# EDGAR Filing Document

**Accession Number:** 0001612930
**File Stem:** 0001145549-23-017052
**Filing Date:** 2023-3
**Character Count:** 36577
**Document Hash:** 406a1beab6c0f977da401a1cd4498a90
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-017052.hdr.sgml**: 20230321

**ACCESSION NUMBER**: 0001145549-23-017052

**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:** 23749322

**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 Total Return Bond Fund (Series ID: S000071994)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000227646 | Institutional Class | AOIIX           |

## 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 Core Impact Fund

- **b. EDGAR series identifier (if any):** S000071994

- **c. LEI of Series:** 5493000Z7TVQ74Q1G508

**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:** $34984174.60

**Total Liabilities:** $198512.90

**Net Assets:** $34785661.70

**Cash Not Reported:** $306262.44

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 34.384278867451 | **1-Year:** 854.760465326807 | **5-Year:** 5380.251867728036 | **10-Year:** 6635.429705179146 | **30-Year:** 28.534635228414

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

- **3-Month:** 0.000000000000 | **1-Year:** 242.558624589294 | **5-Year:** 1607.007354562420 | **10-Year:** 1629.093496363125 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000227646 | 2.18%                | -0.68%               | 3.28%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $449360.18                                 |
| Month 2  | $-824576.61              | $666386.88                                 |
| Month 3  | $4330.73                 | $737018.32                                 |

