2026-05-15190132_AngelOakMulti-StrategyIncomeFund_ClassA_TSRSemiAnnual

 

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Angel Oak Multi-Strategy Income Fund
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Class A | ANGLX
Semi-Annual Shareholder Report | July 31, 2026
This semi-annual shareholder report contains important information about the Angel Oak Multi-Strategy Income Fund (the Fund) for the period of  February 1, 2026, to July 31, 2026. You can find additional information about the Fund at  
https://angeloakcapital.com/resources/. You can also request this information by contacting us at 1-855-751-4324.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Class A
$73
1.46%
* Annualized.
HOW DID THE FUND PERFORM DURING THE PERIOD?
The Fund’s Class A shares returned 1.79%, excluding sales charges, for the six-month period ended July 31, 2026. The Fund outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, by 259 basis points. The benchmark returned -0.80% during the same period.
WHAT FACTORS INFLUENCED PERFORMANCE?
The Fund benefited from higher current income, shorter-duration positioning, lower exposure to corporate credit, and spread outperformance across its credit allocations, particularly in non-agency residential mortgage-backed securities (RMBS) and asset-backed securities (ABS). The Fund’s agency RMBS positions were the primary detractor from performance.
HOW WAS THE FUND POSITIONED DURING THE PERIOD?
The Fund increased its allocations to agency RMBS and collateralized loan obligations (CLOs) to capitalize on attractive market opportunities as CLO valuations became increasingly compelling. In addition, the Fund decreased its allocations to non-agency RMBS and agency commercial mortgage-backed securities to enhance overall portfolio diversification.
Top Contributors
↑
Non-Agency RMBS
↑
ABS
Top Detractors
↓
Agency RMBS
HOW DID THE FUND PERFORM  OVER THE PAST 10 YEARS?* (as of  July 31, 2026)
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
Angel Oak Multi-Strategy Income Fund  PAGE 1  TSR-SAR-03463K307
 
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
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ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
10 Year
Class A (without sales charge)
5.77
1.75
2.59
Class A (with maximum 2.25% sales charge)
3.39
1.29
2.36
Bloomberg U.S. Aggregate Bond Index
2.71
-0.40
1.35
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.  The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit  
https://angeloakcapital.com/investments/  for more recent performance information.
KEY FUND STATISTICS (as of July 31, 2026)
Net Assets
$2,501,155,649
Effective Duration
4.00 years
Number of Holdings
1,048
30-Day SEC Yield (Class A)
6.18%
Net Advisory Fee
$11,098,585
30-Day SEC Yield Unsubsidized (Class A)
6.18%
Portfolio Turnover
27%
Weighted Average Life
6.36 years
Average Credit Quality
BBB
Distribution Yield (Class A)
5.27%
Angel Oak Multi-Strategy Income Fund  PAGE 2  TSR-SAR-03463K307
 
WHAT DID THE FUND INVEST IN? (as of July 31, 2026)
Top Security Types (% of net assets)
Residential Mortgage-Backed Securities
38.3
%
Residential Mortgage-Backed Securities - U.S. Government Agency
16.8
%
Asset-Backed Securities
13.2
%
Corporate Obligations
12.4
%
Collateralized Loan Obligations
9.7
%
Commercial Mortgage-Backed Securities
3.7
%
Commercial Mortgage-Backed Securities - U.S. Government Agency
3.3
%
Residential Whole Loans
2.7
%
Exchange Traded Funds
1.2
%
Cash & Other
-1.3
%
Top 10 Holdings (% of net assets)
Saluda Grade Alternative Mortgage Trust, Series 2022-SEQ2, Class CERT
1.4
%
Federal Home Loan Mortgage Corp.
1.4
%
Goldman Sachs Mortgage Pass-Through Trust, Series 2022-1, Class PT
1.4
%
Invesco Senior Loan ETF
1.0
%
First American Government Obligations Fund - Class U
1.0
%
Federal Home Loan Mortgage Corp., Pool SD8506
1.0
%
DSLA Mortgage Loan Trust, Series 2007-AR1, Class 1A1A
0.9
%
Federal National Mortgage Association, Pool DC4050
0.8
%
Federal National Mortgage Association, Pool MA5910
0.7
%
Federal National Mortgage Association, Pool MA5646
0.7
%
Credit Ratings Breakdown (% of net assets)*
AAA
3.7
%
AA
23.9
%
A
5.3
%
BBB
14.9
%
BB
20.7
%
B
6.6
%
CCC
2.1
%
CC
0.1
%
NR
22.7
%
* Ratings provided by nationally recognized statistical rating organizations. Ratings are expressed as letters ranging from AAA, the highest grade, to D, the lowest grade. The adviser uses the highest rating if securities are rated differently and uses nonrated when no formal rating is issued.
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AVAILABILITY OF ADDITIONAL INFORMATION
For additional information about the Fund; including its prospectus, financial information, holdings, and proxy information, scan the QR code or visit https://angeloakcapital.com/resources/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Angel Oak Capital Advisors, LLC documents not be householded, please contact Angel Oak Capital Advisors, LLC at 1-855-751-4324, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Angel Oak Capital Advisors, LLC or your financial intermediary.
Angel Oak Multi-Strategy Income Fund  PAGE 3  TSR-SAR-03463K307
97731047410830112681080111574108941037211264119361262410000994998691066611746116641060010243107661113011431
 
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Angel Oak Multi-Strategy Income Fund
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Class C | ANGCX
Semi-Annual Shareholder Report | July 31, 2026
This semi-annual shareholder report contains important information about the Angel Oak Multi-Strategy Income Fund (the Fund) for the period of  February 1, 2026, to July 31, 2026. You can find additional information about the Fund at  
https://angeloakcapital.com/resources/. You can also request this information by contacting us at 1-855-751-4324.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Class C
$110
2.21%
* Annualized.
HOW DID THE FUND PERFORM DURING THE PERIOD?
The Fund’s Class C shares returned 1.33%, excluding sales charges, for the six-month period ended July 31, 2026. The Fund outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, by 213 basis points. The benchmark returned -0.80% during the same period.
WHAT FACTORS INFLUENCED PERFORMANCE?
The Fund benefited from higher current income, shorter-duration positioning, lower exposure to corporate credit, and spread outperformance across its credit allocations, particularly in non-agency residential mortgage-backed securities (RMBS) and asset-backed securities (ABS). The Fund’s agency RMBS positions were the primary detractor from performance.
HOW WAS THE FUND POSITIONED DURING THE PERIOD?
The Fund increased its allocations to agency RMBS and collateralized loan obligations (CLOs) to capitalize on attractive market opportunities as CLO valuations became increasingly compelling. In addition, the Fund decreased its allocations to non-agency RMBS and agency commercial mortgage-backed securities to enhance overall portfolio diversification.
Top Contributors
↑
Non-Agency RMBS
↑
ABS
Top Detractors
↓
Agency RMBS
HOW DID THE FUND PERFORM  OVER THE PAST 10 YEARS?* (as of  July 31, 2026)
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
Angel Oak Multi-Strategy Income Fund  PAGE 1  TSR-SAR-03463K505
 
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
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ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
10 Year
Class C (without sales charge)
4.96
0.97
1.82
Class C (with maximum 1.00% deferred sales charge)
3.96
0.97
1.82
Bloomberg U.S. Aggregate Bond Index
2.71
-0.40
1.35
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.  The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit  
https://angeloakcapital.com/investments/  for more recent performance information.
KEY FUND STATISTICS (as of July 31, 2026)
Net Assets
$2,501,155,649
Effective Duration
4.00 years
Number of Holdings
1,048
30-Day SEC Yield (Class C)
5.57%
Net Advisory Fee
$11,098,585
30-Day SEC Yield Unsubsidized (Class C)
5.56%
Portfolio Turnover
27%
Weighted Average Life
6.36 years
Average Credit Quality
BBB
Distribution Yield (Class C)
4.60%
Angel Oak Multi-Strategy Income Fund  PAGE 2  TSR-SAR-03463K505
 
WHAT DID THE FUND INVEST IN? (as of July 31, 2026)
Top Security Types (% of net assets)
Residential Mortgage-Backed Securities
38.3
%
Residential Mortgage-Backed Securities - U.S. Government Agency
16.8
%
Asset-Backed Securities
13.2
%
Corporate Obligations
12.4
%
Collateralized Loan Obligations
9.7
%
Commercial Mortgage-Backed Securities
3.7
%
Commercial Mortgage-Backed Securities - U.S. Government Agency
3.3
%
Residential Whole Loans
2.7
%
Exchange Traded Funds
1.2
%
Cash & Other
-1.3
%
Top 10 Holdings (% of net assets)
Saluda Grade Alternative Mortgage Trust, Series 2022-SEQ2, Class CERT
1.4
%
Federal Home Loan Mortgage Corp.
1.4
%
Goldman Sachs Mortgage Pass-Through Trust, Series 2022-1, Class PT
1.4
%
Invesco Senior Loan ETF
1.0
%
First American Government Obligations Fund - Class U
1.0
%
Federal Home Loan Mortgage Corp., Pool SD8506
1.0
%
DSLA Mortgage Loan Trust, Series 2007-AR1, Class 1A1A
0.9
%
Federal National Mortgage Association, Pool DC4050
0.8
%
Federal National Mortgage Association, Pool MA5910
0.7
%
Federal National Mortgage Association, Pool MA5646
0.7
%
Credit Ratings Breakdown (% of net assets)*
AAA
3.7
%
AA
23.9
%
A
5.3
%
BBB
14.9
%
BB
20.7
%
B
6.6
%
CCC
2.1
%
CC
0.1
%
NR
22.7
%
* Ratings provided by nationally recognized statistical rating organizations. Ratings are expressed as letters ranging from AAA, the highest grade, to D, the lowest grade. The adviser uses the highest rating if securities are rated differently and uses nonrated when no formal rating is issued.
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AVAILABILITY OF ADDITIONAL INFORMATION
For additional information about the Fund; including its prospectus, financial information, holdings, and proxy information, scan the QR code or visit https://angeloakcapital.com/resources/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Angel Oak Capital Advisors, LLC documents not be householded, please contact Angel Oak Capital Advisors, LLC at 1-855-751-4324, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Angel Oak Capital Advisors, LLC or your financial intermediary.
Angel Oak Multi-Strategy Income Fund  PAGE 3  TSR-SAR-03463K505
100001063610926112791072811418106601007710858114161198210000994998691066611746116641060010243107661113011431
 
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Angel Oak Multi-Strategy Income Fund
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Institutional Class | ANGIX
Semi-Annual Shareholder Report | July 31, 2026
This semi-annual shareholder report contains important information about the Angel Oak Multi-Strategy Income Fund (the Fund) for the period of  February 1, 2026, to July 31, 2026. You can find additional information about the Fund at  
https://angeloakcapital.com/resources/. You can also request this information by contacting us at 1-855-751-4324.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Institutional Class
$61
1.21%
* Annualized.
HOW DID THE FUND PERFORM DURING THE PERIOD?
The Fund’s Institutional Class shares returned 1.80% for the six-month period ended July 31, 2026. The Fund outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, by 260 basis points. The benchmark returned -0.80% during the same period.
WHAT FACTORS INFLUENCED PERFORMANCE?
The Fund benefited from higher current income, shorter-duration positioning, lower exposure to corporate credit, and spread outperformance across its credit allocations, particularly in non-agency residential mortgage-backed securities (RMBS) and asset-backed securities (ABS). The Fund’s agency RMBS positions were the primary detractor from performance.
HOW WAS THE FUND POSITIONED DURING THE PERIOD?
The Fund increased its allocations to agency RMBS and collateralized loan obligations (CLOs) to capitalize on attractive market opportunities as CLO valuations became increasingly compelling. In addition, the Fund decreased its allocations to non-agency RMBS and agency commercial mortgage-backed securities to enhance overall portfolio diversification.
Top Contributors
↑
Non-Agency RMBS
↑
ABS
Top Detractors
↓
Agency RMBS
Angel Oak Multi-Strategy Income Fund  PAGE 1  TSR-SAR-03463K406
 
HOW DID THE FUND PERFORM  OVER THE PAST 10 YEARS?* (as of  July 31, 2026)
The $500,000 chart reflects a hypothetical $500,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $500,000)
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ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
10 Year
Institutional Class
6.05
1.99
2.85
Bloomberg U.S. Aggregate Bond Index
2.71
-0.40
1.35
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.  The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit  
https://angeloakcapital.com/investments/  for more recent performance information.
KEY FUND STATISTICS (as of July 31, 2026)
Net Assets
$2,501,155,649
Effective Duration
4.00 years
Number of Holdings
1,048
30-Day SEC Yield (Institutional Class)
6.58%
Net Advisory Fee
$11,098,585
30-Day SEC Yield Unsubsidized (Institutional Class)
6.58%
Portfolio Turnover
27%
Weighted Average Life
6.36 years
Average Credit Quality
BBB
Distribution Yield (Institutional Class)
5.54%
Angel Oak Multi-Strategy Income Fund  PAGE 2  TSR-SAR-03463K406
 
WHAT DID THE FUND INVEST IN? (as of July 31, 2026)
Top Security Types (% of net assets)
Residential Mortgage-Backed Securities
38.3
%
Residential Mortgage-Backed Securities - U.S. Government Agency
16.8
%
Asset-Backed Securities
13.2
%
Corporate Obligations
12.4
%
Collateralized Loan Obligations
9.7
%
Commercial Mortgage-Backed Securities
3.7
%
Commercial Mortgage-Backed Securities - U.S. Government Agency
3.3
%
Residential Whole Loans
2.7
%
Exchange Traded Funds
1.2
%
Cash & Other
-1.3
%
Top 10 Holdings (% of net assets)
Saluda Grade Alternative Mortgage Trust, Series 2022-SEQ2, Class CERT
1.4
%
Federal Home Loan Mortgage Corp.
1.4
%
Goldman Sachs Mortgage Pass-Through Trust, Series 2022-1, Class PT
1.4
%
Invesco Senior Loan ETF
1.0
%
First American Government Obligations Fund - Class U
1.0
%
Federal Home Loan Mortgage Corp., Pool SD8506
1.0
%
DSLA Mortgage Loan Trust, Series 2007-AR1, Class 1A1A
0.9
%
Federal National Mortgage Association, Pool DC4050
0.8
%
Federal National Mortgage Association, Pool MA5910
0.7
%
Federal National Mortgage Association, Pool MA5646
0.7
%
Credit Ratings Breakdown (% of net assets)*
AAA
3.7
%
AA
23.9
%
A
5.3
%
BBB
14.9
%
BB
20.7
%
B
6.6
%
CCC
2.1
%
CC
0.1
%
NR
22.7
%
* Ratings provided by nationally recognized statistical rating organizations. Ratings are expressed as letters ranging from AAA, the highest grade, to D, the lowest grade. The adviser uses the highest rating if securities are rated differently and uses nonrated when no formal rating is issued.
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AVAILABILITY OF ADDITIONAL INFORMATION
For additional information about the Fund; including its prospectus, financial information, holdings, and proxy information, scan the QR code or visit https://angeloakcapital.com/resources/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Angel Oak Capital Advisors, LLC documents not be householded, please contact Angel Oak Capital Advisors, LLC at 1-855-751-4324, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Angel Oak Capital Advisors, LLC or your financial intermediary.
Angel Oak Multi-Strategy Income Fund  PAGE 3  TSR-SAR-03463K406
500000537091557628581166557873599956566084540303588371624424662173500000497426493446533321587299583178530013512163538289556492571571
 
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Angel Oak UltraShort Income Fund
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Class A | AOUAX
Semi-Annual Shareholder Report | July 31, 2026
This semi-annual shareholder report contains important information about the Angel Oak UltraShort Income Fund (the Fund) for the period of  February 1, 2026, to July 31, 2026. You can find additional information about the Fund at  
https://angeloakcapital.com/resources/. You can also request this information by contacting us at 1-855-751-4324.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Class A
$30
0.60%
* Annualized.
HOW DID THE FUND PERFORM DURING THE PERIOD?
The Fund’s Class A shares returned 1.81% for the six-month period ended July 31, 2026. The Fund outperformed its performance benchmarks, the Bloomberg Short Treasury: 9-12 Months Index and the Bloomberg Short-Term Government/Corporate Index, by 31 basis points (bps) and 9 bps, respectively. The performance benchmarks returned 1.50% and 1.72%, respectively, during the same period.
WHAT FACTORS INFLUENCED PERFORMANCE?
The Fund outperformed both performance benchmarks, driven by overweight allocations to investment-grade (IG) corporate bonds, asset-backed securities (ABS), non-agency residential mortgage-backed securities, and collateralized loan obligations (CLOs). Higher income, stronger yields, and credit rating upgrades across these sectors further supported relative performance. Duration positioning also contributed as short-term Treasury yields declined.
HOW WAS THE FUND POSITIONED DURING THE PERIOD?
The Fund maintained an overweight allocation to securitized credit, increasing allocations to IG corporate bonds, agency commercial mortgage-backed securities, and CLOs while reducing exposure to ABS. Overall, the Fund increased diversification, credit quality, and liquidity during the period.
Top Contributors
↑
High Income Relative to Performance Benchmarks
↑
IG Securitized Credit
Top Detractors
↓
Cash and Government Allocations with Lower Yield Relative to Credit Sectors
HOW DID THE FUND PERFORM  SINCE INCEPTION?* (as of  July 31, 2026)
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
Angel Oak UltraShort Income Fund  PAGE 1  TSR-SAR-03463K844
 
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
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ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
Since Inception
(04/30/2018)
Class A
4.42
3.38
3.00
Bloomberg U.S. Aggregate Bond Index
2.71
-0.40
1.87
Bloomberg Short Treasury: 9-12 Months Index
3.86
3.12
2.64
Bloomberg Short Term Government/Corporate Index
4.00
3.51
2.81
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.  The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit  
https://angeloakcapital.com/investments/  for more recent performance information.
KEY FUND STATISTICS (as of July 31, 2026)
Net Assets
$813,005,437
Effective Duration
0.87 years
Number of Holdings
450
30-Day SEC Yield (Class A)
4.22%
Net Advisory Fee
$1,015,284
30-Day SEC Yield Unsubsidized (Class A)
4.04%
Portfolio Turnover
37%
Weighted Average Life
1.60 years
Average Credit Quality
A
Distribution Yield (Class A)
4.31%
Angel Oak UltraShort Income Fund  PAGE 2  TSR-SAR-03463K844
 
WHAT DID THE FUND INVEST IN? (as of July 31, 2026)
Top Security Types (% of net assets)
Corporate Obligations
23.0
%
Asset-Backed Securities
21.6
%
Commercial Mortgage-Backed Securities - U.S. Government Agency
21.1
%
Collateralized Loan Obligations
16.2
%
Residential Mortgage-Backed Securities
13.6
%
Money Market Funds
5.9
%
Commercial Mortgage-Backed Securities
2.1
%
Residential Mortgage-Backed Securities - U.S. Government Agency Credit Risk Transfer
0.5
%
Futures Contracts
0.1
%
Cash & Other
-4.1
%
Top 10 Holdings (% of net assets)
First American Government Obligations Fund - Class U
5.9
%
Federal Home Loan Mortgage Corp., Series KF173, Class AS
2.0
%
Bain Capital Credit CLO Ltd., Series 2020-5A, Class ARR
1.3
%
Federal Home Loan Mortgage Corp., Series KF99, Class AS
1.0
%
Federal Home Loan Mortgage Corp., Series K-F102, Class AS
1.0
%
Federal Home Loan Mortgage Corp., Series KF134, Class AS
1.0
%
Pretium Mortgage Credit Partners LLC, Series 2026-RN2, Class A1
0.8
%
BCRED MML CLO LLC, Series 2022-1A, Class A1
0.8
%
Golub Capital LLC, Series 2022-1A, Class BR
0.8
%
Federal Home Loan Mortgage Corp., Series K-F121, Class AS
0.8
%
Credit Ratings Breakdown (% of net assets)*
AAA
25.8
%
AA
31.8
%
A
10.3
%
BBB
21.3
%
BB
3.8
%
B
0.2
%
NR
6.8
%
* Ratings provided by nationally recognized statistical rating organizations. Ratings are expressed as letters ranging from AAA, the highest grade, to D, the lowest grade. The adviser uses the highest rating if securities are rated differently and uses nonrated when no formal rating is issued.
image
AVAILABILITY OF ADDITIONAL INFORMATION
For additional information about the Fund; including its prospectus, financial information, holdings, and proxy information, scan the QR code or visit https://angeloakcapital.com/resources/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Angel Oak Capital Advisors, LLC documents not be householded, please contact Angel Oak Capital Advisors, LLC at 1-855-751-4324, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Angel Oak Capital Advisors, LLC or your financial intermediary.
Angel Oak UltraShort Income Fund  PAGE 3  TSR-SAR-03463K844
10000102121061310774108021054211212119281254012767100001033411331118661151310551107721099511748116541000010181104671062510597106171115111709122141239710000101791044410565105631068611245118361235312566
 
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Angel Oak UltraShort Income Fund
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Class A1 | AOUNX
Semi-Annual Shareholder Report | July 31, 2026
This semi-annual shareholder report contains important information about the Angel Oak UltraShort Income Fund (the Fund) for the period of  February 1, 2026, to July 31, 2026. You can find additional information about the Fund at  
https://angeloakcapital.com/resources/. You can also request this information by contacting us at 1-855-751-4324.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Class A1
$30
0.60%
* Annualized.
HOW DID THE FUND PERFORM DURING THE PERIOD?
The Fund’s Class A1 shares returned 1.79%, excluding sales charges, for the six-month period ended July 31, 2026. The Fund outperformed its performance benchmarks, the Bloomberg Short Treasury: 9-12 Months Index and the Bloomberg Short-Term Government/Corporate Index, by 29 basis points (bps) and 7 bps, respectively. The performance benchmarks returned 1.50% and 1.72%, respectively, during the same period.
WHAT FACTORS INFLUENCED PERFORMANCE?
The Fund outperformed both performance benchmarks, driven by overweight allocations to investment-grade (IG) corporate bonds, asset-backed securities (ABS), non-agency residential mortgage-backed securities, and collateralized loan obligations (CLOs). Higher income, stronger yields, and credit rating upgrades across these sectors further supported relative performance. Duration positioning also contributed as short-term Treasury yields declined.
HOW WAS THE FUND POSITIONED DURING THE PERIOD?
The Fund maintained an overweight allocation to securitized credit, increasing allocations to IG corporate bonds, agency commercial mortgage-backed securities, and CLOs while reducing exposure to ABS. Overall, the Fund increased diversification, credit quality, and liquidity during the period.
Top Contributors
↑
High Income Relative to Performance Benchmarks
↑
IG Securitized Credit
Top Detractors
↓
Cash and Government Allocations with Lower Yield Relative to Credit Sectors
Angel Oak UltraShort Income Fund  PAGE 1  TSR-SAR-03463K778
 
HOW DID THE FUND PERFORM  SINCE INCEPTION?* (as of  July 31, 2026)
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
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ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
Since Inception
(07/22/2022)
Class A1 (without sales charge)
4.41
4.79
Class A1 (with maximum 1.50% sales charge)
2.35
4.39
Bloomberg U.S. Aggregate Bond Index
2.71
2.05
Bloomberg Short Treasury: 9-12 Months Index
3.86
4.15
Bloomberg Short Term Government/Corporate Index
4.00
4.46
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.  The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit  
https://angeloakcapital.com/investments/  for more recent performance information.
KEY FUND STATISTICS (as of July 31, 2026)
Net Assets
$813,005,437
Effective Duration
0.87 years
Number of Holdings
450
30-Day SEC Yield (Class A1)
4.34%
Net Advisory Fee
$1,015,284
30-Day SEC Yield Unsubsidized (Class A1)
4.16%
Portfolio Turnover
37%
Weighted Average Life
1.60 years
Average Credit Quality
A
Distribution Yield (Class A1)
4.31%
Angel Oak UltraShort Income Fund  PAGE 2  TSR-SAR-03463K778
 
WHAT DID THE FUND INVEST IN? (as of July 31, 2026)
Top Security Types (% of net assets)
Corporate Obligations
23.0
%
Asset-Backed Securities
21.6
%
Commercial Mortgage-Backed Securities - U.S. Government Agency
21.1
%
Collateralized Loan Obligations
16.2
%
Residential Mortgage-Backed Securities
13.6
%
Money Market Funds
5.9
%
Commercial Mortgage-Backed Securities
2.1
%
Residential Mortgage-Backed Securities - U.S. Government Agency Credit Risk Transfer
0.5
%
Futures Contracts
0.1
%
Cash & Other
-4.1
%
Top 10 Holdings (% of net assets)
First American Government Obligations Fund - Class U
5.9
%
Federal Home Loan Mortgage Corp., Series KF173, Class AS
2.0
%
Bain Capital Credit CLO Ltd., Series 2020-5A, Class ARR
1.3
%
Federal Home Loan Mortgage Corp., Series KF99, Class AS
1.0
%
Federal Home Loan Mortgage Corp., Series K-F102, Class AS
1.0
%
Federal Home Loan Mortgage Corp., Series KF134, Class AS
1.0
%
Pretium Mortgage Credit Partners LLC, Series 2026-RN2, Class A1
0.8
%
BCRED MML CLO LLC, Series 2022-1A, Class A1
0.8
%
Golub Capital LLC, Series 2022-1A, Class BR
0.8
%
Federal Home Loan Mortgage Corp., Series K-F121, Class AS
0.8
%
Credit Ratings Breakdown (% of net assets)*
AAA
25.8
%
AA
31.8
%
A
10.3
%
BBB
21.3
%
BB
3.8
%
B
0.2
%
NR
6.8
%
* Ratings provided by nationally recognized statistical rating organizations. Ratings are expressed as letters ranging from AAA, the highest grade, to D, the lowest grade. The adviser uses the highest rating if securities are rated differently and uses nonrated when no formal rating is issued.
image
AVAILABILITY OF ADDITIONAL INFORMATION
For additional information about the Fund; including its prospectus, financial information, holdings, and proxy information, scan the QR code or visit https://angeloakcapital.com/resources/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Angel Oak Capital Advisors, LLC documents not be householded, please contact Angel Oak Capital Advisors, LLC at 1-855-751-4324, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Angel Oak Capital Advisors, LLC or your financial intermediary.
Angel Oak UltraShort Income Fund  PAGE 3  TSR-SAR-03463K778
984898241044011108116791188810000982610032102391094010853100001008610594111241160411778100001013810668112281171911921
 
image
Angel Oak UltraShort Income Fund
image
Institutional Class | AOUIX
Semi-Annual Shareholder Report | July 31, 2026
This semi-annual shareholder report contains important information about the Angel Oak UltraShort Income Fund (the Fund) for the period of  February 1, 2026, to July 31, 2026. You can find additional information about the Fund at  
https://angeloakcapital.com/resources/. You can also request this information by contacting us at 1-855-751-4324.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Institutional Class
$18
0.35%
* Annualized.
HOW DID THE FUND PERFORM DURING THE PERIOD?
The Fund’s Institutional Class shares returned 1.94% for the six-month period ended July 31, 2026. The Fund outperformed its performance benchmarks, the Bloomberg Short Treasury: 9-12 Months Index and the Bloomberg Short-Term Government/Corporate Index, by 44 basis points (bps) and 22 bps, respectively. The performance benchmarks returned 1.50% and 1.72%, respectively, during the same period.
WHAT FACTORS INFLUENCED PERFORMANCE?
The Fund outperformed both performance benchmarks, driven by overweight allocations to investment-grade (IG) corporate bonds, asset-backed securities (ABS), non-agency residential mortgage-backed securities, and collateralized loan obligations (CLOs). Higher income, stronger yields, and credit rating upgrades across these sectors further supported relative performance. Duration positioning also contributed as short-term Treasury yields declined.
HOW WAS THE FUND POSITIONED DURING THE PERIOD?
The Fund maintained an overweight allocation to securitized credit, increasing allocations to IG corporate bonds, agency commercial mortgage-backed securities, and CLOs while reducing exposure to ABS. Overall, the Fund increased diversification, credit quality, and liquidity during the period.
Top Contributors
↑
High Income Relative to Performance Benchmarks
↑
IG Securitized Credit
Top Detractors
↓
Cash and Government Allocations with Lower Yield Relative to Credit Sectors
HOW DID THE FUND PERFORM  SINCE INCEPTION?* (as of  July 31, 2026)
The $500,000 chart reflects a hypothetical $500,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.
Angel Oak UltraShort Income Fund  PAGE 1  TSR-SAR-03463K828
 
CUMULATIVE PERFORMANCE (Initial Investment of $500,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
Since Inception
(04/02/2018)
Institutional Class
4.69
3.63
3.27
Bloomberg U.S. Aggregate Bond Index
2.71
-0.40
1.76
Bloomberg Short Treasury: 9-12 Months Index
3.86
3.12
2.62
Bloomberg Short Term Government/Corporate Index
4.00
3.51
2.80
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.  The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit  
https://angeloakcapital.com/investments/  for more recent performance information.
KEY FUND STATISTICS (as of July 31, 2026)
Net Assets
$813,005,437
Effective Duration
0.87 years
Number of Holdings
450
30-Day SEC Yield (Institutional Class)
4.57%
Net Advisory Fee
$1,015,284
30-Day SEC Yield Unsubsidized (Institutional Class)
4.38%
Portfolio Turnover
37%
Weighted Average Life
1.60 years
Average Credit Quality
A
Distribution Yield (Institutional Class)
4.55%
Angel Oak UltraShort Income Fund  PAGE 2  TSR-SAR-03463K828
 
WHAT DID THE FUND INVEST IN? (as of July 31, 2026)
Top Security Types (% of net assets)
Corporate Obligations
23.0
%
Asset-Backed Securities
21.6
%
Commercial Mortgage-Backed Securities - U.S. Government Agency
21.1
%
Collateralized Loan Obligations
16.2
%
Residential Mortgage-Backed Securities
13.6
%
Money Market Funds
5.9
%
Commercial Mortgage-Backed Securities
2.1
%
Residential Mortgage-Backed Securities - U.S. Government Agency Credit Risk Transfer
0.5
%
Futures Contracts
0.1
%
Cash & Other
-4.1
%
Top 10 Holdings (% of net assets)
First American Government Obligations Fund - Class U
5.9
%
Federal Home Loan Mortgage Corp., Series KF173, Class AS
2.0
%
Bain Capital Credit CLO Ltd., Series 2020-5A, Class ARR
1.3
%
Federal Home Loan Mortgage Corp., Series KF99, Class AS
1.0
%
Federal Home Loan Mortgage Corp., Series K-F102, Class AS
1.0
%
Federal Home Loan Mortgage Corp., Series KF134, Class AS
1.0
%
Pretium Mortgage Credit Partners LLC, Series 2026-RN2, Class A1
0.8
%
BCRED MML CLO LLC, Series 2022-1A, Class A1
0.8
%
Golub Capital LLC, Series 2022-1A, Class BR
0.8
%
Federal Home Loan Mortgage Corp., Series K-F121, Class AS
0.8
%
Credit Ratings Breakdown (% of net assets)*
AAA
25.8
%
AA
31.8
%
A
10.3
%
BBB
21.3
%
BB
3.8
%
B
0.2
%
NR
6.8
%
* Ratings provided by nationally recognized statistical rating organizations. Ratings are expressed as letters ranging from AAA, the highest grade, to D, the lowest grade. The adviser uses the highest rating if securities are rated differently and uses nonrated when no formal rating is issued.
image
AVAILABILITY OF ADDITIONAL INFORMATION
For additional information about the Fund; including its prospectus, financial information, holdings, and proxy information, scan the QR code or visit https://angeloakcapital.com/resources/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Angel Oak Capital Advisors, LLC documents not be householded, please contact Angel Oak Capital Advisors, LLC at 1-855-751-4324, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Angel Oak Capital Advisors, LLC or your financial intermediary.
Angel Oak UltraShort Income Fund  PAGE 3  TSR-SAR-03463K828
500000513015534377544374547163534902570427608391641178653612500000512585562021588552571086523346534326545374582725578074500000509405523744531624530256531230557976585865611162620314500000509653522887528978528863535031563005592583618503629162
 
image
Angel Oak High Yield Opportunities ETF
image
AOHY (Principal U.S. Listing Exchange: Nasdaq Stock Market LLC)
Semi-Annual Shareholder Report | July 31, 2026
This semi-annual shareholder report contains important information about the Angel Oak High Yield Opportunities ETF (the Fund) for the period of  February 1, 2026, to July 31, 2026. You can find additional information about the Fund at
  https://angeloakcapital.com/resources/. You can also request this information by contacting us at 1-855-751-4324.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Angel Oak High Yield Opportunities ETF
$28
0.55%
* Annualized.
HOW DID THE FUND PERFORM DURING THE PERIOD?
The Fund returned 1.80% based on net asset value (NAV) for the six-month period ended July 31, 2026. The Fund outperformed its performance benchmark, the Bloomberg U.S. Corporate High Yield Index, by 61 basis points based on NAV. The performance benchmark returned 1.19% during the same period.
WHAT FACTORS INFLUENCED PERFORMANCE?
Both the Fund’s high-yield (HY) corporate bond allocation and securitized credit allocation contributed to its outperformance relative to the benchmark. The HY corporate bond allocation returned 1.87%, compared with 1.19% for the benchmark. Within the Fund’s securitized credit allocation, which represents an out-of-index exposure, both the asset-backed securities (ABS) and non-agency residential mortgage-backed securities (RMBS) allocations made positive contributions to performance.
HOW WAS THE FUND POSITIONED DURING THE PERIOD?
The Fund modestly reduced its allocation to securitized credit during the period, decreasing exposure to both ABS and RMBS following their outperformance relative to HY corporate credit. Within the HY corporate bond allocation, exposure to the energy sector was increased, while allocations to consumer cyclical and finance companies were reduced.
Top Contributors
↑
Overweight to HY Securitized Credit, ABS, and Non-Agency RMBS
↑
Issue Selection within the Energy Allocation
↑
Underweight to Communications
Top Detractors
↓
Overweight to Finance Companies
HOW DID THE FUND PERFORM  OVER THE PAST 10 YEARS?* (as of  July 31, 2026)
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.
Angel Oak High Yield Opportunities ETF  PAGE 1  TSR-SAR-03463K745
 
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
10 Year
Angel Oak High Yield Opportunities ETF NAV
5.46
4.80
5.77
Bloomberg U.S. Aggregate Bond Index
2.71
-0.40
1.35
Bloomberg U.S. Corporate High Yield Index
5.17
4.04
5.51
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.  The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit  
https://angeloakcapital.com/investments/  for more recent performance information.
KEY FUND STATISTICS (as of July 31, 2026)
Net Assets
$124,373,653
Effective Duration
3.16 years
Number of Holdings
187
30-Day SEC Yield
6.88%
Net Advisory Fee
$335,820
30-Day SEC Yield Unsubsidized
6.88%
Portfolio Turnover
29%
Weighted Average Life
3.91 years
Average Credit Quality
BB
Distribution Yield
6.71%
WHAT DID THE FUND INVEST IN? (as of July 31, 2026)
Top Sectors (% of net assets)
Financial
20.7
%
Energy
15.2
%
Consumer, Non-cyclical
13.1
%
Industrial
10.8
%
Consumer, Cyclical
9.8
%
Basic Materials
7.9
%
Communications
6.1
%
Asset-Backed Securities
3.5
%
Mortgage Securities
3.3
%
Cash & Other
9.6
%
Top 10 Holdings (% of net assets)
First American Government Obligations Fund - Class U
2.6
%
Venture Global LNG, Inc.
2.0
%
Freedom Mortgage Holdings LLC
1.7
%
Phoenix Aviation Capital Ltd.
1.4
%
Directv Financing LLC / Directv Financing Co-Obligor, Inc.
1.4
%
First Quantum Minerals Ltd.
1.4
%
Gray Media, Inc.
1.0
%
CVR Energy, Inc.
0.9
%
Calumet Specialty Products Partners LP / Calumet Finance Corp.
0.9
%
CRC Insurance Group LLC
0.9
%
Credit Ratings Breakdown (% of net assets)*
AA
2.6
%
A
0.4
%
BBB
5.2
%
BB
50.5
%
B
34.3
%
CCC
5.0
%
NR
2.0
%
* Ratings provided by nationally recognized statistical rating organizations. Ratings are expressed as letters ranging from AAA, the highest grade, to D, the lowest grade. The adviser uses the highest rating if securities are rated differently and uses nonrated when no formal rating is issued.
Angel Oak High Yield Opportunities ETF  PAGE 2  TSR-SAR-03463K745
 
image
AVAILABILITY OF ADDITIONAL INFORMATION
For additional information about the Fund; including its prospectus, financial information, holdings, and proxy information, scan the QR code or visit https://angeloakcapital.com/resources/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Angel Oak Capital Advisors, LLC documents not be householded, please contact Angel Oak Capital Advisors, LLC at 1-855-751-4324, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Angel Oak Capital Advisors, LLC or your financial intermediary.
Angel Oak High Yield Opportunities ETF  PAGE 3  TSR-SAR-03463K745
1000011114114731219012461138601305013916154161661717525100009949986910666117461166410600102431076611130114311000011095113831217112674140201289613464149521624917090
 
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Angel Oak Mortgage-Backed Securities ETF
image
MBS (Principal U.S. Listing Exchange: Nasdaq Stock Market LLC)
Semi-Annual Shareholder Report | July 31, 2026
This semi-annual shareholder report contains important information about the Angel Oak Mortgage-Backed Securities ETF (the Fund) for the period of  February 1, 2026, to July 31, 2026. You can find additional information about the Fund at
https://angeloakcapital.com/resources/. You can also request this information by contacting us at 1-855-751-4324.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Angel Oak Mortgage-Backed Securities ETF
$24
0.49%
* Annualized.
HOW DID THE FUND PERFORM DURING THE PERIOD?
The Fund returned -0.15% based on net asset value (NAV) for the six-month period ended July 31, 2026. The Fund outperformed its performance benchmark, the Bloomberg U.S. Mortgage-Backed Securities Index, by 70 basis points (bps) based on NAV. The performance benchmark returned -0.85% during the same period.
WHAT FACTORS INFLUENCED PERFORMANCE?
The Fund’s non-agency residential mortgage-backed securities (RMBS) allocation outperformed the benchmark and was a key contributor to performance, returning 0.58% and contributing 42 bps to total return during the period. Performance was led by reperforming loans (RPLs), which returned 2.60% and contributed 25 bps. Within agency RMBS, the Fund’s barbell positioning across lower- and higher-coupon cohorts also supported results, benefiting from favorable carry and wider option-adjusted spreads.
HOW WAS THE FUND POSITIONED DURING THE PERIOD?
The Fund increased its exposure to non-agency RMBS during the period, adding positions in RPLs and second liens. Within agency RMBS, the Fund continued its shift away from intermediate coupon pools, reallocating toward lower and higher coupon cohorts to establish a more pronounced barbell positioning. Relative to the benchmark, the Fund maintained its largest overweight allocation in the 6.0% to 6.5% coupon sectors while remaining underweight in the 3.0% to 4.5% coupon range.
Top Contributors
↑
Non-Agency RMBS: RPLs, Second Liens, and Reverse Mortgages
Top Detractors
↓
Agency RMBS
HOW DID THE FUND PERFORM  SINCE INCEPTION?* (as of  July 31, 2026)
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.
Angel Oak Mortgage-Backed Securities ETF  PAGE 1  TSR-SAR-03463K737
 
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
Since Inception
(06/04/2021)
Angel Oak Mortgage-Backed Securities ETF NAV
4.70
0.79
0.98
Bloomberg U.S. Aggregate Bond Index
2.71
-0.40
-0.06
Bloomberg U.S. Mortgage-Backed Securities Index
4.13
0.09
0.19
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.  The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit  
https://angeloakcapital.com/investments/  for more recent performance information.
KEY FUND STATISTICS (as of July 31, 2026)
Net Assets
$146,099,553
Effective Duration
5.85 years
Number of Holdings
130
30-Day SEC Yield
4.56%
Net Advisory Fee
$374,348
30-Day SEC Yield Unsubsidized
4.25%
Portfolio Turnover
46%
Weighted Average Life
7.39 years
Average Credit Quality
AA
Distribution Yield
5.58%
Angel Oak Mortgage-Backed Securities ETF  PAGE 2  TSR-SAR-03463K737
 
WHAT DID THE FUND INVEST IN? (as of July 31, 2026)
Top Security Types (% of net assets)
Residential Mortgage-Backed Securities
71.0
%
Residential Mortgage-Backed Securities - U.S. Government Agency
40.1
%
Money Market Funds
0.6
%
Cash & Other
-11.7
%
Top 10 Holdings (% of net assets)
Federal Home Loan Mortgage Corp., Pool 000TBA
6.8
%
Federal Home Loan Mortgage Corp.
4.2
%
Sequoia Mortgage Trust, Series 2023-4, Class B2
2.7
%
COLT Funding LLC, Series 2026-2, Class A1B
2.7
%
Federal Home Loan Mortgage Corp., Pool RB5146
2.3
%
Federal Home Loan Mortgage Corp., Pool RA3515
2.1
%
RCKT Mortgage Trust, Series 2021-5, Class A1
2.1
%
GS Mortgage-Backed Securities Trust, Series 2024-RPL2, Class M1
2.0
%
Federal National Mortgage Association, Pool MA4422
1.9
%
Federal National Mortgage Association, Pool MA4474
1.6
%
Credit Ratings Breakdown (% of net assets)*
AAA
22.8
%
AA
49.6
%
A
11.3
%
BBB
9.6
%
BB
3.8
%
NR
2.9
%
* Ratings provided by nationally recognized statistical rating organizations. Ratings are expressed as letters ranging from AAA, the highest grade, to D, the lowest grade. The adviser uses the highest rating if securities are rated differently and uses nonrated when no formal rating is issued.
image
AVAILABILITY OF ADDITIONAL INFORMATION
For additional information about the Fund; including its prospectus, financial information, holdings, and proxy information, scan the QR code or visit https://angeloakcapital.com/resources/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Angel Oak Capital Advisors, LLC documents not be householded, please contact Angel Oak Capital Advisors, LLC at 1-855-751-4324, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Angel Oak Capital Advisors, LLC or your financial intermediary.
Angel Oak Mortgage-Backed Securities ETF  PAGE 3  TSR-SAR-03463K737
10000987290519254971410532105151000098479024921394041004899681000098199080919193921018810101
 
image
Angel Oak UltraShort Income ETF
image
UYLD (Principal U.S. Listing Exchange: Nasdaq Stock Market LLC)
Semi-Annual Shareholder Report | July 31, 2026
This semi-annual shareholder report contains important information about the Angel Oak UltraShort Income ETF (the Fund) for the period of  February 1, 2026, to July 31, 2026. You can find additional information about the Fund at  
https://angeloakcapital.com/resources/. You can also request this information by contacting us at 1-855-751-4324.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Angel Oak UltraShort Income ETF
$17
0.34%
* Annualized.
HOW DID THE FUND PERFORM DURING THE PERIOD?
The Fund returned 1.89% based on net asset value (NAV) for the six-month period ended July 31, 2026. The Fund outperformed the Bloomberg U.S. Treasury Bills Index, one of its performance benchmarks, by 7 basis points (bps) based on NAV. The performance benchmark returned 1.82% during the same period. The Fund also outperformed the Bloomberg Short-Term Government/Corporate Index, its other performance benchmark, by 17 bps based on NAV. That performance benchmark returned 1.72% during the same period.
WHAT FACTORS INFLUENCED PERFORMANCE?
The Fund outperformed both performance benchmarks, supported by overweight allocations to asset-backed securities (ABS), collateralized loan obligations (CLOs), and agency commercial mortgage-backed securities (CMBS). Broad credit strength and elevated carry across these sectors contributed meaningfully during the period. Agency CMBS contributed 50 bps, returning 2.14%, supported by floating-rate structures that benefited price stability.
HOW WAS THE FUND POSITIONED DURING THE PERIOD?
The Fund maintained an overweight allocation to securitized credit throughout the period, increasing allocations to high-yield (HY) corporate bonds, agency CMBS, and ABS to enhance carry, liquidity, and diversification. At the same time, the Fund reduced its exposure to non-agency RMBS.
Top Contributors
↑
ABS
↑
Agency CMBS
↑
CLOs
Top Detractors
↓
Corporate Bonds
HOW DID THE FUND PERFORM  SINCE INCEPTION?* (as of  July 31, 2026)
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.
Angel Oak UltraShort Income ETF  PAGE 1  TSR-SAR-03463K752
 
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
Since Inception
(10/24/2022)
Angel Oak UltraShort Income ETF NAV
4.58
5.93
Bloomberg U.S. Aggregate Bond Index
2.71
4.74
Bloomberg Short Term Government/Corporate Index
4.00
4.73
Bloomberg U.S. Treasury Bills Index
3.95
4.67
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.  The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit  
https://angeloakcapital.com/investments/  for more recent performance information.
KEY FUND STATISTICS (as of July 31, 2026)
Net Assets
$1,570,702,009
Effective Duration
0.81 years
Number of Holdings
518
30-Day SEC Yield
4.63%
Net Advisory Fee
$2,457,702
30-Day SEC Yield Unsubsidized
4.42%
Portfolio Turnover
34%
Weighted Average Life
1.66 years
Average Credit Quality
A
Distribution Yield
4.48%
Angel Oak UltraShort Income ETF  PAGE 2  TSR-SAR-03463K752
 
WHAT DID THE FUND INVEST IN? (as of July 31, 2026)
Top Security Types (% of net assets)
Commercial Mortgage-Backed Securities - U.S. Government Agency
24.4
%
Corporate Obligations
23.4
%
Asset-Backed Securities
21.4
%
Collateralized Loan Obligations
14.4
%
Residential Mortgage-Backed Securities
13.0
%
Money Market Funds
4.1
%
Commercial Mortgage-Backed Securities
0.9
%
Residential Mortgage-Backed Securities - U.S. Government Agency Credit Risk Transfer
0.6
%
Cash & Other
-2.2
%
Top 10 Holdings (% of net assets)
First American Government Obligations Fund - Class U
4.1
%
Federal Home Loan Mortgage Corp., Series KF173, Class AS
1.7
%
Federal Home Loan Mortgage Corp., Series K-F102, Class AS
1.6
%
Federal Home Loan Mortgage Corp., Series KF99, Class AS
1.4
%
Federal Home Loan Mortgage Corp., Series K-F120, Class AS
1.4
%
Federal Home Loan Mortgage Corp., Series KF172, Class AS
1.3
%
Federal Home Loan Mortgage Corp., Series KF170, Class AS
1.3
%
Federal Home Loan Mortgage Corp., Series KF-127, Class AS
1.2
%
Federal Home Loan Mortgage Corp., Series KF134, Class AS
1.1
%
Steele Creek CLO Ltd., Series 2019-1A, Class BRR
1.0
%
Credit Ratings Breakdown (% of net assets)*
AAA
27.0
%
AA
34.2
%
A
9.2
%
BBB
22.3
%
BB
2.4
%
B
0.1
%
NR
4.8
%
* Ratings provided by nationally recognized statistical rating organizations. Ratings are expressed as letters ranging from AAA, the highest grade, to D, the lowest grade. The adviser uses the highest rating if securities are rated differently and uses nonrated when no formal rating is issued.
image
AVAILABILITY OF ADDITIONAL INFORMATION
For additional information about the Fund; including its prospectus, financial information, holdings, and proxy information, scan the QR code or visit https://angeloakcapital.com/resources/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Angel Oak Capital Advisors, LLC documents not be householded, please contact Angel Oak Capital Advisors, LLC at 1-855-751-4324, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Angel Oak Capital Advisors, LLC or your financial intermediary.
Angel Oak UltraShort Income ETF  PAGE 3  TSR-SAR-03463K752
100001019210884115831219512426100001078011006112341200311907100001011910649112081169811900100001011010636111931166511877
 
image
Angel Oak Income ETF
image
CARY (Principal U.S. Listing Exchange: Nasdaq Stock Market LLC)
Semi-Annual Shareholder Report | July 31, 2026
This semi-annual shareholder report contains important information about the Angel Oak Income ETF (the Fund) for the period of  February 1, 2026, to July 31, 2026. You can find additional information about the Fund at
https://angeloakcapital.com/resources/. You can also request this information by contacting us at 1-855-751-4324.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Angel Oak Income ETF
$39
0.79%
* Annualized.
HOW DID THE FUND PERFORM DURING THE PERIOD?
The Fund returned 1.22% based on net asset value (NAV) for the six-month period ended July 31, 2026. The Fund outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, by 202 basis points based on NAV. The benchmark returned -0.80% during the same period.
WHAT FACTORS INFLUENCED PERFORMANCE?
The Fund benefited from higher current income, shorter-duration positioning, lower exposure to corporate credit, and spread outperformance across its credit allocations, particularly in non-agency residential mortgage-backed securities (RMBS), asset-backed securities (ABS), and collateralized loan obligations (CLOs). The Fund’s agency RMBS positions were the primary detractor from performance.
HOW WAS THE FUND POSITIONED DURING THE PERIOD?
The Fund reduced its exposure to non-agency RMBS and agency commercial mortgage-backed securities and reallocated assets to agency RMBS, ABS, and CLOs. In addition, the Fund tactically increased its allocation to high-yield corporate bonds before reallocating back to securitized credit, highlighting its dynamic asset allocation approach.
Top Contributors
↑
Non-agency RMBS
↑
ABS
↑
CLOs
Top Detractors
↓
Agency RMBS
HOW DID THE FUND PERFORM  SINCE INCEPTION?* (as of  July 31, 2026)
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.
Angel Oak Income ETF  PAGE 1  TSR-SAR-03463K760
 
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
Since Inception
(11/07/2022)
Angel Oak Income ETF NAV
5.32
7.13
Bloomberg U.S. Aggregate Bond Index
2.71
4.60
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.  The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit  
https://angeloakcapital.com/investments/  for more recent performance information.
KEY FUND STATISTICS (as of July 31, 2026)
Net Assets
$1,382,283,071
Effective Duration
3.95 years
Number of Holdings
801
30-Day SEC Yield
5.70%
Net Advisory Fee
$4,348,323
30-Day SEC Yield Unsubsidized
5.50%
Portfolio Turnover
35%
Weighted Average Life
5.72 years
Average Credit Quality
BBB
Distribution Yield
5.72%
WHAT DID THE FUND INVEST IN? (as of July 31, 2026)
Top Security Types (% of net assets)
Residential Mortgage-Backed Securities
24.4
%
Residential Mortgage-Backed Securities - U.S. Government Agency
18.5
%
Asset-Backed Securities
17.7
%
Corporate Obligations
15.2
%
Collateralized Loan Obligations
12.9
%
Commercial Mortgage-Backed Securities - U.S. Government Agency
5.5
%
Commercial Mortgage-Backed Securities
3.1
%
Money Market Funds
2.3
%
Exchange Traded Funds
1.8
%
Cash & Other
-1.4
%
Top 10 Holdings (% of net assets)
First American Government Obligations Fund - Class U
2.3
%
Federal Home Loan Mortgage Corp.
1.4
%
United States Treasury Note
1.3
%
Federal Home Loan Mortgage Corp., Series KF170, Class AS
1.1
%
Federal Home Loan Mortgage Corp., Pool RQ0094
1.1
%
Invesco Senior Loan ETF
1.0
%
Federal Home Loan Mortgage Corp., Series K-176, Class A1
0.9
%
Federal Home Loan Mortgage Corp., Pool SD8506
0.8
%
Federal Home Loan Mortgage Corp., Series KF169, Class AS
0.7
%
Federal Home Loan Mortgage Corp., Series KF172, Class AS
0.7
%
Credit Ratings Breakdown (% of net assets)*
AAA
2.6
%
AA
31.7
%
A
6.3
%
BBB
16.8
%
BB
24.2
%
B
9.9
%
CCC
0.5
%
NR
8.0
%
* Ratings provided by nationally recognized statistical rating organizations. Ratings are expressed as letters ranging from AAA, the highest grade, to D, the lowest grade. The adviser uses the highest rating if securities are rated differently and uses nonrated when no formal rating is issued.
Angel Oak Income ETF  PAGE 2  TSR-SAR-03463K760
 
image
AVAILABILITY OF ADDITIONAL INFORMATION
For additional information about the Fund; including its prospectus, financial information, holdings, and proxy information, scan the QR code or visit https://angeloakcapital.com/resources/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Angel Oak Capital Advisors, LLC documents not be householded, please contact Angel Oak Capital Advisors, LLC at 1-855-751-4324, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Angel Oak Capital Advisors, LLC or your financial intermediary.
Angel Oak Income ETF  PAGE 3  TSR-SAR-03463K760
100001024111055118401277112927100001070710932111581192211827
 
image
Angel Oak Total Return ETF
image
TRBF (Principal U.S. Listing Exchange: Nasdaq Stock Market LLC)
Semi-Annual Shareholder Report | July 31, 2026
This semi-annual shareholder report contains important information about the Angel Oak Total Return ETF (the Fund) for the period of  February 1, 2026, to July 31, 2026. You can find additional information about the Fund at  
https://angeloakcapital.com/resources/. You can also request this information by contacting us at 1-855-751-4324.

This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Angel Oak Total Return ETF
$22
0.44%
* Annualized.
HOW DID THE FUND PERFORM DURING THE PERIOD?
The Fund returned -0.55% based on net asset value (NAV) for the six-month period ended July 31, 2026. The Fund outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, by 25 basis points (bps) based on NAV. The performance benchmark returned -0.80% during the same period.
WHAT FACTORS INFLUENCED PERFORMANCE?
The Fund benefited from an overweight allocation to securitized credit and agency mortgage backed securities (MBS). Non agency residential mortgage-backed securities (RMBS) and asset-backed securities (ABS) were the strongest contributors, adding 49 bps and 23 bps to total return and generating returns of 4.24% and 6.08%, respectively. Performance in non agency RMBS was supported by broad spread tightening across subsectors. While the investment-grade corporate allocation underperformed, security selection within the sector contributed positively to results. Overall, performance was driven by higher income generation, a strategic overweight to agency MBS relative to Treasuries, and a continued overweight allocation to securitized credit.
HOW WAS THE FUND POSITIONED DURING THE PERIOD?
The Fund increased its exposure to agency RMBS while maintaining an underweight allocation to Treasuries relative to the benchmark. Portfolio positioning continued to emphasize shorter duration credit and an overweight to securitized credit.
Top Contributors
↑
ABS
↑
Non-Agency RMBS
↑
CLOs
Top Detractors
↓
IG Corporate Bond Security Selection
HOW DID THE FUND PERFORM  SINCE INCEPTION?* (as of  July 31, 2026)
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.
Angel Oak Total Return ETF  PAGE 1  TSR-SAR-03463K729
 
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
Since Inception
(10/06/2025)
Angel Oak Total Return ETF NAV
0.84
Bloomberg U.S. Aggregate Bond Index
0.35
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.  The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit  
https://angeloakcapital.com/investments/  for more recent performance information.
KEY FUND STATISTICS (as of July 31, 2026)
Net Assets
$36,844,651
Effective Duration
6.21 years
Number of Holdings
303
30-Day SEC Yield
4.77%
Net Advisory Fee
$58,836
30-Day SEC Yield Unsubsidized
4.62%
Portfolio Turnover
107%
Weighted Average Life
7.39 years
Average Credit Quality
A
Distribution Yield
4.70%
WHAT DID THE FUND INVEST IN? (as of July 31, 2026)
Top Security Types (% of net assets)
Residential Mortgage-Backed Securities - U.S. Government Agency
44.8
%
Corporate Obligations
26.5
%
Residential Mortgage-Backed Securities
11.4
%
Asset-Backed Securities
9.9
%
Money Market Funds
5.9
%
Collateralized Loan Obligations
2.7
%
Exchange Traded Funds
1.6
%
Commercial Mortgage-Backed Securities - U.S. Government Agency
1.5
%
Futures Contracts
-0.1
%
Cash & Other
-4.2
%
Top 10 Holdings (% of net assets)
First American Government Obligations Fund - Class U
5.9
%
Willow Tree CLO Ltd., Series 2024-1A, Class B
2.7
%
Federal National Mortgage Association, Pool FA5000
2.3
%
Upstart Securitization Trust, Series 2023-2, Class C
2.3
%
Federal Home Loan Mortgage Corp., Pool SD1937
2.2
%
Federal National Mortgage Association, Pool MA5320
2.1
%
Federal National Mortgage Association, Pool CB3164
2.0
%
Federal National Mortgage Association, Pool CA8256
2.0
%
Federal Home Loan Mortgage Corp., Pool SL1232
1.9
%
Federal National Mortgage Association, Pool CB2806
1.7
%
Credit Ratings Breakdown (% of net assets)*
AAA
3.8
%
AA
57.7
%
A
10.2
%
BBB
12.1
%
BB
13.5
%
B
1.1
%
NR
1.6
%
* Ratings provided by nationally recognized statistical rating organizations. Ratings are expressed as letters ranging from AAA, the highest grade, to D, the lowest grade. The adviser uses the highest rating if securities are rated differently and uses nonrated when no formal rating is issued.
Angel Oak Total Return ETF  PAGE 2  TSR-SAR-03463K729
 
MATERIAL FUND CHANGES:
On April 24, 2026, Brookfield Public Securities Group LLC began to serve as sub-adviser to a portion of the Fund’s portfolio that is allocated to corporate debt.
This is a summary of certain changes to the Fund since February 1, 2026. For more complete information, you may review the Fund’s current prospectus, dated April 18, 2026, as supplemented to date, which is available at  
https://angeloakcapital.com/resources/ or upon request at 1-855-751-4324.
image
AVAILABILITY OF ADDITIONAL INFORMATION
For additional information about the Fund; including its prospectus, financial information, holdings, and proxy information, scan the QR code or visit https://angeloakcapital.com/resources/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Angel Oak Capital Advisors, LLC documents not be householded, please contact Angel Oak Capital Advisors, LLC at 1-855-751-4324, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Angel Oak Capital Advisors, LLC or your financial intermediary.
Angel Oak Total Return ETF  PAGE 3  TSR-SAR-03463K729
100001014110084100001011610035
 
 2026-05-15190132_AngelOakMulti-StrategyIncomeFund_ClassA_TSRSemiAnnual

 


 
TABLE OF CONTENTS
 
 
 
 
 
 
 
Page
Schedule of Investments
 
 
 
Angel Oak Multi-Strategy Income Fund
 
 
1
Angel Oak UltraShort Income Fund
 
 
63
Angel Oak High Yield Opportunities ETF
 
 
81
Angel Oak Mortgage-Backed Securities ETF
 
 
88
Angel Oak UltraShort Income ETF
 
 
93
Angel Oak Income ETF
 
 
112
Angel Oak Total Return ETF
 
 
140
Statements of Assets and Liabilities
 
 
151
Statements of Operations
 
 
154
Statements of Changes in Net Assets
 
 
 
Angel Oak Multi-Strategy Income Fund
 
 
156
Angel Oak UltraShort Income Fund
 
 
158
Angel Oak High Yield Opportunities ETF
 
 
160
Angel Oak Mortgage-Backed Securities ETF
 
 
161
Angel Oak UltraShort Income ETF
 
 
162
Angel Oak Income ETF
 
 
163
Angel Oak Total Return ETF
 
 
164
Financial Highlights
 
 
 
Angel Oak Multi-Strategy Income Fund
 
 
165
Angel Oak UltraShort Income Fund
 
 
168
Angel Oak High Yield Opportunities ETF
 
 
171
Angel Oak Mortgage-Backed Securities ETF
 
 
172
Angel Oak UltraShort Income ETF
 
 
173
Angel Oak Income ETF
 
 
174
Angel Oak Total Return ETF
 
 
175
Notes to the Financial Statements
 
 
176
Additional Information
 
 
201
 
 
 
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — 38.3%
 
 
 
 
A&D Mortgage LLC, Series 2026-NQM5, Class B2, 6.52%, 07/25/2071(a)(b)
 
 
$1,000,000
 
 
$946,789
Adjustable Rate Mortgage Trust, Series 2007-2, Class 1A21, 4.67%, 06/25/2037(b)
 
 
1,369,455
 
 
1,073,122
American Home Mortgage Assets LLC
 
 
 
 
Series 2006-1, Class XC, 0.18%, 05/25/2046(b)(c)
 
 
11,969,151
 
 
91,744
Series 2006-6, Class XP, 0.04%, 12/25/2046(b)(c)
 
 
43,909,003
 
 
184,308
Series 2007-5, Class XP, 0.10%, 06/25/2047(b)(c)
 
 
10,212,701
 
 
81,748
American Home Mortgage Investment Trust, Series 2006-3, Class 22A1, 6.06% (6 mo. Term SOFR + 2.18%), 12/25/2036, (11.57% Cap)(d)
 
 
2,693,005
 
 
2,273,908
AMSR Trust, Series 2023-SFR1, Class C, 4.00%, 04/17/2040(a)
 
 
1,000,000
 
 
972,659
Arroyo Mortgage Trust, Series 2022-1, Class M1, 3.65%, 12/25/2056(a)
 
 
2,000,000
 
 
1,585,250
ATLX Trust
 
 
 
 
Series 2024-RPL1, Class A2, 4.42%, 04/25/2064(a)(b)
 
 
3,000,000
 
 
2,878,586
Series 2024-RPL1, Class M1, 4.42%, 04/25/2064(a)(b)
 
 
4,700,000
 
 
4,455,812
Banc of America Alternative Loan Trust, Series 2006-9, Class 30PO, 0.00%, 01/25/2037(e)
 
 
108,044
 
 
57,025
Banc of America Funding Trust
 
 
 
 
Series 2007-2, Class 1A16, 4.44% (1 mo. Term SOFR + 0.71%), 03/25/2037, (6.00% Cap)
 
 
1,788,800
 
 
1,314,044
Series 2007-8, Class 2A1, 7.00%, 10/25/2037(d)
 
 
2,439,434
 
 
1,758,022
Series 2007-A, Class 2A2, 4.20% (1 mo. Term SOFR + 0.53%), 02/20/2047, (10.50% Cap)
 
 
526,228
 
 
479,485
Series 2007-C, Class 7A4, 4.22% (1 mo. Term SOFR + 0.55%), 05/20/2047(d)
 
 
1,312,905
 
 
1,242,695
Series 2014-R1, Class A2, 3.65% (1 mo. LIBOR US + 0.15%), 06/26/2037(a)(f)
 
 
3,090,930
 
 
2,963,267
Barclays Mortgage Loan Trust, Series 2021-NQM1, Class A1, 1.75%, 09/25/2051(a)(b)
 
 
1,582,278
 
 
1,417,804
Bayview Financial Mortgage Pass-Through Trust, Series 2005-D, Class APO, 0.00%, 12/28/2035(e)
 
 
93,560
 
 
72,484
BCAP LLC Trust, Series 2013-RR1, Class 6A2, 4.40%, 05/26/2036(a)(b)
 
 
2,433,448
 
 
1,367,307
Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-6, Class 1A1, 4.77%, 08/25/2035(b)
 
 
1,012,707
 
 
880,998
Bear Stearns Asset Backed Securities Trust, Series 2005-AC5, Class 1A2, 4.84% (1 mo. Term SOFR + 1.11%), 08/25/2035, (5.50% Cap)
 
 
960,075
 
 
540,692
Bellemeade Re Ltd.
 
 
 
 
Series 2023-1, Class B1, 10.32% (30 day avg SOFR US + 6.70%), 10/25/2033(a)
 
 
538,000
 
 
571,868
Series 2024-1, Class M2, 8.22% (30 day avg SOFR US + 4.60%), 08/25/2034(a)
 
 
1,000,000
 
 
1,023,919
Series 2025-1, Class B1, 8.67% (30 day avg SOFR US + 5.05%), 10/25/2035(a)
 
 
2,600,000
 
 
2,707,189
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
1
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
Boston Lending Trust, Series 2021-1, Class A, 2.00%, 07/25/2061(a)(b)
 
 
$3,298,646
 
 
$2,957,658
BRAVO Residential Funding Trust
 
 
 
 
Series 2021-NQM3, Class A2, 1.85%, 04/25/2060(a)(b)
 
 
1,200,435
 
 
1,119,034
Series 2024-NQM4, Class A3, 4.35%, 01/25/2060(a)(g)
 
 
4,656,793
 
 
4,537,892
Series 2024-NQM8, Class A2, 4.30%, 08/01/2053(a)(g)
 
 
1,663,070
 
 
1,615,505
Builder Capital Loan Acquisition Trust, Series 2024-NPL1, Class A1B, 9.00%, 09/25/2029(a)(g)
 
 
10,092,000
 
 
10,045,643
Cascade MH Asset Trust, Series 2021-MH1, Class B3, 7.64%, 02/25/2046(a)(b)
 
 
3,000,000
 
 
2,636,428
CFMT LLC, Series 2024-R1, Class M1, 4.00%, 10/25/2054(a)(g)
 
 
5,400,000
 
 
5,116,294
Chase Mortgage Finance Corp.
 
 
 
 
Series 2021-CL1, Class B, 10.12% (30 day avg SOFR US + 6.50%), 02/25/2050(a)
 
 
2,159,000
 
 
2,013,747
Series 2021-CL1, Class M3, 5.17% (30 day avg SOFR US + 1.55%), 02/25/2050(a)
 
 
1,782,296
 
 
1,752,057
Series 2021-CL1, Class M4, 6.27% (30 day avg SOFR US + 2.65%), 02/25/2050(a)
 
 
1,843,786
 
 
1,884,201
Series 2021-CL1, Class M5, 6.87% (30 day avg SOFR US + 3.25%), 02/25/2050(a)
 
 
737,423
 
 
660,377
Chaseflex Trust, Series 2005-2, Class 5A6, 5.00%, 06/25/2035
 
 
1,301,465
 
 
635,268
Chevy Chase Funding LLC Mortgage-Backed Certificates, Series 2005-4A, Class NIO, 0.41%, 04/25/2037(a)(b)(c)
 
 
13,175,561
 
 
176,645
CIM Trust
 
 
 
 
Series 2019-J1, Class B5, 3.93%, 08/25/2049(a)(b)
 
 
613,000
 
 
422,691
Series 2021-J1, Class B4, 2.66%, 03/25/2051(a)(b)
 
 
1,212,509
 
 
594,344
Series 2021-J2, Class B4, 2.67%, 04/25/2051(a)(b)
 
 
1,451,762
 
 
763,316
Series 2021-J3, Class B4, 2.61%, 06/25/2051(a)(b)
 
 
1,281,000
 
 
625,029
Series 2022-R1, Class M3, 4.00%, 01/25/2061(a)(b)
 
 
7,425,000
 
 
5,957,983
Citicorp. Mortgage Securities, Inc., Series 2005-2, Class 1APO, 0.00%, 03/25/2035(e)
 
 
26,771
 
 
13,676
Citimortgage Alternative Loan Trust
 
 
 
 
Series 2006-A6, Class 1APO, 0.00%, 11/25/2036(e)
 
 
63,106
 
 
34,402
Series 2006-A7, Class 1A1, 6.00%, 12/25/2036, (7.50% Cap)(b)(d)
 
 
1,490,668
 
 
1,298,448
Series 2006-A7, Class 1A9, 4.49% (1 mo. Term SOFR + 0.76%), 12/25/2036, (6.00% Cap)(d)
 
 
3,246,807
 
 
2,694,992
Series 2007-A3, Class 1A2, 4.44% (1 mo. Term SOFR + 0.71%), 03/25/2037, (6.00% Cap)(d)
 
 
1,674,499
 
 
1,386,985
Series 2007-A3, Class APO, 0.00%, 03/25/2037(e)
 
 
77,671
 
 
39,502
Series 2007-A4, Class APO, 0.00%, 04/25/2037(e)
 
 
64,922
 
 
34,454
Series 2007-A5, Class 1A3, 4.34% (1 mo. Term SOFR + 0.61%), 05/25/2037, (6.10% Cap)(d)
 
 
2,710,838
 
 
2,320,320
COLT Funding LLC
 
 
 
 
Series 2020-2R, Class B1, 4.12%, 10/26/2065(a)(b)
 
 
3,605,000
 
 
3,264,016
Series 2021-2, Class B2, 3.94%, 08/25/2066(a)(b)
 
 
5,250,000
 
 
4,103,827
Series 2021-3R, Class M1, 2.36%, 12/25/2064(a)(b)
 
 
2,862,000
 
 
2,354,015
Series 2021-5, Class B1, 4.26%, 11/26/2066(a)(b)
 
 
4,085,000
 
 
3,489,715
Series 2021-HX1, Class B3A, 4.11%, 10/25/2066(a)(b)
 
 
5,510,000
 
 
4,067,583
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
2
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
Series 2021-RPL1, Class M2, 3.08%, 09/25/2061(a)(b)
 
 
$2,250,000
 
 
$1,980,209
Series 2022-2, Class B1, 3.94%, 02/25/2067(a)(b)
 
 
1,750,000
 
 
1,457,222
Series 2022-3, Class B1, 4.21%, 02/25/2067(a)(b)
 
 
2,362,000
 
 
2,028,236
Countrywide Alternative Loan Trust
 
 
 
 
Series 2005-14, Class 2X, 0.08%, 05/25/2035(b)(c)
 
 
7,184,130
 
 
48,220
Series 2005-16, Class X2, 0.00%, 06/25/2035(b)(c)
 
 
12,461,565
 
 
125
Series 2005-24, Class 1AX, 0.00%, 07/20/2035(b)(c)
 
 
5,168,180
 
 
3,866
Series 2005-27, Class 2X1, 0.00%, 08/25/2035(b)(c)
 
 
14,952,497
 
 
150
Series 2005-38, Class X, 4.38%, 09/25/2035(b)(c)
 
 
27,797,719
 
 
33,074
Series 2005-41, Class 2X2, 0.00%, 09/25/2035(b)(c)
 
 
3,006,479
 
 
5,833
Series 2005-44, Class 1X, 0.02%, 10/25/2035(b)(c)
 
 
15,899,341
 
 
33,436
Series 2005-44, Class 2X, 4.83%, 10/25/2035(b)(c)
 
 
1,217,970
 
 
222,016
Series 2005-56, Class 4X, 0.00%, 11/25/2035(b)(c)
 
 
16,855,565
 
 
142,092
Series 2005-58R, Class A, 0.09%, 12/20/2035(a)(b)(c)
 
 
30,127,901
 
 
279,858
Series 2005-59R, Class A, 2.21%, 12/20/2035(a)(b)(c)
 
 
9,052,689
 
 
733
Series 2005-J11, Class 1A4, 4.24% (1 mo. Term SOFR + 0.51%), 11/25/2035, (5.50% Cap)
 
 
2,467,127
 
 
1,107,551
Series 2005-J14, Class A8, 5.50%, 12/25/2035
 
 
1,330,109
 
 
757,271
Series 2006-29T1, Class 2A13, 4.14% (1 mo. Term SOFR + 0.41%), 10/25/2036, (8.00% Cap)
 
 
1,970,165
 
 
774,208
Series 2006-HY10, Class 1X, 0.48%, 05/25/2036(b)(c)
 
 
2,154,563
 
 
41,740
Series 2006-OA1, Class 1X, 0.14%, 03/20/2046(b)(c)
 
 
7,239,921
 
 
65,702
Series 2006-OA10, Class XAD, 0.00%, 08/25/2046(c)(g)
 
 
17,256,444
 
 
173
Series 2006-OA10, Class XNB, 0.00%, 08/25/2046(b)(c)
 
 
15,793,343
 
 
158
Series 2006-OA10, Class XPP, 0.00%, 08/25/2046(b)(c)
 
 
9,895,001
 
 
99
Series 2006-OA3, Class X, 0.00%, 05/25/2036(b)(c)
 
 
9,250,780
 
 
21,397
Countrywide Home Loan Mortgage Pass Through Trust
 
 
 
 
Series 2004-20, Class X, 0.47%, 10/25/2034(b)(c)
 
 
3,782,305
 
 
153,202
Series 2004-25, Class 1X, 0.00%, 02/25/2035(b)(c)
 
 
8,320,206
 
 
83
Series 2004-29, Class 1X, 0.09%, 02/25/2035(b)(c)
 
 
1,161,576
 
 
12
Series 2005-1, Class 1X, 0.08%, 03/25/2035(b)(c)
 
 
2,227,496
 
 
98
Series 2005-11, Class 4X, 0.06%, 04/25/2035(b)(c)
 
 
2,702,679
 
 
132,083
Series 2005-2, Class 2X, 0.00%, 03/25/2035(b)(c)
 
 
5,954,730
 
 
60
Series 2005-7, Class 3A2, 3.37%, 03/25/2035(b)(d)
 
 
2,945,610
 
 
2,332,944
Series 2005-7, Class 3X, 0.86%, 03/25/2035(b)(c)
 
 
798,845
 
 
30,256
Series 2006-12, Class X, 0.11%, 07/25/2036(b)(c)
 
 
10,992,255
 
 
47,367
Series 2007-18, Class 2A1, 6.50%, 11/25/2037
 
 
1,880,451
 
 
542,716
Credit Suisse First Boston Mortgage Securities Corp., Series 2005-10, Class 6A12, 5.50%, 11/25/2035(d)
 
 
1,942,856
 
 
659,632
Credit Suisse Management LLC, Series 2002-18, Class 2A1, 7.50%, 06/25/2032
 
 
1,596,487
 
 
1,417,197
Credit Suisse Mortgage Capital Trust
 
 
 
 
Series 2006-4, Class 1A1, 4.54% (1 mo. Term SOFR + 0.81%), 05/25/2036, (6.00% Cap)
 
 
1,621,048
 
 
670,262
Series 2014-3R, Class 1A1, 2.47% (1 mo. LIBOR US + 0.45%), 03/27/2036, (7.50% Cap)(a)(f)
 
 
391,142
 
 
302,520
Series 2014-7R, Class 8A2, 4.00%, 07/27/2037(a)(b)
 
 
2,004,164
 
 
1,817,026
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
3
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
Series 2017-RPL3, Class B5, 4.29%, 08/01/2057(a)(b)
 
 
$6,053,305
 
 
$5,442,714
Series 2020-RPL4, Class B3, 3.96%, 01/25/2060(a)(b)
 
 
10,124,150
 
 
6,511,712
Series 2020-RPL4, Class B4, 3.96%, 01/25/2060(a)(b)
 
 
10,125,738
 
 
5,632,290
Series 2020-RPL4, Class XS, 1.44%, 01/25/2060(a)(b)(c)
 
 
147,907,109
 
 
4,070,699
Series 2021-AFC1, Class B1, 3.25%, 03/25/2056(a)(b)
 
 
3,031,450
 
 
1,966,848
Series 2021-AFC1, Class B2, 4.26%, 03/25/2056(a)(b)
 
 
1,539,950
 
 
1,022,492
Series 2021-INV1, Class AIOS, 0.04%, 07/25/2056(a)(b)(c)
 
 
91,974,407
 
 
168,313
Series 2021-INV1, Class AX4, 0.40%, 07/25/2056(a)(b)(c)
 
 
6,134,101
 
 
110,696
Series 2021-INV1, Class B3, 3.08%, 07/25/2056(a)(b)
 
 
3,830,387
 
 
3,194,440
Series 2021-INV2, Class A11X, 0.53% (-1 x 30 day avg SOFR US + 4.15%), 11/25/2056, (5.00% Cap)(a)(c)(h)
 
 
16,463,852
 
 
482,391
Series 2021-INV2, Class A15X, 0.50%, 11/25/2056(a)(b)(c)
 
 
9,863,931
 
 
289,637
Series 2021-INV2, Class AIOS, 0.04%, 11/25/2056(a)(b)(c)
 
 
266,259,467
 
 
630,529
Series 2021-INV2, Class AX4, 0.15%, 11/25/2056(a)(b)(c)
 
 
15,107,930
 
 
131,143
Series 2021-NQM2, Class M1, 2.28%, 02/25/2066(a)(b)
 
 
1,000,000
 
 
759,679
Series 2021-NQM7, Class B1, 3.72%, 10/25/2066(a)(b)
 
 
5,417,100
 
 
4,370,245
Series 2021-NQM8, Class A2, 2.30%, 10/25/2066(a)(b)
 
 
1,242,590
 
 
1,085,875
Series 2021-NQM8, Class A3, 2.41%, 10/25/2066(a)(b)(d)
 
 
11,668,884
 
 
10,182,589
Series 2021-NQM8, Class B1, 4.21%, 10/25/2066(a)(b)
 
 
4,346,000
 
 
3,425,638
Series 2022-ATH1, Class B1, 4.64%, 01/25/2067(a)(b)
 
 
7,220,300
 
 
6,564,278
Series 2022-ATH2, Class B1, 4.98%, 05/25/2067(a)(b)
 
 
4,450,000
 
 
4,069,311
Series 2022-ATH2, Class B2, 4.98%, 05/25/2067(a)(b)
 
 
7,000,000
 
 
5,893,209
Series 2022-NQM5, Class M1, 5.17%, 05/25/2067(a)(b)
 
 
500,000
 
 
498,593
Deephaven Residential Mortgage Trust
 
 
 
 
Series 2021-2, Class B2, 3.93%, 04/25/2066(a)(b)
 
 
6,528,000
 
 
5,168,364
Series 2021-2, Class M1, 2.22%, 04/25/2066(a)(b)
 
 
2,500,000
 
 
1,986,825
Series 2021-3, Class B2, 4.13%, 08/25/2066(a)(b)
 
 
4,600,000
 
 
3,515,910
Series 2022-1, Class B1, 4.25%, 01/25/2067(a)(b)
 
 
5,000,000
 
 
4,089,568
Series 2022-1, Class B2, 4.25%, 01/25/2067(a)(b)
 
 
4,628,000
 
 
3,525,533
Series 2025-CES1, Class B2, 7.91%, 10/25/2055(a)(b)
 
 
3,250,000
 
 
3,219,468
Deutsche ALT-A Securities, Inc.
 
 
 
 
Series 2005-5, Class 2A4, 5.50%, 11/25/2035(d)
 
 
3,172,498
 
 
1,481,381
Series 2007-AR1, Class A1, 4.08% (1 mo. Term SOFR + 0.35%), 01/25/2047, (10.50% Cap)(d)
 
 
4,492,425
 
 
4,415,777
Series 2007-AR1, Class A2, 4.20% (1 mo. Term SOFR + 0.47%), 01/25/2047, (10.50% Cap)
 
 
780,225
 
 
748,043
Series 2007-BAR1, Class A4, 4.32% (1 mo. Term SOFR + 0.59%), 03/25/2037(d)
 
 
83,950,000
 
 
5,994,198
Downey Savings & Loan Association Mortgage Loan Trust
 
 
 
 
Series 2004-AR1, Class X2, 0.23%, 09/19/2044(b)(c)
 
 
9,902,256
 
 
3,585
Series 2004-AR2, Class C, 0.00%, 11/19/2044(i)
 
 
1,000
 
 
1
Series 2004-AR2, Class X2, 0.17%, 11/19/2044(b)(c)
 
 
9,062,332
 
 
20,098
Series 2004-AR4, Class X2, 0.00%, 01/19/2045(b)(c)
 
 
8,390,570
 
 
512
Series 2005-AR1, Class 1A, 4.32% (1 mo. Term SOFR + 0.65%), 02/19/2045, (10.50% Cap)(d)
 
 
14,300,243
 
 
10,268,198
Series 2005-AR1, Class C, 0.00%, 02/19/2045(i)
 
 
1,000,000
 
 
10,000
Series 2005-AR1, Class X2, 0.00%, 02/19/2045(b)(c)
 
 
14,313,746
 
 
16,761
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
4
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
Series 2005-AR2, Class 2A1C, 4.22% (1 mo. Term SOFR + 0.55%), 03/19/2045, (10.50% Cap)(d)
 
 
$850,165
 
 
$799,025
Series 2007-AR1, Class 1A1A, 3.92% (1 mo. Term SOFR + 0.25%), 04/19/2047(d)
 
 
28,232,460
 
 
23,538,904
DSLA Mortgage Loan Trust, Series 2005-AR2, Class C, 0.00%, 03/19/2045
 
 
1
 
 
0
Ellington Financial Mortgage Trust
 
 
 
 
Series 2021-2, Class B1, 3.20%, 06/25/2066(a)(b)
 
 
3,320,000
 
 
2,442,090
Series 2021-2, Class M1, 2.30%, 06/25/2066(a)(b)
 
 
2,710,000
 
 
1,915,256
Series 2021-3, Class B2, 4.29%, 09/25/2066(a)(b)
 
 
2,910,000
 
 
2,119,946
Series 2022-4, Class B1, 5.84%, 09/25/2067(a)(b)
 
 
4,010,100
 
 
3,988,062
Series 2024-CES1, Class B3, 8.72%, 01/26/2060(a)(b)
 
 
3,588,553
 
 
3,592,840
Series 2024-INV2, Class B3, 7.61%, 10/25/2069(a)(b)
 
 
6,155,807
 
 
6,099,094
Series 2024-NQM1, Class B3, 7.45%, 11/25/2069(a)(b)
 
 
2,739,000
 
 
2,689,754
Series 2025-NQM1, Class B3, 7.43%, 01/25/2070(a)(b)
 
 
5,008,000
 
 
4,840,713
Series 2026-NQM1, Class B2, 6.87%, 02/25/2071(a)(b)
 
 
3,903,000
 
 
3,746,664
Series 2026-NQM3, Class B3, 6.90%, 03/25/2071(a)(b)
 
 
4,000,000
 
 
3,612,628
Flagstar Mortgage Trust
 
 
 
 
Series 2018-2, Class B5, 4.00%, 04/25/2048(a)(b)
 
 
2,449,935
 
 
2,174,901
Series 2018-6RR, Class B5, 4.90%, 10/25/2048(a)(b)
 
 
2,478,000
 
 
1,964,922
Series 2021-1, Class B4, 3.08%, 02/01/2051(a)(b)
 
 
2,461,089
 
 
1,935,927
Series 2021-1, Class B5, 3.08%, 02/01/2051(a)(b)
 
 
1,222,000
 
 
623,843
Series 2021-10IN, Class B5, 3.49%, 10/25/2051(a)(b)
 
 
1,141,786
 
 
923,454
Series 2021-2, Class B4, 2.78%, 04/25/2051(a)(b)
 
 
1,340,188
 
 
707,739
Series 2021-2, Class B5, 2.78%, 04/25/2051(a)(b)
 
 
1,343,000
 
 
675,518
Series 2021-6INV, Class B5, 3.47%, 08/25/2051(a)(b)
 
 
2,831,424
 
 
2,232,289
Series 2021-9INV, Class AX1, 0.44%, 09/25/2041(a)(b)(c)
 
 
159,536,892
 
 
1,765,595
Series 2021-9INV, Class B4, 2.94%, 09/25/2041(a)(b)
 
 
391,443
 
 
359,317
Series 2021-9INV, Class B5, 2.94%, 09/25/2041(a)(b)
 
 
1,211,408
 
 
776,497
GCAT Trust
 
 
 
 
Series 2021-NQM4, Class A3, 1.56%, 08/25/2066(a)(b)
 
 
565,586
 
 
480,616
Series 2021-NQM6, Class M1, 3.41%, 08/25/2066(a)(b)
 
 
1,250,000
 
 
964,767
Series 2022-NQM1, Class A1A, 4.17%, 02/25/2067(a)(g)
 
 
2,200,224
 
 
2,136,779
Goldman Sachs Mortgage Pass-Through Trust, Series 2022-1, Class PT, 4.20%, 02/25/2053(a)(b)
 
 
38,972,043
 
 
34,720,466
Greenpoint Mortgage Funding Trust
 
 
 
 
Series 2005-AR1, Class X1, 0.24%, 06/25/2045(b)(c)
 
 
9,753,021
 
 
70,310
Series 2005-AR3, Class X1, 0.06%, 08/25/2045(b)(c)
 
 
20,239,303
 
 
222,956
Series 2005-AR4, Class X4, 0.00%, 10/25/2045(b)(c)
 
 
5,698,215
 
 
0
Series 2006-AR3, Class 4X, 1.00%, 04/25/2036(c)
 
 
13,191,925
 
 
634,799
GS Mortgage Securities Corp.
 
 
 
 
Series 2014-5R, Class 3B3, 4.05% (1 mo. Term SOFR + 0.26%), 02/26/2037(a)
 
 
5,707,000
 
 
5,451,599
Series 2014-5R, Class 3B4, 4.05% (1 mo. Term SOFR + 0.26%), 02/26/2037(a)
 
 
5,709,149
 
 
5,243,841
GS Mortgage-Backed Securities Trust
 
 
 
 
Series 2019-PJ1, Class B4, 4.00%, 08/25/2049(a)(b)
 
 
1,500,000
 
 
1,177,089
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
5
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
Series 2019-PJ1, Class B5, 4.00%, 08/25/2049(a)(b)
 
 
$577,000
 
 
$405,914
Series 2019-PJ3, Class AIOS, 0.22%, 03/25/2050(a)(b)(c)
 
 
22,477,822
 
 
216,484
Series 2020-PJ5, Class B5, 3.24%, 03/27/2051(a)(b)
 
 
1,651,641
 
 
983,415
Series 2020-PJ6, Class AX1, 0.02%, 05/25/2051(a)(b)(c)
 
 
278,187,912
 
 
244,305
Series 2020-PJ6, Class B4, 2.77%, 05/25/2051(a)(b)
 
 
1,637,511
 
 
1,322,968
Series 2020-PJ6, Class B5, 2.77%, 05/25/2051(a)(b)
 
 
1,418,736
 
 
870,770
Series 2020-RPL1, Class B1, 3.73%, 07/25/2059(a)(b)
 
 
6,323,000
 
 
5,180,815
Series 2021-HP1, Class B3, 3.21%, 01/25/2052(a)(b)(d)
 
 
3,352,485
 
 
2,813,489
Series 2021-HP1, Class B4, 3.21%, 01/25/2052(a)(b)
 
 
3,361,586
 
 
2,777,080
Series 2021-HP1, Class B5, 3.21%, 01/25/2052(a)(b)
 
 
1,350,083
 
 
1,098,942
Series 2021-INV1, Class B3, 3.02%, 12/25/2051(a)(b)
 
 
3,792,900
 
 
3,155,749
Series 2021-MM1, Class A2, 2.50%, 04/25/2052(a)(b)
 
 
753,679
 
 
607,796
Series 2021-MM1, Class B3, 2.72%, 04/25/2052(a)(b)(d)
 
 
2,334,156
 
 
1,946,717
Series 2021-MM1, Class B4, 2.72%, 04/25/2052(a)(b)
 
 
1,523,773
 
 
765,193
Series 2021-NQM1, Class A3, 1.53%, 07/25/2061(a)(b)
 
 
1,526,603
 
 
1,418,872
Series 2021-PJ1, Class B4, 2.74%, 06/25/2051(a)(b)
 
 
2,116,155
 
 
1,527,770
Series 2021-PJ1, Class B5, 2.74%, 06/25/2051(a)(b)
 
 
1,039,000
 
 
522,020
Series 2021-PJ11, Class A2, 2.50%, 04/25/2052(a)(b)
 
 
1,079,154
 
 
870,994
Series 2021-PJ11, Class B4, 2.85%, 04/25/2052(a)(b)
 
 
1,300,000
 
 
674,786
Series 2021-PJ3, Class B4, 2.64%, 08/25/2051(a)(b)
 
 
1,135,190
 
 
903,078
Series 2021-PJ3, Class B5, 2.64%, 08/25/2051(a)(b)
 
 
1,148,181
 
 
685,656
Series 2021-PJ4, Class AX1, 0.01%, 09/25/2051(a)(b)(c)
 
 
397,816,117
 
 
149,579
Series 2021-PJ4, Class B4, 2.61%, 09/25/2051(a)(b)
 
 
2,419,674
 
 
1,356,542
Series 2021-PJ5, Class B4, 2.58%, 10/25/2051(a)(b)
 
 
3,378,197
 
 
2,241,971
Series 2021-PJ6, Class AX1, 0.02%, 11/25/2051(a)(b)(c)
 
 
697,067,019
 
 
723,137
Series 2021-PJ6, Class B4, 2.68%, 11/25/2051(a)(b)(d)
 
 
5,024,973
 
 
3,949,981
Series 2021-PJ7, Class B4, 2.72%, 01/25/2052(a)(b)(d)
 
 
6,943,118
 
 
5,471,857
Series 2021-PJ8, Class B4, 2.76%, 01/25/2052(a)(b)
 
 
3,530,091
 
 
2,552,824
Series 2021-PJ8, Class B5, 2.76%, 01/25/2052(a)(b)
 
 
1,237,000
 
 
626,813
Series 2021-PJ9, Class A13, 2.00%, 02/26/2052(a)(b)
 
 
1,500,000
 
 
909,558
Series 2021-PJ9, Class B4, 2.92%, 02/26/2052(a)(b)
 
 
3,076,441
 
 
2,473,797
Series 2021-PJ9, Class B5, 2.92%, 02/26/2052(a)(b)
 
 
1,158,439
 
 
818,593
Series 2022-GR1, Class B4, 3.19%, 06/25/2052(a)(b)
 
 
3,507,210
 
 
2,804,933
Series 2022-GR1, Class B5, 3.19%, 06/25/2052(a)(b)
 
 
1,101,150
 
 
842,508
Series 2022-LTV1, Class A15X, 0.53% (-1 x 30 day avg SOFR US + 4.15%), 06/25/2052, (5.00% Cap)(a)(c)(h)
 
 
11,302,385
 
 
427,784
Series 2022-LTV1, Class B2, 3.23%, 06/25/2052(a)(b)(d)
 
 
4,414,235
 
 
3,654,179
Series 2022-LTV1, Class B4, 3.23%, 06/25/2052(a)(b)
 
 
4,555,878
 
 
3,654,848
Series 2022-LTV1, Class B5, 3.23%, 06/25/2052(a)(b)
 
 
711,800
 
 
542,911
Series 2022-PJ3, Class A4, 2.50%, 08/25/2052(a)(b)
 
 
3,640,804
 
 
2,940,795
Series 2024-HE1, Class B2, 7.62% (30 day avg SOFR US + 4.00%), 08/25/2054(a)
 
 
2,947,000
 
 
2,953,790
Series 2024-PJ3, Class B4, 5.62%, 08/25/2054(a)(b)
 
 
2,340,000
 
 
1,923,810
Series 2024-PJ5, Class B4, 6.85%, 09/25/2054(a)(b)
 
 
1,613,000
 
 
1,500,405
Series 2024-PJ6, Class B4, 6.67%, 10/25/2054(a)(b)
 
 
1,584,000
 
 
1,445,007
Series 2024-PJ8, Class B4, 6.74%, 02/25/2055(a)(b)
 
 
1,734,000
 
 
1,551,985
Series 2024-RPL2, Class M1, 4.12%, 07/25/2061(a)(b)
 
 
5,000,000
 
 
4,771,120
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
6
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
Series 2024-RPL4, Class M1, 3.98%, 09/25/2061(a)(b)
 
 
$3,500,000
 
 
$3,361,467
Series 2026-HLTV1, Class B2, 7.73%, 11/25/2066(a)(b)
 
 
3,612,500
 
 
3,482,532
GSAA Trust
 
 
 
 
Series 2005-14, Class 2A3, 4.54% (1 mo. Term SOFR + 0.81%), 12/25/2035(d)
 
 
1,547,532
 
 
1,401,068
Series 2007-2, Class AV1, 3.92% (1 mo. Term SOFR + 0.19%), 03/25/2037
 
 
3,213,196
 
 
553,422
Series 2007-5, Class 2A1A, 4.08% (1 mo. Term SOFR + 0.35%), 04/25/2047(d)
 
 
1,050,041
 
 
986,015
GSR Mortgage Loan Trust, Series 2005-6F, Class 3A6, 4.17% (1 mo. Term SOFR + 0.44%), 07/25/2035, (7.25% Cap)
 
 
1,083,514
 
 
955,700
Harborview Mortgage Loan Trust
 
 
 
 
Series 2004-11, Class X1, 0.00%, 01/19/2035(b)(c)
 
 
6,348,900
 
 
63
Series 2004-7, Class X1, 0.50%, 11/19/2034(b)(c)
 
 
826,776
 
 
12,219
Series 2004-9, Class 4A2, 4.56% (1 mo. Term SOFR + 0.89%), 12/19/2034(d)
 
 
1,329,960
 
 
1,154,681
Series 2005-1, Class X, 0.00%, 03/19/2035(b)(c)
 
 
4,004,321
 
 
5,858
Series 2005-10, Class X, 0.00%, 11/19/2035(b)(c)
 
 
18,748,914
 
 
187
Series 2005-11, Class X, 0.00%, 08/19/2045(b)(c)
 
 
5,845,686
 
 
58
Series 2005-12, Class X2B, 0.11%, 10/19/2035(b)(c)
 
 
6,743,963
 
 
67
Series 2005-13, Class X, 0.00%, 02/19/2036(b)(c)
 
 
9,304,345
 
 
93
Series 2005-3, Class X2, 0.23%, 06/19/2035(b)(c)
 
 
24,994,393
 
 
250
Series 2005-8, Class 2XA1, 0.04%, 09/19/2035(b)(c)
 
 
20,731,027
 
 
207
Series 2006-14, Class 2A1A, 4.08% (1 mo. Term SOFR + 0.41%), 01/25/2047(d)
 
 
13,609,049
 
 
12,936,714
Series 2007-6, Class 2A1A, 3.97% (1 mo. Term SOFR + 0.30%), 08/19/2037, (10.50% Cap)
 
 
1,300,030
 
 
1,172,131
Home RE Ltd., Series 2026-1, Class B1, 7.82% (30 day avg SOFR US + 4.20%), 01/25/2036(a)
 
 
1,500,000
 
 
1,528,835
Homebanc Mortgage Trust, Series 2004-2, Class A2, 4.74% (1 mo. Term SOFR + 1.01%), 12/25/2034, (11.50% Cap)
 
 
652,552
 
 
625,670
Impac Secured Assets CMN Owner Trust, Series 2006-2, Class 1A2C, 4.40% (1 mo. Term SOFR + 0.67%), 08/25/2036, (11.50% Cap)(d)
 
 
2,596,900
 
 
2,330,941
Imperial Fund Mortgage Trust
 
 
 
 
Series 2021-NQM1, Class B2, 4.36%, 06/25/2056(a)(b)
 
 
2,570,000
 
 
1,940,232
Series 2021-NQM4, Class B2, 4.10%, 01/25/2057(a)(b)
 
 
2,500,000
 
 
1,803,005
Series 2022-NQM1, Class B2, 4.08%, 02/25/2067(a)(b)
 
 
7,250,000
 
 
5,144,707
Indymac Index Mortgage Loan Trust
 
 
 
 
Series 2004-AR12, Class AX2, 0.00%, 12/25/2034(b)(c)
 
 
1,221,542
 
 
12
Series 2005-16IP, Class AX, 0.00%, 07/25/2045(b)(c)
 
 
8,411,820
 
 
3,861
Series 2005-AR10, Class AX, 0.00%, 06/25/2035(b)(c)
 
 
21,117,325
 
 
211
Series 2005-AR12, Class AX2, 0.00%, 07/25/2035(b)(c)
 
 
34,286,961
 
 
343
Series 2005-AR14, Class 2X, 0.01%, 07/25/2035(b)(c)
 
 
15,673,946
 
 
12,382
Series 2005-AR2, Class AX2, 0.00%, 02/25/2035(b)(c)
 
 
7,559,929
 
 
0
Series 2005-AR4, Class AX2, 0.00%, 03/25/2035(b)(c)
 
 
9,625,899
 
 
114,577
Series 2005-AR8, Class AX2, 0.00%, 05/25/2035(b)(c)
 
 
13,134,224
 
 
131
Series 2006-AR25, Class 5A1, 3.61%, 09/25/2036(b)(d)
 
 
3,521,515
 
 
2,747,349
Series 2007-AR9, Class 2A1, 3.68%, 04/25/2037(b)(d)
 
 
2,647,985
 
 
1,519,030
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
7
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
JP Morgan Chase Commercial Mortgage Securities
 
 
 
 
Series 2019-LTV1, Class B4, 4.58%, 06/25/2049(a)(b)
 
 
$3,085,453
 
 
$2,892,646
Series 2019-LTV1, Class B5, 4.58%, 06/25/2049(a)(b)
 
 
1,752,008
 
 
1,407,323
JP Morgan Mortgage Trust
 
 
 
 
Series 2005-ALT1, Class 2A1, 5.03%, 10/25/2035(b)(d)
 
 
3,982,584
 
 
2,872,044
Series 2006-A6, Class 1A4L, 3.89%, 10/25/2036(b)
 
 
1,202,147
 
 
852,595
Series 2007-A4, Class 3A3, 4.44%, 06/25/2037(b)
 
 
1,011,274
 
 
739,890
Series 2019-7, Class AX1, 0.00%, 02/25/2050(a)(b)(c)
 
 
16,483,644
 
 
165
Series 2019-7, Class B4, 3.97%, 02/25/2050(a)(b)
 
 
2,575,138
 
 
2,063,847
Series 2019-7, Class B5, 3.97%, 02/25/2050(a)(b)
 
 
1,199,000
 
 
825,064
Series 2019-8, Class AX1, 0.12%, 03/25/2050(a)(b)(c)
 
 
33,992,534
 
 
110,041
Series 2019-9, Class B5, 3.80%, 05/25/2050(a)(b)
 
 
2,251,402
 
 
1,981,515
Series 2019-LTV3, Class B5, 4.36%, 03/25/2050(a)(b)
 
 
1,562,560
 
 
1,417,883
Series 2020-1, Class B5, 3.81%, 06/25/2050(a)(b)
 
 
1,933,411
 
 
1,639,035
Series 2020-3, Class B4, 3.83%, 08/25/2050(a)(b)
 
 
185,472
 
 
163,770
Series 2020-3, Class B5, 3.83%, 08/25/2050(a)(b)
 
 
1,472,233
 
 
1,280,838
Series 2020-5, Class B5, 3.57%, 12/25/2050(a)(b)
 
 
1,571,652
 
 
1,242,096
Series 2020-LTV1, Class B5, 4.22%, 06/25/2050(a)(b)
 
 
2,549,329
 
 
2,269,517
Series 2020-LTV2, Class B5, 3.99%, 11/25/2050(a)(b)
 
 
2,811,171
 
 
2,397,403
Series 2021-10, Class B5, 2.83%, 12/25/2051(a)(b)
 
 
2,224,128
 
 
1,484,445
Series 2021-13, Class A5, 2.50%, 04/25/2052(a)(b)
 
 
1,500,000
 
 
995,621
Series 2021-15, Class B3, 3.11%, 06/25/2052(a)(b)(d)
 
 
8,197,013
 
 
6,723,338
Series 2021-15, Class B4, 3.11%, 06/25/2052(a)(b)
 
 
4,768,863
 
 
3,862,187
Series 2021-3, Class B4, 2.94%, 07/25/2051(a)(b)
 
 
1,899,299
 
 
1,512,649
Series 2021-6, Class B4, 2.84%, 10/25/2051(a)(b)
 
 
3,391,795
 
 
2,654,503
Series 2021-7, Class B4, 2.80%, 11/25/2051(a)(b)
 
 
1,665,691
 
 
1,307,051
Series 2021-7, Class B5, 2.80%, 11/25/2051(a)(b)
 
 
1,665,691
 
 
922,371
Series 2021-8, Class B4, 2.84%, 12/25/2051(a)(b)
 
 
2,846,433
 
 
2,248,380
Series 2021-INV6, Class A5A, 2.50%, 04/25/2052(a)(b)
 
 
968,538
 
 
778,693
Series 2022-1, Class B4, 3.08%, 07/25/2052(a)(b)(d)
 
 
13,486,820
 
 
10,642,160
Series 2023-6, Class AX1, 0.17%, 12/26/2053(a)(b)(c)
 
 
95,629,955
 
 
459,502
Series 2023-6, Class B4, 6.04%, 12/26/2053(a)(b)
 
 
1,524,432
 
 
1,290,334
Series 2023-7, Class B4, 6.06%, 02/25/2054(a)(b)
 
 
1,035,500
 
 
855,249
Series 2023-8, Class B4, 6.06%, 02/25/2054(a)(b)
 
 
2,969,979
 
 
2,572,364
Series 2023-9, Class B4, 6.23%, 04/25/2054(a)(b)
 
 
2,916,074
 
 
2,671,092
Series 2024-10, Class A11X, 2.63% (-1 x 30 day avg SOFR US + 6.25%), 03/25/2055, (7.50% Cap)(a)(c)(h)
 
 
72,941,802
 
 
4,678,706
Series 2024-10, Class B6, 6.62%, 03/25/2055(a)(b)
 
 
2,843,931
 
 
1,871,600
Series 2024-4, Class B4, 7.02%, 10/25/2054(a)(b)
 
 
2,950,571
 
 
2,887,175
Series 2024-5, Class A11X, 3.13% (-1 x 30 day avg SOFR US + 6.75%), 11/25/2054, (8.00% Cap)(a)(c)(h)
 
 
56,865,225
 
 
4,346,550
Series 2024-5, Class B4, 6.89%, 11/25/2054(a)(b)
 
 
2,568,452
 
 
2,524,650
Series 2024-5, Class B5, 6.89%, 11/25/2054(a)(b)
 
 
2,366,000
 
 
1,972,974
Series 2024-6, Class B4, 6.88%, 12/25/2054(a)(b)
 
 
2,512,639
 
 
2,337,214
Series 2024-6, Class B5, 6.88%, 12/25/2054(a)(b)
 
 
1,795,000
 
 
1,466,702
Series 2024-8, Class B4, 6.91%, 01/25/2055(a)(b)
 
 
2,611,000
 
 
2,371,485
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
8
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
Series 2024-9, Class B4, 6.95%, 02/25/2055(a)(b)
 
 
​$3,259,667
 
 
$3,097,893
Series 2024-9, Class B6, 6.34%, 02/25/2055(a)(b)
 
 
2,388,119
 
 
1,565,505
JP Morgan Wealth Management, Series 2020-ATR1, Class A5, 3.00%, 02/25/2050(a)(b)
 
 
2,728,506
 
 
2,312,755
JP Morgan Chase Bank NA
 
 
 
 
Series 2019-CL1, Class M2, 5.54% (1 mo. Term SOFR + 1.81%),
04/25/2047(a)
 
 
3,102,363
 
 
3,146,031
Series 2019-CL1, Class M4, 6.44% (1 mo. Term SOFR + 2.71%),
04/25/2047(a)
 
 
1,148,591
 
 
1,181,165
Series 2020-CL1, Class B, 13.84% (1 mo. Term SOFR + 10.11%),
10/25/2057(a)
 
 
6,684,629
 
 
7,006,099
Series 2020-CL1, Class M2, 6.34% (1 mo. Term SOFR + 2.61%),
10/25/2057(a)
 
 
2,318,643
 
 
2,424,203
Series 2020-CL1, Class M4, 8.19% (1 mo. Term SOFR + 4.46%),
10/25/2057(a)
 
 
741,359
 
 
801,518
Series 2020-CL1, Class M5, 9.44% (1 mo. Term SOFR + 5.71%),
10/25/2057(a)
 
 
1,423,897
 
 
1,478,926
Series 2021-CL1, Class B, 10.52% (30 day avg SOFR US + 6.90%),
03/25/2051(a)
 
 
1,150,672
 
 
1,121,563
Series 2021-CL1, Class M5, 7.47% (30 day avg SOFR US + 3.85%), 03/25/2051(a)
 
 
338,341
 
 
341,728
Lake Summit Mortgage Trust, 8.67%, 08/15/2049(b)
 
 
1,975,800
 
 
1,948,834
Lehman Mortgage Trust, Series 2007-9, Class AP, 0.00%, 10/25/2037(e)
 
 
7,849
 
 
6,654
Lehman XS Trust
 
 
 
 
Series 2005-3, Class 3A3A, 4.63%, 09/25/2035(g)
 
 
1,399,491
 
 
1,196,566
Series 2007-12N, Class 1A3A, 4.24% (1 mo. Term SOFR + 0.51%), 07/25/2047
 
 
1,079,705
 
 
1,088,757
Series 2007-7N, Class 1A1A, 4.28% (1 mo. Term SOFR + 0.55%), 06/25/2047
 
 
2,145,249
 
 
2,061,674
Series 2007-9, Class WFIO, 0.55%, 04/25/2037(c)
 
 
11,786,162
 
 
118
Luminent Mortgage Trust
 
 
 
 
Series 2006-1, Class X, 0.05%, 04/25/2036(b)(c)
 
 
19,502,249
 
 
71,027
Series 2006-2, Class X, 0.00%, 02/25/2046(b)(c)
 
 
28,064,461
 
 
281
Series 2006-5, Class X, 0.00%, 07/25/2036(b)(c)
 
 
23,030,163
 
 
230
Mastr Adjustable Rate Mortgages Trust, Series 2005-7, Class 2A1, 4.23%, 09/25/2035(b)
 
 
801,093
 
 
742,352
MASTR Alternative Loans Trust
 
 
 
 
Series 2004-6, Class 30PO, 0.00%, 07/25/2034(e)
 
 
63,919
 
 
52,104
Series 2007-1, Class 15PO, 0.00%, 08/25/2026(e)
 
 
2,913
 
 
0
Series 2007-HF1, Class 4A1, 7.00%, 10/25/2047(d)
 
 
9,521,015
 
 
3,650,927
MASTR Asset Securitization Trust
 
 
 
 
Series 2005-2, Class PO, 0.00%, 11/25/2035(e)
 
 
9,528
 
 
6,243
Series 2007-1, Class AP, 0.00%, 11/25/2037(e)
 
 
403
 
 
0
Mello Mortgage Capital Acceptance
 
 
 
 
Series 2018-MTG1, Class B4, 3.62%, 03/25/2048(a)(b)
 
 
1,799,000
 
 
1,327,338
Series 2018-MTG1, Class B5, 3.62%, 03/25/2048(a)(b)
 
 
1,499,000
 
 
1,039,110
Series 2021-INV4, Class B5, 3.20%, 12/25/2051(a)(b)
 
 
1,105,929
 
 
886,628
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
9
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
Series 2021-MTG1, Class B4, 2.65%, 04/25/2051(a)(b)
 
 
​$989,274
 
 
$775,638
Series 2021-MTG1, Class B5, 2.65%, 04/25/2051(a)(b)
 
 
494,207
 
 
270,511
Series 2021-MTG2, Class B4, 2.66%, 06/25/2051(a)(b)
 
 
1,512,927
 
 
1,114,670
Series 2021-MTG3, Class B5, 2.89%, 07/01/2051(a)(b)
 
 
488,000
 
 
225,886
Merrill Lynch Mortgage Investors, Inc.
 
