ltd.  | Greywolf CLO Ltd.  | Greywolf CLO Ltd.  |
| &nbsp;&nbsp;&nbsp; Series 2018-1A, Class A2, 6.21% (3 mo. Term SOFR + 1.89%), 04/26/2031<sup>(a)</sup> | 4280000 | 4287576  |
| &nbsp;&nbsp;&nbsp; Series 2020-3RA, Class A1R2, 5.56% (3 mo. Term SOFR + 1.23%), 04/22/2033<sup>(a)</sup> | 4008149 | 4017055  |
| &nbsp;&nbsp;&nbsp; Highbridge Loan Management Ltd., Series 11A-17, Class BR, 6.07% <br>(3 mo. Term SOFR + 1.81%), 05/06/2030<sup>(a)</sup> | 4659515 | 4661785  |
|  LJV I MM CLO LLC, Series 2022-1A, Class A1, 6.16% (3 mo. Term SOFR + 1.85%), 04/28/2034<sup>(a)</sup> | 6454562 | 6467103  |
| Madison Park Funding Ltd.  | Madison Park Funding Ltd.  | Madison Park Funding Ltd.  |
| &nbsp;&nbsp;&nbsp; Series 2015-18A, Class ARR, 5.53% (3 mo. Term SOFR + 1.20%), 10/21/2030<sup>(a)</sup> | 796553 | 797312  |
| &nbsp;&nbsp;&nbsp; Series 2016-21A, Class AARR, 5.66% (3 mo. Term SOFR + 1.34%), 10/15/2032<sup>(a)</sup> | 4862792 | 4871516  |
| &nbsp;&nbsp;&nbsp; Series 2021-52A, Class X, 5.49% (3 mo. Term SOFR + 1.16%), 01/22/2035<sup>(a)</sup> | 394737 | 394734  |
|  MP CLO Ltd., Series 2013-1A, Class BR, 6.24% (3 mo. Term SOFR + 1.91%), 10/20/2030<sup>(a)</sup> | 1422674 | 1420381  |
| OCP CLO Ltd.  | OCP CLO Ltd.  | OCP CLO Ltd.  |
| &nbsp;&nbsp;&nbsp; Series 2014-5A, Class A1R, 5.66% (3 mo. Term SOFR + 1.34%), 04/26/2031<sup>(a)</sup> | 124570 | 124608  |
| &nbsp;&nbsp;&nbsp; Series 2017-13A, Class X, 5.43% (3 mo. Term SOFR + 1.10%), 11/26/2037<sup>(a)</sup> | 1666667 | 1666633  |
| Octagon Investment Partners Ltd.  | Octagon Investment Partners Ltd.  | Octagon Investment Partners Ltd.  |
| &nbsp;&nbsp;&nbsp; Series 2013-1A, Class BR2, 5.98% (3 mo. Term SOFR + 1.66%), 01/25/2031<sup>(a)</sup> | 5309500 | 5313498  |
| &nbsp;&nbsp;&nbsp; Series 2016-1A, Class XRR, 5.62% (3 mo. Term SOFR + 1.30%), 04/24/2037<sup>(a)</sup> | 4342105 | 4355904  |
| &nbsp;&nbsp;&nbsp; Series 2018-1A, Class A1A, 5.65% (3 mo. Term SOFR + 1.32%), 01/20/2031<sup>(a)</sup> | 808536 | 808901  |
|  Octagon Loan Funding, Series 2014-1A, Class ARR, 5.76% (3 mo. Term SOFR + 1.44%), 11/18/2031<sup>(a)</sup> | 3232381 | 3238080  |
|  OZLM Ltd., Series 2019-24A, Class A1AR, 5.75% (3 mo. Term SOFR + 1.42%), 07/20/2032<sup>(a)</sup> | 4365466 | 4366449  |
| &nbsp;&nbsp;&nbsp; Parliament Funding, Series 2020-1A, Class BR, 6.24% (3 mo. Term <br>SOFR + 1.91%), 10/20/2031<sup>(a)</sup> | 4539303 | 4540492  |
|  Race Point CLO Ltd., Series 2016-10A, Class B1R, 6.23% (3 mo. Term SOFR + 1.91%), 07/25/2031<sup>(a)</sup> | 3000000 | 3009366  |
|  Romark CLO Ltd., Series 2021-5A, Class X, 5.58% (3 mo. Term SOFR + 1.26%), 01/15/2035<sup>(a)</sup> | 631579 | 631568  |
| Sound Point CLO Ltd.  | Sound Point CLO Ltd.  | Sound Point CLO Ltd.  |
| &nbsp;&nbsp;&nbsp; Series 2014-1RA, Class A, 5.74% (3 mo. Term SOFR + 1.41%), 07/18/2031<sup>(a)</sup> | 2227662 | 2230148  |
| &nbsp;&nbsp;&nbsp; Series 2015-2A, Class ARRR, 5.80% (3 mo. Term SOFR + 1.47%), 07/20/2032<sup>(a)</sup> | 5725268 | 5731812  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS — (Continued)**<br>|  |  |
| Steele Creek CLO Ltd.  | Steele Creek CLO Ltd.  | Steele Creek CLO Ltd.  |
| &nbsp;&nbsp;&nbsp; Series 2019-1A, Class ARR, 5.36% (3 mo. Term SOFR + 1.04%), 04/15/2032<sup>(a)</sup> | $2095437 | $2095379  |
| &nbsp;&nbsp;&nbsp; Series 2019-2A, Class ARR, 5.32% (3 mo. Term SOFR + 1.00%), 07/15/2032<sup>(a)</sup> | 4477282 | 4477157  |
|  Symphony CLO Ltd., Series 2021-26A, Class AR, 5.67% (3 mo. Term SOFR + 1.34%), 04/20/2033<sup>(a)</sup> | 2717129 | 2721666  |
| THL Credit Lake Shore MM CLO Ltd.  | THL Credit Lake Shore MM CLO Ltd.  | THL Credit Lake Shore MM CLO Ltd.  |
| &nbsp;&nbsp;&nbsp; Series 2019-2A, Class A1RR, 5.72% (3 mo. Term SOFR + 1.40%), 10/17/2031<sup>(a)</sup> | 995714 | 995991  |
| &nbsp;&nbsp;&nbsp; Series 2019-2A, Class BRR, 6.02% (3 mo. Term SOFR + 1.70%), 10/17/2031<sup>(a)</sup> | 1500000 | 1497209  |
|  TIAA CLO Ltd., Series 2017-2A, Class A, 5.73% (3 mo. Term SOFR + 1.41%), 01/16/2031<sup>(a)</sup> | 2279493 | 2280875  |
| &nbsp;&nbsp;&nbsp; Upland CLO Ltd., Series 2016-1A, Class A2R, 6.24% (3 mo. Term <br>SOFR + 1.91%), 04/20/2031<sup>(a)</sup> | 3500000 | 3510119  |
|  Venture CDO Ltd., Series 2018-32A, Class A1, 5.69% (3 mo. Term SOFR + 1.36%), 07/18/2031<sup>(a)</sup> | 1516062 | 1517631  |
|  Voya CLO Ltd., Series 2022-3A, Class X, 5.93% (3 mo. Term SOFR + 1.60%), 10/20/2036<sup>(a)</sup> | 550000 | 549987  |
|  Wind River CLO Ltd., Series 2014-1A, Class BRR, 6.19% (3 mo. Term SOFR + 1.86%), 07/18/2031<sup>(a)</sup> | 5976004 | 5980923  |
|  Woodmont Trust, Series 2019-6A, Class BR, 6.43% (3 mo. Term SOFR + 2.11%), 07/15/2031<sup>(a)</sup> | 1000000 | 1002948  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $169,594,587)** |  | 169523072  |
| &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY — 14.8%**<br>|  |  |
| Federal Home Loan Mortgage Corp.  | Federal Home Loan Mortgage Corp.  | Federal Home Loan Mortgage Corp.  |
| &nbsp;&nbsp;&nbsp; Pool WN1022, 2.10%, 11/01/2026  | 3000000 | 2908174  |
| &nbsp;&nbsp;&nbsp; Series K052, Class A2, 3.15%, 11/25/2025  | 2085981 | 2076669  |
| &nbsp;&nbsp;&nbsp; Series K053, Class A2, 3.00%, 12/25/2025  | 4912141 | 4882904  |
| &nbsp;&nbsp;&nbsp; Series K055, Class A2, 2.67%, 03/25/2026  | 5137081 | 5076546  |
| &nbsp;&nbsp;&nbsp; Series K056, Class A2, 2.53%, 05/25/2026  | 3095849 | 3051842  |
| &nbsp;&nbsp;&nbsp; Series K059, Class A2, 3.12%, 09/25/2026<sup>(c)</sup> | 1940000 | 1912945  |
| &nbsp;&nbsp;&nbsp; Series K060, Class A2, 3.30%, 10/25/2026  | 692000 | 682604  |
| &nbsp;&nbsp;&nbsp; Series K061, Class A2, 3.35%, 11/25/2026<sup>(c)</sup> | 960784 | 947369  |
| &nbsp;&nbsp;&nbsp; Series K062, Class A2, 3.41%, 12/25/2026  | 320 | 315  |
| &nbsp;&nbsp;&nbsp; Series K070, Class A1, 3.03%, 04/25/2027  | 1122149 | 1107761  |
| &nbsp;&nbsp;&nbsp; Series K734, Class A2, 3.21%, 02/25/2026  | 2498327 | 2483799  |
| &nbsp;&nbsp;&nbsp; Series K735, Class A2, 2.86%, 05/25/2026  | 840129 | 830028  |
| &nbsp;&nbsp;&nbsp; Series K736, Class A2, 2.28%, 07/25/2026  | 3096210 | 3034332  |
| &nbsp;&nbsp;&nbsp; Series K737, Class A2, 2.53%, 10/25/2026  | 5000000 | 4895170  |
| &nbsp;&nbsp;&nbsp; Series K-F100, Class AL, 4.56% (30 day avg SOFR US + 0.24%), 11/25/2027  | 5035744 | 5010551 |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY — (Continued)**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series K-F100, Class AS, 4.50% (30 day avg SOFR US + 0.18%), 01/25/2028  | $4065462 | $4039231  |
| &nbsp;&nbsp;&nbsp; Series K-F101, Class AS, 4.52% (30 day avg SOFR US + 0.20%), 01/25/2031  | 70012 | 69269  |
| &nbsp;&nbsp;&nbsp; Series K-F102, Class AS, 4.52% (30 day avg SOFR US + 0.20%), 01/25/2031  | 5358668 | 5282232  |
| &nbsp;&nbsp;&nbsp; Series K-F104, Class AS, 4.57% (30 day avg SOFR US + 0.25%), 01/25/2031  | 2663145 | 2649971  |
| &nbsp;&nbsp;&nbsp; Series K-F105, Class AS, 4.57% (30 day avg SOFR US + 0.25%), 02/25/2031  | 2609591 | 2599054  |
| &nbsp;&nbsp;&nbsp; Series K-F106, Class AS, 4.57% (30 day avg SOFR US + 0.25%), 01/25/2031  | 2066499 | 2041614  |
| &nbsp;&nbsp;&nbsp; Series K-F108, Class AS, 4.57% (30 day avg SOFR US + 0.25%), 02/25/2031  | 2255006 | 2243627  |
| &nbsp;&nbsp;&nbsp; Series K-F109, Class AS, 4.56% (30 day avg SOFR US + 0.24%), 03/25/2031  | 313095 | 310902  |
| &nbsp;&nbsp;&nbsp; Series K-F114, Class AS, 4.54% (30 day avg SOFR US + 0.22%), 05/25/2031  | 5595703 | 5516373  |
| &nbsp;&nbsp;&nbsp; Series K-F115, Class AS, 4.53% (30 day avg SOFR US + 0.21%), 06/25/2031  | 5166754 | 5091800  |
| &nbsp;&nbsp;&nbsp; Series K-F118, Class AS, 4.52% (30 day avg SOFR US + 0.20%), 07/25/2028  | 3852160 | 3821852  |
| &nbsp;&nbsp;&nbsp; Series K-F121, Class AS, 4.50% (30 day avg SOFR US + 0.18%), 08/25/2028  | 4808314 | 4766284  |
| &nbsp;&nbsp;&nbsp; Series KF123, Class AS, 4.52% (30 day avg SOFR US + 0.20%), 09/25/2028  | 4136912 | 4102066  |
| &nbsp;&nbsp;&nbsp; Series KF124, Class AS, 4.54% (30 day avg SOFR US + 0.22%), 10/25/2031  | 445586 | 442348  |
| &nbsp;&nbsp;&nbsp; Series KF125, Class AS, 4.54% (30 day avg SOFR US + 0.22%), 10/25/2028  | 1371334 | 1360436  |
| &nbsp;&nbsp;&nbsp; Series KF129, Class AS, 4.57% (30 day avg SOFR US + 0.25%), 01/25/2029  | 2903235 | 2881559  |
| &nbsp;&nbsp;&nbsp; Series KF130, Class AS, 4.61% (30 day avg SOFR US + 0.29%), 01/25/2029  | 1927125 | 1922197  |
| &nbsp;&nbsp;&nbsp; Series KF133, Class AS, 4.69% (30 day avg SOFR US + 0.37%), 02/25/2029  | 930529 | 926899  |
| &nbsp;&nbsp;&nbsp; Series KF134, Class AS, 4.73% (30 day avg SOFR US + 0.41%), 03/25/2032  | 1044875 | 1043254  |
| &nbsp;&nbsp;&nbsp; Series KF136, Class AS, 4.73% (30 day avg SOFR US + 0.41%), 04/25/2032  | 745651 | 741561  |
| &nbsp;&nbsp;&nbsp; Series KF141, Class AS, 4.89% (30 day avg SOFR US + 0.57%), 07/25/2032  | 870781 | 873931  |
| &nbsp;&nbsp;&nbsp; Series KF155, Class AS, 4.99% (30 day avg SOFR US + 0.67%), 02/25/2030  | 206474 | 207837  |
| &nbsp;&nbsp;&nbsp; Series KF160, Class AS, 5.02% (30 day avg SOFR US + 0.70%), 10/25/2030  | 572299 | 576004  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY — (Continued)** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series KF166, Class AS, 4.92% (30 day avg SOFR US + 0.60%), 01/25/2032  | $5000000 | $5014390  |
| &nbsp;&nbsp;&nbsp; Series KF37, Class A, 4.79% (30 day avg SOFR US + 0.47%), 09/25/2027  | 645487 | 645762  |
| &nbsp;&nbsp;&nbsp; Series KF57, Class A, 4.97% (30 day avg SOFR US + 0.65%), 12/25/2028  | 171519 | 172387  |
| &nbsp;&nbsp;&nbsp; Series KF59, Class A, 4.97% (30 day avg SOFR US + 0.65%), 02/25/2029  | 704184 | 706387  |
| &nbsp;&nbsp;&nbsp; Series KF61, Class A, 4.96% (30 day avg SOFR US + 0.64%), 03/25/2029  | 725942 | 728204  |
| &nbsp;&nbsp;&nbsp; Series KF67, Class A, 4.95% (30 day avg SOFR US + 0.63%), 08/25/2029  | 376524 | 378395  |
| &nbsp;&nbsp;&nbsp; Series KF75, Class AS, 4.87% (SOFR 1M Historical Calendar Day Compounded + 0.55%), 12/25/2029  | 1456141 | 1459106  |
| &nbsp;&nbsp;&nbsp; Series KF81, Class AS, 4.72% (30 day avg SOFR US + 0.40%), 06/25/2027  | 2048942 | 2046951  |
| &nbsp;&nbsp;&nbsp; Series KF82, Class AS, 4.74% (30 day avg SOFR US + 0.42%), 06/25/2030  | 5286282 | 5268356  |
| &nbsp;&nbsp;&nbsp; Series KF85, Class AS, 4.65% (30 day avg SOFR US + 0.33%), 08/25/2030  | 3918835 | 3897496  |
| &nbsp;&nbsp;&nbsp; Series KF88, Class AL, 4.76% (30 day avg SOFR US + 0.44%), 09/25/2030  | 3814283 | 3804408  |
| &nbsp;&nbsp;&nbsp; Series KF91, Class AS, 4.70% (30 day avg SOFR US + 0.38%), 10/25/2030  | 2969198 | 2952862  |
| &nbsp;&nbsp;&nbsp; Series KF94, Class AL, 4.73% (30 day avg SOFR US + 0.41%), 11/25/2030  | 6069890 | 6045094  |
| &nbsp;&nbsp;&nbsp; Series KF96, Class AL, 4.69% (30 day avg SOFR US + 0.37%), 12/25/2030  | 236641 | 235230  |
| &nbsp;&nbsp;&nbsp; Series KF96, Class AS, 4.62% (30 day avg SOFR US + 0.30%), 11/25/2030  | 616188 | 610408  |
| &nbsp;&nbsp;&nbsp; Series KF97, Class AS, 4.57% (30 day avg SOFR US + 0.25%), 12/25/2030  | 2436429 | 2407684  |
| &nbsp;&nbsp;&nbsp; Series KF98, Class AL, 4.60% (30 day avg SOFR US + 0.28%), 12/25/2030  | 6394910 | 6329298  |
| &nbsp;&nbsp;&nbsp; Series KJ21, Class A2, 3.70%, 09/25/2026  | 749227 | 744881  |
| Federal National Mortgage Association  | Federal National Mortgage Association  | Federal National Mortgage Association  |
| &nbsp;&nbsp;&nbsp; Pool AN0287, 2.95%, 11/01/2025  | 3000000 | 2994222  |
| &nbsp;&nbsp;&nbsp; Pool AN0571, 3.10%, 01/01/2026  | 1300000 | 1290006  |
| &nbsp;&nbsp;&nbsp; Pool AN1614, 2.47%, 06/01/2026  | 3000000 | 2949696  |
| &nbsp;&nbsp;&nbsp; Pool AN3381, 2.52%, 10/01/2026  | 2730920 | 2666326  |
| &nbsp;&nbsp;&nbsp; Pool BM7189, 3.03%, 10/01/2025<sup>(c)</sup> | 189986 | 189213  |
| &nbsp;&nbsp;&nbsp; Series 2015-M10, Class A2, 3.09%, 04/25/2027<sup>(c)</sup> | 2245595 | 2194164  |
| &nbsp;&nbsp;&nbsp; Series 2016-M3, Class A2, 2.70%, 02/25/2026  | 1752419 | 1741363  |
| &nbsp;&nbsp;&nbsp; Series 2016-M9, Class A2, 2.29%, 06/25/2026  | 1678196 | 1651219 |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY — (Continued)** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-M15, Class ATS2, 3.16%, 11/25/2027<sup>(c)</sup> | $1305588 | $1274901  |
| &nbsp;&nbsp;&nbsp; Series 2019-M28, Class AV, 2.23%, 02/25/2027  | 3058004 | 3004388  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY** <br>**(Cost $156,113,501)** |  | 155814107  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 10.5%**<br>|  |  |
| ATLX Trust, Series 2024-RPL1, Class A1, 3.85%, 04/25/2064<sup>(a)(d)</sup> | 922807 | 899929  |
| Bellemeade Re Ltd.  | Bellemeade Re Ltd.  | Bellemeade Re Ltd.  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class M1B, 8.60% (30 day avg SOFR US + 4.25%), 10/25/2033<sup>(a)</sup> | 200000 | 206007  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class M1A, 6.50% (30 day avg SOFR US + 2.15%), 08/25/2034<sup>(a)</sup> | 2375000 | 2381429  |
| BRAVO Residential Funding Trust  | BRAVO Residential Funding Trust  | BRAVO Residential Funding Trust  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM3, Class A1, 1.70%, 04/25/2060<sup>(a)(c)</sup> | 4424545 | 4130728  |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM3, Class A3, 5.50%, 07/25/2062<sup>(a)(c)</sup> | 368096 | 375688  |
| &nbsp;&nbsp;&nbsp; Series 2023-NQM2, Class A3, 4.50%, 05/25/2062<sup>(a)(d)</sup> | 799480 | 786382  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class A1A, 4.35%, 01/25/2060<sup>(a)(d)</sup> | 1808341 | 1778561  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class A2, 4.35%, 01/25/2060<sup>(a)(d)</sup> | 1808341 | 1768927  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class A3, 4.35%, 01/25/2060<sup>(a)(d)</sup> | 904171 | 858210  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM8, Class A1B, 4.30%, 08/01/2053<sup>(a)(d)</sup> | 1874295 | 1826971  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM3, Class A3, 5.88%, 03/25/2065<sup>(a)(d)</sup> | 950149 | 950683  |
| &nbsp;&nbsp;&nbsp; Cascade Funding Mortgage Trust, Series 2024-NR1, Class A1, <br>6.41%, 11/25/2029<sup>(a)(d)</sup> | 938107 | 949807  |
| COLT Funding LLC  | COLT Funding LLC  | COLT Funding LLC  |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class A1, 3.90%, 02/25/2067<sup>(a)(c)</sup> | 697954 | 694748  |
| &nbsp;&nbsp;&nbsp; Series 2025-7, Class A1, 5.47%, 06/25/2070<sup>(a)(d)</sup> | 2083000 | 2101318  |
|  Colt Mortgage Loan Trust, Series 2025-1, Class A3, 6.08%, 01/25/2070<sup>(a)(d)</sup> | 1863225 | 1867842  |
| Connecticut Avenue Securities Trust  | Connecticut Avenue Securities Trust  | Connecticut Avenue Securities Trust  |
| &nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M1, 5.85% (30 day avg SOFR US + 1.50%), 10/25/2043<sup>(a)</sup> | 604365 | 607590  |
| &nbsp;&nbsp;&nbsp; Series 2025-R01, Class 1A1, 5.30% (30 day avg SOFR US + 0.95%), 01/25/2045<sup>(a)</sup> | 1386883 | 1393964  |
| &nbsp;&nbsp;&nbsp; Series 2025-R03, Class 2A1, 5.80% (30 day avg SOFR US + 1.45%), 03/25/2045<sup>(a)</sup> | 574132 | 579295  |
| &nbsp;&nbsp;&nbsp; Series 2025-R05, Class 2A1, 5.32% (30 day avg SOFR US + 1.00%), 07/25/2045<sup>(a)</sup> | 2250000 | 2254912  |
| COOPR Residential Mortgage Trust  | COOPR Residential Mortgage Trust  | COOPR Residential Mortgage Trust  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES1, Class A1A, 5.65%, 05/25/2060<sup>(a)(d)</sup> | 1460638 | 1468851  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES2, Class A1B, 5.60%, 06/25/2060<sup>(a)(d)</sup> | 1825180 | 1844463  |
|  Credit Suisse Mortgage Capital Certificates, Series 2022-ATH1, Class A1A, 2.87%, 01/25/2067<sup>(a)(c)</sup> | 2068532 | 1992952  |
|  Ellington Financial Mortgage Trust, Series 2025-CES1, Class A1B, 5.88%, 01/25/2060<sup>(a)(d)</sup> | 2354306 | 2374207 |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  |
| FIGRE Trust  | FIGRE Trust  | FIGRE Trust  |
| &nbsp;&nbsp;&nbsp; Series 2024-HE4, Class A, 5.06%, 09/25/2054<sup>(a)(c)</sup> | $1234298 | $1238087  |
| &nbsp;&nbsp;&nbsp; Series 2024-SL1, Class A1, 5.75%, 07/25/2053<sup>(a)(c)</sup> | 3152075 | 3197704  |
|  FirstKey Homes Trust, Series 2020-SFR2, Class B, 1.57%, 10/19/2037<sup>(a)</sup> | 425000 | 419161  |
| GCAT Trust  | GCAT Trust  | GCAT Trust  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A2, 1.24%, 05/25/2066<sup>(a)(c)</sup> | 1414806 | 1146748  |
| &nbsp;&nbsp;&nbsp; Series 2023-NQM2, Class A3, 6.60%, 11/25/2067<sup>(a)(d)</sup> | 342020 | 341725  |
| GS Mortgage-Backed Securities Trust  | GS Mortgage-Backed Securities Trust  | GS Mortgage-Backed Securities Trust  |
| &nbsp;&nbsp;&nbsp; Series 2024-HE1, Class A1, 5.95% (30 day avg SOFR US + 1.60%), 08/25/2054<sup>(a)</sup> | 1058169 | 1068814  |
| &nbsp;&nbsp;&nbsp; Series 2025-HE1, Class A1, 6.09% (30 day avg SOFR US + 1.55%), 10/25/2055<sup>(a)</sup> | 2508000 | 2526479  |
| JP Morgan Mortgage Trust  | JP Morgan Mortgage Trust  | JP Morgan Mortgage Trust  |
| &nbsp;&nbsp;&nbsp; Series 2023-4, Class 1A4A, 5.50%, 11/25/2053<sup>(a)(c)</sup> | 829414 | 827514  |
| &nbsp;&nbsp;&nbsp; Series 2023-HE1, Class A1, 6.10% (30 day avg SOFR US + 1.75%), 11/25/2053<sup>(a)</sup> | 251823 | 255965  |
| MFRA Trust, Series 2023-NQM4, Class A3, 6.78%, 12/25/2068<sup>(a)(d)</sup> | 1205611 | 1209925  |
|  New York Mortgage Trust, Inc., Series 2025-CP1, Class A1, 3.75%, 11/25/2069<sup>(a)(c)</sup> | 2000000 | 1916820  |
|  Oaktown Re, Series 2021-2, Class M1B, 7.25% (30 day avg SOFR US + 2.90%), 04/25/2034<sup>(a)</sup> | 1598176 | 1614512  |
| Onslow Bay Mortgage Loan Trust  | Onslow Bay Mortgage Loan Trust  | Onslow Bay Mortgage Loan Trust  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM2, Class A3, 6.18%, 12/25/2063<sup>(a)(d)</sup> | 1018603 | 1017859  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class A3, 5.95%, 11/25/2064<sup>(a)(d)</sup> | 1179160 | 1179960  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM4, Class A3, 5.76%, 02/25/2055<sup>(a)(d)</sup> | 1869671 | 1874594  |
| Pretium Mortgage Credit Partners LLC  | Pretium Mortgage Credit Partners LLC  | Pretium Mortgage Credit Partners LLC  |
| &nbsp;&nbsp;&nbsp; Series 2024-NPL4, Class A1, 7.00%, 07/25/2054<sup>(a)(d)</sup> | 1738557 | 1740592  |
| &nbsp;&nbsp;&nbsp; Series 2024-NPL5, Class A1, 5.96%, 09/25/2054<sup>(a)(d)</sup> | 926513 | 918838  |
| PRPM LLC  | PRPM LLC  | PRPM LLC  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class A1, 7.03%, 03/25/2029<sup>(a)(d)</sup> | 775802 | 788742  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM2, Class A1, 6.33%, 06/25/2069<sup>(a)(d)</sup> | 1203456 | 1220347  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class A3, 6.13%, 12/26/2069<sup>(a)(d)</sup> | 1850765 | 1864268  |
| &nbsp;&nbsp;&nbsp; Series 2024-RCF1, Class A1, 4.00%, 01/25/2054<sup>(a)(d)</sup> | 748971 | 733087  |
| &nbsp;&nbsp;&nbsp; Series 2024-RCF4, Class A1, 4.00%, 07/25/2054<sup>(a)(d)</sup> | 639097 | 626248  |
| &nbsp;&nbsp;&nbsp; Series 2024-RCF5, Class A1, 4.00%, 08/25/2054<sup>(a)(d)</sup> | 1599999 | 1571254  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class A3, 6.10%, 04/25/2070<sup>(a)(d)</sup> | 979290 | 975561  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM3, Class A1, 5.61%, 05/25/2070<sup>(a)(d)</sup> | 2500000 | 2519765  |
|  Radnor RE Ltd., Series 2024-1, Class M1A, 6.35% (30 day avg SOFR US + 2.00%), 09/25/2034<sup>(a)</sup> | 1007266 | 1008640  |
| RCKT Mortgage Trust  | RCKT Mortgage Trust  | RCKT Mortgage Trust  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES1, Class M1, 6.57%, 02/25/2044<sup>(a)(c)</sup> | 4377000 | 4384029  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES3, Class M1, 6.87%, 05/25/2044<sup>(a)(c)</sup> | 4090000 | 4162622  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES7, Class A1B, 5.48%, 07/25/2055<sup>(a)(d)</sup> | 3000000 | 3021522  |
| &nbsp;&nbsp;&nbsp; Rithm Capital Corp., Series 2022-NQM4, Class A3, <br>5.00%, 06/25/2062<sup>(a)(d)</sup> | 913128 | 889624 |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  |
|  Saluda Grade Mortgage Funding LLC, Series 2025-NPL1, Class A1, 7.12%, 01/25/2030<sup>(a)(d)</sup> | $1069646 | $1067497  |
| &nbsp;&nbsp;&nbsp; Sequoia Mortgage Trust, Series 2023-4, Class A10, <br>6.00%, 11/25/2053<sup>(a)(c)</sup> | 259333 | 259918  |
| &nbsp;&nbsp;&nbsp; SGR Residential Mortgage Trust, Series 2019-3, Class A1, <br>2.70%, 09/25/2059<sup>(a)(c)</sup> | 51805 | 51425  |
| Starwood Mortgage Residential Trust  | Starwood Mortgage Residential Trust  | Starwood Mortgage Residential Trust  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class A3, 1.43%, 05/25/2065<sup>(a)(c)</sup> | 588602 | 555784  |
| &nbsp;&nbsp;&nbsp; Series 2021-SFR2, Class F, 7.31% (1 mo. Term SOFR + 2.96%), 01/17/2039<sup>(a)</sup> | 401400 | 398333  |
| &nbsp;&nbsp;&nbsp; Series 2022-SFR3, Class A, 5.99% (1 mo. Term SOFR + 1.65%), 05/17/2039<sup>(a)</sup> | 983926 | 988631  |
| Towd Point Mortgage Trust  | Towd Point Mortgage Trust  | Towd Point Mortgage Trust  |
| &nbsp;&nbsp;&nbsp; Series 2017-2, Class A2, 3.25%, 04/25/2057<sup>(a)(c)</sup> | 15323 | 15343  |
| &nbsp;&nbsp;&nbsp; Series 2019-HY3, Class A1A, 5.47% (1 mo. Term SOFR + 1.11%), 10/25/2059<sup>(a)</sup> | 393952 | 394383  |
| &nbsp;&nbsp;&nbsp; Series 2021-SJ2, Class A2, 2.50%, 12/25/2061<sup>(a)(c)</sup> | 1500000 | 1389629  |
| &nbsp;&nbsp;&nbsp; Series 2025-CRM1, Class A1, 5.80%, 01/25/2065<sup>(a)(d)</sup> | 2278762 | 2307572  |
| Verus Securitization Trust  | Verus Securitization Trust  | Verus Securitization Trust  |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class A3, 4.13%, 02/25/2067<sup>(a)(c)</sup> | 172234 | 160709  |
| &nbsp;&nbsp;&nbsp; Series 2022-7, Class A3, 5.35%, 07/25/2067<sup>(a)(c)</sup> | 707963 | 716218  |
| &nbsp;&nbsp;&nbsp; Series 2022-8, Class A3, 6.13%, 09/25/2067<sup>(a)(d)</sup> | 305661 | 309173  |
| &nbsp;&nbsp;&nbsp; Series 2023-2, Class A2, 6.60%, 03/25/2068<sup>(a)(d)</sup> | 572283 | 573384  |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class A3, 5.66%, 03/25/2070<sup>(a)(d)</sup> | 2376469 | 2370777  |
| &nbsp;&nbsp;&nbsp; Series 2025-4, Class A3, 5.75%, 05/25/2070<sup>(a)(d)</sup> | 1602381 | 1613066  |
| Vista Point Securitization Trust  | Vista Point Securitization Trust  | Vista Point Securitization Trust  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES1, Class A1, 6.68%, 05/25/2054<sup>(a)(d)</sup> | 4051978 | 4122118  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES2, Class A1, 5.25%, 10/25/2054<sup>(a)(d)</sup> | 816991 | 817459  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES2, Class A2, 5.66%, 10/25/2054<sup>(a)(d)</sup> | 2000000 | 1997684  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES3, Class A1, 5.68%, 01/25/2055<sup>(a)(d)</sup> | 899846 | 907482  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES1, Class A1, 5.81%, 04/25/2055<sup>(a)(d)</sup> | 3762272 | 3804274  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES1, Class A2, 0.00%, 04/25/2055<sup>(a)(d)</sup> | 3000000 | 3015000  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES2, Class A1, 5.60%, 08/25/2055<sup>(a)(c)</sup> | 2050000 | 2064354  |
| &nbsp;&nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $109,707,995)** |  | 110254683  |
| &nbsp;&nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER — 1.8%**<br>|  |  |
| Connecticut Avenue Securities Trust  | Connecticut Avenue Securities Trust  | Connecticut Avenue Securities Trust  |
| &nbsp;&nbsp;&nbsp; Series 2024-R02, Class 1M1, 5.45% (30 day avg SOFR US + 1.10%), 02/25/2044<sup>(a)</sup> | 1163270 | 1167635  |
| &nbsp;&nbsp;&nbsp; Series 2024-R03, Class 2M1, 5.50% (30 day avg SOFR US + 1.15%), 03/25/2044<sup>(a)</sup> | 1179434 | 1182476  |
| &nbsp;&nbsp;&nbsp; Series 2024-R05, Class 2M1, 5.35% (30 day avg SOFR US + 1.00%), 07/25/2044<sup>(a)</sup> | 1420358 | 1422371  |
| &nbsp;&nbsp;&nbsp; Series 2024-R06, Class 1M1, 5.40% (30 day avg SOFR US + 1.05%), 09/25/2044<sup>(a)</sup> | 1093313 | 1094810  |

