# EDGAR Filing Document

**Accession Number:** 0001612930
**File Stem:** 0001193125-26-285135
**Filing Date:** 2026-6
**Character Count:** 110352
**Document Hash:** 14fadb4f27f725e6d1e2d024bff89aac
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-285135.hdr.sgml**: 20260626

**ACCESSION NUMBER**: 0001193125-26-285135

**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:** 261127674

**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 High Yield Opportunities ETF (Series ID: S000083812)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000247829 | Angel Oak High Yield Opportunities ETF | AOHY            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Angel Oak High Yield Opportunities ETF** | **Angel Oak High Yield Opportunities ETF** | **Angel Oak High Yield Opportunities ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **April 30, 2026 (Unaudited)** | **April 30, 2026 (Unaudited)** | **April 30, 2026 (Unaudited)** |
| **CORPORATE OBLIGATIONS - 87.1%** | **Par**  | **Value**  |
| **Basic Materials - 7.3%** | **Basic Materials - 7.3%** | **Basic Materials - 7.3%** |
|  Capstone Copper Corp., 6.75%, 03/31/2033 <sup>(a)</sup> | $100000 | $101836 |
|  Celanese US Holdings LLC, 7.38%, 02/15/2034 | 520000 | 544811 |
|  Century Aluminum Co., 6.88%, 08/01/2032 <sup>(a)</sup> | 530000 | 549314 |
|  Cleveland-Cliffs, Inc., 7.63%, 01/15/2034 <sup>(a)</sup> | 1100000 | 1111967 |
| Consolidated Energy Finance SA | Consolidated Energy Finance SA | Consolidated Energy Finance SA |
| &nbsp;&nbsp; 5.63%, 10/15/2028 <sup>(a)</sup> | 200000 | 190250 |
| &nbsp;&nbsp; 12.00%, 02/15/2031 <sup>(a)</sup> | 700000 | 718375 |
|  CVR Partners LP / CVR Nitrogen Finance Corp., 6.13%, 06/15/2028 <sup>(a)</sup> | 540000 | 540054 |
|  First Quantum Minerals Ltd., 7.25%, 02/15/2034 <sup>(a)</sup> | 1560000 | 1605031 |
|  Mercer International, Inc., 5.13%, 02/01/2029 | 750000 | 300682 |
|  Methanex US Operations, Inc., 6.25%, 03/15/2032 <sup>(a)</sup> | 1050000 | 1081155 |
|  Novelis Corp., 4.75%, 01/30/2030 <sup>(a)</sup> | 350000 | 335546 |
|  Olin Corp., 6.63%, 04/01/2033 <sup>(a)</sup> | 600000 | 595138 |
|  Taseko Mines Ltd., 8.25%, 05/01/2030 <sup>(a)</sup> | 1040000 | 1090020 |
|  |  | 8764179 |
| **Communications - 5.1%** | **Communications - 5.1%** | **Communications - 5.1%** |
|  Cars.com, Inc., 6.38%, 11/01/2028 <sup>(a)</sup> | 500000 | 491862 |
|  CMG Media Corp., 8.88%, 06/18/2029 <sup>(a)</sup> | 250000 | 222992 |
|  Cogent Communications Group LLC / Cogent Finance, Inc., 6.50%, 07/01/2032 <sup>(a)</sup> | 880000 | 817168 |
|  CSC Holdings LLC, 5.50%, 04/15/2027 <sup>(a)</sup> | 100000 | 84438 |
|  Cumulus Media New Holdings, Inc., 8.00%, 07/01/2029 <sup>(a)(b)</sup> | 509000 | 75077 |
|  Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 10.00%, 02/15/2031 <sup>(a)</sup> | 1410000 | 1468148 |
|  Gen Digital, Inc., 6.25%, 04/01/2033 <sup>(a)</sup> | 560000 | 546048 |
|  Gray Media, Inc., 5.38%, 11/15/2031 <sup>(a)</sup> | 1000000 | 781955 |
|  Lamar Media Corp., 4.88%, 01/15/2029 | 280000 | 278403 |
|  Outfront Media Capital LLC / Outfront Media Capital Corp., 4.63%, 03/15/2030 <sup>(a)</sup> | 550000 | 535500 |
|  SV RNO Property Owner 1, LLC, 5.88%, 03/01/2031 <sup>(a)</sup> | 270000 | 265086 |
|  Univision Communications, Inc., 4.50%, 05/01/2029 <sup>(a)</sup> | 570000 | 544234 |
|  |  | 6110911 |
| **Consumer, Cyclical - 10.9%** | **Consumer, Cyclical - 10.9%** | **Consumer, Cyclical - 10.9%** |
|  Adient Global Holdings Ltd., 7.50%, 02/15/2033 <sup>(a)</sup> | 530000 | 542433 |
|  American Axle & Manufacturing, Inc., 7.75%, 10/15/2033 <sup>(a)</sup> | 1120000 | 1094187 |
|  Caesars Entertainment, Inc., 4.63%, 10/15/2029 <sup>(a)</sup> | 1180000 | 1139623 |
|  Champ Acquisition Corp., 8.38%, 12/01/2031 <sup>(a)</sup> | 1040000 | 1098218 |
|  Cinemark USA, Inc., 7.00%, 08/01/2032 <sup>(a)</sup> | 1060000 | 1096231 |
|  Clarios Global LP / Clarios US Finance Co., 6.75%, 09/15/2032 <sup>(a)</sup> | 1120000 | 1146342 |
|  FirstCash Holdings, Inc., 6.13%, 05/01/2034 <sup>(a)(c)</sup> | 125000 | 124809 |
|  FirstCash, Inc., 4.63%, 09/01/2028 <sup>(a)</sup> | 560000 | 550907 |
|  Goodyear Tire & Rubber Co., 6.63%, 07/15/2030 | 810000 | 802314 |
|  K Hovnanian Enterprises, Inc., 8.38%, 10/01/2033 <sup>(a)</sup> | 540000 | 543022 |
|  Lithia Motors, Inc., 3.88%, 06/01/2029 <sup>(a)</sup> | 610000 | 584929 |
|  NCL Corp. Ltd., 6.25%, 09/15/2033 <sup>(a)</sup> | 560000 | 542377 |
|  New Flyer Holdings, Inc., 9.25%, 07/01/2030 <sup>(a)</sup> | 550000 | 593829 |
|  Newell Brands, Inc., 8.50%, 06/01/2028 <sup>(a)</sup> | 520000 | 543707 |
|  Penn Entertainment, Inc., 6.75%, 04/01/2031 <sup>(a)</sup> | 550000 | 545768 |
|  Resideo Funding, Inc., 6.50%, 07/15/2032 <sup>(a)</sup> | 540000 | 545641 |
|  Sally Holdings LLC / Sally Capital, Inc., 6.75%, 04/01/2032 | 520000 | 536304 |
|  Viking Cruises Ltd., 5.88%, 10/15/2033 <sup>(a)</sup> | 1080000 | 1083279 |
|  |  | 13113920 |
| **Consumer, Non-cyclical - 12.7%** | **Consumer, Non-cyclical - 12.7%** | **Consumer, Non-cyclical - 12.7%** |
|  Acadia Healthcare Co., Inc., 7.38%, 03/15/2033 <sup>(a)</sup> | 1030000 | 1054866 |
|  Amneal Pharmaceuticals LLC, 6.88%, 08/01/2032 <sup>(a)</sup> | 250000 | 259947 |
|  B&G Foods, Inc., 8.00%, 09/15/2028 <sup>(a)</sup> | 400000 | 396940 |
|  Belron UK Finance PLC, 5.75%, 10/15/2029 <sup>(a)</sup> | 270000 | 272881 |
|  Chobani Holdco LLC, 6.38%, 04/15/2034 <sup>(a)</sup> | 130000 | 132724 |
|  Concentra Health Services, Inc., 6.88%, 07/15/2032 <sup>(a)</sup> | 600000 | 622525 |
|  DaVita, Inc., 6.88%, 09/01/2032 <sup>(a)</sup> | 780000 | 805608 |
|  Dcli Bidco LLC, 7.75%, 11/15/2029 <sup>(a)</sup> | 530000 | 546244 |
|  EquipmentShare.com, Inc., 8.63%, 05/15/2032 <sup>(a)</sup> | 770000 | 817598 |
|  Fiesta Purchaser, Inc., 9.63%, 09/15/2032 <sup>(a)</sup> | 800000 | 829337 |
| Hertz Corp. | Hertz Corp. | Hertz Corp. |
| &nbsp;&nbsp; 12.63%, 07/15/2029 <sup>(a)</sup> | 600000 | 566025 |
| &nbsp;&nbsp; Series 2023-3A, Class D, 9.43%, 02/25/2028 <sup>(a)</sup> | 250000 | 254179 |
|  Medline Borrower LP, 5.25%, 10/01/2029 <sup>(a)</sup> | 830000 | 826473 |
|  Molina Healthcare, Inc., 6.25%, 01/15/2033 <sup>(a)</sup> | 830000 | 829608 |
|  Performance Food Group, Inc., 4.25%, 08/01/2029 <sup>(a)</sup> | 500000 | 485109 |
|  Perrigo Finance Unlimited Co., 6.13%, 09/30/2032 | 1140000 | 1073558 |
|  Post Holdings, Inc., 6.38%, 03/01/2033 <sup>(a)</sup> | 1090000 | 1090279 |
|  Raven Acquisition Holdings LLC, 6.88%, 11/15/2031 <sup>(a)</sup> | 500000 | 495238 |
|  Simmons Foods, Inc., 4.63%, 03/01/2029 <sup>(a)</sup> | 1110000 | 1071703 |
|  Sotheby's/Bidfair Holdings, Inc., 5.88%, 06/01/2029 <sup>(a)</sup> | 500000 | 477191 |