 
 
 
Series 2003-OPT1, Class M3, 6.31% (1 mo. Term SOFR + 2.59%), 07/25/2034
 
 
1,558,243
 
 
1,374,975
Series 2006-AF1, Class AF2A, 6.25%, 08/25/2036
 
 
1,592,075
 
 
541,274
MFRA Trust
 
 
 
 
Series 2021-INV2, Class B1, 4.39%, 11/25/2056(a)(b)(d)
 
 
4,000,000
 
 
3,401,576
Series 2021-RPL1, Class A2, 2.07%, 07/25/2060(a)(b)
 
 
4,106,000
 
 
3,464,510
Series 2021-RPL1, Class M2, 2.85%, 07/25/2060(a)(b)
 
 
4,500,000
 
 
3,801,924
Morgan Stanley Mortgage Loan Trust
 
 
 
 
Series 2006-3AR, Class 1AX, 1.06%, 03/25/2036(b)(c)
 
 
12,524,516
 
 
362,046
Series 2006-5AR, Class AX, 0.48%, 04/25/2036(b)(c)
 
 
12,882,287
 
 
66,692
Morgan Stanley Reremic Trust, Series 2015-R4, Class CB3, 4.06%, 08/26/2047(a)(b)
 
 
1,010,309
 
 
857,670
Morgan Stanley Residential Mortgage Loan Trust
 
 
 
 
Series 2021-1, Class B4, 2.95%, 03/25/2051(a)(b)
 
 
725,959
 
 
403,966
Series 2021-1, Class B5, 2.95%, 03/25/2051(a)(b)
 
 
988,000
 
 
509,905
Series 2021-3, Class B4, 2.79%, 06/25/2051(a)(b)
 
 
1,093,000
 
 
552,366
Series 2021-4, Class B4, 2.93%, 07/25/2051(a)(b)
 
 
1,240,000
 
 
648,649
Series 2021-5, Class B4, 2.97%, 08/25/2051(a)(b)
 
 
1,893,580
 
 
1,091,546
Series 2025-SPL1, Class B1, 4.25%, 02/25/2065(a)(g)
 
 
3,410,000
 
 
3,035,965
MortgageIT Trust, Series 2006-1, Class 1X, 0.07%, 04/25/2036(b)(c)
 
 
6,136,386
 
 
0
New Residential Mortgage Loan Trust
 
 
 
 
Series 2017-2A, Class B4, 5.14%, 03/25/2057(a)(b)
 
 
1,882,446
 
 
1,778,708
Series 2018-2A, Class B6, 5.13%, 02/25/2058(a)(b)
 
 
1,170,563
 
 
923,441
Series 2019-6A, Class B5IA, 1.75%, 09/25/2059(a)(b)(c)
 
 
11,102,646
 
 
837,055
Series 2021-NQM3, Class B2, 4.05%, 11/27/2056(a)(b)
 
 
2,729,000
 
 
2,206,460
Series 2025-NQM2, Class B3, 7.23%, 04/25/2065(a)(b)
 
 
11,758,000
 
 
9,996,346
Nomura Resecuritization Trust, Series 2014-3R, Class 4A15, 1.36% (1 mo. Term SOFR + 0.27%), 03/26/2037(a)
 
 
3,138,215
 
 
2,555,689
Oceanview Mortgage Trust, Series 2021-5, Class B4, 2.96%, 10/25/2051(a)(b)
 
 
1,715,000
 
 
915,019
Onslow Bay Mortgage Loan Trust
 
 
 
 
Series 2021-J2, Class A1, 2.50%, 07/25/2051(a)(b)
 
 
1,429,949
 
 
1,154,160
Series 2021-NQM1, Class A1, 1.07%, 02/25/2066(a)(b)
 
 
772,142
 
 
681,805
Series 2021-NQM2, Class A3, 1.56%, 05/25/2061(a)(b)
 
 
1,613,444
 
 
1,327,909
Series 2021-NQM4, Class A2, 2.16%, 10/25/2061(a)(b)
 
 
1,634,064
 
 
1,391,446
PHH Alternative Mortgage Trust, Series 2007-1, Class 21PO, 0.00%, 02/25/2037(e)
 
 
9,448
 
 
7,625
Point Securitization Trust
 
 
 
 
Series 2025-2, Class B1, 7.00%, 10/25/2055(a)(g)
 
 
1,500,000
 
 
1,407,783
Series 2026-1, Class A1, 5.25%, 02/25/2056(a)(g)
 
 
1,986,518
 
 
1,951,303
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
10
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
Pretium Mortgage Credit Partners LLC
 
 
 
 
Series 2025-RPL1, Class M2, 4.00%, 07/25/2069(a)(g)
 
 
$4,000,000
 
 
$3,708,850
Series 2025-RPL2, Class M1, 4.00%, 08/25/2064(a)(g)
 
 
4,904,000
 
 
4,652,568
Series 2025-RPL4, Class M2, 4.00%, 03/25/2065(a)(g)
 
 
5,500,000
 
 
4,950,410
Progress Residential Trust, Series 2023-SFR2, Class D, 4.50%, 10/17/2040(a)
 
 
800,000
 
 
776,426
PRPM LLC
 
 
 
 
Series 2025-RCF4, Class M2, 4.50%, 08/25/2055(a)(g)
 
 
2,000,000
 
 
1,872,364
Series 2026-NQM9, Class B2, 6.64%, 08/25/2066(a)(b)
 
 
3,807,000
 
 
3,632,416
Radnor RE Ltd.
 
 
 
 
Series 2024-1, Class M1C, 7.12% (30 day avg SOFR US + 3.50%), 09/25/2034(a)
 
 
500,000
 
 
504,148
Series 2024-1, Class M2, 7.62% (30 day avg SOFR US + 4.00%), 09/25/2034(a)
 
 
1,500,000
 
 
1,530,171
RALI Trust
 
 
 
 
Series 2005-QA13, Class 2A1, 5.08%, 12/25/2035(b)(d)
 
 
2,739,187
 
 
2,277,507
Series 2005-QS13, Class AP, 0.00%, 09/25/2035(e)
 
 
156,315
 
 
89,536
Series 2005-QS17, Class A1, 6.00%, 12/25/2035(d)
 
 
1,283,805
 
 
1,114,475
Series 2005-QS17, Class AP, 0.00%, 12/25/2035(e)
 
 
204,320
 
 
129,019
Series 2006-QA7, Class 2A1, 4.21% (1 mo. Term SOFR + 0.48%), 08/25/2036(d)
 
 
4,043,792
 
 
3,736,867
Series 2006-QA9, Class A1, 4.20% (1 mo. Term SOFR + 0.47%), 11/25/2036, (11.00% Cap)
 
 
1,252,465
 
 
613,928
Series 2006-QS11, Class 1A2, 6.00%, 08/25/2036(d)
 
 
1,476,318
 
 
1,188,075
Series 2006-QS11, Class 1A8, 6.00%, 08/25/2036(d)
 
 
1,470,855
 
 
1,183,679
Series 2006-QS12, Class AP, 0.00%, 09/25/2036(e)
 
 
62,922
 
 
39,342
Series 2006-QS14, Class A15, 4.14% (1 mo. Term SOFR + 0.41%), 11/25/2036, (7.50% Cap)
 
 
1,104,757
 
 
803,901
Series 2006-QS15, Class A5, 6.50%, 10/25/2036
 
 
754,905
 
 
652,870
Series 2006-QS15, Class AP, 0.00%, 10/25/2036(e)
 
 
82,856
 
 
32,765
Series 2006-QS16, Class AP, 0.00%, 11/25/2036(e)
 
 
88,969
 
 
38,638
Series 2006-QS3, Class 1A1, 4.54% (1 mo. Term SOFR + 0.81%), 03/25/2036, (5.50% Cap)(d)
 
 
1,873,386
 
 
1,606,742
Series 2006-QS3, Class 1A8, 4.24% (1 mo. Term SOFR + 0.51%), 03/25/2036, (6.00% Cap)
 
 
1,010,717
 
 
856,283
Series 2006-QS5, Class AP, 0.00%, 05/25/2036(e)
 
 
24,617
 
 
15,060
Series 2006-QS9, Class 1AP, 0.00%, 07/25/2036(e)
 
 
14,367
 
 
7,580
Series 2006-QS9, Class 2AP, 0.00%, 07/25/2036(e)
 
 
14,951
 
 
0
Series 2007-QA2, Class A3, 4.14% (1 mo. Term SOFR + 0.41%), 02/25/2037, (14.00% Cap)(d)
 
 
3,942,279
 
 
3,637,966
Series 2007-QS1, Class 1AP, 0.00%, 01/25/2037(e)
 
 
4,379
 
 
3,793
Series 2007-QS3, Class AP, 0.00%, 02/25/2037(e)
 
 
306,505
 
 
136,201
Series 2007-QS4, Class 4A3, 0.00%, 03/25/2037(e)
 
 
485,123
 
 
0
Series 2007-QS5, Class AP, 0.00%, 03/25/2037(e)
 
 
144,324
 
 
66,650
Series 2007-QS6, Class AP, 0.00%, 04/25/2037(e)
 
 
249,779
 
 
123,894
Series 2007-QS9, Class AP, 0.00%, 07/25/2037(e)
 
 
693,521
 
 
314,806
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
11
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
Rate Mortgage Trust
 
 
 
 
Series 2021-HB1, Class B4, 2.70%, 12/25/2051(a)(b)
 
 
$2,364,782
 
 
$1,630,785
Series 2021-J1, Class B4, 2.71%, 07/25/2051(a)(b)
 
 
1,291,000
 
 
644,507
Series 2022-J1, Class B4, 2.75%, 01/25/2052(a)(b)
 
 
3,344,539
 
 
1,902,875
Series 2024-J2, Class B5, 6.40%, 07/25/2054(a)(b)
 
 
927,000
 
 
680,823
Series 2024-J3, Class B4, 6.37%, 10/25/2054(a)(b)
 
 
747,000
 
 
615,049
Series 2024-J3, Class B5, 6.37%, 10/25/2054(a)(b)
 
 
935,000
 
 
681,000
RBSSP Resecuritization Trust, Series 2009-3, Class 3A3, 5.75%, 09/26/2035(a)(b)
 
 
1,100,343
 
 
960,088
RCKT Mortgage Trust
 
 
 
 
Series 2021-2, Class B4, 2.56%, 06/25/2051(a)(b)
 
 
2,305,194
 
 
1,594,540
Series 2021-2, Class B5, 2.56%, 06/25/2051(a)(b)
 
 
1,566,000
 
 
756,827
Series 2021-5, Class A1, 2.50%, 11/25/2051(a)(b)(d)
 
 
5,149,806
 
 
4,236,370
Series 2022-1, Class B3, 2.75%, 01/25/2052(a)(b)(d)
 
 
9,256,925
 
 
7,159,852
Series 2022-1, Class B4, 2.75%, 01/25/2052(a)(b)
 
 
5,197,193
 
 
3,798,753
Series 2022-1, Class B5, 2.75%, 01/25/2052(a)(b)
 
 
2,245,000
 
 
1,025,763
Residential Asset Securitization Trust
 
 
 
 
Series 2005-A11, Class 1A1, 4.29% (1 mo. Term SOFR + 0.56%), 10/25/2035, (5.50% Cap)
 
 
1,438,791
 
 
772,966
Series 2005-A11, Class 1A3, 5.50%, 10/25/2035
 
 
1,302,515
 
 
771,262
Series 2005-A11, Class PO, 0.00%, 10/25/2035(e)
 
 
511,323
 
 
121,453
Series 2006-A2, Class A5, 4.54% (1 mo. Term SOFR + 0.81%), 01/25/2046, (6.00% Cap)
 
 
1,849,950
 
 
487,197
Series 2007-A2, Class 2A2, 6.50%, 04/25/2037
 
 
3,943,420
 
 
1,005,522
Series 2007-A8, Class 1A1, 6.00%, 08/25/2037
 
 
3,725,080
 
 
1,546,858
RFMSI Trust
 
 
 
 
Series 2005-S7, Class AP, 0.00%, 11/25/2035(e)
 
 
10,344
 
 
4,576
Series 2006-S10, Class 1AP, 0.00%, 10/25/2036(e)
 
 
10,590
 
 
4,195
Series 2006-S4, Class AP, 0.00%, 04/25/2036(e)
 
 
99,758
 
 
65,704
Series 2006-S5, Class A4, 0.00%, 06/25/2036(e)
 
 
23,721
 
 
12,524
Series 2007-S5, Class AP, 0.00%, 05/25/2037(e)
 
 
154,523
 
 
62,490
Saluda Grade Mortgage Funding LLC
 
 
 
 
Series 2020-SEQ1, Class A1, 3.32%, 05/25/2050(a)(b)
 
 
1,332,315
 
 
1,302,082
Series 2020-SEQ1, Class C, 0.00%, 05/25/2050(a)(b)(c)
 
 
26,202,262
 
 
5,103,362
Series 2021-FIG2, Class M1, 4.25%, 10/25/2051(a)(b)
 
 
1,449,524
 
 
1,464,680
Series 2021-FIG2, Class M2, 6.00%, 10/25/2051(a)(b)
 
 
1,159,619
 
 
1,156,309
Series 2021-MF1, Class A1, 3.81%, 11/25/2029(a)(b)
 
 
6,884,819
 
 
6,529,700
Series 2022-SEQ2, Class B1, 5.50%, 02/25/2052(a)(b)
 
 
3,153,250
 
 
2,881,579
Series 2022-SEQ2, Class B2, 6.00%, 02/25/2052(a)(b)
 
 
2,011,000
 
 
1,824,602
Series 2022-SEQ2, Class B3, 7.36%, 02/25/2052(a)(b)
 
 
2,211,115
 
 
2,059,276
Series 2022-SEQ2, Class CERT, 0.00%, 02/25/2052(a)
 
 
38,061,600
 
 
35,542,227
Series 2022-SEQ2, Class M1, 5.00%, 02/25/2052(a)(b)
 
 
5,213,750
 
 
4,831,613
Series 2022-SEQ2, Class XS, 0.00%, 02/25/2052(a)(b)(c)
 
 
81,344,302
 
 
2,422,108
Series 2022-SG2, Class A, 8.00%, 05/15/2052(a)(g)
 
 
15,000,000
 
 
15,489,540
Series 2025-LOC5, Class B1, 7.47% (1 mo. Term SOFR + 3.75%), 10/25/2055(a)
 
 
3,029,000
 
 
3,061,846
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
12
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
Series 2025-NPL2, Class A1, 7.77%, 05/25/2030(a)(g)
 
 
$4,697,481
 
 
$4,708,558
Series 2026-HB1, Class A1X, 1.00%, 04/25/2056(a)(b)(c)
 
 
113,859,960
 
 
1,756,518
Series 2026-HB1, Class B1, 7.17% (1 mo. Term SOFR + 3.45%), 04/25/2056(a)
 
 
2,800,000
 
 
2,795,554
Series 2026-HB1, Class B2, 8.27% (1 mo. Term SOFR + 4.55%), 04/25/2056(a)
 
 
5,935,000
 
 
5,827,642
Sequoia Mortgage Trust
 
 
 
 
Series 2005-2, Class XA, 0.00%, 03/20/2035(b)(c)
 
 
2,492,428
 
 
0
Series 2007-1, Class 5A1, 3.81%, 10/20/2046(b)(d)
 
 
1,519,607
 
 
1,059,337
Series 2021-1, Class B4, 2.66%, 03/25/2051(a)(b)
 
 
2,252,925
 
 
1,344,644
Series 2023-5, Class B4, 5.43%, 12/25/2053(a)(b)
 
 
1,191,000
 
 
970,532
Series 2024-8, Class B4, 6.57%, 09/25/2054(a)(b)
 
 
2,781,657
 
 
2,654,196
SGR Residential Mortgage Trust
 
 
 
 
Series 2020-2, Class A1, 1.38%, 05/25/2065(a)(b)
 
 
332,219
 
 
313,817
Series 2021-2, Class A2, 1.94%, 12/25/2061(a)(b)
 
 
1,440,183
 
 
1,227,236
Shellpoint Asset Funding Trust, Series 2013-1, Class B4, 3.85%, 07/25/2043(a)(b)
 
 
782,566
 
 
674,743
Starwood Mortgage Residential Trust
 
 
 
 
Series 2021-1, Class B1, 3.52%, 05/25/2065(a)(b)
 
 
2,743,000
 
 
2,384,221
Series 2021-2, Class A3, 1.43%, 05/25/2065(a)(b)
 
 
66,136
 
 
63,777
Series 2021-3, Class B2, 4.10%, 06/25/2056(a)(b)
 
 
2,902,000
 
 
2,241,875
Series 2021-3, Class M1, 2.49%, 06/25/2056(a)(b)(d)
 
 
5,170,000
 
 
3,957,433
Series 2021-5, Class A3, 2.44%, 09/25/2066(a)(b)(d)
 
 
6,076,208
 
 
5,244,340
Series 2021-6, Class B2, 3.94%, 11/25/2066(a)(b)
 
 
3,921,000
 
 
2,820,186
Series 2022-3, Class A3, 4.16%, 03/25/2067(a)(b)
 
 
2,084,261
 
 
1,938,239
Structured Asset Mortgage Investments, Inc.
 
 
 
 
Series 2004-AR1, Class X, 0.00%, 03/19/2034(b)(c)
 
 
2,598,764
 
 
26
Series 2004-AR7, Class X, 0.57%, 04/19/2035(b)(c)
 
 
4,496,140
 
 
26,995
Series 2005-AR2, Class 1X, 0.33%, 05/25/2045(b)(c)
 
 
5,523,553
 
 
5,476
Series 2005-AR3, Class 1X, 0.01%, 08/25/2035(b)(c)
 
 
7,666,292
 
 
12,266
Series 2006-AR5, Class 1X, 0.00%, 05/25/2046(b)(c)
 
 
9,738,534
 
 
4,476
Series 2006-AR5, Class 4X, 0.00%, 05/25/2046(b)(c)
 
 
34,634,882
 
 
8,544
Series 2006-AR7, Class X, 0.90%, 08/25/2036(c)
 
 
20,075,528
 
 
690,277
Terwin Mortgage Trust, Series 2005-18AL, Class PX, 0.25%, 01/25/2037(a)(b)(c)
 
 
20,367,028
 
 
95,823
Towd Point Mortgage Trust
 
 
 
 
Series 2017-6, Class B4, 3.24%, 10/25/2057(a)(b)
 
 
4,500,000
 
 
3,254,331
Series 2018-5, Class B3, 3.45%, 07/25/2058(a)(b)
 
 
3,000,000
 
 
1,990,352
Series 2019-1, Class B2, 3.77%, 03/25/2058(a)(b)
 
 
3,000,000
 
 
2,264,751
Series 2019-HY2, Class B3, 6.09% (1 mo. Term SOFR + 2.36%), 05/25/2058(a)
 
 
2,294,000
 
 
2,287,939
Series 2021-SJ2, Class A2, 2.50%, 12/25/2061(a)(b)
 
 
2,548,781
 
 
2,377,258
Series 2024-3, Class M2, 4.97%, 07/25/2065(a)(b)
 
 
1,695,000
 
 
1,541,256
Series 2024-4, Class A2, 4.55%, 10/27/2064(a)(b)
 
 
2,897,000
 
 
2,734,946
Series 2024-4, Class M1, 4.55%, 10/27/2064(a)(b)
 
 
4,966,000
 
 
4,507,505
Triangle Re Ltd., Series 2023-1, Class M1A, 7.02% (30 day avg SOFR US + 3.40%), 11/25/2033(a)
 
 
549,633
 
 
551,334
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
13
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
Unlock Hea Trust
 
 
 
 
Series 2023-1, Class A, 7.00%, 10/25/2038(a)
 
 
$1,515,126
 
 
$1,519,046
Series 2023-1, Class B, 7.00%, 10/25/2038(a)
 
 
16,450,000
 
 
16,291,883
Series 2025-2, Class B, 7.25%, 11/25/2041(a)
 
 
4,890,000
 
 
4,724,788
Series 2025-2, Class C, 6.00%, 11/25/2041(a)
 
 
500,000
 
 
405,696
UWM Mortgage Trust
 
 
 
 
Series 2021-INV1, Class B5, 3.14%, 08/25/2051(a)(b)
 
 
1,494,148
 
 
1,197,018
Series 2021-INV2, Class B5, 3.23%, 09/25/2051(a)(b)
 
 
1,966,533
 
 
1,583,463
Verus Securitization Trust
 
 
 
 
Series 2021-3, Class B1, 3.20%, 06/25/2066(a)(b)
 
 
1,750,000
 
 
1,324,348
Series 2021-3, Class B2, 3.96%, 06/25/2066(a)(b)
 
 
2,270,000
 
 
1,693,689
Series 2021-3, Class M1, 2.40%, 06/25/2066(a)(b)
 
 
2,500,000
 
 
2,069,500
Series 2021-4, Class A3, 1.35%, 07/25/2066(a)(b)
 
 
1,257,708
 
 
1,068,585
Series 2022-2, Class B1, 4.25%, 02/25/2067(a)(b)
 
 
6,743,650
 
 
5,441,689
Series 2022-3, Class B2, 4.03%, 02/25/2067(a)(b)
 
 
5,296,000
 
 
4,091,362
Series 2022-3, Class M1, 4.03%, 02/25/2067(a)(b)
 
 
6,500,000
 
 
5,585,691
Vista Point Securitization Trust
 
 
 
 
Series 2025-CES2, Class B2, 8.15%, 08/25/2055(a)(b)
 
 
3,250,000
 
 
3,245,791
Series 2025-CES3, Class B2, 7.88%, 11/25/2055(a)(b)
 
 
2,000,000
 
 
1,988,924
Washington Mutual Alternative Mortgage Pass-Through Certificates
 
 
 
 
Series 2003-MS7, Class P, 0.00%, 03/25/2033(e)
 
 
172
 
 
135
Series 2004-AR10, Class X, 0.01%, 07/25/2044(b)(c)
 
 
6,024,768
 
 
33
Series 2005-5, Class CB11, 5.24% (1 mo. Term SOFR + 1.51%), 07/25/2035, (6.00% Cap)(d)
 
 
2,345,733
 
 
2,151,287
Series 2005-AR6, Class X, 0.06%, 04/25/2045(b)(c)
 
 
11,985,711
 
 
35,401
Series 2006-AR8, Class 3X1, 0.03%, 10/25/2046(b)(c)
 
 
9,960,120
 
 
124,173
Series 2007-OA4, Class 1XPP, 0.00%, 05/25/2047(b)(c)
 
 
49,590,470
 
 
13,737
Series 2007-OA4, Class XPPP, 0.01%, 04/25/2047(b)(c)
 
 
16,816,876
 
 
53,780
Series 2007-OA5, Class 1XPP, 0.00%, 06/25/2047(b)(c)
 
 
46,789,215
 
 
3,135
Wells Fargo Mortgage-Backed Securities Trust
 
 
 
 
Series 2007-17, Class APO, 0.00%, 01/25/2038(e)
 
 
13,958
 
 
8,885
Series 2019-3, Class B4, 3.72%, 07/25/2049(a)(b)
 
 
1,627,000
 
 
1,109,284
Series 2019-4, Class B4, 3.50%, 09/25/2049(a)(b)
 
 
2,124,000
 
 
1,345,023
Series 2021-1, Class B4, 2.70%, 12/25/2050(a)(b)
 
 
1,818,000
 
 
955,928
Series 2021-1, Class B5, 2.70%, 12/25/2050(a)(b)
 
 
1,011,000
 
 
508,332
Series 2022-1, Class B4, 2.97%, 08/25/2051(a)(b)
 
 
1,431,770
 
 
1,118,950
Series 2022-1, Class B5, 2.97%, 08/25/2051(a)(b)
 
 
1,158,000
 
 
545,382
Western Alliance Bancorp
 
 
 
 
Series 2021-CL2, Class B, 12.12% (30 day avg SOFR US + 8.50%), 07/25/2059(a)
 
 
6,600,000
 
 
6,546,731
Series 2021-CL2, Class M4, 8.97% (30 day avg SOFR US + 5.35%), 07/25/2059(a)
 
 
10,618,512
 
 
10,473,378
Series 2021-CL2, Class M5, 10.12% (30 day avg SOFR US + 6.50%), 07/25/2059(a)
 
 
6,202,469
 
 
6,044,616
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
14
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
WinWater Mortgage Loan Trust
 
 
 
 
Series 2014-1, Class B5, 3.93%, 06/20/2044(a)(b)
 
 
$2,370,000
 
 
$1,866,506
Series 2014-2, Class B5, 4.07%, 09/20/2044(a)(b)
 
 
1,938,000
 
 
1,557,714
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
(Cost $1,082,141,231)
 
 
 
 
​958,658,433
RESIDENTIAL MORTGAGE-BACKED SECURITIES - U.S. GOVERNMENT AGENCY — 16.8%
 
 
 
 
Federal Home Loan Mortgage Corp.
 
 
 
 
6.00%, 08/15/2040
 
 
35,000,000
 
 
35,390,879
Pool QE2363, 3.50%, 05/01/2052
 
 
4,858,262
 
 
4,315,602
Pool QJ0225, 6.00%, 07/01/2054
 
 
8,361,956
 
 
8,491,628
Pool QJ5663, 5.00%, 10/01/2054
 
 
11,701,572
 
 
11,360,750
Pool QJ6122, 5.00%, 10/01/2054
 
 
2,791,319
 
 
2,712,536
Pool RA3515, 2.50%, 09/01/2050
 
 
11,821,934
 
 
9,700,003
Pool RB5118, 2.00%, 07/01/2041
 
 
6,319,520
 
 
5,400,984
Pool RB5131, 2.00%, 10/01/2041
 
 
8,765,083
 
 
7,499,311
Pool RB5146, 2.50%, 02/01/2042
 
 
3,906,244
 
 
3,443,236
Pool RQ0064, 5.50%, 11/01/2055
 
 
16,433,792
 
 
16,286,210
Pool RQ0094, 5.00%, 02/01/2056
 
 
17,289,301
 
 
16,697,031
Pool SD1581, 2.50%, 09/01/2052
 
 
5,402,211
 
 
4,437,578
Pool SD3636, 6.00%, 08/01/2053
 
 
1,090,856
 
 
1,113,526
Pool SD6195, 5.00%, 10/01/2053
 
 
7,450,934
 
 
7,231,091
Pool SD8134, 2.00%, 03/01/2051
 
 
11,674,839
 
 
9,201,051
Pool SD8322, 4.50%, 05/01/2053
 
 
318,613
 
 
301,713
Pool SD8469, 5.50%, 10/01/2054
 
 
4,461,215
 
 
4,427,049
Pool SD8506, 5.50%, 02/01/2055
 
 
25,612,699
 
 
25,382,688
Pool SD8524, 5.50%, 04/01/2055
 
 
14,518,782
 
 
14,392,521
Pool SL0817, 6.00%, 04/01/2055
 
 
3,369,327
 
 
3,421,907
Pool SL1232, 5.00%, 04/01/2055
 
 
2,544,317
 
 
2,461,695
Pool SL1634, 2.50%, 07/01/2052
 
 
8,222,737
 
 
6,764,241
Federal National Mortgage Association
 
 
 
 
Pool BU9929, 2.00%, 02/01/2052
 
 
3,843,431
 
 
2,999,393
Pool BY0126, 5.50%, 04/01/2053
 
 
1,923,242
 
 
1,910,393
Pool CA7278, 2.50%, 10/01/2050
 
 
6,279,328
 
 
5,132,554
Pool CA9391, 3.00%, 03/01/2051
 
 
7,702,529
 
 
6,582,300
Pool CB2795, 3.00%, 02/01/2052
 
 
3,450,131
 
 
2,957,615
Pool CB3349, 2.50%, 04/01/2052
 
 
3,031,542
 
 
2,490,327
Pool CB3608, 3.50%, 05/01/2052
 
 
6,095,254
 
 
5,416,497
Pool CB4289, 4.50%, 08/01/2052
 
 
2,636,341
 
 
2,494,918
Pool CB8004, 6.00%, 02/01/2054
 
 
3,247,232
 
 
3,307,481
Pool CB8710, 6.00%, 06/01/2054
 
 
2,812,475
 
 
2,872,752
Pool CB9060, 5.50%, 08/01/2054
 
 
8,116,093
 
 
8,073,528
Pool CB9655, 5.00%, 12/01/2054
 
 
11,109,158
 
 
10,744,342
Pool DB3770, 5.50%, 05/01/2054
 
 
3,037,085
 
 
3,027,672
Pool DB6624, 5.50%, 06/01/2054
 
 
1,004,939
 
 
1,003,056
​Pool DC4050, 5.00%, 10/01/2054
 
 
19,471,222
 
 
18,877,646
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
15
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY — (Continued)
​Pool DC5739, 5.50%, 11/01/2054
 
 
$2,319,755
 
 
$2,313,579
Pool FA1728, 6.00%, 10/01/2053
 
 
9,613,204
 
 
9,798,516
Pool FA6220, 5.50%, 07/01/2056
 
 
3,247,319
 
 
3,220,888
Pool FP0069, 2.50%, 01/01/2052
 
 
11,560,633
 
 
9,512,751
Pool FS6925, 2.50%, 12/01/2051
 
 
2,126,454
 
 
1,740,812
Pool FS8458, 5.50%, 11/01/2053
 
 
3,488,798
 
 
3,475,584
Pool MA4520, 2.00%, 01/01/2042
 
 
3,522,403
 
 
3,009,814
Pool MA4562, 2.00%, 03/01/2052
 
 
7,745,959
 
 
6,079,512
Pool MA4579, 3.00%, 04/01/2052
 
 
19,105,359
 
 
16,388,677
Pool MA5320, 4.00%, 03/01/2054
 
 
8,650,912
 
 
7,905,512
Pool MA5388, 5.50%, 06/01/2054
 
 
15,435,565
 
 
15,315,476
Pool MA5646, 5.50%, 03/01/2055
 
 
17,691,382
 
 
17,541,688
Pool MA5760, 5.50%, 07/01/2055
 
 
16,651,605
 
 
16,502,068
Pool MA5761, 6.00%, 07/01/2055
 
 
7,890,958
 
 
7,989,109
Pool MA5910, 5.50%, 12/01/2055
 
 
18,472,711
 
 
18,306,819
Government National Mortgage Association, Pool MA9166, 3.00%, 09/20/2053
 
 
2,905,065
 
 
2,528,293
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES - U.S. GOVERNMENT AGENCY
(Cost $428,084,260)
 
 
 
 
419,952,802
ASSET-BACKED SECURITIES — 13.2%
 
 
 
 
Automobile — 8.2%
 
 
 
 
ACC Trust, Series 2022-1, Class D, 6.65%, 10/20/2028(a)
 
 
1,500,000
 
 
15
AgoraCapital Auto Securities Trust, Series 2025-1A, Class B, 7.27%, 11/25/2032(a)
 
 
2,000,000
 
 
2,011,245
American Credit Acceptance Receivables Trust, Series 2024-4, Class E, 7.19%, 04/12/2032(a)
 
 
5,000,000
 
 
5,117,894
Arivo Acceptance Auto Loan Receivables Trust
 
 
 
 
Series 2022-1A, Class D, 7.38%, 09/17/2029(a)
 
 
1,591,200
 
 
1,565,755
Series 2025-1A, Class D, 5.82%, 01/15/2032(a)
 
 
1,510,000
 
 
1,490,787
Avis Budget Car Rental LLC, Series 2023-4A, Class D, 7.31%, 06/20/2029(a)
 
 
5,000,000
 
 
5,067,051
Bridgecrest Lending Auto Securitization Trust
 
 
 
 
Series 2023-1, Class E, 10.37%, 07/15/2030(a)
 
 
10,000,000
 
 
10,649,374
Series 2026-3, Class E, 7.36%, 08/15/2033(a)
 
 
3,500,000
 
 
3,503,994
CarNow Auto Receivables Trust, Series 2022-1A, Class D, 5.79%, 09/15/2027(a)
 
 
1,077,292
 
 
640,751
Carvana Auto Receivables Trust
 
 
 
 
Series 2021-N1, Class F, 4.55%, 01/10/2028(a)
 
 
357,711
 
 
357,616
Series 2021-N4, Class E, 4.53%, 09/11/2028(a)
 
 
7,819,689
 
 
7,732,387
Series 2023-N1, Class E, 10.46%, 04/10/2030(a)
 
 
3,500,000
 
 
3,705,795
Series 2023-N2, Class E, 9.94%, 04/10/2030(a)
 
 
6,500,000
 
 
6,759,529
Series 2023-N3, Class E, 9.49%, 09/10/2030(a)
 
 
4,000,000
 
 
4,202,330
Consumer Portfolio Services Auto Trust
 
 
 
 
Series 2022-D, Class E, 12.12%, 06/17/2030(a)
 
 
4,100,000
 
 
4,375,364
Series 2023-D, Class E, 10.13%, 05/15/2031(a)
 
 
6,120,000
 
 
6,603,659
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
16
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
ASSET-BACKED SECURITIES — (Continued)
Automobile — (Continued)
Series 2024-A, Class E, 8.42%, 08/15/2031(a)
 
 
$1,000,000
 
 
$1,037,329
Series 2024-B, Class E, 8.36%, 11/17/2031(a)
 
 
10,250,000
 
 
10,692,589
Series 2024-C, Class E, 8.04%, 03/15/2032(a)
 
 
7,000,000
 
 
7,285,253
Series 2024-D, Class E, 7.13%, 06/15/2032(a)
 
 
2,000,000
 
 
2,035,165
Series 2025-A, Class E, 7.65%, 08/16/2032(a)
 
 
1,800,000
 
 
1,839,882
Series 2025-B, Class E, 7.95%, 03/15/2033(a)
 
 
2,226,000
 
 
2,293,844
Series 2025-C, Class E, 6.59%, 02/15/2033(a)
 
 
4,000,000
 
 
3,921,521
Series 2025-D, Class E, 7.69%, 05/16/2033(a)
 
 
1,500,000
 
 
1,515,332
Exeter Automobile Receivables Trust
 
 
 
 
Series 2022-2A, Class E, 6.34%, 10/15/2029(a)
 
 
10,800,000
 
 
10,522,826
Series 2022-5A, Class E, 10.45%, 04/15/2030(a)
 
 
9,436,000
 
 
9,840,944
Series 2022-6A, Class E, 11.61%, 06/17/2030(a)
 
 
5,500,000
 
 
5,708,689
Series 2023-3A, Class E, 9.98%, 01/15/2031(a)
 
 
3,028,000
 
 
3,250,144
Series 2024-1A, Class E, 7.89%, 08/15/2031(a)
 
 
2,375,000
 
 
2,451,265
Series 2024-2A, Class E, 7.98%, 10/15/2031(a)
 
 
4,096,000
 
 
4,271,399
Series 2024-3A, Class E, 7.84%, 10/15/2031(a)
 
 
11,784,000
 
 
12,217,108
Series 2024-5A, Class E, 7.22%, 05/17/2032(a)
 
 
3,000,000
 
 
3,063,732
Series 2025-4A, Class E, 6.99%, 04/15/2033(a)
 
 
3,000,000
 
 
2,987,905
Series 2026-2A, Class E, 7.54%, 11/15/2033(a)
 
 
2,000,000
 
 
2,009,097
Series 2026-3A, Class E, 7.42%, 07/17/2034(a)
 
 
1,000,000
 
 
997,894
FHF Issuer Trust
 
 
 
 
Series 2023-2A, Class D, 9.31%, 10/15/2030(a)
 
 
688,000
 
 
708,892
Series 2024-2A, Class D, 7.15%, 09/15/2031(a)
 
 
1,128,000
 
 
1,125,147
Series 2024-3A, Class D, 6.01%, 12/15/2031(a)
 
 
1,717,000
 
 
1,622,203
Series 2025-1A, Class D, 5.95%, 06/15/2032(a)
 
 
600,000
 
 
566,646
Series 2026-1A, Class E, 9.16%, 05/15/2034
 
 
1,500,000
 
 
1,549,056
Flagship Credit Auto Trust
 
 
 
 
Series 2021-4, Class E, 4.03%, 03/15/2029(a)
 
 
4,000,000
 
 
2,447,572
Series 2022-1, Class E, 5.37%, 06/15/2029(a)
 
 
1,000,000
 
 
650,752
Series 2024-1, Class E, 8.60%, 05/15/2031(a)
 
 
1,150,000
 
 
968,366
GLS Auto Receivables Issuer Trust
 
 
 
 
Series 2023-1A, Class E, 11.42%, 03/15/2030(a)
 
 
7,870,000
 
 
8,370,419
Series 2023-2A, Class E, 9.37%, 01/15/2030(a)
 
 
3,000,000
 
 
3,132,769
Series 2023-3A, Class E, 9.27%, 08/15/2030(a)
 
 
2,500,000
 
 
2,634,523
Series 2023-4A, Class E, 9.72%, 08/15/2030(a)
 
 
5,270,000
 
 
5,581,745
Series 2024-3A, Class E, 7.25%, 06/16/2031(a)
 
 
1,000,000
 
 
1,020,753
Series 2024-4A, Class E, 7.51%, 08/15/2031(a)
 
 
1,500,000
 
 
1,543,086
Series 2025-1A, Class E, 7.19%, 03/15/2032(a)
 
 
1,000,000
 
 
1,017,234
Series 2026-2A, Class E, 6.98%, 06/15/2033(a)
 
 
4,000,000
 
 
3,971,690
Hertz Vehicle Financing LLC
 
 
 
 
Series 2023-3A, Class D, 9.43%, 02/25/2028(a)
 
 
1,000,000
 
 
1,009,663
Series 2023-4A, Class C, 7.51%, 03/25/2030(a)
 
 
800,000
 
 
823,393
Lobel Automobile Receivables Trust, Series 2026-1, Class E, 8.37%, 01/15/2031(a)
 
 
2,750,000
 
 
2,747,908
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
17
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
ASSET-BACKED SECURITIES — (Continued)
Automobile — (Continued)
Prestige Auto Receivables Trust
 
 
 
 
Series 2024-1A, Class E, 7.94%, 04/15/2031(a)
 
 
$3,000,000
 
 
$3,016,566
Series 2026-1A, Class E, 8.55%, 11/15/2033(a)
 
 
1,500,000
 
 
1,496,113
Research-Driven Pagaya Motor Asset Trust
 
 
 
 
Series 2025-3A, Class E, 11.09%, 02/27/2034(a)
 
 
371,239
 
 
372,853
Series 2025-6A, Class E, 10.53%, 08/25/2034(a)
 
 
500,000
 
 
496,887
Series 2026-1A, Class E, 11.07%, 01/25/2035(a)
 
 
1,000,000
 
 
994,395
Series 2026-3A, Class E1, 11.39%, 03/26/2035(a)
 
 
750,000
 
 
750,158
Series 2026-3A, Class E2, 11.75%, 03/26/2035(a)
 
 
750,000
 
 
710,039
Series 2026-4A, Class E1, 12.27%, 05/25/2035(a)
 
 
2,000,000
 
 
1,999,012
Series 2026-4A, Class XS, 10.00%, 05/25/2035(a)
 
 
500,000
 
 
477,586
Santander Bank Auto Credit-Linked Notes, Series 2024-A, Class F, 10.17%, 06/15/2032(a)
 
 
682,902
 
 
704,645
Strike Acceptance Auto Funding Trust, Series 2023-1A, Class A, 8.00%, 10/15/2026(a)
 
 
260,779
 
 
261,783
US Auto Funding Trust
 
 
 
 
Series 2022-1A, Class B, 5.13%, 12/15/2026(a)
 
 
1,090,294
 
 
309,116
Series 2022-1A, Class D, 9.14%, 07/15/2027(a)
 
 
2,053,000
 
 
21
 
 
 
 
204,806,455
Consumer — 4.5%
 
 
 
 
ACHD Trust, Series 2025-DS1, Class C, 11.33%, 01/09/2034(a)
 
 
3,650,000
 
 
3,661,143
ACHV ABS Trust
 
 
 
 
Series 2024-3AL, Class E, 7.00%, 12/26/2031(a)
 
 
998,903
 
 
1,002,897
Series 2025-1PL, Class E, 6.50%, 04/26/2032(a)
 
 
2,530,647
 
 
2,527,050
Affirm Asset Securitization Trust
 
 
 
 
Series 2024-X1, Class CERT, 0.00%, 05/15/2029(a)
 
 
10,885
 
 
49,095
Series 2024-X2, Class CERT, 0.00%, 12/17/2029(a)
 
 
9,712
 
 
63,246
Series 2025-X2, Class CERT, 0.00%, 10/15/2030(a)(c)
 
 
6,050
 
 
224,152
AMCR ABS Trust, Series 2026-A, Class D, 12.08%, 05/18/2033(a)
 
 
750,000
 
 
785,314
Aqua Finance Trust
 
 
 
 
Series 2019-A, Class D, 6.07%, 07/16/2040(a)
 
 
1,335,244
 
 
1,337,464
Series 2021-A, Class C, 3.14%, 07/17/2046(a)
 
 
1,888,688
 
 
1,739,267
Avant Loans Funding Trust, Series 2024-REV1, Class E, 9.00%, 10/15/2033(a)
 
 
1,750,000
 
 
1,735,252
Bankers Healthcare Group, Inc., Series 2022-C, Class E, 9.73%, 10/17/2035(a)
 
 
2,517,000
 
 
2,632,990
Foundation Finance Trust, Series 2025-2A, Class E, 8.35%, 04/15/2052(a)
 
 
871,350
 
 
872,884
Goldman Home Improvement Trust
 
 
 
 
Series 2021-GRN2, Class C, 2.77%, 06/25/2051(a)
 
 
3,880,215
 
 
3,693,581
Series 2021-GRN2, Class D, 4.00%, 06/25/2051(a)
 
 
1,054,546
 
 
1,010,493
Lendingpoint Asset Securitization Trust, Series 2022-A, Class E, 7.02%, 06/15/2029(a)
 
 
3,320,000
 
 
33
LendingPoint Pass-Through Trust, Series 2022-ST3, Class CERT, 0.00%, 05/15/2028(a)
 
 
1,576,000
 
 
91,327
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
18
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
ASSET-BACKED SECURITIES — (Continued)
Consumer — (Continued)
Marlette Funding Trust
 
 
 
 
Series 2021-2A, Class R, 0.00%, 09/15/2031(a)
 
 
$20,000
 
 
$256,539
Series 2023-2A, Class D, 7.92%, 06/15/2033(a)
 
 
9,826,205
 
 
9,946,824
Series 2024-1A, Class D, 6.93%, 07/17/2034(a)
 
 
500,000
 
 
507,107
Momnt Technologies Trust
 
 
 
 
Series 2023-1A, Class B, 8.29%, 03/20/2045(a)
 
 
400,000
 
 
417,306
Series 2023-1A, Class C, 11.24%, 03/20/2045(a)
 
 
900,000
 
 
313,425
Oportun Issuance Trust
 
 
 
 
Series 2021-C, Class D, 5.57%, 10/08/2031(a)
 
 
348,661
 
 
345,570
Series 2024-3, Class D, 9.60%, 08/15/2029(a)
 
 
4,300,000
 
 
4,352,807
Series 2025-B, Class E, 9.40%, 05/09/2033(a)
 
 
2,000,000
 
 
2,010,412
Series 2025-C, Class E, 9.20%, 07/08/2033(a)
 
 
1,000,000
 
 
999,442
Series 2025-D, Class D, 6.97%, 02/08/2033(a)
 
 
500,000
 
 
501,698
Pagaya AI Debt Grantor Trust
 
 
 
 
Series 2021-1, Class C, 4.09%, 11/15/2027(a)
 
 
137,923
 
 
137,455
Series 2021-3, Class C, 3.27%, 05/15/2029(a)
 
 
187,978
 
 
186,422
Series 2021-5, Class C, 3.93%, 08/15/2029(a)
 
 
203,919
 
 
202,872
Series 2022-2, Class C, 7.50%, 01/15/2030(a)
 
 
1,226,664
 
 
1,227,821
Series 2024-10, Class F, 12.00%, 06/15/2032(a)
 
 
3,357,521
 
 
3,220,059
Series 2024-11, Class F, 12.00%, 07/15/2032(a)
 
 
1,635,534
 
 
1,578,313
Series 2024-6, Class D, 11.35%, 11/15/2031(a)
 
 
175,596
 
 
175,989
Series 2024-7, Class D, 10.90%, 12/15/2031(a)
 
 
845,020
 
 
850,801
Series 2025-1, Class F, 12.00%, 07/15/2032(a)
 
 
904,683
 
 
892,232
Series 2025-2, Class F, 12.00%, 10/15/2032(a)
 
 
999,895
 
 
979,575
Series 2025-5, Class F, 12.00%, 03/15/2033(a)
 
 
999,961
 
 
975,887
Series 2025-6, Class E, 8.48%, 04/15/2033(a)
 
 
4,086,430
 
 
4,088,783
Series 2025-6, Class F1, 10.79%, 04/15/2033(a)
 
 
2,499,770
 
 
2,447,578
Series 2025-6, Class F2, 12.00%, 04/15/2033(a)
 
 
999,908
 
 
983,035
Series 2025-7, Class E, 8.89%, 05/15/2033(a)
 
 
999,822
 
 
1,003,075
Series 2025-8, Class E, 9.57%, 07/15/2033(a)
 
 
1,999,312
 
 
2,004,112
Series 2025-R2, Class E, 9.34%, 10/15/2032(a)
 
 
1,875,671
 
 
1,233,632
Series 2026-1, Class E, 9.23%, 09/15/2033(a)
 
 
1,998,696
 
 
2,000,235
Series 2026-2, Class E, 10.28%, 11/15/2033(a)
 
 
2,999,230
 
 
3,024,174
Series 2026-3, Class E, 10.16%, 12/15/2033(a)
 
 
2,000,000
 
 
2,013,961
Series 2026-4, Class E, 10.73%, 01/16/2034(a)
 
 
4,000,000
 
 
4,011,057
Series 2026-5, Class E, 11.65%, 03/15/2034(a)
 
 
1,000,000
 
 
1,001,672
Series 2026-R1, Class E, 9.29%, 12/15/2033(a)
 
 
2,359,843
 
 
2,359,397
PAR Issuer Trust
 
 
 
 
Series 2026-1A, Class B, 7.84%, 12/15/2032(a)
 
 
2,000,000
 
 
1,978,890
Series 2026-1A, Class CERT, 0.00%, 12/15/2032(a)
 
 
972,241
 
 
952,557
Series 2026-2A, Class B, 8.47%, 04/15/2034(a)
 
 
5,000,000
 
 
4,997,555
Series 2026-3A, Class B, 8.51%, 05/15/2034(a)
 
 
1,000,000
 
 
999,966
Series 2026-3A, Class CERT, 0.00%, 05/15/2034(a)
 
 
1,011,571
 
 
1,000,000
PowerPay Issuance Trust
 
 
 
 
Series 2024-1A, Class B, 8.46%, 02/18/2039(a)
 
 
449,693
 
 
458,919
Series 2025-1A, Class D, 9.19%, 11/18/2041(a)
 
 
2,750,000
 
 
2,485,103
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
19
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
ASSET-BACKED SECURITIES — (Continued)
Consumer — (Continued)
Prosper Marketplace Issuance Trust, Series 2024-1A, Class D, 10.98%, 08/15/2029(a)
 
 
$2,000,000
 
 
$2,003,356
RCKT Mortgage Trust, Series 2025-2A, Class E, 7.83%, 11/27/2034(a)
 
 
3,051,000
 
 
2,592,068
Republic Finance Issuance Trust
 
 
 
 
Series 2024-A, Class C, 7.28%, 08/20/2032(a)
 
 
600,000
 
 
600,685
Series 2024-A, Class D, 9.49%, 08/20/2032(a)
 
 
500,000
 
 
501,013
Series 2025-A, Class E, 7.70%, 11/20/2034(a)
 
 
2,000,000
 
 
2,007,167
Sunbit Asset Securitization Trust, Series 2025-1, Class C, 6.12%, 07/15/2030(a)
 
 
1,000,000
 
 
1,000,947
Theorem Funding Trust, Series 2022-2A, Class B, 9.27%, 12/15/2028(a)
 
 
1,146,741
 
 
1,148,238
Upgrade Master Pass-Thru Trust, Series 2026-ST2, Class E, 7.74%, 06/15/2034(a)
 
 
2,700,000
 
 
2,710,057
Upstart Pass-Through Trust, Series 2021-ST5, Class CERT, 0.00%, 07/20/2027(a)(k)
 
 
4,250,000
 
 
32,184
Upstart Pass-Through Trust Series
 
 
 
 
Series 2021-ST3, Class CERT, 0.00%, 05/20/2027(a)
 
 
11,400,000
 
 
25,509
Series 2021-ST4, Class CERT, 0.00%, 07/20/2027(a)
 
 
1,475,000
 
 
7,492
Series 2021-ST6, Class CERT, 0.00%, 08/20/2027(a)
 
 
9,416,000
 
 
95,826
Series 2021-ST7, Class CERT, 0.00%, 09/20/2029(a)
 
 
1,500,000
 
 
28,150
Series 2021-ST8, Class CERT, 0.00%, 10/20/2029(a)
 
 
2,370,000
 
 
66,855
Series 2021-ST9, Class CERT, 0.00%, 11/20/2029(a)
 
 
1,629,000
 
 
94,569
Series 2022-ST1, Class CERT, 0.00%, 03/20/2030(a)
 
 
2,400,000
 
 
245,287
Series 2022-ST2, Class CERT, 0.00%, 04/20/2030(a)
 
 
1,500,000
 
 
171,819
Upstart Securitization Trust
 
 
 
 
Series 2022-1, Class C, 5.71%, 03/20/2032(a)
 
 
3,880,265
 
 
1,230,914
Series 2022-2, Class C, 8.43%, 05/20/2032(a)
 
 
1,112,459
 
 
787,169
Series 2022-4, Class R, 0.00%, 08/20/2032(a)
 
 
17,500
 
 
1,208,716
Series 2023-2, Class C, 11.87%, 06/20/2033(a)
 
 
1,650,061
 
 
1,711,212
Series 2025-4, Class D, 7.67%, 11/20/2035(a)
 
 
1,000,000
 
 
1,022,664
Series 2026-3, Class D, 7.20%, 07/20/2036(a)
 
 
3,000,000
 
 
2,984,431
 
 
 
 
112,824,773
Credit Card — 0.0%(l)
 
 
 
 
Avant Credit Card Master Trust, Series 2024-1A, Class C, 6.23%, 04/15/2030(a)
 
 
500,000
 
 
503,144
Equipment — 0.3%
 
 
 
 
Octane Receivables Trust
 
 
 
 
Series 2024-RPT1, Class R2, 8.71%, 02/22/2030
 
 
3,243,000
 
 
3,261,203
Series 2024-RVM1, Class E, 8.42%, 01/22/2046(a)
 
 
3,288,000
 
 
3,431,276
 
 
 
 
6,692,479
Property Assessed Clean Energy — 0.1%
 
 
 
 
Goodgreen Trust, Series 2017-2A, Class A, 3.26%, 10/15/2053(a)
 
 
2,557,278
 
 
​2,296,204
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
20
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
ASSET-BACKED SECURITIES — (Continued)
Solar — 0.0%(l)
 
 
 
 
GoodLeap Sustainable Home Solutions Trust, Series 2021-3CS, Class A, 2.10%, 05/20/2048(a)
 
 
$874,914
 
 
$699,131
Mosaic Solar Loans LLC, Series 2021-2A, Class B, 2.09%, 04/22/2047(a)
 
 
678,086
 
 
484,728
 
 
 
 
1,183,859
Structured Settlement — 0.0%(l)
 
 
 
 
Stone Street Receivables Funding, Series 2015-1A, Class C, 5.60%, 12/15/2054(a)
 
 
408,988
 
 
363,121
Whole Business — 0.1%
 
 
 
 
FAT Brands Fazoli’s Native LLC, 0.00%(i)
 
 
934,000
 
 
0
FAT Brands, Inc., Series 2021-1, Class A2, 7.00%, 07/25/2051(a)(i)
 
 
385,617
 
 
0
FBG Bid Co. LLC
 
 
 
 
10.50%, 06/20/2056(a)(i)
 
 
260,000
 
 
234,000
8.50%, 06/20/2056(a)(i)
 
 
578,390
 
 
578,390
FBG Top Co. LLC, 12.50%, 06/20/2056(a)(i)
 
 
801,000
 
 
600,750
 
 
 
 
1,413,140
TOTAL ASSET-BACKED SECURITIES
(Cost $357,976,476)
 
 
 
 
330,083,175
CORPORATE OBLIGATIONS — 12.4%
 
 
 
 
Basic Materials — 0.8%
 
 
 
 
Capstone Copper Corp., 6.75%, 03/31/2033(a)
 
 
1,610,000
 
 
1,619,667
Celanese US Holdings LLC, 7.38%, 02/15/2034
 
 
1,040,000
 
 
1,070,404
Century Aluminum Co., 6.88%, 08/01/2032(a)
 
 
1,050,000
 
 
1,067,590
Cleveland-Cliffs, Inc., 7.63%, 01/15/2034(a)
 
 
2,160,000
 
 
2,187,378
Consolidated Energy Finance SA, 12.00%, 02/15/2031(a)
 
 
1,580,000
 
 
1,652,593
CVR Partners LP / CVR Nitrogen Finance Corp., 6.13%, 06/15/2028(a)
 
 
1,100,000
 
 
1,099,499
First Quantum Minerals Ltd., 7.25%, 02/15/2034(a)
 
 
3,210,000
 
 
3,272,229
Magnera Corp., 4.75%, 11/15/2029(a)
 
 
1,190,000
 
 
1,109,574
Methanex US Operations, Inc., 6.25%, 03/15/2032(a)
 
 
2,160,000
 
 
2,182,594
Novelis Corp., 4.75%, 01/30/2030(a)
 
 
570,000
 
 
548,250
Olin Corp., 6.63%, 04/01/2033(a)
 
 
1,100,000
 
 
1,077,827
Trekor Metals Ltd., 8.25%, 05/01/2030(a)
 
 
2,060,000
 
 
2,143,193
 
 
 
 
19,030,798
Communications — 0.5%
 
 
 
 
Cars.com, Inc., 6.38%, 11/01/2028(a)
 
 
2,100,000
 
 
2,088,633
Cogent Communications Group LLC / Cogent Finance, Inc., 6.50%, 07/01/2032(a)
 
 
1,750,000
 
 
1,559,723
Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 10.00%, 02/15/2031(a)
 
 
3,150,000
 
 
3,294,554
Gen Digital, Inc., 6.25%, 04/01/2033(a)
 
 
1,110,000
 
 
1,093,483
Gray Media, Inc., 5.38%, 11/15/2031(a)
 
 
3,160,000
 
 
2,351,530
Lamar Media Corp., 4.88%, 01/15/2029
 
 
520,000
 
 
512,865
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
21
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS — (Continued)
Communications — (Continued)
Outfront Media Capital LLC / Outfront Media Capital Corp., 4.63%, 03/15/2030(a)
 
 
$1,130,000
 
 
$1,092,153
SV RNO Property Owner 1, LLC, 5.88%, 03/01/2031(a)
 
 
550,000
 
 
511,426
Univision Communications, Inc., 4.50%, 05/01/2029(a)
 
 
1,150,000
 
 
1,089,890
 
 
 
 
13,594,257
Consumer, Cyclical — 1.0%
 
 
 
 
Adient Global Holdings Ltd., 7.50%, 02/15/2033(a)
 
 
1,060,000
 
 
1,094,729
American Axle & Manufacturing, Inc., 7.75%, 10/15/2033(a)
 
 
2,200,000
 
 
2,167,983
Champ Acquisition Corp., 8.38%, 12/01/2031(a)
 
 
2,060,000
 
 
2,153,625
Cinemark USA, Inc., 7.00%, 08/01/2032(a)
 
 
2,090,000
 
 
2,144,311
Clarios Global LP / Clarios US Finance Co., 6.75%, 09/15/2032(a)
 
 
1,070,000
 
 
1,078,770
Dorman Products, Inc., 6.25%, 06/15/2034(a)
 
 
540,000
 
 
542,214
FirstCash Holdings, Inc., 6.13%, 05/01/2034(a)
 
 
1,100,000
 
 
1,084,945
Goodyear Tire & Rubber Co., 8.88%, 07/15/2032
 
 
1,640,000
 
 
1,684,677
K Hovnanian Enterprises, Inc., 8.38%, 10/01/2033(a)
 
 
1,090,000
 
 
1,108,649
Lithia Motors, Inc., 3.88%, 06/01/2029(a)
 
 
1,140,000
 
 
1,095,206
NCL Corp. Ltd., 6.25%, 09/15/2033(a)
 
 
1,110,000
 
 
1,055,721
New Flyer Holdings, Inc., 9.25%, 07/01/2030(a)
 
 
1,010,000
 
 
1,081,917
Newell Brands, Inc., 8.50%, 06/01/2028(a)
 
 
1,050,000
 
 
1,096,536
Penn Entertainment, Inc., 6.75%, 04/01/2031(a)
 
 
1,100,000
 
 
1,104,459
Phinia, Inc., 6.63%, 10/15/2032(a)
 
 
1,070,000
 
 
1,081,611
Resideo Funding II LLC, 6.50%, 07/15/2032(a)
 
 
1,090,000
 
 
1,091,359
Sally Holdings LLC / Sally Capital, Inc., 6.75%, 04/01/2032
 
 
1,070,000
 
 
1,090,972
Viking Cruises Ltd., 5.88%, 10/15/2033(a)
 
 
2,190,000
 
 
2,169,524
 
 
 
 
23,927,208
Consumer, Non-cyclical — 1.3%
 
 
 
 
Acadia Healthcare Co., Inc., 7.38%, 03/15/2033(a)
 
 
2,110,000
 
 
2,178,569
Amneal Pharmaceuticals LLC, 6.88%, 08/01/2032(a)
 
 
1,050,000
 
 
1,080,182
B&G Foods, Inc., 8.00%, 09/15/2028(a)
 
 
390,000
 
 
381,760
Belron UK Finance PLC, 5.75%, 10/15/2029(a)
 
 
540,000
 
 
540,307
Charlotte Buyer, Inc., 8.00%, 06/30/2031(a)
 
 
540,000
 
 
546,191
Chobani Holdco LLC, 6.38%, 04/15/2034(a)
 
 
225,000
 
 
225,767
Concentra Health Services, Inc., 6.88%, 07/15/2032(a)
 
 
1,050,000
 
 
1,081,024
DaVita, Inc., 6.88%, 09/01/2032(a)
 
 
1,590,000
 
 
1,635,255
Dcli Bidco LLC, 7.75%, 11/15/2029(a)
 
 
1,070,000
 
 
1,100,088
EquipmentShare.com, Inc., 8.63%, 05/15/2032(a)
 
 
1,580,000
 
 
1,617,885
Fiesta Purchaser, Inc., 9.63%, 09/15/2032(a)
 
 
2,150,000
 
 
2,019,786
Hertz Corp.,12.63%, 07/15/2029(a)
 
 
1,120,000
 
 
731,341
Medline Borrower LP, 5.25%, 10/01/2029(a)
 
 
1,640,000
 
 
1,625,837
Molina Healthcare, Inc., 6.25%, 01/15/2033(a)
 
 
1,640,000
 
 
1,622,866
Performance Food Group, Inc., 4.25%, 08/01/2029(a)
 
 
1,670,000
 
 
1,615,935
Perrigo Finance Unlimited Co., 6.13%, 09/30/2032
 
 
2,320,000
 
 
2,205,770
Post Holdings, Inc., 6.38%, 03/01/2033(a)
 
 
2,200,000
 
 
2,168,215
Raven Acquisition Holdings LLC, 6.88%, 11/15/2031(a)
 
 
2,240,000
 
 
2,180,720
Simmons Foods, Inc., 4.63%, 03/01/2029(a)
 
 
2,270,000
 
 
2,195,724
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
22
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS — (Continued)
Consumer, Non-cyclical — (Continued)
Synergy Infrastructure Holdings LLC, 7.00%, 07/15/2034(a)
 
 
$1,090,000
 
 
$1,100,324
Upbound Group, Inc., 6.38%, 02/15/2029(a)
 
 
1,120,000
 
 
1,112,437
US Foods, Inc., 7.25%, 01/15/2032(a)
 
 
530,000
 
 
548,281
VT Topco, Inc., 8.50%, 08/15/2030(a)
 
 
2,120,000
 
 
2,167,058
 
 
 
 
31,681,322
Diversified — 0.1%
 
 
 
 
Stena International SA, 7.25%, 01/15/2031(a)
 
 
1,600,000
 
 
1,630,123
Energy — 1.4%
 
 
 
 
Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 8.63%, 06/15/2029(a)
 
 
1,560,000
 
 
1,628,484
Archrock Partners LP / Archrock Partners Finance Corp., 6.63%, 09/01/2032(a)
 
 
1,070,000
 
 
1,085,937
Borr IHC Ltd. / Borr Finance LLC, 9.00%, 01/15/2034(a)
 
 
1,640,000
 
 
1,607,607
Bristow Group, Inc., 6.75%, 02/01/2033(a)
 
 
540,000
 
 
540,978
Calumet Specialty Products Partners LP / Calumet Finance Corp., 9.75%, 02/15/2031(a)
 
 
2,070,000
 
 
2,215,763
Caturus Energy LLC, 7.13%, 05/15/2031(a)
 
 
550,000
 
 
545,912
Comstock Resources, Inc., 5.88%, 01/15/2030(a)
 
 
2,240,000
 
 
2,111,865
CVR Energy, Inc., 7.88%, 02/15/2034(a)
 
 
2,180,000
 
 
2,216,700
Genesis Energy LP / Genesis Energy Finance Corp., 8.00%, 05/15/2033
 
 
2,090,000
 
 
2,175,434
Gulfport Energy Operating Corp., 6.75%, 09/01/2029(a)
 
 
1,070,000
 
 
1,084,466
Hilcorp Energy I LP / Hilcorp Finance Co., 5.75%, 02/01/2029(a)
 
 
550,000
 
 
549,276
Howard Midstream Energy Partners LLC, 6.63%, 01/15/2034(a)
 
 
1,080,000
 
 
1,092,674
Kinetik Holdings LP, 5.88%, 06/15/2030(a)
 
 
600,000
 
 
601,043
Kodiak Gas Services LLC, 6.50%, 10/01/2033(a)
 
 
1,070,000
 
 
1,069,231
Moss Creek Resources Holdings, Inc., 8.25%, 09/01/2031(a)
 
 
800,000
 
 
802,327
Oceaneering International, Inc., 6.88%, 07/15/2034(a)
 
 
530,000
 
 
542,563
PBF Holding Co. LLC / PBF Finance Corp., 7.88%, 09/15/2030(a)
 
 
1,060,000
 
 
1,100,890
Seadrill Finance Ltd., 6.75%, 07/15/2034(a)
 
 
560,000
 
 
539,508
SunCoke Energy, Inc., 4.88%, 06/30/2029(a)
 
 
2,320,000
 
 
2,214,577
Sunoco LP, 7.88% to 09/18/2030 then 5 yr. CMT Rate + 4.23%, Perpetual(a)
 
 
1,050,000
 
 
1,076,993
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.75%, 03/15/2034(a)
 
 
2,160,000
 
 
2,182,166
TransMontaigne Partners LLC, 8.50%, 06/15/2030(a)
 
 
1,070,000
 
 
1,094,549
USA Compression Partners LP / USA Compression Finance Corp., 7.13%, 03/15/2029(a)
 
 
1,070,000
 
 
1,093,596
Validus Energy II Midcon LLC, 8.00%, 08/01/2031(a)
 
 
1,100,000
 
 
1,095,774
Venture Global LNG, Inc., 9.00% to 09/30/2029 then 5 yr. CMT Rate + 5.44%, Perpetual(a)
 
 
4,950,000
 
 
4,933,294
Wildfire Intermediate Holdings LLC, 7.50%, 10/15/2029(a)
 
 
1,060,000
 
 
1,092,497
 
 
 
 
36,294,104
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
23
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS — (Continued)
Financial — 5.7%
 
 
 
 
Apollo Debt Solutions BDC, 5.70%, 01/23/2031(a)
 
 
$​7,895,000
 
 
$7,687,936
Ares Capital Corp., 5.10%, 01/15/2031
 
 
4,990,000
 
 
4,798,197
Asurion LLC and Asurion Co.-Issuer, Inc., 8.00%, 12/31/2032(a)
 
 
250,000
 
 
253,109
Atlantic Union Bankshares Corp., 6.25% to 08/01/2031 then 3 mo. Term SOFR + 2.13%, 08/01/2036
 
 
2,500,000
 
 
2,515,232
BankGuam Holding Co., 7.88% (3 mo. Term SOFR + 4.13%), 07/01/2031(a)
 
 
2,000,000
 
 
1,961,892
Blackstone Mortgage Trust, Inc., 7.75%, 12/01/2029(a)
 
 
1,020,000
 
 
1,054,914
Blackstone Private Credit Fund
 
 
 
 
5.05%, 09/10/2030
 
 
305,000
 
 
291,696
6.00%, 01/29/2032
 
 
7,681,000
 
 
7,514,682
Brookline Bancorp, Inc., 7.24% (3 mo. Term SOFR + 3.58%), 09/15/2029
 
 
1,000,000
 
 
999,839
Burford Capital Global Finance LLC, 7.50%, 07/15/2033(a)
 
 
2,595,000
 
 
2,190,297
CRC Insurance Group, 7.13%, 06/01/2031(a)
 
 
2,190,000
 
 
2,186,960
Credit Acceptance Corp., 6.63%, 03/15/2030(a)
 
 
1,600,000
 
 
1,601,280
Encore Capital Group, Inc., 6.63%, 04/15/2031(a)
 
 
1,070,000
 
 
1,075,293
Enterprise Financial Services Corp., 6.25% to 07/01/2031 then 3 mo. Term SOFR + 2.32%, 07/01/2036
 
 
3,000,000
 
 
2,989,584
EZCORP, Inc., 7.38%, 04/01/2032(a)
 
 
1,560,000
 
 
1,634,829
Fidelity Financial Corp., 5.00% to 04/30/2027 then 3 mo. Term SOFR + 2.47%, 04/30/2032(a)
 
 
3,000,000
 
 
2,876,243
First Northwest Bancorp, 6.73% (3 mo. Term SOFR + 3.00%), 03/30/2031
 
 
1,500,000
 
 
1,456,201
Firstsun Capital Corp., 3.50% to 02/01/2027 then 3 mo. Term SOFR + 2.04%, 02/01/2032
 
 
1,000,000
 
 
963,121
Freedom Mortgage Holdings LLC, 7.88%, 04/01/2033(a)
 
 
4,470,000
 
 
4,314,839
FS Bancorp, Inc., 7.01% (3 mo. Term SOFR + 3.37%), 02/15/2031
 
 
1,000,000
 
 
985,840
Georgia Banking Co., Inc., 7.07% (3 mo. Term SOFR + 3.40%), 06/15/2031(a)
 
 
4,000,000
 
 
3,934,456
GGAM Finance Ltd., 5.88%, 03/15/2030(a)
 
 
1,640,000
 
 
1,633,850
Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/2027(a)
 
 
3,190,000
 
 
3,244,785
goeasy Ltd., 6.88%, 02/15/2031(a)
 
 
2,250,000
 
 
2,013,993
Goldman Sachs Private Credit Corp.
 
 
 
 
5.88%, 01/31/2031
 
 
3,750,000
 
 
3,684,745
6.15%, 06/16/2031(a)
 
 
4,125,000
 
 
4,073,146
Golub Capital BDC, Inc.
 
 
 
 
6.00%, 07/15/2029
 
 
1,690,000
 
 
1,692,230
6.25%, 06/01/2031
 
 
5,855,000
 
 
5,767,764
HA Sustainable Infrastructure Capital, Inc., 7.13% to 11/15/2031 then 5 yr. CMT Rate + 3.48%, 11/15/2056
 
 
1,070,000
 
 
1,078,777
Hanmi Financial Corp., 6.50% to 07/31/2031 then 3 mo. Term SOFR + 2.34%, 07/31/2036(a)
 
 
2,000,000
 
 
1,994,852
Jacksonville Bancorp, Inc. Statutory Trust, 7.68% (3 mo. Term SOFR + 4.01%), 09/15/2038(a)
 
 
1,200,000
 
 
1,192,140
Jane Street Group / JSG Finance, Inc., 6.75%, 05/01/2033(a)
 
 
2,130,000
 
 
2,172,278
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
24
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS — (Continued)
Financial — (Continued)
 
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 6.63%, 10/15/2031(a)
 
 
$1,120,000
 
 
$1,100,869
Jefferson Capital Holdings LLC, 8.25%, 05/15/2030(a)
 
 
1,560,000
 
 
1,629,952
LD Holdings Group LLC, 6.13%, 04/01/2028(a)
 
 
500,000
 
 
402,711
Millrose Properties, Inc., 6.38%, 08/01/2030(a)
 
 
1,080,000
 
 
1,088,967
Morgan Stanley Direct Lending Fund
 
 
 
 
6.00%, 05/19/2030
 
 
7,820,000
 
 
7,705,827
6.10%, 07/15/2031
 
 
4,125,000
 
 
4,027,950
Mutual Bancorp, Inc., 6.25% to 07/01/2031 then 3 mo. Term SOFR + 2.31%, 07/01/2036(a)
 
 
3,000,000
 
 
3,003,392
Narragansett Financial Corp., 6.84% (3 mo. Term SOFR + 3.19%), 05/15/2031(a)
 
 
2,000,000
 
 
1,936,142
NexBank Capital, Inc., 6.00%, 07/15/2032(a)
 
 
1,000,000
 
 
967,685
OceanFirst Financial Corp., 3.13% to 12/01/2026 then 3 mo. Term SOFR + 2.04%, 12/01/2031
 
 
3,000,000
 
 
2,860,549
OneMain Finance Corp., 7.13%, 11/15/2031
 
 
2,150,000
 
 
2,180,154
PennyMac Financial Services, Inc., 6.75%, 02/15/2034(a)
 
 
1,720,000
 
 
1,596,822
PHH Corp., 9.88%, 11/01/2029(a)
 
 
1,680,000
 
 
1,665,642
Phoenix Aviation Capital Ltd., 9.25%, 07/15/2030(a)
 
 
3,220,000
 
 
3,336,458
PRA Group, Inc., 5.00%, 10/01/2029(a)
 
 
1,720,000
 
 
1,630,457
Provident Funding Associates LP / PFG Finance Corp., 9.75%, 09/15/2029(a)
 
 
1,560,000
 
 
1,611,826
ReadyCap Holdings LLC, 9.38%, 03/01/2028(a)
 
 
3,000,000
 
 
2,977,500
Renasant Corp., 6.40% to 05/01/2028 then 3 mo. Term SOFR + 3.65%, 05/01/2033
 
 
1,000,000
 
 
995,969
RHP Hotel Properties LP / RHP Finance Corp., 6.50%, 04/01/2032(a)
 
 
540,000
 
 
549,556
Rocket Cos., Inc., 7.13%, 02/01/2032(a)
 
 
2,090,000
 
 
2,143,694
South Street Securities Funding LLC, 6.25%, 12/30/2026(a)
 
 
1,000,000
 
 
1,000,220
Starwood Property Trust, Inc., 6.13%, 06/01/2031(a)
 
 
1,090,000
 
 
1,087,997
Stonebriar ABF Issuer LLC, 7.00%, 08/15/2031(a)
 
 
1,100,000
 
 
1,101,413
Stonex Escrow Issuer LLC, 6.88%, 07/15/2032(a)
 
 
2,130,000
 
 
2,163,558
Texas State Bankshares, Inc., 7.48% (3 mo. Term SOFR + 3.81%), 06/15/2029(a)
 
 
2,000,000
 
 
1,995,422
Trinitas Capital Management LLC, 7.75%, 11/01/2030(a)
 
 
5,000,000
 
 
4,956,250
Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, 6.50%, 02/15/2029(a)
 
 
2,210,000
 
 
2,181,641
UWM Holdings LLC, 6.25%, 03/15/2031(a)
 
 
1,190,000
 
 
1,062,888
Velocity Commercial Capital LLC, 9.38%, 02/15/2031(a)
 
 
520,000
 
 
535,849
Walker & Dunlop, Inc., 6.63%, 04/01/2033(a)
 
 
1,100,000
 
 
1,102,279
 
 
 
 
142,434,639
Industrial — 1.2%
 
 
 
 
Advanced Drainage Systems, Inc., 6.38%, 06/15/2030(a)
 
 
1,070,000
 
 
1,078,976
AmeriTex HoldCo Intermediate LLC, 7.63%, 08/15/2033(a)
 
 
1,570,000
 
 
1,617,799
Axon Enterprise, Inc., 6.25%, 03/15/2033(a)
 
 
1,060,000
 
 
1,075,695
Beacon Mobility Corp., 7.25%, 08/01/2030(a)
 
 
1,590,000
 
 
1,641,875
Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 02/01/2032(a)
 
 
1,080,000
 
 
1,107,800
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
25
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS — (Continued)
Industrial — (Continued)
Builders FirstSource, Inc., 6.75%, 05/15/2035(a)
 
 
$2,160,000
 
 
$2,141,227
Clearwater Paper Corp., 4.75%, 08/15/2028(a)
 
 
1,400,000
 
 
1,236,872
Clydesdale Acquisition Holdings, Inc., 6.75%, 04/15/2032(a)
 
 
1,140,000
 
 
1,086,553
Coherent Corp., 5.00%, 12/15/2029(a)
 
 
1,110,000
 
 
1,087,004
Enerflex, Inc., 6.88%, 01/15/2031(a)
 
 
1,070,000
 
 
1,088,218
Esab Corp., 5.63%, 04/01/2031(a)
 
 
540,000
 
 
534,821
FTAI Aviation Investors LLC, 5.88%, 04/15/2033(a)
 
 
1,100,000
 
 
1,086,510
Genesee & Wyoming, Inc., 6.25%, 04/15/2032(a)
 
 
540,000
 
 
543,770
Knife River Corp., 7.75%, 05/01/2031(a)
 
 
1,060,000
 
 
1,095,879
Owens-Brockway Glass Container, Inc.
 
 
 
 
7.25%, 05/15/2031(a)
 
 
2,210,000
 
 
2,095,022
9.50%, 06/01/2033(a)
 
 
465,000
 
 
457,838
Quikrete Holdings, Inc., 6.75%, 03/01/2033(a)
 
 
1,070,000
 
 
1,084,719
Reworld Holding Corp., 4.88%, 12/01/2029(a)
 
 
1,140,000
 
 
1,082,752
Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029(a)
 
 
520,000
 
 
504,564
Seaspan Corp., 5.50%, 08/01/2029(a)
 
 
1,130,000
 
 
1,098,787
Sensata Technologies, Inc., 3.75%, 02/15/2031(a)
 
 
1,160,000
 
 
1,080,338
Smyrna Ready Mix Concrete LLC, 8.88%, 11/15/2031(a)
 
 
2,080,000
 
 
2,179,453
Standard Building Solutions, Inc., 6.50%, 08/15/2032(a)
 
 
1,090,000
 
 
1,093,115
Stonepeak Nile Parent LLC, 7.25%, 03/15/2032(a)
 
 
1,050,000
 
 
1,083,052
Trivium Packaging Finance BV, 12.25%, 01/15/2031(a)
 
 
990,000
 
 
1,096,121
XPO, Inc., 7.13%, 06/01/2031(a)
 
 
530,000
 
 
544,553
 
 
 
 
29,823,313
Technology — 0.2%
 
 
 
 
Amkor Technology, Inc., 5.88%, 10/01/2033(a)
 
 
1,090,000
 
 
1,061,618
CACI International, Inc., 6.38%, 06/15/2033(a)
 
 
750,000
 
 
756,490
Unisys Corp., 10.63%, 01/15/2031(a)
 
 
1,850,000
 
 
1,740,161
Zebra Technologies Corp., 6.50%, 06/01/2032(a)
 
 
1,080,000
 
 
1,092,925
 
 
 
 
4,651,194
Utilities — 0.2%
 
 
 
 
Hawaiian Electric Co., Inc., 6.00%, 10/01/2033(a)
 
 
1,110,000
 
 
1,089,500
NRG Energy, Inc., 6.25%, 11/01/2034(a)
 
 
2,170,000
 
 
2,165,519
Vistra Operations Co. LLC, 6.88%, 04/15/2032(a)
 
 
1,040,000
 
 
1,074,823
VoltaGrid LLC, 7.38%, 11/01/2030(a)
 
 
1,060,000
 
 
1,065,899
 
 
 
 
5,395,741
TOTAL CORPORATE OBLIGATIONS
(Cost $309,052,592)
 
 
 
 
308,462,699
COLLATERALIZED LOAN OBLIGATIONS — 9.7%
 
 
 
 
Abry Liquid Credit CLO Ltd., Series 2026-3A, Class D1, 6.53% (3 mo. Term SOFR + 2.80%), 04/20/2039(a)
 
 
4,000,000
 
 
4,010,548
Anchorage Capital CLO Ltd.
 
 
 
 
Series 2023-26A, Class D1R, 7.13% (3 mo. Term SOFR + 3.40%), 03/19/2038(a)
 
 
3,250,000
 
 
3,279,019
Series 2023-26A, Class D2R, 8.48% (3 mo. Term SOFR + 4.75%), 03/19/2038(a)
 
 
2,000,000
 
 
2,008,164
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
26
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
COLLATERALIZED LOAN OBLIGATIONS — (Continued)
Antares CLO Ltd., Series 2026-1A, Class E, 10.23% (3 mo. Term SOFR + 6.50%), 04/20/2039(a)
 
 
$​1,500,000
 
 
$1,488,750
Anthelion CLO Ltd.
 
 
 
 
Series 2025-1A, Class D1, 7.38% (3 mo. Term SOFR + 3.65%), 07/20/2036(a)
 
 
4,500,000
 
 
4,516,479
Series 2025-2A, Class D1, 6.93% (3 mo. Term SOFR + 3.20%), 04/20/2039(a)
 
 
7,000,000
 
 
7,074,109
Arbor Realty Collateralized Loan Obligation Ltd., Series 2025-BTR1, Class AS, 6.30% (1 mo. Term SOFR + 2.64%), 01/20/2041(a)
 
 
4,000,000
 
 
4,023,436
Ares CLO Ltd., Series 2026-81A, Class E, 9.29% (3 mo. Term SOFR + 5.60%), 07/15/2039(a)
 
 
1,000,000
 
 
1,005,000
Atlas Senior Loan Fund Ltd., Series 2022-20A, Class D1R, 7.58% (3 mo. Term SOFR + 3.85%), 10/19/2037(a)
 
 
3,250,000
 
 
3,260,901
Audax Senior Debt CLO, LLC
 
 
 
 
Series 2021-6A, Class DR, 6.93% (3 mo. Term SOFR + 3.20%), 10/20/2037(a)
 
 
2,000,000
 
 
1,930,386
Series 2023-8A, Class CR, 5.83% (3 mo. Term SOFR + 2.10%), 01/20/2038(a)
 
 
1,480,000
 
 
1,468,012
Barings Middle Market CLO Ltd.
 
 
 
 
Series 2018-II, Class COM, 0.00%, 01/15/2031(b)
 
 
428,329
 
 
12,850
Series 2023-IA, Class A1, 6.18% (3 mo. Term SOFR + 2.45%), 01/20/2036(a)(d)
 
 
5,507,518
 
 
5,521,353
Series 2023-IIA, Class CR, 7.68% (3 mo. Term SOFR + 3.95%), 07/20/2034(a)
 
 
1,750,000
 
 
1,748,252
Battalion CLO Ltd., Series 2025-29A, Class D1, 7.05% (3 mo. Term SOFR + 3.30%), 03/31/2038(a)
 
 
5,000,000
 
 
5,015,840
Black Diamond CLO Ltd.
 
 
 
 
Series 2022-1A, Class D1R, 7.11% (3 mo. Term SOFR + 3.30%), 04/25/2039(a)
 
 
3,750,000
 
 
3,764,606
Series 2025-2A, Class D1, 7.30% (3 mo. Term SOFR + 3.55%), 10/15/2038(a)
 
 
6,000,000
 
 
6,013,476
Blackrock CLO Ltd.
 
 
 
 
Series 2021-6A, Class DR, 8.43% (3 mo. Term SOFR + 4.70%), 04/20/2037(a)
 
 
7,500,000
 
 
7,289,828
Series 2025-1A, Class C, 6.50% (3 mo. Term SOFR + 2.75%), 07/15/2037(a)
 
 
4,000,000
 
 
3,999,816
Series 2026-3A, Class D, 0.00% (3 mo. Term SOFR + 3.75%), 07/23/2034(a)(m)
 
 
1,000,000
 
 
1,000,000
Series 5A, Class CR, 6.81% (3 mo. Term SOFR + 3.15%), 06/15/2034(a)
 
 
5,000,000
 
 
5,020,890
Blackrock DLF CLO LLC, Series 2026-2A, Class C, 6.40% (3 mo. Term SOFR + 2.70%), 07/25/2034(a)
 
 
5,000,000
 
 
4,922,650
Brightwood Capital MM CLO Ltd., Series 2025-1A, Class C1, 6.75% (3 mo. Term SOFR + 3.00%), 04/15/2036(a)
 
 
1,000,000
 
 
1,001,060
Canyon CLO Ltd., Series 2025-3A, Class D2, 7.00% (3 mo. Term SOFR + 3.25%), 01/15/2039(a)
 
 
5,000,000
 
 
5,049,385
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
27
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
COLLATERALIZED LOAN OBLIGATIONS — (Continued)
Carlyle Global Market Strategies
 
 
 
 
Series 2016-1A, Class CR3, 6.93% (3 mo. Term SOFR + 3.20%), 04/20/2034(a)
 
 
$​4,000,000
 
 
$4,018,988
Series 2021-11A, Class ER2, 10.22% (3 mo. Term SOFR + 6.44%), 07/25/2039(a)
 
 
2,000,000
 
 
1,980,000
Cerberus Loan Funding LP
 
 
 
 
Series 2023-4A, Class DR, 6.95% (3 mo. Term SOFR + 3.20%), 10/15/2035(a)
 
 
4,500,000
 
 
4,495,500
Series 2024-2A, Class D, 8.70% (3 mo. Term SOFR + 4.95%), 07/15/2036(a)
 
 
3,660,000
 
 
3,667,302
CQS US CLO Ltd.
 
 
 
 
Series 2025-5A, Class D1, 6.90% (3 mo. Term SOFR + 3.15%), 01/17/2039(a)
 
 
2,000,000
 
 
2,012,774
Series 2026-6A, Class D1, 6.93% (3 mo. Term SOFR + 3.20%), 03/31/2039(a)
 
 
6,000,000
 
 
6,038,634
Crown City CLO Ltd., Series 2020-1A, Class D1RR, 6.73% (3 mo. Term SOFR + 3.00%), 07/20/2038(a)
 
 
2,625,000
 
 
2,624,895
Deerpath Capital CLO Ltd., Series 2024-1A, Class DR, 7.93% (3 mo. Term SOFR + 4.30%), 07/15/2038(a)
 
 
2,300,000
 
 
2,300,000
Fort Washington CLO Ltd., Series 2021-2A, Class E, 10.60% (3 mo. Term SOFR + 6.87%), 10/20/2034(a)
 
 
1,250,000
 
 
1,249,961
Fortress Credit Opportunities CLO LLC, Series 2023-21A, Class DR, 7.58% (3 mo. Term SOFR + 3.85%), 01/21/2037(a)
 
 
1,750,000
 
 
1,723,668
Franklin Park Place CLO LLC, Series 2025-1A, Class D1, 6.85% (3 mo. Term SOFR + 3.10%), 07/15/2038(a)
 
 
5,000,000
 
 
5,046,130
Gallatin CLO Ltd.
 
 
 
 
Series 2023-1A, Class D1R, 7.34% (3 mo. Term SOFR + 3.60%), 10/14/2036(a)(d)
 
 
6,000,000
 
 
6,013,722
Series 2024-1A, Class D1, 7.73% (3 mo. Term SOFR + 4.00%), 10/20/2037(a)
 
 
3,000,000
 
 
3,006,507
Golub Capital LLC, Series 2022-1A, Class DR, 8.41% (3 mo. Term SOFR + 4.60%), 07/25/2033(a)
 
 
2,500,000
 
 
2,507,182
Great Lakes CLO Ltd.
 
 
 
 
Series 2021-5A, Class DR, 7.30% (3 mo. Term SOFR + 3.55%), 10/15/2037(a)
 
 
3,200,000
 
 
3,191,306
Series 2021-6A, Class CR, 7.15% (3 mo. Term SOFR + 3.40%), 07/15/2037(a)
 
 
3,000,000
 
 
3,013,851
Guggenheim MM CLO Ltd., Series 2023-6A, Class DR, 8.24% (3 mo. Term SOFR + 4.60%), 07/25/2038(a)
 
 
2,500,000
 
 
2,500,000
HPS Private Credit CLO LLC, Series 2024-2A, Class ER, 10.91% (3 mo. Term SOFR + 7.25%), 08/15/2039(a)
 
 
2,500,000
 
 
2,500,000
Ivy Hill Middle Market Credit Fund Ltd., Series 2024-22A, Class ER, 10.33% (3 mo. Term SOFR + 6.60%), 07/20/2038(a)
 
 
2,000,000
 
 
2,000,000
Kohlberg & Co. LLC, Series 2025-1A, Class A, 5.50% (3 mo. Term SOFR + 1.75%), 07/15/2037(a)
 
 
5,000,000
 
 
4,996,070
Madison Park Funding Ltd., Series 2019-33A, Class DR, 6.85% (3 mo. Term SOFR + 3.10%), 10/15/2032(a)
 
 
3,500,000
 
 
3,479,497
Magnetite CLO Ltd., Series 2025-43A, Class E, 10.25% (3 mo. Term SOFR + 6.50%), 07/15/2038(a)
 
 
1,250,000
 
 
1,264,859
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
28
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
COLLATERALIZED LOAN OBLIGATIONS — (Continued)
Man US CLO Ltd.
 
 
 
 
Series 2023-1A, Class ER, 10.23% (3 mo. Term SOFR + 6.60%), 07/20/2039(a)
 
 
$1,500,000
 
 
$1,492,500
Series 2024-1A, Class D2, 8.93% (3 mo. Term SOFR + 5.20%), 07/20/2037(a)
 
 
2,000,000
 
 
2,004,294
Maranon Loan Funding Ltd.
 
 
 
 
Series 2021-3A, Class CR, 6.20% (3 mo. Term SOFR + 2.45%), 10/15/2036(a)
 
 
2,000,000
 
 
1,976,194
Series 2025-1A, Class E, 10.75% (3 mo. Term SOFR + 7.00%), 10/15/2037(a)
 
 
3,000,000
 
 
2,923,866
Marble Point CLO Ltd.
 
 
 
 
Series 2020-3A, Class D1R2, 6.73% (3 mo. Term SOFR + 3.00%), 10/19/2038(a)
 
 
3,000,000
 
 
3,007,500
Series 2022-1A, Class E, 11.91% (3 mo. Term SOFR + 8.18%), 04/20/2035(a)
 
 
3,000,000
 
 
2,775,771
Monroe Capital CLO Ltd.
 
 
 
 
Series 2019-1A, Class DR, 7.70% (3 mo. Term SOFR + 4.06%), 11/22/2033(a)
 
 
3,000,000
 
 
2,889,216
Series 2021-2A, Class C, 6.58% (3 mo. Term SOFR + 2.91%), 09/14/2033(a)
 
 
2,000,000
 
 
2,001,610
NBBLUE, 9.74%, 04/15/2040
 
 
5,000,000
 
 
5,098,000
Neuberger Berman Loan Advisers Lasalle Street Lending CLO Ltd., Series 2024-2A, Class E, 11.23% (3 mo. Term SOFR + 7.50%), 04/20/2038(a)
 
 
5,000,000
 
 
5,052,055
NewStar Arlington Senior Loan Program, Series 2014-1A, Class DR, 7.68% (3 mo. Term SOFR + 4.01%), 04/25/2031(a)
 
 
2,000,000
 
 
1,997,544
Oaktree CLO Ltd., Series 2022-2A, Class D1R2, 7.00% (3 mo. Term SOFR + 3.25%), 10/15/2037(a)(d)
 
 
10,000,000
 
 
10,040,240
Obra CLO Management LLC, Series 2025-2A, Class D2, 7.98% (3 mo. Term SOFR + 4.25%), 07/20/2038(a)
 
 
2,000,000
 
 
2,018,056
Ocean Trails CLO Ltd., Series 2023-14A, Class D1R, 6.83% (3 mo. Term SOFR + 3.10%), 01/20/2038(a)
 
 
5,940,000
 
 
5,939,756
OFSI Fund Ltd., Series 2026-16A, Class D1, 6.90% (3 mo. Term SOFR + 3.25%), 03/31/2039(a)
 
 
3,000,000
 
 
3,012,963
Owl Rock CLO Ltd., Series 2020-3A, Class AR, 5.58% (3 mo. Term SOFR + 1.85%), 04/20/2036(a)(d)
 
 
7,205,000
 
 
7,208,422
Pikes Peak CLO Ltd., Series 2020-5A, Class FR, 11.55% (3 mo. Term SOFR + 7.82%), 10/20/2037(a)
 
 
1,000,000
 
 
926,226
Rad CLO Ltd., Series 2024-23A, Class DR, 9.80% (3 mo. Term SOFR + 6.09%), 07/20/2041(a)
 
 
2,000,000
 
 
1,992,000
Rockford Tower CLO Ltd., Series 2024-1A, Class ER, 10.37% (3 mo. Term SOFR + 6.60%), 07/20/2039(a)
 
 
1,000,000
 
 
975,000
Sculptor CLO Ltd.
 
