# EDGAR Filing Document

**Accession Number:** 0001612930
**File Stem:** 0001145549-23-017060
**Filing Date:** 2023-3
**Character Count:** 40964
**Document Hash:** 02f6b53e09ffd447f851c2e698e8bb3a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-017060.hdr.sgml**: 20230321

**ACCESSION NUMBER**: 0001145549-23-017060

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230321

**DATE AS OF CHANGE**: 20230321

**PERIOD START**: 20230131

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22980
- **FILM NUMBER:** 23749335

**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 Income ETF (Series ID: S000077753)

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Atlanta

  - **State:** GA

  - **Foreign country:** US

  - **Zip / Postal Code:** 30326

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

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

- **a. Name of Series:** Angel Oak Income ETF

- **b. EDGAR series identifier (if any):** S000077753

- **c. LEI of Series:** 549300KQXNQVK1DNGE47

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $34450978.71

**Total Liabilities:** $814797.16

**Net Assets:** $33636181.55

**Delayed Delivery Securities:** $787661.32

**Cash Not Reported:** $246567.72

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 30.251396092268 | **1-Year:** 1332.561634332140 | **5-Year:** 4748.879266478548 | **10-Year:** 3101.381650751538 | **30-Year:** 383.192921781660

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

- **3-Month:** 24.744521043299 | **1-Year:** 389.348609553512 | **5-Year:** 1228.711949606769 | **10-Year:** 1031.211082015479 | **30-Year:** 270.591405019054

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000238279 | 0.50%                | 0.09%                | 1.80%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $40352.49                                  |
| Month 2  | $-2401.87                | $-125535.04                                |
| Month 3  | $32465.78                | $374253.30                                 |