|  Synergy Infrastructure Holdings LLC, 7.88%, 12/01/2030 <sup>(a)</sup> | 520000 | 547250 |
|  Upbound Group, Inc., 6.38%, 02/15/2029 <sup>(a)</sup> | 550000 | 543946 |
|  US Foods, Inc., 7.25%, 01/15/2032 <sup>(a)</sup> | 260000 | 270766 |
|  VT Topco, Inc., 8.50%, 08/15/2030 <sup>(a)</sup> | 1070000 | 1096439 |
|  |  | 15366434 |
| **Diversified - 0.5%** | **Diversified - 0.5%** | **Diversified - 0.5%** |
|  Stena International SA, 7.25%, 01/15/2031 <sup>(a)</sup> | 625000 | 635899 |
| **Energy - 13.5%** | **Energy - 13.5%** | **Energy - 13.5%** |
|  Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 8.63%, 06/15/2029 <sup>(a)</sup> | 780000 | 816037 |
|  Archrock Partners LP / Archrock Partners Finance Corp., 6.63%, 09/01/2032 <sup>(a)</sup> | 530000 | 547125 |
|  Ascent Resources Utica Holdings LLC / ARU Finance Corp., 6.63%, 07/15/2033 <sup>(a)</sup> | 100000 | 102792 |
|  Borr IHC Ltd. / Borr Finance LLC, 10.38%, 11/15/2030 <sup>(a)</sup> | 261602 | 274732 |
|  Bristow Group, Inc., 6.75%, 02/01/2033 <sup>(a)</sup> | 260000 | 264721 |
|  Calumet Specialty Products Partners LP / Calumet Finance Corp., 9.75%, 02/15/2031 <sup>(a)</sup> | 1040000 | 1102803 |
|  Caturus Energy LLC, 7.13%, 05/15/2031 <sup>(a)</sup> | 100000 | 100401 |
|  Comstock Resources, Inc., 5.88%, 01/15/2030 <sup>(a)</sup> | 1110000 | 1075815 |
|  CVR Energy, Inc., 7.88%, 02/15/2034 <sup>(a)</sup> | 1100000 | 1104033 |
|  Genesis Energy LP / Genesis Energy Finance Corp., 8.00%, 05/15/2033 | 1040000 | 1095345 |
|  Gulfport Energy Operating Corp., 6.75%, 09/01/2029 <sup>(a)</sup> | 530000 | 544395 |
|  Hilcorp Energy I LP / Hilcorp Finance Co., 5.75%, 02/01/2029 <sup>(a)</sup> | 270000 | 269972 |
|  Howard Midstream Energy Partners LLC, 6.63%, 01/15/2034 <sup>(a)</sup> | 530000 | 539452 |
|  Kinetik Holdings LP, 5.88%, 06/15/2030 <sup>(a)</sup> | 250000 | 250983 |
|  Kodiak Gas Services LLC, 6.50%, 10/01/2033 <sup>(a)</sup> | 580000 | 593593 |
|  Moss Creek Resources Holdings, Inc., 8.25%, 09/01/2031 <sup>(a)</sup> | 500000 | 506464 |
|  PBF Holding Co. LLC / PBF Finance Corp., 7.88%, 09/15/2030 <sup>(a)</sup> | 570000 | 584582 |
|  SunCoke Energy, Inc., 4.88%, 06/30/2029 <sup>(a)</sup> | 1170000 | 1079631 |
|  Sunoco LP, 7.88% to 09/18/2030 then 5 yr. CMT Rate + 4.23%, Perpetual <sup>(a)</sup> | 530000 | 549157 |
|  Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.75%, 03/15/2034 <sup>(a)</sup> | 1070000 | 1093889 |
|  TransMontaigne Partners LLC, 8.50%, 06/15/2030 <sup>(a)</sup> | 250000 | 258884 |
|  USA Compression Partners LP / USA Compression Finance Corp., 7.13%, 03/15/2029 <sup>(a)</sup> | 520000 | 537591 |
|  Venture Global LNG, Inc., 9.00% to 09/30/2029 then 5 yr. CMT Rate + 5.44%, Perpetual <sup>(a)</sup> | 2440000 | 2414936 |
|  Wildfire Intermediate Holdings LLC, 7.50%, 10/15/2029 <sup>(a)</sup> | 530000 | 545778 |
|  |  | 16253111 |
| **Financial - 22.0%** | **Financial - 22.0%** | **Financial - 22.0%** |
|  Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp., 5.25%, 04/15/2030 <sup>(a)</sup> | 500000 | 477425 |
|  Asurion LLC and Asurion Co.-Issuer, Inc., 8.00%, 12/31/2032 <sup>(a)</sup> | 150000 | 156780 |
|  Blackstone Mortgage Trust, Inc., 7.75%, 12/01/2029 <sup>(a)</sup> | 510000 | 542736 |
|  Burford Capital Global Finance LLC, 7.50%, 07/15/2033 <sup>(a)</sup> | 950000 | 781660 |
|  Credit Acceptance Corp., 6.63%, 03/15/2030 <sup>(a)</sup> | 820000 | 818799 |
|  Encore Capital Group, Inc., 6.63%, 04/15/2031 <sup>(a)</sup> | 540000 | 549164 |
|  EZCORP, Inc., 7.38%, 04/01/2032 <sup>(a)</sup> | 760000 | 805342 |
|  Freedom Mortgage Holdings LLC, 7.88%, 04/01/2033 <sup>(a)</sup> | 2210000 | 2156322 |
|  GGAM Finance Ltd., 5.88%, 03/15/2030 <sup>(a)</sup> | 810000 | 817995 |
|  Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/2027 <sup>(a)</sup> | 1100000 | 1117117 |
| goeasy Ltd. | goeasy Ltd. | goeasy Ltd. |
| &nbsp;&nbsp; 4.38%, 05/01/2026 <sup>(a)</sup> | 500000 | 500000 |
| &nbsp;&nbsp; 6.88%, 02/15/2031 <sup>(a)</sup> | 1200000 | 997761 |
|  HA Sustainable Infrastructure Capital, Inc., 7.13% to 11/15/2031 then 5 yr. CMT Rate + 3.48%, 11/15/2056 | 540000 | 545305 |
|  Jane Street Group / JSG Finance, Inc., 6.75%, 05/01/2033 <sup>(a)</sup> | 1040000 | 1068965 |
|  Jefferies Finance LLC / JFIN Co.-Issuer Corp., 6.63%, 10/15/2031 <sup>(a)</sup> | 600000 | 587372 |
|  Jefferson Capital Holdings LLC, 8.25%, 05/15/2030 <sup>(a)</sup> | 780000 | 816692 |
|  LD Holdings Group LLC, 6.13%, 04/01/2028 <sup>(a)</sup> | 400000 | 345776 |
|  Millrose Properties, Inc., 6.38%, 08/01/2030 <sup>(a)</sup> | 530000 | 537157 |
|  MPT Operating Partnership LP / MPT Finance Corp., 3.50%, 03/15/2031 | 500000 | 358761 |
|  OneMain Finance Corp., 7.13%, 11/15/2031 | 1070000 | 1085685 |
|  Panther Escrow Issuer LLC, 7.13%, 06/01/2031 <sup>(a)</sup> | 1070000 | 1075615 |
|  PennyMac Financial Services, Inc., 6.75%, 02/15/2034 <sup>(a)</sup> | 830000 | 804065 |
|  PHH Corp., 9.88%, 11/01/2029 <sup>(a)</sup> | 820000 | 828761 |
|  Phoenix Aviation Capital Ltd., 9.25%, 07/15/2030 <sup>(a)</sup> | 1610000 | 1644451 |
|  PRA Group, Inc., 5.00%, 10/01/2029 <sup>(a)</sup> | 870000 | 826473 |
|  Provident Funding Associates LP / PFG Finance Corp., 9.75%, 09/15/2029 <sup>(a)</sup> | 790000 | 824610 |
|  RHP Hotel Properties LP / RHP Finance Corp., 6.50%, 04/01/2032 <sup>(a)</sup> | 260000 | 266952 |
|  Rocket Cos., Inc., 7.13%, 02/01/2032 <sup>(a)</sup> | 1050000 | 1085968 |
|  Starwood Property Trust, Inc., 5.75%, 01/15/2031 <sup>(a)</sup> | 540000 | 540147 |
|  Stonebriar ABF Issuer LLC, 8.13%, 12/15/2030 <sup>(a)</sup> | 260000 | 273245 |
|  Stonex Escrow Issuer LLC, 6.88%, 07/15/2032 <sup>(a)</sup> | 1060000 | 1096628 |
|  Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, 6.50%, 02/15/2029 <sup>(a)</sup> | 820000 | 806270 |
|  UWM Holdings LLC, 6.25%, 03/15/2031 <sup>(a)</sup> | 580000 | 538270 |
|  Velocity Commercial Capital LLC, 9.38%, 02/15/2031 <sup>(a)</sup> | 260000 | 269179 |
|  Walker & Dunlop, Inc., 6.63%, 04/01/2033 <sup>(a)</sup> | 540000 | 537337 |
|  |  | 26484785 |
| **Industrial - 11.4%** | **Industrial - 11.4%** | **Industrial - 11.4%** |
|  Advanced Drainage Systems, Inc., 6.38%, 06/15/2030 <sup>(a)</sup> | 530000 | 538034 |
|  AmeriTex HoldCo Intermediate LLC, 7.63%, 08/15/2033 <sup>(a)</sup> | 790000 | 822172 |
|  Axon Enterprise, Inc., 6.25%, 03/15/2033 <sup>(a)</sup> | 530000 | 544189 |
|  Beacon Mobility Corp., 7.25%, 08/01/2030 <sup>(a)</sup> | 790000 | 823197 |
|  Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 02/01/2032 <sup>(a)</sup> | 530000 | 539020 |
|  Builders FirstSource, Inc., 6.75%, 05/15/2035 <sup>(a)</sup> | 1060000 | 1071797 |
|  Clydesdale Acquisition Holdings, Inc., 6.75%, 04/15/2032 <sup>(a)</sup> | 560000 | 527322 |
