# EDGAR Filing Document

**Accession Number:** 0001612930
**File Stem:** 0001145549-23-017058
**Filing Date:** 2023-3
**Character Count:** 47787
**Document Hash:** a8210f8f9d52d58268bf9d2898569336
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-017058.hdr.sgml**: 20230321

**ACCESSION NUMBER**: 0001145549-23-017058

**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:** 23749330

**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 UltraShort Income ETF (Series ID: S000077754)

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

## 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 UltraShort Income ETF

- **b. EDGAR series identifier (if any):** S000077754

- **c. LEI of Series:** 549300AEKI5OUZTQ9F54

**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:** $47059571.51

**Total Liabilities:** $524624.68

**Net Assets:** $46534946.83

**Delayed Delivery Securities:** $503576.07

**Cash Not Reported:** $48818.23

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 444.173434668007 | **1-Year:** 3191.419677242743 | **5-Year:** 686.593285624385 | **10-Year:** 164.766857845658 | **30-Year:** 0.000000000000

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

- **3-Month:** 30.467685129399 | **1-Year:** 136.232701128305 | **5-Year:** 49.690845447943 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000238280 | 0.54%                | 0.48%                | 0.81%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-381.02                 | $64061.68                                  |
| Month 2  | $9693.15                 | $4893.62                                   |
| Month 3  | $2209.24                 | $152623.20                                 |

