# EDGAR Filing Document

**Accession Number:** 0001612930
**File Stem:** 0001193125-26-285134
**Filing Date:** 2026-6
**Character Count:** 79140
**Document Hash:** a6a2429f70d67eb712a562a0c40624ea
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-285134.hdr.sgml**: 20260626

**ACCESSION NUMBER**: 0001193125-26-285134

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260626

**DATE AS OF CHANGE**: 20260626

**PERIOD START**: 20270131

**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:** 261127673

**BUSINESS ADDRESS:**
- **STREET 1:** ANGEL OAK CAPITAL ADVISORS, LLC
- **STREET 2:** 980 HAMMOND DRIVE, SUITE 200
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30328
- **BUSINESS PHONE:** 404-953-4900

**MAIL ADDRESS:**
- **STREET 1:** ANGEL OAK CAPITAL ADVISORS, LLC
- **STREET 2:** 980 HAMMOND DRIVE, SUITE 200
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30328

## Series and Classes Contracts Data

### Angel Oak Mortgage-Backed Securities ETF (Series ID: S000083813)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000247830 | Angel Oak Mortgage-Backed Securities ETF | MBS             |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Angel Oak Mortgage-Backed Securities ETF** | **Angel Oak Mortgage-Backed Securities ETF** | **Angel Oak Mortgage-Backed Securities ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **April 30, 2026 (Unaudited)** | **April 30, 2026 (Unaudited)** | **April 30, 2026 (Unaudited)** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES - 58.1%** | **Par**  | **Value**  |
| ATLX Trust | ATLX Trust | ATLX Trust |
| &nbsp;&nbsp; Series 2024-RPL1, Class A2, 4.40%, 04/25/2064 <sup>(a)(b)</sup> | 500000 | $490608 |
| &nbsp;&nbsp; Series 2024-RPL1, Class M1, 4.40%, 04/25/2064 <sup>(a)(b)</sup> | 1000000 | 979159 |
|  Brean Asset Backed Securities Trust, Series 2026-RM15, Class A1, 4.25%, 04/25/2066 <sup>(a)</sup> | 1000000 | 961344 |
|  CIM Trust, Series 2022-R1, Class M3, 4.00%, 01/25/2061 <sup>(a)(b)</sup> | 1000000 | 806295 |
|  Colony American Finance Ltd., Series 2020-4, Class D, 2.71%, 12/15/2052 <sup>(a)</sup> | 300000 | 265472 |
| COLT Funding LLC | COLT Funding LLC | COLT Funding LLC |
| &nbsp;&nbsp; Series 2021-1, Class M1, 2.29%, 06/25/2066 <sup>(a)(b)</sup> | 1179000 | 955704 |
| &nbsp;&nbsp; Series 2021-3, Class M1, 2.30%, 09/27/2066 <sup>(a)(b)</sup> | 135000 | 98626 |
| &nbsp;&nbsp; Series 2022-1, Class B2, 4.17%, 12/27/2066 <sup>(a)(b)</sup> | 1300000 | 1158336 |
| &nbsp;&nbsp; Series 2022-2, Class B1, 3.94%, 02/25/2067 <sup>(a)(b)</sup> | 1000000 | 853836 |
| &nbsp;&nbsp; Series 2022-3, Class B1, 4.22%, 02/25/2067 <sup>(a)(b)</sup> | 2000000 | 1763189 |
| Credit Suisse Mortgage Capital Certificates | Credit Suisse Mortgage Capital Certificates | Credit Suisse Mortgage Capital Certificates |
| &nbsp;&nbsp; Series 2021-AFC1, Class M1, 2.19%, 03/25/2056 <sup>(a)(b)</sup> | 1000000 | 670437 |
| &nbsp;&nbsp; Series 2021-NQM2, Class M1, 2.28%, 02/25/2066 <sup>(a)(b)</sup> | 1250000 | 968105 |
| &nbsp;&nbsp; Series 2021-NQM3, Class M1, 2.32%, 04/25/2066 <sup>(a)(b)</sup> | 1000000 | 774419 |
| &nbsp;&nbsp; Series 2021-NQM5, Class A3, 1.35%, 05/25/2066 <sup>(a)(b)</sup> | 1124129 | 941674 |
| &nbsp;&nbsp; Series 2021-NQM8, Class A3, 2.41%, 10/25/2066 <sup>(a)(b)</sup> | 1186924 | 1050218 |
| &nbsp;&nbsp; Series 2022-ATH2, Class B1, 4.98%, 05/25/2067 <sup>(a)(b)</sup> | 1750000 | 1646382 |
| Deephaven Residential Mortgage Trust | Deephaven Residential Mortgage Trust | Deephaven Residential Mortgage Trust |
| &nbsp;&nbsp; Series 2021-2, Class M1, 2.22%, 04/25/2066 <sup>(a)(b)</sup> | 100000 | 77608 |
| &nbsp;&nbsp; Series 2021-3, Class B1, 3.27%, 08/25/2066 <sup>(a)(b)</sup> | 700000 | 553060 |
| &nbsp;&nbsp; Series 2026-CES1, Class A3, 5.93%, 03/25/2061 <sup>(a)(c)</sup> | 1500000 | 1499958 |
| Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust |
| &nbsp;&nbsp; Series 2021-1, Class B2, 4.14%, 02/25/2066 <sup>(a)(b)</sup> | 777000 | 614809 |
| &nbsp;&nbsp; Series 2021-2, Class M1, 2.30%, 06/25/2066 <sup>(a)(b)</sup> | 139000 | 98977 |
| &nbsp;&nbsp; Series 2021-3, Class B2, 4.29%, 09/25/2066 <sup>(a)(b)</sup> | 1000000 | 747876 |
| &nbsp;&nbsp; Series 2022-1, Class B1, 3.86%, 01/25/2067 <sup>(a)(b)</sup> | 750000 | 589230 |
| &nbsp;&nbsp; Series 2022-4, Class B1, 5.84%, 09/25/2067 <sup>(a)(b)</sup> | 1000000 | 994317 |
|  FIGRE Trust, Series 2025-PF2, Class D, 6.14%, 10/25/2055 <sup>(a)(b)</sup> | 853000 | 848397 |
| GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
| &nbsp;&nbsp; Series 2021-MM1, Class A2, 2.50%, 04/25/2052 <sup>(a)(b)</sup> | 771519 | 639182 |
| &nbsp;&nbsp; Series 2021-PJ9, Class A13, 2.00%, 02/26/2052 <sup>(a)(b)</sup> | 1500000 | 942728 |
| &nbsp;&nbsp; Series 2021-PJ9, Class A4, 2.50%, 02/26/2052 <sup>(a)(b)</sup> | 1302440 | 1068926 |
| &nbsp;&nbsp; Series 2024-RPL2, Class M1, 4.11%, 07/25/2061 <sup>(a)(b)</sup> | 3000000 | 2856126 |
|  Imperial Fund Mortgage Trust, Series 2021-NQM1, Class A3, 1.62%, 06/25/2056 <sup>(a)(b)</sup> | 170591 | 153725 |
| JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
| &nbsp;&nbsp; Series 2019-6, Class B3, 4.26%, 12/25/2049 <sup>(a)(b)</sup> | 80386 | 74958 |
| &nbsp;&nbsp; Series 2020-3, Class B4, 3.83%, 08/25/2050 <sup>(a)(b)</sup> | 317166 | 284609 |
| &nbsp;&nbsp; Series 2021-1, Class A3, 2.50%, 06/25/2051 <sup>(a)(b)</sup> | 1292430 | 1089234 |
| &nbsp;&nbsp; Series 2021-12, Class A8, 2.50%, 02/25/2052 <sup>(a)(b)</sup> | 1500000 | 1242229 |
| &nbsp;&nbsp; Series 2021-13, Class A5, 2.50%, 04/25/2052 <sup>(a)(b)</sup> | 1499999 | 1030194 |
| &nbsp;&nbsp; Series 2021-4, Class A3, 2.50%, 08/25/2051 <sup>(a)(b)</sup> | 966952 | 803503 |
| &nbsp;&nbsp; Series 2021-6, Class A4, 2.50%, 10/25/2051 <sup>(a)(b)</sup> | 893747 | 808547 |
| &nbsp;&nbsp; Series 2023-4, Class 1A2, 6.00%, 11/25/2053 <sup>(a)(b)</sup> | 598623 | 601565 |
| &nbsp;&nbsp; Series 2023-6, Class AX1, 0.20%, 12/26/2053 <sup>(a)(b)(d)</sup> | 15729470 | 28816 |
| &nbsp;&nbsp; Series 2024-5, Class B4, 6.90%, 11/25/2054 <sup>(a)(b)</sup> | 390385 | 392324 |
| &nbsp;&nbsp; Series 2025-CES2, Class M1, 6.24%, 06/25/2055 <sup>(a)(c)</sup> | 1000000 | 1004488 |
|  JP Morgan Wealth Management, Series 2020-ATR1, Class A5, 3.00%, 02/25/2050 <sup>(a)(b)</sup> | 1851151 | 1613411 |
|  Mello Mortgage Capital Acceptance, Series 2022-INV2, Class A15, 3.00%, 04/25/2052 <sup>(a)(b)</sup> | 1954206 | 1676406 |
| MFRA Trust | MFRA Trust | MFRA Trust |
| &nbsp;&nbsp; Series 2021-INV2, Class M1, 3.20%, 11/25/2056 <sup>(a)(b)</sup> | 2000000 | 1630123 |
| &nbsp;&nbsp; Series 2021-RPL1, Class A2, 2.07%, 07/25/2060 <sup>(a)(b)</sup> | 500000 | 426957 |
| &nbsp;&nbsp; Series 2021-RPL1, Class M2, 2.85%, 07/25/2060 <sup>(a)(b)</sup> | 1000000 | 853883 |
|  Mill City Mortgage Trust, Series 2017-2, Class M3, 3.25%, 07/25/2059 <sup>(a)(b)</sup> | 160000 | 151186 |
| Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust |
| &nbsp;&nbsp; Series 2023-3, Class B4, 6.53%, 09/25/2053 <sup>(a)(b)</sup> | 250000 | 229767 |
| &nbsp;&nbsp; Series 2024-3, Class A9, 6.00%, 07/25/2054 <sup>(a)(b)</sup> | 1803514 | 1795222 |
| New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
| &nbsp;&nbsp; Series 2015-1A, Class B6, 5.14%, 05/28/2052 <sup>(a)(b)</sup> | 653303 | 548311 |
| &nbsp;&nbsp; Series 2019-2A, Class B6, 4.69%, 12/25/2057 <sup>(a)(b)</sup> | 292202 | 224735 |
| &nbsp;&nbsp; Series 2022-NQM4, Class A3, 5.00%, 06/25/2062 <sup>(a)(c)</sup> | 2360838 | 2372784 |
| &nbsp;&nbsp; Series 2025-NQM5, Class M1, 6.09%, 08/25/2065 <sup>(a)(b)</sup> | 1750000 | 1763951 |
| Onslow Bay Mortgage Loan Trust | Onslow Bay Mortgage Loan Trust | Onslow Bay Mortgage Loan Trust |
| &nbsp;&nbsp; Series 2021-J2, Class A1, 2.50%, 07/25/2051 <sup>(a)(b)</sup> | 725255 | 602009 |
