# EDGAR Filing Document

**Accession Number:** 0001612930
**File Stem:** 0001145549-25-044411
**Filing Date:** 2025-6
**Character Count:** 89758
**Document Hash:** 263e672ae3a9c66d3a3ede29a1bfc126
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-044411.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0001145549-25-044411

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**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:** 251086776

**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 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, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY - 66.6%** | **Par** | **Value** |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp; Pool QE8504, 5.00%, 08/01/2052 | 782978 | $766794 |
| &nbsp;&nbsp; Pool QI2043, 6.00%, 03/01/2054 | 474605 | 483297 |
| &nbsp;&nbsp; Pool QI4343, 4.50%, 04/01/2054 | 486551 | 465356 |
| &nbsp;&nbsp; Pool QJ6122, 5.00%, 10/01/2054 | 1910255 | 1867188 |
| &nbsp;&nbsp; Pool QJ6384, 5.50%, 10/01/2054 | 1814750 | 1809919 |
| &nbsp;&nbsp; Pool QJ6482, 5.00%, 10/01/2054 | 1944452 | 1901221 |
| &nbsp;&nbsp; Pool QJ7063, 5.50%, 10/01/2054 | 2484332 | 2485483 |
| &nbsp;&nbsp; Pool QJ7677, 5.50%, 11/01/2054 | 3477334 | 3474597 |
| &nbsp;&nbsp; Pool QJ7705, 5.00%, 11/01/2054 | 1985884 | 1944836 |
| &nbsp;&nbsp; Pool QJ7711, 5.00%, 11/01/2054 | 1466987 | 1435748 |
| &nbsp;&nbsp; Pool QJ8092, 5.00%, 11/01/2054 | 1926570 | 1892165 |
| &nbsp;&nbsp; Pool QJ9998, 5.50%, 12/01/2054 | 2477417 | 2492500 |
| &nbsp;&nbsp; Pool QX0791, 5.50%, 12/01/2054 | 1991064 | 1993851 |
| &nbsp;&nbsp; Pool QX1669, 5.00%, 12/01/2054 | 2483938 | 2454329 |
| &nbsp;&nbsp; Pool RA4179, 2.50%, 12/01/2050 | 5685292 | 4736084 |
| &nbsp;&nbsp; Pool RC1914, 2.00%, 06/01/2036 | 295911 | 269012 |
| &nbsp;&nbsp; Pool SD0803, 3.00%, 01/01/2052 | 780567 | 679789 |
| &nbsp;&nbsp; Pool SD2334, 5.00%, 02/01/2053 | 2459744 | 2415379 |
| &nbsp;&nbsp; Pool SD5470, 5.00%, 03/01/2053 | 2110737 | 2076343 |
| &nbsp;&nbsp; Pool SD5781, 6.00%, 07/01/2054 | 423701 | 431991 |
| &nbsp;&nbsp; Pool SD6591, 5.00%, 10/01/2054 | 1414313 | 1382428 |
| &nbsp;&nbsp; Pool SD7029, 5.00%, 12/01/2054 | 494618 | 488413 |
| &nbsp;&nbsp; Pool SD7182, 5.00%, 12/01/2054 | 5441674 | 5325793 |
| &nbsp;&nbsp; Pool SD8160, 2.00%, 08/01/2051 | 2093646 | 1669437 |
| &nbsp;&nbsp; Pool SD8243, 3.50%, 09/01/2052 | 303609 | 273376 |
| &nbsp;&nbsp; Pool SD8331, 5.50%, 06/01/2053 | 2537767 | 2537356 |
| &nbsp;&nbsp; Pool SD8401, 5.50%, 02/01/2054 | 2678862 | 2670056 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| &nbsp;&nbsp; Pool 000TBA, 5.50%, 05/15/2041<sup>(a)</sup> | 20000000 | 19959949 |
| &nbsp;&nbsp; Pool 000TBA, 5.00%, 05/15/2041<sup>(a)</sup> | 10000000 | 9790506 |
| &nbsp;&nbsp; Pool BR0948, 2.00%, 04/01/2051 | 1561298 | 1239271 |
| &nbsp;&nbsp; Pool BU1842, 2.00%, 01/01/2052 | 2654297 | 2105174 |
| &nbsp;&nbsp; Pool CB1275, 2.50%, 08/01/2051 | 2383299 | 1986501 |
| &nbsp;&nbsp; Pool CB3770, 3.50%, 06/01/2052 | 1887659 | 1707415 |
| &nbsp;&nbsp; Pool CB6311, 5.00%, 05/01/2053 | 3290987 | 3220906 |
| &nbsp;&nbsp; Pool CB8710, 6.00%, 06/01/2054 | 883482 | 899386 |
| &nbsp;&nbsp; Pool DC5656, 5.00%, 11/01/2054 | 1985216 | 1941700 |
| &nbsp;&nbsp; Pool DC5739, 5.50%, 11/01/2054 | 3912852 | 3908547 |
| &nbsp;&nbsp; Pool DC5743, 5.50%, 11/01/2054 | 1986461 | 1985518 |
| &nbsp;&nbsp; Pool DC6402, 5.00%, 11/01/2054 | 1973811 | 1929312 |
| &nbsp;&nbsp; Pool FM6099, 2.00%, 02/01/2051 | 1216806 | 965072 |
| &nbsp;&nbsp; Pool FS3447, 2.00%, 01/01/2052 | 4322074 | 3438724 |
| &nbsp;&nbsp; Pool FS3826, 3.00%, 01/01/2052 | 2852419 | 2475235 |
| &nbsp;&nbsp; Pool FS7274, 5.00%, 02/01/2054 | 2519478 | 2467400 |
| &nbsp;&nbsp; Pool FS9287, 5.50%, 09/01/2054 | 1966759 | 1963982 |
| &nbsp;&nbsp; Pool MA5072, 5.50%, 07/01/2053 | 2559001 | 2558586 |
|  Government National Mortgage Association, Pool MA7768, 3.00%, 12/20/2051 | 2819735 | 2499001 |
| **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY** (Cost $116,831,196) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY** (Cost $116,831,196) | 117464926 |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES - 49.1%** | **Par** | **Value** |