 
 
 
Series 26A, Class D1AR, 7.13% (3 mo. Term SOFR + 3.40%), 01/20/2038(a)
 
 
2,600,000
 
 
2,623,143
Series 29A, Class D1R, 7.13% (3 mo. Term SOFR + 3.40%), 07/22/2038(a)
 
 
3,000,000
 
 
3,014,718
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
29
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
COLLATERALIZED LOAN OBLIGATIONS — (Continued)
Sound Point CLO Ltd., Series 2025-2A, Class D1, 8.05% (3 mo. Term SOFR + 4.30%), 04/15/2038(a)(d)
 
 
$6,875,000
 
 
$6,899,296
TCW CLO Ltd., Series 2021-1A, Class D1R1, 6.83% (3 mo. Term SOFR + 3.10%), 01/20/2038(a)
 
 
5,000,000
 
 
4,987,895
Trinitas CLO Ltd., Series 2020-14A, Class DR2, 6.96% (3 mo. Term SOFR + 3.15%), 01/25/2034(a)
 
 
2,500,000
 
 
2,442,245
Warwick Capital CLO Ltd., Series 2025-6A, Class D2, 8.41%, 07/20/2038(a)
 
 
2,000,000
 
 
1,969,268
Willow Tree CLO LLC, Series 2024-1A, Class D, 8.55% (3 mo. Term SOFR + 4.80%), 10/17/2034(a)
 
 
3,250,000
 
 
3,254,309
TOTAL COLLATERALIZED LOAN OBLIGATIONS
(Cost $242,870,107)
 
 
 
 
242,577,743
COMMERCIAL MORTGAGE-BACKED SECURITIES — 3.7%
 
 
 
 
ACREC LLC, Series 2026-FL5, Class AS, 5.10% (1 mo. Term SOFR + 1.50%), 07/18/2043(a)
 
 
1,000,000
 
 
1,003,169
ALA Trust
 
 
 
 
Series 2025-OANA, Class C, 5.77% (1 mo. Term SOFR + 2.09%), 06/15/2040(a)
 
 
1,700,000
 
 
1,709,761
Series 2025-OANA, Class D, 6.77% (1 mo. Term SOFR + 3.09%), 06/15/2040(a)
 
 
1,300,000
 
 
1,313,845
ARES Commercial Mortgage Trust
 
 
 
 
Series 2024-IND, Class D, 6.57% (1 mo. Term SOFR + 2.89%), 07/15/2041(a)
 
 
4,500,000
 
 
4,519,769
Series 2024-IND, Class E, 7.61% (1 mo. Term SOFR + 3.94%), 07/15/2041(a)
 
 
4,500,000
 
 
4,518,239
ARZ Trust, Series 2024-BILT, Class D, 7.00%, 06/11/2039(a)
 
 
850,000
 
 
861,398
Bank, Series 2025-BNK51, Class D, 4.00%, 12/25/2067(a)
 
 
2,000,000
 
 
1,436,374
BX Trust
 
 
 
 
Series 2024-AIRC, Class C, 6.27% (1 mo. Term SOFR + 2.59%), 08/15/2041(a)
 
 
1,446,267
 
 
1,455,954
Series 2024-BIO, Class C, 6.32% (1 mo. Term SOFR + 2.64%), 02/15/2041(a)
 
 
4,800,000
 
 
4,795,675
Series 2024-BIO, Class D, 7.32% (1 mo. Term SOFR + 3.64%), 02/15/2041(a)
 
 
3,300,000
 
 
3,285,906
Series 2024-PALM, Class D, 6.32% (1 mo. Term SOFR + 2.64%), 06/15/2037(a)
 
 
985,288
 
 
988,791
Series 2024-VLT4, Class E, 6.57% (1 mo. Term SOFR + 2.89%), 06/15/2041(a)
 
 
287,850
 
 
285,976
Series 2024-VLT4, Class F, 7.61% (1 mo. Term SOFR + 3.94%), 06/15/2041(a)
 
 
4,317,750
 
 
4,298,765
Series 2025-BIO3, Class D, 6.96%, 02/10/2042(a)(b)
 
 
1,750,000
 
 
1,727,436
Series 2025-VLT7, Class D, 6.93% (1 mo. Term SOFR + 3.25%), 07/15/2044(a)
 
 
3,700,000
 
 
3,709,220
Series 2025-VOLT, Class C, 6.03% (1 mo. Term SOFR + 2.35%), 12/15/2044(a)
 
 
3,500,000
 
 
3,506,006
Commercial Mortgage Pass Through Certificates, Series 2024-WCL1, Class C, 6.57% (1 mo. Term SOFR + 2.89%), 06/15/2041(a)
 
 
5,500,000
 
 
5,533,979
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
30
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — (Continued)
DBSG Mortgage Trust, Series 2024-ALTA, Class D, 7.06%, 06/10/2037(a)(b)
 
 
$1,600,000
 
 
$1,606,851
DC Commercial Mortgage Trust
 
 
 
 
Series 2024-HLTN, Class C, 7.04%, 04/13/2040(a)(b)
 
 
1,200,000
 
 
1,197,175
Series 2024-HLTN, Class D, 7.71%, 04/13/2040(a)(b)
 
 
1,200,000
 
 
1,198,903
Extended Stay America Trust
 
 
 
 
Series 2025-ESH, Class D, 6.28% (1 mo. Term SOFR + 2.60%), 10/15/2042(a)
 
 
963,133
 
 
976,339
Series 2025-ESH, Class E, 7.03% (1 mo. Term SOFR + 3.35%), 10/15/2042(a)
 
 
2,600,460
 
 
2,632,935
GS Mortgage Securities Corp., Series 2018-TWR, Class G, 7.90% (1 mo. Term SOFR + 4.22%), 07/15/2031(a)(k)
 
 
500,000
 
 
13,085
HILT Commercial Mortgage Trust
 
 
 
 
Series 2024-ORL, Class C, 6.12% (1 mo. Term SOFR + 2.44%), 05/15/2037(a)
 
 
800,000
 
 
802,824
Series 2024-ORL, Class D, 6.87% (1 mo. Term SOFR + 3.19%), 05/15/2037(a)
 
 
800,000
 
 
805,466
HTL Commercial Mortgage Trust
 
 
 
 
Series 2024-T53, Class D, 8.20%, 05/10/2039(a)(b)
 
 
700,000
 
 
708,328
Series 2024-T53, Class F, 11.93%, 05/10/2039(a)(b)
 
 
400,000
 
 
406,469
ICNQ Mortgage Trust, Series 2024-MF, Class E, 6.35%, 12/10/2034(a)(b)
 
 
3,250,000
 
 
3,221,887
INCREF LLC, Series 2026-FL3, Class A, 5.07% (1 mo. Term SOFR + 1.40%), 01/19/2044(a)
 
 
1,000,000
 
 
1,003,533
IP Mortgage Trust, Series 2025-IP, Class E, 6.85%, 06/10/2042(a)(b)
 
 
750,000
 
 
745,641
Jackson Park Trust, Series 2019-LIC, Class E, 3.24%, 10/14/2039(a)(b)
 
 
5,000,000
 
 
4,409,550
JP Morgan Chase Commercial Mortgage Securities, Series 2018-PTC, Class A, 5.17% (1 mo. Term SOFR + 1.50%), 04/15/2031(a)(k)
 
 
3,500,000
 
 
1,565,952
LONG Trust, Series 2026-ISL, Class C, 6.33% (1 mo. Term SOFR + 2.65%), 06/15/2043(a)
 
 
1,000,000
 
 
1,002,493
Morgan Stanley, Series 2024-BPR2, Class A, 7.29%, 05/05/2029(a)
 
 
2,578,454
 
 
2,645,955
Morgan Stanley Capital I, Inc., Series 2014-150E, Class A, 3.91%, 09/09/2032(a)
 
 
3,040,000
 
 
2,864,197
NYC Commercial Mortgage Trust
 
 
 
 
Series 2025-28L, Class C, 5.44%, 11/05/2038(a)(b)
 
 
1,600,000
 
 
1,591,048
Series 2025-28L, Class D, 6.21%, 11/05/2038(a)(b)
 
 
1,600,000
 
 
1,592,762
TX Trust, Series 2024-HOU, Class D, 6.92% (1 mo. Term SOFR + 3.24%), 06/15/2039(a)
 
 
500,000
 
 
501,101
Wells Fargo Commercial Mortgage Trust, Series 2025-VTT, Class E, 6.91%, 03/15/2038(a)(b)
 
 
5,200,000
 
 
5,211,237
WFLD Mortgage Trust, Series 2014-MONT, Class A, 3.75%, 08/10/2031(a)(b)
 
 
1,541,468
 
 
1,498,478
X-Caliber Funding LLC
 
 
 
 
11.00%, 09/01/2026(a)(k)
 
 
3,500,000
 
 
3,248,620
5.00%, 09/01/2026(a)(k)
 
 
300,000
 
 
283,770
11.42% (1 mo. Term SOFR + 7.75%), 09/15/2026(a)
 
 
628,203
 
 
625,375
6.42% (1 mo. Term SOFR + 2.75%), 09/15/2026(a)
 
 
3,350,418
 
 
3,341,613
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
31
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — (Continued)
7.00%, 10/01/2027(a)(k)
 
 
$3,621,300
 
 
$910,963
11.46% (1 mo. LIBOR US + 6.50%), 11/15/2027(a)(f)(k)
 
 
1,628,000
 
 
163
Series 2019-1, Class B1, 19.40% (1 mo. Term SOFR + 15.75%), 11/06/2026(a)
 
 
5,129,931
 
 
518
Series 2021-10, Class B1, 11.77% (1 mo. Term SOFR + 8.12%), 04/06/2027(a)
 
 
2,000,000
 
 
2,019,080
Series 2021-9, Class B1, 11.77% (1 mo. Term SOFR + 8.12%), 10/06/2026(a)(k)
 
 
1,215,000
 
 
87
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $106,248,443)
 
 
 
 
93,582,661
COMMERCIAL MORTGAGE-BACKED SECURITIES - U.S. GOVERNMENT AGENCY — 3.3%
 
 
 
 
Connecticut Avenue Securities Trust
 
 
 
 
Series 2019-01, Class B10, 9.23% (30 day avg SOFR US + 5.61%), 10/25/2049(a)
 
 
1,500,000
 
 
1,521,067
Series 2019-01, Class CE, 12.48% (30 day avg SOFR US + 8.86%), 10/25/2049(a)
 
 
2,000,000
 
 
2,026,308
Series 2020-01, Class CE, 11.23% (30 day avg SOFR US + 7.61%), 03/25/2050(a)
 
 
8,000,000
 
 
8,247,904
Federal Home Loan Mortgage Corp.
 
 
 
 
Series 2017-KF41, Class B, 6.25% (30 day avg SOFR US + 2.61%), 11/25/2026(a)
 
 
600,479
 
 
566,318
Series 2019-KF64, Class B, 6.05% (30 day avg SOFR US + 2.41%), 06/25/2027(a)
 
 
2,487,563
 
 
2,498,511
Series K-165, Class A2, 4.49%, 09/25/2034
 
 
14,498,000
 
 
14,030,367
Series K-170, Class A2, 5.00%, 02/25/2035(b)
 
 
10,700,000
 
 
10,735,759
Series K-171, Class A2, 4.40%, 06/25/2035(b)
 
 
1,750,000
 
 
1,677,258
Series KF169, Class AS, 4.19% (30 day avg SOFR US + 0.56%), 11/25/2035
 
 
10,000,000
 
 
10,012,480
Series KF170, Class AS, 4.19% (30 day avg SOFR US + 0.56%), 11/25/2035
 
 
9,999,602
 
 
10,012,082
Series KF171, Class AS, 4.19% (30 day avg SOFR US + 0.56%), 03/25/2036
 
 
10,000,000
 
 
10,000,150
Series KF172, Class AS, 4.19% (30 day avg SOFR US + 0.56%), 04/25/2036
 
 
10,000,000
 
 
10,012,480
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES - U.S. GOVERNMENT AGENCY
(Cost $81,762,086)
 
 
 
 
81,340,684
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
32
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL WHOLE LOANS — 2.7%
 
 
 
 
Agency High Balance Residential Mortgages — 0.1%
 
 
 
 
7.00%, 04/26/2037
 
 
$166,070
 
 
$165,345
6.88%, 05/03/2037
 
 
571,457
 
 
567,160
6.88%, 05/24/2037
 
 
250,460
 
 
250,514
7.75%, 08/24/2037
 
 
207,643
 
 
210,423
5.13%, 05/24/2048
 
 
451,319
 
 
427,796
 
 
​
 
 
​1,621,238
Closed-End Second Lien Mortgages — 0.3%
 
 
 
 
Helios Loan Funding Trust
 
 
 
 
30037810, Spring EQ, 7.90%, 03/01/2039
 
 
52,776
 
 
55,587
30387297, Spring EQ, 10.10%, 05/01/2037
 
 
21,552
 
 
22,700
30425117, Spring EQ, 2.75%, 01/01/2050
 
 
46,869
 
 
49,365
30606300, Spring EQ, 3.00%, 03/01/2037
 
 
29,213
 
 
30,769
30618728, Spring EQ, 4.31%, 12/01/2048
 
 
85,851
 
 
90,424
31392676, Spring EQ, 3.00%, 08/01/2059
 
 
237,611
 
 
250,265
31401335, Spring EQ, 6.15%, 03/01/2052
 
 
65,971
 
 
69,484
31544200, Spring EQ, 10.25%, 07/01/2039
 
 
23,685
 
 
24,946
31708065, Spring EQ, 9.90%, 03/01/2042
 
 
67,333
 
 
70,918
31782916, Spring EQ, 4.00%, 07/01/2049
 
 
103,910
 
 
109,444
31785137, Spring EQ, 9.70%, 03/01/2042
 
 
50,270
 
 
52,948
31861658, Spring EQ, 8.55%, 05/01/2052
 
 
80,967
 
 
85,279
32081227, Spring EQ, 8.70%, 11/01/2048
 
 
28,133
 
 
29,632
32088986, Spring EQ, 7.30%, 11/01/2051
 
 
58,883
 
 
62,019
32097229, Spring EQ, 7.40%, 05/01/2052
 
 
50,351
 
 
53,033
32112612, Spring EQ, 8.25%, 05/01/2052
 
 
49,557
 
 
52,196
32210862, Spring EQ, 7.10%, 04/01/2050
 
 
53,274
 
 
56,111
32267260, Spring EQ, 10.20%, 03/01/2052
 
 
48,686
 
 
51,279
32415551, Spring EQ, 8.15%, 06/01/2052
 
 
353,638
 
 
372,471
32533660, Spring EQ, 9.40%, 10/01/2041
 
 
19,227
 
 
20,251
32979507, Spring EQ, 10.80%, 07/01/2039
 
 
13,051
 
 
13,746
33047076, Spring EQ, 8.49%, 02/01/2050
 
 
64,685
 
 
68,130
33095956, Spring EQ, 7.35%, 05/01/2052
 
 
44,953
 
 
47,347
33151441, Spring EQ, 10.00%, 06/01/2052
 
 
156,817
 
 
165,168
33233784, Spring EQ, 7.90%, 10/01/2051
 
 
49,308
 
 
51,934
33365844, Spring EQ, 7.20%, 05/01/2042
 
 
69,703
 
 
73,415
33463327, Spring EQ, 6.40%, 10/01/2049
 
 
36,276
 
 
38,208
33463811, Spring EQ, 5.90%, 12/01/2051
 
 
48,277
 
 
50,848
33531295, Spring EQ, 6.55%, 04/01/2042
 
 
156,370
 
 
164,697
33580224, Spring EQ, 10.34%, 03/01/2039
 
 
57,480
 
 
60,541
33612734, Spring EQ, 6.25%, 03/01/2052
 
 
42,513
 
 
44,777
33776160, Spring EQ, 5.80%, 04/01/2051
 
 
100,988
 
 
106,366
33781347, Spring EQ, 9.20%, 06/01/2052
 
 
117,338
 
 
123,587
33913588, Spring EQ, 8.20%, 03/01/2052
 
 
38,434
 
 
40,481
33969894, Spring EQ, 11.20%, 04/01/2052
 
 
58,507
 
 
61,623
34224375, Spring EQ, 5.55%, 03/01/2042
 
 
168,598
 
 
177,577
34280881, Spring EQ, 7.45%, 02/01/2052
 
 
38,166
 
 
40,199
34351657, Spring EQ, 6.20%, 07/01/2049
 
 
39,029
 
 
41,108
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
33
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL WHOLE LOANS — (Continued)
Closed-End Second Lien Mortgages — (Continued)
34412343, Spring EQ, 7.71%, 2/1/2051
 
 
$13,224
 
 
$13,929
34431411, Spring EQ, 6.45%, 10/01/2041
 
 
55,715
 
 
58,682
34499177, Spring EQ, 5.99%, 02/01/2062
 
 
31,993
 
 
33,696
34632673, Spring EQ, 7.00%, 07/01/2037
 
 
207,405
 
 
218,451
34675347, Spring EQ, 5.65%, 08/01/2051
 
 
52,542
 
 
55,340
34757686, Spring EQ, 7.90%, 09/01/2048
 
 
44,631
 
 
47,007
34907024, Spring EQ, 3.00%, 09/01/2039
 
 
17,330
 
 
18,253
34924918, Spring EQ, 6.60%, 11/01/2041
 
 
68,267
 
 
71,902
34976528, Spring EQ, 5.35%, 09/01/2051
 
 
231,415
 
 
243,739
35044048, Spring EQ, 2.75%, 03/01/2041
 
 
61,210
 
 
64,470
35152256, Spring EQ, 8.95%, 10/01/2051
 
 
71,462
 
 
75,267
35213282, Spring EQ, 8.50%, 06/01/2031
 
 
15,108
 
 
15,912
35397965, Spring EQ, 9.20%, 06/01/2052
 
 
96,990
 
 
102,155
35475973, Spring EQ, 5.60%, 04/01/2051
 
 
59,608
 
 
62,782
35587065, Spring EQ, 9.14%, 12/01/2033
 
 
44,061
 
 
46,408
35621609, Spring EQ, 7.00%, 10/01/2051
 
 
37,790
 
 
39,803
35760731, Spring EQ, 8.10%, 08/01/2051
 
 
108,464
 
 
114,240
35765044, Spring EQ, 5.55%, 04/01/2032
 
 
27,985
 
 
29,475
35771704, Spring EQ, 8.15%, 12/01/2033
 
 
17,489
 
 
18,420
35931159, Spring EQ, 6.50%, 05/01/2049
 
 
38,278
 
 
40,316
35985979, Spring EQ, 6.45%, 05/01/2052
 
 
97,144
 
 
102,318
36010588, Spring EQ, 8.50%, 07/01/2052
 
 
57,981
 
 
61,068
36019757, Spring EQ, 2.99%, 09/01/2045
 
 
58,002
 
 
61,090
36093947, Spring EQ, 9.90%, 10/01/2039
 
 
46,987
 
 
49,489
36502116, Spring EQ, 10.00%, 06/01/2052
 
 
52,820
 
 
55,633
36671910, Spring EQ, 6.85%, 01/01/2042
 
 
41,063
 
 
43,250
36753296, Spring EQ, 2.88%, 03/01/2049
 
 
159,344
 
 
167,830
36895499, Spring EQ, 6.50%, 06/01/2053
 
 
68,845
 
 
72,511
36941275, Spring EQ, 8.00%, 10/01/2051
 
 
126,749
 
 
133,499
37018993, Spring EQ, 7.99%, 04/01/2044
 
 
50,693
 
 
53,393
37062871, Spring EQ, 7.34%, 05/01/2044
 
 
61,250
 
 
64,512
37174654, Spring EQ, 9.35%, 11/01/2039
 
 
20,648
 
 
21,748
37337513, Spring EQ, 8.25%, 05/01/2052
 
 
177,655
 
 
187,116
37348460, Spring EQ, 8.10%, 06/01/2052
 
 
183,427
 
 
193,195
37356128, Spring EQ, 4.90%, 10/01/2039
 
 
26,177
 
 
27,571
37449018, Spring EQ, 8.90%, 02/01/2042
 
 
72,788
 
 
76,665
37452657, Spring EQ, 8.19%, 12/01/2038
 
 
48,135
 
 
50,698
37470071, Spring EQ, 9.50%, 10/01/2049
 
 
40,020
 
 
42,151
37551807, Spring EQ, 8.70%, 10/01/2049
 
 
102,593
 
 
108,057
38220671, Spring EQ, 7.30%, 05/01/2042
 
 
99,473
 
 
104,771
38515156, Spring EQ, 8.64%, 04/01/2049
 
 
72,559
 
 
76,423
38557507, Spring EQ, 10.40%, 02/01/2039
 
 
29,681
 
 
31,262
38576201, Spring EQ, 10.72%, 06/01/2060
 
 
24,410
 
 
25,710
38615352, Spring EQ, 8.05%, 12/01/2041
 
 
27,483
 
 
28,946
38681259, Spring EQ, 6.41%, 07/01/2057
 
 
91,341
 
 
96,205
38811479, Spring EQ, 5.70%, 08/01/2041
 
 
29,632
 
 
31,210
38837557, Spring EQ, 8.85%, 03/01/2042
 
 
49,826
 
 
52,479
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
34
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL WHOLE LOANS — (Continued)
Closed-End Second Lien Mortgages — (Continued)
38905745, Spring EQ, 10.50%, 01/01/2034
 
 
$27,668
 
 
$29,142
38963256, Spring EQ, 10.80%, 05/01/2052
 
 
170,270
 
 
179,338
39011368, Spring EQ, 2.80%, 04/01/2049
 
 
92,536
 
 
97,464
39164138, Spring EQ, 5.20%, 05/01/2051
 
 
201,567
 
 
212,301
39172965, Spring EQ, 9.50%, 06/01/2037
 
 
55,385
 
 
58,334
39184094, Spring EQ, 7.30%, 09/01/2051
 
 
40,570
 
 
42,731
39307973, Spring EQ, 3.00%, 12/01/2036
 
 
64,483
 
 
67,917
39495306, Spring EQ, 9.40%, 05/01/2052
 
 
68,216
 
 
71,849
39553577, Spring EQ, 7.20%, 08/01/2036
 
 
90,444
 
 
95,260
39586955, Spring EQ, 8.30%, 10/01/2051
 
 
57,585
 
 
60,652
39841131, Spring EQ, 3.35%, 04/01/2050
 
 
293,847
 
 
309,496
 
 
 
 
7,592,404
Home Equity Lines of Credit — 2.3%
Helios Loan Funding Trust
 
 
 
 
30041410, Homebridge, 8.99%, (Prime Rate + 2.24%),
06/02/2056
 
 
121,000
 
 
127,444
30056427, Homebridge, 10.60%, (Prime Rate + 3.85%),
01/24/2055
 
 
93,391
 
 
98,365
30102871, Homebridge, 10.50%, (Prime Rate + 3.75%),
05/01/2054
 
 
53,400
 
 
56,244
30107765, Homebridge, 12.14%, (Prime Rate + 5.39%),
06/09/2056
 
 
61,505
 
 
64,780
30111971, Homebridge, 10.50%, (Prime Rate + 3.75%),
04/24/2054
 
 
73,479
 
 
77,392
30116413, Homebridge, 8.85%, (Prime Rate + 2.10%),
02/01/2055
 
 
59,956
 
 
63,149
30118992, Homebridge, 11.47%, (Prime Rate + 4.72%),
02/19/2055
 
 
102,200
 
 
107,643
30126655, Homebridge, 8.85%, (Prime Rate + 2.10%),
01/31/2055
 
 
170,500
 
 
179,580
30132344, Homebridge, 11.22%, (Prime Rate + 3.72%),
02/14/2055
 
 
350,000
 
 
368,639
30147583, Spring EQ, 9.28%, (Prime Rate + 2.53%),
01/22/2052
 
 
48,231
 
 
50,800
30176736, Homebridge, 10.10%, (Prime Rate + 3.35%),
01/29/2055
 
 
125,000
 
 
131,657
30203681, Homebridge, 12.60%, (Prime Rate + 5.10%),
01/28/2055
 
 
126,745
 
 
133,495
30218263, Homebridge, 8.85%, (Prime Rate + 2.10%),
02/20/2055
 
 
52,457
 
 
55,251
30235687, Homebridge, 8.85%, (Prime Rate + 2.10%),
02/04/2055
 
 
100,000
 
 
105,326
30247423, Homebridge, 9.99%, (Prime Rate + 3.24%),
05/22/2054
 
 
10,000
 
 
10,533
30260715, Homebridge, 9.14%, (Prime Rate + 2.39%),
06/04/2056
 
 
93,500
 
 
98,479
30262448, Homebridge, 9.74%, (Prime Rate + 2.99%),
05/09/2055
 
 
47,847
 
 
50,395
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
35
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL WHOLE LOANS — (Continued)
Home Equity Lines of Credit — (Continued)
30290497, Homebridge, 9.16%, (Prime Rate + 2.41%),
11/09/2055
 
 
$250,000
 
 
$263,314
30305381, Homebridge, 10.75%, (Prime Rate + 4.00%),
05/22/2054
 
 
24,475
 
 
25,778
30319571, Homebridge, 10.34%, (Prime Rate + 3.59%),
06/05/2056
 
 
357,545
 
 
376,586
30334179, Homebridge, 10.60%, (Prime Rate + 3.85%),
02/15/2055
 
 
125,000
 
 
131,657
30337605, Homebridge, 13.24%, (Prime Rate + 6.49%),
05/04/2054
 
 
59,500
 
 
62,669
30342275, Spring EQ, 11.88%, (Prime Rate + 5.12%),
08/17/2051
 
 
77,509
 
 
81,636
30350836, Homebridge, 8.34%, (Prime Rate + 1.59%),
06/08/2056
 
 
25,000
 
 
26,331
30360182, Homebridge, 9.35%, (Prime Rate + 2.60%),
02/11/2055
 
 
199,043
 
 
209,643
30368899, Homebridge, 8.94%, (Prime Rate + 2.19%),
11/22/2055
 
 
151,000
 
 
159,042
30376927, Homebridge, 9.85%, (Prime Rate + 3.10%),
02/27/2055
 
 
70,000
 
 
73,728
30409360, Homebridge, 9.97%, (Prime Rate + 3.22%),
01/09/2055
 
 
30,802
 
 
32,442
30427112, Homebridge, 9.60%, (Prime Rate + 2.85%),
01/31/2055
 
 
391,309
 
 
412,149
30447144, Homebridge, 10.47%, (Prime Rate + 3.72%),
02/03/2055
 
 
85,186
 
 
89,723
30513522, Homebridge, 10.00%, (Prime Rate + 3.25%),
05/20/2054
 
 
11,535
 
 
12,149
30546324, Homebridge, 9.97%, (Prime Rate + 3.22%),
01/30/2055
 
 
21,355
 
 
22,492
30548462, Homebridge, 11.54%, (Prime Rate + 4.79%),
06/04/2056
 
 
30,000
 
 
31,598
30558001, Homebridge, 10.00%, (Prime Rate + 3.25%),
05/13/2054
 
 
27,395
 
 
28,853
30582382, Homebridge, 10.19%, (Prime Rate + 3.44%),
06/12/2056
 
 
51,000
 
 
53,716
30589930, Homebridge, 9.50%, (Prime Rate + 2.75%),
05/14/2054
 
 
40,000
 
 
42,130
30608554, Homebridge, 12.91%, (Prime Rate + 6.16%),
11/05/2055
 
 
59,600
 
 
62,774
30625605, Homebridge, 10.37%, (Prime Rate + 3.62%),
05/12/2055
 
 
97,000
 
 
102,166
30636351, Homebridge, 10.85%, (Prime Rate + 4.10%),
01/28/2055
 
 
120,452
 
 
126,867
30644225, Homebridge, 11.47%, (Prime Rate + 4.72%),
02/07/2055
 
 
83,733
 
 
88,192
30647613, Homebridge, 10.63%, (Prime Rate + 3.88%),
05/08/2054
 
 
78,478
 
 
82,657
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
36
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL WHOLE LOANS — (Continued)
Home Equity Lines of Credit — (Continued)
30651113, Homebridge, 10.10%, (Prime Rate + 3.35%),
02/24/2040
 
 
$40,276
 
 
$42,421
30674701, Homebridge, 8.79%, (Prime Rate + 2.04%),
11/07/2055
 
 
496,036
 
 
522,452
30684018, Homebridge, 9.75%, (Prime Rate + 3.00%),
06/05/2056
 
 
249,899
 
 
263,207
30688214, Homebridge, 9.24%, (Prime Rate + 2.49%),
05/22/2054
 
 
138,915
 
 
146,313
30696339, Homebridge, 9.47%, (Prime Rate + 2.72%),
01/30/2055
 
 
29,074
 
 
30,622
30707175, Homebridge, 9.60%, (Prime Rate + 2.85%),
02/01/2055
 
 
59,904
 
 
63,094
30719239, Homebridge, 8.74%, (Prime Rate + 1.99%),
06/08/2056
 
 
120,000
 
 
126,391
30721353, Homebridge, 9.97%, (Prime Rate + 3.22%),
02/13/2055
 
 
92,200
 
 
97,110
30731314, Homebridge, 9.97%, (Prime Rate + 3.22%),
02/18/2055
 
 
63,746
 
 
67,141
30755129, Homebridge, 9.97%, (Prime Rate + 3.22%),
02/26/2055
 
 
110,724
 
 
116,620
30770325, Homebridge, 11.44%, (Prime Rate + 4.69%),
06/01/2056
 
 
101,473
 
 
106,877
30782230, Homebridge, 9.50%, (Prime Rate + 2.75%),
06/09/2056
 
 
88,973
 
 
93,711
30790848, Homebridge, 9.22%, (Prime Rate + 2.47%),
11/11/2055
 
 
104,604
 
 
110,175
30804978, Homebridge, 10.69%, (Prime Rate + 3.94%),
06/06/2056
 
 
60,000
 
 
63,195
30813219, Homebridge, 9.97%, (Prime Rate + 3.22%),
03/03/2055
 
 
84,642
 
 
89,149
30815549, Homebridge, 9.30%, (Prime Rate + 2.55%),
11/20/2055
 
 
85,816
 
 
90,386
30820092, Homebridge, 9.74%, (Prime Rate + 2.99%),
05/10/2054
 
 
39,824
 
 
41,945
30826760, Homebridge, 10.47%, (Prime Rate + 3.72%),
01/31/2055
 
 
106,200
 
 
111,856
30844549, Homebridge, 9.60%, (Prime Rate + 2.85%),
02/04/2055
 
 
40,000
 
 
42,130
30844954, Homebridge, 10.47%, (Prime Rate + 3.72%),
03/14/2055
 
 
91,906
 
 
96,800
30857787, Homebridge, 10.10%, (Prime Rate + 3.35%),
02/12/2055
 
 
150,000
 
 
157,988
30874420, Homebridge, 13.60%, (Prime Rate + 6.85%),
03/11/2055
 
 
45,000
 
 
47,396
30896991, Homebridge, 8.09%, (Prime Rate + 1.34%),
06/04/2056
 
 
100,000
 
 
105,326
30914855, Homebridge, 9.86%, (Prime Rate + 3.11%),
06/05/2056
 
 
114,400
 
 
120,492
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
37
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL WHOLE LOANS — (Continued)
Home Equity Lines of Credit — (Continued)
30919725, Homebridge, 10.47%, (Prime Rate + 3.72%),
02/11/2055
 
 
$67,000
 
 
$70,568
30926856, Homebridge, 11.22%, (Prime Rate + 4.47%),
02/22/2055
 
 
39,117
 
 
41,200
30933239, Homebridge, 11.00%, (Prime Rate + 4.25%),
05/16/2054
 
 
36,575
 
 
38,523
30942348, Homebridge, 9.14%, (Prime Rate + 2.39%),
06/05/2056
 
 
13,000
 
 
13,692
30957474, Homebridge, 9.39%, (Prime Rate + 2.64%),
06/08/2056
 
 
470,000
 
 
495,030
30973143, Homebridge, 10.59%, (Prime Rate + 3.84%),
06/10/2056
 
 
199,873
 
 
210,517
31004606, Homebridge, 9.97%, (Prime Rate + 3.22%),
02/12/2055
 
 
54,427
 
 
57,325
31024476, Homebridge, 11.47%, (Prime Rate + 4.72%),
03/04/2055
 
 
89,018
 
 
93,759
31025841, Homebridge, 10.85%, (Prime Rate + 4.10%),
03/10/2055
 
 
90,000
 
 
94,793
31046314, Homebridge, 9.85%, (Prime Rate + 3.10%),
01/29/2055
 
 
120,000
 
 
126,391
31055299, Homebridge, 10.10%, (Prime Rate + 3.35%),
02/06/2055
 
 
55,000
 
 
57,929
31060306, Homebridge, 10.10%, (Prime Rate + 3.35%),
02/07/2055
 
 
59,322
 
 
62,481
31075324, Homebridge, 9.97%, (Prime Rate + 3.22%),
02/03/2055
 
 
261,000
 
 
274,900
31076651, Homebridge, 10.60%, (Prime Rate + 3.85%),
03/06/2055
 
 
83,035
 
 
87,457
31172704, Homebridge, 10.60%, (Prime Rate + 3.85%),
01/29/2055
 
 
65,000
 
 
68,462
31194558, Homebridge, 9.60%, (Prime Rate + 2.85%),
01/14/2055
 
 
66,000
 
 
69,515
31230749, Homebridge, 9.39%, (Prime Rate + 2.64%),
06/08/2056
 
 
70,000
 
 
73,728
31260743, Homebridge, 10.47%, (Prime Rate + 3.72%),
02/06/2055
 
 
75,000
 
 
78,994
31260885, Homebridge, 9.24%, (Prime Rate + 2.49%),
05/20/2054
 
 
20,032
 
 
21,098
31270979, Homebridge, 9.72%, (Prime Rate + 2.97%),
03/07/2055
 
 
75,660
 
 
79,689
31284989, Homebridge, 11.47%, (Prime Rate + 4.72%),
03/03/2055
 
 
112,000
 
 
117,965
31300066, Homebridge, 10.10%, (Prime Rate + 3.35%),
06/04/2056
 
 
230,000
 
 
242,249
31339796, Homebridge, 11.85%, (Prime Rate + 5.10%),
01/29/2055
 
 
102,837
 
 
108,314
31351136, Homebridge, 9.14%, (Prime Rate + 2.39%),
06/08/2056
 
 
375,000
 
 
394,971
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
38
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL WHOLE LOANS — (Continued)
Home Equity Lines of Credit — (Continued)
31362453, Homebridge, 10.54%, (Prime Rate + 3.79%),
11/24/2055
 
 
$99,400
 
 
$104,694
31363667, Homebridge, 8.85%, (Prime Rate + 2.10%),
02/07/2055
 
 
10,158
 
 
10,699
31376734, Homebridge, 10.44%, (Prime Rate + 3.69%),
06/08/2056
 
 
115,000
 
 
121,124
31382047, Homebridge, 9.97%, (Prime Rate + 3.22%),
11/11/2055
 
 
98,042
 
 
103,263
31389231, Homebridge, 8.85%, (Prime Rate + 2.10%),
01/28/2055
 
 
41,838
 
 
44,066
31407340, Homebridge, 10.85%, (Prime Rate + 4.10%),
01/30/2055
 
 
150,000
 
 
157,988
31419422, Homebridge, 11.65%, (Prime Rate + 4.90%),
05/10/2054
 
 
25,000
 
 
26,331
31435184, Homebridge, 9.97%, (Prime Rate + 3.22%),
11/21/2055
 
 
87,377
 
 
92,030
31475835, Homebridge, 9.72%, (Prime Rate + 2.97%),
02/06/2055
 
 
43,751
 
 
46,081
31507902, Homebridge, 9.97%, (Prime Rate + 3.22%),
05/12/2055
 
 
180,000
 
 
189,586
31518214, Homebridge, 9.75%, (Prime Rate + 3.00%),
05/01/2054
 
 
81,511
 
 
85,851
31526057, Homebridge, 9.24%, (Prime Rate + 2.49%),
05/01/2054
 
 
7,688
 
 
8,098
31602920, Homebridge, 11.13%, (Prime Rate + 4.38%),
05/24/2054
 
 
120,818
 
 
127,252
31625136, Homebridge, 10.25%, (Prime Rate + 3.50%),
05/20/2054
 
 
82,200
 
 
86,578
31634826, Homebridge, 10.47%, (Prime Rate + 3.72%),
01/31/2055
 
 
83,970
 
 
88,442
31674867, Homebridge, 11.79%, (Prime Rate + 5.04%),
06/04/2056
 
 
500,000
 
 
526,628
31686311, Homebridge, 10.25%, (Prime Rate + 3.50%),
05/20/2054
 
 
59,988
 
 
63,182
31704624, Homebridge, 9.97%, (Prime Rate + 3.22%),
11/06/2055
 
 
69,648
 
 
73,357
31710969, Homebridge, 10.47%, (Prime Rate + 3.72%),
01/21/2055
 
 
66,801
 
 
70,359
31724406, Homebridge, 9.14%, (Prime Rate + 2.39%),
06/05/2056
 
 
40,000
 
 
42,130
31738992, Homebridge, 13.25%, (Prime Rate + 6.50%),
05/08/2054
 
 
88,866
 
 
93,598
31817411, Homebridge, 13.85%, (Prime Rate + 7.10%),
03/12/2055
 
 
30,000
 
 
31,598
31822032, Spring EQ, 9.44%, (Prime Rate + 2.69%),
04/01/2052
 
 
98,309
 
 
103,544
31848007, Homebridge, 10.97%, (Prime Rate + 4.22%),
01/27/2055
 
 
161,693
 
 
170,304
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
39
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL WHOLE LOANS — (Continued)
Home Equity Lines of Credit — (Continued)
31945778, Homebridge, 11.44%, (Prime Rate + 4.69%),
06/03/2056
 
 
$80,124
 
 
$84,391
31951296, Homebridge, 10.00%, (Prime Rate + 3.25%),
05/24/2054
 
 
69,760
 
 
73,475
31965940, Homebridge, 10.08%, (Prime Rate + 3.33%),
11/05/2055
 
 
73,900
 
 
77,836
31968967, Homebridge, 12.91%, (Prime Rate + 6.16%),
11/05/2055
 
 
25,000
 
 
26,331
31977074, Homebridge, 10.22%, (Prime Rate + 3.47%),
01/23/2055
 
 
60,000
 
 
63,195
31989835, Homebridge, 9.72%, (Prime Rate + 2.97%),
02/03/2055
 
 
110,000
 
 
115,858
31995260, Homebridge, 8.85%, (Prime Rate + 2.10%),
11/11/2055
 
 
181,794
 
 
191,475
31995781, Homebridge, 9.39%, (Prime Rate + 2.64%),
06/08/2056
 
 
50,000
 
 
52,663
32028567, Homebridge, 9.85%, (Prime Rate + 3.10%),
02/12/2055
 
 
25,902
 
 
27,281
32070760, Homebridge, 10.35%, (Prime Rate + 3.60%),
02/05/2055
 
 
100,000
 
 
105,326
32071559, Homebridge, 11.14%, (Prime Rate + 4.39%),
06/05/2056
 
 
137,687
 
 
145,020
32078266, Homebridge, 12.91%, (Prime Rate + 6.16%),
05/07/2055
 
 
163,664
 
 
172,380
32088100, Homebridge, 9.35%, (Prime Rate + 2.60%),
01/14/2055
 
 
110,000
 
 
115,858
32108438, Homebridge, 10.10%, (Prime Rate + 3.35%),
02/14/2055
 
 
180,000
 
 
189,586
32113126, Homebridge, 9.44%, (Prime Rate + 2.69%),
06/05/2056
 
 
55,000
 
 
57,929
32124171, Homebridge, 8.04%, (Prime Rate + 1.29%),
11/24/2055
 
 
67,759
 
 
71,367
32126205, Homebridge, 11.10%, (Prime Rate + 4.35%),
01/27/2055
 
 
87,800
 
 
92,476
32180426, Homebridge, 10.87%, (Prime Rate + 4.12%),
05/15/2055
 
 
37,500
 
 
39,497
32200567, Homebridge, 11.63%, (Prime Rate + 4.88%),
05/16/2054
 
 
39,100
 
 
41,182
32205709, Homebridge, 10.85%, (Prime Rate + 4.10%),
01/27/2055
 
 
254,567
 
 
268,124
32218552, Homebridge, 10.47%, (Prime Rate + 3.72%),
01/31/2055
 
 
80,000
 
 
84,260
32232603, Homebridge, 7.94%, (Prime Rate + 1.19%),
11/24/2055
 
 
100,000
 
 
105,326
32236698, Homebridge, 8.94%, (Prime Rate + 2.19%),
06/04/2056
 
 
112,500
 
 
118,491
32275638, Homebridge, 9.72%, (Prime Rate + 2.97%),
03/11/2040
 
 
100,000
 
 
105,326
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
40
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL WHOLE LOANS — (Continued)
Home Equity Lines of Credit — (Continued)
32278693, Homebridge, 9.14%, (Prime Rate + 2.39%),
06/03/2056
 
 
$315,000
 
 
$331,775
32291777, Homebridge, 10.60%, (Prime Rate + 3.85%),
03/18/2055
 
 
87,357
 
 
92,009
32292583, Homebridge, 8.94%, (Prime Rate + 2.19%),
06/08/2056
 
 
192,000
 
 
202,225
32308357, Homebridge, 10.34%, (Prime Rate + 3.59%),
06/03/2056
 
 
467,047
 
 
491,920
32316782, Homebridge, 11.47%, (Prime Rate + 4.72%),
02/13/2055
 
 
45,226
 
 
47,634
32333877, Homebridge, 9.85%, (Prime Rate + 3.10%),
02/17/2055
 
 
70,000
 
 
73,728
32334644, Homebridge, 10.35%, (Prime Rate + 3.60%),
01/28/2055
 
 
35,000
 
 
36,864
32378907, Homebridge, 10.47%, (Prime Rate + 3.72%),
02/26/2055
 
 
267,000
 
 
281,219
32408362, Homebridge, 11.44%, (Prime Rate + 4.69%),
06/04/2056
 
 
150,000
 
 
157,988
32429097, Spring EQ, 7.99%, (Prime Rate + 1.24%),
02/07/2052
 
 
162,351
 
 
170,997
32438662, Homebridge, 9.97%, (Prime Rate + 3.22%),
01/14/2055
 
 
38,068
 
 
40,095
32449319, Homebridge, 8.85%, (Prime Rate + 2.10%),
02/03/2055
 
 
39,885
 
 
42,009
32461532, Homebridge, 10.50%, (Prime Rate + 3.75%),
05/01/2054
 
 
55,800
 
 
58,772
32463318, Homebridge, 10.13%, (Prime Rate + 3.38%),
05/01/2054
 
 
50,000
 
 
52,663
32469785, Homebridge, 9.39%, (Prime Rate + 2.64%),
06/04/2056
 
 
59,053
 
 
62,198
32502459, Homebridge, 10.84%, (Prime Rate + 4.09%),
06/11/2056
 
 
164,084
 
 
172,822
32524976, Homebridge, 11.22%, (Prime Rate + 4.47%),
03/12/2055
 
 
50,000
 
 
52,663
32529145, Homebridge, 11.54%, (Prime Rate + 4.79%),
06/03/2056
 
 
245,568
 
 
258,646
32557232, Homebridge, 10.10%, (Prime Rate + 3.35%),
01/30/2055
 
 
60,000
 
 
63,195
32599110, Homebridge, 8.94%, (Prime Rate + 2.19%),
06/05/2056
 
 
345,000
 
 
363,373
32599912, Homebridge, 9.60%, (Prime Rate + 2.85%),
02/06/2055
 
 
57,000
 
 
60,036
32607216, Homebridge, 10.24%, (Prime Rate + 3.49%),
05/01/2054
 
 
545
 
 
574
32615925, Homebridge, 9.35%, (Prime Rate + 2.60%),
02/10/2055
 
 
9,127
 
 
9,613
32632168, Homebridge, 9.72%, (Prime Rate + 2.97%),
01/29/2055
 
 
50,000
 
 
52,663
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
41
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL WHOLE LOANS — (Continued)
Home Equity Lines of Credit — (Continued)
32689374, Homebridge, 8.85%, (Prime Rate + 2.10%),
01/31/2055
 
 
$47,209
 
 
$49,723
32711832, Homebridge, 9.85%, (Prime Rate + 3.10%),
01/31/2055
 
 
25,000
 
 
26,331
32725938, Homebridge, 9.72%, (Prime Rate + 2.97%),
02/17/2055
 
 
83,570
 
 
88,021
32725973, Homebridge, 10.34%, (Prime Rate + 3.59%),
06/08/2056
 
 
26,000
 
 
27,385
32745406, Homebridge, 8.85%, (Prime Rate + 2.10%),
01/23/2055
 
 
22,400
 
 
23,593
32756364, Homebridge, 12.50%, (Prime Rate + 5.75%),
02/10/2055
 
 
162,100
 
 
170,733
32767452, Homebridge, 10.34%, (Prime Rate + 3.59%),
06/08/2056
 
 
60,000
 
 
63,195
32775015, Homebridge, 11.24%, (Prime Rate + 4.49%),
05/06/2054
 
 
47,800
 
 
50,346
32788948, Homebridge, 12.75%, (Prime Rate + 6.00%),
04/30/2054
 
 
90,000
 
 
94,793
32789657, Homebridge, 11.47%, (Prime Rate + 4.72%),
01/07/2055
 
 
46,788
 
 
49,280
32791202, Homebridge, 9.39%, (Prime Rate + 2.64%),
06/05/2056
 
 
28,473
 
 
29,989
32799307, Homebridge, 9.49%, (Prime Rate + 2.74%),
04/25/2054
 
 
67,084
 
 
70,656
32833257, Homebridge, 9.22%, (Prime Rate + 2.47%),
02/21/2055
 
 
73,450
 
 
77,362
32883192, Homebridge, 9.47%, (Prime Rate + 2.72%),
02/03/2055
 
 
78,500
 
 
82,681
32948480, Homebridge, 10.47%, (Prime Rate + 3.72%),
01/31/2055
 
 
103,500
 
 
109,012
32958256, Homebridge, 12.50%, (Prime Rate + 5.75%),
03/11/2055
 
 
52,039
 
 
54,810
32986028, Homebridge, 11.85%, (Prime Rate + 5.10%),
01/22/2055
 
 
25,000
 
 
26,331
33005945, Homebridge, 11.25%, (Prime Rate + 4.50%),
05/13/2054
 
 
43,700
 
 
46,027
33009130, Homebridge, 9.24%, (Prime Rate + 2.49%),
05/15/2054
 
 
2,270
 
 
2,391
33015816, Homebridge, 8.85%, (Prime Rate + 2.10%),
03/07/2055
 
 
68,920
 
 
72,590
33035696, Homebridge, 10.85%, (Prime Rate + 4.10%),
02/07/2055
 
 
45,500
 
 
47,923
33036025, Homebridge, 10.47%, (Prime Rate + 3.72%),
02/06/2055
 
 
91,000
 
 
95,846
33036086, Homebridge, 8.34%, (Prime Rate + 1.59%),
06/09/2056
 
 
205,875
 
 
216,839
33043750, Homebridge, 10.47%, (Prime Rate + 3.72%),
02/10/2055
 
 
130,000
 
 
136,923
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
42
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL WHOLE LOANS — (Continued)
Home Equity Lines of Credit — (Continued)
33076736, Homebridge, 9.22%, (Prime Rate + 2.47%),
02/06/2055
 
 
$78,080
 
 
$82,238
33079137, Homebridge, 10.85%, (Prime Rate + 4.10%),
03/10/2055
 
 
232,000
 
 
244,355
33116579, Homebridge, 13.85%, (Prime Rate + 7.10%),
01/29/2055
 
 
52,200
 
 
54,980
33138454, Homebridge, 12.50%, (Prime Rate + 5.75%),
01/30/2055
 
 
108,000
 
 
113,752
33159257, Homebridge, 9.44%, (Prime Rate + 2.69%),
06/09/2056
 
 
80,000
 
 
84,260
33162128, Homebridge, 11.15%, (Prime Rate + 4.40%),
04/22/2054
 
 
51,912
 
 
54,677
33162790, Homebridge, 11.10%, (Prime Rate + 4.35%),
03/07/2055
 
 
2,918
 
 
3,074
33192600, Homebridge, 11.75%, (Prime Rate + 5.00%),
05/24/2054
 
 
56,988
 
 
60,023
33201703, Homebridge, 9.50%, (Prime Rate + 2.75%),
05/22/2054
 
 
34,187
 
 
36,008
33205561, Homebridge, 13.85%, (Prime Rate + 7.10%),
02/27/2055
 
 
70,000
 
 
73,728
33218052, Homebridge, 10.85%, (Prime Rate + 4.10%),
01/08/2055
 
 
245,495
 
 
258,569
33219963, Homebridge, 9.47%, (Prime Rate + 2.72%),
02/06/2040
 
 
78,600
 
 
82,786
33232608, Spring EQ, 8.49%, (Prime Rate + 1.74%),
01/13/2052
 
 
628
 
 
​662
33278711, Homebridge, 10.47%, (Prime Rate + 3.72%),
02/06/2055
 
 
25,000
 
 
26,331
33285756, Homebridge, 12.75%, (Prime Rate + 6.00%),
05/14/2054
 
 
70,000
 
 
73,728
33290065, Spring EQ, 13.00%, (Prime Rate + 6.25%),
12/08/2051
 
 
96,700
 
 
101,849
33336373, Homebridge, 10.24%, (Prime Rate + 3.49%),
05/21/2054
 
 
41,979
 
 
44,215
33339932, Homebridge, 12.00%, (Prime Rate + 5.25%),
05/08/2055
 
 
102,295
 
 
107,743
33388568, Homebridge, 9.47%, (Prime Rate + 2.72%),
01/25/2055
 
 
100,000
 
 
105,326
33409089, Homebridge, 13.85%, (Prime Rate + 7.10%),
03/12/2055
 
 
75,000
 
 
78,994
33465621, Homebridge, 9.24%, (Prime Rate + 2.49%),
05/21/2054
 
 
69,693
 
 
73,405
33470260, Homebridge, 11.22%, (Prime Rate + 4.47%),
02/07/2055
 
 
79,785
 
 
84,034
33497914, Homebridge, 8.34%, (Prime Rate + 1.59%),
06/04/2056
 
 
207,000
 
 
218,024
33525225, Homebridge, 13.85%, (Prime Rate + 7.10%),
02/19/2055
 
 
74,500
 
 
78,467
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
43
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL WHOLE LOANS — (Continued)
Home Equity Lines of Credit — (Continued)
33573145, Homebridge, 10.34%, (Prime Rate + 3.59%),
06/05/2056
 
 
$26,081
 
 
$27,470
33584361, Homebridge, 11.47%, (Prime Rate + 4.72%),
02/06/2055
 
 
74,876
 
 
78,863
33591057, Homebridge, 13.60%, (Prime Rate + 6.85%),
01/31/2055
 
 
40,000
 
 
42,130
33603070, Homebridge, 10.35%, (Prime Rate + 3.35%),
01/23/2055
 
 
225,400
 
 
237,404
33617708, Homebridge, 9.22%, (Prime Rate + 2.47%),
01/22/2055
 
 
61,000
 
 
64,249
33621680, Homebridge, 9.44%, (Prime Rate + 2.69%),
06/05/2056
 
 
150,000
 
 
157,988
33641103, Homebridge, 11.74%, (Prime Rate + 4.99%),
05/24/2054
 
 
55,175
 
 
58,113
33659429, Homebridge, 9.14%, (Prime Rate + 2.39%),
06/08/2056
 
 
100,000
 
 
105,326
33666576, Homebridge, 10.10%, (Prime Rate + 3.35%),
01/16/2055
 
 
29,354
 
 
30,917
33703935, Homebridge, 13.41%, (Prime Rate + 6.41%),
11/05/2055
 
 
139,870
 
 
147,319
33705221, Homebridge, 10.25%, (Prime Rate + 3.50%),
05/15/2054
 
 
120,103
 
 
126,499
33712834, Homebridge, 10.47%, (Prime Rate + 3.72%),
02/25/2055
 
 
29,826
 
 
31,414
33716169, Homebridge, 10.72%, (Prime Rate + 3.97%),
01/20/2055
 
 
114,501
 
 
120,599
33777989, Homebridge, 9.35%, (Prime Rate + 2.60%),
03/08/2055
 
 
443
 
 
​467
33779131, Homebridge, 10.35%, (Prime Rate + 3.60%),
02/07/2055
 
 
69,510
 
 
73,212
33788175, Homebridge, 10.44%, (Prime Rate + 3.69%),
06/08/2056
 
 
30,000
 
 
31,598
33829490, Homebridge, 9.97%, (Prime Rate + 3.22%),
01/30/2055
 
 
117,000
 
 
123,231
33857034, Homebridge, 7.94%, (Prime Rate + 1.19%),
11/24/2055
 
 
180,000
 
 
189,586
33890433, Homebridge, 9.85%, (Prime Rate + 3.10%),
02/03/2055
 
 
134,600
 
 
141,768
33904694, Homebridge, 12.50%, (Prime Rate + 5.75%),
01/10/2055
 
 
32,700
 
 
34,441
33906545, Homebridge, 9.44%, (Prime Rate + 2.69%),
06/03/2056
 
 
170,000
 
 
179,053
33933460, Homebridge, 10.13%, (Prime Rate + 3.38%),
05/24/2054
 
 
69,579
 
 
73,285
33958044, Homebridge, 11.10%, (Prime Rate + 4.35%),
02/07/2055
 
 
85
 
 
​89
34011848, Homebridge, 10.10%, (Prime Rate + 3.35%),
02/07/2055
 
 
27,000
 
 
28,438
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
44
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL WHOLE LOANS — (Continued)
Home Equity Lines of Credit — (Continued)
34018880, Homebridge, 10.47%, (Prime Rate + 3.72%),
03/14/2055
 
 
$88,853
 
 
$93,585
34047845, Homebridge, 10.44%, (Prime Rate + 3.69%),
06/05/2056
 
 
20,000
 
 
21,065
34054180, Spring EQ, 13.50%, (Prime Rate + 6.75%),
12/01/2051
 
 
32,519
 
 
34,251
34068226, Homebridge, 10.62%, (Prime Rate + 3.87%),
05/15/2055
 
 
89,709
 
 
94,486
34084401, Homebridge, 9.39%, (Prime Rate + 2.64%),
06/05/2056
 
 
282,000
 
 
297,018
34085991, Homebridge, 10.24%, (Prime Rate + 3.49%),
05/21/2054
 
 
70,078
 
 
73,810
34099636, Homebridge, 10.10%, (Prime Rate + 3.35%),
06/04/2056
 
 
131,250
 
 
138,240
34119668, Homebridge, 9.75%, (Prime Rate + 3.00%),
05/16/2054
 
 
59,570
 
 
62,743
34141674, Homebridge, 10.10%, (Prime Rate + 3.35%),
02/09/2055
 
 
53,600
 
 
56,454
34152129, Homebridge, 9.35%, (Prime Rate + 2.60%),
01/17/2055
 
 
194,553
 
 
204,914
34189415, Homebridge, 9.85%, (Prime Rate + 3.10%),
01/30/2055
 
 
51,998
 
 
54,767
34215131, Homebridge, 11.39%, (Prime Rate + 4.64%),
06/04/2056
 
 
50,000
 
 
52,663
34229686, Homebridge, 10.00%, (Prime Rate + 3.25%),
05/10/2054
 
 
15,000
 
 
15,799
34256528, Homebridge, 11.47%, (Prime Rate + 4.72%),
03/18/2055
 
 
146,289
 
 
154,080
34286416, Homebridge, 7.94%, (Prime Rate + 1.19%),
11/20/2055
 
 
100,000
 
 
105,326
34292596, Homebridge, 10.00%, (Prime Rate + 3.25%),
05/16/2054
 
 
242,642
 
 
255,564
34318866, Homebridge, 10.85%, (Prime Rate + 4.10%),
03/08/2055
 
 
68,024
 
 
71,647
34343487, Homebridge, 9.39%, (Prime Rate + 2.64%),
06/03/2056
 
 
150,000
 
 
157,988
34346770, Homebridge, 9.75%, (Prime Rate + 3.00%),
05/23/2054
 
 
95,085
 
 
100,149
34418089, Homebridge, 9.39%, (Prime Rate + 2.64%),
06/04/2056
 
 
250,000
 
 
263,314
34449256, Homebridge, 11.44%, (Prime Rate + 4.69%),
06/09/2056
 
 
460,000
 
 
484,497
34450435, Homebridge, 8.74%, (Prime Rate + 1.99%),
06/03/2056
 
 
160,000
 
 
168,521
34485682, Homebridge, 11.44%, (Prime Rate + 4.69%),
06/05/2056
 
 
391,620
 
 
412,476
34491919, Homebridge, 9.79%, (Prime Rate + 3.04%),
11/04/2055
 
 
26,613
 
 
28,030
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
45
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL WHOLE LOANS — (Continued)
Home Equity Lines of Credit — (Continued)
34529232, Homebridge, 11.44%, (Prime Rate + 4.69%),
06/09/2056
 
 
$158,034
 
 
$166,450
34550384, Homebridge, 10.12%, (Prime Rate + 3.37%),
05/12/2055
 
 
150,000
 
 
157,988
34570698, Homebridge, 10.13%, (Prime Rate + 3.38%),
05/20/2054
 
 
77,354
 
 
81,474
34592582, Homebridge, 11.47%, (Prime Rate + 4.72%),
03/09/2055
 
 
46,500
 
 
48,976
34597158, Homebridge, 9.35%, (Prime Rate + 2.60%),
02/25/2055
 
 
28,020
 
 
29,512
34599183, Homebridge, 12.50%, (Prime Rate + 5.75%),
01/29/2055
 
 
178,979
 
 
188,511
34602070, Homebridge, 11.47%, (Prime Rate + 4.72%),
01/10/2055
 
 
29,985
 
 
31,582
34628193, Homebridge, 9.84%, (Prime Rate + 3.09%),
06/09/2056
 
 
135,000
 
 
142,189
34629131, Homebridge, 12.50%, (Prime Rate + 5.75%),
01/28/2055
 
 
150,000
 
 
157,988
34637184, Homebridge, 9.60%, (Prime Rate + 2.85%),
01/30/2055
 
 
40,000
 
 
42,130
34651303, Homebridge, 10.10%, (Prime Rate + 3.35%),
03/07/2055
 
 
92,726
 
 
97,664
34671305, Homebridge, 9.72%, (Prime Rate + 2.97%),
01/17/2055
 
 
50,000
 
 
52,663
34683762, Homebridge, 10.47%, (Prime Rate + 3.72%),
01/15/2055
 
 
45,664
 
 
48,096
34686535, Homebridge, 10.10%, (Prime Rate + 3.35%),
02/03/2055
 
 
60,000
 
 
63,195
34689089, Homebridge, 12.35%, (Prime Rate + 5.60%),
03/07/2055
 
 
49,950
 
 
52,610
34693219, Homebridge, 13.24%, (Prime Rate + 6.49%),
04/22/2054
 
 
59,568
 
 
62,740
34696510, Homebridge, 9.97%, (Prime Rate + 3.22%),
01/20/2055
 
 
99,200
 
 
104,483
34738022, Homebridge, 11.22%, (Prime Rate + 4.47%),
01/21/2040
 
 
98,646
 
 
103,900
34757531, Homebridge, 9.97%, (Prime Rate + 3.22%),
01/13/2055
 
 
0
 
 
0
34760513, Homebridge, 10.85%, (Prime Rate + 4.10%),
05/09/2055
 
 
245,000
 
 
258,047
34762230, Homebridge, 10.10%, (Prime Rate + 3.35%),
01/14/2055
 
 
58,994
 
 
62,136
34766391, Homebridge, 11.47%, (Prime Rate + 4.72%),
03/05/2055
 
 
48,000
 
 
50,556
34774274, Homebridge, 9.97%, (Prime Rate + 3.22%),
01/24/2055
 
 
26,658
 
 
28,078
34784793, Homebridge, 9.35%, (Prime Rate + 2.60%),
03/06/2055
 
 
196,859
 
 
207,342
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
46
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL WHOLE LOANS — (Continued)
Home Equity Lines of Credit — (Continued)
34791211, Homebridge, 10.00%, (Prime Rate + 3.25%),
05/23/2054
 
 
$38,086
 
 
$40,114
34793238, Homebridge, 8.85%, (Prime Rate + 2.10%),
01/31/2055
 
 
9,938
 
 
10,467
34812789, Homebridge, 10.24%, (Prime Rate + 3.49%),
05/29/2054
 
 
14,179
 
 
14,934
34897511, Homebridge, 9.97%, (Prime Rate + 3.22%),
01/20/2055
 
 
67,715
 
 
71,321
34933690, Homebridge, 13.60%, (Prime Rate + 6.85%),
01/31/2055
 
 
44,876
 
 
47,265
34959363, Homebridge, 11.97%, (Prime Rate + 5.22%),
02/04/2055
 
 
39,200
 
 
41,288
34964164, Homebridge, 9.97%, (Prime Rate + 3.22%),
01/15/2055
 
 
158,237
 
 
166,664
34992232, Homebridge, 10.47%, (Prime Rate + 3.72%),
02/10/2055
 
 
115,000
 
 
121,124
35024378, Homebridge, 10.85%, (Prime Rate + 4.10%),
01/31/2055
 
 
249,000
 
 
262,260
35150331, Homebridge, 9.50%, (Prime Rate + 2.75%),
06/04/2056
 
 
11,000
 
 
11,586
35173456, Homebridge, 11.47%, (Prime Rate + 4.72%),
02/10/2040
 
 
80,000
 
 
84,260
35199000, Homebridge, 9.00%, (Prime Rate + 2.25%),
05/10/2055
 
 
94,295
 
 
99,317
35199023, Homebridge, 13.60%, (Prime Rate + 6.85%),
01/23/2055
 
 
94,000
 
 
99,006
35219395, Homebridge, 9.16%, (Prime Rate + 2.41%),
11/07/2055
 
 
50,000
 
 
52,663
35276392, Homebridge, 12.50%, (Prime Rate + 5.75%),
02/13/2055
 
 
100,000
 
 
105,326
35284922, Homebridge, 9.79%, (Prime Rate + 3.04%),
11/13/2055
 
 
118,000
 
 
124,284
35312013, Homebridge, 11.75%, (Prime Rate + 5.00%),
05/01/2054
 
 
89,856
 
 
94,642
35313561, Homebridge, 9.97%, (Prime Rate + 3.22%),
02/05/2055
 
 
70,404
 
 
74,153
35313897, Homebridge, 11.44%, (Prime Rate + 4.69%),
06/07/2056
 
 
59,861
 
 
63,049
35324772, Homebridge, 11.47%, (Prime Rate + 4.72%),
03/12/2055
 
 
4,757
 
 
5,010
35348522, Homebridge, 10.60%, (Prime Rate + 3.85%),
01/31/2055
 
 
25,000
 
 
26,331
35367434, Homebridge, 10.85%, (Prime Rate + 4.10%),
01/14/2055
 
 
38,800
 
 
40,866
35423896, Homebridge, 10.24%, (Prime Rate + 3.49%),
05/14/2054
 
 
127,639
 
 
134,436
35425711, Homebridge, 10.60%, (Prime Rate + 3.85%),
01/30/2055
 
 
55,000
 
 
57,929
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
47
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL WHOLE LOANS — (Continued)
Home Equity Lines of Credit — (Continued)
35466925, Homebridge, 9.97%, (Prime Rate + 3.22%),
01/09/2055
 
 
$38,483
 
 
$40,532
35489486, Homebridge, 10.60%, (Prime Rate + 3.85%),
02/05/2055
 
 
65,000
 
 
68,462
35491926, Homebridge, 8.94%, (Prime Rate + 2.19%),
11/19/2055
 
 
30,000
 
 
31,598
35595928, Homebridge, 8.84%, (Prime Rate + 2.09%),
06/03/2056
 
 
60,000
 
 
63,195
35614938, Homebridge, 9.85%, (Prime Rate + 3.10%),
02/03/2055
 
 
87,000
 
 
91,633
35616581, Homebridge, 9.97%, (Prime Rate + 3.22%),
01/29/2055
 
 
210,000
 
 
221,184
35639715, Homebridge, 9.39%, (Prime Rate + 2.64%),
06/09/2056
 
 
130,000
 
 
136,923
35656255, Homebridge, 8.50%, (Prime Rate + 1.75%),
11/11/2055
 
 
298,418
 
 
314,310
35709108, Homebridge, 11.15%, (Prime Rate + 4.40%),
05/23/2054
 
 
57,100
 
 
60,141
35721646, Homebridge, 10.49%, (Prime Rate + 3.74%),
05/14/2054
 
 
34,900
 
 
36,759
35723093, Homebridge, 8.85%, (Prime Rate + 2.10%),
01/11/2055
 
 
93,799
 
 
98,794
35764010, Homebridge, 11.47%, (Prime Rate + 4.72%),
03/10/2055
 
 
33,467
 
 
35,249
35764515, Homebridge, 9.47%, (Prime Rate + 2.72%),
02/09/2055
 
 
101,182
 
 
106,571
35782264, Homebridge, 9.79%, (Prime Rate + 3.04%),
05/26/2056
 
 
29,576
 
 
31,151
35809795, Homebridge, 9.63%, (Prime Rate + 2.88%),
05/14/2054
 
 
74,967
 
 
78,959
35817573, Homebridge, 12.50%, (Prime Rate + 5.75%),
01/10/2055
 
 
119,900
 
 
126,285
35818680, Homebridge, 10.64%, (Prime Rate + 3.89%),
06/12/2056
 
 
439,958
 
 
463,388
35819856, Homebridge, 10.10%, (Prime Rate + 3.35%),
02/25/2055
 
 
129,998
 
 
136,921
35842089, Homebridge, 9.44%, (Prime Rate + 2.69%),
06/09/2056
 
 
36,564
 
 
38,511
35844353, Homebridge, 9.72%, (Prime Rate + 2.97%),
01/29/2055
 
 
40,000
 
 
42,130
35863065, Homebridge, 8.84%, (Prime Rate + 2.09%),
06/07/2056
 
 
90,000
 
 
94,793
35886916, Homebridge, 9.97%, (Prime Rate + 3.22%),
02/20/2055
 
 
31,109
 
 
32,766
35895480, Homebridge, 10.13%, (Prime Rate + 3.38%),
04/22/2054
 
 
136,000
 
 
143,243
35908996, Homebridge, 9.85%, (Prime Rate + 3.10%),
03/21/2055
 
 
92,000
 
 
96,899
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
48
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL WHOLE LOANS — (Continued)
Home Equity Lines of Credit — (Continued)
35911296, Homebridge, 10.00%, (Prime Rate + 3.25%),
05/10/2054
 
 
$92,320
 
 
$97,236
35912165, Homebridge, 10.64%, (Prime Rate + 3.89%),
06/05/2056
 
 
330,900
 
 
348,522
35921136, Homebridge, 8.69%, (Prime Rate + 1.94%),
06/05/2056
 
 
500,000
 
 
526,628
35925733, Homebridge, 9.49%, (Prime Rate + 2.74%),
05/10/2054
 
 
98,229
 
 
103,461
35928869, Homebridge, 8.09%, (Prime Rate + 1.34%),
06/05/2056
 
 
52,000
 
 
54,769
35997507, Homebridge, 11.75%, (Prime Rate + 5.00%),
05/13/2054
 
 
39,978
 
 
42,107
36004274, Homebridge, 10.34%, (Prime Rate + 3.59%),
06/05/2041
 
 
75,000
 
 
78,994
36039960, Homebridge, 11.63%, (Prime Rate + 4.88%),
05/07/2054
 
 
45,349
 
 
47,764
36042902, Homebridge, 11.47%, (Prime Rate + 4.72%),
02/06/2055
 
 
57,562
 
 
60,628
36089071, Homebridge, 9.44%, (Prime Rate + 2.69%),
06/03/2056
 
 
95,500
 
 
100,586
36097622, Homebridge, 9.35%, (Prime Rate + 2.60%),
02/27/2055
 
 
34,519
 
 
36,357
36105781, Homebridge, 10.99%, (Prime Rate + 4.24%),
04/24/2054
 
 
289,990
 
 
305,433
36108978, Homebridge, 13.24%, (Prime Rate + 6.49%),
06/07/2056
 
 
60,414
 
 
63,631
36112598, Homebridge, 8.84%, (Prime Rate + 2.09%),
06/09/2056
 
 
22,267
 
 
23,453
36113292, Spring EQ, 10.08%, (Prime Rate + 5.32%),
05/03/2052
 
 
117,500
 
 
123,757
36119255, Homebridge, 9.24%, (Prime Rate + 2.49%),
06/08/2056
 
 
33,100
 
 
34,863
36123438, Homebridge, 7.94%, (Prime Rate + 1.19%),
11/07/2055
 
 
2,333
 
 
2,458
36153712, Homebridge, 10.47%, (Prime Rate + 3.72%),
02/11/2055
 
 
100,000
 
 
105,326
36197978, Homebridge, 8.85%, (Prime Rate + 2.10%),
02/07/2055
 
 
38,050
 
 
40,076
36209404, Homebridge, 11.47%, (Prime Rate + 4.72%),
02/04/2055
 
 
28,300
 
 
29,807
36217519, Homebridge, 9.16%, (Prime Rate + 2.41%),
11/20/2055
 
 
90,720
 
 
95,551
36222829, Homebridge, 15.25%, (Prime Rate + 8.00%),
04/24/2054
 
 
99,000
 
 
104,272
36231909, Homebridge, 10.85%, (Prime Rate + 4.10%),
02/28/2055
 
 
67,781
 
 
71,391
36298373, Homebridge, 9.19%, (Prime Rate + 2.44%),
11/21/2055
 
 
121,654
 
 
128,133
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
49
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL WHOLE LOANS — (Continued)
Home Equity Lines of Credit — (Continued)
36307256, Homebridge, 10.44%, (Prime Rate + 3.69%),
06/02/2056
 
 
$25,000
 
 
$26,331
36314474, Homebridge, 9.47%, (Prime Rate + 2.72%),
01/24/2055
 
 
74,980
 
 
78,973
36347226, Homebridge, 7.94%, (Prime Rate + 1.19%),
11/21/2055
 
 
88,702
 
 
93,425
36348054, Homebridge, 8.85%, (Prime Rate + 2.10%),
01/09/2055
 
 
60,000
 
 
63,195
36362550, Homebridge, 10.35%, (Prime Rate + 3.60%),
02/05/2055
 
 
107,000
 
 
112,698
36367321, Homebridge, 10.24%, (Prime Rate + 3.49%),
11/21/2055
 
 
77,515
 
 
81,643
36403716, Homebridge, 11.10%, (Prime Rate + 4.35%),
01/13/2055
 
 
25,000
 
 
26,331
36414354, Homebridge, 11.44%, (Prime Rate + 4.69%),
06/08/2056
 
 
229,387
 
 
241,603
36449223, Homebridge, 9.87%, (Prime Rate + 3.12%),
05/07/2055
 
 
65,000
 
 
68,462
36452903, Homebridge, 11.22%, (Prime Rate + 4.47%),
02/04/2055
 
 
69,960
 
 
73,686
36462755, Homebridge, 9.39%, (Prime Rate + 2.64%),
06/09/2056
 
 
92,516
 
 
97,443
36473930, Homebridge, 11.47%, (Prime Rate + 4.72%),
02/13/2055
 
 
52,446
 
 
55,239
36474438, Homebridge, 9.64%, (Prime Rate + 2.89%),
11/26/2055
 
 
92,839
 
 
97,783
36477162, Homebridge, 9.44%, (Prime Rate + 2.69%),
06/07/2056
 
 
27,000
 
 
28,438
36501351, Homebridge, 10.60%, (Prime Rate + 3.85%),
01/22/2055
 
 
40,000
 
 
42,130
36523635, Homebridge, 9.75%, (Prime Rate + 3.00%),
05/21/2054
 
 
44,188
 
 
46,542
36534645, Homebridge, 12.50%, (Prime Rate + 5.75%),
03/10/2055
 
 
1,621
 
 
1,707
36545230, Homebridge, 12.91%, (Prime Rate + 6.16%),
05/08/2055
 
 
25,000
 
 
26,331
36568819, Homebridge, 10.58%, (Prime Rate + 3.83%),
05/01/2054
 
 
250,000
 
 
263,314
36586374, Homebridge, 10.00%, (Prime Rate + 3.25%),
05/21/2054
 
 
57,200
 
 
60,246
36597782, Homebridge, 10.47%, (Prime Rate + 3.72%),
01/23/2055
 
 
13,800
 
 
14,535
36610962, Homebridge, 10.08%, (Prime Rate + 3.33%),
11/06/2055
 
 
70,000
 
 
73,728
36625130, Homebridge, 9.72%, (Prime Rate + 2.97%),
01/22/2055
 
 
79,800
 
 
84,050
36633260, Homebridge, 10.85%, (Prime Rate + 4.10%),
02/10/2055
 
 
91,000
 
 
95,846
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
50
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL WHOLE LOANS — (Continued)
Home Equity Lines of Credit — (Continued)
36658908, Homebridge, 9.47%, (Prime Rate + 2.72%),
02/15/2055
 
 
$120,000
 
 
$126,391
36667479, Spring EQ, 13.00%, (Prime Rate + 6.25%),
01/18/2052
 
 
109,944
 
 
115,800
36670342, Homebridge, 10.47%, (Prime Rate + 3.72%),
01/13/2055
 
 
36,000
 
 
37,917
36670960, Homebridge, 10.25%, (Prime Rate + 3.50%),
05/01/2054
 
 
77,575
 
 
81,706
36686497, Homebridge, 10.89%, (Prime Rate + 4.14%),
06/12/2056
 
 
17,581
 
 
18,517
36699625, Homebridge, 8.74%, (Prime Rate + 1.99%),
06/05/2056
 
 
335,000
 
 
352,840
36725860, Homebridge, 9.97%, (Prime Rate + 3.22%),
03/03/2055
 
 
64,558
 
 
67,996
36788426, Homebridge, 10.22%, (Prime Rate + 3.47%),
03/12/2055
 
 
27,000
 
 
28,438
36793269, Homebridge, 10.60%, (Prime Rate + 3.85%),
01/22/2055
 
 
33,944
 
 
35,751
36800146, Homebridge, 10.58%, (Prime Rate + 3.83%),
05/20/2054
 
 
20,515
 
 
21,607
36848125, Homebridge, 8.09%, (Prime Rate + 1.34%),
06/04/2056
 
 
500,000
 
 
526,628
36860960, Homebridge, 9.47%, (Prime Rate + 2.72%),
01/30/2040
 
 
56,781
 
 
59,805
36892378, Homebridge, 14.25%, (Prime Rate + 7.50%),
05/01/2054
 
 
66,402
 
 
69,938
36896752, Homebridge, 10.35%, (Prime Rate + 3.60%),
02/27/2055
 
 
90,000
 
 
94,793
36897788, Homebridge, 9.97%, (Prime Rate + 3.22%),
05/07/2055
 
 
40,974
 
 
43,156
36903271, Homebridge, 9.72%, (Prime Rate + 2.97%),
02/02/2055
 
 
60,000
 
 
63,195
36916803, Homebridge, 10.34%, (Prime Rate + 3.59%),
06/08/2056
 
 
46,351
 
 
48,819
36945788, Homebridge, 9.47%, (Prime Rate + 2.72%),
02/11/2055
 
 
69,913
 
 
73,636
36976224, Homebridge, 8.85%, (Prime Rate + 2.10%),
01/16/2055
 
 
65,000
 
 
68,462
37002900, Homebridge, 10.16%, (Prime Rate + 3.41%),
11/10/2055
 
 
79,700
 
 
83,944
37060406, Homebridge, 10.85%, (Prime Rate + 4.10%),
03/05/2040
 
 
109,936
 
 
115,791
37088960, Homebridge, 10.35%, (Prime Rate + 3.60%),
02/28/2055
 
 
3,828
 
 
4,031
37097454, Homebridge, 10.60%, (Prime Rate + 3.85%),
03/10/2055
 
 
95,156
 
 
100,224
37133317, Homebridge, 10.44%, (Prime Rate + 3.69%),
06/05/2056
 
 
49,850
 
 
52,505
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
51
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL WHOLE LOANS — (Continued)
Home Equity Lines of Credit — (Continued)
37153265, Homebridge, 9.24%, (Prime Rate + 2.49%),
05/01/2054
 
 
$100,000
 
 
$105,326
37155554, Homebridge, 9.72%, (Prime Rate + 2.97%),
02/06/2055
 
 
84,600
 
 
89,105
37189324, Homebridge, 8.85%, (Prime Rate + 2.10%),
02/10/2055
 
 
48,797
 
 
51,396
37214772, Homebridge, 10.60%, (Prime Rate + 3.85%),
01/28/2055
 
 
55,000
 
 
57,929
37225687, Homebridge, 13.49%, (Prime Rate + 6.74%),
06/05/2056
 
 
58,028
 
 
61,118
37239568, Homebridge, 9.60%, (Prime Rate + 2.85%),
01/24/2055
 
 
293,000
 
 
308,604
37246895, Homebridge, 9.97%, (Prime Rate + 3.22%),
02/21/2055
 
 
134,521
 
 
141,685
37262501, Homebridge, 10.10%, (Prime Rate + 3.35%),
02/11/2055
 
 
60,000
 
 
63,195
37272023, Homebridge, 10.34%, (Prime Rate + 3.59%),
06/05/2056
 
 
89,222
 
 
93,973
37284628, Homebridge, 9.54%, (Prime Rate + 2.79%),
11/21/2055
 
 
88,711
 
 
93,436
37345441, Spring EQ, 8.49%, (Prime Rate + 1.74%),
01/06/2052
 
 
177,352
 
 
186,797
37346277, Homebridge, 11.04%, (Prime Rate + 4.29%),
11/21/2055
 
 
305,988
 
 
322,283
37435994, Homebridge, 10.60%, (Prime Rate + 3.85%),
02/10/2055
 
 
90,000
 
 
94,793
37449744, Homebridge, 11.85%, (Prime Rate + 5.10%),
03/06/2055
 
 
43,785
 
 
46,117
37525664, Homebridge, 8.69%, (Prime Rate + 1.94%),
06/04/2056
 
 
75,000
 
 
78,994
37552470, Homebridge, 11.85%, (Prime Rate + 5.10%),
02/06/2055
 
 
75,000
 
 
78,994
37567733, Homebridge, 9.14%, (Prime Rate + 2.39%),
06/03/2056
 
 
75,000
 
 
78,994
37599386, Homebridge, 13.24%, (Prime Rate + 6.49%),
05/14/2054
 
 
56,281
 
 
59,278
37639456, Homebridge, 9.47%, (Prime Rate + 2.72%),
01/29/2055
 
 
24,850
 
 
26,173
37643957, Homebridge, 13.41%, (Prime Rate + 6.41%),
11/22/2055
 
 
40,724
 
 
42,893
37645695, Homebridge, 9.47%, (Prime Rate + 2.72%),
01/28/2055
 
 
103,537
 
 
109,051
37679020, Homebridge, 9.69%, (Prime Rate + 2.94%),
06/09/2056
 
 
500,000
 
 
526,628
37702464, Homebridge, 9.97%, (Prime Rate + 3.22%),
02/03/2055
 
 
58,900
 
 
62,037
37754870, Homebridge, 8.85%, (Prime Rate + 2.10%),
02/04/2055
 
 
65,774
 
 
69,276
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
52
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL WHOLE LOANS — (Continued)
Home Equity Lines of Credit — (Continued)
37785796, Homebridge, 9.47%, (Prime Rate + 2.72%),
03/04/2055
 
 
$125,000
 
 
$131,657
37793727, Homebridge, 11.47%, (Prime Rate + 4.72%),
02/18/2055
 
 
132,300
 
 
139,346
37816378, Homebridge, 8.69%, (Prime Rate + 1.94%),
06/05/2056
 
 
156,753
 
 
165,101
37818262, Homebridge, 12.50%, (Prime Rate + 5.75%),
02/11/2055
 
 
70,000
 
 
73,728
37830994, Homebridge, 9.85%, (Prime Rate + 3.10%),
02/05/2055
 
 
78,298
 
 
82,468
37842751, Homebridge, 12.50%, (Prime Rate + 5.75%),
02/07/2055
 
 
60,000
 
 
63,195
37852747, Homebridge, 9.97%, (Prime Rate + 3.22%),
01/29/2055
 
 
59,700
 
 
62,879
37919047, Homebridge, 9.50%, (Prime Rate + 2.75%),
06/06/2056
 
 
249,467
 
 
262,752
37930077, Homebridge, 10.72%, (Prime Rate + 3.22%),
01/23/2055
 
 
365,481
 
 
384,945
37941253, Homebridge, 8.85%, (Prime Rate + 2.10%),
01/31/2055
 
 
77,447
 
 
81,571
37973443, Homebridge, 9.10%, (Prime Rate + 2.35%),
11/21/2055
 
 
332,975
 
 
350,708
38036677, Homebridge, 10.44%, (Prime Rate + 3.69%),
11/25/2055
 
 
46,830
 
 
49,323
38042236, Homebridge, 9.84%, (Prime Rate + 3.09%),
06/08/2056
 
 
125,000
 
 
131,657
38042704, Homebridge, 10.10%, (Prime Rate + 3.35%),
01/15/2055
 
 
257,371
 
 
271,077
38053424, Homebridge, 11.47%, (Prime Rate + 4.72%),
01/08/2055
 
 
36,014
 
 
37,932
38054319, Homebridge, 9.34%, (Prime Rate + 2.59%),
06/03/2056
 
 
105,000
 
 
110,592
38054964, Homebridge, 8.85%, (Prime Rate + 2.10%),
01/23/2055
 
 
30,850
 
 
32,493
38077783, Homebridge, 10.10%, (Prime Rate + 3.35%),
02/03/2055
 
 
84,800
 
 
89,316
38083849, Homebridge, 9.22%, (Prime Rate + 2.47%),
03/03/2055
 
 
38,000
 
 
40,024
38104944, Homebridge, 9.72%, (Prime Rate + 2.97%),
03/18/2055
 
 
161,343
 
 
169,935
38117238, Homebridge, 10.44%, (Prime Rate + 3.69%),
06/03/2056
 
 
132,000
 
 
139,030
38123509, Homebridge, 10.10%, (Prime Rate + 3.35%),
06/09/2056
 
 
100,000
 
 
105,326
38134941, Homebridge, 9.54%, (Prime Rate + 2.79%),
06/07/2056
 
 
51,000
 
 
53,716
38172822, Homebridge, 9.47%, (Prime Rate + 2.72%),
02/19/2055
 
 
116,592
 
 
122,801
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
53
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL WHOLE LOANS — (Continued)
Home Equity Lines of Credit — (Continued)
38174336, Homebridge, 9.85%, (Prime Rate + 3.10%),
01/20/2055
 
 
$73,512
 
 
$77,427
38205675, Homebridge, 10.10%, (Prime Rate + 3.35%),
01/28/2055
 
 
101,000
 
 
106,379
38209220, Homebridge, 10.84%, (Prime Rate + 4.09%),
06/08/2056
 
 
101,517
 
 
106,923
38233463, Homebridge, 9.44%, (Prime Rate + 2.69%),
06/03/2056
 
 
160,000
 
 
168,521
38243165, Homebridge, 9.39%, (Prime Rate + 2.64%),
06/08/2056
 
 
215,974
 
 
227,476
38254135, Homebridge, 10.50%, (Prime Rate + 3.75%),
05/06/2054
 
 
131,952
 
 
138,979
38256394, Homebridge, 10.59%, (Prime Rate + 3.84%),
06/03/2056
 
 
50,957
 
 
53,671
38278844, Spring EQ, 10.62%, (Prime Rate + 3.88%),
12/23/2051
 
 
67,330
 
 
70,916
38292864, Homebridge, 10.35%, (Prime Rate + 3.60%),
03/12/2055
 
 
66,831
 
 
70,390
38301886, Homebridge, 10.60%, (Prime Rate + 3.85%),
01/14/2055
 
 
129,400
 
 
136,291
38332129, Homebridge, 11.10%, (Prime Rate + 4.35%),
01/24/2055
 
 
74,787
 
 
78,770
38369341, Spring EQ, 8.49%, (Prime Rate + 1.74%),
12/01/2051
 
 
117,602
 
 
123,865
38384690, Homebridge, 10.60%, (Prime Rate + 3.85%),
03/18/2055
 
 
49,733
 
 
52,382
38411756, Homebridge, 10.99%, (Prime Rate + 4.24%),
05/15/2054
 
 
70,000
 
 
73,728
38422044, Homebridge, 9.85%, (Prime Rate + 3.10%),
01/28/2055
 
 
69,810
 
 
73,527
38429827, Homebridge, 9.60%, (Prime Rate + 2.85%),
01/25/2055
 
 
61,906
 
 
65,203
38432572, Homebridge, 10.60%, (Prime Rate + 3.85%),
03/06/2055
 
 
52,927
 
 
55,746
38433562, Homebridge, 8.69%, (Prime Rate + 1.94%),
06/04/2056
 
 
187,500
 
 
197,485
38452370, Homebridge, 12.14%, (Prime Rate + 5.39%),
06/05/2056
 
 
224,668
 
 
236,632
38534339, Homebridge, 8.09%, (Prime Rate + 1.34%),
06/03/2056
 
 
103,000
 
 
108,485
38547456, Homebridge, 8.79%, (Prime Rate + 2.04%),
11/05/2055
 
 
24,225
 
 
25,516
38576335, Spring EQ, 8.00%, 02/01/2064
 
 
94,232
 
 
99,251
38599509, Homebridge, 11.04%, (Prime Rate + 4.29%),
11/06/2055
 
 
109,656
 
 
115,495
38608567, Homebridge, 9.16%, (Prime Rate + 2.41%),
11/06/2055
 
 
141,453
 
 
148,986
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
54
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL WHOLE LOANS — (Continued)
Home Equity Lines of Credit — (Continued)
38631003, Homebridge, 10.00%, (Prime Rate + 3.25%),
05/22/2054
 
 
$56,665
 
 
$59,683
38649775, Homebridge, 10.13%, (Prime Rate + 3.38%),
05/01/2054
 
 
225,117
 
 
237,105
38659659, Homebridge, 12.50%, (Prime Rate + 5.75%),
03/07/2040
 
 
32,384
 
 
34,109
38665175, Homebridge, 7.94%, (Prime Rate + 1.19%),
11/06/2055
 
 
73,171
 
 
77,068
38689803, Homebridge, 10.38%, (Prime Rate + 3.63%),
05/16/2054
 
 
20,427
 
 
21,515
38704606, Homebridge, 10.47%, (Prime Rate + 3.72%),
03/18/2055
 
 
74,938
 
 
78,929
38708603, Homebridge, 10.47%, (Prime Rate + 3.72%),
03/14/2055
 
 
107,548
 
 
113,275
38726795, Homebridge, 10.85%, (Prime Rate + 4.10%),
01/24/2055
 
 
90,286
 
 
95,094
38727269, Homebridge, 10.08%, (Prime Rate + 3.33%),
11/21/2055
 
 
100,000
 
 
105,326
38732020, Homebridge, 11.22%, (Prime Rate + 4.47%),
02/02/2055
 
 
100,000
 
 
105,326
38747962, Homebridge, 10.47%, (Prime Rate + 3.72%),
03/13/2055
 
 
55
 
 
58
38759350, Homebridge, 10.60%, (Prime Rate + 3.85%),
02/06/2055
 
 
114,422
 
 
120,516
38761600, Homebridge, 10.60%, (Prime Rate + 3.85%),
02/07/2055
 
 
124,950
 
 
131,604
38766776, Homebridge, 8.85%, (Prime Rate + 2.10%),
01/30/2055
 
 
148
 
 
156
38835248, Homebridge, 9.64%, (Prime Rate + 2.89%),
06/05/2056
 
 
101,698
 
 
107,114
38835597, Homebridge, 11.75%, (Prime Rate + 5.00%),
05/24/2054
 
 
59,975
 
 
63,169
38858164, Homebridge, 9.22%, (Prime Rate + 2.47%),
11/07/2055
 
 
116,658
 
 
122,871
38869233, Homebridge, 8.34%, (Prime Rate + 1.59%),
06/04/2056
 
 
90,000
 
 
94,793
38869800, Homebridge, 11.69%, (Prime Rate + 4.94%),
06/05/2056
 
 
80,025
 
 
84,287
38898813, Homebridge, 11.85%, (Prime Rate + 5.10%),
02/04/2055
 
 
90,000
 
 
94,793
38944204, Homebridge, 10.38%, (Prime Rate + 3.63%),
04/29/2054
 
 
74,890
 
 
78,878
39055330, Homebridge, 13.49%, (Prime Rate + 6.74%),
05/22/2054
 
 
45,000
 
 
47,396
39066328, Homebridge, 9.50%, (Prime Rate + 2.75%),
05/07/2055
 
 
80,000
 
 
84,260
39074385, Homebridge, 9.60%, (Prime Rate + 2.85%),
02/20/2055
 
 
45,000
 
 
47,396
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
55
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL WHOLE LOANS — (Continued)
Home Equity Lines of Credit — (Continued)
39075336, Homebridge, 10.60%, (Prime Rate + 3.85%),
02/04/2055
 
 
$155,101
 
 
$163,361
39110562, Homebridge, 10.47%, (Prime Rate + 3.72%),
01/28/2055
 
 
65,000
 
 
68,462
39120410, Homebridge, 11.47%, (Prime Rate + 4.72%),
02/18/2055
 
 
78,500
 
 
82,681
39141118, Homebridge, 11.74%, (Prime Rate + 4.99%),
05/13/2054
 
 
121,651
 
 
128,130
39147889, Homebridge, 13.60%, (Prime Rate + 6.85%),
03/07/2055
 
 
133,500
 
 
140,610
39163133, Homebridge, 9.97%, (Prime Rate + 3.22%),
03/07/2055
 
 
33,000
 
 
34,757
39172041, Homebridge, 10.10%, (Prime Rate + 3.35%),
02/22/2055
 
 
106,951
 
 
112,647
39189726, Homebridge, 10.47%, (Prime Rate + 3.72%),
01/29/2055
 
 
13,600
 
 
14,324
39190087, Homebridge, 10.10%, (Prime Rate + 3.35%),
02/10/2055
 
 
54,400
 
 
57,297
39212885, Homebridge, 11.47%, (Prime Rate + 4.72%),
01/30/2055
 
 
41,900
 
 
44,131
39319953, Homebridge, 12.50%, (Prime Rate + 5.75%),
02/05/2055
 
 
52,000
 
 
54,769
39339218, Homebridge, 13.44%, (Prime Rate + 6.69%),
06/02/2056
 
 
100,000
 
 
105,326
39344142, Homebridge, 9.72%, (Prime Rate + 2.97%),
02/21/2055
 
 
91,267
 
 
96,128
39345466, Homebridge, 9.39%, (Prime Rate + 2.64%),
06/03/2056
 
 
104,000
 
 
109,539
39354215, Homebridge, 8.85%, (Prime Rate + 2.10%),
02/04/2055
 
 
105,500
 
 
111,118
39375107, Homebridge, 9.39%, (Prime Rate + 2.64%),
06/08/2056
 
 
15,635
 
 
16,467
39378220, Homebridge, 10.25%, (Prime Rate + 3.50%),
05/09/2055
 
 
180,000
 
 
189,586
39387792, Homebridge, 10.47%, (Prime Rate + 3.72%),
02/12/2055
 
 
32,009
 
 
33,714
39395222, Homebridge, 9.47%, (Prime Rate + 2.72%),
03/03/2055
 
 
33,377
 
 
35,154
39397165, Homebridge, 9.19%, (Prime Rate + 2.44%),
06/01/2056
 
 
250,000
 
 
263,314
39407310, Homebridge, 7.94%, (Prime Rate + 1.19%),
11/08/2055
 
 
77,500
 
 
81,627
39410690, Homebridge, 10.44%, (Prime Rate + 3.69%),
06/02/2056
 
 
30,000
 
 
31,598
39434824, Homebridge, 9.79%, (Prime Rate + 3.04%),
06/04/2056
 
 
37,552
 
 
39,552
39437314, Homebridge, 9.19%, (Prime Rate + 2.44%),
06/04/2056
 
 
100,000
 
 
105,326
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
56
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL WHOLE LOANS — (Continued)
Home Equity Lines of Credit — (Continued)
39455323, Homebridge, 9.97%, (Prime Rate + 3.22%),
02/06/2055
 
 
$60,000
 
 
$63,195
39460834, Homebridge, 9.60%, (Prime Rate + 2.85%),
02/03/2055
 
 
49,672
 
 
52,318
39481347, Homebridge, 9.85%, (Prime Rate + 3.10%),
02/05/2055
 
 
63,885
 
 
67,287
39481776, Homebridge, 12.50%, (Prime Rate + 5.75%),
02/14/2055
 
 
69,090
 
 
72,770
39488717, Homebridge, 9.97%, (Prime Rate + 3.22%),
03/01/2055
 
 
95,000
 
 
100,059
39497518, Homebridge, 10.10%, (Prime Rate + 3.35%),
01/14/2055
 
 
400,000
 
 
421,302
39515211, Homebridge, 13.24%, (Prime Rate + 6.49%),
06/08/2056
 
 
77,000
 
 
81,101
39520371, Homebridge, 8.59%, (Prime Rate + 1.84%),
06/09/2056
 
 
55,000
 
 
57,929
39521904, Homebridge, 9.97%, (Prime Rate + 3.22%),
02/15/2055
 
 
31,283
 
 
32,949
39544488, Homebridge, 9.47%, (Prime Rate + 2.72%),
01/27/2055
 
 
68,969
 
 
72,642
39547389, Homebridge, 8.34%, (Prime Rate + 1.59%),
06/09/2056
 
 
200,000
 
 
210,651
39557217, Homebridge, 10.47%, (Prime Rate + 3.72%),
01/19/2055
 
 
217,800
 
 
229,399
39599022, Homebridge, 10.10%, (Prime Rate + 3.35%),
01/31/2055
 
 
79,112
 
 
83,325
39599957, Homebridge, 13.60%, (Prime Rate + 6.85%),
02/07/2055
 
 
69,478
 
 
73,178
39612277, Homebridge, 11.22%, (Prime Rate + 4.47%),
01/31/2055
 
 
50,000
 
 
52,663
39644461, Homebridge, 12.50%, (Prime Rate + 5.75%),
01/29/2055
 
 
40,800
 
 
42,973
39653360, Homebridge, 10.85%, (Prime Rate + 4.10%),
01/30/2055
 
 
24,286
 
 
25,579
39661322, Homebridge, 10.85%, (Prime Rate + 4.10%),
02/07/2055
 
 
91,774
 
 
96,661
39676747, Homebridge, 10.47%, (Prime Rate + 2.97%),
02/28/2055
 
 
360,000
 
 
379,172
39733496, Homebridge, 9.24%, (Prime Rate + 2.49%),
05/20/2054
 
 
23,919
 
 
25,193
39736384, Homebridge, 11.40%, (Prime Rate + 4.65%),
05/20/2054
 
 
52,950
 
 
55,770
39739184, Homebridge, 10.60%, (Prime Rate + 3.85%),
02/03/2055
 
 
71,800
 
 
75,623
39760231, Homebridge, 11.10%, (Prime Rate + 4.35%),
03/19/2055
 
 
79,500
 
 
83,733
39764361, Homebridge, 9.72%, (Prime Rate + 2.97%),
03/07/2055
 
 
75,570
 
 
79,595
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
57
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL WHOLE LOANS — (Continued)
Home Equity Lines of Credit — (Continued)
39802701, Homebridge, 10.60%, (Prime Rate + 3.85%),
01/16/2055
 
 
$139,717
 
 
$147,158
39833880, Homebridge, 10.85%, (Prime Rate + 4.10%),
03/05/2055
 
 
98,240
 
 
103,471
39845045, Homebridge, 9.97%, (Prime Rate + 3.22%),
02/26/2055
 
 
55,000
 
 
57,929
39861820, Homebridge, 9.50%, (Prime Rate + 2.75%),
05/23/2054
 
 
89,000
 
 
93,739
39886889, Homebridge, 10.47%, (Prime Rate + 3.72%),
01/10/2055
 
 
25,065
 
 
26,400
39891195, Homebridge, 8.09%, (Prime Rate + 1.34%),
06/05/2056
 
 
125,000
 
 
131,656
39891594, Homebridge, 9.97%, (Prime Rate + 3.22%),
02/10/2055
 
 
69,136
 
 
72,818
39896288, Homebridge, 9.50%, (Prime Rate + 2.75%),
06/05/2056
 
 
108,679
 
 
114,466
39978252, Homebridge, 11.40%, (Prime Rate + 4.65%),
05/10/2054
 
 
200,000
 
 
210,651
39987069, Homebridge, 8.85%, (Prime Rate + 2.10%),
02/06/2055
 
 
91,194
 
 
96,051
39989618, Homebridge, 10.60%, (Prime Rate + 3.85%),
03/12/2055
 
 
400,000
 
 
421,302
39997793, Homebridge, 9.39%, (Prime Rate + 2.64%),
06/04/2056
 
 
96,000
 
 
101,112
 
 
 
 
57,831,406
​TOTAL RESIDENTIAL WHOLE LOANS
(Cost $66,288,136)
 
 
 
 
​67,045,048
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
EXCHANGE TRADED FUNDS — 1.2%
 
 
 
 
Invesco Senior Loan ETF
 
 
1,282,171
 
 
26,143,466
iShares Broad USD High Yield Corporate Bond ETF
 
 
131,729
 
 
4,844,993
TOTAL EXCHANGE TRADED FUNDS
(Cost $31,342,320)
 
 
 
 
30,988,459
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
COMMERCIAL REAL ESTATE — 0.9%
 
 
 
 
Geary(j)(n)
 
 
$7,068,750
 
 
8,082,750
Leavenworth(j)(n)
 
 
2,945,000
 
 
4,018,500
Octavia(j)(n)
 
 
8,003,750
 
 
10,364,500
TOTAL COMMERCIAL REAL ESTATE
(Cost $18,707,750)
 
 
 
 
22,465,750
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
58
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CONSTRUCTION LOANS — 0.8%
 
 
 
 
Helios Loan Funding Trust
 
 
 
 
40148814, Prager, 10.75%, 05/19/2027
 
 
$191,413
 
 
$192,056
40646588, Prager, 10.75%, 03/26/2027
 
 
241,517
 
 
242,329
41180399, Prager, 10.75%, 06/04/2027
 
 
224,980
 
 
225,736
41223988, Prager, 11.75%, 04/01/2027
 
 
102,289
 
 
102,632
41244201, Prager, 10.25%, 04/01/2027
 
 
3,300,000
 
 
3,311,088
41482062, Prager, 10.75%, 07/15/2027
 
 
22,208
 
 
22,282
41672485, Prager, 10.75%, 12/17/2027
 
 
825,706
 
 
828,481
41704958, Prager, 11.75%, 04/01/2027
 
 
102,289
 
 
102,632
42090575, Prager, 10.75%, 03/26/2027
 
 
241,517
 
 
242,329
42300872, Prager, 11.75%, 04/01/2027
 
 
102,289
 
 
102,632
42394624, Prager, 10.00%, 10/23/2027
 
 
1,014,291
 
 
1,017,699
42582623, Prager, 10.00%, 09/16/2027
 
 
1,141,232
 
 
1,145,066
43397317, Prager, 10.75%, 04/30/2027
 
 
581,567
 
 
583,521
43433927, Prager, 10.75%, 04/30/2027
 
 
543,828
 
 
545,655
43462338, Prager, 10.75%, 06/17/2027
 
 
52,000
 
 
52,175
43779339, Prager, 10.75%, 12/01/2027
 
 
940,000
 
 
943,158
43805483, Prager, 10.75%, 05/15/2027
 
 
205,125
 
 
205,814
44447742, Prager, 10.25%, 09/27/2027
 
 
832,530
 
 
835,327
44447980, Prager, 10.75%, 06/29/2027
 
 
961,500
 
 
964,731
44609499, Prager, 10.75%, 04/30/2027
 
 
​542,408
 
 
​544,230
44618294, Prager, 11.75%, 04/01/2027
 
 
102,289
 
 
102,632
44739661, Prager, 11.75%, 04/01/2027
 
 
102,289
 
 
102,632
45422290, Prager, 10.00%, 06/30/2027
 
 
229,477
 
 
230,248
45639454, Prager, 10.75%, 04/30/2027
 
 
560,945
 
 
562,830
45860100, Prager, 10.75%, 03/26/2027
 
 
241,517
 
 
242,329
46520781, Prager, 11.75%, 02/01/2028
 
 
729,177
 
 
731,627
46660754, Prager, 10.75%, 06/11/2027
 
 
282,047
 
 
282,995
46785923, Prager, 10.75%, 04/23/2027
 
 
528,799
 
 
530,576
47194505, Prager, 10.75%, 04/30/2027
 
 
558,044
 
 
559,919
47741304, Prager, 10.75%, 04/30/2027
 
 
567,476
 
 
569,383
48238449, Prager, 10.75%, 05/01/2027
 
 
436,606
 
 
438,073
48331080, Prager, 10.75%, 06/17/2027
 
 
52,000
 
 
52,175
48419324, Prager, 10.75%, 04/30/2027
 
 
572,770
 
 
574,694
48631529, Prager, 10.75%, 03/26/2027
 
 
241,517
 
 
242,329
48753680, Prager, 10.75%, 04/23/2027
 
 
528,799
 
 
530,576
49305680, Prager, 10.75%, 04/01/2027
 
 
927,960
 
 
931,078
TOTAL CONSTRUCTION LOANS
(Cost $18,830,401)
 
 
 
 
18,893,671
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
59
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
AFFILIATED EXCHANGE TRADED FUNDS — 0.5%
 
 
 
 
Angel Oak High Yield Opportunities ETF(n)
 
 
590,240
 
 
$6,469,030
Angel Oak Mortgage-Backed Securities ETF(n)
 
 
246,882
 
 
2,096,028
Angel Oak Total Return ETF(n)
 
 
98,400
 
 
4,774,988
TOTAL AFFILIATED EXCHANGE TRADED FUNDS
(Cost $13,752,565)
 
 
 
 
13,340,046
PREFERRED STOCKS — 0.3%
 
 
 
 
Financial — 0.2%
 
 
 
 
Dynex Capital, Inc., Series C, 9.47% (3 mo. Term SOFR + 5.72%), Perpetual
 
 
173,425
 
 
4,427,540
MFA Financial, Inc., Series C, 9.36% (3 mo. Term SOFR + 5.61%), Perpetual
 
 
52,942
 
 
1,227,725
 
 
 
 
5,655,265
Real Estate Investment Trust — 0.1%
 
 
 
 
AGNC Investment Corp., Series E, 9.01% (3 mo. Term SOFR + 5.25%), Perpetual
 
 
66,529
 
 
1,697,820
TOTAL PREFERRED STOCKS
(Cost $6,505,536)
 
 
 
 
7,353,085
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
RESIDENTIAL MORTGAGE-BACKED SECURITIES - U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER — 0.3%
 
 
 
 
Federal Home Loan Mortgage Corp., Series 2018-SPI4, Class B, 4.51%, 11/25/2048(a)(b)
 
 
$8,985,801
 
 
​7,052,440
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES - U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER
(Cost $8,908,834)
 
 
 
 
7,052,440
COMMERCIAL REAL ESTATE LOANS — 0.1%
 
 
 
 
Savannah Grand, 9.43%, 09/30/2027
 
 
3,084,343
 
 
3,016,415
TOTAL COMMERCIAL REAL ESTATE LOANS
(Cost $3,084,343)
 
 
 
 
3,016,415
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
COMMON STOCKS — 0.1%
 
 
 
 
Energy — 0.0%(l)
 
 
 
 
Enviva Escrow(i)(j)
 
 
100,000
 
 
0
Enviva LLC(j)
 
 
3,638
 
 
72,760
 
 
 
 
72,760
Financial — 0.0%(l)
 
 
 
 
PennyMac Mortgage Investment Trust
 
 
81,182
 
 
765,546
Real Estate Investment Trust — 0.1%
 
 
 
 
Ellington Financial, Inc.
 
