# EDGAR Filing Document

**Accession Number:** 0001612930
**File Stem:** 0001193125-25-335125
**Filing Date:** 2025-12
**Character Count:** 105798
**Document Hash:** 6b1a83a638ada0b5650687b22e69fbae
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-335125.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0001193125-25-335125

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**PERIOD START**: 20260131

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Angel Oak Funds Trust
- **CENTRAL INDEX KEY:** 0001612930

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22980
- **FILM NUMBER:** 251608327

**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 ETF (Series ID: S000094807)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000263351 | Angel Oak Total Return ETF | TRBF            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Angel Oak Total Return ETF** | **Angel Oak Total Return ETF** | **Angel Oak Total Return ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **October 31, 2025 (Unaudited)** | **October 31, 2025 (Unaudited)** | **October 31, 2025 (Unaudited)** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY - 34.5%** | **Par** | **Value**  |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp; Pool QE0312, 2.00%, 04/01/2052 | 797529 | $649202 |
| &nbsp;&nbsp; Pool RA4179, 2.50%, 12/01/2050 | 346157 | 294467 |
| &nbsp;&nbsp; Pool SD6284, 2.00%, 01/01/2054 | 321526 | 261024 |
| &nbsp;&nbsp; Pool SD8150, 2.00%, 06/01/2051 | 352308 | 286895 |
| &nbsp;&nbsp; Pool SD8224, 2.50%, 07/01/2052 | 309315 | 263758 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| &nbsp;&nbsp; Pool BV7773, 2.50%, 04/01/2052 | 684095 | 582358 |
| &nbsp;&nbsp; Pool CA9273, 2.00%, 02/01/2051 | 257815 | 210269 |
| &nbsp;&nbsp; Pool CB0456, 2.50%, 05/01/2051 | 617825 | 524206 |
| &nbsp;&nbsp; Pool CB2806, 2.50%, 02/01/2052 | 821541 | 705526 |
| &nbsp;&nbsp; Pool FM6672, 2.50%, 03/01/2051 | 39606 | 33716 |
| &nbsp;&nbsp; Pool FM7652, 2.50%, 06/01/2051 | 194483 | 166046 |
| &nbsp;&nbsp; Pool MA4237, 2.00%, 01/01/2051 | 537207 | 439814 |
| &nbsp;&nbsp; Pool MA4512, 2.50%, 01/01/2052 | 261493 | 223421 |
| &nbsp;&nbsp; Pool MA4547, 2.00%, 02/01/2052 | 569971 | 462007 |
| &nbsp;&nbsp; Pool MA4548, 2.50%, 02/01/2052 | 80040 | 68037 |
| &nbsp;&nbsp; Pool MA4563, 2.50%, 03/01/2052 | 31327 | 26628 |
| &nbsp;&nbsp; Pool MA4599, 3.00%, 05/01/2052 | 419598 | 371457 |
| &nbsp;&nbsp; Pool MA4653, 3.00%, 07/01/2052 | 350025 | 311261 |
| **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY** (Cost $5,890,615) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY** (Cost $5,890,615) | 5880092 |
| **CORPORATE OBLIGATIONS - 23.1%** | **Par** | **Value**  |
| **Basic Materials - 0.8%** | **Basic Materials - 0.8%** | **Basic Materials - 0.8%** |
|  Barrick International Barbados Corp., 6.35%, 10/15/2036 <sup>(a)</sup> | 15000 | 16460 |
|  First Quantum Minerals Ltd., 7.25%, 02/15/2034 <sup>(a)</sup> | 20000 | 20786 |
|  Freeport-McMoRan, Inc., 5.40%, 11/14/2034 | 20000 | 20643 |
|  Methanex US Operations, Inc., 6.25%, 03/15/2032 <sup>(a)</sup> | 20000 | 20360 |
|  Mosaic Co., 5.63%, 11/15/2043 | 20000 | 19715 |
|  Nucor Corp., 5.10%, 06/01/2035 | 20000 | 20426 |
|  Nutrien Ltd., 2.95%, 05/13/2030 | 20000 | 18853 |
|  |  | 137243 |
| **Communications - 1.3%** | **Communications - 1.3%** | **Communications - 1.3%** |
|  AT&T, Inc., 4.90%, 08/15/2037 | 50000 | 48821 |
|  Comcast Corp., 6.50%, 11/15/2035 | 30000 | 33313 |
|  Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 10.00%, 02/15/2031 <sup>(a)</sup> | 20000 | 19942 |
|  Gen Digital, Inc., 6.25%, 04/01/2033 <sup>(a)</sup> | 20000 | 20639 |
|  Outfront Media Capital LLC / Outfront Media Capital Corp., 4.63%, 03/15/2030 <sup>(a)</sup> | 20000 | 19337 |
|  T-Mobile USA, Inc., 5.75%, 01/15/2034 | 30000 | 31736 |
|  Verizon Communications, Inc., 4.27%, 01/15/2036 | 55000 | 51406 |
|  |  | 225194 |
| **Consumer, Cyclical - 1.8%** | **Consumer, Cyclical - 1.8%** | **Consumer, Cyclical - 1.8%** |
|  BorgWarner, Inc., 5.40%, 08/15/2034 | 25000 | 25771 |
|  Caesars Entertainment, Inc., 4.63%, 10/15/2029 <sup>(a)</sup> | 20000 | 18829 |
|  Clarios Global LP / Clarios US Finance Co., 6.75%, 09/15/2032 <sup>(a)</sup> | 20000 | 20479 |
|  Ford Motor Credit Co. LLC, 6.13%, 03/08/2034 | 15000 | 15188 |
|  General Motors Financial Co., Inc., 6.10%, 01/07/2034 | 25000 | 26428 |
|  Lowe's Companies, Inc., 5.15%, 07/01/2033 | 25000 | 25756 |
|  Meritage Homes Corp., 5.65%, 03/15/2035 | 25000 | 25385 |
|  Newell Brands, Inc., 8.50%, 06/01/2028 <sup>(a)</sup> | 20000 | 20568 |
|  O'Reilly Automotive, Inc., 4.70%, 06/15/2032 | 25000 | 25164 |
|  Phinia, Inc., 6.75%, 04/15/2029 <sup>(a)</sup> | 25000 | 25822 |
|  PulteGroup, Inc., 6.38%, 05/15/2033 | 25000 | 27334 |
|  Royal Caribbean Cruises Ltd., 6.00%, 02/01/2033 <sup>(a)</sup> | 35000 | 35943 |
|  Viking Cruises Ltd., 5.88%, 10/15/2033 <sup>(a)</sup> | 20000 | 20344 |
|  |  | 313011 |
| **Consumer, Non-cyclical - 5.0%** | **Consumer, Non-cyclical - 5.0%** | **Consumer, Non-cyclical - 5.0%** |
|  Acadia Healthcare Co., Inc., 7.38%, 03/15/2033 <sup>(a)</sup> | 20000 | 20700 |
|  Agilent Technologies, Inc., 4.75%, 09/09/2034 | 30000 | 29937 |
|  Amgen, Inc., 5.25%, 03/02/2033 | 30000 | 31073 |
|  Amneal Pharmaceuticals LLC, 6.88%, 08/01/2032 <sup>(a)</sup> | 20000 | 20994 |
|  Ashtead Capital, Inc., 5.95%, 10/15/2033 <sup>(a)</sup> | 25000 | 26446 |
|  Baxter International, Inc., 2.54%, 02/01/2032 | 35000 | 30610 |
|  Belron UK Finance PLC, 5.75%, 10/15/2029 <sup>(a)</sup> | 20000 | 20278 |
|  Bio-Rad Laboratories, Inc., 3.70%, 03/15/2032 | 35000 | 32839 |
|  Brown-Forman Corp., 4.00%, 04/15/2038 | 25000 | 22636 |
|  Bunge Ltd. Finance Corp., 2.75%, 05/14/2031 | 30000 | 27572 |
|  Campbell's Co., 5.40%, 03/21/2034 | 25000 | 25693 |
|  Conagra Brands, Inc., 5.30%, 11/01/2038 | 20000 | 19257 |
|  Constellation Brands, Inc., 4.90%, 05/01/2033 | 20000 | 20137 |
|  DaVita, Inc., 6.88%, 09/01/2032 <sup>(a)</sup> | 20000 | 20740 |
|  EquipmentShare.com, Inc., 8.63%, 05/15/2032 <sup>(a)</sup> | 20000 | 20209 |
|  GE HealthCare Technologies, Inc., 5.91%, 11/22/2032 | 30000 | 32300 |
|  Global Payments, Inc., 5.40%, 08/15/2032 | 25000 | 25312 |