| ATLX Trust | ATLX Trust | ATLX Trust |
| &nbsp;&nbsp; Series 2024-RPL1, Class A2, 4.30%, 04/25/2064 <sup>(a)(b)</sup> | 500000 | 477131 |
| &nbsp;&nbsp; Series 2024-RPL1, Class M1, 4.30%, 04/25/2064 <sup>(a)(b)</sup> | 500000 | 474376 |
|  BRAVO Residential Funding Trust, Series 2023-NQM2, Class A3, 4.50%, 05/25/2062 <sup>(a)(c)</sup> | 811056 | 803447 |
|  Chase Mortgage Finance Corp., Series 2024-8, Class A5A, 5.50%, 08/25/2055 <sup>(a)(b)</sup> | 2500005 | 2453142 |
|  Colony American Finance Ltd., Series 2020-4, Class D, 2.71%, 12/15/2052 <sup>(a)</sup> | 300000 | 255563 |
| 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 | 867090 |
| &nbsp;&nbsp; Series 2021-3, Class M1, 2.30%, 09/27/2066 <sup>(a)(b)</sup> | 135000 | 90063 |
| &nbsp;&nbsp; Series 2022-2, Class B1, 3.96%, 02/25/2067 <sup>(a)(b)</sup> | 500000 | 412647 |
| &nbsp;&nbsp; Series 2022-3, Class A1, 3.90%, 02/25/2067 <sup>(a)(b)</sup> | 5842519 | 5733574 |
| &nbsp;&nbsp; Series 2022-3, Class B1, 4.21%, 02/25/2067 <sup>(a)(b)</sup> | 2000000 | 1746078 |
| 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 | 619235 |
| &nbsp;&nbsp; Series 2021-NQM2, Class M1, 2.28%, 02/25/2066 <sup>(a)(b)</sup> | 50000 | 38982 |
| &nbsp;&nbsp; Series 2022-NQM4, Class A3, 4.82%, 06/25/2067 <sup>(a)(c)</sup> | 1576652 | 1578799 |
| 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 | 78270 |
| &nbsp;&nbsp; Series 2021-3, Class M1, 2.42%, 08/25/2066 <sup>(a)(b)</sup> | 2000000 | 1505312 |
| 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 | 579146 |
| &nbsp;&nbsp; Series 2021-2, Class M1, 2.30%, 06/25/2066 <sup>(a)(b)</sup> | 139000 | 95769 |
| &nbsp;&nbsp; Series 2021-3, Class B2, 4.29%, 09/25/2066 <sup>(a)(b)</sup> | 1000000 | 748477 |
| &nbsp;&nbsp; Series 2022-1, Class B1, 3.87%, 01/25/2067 <sup>(a)(b)</sup> | 750000 | 573283 |
| &nbsp;&nbsp; Series 2024-INV1, Class A1A, 6.56%, 03/25/2069 <sup>(a)(c)</sup> | 428498 | 438835 |
| &nbsp;&nbsp; Series 2025-NQM1, Class A3, 6.02%, 01/25/2070 <sup>(a)(c)</sup> | 975453 | 981319 |
| FIGRE Trust | FIGRE Trust | FIGRE Trust |
| &nbsp;&nbsp; Series 2024-HE1, Class A, 6.17%, 03/25/2054 <sup>(a)(b)</sup> | 389051 | 401824 |
| &nbsp;&nbsp; Series 2024-HE1, Class D, 7.19%, 03/25/2054 <sup>(a)(b)</sup> | 194525 | 201436 |
| &nbsp;&nbsp; Series 2025-HE1, Class D, 6.59%, 01/25/2055 <sup>(a)(b)</sup> | 2000000 | 2054426 |
| 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> | 821257 | 674396 |
| &nbsp;&nbsp; Series 2021-PJ9, Class A13, 2.00%, 02/26/2052 <sup>(a)(b)</sup> | 1500000 | 922457 |
| &nbsp;&nbsp; Series 2024-HE1, Class A1, 5.95% (30 day avg SOFR US + 1.60%), 08/25/2054 <sup>(a)</sup> | 766220 | 779396 |
|  HOMES Trust, Series 2024-AFC1, Class A2, 5.48%, 08/25/2059 <sup>(a)(c)</sup> | 1368501 | 1386540 |
|  Imperial Fund Mortgage Trust, Series 2021-NQM1, Class A3, 1.62%, 06/25/2056 <sup>(a)(b)</sup> | 203654 | 179830 |
|  Invitation Homes Trust, Series 2024-SFR1, Class A, 4.00%, 09/17/2041 <sup>(a)</sup> | 998290 | 965545 |
| JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
| &nbsp;&nbsp; Series 2019-6, Class B3, 4.27%, 12/25/2049 <sup>(a)(b)</sup> | 85682 | 80327 |
| &nbsp;&nbsp; Series 2020-3, Class B4, 3.83%, 08/25/2050 <sup>(a)(b)</sup> | 334790 | 298435 |
| &nbsp;&nbsp; Series 2021-1, Class A3, 2.50%, 06/25/2051 <sup>(a)(b)</sup> | 1416641 | 1163161 |
| &nbsp;&nbsp; Series 2021-12, Class A8, 2.50%, 02/25/2052 <sup>(a)(b)</sup> | 1500000 | 1214705 |
| &nbsp;&nbsp; Series 2021-13, Class A5, 2.50%, 04/25/2052 <sup>(a)(b)</sup> | 1500000 | 1015058 |
| &nbsp;&nbsp; Series 2021-4, Class A3, 2.50%, 08/25/2051 <sup>(a)(b)</sup> | 1037488 | 850915 |
| &nbsp;&nbsp; Series 2021-6, Class A4, 2.50%, 10/25/2051 <sup>(a)(b)</sup> | 952817 | 846976 |
| &nbsp;&nbsp; Series 2023-4, Class 1A2, 6.00%, 11/25/2053 <sup>(a)(b)</sup> | 746539 | 747959 |
| &nbsp;&nbsp; Series 2024-2, Class A3, 6.00%, 08/25/2054 <sup>(a)(b)</sup> | 936375 | 946617 |
| &nbsp;&nbsp; Series 2024-5, Class B4, 6.94%, 11/25/2054 <sup>(a)(b)</sup> | 395937 | 375254 |