**Designated Index Information**

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

- **Index Identifier:** 4KKLYIJKHO

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BRAVO Residential Funding Trus | BRAVO Residential Funding Trust 2021-A                       | CUSIP: 105693AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    309907 | PA      | $297400.67    | 0.85%             | 2059-10-25      | Variable      | 1.99%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust   | CSMC 2021-NQM2                                               | CUSIP: 12662EAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     50000 | PA      | $38209.70     | 0.11%             | 2066-02-25      | Variable      | 2.28%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC               | COLT 2021-3 Mortgage Loan Trust                              | CUSIP: 19688FAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    135000 | PA      | $88022.70     | 0.25%             | 2066-09-27      | Variable      | 2.30%                 | No            |                  2 | On Loan: No      |
| FORBRIGHT INC                  | Forbright Inc                                                | CUSIP: 20727PAG9<br>LEI: 549300F86ZI0BZ1LVN33 | Long             | DBT              | CORP              | US        |    500000 | PA      | $436764.34    | 1.26%             | 2032-01-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage | Deephaven Residential Mortgage Trust 2021-2                  | CUSIP: 24381WAD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $65999.60     | 0.19%             | 2066-04-25      | Variable      | 2.22%                 | No            |                  2 | On Loan: No      |
| DIME COMMUNITY BANCSHARE       | Dime Community Bancshares Inc                                | CUSIP: 25432XAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $451061.05    | 1.30%             | 2032-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust           | FREMF 2019-KF58 Mortgage Trust                               | CUSIP: 302986AC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    253287 | PA      | $233504.23    | 0.67%             | 2026-01-25      | Floating      | 6.54%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3132DM3L7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    934571 | PA      | $848117.57    | 2.44%             | 2052-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3133BJNV0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    975921 | PA      | $979285.27    | 2.82%             | 2052-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3133KPPB8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    391215 | PA      | $393076.84    | 1.13%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3133L8DT9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    399917 | PA      | $364858.85    | 1.05%             | 2036-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FFXL6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    250000 | PA      | $214815.25    | 0.62%             | 2031-01-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137H7MF7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    200000 | PA      | $177682.60    | 0.51%             | 2032-05-25      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137H92X6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1000000 | PA      | $943225.00    | 2.71%             | 2032-08-25      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 31418AEP9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    531956 | PA      | $523516.36    | 1.50%             | 2042-04-01      | Fixed         | 4.00%                 | 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    | 1.38%             | 2041-10-25      | Floating      | 7.71%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                           | CUSIP: 36179WEL8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    228488 | PA      | $206064.68    | 0.59%             | 2036-05-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                           | CUSIP: 36179XFJ0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1012372 | PA      | $1018454.91   | 2.93%             | 2052-09-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                           | CUSIP: 36179XH25<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    943796 | PA      | $959421.91    | 2.76%             | 2052-10-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                           | CUSIP: 36179XLH7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    497856 | PA      | $500847.43    | 1.44%             | 2052-11-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Access Investmen | Goldman Sachs Access Investment Grade Corporate Bond Etf     | CUSIP: 381430479<br>LEI: 549300KGVZT18SX98G95 | Long             | EC               | RF                | US        |     10900 | NS      | $503907.00    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| GoodLeap Sustainable Home Impr | GoodLeap Sustainable Home Solutions Trust 2021-3             | CUSIP: 382371AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    405455 | PA      | $324345.16    | 0.93%             | 2048-05-20      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgag | PRPM 2021-RPL1 LLC                                           | CUSIP: 69360GAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $846555.00    | 2.43%             | 2051-07-25      | Variable      | 2.68%                 | No            |                  2 | On Loan: No      |
| RENASANT CORP                  | Renasant Corp                                                | CUSIP: 75970EAE7<br>LEI: 549300OVE6OZHW2UUH81 | Long             | DBT              | CORP              | US        |    300000 | PA      | $259634.70    | 0.75%             | 2031-12-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners            | SG Residential Mortgage Trust 2019-3                         | CUSIP: 78432BAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    103938 | PA      | $101266.21    | 0.29%             | 2059-09-25      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| AMALGAMATED FIN CORP           | Amalgamated Financial Corp                                   | CUSIP: 022671AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $353362.40    | 1.02%             | 2031-11-15      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC        | American Axle & Manufacturing Inc                            | CUSIP: 02406PBB5<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |    500000 | PA      | $412647.63    | 1.19%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                       | BX Commercial Mortgage Trust 2021-VOLT                       | CUSIP: 05609VAQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $944857.00    | 2.72%             | 2036-09-15      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| COMPASS MINERALS INTERNA       | Compass Minerals International Inc                           | CUSIP: 20451NAG6<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |    250000 | PA      | $244186.09    | 0.70%             | 2027-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SLG Office Trust               | SLG Office Trust 2021-OVA                                    | CUSIP: 78449RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $420724.50    | 1.21%             | 2041-07-15      | Fixed         | 2.59%                 | No            |                  2 | On Loan: No      |