---

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 Investments** 

**July 31, 2025 (Unaudited)(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)**  |
| Federal Home Loan Mortgage Corp.  | Federal Home Loan Mortgage Corp.  | Federal Home Loan Mortgage Corp.  |
| &nbsp;&nbsp;&nbsp; Series 2016-SC02, Class M2, 3.64%, 10/25/2046<sup>(c)</sup> | $52126 | $50510  |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA3, Class M1B, 7.25% (30 day avg SOFR US + 2.90%), 04/25/2042<sup>(a)</sup> | 4627000 | 4765838  |
| &nbsp;&nbsp;&nbsp; Series 2023-DNA1, Class M1A, 6.45% (30 day avg SOFR US + 2.10%), 03/25/2043<sup>(a)</sup> | 1218785 | 1239727  |
| &nbsp;&nbsp;&nbsp; Series 2023-HQA2, Class M1A, 6.35% (30 day avg SOFR US + 2.00%), 06/25/2043<sup>(a)</sup> | 742526 | 748029  |
| &nbsp;&nbsp;&nbsp; Series 2024-DNA1, Class M1, 5.70% (30 day avg SOFR US + 1.35%), 02/25/2044<sup>(a)</sup> | 954543 | 960217  |
| &nbsp;&nbsp;&nbsp; Series 2024-DNA2, Class A1, 5.60% (30 day avg SOFR US + 1.25%), 05/25/2044<sup>(a)</sup> | 781892 | 786045  |
| &nbsp;&nbsp;&nbsp; Series 2024-HQA2, Class M1, 5.55% (30 day avg SOFR US + 1.20%), 08/25/2044<sup>(a)</sup> | 1752559 | 1757206  |
| &nbsp;&nbsp;&nbsp; Series 2025-HQA1, Class A1, 5.30% (30 day avg SOFR US + 0.95%), 02/25/2045<sup>(a)</sup> | 2131250 | 2134884  |
| &nbsp;&nbsp;&nbsp; Series 2025-HQA1, Class M1, 5.50% (30 day avg SOFR US + 1.15%), 02/25/2045<sup>(a)</sup> | 1357316 | 1359854  |
| &nbsp;&nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES -** <br>**U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER** <br>**(Cost $18,641,342)** |  | 18669602  |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — 1.3%**<br>|  |  |
|  ACREC Trust, Series 2021-FL1, Class AS, 5.96% (1 mo. Term SOFR + 1.61%), 10/16/2036<sup>(a)</sup> | 700000 | 700077  |
|  Arbor Realty Collateralized Loan Obligation Ltd., Series 2025-BTR1, Class A, 6.28% (1 mo. Term SOFR + 1.93%), 01/20/2041<sup>(a)</sup> | 1000000 | 1004778  |
|  BrightSpire Capital, Inc., Series 2021-FL1, Class AS, 6.07% (1 mo. Term SOFR + 1.71%), 08/19/2038<sup>(a)</sup> | 2000000 | 1988916  |
|  Commercial Mortgage Pass Through Certificates, Series 2025-SBX, Class B, 5.73%, 08/10/2041<sup>(a)(b)(c)</sup> | 3000000 | 3006441  |
|  KREF Ltd., Series 2021-FL2, Class A, 5.53% (1 mo. Term SOFR + 1.18%), 02/15/2039<sup>(a)</sup> | 732041 | 730560  |
| MF1 Multifamily Housing Mortgage Loan Trust  | MF1 Multifamily Housing Mortgage Loan Trust  | MF1 Multifamily Housing Mortgage Loan Trust  |
| &nbsp;&nbsp;&nbsp; Series 2021-FL5, Class C, 6.16% (1 mo. Term SOFR + 1.81%), 07/15/2036<sup>(a)</sup> | 1000000 | 1000898  |
| &nbsp;&nbsp;&nbsp; Series 2021-FL7, Class AS, 5.91% (1 mo. Term SOFR + 1.56%), 10/16/2036<sup>(a)</sup> | 3500000 | 3506909  |
| &nbsp;&nbsp;&nbsp; TPG Real Estate Finance Issuer Ltd., Series 2022-FL5, Class AS, <br>6.49% (1 mo. Term SOFR + 2.15%), 02/15/2039<sup>(a)</sup> | 500000 | 501010  |
|  Wells Fargo Commercial Mortgage Trust, Series 2025-VTT, Class C, 5.83%, 03/15/2038<sup>(a)(c)</sup> | 1000000 | 996358  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $13,330,558)** |  | 13435947 |

---

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

86<br>

------

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

**Angel Oak UltraShort Income ETF** 

**Schedule of Investments** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 0.3%**<br>|  |  |
| **Financial — 0.3%** | **Financial — 0.3%** |  |
| Citigroup, Inc.  | 2850000 | $2849181  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $2,847,772)** |  | 2849181  |
| **SHORT-TERM INVESTMENTS — 10.4%**<br>|  |  |
| **Money Market Funds — 10.4%**<br>|  |  |
| First American Government Obligations Fund - Class U, 4.25%<sup>(f)</sup> | 108740666 | 108740666  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $108,740,666)** |  | 108740666  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 101.5%** <br>**(Cost $1,064,763,610)** |  | 1066061384  |
| Liabilities in Excess of Other Assets — (1.5)%  |  | (16036701)  |
| **TOTAL NET ASSETS — 100.0%** |  | $1050024683 |

---

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 pursuant to 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 July 31, 2025, the value of these securities total $658,797,228 or 62.7% of the Fund's net assets.

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

<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 July 31, 2025.

<sup>(d)</sup> Step coupon bond. The rate disclosed is as of July 31, 2025.

<sup>(e)</sup> Security is exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. As of July 31, 2025, the value of these securities total $2,326,468 or 0.2% of the Fund's net assets.

<sup>(f)</sup> The rate shown represents the 7-day annualized yield as of July 31, 2025.

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 Open Futures Contracts** 

**July 31, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short Futures Contracts**  | **Contracts Sold** | **Expiration** <br>**Date** | **Notional** <br>**Value** | **Value/Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| U.S. Treasury 2 Year Notes | (71) | 09/30/2025 | ($14695891) | &nbsp;&nbsp;&nbsp;&nbsp; $65205 |

---

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

88<br>

------

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

**ANGEL OAK INCOME ETF** 

**Schedule of Investments** 

**July 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 31.4%**<br>|  |  |
| ATLX Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-RPL1, Class A2, 4.34%, 04/25/2064<sup>(a)(b)</sup> | $1700000 | $1646863  |
| &nbsp;&nbsp;&nbsp; Series 2024-RPL1, Class M1, 4.34%, 04/25/2064<sup>(a)(b)</sup> | 5000000 | 4758795  |
| Bellemeade Re Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class B1, 11.05% (30 day avg SOFR US + 6.70%), 10/25/2033<sup>(a)</sup> | 200000 | 214483  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class M1B, 8.60% (30 day avg SOFR US + 4.25%), 10/25/2033<sup>(a)</sup> | 1000000 | 1030035  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class M2, 8.95% (30 day avg SOFR US + 4.60%), 08/25/2034<sup>(a)</sup> | 900000 | 935602  |
| BRAVO Residential Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A2, 1.28%, 03/25/2060<sup>(a)(b)</sup> | 140196 | 135058  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class A2, 4.35%, 01/25/2060<sup>(a)(c)</sup> | 452085 | 442232  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class A3, 4.35%, 01/25/2060<sup>(a)(c)</sup> | 904171 | 858210  |
| Cascade Funding Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-NR1, Class A1, 6.41%, 11/25/2029<sup>(a)(c)</sup> | 938107 | 949807  |
| &nbsp;&nbsp;&nbsp; Series 2024-R1, Class M1, 4.00%, 10/25/2054<sup>(a)(c)</sup> | 1000000 | 919207  |
| Chase Mortgage Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-4, Class B4, 6.17%, 03/25/2055<sup>(a)(b)</sup> | 2018606 | 1853872  |
| &nbsp;&nbsp;&nbsp; Series 2024-5, Class B4, 6.25%, 04/25/2055<sup>(a)(b)</sup> | 1884154 | 1730925  |
|  Colony American Finance Ltd., Series 2020-4, Class D, 2.71%, 12/15/2052<sup>(a)</sup> | 300000 | 256383  |
| COLT Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-5, Class B1, 4.24%, 11/26/2066<sup>(a)(b)</sup> | 3500000 | 2974282  |
| &nbsp;&nbsp;&nbsp; Series 2021-HX1, Class B3A, 4.14%, 10/25/2066<sup>(a)(b)</sup> | 2000000 | 1481250  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class B2, 4.16%, 12/27/2066<sup>(a)(b)</sup> | 3300000 | 2800416  |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class B1, 4.22%, 02/25/2067<sup>(a)(b)</sup> | 2000000 | 1730056  |
| &nbsp;&nbsp;&nbsp; Series 2022-4, Class A2, 4.50%, 03/25/2067<sup>(a)(b)</sup> | 501753 | 480513  |
| &nbsp;&nbsp;&nbsp; Series 2022-4, Class B1, 4.70%, 03/25/2067<sup>(a)(b)</sup> | 2000000 | 1779842  |
| &nbsp;&nbsp;&nbsp; Series 2022-5, Class B1, 4.73%, 03/25/2067<sup>(a)(b)</sup> | 1250000 | 1158088  |
| &nbsp;&nbsp;&nbsp; Series 2025-5, Class B1, 7.44%, 05/25/2070<sup>(a)(b)</sup> | 500000 | 499592  |
| Credit Suisse Mortgage Capital Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM6, Class A3, 1.59%, 07/25/2066<sup>(a)(b)</sup> | 145890 | 118708  |
| &nbsp;&nbsp;&nbsp; Series 2022-ATH2, Class B1, 4.98%, 05/25/2067<sup>(a)(b)</sup> | 2500000 | 2292527  |
| &nbsp;&nbsp;&nbsp; Series 2022-ATH2, Class B2, 4.98%, 05/25/2067<sup>(a)(b)</sup> | 3000000 | 2562549  |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM4, Class A3, 4.82%, 06/25/2067<sup>(a)(c)</sup> | 196603 | 195569  |
| Deephaven Residential Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class B1, 3.17%, 04/25/2066<sup>(a)(b)</sup> | 400000 | 302943  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class B2, 3.93%, 04/25/2066<sup>(a)(b)</sup> | 1300000 | 1036363  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class B1, 3.27%, 08/25/2066<sup>(a)(b)</sup> | 2948000 | 2225657  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class B2, 4.13%, 08/25/2066<sup>(a)(b)</sup> | 1000000 | 775245  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class B1, 4.26%, 01/25/2067<sup>(a)(b)</sup> | 1750000 | 1486648  |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class A3, 5.30%, 07/25/2067<sup>(a)(b)</sup> | 246233 | 248371  |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class B1, 5.27%, 07/25/2067<sup>(a)(b)</sup> | 1243000 | 1171204  |
| Ellington Financial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class B2, 4.14%, 02/25/2066<sup>(a)(b)</sup> | 1000000 | 729980  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class B1, 3.20%, 06/25/2066<sup>(a)(b)</sup> | 2315000 | 1659774  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class M1, 2.30%, 06/25/2066<sup>(a)(b)</sup> | $700000 | $476057  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class B2, 4.29%, 09/25/2066<sup>(a)(b)</sup> | 1500000 | 1116519  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class B1, 3.87%, 01/25/2067<sup>(a)(b)</sup> | 1250000 | 933724  |
| &nbsp;&nbsp;&nbsp; Series 2022-4, Class B1, 5.90%, 09/25/2067<sup>(a)(b)</sup> | 1500000 | 1502545  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES1, Class B1, 7.04%, 01/26/2060<sup>(a)(b)</sup> | 1000000 | 996067  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES1, Class B2, 8.03%, 01/26/2060<sup>(a)(b)</sup> | 1000000 | 1012150  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class B3, 7.60%, 11/25/2069<sup>(a)(b)</sup> | 400000 | 375451  |
| &nbsp;&nbsp;&nbsp; Series 2025-INV2, Class B1, 7.47%, 05/26/2070<sup>(a)(b)</sup> | 1000000 | 988438  |
| &nbsp;&nbsp;&nbsp; Series 2025-INV2, Class B2, 7.47%, 05/26/2070<sup>(a)(b)</sup> | 1000000 | 941939  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class B2, 7.45%, 01/25/2070<sup>(a)(b)</sup> | 1804000 | 1725371  |
| FIGRE Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-HE1, Class D, 7.19%, 03/25/2054<sup>(a)(b)</sup> | 718204 | 739269  |
| &nbsp;&nbsp;&nbsp; Series 2024-HE4, Class C, 5.30%, 09/25/2054<sup>(a)(b)</sup> | 887872 | 879734  |
| GCAT Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A3, 1.50%, 05/25/2066<sup>(a)(b)</sup> | 193284 | 157484  |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM2, Class A3, 4.21%, 02/25/2067<sup>(a)(b)</sup> | 752605 | 697832  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class B1, 7.20%, 04/25/2070<sup>(a)(b)</sup> | 1000000 | 985096  |
| GS Mortgage-Backed Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-MM1, Class A2, 2.50%, 04/25/2052<sup>(a)(b)</sup> | 808431 | 654020  |
| &nbsp;&nbsp;&nbsp; Series 2024-PJ7, Class B4, 6.69%, 11/25/2054<sup>(a)(b)</sup> | 1529000 | 1298256  |
| &nbsp;&nbsp;&nbsp; Series 2024-PJ8, Class B5, 6.90%, 02/25/2055<sup>(a)(b)</sup> | 1262000 | 1120050  |
| &nbsp;&nbsp;&nbsp; Series 2024-PJ8, Class B6, 6.90%, 02/25/2055<sup>(a)(b)</sup> | 1734641 | 1243229  |
| &nbsp;&nbsp;&nbsp; Series 2024-RPL4, Class M1, 4.00%, 09/25/2061<sup>(a)(b)</sup> | 1500000 | 1415595  |
| &nbsp;&nbsp;&nbsp; Invitation Homes Trust, Series 2024-SFR1, Class A, <br>4.00%, 09/17/2041<sup>(a)</sup> | 998290 | 974708  |
| JP Morgan Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2014-2, Class B2, 3.40%, 06/25/2029<sup>(a)(b)</sup> | 21186 | 20490  |
| &nbsp;&nbsp;&nbsp; Series 2019-INV3, Class B5, 4.36%, 05/25/2050<sup>(a)(b)</sup> | 1626679 | 1436131  |
| &nbsp;&nbsp;&nbsp; Series 2020-3, Class B4, 3.83%, 08/25/2050<sup>(a)(b)</sup> | 331540 | 293071  |
| &nbsp;&nbsp;&nbsp; Series 2020-4, Class B2, 3.64%, 11/25/2050<sup>(a)(b)</sup> | 1150626 | 1011037  |
| &nbsp;&nbsp;&nbsp; Series 2023-6, Class A3, 5.50%, 12/26/2053<sup>(a)(b)</sup> | 1068467 | 1056912  |
| &nbsp;&nbsp;&nbsp; Series 2023-6, Class B4, 6.17%, 12/26/2053<sup>(a)(b)</sup> | 517522 | 431168  |
| &nbsp;&nbsp;&nbsp; Series 2023-7, Class B4, 6.23%, 02/25/2054<sup>(a)(b)</sup> | 1035500 | 819619  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class B6, 5.81%, 06/25/2054<sup>(a)(b)</sup> | 2285608 | 1469733  |
| &nbsp;&nbsp;&nbsp; Series 2024-10, Class B4, 6.98%, 03/25/2055<sup>(a)(b)</sup> | 3520553 | 3309478  |
| &nbsp;&nbsp;&nbsp; Series 2024-10, Class B5, 6.98%, 03/25/2055<sup>(a)(b)</sup> | 1421000 | 1204425  |
| &nbsp;&nbsp;&nbsp; Series 2024-9, Class B5, 7.00%, 02/25/2055<sup>(a)(b)</sup> | 1339000 | 1139901  |
| &nbsp;&nbsp;&nbsp; Series 2025-CCM1, Class A2, 5.50%, 06/25/2055<sup>(a)(b)</sup> | 3276536 | 3244538  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES2, Class M1, 6.24%, 06/25/2055<sup>(a)(c)</sup> | 1500000 | 1521423  |
|  L Street Securities, Series 2015-WF1, Class 1M2, 9.71% (30 day avg SOFR US + 5.36%), 11/25/2025<sup>(a)</sup> | 27694 | 28077  |
| &nbsp;&nbsp;&nbsp; Legacy Mortgage Asset Trust, Series 2021-GS3, Class A1, <br>5.75%, 07/25/2061<sup>(a)(c)</sup> | 931790 | 939259  |
| &nbsp;&nbsp;&nbsp; Mello Mortgage Capital Acceptance, Series 2022-INV2, Class A15, <br>3.00%, 04/25/2052<sup>(a)(b)</sup> | 405853 | 342569  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  |
| MFRA Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-INV2, Class B1, 4.39%, 11/25/2056<sup>(a)(b)</sup> | $1329000 | $1126642  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A3, 1.47%, 11/25/2064<sup>(a)(b)</sup> | 362058 | 316726  |
|  Morgan Stanley Residential Mortgage Loan Trust, Series 2023-3, Class B4, 6.56%, 09/25/2053<sup>(a)(b)</sup> | 1198000 | 1005109  |
|  New Residential Mortgage LLC, Series 2025-FHT1, Class A, 6.55%, 03/25/2032<sup>(a)(c)</sup> | 927925 | 929618  |
| New Residential Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-5A, Class B4, 6.03%, 06/25/2057<sup>(a)(b)</sup> | 245145 | 243340  |
| &nbsp;&nbsp;&nbsp; Series 2019-2A, Class B6, 4.74%, 12/25/2057<sup>(a)(b)</sup> | 1431312 | 1165788  |
|  Oaktown Re, Series 2021-2, Class M1B, 7.25% (30 day avg SOFR US + 2.90%), 04/25/2034<sup>(a)</sup> | 1420601 | 1435122  |
| Onslow Bay Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-EXP1, Class 1A3, 4.00%, 01/25/2059<sup>(a)(b)</sup> | 69490 | 68812  |
| &nbsp;&nbsp;&nbsp; Series 2021-J2, Class A1, 2.50%, 07/25/2051<sup>(a)(b)</sup> | 1519487 | 1219638  |
| Pretium Mortgage Credit Partners LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-NPL4, Class A1, 7.00%, 07/25/2054<sup>(a)(c)</sup> | 869278 | 870296  |
| &nbsp;&nbsp;&nbsp; Series 2024-NPL6, Class A1, 5.93%, 10/25/2054<sup>(a)(c)</sup> | 872911 | 873045  |
| &nbsp;&nbsp;&nbsp; Series 2024-NPL7, Class A1, 5.93%, 10/25/2054<sup>(a)(c)</sup> | 927761 | 930849  |
| &nbsp;&nbsp;&nbsp; Series 2025-RPL1, Class A2, 4.00%, 07/25/2069<sup>(a)(c)</sup> | 1500000 | 1417328  |
| &nbsp;&nbsp;&nbsp; Progress Residential Trust, Series 2023-SFR2, Class D, <br>4.50%, 10/17/2040<sup>(a)</sup> | 200000 | 193158  |
| PRPM LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM1, Class B1, 5.41%, 08/25/2067<sup>(a)(b)</sup> | 1500000 | 1476756  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class A1, 7.03%, 03/25/2029<sup>(a)(c)</sup> | 775802 | 788742  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class A2, 10.04%, 03/25/2029<sup>(a)(c)</sup> | 1500000 | 1545150  |
| &nbsp;&nbsp;&nbsp; Series 2024-5, Class A1, 5.69%, 09/25/2029<sup>(a)(c)</sup> | 436699 | 440104  |
| &nbsp;&nbsp;&nbsp; Series 2024-7, Class A1, 5.87%, 11/25/2029<sup>(a)(c)</sup> | 853660 | 856596  |
| &nbsp;&nbsp;&nbsp; Series 2024-RCF1, Class M1, 4.00%, 01/25/2054<sup>(a)(c)</sup> | 250000 | 235861  |
| &nbsp;&nbsp;&nbsp; Series 2024-RCF2, Class A3, 3.75%, 03/25/2054<sup>(a)(c)</sup> | 2000000 | 1881502  |
| &nbsp;&nbsp;&nbsp; Series 2024-RCF4, Class M1, 4.00%, 07/25/2054<sup>(a)(c)</sup> | 1850000 | 1722237  |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class A1, 6.47%, 05/25/2030<sup>(a)(c)</sup> | 1431965 | 1443505  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class A3, 6.10%, 04/25/2070<sup>(a)(c)</sup> | 3917159 | 3902243  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class B1, 7.88%, 04/25/2070<sup>(a)(b)</sup> | 1000000 | 1019934  |
| &nbsp;&nbsp;&nbsp; Series 2025-RPL4, Class A3, 3.00%, 05/25/2055<sup>(a)(c)</sup> | 2000000 | 1780380  |
| Radnor RE Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class M1C, 7.85% (30 day avg SOFR US + 3.50%), 09/25/2034<sup>(a)</sup> | 500000 | 507661  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class M2, 8.35% (30 day avg SOFR US + 4.00%), 09/25/2034<sup>(a)</sup> | 1000000 | 1030120  |