| &nbsp;&nbsp; Series 2021-J3, Class A7, 2.50%, 10/25/2051 <sup>(a)(b)</sup> | 1500000 | 1048445 |
| &nbsp;&nbsp; Series 2021-NQM1, Class A1, 1.07%, 02/25/2066 <sup>(a)(b)</sup> | 523959 | 467843 |
| &nbsp;&nbsp; Series 2021-NQM2, Class A3, 1.56%, 05/25/2061 <sup>(a)(b)</sup> | 546428 | 456153 |
| &nbsp;&nbsp; Series 2022-INV1, Class A18, 3.00%, 12/25/2051 <sup>(a)(b)</sup> | 153689 | 131288 |
| &nbsp;&nbsp; Series 2022-J2, Class A10, 3.00%, 08/25/2052 <sup>(a)(b)</sup> | 2057000 | 1553169 |
| &nbsp;&nbsp; Series 2026-CES1, Class A3, 5.64%, 04/25/2056 <sup>(a)(c)</sup> | 1629000 | 1630973 |
| Pretium Mortgage Credit Partners LLC | Pretium Mortgage Credit Partners LLC | Pretium Mortgage Credit Partners LLC |
| &nbsp;&nbsp; Series 2025-RPL1, Class A1, 4.00%, 07/25/2069 <sup>(a)(c)</sup> | 1781155 | 1734661 |
| &nbsp;&nbsp; Series 2025-RPL1, Class A2, 4.00%, 07/25/2069 <sup>(a)(c)</sup> | 2000000 | 1929526 |
|  Provident Funding Mortgage Trust, Series 2021-INV1, Class A14, 2.50%, 08/25/2051 <sup>(a)(b)</sup> | 1526773 | 1256386 |
| PRPM LLC | PRPM LLC | PRPM LLC |
| &nbsp;&nbsp; Series 2025-RCF1, Class A2, 4.50%, 02/25/2055 <sup>(a)(c)</sup> | 1500000 | 1470857 |
| &nbsp;&nbsp; Series 2025-RCF1, Class A3, 4.50%, 02/25/2055 <sup>(a)(c)</sup> | 1250000 | 1222636 |
| Rate Mortgage Trust | Rate Mortgage Trust | Rate Mortgage Trust |
| &nbsp;&nbsp; Series 2021-HB1, Class A1, 2.50%, 12/25/2051 <sup>(a)(b)</sup> | 1174907 | 973374 |
| &nbsp;&nbsp; Series 2021-J3, Class A25, 2.50%, 10/25/2051 <sup>(a)(b)</sup> | 500000 | 338710 |
| RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
| &nbsp;&nbsp; Series 2021-5, Class A1, 2.50%, 11/25/2051 <sup>(a)(b)</sup> | 3796014 | 3193211 |
| &nbsp;&nbsp; Series 2022-4, Class A2, 3.50%, 06/25/2052 <sup>(a)(b)</sup> | 684891 | 613911 |
| Saluda Grade Mortgage Funding LLC | Saluda Grade Mortgage Funding LLC | Saluda Grade Mortgage Funding LLC |
| &nbsp;&nbsp; Series 2022-SEQ2, Class A3, 4.50%, 02/25/2052 <sup>(a)(b)</sup> | 750000 | 733598 |
| &nbsp;&nbsp; Series 2025-LOC5, Class B1, 7.40% (1 mo. Term SOFR + 3.75%), 10/25/2055 <sup>(a)</sup> | 410000 | 411955 |
| &nbsp;&nbsp; Series 2026-HB1, Class M3, 6.10% (1 mo. Term SOFR + 2.45%), 04/25/2056 <sup>(a)</sup> | 1000000 | 998919 |
| Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
| &nbsp;&nbsp; Series 2023-4, Class B2, 5.69%, 11/25/2053 <sup>(a)(b)</sup> | 4075265 | 3908010 |
| &nbsp;&nbsp; Series 2026-1, Class A1, 5.00%, 02/25/2056 <sup>(a)(b)</sup> | 2379955 | 2330114 |
| SGR Residential Mortgage Trust | SGR Residential Mortgage Trust | SGR Residential Mortgage Trust |
| &nbsp;&nbsp; Series 2021-1, Class A3, 1.56%, 07/25/2061 <sup>(a)(b)</sup> | 2054579 | 1734620 |
| &nbsp;&nbsp; Series 2021-1, Class M1, 2.50%, 07/25/2061 <sup>(a)(b)</sup> | 744000 | 515523 |
| &nbsp;&nbsp; Series 2021-2, Class B2, 4.04%, 12/25/2061 <sup>(a)(b)</sup> | 910000 | 630640 |
| Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust |
| &nbsp;&nbsp; Series 2022-2, Class A1, 4.17%, 02/25/2067 <sup>(a)(b)</sup> | 1319939 | 1268689 |
| &nbsp;&nbsp; Series 2022-3, Class A1, 5.16%, 03/25/2067 <sup>(a)(b)</sup> | 176075 | 175648 |
| &nbsp;&nbsp; Series 2022-3, Class A3, 4.16%, 03/25/2067 <sup>(a)(b)</sup> | 880373 | 831922 |
| Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
| &nbsp;&nbsp; Series 2020-4, Class M1, 2.88%, 10/25/2060 <sup>(a)</sup> | 565000 | 450396 |
| &nbsp;&nbsp; Series 2024-4, Class A2, 4.53%, 10/27/2064 <sup>(a)(b)</sup> | 500000 | 480149 |
| &nbsp;&nbsp; Series 2024-4, Class M1, 4.53%, 10/27/2064 <sup>(a)(b)</sup> | 500000 | 461143 |
| Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
| &nbsp;&nbsp; Series 2021-3, Class B1, 3.20%, 06/25/2066 <sup>(a)(b)</sup> | 1750000 | 1376421 |
| &nbsp;&nbsp; Series 2021-3, Class M1, 2.40%, 06/25/2066 <sup>(a)(b)</sup> | 1000000 | 826994 |
| &nbsp;&nbsp; Series 2021-5, Class M1, 2.33%, 09/25/2066 <sup>(a)(b)</sup> | 250000 | 191794 |