|  Coherent Corp., 5.00%, 12/15/2029 <sup>(a)</sup> | 540000 | 534547 |
|  Enerflex, Inc., 6.88%, 01/15/2031 <sup>(a)</sup> | 530000 | 546280 |
|  Esab Corp., 5.63%, 04/01/2031 <sup>(a)</sup> | 270000 | 273161 |
|  FTAI Aviation Investors LLC, 5.88%, 04/15/2033 <sup>(a)</sup> | 540000 | 537569 |
|  Genesee & Wyoming, Inc., 6.25%, 04/15/2032 <sup>(a)</sup> | 260000 | 266433 |
|  Knife River Corp., 7.75%, 05/01/2031 <sup>(a)</sup> | 520000 | 541732 |
|  Owens-Brockway Glass Container, Inc., 7.25%, 05/15/2031 <sup>(a)</sup> | 1120000 | 1071746 |
|  Quikrete Holdings, Inc., 6.75%, 03/01/2033 <sup>(a)</sup> | 530000 | 537778 |
|  Reworld Holding Corp., 4.88%, 12/01/2029 <sup>(a)</sup> | 570000 | 547730 |
|  Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029 <sup>(a)</sup> | 290000 | 283920 |
|  Seaspan Corp., 5.50%, 08/01/2029 <sup>(a)</sup> | 600000 | 574000 |
|  Smyrna Ready Mix Concrete LLC, 8.88%, 11/15/2031 <sup>(a)</sup> | 1040000 | 1089548 |
|  Standard Building Solutions, Inc., 6.50%, 08/15/2032 <sup>(a)</sup> | 530000 | 535658 |
|  Stonepeak Nile Parent LLC, 7.25%, 03/15/2032 <sup>(a)</sup> | 520000 | 544462 |
|  Trinity Industries, Inc., 7.75%, 07/15/2028 <sup>(a)</sup> | 100000 | 102707 |
|  Trivium Packaging Finance BV, 12.25%, 01/15/2031 <sup>(a)</sup> | 490000 | 534611 |
|  Urban One, Inc., 7.63%, 04/01/2031 <sup>(a)</sup> | 122000 | 51018 |
|  XPO, Inc., 7.13%, 06/01/2031 <sup>(a)</sup> | 260000 | 269344 |
|  |  | 13707975 |
| **Technology - 1.9%** | **Technology - 1.9%** | **Technology - 1.9%** |
|  Amkor Technology, Inc., 5.88%, 10/01/2033 <sup>(a)</sup> | 530000 | 533543 |
|  CACI International, Inc., 6.38%, 06/15/2033 <sup>(a)</sup> | 370000 | 378770 |
|  Unisys Corp., 10.63%, 01/15/2031 <sup>(a)</sup> | 970000 | 844152 |
|  Zebra Technologies Corp., 6.50%, 06/01/2032 <sup>(a)</sup> | 530000 | 540639 |
|  |  | 2297104 |
| **Utilities - 1.8%** | **Utilities - 1.8%** | **Utilities - 1.8%** |
|  Hawaiian Electric Co., Inc., 6.00%, 10/01/2033 <sup>(a)</sup> | 540000 | 542091 |
|  NRG Energy, Inc., 6.25%, 11/01/2034 <sup>(a)</sup> | 500000 | 506140 |
|  Vistra Operations Co. LLC, 6.88%, 04/15/2032 <sup>(a)</sup> | 520000 | 543077 |
|  VoltaGrid LLC, 7.38%, 11/01/2030 <sup>(a)</sup> | 520000 | 539961 |
|  |  | 2131269 |
| **TOTAL CORPORATE OBLIGATIONS** (Cost $106,129,517) | **TOTAL CORPORATE OBLIGATIONS** (Cost $106,129,517) | 104865587 |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES - 4.7%** | **Par**  | **Value**  |
| Bellemeade Re Ltd. | Bellemeade Re Ltd. | Bellemeade Re Ltd. |
| &nbsp;&nbsp; Series 2024-1, Class B1, 9.20% (30 day avg SOFR US + 5.55%), 08/25/2034 <sup>(a)</sup> | 500000 | 521616 |
| &nbsp;&nbsp; Series 2025-1, Class B1, 8.70% (30 day avg SOFR US + 5.05%), 10/25/2035 <sup>(a)</sup> | 500000 | 517453 |
|  Citigroup Mortgage Loan Trust, Inc., Series 2024-1, Class B5, 6.62%, 07/25/2054 <sup>(a)(d)</sup> | 1016000 | 836275 |
|  JP Morgan Mortgage Trust, Series 2020-3, Class B4, 3.83%, 08/25/2050 <sup>(a)(d)</sup> | 642679 | 576708 |
|  Morgan Stanley Residential Mortgage Loan Trust, Series 2024-3, Class B5, 6.78%, 07/25/2054 <sup>(a)(d)</sup> | 1160000 | 969950 |
|  Radnor RE Ltd., Series 2024-1, Class B1, 8.80% (30 day avg SOFR US + 5.15%), 09/25/2034 <sup>(a)</sup> | 500000 | 520593 |
|  Rate Mortgage Trust, Series 2024-J1, Class B5, 6.42%, 07/25/2054 <sup>(a)(d)</sup> | 929000 | 717824 |
|  New Residential Mortgage Loan Trust, Series 2015-1A, Class B6, 5.14%, 05/28/2052 <sup>(a)(d)</sup> | 1224944 | 1028083 |
| **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** (Cost $5,793,121) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** (Cost $5,793,121) | 5688502 |
| **ASSET-BACKED SECURITIES - 3.3%** | **Par**  | **Value**  |
| **Automobile - 1.6%** | **Automobile - 1.6%** | **Automobile - 1.6%** |
|  Exeter Automobile Receivables Trust, Series 2022-2A, Class E, 6.34%, 10/15/2029 <sup>(a)</sup> | 200000 | 193639 |
|  Lobel Automobile Receivables Trust, Series 2026-1, Class E, 8.37%, 01/15/2031 <sup>(a)</sup> | 250000 | 239462 |
|  Prestige Auto Receivables Trust, Series 2024-1A, Class E, 7.94%, 04/15/2031 <sup>(a)</sup> | 500000 | 501917 |
| Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust |
| &nbsp;&nbsp; Series 2025-3A, Class E, 11.09%, 02/27/2034 <sup>(a)</sup> | 500000 | 501807 |
| &nbsp;&nbsp; Series 2026-R1A, Class D, 7.72%, 07/25/2034 <sup>(a)</sup> | 250000 | 246755 |
|  Strike Acceptance Auto Funding Trust, Series 2023-1A, Class A, 8.00%, 05/15/2026 <sup>(a)</sup> | 223894 | 224805 |
|  |  | 1908385 |
| **Consumer - 1.7%** | **Consumer - 1.7%** | **Consumer - 1.7%** |
| ACHD Trust | ACHD Trust | ACHD Trust |
| &nbsp;&nbsp; Series 2025-DS1, Class B, 9.38%, 01/09/2034 <sup>(a)</sup> | 250000 | 252901 |
| &nbsp;&nbsp; Series 2025-DS1, Class C, 11.33%, 01/09/2034 <sup>(a)</sup> | 250000 | 251158 |
|  AMCR ABS Trust, Series 2026-A, Class C, 9.84%, 05/18/2033 <sup>(a)</sup> | 250000 | 255160 |
|  Oportun Financial Corp., Series 2026-A, Class E, 9.38%, 01/09/2034 <sup>(a)</sup> | 250000 | 249560 |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust |
| &nbsp;&nbsp; Series 2025-6, Class E, 8.48%, 04/15/2033 <sup>(a)</sup> | 199982 | 199115 |
| &nbsp;&nbsp; Series 2025-8, Class E, 9.57%, 07/15/2033 <sup>(a)</sup> | 249914 | 250047 |
| &nbsp;&nbsp; Series 2025-R2, Class D, 5.80%, 10/15/2032 <sup>(a)</sup> | 123957 | 123226 |
| &nbsp;&nbsp; Series 2025-R2, Class E, 9.34%, 10/15/2032 <sup>(a)</sup> | 310336 | 227342 |
| &nbsp;&nbsp; Series 2026-1, Class E, 9.23%, 09/15/2033 <sup>(a)</sup> | 250000 | 248222 |
|  |  | 2056731 |
| **TOTAL ASSET-BACKED SECURITIES** (Cost $3,962,815) | **TOTAL ASSET-BACKED SECURITIES** (Cost $3,962,815) | 3965116 |
| **COMMON STOCKS - 0.2%** | **Shares**  | **Value**  |
| **Energy - 0.2%** | **Energy - 0.2%** |  |
| Enviva Escrow <sup>(e)(f)</sup> | 400000 | 0 |
| Enviva LLC <sup>(f)</sup> | 14555 | 291100 |
| **TOTAL COMMON STOCKS** (Cost $502,758) | **TOTAL COMMON STOCKS** (Cost $502,758) | 291100 |
| **SHORT-TERM INVESTMENTS - 2.9%** | **Shares**  | **Value**  |
| **Money Market Funds – 2.9%** | **Money Market Funds – 2.9%** | **Money Market Funds – 2.9%** |
| First American Government Obligations Fund - Class U, 3.60% <sup>(g)</sup> | 3436618 | 3436618 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $3,436,618) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $3,436,618) | 3436618 |
| **TOTAL INVESTMENTS - 98.2% (**Cost $119,824,829**)** | **TOTAL INVESTMENTS - 98.2% (**Cost $119,824,829**)** | 118246923 |
| Other Assets in Excess of Liabilities - 1.8% | Other Assets in Excess of Liabilities - 1.8% | 2119816 |
| **TOTAL NET ASSETS - 100.0%** |  | $120366739 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