| SPDR Portfolio Corporate Bond  | SPDR Portfolio Corporate Bond                                | CUSIP: 78464A144<br>LEI: 549300TAUX1W391UBA63 | Long             | EC               | RF                | US        |     17100 | NS      | $506673.00    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| COVANTA HOLDING CORP           | Covanta Holding Corp                                         | CUSIP: 22303XAA3<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | DBT              | CORP              | US        |    250000 | PA      | $218401.25    | 0.63%             | 2029-12-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140QPSR9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    392125 | PA      | $387220.79    | 1.11%             | 2052-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SEASPAN CORP                   | Seaspan Corp                                                 | CUSIP: 81254UAK2<br>LEI: 5493007Z8Q1H45KT7W98 | Long             | DBT              | CORP              | MH        |    500000 | PA      | $380615.00    | 1.09%             | 2029-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SUBURBAN PROPANE PARTNRS       | Suburban Propane Partners LP/Suburban Energy Finance Corp    | CUSIP: 864486AL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $653516.44    | 1.88%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140QPXT9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    992933 | PA      | $980515.74    | 2.82%             | 2052-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140QPXU6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    976438 | PA      | $981085.11    | 2.82%             | 2052-08-01      | 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        |    139000 | PA      | $87265.31     | 0.25%             | 2066-06-25      | Variable      | 2.30%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund                   | CUSIP: 31846V211<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |    278618 | NS      | $278618.18    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Foundation Finance Trust       | Foundation Finance Trust 2021-1                              | CUSIP: 35041LAB6<br>LEI: 549300MQ65NOVQXYNB21 | Long             | ABS-O            | CORP              | US        |    596000 | PA      | $513282.35    | 1.48%             | 2041-05-15      | Fixed         | 1.87%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust       | Foundation Finance Trust 2021-2                              | CUSIP: 35042PAD2<br>LEI: 54930021B3TF4B4HKE86 | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $456458.50    | 1.31%             | 2042-01-15      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| Helios Issuer VI, LLC          | SUNNOVA HELIOS II ISSUER LLC 2021-B                          | CUSIP: 86744TAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    867301 | PA      | $713134.56    | 2.05%             | 2048-07-20      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust      | Towd Point Mortgage Trust 2020-4                             | CUSIP: 89179JAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    565000 | PA      | $430671.74    | 1.24%             | 2060-10-25      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                           | CUSIP: 36179WDR6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    152272 | PA      | $136222.68    | 0.39%             | 2051-04-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                           | CUSIP: 36179XDG8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    494526 | PA      | $502249.79    | 1.44%             | 2052-08-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T | Tricolor Auto Securitization Trust 2022-1                    | CUSIP: 89616BAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $195513.80    | 0.56%             | 2029-07-16      | Fixed         | 9.80%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 9128283P3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $481582.03    | 1.38%             | 2024-12-31      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 912828Z94<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $438027.35    | 1.26%             | 2030-02-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust     | Verus Securitization Trust 2021-R3                           | CUSIP: 92538EAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     68739 | PA      | $62698.47     | 0.18%             | 2064-04-25      | Variable      | 1.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                           | CUSIP: 36179XFK7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    525371 | PA      | $533576.33    | 1.53%             | 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        |    496584 | PA      | $499568.22    | 1.44%             | 2052-10-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                           | CUSIP: 3622AA4Q4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    252082 | PA      | $225986.15    | 0.65%             | 2051-04-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                           | CUSIP: 3622AA4R2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    249742 | PA      | $224200.51    | 0.64%             | 2051-04-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                           | CUSIP: 3622AA6J8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    264521 | PA      | $236641.17    | 0.68%             | 2051-04-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                           | CUSIP: 3622AAYH1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    230024 | PA      | $206211.36    | 0.59%             | 2051-02-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Goldman Home Improvement Trust | Goldman Home Improvement Trust 2021-GRN2 Issuer Trust        | CUSIP: 38149XAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $439168.50    | 1.26%             | 2051-06-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Greystone Commercial Real Esta | Greystone CRE Notes 2021-HC2 LTD                             | CUSIP: 39809XAG3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $231953.48    | 0.67%             | 2039-12-15      | Floating      | 7.85%                 | No            |                  2 | On Loan: No      |
| HAT HOLDINGS I LLC/HAT         | HAT Holdings I LLC / HAT Holdings II LLC                     | CUSIP: 418751AE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $444385.00    | 1.28%             | 2026-06-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC              | Imperial Fund Mortgage Trust 2021-NQM1                       | CUSIP: 452764AC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    290164 | PA      | $246745.52    | 0.71%             | 2056-06-25      | Variable      | 1.62%                 | No            |                  2 | On Loan: No      |