| &nbsp;&nbsp; Series 2024-8, Class A3, 5.50%, 01/25/2055 <sup>(a)(b)</sup> | 786609 | 782778 |
| &nbsp;&nbsp; Series 2024-CCM1, Class A3, 5.50%, 04/25/2055 <sup>(a)(b)</sup> | 1272590 | 1278721 |
| &nbsp;&nbsp; Series 2024-INV1, Class A5A, 5.50%, 04/25/2055 <sup>(a)(b)</sup> | 2500000 | 2517953 |
| &nbsp;&nbsp; Series 2025-2, Class A5A, 5.50%, 07/25/2055 <sup>(a)(b)</sup> | 2000000 | 2007238 |
| &nbsp;&nbsp; Series 2025-CES2, Class M1, 6.24%, 06/25/2055 <sup>(a)(c)</sup> | 1000000 | 1020157 |
|  JP Morgan Wealth Management, Series 2020-ATR1, Class A5, 3.00%, 02/25/2050 <sup>(a)(b)</sup> | 1986932 | 1742591 |
|  Mello Mortgage Capital Acceptance, Series 2022-INV2, Class A15, 3.00%, 04/25/2052 <sup>(a)(b)</sup> | 2056906 | 1763100 |
| MFRA Trust | MFRA Trust | MFRA Trust |
| &nbsp;&nbsp; Series 2021-RPL1, Class A2, 2.07%, 07/25/2060 <sup>(a)(b)</sup> | 500000 | 423478 |
| &nbsp;&nbsp; Series 2021-RPL1, Class M2, 2.85%, 07/25/2060 <sup>(a)(b)</sup> | 1000000 | 842783 |
|  Mill City Mortgage Trust, Series 2017-2, Class M3, 3.25%, 07/25/2059 <sup>(a)(b)</sup> | 160000 | 150989 |
| 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, 6.56%, 09/25/2053 <sup>(a)(b)</sup> | 250000 | 214077 |
| &nbsp;&nbsp; Series 2024-3, Class A9, 6.00%, 07/25/2054 <sup>(a)(b)</sup> | 1828464 | 1832826 |
|  New Residential Mortgage Loan Trust, Series 2019-2A, Class B6, 4.75%, 12/25/2057 <sup>(a)(b)</sup> | 290070 | 218712 |
| 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> | 776130 | 632191 |
| &nbsp;&nbsp; Series 2021-J3, Class A7, 2.50%, 10/25/2051 <sup>(a)(b)</sup> | 1500000 | 1016571 |
| &nbsp;&nbsp; Series 2021-NQM1, Class A1, 1.07%, 02/25/2066 <sup>(a)(b)</sup> | 675099 | 575411 |
| &nbsp;&nbsp; Series 2021-NQM2, Class A3, 1.56%, 05/25/2061 <sup>(a)(b)</sup> | 590011 | 491512 |
| &nbsp;&nbsp; Series 2022-INV1, Class A18, 3.00%, 12/25/2051 <sup>(a)(b)</sup> | 165316 | 141163 |
|  PMT Loan Trust, Series 2024-INV2, Class A1, 6.00%, 12/25/2059 <sup>(a)(b)</sup> | 481792 | 488118 |
| 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> | 1957675 | 1919471 |
| &nbsp;&nbsp; Series 2025-RPL1, Class A2, 4.00%, 07/25/2069 <sup>(a)(c)</sup> | 2000000 | 1859864 |
| &nbsp;&nbsp; Series 2025-RPL2, Class A2, 4.00%, 08/25/2064 <sup>(a)(c)</sup> | 2000000 | 1818544 |
|  Provident Funding Mortgage Trust, Series 2024-1, Class A1, 5.50%, 12/25/2054 <sup>(a)(b)</sup> | 1408970 | 1408375 |
| PRPM LLC | PRPM LLC | PRPM LLC |
| &nbsp;&nbsp; Series 2023-NQM3, Class M1, 7.25%, 11/25/2068 <sup>(a)(b)</sup> | 250000 | 257794 |
| &nbsp;&nbsp; Series 2024-1, Class A1, 6.96%, 02/25/2029 <sup>(a)(c)</sup> | 218888 | 223509 |
| &nbsp;&nbsp; Series 2024-2, Class A1, 7.03%, 03/25/2029 <sup>(a)(c)</sup> | 674317 | 688976 |
| &nbsp;&nbsp; Series 2024-3, Class A1, 6.99%, 05/25/2029 <sup>(a)(c)</sup> | 853067 | 866126 |
| &nbsp;&nbsp; Series 2024-RCF2, Class A2, 3.75%, 03/25/2054 <sup>(a)(c)</sup> | 1000000 | 963489 |
| &nbsp;&nbsp; Series 2024-RCF4, Class M1, 4.00%, 07/25/2054 <sup>(a)(c)</sup> | 500000 | 467492 |
| &nbsp;&nbsp; Series 2025-RCF1, Class A2, 4.50%, 02/25/2055 <sup>(a)(c)</sup> | 1500000 | 1461993 |
| &nbsp;&nbsp; Series 2025-RCF1, Class A3, 4.50%, 02/25/2055 <sup>(a)(c)</sup> | 1250000 | 1198721 |
| 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> | 1247722 | 1023342 |
| &nbsp;&nbsp; Series 2021-J3, Class A25, 2.50%, 10/25/2051 <sup>(a)(b)</sup> | 500000 | 330100 |
|  RCKT Mortgage Trust, Series 2022-4, Class A2, 3.50%, 06/25/2052 <sup>(a)(b)</sup> | 729539 | 639805 |
|  Rithm Capital Corp., Series 2015-1A, Class B6, 5.21%, 05/28/2052 <sup>(a)(b)</sup> | 660661 | 479618 |
| 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 | 755300 |
| &nbsp;&nbsp; Series 2023-FIG4, Class A, 6.72%, 11/25/2053 <sup>(a)(b)</sup> | 763368 | 790407 |
|  Sequoia Mortgage Trust, Series 2024-2, Class A13, 6.00%, 03/25/2054 <sup>(a)(b)</sup> | 500000 | 510213 |
| 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> | 2184584 | 1824464 |
| &nbsp;&nbsp; Series 2021-1, Class M1, 2.50%, 07/25/2061 <sup>(a)(b)</sup> | 744000 | 487089 |
