2025-07-28190132_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, 2025
This semi-annual shareholder report contains important information about the Angel Oak Multi-Strategy Income Fund (the Fund) for the period of  February 1, 2025 to July 31, 2025. 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)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Class A
$78
1.54%
* Annualized.
HOW DID THE FUND PERFORM DURING THE PERIOD?
The Fund’s Class A shares returned 3.39%, without sales charges, for the six-month period ending July 31, 2025. The Fund outperformed the Bloomberg U.S. Aggregate Bond Index, the Fund’s benchmark, by 19 basis points, as the benchmark returned 3.20% over the same period.
WHAT FACTORS INFLUENCED PERFORMANCE?
The Fund benefited from higher current income and spread outperformance within credit allocations, most notably in non-agency residential mortgage-backed securities (RMBS) and asset-backed securities (ABS). A shorter interest rate duration was the primary detractor from relative performance.
HOW WAS THE FUND POSITIONED DURING THE PERIOD?
The Fund reduced its allocation to non-agency RMBS to realize gains following spread compression while increasing exposure to agency RMBS to strengthen credit quality and position for potential spread tightening. Allocations to ABS and high-yield corporates were also increased in anticipation of further spread improvement.
Top Contributors
↑
Non-agency RMBS; ABS
Top Detractors
↓
Interest rate duration positioning
Angel Oak Multi-Strategy Income Fund  PAGE 1  TSR-SAR-03463K307
 
HOW DID THE FUND PERFORM  OVER THE PAST 10 YEARS?* (as of July 31, 2025)
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
5 Year
10 Year
Class A (without sales charge)
5.97
2.02
1.97
Class A (with maximum 2.25% sales charge)
3.57
1.56
1.73
Bloomberg U.S. Aggregate Bond Index
3.38
-1.07
1.66
* 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, 2025)
Net Assets
$2,701,609,209
Effective Duration
4.25 years
Number of Holdings
1,098
30-Day SEC Yield (Class A)
6.14%
Net Advisory Fee
$12,222,617
30-Day SEC Yield Unsubsidized (Class A)
6.14%
Portfolio Turnover
41%
Weighted Average Life
6.34 years
Average Credit Quality
BBB
Distribution Yield (Class A)
5.34%
Angel Oak Multi-Strategy Income Fund  PAGE 2  TSR-SAR-03463K307
 
WHAT DID THE FUND INVEST IN? (as of July 31, 2025)
Top Security Types (% of net assets)
Residential Mortgage-Backed Securities
47.3%
Asset-Backed Securities
18.4%
Residential Mortgage-Backed Securities - U.S. Government Agency
10.8%
Collateralized Loan Obligations
7.8%
Corporate Obligations
6.6%
Commercial Mortgage-Backed Securities
4.6%
Residential Mortgage-Backed Securities - U.S. Government Agency Credit Risk Transfer
4.1%
Commercial Mortgage-Backed Securities - U.S. Government Agency
3.2%
Money Market Funds
2.9%
Cash & Other
-5.7%
Top 10 Issuers (% of net assets)
Federal National Mortgage Association
9.7%
Federal Home Loan Mortgage Corp.
7.8%
Saluda Grade Mortgage Funding LLC
4.0%
JP Morgan Mortgage Trust
4.0%
GS Mortgage-Backed Securities Trust
4.0%
First American Government Obligations Fund
2.9%
Exeter Automobile Receivables Trust
2.5%
Credit Suisse Mortgage Capital Certificates
2.4%
Helios Loan Funding Trust
2.3%
Verus Securitization Trust
2.1%
Credit Ratings Breakdown (% of net assets)*
AAA
8.9%
AA
19.5%
A
5.8%
BBB
11.7%
BB
23.9%
B
5.4%
CCC
3.2%
CC
0.3%
C
0.1%
NR
21.2%
* 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 Multi-Strategy Income Fund  PAGE 3  TSR-SAR-03463K307
 
Material Fund Changes:
Effective April 1, 2025, the ultimate parent of the Fund’s investment adviser announced a strategic partnership with Brookfield Asset Management Ltd. (“Brookfield”) in which Brookfield has agreed to acquire a majority of the ultimate parent of the Fund’s investment adviser (the “Transaction”). The Transaction is not expected to result in any material change in the day-to-day management of the Fund.
This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund’s current prospectus, dated May 31, 2025, as supplemented to date, which is available at https://angeloakcapital.com/resources/  or upon request at 1-855-751-4324.
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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 4  TSR-SAR-03463K307
977397231042110775112111074611515108381031911206118751000010594105391045511299124431235611229108511140511790
 
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Angel Oak Multi-Strategy Income Fund
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Class C | ANGCX
Semi-Annual Shareholder Report | July 31, 2025
This semi-annual shareholder report contains important information about the Angel Oak Multi-Strategy Income Fund (the Fund) for the period of  February 1, 2025 to July 31, 2025. 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)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Class C
$115
2.29%
* Annualized.
HOW DID THE FUND PERFORM DURING THE PERIOD?
The Fund’s Class C shares returned 2.93%, without sales charges, for the six-month period ending July 31, 2025. The Fund underperformed the Bloomberg U.S. Aggregate Bond Index, the Fund’s benchmark, by 27 basis points, as the benchmark returned 3.20% over the same period.
WHAT FACTORS INFLUENCED PERFORMANCE?
The Fund benefited from higher current income and spread outperformance within credit allocations, most notably in non-agency residential mortgage-backed securities (RMBS) and asset-backed securities (ABS). A shorter interest rate duration was the primary detractor from relative performance.
HOW WAS THE FUND POSITIONED DURING THE PERIOD?
The Fund reduced its allocation to non-agency RMBS to realize gains following spread compression while increasing exposure to agency RMBS to strengthen credit quality and position for potential spread tightening. Allocations to ABS and high-yield corporates were also increased in anticipation of further spread improvement.
Top Contributors
↑
Non-agency RMBS; ABS
Top Detractors
↓
Interest rate duration positioning
Angel Oak Multi-Strategy Income Fund  PAGE 1  TSR-SAR-03463K505
 
HOW DID THE FUND PERFORM  SINCE INCEPTION?* (as of July 31, 2025)
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
5 Year
Since Inception
(08/04/2015)
Class C (without sales charge)
5.14
1.25
1.20
Class C (with maximum 1.00% deferred sales charge)
4.14
1.25
1.20
Bloomberg U.S. Aggregate Bond Index
3.38
-1.07
1.67
* 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, 2025)
Net Assets
$2,701,609,209
Effective Duration
4.25 years
Number of Holdings
1,098
30-Day SEC Yield (Class C)
5.53%
Net Advisory Fee
$12,222,617
30-Day SEC Yield Unsubsidized (Class C)
5.53%
Portfolio Turnover
41%
Weighted Average Life
6.34 years
Average Credit Quality
BBB
Distribution Yield (Class C)
4.64%
Angel Oak Multi-Strategy Income Fund  PAGE 2  TSR-SAR-03463K505
 
WHAT DID THE FUND INVEST IN? (as of July 31, 2025)
Top Security Types (% of net assets)
Residential Mortgage-Backed Securities
47.3%
Asset-Backed Securities
18.4%
Residential Mortgage-Backed Securities - U.S. Government Agency
10.8%
Collateralized Loan Obligations
7.8%
Corporate Obligations
6.6%
Commercial Mortgage-Backed Securities
4.6%
Residential Mortgage-Backed Securities - U.S. Government Agency Credit Risk Transfer
4.1%
Commercial Mortgage-Backed Securities - U.S. Government Agency
3.2%
Money Market Funds
2.9%
Cash & Other
-5.7%
Top 10 Issuers (% of net assets)
Federal National Mortgage Association
9.7%
Federal Home Loan Mortgage Corp.
7.8%
Saluda Grade Mortgage Funding LLC
4.0%
JP Morgan Mortgage Trust
4.0%
GS Mortgage-Backed Securities Trust
4.0%
First American Government Obligations Fund
2.9%
Exeter Automobile Receivables Trust
2.5%
Credit Suisse Mortgage Capital Certificates
2.4%
Helios Loan Funding Trust
2.3%
Verus Securitization Trust
2.1%
Credit Ratings Breakdown (% of net assets)*
AAA
8.9%
AA
19.5%
A
5.8%
BBB
11.7%
BB
23.9%
B
5.4%
CCC
3.2%
CC
0.3%
C
0.1%
NR
21.2%
* 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 Multi-Strategy Income Fund  PAGE 3  TSR-SAR-03463K505
 
Material Fund Changes:
Effective April 1, 2025, the ultimate parent of the Fund’s investment adviser announced a strategic partnership with Brookfield Asset Management Ltd. (“Brookfield”) in which Brookfield has agreed to acquire a majority of the ultimate parent of the Fund’s investment adviser (the “Transaction”). The Transaction is not expected to result in any material change in the day-to-day management of the Fund.
This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund’s current prospectus, dated May 31, 2025, as supplemented to date, which is available at https://angeloakcapital.com/resources/  or upon request at 1-855-751-4324.
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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 4  TSR-SAR-03463K505
1000096801024810648108651132911056112539916102651094811269100001014010288105091074511782123381197210971112011143311798
 
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Angel Oak Multi-Strategy Income Fund
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Institutional Class | ANGIX
Semi-Annual Shareholder Report | July 31, 2025
This semi-annual shareholder report contains important information about the Angel Oak Multi-Strategy Income Fund (the Fund) for the period of  February 1, 2025 to July 31, 2025. 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)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Institutional Class
$65
1.29%
* Annualized.
HOW DID THE FUND PERFORM DURING THE PERIOD?
The Fund’s Institutional Class shares returned 3.53% for the six-month period ending July 31, 2025. The Fund outperformed the Bloomberg U.S. Aggregate Bond Index, the Fund’s benchmark, by 33 basis points, as the benchmark returned 3.20% over the same period.
WHAT FACTORS INFLUENCED PERFORMANCE?
The Fund benefited from higher current income and spread outperformance within credit allocations, most notably in non-agency residential mortgage-backed securities (RMBS) and asset-backed securities (ABS). A shorter interest rate duration was the primary detractor from relative performance.
HOW WAS THE FUND POSITIONED DURING THE PERIOD?
The Fund reduced its allocation to non-agency RMBS to realize gains following spread compression while increasing exposure to agency RMBS to strengthen credit quality and position for potential spread tightening. Allocations to ABS and high-yield corporates were also increased in anticipation of further spread improvement.
Top Contributors
↑
Non-agency RMBS; ABS
Top Detractors
↓
Interest rate duration positioning
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, 2025)
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
6.13
2.28
2.22
Bloomberg U.S. Aggregate Bond Index
3.38
-1.07
1.66
* 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, 2025)
Net Assets
$2,701,609,209
Effective Duration
4.25 years
Number of Holdings
1,098
30-Day SEC Yield (Institutional Class)
6.54%
Net Advisory Fee
$12,222,617
30-Day SEC Yield Unsubsidized (Institutional Class)
6.54%
Portfolio Turnover
41%
Weighted Average Life
6.34 years
Average Credit Quality
BBB
Distribution Yield (Institutional Class)
5.62%
Angel Oak Multi-Strategy Income Fund  PAGE 2  TSR-SAR-03463K406
 
WHAT DID THE FUND INVEST IN? (as of July 31, 2025)
Top Security Types (% of net assets)
Residential Mortgage-Backed Securities
47.3%
Asset-Backed Securities
18.4%
Residential Mortgage-Backed Securities - U.S. Government Agency
10.8%
Collateralized Loan Obligations
7.8%
Corporate Obligations
6.6%
Commercial Mortgage-Backed Securities
4.6%
Residential Mortgage-Backed Securities - U.S. Government Agency Credit Risk Transfer
4.1%
Commercial Mortgage-Backed Securities - U.S. Government Agency
3.2%
Money Market Funds
2.9%
Cash & Other
-5.7%
Top 10 Issuers (% of net assets)
Federal National Mortgage Association
9.7%
Federal Home Loan Mortgage Corp.
7.8%
Saluda Grade Mortgage Funding LLC
4.0%
JP Morgan Mortgage Trust
4.0%
GS Mortgage-Backed Securities Trust
4.0%
First American Government Obligations Fund
2.9%
Exeter Automobile Receivables Trust
2.5%
Credit Suisse Mortgage Capital Certificates
2.4%
Helios Loan Funding Trust
2.3%
Verus Securitization Trust
2.1%
Credit Ratings Breakdown (% of net assets)*
AAA
8.9%
AA
19.5%
A
5.8%
BBB
11.7%
BB
23.9%
B
5.4%
CCC
3.2%
CC
0.3%
C
0.1%
NR
21.2%
* 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.
Material Fund Changes:
Effective April 1, 2025, the ultimate parent of the Fund’s investment adviser announced a strategic partnership with Brookfield Asset Management Ltd. (“Brookfield”) in which Brookfield has agreed to acquire a majority of the ultimate parent of the Fund’s investment adviser (the “Transaction”). The Transaction is not expected to result in any material change in the day-to-day management of the Fund.
This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund’s current prospectus, dated May 31, 2025, as supplemented to date, which is available at https://angeloakcapital.com/resources/  or upon request at 1-855-751-4324.
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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
500000498669535662556144579620556388598359564577538865586805622762500000529675526949522733564973622156617790561470542560570236589520
 
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Angel Oak UltraShort Income Fund
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Class A | AOUAX
Semi-Annual Shareholder Report | July 31, 2025
This semi-annual shareholder report contains important information about the Angel Oak UltraShort Income Fund (the Fund) for the period of  February 1, 2025 to July 31, 2025. 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)
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 2.50% for the six-month period ending July 31, 2025. The Fund outperformed the Bloomberg Short Treasury: 9-12 Months Index and the Bloomberg Short-Term Government/Corporate Index, the Fund’s performance benchmarks, by 56 basis points (bps) and 42 bps, respectively, as the performance benchmarks returned 1.94% and 2.08%, respectively.
WHAT FACTORS INFLUENCED PERFORMANCE?
The Fund outperformed its performance benchmarks during the period, supported by overweight allocations to investment-grade (IG) asset-backed securities (ABS), non-agency residential mortgage-backed securities (RMBS), collateralized loan obligations (CLOs), and IG corporates. Higher income, stronger yields, and tighter spreads across these sectors further enhanced relative performance.
HOW WAS THE FUND POSITIONED DURING THE PERIOD?
The Fund maintained an overweight to securitized credit, with increased allocations to IG ABS, non-agency RMBS, and CLOs, all of which contributed positively.
Top Contributors
↑
High income relative to performance benchmarks; investment-grade securitized credit
Top Detractors
↓
Cash and government allocations with lower yield versus credit sectors
Angel Oak UltraShort Income Fund  PAGE 1  TSR-SAR-03463K844
 
HOW DID THE FUND PERFORM  SINCE INCEPTION?* (as of July 31, 2025)
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.
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
5.46
2.88
2.81
Bloomberg U.S. Aggregate Bond Index
3.38
-1.07
1.76
Bloomberg Short Treasury: 9-12 Months Index
4.52
2.38
2.47
Bloomberg Short Term Government/Corporate Index
4.72
2.75
2.64
* 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, 2025)
Net Assets
$660,246,034
Effective Duration
0.79 years
Number of Holdings
437
30-Day SEC Yield (Class A)
4.70%
Net Advisory Fee
$705,667
30-Day SEC Yield Unsubsidized (Class A)
4.50%
Portfolio Turnover
38%
Weighted Average Life
1.58 years
Average Credit Quality
A
Distribution Yield (Class A)
4.82%
Angel Oak UltraShort Income Fund  PAGE 2  TSR-SAR-03463K844
 
WHAT DID THE FUND INVEST IN? (as of July 31, 2025)
Top Security Types (% of net assets)
Asset-Backed Securities
31.3%
Commercial Mortgage-Backed Securities - U.S. Government Agency
18.3%
Corporate Obligations
16.1%
Collateralized Loan Obligations
14.7%
Residential Mortgage-Backed Securities
13.8%
Money Market Funds
3.0%
Commercial Mortgage-Backed Securities
2.9%
Residential Mortgage-Backed Securities - U.S. Government Agency Credit Risk Transfer
0.8%
Futures Contracts
0.2%
Cash & Other
-1.1%
Top 10 Issuers (% of net assets)
Federal Home Loan Mortgage Corp.
18.0%
Pagaya AI Debt Selection Trust
9.4%
First American Government Obligations Fund
3.0%
Avis Budget Car Rental LLC
1.6%
Vista Point Securitization Trust
1.6%
GS Mortgage-Backed Securities Trust
1.5%
ACHV ABS Trust
1.4%
American Credit Acceptance Receivables Trust
1.4%
Onslow Bay Mortgage Loan Trust
1.3%
Federal National Mortgage Association
1.3%
Credit Ratings Breakdown (% of net assets)*
AAA
31.5%
AA
25.3%
A
20.1%
BBB
18.2%
BB
2.4%
B
0.7%
CCC
0.0%
CC
0.0%
C
0.1%
NR
1.7%
* 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.
Material Fund Changes:
Effective April 1, 2025, the ultimate parent of the Fund’s investment adviser announced a strategic partnership with Brookfield Asset Management Ltd. (“Brookfield”) in which Brookfield has agreed to acquire a majority of the ultimate parent of the Fund’s investment adviser (the “Transaction”). The Transaction is not expected to result in any material change in the day-to-day management of the Fund.
This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund’s current prospectus, dated May 31, 2025, as supplemented to date, which is available at https://angeloakcapital.com/resources/  or upon request at 1-855-751-4324.
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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 UltraShort Income Fund  PAGE 3  TSR-SAR-03463K844
100001021210613107741080210542112121192812226100001033411331118661151310551107721099511347100001018110467106251059710617111511170911936100001017910444105651056310686112451183612082
 
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Angel Oak UltraShort Income Fund
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Class A1 | AOUNX
Semi-Annual Shareholder Report | July 31, 2025
This semi-annual shareholder report contains important information about the Angel Oak UltraShort Income Fund (the Fund) for the period of  February 1, 2025 to July 31, 2025. 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)
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 2.50%, without sales charges, for the six-month period ending July 31, 2025. The Fund outperformed the Bloomberg Short Treasury: 9-12 Months Index and the Bloomberg Short-Term Government/Corporate Index, the Fund’s performance benchmarks, by 56 basis points (bps) and 42 bps, respectively, as the performance benchmarks returned 1.94% and 2.08%, respectively.
WHAT FACTORS INFLUENCED PERFORMANCE?
The Fund outperformed its performance benchmarks during the period, supported by overweight allocations to investment-grade (IG) asset-backed securities (ABS), non-agency residential mortgage-backed securities (RMBS), collateralized loan obligations (CLOs), and IG corporates. Higher income, stronger yields, and tighter spreads across these sectors further enhanced relative performance.
HOW WAS THE FUND POSITIONED DURING THE PERIOD?
The Fund maintained an overweight to securitized credit, with increased allocations to IG ABS, non-agency RMBS, and CLOs, all of which contributed positively.
Top Contributors
↑
High income relative to performance benchmarks; investment-grade securitized credit
Top Detractors
↓
Cash and government allocations with lower yield versus credit sectors
Angel Oak UltraShort Income Fund  PAGE 1  TSR-SAR-03463K778
 
HOW DID THE FUND PERFORM  SINCE INCEPTION?* (as of July 31, 2025)
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)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
Since Inception
(07/22/2022)
Class A1 (without sales charge)
5.47
4.92
Class A1 (with maximum 1.50% sales charge)
3.39
4.39
Bloomberg U.S. Aggregate Bond Index
3.38
1.84
Bloomberg Short Treasury: 9-12 Months Index
4.52
4.24
Bloomberg Short Term Government/Corporate Index
4.72
4.62
* 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, 2025)
Net Assets
$660,246,034
Effective Duration
0.79 years
Number of Holdings
437
30-Day SEC Yield (Class A1)
4.74%
Net Advisory Fee
$705,667
30-Day SEC Yield Unsubsidized (Class A1)
4.53%
Portfolio Turnover
38%
Weighted Average Life
1.58 years
Average Credit Quality
A
Distribution Yield (Class A1)
4.83%
Angel Oak UltraShort Income Fund  PAGE 2  TSR-SAR-03463K778
 
WHAT DID THE FUND INVEST IN? (as of July 31, 2025)
Top Security Types (% of net assets)
Asset-Backed Securities
31.3%
Commercial Mortgage-Backed Securities - U.S. Government Agency
18.3%
Corporate Obligations
16.1%
Collateralized Loan Obligations
14.7%
Residential Mortgage-Backed Securities
13.8%
Money Market Funds
3.0%
Commercial Mortgage-Backed Securities
2.9%
Residential Mortgage-Backed Securities - U.S. Government Agency Credit Risk Transfer
0.8%
Futures Contracts
0.2%
Cash & Other
-1.1%
Top 10 Issuers (% of net assets)
Federal Home Loan Mortgage Corp.
18.0%
Pagaya AI Debt Selection Trust
9.4%
First American Government Obligations Fund
3.0%
Avis Budget Car Rental LLC
1.6%
Vista Point Securitization Trust
1.6%
GS Mortgage-Backed Securities Trust
1.5%
ACHV ABS Trust
1.4%
American Credit Acceptance Receivables Trust
1.4%
Onslow Bay Mortgage Loan Trust
1.3%
Federal National Mortgage Association
1.3%
Credit Ratings Breakdown (% of net assets)*
AAA
31.5%
AA
25.3%
A
20.1%
BBB
18.2%
BB
2.4%
B
0.7%
CCC
0.0%
CC
0.0%
C
0.1%
NR
1.7%
* 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.
Material Fund Changes:
Effective April 1, 2025, the ultimate parent of the Fund’s investment adviser announced a strategic partnership with Brookfield Asset Management Ltd. (“Brookfield”) in which Brookfield has agreed to acquire a majority of the ultimate parent of the Fund’s investment adviser (the “Transaction”). The Transaction is not expected to result in any material change in the day-to-day management of the Fund.
This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund’s current prospectus, dated May 31, 2025, 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 UltraShort Income Fund  PAGE 3  TSR-SAR-03463K778
9848982410440111081138610000982610032102391056710000100861059411124113401000010138106681122811462
 
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Angel Oak UltraShort Income Fund
image
Institutional Class | AOUIX
Semi-Annual Shareholder Report | July 31, 2025
This semi-annual shareholder report contains important information about the Angel Oak UltraShort Income Fund (the Fund) for the period of  February 1, 2025 to July 31, 2025. 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)
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 2.62% for the six-month period ending July 31, 2025. The Fund outperformed the Bloomberg Short Treasury: 9-12 Months Index and the Bloomberg Short-Term Government/Corporate Index, the Fund’s performance benchmarks, by 68 basis points (bps) and 54 bps, respectively, as the performance benchmarks returned 1.94% and 2.08%, respectively.
WHAT FACTORS INFLUENCED PERFORMANCE?
The Fund outperformed its performance benchmarks during the period, supported by overweight allocations to investment-grade (IG) asset-backed securities (ABS), non-agency residential mortgage-backed securities (RMBS), collateralized loan obligations (CLOs), and IG corporates. Higher income, stronger yields, and tighter spreads across these sectors further enhanced relative performance.
HOW WAS THE FUND POSITIONED DURING THE PERIOD?
The Fund maintained an overweight to securitized credit, with increased allocations to IG ABS, non-agency RMBS, and CLOs, all of which contributed positively.
Top Contributors
↑
High income relative to performance benchmarks; investment-grade securitized credit
Top Detractors
↓
Cash and government allocations with lower yield versus credit sectors
Angel Oak UltraShort Income Fund  PAGE 1  TSR-SAR-03463K828
 
HOW DID THE FUND PERFORM  SINCE INCEPTION?* (as of July 31, 2025)
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)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
Since Inception
(04/02/2018)
Institutional Class
5.72
3.12
3.08
Bloomberg U.S. Aggregate Bond Index
3.38
-1.07
1.63
Bloomberg Short Treasury: 9-12 Months Index
4.52
2.38
2.45
Bloomberg Short Term Government/Corporate Index
4.72
2.75
2.63
* 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, 2025)
Net Assets
$660,246,034
Effective Duration
0.79 years
Number of Holdings
437
30-Day SEC Yield (Institutional Class)
5.06%
Net Advisory Fee
$705,667
30-Day SEC Yield Unsubsidized (Institutional Class)
4.86%
Portfolio Turnover
38%
Weighted Average Life
1.58 years
Average Credit Quality
A
Distribution Yield (Institutional Class)
5.08%
Angel Oak UltraShort Income Fund  PAGE 2  TSR-SAR-03463K828
 
WHAT DID THE FUND INVEST IN? (as of July 31, 2025)
Top Security Types (% of net assets)
Asset-Backed Securities
31.3%
Commercial Mortgage-Backed Securities - U.S. Government Agency
18.3%
Corporate Obligations
16.1%
Collateralized Loan Obligations
14.7%
Residential Mortgage-Backed Securities
13.8%
Money Market Funds
3.0%
Commercial Mortgage-Backed Securities
2.9%
Residential Mortgage-Backed Securities - U.S. Government Agency Credit Risk Transfer
0.8%
Futures Contracts
0.2%
Cash & Other
-1.1%
Top 10 Issuers (% of net assets)
Federal Home Loan Mortgage Corp.
18.0%
Pagaya AI Debt Selection Trust
9.4%
First American Government Obligations Fund
3.0%
Avis Budget Car Rental LLC
1.6%
Vista Point Securitization Trust
1.6%
GS Mortgage-Backed Securities Trust
1.5%
ACHV ABS Trust
1.4%
American Credit Acceptance Receivables Trust
1.4%
Onslow Bay Mortgage Loan Trust
1.3%
Federal National Mortgage Association
1.3%
Credit Ratings Breakdown (% of net assets)*
AAA
31.5%
AA
25.3%
A
20.1%
BBB
18.2%
BB
2.4%
B
0.7%
CCC
0.0%
CC
0.0%
C
0.1%
NR
1.7%
* 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.
Material Fund Changes:
Effective April 1, 2025, the ultimate parent of the Fund’s investment adviser announced a strategic partnership with Brookfield Asset Management Ltd. (“Brookfield”) in which Brookfield has agreed to acquire a majority of the ultimate parent of the Fund’s investment adviser (the “Transaction”). The Transaction is not expected to result in any material change in the day-to-day management of the Fund.
This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund’s current prospectus, dated May 31, 2025, 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 UltraShort Income Fund  PAGE 3  TSR-SAR-03463K828
500000513015534377544374547163534902570427608391624347500000512585562021588552571086523346534326545374562823500000509405523744531624530256531230557976585865597245500000509653522887528978528863535031563005592583604937
 
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Angel Oak High Yield Opportunities ETF
image
AOHY (Principal U.S. Listing Exchange: Nasdaq Stock Market LLCNASDAQ)
Semi-Annual Shareholder Report | July 31, 2025
This semi-annual shareholder report contains important information about the Angel Oak High Yield Opportunities ETF (the Fund) for the period of  February 1, 2025 to July 31, 2025. 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 High Yield Opportunities ETF
$28
0.55%
* Annualized.
HOW DID THE FUND PERFORM DURING THE PERIOD?
The Fund returned 3.41% based on net asset value (NAV) for the six-month period ending July 31, 2025. The Fund underperformed the Bloomberg U.S. Corporate High Yield Index, the Fund’s performance benchmark, by 21 basis points (bps) based on NAV, as the performance benchmark returned 3.62% over the same period.
WHAT FACTORS INFLUENCED PERFORMANCE?
The Fund’s underperformance relative to its performance benchmark was primarily due to the drag from its cash allocation during a period when the performance benchmark’s average yield was 7.48%. The high-yield (HY) corporate bond allocation returned 3.51%, marginally trailing the performance benchmark, reflecting the Fund’s conservative positioning and overweight to B- and BB-rated issuers given tight valuations and a cautious long-term risk-reward outlook. Conversely, the HY securitized credit allocation—an out-of-index holding—outperformed, with asset-backed securities (ABS) and non-agency residential mortgage-backed securities (RMBS) exceeding benchmark returns by more than 220 bps and 40 bps, respectively.
HOW WAS THE FUND POSITIONED DURING THE PERIOD?
The Fund’s out-of-index exposure to securitized credit—specifically HY non-agency RMBS and ABS—proved beneficial, as we viewed these sectors as undervalued relative to HY corporate credit.
Top Contributors
↑
Overweight to HY securitized credit
Top Detractors
↓
Underweight to longer-duration BB-rated issuers during a period when the 5-year Treasury rallied 35 bps and returned 3.68%
↓
Underweight to higher-risk, higher-potential-return CCC-and-below-rated issuers during a period of outperformance
↓
Negative attribution from consumer cyclical holdings, driven primarily by security selection
Angel Oak High Yield Opportunities ETF  PAGE 1  TSR-SAR-03463K745
 
HOW DID THE FUND PERFORM  OVER THE PAST 10 YEARS?* (as of July 31, 2025)
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.
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
7.79
5.92
5.82
Bloomberg U.S. Aggregate Bond Index
3.38
-1.07
1.66
Bloomberg U.S. Corporate High Yield Index
8.67
5.09
5.49
* 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, 2025)
Net Assets
$120,622,766
Effective Duration
2.87 years
Number of Holdings
246
30-Day SEC Yield
6.89%
Net Advisory Fee
$320,299
30-Day SEC Yield Unsubsidized
6.89%
Portfolio Turnover
16%
Weighted Average Life
3.60 years
Average Credit Quality
BB
Distribution Yield
7.00%
Angel Oak High Yield Opportunities ETF  PAGE 2  TSR-SAR-03463K745
 
WHAT DID THE FUND INVEST IN? (as of July 31, 2025)
Top Sectors (% of net assets)
Financial
19.6%
Energy
15.8%
Consumer, Non-cyclical
12.8%
Industrial
12.0%
Consumer, Cyclical
10.1%
Basic Materials
7.6%
Communications
5.4%
Mortgage Securities
4.6%
Asset-Backed Securities
4.0%
Cash & Other
8.1%
Top 10 Issuers (% of net assets)
First American Government Obligations Fund
3.8%
Venture Global LNG, Inc.
1.8%
Freedom Mortgage Holdings LLC
1.8%
goeasy Ltd.
1.4%
Directv Financing LLC / Directv Financing Co.-Obligor, Inc.
1.3%
Nationstar Mortgage Holdings, Inc.
1.2%
USA Compression Partners LP / USA Compression Finance Corp.
1.2%
Antero Midstream Partners LP / Antero Midstream Finance Corp.
1.1%
Consolidated Energy Finance SA
1.1%
Goodyear Tire & Rubber Co.
1.1%
Credit Ratings Breakdown (% of net assets)*
AAA
3.6%
AA
0.5%
BBB
5.4%
BB
53.3%
B
30.4%
CCC
5.1%
CC
0.1%
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.
Material Fund Changes:
Effective April 1, 2025, the ultimate parent of the Fund’s investment adviser announced a strategic partnership with Brookfield Asset Management Ltd. (“Brookfield”) in which Brookfield has agreed to acquire a majority of the ultimate parent of the Fund’s investment adviser (the “Transaction”). The Transaction is not expected to result in any material change in the day-to-day management of the Fund.
This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund’s current prospectus, dated May 31, 2025, 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 High Yield Opportunities ETF  PAGE 3  TSR-SAR-03463K745
100001059611776121561291613204146861382714746163341760710000105941053910455112991244312356112291085111405117901000010498116471195012776133051471813538141341569717058
 
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Angel Oak Mortgage-Backed Securities ETF
image
MBS (Principal U.S. Listing Exchange: Nasdaq Stock Market LLCNASDAQ)
Semi-Annual Shareholder Report | July 31, 2025
This semi-annual shareholder report contains important information about the Angel Oak Mortgage-Backed Securities ETF (the Fund) for the period of  February 1, 2025 to July 31, 2025. 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 Mortgage-Backed Securities ETF
$25
0.49%
* Annualized.
HOW DID THE FUND PERFORM DURING THE PERIOD?
The Fund returned 3.38% based on net asset value (NAV) for the six-month period ending July 31, 2025. The Fund outperformed the Bloomberg U.S. Mortgage-Backed Securities Index, the Fund’s performance benchmark, by 10 basis points based on NAV, as the performance benchmark returned 3.28% over the same period.
WHAT FACTORS INFLUENCED PERFORMANCE?
The Fund outperformed its performance benchmark during the period, primarily due to a larger allocation to non-agency residential mortgage-backed securities (RMBS). Although the overweight to higher coupons in the agency RMBS allocation underperformed relative to the benchmark, it helped the Fund better withstand volatility during the period. Stronger yields and tighter spreads in non-agency RMBS further supported relative returns.
HOW WAS THE FUND POSITIONED DURING THE PERIOD?
The Fund maintained a higher allocation to non-agency RMBS than its performance benchmark, with overweight positions in the non-qualified mortgage (non-QM) and prime jumbo subsectors, both of which generated strong results.
Top Contributors
↑
Investment-grade non-agency RMBS; non-QM subsector; underweight to agency RMBS
Top Detractors
↓
Overweight to higher-coupon agency RMBS
Angel Oak Mortgage-Backed Securities ETF  PAGE 1  TSR-SAR-03463K737
 
HOW DID THE FUND PERFORM  SINCE INCEPTION?* (as of July 31, 2025)
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.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
Since Inception
(06/04/2021)
Angel Oak Mortgage-Backed Securities ETF NAV
4.71
0.10
Bloomberg U.S. Aggregate Bond Index
3.38
-0.72
Bloomberg U.S. Mortgage-Backed Securities Index
3.36
-0.73
* 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, 2025)
Net Assets
$128,726,825
Effective Duration
6.29 years
Number of Holdings
125
30-Day SEC Yield
4.69%
Net Advisory Fee
$425,487
30-Day SEC Yield Unsubsidized
4.39%
Portfolio Turnover
45%
Weighted Average Life
8.76 years
Average Credit Quality
AA
Distribution Yield
7.29%
Angel Oak Mortgage-Backed Securities ETF  PAGE 2  TSR-SAR-03463K737
 
WHAT DID THE FUND INVEST IN? (as of July 31, 2025)
Top Security Types (% of net assets)
Residential Mortgage-Backed Securities
60.5%
Residential Mortgage-Backed Securities - U.S. Government Agency
44.1%
Residential Mortgage-Backed Securities - U.S. Government Agency Credit Risk Transfer
15.5%
Money Market Funds
2.7%
Commercial Mortgage-Backed Securities - U.S. Government Agency
0.2%
Asset-Backed Securities
0.0%
Futures Contracts
-0.1%
Cash & Other
-22.9%
Top 10 Issuers (% of net assets)
Federal National Mortgage Association
34.7%
Federal Home Loan Mortgage Corp.
25.0%
JP Morgan Mortgage Trust
7.6%
COLT Funding LLC
7.6%
Verus Securitization Trust
6.8%
Pretium Mortgage Credit Partners LLC
4.4%
PRPM LLC
3.6%
SGR Residential Mortgage Trust
3.0%
Credit Suisse Mortgage Capital Certificates
2.9%
First American Government Obligations Fund
2.7%
Credit Ratings Breakdown (% of net assets)*
AAA
25.2%
AA
56.9%
A
4.4%
BBB
5.9%
BB
5.4%
B
0.9%
NR
1.3%
* 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.
Material Fund Changes:
Effective April 1, 2025, the ultimate parent of the Fund’s investment adviser announced a strategic partnership with Brookfield Asset Management Ltd. (“Brookfield”) in which Brookfield has agreed to acquire a majority of the ultimate parent of the Fund’s investment adviser (the “Transaction”). The Transaction is not expected to result in any material change in the day-to-day management of the Fund.
This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund’s current prospectus, dated May 31, 2025, 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 Mortgage-Backed Securities ETF  PAGE 3  TSR-SAR-03463K737
1000098729051925497141004310000984790249213940497051000098199080919193929700
 