|  HCA, Inc., 5.45%, 09/15/2034 | 30000 | 30882 |
|  J.M. Smucker Co., 6.20%, 11/15/2033 | 25000 | 27124 |
|  JBS USA Food Co., 6.75%, 03/15/2034 | 25000 | 27597 |
|  Keurig Dr Pepper, Inc., 5.30%, 03/15/2034 | 30000 | 30520 |
|  Kraft Heinz Foods Co., 6.88%, 01/26/2039 | 20000 | 22313 |
|  Kroger Co., 5.00%, 09/15/2034 | 30000 | 30262 |
|  Mars, Inc., 5.20%, 03/01/2035 <sup>(a)</sup> | 25000 | 25669 |
|  Molina Healthcare, Inc., 6.25%, 01/15/2033 <sup>(a)</sup> | 20000 | 20152 |
|  Molson Coors Beverage Co., 4.20%, 07/15/2046 | 15000 | 12272 |
|  Perrigo Finance Unlimited Co., 6.13%, 09/30/2032 | 15000 | 15142 |
|  Philip Morris International, Inc., 5.25%, 02/13/2034 | 30000 | 30934 |
|  Post Holdings, Inc., 6.38%, 03/01/2033 <sup>(a)</sup> | 20000 | 20306 |
|  Royalty Pharma PLC, 3.30%, 09/02/2040 | 40000 | 30992 |
|  Simmons Foods, Inc., 4.63%, 03/01/2029 <sup>(a)</sup> | 20000 | 19187 |
|  Tyson Foods, Inc., 4.88%, 08/15/2034 | 30000 | 29847 |
|  United Rentals North America, Inc., 6.00%, 12/15/2029 <sup>(a)</sup> | 20000 | 20543 |
|  Zimmer Biomet Holdings, Inc., 2.60%, 11/24/2031 | 35000 | 31601 |
|  |  | 852076 |
| **Diversified - 0.1%** | **Diversified - 0.1%** | **Diversified - 0.1%** |
|  Stena International SA, 7.25%, 01/15/2031 <sup>(a)</sup> | 20000 | 20478 |
| **Energy - 1.7%** | **Energy - 1.7%** | **Energy - 1.7%** |
|  Cheniere Energy Partners LP, 5.75%, 08/15/2034 | 25000 | 26000 |
|  Continental Resources, Inc., 5.75%, 01/15/2031 <sup>(a)</sup> | 25000 | 25755 |
|  Energy Transfer LP, 7.38%, 02/01/2031 <sup>(a)</sup> | 25000 | 26045 |
|  Gulfport Energy Operating Corp., 6.75%, 09/01/2029 <sup>(a)</sup> | 20000 | 20445 |
|  Hess Corp., 7.13%, 03/15/2033 | 20000 | 23304 |
|  MPLX LP, 5.00%, 03/01/2033 | 25000 | 25062 |
|  ONEOK, Inc., 6.05%, 09/01/2033 | 25000 | 26501 |
|  Plains All American Pipeline LP / PAA Finance Corp., 5.70%, 09/15/2034 | 25000 | 25725 |
|  SunCoke Energy, Inc., 4.88%, 06/30/2029 <sup>(a)</sup> | 20000 | 18689 |
|  Targa Resources Corp., 6.50%, 03/30/2034 | 25000 | 27307 |
|  Western Midstream Operating LP, 6.15%, 04/01/2033 | 25000 | 26354 |
|  Williams Cos., Inc., 5.60%, 03/15/2035 | 25000 | 25956 |
|  |  | 297143 |
| **Financial - 7.5%** | **Financial - 7.5%** | **Financial - 7.5%** |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.30%, 01/30/2032 | 35000 | 32311 |
|  Aircastle Ltd. / Aircastle Ireland DAC, 5.25%, 03/15/2030 <sup>(a)</sup> | 35000 | 35744 |
|  American Express Co., 5.28% to 07/26/2034 then SOFR + 1.42%, 07/26/2035 | 55000 | 56766 |
|  American Tower Corp., 5.55%, 07/15/2033 | 30000 | 31431 |
|  Avolon Holdings Funding Ltd., 5.75%, 11/15/2029 <sup>(a)</sup> | 35000 | 36306 |
|  Bank of America Corp., 2.48% to 09/21/2031 then 5 yr. CMT Rate + 1.20%, 09/21/2036 | 90000 | 78452 |
|  Burford Capital Global Finance LLC, 7.50%, 07/15/2033 <sup>(a)</sup> | 20000 | 19771 |
|  Capital One Financial Corp., 6.18% to 01/30/2035 then SOFR + 2.04%, 01/30/2036 | 65000 | 67764 |
|  Crown Castle, Inc., 5.10%, 05/01/2033 | 35000 | 35468 |
|  Enact Holdings, Inc., 6.25%, 05/28/2029 | 30000 | 31417 |
|  EZCORP, Inc., 7.38%, 04/01/2032 <sup>(a)</sup> | 20000 | 21175 |
|  Fifth Third Bancorp, 5.63% to 01/29/2031 then SOFR + 1.84%, 01/29/2032 | 65000 | 68058 |
|  GGAM Finance Ltd., 5.88%, 03/15/2030 <sup>(a)</sup> | 20000 | 20275 |
|  Jane Street Group / JSG Finance, Inc., 6.75%, 05/01/2033 <sup>(a)</sup> | 20000 | 20879 |
|  Jefferson Capital Holdings LLC, 8.25%, 05/15/2030 <sup>(a)</sup> | 20000 | 20752 |
|  JPMorgan Chase & Co., 6.25% to 10/23/2033 then SOFR + 1.81%, 10/23/2034 | 75000 | 82626 |
|  LPL Holdings, Inc., 4.00%, 03/15/2029 <sup>(a)</sup> | 45000 | 43972 |
|  M&T Bank Corp., 5.40%, 07/30/2030 then 5 yr. CMT Rate + 1.43%, 07/30/2035 | 65000 | 65487 |
|  Macquarie Airfinance Holdings Ltd., 6.50%, 03/26/2031 <sup>(a)</sup> | 30000 | 32031 |
|  Millrose Properties, Inc., 6.38%, 08/01/2030 <sup>(a)</sup> | 20000 | 20278 |
|  Morgan Stanley, 5.95% to 01/19/2033 then 5 yr. CMT Rate + 2.43%, 01/19/2038 | 65000 | 68201 |
|  NMI Holdings, Inc., 6.00%, 08/15/2029 | 35000 | 36130 |
|  OneMain Finance Corp., 7.13%, 11/15/2031 | 20000 | 20743 |
|  PNC Financial Services Group, Inc., 5.68% to 01/22/2034 then SOFR + 1.90%, 01/22/2035 | 70000 | 73964 |
|  Radian Group, Inc., 6.20%, 05/15/2029 | 30000 | 31369 |
|  RHP Hotel Properties LP / RHP Finance Corp., 6.50%, 04/01/2032 <sup>(a)</sup> | 20000 | 20593 |
|  Starwood Property Trust, Inc., 5.75%, 01/15/2031 <sup>(a)</sup> | 20000 | 20307 |
|  UBS Group AG, 5.70% to 02/08/2034 then 1 yr. CMT Rate + 1.77%, 02/08/2035 <sup>(a)</sup> | 65000 | 68579 |
|  UWM Holdings LLC, 6.25%, 03/15/2031 <sup>(a)</sup> | 20000 | 19977 |
|  Walker & Dunlop, Inc., 6.63%, 04/01/2033 <sup>(a)</sup> | 20000 | 20485 |
|  Wells Fargo & Co., 5.56% to 07/25/2033 then SOFR + 1.99%, 07/25/2034 | 65000 | 68279 |
|  |  | 1269590 |
| **Industrial - 2.0%** | **Industrial - 2.0%** | **Industrial - 2.0%** |
|  Amphenol Corp., 5.25%, 04/05/2034 | 20000 | 20805 |
|  Arrow Electronics, Inc., 5.88%, 04/10/2034 | 30000 | 31435 |
|  Builders FirstSource, Inc., 6.75%, 05/15/2035 <sup>(a)</sup> | 20000 | 21024 |
|  Burlington Northern Santa Fe LLC, 4.13%, 06/15/2047 | 30000 | 25289 |
|  Carrier Global Corp., 3.38%, 04/05/2040 | 15000 | 12228 |
|  CRH America Finance, Inc., 5.40%, 05/21/2034 | 25000 | 25940 |
|  CSX Corp., 6.15%, 05/01/2037 | 25000 | 27627 |
|  GATX Corp., 5.50%, 06/15/2035 | 35000 | 35979 |
|  Genesee & Wyoming, Inc., 6.25%, 04/15/2032 <sup>(a)</sup> | 15000 | 15322 |
|  Northrop Grumman Corp., 5.20%, 06/01/2054 | 20000 | 19159 |
|  Quikrete Holdings, Inc., 6.75%, 03/01/2033 <sup>(a)</sup> | 20000 | 20829 |
|  RTX Corp., 6.10%, 03/15/2034 | 20000 | 21989 |
|  Sealed Air Corp., 6.50%, 07/15/2032 <sup>(a)</sup> | 20000 | 20716 |
|  United Parcel Service, Inc., 5.50%, 05/22/2054 | 15000 | 14899 |
|  Waste Management, Inc., 4.88%, 02/15/2034 | 20000 | 20445 |
|  |  | 333686 |
| **Technology - 1.7%** | **Technology - 1.7%** | **Technology - 1.7%** |
|  Amkor Technology, Inc., 5.88%, 10/01/2033 <sup>(a)</sup> | 20000 | 20371 |
|  CDW LLC / CDW Finance Corp., 5.55%, 08/22/2034 | 35000 | 35961 |