**Designated Index Information**

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

- **Index Identifier:** GH5UHQ8NQ5

### Schedule of Portfolio Investments

| Name                           | Title                                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| American Credit Acceptance Rec | American Credit Acceptance Receivables Trust 2023-1    | CUSIP: 02530UAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $250313.25    | 0.74%             | 2029-04-12      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD      | Anchorage Capital CLO 3-R Ltd                          | CUSIP: 03330AAC6<br>LEI: 549300V7DN3VJ8H1GE96 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $489803.00    | 1.46%             | 2031-01-28      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| Apidos CLO                     | Apidos CLO XXIX                                        | CUSIP: 03767MAG3<br>LEI: 549300AVJUID3QNR9M59 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $491185.00    | 1.46%             | 2030-07-25      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding | Avis Budget Rental Car Funding AESOP LLC               | CUSIP: 05377RGE8<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $303398.10    | 0.90%             | 2029-04-20      | Fixed         | 6.08%                 | No            |                  2 | On Loan: No      |
| BELLEMEADE RE LT               | Bellemeade Re Ltd                                      | CUSIP: 07876AAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    290000 | PA      | $266744.90    | 0.79%             | 2031-06-25      | Floating      | 7.21%                 | No            |                  2 | On Loan: No      |
| BELLEMEADE RE LT               | Bellemeade Re Ltd                                      | CUSIP: 07876MAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    248400 | PA      | $250870.34    | 0.75%             | 2031-03-25      | Floating      | 9.16%                 | No            |                  2 | On Loan: No      |
| BELLEMEADE RE LT               | Bellemeade RE 2021-3 Ltd                               | CUSIP: 078777AC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $139002.55    | 0.41%             | 2031-09-25      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                 | CPS Auto Receivables Trust 2019-D                      | CUSIP: 12655KAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $97379.40     | 0.29%             | 2025-10-15      | Fixed         | 3.86%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust   | CSMC 2021-NQM6                                         | CUSIP: 12662KAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    204271 | PA      | $151707.18    | 0.45%             | 2066-07-25      | Variable      | 1.58%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust   | CSMC 2021-NQM6                                         | CUSIP: 12662KAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $257532.24    | 0.77%             | 2066-07-25      | Variable      | 3.29%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                 | CPS Auto Receivables Trust 2023-A                      | CUSIP: 12664LAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $250362.50    | 0.74%             | 2029-04-16      | Fixed         | 6.44%                 | No            |                  2 | On Loan: No      |
| Canyon Capital CLO Ltd         | Canyon Capital CLO 2019-1 Ltd                          | CUSIP: 13887TAN7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    550000 | PA      | $533275.05    | 1.59%             | 2032-04-15      | Floating      | 6.49%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust        | CarMax Auto Owner Trust 2023-1                         | CUSIP: 14318DAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $250238.00    | 0.74%             | 2029-11-15      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust  | Citigroup Mortgage Loan Trust 2021-INV3                | CUSIP: 17329VDF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    169450 | PA      | $153949.63    | 0.46%             | 2051-05-25      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS               | Connecticut Avenue Securities Trust 2021-R01           | CUSIP: 20754RAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $288093.90    | 0.86%             | 2041-10-25      | Floating      | 7.41%                 | No            |                  2 | On Loan: No      |
| COVANTA HOLDING CORP           | Covanta Holding Corp                                   | CUSIP: 22303XAA3<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | DBT              | CORP              | US        |    200000 | PA      | $174721.00    | 0.52%             | 2029-12-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust            | DT Auto Owner Trust 2023-1                             | CUSIP: 23346KAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $249219.00    | 0.74%             | 2028-11-15      | Fixed         | 6.44%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage | Deephaven Residential Mortgage Trust 2022-3            | CUSIP: 24381YAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    368293 | PA      | $354208.45    | 1.05%             | 2067-07-25      | Variable      | 5.30%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T | Ellington Financial Mortgage Trust 2022-4              | CUSIP: 268432AC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    149092 | PA      | $146354.46    | 0.44%             | 2067-09-25      | Variable      | 5.90%                 | No            |                  2 | On Loan: No      |
| Eagle Re Ltd                   | Eagle RE 2020-1 Ltd                                    | CUSIP: 26982LAD2<br>LEI: 254900SAV74IHXQ8XY35 | Long             | ABS-MBS          | CORP              | BM        |    250000 | PA      | $243233.50    | 0.72%             | 2030-01-25      | Floating      | 6.51%                 | No            |                  2 | On Loan: No      |