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Angel Oak UltraShort Income ETF
image
UYLD (Principal U.S. Listing Exchange: Nasdaq Stock Market LLCNASDAQ)
Semi-Annual Shareholder Report | July 31, 2025
This semi-annual shareholder report contains important information about the Angel Oak UltraShort Income ETF (the Fund) for the period of  February 1, 2025 to July 31, 2025. 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 UltraShort Income ETF
$17
0.34%
* Annualized.
HOW DID THE FUND PERFORM DURING THE PERIOD?
The Fund returned 2.57% based on net asset value (NAV) for the six-month period ending July 31, 2025. The Fund outperformed both the Bloomberg U.S. Treasury Bills Index and the Bloomberg Short-Term Government/Corporate Index, the Fund’s performance benchmarks, by 49 basis points, as the performance benchmarks each returned 2.08% over the same period.
WHAT FACTORS INFLUENCED PERFORMANCE?
The Fund outperformed its performance benchmarks during the period, supported by overweight allocations to investment-grade (IG) asset-backed securities (ABS), non-agency residential mortgage-backed securities (RMBS), collateralized loan obligations (CLOs), and IG corporates. Higher income, stronger yields, and tighter spreads across these sectors further enhanced relative performance.
HOW WAS THE FUND POSITIONED DURING THE PERIOD?
The Fund maintained an overweight to securitized credit, with increased allocations to IG ABS, non-agency RMBS, and CLOs, all of which contributed positively.
Top Contributors
↑
High income relative to performance benchmarks; investment-grade securitized credit
Top Detractors
↓
Cash and government allocations with lower yield versus credit sectors
Angel Oak UltraShort Income ETF  PAGE 1  TSR-SAR-03463K752
 
HOW DID THE FUND PERFORM  SINCE INCEPTION?* (as of July 31, 2025)
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.
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
5.69
6.43
Bloomberg U.S. Aggregate Bond Index
3.38
5.49
Bloomberg Short Term Government/Corporate Index
4.72
4.99
Bloomberg U.S. Treasury Bills Index
4.65
4.94
* 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, 2025)
Net Assets
$1,050,024,683
Effective Duration
0.80 years
Number of Holdings
474
30-Day SEC Yield
5.04%
Net Advisory Fee
$1,454,778
30-Day SEC Yield Unsubsidized
4.83%
Portfolio Turnover
43%
Weighted Average Life
1.29 years
Average Credit Quality
A
Distribution Yield
5.37%
Angel Oak UltraShort Income ETF  PAGE 2  TSR-SAR-03463K752
 
WHAT DID THE FUND INVEST IN? (as of July 31, 2025)
Top Security Types (% of net assets)
Asset-Backed Securities
28.8%
Corporate Obligations
17.5%
Collateralized Loan Obligations
16.1%
Commercial Mortgage-Backed Securities - U.S. Government Agency
14.8%
Residential Mortgage-Backed Securities
10.5%
Money Market Funds
10.4%
Residential Mortgage-Backed Securities - U.S. Government Agency Credit Risk Transfer
1.8%
Commercial Mortgage-Backed Securities
1.3%
Common Stocks
0.3%
Cash & Other
-1.5%
Top 10 Issuers (% of net assets)
Federal Home Loan Mortgage Corp.
14.3%
First American Government Obligations Fund
10.4%
Pagaya AI Debt Selection Trust
8.4%
Federal National Mortgage Association
1.9%
ACHV ABS TRUST
1.9%
Avis Budget Car Rental LLC
1.8%
Vista Point Securitization Trust
1.6%
Apidos CLO Ltd.
1.6%
American Credit Acceptance Receivables Trust
1.5%
Marlette Funding Trust
1.4%
Credit Ratings Breakdown (% of net assets)*
AAA
35.0%
AA
22.9%
A
18.7%
BBB
20.6%
BB
1.5%
B
0.6%
NR
0.7%
* 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.
Material Fund Changes:
Effective April 1, 2025, the ultimate parent of the Fund’s investment adviser announced a strategic partnership with Brookfield Asset Management Ltd. (“Brookfield”) in which Brookfield has agreed to acquire a majority of the ultimate parent of the Fund’s investment adviser (the “Transaction”). The Transaction is not expected to result in any material change in the day-to-day management of the Fund.
Effective February 1, 2025, the Fund’s expense limit was increased from 0.29% to 0.34% of the Fund’s average daily net assets.
This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund’s current prospectus, dated May 31, 2025, 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 UltraShort Income ETF  PAGE 3  TSR-SAR-03463K752
1000010192108841158311881100001078011006112341159310000101191064911208114421000010110106361119311426
 
image
Angel Oak Income ETF
image
CARY (Principal U.S. Listing Exchange: Nasdaq Stock Market LLCNASDAQ)
Semi-Annual Shareholder Report | July 31, 2025
This semi-annual shareholder report contains important information about the Angel Oak Income ETF (the Fund) for the period of  February 1, 2025 to July 31, 2025. 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 Income ETF
$40
0.79%
* Annualized.
HOW DID THE FUND PERFORM DURING THE PERIOD?
The Fund returned 3.67% based on net asset value (NAV) for the six-month period ending July 31, 2025. The Fund outperformed the Bloomberg U.S. Aggregate Bond Index, the Fund’s benchmark, by 47 basis points based on NAV, as the benchmark returned 3.20% over the same period.
WHAT FACTORS INFLUENCED PERFORMANCE?
The Fund outperformed its benchmark, driven by higher current income and spread outperformance within credit allocations, most notably in non-agency residential mortgage-backed securities (RMBS) and asset-backed securities (ABS). A shorter interest rate duration was the primary detractor from relative performance.
HOW WAS THE FUND POSITIONED DURING THE PERIOD?
The Fund trimmed its allocation to non-agency RMBS to lock in gains following spread compression while increasing allocations to ABS and high-yield corporates in anticipation of further spread tightening.
Top Contributors
↑
Non-agency RMBS; ABS
Top Detractors
↓
Interest rate duration positioning
Angel Oak Income ETF  PAGE 1  TSR-SAR-03463K760
 
HOW DID THE FUND PERFORM  SINCE INCEPTION?* (as of July 31, 2025)
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.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
Since Inception
(11/07/2022)
Angel Oak Income ETF NAV
6.41
7.80
Bloomberg U.S. Aggregate Bond Index
3.38
5.31
* 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, 2025)
Net Assets
$551,639,271
Effective Duration
4.21 years
Number of Holdings
635
30-Day SEC Yield
5.82%
Net Advisory Fee
$1,772,845
30-Day SEC Yield Unsubsidized
5.62%
Portfolio Turnover
37%
Weighted Average Life
6.51 years
Average Credit Quality
BBB
Distribution Yield
6.25%
Angel Oak Income ETF  PAGE 2  TSR-SAR-03463K760
 
WHAT DID THE FUND INVEST IN? (as of July 31, 2025)
Top Security Types (% of net assets)
Residential Mortgage-Backed Securities
31.4%
Asset-Backed Securities
21.8%
Residential Mortgage-Backed Securities - U.S. Government Agency
20.1%
Collateralized Loan Obligations
10.9%
Corporate Obligations
6.6%
Commercial Mortgage-Backed Securities
3.8%
Exchange Traded Funds
3.7%
Money Market Funds
3.4%
Residential Mortgage-Backed Securities - U.S. Government Agency Credit Risk Transfer
0.3%
Cash & Other
-2.0%
Top 10 Issuers (% of net assets)
Federal Home Loan Mortgage Corp.
10.0%
Federal National Mortgage Association
8.9%
Verus Securitization Trust
4.6%
First American Government Obligations Fund
3.4%
PRPM LLC
3.1%
JP Morgan Mortgage Trust
3.1%
Exeter Automobile Receivables Trust
3.1%
COLT Funding LLC
2.3%
CPS Auto Trust
2.3%
Ellington Financial Mortgage Trust
2.3%
Credit Ratings Breakdown (% of net assets)*
AAA
6.8%
AA
22.7%
A
8.4%
BBB
16.3%
BB
30.2%
B
5.8%
CCC
0.1%
NR
9.7%
* 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.
Material Fund Changes:
Effective April 1, 2025, the ultimate parent of the Fund’s investment adviser announced a strategic partnership with Brookfield Asset Management Ltd. (“Brookfield”) in which Brookfield has agreed to acquire a majority of the ultimate parent of the Fund’s investment adviser (the “Transaction”). The Transaction is not expected to result in any material change in the day-to-day management of the Fund.
This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund’s current prospectus, dated May 31, 2025, 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 Income ETF  PAGE 3  TSR-SAR-03463K760
10000102411105511840122741000010707109321115811515
 2025-07-28190132_AngelOakMulti-StrategyIncomeFund_ClassA_TSRSemiAnnual

 

 

TABLE OF CONTENTS


 

TABLE OF CONTENTS

TABLE OF CONTENTS
 
 
 
 
 
 
 
Page
Schedule of Investments
 
 
 
Angel Oak Multi-Strategy Income Fund
 
 
1
Angel Oak UltraShort Income Fund
 
 
38
Angel Oak High Yield Opportunities ETF
 
 
55
Angel Oak Mortgage-Backed Securities ETF
 
 
64
Angel Oak UltraShort Income ETF
 
 
70
Angel Oak Income ETF
 
 
89
Statements of Assets and Liabilities
 
 
111
Statements of Operations
 
 
114
Statements of Changes in Net Assets
 
 
 
Angel Oak Multi-Strategy Income Fund
 
 
116
Angel Oak UltraShort Income Fund
 
 
118
Angel Oak High Yield Opportunities ETF
 
 
120
Angel Oak Mortgage-Backed Securities ETF
 
 
121
Angel Oak UltraShort Income ETF
 
 
122
Angel Oak Income ETF
 
 
123
Financial Highlights
 
 
 
Angel Oak Multi-Strategy Income Fund
 
 
124
Angel Oak UltraShort Income Fund
 
 
127
Angel Oak High Yield Opportunities ETF
 
 
130
Angel Oak Mortgage-Backed Securities ETF
 
 
131
Angel Oak UltraShort Income ETF
 
 
132
Angel Oak Income ETF
 
 
133
Notes to the Financial Statements
 
 
134
Additional Information
 
 
158
Form N-CSR Items 8-11
 
 
159
 
 
 
 

TABLE OF CONTENTS

ANGEL OAK MULTI-STRATEGY INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — 47.3%
Adjustable Rate Mortgage Trust, Series 2007-2, Class 1A21, 4.96%, 06/25/2037(a)
 
 
$1,580,589
 
 
$1,293,122
American Home Mortgage Assets LLC
 
 
 
 
Series 2006-1, Class XC, 0.13%, 05/25/2046(a)(b)
 
 
12,865,414
 
 
95,796
Series 2006-6, Class XP, 0.04%, 12/25/2046(a)(b)
 
 
486,184
 
 
3,420
Series 2007-5, Class XP, 0.07%, 06/25/2047(a)(b)
 
 
11,537,884
 
 
124,759
American Home Mortgage Investment Trust, Series 2006-3, Class 22A1, 6.32% (6 mo. Term SOFR + 2.18%), 12/25/2036, (11.57% Cap)(c)
 
 
3,172,271
 
 
2,688,484
AMSR Trust, Series 2023-SFR1, Class C, 4.00%, 04/17/2040(d)
 
 
1,000,000
 
 
958,304
Arroyo Mortgage Trust, Series 2022-1, Class M1, 3.65%, 12/25/2056(d)
 
 
2,000,000
 
 
1,492,290
ATLX Trust
 
 
 
 
Series 2024-RPL1, Class A2, 4.34%, 04/25/2064(a)(d)
 
 
3,000,000
 
 
2,906,229
Series 2024-RPL1, Class M1, 4.34%, 04/25/2064(a)(d)
 
 
3,500,000
 
 
3,331,157
ATLXM Trust
 
 
 
 
Series 2024-RPL2, Class A1, 3.85%, 04/25/2063(d)(e)
 
 
9,361,052
 
 
9,065,467
Series 2024-RPL2, Class M1, 3.85%, 04/25/2063(a)(d)
 
 
10,000,000
 
 
9,317,260
Banc of America Alternative Loan Trust, Series 2006-9, Class 30PO, 0.00%, 01/25/2037(f)
 
 
116,442
 
 
65,229
Banc of America Funding Corp.
 
 
 
 
Series 2007-2, Class 1A16, 5.07% (1 mo. Term SOFR + 0.71%), 03/25/2037, (6.00% Cap)
 
 
1,888,508
 
 
1,382,939
Series 2007-8, Class 2A1, 7.00%, 10/25/2037(c)
 
 
2,741,087
 
 
2,144,221
Series 2007-A, Class 2A2, 4.89% (1 mo. Term SOFR + 0.53%), 02/20/2047, (10.50% Cap)
 
 
640,171
 
 
564,452
Series 2007-C, Class 7A4, 4.91% (1 mo. Term SOFR + 0.55%), 05/20/2047(c)
 
 
1,590,884
 
 
1,479,301
Series 2014-R1, Class A2, 3.96% (1 mo. LIBOR US + 0.15%), 06/26/2037(c)(d)(g)
 
 
3,446,121
 
 
3,289,346
Bayview Financial Acquisition Trust, Series 2005-D, Class APO, 0.00%, 12/28/2035(f)
 
 
126,801
 
 
101,229
BCAP LLC Trust, Series 2013-RR1, Class 6A2,
4.66%, 05/26/2036(a)(d)
 
 
2,738,135
 
 
1,747,195
Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-6, Class 1A1, 4.94%, 08/25/2035(a)
 
 
1,082,640
 
 
926,711
Bear Stearns Asset Backed Securities Trust, Series 2005-AC5, Class 1A2, 5.47% (1 mo. Term SOFR + 1.11%), 08/25/2035,
(5.50% Cap)
 
 
1,057,277
 
 
688,455
Bellemeade Re Ltd.
 
 
 
 
Series 2023-1, Class B1, 11.05% (30 day avg SOFR US + 6.70%), 10/25/2033(d)
 
 
538,000
 
 
576,960
Series 2023-1, Class M1B, 8.60% (30 day avg SOFR US + 4.25%), 10/25/2033(d)
 
 
6,200,000
 
 
6,386,217
Series 2024-1, Class M1C, 8.30% (30 day avg SOFR US + 3.95%), 08/25/2034(d)
 
 
5,430,000
 
 
5,568,259
Series 2024-1, Class M2, 8.95% (30 day avg SOFR US + 4.60%), 08/25/2034(d)
 
 
1,000,000
 
 
1,039,558
 
 
 
 
 
 
 
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, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
Boston Lending Trust, Series 2021-1, Class A,
2.00%, 07/25/2061(a)(d)
 
 
$3,481,975
 
 
$3,285,017
BRAVO Residential Funding Trust
 
 
 
 
Series 2021-NQM3, Class A2, 1.85%, 04/25/2060(a)(d)
 
 
1,513,164
 
 
1,404,838
Series 2024-NQM4, Class A2, 4.35%, 01/25/2060(d)(e)
 
 
1,356,256
 
 
1,326,695
Series 2024-NQM4, Class A3, 4.35%, 01/25/2060(d)(e)
 
 
904,171
 
 
858,210
Builder Capital Loan Acquisition Trust, Series 2024-NPL1, Class A1B, 9.00%, 09/25/2029(d)(e)
 
 
5,000,000
 
 
5,083,150
Cascade Funding Mortgage Trust
 
 
 
 
Series 2024-NR1, Class A1, 6.41%, 11/25/2029(d)(e)
 
 
5,628,644
 
 
5,698,844
Series 2024-R1, Class M1, 4.00%, 10/25/2054(d)(e)
 
 
1,500,000
 
 
1,378,811
Cascade MH Asset Trust, Series 2021-MH1, Class B3, 7.69%, 02/25/2046(a)(d)
 
 
3,000,000
 
 
2,739,114
CC Funding Corp.
 
 
 
 
Series 2005-4A, Class NIO, 0.41%, 04/25/2037(a)(b)(d)
 
 
14,069,040
 
 
191,156
Series 2006-1A, Class A1, 4.62% (1 mo. Term SOFR + 0.26%), 12/25/2046(c)(d)
 
 
2,482,231
 
 
2,287,788
Series 2006-2A, Class A1, 4.60% (1 mo. Term SOFR + 0.24%), 04/25/2047(c)(d)
 
 
7,533,909
 
 
6,856,889
Series 2006-4A, Class A2, 4.65% (1 mo. Term SOFR + 0.29%), 11/25/2047(c)(d)
 
 
2,892,898
 
 
2,430,274
Chase Mortgage Finance Corp.
 
 
 
 
Series 2021-CL1, Class B, 10.85% (30 day avg SOFR US + 6.50%), 02/25/2050(d)
 
 
2,159,000
 
 
2,017,285
Series 2021-CL1, Class M3, 5.90% (30 day avg SOFR US + 1.55%), 02/25/2050(d)
 
 
1,967,559
 
 
1,871,792
Series 2021-CL1, Class M4, 7.00% (30 day avg SOFR US + 2.65%), 02/25/2050(d)
 
 
2,035,441
 
 
1,860,012
Series 2021-CL1, Class M5, 7.60% (30 day avg SOFR US + 3.25%), 02/25/2050(d)
 
 
814,076
 
 
728,456
Chaseflex Trust, Series 2005-2, Class 5A6, 5.00%, 06/25/2035
 
 
1,318,596
 
 
753,130
CIM Trust
 
 
 
 
Series 2019-J1, Class B5, 3.92%, 08/25/2049(a)(d)
 
 
613,000
 
 
390,881
Series 2021-J1, Class B4, 2.66%, 03/25/2051(a)(d)
 
 
1,257,149
 
 
659,748
Series 2021-J2, Class B4, 2.67%, 04/25/2051(a)(d)
 
 
1,506,376
 
 
825,994
Series 2021-J3, Class B4, 2.61%, 06/25/2051(a)(d)
 
 
1,281,000
 
 
615,052
Series 2025-NR1, Class A1, 5.00%, 06/25/2064(d)(e)
 
 
3,190,277
 
 
3,166,541
Citimortgage Alternative Loan Trust
 
 
 
 
Series 2006-A4, Class 1A3, 6.00%, 09/25/2036(c)
 
 
2,462,373
 
 
2,186,969
Series 2006-A6, Class 1APO, 0.00%, 11/25/2036(f)
 
 
69,160
 
 
37,526
Series 2006-A7, Class 1A1, 6.00%, 12/25/2036, (7.50% Cap)(a)(c)
 
 
1,615,042
 
 
1,405,374
Series 2006-A7, Class 1A9, 5.12% (1 mo. Term SOFR + 0.76%), 12/25/2036, (6.00% Cap)(c)
 
 
3,517,704
 
 
2,849,794
Series 2007-A3, Class 1A2, 5.07% (1 mo. Term SOFR + 0.71%), 03/25/2037, (6.00% Cap)(c)
 
 
1,806,985
 
 
1,444,836
Series 2007-A3, Class APO, 0.00%, 03/25/2037(f)
 
 
83,226
 
 
44,053
Series 2007-A4, Class APO, 0.00%, 04/25/2037(f)
 
 
64,039
 
 
34,405
 
 
 
 
 
 
 
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, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
Series 2007-A5, Class 1A3, 4.97% (1 mo. Term SOFR + 0.61%), 05/25/2037, (6.10% Cap)(c)
 
 
$2,992,721
 
 
$2,503,977
CitiMortgage, Inc., Series 2005-2, Class 1APO, 0.00%, 03/25/2035(f)
 
 
27,205
 
 
18,766
COLT Funding LLC
 
 
 
 
Series 2020-2R, Class B1, 4.12%, 10/26/2065(a)(d)
 
 
3,605,000
 
 
3,167,032
Series 2021-3R, Class M1, 2.36%, 12/25/2064(a)(d)
 
 
2,862,000
 
 
2,358,185
Series 2021-5, Class B1, 4.24%, 11/26/2066(a)(d)
 
 
4,085,000
 
 
3,471,413
Series 2021-HX1, Class B3A, 4.14%, 10/25/2066(a)(d)
 
 
5,510,000
 
 
4,080,844
Series 2022-2, Class B1, 3.96%, 02/25/2067(a)(d)
 
 
1,750,000
 
 
1,405,562
Series 2022-3, Class B1, 4.22%, 02/25/2067(a)(d)
 
 
2,362,000
 
 
2,043,196
Series 2022-4, Class B1, 4.70%, 03/25/2067(a)(d)
 
 
3,535,000
 
 
3,145,871
Series 2022-5, Class B1, 4.73%, 03/25/2067(a)(d)
 
 
4,714,000
 
 
4,367,380
Series 2022-6, Class M1, 4.62%, 06/27/2067(a)(d)
 
 
969,978
 
 
868,816
Series 2022-7, Class B2, 6.26%, 04/25/2067(a)(d)
 
 
4,452,000
 
 
4,411,108
Series 2022-8, Class B2, 6.49%, 08/25/2067(a)(d)
 
 
1,170,000
 
 
1,156,100
Countrywide Alternative Loan Trust
 
 
 
 
Series 2005-14, Class 2X, 0.06%, 05/25/2035(a)(b)
 
 
8,917,558
 
 
60,202
Series 2005-16, Class X2, 0.00%, 06/25/2035(a)(b)
 
 
14,240,253
 
 
142
Series 2005-24, Class 1AX, 0.00%, 07/20/2035(a)(b)
 
 
6,058,990
 
 
4,465
Series 2005-27, Class 2X1, 0.00%, 08/25/2035(a)(b)
 
 
16,047,371
 
 
160
Series 2005-38, Class X, 4.79%, 09/25/2035(a)(b)
 
 
33,656,013
 
 
471
Series 2005-41, Class 2X2, 0.00%, 09/25/2035(a)(b)
 
 
3,365,545
 
 
6,368
Series 2005-44, Class 1X, 0.02%, 10/25/2035(a)(b)
 
 
17,362,417
 
 
35,697
Series 2005-44, Class 2X, 5.38%, 10/25/2035(a)(b)
 
 
1,611,714
 
 
290,967
Series 2005-51, Class 1X, 1.79%, 11/20/2035(a)(b)
 
 
12,065,031
 
 
830,677
Series 2005-51, Class 3X2, 0.05%, 11/20/2035(a)(b)
 
 
9,801,520
 
 
59,505
Series 2005-51, Class 4X, 0.03%, 11/20/2035(a)(b)
 
 
13,709,917
 
 
52,331
Series 2005-56, Class 4X, 0.00%, 11/25/2035(a)(b)
 
 
18,303,130
 
 
149,335
Series 2005-58R, Class A, 0.08%, 12/20/2035(a)(b)(d)
 
 
32,722,018
 
 
312,593
Series 2005-59R, Class A, 2.21%, 12/20/2035(a)(b)(d)
 
 
9,052,689
 
 
715
Series 2005-J11, Class 1A4, 4.87% (1 mo. Term SOFR + 0.51%), 11/25/2035, (5.50% Cap)
 
 
2,542,834
 
 
1,321,378
Series 2005-J14, Class A8, 5.50%, 12/25/2035
 
 
1,396,287
 
 
859,473
Series 2006-29T1, Class 2A13, 4.77% (1 mo. Term SOFR + 0.41%), 10/25/2036, (8.00% Cap)
 
 
1,970,236
 
 
895,825
Series 2006-HY10, Class 1X, 0.48%, 05/25/2036(a)(b)
 
 
2,316,296
 
 
45,365
Series 2006-OA1, Class 1X, 0.06%, 03/20/2046(a)(b)
 
 
7,996,370
 
 
69,904
Series 2006-OA10, Class XAD, 0.00%, 08/25/2046(b)(e)
 
 
18,407,893
 
 
15,610
Series 2006-OA10, Class XNB, 0.00%, 08/25/2046(a)(b)
 
 
17,754,616
 
 
178
Series 2006-OA10, Class XPP, 0.00%, 08/25/2046(a)(b)
 
 
10,555,252
 
 
106
Series 2006-OA3, Class X, 0.00%, 05/25/2036(a)(b)
 
 
10,151,560
 
 
22,851
Countrywide Home Loan Mortgage Pass Through Trust
 
 
 
 
Series 2004-20, Class X, 0.57%, 10/25/2034(a)(b)
 
 
4,207,603
 
 
167,606
Series 2004-25, Class 1X, 0.00%, 02/25/2035(a)(b)
 
 
10,009,366
 
 
100
Series 2004-29, Class 1X, 0.20%, 02/25/2035(a)(b)
 
 
1,338,882
 
 
13
Series 2005-1, Class 1X, 0.12%, 03/25/2035(a)(b)
 
 
2,663,428
 
 
109
Series 2005-11, Class 4X, 0.05%, 04/25/2035(a)(b)
 
 
3,610,247
 
 
175,379
 
 
 
 
 
 
 
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, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
Series 2005-2, Class 2X, 0.00%, 03/25/2035(a)(b)
 
 
$6,458,601
 
 
$65
Series 2005-7, Class 3A2, 3.43%, 03/25/2035(a)(c)
 
 
3,059,738
 
 
2,407,323
Series 2005-7, Class 3X, 0.86%, 03/25/2035(a)(b)
 
 
829,796
 
 
32,298
Series 2006-12, Class X, 0.13%, 07/25/2036(a)(b)
 
 
12,427,648
 
 
52,109
Series 2007-18, Class 2A1, 6.50%, 11/25/2037
 
 
1,882,073
 
 
678,292
Credit Suisse First Boston Mortgage Securities Corp., Series 2005-10, Class 6A12, 5.50%, 11/25/2035(c)
 
 
1,942,856
 
 
717,133
Credit Suisse Management LLC, Series 2002-18, Class 2A1, 7.50%, 06/25/2032
 
 
1,655,565
 
 
1,546,314
Credit Suisse Mortgage Capital Certificates
 
 
 
 
Series 2006-4, Class 1A1, 5.17% (1 mo. Term SOFR + 0.81%), 05/25/2036, (6.00% Cap)
 
 
1,685,501
 
 
776,353
Series 2014-3R, Class 1A1, 2.47% (1 mo. LIBOR US + 0.45%), 03/27/2036, (7.50% Cap)(d)(g)
 
 
391,142
 
 
304,944
Series 2014-7R, Class 8A2, 4.47%, 07/27/2037(a)(d)
 
 
2,196,134
 
 
1,982,738
Series 2017-RPL3, Class B5, 4.45%, 08/01/2057(a)(d)
 
 
6,754,886
 
 
5,820,868
Series 2020-RPL4, Class B3, 3.99%, 01/25/2060(a)(d)
 
 
10,124,150
 
 
6,686,120
Series 2020-RPL4, Class B4, 3.99%, 01/25/2060(a)(d)
 
 
10,125,738
 
 
5,796,479
Series 2020-RPL4, Class XS, 1.52%, 01/25/2060(a)(b)(d)
 
 
162,666,807
 
 
4,189,321
Series 2021-AFC1, Class B1, 3.25%, 03/25/2056(a)(d)
 
 
3,031,450
 
 
1,922,846
Series 2021-AFC1, Class B2, 4.26%, 03/25/2056(a)(d)
 
 
1,539,950
 
 
1,022,337
Series 2021-INV1, Class AIOS, 0.04%, 07/25/2056(a)(b)(d)
 
 
99,472,054
 
 
183,327
Series 2021-INV1, Class AX4, 0.40%, 07/25/2056(a)(b)(d)
 
 
6,667,690
 
 
121,419
Series 2021-INV1, Class B3, 3.08%, 07/25/2056(a)(d)
 
 
3,976,747
 
 
3,320,961
Series 2021-INV2, Class A11X, 0.00% (-1 x 30 day avg SOFR
US + 4.15%), 11/25/2056, (5.00% Cap)(b)(d)(h)
 
 
17,758,583
 
 
598,446
Series 2021-INV2, Class A15X, 0.50%, 11/25/2056(a)(b)(d)
 
 
10,639,639
 
 
243,946
Series 2021-INV2, Class AIOS, 0.04%, 11/25/2056(a)(b)(d)
 
 
285,724,981
 
 
531,448
Series 2021-INV2, Class AX4, 0.15%, 11/25/2056(a)(b)(d)
 
 
16,296,031
 
 
111,872
Series 2021-NQM2, Class M1, 2.28%, 02/25/2066(a)(d)
 
 
1,000,000
 
 
764,577
Series 2021-NQM8, Class A2, 2.30%, 10/25/2066(a)(d)
 
 
1,406,556
 
 
1,151,405
Series 2021-NQM8, Class B1, 4.21%, 10/25/2066(a)(d)
 
 
4,346,000
 
 
3,426,760
Series 2022-ATH1, Class B1, 4.65%, 01/25/2067(a)(d)
 
 
7,220,300
 
 
6,494,256
Series 2022-ATH2, Class B1, 4.98%, 05/25/2067(a)(d)
 
 
4,450,000
 
 
4,080,699
Series 2022-ATH2, Class B2, 4.98%, 05/25/2067(a)(d)
 
 
7,000,000
 
 
5,979,281
Series 2022-NQM4, Class A3, 4.82%, 06/25/2067(d)(e)
 
 
9,130,995
 
 
9,082,993
Series 2022-NQM5, Class M1, 5.17%, 05/25/2067(a)(d)
 
 
500,000
 
 
462,137
Deephaven Residential Mortgage Trust
 
 
 
 
Series 2021-2, Class B2, 3.93%, 04/25/2066(a)(d)
 
 
6,528,000
 
 
5,204,135
Series 2021-3, Class B2, 4.13%, 08/25/2066(a)(d)
 
 
4,600,000
 
 
3,566,127
Series 2022-1, Class B1, 4.26%, 01/25/2067(a)(d)
 
 
5,000,000
 
 
4,247,565
Series 2022-3, Class B1, 5.27%, 07/25/2067(a)(d)
 
 
5,000,000
 
 
4,711,200
Deutsche ALT-A Securities, Inc.
 
 
 
 
Series 2005-5, Class 2A4, 5.50%, 11/25/2035(c)
 
 
3,423,967
 
 
1,761,176
Series 2006-AB2, Class A8, 4.69%, 06/25/2036(a)(c)
 
 
2,253,122
 
 
2,050,641
Series 2007-AR1, Class A1, 4.71% (1 mo. Term SOFR + 0.35%), 01/25/2047, (10.50% Cap)(c)
 
 
4,763,519
 
 
4,514,625
 
 
 
 
 
 
 
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, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
Series 2007-AR1, Class A2, 4.83% (1 mo. Term SOFR + 0.47%), 01/25/2047, (10.50% Cap)
 
 
$827,307
 
 
$744,687
Series 2007-BAR1, Class A4, 4.95% (1 mo. Term SOFR + 0.59%), 03/25/2037(c)
 
 
83,950,000
 
 
5,754,017
Deutsche Mortgage Securities, Inc., Series 2009-RS6, Class A2B, 3.70%, 08/25/2037(a)(c)(d)
 
 
6,106,253
 
 
5,638,691
Downey Savings & Loan Association Mortgage Loan Trust
 
 
 
 
Series 2004-AR1, Class X2, 0.01%, 09/19/2044(a)(b)
 
 
10,453,467
 
 
3,659
Series 2004-AR2, Class C, 0.00%, 11/19/2044(i)
 
 
1,000
 
 
1
Series 2004-AR2, Class X2, 0.01%, 11/19/2044(a)(b)
 
 
9,857,874
 
 
9,109
Series 2004-AR4, Class X2, 0.00%, 01/19/2045(a)(b)(c)
 
 
9,079,042
 
 
536
Series 2005-AR1, Class 1A, 5.01% (1 mo. Term SOFR + 0.65%), 02/19/2045, (10.50% Cap)
 
 
15,796,334
 
 
12,062,381
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(a)(b)
 
 
16,660,434
 
 
19,309
Series 2005-AR2, Class 2A1C, 4.91% (1 mo. Term SOFR + 0.55%), 03/19/2045, (10.50% Cap)(c)
 
 
991,058
 
 
967,590
Series 2007-AR1, Class 1A1A, 4.61% (1 mo. Term SOFR + 0.25%), 04/19/2047(c)
 
 
30,014,189
 
 
24,317,616
DSLA Mortgage Loan Trust, Series 2005-AR2, Class C, 0.00%, 03/19/2045
 
 
1
 
 
0
Eagle Re Ltd., Series 2021-2, Class M2, 8.60% (30 day avg SOFR
US + 4.25%), 04/25/2034(d)
 
 
3,000,000
 
 
3,084,261
Ellington Financial Mortgage Trust
 
 
 
 
Series 2021-2, Class B1, 3.20%, 06/25/2066(a)(d)
 
 
3,320,000
 
 
2,380,324
Series 2021-2, Class M1, 2.30%, 06/25/2066(a)(d)
 
 
2,710,000
 
 
1,843,022
Series 2021-3, Class B2, 4.29%, 09/25/2066(a)(d)
 
 
2,910,000
 
 
2,166,047
Series 2022-4, Class AIOS, 0.25%, 09/25/2067(a)(b)(d)
 
 
264,240,443
 
 
891,283
Series 2022-4, Class B1, 5.90%, 09/25/2067(a)(d)
 
 
4,010,100
 
 
4,016,905
Series 2022-4, Class B3, 5.90%, 09/25/2067(a)(d)
 
 
20,802,921
 
 
11,243,792
Series 2022-4, Class X, 0.00%, 09/25/2067(a)(b)(d)
 
 
264,240,443
 
 
524,517
Series 2024-CES1, Class B1, 7.04%, 01/26/2060(a)(d)
 
 
1,550,000
 
 
1,543,904
Series 2024-CES1, Class B2, 8.03%, 01/26/2060(a)(d)
 
 
1,393,000
 
 
1,409,925
Series 2024-CES1, Class B3, 8.72%, 01/26/2060(a)(d)
 
 
3,588,553
 
 
3,636,988
Series 2024-INV2, Class B3, 7.67%, 10/25/2069(a)(d)
 
 
6,155,807
 
 
5,623,065
Series 2024-NQM1, Class B2, 7.60%, 11/25/2069(a)(d)
 
 
2,897,500
 
 
2,791,840
Series 2024-NQM1, Class B3, 7.60%, 11/25/2069(a)(d)
 
 
2,739,000
 
 
2,570,899
Series 2025-CES2, Class A3, 6.09%, 02/25/2060(d)(e)
 
 
2,854,000
 
 
2,845,292
Series 2025-NQM1, Class B3, 7.45%, 01/25/2070(a)(d)
 
 
5,008,000
 
 
4,650,183
FIGRE Trust
 
 
 
 
Series 2024-HE1, Class C, 6.75%, 03/25/2054(a)(d)
 
 
1,077,305
 
 
1,092,915
Series 2024-HE4, Class A, 5.06%, 09/25/2054(a)(d)
 
 
2,468,596
 
 
2,476,175
Flagstar Mortgage Trust
 
 
 
 
Series 2018-2, Class B5, 4.00%, 04/25/2048(a)(d)
 
 
2,554,503
 
 
2,230,523
Series 2018-6RR, Class B5, 4.90%, 10/25/2048(a)(d)
 
 
2,478,000
 
 
2,016,079
Series 2021-1, Class B4, 3.08%, 02/01/2051(a)(d)
 
 
2,579,371
 
 
2,055,256
Series 2021-1, Class B5, 3.08%, 02/01/2051(a)(d)
 
 
1,222,000
 
 
624,014
 
 
 
 
 
 
 
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, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
Series 2021-10IN, Class B5, 3.50%, 10/25/2051(a)(d)
 
 
$1,170,647
 
 
$893,851
Series 2021-2, Class B4, 2.78%, 04/25/2051(a)(d)
 
 
1,340,188
 
 
726,926
Series 2021-2, Class B5, 2.78%, 04/25/2051(a)(d)
 
 
1,343,000
 
 
663,882
Series 2021-6INV, Class B5, 3.48%, 08/25/2051(a)(d)
 
 
2,903,616
 
 
2,222,456
Series 2021-9INV, Class AX1, 0.46%, 09/25/2041(a)(b)(d)
 
 
182,936,090
 
 
2,295,299
Series 2021-9INV, Class B4, 2.96%, 09/25/2041(a)(d)
 
 
445,209
 
 
402,330
Series 2021-9INV, Class B5, 2.96%, 09/25/2041(a)(d)
 
 
1,211,408
 
 
763,284
GCAT Trust
 
 
 
 
Series 2021-NQM4, Class A3, 1.56%, 08/25/2066(a)(d)
 
 
625,409
 
 
510,104
Series 2021-NQM6, Class M1, 3.41%, 08/25/2066(a)(d)
 
 
1,250,000
 
 
914,829
Goldman Sachs Mortgage Pass-Through Trust, Series 2022-1, Class PT, 4.24%, 02/25/2053(a)(d)
 
 
44,282,938
 
 
39,887,679
Greenpoint Mortgage Funding Trust
 
 
 
 
Series 2005-AR1, Class X1, 0.23%, 06/25/2045(a)(b)
 
 
11,013,929
 
 
76,712
Series 2005-AR3, Class X1, 0.01%, 08/25/2045(a)(b)
 
 
20,298,811
 
 
219,065
Series 2005-AR4, Class 4A1A, 5.09% (1 mo. Term SOFR + 0.73%), 10/25/2045, (10.50% Cap)
 
 
780,833
 
 
716,819
Series 2005-AR4, Class X4, 0.00%, 10/25/2045(a)(b)
 
 
6,709,546
 
 
0
Series 2006-AR3, Class 4X, 1.00%, 04/25/2036(b)
 
 
13,672,515
 
 
447,105
GS Mortgage Securities Corp.
 