|  Dell International LLC / EMC Corp., 4.85%, 02/01/2035 | 35000 | 34461 |
|  Fiserv, Inc., 5.25%, 08/11/2035 | 25000 | 24936 |
|  IBM International Capital Pte Ltd., 4.90%, 02/05/2034 | 35000 | 35329 |
|  MSCI, Inc., 5.25%, 09/01/2035 | 35000 | 35144 |
|  Oracle Corp., 3.90%, 05/15/2035 | 35000 | 31286 |
|  Roper Technologies, Inc., 1.75%, 02/15/2031 | 40000 | 34925 |
|  VMware LLC, 2.20%, 08/15/2031 | 40000 | 35382 |
|  |  | 287795 |
| **Utilities - 1.2%** | **Utilities - 1.2%** | **Utilities - 1.2%** |
|  Berkshire Hathaway Energy Co., 6.13%, 04/01/2036 | 30000 | 32563 |
|  Duke Energy Florida LLC, 6.40%, 06/15/2038 | 30000 | 33834 |
|  Hawaiian Electric Co., Inc., 6.00%, 10/01/2033 <sup>(a)</sup> | 20000 | 20237 |
|  NRG Energy, Inc., 6.25%, 11/01/2034 <sup>(a)</sup> | 20000 | 20606 |
|  Pike Corp., 8.63%, 01/31/2031 <sup>(a)</sup> | 20000 | 21365 |
|  Virginia Electric and Power Co., 5.15%, 03/15/2035 | 35000 | 35726 |
|  Vistra Operations Co. LLC, 6.00%, 04/15/2034 <sup>(a)</sup> | 30000 | 31495 |
|  |  | 195826 |
| **TOTAL CORPORATE OBLIGATIONS** (Cost $3,943,156) | **TOTAL CORPORATE OBLIGATIONS** (Cost $3,943,156) | 3932042 |
| **U.S. TREASURY NOTES - 14.4%** | **Par** | **Value**  |
| &nbsp;&nbsp; 1.50%, 02/15/2030 | 700000 | 640609 |
| &nbsp;&nbsp; 2.75%, 08/15/2032 | 250000 | 233291 |
| &nbsp;&nbsp; 4.75%, 02/15/2037 | 1500000 | 1583555 |
| **TOTAL U.S. TREASURY NOTES** (Cost $2,459,560) | **TOTAL U.S. TREASURY NOTES** (Cost $2,459,560) | 2457455 |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES - 8.7%** | **Par** | **Value**  |
|  CIM Trust Series 2022-R1, Class M3, 4.00%, 01/25/2061 <sup>(a)(b)</sup> | 250000 | 210449 |
|  COLT Funding LLC Series 2021-RPL1, Class M2, 3.08%, 09/25/2061 <sup>(a)(b)</sup> | 250000 | 219069 |
|  Credit Suisse Mortgage Capital Certificates Series 2021-NQM6, Class A3, 1.59%, 07/25/2066 <sup>(a)(b)</sup> | 57116 | 50014 |
|  Ellington Financial Mortgage Trust Series 2022-1, Class B1, 3.86%, 01/25/2067 <sup>(a)(b)</sup> | 65000 | 50919 |
|  FIGRE Trust Series 2025-HE6, Class D, 6.04%, 09/25/2055 <sup>(a)(b)</sup> | 250000 | 251633 |
| JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
| &nbsp;&nbsp; Series 2023-6, Class AX1, 0.27%, 12/26/2053 <sup>(a)(b)(c)</sup> | 1815864 | 4336 |
| &nbsp;&nbsp; Series 2024-CCM1, Class A3, 5.50%, 04/25/2055 <sup>(a)(b)</sup> | 196341 | 197995 |
|  New Residential Mortgage Loan Trust Series 2025-NQM5, Class M1, 6.09%, 08/25/2065 <sup>(a)(b)</sup> | 250000 | 251609 |
|  Saluda Grade Mortgage Funding LLC Series 2025-LOC5, Class B1, 7.74% (1 mo. Term SOFR + 3.75%), 10/25/2055 <sup>(a)</sup> | 250000 | 251759 |
| **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** (Cost $1,484,593) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** (Cost $1,484,593) | 1487783 |
| **COLLATERALIZED LOAN OBLIGATIONS - 5.9%** | **Par** | **Value**  |
|  Willow Tree CLO Ltd., Series 2024-1A, Class B, 6.08% (3 mo. Term SOFR + 2.20%), 10/17/2034 <sup>(a)</sup> | 1000000 | 1000617 |
| **TOTAL COLLATERALIZED LOAN OBLIGATIONS** (Cost $1,003,464) | **TOTAL COLLATERALIZED LOAN OBLIGATIONS** (Cost $1,003,464) | 1000617 |
| **ASSET-BACKED SECURITIES - 5.1%** | **Par** | **Value**  |
| **Automobile - 1.8%** | **Automobile - 1.8%** | **Automobile - 1.8%** |
|  Bridgecrest Lending Auto Securitization Trust, Series 2023-1, Class E, 10.37%, 07/15/2030 <sup>(a)</sup> | 200000 | 214219 |
|  CPS Auto Trust, Series 2025-B, Class E, 7.95%, 03/15/2033 <sup>(a)</sup> | 24000 | 24621 |
|  Prestige Auto Receivables Trust, Series 2024-1A, Class E, 7.94%, 04/15/2031 <sup>(a)</sup> | 25000 | 25231 |
|  Upgrade Auto Receivables Trust, Series 2025-1A, Class C, 5.55%, 04/15/2032 <sup>(a)</sup> | 50000 | 49513 |
|  |  | 313584 |
| **Consumer - 3.3%** | **Consumer - 3.3%** | **Consumer - 3.3%** |
|  Pagaya AI Debt Selection Trust Series 2023-8, Class B, 7.96%, 06/16/2031 <sup>(a)</sup> | 351353 | 358588 |
|  Pagaya AI Debt Selection Trust, Series 2025-7, Class D, 5.54%, 05/15/2033 <sup>(a)</sup> | 50000 | 49918 |
|  RCKT Mortgage Trust Series 2025-2A, Class E, 7.83%, 11/27/2034 <sup>(a)</sup> | 50000 | 49882 |
|  SoFi Consumer Loan Program Trust, Series 2025-4, Class D, 5.27%, 08/25/2035 <sup>(a)</sup> | 100000 | 100171 |
|  |  | 558559 |
| **TOTAL ASSET-BACKED SECURITIES** (Cost $867,135) | **TOTAL ASSET-BACKED SECURITIES** (Cost $867,135) | 872143 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY - 4.7%** | **Par** | **Value**  |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp; Series K-171, Class A2, 4.40%, 06/25/2035 <sup>(b)</sup> | 250000 | 249882 |
| &nbsp;&nbsp; Series K-172, Class A2, 4.58%, 08/25/2035 <sup>(b)</sup> | 250000 | 253081 |
| &nbsp;&nbsp; Series K-173, Class A2, 4.60%, 09/25/2035 <sup>(b)</sup> | 300000 | 304324 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY** (Cost $810,011) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY** (Cost $810,011) | 807287 |
| **EXCHANGE TRADED FUNDS - 1.5%** | **Shares** | **Value**  |
| iShares Broad USD High Yield Corporate Bond ETF | 1256 | 47201 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 1832 | 203773 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $250,944) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $250,944) | 250974 |
| **PREFERRED STOCKS - 0.4%** | **Shares** | **Value**  |
| **Financial - 0.4%** | **Financial - 0.4%** |  |
|  Goldman Sachs Group, Inc., 5.54% to 01/28/2035 then SOFR + 1.38%, 01/28/2036 | 65000 | 67670 |
| **TOTAL PREFERRED STOCKS** (Cost $67,929) | **TOTAL PREFERRED STOCKS** (Cost $67,929) | 67670 |
| **SHORT-TERM INVESTMENTS - 3.9%** | **Shares** | **Value**  |
| **Money Market Funds – 3.9%**<br> First American Government Obligations Fund - Class U, 4.05% <sup>(d)</sup> | 665673 | 665673 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $665,673) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $665,673) | 665673 |
| **TOTAL INVESTMENTS - 102.2% (**Cost $17,443,080**)** | **TOTAL INVESTMENTS - 102.2% (**Cost $17,443,080**)** | 17421736 |
| Liabilities in Excess of Other Assets - (2.2)% | Liabilities in Excess of Other Assets - (2.2)% | (374930) |
| **TOTAL NET ASSETS - 100.0%** |  | $17046806 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