| Rate Mortgage Trust, Series 2021-J3, Class A25, 2.50%, 10/25/2051<sup>(a)(b)</sup> | 500000 | 320066  |
| RCKT Mortgage Trust, Series 2022-4, Class A2, 3.50%, 06/25/2052<sup>(a)(b)</sup> | 2468582 | 2149007  |
| Rithm Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-1A, Class B6, 5.19%, 05/28/2052<sup>(a)(b)</sup> | 854388 | 634103  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM3, Class B1, 3.40%, 11/27/2056<sup>(a)(b)</sup> | 2000000 | 1594908  |
| &nbsp;&nbsp;&nbsp; Series 2022-SFR2, Class E2, 4.00%, 09/04/2039<sup>(a)</sup> | 700000 | 666564  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  |
| Saluda Grade Mortgage Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-SEQ1, Class A1, 3.32%, 05/25/2050<sup>(a)(b)</sup> | $134637 | $130838  |
| &nbsp;&nbsp;&nbsp; Series 2023-FIG3, Class A, 7.07%, 08/25/2053<sup>(a)(b)</sup> | 684525 | 699752  |
| &nbsp;&nbsp;&nbsp; Series 2023-FIG4, Class A, 6.72%, 11/25/2053<sup>(a)(b)</sup> | 1438032 | 1473930  |
| &nbsp;&nbsp;&nbsp; Series 2025-NPL1, Class A1, 7.12%, 01/25/2030<sup>(a)(c)</sup> | 2852388 | 2846658  |
| &nbsp;&nbsp;&nbsp; Series 2025-NPL1, Class A2, 9.05%, 01/25/2030<sup>(a)(c)</sup> | 500000 | 497417  |
| &nbsp;&nbsp;&nbsp; Series 2025-NPL2, Class A1, 7.77%, 05/25/2030<sup>(a)(c)</sup> | 3004368 | 3023374  |
| Sequoia Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-2, Class A19, 3.50%, 02/25/2048<sup>(a)(b)</sup> | 162517 | 144559  |
| &nbsp;&nbsp;&nbsp; Series 2023-2, Class B4, 5.02%, 03/25/2053<sup>(a)(b)</sup> | 1402591 | 1238126  |
| &nbsp;&nbsp;&nbsp; Series 2023-4, Class B4, 6.05%, 11/25/2053<sup>(a)(b)</sup> | 1441053 | 1217106  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class B4, 6.22%, 03/25/2054<sup>(a)(b)</sup> | 1432910 | 1268425  |
| SGR Residential Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class A3, 1.56%, 07/25/2061<sup>(a)(b)</sup> | 1467282 | 1233795  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class A1, 1.74%, 12/25/2061<sup>(a)(b)</sup> | 342645 | 290828  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class A2, 1.94%, 12/25/2061<sup>(a)(b)</sup> | 553482 | 445513  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class B2, 4.04%, 12/25/2061<sup>(a)(b)</sup> | 910000 | 652427  |
| Starwood Mortgage Residential Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-INV1, Class B1, 3.66%, 09/27/2049<sup>(a)(b)</sup> | 500000 | 463679  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class B1, 3.52%, 05/25/2065<sup>(a)(b)</sup> | 600000 | 511127  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class M1, 2.49%, 06/25/2056<sup>(a)(b)</sup> | 1000000 | 745969  |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class A3, 4.16%, 03/25/2067<sup>(a)(b)</sup> | 944503 | 878080  |
| Towd Point Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-6, Class B4, 3.33%, 10/25/2057<sup>(a)(b)</sup> | 3000000 | 2061939  |
| &nbsp;&nbsp;&nbsp; Series 2018-5, Class B3, 3.48%, 07/25/2058<sup>(a)(b)</sup> | 2000000 | 1326872  |
| &nbsp;&nbsp;&nbsp; Series 2019-1, Class B2, 3.79%, 03/25/2058<sup>(a)(b)</sup> | 2000000 | 1532346  |
| &nbsp;&nbsp;&nbsp; Series 2021-SJ2, Class A2, 2.50%, 12/25/2061<sup>(a)(b)</sup> | 2000000 | 1852838  |
| &nbsp;&nbsp;&nbsp; Tricon American Homes Trust, Series 2020-SFR1, Class D, <br>2.55%, 07/17/2038<sup>(a)</sup> | 200000 | 194773  |
| &nbsp;&nbsp;&nbsp; VCAT Asset Securitization LLC, Series 2025-NPL1, Class A1, <br>5.88%, 01/25/2055<sup>(a)(c)</sup> | 419966 | 423054  |
| Verus Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class M1, 1.97%, 01/25/2066<sup>(a)(b)</sup> | 1926000 | 1386056  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class B2, 3.96%, 06/25/2066<sup>(a)(b)</sup> | 1257000 | 898217  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class M1, 2.40%, 06/25/2066<sup>(a)(b)</sup> | 1500000 | 1104590  |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class A3, 1.35%, 07/25/2066<sup>(a)(b)</sup> | 596510 | 486433  |
| &nbsp;&nbsp;&nbsp; Series 2021-6, Class M1, 2.94%, 10/25/2066<sup>(a)(b)</sup> | 290000 | 210315  |
| &nbsp;&nbsp;&nbsp; Series 2021-7, Class B1, 4.14%, 10/25/2066<sup>(a)(b)</sup> | 400000 | 317580  |
| &nbsp;&nbsp;&nbsp; Series 2021-8, Class B1, 4.24%, 11/25/2066<sup>(a)(b)</sup> | 2000000 | 1720486  |
| &nbsp;&nbsp;&nbsp; Series 2022-2, Class B1, 4.27%, 02/25/2067<sup>(a)(b)</sup> | 3800000 | 3202127  |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class A3, 4.13%, 02/25/2067<sup>(a)(b)</sup> | 2066803 | 1928507  |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class B2, 4.07%, 02/25/2067<sup>(a)(b)</sup> | 1500000 | 1139896  |
| &nbsp;&nbsp;&nbsp; Series 2022-4, Class B1, 4.76%, 04/25/2067<sup>(a)(b)</sup> | 4500000 | 4130878  |
| &nbsp;&nbsp;&nbsp; Series 2022-7, Class B1, 5.33%, 07/25/2067<sup>(a)(b)</sup> | 1100000 | 1084169  |
| &nbsp;&nbsp;&nbsp; Series 2022-7, Class B2, 5.33%, 07/25/2067<sup>(a)(b)</sup> | 1325000 | 1298648  |
| &nbsp;&nbsp;&nbsp; Series 2022-8, Class A3, 6.13%, 09/25/2067<sup>(a)(c)</sup> | 305661 | 309173  |
| &nbsp;&nbsp;&nbsp; Series 2022-INV1, Class B1, 5.79%, 08/25/2067<sup>(a)(b)</sup> | 1500000 | 1467156  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)**  |
| &nbsp;&nbsp;&nbsp; Series 2022-INV1, Class B2, 5.79%, 08/25/2067<sup>(a)(b)</sup> | $2730000 | $2632190  |
| &nbsp;&nbsp;&nbsp; Series 2023-INV1, Class M1, 7.49%, 02/25/2068<sup>(a)(b)</sup> | 126000 | 128013  |
| &nbsp;&nbsp;&nbsp; Series 2025-4, Class B1, 7.44%, 05/25/2070<sup>(a)(b)</sup> | 1000000 | 1014899  |
| &nbsp;&nbsp;&nbsp; Series 2025-4, Class B2, 7.44%, 05/25/2070<sup>(a)(b)</sup> | 1000000 | 965408  |
| Vista Point Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES1, Class B2, 10.35%, 05/25/2054<sup>(a)(b)</sup> | 1000000 | 1051967  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES2, Class A3, 5.91%, 10/25/2054<sup>(a)(c)</sup> | 500000 | 495608  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES2, Class B1, 7.50%, 10/25/2054<sup>(a)(b)</sup> | 1000000 | 1018287  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES3, Class B1, 7.83%, 01/25/2055<sup>(a)(b)</sup> | 1250000 | 1266367  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES2, Class B1, 7.06%, 08/25/2055<sup>(a)(c)</sup> | 1000000 | 1006774  |
| &nbsp;&nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $173,363,179)** |  | 173150493 |
| **ASSET-BACKED SECURITIES — 21.8%**<br>|  |  |
| **Automobile — 13.0%**<br>|  |  |
| AgoraCapital Auto Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, 7.27%, 11/25/2032<sup>(a)</sup> | 1000000 | 1007126  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class C, 10.17%, 11/25/2032<sup>(a)</sup> | 500000 | 505086  |
|  Arivo Acceptance Auto Loan Receivables Trust, Series 2025-1A, Class D, 5.82%, 01/15/2032<sup>(a)(d)</sup> | 500000 | 499923  |
| Avis Budget Car Rental LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2A, Class D, 4.08%, 02/20/2028<sup>(a)</sup> | 2000000 | 1931840  |
| &nbsp;&nbsp;&nbsp; Series 2023-2A, Class D, 7.26%, 10/20/2027<sup>(a)</sup> | 1500000 | 1506590  |
| &nbsp;&nbsp;&nbsp; Series 2023-4A, Class D, 7.31%, 06/20/2029<sup>(a)</sup> | 2250000 | 2278675  |
| &nbsp;&nbsp;&nbsp; Series 2023-7A, Class D, 7.31%, 08/21/2028<sup>(a)</sup> | 1000000 | 1009671  |
|  Bridgecrest Lending Auto Securitization Trust, Series 2023-1, Class E, 10.37%, 07/15/2030<sup>(a)</sup> | 2000000 | 2226181  |
| &nbsp;&nbsp;&nbsp; CarNow Auto Receivables Trust, Series 2022-1A, Class D, <br>5.79%, 09/15/2027<sup>(a)</sup> | 738045 | 714861  |
| Carvana Auto Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-N4, Class E, 4.53%, 09/11/2028<sup>(a)</sup> | 3270335 | 3182499  |
| &nbsp;&nbsp;&nbsp; Series 2023-N2, Class E, 9.94%, 04/10/2030<sup>(a)</sup> | 1000000 | 1064790  |
| &nbsp;&nbsp;&nbsp; Series 2023-N3, Class E, 9.49%, 09/10/2030<sup>(a)</sup> | 2411000 | 2569800  |
| &nbsp;&nbsp;&nbsp; Series 2024-P2, Class D, 6.10%, 06/10/2031 | 375000 | 384633  |
| CPS Auto Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-C, Class E, 9.08%, 04/15/2030<sup>(a)</sup> | 1000000 | 1046916  |
| &nbsp;&nbsp;&nbsp; Series 2022-D, Class E, 12.12%, 06/17/2030<sup>(a)</sup> | 1000000 | 1106247  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class E, 8.42%, 08/15/2031<sup>(a)</sup> | 5200000 | 5488722  |
| &nbsp;&nbsp;&nbsp; Series 2024-B, Class E, 8.36%, 11/17/2031<sup>(a)</sup> | 1500000 | 1589556  |
| &nbsp;&nbsp;&nbsp; Series 2024-C, Class E, 8.04%, 03/15/2032<sup>(a)</sup> | 500000 | 525738  |
| &nbsp;&nbsp;&nbsp; Series 2025-B, Class E, 7.95%, 03/15/2033<sup>(a)</sup> | 3000000 | 3130031  |
| Exeter Automobile Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class E, 5.02%, 10/15/2029<sup>(a)</sup> | 3000000 | 2939242  |
| &nbsp;&nbsp;&nbsp; Series 2022-5A, Class E, 10.45%, 04/15/2030<sup>(a)</sup> | 1000000 | 1052615  |
| &nbsp;&nbsp;&nbsp; Series 2022-6A, Class E, 11.61%, 06/17/2030<sup>(a)</sup> | 2000000 | 2198301  |
| &nbsp;&nbsp;&nbsp; Series 2023-2A, Class E, 9.75%, 11/15/2030<sup>(a)</sup> | 1000000 | 1087575  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class E, 7.89%, 08/15/2031<sup>(a)</sup> | 1000000 | 1048493  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES — (Continued)**  | **ASSET-BACKED SECURITIES — (Continued)**  | **ASSET-BACKED SECURITIES — (Continued)**  |
| **Automobile — (Continued)**  | **Automobile — (Continued)**  | **Automobile — (Continued)**  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class E, 7.98%, 10/15/2031<sup>(a)</sup> | $1354000 | $1422730  |
| &nbsp;&nbsp;&nbsp; Series 2024-3A, Class E, 7.84%, 10/15/2031<sup>(a)</sup> | 2505000 | 2625712  |
| &nbsp;&nbsp;&nbsp; Series 2024-5A, Class E, 7.22%, 05/17/2032<sup>(a)</sup> | 2414000 | 2482751  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class E, 7.48%, 09/15/2032<sup>(a)</sup> | 2000000 | 2062248  |
| FHF Trust, Series 2024-3A, Class D, 6.01%, 12/15/2031<sup>(a)</sup> | 1000000 | 1003242  |
| FinBe USA Trust, Series 2025-1A, Class B, 6.60%, 12/16/2030<sup>(a)</sup> | 1000000 | 1004864  |
| &nbsp;&nbsp;&nbsp; Flagship Credit Auto Trust, Series 2024-1, Class E, <br>8.60%, 05/15/2031<sup>(a)</sup> | 585000 | 599019  |
| GLS Auto Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class E, 11.42%, 03/15/2030<sup>(a)</sup> | 1000000 | 1102257  |
| &nbsp;&nbsp;&nbsp; Series 2023-3A, Class E, 9.27%, 08/15/2030<sup>(a)</sup> | 1500000 | 1611593  |
| &nbsp;&nbsp;&nbsp; Series 2023-4A, Class E, 9.72%, 08/15/2030<sup>(a)</sup> | 1000000 | 1091330  |
| &nbsp;&nbsp;&nbsp; Series 2024-3A, Class E, 7.25%, 06/16/2031<sup>(a)</sup> | 1000000 | 1032037  |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class E, 7.73%, 06/15/2032<sup>(a)</sup> | 1410000 | 1471261  |
| Hertz Global Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2A, Class D, 4.34%, 12/27/2027<sup>(a)</sup> | 1000000 | 964300  |
| &nbsp;&nbsp;&nbsp; Series 2022-2A, Class D, 5.16%, 06/26/2028<sup>(a)</sup> | 1000000 | 956764  |
| &nbsp;&nbsp;&nbsp; Huntington Bank Auto Credit-Linked Notes, Series 2024-1, Class D, <br>9.60% (30 day avg SOFR US + 5.25%), 05/20/2032<sup>(a)</sup> | 280412 | 287109  |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Bank NA, Series 2021-2, Class G, <br>8.48%, 12/26/2028<sup>(a)</sup> | 473097 | 474168  |
| &nbsp;&nbsp;&nbsp; Kinetic Advantage Master Owner Trust, Series 2024-1A, Class A, <br>6.99% (30 day avg SOFR US + 2.65%), 11/15/2027<sup>(a)</sup> | 500000 | 501347  |
| &nbsp;&nbsp;&nbsp; Lobel Automobile Receivables Trust, Series 2023-2, Class D, <br>11.00%, 09/16/2030<sup>(a)</sup> | 1000000 | 1067821  |
| &nbsp;&nbsp;&nbsp; Luxury Lease Partners Auto Lease Trust, Series 2024-4, Class A, <br>7.29%, 07/15/2030<sup>(a)</sup> | 400987 | 401762  |
| Prestige Auto Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class D, 8.08%, 08/15/2028<sup>(a)</sup> | 25000 | 25162  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class E, 7.94%, 04/15/2031<sup>(a)</sup> | 300000 | 311546  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class E, 6.75%, 11/17/2031<sup>(a)</sup> | 750000 | 749681  |
| &nbsp;&nbsp;&nbsp; SAFCO Auto Receivables Trust, Series 2025-1A, Class D, <br>6.60%, 12/10/2030<sup>(a)</sup> | 1000000 | 1006838  |
| &nbsp;&nbsp;&nbsp; Santander Holdings USA, Inc., Series 2024-A, Class F, <br>10.17%, 06/15/2032<sup>(a)</sup> | 243605 | 247030  |
| &nbsp;&nbsp;&nbsp; SBNA Auto Receivables Trust, Series 2024-A, Class E, <br>8.00%, 04/15/2032<sup>(a)</sup> | 1500000 | 1570203  |
| &nbsp;&nbsp;&nbsp; Securitized Term Auto Receivables Trust, Series 2025-A, Class D, <br>6.75%, 07/25/2031<sup>(a)</sup> | 772940 | 784077  |
| &nbsp;&nbsp;&nbsp; Skopos Auto Receivable Trust, Series 2019-1A, Class E, <br>7.82%, 06/15/2026<sup>(a)</sup> | 106867 | 107082  |
| &nbsp;&nbsp;&nbsp; Strike Acceptance Auto Funding Trust, Series 2023-1A, Class A, <br>8.00%, 05/15/2026<sup>(a)</sup> | 251299 | 252317  |
| Tricolor Auto Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class F, 16.00%, 06/17/2030<sup>(a)</sup> | 800000 | 866542  |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class F, 11.23%, 03/15/2032<sup>(a)</sup> | 600000 | 633973  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES — (Continued)**  | **ASSET-BACKED SECURITIES — (Continued)**  | **ASSET-BACKED SECURITIES — (Continued)**  |
| **Automobile — (Continued)**  | **Automobile — (Continued)**  | **Automobile — (Continued)**  |
| &nbsp;&nbsp;&nbsp; United Auto Credit Securitization Trust, Series 2022-1, Class E, <br>5.00%, 11/10/2028<sup>(a)</sup> | $686155 | $682368  |
| US Auto Funding Trust, Series 2022-1A, Class A, 3.98%, 10/15/2025<sup>(a)</sup> | 7885 | 7858  |
| Veros Automobile Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class C, 7.57%, 12/15/2028<sup>(a)</sup> | 680000 | 699060  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class D, 9.87%, 05/15/2031<sup>(a)</sup> | 500000 | 528607  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class C, 6.17%, 12/17/2029<sup>(a)</sup> | 530000 | 537613  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class D, 8.79%, 05/17/2032<sup>(a)</sup> | 530000 | 551618  |
|  |  | 71819001  |
| **Consumer — 7.4%**<br>|  |  |
| ACHV ABS TRUST, Series 2024-2PL, Class D, 6.40%, 10/27/2031<sup>(a)</sup> | 537297 | 538081  |
| Affirm, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class 1E, 9.17%, 02/15/2029<sup>(a)</sup> | 1000000 | 1009377  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class D, 6.89%, 02/15/2029<sup>(a)</sup> | 200000 | 201493  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class E, 9.17%, 02/15/2029<sup>(a)</sup> | 200000 | 201875  |
| &nbsp;&nbsp;&nbsp; Series 2024-B, Class E, 7.35%, 09/15/2029<sup>(a)</sup> | 1000000 | 1002491  |
| Aqua Finance Trust, Series 2021-A, Class C, 3.14%, 07/17/2046<sup>(a)</sup> | 180000 | 166584  |
| Bankers Healthcare Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-C, Class E, 9.73%, 10/17/2035<sup>(a)</sup> | 500000 | 541566  |
| &nbsp;&nbsp;&nbsp; Series 2024-1CON, Class D, 8.00%, 04/17/2035<sup>(a)</sup> | 200000 | 209969  |
| Foundation Finance Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class D, 4.96%, 05/15/2041<sup>(a)</sup> | 72155 | 69259  |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class E, 8.35%, 04/15/2052<sup>(a)</sup> | 350000 | 351404  |
| GreenSky Home Improvement Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class E, 9.00%, 06/25/2059<sup>(a)</sup> | 500000 | 519895  |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class E, 7.79%, 06/25/2060<sup>(a)</sup> | 1000000 | 1008671  |
| &nbsp;&nbsp;&nbsp; Lendingpoint Asset Securitization Trust, Series 2021-B, Class C, <br>3.21%, 02/15/2029<sup>(a)</sup> | 140601 | 138133  |
| Marlette Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-3A, Class D, 7.80%, 11/15/2032<sup>(a)</sup> | 2636000 | 2673178  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class D, 8.15%, 04/15/2033<sup>(a)</sup> | 3000000 | 3061391  |
| &nbsp;&nbsp;&nbsp; Series 2023-2A, Class D, 7.92%, 06/15/2033<sup>(a)</sup> | 3500000 | 3570435  |
| Momnt Technologies Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class B, 8.29%, 03/20/2045<sup>(a)</sup> | 100000 | 100976  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class C, 11.24%, 03/20/2045<sup>(a)</sup> | 100000 | 100492  |
| Oportun Financial Corp., Series 2021-B, Class D, 5.41%, 05/08/2031<sup>(a)</sup> | 690120 | 682150  |
| Pagaya AI Debt Selection Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class C, 4.09%, 11/15/2027<sup>(a)</sup> | 6380 | 6305  |
| &nbsp;&nbsp;&nbsp; Series 2021-5, Class C, 3.93%, 08/15/2029<sup>(a)</sup> | 109092 | 106962  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class C, 4.89%, 10/15/2029<sup>(a)</sup> | 1713591 | 1699450  |
| &nbsp;&nbsp;&nbsp; Series 2022-2, Class C, 7.50%, 01/15/2030<sup>(a)</sup> | 434287 | 437589  |
| &nbsp;&nbsp;&nbsp; Series 2023-8, Class C, 9.54%, 06/16/2031<sup>(a)</sup> | 524394 | 537353  |
| &nbsp;&nbsp;&nbsp; Series 2024-11, Class E, 10.33%, 07/15/2032<sup>(a)</sup> | 799908 | 819838  |
| &nbsp;&nbsp;&nbsp; Series 2024-7, Class D, 10.90%, 12/15/2031<sup>(a)</sup> | 378675 | 392858  |
| &nbsp;&nbsp;&nbsp; Series 2024-9, Class E, 10.11%, 03/15/2032<sup>(a)</sup> | 535250 | 550358  |