 
 
 
Series 2014-5R, Class 3B2, 4.73% (1 mo. Term SOFR + 0.26%), 02/26/2037(d)
 
 
4,925,633
 
 
4,776,091
Series 2014-5R, Class 3B3, 4.73% (1 mo. Term SOFR + 0.26%), 02/26/2037(c)(d)
 
 
5,707,000
 
 
5,210,462
Series 2014-5R, Class 3B4, 4.73% (1 mo. Term SOFR + 0.26%), 02/26/2037(c)(d)
 
 
5,709,149
 
 
4,702,352
GS Mortgage-Backed Securities Trust
 
 
 
 
Series 2019-PJ1, Class B4, 4.02%, 08/25/2049(a)(d)
 
 
1,500,000
 
 
1,198,047
Series 2019-PJ1, Class B5, 4.02%, 08/25/2049(a)(d)
 
 
577,000
 
 
407,791
Series 2019-PJ3, Class AIOS, 0.21%, 03/25/2050(a)(b)(d)
 
 
24,716,446
 
 
246,201
Series 2020-PJ5, Class B5, 3.25%, 03/27/2051(a)(d)
 
 
1,683,115
 
 
1,029,134
Series 2020-PJ6, Class AX1, 0.03%, 05/25/2051(a)(b)(d)
 
 
299,760,474
 
 
291,967
Series 2020-PJ6, Class B4, 2.78%, 05/25/2051(a)(d)
 
 
1,701,367
 
 
1,376,175
Series 2020-PJ6, Class B5, 2.78%, 05/25/2051(a)(c)(d)
 
 
1,474,061
 
 
895,583
Series 2020-RPL1, Class B1, 3.78%, 07/25/2059(a)(d)
 
 
6,323,000
 
 
5,136,660
Series 2021-HP1, Class B3, 3.21%, 01/25/2052(a)(d)
 
 
3,458,384
 
 
2,883,583
Series 2021-HP1, Class B4, 3.21%, 01/25/2052(a)(d)
 
 
3,467,773
 
 
2,862,068
Series 2021-HP1, Class B5, 3.21%, 01/25/2052(a)(d)
 
 
1,392,730
 
 
1,114,900
Series 2021-INV1, Class B3, 3.02%, 12/25/2051(a)(d)
 
 
3,911,092
 
 
3,238,717
Series 2021-MM1, Class A2, 2.50%, 04/25/2052(a)(d)
 
 
808,431
 
 
654,020
Series 2021-MM1, Class B3, 2.73%, 04/25/2052(a)(c)(d)
 
 
2,423,549
 
 
2,021,168
Series 2021-MM1, Class B4, 2.73%, 04/25/2052(a)(d)
 
 
1,523,773
 
 
730,486
Series 2021-PJ1, Class B4, 2.75%, 06/25/2051(a)(d)
 
 
2,218,553
 
 
1,618,450
Series 2021-PJ1, Class B5, 2.75%, 06/25/2051(a)(d)
 
 
1,039,000
 
 
514,026
Series 2021-PJ11, Class A2, 2.50%, 04/25/2052(a)(d)
 
 
1,190,857
 
 
963,396
Series 2021-PJ11, Class B4, 2.86%, 04/25/2052(a)(d)
 
 
1,300,000
 
 
648,508
Series 2021-PJ3, Class B4, 2.72%, 08/25/2051(a)(d)
 
 
1,182,281
 
 
939,211
 
 
 
 
 
 
 
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, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
Series 2021-PJ3, Class B5, 2.72%, 08/25/2051(a)(d)
 
 
$1,192,509
 
 
$713,874
Series 2021-PJ4, Class AX1, 0.01%, 09/25/2051(a)(b)(d)
 
 
430,039,369
 
 
237,812
Series 2021-PJ4, Class B4, 2.61%, 09/25/2051(a)(d)
 
 
2,509,978
 
 
1,453,719
Series 2021-PJ5, Class B4, 2.58%, 10/25/2051(a)(d)
 
 
3,501,926
 
 
2,358,414
Series 2021-PJ6, Class AX1, 0.02%, 11/25/2051(a)(b)(d)
 
 
740,858,516
 
 
708,261
Series 2021-PJ6, Class B4, 2.68%, 11/25/2051(a)(d)
 
 
5,195,369
 
 
3,976,728
Series 2021-PJ7, Class B4, 2.72%, 01/25/2052(a)(d)
 
 
7,153,798
 
 
5,484,037
Series 2021-PJ8, Class B4, 2.76%, 01/25/2052(a)(d)
 
 
3,638,972
 
 
2,668,455
Series 2021-PJ8, Class B5, 2.76%, 01/25/2052(a)(d)
 
 
1,237,000
 
 
592,565
Series 2021-PJ9, Class A13, 2.00%, 02/26/2052(a)(d)
 
 
1,500,000
 
 
895,937
Series 2021-PJ9, Class B4, 2.93%, 02/26/2052(a)(d)
 
 
3,174,707
 
 
2,507,539
Series 2021-PJ9, Class B5, 2.93%, 02/26/2052(a)(d)
 
 
1,195,441
 
 
820,283
Series 2022-GR1, Class B4, 3.19%, 06/25/2052(a)(d)
 
 
3,617,189
 
 
2,818,662
Series 2022-GR1, Class B5, 3.19%, 06/25/2052(a)(d)
 
 
1,135,680
 
 
839,644
Series 2022-LTV1, Class A14, 3.00%, 06/25/2052(a)(d)
 
 
16,557,500
 
 
11,322,002
Series 2022-LTV1, Class A15X, 0.00% (-1 x 30 day avg SOFR US + 4.15%), 06/25/2052, (5.00% Cap)(b)(d)(h)
 
 
12,675,489
 
 
465,799
Series 2022-LTV1, Class B2, 3.24%, 06/25/2052(a)(c)(d)
 
 
4,543,863
 
 
3,699,740
Series 2022-LTV1, Class B4, 3.24%, 06/25/2052(a)(d)
 
 
4,689,665
 
 
3,636,244
Series 2022-LTV1, Class B5, 3.24%, 06/25/2052(a)(d)
 
 
732,703
 
 
533,701
Series 2022-PJ3, Class A4, 2.50%, 08/25/2052(a)(d)
 
 
4,039,031
 
 
3,251,638
Series 2023-CCM1, Class B1, 7.41%, 08/25/2053(a)(d)
 
 
2,300,000
 
 
2,293,905
Series 2023-PJ4, Class A15, 6.00%, 01/25/2054(a)(d)
 
 
2,580,919
 
 
2,580,901
Series 2023-PJ6, Class A16, 6.50%, 04/25/2054(a)(d)
 
 
2,529,205
 
 
2,563,819
Series 2024-PJ3, Class B4, 6.12%, 08/25/2054(a)(d)
 
 
2,340,000
 
 
1,862,909
Series 2024-PJ5, Class B4, 6.90%, 09/25/2054(a)(d)
 
 
1,613,000
 
 
1,375,479
Series 2024-PJ6, Class B4, 6.74%, 10/25/2054(a)(d)
 
 
1,584,000
 
 
1,329,185
Series 2024-PJ8, Class B4, 6.90%, 02/25/2055(a)(d)
 
 
1,734,000
 
 
1,359,761
Series 2024-RPL4, Class M1, 4.00%, 09/25/2061(a)(d)
 
 
3,500,000
 
 
3,303,055
Series 2025-PJ5, Class A2, 5.50%, 10/25/2055(a)(d)
 
 
7,831,026
 
 
7,763,022
Series 2025-RPL3, Class A1, 4.10%, 07/25/2065(d)(e)
 
 
4,695,939
 
 
4,532,497
GSAA Trust
 
 
 
 
Series 2005-14, Class 2A3, 5.17% (1 mo. Term SOFR + 0.81%), 12/25/2035(c)
 
 
1,871,202
 
 
1,645,558
Series 2007-2, Class AV1, 4.55% (1 mo. Term SOFR + 0.19%), 03/25/2037
 
 
3,271,188
 
 
610,001
Series 2007-5, Class 2A1A, 4.71% (1 mo. Term SOFR + 0.35%), 04/25/2047(c)
 
 
1,310,797
 
 
1,210,472
GSR Mortgage Loan Trust, Series 2005-6F, Class 3A6, 4.80%
(1 mo. Term SOFR + 0.44%), 07/25/2035, (7.25% Cap)
 
 
1,264,652
 
 
1,071,328
Harborview Mortgage Loan Trust
 
 
 
 
Series 2004-11, Class X1, 0.00%, 01/19/2035(a)(b)
 
 
6,631,790
 
 
66
Series 2004-7, Class X1, 0.50%, 11/19/2034(a)(b)
 
 
879,795
 
 
13,114
Series 2004-9, Class 4A2, 5.25% (1 mo. Term SOFR + 0.89%), 12/19/2034(c)
 
 
1,422,897
 
 
1,256,970
Series 2005-1, Class X, 0.00%, 03/19/2035(a)(b)
 
 
4,390,612
 
 
6,375
Series 2005-10, Class X, 0.00%, 11/19/2035(a)(b)
 
 
21,751,004
 
 
218
 
 
 
 
 
 
 
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, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
Series 2005-11, Class X, 0.00%, 08/19/2045(a)(b)
 
 
$6,395,846
 
 
$64
Series 2005-12, Class X2B, 0.11%, 10/19/2035(a)(b)
 
 
6,883,293
 
 
69
Series 2005-13, Class X, 0.00%, 02/19/2036(a)(b)
 
 
10,660,002
 
 
107
Series 2005-3, Class X2, 0.04%, 06/19/2035(a)(b)
 
 
31,304,846
 
 
313
Series 2005-8, Class 2XA1, 0.04%, 09/19/2035(a)(b)
 
 
21,112,168
 
 
211
Series 2006-14, Class 2A1A, 4.77% (1 mo. Term SOFR + 0.41%), 01/25/2047(c)
 
 
14,869,858
 
 
13,706,886
Series 2007-6, Class 2A1A, 4.66% (1 mo. Term SOFR + 0.30%), 08/19/2037, (10.50% Cap)
 
 
1,465,735
 
 
1,304,674
Helios Loan Funding Trust, 11.54%, 02/13/2054(a)
 
 
57,675,844
 
 
61,141,758
Home RE Ltd.
 
 
 
 
Series 2021-2, Class M2, 7.60% (30 day avg SOFR US + 3.25%), 01/25/2034(d)
 
 
8,250,000
 
 
8,322,468
Series 2023-1, Class M2, 10.35% (30 day avg SOFR US + 6.00%), 10/25/2033(d)
 
 
3,000,000
 
 
3,222,552
Homebanc Mortgage Trust, Series 2004-2, Class A2, 5.37%
(1 mo. Term SOFR + 1.01%), 12/25/2034, (11.50% Cap)
 
 
764,483
 
 
733,146
Impac Secured Assets CMN Owner Trust, Series 2006-2, Class 1A2C, 5.03% (1 mo. Term SOFR + 0.67%), 08/25/2036, (11.50% Cap)(c)
 
 
2,952,962
 
 
2,646,775
Indymac Index Mortgage Loan Trust
 
 
 
 
Series 2004-AR12, Class AX2, 0.00%, 12/25/2034(a)(b)
 
 
1,345,277
 
 
13
Series 2005-16IP, Class AX, 0.00%, 07/25/2045(a)(b)
 
 
10,874,059
 
 
4,861
Series 2005-AR10, Class AX, 0.00%, 06/25/2035(a)(b)
 
 
23,369,994
 
 
234
Series 2005-AR12, Class AX2, 0.00%, 07/25/2035(a)(b)
 
 
37,281,438
 
 
373
Series 2005-AR14, Class 2X, 0.01%, 07/25/2035(a)(b)
 
 
18,382,756
 
 
14,320
Series 2005-AR2, Class AX2, 0.00%, 02/25/2035(a)(b)
 
 
8,958,599
 
 
0
Series 2005-AR4, Class AX2, 0.00%, 03/25/2035(a)(b)
 
 
11,233,598
 
 
130,355
Series 2005-AR8, Class AX2, 0.00%, 05/25/2035(a)(b)
 
 
14,785,790
 
 
148
Series 2006-AR25, Class 5A1, 3.69%, 09/25/2036(a)(c)
 
 
3,727,674
 
 
2,899,716
Series 2007-AR9, Class 2A1, 3.71%, 04/25/2037(a)(c)
 
 
3,027,441
 
 
1,868,509
Invitation Homes Trust, Series 2024-SFR1, Class A, 4.00%, 09/17/2041(d)
 
 
2,994,870
 
 
2,924,125
JP Morgan Chase Commercial Mortgage Securities
 
 
 
 
Series 2019-LTV1, Class B4, 4.61%, 06/25/2049(a)(d)
 
 
3,670,286
 
 
3,484,969
Series 2019-LTV1, Class B5, 4.61%, 06/25/2049(a)(d)
 
 
1,752,008
 
 
1,413,094
JP Morgan Mortgage Trust
 
 
 
 
Series 2005-ALT1, Class 2A1, 5.33%, 10/25/2035(a)(c)
 
 
4,417,421
 
 
3,454,931
Series 2006-A6, Class 1A4L, 4.42%, 10/25/2036(a)
 
 
1,326,423
 
 
999,916
Series 2007-A4, Class 3A3, 5.29%, 06/25/2037(a)
 
 
1,104,755
 
 
868,316
Series 2019-7, Class AX1, 0.00%, 02/25/2050(a)(b)(d)
 
 
17,928,457
 
 
54
Series 2019-7, Class B4, 3.95%, 02/25/2050(a)(d)
 
 
2,715,715
 
 
2,182,832
Series 2019-7, Class B5, 3.95%, 02/25/2050(a)(d)
 
 
1,199,000
 
 
817,128
Series 2019-8, Class AX1, 0.14%, 03/25/2050(a)(b)(d)
 
 
40,617,780
 
 
274,292
Series 2019-9, Class B5, 3.79%, 05/25/2050(a)(d)
 
 
2,374,490
 
 
2,092,657
Series 2019-LTV3, Class B5, 4.34%, 03/25/2050(a)(d)
 
 
1,697,514
 
 
1,523,899
Series 2020-1, Class B5, 3.82%, 06/25/2050(a)(d)
 
 
2,025,043
 
 
1,745,296
Series 2020-3, Class B4, 3.83%, 08/25/2050(a)(d)
 
 
196,306
 
 
173,529
 
 
 
 
 
 
 
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, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
Series 2020-3, Class B5, 3.83%, 08/25/2050(a)(d)
 
 
$1,558,232
 
 
$1,341,371
Series 2020-5, Class B5, 3.57%, 12/25/2050(a)(d)
 
 
1,655,655
 
 
1,262,843
Series 2020-LTV1, Class B5, 4.25%, 06/25/2050(a)(d)
 
 
2,687,377
 
 
2,382,408
Series 2020-LTV2, Class B5, 4.00%, 11/25/2050(a)(d)
 
 
2,943,514
 
 
2,481,394
Series 2021-10, Class B5, 2.83%, 12/25/2051(a)(d)
 
 
2,291,450
 
 
1,571,169
Series 2021-13, Class A5, 2.50%, 04/25/2052(a)(d)
 
 
1,500,000
 
 
986,511
Series 2021-14, Class A3, 2.50%, 05/25/2052(a)(d)
 
 
5,979,987
 
 
4,839,669
Series 2021-15, Class B3, 3.11%, 06/25/2052(a)(d)
 
 
8,430,784
 
 
6,940,399
Series 2021-15, Class B4, 3.11%, 06/25/2052(a)(d)
 
 
4,904,866
 
 
3,907,300
Series 2021-3, Class B4, 2.93%, 07/25/2051(a)(d)
 
 
1,967,749
 
 
1,547,440
Series 2021-6, Class B4, 2.83%, 10/25/2051(a)(d)
 
 
3,509,845
 
 
2,697,688
Series 2021-7, Class B4, 2.80%, 11/25/2051(a)(d)
 
 
1,720,797
 
 
1,326,502
Series 2021-7, Class B5, 2.80%, 11/25/2051(a)(d)
 
 
1,720,797
 
 
952,022
Series 2021-8, Class B4, 2.84%, 12/25/2051(a)(d)
 
 
2,934,878
 
 
2,265,274
Series 2021-INV6, Class A5A, 2.50%, 04/25/2052(a)(d)
 
 
1,064,911
 
 
859,095
Series 2022-1, Class B4, 3.08%, 07/25/2052(a)(c)(d)
 
 
13,828,027
 
 
10,704,055
Series 2023-6, Class A3, 5.50%, 12/26/2053(a)(c)(d)
 
 
14,890,150
 
 
14,729,128
Series 2023-6, Class B4, 6.17%, 12/26/2053(a)(d)
 
 
1,551,599
 
 
1,292,699
Series 2023-7, Class B4, 6.23%, 02/25/2054(a)(d)
 
 
1,035,500
 
 
819,619
Series 2023-8, Class B4, 6.23%, 02/25/2054(a)(d)
 
 
3,022,004
 
 
2,573,928
Series 2023-9, Class B4, 6.35%, 04/25/2054(a)(d)
 
 
2,967,892
 
 
2,644,997
Series 2024-10, Class B6, 6.98%, 03/25/2055(a)(d)
 
 
2,843,931
 
 
1,922,278
Series 2024-11, Class A2, 6.00%, 04/25/2055(a)(c)(d)
 
 
5,853,351
 
 
5,893,089
Series 2024-4, Class B4, 7.12%, 10/25/2054(a)(d)
 
 
2,997,274
 
 
2,784,141
Series 2024-5, Class B4, 6.92%, 11/25/2054(a)(d)
 
 
2,605,974
 
 
2,437,847
Series 2024-5, Class B5, 6.92%, 11/25/2054(a)(d)
 
 
2,366,000
 
 
1,981,799
Series 2024-6, Class B4, 6.92%, 12/25/2054(a)(d)
 
 
2,512,639
 
 
2,156,593
Series 2024-6, Class B5, 6.92%, 12/25/2054(a)(d)
 
 
1,795,000
 
 
1,484,273
Series 2024-8, Class B4, 7.02%, 01/25/2055(a)(d)
 
 
2,611,000
 
 
2,262,865
Series 2024-9, Class B4, 7.00%, 02/25/2055(a)(d)
 
 
3,308,734
 
 
3,053,501
Series 2024-9, Class B6, 6.78%, 02/25/2055(a)(d)
 
 
2,676,609
 
 
1,811,168
JP Morgan Wealth Management, Series 2020-ATR1, Class A5, 3.00%, 02/25/2050(a)(d)
 
 
2,924,416
 
 
2,531,108
JP Morgan Chase Bank NA
 
 
 
 
Series 2019-CL1, Class M2, 6.17% (1 mo. Term SOFR + 1.81%), 04/25/2047(d)
 
 
3,312,230
 
 
3,365,461
Series 2019-CL1, Class M4, 7.07% (1 mo. Term SOFR + 2.71%), 04/25/2047(d)
 
 
1,226,290
 
 
1,266,370
Series 2020-CL1, Class B, 14.47% (1 mo. Term SOFR + 10.11%), 10/25/2057(d)
 
 
6,690,285
 
 
7,022,986
Series 2020-CL1, Class M2, 6.97% (1 mo. Term SOFR + 2.61%), 10/25/2057(d)
 
 
2,659,277
 
 
2,785,313
Series 2020-CL1, Class M4, 8.82% (1 mo. Term SOFR + 4.46%), 10/25/2057(d)
 
 
850,273
 
 
907,889
Series 2020-CL1, Class M5, 10.07% (1 mo. Term SOFR + 5.71%), 10/25/2057(d)
 
 
1,633,083
 
 
1,698,423
 
 
 
 
 
 
 
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, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
Series 2021-CL1, Class B, 11.25% (30 day avg SOFR US + 6.90%), 03/25/2051(d)
 
 
$1,150,672
 
 
$1,105,121
Series 2021-CL1, Class M5, 8.20% (30 day avg SOFR US + 3.85%), 03/25/2051(d)
 
 
367,425
 
 
335,212
Lake Summit Mortgage Trust
 
 
 
 
8.67%, 08/15/2049(a)
 
 
2,485,398
 
 
2,460,907
6.68%, 08/28/2049(a)
 
 
9,194,942
 
 
8,987,183
Legacy Mortgage Asset Trust, Series 2021-GS3, Class A1, 5.75%, 07/25/2061(d)(e)
 
 
4,286,233
 
 
4,320,592
Lehman Mortgage Trust
 
 
 
 
Series 2007-5, Class PO1, 0.00%, 06/25/2037(f)
 
 
15,566
 
 
11,366
Series 2007-9, Class AP, 0.00%, 10/25/2037(f)
 
 
9,929
 
 
7,897
Lehman XS Trust
 
 
 
 
Series 2005-3, Class 3A3A, 4.77%, 09/25/2035(e)
 
 
1,599,699
 
 
1,419,022
Series 2007-12N, Class 1A3A, 4.87% (1 mo. Term SOFR + 0.51%), 07/25/2047
 
 
1,193,908
 
 
1,148,627
Series 2007-7N, Class 1A1A, 4.91% (1 mo. Term SOFR + 0.55%), 06/25/2047
 
 
2,441,846
 
 
2,285,529
Series 2007-9, Class WFIO, 0.55%, 04/25/2037(b)
 
 
13,234,387
 
 
132
Luminent Mortgage Trust
 
 
 
 
Series 2006-1, Class A1, 5.19% (1 mo. Term SOFR + 0.83%), 04/25/2036(c)
 
 
2,921,539
 
 
2,584,017
Series 2006-1, Class X, 0.06%, 04/25/2036(a)(b)
 
 
20,701,846
 
 
72,477
Series 2006-2, Class X, 0.00%, 02/25/2046(a)(b)
 
 
29,019,728
 
 
290
Series 2006-5, Class X, 0.00%, 07/25/2036(a)(b)
 
 
24,798,736
 
 
248
Mastr Adjustable Rate Mortgages Trust, Series 2005-7, Class 2A1, 4.50%, 09/25/2035(a)
 
 
882,978
 
 
809,877
MASTR Alternative Loans Trust
 
 
 
 
Series 2004-6, Class 30PO, 0.00%, 07/25/2034(f)
 
 
73,067
 
 
60,111
Series 2007-1, Class 15PO, 0.00%, 08/25/2025(f)
 
 
2,913
 
 
0
Series 2007-HF1, Class 4A1, 7.00%, 10/25/2047(c)
 
 
9,522,417
 
 
3,709,381
MASTR Asset Securitization Trust
 
 
 
 
Series 2005-2, Class PO, 0.00%, 11/25/2035(f)
 
 
9,823
 
 
5,662
Series 2007-1, Class AP, 0.00%, 11/25/2037(f)
 
 
403
 
 
0
Mello Mortgage Capital Acceptance
 
 
 
 
Series 2018-MTG1, Class B4, 3.67%, 03/25/2048(a)(d)
 
 
1,799,000
 
 
1,287,564
Series 2018-MTG1, Class B5, 3.67%, 03/25/2048(a)(d)
 
 
1,499,000
 
 
1,050,313
Series 2021-INV4, Class B5, 3.20%, 12/25/2051(a)(d)
 
 
1,135,024
 
 
869,273
Series 2021-MTG1, Class B4, 2.64%, 04/25/2051(a)(d)
 
 
1,023,882
 
 
788,813
Series 2021-MTG1, Class B5, 2.64%, 04/25/2051(a)(d)
 
 
511,496
 
 
273,642
Series 2021-MTG2, Class B4, 2.66%, 06/25/2051(a)(d)
 
 
1,564,417
 
 
1,123,890
Series 2021-MTG3, Class B5, 2.90%, 07/01/2051(a)(d)
 
 
488,000
 
 
213,354
Merrill Lynch Mortgage Investors, Inc.
 
 
 
 
Series 2003-OPT1, Class M3, 6.94% (1 mo. Term SOFR + 2.59%), 07/25/2034
 
 
1,558,243
 
 
1,252,659
Series 2006-AF1, Class AF2A, 6.25%, 08/25/2036
 
 
1,626,259
 
 
646,354
 
 
 
 
 
 
 
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, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
MFRA Trust
 
 
 
 
Series 2021-INV2, Class B1, 4.39%, 11/25/2056(a)(d)
 
 
$4,000,000
 
 
$3,390,948
Series 2021-RPL1, Class A2, 2.07%, 07/25/2060(a)(d)
 
 
4,106,000
 
 
3,486,713
Series 2021-RPL1, Class M2, 2.85%, 07/25/2060(a)(d)
 
 
4,500,000
 
 
3,790,841
Series 2024-NQM3, Class A3, 6.13%, 12/25/2069(d)(e)
 
 
4,337,513
 
 
4,377,188
Morgan Stanley ABS Capital I, Inc.
 
 
 
 
Series 2007-HE6, Class A3, 4.65% (1 mo. Term SOFR + 0.29%), 05/25/2037
 
 
11,483,049
 
 
10,184,086
Series 2007-HE6, Class A4, 4.72% (1 mo. Term SOFR + 0.36%), 05/25/2037(c)
 
 
1,653,559
 
 
1,443,198
Morgan Stanley Mortgage Loan Trust
 
 
 
 
Series 2006-3AR, Class 1AX, 0.58%, 03/25/2036(a)(b)
 
 
13,237,243
 
 
384,529
Series 2006-5AR, Class AX, 0.21%, 04/25/2036(a)(b)
 
 
13,928,251
 
 
72,162
Morgan Stanley Reremic Trust, Series 2015-R4, Class CB3, 4.38%, 08/26/2047(a)(d)
 
 
1,010,309
 
 
900,292
Morgan Stanley Residential Mortgage Loan Trust
 
 
 
 
Series 2021-1, Class B4, 2.94%, 03/25/2051(a)(d)
 
 
754,216
 
 
433,307
Series 2021-1, Class B5, 2.94%, 03/25/2051(a)(d)
 
 
988,000
 
 
495,940
Series 2021-3, Class B4, 2.78%, 06/25/2051(a)(d)
 
 
1,093,000
 
 
543,376
Series 2021-4, Class B4, 2.92%, 07/25/2051(a)(d)
 
 
1,240,000
 
 
630,525
Series 2021-5, Class B4, 2.98%, 08/25/2051(a)(d)
 
 
1,949,864
 
 
1,112,430
MortgageIT Trust, Series 2006-1, Class 1X, 0.07%, 04/25/2036(a)(b)
 
 
6,995,826
 
 
0
New Residential Mortgage LLC, Series 2025-FHT1, Class A, 6.55%, 03/25/2032(d)(e)
 
 
1,855,850
 
 
1,859,237
New Residential Mortgage Loan Trust
 
 
 
 
Series 2018-2A, Class B6, 5.25%, 02/25/2058(a)(d)
 
 
1,176,570
 
 
931,968
Series 2019-2A, Class B6, 4.74%, 12/25/2057(a)(d)
 
 
4,964,073
 
 
4,043,183
Series 2019-6A, Class B5IA, 1.75%, 09/25/2059(a)(b)(d)
 
 
12,508,763
 
 
804,664
Series 2025-NQM2, Class B1, 7.28%, 04/25/2065(a)(d)
 
 
5,116,000
 
 
5,000,112
Series 2025-NQM2, Class B3, 7.28%, 04/25/2065(a)(d)
 
 
11,758,000
 
 
10,451,310
Series 2025-NQM3, Class B1, 7.06%, 05/25/2065(a)(d)
 
 
2,784,000
 
 
2,709,990
Nomura Resecuritization Trust, Series 2014-3R, Class 4A15, 1.83% (1 mo. Term SOFR + 0.27%), 03/26/2037(c)(d)
 
 
3,447,020
 
 
2,749,781
Oceanview Mortgage Trust, Series 2021-5, Class B4, 2.97%, 10/25/2051(a)(d)
 
 
1,715,000
 
 
907,211
Onslow Bay Mortgage Loan Trust
 
 
 
 
Series 2021-J2, Class A1, 2.50%, 07/25/2051(a)(d)
 
 
1,519,487
 
 
1,219,638
Series 2021-J3, Class A7, 2.50%, 10/25/2051(a)(d)
 
 
2,500,000
 
 
1,643,405
Series 2021-NQM1, Class A1, 1.07%, 02/25/2066(a)(d)
 
 
981,143
 
 
831,187
Series 2021-NQM2, Class A3, 1.56%, 05/25/2061(a)(d)
 
 
1,770,718
 
 
1,461,239
PHH Alternative Mortgage Trust, Series 2007-1, Class 21PO, 0.00%, 02/25/2037(f)
 
 
10,576
 
 
8,672
PMT Loan Trust, Series 2025-INV4, Class A12,
5.50%, 03/25/2056(a)(d)
 
 
5,000,000
 
 
4,937,625
Point Securitization Trust, Series 2025-1, Class A1, 6.25%, 06/25/2055(d)
 
 
989,996
 
 
989,237
 
 
 
 
 
 
 
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, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
Pretium Mortgage Credit Partners LLC
 
 
 
 
Series 2024-NPL4, Class A1, 7.00%, 07/25/2054(d)(e)
 
 
$869,278
 
 
$870,296
Series 2024-NPL6, Class A1, 5.93%, 10/25/2054(d)(e)
 
 
3,491,645
 
 
3,492,179
Series 2024-NPL7, Class A1, 5.93%, 10/25/2054(d)(e)
 
 
1,813,773
 
 
1,819,809
Series 2025-RPL2, Class A2, 4.00%, 08/25/2064(d)(e)
 
 
8,000,000
 
 
7,558,072
Progress Residential Trust, Series 2023-SFR2, Class D, 4.50%, 10/17/2040(d)
 
 
800,000
 
 
772,630
PRPM LLC
 
 
 
 
Series 2022-NQM1, Class B1, 5.41%, 08/25/2067(a)(d)
 
 
3,750,000
 
 
3,691,890
Series 2024-2, Class A1, 7.03%, 03/25/2029(d)(e)
 
 
775,802
 
 
788,742
Series 2024-5, Class A1, 5.69%, 09/25/2029(d)(e)
 
 
2,838,546
 
 
2,860,678
Series 2024-7, Class A1, 5.87%, 11/25/2029(d)(e)
 
 
2,560,979
 
 
2,569,788
Series 2024-RCF1, Class A1, 4.00%, 01/25/2054(d)(e)
 
 
1,394,361
 
 
1,364,790
Series 2024-RCF1, Class A3, 4.00%, 01/25/2054(d)(e)
 
 
1,000,000
 
 
952,004
Series 2024-RCF1, Class M1, 4.00%, 01/25/2054(d)(e)
 
 
1,250,000
 
 
1,179,304
Series 2024-RCF2, Class A3, 3.75%, 03/25/2054(d)(e)
 
 
2,000,000
 
 
1,881,502
Series 2024-RPL4, Class A3, 4.00%, 12/25/2054(d)(e)
 
 
2,936,000
 
 
2,747,039
Series 2025-RCF3, Class M1A, 5.25%, 07/25/2055(a)(d)
 
 
2,200,000
 
 
2,215,963
Radian Mortgage Capital Trust, Series 2025-J1, Class A4, 5.50%, 07/25/2055(a)(c)(d)
 
 
9,939,123
 
 
9,820,569
Radnor RE Ltd.
 