| iShares iBoxx $ Investment Gra | iShares iBoxx $ Investment Grade Corporate Bond ETF          | CUSIP: 464287242<br>LEI: 549300FYCXFXG8POR355 | Long             | EC               | RF                | US        |      4585 | NS      | $508338.95    | 1.46%             |  |  |  | No            |                  1 | 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    | 0.82%             | 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    | 0.81%             | 2050-08-25      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| Loanpal Solar Loan Ltd.        | Loanpal Solar Loan 2021-1 Ltd                                | CUSIP: 53948PAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    340902 | PA      | $262651.00    | 0.76%             | 2048-01-20      | Fixed         | 2.29%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                     | MFA 2021-RPL1 Trust                                          | CUSIP: 55283QAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $400817.50    | 1.15%             | 2060-07-25      | Variable      | 2.07%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                     | MFA 2021-RPL1 Trust                                          | CUSIP: 55283QAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $375880.50    | 1.08%             | 2060-07-25      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust         | Marlette Funding Trust 2019-4                                | CUSIP: 57110AAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    552530 | PA      | $543736.79    | 1.56%             | 2029-12-17      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| MED Trust                      | Med Trust 2021-MDLN                                          | CUSIP: 58403YAR7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    997038 | PA      | $969751.02    | 2.79%             | 2038-11-15      | Floating      | 6.46%                 | No            |                  2 | On Loan: No      |
| MERCANTILE BANK CORP           | Mercantile Bank Corp                                         | CUSIP: 587376AE4<br>LEI: P16VZZCKTJ5IONL6XE37 | Long             | DBT              | CORP              | US        |    500000 | PA      | $426152.10    | 1.23%             | 2032-01-30      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Mercury Financial Credit Card  | Mercury Financial Credit Card Master Trust                   | CUSIP: 58940BAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $387126.80    | 1.11%             | 2026-03-20      | Fixed         | 1.54%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust       | Mill City Mortgage Loan Trust 2017-2                         | CUSIP: 59980AAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    160000 | PA      | $137362.24    | 0.39%             | 2059-07-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Mission Lane Credit Card Maste | Mission Lane Credit Card Master Trust                        | CUSIP: 60510MAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1454308.50   | 4.18%             | 2026-09-15      | Fixed         | 1.59%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC         | Mosaic Solar Loans 2017-2 LLC                                | CUSIP: 61946GAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     61927 | PA      | $57744.51     | 0.17%             | 2043-06-22      | Fixed         | 3.82%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC         | Mosaic Solar Loan Trust 2021-2                               | CUSIP: 61946RAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    381672 | PA      | $282699.26    | 0.81%             | 2047-04-22      | Fixed         | 2.09%                 | No            |                  2 | On Loan: No      |
| NEW FORTRESS ENERGY INC        | New Fortress Energy Inc                                      | CUSIP: 644393AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    625000 | PA      | $599167.58    | 1.72%             | 2025-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC       | OBX 2022-INV1 Trust                                          | CUSIP: 67115NAU4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    195283 | PA      | $158919.45    | 0.46%             | 2051-12-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Oaktown Re Ltd                 | Oaktown Re II Ltd                                            | CUSIP: 67400CAA6<br>LEI: 254900KOPN6EP9T3LD85 | Long             | ABS-MBS          | CORP              | US        |    330485 | PA      | $319166.33    | 0.92%             | 2028-07-25      | Floating      | 6.06%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP           | OneMain Finance Corp                                         | CUSIP: 682691AB6<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    300000 | PA      | $261395.30    | 0.75%             | 2027-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PREFERRED BANK LA CALIF        | Preferred Bank/Los Angeles CA                                | CUSIP: 740367NL7<br>LEI: 5493007K6HGI9G0ECX16 | Long             | DBT              | CORP              | US        |    250000 | PA      | $220170.21    | 0.63%             | 2031-06-15      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU       | Venture Global Calcasieu Pass LLC                            | CUSIP: 92328MAB9<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    250000 | PA      | $222001.25    | 0.64%             | 2031-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust     | Verus Securitization Trust 2021-5                            | CUSIP: 92538KAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $186781.75    | 0.54%             | 2066-09-25      | Variable      | 2.33%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Se | Wells Fargo Mortgage Backed Securities 2021-2 Trust          | CUSIP: 949798AC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    362528 | PA      | $310003.21    | 0.89%             | 2051-06-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| X-CALIBER FUNDING LLC          | X-Caliber Funding LLC                                        | CUSIP: 98373XAC4<br>LEI: 549300GGW5CBE4FDT866 | Long             | DBT              | CORP              | US        |    500000 | PA      | $451145.18    | 1.30%             | 2024-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                            | US 10YR NOTE (CBT)Mar23                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        74 | NC      | $81639.44     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | US LONG BOND(CBT) Mar23                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        17 | NC      | $-2059.50     | -0.01%            |  |  |  | No            |                  1 | 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