**Designated Index Information**

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

- **Index Identifier:** N24PGXXGOK

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Legacy Mortgage Asset Trust    | Legacy Mortgage Asset Trust 2020-GS3                         | CUSIP: 52474NAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    447208 | PA      | $446532.56    | 0.96%             | 2060-05-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 9128283V0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $2901914.07   | 6.24%             | 2025-01-31      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| UPSTART PASS-THROUGH TRUST     | Upstart Pass-Through Trust Series 2020-ST1                   | CUSIP: 91679MAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    449599 | PA      | $440669.47    | 0.95%             | 2028-02-20      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust   | Upstart Securitization Trust 2022-2                          | CUSIP: 91679TAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    377237 | PA      | $371859.29    | 0.80%             | 2032-05-20      | Fixed         | 4.37%                 | 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        |    500227 | PA      | $489860.35    | 1.05%             | 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        |    821635 | PA      | $820550.05    | 1.76%             | 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        |    600000 | PA      | $551415.00    | 1.18%             | 2031-09-20      | Fixed         | 1.84%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust   | Veros Auto Receivables Trust 2021-1                          | CUSIP: 92512BAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    102197 | PA      | $100828.40    | 0.22%             | 2026-10-15      | Fixed         | 0.92%                 | 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    | 1.35%             | 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    | 0.31%             | 2054-11-25      | Variable      | 3.08%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                   | Voya CLO 2014-2 Ltd                                          | CUSIP: 92912VAY1<br>LEI: 549300L8S87K3SMP0R77 | Long             | ABS-CBDO         | CORP              | KY        |    873218 | PA      | $866453.49    | 1.86%             | 2030-04-17      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable | Westlake Automobile Receivables Trust 2020-2                 | CUSIP: 96042PAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    570000 | PA      | $558409.05    | 1.20%             | 2026-01-15      | Fixed         | 2.76%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable | Westlake Automobile Receivables Trust 2020-3                 | CUSIP: 96042QAJ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $392051.60    | 0.84%             | 2025-11-17      | Fixed         | 1.24%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable | Westlake Automobile Receivables Trust 2023-1                 | CUSIP: 96042XAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1001904.00   | 2.15%             | 2026-06-15      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| World Omni Automobile Lease Se | World Omni Automobile Lease Securitization Trust 2020-B      | CUSIP: 98163GAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     57828 | PA      | $57667.98     | 0.12%             | 2024-02-15      | Fixed         | 0.45%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                     | Affirm Asset Securitization Trust 2021-B                     | CUSIP: 00834DAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $92948.50     | 0.20%             | 2026-08-17      | Fixed         | 1.24%                 | No            |                  2 | On Loan: No      |
| BELLEMEADE RE LT               | Bellemeade Re 2019-1 Ltd                                     | CUSIP: 07876RAC0<br>LEI: 254900K56RF3Z7VQ3U81 | Long             | ABS-MBS          | CORP              | BM        |    200000 | PA      | $201564.80    | 0.43%             | 2029-03-25      | Floating      | 7.21%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust            | DT Auto Owner Trust 2022-2                                   | CUSIP: 23345AAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    800000 | PA      | $788584.80    | 1.69%             | 2027-01-15      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| Firstkey Homes Trust           | FirstKey Homes 2020-SFR2 Trust                               | CUSIP: 33767JAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    425000 | PA      | $371169.70    | 0.80%             | 2037-10-19      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| GCAT                           | GCAT 2023-NQM2 Trust                                         | CUSIP: 36169DAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $503699.50    | 1.08%             | 2067-11-25      | Variable      | 6.60%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust     | GLS Auto Receivables Issuer Trust 2021-2                     | CUSIP: 36261XAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     27947 | PA      | $27781.05     | 0.06%             | 2025-09-15      | Fixed         | 0.77%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd | Golub Capital Partners CLO 24M-R Ltd                         | CUSIP: 38174YAA3<br>LEI: 5493009HFMPIX2ZNQ903 | Long             | ABS-CBDO         | CORP              | KY        |    400000 | PA      | $395809.20    | 0.85%             | 2029-11-05      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                     | CUSIP: 38379LUL8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     41131 | PA      | $40261.42     | 0.09%             | 2040-04-16      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC    | Hertz Vehicle Financing LLC                                  | CUSIP: 42806MAA7<br>LEI: 5493004IHDYOZ9K9WF47 | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $186246.80    | 0.40%             | 2025-12-26      | Fixed         | 1.21%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Wealth Management  | JPMorgan Wealth Management 2020-ATR1                         | CUSIP: 46652HAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    858115 | PA      | $815128.25    | 1.75%             | 2050-02-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| LendingPoint Asset Securitizat | Lendingpoint 2021-A Asset Securitization Trust               | CUSIP: 52607FAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    475035 | PA      | $471180.70    | 1.01%             | 2028-12-15      | Fixed         | 1.46%                 | 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    | 0.60%             | 2027-05-17      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                     | MFA 2020-NQM3 Trust                                          | CUSIP: 552757AC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    252528 | PA      | $219546.98    | 0.47%             | 2065-01-26      | Variable      | 1.63%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd       | Madison Park Funding XXIII Ltd                               | CUSIP: 55820TAJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    800000 | PA      | $794469.60    | 1.71%             | 2031-07-27      