| ENVIVA PARTNERS LP/FIN C       | Enviva Partners LP / Enviva Partners Finance Corp      | CUSIP: 29413XAD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $280365.00    | 0.83%             | 2026-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                       | CUSIP: 3133KPQ27<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    966909 | PA      | $953909.42    | 2.84%             | 2052-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                        | CUSIP: 3140MWXQ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    990431 | PA      | $994525.19    | 2.96%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T | Ellington Financial Mortgage Trust 2021-2              | CUSIP: 31572LAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    700000 | PA      | $439465.60    | 1.31%             | 2066-06-25      | Variable      | 2.30%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T | Ellington Financial Mortgage Trust 2021-2              | CUSIP: 31572LAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    315000 | PA      | $175014.63    | 0.52%             | 2066-06-25      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund             | CUSIP: 31846V211<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |    218215 | NS      | $218215.47    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac - SCRT             | Seasoned Credit Risk Transfer Trust Series 2019-3      | CUSIP: 35563PLU1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $268276.20    | 0.80%             | 2058-10-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac STACR REMIC Trust 2022-HQA3                | CUSIP: 35564KE47<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $501172.50    | 1.49%             | 2042-08-25      | Floating      | 7.86%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac STACR REMIC Trust 2021-DNA6                | CUSIP: 35564KLU1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $479375.00    | 1.43%             | 2041-10-25      | Floating      | 7.71%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac STACR REMIC Trust 2021-HQA4                | CUSIP: 35564KPN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $458906.50    | 1.36%             | 2041-12-25      | Floating      | 8.06%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac STACR REMIC Trust 2022-DNA2                | CUSIP: 35564KRF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $491551.00    | 1.46%             | 2042-02-25      | Floating      | 6.71%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac STACR REMIC Trust 2022-HQA1                | CUSIP: 35564KTJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    350000 | PA      | $349999.30    | 1.04%             | 2042-03-25      | Floating      | 9.56%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac STACR REMIC Trust 2022-DNA3                | CUSIP: 35564KUX5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $502267.50    | 1.49%             | 2042-04-25      | Floating      | 7.21%                 | No            |                  2 | On Loan: No      |
| GCAT                           | GCAT 2020-NQM2 Trust                                   | CUSIP: 36166RAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $425507.00    | 1.27%             | 2065-04-25      | Variable      | 3.59%                 | No            |                  2 | On Loan: No      |
| GCAT                           | GCAT 2023-NQM2 Trust                                   | CUSIP: 36169DAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $136593.47    | 0.41%             | 2067-11-25      | Variable      | 6.90%                 | No            |                  3 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                     | CUSIP: 36179XFH4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    495426 | PA      | $491397.36    | 1.46%             | 2052-09-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                     | CUSIP: 36179XFK7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    992542 | PA      | $1008044.94   | 3.00%             | 2052-09-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                     | CUSIP: 36179XHZ2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    993168 | PA      | $999136.44    | 2.97%             | 2052-10-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                     | CUSIP: 36179XLG9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    995142 | PA      | $987050.83    | 2.93%             | 2052-11-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                     | CUSIP: 36179XLH7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    696998 | PA      | $701186.39    | 2.08%             | 2052-11-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                     | CUSIP: 36179XNF9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    998219 | PA      | $1004217.53   | 2.99%             | 2052-12-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities  | GS Mortgage-Backed Securities Corp Trust 2019-PJ1      | CUSIP: 36257TAV2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    511533 | PA      | $292197.13    | 0.87%             | 2049-08-25      | Variable      | 4.08%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust     | GLS Auto Receivables Issuer Trust 2020-2               | CUSIP: 38014RAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $203663.20    | 0.61%             | 2027-04-15      | Fixed         | 7.48%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd | Golub Capital Partners CLO 34M Ltd                     | CUSIP: 38172FAG3<br>LEI: 254900VU8TXTV5P0H178 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $245595.00    | 0.73%             | 2031-03-14      | Floating      | 7.13%                 | No            |                  2 | On Loan: No      |
| GRAY ESCROW II INC             | Gray Escrow II Inc                                     | CUSIP: 389286AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $151819.50    | 0.45%             | 2031-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES DREDGE&DOCK        | Great Lakes Dredge & Dock Corp                         | CUSIP: 390607AF6<br>LEI: 549300H65E3MZ1CX0P05 | Long             | DBT              | CORP              | US        |    100000 | PA      | $84404.00     | 0.25%             | 2029-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC    | Hertz Vehicle Financing LLC                            | CUSIP: 42806MAP4<br>LEI: 5493004IHDYOZ9K9WF47 | Long             | ABS-O            | CORP              | US        |    350000 | PA      | $312561.90    | 0.93%             | 2028-06-26      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC    | Hertz Vehicle Financing LLC                            | CUSIP: 42806MBG3<br>LEI: 5493004IHDYOZ9K9WF47 | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $189988.20    | 0.56%             | 2026-09-25      | Fixed         | 6.56%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2020-2                        | CUSIP: 46591TBY9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    358100 | PA      | $285183.94    | 0.85%             | 2050-07-25      | Variable      | 3.82%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2020-3                        | CUSIP: 46592ABZ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    356541 | PA      | $282439.35    | 0.84%             | 2050-08-25      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2014-2                        | CUSIP: 46641YAQ6<br>LEI: 549300BV8AJIRLDGMR51 | Long             | ABS-MBS          | CORP              | US        |     21186 | PA      | $18452.44     | 0.05%             | 2029-06-25      | Variable      | 3.42%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2018-6                        | CUSIP: 46650JAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    262095 | PA      | $231838.05    | 0.69%             | 2048-12-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2020-4                        | CUSIP: 46652FBX7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    283681 | PA      | $233445.48    | 0.69%             | 2050-11-25      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| Legacy Mortgage Asset Trust    | Legacy Mortgage Asset Trust 2020-GS3                   | CUSIP: 52474NAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    206404 | PA      | $206091.95    | 0.61%             | 2060-05-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust  | Lendbuzz Securitization Trust 2022-1                   | CUSIP: 52607KAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    286232 | PA      | $278385.12    | 0.83%             | 2027-05-17      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                     | MFA 2020-NQM1 Trust                                    | CUSIP: 552754AC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     80979 | PA      | $75677.64     | 0.22%             | 2049-08-25      | Variable      | 2.30%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd              | Magnetite XXIV Ltd                                     | CUSIP: 55954WAN9<br>LEI: 549300P6T1S83Z2MDF55 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $245437.50    | 0.73%             | 2035-04-15      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT         | Mauser Packaging Solutions Holding Co                  | CUSIP: 57763RAB3<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101000.00    | 0.30%             | 2026-08-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD            | NCL Corp Ltd                                           | CUSIP: 62886HBL4<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    300000 | PA      | $305217.00    | 0.91%             | 2028-02-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| NEW FORTRESS ENERGY INC        | New Fortress Energy Inc                                | CUSIP: 644393AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $184302.20    | 0.55%             | 2026-09-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan  | New Residential Mortgage Loan Trust 2017-5             | CUSIP: 64828NAZ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    355213 | PA      | $328512.08    | 0.98%             | 2057-06-25      | Variable      | 4.06%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan  | New Residential Mortgage Loan Trust 2022-SFR2          | CUSIP: 64830RAJ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    290000 | PA      | $242879.93    | 0.72%             | 2039-09-04      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan  | New Residential Mortgage Loan Trust 2022-SFR2          | CUSIP: 64830RAL6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    700000 | PA      | $606300.10    | 1.80%             | 2039-09-04      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC       | OBX 2023-NQM1 Trust                                    | CUSIP: 670855AC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    499141 | PA      | $497505.12    | 1.48%             | 2062-11-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| OZLM Ltd                       | OZLM XX Ltd                                            | CUSIP: 67112MAC9<br>LEI: 549300ROA1URR67W0G46 | Long             | ABS-CBDO         | CORP              | KY        |    550000 | PA      | $526909.35    | 1.57%             | 2031-04-20      | Floating      | 6.46%                 | No            |                  2 | On Loan: No      |
| Oaktown Re Ltd                 | Oaktown Re VII Ltd                                     | CUSIP: 67389JAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    500000 | PA      | $425521.50    | 1.27%             | 2034-04-25      | Floating      | 8.71%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC       | OBX 2019-EXP1 Trust                                    | CUSIP: 67448QAC5<br>LEI: 549300ELWOCL265HSB73 | Long             | ABS-MBS          | CORP              | US        |    302674 | PA      | $276939.74    | 0.82%             | 2059-01-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgag | PRPM 2020-4 LLC                                        | CUSIP: 69359XAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    515975 | PA      | $503322.74    | 1.50%             | 2025-10-25      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Trust 2022-1                            | CUSIP: 69546MAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     99987 | PA      | $91451.91     | 0.27%             | 2029-10-15      | Fixed         | 3.34%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust 2021-1                  | CUSIP: 69547JAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     49979 | PA      | $43618.67     | 0.13%             | 2027-11-15      | Fixed         | 4.09%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Trust 2022-5                            | CUSIP: 69548HAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $102480.10    | 0.30%             | 2030-06-17      | Fixed         | 10.31%                | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partne | Pretium Mortgage Credit Partners I 2021-NPL4 LLC       | CUSIP: 741391AB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    230726 | PA      | $208922.04    | 0.62%             | 2060-10-27      | Variable      | 2.36%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust     | Progress Residential 2021-SFR1                         | CUSIP: 74331FAL5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    235000 | PA      | $202318.08    | 0.60%             | 2038-04-17      | Fixed         | 2.76%                 | No            |                  2 | On Loan: No      |