 
 
 
Series 2023-1, Class M1A, 7.05% (30 day avg SOFR US + 2.70%), 07/25/2033(d)
 
 
2,244,949
 
 
2,259,518
Series 2024-1, Class M1C, 7.85% (30 day avg SOFR US + 3.50%), 09/25/2034(d)
 
 
500,000
 
 
507,661
Series 2024-1, Class M2, 8.35% (30 day avg SOFR US + 4.00%), 09/25/2034(d)
 
 
1,500,000
 
 
1,545,180
RALI Trust
 
 
 
 
Series 2005-QA13, Class 2A1, 5.30%, 12/25/2035(a)(c)
 
 
3,053,061
 
 
2,706,377
Series 2005-QO5, Class X, 1.66%, 01/25/2046(a)(b)
 
 
19,291,554
 
 
1,651,859
Series 2005-QS13, Class AP, 0.00%, 09/25/2035(f)
 
 
169,523
 
 
110,700
Series 2005-QS17, Class A1, 6.00%, 12/25/2035(c)
 
 
1,426,270
 
 
1,257,859
Series 2005-QS17, Class AP, 0.00%, 12/25/2035(f)
 
 
222,333
 
 
146,281
Series 2006-QA7, Class 2A1, 4.84% (1 mo. Term SOFR + 0.48%), 08/25/2036(c)
 
 
4,331,907
 
 
3,867,055
Series 2006-QA9, Class A1, 4.83% (1 mo. Term SOFR + 0.47%), 11/25/2036, (11.00% Cap)
 
 
1,353,175
 
 
715,149
Series 2006-QS11, Class 1A2, 6.00%, 08/25/2036(c)
 
 
1,643,172
 
 
1,304,191
Series 2006-QS11, Class 1A8, 6.00%, 08/25/2036(c)
 
 
1,637,092
 
 
1,299,304
Series 2006-QS12, Class AP, 0.00%, 09/25/2036(f)
 
 
69,292
 
 
41,718
Series 2006-QS14, Class A15, 4.77% (1 mo. Term SOFR + 0.41%), 11/25/2036, (7.50% Cap)
 
 
1,265,602
 
 
905,575
Series 2006-QS15, Class A5, 6.50%, 10/25/2036
 
 
852,022
 
 
724,637
Series 2006-QS15, Class AP, 0.00%, 10/25/2036(f)
 
 
93,126
 
 
43,903
Series 2006-QS16, Class AP, 0.00%, 11/25/2036(f)
 
 
97,804
 
 
47,332
Series 2006-QS3, Class 1A1, 5.17% (1 mo. Term SOFR + 0.81%), 03/25/2036, (5.50% Cap)(c)
 
 
2,116,500
 
 
1,740,390
 
 
 
 
 
 
 
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, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
Series 2006-QS3, Class 1A8, 4.87% (1 mo. Term SOFR + 0.51%), 03/25/2036, (6.00% Cap)
 
 
$1,141,880
 
 
$955,071
Series 2006-QS5, Class AP, 0.00%, 05/25/2036(f)
 
 
24,887
 
 
14,970
Series 2006-QS9, Class 1AP, 0.00%, 07/25/2036(f)
 
 
33,114
 
 
19,700
Series 2006-QS9, Class 2AP, 0.00%, 07/25/2036(f)
 
 
14,951
 
 
0
Series 2007-QA2, Class A3, 4.77% (1 mo. Term SOFR + 0.41%), 02/25/2037, (14.00% Cap)(c)
 
 
4,339,031
 
 
3,720,914
Series 2007-QS1, Class 1AP, 0.00%, 01/25/2037(f)
 
 
17,558
 
 
14,019
Series 2007-QS3, Class AP, 0.00%, 02/25/2037(f)
 
 
356,554
 
 
161,245
Series 2007-QS4, Class 4A3, 0.00%, 03/25/2037(f)
 
 
492,414
 
 
0
Series 2007-QS5, Class AP, 0.00%, 03/25/2037(f)
 
 
155,249
 
 
79,483
Series 2007-QS6, Class AP, 0.00%, 04/25/2037(f)
 
 
260,714
 
 
126,241
Series 2007-QS9, Class AP, 0.00%, 07/25/2037(f)
 
 
762,396
 
 
353,910
Rate Mortgage Trust
 
 
 
 
Series 2021-HB1, Class B4, 2.70%, 12/25/2051(a)(d)
 
 
2,436,519
 
 
1,660,707
Series 2021-J1, Class B4, 2.71%, 07/25/2051(a)(d)
 
 
1,291,000
 
 
633,454
Series 2022-J1, Class B4, 2.75%, 01/25/2052(a)(d)
 
 
3,449,968
 
 
1,925,652
Series 2024-J2, Class A2, 5.50%, 07/25/2054(a)(d)
 
 
1,529,070
 
 
1,509,487
Series 2024-J2, Class B5, 6.44%, 07/25/2054(a)(d)
 
 
927,000
 
 
693,071
Series 2024-J3, Class B4, 6.40%, 10/25/2054(a)(d)
 
 
747,000
 
 
584,047
Series 2024-J3, Class B5, 6.40%, 10/25/2054(a)(d)
 
 
935,000
 
 
704,087
RBSSP Resecuritization Trust, Series 2009-3, Class 3A3, 5.75%, 09/26/2035(a)(d)
 
 
1,220,117
 
 
1,081,378
RCKT Mortgage Trust
 
 
 
 
Series 2021-2, Class B4, 2.56%, 06/25/2051(a)(d)
 
 
2,382,859
 
 
1,660,888
Series 2021-2, Class B5, 2.56%, 06/25/2051(a)(d)
 
 
1,566,000
 
 
740,887
Series 2022-1, Class B3, 2.75%, 01/25/2052(a)(c)(d)
 
 
9,256,925
 
 
7,065,283
Series 2022-1, Class B4, 2.75%, 01/25/2052(a)(d)
 
 
5,197,193
 
 
3,621,991
Series 2022-1, Class B5, 2.75%, 01/25/2052(a)(d)
 
 
2,245,000
 
 
982,118
Residential Asset Securitization Trust
 
 
 
 
Series 2005-A11, Class 1A1, 4.92% (1 mo. Term SOFR + 0.56%), 10/25/2035, (5.50% Cap)
 
 
1,541,101
 
 
936,811
Series 2005-A11, Class 1A3, 5.50%, 10/25/2035
 
 
1,394,484
 
 
921,980
Series 2005-A11, Class PO, 0.00%, 10/25/2035(f)
 
 
533,449
 
 
224,310
Series 2006-A2, Class A5, 5.17% (1 mo. Term SOFR + 0.81%), 01/25/2046, (6.00% Cap)
 
 
1,846,479
 
 
558,287
Series 2007-A2, Class 2A2, 6.50%, 04/25/2037
 
 
3,943,420
 
 
1,136,876
Series 2007-A8, Class 1A1, 6.00%, 08/25/2037
 
 
3,864,813
 
 
1,841,993
RFMSI Trust
 
 
 
 
Series 2005-S7, Class AP, 0.00%, 11/25/2035(f)
 
 
11,171
 
 
7,246
Series 2006-S10, Class 1AP, 0.00%, 10/25/2036(f)
 
 
11,073
 
 
5,664
Series 2006-S4, Class AP, 0.00%, 04/25/2036(f)
 
 
104,758
 
 
67,752
Series 2006-S5, Class A4, 0.00%, 06/25/2036(f)
 
 
27,322
 
 
15,427
Series 2007-S5, Class AP, 0.00%, 05/25/2037(f)
 
 
161,694
 
 
81,965
Rithm Capital Corp.
 
 
 
 
Series 2021-NQM3, Class B2, 4.05%, 11/27/2056(a)(d)
 
 
2,729,000
 
 
2,233,757
Series 2022-SFR2, Class E2, 4.00%, 09/04/2039(d)
 
 
2,554,000
 
 
2,432,006
 
 
 
 
 
 
 
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, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
Saluda Grade Mortgage Funding LLC
 
 
 
 
Series 2020-SEQ1, Class A1, 3.32%, 05/25/2050(a)(d)
 
 
$2,243,944
 
 
$2,180,629
Series 2020-SEQ1, Class C, 0.00%, 05/25/2050(a)(b)(d)
 
 
26,202,262
 
 
3,005,819
Series 2021-FIG2, Class M1, 4.25%, 10/25/2051(a)(d)
 
 
1,449,524
 
 
1,453,195
Series 2021-FIG2, Class M2, 6.00%, 10/25/2051(a)(d)
 
 
1,159,619
 
 
1,161,972
Series 2021-MF1, Class A1, 3.81%, 11/25/2029(a)(d)
 
 
7,042,013
 
 
6,749,953
Series 2022-SEQ2, Class B1, 5.50%, 02/25/2052(a)(d)
 
 
3,153,250
 
 
2,920,165
Series 2022-SEQ2, Class B2, 6.00%, 02/25/2052(a)(d)
 
 
2,011,000
 
 
1,846,432
Series 2022-SEQ2, Class B3, 7.53%, 02/25/2052(a)(d)
 
 
2,309,200
 
 
2,177,887
Series 2022-SEQ2, Class CERT, 0.00%, 02/25/2052(d)
 
 
38,061,600
 
 
35,767,095
Series 2022-SEQ2, Class M1, 5.00%, 02/25/2052(a)(d)
 
 
5,213,750
 
 
4,887,114
Series 2022-SEQ2, Class XS, 0.00%, 02/25/2052(a)(b)(d)
 
 
96,526,895
 
 
1,093,746
Series 2022-SG2, Class A, 8.00%, 05/15/2052(d)
 
 
15,000,000
 
 
14,992,875
Series 2023-FIG3, Class A, 7.07%, 08/25/2053(a)(d)
 
 
2,909,232
 
 
2,973,948
Series 2023-FIG4, Class A, 6.72%, 11/25/2053(a)(d)
 
 
4,673,605
 
 
4,790,273
Series 2023-SEQ3, Class A2, 6.89%, 06/01/2053(a)(d)
 
 
4,250,000
 
 
4,301,077
Series 2025-NPL1, Class A1, 7.12%, 01/25/2030(d)(e)
 
 
9,626,810
 
 
9,607,470
Series 2025-NPL1, Class A2, 9.05%, 01/25/2030(d)(e)
 
 
1,250,000
 
 
1,243,541
Series 2025-NPL2, Class A1, 7.77%, 05/25/2030(d)(e)
 
 
7,116,061
 
 
7,161,078
Sequoia Mortgage Trust
 
 
 
 
Series 2005-2, Class XA, 0.00%, 03/20/2035(a)(b)
 
 
2,853,756
 
 
0
Series 2007-1, Class 5A1, 4.08%, 10/20/2046(a)(c)
 
 
1,612,944
 
 
1,156,565
Series 2021-1, Class B4, 2.66%, 03/25/2051(a)(d)
 
 
2,344,337
 
 
1,426,625
Series 2023-4, Class A10, 6.00%, 11/25/2053(a)(d)
 
 
1,901,778
 
 
1,906,066
Series 2023-5, Class B4, 5.98%, 12/25/2053(a)(d)
 
 
1,191,000
 
 
917,240
Series 2024-7, Class A2, 6.00%, 08/25/2054(a)(d)
 
 
3,492,801
 
 
3,526,520
Series 2024-8, Class B4, 6.66%, 09/25/2054(a)(d)
 
 
2,821,975
 
 
2,562,458
SGR Residential Mortgage Trust
 
 
 
 
Series 2020-2, Class A1, 1.38%, 05/25/2065(a)(d)
 
 
518,034
 
 
473,721
Series 2021-2, Class A1, 1.74%, 12/25/2061(a)(d)
 
 
2,963,880
 
 
2,515,661
Series 2021-2, Class A2, 1.94%, 12/25/2061(a)(d)
 
 
1,587,747
 
 
1,278,020
Shellpoint Asset Funding Trust, Series 2013-1, Class B4, 3.85%, 07/25/2043(a)(d)
 
 
782,566
 
 
684,938
Spruce Hill Mortgage Loan Trust, Series 2020-SH1, Class B2, 4.68%, 01/28/2050(a)(d)
 
 
6,000,000
 
 
5,336,946
Starwood Mortgage Residential Trust
 
 
 
 
Series 2021-1, Class B1, 3.52%, 05/25/2065(a)(d)
 
 
2,743,000
 
 
2,336,704
Series 2021-2, Class A3, 1.43%, 05/25/2065(a)(d)
 
 
126,639
 
 
119,578
Series 2021-3, Class M1, 2.49%, 06/25/2056(a)(d)
 
 
5,170,000
 
 
3,856,660
Series 2021-5, Class A3, 2.44%, 09/25/2066(a)(d)
 
 
6,879,784
 
 
6,018,029
Series 2021-6, Class B2, 3.94%, 11/25/2066(a)(d)
 
 
3,921,000
 
 
2,856,445
Series 2022-3, Class A3, 4.16%, 03/25/2067(a)(d)
 
 
2,266,807
 
 
2,107,392
Series 2022-SFR3, Class A, 5.99% (1 mo. Term SOFR + 1.65%), 05/17/2039(d)
 
 
1,967,852
 
 
1,977,262
Structured Asset Mortgage Investments, Inc.
 
 
 
 
Series 2004-AR1, Class X, 0.00%, 03/19/2034(a)(b)
 
 
3,173,993
 
 
32
Series 2004-AR7, Class X, 0.38%, 04/19/2035(a)(b)
 
 
5,074,472
 
 
30,619
 
 
 
 
 
 
 
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, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
Series 2005-AR2, Class 1X, 0.01%, 05/25/2045(a)(b)
 
 
$6,430,404
 
 
$7,922
Series 2005-AR3, Class 1X, 0.01%, 08/25/2035(a)(b)
 
 
8,814,116
 
 
13,732
Series 2006-AR5, Class 1X, 0.00%, 05/25/2046(a)(b)
 
 
9,986,430
 
 
101,572
Series 2006-AR5, Class 4X, 0.00%, 05/25/2046(a)(b)
 
 
34,742,637
 
 
25,258
Series 2006-AR7, Class X, 0.90%, 08/25/2036(b)
 
 
22,049,782
 
 
728,789
Terwin Mortgage Trust, Series 2005-18AL, Class PX, 0.00%, 01/25/2037(a)(b)(d)
 
 
21,673,267
 
 
147,877
Towd Point Mortgage Trust
 
 
 
 
Series 2017-6, Class B4, 3.33%, 10/25/2057(a)(d)
 
 
4,500,000
 
 
3,092,909
Series 2018-2, Class B4, 3.74%, 03/25/2058(a)(d)
 
 
3,000,000
 
 
2,038,875
Series 2018-5, Class B3, 3.48%, 07/25/2058(a)(d)
 
 
3,000,000
 
 
1,990,308
Series 2019-1, Class B2, 3.79%, 03/25/2058(a)(d)
 
 
3,000,000
 
 
2,298,519
Series 2019-HY2, Class B3, 6.72% (1 mo. Term SOFR + 2.36%), 05/25/2058(d)
 
 
2,294,000
 
 
2,042,009
Series 2021-SJ2, Class A2, 2.50%, 12/25/2061(a)(d)
 
 
2,548,781
 
 
2,361,239
Series 2024-3, Class M2, 5.08%, 07/25/2065(a)(d)
 
 
1,695,000
 
 
1,525,295
Series 2024-4, Class A2, 4.50%, 10/27/2064(a)(d)
 
 
2,897,000
 
 
2,608,699
Series 2024-4, Class M1, 4.50%, 10/27/2064(a)(d)
 
 
4,966,000
 
 
4,336,500
Triangle Re Ltd., Series 2023-1, Class M1A, 7.75% (30 day avg SOFR US + 3.40%), 11/25/2033(d)
 
 
3,030,722
 
 
3,055,041
Unlock Hea Trust
 
 
 
 
Series 2022-1, Class A, 7.00%, 09/25/2035(d)(e)
 
 
8,515,137
 
 
8,491,899
Series 2022-1, Class B, 8.00%, 09/25/2035(d)(e)
 
 
10,000,000
 
 
9,620,570
Series 2023-1, Class A, 7.00%, 10/25/2038(d)
 
 
1,618,080
 
 
1,617,454
UWM Mortgage Trust
 
 
 
 
Series 2021-INV1, Class B5, 3.15%, 08/25/2051(a)(d)
 
 
1,538,301
 
 
1,176,888
Series 2021-INV2, Class B5, 3.24%, 09/25/2051(a)(d)
 
 
2,017,582
 
 
1,575,726
VCAT Asset Securitization LLC, Series 2025-NPL1, Class A1, 5.88%, 01/25/2055(d)(e)
 
 
839,932
 
 
846,109
Verus Securitization Trust
 
 
 
 
Series 2021-3, Class B1, 3.20%, 06/25/2066(a)(d)
 
 
1,750,000
 
 
1,258,934
Series 2021-3, Class B2, 3.96%, 06/25/2066(a)(d)
 
 
2,270,000
 
 
1,622,078
Series 2021-3, Class M1, 2.40%, 06/25/2066(a)(d)
 
 
2,500,000
 
 
1,840,983
Series 2021-4, Class A3, 1.35%, 07/25/2066(a)(d)
 
 
1,512,741
 
 
1,233,586
Series 2022-2, Class B1, 4.27%, 02/25/2067(a)(d)
 
 
6,743,650
 
 
5,682,638
Series 2022-3, Class B2, 4.07%, 02/25/2067(a)(d)
 
 
5,296,000
 
 
4,024,595
Series 2022-3, Class M1, 4.07%, 02/25/2067(a)(d)
 
 
2,500,000
 
 
2,071,328
Series 2022-4, Class B1, 4.76%, 04/25/2067(a)(c)(d)
 
 
8,741,000
 
 
8,024,002
Series 2022-7, Class B1, 5.33%, 07/25/2067(a)(d)
 
 
3,119,000
 
 
3,074,111
Series 2022-7, Class B2, 5.33%, 07/25/2067(a)(d)
 
 
6,000,000
 
 
5,880,672
Series 2022-7, Class M1, 5.33%, 07/25/2067(a)(d)
 
 
1,000,000
 
 
963,723
Series 2022-8, Class A3, 6.13%, 09/25/2067(d)(e)
 
 
534,906
 
 
541,053
Series 2022-INV1, Class B1, 5.79%, 08/25/2067(a)(d)
 
 
3,483,000
 
 
3,406,736
Series 2022-INV1, Class B2, 5.79%, 08/25/2067(a)(d)
 
 
2,200,000
 
 
2,121,178
Series 2022-INV2, Class B1, 6.77%, 10/25/2067(a)(d)
 
 
1,400,000
 
 
1,401,382
Series 2023-6, Class B2, 7.79%, 09/25/2068(a)(d)
 
 
3,450,000
 
 
3,468,085
 
 
 
 
 
 
 
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, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
Series 2023-INV1, Class M1, 7.49%, 02/25/2068(a)(d)
 
 
$2,300,000
 
 
$2,336,738
Series 2025-1, Class B2, 7.35%, 01/25/2070(a)(d)
 
 
1,250,000
 
 
1,192,023
Series 2025-4, Class B1, 7.44%, 05/25/2070(a)(d)
 
 
2,600,000
 
 
2,638,737
Series 2025-4, Class B2, 7.44%, 05/25/2070(a)(d)
 
 
1,900,000
 
 
1,834,275
Series 2025-5, Class B2, 7.35%, 06/25/2070(a)(d)
 
 
1,350,000
 
 
1,319,066
Vista Point Securitization Trust
 
 
 
 
Series 2024-CES1, Class B2, 10.35%, 05/25/2054(a)(d)
 
 
1,000,000
 
 
1,051,967
Series 2024-CES2, Class A3, 5.91%, 10/25/2054(d)(e)
 
 
1,000,000
 
 
991,217
Series 2024-CES2, Class B1, 7.50%, 10/25/2054(a)(d)
 
 
1,000,000
 
 
1,018,287
Series 2024-CES3, Class A3, 6.19%, 01/25/2055(d)(e)
 
 
2,000,000
 
 
2,020,308
Series 2024-CES3, Class B1, 7.83%, 01/25/2055(a)(d)
 
 
1,750,000
 
 
1,772,915
Washington Mutual Alternative Mortgage Pass-Through Certificates
 
 
 
 
Series 2003-MS7, Class P, 0.00%, 03/25/2033(f)
 
 
193
 
 
150
Series 2004-AR10, Class X, 0.00%, 07/25/2044(a)(b)
 
 
6,889,220
 
 
537
Series 2005-5, Class CB11, 5.87% (1 mo. Term SOFR + 1.51%), 07/25/2035, (6.00% Cap)(c)
 
 
2,597,304
 
 
2,356,817
Series 2005-AR6, Class X, 0.06%, 04/25/2045(a)(b)
 
 
13,060,181
 
 
75,997
Series 2006-AR8, Class 3X1, 0.04%, 10/25/2046(a)(b)
 
 
10,285,355
 
 
124,628
Series 2007-OA4, Class 1XPP, 0.00%, 05/25/2047(a)(b)
 
 
56,227,603
 
 
14,957
Series 2007-OA4, Class XPPP, 0.01%, 04/25/2047(a)(b)
 
 
17,545,175
 
 
54,320
Series 2007-OA5, Class 1XPP, 0.00%, 06/25/2047(a)(b)
 
 
51,325,155
 
 
3,285
Wells Fargo Mortgage Backed Securities Trust
 
 
 
 
Series 2007-17, Class APO, 0.00%, 01/25/2038(f)
 
 
14,813
 
 
9,441
Series 2019-3, Class B4, 3.73%, 07/25/2049(a)(d)
 
 
1,627,000
 
 
1,119,265
Series 2019-4, Class B4, 3.52%, 09/25/2049(a)(d)
 
 
2,124,000
 
 
1,366,176
Series 2021-1, Class B4, 2.70%, 12/25/2050(a)(d)
 
 
1,818,000
 
 
969,863
Series 2021-1, Class B5, 2.70%, 12/25/2050(a)(d)
 
 
1,011,000
 
 
498,134
Series 2022-1, Class B4, 2.97%, 08/25/2051(a)(d)
 
 
1,477,144
 
 
1,132,891
Series 2022-1, Class B5, 2.97%, 08/25/2051(a)(d)
 
 
1,158,000
 
 
534,778
Western Alliance Bancorp
 
 
 
 
Series 2021-CL2, Class B, 12.85% (30 day avg SOFR US + 8.50%), 07/25/2059(d)
 
 
6,600,000
 
 
6,551,054
Series 2021-CL2, Class M4, 9.70% (30 day avg SOFR US + 5.35%), 07/25/2059(d)
 
 
11,520,106
 
 
11,364,112
Series 2021-CL2, Class M5, 10.85% (30 day avg SOFR US + 6.50%), 07/25/2059(d)
 
 
6,729,107
 
 
6,559,244
WinWater Mortgage Loan Trust
 
 
 
 
Series 2014-1, Class B5, 3.93%, 06/20/2044(a)(c)(d)
 
 
2,370,000
 
 
1,840,160
Series 2014-2, Class B5, 4.04%, 09/20/2044(a)(d)
 
 
1,938,000
 
 
1,629,589
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
(Cost $1,419,014,292)
 
 
 
 
1,278,197,424
 
 
 
 
 
 
 
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, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
ASSET-BACKED SECURITIES — 18.4%
 
 
 
 
Automobile — 10.1%
 
 
 
 
ACC Trust, Series 2022-1, Class D, 6.65%, 10/20/2028(d)
 
 
$1,500,000
 
 
$20,984
AgoraCapital Auto Securities Trust, Series 2025-1A, Class B, 7.27%, 11/25/2032(d)
 
 
2,000,000
 
 
2,014,253
American Heritage Auto Receivables Trust, Series 2024-1A, Class D, 6.34%, 01/18/2033(d)
 
 
750,000
 
 
766,326
Arivo Acceptance Auto Loan Receivables Trust, Series 2022-1A, Class D, 7.38%, 09/17/2029(d)
 
 
500,000
 
 
490,177
Avis Budget Car Rental LLC
 
 
 
 
Series 2021-1A, Class C, 2.13%, 08/20/2027(d)
 
 
540,000
 
 
524,545
Series 2021-2A, Class D, 4.08%, 02/20/2028(d)
 
 
7,825,000
 
 
7,558,326
Series 2023-1A, Class C, 6.23%, 04/20/2029(d)
 
 
700,000
 
 
711,485
Series 2023-3A, Class D, 7.32%, 02/20/2028(d)
 
 
1,250,000
 
 
1,257,803
Series 2023-4A, Class D, 7.31%, 06/20/2029(d)
 
 
5,000,000
 
 
5,063,722
Series 2023-5A, Class D, 7.35%, 04/20/2028(d)
 
 
1,250,000
 
 
1,267,359
Series 2023-6A, Class D, 7.37%, 12/20/2029(d)
 
 
2,750,000
 
 
2,786,568
Bridgecrest Lending Auto Securitization Trust
 
 
 
 
Series 2023-1, Class E, 10.37%, 07/15/2030(d)
 
 
8,000,000
 
 
8,904,724
Series 2025-3, Class E, 7.47%, 05/17/2032(d)
 
 
2,750,000
 
 
2,750,007
CAL Receivables LLC, Series 2022-1, Class B, 8.69% (30 day avg SOFR US + 4.35%), 10/15/2026(d)
 
 
4,354,668
 
 
4,348,241
CarNow Auto Receivables Trust, Series 2022-1A, Class D, 5.79%, 09/15/2027(d)
 
 
2,294,439
 
 
2,222,365
Carvana Auto Receivables Trust
 
 
 
 
Series 2019-4A, Class R, 0.00%, 10/15/2026(d)
 
 
13,000
 
 
1,728,983
Series 2021-N1, Class F, 4.55%, 01/10/2028(d)
 
 
865,648
 
 
860,109
Series 2021-N2, Class E, 2.90%, 03/10/2028(d)
 
 
11,855,105
 
 
11,574,423
Series 2021-N4, Class E, 4.53%, 09/11/2028(d)
 
 
13,250,630
 
 
12,894,735
Series 2023-N1, Class E, 10.46%, 04/10/2030(d)
 
 
5,000,000
 
 
5,379,721
Series 2023-N2, Class E, 9.94%, 04/10/2030(d)
 
 
4,000,000
 
 
4,259,160
Series 2023-N3, Class E, 9.49%, 09/10/2030(d)
 
 
4,000,000
 
 
4,263,459
Series 2023-P5, Class D, 7.18%, 12/10/2030(d)
 
 
3,256,000
 
 
3,446,285
Series 2024-P2, Class D, 6.10%, 06/10/2031
 
 
432,000
 
 
443,097
CPS Auto Trust
 
 
 
 
Series 2022-D, Class E, 12.12%, 06/17/2030(d)
 
 
4,100,000
 
 
4,535,613
Series 2023-D, Class E, 10.13%, 05/15/2031(d)
 
 
6,120,000
 
 
6,741,000
Series 2024-A, Class E, 8.42%, 08/15/2031(d)
 
 
1,000,000
 
 
1,055,523
Series 2024-B, Class E, 8.36%, 11/17/2031(d)
 
 
7,770,000
 
 
8,233,899
Series 2024-C, Class E, 8.04%, 03/15/2032(d)
 
 
1,500,000
 
 
1,577,215
Series 2025-A, Class E, 7.65%, 08/16/2032(d)
 
 
1,800,000
 
 
1,864,799
Series 2025-B, Class E, 7.95%, 03/15/2033(d)
 
 
3,000,000
 
 
3,130,030
Series 2025-C, Class E, 6.59%, 02/15/2033(d)
 
 
4,000,000
 
 
3,999,074
Exeter Automobile Receivables Trust
 
 
 
 
Series 2022-1A, Class E, 5.02%, 10/15/2029(d)
 
 
6,000,000
 
 
5,878,484
Series 2022-2A, Class E, 6.34%, 10/15/2029(d)
 
 
9,300,000
 
 
8,620,695
Series 2022-5A, Class E, 10.45%, 04/15/2030(d)
 
 
7,146,000
 
 
7,521,985
Series 2022-6A, Class E, 11.61%, 06/17/2030(d)
 
 
5,500,000
 
 
6,045,329
 
 
 
 
 
 
 
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, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
ASSET-BACKED SECURITIES — (Continued)
Automobile — (Continued)
Series 2023-2A, Class E, 9.75%, 11/15/2030(d)
 
 
$2,640,000
 
 
$2,871,197
Series 2023-3A, Class E, 9.98%, 01/15/2031(d)
 
 
3,028,000
 
 
3,304,032
Series 2024-1A, Class E, 7.89%, 08/15/2031(d)
 
 
2,375,000
 
 
2,490,171
Series 2024-2A, Class E, 7.98%, 10/15/2031(d)
 
 
4,096,000
 
 
4,303,917
Series 2024-3A, Class E, 7.84%, 10/15/2031(d)
 
 
11,784,000
 
 
12,351,852
Series 2024-5A, Class E, 7.22%, 05/17/2032(d)
 
 
6,000,000
 
 
6,170,880
Series 2025-1A, Class E, 7.48%, 09/15/2032(d)
 
 
6,989,000
 
 
7,206,526
FHF Trust
 
 
 
 
Series 2023-2A, Class D, 9.31%, 10/15/2030(d)
 
 
688,000
 
 
736,011
Series 2024-2A, Class D, 7.15%, 09/15/2031(d)
 
 
1,128,000
 
 
1,161,631
Series 2024-3A, Class D, 6.01%, 12/15/2031(d)
 
 
1,717,000
 
 
1,722,567
Flagship Credit Auto Trust
 
 
 
 
Series 2021-2, Class E, 3.16%, 09/15/2028(d)
 
 
4,100,000
 
 
3,942,834
Series 2021-4, Class E, 4.03%, 03/15/2029(d)
 
 
4,000,000
 
 
3,489,016
Series 2022-1, Class E, 5.37%, 06/15/2029(d)
 
 
1,000,000
 
 
809,469
Series 2024-1, Class E, 8.60%, 05/15/2031(d)
 
 
1,150,000
 
 
1,177,559
Foursight Capital Automobile Receivables Trust, Series 2022-1, Class E, 4.69%, 08/15/2029(d)
 
 
5,000,000
 
 
4,934,489
GLS Auto Receivables Trust
 
 
 
 
Series 2023-1A, Class E, 11.42%, 03/15/2030(d)
 
 
7,870,000
 
 
8,674,763
Series 2023-2A, Class E, 9.37%, 01/15/2030(d)
 
 
3,000,000
 
 
3,217,835
Series 2023-3A, Class E, 9.27%, 08/15/2030(d)
 
 
2,500,000
 
 
2,685,989
Series 2023-4A, Class E, 9.72%, 08/15/2030(d)
 
 
5,270,000
 
 
5,751,306
Series 2024-3A, Class E, 7.25%, 06/16/2031(d)
 
 
1,000,000
 
 
1,032,037
Series 2024-4A, Class E, 7.51%, 08/15/2031(d)
 
 
1,500,000
 
 
1,566,683
Series 2025-1A, Class E, 7.19%, 03/15/2032(d)
 
 
1,000,000
 
 
1,024,441
Series 2025-2A, Class E, 7.73%, 06/15/2032(d)
 
 
4,004,000
 
 
4,177,964
Hertz Global Holdings, Inc.
 
 
 
 
Series 2021-2A, Class D, 4.34%, 12/27/2027(d)
 
 
12,935,000
 
 
12,473,224
Series 2022-2A, Class D, 5.16%, 06/26/2028(d)
 
 
4,000,000
 
 
3,827,054
Series 2023-4A, Class C, 7.51%, 03/25/2030(d)
 
 
800,000
 
 
835,681
Huntington Bank Auto Credit-Linked Notes, Series 2024-1, Class D, 9.60% (30 day avg SOFR US + 5.25%), 05/20/2032(d)
 
 
1,009,484
 
 
1,033,591
JP Morgan Chase Bank NA, Series 2021-2, Class G, 8.48%, 12/26/2028(d)
 
 
1,111,777
 
 
1,114,295
Kinetic Advantage Master Owner Trust, Series 2024-1A, Class A, 6.99% (30 day avg SOFR US + 2.65%), 11/15/2027(d)
 
 
750,000
 
 
752,020
Prestige Auto Receivables Trust, Series 2024-1A, Class E, 7.94%, 04/15/2031(d)
 
 
6,682,000
 
 
6,939,167
Research-Driven Pagaya Motor Asset Trust, Series 2025-3A, Class E, 11.09%, 02/27/2034(d)
 
 
1,000,000
 
 
1,001,617
Santander Holdings USA, Inc., Series 2024-A, Class F, 10.17%, 06/15/2032(d)
 
 
1,218,026
 
 
1,235,151
Skopos Auto Receivable Trust, Series 2019-1A, Class E, 7.82%, 06/15/2026(d)
 
 
707,993
 
 
709,418
Strike Acceptance Auto Funding Trust, Series 2023-1A, Class A, 8.00%, 05/15/2026(d)
 
 
1,570,620
 
 
1,576,984
 
 
 
 
 
 
 
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, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
ASSET-BACKED SECURITIES — (Continued)
Automobile — (Continued)
US Auto Funding Trust
 
 
 
 
Series 2022-1A, Class A, 3.98%, 10/15/2025(d)
 
 
$82,357
 
 
$82,077
Series 2022-1A, Class B, 5.13%, 12/15/2025(d)
 
 
1,300,000
 
 
550,519
Series 2022-1A, Class D, 9.14%, 07/15/2027(d)
 
 
2,053,000
 
 
21
Veros Automobile Receivables Trust
 
 
 
 
Series 2024-1, Class D, 9.87%, 05/15/2031(d)
 
 
3,500,000
 
 
3,700,246
Series 2025-1, Class C, 6.17%, 12/17/2029(d)
 
 
1,400,000
 
 
1,420,109
Series 2025-1, Class D, 8.79%, 05/17/2032(d)
 
 
1,500,000
 
 
1,561,182
Westlake Automobile Receivables Trust, Series 2021-3A, Class F, 4.25%, 06/15/2028(d)
 
 
3,000,000
 
 
2,960,217
 
 
 
 
271,316,245
Consumer — 7.5%
 
 
 
 
ACHV ABS TRUST, Series 2024-3AL, Class E, 7.00%, 12/26/2031(d)
 
 
1,750,000
 
 
1,732,313
Affirm, Inc.
 
 
 
 
Series 2023-B, Class E, 11.32%, 09/15/2028(d)
 
 
800,000
 
 
804,093
Series 2024-A, Class 1E, 9.17%, 02/15/2029(d)
 
 
6,440,000
 
 
6,500,385
Series 2024-A, Class D, 6.89%, 02/15/2029(d)
 
 
900,000
 
 
906,719
Series 2024-A, Class E, 9.17%, 02/15/2029(d)
 
 
3,350,000
 
 
3,381,412
Series 2024-X1, Class CERT, 0.00%, 05/15/2029(d)
 
 
10,885
 
 
161,227
Series 2024-X2, Class CERT, 0.00%, 12/17/2029(d)
 
 
9,712
 
 
410,778
Aqua Finance Trust, Series 2021-A, Class C, 3.14%, 07/17/2046(d)
 
 
2,220,000
 
 
2,054,538
Bankers Healthcare Group, Inc.
 
 
 
 
Series 2022-C, Class E, 9.73%, 10/17/2035(d)
 
 
2,517,000
 
 
2,726,245
Series 2024-1CON, Class D, 8.00%, 04/17/2035(d)
 
 
800,000
 
 
839,878
Series 2025-1CON, Class E, 8.62%, 04/17/2036(d)
 
 
2,000,000
 
 
2,047,435
Series 2025-2CON, Class E, 7.76%, 09/17/2036(d)
 
 
1,000,000
 
 
999,589
Foundation Finance Trust, Series 2025-2A, Class E, 8.35%, 04/15/2052(d)
 
 
1,000,000
 
 
1,004,013
Goldman Home Improvement Trust
 
 
 
 
Series 2021-GRN2, Class C, 2.77%, 06/25/2051(d)
 
 
6,913,792
 
 
6,799,210
Series 2021-GRN2, Class D, 4.00%, 06/25/2051(d)
 
 
1,878,997
 
 
1,857,378
LendingClub Receivables Trust
 
 
 
 
Series 2019-7, Class R1, 0.00%, 01/15/2027(d)
 
 
19,049,500
 
 
34,808
Series 2019-7, Class R2, 0.00%, 01/15/2027(d)
 
 
4,408,000
 
 
8,054
Lendingpoint Asset Securitization Trust
 
 
 
 
Series 2021-B, Class C, 3.21%, 02/15/2029(d)
 
 
281,203
 
 
276,266
Series 2022-A, Class E, 7.02%, 06/15/2029(d)
 
 
3,320,000
 
 
33
LendingPoint Pass-Through Trust, Series 2022-ST3, Class CERT, 0.00%, 05/15/2028(d)
 
 
1,576,000
 
 
143,682
Marlette Funding Trust
 
 
 
 
Series 2022-3A, Class D, 7.80%, 11/15/2032(d)
 
 
3,820,000
 
 
3,873,878
Series 2023-1A, Class D, 8.15%, 04/15/2033(d)
 
 
20,477,000
 
 
20,896,033
Series 2023-2A, Class D, 7.92%, 06/15/2033(d)
 
 
23,640,000
 
 
24,115,736
Series 2024-1A, Class D, 6.93%, 07/17/2034(d)
 
 
500,000
 
 
511,975
Series 2025-1A, Class D, 6.02%, 07/16/2035(d)
 
 
1,500,000
 
 
1,501,036
 
 
 
 
 
 
 
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, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
ASSET-BACKED SECURITIES — (Continued)
Consumer — (Continued)
Momnt Technologies Trust
 
 
 
 
Series 2023-1A, Class B, 8.29%, 03/20/2045(d)
 
 
$400,000
 
 
$403,903
Series 2023-1A, Class C, 11.24%, 03/20/2045(d)
 
 
900,000
 
 
904,431
Series 2025-1A, Class A, 6.24%, 06/20/2043(d)
 
 
4,834,097
 
 
4,836,368
NetCredit Funding LLC, Series 2025-A, Class A, 7.29%, 10/20/2031(d)
 
 
2,771,568
 
 
2,796,620
Oportun Financial Corp.
 