 
103,500
 
 
1,374,480
TOTAL COMMON STOCKS
(Cost $3,704,366)
 
 
 
 
2,212,786
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
60
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
SHORT-TERM INVESTMENTS — 1.0%
 
 
 
 
Money Market Funds — 1.0%
 
 
 
 
First American Government Obligations Fund - Class U, 3.60%(o)
 
 
25,480,318
 
 
$25,480,318
TOTAL SHORT-TERM INVESTMENTS
(Cost $25,480,318)
 
 
 
 
25,480,318
TOTAL INVESTMENTS — 105.3%
(Cost $2,804,739,764)
 
 
 
 
$2,632,506,215
Liabilities in Excess of Other Assets — (5.3)%
 
 
 
 
(131,350,566)
TOTAL NET ASSETS — 100.0%
 
 
 
 
$2,501,155,649
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
CMT - Constant Maturity Treasury
LIBOR - London Interbank Offered Rate
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 July 31, 2026, the value of these securities total $1,736,233,344 or 69.4% of the Fund’s net assets.
(b)
Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of July 31, 2026.
(c)
Interest only security.
(d)
All or a portion of security has been pledged as collateral in connection with open credit agreements. At July 31, 2026, the value of the securities pledged amounted to $212,350,242.
(e)
Principal only security.
(f)
Securities referencing LIBOR are expected to transition to an alternative reference rate.
(g)
Step coupon bond. The rate disclosed is as of July 31, 2026.
(h)
Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope. Interest rate may also be subject to a cap or floor.
(i)
As of July 31, 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 $1,423,141 or 0.1% of net assets. Value determined using significant unobservable inputs.
(j)
Non-income producing security. Income is not being accrued.
(k)
Issuer is currently in default and not accruing income.
(l)
Represents less than 0.05% of net assets.
(m)
Security or a portion of the security purchased on a when-issued or delayed delivery basis.
(n)
Affiliated security as defined by the Investment Company Act of 1940.
(o)
The rate shown represents the 7-day annualized yield as of July 31, 2026.
See accompanying notes which are an integral part of these financial statements.
 
61
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF OPEN FUTURES CONTRACTS
July 31, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Long Futures Contracts
 
 
Contracts
Purchased
 
 
Expiration
Date
 
 
Notional Value
 
 
Value/Unrealized
Appreciation
(Depreciation)
U.S. Treasury 5 Year Notes
 
 
559
 
 
09/30/2026
 
 
$59,240,899
 
 
$(377,534)
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED SCHEDULE OF CENTRALLY CLEARED CREDIT DEFAULT
SWAPS – BUY PROTECTION(a)
July 31, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference
Obligation
 
 
Implied
Credit
Spread at
07/31/26(b)
 
 
Pay
(Receive)
Fixed Rate
 
 
Payment
Frequency
 
 
Maturity
Date
 
 
Counterparty
 
 
Notional
Amount(c)
 
 
Value
 
 
Premiums
Paid
(Received)
 
 
Unrealized
Appreciation
(Depreciation)
Markit CDX.NA.IG(d)
 
 
0.53%
 
 
1.000%
 
 
Quarterly
 
 
06/30/2031
 
 
Wells Fargo
Securities,
LLC
 
 
$300,000,000
 
 
$(6,519,903)
 
 
$(4,591,565)
 
 
$(1,928,338)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(b)
Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements on U.S. municipal issues, corporate issues or sovereign issues of an emerging country as of year-end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.
(c)
The maximum potential amount the Fund could be required to pay as seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(d)
Centrally cleared swap, clearing agent: Intercontinental Exchange.
See accompanying notes which are an integral part of these financial statements.
 
62
 

TABLE OF CONTENTS

ANGEL OAK ULTRASHORT INCOME FUND
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
Par
 
 
Value  
CORPORATE OBLIGATIONS — 23.0%
 
 
 
 
Basic Materials — 1.1%
 
 
 
 
ArcelorMittal SA, 6.55%, 11/29/2027
 
 
$3,050,000
 
 
$3,118,906
Cabot Corp., 3.40%, 09/15/2026
 
 
700,000
 
 
696,760
CVR Partners LP / CVR Nitrogen Finance Corp., 6.13%, 06/15/2028(a)
 
 
514,000
 
 
513,766
International Flavors & Fragrances, Inc., 1.83%, 10/15/2027(a)
 
 
3,715,000
 
 
3,594,925
Methanex Corp., 5.13%, 10/15/2027
 
 
350,000
 
 
350,664
Mosaic Co., 5.38%, 11/15/2028
 
 
685,000
 
 
692,392
 
 
 
 
8,967,413
Communications — 0.4%
 
 
 
 
Directv Financing LLC / Directv Financing Co.-Obligor, Inc.,
5.88%, 08/15/2027(a)
 
 
38,000
 
 
38,005
Expedia Group, Inc., 4.63%, 08/01/2027
 
 
2,335,000
 
 
2,335,675
Univision Communications, Inc., 4.50%, 05/01/2029(a)
 
 
615,000
 
 
582,855
 
 
 
 
2,956,535
Consumer, Cyclical — 4.6%
 
 
 
 
American Honda Finance Corp., 4.55%, 04/10/2028
 
 
2,460,000
 
 
2,455,239
AutoNation, Inc., 3.80%, 11/15/2027
 
 
1,565,000
 
 
1,547,108
BorgWarner, Inc., 2.65%, 07/01/2027
 
 
2,285,000
 
 
2,248,953
Carnival Corp., 4.00%, 08/01/2028(a)
 
 
3,405,000
 
 
3,336,940
Delta Air Lines, Inc., 4.95%, 07/10/2028
 
 
3,755,000
 
 
3,760,945
Ford Motor Credit Co. LLC, 2.90%, 02/16/2028
 
 
2,900,000
 
 
2,807,303
General Motors Co., 5.35%, 04/15/2028
 
 
630,000
 
 
635,684
General Motors Financial Co., Inc., 2.40%, 04/10/2028
 
 
3,130,000
 
 
3,012,308
Goodyear Tire & Rubber Co., 5.00%, 07/15/2029
 
 
305,000
 
 
292,384
Hyatt Hotels Corp., 5.05%, 03/30/2028
 
 
3,760,000
 
 
3,774,937
Meritage Homes Corp., 5.13%, 06/06/2027
 
 
1,700,000
 
 
1,699,743
Newell Brands, Inc., 8.50%, 06/01/2028(a)
 
 
650,000
 
 
678,808
Royal Caribbean Cruises Ltd.
 
 
 
 
5.38%, 07/15/2027(a)
 
 
490,000
 
 
490,898
5.50%, 04/01/2028(a)
 
 
1,230,000
 
 
1,240,293
Southwest Airlines Co.
 
 
 
 
7.38%, 03/01/2027
 
 
1,353,000
 
 
1,370,713
4.38%, 11/15/2028
 
 
340,000
 
 
336,143
Toll Brothers Finance Corp., 4.88%, 03/15/2027
 
 
930,000
 
 
931,156
United Airlines, Inc., 4.63%, 04/15/2029(a)
 
 
3,600,000
 
 
3,540,262
VOC Escrow Ltd., 5.00%, 02/15/2028(a)
 
 
3,650,000
 
 
3,640,294
 
 
 
 
37,800,111
Consumer, Non-cyclical — 1.9%
 
 
 
 
Ashtead Capital, Inc., 1.50%, 08/12/2026(a)
 
 
1,750,000
 
 
1,748,680
Campbell’s Co., 5.20%, 03/19/2027
 
 
2,950,000
 
 
2,962,477
Conagra Brands, Inc., 1.38%, 11/01/2027
 
 
3,360,000
 
 
3,223,933
Global Payments, Inc., 4.95%, 08/15/2027
 
 
3,475,000
 
 
3,485,751
HCA, Inc., 5.20%, 06/01/2028
 
 
1,700,000
 
 
1,713,949
Kraft Heinz Foods Co., 3.88%, 05/15/2027
 
 
165,000
 
 
164,182
Royalty Pharma PLC, 1.75%, 09/02/2027
 
 
1,195,000
 
 
1,159,833
Universal Health Services, Inc., 1.65%, 09/01/2026
 
 
700,000
 
 
698,499
 
 
 
 
15,157,304
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
63
 

TABLE OF CONTENTS

ANGEL OAK ULTRASHORT INCOME FUND
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value  
CORPORATE OBLIGATIONS — (Continued)
Energy — 2.2%
 
 
 
 
Continental Resources, Inc.
 
 
 
 
2.27%, 11/15/2026(a)
 
 
$1,800,000
 
 
$1,787,546
4.38%, 01/15/2028
 
 
1,665,000
 
 
1,652,768
DT Midstream, Inc., 4.13%, 06/15/2029(a)
 
 
1,100,000
 
 
1,073,599
Enbridge, Inc., 4.60%, 06/20/2028
 
 
1,220,000
 
 
1,218,427
Energy Transfer LP, 5.55%, 02/15/2028
 
 
2,700,000
 
 
2,734,042
EQT Corp., 3.90%, 10/01/2027
 
 
348,000
 
 
344,841
Occidental Petroleum Corp.
 
 
 
 
3.20%, 08/15/2026
 
 
950,000
 
 
952,778
3.00%, 02/15/2027
 
 
2,135,000
 
 
2,117,244
ONEOK, Inc., 4.55%, 07/15/2028
 
 
1,100,000
 
 
1,096,815
Sabine Pass Liquefaction LLC, 4.20%, 03/15/2028
 
 
750,000
 
 
744,680
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.00%, 01/15/2028
 
 
1,500,000
 
 
1,498,995
Western Midstream Operating LP
 
 
 
 
4.50%, 03/01/2028
 
 
900,000
 
 
895,772
4.75%, 08/15/2028
 
 
2,150,000
 
 
2,149,737
 
 
 
 
18,267,244
Financial — 8.7%
 
 
 
 
AerCap Ireland Capital DAC / AerCap Global Aviation Trust,
3.00%, 10/29/2028
 
 
3,755,000
 
 
3,610,740
Aircastle Ltd.
 
 
 
 
2.85%, 01/26/2028(a)
 
 
2,440,000
 
 
2,368,187
6.50%, 07/18/2028(a)
 
 
1,270,000
 
 
1,304,922
Ally Financial, Inc., 7.10%, 11/15/2027
 
 
3,230,000
 
 
3,316,696
Apollo Debt Solutions BDC, 5.20%, 12/08/2028(a)
 
 
2,785,000
 
 
2,744,940
Ares Capital Corp.
 
 
 
 
7.00%, 01/15/2027
 
 
2,150,000
 
 
2,171,468
2.88%, 06/15/2027
 
 
60,000
 
 
59,146
2.88%, 06/15/2028
 
 
1,255,000
 
 
1,204,483
Athene Global Funding, 5.52%, 03/25/2027(a)
 
 
2,580,000
 
 
2,596,705
Athene Holding Ltd., 4.13%, 01/12/2028
 
 
1,135,000
 
 
1,121,296
Avolon Holdings Funding Ltd.
 
 
 
 
2.53%, 11/18/2027(a)
 
 
308,000
 
 
299,374
2.75%, 02/21/2028(a)
 
 
1,770,000
 
 
1,715,014
6.38%, 05/04/2028(a)
 
 
1,632,000
 
 
1,670,161
Banco Santander SA, 3.80%, 02/23/2028
 
 
3,715,000
 
 
3,662,912
Blackstone Mortgage Trust, Inc., 3.75%, 01/15/2027(a)
 
 
600,000
 
 
593,879
Burford Capital Global Finance LLC, 6.25%, 04/15/2028(a)
 
 
600,000
 
 
591,492
Citigroup, Inc., 4.45%, 09/29/2027
 
 
900,000
 
 
897,878
Crown Castle, Inc.
 
 
 
 
2.90%, 03/15/2027
 
 
225,000
 
 
222,952
3.80%, 02/15/2028
 
 
2,000,000
 
 
1,970,308
Enact Holdings, Inc., 6.25%, 05/28/2029
 
 
1,200,000
 
 
1,231,529
Freedom Mortgage Corp., 6.63%, 01/15/2027(a)
 
 
600,000
 
 
600,693
GGAM Finance Ltd., 8.00%, 02/15/2027(a)
 
 
250,000
 
 
250,148
Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/2027(a)
 
 
600,000
 
 
610,304
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
64
 

TABLE OF CONTENTS

ANGEL OAK ULTRASHORT INCOME FUND
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value  
CORPORATE OBLIGATIONS — (Continued)
Goldman Sachs Private Credit Corp., 5.88%, 05/06/2028
 
 
$2,728,000
 
 
$2,745,272
Golub Capital BDC, Inc.
 
 
 
 
2.05%, 02/15/2027
 
 
1,845,000
 
 
1,816,637
6.00%, 07/15/2029
 
 
1,360,000
 
 
1,361,794
Host Hotels & Resorts LP, 4.25%, 12/15/2028
 
 
2,550,000
 
 
2,511,899
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 5.00%, 08/15/2028(a)
 
 
790,000
 
 
764,313
Jefferies Financial Group, Inc., 6.45%, 06/08/2027
 
 
1,400,000
 
 
1,420,605
Jefferson Capital Holdings LLC, 6.00%, 08/15/2026(a)
 
 
650,000
 
 
650,151
Keybank National Association, 6.95%, 02/01/2028
 
 
2,520,000
 
 
2,592,308
LPL Holdings, Inc.
 
 
 
 
5.70%, 05/20/2027
 
 
370,000
 
 
373,016
4.63%, 11/15/2027(a)
 
 
2,860,000
 
 
2,844,581
Macquarie Airfinance Holdings Ltd., 5.20%, 03/27/2028(a)
 
 
2,700,000
 
 
2,704,666
Manufacturers & Traders Trust Co., 3.40%, 08/17/2027
 
 
250,000
 
 
247,244
Morgan Stanley Direct Lending Fund, 6.15%, 05/17/2029
 
 
2,751,000
 
 
2,771,415
OneMain Finance Corp., 3.50%, 01/15/2027
 
 
450,000
 
 
446,671
PennyMac Financial Services, Inc., 4.25%, 02/15/2029(a)
 
 
615,000
 
 
583,208
PRA Group, Inc., 8.38%, 02/01/2028(a)
 
 
650,000
 
 
658,747
Radian Group, Inc., 4.88%, 03/15/2027
 
 
1,850,000
 
 
1,847,615
Starwood Property Trust, Inc., 5.88%, 08/15/2029(a)
 
 
258,000
 
 
258,597
Sumisho Air Lease Corp., 1.88%, 08/15/2026
 
 
3,000,000
 
 
2,996,938
Synchrony Bank, 5.63%, 08/23/2027
 
 
1,950,000
 
 
1,969,114
United Wholesale Mortgage LLC, 5.75%, 06/15/2027(a)
 
 
400,000
 
 
397,016
Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC,
4.75%, 04/15/2028(a)
 
 
450,000
 
 
448,692
VICI Properties LP / VICI Note Co., Inc.
 
 
 
 
4.50%, 09/01/2026(a)
 
 
1,573,000
 
 
1,572,866
5.75%, 02/01/2027(a)
 
 
490,000
 
 
491,293
3.75%, 02/15/2027(a)
 
 
927,000
 
 
922,228
4.50%, 01/15/2028(a)
 
 
500,000
 
 
496,167
 
 
 
 
70,708,280
Industrial — 2.7%
 
 
 
 
Arrow Electronics, Inc.
 
 
 
 
7.50%, 01/15/2027
 
 
100,000
 
 
100,751
3.88%, 01/12/2028
 
 
3,390,000
 
 
3,342,118
Avnet, Inc., 6.25%, 03/15/2028
 
 
3,050,000
 
 
3,108,973
Black & Decker Holdings, Inc., 7.05%, 07/01/2028(a)
 
 
2,100,000
 
 
2,148,142
Clydesdale Acquisition Holdings, Inc., 6.63%, 04/15/2029(a)
 
 
595,000
 
 
591,853
Flex Ltd., 6.00%, 01/15/2028
 
 
2,925,000
 
 
2,967,323
GATX Corp.
 
 
 
 
3.25%, 09/15/2026
 
 
600,000
 
 
598,502
3.50%, 03/15/2028
 
 
1,100,000
 
 
1,080,127
Jabil, Inc., 3.95%, 01/12/2028
 
 
385,000
 
 
380,697
Masco Corp., 1.50%, 02/15/2028
 
 
100,000
 
 
95,406
MasTec, Inc., 4.50%, 08/15/2028(a)
 
 
3,240,000
 
 
3,201,537
Smyrna Ready Mix Concrete LLC, 6.00%, 11/01/2028(a)
 
 
750,000
 
 
749,502
XPO, Inc., 6.25%, 06/01/2028(a)
 
 
3,700,000
 
 
3,734,643
 
 
 
 
22,099,574
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
65
 

TABLE OF CONTENTS

ANGEL OAK ULTRASHORT INCOME FUND
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value  
CORPORATE OBLIGATIONS — (Continued)
Technology — 0.9%
 
 
 
 
CDW LLC / CDW Finance Corp.
 
 
 
 
2.67%, 12/01/2026
 
 
$1,800,000
 
 
$1,789,100
4.25%, 04/01/2028
 
 
1,965,000
 
 
1,939,258
Oracle Corp., 2.30%, 03/25/2028
 
 
3,700,000
 
 
3,526,464
 
 
 
 
7,254,822
Utilities — 0.5%
 
 
 
 
American Electric Power Co., Inc., 5.75%, 11/01/2027
 
 
200,000
 
 
202,746
NRG Energy, Inc., 2.45%, 12/02/2027(a)
 
 
2,990,000
 
 
2,899,828
Vistra Operations Co. LLC, 3.70%, 01/30/2027(a)
 
 
965,000
 
 
959,490
 
 
 
 
4,062,064
TOTAL CORPORATE OBLIGATIONS
(Cost $187,878,198)
 
 
 
 
187,273,347
ASSET-BACKED SECURITIES — 21.6%
Automobile — 9.3%
ACM Auto Trust
Series 2025-3A, Class A, 5.01%, 01/22/2030(a)
 
 
315,817
 
 
313,910
Series 2025-4A, Class A, 5.87%, 05/20/2030(a)
 
 
420,984
 
 
416,760
AgoraCapital Auto Securities Trust, Series 2025-1A, Class A,
6.40%, 11/25/2032(a)
 
 
352,632
 
 
353,433
American Credit Acceptance Receivables Trust
Series 2024-1, Class D, 5.86%, 05/13/2030(a)
 
 
3,000,000
 
 
3,022,905
Series 2024-2, Class D, 6.53%, 04/12/2030(a)
 
 
3,000,000
 
 
3,045,236
Arivo Acceptance Auto Loan Receivables Trust, Series 2022-2A, Class A, 6.90%, 01/16/2029(a)
 
 
26,641
 
 
26,715
Avis Budget Car Rental LLC
Series 2023-3A, Class B, 6.12%, 02/22/2028(a)
 
 
1,900,000
 
 
1,910,631
Series 2024-2A, Class B, 5.57%, 10/20/2028(a)
 
 
1,000,000
 
 
1,006,893
Bridgecrest Lending Auto Securitization Trust
Series 2023-1, Class E, 10.37%, 07/15/2030(a)
 
 
1,100,000
 
 
1,171,431
Series 2024-1, Class D, 6.03%, 11/15/2029
 
 
2,500,000
 
 
2,526,968
CarMax Select Receivables Trust, Series 2026-A, Class A2B,
4.21% (30 day avg SOFR US + 0.58%), 12/17/2029
 
 
2,500,000
 
 
2,502,267
Carvana Auto Receivables Trust
Series 2021-N1, Class C, 1.30%, 01/10/2028
 
 
210,982
 
 
210,809
Series 2021-N2, Class C, 1.07%, 03/10/2028
 
 
99,068
 
 
97,798
Series 2021-N2, Class E, 2.90%, 03/10/2028(a)
 
 
707,577
 
 
698,949
Series 2021-N3, Class C, 1.02%, 06/12/2028
 
 
240,595
 
 
235,926
CPS Auto Trust, Series 2023-D, Class D, 7.80%, 01/15/2030(a)
 
 
2,000,000
 
 
2,059,001
DT Auto Owner Trust
Series 2022-2A, Class D, 5.46%, 03/15/2028(a)
 
 
1,874,719
 
 
1,877,141
Series 2022-3A, Class E, 10.99%, 07/16/2029(a)
 
 
2,000,000
 
 
2,076,146
Exeter Automobile Receivables Trust
Series 2022-1A, Class E, 5.02%, 10/15/2029(a)
 
 
3,000,000
 
 
2,982,085
Series 2022-4A, Class E, 8.23%, 03/15/2030(a)
 
 
1,000,000
 
 
1,013,678
Series 2023-4A, Class E, 9.57%, 02/18/2031(a)
 
 
1,000,000
 
 
1,065,979
Series 2026-3A, Class N, 6.66%, 07/17/2034(a)
 
 
500,000
 
 
499,991
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
66
 

TABLE OF CONTENTS

ANGEL OAK ULTRASHORT INCOME FUND
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value  
ASSET-BACKED SECURITIES — (Continued)
Automobile — (Continued)
FHF Trust, Series 2024-1A, Class C, 7.42%, 05/15/2031(a)
 
 
$2,000,000
 
 
$2,031,235
Flagship Credit Auto Trust
Series 2021-3, Class D, 1.65%, 09/15/2027(a)
 
 
97,658
 
 
96,866
Series 2021-4, Class D, 2.26%, 12/15/2027(a)
 
 
238,020
 
 
234,735
GLS Auto Receivables Trust
Series 2022-2A, Class E, 5.50%, 06/15/2029(a)
 
 
1,000,000
 
 
1,002,089
Series 2022-3A, Class E, 8.35%, 10/15/2029(a)
 
 
1,990,000
 
 
2,044,564
Hertz Corp., Series 2021-2A, Class C, 2.52%, 12/27/2027(a)
 
 
1,250,000
 
 
1,242,529
Huntington Bank Auto Credit-Linked Notes, Series 2024-1, Class B1, 6.15%, 05/20/2032(a)
 
 
150,876
 
 
152,091
Hyundai Auto Receivables Trust, Series 2025-D, Class A2B, 4.01%
(30 day avg SOFR US + 0.38%), 11/15/2028
 
 
2,668,432
 
 
2,669,710
Lendbuzz Securitization Trust
Series 2023-3A, Class A2, 7.50%, 12/15/2028(a)
 
 
105,082
 
 
106,360
Series 2025-1A, Class B, 5.47%, 11/15/2030(a)
 
 
2,000,000
 
 
1,997,868
Series 2026-1A, Class A2, 4.68%, 07/15/2030(a)
 
 
999,932
 
 
998,325
Lobel Automobile Receivables Trust
Series 2023-2, Class C, 10.04%, 06/15/2029(a)
 
 
1,109,900
 
 
1,113,716
Series 2026-1, Class A, 4.88%, 10/16/2028(a)
 
 
1,291,047
 
 
1,291,642
Luxury Lease Partners Auto Lease Trust, Series 2024-4, Class A,
7.29%, 07/15/2030(a)
 
 
32,678
 
 
32,715
Prestige Auto Receivables Trust
Series 2024-2A, Class C, 4.73%, 10/15/2029(a)
 
 
2,000,000
 
 
1,992,979
Series 2025-1A, Class B, 5.34%, 11/15/2028(a)
 
 
2,864,024
 
 
2,868,368
Research-Driven Pagaya Motor Asset Trust
Series 2025-3A, Class A2, 5.15%, 02/27/2034(a)
 
 
3,500,000
 
 
3,510,591
Series 2025-5A, Class A3, 4.84%, 06/26/2034(a)
 
 
2,000,000
 
 
1,993,331
Series 2026-1A, Class A2, 4.52%, 01/25/2035(a)
 
 
3,500,000
 
 
3,498,662
Series 2026-1A, Class A3, 4.86%, 01/25/2035(a)
 
 
1,500,000
 
 
1,493,809
Series 2026-3A, Class A2, 4.85%, 03/26/2035(a)
 
 
2,000,000
 
 
2,000,059
Series 2026-R1A, Class A, 5.66%, 07/25/2034(a)
 
 
2,461,301
 
 
2,457,029
Strike Acceptance Auto Funding Trust, Series 2025-1A, Class A,
5.84%, 04/15/2032(a)
 
 
1,125,216
 
 
1,127,284
United Auto Credit Securitization Trust
Series 2025-1, Class B, 5.05%, 02/10/2028(a)
 
 
1,758,732
 
 
1,759,666
Series 2026-1, Class A, 4.41%, 06/12/2028(a)
 
 
558,895
 
 
558,993
US Auto Funding Trust, Series 2022-1A, Class B, 5.13%, 12/15/2026(a)
 
 
629,016
 
 
178,336
Veros Automobile Receivables Trust
Series 2024-1, Class C, 7.57%, 12/15/2028(a)
 
 
2,100,000
 
 
2,138,440
Series 2026-1, Class B, 4.84%, 05/15/2029(a)
 
 
1,000,000
 
 
998,749
Series 2026-2, Class A, 4.65%, 03/12/2029(a)
 
 
1,300,000
 
 
1,300,158
Series 2026-2, Class B, 5.26%, 10/10/2029(a)
 
 
1,000,000
 
 
1,000,166
Westlake Automobile Receivables Trust, Series 2026-2A, Class A2B,
4.21% (30 day avg SOFR US + 0.58%), 06/15/2029(a)
 
 
2,750,000
 
 
2,753,779
 
 
75,759,496
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
67
 

TABLE OF CONTENTS

ANGEL OAK ULTRASHORT INCOME FUND
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value  
ASSET-BACKED SECURITIES — (Continued)
Consumer — 11.7%
ACHD Trust
 
 
 
 
Series 2025-DS1, Class A, 5.98%, 01/09/2034(a)
 
 
$69,887
 
 
$69,923
Series 2026-DS1, Class A, 5.67%, 07/10/2034(a)
 
 
880,307
 
 
881,455
ACHV ABS Trust
Series 2023-3PL, Class D, 8.36%, 08/19/2030(a)
 
 
718,538
 
 
719,320
Series 2024-1PL, Class C, 6.42%, 04/25/2031(a)
 
 
265,252
 
 
266,350
Series 2024-1PL, Class D, 7.29%, 04/25/2031(a)
 
 
779,414
 
 
784,805
Series 2024-2PL, Class B, 5.43%, 10/27/2031(a)
 
 
232,598
 
 
233,430
Series 2024-3AL, Class C, 5.68%, 12/26/2031(a)
 
 
325,858
 
 
327,062
Series 2025-1PL, Class E, 6.50%, 04/26/2032(a)
 
 
2,024,518
 
 
2,021,640
Cherry Securitization Trust, Series 2025-1A, Class A,
6.13%, 11/15/2032(a)
 
 
1,500,000
 
 
1,511,988
Foundation Finance Trust, Series 2021-2A, Class A,
2.19%, 01/15/2042(a)
 
 
380,803
 
 
363,255
Goldman Home Improvement Trust, Series 2021-GRN2, Class A,
1.15%, 06/25/2051(a)
 
 
231,842
 
 
227,882
Marlette Funding Trust
Series 2022-2A, Class D, 7.50%, 08/15/2032(a)
 
 
1,003,442
 
 
1,008,704
Series 2023-1A, Class D, 8.15%, 04/15/2033(a)
 
 
2,727,781
 
 
2,765,748
Series 2023-3A, Class D, 8.04%, 09/15/2033(a)
 
 
2,909,294
 
 
2,962,055
Series 2024-1A, Class C, 6.34%, 07/17/2034(a)
 
 
1,500,000
 
 
1,504,086
Momnt Technologies Trust
Series 2023-1A, Class A, 6.92%, 03/20/2045(a)
 
 
72,920
 
 
72,975
Series 2025-1A, Class A, 6.24%, 06/20/2043(a)
 
 
1,061,150
 
 
1,060,222
Oportun Financial Corp., Series 2026-A, Class B, 5.06%, 01/09/2034(a)
 
 
1,500,000
 
 
1,490,833
Pagaya AI Debt Selection Trust
Series 2021-1, Class C, 4.09%, 11/15/2027(a)
 
 
3,208
 
 
3,197
Series 2022-1, Class C, 4.89%, 10/15/2029(a)
 
 
968,516
 
 
964,551
Series 2024-10, Class C, 5.99%, 06/15/2032(a)
 
 
865,133
 
 
866,779
Series 2024-11, Class B, 5.64%, 07/15/2032(a)
 
 
2,176,701
 
 
2,183,528
Series 2024-11, Class C, 5.87%, 07/15/2032(a)
 
 
490,694
 
 
491,454
Series 2024-5, Class B, 6.60%, 10/15/2031(a)
 
 
617,598
 
 
617,973
Series 2024-6, Class B, 6.59%, 11/15/2031(a)
 
 
675,768
 
 
676,156
Series 2024-8, Class D, 6.53%, 01/15/2032(a)
 
 
467,682
 
 
467,932
Series 2024-9, Class D, 6.17%, 03/15/2032(a)
 
 
364,983
 
 
364,555
Series 2025-1, Class B, 5.63%, 07/15/2032(a)
 
 
644,521
 
 
644,370
Series 2025-1, Class C, 5.87%, 07/15/2032(a)
 
 
674,011
 
 
675,641
Series 2025-2, Class A2, 4.96%, 10/15/2032(a)
 
 
1,810,267
 
 
1,809,600
Series 2025-2, Class B, 5.33%, 10/15/2032(a)
 
 
1,605,387
 
 
1,603,123
Series 2025-2, Class C, 5.64%, 10/15/2032(a)
 
 
1,125,141
 
 
1,125,691
Series 2025-3, Class A2, 5.37%, 12/15/2032(a)
 
 
736,516
 
 
737,662
Series 2025-3, Class B, 6.06%, 12/15/2032(a)
 
 
999,797
 
 
1,002,928
Series 2025-4, Class A2, 5.37%, 01/17/2033(a)
 
 
1,614,502
 
 
1,618,572
Series 2025-4, Class B, 5.69%, 01/17/2033(a)
 
 
2,999,893
 
 
3,003,332
Series 2025-4, Class C, 6.15%, 01/17/2033(a)
 
 
999,964
 
 
1,001,206
Series 2025-5, Class C, 5.64%, 03/15/2033(a)
 
 
4,499,826
 
 
4,502,062
Series 2025-6, Class A2, 4.50%, 04/15/2033(a)
 
 
690,759
 
 
686,045
Series 2025-6, Class B, 4.88%, 04/15/2033(a)
 
 
999,908
 
 
994,547
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
68
 

TABLE OF CONTENTS

ANGEL OAK ULTRASHORT INCOME FUND
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value  
ASSET-BACKED SECURITIES — (Continued)
Consumer — (Continued)
Series 2025-7, Class A2, 4.53%, 05/15/2033(a)
 
 
$4,484,553
 
 
$4,468,968
Series 2025-7, Class B, 5.06%, 05/15/2033(a)
 
 
3,299,412
 
 
3,284,739
Series 2025-8, Class B, 5.41%, 07/15/2033(a)
 
 
999,656
 
 
993,647
Series 2025-R1, Class A2, 5.34%, 06/15/2032(a)
 
 
1,022,424
 
 
1,023,934
Series 2026-4, Class B, 6.25%, 01/16/2034(a)
 
 
1,500,000
 
 
1,501,000
Series 2026-5, Class B, 6.39%, 03/15/2034(a)
 
 
1,000,000
 
 
1,001,215
Series 2026-R1, Class A, 4.71%, 12/15/2033(a)
 
 
1,804,171
 
 
1,795,593
Series 2026-R1, Class B, 5.28%, 12/15/2033(a)
 
 
1,500,000
 
 
1,492,710
Series 2026-R2, Class A2, 5.21%, 02/15/2034(a)
 
 
2,000,000
 
 
1,993,682
Pagaya Point of Sale Holdings Grantor Trust
Series 2025-1, Class A, 5.72%, 01/20/2034(a)
 
 
3,600,000
 
 
3,604,272
Series 2025-1, Class C, 6.30%, 01/20/2034(a)
 
 
2,000,000
 
 
2,003,091
RCKT Mortgage Trust, Series 2025-1A, Class C, 5.16%, 07/25/2034(a)
 
 
1,100,000
 
 
1,098,067
Reach Financial LLC, Series 2026-2A, Class B, 4.81%, 02/15/2035(a)
 
 
1,000,000
 
 
998,114
Regional Management Issuance Trust, Series 2024-2, Class D,
6.33%, 12/15/2033(a)
 
 
1,000,000
 
 
1,003,254
Sotheby’s Artfi Master Trust, Series 2026-1A, Class A2,
4.93% (3 mo. Term SOFR + 1.25%), 06/20/2033(a)
 
 
2,200,000
 
 
2,207,644
SpringCastle America LLC, Series 2020-AA, Class A,
1.97%, 09/25/2037(a)
 
 
3,402,978
 
 
3,200,570
Sunbit Asset Securitization Trust, Series 2025-1, Class A,
5.36%, 07/15/2030(a)
 
 
1,000,000
 
 
999,894
Theorem Funding Trust, Series 2022-3A, Class B, 8.95%, 04/15/2029(a)
 
 
536,796
 
 
537,399
Upgrade Master Pass-Thru Trust
Series 2025-ST8, Class B, 5.07%, 12/15/2033(a)
 
 
1,500,000
 
 
1,494,130
Series 2026-ST2, Class B, 5.43%, 06/15/2034(a)
 
 
4,000,000
 
 
3,996,039
Upgrade Receivables Trust, Series 2024-1A, Class D,
8.90%, 02/18/2031(a)
 
 
2,250,000
 
 
2,305,510
Upstart Pass-Through Trust Series, Series 2022-ST3, Class A,
4.30%, 05/20/2030(a)
 
 
59,725
 
 
59,649
Upstart Securitization Trust
Series 2023-2, Class C, 11.87%, 06/20/2033(a)
 
 
1,650,061
 
 
1,711,212
Series 2025-1, Class A, 5.45%, 04/20/2035(a)
 
 
869,797
 
 
872,294
Series 2025-3, Class D, 7.41%, 09/20/2035(a)
 
 
3,000,000
 
 
3,042,703
Series 2025-4, Class B, 5.20%, 11/20/2035(a)
 
 
1,000,000
 
 
998,276
Series 2026-2, Class B, 5.08%, 05/20/2036(a)
 
 
1,280,000
 
 
1,274,779
Series 2026-3, Class A2, 4.77%, 07/20/2036(a)
 
 
1,000,000
 
 
999,085
Series 2026-3, Class B, 5.35%, 07/20/2036(a)
 
 
1,000,000
 
 
998,204
Upstart Structured Pass-Through Trust, Series 2022-2A, Class A,
4.25%, 06/17/2030(a)
 
 
21,167
 
 
21,144
 
 
95,293,455
Credit Card — 0.3%
Mission Lane Credit Card Master Trust
Series 2025-A, Class A, 5.80%, 05/15/2030(a)
 
 
1,500,000
 
 
1,506,413
Series 2025-C, Class A, 4.78%, 12/16/2030(a)
 
 
1,000,000
 
 
997,536
 
 
2,503,949
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
69
 

TABLE OF CONTENTS

ANGEL OAK ULTRASHORT INCOME FUND
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value  
ASSET-BACKED SECURITIES — (Continued)
Receivables — 0.2%
 
 
 
 
Acacia LLC, Series 2026-1, Class A, 5.44%, 07/15/2041(a)
 
 
$1,000,000
 
 
$1,000,051
Whole Business — 0.1%
Subway Funding LLC, Series 2024-1A, Class A2I, 6.03%, 07/30/2054(a)
 
 
985,000
 
 
988,546
TOTAL ASSET-BACKED SECURITIES
(Cost $176,234,171)
 
 
 
 
175,545,497
COMMERCIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY — 21.1%
 
 
 
 
Federal Home Loan Mortgage Corp.
 
 
 
 
Pool WN1022, 2.10%, 11/01/2026
 
 
2,000,000
 
 
1,986,016
Series K062, Class AM, 3.51%, 12/25/2026
 
 
2,860,000
 
 
2,848,297
Series K-F100, Class AL, 3.88% (30 day avg SOFR US + 0.24%), 11/25/2027
 
 
3,369,235
 
 
3,360,916
Series K-F100, Class AS, 3.81% (30 day avg SOFR US + 0.18%), 01/25/2028
 
 
1,353,393
 
 
1,351,428
Series K-F101, Class AS, 3.83% (30 day avg SOFR US + 0.20%), 01/25/2031
 
 
209,982
 
 
208,201
Series K-F102, Class AS, 3.83% (30 day avg SOFR US + 0.20%), 01/25/2031
 
 
8,065,495
 
 
7,969,855
Series K-F103, Class AS, 3.87% (30 day avg SOFR US + 0.24%), 01/25/2031
 
 
5,251,290
 
 
5,194,770
Series K-F104, Class AS, 3.88% (30 day avg SOFR US + 0.25%), 01/25/2031
 
 
2,284,668
 
 
2,275,577
Series K-F105, Class AS, 3.88% (30 day avg SOFR US + 0.25%), 02/25/2031
 
 
3,632,142
 
 
3,610,302
Series K-F106, Class AS, 3.88% (30 day avg SOFR US + 0.25%), 01/25/2031
 
 
1,434,149
 
 
1,419,798
Series K-F108, Class AS, 3.88% (30 day avg SOFR US + 0.25%), 02/25/2031
 
 
426,844
 
 
425,093
Series K-F110, Class AS, 3.87% (30 day avg SOFR US + 0.24%), 03/25/2031
 
 
2,479,383
 
 
2,466,927
Series K-F113, Class AS, 3.86% (30 day avg SOFR US + 0.23%), 05/25/2028
 
 
489,447
 
 
487,612
Series K-F114, Class AS, 3.85% (30 day avg SOFR US + 0.22%), 05/25/2031
 
 
945,088
 
 
933,809
Series K-F115, Class AS, 3.84% (30 day avg SOFR US + 0.21%), 06/25/2031
 
 
5,765,861
 
 
5,695,581
Series K-F117, Class AS, 3.87% (30 day avg SOFR US + 0.24%), 06/25/2031
 
 
3,117,321
 
 
3,085,481
Series K-F118, Class AS, 3.83% (30 day avg SOFR US + 0.20%), 07/25/2028
 
 
1,291,659
 
 
1,285,230
Series K-F120, Class AS, 3.83% (30 day avg SOFR US + 0.20%), 08/25/2031
 
 
6,094,895
 
 
6,058,191
Series K-F121, Class AS, 3.81% (30 day avg SOFR US + 0.18%), 08/25/2028
 
 
6,321,196
 
 
6,285,064
Series K-F122, Class AS, 3.82% (30 day avg SOFR US + 0.19%), 09/25/2031
 
 
4,733,168
 
 
4,712,697
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
70
 

TABLE OF CONTENTS

ANGEL OAK ULTRASHORT INCOME FUND
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value  
COMMERCIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY — (Continued)
Series KF123, Class AS, 3.83% (30 day avg SOFR US + 0.20%), 09/25/2028
 
 
$1,181,877
 
 
$1,175,252
Series KF-127, Class AS, 3.84% (30 day avg SOFR US + 0.21%), 12/25/2028
 
 
6,196,809
 
 
6,173,806
Series KF128, Class AS, 3.86% (30 day avg SOFR US + 0.23%), 12/25/2031
 
 
4,700,947
 
 
4,663,080
Series KF129, Class AS, 3.88% (30 day avg SOFR US + 0.25%), 01/25/2029
 
 
3,083,628
 
 
3,067,719
Series KF130, Class AS, 3.92% (30 day avg SOFR US + 0.29%), 01/25/2029
 
 
852,600
 
 
851,288
Series KF133, Class AS, 4.00% (30 day avg SOFR US + 0.37%), 02/25/2029
 
 
3,233,307
 
 
3,225,000
Series KF134, Class AS, 4.04% (30 day avg SOFR US + 0.41%), 03/25/2032
 
 
7,785,851
 
 
7,776,415
Series KF135, Class AS, 4.00% (30 day avg SOFR US + 0.37%), 05/25/2029
 
 
459,861
 
 
459,413
Series KF136, Class AS, 4.04% (30 day avg SOFR US + 0.41%), 04/25/2032
 
 
418,234
 
 
416,901
Series KF155, Class AS, 4.30% (30 day avg SOFR US + 0.67%), 02/25/2030
 
 
566,926
 
 
568,140
Series KF160, Class AS, 4.33% (30 day avg SOFR US + 0.70%), 10/25/2030
 
 
1,125,971
 
 
1,132,126
Series KF166, Class AS, 4.23% (30 day avg SOFR US + 0.60%), 01/25/2032
 
 
4,460,174
 
 
4,467,854
Series KF169, Class AS, 4.19% (30 day avg SOFR US + 0.56%), 11/25/2035
 
 
5,000,000
 
 
5,006,240
Series KF170, Class AS, 4.19% (30 day avg SOFR US + 0.56%), 11/25/2035
 
 
4,999,801
 
 
5,006,041
Series KF171, Class AS, 4.19% (30 day avg SOFR US + 0.56%), 03/25/2036
 
 
5,000,000
 
 
5,000,075
Series KF172, Class AS, 4.19% (30 day avg SOFR US + 0.56%), 04/25/2036
 
 
5,000,000
 
 
5,006,240
Series KF173, Class AS, 4.15% (30 day avg SOFR US + 0.55%), 06/25/2036(b)
 
 
16,000,000
 
 
16,020,000
Series KF43, Class A, 3.99% (30 day avg SOFR US + 0.35%), 01/25/2028
 
 
1,725,224
 
 
1,723,143
Series KF48, Class A, 4.04% (30 day avg SOFR US + 0.40%), 06/25/2028
 
 
635,287
 
 
634,674
Series KF67, Class A, 4.27% (30 day avg SOFR US + 0.63%), 08/25/2029
 
 
644,721
 
 
646,803
Series KF74, Class AS, 4.16% (SOFR 1M Historical Calendar Day Compounded + 0.53%), 01/25/2027
 
 
14,200
 
 
14,217
Series KF75, Class AS, 4.18% (SOFR 1M Historical Calendar Day Compounded + 0.55%), 12/25/2029
 
 
332,180
 
 
332,805
Series KF81, Class AS, 4.03% (30 day avg SOFR US + 0.40%), 06/25/2027
 
 
973,137
 
 
973,976
Series KF82, Class AS, 4.05% (30 day avg SOFR US + 0.42%), 06/25/2030
 
 
523,101
 
 
521,760
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
71
 

TABLE OF CONTENTS

ANGEL OAK ULTRASHORT INCOME FUND
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value  
COMMERCIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY — (Continued)
Series KF84, Class AL, 4.05% (30 day avg SOFR US + 0.41%), 07/25/2030
 
 
$858,899
 
 
$861,799
Series KF86, Class AL, 4.04% (30 day avg SOFR US + 0.40%), 08/25/2027
 
 
1,134,031
 
 
1,134,178
Series KF88, Class AL, 4.08% (30 day avg SOFR US + 0.44%), 09/25/2030
 
 
921,080
 
 
919,782
Series KF91, Class AL, 4.08% (30 day avg SOFR US + 0.44%), 10/25/2030
 
 
589,968
 
 
590,139
Series KF92, Class AS, 3.99% (30 day avg SOFR US + 0.36%), 10/25/2030
 
 
67,021
 
 
66,670
Series KF93, Class AL, 4.03% (30 day avg SOFR US + 0.39%), 10/25/2027
 
 
403,844
 
 
404,181
Series KF93, Class AS, 3.94% (30 day avg SOFR US + 0.31%), 10/25/2027
 
 
345,287
 
 
344,834
Series KF94, Class AL, 4.05% (30 day avg SOFR US + 0.41%), 11/25/2030
 
 
1,661,739
 
 
1,656,343
Series KF95, Class AL, 4.01% (30 day avg SOFR US + 0.37%), 11/25/2030
 
 
88,963
 
 
88,747
Series KF96, Class AS, 3.93% (30 day avg SOFR US + 0.30%), 11/25/2030
 
 
1,890,779
 
 
1,876,262
Series KF97, Class AS, 3.88% (30 day avg SOFR US + 0.25%), 12/25/2030
 
 
5,687,802
 
 
5,632,346
Series KF98, Class AL, 3.92% (30 day avg SOFR US + 0.28%), 12/25/2030
 
 
4,026,164
 
 
3,992,107
Series KF99, Class AS, 3.83% (30 day avg SOFR US + 0.20%), 12/25/2030
 
 
8,437,294
 
 
8,337,439
Federal National Mortgage Association
 
 
 
 
Pool AN3381, 2.52%, 10/01/2026
 
 
1,269,581
 
 
1,264,128
Pool BL5005, 2.41%, 11/01/2026
 
 
3,508,657
 
 
3,486,984
Series 2017-M15, Class ATS2, 3.18%, 11/25/2027(c)
 
 
713,924
 
 
706,030
Series 2017-M7, Class A2, 2.96%, 02/25/2027(c)
 
 
1,849,646
 
 
1,837,509
Series 2017-M8, Class A2, 3.06%, 05/25/2027(c)
 
 
994,001
 
 
985,492
Series 2019-M28, Class AV, 2.23%, 02/25/2027
 
 
507,869
 
 
503,184
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY
(Cost $171,584,430)
 
 
 
 
171,211,967
COLLATERALIZED LOAN OBLIGATIONS — 16.2%
 
 
 
 
AGL CLO Ltd., Series 2021-14A, Class AR, 4.86%
(3 mo. Term SOFR + 1.13%), 12/02/2034(a)
 
 
2,750,000
 
 
2,750,445
Arbor Realty Collateralized Loan Obligation Ltd., Series 2025-BTR1, Class A, 5.59% (1 mo. Term SOFR + 1.93%), 01/20/2041(a)
 
 
1,000,000
 
 
1,004,233
Atlas Senior Loan Fund Ltd., Series 2022-20A, Class D1R,
7.58% (3 mo. Term SOFR + 3.85%), 10/19/2037(a)
 
 
1,500,000
 
 
1,505,031
Audax Senior Debt CLO, LLC, Series 2020-4A, Class ARR,
5.23% (3 mo. Term SOFR + 1.50%), 04/20/2035(a)
 
 
3,000,000
 
 
2,999,379
Bain Capital Credit CLO Ltd., Series 2020-5A, Class ARR,
4.88% (3 mo. Term SOFR + 1.15%), 04/20/2034(a)
 
 
10,414,747
 
 
10,417,924
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
72
 

TABLE OF CONTENTS

ANGEL OAK ULTRASHORT INCOME FUND
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value  
COLLATERALIZED LOAN OBLIGATIONS — (Continued)
Barings Middle Market CLO Ltd., Series 2023-IIA, Class A1R,
5.21% (3 mo. Term SOFR + 1.48%), 07/20/2034(a)
 
 
$4,000,000
 
 
$4,005,840
BCRED BSL Static CLO Ltd., Series 2025-1A, Class AR,
5.03% (3 mo. Term SOFR + 1.25%), 07/24/2035(a)
 
 
796,012
 
 
796,404
BCRED MML CLO LLC, Series 2022-1A, Class A1, 5.38% (3 mo. Term SOFR + 1.65%), 04/20/2035(a)
 
 
6,590,000
 
 
6,593,559
Black Diamond CLO Ltd., Series 2019-2A, Class A1AR, 5.07% (3 mo. Term SOFR + 1.32%), 07/23/2032(a)
 
 
1,210,091
 
 
1,210,378
Blackrock CLO Ltd.
 
 
 
 
Series 2025-2A, Class A, 4.91% (3 mo. Term SOFR + 1.27%), 11/21/2033(a)
 
 
5,041,262
 
 
5,037,965
Series 2026-3A, Class A, 0.00% (3 mo. Term SOFR + 1.50%), 07/23/2034(a)(b)
 
 
1,500,000
 
 
1,500,000
Series 2026-3A, Class B, 0.00% (3 mo. Term SOFR + 2.15%), 07/23/2034(a)(b)
 
 
2,000,000
 
 
2,000,000
Series 2026-3A, Class C, 0.00% (3 mo. Term SOFR + 2.30%), 07/23/2034(a)(b)
 
 
1,000,000
 
 
1,000,000
Series 2026-3A, Class D, 0.00% (3 mo. Term SOFR + 3.75%), 07/23/2034(a)(b)
 
 
1,000,000
 
 
1,000,000
BlackRock Elbert CLO V LLC/KY, Series 5A, Class AFR,
4.48%, 06/15/2034(a)
 
 
2,131,391
 
 
2,115,352
BlueMountain CLO Ltd., Series 2018-22A, Class A2, 5.41% (3 mo. Term SOFR + 1.66%), 07/15/2031(a)
 
 
3,500,000
 
 
3,500,455
Cerberus Loan Funding LP, Series 2023-1A, Class AR, 5.35% (3 mo. Term SOFR + 1.60%), 03/22/2035(a)
 
 
2,000,000
 
 
2,000,000
Comvest Credit CLO LLC, Series 2024-1A, Class A, 5.45% (3 mo. Term SOFR + 1.70%), 07/15/2036(a)
 
 
1,648,271
 
 
1,648,216
Crestline Direct Lending CLO LP, Series 2024-1A, Class C,
6.05% (3 mo. Term SOFR + 2.30%), 01/15/2035(a)
 
 
1,500,000
 
 
1,499,940
Dryden Senior Loan Fund
 
 
 
 
Series 2015-41A, Class BR, 5.31% (3 mo. Term SOFR + 1.56%), 04/15/2031(a)
 
 
321,645
 
 
321,751
Series 2016-42A, Class XR3, 4.65% (3 mo. Term SOFR + 0.90%), 07/15/2037(a)
 
 
1,384,616
 
 
1,384,582
Series 2018-64A, Class A, 4.96% (3 mo. Term SOFR + 1.23%), 04/18/2031(a)
 
 
1,188,158
 
 
1,188,244
Fortress Credit BSL Ltd.
 
 
 
 
Series 2020-1A, Class A1AR, 4.83% (3 mo. Term SOFR + 1.10%), 10/20/2033(a)
 
 
2,244,025
 
 
2,245,717
Series 2021-1A, Class BR, 5.33% (3 mo. Term SOFR + 1.60%), 04/20/2033(a)
 
 
3,500,000
 
 
3,505,187
Fortress Credit Opportunities CLO Ltd.
 
 
 
 
Series 2025-29A, Class C, 5.98% (3 mo. Term SOFR + 2.25%), 04/20/2033(a)
 
 
5,000,000
 
 
5,006,920
Series 2025-37X, Class C, 7.23% (3 mo. Term SOFR + 3.50%), 07/20/2033
 
 
5,000,000
 
 
5,020,000
Gallatin CLO Ltd., Series 2017-1A, Class A1R, 5.10% (3 mo. Term SOFR + 1.35%), 07/15/2031(a)
 
 
276,386
 
 
276,414
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
73
 

TABLE OF CONTENTS

ANGEL OAK ULTRASHORT INCOME FUND
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value  
COLLATERALIZED LOAN OBLIGATIONS — (Continued)
Golub Capital LLC
 
 
 
 
Series 2022-1A, Class A1R, 5.26% (3 mo. Term SOFR + 1.45%), 07/25/2033(a)
 
 
$4,274,960
 
 
$4,277,880
Series 2022-1A, Class BR, 5.81% (3 mo. Term SOFR + 2.00%), 07/25/2033(a)
 
 
6,500,000
 
 
6,499,889
Series 2022-1A, Class CR, 6.56% (3 mo. Term SOFR + 2.75%), 07/25/2033(a)
 
 
3,000,000
 
 
3,005,697
Series 2022-1A, Class DR, 8.41% (3 mo. Term SOFR + 4.60%), 07/25/2033(a)
 
 
5,000,000
 
 
5,014,365
Golub Capital Partners CLO Ltd., Series 2022-61A, Class A1AR,
5.04% (3 mo. Term SOFR + 1.23%), 07/25/2035(a)
 
 
2,500,000
 
 
2,497,795
Greywolf CLO Ltd., Series 2020-3RA, Class A1R2, 4.96% (3 mo. Term SOFR + 1.23%), 04/22/2033(a)
 
 
2,139,316
 
 
2,139,645
Ivy Hill Middle Market Credit Fund Ltd., Series 7A, Class AR3,
5.35% (3 mo. Term SOFR + 1.60%), 10/15/2036(a)
 
 
2,500,000
 
 
2,500,697
Jamestown CLO Ltd., Series 2018-11A, Class A2, 5.70% (3 mo. Term SOFR + 1.96%), 07/14/2031(a)
 
 
378,497
 
 
378,912
KKR CLO Trust
 
 
 
 
Series 11, Class BR, 5.51% (3 mo. Term SOFR + 1.76%), 01/15/2031(a)
 
 
1,305,581
 
 
1,306,434
Series 18, Class A1R2, 4.78% (3 mo. Term SOFR + 1.05%), 10/18/2035(a)
 
 
2,602,061
 
 
2,602,282
LJV I MM CLO LLC, Series 2022-1A, Class A1, 5.69% (3 mo. Term SOFR + 1.85%), 04/28/2034(a)
 
 
2,234,726
 
 
2,237,041
Palmer Square Loan Funding Ltd., Series 2022-4A, Class A2R,
5.08% (3 mo. Term SOFR + 1.30%), 07/24/2031(a)
 
 
3,250,000
 
 
3,251,557
Regatta Funding Ltd., Series 2024-2A, Class X, 8.39% (3 mo. Term
SOFR + 0.95%), 07/25/2039(a)
 
 
2,000,000
 
 
2,000,000
Shackleton CLO Ltd., Series 2014-5RA, Class B, 5.62% (3 mo. Term
SOFR + 1.96%), 05/07/2031(a)
 
 
1,441,649
 
 
1,441,751
Sound Point CLO Ltd., Series 2015-2A, Class ARRR, 5.20% (3 mo. Term SOFR + 1.47%), 07/20/2032(a)
 
 
2,300,973
 
 
2,301,829
Steele Creek CLO Ltd., Series 2019-2A, Class ARR, 4.75% (3 mo. Term SOFR + 1.00%), 07/15/2032(a)
 
 
1,098,542
 
 
1,098,607
THL Credit Lake Shore MM CLO Ltd.
 
 
 
 
Series 2019-2A, Class A1RR, 5.15% (3 mo. Term SOFR + 1.40%), 10/17/2031(a)
 
 
101,099
 
 
101,075
Series 2019-2A, Class CRR, 6.35% (3 mo. Term SOFR + 2.60%), 10/17/2031(a)
 
 
1,550,000
 
 
1,552,782
Series 2019-2A, Class DR, 7.76% (3 mo. Term SOFR + 4.01%), 10/17/2031(a)
 
 
1,500,000
 
 
1,497,786
Trinitas CLO Ltd., Series 2020-14A, Class A1R2, 4.91% (3 mo. Term
SOFR + 1.10%), 01/25/2034(a)
 
 
3,652,466
 
 
3,652,911
Twin Brook CLO Ltd., Series 2024-2A, Class AR, 4.98% (3 mo. Term
SOFR + 1.25%), 10/20/2035(a)
 
 
5,500,000
 
 
5,489,489
Venture CDO Ltd., Series 2018-32A, Class A1, 5.09% (3 mo. Term SOFR + 1.36%), 07/18/2031(a)
 
 
60,351
 
 
60,357
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
74
 

TABLE OF CONTENTS

ANGEL OAK ULTRASHORT INCOME FUND
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value  
COLLATERALIZED LOAN OBLIGATIONS — (Continued)
Woodmont Trust, Series 2023-12A, Class A1R, 5.21% (3 mo. Term SOFR + 1.40%), 10/25/2032(a)
 
 
$2,507,480
 
 
$2,506,244
Z Capital Credit Partners CLO Ltd., Series 2019-1A, Class DR,
9.05% (3 mo. Term SOFR + 5.26%), 07/16/2031(a)
 
 
3,000,000
 
 
3,025,863
TOTAL COLLATERALIZED LOAN OBLIGATIONS
(Cost $131,970,739)
 
 
 
 
131,974,824
RESIDENTIAL MORTGAGE-BACKED SECURITIES — 13.6%
 
 
 
 
A&D Mortgage LLC, Series 2026-NQM2, Class A1,
4.81%, 03/25/2071(a)(c)
 
 
2,887,658
 
 
2,848,124
Bellemeade Re Ltd.
 
 
 
 
Series 2023-1, Class M1B, 7.87% (30 day avg SOFR US + 4.25%), 10/25/2033(a)
 
 
222,014
 
 
225,462
Series 2025-1, Class M1A, 5.17% (30 day avg SOFR US + 1.55%), 10/25/2035(a)
 
 
400,913
 
 
401,014
BRAVO Residential Funding Trust
 
 
 
 
Series 2021-NQM3, Class A1, 1.70%, 04/25/2060(a)(c)
 
 
2,157,067
 
 
2,008,990
Series 2024-CES2, Class A1A, 5.55%, 09/25/2054(a)(d)
 
 
3,263,835
 
 
3,266,904
Series 2024-NQM4, Class A1A, 4.35%, 01/25/2060(a)(d)
 
 
819,670
 
 
808,461
Chase Mortgage Finance Corp., Series 2019-ATR2, Class A11,
4.74% (1 mo. Term SOFR + 1.01%), 07/25/2049, (6.50% Cap)(a)
 
 
976,403
 
 
954,674
CIM Trust, Series 2019-INV2, Class A11, 4.68% (30 day avg SOFR US + 1.06%), 05/25/2049, (6.50% Cap)(a)
 
 
115,984
 
 
110,991
COLT Funding LLC, Series 2021-3R, Class A3, 1.51%, 12/25/2064(a)(c)
 
 
357,518
 
 
329,278
COOPR Residential Mortgage Trust, Series 2025-CES3, Class A1A,
4.84%, 09/25/2060(a)(d)
 
 
1,723,151
 
 
1,698,554
Credit Suisse Mortgage Capital Certificates, Series 2022-ATH1, Class A1A, 3.87%, 01/25/2067(a)(c)
 
 
1,364,481
 
 
1,326,471
Cross Mortgage Trust, Series 2025-CES1, Class A1A,
5.30%, 11/25/2060(a)(d)
 
 
1,623,944
 
 
1,615,655
Deephaven Residential Mortgage Trust, Series 2025-CES1, Class A1A, 5.22%, 10/25/2055(a)(d)
 
 
1,598,778
 
 
1,587,723
FIGRE Trust
 
 
 
 
Series 2025-FL1, Class A1, 5.27%, 07/25/2055(a)(d)
 
 
1,256,535
 
 
1,251,048
Series 2025-HE6, Class A, 5.04%, 09/25/2055(a)(c)
 
 
833,956
 
 
821,753
Series 2025-HE7, Class A, 5.15%, 11/25/2055(a)(c)
 
 
1,696,633
 
 
1,671,814
Series 2026-HE1, Class A, 4.98%, 01/25/2056(a)(c)
 
 
1,548,844
 
 
1,519,523
Flagstar Mortgage Trust, Series 2018-6RR, Class 1A2, 4.54% (1 mo. Term SOFR + 0.81%), 10/25/2048(a)
 
 
690,202
 
 
672,016
Galton Funding Mortgage Trust, Series 2017-1, Class A21,
3.50%, 07/25/2056(a)(c)
 
 
29,208
 
 
26,290
GCAT Trust, Series 2021-NQM2, Class A2, 1.24%, 05/25/2066(a)(c)
 
 
945,451
 
 
824,977
GS Mortgage Securities Corp., Series 2020-PJ2, Class A1,
3.50%, 07/25/2050(a)(c)
 
 
187,797
 
 
165,431
GS Mortgage-Backed Securities Trust
 
 
 
 
Series 2014-EB1A, Class B2, 6.02%, 07/25/2044(a)(c)
 
 
109,437
 
 
109,547
Series 2021-NQM1, Class A3, 1.53%, 07/25/2061(a)(c)
 
 
861,271
 
 
800,492
Series 2025-HE1, Class A1, 5.17% (30 day avg SOFR US + 1.55%), 10/25/2055(a)
 
 
3,061,475
 
 
3,075,017
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
75
 

TABLE OF CONTENTS

ANGEL OAK ULTRASHORT INCOME FUND
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value  
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
Series 2025-HE2, Class A1, 5.17% (30 day avg SOFR US + 1.55%), 12/25/2065(a)
 
 
$1,639,741
 
 
$1,647,220
Series 2026-AH1, Class A1A, 5.12% (30 day avg SOFR US + 1.50%), 07/25/2056(a)
 
 
3,908,877
 
 
3,924,531
Imperial Fund Mortgage Trust, Series 2021-NQM1, Class A3,
1.62%, 06/25/2056(a)(c)
 
 
821,159
 
 
722,810
JP Morgan Chase Commercial Mortgage Securities,
Series 2019-6, Class A3, 3.50%, 12/25/2049(a)(c)
 
 
828,987
 
 
741,056
JP Morgan Mortgage Trust
 
 
 
 
Series 2019-5, Class A11, 4.74% (1 mo. Term SOFR + 1.01%), 11/25/2049, (6.50% Cap)(a)
 
 
425,027
 
 
417,324
Series 2023-HE1, Class A1, 5.37% (30 day avg SOFR US + 1.75%), 11/25/2053(a)
 
 
231,103
 
 
231,343
Series 2025-12MPR, Class A1D, 5.06%, 06/25/2056(a)(d)
 
 
1,749,383
 
 
1,728,708
Series 2026-LTV1, Class A3, 5.92%, 09/25/2056(a)(d)
 
 
4,424,109
 
 
4,394,355
Mello Mortgage Capital Acceptance, Series 2021-MTG2, Class A10,
2.50%, 06/25/2051(a)(c)
 
 
2,814,104
 
 
2,496,793
MetLife Securitization Trust, Series 2020-INV1, Class A5,
3.00%, 05/25/2050(a)(c)
 
 
1,286,007
 
 
1,100,828
Mill City Mortgage Trust, Series 2021-NMR1, Class A1,
1.13%, 11/25/2060(a)(c)
 
 
394,276
 
 
382,047
Morgan Stanley Residential Mortgage Loan Trust, Series 2025-SPL1, Class A3, 4.25%, 02/25/2065(a)(d)
 
 
930,773
 
 
893,024
New Residential Mortgage Loan Trust
 
 
 
 
  Series 2021-INV1, Class A6, 2.50%, 06/25/2051(a)(c)
 
 
1,716,581
 
 
1,529,950
Series 2022-NQM4, Class A3, 6.00%, 06/25/2062(a)(d)
 
 
811,726
 
 
774,508
NMLT Trust, Series 2021-INV1, Class A3, 1.80%, 05/25/2056(a)(c)
 
 
894,174
 
 
786,463
NYMT Loan Trust, Series 2025-CP1, Class A1, 3.75%, 11/25/2069(a)(c)
 
 
864,966
 
 
829,912
OBX Trust
 
 
 
 
Series 2020-EXP1, Class 2A1, 4.59% (1 mo. Term SOFR + 0.86%), 02/25/2060(a)
 
 
210,800
 
 
207,990
Series 2021-NQM1, Class A3, 1.33%, 02/25/2066(a)(c)
 
 
2,791,444
 
 
2,470,387
PMT Loan Trust, Series 2026-CNF2, Class A24, 4.97% (30 day avg SOFR US + 1.35%), 02/25/2057, (6.00% Cap)(a)
 
 
1,204,974
 
 
1,205,696
Pretium Mortgage Credit Partners LLC
 
 
 
 
Series 2025-NPL9, Class A1, 5.39%, 08/25/2055(a)(d)
 
 
1,768,244
 
 
1,769,924
Series 2026-RN2, Class A1, 5.77%, 07/25/2056(a)(d)
 
 
6,707,401
 
 
6,698,776
PRPM LLC, Series 2025-RCF5, Class A1, 4.84%, 10/25/2055(a)(d)
 
 
796,984
 
 
792,635
SAIF Securitization Trust, Series 2025-CES1, Class A1, 5.41%, 06/25/2065(a)(d)
 
 
3,130,949
 
 
3,118,738
Saluda Grade Mortgage Funding LLC
 
 
 
 
Series 2021-MF1, Class A1, 3.81%, 11/25/2029(a)(c)
 
 
2,458,864
 
 
2,332,036
Series 2025-NPL2, Class A1, 7.77%, 05/25/2030(a)(d)
 
 
1,699,933
 
 
1,703,941
Series 2026-NPL1, Class A1, 7.04%, 04/25/2031(a)(d)
 
 
4,622,700
 
 
4,611,074
Santander US Capital Markets LLC, Series 2025-CES1, Class A1A,
5.04%, 09/25/2055(a)(d)
 
 
1,752,424
 
 
1,733,311
SGR Residential Mortgage Trust, Series 2021-2, Class A2,
1.94%, 12/25/2061(a)(c)
 
 
3,110,547
 
 
2,650,618
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
76
 

TABLE OF CONTENTS

ANGEL OAK ULTRASHORT INCOME FUND
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value  
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
Starwood Mortgage Residential Trust, Series 2020-INV1, Class A3,
1.59%, 11/25/2055(a)(c)
 
 
$503,441
 
 
$491,410
Towd Point Mortgage Trust
 
 
 
 
Series 2019-HY3, Class A1A, 4.84% (1 mo. Term SOFR + 1.11%), 10/25/2059(a)
 
 
425,761
 
 
426,333
Series 2021-SJ2, Class A2, 2.50%, 12/25/2061(a)(c)
 
 
1,500,000
 
 
1,399,056
Series 2025-CRM1, Class A2B, 5.25%, 01/25/2065(a)(d)
 
 
4,000,000
 
 
3,970,173
Series 2025-FIX1, Class A1, 4.97%, 09/25/2065(a)(d)
 
 
3,302,369
 
 
3,267,282
Verus Securitization Trust
 
 
 
 
Series 2021-4, Class A2, 1.25%, 07/25/2066(a)(c)
 
 
1,111,164
 
 
945,065
Series 2021-8, Class A3, 2.49%, 11/25/2066(a)(c)
 
 
1,193,480
 
 
1,051,536
Series 2022-5, Class A3, 3.80%, 04/25/2067(a)(c)
 
 
710,507
 
 
648,590
Visio Trust, Series 2021-1R, Class A3, 1.69%, 05/25/2056(a)
 
 
733,193
 
 
692,155
Vista Point Securitization Trust
 
 
 
 
Series 2024-CES1, Class A1, 6.68%, 05/25/2054(a)(d)
 
 
577,683
 
 
580,999
Series 2024-CES2, Class A1, 5.25%, 10/25/2054(a)(d)
 
 
269,714
 
 
268,664
Series 2024-CES2, Class A2, 5.66%, 10/25/2054(a)(d)
 
 
2,000,000
 
 
1,999,269
Series 2024-CES3, Class A1, 5.68%, 01/25/2055(a)(d)
 
 
635,110
 
 
635,695
Series 2025-CES1, Class A1, 5.81%, 04/25/2055(a)(d)
 
 
2,013,269
 
 
2,017,839
Series 2025-CES1, Class A2, 6.03%, 04/25/2055(a)(d)
 
 
3,069,000
 
 
3,078,340
Series 2025-CES2, Class A1, 5.60%, 08/25/2055(a)(d)
 
 
3,083,627
 
 
3,082,046
Series 2025-CES3, Class A1, 5.30%, 11/25/2055(a)(d)
 
 
3,757,169
 
 
3,731,482
Series 2026-CES1, Class A1, 5.04%, 02/25/2056(a)(d)
 
 
1,831,672
 
 
1,813,338
WinWater Mortgage Loan Trust, Series 2015-A, Class AX1,
0.34%, 06/20/2045(a)(c)(e)
 
 
4,623,430
 
 
34,241
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
(Cost $112,915,024)
 
 
 
 
110,149,720
COMMERCIAL MORTGAGE-BACKED SECURITIES — 2.1%
 
 
 
 
ACREC Trust, Series 2021-FL1, Class AS, 5.29% (1 mo. Term SOFR + 1.61%), 10/16/2036(a)
 
 
94,073
 
 
94,190
Barings Issuer LLC, Series 2026-SBP, Class A, 4.82%, 02/26/2059(a)
 
 
1,962,676
 
 
1,933,668
BXP Trust, Series 2017-CQHP, Class A, 4.57% (1 mo. Term SOFR + 0.90%), 11/15/2034(a)
 
 
688,679
 
 
670,294
Commercial Mortgage Pass Through Certificates, Series 2025-SBX, Class B, 5.55%, 08/10/2041(a)(c)
 
 
2,000,000
 
 
1,984,374
GS Mortgage-Backed Securities Trust, Series 2018-TWR, Class B,
5.17% (1 mo. Term SOFR + 1.50%), 07/15/2031(a)(f)
 
 
775,000
 
 
392,531
JP Morgan Chase Commercial Mortgage Securities, Series 2018-PTC, Class A, 5.17% (1 mo. Term SOFR + 1.50%), 04/15/2031(a)(f)
 
 
1,253,000
 
 
560,611
MF1 Multifamily Housing Mortgage Loan Trust, Series 2021-FL7, Class AS, 5.23% (1 mo. Term SOFR + 1.56%), 10/16/2036(a)
 
 
2,010,000
 
 
2,013,976
Natixis Commercial Mortgage Securities Trust, Series 2019-MILE, Class A, 5.26% (1 mo. Term SOFR + 1.58%), 07/15/2036(a)
 
 
848,857
 
 
826,871
NYC Commercial Mortgage Trust, Series 2025-28L, Class A,
4.67%, 11/05/2038(a)(c)
 
 
500,000
 
 
494,485
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
77
 

TABLE OF CONTENTS

ANGEL OAK ULTRASHORT INCOME FUND
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value  
COMMERCIAL MORTGAGE-BACKED SECURITIES — (Continued)
Velocity Commercial Capital Loan Trust
 
 
 
 
Series 2021-2, Class A, 1.52%, 08/25/2051(a)(c)
 
 
$2,191,158
 
 
$1,899,651
Series 2021-3, Class A, 1.96%, 10/25/2051(a)(c)
 
 
1,484,533
 
 
1,282,212
Series 2021-4, Class A, 2.52%, 12/26/2051(a)(c)
 
 
781,679
 
 
662,971
Wells Fargo Commercial Mortgage Trust, Series 2025-VTT, Class C, 5.83%, 03/15/2038(a)(c)
 
 
4,000,000
 
 
4,009,400
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $18,568,156)
 
 
 
 
16,825,234
RESIDENTIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER — 0.5%
 
 
 
 
Connecticut Avenue Securities Trust, Series 2023-R08, Class 1M1,
5.12% (30 day avg SOFR US + 1.50%), 10/25/2043(a)
 
 
100,218
 
 
100,261
Federal Home Loan Mortgage Corp.
 
 
 
 
Series 2016-SC02, Class M2, 3.65%, 10/25/2046(c)
 
 
818,740
 
 
799,267
Series 2022-DNA3, Class M1B, 6.52% (30 day avg SOFR US + 2.90%), 04/25/2042(a)
 
 
3,111,000
 
 
3,152,843
Series 2025-HQA1, Class M1, 4.77% (30 day avg SOFR US + 1.15%), 02/25/2045(a)
 
 
339,744
 
 
339,820
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER
(Cost $4,464,326)
 
 
 
 
4,392,191
RESIDENTIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY — 0.0% (g)
 
 
 
 
Federal National Mortgage Association, Series 2017-61, Class K,
3.50%, 08/25/2046
 
 
305,357
 
 
300,191
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY
(Cost $306,874)
 
 
 
 
300,191
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
SHORT-TERM INVESTMENTS — 5.9%
 
 
 
 
Money Market Funds — 5.9%
 
 
 
 
First American Government Obligations Fund - Class U, 3.60%(h)
 
 
47,832,276
 
 
47,832,276
TOTAL SHORT-TERM INVESTMENTS
(Cost $47,832,276)
 
 
 
 
47,832,276
TOTAL INVESTMENTS — 104.0%
(Cost $851,754,194)
 
 
 
 
$845,505,247
Liabilities in Excess of Other Assets — (4.0)%
 
 
 
 
 
 
 
 
(32,499,810)
TOTAL NET ASSETS — 100.0%
 
 
 
 
$813,005,437
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
78
 

TABLE OF CONTENTS

ANGEL OAK ULTRASHORT INCOME FUND
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
Percentages are stated as a percent of net assets.
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 Advisor, under the procedures established by the Fund’s Board of Trustees, unless otherwise denoted. As of July 31, 2026, the value of these securities total $489,514,931 or 60.2% of the Fund’s net assets.
(b)
Security or a portion of the security purchased on a when-issued or delayed delivery basis.
(c)
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 July 31, 2026.
(d)
Step coupon bond. The rate disclosed is as of July 31, 2026.
(e)
Interest only security.
(f)
Issuer is currently in default and not accruing income.
(g)
Represents less than 0.05% of net assets.ss
(h)
The rate shown represents the 7-day annualized yield as of July 31, 2026.
See accompanying notes which are an integral part of these financial statements.
 
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TABLE OF CONTENTS

ANGEL OAK ULTRASHORT INCOME FUND
SCHEDULE OF OPEN FUTURES CONTRACTS
July 31, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Short Futures Contracts
 
 
Contracts Sold
 
 
Expiration
Date
 
 
Notional
Value
 
 
Value/Unrealized
Appreciation
(Depreciation)
Eris SOFR 4 Year Swap
 
 
(213)
 
 
12/21/2026
 
 
$(19,815,454)
 
 
$394,306
U.S. Treasury 2 Year Notes
 
 
(83)
 
 
09/30/2026
 
 
(17,065,578)
 
 
45,100
Total Unrealized Appreciation (Depreciation)
 
 
$439,406
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
80
 

TABLE OF CONTENTS

ANGEL OAK HIGH YIELD OPPORTUNITIES ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
Par
 
 
Value  
CORPORATE OBLIGATIONS — 88.4%
 
 
 
 
Basic Materials — 7.9%
 
 
 
 
Capstone Copper Corp., 6.75%, 03/31/2033(a)
 
 
$830,000
 
 
$834,984
Celanese US Holdings LLC, 7.38%, 02/15/2034
 
 
520,000
 
 
535,202
Century Aluminum Co., 6.88%, 08/01/2032(a)
 
 
530,000
 
 
538,879
Cleveland-Cliffs, Inc., 7.63%, 01/15/2034(a)
 
 
1,100,000
 
 
1,113,943
Consolidated Energy Finance SA
 
 
 
 
5.63%, 10/15/2028(a)
 
 
200,000
 
 
193,414
12.00%, 02/15/2031(a)
 
 
810,000
 
 
847,216
CVR Partners LP / CVR Nitrogen Finance Corp.,
6.13%, 06/15/2028(a)
 
 
540,000
 
 
539,754
First Quantum Minerals Ltd., 7.25%, 02/15/2034(a)
 
 
1,650,000
 
 
1,681,987
Magnera Corp., 4.75%, 11/15/2029(a)
 
 
600,000
 
 
559,449
Methanex US Operations, Inc., 6.25%, 03/15/2032(a)
 
 
1,110,000
 
 
1,121,611
Novelis Corp., 4.75%, 01/30/2030(a)
 
 
290,000
 
 
278,934
Olin Corp., 6.63%, 04/01/2033(a)
 
 
550,000
 
 
538,913
Trekor Metals Ltd., 8.25%, 05/01/2030(a)
 
 
1,040,000
 
 
1,082,000
 
 
 
 
9,866,286
Communications — 5.4%
 
 
 
 
Cars.com, Inc., 6.38%, 11/01/2028(a)
 
 
500,000
 
 
497,294
CMG Media Corp., 8.88%, 06/18/2029(a)
 
 
250,000
 
 
181,334
Cogent Communications Group LLC / Cogent Finance, Inc.,
6.50%, 07/01/2032(a)
 
 
880,000
 
 
784,318
Cumulus Media New Holdings, Inc., 8.00%, 07/01/2029(a)(b)
 
 
509,000
 
 
81,440
Directv Financing LLC / Directv Financing Co.-Obligor, Inc.,
10.00%, 02/15/2031(a)
 
 
1,620,000
 
 
1,694,342
Gen Digital, Inc., 6.25%, 04/01/2033(a)
 
 
570,000
 
 
561,518
Gray Media, Inc., 5.38%, 11/15/2031(a)
 
 
1,610,000
 
 
1,198,090
Lamar Media Corp., 4.88%, 01/15/2029
 
 
280,000
 
 
276,158
Outfront Media Capital LLC / Outfront Media Capital Corp.,
4.63%, 03/15/2030(a)
 
 
580,000
 
 
560,574
SV RNO Property Owner 1, LLC, 5.88%, 03/01/2031(a)
 
 
270,000
 
 
251,064
Univision Communications, Inc., 4.50%, 05/01/2029(a)
 
 
590,000
 
 
559,161
 
 
 
 
6,645,293
Consumer, Cyclical — 9.8%
 
 
 
 
Adient Global Holdings Ltd., 7.50%, 02/15/2033(a)
 
 
530,000
 
 
547,364
American Axle & Manufacturing, Inc., 7.75%, 10/15/2033(a)
 
 
1,130,000
 
 
1,113,555
Champ Acquisition Corp., 8.38%, 12/01/2031(a)
 
 
1,040,000
 
 
1,087,267
Cinemark USA, Inc., 7.00%, 08/01/2032(a)
 
 
1,060,000
 
 
1,087,545
Clarios Global LP / Clarios US Finance Co., 6.75%, 09/15/2032(a)
 
 
550,000
 
 
554,508
Dorman Products, Inc., 6.25%, 06/15/2034(a)
 
 
280,000
 
 
281,148
FirstCash Holdings, Inc., 6.13%, 05/01/2034(a)
 
 
560,000
 
 
552,336
Goodyear Tire & Rubber Co., 8.88%, 07/15/2032
 
 
840,000
 
 
862,883
K Hovnanian Enterprises, Inc., 8.38%, 10/01/2033(a)
 
 
540,000
 
 
549,239
Lithia Motors, Inc., 3.88%, 06/01/2029(a)
 
 
580,000
 
 
557,210
NCL Corp. Ltd., 6.25%, 09/15/2033(a)
 
 
560,000
 
 
532,616
New Flyer Holdings, Inc., 9.25%, 07/01/2030(a)
 
 
510,000
 
 
546,315
Newell Brands, Inc., 8.50%, 06/01/2028(a)
 
 
540,000
 
 
563,933
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
81
 

TABLE OF CONTENTS

ANGEL OAK HIGH YIELD OPPORTUNITIES ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value  
CORPORATE OBLIGATIONS — (Continued)
 
 
 
 
Consumer, Cyclical — (Continued)
 
Penn Entertainment, Inc., 6.75%, 04/01/2031(a)
 
 
$570,000
 
 
$572,311
Phinia, Inc., 6.63%, 10/15/2032(a)
 
 
550,000
 
 
555,968
Resideo Funding II LLC, 6.50%, 07/15/2032(a)
 
 
540,000
 
 
540,673
Sally Holdings LLC / Sally Capital, Inc., 6.75%, 04/01/2032
 
 
550,000
 
 
560,780
Viking Cruises Ltd., 5.88%, 10/15/2033(a)
 
 
1,120,000
 
 
1,109,528
 
 
 
 
12,175,179
Consumer, Non-cyclical — 13.1%
 
 
 
 
Acadia Healthcare Co., Inc., 7.38%, 03/15/2033(a)
 
 
1,080,000
 
 
1,115,097
Amneal Pharmaceuticals LLC, 6.88%, 08/01/2032(a)
 
 
540,000
 
 
555,522
B&G Foods, Inc., 8.00%, 09/15/2028(a)
 
 
400,000
 
 
391,549
Belron UK Finance PLC, 5.75%, 10/15/2029(a)
 
 
280,000
 
 
280,159
Charlotte Buyer, Inc., 8.00%, 06/30/2031(a)
 
 
280,000
 
 
283,210
Chobani Holdco LLC, 6.38%, 04/15/2034(a)
 
 
130,000
 
 
130,443
Concentra Health Services, Inc., 6.88%, 07/15/2032(a)
 
 
530,000
 
 
545,660
DaVita, Inc., 6.88%, 09/01/2032(a)
 
 
810,000
 
 
833,054
Dcli Bidco LLC, 7.75%, 11/15/2029(a)
 
 
530,000
 
 
544,904
EquipmentShare.com, Inc., 8.63%, 05/15/2032(a)
 
 
810,000
 
 
829,422
Fiesta Purchaser, Inc., 9.63%, 09/15/2032(a)
 
 
830,000
 
 
779,731
Hertz Corp., 12.63%, 07/15/2029(a)
 
 
600,000
 
 
391,790
Medline Borrower LP, 5.25%, 10/01/2029(a)
 
 
830,000
 
 
822,832
Molina Healthcare, Inc., 6.25%, 01/15/2033(a)
 
 
840,000
 
 
831,224
Performance Food Group, Inc., 4.25%, 08/01/2029(a)
 
 
500,000
 
 
483,813
Perrigo Finance Unlimited Co., 6.13%, 09/30/2032
 
 
1,170,000
 
 
1,112,393
Post Holdings, Inc., 6.38%, 03/01/2033(a)
 
 
1,130,000
 
 
1,113,674
Raven Acquisition Holdings LLC, 6.88%, 11/15/2031(a)
 
 
1,140,000
 
 
1,109,830
Simmons Foods, Inc., 4.63%, 03/01/2029(a)
 
 
1,160,000
 
 
1,122,044
Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/2029(a)
 
 
500,000
 
 
483,685
Synergy Infrastructure Holdings LLC, 7.00%, 07/15/2034(a)
 
 
550,000
 
 
555,210
Upbound Group, Inc., 6.38%, 02/15/2029(a)
 
 
550,000
 
 
546,286
US Foods, Inc., 7.25%, 01/15/2032(a)
 
 
260,000
 
 
268,968
VT Topco, Inc., 8.50%, 08/15/2030(a)
 
 
1,090,000
 
 
1,114,195
 
 
 
 
16,244,695
Diversified — 0.7%
 
 
 
 
Stena International SA, 7.25%, 01/15/2031(a)
 
 
820,000
 
 
835,438
Energy — 14.8%
 
 
 
 
Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 8.63%, 06/15/2029(a)
 
 
780,000
 
 
814,242
Archrock Partners LP / Archrock Partners Finance Corp.,
6.63%, 09/01/2032(a)
 
 
550,000
 
 
558,192
Borr IHC Ltd. / Borr Finance LLC, 9.00%, 01/15/2034(a)
 
 
840,000
 
 
823,409
Bristow Group, Inc., 6.75%, 02/01/2033(a)
 
 
260,000
 
 
260,471
Calumet Specialty Products Partners LP / Calumet Finance Corp., 9.75%, 02/15/2031(a)
 
 
1,060,000
 
 
1,134,642
Caturus Energy LLC, 7.13%, 05/15/2031(a)
 
 
280,000
 
 
277,919
Comstock Resources, Inc., 5.88%, 01/15/2030(a)
 
 
1,110,000
 
 
1,046,504
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
82
 

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ANGEL OAK HIGH YIELD OPPORTUNITIES ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value  
CORPORATE OBLIGATIONS — (Continued)
 
 
 
 
Energy — (Continued)
 
 
 
 
CVR Energy, Inc., 7.88%, 02/15/2034(a)
 
 
$1,120,000
 
 
$1,138,855
Genesis Energy LP / Genesis Energy Finance Corp.,
8.00%, 05/15/2033
 
 
1,080,000
 
 
1,124,147
Gulfport Energy Operating Corp., 6.75%, 09/01/2029(a)
 
 
550,000
 
 
557,436
Hilcorp Energy I LP / Hilcorp Finance Co., 5.75%, 02/01/2029(a)
 
 
270,000
 
 
269,645
Howard Midstream Energy Partners LLC, 6.63%, 01/15/2034(a)
 
 
530,000
 
 
536,220
Kinetik Holdings LP, 5.88%, 06/15/2030(a)
 
 
250,000
 
 
250,434
Kodiak Gas Services LLC, 6.50%, 10/01/2033(a)
 
 
540,000
 
 
539,612
Moss Creek Resources Holdings, Inc., 8.25%, 09/01/2031(a)
 
 
500,000
 
 
501,454
Oceaneering International, Inc., 6.88%, 07/15/2034(a)
 
 
270,000
 
 
276,400
PBF Holding Co. LLC / PBF Finance Corp., 7.88%, 09/15/2030(a)
 
 
530,000
 
 
550,445
Seadrill Finance Ltd., 6.75%, 07/15/2034(a)
 
 
290,000
 
 
279,388
SunCoke Energy, Inc., 4.88%, 06/30/2029(a)
 
 
1,180,000
 
 
1,126,380
Sunoco LP, 7.88% to 09/18/2030 then 5 yr. CMT Rate + 4.23%, Perpetual(a)
 
 
530,000
 
 
543,625
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.75%, 03/15/2034(a)
 
 
1,110,000
 
 
1,121,391
TransMontaigne Partners LLC, 8.50%, 06/15/2030(a)
 
 
540,000
 
 
552,389
USA Compression Partners LP / USA Compression Finance Corp., 7.13%, 03/15/2029(a)
 
 
520,000
 
 
531,467
Validus Energy II Midcon LLC, 8.00%, 08/01/2031(a)
 
 
560,000
 
 
557,849
Venture Global LNG, Inc., 9.00% to 09/30/2029 then 5 yr. CMT Rate + 5.44%, Perpetual(a)
 
 
2,540,000
 
 
2,531,427
Wildfire Intermediate Holdings LLC, 7.50%, 10/15/2029(a)
 
 
530,000
 
 
546,249
 
 
 
 
18,450,192
Financial — 21.4%
 
 
 
 
Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp.,
5.25%, 04/15/2030(a)
 
 
500,000
 
 
479,645
Asurion LLC and Asurion Co.-Issuer, Inc., 8.00%, 12/31/2032(a)
 
 
150,000
 
 
151,865
Blackstone Mortgage Trust, Inc., 7.75%, 12/01/2029(a)
 
 
510,000
 
 
527,457
Burford Capital Global Finance LLC, 7.50%, 07/15/2033(a)
 
 
990,000
 
 
835,605
CRC Insurance Group LLC, 7.13%, 06/01/2031(a)
 
 
1,130,000
 
 
1,128,431
Credit Acceptance Corp., 6.63%, 03/15/2030(a)
 
 
820,000
 
 
820,656
Encore Capital Group, Inc., 6.63%, 04/15/2031(a)
 
 
540,000
 
 
542,671
EZCORP, Inc., 7.38%, 04/01/2032(a)
 
 
800,000
 
 
838,374
Freedom Mortgage Holdings LLC, 7.88%, 04/01/2033(a)
 
 
2,210,000
 
 
2,133,287
GGAM Finance Ltd., 5.88%, 03/15/2030(a)
 
 
840,000
 
 
836,850
Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/2027(a)
 
 
1,100,000
 
 
1,118,891
goeasy Ltd., 6.88%, 02/15/2031(a)
 
 
1,200,000
 
 
1,074,130
HA Sustainable Infrastructure Capital, Inc., 7.13% to 11/15/2031 then 5 yr. CMT Rate + 3.48%, 11/15/2056
 
 
540,000
 
 
544,430
Jane Street Group / JSG Finance, Inc., 6.75%, 05/01/2033(a)
 
 
1,090,000
 
 
1,111,635
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 6.63%, 10/15/2031(a)
 
 
560,000
 
 
550,434
Jefferson Capital Holdings LLC, 8.25%, 05/15/2030(a)
 
 
800,000
 
 
835,873
LD Holdings Group LLC, 6.13%, 04/01/2028(a)
 
 
400,000
 
 
322,169
Millrose Properties, Inc., 6.38%, 08/01/2030(a)
 
 
550,000
 
 
554,567
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
83
 

TABLE OF CONTENTS

ANGEL OAK HIGH YIELD OPPORTUNITIES ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value  
CORPORATE OBLIGATIONS — (Continued)
 
 
 
 
Financial — (Continued)
 
 
 
 
MPT Operating Partnership LP / MPT Finance Corp.,
3.50%, 03/15/2031
 
 
$500,000
 
 
$341,665
OneMain Finance Corp., 7.13%, 11/15/2031
 
 
1,100,000
 
 
1,115,427
PennyMac Financial Services, Inc., 6.75%, 02/15/2034(a)
 
 
880,000
 
 
816,979
PHH Corp., 9.88%, 11/01/2029(a)
 
 
860,000
 
 
852,650
Phoenix Aviation Capital Ltd., 9.25%, 07/15/2030(a)
 
 
1,650,000
 
 
1,709,676
PRA Group, Inc., 5.00%, 10/01/2029(a)
 
 
870,000
 
 
824,708
Provident Funding Associates LP / PFG Finance Corp.,
9.75%, 09/15/2029(a)
 
 
790,000
 
 
816,245
RHP Hotel Properties LP / RHP Finance Corp., 6.50%, 04/01/2032(a)
 
 
270,000
 
 
274,778
Rocket Cos., Inc., 7.13%, 02/01/2032(a)
 
 
1,050,000
 
 
1,076,975
Starwood Property Trust, Inc., 6.13%, 06/01/2031(a)
 
 
560,000
 
 
558,971
Stonebriar ABF Issuer LLC, 7.00%, 08/15/2031(a)
 
 
560,000
 
 
560,719
Stonex Escrow Issuer LLC, 6.88%, 07/15/2032(a)
 
 
1,090,000
 
 
1,107,173
Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, 6.50%, 02/15/2029(a)
 
 
850,000
 
 
839,093
UWM Holdings LLC, 6.25%, 03/15/2031(a)
 
 
610,000
 
 
544,842
Velocity Commercial Capital LLC, 9.38%, 02/15/2031(a)
 
 
260,000
 
 
267,924
Walker & Dunlop, Inc., 6.63%, 04/01/2033(a)
 
 
550,000
 
 
551,140
 
 
 
 
26,665,935
Industrial — 11.2%
 
 
 
 
Advanced Drainage Systems, Inc., 6.38%, 06/15/2030(a)
 
 
530,000
 
 
534,446
AmeriTex HoldCo Intermediate LLC, 7.63%, 08/15/2033(a)
 
 
790,000
 
 
814,052
Axon Enterprise, Inc., 6.25%, 03/15/2033(a)
 
 
530,000
 
 
537,847
Beacon Mobility Corp., 7.25%, 08/01/2030(a)
 
 
820,000
 
 
846,753
Brundage-Bone Concrete Pumping Holdings, Inc.,
7.50%, 02/01/2032(a)
 
 
530,000
 
 
543,643
Builders FirstSource, Inc., 6.75%, 05/15/2035(a)
 
 
1,110,000
 
 
1,100,353
Clydesdale Acquisition Holdings, Inc., 6.75%, 04/15/2032(a)
 
 
560,000
 
 
533,746
Coherent Corp., 5.00%, 12/15/2029(a)
 
 
540,000
 
 
528,813
Enerflex, Inc., 6.88%, 01/15/2031(a)
 
 
530,000
 
 
539,024
Esab Corp., 5.63%, 04/01/2031(a)
 
 
270,000
 
 
267,411
FTAI Aviation Investors LLC, 5.88%, 04/15/2033(a)
 
 
560,000
 
 
553,132
Genesee & Wyoming, Inc., 6.25%, 04/15/2032(a)
 
 
280,000
 
 
281,955
Knife River Corp., 7.75%, 05/01/2031(a)
 
 
520,000
 
 
537,601
Owens-Brockway Glass Container, Inc.
 
 
 
 
7.25%, 05/15/2031(a)
 
 
1,120,000
 
 
1,061,730
9.50%, 06/01/2033(a)
 
 
250,000
 
 
246,149
Quikrete Holdings, Inc., 6.75%, 03/01/2033(a)
 
 
550,000
 
 
557,566
Reworld Holding Corp., 4.88%, 12/01/2029(a)
 
 
590,000
 
 
560,372
Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029(a)
 
 
290,000
 
 
281,391
Seaspan Corp., 5.50%, 08/01/2029(a)
 
 
570,000
 
 
554,255
Smyrna Ready Mix Concrete LLC, 8.88%, 11/15/2031(a)
 
 
1,070,000
 
 
1,121,161
Standard Building Solutions, Inc., 6.50%, 08/15/2032(a)
 
 
560,000
 
 
561,600
Stonepeak Nile Parent LLC, 7.25%, 03/15/2032(a)
 
 
520,000
 
 
536,369
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
84
 

TABLE OF CONTENTS

ANGEL OAK HIGH YIELD OPPORTUNITIES ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value  
CORPORATE OBLIGATIONS — (Continued)
 
 
 
 
Industrial — (Continued)
 
 
 
 
Trivium Packaging Finance BV, 12.25%, 01/15/2031(a)
 
 
$490,000
 
 
$542,525
Urban One, Inc., 7.63%, 04/01/2031(a)
 
 
122,000
 
 
45,217
XPO, Inc., 7.13%, 06/01/2031(a)
 
 
260,000
 
 
267,139
 
 
 
 
13,954,250
Technology — 1.9%
 
 
 
 
Amkor Technology, Inc., 5.88%, 10/01/2033(a)
 
 
560,000
 
 
545,418
CACI International, Inc., 6.38%, 06/15/2033(a)
 
 
390,000
 
 
393,375
Unisys Corp., 10.63%, 01/15/2031(a)
 
 
930,000
 
 
874,784
Zebra Technologies Corp., 6.50%, 06/01/2032(a)
 
 
550,000
 
 
556,582
 
 
 
 
2,370,159
Utilities — 2.2%
 
 
 
 
Hawaiian Electric Co., Inc., 6.00%, 10/01/2033(a)
 
 
570,000
 
 
559,473
NRG Energy, Inc., 6.25%, 11/01/2034(a)
 
 
1,110,000
 
 
1,107,708
Vistra Operations Co. LLC, 6.88%, 04/15/2032(a)
 
 
520,000
 
 
537,411
VoltaGrid LLC, 7.38%, 11/01/2030(a)
 
 
520,000
 
 
522,894
 
 
 
 
2,727,486
TOTAL CORPORATE OBLIGATIONS
(Cost $111,551,565)
 
 
 
 
109,934,913
RESIDENTIAL MORTGAGE-BACKED SECURITIES — 4.1%
 
 
 
 
Bellemeade Re Ltd.
 
 
 
 
Series 2024-1, Class B1, 9.17% (30 day avg SOFR US + 5.55%), 08/25/2034(a)
 
 
500,000
 
 
519,943
Series 2025-1, Class B1, 8.67% (30 day avg SOFR US + 5.05%), 10/25/2035(a)
 
 
500,000
 
 
520,613
Citigroup Mortgage Loan Trust, Inc., Series 2024-1, Class B5,
6.59%, 07/25/2054(a)(c)
 
 
1,016,000
 
 
818,823
JP Morgan Mortgage Trust, Series 2020-3, Class B4,
3.83%, 08/25/2050(a)(c)
 
 
634,727
 
 
560,459
Morgan Stanley Residential Mortgage Loan Trust, Series 2024-3, Class B5, 6.78%, 07/25/2054(a)(c)
 
 
1,160,000
 
 
952,296
New Residential Mortgage Loan Trust, Se 2015-1A, Class B6,
5.12%, 05/28/2052(a)(c)
 
 
1,226,633
 
 
1,017,281
Rate Mortgage Trust, Series 2024-J1, Class B5,
6.41%, 07/25/2054(a)(c)
 
 
929,000
 
 
700,599
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
(Cost $5,333,516)
 
 
 
 
5,090,014
ASSET-BACKED SECURITIES — 2.8%
 
 
 
 
Automobile — 1.2%
 
 
 
 
Arivo Acceptance Auto Loan Receivables Trust, Series 2022-1A, Class D, 7.38%, 09/17/2029(a)
 
 
250,000
 
 
246,002
Exeter Automobile Receivables Trust, Series 2022-2A, Class E, 6.34%, 10/15/2029(a)
 
 
200,000
 
 
194,867
Lobel Automobile Receivables Trust, Series 2026-1, Class E,
8.37%, 01/15/2031(a)
 
 
250,000
 
 
249,810
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
85
 

TABLE OF CONTENTS

ANGEL OAK HIGH YIELD OPPORTUNITIES ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value  
ASSET-BACKED SECURITIES — (Continued)
Automobile — (Continued)
Research-Driven Pagaya Motor Asset Trust
 
 
 
 
Series 2025-3A, Class E, 11.09%, 02/27/2034(a)
 
 
$185,619
 
 
$186,427
Series 2026-R1A, Class D, 7.72%, 07/25/2034(a)
 
 
250,000
 
 
247,038
Strike Acceptance Auto Funding Trust, Series 2023-1A, Class A, 8.00%, 10/15/2026(a)
 
 
108,782
 
 
109,201
Truist Bank, Series 2026-1, Class D, 10.10%, 06/26/2034(a)
 
 
231,255
 
 
234,735
 
 
 
 
1,468,080
Consumer — 1.6%
 
 
 
 
ACHD Trust
 
 
 
 
Series 2025-DS1, Class B, 9.38%, 01/09/2034(a)
 
 
250,000
 
 
251,805
Series 2025-DS1, Class C, 11.33%, 01/09/2034(a)
 
 
250,000
 
 
250,763
Series 2026-DS1, Class B, 8.25%, 07/10/2034(a)
 
 
300,000
 
 
301,875
AMCR ABS Trust, Series 2026-A, Class C, 9.84%, 05/18/2033(a)
 
 
250,000
 
 
260,052
Oportun Financial Corp., Series 2026-A, Class E,
9.38%, 01/09/2034(a)
 
 
250,000
 
 
249,375
Pagaya AI Debt Selection Trust
 
 
 
 
Series 2025-R2, Class D, 5.80%, 10/15/2032(a)
 
 
92,180
 
 
91,520
Series 2025-R2, Class E, 9.34%, 10/15/2032(a)
 
 
267,953
 
 
176,233
Series 2026-4, Class E, 10.73%, 01/16/2034(a)
 
 
250,000
 
 
250,691
Upgrade Master Pass-Thru Trust, Series 2026-ST2, Class E,
7.74%, 06/15/2034(a)
 
 
250,000
 
 
250,931
 
 
 
 
2,083,245
TOTAL ASSET-BACKED SECURITIES
(Cost $3,555,400)
 
 
 
 
3,551,325
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
EXCHANGE TRADED FUNDS — 0.6%
 
 
 
 
iShares Broad USD High Yield Corporate Bond ETF
 
 
20,859
 
 
767,194
TOTAL EXCHANGE TRADED FUNDS
(Cost $772,617)
 
 
 
 
767,194
COMMON STOCKS — 0.2%
 
 
 
 
Energy — 0.2%
 
 
 
 
Enviva Escrow(d)(e)
 
 
400,000
 
 
0
Enviva LLC(e)
 
 
14,555
 
 
291,100
TOTAL COMMON STOCKS
(Cost $502,758)
 
 
 
 
291,100
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
86
 

TABLE OF CONTENTS

ANGEL OAK HIGH YIELD OPPORTUNITIES ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
SHORT-TERM INVESTMENTS — 2.6%
 
 
 
 
Money Market Funds — 2.6%
 
 
 
 
First American Government Obligations Fund - Class U, 3.60%(f)
 
 
3,183,932
 
 
$3,183,932
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,183,932)
 
 
 
 
3,183,932
TOTAL INVESTMENTS — 98.7%
(Cost $124,899,788)
 
 
 
 
$122,818,478
Other Assets in Excess of Liabilities — 1.3%
 
 
 
 
1,555,175
TOTAL NET ASSETS — 100.0%
 
 
 
 
$124,373,653
 
 
 
 
 
 
 
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 July 31, 2026, the value of these securities total $112,103,167 or 90.1% of the Fund’s net assets.
(b)
Issuer is currently in default and not accruing income.
(c)
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 July 31, 2026.
(d)
As of July 31, 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.
(e)
Non-income producing security. Income is not being accrued.
(f)
The rate shown represents the 7-day annualized yield as of July 31, 2026.
See accompanying notes which are an integral part of these financial statements.
 