---

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

---

(a) Security is exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration, normally to qualified
 institutional buyers. These securities are determined to be liquid by the Adviser, under the procedures established by the Fund's Board of Trustees, unless otherwise denoted. As of April 30, 2026, the value of these securities total
 $107,898,037 or 89.6% of the Fund's net assets.

(b) Issuer is currently in default and not accruing income.

(c) Security or a portion of the security purchased on a when-issued or delayed delivery basis.

(d) 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.

(e) As of April 30, 2026, the Fund has fair valued these securities under the procedures established by Angel Oak Capital Advisors, LLC as Valuation Designee pursuant to Rule 2a-5 under the Investment Company Act of
 1940 The value of these securities amounted to $0 or 0.0% of net assets. Value determined using significant unobservable inputs.

(f) Non-income producing security. Income is not being accrued.

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

------

#### 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;Corporate Obligations | $– | $104865587 | $– | $104865587 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities | – | 5688502 | – | 5688502 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities | – | 3965116 | – | 3965116 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | – | 291100 | 0 | 291100 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 3436618 | – | – | 3436618 |
|  **Total** | $3436618 | $114810305 | $0 | $118246923 |
| <br> See the Schedule of Investments for further disaggregation of investment categories. Level 3 holdings as of April 30, 2026, are immaterial and no further quantitative information about Level 3 Fair Value Measurements has been included. | <br> See the Schedule of Investments for further disaggregation of investment categories. Level 3 holdings as of April 30, 2026, are immaterial and no further quantitative information about Level 3 Fair Value Measurements has been included. | <br> See the Schedule of Investments for further disaggregation of investment categories. Level 3 holdings as of April 30, 2026, are immaterial and no further quantitative information about Level 3 Fair Value Measurements has been included. | <br> See the Schedule of Investments for further disaggregation of investment categories. Level 3 holdings as of April 30, 2026, are immaterial and no further quantitative information about Level 3 Fair Value Measurements has been included. | <br> See the Schedule of Investments for further disaggregation of investment categories. Level 3 holdings as of April 30, 2026, are immaterial and no further quantitative information about Level 3 Fair Value Measurements has been included. |

---

## 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 High Yield Opportunities ETF

- **b. EDGAR series identifier (if any):** S000083812

- **c. LEI of Series:** 254900ZCII2VFW4OK231

**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:** $121223582.20

**Total Liabilities:** $1684340.40

**Net Assets:** $119539241.80

**Cash Not Reported:** $830662.50

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 51.100741083864 | **1-Year:** 386.529172975826 | **5-Year:** 1043.152783250911 | **10-Year:** 257.875736770980 | **30-Year:** 0.000000000000

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

- **3-Month:** 144.144560436464 | **1-Year:** 8360.010957439232 | **5-Year:** 21898.278386284250 | **10-Year:** 2578.290853670552 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000247829 | 0.34%                | -1.12%               | 1.68%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $101984.79               | $-378934.11                                |
| Month 2  | $14698.36                | $-2097105.72                               |
| Month 3  | $30034.62                | $1329384.32                                |