 
 
 
Series 2021-C, Class D, 5.57%, 10/08/2031(d)
 
 
1,113,387
 
 
1,096,147
Series 2025-B, Class E, 9.40%, 05/09/2033(d)
 
 
2,000,000
 
 
1,992,658
Pagaya AI Debt Selection Trust
 
 
 
 
Series 2021-1, Class C, 4.09%, 11/15/2027(d)
 
 
1,097,324
 
 
1,084,449
Series 2021-3, Class C, 3.27%, 05/15/2029(d)
 
 
724,699
 
 
711,495
Series 2021-5, Class C, 3.93%, 08/15/2029(d)
 
 
872,736
 
 
855,692
Series 2022-1, Class C, 4.89%, 10/15/2029(d)
 
 
10,487,177
 
 
10,400,632
Series 2022-2, Class C, 7.50%, 01/15/2030(d)
 
 
4,342,872
 
 
4,375,893
Series 2024-10, Class E, 10.41%, 06/15/2032(d)
 
 
2,499,788
 
 
2,574,502
Series 2024-10, Class F, 12.00%, 06/15/2032(d)
 
 
1,999,831
 
 
1,863,504
Series 2024-11, Class E, 10.33%, 07/15/2032(d)
 
 
5,999,311
 
 
6,148,782
Series 2024-11, Class F, 12.00%, 07/15/2032(d)
 
 
1,749,799
 
 
1,658,382
Series 2024-6, Class D, 11.35%, 11/15/2031(d)
 
 
351,685
 
 
360,989
Series 2024-7, Class D, 10.90%, 12/15/2031(d)
 
 
1,741,905
 
 
1,807,148
Series 2024-8, Class E, 10.41%, 01/15/2032(d)
 
 
2,428,944
 
 
2,505,095
Series 2024-9, Class E, 10.11%, 03/15/2032(d)
 
 
892,083
 
 
917,263
Series 2025-1, Class E, 10.08%, 07/15/2032(d)
 
 
5,259,551
 
 
5,335,737
Series 2025-1, Class F, 12.00%, 07/15/2032(d)
 
 
1,249,893
 
 
1,208,990
Series 2025-2, Class E, 10.90%, 10/15/2032(d)
 
 
2,999,685
 
 
3,062,352
Series 2025-2, Class F, 12.00%, 10/15/2032(d)
 
 
999,895
 
 
953,147
Series 2025-3, Class E, 12.63%, 12/15/2032(d)
 
 
3,250,000
 
 
3,344,197
Series 2025-4, Class D, 6.57%, 01/17/2033(d)
 
 
2,000,000
 
 
2,007,208
Series 2025-5, Class D, 5.87%, 03/15/2033(d)
 
 
2,000,000
 
 
2,001,439
Series 2025-5, Class F, 12.00%, 03/15/2033(d)
 
 
1,000,000
 
 
947,439
Powerpay Securitization Funding LLC
 
 
 
 
Series 2024-1A, Class A, 6.53%, 02/18/2039(d)
 
 
656,286
 
 
670,703
Series 2024-1A, Class B, 8.46%, 02/18/2039(d)
 
 
500,000
 
 
515,241
Prosper Marketplace Issuance Trust, Series 2024-1A, Class D, 10.98%, 08/15/2029(d)
 
 
2,000,000
 
 
2,083,047
Purchasing Power Funding
 
 
 
 
Series 2024-A, Class D, 7.26%, 08/15/2028(d)
 
 
600,000
 
 
602,041
Series 2024-A, Class E, 10.18%, 08/15/2028(d)
 
 
400,000
 
 
404,625
Reach Financial LLC
 
 
 
 
Series 2024-2A, Class D, 8.83%, 07/15/2031(d)
 
 
1,000,000
 
 
1,043,709
Series 2025-1A, Class D, 7.75%, 08/16/2032(d)
 
 
1,000,000
 
 
1,014,639
Republic Finance Issuance Trust
 
 
 
 
Series 2021-A, Class D, 5.23%, 12/22/2031(d)
 
 
1,840,000
 
 
1,785,011
Series 2024-A, Class C, 7.28%, 08/20/2032(d)
 
 
600,000
 
 
614,333
Series 2024-A, Class D, 9.49%, 08/20/2032(d)
 
 
500,000
 
 
510,566
Series 2024-B, Class D, 8.83%, 11/20/2037(d)
 
 
5,090,000
 
 
5,224,237
 
 
 
 
 
 
 
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, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
ASSET-BACKED SECURITIES — (Continued)
Consumer — (Continued)
Sunbit Asset Securitization Trust
 
 
 
 
Series 2025-1, Class C, 6.12%, 07/15/2030(d)
 
 
$1,000,000
 
 
$999,803
Series 2025-1, Class D, 7.92%, 07/15/2030(d)
 
 
750,000
 
 
749,952
Theorem Funding Trust, Series 2022-2A, Class B, 9.27%, 12/15/2028(d)
 
 
4,200,000
 
 
4,240,715
Upgrade Master Pass-Thru Trust, Series 2021-PT2, Class A, 34.05%, 05/15/2027(a)(d)
 
 
352,851
 
 
342,981
Upgrade Receivables Trust, Series 2024-1A, Class D, 8.90%, 02/18/2031(d)
 
 
1,000,000
 
 
1,017,740
Upstart Pass-Through Trust, Series 2021-ST5, Class CERT, 0.00%, 07/20/2027(d)
 
 
4,250,000
 
 
437,768
Upstart Pass-Through Trust Series
 
 
 
 
Series 2020-ST4, Class CERT, 0.00%, 11/20/2026(d)
 
 
8,452,371
 
 
268,860
Series 2021-ST3, Class CERT, 0.00%, 05/20/2027(d)(k)
 
 
11,400,000
 
 
873,340
Series 2021-ST4, Class CERT, 0.00%, 07/20/2027(d)
 
 
1,475,000
 
 
138,853
Series 2021-ST6, Class CERT, 0.00%, 08/20/2027(d)
 
 
9,416,000
 
 
1,530,382
Series 2021-ST7, Class CERT, 0.00%, 09/20/2029(d)
 
 
1,500,000
 
 
224,753
Series 2021-ST8, Class CERT, 0.00%, 10/20/2029(d)
 
 
2,370,000
 
 
472,081
Series 2021-ST9, Class CERT, 0.00%, 11/20/2029(d)
 
 
1,629,000
 
 
419,049
Series 2022-ST1, Class CERT, 0.00%, 03/20/2030(d)
 
 
2,400,000
 
 
825,142
Series 2022-ST2, Class CERT, 0.00%, 04/20/2030(d)
 
 
1,500,000
 
 
381,094
Upstart Securitization Trust
 
 
 
 
Series 2019-1, Class CERT, 0.00%, 04/20/2026(d)
 
 
20,143
 
 
247,360
Series 2019-3, Class CERT, 0.00%, 01/21/2030(b)(d)
 
 
25,442
 
 
10,967
Series 2021-4, Class C, 3.19%, 09/20/2031(d)
 
 
2,487,060
 
 
2,455,295
Series 2021-5, Class C, 4.15%, 11/20/2031(d)
 
 
6,379,122
 
 
6,306,247
Series 2022-1, Class C, 5.71%, 03/20/2032(d)
 
 
1,800,000
 
 
1,062,940
Series 2022-2, Class C, 8.43%, 05/20/2032(d)
 
 
3,313,058
 
 
2,966,532
Series 2023-1, Class C, 11.10%, 02/20/2033(d)
 
 
3,600,000
 
 
3,686,976
Series 2023-2, Class C, 11.87%, 06/20/2033(d)
 
 
2,000,000
 
 
2,131,174
Series 2025-1, Class B, 6.33%, 04/20/2035(d)
 
 
2,820,000
 
 
2,861,959
Series 2025-2, Class D, 8.00%, 06/20/2035(d)
 
 
3,250,000
 
 
3,277,916
 
 
 
 
202,139,207
Credit Card — 0.0%(l)
 
 
 
 
Avant Credit Card Master Trust, Series 2024-1A, Class C, 6.23%, 04/15/2030(d)
 
 
500,000
 
 
496,172
Equipment — 0.5%
 
 
 
 
Octane Receivables Trust
 
 
 
 
Series 2023-1A, Class E, 9.25%, 08/20/2030(d)
 
 
6,038,000
 
 
6,386,128
Series 2024-1A, Class E, 7.82%, 08/20/2031(d)
 
 
512,000
 
 
524,385
Series 2024-2A, Class E, 9.04%, 07/20/2032(d)
 
 
3,740,000
 
 
3,961,890
Series 2024-RPT1, Class R2, 8.71%, 02/22/2030
 
 
3,243,000
 
 
3,280,557
Series 2024-RVM1, Class E, 8.42%, 01/22/2046(d)
 
 
315,000
 
 
328,051
 
 
 
 
14,481,011
 
 
 
 
 
 
 
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, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
ASSET-BACKED SECURITIES — (Continued)
Property Assessed Clean Energy — 0.1%
 
 
 
 
Goodgreen Trust, Series 2017-2A, Class A, 3.26%, 10/15/2053(d)
 
 
$2,895,762
 
 
$2,573,040
Solar — 0.1%
 
 
 
 
GoodLeap Sustainable Home Solutions Trust
 
 
 
 
Series 2021-3CS, Class A, 2.10%, 05/20/2048(d)
 
 
966,413
 
 
754,678
Series 2023-2GS, Class B, 7.80%, 05/20/2055(d)
 
 
900,000
 
 
560,041
Helios Issuer LLC, Series 2021-B, Class A, 1.62%, 07/20/2048(d)
 
 
2,046,107
 
 
1,696,531
Mosaic Solar Loans LLC
 
 
 
 
Series 2019-1A, Class B, 0.00%, 12/21/2043(d)(f)
 
 
93,187
 
 
87,145
Series 2021-2A, Class B, 2.09%, 04/22/2047(d)
 
 
768,699
 
 
561,650
 
 
 
 
3,660,045
Structured Settlement — 0.0%(l)
 
 
 
 
Stone Street Receivables Funding, Series 2015-1A, Class C, 5.60%, 12/15/2054(d)
 
 
478,076
 
 
426,201
Whole Business — 0.1%
 
 
 
 
FAT Brands, Inc., Series 2021-1, Class A2, 7.00%, 07/25/2051(d)
 
 
1,929,600
 
 
1,934,424
TOTAL ASSET-BACKED SECURITIES
(Cost $529,854,303)
 
 
 
 
497,026,345
RESIDENTIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY — 10.8%
 
 
 
 
Federal Home Loan Mortgage Corp.
 
 
 
 
Pool QG6305, 4.50%, 07/01/2053
 
 
17,401,795
 
 
16,526,518
Pool QI4343, 4.50%, 04/01/2054
 
 
4,474,951
 
 
4,255,369
Pool QJ0225, 6.00%, 07/01/2054
 
 
10,839,272
 
 
11,050,063
Pool QJ5663, 5.00%, 10/01/2054
 
 
13,120,660
 
 
12,799,742
Pool QJ6122, 5.00%, 10/01/2054
 
 
2,855,860
 
 
2,780,654
Pool QJ7677, 5.50%, 11/01/2054
 
 
6,934,846
 
 
6,918,549
Pool QJ7705, 5.00%, 11/01/2054
 
 
2,448,937
 
 
2,389,039
Pool QJ7711, 5.00%, 11/01/2054
 
 
5,183,233
 
 
5,053,217
Pool RJ1430, 6.00%, 05/01/2054
 
 
5,650,098
 
 
5,737,019
Pool SD2500, 5.00%, 03/01/2053
 
 
10,928,374
 
 
10,640,586
Pool SD3636, 6.00%, 08/01/2053
 
 
1,362,395
 
 
1,389,315
Pool SD5143, 6.00%, 04/01/2054
 
 
20,492,777
 
 
20,936,118
Pool SD5781, 6.00%, 07/01/2054
 
 
7,755,149
 
 
7,910,811
Pool SD6195, 5.00%, 10/01/2053
 
 
8,067,706
 
 
7,895,590
Pool SD8134, 2.00%, 03/01/2051
 
 
12,532,471
 
 
9,841,825
Pool SD8322, 4.50%, 05/01/2053
 
 
345,408
 
 
327,812
Pool SL0817, 6.00%, 04/01/2055
 
 
3,982,730
 
 
4,100,754
Federal National Mortgage Association
 
 
 
 
Pool 000TBA, 5.00%, 08/15/2040
 
 
30,000,000
 
 
29,202,962
Pool BY0126, 5.50%, 04/01/2053
 
 
2,824,974
 
 
2,822,751
Pool CA7278, 2.50%, 10/01/2050
 
 
6,750,007
 
 
5,551,377
Pool CB3770, 3.50%, 06/01/2052
 
 
7,519,273
 
 
6,733,774
Pool CB4289, 4.50%, 08/01/2052
 
 
2,975,241
 
 
2,833,899
 
 
 
 
 
 
 
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, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY — (Continued)
Pool CB8004, 6.00%, 02/01/2054
 
 
$4,165,247
 
 
$4,234,532
Pool CB8710, 6.00%, 06/01/2054
 
 
3,470,820
 
 
3,535,061
Pool CB9060, 5.50%, 08/01/2054
 
 
9,349,589
 
 
9,315,931
Pool CB9655, 5.00%, 12/01/2054
 
 
11,798,667
 
 
11,502,709
Pool DB3770, 5.50%, 05/01/2054
 
 
4,139,747
 
 
4,122,256
Pool DB6624, 5.50%, 06/01/2054
 
 
1,197,925
 
 
1,199,232
Pool DC1302, 5.00%, 08/01/2054
 
 
1,468,433
 
 
1,441,464
Pool DC3426, 5.00%, 09/01/2054
 
 
2,812,846
 
 
2,744,047
Pool DC4050, 5.00%, 10/01/2054
 
 
20,130,369
 
 
19,606,536
Pool DC5656, 5.00%, 11/01/2054
 
 
2,967,240
 
 
2,912,744
Pool DC5739, 5.50%, 11/01/2054
 
 
2,916,850
 
 
2,909,085
Pool FS3826, 3.00%, 01/01/2052
 
 
3,139,158
 
 
2,696,713
Pool FS6925, 2.50%, 12/01/2051
 
 
2,276,709
 
 
1,870,614
Pool FS7280, 5.00%, 03/01/2053
 
 
10,491,403
 
 
10,241,351
Pool FS7798, 6.00%, 06/01/2054
 
 
4,730,086
 
 
4,814,679
Pool FS8458, 5.50%, 11/01/2053
 
 
4,323,292
 
 
4,310,430
Pool MA4562, 2.00%, 03/01/2052
 
 
8,288,745
 
 
6,513,388
Pool MA4624, 3.00%, 06/01/2052
 
 
16,873,088
 
 
14,476,283
Government National Mortgage Association
 
 
 
 
Pool MA8799, 4.50%, 04/20/2053
 
 
3,442,686
 
 
3,271,873
Pool MA9166, 3.00%, 09/20/2053
 
 
3,282,819
 
 
2,887,833
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY
(Cost $295,561,103)
 
 
 
 
292,304,505
COLLATERALIZED LOAN OBLIGATIONS — 7.8%
 
 
 
 
Allegro CLO Ltd., Series 2021-1A, Class D1R, 7.47% (3 mo. Term SOFR + 3.15%), 07/20/2038(d)
 
 
8,500,000
 
 
8,500,000
AMMC CDO, Series 2020-23A, Class D1R3, 7.52% (3 mo. Term SOFR + 3.20%), 07/17/2038(d)
 
 
6,000,000
 
 
6,000,000
Anchorage Capital CLO Ltd.
 
 
 
 
Series 2023-26A, Class D1R, 7.69% (3 mo. Term SOFR + 3.40%), 03/19/2038(d)
 
 
3,250,000
 
 
3,260,101
Series 2023-26A, Class D2R, 9.04% (3 mo. Term SOFR + 4.75%), 03/19/2038(d)
 
 
2,000,000
 
 
1,999,426
Anchorage Credit Funding Ltd.
 
 
 
 
Series 2019-8A, Class BR, 3.01%, 07/25/2037(d)
 
 
9,350,000
 
 
8,731,666
Series 2019-9A, Class BR, 3.05%, 10/25/2037(d)
 
 
7,000,000
 
 
6,498,520
Series 2019-9A, Class CR, 3.55%, 10/25/2037(d)
 
 
3,000,000
 
 
2,790,495
Anthelion CLO Ltd., Series 2025-1A, Class D1, 7.97% (3 mo. Term SOFR + 3.65%), 07/20/2036(d)
 
 
4,500,000
 
 
4,500,000
Apidos CLO Ltd., Series 2023-46A, Class E, 12.27% (3 mo. Term SOFR + 7.95%), 10/24/2036(d)
 
 
2,000,000
 
 
2,006,924
Ares CLO Ltd., Series 2020-58A, Class D2R2, 8.72% (3 mo. Term SOFR + 4.40%), 04/15/2038(d)
 
 
3,000,000
 
 
3,009,591
 
 
 
 
 
 
 
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, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
COLLATERALIZED LOAN OBLIGATIONS — (Continued)
Ballyrock CLO Ltd., Series 2022-21A, Class C1R, 7.48% (3 mo. Term SOFR + 3.15%), 10/20/2037(d)
 
 
$1,220,000
 
 
$1,219,157
Barings Middle Market CLO Ltd., Series 2018-II, Class COM, 0.00%, 01/15/2031(a)
 
 
428,329
 
 
12,850
Battalion CLO Ltd., Series 2025-29A, Class D1, 7.58% (3 mo. Term SOFR + 3.30%), 03/31/2038(d)
 
 
5,000,000
 
 
5,000,000
BCC Middle Market CLO LLC, Series 2023-2A, Class A1, 6.83%
(3 mo. Term SOFR + 2.50%), 10/21/2035(c)(d)
 
 
10,000,000
 
 
10,029,040
Black Diamond CLO Ltd., Series 2022-1A, Class E, 11.82%
(3 mo. Term SOFR + 7.50%), 10/25/2035(d)
 
 
2,500,000
 
 
2,514,207
Blackrock CLO Ltd.
 
 
 
 
Series 2023-1A, Class C, 8.98% (3 mo. Term SOFR + 4.65%), 04/20/2035(d)
 
 
2,000,000
 
 
2,009,198
Series 2025-1A, Class C, 7.07% (3 mo. Term SOFR + 2.75%), 07/15/2037(d)
 
 
4,000,000
 
 
4,000,000
Blue Owl Capital Corp., Series 2023-13A, Class A, 6.87% (3 mo. Term SOFR + 2.55%), 09/20/2035(d)
 
 
3,000,000
 
 
3,004,146
Capital Four US CLO Ltd., Series 2022-1A, Class BR, 6.98%
(3 mo. Term SOFR + 2.65%), 01/20/2037(c)(d)
 
 
8,500,000
 
 
8,533,549
Carlyle Global Market Strategies, Series 2022-6A, Class ER, 12.22% (3 mo. Term SOFR + 7.90%), 10/25/2036(d)
 
 
3,000,000
 
 
3,036,540
CIFC Funding Ltd.
 
 
 
 
Series 2018-3A, Class D, 7.44% (3 mo. Term SOFR + 3.11%), 07/18/2031(d)
 
 
2,000,000
 
 
2,011,054
Series 2019-7A, Class D, 9.30% (3 mo. Term SOFR + 4.97%), 01/20/2033(d)
 
 
5,000,000
 
 
5,013,355
Elmwood CLO Ltd., Series 2021-3A, Class DR2, 7.31% (3 mo. Term SOFR + 3.05%), 07/20/2038(d)
 
 
6,000,000
 
 
6,020,238
Franklin Park Place CLO LLC, Series 2025-1A, Class D1, 7.42%
(3 mo. Term SOFR + 3.10%), 07/15/2038(d)
 
 
5,000,000
 
 
5,000,000
Greenacre Park CLO LLC, Series 2021-2A, Class D2R, 8.80%
(3 mo. Term SOFR + 4.50%), 07/20/2038(d)
 
 
3,000,000
 
 
2,999,472
Jamestown CLO Ltd., Series 2018-11A, Class A2, 6.28% (3 mo. Term SOFR + 1.96%), 07/14/2031(d)
 
 
1,200,000
 
 
1,204,061
Katayma CLO Ltd., Series 2023-1A, Class E, 12.47% (3 mo. Term SOFR + 8.14%), 10/20/2036(d)
 
 
4,500,000
 
 
4,515,611
Madison Park Funding Ltd., Series 2021-38A, Class D, 7.48%
(3 mo. Term SOFR + 3.16%), 07/17/2034(d)
 
 
3,410,000
 
 
3,416,728
Man US CLO Ltd., Series 2024-1A, Class D2, 9.53% (3 mo. Term SOFR + 5.20%), 07/20/2037(d)
 
 
2,000,000
 
 
2,008,398
Marble Point CLO Ltd., Series 2022-1A, Class E, 12.51% (3 mo. Term SOFR + 8.18%), 04/20/2035(d)
 
 
3,000,000
 
 
3,010,062
MCF CLO Ltd., Series 2017-3A, Class ER, 13.74% (3 mo. Term SOFR + 9.41%), 07/20/2033(d)
 
 
3,000,000
 
 
3,000,000
MP CLO Ltd., Series 2015-2A, Class CRR, 6.88% (3 mo. Term SOFR + 2.56%), 04/28/2034(d)
 
 
3,000,000
 
 
3,009,204
NBBLUE, 9.74%, 04/15/2040
 
 
3,000,000
 
 
3,103,260
 
 
 
 
 
 
 
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, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
COLLATERALIZED LOAN OBLIGATIONS — (Continued)
Neuberger Berman Loan Advisers Lasalle Street Lending CLO Ltd., Series 2024-2A, Class E, 11.83% (3 mo. Term SOFR + 7.50%), 04/20/2038(d)
 
 
$2,000,000
 
 
$2,001,194
Oaktree CLO Ltd., Series 2022-2A, Class D1R2, 7.57% (3 mo. Term SOFR + 3.25%), 10/15/2037(d)
 
 
10,000,000
 
 
10,051,930
Obra Clo Management LLC, Series 2025-2A, Class D2, 8.52%
(3 mo. Term SOFR + 4.25%), 07/20/2038(d)
 
 
2,000,000
 
 
2,000,852
Ocean Trails CLO, Series 2023-14A, Class D1R, 7.43% (3 mo. Term SOFR + 3.10%), 01/20/2038(d)
 
 
5,940,000
 
 
5,975,497
Octagon Credit Investors LLC, Series 2023-1A, Class E, 11.57%
(3 mo. Term SOFR + 7.24%), 10/20/2036(d)
 
 
7,000,000
 
 
7,105,028
Octagon Investment Partners Ltd., Series 2018-1A, Class C, 6.28%
(3 mo. Term SOFR + 1.96%), 04/15/2031(d)
 
 
2,500,000
 
 
2,507,557
Orion CLO Ltd., Series 2023-2X, Class E, 12.22% (3 mo. Term SOFR + 7.90%), 01/25/2037(m)
 
 
2,000,000
 
 
2,004,758
Pikes Peak CLO Ltd.
 
 
 
 
Series 2020-5A, Class FR, 12.15% (3 mo. Term SOFR + 7.82%), 10/20/2037(d)
 
 
1,000,000
 
 
975,817
Series 2023-14A, Class D1R, 7.48% (3 mo. Term SOFR + 3.15%), 07/20/2038(d)
 
 
2,500,000
 
 
2,499,908
Post CLO Ltd., Series 2023-1A, Class D, 9.58% (3 mo. Term SOFR + 5.25%), 04/20/2036(d)
 
 
1,000,000
 
 
1,003,443
Sculptor CLO Ltd., Series 26A, Class D1AR, 7.73% (3 mo. Term SOFR + 3.40%), 01/20/2038(d)
 
 
2,600,000
 
 
2,603,341
Silver Point CLO Ltd., Series 2025-10A, Class D2, 8.52% (3 mo. Term SOFR + 4.25%), 07/15/2038(d)
 
 
3,000,000
 
 
3,000,000
Trinitas CLO Ltd.
 
 
 
 
Series 2020-14A, Class D, 8.88% (3 mo. Term SOFR + 4.56%), 01/25/2034(d)
 
 
3,000,000
 
 
3,008,274
Series 2023-22A, Class B1, 7.23% (3 mo. Term SOFR + 2.90%), 07/20/2036(c)(d)
 
 
5,300,000
 
 
5,316,128
Series 2023-22A, Class E, 13.04% (3 mo. Term SOFR + 8.71%), 07/20/2036(d)
 
 
3,000,000
 
 
3,022,602
Series 2025-32A, Class D1, 0.00% (3 mo. Term SOFR + 3.10%), 07/23/2038(d)(n)
 
 
8,500,000
 
 
8,500,000
Venture CDO Ltd., Series 2014-18X, Class CR, 6.68% (3 mo. Term SOFR + 2.36%), 10/15/2029(m)
 
 
2,074,673
 
 
2,078,339
Vibrant CLO Ltd., Series 2021-12A, Class BR, 6.83% (3 mo. Term SOFR + 2.50%), 04/20/2034(d)
 
 
4,000,000
 
 
4,012,312
Voya CLO Ltd.
 
 
 
 
Series 2016-1A, Class BR, 6.39% (3 mo. Term SOFR + 2.06%), 01/20/2031(d)
 
 
2,740,000
 
 
2,748,075
Series 2018-1A, Class C, 7.19% (3 mo. Term SOFR + 2.86%), 04/19/2031(d)
 
 
1,750,000
 
 
1,753,808
Warwick Capital CLO Ltd., Series 2025-6A, Class D2, 8.41%, 07/20/2038(d)
 
 
2,000,000
 
 
2,000,000
Wellfleet CLO Ltd., Series 2015-1A, Class SUB,
0.00%, 07/20/2029(a)(d)
 
 
4,900,000
 
 
490
 
 
 
 
 
 
 
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, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
COLLATERALIZED LOAN OBLIGATIONS — (Continued)
Whitehorse Ltd., Series 2018-12A, Class C, 7.25% (3 mo. Term SOFR + 2.93%), 10/15/2031(d)
 
 
$2,130,000
 
 
$2,130,769
Wind River CLO Ltd., Series 2023-1A, Class D1R, 7.72% (3 mo. Term SOFR + 3.40%), 07/25/2038(d)
 
 
4,000,000
 
 
4,029,704
TOTAL COLLATERALIZED LOAN OBLIGATIONS
(Cost $213,790,523)
 
 
 
 
211,296,679
CORPORATE OBLIGATIONS — 6.6%
 
 
 
 
Basic Materials — 0.6%
 
 
 
 
Axalta Coating Systems Dutch Holding B B.V., 7.25%, 02/15/2031(d)
 
 
600,000
 
 
624,712
Capstone Copper Corp., 6.75%, 03/31/2033(d)
 
 
1,900,000
 
 
1,937,664
Cleveland-Cliffs, Inc., 7.00%, 03/15/2032(d)
 
 
1,900,000
 
 
1,856,033
Consolidated Energy Finance SA
 
 
 
 
6.50%, 05/15/2026(d)
 
 
800,000
 
 
783,016
12.00%, 02/15/2031(d)
 
 
400,000
 
 
376,366
CVR Partners LP / CVR Nitrogen Finance Corp.,
6.13%, 06/15/2028(d)
 
 
1,700,000
 
 
1,688,946
First Quantum Minerals Ltd., 8.00%, 03/01/2033(d)
 
 
1,900,000
 
 
1,960,177
Magnera Corp., 4.75%, 11/15/2029(d)
 
 
1,800,000
 
 
1,592,619
Mercer International, Inc., 5.13%, 02/01/2029
 
 
1,400,000
 
 
1,129,047
Methanex Corp., 5.25%, 12/15/2029
 
 
305,000
 
 
302,361
NOVA Chemicals Corp., 8.50%, 11/15/2028(d)
 
 
200,000
 
 
210,283
Olin Corp., 6.63%, 04/01/2033(d)
 
 
350,000
 
 
341,023
Taseko Mines Ltd., 8.25%, 05/01/2030(d)
 
 
1,900,000
 
 
1,986,228
 
 
 
 
14,788,475
Communications — 0.3%
 
 
 
 
Cars.com, Inc., 6.38%, 11/01/2028(d)
 
 
2,100,000
 
 
2,097,428
Directv Financing LLC / Directv Financing Co.-Obligor, Inc.
 
 
 
 
5.88%, 08/15/2027(d)
 
 
1,400,000
 
 
1,393,180
10.00%, 02/15/2031(d)
 
 
1,250,000
 
 
1,206,439
Gen Digital, Inc., 6.25%, 04/01/2033(d)
 
 
500,000
 
 
510,989
Gray Media, Inc., 5.38%, 11/15/2031(d)
 
 
3,900,000
 
 
2,881,975
Nexstar Media, Inc., 5.63%, 07/15/2027(d)
 
 
400,000
 
 
399,474
Univision Communications, Inc., 8.00%, 08/15/2028(d)
 
 
800,000
 
 
822,530
 
 
 
 
9,312,015
Consumer, Cyclical — 0.7%
 
 
 
 
American Axle & Manufacturing, Inc., 5.00%, 10/01/2029
 
 
600,000
 
 
544,865
Caesars Entertainment, Inc., 4.63%, 10/15/2029(d)
 
 
1,730,000
 
 
1,636,145
Carnival Corp., 6.13%, 02/15/2033(d)
 
 
600,000
 
 
611,020
Champ Acquisition Corp., 8.38%, 12/01/2031(d)
 
 
600,000
 
 
636,267
Cinemark USA, Inc., 7.00%, 08/01/2032(d)
 
 
1,200,000
 
 
1,240,194
Clarios Global LP / Clarios US Finance Co., 6.75%, 02/15/2030(d)
 
 
2,000,000
 
 
2,063,310
FirstCash, Inc., 4.63%, 09/01/2028(d)
 
 
1,500,000
 
 
1,467,840
Goodyear Tire & Rubber Co., 5.00%, 07/15/2029
 
 
1,500,000
 
 
1,456,314
Lithia Motors, Inc., 3.88%, 06/01/2029(d)
 
 
1,300,000
 
 
1,225,723
NCL Corp. Ltd., 6.25%, 03/01/2030(d)
 
 
1,350,000
 
 
1,367,191
 
 
 
 
 
 
 
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, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS — (Continued)
Consumer, Cyclical — (Continued)
Phinia, Inc.
 
 
 
 
6.75%, 04/15/2029(d)
 
 
$400,000
 
 
$412,136
6.63%, 10/15/2032(d)
 
 
600,000
 
 
611,764
Resideo Funding, Inc., 6.50%, 07/15/2032(d)
 
 
775,000
 
 
787,161
Saks Global Enterprises LLC, 11.00%, 12/15/2029(d)
 
 
350,000
 
 
80,500
Sally Holdings LLC / Sally Capital, Inc., 6.75%, 03/01/2032
 
 
900,000
 
 
924,816
STL Holding Co. LLC, 8.75%, 02/15/2029(d)
 
 
450,000
 
 
468,701
White Cap Buyer LLC, 6.88%, 10/15/2028(d)
 
 
3,100,000
 
 
3,094,281
 
 
 
 
18,628,228
Consumer, Non-cyclical — 0.9%
 
 
 
 
Acadia Healthcare Co., Inc., 7.38%, 03/15/2033(d)
 
 
2,700,000
 
 
2,783,287
B&G Foods, Inc., 8.00%, 09/15/2028(d)
 
 
390,000
 
 
365,139
Belron UK Finance PLC, 5.75%, 10/15/2029(d)
 
 
600,000
 
 
606,006
Concentra Escrow Issuer Corp., 6.88%, 07/15/2032(d)
 
 
600,000
 
 
617,244
DaVita, Inc., 6.88%, 09/01/2032(d)
 
 
1,650,000
 
 
1,697,601
Dcli Bidco LLC, 7.75%, 11/15/2029(d)
 
 
600,000
 
 
613,031
EquipmentShare.com, Inc., 9.00%, 05/15/2028(d)
 
 
1,900,000
 
 
2,004,834
Fiesta Purchaser, Inc., 9.63%, 09/15/2032(d)
 
 
800,000
 
 
847,415
Herc Holdings, Inc., 6.63%, 06/15/2029(d)
 
 
2,500,000
 
 
2,561,330
Hertz Global Holdings, Inc., 12.63%, 07/15/2029(d)
 
 
350,000
 
 
365,950
Medline Borrower LP, 5.25%, 10/01/2029(d)
 
 
900,000
 
 
882,978
Molina Healthcare, Inc., 6.25%, 01/15/2033(d)
 
 
350,000
 
 
345,756
NESCO Holdings, Inc., 5.50%, 04/15/2029(d)
 
 
300,000
 
 
292,738
Performance Food Group, Inc., 4.25%, 08/01/2029(d)
 
 
900,000
 
 
866,070
Perrigo Finance Unlimited Co., 6.13%, 09/30/2032
 
 
1,200,000
 
 
1,213,681
Post Holdings, Inc., 6.38%, 03/01/2033(d)
 
 
900,000
 
 
901,572
Raven Acquisition Holdings LLC, 6.88%, 11/15/2031(d)
 
 
1,900,000
 
 
1,923,801
Simmons Foods, Inc., 4.63%, 03/01/2029(d)
 
 
350,000
 
 
331,661
TreeHouse Foods, Inc., 4.00%, 09/01/2028
 
 
600,000
 
 
555,556
Upbound Group, Inc., 6.38%, 02/15/2029(d)
 
 
2,100,000
 
 
2,050,373
US Foods, Inc., 7.25%, 01/15/2032(d)
 
 
200,000
 
 
208,622
VT Topco, Inc., 8.50%, 08/15/2030(d)
 
 
2,040,000
 
 
2,174,499
Williams Scotsman, Inc., 6.63%, 04/15/2030(d)
 
 
1,000,000
 
 
1,031,826
 
 
 
 
25,240,970
Diversified — 0.1%
 
 
 
 
Stena International SA, 7.25%, 01/15/2031(d)
 
 
1,925,000
 
 
1,958,081
Energy — 0.6%
 
 
 
 
Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 8.63%, 06/15/2029(d)
 
 
900,000
 
 
954,136
Antero Midstream Partners LP / Antero Midstream Finance Corp., 6.63%, 02/01/2032(d)
 
 
1,200,000
 
 
1,234,615
Archrock Partners LP / Archrock Partners Finance Corp., 6.63%, 09/01/2032(d)
 
 
600,000
 
 
609,424
 
 
 
 
 
 
 
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, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS — (Continued)
Energy — (Continued)
Aris Water Holdings LLC, 7.25%, 04/01/2030(d)
 
 
$450,000
 
 
$461,875
Calumet Specialty Products Partners LP / Calumet Finance Corp., 9.75%, 07/15/2028(d)
 
 
500,000
 
 
480,373
Comstock Resources, Inc., 5.88%, 01/15/2030(d)
 
 
450,000
 
 
425,153
Genesis Energy LP / Genesis Energy Finance Corp.
 
 
 
 
8.25%, 01/15/2029
 
 
275,000
 
 
287,069
8.00%, 05/15/2033
 
 
900,000
 
 
933,968
Greenfire Resources Ltd., 12.00%, 10/01/2028(d)
 
 
196,000
 
 
206,423
Gulfport Energy Operating Corp., 6.75%, 09/01/2029(d)
 
 
320,000
 
 
325,603
Helix Energy Solutions Group, Inc., 9.75%, 03/01/2029(d)
 
 
950,000
 
 
992,879
Kinetik Holdings LP, 5.88%, 06/15/2030(d)
 
 
600,000
 
 
601,037
Moss Creek Resources Holdings, Inc., 8.25%, 09/01/2031(d)
 
 
800,000
 
 
781,689
New Fortress Energy, Inc., 6.50%, 09/30/2026(d)
 
 
200,000
 
 
70,161
PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 02/15/2028
 
 
1,000,000
 
 
963,219
Shelf Drilling Holdings Ltd., 9.63%, 04/15/2029(d)
 
 
1,510,000
 
 
1,294,377
SunCoke Energy, Inc., 4.88%, 06/30/2029(d)
 
 
2,550,000
 
 
2,334,360
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 12/31/2030(d)
 
 
700,000
 
 
686,319
USA Compression Partners LP / USA Compression Finance Corp., 7.13%, 03/15/2029(d)
 
 
630,000
 
 
644,445
Venture Global LNG, Inc.
 