87
 

TABLE OF CONTENTS

ANGEL OAK MORTGAGE-BACKED SECURITIES ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — 71.0%
 
 
 
 
ATLX Trust
 
 
 
 
Series 2024-RPL1, Class A2, 4.42%, 04/25/2064(a)(b)
 
 
$500,000
 
 
$479,764
Series 2024-RPL1, Class M1, 4.42%, 04/25/2064(a)(b)
 
 
1,000,000
 
 
948,045
Series 2024-RPL2, Class M1, 3.85%, 04/25/2063(a)(b)
 
 
1,000,000
 
 
950,624
Brean Asset Backed Securities Trust, Series 2026-RM15, Class A1,
4.25%, 04/25/2066(a)
 
 
992,801
 
 
943,829
CIM Trust, Series 2022-R1, Class M3, 4.00%, 01/25/2061(a)(b)
 
 
1,000,000
 
 
802,422
COLT Funding LLC
 
 
 
 
Series 2021-1, Class M1, 2.29%, 06/25/2066(a)(b)
 
 
1,179,000
 
 
937,275
Series 2021-3, Class M1, 2.30%, 09/27/2066(a)(b)
 
 
135,000
 
 
96,632
Series 2022-1, Class B2, 4.15%, 12/27/2066(a)(b)
 
 
1,300,000
 
 
1,151,485
Series 2022-2, Class B1, 3.94%, 02/25/2067(a)(b)
 
 
1,566,000
 
 
1,304,006
Series 2022-3, Class B1, 4.21%, 02/25/2067(a)(b)
 
 
2,000,000
 
 
1,717,388
Series 2026-2, Class A1B, 4.53%, 07/25/2066(a)(b)
 
 
4,000,000
 
 
3,872,686
Corevest American Finance Trust, Series 2020-4, Class D,
2.71%, 12/15/2052(a)
 
 
300,000
 
 
263,425
Credit Suisse Mortgage Capital Certificates
 
 
 
 
Series 2021-AFC1, Class M1, 2.19%, 03/25/2056(a)(b)
 
 
1,000,000
 
 
635,141
Series 2021-NQM2, Class M1, 2.28%, 02/25/2066(a)(b)
 
 
1,250,000
 
 
949,599
Series 2021-NQM3, Class M1, 2.32%, 04/25/2066(a)(b)
 
 
1,000,000
 
 
761,883
Series 2021-NQM5, Class A3, 1.35%, 05/25/2066(a)(b)
 
 
1,083,392
 
 
895,098
Series 2021-NQM8, Class A3, 2.41%, 10/25/2066(a)(b)
 
 
1,149,324
 
 
1,002,932
Series 2022-ATH2, Class B1, 4.98%, 05/25/2067(a)(b)
 
 
1,750,000
 
 
1,600,291
Deephaven Residential Mortgage Trust
 
 
 
 
Series 2021-2, Class M1, 2.22%, 04/25/2066(a)(b)
 
 
100,000
 
 
79,473
Series 2021-3, Class B1, 3.27%, 08/25/2066(a)(b)
 
 
700,000
 
 
528,025
Series 2026-CES1, Class A3, 5.93%, 03/25/2061(a)(c)
 
 
1,500,000
 
 
1,485,855
Ellington Financial Mortgage Trust
 
 
 
 
Series 2021-1, Class B2, 4.14%, 02/25/2066(a)(b)
 
 
777,000
 
 
592,361
Series 2021-2, Class M1, 2.30%, 06/25/2066(a)(b)
 
 
139,000
 
 
98,236
Series 2021-3, Class B2, 4.29%, 09/25/2066(a)(b)
 
 
1,000,000
 
 
728,504
Series 2022-1, Class B1, 3.85%, 01/25/2067(a)(b)
 
 
750,000
 
 
588,560
Series 2022-4, Class B1, 5.84%, 09/25/2067(a)(b)
 
 
1,000,000
 
 
994,504
Series 2026-RM2, Class A1A, 4.75%, 05/25/2056(a)(b)
 
 
2,000,000
 
 
1,893,289
FIGRE Trust
 
 
 
 
Series 2025-PF2, Class D, 6.14%, 10/25/2055(a)(b)
 
 
853,000
 
 
845,520
Series 2026-EXP1, Class D, 6.85%, 06/25/2056(a)(b)
 
 
1,000,000
 
 
989,090
Series 2026-HF7, Class C, 5.37% (30 day avg SOFR US + 1.75%), 07/25/2056(a)
 
 
2,000,000
 
 
2,000,000
GS Mortgage-Backed Securities Trust
 
 
 
 
Series 2021-MM1, Class A2, 2.50%, 04/25/2052(a)(b)
 
 
753,679
 
 
607,796
Series 2021-PJ9, Class A13, 2.00%, 02/26/2052(a)(b)
 
 
1,500,000
 
 
909,558
Series 2024-RPL2, Class M1, 4.12%, 07/25/2061(a)(b)
 
 
3,000,000
 
 
2,862,672
Series 2025-RPL3, Class A2, 4.10%, 07/25/2065(a)(c)
 
 
1,000,000
 
 
950,913
Series 2026-AH2, Class M3, 5.87% (30 day avg SOFR US + 2.25%), 11/25/2056(a)
 
 
1,350,000
 
 
1,351,920
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
88
 

TABLE OF CONTENTS

ANGEL OAK MORTGAGE-BACKED SECURITIES ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
Imperial Fund Mortgage Trust, Series 2021-NQM1, Class A3,
1.62%, 06/25/2056(a)(b)
 
 
$164,232
 
 
$144,562
JP Morgan Mortgage Trust
 
 
 
 
Series 2019-6, Class B3, 4.25%, 12/25/2049(a)(b)
 
 
78,895
 
 
72,380
Series 2020-3, Class B4, 3.83%, 08/25/2050(a)(b)
 
 
313,242
 
 
276,590
Series 2021-1, Class A3, 2.50%, 06/25/2051(a)(b)
 
 
1,263,110
 
 
1,040,368
Series 2021-12, Class A8, 2.50%, 02/25/2052(a)(b)
 
 
1,500,000
 
 
1,219,731
Series 2021-13, Class A5, 2.50%, 04/25/2052(a)(b)
 
 
1,499,999
 
 
995,621
Series 2021-4, Class A3, 2.50%, 08/25/2051(a)(b)
 
 
945,107
 
 
764,526
Series 2021-6, Class A4, 2.50%, 10/25/2051(a)(b)
 
 
863,005
 
 
766,230
Series 2023-6, Class AX1, 0.17%, 12/26/2053(a)(b)(d)
 
 
14,645,540
 
 
70,372
Series 2024-5, Class B4, 6.89%, 11/25/2054(a)(b)
 
 
388,865
 
 
382,233
Series 2025-CES2, Class M1, 6.24%, 06/25/2055(a)(c)
 
 
1,000,000
 
 
1,002,796
JP Morgan Wealth Management, Series 2020-ATR1, Class A5,
3.00%, 02/25/2050(a)(b)
 
 
1,819,004
 
 
1,541,836
Mello Mortgage Capital Acceptance, Series 2022-INV2, Class A15,
3.00%, 04/25/2052(a)(b)
 
 
1,901,276
 
 
1,587,846
MFRA Trust
 
 
 
 
Series 2021-INV2, Class M1, 3.20%, 11/25/2056(a)(b)
 
 
2,000,000
 
 
1,601,759
Series 2021-RPL1, Class A2, 2.07%, 07/25/2060(a)(b)
 
 
500,000
 
 
421,884
Series 2021-RPL1, Class M2, 2.85%, 07/25/2060(a)(b)
 
 
1,000,000
 
 
844,872
Mill City Mortgage Trust, Series 2017-2, Class M3, 3.25%, 07/25/2059(a)(b)
 
 
160,000
 
 
149,837
Morgan Stanley Residential Mortgage Loan Trust, Series 2023-3, Class B4, 6.53%, 09/25/2053(a)(b)
 
 
250,000
 
 
225,261
New Residential Mortgage Loan Trust
 
 
 
 
Series 2015-1A, Class B6, 5.12%, 05/28/2052(a)(b)
 
 
654,204
 
 
542,550
Series 2022-NQM4, Class A3, 6.00%, 06/25/2062(a)(c)
 
 
2,306,655
 
 
2,200,893
Series 2025-NQM5, Class M1, 6.09%, 08/25/2065(a)(b)
 
 
1,750,000
 
 
1,730,918
Series 2026-RPL1, Class A2, 4.00%, 12/25/2065(a)(c)
 
 
500,000
 
 
456,010
Series 2026-RPL1, Class M1, 4.00%, 12/25/2065(a)(b)
 
 
500,000
 
 
449,721
OBX Trust
 
 
 
 
Series 2021-J2, Class A1, 2.50%, 07/25/2051(a)(b)
 
 
714,975
 
 
577,080
Series 2021-NQM1, Class A1, 1.07%, 02/25/2066(a)(b)
 
 
514,761
 
 
454,536
Series 2021-NQM2, Class A3, 1.56%, 05/25/2061(a)(b)
 
 
530,131
 
 
436,313
Series 2022-J2, Class A10, 3.00%, 08/25/2052(a)(b)
 
 
2,057,000
 
 
1,555,265
Series 2026-CES1, Class A3, 5.64%, 04/25/2056(a)(c)
 
 
1,629,000
 
 
1,610,411
Pretium Mortgage Credit Partners LLC
 
 
 
 
Series 2025-RPL1, Class A1, 4.00%, 07/25/2069(a)(c)
 
 
1,730,622
 
 
1,676,089
Series 2025-RPL1, Class A2, 4.00%, 07/25/2069(a)(c)
 
 
2,000,000
 
 
1,920,014
Series 2026-RN2, Class A1, 5.77%, 07/25/2056(a)(c)
 
 
1,242,111
 
 
1,240,514
Series 2026-RN3, Class A1, 5.85%, 08/25/2056(a)(c)(e)
 
 
1,000,000
 
 
999,998
Series 2026-RPL3, Class M1, 4.40%, 06/25/2070(a)(c)
 
 
1,000,000
 
 
928,256
Series 2026-RPL3, Class M2, 4.40%, 06/25/2070(a)(c)
 
 
1,000,000
 
 
896,176
Provident Funding Mortgage Trust, Series 2021-INV1, Class A14,
2.50%, 08/25/2051(a)(b)
 
 
1,505,963
 
 
1,205,139
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
89
 

TABLE OF CONTENTS

ANGEL OAK MORTGAGE-BACKED SECURITIES ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
PRPM LLC
 
 
 
 
Series 2024-RPL2, Class M1, 3.50%, 05/25/2054(a)(c)
 
 
$1,000,000
 
 
$964,242
Series 2025-RCF1, Class A2, 4.50%, 02/25/2055(a)(c)
 
 
1,500,000
 
 
1,465,164
Series 2025-RCF1, Class A3, 4.50%, 02/25/2055(a)(c)
 
 
1,250,000
 
 
1,218,164
Series 2025-RPL3, Class A3, 3.25%, 04/25/2055(a)(c)
 
 
1,000,000
 
 
959,500
Series 2026-RCF3, Class M2, 5.25%, 05/25/2056(a)(b)
 
 
1,600,000
 
 
1,499,072
Series 2026-RCF4, Class M2, 5.25%, 06/25/2056(a)(c)
 
 
2,300,000
 
 
2,170,206
Rate Mortgage Trust, Series 2021-J3, Class A25, 2.50%, 10/25/2051(a)(b)
 
 
500,000
 
 
327,143
RCKT Mortgage Trust, Series 2021-5, Class A1, 2.50%, 11/25/2051(a)(b)
 
 
3,721,593
 
 
3,061,483
Saluda Grade Mortgage Funding LLC
 
 
 
 
Series 2022-SEQ2, Class A3, 4.50%, 02/25/2052(a)(b)
 
 
750,000
 
 
730,061
Series 2024-FIG5, Class D, 7.30%, 04/25/2054(a)(b)
 
 
985,684
 
 
1,002,577
Series 2025-LOC5, Class B1, 7.47% (1 mo. Term SOFR + 3.75%), 10/25/2055(a)
 
 
410,000
 
 
414,446
Series 2026-HB1, Class M3, 6.17% (1 mo. Term SOFR + 2.45%), 04/25/2056(a)
 
 
1,000,000
 
 
992,419
Series 2026-LOC6, Class A1X, 1.50%, 06/25/2056(a)(b)(d)
 
 
9,624,825
 
 
256,819
Series 2026-LOC6, Class M3, 6.32% (1 mo. Term SOFR + 2.60%), 06/25/2056(a)
 
 
2,000,000
 
 
2,003,939
Sequoia Mortgage Trust
 
 
 
 
Series 2023-4, Class B2, 5.60%, 11/25/2053(a)(b)
 
 
4,051,469
 
 
3,912,792
Series 2026-1, Class A1, 5.00%, 02/25/2056(a)(b)
 
 
2,286,869
 
 
2,196,909
SGR Residential Mortgage Trust
 
 
 
 
Series 2021-1, Class A3, 1.56%, 07/25/2061(a)(b)
 
 
1,996,497
 
 
1,658,839
Series 2021-1, Class M1, 2.50%, 07/25/2061(a)(b)
 
 
744,000
 
 
506,185
Series 2021-2, Class B2, 4.04%, 12/25/2061(a)(b)
 
 
910,000
 
 
612,859
Starwood Mortgage Residential Trust
 
 
 
 
Series 2022-2, Class A1, 4.18%, 02/25/2067(a)(b)
 
 
1,278,380
 
 
1,212,473
Series 2022-3, Class A1, 5.16%, 03/25/2067(a)(b)
 
 
173,688
 
 
170,676
Series 2022-3, Class A3, 4.16%, 03/25/2067(a)(b)
 
 
868,442
 
 
807,599
Towd Point Mortgage Trust
 
 
 
 
Series 2020-4, Class M1, 2.88%, 10/25/2060(a)
 
 
565,000
 
 
441,692
Series 2024-4, Class A2, 4.55%, 10/27/2064(a)(b)
 
 
500,000
 
 
472,031
Series 2024-4, Class M1, 4.55%, 10/27/2064(a)(b)
 
 
500,000
 
 
453,837
Verus Securitization Trust
 
 
 
 
Series 2021-3, Class B1, 3.20%, 06/25/2066(a)(b)
 
 
1,750,000
 
 
1,324,348
Series 2021-3, Class M1, 2.40%, 06/25/2066(a)(b)
 
 
1,000,000
 
 
827,800
Series 2021-8, Class B1, 4.24%, 11/25/2066(a)(b)
 
 
1,000,000
 
 
868,188
Series 2022-2, Class B1, 4.25%, 02/25/2067(a)(b)
 
 
1,300,000
 
 
1,049,016
Series 2022-3, Class A3, 4.13%, 02/25/2067(a)(b)
 
 
180,518
 
 
169,642
Series 2022-3, Class M1, 4.03%, 02/25/2067(a)(b)
 
 
1,000,000
 
 
859,337
Wells Fargo Mortgage Backed Securities Trust, Series 2021-2, Class A3, 2.50%, 06/25/2051(a)(b)
 
 
269,906
 
 
237,195
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
(Cost $105,113,978)
 
 
 
 
103,654,041
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
90
 

TABLE OF CONTENTS

ANGEL OAK MORTGAGE-BACKED SECURITIES ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES —
U.S. GOVERNMENT AGENCY - 40.1%
 
 
 
 
Federal Home Loan Mortgage Corp.
 
 
 
 
Pool 000TBA, 6.00%, 08/15/2040
 
 
$6,000,000
 
 
$6,067,008
Pool 000TBA, 5.50%, 08/15/2040
 
 
10,000,000
 
 
9,897,615
Pool QJ3250, 6.50%, 09/01/2054
 
 
781,302
 
 
809,940
Pool QJ6122, 5.00%, 10/01/2054
 
 
1,860,880
 
 
1,808,357
Pool QJ7711, 5.00%, 11/01/2054
 
 
2,074,520
 
 
2,008,258
Pool QX0791, 5.50%, 12/01/2054
 
 
1,664,040
 
 
1,654,181
Pool RA3515, 2.50%, 09/01/2050
 
 
3,761,524
 
 
3,086,365
Pool RB5146, 2.50%, 02/01/2042
 
 
3,743,484
 
 
3,299,768
Pool RB5149, 2.50%, 03/01/2042
 
 
686,765
 
 
597,752
Pool RC1914, 2.00%, 06/01/2036
 
 
245,338
 
 
222,241
Pool SD1581, 2.50%, 09/01/2052
 
 
2,553,702
 
 
2,097,706
Pool SD4663, 6.00%, 01/01/2054
 
 
2,345,160
 
 
2,380,968
Pool SD8447, 6.00%, 07/01/2054
 
 
529,964
 
 
536,526
Pool SL0219, 4.50%, 02/01/2054
 
 
2,300,654
 
 
2,175,789
Federal National Mortgage Association
 
 
 
 
Pool BF0496, 3.00%, 07/01/2060
 
 
827,894
 
 
701,447
Pool CB2795, 3.00%, 02/01/2052
 
 
2,182,957
 
 
1,871,334
Pool DC6402, 5.00%, 11/01/2054
 
 
1,888,290
 
 
1,826,487
Pool FM6099, 2.00%, 02/01/2051
 
 
1,133,344
 
 
889,239
Pool FP0069, 2.50%, 01/01/2052
 
 
1,651,519
 
 
1,358,964
Pool FS9287, 5.50%, 09/01/2054
 
 
1,828,475
 
 
1,822,618
Pool MA4364, 2.00%, 06/01/2041
 
 
2,703,879
 
 
2,324,308
Pool MA4422, 2.00%, 09/01/2041
 
 
3,271,059
 
 
2,802,591
Pool MA4474, 2.00%, 11/01/2041
 
 
2,798,634
 
 
2,395,006
Pool MA4520, 2.00%, 01/01/2042
 
 
2,709,541
 
 
2,315,241
Pool MA5139, 6.00%, 09/01/2053
 
 
983,924
 
 
998,507
Pool MA5320, 4.00%, 03/01/2054
 
 
865,091
 
 
790,551
Pool MA5551, 4.50%, 12/01/2054
 
 
2,015,676
 
 
1,895,704
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES —
U.S. GOVERNMENT AGENCY
(Cost $59,771,730)
 
 
 
 
58,634,471
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
SHORT-TERM INVESTMENTS — 0.6%
 
 
 
 
Money Market Funds — 0.6%
 
 
 
 
First American Government Obligations Fund - Class U, 3.60%(f)
 
 
881,277
 
 
881,277
TOTAL SHORT-TERM INVESTMENTS
(Cost $881,277)
 
 
 
 
881,277
TOTAL INVESTMENTS — 111.7%
(Cost $165,766,985)
 
 
 
 
$163,169,789
Liabilities in Excess of Other Assets — (11.7)%
 
 
 
 
(17,070,236)
TOTAL NET ASSETS — 100.0%
 
 
 
 
$146,099,553
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
91
 

TABLE OF CONTENTS

ANGEL OAK MORTGAGE-BACKED SECURITIES ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
Percentages are stated as a percent of net assets.
SOFR - Secured Overnight Financing Rate
TBA - To Be Announced
(a)
Security is exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933, 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 July 31, 2026, the value of these securities total $103,654,041 or 70.9% of the Fund’s net assets.
(b)
Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of July 31, 2026.
(c)
Step coupon bond. The rate disclosed is as of July 31, 2026.
(d)
Interest only security.
(e)
Security or a portion of the security purchased on a when-issued or delayed delivery basis.
(f)
The rate shown represents the 7-day annualized yield as of July 31, 2026.
See accompanying notes which are an integral part of these financial statements.
 
92
 

TABLE OF CONTENTS

Angel Oak UltraShort Income ETF
Schedule of Investments
July 31, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
COMMERCIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY — 24.4%
 
 
 
 
Federal Home Loan Mortgage Corp.
 
 
 
 
Series K-058, Class A2, 2.65%, 08/25/2026
 
 
$376,925
 
 
$376,386
Series K-F100, Class AL, 3.88% (30 day avg SOFR US + 0.24%), 11/25/2027
 
 
3,629,839
 
 
3,620,877
Series K-F100, Class AS, 3.81% (30 day avg SOFR US + 0.18%), 01/25/2028
 
 
3,263,481
 
 
3,258,743
Series K-F101, Class AS, 3.83% (30 day avg SOFR US + 0.20%), 01/25/2031
 
 
69,994
 
 
69,400
Series K-F102, Class AS, 3.83% (30 day avg SOFR US + 0.20%), 01/25/2031
 
 
25,383,793
 
 
25,082,792
Series K-F103, Class AS, 3.87% (30 day avg SOFR US + 0.24%), 01/25/2031
 
 
8,852,174
 
 
8,756,898
Series K-F104, Class AS, 3.88% (30 day avg SOFR US + 0.25%), 01/25/2031
 
 
1,683,440
 
 
1,676,741
Series K-F105, Class AS, 3.88% (30 day avg SOFR US + 0.25%), 02/25/2031
 
 
8,740,842
 
 
8,688,283
Series K-F106, Class AS, 3.88% (30 day avg SOFR US + 0.25%), 01/25/2031
 
 
4,876,107
 
 
4,827,312
Series K-F108, Class AS, 3.88% (30 day avg SOFR US + 0.25%), 02/25/2031
 
 
4,695,283
 
 
4,676,023
Series K-F109, Class AS, 3.87% (30 day avg SOFR US + 0.24%), 03/25/2031
 
 
371,963
 
 
369,815
Series K-F110, Class AS, 3.87% (30 day avg SOFR US + 0.24%), 03/25/2031
 
 
5,888,535
 
 
5,858,951
Series K-F111, Class AS, 3.87% (30 day avg SOFR US + 0.24%), 03/25/2031
 
 
6,407,357
 
 
6,371,316
Series K-F112, Class AS, 3.86% (30 day avg SOFR US + 0.23%), 04/25/2031
 
 
4,754,959
 
 
4,700,733
Series K-F113, Class AS, 3.86% (30 day avg SOFR US + 0.23%), 05/25/2028
 
 
4,232,986
 
 
4,217,108
Series K-F114, Class AS, 3.85% (30 day avg SOFR US + 0.22%), 05/25/2031
 
 
6,103,295
 
 
6,030,458
Series K-F115, Class AS, 3.84% (30 day avg SOFR US + 0.21%), 06/25/2031
 
 
5,673,825
 
 
5,604,666
Series K-F117, Class AS, 3.87% (30 day avg SOFR US + 0.24%), 06/25/2031
 
 
2,693,981
 
 
2,666,465
Series K-F118, Class AS, 3.83% (30 day avg SOFR US + 0.20%), 07/25/2028
 
 
2,395,253
 
 
2,383,331
Series K-F119, Class AS, 3.84% (30 day avg SOFR US + 0.21%), 07/25/2031
 
 
8,635,256
 
 
8,583,203
Series K-F120, Class AS, 3.83% (30 day avg SOFR US + 0.20%), 08/25/2031
 
 
21,813,307
 
 
21,681,947
Series K-F121, Class AS, 3.81% (30 day avg SOFR US + 0.18%), 08/25/2028
 
 
6,790,068
 
 
6,751,256
Series K-F122, Class AS, 3.82% (30 day avg SOFR US + 0.19%), 09/25/2031
 
 
5,725,556
 
 
5,700,793
Series KF123, Class AS, 3.83% (30 day avg SOFR US + 0.20%), 09/25/2028
 
 
3,243,408
 
 
3,225,226
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
93
 

TABLE OF CONTENTS

Angel Oak UltraShort Income ETF
Schedule of Investments
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
COMMERCIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY — (Continued)
Series KF124, Class AS, 3.85% (30 day avg SOFR US + 0.22%), 10/25/2031
 
 
$3,442,677
 
 
$3,421,600
Series KF125, Class AS, 3.85% (30 day avg SOFR US + 0.22%), 10/25/2028
 
 
6,519,682
 
 
6,485,440
Series KF126, Class AS, 3.87% (30 day avg SOFR US + 0.24%), 11/25/2031
 
 
4,921,031
 
 
4,898,513
Series KF-127, Class AS, 3.84% (30 day avg SOFR US + 0.21%), 12/25/2028
 
 
18,402,645
 
 
18,334,334
Series KF128, Class AS, 3.86% (30 day avg SOFR US + 0.23%), 12/25/2031
 
 
7,555,093
 
 
7,494,237
Series KF129, Class AS, 3.88% (30 day avg SOFR US + 0.25%), 01/25/2029
 
 
6,086,271
 
 
6,054,872
Series KF130, Class AS, 3.92% (30 day avg SOFR US + 0.29%), 01/25/2029
 
 
1,606,824
 
 
1,604,351
Series KF132, Class AS, 4.02% (30 day avg SOFR US + 0.39%), 02/25/2032
 
 
4,589,758
 
 
4,589,520
Series KF133, Class AS, 4.00% (30 day avg SOFR US + 0.37%), 02/25/2029
 
 
836,856
 
 
834,706
Series KF134, Class AS, 4.04% (30 day avg SOFR US + 0.41%), 03/25/2032
 
 
18,051,641
 
 
18,029,762
Series KF136, Class AS, 4.04% (30 day avg SOFR US + 0.41%), 04/25/2032
 
 
627,351
 
 
625,351
Series KF141, Class AS, 4.20% (30 day avg SOFR US + 0.57%), 07/25/2032
 
 
834,003
 
 
836,807
Series KF155, Class AS, 4.30% (30 day avg SOFR US + 0.67%), 02/25/2030
 
 
141,731
 
 
142,035
Series KF160, Class AS, 4.33% (30 day avg SOFR US + 0.70%), 10/25/2030
 
 
360,311
 
 
362,280
Series KF166, Class AS, 4.23% (30 day avg SOFR US + 0.60%), 01/25/2032
 
 
4,460,174
 
 
4,467,854
Series KF169, Class AS, 4.19% (30 day avg SOFR US + 0.56%), 11/25/2035
 
 
10,000,000
 
 
10,012,480
Series KF170, Class AS, 4.19% (30 day avg SOFR US + 0.56%), 11/25/2035
 
 
19,999,204
 
 
20,024,163
Series KF171, Class AS, 4.19% (30 day avg SOFR US + 0.56%), 03/25/2036
 
 
15,000,000
 
 
15,000,225
Series KF172, Class AS, 4.19% (30 day avg SOFR US + 0.56%), 04/25/2036
 
 
20,000,000
 
 
20,024,960
Series KF173, Class AS, 4.15% (30 day avg SOFR US + 0.55%), 06/25/2036(a)
 
 
26,000,000
 
 
26,032,500
Series KF37, Class A, 4.11% (30 day avg SOFR US + 0.47%), 09/25/2027
 
 
484,615
 
 
485,020
Series KF57, Class A, 4.29% (30 day avg SOFR US + 0.65%), 12/25/2028
 
 
129,379
 
 
129,897
Series KF59, Class A, 4.29% (30 day avg SOFR US + 0.65%), 02/25/2029
 
 
697,793
 
 
699,634
Series KF61, Class A, 4.28% (30 day avg SOFR US + 0.64%), 03/25/2029
 
 
533,467
 
 
534,879
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
94
 

TABLE OF CONTENTS

Angel Oak UltraShort Income ETF
Schedule of Investments
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
COMMERCIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY — (Continued)
Series KF67, Class A, 4.27% (30 day avg SOFR US + 0.63%), 08/25/2029
 
 
$234,444
 
 
$235,201
Series KF75, Class AS, 4.18% (SOFR 1M Historical Calendar Day Compounded + 0.55%), 12/25/2029
 
 
913,494
 
 
915,213
Series KF81, Class AS, 4.03% (30 day avg SOFR US + 0.40%), 06/25/2027
 
 
1,700,549
 
 
1,702,014
Series KF82, Class AS, 4.05% (30 day avg SOFR US + 0.42%), 06/25/2030
 
 
5,231,009
 
 
5,217,597
Series KF85, Class AS, 3.96% (30 day avg SOFR US + 0.33%), 08/25/2030
 
 
814,836
 
 
810,174
Series KF88, Class AL, 4.08% (30 day avg SOFR US + 0.44%), 09/25/2030
 
 
2,648,106
 
 
2,644,375
Series KF91, Class AS, 4.01% (30 day avg SOFR US + 0.38%), 10/25/2030
 
 
2,949,842
 
 
2,936,907
Series KF94, Class AL, 4.05% (30 day avg SOFR US + 0.41%), 11/25/2030
 
 
4,985,216
 
 
4,969,029
Series KF96, Class AL, 4.01% (30 day avg SOFR US + 0.37%), 12/25/2030
 
 
137,050
 
 
136,386
Series KF96, Class AS, 3.93% (30 day avg SOFR US + 0.30%), 11/25/2030
 
 
1,693,823
 
 
1,680,818
Series KF97, Class AS, 3.88% (30 day avg SOFR US + 0.25%), 12/25/2030
 
 
3,205,959
 
 
3,174,701
Series KF98, Class AL, 3.92% (30 day avg SOFR US + 0.28%), 12/25/2030
 
 
5,047,729
 
 
5,005,030
Series KF98, Class AS, 3.84% (30 day avg SOFR US + 0.21%), 12/25/2030
 
 
5,241,122
 
 
5,164,665
Series KF99, Class AS, 3.83% (30 day avg SOFR US + 0.20%), 12/25/2030
 
 
22,844,151
 
 
22,573,790
Federal National Mortgage Association
 
 
 
 
Pool 470496, 3.88%, 01/01/2027
 
 
2,526,312
 
 
2,521,125
Pool AN3381, 2.52%, 10/01/2026
 
 
883,886
 
 
880,089
Series 2015-M10, Class A2, 3.09%, 04/25/2027(b)
 
 
2,067,306
 
 
2,051,960
Series 2017-M12, Class A2, 3.07%, 06/25/2027(b)
 
 
1,286,708
 
 
1,275,108
Series 2017-M15, Class ATS2, 3.18%, 11/25/2027(b)
 
 
1,142,279
 
 
1,129,649
Series 2017-M8, Class A2, 3.06%, 05/25/2027(b)
 
 
922,576
 
 
914,678
Series 2019-M28, Class AV, 2.23%, 02/25/2027
 
 
1,008,833
 
 
999,527
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY
(Cost $383,388,534)
 
 
 
 
383,242,179
CORPORATE OBLIGATIONS — 23.4%
 
 
 
 
Basic Materials — 0.9%
 
 
 
 
ArcelorMittal SA, 6.55%, 11/29/2027
 
 
4,800,000
 
 
4,908,443
Cabot Corp., 3.40%, 09/15/2026
 
 
2,250,000
 
 
2,239,586
CVR Partners LP / CVR Nitrogen Finance Corp., 6.13%, 06/15/2028(c)
 
 
275,000
 
 
274,875
International Flavors & Fragrances, Inc., 1.83%, 10/15/2027(c)
 
 
5,650,000
 
 
5,467,382
Methanex Corp., 5.13%, 10/15/2027
 
 
350,000
 
 
350,664
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
95
 

TABLE OF CONTENTS

Angel Oak UltraShort Income ETF
Schedule of Investments
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS — (Continued)
Basic Materials — (Continued)
Mosaic Co., 5.38%, 11/15/2028
 
 
$315,000
 
 
$318,399
Mosaic Global Holdings, Inc., 7.30%, 01/15/2028
 
 
950,000
 
 
979,496
 
 
 
 
14,538,845
Communications — 0.3%
 
 
 
 
Directv Financing LLC / Directv Financing Co.-Obligor, Inc.,
5.88%, 08/15/2027(c)
 
 
50,000
 
 
50,007
Expedia Group, Inc., 4.63%, 08/01/2027
 
 
4,217,000
 
 
4,218,219
Univision Communications, Inc., 4.50%, 05/01/2029(c)
 
 
575,000
 
 
544,945
 
 
 
 
4,813,171
Consumer, Cyclical — 4.6%
 
 
 
 
American Honda Finance Corp., 4.55%, 04/10/2028
 
 
245,000
 
 
244,526
AutoNation, Inc., 1.95%, 08/01/2028
 
 
5,381,000
 
 
5,084,597
BorgWarner, Inc., 2.65%, 07/01/2027
 
 
3,960,000
 
 
3,897,528
Carnival Corp., 4.00%, 08/01/2028(c)
 
 
6,380,000
 
 
6,252,475
Delta Air Lines, Inc., 4.95%, 07/10/2028
 
 
6,855,000
 
 
6,865,854
Ford Motor Credit Co. LLC, 2.90%, 02/16/2028
 
 
4,800,000
 
 
4,646,571
General Motors Co., 5.35%, 04/15/2028
 
 
3,580,000
 
 
3,612,301
General Motors Financial Co., Inc., 2.40%, 04/10/2028
 
 
3,400,000
 
 
3,272,156
Goodyear Tire & Rubber Co., 5.00%, 07/15/2029
 
 
295,000
 
 
282,798
Hyatt Hotels Corp.
 
 
 
 
5.75%, 01/30/2027
 
 
1,275,000
 
 
1,280,853
5.05%, 03/30/2028
 
 
5,705,000
 
 
5,727,664
Meritage Homes Corp.
 
 
 
 
5.13%, 06/06/2027
 
 
2,100,000
 
 
2,099,682
3.88%, 04/15/2029(c)
 
 
235,000
 
 
227,508
Newell Brands, Inc., 8.50%, 06/01/2028(c)
 
 
800,000
 
 
835,456
Royal Caribbean Cruises Ltd., 5.50%, 04/01/2028(c)
 
 
5,565,000
 
 
5,611,568
Southwest Airlines Co.
 
 
 
 
3.00%, 11/15/2026
 
 
3,800,000
 
 
3,784,749
7.38%, 03/01/2027
 
 
890,000
 
 
901,652
4.38%, 11/15/2028
 
 
2,260,000
 
 
2,234,364
Toll Brothers Finance Corp., 4.88%, 03/15/2027
 
 
2,153,000
 
 
2,155,676
United Airlines, Inc., 4.63%, 04/15/2029(c)
 
 
6,905,000
 
 
6,790,419
VOC Escrow Ltd., 5.00%, 02/15/2028(c)
 
 
6,745,000
 
 
6,727,063
 
 
 
 
72,535,460
Consumer, Non-cyclical — 2.2%
 
 
 
 
Ashtead Capital, Inc., 1.50%, 08/12/2026(c)
 
 
2,608,000
 
 
2,606,032
Campbell’s Co., 5.20%, 03/19/2027
 
 
6,370,000
 
 
6,396,942
Conagra Brands, Inc.
 
 
 
 
1.38%, 11/01/2027
 
 
4,090,000
 
 
3,924,370
7.00%, 10/01/2028
 
 
1,560,000
 
 
1,624,923
Global Payments, Inc., 4.95%, 08/15/2027
 
 
2,977,000
 
 
2,986,211
HCA, Inc.
 
 
 
 
3.13%, 03/15/2027
 
 
525,000
 
 
520,667
5.20%, 06/01/2028
 
 
2,050,000
 
 
2,066,821
Keurig Dr Pepper, Inc., 5.10%, 03/15/2027
 
 
5,815,000
 
 
5,834,740
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
96
 

TABLE OF CONTENTS

Angel Oak UltraShort Income ETF
Schedule of Investments
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS — (Continued)
Consumer, Non-cyclical — (Continued)
Kraft Heinz Foods Co., 3.88%, 05/15/2027
 
 
$388,000
 
 
$386,076
Royalty Pharma PLC, 1.75%, 09/02/2027
 
 
2,188,000
 
 
2,123,611
Universal Health Services, Inc., 1.65%, 09/01/2026
 
 
5,565,000
 
 
5,553,069
 
 
 
 
34,023,462
Energy — 2.2%
 
 
 
 
Continental Resources, Inc.
 
 
 
 
2.27%, 11/15/2026(c)
 
 
3,400,000
 
 
3,376,476
4.38%, 01/15/2028
 
 
2,720,000
 
 
2,700,017
DT Midstream, Inc., 4.13%, 06/15/2029(c)
 
 
5,250,000
 
 
5,123,994
Enbridge, Inc., 4.60%, 06/20/2028
 
 
2,080,000
 
 
2,077,319
Energy Transfer LP, 5.55%, 02/15/2028
 
 
4,700,000
 
 
4,759,258
EQT Corp., 3.90%, 10/01/2027
 
 
579,000
 
 
573,744
Occidental Petroleum Corp.
 
 
 
 
3.20%, 08/15/2026
 
 
3,100,000
 
 
3,109,066
3.00%, 02/15/2027
 
 
1,970,000
 
 
1,953,616
ONEOK, Inc., 4.55%, 07/15/2028
 
 
2,000,000
 
 
1,994,208
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.00%, 01/15/2028
 
 
5,565,000
 
 
5,561,273
Western Midstream Operating LP, 4.75%, 08/15/2028
 
 
4,050,000
 
 
4,049,504
 
 
 
 
35,278,475
Financial — 8.3%
 
 
 
 
AerCap Ireland Capital DAC / AerCap Global Aviation Trust,
3.00%, 10/29/2028
 
 
6,855,000
 
 
6,591,644
Aircastle Ltd.
 
 
 
 
2.85%, 01/26/2028(c)
 
 
3,400,000
 
 
3,299,933
6.50%, 07/18/2028(c)
 
 
1,480,000
 
 
1,520,697
Ally Financial, Inc., 2.20%, 11/02/2028
 
 
5,210,000
 
 
4,919,243
Apollo Debt Solutions BDC, 5.20%, 12/08/2028(c)
 
 
5,215,000
 
 
5,139,986
Ares Capital Corp.
 
 
 
 
7.00%, 01/15/2027
 
 
4,000,000
 
 
4,039,941
2.88%, 06/15/2027
 
 
335,000
 
 
330,231
2.88%, 06/15/2028
 
 
1,785,000
 
 
1,713,149
Athene Global Funding
 
 
 
 
5.52%, 03/25/2027(c)
 
 
2,779,000
 
 
2,796,993
4.83%, 05/09/2028(c)
 
 
3,591,000
 
 
3,582,647
Avolon Holdings Funding Ltd.
 
 
 
 
2.53%, 11/18/2027(c)
 
 
2,005,000
 
 
1,948,846
2.75%, 02/21/2028(c)
 
 
1,585,000
 
 
1,535,761
6.38%, 05/04/2028(c)
 
 
2,610,000
 
 
2,671,030
Banco Santander SA, 3.80%, 02/23/2028
 
 
1,965,000
 
 
1,937,449
Blackstone Mortgage Trust, Inc., 3.75%, 01/15/2027(c)
 
 
800,000
 
 
791,839
Burford Capital Global Finance LLC, 6.25%, 04/15/2028(c)
 
 
730,000
 
 
719,649
Citigroup, Inc., 4.45%, 09/29/2027
 
 
6,330,000
 
 
6,315,076
Crown Castle, Inc.
 
 
 
 
2.90%, 03/15/2027
 
 
330,000
 
 
326,997
3.80%, 02/15/2028
 
 
6,045,000
 
 
5,955,257
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
97
 

TABLE OF CONTENTS

Angel Oak UltraShort Income ETF
Schedule of Investments
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS — (Continued)
Financial — (Continued)
Enact Holdings, Inc., 6.25%, 05/28/2029
 
 
$1,300,000
 
 
$1,334,156
Freedom Mortgage Corp., 6.63%, 01/15/2027(c)
 
 
800,000
 
 
800,924
GGAM Finance Ltd., 8.00%, 02/15/2027(c)
 
 
250,000
 
 
250,147
Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/2027(c)
 
 
850,000
 
 
864,598
Goldman Sachs Private Credit Corp., 5.88%, 05/06/2028
 
 
5,072,000
 
 
5,104,112
Golub Capital BDC, Inc.
 
 
 
 
2.05%, 02/15/2027
 
 
3,370,000
 
 
3,318,194
6.00%, 07/15/2029
 
 
2,640,000
 
 
2,643,483
Host Hotels & Resorts LP, 4.25%, 12/15/2028
 
 
5,731,000
 
 
5,645,369
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 5.00%, 08/15/2028(c)
 
 
610,000
 
 
590,166
Jefferies Financial Group, Inc., 6.45%, 06/08/2027
 
 
2,505,000
 
 
2,541,869
Jefferson Capital Holdings LLC, 6.00%, 08/15/2026(c)
 
 
800,000
 
 
800,186
Keybank National Association, 6.95%, 02/01/2028
 
 
6,755,000
 
 
6,948,825
Lazard Group LLC, 4.50%, 09/19/2028
 
 
5,073,000
 
 
5,041,819
LPL Holdings, Inc.
 
 
 
 
5.70%, 05/20/2027
 
 
2,410,000
 
 
2,429,643
4.63%, 11/15/2027(c)
 
 
2,800,000
 
 
2,784,904
Macquarie Airfinance Holdings Ltd., 5.20%, 03/27/2028(c)
 
 
5,210,000
 
 
5,219,004
Manufacturers & Traders Trust Co., 3.40%, 08/17/2027
 
 
500,000
 
 
494,488
Morgan Stanley Direct Lending Fund, 6.15%, 05/17/2029
 
 
5,067,000
 
 
5,104,602
OneMain Finance Corp., 3.50%, 01/15/2027
 
 
400,000
 
 
397,041
PennyMac Financial Services, Inc., 4.25%, 02/15/2029(c)
 
 
585,000
 
 
554,759
PRA Group, Inc., 8.38%, 02/01/2028(c)
 
 
800,000
 
 
810,766
Radian Group, Inc., 4.88%, 03/15/2027
 
 
3,350,000
 
 
3,345,681
Starwood Property Trust, Inc., 5.88%, 08/15/2029(c)
 
 
242,000
 
 
242,560
Sumisho Air Lease Corp.
 
 
 
 
1.88%, 08/15/2026
 
 
4,800,000
 
 
4,795,101
3.63%, 04/01/2027
 
 
2,000,000
 
 
1,987,113
Synchrony Bank, 5.63%, 08/23/2027
 
 
3,425,000
 
 
3,458,571
United Wholesale Mortgage LLC, 5.75%, 06/15/2027(c)
 
 
400,000
 
 
397,016
Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, 4.75%, 04/15/2028(c)
 
 
200,000
 
 
199,418
VICI Properties LP / VICI Note Co., Inc.
 
 
 
 
5.75%, 02/01/2027(c)
 
 
580,000
 
 
581,530
3.75%, 02/15/2027(c)
 
 
5,565,000
 
 
5,536,353
 
 
 
 
130,358,766
Industrial — 2.7%
 
 
 
 
Arrow Electronics, Inc.
 
 
 
 
7.50%, 01/15/2027
 
 
1,100,000
 
 
1,108,261
3.88%, 01/12/2028
 
 
5,045,000
 
 
4,973,741
Avnet, Inc., 6.25%, 03/15/2028
 
 
6,865,000
 
 
6,997,737
Black & Decker Holdings, Inc., 7.05%, 07/01/2028(c)
 
 
3,950,000
 
 
4,040,552
Clydesdale Acquisition Holdings, Inc., 6.63%, 04/15/2029(c)
 
 
735,000
 
 
731,113
Flex Ltd., 6.00%, 01/15/2028
 
 
5,147,000
 
 
5,221,475
GATX Corp.
 
 
 
 
3.25%, 09/15/2026
 
 
1,298,000
 
 
1,294,758
3.50%, 03/15/2028
 
 
670,000
 
 
657,896
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
98
 

TABLE OF CONTENTS

Angel Oak UltraShort Income ETF
Schedule of Investments
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS — (Continued)
Industrial — (Continued)
Jabil, Inc., 3.95%, 01/12/2028
 
 
$1,345,000
 
 
$1,329,969
Masco Corp., 1.50%, 02/15/2028
 
 
844,000
 
 
805,230
MasTec, Inc., 4.50%, 08/15/2028(c)
 
 
5,210,000
 
 
5,148,150
Penske Truck Leasing Co. LP / PTL Finance Corp.,
5.55%, 05/01/2028(c)
 
 
2,000,000
 
 
2,022,520
Smyrna Ready Mix Concrete LLC, 6.00%, 11/01/2028(c)
 
 
850,000
 
 
849,436
XPO, Inc., 6.25%, 06/01/2028(c)
 
 
6,760,000
 
 
6,823,294
 
 
 
 
42,004,132
Technology — 1.1%
 
 
 
 
CDW LLC / CDW Finance Corp.
 
 
 
 
2.67%, 12/01/2026
 
 
2,250,000
 
 
2,236,375
4.25%, 04/01/2028
 
 
4,545,000
 
 
4,485,460
Fiserv, Inc., 2.25%, 06/01/2027
 
 
5,650,000
 
 
5,548,573
Oracle Corp., 2.30%, 03/25/2028
 
 
6,100,000
 
 
5,813,900
 
 
 
 
18,084,308
Utilities — 1.1%
 
 
 
 
American Electric Power Co., Inc., 5.75%, 11/01/2027
 
 
4,800,000
 
 
4,865,917
NRG Energy, Inc., 2.45%, 12/02/2027(c)
 
 
5,860,000
 
 
5,683,274
Puget Energy, Inc., 2.38%, 06/15/2028
 
 
1,450,000
 
 
1,388,928
Vistra Operations Co. LLC
 
 
 
 
3.70%, 01/30/2027(c)
 
 
2,530,000
 
 
2,515,554
4.30%, 10/15/2028(c)
 
 
2,165,000
 
 
2,138,587
 
 
 
 
16,592,260
TOTAL CORPORATE OBLIGATIONS
(Cost $369,427,371)
 
 
 
 
368,228,879
ASSET-BACKED SECURITIES — 21.4%
 
 
 
 
Automobile — 10.0%
 
 
 
 
ACM Auto Trust, Series 2025-4A, Class A, 5.87%, 05/20/2030(c)
 
 
701,640
 
 
694,600
AgoraCapital Auto Securities Trust, Series 2025-1A, Class A,
6.40%, 11/25/2032(c)
 
 
528,948
 
 
530,149
American Credit Acceptance Receivables Trust
 
 
 
 
Series 2023-3, Class D, 6.82%, 10/12/2029(c)
 
 
4,142,323
 
 
4,195,840
Series 2024-1, Class D, 5.86%, 05/13/2030(c)
 
 
5,000,000
 
 
5,038,175
Series 2024-2, Class D, 6.53%, 04/12/2030(c)
 
 
5,500,000
 
 
5,582,933
Series 2026-2, Class A, 4.32%, 05/08/2030(c)
 
 
7,172,269
 
 
7,166,467
Series 2026-3, Class A, 4.60%, 06/10/2030(c)
 
 
3,250,000
 
 
3,253,769
AmeriCredit Automobile Receivables Trust, Series 2025-1, Class A2B, 4.17% (30 day avg SOFR US + 0.55%), 03/19/2029(c)
 
 
3,286,080
 
 
3,288,631
Arivo Acceptance Auto Loan Receivables Trust
 
 
 
 
Series 2022-2A, Class A, 6.90%, 01/16/2029(c)
 
 
17,761
 
 
17,810
Series 2024-1A, Class A, 6.46%, 04/17/2028(c)
 
 
18,404
 
 
18,417
Series 2026-1A, Class A2, 4.96%, 08/15/2030(c)
 
 
2,500,000
 
 
2,501,798
Avis Budget Car Rental LLC
 
 
 
 
Series 2021-2A, Class A, 1.66%, 02/20/2028(c)
 
 
5,000,000
 
 
4,954,549
Series 2021-2A, Class B, 1.90%, 02/20/2028(c)
 
 
1,333,000
 
 
1,321,294
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
99
 

TABLE OF CONTENTS

Angel Oak UltraShort Income ETF
Schedule of Investments
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
ASSET-BACKED SECURITIES — (Continued)
Automobile — (Continued)
Series 2023-3A, Class C, 7.05%, 02/22/2028(c)
 
 
$800,000
 
 
$804,687
Series 2024-2A, Class B, 5.57%, 10/20/2028(c)
 
 
1,500,000
 
 
1,510,339
Bridgecrest Lending Auto Securitization Trust
 
 
 
 
Series 2023-1, Class E, 10.37%, 07/15/2030(c)
 
 
1,400,000
 
 
1,490,912
Series 2024-1, Class D, 6.03%, 11/15/2029
 
 
4,000,000
 
 
4,043,149
Series 2024-3, Class B, 5.37%, 10/16/2028
 
 
9,886
 
 
9,860
Series 2026-1, Class A2, 4.10%, 07/17/2028
 
 
1,356,732
 
 
1,356,655
Series 2026-2, Class A2, 4.24%, 09/15/2028
 
 
1,000,000
 
 
1,000,129
Series 2026-3, Class B, 4.84%, 04/15/2032
 
 
2,750,000
 
 
2,752,694
CarMax Auto Owner Trust, Series 2026-2, Class A2B,
4.08% (30 day avg SOFR US + 0.45%), 08/15/2029
 
 
2,750,000
 
 
2,754,138
Carvana Auto Receivables Trust
 
 
 
 
Series 2021-N2, Class C, 1.07%, 03/10/2028
 
 
40,721
 
 
40,200
Series 2021-N2, Class E, 2.90%, 03/10/2028(c)
 
 
1,212,989
 
 
1,198,198
Series 2021-N3, Class C, 1.02%, 06/12/2028
 
 
13,535
 
 
13,272
CPS Auto Trust
 
 
 
 
Series 2023-C, Class D, 6.77%, 10/15/2029(c)
 
 
7,300,000
 
 
7,454,015
Series 2026-B, Class B, 4.59%, 12/16/2030(c)
 
 
1,250,000
 
 
1,247,427
Series 2026-C, Class B, 4.84%, 02/18/2031(c)
 
 
2,300,000
 
 
2,298,977
DT Auto Owner Trust
 
 
 
 
Series 2022-2A, Class D, 5.46%, 03/15/2028(c)
 
 
1,597,261
 
 
1,599,324
Series 2023-2A, Class D, 6.62%, 02/15/2029(c)
 
 
1,245,000
 
 
1,259,040
Exeter Automobile Receivables Trust
 
 
 
 
Series 2022-1A, Class E, 5.02%, 10/15/2029(c)
 
 
2,000,000
 
 
1,988,056
Series 2022-5A, Class D, 7.40%, 02/15/2029
 
 
2,656,757
 
 
2,682,481
Series 2023-4A, Class E, 9.57%, 02/18/2031(c)
 
 
1,500,000
 
 
1,598,969
Series 2025-2A, Class B, 4.92%, 09/17/2029
 
 
1,125,000
 
 
1,127,787
Series 2025-5A, Class A2, 4.38%, 06/15/2028
 
 
1,833,655
 
 
1,834,497
FinBe USA Trust, Series 2025-1A, Class A, 5.70%, 12/15/2028(c)
 
 
316,331
 
 
316,207
Flagship Credit Auto Trust
 
 
 
 
Series 2021-3, Class D, 1.65%, 09/15/2027(c)
 
 
133,078
 
 
131,999
Series 2021-4, Class D, 2.26%, 12/15/2027(c)
 
 
323,972
 
 
319,500
Series 2023-3, Class C, 6.01%, 07/16/2029(c)
 
 
585,000
 
 
584,791
GLS Auto Receivables Trust
 
 
 
 
Series 2022-2A, Class E, 5.50%, 06/15/2029(c)
 
 
2,500,000
 
 
2,505,224
Series 2024-2A, Class D, 6.19%, 02/15/2030(c)
 
 
250,000
 
 
252,486
Series 2026-1A, Class A2, 4.04%, 11/15/2028(c)
 
 
1,803,698
 
 
1,802,363
GM Financial Consumer Automobile Receivables Trust, Series 2026-2, Class A2B, 4.02% (30 day avg SOFR US + 0.40%), 05/16/2029
 
 
3,000,000
 
 
3,002,536
Huntington Bank Auto Credit-Linked Notes, Series 2024-1, Class B1, 6.15%, 05/20/2032(c)
 
 
150,876
 
 
152,091
Lendbuzz Securitization Trust
 
 
 
 
Series 2024-1A, Class A2, 6.19%, 08/15/2029(c)
 
 
603,722
 
 
605,372
Series 2025-1A, Class B, 5.47%, 11/15/2030(c)
 
 
3,550,000
 
 
3,546,216
Series 2025-2A, Class A2, 5.18%, 05/15/2030(c)
 
 
328,851
 
 
329,349
Series 2026-1A, Class A2, 4.68%, 07/15/2030(c)
 
 
1,916,536
 
 
1,913,456
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
100
 

TABLE OF CONTENTS

Angel Oak UltraShort Income ETF
Schedule of Investments
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
ASSET-BACKED SECURITIES — (Continued)
Automobile — (Continued)
Lobel Automobile Receivables Trust
 
 
 
 
Series 2023-2, Class C, 10.04%, 06/15/2029(c)
 
 
$369,967
 
 
$371,239
Series 2026-1, Class A, 4.88%, 10/16/2028(c)
 
 
2,582,094
 
 
2,583,284
Luxury Lease Partners Auto Lease Trust, Series 2024-4, Class A,
7.29%, 07/15/2030(c)
 
 
28,593
 
 
28,626
Prestige Auto Receivables Trust
 
 
 
 
Series 2025-1A, Class B, 5.34%, 11/15/2028(c)
 
 
4,773,374
 
 
4,780,614
Series 2025-1A, Class C, 5.52%, 02/15/2030(c)
 
 
5,000,000
 
 
5,014,075
Research-Driven Pagaya Motor Asset Trust
 
 
 
 
Series 2022-3A, Class B, 6.58%, 11/25/2030(c)
 
 
193,776
 
 
194,233
Series 2025-3A, Class A2, 5.15%, 02/27/2034(c)
 
 
4,500,000
 
 
4,513,617
Series 2025-5A, Class A3, 4.84%, 06/26/2034(c)
 
 
3,000,000
 
 
2,989,996
Series 2025-6A, Class A3, 5.01%, 08/25/2034(c)
 
 
2,000,000
 
 
1,995,404
Series 2026-1A, Class A3, 4.86%, 01/25/2035(c)
 
 
2,500,000
 
 
2,489,682
Series 2026-2A, Class A2, 4.84%, 02/26/2035(c)
 
 
5,000,000
 
 
5,003,272
Series 2026-3A, Class A2, 4.85%, 03/26/2035(c)
 
 
3,500,000
 
 
3,500,103
Series 2026-R1A, Class A, 5.66%, 07/25/2034(c)
 
 
4,102,168
 
 
4,095,048
Series 2026-R2A, Class A, 5.83%, 10/25/2035(c)
 
 
3,500,000
 
 
3,502,876
Santander Consumer USA Holdings, Inc.
 
 
 
 
Series 2025-4, Class A2, 4.28%, 01/15/2029
 
 
4,377,827
 
 
4,380,006
Series 2026-1, Class A2, 4.04%, 03/15/2029
 
 
2,454,893
 
 
2,453,187
Strike Acceptance Auto Funding Trust, Series 2025-1A, Class A,
5.84%, 04/15/2032(c)
 
 
1,384,881
 
 
1,387,426
Toyota Auto Receivables Owner Trust, Series 2024-C, Class A3,
4.88%, 03/15/2029
 
 
2,413,640
 
 
2,423,374
Tricolor Auto Securitization Trust, Series 2024-2A, Class A,
6.36%, 12/15/2027(c)
 
 
372,559
 
 
302,497
United Auto Credit Securitization Trust, Series 2022-1, Class E,
5.00%, 11/10/2028(c)
 
 
172,260
 
 
171,653
Upgrade Auto Receivables Trust, Series 2025-1A, Class A2,
4.54%, 05/15/2029(c)
 
 
2,105,049
 
 
2,105,704
US Auto Funding Trust, Series 2022-1A, Class B, 5.13%, 12/15/2026(c)
 
 
41,934
 
 
11,889
Veros Automobile Receivables Trust
 
 
 
 
Series 2026-1, Class A, 4.53%, 08/15/2028(c)
 
 
1,018,623
 
 
1,018,969
Series 2026-2, Class B, 5.26%, 10/10/2029(c)
 
 
2,000,000
 
 
2,000,332
Westlake Automobile Receivables Trust
 
 
 
 
Series 2025-2A, Class A2B, 4.21% (30 day avg SOFR US + 0.58%), 09/15/2028(c)
 
 
880,577
 
 
881,093
Series 2026-1A, Class A2A, 4.02%, 09/15/2028(c)
 
 
2,000,000
 
 
1,998,113
Series 2026-1A, Class A2B, 4.16% (30 day avg SOFR US + 0.53%), 09/15/2028(c)
 
 
3,000,000
 
 
3,001,033
 
 
 
 
157,288,173
Consumer — 10.8%
 
 
 
 
ACHD Trust
 
 
 
 
Series 2025-DS1, Class A, 5.98%, 01/09/2034(c)
 
 
1,764,644
 
 
1,765,565
Series 2026-DS1, Class A, 5.67%, 07/10/2034(c)
 
 
1,760,614
 
 
1,762,909
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
101
 

TABLE OF CONTENTS

Angel Oak UltraShort Income ETF
Schedule of Investments
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
ASSET-BACKED SECURITIES — (Continued)
Consumer — (Continued)
ACHV ABS Trust
 
 
 
 
Series 2024-1PL, Class B, 6.34%, 04/25/2031(c)
 
 
$170,000
 
 
$170,809
Series 2024-1PL, Class C, 6.42%, 04/25/2031(c)
 
 
259,223
 
 
260,296
Series 2024-1PL, Class D, 7.29%, 04/25/2031(c)
 
 
2,338,243
 
 
2,354,414
Series 2024-2PL, Class B, 5.43%, 10/27/2031(c)
 
 
225,899
 
 
226,707
Series 2024-2PL, Class C, 5.72%, 10/27/2031(c)
 
 
1,312,400
 
 
1,318,137
Series 2024-3AL, Class C, 5.68%, 12/26/2031(c)
 
 
591,608
 
 
593,795
Series 2024-3AL, Class D, 6.75%, 12/26/2031(c)
 
 
1,913,490
 
 
1,933,791
Series 2025-1PL, Class E, 6.50%, 04/26/2032(c)
 
 
1,036,553
 
 
1,035,080
Avant Loans Funding Trust, Series 2024-REV1, Class C,
7.06%, 10/15/2033(c)
 
 
1,000,000
 
 
998,765
Bankers Healthcare Group, Inc.
 
 
 
 
Series 2020-A, Class C, 5.17%, 09/17/2031(c)
 
 
991,839
 
 
992,096
Series 2023-B, Class B, 7.45%, 12/17/2036(c)
 
 
981,479
 
 
1,015,253
Series 2024-1CON, Class A, 5.81%, 04/17/2035(c)
 
 
2,402,489
 
 
2,429,658
Series 2025-1CON, Class C, 5.56%, 04/17/2036(c)
 
 
2,000,000
 
 
1,996,461
Cherry Securitization Trust
 
 
 
 
Series 2025-1A, Class A, 6.13%, 11/15/2032(c)
 
 
2,000,000
 
 
2,015,984
Series 2026-1A, Class A, 5.43%, 01/17/2034(c)
 
 
1,250,000
 
 
1,248,724
Mariner Finance Issuance Trust, Series 2021-BA, Class A,
2.10%, 11/20/2036(c)
 
 
2,120,000
 
 
2,081,618
Marlette Funding Trust
 
 
 
 
Series 2022-2A, Class D, 7.50%, 08/15/2032(c)
 
 
1,845,919
 
 
1,855,599
Series 2023-1A, Class D, 8.15%, 04/15/2033(c)
 
 
4,299,950
 
 
4,359,799
Series 2023-3A, Class D, 8.04%, 09/15/2033(c)
 
 
4,766,939
 
 
4,853,387
Series 2023-4A, Class B, 8.15%, 12/15/2033(c)
 
 
1,755,000
 
 
1,792,332
Series 2024-1A, Class C, 6.34%, 07/17/2034(c)
 
 
2,800,000
 
 
2,807,627
Series 2025-1A, Class B, 4.95%, 07/16/2035(c)
 
 
2,000,000
 
 
2,004,458
Momnt Technologies Trust, Series 2023-1A, Class A,
6.92%, 03/20/2045(c)
 
 
59,662
 
 
59,707
Oportun Financial Corp.
 
 
 
 
Series 2024-2, Class D, 10.47%, 02/09/2032(c)
 
 
1,300,000
 
 
1,322,141
Series 2026-A, Class B, 5.06%, 01/09/2034(c)
 
 
1,000,000
 
 
993,888
Pagaya AI Debt Selection Trust
 
 
 
 
Series 2022-1, Class C, 4.89%, 10/15/2029(c)
 
 
3,361,321
 
 
3,347,559
Series 2024-10, Class C, 5.99%, 06/15/2032(c)
 
 
2,162,832
 
 
2,166,948
Series 2024-11, Class B, 5.64%, 07/15/2032(c)
 
 
870,681
 
 
873,411
Series 2024-11, Class C, 5.87%, 07/15/2032(c)
 
 
490,694
 
 
491,454
Series 2024-5, Class B, 6.60%, 10/15/2031(c)
 
 
617,598
 
 
617,973
Series 2024-6, Class B, 6.59%, 11/15/2031(c)
 
 
675,768
 
 
676,156
Series 2024-8, Class C, 6.03%, 01/15/2032(c)
 
 
335,741
 
 
335,829
Series 2024-8, Class D, 6.53%, 01/15/2032(c)
 
 
601,305
 
 
601,627
Series 2024-9, Class B, 5.31%, 03/15/2032(c)
 
 
1,936,166
 
 
1,937,595
Series 2024-9, Class D, 6.17%, 03/15/2032(c)
 
 
547,475
 
 
546,833
Series 2025-1, Class A2, 5.16%, 07/15/2032(c)
 
 
1,951,244
 
 
1,953,691
Series 2025-1, Class B, 5.63%, 07/15/2032(c)
 
 
1,289,041
 
 
1,288,741
Series 2025-2, Class A2, 4.96%, 10/15/2032(c)
 
 
3,017,111
 
 
3,016,000
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
102
 

TABLE OF CONTENTS

Angel Oak UltraShort Income ETF
Schedule of Investments
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
ASSET-BACKED SECURITIES — (Continued)
Consumer — (Continued)
Series 2025-2, Class C, 5.64%, 10/15/2032(c)
 
 
$1,125,141
 
 
$1,125,691
Series 2025-3, Class A2, 5.37%, 12/15/2032(c)
 
 
1,104,774
 
 
1,106,493
Series 2025-4, Class B, 5.69%, 01/17/2033(c)
 
 
7,999,716
 
 
8,008,886
Series 2025-4, Class C, 6.15%, 01/17/2033(c)
 
 
2,999,893
 
 
3,003,618
Series 2025-5, Class A2, 5.11%, 03/15/2033(c)
 
 
3,769,358
 
 
3,769,453
Series 2025-5, Class B, 5.44%, 03/15/2033(c)
 
 
6,337,255
 
 
6,330,732
Series 2025-5, Class C, 5.64%, 03/15/2033(c)
 
 
3,499,865
 
 
3,501,604
Series 2025-6, Class A2, 4.50%, 04/15/2033(c)
 
 
1,187,043
 
 
1,178,942
Series 2025-7, Class A2, 4.53%, 05/15/2033(c)
 
 
6,406,505
 
 
6,384,241
Series 2025-7, Class B, 5.06%, 05/15/2033(c)
 
 
134,976
 
 
134,376
Series 2026-1, Class A2, 4.74%, 09/15/2033(c)
 
 
1,499,022
 
 
1,494,624
Series 2026-4, Class B, 6.25%, 01/16/2034(c)
 
 
2,500,000
 
 
2,501,666
Series 2026-5, Class A2, 5.34%, 03/15/2034(c)
 
 
2,000,000
 
 
2,002,752
Series 2026-5, Class B, 6.39%, 03/15/2034(c)
 
 
1,500,000
 
 
1,501,823
Series 2026-R1, Class A, 4.71%, 12/15/2033(c)
 
 
2,706,256
 
 
2,693,389
Series 2026-R1, Class B, 5.28%, 12/15/2033(c)
 
 
2,250,000
 
 
2,239,065
Series 2026-R2, Class A2, 5.21%, 02/15/2034(c)
 
 
3,000,000
 
 
2,990,522
Pagaya Point of Sale Holdings Grantor Trust
 
 
 
 
Series 2025-1, Class A, 5.72%, 01/20/2034(c)
 
 
5,750,000
 
 
5,756,824
Series 2025-1, Class C, 6.30%, 01/20/2034(c)
 
 
1,000,000
 
 
1,001,545
RCKT Mortgage Trust, Series 2025-1A, Class C, 5.16%, 07/25/2034(c)
 
 
2,200,000
 
 
2,196,134
Reach ABS Trust
 
 
 
 
Series 2024-1A, Class B, 6.29%, 02/18/2031(c)
 
 
575,323
 
 
576,808
Series 2024-1A, Class D, 10.64%, 02/18/2031(c)
 
 
1,000,000
 
 
1,055,795
Series 2026-1A, Class A, 4.32%, 02/15/2033(c)
 
 
947,173
 
 
946,784
Series 2026-2A, Class B, 4.81%, 02/15/2035(c)
 
 
1,000,000
 
 
998,114
Regional Management Issuance Trust
 
 
 
 
Series 2022-1, Class D, 6.72%, 03/15/2032(c)
 
 
1,000,000
 
 
998,694
Series 2024-2, Class D, 6.33%, 12/15/2033(c)
 
 
1,750,000
 
 
1,755,694
Reprise Financial Receivables Trust, Series 2026-1, Class A,
5.54%, 04/18/2033(c)
 
 
1,500,000
 
 
1,501,964
SoFi Consumer Loan Program Trust, Series 2025-3, Class A,
4.47%, 08/15/2034(c)
 
 
711,096
 
 
711,361
Sotheby’s Artfi Master Trust, Series 2026-1A, Class A2, 4.93%
(3 mo. Term SOFR + 1.25%), 06/20/2033(c)
 
 
2,000,000
 
 
2,006,949
SpringCastle America LLC, Series 2020-AA, Class A,
1.97%, 09/25/2037(c)
 
 
522,506
 
 
491,428
Sunbit Asset Securitization Trust, Series 2025-1, Class A,
5.36%, 07/15/2030(c)
 
 
1,620,000
 
 
1,619,829
Theorem Funding Trust
 
 
 
 
Series 2022-2A, Class B, 9.27%, 12/15/2028(c)
 
 
1,228,651
 
 
1,230,255
Series 2022-3A, Class B, 8.95%, 04/15/2029(c)
 
 
1,035,249
 
 
1,036,413
Upgrade Master Pass-Thru Trust
 
 
 
 
Series 2025-ST4, Class A, 5.50%, 08/16/2032(c)
 
 
476,594
 
 
477,045
Series 2025-ST5, Class A, 4.79%, 09/15/2032(c)
 
 
771,375
 
 
772,157
Series 2025-ST8, Class B, 5.07%, 12/15/2033(c)
 
 
2,500,000
 
 
2,490,217
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
103
 

TABLE OF CONTENTS

Angel Oak UltraShort Income ETF
Schedule of Investments
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
ASSET-BACKED SECURITIES — (Continued)
Consumer — (Continued)
Series 2026-ST1, Class A, 4.24%, 03/15/2034(c)
 
 
$1,470,231
 
 
$1,468,130
Series 2026-ST2, Class B, 5.43%, 06/15/2034(c)
 
 
6,000,000
 
 
5,994,058
Upgrade Receivables Trust, Series 2024-1A, Class D,
8.90%, 02/18/2031(c)
 
 
3,875,000
 
 
3,970,601
Upstart Pass-Through Trust Series, Series 2022-ST3, Class A,
4.30%, 05/20/2030(c)
 
 
57,010
 
 
56,938
Upstart Securitization Trust
 
 
 
 
Series 2025-1, Class A, 5.45%, 04/20/2035(c)
 
 
1,356,884
 
 
1,360,779
Series 2025-1, Class B, 6.33%, 04/20/2035(c)
 
 
1,000,000
 
 
1,009,770
Series 2025-2, Class B, 5.62%, 06/20/2035(c)
 
 
4,366,000
 
 
4,381,306
Series 2026-2, Class A2, 4.54%, 05/20/2036(c)
 
 
3,000,000
 
 
2,995,520
Series 2026-2, Class B, 5.08%, 05/20/2036(c)
 
 
5,250,000
 
 
5,228,585
Series 2026-3, Class A2, 4.77%, 07/20/2036(c)
 
 
1,500,000
 
 
1,498,627
Series 2026-3, Class B, 5.35%, 07/20/2036(c)
 
 
2,000,000
 
 
1,996,408
Upstart Structured Pass-Through Trust, Series 2022-2A, Class A,
4.25%, 06/17/2030(c)
 
 
118,575
 
 
118,451
 
 
 
 
169,773,877
Credit Card — 0.1%
 
 
 
 
Mission Lane Credit Card Master Trust, Series 2025-C, Class A,
4.78%, 12/16/2030(c)
 
 
500,000
 
 
498,768
Equipment — 0.2%
 
 
 
 
Octane Receivables Trust, Series 2026-RVM1, Class A,
4.92%, 06/20/2047(c)
 
 
1,000,000
 
 
999,952
SLR Equipment Finance LLC, Series 2026-1A, Class A2,
5.01%, 04/15/2033(c)
 
 
1,750,000
 
 
1,752,448
 
 
 
 
2,752,400
Receivables — 0.1%
 
 
 
 
Trafigura Securitisation Finance PLC, Series 2024-1A, Class A1,
5.03% (SOFR + 1.40%), 11/15/2027(c)
 
 
1,250,000
 
 
1,257,870
Small Business — 0.1%
 
 
 
 
OnDeck Capital, Inc., Series 2023-1A, Class C, 9.93%, 08/19/2030(c)
 
 
2,000,000
 
 
2,003,267
Whole Business — 0.1%
 
 
 
 
Subway Funding LLC, Series 2024-1A, Class A2I, 6.03%, 07/30/2054(c)
 
 
1,970,000
 
 
1,977,092
TOTAL ASSET-BACKED SECURITIES
(Cost $335,707,177)
 
 
 
 
335,551,447
COLLATERALIZED LOAN OBLIGATIONS — 14.4%
 
 
 
 
Arbor Realty Collateralized Loan Obligation Ltd., Series 2025-BTR1, Class A, 5.59% (1 mo. Term SOFR + 1.93%), 01/20/2041(c)
 
 
1,000,000
 
 
1,004,233
Atlas Senior Loan Fund Ltd., Series 2022-20A, Class D1R, 7.58%
(3 mo. Term SOFR + 3.85%), 10/19/2037(c)
 
 
1,500,000
 
 
1,505,031
Audax Senior Debt CLO, LLC, Series 2020-4A, Class ARR, 5.23%
(3 mo. Term SOFR + 1.50%), 04/20/2035(c)
 
 
3,000,000
 
 
2,999,379
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
104
 

TABLE OF CONTENTS

Angel Oak UltraShort Income ETF
Schedule of Investments
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
COLLATERALIZED LOAN OBLIGATIONS — (Continued)
Barings Middle Market CLO Ltd.
 
 
 
 
Series 2023-IA, Class A1, 6.18% (3 mo. Term SOFR + 2.45%), 01/20/2036(c)
 
 
$4,589,598
 
 
$4,601,127
Series 2023-IIA, Class A1R, 5.21% (3 mo. Term SOFR + 1.48%), 07/20/2034(c)
 
 
10,000,000
 
 
10,014,600
BCRED BSL Static CLO Ltd., Series 2025-1A, Class AR, 5.03%
(3 mo. Term SOFR + 1.25%), 07/24/2035(c)
 
 
3,721,357
 
 
3,723,188
Birch Grove CLO Ltd., Series 2025-14A, Class XR, 4.63%
(3 mo. Term SOFR + 0.90%), 07/22/2039(c)
 
 
3,000,000
 
 
3,000,000
Black Diamond CLO Ltd., Series 2019-2A, Class A1AR, 5.07%
(3 mo. Term SOFR + 1.32%), 07/23/2032(c)
 
 
2,521,024
 
 
2,521,621
Blackrock CLO Ltd.
 
 
 
 
Series 2025-2A, Class A, 4.91% (3 mo. Term SOFR + 1.27%), 11/21/2033(c)
 
 
7,657,613
 
 
7,652,605
Series 2025-2A, Class C, 5.99% (3 mo. Term SOFR + 2.35%), 11/21/2033(c)
 
 
4,000,000
 
 
4,008,744
Series 2026-3A, Class A, 0.00% (3 mo. Term SOFR + 1.50%), 07/23/2034(a)(c)
 
 
2,500,000
 
 
2,500,000
Series 2026-3A, Class B, 0.00% (3 mo. Term SOFR + 2.15%), 07/23/2034(a)(c)
 
 
3,000,000
 
 
3,000,000
Series 2026-3A, Class C, 0.00% (3 mo. Term SOFR + 2.30%), 07/23/2034(a)(c)
 
 
2,000,000
 
 
2,000,000
Series 2026-3A, Class D, 0.00% (3 mo. Term SOFR + 3.75%), 07/23/2034(a)(c)
 
 
1,000,000
 
 
1,000,000
BlackRock Elbert CLO V LLC/KY, Series 5A, Class AFR,
4.48%, 06/15/2034(c)
 
 
2,368,212
 
 
2,350,391
BlueMountain CLO Ltd.
 
 
 
 
Series 2017-2A, Class A2, 5.59% (3 mo. Term SOFR + 1.86%), 10/20/2030(c)
 
 
2,782,977
 
 
2,785,067
Series 2018-22A, Class A2, 5.41% (3 mo. Term SOFR + 1.66%), 07/15/2031(c)
 
 
4,500,000
 
 
4,500,585
Series 2018-3A, Class A1R, 5.00% (3 mo. Term SOFR + 1.19%), 10/25/2030(c)
 
 
273,211
 
 
273,239
Cerberus Loan Funding LP
 
 
 
 
Series 2023-1A, Class AR, 5.35% (3 mo. Term SOFR + 1.60%), 03/22/2035(c)
 
 
4,000,000
 
 
4,000,000
Series 2024-1A, Class A, 5.65% (3 mo. Term SOFR + 1.90%), 04/15/2036(c)
 
 
8,250,000
 
 
8,261,179
Comvest Credit CLO LLC, Series 2024-1A, Class A, 5.45%
(3 mo. Term SOFR + 1.70%), 07/15/2036(c)
 
 
2,966,888
 
 
2,966,790
Crestline Direct Lending CLO LP, Series 2024-1A, Class C, 6.05%
(3 mo. Term SOFR + 2.30%), 01/15/2035(c)
 
 
3,500,000
 
 
3,499,860
Crown City CLO, Series 2023-5A, Class XR2, 4.58%
(3 mo. Term SOFR + 0.85%), 04/22/2037(c)
 
 
625,000
 
 
624,988
Dryden Senior Loan Fund, Series 2016-42A, Class XR3, 4.65%
(3 mo. Term SOFR + 0.90%), 07/15/2037(c)
 
 
1,384,616
 
 
1,384,582
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
105
 

TABLE OF CONTENTS

Angel Oak UltraShort Income ETF
Schedule of Investments
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
COLLATERALIZED LOAN OBLIGATIONS — (Continued)
Fortress Credit BSL Ltd.
 
 
 
 
Series 2020-1A, Class A1AR, 4.83% (3 mo. Term SOFR + 1.10%), 10/20/2033(c)
 
 
$3,366,038
 
 
$3,368,576
Series 2021-1A, Class BR, 5.33% (3 mo. Term SOFR + 1.60%), 04/20/2033(c)
 
 
7,000,000
 
 
7,010,374
Fortress Credit Opportunities
 
 
 
 
Series 2025-29A, Class C, 5.98% (3 mo. Term SOFR + 2.25%), 04/20/2033(c)
 
 
5,000,000
 
 
5,006,920
Series 2025-31A, Class A1, 5.23% (3 mo. Term SOFR + 1.50%), 07/20/2033(c)
 
 
5,896,903
 
 
5,894,131
Series 2025-35A, Class A1, 5.13% (3 mo. Term SOFR + 1.40%), 07/20/2033(c)
 
 
4,215,498
 
 
4,211,148
Series 2025-37X, Class C, 7.23% (3 mo. Term SOFR + 3.50%), 07/20/2033(d)
 
 
5,000,000
 
 
5,020,000
Gallatin CLO Ltd., Series 2017-1A, Class A1R, 5.10%
(3 mo. Term SOFR + 1.35%), 07/15/2031(c)
 
 
587,320
 
 
587,381
Golub Capital LLC
 
 
 
 
Series 2022-1A, Class A1R, 5.26% (3 mo. Term SOFR + 1.45%), 07/25/2033(c)
 
 
5,012,390
 
 
5,015,814
Series 2022-1A, Class BR, 5.81% (3 mo. Term SOFR + 2.00%), 07/25/2033(c)
 
 
11,000,000
 
 
10,999,813
Series 2022-1A, Class CR, 6.56% (3 mo. Term SOFR + 2.75%), 07/25/2033(c)
 
 
5,500,000
 
 
5,510,444
Series 2022-1A, Class DR, 8.41% (3 mo. Term SOFR + 4.60%), 07/25/2033(c)
 
 
5,000,000
 
 
5,014,365
Golub Capital Partners CLO Ltd., Series 2023-67A, Class A1, 6.15%
(3 mo. Term SOFR + 2.50%), 05/09/2036(c)
 
 
7,600,000
 
 
7,601,398
Greywolf CLO Ltd., Series 2020-3RA, Class A1R2, 4.96%
(3 mo. Term SOFR + 1.23%), 04/22/2033(c)
 
 
1,598,652
 
 
1,598,898
Ivy Hill Middle Market Credit Fund Ltd., Series 7A, Class AR3, 5.35%
(3 mo. Term SOFR + 1.60%), 10/15/2036(c)
 
 
4,000,000
 
 
4,001,116
Kennedy Lewis CLO Ltd., Series 2024-16A, Class B, 5.58% (3 mo. Term SOFR + 1.85%), 07/20/2037(c)
 
 
1,950,000
 
 
1,952,024
LJV I MM CLO LLC, Series 2022-1A, Class A1, 5.69% (3 mo. Term SOFR + 1.85%), 04/28/2034(c)
 
 
2,713,596
 
 
2,716,407
Marathon CLO Ltd., Series 2021-16A, Class A1AR, 4.86% (3 mo. Term SOFR + 1.11%), 04/15/2034(c)
 
 
2,933,357
 
 
2,936,226
Monroe Capital MML CLO Ltd., Series 2021-2A, Class D, 7.78%
(3 mo. Term SOFR + 4.11%), 09/14/2033(c)
 
 
500,000
 
 
502,160
Orion CLO Ltd., Series 2024-3A, Class X, 4.63% (3 mo. Term SOFR + 1.00%), 07/25/2039(c)
 
 
2,000,000
 
 
2,000,000
OZLM Ltd., Series 2014-6A, Class B2S, 4.84%, 04/17/2031(c)
 
 
2,929,379
 
 
2,926,336
Race Point CLO Ltd., Series 2016-10A, Class B1R, 5.72% (3 mo. Term SOFR + 1.91%), 07/25/2031(c)
 
 
2,168,121
 
 
2,171,613
Regatta Funding Ltd., Series 2024-2A, Class X, 8.39% (3 mo. Term SOFR + 0.95%), 07/25/2039(c)
 
 
2,000,000
 
 
2,000,000
Rockford Tower CLO Ltd., Series 2019-2A, Class AR2, 4.77%
(3 mo. Term SOFR + 1.13%), 08/20/2032(c)
 
 
3,044,688
 
 
3,045,117
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
106
 

TABLE OF CONTENTS

Angel Oak UltraShort Income ETF
Schedule of Investments
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
COLLATERALIZED LOAN OBLIGATIONS — (Continued)
Romark CLO LLC, Series 2021-4A, Class A1R, 4.89% (3 mo. Term SOFR + 1.14%), 07/10/2034(c)
 
 
$4,250,000
 
 
$4,250,497
Shackleton CLO Ltd.
 
 
 
 
Series 2013-4RA, Class B, 5.92% (3 mo. Term SOFR + 2.16%), 04/13/2031(c)
 
 
5,000,000
 
 
5,006,505
Series 2014-5RA, Class B, 5.62% (3 mo. Term SOFR + 1.96%), 05/07/2031(c)
 
 
2,306,638
 
 
2,306,802
Sound Point CLO Ltd.
 
 
 
 
Series 2014-1RA, Class A, 5.14% (3 mo. Term SOFR + 1.41%), 07/18/2031(c)
 
 
650,320
 
 
650,502
Series 2015-2A, Class ARRR, 5.20% (3 mo. Term SOFR + 1.47%), 07/20/2032(c)
 
 
2,465,329
 
 
2,466,246
Steele Creek CLO Ltd., Series 2019-1A, Class BRR, 5.50% (3 mo. Term SOFR + 1.75%), 04/15/2032(c)
 
 
15,000,000
 
 
15,022,095
Lake Shore MM CLO Ltd.
 
 
 
 
Series 2019-2A, Class A1RR, 5.15% (3 mo. Term SOFR + 1.40%), 10/17/2031(c)
 
 
101,099
 
 
101,075
Series 2019-2A, Class BRR, 5.45% (3 mo. Term SOFR + 1.70%), 10/17/2031(c)
 
 
1,500,000
 
 
1,497,817
Series 2019-2A, Class DR, 7.76% (3 mo. Term SOFR + 4.01%), 10/17/2031(c)
 
 
3,000,000
 
 
2,995,572
Trinitas CLO Ltd., Series 2020-14A, Class A1R2, 4.91% (3 mo. Term SOFR + 1.10%), 01/25/2034(c)
 
 
6,087,443
 
 
6,088,185
Twin Brook CLO Ltd., Series 2024-2A, Class AR, 4.98% (3 mo. Term SOFR + 1.25%), 10/20/2035(c)
 
 
9,000,000
 
 
8,982,801
Venture CDO Ltd., Series 2018-32A, Class A1, 5.09% (3 mo. Term SOFR + 1.36%), 07/18/2031(c)
 
 
207,651
 
 
207,669
Woodmont Trust, Series 2023-12A, Class A1R, 5.21% (3 mo. Term SOFR + 1.40%), 10/25/2032(c)
 
 
2,507,480
 
 
2,506,244
Z Capital Credit Partners CLO Ltd., Series 2019-1A, Class DR, 9.05%
(3 mo. Term SOFR + 5.26%), 07/16/2031(c)
 
 
2,000,000
 
 
2,017,242
TOTAL COLLATERALIZED LOAN OBLIGATIONS
(Cost $225,454,056)
 
 
 
 
225,366,722
RESIDENTIAL MORTGAGE-BACKED SECURITIES — 13.0%
 
 
 
 
A&D Mortgage LLC, Series 2026-NQM1, Class A1,
4.91%, 02/25/2071(b)(c)
 
 
2,055,138
 
 
2,030,542
ATLX Trust, Series 2024-RPL1, Class A1, 3.85%, 04/25/2064(c)(e)
 
 
837,757
 
 
806,226
Barclays Mortgage Loan Trust
 
 
 
 
Series 2026-NQM2, Class A1, 4.70%, 12/25/2065(b)(c)
 
 
4,658,904
 
 
4,578,041
Series 2026-NQM2, Class A3, 5.20%, 12/25/2065(c)(e)
 
 
2,795,343
 
 
2,745,836
Bellemeade Re Ltd.
 
 
 
 
Series 2023-1, Class M1B, 7.87% (30 day avg SOFR US + 4.25%), 10/25/2033(c)
 
 
148,009
 
 
150,308
Series 2025-1, Class M1A, 5.17% (30 day avg SOFR US + 1.55%), 10/25/2035(c)
 
 
721,644
 
 
721,825
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
107
 

TABLE OF CONTENTS

Angel Oak UltraShort Income ETF
Schedule of Investments
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
Series 2025-1, Class M1B, 6.12% (30 day avg SOFR US + 2.50%), 10/25/2035(c)
 
 
$2,000,000
 
 
$2,008,105
Series 2025-1, Class M1C, 6.87% (30 day avg SOFR US + 3.25%), 10/25/2035(c)
 
 
3,872,000
 
 
3,925,931
BRAVO Residential Funding Trust
 
 
 
 
Series 2021-NQM3, Class A1, 1.70%, 04/25/2060(b)(c)
 
 
4,303,436
 
 
4,008,016
Series 2022-NQM2, Class M1, 6.10%, 11/25/2061(b)(c)
 
 
3,427,000
 
 
3,421,921
Series 2024-NQM4, Class A1A, 4.35%, 01/25/2060(c)(e)
 
 
1,836,062
 
 
1,810,953
Series 2024-NQM4, Class A2, 4.35%, 01/25/2060(c)(e)
 
 
1,639,341
 
 
1,615,937
Series 2024-NQM4, Class A3, 4.35%, 01/25/2060(c)(e)
 
 
819,670
 
 
798,742
Series 2024-NQM8, Class A1B, 4.30%, 08/01/2053(c)(e)
 
 
1,663,070
 
 
1,626,776
Series 2026-CES1, Class A1A, 5.25%, 04/25/2056(c)(e)
 
 
2,878,214
 
 
2,859,299
Citigroup Mortgage Loan Trust, Inc., Series 2026-HE1, Class A1,
4.97% (30 day avg SOFR US + 1.35%), 10/25/2056(c)
 
 
4,264,410
 
 
4,265,670
COLT Funding LLC
 
 
 
 
Series 2022-3, Class A1, 4.90%, 02/25/2067(b)(c)
 
 
626,626
 
 
604,070
Series 2025-12, Class A1, 4.98%, 01/26/2071(b)(c)
 
 
923,599
 
 
916,346
COOPR Residential Mortgage Trust, Series 2025-CES3, Class A1A, 4.84%, 09/25/2060(c)(e)
 
 
6,806,448
 
 
6,709,286
Credit Suisse Mortgage Capital Certificates, Series 2022-ATH1, Class A1A, 3.87%, 01/25/2067(b)(c)
 
 
1,736,881
 
 
1,688,498
Deephaven Residential Mortgage Trust
 
 
 
 
Series 2025-CES1, Class A1A, 5.22%, 10/25/2055(c)(e)
 
 
2,797,861
 
 
2,778,515
Series 2025-INV1, Class A3, 5.39%, 11/25/2060(c)(e)
 
 
922,147
 
 
912,835
FIGRE Trust
 
 
 
 
Series 2024-SL1, Class A1, 5.75%, 07/25/2053(b)(c)
 
 
2,341,054
 
 
2,394,161
Series 2025-FL1, Class A1, 5.27%, 07/25/2055(c)(e)
 
 
1,974,556
 
 
1,965,932
Series 2025-HE6, Class A, 5.04%, 09/25/2055(b)(c)
 
 
833,956
 
 
821,753
Series 2026-FL2, Class A1, 5.52%, 06/25/2056(b)(c)
 
 
2,934,687
 
 
2,926,245
Series 2026-HE1, Class A, 4.98%, 01/25/2056(b)(c)
 
 
4,097,799
 
 
4,020,225
GCAT Trust
 
 
 
 
Series 2021-NQM2, Class A2, 1.24%, 05/25/2066(b)(c)
 
 
1,159,515
 
 
1,011,764
Series 2023-NQM2, Class A3, 6.60%, 11/25/2067(c)(e)
 
 
262,963
 
 
261,323
GS Mortgage-Backed Securities Trust
 
 
 
 
Series 2025-HE1, Class A1, 5.17% (30 day avg SOFR US + 1.55%), 10/25/2055(c)
 
 
4,598,336
 
 
4,618,676
Series 2025-HE2, Class A1, 5.17% (30 day avg SOFR US + 1.55%), 12/25/2065(c)
 
 
3,279,482
 
 
3,294,440
Series 2026-AH1, Class A1A, 5.12% (30 day avg SOFR US + 1.50%), 07/25/2056(c)
 
 
9,815,625
 
 
9,854,932
Series 2026-AH2, Class A1A, 5.02% (30 day avg SOFR US + 1.40%), 11/25/2056(c)
 
 
3,650,952
 
 
3,654,520
Series 2026-PJ6, Class A4, 5.50%, 09/25/2056(b)(c)
 
 
2,427,491
 
 
2,402,298
JP Morgan Mortgage Trust
 
 
 
 
Series 2023-HE1, Class A1, 5.37% (30 day avg SOFR US + 1.75%), 11/25/2053(c)
 
 
280,790
 
 
281,082
Series 2025-12MPR, Class A1D, 5.06%, 06/25/2056(c)(e)
 
 
2,624,075
 
 
2,593,062
Series 2025-CES7, Class A1A, 5.06%, 04/25/2056(c)(e)
 
 
3,433,492
 
 
3,406,738
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
108
 

TABLE OF CONTENTS

Angel Oak UltraShort Income ETF
Schedule of Investments
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
Series 2025-CES7, Class A1B, 5.21%, 04/25/2056(c)(e)
 
 
$4,291,865
 
 
$4,260,398
Series 2026-4MPR, Class A3, 6.30%, 06/01/2056(c)(e)
 
 
2,613,615
 
 
2,606,525
Morgan Stanley Residential Mortgage Loan Trust, Series 2025-SPL1, Class A3, 4.25%, 02/25/2065(c)(e)
 
 
1,396,160
 
 
1,339,536
New Residential Mortgage Loan Trust, Series 2022-NQM4, Class A3, 6.00%, 06/25/2062(c)(e)
 
 
1,102,595
 
 
1,052,040
NYMT Loan Trust, Series 2025-CP1, Class A1, 3.75%, 11/25/2069(b)(c)
 
 
1,729,933
 
 
1,659,823
Oaktown Re, Series 2021-2, Class M1B, 6.52% (30 day avg SOFR US + 2.90%), 04/25/2034(c)
 
 
458,165
 
 
460,101
OBX Trust
 
 
 
 
Series 2025-NQM23, Class A1, 4.87%, 10/25/2065(b)(c)
 
 
2,542,627
 
 
2,519,449
Series 2026-HE1, Class A1A, 4.97% (30 day avg SOFR US + 1.35%), 02/25/2056(c)
 
 
8,063,951
 
 
8,075,671
Series 2026-HE2, Class A1A, 4.97% (30 day avg SOFR US + 1.35%), 06/25/2056(c)
 
 
4,897,625
 
 
4,910,806
PMT Loan Trust, Series 2026-CNF2, Class A24, 4.97% (30 day avg SOFR US + 1.35%), 02/25/2057, (6.00% Cap)(c)
 
 
2,168,953
 
 
2,170,252
Pretium Mortgage Credit Partners LLC
 
 
 
 
Series 2025-NPL9, Class A1, 5.39%, 08/25/2055(c)(e)
 
 
3,536,488
 
 
3,539,847
Series 2026-NPL6, Class A1, 5.69%, 05/25/2056(c)(e)
 
 
3,673,803
 
 
3,666,708
PRPM LLC, Series 2024-NQM4, Class M1A, 6.52%, 12/26/2069(b)(c)
 
 
4,362,000
 
 
4,397,912
SAIF Securitization Trust, Series 2025-CES1, Class A1,
5.41%, 06/25/2065(c)(e)
 
 
4,305,055
 
 
4,288,265
Saluda Grade Mortgage Funding LLC
 
 
 
 
Series 2026-HB1, Class A1B, 5.27% (1 mo. Term SOFR + 1.55%), 04/25/2056(c)
 
 
3,433,156
 
 
3,422,489
Series 2026-LOC6, Class A1A, 5.22% (1 mo. Term SOFR + 1.50%), 06/25/2056(c)
 
 
7,218,619
 
 
7,230,049
Series 2026-NPL1, Class A1, 7.04%, 04/25/2031(c)(e)
 
 
4,622,700
 
 
4,611,074
Santander US Capital Markets LLC, Series 2025-CES1, Class A1A, 5.04%, 09/25/2055(c)(e)
 
 
2,628,636
 
 
2,599,967
Starwood Mortgage Residential Trust
 
 
 
 
Series 2021-2, Class A3, 1.43%, 05/25/2065(b)(c)
 
 
307,391
 
 
296,428
Series 2021-SFR2, Class F, 6.64% (1 mo. Term SOFR + 2.96%), 01/17/2039(c)
 
 
85,538
 
 
85,270
Towd Point Mortgage Trust
 
 
 
 
Series 2019-HY3, Class A1A, 4.84% (1 mo. Term SOFR + 1.11%), 10/25/2059(c)
 
 
243,931
 
 
244,259
Series 2021-SJ2, Class A2, 2.50%, 12/25/2061(b)(c)
 
 
1,500,000
 
 
1,399,056
Series 2025-CRM1, Class A2B, 5.25%, 01/25/2065(c)(e)
 
 
6,000,000
 
 
5,955,260
Verus Securitization Trust
 
 
 
 
Series 2022-3, Class A3, 4.13%, 02/25/2067(b)(c)
 
 
150,432
 
 
141,369
Series 2025-12, Class A1, 4.96%, 12/25/2070(b)(c)
 
 
1,373,751
 
 
1,362,887
Series 2026-R4, Class A3, 5.63%, 12/27/2067(c)(e)
 
 
1,600,934
 
 
1,595,117
Series 2026-R5, Class A3, 5.76%, 03/25/2068(c)(e)
 
 
2,390,166
 
 
2,386,592
Vista Point Securitization Trust
 
 
 
 
Series 2024-CES1, Class A1, 6.68%, 05/25/2054(c)(e)
 
 
2,340,773
 
 
2,354,208
Series 2024-CES2, Class A1, 5.25%, 10/25/2054(c)(e)
 
 
539,428
 
 
537,328
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
109
 

TABLE OF CONTENTS

Angel Oak UltraShort Income ETF
Schedule of Investments
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
Series 2024-CES2, Class A2, 5.66%, 10/25/2054(c)(e)
 
 
$2,000,000
 
 
$1,999,269
Series 2024-CES3, Class A1, 5.68%, 01/25/2055(c)(e)
 
 
635,110
 
 
635,695
Series 2025-CES1, Class A1, 5.81%, 04/25/2055(c)(e)
 
 
2,684,358
 
 
2,690,452
Series 2025-CES1, Class A2, 6.03%, 04/25/2055(c)(e)
 
 
3,000,000
 
 
3,009,131
Series 2025-CES2, Class A1, 5.60%, 08/25/2055(c)(e)
 
 
8,516,141
 
 
8,511,773
Series 2025-CES3, Class A1, 5.30%, 11/25/2055(c)(e)
 
 
7,514,339
 
 
7,462,964
Series 2026-CES1, Class A1, 5.04%, 02/25/2056(c)(e)
 
 
6,410,853
 
 
6,346,683
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
(Cost $204,818,790)
 
 
 
 
204,315,482
COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.9%
 
 
 
 
ACREC Trust, Series 2021-FL1, Class AS, 5.29% (1 mo. Term SOFR + 1.61%), 10/16/2036(c)
 
 
177,975
 
 
178,198
Barings Issuer LLC, Series 2026-SBP, Class A, 4.82%, 02/26/2059(c)
 
 
2,944,014
 
 
2,900,501
Commercial Mortgage Pass Through Certificates, Series 2025-SBX, Class B, 5.55%, 08/10/2041(b)(c)
 
 
3,000,000
 
 
2,976,561
MF1 Multifamily Housing Mortgage Loan Trust
 
 
 
 
Series 2021-FL7, Class AS, 5.23% (1 mo. Term SOFR + 1.56%), 10/16/2036(c)
 
 
3,500,000
 
 
3,506,923
Series 2022-FL8, Class A, 5.02% (1 mo. Term SOFR + 1.35%), 02/19/2037(c)
 
 
3,492,077
 
 
3,496,428
NYC Commercial Mortgage Trust, Series 2025-28L, Class A,
4.67%, 11/05/2038(b)(c)
 
 
500,000
 
 
494,486
Wells Fargo Commercial Mortgage Trust, Series 2025-VTT, Class C, 5.83%, 03/15/2038(b)(c)
 
 
1,000,000
 
 
1,002,350
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $14,584,191)
 
 
 
 
14,555,447
RESIDENTIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER — 0.6%
 
 
 
 
Connecticut Avenue Securities Trust
 
 
 
 
Series 2023-R08, Class 1M1, 5.12% (30 day avg SOFR US + 1.50%), 10/25/2043(c)
 
 
141,484
 
 
141,544
Series 2024-R02, Class 1M1, 4.72% (30 day avg SOFR US + 1.10%), 02/25/2044(c)
 
 
173,168
 
 
173,127
Series 2024-R03, Class 2M1, 4.77% (30 day avg SOFR US + 1.15%), 03/25/2044(c)
 
 
257,153
 
 
257,176
Series 2025-R03, Class 2A1, 5.07% (30 day avg SOFR US + 1.45%), 03/25/2045(c)
 
 
346,530
 
 
348,149
Federal Home Loan Mortgage Corp.
 
 
 
 
Series 2016-SC02, Class M2, 3.65%, 10/25/2046(b)
 
 
35,479
 
 
34,635
Series 2022-DNA3, Class M1B, 6.52% (30 day avg SOFR US + 2.90%), 04/25/2042(c)
 
 
4,627,000
 
 
4,689,233
Series 2023-DNA1, Class M1A, 5.72% (30 day avg SOFR US + 2.10%), 03/25/2043(c)
 
 
819,709
 
 
828,408
Series 2023-HQA2, Class M1A, 5.62% (30 day avg SOFR US + 2.00%), 06/25/2043(c)
 
 
230,834
 
 
231,073
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
110
 

TABLE OF CONTENTS

Angel Oak UltraShort Income ETF
Schedule of Investments
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER — (Continued)
Series 2024-DNA1, Class M1, 4.97% (30 day avg SOFR US + 1.35%), 02/25/2044(c)
 
 
$304,600
 
 
$304,747
Series 2024-DNA2, Class A1, 4.87% (30 day avg SOFR US + 1.25%), 05/25/2044(c)
 
 
659,475
 
 
662,484
Series 2024-HQA2, Class M1, 4.82% (30 day avg SOFR US + 1.20%), 08/25/2044(c)
 
 
544,460
 
 
544,543
Series 2025-HQA1, Class A1, 4.57% (30 day avg SOFR US + 0.95%), 02/25/2045(c)
 
 
1,203,125
 
 
1,204,397
Series 2025-HQA1, Class M1, 4.77% (30 day avg SOFR US + 1.15%), 02/25/2045(c)
 
 
415,243
 
 
415,336
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER
(Cost $9,895,047)
 
 
 
 
9,834,852
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
SHORT-TERM INVESTMENTS — 4.1%
 
 
 
 
Money Market Funds — 4.1%
 
 
 
 
First American Government Obligations Fund - Class U, 3.60%(f)
 
 
64,274,556
 
 
64,274,556
TOTAL SHORT-TERM INVESTMENTS
(Cost $64,274,556)
 
 
 
 
64,274,556
TOTAL INVESTMENTS — 102.2%
(Cost $1,607,549,722)
 
 
 
 
$1,605,369,564
Liabilities in Excess of Other Assets — (2.2)%
 
 
 
 
(34,667,555)
TOTAL NET ASSETS — 100.0%
 
 
 
 
$1,570,702,009
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
LP - Limited Partnership
PLC - Public Limited Company
SOFR - Secured Overnight Financing Rate
(a)
Security or a portion of the security purchased on a when-issued or delayed delivery basis.
(b)
Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of July 31, 2026.
(c)
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 July 31, 2026, the value of these securities total $872,175,744 or 55.5% of the Fund’s net assets.
(d)
Security is exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. As of July 31, 2026, the value of these securities total $5,020,000 or 0.3% of the Fund’s net assets.
(e)
Step coupon bond. The rate disclosed is as of July 31, 2026.
(f)
The rate shown represents the 7-day annualized yield as of July 31, 2026.
See accompanying notes which are an integral part of these financial statements.
 
111
 

TABLE OF CONTENTS

ANGEL OAK INCOME ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — 24.4%
 
 
 
 
ATLX Trust
 
 
 
 
Series 2024-RPL1, Class A2, 4.42%, 04/25/2064(a)(b)
 
 
$1,700,000
 
 
$1,631,198
Series 2024-RPL1, Class M1, 4.42%, 04/25/2064(a)(b)
 
 
5,000,000
 
 
4,740,225
ATLXM Trust, Series 2024-RPL2, Class M1, 3.85%, 04/25/2063(a)(b)
 
 
2,272,000
 
 
2,159,817
Bellemeade Re Ltd.
 
 
 
 
Series 2023-1, Class B1, 10.32% (30 day avg SOFR US + 6.70%), 10/25/2033(a)
 
 
200,000
 
 
212,590
Series 2023-1, Class M1B, 7.87% (30 day avg SOFR US + 4.25%), 10/25/2033(a)
 
 
740,047
 
 
751,538
Series 2024-1, Class M2, 8.22% (30 day avg SOFR US + 4.60%), 08/25/2034(a)
 
 
900,000
 
 
921,527
Series 2025-1, Class B1, 8.67% (30 day avg SOFR US + 5.05%), 10/25/2035(a)
 
 
1,000,000
 
 
1,041,227
Series 2025-1, Class M1B, 6.12% (30 day avg SOFR US + 2.50%), 10/25/2035(a)
 
 
3,400,000
 
 
3,413,779
Series 2025-1, Class M1C, 6.87% (30 day avg SOFR US + 3.25%), 10/25/2035(a)
 
 
3,250,000
 
 
3,295,268
BRAVO Residential Funding Trust
 
 
 
 
Series 2021-NQM2, Class A2, 1.28%, 03/25/2060(a)(b)
 
 
20,924
 
 
20,713
Series 2024-NQM4, Class A3, 4.35%, 01/25/2060(a)(c)
 
 
819,670
 
 
798,742
Series 2025-HE1, Class B1, 6.35%, 09/25/2072(a)(b)
 
 
2,500,000
 
 
2,475,918
Brean Asset Backed Securities Trust, Series 2026-RM15, Class A1, 4.25%, 04/25/2066(a)
 
 
1,985,602
 
 
1,887,658
Builder Capital Loan Acquisition Trust, Series 2024-NPL1, Class A1B, 9.00%, 09/25/2029(a)(c)
 
 
2,000,000
 
 
1,990,813
Cascade Funding Mortgage Trust, Series 2024-R1, Class M1, 4.00%, 10/25/2054(a)(c)
 
 
3,250,000
 
 
3,079,251
Chase Mortgage Finance Corp.
 