---

| |
|:---|
| CMT - Constant Maturity Treasury |
| LP - Limited Partnership |
| PLC - Public Limited Company |
| SOFR - Secured Overnight Financing Rate |

---

(a) Security is exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration, normally
 to qualified institutional buyers. These securities are determined to be liquid by the Adviser, under the procedures established by the Fund's Board of Trustees, unless otherwise denoted. As of October 31, 2025, the value of these securities
 total $4,579,777 or 26.9% of the Fund's net assets.

(b) Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral
 increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of October 31, 2025.

(c) Interest only security.

(d) The rate shown represents the 7-day annualized yield as of October 31, 2025.

------

#### <br>

#### Securities Valuation and Fair Value Measurements (Unaudited)

The Fund records its investments at fair value in accordance with fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, these standards require expanded disclosure for each major category of assets. These inputs are summarized in the three broad levels listed below:

Level 1 – quoted prices in active markets for identical securities that the Fund has the ability to access

Level 2 – other significant observable inputs (including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments based on the best information available)

The inputs or methodology used for valuing securities are not an indication of the risks associated with investing in those securities. Investments in registered open-end management investment companies, including money market funds, will be valued based upon the net asset value of such investments and are categorized as Level 1 of the fair value hierarchy.

Fair values for long-term debt securities, including asset-backed securities, mortgage-backed securities, collateralized loan obligations, corporate obligations, and whole loans are normally determined on the basis of valuations provided by independent pricing services. Vendors typically value such securities based on one or more inputs, including but not limited to, benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and pricing models such as yield measurers calculated using factors such as cash flows, financial or collateral performance and other reference data. In addition to these inputs, cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information may be utilized. Securities that use similar valuation techniques and inputs are categorized as Level 2 of the fair value hierarchy. To the extent the significant inputs are unobservable; the values generally would be categorized as Level 3.

Equity securities, including preferred stocks, that are traded on a national securities exchange, except those listed on the Nasdaq Global Market<sup>®</sup>, Nasdaq Global Select Market<sup>®</sup> and the Nasdaq Capital Market<sup>®</sup> exchanges (collectively, "Nasdaq"), are valued at the last sale price at the close of that exchange. Securities traded on Nasdaq will be valued at the Nasdaq Official Closing Price. If, on a particular day, an exchange-listed or Nasdaq security does not trade, then: (i) the security shall be valued at the mean between the most recent quoted bid and asked prices at the close of the exchange; or (ii) the security shall be valued at the latest sales price on the Composite Market (defined below) for the day such security is being valued. "Composite Market" means a consolidation of the trade information provided by national securities and foreign exchanges and over-the-counter ("OTC") markets as published by a pricing service. In the event market quotations or Composite Market pricing are not readily available, fair value will be determined in accordance with the procedures adopted by the Board of Trustees ("Board"). All equity securities that are not traded on a listed exchange are valued at the last sale price at the close of the OTC market. If a non-exchange listed security does not trade on a particular day, then the mean between the last quoted bid and asked price will be used as long as it continues to reflect the value of the security. If the mean is not available, then bid price can be used as long as the bid price continues to reflect the value of the security. Otherwise, fair value will be determined in accordance with the procedures adopted by the Board. These securities will generally be categorized as Level 3 securities. When using the market quotations or close prices provided by the pricing service and when the market is considered active, the security will be classified as a Level 1 security. Sometimes, an equity security owned by the Fund will be valued by the pricing service with factors other than market quotations or when the market is considered inactive. When this happens, the security will be classified as a Level 2

security.

Short term debt securities having a maturity of 60 days or less are generally valued at amortized cost, which approximates fair market value. These investments are categorized as Level 2 of the fair value hierarchy. Reverse repurchase agreements and repurchase agreements are priced at their acquisition cost, and assessed for credit adjustments, which represents fair value. These securities will generally be categorized as Level 2 securities.

Financial derivative instruments, such as futures contracts, that are traded on a national securities or commodities exchange are typically valued at the settlement price determined by the relevant exchange. Swaps, such as credit default swaps, interest-rate swaps and currency swaps, are valued by a pricing service. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy. OTC financial derivative instruments, such as certain futures contracts or swap agreements, derive their values from underlying asset prices, indices, reference rates, other inputs or a combination of these factors. These instruments are normally valued on the basis of evaluations provided by independent pricing services or broker dealer quotations. Derivatives that use similar valuation techniques as described above are typically categorized as Level 2 of the fair value hierarchy.

Securities may be fair valued in accordance with the fair valuation procedures approved by the Board. The Valuation and Risk Management Oversight Committee is generally responsible for overseeing the Fund's valuation processes and reports quarterly to the Board. The Board has selected Angel Oak Capital Advisors, LLC (the "Adviser") as the Valuation Designee. As such, the Valuation Committee of the Adviser has been delegated the day-to-day responsibilities for making all necessary determinations of the fair value of portfolio securities and other assets for which market quotations are not readily available or if the prices obtained from independent pricing services are deemed to be unreliable indicators of market or fair value. Representatives of the Valuation Designee's Valuation Committee report quarterly to the Valuation and Risk Management Oversight Committee.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets** | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities - U.S. Government Agency | $– | $5880092 | $– | $5880092 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Obligations | – | 3932042 | – | 3932042 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes | – | 2457455 | – | 2457455 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities | – | 1487783 | – | 1487783 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Collateralized Loan Obligations | – | 1000617 | – | 1000617 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities | – | 872143 | – | 872143 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities – U.S. Government Agency | – | 807287 | – | 807287 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | 250974 | – | – | 250974 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | – | 67670 | – | 67670 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 665673 | – | – | 665673 |
| **Total** | $916647 | $16505089 | $– | $17421736 |
| See the Schedule of Investments for further disaggregation of investment categories. | See the Schedule of Investments for further disaggregation of investment categories. | See the Schedule of Investments for further disaggregation of investment categories. | See the Schedule of Investments for further disaggregation of investment categories. | See the Schedule of Investments for further disaggregation of investment categories. |