 
 
 
9.00% to 09/30/2029 then 5 yr. CMT Rate + 5.44%, Perpetual(d)
 
 
215,000
 
 
215,248
8.38%, 06/01/2031(d)
 
 
950,000
 
 
983,286
Wildfire Intermediate Holdings LLC, 7.50%, 10/15/2029(d)
 
 
200,000
 
 
199,508
 
 
 
 
15,685,167
Financial — 2.6%
 
 
 
 
A10 Capital LLC, 5.88%, 08/17/2026(d)
 
 
1,000,000
 
 
989,714
BankGuam Holding Co., 4.75% to 07/01/2026 then 3 mo. Term SOFR + 4.13%, 07/01/2031(d)
 
 
2,000,000
 
 
1,906,398
Blackstone Mortgage Trust, Inc., 7.75%, 12/01/2029(d)
 
 
600,000
 
 
634,786
Brookline Bancorp, Inc., 7.90% (3 mo. Term SOFR + 3.58%), 09/15/2029
 
 
1,000,000
 
 
990,621
Clear Street Holdings LLC, 5.88%, 05/15/2026(d)
 
 
2,000,000
 
 
2,000,243
Columbia Banking System, Inc., 9.85% (3 mo. Term SOFR + 5.52%), 12/10/2025(d)
 
 
2,500,000
 
 
2,494,534
Credit Acceptance Corp., 6.63%, 03/15/2030(d)
 
 
1,600,000
 
 
1,623,272
Customers Bank, 8.01% (3 mo. Term SOFR + 3.70%), 06/26/2029(d)
 
 
1,000,000
 
 
996,480
Encore Capital Group, Inc., 8.50%, 05/15/2030(d)
 
 
500,000
 
 
529,807
EZCORP, Inc., 7.38%, 04/01/2032(d)
 
 
1,425,000
 
 
1,487,643
FedNat Holding Co., 7.75%, 03/15/2029(i)(k)
 
 
2,500,000
 
 
150,000
Fidelity Financial Corp., 5.00% to 04/30/2027 then 3 mo. Term
SOFR + 2.47%, 04/30/2032(d)
 
 
3,000,000
 
 
2,755,276
Financial Institutions, Inc., 0.00% (3 mo. LIBOR US + 3.94%), 04/15/2030(g)
 
 
1,125,000
 
 
1,114,349
First Bancshares, Inc., 6.40% to 05/01/2028 then 3 mo. Term SOFR + 3.65%, 05/01/2033
 
 
1,000,000
 
 
994,012
 
 
 
 
 
 
 
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, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS — (Continued)
Financial — (Continued)
First Foundation, Inc., 3.50% to 02/01/2027 then SOFR + 2.04%, 02/01/2032
 
 
$1,000,000
 
 
$809,890
First Northwest Bancorp, 3.75% to 03/30/2026 then 3 mo. Term
SOFR + 3.00%, 03/30/2031
 
 
1,500,000
 
 
1,231,696
Flushing Financial Corp., 3.13% to 12/01/2026 then 3 mo. Term
SOFR + 2.04%, 12/01/2031
 
 
3,000,000
 
 
2,500,967
Freedom Mortgage Holdings LLC
 
 
 
 
9.25%, 02/01/2029(d)
 
 
900,000
 
 
938,841
8.38%, 04/01/2032(d)
 
 
650,000
 
 
665,399
FS Bancorp, Inc., 3.75% to 02/15/2026 then 3 mo. Term SOFR + 3.37%, 02/15/2031
 
 
1,000,000
 
 
978,543
Georgia Banking Co., Inc., 4.13% to 06/15/2026 then 3 mo. Term SOFR + 3.40%, 06/15/2031(d)
 
 
4,000,000
 
 
3,697,860
GGAM Finance Ltd., 8.00%, 02/15/2027(d)
 
 
400,000
 
 
412,208
Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/2027(d)
 
 
1,950,000
 
 
2,016,081
goeasy Ltd., 7.63%, 07/01/2029(d)
 
 
1,950,000
 
 
2,009,579
HomeStreet, Inc., 6.50%, 06/01/2026
 
 
750,000
 
 
742,093
Jacksonville Bancorp, Inc. Statutory Trust, 8.33% (3 mo. Term
SOFR + 4.01%), 09/15/2038(d)
 
 
1,200,000
 
 
1,147,318
Jane Street Group / JSG Finance, Inc., 6.75%, 05/01/2033(d)
 
 
500,000
 
 
512,031
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 6.63%, 10/15/2031(d)
 
 
900,000
 
 
896,510
Jefferson Capital Holdings LLC, 9.50%, 02/15/2029(d)
 
 
730,000
 
 
771,047
LD Holdings Group LLC, 6.13%, 04/01/2028(d)
 
 
500,000
 
 
429,224
Macquarie Airfinance Holdings Ltd., 8.13%, 03/30/2029(d)
 
 
200,000
 
 
209,203
Marble Point Loan Financing Ltd. / MPLF Funding I LLC, 7.50%, 11/16/2025(d)
 
 
1,750,000
 
 
1,739,063
Narragansett Financial Corp., 3.88% to 05/15/2026 then 3 mo. Term SOFR + 3.19%, 05/15/2031(d)
 
 
2,000,000
 
 
1,899,813
Nationstar Mortgage Holdings, Inc., 7.13%, 02/01/2032(d)
 
 
1,200,000
 
 
1,254,057
NexBank Capital, Inc., 6.00%, 07/15/2032(d)
 
 
1,000,000
 
 
948,110
OneMain Finance Corp., 4.00%, 09/15/2030
 
 
2,000,000
 
 
1,837,561
Panther Escrow Issuer LLC, 7.13%, 06/01/2031(d)
 
 
1,200,000
 
 
1,241,685
PennyMac Financial Services, Inc.
 
 
 
 
4.25%, 02/15/2029(d)
 
 
900,000
 
 
862,773
5.75%, 09/15/2031(d)
 
 
800,000
 
 
783,692
PHH Corp., 9.88%, 11/01/2029(d)
 
 
800,000
 
 
802,255
PRA Group, Inc., 5.00%, 10/01/2029(d)
 
 
1,600,000
 
 
1,479,696
Primis Financial Corp., 8.52% (3 mo. Term SOFR + 4.21%), 01/31/2027(d)
 
 
1,000,000
 
 
984,212
ReadyCap Holdings LLC, 9.38%, 03/01/2028(d)
 
 
3,000,000
 
 
2,998,357
RHP Hotel Properties LP / RHP Finance Corp., 6.50%, 04/01/2032(d)
 
 
250,000
 
 
255,516
South Street Securities Funding LLC, 6.25%, 12/30/2026(d)
 
 
1,000,000
 
 
1,002,512
Starwood Property Trust, Inc.
 
 
 
 
7.25%, 04/01/2029(d)
 
 
100,000
 
 
104,709
6.00%, 04/15/2030(d)
 
 
900,000
 
 
909,565
StoneX Group, Inc., 7.88%, 03/01/2031(d)
 
 
1,200,000
 
 
1,261,801
 
 
 
 
 
 
 
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, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS — (Continued)
Financial — (Continued)
Texas State Bankshares, Inc., 8.13% (3 mo. Term SOFR + 3.81%), 06/15/2029(d)
 
 
$2,000,000
 
 
$1,999,875
Trinitas Capital Management LLC, 6.00%, 07/30/2026(d)
 
 
4,000,000
 
 
3,845,000
United Wholesale Mortgage LLC, 5.50%, 04/15/2029(d)
 
 
2,300,000
 
 
2,251,632
Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, 6.50%, 02/15/2029(d)
 
 
1,200,000
 
 
1,168,425
Walker & Dunlop, Inc., 6.63%, 04/01/2033(d)
 
 
600,000
 
 
612,279
 
 
 
 
68,878,213
Industrial — 0.7%
 
 
 
 
Advanced Drainage Systems, Inc., 6.38%, 06/15/2030(d)
 
 
600,000
 
 
609,604
Axon Enterprise, Inc., 6.25%, 03/15/2033(d)
 
 
1,200,000
 
 
1,232,364
Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 02/01/2032(d)
 
 
1,000,000
 
 
996,396
Clearwater Paper Corp., 4.75%, 08/15/2028(d)
 
 
1,400,000
 
 
1,320,788
Clydesdale Acquisition Holdings, Inc., 6.75%, 04/15/2032(d)
 
 
1,000,000
 
 
1,024,985
Coherent Corp., 5.00%, 12/15/2029(d)
 
 
1,900,000
 
 
1,860,984
Fortress Transportation and Infrastructure Investors LLC, 5.88%, 04/15/2033(d)
 
 
1,200,000
 
 
1,190,587
Genesee & Wyoming, Inc., 6.25%, 04/15/2032(d)
 
 
600,000
 
 
607,667
Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029(d)
 
 
1,175,000
 
 
1,114,005
Knife River Corp., 7.75%, 05/01/2031(d)
 
 
600,000
 
 
630,144
Owens-Brockway Glass Container, Inc., 7.25%, 05/15/2031(d)
 
 
1,900,000
 
 
1,923,725
Quikrete Holdings, Inc., 6.75%, 03/01/2033(d)
 
 
950,000
 
 
974,951
Reworld Holding Corp., 4.88%, 12/01/2029(d)
 
 
200,000
 
 
191,181
Sealed Air Corp., 6.50%, 07/15/2032(d)
 
 
300,000
 
 
309,266
Seaspan Corp., 5.50%, 08/01/2029(d)
 
 
950,000
 
 
905,437
Sensata Technologies, Inc., 3.75%, 02/15/2031(d)
 
 
1,000,000
 
 
913,360
Smyrna Ready Mix Concrete LLC, 6.00%, 11/01/2028(d)
 
 
1,900,000
 
 
1,895,303
Standard Building Solutions, Inc., 6.50%, 08/15/2032(d)
 
 
1,200,000
 
 
1,226,258
Vertiv Group Corp., 4.13%, 11/15/2028(d)
 
 
400,000
 
 
389,380
XPO, Inc., 7.13%, 06/01/2031(d)
 
 
250,000
 
 
258,873
 
 
 
 
19,575,258
Technology — 0.0%(l)
 
 
 
 
Zebra Technologies Corp., 6.50%, 06/01/2032(d)
 
 
500,000
 
 
512,923
Utilities — 0.1%
 
 
 
 
NRG Energy, Inc., 6.25%, 11/01/2034(d)
 
 
400,000
 
 
405,621
Pike Corp., 8.63%, 01/31/2031(d)
 
 
225,000
 
 
242,233
Vistra Operations Co. LLC
 
 
 
 
7.75%, 10/15/2031(d)
 
 
100,000
 
 
105,917
6.88%, 04/15/2032(d)
 
 
1,200,000
 
 
1,247,606
 
 
 
 
2,001,377
TOTAL CORPORATE OBLIGATIONS
(Cost $176,632,578)
 
 
 
 
176,580,707
 
 
 
 
 
 
 
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, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — 4.6%
 
 
 
 
ALA Trust
 
 
 
 
Series 2025-OANA, Class C, 6.43% (1 mo. Term SOFR + 2.09%), 06/15/2040(d)
 
 
$1,700,000
 
 
$1,700,146
Series 2025-OANA, Class D, 7.43% (1 mo. Term SOFR + 3.09%), 06/15/2040(d)
 
 
1,300,000
 
 
1,300,107
Arbor Realty Collateralized Loan Obligation Ltd., Series 2025-BTR1, Class AS, 6.99% (1 mo. Term SOFR + 2.64%), 01/20/2041(d)
 
 
4,000,000
 
 
4,012,148
AREIT CRE Ltd., Series 2024-CRE9, Class AS, 6.58% (1 mo. Term SOFR + 2.24%), 05/17/2041(d)
 
 
1,700,000
 
 
1,688,013
ARES Commercial Mortgage Trust
 
 
 
 
Series 2024-IND, Class D, 7.23% (1 mo. Term SOFR + 2.89%), 07/15/2041(d)
 
 
4,500,000
 
 
4,522,153
Series 2024-IND, Class E, 8.28% (1 mo. Term SOFR + 3.94%), 07/15/2041(d)
 
 
4,500,000
 
 
4,518,616
ARZ Trust, Series 2024-BILT, Class D, 7.00%, 06/11/2029(d)
 
 
850,000
 
 
874,334
Banc of America Re-Remic Trust
 
 
 
 
Series 2024-NASH, Class A, 6.34% (1 mo. Term SOFR + 2.00%), 05/15/2039(d)
 
 
2,400,000
 
 
2,413,092
Series 2024-NASH, Class C, 7.84% (1 mo. Term SOFR + 3.50%), 05/15/2039(d)
 
 
800,000
 
 
794,382
Series 2024-NASH, Class D, 9.19% (1 mo. Term SOFR + 4.85%), 05/15/2039(d)
 
 
400,000
 
 
397,155
Series 2025-ASHF, Class C, 7.34% (1 mo. Term SOFR + 3.00%), 02/15/2042(d)
 
 
3,250,000
 
 
3,265,818
BX Trust
 
 
 
 
Series 2024-AIRC, Class C, 6.93% (1 mo. Term SOFR + 2.59%), 08/15/2039(d)
 
 
1,591,532
 
 
1,600,600
Series 2024-BIO, Class C, 6.98% (1 mo. Term SOFR + 2.64%), 02/15/2041(d)
 
 
4,800,000
 
 
4,773,725
Series 2024-BIO, Class D, 7.98% (1 mo. Term SOFR + 3.64%), 02/15/2041(d)
 
 
3,300,000
 
 
3,278,454
Series 2024-KING, Class D, 6.83% (1 mo. Term SOFR + 2.49%), 05/15/2034(d)
 
 
2,467,516
 
 
2,480,643
Series 2024-PALM, Class D, 6.98% (1 mo. Term SOFR + 2.64%), 06/15/2037(d)
 
 
1,038,462
 
 
1,038,917
Series 2024-VLT4, Class E, 7.23% (1 mo. Term SOFR + 2.89%), 07/15/2029(d)
 
 
300,000
 
 
291,448
Series 2024-VLT4, Class F, 8.28% (1 mo. Term SOFR + 3.94%), 07/15/2029(d)
 
 
4,500,000
 
 
4,408,421
Series 2025-BIO3, Class D, 6.96%, 02/10/2042(a)(d)
 
 
1,750,000
 
 
1,734,105
Series 2025-VLT7, Class D, 7.55% (1 mo. Term SOFR + 3.25%), 07/15/2044(d)
 
 
3,700,000
 
 
3,716,935
Commercial Mortgage Pass Through Certificates, Series 2024-WCL1, Class C, 7.23% (1 mo. Term SOFR + 2.89%), 06/15/2041(d)
 
 
5,500,000
 
 
5,483,599
Computershare Corporate Trust
 
 
 
 
Series 2024-1CHI, Class D, 6.71%, 07/15/2035(a)(d)
 
 
1,450,000
 
 
1,453,036
Series 2024-1CHI, Class E, 7.57%, 07/15/2035(a)(d)
 
 
1,800,000
 
 
1,803,231
 
 
 
 
 
 
 
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, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — (Continued)
DBSG Mortgage Trust, Series 2024-ALTA, Class D, 7.06%, 06/10/2037(a)(d)
 
 
$1,600,000
 
 
$1,614,630
DC Commercial Mortgage Trust
 
 
 
 
Series 2024-HLTN, Class C, 7.04%, 04/13/2040(a)(d)
 
 
1,200,000
 
 
1,203,106
Series 2024-HLTN, Class D, 7.71%, 04/13/2040(a)(d)
 
 
1,200,000
 
 
1,204,418
Gaea Mortgage Loan Trust, Series 2025-A, Class A, 6.75%, 02/25/2030(a)(d)
 
 
10,573,535
 
 
10,686,111
GS Mortgage Securities Corp., Series 2018-TWR, Class G, 8.56%
(1 mo. Term SOFR + 4.22%), 07/15/2031(d)
 
 
500,000
 
 
39,450
Hilton USA Trust
 
 
 
 
Series 2024-ORL, Class C, 6.78% (1 mo. Term SOFR + 2.44%), 05/15/2037(d)
 
 
800,000
 
 
800,914
Series 2024-ORL, Class D, 7.53% (1 mo. Term SOFR + 3.19%), 05/15/2037(d)
 
 
800,000
 
 
800,899
HTL Commercial Mortgage Trust
 
 
 
 
Series 2024-T53, Class D, 8.20%, 05/10/2039(a)(d)
 
 
700,000
 
 
715,679
Series 2024-T53, Class F, 11.93%, 05/10/2039(a)(d)
 
 
400,000
 
 
409,961
ICNQ Mortgage Trust, Series 2024-MF, Class E,
6.35%, 12/10/2034(a)(d)
 
 
3,250,000
 
 
3,254,833
Jackson Park Trust, Series 2019-LIC, Class E,
3.24%, 10/14/2039(a)(d)
 
 
5,000,000
 
 
4,269,910
JP Morgan Chase Commercial Mortgage Securities,
Series 2018-PTC, Class A, 5.84% (1 mo. Term SOFR + 1.50%), 04/15/2031(c)(d)
 
 
3,500,000
 
 
1,438,297
LBA Trust
 
 
 
 
Series 2024-BOLT, Class E, 8.03% (1 mo. Term SOFR + 3.69%), 06/15/2039(d)
 
 
6,500,000
 
 
6,524,505
Series 2024-BOLT, Class F, 8.78% (1 mo. Term SOFR + 4.44%), 06/15/2039(d)
 
 
1,400,000
 
 
1,406,594
Morgan Stanley, Series 2024-BPR2, Class A, 7.29%, 05/05/2029(d)
 
 
2,667,815
 
 
2,757,704
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C7, Class G, 4.16%, 02/15/2046(a)(d)
 
 
1,000,000
 
 
46,453
Morgan Stanley Capital I, Inc., Series 2014-150E, Class A, 3.91%, 09/09/2032(d)
 
 
3,040,000
 
 
2,696,146
Stellar Management, Series 2025-IP, Class E,
6.85%, 06/10/2042(a)(d)
 
 
750,000
 
 
755,153
TX Trust, Series 2024-HOU, Class D, 7.58% (1 mo. Term SOFR + 3.24%), 06/15/2039(d)
 
 
500,000
 
 
500,214
Wells Fargo Commercial Mortgage Trust, Series 2025-VTT, Class E, 6.91%, 03/15/2038(a)(d)
 
 
5,200,000
 
 
5,133,612
WFLD Mortgage Trust, Series 2014-MONT, Class A, 3.75%, 08/10/2031(a)(d)
 
 
1,561,964
 
 
1,499,865
X-Caliber Funding LLC
 
 
 
 
11.00%, 09/01/2025(d)
 
 
3,500,000
 
 
3,485,559
5.00%, 09/01/2025(d)
 
 
300,000
 
 
299,743
11.46% (1 mo. LIBOR US + 6.50%), 11/01/2025(d)(g)(k)
 
 
1,628,000
 
 
163
12.10% (1 mo. Term SOFR + 7.75%), 03/06/2026(d)
 
 
658,203
 
 
655,557
7.10% (1 mo. Term SOFR + 2.75%), 03/06/2026(d)
 
 
3,510,418
 
 
3,501,354
 
 
 
 
 
 
 
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, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — (Continued)
7.00%, 03/31/2026(d)
 
 
$3,621,300
 
 
$1,459,221
Series 2019-1, Class B1, 20.08% (1 mo. Term SOFR + 15.75%), 11/06/2026(d)
 
 
5,129,931
 
 
518
Series 2020-5, Class A, 7.70% (1 mo. Term SOFR + 3.37%), 10/06/2025(d)
 
 
566,148
 
 
565,038
Series 2020-5, Class B1, 12.70% (1 mo. Term SOFR + 8.37%), 10/06/2025(d)
 
 
1,321,012
 
 
1,314,632
Series 2021-10, Class B1, 12.45% (1 mo. Term SOFR + 8.12%), 12/06/2025(d)
 
 
2,000,000
 
 
2,005,956
Series 2021-7, Class A, 7.44% (1 mo. Term SOFR + 3.11%), 01/06/2026(d)
 
 
3,950,000
 
 
3,939,390
Series 2021-7, Class B2, 0.00%, 01/06/2026(d)
 
 
1,788,000
 
 
1,814,577
Series 2021-9, Class B1, 12.45% (1 mo. Term SOFR + 8.12%), 04/06/2026(d)(k)
 
 
1,215,000
 
 
118
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $137,011,298)
 
 
 
 
124,349,358
RESIDENTIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER — 4.1%
 
 
 
 
Federal Home Loan Mortgage Corp., Series 2018-SPI4, Class B, 4.51%, 11/25/2048(a)(d)
 
 
9,064,602
 
 
6,522,189
Federal National Mortgage Association
 
 
 
 
6.00%, 08/15/2040
 
 
35,000,000
 
 
35,489,233
Pool 000TBA, 5.50%, 08/15/2040
 
 
70,000,000
 
 
69,640,340
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER
(Cost $114,208,340)
 
 
 
 
111,651,762
COMMERCIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY — 3.2%
 
 
 
 
Connecticut Avenue Securities Trust
 
 
 
 
Series 2019-01, Class B10, 9.96% (30 day avg SOFR US + 5.61%), 10/25/2049(d)
 
 
1,500,000
 
 
1,511,377
Series 2019-01, Class CE, 13.21% (30 day avg SOFR US + 8.86%), 10/25/2049(d)
 
 
2,000,000
 
 
2,028,590
Series 2020-01, Class CE, 11.96% (30 day avg SOFR US + 7.61%), 03/25/2050(d)
 
 
8,000,000
 
 
8,295,704
Federal Home Loan Mortgage Corp.
 
 
 
 
Series 2017-KF41, Class B, 6.93% (30 day avg SOFR US + 2.61%), 11/25/2025(d)
 
 
600,479
 
 
592,378
Series 2019-KF58, Class B, 6.58% (30 day avg SOFR US + 2.26%), 01/25/2026(d)
 
 
1,182,007
 
 
1,177,225
Series 2019-KF64, Class B, 6.73% (30 day avg SOFR US + 2.41%), 06/25/2026(d)
 
 
2,487,563
 
 
2,482,882
Series K143, Class A2, 2.35%, 03/25/2032
 
 
7,185,000
 
 
6,316,355
Series K-159, Class A2, 4.50%, 07/25/2033(a)
 
 
20,000,000
 
 
19,851,240
Series K-165, Class A2, 4.49%, 09/25/2034
 
 
14,464,000
 
 
14,245,565
 
 
 
 
 
 
 
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, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
COMMERCIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY — (Continued)
Series K543, Class A2, 4.33%, 06/25/2030(a)
 
 
$10,000,000
 
 
$9,992,010
Series K544, Class A2, 4.27%, 07/25/2030(a)
 
 
10,000,000
 
 
9,992,790
Series K545, Class A2, 4.29%, 07/25/2030(n)
 
 
10,000,000
 
 
9,979,960
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY
(Cost $86,371,274)
 
 
 
 
86,466,076
 
 
Shares
 
 
AFFILIATED EXCHANGE TRADED FUNDS — 1.1%
 
 
 
 
Angel Oak High Yield Opportunities ETF(o)
 
 
1,575,240
 
 
17,461,535
Angel Oak Mortgage-Backed Securities ETF(o)
 
 
1,224,882
 
 
10,490,257
TOTAL AFFILIATED EXCHANGE TRADED FUNDS
(Cost $30,352,559)
 
 
 
 
27,951,792
 
 
Par
 
 
COMMERCIAL REAL ESTATE — 0.7%
 
 
 
 
Geary(j)(o)
 
 
$7,068,750
 
 
7,331,707
Leavenworth(j)(o)
 
 
2,945,000
 
 
2,954,424
Octavia(j)(o)
 
 
8,003,750
 
 
9,091,460
TOTAL COMMERCIAL REAL ESTATE
(Cost $18,707,750)
 
 
 
 
19,377,591
 
 
Shares
 
 
EXCHANGE TRADED FUNDS — 0.5%
 
 
 
 
iShares Broad USD High Yield Corporate Bond ETF
 
 
371,900
 
 
13,905,341
TOTAL EXCHANGE TRADED FUNDS
(Cost $13,909,060)
 
 
 
 
13,905,341
COMMON STOCKS — 0.3%
 
 
 
 
Energy — 0.0%(l)
 
 
 
 
Enviva Escrow(i)(j)
 
 
100,000
 
 
0
Enviva LLC(j)
 
 
3,638
 
 
71,851
 
 
 
 
71,851
Financial — 0.1%
 
 
 
 
Kingstone Companies, Inc.(j)
 
 
61,996
 
 
1,016,114
PennyMac Mortgage Investment Trust
 
 
81,182
 
 
957,136
Redwood Trust, Inc.
 
 
238,507
 
 
1,302,248
 
 
 
 
3,275,498
Real Estate Investment Trust — 0.2%
 
 
 
 
Annaly Capital Management, Inc.
 
 
84,833
 
 
1,724,655
Ellington Financial, Inc.
 
 
103,500
 
 
1,313,415
Rithm Capital Corp.
 
 
158,870
 
 
1,911,206
 
 
 
 
4,949,276
TOTAL COMMON STOCKS
(Cost $11,782,214)
 
 
 
 
8,296,625
 
 
 
 
 
 
 
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, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
PREFERRED STOCKS — 0.3%
 
 
 
 
Financial — 0.2%
 
 
 
 
Dynex Capital, Inc., Series C, 10.04% (3 mo. Term SOFR + 5.72%), Perpetual
 
 
173,425
 
 
$4,503,847
MFA Financial, Inc., Series C, 9.90% (3 mo. Term SOFR + 5.61%), Perpetual
 
 
52,942
 
 
1,298,668
 
 
 
 
5,802,515
Real Estate Investment Trust — 0.1%
 
 
 
 
AGNC Investment Corp., Series E, 9.57% (3 mo. Term SOFR + 5.25%), Perpetual
 
 
66,529
 
 
1,709,130
TOTAL PREFERRED STOCKS
(Cost $6,443,535)
 
 
 
 
7,511,645
 
 
Par
 
 
WHOLE LOANS — 0.2%
 
 
 
 
Agency High Balance Residential Mortgages
 
 
 
 
6.88%, 07/24/2026
 
 
$605,506
 
 
601,942
7.00%, 04/26/2037
 
 
175,891
 
 
175,491
6.88%, 05/24/2037
 
 
269,273
 
 
269,698
7.75%, 08/24/2037
 
 
219,408
 
 
222,634
5.13%, 05/24/2048
 
 
461,303
 
 
434,771
Savannah Grand, 10.08%, 03/31/2026
 
 
3,111,177
 
 
3,105,491
TOTAL WHOLE LOANS
(Cost $4,818,619)
 
 
 
 
4,810,027
 
 
Shares
 
 
SHORT-TERM INVESTMENTS — 2.9%
 
 
 
 
Money Market Funds — 2.9%
 
 
 
 
First American Government Obligations Fund - Class U, 4.25%(c)(p)
 
 
78,539,727
 
 
78,539,727
TOTAL SHORT-TERM INVESTMENTS
(Cost $78,539,727)
 
 
 
 
78,539,727
TOTAL INVESTMENTS — 108.8%
(Cost $3,136,997,175)
 
 
 
 
$2,938,265,604
Liabilities in Excess of Other Assets — (8.8)%
 
 
 
 
(236,656,395)
TOTAL NET ASSETS — 100.0%
 
 
 
 
$2,701,609,209
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
CMT - Constant Maturity Treasury
LIBOR - London Interbank Offered Rate
LP - Limited Partnership
SOFR - Secured Overnight Financing Rate
TBA - To be Announced
(a)
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, 2025.
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, 2025 (Unaudited)(Continued)
(b)
Interest only security.
(c)
All or a portion of security has been pledged as collateral in connection with open credit agreements. At July 31, 2025, the value of securities pledged amounted to $253,660,469.
(d)
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, 2025, the value of these securities total $2,026,036,271 or 75.0% of the Fund’s net assets.
(e)
Step coupon bond. The rate disclosed is as of July 31, 2025.
(f)
Principal only security.
(g)
Securities referencing LIBOR are expected to transition to an alternative reference rate.
(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, 2025, 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 $160,001 or 0.0% 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 is exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. As of July 31, 2025, the value of these securities total $4,083,097 or 0.2% of the Fund’s net assets.
(n)
Security or a portion of the security purchased on a when-issued or delayed delivery basis.
(o)
Affiliated security as defined by the Investment Company Act of 1940.
(p)
The rate shown represents the 7-day annualized yield as of July 31, 2025.
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 Open Futures Contracts
July 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contracts Sold
 
 
Expiration
Date
 
 
Notional Value
 
 
Value/Unrealized
Appreciation
(Depreciation)
Short Futures Contracts
 
 
 
 
 
 
 
 
U.S. Treasury 10 Year Note
 
 
(766)
 
 
09/19/2025
 
 
($85,073,875)
 
 
$212,741
Long Futures Contracts
 
 
 
 
 
 
 
 
U.S. Treasury 5 Year Note
 
 
304
 
 
09/30/2025
 
 
$32,884,250
 
 
($67,564)
Long/Short Total
 
 
 
 
 
 
 
 
$145,177
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Schedule of Centrally Cleared Credit Default
Swaps - Buy Protection(a)
July 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference
Obligation
 
 
Implied
Credit
Spread at
07/31/25(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)
 
 
0.51%
 
 
1.00%
 
 
Quarterly
 
 
06/20/2030
 
 
Wells Fargo
Securities,
LLC
 
 
$500,000,000
 
 
($11,386,333)
 
 
($8,512,402)
 
 
($2,873,931)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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.
 
37
 

TABLE OF CONTENTS

Angel Oak UltraShort Income Fund
Schedule of Investments
July 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
ASSET-BACKED SECURITIES — 31.3%
Automobile — 12.3%
AgoraCapital Auto Securities Trust, Series 2025-1A, Class A,
6.40%, 11/25/2032(a)
 
 
$914,364
 
 
$ 915,137
American Credit Acceptance Receivables Trust
Series 2022-4, Class D, 8.00%, 02/15/2029(a)
 
 
5,843,055
 
 
5,908,902
Series 2024-2, Class D, 6.53%, 04/12/2030(a)
 
 
3,000,000
 
 
3,070,558
Arivo Acceptance Auto Loan Receivables Trust
Series 2022-1A, Class A, 3.93%, 05/15/2028(a)
 
 
68,866
 
 
68,764
Series 2022-2A, Class A, 6.90%, 01/16/2029(a)
 
 
154,487
 
 
155,799
Avid Automobile Receivables Trust, Series 2023-1, Class B,
7.12%, 03/15/2027(a)
 
 
133,657
 
 
133,718
Avis Budget Car Rental LLC
Series 2020-2A, Class C, 4.25%, 02/20/2027(a)
 
 
5,330,000
 
 
5,303,038
Series 2022-5A, Class B, 7.09%, 04/20/2027(a)
 
 
5,498,000
 
 
5,550,625
Carvana Auto Receivables Trust
Series 2020-N1A, Class E, 5.20%, 07/15/2027(a)
 
 
628,381
 
 
627,979
Series 2021-N1, Class C, 1.30%, 01/10/2028
 
 
509,822
 
 
498,362
Series 2021-N2, Class B, 0.75%, 03/10/2028
 
 
724,835
 
 
703,752
Series 2021-N2, Class C, 1.07%, 03/10/2028
 
 
215,142
 
 
208,762
Series 2021-N3, Class C, 1.02%, 06/12/2028
 
 
494,005
 
 
476,476
Series 2025-P2, Class N, 5.71%, 06/10/2033(a)
 
 
2,980,907
 
 
2,980,483
CPS Auto Trust
Series 2022-D, Class D, 8.73%, 01/16/2029(a)
 
 
2,900,000
 
 
3,015,196
Series 2023-D, Class D, 7.80%, 01/15/2030(a)
 
 
2,000,000
 
 
2,085,244
DT Auto Owner Trust
Series 2022-1A, Class E, 5.53%, 03/15/2029(a)
 
 
1,170,000
 
 
1,165,503
Series 2022-2A, Class D, 5.46%, 03/15/2028(a)
 
 
5,000,000
 
 
5,004,985
Exeter Automobile Receivables Trust
Series 2022-1A, Class E, 5.02%, 10/15/2029(a)
 
 
1,500,000
 
 
1,469,621
Series 2022-3A, Class D, 6.76%, 09/15/2028
 
 
6,000,000
 
 
6,081,876
FHF Trust, Series 2022-2A, Class A, 6.14%, 12/15/2027(a)
 
 
144,083
 
 
144,686
Flagship Credit Auto Trust
Series 2021-3, Class D, 1.65%, 09/15/2027(a)
 
 
193,000
 
 
186,183
Series 2021-4, Class D, 2.26%, 12/15/2027(a)
 
 
288,000
 
 
272,478
Series 2022-2, Class C, 5.30%, 04/17/2028(a)
 
 
1,000,000
 
 
999,593
GLS Auto Receivables Trust, Series 2022-3A, Class D,
6.42%, 06/15/2028(a)
 
 
2,600,000
 
 
2,631,117
Hertz Global Holdings, Inc.
Series 2021-2A, Class C, 2.52%, 12/27/2027(a)
 
 
1,500,000
 
 
1,441,745
Series 2023-1A, Class B, 6.22%, 06/25/2027(a)
 
 
1,000,000
 
 
1,004,836
Huntington Bank Auto Credit-Linked Notes, Series 2024-1, Class B1,
6.15%, 05/20/2032(a)
 
 
280,412
 
 
284,072
Lendbuzz Securitization Trust
Series 2023-1A, Class A2, 6.92%, 08/15/2028(a)
 
 
328,031
 
 
332,389
Series 2023-3A, Class A2, 7.50%, 12/15/2028(a)
 
 
251,649
 
 
256,734
Series 2024-1A, Class A2, 6.19%, 08/15/2029(a)
 
 
1,538,917
 
 
1,551,706
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
38
 

TABLE OF CONTENTS

Angel Oak UltraShort Income Fund
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
ASSET-BACKED SECURITIES — (Continued)
Automobile — (Continued)
Lobel Automobile Receivables Trust
Series 2023-1, Class C, 8.31%, 10/16/2028(a)
 
 
$2,000,000
 
 
$2,017,483
Series 2023-1, Class D, 8.00%, 03/15/2030(a)
 
 
3,010,000
 
 
3,068,600
Series 2023-2, Class C, 10.04%, 06/15/2029(a)
 
 
3,000,000
 
 
3,123,914
Luxury Lease Partners Auto Lease Trust, Series 2024-4, Class A,
7.29%, 07/15/2030(a)
 
 
320,790
 
 
321,410
Prestige Auto Receivables Trust, Series 2025-1A, Class B,
5.34%, 11/15/2028(a)
 
 
3,000,000
 
 
3,016,736
Research-Driven Pagaya Motor Asset Trust
Series 2023-3A, Class A, 7.13%, 01/26/2032(a)
 
 
221,897
 
 
222,546
Series 2023-4A, Class A, 7.54%, 03/25/2032(a)
 
 
760,120
 
 
764,705
Series 2025-3A, Class A2, 5.15%, 02/27/2034(a)
 
 
3,500,000
 
 
3,515,965
Skopos Auto Receivable Trust, Series 2019-1A, Class E,
7.82%, 06/15/2026(a)
 