 
 
 
Series 2024-4, Class B4, 6.10%, 03/25/2055(a)(b)
 
 
1,981,371
 
 
1,921,538
Series 2024-5, Class B4, 6.15%, 04/25/2055(a)(b)
 
 
1,851,178
 
 
1,799,597
CIM Trust, Series 2022-R1, Class M3, 4.00%, 01/25/2061(a)(b)
 
 
1,500,000
 
 
1,203,633
Colony American Finance Ltd., Series 2020-4, Class D, 2.71%, 12/15/2052(a)
 
 
300,000
 
 
263,425
COLT Funding LLC
 
 
 
 
Series 2021-5, Class B1, 4.26%, 11/26/2066(a)(b)
 
 
3,500,000
 
 
2,989,964
Series 2021-HX1, Class B3A, 4.11%, 10/25/2066(a)(b)
 
 
2,000,000
 
 
1,476,437
Series 2022-1, Class B2, 4.15%, 12/27/2066(a)(b)
 
 
3,300,000
 
 
2,923,001
Series 2022-2, Class B1, 3.94%, 02/25/2067(a)(b)
 
 
4,051,299
 
 
3,373,511
Series 2022-3, Class B1, 4.21%, 02/25/2067(a)(b)
 
 
2,000,000
 
 
1,717,388
Credit Suisse Mortgage Capital Certificates
 
 
 
 
Series 2021-NQM2, Class M1, 2.28%, 02/25/2066(a)(b)
 
 
2,700,000
 
 
2,051,133
Series 2021-NQM3, Class M1, 2.32%, 04/25/2066(a)(b)
 
 
4,749,498
 
 
3,618,563
Series 2021-NQM5, Class A3, 1.35%, 05/25/2066(a)(b)
 
 
2,172,907
 
 
1,795,256
Series 2021-NQM6, Class A3, 1.59%, 07/25/2066(a)(b)
 
 
1,512,318
 
 
1,297,251
Series 2021-NQM8, Class A3, 2.41%, 10/25/2066(a)(b)
 
 
5,171,957
 
 
4,513,192
Series 2022-ATH2, Class B1, 4.98%, 05/25/2067(a)(b)
 
 
2,500,000
 
 
2,286,130
Series 2022-ATH2, Class B2, 4.98%, 05/25/2067(a)(b)
 
 
3,000,000
 
 
2,525,661
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
112
 

TABLE OF CONTENTS

ANGEL OAK INCOME ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
Deephaven Residential Mortgage Trust
 
 
 
 
Series 2021-2, Class B1, 3.17%, 04/25/2066(a)(b)
 
 
$400,000
 
 
$316,061
Series 2021-2, Class B2, 3.93%, 04/25/2066(a)(b)
 
 
1,300,000
 
 
1,029,239
Series 2021-3, Class B1, 3.27%, 08/25/2066(a)(b)
 
 
2,948,000
 
 
2,223,738
Series 2021-3, Class B2, 4.13%, 08/25/2066(a)(b)
 
 
1,000,000
 
 
764,328
Series 2022-1, Class B1, 4.25%, 01/25/2067(a)(b)
 
 
1,750,000
 
 
1,431,349
Series 2022-1, Class B2, 4.25%, 01/25/2067(a)(b)
 
 
4,000,000
 
 
3,047,133
Series 2025-CES1, Class B1, 6.97%, 10/25/2055(a)(b)
 
 
2,500,000
 
 
2,479,835
Series 2025-CES1, Class B2, 7.91%, 10/25/2055(a)(b)
 
 
1,250,000
 
 
1,238,257
Series 2026-CES2, Class B2, 8.46%, 08/25/2061(a)(b)
 
 
6,729,000
 
 
6,707,834
Ellington Financial Mortgage Trust
 
 
 
 
Series 2021-1, Class B2, 4.14%, 02/25/2066(a)(b)
 
 
1,000,000
 
 
762,370
Series 2021-2, Class B1, 3.20%, 06/25/2066(a)(b)
 
 
2,315,000
 
 
1,702,843
Series 2021-2, Class M1, 2.30%, 06/25/2066(a)(b)
 
 
700,000
 
 
494,716
Series 2021-3, Class B2, 4.29%, 09/25/2066(a)(b)
 
 
1,500,000
 
 
1,092,756
Series 2022-1, Class B1, 3.85%, 01/25/2067(a)(b)
 
 
3,810,000
 
 
2,989,882
Series 2022-4, Class B1, 5.84%, 09/25/2067(a)(b)
 
 
1,500,000
 
 
1,491,756
Series 2024-NQM1, Class B3, 7.45%, 11/25/2069(a)(b)
 
 
400,000
 
 
392,808
Series 2026-CES1, Class B2, 7.95%, 12/25/2060(a)(b)
 
 
1,220,000
 
 
1,214,667
Series 2026-NQM4, Class B2, 6.89%, 04/25/2071(a)(b)
 
 
2,500,000
 
 
2,402,444
FIGRE Trust, Series 2026-EXP1, Class D, 6.85%, 06/25/2056(a)(b)
 
 
4,000,000
 
 
3,956,361
Galton Funding Mortgage Trust, Series 2019-1, Class B5, 5.17%, 02/25/2059(a)(b)
 
 
2,347,000
 
 
1,827,148
GCAT Trust
 
 
 
 
Series 2021-NQM2, Class A3, 1.50%, 05/25/2066(a)(b)
 
 
158,408
 
 
139,010
Series 2022-NQM2, Class A3, 4.21%, 02/25/2067(a)(b)
 
 
675,430
 
 
630,704
GS Mortgage-Backed Securities Trust
 
 
 
 
Series 2021-MM1, Class A2, 2.50%, 04/25/2052(a)(b)
 
 
753,679
 
 
607,796
Series 2024-HE1, Class B2, 7.62% (30 day avg SOFR US + 4.00%), 08/25/2054(a)
 
 
1,000,000
 
 
1,002,304
Series 2024-PJ10, Class AX1, 0.60%, 04/25/2055(a)(b)(d)
 
 
42,052,936
 
 
660,147
Series 2024-PJ7, Class B4, 6.63%, 11/25/2054(a)(b)
 
 
1,529,000
 
 
1,377,257
Series 2024-PJ8, Class B5, 6.74%, 02/25/2055(a)(b)
 
 
1,262,000
 
 
1,078,047
Series 2024-PJ8, Class B6, 6.74%, 02/25/2055(a)(b)
 
 
1,555,302
 
 
1,173,147
Series 2024-RPL2, Class M1, 4.12%, 07/25/2061(a)(b)
 
 
6,730,000
 
 
6,421,928
Series 2024-RPL4, Class M1, 3.98%, 09/25/2061(a)(b)
 
 
1,500,000
 
 
1,440,629
Series 2025-RPL3, Class A2, 4.10%, 07/25/2065(a)(c)
 
 
4,000,000
 
 
3,803,654
Series 2026-CES1, Class B1, 6.52%, 05/25/2056(a)(b)
 
 
1,000,000
 
 
985,274
Series 2026-CES1, Class B2, 7.66%, 05/25/2056(a)(b)
 
 
600,000
 
 
591,301
Series 2026-DSC1, Class B2, 7.21%, 05/25/2066(a)(b)
 
 
2,000,000
 
 
1,958,047
Home RE Ltd., Series 2026-1, Class M2, 6.82% (30 day avg SOFR US + 3.20%), 01/25/2036(a)
 
 
2,700,000
 
 
2,728,580
Imperial Fund Mortgage Trust
 
 
 
 
Series 2021-NQM1, Class B2, 4.36%, 06/25/2056(a)(b)
 
 
2,000,000
 
 
1,509,908
Series 2022-NQM1, Class B2, 4.08%, 02/25/2067(a)(b)
 
 
2,000,000
 
 
1,419,230
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
113
 

TABLE OF CONTENTS

ANGEL OAK INCOME ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
JP Morgan Mortgage Trust
 
 
 
 
Series 2014-2, Class B2, 3.28%, 06/25/2029(a)(b)
 
 
$21,186
 
 
$20,811
Series 2020-3, Class B4, 3.83%, 08/25/2050(a)(b)
 
 
313,242
 
 
276,590
Series 2020-4, Class B2, 3.61%, 11/25/2050(a)(b)
 
 
1,095,358
 
 
950,691
Series 2023-6, Class AX1, 0.17%, 12/26/2053(a)(b)(d)
 
 
29,291,081
 
 
140,744
Series 2023-6, Class B4, 6.04%, 12/26/2053(a)(b)
 
 
508,461
 
 
430,379
Series 2023-7, Class B4, 6.06%, 02/25/2054(a)(b)
 
 
1,035,500
 
 
855,249
Series 2024-1, Class B6, 5.02%, 06/25/2054(a)(b)
 
 
2,086,219
 
 
1,267,750
Series 2024-10, Class B4, 6.94%, 03/25/2055(a)(b)
 
 
3,471,379
 
 
3,319,926
Series 2024-10, Class B5, 6.94%, 03/25/2055(a)(b)
 
 
1,421,000
 
 
1,180,322
Series 2024-9, Class B5, 6.95%, 02/25/2055(a)(b)
 
 
1,339,000
 
 
1,113,407
Series 2025-CES2, Class M1, 6.24%, 06/25/2055(a)(c)
 
 
1,500,000
 
 
1,504,194
Mello Mortgage Capital Acceptance, Series 2022-INV2, Class A15, 3.00%, 04/25/2052(a)(b)
 
 
380,255
 
 
317,569
MFRA Trust
 
 
 
 
Series 2021-INV2, Class B1, 4.39%, 11/25/2056(a)(b)
 
 
1,329,000
 
 
1,130,174
Series 2021-NQM2, Class A3, 1.47%, 11/25/2064(a)(b)
 
 
305,459
 
 
273,848
Morgan Stanley Residential Mortgage Loan Trust
 
 
 
 
Series 2023-3, Class B4, 6.53%, 09/25/2053(a)(b)
 
 
1,198,000
 
 
1,079,448
Series 2026-RPL1, Class A2, 0.00%, 01/25/2064(a)(c)
 
 
4,370,000
 
 
4,036,788
Series 2026-RPL1, Class M1, 4.00%, 01/25/2064(a)(c)
 
 
2,362,000
 
 
2,177,795
New Residential Mortgage Loan Trust
 
 
 
 
Series 2017-5A, Class B4, 5.53%, 06/25/2057(a)(b)
 
 
194,080
 
 
191,008
Series 2025-NQM6, Class B2, 6.93%, 10/25/2065(a)(b)
 
 
3,170,000
 
 
3,069,361
Series 2026-NQM6, Class B2, 6.49%, 05/25/2066(a)(b)
 
 
2,000,000
 
 
1,911,067
Series 2026-RPL1, Class M1, 4.00%, 12/25/2065(a)(b)
 
 
1,000,000
 
 
899,441
Series 2026-RPL1, Class M2, 4.00%, 12/25/2065(a)(b)
 
 
1,000,000
 
 
867,395
NMLT Trust
 
 
 
 
Series 2021-INV2, Class B2, 4.07%, 08/25/2056(a)(b)
 
 
1,500,000
 
 
1,110,364
Series 2025-CES1, Class A3, 5.37%, 08/25/2060(a)(c)
 
 
1,505,000
 
 
1,492,399
Oaktown Re, Series 2021-2, Class M1B, 6.52% (30 day avg SOFR US + 2.90%), 04/25/2034(a)
 
 
407,258
 
 
408,979
Onslow Bay Mortgage Loan Trust, Series 2021-J2, Class A1, 2.50%, 07/25/2051(a)(b)
 
 
1,429,949
 
 
1,154,160
Point Securitization Trust
 
 
 
 
Series 2026-1, Class A1, 5.25%, 02/25/2056(a)(c)
 
 
993,259
 
 
975,652
Series 2026-1, Class A2, 6.50%, 02/25/2056(a)(c)
 
 
1,000,000
 
 
978,980
Pretium Mortgage Credit Partners LLC
 
 
 
 
Series 2025-RPL1, Class A2, 4.00%, 07/25/2069(a)(c)
 
 
1,500,000
 
 
1,440,010
Series 2025-RPL1, Class M1, 4.00%, 07/25/2069(a)(c)
 
 
5,000,000
 
 
4,764,609
Series 2025-RPL1, Class M2, 4.00%, 07/25/2069(a)(c)
 
 
1,000,000
 
 
927,212
Series 2025-RPL2, Class M1, 4.00%, 08/25/2064(a)(c)
 
 
9,386,000
 
 
8,904,772
Series 2025-RPL4, Class M2, 4.00%, 03/25/2065(a)(c)
 
 
3,000,000
 
 
2,700,224
Series 2025-RPL5, Class M1, 4.15%, 01/25/2070(a)(c)
 
 
2,250,000
 
 
2,072,189
Series 2025-RPL5, Class M2, 4.15%, 01/25/2070(a)(c)
 
 
3,000,000
 
 
2,701,604
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
114
 

TABLE OF CONTENTS

ANGEL OAK INCOME ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
Series 2026-RN3, Class A1, 5.85%, 08/25/2056(a)(c)
 
 
$4,000,000
 
 
$3,999,993
Series 2026-RPL3, Class M1, 4.40%, 06/25/2070(a)(c)
 
 
4,000,000
 
 
3,713,024
Series 2026-RPL3, Class M2, 4.40%, 06/25/2070(a)(c)
 
 
2,190,000
 
 
1,962,625
Progress Residential Trust, Series 2023-SFR2, Class D, 4.50%, 10/17/2040(a)
 
 
200,000
 
 
194,106
PRPM LLC
 
 
 
 
Series 2024-RPL2, Class M1, 3.50%, 05/25/2054(a)(c)
 
 
2,100,000
 
 
2,024,908
Series 2025-RCF4, Class M1A, 4.50%, 08/25/2055(a)(c)
 
 
2,000,000
 
 
1,911,925
Series 2025-RCF5, Class M2, 5.50%, 10/25/2055(a)(c)(e)
 
 
1,850,000
 
 
1,777,728
Series 2025-RPL3, Class A3, 3.25%, 04/25/2055(a)(c)
 
 
2,097,000
 
 
2,012,072
Series 2025-RPL4, Class A3, 3.00%, 05/25/2055(a)(c)
 
 
2,000,000
 
 
1,845,813
Series 2026-NQM7, Class B2, 6.50%, 06/25/2066(a)(b)
 
 
1,715,000
 
 
1,628,000
Series 2026-NQM8, Class B2, 6.54%, 08/25/2066(a)(b)
 
 
1,000,000
 
 
950,948
Series 2026-NQM9, Class B2, 6.64%, 08/25/2066(a)(b)
 
 
2,300,000
 
 
2,194,525
Radnor RE Ltd.
 
 
 
 
Series 2024-1, Class M1C, 7.12% (30 day avg SOFR US + 3.50%), 09/25/2034(a)
 
 
500,000
 
 
504,148
Series 2024-1, Class M2, 7.62% (30 day avg SOFR US + 4.00%), 09/25/2034(a)
 
 
1,000,000
 
 
1,020,114
Rate Mortgage Trust, Series 2021-J3, Class A25, 2.50%, 10/25/2051(a)(b)
 
 
500,000
 
 
327,143
RCKT Mortgage Trust
 
 
 
 
Series 2021-5, Class A1, 2.50%, 11/25/2051(a)(b)
 
 
5,149,806
 
 
4,236,370
Series 2025-CES1, Class B2B, 6.64%, 01/25/2045(a)(b)
 
 
3,000,000
 
 
2,963,812
Series 2025-CES3, Class B2B, 5.97%, 03/25/2055(a)(b)
 
 
2,839,000
 
 
2,787,836
Series 2025-CES5, Class B2A, 8.02%, 05/25/2055(a)(b)
 
 
2,730,000
 
 
2,743,646
Rithm Capital Corp.
 
 
 
 
Series 2015-1A, Class B6, 5.12%, 05/28/2052(a)(b)
 
 
846,038
 
 
701,643
Series 2021-NQM3, Class B1, 3.40%, 11/27/2056(a)(b)
 
 
2,000,000
 
 
1,613,174
SAIF Securitization Trust, Series 2025-CES1, Class B1, 7.23%, 06/25/2065(a)(b)
 
 
1,000,000
 
 
1,005,306
Saluda Grade Mortgage Funding LLC
 
 
 
 
Series 2020-SEQ1, Class A1, 3.32%, 05/25/2050(a)(b)
 
 
79,939
 
 
78,125
Series 2025-LOC5, Class B1, 7.47% (1 mo. Term SOFR + 3.75%), 10/25/2055(a)
 
 
1,000,000
 
 
1,010,844
Series 2025-NPL2, Class A1, 7.77%, 05/25/2030(a)(c)
 
 
1,983,255
 
 
1,987,931
Series 2026-HB1, Class B1, 7.17% (1 mo. Term SOFR + 3.45%), 04/25/2056(a)
 
 
1,000,000
 
 
998,412
Series 2026-HB1, Class B2, 8.27% (1 mo. Term SOFR + 4.55%), 04/25/2056(a)
 
 
3,823,000
 
 
3,753,846
Series 2026-LOC6, Class A1X, 1.50%, 06/25/2056(a)(b)(d)
 
 
100,540,920
 
 
2,682,733
Series 2026-NPL1, Class A1, 7.04%, 04/25/2031(a)(c)
 
 
6,471,780
 
 
6,455,503
Series 2026-NPL1, Class A2, 8.90%, 04/25/2031(a)(c)
 
 
5,000,000
 
 
4,985,830
Sequoia Mortgage Trust
 
 
 
 
Series 2018-2, Class A19, 3.50%, 02/25/2048(a)(b)
 
 
146,961
 
 
130,050
Series 2023-2, Class B4, 4.96%, 03/25/2053(a)(b)
 
 
1,371,762
 
 
1,232,454
Series 2023-4, Class B4, 5.60%, 11/25/2053(a)(b)
 
 
1,441,053
 
 
1,246,349
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
115
 

TABLE OF CONTENTS

ANGEL OAK INCOME ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
Series 2024-2, Class B4, 5.90%, 03/25/2054(a)(b)
 
 
$1,406,025
 
 
$1,278,723
Series 2026-6, Class AIO1, 0.10%, 06/25/2056(a)(b)(d)
 
 
690,281,462
 
 
2,197,856
Series 2026-6, Class I27F, 0.18% (-1 x 30 day avg SOFR US + 3.80%), 06/25/2056, (5.50% Cap)(a)(d)(f)
 
 
83,450,563
 
 
833,004
SGR Residential Mortgage Trust
 
 
 
 
Series 2021-1, Class A3, 1.56%, 07/25/2061(a)(b)
 
 
1,357,119
 
 
1,127,595
Series 2021-2, Class A2, 1.94%, 12/25/2061(a)(b)
 
 
502,042
 
 
427,810
Series 2021-2, Class B2, 4.04%, 12/25/2061(a)(b)
 
 
910,000
 
 
612,859
Series 2025-1, Class B2, 6.75%, 12/25/2065(a)(b)
 
 
2,090,000
 
 
2,011,680
Splitero Trust, Series 2026-1, Class A1, 5.75%, 06/25/2056(a)(c)
 
 
1,470,000
 
 
1,450,392
Starwood Mortgage Residential Trust
 
 
 
 
Series 2019-INV1, Class B1, 3.66%, 09/27/2049(a)(b)
 
 
500,000
 
 
472,060
Series 2021-1, Class B1, 3.52%, 05/25/2065(a)(b)
 
 
600,000
 
 
521,521
Series 2021-3, Class B2, 4.10%, 06/25/2056(a)(b)
 
 
3,000,000
 
 
2,317,583
Series 2021-3, Class M1, 2.49%, 06/25/2056(a)(b)
 
 
1,000,000
 
 
765,461
Series 2021-4, Class B31, 4.68%, 08/25/2056(a)(b)
 
 
2,460,000
 
 
1,706,212
Series 2022-3, Class A3, 4.16%, 03/25/2067(a)(b)
 
 
868,442
 
 
807,599
Towd Point Mortgage Trust
 
 
 
 
Series 2017-6, Class B4, 3.24%, 10/25/2057(a)(b)
 
 
3,000,000
 
 
2,169,554
Series 2018-5, Class B3, 3.45%, 07/25/2058(a)(b)
 
 
2,000,000
 
 
1,326,901
Series 2019-1, Class B2, 3.77%, 03/25/2058(a)(b)
 
 
2,000,000
 
 
1,509,834
Series 2021-SJ2, Class A2, 2.50%, 12/25/2061(a)(b)
 
 
2,000,000
 
 
1,865,408
Unlock Hea Trust
 
 
 
 
Series 2023-1, Class B, 7.00%, 10/25/2038(a)
 
 
10,000,000
 
 
9,903,880
Series 2025-2, Class A, 6.00%, 11/25/2041(a)
 
 
4,809,303
 
 
4,743,204
Series 2025-2, Class B, 7.25%, 11/25/2041(a)
 
 
1,000,000
 
 
966,214
Verus Securitization Trust
 
 
 
 
Series 2021-1, Class M1, 1.97%, 01/25/2066(a)(b)
 
 
1,926,000
 
 
1,591,149
Series 2021-3, Class B2, 3.96%, 06/25/2066(a)(b)
 
 
1,257,000
 
 
937,871
Series 2021-3, Class M1, 2.40%, 06/25/2066(a)(b)
 
 
1,500,000
 
 
1,241,700
Series 2021-4, Class A3, 1.35%, 07/25/2066(a)(b)
 
 
495,945
 
 
421,369
Series 2021-6, Class M1, 2.94%, 10/25/2066(a)(b)
 
 
290,000
 
 
214,763
Series 2021-7, Class B1, 4.14%, 10/25/2066(a)(b)
 
 
400,000
 
 
316,513
Series 2021-8, Class B1, 4.24%, 11/25/2066(a)(b)
 
 
2,000,000
 
 
1,736,376
Series 2022-1, Class B2, 3.97%, 01/25/2067(a)(b)
 
 
3,000,000
 
 
2,221,849
Series 2022-2, Class B1, 4.25%, 02/25/2067(a)(b)
 
 
3,800,000
 
 
3,066,354
Series 2022-3, Class A3, 4.13%, 02/25/2067(a)(b)
 
 
1,805,180
 
 
1,696,423
Series 2022-3, Class B2, 4.03%, 02/25/2067(a)(b)
 
 
1,500,000
 
 
1,158,807
Series 2022-3, Class M1, 4.03%, 02/25/2067(a)(b)
 
 
2,000,000
 
 
1,718,674
Series 2026-3, Class B2, 6.81%, 03/25/2071(a)(b)
 
 
1,000,000
 
 
973,857
Series 2026-5, Class B2, 6.70%, 05/25/2071(a)(b)
 
 
3,100,000
 
 
2,973,823
Series 2026-R5, Class B1, 6.95%, 03/25/2068(a)(b)
 
 
2,750,000
 
 
2,748,263
Vista Point Securitization Trust
 
 
 
 
Series 2024-CES2, Class B2, 9.38%, 10/25/2054(a)(b)
 
 
7,049,000
 
 
7,146,695
Series 2025-CES1, Class A3, 6.28%, 04/25/2055(a)(c)
 
 
1,000,000
 
 
1,005,246
Series 2025-CES1, Class B2, 8.96%, 04/25/2055(a)(b)
 
 
2,697,000
 
 
2,763,818
Series 2025-CES2, Class B2, 8.15%, 08/25/2055(a)(b)
 
 
3,000,000
 
 
2,996,115
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
116
 

TABLE OF CONTENTS

ANGEL OAK INCOME ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
Series 2025-CES3, Class B2, 7.88%, 11/25/2055(a)(b)
 
 
$1,588,000
 
 
$1,579,206
Series 2026-1, Class A, 5.75%, 06/25/2042(a)
 
 
1,250,000
 
 
1,223,140
Series 2026-CES1, Class B1, 6.77%, 02/25/2056(a)(b)
 
 
2,919,000
 
 
2,858,284
Series 2026-CES1, Class B2, 7.86%, 02/25/2056(a)(b)
 
 
2,585,000
 
 
2,532,147
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
(Cost $340,108,454)
 
 
 
 
336,732,271
RESIDENTIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY — 18.5%
 
 
 
 
Federal Home Loan Mortgage Corp.
 
 
 
 
Pool 000TBA, 6.00%, 08/15/2040
 
 
19,000,000
 
 
19,212,191
Pool QE2551, 3.00%, 05/01/2052
 
 
3,234,743
 
 
2,768,584
Pool QJ7711, 5.00%, 11/01/2054
 
 
3,173,829
 
 
3,072,454
Pool QX0791, 5.50%, 12/01/2054
 
 
1,843,701
 
 
1,832,777
Pool RA2579, 3.00%, 05/01/2050
 
 
4,200,043
 
 
3,589,359
Pool RA3660, 2.50%, 10/01/2050
 
 
3,997,917
 
 
3,277,565
Pool RB5135, 2.00%, 11/01/2041
 
 
3,319,922
 
 
2,841,013
Pool RB5146, 2.50%, 02/01/2042
 
 
2,115,882
 
 
1,865,086
Pool RB5149, 2.50%, 03/01/2042
 
 
5,494,116
 
 
4,782,018
Pool RQ0028, 6.00%, 07/01/2055
 
 
2,352,742
 
 
2,382,007
Pool RQ0094, 5.00%, 02/01/2056
 
 
15,430,244
 
 
14,901,658
Pool SD1937, 3.00%, 03/01/2052
 
 
1,412,889
 
 
1,209,796
Pool SD3303, 3.00%, 02/01/2050
 
 
1,067,017
 
 
912,791
Pool SD4583, 3.50%, 12/01/2053
 
 
2,995,994
 
 
2,661,346
Pool SD5007, 5.00%, 09/01/2053
 
 
873,412
 
 
849,998
Pool SD6195, 5.00%, 10/01/2053
 
 
767,045
 
 
744,413
Pool SD8469, 5.50%, 10/01/2054
 
 
4,439,010
 
 
4,405,015
Pool SD8492, 5.00%, 01/01/2055
 
 
8,776,021
 
 
8,485,136
Pool SD8506, 5.50%, 02/01/2055
 
 
10,663,303
 
 
10,567,543
Pool SD8516, 6.00%, 03/01/2055
 
 
5,987,649
 
 
6,062,123
Pool SD8524, 5.50%, 04/01/2055
 
 
4,584,879
 
 
4,545,007
Pool SL0716, 5.00%, 03/01/2055
 
 
3,665,598
 
 
3,545,347
Pool SL0741, 6.00%, 02/01/2055
 
 
3,715,099
 
 
3,781,711
Pool SL0817, 6.00%, 04/01/2055
 
 
2,948,161
 
 
2,994,168
Pool SL1634, 2.50%, 07/01/2052
 
 
5,481,824
 
 
4,509,494
Pool SL2622, 3.00%, 03/01/2053
 
 
2,170,007
 
 
1,859,078
Pool SL2624, 4.50%, 01/01/2054
 
 
6,291,094
 
 
5,936,841
Pool SL4432, 5.50%, 03/01/2056
 
 
5,444,280
 
 
5,399,562
Pool SL4455, 4.50%, 03/01/2056
 
 
4,922,334
 
 
4,630,682
Pool SL4757, 3.00%, 10/01/2053
 
 
4,779,613
 
 
4,086,323
Federal National Mortgage Association
 
 
 
 
Pool BQ6913, 2.00%, 12/01/2051
 
 
2,022,522
 
 
1,586,739
Pool BR0948, 2.00%, 04/01/2051
 
 
2,808,248
 
 
2,213,541
Pool BT0240, 2.00%, 09/01/2051
 
 
990,033
 
 
775,353
Pool BU9929, 2.00%, 02/01/2052
 
 
3,843,431
 
 
2,999,393
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
117
 

TABLE OF CONTENTS

ANGEL OAK INCOME ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY — (Continued)
Pool BW5186, 5.00%, 11/01/2052
 
 
$791,370
 
 
$770,128
Pool BX0432, 6.00%, 11/01/2052
 
 
2,305,757
 
 
2,344,451
Pool CA4149, 3.00%, 09/01/2049
 
 
8,132,487
 
 
6,951,083
Pool CA8256, 2.50%, 12/01/2050
 
 
1,266,681
 
 
1,036,476
Pool CA8895, 2.50%, 02/01/2051
 
 
1,993,179
 
 
1,634,198
Pool CA9391, 3.00%, 03/01/2051
 
 
3,851,265
 
 
3,291,150
Pool CB3000, 2.00%, 12/01/2051
 
 
4,737,763
 
 
3,705,929
Pool CB7336, 5.50%, 10/01/2053
 
 
4,928,934
 
 
4,901,124
Pool DB3770, 5.50%, 05/01/2054
 
 
712,253
 
 
710,045
Pool DC5739, 5.50%, 11/01/2054
 
 
1,181,533
 
 
1,178,387
Pool FA2608, 3.00%, 07/01/2051
 
 
4,957,946
 
 
4,237,429
Pool FA4836, 5.50%, 07/01/2055
 
 
5,605,673
 
 
5,571,215
Pool FA5737, 3.50%, 12/01/2053
 
 
9,814,011
 
 
8,717,801
Pool FA5967, 2.00%, 11/01/2053
 
 
11,877,191
 
 
9,302,017
Pool FA6092, 5.00%, 06/01/2056
 
 
6,929,186
 
 
6,700,968
Pool FA6220, 5.50%, 07/01/2056
 
 
1,748,556
 
 
1,734,325
Pool FM6764, 2.50%, 03/01/2051
 
 
3,506,322
 
 
2,865,949
Pool FP0069, 2.50%, 01/01/2052
 
 
3,303,038
 
 
2,717,929
Pool FS4653, 5.50%, 05/01/2053
 
 
1,058,200
 
 
1,055,864
Pool FS6738, 5.00%, 09/01/2053
 
 
2,005,536
 
 
1,951,771
Pool FS8870, 5.00%, 09/01/2053
 
 
2,384,700
 
 
2,315,742
Pool FS9192, 3.00%, 07/01/2052
 
 
3,508,675
 
 
3,000,357
Pool FS9409, 5.50%, 10/01/2054
 
 
4,961,175
 
 
4,942,705
Pool MA4364, 2.00%, 06/01/2041
 
 
3,658,189
 
 
3,144,651
Pool MA4474, 2.00%, 11/01/2041
 
 
3,852,897
 
 
3,297,219
Pool MA4511, 2.00%, 01/01/2052
 
 
1,476,959
 
 
1,161,027
Pool MA4731, 3.50%, 09/01/2052
 
 
7,856,427
 
 
6,978,877
Pool MA5320, 4.00%, 03/01/2054
 
 
2,595,274
 
 
2,371,653
Pool MA5615, 6.00%, 02/01/2055
 
 
2,708,884
 
 
2,743,061
Pool MA5736, 6.00%, 06/01/2055
 
 
4,561,081
 
 
4,617,812
Government National Mortgage Association
 
 
 
 
Pool MA8490, 5.00%, 12/20/2052
 
 
695,163
 
 
678,737
Pool MA8570, 5.50%, 01/20/2053
 
 
3,811,927
 
 
3,822,053
Pool MA9018, 6.00%, 07/20/2053
 
 
476,167
 
 
488,035
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY
(Cost $261,066,323)
 
 
 
 
256,226,280
ASSET-BACKED SECURITIES — 17.7%
 
 
 
 
Automobile — 11.2%
 
 
 
 
AgoraCapital Auto Securities Trust
 
 
 
 
Series 2025-1A, Class B, 7.27%, 11/25/2032(a)
 
 
1,000,000
 
 
1,005,623
Series 2025-1A, Class C, 10.17%, 11/25/2032(a)
 
 
500,000
 
 
519,642
American Credit Acceptance Receivables Trust, Series 2024-3, Class E, 7.92%, 03/12/2032(a)
 
 
3,000,000
 
 
3,105,037
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
118
 

TABLE OF CONTENTS

ANGEL OAK INCOME ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
ASSET-BACKED SECURITIES — (Continued)
Automobile — (Continued)
Arivo Acceptance Auto Loan Receivables Trust
 
 
 
 
Series 2022-1A, Class D, 7.38%, 09/17/2029(a)
 
 
$1,000,000
 
 
$984,009
Series 2025-1A, Class D, 5.82%, 01/15/2032(a)
 
 
1,500,000
 
 
1,480,915
Series 2026-1A, Class E, 8.72%, 10/16/2034(a)
 
 
2,250,000
 
 
2,254,441
Avis Budget Car Rental LLC
 
 
 
 
Series 2021-2A, Class D, 4.08%, 02/20/2028(a)
 
 
2,000,000
 
 
1,989,297
Series 2023-4A, Class D, 7.31%, 06/20/2029(a)
 
 
2,250,000
 
 
2,280,173
Series 2023-7A, Class D, 7.31%, 08/21/2028(a)
 
 
1,000,000
 
 
1,010,277
Series 2026-4A, Class D, 7.67%, 12/20/2032(a)
 
 
1,000,000
 
 
1,004,636
Bridgecrest Lending Auto Securitization Trust
 
 
 
 
Series 2023-1, Class E, 10.37%, 07/15/2030(a)
 
 
5,550,000
 
 
5,910,403
Series 2026-1, Class E, 6.63%, 02/15/2033(a)
 
 
3,000,000
 
 
2,967,516
Series 2026-2, Class E, 7.17%, 05/16/2033(a)
 
 
2,000,000
 
 
1,994,952
Series 2026-3, Class E, 7.36%, 08/15/2033(a)
 
 
2,500,000
 
 
2,502,853
CarMax Select Receivables Trust
 
 
 
 
Series 2026-A, Class E, 6.56%, 02/15/2033(a)
 
 
5,500,000
 
 
5,424,757
Series 2026-B, Class E, 7.36%, 06/15/2033(a)
 
 
2,000,000
 
 
2,014,024
CarNow Auto Receivables Trust, Series 2022-1A, Class D, 5.79%, 09/15/2027(a)
 
 
346,529
 
 
206,108
Carvana Auto Receivables Trust
 
 
 
 
Series 2021-N4, Class E, 4.53%, 09/11/2028(a)
 
 
1,078,875
 
 
1,066,830
Series 2022-N1, Class E, 6.01%, 12/11/2028(a)
 
 
3,644,166
 
 
3,630,170
Series 2023-N1, Class E, 10.46%, 04/10/2030(a)
 
 
2,000,000
 
 
2,117,597
Series 2023-N2, Class E, 9.94%, 04/10/2030(a)
 
 
1,500,000
 
 
1,559,891
Series 2023-N3, Class E, 9.49%, 09/10/2030(a)
 
 
2,411,000
 
 
2,532,955
CPS Auto Trust
 
 
 
 
Series 2022-D, Class E, 12.12%, 06/17/2030(a)
 
 
4,000,000
 
 
4,268,648
Series 2024-A, Class E, 8.42%, 08/15/2031(a)
 
 
5,200,000
 
 
5,394,110
Series 2024-B, Class E, 8.36%, 11/17/2031(a)
 
 
4,000,000
 
 
4,172,718
Series 2024-C, Class E, 8.04%, 03/15/2032(a)
 
 
6,000,000
 
 
6,244,502
Series 2025-B, Class E, 7.95%, 03/15/2033(a)
 
 
1,750,000
 
 
1,803,337
Series 2025-C, Class E, 6.59%, 02/15/2033(a)
 
 
1,000,000
 
 
980,380
Series 2025-D, Class E, 7.69%, 05/16/2033(a)
 
 
2,500,000
 
 
2,525,552
Series 2026-C, Class E, 7.65%, 02/15/2034(a)
 
 
3,000,000
 
 
3,012,549
Exeter Automobile Receivables Trust
 
 
 
 
Series 2022-1A, Class E, 5.02%, 10/15/2029(a)
 
 
3,000,000
 
 
2,982,085
Series 2022-2A, Class E, 6.34%, 10/15/2029(a)
 
 
1,000,000
 
 
974,336
Series 2022-4A, Class E, 8.23%, 03/15/2030(a)
 
 
2,282,000
 
 
2,313,213
Series 2022-5A, Class E, 10.45%, 04/15/2030(a)
 
 
5,000,000
 
 
5,214,574
Series 2022-6A, Class E, 11.61%, 06/17/2030(a)
 
 
2,000,000
 
 
2,075,887
Series 2023-4A, Class E, 9.57%, 02/18/2031(a)
 
 
2,500,000
 
 
2,664,948
Series 2024-1A, Class E, 7.89%, 08/15/2031(a)
 
 
4,403,000
 
 
4,544,387
Series 2024-2A, Class E, 7.98%, 10/15/2031(a)
 
 
1,354,000
 
 
1,411,981
Series 2024-3A, Class E, 7.84%, 10/15/2031(a)
 
 
2,505,000
 
 
2,597,068
Series 2024-5A, Class E, 7.22%, 05/17/2032(a)
 
 
2,414,000
 
 
2,465,283
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
119
 

TABLE OF CONTENTS

ANGEL OAK INCOME ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
ASSET-BACKED SECURITIES — (Continued)
Automobile — (Continued)
Series 2025-4A, Class E, 6.99%, 04/15/2033(a)
 
 
$2,000,000
 
 
$1,991,937
Series 2026-2A, Class E, 7.54%, 11/15/2033(a)
 
 
1,000,000
 
 
1,004,548
Series 2026-3A, Class E, 7.42%, 07/17/2034(a)
 
 
1,000,000
 
 
997,894
Series 2026-3A, Class N, 6.66%, 07/17/2034(a)
 
 
1,500,000
 
 
1,499,972
FHF Trust
 
 
 
 
Series 2024-2A, Class C, 6.43%, 07/15/2030(a)
 
 
790,000
 
 
787,551
Series 2024-3A, Class D, 6.01%, 12/15/2031(a)
 
 
1,000,000
 
 
944,789
Series 2026-1A, Class E, 9.16%, 05/15/2034
 
 
1,000,000
 
 
1,032,704
FinBe USA Trust, Series 2025-1A, Class B, 6.60%, 12/16/2030(a)
 
 
1,000,000
 
 
988,445
Flagship Credit Auto Trust, Series 2024-1, Class E, 8.60%, 05/15/2031(a)
 
 
585,000
 
 
492,603
GLS Auto Receivables Trust
 
 
 
 
Series 2023-1A, Class E, 11.42%, 03/15/2030(a)
 
 
1,000,000
 
 
1,063,586
Series 2023-3A, Class E, 9.27%, 08/15/2030(a)
 
 
1,500,000
 
 
1,580,714
Series 2023-4A, Class E, 9.72%, 08/15/2030(a)
 
 
1,000,000
 
 
1,059,155
Series 2024-3A, Class E, 7.25%, 06/16/2031(a)
 
 
1,000,000
 
 
1,020,753
Series 2024-4A, Class E, 7.51%, 08/15/2031(a)
 
 
1,826,000
 
 
1,878,451
Series 2025-3A, Class E, 6.52%, 08/16/2032(a)
 
 
1,000,000
 
 
995,102
Series 2026-1A, Class E, 6.51%, 03/15/2033(a)
 
 
1,500,000
 
 
1,470,254
Series 2026-2A, Class E, 6.98%, 06/15/2033(a)
 
 
4,850,000
 
 
4,815,674
Hertz Corp.
 
 
 
 
Series 2023-3A, Class D, 9.43%, 02/25/2028(a)
 
 
1,000,000
 
 
1,009,662
Series 2025-6A, Class D, 8.30%, 05/25/2032(a)
 
 
750,000
 
 
747,469
Lendbuzz Securitization Trust, Series 2026-1A, Class C, 5.74%, 09/15/2031(a)
 
 
682,047
 
 
675,728
Lobel Automobile Receivables Trust
 
 
 
 
Series 2023-2, Class D, 11.00%, 09/16/2030(a)
 
 
1,000,000
 
 
1,028,743
Series 2026-1, Class E, 8.37%, 01/15/2031(a)
 
 
1,250,000
 
 
1,249,049
Luxury Lease Partners Auto Lease Trust, Series 2024-4, Class A, 7.29%, 07/15/2030(a)
 
 
40,847
 
 
40,894
Prestige Auto Receivables Trust
 
 
 
 
Series 2022-1A, Class D, 8.08%, 08/15/2028(a)
 
 
17,858
 
 
17,764
Series 2024-1A, Class E, 7.94%, 04/15/2031(a)
 
 
1,250,000
 
 
1,256,902
Series 2024-2A, Class E, 6.75%, 11/17/2031(a)
 
 
2,000,000
 
 
1,783,229
Series 2026-1A, Class E, 8.55%, 11/15/2033(a)
 
 
1,000,000
 
 
997,409
Research-Driven Pagaya Motor Asset Trust
 
 
 
 
Series 2025-5A, Class C, 5.47%, 06/26/2034(a)
 
 
3,000,000
 
 
2,977,533
Series 2025-6A, Class C, 5.53%, 08/25/2034(a)
 
 
2,000,000
 
 
1,981,261
Series 2025-6A, Class E, 10.53%, 08/25/2034(a)
 
 
250,000
 
 
248,443
Series 2026-1A, Class B, 5.44%, 01/25/2035(a)
 
 
4,000,000
 
 
3,959,502
Series 2026-2A, Class E1, 10.99%, 02/26/2035(a)
 
 
1,000,000
 
 
997,827
Series 2026-4A, Class E1, 12.27%, 05/25/2035(a)
 
 
1,000,000
 
 
999,506
Series 2026-R1A, Class B, 6.21%, 07/25/2034(a)
 
 
1,250,000
 
 
1,248,535
Series 2026-R1A, Class D, 7.72%, 07/25/2034(a)
 
 
1,250,000
 
 
1,235,193
Series 2026-R2A, Class E, 10.78%, 10/25/2035(a)
 
 
1,000,000
 
 
1,002,146
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
120
 

TABLE OF CONTENTS

ANGEL OAK INCOME ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
ASSET-BACKED SECURITIES — (Continued)
Automobile — (Continued)
SAFCO Auto Receivables Trust, Series 2025-1A, Class D, 6.60%, 12/10/2030(a)
 
 
$1,000,000
 
 
$990,036
Santander Holdings USA, Inc., Series 2024-A, Class F, 10.17%, 06/15/2032(a)
 
 
136,580
 
 
140,929
SBNA Auto Receivables Trust, Series 2024-A, Class E, 8.00%, 04/15/2032(a)
 
 
1,500,000
 
 
1,534,471
Securitized Term Auto Receivables Trust, Series 2025-A, Class D, 6.75%, 07/25/2031(a)
 
 
444,437
 
 
451,340
Strike Acceptance Auto Funding Trust, Series 2023-1A, Class A, 8.00%, 10/15/2026(a)
 
 
41,725
 
 
41,885
Truist Bank, Series 2026-1, Class D, 10.10%, 06/26/2034(a)
 
 
925,020
 
 
938,939
Westlake Automobile Receivables Trust, Series 2026-2A, Class D, 5.25%, 03/15/2032(a)
 
 
1,500,000
 
 
1,492,267
 
 
 
 
155,878,458
Consumer — 5.7%
 
 
 
 
ACHD Trust
 
 
 
 
Series 2025-DSI, Class C, 11.33%, 01/09/2034(a)
 
 
1,000,000
 
 
1,003,053
Series 2026-DS1, Class B, 8.25%, 07/10/2034(a)
 
 
600,000
 
 
603,751
Series 2026-DS1, Class C, 10.42%, 07/10/2034(a)
 
 
1,500,000
 
 
1,510,646
ACHV ABS Trust
 
 
 
 
Series 2024-2PL, Class D, 6.40%, 10/27/2031(a)
 
 
2,228,559
 
 
2,251,754
Series 2025-1PL, Class E, 6.50%, 04/26/2032(a)
 
 
2,530,647
 
 
2,527,050
Affirm, Inc., Series 2024-B, Class E, 7.35%, 09/15/2029(a)
 
 
2,000,000
 
 
2,003,819
AMCR ABS Trust, Series 2026-A, Class C, 9.84%, 05/18/2033(a)
 
 
750,000
 
 
780,154
AMDR ABS Trust, Series 2025-1A, Class B, 9.69%, 12/19/2033(a)
 
 
2,025,759
 
 
2,039,991
Aqua Finance Trust
 
 
 
 
Series 2019-A, Class D, 6.07%, 07/16/2040(a)
 
 
684,313
 
 
685,450
Series 2021-A, Class C, 3.14%, 07/17/2046(a)
 
 
153,137
 
 
141,022
BHG Securitization Trust, Series 2022-C, Class E, 9.73%, 10/17/2035(a)
 
 
500,000
 
 
523,041
Cherry Securitization Trust, Series 2026-1A, Class D, 8.16%, 01/17/2034(a)
 
 
1,000,000
 
 
1,008,892
Foundation Finance Trust
 
 
 
 
Series 2021-1A, Class D, 4.96%, 05/15/2041(a)
 
 
51,610
 
 
50,392
Series 2025-2A, Class E, 8.35%, 04/15/2052(a)
 
 
304,972
 
 
305,509
Series 2026-1A, Class D, 6.21%, 02/17/2053(a)
 
 
1,000,000
 
 
995,592
Marlette Funding Trust
 
 
 
 
Series 2023-1A, Class D, 8.15%, 04/15/2033(a)
 
 
4,031,572
 
 
4,087,687
Series 2023-2A, Class D, 7.92%, 06/15/2033(a)
 
 
2,428,222
 
 
2,458,029
Momnt Technologies Trust
 
 
 
 
Series 2023-1A, Class B, 8.29%, 03/20/2045(a)
 
 
100,000
 
 
104,326
Series 2023-1A, Class C, 11.24%, 03/20/2045(a)
 
 
100,000
 
 
34,825
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
121
 

TABLE OF CONTENTS

ANGEL OAK INCOME ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
ASSET-BACKED SECURITIES — (Continued)
Consumer — (Continued)
Oportun Financial Corp.
 
 
 
 
Series 2021-B, Class D, 5.41%, 05/08/2031(a)
 
 
$168,456
 
 
$167,533
Series 2024-3, Class D, 9.60%, 08/15/2029(a)
 
 
1,500,000
 
 
1,518,421
Series 2025-C, Class E, 9.20%, 07/08/2033(a)
 
 
1,500,000
 
 
1,499,162
Series 2025-D, Class D, 6.97%, 02/08/2033(a)
 
 
500,000
 
 
501,698
Series 2025-D, Class E, 10.82%, 02/08/2033(a)
 
 
300,000
 
 
300,592
Series 2026-A, Class D, 6.28%, 01/09/2034(a)
 
 
1,000,000
 
 
993,407
Series 2026-A, Class E, 9.38%, 01/09/2034(a)
 
 
500,000
 
 
498,749
Pagaya AI Debt Selection Trust
 
 
 
 
Series 2021-1, Class C, 4.09%, 11/15/2027(a)
 
 
802
 
 
799
Series 2021-5, Class C, 3.93%, 08/15/2029(a)
 
 
25,490
 
 
25,359
Series 2022-2, Class C, 7.50%, 01/15/2030(a)
 
 
122,666
 
 
122,782
Series 2024-10, Class F, 12.00%, 06/15/2032(a)
 
 
839,380
 
 
805,015
Series 2024-7, Class D, 10.90%, 12/15/2031(a)
 
 
183,700
 
 
184,957
Series 2025-5, Class E, 9.70%, 03/15/2033(a)
 
 
750,555
 
 
756,299
Series 2025-6, Class E, 8.48%, 04/15/2033(a)
 
 
1,634,572
 
 
1,635,513
Series 2025-7, Class E, 8.89%, 05/15/2033(a)
 
 
499,911
 
 
501,537
Series 2025-8, Class E, 9.57%, 07/15/2033(a)
 
 
999,656
 
 
1,002,056
Series 2025-R1, Class E, 12.11%, 06/15/2032(a)
 
 
42,507
 
 
43,331
Series 2025-R2, Class D, 5.80%, 10/15/2032(a)
 
 
1,493,323
 
 
1,482,628
Series 2025-R3, Class E, 8.93%, 01/18/2033(a)
 
 
949,071
 
 
946,124
Series 2026-1, Class E, 9.23%, 09/15/2033(a)
 
 
1,733,869
 
 
1,735,204
Series 2026-2, Class D, 6.78%, 11/15/2033(a)
 
 
3,499,102
 
 
3,493,390
Series 2026-3, Class D, 6.93%, 12/15/2033(a)
 
 
3,000,000
 
 
2,999,762
Series 2026-3, Class E, 10.16%, 12/15/2033(a)
 
 
1,500,000
 
 
1,510,471
Series 2026-4, Class E, 10.73%, 01/16/2034(a)
 
 
3,000,000
 
 
3,008,293
Series 2026-5, Class E, 11.65%, 03/15/2034(a)
 
 
1,000,000
 
 
1,001,672
Series 2026-R1, Class D, 5.75%, 12/15/2033(a)
 
 
1,401,622
 
 
1,385,804
Series 2026-R1, Class E, 9.29%, 12/15/2033(a)
 
 
786,614
 
 
786,466
Pagaya Point of Sale Holdings Grantor Trust, Series 2025-1, Class E, 11.28%, 01/20/2034(a)
 
 
750,000
 
 
758,688
PowerPay Issuance Trust, Series 2024-1A, Class B, 8.46%, 02/18/2039(a)
 
 
269,816
 
 
275,351
Prosper Marketplace Issuance Trust, Series 2024-1A, Class D, 10.98%, 08/15/2029(a)
 
 
500,000
 
 
500,839
Purchasing Power Funding, Series 2026-A, Class E, 7.54%, 08/15/2030(a)
 
 
500,000
 
 
495,922
RCKT Mortgage Trust, Series 2025-2A, Class E, 7.83%, 11/27/2034(a)
 
 
1,700,000
 
 
1,444,286
Reach Financial LLC, Series 2026-2A, Class E, 6.91%, 02/15/2035(a)
 
 
1,000,000
 
 
993,034
Republic Finance Issuance Trust
 
 
 
 
Series 2024-A, Class C, 7.28%, 08/20/2032(a)
 
 
400,000
 
 
400,456
Series 2024-A, Class D, 9.49%, 08/20/2032(a)
 
 
250,000
 
 
250,506
Theorem Funding Trust, Series 2022-2A, Class B, 9.27%, 12/15/2028(a)
 
 
81,910
 
 
82,017
Upgrade Master Pass-Thru Trust, Series 2026-ST2, Class E, 7.74%, 06/15/2034(a)
 
 
2,500,000
 
 
2,509,312
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
122
 

TABLE OF CONTENTS

ANGEL OAK INCOME ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
ASSET-BACKED SECURITIES — (Continued)
Consumer — (Continued)
Upgrade Receivables Trust
 
 
 
 
Series 2024-1A, Class D, 8.90%, 02/18/2031(a)
 
 
$2,000,000
 
 
$2,049,342
Series 2024-1A, Class E, 11.53%, 02/18/2031(a)
 
 
3,000,000
 
 
3,198,750
Upstart Securitization Trust
 
 
 
 
Series 2023-2, Class C, 11.87%, 06/20/2033(a)
 
 
825,030
 
 
855,606
Series 2025-3, Class D, 7.41%, 09/20/2035(a)
 
 
2,000,000
 
 
2,028,468
Series 2025-4, Class D, 7.67%, 11/20/2035(a)
 
 
2,000,000
 
 
2,045,328
Series 2026-1, Class D, 7.32%, 03/20/2036(a)
 
 
2,250,000
 
 
2,259,612
Series 2026-2, Class D, 7.35%, 05/20/2036(a)
 
 
2,500,000
 
 
2,509,231
Series 2026-3, Class D, 7.20%, 07/20/2036(a)
 
 
4,590,000
 
 
4,566,179
 
 
 
 
79,244,934
Credit Card — 0.1%
 
 
 
 
Avant Credit Card Master Trust, Series 2024-1A, Class C, 6.23%, 04/15/2030(a)
 
 
500,000
 
 
503,144
Equipment — 0.7%
 
 
 
 
Amur Equipment Finance Receivables LLC, Series 2026-1A, Class E, 7.67%, 02/20/2035(a)
 
 
750,000
 
 
751,713
Octane Receivables Trust
 
 
 
 
Series 2023-3A, Class E, 10.92%, 05/20/2031(a)
 
 
3,000,000
 
 
3,231,295
Series 2024-2A, Class E, 9.04%, 07/20/2032(a)
 
 
2,750,000
 
 
2,928,880
Series 2024-RVM1, Class E, 8.42%, 01/22/2046(a)
 
 
1,000,000
 
 
1,043,575
SLR Equipment Finance LLC, Series 2026-1A, Class E, 8.22%, 04/17/2034(a)
 
 
1,500,000
 
 
1,524,158
 
 
 
 
9,479,621
TOTAL ASSET-BACKED SECURITIES
(Cost $244,786,536)
 
 
 
 
245,106,157
 
 
 
 
CORPORATE OBLIGATIONS — 15.2%
 
 
 
 
Basic Materials — 1.0%
 
 
 
 
Barrick International Barbados Corp., 6.35%, 10/15/2036(a)
 
 
165,000
 
 
173,987
Capstone Copper Corp., 6.75%, 03/31/2033(a)
 
 
1,070,000
 
 
1,076,425
Celanese US Holdings LLC, 7.38%, 02/15/2034
 
 
630,000
 
 
648,418
Century Aluminum Co., 6.88%, 08/01/2032(a)
 
 
630,000
 
 
640,554
Cleveland-Cliffs, Inc., 7.63%, 01/15/2034(a)
 
 
1,290,000
 
 
1,306,351
Consolidated Energy Finance SA, 12.00%, 02/15/2031(a)
 
 
1,140,000
 
 
1,192,377
CVR Partners LP / CVR Nitrogen Finance Corp., 6.13%, 06/15/2028(a)
 
 
680,000
 
 
679,690
First Quantum Minerals Ltd., 7.25%, 02/15/2034(a)
 
 
2,100,000
 
 
2,140,711
Freeport-McMoRan, Inc., 5.40%, 11/14/2034
 
 
230,000
 
 
229,297
Magnera Corp., 4.75%, 11/15/2029(a)
 
 
780,000
 
 
727,284
Methanex US Operations, Inc., 6.25%, 03/15/2032(a)
 
 
1,410,000
 
 
1,424,748
Mosaic Co., 5.63%, 11/15/2043
 
 
245,000
 
 
226,097
Novelis Corp., 4.75%, 01/30/2030(a)
 
 
380,000
 
 
365,500
Nucor Corp., 5.10%, 06/01/2035
 
 
230,000
 
 
227,362
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
123
 

TABLE OF CONTENTS

ANGEL OAK INCOME ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS — (Continued)
Basic Materials — (Continued)
 
Nutrien Ltd., 4.13%, 03/15/2035
 
 
$255,000
 
 
$231,040
Olin Corp., 6.63%, 04/01/2033(a)
 
 
700,000
 
 
685,890
Trekor Metals Ltd., 8.25%, 05/01/2030(a)
 
 
1,220,000
 
 
1,269,270
 
 
 
 
13,245,001
Communications — 0.7%
 
 
 
 
AT&T, Inc., 4.90%, 08/15/2037
 
 
550,000
 
 
507,396
Cars.com, Inc., 6.38%, 11/01/2028(a)
 
 
300,000
 
 
298,376
Cogent Communications Group LLC / Cogent Finance, Inc., 6.50%, 07/01/2032(a)
 
 
1,060,000
 
 
944,746
Comcast Corp., 6.50%, 11/15/2035
 
 
285,000
 
 
299,496
Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 10.00%, 02/15/2031(a)
 
 
2,090,000
 
 
2,185,910
Gen Digital, Inc., 6.25%, 04/01/2033(a)
 
 
740,000
 
 
728,989
Gray Media, Inc., 5.38%, 11/15/2031(a)
 
 
2,030,000
 
 
1,510,635
Lamar Media Corp., 4.88%, 01/15/2029
 
 
370,000
 
 
364,923
Outfront Media Capital LLC / Outfront Media Capital Corp., 4.63%, 03/15/2030(a)
 
 
710,000
 
 
686,220
SV RNO Property Owner 1, LLC, 5.88%, 03/01/2031(a)
 
 
370,000
 
 
344,050
T-Mobile USA, Inc., 5.75%, 01/15/2034
 
 
335,000
 
 
339,808
Univision Communications, Inc., 4.50%, 05/01/2029(a)
 
 
740,000
 
 
701,321
Verizon Communications, Inc., 4.27%, 01/15/2036
 
 
565,000
 
 
506,062
 
 
 
 
9,417,932
Consumer, Cyclical — 1.3%
 
 
 
 
Adient Global Holdings Ltd., 7.50%, 02/15/2033(a)
 
 
640,000
 
 
660,968
American Axle & Manufacturing, Inc., 7.75%, 10/15/2033(a)
 
 
1,450,000
 
 
1,428,898
BorgWarner, Inc., 5.40%, 08/15/2034
 
 
265,000
 
 
263,711
Carnival Corp., 6.13%, 02/15/2033(a)
 
 
350,000
 
 
350,248
Champ Acquisition Corp., 8.38%, 12/01/2031(a)
 
 
1,230,000
 
 
1,285,902
Cinemark USA, Inc., 7.00%, 08/01/2032(a)
 
 
1,250,000
 
 
1,282,483
Clarios Global LP / Clarios US Finance Co., 6.75%, 09/15/2032(a)
 
 
680,000
 
 
685,574
Dorman Products, Inc., 6.25%, 06/15/2034(a)
 
 
350,000
 
 
351,435
FirstCash Holdings, Inc., 6.13%, 05/01/2034(a)
 
 
720,000
 
 
710,146
Ford Motor Credit Co. LLC, 6.13%, 03/08/2034
 
 
155,000
 
 
154,560
General Motors Financial Co., Inc., 6.10%, 01/07/2034
 
 
255,000
 
 
262,382
Goodyear Tire & Rubber Co., 8.88%, 07/15/2032
 
 
1,100,000
 
 
1,129,966
K Hovnanian Enterprises, Inc., 8.38%, 10/01/2033(a)
 
 
730,000
 
 
742,490
Lithia Motors, Inc., 3.88%, 06/01/2029(a)
 
 
720,000
 
 
691,709
Lowe’s Cos., Inc., 2.80%, 09/15/2041
 
 
325,000
 
 
224,437
Meritage Homes Corp., 5.65%, 03/15/2035
 
 
265,000
 
 
263,453
NCL Corp. Ltd., 6.25%, 09/15/2033(a)
 
 
680,000
 
 
646,748
New Flyer Holdings, Inc., 9.25%, 07/01/2030(a)
 
 
630,000
 
 
674,859
Newell Brands, Inc., 8.50%, 06/01/2028(a)
 
 
660,000
 
 
689,251
O’Reilly Automotive, Inc., 1.75%, 03/15/2031
 
 
300,000
 
 
260,552
Penn Entertainment, Inc., 6.75%, 04/01/2031(a)
 
 
1,100,000
 
 
1,104,459
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
124
 

TABLE OF CONTENTS

ANGEL OAK INCOME ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS — (Continued)
Consumer, Cyclical — (Continued)
 
 
 
 
Phinia, Inc.
 
 
 
 
6.75%, 04/15/2029(a)
 
 
$150,000
 
 
$152,672
6.63%, 10/15/2032(a)
 
 
710,000
 
 
717,704
PulteGroup, Inc., 6.38%, 05/15/2033
 
 
215,000
 
 
227,875
Resideo Funding II LLC, 6.50%, 07/15/2032(a)
 
 
720,000
 
 
720,898
Royal Caribbean Cruises Ltd., 6.00%, 02/01/2033(a)
 
 
305,000
 
 
307,534
Sally Holdings LLC / Sally Capital, Inc., 6.75%, 04/01/2032
 
 
680,000
 
 
693,328
Viking Cruises Ltd., 5.88%, 10/15/2033(a)
 
 
1,450,000
 
 
1,436,443
 
 
 
 
18,120,685
Consumer, Non-cyclical — 2.0%
 
 
 
 
Acadia Healthcare Co., Inc., 7.38%, 03/15/2033(a)
 
 
1,340,000
 
 
1,383,546
Agilent Technologies, Inc., 4.75%, 09/09/2034
 
 
320,000
 
 
307,785
Amgen, Inc., 5.25%, 03/02/2033
 
 
310,000
 
 
310,772
Amneal Pharmaceuticals LLC, 6.88%, 08/01/2032(a)
 
 
670,000
 
 
689,259
Ashtead Capital, Inc., 5.95%, 10/15/2033(a)
 
 
300,000
 
 
305,502
B&G Foods, Inc., 8.00%, 09/15/2028(a)
 
 
50,000
 
 
48,944
Baxter International, Inc., 2.54%, 02/01/2032
 
 
370,000
 
 
316,652
Belron UK Finance PLC, 5.75%, 10/15/2029(a)
 
 
360,000
 
 
360,205
Brown-Forman Corp., 4.00%, 04/15/2038
 
 
240,000
 
 
209,186
Bunge Ltd. Finance Corp., 2.75%, 05/14/2031
 
 
345,000
 
 
312,419
Campbell’s Co., 5.40%, 03/21/2034
 
 
320,000
 
 
309,406
Charlotte Buyer, Inc., 8.00%, 06/30/2031(a)
 
 
350,000
 
 
354,012
Chobani Holdco LLC, 6.38%, 04/15/2034(a)
 
 
145,000
 
 
145,494
Conagra Brands, Inc., 5.30%, 11/01/2038
 
 
250,000
 
 
231,040
Concentra Health Services, Inc., 6.88%, 07/15/2032(a)
 
 
650,000
 
 
669,206
Constellation Brands, Inc., 4.90%, 05/01/2033
 
 
240,000
 
 
233,887
DaVita, Inc., 6.88%, 09/01/2032(a)
 
 
1,050,000
 
 
1,079,885
Dcli Bidco LLC, 7.75%, 11/15/2029(a)
 
 
670,000
 
 
688,840
EquipmentShare.com, Inc., 8.63%, 05/15/2032(a)
 
 
1,030,000
 
 
1,054,697
Fiesta Purchaser, Inc., 9.63%, 09/15/2032(a)
 
 
1,420,000
 
 
1,333,998
GE HealthCare Technologies, Inc., 5.50%, 06/15/2035
 
 
310,000
 
 
309,677
Global Payments, Inc., 5.40%, 08/15/2032
 
 
175,000
 
 
172,625
HCA, Inc., 5.45%, 09/15/2034
 
 
315,000
 
 
312,970
Hertz Corp., 12.63%, 07/15/2029(a)
 
 
720,000
 
 
470,148
J.M. Smucker Co., 6.20%, 11/15/2033
 
 
295,000
 
 
309,946
JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings, 5.95%, 04/20/2035
 
 
305,000
 
 
308,452
Keurig Dr Pepper, Inc., 5.30%, 03/15/2034
 
 
315,000
 
 
311,222
Kraft Heinz Foods Co., 6.88%, 01/26/2039
 
 
215,000
 
 
230,028
Kroger Co., 5.00%, 09/15/2034
 
 
320,000
 
 
310,243
Mars, Inc., 5.20%, 03/01/2035(a)
 
 
315,000
 
 
310,767
Medline Borrower LP, 5.25%, 10/01/2029(a)
 
 
1,020,000
 
 
1,011,191
Molina Healthcare, Inc., 6.25%, 01/15/2033(a)
 
 
1,040,000
 
 
1,029,135
Molson Coors Beverage Co., 4.20%, 07/15/2046
 
 
200,000
 
 
152,703
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
125
 

TABLE OF CONTENTS

ANGEL OAK INCOME ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS — (Continued)
Consumer, Non-Cyclical — (Continued)
Performance Food Group, Inc., 4.25%, 08/01/2029(a)
 
 
$1,000,000
 
 
$967,626
Perrigo Finance Unlimited Co., 6.13%, 09/30/2032
 
 
1,560,000
 
 
1,483,190
Philip Morris International, Inc., 5.25%, 02/13/2034
 
 
310,000
 
 
310,465
Post Holdings, Inc., 6.38%, 03/01/2033(a)
 
 
1,460,000
 
 
1,438,906
Raven Acquisition Holdings LLC, 6.88%, 11/15/2031(a)
 
 
1,440,000
 
 
1,401,891
Royalty Pharma PLC, 3.30%, 09/02/2040
 
 
410,000
 
 
309,277
Simmons Foods, Inc., 4.63%, 03/01/2029(a)
 
 
1,510,000
 
 
1,460,592
Synergy Infrastructure Holdings LLC, 7.00%, 07/15/2034(a)
 
 
700,000
 
 
706,630
Tyson Foods, Inc., 4.88%, 08/15/2034
 
 
325,000
 
 
312,491
United Rentals North America, Inc., 6.00%, 12/15/2029(a)
 
 
155,000
 
 
156,798
Upbound Group, Inc., 6.38%, 02/15/2029(a)
 
 
740,000
 
 
735,003
US Foods, Inc., 7.25%, 01/15/2032(a)
 
 
350,000
 
 
362,073
VT Topco, Inc., 8.50%, 08/15/2030(a)
 
 
1,760,000
 
 
1,799,067
Zimmer Biomet Holdings, Inc., 2.60%, 11/24/2031
 
 
350,000
 
 
310,767
 
 
 
 
27,338,618
Diversified — 0.1%
 
 
 
 
Stena International SA, 7.25%, 01/15/2031(a)
 
 
1,010,000
 
 
1,029,015
Energy — 1.9%
 
 
 
 
Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 8.63%, 06/15/2029(a)
 
 
1,040,000
 
 
1,085,656
Archrock Partners LP / Archrock Partners Finance Corp., 6.63%, 09/01/2032(a)
 
 
700,000
 
 
710,426
Borr IHC Ltd. / Borr Finance LLC, 9.00%, 01/15/2034(a)
 
 
1,100,000
 
 
1,078,273
Bristow Group, Inc., 6.75%, 02/01/2033(a)
 
 
340,000
 
 
340,616
Calumet Specialty Products Partners LP / Calumet Finance Corp., 9.75%, 02/15/2031(a)
 
 
1,370,000
 
 
1,466,471
Caturus Energy LLC, 7.13%, 05/15/2031(a)
 
 
360,000
 
 
357,324
Cheniere Corpus Christi Holdings LLC, 2.74%, 12/31/2039
 
 
280,000
 
 
235,223
Cheniere Energy Partners LP, 5.75%, 08/15/2034
 
 
255,000
 
 
258,186
Comstock Resources, Inc., 5.88%, 01/15/2030(a)
 
 
1,330,000
 
 
1,253,920
Continental Resources, Inc., 5.75%, 01/15/2031(a)
 
 
255,000
 
 
258,630
CVR Energy, Inc., 7.88%, 02/15/2034(a)
 
 
1,450,000
 
 
1,474,411
Energy Transfer LP, 5.00%, 05/15/2044
 
 
305,000
 
 
258,058
Genesis Energy LP / Genesis Energy Finance Corp., 8.00%, 05/15/2033
 
 
1,330,000
 
 
1,384,367
Gulfport Energy Operating Corp., 6.75%, 09/01/2029(a)
 
 
680,000
 
 
689,194
Hess Corp., 7.13%, 03/15/2033
 
 
245,000
 
 
272,015
Hilcorp Energy I LP / Hilcorp Finance Co., 5.75%, 02/01/2029(a)
 
 
340,000
 
 
339,552
Howard Midstream Energy Partners LLC, 6.63%, 01/15/2034(a)
 
 
720,000
 
 
728,449
Kinder Morgan, Inc., 5.95%, 08/01/2054
 
 
265,000
 
 
254,139
Kinetik Holdings LP, 5.88%, 06/15/2030(a)
 
 
100,000
 
 
100,174
Kodiak Gas Services LLC, 6.50%, 10/01/2033(a)
 
 
660,000
 
 
659,526
Moss Creek Resources Holdings, Inc., 8.25%, 09/01/2031(a)
 
 
200,000
 
 
200,582
MPLX LP, 5.00%, 03/01/2033
 
 
265,000
 
 
259,300
Oceaneering International, Inc., 6.88%, 07/15/2034(a)
 
 
340,000
 
 
348,059
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
126
 

TABLE OF CONTENTS

ANGEL OAK INCOME ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS — (Continued)
Energy — (Continued)
ONEOK, Inc., 6.05%, 09/01/2033
 
 
$250,000
 
 
$257,832
PBF Holding Co. LLC / PBF Finance Corp., 7.88%, 09/15/2030(a)
 
 
670,000
 
 
695,845
Plains All American Pipeline LP / PAA Finance Corp., 5.70%, 09/15/2034
 
 
260,000
 
 
261,812
Seadrill Finance Ltd., 6.75%, 07/15/2034(a)
 
 
360,000
 
 
346,826
SunCoke Energy, Inc., 4.88%, 06/30/2029(a)
 
 
1,590,000
 
 
1,517,749
Sunoco LP, 7.88% to 09/18/2030 then 5 yr. CMT Rate + 4.23%, Perpetual(a)
 
 
710,000
 
 
728,253
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.75%, 03/15/2034(a)
 
 
1,420,000
 
 
1,434,572
Targa Resources Corp., 6.50%, 03/30/2034
 
 
245,000
 
 
259,595
TransMontaigne Partners LLC, 8.50%, 06/15/2030(a)
 
 
690,000
 
 
705,831
USA Compression Partners LP / USA Compression Finance Corp., 7.13%, 03/15/2029(a)
 
 
660,000
 
 
674,554
Validus Energy II Midcon LLC, 8.00%, 08/01/2031(a)
 
 
710,000
 
 
707,272
Venture Global LNG, Inc., 9.00% to 09/30/2029 then 5 yr. CMT Rate + 5.44%, Perpetual(a)
 
 
3,280,000
 
 
3,268,930
Western Midstream Operating LP, 6.15%, 04/01/2033
 
 
250,000
 
 
257,239
Wildfire Intermediate Holdings LLC, 7.50%, 10/15/2029(a)
 
 
710,000
 
 
731,767
Williams Cos., Inc., 5.60%, 03/15/2035
 
 
260,000
 
 
260,425
 
 
 
 
26,121,053
Financial — 6.0%
 
 
 
 
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.30%, 01/30/2032
 
 
375,000
 
 
339,411
Aircastle Ltd. / Aircastle Ireland DAC, 5.25%, 03/15/2030(a)
 
 
315,000
 
 
314,455
American Express Co., 5.28% to 07/26/2034 then SOFR + 1.42%, 07/26/2035
 
 
680,000
 
 
675,427
American Tower Corp., 5.55%, 07/15/2033
 
 
335,000
 
 
337,654
Apollo Debt Solutions BDC, 5.70%, 01/23/2031(a)
 
 
4,295,000
 
 
4,182,354
Ares Capital Corp.
 
 
 
 
5.10%, 01/15/2031
 
 
6,945,000
 
 
6,678,051
3.20%, 11/15/2031
 
 
210,000
 
 
182,982
Asurion LLC and Asurion Co.-Issuer, Inc., 8.00%, 12/31/2032(a)
 
 
100,000
 
 
101,244
Atlantic Union Bankshares Corp., 6.25% to 08/01/2031 then 3 mo. Term SOFR + 2.13%, 08/01/2036
 
 
1,500,000
 
 
1,509,139
Avolon Holdings Funding Ltd., 4.95%, 10/15/2032(a)
 
 
350,000
 
 
337,898
Bank of America Corp., 2.48% to 09/21/2031 then 5 yr. CMT
Rate + 1.20%, 09/21/2036
 
 
885,000
 
 
764,050
Blackstone Mortgage Trust, Inc., 7.75%, 12/01/2029(a)
 
 
690,000
 
 
713,618
Blackstone Private Credit Fund
 
 
 
 
5.05%, 09/10/2030
 
 
233,000
 
 
222,837
6.00%, 01/29/2032
 
 
4,105,000
 
 
4,016,114
Burford Capital Global Finance LLC, 7.50%, 07/15/2033(a)
 
 
1,710,000
 
 
1,443,317
Capital One Financial Corp., 6.18% to 01/30/2035 then SOFR + 2.04%, 01/30/2036
 
 
605,000
 
 
607,074
CRC Insurance Group LLC, 7.13%, 06/01/2031(a)
 
 
1,810,000
 
 
1,807,487
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
127
 

TABLE OF CONTENTS

ANGEL OAK INCOME ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS — (Continued)
Financial — (Continued)
Credit Acceptance Corp., 6.63%, 03/15/2030(a)
 
 
$960,000
 
 
$960,768
Crown Castle, Inc., 5.10%, 05/01/2033
 
 
350,000
 
 
340,740
Enact Holdings, Inc., 6.25%, 05/28/2029
 
 
250,000
 
 
256,568
Encore Capital Group, Inc., 6.63%, 04/15/2031(a)
 
 
670,000
 
 
673,314
Enterprise Financial Services Corp., 6.25% to 07/01/2031 then 3 mo. Term SOFR + 2.32%, 07/01/2036
 
 
2,000,000
 
 
1,993,056
EverBank Financial Corp., 7.50% to 09/01/2030 then 3 mo. Term SOFR + 4.07%, 09/01/2035(a)
 
 
1,000,000
 
 
1,021,745
EZCORP, Inc., 7.38%, 04/01/2032(a)
 
 
1,030,000
 
 
1,079,406
Fifth Third Bancorp, 5.63% to 01/29/2031 then SOFR + 1.84%, 01/29/2032
 
 
670,000
 
 
681,529
Freedom Mortgage Holdings LLC, 7.88%, 04/01/2033(a)
 
 
2,700,000
 
 
2,606,279
GGAM Finance Ltd., 5.88%, 03/15/2030(a)
 
 
1,040,000
 
 
1,036,100
Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/2027(a)
 
 
1,940,000
 
 
1,973,318
goeasy Ltd., 6.88%, 02/15/2031(a)
 
 
890,000
 
 
796,646
Goldman Sachs Group, Inc., 4.02% to 10/31/2037 then 3 mo. Term SOFR + 1.63%, 10/31/2038
 
 
790,000
 
 
673,099
Goldman Sachs Private Credit Corp.
 
 
 
 
5.88%, 01/31/2031
 
 
2,265,000
 
 
2,225,586
6.15%, 06/16/2031(a)
 
 
2,040,000
 
 
2,014,356
Golub Capital BDC, Inc.
 
 
 
 
6.00%, 07/15/2029
 
 
1,310,000
 
 
1,311,728
6.25%, 06/01/2031
 
 
4,395,000
 
 
4,329,517
HA Sustainable Infrastructure Capital, Inc., 7.13% to 11/15/2031 then
5 yr. CMT Rate + 3.48%, 11/15/2056
 
 
720,000
 
 
725,906
Hanmi Financial Corp., 6.50% to 07/31/2031 then 3 mo. Term SOFR + 2.34%, 07/31/2036(a)
 
 
1,000,000
 
 
997,426
Jane Street Group / JSG Finance, Inc., 6.75%, 05/01/2033(a)
 
 
1,350,000
 
 
1,376,796
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 6.63%, 10/15/2031(a)
 
 
710,000
 
 
697,872
Jefferson Capital Holdings LLC, 8.25%, 05/15/2030(a)
 
 
990,000
 
 
1,034,393
JPMorgan Chase & Co., 4.95% to 10/22/2034 then SOFR + 1.34%, 10/22/2035
 
 
875,000
 
 
847,630
LPL Holdings, Inc., 4.38%, 05/15/2031(a)
 
 
325,000
 
 
309,769
M&T Bank Corp., 5.40% to 07/30/2030 then 5 yr. CMT Rate + 1.43%, 07/30/2035
 
 
685,000
 
 
679,324
Macquarie Airfinance Holdings Ltd., 6.50%, 03/26/2031(a)
 
 
330,000
 
 
342,715
Millrose Properties, Inc., 6.38%, 08/01/2030(a)
 
 
680,000
 
 
685,646
Morgan Stanley, 5.95% to 01/19/2033 then 5 yr. CMT Rate + 2.43%, 01/19/2038
 
 
670,000
 
 
679,646
Morgan Stanley Direct Lending Fund
 
 
 
 
6.00%, 05/19/2030
 
 
3,050,000
 
 
3,005,470
6.10%, 07/15/2031
 
 
2,875,000
 
 
2,807,359
Mutual Bancorp, Inc., 6.25% to 07/01/2031 then 3 mo. Term
SOFR + 2.31%, 07/01/2036(a)
 
 
2,000,000
 
 
2,002,261
NMI Holdings, Inc., 6.00%, 08/15/2029
 
 
225,000
 
 
228,546
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
128
 

TABLE OF CONTENTS

ANGEL OAK INCOME ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS — (Continued)
Financial — (Continued)
OneMain Finance Corp., 7.13%, 11/15/2031
 
 
$1,450,000
 
 
$1,470,336
PennyMac Financial Services, Inc., 6.75%, 02/15/2034(a)
 
 
1,140,000
 
 
1,058,359
PHH Corp., 9.88%, 11/01/2029(a)
 
 
1,110,000
 
 
1,100,513
Phoenix Aviation Capital Ltd., 9.25%, 07/15/2030(a)
 
 
2,130,000
 
 
2,207,036
PNC Financial Services Group, Inc., 5.68% to 01/22/2034 then SOFR + 1.90%, 01/22/2035
 
 
755,000
 
 
763,018
PRA Group, Inc., 5.00%, 10/01/2029(a)
 
 
1,020,000
 
 
966,899
Provident Funding Associates LP / PFG Finance Corp., 9.75%, 09/15/2029(a)
 
 
930,000
 
 
960,896
Prudential Financial, Inc., 5.20%, 03/14/2035
 
 
345,000
 
 
340,424
Radian Group, Inc., 6.20%, 05/15/2029
 
 
250,000
 
 
257,470
RHP Hotel Properties LP / RHP Finance Corp., 6.50%, 04/01/2032(a)
 
 
350,000
 
 
356,194
Rocket Cos., Inc., 7.13%, 02/01/2032(a)
 
 
1,240,000
 
 
1,271,857
Starwood Property Trust, Inc., 6.13%, 06/01/2031(a)
 
 
690,000
 
 
688,732
Stonebriar ABF Issuer LLC, 7.00%, 08/15/2031(a)
 
 
710,000
 
 
710,912
Stonex Escrow Issuer LLC, 6.88%, 07/15/2032(a)
 
 
1,410,000
 
 
1,432,215
UBS Group AG, 5.70% to 02/08/2034 then 1 yr. CMT Rate + 1.77%, 02/08/2035(a)
 
 
675,000
 
 
681,209
Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, 6.50%, 02/15/2029(a)
 
 
1,460,000
 
 
1,441,265
UWM Holdings LLC, 6.25%, 03/15/2031(a)
 
 
750,000
 
 
669,887
Velocity Commercial Capital LLC, 9.38%, 02/15/2031(a)
 
 
340,000
 
 
350,363
Walker & Dunlop, Inc., 6.63%, 04/01/2033(a)
 
 
740,000
 
 
741,533
Wells Fargo & Co., 5.56% to 07/25/2033 then SOFR + 1.99%, 07/25/2034
 
 
675,000
 
 
680,578
 
 
 
 
82,777,322
Industrial — 1.5%
 
 
 
 
Advanced Drainage Systems, Inc., 6.38%, 06/15/2030(a)
 
 
650,000
 
 
655,453
AmeriTex HoldCo Intermediate LLC, 7.63%, 08/15/2033(a)
 
 
1,040,000
 
 
1,071,663
Amphenol Corp., 5.25%, 04/05/2034
 
 
230,000
 
 
230,674
Arrow Electronics, Inc., 5.88%, 04/10/2034
 
 
345,000
 
 
348,890
Axon Enterprise, Inc., 6.25%, 03/15/2033(a)
 
 
640,000
 
 
649,476
Beacon Mobility Corp., 7.25%, 08/01/2030(a)
 
 
1,050,000
 
 
1,084,257
Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 02/01/2032(a)
 
 
670,000
 
 
687,246
Builders FirstSource, Inc., 6.75%, 05/15/2035(a)
 
 
1,370,000
 
 
1,358,093
Burlington Northern Santa Fe LLC, 4.13%, 06/15/2047
 
 
330,000
 
 
258,932
Carrier Global Corp., 3.38%, 04/05/2040
 
 
195,000
 
 
151,558
Clydesdale Acquisition Holdings, Inc., 6.75%, 04/15/2032(a)
 
 
730,000
 
 
695,776
Coherent Corp., 5.00%, 12/15/2029(a)
 
 
730,000
 
 
714,876
CRH America Finance, Inc., 5.40%, 05/21/2034
 
 
305,000
 
 
304,922
CSX Corp., 6.15%, 05/01/2037
 
 
245,000
 
 
259,996
Enerflex, Inc., 6.88%, 01/15/2031(a)
 
 
700,000
 
 
711,918
Esab Corp., 5.63%, 04/01/2031(a)
 
 
360,000
 
 
356,548
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
129
 

TABLE OF CONTENTS

ANGEL OAK INCOME ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS — (Continued)
Industrial — (Continued)
 
FTAI Aviation Investors LLC, 5.88%, 04/15/2033(a)
 
 
$690,000
 
 
$681,538
GATX Corp., 5.50%, 06/15/2035
 
 
340,000
 
 
336,352
Genesee & Wyoming, Inc., 6.25%, 04/15/2032(a)
 
 
340,000
 
 
342,374
Knife River Corp., 7.75%, 05/01/2031(a)
 
 
650,000
 
 
672,001
Northrop Grumman Corp., 5.20%, 06/01/2054
 
 
250,000
 
 
221,588
Owens-Brockway Glass Container, Inc.
 
 
 
 
7.25%, 05/15/2031(a)
 
 
1,310,000
 
 
1,241,846
9.50%, 06/01/2033(a)
 
 
285,000
 
 
280,610
Quikrete Holdings, Inc., 6.75%, 03/01/2033(a)
 
 
680,000
 
 
689,354
Reworld Holding Corp., 4.88%, 12/01/2029(a)
 
 
730,000
 
 
693,341
Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029(a)
 
 
370,000
 
 
359,016
RTX Corp., 6.10%, 03/15/2034
 
 
215,000
 
 
226,756
Seaspan Corp., 5.50%, 08/01/2029(a)
 
 
720,000
 
 
700,112
Sensata Technologies, Inc., 3.75%, 02/15/2031(a)
 
 
700,000
 
 
651,928
Smyrna Ready Mix Concrete LLC, 8.88%, 11/15/2031(a)
 
 
1,380,000
 
 
1,445,983
Standard Building Solutions, Inc., 6.50%, 08/15/2032(a)
 
 
690,000
 
 
691,972
Stonepeak Nile Parent LLC, 7.25%, 03/15/2032(a)
 
 
690,000
 
 
711,720
Trivium Packaging Finance BV, 12.25%, 01/15/2031(a)
 
 
630,000
 
 
697,532
United Parcel Service, Inc., 5.50%, 05/22/2054
 
 
185,000
 
 
170,008
Waste Management, Inc., 4.88%, 02/15/2034
 
 
230,000
 
 
227,331
XPO, Inc., 7.13%, 06/01/2031(a)
 
 
330,000
 
 
339,061
 
 
 
 
20,920,701
Technology — 0.4%
 
 
 
 
Amkor Technology, Inc., 5.88%, 10/01/2033(a)
 
 
720,000
 
 
701,252
CACI International, Inc., 6.38%, 06/15/2033(a)
 
 
500,000
 
 
504,327
CDW LLC / CDW Finance Corp., 5.55%, 08/22/2034
 
 
360,000
 
 
349,382
Dell International LLC / EMC Corp., 4.85%, 02/01/2035
 
 
365,000
 
 
347,082
Fiserv, Inc., 5.25%, 08/11/2035
 
 
275,000
 
 
262,724
IBM International Capital Pte Ltd., 4.90%, 02/05/2034
 
 
360,000
 
 
346,653
MSCI, Inc., 5.25%, 09/01/2035
 
 
360,000
 
 
345,663
Oracle Corp., 3.90%, 05/15/2035
 
 
430,000
 
 
351,663
Roper Technologies, Inc., 1.75%, 02/15/2031
 
 
400,000
 
 
345,590
Unisys Corp., 10.63%, 01/15/2031(a)
 
 
1,190,000
 
 
1,119,347
VMware LLC, 2.20%, 08/15/2031
 
 
400,000
 
 
347,930
Zebra Technologies Corp., 6.50%, 06/01/2032(a)
 
 
680,000
 
 
688,138
 
 
 
 
5,709,751
Utilities — 0.3%
 
 
 
 
Berkshire Hathaway Energy Co., 6.13%, 04/01/2036
 
 
325,000
 
 
339,031
Duke Energy Florida LLC, 6.40%, 06/15/2038
 
 
315,000
 
 
335,653
Hawaiian Electric Co., Inc., 6.00%, 10/01/2033(a)
 
 
730,000
 
 
716,518
NRG Energy, Inc., 6.25%, 11/01/2034(a)
 
 
1,430,000
 
 
1,427,047
Virginia Electric and Power Co., 5.15%, 03/15/2035
 
 
345,000
 
 
337,137
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
130
 

TABLE OF CONTENTS

ANGEL OAK INCOME ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS — (Continued)
Utilities — (Continued)
Vistra Operations Co. LLC
 
 
 
 
6.88%, 04/15/2032(a)
 
 
$650,000
 
 
$671,765
6.00%, 04/15/2034(a)
 
 
335,000
 
 
338,902
VoltaGrid LLC, 7.38%, 11/01/2030(a)
 
 
650,000
 
 
653,618
 
 
 
 
4,819,671
TOTAL CORPORATE OBLIGATIONS
(Cost $211,831,201)
 
 
 
 
209,499,749
COLLATERALIZED LOAN OBLIGATIONS — 12.9%
 
 
 
 
AMMC CLO Ltd., Series 2025-32A, Class D2, 8.08%, 10/17/2038(a)
 
 
4,000,000
 
 
4,001,872
Anchorage Credit Funding Ltd., Series 2016-3A, Class A2R, 6.20%
(3 mo. Term SOFR + 2.36%), 01/28/2039(a)
 
 
1,149,206
 
 
1,149,607
Antares CLO Ltd.
 
 
 
 
Series 2026-1A, Class C, 5.83% (3 mo. Term SOFR + 2.10%), 04/20/2039(a)
 
 
4,500,000
 
 
4,477,500
Series 2026-1A, Class E, 10.23% (3 mo. Term SOFR + 6.50%), 04/20/2039(a)
 
 
1,500,000
 
 
1,488,750
Anthelion CLO Ltd., Series 2025-2A, Class D1, 6.93% (3 mo. Term SOFR + 3.20%), 04/20/2039(a)
 
 
2,000,000
 
 
2,021,174
Apidos CLO Ltd., Series 2024-48A, Class D1, 6.81% (3 mo. Term SOFR + 3.00%), 07/25/2037(a)
 
 
1,000,000
 
 
1,000,000
Arbor Realty Collateralized Loan Obligation Ltd., Series 2025-BTR1, Class AS, 6.30% (1 mo. Term SOFR + 2.64%), 01/20/2041(a)
 
 
1,000,000
 
 
1,005,859
Ares CLO Ltd.
 
 
 
 
Series 2023-70A, Class ER, 9.31% (3 mo. Term SOFR + 5.50%), 01/25/2039(a)
 
 
2,000,000
 
 
2,006,086
Series 2026-81A, Class E, 9.29% (3 mo. Term SOFR + 5.60%), 07/15/2039(a)
 
 
1,000,000
 
 
1,005,000
Audax Senior Debt CLO, LLC, Series 2021-6A, Class DR, 6.93%
(3 mo. Term SOFR + 3.20%), 10/20/2037(a)
 
 
3,500,000
 
 
3,378,175
Barings Middle Market CLO Ltd., Series 2023-IIA, Class CR, 7.68%
(3 mo. Term SOFR + 3.95%), 07/20/2034(a)
 
 
1,750,000
 
 
1,748,252
BCRED MML CLO LLC, Series 2021-1A, Class B, 5.91% (3 mo. Term SOFR + 2.16%), 01/15/2035(a)
 
 
2,675,000
 
 
2,678,512
Black Diamond CLO Ltd., Series 2022-1A, Class D1R, 7.11%
(3 mo. Term SOFR + 3.30%), 04/25/2039(a)
 
 
1,250,000
 
 
1,254,869
Blackrock CLO Ltd.
 
 
 
 
Series 2021-6A, Class DR, 8.43% (3 mo. Term SOFR + 4.70%), 04/20/2037(a)
 
 
5,000,000
 
 
4,859,885
Series 2026-3A, Class D, 0.00% (3 mo. Term SOFR + 3.75%), 07/23/2034(a)(e)
 
 
2,000,000
 
 
2,000,000
Series 5A, Class CR, 6.81% (3 mo. Term SOFR + 3.15%), 06/15/2034(a)
 
 
2,000,000
 
 
2,008,356
Blackrock DLF CLO LLC, Series 2026-2A, Class C, 6.40% (3 mo. Term SOFR + 2.70%), 07/25/2034(a)
 
 
3,000,000
 
 
2,953,590
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
131
 

TABLE OF CONTENTS

ANGEL OAK INCOME ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
COLLATERALIZED LOAN OBLIGATIONS — (Continued)
BlueMountain CLO Ltd., Series 2020-30A, Class DR, 7.05% (3 mo. Term SOFR + 3.30%), 04/15/2035(a)
 
 
$1,500,000
 
 
$1,490,890
BXDL Static CLO LLC, Series 2025-1A, Class C, 5.93% (3 mo. Term SOFR + 2.20%), 07/20/2035(a)
 
 
1,925,000
 
 
1,921,810
Carlyle Global Market Strategies
 
 
 
 
Series 2016-1A, Class CR3, 6.93% (3 mo. Term SOFR + 3.20%), 04/20/2034(a)
 
 
3,773,000
 
 
3,790,910
Series 2019-1A, Class CR2, 6.33% (3 mo. Term SOFR + 2.60%), 04/20/2031(a)
 
 
2,400,000
 
 
2,416,697
Series 2021-11A, Class ER2, 10.22% (3 mo. Term SOFR + 6.44%), 07/25/2039(a)
 
 
2,500,000
 
 
2,475,000
Cedar Funding Ltd.
 
 
 
 
Series 2022-15A, Class D1R, 6.98% (3 mo. Term SOFR + 3.25%), 01/20/2039(a)
 
 
2,250,000
 
 
2,271,623
Series 2024-18A, Class E, 10.40% (3 mo. Term SOFR + 6.65%), 04/23/2037(a)
 
 
1,748,240
 
 
1,749,004
Cent CLO Ltd., Series 2018-27A, Class B1R, 5.73% (3 mo. Term SOFR + 2.06%), 01/25/2035(a)
 
 
3,850,000
 
 
3,856,345
Cerberus Loan Funding LP
 
 
 
 
Series 2022-1A, Class D, 7.90% (3 mo. Term SOFR + 4.15%), 04/15/2034(a)
 
 
2,000,000
 
 
2,000,852
Series 2023-1A, Class CR, 6.40% (3 mo. Term SOFR + 2.65%), 03/22/2035(a)
 
 
4,000,000
 
 
4,000,000
Series 2023-2A, Class D2, 12.25% (3 mo. Term SOFR + 8.50%), 07/15/2035(a)
 
 
1,900,000
 
 
1,889,364
Series 2023-4A, Class DR, 6.95% (3 mo. Term SOFR + 3.20%), 10/15/2035(a)
 
 
5,500,000
 
 
5,494,500
Series 2024-1A, Class A, 5.65% (3 mo. Term SOFR + 1.90%), 04/15/2036(a)
 
 
5,000,000
 
 
5,006,775
CQS US CLO Ltd.
 
 
 
 
Series 2025-5A, Class D1, 6.90% (3 mo. Term SOFR + 3.15%), 01/17/2039(a)
 
 
1,000,000
 
 
1,006,387
Series 2026-6A, Class D1, 6.93% (3 mo. Term SOFR + 3.20%), 03/31/2039(a)
 
 
4,000,000
 
 
4,025,756
Crown Point CLO Ltd., Series 2021-10A, Class D, 7.49% (3 mo. Term SOFR + 3.76%), 07/20/2034(a)
 
 
2,000,000
 
 
2,009,300
Deerpath Capital CLO Ltd., Series 2024-1A, Class DR, 7.93%
(3 mo. Term SOFR + 4.30%), 07/15/2038(a)
 
 
1,200,000
 
 
1,200,000
Dryden Senior Loan Fund
 
 
 
 
Series 2018-64A, Class D, 6.64% (3 mo. Term SOFR + 2.91%), 04/18/2031(a)
 
 
1,500,000
 
 
1,510,723
Series 2023-107A, Class D1R, 6.55% (3 mo. Term SOFR + 2.90%), 08/15/2038(a)
 
 
3,650,000
 
 
3,675,437
Eldridge CLO Ltd., Series 2025-1A, Class D2, 7.83% (3 mo. Term SOFR + 4.10%), 10/20/2038(a)
 
 
2,250,000
 
 
2,271,076
Fort Washington CLO, Series 2021-2A, Class E, 10.60% (3 mo. Term SOFR + 6.87%), 10/20/2034(a)
 
 
1,250,000
 
 
1,249,961
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
132
 

TABLE OF CONTENTS

ANGEL OAK INCOME ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
COLLATERALIZED LOAN OBLIGATIONS — (Continued)
Fortress Credit Opportunities
 
 
 
 
Series 2025-29A, Class D, 7.23% (3 mo. Term SOFR + 3.50%), 04/20/2033(a)
 
 
$2,500,000
 
 
$2,441,250
Series 2025-37A, Class B, 6.33% (3 mo. Term SOFR + 2.60%), 07/20/2033(a)
 
 
2,500,000
 
 
2,507,398
Gallatin CLO Ltd.
 
 
 
 
Series 2023-1A, Class D1R, 7.34% (3 mo. Term SOFR + 3.60%), 10/14/2036(a)
 
 
2,000,000
 
 
2,004,574
Series 2024-1A, Class D1, 7.73% (3 mo. Term SOFR + 4.00%), 10/20/2037(a)
 
 
4,000,000
 
 
4,008,676
Golub Capital LLC, Series 2022-1A, Class DR, 8.41% (3 mo. Term SOFR + 4.60%), 07/25/2033(a)
 
 
2,500,000
 
 
2,507,183
Golub Capital Partners CLO Ltd., Series 2025-80A, Class D, 6.75%
(3 mo. Term SOFR + 3.10%), 05/09/2039(a)
 
 
2,500,000
 
 
2,400,163
HPS Private Credit CLO LLC, Series 2024-2A, Class ER, 10.91%
(3 mo. Term SOFR + 7.25%), 08/15/2039(a)
 
 
2,500,000
 
 
2,500,000
Ivy Hill Middle Market Credit Fund Ltd., Series 2024-22A, Class ER, 10.33% (3 mo. Term SOFR + 6.60%), 07/20/2038(a)
 
 
1,000,000
 
 
1,000,000
KKR CLO Trust
 
 
 
 
Series 23, Class DR2, 7.57% (3 mo. Term SOFR + 3.84%), 04/20/2036(a)
 
 
1,000,000
 
 
1,001,553
Series 26, Class DRR, 7.05% (3 mo. Term SOFR + 3.30%), 10/15/2034(a)
 
 
3,000,000
 
 
3,006,387
Madison Park Funding Ltd.
 
 
 
 
Series 2019-33A, Class DR, 6.85% (3 mo. Term SOFR + 3.10%), 10/15/2032(a)
 
 
3,575,000
 
 
3,554,058
Series 2019-37A, Class BR2, 5.70% (3 mo. Term SOFR + 1.95%), 04/15/2037(a)
 
 
1,750,000
 
 
1,753,764
Man GLG US CLO, Series 2023-1A, Class ER, 10.23% (3 mo. Term SOFR + 6.60%), 07/20/2039(a)
 
 
2,500,000
 
 
2,487,500
Marble Point CLO Ltd.
 
 
 
 
Series 2020-1A, Class D1R, 7.38% (3 mo. Term SOFR + 3.65%), 07/20/2037(a)
 
 
3,000,000
 
 
3,000,000
Series 2020-3A, Class D1R2, 6.73% (3 mo. Term SOFR + 3.00%), 10/19/2038(a)
 
 
2,000,000
 
 
2,005,000
Monroe Capital CLO Ltd.
 
 
 
 
Series 2019-1A, Class DR, 7.70% (3 mo. Term SOFR + 4.06%), 11/22/2033(a)
 
 
2,000,000
 
 
1,926,144
Series 2021-2A, Class C, 6.58% (3 mo. Term SOFR + 2.91%), 09/14/2033(a)
 
 
500,000
 
 
500,403
Mountain Point CLO Ltd., Series 2026-1A, Class D1, 6.97%
(3 mo. Term SOFR + 3.25%), 04/20/2039(a)
 
 
2,000,000
 
 
2,013,846
Obra CLO Management LLC, Series 2024-1A, Class D1, 7.13%
(3 mo. Term SOFR + 3.40%), 01/20/2038(a)
 
 
1,720,000
 
 
1,729,661
Octagon Investment Partners Ltd., Series 2018-1A, Class DR, 10.98%
(3 mo. Term SOFR + 7.25%), 10/20/2037(a)
 
 
2,575,000
 
 
2,578,808
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
133
 

TABLE OF CONTENTS

ANGEL OAK INCOME ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
COLLATERALIZED LOAN OBLIGATIONS — (Continued)
OZLM Ltd., Series 2017-19A, Class CR3, 6.85% (3 mo. Term SOFR + 3.10%), 01/15/2035(a)
 
 
$3,000,000
 
 
$3,013,767
PennantPark CLO Ltd., Series 2025-12A, Class C, 6.03% (3 mo. Term SOFR + 2.30%), 04/20/2037(a)
 
 
3,000,000
 
 
2,921,754
Rad CLO Ltd., Series 2024-23A, Class DR, 9.80% (3 mo. Term SOFR + 6.09%), 07/20/2041(a)
 
 
1,000,000
 
 
996,000
Regatta Funding Ltd.
 
 
 
 
Series 2019-2A, Class D1R2, 6.40% (3 mo. Term SOFR + 2.65%), 04/15/2039(a)
 
 
3,000,000
 
 
3,009,993
Series 2025-3A, Class D2, 8.18%, 07/20/2038(a)
 
 
2,000,000
 
 
2,001,108
Rockford Tower CLO Ltd., Series 2024-1A, Class ER, 10.37%
(3 mo. Term SOFR + 6.60%), 07/20/2039(a)
 
 
1,500,000
 
 
1,462,500
Sculptor CLO Ltd., Series 29A, Class D1R, 7.13% (3 mo. Term SOFR + 3.40%), 07/22/2038(a)
 
 
2,000,000
 
 
2,009,812
Sound Point CLO Ltd., Series 2023-1A, Class D1R, 7.31% (3 mo. Term SOFR + 3.50%), 07/26/2038(a)
 
 
5,000,000
 
 
5,046,500
Star Mountain CFO I LP, Series 2026-1A, Class B, 9.00% (3 mo. Term SOFR + 5.25%), 12/31/2038(a)(g)
 
 
1,100,000
 
 
1,100,000
TCW CLO Ltd., Series 2021-1A, Class D1R1, 6.83% (3 mo. Term SOFR + 3.10%), 01/20/2038(a)
 
 
4,850,000
 
 
4,838,258
Trinitas CLO Ltd., Series 2023-23A, Class D1R, 6.63% (3 mo. Term SOFR + 2.90%), 10/20/2038(a)
 
 
3,500,000
 
 
3,529,067
Voya CLO Ltd., Series 2019-4A, Class DR, 7.21% (3 mo. Term SOFR + 3.46%), 01/15/2035(a)
 
 
5,000,000
 
 
4,995,505
Willow Tree CLO LLC, Series 2024-1A, Class D, 8.55% (3 mo. Term SOFR + 4.80%), 10/17/2034(a)
 
 
1,750,000
 
 
1,752,320
Windhill CLO Ltd., Series 2024-2A, Class C, 6.03% (3 mo. Term SOFR + 2.30%), 01/22/2038(a)
 
 
2,500,000
 
 
2,485,375
TOTAL COLLATERALIZED LOAN OBLIGATIONS
(Cost $178,030,364)
 
 
 
 
178,438,224
COMMERCIAL MORTGAGE-BACKED SECURITIES - U.S. GOVERNMENT AGENCY — 5.5%
 
 
 
 
Federal Home Loan Mortgage Corp.
 