---

## 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 Total Return ETF

- **b. EDGAR series identifier (if any):** S000094807

- **c. LEI of Series:** 254900SIDCUM9VBX4984

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

- **a. Date of fiscal year-end:** 2026-01-31

- **b. Date as of which information is reported:** 2025-10-31

**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:** $17556251.69

**Total Liabilities:** $508991.54

**Net Assets:** $17047260.15

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 10.112006798200 | **1-Year:** 285.259926524907 | **5-Year:** 1621.366502305952 | **10-Year:** 7635.902573062812 | **30-Year:** 244.010089361532

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

- **3-Month:** 0.000000000000 | **1-Year:** 132.153859198538 | **5-Year:** 340.570770263548 | **10-Year:** 136.440387852586 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000263351 | 0.00%                | 0.00%                | 0.28%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $0.00                                      |
| Month 2  | $0.00                    | $0.00                                      |
| Month 3  | $21469.85                | $-20722.98                                 |

**Designated Index Information**

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

- **Index Identifier:** W2LLM62M8C

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AT&T INC                       | AT&T Inc                                                                       | CUSIP: 00206RFW7<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48821.22     | 0.29%             | 2037-08-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| ACADIA HEALTHCARE CO INC       | Acadia Healthcare Co Inc                                                       | CUSIP: 00404AAQ2<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20700.28     | 0.12%             | 2033-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA       | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                      | CUSIP: 00774MAX3<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |     35000 | PA      | $32311.15     | 0.19%             | 2032-01-30      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| AGILENT TECHNOLOGIES INC       | Agilent Technologies Inc                                                       | CUSIP: 00846UAR2<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29937.39     | 0.18%             | 2034-09-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AIRCASTLE / IRELAND DAC        | Aircastle Ltd / Aircastle Ireland DAC                                          | CUSIP: 00929JAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     35000 | PA      | $35744.10     | 0.21%             | 2030-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HESS CORP                      | Hess Corp                                                                      | CUSIP: 023551AM6<br>LEI: UASVRYNXNK17ULIGK870 | Long             | DBT              | CORP              | US        |     20000 | PA      | $23303.74     | 0.14%             | 2033-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO            | American Express Co                                                            | CUSIP: 025816DW6<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     55000 | PA      | $56766.17     | 0.33%             | 2035-07-26      | Variable      | 5.28%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP            | American Tower Corp                                                            | CUSIP: 03027XCD0<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31430.96     | 0.18%             | 2033-07-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                      | Amgen Inc                                                                      | CUSIP: 031162DR8<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31073.43     | 0.18%             | 2033-03-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AMKOR TECHNOLOGY INC           | Amkor Technology Inc                                                           | CUSIP: 031652BL3<br>LEI: 529900VHLRTKPWZJBM84 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20370.62     | 0.12%             | 2033-10-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| AMNEAL PHARMACEUTICALS L       | Amneal Pharmaceuticals LLC                                                     | CUSIP: 03168LAA3<br>LEI: 54930037VIXE7LRZ1M66 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20993.82     | 0.12%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AMPHENOL CORP                  | Amphenol Corp                                                                  | CUSIP: 032095AQ4<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20804.90     | 0.12%             | 2034-04-05      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ARROW ELECTRONICS INC          | Arrow Electronics Inc                                                          | CUSIP: 04273WAE1<br>LEI: 549300YNNLBXT8N8R512 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31435.53     | 0.18%             | 2034-04-10      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC            | Ashtead Capital Inc                                                            | CUSIP: 045054AR4<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26446.17     | 0.16%             | 2033-10-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD       | Avolon Holdings Funding Ltd                                                    | CUSIP: 05401AAV3<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |     35000 | PA      | $36305.90     | 0.21%             | 2029-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP           | Bank of America Corp                                                           | CUSIP: 06051GKC2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     90000 | PA      | $78451.88     | 0.46%             | 2036-09-21      | Variable      | 2.48%                 | No            |                  2 | On Loan: No      |
| BARRICK INTL BARBADOS          | Barrick International Barbados Corp                                            | CUSIP: 06849AAB5<br>LEI: 549300Q10KSESPW7OK85 | Long             | DBT              | CORP              | BB        |     15000 | PA      | $16460.12     | 0.10%             | 2036-10-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| BAXTER INTERNATIONAL INC       | Baxter International Inc                                                       | CUSIP: 071813CS6<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | DBT              | CORP              | US        |     35000 | PA      | $30609.59     | 0.18%             | 2032-02-01      | Fixed         | 2.54%                 | No            |                  2 | On Loan: No      |
| BELRON UK FINANCE PLC          | Belron UK Finance PLC                                                          | CUSIP: 080782AA3<br>LEI: 9845006BC9D1A77B8178 | Long             | DBT              | CORP              | GB        |     20000 | PA      | $20277.66     | 0.12%             | 2029-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BIO-RAD LABS                   | Bio-Rad Laboratories Inc                                                       | CUSIP: 090572AQ1<br>LEI: 549300ZC1GPV35XYDK53 | Long             | DBT              | CORP              | US        |     35000 | PA      | $32838.59     | 0.19%             | 2032-03-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| BORGWARNER INC                 | BorgWarner Inc                                                                 | CUSIP: 099724AQ9<br>LEI: 549300DSFX2IE88NSX47 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25771.28     | 0.15%             | 2034-08-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| BROWN-FORMAN CORP              | Brown-Forman Corp                                                              | CUSIP: 115637AT7<br>LEI: 549300873K3LXF7ARU34 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22635.70     | 0.13%             | 2038-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC       | Builders FirstSource Inc                                                       | CUSIP: 12008RAT4<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     20000 | PA      | $21024.04     | 0.12%             | 2035-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BUNGE LTD FINANCE CORP         | Bunge Ltd Finance Corp                                                         | CUSIP: 120568BC3<br>LEI: 549300QHC068L40NNM71 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27572.10     | 0.16%             | 2031-05-14      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN       | Burford Capital Global Finance LLC                                             | CUSIP: 12116LAG4<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19770.66     | 0.12%             | 2033-07-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BURLINGTN NORTH SANTA FE       | Burlington Northern Santa Fe LLC                                               | CUSIP: 12189LBB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $25289.00     | 0.15%             | 2047-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE            | CDW LLC / CDW Finance Corp                                                     | CUSIP: 12513GBL2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     35000 | PA      | $35960.74     | 0.21%             | 2034-08-22      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| CIM Trust                      | CIM TRUST 2022-R1                                                              | CUSIP: 12571YAF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $210449.00    | 1.23%             | 2061-01-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC               | COLT 2021-RPL1 Trust                                                           | CUSIP: 12598PAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $219069.00    | 1.29%             | 2061-09-25      | Variable      | 3.08%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                 | Consumer Portfolio Services Auto Trust 2025-B                                  | CUSIP: 12630SAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     24000 | PA      | $24621.42     | 0.14%             | 2033-03-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| CRH AMERICA FINANCE INC        | CRH America Finance Inc                                                        | CUSIP: 12636YAE2<br>LEI: 549300WEVUODRJ4CWK56 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25939.83     | 0.15%             | 2034-05-21      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| CSX CORP                       | CSX Corp                                                                       | CUSIP: 126408GK3<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | DBT              | CORP              | US        |     25000 | PA      | $27626.62     | 0.16%             | 2037-05-01      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust   | Csmc 2021-Nqm6 Trust                                                           | CUSIP: 12662KAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     57116 | PA      | $50013.79     | 0.29%             | 2066-07-25      | Variable      | 1.58%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC          | Caesars Entertainment Inc                                                      | CUSIP: 12769GAA8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18829.15     | 0.11%             | 2029-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CAMPBELLS COMPANY/THE          | Campbell's Company/The                                                         | CUSIP: 134429BP3<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25693.29     | 0.15%             | 2034-03-21      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO       | Capital One Financial Corp                                                     | CUSIP: 14040HDJ1<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |     65000 | PA      | $67764.30     | 0.40%             | 2036-01-30      | Variable      | 6.18%                 | No            |                  2 | On Loan: No      |