 
400,751
 
 
401,557
Strike Acceptance Auto Funding Trust, Series 2025-1A, Class A,
5.84%, 04/15/2032(a)
 
 
1,610,707
 
 
1,609,015
Tricolor Auto Securitization Trust, Series 2024-3A, Class A,
5.22%, 06/15/2028(a)
 
 
393,984
 
 
394,474
United Auto Credit Securitization Trust, Series 2025-1, Class B,
5.05%, 02/10/2028(a)
 
 
3,500,000
 
 
3,503,638
US Auto Funding Trust
Series 2022-1A, Class A, 3.98%, 10/15/2025(a)
 
 
70,091
 
 
69,853
Series 2022-1A, Class B, 5.13%, 12/15/2025(a)
 
 
750,000
 
 
317,607
Veros Automobile Receivables Trust
Series 2023-1, Class A, 7.12%, 11/15/2028(a)
 
 
61,674
 
 
61,717
Series 2024-1, Class C, 7.57%, 12/15/2028(a)
 
 
920,000
 
 
945,787
Series 2025-1, Class A, 5.31%, 09/15/2028(a)
 
 
428,484
 
 
429,030
Westlake Automobile Receivables Trust, Series 2025-2A, Class A2B,
0.00% (30 day avg SOFR US + 0.58%), 09/15/2028(a)
 
 
3,000,000
 
 
2,999,741
 
 
81,314,097
Consumer — 17.7%
ACHV ABS TRUST
Series 2023-1PL, Class D, 8.47%, 03/18/2030(a)
 
 
2,389,325
 
 
2,410,642
Series 2023-3PL, Class C, 7.35%, 08/19/2030(a)
 
 
2,578
 
 
2,580
Series 2023-3PL, Class D, 8.36%, 08/19/2030(a)
 
 
3,200,000
 
 
3,245,150
Series 2024-1PL, Class C, 6.42%, 04/25/2031(a)
 
 
535,320
 
 
540,631
Series 2024-1PL, Class D, 7.29%, 04/25/2031(a)
 
 
833,017
 
 
845,816
Series 2024-2PL, Class A, 5.07%, 10/27/2031(a)
 
 
981,430
 
 
983,678
Series 2024-2PL, Class B, 5.43%, 10/27/2031(a)
 
 
549,773
 
 
552,155
Series 2024-3AL, Class C, 5.68%, 12/26/2031(a)
 
 
709,664
 
 
712,308
Affirm, Inc., Series 2023-B, Class 1B, 7.44%, 09/15/2028(a)
 
 
1,200,000
 
 
1,202,931
AMCR ABS Trust, Series 2024-A, Class A, 6.26%, 08/18/2031(a)
 
 
1,803,318
 
 
1,808,466
Cascade Funding Mortgage Trust, Series 2021-GRN1, Class A,
1.10%, 03/20/2041(a)
 
 
173,205
 
 
171,856
Cherry Securitization Trust, Series 2025-1A, Class A, 6.13%, 11/15/2032(a)
 
 
1,500,000
 
 
1,513,704
Foundation Finance Trust, Series 2021-2A, Class A, 2.19%, 01/15/2042(a)
 
 
514,572
 
 
487,417
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
39
 

TABLE OF CONTENTS

Angel Oak UltraShort Income Fund
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
ASSET-BACKED SECURITIES — (Continued)
Consumer — (Continued)
FREED ABS Trust
Series 2021-3FP, Class D, 2.37%, 11/20/2028(a)
 
 
$36,021
 
 
$35,911
Series 2022-3FP, Class D, 7.36%, 08/20/2029(a)
 
 
592,325
 
 
595,510
Series 2022-4FP, Class D, 7.40%, 12/18/2029(a)
 
 
1,523,958
 
 
1,533,473
Goldman Home Improvement Trust, Series 2021-GRN2, Class A,
1.15%, 06/25/2051(a)
 
 
460,513
 
 
450,766
Lendingpoint Asset Securitization Trust
Series 2021-B, Class C, 3.21%, 02/15/2029(a)
 
 
1,084,317
 
 
1,065,280
Series 2022-C, Class B, 7.46%, 02/15/2030(a)
 
 
94,353
 
 
94,336
LendingPoint Pass-Through Trust
Series 2022-ST1, Class A, 2.50%, 03/15/2028(a)
 
 
54,532
 
 
53,955
Series 2022-ST2, Class A, 3.25%, 04/15/2028(a)
 
 
82,213
 
 
81,348
Marlette Funding Trust
Series 2023-1A, Class C, 7.20%, 04/15/2033(a)
 
 
2,000,000
 
 
2,011,326
Series 2023-3A, Class C, 7.06%, 09/15/2033(a)
 
 
3,200,000
 
 
3,223,657
Momnt Technologies Trust
Series 2023-1A, Class A, 6.92%, 03/20/2045(a)
 
 
430,565
 
 
430,595
Series 2025-1A, Class A, 6.24%, 06/20/2043(a)
 
 
1,933,639
 
 
1,934,547
NetCredit Funding LLC, Series 2024-A, Class A, 7.43%, 10/21/2030(a)
 
 
84,752
 
 
85,899
Oportun Financial Corp.
Series 2022-A, Class B, 5.25%, 06/09/2031(a)
 
 
4,350,000
 
 
4,349,715
Series 2024-2, Class A, 5.86%, 02/09/2032(a)
 
 
343,433
 
 
343,731
Series 2024-2, Class B, 5.83%, 02/09/2032(a)
 
 
500,000
 
 
501,302
Series 2024-3, Class B, 5.48%, 08/15/2029(a)
 
 
3,000,000
 
 
3,001,177
Pagaya AI Debt Selection Trust
Series 2021-1, Class C, 4.09%, 11/15/2027(a)
 
 
25,519
 
 
25,220
Series 2021-HG1, Class B, 1.82%, 01/16/2029(a)
 
 
555,382
 
 
548,424
Series 2022-1, Class C, 4.89%, 10/15/2029(a)
 
 
2,913,105
 
 
2,889,065
Series 2022-5, Class A, 8.10%, 06/17/2030(a)
 
 
270,472
 
 
271,080
Series 2023-5, Class C, 9.10%, 04/15/2031(a)
 
 
1,068,434
 
 
1,074,810
Series 2023-7, Class ABC, 8.74%, 07/15/2031(a)(b)
 
 
1,244,608
 
 
1,250,840
Series 2023-7, Class C, 8.80%, 07/15/2031(a)
 
 
1,113,961
 
 
1,123,366
Series 2023-8, Class B, 7.96%, 06/16/2031(a)
 
 
4,447,337
 
 
4,531,571
Series 2023-8, Class C, 9.54%, 06/16/2031(a)
 
 
4,824,422
 
 
4,943,650
Series 2024-1, Class B, 7.11%, 07/15/2031(a)
 
 
2,337,435
 
 
2,359,932
Series 2024-1, Class C, 8.34%, 07/15/2031(a)
 
 
2,532,891
 
 
2,570,968
Series 2024-10, Class C, 5.99%, 06/15/2032(a)
 
 
1,667,983
 
 
1,671,294
Series 2024-11, Class B, 5.64%, 07/15/2032(a)
 
 
4,730,813
 
 
4,741,672
Series 2024-11, Class C, 5.87%, 07/15/2032(a)
 
 
999,885
 
 
1,002,468
Series 2024-2, Class B, 6.61%, 08/15/2031(a)
 
 
3,569,745
 
 
3,598,102
Series 2024-2, Class C, 7.57%, 08/15/2031(a)
 
 
580,422
 
 
586,644
Series 2024-3, Class A, 6.26%, 10/15/2031(a)
 
 
250,901
 
 
252,365
Series 2024-3, Class B, 6.57%, 10/15/2031(a)
 
 
3,075,509
 
 
3,096,835
Series 2024-3, Class C, 7.30%, 10/15/2031(a)
 
 
614,715
 
 
620,950
Series 2024-5, Class B, 6.60%, 10/15/2031(a)
 
 
1,296,935
 
 
1,309,152
Series 2024-6, Class B, 6.59%, 11/15/2031(a)
 
 
1,353,431
 
 
1,364,070
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
40
 

TABLE OF CONTENTS

Angel Oak UltraShort Income Fund
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
ASSET-BACKED SECURITIES — (Continued)
Consumer — (Continued)
Series 2024-8, Class D, 6.53%, 01/15/2032(a)
 
 
$991,687
 
 
$995,442
Series 2024-9, Class D, 6.17%, 03/15/2032(a)
 
 
760,815
 
 
761,586
Series 2025-1, Class B, 5.63%, 07/15/2032(a)
 
 
999,915
 
 
1,003,343
Series 2025-1, Class C, 5.87%, 07/15/2032(a)
 
 
999,915
 
 
1,003,475
Series 2025-2, Class B, 5.33%, 10/15/2032(a)
 
 
1,624,829
 
 
1,623,831
Series 2025-2, Class C, 5.64%, 10/15/2032(a)
 
 
1,999,790
 
 
2,000,418
Series 2025-3, Class A2, 5.37%, 12/15/2032(a)
 
 
1,000,000
 
 
1,004,689
Series 2025-3, Class B, 6.06%, 12/15/2032(a)
 
 
1,000,000
 
 
1,010,404
Series 2025-4, Class A2, 5.37%, 01/17/2033(a)
 
 
2,500,000
 
 
2,512,049
Series 2025-4, Class B, 5.69%, 01/17/2033(a)
 
 
3,000,000
 
 
3,019,113
Series 2025-4, Class C, 6.15%, 01/17/2033(a)
 
 
1,000,000
 
 
1,004,313
Series 2025-5, Class C, 5.64%, 03/15/2033(a)
 
 
4,500,000
 
 
4,504,503
Series 2025-R1, Class A2, 5.34%, 06/15/2032(a)
 
 
1,700,000
 
 
1,707,912
Pagaya Technologies Ltd.
Series 2025-1, Class A, 5.72%, 01/20/2034(a)
 
 
2,300,000
 
 
2,312,520
Series 2025-1, Class C, 6.30%, 01/20/2034(a)
 
 
2,000,000
 
 
2,013,397
Prosper Marketplace Issuance Trust, Series 2023-1A, Class C,
8.29%, 07/16/2029(a)
 
 
1,500,000
 
 
1,513,094
Sotheby’s Artfi Master Trust, Series 2024-1A, Class A1, 6.43%, 12/22/2031(a)
 
 
3,446,000
 
 
3,468,799
SpringCastle America LLC, Series 2020-AA, Class A, 1.97%, 09/25/2037(a)
 
 
4,794,087
 
 
4,505,574
Sunbit Asset Securitization Trust, Series 2025-1, Class A,
5.36%, 07/15/2030(a)
 
 
1,000,000
 
 
999,977
Theorem Funding Trust, Series 2022-3A, Class B, 8.95%, 04/15/2029(a)
 
 
1,400,000
 
 
1,426,081
Upstart Pass-Through Trust Series
Series 2021-ST4, Class A, 2.00%, 07/20/2027(a)
 
 
366,239
 
 
364,362
Series 2022-ST3, Class A, 4.30%, 05/20/2030(a)
 
 
328,533
 
 
326,330
Upstart Securitization Trust
Series 2021-3, Class C, 3.28%, 07/20/2031(a)
 
 
292,576
 
 
290,064
Series 2022-4, Class A, 5.98%, 08/20/2032(a)
 
 
28,834
 
 
28,840
Series 2025-1, Class A, 5.45%, 04/20/2035(a)
 
 
2,056,603
 
 
2,063,993
Upstart Structured Pass-Through Trust
Series 2022-2A, Class A, 4.25%, 06/17/2030(a)
 
 
136,342
 
 
135,566
Series 2022-4A, Class B, 8.54%, 11/15/2030(a)
 
 
737,573
 
 
741,222
 
 
116,443,237
Credit Card — 0.2%
Mission Lane Credit Card Master Trust, Series 2025-A, Class A,
5.80%, 05/15/2030(a)
 
 
1,500,000
 
 
1,512,415
Equipment — 0.5%
Octane Receivables Trust, Series 2022-2A, Class D, 7.70%, 02/20/2030(a)
 
 
3,000,000
 
 
3,087,560
Fiber — 0.6%
Frontier Communications Parent, Inc., Series 2023-1, Class A2,
6.60%, 08/20/2053(a)
 
 
4,000,000
 
 
4,052,459
TOTAL ASSET-BACKED SECURITIES
(Cost $206,689,399)
 
 
 
 
206,409,768
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
41
 

TABLE OF CONTENTS

Angel Oak UltraShort Income Fund
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
COMMERCIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY — 18.3%
Federal Home Loan Mortgage Corp.
Pool WN1022, 2.10%, 11/01/2026
 
 
$2,000,000
 
 
$1,938,782
Series K052, Class A2, 3.15%, 11/25/2025
 
 
1,416,407
 
 
1,410,084
Series K053, Class A2, 3.00%, 12/25/2025
 
 
1,767,195
 
 
1,756,677
Series K054, Class A2, 2.75%, 01/25/2026
 
 
2,325,704
 
 
2,305,787
Series K055, Class A2, 2.67%, 03/25/2026
 
 
5,560,124
 
 
5,494,603
Series K056, Class A2, 2.53%, 05/25/2026
 
 
952,941
 
 
939,395
Series K057, Class A2, 2.57%, 07/25/2026
 
 
5,208,503
 
 
5,115,891
Series K058, Class A2, 2.65%, 08/25/2026
 
 
6,000,000
 
 
5,886,696
Series K059, Class A2, 3.12%, 09/25/2026(b)
 
 
3,420,000
 
 
3,372,305
Series K062, Class AM, 3.51%, 12/25/2026
 
 
2,860,000
 
 
2,822,340
Series K734, Class A2, 3.21%, 02/25/2026
 
 
862,980
 
 
857,962
Series K-F100, Class AL, 4.56% (30 day avg SOFR US + 0.24%),
11/25/2027
 
 
4,674,204
 
 
4,650,819
Series K-F100, Class AS, 4.50% (30 day avg SOFR US + 0.18%),
01/25/2028
 
 
1,685,981
 
 
1,675,103
Series K-F101, Class AS, 4.52% (30 day avg SOFR US + 0.20%),
01/25/2031
 
 
210,036
 
 
207,807
Series K-F104, Class AS, 4.57% (30 day avg SOFR US + 0.25%),
01/25/2031
 
 
3,614,269
 
 
3,596,389
Series K-F105, Class AS, 4.57% (30 day avg SOFR US + 0.25%),
02/25/2031
 
 
5,150,812
 
 
5,130,013
Series K-F108, Class AS, 4.57% (30 day avg SOFR US + 0.25%),
02/25/2031
 
 
536,906
 
 
534,197
Series K-F113, Class AS, 4.55% (30 day avg SOFR US + 0.23%),
05/25/2028
 
 
581,449
 
 
577,739
Series K-F114, Class AS, 4.54% (30 day avg SOFR US + 0.22%),
05/25/2031
 
 
1,232,881
 
 
1,215,403
Series K-F115, Class AS, 4.53% (30 day avg SOFR US + 0.21%),
06/25/2031
 
 
4,291,033
 
 
4,228,783
Series K-F117, Class AS, 4.56% (30 day avg SOFR US + 0.24%),
06/25/2031
 
 
440,462
 
 
434,989
Series K-F118, Class AS, 4.52% (30 day avg SOFR US + 0.20%),
07/25/2028
 
 
2,077,308
 
 
2,060,964
Series K-F121, Class AS, 4.50% (30 day avg SOFR US + 0.18%),
08/25/2028
 
 
3,583,303
 
 
3,551,982
Series K-F122, Class AS, 4.51% (30 day avg SOFR US + 0.19%),
09/25/2031
 
 
2,216,035
 
 
2,204,558
Series KF123, Class AS, 4.52% (30 day avg SOFR US + 0.20%),
09/25/2028
 
 
1,507,464
 
 
1,494,766
Series KF128, Class AS, 4.55% (30 day avg SOFR US + 0.23%),
12/25/2031
 
 
3,078,341
 
 
3,057,405
Series KF129, Class AS, 4.57% (30 day avg SOFR US + 0.25%),
01/25/2029
 
 
2,174,229
 
 
2,157,996
Series KF130, Class AS, 4.61% (30 day avg SOFR US + 0.29%),
01/25/2029
 
 
1,022,556
 
 
1,019,941
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
42
 

TABLE OF CONTENTS

Angel Oak UltraShort Income Fund
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
COMMERCIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY — (Continued)
Series KF133, Class AS, 4.69% (30 day avg SOFR US + 0.37%),
02/25/2029
 
 
$3,595,227
 
 
$3,581,202
Series KF135, Class AS, 4.69% (30 day avg SOFR US + 0.37%),
05/25/2029
 
 
678,552
 
 
677,604
Series KF136, Class AS, 4.73% (30 day avg SOFR US + 0.41%),
04/25/2032
 
 
497,101
 
 
494,374
Series KF155, Class AS, 4.99% (30 day avg SOFR US + 0.67%),
02/25/2030
 
 
825,894
 
 
831,346
Series KF160, Class AS, 5.02% (30 day avg SOFR US + 0.70%),
10/25/2030
 
 
1,788,435
 
 
1,800,013
Series KF166, Class AS, 4.92% (30 day avg SOFR US + 0.60%),
01/25/2032
 
 
5,000,000
 
 
5,014,390
Series KF43, Class A, 4.67% (30 day avg SOFR US + 0.35%),
01/25/2028
 
 
2,112,131
 
 
2,106,248
Series KF48, Class A, 4.72% (30 day avg SOFR US + 0.40%),
06/25/2028
 
 
816,098
 
 
814,403
Series KF60, Class A, 4.92% (30 day avg SOFR US + 0.60%),
02/25/2026
 
 
677,578
 
 
678,666
Series KF62, Class A, 4.91% (30 day avg SOFR US + 0.59%),
04/25/2026
 
 
576,765
 
 
577,726
Series KF64, Class A, 4.87% (30 day avg SOFR US + 0.55%),
06/25/2026
 
 
275,564
 
 
275,960
Series KF67, Class A, 4.95% (30 day avg SOFR US + 0.63%),
08/25/2029
 
 
1,035,442
 
 
1,040,586
Series KF68, Class A, 4.92% (30 day avg SOFR US + 0.60%),
07/25/2026
 
 
2,517,802
 
 
2,523,002
Series KF74, Class AS, 4.85% (SOFR 1M Historical Calendar Day
Compounded + 0.53%), 01/25/2027
 
 
14,566
 
 
14,584
Series KF75, Class AS, 4.87% (SOFR 1M Historical Calendar Day
Compounded + 0.55%), 12/25/2029
 
 
529,506
 
 
530,584
Series KF81, Class AS, 4.72% (30 day avg SOFR US + 0.40%),
06/25/2027
 
 
1,163,834
 
 
1,162,703
Series KF82, Class AS, 4.74% (30 day avg SOFR US + 0.42%),
06/25/2030
 
 
528,628
 
 
526,836
Series KF84, Class AL, 4.73% (30 day avg SOFR US + 0.41%),
07/25/2030
 
 
1,404,665
 
 
1,408,963
Series KF86, Class AL, 4.72% (30 day avg SOFR US + 0.40%),
08/25/2027
 
 
1,149,460
 
 
1,148,271
Series KF86, Class AS, 4.64% (30 day avg SOFR US + 0.32%),
08/25/2027
 
 
3,768,207
 
 
3,758,519
Series KF88, Class AL, 4.76% (30 day avg SOFR US + 0.44%),
09/25/2030
 
 
1,387,012
 
 
1,383,421
Series KF91, Class AL, 4.76% (30 day avg SOFR US + 0.44%),
10/25/2030
 
 
593,840
 
 
593,898
Series KF92, Class AS, 4.68% (30 day avg SOFR US + 0.36%),
10/25/2030
 
 
130,083
 
 
129,236
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
43
 

TABLE OF CONTENTS

Angel Oak UltraShort Income Fund
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
COMMERCIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY — (Continued)
Series KF93, Class AL, 4.71% (30 day avg SOFR US + 0.39%),
10/25/2027
 
 
$769,020
 
 
$767,825
Series KF93, Class AS, 4.63% (30 day avg SOFR US + 0.31%),
10/25/2027
 
 
657,512
 
 
655,341
Series KF94, Class AL, 4.73% (30 day avg SOFR US + 0.41%),
11/25/2030
 
 
2,023,297
 
 
2,015,031
Series KF95, Class AL, 4.69% (30 day avg SOFR US + 0.37%),
11/25/2030
 
 
89,655
 
 
89,129
Series KF96, Class AS, 4.62% (30 day avg SOFR US + 0.30%),
11/25/2030
 
 
2,587,991
 
 
2,563,713
Series KF97, Class AS, 4.57% (30 day avg SOFR US + 0.25%),
12/25/2030
 
 
98,921
 
 
97,754
Series KF98, Class AL, 4.60% (30 day avg SOFR US + 0.28%),
12/25/2030
 
 
5,100,702
 
 
5,048,369
Series KF99, Class AS, 4.52% (30 day avg SOFR US + 0.20%),
12/25/2030
 
 
988,042
 
 
973,978
Federal National Mortgage Association
Pool AN0571, 3.10%, 01/01/2026
 
 
2,000,000
 
 
1,984,624
Pool AN3381, 2.52%, 10/01/2026
 
 
1,307,532
 
 
1,276,604
Pool BM7189, 3.03%, 10/01/2025(b)
 
 
55,686
 
 
55,459
Series 2016-M6, Class A2, 2.49%, 05/25/2026
 
 
2,432,441
 
 
2,395,529
Series 2017-M15, Class ATS2, 3.16%, 11/25/2027(b)
 
 
815,992
 
 
796,813
Series 2019-M28, Class AV, 2.23%, 02/25/2027
 
 
1,539,469
 
 
1,512,477
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY
(Cost $121,365,220)
 
 
 
 
121,004,557
CORPORATE OBLIGATIONS — 16.1%
 
 
 
 
Basic Materials — 0.7%
Cabot Corp., 3.40%, 09/15/2026
 
 
700,000
 
 
690,695
Consolidated Energy Finance SA, 6.50%, 05/15/2026(a)
 
 
500,000
 
 
489,385
First Quantum Minerals Ltd., 6.88%, 10/15/2027(a)
 
 
600,000
 
 
601,443
FMC Corp., 3.20%, 10/01/2026
 
 
1,800,000
 
 
1,772,096
International Flavors & Fragrances, Inc., 1.23%, 10/01/2025(a)
 
 
713,000
 
 
708,194
Methanex Corp., 5.13%, 10/15/2027
 
 
350,000
 
 
348,516
 
 
4,610,329
Communications — 0.5%
Directv Financing LLC / Directv Financing Co.-Obligor, Inc.,
5.88%, 08/15/2027(a)
 
 
600,000
 
 
597,077
Juniper Networks, Inc., 1.20%, 12/10/2025
 
 
500,000
 
 
493,508
Nexstar Media, Inc., 5.63%, 07/15/2027(a)
 
 
450,000
 
 
449,408
Sprint LLC, 7.63%, 03/01/2026
 
 
1,710,000
 
 
1,723,025
 
 
3,263,018
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
44
 

TABLE OF CONTENTS

Angel Oak UltraShort Income Fund
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS — (Continued)
Consumer, Cyclical — 3.1%
American Axle & Manufacturing, Inc., 6.50%, 04/01/2027
 
 
$600,000
 
 
$600,997
AutoNation, Inc., 4.50%, 10/01/2025
 
 
600,000
 
 
599,320
Beazer Homes USA, Inc., 5.88%, 10/15/2027
 
 
600,000
 
 
598,962
BorgWarner, Inc., 2.65%, 07/01/2027
 
 
900,000
 
 
869,477
Carnival Corp., 4.00%, 08/01/2028(a)
 
 
1,850,000
 
 
1,797,969
Delta Air Lines, Inc., 7.38%, 01/15/2026
 
 
1,700,000
 
 
1,717,753
Ford Motor Credit Co. LLC, 2.90%, 02/16/2028
 
 
1,800,000
 
 
1,689,611
General Motors Financial Co., Inc., 2.40%, 04/10/2028
 
 
1,800,000
 
 
1,698,997
Hyatt Hotels Corp., 4.85%, 03/15/2026
 
 
300,000
 
 
300,096
Mattel, Inc., 3.38%, 04/01/2026(a)
 
 
1,700,000
 
 
1,679,220
Meritage Homes Corp., 5.13%, 06/06/2027
 
 
1,700,000
 
 
1,709,597
NCL Corp. Ltd., 5.88%, 03/15/2026(a)
 
 
76,000
 
 
76,330
Newell Brands, Inc., 8.50%, 06/01/2028(a)
 
 
650,000
 
 
682,743
Royal Caribbean Cruises Ltd., 4.25%, 07/01/2026(a)
 
 
1,770,000
 
 
1,763,950
Southwest Airlines Co., 3.00%, 11/15/2026
 
 
2,007,000
 
 
1,964,351
Toll Brothers Finance Corp., 4.88%, 03/15/2027
 
 
930,000
 
 
932,810
United Airlines, Inc., 4.38%, 04/15/2026(a)
 
 
1,800,000
 
 
1,790,439
 
 
20,472,622
Consumer, Non-cyclical — 0.9%
 
Ashtead Capital, Inc., 1.50%, 08/12/2026(a)
 
 
1,750,000
 
 
1,693,831
Block Financial LLC, 5.25%, 10/01/2025
 
 
650,000
 
 
650,127
Conagra Brands, Inc., 1.38%, 11/01/2027
 
 
1,850,000
 
 
1,719,354
HCA, Inc., 5.20%, 06/01/2028
 
 
1,700,000
 
 
1,729,333
 
 
5,792,645
Energy — 2.1%
Archrock Partners LP / Archrock Partners Finance Corp., 6.88%, 04/01/2027(a)
 
 
600,000
 
 
601,908
Continental Resources, Inc., 2.27%, 11/15/2026(a)
 
 
1,800,000
 
 
1,742,998
EQT Corp.
3.13%, 05/15/2026(a)
 
 
904,000
 
 
891,187
3.90%, 10/01/2027
 
 
896,000
 
 
884,071
FTAI Infra Escrow Holdings LLC, 10.50%, 06/01/2027(a)
 
 
650,000
 
 
668,568
Occidental Petroleum Corp., 3.20%, 08/15/2026
 
 
950,000
 
 
934,303
ONEOK, Inc.
4.85%, 07/15/2026
 
 
600,000
 
 
601,190
4.55%, 07/15/2028
 
 
1,100,000
 
 
1,101,588
Ovintiv, Inc., 5.38%, 01/01/2026
 
 
1,800,000
 
 
1,801,698
PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 02/15/2028
 
 
600,000
 
 
577,932
Sabine Pass Liquefaction LLC
5.88%, 06/30/2026
 
 
177,000
 
 
177,863
4.20%, 03/15/2028
 
 
750,000
 
 
744,290
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.,
6.00%, 03/01/2027(a)
 
 
400,000
 
 
399,016
USA Compression Partners LP / USA Compression Finance Corp.,
6.88%, 09/01/2027
 
 
300,000
 
 
300,174
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
45
 

TABLE OF CONTENTS

Angel Oak UltraShort Income Fund
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS — (Continued)
Energy — (Continued)
Venture Global LNG, Inc., 8.13%, 06/01/2028(a)
 
 
$650,000
 
 
$673,389
Western Midstream Operating LP, 4.75%, 08/15/2028
 
 
1,800,000
 
 
1,794,551
 
 
13,894,726
Financial — 4.5%
Aircastle Ltd.
5.25%, 08/11/2025(a)
 
 
450,000
 
 
450,000
2.85%, 01/26/2028(a)
 
 
1,800,000
 
 
1,718,520
Apollo Management Holdings LP, 4.40%, 05/27/2026(a)
 
 
340,000
 
 
339,081
Ares Capital Corp., 7.00%, 01/15/2027
 
 
1,800,000
 
 
1,853,576
Avolon Holdings Funding Ltd.
2.53%, 11/18/2027(a)
 
 
700,000
 
 
667,599
6.38%, 05/04/2028(a)
 
 
1,100,000
 
 
1,145,485
Blackstone Mortgage Trust, Inc., 3.75%, 01/15/2027(a)
 
 
600,000
 
 
585,071
Capital One Financial Corp., 4.20%, 10/29/2025
 
 
1,700,000
 
 
1,696,946
Capital One NA, 3.45%, 07/27/2026
 
 
1,100,000
 
 
1,088,798
Comerica, Inc., 3.80%, 07/22/2026
 
 
1,800,000
 
 
1,784,063
Fifth Third Bank NA, 3.85%, 03/15/2026
 
 
1,850,000
 
 
1,840,371
Freedom Mortgage Corp., 6.63%, 01/15/2027(a)
 
 
600,000
 
 
600,851
GGAM Finance Ltd., 8.00%, 02/15/2027(a)
 
 
250,000
 
 
257,630
Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/2027(a)
 
 
600,000
 
 
620,333
goeasy Ltd., 4.38%, 05/01/2026(a)
 
 
274,000
 
 
270,271
HAT Holdings I LLC / HAT Holdings II LLC, 3.38%, 06/15/2026(a)
 
 
825,000
 
 
810,014
Host Hotels & Resorts LP, 4.50%, 02/01/2026
 
 
950,000
 
 
948,192
Jefferson Capital Holdings LLC, 6.00%, 08/15/2026(a)
 
 
220,000
 
 
220,105
KeyBank NA, 3.40%, 05/20/2026
 
 
1,040,000
 
 
1,028,756
Lloyds Banking Group PLC
4.58%, 12/10/2025
 
 
950,000
 
 
949,533
4.65%, 03/24/2026
 
 
800,000
 
 
799,639
LPL Holdings, Inc.
5.70%, 05/20/2027
 
 
140,000
 
 
142,348
4.63%, 11/15/2027(a)
 
 
1,560,000
 
 
1,552,155
Manufacturers & Traders Trust Co., 3.40%, 08/17/2027
 
 
250,000
 
 
244,159
Nationstar Mortgage Holdings, Inc., 6.00%, 01/15/2027(a)
 
 
250,000
 
 
250,431
OneMain Finance Corp., 3.50%, 01/15/2027
 
 
450,000
 
 
439,437
PRA Group, Inc., 8.38%, 02/01/2028(a)
 
 
420,000
 
 
430,043
Radian Group, Inc., 4.88%, 03/15/2027
 
 
1,850,000
 
 
1,850,443
Starwood Property Trust, Inc., 4.38%, 01/15/2027(a)
 
 
300,000
 
 
295,112
Synchrony Bank, 5.63%, 08/23/2027
 
 
1,800,000
 
 
1,830,929
Truist Bank, 3.63%, 09/16/2025
 
 
600,000
 
 
598,909
United Wholesale Mortgage LLC, 5.75%, 06/15/2027(a)
 
 
400,000
 
 
400,300
VICI Properties LP / VICI Note Co., Inc.
4.50%, 09/01/2026(a)
 
 
1,573,000
 
 
1,565,715
3.75%, 02/15/2027(a)
 
 
227,000
 
 
223,185
 
 
29,498,000
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
46
 

TABLE OF CONTENTS

Angel Oak UltraShort Income Fund
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS — (Continued)
Industrial — 2.7%
Arrow Electronics, Inc.
7.50%, 01/15/2027
 
 
$100,000
 
 
$103,322
3.88%, 01/12/2028
 
 
1,700,000
 
 
1,666,315
Avnet, Inc., 6.25%, 03/15/2028
 
 
1,800,000
 
 
1,867,651
Berry Global, Inc., 1.57%, 01/15/2026
 
 
1,700,000
 
 
1,674,389
Boeing Co.
2.75%, 02/01/2026
 
 
1,750,000
 
 
1,733,293
3.10%, 05/01/2026
 
 
70,000
 
 
69,166
Flex Ltd., 3.75%, 02/01/2026
 
 
1,500,000
 
 
1,492,341
GATX Corp.
3.25%, 09/15/2026
 
 
600,000
 
 
591,368
3.50%, 03/15/2028
 
 
1,100,000
 
 
1,071,727
Hexcel Corp., 4.20%, 02/15/2027
 
 
1,700,000
 
 
1,686,712
Jabil, Inc., 1.70%, 04/15/2026
 
 
400,000
 
 
392,180
Owens-Brockway Glass Container, Inc., 6.63%, 05/13/2027(a)
 
 
300,000
 
 
300,606
Penske Truck Leasing Co. LP / PTL Finance Corp., 5.75%, 05/24/2026(a)
 
 
135,000
 
 
135,976
Rolls-Royce PLC, 3.63%, 10/14/2025(a)
 
 
1,750,000
 
 
1,746,325
Sealed Air Corp., 1.57%, 10/15/2026(a)
 
 
1,800,000
 
 
1,729,123
Silgan Holdings, Inc., 1.40%, 04/01/2026(a)
 
 
1,750,000
 
 
1,711,465
 
 
17,971,959
Technology — 0.3%
CDW LLC / CDW Finance Corp., 2.67%, 12/01/2026
 
 
1,800,000
 
 
1,756,287
Utilities — 1.3%
National Fuel Gas Co., 5.50%, 10/01/2026
 
 
1,850,000
 
 
1,863,604
NRG Energy, Inc.
2.00%, 12/02/2025(a)
 
 
1,100,000
 
 
1,087,728
2.45%, 12/02/2027(a)
 
 
750,000
 
 
710,941
Pacific Gas and Electric Co., 3.15%, 01/01/2026
 
 
1,750,000
 
 
1,738,052
Southern California Edison Co., 3.70%, 08/01/2025
 
 
1,700,000
 
 
1,700,000
Vistra Operations Co. LLC
5.05%, 12/30/2026(a)
 
 
1,700,000
 
 
1,704,202
3.70%, 01/30/2027(a)
 
 
100,000
 
 
98,659
 
 
8,903,186
TOTAL CORPORATE OBLIGATIONS
(Cost $105,845,080)
 
 
 
 
106,162,772
COLLATERALIZED LOAN OBLIGATIONS — 14.7%
Apidos CLO Ltd., Series 2019-31A, Class A1R, 5.68% (3 mo. Term SOFR + 1.36%), 04/15/2031(a)
 
 
2,457,054
 
 
2,460,108
BCRED BSL Static CLO Ltd., Series 2025-1A, Class AR, 5.54% (3 mo. Term SOFR + 1.25%), 07/24/2035(a)
 
 
2,000,000
 
 
1,999,572
BCRED MML CLO LLC, Series 2022-1A, Class A1, 5.98% (3 mo. Term SOFR + 1.65%), 04/20/2035(a)
 
 
6,035,000
 
 
6,040,232
Black Diamond CLO Ltd., Series 2019-2A, Class A1AR, 5.64% (3 mo. Term SOFR + 1.32%), 07/23/2032(a)
 
 
3,568,592
 
 
3,572,150
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
47
 

TABLE OF CONTENTS

Angel Oak UltraShort Income Fund
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
COLLATERALIZED LOAN OBLIGATIONS — (Continued)
Blackstone, Inc., Series 2018-1A, Class A2, 5.59% (3 mo. Term SOFR + 1.27%), 04/15/2031(a)
 
 
$816,466
 
 
$817,027
Canyon Capital CLO Ltd., Series 2016-1A, Class AR, 5.65% (3 mo. Term SOFR + 1.33%), 07/15/2031(a)
 
 
2,564,729
 
 
2,566,276
Canyon CLO Ltd., Series 2018-1A, Class A, 5.65% (3 mo. Term SOFR + 1.33%), 07/15/2031(a)
 
 
4,976,166
 
 
4,979,664
Carlyle Group, Inc., Series 2014-5A, Class A1RR, 5.72% (3 mo. Term SOFR + 1.40%), 07/15/2031(a)
 