**Designated Index Information**

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

- **Index Identifier:** JCQFD2OBL8

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ACHD Trust                     | ACHD Trust 2025-DS1                                                            | CUSIP: 00092TAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $252901.48    | 0.21%             | 2034-01-09      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| ACHD Trust                     | ACHD Trust 2025-DS1                                                            | CUSIP: 00092TAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $251158.00    | 0.21%             | 2034-01-09      | Fixed         | 11.33%                | No            |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS         | Adient Global Holdings Ltd                                                     | CUSIP: 00687YAD7<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |    530000 | PA      | $542433.27    | 0.45%             | 2033-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ADVANCED DRAINAGE SYSTEM       | Advanced Drainage Systems Inc                                                  | CUSIP: 00790RAB0<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | DBT              | CORP              | US        |    530000 | PA      | $538034.27    | 0.45%             | 2030-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ALLIANCE RES OP/FINANCE        | Alliance Resource Operating Partners LP / Alliance Resource Finance Corp       | CUSIP: 01879NAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    780000 | PA      | $816036.78    | 0.68%             | 2029-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| AMCR ABS Trust                 | AMCR ABS Trust 2026-A                                                          | CUSIP: 02341AAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $255159.60    | 0.21%             | 2033-05-18      | Fixed         | 9.84%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC        | American Axle & Manufacturing Inc                                              | CUSIP: 02406PBD1<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |   1120000 | PA      | $1094186.96   | 0.92%             | 2033-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| AMERITEX HOLDCO INTERMED       | Ameritex Holdco Intermediate LLC                                               | CUSIP: 030727AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    790000 | PA      | $822171.96    | 0.69%             | 2033-08-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| AMKOR TECHNOLOGY INC           | Amkor Technology Inc                                                           | CUSIP: 031652BL3<br>LEI: 529900VHLRTKPWZJBM84 | Long             | DBT              | CORP              | US        |    530000 | PA      | $533543.05    | 0.45%             | 2033-10-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| AMNEAL PHARMACEUTICALS L       | Amneal Pharmaceuticals LLC                                                     | CUSIP: 03168LAA3<br>LEI: 54930037VIXE7LRZ1M66 | Long             | DBT              | CORP              | US        |    250000 | PA      | $259947.00    | 0.22%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD               | GGAM Finance Ltd                                                               | CUSIP: 36170JAE6<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |    810000 | PA      | $817994.70    | 0.68%             | 2030-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| GENESEE & WYOMING INC          | Genesee & Wyoming Inc                                                          | CUSIP: 371559AB1<br>LEI: G617XSG94Z7G0RMW3L02 | Long             | DBT              | CORP              | US        |    260000 | PA      | $266433.18    | 0.22%             | 2032-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN          | Genesis Energy LP / Genesis Energy Finance Corp                                | CUSIP: 37185LAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1040000 | PA      | $1095344.64   | 0.92%             | 2033-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GLOBAL AIR LEASE CO LTD        | Global Aircraft Leasing Co Ltd                                                 | CUSIP: 37960JAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   1100000 | PA      | $1117117.10   | 0.93%             | 2027-09-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| GOEASY LTD                     | goeasy Ltd                                                                     | CUSIP: 380355AF4<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |    500000 | PA      | $500000.00    | 0.42%             | 2026-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| GOEASY LTD                     | goeasy Ltd                                                                     | CUSIP: 380355AR8<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |   1200000 | PA      | $997761.48    | 0.83%             | 2031-02-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER         | Goodyear Tire & Rubber Co/The                                                  | CUSIP: 382550BS9<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |    810000 | PA      | $802313.75    | 0.67%             | 2030-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| KODIAK GAS SERVICES LLC        | Kodiak Gas Services LLC                                                        | CUSIP: 50012LAD6<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |    580000 | PA      | $593593.46    | 0.50%             | 2033-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LAMAR MEDIA CORP               | Lamar Media Corp                                                               | CUSIP: 513075BW0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    280000 | PA      | $278403.19    | 0.23%             | 2029-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| LD HOLDINGS GROUP LLC          | LD Holdings Group LLC                                                          | CUSIP: 521088AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $345776.47    | 0.29%             | 2028-04-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| LITHIA MOTORS INC              | Lithia Motors Inc                                                              | CUSIP: 536797AG8<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |    610000 | PA      | $584929.43    | 0.49%             | 2029-06-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Lobel Automobile Receivables T | Lobel Automobile Receivables Trust 2026-1                                      | CUSIP: 53948VAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $239462.25    | 0.20%             | 2031-01-15      | Fixed         | 8.37%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2025-R2                                           | CUSIP: 69549AAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    310336 | PA      | $227341.78    | 0.19%             | 2032-10-15      | Fixed         | 9.34%                 | No            |                  2 | On Loan: No      |
| ANYWHERE RE GRP/REALOGY        | Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp                        | CUSIP: 75606DAQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $477425.40    | 0.40%             | 2030-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ARCHROCK PARTNERS LP/FIN       | Archrock Partners LP / Archrock Partners Finance Corp                          | CUSIP: 03959KAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    530000 | PA      | $547125.36    | 0.46%             | 2032-09-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ASCENT RESOURCES/ARU FIN       | Ascent Resources Utica Holdings LLC / ARU Finance Corp                         | CUSIP: 04364VBA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $102792.20    | 0.09%             | 2033-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ASURION LLC/ASURION CO         | Asurion LLC/ Asurion Co-Issuer Inc                                             | CUSIP: 045941AA9<br>LEI: 549300KNQVXGIOXWK278 | Long             | DBT              | CORP              | US        |    150000 | PA      | $156779.85    | 0.13%             | 2032-12-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| AXON ENTERPRISE INC            | Axon Enterprise Inc                                                            | CUSIP: 05464CAD3<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |    530000 | PA      | $544188.63    | 0.46%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| B&G FOODS INC                  | B&G Foods Inc                                                                  | CUSIP: 05508WAC9<br>LEI: 549300TRW1LZMDJZAQ78 | Long             | DBT              | CORP              | US        |    400000 | PA      | $396939.70    | 0.33%             | 2028-09-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| SALLY HOLDINGS/SALLY CAP       | Sally Holdings LLC / Sally Capital Inc                                         | CUSIP: 79546VAQ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    520000 | PA      | $536303.56    | 0.45%             | 2032-04-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SEASPAN CORP                   | Seaspan Corp                                                                   | CUSIP: 81254UAK2<br>LEI: 5493007Z8Q1H45KT7W98 | Long             | DBT              | CORP              | MH        |    600000 | PA      | $574000.46    | 0.48%             | 2029-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| XPO INC                        | XPO Inc                                                                        | CUSIP: 98379KAB8<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |    260000 | PA      | $269344.14    | 0.23%             | 2031-06-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| ZEBRA TECHNOLOGIES CORP        | Zebra Technologies Corp                                                        | CUSIP: 989207AD7<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | DBT              | CORP              | US        |    530000 | PA      | $540638.62    | 0.45%             | 2032-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BEACON MOBILITY CORP           | Beacon Mobility Corp                                                           | CUSIP: 073644AA4<br>LEI: 254900EBTYFG24UQEM31 | Long             | DBT              | CORP              | US        |    790000 | PA      | $823197.38    | 0.69%             | 2030-08-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BELLEMEADE RE LT               | Bellemeade Re 2025-1 Ltd                                                       | CUSIP: 07876NAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $517453.10    | 0.43%             | 2035-10-25      | Floating      | 8.70%                 | No            |                  2 | On Loan: No      |
| BELLEMEADE RE LT               | Bellemeade Re Ltd                                                              | CUSIP: 078915AE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    500000 | PA      | $521616.10    | 0.44%             | 2034-08-25      | Floating      | 9.20%                 | No            |                  2 | On Loan: No      |
| BELRON UK FINANCE PLC          | Belron UK Finance PLC                                                          | CUSIP: 080782AA3<br>LEI: 9845006BC9D1A77B8178 | Long             | DBT              | CORP              | GB        |    270000 | PA      | $272881.28    | 0.23%             | 2029-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE MORTGAGE TR         | Blackstone Mortgage Trust Inc                                                  | CUSIP: 09257WAF7<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | DBT              | CORP              | US        |    510000 | PA      | $542736.39    | 0.45%             | 2029-12-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BORR IHC LTD / BORR FIN        | Borr IHC Ltd / Borr Finance LLC                                                | CUSIP: 100018AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    261602 | PA      | $274731.59    | 0.23%             | 2030-11-15      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| BRISTOW GROUP INC              | Bristow Group Inc                                                              | CUSIP: 11040GAB9<br>LEI: 5493005Q24EN3UC1PV68 | Long             | DBT              | CORP              | US        |    260000 | PA      | $264721.15    | 0.22%             | 2033-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC       | Builders FirstSource Inc                                                       | CUSIP: 12008RAT4<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |   1060000 | PA      | $1071796.74   | 0.90%             | 2035-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN       | Burford Capital Global Finance LLC                                             | CUSIP: 12116LAG4<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |    950000 | PA      | $781660.00    | 0.65%             | 2033-07-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CACI INTERNATIONAL INC         | CACI International Inc                                                         | CUSIP: 127190AE6<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | DBT              | CORP              | US        |    370000 | PA      | $378770.20    | 0.32%             | 2033-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC          | Caesars Entertainment Inc                                                      | CUSIP: 12769GAA8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |   1180000 | PA      | $1139623.00   | 0.95%             | 2029-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CALUMET SPECIALTY PROD         | Calumet Specialty Products Partners LP / Calumet Finance Corp                  | CUSIP: 131477BA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1040000 | PA      | $1102802.48   | 0.92%             | 2031-02-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| MERCER INTL INC                | Mercer International Inc                                                       | CUSIP: 588056BB6<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |    750000 | PA      | $300682.50    | 0.25%             | 2029-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| METHANEX US OPERATIONS         | Methanex US Operations Inc                                                     | CUSIP: 59151LAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1081154.55   | 0.90%             | 2032-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP            | Medline Borrower LP                                                            | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    830000 | PA      | $826473.08    | 0.69%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BRUNDAGE-BONE CONCRETE         | Brundage-Bone Concrete Pumping Holdings Inc                                    | CUSIP: 66981QAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    530000 | PA      | $539020.07    | 0.45%             | 2032-02-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PBF HOLDING CO LLC             | PBF Holding Co LLC / PBF Finance Corp                                          | CUSIP: 69318FAL2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    570000 | PA      | $584581.80    | 0.49%             | 2030-09-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2026-1                                            | CUSIP: 694964AA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $248222.33    | 0.21%             | 2033-09-15      | Fixed         | 9.23%                 | No            |                  2 | On Loan: No      |