| &nbsp;&nbsp; Series 2021-2, Class B2, 4.04%, 12/25/2061 <sup>(a)(b)</sup> | 910000 | 621021 |
| &nbsp;&nbsp; Series 2022-1, Class A3, 3.68%, 03/27/2062 <sup>(a)(b)</sup> | 996840 | 909846 |
| Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust |
| &nbsp;&nbsp; Series 2022-2, Class A1, 0.00%, 02/25/2067 <sup>(a)(b)</sup> | 1452755 | 1383522 |
| &nbsp;&nbsp; Series 2022-3, Class A1, 4.16%, 03/25/2067 <sup>(a)(b)</sup> | 192302 | 190488 |
| &nbsp;&nbsp; Series 2022-3, Class A3, 4.16%, 03/25/2067 <sup>(a)(b)</sup> | 961510 | 901592 |
| 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 | 436409 |
| &nbsp;&nbsp; Series 2024-4, Class A2, 4.45%, 10/27/2064 <sup>(a)(b)</sup> | 500000 | 453360 |
| &nbsp;&nbsp; Series 2024-4, Class M1, 4.45%, 10/27/2064 <sup>(a)(b)</sup> | 500000 | 439392 |
|  VCAT Asset Securitization LLC, Series 2025-NPL1, Class A1, 5.88%, 01/25/2055 <sup>(a)(c)</sup> | 461837 | 461819 |
| 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 | 1275297 |
| &nbsp;&nbsp; Series 2021-3, Class M1, 2.40%, 06/25/2066 <sup>(a)(b)</sup> | 1000000 | 743556 |
| &nbsp;&nbsp; Series 2021-5, Class M1, 2.33%, 09/25/2066 <sup>(a)(b)</sup> | 250000 | 183494 |
| &nbsp;&nbsp; Series 2022-3, Class A3, 4.13%, 02/25/2067 <sup>(a)(b)</sup> | 212896 | 200317 |
| &nbsp;&nbsp; Series 2022-4, Class B1, 4.77%, 04/25/2067 <sup>(a)(b)</sup> | 1000000 | 898029 |
| &nbsp;&nbsp; Series 2022-7, Class B1, 5.34%, 07/25/2067 <sup>(a)(b)</sup> | 1600000 | 1588139 |
| &nbsp;&nbsp; Series 2022-INV1, Class B2, 5.80%, 08/25/2067 <sup>(a)(b)</sup> | 1500000 | 1467003 |
|  Vista Point Securitization Trust, Series 2024-CES2, Class A3, 5.91%, 10/25/2054 <sup>(a)(c)</sup> | 500000 | 498454 |
|  Wells Fargo Mortgage Backed Securities Trust, Series 2021-2, Class A3, 2.50%, 06/25/2051 <sup>(a)(b)</sup> | 300991 | 262157 |
| **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** (Cost $86,193,430) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** (Cost $86,193,430) | 86684751 |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES - U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER - 0.2%** | **Par** | **Value** |
|  Federal Home Loan Mortgage Corp., Series 2025-DNA1, Class A1, 5.30% (30 day avg SOFR US + 0.95%), 01/25/2045 <sup>(a)</sup> | 425000 | 422739 |
| **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES - U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER** (Cost $425,000) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES - U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER** (Cost $425,000) | 422739 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY - 0.2%** | **Par** | **Value** |
|  Federal Home Loan Mortgage Corp., Series 2019-KF58, Class B, 6.60% (30 day avg SOFR US + 2.26%), 01/25/2026 <sup>(a)</sup> | 253287 | 251645 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY** (Cost $252,021) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY** (Cost $252,021) | 251645 |
| **ASSET-BACKED SECURITIES - 0.0%<sup>(d)</sup>** | **Par** | **Value** |
| **Automobile - 0.0%<sup>(d)</sup>** | **Automobile - 0.0%<sup>(d)</sup>** | **Automobile - 0.0%<sup>(d)</sup>** |
|  Carvana Auto Receivables Trust, Series 2020-N1A, Class E, 5.20%, 07/15/2027 <sup>(a)</sup> | 55477 | 55313 |
| **TOTAL ASSET-BACKED SECURITIES** (Cost $54,992) | **TOTAL ASSET-BACKED SECURITIES** (Cost $54,992) | 55313 |
| **SHORT-TERM INVESTMENTS - 1.3%** | **Shares** | **Value**  |
| **Money Market Funds - 1.3%** |  |  |
| First American Government Obligations Fund - Class U, 4.27% <sup>(e)</sup> | 2305585 | 2305585 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $2,305,585) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $2,305,585) | 2305585 |
| **TOTAL INVESTMENTS - 117.4% (**Cost $206,062,224**)** | **TOTAL INVESTMENTS - 117.4% (**Cost $206,062,224**)** | 207184959 |
| Liabilities in Excess of Other Assets - (17.4)% | Liabilities in Excess of Other Assets - (17.4)% | (30709428) |
| **TOTAL NET ASSETS - 100.0%** |  | $176475531 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