| CARRIER GLOBAL CORP            | Carrier Global Corp                                                            | CUSIP: 14448CAR5<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |     15000 | PA      | $12228.05     | 0.07%             | 2040-04-05      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY PARTNERS       | Cheniere Energy Partners LP                                                    | CUSIP: 16411QAS0<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26000.04     | 0.15%             | 2034-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN       | Clarios Global LP / Clarios US Finance Co                                      | CUSIP: 18060TAE5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $20479.04     | 0.12%             | 2032-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                   | Comcast Corp                                                                   | CUSIP: 20030NAK7<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     30000 | PA      | $33313.06     | 0.20%             | 2035-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CONAGRA BRANDS INC             | Conagra Brands Inc                                                             | CUSIP: 205887CD2<br>LEI: 54930035UDEIH090K650 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19257.42     | 0.11%             | 2038-11-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION BRANDS INC       | Constellation Brands Inc                                                       | CUSIP: 21036PBP2<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20137.37     | 0.12%             | 2033-05-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| CONTINENTAL RESOURCES          | Continental Resources Inc/OK                                                   | CUSIP: 212015AT8<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25755.45     | 0.15%             | 2031-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP             | Energy Transfer LP                                                             | CUSIP: 226373AT5<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26044.77     | 0.15%             | 2031-02-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC               | Crown Castle Inc                                                               | CUSIP: 22822VBC4<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35467.88     | 0.21%             | 2033-05-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                     | DaVita Inc                                                                     | CUSIP: 23918KAW8<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20740.20     | 0.12%             | 2032-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP        | Dell International LLC / EMC Corp                                              | CUSIP: 24703DBQ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     35000 | PA      | $34461.34     | 0.20%             | 2035-02-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC          | Directv Financing LLC / Directv Financing Co-Obligor Inc                       | CUSIP: 25461LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $19942.37     | 0.12%             | 2031-02-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| ENACT HOLDINGS INC             | Enact Holdings Inc                                                             | CUSIP: 29249EAA7<br>LEI: 9845003CA5664B741N19 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31416.86     | 0.18%             | 2029-05-28      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| EQUIPMENTSHARE.COM INC         | EquipmentShare.com Inc                                                         | CUSIP: 29450YAB5<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20208.62     | 0.12%             | 2032-05-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| EZCORP INC                     | EZCORP Inc                                                                     | CUSIP: 302301AJ5<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |     20000 | PA      | $21174.96     | 0.12%             | 2032-04-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                                               | CUSIP: 3132DT6V7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    321526 | PA      | $261024.56    | 1.53%             | 2054-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                                               | CUSIP: 3132DWBT9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    352308 | PA      | $286894.95    | 1.68%             | 2051-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                                               | CUSIP: 3132DWD59<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    309315 | PA      | $263757.62    | 1.55%             | 2052-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                                               | CUSIP: 3133B9KZ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    797529 | PA      | $649201.79    | 3.81%             | 2052-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                                               | CUSIP: 3133KKUC1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    346157 | PA      | $294466.97    | 1.73%             | 2050-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates                   | CUSIP: 3137HMCA6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    250000 | PA      | $249882.25    | 1.47%             | 2035-06-25      | Variable      | 4.40%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates                   | CUSIP: 3137HNMY1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    250000 | PA      | $253081.00    | 1.48%             | 2035-08-25      | Variable      | 4.58%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates                   | CUSIP: 3137HNN87<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    300000 | PA      | $304323.60    | 1.79%             | 2035-09-25      | Variable      | 4.60%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                | CUSIP: 3140MMT73<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    684095 | PA      | $582358.43    | 3.42%             | 2052-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                | CUSIP: 3140QHJT3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    257815 | PA      | $210268.74    | 1.23%             | 2051-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                | CUSIP: 3140QKQJ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    617825 | PA      | $524205.85    | 3.08%             | 2051-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                | CUSIP: 3140QNDL3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    821541 | PA      | $705525.81    | 4.14%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                | CUSIP: 3140XAMW9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     39606 | PA      | $33716.03     | 0.20%             | 2051-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                | CUSIP: 3140XBQE3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    194483 | PA      | $166046.14    | 0.97%             | 2051-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                | CUSIP: 31418DV74<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    537207 | PA      | $439813.89    | 2.58%             | 2051-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                | CUSIP: 31418EAN0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    261493 | PA      | $223421.52    | 1.31%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                | CUSIP: 31418EB90<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     31327 | PA      | $26628.61     | 0.16%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                | CUSIP: 31418EBR0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    569971 | PA      | $462006.84    | 2.71%             | 2052-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                | CUSIP: 31418EBS8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     49734 | PA      | $42275.36     | 0.25%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                | CUSIP: 31418EDD9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    419598 | PA      | $371456.63    | 2.18%             | 2052-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                | CUSIP: 31418EE30<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    350025 | PA      | $311260.67    | 1.83%             | 2052-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T | Ellington Financial Mortgage Trust 2022-1                                      | CUSIP: 31573CAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     65000 | PA      | $50919.25     | 0.30%             | 2067-01-25      | Variable      | 3.86%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP            | Fifth Third Bancorp                                                            | CUSIP: 316773DL1<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |     65000 | PA      | $68057.99     | 0.40%             | 2032-01-29      | Variable      | 5.63%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                    | FIGRE Trust 2025-HE6                                                           | CUSIP: 31684NAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $251633.25    | 1.48%             | 2055-09-25      | Variable      | 6.04%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund                                     | CUSIP: 31846V211<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |    665673 | NS      | $665672.89    | 3.90%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST QUANTUM MINERALS L       | First Quantum Minerals Ltd                                                     | CUSIP: 335934AX3<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |     20000 | PA      | $20785.92     | 0.12%             | 2034-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| FISERV INC                     | Fiserv Inc                                                                     | CUSIP: 337738BQ0<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24935.47     | 0.15%             | 2035-08-11      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY FLORIDA LLC        | Duke Energy Florida LLC                                                        | CUSIP: 341099CL1<br>LEI: 7MOHLM3DKE63RX2ZCN83 | Long             | DBT              | CORP              | US        |     30000 | PA      | $33833.50     | 0.20%             | 2038-06-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC       | Ford Motor Credit Co LLC                                                       | CUSIP: 345397E66<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15188.04     | 0.09%             | 2034-03-08      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| FREEPORT-MCMORAN INC           | Freeport-McMoRan Inc                                                           | CUSIP: 35671DBJ3<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20642.94     | 0.12%             | 2034-11-14      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| GATX CORP                      | GATX Corp                                                                      | CUSIP: 361448BS1<br>LEI: 549300IHYHCQP2PIR591 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35979.10     | 0.21%             | 2035-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD               | GGAM Finance Ltd                                                               | CUSIP: 36170JAE6<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |     20000 | PA      | $20275.00     | 0.12%             | 2030-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| GE HEALTHCARE TECH INC         | GE HealthCare Technologies Inc                                                 | CUSIP: 36267VAK9<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |     30000 | PA      | $32299.87     | 0.19%             | 2032-11-22      | Fixed         | 5.91%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO         | General Motors Financial Co Inc                                                | CUSIP: 37045XEP7<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26427.86     | 0.16%             | 2034-01-07      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| GENESEE & WYOMING INC          | Genesee & Wyoming Inc                                                          | CUSIP: 371559AB1<br>LEI: G617XSG94Z7G0RMW3L02 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15321.56     | 0.09%             | 2032-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC            | Global Payments Inc                                                            | CUSIP: 37940XAQ5<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25312.28     | 0.15%             | 2032-08-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC        | Goldman Sachs Group Inc/The                                                    | CUSIP: 38141GC44<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     65000 | PA      | $67670.38     | 0.40%             | 2036-01-28      | Variable      | 5.54%                 | No            |                  2 | On Loan: No      |