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd       | Madison Park Funding XXX LTD                                 | CUSIP: 55821TAA5<br>LEI: 549300FFTJ3WPTJK8589 | Long             | ABS-CBDO         | CORP              | KY        |   1030117 | PA      | $1021021.16   | 2.19%             | 2029-04-15      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan  | New Residential Mortgage Loan Trust 2021-NQM2R               | CUSIP: 64831EAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    294895 | PA      | $263778.88    | 0.57%             | 2058-10-25      | Variable      | 0.94%                 | 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    | 1.07%             | 2062-11-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust       | Octane Receivables Trust 2021-2                              | CUSIP: 67578AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    388080 | PA      | $370882.60    | 0.80%             | 2028-09-20      | Fixed         | 1.21%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC            | Oportun Funding XIV LLC                                      | CUSIP: 68377BAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    315000 | PA      | $296338.14    | 0.64%             | 2028-03-08      | Fixed         | 1.21%                 | No            |                  2 | On Loan: No      |
| PBF LOGISTICS LP/FINANCE       | PBF Logistics LP / PBF Logistics Finance Corp                | CUSIP: 69318UAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $200212.63    | 0.43%             | 2023-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgag | PRPM 2021-3 LLC                                              | CUSIP: 69357PAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     53359 | PA      | $50150.96     | 0.11%             | 2026-04-25      | Variable      | 1.87%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgag | PRPM 2021-5 LLC                                              | CUSIP: 69358DAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     55472 | PA      | $51424.19     | 0.11%             | 2026-06-25      | Variable      | 1.79%                 | 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    | 1.08%             | 2025-10-25      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Trust 2022-1                                  | CUSIP: 69546MAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     99416 | PA      | $96419.13     | 0.21%             | 2029-10-15      | Fixed         | 2.03%                 | 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        |    199974 | PA      | $182903.81    | 0.39%             | 2029-10-15      | Fixed         | 3.34%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust 2021-1                        | CUSIP: 69547JAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    174563 | PA      | $172897.53    | 0.37%             | 2027-11-15      | Fixed         | 1.18%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust     | Progress Residential 2019-SFR4 Trust                         | CUSIP: 74331AAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    155000 | PA      | $148256.88    | 0.32%             | 2036-10-17      | Fixed         | 2.69%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl | Santander Drive Auto Receivables Trust 2022-7                | CUSIP: 80287FAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $502428.50    | 1.08%             | 2026-01-15      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| SEAGATE HDD CAYMAN             | Seagate HDD Cayman                                           | CUSIP: 81180WAH4<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |    300000 | PA      | $299135.21    | 0.64%             | 2023-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SKOPOS AUTO RECEIVABLES TRUST  | Skopos Auto Receivables Trust 2019-1                         | CUSIP: 83085DAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    384934 | PA      | $383498.85    | 0.82%             | 2025-04-15      | Fixed         | 5.24%                 | 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        |    100000 | PA      | $98447.00     | 0.21%             | 2026-06-15      | Fixed         | 7.82%                 | No            |                  2 | On Loan: No      |
| SOFI CONSUMER LOAN PROGRAM TRU | SoFi Consumer Loan Program 2022-1S Trust                     | CUSIP: 83406QAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    446687 | PA      | $448111.52    | 0.96%             | 2031-04-15      | Fixed         | 6.21%                 | No            |                  2 | On Loan: No      |
| SPRINT LLC                     | Sprint LLC                                                   | CUSIP: 85207UAF2<br>LEI: 549300ZTTY7CXOLJ6539 | Long             | DBT              | CORP              | US        |    300000 | PA      | $304805.10    | 0.66%             | 2023-09-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Theorem Funding Trust          | Theorem Funding Trust 2022-3                                 | CUSIP: 882925AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    353432 | PA      | $357431.13    | 0.77%             | 2029-04-15      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| Theorem Funding Trust          | Theorem Funding Trust 2022-3                                 | CUSIP: 882925AB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $201970.00    | 0.43%             | 2029-04-15      | Fixed         | 8.95%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust      | Towd Point Mortgage Trust 2015-3                             | CUSIP: 89172HAZ0<br>LEI: 549300ZHISOOIT5VZP03 | Long             | ABS-MBS          | CORP              | US        |    172278 | PA      | $167411.00    | 0.36%             | 2054-03-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust      | Towd Point Mortgage Trust 2019-HY3                           | CUSIP: 89177XAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    805320 | PA      | $795690.73    | 1.71%             | 2059-10-25      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| Tricon American Homes          | Tricon American Homes 2017-SFR2 Trust                        | CUSIP: 89613FAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    509399 | PA      | $496742.46    | 1.07%             | 2036-01-17      | Fixed         | 2.93%                 | 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    | 0.85%             | 2067-09-25      | Variable      | 6.13%                 | No            |                  2 | On Loan: No      |
| ACC Trust                      | ACC Trust 2022-1                                             | CUSIP: 00091HAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $291117.90    | 0.63%             | 2025-02-20      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| ACHV ABS TRUST                 | ACHV ABS TRUST 2023-1PL                                      | CUSIP: 00091XAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $300789.60    | 0.65%             | 2030-03-18      | Fixed         | 6.42%                 | No            |                  2 | On Loan: No      |
| ACC Auto Trust                 | ACC Auto Trust 2021-A                                        | CUSIP: 00108XAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     20832 | PA      | $20627.39     | 0.04%             | 2027-04-15      | Fixed         | 1.08%                 | No            |                  2 | On Loan: No      |