LLC - Limited Liability Company <br> SOFR - Secured Overnight Financing Rate TBA – To be Announced

(a) Security is exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified
 institutional buyers. As of April 30, 2025, the value of these securities total $87,414,448 or 49.5% 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, 2025.

(c) Step coupon bond. The rate disclosed is as of April 30, 2025.

(d) Represents less than 0.05% of net assets.

(e) The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

---

| |
|:---|
| **Angel Oak Mortgage-Backed Securities ETF** |
| **Schedule of Open Futures Contracts** |
| **April 30, 2025 (Unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short Futures Contracts** | **Contracts Sold** | **Expiration Date** | **Notional Value** | **Value / Unrealized Appreciation (Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5 Year Note | (158) | 06/30/2025 | $(17252.859) | $(146178) |

---

The average monthly notional value of long and short futures contracts during the period ended April 30, 2025, was $2,784,332 and ($5,313,660), respectively.

------

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

The Fund record 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

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 April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets** | | | | |
|  Residential Mortgage-Backed Securities - U.S. Government Agency | $– | $117464926 | $– | $117464926 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities | – | 86684751 | – | 86684751 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities - U.S. Government Agency Credit Risk Transfer | – | 422739 | – | 422739 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities - U.S. Government Agency | – | 251645 | – | 251645 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities | – | 55313 | – | 55313 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 2305585 | – | – | 2305585 |
| **Total** | $2305585 | $204879374 | $– | $207184959 |
| **Other Financial Instruments**<br> **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts\* | $(146178) | $– | $– | $(146178) |
| \*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:** 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 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:** 2026-01-31

- **b. Date as of which information is reported:** 2025-04-30

**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:** $207078796.49

**Total Liabilities:** $30605041.40

**Net Assets:** $176473755.09

**Delayed Delivery Securities:** $29647083.34

**Cash Not Reported:** $488345.72

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 93.241018563937 | **1-Year:** 1480.904276453657 | **5-Year:** 26064.442750638700 | **10-Year:** 74388.448789322140 | **30-Year:** 3573.759081408615

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

- **3-Month:** 6.265934470958 | **1-Year:** 534.940683836959 | **5-Year:** 377.360384612050 | **10-Year:** 4979.085323573780 | **30-Year:** 2805.132045727338