| GULFPORT ENERGY OP CORP        | Gulfport Energy Operating Corp                                                 | CUSIP: 402635AT3<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20445.32     | 0.12%             | 2029-09-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HCA INC                        | HCA Inc                                                                        | CUSIP: 404121AK1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30882.03     | 0.18%             | 2034-09-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| HAWAIIAN ELEC CO               | Hawaiian Electric Co Inc                                                       | CUSIP: 419866AV0<br>LEI: 549300PQE8D806LWQV52 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20237.32     | 0.12%             | 2033-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| IBM INTERNAT CAPITAL           | IBM International Capital Pte Ltd                                              | CUSIP: 449276AE4<br>LEI: 2549007KTXQQBYZO7485 | Long             | DBT              | CORP              | SG        |     35000 | PA      | $35329.41     | 0.21%             | 2034-02-05      | Fixed         | 4.90%                 | 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        |      1832 | NS      | $203773.36    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Broad USD High Yield C | iShares Broad USD High Yield Corporate Bond ETF                                | CUSIP: 46435U853<br>LEI: 549300X7H67ZLUE3IZ46 | Long             | EC               | RF                | US        |      1256 | NS      | $47200.48     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Mortgage Trust       | J.P. Morgan Mortgage Trust 2023-6                                              | CUSIP: 465989AJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1815864 | PA      | $4336.28      | 0.03%             | 2053-12-26      | Variable      | 0.27%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO            | JPMorgan Chase & Co                                                            | CUSIP: 46647PDY9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     75000 | PA      | $82626.29     | 0.48%             | 2034-10-23      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2024-CCM1                                             | CUSIP: 46658NAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    196341 | PA      | $197994.59    | 1.16%             | 2055-04-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN        | Jane Street Group / JSG Finance Inc                                            | CUSIP: 47077WAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $20878.80     | 0.12%             | 2033-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| JBS USA HOLD/FOOD/LUX CO       | JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl                     | CUSIP: 47214BAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     25000 | PA      | $27596.95     | 0.16%             | 2034-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CAPITAL HOLDIN       | Jefferson Capital Holdings LLC                                                 | CUSIP: 472481AC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $20752.42     | 0.12%             | 2030-05-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| KEURIG DR PEPPER INC           | Keurig Dr Pepper Inc                                                           | CUSIP: 49271VAV2<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30519.75     | 0.18%             | 2034-03-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| KRAFT HEINZ FOODS CO           | Kraft Heinz Foods Co                                                           | CUSIP: 50076QAR7<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |     20000 | PA      | $22313.02     | 0.13%             | 2039-01-26      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| KROGER CO                      | Kroger Co/The                                                                  | CUSIP: 501044DV0<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30261.55     | 0.18%             | 2034-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC               | LPL Holdings Inc                                                               | CUSIP: 50212YAD6<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |     45000 | PA      | $43971.95     | 0.26%             | 2029-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                 | Lowe's Cos Inc                                                                 | CUSIP: 548661EQ6<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25755.72     | 0.15%             | 2033-07-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION           | M&T Bank Corp                                                                  | CUSIP: 55261FAZ7<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |     65000 | PA      | $65487.28     | 0.38%             | 2035-07-30      | Variable      | 5.40%                 | No            |                  2 | On Loan: No      |
| MPLX LP                        | MPLX LP                                                                        | CUSIP: 55336VBV1<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25061.96     | 0.15%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MSCI INC                       | MSCI Inc                                                                       | CUSIP: 55354GAR1<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35143.77     | 0.21%             | 2035-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MACQUARIE AIRFINANCE HLD       | Macquarie Airfinance Holdings Ltd                                              | CUSIP: 55609NAD0<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |     30000 | PA      | $32031.06     | 0.19%             | 2031-03-26      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MARS INC                       | Mars Inc                                                                       | CUSIP: 571676BA2<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25669.05     | 0.15%             | 2035-03-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| MERITAGE HOMES CORP            | Meritage Homes Corp                                                            | CUSIP: 59001ABG6<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25385.28     | 0.15%             | 2035-03-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| METHANEX US OPERATIONS         | Methanex US Operations Inc                                                     | CUSIP: 59151LAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $20360.12     | 0.12%             | 2032-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY ENERG       | Berkshire Hathaway Energy Co                                                   | CUSIP: 59562VAM9<br>LEI: 549300JD0S5IZJE9LY15 | Long             | DBT              | CORP              | US        |     30000 | PA      | $32563.32     | 0.19%             | 2036-04-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| MILLROSE PROPERTIES INC        | Millrose Properties Inc                                                        | CUSIP: 601137AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $20277.81     | 0.12%             | 2030-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC          | Molina Healthcare Inc                                                          | CUSIP: 60855RAM2<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20152.10     | 0.12%             | 2033-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MOLSON COORS BEVERAGE          | Molson Coors Beverage Co                                                       | CUSIP: 60871RAH3<br>LEI: 54930073LBBH6ZCBE225 | Long             | DBT              | CORP              | US        |     15000 | PA      | $12271.53     | 0.07%             | 2046-07-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                 | Morgan Stanley                                                                 | CUSIP: 61747YFB6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     65000 | PA      | $68200.96     | 0.40%             | 2038-01-19      | Variable      | 5.95%                 | No            |                  2 | On Loan: No      |
| MOSAIC CO                      | Mosaic Co/The                                                                  | CUSIP: 61945CAE3<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19714.40     | 0.12%             | 2043-11-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NMI HOLDINGS                   | NMI Holdings Inc                                                               | CUSIP: 629209AC1<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36130.50     | 0.21%             | 2029-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                 | NRG Energy Inc                                                                 | CUSIP: 629377CX8<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20606.42     | 0.12%             | 2034-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan  | New Residential Mortgage Loan Trust 2025-NQM5                                  | CUSIP: 64832GAF1<br>LEI: 213800USJ6KQFZEWGZ76 | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $251608.50    | 1.48%             | 2065-08-25      | Variable      | 6.09%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC              | Newell Brands Inc                                                              | CUSIP: 651229BG0<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20568.34     | 0.12%             | 2028-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| NORTHROP GRUMMAN CORP          | Northrop Grumman Corp                                                          | CUSIP: 666807CM2<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19158.93     | 0.11%             | 2054-06-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                | Gen Digital Inc                                                                | CUSIP: 668771AM0<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20638.86     | 0.12%             | 2033-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NUCOR CORP                     | Nucor Corp                                                                     | CUSIP: 670346BA2<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20425.79     | 0.12%             | 2035-06-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| NUTRIEN LTD                    | Nutrien Ltd                                                                    | CUSIP: 67077MAW8<br>LEI: 5493002QQ7GD21OWF963 | Long             | DBT              | CORP              | CA        |     20000 | PA      | $18853.34     | 0.11%             | 2030-05-13      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| O'REILLY AUTOMOTIVE INC        | O'Reilly Automotive Inc                                                        | CUSIP: 67103HAL1<br>LEI: 549300K2RLMQL149Q332 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25164.00     | 0.15%             | 2032-06-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                      | ONEOK Inc                                                                      | CUSIP: 682680BL6<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26501.14     | 0.16%             | 2033-09-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP           | OneMain Finance Corp                                                           | CUSIP: 682691AG5<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20742.58     | 0.12%             | 2031-11-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                    | Oracle Corp                                                                    | CUSIP: 68389XBE4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     35000 | PA      | $31286.10     | 0.18%             | 2035-05-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAP LLC/C       | Outfront Media Capital LLC / Outfront Media Capital Corp                       | CUSIP: 69007TAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $19336.97     | 0.11%             | 2030-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES         | PNC Financial Services Group Inc/The                                           | CUSIP: 693475BW4<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |     70000 | PA      | $73964.11     | 0.43%             | 2035-01-22      | Variable      | 5.68%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Trust 2023-8                                                    | CUSIP: 694960AB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    351353 | PA      | $358588.01    | 2.10%             | 2031-06-16      | Fixed         | 7.96%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2025-7                                            | CUSIP: 69545RAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     50000 | PA      | $49918.22     | 0.29%             | 2033-05-15      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| PERRIGO FINANCE UNLIMITE       | Perrigo Finance Unlimited Co                                                   | CUSIP: 71429MAD7<br>LEI: 549300E86RB6YCTMRM83 | Long             | DBT              | CORP              | IE        |     15000 | PA      | $15141.69     | 0.09%             | 2032-09-30      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC         | Philip Morris International Inc                                                | CUSIP: 718172DJ5<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30933.56     | 0.18%             | 2034-02-13      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PHINIA INC                     | Phinia Inc                                                                     | CUSIP: 71880KAA9<br>LEI: 254900HG6MORZE1FFM18 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25821.58     | 0.15%             | 2029-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PIKE CORP                      | Pike Corp                                                                      | CUSIP: 721283AB5<br>LEI: 549300P4EKEP6HK0NC58 | Long             | DBT              | CORP              | US        |     20000 | PA      | $21365.33     | 0.13%             | 2031-01-31      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMER PIPELINE       | Plains All American Pipeline LP / PAA Finance Corp                             | CUSIP: 72650RBP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $25725.16     | 0.15%             | 2034-09-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC              | Post Holdings Inc                                                              | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20305.88     | 0.12%             | 2033-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Prestige Auto Receivables Trus | Prestige Auto Receivables Trust 2024-1                                         | CUSIP: 74113QAL5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     25000 | PA      | $25230.79     | 0.15%             | 2031-04-15      | Fixed         | 7.94%                 | No            |                  2 | On Loan: No      |