| Radnor Re LTD                  | Radnor RE 2021-2 Ltd                                   | CUSIP: 75049GAD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    250000 | PA      | $218857.50    | 0.65%             | 2031-11-25      | Floating      | 10.31%                | No            |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortg | Saluda Grade Alternative Mortgage Trust 2022-INV1      | CUSIP: 79583VAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    499053 | PA      | $452859.39    | 1.35%             | 2032-10-25      | Variable      | 4.65%                 | No            |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Lin | Santander Bank Auto Credit-Linked Notes Series 2022-C  | CUSIP: 80290CBG8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     95802 | PA      | $96716.73     | 0.29%             | 2032-12-15      | Fixed         | 6.99%                 | No            |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Lin | Santander Bank Auto Credit-Linked Notes Series 2022-C  | CUSIP: 80290CBH6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     95802 | PA      | $97064.49     | 0.29%             | 2032-12-15      | Fixed         | 8.20%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2018-2                          | CUSIP: 81746QAU5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    167851 | PA      | $143761.66    | 0.43%             | 2048-02-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| SKOPOS AUTO RECEIVABLES TRUST  | Skopos Auto Receivables Trust 2019-1                   | CUSIP: 83085DAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $393788.00    | 1.17%             | 2026-06-15      | Fixed         | 7.82%                 | No            |                  2 | On Loan: No      |
| SPIRIT LOYALTY KY LTD/IP       | Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd       | CUSIP: 84859BAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    100000 | PA      | $102379.50    | 0.30%             | 2025-09-20      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| SMYRNA READY MIX CONCRET       | Smyrna Ready Mix Concrete LLC                          | CUSIP: 85236FAA1<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |    200000 | PA      | $182197.50    | 0.54%             | 2028-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential  | Starwood Mortgage Residential Trust 2019-INV1          | CUSIP: 85572JAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $434622.50    | 1.29%             | 2049-09-27      | Variable      | 3.66%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd               | Symphony CLO XVI Ltd                                   | CUSIP: 87165VAF6<br>LEI: 5493004PWOYFPAFQVT02 | Long             | ABS-CBDO         | CORP              | KY        |    725000 | PA      | $716373.23    | 2.13%             | 2031-10-15      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| Theorem Funding Trust          | Theorem Funding Trust 2022-3                           | CUSIP: 882925AB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $403940.00    | 1.20%             | 2029-04-15      | Fixed         | 8.95%                 | No            |                  2 | On Loan: No      |
| Genworth Mortgage Insurance Co | Triangle Re 2021-2 Ltd                                 | CUSIP: 89600GAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |     86000 | PA      | $79445.68     | 0.24%             | 2033-10-25      | Floating      | 12.01%                | No            |                  2 | On Loan: No      |
| Tricon American Homes          | Tricon American Homes 2020-SFR1                        | CUSIP: 89613GAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $173965.43    | 0.52%             | 2038-07-17      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| USASF Receivables LLC          | USASF Receivables 2020-1 LLC                           | CUSIP: 90353QAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    690000 | PA      | $699086.61    | 2.08%             | 2027-03-15      | Fixed         | 9.35%                 | No            |                  2 | On Loan: No      |
| UPSTART PASS-THROUGH TRUST     | Upstart Pass-Through Trust Series 2020-ST2             | CUSIP: 91680BAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    166742 | PA      | $163286.78    | 0.49%             | 2028-03-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Upstart Structured Pass-Throug | Upstart Structured Pass-Through Trust Series 2022-4A   | CUSIP: 91680YBD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    410818 | PA      | $410275.03    | 1.22%             | 2030-11-15      | Fixed         | 7.01%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust   | Upstart Securitization Trust 2021-4                    | CUSIP: 91682NAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $367610.00    | 1.09%             | 2031-09-20      | Fixed         | 1.84%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust     | Verus Securitization Trust 2022-8                      | CUSIP: 924922AC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    393738 | PA      | $395203.52    | 1.17%             | 2067-09-25      | Variable      | 6.13%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust     | Verus Securitization Trust 2021-1                      | CUSIP: 92537QAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1074000 | PA      | $741883.76    | 2.21%             | 2066-01-25      | Variable      | 1.97%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust     | Verus Securitization Trust 2023-1                      | CUSIP: 92539BAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    625000 | PA      | $629024.38    | 1.87%             | 2067-12-25      | Variable      | 6.56%                 | No            |                  2 | On Loan: No      |
| Visio 2019-2 Trust             | Visio 2019-2 Trust                                     | CUSIP: 92837DAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    157519 | PA      | $143369.22    | 0.43%             | 2054-11-25      | Variable      | 3.08%                 | No            |                  2 | On Loan: No      |
| L Street Securities            | Wells Fargo Credit Risk Transfer Securities Trust 2015 | CUSIP: 949771AC3<br>LEI: 549300T6W1U156OOG754 | Long             | ABS-MBS          | CORP              | US        |     34768 | PA      | $25827.34     | 0.08%             | 2025-11-25      | Floating      | 9.76%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable | Westlake Automobile Receivables Trust 2023-1           | CUSIP: 96042XAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $506611.50    | 1.51%             | 2028-11-15      | Fixed         | 6.79%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** /s/ Daniel Fazioli

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

**Title:** Principal Financial Officer