---

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** 

**July 31, 2025 (Unaudited)(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 2025-1, Class E, 10.08%, 07/15/2032<sup>(a)</sup> | $999915 | $1014399  |
| &nbsp;&nbsp;&nbsp; Series 2025-3, Class E, 12.63%, 12/15/2032<sup>(a)</sup> | 750000 | 771738  |
| &nbsp;&nbsp;&nbsp; Series 2025-4, Class D, 6.57%, 01/17/2033<sup>(a)</sup> | 2500000 | 2509010  |
| &nbsp;&nbsp;&nbsp; Series 2025-5, Class E, 9.70%, 03/15/2033<sup>(a)</sup> | 1287500 | 1301987  |
| &nbsp;&nbsp;&nbsp; Series 2025-R1, Class D, 6.94%, 06/15/2032<sup>(a)</sup> | 1267000 | 1273169  |
| &nbsp;&nbsp;&nbsp; Series 2025-R1, Class E, 12.11%, 06/15/2032<sup>(a)</sup> | 750000 | 758133  |
| Pagaya Technologies Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class D, 6.74%, 01/20/2034<sup>(a)</sup> | 1000000 | 1006034  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class E, 11.28%, 01/20/2034<sup>(a)</sup> | 500000 | 511107  |
| &nbsp;&nbsp;&nbsp; Powerpay Securitization Funding LLC, Series 2024-1A, Class B, <br>8.46%, 02/18/2039<sup>(a)</sup> | 300000 | 309145  |
| &nbsp;&nbsp;&nbsp; Prosper Marketplace Issuance Trust, Series 2024-1A, Class D, <br>10.98%, 08/15/2029<sup>(a)</sup> | 500000 | 520762  |
| Purchasing Power Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class D, 7.26%, 08/15/2028<sup>(a)</sup> | 200000 | 200680  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class E, 10.18%, 08/15/2028<sup>(a)</sup> | 200000 | 202313  |
| RCKT Mortgage Trust, Series 2025-1A, Class E, 7.12%, 07/25/2034<sup>(a)</sup> | 1000000 | 1004402  |
| Reach Financial LLC, Series 2024-2A, Class D, 8.83%, 07/15/2031<sup>(a)</sup> | 600000 | 626226  |
| Republic Finance Issuance Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class D, 5.23%, 12/22/2031<sup>(a)</sup> | 200000 | 194023  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class C, 7.28%, 08/20/2032<sup>(a)</sup> | 400000 | 409556  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class D, 9.49%, 08/20/2032<sup>(a)</sup> | 250000 | 255283  |
| &nbsp;&nbsp;&nbsp; Series 2024-B, Class D, 8.83%, 11/20/2037<sup>(a)</sup> | 2000000 | 2052745  |
| Theorem Funding Trust, Series 2022-2A, Class B, 9.27%, 12/15/2028<sup>(a)</sup> | 300000 | 302908  |
| Upstart Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-5, Class C, 4.15%, 11/20/2031<sup>(a)</sup> | 514445 | 508568  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class C, 11.10%, 02/20/2033<sup>(a)</sup> | 300000 | 307248  |
| &nbsp;&nbsp;&nbsp; Series 2023-2, Class C, 11.87%, 06/20/2033<sup>(a)</sup> | 1000000 | 1065587  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class B, 6.33%, 04/20/2035<sup>(a)</sup> | 2080000 | 2110948  |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class D, 8.00%, 06/20/2035<sup>(a)</sup> | 750000 | 756442  |
|  |  | 40670546  |
| **Credit Card — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Avant Credit Card Master Trust, Series 2024-1A, Class C, <br>6.23%, 04/15/2030<sup>(a)</sup> | 500000 | 496172  |
| **Equipment — 1.3%**<br>|  |  |
| Octane Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class E, 9.25%, 08/20/2030<sup>(a)</sup> | 2000000 | 2115312  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class E, 7.82%, 08/20/2031<sup>(a)</sup> | 900000 | 921770  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class E, 9.04%, 07/20/2032<sup>(a)</sup> | 2000000 | 2118658  |
| &nbsp;&nbsp;&nbsp; Series 2024-RVM1, Class D, 6.30%, 01/22/2046<sup>(a)</sup> | 1500000 | 1510730  |
| &nbsp;&nbsp;&nbsp; Series 2024-RVM1, Class E, 8.42%, 01/22/2046<sup>(a)</sup> | 500000 | 520717  |
|  |  | 7187187  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES — (Continued)**  | **ASSET-BACKED SECURITIES — (Continued)**  | **ASSET-BACKED SECURITIES — (Continued)**  |
| **Solar — 0.0%<sup>(e)</sup>**<br>|  |  |
| GoodLeap Sustainable Home Solutions Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-3CS, Class A, 4.95%, 07/20/2049<sup>(a)</sup> | $153051 | $136312  |
| &nbsp;&nbsp;&nbsp; Series 2023-2GS, Class B, 7.80%, 05/20/2055<sup>(a)</sup> | 100000 | 62227  |
|  |  | 198539  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $118,390,191)** |  | 120371445  |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES - U.S. GOVERNMENT AGENCY — 20.1%**<br>|  |  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool QI4343, 4.50%, 04/01/2054 | 2773267 | 2637186  |
| &nbsp;&nbsp;&nbsp; Pool QJ0865, 5.50%, 08/01/2054 | 1000478 | 996251  |
| &nbsp;&nbsp;&nbsp; Pool QJ6384, 5.50%, 10/01/2054 | 4971399 | 4950395  |
| &nbsp;&nbsp;&nbsp; Pool QJ7063, 5.50%, 10/01/2054 | 2418241 | 2415581  |
| &nbsp;&nbsp;&nbsp; Pool QJ7675, 6.00%, 11/01/2054 | 2790830 | 2835509  |
| &nbsp;&nbsp;&nbsp; Pool QJ7677, 5.50%, 11/01/2054 | 2475084 | 2469268  |
| &nbsp;&nbsp;&nbsp; Pool QX0791, 5.50%, 12/01/2054 | 2199643 | 2199286  |
| &nbsp;&nbsp;&nbsp; Pool QX1669, 5.00%, 12/01/2054 | 988534 | 973005  |
| &nbsp;&nbsp;&nbsp; Pool RA4179, 2.50%, 12/01/2050 | 4711456 | 3876226  |
| &nbsp;&nbsp;&nbsp; Pool RA7673, 4.50%, 07/01/2052 | 836419 | 794331  |
| &nbsp;&nbsp;&nbsp; Pool RJ1430, 6.00%, 05/01/2054 | 880568 | 894115  |
| &nbsp;&nbsp;&nbsp; Pool SD2500, 5.00%, 03/01/2053 | 1311405 | 1276870  |
| &nbsp;&nbsp;&nbsp; Pool SD5007, 5.00%, 09/01/2053 | 988141 | 965825  |
| &nbsp;&nbsp;&nbsp; Pool SD5143, 6.00%, 04/01/2054 | 853866 | 872338  |
| &nbsp;&nbsp;&nbsp; Pool SD6195, 5.00%, 10/01/2053 | 830539 | 812820  |
| &nbsp;&nbsp;&nbsp; Pool SD6585, 5.50%, 10/01/2054 | 3651006 | 3636930  |
| &nbsp;&nbsp;&nbsp; Pool SD6591, 5.00%, 10/01/2054 | 2324584 | 2263368  |
| &nbsp;&nbsp;&nbsp; Pool SD7029, 5.00%, 12/01/2054 | 2913906 | 2866310  |
| &nbsp;&nbsp;&nbsp; Pool SD8331, 5.50%, 06/01/2053 | 821455 | 820038  |
| &nbsp;&nbsp;&nbsp; Pool SL0079, 5.00%, 02/01/2055 | 3930526 | 3842501  |
| &nbsp;&nbsp;&nbsp; Pool SL0716, 5.00%, 03/01/2055 | 3926069 | 3834949  |
| &nbsp;&nbsp;&nbsp; Pool SL0741, 6.00%, 02/01/2055 | 4849707 | 4938258  |
| &nbsp;&nbsp;&nbsp; Pool SL0817, 6.00%, 04/01/2055 | 3484889 | 3588160  |
| Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool 000TBA, 5.00%, 08/15/2040 | 5000000 | 4867160  |
| &nbsp;&nbsp;&nbsp; Pool BR0948, 2.00%, 04/01/2051 | 3041668 | 2388640  |
| &nbsp;&nbsp;&nbsp; Pool BW5186, 5.00%, 11/01/2052 | 839913 | 818844  |
| &nbsp;&nbsp;&nbsp; Pool BX0432, 6.00%, 11/01/2052 | 3245301 | 3308286  |
| &nbsp;&nbsp;&nbsp; Pool CB3000, 2.00%, 12/01/2051 | 4991063 | 3913273  |
| &nbsp;&nbsp;&nbsp; Pool DB3770, 5.50%, 05/01/2054 | 970847 | 966745  |
| &nbsp;&nbsp;&nbsp; Pool DC1302, 5.00%, 08/01/2054 | 983859 | 965790  |
| &nbsp;&nbsp;&nbsp; Pool DC3426, 5.00%, 09/01/2054 | 983524 | 959468  |
| &nbsp;&nbsp;&nbsp; Pool DC5739, 5.50%, 11/01/2054 | 1485655 | 1481700  |
| &nbsp;&nbsp;&nbsp; Pool FA1342, 5.00%, 03/01/2054 | 7512729 | 7347757  |
| &nbsp;&nbsp;&nbsp; Pool FS2078, 3.50%, 06/01/2052 | 4032565 | 3617525  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES - U.S.**<br>**GOVERNMENT AGENCY — (Continued)**  | &nbsp;&nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES - U.S.**<br>**GOVERNMENT AGENCY — (Continued)**  | &nbsp;&nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES - U.S.**<br>**GOVERNMENT AGENCY — (Continued)**  |
| &nbsp;&nbsp;&nbsp; Pool FS4653, 5.50%, 05/01/2053 | $1189657 | $1186849  |
| &nbsp;&nbsp;&nbsp; Pool FS6738, 5.00%, 09/01/2053 | 2306121 | 2255699  |
| &nbsp;&nbsp;&nbsp; Pool FS7280, 5.00%, 03/01/2053 | 874284 | 853446  |
| &nbsp;&nbsp;&nbsp; Pool FS7798, 6.00%, 06/01/2054 | 916683 | 933077  |
| &nbsp;&nbsp;&nbsp; Pool FS8870, 5.00%, 09/01/2053 | 2721587 | 2661823  |
| &nbsp;&nbsp;&nbsp; Pool FS9192, 3.00%, 07/01/2052 | 3786304 | 3247915  |
| &nbsp;&nbsp;&nbsp; Pool FS9409, 5.50%, 10/01/2054 | 5564122 | 5558002  |
| &nbsp;&nbsp;&nbsp; Pool MB0302, 5.50%, 02/01/2055 | 1952943 | 1943471  |
| Government National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool MA8490, 5.00%, 12/20/2052 | 795731 | 776735  |
| &nbsp;&nbsp;&nbsp; Pool MA8570, 5.50%, 01/20/2053 | 4836870 | 4823994  |
| &nbsp;&nbsp;&nbsp; Pool MA9018, 6.00%, 07/20/2053 | 667960 | 676957  |
| &nbsp;&nbsp;&nbsp; Pool MA9305, 5.50%, 11/20/2053 | 619703 | 618053  |
| &nbsp;&nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES - U.S. GOVERNMENT AGENCY** <br>**(Cost $111,066,204)** |  | 110930729  |
| **COLLATERALIZED LOAN OBLIGATIONS — 10.9%**<br>|  |  |
| AB BSL CLO Ltd., Series 2025-6A, Class D2, 8.48%, 07/20/2037<sup>(a)</sup> | 2000000 | 2002718  |
|  Allegro CLO Ltd., Series 2021-1A, Class D1R, 7.47% (3 mo. Term SOFR + 3.15%), 07/20/2038<sup>(a)</sup> | 1500000 | 1500000  |
| AMMC CDO, Series 2025-32A, Class D2, 8.08%, 10/17/2038<sup>(a)(d)</sup> | 4000000 | 4000000  |
| Anchorage Credit Funding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-3A, Class A2R, 6.68% (3 mo. Term SOFR + 2.36%), 01/28/2039<sup>(a)</sup> | 1275000 | 1278408  |
| &nbsp;&nbsp;&nbsp; Series 2019-9A, Class BR, 3.05%, 10/25/2037<sup>(a)</sup> | 1000000 | 928360  |
|  Apidos CLO Ltd., Series 2023-46A, Class E, 12.27% (3 mo. Term SOFR + 7.95%), 10/24/2036<sup>(a)</sup> | 1000000 | 1003462  |
|  Benefit Street Partners CLO Ltd., Series 2015-8A, Class CR, 7.34% (3 mo. Term SOFR + 3.01%), 01/20/2031<sup>(a)</sup> | 1550000 | 1554366  |
|  Blackstone, Inc., Series 2018-1A, Class C, 6.33% (3 mo. Term SOFR + 2.01%), 04/17/2030<sup>(a)</sup> | 1750000 | 1752573  |
|  Carbone CLO LLC, Series 2017-1A, Class C, 7.19% (3 mo. Term SOFR + 2.86%), 01/20/2031<sup>(a)</sup> | 2000000 | 2004810  |
|  Carlyle Global Market Strategies, Series C17A, Class CR, 7.37% (3 mo. Term SOFR + 3.06%), 04/30/2031<sup>(a)</sup> | 1000000 | 1003549  |
| Cerberus Loan Funding LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class C, 8.72% (3 mo. Term SOFR + 4.40%), 03/22/2035<sup>(a)</sup> | 1500000 | 1508256  |
| &nbsp;&nbsp;&nbsp; Series 2023-2A, Class D2, 12.82% (3 mo. Term SOFR + 8.50%), 07/15/2035<sup>(a)</sup> | 1900000 | 1936134  |
|  Crown Point CLO Ltd., Series 2021-10A, Class D, 8.09% (3 mo. Term SOFR + 3.76%), 07/20/2034<sup>(a)</sup> | 2000000 | 2012518  |
|  Dryden Senior Loan Fund, Series 2018-64A, Class D, 7.24% (3 mo. Term SOFR + 2.91%), 04/18/2031<sup>(a)</sup> | 1500000 | 1505500  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS — (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS — (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS — (Continued)** |
| &nbsp;&nbsp;&nbsp; Fortress Credit Opportunities, Series 2025-29A, Class D, <br>7.83% (3 mo. Term SOFR + 3.50%), 04/20/2033<sup>(a)</sup> | $2500000 | $2499898  |
| &nbsp;&nbsp;&nbsp; Generate CLO Ltd., Series 2023-12A, Class D, <br>9.58% (3 mo. Term SOFR + 5.25%), 07/20/2036<sup>(a)</sup> | 2000000 | 2000000  |
| &nbsp;&nbsp;&nbsp; Golub Capital Partners CLO Ltd., Series 2023-69A, Class C, <br>8.30% (3 mo. Term SOFR + 4.00%), 11/09/2036<sup>(a)</sup> | 3000000 | 3006936  |
| &nbsp;&nbsp;&nbsp; HPS Private Credit CLO LLC, Series 2023-1A, Class E, <br>14.17% (3 mo. Term SOFR + 9.85%), 07/15/2035<sup>(a)</sup> | 2500000 | 2506670  |
| &nbsp;&nbsp;&nbsp; ICG US CLO Ltd., Series 2023-1A, Class D1R, <br>7.53% (3 mo. Term SOFR + 3.20%), 07/18/2038<sup>(a)</sup> | 4000000 | 4000000  |
| &nbsp;&nbsp;&nbsp; Jackson Financial, Inc., Series 2021-5A, Class C, <br>6.59% (3 mo. Term SOFR + 2.26%), 10/18/2034<sup>(a)</sup> | 2000000 | 2003012  |
| &nbsp;&nbsp;&nbsp; Madison Park Funding Ltd., Series 2015-19A, Class ER3, <br>11.67% (3 mo. Term SOFR + 7.34%), 01/22/2037<sup>(a)</sup> | 4000000 | 4088260  |
| &nbsp;&nbsp;&nbsp; Monroe Capital CLO Ltd., Series 2021-2A, Class C, <br>0.00% (3 mo. Term SOFR + 2.91%), 09/14/2033<sup>(a)(b)</sup> | 500000 | 502500  |
| &nbsp;&nbsp;&nbsp; Pikes Peak CLO Ltd., Series 2023-14A, Class D2R, <br>8.98% (3 mo. Term SOFR + 4.65%), 07/20/2038<sup>(a)</sup> | 2300000 | 2299876  |
| &nbsp;&nbsp;&nbsp; Regatta Funding Ltd., Series 2025-3A, Class D2, <br>8.18%, 07/20/2038<sup>(a)</sup> | 2000000 | 2000000  |
| &nbsp;&nbsp;&nbsp; Sycamore Tree CLO Ltd., Series 2024-5A, Class E, <br>11.82% (3 mo. Term SOFR + 7.49%), 04/20/2036<sup>(a)</sup> | 4000000 | 4024104  |
| Trinitas CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-17A, Class D, 8.09% (3 mo. Term SOFR + 3.76%), 10/20/2034<sup>(a)</sup> | 3150000 | 3163703  |
| &nbsp;&nbsp;&nbsp; Series 2025-32A, Class D1, 0.00% (3 mo. Term SOFR + 3.10%), 07/23/2038<sup>(a)(d)</sup> | 1500000 | 1500000  |
| &nbsp;&nbsp;&nbsp; Verdelite Static CLO Ltd., Series 2024-1A, Class D, <br>7.18% (3 mo. Term SOFR + 2.85%), 07/20/2032<sup>(a)</sup> | 2500000 | 2504007  |
| &nbsp;&nbsp;&nbsp; Voya CLO Ltd., Series 2018-1A, Class C, <br>7.19% (3 mo. Term SOFR + 2.86%), 04/19/2031<sup>(a)</sup> | 250000 | 250544  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $60,379,033)** |  | 60340164  |
| **CORPORATE OBLIGATIONS — 6.6%**<br>|  |  |
| **Basic Materials — 0.6%**<br>|  |  |
| Axalta Coating Systems Dutch Holding B B.V., 7.25%, 02/15/2031<sup>(a)</sup> | 100000 | 104119  |
| Barrick International Barbados Corp., 6.35%, 10/15/2036<sup>(a)</sup> | 100000 | 107265  |
| Capstone Copper Corp., 6.75%, 03/31/2033<sup>(a)</sup> | 300000 | 305947  |
| Cleveland-Cliffs, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/2030<sup>(a)</sup> | 100000 | 99599  |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/15/2032<sup>(a)</sup> | 350000 | 341901  |
| Consolidated Energy Finance SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 05/15/2026<sup>(a)</sup> | 100000 | 97877  |
| &nbsp;&nbsp;&nbsp; 12.00%, 02/15/2031<sup>(a)</sup> | 100000 | 94092  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  |
| **Basic Materials — (Continued)**  | **Basic Materials — (Continued)**  | **Basic Materials — (Continued)**  |
| CVR Partners LP / CVR Nitrogen Finance Corp., 6.13%, 06/15/2028<sup>(a)</sup> | $200000 | $198700  |
| First Quantum Minerals Ltd., 8.00%, 03/01/2033<sup>(a)</sup> | 300000 | 309502  |
| Freeport-McMoRan, Inc., 5.40%, 11/14/2034 | 100000 | 101287  |
| Hecla Mining Co., 7.25%, 02/15/2028 | 100000 | 101201  |
| Magnera Corp., 4.75%, 11/15/2029<sup>(a)</sup> | 280000 | 247741  |
| Mercer International, Inc., 5.13%, 02/01/2029 | 100000 | 80646  |
| Methanex Corp., 5.25%, 12/15/2029 | 100000 | 99135  |
| Mosaic Co., 5.63%, 11/15/2043 | 100000 | 95566  |
| NOVA Chemicals Corp., 8.50%, 11/15/2028<sup>(a)</sup> | 100000 | 105141  |
| Nucor Corp., 5.10%, 06/01/2035 | 100000 | 100320  |
| Nutrien Ltd., 2.95%, 05/13/2030 | 100000 | 92985  |
| Olin Corp., 6.63%, 04/01/2033<sup>(a)</sup> | 100000 | 97435  |
| Taseko Mines Ltd., 8.25%, 05/01/2030<sup>(a)</sup> | 300000 | 313615  |
|  |  | 3094074  |
| **Communications — 0.3%**<br>|  |  |
| AT&T, Inc., 4.90%, 08/15/2037 | 100000 | 95514  |
| Cars.com, Inc., 6.38%, 11/01/2028<sup>(a)</sup> | 300000 | 299633  |
|  Cogent Communications Group LLC / Cogent Finance, Inc., 6.50%, 07/01/2032<sup>(a)</sup> | 200000 | 196246  |
| Comcast Corp., 6.50%, 11/15/2035 | 100000 | 110307  |
| Directv Financing LLC / Directv Financing Co.-Obligor, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 08/15/2027<sup>(a)</sup> | 100000 | 99513  |
| &nbsp;&nbsp;&nbsp; 10.00%, 02/15/2031<sup>(a)</sup> | 200000 | 193030  |
| Gen Digital, Inc., 6.25%, 04/01/2033<sup>(a)</sup> | 100000 | 102198  |
| Gray Media, Inc., 5.38%, 11/15/2031<sup>(a)</sup> | 200000 | 147794  |
| T-Mobile USA, Inc., 5.05%, 07/15/2033 | 150000 | 150282  |
| Univision Communications, Inc., 8.00%, 08/15/2028<sup>(a)</sup> | 200000 | 205632  |
| Verizon Communications, Inc., 4.27%, 01/15/2036 | 200000 | 184098  |
|  |  | 1784247  |
| **Consumer, Cyclical — 0.6%**<br>|  |  |
| Adient Global Holdings Ltd., 7.50%, 02/15/2033<sup>(a)</sup> | 100000 | 102042  |
| American Axle & Manufacturing, Inc., 5.00%, 10/01/2029 | 100000 | 90811  |
| BorgWarner, Inc., 5.40%, 08/15/2034 | 100000 | 101170  |
| Caesars Entertainment, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 10/15/2029<sup>(a)</sup> | 270000 | 255352  |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/15/2032<sup>(a)</sup> | 100000 | 102044  |
| Carnival Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/01/2029<sup>(a)</sup> | 100000 | 100949  |
| &nbsp;&nbsp;&nbsp; 6.13%, 02/15/2033<sup>(a)</sup> | 100000 | 101837  |
| Champ Acquisition Corp., 8.38%, 12/01/2031<sup>(a)</sup> | 300000 | 318133  |
| Cinemark USA, Inc., 7.00%, 08/01/2032<sup>(a)</sup> | 200000 | 206699  |
| Clarios Global LP / Clarios US Finance Co., 6.75%, 02/15/2030<sup>(a)</sup> | 300000 | 309496  |
| Ford Motor Credit Co. LLC, 6.13%, 03/08/2034 | 100000 | 97586  |
| General Motors Financial Co., Inc., 6.10%, 01/07/2034 | 100000 | 103228  |
| LCM Investments Holdings LLC, 8.25%, 08/01/2031<sup>(a)</sup> | 100000 | 105805  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  |
| **Consumer, Cyclical — (Continued)**  | **Consumer, Cyclical — (Continued)**  | **Consumer, Cyclical — (Continued)**  |
| Lithia Motors, Inc., 3.88%, 06/01/2029<sup>(a)</sup> | $200000 | $188573  |
| Lowe's Companies, Inc., 5.15%, 07/01/2033 | 150000 | 152284  |
| Meritage Homes Corp., 5.65%, 03/15/2035 | 150000 | 149577  |
| NCL Corp. Ltd., 6.25%, 03/01/2030<sup>(a)</sup> | 200000 | 202547  |
| O'Reilly Automotive, Inc., 4.70%, 06/15/2032 | 150000 | 149027  |
| Phinia, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/2029<sup>(a)</sup> | 100000 | 103034  |
| &nbsp;&nbsp;&nbsp; 6.63%, 10/15/2032<sup>(a)</sup> | 100000 | 101961  |
| PulteGroup, Inc., 6.38%, 05/15/2033 | 100000 | 107601  |
| Resideo Funding, Inc., 6.50%, 07/15/2032<sup>(a)</sup> | 125000 | 126961  |
| Saks Global Enterprises LLC, 11.00%, 12/15/2029<sup>(a)</sup> | 50000 | 11500  |
| Sally Holdings LLC / Sally Capital, Inc., 6.75%, 03/01/2032 | 150000 | 154136  |
| STL Holding Co. LLC, 8.75%, 02/15/2029<sup>(a)</sup> | 100000 | 104156  |
|  |  | 3546509  |
| **Consumer, Non-cyclical — 1.3%**<br>|  |  |
| Acadia Healthcare Co., Inc., 7.38%, 03/15/2033<sup>(a)</sup> | 600000 | 618508  |
| Agilent Technologies, Inc., 4.75%, 09/09/2034 | 100000 | 97828  |
| Amgen, Inc., 5.25%, 03/02/2033 | 100000 | 102034  |
| Ashtead Capital, Inc., 5.95%, 10/15/2033<sup>(a)</sup> | 200000 | 207648  |
| B&G Foods, Inc., 8.00%, 09/15/2028<sup>(a)</sup> | 50000 | 46813  |
| Baxter International, Inc., 2.54%, 02/01/2032 | 100000 | 86947  |
| Belron UK Finance PLC, 5.75%, 10/15/2029<sup>(a)</sup> | 100000 | 101001  |
| Bio-Rad Laboratories, Inc., 3.70%, 03/15/2032 | 100000 | 92224  |
| Brown-Forman Corp., 4.00%, 04/15/2038 | 100000 | 87239  |
| Bunge Ltd. Finance Corp., 2.75%, 05/14/2031 | 200000 | 180489  |
| Conagra Brands, Inc., 5.30%, 11/01/2038 | 100000 | 94195  |
| Concentra Escrow Issuer Corp., 6.88%, 07/15/2032<sup>(a)</sup> | 100000 | 102874  |
| Constellation Brands, Inc., 4.90%, 05/01/2033 | 100000 | 99160  |
| DaVita, Inc., 6.88%, 09/01/2032<sup>(a)</sup> | 250000 | 257212  |
| Dcli Bidco LLC, 7.75%, 11/15/2029<sup>(a)</sup> | 100000 | 102172  |
| EquipmentShare.com, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.00%, 05/15/2028<sup>(a)</sup> | 300000 | 316553  |
| &nbsp;&nbsp;&nbsp; 8.63%, 05/15/2032<sup>(a)</sup> | 100000 | 106562  |
| Fiesta Purchaser, Inc., 9.63%, 09/15/2032<sup>(a)</sup> | 200000 | 211854  |
| GE HealthCare Technologies, Inc., 5.91%, 11/22/2032 | 150000 | 159343  |
| Global Payments, Inc., 5.40%, 08/15/2032 | 150000 | 152016  |
| HCA, Inc., 5.45%, 09/15/2034 | 100000 | 100456  |
| Herc Holdings, Inc., 6.63%, 06/15/2029<sup>(a)</sup> | 500000 | 512266  |
| Hertz Global Holdings, Inc., 12.63%, 07/15/2029<sup>(a)</sup> | 50000 | 52279  |
| J.M. Smucker Co., 6.20%, 11/15/2033 | 150000 | 160466  |
|  JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl, 6.75%, 03/15/2034 | 93000 | 101290  |
| Keurig Dr Pepper, Inc., 5.30%, 03/15/2034 | 200000 | 204523  |
| Kraft Heinz Foods Co., 6.88%, 01/26/2039 | 100000 | 107897  |

---

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

101<br>

------

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

**ANGEL OAK INCOME ETF** 

**Schedule of Investments** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  |
| **Consumer, Non-cyclical — (Continued)**  | **Consumer, Non-cyclical — (Continued)**  | **Consumer, Non-cyclical — (Continued)**  |
| Kroger Co., 5.00%, 09/15/2034 | $100000 | $98971  |
| Mars, Inc., 5.20%, 03/01/2035<sup>(a)</sup> | 200000 | 201069  |
| Medline Borrower LP, 5.25%, 10/01/2029<sup>(a)</sup> | 100000 | 98109  |
| Molina Healthcare, Inc., 6.25%, 01/15/2033<sup>(a)</sup> | 100000 | 98787  |
| Molson Coors Beverage Co., 4.20%, 07/15/2046 | 100000 | 79338  |
| Performance Food Group, Inc., 4.25%, 08/01/2029<sup>(a)</sup> | 150000 | 144345  |
| Perrigo Finance Unlimited Co., 6.13%, 09/30/2032 | 200000 | 202280  |
| Philip Morris International, Inc., 5.25%, 02/13/2034 | 100000 | 101290  |
| Post Holdings, Inc., 6.38%, 03/01/2033<sup>(a)</sup> | 100000 | 100175  |
| Raven Acquisition Holdings LLC, 6.88%, 11/15/2031<sup>(a)</sup> | 300000 | 303758  |
| Royalty Pharma PLC, 3.30%, 09/02/2040 | 100000 | 75045  |
| Simmons Foods, Inc., 4.63%, 03/01/2029<sup>(a)</sup> | 100000 | 94760  |
| The Campbell's Co., 5.40%, 03/21/2034 | 100000 | 101046  |
| TreeHouse Foods, Inc., 4.00%, 09/01/2028 | 100000 | 92593  |
| Tyson Foods, Inc., 4.88%, 08/15/2034 | 100000 | 97521  |
| United Rentals North America, Inc., 6.00%, 12/15/2029<sup>(a)</sup> | 100000 | 101869  |
| US Foods, Inc., 7.25%, 01/15/2032<sup>(a)</sup> | 100000 | 104311  |
| VT Topco, Inc., 8.50%, 08/15/2030<sup>(a)</sup> | 360000 | 383735  |
| Williams Scotsman, Inc., 6.63%, 04/15/2030<sup>(a)</sup> | 200000 | 206365  |
| Zimmer Biomet Holdings, Inc., 2.60%, 11/24/2031 | 200000 | 176818  |
|  |  | 7324034  |
| **Diversified — 0.1%**<br>|  |  |
| Stena International SA, 7.25%, 01/15/2031<sup>(a)</sup> | 300000 | 305156  |
| **Energy — 0.8%**<br>|  |  |
|  Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 8.63%, 06/15/2029<sup>(a)</sup> | 200000 | 212030  |
| &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP / Antero Midstream Finance Corp., <br>6.63%, 02/01/2032<sup>(a)</sup> | 200000 | 205769  |
| Archrock Partners LP / Archrock Partners Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/01/2027<sup>(a)</sup> | 36000 | 36114  |
| &nbsp;&nbsp;&nbsp; 6.63%, 09/01/2032<sup>(a)</sup> | 100000 | 101571  |
| Aris Water Holdings LLC, 7.25%, 04/01/2030<sup>(a)</sup> | 100000 | 102639  |
| &nbsp;&nbsp;&nbsp; Calumet Specialty Products Partners LP / Calumet Finance Corp., <br>9.75%, 07/15/2028<sup>(a)</sup> | 100000 | 96075  |
| Cheniere Corpus Christi Holdings LLC, 2.74%, 12/31/2039 | 150000 | 123434  |
| Cheniere Energy Partners LP, 5.75%, 08/15/2034 | 100000 | 102552  |
| Comstock Resources, Inc., 5.88%, 01/15/2030<sup>(a)</sup> | 50000 | 47239  |
| Continental Resources, Inc., 5.75%, 01/15/2031<sup>(a)</sup> | 100000 | 100581  |
| Encino Acquisition Partners Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.50%, 05/01/2028<sup>(a)</sup> | 100000 | 102125  |
| &nbsp;&nbsp;&nbsp; 8.75%, 05/01/2031<sup>(a)</sup> | 100000 | 110415  |
| Energy Transfer LP, 7.38%, 02/01/2031<sup>(a)</sup> | 100000 | 104605  |
| Genesis Energy LP / Genesis Energy Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 01/15/2029 | 50000 | 52194  |
| &nbsp;&nbsp;&nbsp; 8.00%, 05/15/2033 | 150000 | 155661  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  |
| **Energy — (Continued)**  | **Energy — (Continued)**  | **Energy — (Continued)**  |
| Greenfire Resources Ltd., 12.00%, 10/01/2028<sup>(a)</sup> | $40000 | $42127  |
| Helix Energy Solutions Group, Inc., 9.75%, 03/01/2029<sup>(a)</sup> | 200000 | 209027  |
| Hess Corp., 7.13%, 03/15/2033 | 100000 | 114846  |
| Kinder Morgan, Inc., 5.95%, 08/01/2054 | 100000 | 97611  |
| Kinetik Holdings LP, 5.88%, 06/15/2030<sup>(a)</sup> | 100000 | 100173  |
| Moss Creek Resources Holdings, Inc., 8.25%, 09/01/2031<sup>(a)</sup> | 200000 | 195422  |
| MPLX LP, 5.00%, 03/01/2033 | 100000 | 98510  |
| New Fortress Energy, Inc., 6.50%, 09/30/2026<sup>(a)</sup> | 200000 | 70161  |
| ONEOK, Inc., 6.05%, 09/01/2033 | 100000 | 104984  |
| PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 02/15/2028 | 200000 | 192644  |
| Plains All American Pipeline LP / PAA Finance Corp., 5.70%, 09/15/2034 | 100000 | 101480  |
| Shelf Drilling Holdings Ltd., 9.63%, 04/15/2029<sup>(a)</sup> | 300000 | 257161  |
| SunCoke Energy, Inc., 4.88%, 06/30/2029<sup>(a)</sup> | 300000 | 274631  |
|  Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 12/31/2030<sup>(a)</sup> | 100000 | 98046  |
| Targa Resources Corp., 6.50%, 03/30/2034 | 100000 | 107499  |
| &nbsp;&nbsp;&nbsp; USA Compression Partners LP / USA Compression Finance Corp., <br>7.13%, 03/15/2029<sup>(a)</sup> | 100000 | 102293  |
| 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> | 35000 | 35040  |
| &nbsp;&nbsp;&nbsp; 8.38%, 06/01/2031<sup>(a)</sup> | 100000 | 103504  |
| Warrior Met Coal, Inc., 7.88%, 12/01/2028<sup>(a)</sup> | 108000 | 109471  |
| Western Midstream Operating LP, 6.15%, 04/01/2033 | 100000 | 104353  |
| Wildfire Intermediate Holdings LLC, 7.50%, 10/15/2029<sup>(a)</sup> | 100000 | 99754  |
| Williams Cos., Inc., 5.65%, 03/15/2033 | 100000 | 103596  |
|  |  | 4375337  |
| **Financial — 1.7%**<br>|  |  |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.30%, 01/30/2032 | 150000 | 135769  |
| Aircastle Ltd. / Aircastle Ireland DAC, 5.25%, 03/15/2030<sup>(a)</sup> | 150000 | 151559  |
|  American Express Co., 5.28% to 07/26/2034 then SOFR + 1.42%, 07/26/2035 | 275000 | 278808  |
| American Tower Corp., 5.55%, 07/15/2033 | 150000 | 154706  |
| Avolon Holdings Funding Ltd., 5.75%, 11/15/2029<sup>(a)</sup> | 100000 | 102993  |
| &nbsp;&nbsp;&nbsp; Bank of America Corp., 2.48% to 09/21/2031 then 5 yr. CMT Rate + <br>1.20%, 09/21/2036 | 275000 | 234204  |
| Blackstone Mortgage Trust, Inc., 7.75%, 12/01/2029<sup>(a)</sup> | 100000 | 105798  |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp., 6.18% to 01/30/2035 then SOFR + <br>2.04%, 01/30/2036 | 275000 | 282450  |
| Credit Acceptance Corp., 6.63%, 03/15/2030<sup>(a)</sup> | 300000 | 304364  |
| Crown Castle, Inc., 5.10%, 05/01/2033 | 100000 | 99576  |
| Enact Holdings, Inc., 6.25%, 05/28/2029 | 100000 | 103374  |
| EZCORP, Inc., 7.38%, 04/01/2032<sup>(a)</sup> | 275000 | 287089  |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp, 5.63% to 01/29/2031 then SOFR + <br>1.84%, 01/29/2032 | 275000 | 284946  |

---

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

103<br>

------

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

**ANGEL OAK INCOME ETF** 

**Schedule of Investments** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  |
| **Financial — (Continued)**  | **Financial — (Continued)**  | **Financial — (Continued)**  |
| Freedom Mortgage Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 02/01/2029<sup>(a)</sup> | $100000 | $104316  |
| &nbsp;&nbsp;&nbsp; 8.38%, 04/01/2032<sup>(a)</sup> | 100000 | 102369  |
| GGAM Finance Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 02/15/2027<sup>(a)</sup> | 100000 | 103052  |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/15/2029<sup>(a)</sup> | 100000 | 103271  |
| Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/2027<sup>(a)</sup> | 300000 | 310166  |
| goeasy Ltd., 7.63%, 07/01/2029<sup>(a)</sup> | 300000 | 309166  |
| HAT Holdings I LLC / HAT Holdings II LLC, 3.75%, 09/15/2030<sup>(a)</sup> | 100000 | 91006  |
| Jane Street Group / JSG Finance, Inc., 6.13%, 11/01/2032<sup>(a)</sup> | 100000 | 99291  |
| Jefferies Finance LLC / JFIN Co.-Issuer Corp., 6.63%, 10/15/2031<sup>(a)</sup> | 250000 | 249031  |
| Jefferson Capital Holdings LLC, 9.50%, 02/15/2029<sup>(a)</sup> | 120000 | 126748  |
|  JPMorgan Chase & Co., 6.25% to 10/23/2033 then SOFR + 1.81%, 10/23/2034 | 300000 | 325667  |
| LPL Holdings, Inc., 4.00%, 03/15/2029<sup>(a)</sup> | 200000 | 193944  |
|  M&T Bank Corp., 5.40% to 07/30/2030 then 5 yr. CMT Rate + 1.43%, 07/30/2035 | 275000 | 275489  |
| Macquarie Airfinance Holdings Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.13%, 03/30/2029<sup>(a)</sup> | 100000 | 104601  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/26/2031<sup>(a)</sup> | 100000 | 105956  |
|  Morgan Stanley, 5.95% to 01/19/2033 then 5 yr. CMT Rate + 2.43%, 01/19/2038 | 300000 | 309602  |
| Nationstar Mortgage Holdings, Inc., 7.13%, 02/01/2032<sup>(a)</sup> | 200000 | 209009  |
| NMI Holdings, Inc., 6.00%, 08/15/2029 | 100000 | 102120  |
| OneMain Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 11/15/2029 | 100000 | 98137  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/15/2030 | 300000 | 275634  |
| Panther Escrow Issuer LLC, 7.13%, 06/01/2031<sup>(a)</sup> | 200000 | 206947  |
| PennyMac Financial Services, Inc., 5.75%, 09/15/2031<sup>(a)</sup> | 125000 | 122452  |
| PHH Corp., 9.88%, 11/01/2029<sup>(a)</sup> | 200000 | 200564  |
| Phoenix Aviation Capital Ltd., 9.25%, 07/15/2030<sup>(a)</sup> | 300000 | 314606  |
|  PNC Financial Services Group, Inc., 5.68% to 01/22/2034 then SOFR + 1.90%, 01/22/2035 | 300000 | 311393  |
| PRA Group, Inc., 5.00%, 10/01/2029<sup>(a)</sup> | 100000 | 92481  |
| Radian Group, Inc., 6.20%, 05/15/2029 | 200000 | 207812  |
| RHP Hotel Properties LP / RHP Finance Corp., 6.50%, 04/01/2032<sup>(a)</sup> | 100000 | 102207  |
| Rocket Cos., Inc., 6.38%, 08/01/2033<sup>(a)</sup> | 200000 | 204247  |
| Starwood Property Trust, Inc., 6.00%, 04/15/2030<sup>(a)</sup> | 150000 | 151594  |
| Stonex Escrow Issuer LLC, 6.88%, 07/15/2032<sup>(a)</sup> | 150000 | 152803  |
| StoneX Group, Inc., 7.88%, 03/01/2031<sup>(a)</sup> | 200000 | 210300  |
|  UBS Group AG, 5.70% to 02/08/2034 then 1 yr. CMT Rate + 1.77%, 02/08/2035<sup>(a)</sup> | 275000 | 285082  |
| United Wholesale Mortgage LLC, 5.50%, 04/15/2029<sup>(a)</sup> | 100000 | 97897  |
|  Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, 6.50%, 02/15/2029<sup>(a)</sup> | 200000 | 194738  |