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000247830 | 2.28%                | 0.28%                | 0.21%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $520761.96               | $2746518.88                                |
| Month 2  | $430304.16               | $-657878.50                                |
| Month 3  | $-160379.81              | $-50848.63                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Fannie Mae or Freddie Mac      | Fannie Mae or Freddie Mac                             | CUSIP: 01F050650<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  10000000 | PA      | $9790506.00   | 5.55%             | 2041-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ATLX Trust                     | ATLX 2024-RPL1 Trust                                  | CUSIP: 049915AB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $477131.00    | 0.27%             | 2064-04-25      | Variable      | 4.30%                 | 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      | $867089.66    | 0.49%             | 2066-06-25      | Variable      | 2.29%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T | EFMT 2024-INV1                                        | CUSIP: 268434AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    428498 | PA      | $438834.93    | 0.25%             | 2069-03-25      | Variable      | 6.56%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                      | CUSIP: 3132DM3L7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    780567 | PA      | $679789.22    | 0.39%             | 2052-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                      | CUSIP: 3132DUY27<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    494618 | PA      | $488412.99    | 0.28%             | 2054-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                      | CUSIP: 3132DWHG1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2537767 | PA      | $2537356.35   | 1.44%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                      | CUSIP: 3133BJNV0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    782978 | PA      | $766793.48    | 0.43%             | 2052-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                      | CUSIP: 3133CWYT3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1910255 | PA      | $1867188.44   | 1.06%             | 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        |   2484332 | PA      | $2485482.63   | 1.41%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                      | CUSIP: 3133WAZG6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    486551 | PA      | $465356.43    | 0.26%             | 2054-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                       | CUSIP: 3140XPCL1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2519478 | PA      | $2467400.08   | 1.40%             | 2054-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                      | CUSIP: 31425V2B8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2483938 | PA      | $2454329.06   | 1.39%             | 2054-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac STACR REMIC Trust 2025-DNA1               | CUSIP: 35564NFY4<br>LEI: 529900WZAMS87JCAOC53 | Long             | ABS-MBS          | CORP              | US        |    425000 | PA      | $422739.00    | 0.24%             | 2045-01-25      | Floating      | 5.30%                 | 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        |    821257 | PA      | $674395.65    | 0.38%             | 2052-04-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities  | GS Mortgage-Backed Securities Trust 2024-HE1          | CUSIP: 36270AAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    766220 | PA      | $779396.16    | 0.44%             | 2054-08-25      | Floating      | 5.95%                 | 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        |    334790 | PA      | $298434.92    | 0.17%             | 2050-08-25      | Variable      | 3.83%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust Series 2024-8                | CUSIP: 46658GAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    786609 | PA      | $782778.22    | 0.44%             | 2055-01-25      | Variable      | 5.50%                 | 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        |   2056906 | PA      | $1763099.68   | 1.00%             | 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      | $150988.98    | 0.09%             | 2059-07-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC       | OBX 2022-INV1 Trust                                   | CUSIP: 67115NAU4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    165316 | PA      | $141163.17    | 0.08%             | 2051-12-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partne | PRET 2025-RPL2 Trust                                  | CUSIP: 69392LAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1818544.00   | 1.03%             | 2064-08-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Provident Funding Mortgage Tru | Provident Funding Mortgage Trust 2024-1               | CUSIP: 74389BAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1408970 | PA      | $1408374.95   | 0.80%             | 2054-12-25      | Variable      | 5.50%                 | 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      | $330100.00    | 0.19%             | 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        |   1247722 | PA      | $1023341.93   | 0.58%             | 2051-12-25      | 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      | $621021.31    | 0.35%             | 2061-12-25      | Variable      | 4.04%                 | 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      | $439392.00    | 0.25%             | 2064-10-27      | Variable      | 4.45%                 | 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      | $183494.33    | 0.10%             | 2066-09-25      | Variable      | 2.33%                 | 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      | $743556.00    | 0.42%             | 2066-06-25      | Variable      | 2.40%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust     | Verus Securitization Trust 2022-7                     | CUSIP: 92539NAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1600000 | PA      | $1588139.20   | 0.90%             | 2067-07-25      | Variable      | 5.34%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust           | FREMF 2019-KF58 Mortgage Trust                        | CUSIP: 302986AC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    253287 | PA      | $251645.17    | 0.14%             | 2026-01-25      | Floating      | 6.60%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                      | CUSIP: 3132DTM64<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    423701 | PA      | $431990.58    | 0.24%             | 2054-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                      | CUSIP: 3133CXCV0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1814750 | PA      | $1809919.08   | 1.03%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                      | CUSIP: 3133CY7D4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1926570 | PA      | $1892165.30   | 1.07%             | 2054-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                      | CUSIP: 3133CYR83<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1466987 | PA      | $1435747.90   | 0.81%             | 2054-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                      | CUSIP: 3133KKUC1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5685292 | PA      | $4736084.21   | 2.68%             | 2050-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                      | CUSIP: 3133W8HU0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    474605 | PA      | $483297.25    | 0.27%             | 2054-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                       | CUSIP: 3140ATJA5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1985216 | PA      | $1941699.63   | 1.10%             | 2054-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                       | CUSIP: 3140QUVC7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    883482 | PA      | $899386.12    | 0.51%             | 2054-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                       | CUSIP: 3140XKHC7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2852419 | PA      | $2475234.76   | 1.40%             | 2052-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                    | FIGRE Trust 2024-HE1                                  | CUSIP: 31684HAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    389051 | PA      | $401824.34    | 0.23%             | 2054-03-25      | Variable      | 6.17%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                    | FIGRE Trust 2024-HE1                                  | CUSIP: 31684HAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    194525 | PA      | $201436.03    | 0.11%             | 2054-03-25      | Variable      | 7.19%                 | 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        |   1416641 | PA      | $1163161.29   | 0.66%             | 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      | $1214704.50   | 0.69%             | 2052-02-25      | 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      | $1020157.00   | 0.58%             | 2055-06-25      | Variable      | 6.24%                 | 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        |     85682 | PA      | $80327.23     | 0.05%             | 2049-12-25      | Variable      | 4.27%                 | 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        |   1986932 | PA      | $1742591.28   | 0.99%             | 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        |   1037488 | PA      | $850914.61    | 0.48%             | 2051-08-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                     | MFA 2021-RPL1 Trust                                   | CUSIP: 55283QAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $842783.00    | 0.48%             | 2060-07-25      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partne | PRET 2025-RPL1 Trust                                  | CUSIP: 69392FAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1957675 | PA      | $1919470.95   | 1.09%             | 2069-07-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust     | Verus Securitization Trust 2022-3                     | CUSIP: 92538UAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    212896 | PA      | $200317.20    | 0.11%             | 2067-02-25      | Variable      | 4.13%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC              | PRPM 2024-RCF2 LLC                                    | CUSIP: 693987AB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $963489.00    | 0.55%             | 2054-03-25      | Variable      | 3.75%                 | 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      | $487089.36    | 0.28%             | 2061-07-25      | Variable      | 2.50%                 | 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        |    192302 | PA      | $190488.19    | 0.11%             | 2067-03-25      | Variable      | 4.16%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust     | Verus Securitization Trust 2022-4                     | CUSIP: 92538NAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $898029.00    | 0.51%             | 2067-04-25      | Variable      | 4.77%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust     | Verus Securitization Trust 2022-INV1                  | CUSIP: 92539JAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1467003.00   | 0.83%             | 2067-08-25      | Variable      | 5.