| ACC Auto Trust                 | ACC Auto Trust 2021-A                                        | CUSIP: 00108XAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $96548.90     | 0.21%             | 2027-04-15      | Fixed         | 1.79%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                     | AMSR 2020-SFR1 Trust                                         | CUSIP: 00180AAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    446000 | PA      | $399919.98    | 0.86%             | 2037-04-17      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA       | AerCap Ireland Capital DAC / AerCap Global Aviation Trust    | CUSIP: 00774MAT2<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    300000 | PA      | $291191.89    | 0.63%             | 2023-10-29      | Fixed         | 1.15%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                     | Affirm Asset Securitization Trust 2023-A                     | CUSIP: 00834JAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $400522.00    | 0.86%             | 2028-01-18      | Fixed         | 6.61%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec | American Credit Acceptance Receivables Trust 2020-3          | CUSIP: 025297AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     58578 | PA      | $58335.88     | 0.13%             | 2026-06-15      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec | American Credit Acceptance Receivables Trust 2022-4          | CUSIP: 02529XAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $406643.20    | 0.87%             | 2026-10-13      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| American Express Credit Accoun | American Express Credit Account Master Trust                 | CUSIP: 02582JHS2<br>LEI: 549300Y4SA5G3GIJTP18 | Long             | ABS-O            | CORP              | US        |   1150000 | PA      | $1153119.95   | 2.48%             | 2025-10-15      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Rec | Arivo Acceptance Auto Loan Receivables Trust 2021-1          | CUSIP: 04047AAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $135383.40    | 0.29%             | 2027-03-15      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Rec | Arivo Acceptance Auto Loan Receivables Trust 2022-1          | CUSIP: 04047EAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    199293 | PA      | $194389.71    | 0.42%             | 2028-05-15      | Fixed         | 3.93%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Rec | Arivo Acceptance Auto Loan Receivables Trust 2022-2          | CUSIP: 04047JAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    375838 | PA      | $380230.43    | 0.82%             | 2029-01-16      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Secur | BHG Securitization Trust 2022-B                              | CUSIP: 05553DAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    341474 | PA      | $337789.55    | 0.73%             | 2035-06-18      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus | BRAVO Residential Funding Trust 2021-A                       | CUSIP: 105693AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    154954 | PA      | $148700.34    | 0.32%             | 2059-10-25      | Variable      | 1.99%                 | No            |                  2 | On Loan: No      |
| CIM Trust                      | CIM Trust 2018-R3                                            | CUSIP: 12553WAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    372683 | PA      | $356960.91    | 0.77%             | 2057-12-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                 | CPS Auto Receivables Trust 2023-A                            | CUSIP: 12664LAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $250053.75    | 0.54%             | 2026-11-16      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| Capital One Multi-Asset Execut | Capital One Multi-Asset Execution Trust                      | CUSIP: 14041NFS5<br>LEI: R42WS16M9R97TJJKGU15 | Long             | ABS-O            | CORP              | US        |    550000 | PA      | $550685.85    | 1.18%             | 2026-03-16      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| CARDS II Trust                 | CARDS II Trust                                               | CUSIP: 14161GBY5<br>LEI: 549300GWPYLNK6X47W76 | Long             | ABS-O            | CORP              | CA        |    300000 | PA      | $285075.90    | 0.61%             | 2027-04-15      | Fixed         | 0.60%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust | Carvana Auto Receivables Trust 2021-N2                       | CUSIP: 14686KAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    109076 | PA      | $100351.66    | 0.22%             | 2028-03-10      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust | Carvana Auto Receivables Trust 2021-P2                       | CUSIP: 14687TAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    335189 | PA      | $323712.56    | 0.70%             | 2026-03-10      | Fixed         | 0.49%                 | No            |                  2 | On Loan: No      |
| Citibank Credit Card Issuance  | Citibank Credit Card Issuance Trust                          | CUSIP: 17305EGD1<br>LEI: R8AG6FXVDQAMDKCSJJ64 | Long             | ABS-O            | CORP              | US        |    900000 | PA      | $903709.80    | 1.94%             | 2026-04-22      | Floating      | 5.13%                 | 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        |    338900 | PA      | $307899.26    | 0.66%             | 2051-05-25      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| Conn Funding II, L.P           | Conn's Receivables Funding 2022-A LLC                        | CUSIP: 20825YAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    470711 | PA      | $471884.55    | 1.01%             | 2026-12-15      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| CoreVest American Finance Ltd  | Corevest American Finance 2019-1 Trust                       | CUSIP: 21872FAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    313555 | PA      | $298048.58    | 0.64%             | 2052-03-15      | Fixed         | 3.32%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust            | DT Auto Owner Trust 2022-3                                   | CUSIP: 23345RAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $307970.70    | 0.66%             | 2028-07-17      | Fixed         | 6.74%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS               | Fannie Mae Connecticut Avenue Securities                     | CUSIP: 30711XAH7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |    136921 | PA      | $139326.07    | 0.30%             | 2024-05-25      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS               | Fannie Mae Connecticut Avenue Securities                     | CUSIP: 30711XAM6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |     67489 | PA      | $68249.22     | 0.15%             | 2024-07-25      | Floating      | 7.41%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137B7MZ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    399778 | PA      | $395810.22    | 0.85%             | 2023-10-25      | Variable      | 