---

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

104<br>

------

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

**ANGEL OAK INCOME ETF** 

**Schedule of Investments** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  |
| **Financial — (Continued)**  | **Financial — (Continued)**  | **Financial — (Continued)**  |
| Walker & Dunlop, Inc., 6.63%, 04/01/2033<sup>(a)</sup> | $100000 | $102047  |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., 5.56% to 07/25/2033 then SOFR + 1.99%, <br>07/25/2034 | 300000 | 309694  |
|  |  | 9391075  |
| **Industrial — 0.9%**<br>|  |  |
| Advanced Drainage Systems, Inc., 6.38%, 06/15/2030<sup>(a)</sup> | 100000 | 101601  |
| Amphenol Corp., 5.25%, 04/05/2034 | 100000 | 102659  |
| Arrow Electronics, Inc., 5.88%, 04/10/2034 | 100000 | 102876  |
| Axon Enterprise, Inc., 6.25%, 03/15/2033<sup>(a)</sup> | 200000 | 205394  |
| Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 02/01/2032<sup>(a)</sup> | 300000 | 298919  |
| Builders FirstSource, Inc., 6.38%, 03/01/2034<sup>(a)</sup> | 100000 | 101596  |
| Burlington Northern Santa Fe LLC, 4.13%, 06/15/2047 | 100000 | 81795  |
| Carrier Global Corp., 3.38%, 04/05/2040 | 100000 | 78991  |
| Clydesdale Acquisition Holdings, Inc., 6.75%, 04/15/2032<sup>(a)</sup> | 200000 | 204997  |
| Coherent Corp., 5.00%, 12/15/2029<sup>(a)</sup> | 300000 | 293840  |
| CRH America Finance, Inc., 5.40%, 05/21/2034 | 200000 | 203987  |
| CSX Corp., 6.15%, 05/01/2037 | 100000 | 107728  |
| Fortress Transportation and Infrastructure Investors LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 12/01/2030<sup>(a)</sup> | 100000 | 106125  |
| &nbsp;&nbsp;&nbsp; 5.88%, 04/15/2033<sup>(a)</sup> | 200000 | 198431  |
| GATX Corp., 5.50%, 06/15/2035 | 100000 | 101341  |
| Genesee & Wyoming, Inc., 6.25%, 04/15/2032<sup>(a)</sup> | 100000 | 101278  |
| Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029<sup>(a)</sup> | 275000 | 260725  |
| Knife River Corp., 7.75%, 05/01/2031<sup>(a)</sup> | 100000 | 105024  |
| MasTec, Inc., 4.50%, 08/15/2028<sup>(a)</sup> | 100000 | 98990  |
| Northrop Grumman Corp., 5.20%, 06/01/2054 | 100000 | 92699  |
| Owens-Brockway Glass Container, Inc., 7.25%, 05/15/2031<sup>(a)</sup> | 350000 | 354370  |
| Quikrete Holdings, Inc., 6.75%, 03/01/2033<sup>(a)</sup> | 200000 | 205253  |
| Reworld Holding Corp., 4.88%, 12/01/2029<sup>(a)</sup> | 200000 | 191180  |
| RTX Corp., 6.10%, 03/15/2034 | 100000 | 107876  |
| Sealed Air Corp., 6.50%, 07/15/2032<sup>(a)</sup> | 150000 | 154633  |
| Seaspan Corp., 5.50%, 08/01/2029<sup>(a)</sup> | 100000 | 95309  |
| Sensata Technologies, Inc., 3.75%, 02/15/2031<sup>(a)</sup> | 200000 | 182672  |
| Smyrna Ready Mix Concrete LLC, 6.00%, 11/01/2028<sup>(a)</sup> | 300000 | 299258  |
| Standard Building Solutions, Inc., 6.50%, 08/15/2032<sup>(a)</sup> | 200000 | 204376  |
| Trivium Packaging Finance BV, 12.25%, 01/15/2031<sup>(a)</sup> | 150000 | 157629  |
| United Parcel Service, Inc., 5.50%, 05/22/2054 | 100000 | 96041  |
| Waste Management, Inc., 4.88%, 02/15/2034 | 100000 | 101049  |
| XPO, Inc., 7.13%, 06/01/2031<sup>(a)</sup> | 100000 | 103549  |
|  |  | 5202191  |
| **Technology — 0.2%**<br>|  |  |
| CACI International, Inc., 6.38%, 06/15/2033<sup>(a)</sup> | 100000 | 102379  |
| CDW LLC / CDW Finance Corp., 5.55%, 08/22/2034 | 100000 | 100867  |
| Fiserv, Inc., 5.63%, 08/21/2033 | 100000 | 103081  |
| IBM International Capital Pte Ltd., 4.90%, 02/05/2034 | 100000 | 99472  |

---

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

105<br>

------

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

**ANGEL OAK INCOME ETF** 

**Schedule of Investments** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  | **CORPORATE OBLIGATIONS — (Continued)**  |
| **Technology — (Continued)**  | **Technology — (Continued)**  | **Technology — (Continued)**  |
| MSCI, Inc., 3.25%, 08/15/2033<sup>(a)</sup> | $100000 | $87669  |
| Oracle Corp., 3.90%, 05/15/2035 | 150000 | 134543  |
| Roper Technologies, Inc., 1.75%, 02/15/2031 | 150000 | 128346  |
| Unisys Corp., 10.63%, 01/15/2031<sup>(a)</sup> | 200000 | 210182  |
| VMware LLC, 2.20%, 08/15/2031 | 150000 | 129901  |
| Zebra Technologies Corp., 6.50%, 06/01/2032<sup>(a)</sup> | 100000 | 102585  |
|  |  | 1199025 |
| **Utilities — 0.1%**<br>|  |  |
| NRG Energy, Inc., 6.25%, 11/01/2034<sup>(a)</sup> | 100000 | 101405  |
| Pike Corp., 8.63%, 01/31/2031<sup>(a)</sup> | 50000 | 53830  |
| Vistra Operations Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.75%, 10/15/2031<sup>(a)</sup> | 50000 | 52959  |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/15/2032<sup>(a)</sup> | 200000 | 207934  |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/15/2034<sup>(a)</sup> | 100000 | 103878  |
|  |  | 520006  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE OBLIGATIONS** <br>**(Cost $36,081,161)** |  | 36741654  |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — 3.8%**<br>|  |  |
| ALA Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-OANA, Class C, 6.43% (1 mo. Term SOFR + 2.09%), 06/15/2040<sup>(a)</sup> | 300000 | 300026  |
| &nbsp;&nbsp;&nbsp; Series 2025-OANA, Class D, 7.43% (1 mo. Term SOFR + 3.09%), 06/15/2040<sup>(a)</sup> | 200000 | 200016  |
|  Arbor Realty Collateralized Loan Obligation Ltd., Series 2025-BTR1, Class AS, 6.99% (1 mo. Term SOFR + 2.64%), 01/20/2041<sup>(a)</sup> | 1000000 | 1003037  |
|  AREIT CRE Ltd., Series 2024-CRE9, Class AS, 6.58% (1 mo. Term SOFR + 2.24%), 05/17/2041<sup>(a)</sup> | 800000 | 794359  |
| &nbsp;&nbsp;&nbsp; ARES Commercial Mortgage Trust, Series 2024-IND, Class D, <br>7.23% (1 mo. Term SOFR + 2.89%), 07/15/2041<sup>(a)</sup> | 500000 | 502461  |
| ARZ Trust, Series 2024-BILT, Class D, 7.00%, 06/11/2029<sup>(a)</sup> | 250000 | 257157  |
| Banc of America Re-Remic Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-NASH, Class A, 6.34% (1 mo. Term SOFR + 2.00%), 05/15/2039<sup>(a)</sup> | 600000 | 603273  |
| &nbsp;&nbsp;&nbsp; Series 2024-NASH, Class C, 7.84% (1 mo. Term SOFR + 3.50%), 05/15/2039<sup>(a)</sup> | 200000 | 198595  |
| &nbsp;&nbsp;&nbsp; Series 2024-NASH, Class D, 9.19% (1 mo. Term SOFR + 4.85%), 05/15/2039<sup>(a)</sup> | 100000 | 99289  |
| &nbsp;&nbsp;&nbsp; Series 2025-ASHF, Class C, 7.34% (1 mo. Term SOFR + 3.00%), 02/15/2042<sup>(a)</sup> | 750000 | 753650  |
| BX Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-AIRC, Class C, 6.93% (1 mo. Term SOFR + 2.59%), 08/15/2039<sup>(a)</sup> | 280859 | 282459  |
| &nbsp;&nbsp;&nbsp; Series 2024-BIO, Class C, 6.98% (1 mo. Term SOFR + 2.64%), 02/15/2041<sup>(a)</sup> | 200000 | 198905  |

---

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

106<br>

------

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

**ANGEL OAK INCOME ETF** 

**Schedule of Investments** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES — (Continued)**  |
| &nbsp;&nbsp;&nbsp; Series 2024-BIO, Class D, 7.98% (1 mo. Term SOFR + 3.64%), 02/15/2041<sup>(a)</sup> | $200000 | $198694  |
| &nbsp;&nbsp;&nbsp; Series 2024-KING, Class D, 6.83% (1 mo. Term SOFR + 2.49%), 05/15/2034<sup>(a)</sup> | 493503 | 496129  |
| &nbsp;&nbsp;&nbsp; Series 2024-PALM, Class D, 6.98% (1 mo. Term SOFR + 2.64%), 06/15/2037<sup>(a)</sup> | 259615 | 259729  |
| &nbsp;&nbsp;&nbsp; Series 2024-VLT4, Class E, 7.23% (1 mo. Term SOFR + 2.89%), 07/15/2029<sup>(a)</sup> | 200000 | 194299  |
| &nbsp;&nbsp;&nbsp; Series 2024-VLT4, Class F, 8.28% (1 mo. Term SOFR + 3.94%), 07/15/2029<sup>(a)</sup> | 500000 | 489824  |
| &nbsp;&nbsp;&nbsp; Series 2025-BIO3, Class D, 6.96%, 02/10/2042<sup>(a)(b)</sup> | 750000 | 743188  |
| &nbsp;&nbsp;&nbsp; Series 2025-VLT7, Class D, 7.55% (1 mo. Term SOFR + 3.25%), 07/15/2044<sup>(a)</sup> | 800000 | 803662  |
|  Commercial Mortgage Pass Through Certificates, Series 2024-WCL1, Class C, 7.23% (1 mo. Term SOFR + 2.89%), 06/15/2041<sup>(a)</sup> | 1500000 | 1495527  |
| Computershare Corporate Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1CHI, Class D, 6.71%, 07/15/2035<sup>(a)(b)</sup> | 300000 | 300628  |
| &nbsp;&nbsp;&nbsp; Series 2024-1CHI, Class E, 7.57%, 07/15/2035<sup>(a)(b)</sup> | 200000 | 200359  |
| &nbsp;&nbsp;&nbsp; DBSG Mortgage Trust, Series 2024-ALTA, Class D, <br>7.06%, 06/10/2037<sup>(a)(b)</sup> | 400000 | 403658  |
| DC Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-HLTN, Class C, 7.04%, 04/13/2040<sup>(a)(b)</sup> | 500000 | 501294  |
| &nbsp;&nbsp;&nbsp; Series 2024-HLTN, Class D, 7.71%, 04/13/2040<sup>(a)(b)</sup> | 300000 | 301105  |
|  Gaea Mortgage Loan Trust, Series 2025-A, Class A, 6.75%, 02/25/2030<sup>(a)(b)</sup> | 2643384 | 2671528  |
| Hilton USA Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-ORL, Class C, 6.78% (1 mo. Term SOFR + 2.44%), 05/15/2037<sup>(a)</sup> | 200000 | 200229  |
| &nbsp;&nbsp;&nbsp; Series 2024-ORL, Class D, 7.53% (1 mo. Term SOFR + 3.19%), 05/15/2037<sup>(a)</sup> | 200000 | 200225  |
| HTL Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-T53, Class D, 8.20%, 05/10/2039<sup>(a)(b)</sup> | 300000 | 306720  |
| &nbsp;&nbsp;&nbsp; Series 2024-T53, Class F, 11.93%, 05/10/2039<sup>(a)(b)</sup> | 100000 | 102490  |
|  ICNQ 2024-MF Mortgage Trust, Series 2024-MF, Class E, 6.35%, 12/10/2034<sup>(a)(b)</sup> | 750000 | 751115  |
| Jackson Park Trust, Series 2019-LIC, Class E, 3.24%, 10/14/2039<sup>(a)(b)</sup> | 750000 | 640486  |
| LBA Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-BOLT, Class E, 8.03% (1 mo. Term SOFR + 3.69%), 06/15/2039<sup>(a)</sup> | 1000000 | 1003770  |
| &nbsp;&nbsp;&nbsp; Series 2024-BOLT, Class F, 8.78% (1 mo. Term SOFR + 4.44%), 06/15/2039<sup>(a)</sup> | 300000 | 301413  |
|  Morgan Stanley ABS Capital I, Inc., Series 2024-BPR2, Class A, 7.29%, 05/05/2029<sup>(a)</sup> | 296424 | 306412  |
|  Morgan Stanley Capital I, Inc., Series 2014-150E, Class A, 3.91%, 09/09/2032<sup>(a)</sup> | 800000 | 709512  |
| Stellar Management, Series 2025-IP, Class E, 6.85%, 06/10/2042<sup>(a)(b)</sup> | 250000 | 251717  |
|  TX Trust, Series 2024-HOU, Class D, 7.58% (1 mo. Term SOFR + 3.24%), 06/15/2039<sup>(a)</sup> | 200000 | 200085  |

---

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

107<br>

------

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

**ANGEL OAK INCOME ETF** 

**Schedule of Investments** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES — (Continued)**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES — (Continued)**  |
|  Wells Fargo Commercial Mortgage Trust, Series 2025-VTT, Class E, 6.91%, 03/15/2038<sup>(a)(b)</sup> | $1500000 | $1480850  |
|  WFLD Mortgage Trust, Series 2014-MONT, Class A, 3.75%, 08/10/2031<sup>(a)(b)</sup> | 275641 | 264682  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $20,794,812)** |  | 20972557 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **EXCHANGE TRADED FUNDS — 3.7%**<br>|  |  |
| iShares Broad USD High Yield Corporate Bond ETF | 164300 | 6143177  |
| iShares iBoxx $ High Yield Corporate Bond ETF | 89800 | 7218124  |
| SPDR Bloomberg High Yield Bond ETF | 71500 | 6927635  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $20,069,406)** |  | 20288936 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES - U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER — 0.3%**<br>|  |  |
|  Connecticut Avenue Securities Trust, Series 2024-R02, Class 1B2, 8.05% (30 day avg SOFR US + 3.70%), 02/25/2044<sup>(a)</sup> | $1000000 | 1035514  |
|  Federal Home Loan Mortgage Corp., Series 2022-HQA3, Class M1B, 7.90% (30 day avg SOFR US + 3.55%), 08/25/2042<sup>(a)</sup> | 500000 | 525303  |
| &nbsp;&nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES - U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER** <br>**(Cost $1,496,562)** |  | 1560817 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **PREFERRED STOCKS — 0.1%**<br>|  |  |
| **Financial — 0.1%**<br>|  |  |
|  Goldman Sachs Group, Inc., 5.54% to 01/28/2035 then SOFR + 1.38%, 01/28/2036 | 275000 | 281254  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $281,067)** |  | 281254  |
| **COMMON STOCKS — 0.0%<sup>(e)</sup>**<br>|  |  |
| **Energy — 0.0%<sup>(e)</sup>**<br>|  |  |
| Enviva Escrow<sup>(f)(g)</sup> | 150000 | 0  |
| Enviva LLC<sup>(g)</sup> | 5458 | 107795  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $183,056)** |  | 107795 |

---

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

108<br>

------

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

**ANGEL OAK INCOME ETF** 

**Schedule of Investments** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS — 3.4%**<br>|  |  |
| **Money Market Funds — 3.4%**<br>|  |  |
| First American Government Obligations Fund - Class U, 4.25%<sup>(h)</sup> | 18681105 | $18681105  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $18,681,105)** |  | 18681105  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 102.1%** <br>**(Cost $560,785,776)** |  | $563426949  |
| Liabilities in Excess of Other Assets — (2.1)% |  | (11787678)  |
| **TOTAL NET ASSETS — 100.0%** |  | $551639271 |

---

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

TBA - To be Announced

<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 July 31, 2025, the value of these securities total $400,462,730 or 72.6% 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 July 31, 2025.

<sup>(c)</sup> Step coupon bond. The rate disclosed is as of July 31, 2025.

<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> As of July 31, 2025, the Fund has fair valued these securities under the procedures established by Angel Oak Capital Advisors, LLC as Valuation Designee pursuant to Rule 2a-5 under the Investment Company Act of 1940. The value of these securities amounted to $0 or 0.0% of net assets. Value determined using significant unobservable inputs. 

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

<sup>(h)</sup> The rate shown represents the 7-day annualized yield as of July 31, 2025.

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

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**ANGEL OAK INCOME ETF** 

**Schedule of Open Futures Contracts** 

**July 31, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short Futures Contracts** | **Contracts Sold** | **Expiration** <br>**Date** | **Notional Value** | **Value/Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp;(84) | &nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp; ($9329250) | &nbsp;&nbsp;&nbsp;&nbsp; ($10091) |

---

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** 

**July 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Multi-Strategy** <br>**Income Fund<sup>(a)</sup>** | **UltraShort** <br>**Income Fund**  |
| **Assets**<br>|  |  |
| Investments in unaffiliated securities at fair value\* | $2890936221 | $668235380  |
| Investments in affiliated securities at fair value\* | 47329383 | —  |
| Cash | 3116034 | —  |
| Deposit at broker for swaps | 17874003 | —  |
| Dividends and interest receivable | 14999595 | 2702291  |
| Receivable for Fund shares sold | 3313626 | 174160  |
| Deposit at broker for futures | 1333647 | 675124  |
| Receivable for investments sold | 1210464 | —  |
| Deposit at broker for TBA agreements | 528828 | —  |
| Prepaid expenses | 106398 | 54738  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 2980748199 | 671841693  |
| **Liabilities**<br>|  |  |
| Payable for credit agreements | 100000000 | —  |
| Payable for investments purchased | 154145705 | 9631902  |
| Net swap premiums received | 8512402 | —  |
| Payable for Fund shares redeemed | 5507855 | 787866  |
| Payable for distributions to shareholders | 4946085 | 964918  |
| Depreciation on swaps | 2873931 | —  |
| Payable to Adviser | 2082863 | 131616  |
| Interest payable for credit agreements | 528222 | —  |
| Payable to administrator, fund accountant, and transfer agent | 122294 | 16519  |
| 12b-1 fees accrued | 129083 | 16205  |
| Payable to custodian | 30374 | 2928  |
| Other accrued expenses | 260176 | 43705  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 279138990 | 11595659  |
| **Net Assets** | $2701609209 | $660246034  |
| **Net Assets consist of:**<br>|  |  |
| Paid-in capital | $4636101193 | $714803532  |
| Total distributable earnings (accumulated deficit) | (1934491984) | (54557498)  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $2701609209 | $660246034  |
| **Class A:**<br>|  |  |
| Net Assets | $163855138 | $25917213  |
|  Shares outstanding (unlimited number of shares authorized, no par value) | 18881151 | 2628277  |
| **Net asset value ("NAV") per share** | $8.68 | $9.86  |
| **Offering price per share (NAV/0.9775)<sup>(b)</sup>** | $8.88 | $9.86  |

---

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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Multi-Strategy** <br>**Income Fund<sup>(a)</sup>** | **UltraShort** <br>**Income Fund**  |
| **Class C:**<br>|  |  |
| Net Assets | $29324582 | $—  |
|  Shares outstanding (unlimited number of shares authorized, no par value) | 3420995 | —  |
| **NAV and offering price per share** | $8.57 | $—  |
| **Minimum redemption price per share (NAV\*0.99)<sup>(c)</sup>** | $8.48 | $—  |
| **Institutional Class:**<br>|  |  |
| Net Assets | $2508429489 | $633190579  |
|  Shares outstanding (unlimited number of shares authorized, no par value) | 289985372 | 64224871  |
| **Net asset value ("NAV") and offering price per share** | $8.65 | $9.86  |
| **Class A1:**<br>|  |  |
| Net Assets | $— | $1138242  |
|  Shares outstanding (unlimited number of shares authorized, no par value) |  | 115663  |
| **Net asset value ("NAV") per share** | $— | $9.84  |
| **Offering price per share (NAV/0.985)<sup>(d)</sup>** | $— | $9.99  |
| **Minimum redemption price per share (NAV\*0.995)<sup>(e)</sup>** | $— | $9.79  |
| **\*Identified Cost:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | $3087936866 | $674373394  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities | 49060309 |  |

---

<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** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **High Yield** <br>**Opportunities ETF** | **Mortgage-Backed** <br>**Securities ETF** | **UltraShort** <br>**Income ETF** | **Income ETF**  |
| **Assets**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in securities at fair <br>value\* | $119644024 | $158302327 | $1066061384 | $563426949  |
| Cash |  |  | 1425 | —  |
| Dividends and interest receivable | 2101942 | 523592 | 4483545 | 2635504  |
| Receivable for transaction fee |  |  | 612 | —  |
| Deposit at broker for futures |  | 513922 | 340326 | 242418  |
| Receivable for fund shares sold |  |  | 3061296 | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 121745966 | 159339841 | 1073948588 | 566304871  |
| **Liabilities**<br>|  |  |  |  |
|  Payable for distributions to shareholders | 717247 | 797317 | 4777859 | 2928853  |
| Payable for investments purchased | 349987 | 29746151 | 18853654 | 11376447  |
| Payable to Adviser | 55966 | 69548 | 292392 | 360300  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 1123200 | 30613016 | 23923905 | 14665600  |
| **Net Assets** | $120622766 | $128726825 | $1050024683 | $551639271  |
| **Net Assets consist of:**<br>|  |  |  |  |
| Paid-in capital | $126261813 | $132915684 | $1048721031 | $548528255  |
|  Total distributable earnings (accumulated deficit) | (5639047) | (4188859) | 1303652 | 3111016  |
| &nbsp;&nbsp;&nbsp; Net assets | $120622766 | $128726825 | $1050024683 | $551639271  |
|  Shares outstanding (unlimited number of shares authorized, no par value) | 10885384 | 15031336 | 20580000 | 26620000  |
|  **Net asset value ("NAV") and offering price per share** | $11.08 | $8.56 | $51.02 | $20.72  |
| **\*Identified Cost:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in securities | $121150103 | $158700418 | $1064763610 | $560785776 |

---

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 Period Ended July 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Multi-Strategy** <br>**Income Fund<sup>(a)</sup>** | **UltraShort** <br>**Income Fund**  |
| **Investment Income** | **Investment Income** | **Investment Income** |
| Interest | $93644220 | $15626154  |
| Swap income | 608717 | —  |
| Dividends from unaffiliated investments | 1886105 | 408510  |
| Dividends from affiliated investments | 1092988 | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 97232030 | 16034664  |
| **Expenses**<br>|  |  |
| Investment Advisory (See Note 5) | 12293227 | 1323828  |
| Interest expense | 4159114 | —  |
| 12b-1 - Class A | 188775 | 1407  |
| 12b-1 - Class A1 |  | 32144  |
| 12b-1 - Class C | 153769 | —  |
| Fund accounting | 337494 | 72543  |
| Legal | 267658 | 39455  |
| Transfer agent | 196584 | 46838  |
| Administration | 186836 | 45592  |
| Trustee | 115562 | 35978  |
| Custodian | 81111 | 15127  |
| Registration | 65103 | 42141  |
| Audit & tax | 64543 | 19287  |
| Printing | 59528 | 9955  |
| Insurance | 18907 | 3169  |
| Compliance | 6154 | 6154  |
| Miscellaneous | 52503 | 11139  |
| &nbsp;&nbsp;&nbsp; Total Expenses | 18246868 | 1704757  |
| &nbsp;&nbsp;&nbsp; Fees contractually recouped by Adviser (See Note 5) | 30766 | —  |
| &nbsp;&nbsp;&nbsp; Fees contractually waived by Adviser (See Note 5) | (101376) | (618161)  |
| &nbsp;&nbsp;&nbsp; Net Expenses | 18176258 | 1086596  |
| **Net investment income (loss)** | 79055772 | 14948068  |
| **Realized and Unrealized Gain (Loss) on Investments**<br>|  |  |
| Net Realized gain (loss) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Unaffiliated Securities | (58683855) | 121374  |
| &nbsp;&nbsp;&nbsp; Affiliated Securities | (1814398) | —  |
| &nbsp;&nbsp;&nbsp; Future Contracts | 5051489 | 341387  |
| &nbsp;&nbsp;&nbsp; Swaps | 562284 | —  |
| Net change in unrealized appreciation/depreciation on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Unaffiliated Investments | 71749917 | (63688)  |
| &nbsp;&nbsp;&nbsp; Affiliated Investments | 2507719 | —  |
| &nbsp;&nbsp;&nbsp; Future Contracts | 519471 | 199175  |
| &nbsp;&nbsp;&nbsp; Swaps | (2774756) | —  |
| **Net realized and unrealized gain (loss) on investments** | 17117871 | 598248  |
|  **Net increase (decrease) in net assets resulting from operations** | $96173643 | $15546316 |

---

<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 Period Ended July 31, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **High Yield** <br>**Opportunities ETF** | **Mortgage-Backed** <br>**Securities ETF** | **UltraShort** <br>**Income ETF** | **Income ETF**  |
| **Investment Income**<br>|  |  |  |  |
| Interest | &nbsp;&nbsp;&nbsp; $4121538 | &nbsp;&nbsp;&nbsp; $4899904 | $23308606 | $14669731  |
| Dividends | &nbsp;&nbsp;&nbsp; 148933 | &nbsp;&nbsp;&nbsp; 64331 | 741341 | 453191  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp;&nbsp; 4270471 | &nbsp;&nbsp;&nbsp; 4964235 | 24049947 | 15122922  |
| **Expenses**<br>|  |  |  |  |
| Investment Advisory (See Note 5) | &nbsp;&nbsp;&nbsp; 320299 | &nbsp;&nbsp;&nbsp; 685990 | 2353317 | 2221666  |
| &nbsp;&nbsp;&nbsp; Total Expenses | &nbsp;&nbsp;&nbsp; 320299 | &nbsp;&nbsp;&nbsp; 685990 | 2353317 | 2221666  |
| &nbsp;&nbsp;&nbsp; Fees contractually waived by Adviser (See Note 5) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (260503) | (898539) | (448821)  |
| &nbsp;&nbsp;&nbsp; Net Expenses | &nbsp;&nbsp;&nbsp; 320299 | &nbsp;&nbsp;&nbsp; 425487 | 1454778 | 1772845  |
| **Net investment income (loss)** | &nbsp;&nbsp;&nbsp; 3950172 | &nbsp;&nbsp;&nbsp; 4538748 | 22595169 | 13350077  |
|  **Realized and Unrealized Gain (Loss) on Investments**<br>|  |  |  |  |
| Net Realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; 348949 | &nbsp;&nbsp;&nbsp; 972058 | (64930) | 992841  |
| &nbsp;&nbsp;&nbsp; Future Contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (27009) | 243393 | (268784)  |
|  Net change in unrealized appreciation/ depreciation on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; (375092) | &nbsp;&nbsp;&nbsp; 496698 | (884677) | 2772409  |
| &nbsp;&nbsp;&nbsp; Future Contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (78989) | 65205 | (40387)  |
|  **Net realized and unrealized gain (loss) on investments** | &nbsp;&nbsp;&nbsp; (26143) | &nbsp;&nbsp;&nbsp; 1362758 | (641009) | 3456079  |
|  **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; $3924029 | &nbsp;&nbsp;&nbsp; $5901506 | $21954160 | $16806156 |