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac      | Fannie Mae or Freddie Mac                             | CUSIP: 01F052656<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-CBDO         | CORP              | US        |  20000000 | PA      | $19959949.40  | 11.31%            | 2041-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ATLX Trust                     | ATLX 2024-RPL1 Trust                                  | CUSIP: 049915AC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $474375.50    | 0.27%             | 2064-04-25      | Variable      | 4.30%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus | BRAVO Residential Funding Trust 2023-NQM2             | CUSIP: 105933AC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    811056 | PA      | $803447.33    | 0.46%             | 2062-05-25      | Variable      | 4.50%                 | 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      | $619235.00    | 0.35%             | 2056-03-25      | Variable      | 2.19%                 | No            |                  2 | 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      | $1746078.00   | 0.99%             | 2067-02-25      | Variable      | 4.21%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust   | CSMC 2022-NQM4 Trust                                  | CUSIP: 12665EAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1576652 | PA      | $1578799.31   | 0.89%             | 2067-06-25      | Variable      | 4.82%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust | Carvana Auto Receivables Trust 2020-NP1               | CUSIP: 14687PAJ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     55477 | PA      | $55312.67     | 0.03%             | 2027-07-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora | Chase Home Lending Mortgage Trust 2024-8              | CUSIP: 16159XAH5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2500005 | PA      | $2453142.41   | 1.39%             | 2055-08-25      | Variable      | 5.50%                 | 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        |    500000 | PA      | $412647.00    | 0.23%             | 2067-02-25      | Variable      | 3.96%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage | Deephaven Residential Mortgage Trust 2021-3           | CUSIP: 24381VAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1505312.00   | 0.85%             | 2066-08-25      | Variable      | 2.42%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                      | CUSIP: 3132DTCF5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2110737 | PA      | $2076343.02   | 1.18%             | 2053-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC               | COLT 2022-3 Mortgage Loan Trust                       | CUSIP: 12659YAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5842519 | PA      | $5733573.88   | 3.25%             | 2067-02-25      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust   | CSMC 2021-NQM2                                        | CUSIP: 12662EAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     50000 | PA      | $38981.85     | 0.02%             | 2066-02-25      | Variable      | 2.28%                 | 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      | $78270.40     | 0.04%             | 2066-04-25      | Variable      | 2.22%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                      | CUSIP: 3132DU6T9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5441674 | PA      | $5325793.33   | 3.02%             | 2054-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                      | CUSIP: 3133CYQ68<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3477334 | PA      | $3474597.41   | 1.97%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                      | CUSIP: 3133L8DT9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    295911 | PA      | $269011.60    | 0.15%             | 2036-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                       | CUSIP: 3140ATLZ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1986461 | PA      | $1985517.53   | 1.13%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                       | CUSIP: 3140KYBS2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1561298 | PA      | $1239270.57   | 0.70%             | 2051-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                       | CUSIP: 3140QPFL6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1887659 | PA      | $1707415.00   | 0.97%             | 2052-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                       | CUSIP: 3140XJZM8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4322074 | PA      | $3438724.23   | 1.95%             | 2052-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                       | CUSIP: 3140XRJ97<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1966759 | PA      | $1963981.98   | 1.11%             | 2054-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                       | CUSIP: 31418ET67<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2559001 | PA      | $2558586.31   | 1.45%             | 2053-07-01      | Fixed         | 5.50%                 | 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      | $748477.00    | 0.42%             | 2066-09-25      | Variable      | 4.29%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T | EFMT 2025-NQM1                                        | CUSIP: 26846CAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    975453 | PA      | $981319.30    | 0.56%             | 2070-01-25      | Variable      | 6.02%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                      | CUSIP: 3132DPSX7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2459744 | PA      | $2415378.93   | 1.37%             | 2053-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOMES Trust                    | HOMES 2024-AFC1 Trust                                 | CUSIP: 403945AD0<br>LEI: 2549009KYOPIDSS2IL61 | Long             | ABS-MBS          | CORP              | US        |   1368501 | PA      | $1386539.54   | 0.79%             | 2059-08-25      | Variable      | 5.48%                 | 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        |   1500000 | PA      | $1015057.50   | 0.58%             | 2052-04-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                      | CUSIP: 3132DUKC0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1414313 | PA      | $1382427.75   | 0.78%             | 2054-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                      | CUSIP: 3132DWB51<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2093646 | PA      | $1669436.57   | 0.95%             | 2051-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                      | CUSIP: 3133CYR26<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1985884 | PA      | $1944836.01   | 1.10%             | 2054-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                       | CUSIP: 3140ATLV6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3912852 | PA      | $3908547.38   | 2.21%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust Series 2025-2                | CUSIP: 46593NAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2007238.00   | 1.14%             | 2055-07-25      | Variable      | 5.50%                 | 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        |    746539 | PA      | $747959.08    | 0.42%             | 2053-11-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                       | CUSIP: 3140M3BL3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2654297 | PA      | $2105173.62   | 1.19%             | 2052-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                       | CUSIP: 3140QLMZ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2383299 | PA      | $1986501.22   | 1.13%             | 2051-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                       | CUSIP: 3140QSAM3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3290987 | PA      | $3220905.50   | 1.83%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                       | CUSIP: 3140X9X59<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1216806 | PA      | $965072.13    | 0.55%             | 2051-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2024-2                       | CUSIP: 46657TAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    936375 | PA      | $946617.02    | 0.54%             | 2054-08-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC       | OBX 2021-NQM1 Trust                                   | CUSIP: 67114BAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    675099 | PA      | $575410.77    | 0.33%             | 2066-02-25      | Variable      | 1.07%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC              | PRPM 2023-NQM3 Trust                                  | CUSIP: 69380TAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $257793.75    | 0.15%             | 2068-11-25      | Variable      | 7.25%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC              | PRPM 2024-2 LLC                                       | CUSIP: 74448BAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    674317 | PA      | $688975.61    | 0.39%             | 2029-03-25      | Variable      | 7.03%                 | 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      | $95769.19     | 0.05%             | 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      | $579145.50    | 0.33%             | 2066-02-25      | Variable      | 4.14%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC              | PRPM 2024-RCF4 LLC                                    | CUSIP: 74448JAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $467491.50    | 0.26%             | 2054-07-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management    | RCKT Mortgage Trust 2022-4                            | CUSIP: 74938GAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    729539 | PA      | $639804.51    | 0.36%             | 2052-06-25      | Variable      | 3.50%                 | 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        |   2184584 | PA      | $1824463.89   | 1.03%             | 2061-07-25      | Variable      | 1.56%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners            | SG Residential Mortgage Trust 2022-1                  | CUSIP: 78433QAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    996840 | PA      | $909846.42    | 0.52%             | 2062-03-27      | Variable      | 3.68%                 | 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      | $755299.50    | 0.43%             | 2052-02-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2024-2                         | CUSIP: 81749HAM0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $510213.50    | 0.29%             | 2054-03-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| VCAT Asset Securitization, LLC | VCAT 2025-NPL1 LLC                                    | CUSIP: 921962AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    461837 | PA      | $461819.02    | 0.26%             | 2055-01-25      | Variable      | 5.88%                 | 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        |    300991 | PA      | $262157.48    | 0.15%             | 2051-06-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund            | CUSIP: 31846V211<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   2305585 | NS      | $2305584.72   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Trust         | Invitation Homes 2024-SFR1 Trust                      | CUSIP: 46188DAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    998290 | PA      | $965545.02    | 0.55%             | 2041-09-17      | Fixed         | 4.00%                 | 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        |    952817 | PA      | $846976.24    | 0.48%             | 2051-10-25      | Variable      | 2.50%                 | 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      | $214076.75    | 0.12%             | 2053-09-25      | Variable      | 6.56%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC              | PRPM 2024-3                                           | CUSIP: 693986AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    853067 | PA      | $866126.18    | 0.49%             | 2029-05-25      | Variable      | 6.99%                 | No            |                  2 | On Loan: No      |
| N/A                            | US 5YR NOTE (CBT) Jun25                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |      -126 | NC      | $-141016.06   | -0.08%            |  |  |  | No            |                  1 | 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        |    395937 | PA      | $375253.59    | 0.21%             | 2054-11-25      | Variable      | 6.94%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                     | MFA 2021-RPL1 Trust                                   | CUSIP: 55283QAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $423477.50    | 0.24%             | 2060-07-25      | Variable      | 2.07%                 | 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        |   1828464 | PA      | $1832826.23   | 1.04%             | 2054-07-25      | Variable      | 6.00%                 | 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        |    290070 | PA      | $218712.07    | 0.12%             | 2057-12-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC       | OBX 2021-NQM2 Trust                                   | CUSIP: 670857AC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    590011 | PA      | $491512.44    | 0.28%             | 2061-05-25      | Variable      | 1.56%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC       | OBX 2021-J2 Trust                                     | CUSIP: 670861AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    776130 | PA      | $632190.85    | 0.36%             | 2051-07-25      | Variable      | 2.50%                 | 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      | $90062.79     | 0.05%             | 2066-09-27      | Variable      | 2.30%                 | No            |                  2 | On Loan: No      |
| CoreVest American Finance Ltd  | Corevest American Finance 2020-4 Trust                | CUSIP: 21873AAL1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $255562.80    | 0.14%             | 2052-12-15      | Fixed         | 2.71%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                    | FIGRE Trust 2025-HE1                                  | CUSIP: 30191LAD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2054426.00   | 1.16%             | 2055-01-25      | Variable      | 6.59%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                      | CUSIP: 3132DWEQ2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    303609 | PA      | $273376.28    | 0.15%             | 2052-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                      | CUSIP: 3132DWKN2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2678862 | PA      | $2670056.43   | 1.51%             | 2054-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                      | CUSIP: 3133CXFX3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1944452 | PA      | $1901220.78   | 1.08%             | 2054-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                      | CUSIP: 3133D2DB0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2477417 | PA      | $2492499.88   | 1.41%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                       | CUSIP: 3140AUDG5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1973811 | PA      | $1929311.63   | 1.09%             | 2054-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                      | CUSIP: 31425U2Z7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1991064 | PA      | $1993851.31   | 1.13%             | 2054-12-01      | Fixed         | 5.50%                 | 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      | $573283.50    | 0.32%             | 2067-01-25      | Variable      | 3.87%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                    | CUSIP: 36179WTZ1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2819735 | PA      | $2499000.76   | 1.42%             | 2051-12-20      | Fixed         | 3.00%                 | 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      | $922456.50    | 0.52%             | 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        |    203654 | PA      | $179830.37    | 0.10%             | 2056-06-25      | Variable      | 1.62%                 | 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        |   1272590 | PA      | $1278720.95   | 0.72%             | 2055-04-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2024-INV1                    | CUSIP: 46658PAH5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $2517952.50   | 1.43%             | 2055-04-25      | Variable      | 5.50%                 | 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        |    660661 | PA      | $479617.98    | 0.27%             | 2052-05-28      | Variable      | 5.21%                 | 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      | $1016571.00   | 0.58%             | 2051-10-25      | Variable      | 2.50%                 | 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      | $1859864.00   | 1.05%             | 2069-07-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC              | Prpm 2024-1 LLC                                       | CUSIP: 693972AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    218888 | PA      | $223509.02    | 0.13%             | 2029-02-25      | Variable      | 6.96%                 | No            |                  2 | On Loan: No      |
| PMT Loan Trust                 | PMT Loan Trust 2024-INV2                              | CUSIP: 73015CAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    481792 | PA      | $488118.02    | 0.28%             | 2059-12-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC              | PRPM 2025-RCF1 LLC                                    | CUSIP: 74390RAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1461993.00   | 0.83%             | 2055-02-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC              | PRPM 2025-RCF1 LLC                                    | CUSIP: 74390RAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1250000 | PA      | $1198721.25   | 0.68%             | 2055-02-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortg | Saluda Grade Alternative Mortgage Trust 2023-FIG4     | CUSIP: 79581UAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    763368 | PA      | $790406.58    | 0.45%             | 2053-11-25      | Variable      | 6.72%                 | 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        |    961510 | PA      | $901592.45    | 0.51%             | 2067-03-25      | Variable      | 4.16%                 | 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      | $436409.37    | 0.25%             | 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      | $453360.00    | 0.26%             | 2064-10-27      | Variable      | 4.45%                 | 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      | $1275296.75   | 0.72%             | 2066-06-25      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| Vista Point Securitization Tru | Vista Point Securitization Trust Series 2024-CES2     | CUSIP: 92841YAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $498454.00    | 0.28%             | 2054-10-25      | Variable      | 5.91%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-26

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

**Signature:** /s/ Michael Colombo

**Name of Signer:** Michael Colombo

**Title:** Secretary