| &nbsp;&nbsp; Series 2021-8, Class B1, 4.24%, 11/25/2066 <sup>(a)(b)</sup> | 1000000 | 873635 |
| &nbsp;&nbsp; Series 2022-2, Class B1, 4.25%, 02/25/2067 <sup>(a)(b)</sup> | 1300000 | 1077229 |
| &nbsp;&nbsp; Series 2022-3, Class A3, 4.13%, 02/25/2067 <sup>(a)(b)</sup> | 189697 | 179976 |
|  Wells Fargo Mortgage-Backed Securities Trust, Series 2021-2, Class A3, 2.50%, 06/25/2051 <sup>(a)(b)</sup> | 277834 | 248299 |
| **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** (Cost $85,164,728) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** (Cost $85,164,728) | 85044752 |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY - 42.3%** | **Par**  | **Value**  |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp; Pool QJ3250, 6.50%, 09/01/2054 | 801485 | 832314 |
| &nbsp;&nbsp; Pool QJ6122, 5.00%, 10/01/2054 | 1871773 | 1857052 |
| &nbsp;&nbsp; Pool QJ7063, 5.50%, 10/01/2054 | 2163482 | 2184005 |
| &nbsp;&nbsp; Pool QJ7711, 5.00%, 11/01/2054 | 2126646 | 2099618 |
| &nbsp;&nbsp; Pool QX0791, 5.50%, 12/01/2054 | 1669841 | 1690859 |
| &nbsp;&nbsp; Pool RA3515, 2.50%, 09/01/2050 | 3844973 | 3261444 |
| &nbsp;&nbsp; Pool RB5146, 2.50%, 02/01/2042 | 3836614 | 3444673 |
| &nbsp;&nbsp; Pool RB5149, 2.50%, 03/01/2042 | 705998 | 630844 |
| &nbsp;&nbsp; Pool RC1914, 2.00%, 06/01/2036 | 255711 | 234881 |
| &nbsp;&nbsp; Pool SD1581, 2.50%, 09/01/2052 | 2612156 | 2205965 |
| &nbsp;&nbsp; Pool SD4663, 6.00%, 01/01/2054 | 2457189 | 2527964 |
| &nbsp;&nbsp; Pool SD5470, 5.00%, 03/01/2053 | 1856333 | 1844583 |
| &nbsp;&nbsp; Pool SD6141, 6.00%, 08/01/2054 | 1543474 | 1583653 |
| &nbsp;&nbsp; Pool SD6443, 6.00%, 10/01/2053 | 1210978 | 1238211 |
| &nbsp;&nbsp; Pool SD8160, 2.00%, 08/01/2051 | 1949615 | 1571880 |
| &nbsp;&nbsp; Pool SD8272, 3.00%, 12/01/2052 | 3017215 | 2646513 |
| &nbsp;&nbsp; Pool SD8447, 6.00%, 07/01/2054 | 577310 | 589378 |
| &nbsp;&nbsp; Pool SL0219, 4.50%, 02/01/2054 | 2360244 | 2280275 |
| &nbsp;&nbsp; Pool SL3103, 6.50%, 10/01/2054 | 1380540 | 1439578 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| &nbsp;&nbsp; Pool BF0496, 3.00%, 07/01/2060 | 848314 | 746664 |
| &nbsp;&nbsp; Pool BU1842, 2.00%, 01/01/2052 | 2476080 | 1989189 |
| &nbsp;&nbsp; Pool CA7528, 2.50%, 10/01/2050 | 1056834 | 889262 |
| &nbsp;&nbsp; Pool CB2795, 3.00%, 02/01/2052 | 2269003 | 1992941 |
| &nbsp;&nbsp; Pool DC6402, 5.00%, 11/01/2054 | 1904420 | 1879608 |
| &nbsp;&nbsp; Pool FM6099, 2.00%, 02/01/2051 | 1149575 | 924954 |
| &nbsp;&nbsp; Pool FP0069, 2.50%, 01/01/2052 | 1696354 | 1432433 |
| &nbsp;&nbsp; Pool FS2531, 2.00%, 06/01/2052 | 3211349 | 2583739 |
| &nbsp;&nbsp; Pool FS9287, 5.50%, 09/01/2054 | 1855393 | 1880229 |
| &nbsp;&nbsp; Pool MA4364, 2.00%, 06/01/2041 | 2771668 | 2419083 |
| &nbsp;&nbsp; Pool MA4422, 2.00%, 09/01/2041 | 3358372 | 2922906 |
| &nbsp;&nbsp; Pool MA4474, 2.00%, 11/01/2041 | 2869467 | 2492098 |
| &nbsp;&nbsp; Pool MA4520, 2.00%, 01/01/2042 | 2793734 | 2424221 |
| &nbsp;&nbsp; Pool MA5139, 6.00%, 09/01/2053 | 1050179 | 1075499 |
| &nbsp;&nbsp; Pool MA5551, 4.50%, 12/01/2054 | 2058356 | 1982237 |
| **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY** (Cost $61,912,767) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY** (Cost $61,912,767) | 61798753 |
| **SHORT-TERM INVESTMENTS** | **Shares**  | **Value**  |
| **Money Market Funds - 1.8%** |  |  |
| First American Government Obligations Fund - Class U, 3.60% <sup>(e)</sup> | 2613099 | 2613099 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $2,613,099) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $2,613,099) | 2613099 |
| **TOTAL INVESTMENTS - 102.2% (**Cost $149,690,594**)** | **TOTAL INVESTMENTS - 102.2% (**Cost $149,690,594**)** | 149456604 |
| Liabilities in Excess of Other Assets - (2.2)% | Liabilities in Excess of Other Assets - (2.2)% | (3189458) |
| **TOTAL NET ASSETS - 100.0%** |  | $146267146 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