---

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** <br>**Period Ended** <br>**July 31, 2025** <br>(Unaudited) | **For the** <br>**Year Ended** <br>**January 31, 2025**  |
| **Increase (Decrease) in Net Assets due to:**<br>|  |  |
| **Operations**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $79055772 | $165947832  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions, futures contracts, and swaps | (54884480) | (159746977)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments, futures contracts, and swaps | 72002351 | 186391273  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 96173643 | 192592128  |
| **Distributions to Shareholders**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Distributions, Class A | (4046842) | (9085999)  |
| &nbsp;&nbsp;&nbsp; Distributions, Class C | (716634) | (1730961)  |
| &nbsp;&nbsp;&nbsp; Distributions, Institutional Class | (72536872) | (153154212)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (77300348) | (163971172)  |
| **Capital Transactions - Class A**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 34302683 | 99698648  |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions | 3237391 | 6420973  |
| &nbsp;&nbsp;&nbsp; Amount paid for shares redeemed | (20318662) | (96409739)  |
| &nbsp;&nbsp;&nbsp; **Total Class A** | 17221412 | 9709882  |
| **Capital Transactions - Class C**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 1680880 | 11826190  |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions | 524332 | 1307460  |
| &nbsp;&nbsp;&nbsp; Amount paid for shares redeemed | (6463044) | (13934861)  |
| &nbsp;&nbsp;&nbsp; **Total Class C** | (4257832) | (801211)  |
| **Capital Transactions - Institutional Class**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 413645999 | 960786432  |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions | 44654764 | 95135034  |
| &nbsp;&nbsp;&nbsp; Amount paid for shares redeemed | (580098326) | (1002043809)  |
| &nbsp;&nbsp;&nbsp; Total Institutional Class | (121797563) | 53877657  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | (108833983) | 62786328  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (89960688) | 91407284  |
| **Net Assets**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year or period | 2791569897 | 2700162613  |
| &nbsp;&nbsp;&nbsp; End of year or period | $2701609209 | $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** <br>**Period Ended** <br>**July 31, 2025** <br>(Unaudited) | **For the** <br>**Year Ended** <br>**January 31, 2025**  |
| **Share Transactions - Class A**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 3961096 | 11627906  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 372867 | 745763  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (2345807) | (11133272)  |
| &nbsp;&nbsp;&nbsp; **Total Class A** | 1988156 | 1240397  |
| **Share Transactions - Class C**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 196510 | 1377987  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 61124 | 153664  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (755493) | (1638847)  |
| &nbsp;&nbsp;&nbsp; **Total Class C** | (497859) | (107196)  |
| **Share Transactions - Institutional Class**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 47905938 | 111435494  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 5160721 | 11086268  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (67161321) | (117048885)  |
| &nbsp;&nbsp;&nbsp; Total Institutional Class | (14094662) | 5472877  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in share transactions** | (12604365) | 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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**[**TABLE OF CONTENTS**](#TOC)**

**Angel Oak UltraShort Income Fund** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **For the** <br>**Period Ended** <br>**July 31, 2025** <br>(Unaudited) | **For the** <br>**Year Ended** <br>**January 31, 2025**  |
| **Increase (Decrease) in Net Assets due to:**<br>|  |  |
| **Operations**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $14948068 | $23515231  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions and futures contracts | 462761 | (3757738)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments and futures contracts | 135487 | 9083263  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 15546316 | 28840756  |
| **Distributions to Shareholders**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Distributions, Class A | (614908) | (1272092)  |
| &nbsp;&nbsp;&nbsp; Distributions, Class A1 | (26959) | (40536)  |
| &nbsp;&nbsp;&nbsp; Distributions, Institutional Class | (14499065) | (22462258)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (15140932) | (23774886)  |
| **Capital Transactions - Class A**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 7721923 | 11136715  |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions | 595036 | 1236573  |
| &nbsp;&nbsp;&nbsp; Amount paid for shares redeemed | (7850831) | (12673568)  |
| &nbsp;&nbsp;&nbsp; **Total Class A** | 466128 | (300280)  |
| **Capital Transactions - Class A1**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold |  | 545925  |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions | 20990 | 34503  |
| &nbsp;&nbsp;&nbsp; Amount paid for shares redeemed | (10954) | (5832)  |
| &nbsp;&nbsp;&nbsp; **Total Class A1** | 10036 | 574596  |
| **Capital Transactions - Institutional Class**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 288563835 | 187690468  |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions | 9539925 | 17515369  |
| &nbsp;&nbsp;&nbsp; Amount paid for shares redeemed | (119159398) | (185010487)  |
| &nbsp;&nbsp;&nbsp; Total Institutional Class | 178944362 | 20195350  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | 179420526 | 20469666  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | 179825910 | 25535536  |
| **Net Assets**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year or period | 480420124 | 454884588  |
| &nbsp;&nbsp;&nbsp; End of year or period | $660246034 | $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** <br>**Period Ended** <br>**July 31, 2025** <br>(Unaudited) | **For the** <br>**Year Ended** <br>**January 31, 2025**  |
| **Share Transactions - Class A**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 783548 | 1134534  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 60340 | 125920  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (796790) | (1291769)  |
| &nbsp;&nbsp;&nbsp; **Total Class A** | 47098 | (31315)  |
| **Share Transactions - Class A1**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold |  | 55578  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 2132 | 3511  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1113) | (600)  |
| &nbsp;&nbsp;&nbsp; **Total Class A1** | 1019 | 58489  |
| **Share Transactions - Institutional Class**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 29261562 | 19105924  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 967556 | 1784204  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (12091768) | (18856937)  |
| &nbsp;&nbsp;&nbsp; Total Institutional Class | 18137350 | 2033191  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in share transactions** | 18185467 | 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** <br>**Period Ended** <br>**July 31, 2025** <br>(Unaudited) | **For the** <br>**Year Ended** <br>**January 31, 2025**  |
| **Increase (Decrease) in Net Assets due to:**<br>|  |  |
| **Operations**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $3950172 | $6056228  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 348949 | 942570  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on <br>investments | (375092) | 825323  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 3924029 | 7824121  |
| **Distributions to Shareholders**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Distributions | (3997216) | (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 | 11839243 | 46842977  |
| &nbsp;&nbsp;&nbsp; Amount paid for shares redeemed | (6812355) | (6830003)  |
| &nbsp;&nbsp;&nbsp; Total | 5026888 | 40012974  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | 5026888 | 41869228  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | 4953701 | 43634072  |
| **Net Assets**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year or period | 115669065 | 72034993  |
| &nbsp;&nbsp;&nbsp; End of year or period | $120622766 | $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 | 1075000 | 4250001  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (625000) | (625001)  |
| &nbsp;&nbsp;&nbsp; Total | 450000 | 3625000  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in share transactions** | 450000 | 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** <br>**Period Ended** <br>**July 31, 2025** <br>(Unaudited) | **For the** <br>**Year Ended** <br>**January 31, 2025**  |
| **Increase (Decrease) in Net Assets due to:**<br>|  |  |
| **Operations**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $4538748 | $3538782  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions and futures contracts | 945049 | (130986)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments and futures contracts | 417709 | 700515  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 5901506 | 4108311  |
| **Distributions to Shareholders**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Distributions | (4579331) | (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 | 8782425 | 140078020  |
| &nbsp;&nbsp;&nbsp; Amount paid for shares redeemed | (52975530) | —  |
| &nbsp;&nbsp;&nbsp; Total | (44193105) | 140078020  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | (44193105) | 140078015  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (42870930) | 140679006  |
| **Net Assets**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year or period | 171597755 | 30918749  |
| &nbsp;&nbsp;&nbsp; End of year or period | $128726825 | $171597755  |
| **Share Transactions - Institutional Class**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares redeemed |  | —  |
| &nbsp;&nbsp;&nbsp; **Total Institutional Class** |  | —  |
| **Share Transactions - ETF**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1025000 | 16525000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (6150000) | —  |
| &nbsp;&nbsp;&nbsp; Total | (5125000) | 16525000  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in share transactions** | (5125000) | 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** <br>**Period Ended** <br>**July 31, 2025** <br>(Unaudited) | **For the** <br>**Year Ended** <br>**January 31, 2025**  |
| **Increase (Decrease) in Net Assets due to:**<br>|  |  |
| **Operations**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $22595169 | $29539943  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 178463 | 567899  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on <br>investments | (819472) | 1317043  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 21954160 | 31424885  |
| **Distributions to Shareholders**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Distributions | (23216077) | (29681993)  |
| **Capital Transactions**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 317785750 | 653122509  |
| &nbsp;&nbsp;&nbsp; Amount paid for shares redeemed |  | (44204342)  |
| &nbsp;&nbsp;&nbsp; Transaction Fees | 8639 | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | 317794389 | 608918167  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | 316532472 | 610661059  |
| **Net Assets**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year or period | 733492211 | 122831152  |
| &nbsp;&nbsp;&nbsp; End of year or period | $1050024683 | $733492211  |
| **Share Transactions**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 6216000 | 12804000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed |  | (864000)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in share transactions** | 6216000 | 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** <br>**Period Ended** <br>**July 31, 2025** <br>(Unaudited) | **For the** <br>**Year Ended** <br>**January 31, 2025**  |
| **Increase (Decrease) in Net Assets due to:**<br>|  |  |
| **Operations**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $13350077 | $15598864  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions and futures contracts | 724057 | 1340537  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments and futures contracts | 2732022 | (1794874)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 16806156 | 15144527  |
| **Distributions to Shareholders**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Distributions | (13651624) | (17033228)  |
| **Capital Transactions**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 187621661 | 265562266  |
| &nbsp;&nbsp;&nbsp; Amount paid for shares redeemed | (7245840) | (1434552)  |
| &nbsp;&nbsp;&nbsp; Transaction Fees | 4487 | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | 180380308 | 264127714  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | 183534840 | 262239013  |
| **Net Assets**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year or period | 368104431 | 105865418  |
| &nbsp;&nbsp;&nbsp; End of year or period | $551639271 | $368104431  |
| **Share Transactions**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 9080000 | 12800000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (350000) | (70000)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in share transactions** | 8730000 | 12730000 |

---

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 or period)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Period** <br>**Ended** <br>**July 31, 2025** <br>(Unaudited) | **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,**  |
|  | **For the Period** <br>**Ended** <br>**July 31, 2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **Selected Per Share Data:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of year or <br>period | &nbsp;&nbsp;&nbsp;&nbsp; $8.62 | $8.51 | $8.63 | $10.24 | $10.43 | $11.10  |
| **INCOME FROM INVESTMENT OPERATIONS:** | **INCOME FROM INVESTMENT OPERATIONS:** | **INCOME FROM INVESTMENT OPERATIONS:** | **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | 0.51 | 0.49 | 0.48 | 0.47 | 0.46  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | 0.10 | (0.13) | (1.62) | (0.19) | (0.68)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | 0.36 | 0.36 | (1.14) | 0.28 | (0.22)  |
| **LESS DISTRIBUTIONS TO SHAREHOLDERS:** | **LESS DISTRIBUTIONS TO SHAREHOLDERS:** | **LESS DISTRIBUTIONS TO SHAREHOLDERS:** | **LESS DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.23) | (0.50) | (0.48) | (0.47) | (0.47) | (0.45)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.23) | (0.50) | (0.48) | (0.47) | (0.47) | (0.45)  |
| **Net asset value, end of year or period** | &nbsp;&nbsp;&nbsp;&nbsp; $8.68 | $8.62 | $8.51 | $8.63 | $10.24 | $10.43  |
| Total return<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.39% | 7.36% | 4.38% | -11.28% | 2.71% | -1.76%  |
| **RATIOS AND SUPPLEMENTAL DATA:** | **RATIOS AND SUPPLEMENTAL DATA:** |  |  |  |  |  |
|  Net assets, end of year or period (000's omitted) | &nbsp;&nbsp;&nbsp;&nbsp; $163855 | $145599 | $133198 | $150450 | $335439 | $396711  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before waiver and reimbursement/<br>recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.55% | 1.64% | 2.13% | 1.79% | 1.29% | 1.40%  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before waiver and reimbursement/<br>recoupment excluding interest expense<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.25% | 1.26% | 1.26% | 1.23% | 1.20% | 1.21%  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after waiver and reimbursement/<br>recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.54% | 1.62% | 2.11% | 1.77% | 1.28% | 1.38%  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after waiver and reimbursement/<br>recoupment excluding interest expense<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.24% | 1.24% | 1.24% | 1.21% | 1.19% | 1.19%  |
|  Ratio of net investment income (loss) to average net assets before waiver and reimbursement/recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.49% | 5.90% | 5.78% | 4.83% | 4.42% | 4.41%  |
|  Ratio of net investment income (loss) to average net assets after waiver and reimbursement/recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 5.92% | 5.80% | 4.85% | 4.43% | 4.43%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 41% | 60% | 32% | 14% | 56% | 67% |

---

<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 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> 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 or period)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Period** <br>**Ended** <br>**July 31, 2025** <br>(Unaudited) | **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,**  |
|  | **For the Period** <br>**Ended** <br>**July 31, 2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **Selected Per Share Data:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of year or <br>period | &nbsp;&nbsp;&nbsp;&nbsp; $8.52 | $8.41 | $8.54 | $10.13 | $10.34 | $11.00  |
| **Income from investment operations:** | **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | 0.44 | 0.43 | 0.39 | 0.38 | 0.37  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | 0.11 | (0.14) | (1.58) | (0.20) | (0.66)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | 0.55 | 0.29 | (1.19) | 0.18 | (0.29)  |
| **Less distributions to shareholders:** | **Less distributions to shareholders:** |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.20) | (0.44) | (0.42) | (0.40) | (0.39) | (0.37)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.20) | (0.44) | (0.42) | (0.40) | (0.39) | (0.37)  |
| **Net asset value, end of year or period** | &nbsp;&nbsp;&nbsp;&nbsp; $8.57 | $8.52 | $8.41 | $8.54 | $10.13 | $10.34  |
| Total return<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.93% | 6.66% | 3.51% | -11.88% | 1.78% | -2.41%  |
| **Ratios and Supplemental Data:**<br>|  |  |  |  |  |  |
|  Net assets, end of year or period (000's omitted) | &nbsp;&nbsp;&nbsp;&nbsp; $29325 | $33373 | $33868 | $46512 | $71445 | $87743  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before waiver and reimbursement/<br>recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.30% | 2.39% | 2.88% | 2.54% | 2.04% | 2.15%  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before waiver and reimbursement/<br>recoupment excluding interest expense<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 2.01% | 2.01% | 1.98% | 1.95% | 1.96%  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after waiver and reimbursement/<br>recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.29% | 2.37% | 2.86% | 2.52% | 2.03% | 2.13%  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after waiver and reimbursement/<br>recoupment excluding interest expense<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.99% | 1.99% | 1.99% | 1.96% | 1.94% | 1.94%  |
|  Ratio of net investment income (loss) to average net assets before waiver and reimbursement/recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 5.15% | 5.03% | 4.17% | 3.69% | 3.67%  |
|  Ratio of net investment income (loss) to average net assets after waiver and reimbursement/recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.76% | 5.17% | 5.05% | 4.19% | 3.70% | 3.69%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 41% | 60% | 32% | 14% | 56% | 67% |

---

<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 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> 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 or period)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Period** <br>**Ended** <br>**July 31, 2025** <br>(Unaudited) | **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,**  |
|  | **For the Period** <br>**Ended** <br>**July 31, 2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **Selected Per Share Data:**<br>|  |  |  |  |  |  |
|  Net asset value, beginning of year or period | &nbsp;&nbsp;&nbsp; $8.59 | $8.48 | $8.61 | $10.21 | $10.41 | $11.08  |
| **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | 0.53 | 0.51 | 0.49 | 0.49 | 0.48  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | 0.10 | (0.14) | (1.59) | (0.19) | (0.68)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | 0.63 | 0.37 | (1.10) | 0.30 | (0.20)  |
| **Less distributions to shareholders:** | **Less distributions to shareholders:** | **Less distributions to shareholders:** | **Less distributions to shareholders:** |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp; (0.24) | (0.52) | (0.50) | (0.50) | (0.50) | (0.47)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.24) | (0.52) | (0.50) | (0.50) | (0.50) | (0.47)  |
|  **Net asset value, end of year or period** | &nbsp;&nbsp;&nbsp; $8.65 | $8.59 | $8.48 | $8.61 | $10.21 | $10.41  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 3.53% | 7.65% | 4.54% | -10.98% | 2.87% | -1.60%  |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |
|  Net assets, end of year or period (000's omitted) | &nbsp;&nbsp;&nbsp; $2508429 | $2612598 | $2533096 | $2793964 | $6820115 | $5927510  |
|  Ratio of expenses to average net assets before waiver and reimbursement/recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 1.30% | 1.39% | 1.88% | 1.54% | 1.04% | 1.15%  |
|  Ratio of expenses to average net assets before waiver and reimbursement/recoupment excluding interest expense<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 1.00% | 1.01% | 1.01% | 0.98% | 0.95% | 0.96%  |
|  Ratio of expenses to average net assets after waiver and reimbursement/recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 1.29% | 1.37% | 1.86% | 1.52% | 1.03% | 1.13%  |
|  Ratio of expenses to average net assets after waiver and reimbursement/recoupment excluding interest expense<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 0.99% | 0.99% | 0.99% | 0.96% | 0.94% | 0.94%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets before waiver and reimbursement/<br>recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 5.74% | 6.15% | 6.01% | 5.03% | 4.69% | 4.65%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets after waiver and reimbursement/<br>recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 5.75% | 6.17% | 6.03% | 5.05% | 4.70% | 4.67%  |
| Portfolio turnover rate<sup>(c)(e)</sup> | &nbsp;&nbsp;&nbsp; 41% | 60% | 32% | 14% | 56% | 67% |

---

<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 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> 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 or period)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Period** <br>**Ended** <br>**July 31, 2025** <br>(Unaudited) | **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,**  |
|  | **For the Period** <br>**Ended** <br>**July 31, 2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **Selected Per Share Data:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of year or <br>period | &nbsp;&nbsp;&nbsp;&nbsp; $9.85 | $9.74 | $9.56 | $10.00 | $10.08 | $10.12  |
| **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | 0.49 | 0.36 | 0.12 | 0.08 | 0.19  |
|  Net realized and unrealized gain (loss) on investments<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | 0.12 | 0.24 | (0.36) | (0.05) | (0.04)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | 0.61 | 0.60 | (0.24) | 0.03 | 0.15  |
| **Less distributions to shareholders:** | **Less distributions to shareholders:** | **Less distributions to shareholders:** |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.23) | (0.50) | (0.42) | (0.20) | (0.11) | (0.19)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.23) | (0.50) | (0.42) | (0.20) | (0.11) | (0.19)  |
| **Net asset value, end of year or period** | &nbsp;&nbsp;&nbsp;&nbsp; $9.86 | $9.85 | $9.74 | $9.56 | $10.00 | $10.08  |
| Total return<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 6.39% | 6.36% | -2.42% | 0.27% | 1.52%  |
| **Ratios and Supplemental Data:**<br>|  |  |  |  |  |  |
|  Net assets, end of year or period (000's omitted) | &nbsp;&nbsp;&nbsp;&nbsp; $25917 | $25425 | $25439 | $39536 | $171328 | $66366  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before waiver and reimbursement/<br>recoupment<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.81% | 0.84% | 0.84% | 0.79% | 0.78% | 0.79%  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after waiver and reimbursement/<br>recoupment<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | 0.60% | 0.60% | 0.60% | 0.56% | 0.51%  |
|  Ratio of net investment income (loss) to average net assets before waiver and reimbursement/recoupment<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.53% | 4.78% | 4.01% | 1.51% | 0.56% | 1.45%  |
|  Ratio of net investment income (loss) to average net assets after waiver and reimbursement/recoupment<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.74% | 5.02% | 4.25% | 1.70% | 0.78% | 1.73%  |
| Portfolio turnover rate<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 38% | 92% | 46% | 31% | 92% | 81% |

---

<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 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>(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 Period** <br>**Ended** <br>**July 31, 2025** <br>(Unaudited) | **For the Year Ended January 31,**  | **For the Year Ended January 31,**  | **For the Year Ended January 31,**  |
|  | **For the Period** <br>**Ended** <br>**July 31, 2025** <br>(Unaudited) | **2025** | **2024** | **2023<sup>(a)</sup>** |
| **Selected Per Share Data:**<br>|  |  |  |  |
| Net asset value, beginning of year or period | &nbsp;&nbsp;&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;0.23 | &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;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp; (0.14)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &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;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.14)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.14)  |
| **Net asset value, end of year or period** | &nbsp;&nbsp;&nbsp;&nbsp; $9.84 | &nbsp;&nbsp; $9.83 | &nbsp;&nbsp; $9.72 | &nbsp;&nbsp; $9.55  |
| Total return<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | &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;&nbsp;&nbsp; $1138 | &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;&nbsp;&nbsp; 0.81% | &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;&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;&nbsp;&nbsp; 4.53% | &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;&nbsp;&nbsp; 4.74% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 4.32% | &nbsp;&nbsp; 2.51%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 38% | &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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**[**TABLE OF CONTENTS**](#TOC)**

**Angel Oak UltraShort Income Fund - Institutional Class** 

**Financial Highlights** 

**(For a share outstanding during each year or period)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Period** <br>**Ended** <br>**July 31, 2025** <br>(Unaudited) | **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,**  |
|  | **For the Period** <br>**Ended** <br>**July 31, 2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **Selected Per Share Data:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of year or <br>period | &nbsp;&nbsp;&nbsp;&nbsp; $9.85 | $9.74 | $9.56 | $10.01 | $10.09 | $10.12  |
| **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | 0.52 | 0.40 | 0.19 | 0.11 | 0.21  |
|  Net realized and unrealized gain (loss) on investments<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | 0.11 | 0.22 | (0.41) | (0.06) | (0.03)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | 0.63 | 0.62 | (0.22) | 0.05 | 0.18  |
| **Less distributions to shareholders:** | **Less distributions to shareholders:** | **Less distributions to shareholders:** |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.25) | (0.52) | (0.44) | (0.23) | (0.13) | (0.21)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.25) | (0.52) | (0.44) | (0.23) | (0.13) | (0.21)  |
| **Net asset value, end of year or period** | &nbsp;&nbsp;&nbsp;&nbsp; $9.86 | $9.85 | $9.74 | $9.56 | $10.01 | $10.09  |
| Total return<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.62% | 6.66% | 6.64% | -2.24% | 0.51% | 1.87%  |
| **Ratios and Supplemental Data:**<br>|  |  |  |  |  |  |
|  Net assets, end of year or period (000's omitted) | &nbsp;&nbsp;&nbsp;&nbsp; $633191 | $453868 | $428899 | $653848 | $1492542 | $796407  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before waiver and reimbursement/<br>recoupment<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.56% | 0.59% | 0.59% | 0.54% | 0.53% | 0.54%  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after waiver and reimbursement/<br>recoupment<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.35% | 0.35% | 0.35% | 0.35% | 0.31% | 0.26%  |
|  Ratio of net investment income (loss) to average net assets before waiver and reimbursement/recoupment<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.77% | 5.03% | 4.27% | 1.82% | 0.82% | 1.67%  |
|  Ratio of net investment income (loss) to average net assets after waiver and reimbursement/recoupment<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.98% | 5.27% | 4.51% | 2.01% | 1.04% | 1.95%  |
| Portfolio turnover rate<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 38% | 92% | 46% | 31% | 92% | 81% |

---

<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 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>(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 High Yield Opportunities ETF<sup>(a)</sup>** 

**Financial Highlights** 

**(For a share outstanding during each year or period)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Period** <br>**Ended** <br>**July 31, 2025** <br>(Unaudited) | **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,**  |
|  | **For the Period** <br>**Ended** <br>**July 31, 2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **Selected Per Share Data:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of year or <br>period | &nbsp;&nbsp;&nbsp;&nbsp; $11.08 | $10.85 | $10.58 | $11.54 | $11.73 | $11.71  |
| **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.37<sup>(b)</sup> | 0.72<sup>(b)</sup> | 0.72 | 0.60 | 0.60 | 0.63  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; — | 0.22 | 0.27 | (0.95) | (0.18) | 0.01  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | 0.94 | 0.99 | (0.35) | 0.42 | 0.64  |
| **Less distributions to shareholders:** | **Less distributions to shareholders:** | **Less distributions to shareholders:** |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.37) | (0.71) | (0.72) | (0.61) | (0.61) | (0.62)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.37) | (0.71) | (0.72) | (0.61) | (0.61) | (0.62)  |
| **Net asset value, end of year or period** | &nbsp;&nbsp;&nbsp;&nbsp; $11.08 | $11.08 | $10.85 | $10.58 | $11.54 | $11.73  |
| Total return on net asset value<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.41% | 9.00% | 9.77% | -2.89% | 3.62% | 5.97%  |
| Total return on market value<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.39% | 9.04% | N/A | N/A | N/A | N/A  |
| **Ratios and Supplemental Data:**<br>|  |  |  |  |  |  |
|  Net assets, end of year or period (000's omitted) | &nbsp;&nbsp;&nbsp;&nbsp; $120623 | $115669 | $72035 | $59694 | $69503 | $68245  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before waiver and reimbursement/<br>recoupment<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.55% | 0.58% | 0.93% | 0.98% | 0.89% | 0.89%  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after waiver and reimbursement/<br>recoupment<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.55% | 0.55% | 0.55% | 0.64% | 0.65% | 0.65%  |
|  Ratio of net investment income (loss) to average net assets before waiver and reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6.78% | 6.55% | 6.48% | 5.30% | 4.86% | 5.41%  |
|  Ratio of net investment income (loss) to average net assets after waiver and reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6.78% | 6.58% | 6.86% | 5.64% | 5.10% | 5.65%  |
| Portfolio turnover rate<sup>(d)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 16% | 37% | 20% | 33% | 38% | 58% |

---

<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 or period.

<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 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> 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 Period** <br>**Ended** <br>**July 31, 2025** <br>(Unaudited) | **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 Period** <br>**Ended** <br>**July 31, 2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022<sup>(b)</sup>**  |
| **Selected Per Share Data:**<br>|  |  |  |  |  |
| Net asset value, beginning of year or period | &nbsp;&nbsp;&nbsp;&nbsp; $8.51 | $8.51 | $8.71 | $9.77 | $10.00  |
| **Income from investment operations:**<br>|  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.22<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> | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | (0.04) | (0.20) | (1.05) | (0.22)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | 0.41 | 0.18 | (0.81) | (0.13)  |
| **Less distributions to shareholders:**<br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.24) | (0.41) | (0.38) | (0.25) | (0.10)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.24) | (0.41) | (0.38) | (0.25) | (0.10)  |
| **Net asset value, end of year or period** | &nbsp;&nbsp;&nbsp;&nbsp; $8.56 | $8.51 | $8.51 | $8.71 | $9.77  |
| Total return on net asset value<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 4.98% | 2.24% | -8.32% | -1.28%  |
| Total return on market value<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.18% | 5.17% | N/A | N/A | N/A  |
| **Ratios and Supplemental Data:**<br>|  |  |  |  |  |
| Net assets, end of year or period (000's omitted) | &nbsp;&nbsp;&nbsp;&nbsp; $128727 | $171598 | $30919 | $34786 | $39133  |
|  Ratio of expenses to average net assets before waiver and reimbursement/recoupment<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 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> | &nbsp;&nbsp;&nbsp;&nbsp; 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> | &nbsp;&nbsp;&nbsp;&nbsp; 4.93% | 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> | &nbsp;&nbsp;&nbsp;&nbsp; 5.23% | 5.24% | 4.53% | 2.67% | 1.44%  |
| Portfolio turnover rate<sup>(e)(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 45% | 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.

131<br>

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

**Angel Oak UltraShort Income ETF** 

**Financial Highlights** 

**(For a share outstanding during each year or period)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Period** <br>**Ended** <br>**July 31, 2025** <br>(Unaudited) | **For the Year Ended January 31,**  | **For the Year Ended January 31,**  | **For the Year Ended January 31,**  |
|  | **For the Period** <br>**Ended** <br>**July 31, 2025** <br>(Unaudited) | **2025** | **2024** | **2023<sup>(a)</sup>** |
| **Selected Per Share Data:**<br>|  |  |  |  |
| Net asset value, beginning of year or period | &nbsp;&nbsp;&nbsp; $51.06 | $50.67 | $50.58 | $50.00  |
| **Income from investment operations:**<br>|  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | 2.99 | 3.16 | 0.69  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.04) | 0.18 | 0.15 | 0.27  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | 3.17 | 3.31 | 0.96  |
| **Less distributions to shareholders:**<br>|  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp; (1.34) | (2.78) | (3.19) | (0.38)  |
| From net realized gain | &nbsp;&nbsp;&nbsp; — | —<sup>(d</sup><sup>)</sup> | (0.03) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (1.34) | (2.78) | (3.22) | (0.38)  |
| **Net asset value, end of year or period** | &nbsp;&nbsp;&nbsp; $51.02 | $51.06 | $50.67 | $50.58  |
| Total return on net asset value<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp; 2.57% | 6.43% | 6.78% | 1.92%  |
| Total return on market value<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp; 2.49% | 6.49% | 6.84% | 1.90%  |
| **Ratios and Supplemental Data:**<br>|  |  |  |  |
| Net assets, end of year or period (000's omitted) | &nbsp;&nbsp;&nbsp; $1050025 | $733492 | $122831 | $46534  |
|  Ratio of expenses to average net assets before waiver and reimbursement/recoupment<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.55% | 0.55% | 0.55% | 0.55%  |
|  Ratio of expenses to average net assets after waiver and reimbursement/recoupment<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 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>(h)</sup> | &nbsp;&nbsp;&nbsp; 5.07% | 5.59% | 6.00% | 4.80%  |
|  Ratio of net investment income (loss) to average net assets after waiver and reimbursement/recoupment<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 5.28% | 5.85% | 6.26% | 5.06%  |
| Portfolio turnover rate<sup>(e)(j)</sup> | &nbsp;&nbsp;&nbsp; 43% | 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> 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> 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 May 31, 2026.