| PANTHER ESCROW ISSUER          | Panther Escrow Issuer LLC                                                      | CUSIP: 69867RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1070000 | PA      | $1075615.03   | 0.90%             | 2031-06-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| PENN ENTERTAINMENT INC         | Penn Entertainment Inc                                                         | CUSIP: 707569AY5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    550000 | PA      | $545768.03    | 0.46%             | 2031-04-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Rate Mortgage Trust            | Rate Mortgage Trust 2024-J1                                                    | CUSIP: 75410PCM0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    929000 | PA      | $717824.37    | 0.60%             | 2054-07-25      | Variable      | 6.42%                 | No            |                  2 | On Loan: No      |
| UPBOUND GROUP INC              | Upbound Group Inc                                                              | CUSIP: 76009NAL4<br>LEI: 529900QUHE15UQNCCJ63 | Long             | DBT              | CORP              | US        |    550000 | PA      | $543946.49    | 0.46%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL        | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC                | CUSIP: 91327BAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    820000 | PA      | $806269.76    | 0.67%             | 2029-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS       | Univision Communications Inc                                                   | CUSIP: 914906AV4<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    570000 | PA      | $544233.55    | 0.46%             | 2029-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| URBAN ONE INC                  | Urban One Inc                                                                  | CUSIP: 91705JAD7<br>LEI: 549300PLGIGPBRQUP240 | Long             | DBT              | CORP              | US        |    122000 | PA      | $51017.96     | 0.04%             | 2031-04-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD             | Viking Cruises Ltd                                                             | CUSIP: 92676XAH0<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |   1080000 | PA      | $1083278.88   | 0.91%             | 2033-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC       | Vistra Operations Co LLC                                                       | CUSIP: 92840VAR3<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    520000 | PA      | $543076.56    | 0.45%             | 2032-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| VOLTAGRID LLC                  | VoltaGrid LLC                                                                  | CUSIP: 92874BAA3<br>LEI: 254900R5BEUGIKK1FM03 | Long             | DBT              | CORP              | US        |    520000 | PA      | $539961.24    | 0.45%             | 2030-11-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ACADIA HEALTHCARE CO INC       | Acadia Healthcare Co Inc                                                       | CUSIP: 00404AAQ2<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |   1030000 | PA      | $1054866.26   | 0.88%             | 2033-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CAPSTONE COPPER CORP           | Capstone Copper Corp                                                           | CUSIP: 14071LAA6<br>LEI: 549300III6KGKKC42W63 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $101835.60    | 0.09%             | 2033-03-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CARS.COM INC                   | Cars.com Inc                                                                   | CUSIP: 14575EAA3<br>LEI: 5493002G6J07LNGX4M98 | Long             | DBT              | CORP              | US        |    500000 | PA      | $491862.50    | 0.41%             | 2028-11-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CATURUS ENERGY LLC             | Caturus Energy LLC                                                             | CUSIP: 149482AA9<br>LEI: 254900LM244SIFQ1QY31 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100400.79    | 0.08%             | 2031-05-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC       | Celanese US Holdings LLC                                                       | CUSIP: 15089QBD5<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    520000 | PA      | $544811.28    | 0.46%             | 2034-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL        | MPT Operating Partnership LP / MPT Finance Corp                                | CUSIP: 55342UAM6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $358761.40    | 0.30%             | 2031-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MILLROSE PROPERTIES INC        | Millrose Properties Inc                                                        | CUSIP: 601137AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    530000 | PA      | $537157.12    | 0.45%             | 2030-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CMG MEDIA CORPORATION          | CMG Media Corp                                                                 | CUSIP: 125773AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $222992.40    | 0.19%             | 2029-06-18      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC               | CSC Holdings LLC                                                               | CUSIP: 126307AQ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    100000 | PA      | $84437.96     | 0.07%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC          | Molina Healthcare Inc                                                          | CUSIP: 60855RAM2<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |    830000 | PA      | $829608.32    | 0.69%             | 2033-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mor | Morgan Stanley Residential Mortgage Loan Trust 2024-3                          | CUSIP: 61776QBA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1160000 | PA      | $969950.24    | 0.81%             | 2054-07-25      | Variable      | 6.78%                 | No            |                  2 | On Loan: No      |
| CVR ENERGY INC                 | CVR Energy Inc                                                                 | CUSIP: 12662PAJ7<br>LEI: 529900SOYZIXZBTXB558 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1104032.60   | 0.92%             | 2034-02-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CENTURY ALUMINUM COMPANY       | Century Aluminum Co                                                            | CUSIP: 156431AS7<br>LEI: 549300U5ODNGEYWKSW73 | Long             | DBT              | CORP              | US        |    530000 | PA      | $549313.73    | 0.46%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CHAMP ACQUISITION CORP         | Champ Acquisition Corp                                                         | CUSIP: 15807XAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1040000 | PA      | $1098218.16   | 0.92%             | 2031-12-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| CHOBANI LLC/FINANCE CORP       | Chobani LLC / Chobani Finance Corp Inc                                         | CUSIP: 17027NAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    130000 | PA      | $132723.60    | 0.11%             | 2034-04-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CINEMARK USA INC               | Cinemark USA Inc                                                               | CUSIP: 172441BH9<br>LEI: 54930008H2137JSCPQ09 | Long             | DBT              | CORP              | US        |   1060000 | PA      | $1096230.80   | 0.92%             | 2032-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust  | Citigroup Mortgage Loan Trust 2024-1                                           | CUSIP: 17332CCJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1016000 | PA      | $836274.68    | 0.70%             | 2054-07-25      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| MOSS CREEK RESOURCES HLD       | Moss Creek Resources Holdings Inc                                              | CUSIP: 61965RAC9<br>LEI: 54930037SLMSPWKYIX36 | Long             | DBT              | CORP              | US        |    500000 | PA      | $506463.50    | 0.42%             | 2031-09-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD            | NCL Corp Ltd                                                                   | CUSIP: 62886HBZ3<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    560000 | PA      | $542377.47    | 0.45%             | 2033-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN       | Clarios Global LP / Clarios US Finance Co                                      | CUSIP: 18060TAE5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1120000 | PA      | $1146342.40   | 0.96%             | 2032-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC           | Cleveland-Cliffs Inc                                                           | CUSIP: 18589GAA3<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1111966.90   | 0.93%             | 2034-01-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                 | NRG Energy Inc                                                                 | CUSIP: 629377CX8<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    500000 | PA      | $506140.00    | 0.42%             | 2034-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NEW FLYER HOLDINGS             | New Flyer Holdings Inc                                                         | CUSIP: 64438WAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    550000 | PA      | $593828.95    | 0.50%             | 2030-07-01      | Fixed         | 9.25%                 | 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        |   1224944 | PA      | $1028082.84   | 0.86%             | 2052-05-28      | Variable      | 5.14%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC              | Newell Brands Inc                                                              | CUSIP: 651229BG0<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    520000 | PA      | $543706.80    | 0.45%             | 2028-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                   | Novelis Corp                                                                   | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    350000 | PA      | $335545.99    | 0.28%             | 2030-01-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| OLIN CORP                      | Olin Corp                                                                      | CUSIP: 680665AN6<br>LEI: 549300GKK294V7W57P06 | Long             | DBT              | CORP              | US        |    600000 | PA      | $595138.26    | 0.50%             | 2033-04-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION         | Clydesdale Acquisition Holdings Inc                                            | CUSIP: 18972EAD7<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |    560000 | PA      | $527322.39    | 0.44%             | 2032-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| COGENT COMMS GRP / FIN         | Cogent Communications Group LLC / Cogent Finance Inc                           | CUSIP: 19240WAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    900000 | PA      | $835740.00    | 0.70%             | 2032-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| COMSTOCK RESOURCES INC         | Comstock Resources Inc                                                         | CUSIP: 205768AT1<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |   1110000 | PA      | $1075815.44   | 0.90%             | 2030-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CONCENTRA HEALTH SERVICE       | Concentra Health Services Inc                                                  | CUSIP: 20600DAA1<br>LEI: 984500GB84105F75DE32 | Long             | DBT              | CORP              | US        |    600000 | PA      | $622524.60    | 0.52%             | 2032-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED ENERGY FIN        | Consolidated Energy Finance SA                                                 | CUSIP: 20914UAF3<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $190250.00    | 0.16%             | 2028-10-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED ENERGY FIN        | Consolidated Energy Finance SA                                                 | CUSIP: 20914UAH9<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |    700000 | PA      | $718375.00    | 0.60%             | 2031-02-15      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP           | OneMain Finance Corp                                                           | CUSIP: 682691AG5<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   1070000 | PA      | $1085685.13   | 0.91%             | 2031-11-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC            | Oportun Issuance Trust 2026-A                                                  | CUSIP: 68390VAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $249559.63    | 0.21%             | 2034-01-09      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAP LLC/C       | Outfront Media Capital LLC / Outfront Media Capital Corp                       | CUSIP: 69007TAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    550000 | PA      | $535499.53    | 0.45%             | 2030-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| OWENS-BROCKWAY                 | Owens-Brockway Glass Container Inc                                             | CUSIP: 69073TAU7<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |   1120000 | PA      | $1071745.62   | 0.90%             | 2031-05-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| PRA GROUP INC                  | PRA Group Inc                                                                  | CUSIP: 69354NAD8<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |    870000 | PA      | $826472.77    | 0.69%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2025-8                                            | CUSIP: 694956AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    249914 | PA      | $250047.47    | 0.21%             | 2033-07-15      | Fixed         | 9.56%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2025-R2                                           | CUSIP: 69544VAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    123957 | PA      | $123226.03    | 0.10%             | 2032-10-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya Ai Debt Grantor Trust 2025-6                                            | CUSIP: 69549CAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    199982 | PA      | $199115.19    | 0.17%             | 2033-04-15      | Fixed         | 8.48%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC          | PennyMac Financial Services Inc                                                | CUSIP: 70932MAH0<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |    830000 | PA      | $804065.41    | 0.67%             | 2034-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I       | Performance Food Group Inc                                                     | CUSIP: 71376LAE0<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |    500000 | PA      | $485109.55    | 0.41%             | 2029-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC          | Directv Financing LLC / Directv Financing Co-Obligor Inc                       | CUSIP: 25461LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1410000 | PA      | $1468148.40   | 1.23%             | 2031-02-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| ENCORE CAPITAL GROUP INC       | Encore Capital Group Inc                                                       | CUSIP: 292554AS1<br>LEI: 5493000UVC6H49CIH830 | Long             | DBT              | CORP              | US        |    540000 | PA      | $549163.80    | 0.46%             | 2031-04-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ENERFLEX INC                   | Enerflex Inc                                                                   | CUSIP: 29281WAA6<br>LEI: 549300SQCOV1LC1GBK07 | Long             | DBT              | CORP              | US        |    530000 | PA      | $546280.54    | 0.46%             | 2031-01-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Enviva LLC                     | Enviva LLC                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     14555 | NS      | $291100.00    | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| ENVIVA ESCROW                  | ENVIVA ESCROW                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    400000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| GRAY MEDIA INC                 | Gray Media Inc                                                                 | CUSIP: 389286AA3<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $781955.00    | 0.65%             | 2031-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PERRIGO FINANCE UNLIMITE       | Perrigo Finance Unlimited Co                                                   | CUSIP: 71429MAD7<br>LEI: 549300E86RB6YCTMRM83 | Long             | DBT              | CORP              | IE        |   1140000 | PA      | $1073558.41   | 0.90%             | 2032-09-30      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| PHH ESCROW ISS LCC/PHH C       | PHH Escrow Issuer LLC/PHH Corp                                                 | CUSIP: 716964AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    820000 | PA      | $828760.88    | 0.69%             | 2029-11-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| REWORLD HOLDING CORP           | Reworld Holding Corp                                                           | CUSIP: 22303XAA3<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | DBT              | CORP              | US        |    570000 | PA      | $547730.04    | 0.46%             | 2029-12-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CREDIT ACCEPTANC               | Credit Acceptance Corp                                                         | CUSIP: 225310AS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    820000 | PA      | $818798.70    | 0.68%             | 2030-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| GULFPORT ENERGY OP CORP        | Gulfport Energy Operating Corp                                                 | CUSIP: 402635AT3<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |    530000 | PA      | $544395.33    | 0.46%             | 2029-09-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HA SUSTAINABLE INF CAP         | HA Sustainable Infrastructure Capital Inc                                      | CUSIP: 41068XAH3<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | DBT              | CORP              | US        |    540000 | PA      | $545305.50    | 0.46%             | 2056-11-15      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| PHOENIX AVIATION CAPITAL       | Phoenix Aviation Capital Ltd                                                   | CUSIP: 71910DAA9<br>LEI: 8945008YQAKXZQ3VYJ15 | Long             | DBT              | CORP              | IE        |   1650000 | PA      | $1685306.70   | 1.41%             | 2030-07-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC              | Post Holdings Inc                                                              | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |   1090000 | PA      | $1090279.04   | 0.91%             | 2033-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| HAWAIIAN ELEC CO               | Hawaiian Electric Co Inc                                                       | CUSIP: 419866AV0<br>LEI: 549300PQE8D806LWQV52 | Long             | DBT              | CORP              | US        |    540000 | PA      | $542090.88    | 0.45%             | 2033-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CUMULUS MEDIA NEW HLDGS        | Cumulus Media New Holdings Inc                                                 | CUSIP: 23110AAB2<br>LEI: 5493001D9VBAVY1OKJ46 | Long             | DBT              | CORP              | US        |    509000 | PA      | $75077.50     | 0.06%             | 2029-07-01      | None          | 8.00%                 | No            |                  2 | On Loan: No      |
| RHP HOTEL PPTY/RHP FINAN       | RHP Hotel Properties LP / RHP Finance Corp                                     | CUSIP: 749571AK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    260000 | PA      | $266951.62    | 0.22%             | 2032-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                 | Rocket Cos Inc                                                                 | CUSIP: 77311WAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1085967.75   | 0.91%             | 2032-02-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| ROLLER BEARING CO OF AME       | Roller Bearing Co of America Inc                                               | CUSIP: 775631AD6<br>LEI: 254900U9XW6S76H2P167 | Long             | DBT              | CORP              | US        |    290000 | PA      | $283919.80    | 0.24%             | 2029-10-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Prestige Auto Receivables Trus | Prestige Auto Receivables Trust 2024-1                                         | CUSIP: 74113QAL5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $501916.85    | 0.42%             | 2031-04-15      | Fixed         | 7.94%                 | No            |                  2 | On Loan: No      |
| PROVIDENT FDG/PFG FIN          | Provident Funding Associates LP / PFG Finance Corp                             | CUSIP: 74387UAK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    790000 | PA      | $824609.90    | 0.69%             | 2029-09-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| SV RNO PROPERTY OWNER 1        | SV RNO Property Owner 1 LLC                                                    | CUSIP: 78488XAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    270000 | PA      | $265085.65    | 0.22%             | 2031-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SIMMONS FOOD INC/SIMMONS       | Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed | CUSIP: 82873MAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1110000 | PA      | $1071703.22   | 0.90%             | 2029-03-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| SMYRNA READY MIX CONCRET       | Smyrna Ready Mix Concrete LLC                                                  | CUSIP: 83283WAE3<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |   1110000 | PA      | $1162882.62   | 0.97%             | 2031-11-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| SOTHEBY'S/BIDFAIR HLD          | Sotheby's/Bidfair Holdings Inc                                                 | CUSIP: 83600GAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $477190.58    | 0.40%             | 2029-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| STANDARD BUILDING SOLUTI       | Standard Building Solutions Inc                                                | CUSIP: 853191AA2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |    530000 | PA      | $535657.75    | 0.45%             | 2032-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST        | Starwood Property Trust Inc                                                    | CUSIP: 85571BBG9<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |    540000 | PA      | $540146.72    | 0.45%             | 2031-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC          | Quikrete Holdings Inc                                                          | CUSIP: 74843PAB6<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |    530000 | PA      | $537777.63    | 0.45%             | 2033-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Radnor Re LTD                  | Radnor Re 2024-1 Ltd                                                           | CUSIP: 75049AAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $520592.80    | 0.44%             | 2034-09-25      | Floating      | 8.80%                 | No            |                  2 | On Loan: No      |
| STENA INTERNATIONAL SA         | Stena International SA                                                         | CUSIP: 85858EAD5<br>LEI: 213800A4LTGG4W55QP46 | Long             | DBT              | CORP              | LU        |    625000 | PA      | $635898.75    | 0.53%             | 2031-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| STONEBRIAR ABF LLC             | Stonebriar ABF Issuer LLC                                                      | CUSIP: 86177CAA7<br>LEI: 984500A76E25968C4F70 | Long             | DBT              | CORP              | US        |    260000 | PA      | $273244.66    | 0.23%             | 2030-12-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| RAVEN ACQUISITION HOLDIN       | Raven Acquisition Holdings LLC                                                 | CUSIP: 75420NAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $495238.30    | 0.41%             | 2031-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Research-Driven Pagaya Motor A | Research-Driven Pagaya Motor Asset Trust 2026-R1                               | CUSIP: 76089TAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $246754.60    | 0.21%             | 2034-07-25      | Fixed         | 7.72%                 | No            |                  2 | On Loan: No      |