SOFR - Secured Overnight Financing Rate<br>

(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 April 30, 2026, the value of these securities total
 $85,044,752 or 58.1% 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 April 30, 2026.

(c) Step coupon bond. The rate disclosed is as of April 30, 2026.

(d) Interest only security.

(e) The rate shown represents the 7-day annualized yield as of April 30, 2026.

------

---

| |
|:---|
| **Angel Oak Mortgage-Backed Securities ETF** |
| **Schedule of Open Futures Contracts** |
| **April 30, 2026 (Unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short Futures Contracts** | **Contracts Sold** | **Expiration Date** | **Notional Value** | **Value / Unrealized**<br> **Appreciation**<br> (Depreciation) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5 Year Note | (62) | 06/30/2026 | $6685828 | $1713 |

---

The average monthly notional value of long and short futures contracts during the period ended April 30, 2026, was $2,312,953 and $(5,391,059), respectively.

------

#### 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 measures 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 April 30, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets** | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities | $– | $85044752 | $– | $85044752 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities – U.S. Government Agency | – | 61798753 | – | 61798753 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 2613099 | – | – | 2613099 |
| **Total** | $2613099 | $146843505 | $– | $149456604 |
| **Other Financial Instruments** |  |  |  |  |
| **<u>Liabilities</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts \* | $1713 | $– | $– | $1713 |
| \* Futures are reflected at the unrealized appreciation (depreciation) on the instrument as presented in the Schedule of Open Futures Contracts. | \* Futures are reflected at the unrealized appreciation (depreciation) on the instrument as presented in the Schedule of Open Futures Contracts. | \* Futures are reflected at the unrealized appreciation (depreciation) on the instrument as presented in the Schedule of Open Futures Contracts. | \* Futures are reflected at the unrealized appreciation (depreciation) on the instrument as presented in the Schedule of Open Futures Contracts. | \* Futures are reflected at the unrealized appreciation (depreciation) on the instrument as presented in the Schedule of Open Futures Contracts. |
| See the Schedule of Investments for further disaggregation of investment categories. | 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:** 980 Hammond Drive

  - **City:** Atlanta

  - **State:** GA

  - **Foreign country:** US

  - **Zip / Postal Code:** 30328

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

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

- **a. Name of Series:** Angel Oak Mortgage-Backed Securities ETF

- **b. EDGAR series identifier (if any):** S000083813

- **c. LEI of Series:** 254900TSW167NT37XY19

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

- **a. Date of fiscal year-end:** 2027-01-31

- **b. Date as of which information is reported:** 2026-04-30

**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:** $155864920.04

**Total Liabilities:** $6382269.64

**Net Assets:** $149482650.40

**Delayed Delivery Securities:** $1508356.15

**Cash Not Reported:** $4129598.35

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 38.162218960677 | **1-Year:** 1957.548866973801 | **5-Year:** 28547.526690836520 | **10-Year:** 46541.461680214440 | **30-Year:** 5632.590326332637

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

- **3-Month:** 0.000000000000 | **1-Year:** 17.745429221062 | **5-Year:** 503.598139802804 | **10-Year:** 1412.618066991537 | **30-Year:** 554.667856460074

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000247830 | 1.86%                | -1.64%               | 0.16%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $85937.68                | $2382761.13                                |
| Month 2  | $586558.14               | $-3888980.08                               |
| Month 3  | $-31103.81               | $-588661.40                                |