<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 Income ETF** 

**Financial Highlights** 

**(For a share outstanding during each year or period)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Period** <br>**Ended** <br>**July 31, 2025** <br>(Unaudited) | **For the Year Ended January 31,**  | **For the Year Ended January 31,**  | **For the Year Ended January 31,**  |
|  | **For the Period** <br>**Ended** <br>**July 31, 2025** <br>(Unaudited) | **2025** | **2024** | **2023<sup>(a)</sup>** |
| **Selected Per Share Data:**<br>|  |  |  |  |
| Net asset value, beginning of year or period | &nbsp;&nbsp;&nbsp;&nbsp; $20.58 | $20.52 | $20.39 | $20.00  |
| **Income from investment operations:**<br>|  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | 1.34 | 1.40 | 0.26  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | 0.08 | 0.15 | 0.23  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | 1.42 | 1.55 | 0.49  |
| **Less distributions to shareholders:**<br>|  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.60) | (1.27) | (1.41) | (0.10)  |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.09) | (0.01) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.60) | (1.36) | (1.42) | (0.10)  |
| **Net asset value, end of year or period** | &nbsp;&nbsp;&nbsp;&nbsp; $20.72 | $20.58 | $20.52 | $20.39  |
| Total return on net asset value<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.67% | 7.10% | 7.95% | 2.41%  |
| Total return on market value<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 7.56% | 7.61% | 2.49%  |
| **Ratios and Supplemental Data:**<br>|  |  |  |  |
| Net assets, end of year or period (000's omitted) | &nbsp;&nbsp;&nbsp;&nbsp; $551639 | $368104 | $105865 | $33636  |
|  Ratio of expenses to average net assets before waiver and reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.99% | 0.99% | 0.99% | 0.99%  |
|  Ratio of expenses to average net assets after waiver and reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | 0.79% | 0.79% | 0.79%  |
|  Ratio of net investment income (loss) to average net assets before waiver and reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 6.27% | 6.71% | 5.44%  |
|  Ratio of net investment income (loss) to average net assets after waiver and reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.95% | 6.47% | 6.91% | 5.64%  |
| Portfolio turnover rate<sup>(d)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 37% | 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> 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 or 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** 

**July 31, 2025 (Unaudited)** 

**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 six 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"), and Angel Oak Income ETF (the "Income 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 |

---

The Multi-Strategy Income Fund, UltraShort Income Fund, and High Yield Opportunities ETF are diversified series of the Trust. The Mortgage-Backed Securities ETF, UltraShort Income ETF, and Income 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, each Fund identified in the table below as a Target Fund was reorganized into an ETF through the reorganization of the Target Fund into its corresponding Acquiring ETF identified in the table below, pursuant to an Agreement and Plan of Reorganization, which was approved by the Board on December 6, 2023 (each, a "Reorganization"). Shareholder approval was not required to effect the Reorganization for the Angel Oak High Yield Opportunities Fund (the "Target High Yield Fund"). However, due to the increase in advisory fees and 12b-1 fees with respect to the Angel Oak Total Return Bond Fund (the "Target Total Return Bond Fund"). as a result of the Reorganization, shareholder approval was required for the Angel Oak Total Return Bond Fund, in which the Fund's sole shareholder approved the Reorganization by written consent. The Acquiring ETFs, each a series of the Trust, were established as "shell" funds, organized solely in connection with the Reorganizations for the purpose of acquiring the assets and liabilities of the

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**ANGEL OAK FUNDS TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**July 31, 2025 (Unaudited)(Continued)** 

corresponding Target Funds and continuing the operations of the Target Funds as ETFs. The Acquiring ETFs had no performance history prior to the Reorganizations. Following the Reorganizations, each Target Fund's performance (Institutional Class Shares) and financial history were adopted by the respective Acquiring ETF.

---

| | |
|:---|:---|
| **Target Funds** | **Acquiring ETFs**  |
| Target High Yield Fund | Acquiring High Yield ETF  |
| Target Total Return Bond Fund | Acquiring MBS ETF |

---

Each Reorganization was accomplished by a tax-free exchange of shares (with an exception for fractional mutual fund shares) of the Acquiring ETFs for shares of the Target Funds of equivalent aggregate net asset value as noted below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Shares** | **Net Assets** | **Net Asset Value** <br>**Per Share** | **Net Unrealized** <br>**Appreciation/Depreciation**  |
| Target High Yield Fund | 6810384 | $74002591 | &nbsp;&nbsp;&nbsp;&nbsp; $10.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2390998)  |
| Target Total Return Bond Fund | 3631336 | $30502641 | &nbsp;&nbsp;&nbsp;&nbsp; $8.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1872216) |

---

Fees and expenses incurred to effect the Reorganizations were borne by the Adviser. The management fee of the Acquiring High Yield ETF is 0.55%, which is the same as the management fee of the Target High Yield Fund. The management fee of the Acquiring MBS ETF is 0.79%, which is higher than the management fee of 0.50% for the Target Total Return Bond Fund. The Acquiring High Yield ETF has experienced the same overall operating expenses as compared to its corresponding Target Fund after the applicable Target Fund fee waiver, because the Acquiring High Yield ETF has a unitary fee structure pursuant to which the Adviser has agreed to pay the operating expenses with only limited exceptions. The fee waiver of the Acquiring MBS ETF is 0.49%, which is higher than the fee waiver of 0.44% for the Target Total Return Bond Fund. From February 1, 2024, through February 16, 2024, there was a fee waiver in place for the Target High Yield Opportunities Fund of 0.55%, which was terminated as a result of the Reorganization.

The Reorganizations did not result in a material change to the Target Funds' investment portfolios as compared to those of the Acquiring ETFs. There are no material differences in accounting policies of the Target Funds as compared to those of the Acquiring ETFs. The Acquiring ETFs did not purchase or sell securities following the Reorganizations for purposes of realigning its investment portfolio.

The High Yield Opportunities ETF, Mortgage-Backed Securities ETF, UltraShort Income ETF, and Income 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"). Prior to December 20, 2024, the ETFs' shares traded on the New York Stock Exchange Arca, Inc. 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. | 25,000  |
| Mortgage-Backed Securities ETF | 25,000  |
| UltraShort Income ETF | 4,000  |
| Income ETF | 10,000 |

---

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.

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**NOTES TO THE FINANCIAL STATEMENTS** 

**July 31, 2025 (Unaudited)(Continued)** 

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 DTC 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 July 31, 2025, investments in Hyperion and Helios represented 0.18% and 2.26%, 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.

At July 31, 2025, investments held by Hyperion and Helios included whole loans and HELOCs, respectively, valued at $4,810,027 and $61,141,758, respectively. At July 31, 2025, Hyperion held $3,116,034 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

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**NOTES TO THE FINANCIAL STATEMENTS** 

**July 31, 2025 (Unaudited)(Continued)** 

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 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.

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**ANGEL OAK FUNDS TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**July 31, 2025 (Unaudited)(Continued)** 

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.

The following is a summary of the investments by their inputs used to value each Fund's net assets as of July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $— | $1278187423 | $10001 | $1278197424  |
| Asset-Backed Securities |  | 497026345 |  | 497026345  |
|  Residential Mortgage-Backed Securities – U.S. Government Agency |  | 292304505 |  | 292304505  |
| Collateralized Loan Obligations |  | 211296679 |  | 211296679  |
| Corporate Obligations |  | 176430707 | 150000 | 176580707  |
|  Commercial Mortgage-Backed Securities |  | 124349358 |  | 124349358  |
|  Residential Mortgage-Backed Securities – U.S. Government Agency Credit Risk Transfer |  | 111651762 |  | 111651762  |
|  Commercial Mortgage-Backed Securities – U.S. Government Agency |  | 86466076 |  | 86466076  |
| Affiliated Exchange Traded Funds | 27951792 |  |  | 27951792  |
| Commercial Real Estate |  | 19377591 |  | 19377591  |
| Exchange Traded Funds | 13905341 |  |  | 13905341  |
| Common Stocks | 8224774 | 71851 | 0 | 8296625  |
| Preferred Stocks | 7511645 |  |  | 7511645  |
| Whole Loans |  | 4810027 |  | 4810027  |
| Short-Term Investments | 78539727 |  |  | 78539727  |
| **Total** | $136133279 | $2801972324 | $160001 | $2938265604  |

---

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**ANGEL OAK FUNDS TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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**  |
| **Other Financial Instruments**<br>|  |  |  |  |
| **Assets**<br>|  |  |  |  |
| Futures Contracts\* | $212741 | $— | $— | $212741  |
| **Liabilities**<br>|  |  |  |  |
| Futures Contracts\* | (67564) |  |  | (67564)  |
| Swaps\* |  | (2873931) |  | (2873931)  |
| **Total** | $145177 | $(2873931) | $— | $(2728754) |

---

\* Futures and swaps are reflected at the unrealized appreciation (depreciation) on the instrument as presented in the Consolidated Schedule of Open Futures Contracts and Consolidated Schedule of Centrally Cleared Credit Default Swaps - Buy Protection.

See the Consolidated Schedule of Investments for further disaggregation of investment categories. During the period ended July 31, 2025, the Fund recognized $9,091,460 of transfers from Level 3 to Level 2 due to an increase in relevant market activity. Level 3 holdings as of July 31, 2025, are immaterial and no further quantitative information about Level 3 Fair Value Measurements has been included.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **UltraShort Income Fund**  | **UltraShort Income Fund**  | **UltraShort Income Fund**  | **UltraShort Income Fund**  | **UltraShort Income Fund**  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets**<br>|  |  |  |  |
| Asset-Backed Securities | $— | $206409768 | $— | $206409768  |
|  Commercial Mortgage-Backed Securities – U.S. Government Agency |  | 121004557 |  | 121004557  |
| Corporate Obligations |  | 106162772 |  | 106162772  |
| Collateralized Loan Obligations |  | 96956149 |  | 96956149  |
| Residential Mortgage-Backed Securities |  | 91258344 |  | 91258344  |
| Commercial Mortgage-Backed Securities |  | 19466740 |  | 19466740  |
|  Residential Mortgage-Backed Securities – U.S. Government Agency Credit Risk Transfer |  | 5482564 |  | 5482564  |
| Common Stock |  | 999713 |  | 999713  |
|  Residential Mortgage-Backed Securities – U.S. Government Agency |  | 924427 |  | 924427  |
| Short-Term Investments | 19570346 |  |  | 19570346  |
| **Total** | $19570346 | $648665034 | $— | $668235380  |
| **Other Financial Instruments**<br>|  |  |  |  |
| **Assets**<br>|  |  |  |  |
| Futures Contracts\* | $1129853 | $— | $— | $1129853 |

---

\* 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.

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**ANGEL OAK FUNDS TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $— | $104396811 | $— | $104396811  |
| Residential Mortgage-Backed Securities |  | 5560174 |  | 5560174  |
| Asset-Backed Securities |  | 4820838 |  | 4820838  |
| Common Stock |  | 287461 | 0 | 287461  |
| Short-Term Investments | 4578740 |  |  | 4578740  |
| **Total** | $4578740 | $115065284 | $— | $119644024 |

---

See the Schedule of Investments for further disaggregation of investment categories. Level 3 holdings as of July 31, 2025, 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 | $— | $77862449 | $— | $77862449  |
|  Residential Mortgage-Backed Securities – U.S. Government Agency |  | 56716540 |  | 56716540  |
|  Residential Mortgage-Backed Securities – U.S. Government Agency Credit Risk Transfer |  | 19897240 |  | 19897240  |
|  Commercial Mortgage-Backed Securities – U.S. Government Agency |  | 252262 |  | 252262  |
| Asset-Backed Securities |  | 38448 |  | 38448  |
| Short-Term Investments | 3535388 |  |  | 3535388  |
| **Total** | $3535388 | $76904490 | $— | $158302327  |
| **Other Financial Instruments**<br>|  |  |  |  |
| **Liabilities**<br>|  |  |  |  |
| Futures Contracts\* | $(69451) | $— | $— | $(69451) |

---

\* 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.

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**NOTES TO THE FINANCIAL STATEMENTS** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **UltraShort Income ETF**  | **UltraShort Income ETF**  | **UltraShort Income ETF**  | **UltraShort Income ETF**  | **UltraShort Income ETF**  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets**<br>|  |  |  |  |
| Asset-Backed Securities | $— | $303095162 | $— | $303095162  |
| Corporate Obligations |  | 183678964 |  | 183678964  |
| Collateralized Loan Obligations |  | 169523072 |  | 169523072  |
|  Commercial Mortgage-Backed Securities – U.S. Government Agency |  | 155814107 |  | 155814107  |
|  Residential Mortgage-Backed Securities |  | 110254683 |  | 110254683  |
|  Residential Mortgage-Backed Securities – U.S. Government Agency Credit Risk Transfer |  | 18669602 |  | 18669602  |
|  Commercial Mortgage-Backed Securities |  | 13435947 |  | 13435947  |
| Common Stock |  | 2849181 |  | 2849181  |
| Short-Term Investments | 108740666 |  |  | 108740666  |
| **Total** | $108740666 | $957320717 | $— | $1066061384  |
| **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
| **Assets**<br>|  |  |  |  |
| Futures Contracts\* | 65205 |  |  | 65205 |

---

\* 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Income ETF**  | **Income ETF**  | **Income ETF**  | **Income ETF**  | **Income ETF**  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets**<br>|  |  |  |  |
| Residential Mortgage-Backed Securities | $— | $173150493 | $— | $173150493  |
| Asset-Backed Securities |  | 120371445 |  | 120371445  |
|  Residential Mortgage-Backed Securities – U.S. Government Agency |  | 110930729 |  | 110930729  |
| Collateralized Loan Obligations |  | 60340164 |  | 60340164  |
| Corporate Obligations |  | 36741654 |  | 36741654  |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed <br>Securities |  | 20972557 |  | 20972557  |
| Exchange Traded Funds | 20288936 |  |  | 20288936  |
|  Residential Mortgage-Backed Securities – U.S. Government Agency Credit Risk Transfer |  | 1560817 |  | 1560817  |
| Preferred Stock |  | 281254 |  | 281254  |
| Common Stock |  | 107795 | 0 | 107795  |
| Short-Term Investments | 18681105 |  |  | 18681105  |
| **Total** | $38970041 | $524456908 | $— | $563426949  |
| **Other Financial Instruments**<br>|  |  |  |  |
| **Liabilities**<br>|  |  |  |  |
| Futures Contracts\* | $(10091) | $— | $— | $(10091) |

---

\* Futures are reflected at the unrealized appreciation (depreciation) on the instrument as presented in the Schedule of Open Futures Contracts.

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**ANGEL OAK FUNDS TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**July 31, 2025 (Unaudited)(Continued)** 

See the Schedule of Investments for further disaggregation of investment categories. Level 3 holdings as of July 31, 2025, are immaterial and no further quantitative information about Level 3 Fair Value Measurements has been included.

**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 period ended July 31, 2025, 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 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 ended January 31, 2025, 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** 

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**NOTES TO THE FINANCIAL STATEMENTS** 

**July 31, 2025 (Unaudited)(Continued)** 

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 investment 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  | $78539727  |
| UltraShort Income Fund  | $19570346  |
| High Yield Opportunities ETF  | $4578740  |
| Mortgage-Backed Securities ETF  | $3535388  |
| UltraShort Income ETF  | $108740666  |
| Income ETF  | $18681105 |

---

**Reverse Repurchase Agreements – A reverse repurchase agreement is the sale by the Funds of a security to a party for a specified price, with the simultaneous agreement by the Funds to repurchase that security from that party on a future date at a higher price. Proceeds from securities sold under reverse repurchase agreements are reflected as a liability on the Statements of Assets and Liabilities. Interest payments made are recorded as a component of interest expense on the Statements of Operations. Reverse repurchase agreements involve the risk that the counterparty will become subject to bankruptcy or other insolvency proceedings or fail to return a security to the Funds. In such situations, the Funds may incur losses as a result of a possible decline in the value of the underlying security during the period while the Funds seek to enforce their rights, a possible lack of access to income on the underlying security during this period, or expenses of enforcing its rights. As of July 31, 2025, there were no reverse repurchase agreements held.** 

**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,** 

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**NOTES TO THE FINANCIAL STATEMENTS** 

**July 31, 2025 (Unaudited)(Continued)** 

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 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** 

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**NOTES TO THE FINANCIAL STATEMENTS** 

**July 31, 2025 (Unaudited)(Continued)** 

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.

**Warrants – The Funds may invest in warrants. Warrants are securities, typically issued with preferred stock or bonds that give the holder the right to purchase a given number of shares of common stock at a specified price and time. The price of the warrant usually represents a premium over the applicable market value of the common stock at the time of the warrant's issuance. Warrants have no voting rights with respect to the common stock, receive no dividends and have no rights with respect to the assets of the issuer. Investments in warrants involve certain risks, including the possible lack of a liquid market for the resale of the warrants, potential price fluctuations due to adverse market conditions or other factors and failure of the price of the common stock to rise. If the warrant is not exercised within the specified time period, it becomes worthless.** 

**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 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 period ended July 31, 2025.

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**NOTES TO THE FINANCIAL STATEMENTS** 

**July 31, 2025 (Unaudited)(Continued)** 

**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 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 period ended July 31, 2025.

**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. 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** 

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**July 31, 2025 (Unaudited)(Continued)** 

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 July 31, 2025, for the Multi-Strategy Income Fund was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Derivatives** | **Type of** <br>**Derivative Risk** | **Consolidated Statement** <br>**of Assets and** <br>**Liabilities Location** | **Falr Value of** <br>**Deposit** <br>**at Broker for** <br>**Futures and** <br>**Swaps** | **Value of Unrealized** <br>**Appreciation** <br>**(Depreciation)\***  |
| Futures Contracts | Interest Rate | Deposit at broker for futures | $1333647 | &nbsp;&nbsp;&nbsp;&nbsp; $145177  |
| Swaps | Credit | Deposit at broker for swaps | $17874003 | &nbsp;&nbsp;&nbsp;&nbsp; $(2873931) |

---

\* 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 period ended July 31, 2025, 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) on** <br>**Derivatives**  |
| Futures Contracts | Interest Rate | Net realized gain (loss) on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5051489  |
| Swaps | Credit | Net realized gain (loss) on swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $562284 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives** | **Type of** <br>**Derivative Risk** | **Location of Gain (Loss) on** <br>**Derivatives in Income** | **Change in Unrealized** <br>**Appreciation/Depreciation on Derivatives**  |
| Futures Contracts | Interest Rate | Net change in unrealized appreciation/depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $519471  |
| Swaps | Credit | Net change in unrealized appreciation/depreciation on swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2774756) |

---

The average monthly notional value of long and short futures during the period ended July 31, 2025, was $40,211,348 and $(75,483,447), respectively. The average monthly notional value of long swap contracts during the period ended July 31, 2025, was $321,428,571.

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**July 31, 2025 (Unaudited)(Continued)** 

The value and effect of derivative instruments on the Statements of Assets and Liabilities as of July 31, 2025, 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** <br>**at Broker for** <br>**Futures** | **Value of Unrealized** <br>**Appreciation** <br>**(Depreciation)\***  |
| Futures Contracts | Interest Rate | Deposit at broker for futures | &nbsp;&nbsp; $675124 | &nbsp;&nbsp;&nbsp;&nbsp; $1129853 |

---

\* 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 period ended July 31, 2025, 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) on** <br>**Derivatives**  |
| Futures Contracts | Interest Rate | Net realized gain (loss) on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $341387 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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; $199175 |

---

The average monthly notional value of short futures contracts during the period ended July 31, 2025, was $(97,151,141).

The value and effect of derivative instruments on the Statements of Assets and Liabilities as of July 31, 2025, 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** <br>**at Broker for** <br>**Futures** | **Value of Unrealized** <br>**Appreciation** <br>**(Depreciation)\***  |
| Futures Contracts | Interest Rate | Deposit at broker for futures | &nbsp;&nbsp; $513922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(69451) |

---

\* 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 period ended July 31, 2025, 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) on** <br>**Derivatives**  |
| Futures Contracts | Interest Rate | Net realized gain (loss) on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(27009) |

---

---

| | | | |
|:---|:---|:---|:---|
| **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; $(78989) |

---

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**ANGEL OAK FUNDS TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**July 31, 2025 (Unaudited)(Continued)** 

The average monthly notional value of long and short futures contracts during the period ended July 31, 2025, was $2,587,618 and $(10,779,067), respectively.

The value and effect of derivative instruments on the Statements of Assets and Liabilities as of July 31, 2025, 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** <br>**at Broker for** <br>**Futures** | **Value of Unrealized** <br>**Appreciation** <br>**(Depreciation)\***  |
| Futures Contracts | Interest Rate | Deposit at broker for futures | &nbsp;&nbsp; $340326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $65205 |

---

\* 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 period ended July 31, 2025, 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) on** <br>**Derivatives**  |
| Futures Contracts | Interest Rate | Net realized gain (loss) on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $243393 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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; $65205 |

---

The average monthly notional value of long and short futures contracts during the period ended July 31, 2025, was $148,170 and $(14,822,614).

The value and effect of derivative instruments on the Statements of Assets and Liabilities as of July 31, 2025, 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** <br>**at Broker for** <br>**Futures** | **Value of Unrealized** <br>**Appreciation** <br>**(Depreciation)\***  |
| Futures Contracts | Interest Rate | Deposit at broker for futures | &nbsp;&nbsp; $242418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(10091) |

---

\* 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 period ended July 31, 2025, 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) on** <br>**Derivatives**  |
| Futures Contracts | Interest Rate | Net realized gain (loss) on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(268784) |

---

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**ANGEL OAK FUNDS TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**July 31, 2025 (Unaudited)(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; $(40387) |

---

The average monthly notional value of long and short futures contracts during the period ended July 31, 2025, was $1,853,000 and $(16,402,811).

**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 July 31, 2025, 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 July 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 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>**Assets/Liabilities** | **Gross Amounts** <br>**Offset in** <br>**Consolidated** <br>**Statement of Assets** <br>**and Liabilities** | **Net Amounts of** <br>**Assets** <br>**Presented in** <br>**Consolidated** <br>**Statement of** <br>**Assets and** <br>**Liabilities** | **Financial** <br>**Instruments\*** | **Cash** <br>**Collateral** <br>**Pledged\*** | **Net Amount**  |
| Futures Contracts | &nbsp;&nbsp;&nbsp; $212741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(67564) | &nbsp;&nbsp; $145,177\*\* | $— | $— | $145177  |
| Swaps | &nbsp;&nbsp;&nbsp; $(2873931) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $(2873931)\*\*\* | $— | $2873931 | $— |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **UltraShort Income Fund**  | **UltraShort Income Fund**  | **UltraShort Income Fund**  | **UltraShort Income Fund**  | **UltraShort Income Fund**  | **UltraShort Income Fund**  | **UltraShort Income Fund**  |
|  |  |  |  | **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 of** <br>**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 Amount**  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $1129853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $1129853 | $— | $— | $1129853 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 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 of** <br>**Recognized** <br>**Liabilities** | **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 Amount**  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(69451) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(69451) | $— | $69451 | $— |

---

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**ANGEL OAK FUNDS TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**July 31, 2025 (Unaudited)(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **UltraShort Income ETF**  | **UltraShort Income ETF**  | **UltraShort Income ETF**  | **UltraShort Income ETF**  | **UltraShort Income ETF**  | **UltraShort Income ETF**  | **UltraShort Income ETF**  |
|  |  |  |  | **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 of** <br>**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 Amount**  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $65205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $65205 | $— | $— | &nbsp;&nbsp; $65205 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Income ETF**  | **Income ETF**  | **Income ETF**  | **Income ETF**  | **Income ETF**  | **Income ETF**  | **Income ETF**  |
|  |  |  |  | **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 of** <br>**Recognized** <br>**Liabilities** | **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 Amount**  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(10091) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(10091) | $— | $10091 | $— |

---

\* 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 Open Futures Contracts, which is included in deposit at broker for futures on the Consolidated Statements of Assets and Liabilities.

\*\*\* 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.

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% |

---

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

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**NOTES TO THE FINANCIAL STATEMENTS** 

**July 31, 2025 (Unaudited)(Continued)** 

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 May 31, 2026, 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% |

---

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, and other 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 period ended July 31, 2025, the Adviser waived $6,258 of the Multi- Strategy Income Fund's expenses, $618,161 of the UltraShort Income Fund's expenses, $260,503 of the Mortgage-Backed Securities ETF's expenses, $898,539 of the UltraShort Income ETF's expenses, and $448,821 of the Income ETF's expenses. Additionally, during the period ended July 31, 2025, the Multi-Strategy Income Fund repaid $30,766 of previously waived expenses to the Adviser. During the period ended July 31, 2025, The UltraShort Income Fund had $1,267,882 of previously waived expenses expire. The expense limitation agreement specifically refers to amounts that are contractually waived, see Statements of Operations. The amounts subject to repayment by the Funds, pursuant to the aforementioned conditions at July 31, 2025, are included in the table below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Total Waived** <br>**Expenses**<br>**Recoverable by** <br>**the Adviser** <br>**as of**<br>**07/31/25** | **Recoverable** <br>**Expenses**<br>**Subject to 36 Month**<br>**Limit During** <br>**the Year**<br>**Ended 01/31/26** | **Recoverable** <br>**Expenses**<br>**Subject to 36 Month**<br>**Limit During** <br>**the Year**<br>**Ended 01/31/27** | **Recoverable** <br>**Expenses**<br>**Subject to 36 Month**<br>**Limit During** <br>**the Year**<br>**Ended 01/31/28** | **Recoverable** <br>**Expenses**<br>**Subject to 36 Month**<br>**Limit During** <br>**the Year**<br>**Ended 01/31/29**  |
| Multi-Strategy Income Fund | &nbsp;&nbsp;&nbsp; $23824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $17566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6258  |
| UltraShort Income Fund | &nbsp;&nbsp;&nbsp; $3951012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $919331 | &nbsp;&nbsp;&nbsp;&nbsp; $1332490 | &nbsp;&nbsp;&nbsp;&nbsp; $1081030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $618161  |
| Mortgage-Backed Securities ETF | &nbsp;&nbsp;&nbsp; $458293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $197790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $260503  |
| UltraShort Income ETF | &nbsp;&nbsp;&nbsp; $2447903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $27107 | &nbsp;&nbsp;&nbsp;&nbsp; $209312 | &nbsp;&nbsp;&nbsp;&nbsp; $1312945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $898539  |
| Income ETF | &nbsp;&nbsp;&nbsp; $1051725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11283 | &nbsp;&nbsp;&nbsp;&nbsp; $109491 | &nbsp;&nbsp;&nbsp;&nbsp; $482130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $448821 |

---

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

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**NOTES TO THE FINANCIAL STATEMENTS** 

**July 31, 2025 (Unaudited)(Continued)** 

only be changed or eliminated by the Board of Trustees upon 60 days' written notice to the Adviser. During the period ended July 31, 2025, the Adviser waived $95,118 of the Multi-Strategy Income Fund's management fees of underlying funds.

The Distributor acts as the Funds' principal underwriter in a continuous public offering of the Funds' shares. Each of the Multi-Strategy Income Fund and the UltraShort Income Fund 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, and Class C shares, as applicable. Each of the ETFs (with the exception of 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 period ended July 31, 2025, are included in the Compliance line item that is reflected in the Statements of Operations.

Certain officers, Trustees and shareholders of the Funds are also owners or employees of the Adviser. 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 $75,000 (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 (pro-rated for any periods less than one year), and the Chair of the Board receives an additional $17,000. Independent Trustees are eligible for reimbursement of out-of-pocket expenses incurred in connection with attendance at meetings. For the period ended July 31, 2025, the aggregate compensation paid to the Independent Trustees by the Fund Complex was $278,500. 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.

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**ANGEL OAK FUNDS TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**July 31, 2025 (Unaudited)(Continued)** 

**NOTE 6. INVESTMENT TRANSACTIONS** 

For the period ended July 31, 2025, 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 | $1162587866 | $1338078233  |
| UltraShort Income Fund | $391946003 | $209467508  |
| High Yield Opportunities ETF | $22103225 | $17899405  |
| Mortgage-Backed Securities ETF | $74904193 | $120823167  |
| UItraShort Income ETF | $568575842 | $338763672  |
| Income ETF | $330773344 | $161919619 |

---

For the period ended July 31, 2025, 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 | $217897373 | $371797217  |
| UltraShort Income Fund | $73015294 | $24305529  |
| High Yield Opportunities ETF | $— | $—  |
| Mortgage-Backed Securities ETF | $43185925 | $99158458  |
| UltraShort Income ETF | $100970739 | $77393305  |
| Income ETF | $58529298 | $29919788 |

---

**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 period ended July 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>**07/31/25** | **Share/Par** <br>**Balance** | **Dividend** <br>**Income**  |
|  High Yield Opportunities ETF | $25121512 | $— | $(7581138) | &nbsp;&nbsp; $(314725) | &nbsp;&nbsp;&nbsp; $235886 | $17461535 | 1575240 | $699443  |
|  Mortgage-Backed Securities ETF | 19217083 |  | (8829145) | &nbsp;&nbsp; (1499673) | &nbsp;&nbsp;&nbsp; 1601992 | 10490257 | 1224882 | 393545  |
| Geary |  | 7312500 |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19207 | 7331707 | 7068750 | —  |
| Octavia | 8003750 | 446500 |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 641210 | 9091460 | 8003750 | —  |
| Leavenworth |  | 2945000 |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9424 | 2954424 | 2945000 | —  |
| **Total** | $52342345 | $10704000 | $(16410283) | &nbsp;&nbsp; $(1814398) | &nbsp;&nbsp;&nbsp; $2507719 | $47329383 | 20817622 | $1092988 |

---

**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 July 31, 2025, National Financial Services, LLC owned, as record shareholder, 39% of the outstanding shares of 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 July 31, 2025, no record shareholder held more than 25% of the outstanding shares of the Multi-Strategy Income Fund.