 
 
 
Series K-176, Class A1, 4.37%, 09/25/2035
 
 
12,830,695
 
 
12,448,763
Series K553, Class A2, 4.07%, 12/25/2030(b)
 
 
7,500,000
 
 
7,323,667
Series K557, Class A2, 3.94%, 01/25/2031(b)
 
 
5,000,000
 
 
4,846,960
Series K-F110, Class AS, 3.87% (30 day avg SOFR US + 0.24%), 03/25/2031
 
 
929,769
 
 
925,098
Series K-F115, Class AS, 3.84% (30 day avg SOFR US + 0.21%), 06/25/2031
 
 
5,333,918
 
 
5,268,903
Series KF169, Class AS, 4.19% (30 day avg SOFR US + 0.56%), 11/25/2035
 
 
10,000,000
 
 
10,012,480
Series KF170, Class AS, 4.19% (30 day avg SOFR US + 0.56%), 11/25/2035
 
 
14,999,403
 
 
15,018,123
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
134
 

TABLE OF CONTENTS

ANGEL OAK INCOME ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
COMMERCIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY — (Continued)
Series KF171, Class AS, 4.19% (30 day avg SOFR US + 0.56%), 03/25/2036
 
 
$10,000,000
 
 
$10,000,150
Series KF172, Class AS, 4.19% (30 day avg SOFR US + 0.56%), 04/25/2036
 
 
10,000,000
 
 
10,012,480
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY
(Cost $76,539,514)
 
 
 
 
75,856,624
COMMERCIAL MORTGAGE-BACKED SECURITIES — 3.1%
 
 
 
 
ACREC Trust, Series 2026-FL5, Class AS, 5.10% (1 mo. Term SOFR + 1.50%), 07/18/2043(a)
 
 
4,000,000
 
 
4,012,676
ALA Trust
 
 
 
 
Series 2025-OANA, Class C, 5.77% (1 mo. Term SOFR + 2.09%), 06/15/2040(a)
 
 
300,000
 
 
301,723
Series 2025-OANA, Class D, 6.77% (1 mo. Term SOFR + 3.09%), 06/15/2040(a)
 
 
200,000
 
 
202,130
ARES Commercial Mortgage Trust, Series 2024-IND, Class D, 6.57%
(1 mo. Term SOFR + 2.89%), 07/15/2041(a)
 
 
500,000
 
 
502,196
ARZ Trust, Series 2024-BILT, Class D, 7.00%, 06/11/2039(a)
 
 
250,000
 
 
253,353
Bank-2025, Series 2025-BNK51, Class D, 4.00%, 12/25/2067(a)
 
 
1,000,000
 
 
718,187
BX Trust
 
 
 
 
Series 2024-AIRC, Class C, 6.27% (1 mo. Term SOFR + 2.59%), 08/15/2041(a)
 
 
255,224
 
 
256,933
Series 2024-BIO, Class C, 6.32% (1 mo. Term SOFR + 2.64%), 02/15/2041(a)
 
 
200,000
 
 
199,820
Series 2024-BIO, Class D, 7.32% (1 mo. Term SOFR + 3.64%), 02/15/2041(a)
 
 
200,000
 
 
199,146
Series 2024-PALM, Class D, 6.32% (1 mo. Term SOFR + 2.64%), 06/15/2037(a)
 
 
246,322
 
 
247,198
Series 2024-VLT4, Class E, 6.57% (1 mo. Term SOFR + 2.89%), 06/15/2041(a)
 
 
191,900
 
 
190,651
Series 2024-VLT4, Class F, 7.61% (1 mo. Term SOFR + 3.94%), 06/15/2041(a)
 
 
479,750
 
 
477,641
Series 2025-BIO3, Class D, 6.96%, 02/10/2042(a)(b)
 
 
750,000
 
 
740,329
Series 2025-VLT7, Class D, 6.93% (1 mo. Term SOFR + 3.25%), 07/15/2044(a)
 
 
800,000
 
 
801,994
Series 2025-VOLT, Class C, 6.03% (1 mo. Term SOFR + 2.35%), 12/15/2044(a)
 
 
1,500,000
 
 
1,502,574
Series 2026-VLT9, Class A, 5.38% (1 mo. Term SOFR + 1.70%), 03/15/2045(a)
 
 
5,000,000
 
 
5,006,250
Commercial Mortgage Pass Through Certificates, Series 2024-WCL1, Class C, 6.57% (1 mo. Term SOFR + 2.89%), 06/15/2041(a)
 
 
1,500,000
 
 
1,509,267
DBSG Mortgage Trust, Series 2024-ALTA, Class D, 7.06%, 06/10/2037(a)(b)
 
 
400,000
 
 
401,713
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
135
 

TABLE OF CONTENTS

ANGEL OAK INCOME ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — (Continued)
DC Commercial Mortgage Trust
 
 
 
 
Series 2024-HLTN, Class C, 7.04%, 04/13/2040(a)(b)
 
 
$500,000
 
 
$498,823
Series 2024-HLTN, Class D, 7.71%, 04/13/2040(a)(b)
 
 
300,000
 
 
299,726
Extended Stay America Trust
 
 
 
 
Series 2025-ESH, Class D, 6.28% (1 mo. Term SOFR + 2.60%), 10/15/2042(a)
 
 
4,815,667
 
 
4,881,694
Series 2025-ESH, Class E, 7.03% (1 mo. Term SOFR + 3.35%), 10/15/2042(a)
 
 
3,852,533
 
 
3,900,644
Gaea Mortgage Loan Trust, Series 2025-A, Class A, 6.75%, 02/25/2030(a)(b)(g)
 
 
207,160
 
 
207,160
HILT Commercial Mortgage Trust
 
 
 
 
Series 2024-ORL, Class C, 6.12% (1 mo. Term SOFR + 2.44%), 05/15/2037(a)
 
 
200,000
 
 
200,706
Series 2024-ORL, Class D, 6.87% (1 mo. Term SOFR + 3.19%), 05/15/2037(a)
 
 
200,000
 
 
201,366
HTL Commercial Mortgage Trust
 
 
 
 
Series 2024-T53, Class D, 8.20%, 05/10/2039(a)(b)
 
 
300,000
 
 
303,569
Series 2024-T53, Class F, 11.93%, 05/10/2039(a)(b)
 
 
100,000
 
 
101,617
ICNQ Mortgage Trust, Series 2024-MF, Class E,
6.35%, 12/10/2034(a)(b)
 
 
750,000
 
 
743,513
INCREF LLC, Series 2026-FL3, Class A, 5.07% (1 mo. Term SOFR + 1.40%), 01/19/2044(a)
 
 
4,000,000
 
 
4,014,132
IP Mortgage Trust, Series 2025-IP, Class E, 6.85%, 06/10/2042(a)(b)
 
 
250,000
 
 
248,547
Jackson Park Trust, Series 2019-LIC, Class E,
3.24%, 10/14/2039(a)(b)
 
 
750,000
 
 
661,432
LONG Trust, Series 2026-ISL, Class C, 6.33% (1 mo. Term SOFR + 2.65%), 06/15/2043(a)
 
 
4,000,000
 
 
4,009,972
Morgan Stanley Capital I, Inc.
 
 
 
 
Series 2014-150E, Class A, 3.91%, 09/09/2032(a)
 
 
800,000
 
 
753,736
Series 2024-BPR2, Class A, 7.29%, 05/05/2029(a)
 
 
286,495
 
 
293,995
NYC Commercial Mortgage Trust
 
 
 
 
Series 2025-28L, Class C, 5.44%, 11/05/2038(a)(b)
 
 
1,000,000
 
 
994,405
Series 2025-28L, Class D, 6.21%, 11/05/2038(a)(b)
 
 
1,000,000
 
 
995,476
TX Trust, Series 2024-HOU, Class D, 6.92% (1 mo. Term SOFR + 3.24%), 06/15/2039(a)
 
 
200,000
 
 
200,440
Wells Fargo Commercial Mortgage Trust, Series 2025-VTT, Class E, 6.91%, 03/15/2038(a)(b)
 
 
1,500,000
 
 
1,503,241
WFLD Mortgage Trust, Series 2014-MONT, Class A, 3.75%, 08/10/2031(a)(b)
 
 
272,024
 
 
264,437
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $42,520,078)
 
 
 
 
42,802,411
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
136
 

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ANGEL OAK INCOME ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
EXCHANGE TRADED FUNDS — 1.8%
 
 
 
 
Invesco Senior Loan ETF
 
 
651,499
 
 
$13,284,065
iShares Broad USD High Yield Corporate Bond ETF
 
 
242,549
 
 
8,920,952
iShares iBoxx USD Investment Grade Corporate Bond ETF
 
 
19,651
 
 
2,087,919
TOTAL EXCHANGE TRADED FUNDS
(Cost $24,413,045)
 
 
 
 
24,292,935
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
U.S. TREASURY NOTE — 1.3%
 
 
 
 
United States Treasury Note, 1.50%, 02/15/2030
 
 
$20,000,000
 
 
18,141,016
TOTAL U.S. TREASURY NOTE
(Cost $18,227,773)
 
 
 
 
18,141,016
RESIDENTIAL MORTGAGE-BACKED SECURITIES - U.S. GOVERNMENT
AGENCY CREDIT RISK TRANSFER — 0.1%
Connecticut Avenue Securities Trust, Series 2024-R02, Class 1B2, 7.32% (30 day avg SOFR US + 3.70%), 02/25/2044(a)
 
 
1,000,000
 
 
1,053,424
Federal Home Loan Mortgage Corp., Series 2022-HQA3, Class M1B, 7.17% (30 day avg SOFR US + 3.55%), 08/25/2042(a)
 
 
500,000
 
 
513,670
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER
(Cost $1,496,562)
 
 
 
 
1,567,094
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
COMMON STOCKS — 0.0%(h)
 
 
 
 
Energy — 0.0%(h)
 
 
 
 
Enviva Escrow(g)(i)
 
 
150,000
 
 
0
Enviva LLC(i)
 
 
5,458
 
 
109,160
TOTAL COMMON STOCKS
(Cost $183,056)
 
 
 
 
109,160
SHORT-TERM INVESTMENTS — 2.3%
 
 
 
 
Money Market Funds – 2.3%
 
 
 
 
First American Government Obligations Fund - Class U, 3.60%(j)
 
 
32,114,239
 
 
32,114,239
TOTAL SHORT-TERM INVESTMENTS
(Cost $32,114,239)
 
 
 
 
32,114,239
TOTAL INVESTMENTS — 102.8%
(Cost $1,431,317,145)
 
 
 
 
$1,420,886,160
Liabilities in Excess of Other Assets — (2.8)%
 
 
 
 
(38,603,089)
TOTAL NET ASSETS — 100.0%
 
 
 
 
$1,382,283,071
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
137
 

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ANGEL OAK INCOME ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)(Continued)
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
TBA - To Be Announced
(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 July 31, 2026, the value of these securities total $948,383,862 or 68.6% of the Fund’s net assets.
(b)
Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of July 31, 2026.
(c)
Step coupon bond. The rate disclosed is as of July 31, 2026.
(d)
Interest only security.
(e)
Security or a portion of the security purchased on a when-issued or delayed delivery basis.
(f)
Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope. Interest rate may also be subject to a cap or floor.
(g)
As of July 31, 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 represented $1,307,160 or 0.1% of net assets. Value determined using significant unobservable inputs.
(h)
Represents less than 0.05% of net assets.
(i)
Non-income producing security.
(j)
The rate shown represents the 7-day annualized yield as of July 31, 2026.
See accompanying notes which are an integral part of these financial statements.
 
138
 

TABLE OF CONTENTS

ANGEL OAK INCOME ETF
SCHEDULE OF OPEN FUTURES CONTRACTS
July 31, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Long Futures Contracts
 
 
Contracts
Purchased
 
 
Expiration
Date
 
 
Notional Value
 
 
Value/Unrealized
Appreciation
(Depreciation)
U.S. Treasury 10 Year Notes
 
 
244
 
 
09/21/2026
 
 
$26,352,000
 
 
$(271,166)
U.S. Treasury 5 Year Notes
 
 
690
 
 
09/30/2026
 
 
73,123,828
 
 
(452,532)
Total Unrealized Appreciation (Depreciation)
 
 
 
 
 
 
 
 
$(723,698)
 
 
 
 
 
 
 
 
 
 
 
 
 
SCHEDULE OF CENTRALLY CLEARED CREDIT DEFAULT
SWAPS - BUY PROTECTION(a)
July 31, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Obligation
 
 
Implied
Credit
Spread at
07/31/26 (b)
 
 
Pay
(Receive)
Fixed Rate
 
 
Payment
Frequency
 
 
Maturity
Date
 
 
Counterparty
 
 
Notional
Amount (c)
 
 
Value
 
 
Premiums
Paid
(Received)
 
 
Unrealized
Appreciation
(Depreciation)
Markit
CDX.NA.IG(d)
 
 
0.53%
 
 
1.00%
 
 
Quarterly
 
 
06/20/2031
 
 
Wells Fargo
Securities,
LLC
 
 
$100,000,000
 
 
$(2,173,301)
 
 
$(1,528,099)
 
 
$(645,202)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(b)
Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements on U.S. municipal issues, corporate issues or sovereign issues of an emerging country as of year-end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.
(c)
The maximum potential amount the Fund could be required to pay as seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(d)
Centrally cleared swap, clearing agent: Intercontinental Exchange.
See accompanying notes which are an integral part of these financial statements.
 
139
 

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Angel Oak Total Return ETF
Schedule of Investments
July 31, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY — 44.8%
 
 
 
 
Federal Home Loan Mortgage Corp.
 
 
 
 
Pool QE0312, 2.00%, 04/01/2052
 
 
$757,494
 
 
$591,675
Pool QE2363, 3.50%, 05/01/2052
 
 
186,856
 
 
165,985
Pool RB5149, 2.50%, 03/01/2042
 
 
686,765
 
 
597,752
Pool RQ0028, 6.00%, 07/01/2055
 
 
427,771
 
 
433,092
Pool SD1937, 3.00%, 03/01/2052
 
 
966,713
 
 
827,755
Pool SD4583, 3.50%, 12/01/2053
 
 
266,706
 
 
236,915
Pool SD6284, 2.00%, 01/01/2054
 
 
305,496
 
 
238,856
Pool SD8224, 2.50%, 07/01/2052
 
 
294,998
 
 
241,846
Pool SD8317, 6.00%, 04/01/2053
 
 
155,542
 
 
158,329
Pool SD8469, 5.50%, 10/01/2054
 
 
220,444
 
 
218,756
Pool SD8523, 5.00%, 04/01/2055
 
 
465,490
 
 
450,006
Pool SL1232, 5.00%, 04/01/2055
 
 
724,514
 
 
700,987
Pool SL2622, 3.00%, 03/01/2053
 
 
277,968
 
 
238,140
Pool SL3938, 5.50%, 07/01/2054
 
 
531,694
 
 
529,631
Federal National Mortgage Association
 
 
 
 
Pool BQ6913, 2.00%, 12/01/2051
 
 
152,643
 
 
119,754
Pool BT0240, 2.00%, 09/01/2051
 
 
593,723
 
 
464,980
Pool BV7773, 2.50%, 04/01/2052
 
 
648,294
 
 
531,125
Pool CA8256, 2.50%, 12/01/2050
 
 
900,058
 
 
736,482
Pool CA9273, 2.00%, 02/01/2051
 
 
239,056
 
 
188,056
Pool CB0456, 2.50%, 05/01/2051
 
 
585,918
 
 
479,384
Pool CB2806, 2.50%, 02/01/2052
 
 
768,878
 
 
638,735
Pool CB3164, 2.50%, 03/01/2052
 
 
913,899
 
 
751,062
Pool CB7336, 5.50%, 10/01/2053
 
 
509,890
 
 
507,013
Pool FA2608, 3.00%, 07/01/2051
 
 
469,766
 
 
401,497
Pool FA5000, 3.50%, 02/01/2052
 
 
971,815
 
 
863,265
Pool FM5066, 3.00%, 10/01/2050
 
 
362,313
 
 
310,944
Pool FM6672, 2.50%, 03/01/2051
 
 
37,703
 
 
30,979
Pool FM7652, 2.50%, 06/01/2051
 
 
182,630
 
 
150,563
Pool MA3810, 2.50%, 10/01/2039
 
 
543,485
 
 
488,375
Pool MA4128, 2.00%, 09/01/2040
 
 
560,877
 
 
483,475
Pool MA4437, 2.00%, 10/01/2051
 
 
588,764
 
 
462,158
Pool MA4512, 2.50%, 01/01/2052
 
 
246,192
 
 
202,678
Pool MA4520, 2.00%, 01/01/2042
 
 
541,908
 
 
463,048
Pool MA4547, 2.00%, 02/01/2052
 
 
543,336
 
 
425,427
Pool MA4548, 2.50%, 02/01/2052
 
 
75,339
 
 
62,021
Pool MA4563, 2.50%, 03/01/2052
 
 
29,520
 
 
24,270
Pool MA4653, 3.00%, 07/01/2052
 
 
333,019
 
 
285,250
Pool MA4731, 3.50%, 09/01/2052
 
 
392,821
 
 
348,944
Pool MA5320, 4.00%, 03/01/2054
 
 
865,091
 
 
790,551
Pool MA5551, 4.50%, 12/01/2054
 
 
249,128
 
 
234,300
Pool MA5615, 6.00%, 02/01/2055
 
 
180,592
 
 
182,871
Pool MA5646, 5.50%, 03/01/2055
 
 
230,229
 
 
228,281
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY
(Cost $17,033,180)
 
 
 
 
16,485,213
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
140
 

TABLE OF CONTENTS

Angel Oak Total Return ETF
Schedule of Investments
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS — 26.5%
 
 
 
 
Basic Materials — 1.1%
 
 
 
 
Barrick North America Finance LLC, 5.75%, 05/01/2043
 
 
$35,000
 
 
$33,907
Dow Chemical Co., 5.15%, 02/15/2034
 
 
65,000
 
 
63,046
First Quantum Minerals Ltd., 7.25%, 02/15/2034(a)
 
 
25,000
 
 
25,485
Glencore Funding LLC, 2.63%, 09/23/2031(a)
 
 
75,000
 
 
66,419
LYB International Finance BV, 5.25%, 07/15/2043
 
 
57,000
 
 
48,864
Methanex US Operations, Inc., 6.25%, 03/15/2032(a)
 
 
50,000
 
 
50,523
Nutrien Ltd., 2.95%, 05/13/2030
 
 
85,000
 
 
79,286
Teck Resources Ltd., 3.90%, 07/15/2030
 
 
35,000
 
 
33,585
 
 
 
 
401,115
Communications — 1.6%
 
 
 
 
Alphabet, Inc., 4.80%, 02/15/2036
 
 
22,000
 
 
21,118
AT&T, Inc., 3.50%, 09/15/2053
 
 
90,000
 
 
54,423
Bell Telephone Co. of Canada or Bell Canada, 6.88% to 09/15/2030 then 5 yr. CMT Rate + 2.39%, 09/15/2055
 
 
35,000
 
 
35,316
CCO Holdings LLC / CCO Holdings Capital Corp., 6.38%, 09/01/2029(a)
 
 
30,000
 
 
29,829
Charter Communications Operating LLC / Charter Communications Operating Capital, 3.90%, 06/01/2052
 
 
25,000
 
 
15,030
Comcast Corp.
 
 
 
 
6.50%, 11/15/2035
 
 
60,000
 
 
63,052
3.25%, 11/01/2039
 
 
20,000
 
 
14,550
Directv Financing LLC / Directv Financing Co.-Obligor, Inc.,
10.00%, 02/15/2031(a)
 
 
25,000
 
 
26,147
Gen Digital, Inc., 6.25%, 04/01/2033(a)
 
 
30,000
 
 
29,554
Hut 8 DC LLC, 6.19%, 11/15/2042(a)
 
 
22,000
 
 
21,404
Meta Platforms, Inc., 5.40%, 08/15/2054
 
 
45,000
 
 
36,663
Outfront Media Capital LLC / Outfront Media Capital Corp., 4.63%, 03/15/2030(a)
 
 
30,000
 
 
28,995
Rogers Communications, Inc., 6.88% to 07/31/2031 then 5 yr. CMT Rate + 2.84%, 07/31/2056
 
 
60,000
 
 
60,047
Space Exploration Technologies Corp., 5.35%, 07/15/2031(a)
 
 
20,000
 
 
19,474
TELUS Corp., 3.40%, 05/13/2032
 
 
45,000
 
 
40,559
T-Mobile USA, Inc., 3.40%, 10/15/2052
 
 
65,000
 
 
39,646
Verizon Communications, Inc., 3.55%, 03/22/2051
 
 
60,000
 
 
39,290
Videotron Ltd., 3.63%, 06/15/2029(a)
 
 
30,000
 
 
28,869
 
 
 
 
603,966
Consumer, Cyclical — 1.6%
 
 
 
 
AutoZone, Inc., 3.75%, 04/18/2029
 
 
65,000
 
 
63,338
Boyd Gaming Corp., 4.75%, 06/15/2031(a)
 
 
45,000
 
 
42,995
Clarios Global LP / Clarios US Finance Co., 6.75%, 09/15/2032(a)
 
 
15,000
 
 
15,123
FirstCash Holdings, Inc., 6.13%, 05/01/2034(a)
 
 
30,000
 
 
29,589
General Motors Financial Co., Inc., 6.10%, 01/07/2034
 
 
45,000
 
 
46,303
Goodyear Tire & Rubber Co., 8.88%, 07/15/2032
 
 
30,000
 
 
30,817
Home Depot, Inc., 4.50%, 09/15/2032
 
 
35,000
 
 
34,431
Installed Building Products, Inc., 5.63%, 02/01/2034(a)
 
 
35,000
 
 
33,873
Lithia Motors, Inc., 3.88%, 06/01/2029(a)
 
 
30,000
 
 
28,821
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
141
 

TABLE OF CONTENTS

Angel Oak Total Return ETF
Schedule of Investments
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS — (Continued)
Consumer, Cyclical — (Continued)
Lowe’s Cos., Inc., 5.50%, 10/15/2035
 
 
$35,000
 
 
$35,328
Newell Brands, Inc., 8.50%, 06/01/2028(a)
 
 
25,000
 
 
26,108
NVR, Inc., 3.00%, 05/15/2030
 
 
65,000
 
 
60,451
PulteGroup, Inc., 6.38%, 05/15/2033
 
 
35,000
 
 
37,096
Royal Caribbean Cruises Ltd., 6.00%, 02/01/2033(a)
 
 
35,000
 
 
35,291
Sally Holdings LLC / Sally Capital, Inc., 6.75%, 04/01/2032
 
 
25,000
 
 
25,490
Viking Cruises Ltd., 5.88%, 10/15/2033(a)
 
 
30,000
 
 
29,720
Walmart, Inc., 4.15%, 09/09/2032
 
 
35,000
 
 
34,149
 
 
 
 
608,923
Consumer, Non-cyclical — 2.8%
 
 
 
 
AbbVie, Inc., 4.95%, 03/15/2031
 
 
80,000
 
 
80,389
Acadia Healthcare Co., Inc., 7.38%, 03/15/2033(a)
 
 
25,000
 
 
25,812
Amgen, Inc., 5.25%, 03/02/2033
 
 
35,000
 
 
35,087
Amneal Pharmaceuticals LLC, 6.88%, 08/01/2032(a)
 
 
25,000
 
 
25,719
BAT International Finance PLC, 5.93%, 02/02/2029
 
 
35,000
 
 
35,932
Belron UK Finance PLC, 5.75%, 10/15/2029(a)
 
 
30,000
 
 
30,017
DaVita, Inc., 6.88%, 09/01/2032(a)
 
 
25,000
 
 
25,712
Eli Lilly & Co., 4.50%, 02/09/2027
 
 
105,000
 
 
105,155
EquipmentShare.com, Inc., 8.63%, 05/15/2032(a)
 
 
25,000
 
 
25,599
Gilead Sciences, Inc., 2.60%, 10/01/2040
 
 
60,000
 
 
42,371
Grand Canyon University, 5.13%, 10/01/2028
 
 
65,000
 
 
64,447
HCA, Inc., 5.90%, 06/01/2053
 
 
55,000
 
 
50,827
Johnson & Johnson, 5.25%, 06/01/2054
 
 
35,000
 
 
33,473
Mars, Inc., 4.80%, 03/01/2030(a)
 
 
85,000
 
 
84,730
Merck & Co., Inc., 2.75%, 12/10/2051
 
 
65,000
 
 
37,719
Molina Healthcare, Inc., 6.25%, 01/15/2033(a)
 
 
30,000
 
 
29,687
Mount Sinai Hospital, 3.98%, 07/01/2048
 
 
32,000
 
 
23,676
Perrigo Finance Unlimited Co., 6.13%, 09/30/2032
 
 
30,000
 
 
28,523
Pfizer, Inc., 1.75%, 08/18/2031
 
 
55,000
 
 
47,548
Philip Morris International, Inc., 4.88%, 02/15/2028
 
 
80,000
 
 
80,366
Post Holdings, Inc., 6.38%, 03/01/2033(a)
 
 
30,000
 
 
29,567
Simmons Foods, Inc., 4.63%, 03/01/2029(a)
 
 
30,000
 
 
29,018
UnitedHealth Group, Inc., 3.50%, 08/15/2039
 
 
75,000
 
 
60,091
 
 
 
 
1,031,465
Diversified — 0.1%
 
 
 
 
Stena International SA, 7.25%, 01/15/2031(a)
 
 
25,000
 
 
25,471
Energy — 4.8%
 
 
 
 
Antero Resources Corp., 5.38%, 03/01/2030(a)
 
 
35,000
 
 
35,081
Archrock Partners LP / Archrock Partners Finance Corp., 6.63%, 09/01/2032(a)
 
 
25,000
 
 
25,372
Borr IHC Ltd. / Borr Finance LLC, 9.00%, 01/15/2034(a)
 
 
5,000
 
 
4,901
BP Capital Markets America, Inc., 2.94%, 06/04/2051
 
 
65,000
 
 
39,234
Cenovus Energy, Inc., 2.65%, 01/15/2032
 
 
45,000
 
 
39,820
Cheniere Energy, Inc., 5.65%, 04/15/2034
 
 
115,000
 
 
116,167
Columbia Pipelines Holding Co. LLC, 5.68%, 01/15/2034(a)
 
 
80,000
 
 
80,573
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
142
 

TABLE OF CONTENTS

Angel Oak Total Return ETF
Schedule of Investments
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS — (Continued)
Energy — (Continued)
ConocoPhillips, 6.50%, 02/01/2039
 
 
$35,000
 
 
$37,870
Crescent Energy Finance LLC, 7.63%, 04/01/2032(a)
 
 
20,000
 
 
20,226
Devon Energy Corp.
 
 
 
 
4.50%, 01/15/2030
 
 
30,000
 
 
29,676
5.60%, 07/15/2041
 
 
35,000
 
 
33,604
DT Midstream, Inc., 4.30%, 04/15/2032(a)
 
 
45,000
 
 
42,499
Enbridge, Inc., 7.63% to 01/15/2033 then 5 yr. CMT Rate + 4.42%, 01/15/2083
 
 
35,000
 
 
37,711
Energy Transfer LP, 7.09% (3 mo. Term SOFR + 3.28%), 11/01/2066
 
 
60,000
 
 
59,743
Enterprise Products Operating LLC, 6.70% (3 mo. Term SOFR + 3.04%), 06/01/2067
 
 
64,000
 
 
64,068
EOG Resources, Inc., 4.95%, 04/15/2050
 
 
45,000
 
 
38,427
EQT Corp., 7.00%, 02/01/2030
 
 
60,000
 
 
63,294
Excelerate Energy LP, 8.00%, 05/15/2030(a)
 
 
35,000
 
 
36,682
Expand Energy Corp., 5.38%, 03/15/2030
 
 
85,000
 
 
85,271
Exxon Mobil Corp., 4.33%, 03/19/2050
 
 
45,000
 
 
35,830
Genesis Energy LP / Genesis Energy Finance Corp., 8.00%, 05/15/2033
 
 
25,000
 
 
26,022
Gulfport Energy Operating Corp., 6.75%, 09/01/2029(a)
 
 
25,000
 
 
25,338
Halliburton Co., 5.00%, 11/15/2045
 
 
45,000
 
 
38,639
Harvest Midstream I LP, 6.75%, 05/15/2034(a)
 
 
18,000
 
 
18,080
Helmerich & Payne, Inc., 4.85%, 12/01/2029
 
 
60,000
 
 
59,768
Hess Midstream Operations LP, 5.50%, 10/15/2030(a)
 
 
20,000
 
 
20,001
Kinder Morgan, Inc., 5.95%, 08/01/2054
 
 
35,000
 
 
33,566
ONEOK, Inc., 6.05%, 09/01/2033
 
 
45,000
 
 
46,410
Ovintiv, Inc., 6.50%, 02/01/2038
 
 
60,000
 
 
62,279
Plains All American Pipeline LP, 8.02% (3 mo. Term SOFR + 4.37%), Perpetual
 
 
65,000
 
 
65,176
Shell International Finance BV, 3.00%, 11/26/2051
 
 
65,000
 
 
40,236
South Bow Canadian Infrastructure Holdings Ltd., 7.50% to 03/01/2035 then 5 yr. CMT Rate + 3.67%, 03/01/2055
 
 
40,000
 
 
42,236
SunCoke Energy, Inc., 4.88%, 06/30/2029(a)
 
 
30,000
 
 
28,637
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.75%, 03/15/2034(a)
 
 
30,000
 
 
30,308
TransCanada PipeLines Ltd., 6.13% to 10/17/2031 then 5 yr. CMT Rate + 2.25%, 10/17/2056
 
 
82,000
 
 
81,981
Valero Energy Corp., 5.15%, 03/10/2036
 
 
65,000
 
 
62,829
Venture Global Plaquemines LNG LLC, 6.50%, 01/15/2034(a)
 
 
35,000
 
 
36,132
Whistler Pipeline LLC, 5.95%, 09/30/2034(a)
 
 
40,000
 
 
40,367
Williams Cos., Inc., 5.80%, 11/15/2054
 
 
35,000
 
 
32,482
Woodside Finance Ltd., 5.40%, 05/19/2030
 
 
35,000
 
 
35,322
 
 
 
 
1,751,858
Financial — 8.8%
 
 
 
 
American Homes 4 Rent LP, 5.25%, 03/15/2035
 
 
20,000
 
 
19,564
AmFam Holdings, Inc., 2.81%, 03/11/2031(a)
 
 
90,000
 
 
79,211
Apollo Global Management, Inc., 6.38%, 11/15/2033
 
 
35,000
 
 
36,730
Arch Capital Group Ltd., 7.35%, 05/01/2034
 
 
75,000
 
 
84,054
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
143
 

TABLE OF CONTENTS

Angel Oak Total Return ETF
Schedule of Investments
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS — (Continued)
Financial — (Continued)
Ares Capital Corp., 3.20%, 11/15/2031
 
 
$55,000
 
 
$47,924
Bank of America Corp., 2.59% to 04/29/2030 then SOFR + 2.15%, 04/29/2031
 
 
220,000
 
 
201,882
Barclays PLC, 5.34% to 09/10/2034 then SOFR + 1.91%, 09/10/2035
 
 
85,000
 
 
82,829
Blackstone Holdings Finance Co. LLC, 6.20%, 04/22/2033(a)
 
 
80,000
 
 
83,596
BNP Paribas SA, 5.28% to 11/19/2029 then SOFR + 1.28%, 11/19/2030(a)
 
 
100,000
 
 
100,482
Burford Capital Global Finance LLC, 7.50%, 07/15/2033(a)
 
 
35,000
 
 
29,542
CBRE Services, Inc., 5.25%, 06/01/2036
 
 
85,000
 
 
82,113
Citigroup, Inc., 3.79% to 03/17/2032 then SOFR + 1.94%, 03/17/2033
 
 
85,000
 
 
79,061
Cousins Properties LP, 5.88%, 10/01/2034
 
 
35,000
 
 
35,281
Deutsche Bank AG/New York NY, 5.00% to 09/11/2029 then SOFR + 1.70%, 09/11/2030
 
 
105,000
 
 
104,651
EPR Properties, 3.60%, 11/15/2031
 
 
45,000
 
 
40,908
EZCORP, Inc., 7.38%, 04/01/2032(a)
 
 
25,000
 
 
26,199
Fairfax Financial Holdings Ltd., 5.75%, 05/20/2035
 
 
35,000
 
 
35,216
Fifth Third Bancorp, 5.63% to 01/29/2031 then SOFR + 1.84%, 01/29/2032
 
 
65,000
 
 
66,118
GGAM Finance Ltd., 5.88%, 03/15/2030(a)
 
 
30,000
 
 
29,887
Globe Life, Inc., 5.85%, 09/15/2034
 
 
35,000
 
 
35,545
Goldman Sachs Group, Inc., 4.02% to 10/31/2037 then 3 mo. Term SOFR + 1.63%, 10/31/2038
 
 
165,000
 
 
140,584
Goodman US Finance Seven, LLC, 5.25%, 04/28/2036(a)
 
 
85,000
 
 
81,826
Highwoods Realty LP, 2.60%, 02/01/2031
 
 
65,000
 
 
57,794
Host Hotels & Resorts LP, 3.50%, 09/15/2030
 
 
20,000
 
 
18,758
Huntington National Bank, 4.55% to 05/17/2027 then SOFR + 1.65%, 05/17/2028
 
 
40,000
 
 
39,960
Iron Mountain, Inc., 6.25%, 01/15/2033(a)
 
 
20,000
 
 
20,092
Jane Street Group / JSG Finance, Inc., 6.75%, 05/01/2033(a)
 
 
25,000
 
 
25,496
Jefferson Capital Holdings LLC, 8.25%, 05/15/2030(a)
 
 
25,000
 
 
26,121
JP Morgan Chase & Co., 5.63%, 08/16/2043
 
 
95,000
 
 
92,597
JP Morgan Chase & Co., 4.95% to 10/22/2034 then SOFR + 1.34%, 10/22/2035
 
 
85,000
 
 
82,341
Keybank National Association, 5.85%, 11/15/2027
 
 
40,000
 
 
40,560
KKR Group Finance Co. III LLC, 5.13%, 06/01/2044(a)
 
 
65,000
 
 
56,366
Liberty Mutual Group, Inc., 6.50%, 03/15/2035(a)
 
 
60,000
 
 
63,107
Mid-America Apartments LP, 2.88%, 09/15/2051
 
 
65,000
 
 
39,330
Millrose Properties, Inc., 6.38%, 08/01/2030(a)
 
 
30,000
 
 
30,249
Morgan Stanley, 5.95% to 01/19/2033 then 5 yr. CMT Rate + 2.43%, 01/19/2038
 
 
150,000
 
 
152,160
Munich Re Group, 5.88% to 05/23/2032 then 5 yr. CMT Rate + 3.98%, 05/23/2042(a)
 
 
35,000
 
 
35,558
OneMain Finance Corp., 7.13%, 11/15/2031
 
 
25,000
 
 
25,351
Panther Escrow Issuer LLC, 7.13%, 06/01/2031(a)
 
 
30,000
 
 
29,958
PennyMac Financial Services, Inc., 6.75%, 02/15/2034(a)
 
 
30,000
 
 
27,852
Phillips Edison Grocery Center Operating Partnership I, LP, 5.25%, 08/15/2032
 
 
35,000
 
 
34,938
PNC Financial Services Group, Inc., 5.68% to 01/22/2034 then SOFR + 1.90%, 01/22/2035
 
 
80,000
 
 
80,850
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
144
 

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Angel Oak Total Return ETF
Schedule of Investments
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS — (Continued)
Financial — (Continued)
Prologis Targeted US Logistics Fund LP, 5.25%, 04/01/2029(a)
 
 
$35,000
 
 
$35,335
Public Storage Operating Co., 5.35%, 08/01/2053
 
 
45,000
 
 
40,849
Realty Income Corp., 4.90%, 07/15/2033
 
 
35,000
 
 
34,262
RenaissanceRe Holdings Ltd., 5.80%, 04/01/2035
 
 
60,000
 
 
60,501
RGA Global Funding, 5.00%, 08/25/2032(a)
 
 
85,000
 
 
83,205
RHP Hotel Properties LP / RHP Finance Corp.
 
 
 
 
4.50%, 02/15/2029(a)
 
 
20,000
 
 
19,606
6.50%, 04/01/2032(a)
 
 
25,000
 
 
25,442
Safehold GL Holdings LLC, 2.80%, 06/15/2031
 
 
90,000
 
 
80,632
Sammons Financial Group, Inc., 4.75%, 04/08/2032(a)
 
 
45,000
 
 
43,003
Simon Property Group LP, 6.65%, 01/15/2054
 
 
35,000
 
 
37,456
Starwood Property Trust, Inc., 6.13%, 06/01/2031(a)
 
 
30,000
 
 
29,945
UBS Group AG, 7.50%, 02/15/2028
 
 
35,000
 
 
36,532
US Bancorp, 5.84% to 06/10/2033 then SOFR + 2.26%, 06/12/2034
 
 
80,000
 
 
82,000
UWM Holdings LLC, 6.25%, 03/15/2031(a)
 
 
30,000
 
 
26,795
Walker & Dunlop, Inc., 6.63%, 04/01/2033(a)
 
 
30,000
 
 
30,062
Wells Fargo Bank NA, 6.60%, 01/15/2038
 
 
35,000
 
 
37,304
Welltower OP LLC, 4.25%, 04/15/2028
 
 
35,000
 
 
34,824
 
 
 
 
3,240,394
Industrial — 1.6%
 
 
 
 
Boeing Co., 5.04%, 05/01/2027
 
 
33,000
 
 
33,101
Builders FirstSource, Inc., 6.75%, 05/15/2035(a)
 
 
30,000
 
 
29,739
Canadian National Railway Co., 3.20%, 08/02/2046
 
 
115,000
 
 
79,164
FTAI Aviation Investors LLC, 5.88%, 04/15/2033(a)
 
 
30,000
 
 
29,632
GE Vernova, Inc., 4.88%, 02/04/2036
 
 
65,000
 
 
62,487
Genesee & Wyoming, Inc., 6.25%, 04/15/2032(a)
 
 
30,000
 
 
30,209
L3Harris Technologies, Inc., 4.85%, 04/27/2035
 
 
35,000
 
 
33,626
Quikrete Holdings, Inc.
 
 
 
 
6.38%, 03/01/2032(a)
 
 
20,000
 
 
20,260
6.75%, 03/01/2033(a)
 
 
25,000
 
 
25,344
Reworld Holding Corp., 4.88%, 12/01/2029(a)
 
 
30,000
 
 
28,493
RTX Corp., 6.10%, 03/15/2034
 
 
45,000
 
 
47,461
Standard Building Solutions, Inc., 6.50%, 08/15/2032(a)
 
 
30,000
 
 
30,086
Union Pacific Corp., 3.20%, 05/20/2041
 
 
105,000
 
 
79,333
Vulcan Materials Co., 4.50%, 06/15/2047
 
 
45,000
 
 
36,890
Waste Connections, Inc., 2.95%, 01/15/2052
 
 
65,000
 
 
39,650
 
 
 
 
605,475
Technology — 0.9%
 
 
 
 
Amkor Technology, Inc., 5.88%, 10/01/2033(a)
 
 
30,000
 
 
29,219
Apple, Inc., 4.50%, 02/23/2036
 
 
70,000
 
 
67,678
Broadcom, Inc., 4.60%, 07/15/2030
 
 
45,000
 
 
44,209
Intel Corp., 3.75%, 08/05/2027
 
 
85,000
 
 
84,313
Leidos, Inc., 5.40%, 03/15/2032
 
 
40,000
 
 
40,240
Oracle Corp., 5.35%, 05/04/2033
 
 
23,000
 
 
21,625
Zebra Technologies Corp., 6.50%, 06/01/2032(a)
 
 
30,000
 
 
30,359
 
 
 
 
317,643
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
145
 

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Angel Oak Total Return ETF
Schedule of Investments
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS — (Continued)
Utilities — 3.2%
 
 
 
 
AES Corp., 6.95% to 07/15/2030 then 5 yr. CMT Rate +
2.89%, 07/15/2055
 
 
$21,000
 
 
$20,642
AltaGas Ltd., 7.20% to 10/15/2034 then 5 yr. CMT Rate + 3.57%, 10/15/2054(a)
 
 
35,000
 
 
36,224
American Electric Power Co., Inc., 7.05% to 12/15/2029 then 5 yr. CMT Rate + 2.75%, 12/15/2054
 
 
35,000
 
 
36,313
CenterPoint Energy, Inc., 6.85% to 02/15/2035 then 5 yr. CMT Rate + 2.95%, 02/15/2055
 
 
35,000
 
 
36,399
Consolidated Edison Co. of New York, Inc., 3.95%, 04/01/2050
 
 
55,000
 
 
40,502
DTE Energy Co., 6.20% to 07/01/2033 then 5 yr. CMT Rate + 1.81%, 07/01/2058
 
 
30,000
 
 
29,899
Duke Energy Florida LLC, 6.40%, 06/15/2038
 
 
35,000
 
 
37,295
Emera US Finance LLC, 6.65% to 10/01/2031 then 5 yr. CMT Rate + 2.87%, 10/01/2056
 
 
64,000
 
 
64,469
Entergy Corp., 7.13% to 12/01/2029 then 5 yr. CMT Rate + 2.67%, 12/01/2054
 
 
80,000
 
 
82,062
Evergy, Inc., 2.90%, 09/15/2029
 
 
18,000
 
 
16,962
Exelon Corp., 4.05%, 04/15/2030
 
 
19,000
 
 
18,402
Hawaiian Electric Co., Inc., 6.00%, 10/01/2033(a)
 
 
30,000
 
 
29,446
Monongahela Power Co., 5.40%, 12/15/2043(a)
 
 
65,000
 
 
59,765
National Fuel Gas Co., 2.95%, 03/01/2031
 
 
85,000
 
 
77,135
New York State Electric & Gas Corp., 1.95%, 10/01/2030(a)
 
 
45,000
 
 
39,242
NextEra Energy Capital Holdings, Inc., 5.25%, 03/15/2034
 
 
35,000
 
 
34,791
NiSource, Inc., 4.38%, 05/15/2047
 
 
100,000
 
 
78,931
NRG Energy, Inc., 6.25%, 11/01/2034(a)
 
 
30,000
 
 
29,938
PG&E Corp., 7.38% to 03/15/2030 then 5 yr. CMT Rate +
3.88%, 03/15/2055
 
 
30,000
 
 
30,484
PPL Capital Funding, Inc., 5.25%, 09/01/2034
 
 
35,000
 
 
34,544
Public Service Co. of Colorado, 5.25%, 04/01/2053
 
 
65,000
 
 
57,117
Sempra, 6.55% to 04/01/2035 then 5 yr. CMT Rate + 2.14%, 04/01/2055
 
 
35,000
 
 
35,023
Southern California Edison Co., 4.00%, 04/01/2047
 
 
110,000
 
 
78,597
Southern Co., 4.40%, 07/01/2046
 
 
75,000
 
 
60,075
Virginia Electric and Power Co., 4.45%, 02/15/2044
 
 
45,000
 
 
37,334
Vistra Operations Co. LLC, 6.00%, 04/15/2034(a)
 
 
35,000
 
 
35,408
Wisconsin Electric Power Co., 4.60%, 10/01/2034
 
 
35,000
 
 
33,754
XPLR Infrastructure Operating Partners LP, 7.25%, 01/15/2029(a)
 
 
20,000
 
 
20,637
 
 
 
 
1,191,390
TOTAL CORPORATE OBLIGATIONS
(Cost $9,965,500)
 
 
 
 
9,777,700
RESIDENTIAL MORTGAGE-BACKED SECURITIES — 11.4%
 
 
 
 
ATLX Trust, Series 2024-RPL1, Class M1, 4.42%, 04/25/2064(a)(b)
 
 
150,000
 
 
142,207
Barclays Mortgage Loan Trust, Series 2021-NQM1, Class A1, 1.75%, 09/25/2051(a)(b)
 
 
218,245
 
 
195,559
BRAVO Residential Funding Trust, Series 2021-NQM3, Class A1, 1.70%, 04/25/2060(a)(b)
 
 
155,788
 
 
145,094
CIM Trust, Series 2022-R1, Class M3, 4.00%, 01/25/2061(a)(b)
 
 
250,000
 
 
200,606
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
146
 

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Angel Oak Total Return ETF
Schedule of Investments
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
COLT Funding LLC
 
 
 
 
Series 2021-1, Class M1, 2.29%, 06/25/2066(a)(b)
 
 
$100,000
 
 
$79,497
Series 2021-RPL1, Class M2, 3.08%, 09/25/2061(a)(b)
 
 
250,000
 
 
220,023
Credit Suisse Mortgage Capital Certificates
 
 
 
 
Series 2019-AFC1, Class A1, 3.57%, 07/25/2049(a)(c)
 
 
41,841
 
 
40,425
Series 2021-NQM6, Class A3, 1.59%, 07/25/2066(a)(b)
 
 
51,503
 
 
44,179
Ellington Financial Mortgage Trust, Series 2022-1, Class B1, 3.85%, 01/25/2067(a)(b)
 
 
200,000
 
 
156,949
GS Mortgage-Backed Securities Trust
 
 
 
 
Series 2024-PJ10, Class AX1, 0.60%, 04/25/2055(a)(b)(d)
 
 
5,025,627
 
 
78,892
Series 2024-RPL2, Class M1, 4.12%, 07/25/2061(a)(b)
 
 
500,000
 
 
477,112
JP Morgan Mortgage Trust, Series 2023-6, Class AX1, 0.17%, 12/26/2053(a)(b)(d)
 
 
1,464,554
 
 
7,037
Morgan Stanley Residential Mortgage Loan Trust, Series 2026-RPL1, Class A2, 0.00%, 01/25/2064(a)(c)
 
 
250,000
 
 
230,938
New Residential Mortgage Loan Trust
 
 
 
 
Series 2025-NQM5, Class M1, 6.09%, 08/25/2065(a)(b)
 
 
250,000
 
 
247,274
Series 2026-RPL1, Class M1, 4.00%, 12/25/2065(a)(b)
 
 
250,000
 
 
224,860
Series 2026-RPL1, Class M2, 4.00%, 12/25/2065(a)(b)
 
 
250,000
 
 
216,849
Onslow Bay Mortgage Loan Trust, Series 2022-J2, Class A10, 3.00%, 08/25/2052(a)(b)
 
 
350,000
 
 
264,629
Saluda Grade Mortgage Funding LLC, Series 2025-LOC5, Class B1, 7.47% (1 mo. Term SOFR + 3.75%), 10/25/2055(a)
 
 
250,000
 
 
252,711
Sequoia Mortgage Trust, Series 2026-1, Class A1, 5.00%, 02/25/2056(a)(b)
 
 
182,950
 
 
175,753
Starwood Mortgage Residential Trust, Series 2022-3, Class A1, 5.16%, 03/25/2067(a)(b)
 
 
138,951
 
 
136,541
Towd Point Mortgage Trust, Series 2021-1, Class A1, 2.25%, 11/25/2061(a)(b)
 
 
191,384
 
 
178,831
Visio Trust
 
 
 
 
Series 2021-1R, Class A3, 1.69%, 05/25/2056(a)
 
 
75,438
 
 
71,216
Series 2022-1, Class B1, 5.74%, 08/25/2057(a)(b)
 
 
412,000
 
 
409,410
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
(Cost $4,166,760)
 
 
 
 
4,196,592
ASSET-BACKED SECURITIES — 9.9%
 
 
 
 
Automobile — 2.2%
 
 
 
 
Bridgecrest Lending Auto Securitization Trust, Series 2024-4, Class C, 4.83%, 08/15/2030
 
 
40,000
 
 
39,648
CPS Auto Trust, Series 2025-B, Class E, 7.95%, 03/15/2033(a)
 
 
24,000
 
 
24,732
Exeter Automobile Receivables Trust, Series 2022-4A, Class E, 8.23%, 03/15/2030(a)
 
 
250,000
 
 
253,419
FHF Trust, Series 2023-1A, Class A2, 6.57%, 06/15/2028(a)
 
 
5,894
 
 
5,839
GLS Auto Receivables Trust, Series 2023-3A, Class E, 9.27%, 08/15/2030(a)
 
 
247,000
 
 
260,291
Research-Driven Pagaya Motor Asset Trust, Series 2026-R1A, Class B, 6.21%, 07/25/2034(a)
 
 
250,000
 
 
249,707
 
 
 
 
833,636
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
147
 

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Angel Oak Total Return ETF
Schedule of Investments
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
ASSET-BACKED SECURITIES — (Continued)
Consumer — 6.5%
 
 
 
 
ACHD Trust, Series 2025-DS1, Class B, 9.38%, 01/09/2034(a)
 
 
$100,000
 
 
$100,722
Freedom Financial Network LLC, Series 2026-DS1, Class B, 8.25%, 07/10/2034(a)
 
 
300,000
 
 
301,875
Oportun Financial Corp., Series 2024-2, Class D, 10.47%, 02/09/2032(a)
 
 
500,000
 
 
508,516
Pagaya AI Debt Selection Trust, Series 2025-R2, Class D, 5.80%, 10/15/2032(a)
 
 
73,744
 
 
73,216
RCKT Mortgage Trust, Series 2025-2A, Class E, 7.83%, 11/27/2034(a)
 
 
60,000
 
 
50,975
Regional Management Issuance Trust, Series 2022-1, Class D, 6.72%, 03/15/2032(a)
 
 
250,000
 
 
249,674
Upgrade Master Pass-Thru Trust, Series 2026-ST2, Class E, 7.74%, 06/15/2034(a)
 
 
250,000
 
 
250,931
Upstart Securitization Trust, Series 2023-2, Class C, 11.87%, 06/20/2033(a)
 
 
825,030
 
 
855,606
 
 
 
 
2,391,515
Equipment — 1.2%
 
 
 
 
Octane Receivables Trust, Series 2026-RVM1, Class E, 7.87%, 06/20/2047(a)
 
 
440,000
 
 
434,391
TOTAL ASSET-BACKED SECURITIES
(Cost $3,669,282)
 
 
 
 
3,659,542
COLLATERALIZED LOAN OBLIGATIONS — 2.7%
 
 
 
 
Willow Tree CLO Ltd., Series 2024-1A, Class B, 5.95% (3 mo. Term SOFR + 2.20%), 10/17/2034(a)
 
 
1,000,000
 
 
999,963
TOTAL COLLATERALIZED LOAN OBLIGATIONS
(Cost $1,002,921)
 
 
 
 
999,963
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
EXCHANGE TRADED FUNDS — 1.6%
 
 
 
 
Invesco Senior Loan ETF
 
 
25,669
 
 
523,391
iShares Broad USD High Yield Corporate Bond ETF
 
 
1,858
 
 
68,337
TOTAL EXCHANGE TRADED FUNDS
(Cost $596,961)
 
 
 
 
591,728
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
COMMERCIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY — 1.5%
 
 
 
 
Federal Home Loan Mortgage Corp.
 
 
 
 
Series K-170, Class A2, 5.00%, 02/25/2035(b)
 
 
$300,000
 
 
301,003
Series K-171, Class A2, 4.40%, 06/25/2035(b)
 
 
250,000
 
 
239,608
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY
(Cost $560,307)
 
 
 
 
540,611
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
148
 

TABLE OF CONTENTS

Angel Oak Total Return ETF
Schedule of Investments
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
SHORT-TERM INVESTMENTS — 5.9%
 
 
 
 
Money Market Funds — 5.9%
 
 
 
 
First American Government Obligations Fund - Class U, 3.60%(e)
 
 
2,164,434
 
 
$2,164,434
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,164,434)
 
 
 
 
2,164,434
TOTAL INVESTMENTS — 104.3%
(Cost $39,159,345)
 
 
 
 
$38,415,783
Liabilities in Excess of Other Assets — (4.3)%
 
 
 
 
(1,571,132)
TOTAL NET ASSETS — 100.0%
 
 
 
 
$36,844,651
 
 
 
 
 
 
 
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 July 31, 2026, the value of these securities total $11,703,133 or 31.8% of the Fund’s net assets.
(b)
Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of July 31, 2026.
(c)
Step coupon bond. The rate disclosed is as of July 31, 2026.
(d)
Interest only security.
(e)
The rate shown represents the 7-day annualized yield as of July 31, 2026.
See accompanying notes which are an integral part of these financial statements.
 
149
 

TABLE OF CONTENTS

Angel Oak Total Return ETF
Schedule of Open Futures Contracts
July 31, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Long Futures Contracts
 
 
Contracts
Purchased
 
 
Expiration
Date
 
 
Notional
Value
 
 
Value/Unrealized
Appreciation
(Depreciation)
U.S. Treasury 5 Year Note
 
 
80
 
 
09/30/2026
 
 
$ 8,478,125
 
 
$ (47,296)
 
 
 
 
 
 
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
150
 

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ANGEL OAK FUNDS TRUST
Statements of Assets and Liabilities
July 31, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
Multi-Strategy
Income Fund(a)
 
 
UltraShort
Income Fund
Assets
 
 
 
 
Investments in unaffiliated securities at fair value*
 
 
$2,596,700,419
 
 
$845,505,247
Investments in affiliated securities at fair value*
 
 
35,805,796
 
 
—
Dividends and interest receivable
 
 
16,302,508
 
 
3,720,153
Deposit at broker for swaps
 
 
10,109,816
 
 
—
Cash
 
 
3,626,825
 
 
—
Receivable for Fund shares sold
 
 
1,985,877
 
 
737,825
Deposit at broker for futures
 
 
896,370
 
 
315,372
Receivable for investments sold
 
 
51,852
 
 
6,719
Variation margin on futures contracts
 
 
—
 
 
20,220
Prepaid expenses
 
 
169,004
 
 
72,858
Total assets
 
 
2,665,648,467
 
 
850,378,394
Liabilities
 
 
 
 
Payable for credit agreements
 
 
100,000,000
 
 
—
Payable for investments purchased
 
 
47,030,098
 
 
23,217,593
Net swap premiums received
 
 
4,591,565
 
 
—
Payable for distributions to shareholders
 
 
4,069,349
 
 
1,224,514
Payable for Fund shares redeemed
 
 
3,800,370
 
 
12,631,708
Depreciation on swaps
 
 
1,928,338
 
 
—
Payable to Adviser
 
 
1,878,655
 
 
176,481
Interest payable for credit agreements
 
 
463,944
 
 
—
Payable to administrator, fund accountant, and transfer agent
 
 
216,764
 
 
57,495
Variation margin on futures contracts
 
 
196,523
 
 
—
12b-1 fees accrued
 
 
91,434
 
 
18,042
Payable to custodian
 
 
35,241
 
 
6,242
Other accrued expenses
 
 
190,537
 
 
40,882
Total liabilities
 
 
164,492,818
 
 
37,372,957
Net Assets
 
 
$2,501,155,649
 
 
$813,005,437
Net Assets Consist of:
 
 
 
 
Paid-in capital
 
 
$4,421,878,450
 
 
$868,703,930
Total distributable earnings (accumulated deficit)
 
 
(1,920,722,801)
 
 
(55,698,493)
Net Assets
 
 
$2,501,155,649
 
 
$813,005,437
Class A:
 
 
 
 
Net Assets
 
 
$142,214,838
 
 
$32,145,711
Shares outstanding (unlimited number of shares authorized, no par value)
 
 
16,317,327
 
 
3,263,329
Net asset value (“NAV”) per share
 
 
$8.72
 
 
$9.85
Offering price per share (NAV/0.9775)(b)
 
 
$8.92
 
 
$9.85
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
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ANGEL OAK FUNDS TRUST
Statements of Assets and Liabilities
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Multi-Strategy
Income Fund(a)
 
 
UltraShort
Income Fund
Class C:
 
 
 
 
Net Assets
 
 
$21,894,681
 
 
$—
Shares outstanding (unlimited number of shares authorized, no par value)
 
 
2,545,458
 
 
—
NAV and offering price per share
 
 
$8.60
 
 
$—
Minimum redemption price per share (NAV*0.99)(c)
 
 
$8.51
 
 
$—
Institutional Class:
 
 
 
 
Net Assets
 
 
$2,337,046,130
 
 
$771,789,777
Shares outstanding (unlimited number of shares authorized, no par value)
 
 
269,033,240
 
 
78,359,834
NAV and offering price per share
 
 
$8.69
 
 
$9.85
Class A1:
 
 
 
 
Net Assets
 
 
$—
 
 
$9,069,949
Shares outstanding (unlimited number of shares authorized, no par value)
 
 
—
 
 
922,323
NAV per share
 
 
$—
 
 
$9.83
Offering price per share (NAV/0.985)(d)
 
 
$—
 
 
$9.98
Minimum redemption price per share (NAV*0.995)(e)
 
 
$—
 
 
$9.78
*Identified Cost:
 
 
 
 
Investments in unaffiliated securities
 
 
$2,772,279,448
 
 
$851,754,194
Investments in affiliated securities
 
 
​$32,460,315
 
 
—
 
 
 
 
 
 
 
(a)
Statement has been consolidated. See Note 1 in the Notes to Financial Statements for basis of consolidation.
(b)
Class A shares impose a maximum 2.25% sales charge on purchases. This fee is not charged to shareholders of the UltraShort Income Fund.
(c)
A contingent deferred sales charge (“CDSC”) of 1.00% may be charged.
(d)
Class A1 shares impose a maximum 1.50% sales charge on purchases.
(e)
A CDSC of 0.50% may be charged.
See accompanying notes which are an integral part of these financial statements.
 
152
 

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ANGEL OAK FUNDS TRUST
Statements of Assets and Liabilities
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
High Yield
Opportunities
ETF
 
 
Mortgage-Backed
Securities ETF
 
 
UltraShort
Income ETF
 
 
Income ETF
 
 
Total
Return ETF
Assets
 
 
 
 
 
 
 
 
 
 
Investments in securities at fair value*
 
 
$122,818,478
 
 
$163,169,789
 
 
$1,605,369,564
 
 
$1,420,886,160
 
 
$38,415,783
Dividends and interest receivable
 
 
2,321,991
 
 
527,257
 
 
7,135,732
 
 
8,206,392
 
 
242,308
Deposit at broker for swaps
 
 
—
 
 
—
 
 
—
 
 
3,373,044
 
 
—
Deposit at broker for futures
 
 
—
 
 
235,640
 
 
250,644
 
 
1,448,286
 
 
139,899
Receivable for investments
sold
 
 
—
 
 
4,893
 
 
126,722
 
 
—
 
 
331,495
Total assets
 
 
125,140,469
 
 
163,937,579
 
 
1,612,882,662
 
 
1,433,913,882
 
 
39,129,485
Liabilities
 
 
 
 
 
 
 
 
 
 
Payable for investments purchased
 
 
—
 
 
17,083,621
 
 
35,752,297
 
 
41,460,962
 
 
2,095,600
Payable for distributions to shareholders
 
 
709,200
 
 
692,915
 
 
5,977,782
 
 
6,720,891
 
 
147,043
Payable to Adviser
 
 
57,616
 
 
61,490
 
 
449,984
 
 
899,642
 
 
12,740
Net swap premiums received
 
 
—
 
 
—
 
 
—
 
 
1,528,099
 
 
—
Depreciation on swaps
 
 
—
 
 
—
 
 
—
 
 
645,202
 
 
—
Variation margin on futures contracts
 
 
—
 
 
—
 
 
—
 
 
376,015
 
 
29,451
Interest payable
 
 
—
 
 
—
 
 
590
 
 
—
 
 
—
Total liabilities
 
 
766,816
 
 
17,838,026
 
 
42,180,653
 
 
51,630,811
 
 
2,284,834
Net Assets
 
 
$124,373,653
 
 
$146,099,553
 
 
$1,570,702,009
 
 
$1,382,283,071
 
 
$36,844,651
Net Assets Consist of:
 
 
 
 
 
 
 
 
 
 
Paid-in capital
 
 
$131,604,738
 
 
$151,580,494
 
 
$1,572,933,346
 
 
$1,394,971,005
 
 
$37,791,446
Total distributable earnings (accumulated deficit)
 
 
(7,231,085)
 
 
(5,480,941)
 
 
(2,231,337)
 
 
(12,687,934)
 
 
(946,795)
Net Assets
 
 
$124,373,653
 
 
$146,099,553
 
 
$1,570,702,009
 
 
$1,382,283,071
 
 
$36,844,651
Shares outstanding (unlimited number of shares authorized, no par value)
 
 
11,360,384
 
 
17,206,336
 
 
30,824,000
 
 
67,160,000
 
 
760,000
Net asset value (“NAV”) and offering price per share
 
 
$10.95
 
 
$8.49
 
 
$50.96
 
 
$20.58
 
 
$48.48
*Identified Cost:
 
 
 
 
 
 
 
 
 
 
Investments in securities
 
 
$124,899,788
 
 
$165,766,985
 
 
$1,607,549,722
 
 
$1,431,317,145
 
 
$39,159,345
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
153
 

TABLE OF CONTENTS

ANGEL OAK FUNDS TRUST
Statements of Operations
For the Period Ended July 31, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
Multi-Strategy
Income Fund(a)
 
 
UltraShort
Income Fund
Investment Income
 
 
 
 
Interest
 
 
$80,397,535
 
 
$18,987,593
Dividends from unaffiliated investments
 
 
1,862,874
 
 
286,737
Swap income
 
 
723,102
 
 
—
Dividends from affiliated investments
 
 
468,988
 
 
—
Total investment income
 
 
$83,452,499
 
 
$19,274,330
Expenses
 
 
 
 
Investment Advisory (See Note 5)
 
 
11,176,124
 
 
1,774,565
Interest expense
 
 
2,794,328
 
 
—
Fund accounting
 
 
305,094
 
 
76,415
12b-1 - Class A
 
 
182,634
 
 
36,561
12b-1 - Class A1
 
 
—
 
 
1,567
12b-1 - Class C
 
 
118,127
 
 
—
Transfer agent
 
 
209,293
 
 
53,300
Administration
 
 
185,978
 
 
63,656
Legal
 
 
181,502
 
 
46,277
Trustee
 
 
101,141
 
 
42,206
Custodian
 
 
78,934
 
 
20,100
Audit & tax
 
 
69,202
 
 
19,913
Registration
 
 
61,745
 
 
42,564
Printing
 
 
53,855
 
 
8,415
Insurance
 
 
18,093
 
 
4,599
Compliance
 
 
7,822
 
 
7,822
Miscellaneous
 
 
40,701
 
 
11,035
Total Expenses
 
 
15,584,573
 
 
2,208,995
Fees contractually waived by Adviser (See Note 5)
 
 
(77,539)
 
 
(759,281)
Net Expenses
 
 
15,507,034
 
 
1,449,714
Net investment income (loss)
 
 
67,945,465
 
 
17,824,616
Realized and Unrealized Gain (Loss) on Investments
 
 
 
 
Net Realized gain (loss) on:
 
 
 
 
Unaffiliated Securities
 
 
(5,371,312)
 
 
107,742
Affiliated Securities
 
 
(96,673)
 
 
—
Futures Contracts
 
 
1,756,792
 
 
396,607
Swaps
 
 
(148,563)
 
 
—
Net change in unrealized appreciation/depreciation on:
 
 
 
 
Unaffiliated Investments
 
 
(16,750,016)
 
 
(3,009,033)
Affiliated Investments
 
 
559,756
 
 
—
Futures Contracts
 
 
(377,534)
 
 
67,991
Swaps
 
 
(1,042,705)
 
 
—
Net realized and unrealized gain (loss) on investments
 
 
(21,470,255)
 
 
(2,436,693)
Net increase (decrease) in net assets resulting from operations
 
 
$46,475,210
 
 
$15,387,923
 
 
 
 
 
 
 
(a)
Statement has been consolidated. See Note 1 in the Notes to Financial Statements for basis of consolidation.
See accompanying notes which are an integral part of these financial statements.
 
154
 

TABLE OF CONTENTS

ANGEL OAK FUNDS TRUST
Statements of Operations
For the Period Ended July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
High Yield
Opportunities
ETF
 
 
Mortgage-Backed
Securities ETF
 
 
UltraShort
Income ETF
 
 
Income ETF
 
 
Total
Return ETF
Investment Income
 
 
 
 
 
 
 
 
 
 
Interest
 
 
$4,366,937
 
 
$4,514,271
 
 
$33,730,377
 
 
$34,471,679
 
 
$696,631
Dividends
 
 
87,494
 
 
37,768
 
 
759,801
 
 
1,187,094
 
 
31,713
Swap income
 
 
—
 
 
—
 
 
—
 
 
232,661
 
 
—
Total investment income
 
 
4,454,431
 
 
4,552,039
 
 
34,490,178
 
 
35,891,434
 
 
728,344
Expenses
 
 
 
 
 
 
 
 
 
 
Investment Advisory
(See Note 5)
 
 
335,820
 
 
603,541
 
 
3,975,694
 
 
5,449,164
 
 
78,894
Interest expense
 
 
703
 
 
—
 
 
—
 
 
4,424
 
 
—
Total Expenses
 
 
336,523
 
 
603,541
 
 
3,975,694
 
 
5,453,588
 
 
78,894
Fees contractually waived by Adviser (See Note 5)
 
 
—
 
 
(229,193)
 
 
(1,517,992)
 
 
(1,100,841)
 
 
(20,058)
Net Expenses
 
 
336,523
 
 
374,348
 
 
2,457,702
 
 
4,352,747
 
 
58,836
Net investment income (loss)
 
 
4,117,908
 
 
4,177,691
 
 
32,032,476
 
 
31,538,687
 
 
669,508
Realized and Unrealized Gain (Loss) on Investments
 
 
 
 
Net Realized gain (loss) on:
 
 
 
 
 
 
 
 
 
 
Investments
 
 
(277,593)
 
 
311,976
 
 
277,870
 
 
(1,171,780)
 
 
(94,619)
Futures Contracts
 
 
—
 
 
(18,256)
 
 
409,609
 
 
(939,852)
 
 
(62,611)
Swaps
 
 
—
 
 
—
 
 
—
 
 
15,678
 
 
—
Net change in unrealized appreciation/depreciation on:
 
 
 
 
 
 
 
 
 
 
Investments
 
 
(1,670,723)
 
 
(4,475,571)
 
 
(5,304,608)
 
 
(16,962,287)
 
 
(694,762)
Futures Contracts
 
 
—
 
 
(278)
 
 
(44,896)
 
 
(705,404)
 
 
(44,858)
Swaps
 
 
—
 
 
—
 
 
—
 
 
(423,928)
 
 
—
Net realized and unrealized gain (loss) on investments
 
 
(1,948,316)
 
 
(4,182,129)
 
 
(4,662,025)
 
 
(20,187,573)
 
 
(896,850)
Net increase (decrease) in net assets resulting from operations
 
 
$2,169,592
 
 
$(4,438)
 
 
$27,370,451
 
 
$11,351,114
 
 
$(227,342)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
155
 

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Angel Oak Multi-Strategy Income Fund
Consolidated Statements of Changes in Net Assets(a)
 
 
 
 
 
 
 
 
 
For the
Period Ended
July 31, 2026
(Unaudited)
 
 
For the
Year Ended
January 31, 2026
Increase (Decrease) in Net Assets due to:
 
 
 
 
Operations
 
 
 
 
Net investment income (loss)
 
 
$67,945,465
 
 
$154,745,879
Net realized gain (loss) on investment transactions, futures contracts, and swaps
 
 
(3,859,756)
 
 
(66,997,317)
Net change in unrealized appreciation/depreciation on investments, futures contracts, and swaps
 
 
(17,610,499)
 
 
116,533,754
Net increase (decrease) in net assets resulting from operations
 
 
46,475,210
 
 
204,282,316
Distributions to Shareholders
 
 
 
 
Distributions, Class A
 
 
(3,625,041)
 
 
(8,289,576)
Distributions, Class C
 
 
(505,875)
 
 
(1,369,920)
Distributions, Institutional Class
 
 
(61,191,222)
 
 
(143,133,414)
Total distributions to shareholders
 
 
(65,322,138)
 
 
(152,792,910)
Capital Transactions - Class A
 
 
 
 
Proceeds from shares sold
 
 
12,904,012
 
 
62,754,859
Reinvestment of distributions
 
 
2,832,802
 
 
6,663,257
Amount paid for shares redeemed
 
 
(24,397,816)
 
 
(65,997,692)
Total Class A
 
 
(8,661,002)
 
 
3,420,424
Capital Transactions - Class C
 
 
 
 
Proceeds from shares sold
 
 
2,177,952
 
 
3,675,861
Reinvestment of distributions
 
 
373,093
 
 
1,006,130
Amount paid for shares redeemed
 
 
(5,526,685)
 
 
(13,541,604)
Total Class C
 
 
(2,975,640)
 
 
(8,859,613)
Capital Transactions - Institutional Class
 
 
 
 
Proceeds from shares sold
 
 
319,313,554
 
 
808,970,497
Reinvestment of distributions
 
 
38,768,652
 
 
89,058,467
Amount paid for shares redeemed
 
 
(468,959,720)
 
 
(1,093,132,345)
Total Institutional Class
 
 
(110,877,514)
 
 
(195,103,381)
Net increase (decrease) in net assets resulting from capital transactions
 
 
(122,514,156)
 
 
(200,542,570)
Total increase (decrease) in net assets
 
 
(141,361,084)
 
 
(149,053,164)
Net Assets
 
 
 
 
Beginning of year or period
 
 
2,642,516,733
 
 
2,791,569,897
End of year or period
 
 
$2,501,155,649
 
 
$2,642,516,733
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
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TABLE OF CONTENTS

Angel Oak Multi-Strategy Income Fund
Consolidated Statements of Changes in Net Assets(a)(Continued)
 
 
 
 
 
 
 
 
 
For the
Period Ended
July 31, 2026
(Unaudited)
 
 
For the
Year Ended
January 31, 2026
Share Transactions - Class A
 
 
 
 
Shares sold
 
 
1,470,301
 
 
7,206,067
Shares issued in reinvestment of distributions
 
 
322,968
 
 
763,607
Shares redeemed
 
 
(2,781,328)
 
 
(7,557,283)
Total Class A
 
 
(988,059)
 
 
412,391
Share Transactions - Class C
 
 
 
 
Shares sold
 
 
251,292
 
 
427,280
Shares issued in reinvestment of distributions
 
 
43,108
 
 
116,762
Shares redeemed
 
 
(638,707)
 
 
(1,573,131)
Total Class C
 
 
(344,307)
 
 
(1,029,089)
Share Transactions - Institutional Class
 
 
 
 
Shares sold
 
 
36,514,922
 
 
93,147,767
Shares issued in reinvestment of distributions
 
 
4,435,503
 
 
10,241,601
Shares redeemed
 
 
(53,511,991)
 
 
(125,874,596)
Total Institutional Class
 
 
(12,561,566)
 
 
(22,485,228)
Net increase (decrease) in share transactions
 
 
(13,893,932)
 
 
(23,101,926)
 
 
 
 
 
 
 
(a)
Statement has been consolidated. See Note 1 in the Notes to Financial Statements for basis of consolidation.
See accompanying notes which are an integral part of these financial statements.
 
157
 

TABLE OF CONTENTS

Angel Oak UltraShort Income Fund
Statements of Changes in Net Assets
 
 
 
 
 
 
 
 
 
For the
Period Ended
July 31, 2026
(Unaudited)
 
 
For the
Year Ended
January 31, 2026
Increase (Decrease) in Net Assets due to:
 
 
 
 
Operations
 
 
 
 
Net investment income (loss)
 
 
$17,824,616
 
 
$32,442,230
Net realized gain (loss) on investment transactions and futures contracts
 
 
504,349
 
 
499,116
Net change in unrealized appreciation/depreciation on investments and futures contracts
 
 
(2,941,042)
 
 
2,275,149
Net increase (decrease) in net assets resulting from operations
 
 
15,387,923
 
 
35,216,495
Distributions to Shareholders
 
 
 
 
Distributions, Class A
 
 
(620,649)
 
 
(1,249,317)
Distributions, Class A1
 
 
(27,448)
 
 
(55,608)
Distributions, Institutional Class
 
 
(17,449,506)
 
 
(31,937,501)
Total distributions to shareholders
 
 
(18,097,603)
 
 
(33,242,426)
Capital Transactions - Class A
 
 
 
 
Proceeds from shares sold
 
 
10,282,877
 
 
19,995,257
Reinvestment of distributions
 
 
609,928
 
 
1,203,358
Amount paid for shares redeemed
 
 
(7,026,885)
 
 
(18,336,611)
Total Class A
 
 
3,865,920
 
 
2,862,004
Capital Transactions - Class A1
 
 
 
 
Proceeds from shares sold
 
 
8,226,994
 
 
300,000
Reinvestment of distributions
 
 
22,012
 
 
42,345
Amount paid for shares redeemed
 
 
(48,701)
 
 
(602,201)
Total Class A1
 
 
8,200,305
 
 
(259,856)
Capital Transactions - Institutional Class
 
 
 
 
Proceeds from shares sold
 
 
203,828,811
 
 
551,026,177
Reinvestment of distributions
 
 
10,216,975
 
 
19,803,355
Amount paid for shares redeemed
 
 
(215,527,842)
 
 
(250,694,925)
Total Institutional Class
 
 
(1,482,056)
 
 
320,134,607
Net increase (decrease) in net assets resulting from capital transactions
 
 
10,584,169
 
 
322,736,755
Total increase (decrease) in net assets
 
 
7,874,489
 
 
324,710,824
Net Assets
 
 
 
 
Beginning of year or period
 
 
805,130,948
 
 
480,420,124
End of year or period
 
 
$813,005,437
 
 
$805,130,948
Share Transactions - Class A
 
 
 
 
Shares sold
 
 
1,042,725
 
 
2,026,014
Shares issued in reinvestment of distributions
 
 
61,843
 
 
121,910
Shares redeemed
 
 
(712,219)
 
 
(1,858,123)
Total Class A
 
 
392,349
 
 
289,801
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
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Angel Oak UltraShort Income Fund
Statements of Changes in Net Assets(Continued)
 
 
 
 
 
 
 
 
 
For the
Period Ended
July 31, 2026
(Unaudited)
 
 
For the
Year Ended
January 31, 2026
Share Transactions - Class A1
 
 
 
 
Shares sold
 
 
836,740
 
 
30,426
Shares issued in reinvestment of distributions
 
 
2,236
 
 
4,298
Shares redeemed
 
 
(4,944)
 
 
(61,077)
Total Class A1
 
 
834,032
 
 
(26,353)
Share Transactions - Institutional Class
 
 
 
 
Shares sold
 
 
20,665,252
 
 
55,827,004
Shares issued in reinvestment of distributions
 
 
1,035,919
 
 
2,006,364
Shares redeemed
 
 
(21,854,059)
 
 
(25,408,167)
Total Institutional Class
 
 
(152,888)
 
 
32,425,201
Net increase (decrease) in share transactions
 
 
1,073,493
 
 
32,688,649
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
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Angel Oak High Yield Opportunities ETF
Statements of Changes in Net Assets
 
 
 
 
 
 
 
 
 
For the
Period Ended
July 31, 2026
(Unaudited)
 
 
For the
Year Ended
January 31, 2026
Increase (Decrease) in Net Assets due to:
 
 
 
 
Operations
 
 
 
 
Net investment income (loss)
 
 
$4,117,908
 
 
$7,937,217
Net realized gain (loss) on investment transactions
 
 
(277,593)
 
 
(390,186)
Net change in unrealized appreciation/depreciation on investments
 
 
(1,670,723)
 
 
720,400
Net increase (decrease) in net assets resulting from operations
 
 
2,169,592
 
 
8,267,431
Distributions to Shareholders
 
 
 
 
Distributions
 
 
(4,133,190)
 
 
(7,969,058)
Capital Transactions
 
 
 
 
Proceeds from shares sold
 
 
14,365,197
 
 
26,952,891
Amount paid for shares redeemed
 
 
(10,762,875)
 
 
(20,185,400)
Net increase (decrease) in net assets resulting from capital transactions
 
 
3,602,322
 
 
6,767,491
Total increase (decrease) in net assets
 
 
1,638,724
 
 
7,065,864
Net Assets
 
 
 
 
Beginning of year or period
 
 
122,734,929
 
 
115,669,065
End of year or period
 
 
124,373,653
 
 
122,734,929
Share Transactions
 
 
 
 
Shares sold
 
 
1,300,000
 
 
2,425,000
Shares redeemed
 
 
(975,000)
 
 
(1,825,000)
Net increase (decrease) in share transactions
 
 
325,000
 
 
600,000
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
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Angel Oak Mortgage-Backed Securities ETF
Statements of Changes in Net Assets
 
 
 
 
 
 
 
 
 
For the
Period Ended
July 31, 2026
(Unaudited)
 
 
For the
Year Ended
January 31, 2026
Increase (Decrease) in Net Assets due to:
 
 
 
 
Operations
 
 
 
 
Net investment income (loss)
 
 
$4,177,691
 
 
$8,654,546
Net realized gain (loss) on investment transactions and futures contracts
 
 
293,720
 
 
1,554,762
Net change in unrealized appreciation/depreciation on investments and futures contracts
 
 
(4,475,849)
 
 
2,763,904
Net increase (decrease) in net assets resulting from operations
 
 
(4,438)
 
 
12,973,212
Distributions to Shareholders
 
 
 
 
Distributions
 
 
(4,253,135)
 
 
(8,685,546)
Capital Transactions
 
 
 
 
Proceeds from shares sold
 
 
10,700,775
 
 
56,855,352
Amount paid for shares redeemed
 
 
(28,947,820)
 
 
(64,136,602)
Net increase (decrease) in net assets resulting from capital transactions
 
 
(18,247,045)
 
 
(7,281,250)
Total increase (decrease) in net assets
 
 
(22,504,618)
 
 
(2,993,584)
Net Assets
 
 
 
 
Beginning of year or period
 
 
168,604,171
 
 
171,597,755
End of year or period
 
 
146,099,553
 
 
168,604,171
Share Transactions
 
 
 
 
Shares sold
 
 
1,225,000
 
 
6,550,000
Shares redeemed
 
 
(3,300,000)
 
 
(7,425,000)
Net increase (decrease) in share transactions
 
 
(2,075,000)
 
 
(875,000)
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
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Angel Oak UltraShort Income ETF
Statements of Changes in Net Assets
 
 
 
 
 
 
 
 
 
For the
Period Ended
July 31, 2026
(Unaudited)
 
 
For the
Year Ended
January 31, 2026
Increase (Decrease) in Net Assets due to:
 
 
 
 
Operations
 
 
 
 
Net investment income (loss)
 
 
$32,032,476
 
 
$50,383,067
Net realized gain (loss) on investment transactions and futures contracts
 
 
687,479
 
 
717,445
Net change in unrealized appreciation/depreciation on investments and futures contracts
 
 
(5,349,504)
 
 
986,895
Net increase (decrease) in net assets resulting from operations
 
 
27,370,451
 
 
52,087,407
Distributions to Shareholders
 
 
 
 
Distributions
 
 
(32,932,332)
 
 
(51,322,432)
Capital Transactions
 
 
 
 
Proceeds from shares sold
 
 
276,625,165
 
 
581,190,440
Amount paid for shares redeemed
 
 
(15,935,755)
 
 
—
Transaction fees
 
 
65,534
 
 
61,320
Net increase (decrease) in net assets resulting from capital transactions
 
 
260,754,944
 
 
581,251,760
Total increase (decrease) in net assets
 
 
255,193,063
 
 
582,016,735
Net Assets
 
 
 
 
Beginning of year or period
 
 
1,315,508,946
 
 
733,492,211
End of year or period
 
 
1,570,702,009
 
 
1,315,508,946
Share Transactions
 
 
 
 
Shares sold
 
 
5,412,000
 
 
11,360,000
Shares redeemed
 
 
(312,000)
 
 
—
Net increase (decrease) in share transactions
 
 
5,100,000
 
 
11,360,000
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
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Angel Oak Income ETF
Statements of Changes in Net Assets
 
 
 
 
 
 
 
 
 
For the
Period Ended
July 31, 2026
(Unaudited)
 
 
For the
Year Ended
January 31, 2026
Increase (Decrease) in Net Assets due to:
 
 
 
 
Operations
 
 
 
 
Net investment income (loss)
 
 
$31,538,687
 
 
$34,448,068
Net realized gain (loss) on investment transactions, futures contracts, and swaps
 
 
(2,095,954)
 
 
2,626,285
Net change in unrealized appreciation/depreciation on investments, futures contracts, and swaps
 
 
(18,091,619)
 
 
6,392,674
Net increase (decrease) in net assets resulting from operations
 
 
11,351,114
 
 
43,467,027
Distributions to Shareholders
 
 
 
 
Distributions
 
 
(31,562,996)
 
 
(35,899,563)
Capital Transactions
 
 
 
 
Proceeds from shares sold
 
 
574,461,208
 
 
492,922,256
Amount paid for shares redeemed
 
 
—
 
 
(40,747,932)
Transaction fees
 
 
114,892
 
 
72,634
Net increase (decrease) in net assets resulting from capital transactions
 
 
574,576,100
 
 
452,246,958
Total increase (decrease) in net assets
 
 
554,364,218
 
 
459,814,422
Net Assets
 
 
 
 
Beginning of year or period
 
 
827,918,853
 
 
368,104,431
End of year or period
 
 
1,382,283,071
 
 
827,918,853
Share Transactions
 
 
 
 
Shares sold
 
 
27,540,000
 
 
23,680,000
Shares redeemed
 
 
—
 
 
(1,950,000)
Net increase (decrease) in share transactions
 
 
27,540,000
 
 
21,730,000
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
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Angel Oak Total Return ETF
Statements of Changes in Net Assets
 
 
 
 
 
 
 
 
 
For the
Period Ended
July 31, 2026
(Unaudited)
 
 
For the
Period Ended
January 31, 2026(a)
Increase (Decrease) in Net Assets due to:
 
 
 
 
Operations
 
 
 
 
Net investment income (loss)
 
 
$669,508
 
 
$272,400
Net realized gain (loss) on investment transactions and futures contracts
 
 
(157,230)
 
 
25,963
Net change in unrealized appreciation/depreciation on investments and futures contracts
 
 
(739,620)
 
 
(51,238)
Net increase (decrease) in net assets resulting from operations
 
 
(227,342)
 
 
247,125
Distributions to Shareholders
 
 
 
 
Distributions
 
 
(679,631)
 
 
(286,947)
Capital Transactions
 
 
 
 
Proceeds from shares sold
 
 
16,772,966
 
 
21,018,480
Net increase (decrease) in net assets resulting from capital transactions
 
 
16,772,966
 
 
21,018,480
Total increase (decrease) in net assets
 
 
15,865,993
 
 
20,978,658
Net Assets
 
 
 
 
Beginning of Period
 
 
20,978,658
 
 
—
End of Period
 
 
36,844,651
 
 
20,978,658
Share Transactions
 
 
 
 
Shares sold
 
 
340,000
 
 
420,000
Net increase (decrease) in share transactions
 
 
340,000
 
 
420,000
 
 
 
 
 
 
 
(a)
Fund commenced operations on October 6, 2025.
See accompanying notes which are an integral part of these financial statements.
 
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ANGEL OAK MULTI-STRATEGY INCOME FUND - CLASS A
CONSOLIDATED FINANCIAL HIGHLIGHTS(a)
(For a share outstanding during each year or period)
 
 
 
 
 
 
 
 
 
For the
Period Ended
July 31, 2026
(Unaudited)
 
 
For the Year Ended January 31,
 
 
2026
 
 
2025
 
 
2024
 
 
2023
 
 
2022
SELECTED PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year or period
 
 
$8.78
 
 
$8.62
 
 
$8.51
 
 
$8.63
 
 
$10.24
 
 
$10.43
INCOME FROM INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
0.23
 
 
0.48
 
 
0.51
 
 
0.49
 
 
0.48
 
 
0.47
Net realized and unrealized gain (loss) on investments(b)
 
 
(0.07)
 
 
0.15
 
 
0.10
 
 
(0.13)
 
 
(1.62)
 
 
(0.19)
Total from investment operations
 
 
0.16
 
 
0.63
 
 
0.61
 
 
0.36
 
 
(1.14)
 
 
0.28
LESS DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
 
 
 
 
From net investment income
 
 
(0.22)
 
 
(0.47)
 
 
(0.50)
 
 
(0.48)
 
 
(0.47)
 
 
(0.47)
Total distributions
 
 
(0.22)
 
 
(0.47)
 
 
(0.50)
 
 
(0.48)
 
 
(0.47)
 
 
(0.47)
Net asset value, end of year or period
 
 
$8.72
 
 
$8.78
 
 
$8.62
 
 
$8.51
 
 
$8.63
 
 
$10.24
Total return(c)(d)
 
 
1.79%
 
 
7.44%
 
 
7.36%
 
 
4.38%
 
 
−11.28%
 
 
2.71%
RATIOS AND SUPPLEMENTAL DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net assets, end of year or period (000’s omitted)
 
 
$142,215
 
 
$152,007
 
 
$145,599
 
 
$133,198
 
 
$150,450
 
 
$335,439
Ratio of expenses to average net assets before waiver and reimbursement/recoupment(e)
 
 
1.46%
 
 
1.56%
 
 
1.64%
 
 
2.13%
 
 
1.79%
 
 
1.29%
Ratio of expenses to average net assets before waiver and reimbursement/recoupment excluding interest expense(e)
 
 
1.24%
 
 
1.23%
 
 
1.26%
 
 
1.26%
 
 
1.23%
 
 
1.20%
Ratio of expenses to average net assets after waiver and reimbursement/recoupment(e)
 
 
1.46%
 
 
1.56%
 
 
1.62%
 
 
2.11%
 
 
1.77%
 
 
1.28%
Ratio of expenses to average net assets after waiver and reimbursement/recoupment excluding interest expense(e)
 
 
1.24%
 
 
1.23%
 
 
1.24%
 
 
1.24%
 
 
1.21%
 
 
1.19%
Ratio of net investment income (loss) to average net assets before waiver and reimbursement/
recoupment(e)
 
 
5.19%
 
 
5.44%
 
 
5.90%
 
 
5.78%
 
 
4.83%
 
 
4.42%
Ratio of net investment income (loss) to average net assets after waiver and reimbursement/
recoupment(e)
 
 
5.19%
 
 
5.44%
 
 
5.92%
 
 
5.80%
 
 
4.85%
 
 
4.43%
Portfolio turnover rate(d)(f)
 
 
27%
 
 
75%
 
 
60%
 
 
32%
 
 
14%
 
 
56%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Financial Highlights have been consolidated. See Note 1 in the Notes to Financial Statements for basis of consolidation.
(b)
Net realized and unrealized gain (loss) per share may include balancing amounts necessary to reconcile the change in net asset value per share for the year or period, and may not reconcile with the aggregate gain/(loss) in the Statements of Operations due to share transactions for the year or period.
(c)
Total return does not include the effect of sales charges.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
See accompanying notes which are an integral part of these financial statements.
 
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ANGEL OAK MULTI-STRATEGY INCOME FUND - CLASS C
CONSOLIDATED FINANCIAL HIGHLIGHTS(a)
(For a share outstanding during each year or period)
 
 
 
 
 
 
 
 
 
For the
Period Ended
July 31, 2026
(Unaudited)
 
 
For the Year Ended January 31,
 
 
2026
 
 
2025
 
 
2024
 
 
2023
 
 
2022
SELECTED PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year or period
 
 
$8.67
 
 
$8.52
 
 
$8.41
 
 
$8.54
 
 
$10.13
 
 
$10.34
INCOME FROM INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
0.19
 
 
​0.41
 
 
0.44
 
 
0.43
 
 
0.39
 
 
0.38
Net realized and unrealized gain (loss) on investments(b)
 
 
(0.08)
 
 
​0.14
 
 
0.11
 
 
(0.14)
 
 
(1.58)
 
 
(0.20)
Total from investment operations
 
 
0.11
 
 
0.55
 
 
0.55
 
 
0.29
 
 
(1.19)
 
 
0.18
LESS DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
 
 
 
 
From net investment income
 
 
(0.18)
 
 
​(0.40)
 
 
(0.44)
 
 
(0.42)
 
 
(0.40)
 
 
(0.39)
Total distributions
 
 
(0.18)
 
 
​(0.40)
 
 
(0.44)
 
 
(0.42)
 
 
(0.40)
 
 
(0.39)
Net asset value, end of year or period
 
 
$8.60
 
 
$8.67
 
 
$8.52
 
 
$8.41
 
 
$8.54
 
 
$10.13
Total return(c)(d)
 
 
1.33%
 
 
6.62%
 
 
6.66%
 
 
3.51%
 
 
−11.88%
 
 
1.78%
RATIOS AND SUPPLEMENTAL DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net assets, end of year or period (000’s omitted)
 
 
$21,895
 
 
$25,061
 
 
$33,373
 
 
$33,868
 
 
$46,512
 
 
$71,445
Ratio of expenses to average net assets before waiver and reimbursement/recoupment(e)
 
 
2.21%
 
 
2.31%
 
 
2.39%
 
 
2.88%
 
 
2.54%
 
 
2.04%
Ratio of expenses to average net assets before waiver and reimbursement/recoupment excluding interest expense(e)
 
 
1.99%
 
 
1.98%
 
 
2.01%
 
 
2.01%
 
 
1.98%
 
 
1.95%
Ratio of expenses to average net assets after waiver and reimbursement/recoupment(e)
 
 
2.21%
 
 
2.31%
 
 
2.37%
 
 
2.86%
 
 
2.52%
 
 
2.03%
Ratio of expenses to average net assets after waiver and reimbursement/recoupment excluding interest expense(e)
 
 
1.99%
 
 
1.98%
 
 
1.99%
 
 
1.99%
 
 
1.96%
 
 
1.94%
Ratio of net investment income (loss) to average net assets before waiver and reimbursement/
recoupment(e)
 
 
4.41%
 
 
4.69%
 
 
5.15%
 
 
5.03%
 
 
4.17%
 
 
3.69%
Ratio of net investment income (loss) to average net assets after waiver and reimbursement/
recoupment(e)
 
 
4.41%
 
 
4.69%
 
 
5.17%
 
 
5.05%
 
 
4.19%
 
 
3.70%
Portfolio turnover rate(d)(f)
 
 
27%
 
 
75%
 
 
60%
 
 
32%
 
 
14%
 
 
56%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Financial Highlights have been consolidated. See Note 1 in the Notes to Financial Statements for basis of consolidation.
(b)
Net realized and unrealized gain (loss) per share may include balancing amounts necessary to reconcile the change in net asset value per share for the year or period, and may not reconcile with the aggregate gain/(loss) in the Statements of Operations due to share transactions for the year or period.
(c)
Total return does not include the effect of sales charges.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
See accompanying notes which are an integral part of these financial statements.
 
166
 

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ANGEL OAK MULTI-STRATEGY INCOME FUND - INSTITUTIONAL CLASS
CONSOLIDATED FINANCIAL HIGHLIGHTS(a)
(For a share outstanding during each year or period)
 
 
 
 
 
 
 
 
 
For the
Period Ended
July 31, 2026
(Unaudited)
 
 
For the Year Ended January 31,
 
 
2026
 
 
2025
 
 
2024
 
 
2023
 
 
2022
SELECTED PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year or period
 
 
$8.76
 
 
$8.59
 
 
$8.48
 
 
$8.61
 
 
$10.21
 
 
$10.41
INCOME FROM INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
0.24
 
 
0.50
 
 
0.53
 
 
0.51
 
 
0.49
 
 
0.49
Net realized and unrealized gain (loss) on investments(b)
 
 
(0.08)
 
 
0.16
 
 
0.10
 
 
(0.14)
 
 
(1.59)
 
 
(0.19)
Total from investment operations
 
 
0.16
 
 
0.66
 
 
0.63
 
 
0.37
 
 
(1.10)
 
 
0.30
LESS DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
 
 
 
 
From net investment income
 
 
(0.23)
 
 
(0.49)
 
 
(0.52)
 
 
(0.50)
 
 
(0.50)
 
 
(0.50)
Total distributions
 
 
(0.23)
 
 
(0.49)
 
 
(0.52)
 
 
(0.50)
 
 
(0.50)
 
 
(0.50)
Net asset value, end of year or period
 
 
$8.69
 
 
$8.76
 
 
$8.59
 
 
$8.48
 
 
$8.61
 
 
$10.21
Total return(c)
 
 
1.80%
 
 
7.85%
 
 
7.65%
 
 
4.54%
 
 
−10.98%
 
 
2.87%
RATIOS AND SUPPLEMENTAL DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net assets, end of year or period
(000’s omitted)
 
 
$2,337,046
 
 
​$2,465,448
 
 
$2,612,598
 
 
$2,533,096
 
 
$2,793,964
 
 
$6,820,115
Ratio of expenses to average net assets before waiver and reimbursement/
recoupment(d)
 
 
1.21%
 
 
1.31%
 
 
1.39%
 
 
1.88%
 
 
1.54%
 
 
1.04%
Ratio of expenses to average net assets before waiver and reimbursement/
recoupment excluding interest expense(d)
 
 
0.99%
 
 
0.98%
 
 
1.01%
 
 
1.01%
 
 
0.98%
 
 
0.95%
Ratio of expenses to average net assets after waiver and reimbursement/
recoupment(d)
 
 
1.21%
 
 
1.31%
 
 
1.37%
 
 
1.86%
 
 
1.52%
 
 
1.03%
Ratio of expenses to average net assets after waiver and reimbursement/
recoupment excluding interest expense(d)
 
 
0.99%
 
 
0.98%
 
 
0.99%
 
 
0.99%
 
 
0.96%
 
 
0.94%
Ratio of net investment income (loss) to average net assets before waiver and reimbursement/recoupment(d)
 
 
5.43%
 
 
5.69%
 
 
6.15%
 
 
6.01%
 
 
5.03%
 
 
4.69%
Ratio of net investment income (loss) to average net assets after waiver and reimbursement/recoupment(d)
 
 
5.43%
 
 
5.69%
 
 
6.17%
 
 
6.03%
 
 
5.05%
 
 
4.70%
Portfolio turnover rate(c)(e)
 
 
27%
 
 
75%
 
 
60%
 
 
32%
 
 
14%
 
 
56%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Financial Highlights have been consolidated. See Note 1 in the Notes to Financial Statements for basis of consolidation.
(b)
Net realized and unrealized gain (loss) per share may include balancing amounts necessary to reconcile the change in net asset value per share for the year or period, and may not reconcile with the aggregate gain/(loss) in the Statements of Operations due to share transactions for the year or period.
(c)
Not annualized for periods less than one year.
(d)
Annualized for periods less than one year.
(e)
Portfolio turnover rate excludes in-kind transactions.
See accompanying notes which are an integral part of these financial statements.
 
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ANGEL OAK ULTRASHORT INCOME FUND - CLASS A
FINANCIAL HIGHLIGHTS
(For a share outstanding during each year or period)
 
 
 
 
 
 
 
 
 
For the
Period Ended
July 31, 2026
(Unaudited)
 
 
For the Year Ended January 31,
 
 
2026
 
 
2025
 
 
2024
 
 
2023
 
 
2022
SELECTED PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year or period
 
 
$9.88
 
 
$9.85
 
 
$9.74
 
 
$9.56
 
 
$10.00
 
 
$10.08
INCOME FROM INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
0.23
 
 
0.47
 
 
0.49
 
 
0.36
 
 
0.12
 
 
0.08
Net realized and unrealized gain (loss) on investments(a)
 
 
(0.05)
 
 
0.02
 
 
0.12
 
 
0.24
 
 
(0.36)
 
 
(0.05)
Total from investment operations
 
 
0.18
 
 
0.49
 
 
0.61
 
 
0.60
 
 
(0.24)
 
 
0.03
LESS DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
 
 
 
 
From net investment income
 
 
(0.21)
 
 
(0.46)
 
 
(0.50)
 
 
(0.42)
 
 
(0.20)
 
 
(0.11)
Total distributions
 
 
(0.21)
 
 
(0.46)
 
 
(0.50)
 
 
(0.42)
 
 
(0.20)
 
 
(0.11)
Net asset value, end of year or period
 
 
$9.85
 
 
$9.88
 
 
$9.85
 
 
$9.74
 
 
$9.56
 
 
$10.00
Total return(b)
 
 
1.81%
 
 
5.13%
 
 
6.39%
 
 
6.36%
 
 
−2.42%
 
 
0.27%
RATIOS AND SUPPLEMENTAL DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net assets, end of year or period (000’s omitted)
 
 
$32,146
 
 
$28,375
 
 
$25,425
 
 
$25,439
 
 
$39,536
 
 
$171,328
Ratio of expenses to average net assets before waiver and reimbursement/recoupment(c)
 
 
0.79%
 
 
0.80%
 
 
0.84%
 
 
0.84%
 
 
0.79%
 
 
0.78%
Ratio of expenses to average net assets after waiver and reimbursement/recoupment(c)
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.56%
Ratio of net investment income (loss) to average net assets before waiver and reimbursement/
recoupment(c)
 
 
3.99%
 
 
4.39%
 
 
4.78%
 
 
4.01%
 
 
1.51%
 
 
0.56%
Ratio of net investment income (loss) to average net assets after waiver and reimbursement/
recoupment(c)
 
 
4.18%
 
 
4.59%
 
 
5.02%
 
 
4.25%
 
 
1.70%
 
 
0.78%
Portfolio turnover rate(b)
 
 
37%
 
 
76%
 
 
92%
 
 
46%
 
 
31%
 
 
92%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net realized and unrealized gain (loss) per share includes balancing amounts necessary to reconcile the change in net asset value per share for the year or period, and may not reconcile with the aggregate gain/(loss) in the Statements of Operations due to share transactions for the year or period.
(b)
Not annualized for periods less than one year.
(c)
Annualized for periods less than one year.
See accompanying notes which are an integral part of these financial statements.
 
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ANGEL OAK ULTRASHORT INCOME FUND - CLASS A1
FINANCIAL HIGHLIGHTS
(For a share outstanding during each year or period)
 
 
 
 
 
 
 
 
 
For the
Period Ended
July 31, 2026
(Unaudited)
 
 
For the Year or Period Ended January 31,
 
 
2026
 
 
2025
 
 
2024
 
 
2023(a)
SELECTED PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year or period
 
 
$9.86
 
 
$9.83
 
 
$9.72
 
 
$9.55
 
 
$9.70
INCOME FROM INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
0.23
 
 
0.44
 
 
0.50
 
 
0.42
 
 
0.13
Net realized and unrealized gain (loss) on investments(b)
 
 
(0.06)
 
 
0.05
 
 
0.11
 
 
0.17
 
 
(0.14)
Total from investment operations
 
 
0.17
 
 
0.49
 
 
0.61
 
 
0.59
 
 
(0.01)
LESS DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
 
 
From net investment income
 
 
(0.20)
 
 
(0.46)
 
 
(0.50)
 
 
(0.42)
 
 
(0.14)
Total distributions
 
 
(0.20)
 
 
(0.46)
 
 
(0.50)
 
 
(0.42)
 
 
(0.14)
Net asset value, end of year or period
 
 
$9.83
 
 
$9.86
 
 
$9.83
 
 
$9.72
 
 
$9.55
Total return(c)(d)
 
 
1.79%
 
 
5.14%
 
 
6.40%
 
 
6.27%
 
 
−0.25%
RATIOS AND SUPPLEMENTAL DATA:
 
 
 
 
 
 
 
 
 
 
Net assets, end of year or period (000’s omitted)
 
 
$9,070
 
 
$871
 
 
$1,127
 
 
$546
 
 
$513
Ratio of expenses to average net assets before waiver and reimbursement/recoupment(e)
 
 
0.79%
 
 
0.80%
 
 
0.84%
 
 
0.84%
 
 
0.79%
Ratio of expenses to average net assets after waiver and reimbursement/recoupment(e)
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
Ratio of net investment income (loss) to average net assets before waiver and reimbursement/recoupment(e)
 
 
4.07%
 
 
4.37%
 
 
4.81%
 
 
4.08%
 
 
2.32%
Ratio of net investment income (loss) to average net assets after waiver and reimbursement/recoupment(e)
 
 
4.26%
 
 
4.57%
 
 
5.05%
 
 
4.32%
 
 
2.51%
Portfolio turnover rate(d)
 
 
37%
 
 
76%
 
 
92%
 
 
46%
 
 
31%(f)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Class commenced operations on July 22, 2022.
(b)
Net realized and unrealized gain (loss) per share may include balancing amounts necessary to reconcile the change in net asset value per share for the year or period, and may not reconcile with the aggregate gain/(loss) in the Statements of Operations due to share transactions for the year or period.
(c)
Total return does not include the effect of sales charges.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Figure presented represents turnover for the Fund as a whole for the entire fiscal period.
See accompanying notes which are an integral part of these financial statements.
 