**Designated Index Information**

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

- **Index Identifier:** 4KKLYIJKHO

### Schedule of Portfolio Investments

| Name                           | Title                                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Woodward Capital Management    | RCKT Mortgage Trust 2021-5                            | CUSIP: 749384AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3796014 | PA      | $3193210.92   | 2.14%             | 2051-11-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners            | SG Residential Mortgage Trust 2021-1                  | CUSIP: 784212AC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2054579 | PA      | $1734619.68   | 1.16%             | 2061-07-25      | Variable      | 1.56%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners            | SG Residential Mortgage Trust 2021-1                  | CUSIP: 784212AD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    744000 | PA      | $515523.33    | 0.34%             | 2061-07-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners            | SG Residential Mortgage Trust 2021-2                  | CUSIP: 78432YAF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    910000 | PA      | $630639.65    | 0.42%             | 2061-12-25      | Variable      | 4.04%                 | No            |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortg | Saluda Grade Alternative Mortgage Trust 2026-HB1      | CUSIP: 795939AJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $998919.00    | 0.67%             | 2056-04-25      | Floating      | 6.10%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2023-4                         | CUSIP: 81743JCE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4075265 | PA      | $3908009.94   | 2.61%             | 2053-11-25      | Variable      | 5.69%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2026-1                         | CUSIP: 81750KAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2379955 | PA      | $2330113.67   | 1.56%             | 2056-02-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential  | Starwood Mortgage Residential Trust 2022-3            | CUSIP: 85571RAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    176075 | PA      | $175647.52    | 0.12%             | 2067-03-25      | Variable      | 5.16%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential  | Starwood Mortgage Residential Trust 2022-3            | CUSIP: 85571RAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    880373 | PA      | $831921.98    | 0.56%             | 2067-03-25      | Variable      | 4.16%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential  | Starwood Mortgage Residential Trust 2022-2            | CUSIP: 85573UAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1319939 | PA      | $1268688.58   | 0.85%             | 2067-02-25      | Variable      | 4.17%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust      | Towd Point Mortgage Trust 2020-4                      | CUSIP: 89179JAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    565000 | PA      | $450396.49    | 0.30%             | 2060-10-25      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust      | Towd Point Mortgage Trust 2024-4                      | CUSIP: 89183GAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $480148.95    | 0.32%             | 2064-10-27      | Variable      | 4.53%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust      | Towd Point Mortgage Trust 2024-4                      | CUSIP: 89183GAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $461142.90    | 0.31%             | 2064-10-27      | Variable      | 4.53%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust     | Verus Securitization Trust 2021-8                     | CUSIP: 92538GAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $873635.00    | 0.58%             | 2066-11-25      | Variable      | 4.24%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust     | Verus Securitization Trust 2021-5                     | CUSIP: 92538KAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $191793.84    | 0.13%             | 2066-09-25      | Variable      | 2.33%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust     | Verus Securitization Trust 2022-3                     | CUSIP: 92538UAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    189697 | PA      | $179975.64    | 0.12%             | 2067-02-25      | Variable      | 4.13%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust     | Verus Securitization Trust 2022-2                     | CUSIP: 92538XAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1300000 | PA      | $1077229.01   | 0.72%             | 2067-02-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust     | Verus Securitization Trust 2021-3                     | CUSIP: 92539LAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $826994.00    | 0.55%             | 2066-06-25      | Variable      | 2.40%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust     | Verus Securitization Trust 2021-3                     | CUSIP: 92539LAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1750000 | PA      | $1376421.38   | 0.92%             | 2066-06-25      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Se | Wells Fargo Mortgage Backed Securities 2021-2 Trust   | CUSIP: 949798AC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    277834 | PA      | $248299.35    | 0.17%             | 2051-06-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust   | CSMC 2021-AFC1 Trust                                  | CUSIP: 12657LAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $670437.00    | 0.45%             | 2056-03-25      | Variable      | 2.19%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust   | CSMC 2021-NQM8                                        | CUSIP: 12659FAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1186924 | PA      | $1050217.66   | 0.70%             | 2066-10-25      | Variable      | 2.40%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust   | CSMC 2021-NQM3                                        | CUSIP: 12660LAD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $774419.10    | 0.52%             | 2066-04-25      | Variable      | 2.32%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust   | CSMC 2021-NQM2                                        | CUSIP: 12662EAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1250000 | PA      | $968105.50    | 0.65%             | 2066-02-25      | Variable      | 2.28%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust   | CSMC 2022-ATH2                                        | CUSIP: 12665WAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1750000 | PA      | $1646382.50   | 1.10%             | 2067-05-25      | Variable      | 4.98%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust   | CSMC 2021-NQM5 Trust                                  | CUSIP: 22946DAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1124129 | PA      | $941673.51    | 0.63%             | 2066-05-25      | Variable      | 1.35%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage | Deephaven Residential Mortgage Trust 2021-3           | CUSIP: 24381VAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    700000 | PA      | $553060.34    | 0.37%             | 2066-08-25      | Variable      | 3.27%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage | Deephaven Residential Mortgage Trust 2021-2           | CUSIP: 24381WAD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $77607.75     | 0.05%             | 2066-04-25      | Variable      | 2.22%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                      | CUSIP: 3132DTCF5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1856333 | PA      | $1844582.99   | 1.23%             | 2053-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                      | CUSIP: 3132DTZE3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1543474 | PA      | $1583652.64   | 1.06%             | 2054-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                      | CUSIP: 3132DUEQ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1210978 | PA      | $1238210.99   | 0.83%             | 2053-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                      | CUSIP: 3132DWB51<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1949615 | PA      | $1571880.02   | 1.05%             | 2051-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                      | CUSIP: 3132DWFM0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3017215 | PA      | $2646512.88   | 1.77%             | 2052-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                      | CUSIP: 3132DWL43<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    577310 | PA      | $589378.47    | 0.39%             | 2054-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                      | CUSIP: 3132DWNX7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1567327 | PA      | $1576771.00   | 1.05%             | 2055-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                      | CUSIP: 3133KYWJ4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    705998 | PA      | $630843.52    | 0.42%             | 2042-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                      | CUSIP: 3133L8DT9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    255711 | PA      | $234880.61    | 0.16%             | 2036-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan  | New Residential Mortgage Loan Trust 2015-1            | CUSIP: 64829CAT5<br>LEI: 549300RCJSGOC0A85G53 | Long             | ABS-MBS          | CORP              | US        |    653303 | PA      | $548310.85    | 0.37%             | 2052-05-28      | Variable      | 5.14%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan  | New Residential Mortgage Loan Trust 2019-2            | CUSIP: 64830DCF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    292202 | PA      | $224734.79    | 0.15%             | 2057-12-25      | Variable      | 4.69%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan  | New Residential Mortgage Loan Trust 2022-NQM4         | CUSIP: 64831UAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2360838 | PA      | $2372784.32   | 1.59%             | 2062-06-25      | Variable      | 5.00%                 | 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        |   