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**NOTES TO THE FINANCIAL STATEMENTS** 

**July 31, 2025 (Unaudited)(Continued)** 

**NOTE 9. FEDERAL TAX INFORMATION** 

The tax characterization of distributions paid for the latest tax year or period ended January 31, 2025, and January 31, 2024, 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**  |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024**  |
| Distributions paid from:<br>|  |  |  |  |  |  |
| Ordinary Income | $163971172 | $165770788 | $23774886 | $25461448 | &nbsp;&nbsp; $6059277 | &nbsp;&nbsp; $4560952  |
| &nbsp;&nbsp;&nbsp; Net Long-Term <br>Capital Gain |  |  |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| **Total .** | $163971172 | $165770788 | $23774886 | $25461448 | &nbsp;&nbsp; $6059277 | &nbsp;&nbsp; $4560952 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Mortgage-Backed** <br>**Securities ETF** | **Mortgage-Backed** <br>**Securities ETF** | **UltraShort Income** <br>**ETF** | **UltraShort Income** <br>**ETF** | **Income** <br>**ETF**  | **Income** <br>**ETF**  |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024**  |
| Distributions paid from:<br>|  |  |  |  |  |  |
| Ordinary Income | &nbsp;&nbsp; $3507320 | &nbsp;&nbsp; $1506825 | $29614235 | &nbsp;&nbsp; $5260978 | $16887023 | &nbsp;&nbsp; $3938223  |
| &nbsp;&nbsp;&nbsp; Net Long-Term <br>Capital Gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 67758 | &nbsp;&nbsp; — | 146205 | &nbsp;&nbsp; —  |
| **Total**  | &nbsp;&nbsp; $3507320 | &nbsp;&nbsp; $1506825 | $29681993 | &nbsp;&nbsp; $5260978 | $17033228 | &nbsp;&nbsp; $3938223 |

---

As of the latest tax year ended January 31, 2025, 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 ETF**  |
| Tax Cost of Investments  | $3201209778 | $484157940 | $117087716 | $221941893 | $733759806 | $371763242  |
| Unrealized Appreciation\*  | 30247812 | 2838405 | 1704666 | 1026453 | 2706717 | 3601775  |
| Unrealized Depreciation\*  | (302270470) | (8916089) | (2881676) | (1921235) | (520009) | (3729300)  |
|  Net Unrealized Appreciation (Depreciation)\* | (272022658) | (6077684) | (1177010) | (894782) | 2186708 | (127525)  |
|  Undistributed Ordinary Income  | 4041508 | 509002 | 558619 | 577415 | 3173477 | 1331487  |
|  Undistributed Long-Term Gain (Loss)  |  |  |  |  | 48554 | 355543  |
| Accumulated Gain (Loss) | 4041508 | 509002 | 558619 | 577415 | 3222031 | 1687030  |
|  Other Accumulated Gain (Loss)  | (1685384129) | (49394200) | (4947469) | (5193667) | (2843170) | (1603021)  |
|  Distributable Earnings (Accumulated Deficit) | $(1953365279) | $(54962882) | $(5565860) | $(5511034) | $2565569 | $(43516) |

---

\* Represents aggregated amounts of Funds' investments, reverse repurchase agreements, futures, and swaps. 

The temporary differences between book basis and tax basis in the Funds are primarily attributable to wash sales, partnership adjustments, amortization of callable bonds, preferred stock basis adjustments, future contracts marked-to market, and dividends payable.

As of the latest tax year ended January 31, 2025, the Funds had available for federal tax purposes an unused capital loss carryforward, which is available for offset against future taxable net

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**NOTES TO THE FINANCIAL STATEMENTS** 

**July 31, 2025 (Unaudited)(Continued)** 

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** | **Ultra Short**<br>**Income Fund** | **High Yield** <br>**Opportunities** <br>**ETF** | **Mortgage-Backed** <br>**Securities ETF** | **UltraShort** <br>**Income ETF** | **Income ETF**  |
|  No expiration short-term  | $502440351 | $29370657 | $950679 | &nbsp;&nbsp;&nbsp;&nbsp; $501732 | $— | $—  |
|  No expiration long-term  | $1178154308 | $19595398 | $3500352 | &nbsp;&nbsp;&nbsp;&nbsp; $4165966 | $— | $—  |
| **Total**  | $1680594659 | $48966055 | $4451031 | &nbsp;&nbsp;&nbsp;&nbsp; $4667698 | $— | $— |

---

For the latest tax year ended January 31, 2025, the Funds' utilization of capital loss carryforward was as

follows:

---

| | |
|:---|:---|
| Multi-Strategy Income Fund  | $—  |
| UltraShort Income Fund  | $—  |
| High Yield Opportunities ETF  | $885459  |
| Mortgage-Backed Securities ETF  | $—  |
| UltraShort Income ETF | $47846  |
| Income 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 ended January 31, 2025, the Funds did not defer any post-October losses.

**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 5.99% as of July 31, 2025. For the period ended July 31, 2025, the average principal balance and interest rate was approximately $100,000,000 and 5.93%, 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 July 31, 2025. For the period ended July 31, 2025, these expenses and commitment fees, amounted to $3,284,500 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 July 31, 2025, the outstanding principal balance under the Facility was $100 million. The amount of the maximum loan outstanding during the period was $100 million from February 1, 2025, through July 31, 2025.

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 25, 2026, for the purposes of having cash available to satisfy redemption requests. Prior to April 25, 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; 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

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**NOTES TO THE FINANCIAL STATEMENTS** 

**July 31, 2025 (Unaudited)(Continued)** 

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 6.50% as of July 31, 2025. For the period ended July 31, 2025, 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 | $5745000 | &nbsp;&nbsp; 6.50% | $7490000 | April 1, 2025 |

---

As of July 31, 2025, the Funds had no outstanding borrowings under this agreement.

**NOTE 11. ACCOUNTING PRONOUNCEMENTS AND/OR REGULATORY UPDATES** 

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.

**NOTE 12. 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 other than the following:

Effective October 1, 2025, Ward Bortz is expected to replace Adam Langley as President of the Trust.

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**ADDITIONAL INFORMATION (Unaudited)** 

1. Shareholder Notification of Federal Tax Status

For the latest tax year ended January 31, 2025, 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 ended January 31, 2025, the Multi-Strategy Income Fund, UltraShort Income Fund, High Yield Opportunities ETF, Mortgage-Backed Securities, UltraShort Income ETF, and Income ETF paid qualified dividend income of 0.00%, 0.00%, 0.00%, 0.00%, 0.00%, and 0.00%, respectively.

For the latest tax year ended January 31, 2025, 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, and Income ETF that qualifies for the dividends received deduction available to corporations was 0.00%, 0.00%, 0.00%, 0.00%, 0.00%, and 0.00%, respectively.

For the latest tax year ended January 31, 2025, 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, and Income 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%, and 5.21%, respectively.

For the latest tax year ended January 31, 2025, 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, and Income ETF that are designated as interest related dividends under Internal Revenue 871(k)1(c) was 91.04%, 81.73%, 86.98%, 93.99%, 82.06%, and 78.38%, 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, and Income 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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**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 the election of Clayton Triick as a Trustee to the Board of Trustees to serve an indefinite term based on the following results:

---

| | | | |
|:---|:---|:---|:---|
|  | **For** | **Against** | **Abstain**  |
| Angel Oak Funds Trust | 363,598,250 | 0 | 2,267,440 |

---

Alvin R. Albe, Jr., Ira P. Cohen, Keith M. Schappert, Andrea Mullins, and Cheryl M. Pate continued to serve as Trustees to the Board of Trustees following the Special Meeting of Shareholders.

At a Special Meeting of Shareholders held on June 26, 2025, shareholders also voted on a new Investment Advisory Agreement between each of the Multi-Strategy Income Fund and UltraShort Income Fund and the Adviser, based on the following results:

---

| | | | |
|:---|:---|:---|:---|
|  | **For** | **Against** | **Abstain**  |
| Multi-Strategy Income Fund | 213,976,661 | 650,117 | 229,166  |
| UltraShort Income Fund | 26,288,738 | 131,432 | 27,514 |

---

With respect to the High Yield Opportunities ETF, the Special Meeting of Shareholders was adjourned until July 22, 2025, and shareholders voted on a new Investment Advisory Agreement between the Fund and the Adviser, based on the following results:

---

| | | | |
|:---|:---|:---|:---|
|  | **For**  | **Against**  | **Abstain**  |
| High Yield Opportunities ETF | 5,535,902  | 25,670  | 148,644 |

---

With respect to the Income ETF, the Special Meeting of Shareholders was adjourned until July 29,

2025, and shareholders voted on a new Investment Advisory Agreement between the Fund and the Adviser, based on the following results:

---

| | | | |
|:---|:---|:---|:---|
|  | **For**  | **Against**  | **Abstain**  |
| Income ETF | 10,377,323  | 31,586  | 735,306 |

---

With respect to the Mortgage-Backed Securities ETF and UltraShort Income ETF, the Special Meeting of Shareholders was adjourned until a later date to allow additional time for shareholders to vote on a new Investment Advisory Agreement between each Fund and the Adviser.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.** 

Each Trustee who is not an "interested person" (i.e., an "Independent Trustee") of the Fund Complex (which includes affiliated registrants not disclosed in this report) receives an annual retainer of $75,000 (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 (pro-rated for any periods less than one year), and the Chair of the Board receives an additional $17,000. Independent Trustees are eligible for reimbursement of out-of-pocket expenses incurred in connection with attendance at meetings.

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**Item 11. Statement Regarding the Basis for the Approval of New Investment Advisory Agreements and Interim Investment Advisory Agreements** 

Pursuant to Section 15(c) of the Investment Company Act of 1940, as amended (the "1940 Act"), at a meeting held on April 23, 2025 (the "Special Board Meeting"), the Board of Trustees (the "Board") of Angel Oak Funds Trust (the "Trust") considered the approval of new investment advisory agreements (the "New Investment Advisory Agreements") between the Trust, on behalf of the Angel Oak Multi-Strategy Income Fund (the "Multi-Strategy Income Fund"), the Angel Oak High Yield Opportunities ETF ("High Yield Opportunities ETF"), the Angel Oak UltraShort Income Fund (the "UltraShort Income Fund"), the Angel Oak UltraShort Income ETF (the "UltraShort Income ETF"), the Angel Oak Income ETF (the "Income ETF"), and the Angel Oak Mortgage-Backed Securities ETF (the "Mortgage-Backed Securities ETF") (each, a "Fund" and, collectively, the "Funds"), and Angel Oak Capital Advisors, LLC (the "Adviser" or "Angel Oak"). The Multi-Strategy Income Fund is the successor in interest to a fund having the same name and investment objective that was included as a series of another investment company, Valued Advisers Trust, and that was also advised by Angel Oak (the "Predecessor Multi-Strategy Income Fund"). The Predecessor Multi-Strategy Income Fund was reorganized into the Fund on April 10, 2015.

At the Special Board Meeting, the Board noted that Brookfield Asset Management Ltd. ("Brookfield") was expected to acquire a majority of Angel Oak Companies, LP, the parent of Angel Oak Asset Management Holdings, LLC, itself the parent of Angel Oak (the "Transaction") and, in turn, the closing of the Transaction would result in a change of control of Angel Oak (the "Change of Control"). Consistent with applicable requirements under the 1940 Act, the existing investment advisory agreements between Angel Oak and the Trust, on behalf of each Fund (the "Existing Investment Advisory Agreements"), contain a provision that the Existing Investment Advisory Agreements will automatically terminate in the event of an "assignment" (as defined in the 1940 Act).

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 each New Investment Advisory 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 approve the New Investment Advisory Agreements between the Adviser and the Trust, on behalf of each Fund, the Board requested, and the Adviser and Brookfield provided, information and data relevant to the Board's consideration. This included materials prepared by the Adviser, Brookfield and an independent third-party data provider (the "Outside Data Provider") that provided the Board with information regarding the fees and expenses of each Fund, as compared to other similar funds. The Board also considered responses to Trustees' questions at the Special Board Meeting.

With respect to the Transaction, the Board reviewed materials received from the Adviser and Brookfield, including information relating to the reasons for the Transaction and other information relating to Brookfield's plans with respect to its majority ownership in the Adviser. The Board also reviewed information regarding Brookfield, including, but not limited to: (a) information regarding the new proposed ownership structure and any possible effect on shareholders; (b) the culture of Brookfield and its alignment with that of the Adviser; (c) the potential distribution arrangements that Brookfield may offer the Adviser and each Fund, particularly with institutional investors; (d) information regarding other similar transactions in which Brookfield has engaged; and (e) potential synergies and collaboration between the Adviser and Brookfield following the completion of the Transaction.

Following their review and consideration, the Trustees determined that the New Investment Advisory Agreements with respect to each Fund would enable shareholders of each Fund to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of each Fund and their 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 New Investment Advisory Agreements. In reaching their decision, the Trustees requested and obtained from the Adviser such information as they deemed reasonably necessary to evaluate the New Investment Advisory Agreements. The Trustees also carefully considered the profitability data and comparative fee and expense information prepared by the Adviser. In considering the New Investment

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Advisory Agreements with respect to each Fund, the Trustees evaluated a number of factors that they believed, in light of their reasonable business judgment, to be relevant. Before voting on the New Investment Advisory Agreements, the Independent Trustees reviewed the New Investment Advisory Agreements with independent legal counsel to the Independent Trustees and received a memorandum from independent legal counsel to the Independent Trustees discussing the legal standards for their consideration of the New Investment Advisory Agreements. The Trustees also discussed the New Investment Advisory Agreements with independent legal counsel in executive sessions at which no representatives of the Adviser or Brookfield were present. The Trustees based their decision on the following considerations, among others, although they did not identify any single 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 the Adviser is capable of providing high quality services to each Fund, as indicated by the nature and quality of services provided in the past to each Fund and other registered investment companies advised by the Adviser (the "Angel Oak Funds"), the Adviser's management capabilities demonstrated with respect to each Fund, the professional qualifications and experience of each of the portfolio managers of each Fund, the Adviser's investment and management oversight processes, and the competitive investment performance of each Fund. The Board noted that there would be no differences between the scope of services required to be provided by the Adviser under the Existing Investment Advisory Agreements and the scope of services required to be provided by the Adviser under the New Investment Advisory Agreements. The Board noted that the key investment and management personnel of the Adviser servicing each Fund are expected to remain with the Adviser following the Transaction. The Trustees also considered Brookfield's representations to the Board that the Adviser would continue to provide investment and related services that were materially the same quality and quantity as services provided to each Fund in the past, and that these services are appropriate in scope and extent in light of each Fund's 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 provided by the Adviser, the Trustees concluded that, under the New Investment Advisory Agreements, it was expected that the Adviser would continuing to generate a level of long-term investment performance that is appropriate in light of each Fund's investment objectives, policies and strategies and competitive with many other comparable investment companies.** 

**The investment performance of each Fund. The Trustees concluded on the basis of information derived from independent third-party data that the Adviser had achieved investment performance that was competitive relative to each Fund's category, as established by the Outside Data Provider (the "Categories"), and smaller peer groups of comparable funds (the "Peer Groups") over short- and longer-term trailing periods. In considering the performance of each Fund, the Trustees reviewed reports comparing each Fund's performance to: (i) its Peer Group; (ii) its Category; and (iii) its benchmark index.** 

With respect to the Multi-Strategy Income Fund (which commenced operations in June 2011), the Trustees observed that the Fund's Institutional Class shares had ranked in the first quartile of the Fund's Peer Group for the period since the inception of the Institutional Class shares and in the third quartile over the one-, three-, five-year and ten-year periods ended December 31, 2024. The Trustees further noted that the Multi-Strategy Income Fund's Institutional Class shares had outperformed the Fund's benchmark index, the Bloomberg U.S. Aggregate Bond Index, over the one-, three-, five-, and ten-year periods ended December 31, 2024, and for the period since the inception of the Institutional Class shares.

With respect to the UltraShort Income Fund (which commenced operations in April 2018), the Trustees observed that the Fund's Institutional Class shares had ranked in the first quartile of the Fund's Peer Group over the one year-period ended December 31, 2024, in the second quartile for the period since the Fund's inception, in the third quartile over the five-year period ended December 31, 2024, and in the fourth quartile over the three-year period ended December 31, 2024. The Trustees further noted that the Fund's Institutional Class shares had outperformed the Fund's benchmark indices, the Bloomberg U.S. Aggregate Bond Index, the Bloomberg U.S. Short Treasury: 9-12 Months Index, and the Bloomberg Short Term Government/Corporate Index, over the one-, three- (with the exception of the Bloomberg

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Short Term Government/Corporate Index), and five-year periods ended December 31, 2024, and the period since the Fund's inception, and had underperformed the Bloomberg Short Term Government/Corporate Index during the three-year period ended December 31, 2024.

With respect to the UltraShort Income ETF (which commenced operations in October 2022), the Trustees observed that the Fund had ranked in the first quartile of the Fund's Peer Group over the one-year period ended December 31, 2024, and the period since the Fund's inception. The Trustees further noted that the Fund had outperformed its benchmark indices, the Bloomberg U.S. Aggregate Bond Index, the Bloomberg U.S. Treasury Bills Index, and the Bloomberg Short Term Government/Corporate Index, over the one-year period ended December 31, 2024, and for the period since the Fund's inception.

With respect to the Income ETF (which commenced operations in November 2022), the Trustees observed that the Fund had ranked in the first quartile of the Fund's Peer Group over the one-year period ended December 31, 2024, and the period since the Fund's inception. The Trustees further noted that the Fund had outperformed its benchmark index, the Bloomberg U.S. Aggregate Bond Index, over the one-year period ended December 31, 2024, and for the period since the Fund's inception.

With respect to the High Yield Opportunities ETF (which commenced operations in February 2024, but has performance data based on the performance of the institutional class of the predecessor fund prior to this date), the Trustees observed that the Fund had ranked in the first quartile of the Fund's Peer Group over the three-year and five-year periods ended December 31, 2024, in the second quartile of the Fund's Peer Group over the one-year period ended December 31, 2024. The Trustees noted that none of the other members of the Fund's Peer Group have performance for the ten-year period and the period since the Fund's inception for comparison purposes. The Trustees further noted that the Fund had outperformed its benchmark indices, the Bloomberg U.S. Aggregate Bond Index and the Bloomberg Corporate High Yield Index, over the one-year, three-year, five-year and ten-year periods ended December 31, 2024, and for the period since the Fund's inception (with the exception of the Bloomberg Corporate High Yield Index), and had underperformed the Bloomberg Corporate High Yield Index for the period since the Fund's inception.

With respect to the Mortgage-Backed Securities ETF (which commenced operations in February 2024, but has performance data based on the performance of the institutional class of the predecessor fund prior to this date), the Trustees observed that the Fund had ranked in the first quartile of the Fund's Peer Group over the one-year and three-year periods ended December 31, 2024, and the period since the Fund's inception. The Trustees further noted that the Fund had outperformed its benchmark indices, the Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Mortgage-Backed Securities Index, over the one-year and three-year periods ended December 31, 2024, and for the period since the Fund's inception.

Based on the representations made by Brookfield at the Special Board Meeting that the Adviser would continue to operate following the closing of the Transaction in much the same manner as it currently operates, the Board concluded that the investment performance of the Adviser was not expected to be affected by the Transaction and the Adviser is capable of generating a level of long-term investment performance that is appropriate in light of each Fund's investment objectives, policies and strategies and competitive with many other investment companies.

**The cost of advisory services provided and the level of profitability. On the basis of comparative information derived from the expense data provided to the Board, the Trustees determined that the management fee of each of the UltraShort Income Fund, UltraShort Income ETF, Mortgage-Backed Securities ETF, High Yield Opportunities ETF, and Income ETF was higher than the median management fee in their respective Peer Groups. They further observed that the management fee of the Multi-Strategy Income Fund was equal to the median management fee in its Peer Group. The Trustees also determined that the net expense ratio of each of the Multi-Strategy Income Fund and the UltraShort Income Fund was lower than the median net expense ratio for funds in their respective Peer Groups. They further observed that the net expense ratio of each of the UltraShort Income ETF, Mortgage-Backed Securities ETF, High Yield Opportunities and Income ETF was higher than the median net expense ratio for funds in their respective Peer Groups.** 

162<br>

------

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

**ANGEL OAK FUNDS TRUST** 

**ADDITIONAL INFORMATION (Unaudited)(Continued)** 

The Board noted that the quality of services provided by the Adviser and the relatively strong performance of the Angel Oak Funds demonstrated that the advisory fee still offered an appropriate value for each Fund and its shareholders. In addition, the Trustees noted that, with respect to each Fund that is subject to an Operating Expense Limitation Agreement, the Adviser has agreed to extend the current Operating Expense Limitation Agreements through September 30, 2027 if the New Investment Advisory Agreements are approved by shareholders and the Transaction closes on or before September 30, 2025.

The Board also reviewed the fees that the Adviser charges its other clients for discretionary portfolio management services, noting that the firm has a variety of account types with different fee arrangements, but none with similar investment objectives and strategies as each Fund. The Board considered the fee rates charged by the Adviser to manage such funds and accounts. The Board took into account the unique management requirements involved in managing a registered investment company as opposed to other types of funds and accounts.

The Board also reviewed detailed profitability information and considered the Adviser's current level of profitability with respect to each Fund and noted that the Adviser's profitability was acceptable and not excessive and consistent with applicable industry averages and that the Adviser is committed to using its own resources to help improve the services it provides for the benefit of each Fund. The Trustees also noted that the Adviser has provided information regarding its methodology for attributing profitability to each Fund, as opposed to its other lines of business. The Trustees also took into consideration the nature and extent of expenses that are borne directly by the Adviser from its own financial resources to help to market and promote each Fund. Accordingly, on the basis of the Board's review of the fees to be charged by the Adviser for investment advisory services, the investment advisory and other services provided to the Funds by the Adviser, and the estimated profitability of the Adviser's relationship with each Fund, the Board concluded that the level of investment advisory fees and the Adviser's profitability are 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 each Fund and the Adviser. The Trustees considered the profitability of the Adviser both before and after the impact of the marketing-related expenses that the Adviser incurs out of its own resources in connection with its management of each Fund.

At the Special Board Meeting, the Trustees considered the fact that the fee rates payable to the Adviser would be the same under each Fund's New Investment Advisory Agreement as they are under each Fund's Existing Investment Advisory Agreement. The Trustees also noted that each Fund's applicable fee waiver/expense limitation agreements with the Adviser would remain in effect, if the New Investment Advisory Agreements are approved by shareholders and the Transaction is completed. With respect to anticipated profitability, the Trustees noted that it was too early to predict whether and to what extent the Transaction would affect the Adviser's profitability with respect to each Fund, but noted that this matter would be given further consideration on an ongoing basis. Overall, the Trustees concluded that the fees to be paid under the New Investment Advisory Agreements are reasonable.

**The extent to which economies of scale may be realized as the Funds grow and whether the advisory fee reflects possible economies of scale. While it was noted that each Fund's investment advisory fee under the Existing Investment Advisory Agreements and New Investment Advisory Agreements will not decrease as each Fund's assets grow because each Fund is not subject to investment advisory fee breakpoints, the Trustees concluded that each Fund's investment advisory fee was appropriate in light of the projected size of each Fund and appropriately reflects the current economic environment for the Adviser and the competitive nature of the fund market. The Trustees then noted that they would have the opportunity to periodically re-examine whether each Fund had achieved economies of scale and the appropriateness of the investment advisory fee payable to the Adviser with respect to each Fund, in the future, at which time the implementation of fee breakpoints on a Fund could be considered. The Trustees noted the past improvements made to the Adviser's infrastructure and services provided to each Fund, which had been funded by the advisory fees received by the Adviser. Finally, the Trustees noted the Adviser's statement that economies of scale could not be predicted in advance of the closing of the Transaction.** 

163<br>

------

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

**ANGEL OAK FUNDS TRUST** 

**ADDITIONAL INFORMATION (Unaudited)(Continued)** 

**Benefits to the Adviser from its relationship with the Funds (and any corresponding benefits to the Funds). The Trustees concluded that other benefits derived by the Adviser from its relationship with each Fund are reasonable and fair and consistent with industry practice and the best interests of each Fund and its shareholders. The Trustees also considered the terms of the Transaction and the financial benefits that it brings to the current parent company of the Adviser and noted that those financial benefits are available, in part, because of the involvement of the Adviser in the Transaction. The Trustees also noted that the Transaction is expected to place the Adviser on strong financial footing, enhancing its ability to provide continuous services to each Fund and that each Fund could benefit from the potential synergies and collaboration between the Adviser and Brookfield.** 

**Other Considerations. In approving the New Investment Advisory Agreements, the Trustees determined that the Adviser 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 each Fund in a professional manner that is consistent with the best interests of each Fund and its shareholders and that that commitment was expected to remain in place after the Transaction. The Trustees also concluded that the Adviser has made a significant entrepreneurial commitment to the management and success of each Fund, which entails a substantial financial and professional commitment, including the Operating Expense Limitation Agreements under which the Adviser has undertaken to waive a portion of its fees to the benefit of the Funds' shareholders to the extent necessary in accordance with the terms of the Operating Expense Limitation Agreements. The Trustees observed that the waivers are subject to recoupment under the terms of the Operating Expense Limitation Agreements. The Adviser's financial commitment to each Fund also included the payment of organizational, offering and distribution costs for each Fund when they were launched. The Board also considered matters with respect to the brokerage practices of the Adviser, 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 each Fund in order to consider the approval of the New Investment Advisory Agreements. It was noted that, in making their determinations, the Trustees had considered and relied upon not only the materials provided to them for use at the Special Board Meeting, but also the information about each Fund and the Adviser that had been provided to them throughout the past year in connection with their regular Board meetings. In reaching their conclusion with respect to the approval of the New Investment Advisory Agreements and the level of fees paid under the New Investment Advisory Agreements, the Trustees did not identify any single factor as controlling, but, rather, the Board 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 the Adviser to each Fund, and they found that these services continued to benefit each Fund and its shareholders and also reflected management's overall commitment to the continued growth and development of each Fund.

Because the Change of Control would result in the automatic termination of the Existing Investment Advisory Agreements, and in consideration of the possibility that approval of the New Investment Advisory Agreements by the Funds' shareholders might not be obtained prior to the expiration of the Existing Investment Advisory Agreements, pursuant to Section 15(c) of the 1940 Act and Rule 15a-4 under the 1940 Act, at a meeting held on June 23-24, 2025, the Board considered the approval of interim investment advisory agreements (the "Interim Investment Advisory Agreements") between the Trust, on behalf of the Funds, and the Adviser, which would take effect upon the expiration of the Existing Investment Advisory Agreements, provided that shareholder approval has not been obtained by that date, and which would expire on the earlier of (1) the closing of the Transaction and concurrent effectiveness of the New Investment Advisory Agreements or (2) 150 days following the effectiveness of the Interim Investment Advisory Agreements. In reaching their decision, the Trustees based their decision on the considerations described above in connection with their approval of the New Investment Advisory Agreements at the Special Board Meeting, among others, although they did not identify any single specific consideration or any particular information that controlled their decision. Accordingly, the Board, including the Independent Trustees, unanimously approved the Interim Investment Advisory Agreements.

164<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>**

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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>**

&nbsp;&nbsp;&nbsp;&nbsp;*(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.* 

Not applicable.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(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)).*](afot-efp17668_ex99cert.htm)

Filed herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](afot-efp17668_ex99906cert.htm)

**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>October 1, 2025</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>October 1, 2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Nilesh Likhite |
|  | Nilesh Likhite, Treasurer (Principal Financial Officer) |

---

Date <u>October 1, 2025</u>

*\* Print the name and title of each signing officer under his or her signature.*

## 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: | October 1, 2025 | /s/ Ward Bortz |
|  |  | Ward Bortz<br> President (Principal Executive Officer)<br>|

---

**<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: | October 1, 2025 | /s/ Nilesh Likhite |
|  |  | Nilesh Likhite<br> Treasurer (Principal Financial Officer) |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

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 period ended July 31, 2025, 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<br>| Nilesh Likhite <br>Treasurer (Principal Financial Officer) Angel<br> Oak Funds Trust |

---

Dated: <u>October 1, 2025</u> Dated: <u>October 1, 2025</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.