3.53%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                           | CUSIP: 3137F4R46<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    553690 | PA      | $542968.03    | 1.17%             | 2045-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FF3L9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    417335 | PA      | $408474.04    | 0.88%             | 2028-01-25      | Floating      | 4.24%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FG5T8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    207574 | PA      | $204828.26    | 0.44%             | 2028-03-25      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FUZS6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    476292 | PA      | $471641.23    | 1.01%             | 2027-06-25      | Floating      | 4.46%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137H13Y0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    512658 | PA      | $493799.25    | 1.06%             | 2031-05-25      | Floating      | 4.28%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                           | CUSIP: 3137H2RS5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    478425 | PA      | $465062.32    | 1.00%             | 2031-02-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund                   | CUSIP: 31846V211<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |    788400 | NS      | $788400.11    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| First Investors Auto Owner Tru | First Investors Auto Owner Trust 2021-2                      | CUSIP: 32057JAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    260000 | PA      | $239386.42    | 0.51%             | 2027-11-15      | Fixed         | 1.47%                 | No            |                  2 | On Loan: No      |
| First Investors Auto Owner Tru | First Investors Auto Owner Trust 2021-1                      | CUSIP: 32059FAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $242728.50    | 0.52%             | 2027-03-15      | Fixed         | 0.89%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust     | Flagship Credit Auto Trust 2020-3                            | CUSIP: 33844TAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    881078 | PA      | $872392.69    | 1.87%             | 2026-09-15      | Fixed         | 1.41%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust     | Flagship Credit Auto Trust 2019-4                            | CUSIP: 33845FAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $386257.60    | 0.83%             | 2026-01-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC       | Ford Motor Credit Co LLC                                     | CUSIP: 345397A78<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $196550.60    | 0.42%             | 2023-11-17      | Fixed         | 3.37%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac Structured Agency Credit Risk Debt Notes         | CUSIP: 35564KB24<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | CORP              | US        |    239706 | PA      | $235715.85    | 0.51%             | 2042-07-25      | Floating      | 6.96%                 | No            |                  2 | On Loan: No      |
| General Motors                 | GMF Floorplan Owner Revolving Trust                          | CUSIP: 361886CM4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $388762.40    | 0.84%             | 2025-10-15      | Fixed         | 0.69%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae I Pool                                            | CUSIP: 36206AJW4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      7152 | PA      | $7219.14      | 0.02%             | 2024-12-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS CO              | General Motors Co                                            | CUSIP: 37045VAE0<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |    300000 | PA      | $299715.00    | 0.64%             | 2023-10-02      | Fixed         | 4.88%                 | 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        |    400000 | PA      | $407326.40    | 0.88%             | 2027-04-15      | Fixed         | 7.48%                 | No            |                  2 | On Loan: No      |
| ICG US CLO Ltd                 | ICG US CLO 2015-1 Ltd                                        | CUSIP: 44931AAJ8<br>LEI: 254900IL8TH4VLG5DO47 | Long             | ABS-CBDO         | CORP              | KY        |    561229 | PA      | $557112.98    | 1.20%             | 2028-10-19      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust 2021-3                        | CUSIP: 69546RAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    377905 | PA      | $370629.92    | 0.80%             | 2029-05-15      | Fixed         | 1.15%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Trust 2022-5                                  | CUSIP: 69548HAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    492360 | PA      | $497856.72    | 1.07%             | 2030-06-17      | Fixed         | 8.10%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust      | Towd Point Mortgage Trust 2017-5                             | CUSIP: 89169EAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     87266 | PA      | $84454.06     | 0.18%             | 2057-02-25      | Floating      | 3.91%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust      | Towd Point Mortgage Trust 2017-6                             | CUSIP: 89175JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    220155 | PA      | $202463.81    | 0.44%             | 2057-10-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| USASF Receivables LLC          | USASF Receivables 2020-1 LLC                                 | CUSIP: 90353QAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1100000 | PA      | $1114485.90   | 2.39%             | 2027-03-15      | Fixed         | 9.35%                 | No            |                  2 | On Loan: No      |
| United Auto Credit Securitizat | United Auto Credit Securitization Trust 2023-1               | CUSIP: 90945CAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $300432.90    | 0.65%             | 2025-07-10      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                                  | CUSIP: 912796ZP7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $983912.45    | 2.11%             | 2023-06-08      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                                  | CUSIP: 912796ZZ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $978511.18    | 2.10%             | 2023-07-20      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 91282CEG2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1500000 | PA      | $1458632.82   | 3.13%             | 2024-03-31      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust   | Upstart Securitization Trust 2021-5                          | CUSIP: 91679JAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    881173 | PA      | $858516.83    | 1.84%             | 2031-11-20      | Fixed         | 1.31%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust   | Upstart Securitization Trust 2021-3                          | CUSIP: 91679LAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $188084.60    | 0.40%             | 2031-07-20      | Fixed         | 1.66%                 | 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