1750000 | PA      | $1763951.00   | 1.18%             | 2065-08-25      | Variable      | 6.09%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC       | OBX 2021-J2 Trust                                     | CUSIP: 670861AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    725255 | PA      | $602009.31    | 0.40%             | 2051-07-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC       | OBX 2021-NQM1 Trust                                   | CUSIP: 67114BAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    523959 | PA      | $467842.63    | 0.31%             | 2066-02-25      | Variable      | 1.07%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC       | OBX 2021-J3 Trust                                     | CUSIP: 67448XAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1048444.50   | 0.70%             | 2051-10-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| N/A                            | US 5YR NOTE (CBT) Jun26                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -62 | NC      | $1712.66      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GS Mortgage-Backed Securities  | GS Mortgage-Backed Securities Trust 2021-PJ9          | CUSIP: 36263CAD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1302440 | PA      | $1068925.67   | 0.72%             | 2052-02-26      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities  | GS Mortgage-Backed Securities Trust 2021-PJ9          | CUSIP: 36263CAN9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $942728.25    | 0.63%             | 2052-02-26      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC              | Imperial Fund Mortgage Trust 2021-NQM1                | CUSIP: 452764AC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    170591 | PA      | $153725.09    | 0.10%             | 2056-06-25      | Variable      | 1.62%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2020-3                       | CUSIP: 46592ABZ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    317166 | PA      | $284609.33    | 0.19%             | 2050-08-25      | Variable      | 3.83%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2021-1                       | CUSIP: 46592EAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1292430 | PA      | $1089234.13   | 0.73%             | 2051-06-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2021-12                      | CUSIP: 46592WAV8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1242228.90   | 0.83%             | 2052-02-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2021-13                      | CUSIP: 46592XAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1499999 | PA      | $1030194.21   | 0.69%             | 2052-04-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust Series 2025-CES2             | CUSIP: 46595TAF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1004487.70   | 0.67%             | 2055-06-25      | Variable      | 6.24%                 | No            |                  2 | 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        |  15729470 | PA      | $28816.39     | 0.02%             | 2053-12-26      | Variable      | 0.20%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2019-6                       | CUSIP: 46651BBA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     80386 | PA      | $74957.50     | 0.05%             | 2049-12-25      | Variable      | 4.26%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Wealth Management  | JPMorgan Wealth Management 2020-ATR1                  | CUSIP: 46652HAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1851151 | PA      | $1613411.08   | 1.08%             | 2050-02-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2021-4                       | CUSIP: 46652VAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    966952 | PA      | $803502.57    | 0.54%             | 2051-08-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2021-6                       | CUSIP: 46653PAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    893747 | PA      | $808546.60    | 0.54%             | 2051-10-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | J.P. Morgan Mortgage Trust 2023-4                     | CUSIP: 46656QAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    598623 | PA      | $601565.01    | 0.40%             | 2053-11-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust Series 2024-5                | CUSIP: 46658RBA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    390385 | PA      | $392323.71    | 0.26%             | 2054-11-25      | Variable      | 6.90%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                     | MFA 2021-INV2 Trust                                   | CUSIP: 552732AD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1630123.40   | 1.09%             | 2056-11-25      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                     | MFA 2021-RPL1 Trust                                   | CUSIP: 55283QAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $426957.10    | 0.29%             | 2060-07-25      | Variable      | 2.07%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                     | MFA 2021-RPL1 Trust                                   | CUSIP: 55283QAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $853883.00    | 0.57%             | 2060-07-25      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| Mello Mortgage Capital Accepta | Mello Mortgage Capital Acceptance 2022-INV2           | CUSIP: 58549JBU7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1954206 | PA      | $1676405.76   | 1.12%             | 2052-04-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust       | Mill City Mortgage Loan Trust 2017-2                  | CUSIP: 59980AAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    160000 | PA      | $151186.08    | 0.10%             | 2059-07-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mor | Morgan Stanley Residential Mortgage Loan Trust 2023-3 | CUSIP: 61775QAY3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $229766.75    | 0.15%             | 2053-09-25      | Variable      | 6.53%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mor | Morgan Stanley Residential Mortgage Loan Trust 2024-3 | CUSIP: 61776QBD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1803514 | PA      | $1795222.02   | 1.20%             | 2054-07-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| ATLX Trust                     | ATLX 2024-RPL1 Trust                                  | CUSIP: 049915AB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $490608.05    | 0.33%             | 2064-04-25      | Variable      | 4.40%                 | No            |                  2 | On Loan: No      |
| ATLX Trust                     | ATLX 2024-RPL1 Trust                                  | CUSIP: 049915AC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $979159.00    | 0.66%             | 2064-04-25      | Variable      | 4.40%                 | No            |                  2 | On Loan: No      |
| Brean Asset Backed Securities  | Brean Asset Backed Securities Trust 2026-RM15         | CUSIP: 10639CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $961344.00    | 0.64%             | 2066-04-25      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CIM Trust                      | CIM TRUST 2022-R1                                     | CUSIP: 12571YAF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $806295.00    | 0.54%             | 2061-01-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC               | COLT 2022-2 Mortgage Loan Trust                       | CUSIP: 19685EAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $853836.40    | 0.57%             | 2067-02-25      | Variable      | 3.94%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC               | COLT 2021-1 Mortgage Loan Trust                       | CUSIP: 19688EAD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1179000 | PA      | $955703.88    | 0.64%             | 2066-06-25      | Variable      | 2.29%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC               | COLT 2021-3 Mortgage Loan Trust                       | CUSIP: 19688FAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    135000 | PA      | $98626.33     | 0.07%             | 2066-09-27      | Variable      | 2.30%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC               | COLT 2022-1 Mortgage Loan Trust                       | CUSIP: 19688HAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1300000 | PA      | $1158336.40   | 0.77%             | 2066-12-27      | Variable      | 4.17%                 | No            |                  2 | On Loan: No      |
| Colony American Finance Ltd    | Corevest American Finance 2020-4 Trust                | CUSIP: 21873AAL1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $265472.31    | 0.18%             | 2052-12-15      | Fixed         | 2.71%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC       | OBX 2022-INV1 Trust                                   | CUSIP: 67115NAU4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    153689 | PA      | $131288.16    | 0.09%             | 2051-12-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC       | OBX 2022-J2 Trust                                     | CUSIP: 67115QAK9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2057000 | PA      | $1553168.71   | 1.04%             | 2052-08-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC       | OBX 2026-CES1 Trust                                   | CUSIP: 67124LAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1629000 | PA      | $1630972.72   | 1.09%             | 2056-04-25      | Variable      | 5.64%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgag | PRPM 2025-RCF1 LLC                                    | CUSIP: 74390RAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1470856.65   | 0.98%             | 2055-02-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage | Deephaven Residential Mortgage Trust 2026-CES1        | CUSIP: 24380YAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1499958.15   | 1.00%             | 2061-03-25      | Variable      | 5.93%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partne | PRET 2025-RPL1 Trust                                  | CUSIP: 69392FAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1781155 | PA      | $1734661.33   | 1.16%             | 2069-07-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partne | PRET 2025-RPL1 Trust                                  | CUSIP: 69392FAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1929525.60   | 1.29%             | 2069-07-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Provident Funding Mortgage Tru | Provident Funding Mortgage Trust 2021-INV1            | CUSIP: 74387VAN9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1526773 | PA      | $1256386.33   | 0.84%             | 2051-08-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgag | PRPM 2025-RCF1 LLC                                    | CUSIP: 74390RAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1250000 | PA      | $1222636.25   | 0.82%             | 2055-02-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                      | CUSIP: 31425U2Z7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1669841 | PA      | $1690859.45   | 1.13%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                      | CUSIP: 31427MG54<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2360244 | PA      | $2280274.95   | 1.53%             | 2054-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                      | CUSIP: 31427QNV0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1380540 | PA      | $1439578.17   | 0.96%             | 2054-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T | Ellington Financial Mortgage Trust 2021-2             | CUSIP: 31572LAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    139000 | PA      | $98976.65     | 0.07%             | 2066-06-25      | Variable      | 2.30%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T | Ellington Financial Mortgage Trust 2017-1             | CUSIP: 31574XAF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    777000 | PA      | $614809.02    | 0.41%             | 2066-02-25      | Variable      | 4.14%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities  | GS Mortgage-Backed Securities Trust 2021-MM1          | CUSIP: 36264JAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    771519 | PA      | $639182.21    | 0.43%             | 2052-04-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Rate Mortgage Trust            | Rate Mortgage Trust 2021-J3                           | CUSIP: 75409TBA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $338710.25    | 0.23%             | 2051-10-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Rate Mortgage Trust            | RATE Mortgage Trust 2021-HB1                          | CUSIP: 75409XAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1174907 | PA      | $973373.69    | 0.65%             | 2051-12-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                      | CUSIP: 3133CTTF6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    801485 | PA      | $832313.71    | 0.56%             | 2054-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                      | CUSIP: 3133CWYT3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1871773 | PA      | $1857052.01   | 1.24%             | 2054-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                      | CUSIP: 3133CXZ45<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2163482 | PA      | $2184004.84   | 1.46%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                      | CUSIP: 3133CYR83<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2126646 | PA      | $2099618.46   | 1.40%             | 2054-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                      | CUSIP: 3133KJ3Y6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3844973 | PA      | $3261444.18   | 2.18%             | 2050-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                      | CUSIP: 3133KYWF2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3836614 | PA      | $3444673.18   | 2.30%             | 2042-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC       | OBX 2021-NQM2 Trust                                   | CUSIP: 670857AC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    546428 | PA      | $456153.49    | 0.31%             | 2061-05-25      | Variable      | 1.56%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management    | RCKT Mortgage Trust 2022-4                            | CUSIP: 74938GAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    684891 | PA      | $613910.89    | 0.41%             | 2052-06-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T | Ellington Financial Mortgage Trust 2022-4             | CUSIP: 268432AE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $994317.40    | 0.67%             | 2067-09-25      | Variable      | 5.84%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                    | FIGRE Trust 2025-HE1                                  | CUSIP: 30191LAD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2040173.60   | 1.36%             | 2055-01-25      | Variable      | 6.59%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                      | CUSIP: 3132DNXJ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2612156 | PA      | $2205964.94   | 1.48%             | 2052-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                      | CUSIP: 3132DSFC1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2457189 | PA      | $2527964.32   | 1.69%             | 2054-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                       | CUSIP: 3140AUDG5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1904420 | PA      | $1879608.26   | 1.26%             | 2054-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                       | CUSIP: 3140FXRS3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    848314 | PA      | $746663.83    | 0.50%             | 2060-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                       | CUSIP: 3140M3BL3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2476080 | PA      | $1989188.84   | 1.33%             | 2052-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                       | CUSIP: 3140QFLJ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1056834 | PA      | $889262.38    | 0.59%             | 2050-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                       | CUSIP: 3140QNC91<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2269003 | PA      | $1992940.92   | 1.33%             | 2052-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                       | CUSIP: 3140X9X59<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1149575 | PA      | $924954.23    | 0.62%             | 2051-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                       | CUSIP: 3140XHY50<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3211349 | PA      | $2583739.16   | 1.73%             | 2052-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                       | CUSIP: 3140XRJ97<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1855393 | PA      | $1880229.29   | 1.26%             | 2054-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                       | CUSIP: 3140XTCF6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1696354 | PA      | $1432433.02   | 0.96%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                       | CUSIP: 31418D4G4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3358372 | PA      | $2922905.82   | 1.96%             | 2041-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                       | CUSIP: 31418D6L1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2869467 | PA      | $2492097.83   | 1.67%             | 2041-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                       | CUSIP: 31418DZ62<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2771668 | PA      | $2419082.52   | 1.62%             | 2041-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                       | CUSIP: 31418EAW0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2793734 | PA      | $2424220.50   | 1.62%             | 2042-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                       | CUSIP: 31418ELV0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1010642 | PA      | $948918.23    | 0.63%             | 2052-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                       | CUSIP: 31418EV98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1050179 | PA      | $1075498.85   | 0.72%             | 2053-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                       | CUSIP: 31418FEZ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2058356 | PA      | $1982237.13   | 1.33%             | 2054-12-01      | Fixed         | 4.50%                 | 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        |    750000 | PA      | $589230.00    | 0.39%             | 2067-01-25      | Variable      | 3.86%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T | Ellington Financial Mortgage Trust 2021-3             | CUSIP: 31573JAF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $747875.60    | 0.50%             | 2066-09-25      | Variable      | 4.29%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                    | FIGRE Trust 2025-PF2                                  | CUSIP: 316918AD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    853000 | PA      | $848396.87    | 0.57%             | 2055-10-25      | Variable      | 6.14%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund            | CUSIP: 31846V211<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   2613099 | NS      | $2613098.53   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| COLT Funding LLC               | COLT 2022-3 Mortgage Loan Trust                       | CUSIP: 12659YAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1763189.20   | 1.18%             | 2067-02-25      | Variable      | 4.22%                 | No            |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortg | Saluda Grade Alternative Mortgage Trust 2022-SEQ2     | CUSIP: 79581RAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $733598.25    | 0.49%             | 2052-02-25      | Variable      | 4.50%                 | 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        |    410000 | PA      | $411955.45    | 0.28%             | 2055-10-25      | Floating      | 7.40%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-06-26

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

**Signature:** /s/ Michael Colombo

**Name of Signer:** Michael Colombo

**Title:** Secretary