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ANGEL OAK ULTRASHORT INCOME FUND - INSTITUTIONAL CLASS
FINANCIAL HIGHLIGHTS
(For a share outstanding during each year or period)
 
 
 
 
 
 
 
 
 
For the
Period Ended
July 31, 2026
(Unaudited)
 
 
For the Year Ended January 31,
 
 
2026
 
 
2025
 
 
2024
 
 
2023
 
 
2022
SELECTED PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year or period
 
 
$9.88
 
 
$9.85
 
 
$9.74
 
 
$9.56
 
 
$10.01
 
 
$10.09
INCOME FROM INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
0.22
 
 
0.52
 
 
0.52
 
 
0.40
 
 
0.19
 
 
0.11
Net realized and unrealized gain (loss) on investments(a)
 
 
(0.03)
 
 
—(b)
 
 
0.11
 
 
0.22
 
 
(0.41)
 
 
(0.06)
Total from investment operations
 
 
0.19
 
 
0.52
 
 
0.63
 
 
0.62
 
 
(0.22)
 
 
0.05
LESS DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
 
 
 
 
From net investment income
 
 
(0.22)
 
 
(0.49)
 
 
(0.52)
 
 
(0.44)
 
 
(0.23)
 
 
(0.13)
Total distributions
 
 
(0.22)
 
 
(0.49)
 
 
(0.52)
 
 
(0.44)
 
 
(0.23)
 
 
(0.13)
Net asset value, end of year or period
 
 
$9.85
 
 
$9.88
 
 
$9.85
 
 
$9.74
 
 
$9.56
 
 
$10.01
Total return(c)
 
 
1.94%
 
 
5.39%
 
 
6.66%
 
 
6.64%
 
 
−2.24%
 
 
0.51%
RATIOS AND SUPPLEMENTAL DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net assets, end of year (000’s omitted)
 
 
$771,790
 
 
$775,887
 
 
$453,868
 
 
$428,899
 
 
$653,848
 
 
$1,492,542
Ratio of expenses to average net assets before waiver and reimbursement/recoupment(d)
 
 
0.54%
 
 
0.55%
 
 
0.59%
 
 
0.59%
 
 
0.54%
 
 
0.53%
Ratio of expenses to average net assets after waiver and reimbursement/recoupment(d)
 
 
0.35%
 
 
0.35%
 
 
0.35%
 
 
0.35%
 
 
0.35%
 
 
0.31%
Ratio of net investment income (loss) to average net assets before waiver and reimbursement/
recoupment(d)
 
 
4.24%
 
 
4.63%
 
 
5.03%
 
 
4.27%
 
 
1.82%
 
 
0.82%
Ratio of net investment income (loss) to average net assets after waiver and reimbursement/
recoupment(d)
 
 
4.43%
 
 
4.83%
 
 
5.27%
 
 
4.51%
 
 
2.01%
 
 
1.04%
Portfolio turnover rate(c)
 
 
37%
 
 
76%
 
 
92%
 
 
46%
 
 
31%
 
 
92%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net realized and unrealized gain (loss) per share includes balancing amounts necessary to reconcile the change in net asset value per share for the year or period, and may not reconcile with the aggregate gain/(loss) in the Statements of Operations due to share transactions for the year or period.
(b)
Less than $0.005.
(c)
Not annualized for periods less than one year.
(d)
Annualized for periods less than one year.
See accompanying notes which are an integral part of these financial statements.
 
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ANGEL OAK HIGH YIELD OPPORTUNITIES ETF
FINANCIAL HIGHLIGHTS(a)
(For a share outstanding during each year or period)
 
 
 
 
 
 
 
 
 
For the
Period Ended
July 31, 2026
(Unaudited)
 
 
For the Year Ended January 31,
 
 
2026
 
 
2025
 
 
2024
 
 
2023
 
 
2022
SELECTED PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year or period
 
 
$11.12
 
 
$11.08
 
 
$10.85
 
 
$10.58
 
 
$11.54
 
 
$11.73
INCOME FROM INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
0.37(b)
 
 
0.73(b)
 
 
0.72(b)
 
 
0.72
 
 
0.60
 
 
0.60
Net realized and unrealized gain (loss) on investments(c)
 
 
(0.17)
 
 
0.04
 
 
0.22
 
 
0.27
 
 
(0.95)
 
 
(0.18)
Total from investment operations
 
 
0.20
 
 
0.77
 
 
0.94
 
 
0.99
 
 
(0.35)
 
 
0.42
LESS DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
 
 
 
 
From net investment income
 
 
(0.37)
 
 
(0.73)
 
 
(0.71)
 
 
(0.72)
 
 
(0.61)
 
 
(0.61)
Total distributions
 
 
(0.37)
 
 
(0.73)
 
 
(0.71)
 
 
(0.72)
 
 
(0.61)
 
 
(0.61)
Net asset value, end of year or period
 
 
$10.95
 
 
$11.12
 
 
$11.08
 
 
$10.85
 
 
$10.58
 
 
$11.54
Total return on net asset value(d)(e)
 
 
1.80%
 
 
7.14%
 
 
9.00%
 
 
9.77%
 
 
−2.89%
 
 
3.62%
Total return on market value(d)(f)
 
 
1.69%
 
 
7.30%
 
 
9.04%
 
 
N/A
 
 
N/A
 
 
N/A
RATIOS AND SUPPLEMENTAL DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net assets, end of year or period (000’s omitted)
 
 
$124,374
 
 
$122,735
 
 
$115,669
 
 
$72,035
 
 
$59,694
 
 
$69,503
Ratio of expenses to average net assets before waiver and reimbursement/recoupment(g)
 
 
0.55%
 
 
0.55%
 
 
0.58%
 
 
0.93%
 
 
0.98%
 
 
0.89%
Ratio of expenses to average net assets after waiver and reimbursement/recoupment(g)
 
 
0.55%
 
 
0.55%
 
 
0.55%
 
 
0.55%
 
 
0.64%
 
 
0.65%
Ratio of net investment income (loss) to average net assets before waiver and reimbursement/
recoupment(g)
 
 
6.74%
 
 
6.56%
 
 
6.55%
 
 
6.48%
 
 
5.30%
 
 
4.86%
Ratio of net investment income (loss) to average net assets after waiver and reimbursement/
recoupment(g)
 
 
6.74%
 
 
6.56%
 
 
6.58%
 
 
6.86%
 
 
5.64%
 
 
5.10%
Portfolio turnover rate(d)(h)
 
 
29%
 
 
58%
 
 
37%
 
 
20%
 
 
33%
 
 
38%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Effective as of the close of business on February 16, 2024, the Angel Oak High Yield Opportunities Fund was reorganized into the Angel Oak High Yield Opportunities ETF pursuant to an Agreement and Plan of Reorganization. The Angel Oak High Yield Opportunities Fund’s performance and financial history, inclusive of expense limitations, has been adopted by the Angel Oak High Yield Opportunities ETF and will be used going forward. As a result, the information prior to February 16, 2024, reflects that of the Angel Oak High Yield Opportunities Fund’s Institutional Shares inclusive of expense limitations. See Note 1.
(b)
Net investment income/(loss) per share has been calculated based on average shares outstanding during the year or period.
(c)
Net realized and unrealized gain (loss) per share includes balancing amounts necessary to reconcile the change in net asset value per share for the year or period, and may not reconcile with the aggregate gain/(loss) in the Statements of Operations due to share transactions for the year or period.
(d)
Not annualized for periods less than one year.
(e)
Total return on net asset value is computed based upon the net asset value of common stock on the first business day and the closing net asset value on the last business day of the year or period. Dividends and distributions are assumed to be reinvested.
(f)
Total return on market value is computed based upon the Nasdaq Stock Exchange market price of the Fund’s shares and excludes the effect of brokerage commissions. Dividends and distributions are assumed to be reinvested.
(g)
Annualized for periods less than one year.
(h)
Portfolio turnover rate excludes in-kind transactions.
See accompanying notes which are an integral part of these financial statements.
 
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ANGEL OAK MORTGAGE-BACKED SECURITIES ETF
FINANCIAL HIGHLIGHTS(a)
(For a share outstanding during each year or period)
 
 
 
 
 
 
 
 
 
For the
Period Ended
July 31, 2026
(Unaudited)
 
 
For the Year or Period Ended January 31,
 
 
2026
 
 
2025
 
 
2024
 
 
2023
 
 
2022(b)
SELECTED PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year or period
 
 
$8.74
 
 
$8.51
 
 
$8.51
 
 
$8.71
 
 
$9.77
 
 
$10.00
INCOME FROM INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
0.24(c)
 
 
0.46(c)
 
 
0.45(c)
 
 
0.38
 
 
0.24
 
 
0.09
Net realized and unrealized gain (loss) on investments(d)
 
 
(0.25)
 
 
0.24
 
 
(0.04)
 
 
(0.20)
 
 
(1.05)
 
 
(0.22)
Total from investment operations
 
 
(0.01)
 
 
0.70
 
 
0.41
 
 
0.18
 
 
(0.81)
 
 
(0.13)
LESS DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
 
 
 
 
From net investment income
 
 
(0.24)
 
 
(0.47)
 
 
(0.41)
 
 
(0.38)
 
 
(0.25)
 
 
(0.10)
Total distributions
 
 
(0.24)
 
 
(0.47)
 
 
(0.41)
 
 
(0.38)
 
 
(0.25)
 
 
(0.10)
Net asset value, end of year or period
 
 
$8.49
 
 
$8.74
 
 
$8.51
 
 
$8.51
 
 
$8.71
 
 
$9.77
Total return on net asset value(e)(f)
 
 
−0.15%
 
 
8.41%
 
 
4.98%
 
 
2.24%
 
 
−8.32%
 
 
−1.28%
Total return on market value(e)(g)
 
 
−0.23%
 
 
8.27%
 
 
5.17%
 
 
N/A
 
 
N/A
 
 
N/A
RATIOS AND SUPPLEMENTAL DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net assets, end of year or period (000’s omitted)
 
 
$146,100
 
 
$168,604
 
 
$171,598
 
 
$30,919
 
 
$34,786
 
 
$39,133
Ratio of expenses to average net assets before waiver and reimbursement/recoupment(h)
 
 
0.79%
 
 
0.79%
 
 
0.82%
 
 
1.10%
 
 
1.17%
 
 
0.97%
Ratio of expenses to average net assets after waiver and reimbursement/recoupment(h)
 
 
0.49%
 
 
0.49%
 
 
0.49%
 
 
0.44%
 
 
0.58%
 
 
0.59%
Ratio of net investment income (loss) to average net assets before waiver and reimbursement/
recoupment(h)
 
 
5.17%
 
 
4.99%
 
 
4.91%
 
 
3.87%
 
 
2.08%
 
 
1.06%
Ratio of net investment income (loss) to average net assets after waiver and reimbursement/
recoupment(h)
 
 
5.47%
 
 
5.29%
 
 
5.24%
 
 
4.53%
 
 
2.67%
 
 
1.44%
Portfolio turnover rate(e)(i)
 
 
46%
 
 
97%
 
 
113%
 
 
60%
 
 
53%
 
 
22%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Effective as of the close of business on February 16, 2024, the Angel Oak Total Return Bond Fund was reorganized into the Angel Oak Mortgage-Backed Securities ETF pursuant to an Agreement and Plan of Reorganization. The Angel Oak Total Return Bond Fund’s performance and financial history, inclusive of expense limitations, has been adopted by the Angel Oak Mortgage-Backed Securities ETF and will be used going forward. As a result, the information prior to February 16, 2024, reflects that of the Angel Oak Total Return Bond Fund’s Institutional Shares inclusive of expense limitations. See Note 1.
(b)
Fund commenced operations on June 4, 2021.
(c)
Net investment income/(loss) per share has been calculated based on average shares outstanding during the year or period.
(d)
Net realized and unrealized gain (loss) per share may include balancing amounts necessary to reconcile the change in net asset value per share for the year or period, and may not reconcile with the aggregate gain/(loss) in the Statements of Operations due to share transactions for the year or period.
(e)
Not annualized for periods less than one year.
(f)
Total return on net asset value is computed based upon the net asset value of common stock on the first business day and the closing net asset value on the last business day of the year or period. Dividends and distributions are assumed to be reinvested.
(g)
Total return on market value is computed based upon the Nasdaq Stock Exchange market price of the Fund’s shares and excludes the effect of brokerage commissions. Dividends and distributions are assumed to be reinvested.
(h)
Annualized for periods less than one year.
(i)
Portfolio turnover rate excludes in-kind transactions.
See accompanying notes which are an integral part of these financial statements.
 
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ANGEL OAK ULTRASHORT INCOME ETF
FINANCIAL HIGHLIGHTS
(For a share outstanding during each year or period)
 
 
 
 
 
 
 
 
 
For the
Period Ended
July 31, 2026
(Unaudited)
 
 
For the Year or Period Ended January 31,
 
 
2026
 
 
2025
 
 
2024
 
 
2023(a)
SELECTED PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year or period
 
 
$51.14
 
 
​$51.06
 
 
$50.67
 
 
$50.58
 
 
$50.00
INCOME FROM INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income (loss)(b)
 
 
1.12
 
 
2.54
 
 
2.99
 
 
3.16
 
 
0.69
Net realized and unrealized gain (loss) on investments(c)
 
 
(0.16)
 
 
0.10
 
 
0.18
 
 
0.15
 
 
0.27
Total from investment operations
 
 
0.96
 
 
2.64
 
 
3.17
 
 
3.31
 
 
0.96
LESS DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
 
 
From net investment income
 
 
(1.14)
 
 
(2.56)
 
 
(2.78)
 
 
(3.19)
 
 
(0.38)
From net realized gain
 
 
—
 
 
—(d)
 
 
—(d)
 
 
(0.03)
 
 
—
Total distributions
 
 
(1.14)
 
 
(2.56)
 
 
(2.78)
 
 
(3.22)
 
 
(0.38)
ETF transaction fees per share(e)
 
 
—(d)
 
 
—(d)
 
 
—
 
 
—
 
 
—
Net asset value, end of year or period
 
 
$50.96
 
 
$51.14
 
 
$51.06
 
 
$50.67
 
 
$50.58
Total return on net asset value(f)(g)
 
 
1.89%
 
 
5.29%
 
 
6.43%
 
 
6.78%
 
 
1.92%
Total return on market value(f)(h)
 
 
1.90%
 
 
5.23%
 
 
6.49%
 
 
6.84%
 
 
1.90%
RATIOS AND SUPPLEMENTAL DATA:
 
 
 
 
 
 
 
 
 
 
Net assets, end of year or period (000’s omitted)
 
 
$1,570,702
 
 
$1,315,509
 
 
$733,492
 
 
$122,831
 
 
$46,534
Ratio of expenses to average net assets before waiver and reimbursement/recoupment(i)
 
 
0.55%
 
 
0.55%
 
 
0.55%
 
 
0.55%
 
 
0.55%
Ratio of expenses to average net assets after waiver and reimbursement/recoupment(i)
 
 
0.34%(j)
 
 
0.34%(j)
 
 
0.29%
 
 
0.29%
 
 
0.29%
Ratio of net investment income (loss) to average net assets before waiver and reimbursement/
recoupment(i)
 
 
4.22%
 
 
4.76%
 
 
5.59%
 
 
6.00%
 
 
4.80%
Ratio of net investment income (loss) to average net assets after waiver and reimbursement/recoupment(i)
 
 
4.43%
 
 
4.97%
 
 
5.85%
 
 
6.26%
 
 
5.06%
Portfolio turnover rate(f)(k)
 
 
34%
 
 
87%
 
 
91%
 
 
75%
 
 
23%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Fund commenced operations on October 24, 2022.
(b)
Net investment income/(loss) per share has been calculated based on average shares outstanding during the year or period.
(c)
Net realized and unrealized gain (loss) per share may include balancing amounts necessary to reconcile the change in net asset value per share for the year or period, and may not reconcile with the aggregate gain/(loss) in the Statements of Operations due to share transactions for the year or period.
(d)
Less than $0.005.
(e)
Calculated using average shares method.
(f)
Not annualized for periods less than one year.
(g)
Total return on net asset value is computed based upon the net asset value of common stock on the first business day and the closing net asset value on the last business day of the year or period. Dividends and distributions are assumed to be reinvested.
(h)
Total return on market value is computed based upon the Nasdaq Stock Exchange market price of the Fund’s shares and excludes the effect of brokerage commissions. Dividends and distributions are assumed to be reinvested.
(i)
Annualized for periods less than one year.
(j)
Effective February 1, 2025, the Board of Trustees approved an amendment to the contractual expense limitation with the Adviser to increase the Fund’s expense limit from 0.29% to 0.34% of the Fund’s average daily net assets through September 30, 2027.
(k)
Portfolio turnover rate excludes in-kind transactions.
See accompanying notes which are an integral part of these financial statements.
 
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ANGEL OAK INCOME ETF
FINANCIAL HIGHLIGHTS
(For a share outstanding during each year or period)
 
 
 
 
 
 
 
 
 
For the
Period Ended
July 31, 2026
(Unaudited)
 
 
For the Year or Period Ended January 31,
 
 
2026
 
 
2025
 
 
2024
 
 
2023(a)
SELECTED PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year or period
 
 
$20.90
 
 
$20.58
 
 
$20.52
 
 
$20.39
 
 
$20.00
INCOME FROM INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income (loss)(b)
 
 
0.59
 
 
1.26
 
 
1.34
 
 
1.40
 
 
0.26
Net realized and unrealized gain (loss) on investments(c)
 
 
(0.34)
 
 
0.32
 
 
0.08
 
 
0.15
 
 
0.23
Total from investment operations
 
 
0.25
 
 
1.58
 
 
1.42
 
 
1.55
 
 
0.49
LESS DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
 
 
From net investment income
 
 
(0.57)
 
 
(1.21)
 
 
(1.27)
 
 
(1.41)
 
 
(0.10)
From net realized gain
 
 
—
 
 
(0.05)
 
 
(0.09)
 
 
(0.01)
 
 
—
Total distributions
 
 
(0.57)
 
 
(1.26)
 
 
(1.36)
 
 
(1.42)
 
 
(0.10)
ETF transaction fees per share(d)
 
 
—(e)
 
 
—(e)
 
 
—
 
 
—
 
 
—
Net asset value, end of year or period
 
 
$20.58
 
 
$20.90
 
 
$20.58
 
 
$20.52
 
 
$20.39
Total return on net asset value(f)(g)
 
 
1.22%
 
 
7.87%
 
 
7.10%
 
 
7.95%
 
 
2.41%
Total return on market value(f)(h)
 
 
1.41%
 
 
7.62%
 
 
7.56%
 
 
7.61%
 
 
2.49%
RATIOS AND SUPPLEMENTAL DATA:
 
 
 
 
 
 
 
 
 
 
Net assets, end of year or period (000’s omitted)
 
 
$1,382,283
 
 
$827,919
 
 
$368,104
 
 
$105,865
 
 
$33,636
Ratio of expenses to average net assets before waiver and reimbursement/recoupment(i)
 
 
0.99%
 
 
0.99%
 
 
0.99%
 
 
0.99%
 
 
0.99%
Ratio of expenses to average net assets after waiver and reimbursement/recoupment(i)
 
 
0.79%
 
 
0.79%
 
 
0.79%
 
 
0.79%
 
 
0.79%
Ratio of net investment income (loss) to average net assets before waiver and reimbursement/
recoupment(i)
 
 
5.53%
 
 
5.84%
 
 
6.27%
 
 
6.71%
 
 
5.44%
Ratio of net investment income (loss) to average net assets after waiver and reimbursement/recoupment(i)
 
 
5.73%
 
 
6.04%
 
 
6.47%
 
 
6.91%
 
 
5.64%
Portfolio turnover rate(f)(j)
 
 
35%
 
 
85%
 
 
77%
 
 
43%
 
 
59%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Fund commenced operations on November 7, 2022.
(b)
Net investment income/(loss) per share has been calculated based on average shares outstanding during the year or period.
(c)
Net realized and unrealized gain (loss) per share may include balancing amounts necessary to reconcile the change in net asset value per share for the year or period, and may not reconcile with the aggregate gain/(loss) in the Statements of Operations due to share transactions for the year or period.
(d)
Calculated using average shares method.
(e)
Less than $0.005 per share.
(f)
Not annualized for periods less than one year.
(g)
Total return on net asset value is computed based upon the net asset value of common stock on the first business day and the closing net asset value on the last business day of the year or period. Dividends and distributions are assumed to be reinvested.
(h)
Total return on market value is computed based upon the Nasdaq Stock Exchange market price of the Fund’s shares and excludes the effect of brokerage commissions. Dividends and distributions are assumed to be reinvested.
(i)
Annualized for periods less than one year.
(j)
Portfolio turnover rate excludes in-kind transactions.
See accompanying notes which are an integral part of these financial statements.
 
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ANGEL OAK TOTAL RETURN ETF
FINANCIAL HIGHLIGHTS
(For a share outstanding during each period)
 
 
 
 
 
 
 
 
 
For the
Period Ended
July 31, 2026
(Unaudited)
 
 
For the
Period Ended
January 31,
2026(a)
SELECTED PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$49.95
 
 
$50.00
INCOME FROM INVESTMENT OPERATIONS:
 
 
 
 
Net investment income (loss)(b)
 
 
1.23
 
 
0.77
Net realized and unrealized gain (loss) on investments(c)
 
 
(1.50)
 
 
(0.07)
Total from investment operations
 
 
(0.27)
 
 
0.70
LESS DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
From net investment income
 
 
(1.20)
 
 
(0.69)
From net realized gain
 
 
—
 
 
(0.06)
Total distributions
 
 
(1.20)
 
 
(0.75)
Net asset value, end of period
 
 
$48.48
 
 
$49.95
Total return on net asset value(d)(e)
 
 
−0.55%
 
 
1.41%
Total return on market value(d)(f)
 
 
−0.51%
 
 
1.45%
RATIOS AND SUPPLEMENTAL DATA:
 
 
 
 
Net assets, end of period (000’s omitted)
 
 
$36,845
 
 
$20,979
Ratio of expenses to average net assets before waiver and reimbursement/recoupment(g)
 
 
0.59%
 
 
0.59%
Ratio of expenses to average net assets after waiver and reimbursement/recoupment(g)
 
 
0.44%
 
 
0.44%
Ratio of net investment income (loss) to average net assets before waiver and reimbursement/
recoupment(g)
 
 
4.86%
 
 
4.62%
Ratio of net investment income (loss) to average net assets after waiver and reimbursement/
recoupment(g)
 
 
5.01%
 
 
4.77%
Portfolio turnover rate(d)(h)
 
 
107%
 
 
78%
 
 
 
 
 
 
 
(a)
Fund commenced operations on October 6, 2025.
(b)
Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.
(c)
Net realized and unrealized gain (loss) per share may include balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain/(loss) in the Statements of Operations due to share transactions for the period.
(d)
Not annualized for periods less than one year.
(e)
Total return on net asset value is computed based upon the net asset value of common stock on the first business day and the closing net asset value on the last business day of the period. Dividends and distributions are assumed to be reinvested.
(f)
Total return on market value is computed based upon the Nasdaq Stock Exchange market price of the Fund’s shares and excludes the effect of brokerage commissions. Dividends and distributions are assumed to be reinvested.
(g)
Annualized for periods less than one year.
(h)
Portfolio turnover rate excludes in-kind transactions.
See accompanying notes which are an integral part of these financial statements.
 
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ANGEL OAK FUNDS TRUST
NOTES TO THE FINANCIAL STATEMENTS
July 31, 2026 (Unaudited)
NOTE 1. ORGANIZATION
Angel Oak Funds Trust (the “Trust”) is a Delaware statutory trust organized on June 20, 2014, and registered with the U.S. Securities and Exchange Commission as an open-end management investment company, as defined in the Investment Company Act of 1940 as amended (the “1940 Act”). The Trust consists of seven series, Angel Oak Multi-Strategy Income Fund (the “Multi-Strategy Income Fund”), Angel Oak UltraShort Income Fund (the “UltraShort Income Fund”), Angel Oak High Yield Opportunities ETF (performance successor to the Angel Oak High Yield Opportunities Fund) (the “High Yield Opportunities ETF” or “Acquiring High Yield ETF”), Angel Oak Mortgage-Backed Securities ETF (performance successor to the Angel Oak Total Return Bond Fund) (the “Mortgage-Backed Securities ETF” or “Acquiring MBS ETF”), Angel Oak UltraShort Income ETF (the “UltraShort Income ETF”), Angel Oak Income ETF (the “Income ETF”), and Angel Oak Total Return ETF (the “Total Return ETF”) (together, the “Funds”). Please see the table below for a summary of class specific information:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ticker
 
 
Investment Objective
 
 
Commencement
of Operations
 
 
Maximum
Front-End
Sales Charge
 
 
Maximum
Back-End
Sales Charge
 
 
12b-1 Fees
Multi-Strategy Income Fund
Class A
 
 
ANGLX
 
 
 
 
06/28/2011
 
 
2.25%
 
 
N/A
 
 
0.25%
Class C
 
 
ANGCX
 
 
Current Income
 
 
08/04/2015
 
 
N/A
 
 
1.00%
 
 
1.00%
Institutional Class
 
 
ANGIX
 
 
 
 
08/16/2012
 
 
N/A
 
 
N/A
 
 
N/A
UltraShort Income Fund
Class A
 
 
AOUAX
 
 
Current Income, Minimize
 
 
04/30/2018
 
 
N/A
 
 
N/A
 
 
0.25%
Class A1
 
 
AOUNX
 
 
Price Volatility, and
 
 
07/22/2022
 
 
1.50%
 
 
0.50%
 
 
0.25%
Institutional Class
 
 
AOUIX
 
 
Maintain Liquidity
 
 
04/02/2018
 
 
N/A
 
 
N/A
 
 
N/A
High Yield Opportunities ETF
 
 
AOHY
 
 
Current Income & Capital
Appreciation
 
 
03/31/2009
 
 
N/A
 
 
N/A
 
 
N/A
Mortgage-Backed Securities ETF
 
 
MBS
 
 
Total Return
 
 
06/04/2021
 
 
N/A
 
 
N/A
 
 
N/A
UltraShort Income ETF
 
 
UYLD
 
 
Current Income, Minimize
Price Volatility, and
Maintain Liquidity
 
 
10/24/2022
 
 
N/A
 
 
N/A
 
 
N/A
Income ETF
 
 
CARY
 
 
Current Income
 
 
11/07/2022
 
 
N/A
 
 
N/A
 
 
N/A
Total Return ETF
 
 
TRBF
 
 
Total Return
 
 
10/06/2025
 
 
N/A
 
 
N/A
 
 
N/A
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The Multi-Strategy Income Fund, UltraShort Income Fund, High Yield Opportunities ETF, UltraShort Income ETF, and Income ETF are diversified series of the Trust. The Mortgage-Backed Securities ETF and Total Return ETF are non-diversified series of the Trust, which means that they can invest a higher percentage of assets in any one issuer. Investing in a non-diversified fund may entail greater risks than is normally associated with more widely diversified funds.
Effective as of the close of business on February 16, 2024, the Angel Oak High Yield Opportunities Fund and the Angel Oak Total Return Bond Fund were reorganized into the Angel Oak High Yield Opportunities ETF and Angel Oak Mortgage-Backed Securities ETF, respectively (the “Reorganizations”). The Reorganizations did not result in a material change to the respective Funds’ investment portfolios or accounting policies.
 
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ANGEL OAK FUNDS TRUST
NOTES TO THE FINANCIAL STATEMENTS
July 31, 2026 (Unaudited)(Continued)
The High Yield Opportunities ETF, Mortgage-Backed Securities ETF, UltraShort Income ETF, Income ETF, and Total Return ETF (alone, an “ETF”, together, the “ETFs”) list and principally trade their shares on the National Association of Securities Dealers Automated Quotation System (“NASDAQ”) (“Exchange”). Shares of the ETFs trade on the Exchange at market prices that may be below, at, or above the ETFs’ net asset value (“NAV”). The ETFs will issue and redeem shares on a continuous basis at NAV only in large blocks of shares called “Creation Units”. The table below summarizes the number of shares typically issued or redeemed in each Creation Unit.
 
 
 
 
 
 
Shares
High Yield Opportunities ETF
 
 
25,000
Mortgage-Backed Securities ETF
 
 
25,000
UltraShort Income ETF
 
 
4,000
Income ETF
 
 
10,000
Total Return ETF
 
 
20,000
 
 
 
 
Creation Units will be issued and redeemed in exchange for a portfolio of securities and/or a designated amount of U.S. cash, all of which were in cash during the period. Once created, shares generally will trade in the secondary market at market prices that change throughout the day in quantities less than a Creation Unit. Except when aggregated in Creation Units, shares are not redeemable securities of an ETF.
Shares of the ETFs may only be purchased or redeemed by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed an Authorized Participant Agreement with Quasar Distributors, LLC, a wholly-owned subsidiary of Foreside Financial Group, LLC (doing business as ACA Group) (the “Distributor”). Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the ETFs. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees. A purchase or redemption (i.e. creation or redemption) transaction fee of $300, payable by the Authorized Participant or Adviser, is imposed for the transfer and other transaction costs associated with the purchase or redemption of Creation Units.
Wholly-Owned Subsidiaries – As part of its investment strategy, the Multi-Strategy Income Fund invests directly or, to comply with certain regulations, through its wholly-owned and controlled subsidiaries, Hyperion Loan Funding Trust (“Hyperion”) and Helios Loan Funding Trust (“Helios”), each a statutory trust organized under the laws of the state of Delaware and incorporated on August 2, 2018, and May 20, 2024, respectively. Hyperion acts as an investment vehicle in order to purchase residential and commercial real estate whole loans, participations in such loans, or instruments representing the right to receive interest payments and principal due on such loans. Helios acts as an investment vehicle in order to purchase residential home equity lines of credit (“HELOCs”), closed-end second lien mortgages, and construction loans. The allocation of the Multi-Strategy Income Fund’s investments, if any, in Hyperion and Helios will vary over time. Helios is reported as Home Equity Lines of Credit and Closed-End Second Lien Mortgages under Residential Whole Loans, and Construction Loans in the Multi-Strategy Income Fund’s Consolidated Schedule of Investments.
The consolidated financial statements of the Multi-Strategy Income Fund include the investment activity and financial statements of Hyperion and Helios. All intercompany accounts and transactions have been eliminated in consolidation. Because the Multi-Strategy Income Fund may invest a substantial portion of its assets in its subsidiaries, the Multi-Strategy Income Fund may be considered to be investing indirectly in some of those investments through its subsidiaries. For that reason, references to the Multi-Strategy Income Fund may also encompass its subsidiaries.
 
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ANGEL OAK FUNDS TRUST
NOTES TO THE FINANCIAL STATEMENTS
July 31, 2026 (Unaudited)(Continued)
At July 31, 2026, investments in Hyperion included whole loans valued at $4,637,653, which represented 0.20% of the total net assets of the Multi-Strategy Income Fund, and $3,626,662 in cash.
At July 31, 2026, investments in Helios included HELOCs, closed-end second lien mortgages, and construction loans valued at $57,831,406, $7,592,404, and $18,893,671, respectively, which represented 2.3%, 0.3%, and 0.8% of the Fund’s total net assets, respectively. Helios did not hold any cash at period end.
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements in accordance with the accounting principles generally accepted in the United States of America (“GAAP”). The Funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Codification Topic, Financial Services-Investment Companies.
Securities Valuation and Fair Value Measurements: The Funds record their 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 Funds have 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 Funds’ 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 NAV 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 (“ABS”), mortgage-backed securities (“MBS”), collateralized loan obligations (“CLOs”), corporate obligations, home equity lines of credit (“HELOCs”), construction loans, whole loans, residential whole loans, and commercial real estate loans are normally determined on the basis of valuations provided by independent pricing services. Vendors typically value such securities based on one or more inputs, including but not limited to, benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and pricing models such as yield measurers calculated using factors such as cash flows, financial or collateral performance and other reference data. In addition to these inputs, cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information may be utilized. Securities that use similar valuation techniques and inputs are categorized as Level 2 of the fair value hierarchy. To the extent the significant inputs are unobservable; the values generally would be categorized as Level 3.
Equity securities, including preferred stocks, that are traded on a national securities exchange, except those listed on the Nasdaq Global Market®, Nasdaq Global Select Market® and the Nasdaq Capital Market® 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
 
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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 Funds 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 Funds’ 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.
 
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The following is a summary of the investments by their inputs used to value each Fund’s net assets as of July 31, 2026:
 
Multi-Strategy Income Fund
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Assets
 
 
 
 
 
 
 
 
Residential Mortgage-Backed Securities
 
 
$—
 
 
$​958,648,432
 
 
$10,001
 
 
$​958,658,433
Residential Mortgage-Backed Securities – U.S. Government Agency
 
 
—
 
 
419,952,802
 
 
—
 
 
419,952,802
Asset-Backed Securities
 
 
—
 
 
328,670,035
 
 
1,413,140
 
 
330,083,175
Corporate Obligations
 
 
—
 
 
308,462,699
 
 
—
 
 
308,462,699
Collateralized Loan Obligations
 
 
—
 
 
242,577,743
 
 
—
 
 
242,577,743
Commercial Mortgage-Backed Securities
 
 
—
 
 
93,582,661
 
 
—
 
 
93,582,661
Commercial Mortgage-Backed Securities – U.S. Government Agency
 
 
—
 
 
81,340,684
 
 
—
 
 
81,340,684
Residential Whole Loans
 
 
—
 
 
​67,045,048
 
 
—
 
 
​67,045,048
Exchange Traded Funds
 
 
30,988,459
 
 
—
 
 
—
 
 
30,988,459
Commercial Real Estate
 
 
—
 
 
22,465,750
 
 
—
 
 
22,465,750
Construction Loans
 
 
—
 
 
18,893,671
 
 
—
 
 
18,893,671
Affiliated Exchange Traded Funds
 
 
13,340,046
 
 
—
 
 
—
 
 
13,340,046
Preferred Stocks
 
 
7,353,085
 
 
—
 
 
—
 
 
7,353,085
Residential Mortgage-Backed Securities – U.S. Government Agency Credit Risk Transfer
 
 
—
 
 
7,052,440
 
 
—
 
 
7,052,440
Commercial Real Estate Loans
 
 
—
 
 
3,016,415
 
 
—
 
 
3,016,415
Common Stocks
 
 
2,140,026
 
 
72,760
 
 
0
 
 
2,212,786
Short-Term Investments
 
 
25,480,318
 
 
—
 
 
—
 
 
25,480,318
Total
 
 
$79,301,934
 
 
$2,551,781,140
 
 
$1,423,141
 
 
$2,632,506,215
Other Financial Instruments
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
Futures Contracts*
 
 
$(377,534)
 
 
$—
 
 
$—
 
 
$(377,534)
Swaps*
 
 
​—
 
 
​(1,928,338)
 
 
​—
 
 
​(1,928,338)
Total
 
 
$(377,534)
 
 
$(1,928,338)
 
 
$—
 
 
$(2,305,872)
 
 
 
 
 
 
 
 
 
 
 
 
 
*
Futures and swaps are reflected at the unrealized appreciation (depreciation) on the instrument as presented in the Consolidated Schedule of Open Futures Contracts and the Consolidated Schedule of Centrally Cleared Credit Default Swaps - Buy Protection.
See the Consolidated Schedule of Investments for further disaggregation of investment categories. Level 3 holdings as of July 31, 2026, are immaterial and no further quantitative information about Level 3 Fair Value Measurements has been included.
 
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UltraShort Income Fund
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Assets
 
 
 
 
 
 
 
 
Corporate Obligations
 
 
$—
 
 
$187,273,347
 
 
$—
 
 
$187,273,347
Asset-Backed Securities
 
 
—
 
 
175,545,497
 
 
—
 
 
175,545,497
Commercial Mortgage-Backed Securities – U.S. Government Agency
 
 
—
 
 
171,211,967
 
 
—
 
 
171,211,967
Collateralized Loan Obligations
 
 
—
 
 
131,974,824
 
 
—
 
 
131,974,824
Residential Mortgage-Backed Securities
 
 
—
 
 
110,149,720
 
 
—
 
 
110,149,720
Commercial Mortgage-Backed Securities
 
 
—
 
 
16,825,234
 
 
—
 
 
16,825,234
Residential Mortgage-Backed Securities – U.S. Government Agency Credit Risk Transfer
 
 
—
 
 
4,392,191
 
 
—
 
 
4,392,191
Residential Mortgage-Backed Securities – U.S. Government Agency
 
 
—
 
 
300,191
 
 
—
 
 
300,191
Short-Term Investments
 
 
47,832,276
 
 
—
 
 
—
 
 
47,832,276
Total
 
 
$47,832,276
 
 
$797,672,971
 
 
$—
 
 
$845,505,247
Other Financial Instruments
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
Futures Contracts*
 
 
$439,406
 
 
$—
 
 
$—
 
 
$439,406
 
 
 
 
 
 
 
 
 
 
 
 
 
*
Futures are reflected at the unrealized appreciation (depreciation) on the instrument as presented in the Schedule of Open Futures Contracts.
See the Schedule of Investments for further disaggregation of investment categories.
 
High Yield Opportunities ETF
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Assets
 
 
 
 
 
 
 
 
Corporate Obligations
 
 
$—
 
 
$109,934,913
 
 
$—
 
 
$109,934,913
Residential Mortgage-Backed Securities
 
 
—
 
 
5,090,014
 
 
—
 
 
5,090,014
Asset-Backed Securities
 
 
—
 
 
3,551,325
 
 
—
 
 
3,551,325
Exchange Traded Funds
 
 
767,194
 
 
—
 
 
—
 
 
767,194
Common Stock
 
 
—
 
 
291,100
 
 
0
 
 
291,100
Short-Term Investments
 
 
3,183,932
 
 
—
 
 
—
 
 
3,183,932
Total
 
 
$3,951,126
 
 
$118,867,352
 
 
$0
 
 
$122,818,478
 
 
 
 
 
 
 
 
 
 
 
 
 
See the Schedule of Investments for further disaggregation of investment categories. Level 3 holdings as of July 31, 2026, are immaterial and no further quantitative information about Level 3 Fair Value Measurements has been included.
 
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Mortgage-Backed Securities ETF
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Assets
 
 
 
 
 
 
 
 
Residential Mortgage-Backed Securities
 
 
$—
 
 
$103,654,041
 
 
$—
 
 
$103,654,041
Residential Mortgage-Backed Securities – U.S. Government Agency
 
 
—
 
 
58,634,471
 
 
—
 
 
58,634,471
Short-Term Investments
 
 
881,277
 
 
—
 
 
—
 
 
881,277
Total
 
 
$881,277
 
 
$162,288,512
 
 
$—
 
 
$163,169,789
 
 
 
 
 
 
 
 
 
 
 
 
 
See the Schedule of Investments for further disaggregation of investment categories.
 
UltraShort Income ETF
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Assets
 
 
 
 
 
 
 
 
Commercial Mortgage-Backed Securities – U.S. Government Agency
 
 
$—
 
 
$383,242,179
 
 
$—
 
 
$383,242,179
Corporate Obligations
 
 
—
 
 
368,228,879
 
 
—
 
 
368,228,879
Asset-Backed Securities
 
 
—
 
 
335,551,447
 
 
—
 
 
335,551,447
Collateralized Loan Obligations
 
 
—
 
 
225,366,722
 
 
—
 
 
225,366,722
Residential Mortgage-Backed Securities
 
 
—
 
 
204,315,482
 
 
—
 
 
204,315,482
Commercial Mortgage-Backed Securities
 
 
—
 
 
14,555,447
 
 
—
 
 
14,555,447
Residential Mortgage-Backed Securities – U.S. Government Agency Credit Risk Transfer
 
 
—
 
 
9,834,852
 
 
—
 
 
9,834,852
Short-Term Investments
 
 
64,274,556
 
 
—
 
 
—
 
 
64,274,556
Total
 
 
$64,274,556
 
 
$1,541,095,008
 
 
$—
 
 
$1,605,369,564
 
 
 
 
 
 
 
 
 
 
 
 
 
See the Schedule of Investments for further disaggregation of investment categories.
 
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July 31, 2026 (Unaudited)(Continued)
 
Income ETF
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Assets
 
 
 
 
 
 
 
 
Residential Mortgage-Backed Securities
 
 
$—
 
 
$336,732,271
 
 
$—
 
 
$336,732,271
Residential Mortgage-Backed Securities – U.S. Government Agency
 
 
—
 
 
256,226,280
 
 
—
 
 
256,226,280
Asset-Backed Securities
 
 
—
 
 
245,106,157
 
 
—
 
 
245,106,157
Corporate Obligations
 
 
—
 
 
209,499,749
 
 
—
 
 
209,499,749
Collateralized Loan Obligations
 
 
—
 
 
177,338,224
 
 
1,100,000
 
 
178,438,224
Commercial Mortgage-Backed Securities – U.S. Government Agency
 
 
—
 
 
75,856,624
 
 
—
 
 
75,856,624
Commercial Mortgage-Backed Securities
 
 
—
 
 
42,595,251
 
 
207,160
 
 
42,802,411
Exchange Traded Funds
 
 
24,292,935
 
 
—
 
 
—
 
 
24,292,935
U.S. Treasury Note
 
 
—
 
 
18,141,016
 
 
—
 
 
18,141,016
Residential Mortgage-Backed Securities – U.S. Government Agency Credit Risk Transfer
 
 
—
 
 
1,567,094
 
 
—
 
 
1,567,094
Common Stock
 
 
—
 
 
109,160
 
 
0
 
 
109,160
Short-Term Investments
 
 
32,114,239
 
 
—
 
 
—
 
 
32,114,239
Total
 
 
$56,407,174
 
 
$1,363,062,666
 
 
$1,416,320
 
 
$1,420,886,160
Other Financial Instruments
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
Futures Contracts*
 
 
​$(723,698)
 
 
$—
 
 
$—
 
 
​$(723,698)
Swaps*
 
 
—
 
 
(645,202)
 
 
—
 
 
(645,202)
Total
 
 
​$(723,698)
 
 
$(645,202)
 
 
$—
 
 
$(1,368,900)
 
 
 
 
 
 
 
 
 
 
 
 
 
*
Futures and swaps are reflected at the unrealized appreciation (depreciation) on the instrument as presented in the Schedule of Open Futures Contracts and Schedule of Centrally Cleared Credit Default Swaps - Buy Protection.
See the Schedule of Investments for further disaggregation of investment categories. Level 3 holdings as of July 31, 2026, are immaterial and no further quantitative information about Level 3 Fair Value Measurements has been included.
 
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July 31, 2026 (Unaudited)(Continued)
 
Total Return ETF
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Assets
 
 
 
 
 
 
 
 
Residential Mortgage-Backed Securities – U.S. Government Agency
 
 
$—
 
 
$16,485,213
 
 
$—
 
 
$16,485,213
Corporate Obligations
 
 
—
 
 
9,777,700
 
 
—
 
 
9,777,700
Residential Mortgage-Backed Securities
 
 
—
 
 
4,196,592
 
 
—
 
 
4,196,592
Asset-Backed Securities .
 
 
—
 
 
3,659,542
 
 
—
 
 
3,659,542
Collateralized Loan Obligations
 
 
—
 
 
999,963
 
 
—
 
 
999,963
Exchange Traded Funds
 
 
591,728
 
 
—
 
 
—
 
 
591,728
Commercial Mortgage-Backed Securities – U.S. Government Agency
 
 
—
 
 
540,611
 
 
—
 
 
540,611
Short-Term Investments
 
 
2,164,434
 
 
—
 
 
—
 
 
2,164,434
Total
 
 
$2,756,162
 
 
$35,659,621
 
 
$—
 
 
$38,415,783
Other Financial Instruments
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
Futures Contracts*
 
 
$(47,296)
 
 
$—
 
 
$—
 
 
$(47,296)
 
 
 
 
 
 
 
 
 
 
 
 
 
*
Futures are reflected at the unrealized appreciation (depreciation) on the instrument as presented in the Schedule of Open Futures Contracts.
See the Schedule of Investments for further disaggregation of investment categories.
Federal Income Taxes – The Funds intend to elect and continue to qualify to be taxed as “regulated investment companies” under Subchapter M of the Internal Revenue Code of 1986, as amended. If so qualified, the Funds generally will not be subject to federal income tax to the extent they distribute substantially all of their net investment income and capital gains to shareholders. The Funds generally intend to operate in a manner such that they will not be liable for federal income or excise taxes.
The Funds have adopted financial reporting rules regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the period ended July 31, 2026, the Funds did not incur any interest or penalties. The Funds have reviewed all open tax years and major jurisdictions and concluded that no provision for income tax is required in the Funds’ financial statements. The Funds’ Federal and state income and Federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.
Security Transactions and Income Recognition – Investment security transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Interest income and expense is recorded on an accrual basis. Discounts and premiums on securities purchased are accreted or amortized using the effective yield method, based on each security’s estimated life and recoverable principal and recorded in interest income on the Statements of Operations. Dividend income and corporate transactions, if any, are recorded on the
ex-date. Paydown gains and losses on mortgage-related and other ABS are recorded as components of interest income on the Statements of Operations. Payments received from certain investments held by the Funds may be comprised of dividends, capital gains and return of capital. The Funds originally estimate the expected classification of such payments. The amounts may subsequently be reclassified
 
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upon receipt of the information from the issuer. The actual character of distributions to the Funds’ shareholders will be reflected in the Form 1099 received by shareholders after the end of the calendar year.
Expenses – Expenses incurred by the Trust that do not relate to a specific Fund are allocated to the individual Funds based on each Fund’s relative net assets or another appropriate basis. Expenses attributable to any class are borne by that class. Income, realized gains and losses, unrealized appreciation and depreciation and expenses are allocated to each class based on the net assets in relation to the relative net assets of each Fund.
Dividends and Distributions – Distributions from each Fund’s net investment income are accrued daily and typically paid monthly. The Funds intend to distribute their net realized long term capital gains and their net realized short term capital gains, if any, at least annually. Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or NAV per share of the Funds. For the latest tax year or period ended January 31, 2026, there were no reclassifications.
Share Valuation – The NAV per share of a class of shares of each Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other assets, attributable to that class, minus all liabilities (including estimated accrued expenses) attributable to that class by the total number of shares of that class outstanding, rounded to the nearest cent. The Funds’ NAV will not be calculated on the days on which the New York Stock Exchange is closed for trading.
Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of income and expenses during the period. Actual results could differ from those estimates.
Indemnifications – Under the Trust’s organizational documents, the Trust will indemnify its officers and trustees for certain liabilities that may arise from performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred.
Cash and Cash Equivalents – Cash and cash equivalents are highly liquid assets including coin, currency and short-term investments that typically mature in 30-90 days. Short-term investments can include U.S. Government and government agency securities, investment grade money market instruments, investment grade fixed-income securities, repurchase agreements, commercial paper and cash equivalents. Cash equivalents are extremely low risk assets that are liquid and easily converted into cash. These investments are only considered equivalents if they are readily available and are not restricted by some agreement. When the Adviser believes market, economic or political conditions are unfavorable for investors, the Adviser may invest up to 100% of a Fund’s net assets in cash, cash equivalents or other short-term investments. Unfavorable market or economic conditions may include excessive volatility or a prolonged general decline in the securities markets or the U.S. economy. The Adviser also may invest in these types of securities or hold cash while looking for suitable investments
 
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July 31, 2026 (Unaudited)(Continued)
opportunities or to maintain liquidity. Included in Investments in unaffiliated securities at fair value on the Statements of Assets and Liabilities are investments in First American money market funds held at major financial institutions as follows:
 
 
 
 
Multi-Strategy Income Fund
 
 
$25,480,318
UltraShort Income Fund
 
 
$47,832,276
High Yield Opportunities ETF
 
 
$3,183,932
Mortgage-Backed Securities ETF
 
 
$881,277
UltraShort Income ETF
 
 
$64,274,556
Income ETF
 
 
$32,114,239
Total Return ETF
 
 
$2,164,434
 
 
 
 
NOTE 3. RISKS ASSOCIATED WITH PORTFOLIO ASSETS
Asset-Backed and Mortgage-Backed Securities and Whole Loan Risks – Prepayment risk is associated with MBS and ABS, including CLOs, and whole loans. If interest rates fall, the underlying debt may be repaid ahead of schedule, reducing the value of the Funds’ investments. If interest rates rise, there may be fewer prepayments, which would cause the average bond maturity to rise, increasing the potential for the Funds to lose money. The value of these investments may be significantly affected by changes in interest rates, the market’s perception of issuers, and the creditworthiness of the parties involved. The ability of the Funds to successfully utilize these instruments may depend on the ability of the Funds’ Adviser to forecast interest rates and other economic factors correctly. These investments may have a structure that makes their reaction to interest rate changes and other factors difficult to predict, making their value highly volatile. Certain MBS may be secured by pools of mortgages on single-family, multi-family properties, as well as commercial properties. Similarly, ABS may be secured by pools of loans, such as corporate loans, student loans, automobile loans and credit card receivables. Whole loans are sold in their entirety rather than being pooled with other mortgages. Whole loans are mortgage loans, including HELOCs, sold to an investor in a secondary market. The investor purchasing the loan assumes full responsibility of the loan and all the contractual terms and rights associated with the funds. The credit risk on such loans is affected by homeowners or borrowers defaulting on their loans. The values of assets underlying mortgage-backed and ABS, including CLOs, may decline and therefore may not be adequate to cover underlying investors. To the extent the Funds focus their investments in particular types of MBS or ABS, including CLOs, and whole loans, the Funds may be more susceptible to risk factors affecting such types of investments.
Subordinated Debt of Banks and Diversified Financial Companies – The Funds may invest in subordinated debt securities, sometimes also called “junior debt”, which are debt securities for which the issuer’s obligations to make principal and interest payments are secondary to the issuer’s payment obligations to more senior debt securities. Such investments will consist primarily of debt issued by community banks or savings institutions (or their holding companies), which are subordinated to senior debt issued by the banks and deposits held by the bank, but are senior to trust preferred obligations, preferred stock and common stock issued by the bank.
Investment Company Securities – The Funds may invest in the securities of other investment companies (including those that are part of the same group of investment companies as the Funds (“affiliated underlying funds”), including ETFs, closed-end funds and open-end (mutual) funds (also called underlying funds). When a Fund invests in underlying funds it will indirectly bear its proportionate share of any fees and expenses payable directly by the underlying fund. In connection with its investments in unaffiliated investment companies, a Fund will incur higher expenses, many of which may be duplicative. The Adviser has contractually agreed to waive the amount of each Fund’s fees to the extent necessary to offset the proportionate share of the management fees incurred by the Fund through its investment in affiliated underlying funds. Furthermore, because the Funds may invest in shares of ETFs and underlying funds, their performances are directly related to the ability of the ETFs and underlying funds to meet their respective investment objectives as well as the allocation of each Fund’s assets among the ETFs and
 
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underlying funds by the Adviser. Accordingly, the Funds’ investment performance will be influenced by the investment strategies of, and risks associated with, the ETFs and underlying funds in direct proportion to the amount of assets the Funds allocate to the ETFs and underlying funds utilizing such strategies. The Adviser may be subject to potential conflicts of interest in allocating a Fund’s assets to underlying funds, such as a potential conflict in selecting affiliated underlying funds over unaffiliated underlying funds. In addition, a Fund’s portfolio managers may be subject to potential conflicts of interest in allocating the Fund’s assets among underlying funds, as certain of the Fund’s portfolio managers may also manage an affiliated underlying fund in which the Fund may invest. Both the Adviser and a Fund’s portfolio managers have a fiduciary duty to the Fund to act in the Fund’s best interest when selecting underlying funds. Under the oversight of the Board of Trustees, the Adviser will carefully analyze any such potential conflicts of interest and will take steps to minimize and, where possible, eliminate them.
High Yield Securities – The Funds may invest in below investment grade securities. These “high-yield” securities, also known as “junk bonds,” will generally be rated BB or lower by S&P Global Ratings or will be of equivalent quality rating from another Nationally Recognized Statistical Ratings Organization, or if unrated, considered by the Adviser to be of comparable quality.
Structured Products – The Funds may invest in certain structured products. Normally, structured products are privately offered and sold (that is, they are not registered under the securities laws); however, an active dealer market may exist for structured products that qualify for Rule 144A transactions. The risks of an investment in a structured product depend largely on the type of the collateral securities and the class of the structured product in which the Funds invest. In addition to the normal interest rate, default and other risks of fixed-income securities, structured products carry additional risks, including the possibility that distributions from collateral securities will not be adequate to make interest or other payments, the quality of the collateral may decline in value or default, the Funds may invest in structured products that are subordinate to other classes, values may be volatile and disputes with the issuer may produce unexpected investment results.
Common and Preferred Stocks – The Funds may invest in common stock and preferred stock. Common stock represents an equity (ownership) interest in a company, and usually possesses voting rights and earns dividends. Dividends on common stock are not fixed but are declared at the discretion of the issuer. Common stock generally represents the riskiest investment in a company. In addition, common stock generally has the greatest appreciation and depreciation potential because increases and decreases in earnings are usually reflected in a company’s stock price. The Funds may also invest in preferred stock. Preferred stock is a class of stock having a preference over common stock as to the payment of dividends and the recovery of investment should a company be liquidated, although preferred stock is usually junior to the debt securities of the issuer. Preferred stock typically does not possess voting rights and its market value may change based on changes in interest rates.
The fundamental risk of investing in stock is the risk that the value of the stock might decrease. Stock values fluctuate in response to the activities of an individual company or in response to general market and/or economic conditions. Historically, common stocks have provided greater long-term returns and have entailed greater short-term risks than preferred stocks, fixed-income and money market investments. The market values of all securities, including common and preferred stocks, is based upon the market’s perception of value and not necessarily the book value of an issuer or other objective measures of a company’s worth. If you invest in the Funds, you should be willing to accept the risks of the stock market (to the extent that a Fund invests in common stock) and should consider an investment in the Funds only as a part of your overall investment portfolio.
Futures Contracts – The Funds may enter into futures contracts to hedge various investments for risk management as well as speculative purposes. Initial margin deposits are made upon entering into futures contracts and can be either cash or securities. Secondary margin limits are required to be maintained while futures are held, as defined by each contract.
 
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During the period a futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by “marking-to-market” on a daily basis to reflect the fair value of the contract at the end of each day’s trading. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the proceeds from the closing transaction and the Fund’s cost of entering into a contract. The use of futures contracts involves the risk of illiquid markets or imperfect correlation between the value of the instruments and the underlying securities, or that the counterparty will fail to perform its obligations.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. Should market conditions move unexpectedly, the Funds may not achieve the anticipated benefits of the futures contract and may realize a loss. See Note 4 for information on futures contract activity during the period ended July 31, 2026.
Swaps – The Funds may invest in credit default swaps, total return swaps, interest rate swaps, equity swaps, currency swaps and other types of swaps. During the period, the Multi-Strategy Income Fund and Income ETF used centrally cleared credit default swaps to hedge credit spread risk on its portfolio. Such transactions are subject to market risk, liquidity risk, risk of default by the other party to the transaction, known as “counterparty risk,” regulatory risk and risk of imperfect correlation between the value of such instruments and the underlying assets and may involve commissions or other costs.
A credit default swap agreement may reference one or more debt securities or obligations that are not currently held by the Funds. The Funds are permitted to enter into a credit default swap as either the protection buyer or seller in the discretion of the Adviser. When buying protection under a credit default swap, the Fund is generally obligated to pay the protection seller an upfront or periodic stream of payments over the term of the contract until a credit event occurs, such as a default of the reference obligation. If no credit event occurs, the Fund may recover nothing if the swap is held through the termination date. However, if a credit event does occur, the Fund may receive the full notional value of the swap in exchange for the face amount of the obligations underlying the swap, the value of which may have significantly decreased. When selling protection under a credit default swap, the Fund receives an upfront or periodic stream of payments over the term of the contract provided that a credit event does not occur. However, as the seller of protection, the Fund effectively adds leverage to its portfolio because it gains exposure to the notional amount of the swap. Entering into a credit default swap may subject a Fund to greater risk than if the Fund had invested in the reference obligation directly. In addition to general market risks, credit default swaps also involve illiquidity risk, counter-party risk (for OTC swaps) and credit risk.
Swap agreements are primarily entered into by institutional investors and the value of such agreements may be extremely volatile. Certain swap agreements are traded OTC between two parties, while other more standardized swaps must be transacted through a Futures Commission Merchant and centrally cleared and exchange traded. While central clearing and exchange-trading are intended to reduce counterparty credit and liquidity risk, they do not make a swap transaction risk-free. The current regulatory environment regarding swap agreements is subject to change. The Adviser will continue to monitor these developments, particularly to the extent regulatory changes affect the Funds’ ability to enter into swap agreements. See Note 4 for information on swap activity during the period ended July 31, 2026.
To-Be-Announced Securities – The Funds may invest in to-be-announced securities (“TBAs”). TBAs is a term that is generally used to describe forward-settling MBS. These TBAs are generally issued by U.S. Government Agencies or U.S. Government Sponsored Entities such as Freddie Mac, Fannie Mae and Ginnie Mae. The actual mortgage-backed security that will be delivered to the buyer at the time TBA trades are entered is not known, however, the terms of the acceptable pools of loans that will comprise the mortgage-backed security are determined at the time the trade is entered into (coupon rate, maturity, credit quality, etc.). Investment in TBAs will generally increase the Funds’ exposure to interest rate risk and could also expose the Funds to counterparty default risk. In order to mitigate counterparty default risk, the Funds only enter TBAs with counterparties for which the risk of default is determined to be remote.
 
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Second Lien Risk (Multi-Strategy Income Fund only) – Second lien loans, which may include certain HELOC loans and closed-end second lien mortgages, are generally subject to similar risks as those associated with investments in senior loans. However, the risks associated with second lien loans are higher than the risks of loans with first priority over the collateral because in the event of default on a second lien loan, the first priority lien holder has first claim to the underlying collateral of the loan. It is possible that no collateral value would remain for the second priority lien holder and therefore result in a loss of investment to the Fund. Second lien loans also generally have greater price volatility than senior loans and may be less liquid. Second lien loans are generally of below investment grade quality, and therefore share the same risks as other below investment grade securities.
Commercial Real Estate Risk (Multi-Strategy Income Fund only) – Exposure to commercial real estate comes with a variety of risks, including declines in the value of (or income generated by) real estate, risks related to general and local economic conditions, possible lack of availability of mortgage funds or other limits to accessing the credit or capital markets, defaults by borrowers or tenants (particularly during an economic downturn), and changes in interest rates. Any of these situations may result in extended periods during which there is a significant decline in the revenues and net income (or no revenues or net income) generated by a property. If this occurred, it could adversely affect the Fund’s performance.
Commercial and Construction Loan Risk (Multi-Strategy Income Fund only) – In addition to interest rate, default and other risks of fixed income securities, investments in commercial loans secured by income-producing commercial real estate carry additional risks arising from dependence on the cash flow of the underlying property and potential concentrations in particular property types or geographies. In addition, investments in ground-up construction loans present heightened risks including the possibility that a project is not completed on time or within budget and that collateral under construction may generate little or no income to service the debt during the construction period.
Macroeconomic Risks – Developments such as public health crises, armed conflict, changing interest rates, inflation, supply chain disruptions, geopolitical risks, natural or environmental disasters, economic sanctions, and tariffs may disrupt economic markets and the prolonged economic impacts of these types of developments are uncertain. The operational and financial performance of the issuers of securities in which the Funds invest depends on future developments, including the duration, spread, and conclusion of global events, and such uncertainty may in turn impact the value of the Funds’ investments.
NOTE 4. DERIVATIVE TRANSACTIONS
The value and effect of derivative instruments on the Consolidated Statement of Assets and Liabilities as of July 31, 2026, for the Multi-Strategy Income Fund was as follows:
 
 
 
 
 
 
 
Derivatives
 
 
Type of
Derivative Risk
 
 
Value of
Unrealized
Appreciation
(Depreciation)*
Futures Contracts
 
 
Interest Rate
 
 
$(377,534)
Swaps
 
 
Credit
 
 
$(1,928,338)
 
 
 
 
 
 
 
*
Represents the value of unrealized appreciation (depreciation) as presented in the Consolidated Schedule of Open Futures Contracts and Consolidated Schedule of Centrally Cleared Credit Default Swaps - Buy Protection.
 
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The effect of derivative instruments on the Consolidated Statement of Operations for the period ended July 31, 2026, for the Multi-Strategy Income Fund was as follows:
 
 
 
 
 
 
 
 
 
 
Derivatives
 
 
Type of
Derivative Risk
 
 
Location of Gain (Loss) on
Derivatives in Income
 
 
Realized Gain (Loss)
on Derivatives
Futures Contracts
 
 
Interest Rate
 
 
Net realized gain (loss) on futures contracts
 
 
$1,756,792
Swaps
 
 
Credit
 
 
Net realized gain (loss) on swaps
 
 
$(148,563)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives
 
 
Type of
Derivative Risk
 
 
Location of Gain (Loss) on
Derivatives in Income
 
 
Change in Unrealized
Appreciation/Depreciation
on Derivatives
Futures Contracts
 
 
Interest Rate
 
 
Net change in unrealized appreciation/depreciation on futures contracts
 
 
$(377,534)
Swaps
 
 
Credit
 
 
Net change in unrealized appreciation/depreciation on swaps
 
 
$(1,042,705)
 
 
 
 
 
 
 
 
 
 
The average monthly notional value of long and short futures during the period ended July 31, 2026, was $27,736,743 and $(27,919,359), respectively. The average monthly notional value of long swap contracts during the period ended July 31, 2026, was $328,571,429.
The value and effect of derivative instruments on the Statements of Assets and Liabilities as of July 31, 2026, for the UltraShort Income Fund was as follows:
 
 
 
 
 
 
 
Derivatives
 
 
Type of
Derivative Risk
 
 
Value of
Unrealized
Appreciation
(Depreciation)*
Futures Contracts
 
 
Interest Rate
 
 
$439,406
 
 
 
 
 
 
 
*
Represents the value of unrealized appreciation (depreciation) as presented in the Schedule of Open Futures Contracts.
The effect of derivative instruments on the Statements of Operations for the period ended July 31, 2026, for the UltraShort Income Fund was as follows:
 
 
 
 
 
 
 
 
 
 
Derivatives
 
 
Type of
Derivative Risk
 
 
Location of Gain (Loss) on
Derivatives in Income
 
 
Realized Gain (Loss)
on Derivatives
Futures Contracts
 
 
Interest Rate
 
 
Net realized gain (loss) on futures contracts
 
 
$396,607
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives
 
 
Type of
Derivative Risk
 
 
Location of Gain (Loss) on
Derivatives in Income
 
 
Change in Unrealized
Appreciation/Depreciation
on Derivatives
Futures Contracts
 
 
Interest Rate
 
 
Net change in unrealized appreciation/depreciation on futures contracts
 
 
$67,991
 
 
 
 
 
 
 
 
 
 
The average monthly notional value of short futures contracts during the period ended July 31, 2026, was $(47,856,816).
 
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The effect of derivative instruments on the Statements of Operations for the period ended July 31, 2026, for the Mortgage-Backed Securities ETF was as follows:
 
 
 
 
 
 
 
 
 
 
Derivatives
 
 
Type of
Derivative Risk
 
 
Location of Gain (Loss) on
Derivatives in Income
 
 
Realized Gain (Loss)
on Derivatives
Futures Contracts
 
 
Interest Rate
 
 
Net realized gain (loss) on futures contracts
 
 
$(18,256)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives
 
 
Type of
Derivative Risk
 
 
Location of Gain (Loss) on
Derivatives in Income
 
 
Change in Unrealized
Appreciation/Depreciation
on Derivatives
Futures Contracts
 
 
Interest Rate
 
 
Net change in unrealized appreciation/depreciation on futures contracts
 
 
$(278)
 
 
 
 
 
 
 
 
 
 
The average monthly notional value of long and short futures contracts during the period ended July 31, 2026, was $2,866,221 and $(3,984,240), respectively.
The effect of derivative instruments on the Statements of Operations for the period ended July 31, 2026, for the UltraShort Income ETF was as follows:
 
 
 
 
 
 
 
 
 
 
Derivatives
 
 
Type of
Derivative Risk
 
 
Location of Gain (Loss) on
Derivatives in Income
 
 
Realized Gain (Loss)
on Derivatives
Futures Contracts
 
 
Interest Rate
 
 
Net realized gain (loss) on futures contracts
 
 
$409,609
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives
 
 
Type of
Derivative Risk
 
 
Location of Gain (Loss) on
Derivatives in Income
 
 
Change in Unrealized
Appreciation/Depreciation
on Derivatives
Futures Contracts
 
 
Interest Rate
 
 
Net change in unrealized appreciation/depreciation on futures contracts
 
 
$(44,896)
 
 
 
 
 
 
 
 
 
 
The average monthly notional value of short futures contracts during the period ended July 31, 2026, was $(20,387,475), respectively.
The value and effect of derivative instruments on the Statements of Assets and Liabilities as of July 31, 2026, for the Income ETF was as follows:
 
 
 
 
 
 
 
Derivatives
 
 
Type of
Derivative Risk
 
 
Value of
Unrealized
Appreciation
(Depreciation)*
Futures Contracts
 
 
Interest Rate
 
 
$(723,698)
Swaps
 
 
Credit
 
 
$(645,202)
 
 
 
 
 
 
 
*
Represents the value of unrealized appreciation (depreciation) as presented in the Schedule of Open Futures Contracts and Schedule of Centrally Cleared Credit Default Swaps - Buy Protection.
 
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July 31, 2026 (Unaudited)(Continued)
The effect of derivative instruments on the Statements of Operations for the period ended July 31, 2026, for the Income ETF was as follows:
 
 
 
 
 
 
 
 
 
 
Derivatives
 
 
Type of
Derivative Risk
 
 
Location of Gain (Loss) on
Derivatives in Income
 
 
Realized Gain (Loss)
on Derivatives
Futures Contracts
 
 
Interest Rate
 
 
Net realized gain (loss) on futures contracts
 
 
$(939,852)
Swaps
 
 
Credit
 
 
Net realized gain (loss) on swaps
 
 
$15,678
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives
 
 
Type of
Derivative Risk
 
 
Location of Gain (Loss) on
Derivatives in Income
 
 
Change in Unrealized
Appreciation/Depreciation
on Derivatives
Futures Contracts
 
 
Interest Rate
 
 
Net change in unrealized appreciation/depreciation on futures contracts
 
 
$(705,404)
Swaps
 
 
Credit
 
 
Net change in unrealized appreciation/depreciation on swaps
 
 
$(423,928)
 
 
 
 
 
 
 
 
 
 
The average monthly notional value of long futures contracts during the period ended July 31, 2026, was $77,291,410. The average monthly notional value of long swap contracts during the period ended July 31, 2026, was $107,142,857.
The value and effect of derivative instruments on the Statements of Assets and Liabilities as of July 31, 2026, for the Total Return ETF was as follows:
 
 
 
 
 
 
 
Derivatives
 
 
Type of
Derivative Risk
 
 
Value of
Unrealized
Appreciation
(Depreciation)*
Futures Contracts
 
 
Interest Rate
 
 
$(47,296)
 
 
 
 
 
 
 
*
Represents the value of unrealized appreciation (depreciation) as presented in the Schedule of Open Futures Contracts.
The effect of derivative instruments on the Statements of Operations for the period ended July 31, 2026, for the Total Return ETF was as follows:
 
 
 
 
 
 
 
 
 
 
Derivatives
 
 
Type of
Derivative Risk
 
 
Location of Gain (Loss) on
Derivatives in Income
 
 
Realized Gain (Loss)
on Derivatives
Futures Contracts
 
 
Interest Rate
 
 
Net realized gain (loss) on futures contracts
 
 
$(62,611)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives
 
 
Type of
Derivative Risk
 
 
Location of Gain (Loss) on
Derivatives in Income
 
 
Change in Unrealized
Appreciation/Depreciation
on Derivatives
Futures Contracts
 
 
Interest Rate
 
 
Net change in unrealized appreciation/depreciation on futures contracts
 
 
$(44,858)
 
 
 
 
 
 
 
 
 
 
The average monthly notional value of long and short futures contracts during the period ended July 31, 2026, was $3,208,650 and $(186,737), respectively.
Balance Sheet Offsetting Information – During the ordinary course of business, the Funds may enter into transactions subject to enforceable netting agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows the Funds to offset any exposure
 
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to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreement. Generally, the Funds manage their cash collateral and securities collateral on a counterparty basis. As of July 31, 2026, the Funds were not subject to any netting agreements.
The following table provides a summary of offsetting financial liabilities and derivatives and the effect of derivative instruments on the Statements of Assets and Liabilities as of July 31, 2026.
 
Multi-Strategy Income Fund
 
 
Gross Amounts
of Recognized
Liabilities
 
 
Gross Amounts
Offset in
Consolidated
Statement of Assets
and Liabilities
 
 
Net Amounts of
Liabilities
Presented in
Consolidated
Statement of
Assets and
Liabilities
 
 
Gross Amounts Not Offset
in Consolidated Statement
of Assets and Liabilities
 
Financial
Instruments*
 
 
Cash
Collateral
Pledged*
 
 
Net
Amount
Futures Contracts
 
 
$(377,534)
 
 
$   —
 
 
​$(377,534)**
 
 
$   —
 
 
$377,534
 
 
$   —
Swaps
 
 
$(1,928,338)
 
 
$—
 
 
​$(1,928,338)***
 
 
$—
 
 
$1,928,338
 
 
$—
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UltraShort Income Fund
 
 
Gross Amounts
of Recognized
Assets
 
 
Gross Amounts
Offset in
Statements of Assets
and Liabilities
 
 
Net Amounts of
Assets
Presented in
Statements of
Assets and
Liabilities****
 
 
Gross Amounts Not Offset
in Statements of Assets
and Liabilities
 
Financial
Instruments*
 
 
Cash
Collateral
Pledged*
 
 
Net
Amount
Futures Contracts
 
 
$439,406
 
 
$   —
 
 
$439,406
 
 
$   —
 
 
$   —
 
 
$439,406
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income ETF
 
 
Gross Amounts
of Recognized
Liabilities
 
 
Gross Amounts
Offset in
Statements of Assets
and Liabilities
 
 
Net Amounts of
Liabilities
Presented in
Statements of
Assets and
Liabilities
 
 
Gross Amounts Not Offset
in Statements of Assets
and Liabilities
 
Financial
Instruments*
 
 
Cash
Collateral
Pledged*
 
 
Net
Amount
Futures Contracts
 
 
$(723,698)
 
 
$   —
 
 
​$(723,698)****
 
 
$   —
 
 
$723,698
 
 
$   —
Swaps
 
 
$(645,202)
 
 
$—
 
 
​$(645,202)*****
 
 
$—
 
 
$645,202
 
 
$—
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Return ETF
 
 
Gross Amounts
of Recognized
Liabilities
 
 
Gross Amounts
Offset in
Statements of Assets
and Liabilities
 
 
Net Amounts of
Liabilities
Presented in
Statements of
Assets and
Liabilities****
 
 
Gross Amounts Not Offset
in Statements of Assets
and Liabilities
 
Financial
Instruments*
 
 
Cash
Collateral
Pledged*
 
 
Net
Amount
Futures Contracts
 
 
$(47,296)
 
 
$   —
 
 
$(47,296)
 
 
$   —
 
 
$47,296
 
 
$   —
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
*
The amount is limited to the net amounts of financial assets and liabilities and accordingly does not include excess collateral pledged.
**
Represents the value of unrealized appreciation (depreciation) as presented in the Consolidated Schedule of Open Futures Contracts, which is included in Deposit at broker for futures on the Consolidated Statements of Assets and Liabilities.
***
Represents the value of unrealized appreciation (depreciation) as presented in the Consolidated Schedule of Centrally Cleared Credit Default Swaps - Buy Protection, which is included in Depreciation on swaps on the Consolidated Statements of Assets and Liabilities.
****
Represents the value of unrealized appreciation (depreciation) as presented in the Schedule of Open Futures Contracts, which is included in Deposit at broker for futures on the Statements of Assets and Liabilities.
*****
Represents the value of unrealized appreciation (depreciation) as presented in the Schedule of Centrally Cleared Credit Default Swaps - Buy Protection, which is included in Depreciation on swaps on the Statements of Assets and Liabilities.
 
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NOTES TO THE FINANCIAL STATEMENTS
July 31, 2026 (Unaudited)(Continued)
In some instances, the actual collateral received/pledged may be more than the amounts disclosed herein.
NOTE 5. FEES AND OTHER RELATED PARTY TRANSACTIONS
Under the terms of the investment advisory agreement, on behalf of the Funds (the “Agreement”), the Adviser manages the Funds’ investments subject to oversight of the Trustees. As compensation for its management services, the Funds are obligated to pay the Adviser a fee. These fees are included in the Investment advisory line item that is reflected in the Statements of Operations. This fee is computed and accrued daily and paid monthly at an annual rate of the average daily net assets of each Fund as follows:
 
 
 
 
Multi-Strategy Income Fund
 
 
0.89%
UltraShort Income Fund
 
 
0.44%
High Yield Opportunities ETF
 
 
0.55%
Mortgage-Backed Securities ETF
 
 
0.79%
UltraShort Income ETF
 
 
0.55%
Income ETF
 
 
0.99%
Total Return ETF
 
 
0.59%
 
 
 
 
The Adviser is responsible for substantially all the expenses of the ETFs (including expenses of the Trust relating to the ETFs), except for the advisory fees, payments under the ETFs’ 12b-1 plan (if any), interest expenses, dividend and interest expenses related to short sales, taxes, acquired fund fees and expenses (other than fees for funds advised by the Adviser), brokers’ commissions and any other transaction related expenses and fees arising out of transactions effected on behalf of the ETFs, litigation and potential litigation and other extraordinary expenses not incurred in the ordinary course of the ETFs’ business.
The Adviser has entered into a subadvisory agreement with Brookfield Public Securities Group LLC (the “Subadviser”) pursuant to which the Subadviser is compensated out of the investment advisory fees that the Adviser receives from the Total Return ETF at a rate of 0.18% of the net assets of the portion of the Total Return ETF that is managed by the Subadviser. The Subadviser began managing a portion of Total Return ETF’s portfolio that is allocated to corporate debt in April of 2026.
The Adviser contractually agreed through September 30, 2027, to waive or limit its fees and to assume other expenses of the Funds, except the High Yield Opportunities ETF, so that the ratio of each Fund’s Total Annual Fund Operating Expenses to average net assets does not exceed the following:
 
 
 
 
Multi-Strategy Income Fund
 
 
0.99%
UltraShort Income Fund
 
 
0.35%
Mortgage-Backed Securities ETF
 
 
0.49%
UltraShort Income ETF
 
 
0.34%
Income ETF
 
 
0.79%
Total Return ETF
 
 
0.44%
 
 
 
 
These operating expense limitations do not apply to front-end sales loads, taxes, interest expenses, dividend and interest expenses related to short sales, brokerage commissions, 12b-1 fees, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, any transaction-related expenses and fees arising out of transactions effected on behalf of a Fund, litigation and potential litigation expenses, expenses of shareholder proposals, contested elections, or non-routine shareholder meetings and other non-routine expenses or extraordinary expenses not incurred in the ordinary course of a Fund’s business and may only be changed or eliminated by the Board of Trustees upon 60 days’ written notice to the Adviser.
The contractual waiver and/or reimbursement by the Adviser with respect to the Funds is subject to repayment by the Funds within 36 months following the month in which that particular waiver and/or reimbursement occurred, provided that the Funds are able to make the repayment without exceeding the
 
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NOTES TO THE FINANCIAL STATEMENTS
July 31, 2026 (Unaudited)(Continued)
expense limitations described above or the expense limitation in effect at the time of the reimbursement (whichever is lower). During the period ended July 31, 2026, the Adviser contractually waived the following expenses:
 
 
 
 
Multi-Strategy Income Fund
 
 
$36,024
UltraShort Income Fund
 
 
$759,281
Mortgage-Backed Securities ETF
 
 
$229,193
UltraShort Income ETF
 
 
​$1,517,992
Income ETF
 
 
$1,100,841
Total Return ETF
 
 
$20,058
 
 
 
 
Additionally, during the period ended January 31, 2026, the UltraShort Income Fund, UltraShort Income ETF, and Income ETF, had $734,880, $75,524, and $34,220 of previously waived expenses expire, respectively. The expense limitation agreement specifically refers to amounts that are contractually waived, see Statements of Operations.
The amounts subject to repayment by the Funds, pursuant to the aforementioned conditions at July 31, 2026, are included in the table below.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Recoverable
Expenses
Subject to
36 Month
Limit During
The Period
Ended 07/31/26
 
 
Recoverable
Expenses
Subject to
36 Month
Limit During
the Year
Ended 01/31/27
 
 
Recoverable
Expenses
Subject to
36 Month
Limit During
the Year
Ended 01/31/28
 
 
Recoverable
Expenses
Subject to
36 Month
Limit During
the Year
Ended 01/31/29
 
 
Recoverable
Expenses
Subject to
36 Month
Limit During
the Year
Ended 01/31/30
Multi-Strategy Income Fund
 
 
$36,024
 
 
$—
 
 
$—
 
 
$—
 
 
$36,024
UltraShort Income Fund
 
 
$3,805,945
 
 
$597,610
 
 
$1,081,030
 
 
$1,368,024
 
 
$759,281
Mortgage-Backed Securities ETF
 
 
$917,965
 
 
$—
 
 
$197,790
 
 
$490,982
 
 
$229,193
UltraShort Income ETF
 
 
$5,093,684
 
 
$133,788
 
 
​$1,312,946
 
 
$2,128,958
 
 
​$1,517,992
Income ETF
 
 
$2,798,784
 
 
$75,271
 
 
$482,130
 
 
$1,140,542
 
 
$1,100,841
Total Return ETF
 
 
$28,624
 
 
$—
 
 
$—
 
 
$8,566
 
 
$20,058
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The Adviser has contractually agreed to waive the amount of each Fund’s fees to the extent necessary to offset the proportionate share of the management fees incurred by the Fund through its investment in underlying funds for which the Adviser also serves as investment adviser (affiliated investments). This contractual waiver is not subject to recoupment by the Adviser. This arrangement may only be changed or eliminated by the Board of Trustees upon 60 days’ written notice to the Adviser. During the period ended July 31, 2026, the Adviser waived $41,515 of the Multi-Strategy Income Fund’s management fees attributable to investments in underlying funds. In addition, the Adviser waived $36,024 pursuant to the Multi-Strategy Income Fund’s contractual expense limitation agreement, resulting in total fee waivers of $77,539 during the period.
The Distributor acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ shares. Each of the Funds (except for the High Yield Opportunities ETF) has adopted a Distribution Plan in accordance with Rule 12b-1 under the 1940 Act with respect to the Class A shares, Class A1 shares, Class C shares, and the ETFs, as applicable. The Distribution Plan provides that the Multi-Strategy Income Fund and the UltraShort Income Fund will pay a fee to the Distributor at an annual rate of up to 0.25% of the average daily net assets of Class A shares and Class A1 shares, as applicable, and at an annual rate of up to 1.00% of the average daily net assets of Class C shares. The Distribution Plan for the ETFs has not been activated. No distribution fees are paid by Institutional Class shares. These fees may be used by the Distributor to provide compensation for sales support, distribution activities or shareholder servicing activities. These fees are included in the 12b-1 line items that are reflected in the Statements of Operations.
 
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NOTES TO THE FINANCIAL STATEMENTS
July 31, 2026 (Unaudited)(Continued)
U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), an indirect wholly-owned subsidiary of U.S. Bancorp, serves as the Funds’ Administrator (“Administrator”) and, in that capacity, performs various administrative and accounting services for the Funds. Fund Services also serves as the Funds’ fund accountant and transfer agent. The Administrator prepares various federal and state regulatory filings, reports and returns for the Funds; prepares reports and materials to be supplied to the Trustees; monitors the activities of the Funds’ custodian; coordinates the preparation and payment of the Funds’ expenses and reviews the Funds’ expense accruals. As compensation for its services, the Administrator is entitled to a monthly fee at an annual rate based upon the average daily net assets of the Funds. U.S. Bank, N.A. (the “Custodian”) serves as custodian to the Funds. These fees are included in the Fund accounting, Transfer agent, Administration, and Custodian line items that are reflected in the Statements of Operations.
The Funds make reimbursement payments to the Adviser for the salary associated with the Chief Compliance Officer. The compliance fees expensed by the Funds during the period ended July 31, 2026, are included in the Compliance line item that is reflected in the Statements of Operations.
NOTE 6. INVESTMENT TRANSACTIONS
For the period ended July 31, 2026, purchases and sales of investment securities, other than short-term investments and short-term U.S. Government securities, were as follows:
 
 
 
 
 
 
 
 
 
Purchases
 
 
Sales
Multi-Strategy Income Fund
 
 
$708,080,378
 
 
$829,140,747
UltraShort Income Fund
 
 
$330,511,637
 
 
$286,675,395
High Yield Opportunities ETF
 
 
$34,022,407
 
 
$34,663,937
Mortgage-Backed Securities ETF
 
 
$70,353,189
 
 
$85,055,212
UltraShort Income ETF
 
 
$735,857,972
 
 
$465,719,212
Income ETF
 
 
$964,700,418
 
 
$381,204,130
Total Return ETF
 
 
$44,179,375
 
 
$28,195,882
 
 
 
 
 
 
 
For the period ended July 31, 2026, purchases and sales of long-term U.S. Government securities (included in the aggregate purchases and sales of investment securities displayed in the table above) were as follows:
 
 
 
 
 
 
 
 
 
Purchases
 
 
Sales
Multi-Strategy Income Fund
 
 
$241,032,653
 
 
$196,875,361
UltraShort Income Fund
 
 
$48,538,359
 
 
$30,245,721
High Yield Opportunities ETF
 
 
$—
 
 
$—
Mortgage-Backed Securities ETF
 
 
$29,963,014
 
 
$51,219,869
UltraShort Income ETF
 
 
$109,914,113
 
 
$33,374,247
Income ETF
 
 
$325,571,143
 
 
$136,868,651
Total Return ETF
 
 
$17,075,858
 
 
$10,004,490
 
 
 
 
 
 
 
NOTE 7. TRANSACTIONS WITH AFFILIATES
The Funds’ ownership of shares of affiliates represents holdings for which the Funds and the underlying investee fund have the same investment adviser or where the investee fund’s investment adviser is under common control with the Funds’ investment adviser.
 
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NOTES TO THE FINANCIAL STATEMENTS
July 31, 2026 (Unaudited)(Continued)
The Multi-Strategy Income Fund had the following investments in affiliates during the period ended July 31, 2026:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Security Name
 
 
Value as of
01/31/26
 
 
Purchases
 
 
Sales
 
 
Net Realized
Gain (Loss) on
Investments in
Affiliates
 
 
Net Change
in Unrealized
Appreciation/
Depreciation
on Investments
in Affiliates
 
 
Value as of
07/31/26
 
 
Share/Par
Balance
 
 
Dividend
Income
High Yield Opportunities ETF
 
 
$9,810,275
 
 
—
 
 
$(3,209,966)
 
 
$(119,235)
 
 
$(12,044)
 
 
$6,469,030
 
 
590,240
 
 
$237,312
Mortgage-Backed Securities ETF
 
 
8,407,717
 
 
—
 
 
(6,194,079)
 
 
(22,562)
 
 
(140,172)
 
 
2,096,028
 
 
246,882
 
 
134,282
Total Return ETF
 
 
2,388,657
 
 
2,515,357
 
 
—
 
 
—
 
 
(129,026)
 
 
4,774,988
 
 
98,400
 
 
97,394
Geary
 
 
7,887,750
 
 
—
 
 
—
 
 
—
 
 
195,000
 
 
8,082,750
 
 
7,068,750
 
 
—
Leavenworth
 
 
3,648,000
 
 
—
 
 
—
 
 
—
 
 
370,500
 
 
4,018,500
 
 
2,945,000
 
 
—
Octavia
 
 
10,089,000
 
 
—
 
 
—
 
 
—
 
 
275,500
 
 
10,364,500
 
 
8,003,750
 
 
—
Total
 
 
$42,231,399
 
 
$2,515,357
 
 
$(9,404,045)
 
 
$(96,673)
 
 
$559,758
 
 
$35,805,796
 
 
18,953,022
 
 
$468,988
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOTE 8. BENEFICIAL OWNERSHIP
The beneficial ownership, either directly or indirectly, of 25% or more of the voting securities of a fund creates a presumption of control of a fund, under Section 2(a)(9) of the 1940 Act. At July 31, 2026, National Financial Services, LLC owned, as record shareholder, 43% of the outstanding shares of the UltraShort Income Fund. It is not known whether any underlying beneficial owners owned or controlled 25% or more of the voting securities of the Funds. At July 31, 2026, no record shareholder held more than 25% of the outstanding shares of the Multi-Strategy Income Fund.
NOTE 9. FEDERAL TAX INFORMATION
The tax characterization of distributions paid for the latest tax year or period ended January 31, 2026, and January 31, 2025, were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
Multi-Strategy Income
Fund
 
 
UltraShort Income
Fund
 
 
High Yield Opportunities
ETF
 
 
2026
 
 
2025
 
 
2026
 
 
2025
 
 
2026
 
 
2025
Distributions paid from:
Ordinary Income
 
 
$152,792,910
 
 
$163,971,172
 
 
$33,242,426
 
 
$23,774,886
 
 
$7,969,058
 
 
$6,059,277
Net Long-Term Capital Gain .
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Total
 
 
$152,792,910
 
 
$163,971,172
 
 
$33,242,426
 
 
$23,774,886
 
 
$7,969,058
 
 
$6,059,277
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-Backed
Securities ETF
 
 
UltraShort Income
ETF
 
 
Income
ETF
 
 
2026
 
 
2025
 
 
2026
 
 
2025
 
 
2026
 
 
2025
Distributions paid from:
 
 
 
 
 
 
 
 
 
 
 
 
Ordinary Income
 
 
$8,685,546
 
 
$3,507,320
 
 
$51,273,878
 
 
$29,614,235
 
 
$35,547,174
 
 
$16,887,023
Net Long-Term Capital Gain
 
 
—
 
 
—
 
 
48,554
 
 
67,758
 
 
352,389
 
 
146,205
Total
 
 
$8,685,546
 
 
$3,507,320
 
 
$51,322,432
 
 
$29,681,993
 
 
$35,899,563
 
 
$17,033,228
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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NOTES TO THE FINANCIAL STATEMENTS
July 31, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
Total Return ETF
 
 
2026(a)
 
 
2025
Distributions paid from:
 
 
 
 
Ordinary Income
 
 
$286,947
 
 
N/A
Net Long-Term Capital Gain
 
 
—
 
 
N/A
Total
 
 
$286,947
 
 
N/A
 
 
 
 
 
 
 
(a)
Fund commenced operations October 6, 2025.
As of the latest tax year or period ended January 31, 2026, the components of distributable earnings (accumulated deficit) on a tax basis were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Multi-Strategy
Income Fund
 
 
UltraShort
Income Fund
 
 
High Yield
Opportunities
ETF
 
 
Mortgage-
Backed
Securities ETF
 
 
UltraShort
Income ETF
 
 
Income
ETF
 
 
Total
Return ETF
Tax Cost of Investments
 
 
$2,930,176,133
 
 
$824,323,623
 
 
$123,228,116
 
 
$167,841,966
 
 
$1,358,743,045
 
 
$844,887,998
 
 
$21,322,934
Unrealized Appreciation*
 
 
40,491,368
 
 
2,378,089
 
 
2,080,650
 
 
2,805,995
 
 
4,286,931
 
 
10,016,759
 
 
38,815
Unrealized Depreciation*
 
 
(193,711,518)
 
 
(5,635,987)
 
 
(2,529,707)
 
 
(943,627)
 
 
(1,172,691)
 
 
(3,433,423)
 
 
(88,535)
Net Unrealized Appreciation (Depreciation)*
 
 
(153,220,150)
 
 
(3,257,898)
 
 
(449,057)
 
 
1,862,368
 
 
3,114,240
 
 
6,583,336
 
 
(49,720)
Undistributed Ordinary
Income
 
 
3,418,964
 
 
1,159,051
 
 
596,129
 
 
686,378
 
 
4,843,676
 
 
3,309,997
 
 
83,031
Undistributed Long-Term Gain (Loss)
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
343,079
 
 
—
Accumulated Gain (Loss)
 
 
3,418,964
 
 
1,159,051
 
 
596,129
 
 
686,378
 
 
4,843,676
 
 
3,653,076
 
 
83,031
Other Accumulated Gain
(Loss)
 
 
(1,752,074,687)
 
 
(50,889,966)
 
 
(5,414,559)
 
 
(3,772,114)
 
 
(4,627,372)
 
 
(2,712,464)
 
 
(73,133)
Distributable Earnings (Accumulated Deficit)
 
 
$(1,901,875,873)
 
 
$(52,988,813)
 
 
$(5,267,487)
 
 
$(1,223,368)
 
 
$3,330,544
 
 
$7,523,948
 
 
$(39,822)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
*
Represents aggregated amounts of Funds’ investments, futures, and swaps.
The temporary differences between book basis and tax basis in the Funds are primarily attributable to wash sales, partnership adjustments, and amortization of callable bonds.
As of the latest tax year or period ended January 31, 2026, the Funds had available for federal tax purposes an unused capital loss carryforward, which is available for offset against future taxable net capital gains. To the extent these carryforwards are used to offset futures gains, it is probable that the amount offset will not be distributed to shareholders. The carryforwards expire as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Multi-Strategy
Income Fund
 
 
UltraShort
Income Fund
 
 
High Yield
Opportunities
ETF
 
 
Mortgage-
Backed
Securities ETF
 
 
UltraShort
Income ETF
 
 
Income
ETF
 
 
Total
Return ETF
No expiration short-term
 
 
$499,150,193
 
 
$29,631,880
 
 
$902,060
 
 
$—
 
 
$300,692
 
 
$   —
 
 
$   —
No expiration long-term
 
 
$1,249,304,620
 
 
$20,163,649
 
 
$3,956,610
 
 
$3,135,700
 
 
$—
 
 
$—
 
 
$—
Total
 
 
$1,748,454,813
 
 
$49,795,529
 
 
$4,858,670
 
 
$3,135,700
 
 
$300,692
 
 
$—
 
 
$—
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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ANGEL OAK FUNDS TRUST
NOTES TO THE FINANCIAL STATEMENTS
July 31, 2026 (Unaudited)(Continued)
For the latest tax year or period ended January 31, 2026, the Funds’ utilization of capital loss carryforward was as follows:
 
 
 
 
Multi-Strategy Income Fund
 
 
$—
UltraShort Income Fund
 
 
$—
High Yield Opportunities ETF
 
 
$—
Mortgage-Backed Securities ETF
 
 
$1,531,998
UltraShort Income ETF
 
 
$—
Income ETF
 
 
$—
Total Return ETF
 
 
$—
 
 
 
 
Certain capital losses incurred after October 31 and within the current taxable year, are deemed to arise on the first business day of the Funds’ following taxable year. For the latest tax year or period ended January 31, 2026, the Funds did not defer any post-October losses.
NOTE 10. CREDIT AGREEMENTS
In August 2015, as amended July 26, 2023, the Multi-Strategy Income Fund entered into a $200 million secured, committed, margin facility (the “Facility”) with Société Générale, which expired in August 2024. The Facility was renewed on August 22, 2024, extending the expiration date to August 23, 2026, and was subsequently extended to August 21, 2028, pursuant to a renewal executed on August 21, 2026. The Facility can be terminated prior to this date by either party with 90 days’ notice. Under the Facility, interest is charged at a floating rate based on the SOFR rate plus 1.6% and is payable on the last day of each interest period, which was 5.26% as of July 31, 2026. For the period ended July 31, 2026, the average principal balance and interest rate was approximately $100,000,000 and 5.23%, respectively. The Multi-Strategy Income Fund is required to pay a commitment fee under the Facility on undrawn amounts, and an additional fee if the level of debt outstanding falls below a certain percentage. During the reporting period, the Multi-Strategy Income Fund was required to pay these commitment fees on undrawn amounts, which was 0.40% as of July 31, 2026. For the period ended July 31, 2026, these expenses and commitment fees, amounted to $2,830,722 and are included in the Interest expense line item that is reflected in the Consolidated Statement of Operations. Under the terms of the Facility, the Multi-Strategy Income Fund is also required to satisfy certain collateral requirements and maintain a certain level of net assets. For additional collateral information, see the Consolidated Schedule of Investments. As of July 31, 2026, the outstanding principal balance under the Facility was $100 million. The amount of the maximum loan outstanding during the period was $100 million from February 1, 2026, through July 31, 2026.
U.S. Bank, N.A. has made available to the Funds a $400 million unsecured credit facility, pursuant to a Loan Agreement (“Agreement”) effective June 8, 2016, expiring on April 24, 2027, for the purposes of having cash available to satisfy redemption requests. Advances under the Agreement would be limited to the lesser of $400 million or 20% of the unencumbered assets of the UltraShort Income Fund, the Mortgage-Backed Securities ETF, the UltraShort Income ETF, and Income ETF; or 15% of the unencumbered assets of the High Yield Opportunities ETF and Total Return ETF; or 10% of the unencumbered assets of the Multi-Strategy Income Fund. Principal is due 45 days after the initial advance and at maturity. Interest is payable monthly in arrears. Under the credit facility, the interest rate paid by the Funds on outstanding borrowings is equal to the lender’s prime rate, minus 1.00% which was 5.75% as of July 31, 2026. For the period ended July 31, 2026, the Funds’ activity under the credit facility was as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average
Loan
Balance
 
 
Average
Interest
Rate
 
 
Maximum
Loan
Outstanding
 
 
Period Maximum
Loan was Outstanding
Multi-Strategy Income Fund
 
 
$5,700,000
 
 
5.75%
 
 
$5,700,000
 
 
March 25, 2026 – March 26, 2026
High Yield Opportunities ETF
 
 
$4,400,000
 
 
5.75%
 
 
$4,400,000
 
 
April 13, 2026
Income ETF
 
 
$9,233,333
 
 
5.75%
 
 
$13,840,000
 
 
March 25, 2026 – March 26, 2026
 
 
 
 
 
 
 
 
 
 
 
 
 
As of July 31, 2026, the Funds had no outstanding borrowings under this agreement.
 
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NOTES TO THE FINANCIAL STATEMENTS
July 31, 2026 (Unaudited)(Continued)
NOTE 11. SEGMENT REPORTING
Each Fund has one reportable segment. Business activities are managed on a consolidated basis and revenues are derived primarily through Fund’s investments in accordance with its investment objective. Each Fund’s chief operating decision maker (“CODM”) is the Principal Financial Officer, Chief Investment Officer, Head of Portfolio Management – Public Strategies, and the Risk Committee. The CODM assesses performance based on a Fund’s Total Return as reported in the Financial Highlights, and the same accounting policies are applied as described in the summary of significant accounting policies. Each Fund’s Total Return is utilized by the CODM to compare results, including the impact of a Fund’s costs, to a Fund’s competitors and to a Fund’s benchmark index.
NOTE 12. SUBSEQUENT EVENTS
Management of the Funds has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date these financial statements were issued. This evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments.
 
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ADDITIONAL INFORMATION (Unaudited)
1. Shareholder Notification of Federal Tax Status
For the latest tax year or period ended January 31, 2026, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.80% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Funds intend to designate the maximum amount allowable as taxed at a maximum rate of 23.80%.
For the latest tax year or period ended January 31, 2026, the Multi-Strategy Income Fund, UltraShort Income Fund, High Yield Opportunities ETF, Mortgage-Backed Securities ETF, UltraShort Income ETF, Income ETF, and Total Return ETF paid qualified dividend income of 0.00%, 0.00%, 0.00%, 0.00%, 0.00%, 0.00%, and 0.00%, respectively.
For the latest tax year or period ended January 31, 2026, the percentage of ordinary income dividends paid by the Multi-Strategy Income Fund, UltraShort Income Fund, High Yield Opportunities ETF, Mortgage-Backed Securities ETF, UltraShort Income ETF, Income ETF, and Total Return ETF that qualifies for the dividends received deduction available to corporations was 0.00%, 0.00%, 0.00%, 0.00%, 0.00%, 0.00%, and 0.00%, respectively.
For the latest tax year or period ended January 31, 2026, the percentage of taxable ordinary income distributions for the Multi-Strategy Income Fund, UltraShort Income Fund, High Yield Opportunities ETF, Mortgage-Backed Securities ETF, UltraShort Income ETF, Income ETF, and Total Return ETF that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) was 0.00%, 0.00%, 0.00%, 0.00%, 0.00%, 3.72%, and 7.54%, respectively.
For the latest tax year or period ended January 31, 2026, the percentage of taxable ordinary income distributions for the Multi-Strategy Income Fund, UltraShort Income Fund, High Yield Opportunities ETF, Mortgage-Backed Securities ETF, UltraShort Income ETF, Income ETF, and Total Return ETF that are designated as interest related dividends under Internal Revenue 871(k)1(c) was 93.46%, 87.34%, 96.26%, 90.43%, 83.59%, 80.18%, and 85.76%, respectively.
2. Distribution of Premiums and Discounts
Information regarding how often shares of the High Yield Opportunities ETF, Mortgage-Backed Securities ETF, UltraShort Income ETF, Income ETF, and Total Return ETF trade on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Funds is available on the Funds’ website at www.angeloakcapital.com.
 
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ANGEL OAK FUNDS TRUST
ADDITIONAL INFORMATION (Unaudited)(Continued)
The below information is required disclosure from Form N-CSR.
Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies
There were no changes in or disagreements with accountants during the period covered by this report.
Item 9. Proxy Disclosure for Open-End Investment Companies
In connection with the approval of the subadvisory agreement between the Adviser and the Subadviser, shareholders of the Total Return ETF, approved the subadvisory agreement by written consent in lieu of a shareholder meeting pursuant to the Trust’s By-Laws. The subadvisory agreement was approved and became effective upon the effectiveness of Total Return ETF's prospectus on April 18, 2026, based on the following results:
 
 
 
 
 
 
 
 
 
 
 
 
For
 
 
Against
 
 
Abstain
To Approve Total Return ETF Subadvisory Agreement
 
 
329,972
 
 
0
 
 
2,471
 
 
 
 
 
 
 
 
 
 
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
Each Trustee who is not an “interested person” as defined in the 1940 Act (i.e., an “Independent Trustee”) of the “Fund Complex” (which includes the Funds, as well as each series of Angel Oak Strategic Credit Fund, Angel Oak Financial Strategies Income Term Trust, and Angel Oak Credit Opportunities Term Trust, affiliated registrants not disclosed in this report) receives an annual retainer of $95,000 (pro-rated for any periods less than one year) paid quarterly as well as $12,000 for attending each regularly scheduled meeting in connection with his or her service on the Board of the Fund Complex. In addition, each Committee Chair receives additional annual compensation of $12,000 (prorated for any periods less than one year), and the Chair of the Board receives an additional $27,000. Independent Trustees are eligible for reimbursement of out-of-pocket expenses incurred in connection with attendance at meetings and applicable industry conferences when in line with applicable expense policy. Each Fund’s allocated portion of the trustee compensation is included in the Trustee line item that is reflected in the Statements of Operations, which is paid by the Adviser for the ETFs due to the unitary fee structure. The Funds’ Statements of Additional Information includes additional information about the Trustees and is available upon request by calling toll-free (855) 751-4324.
Item 11. Statement Regarding the Basis for the Approval of the Investment Advisory Agreement
Not applicable.
 
202