| PULTEGROUP INC                 | PulteGroup Inc                                                                 | CUSIP: 745867AP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $27333.87     | 0.16%             | 2033-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC          | Quikrete Holdings Inc                                                          | CUSIP: 74843PAB6<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20828.96     | 0.12%             | 2033-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| RCKT Trust                     | RCKTL 2025-2                                                                   | CUSIP: 74939HAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     50000 | PA      | $49882.41     | 0.29%             | 2034-11-27      | Fixed         | 7.83%                 | No            |                  2 | On Loan: No      |
| RHP HOTEL PPTY/RHP FINAN       | RHP Hotel Properties LP / RHP Finance Corp                                     | CUSIP: 749571AK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $20592.66     | 0.12%             | 2032-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| RADIAN GROUP INC               | Radian Group Inc                                                               | CUSIP: 750236AY7<br>LEI: 54930005OUP720S5U385 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31369.22     | 0.18%             | 2029-05-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| RTX CORP                       | RTX Corp                                                                       | CUSIP: 75513ECW9<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |     20000 | PA      | $21988.94     | 0.13%             | 2034-03-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| ROPER TECHNOLOGIES INC         | Roper Technologies Inc                                                         | CUSIP: 776743AL0<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |     40000 | PA      | $34925.08     | 0.20%             | 2031-02-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES        | Royal Caribbean Cruises Ltd                                                    | CUSIP: 780153BV3<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     35000 | PA      | $35943.40     | 0.21%             | 2033-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC             | Royalty Pharma PLC                                                             | CUSIP: 78081BAL7<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |     40000 | PA      | $30992.36     | 0.18%             | 2040-09-02      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortg | Saluda Grade Alternative Mortgage Trust 2025-LOC5                              | CUSIP: 79581XAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $251759.00    | 1.48%             | 2055-10-25      | Floating      | 7.74%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                | Sealed Air Corp                                                                | CUSIP: 812127AC2<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20716.50     | 0.12%             | 2032-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SIMMONS FOOD INC/SIMMONS       | Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed | CUSIP: 82873MAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $19187.53     | 0.11%             | 2029-03-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| JM SMUCKER CO                  | J M Smucker Co/The                                                             | CUSIP: 832696AX6<br>LEI: 5493000WDH6A0LHDJD55 | Long             | DBT              | CORP              | US        |     25000 | PA      | $27124.24     | 0.16%             | 2033-11-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| SOFI CONSUMER LOAN PROGRAM TRU | SoFi Consumer Loan Program 2025-4 Trust                                        | CUSIP: 83405UAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100170.44    | 0.59%             | 2035-08-25      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST        | Starwood Property Trust Inc                                                    | CUSIP: 85571BBG9<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20307.24     | 0.12%             | 2031-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| STENA INTERNATIONAL SA         | Stena International SA                                                         | CUSIP: 85858EAD5<br>LEI: 213800A4LTGG4W55QP46 | Long             | DBT              | CORP              | LU        |     20000 | PA      | $20478.32     | 0.12%             | 2031-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SUNCOKE ENERGY INC             | SunCoke Energy Inc                                                             | CUSIP: 86722AAD5<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18689.27     | 0.11%             | 2029-06-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC               | T-Mobile USA Inc                                                               | CUSIP: 87264ADC6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31735.52     | 0.19%             | 2034-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP           | Targa Resources Corp                                                           | CUSIP: 87612GAF8<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |     25000 | PA      | $27306.68     | 0.16%             | 2034-03-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TYSON FOODS INC                | Tyson Foods Inc                                                                | CUSIP: 902494AZ6<br>LEI: WD6L6041MNRW1JE49D58 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29846.81     | 0.18%             | 2034-08-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                   | UBS Group AG                                                                   | CUSIP: 902613BH0<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     65000 | PA      | $68579.25     | 0.40%             | 2035-02-08      | Variable      | 5.70%                 | No            |                  2 | On Loan: No      |
| UWM HOLDINGS LLC               | UWM Holdings LLC                                                               | CUSIP: 903522AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $19976.52     | 0.12%             | 2031-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| UNITED PARCEL SERVICE          | United Parcel Service Inc                                                      | CUSIP: 911312CE4<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14899.34     | 0.09%             | 2054-05-22      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM        | United Rentals North America Inc                                               | CUSIP: 911365BQ6<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20542.70     | 0.12%             | 2029-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                                               | CUSIP: 912810PT9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1500000 | PA      | $1583554.68   | 9.29%             | 2037-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                                               | CUSIP: 912828Z94<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $915156.25    | 5.37%             | 2030-02-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                                               | CUSIP: 91282CFF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    250000 | PA      | $233291.02    | 1.37%             | 2032-08-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Upgrade Auto Receivables Trust | Upgrade Auto Receivables Trust 2025-1                                          | CUSIP: 91531AAF1<br>LEI: 254900GMCGPEMKJRNA46 | Long             | ABS-O            | CORP              | US        |     50000 | PA      | $49512.96     | 0.29%             | 2032-04-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS         | Verizon Communications Inc                                                     | CUSIP: 92343VCV4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     55000 | PA      | $51405.69     | 0.30%             | 2036-01-15      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD             | Viking Cruises Ltd                                                             | CUSIP: 92676XAH0<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |     20000 | PA      | $20343.83     | 0.12%             | 2033-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ELEC & POWER CO       | Virginia Electric and Power Co                                                 | CUSIP: 927804GT5<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35725.47     | 0.21%             | 2035-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC       | Vistra Operations Co LLC                                                       | CUSIP: 92840VAS1<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31494.51     | 0.18%             | 2034-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VMWARE LLC                     | VMware LLC                                                                     | CUSIP: 928563AL9<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |     40000 | PA      | $35381.97     | 0.21%             | 2031-08-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| WALKER & DUNLOP INC            | Walker & Dunlop Inc                                                            | CUSIP: 93148PAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $20484.76     | 0.12%             | 2033-04-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| WASTE MANAGEMENT INC           | Waste Management Inc                                                           | CUSIP: 94106LBW8<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20444.73     | 0.12%             | 2034-02-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY          | Wells Fargo & Co                                                               | CUSIP: 95000U3F8<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     65000 | PA      | $68279.38     | 0.40%             | 2034-07-25      | Variable      | 5.56%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT       | Western Midstream Operating LP                                                 | CUSIP: 958667AE7<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26354.23     | 0.15%             | 2033-04-01      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC         | Williams Cos Inc/The                                                           | CUSIP: 969457CP3<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25955.46     | 0.15%             | 2035-03-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Willow Tree CLO                | Willow Tree Clo I LLC                                                          | CUSIP: 97122KAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $1000617.00   | 5.87%             | 2034-10-17      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| ZIMMER BIOMET HOLDINGS         | Zimmer Biomet Holdings Inc                                                     | CUSIP: 98956PAV4<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | DBT              | CORP              | US        |     35000 | PA      | $31601.19     | 0.19%             | 2031-11-24      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-29

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

**Signature:** /s/ Michael Colombo

**Name of Signer:** Michael Colombo

**Title:** Secretary