| STONEX ESCROW ISSUER LLC       | Stonex Escrow Issuer LLC                                                       | CUSIP: 86189AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1060000 | PA      | $1096628.30   | 0.92%             | 2032-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| STONEPEAK NILE PARENT          | Stonepeak Nile Parent LLC                                                      | CUSIP: 861932AA9<br>LEI: 254900TJV3VAFZD0GU41 | Long             | DBT              | CORP              | US        |    520000 | PA      | $544462.05    | 0.46%             | 2032-03-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| STRIKE ACCEPTANCE AUTO FUNDING | Strike Acceptance Auto Funding Trust 2023-1                                    | CUSIP: 862942AA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    223894 | PA      | $224805.27    | 0.19%             | 2026-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| SUNCOKE ENERGY INC             | SunCoke Energy Inc                                                             | CUSIP: 86722AAD5<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | DBT              | CORP              | US        |   1170000 | PA      | $1079631.07   | 0.90%             | 2029-06-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Research-Driven Pagaya Motor A | Research-Driven Pagaya Motor Asset Trust 2025-3                                | CUSIP: 76091FAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $501806.55    | 0.42%             | 2034-02-27      | Fixed         | 11.09%                | No            |                  2 | On Loan: No      |
| RESIDEO FUNDING INC            | Resideo Funding Inc                                                            | CUSIP: 76119LAD3<br>LEI: 5493000IFJ6XJKH66598 | Long             | DBT              | CORP              | US        |    540000 | PA      | $545640.84    | 0.46%             | 2032-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                      | Sunoco LP                                                                      | CUSIP: 86765KAE9<br>LEI: 54930001NJU8E40NQ561 | Long             | EP               | CORP              | US        |    530000 | PA      | $549157.38    | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| SYNERGY INFRASTRUCTURE H       | Synergy Infrastructure Holdings LLC                                            | CUSIP: 87191JAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    520000 | PA      | $547250.08    | 0.46%             | 2030-12-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN        | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp                   | CUSIP: 87470LAM3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1070000 | PA      | $1093888.71   | 0.92%             | 2034-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TASEKO MINES LTD               | Taseko Mines Ltd                                                               | CUSIP: 876511AG1<br>LEI: 549300XKUO1JSLU7KX54 | Long             | DBT              | CORP              | CA        |   1040000 | PA      | $1090019.84   | 0.91%             | 2030-05-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| TRANSMONTAIGNE PARTNERS        | TransMontaigne Partners LLC                                                    | CUSIP: 89377AAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $258884.25    | 0.22%             | 2030-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| TRINITY INDUSTRIES INC         | Trinity Industries Inc                                                         | CUSIP: 896522AJ8<br>LEI: R1JB4KXN77XFCXOQKV49 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102706.60    | 0.09%             | 2028-07-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| TRIVIUM PACKAGING FIN          | Trivium Packaging Finance BV                                                   | CUSIP: 89686QAC0<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |    490000 | PA      | $534611.56    | 0.45%             | 2031-01-15      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| COHERENT CORP                  | Coherent Corp                                                                  | CUSIP: 902104AC2<br>LEI: 549300O5C25A0MMHHU33 | Long             | DBT              | CORP              | US        |    540000 | PA      | $534546.60    | 0.45%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                   | US Foods Inc                                                                   | CUSIP: 90290MAH4<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |    260000 | PA      | $270765.56    | 0.23%             | 2032-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| UWM HOLDINGS LLC               | UWM Holdings LLC                                                               | CUSIP: 903522AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    580000 | PA      | $538269.99    | 0.45%             | 2031-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| UNISYS CORP                    | Unisys Corp                                                                    | CUSIP: 909214BX5<br>LEI: 549300T21W22FIJJOW08 | Long             | DBT              | CORP              | US        |    970000 | PA      | $844152.01    | 0.71%             | 2031-01-15      | Fixed         | 10.62%                | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN       | USA Compression Partners LP / USA Compression Finance Corp                     | CUSIP: 91740PAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    520000 | PA      | $537591.08    | 0.45%             | 2029-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| VELOCITY COM CAP LLC           | Velocity Commercial Capital LLC                                                | CUSIP: 92259RAE5<br>LEI: 549300TA4MQM8WN2XG31 | Long             | DBT              | CORP              | US        |    260000 | PA      | $269178.78    | 0.23%             | 2031-02-15      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC         | Venture Global LNG Inc                                                         | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | EP               | CORP              | US        |   2440000 | PA      | $2414935.59   | 2.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CVR PARTNERS/CVR NITROGE       | CVR Partners LP / CVR Nitrogen Finance Corp                                    | CUSIP: 12663QAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    540000 | PA      | $540054.11    | 0.45%             | 2028-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| DCLI BIDCO LLC                 | Dcli Bidco LLC                                                                 | CUSIP: 233104AA6<br>LEI: 2549007UUVJTHHNK9T70 | Long             | DBT              | CORP              | US        |    530000 | PA      | $546243.97    | 0.46%             | 2029-11-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                     | DaVita Inc                                                                     | CUSIP: 23918KAW8<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    780000 | PA      | $805608.18    | 0.67%             | 2032-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| HERTZ CORP/THE                 | Hertz Corp/The                                                                 | CUSIP: 428040DC0<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |    620000 | PA      | $584892.07    | 0.49%             | 2029-07-15      | Fixed         | 12.62%                | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC    | Hertz Vehicle Financing III LLC                                                | CUSIP: 42806MCD9<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $254179.30    | 0.21%             | 2028-02-25      | Fixed         | 9.43%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP       | Hilcorp Energy I LP / Hilcorp Finance Co                                       | CUSIP: 431318AU8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    270000 | PA      | $269972.46    | 0.23%             | 2029-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HOWARD MIDSTREAM ENERGY        | Howard Midstream Energy Partners LLC                                           | CUSIP: 442722AD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    530000 | PA      | $539452.02    | 0.45%             | 2034-01-15      | Fixed         | 6.62%                 | 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        |    642679 | PA      | $576708.38    | 0.48%             | 2050-08-25      | Variable      | 3.83%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN        | Jane Street Group / JSG Finance Inc                                            | CUSIP: 47077WAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1040000 | PA      | $1068965.04   | 0.89%             | 2033-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN LLC / JFIN       | Jefferies Finance LLC / JFIN Co-Issuer Corp                                    | CUSIP: 47232MAG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    600000 | PA      | $587372.40    | 0.49%             | 2031-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CAPITAL HOLDIN       | Jefferson Capital Holdings LLC                                                 | CUSIP: 472481AC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    780000 | PA      | $816691.98    | 0.68%             | 2030-05-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| K HOVNANIAN ENTERPRISES        | K Hovnanian Enterprises Inc                                                    | CUSIP: 48251UAQ1<br>LEI: 549300JJCQ0KAI7CJG32 | Long             | DBT              | CORP              | US        |    540000 | PA      | $543021.84    | 0.45%             | 2033-10-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| KINETIK HOLDINGS LP            | Kinetik Holdings LP                                                            | CUSIP: 49461MAA8<br>LEI: 549300RD6AJIMYC0HY12 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250983.25    | 0.21%             | 2030-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| KNIFE RIVER CORP               | Knife River Corp                                                               | CUSIP: 498894AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    520000 | PA      | $541731.84    | 0.45%             | 2031-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| VT TOPCO INC                   | VT Topco Inc                                                                   | CUSIP: 91838PAA9<br>LEI: 5493007T812R37X02Y38 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1178415.35   | 0.99%             | 2030-08-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| WALKER & DUNLOP INC            | Walker & Dunlop Inc                                                            | CUSIP: 93148PAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    540000 | PA      | $537336.88    | 0.45%             | 2033-04-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| WILDFIRE INTERMEDIATE HO       | Wildfire Intermediate Holdings LLC                                             | CUSIP: 96812HAA6<br>LEI: 5493003RHEMQJZEXIR02 | Long             | DBT              | CORP              | US        |    530000 | PA      | $545778.10    | 0.46%             | 2029-10-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| EQUIPMENTSHARE.COM INC         | EquipmentShare.com Inc                                                         | CUSIP: 29450YAB5<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |    770000 | PA      | $817597.55    | 0.68%             | 2032-05-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| ESAB CORP                      | Esab Corp                                                                      | CUSIP: 29605JAB2<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | DBT              | CORP              | US        |    270000 | PA      | $273161.38    | 0.23%             | 2031-04-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables  | Exeter Automobile Receivables Trust 2022-2                                     | CUSIP: 30166QAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $193639.10    | 0.16%             | 2029-10-15      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| EZCORP INC                     | EZCORP Inc                                                                     | CUSIP: 302301AJ5<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |    760000 | PA      | $805341.60    | 0.67%             | 2032-04-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| FIESTA PURCHASER INC           | Fiesta Purchaser Inc                                                           | CUSIP: 31659AAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $829336.80    | 0.69%             | 2032-09-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund                                     | CUSIP: 31846V211<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   3436618 | NS      | $3436617.66   | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST QUANTUM MINERALS L       | First Quantum Minerals Ltd                                                     | CUSIP: 335934AX3<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   1560000 | PA      | $1605030.96   | 1.34%             | 2034-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                  | FirstCash Inc                                                                  | CUSIP: 33767DAB1<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |    560000 | PA      | $550907.11    | 0.46%             | 2028-09-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                  | FirstCash Inc                                                                  | CUSIP: 33767DAF2<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |    125000 | PA      | $124808.66    | 0.10%             | 2034-05-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| FTAI AVIATION INVESTORS        | FTAI Aviation Investors LLC                                                    | CUSIP: 34960PAH4<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |    540000 | PA      | $537568.60    | 0.45%             | 2033-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD          | Freedom Mortgage Holdings LLC                                                  | CUSIP: 35641AAD0<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |   2210000 | PA      | $2156322.19   | 1.80%             | 2033-04-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                | Gen Digital Inc                                                                | CUSIP: 668771AM0<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |    560000 | PA      | $546047.86    | 0.46%             | 2033-04-01      | Fixed         | 6.25%                 | 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