 
3,111,136
 
 
3,116,886
Cathedral Lake CLO Ltd., Series 2021-6A, Class X, 5.58% (3 mo. Term SOFR + 1.26%), 04/25/2034(a)
 
 
631,579
 
 
631,636
Cerberus Loan Funding LP, Series 2023-1A, Class A, 6.72% (3 mo. Term SOFR + 2.40%), 03/22/2035(a)
 
 
5,000,000
 
 
5,007,520
Churchill Middle Market CLO Ltd., Series 2023-2A, Class X, 6.33% (3 mo. Term SOFR + 2.00%), 01/20/2036(a)
 
 
571,429
 
 
571,905
Dryden Senior Loan Fund, Series 2015-41A, Class BR, 5.88% (3 mo. Term
SOFR + 1.56%), 04/15/2031(a)
 
 
2,650,000
 
 
2,655,740
Gallatin CLO Ltd., Series 2017-1A, Class A1R, 5.67% (3 mo. Term SOFR + 1.35%), 07/15/2031(a)
 
 
1,077,624
 
 
1,078,075
Greywolf CLO Ltd., Series 2020-3RA, Class A1R2, 5.56% (3 mo. Term SOFR + 1.23%), 04/22/2033(a)
 
 
3,900,875
 
 
3,909,543
Highbridge Loan Management Ltd., Series 11A-17, Class BR, 6.07% (3 mo. Term SOFR + 1.81%), 05/06/2030(a)
 
 
3,106,344
 
 
3,107,856
ING Investment Management CLO Ltd., Series 2013-2A, Class A1R, 5.55% (3 mo. Term SOFR + 1.23%), 04/25/2031(a)
 
 
534,813
 
 
533,920
LCM Ltd., Series 14A, Class AR, 5.63% (3 mo. Term SOFR + 1.30%), 07/20/2031(a)
 
 
24,661
 
 
24,665
LJV I MM CLO LLC, Series 2022-1A, Class A1, 6.16% (3 mo. Term SOFR + 1.85%), 04/28/2034(a)
 
 
5,315,522
 
 
5,325,850
Neuberger Berman CLO Ltd., Series 2021-40A, Class A, 5.64% (3 mo. Term SOFR + 1.32%), 04/16/2033(a)
 
 
2,844,892
 
 
2,848,991
Newark BSL CLO Ltd., Series 2016-1A, Class A2R, 6.13% (3 mo. Term SOFR + 1.81%), 12/21/2029(a)
 
 
3,595,000
 
 
3,599,904
Octagon Investment Partners Ltd., Series 2013-1A, Class BR2, 5.98% (3 mo. Term SOFR + 1.66%), 01/25/2031(a)
 
 
2,010,000
 
 
2,011,513
OZLM Ltd., Series 2019-24A, Class A1AR, 5.75% (3 mo. Term SOFR + 1.42%), 07/20/2032(a)
 
 
2,694,732
 
 
2,695,339
Parliament Funding, Series 2020-1A, Class BR, 6.24% (3 mo. Term SOFR + 1.91%), 10/20/2031(a)
 
 
2,440,946
 
 
2,441,585
Sound Point CLO Ltd., Series 2015-2A, Class ARRR, 5.80% (3 mo. Term SOFR + 1.47%), 07/20/2032(a)
 
 
5,343,584
 
 
5,349,691
Steele Creek CLO Ltd.
Series 2014-1RA, Class B, 6.09% (3 mo. Term SOFR + 1.76%),
04/21/2031(a)
 
 
3,455,435
 
 
3,456,890
Series 2019-1A, Class ARR, 5.36% (3 mo. Term SOFR + 1.04%),
04/15/2032(a)
 
 
1,646,415
 
 
1,646,369
Series 2019-2A, Class ARR, 5.32% (3 mo. Term SOFR + 1.00%),
07/15/2032(a)
 
 
2,984,855
 
 
2,984,771
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
48
 

TABLE OF CONTENTS

Angel Oak UltraShort Income Fund
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
COLLATERALIZED LOAN OBLIGATIONS — (Continued)
Symphony CLO Ltd., Series 2014-15A, Class AR3, 5.66% (3 mo. Term SOFR + 1.34%), 01/17/2032(a)
 
 
$6,795,838
 
 
$6,803,442
TCI-Symphony CLO Ltd., Series 2016-1A, Class AR2, 5.60% (3 mo. Term
SOFR + 1.28%), 10/13/2032(a)
 
 
3,029,136
 
 
3,036,460
THL Credit Lake Shore MM CLO Ltd.
Series 2019-2A, Class A1RR, 5.72% (3 mo. Term SOFR + 1.40%), 10/17/2031(a)
 
 
995,714
 
 
995,991
Series 2019-2A, Class CRR, 6.92% (3 mo. Term SOFR + 2.60%),
10/17/2031(a)
 
 
1,550,000
 
 
1,552,006
TIAA CLO Ltd., Series 2016-1A, Class ARR, 5.58% (3 mo. Term SOFR + 1.25%), 07/20/2031(a)
 
 
2,380,689
 
 
2,382,218
Venture CDO Ltd., Series 2018-32A, Class A1, 5.69% (3 mo. Term SOFR + 1.36%), 07/18/2031(a)
 
 
1,761,910
 
 
1,763,733
Wellfleet CLO Ltd., Series 2018-2A, Class A1R, 5.41% (3 mo. Term SOFR + 1.08%), 10/20/2031(a)
 
 
4,988,721
 
 
4,988,621
TOTAL COLLATERALIZED LOAN OBLIGATIONS
(Cost $96,983,093)
 
 
 
 
96,956,149
RESIDENTIAL MORTGAGE-BACKED SECURITIES — 13.8%
Bellemeade Re Ltd.
Series 2023-1, Class M1B, 8.60% (30 day avg SOFR US + 4.25%), 10/25/2033(a)
 
 
300,000
 
 
309,010
Series 2024-1, Class M1A, 6.50% (30 day avg SOFR US + 2.15%), 08/25/2034(a)
 
 
2,375,000
 
 
2,381,429
BRAVO Residential Funding Trust
Series 2021-NQM3, Class A1, 1.70%, 04/25/2060(a)(b)
 
 
2,719,011
 
 
2,538,452
Series 2023-NQM2, Class A3, 4.50%, 05/25/2062(a)(c)
 
 
799,480
 
 
786,382
Series 2024-NQM4, Class A1A, 4.35%, 01/25/2060(a)(c)
 
 
904,171
 
 
889,281
Series 2025-NQM3, Class A3, 5.88%, 03/25/2065(a)(c)
 
 
950,149
 
 
950,683
Bunker Hill Loan Depositary Trust, Series 2019-3, Class A3,
3.14%, 11/25/2059(a)(c)
 
 
398,582
 
 
392,908
Cascade Funding Mortgage Trust, Series 2024-NR1, Class A1,
6.41%, 11/25/2029(a)(c)
 
 
938,107
 
 
949,807
Chase Mortgage Finance Corp., Series 2019-ATR2, Class A11,
5.37% (1 mo. Term SOFR + 1.01%), 07/25/2049, (6.50% Cap)(a)
 
 
1,099,389
 
 
1,035,850
CIM Trust, Series 2019-INV2, Class A11, 5.41% (30 day avg SOFR US + 1.06%), 05/25/2049, (6.50% Cap)(a)
 
 
135,054
 
 
128,976
COLT Funding LLC
Series 2020-2, Class A3, 3.70%, 03/25/2065(a)(b)
 
 
1,710,000
 
 
1,660,142
Series 2021-3R, Class A3, 1.51%, 12/25/2064(a)(b)
 
 
440,426
 
 
389,615
Series 2022-3, Class A1, 3.90%, 02/25/2067(a)(b)
 
 
691,044
 
 
687,870
Series 2022-7, Class A3, 6.25%, 04/25/2067(a)(b)
 
 
450,319
 
 
449,539
Connecticut Avenue Securities Trust, Series 2023-R08, Class 1M1,
5.85% (30 day avg SOFR US + 1.50%), 10/25/2043(a)
 
 
428,092
 
 
430,376
COOPR Residential Mortgage Trust
Series 2025-CES1, Class A1A, 5.65%, 05/25/2060(a)(c)
 
 
973,759
 
 
979,234
Series 2025-CES2, Class A1B, 5.60%, 06/25/2060(a)(c)
 
 
990,869
 
 
1,001,337
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
49
 

TABLE OF CONTENTS

Angel Oak UltraShort Income Fund
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
Credit Suisse Mortgage Capital Certificates
Series 2017-PFHP, Class A, 5.34% (1 mo. Term SOFR + 1.00%),
12/15/2030(a)
 
 
$157,537
 
 
$152,423
Series 2019-NQM1, Class A1, 3.66%, 10/25/2059(a)(c)
 
 
495,960
 
 
484,184
Series 2022-ATH1, Class A1A, 2.87%, 01/25/2067(a)(b)
 
 
1,773,028
 
 
1,708,245
Ellington Financial Mortgage Trust, Series 2025-CES1, Class A1B,
5.88%, 01/25/2060(a)(c)
 
 
1,553,842
 
 
1,566,976
Flagstar Mortgage Trust, Series 2018-6RR, Class 1A2, 5.17% (1 mo. Term SOFR + 0.81%), 10/25/2048(a)
 
 
798,029
 
 
756,780
Galton Funding Mortgage Trust, Series 2017-1, Class A21,
3.50%, 07/25/2056(a)(b)
 
 
33,189
 
 
30,075
GCAT Trust, Series 2021-NQM2, Class A2, 1.24%, 05/25/2066(a)(b)
 
 
1,153,611
 
 
935,041
GS Mortgage-Backed Securities Trust
Series 2014-EB1A, Class B2, 6.71%, 07/25/2044(a)(b)
 
 
659,516
 
 
666,156
Series 2020-PJ2, Class A1, 3.50%, 07/25/2050(a)(b)
 
 
198,972
 
 
176,541
Series 2021-NQM1, Class A3, 1.53%, 07/25/2061(a)(b)
 
 
1,168,652
 
 
1,038,705
Series 2021-PJ9, Class A8, 2.50%, 02/26/2052(a)(b)
 
 
6,803,834
 
 
5,970,800
Series 2025-HE1, Class A1, 6.09% (30 day avg SOFR US + 1.55%), 10/25/2055(a)
 
 
2,000,000
 
 
2,014,736
Imperial Fund Mortgage Trust, Series 2021-NQM1, Class A3, 1.62%, 06/25/2056(a)(b)
 
 
987,764
 
 
866,570
JP Morgan Mortgage Trust
Series 2019-5, Class A11, 5.37% (1 mo. Term SOFR + 1.01%), 11/25/2049, (6.50% Cap)(a)
 
 
539,951
 
 
516,963
Series 2019-6, Class A3, 3.50%, 12/25/2049(a)(b)
 
 
995,768
 
 
902,193
Series 2019-LTV3, Class A3, 3.49%, 03/25/2050(a)(b)
 
 
49,148
 
 
48,039
Series 2023-HE1, Class A1, 6.10% (30 day avg SOFR US + 1.75%), 11/25/2053(a)
 
 
387,420
 
 
393,792
Mello Mortgage Capital Acceptance, Series 2021-MTG2, Class A10,
2.50%, 06/25/2051(a)(b)
 
 
3,070,305
 
 
2,718,722
Metlife Securitization Trust, Series 2020-INV1, Class A5,
3.00%, 05/25/2050(a)(b)
 
 
1,439,998
 
 
1,261,590
MFRA Trust, Series 2023-NQM4, Class A3, 6.78%, 12/25/2068(a)(c)
 
 
651,682
 
 
654,013
Mill City Mortgage Trust, Series 2021-NMR1, Class A1,
1.13%, 11/25/2060(a)(b)
 
 
611,200
 
 
589,904
New York Mortgage Trust, Inc., Series 2025-CP1, Class A1,
3.75%, 11/25/2069(a)(b)
 
 
1,000,000
 
 
958,410
NMLT Trust, Series 2021-INV1, Class A3, 1.80%, 05/25/2056(a)(b)
 
 
1,101,405
 
 
962,649
Onslow Bay Mortgage Loan Trust
Series 2020-EXP1, Class 2A1, 5.22% (1 mo. Term SOFR + 0.86%), 02/25/2060(a)
 
 
307,717
 
 
292,041
Series 2021-NQM1, Class A3, 1.33%, 02/25/2066(a)(b)
 
 
3,547,023
 
 
3,090,812
Series 2024-NQM2, Class A3, 6.18%, 12/25/2063(a)(c)
 
 
1,056,087
 
 
1,055,316
Series 2025-NQM4, Class A3, 5.76%, 02/25/2055(a)(c)
 
 
2,804,507
 
 
2,811,891
Series 2025-NQM7, Class A3, 5.86%, 05/25/2055(a)(c)
 
 
1,427,181
 
 
1,440,490
Pretium Mortgage Credit Partners LLC, Series 2024-NPL5, Class A1,
5.96%, 09/25/2054(a)(c)
 
 
926,513
 
 
918,838
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
50
 

TABLE OF CONTENTS

Angel Oak UltraShort Income Fund
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
PRPM LLC
Series 2024-2, Class A1, 7.03%, 03/25/2029(a)(c)
 
 
$620,642
 
 
$630,994
Series 2024-RCF1, Class A3, 4.00%, 01/25/2054(a)(c)
 
 
500,000
 
 
476,002
Series 2025-NQM2, Class A3, 6.10%, 04/25/2070(a)(c)
 
 
979,290
 
 
975,561
Series 2025-NQM3, Class A1, 5.61%, 05/25/2070(a)(c)
 
 
1,500,000
 
 
1,511,859
RCKT Mortgage Trust, Series 2025-CES7, Class A1B,
5.48%, 07/25/2055(a)(c)
 
 
1,500,000
 
 
1,510,761
Rithm Capital Corp.
Series 2021-INV1, Class A6, 2.50%, 06/25/2051(a)(b)
 
 
1,907,437
 
 
1,724,063
Series 2022-NQM4, Class A3, 5.00%, 06/25/2062(a)(c)
 
 
913,128
 
 
889,624
Saluda Grade Mortgage Funding LLC
Series 2021-MF1, Class A1, 3.81%, 11/25/2029(a)(b)
 
 
2,515,005
 
 
2,410,697
Series 2025-NPL1, Class A1, 7.12%, 01/25/2030(a)(c)
 
 
713,097
 
 
711,664
Series 2025-NPL2, Class A1, 7.77%, 05/25/2030(a)(c)
 
 
2,575,173
 
 
2,591,464
Sequoia Mortgage Trust, Series 2023-4, Class A10,
6.00%, 11/25/2053(a)(b)
 
 
324,167
 
 
324,898
SGR Residential Mortgage Trust, Series 2021-2, Class A2,
1.94%, 12/25/2061(a)(b)
 
 
3,429,259
 
 
2,760,303
Starwood Mortgage Residential Trust, Series 2020-INV1, Class A3,
1.59%, 11/25/2055(a)(b)
 
 
1,003,464
 
 
963,490
Towd Point Mortgage Trust
Series 2019-HY3, Class A1A, 5.47% (1 mo. Term SOFR + 1.11%), 10/25/2059(a)
 
 
687,610
 
 
688,363
Series 2021-SJ2, Class A2, 2.50%, 12/25/2061(a)(b)
 
 
1,500,000
 
 
1,389,628
Series 2025-CRM1, Class A1, 5.80%, 01/25/2065(a)(c)
 
 
1,367,257
 
 
1,384,543
Verus Securitization Trust
Series 2021-4, Class A2, 1.25%, 07/25/2066(a)(b)
 
 
1,336,482
 
 
1,076,088
Series 2021-8, Class A3, 2.49%, 11/25/2066(a)(b)
 
 
1,320,771
 
 
1,172,967
Series 2022-5, Class A3, 3.80%, 04/25/2067(a)(b)
 
 
794,397
 
 
778,392
Series 2023-2, Class A3, 6.85%, 03/25/2068(a)(c)
 
 
572,283
 
 
573,881
Series 2023-3, Class A3, 6.74%, 03/25/2068(a)(c)
 
 
571,291
 
 
570,943
Series 2025-2, Class A3, 5.66%, 03/25/2070(a)(c)
 
 
1,901,175
 
 
1,896,622
Series 2025-4, Class A3, 5.75%, 05/25/2070(a)(c)
 
 
1,942,280
 
 
1,955,231
Visio Trust, Series 2021-1R, Class A3, 1.69%, 05/25/2056(a)
 
 
1,015,322
 
 
944,561
Vista Point Securitization Trust
Series 2024-CES1, Class A1, 6.68%, 05/25/2054(a)(c)
 
 
999,995
 
 
1,017,305
Series 2024-CES2, Class A1, 5.25%, 10/25/2054(a)(c)
 
 
408,495
 
 
408,729
Series 2024-CES3, Class A1, 5.68%, 01/25/2055(a)(c)
 
 
899,846
 
 
907,482
Series 2025-CES1, Class A1, 5.81%, 04/25/2055(a)(c)
 
 
2,821,704
 
 
2,853,205
Series 2025-CES1, Class A2, 0.00%, 04/25/2055(a)(c)
 
 
3,069,000
 
 
3,084,345
Series 2025-CES2, Class A1, 5.60%, 08/25/2055(a)(b)
 
 
2,050,000
 
 
2,064,354
WinWater Mortgage Loan Trust, Series 2015-A, Class AX1, 0.35%, 06/20/2045(a)(b)(d)
 
 
5,063,843
 
 
66,539
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
(Cost $95,083,504)
 
 
 
 
91,258,344
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
51
 

TABLE OF CONTENTS

Angel Oak UltraShort Income Fund
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — 2.9%
 
 
 
 
ACREC Trust, Series 2021-FL1, Class AS, 5.96% (1 mo. Term SOFR + 1.61%), 10/16/2036(a)
 
 
$370,000
 
 
$370,040
Arbor Realty Collateralized Loan Obligation Ltd., Series 2025-BTR1, Class A, 6.28% (1 mo. Term SOFR + 1.93%), 01/20/2041(a)
 
 
1,000,000
 
 
1,004,778
BrightSpire Capital, Inc., Series 2021-FL1, Class AS, 6.07% (1 mo. Term SOFR + 1.71%), 08/19/2038(a)
 
 
2,000,000
 
 
1,988,916
BXP Trust, Series 2017-CQHP, Class A, 5.24% (1 mo. Term SOFR + 0.90%), 11/15/2034(a)
 
 
688,679
 
 
668,410
Commercial Mortgage Pass Through Certificates, Series 2025-SBX, Class B, 5.73%, 08/10/2041(a)(b)(e)
 
 
2,000,000
 
 
2,004,294
GS Mortgage Securities Corp., Series 2018-TWR, Class B, 5.84% (1 mo. Term SOFR + 1.50%), 07/15/2031(a)
 
 
775,000
 
 
372,357
JP Morgan Chase Commercial Mortgage Securities, Series 2018-PTC, Class A, 5.84% (1 mo. Term SOFR + 1.50%), 04/15/2031(a)
 
 
1,253,000
 
 
514,910
KREF Ltd., Series 2021-FL2, Class A, 5.53% (1 mo. Term SOFR + 1.18%), 02/15/2039(a)
 
 
244,014
 
 
243,520
MF1 Multifamily Housing Mortgage Loan Trust, Series 2021-FL7, Class AS, 5.91% (1 mo. Term SOFR + 1.56%), 10/16/2036(a)
 
 
2,010,000
 
 
2,013,968
Natixis Commercial Mortgage Securities Trust, Series 2019-MILE, Class A,
5.92% (1 mo. Term SOFR + 1.58%), 07/15/2036(a)
 
 
848,857
 
 
794,046
TPG Real Estate Finance Issuer Ltd., Series 2022-FL5, Class AS,
6.49% (1 mo. Term SOFR + 2.15%), 02/15/2039(a)
 
 
1,000,000
 
 
1,002,020
Velocity Commercial Capital Loan Trust
Series 2021-2, Class A, 1.52%, 08/25/2051(a)(b)
 
 
2,615,370
 
 
2,258,087
Series 2021-3, Class A, 1.96%, 10/25/2051(a)(b)
 
 
1,751,050
 
 
1,497,572
Series 2021-4, Class A, 2.52%, 12/26/2051(a)(b)
 
 
872,114
 
 
748,390
Wells Fargo Commercial Mortgage Trust, Series 2025-VTT, Class C,
5.83%, 03/15/2038(a)(b)
 
 
4,000,000
 
 
3,985,432
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $21,355,325)
 
 
 
 
19,466,740
RESIDENTIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER — 0.8%
 
 
 
 
Federal Home Loan Mortgage Corp.
Series 2016-SC02, Class M2, 3.64%, 10/25/2046(b)
 
 
1,202,902
 
 
1,165,608
Series 2022-DNA3, Class M1B, 7.25% (30 day avg SOFR US + 2.90%), 04/25/2042(a)
 
 
3,111,000
 
 
3,204,349
Series 2025-HQA1, Class M1, 5.50% (30 day avg SOFR US + 1.15%), 02/25/2045(a)
 
 
1,110,531
 
 
1,112,607
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER
(Cost $5,534,482)
 
 
 
 
5,482,564
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
52
 

TABLE OF CONTENTS

Angel Oak UltraShort Income Fund
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Shares
 
 
Value  
COMMON STOCKS — 0.2%
 
 
 
 
Financial — 0.2%
Citigroup, Inc.
 
 
1,000,000
 
 
$999,713
TOTAL COMMON STOCKS
(Cost $999,218)
 
 
 
 
999,713
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
RESIDENTIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY — 0.1%
 
 
 
 
Federal Home Loan Mortgage Corp., Series 5078, Class AB,
2.00%, 09/25/2035
 
 
$ 506,395
 
 
503,272
Federal National Mortgage Association, Series 2017-61, Class K,
3.50%, 08/25/2046
 
 
434,658
 
 
421,155
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY
(Cost $947,727)
 
 
 
 
924,427
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
SHORT-TERM INVESTMENTS — 3.0%
 
 
 
 
Money Market Funds — 3.0%
 
 
 
 
First American Government Obligations Fund - Class U, 4.25%(f)
 
 
19,570,346
 
 
19,570,346
TOTAL SHORT-TERM INVESTMENTS
(Cost $19,570,346)
 
 
 
 
19,570,346
TOTAL INVESTMENTS — 101.2%
(Cost $674,373,394)
 
 
 
 
668,235,380
Liabilities in Excess of Other Assets — (1.2)%
 
 
 
 
(7,989,346)
TOTAL NET ASSETS — 100.0%
 
 
 
 
$660,246,034
 
 
 
 
 
 
 
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 Adviser, under the procedures established by the Fund’s Board of Trustees, unless otherwise denoted. As of July 31, 2025, the value of these securities total $449,372,710 or 68.1% of the Fund’s net assets.
(b)
Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of July 31, 2025.
(c)
Step coupon bond. The rate disclosed is as of July 31, 2025.
(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, 2025.
See accompanying notes which are an integral part of these financial statements.
 
53
 

TABLE OF CONTENTS

Angel Oak UltraShort Income Fund
Schedule of Open Futures Contracts
July 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Short Futures Contracts
 
 
Contracts
Sold
 
 
Expiration
Date
 
 
Notional Value
 
 
Value/Unrealized
Appreciation
(Depreciation)
Eris SOFR 3 Year Swap
 
 
(166)
 
 
09/22/2025
 
 
​($15,268,813)
 
 
$186,368
Eris SOFR 3 Year Swap
 
 
(293)
 
 
12/22/2025
 
 
(27,708,014)
 
 
397,220
Eris SOFR 4 Year Swap
 
 
(213)
 
 
12/21/2026
 
 
(19,815,006)
 
 
394,753
U.S. Treasury 2 Year Notes
 
 
(240)
 
 
09/30/2025
 
 
(49,676,250)
 
 
151,512
Total Unrealized Appreciation (Depreciation)
 
 
$ 1,129,853
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
54
 

TABLE OF CONTENTS

ANGEL OAK HIGH YIELD OPPORTUNITIES ETF
Schedule of Investments
July 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS — 86.6%
 
 
 
 
Basic Materials — 7.6%
 
 
 
 
Axalta Coating Systems Dutch Holding B B.V., 7.25%, 02/15/2031(a)
 
 
$250,000
 
 
$260,297
Capstone Copper Corp., 6.75%, 03/31/2033(a)
 
 
100,000
 
 
101,982
Cleveland-Cliffs, Inc.
 
 
 
 
5.88%, 06/01/2027
 
 
400,000
 
 
400,589
6.75%, 04/15/2030(a)
 
 
500,000
 
 
497,993
7.00%, 03/15/2032(a)
 
 
250,000
 
 
244,215
Consolidated Energy Finance SA
 
 
 
 
6.50%, 05/15/2026(a)
 
 
500,000
 
 
489,385
5.63%, 10/15/2028(a)
 
 
200,000
 
 
168,476
12.00%, 02/15/2031(a)
 
 
700,000
 
 
658,641
CVR Partners LP / CVR Nitrogen Finance Corp., 6.13%, 06/15/2028(a)
 
 
1,200,000
 
 
1,192,197
First Quantum Minerals Ltd., 8.00%, 03/01/2033(a)
 
 
200,000
 
 
206,335
Hecla Mining Co., 7.25%, 02/15/2028
 
 
500,000
 
 
506,008
Magnera Corp., 7.25%, 11/15/2031(a)
 
 
800,000
 
 
753,832
Mercer International, Inc., 5.13%, 02/01/2029
 
 
750,000
 
 
604,847
Methanex Corp., 5.25%, 12/15/2029
 
 
500,000
 
 
495,673
Methanex US Operations, Inc., 6.25%, 03/15/2032(a)
 
 
500,000
 
 
496,017
NOVA Chemicals Corp., 8.50%, 11/15/2028(a)
 
 
200,000
 
 
210,283
Novelis Corp., 4.75%, 01/30/2030(a)
 
 
350,000
 
 
335,512
Olin Corp., 6.63%, 04/01/2033(a)
 
 
550,000
 
 
535,893
Taseko Mines Ltd., 8.25%, 05/01/2030(a)
 
 
1,000,000
 
 
1,045,383
 
 
 
 
9,203,558
Communications — 5.4%
 
 
 
 
Cars.com, Inc., 6.38%, 11/01/2028(a)
 
 
500,000
 
 
499,388
CMG Media Corp., 8.88%, 06/18/2029(a)
 
 
250,000
 
 
243,175
Cogent Communications Group LLC / Cogent Finance, Inc., 6.50%, 07/01/2032(a)
 
 
800,000
 
 
784,986
Consolidated Communications, Inc., 6.50%, 10/01/2028(a)
 
 
500,000
 
 
507,981
CSC Holdings LLC, 5.50%, 04/15/2027(a)
 
 
500,000
 
 
484,377
Cumulus Media New Holdings, Inc., 8.00%, 07/01/2029(a)
 
 
509,000
 
 
138,703
Directv Financing LLC / Directv Financing Co.-Obligor, Inc.
 
 
 
 
5.88%, 08/15/2027(a)
 
 
1,000,000
 
 
995,128
10.00%, 02/15/2031(a)
 
 
550,000
 
 
530,833
Gen Digital, Inc., 6.25%, 04/01/2033(a)
 
 
500,000
 
 
510,989
Gray Media, Inc., 5.38%, 11/15/2031(a)
 
 
1,000,000
 
 
738,968
Lamar Media Corp., 4.88%, 01/15/2029
 
 
250,000
 
 
245,740
Nexstar Media, Inc., 5.63%, 07/15/2027(a)
 
 
500,000
 
 
499,342
Outfront Media Capital LLC / Outfront Media Capital Corp., 5.00%, 08/15/2027(a)
 
 
250,000
 
 
247,654
Urban One, Inc., 7.38%, 02/01/2028(a)
 
 
200,000
 
 
117,086
 
 
 
 
6,544,350
Consumer, Cyclical — 10.1%
 
 
 
 
Adient Global Holdings Ltd., 7.50%, 02/15/2033(a)
 
 
500,000
 
 
510,210
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026(a)
 
 
125,000
 
 
124,964
American Axle & Manufacturing, Inc., 5.00%, 10/01/2029
 
 
1,000,000
 
 
908,108
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
55
 

TABLE OF CONTENTS

ANGEL OAK HIGH YIELD OPPORTUNITIES ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS — (Continued)
Consumer, Cyclical — (Continued)
Caesars Entertainment, Inc.
 
 
 
 
4.63%, 10/15/2029(a)
 
 
$1,000,000
 
 
$945,749
6.50%, 02/15/2032(a)
 
 
100,000
 
 
102,044
Carnival Corp., 6.00%, 05/01/2029(a)
 
 
350,000
 
 
353,323
Champ Acquisition Corp., 8.38%, 12/01/2031(a)
 
 
600,000
 
 
636,267
Cinemark USA, Inc., 7.00%, 08/01/2032(a)
 
 
1,000,000
 
 
1,033,495
FirstCash, Inc., 4.63%, 09/01/2028(a)
 
 
500,000
 
 
489,280
Goodyear Tire & Rubber Co.
 
 
 
 
5.00%, 07/15/2029
 
 
797,000
 
 
773,788
6.63%, 07/15/2030
 
 
500,000
 
 
509,104
Installed Building Products, Inc., 5.75%, 02/01/2028(a)
 
 
100,000
 
 
100,065
LCM Investments Holdings LLC, 8.25%, 08/01/2031(a)
 
 
100,000
 
 
105,805
Lithia Motors, Inc.
 
 
 
 
4.63%, 12/15/2027(a)
 
 
250,000
 
 
246,735
3.88%, 06/01/2029(a)
 
 
500,000
 
 
471,432
Marriott Ownership Resorts, Inc., 4.75%, 01/15/2028
 
 
500,000
 
 
488,248
NCL Corp. Ltd.
 
 
 
 
5.88%, 03/15/2026(a)
 
 
46,000
 
 
46,200
6.25%, 03/01/2030(a)
 
 
500,000
 
 
506,367
New Flyer Holdings, Inc., 9.25%, 07/01/2030(a)
 
 
100,000
 
 
106,486
New Red Finance, Inc., 4.38%, 01/15/2028(a)
 
 
250,000
 
 
244,580
Newell Brands, Inc., 8.50%, 06/01/2028(a)
 
 
250,000
 
 
262,593
Phinia, Inc., 6.75%, 04/15/2029(a)
 
 
495,000
 
 
510,018
Resideo Funding, Inc., 6.50%, 07/15/2032(a)
 
 
500,000
 
 
507,846
Saks Global Enterprises LLC, 11.00%, 12/15/2029(a)
 
 
550,000
 
 
126,500
Sally Holdings LLC / Sally Capital, Inc., 6.75%, 03/01/2032
 
 
900,000
 
 
924,816
STL Holding Co. LLC, 8.75%, 02/15/2029(a)
 
 
450,000
 
 
468,701
VistaJet Malta Finance PLC / Vista Management Holding, Inc., 9.50%, 06/01/2028(a)
 
 
100,000
 
 
102,596
White Cap Buyer LLC, 6.88%, 10/15/2028(a)
 
 
500,000
 
 
499,078
 
 
 
 
12,104,398
Consumer, Non-cyclical — 12.8%
 
 
 
 
Acadia Healthcare Co., Inc., 7.38%, 03/15/2033(a)
 
 
600,000
 
 
618,508
Amneal Pharmaceuticals LLC, 6.88%, 08/01/2032(a)(b)
 
 
250,000
 
 
254,058
B&G Foods, Inc., 8.00%, 09/15/2028(a)
 
 
400,000
 
 
374,501
Belron UK Finance PLC, 5.75%, 10/15/2029(a)
 
 
250,000
 
 
252,503
Chobani Holdco LLC, 8.75% (or 9.50% PIK), 10/01/2029(a)
 
 
312,587
 
 
336,056
Concentra Escrow Issuer Corp., 6.88%, 07/15/2032(a)
 
 
600,000
 
 
617,244
DaVita, Inc., 6.88%, 09/01/2032(a)
 
 
900,000
 
 
925,964
Dcli Bidco LLC, 7.75%, 11/15/2029(a)
 
 
500,000
 
 
510,859
EquipmentShare.com, Inc., 9.00%, 05/15/2028(a)
 
 
500,000
 
 
527,588
Fiesta Purchaser, Inc., 9.63%, 09/15/2032(a)
 
 
500,000
 
 
529,635
Herc Holdings, Inc., 6.63%, 06/15/2029(a)
 
 
250,000
 
 
256,133
Hertz Global Holdings, Inc., 12.63%, 07/15/2029(a)
 
 
350,000
 
 
365,950
Insulet Corp., 6.50%, 04/01/2033(a)
 
 
250,000
 
 
257,161
Korn Ferry, 4.63%, 12/15/2027(a)
 
 
250,000
 
 
246,095
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
56
 

TABLE OF CONTENTS

ANGEL OAK HIGH YIELD OPPORTUNITIES ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS — (Continued)
Consumer, Non-cyclical — (Continued)
Matthews International Corp., 8.63%, 10/01/2027(a)
 
 
$250,000
 
 
$260,729
Medline Borrower LP, 5.25%, 10/01/2029(a)
 
 
1,000,000
 
 
981,087
Molina Healthcare, Inc., 6.25%, 01/15/2033(a)
 
 
550,000
 
 
543,330
NESCO Holdings, Inc., 5.50%, 04/15/2029(a)
 
 
100,000
 
 
97,579
Performance Food Group, Inc.
 
 
 
 
4.25%, 08/01/2029(a)
 
 
500,000
 
 
481,150
6.13%, 09/15/2032(a)
 
 
250,000
 
 
254,184
Perrigo Finance Unlimited Co., 6.13%, 09/30/2032
 
 
1,000,000
 
 
1,011,401
Post Holdings, Inc.
 
 
 
 
6.25%, 02/15/2032(a)
 
 
250,000
 
 
254,982
6.38%, 03/01/2033(a)
 
 
1,000,000
 
 
1,001,746
Prime Security Services Borrower LLC / Prime Finance, Inc., 3.38%, 08/31/2027(a)
 
 
250,000
 
 
241,301
Raven Acquisition Holdings LLC, 6.88%, 11/15/2031(a)
 
 
500,000
 
 
506,264
Simmons Foods, Inc., 4.63%, 03/01/2029(a)
 
 
550,000
 
 
521,182
Sotheby’s, 7.38%, 10/15/2027(a)
 
 
300,000
 
 
295,454
Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/2029(a)
 
 
500,000
 
 
452,253
TreeHouse Foods, Inc., 4.00%, 09/01/2028
 
 
600,000
 
 
555,556
Upbound Group, Inc., 6.38%, 02/15/2029(a)
 
 
500,000
 
 
488,184
US Foods, Inc., 7.25%, 01/15/2032(a)
 
 
200,000
 
 
208,622
VT Topco, Inc., 8.50%, 08/15/2030(a)
 
 
1,100,000
 
 
1,172,524
 
 
 
 
15,399,783
Diversified — 0.5%
 
 
 
 
Stena International SA, 7.25%, 01/15/2031(a)
 
 
625,000
 
 
635,741
Energy — 15.8%
 
 
 
 
Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 8.63%, 06/15/2029(a)
 
 
700,000
 
 
742,106
Antero Midstream Partners LP / Antero Midstream Finance Corp.
 
 
 
 
5.75%, 01/15/2028(a)
 
 
1,250,000
 
 
1,249,155
6.63%, 02/01/2032(a)
 
 
100,000
 
 
102,885
Archrock Partners LP / Archrock Partners Finance Corp.
 
 
 
 
6.88%, 04/01/2027(a)
 
 
252,000
 
 
252,801
6.63%, 09/01/2032(a)
 
 
800,000
 
 
812,565
Aris Water Holdings LLC, 7.25%, 04/01/2030(a)
 
 
450,000
 
 
461,875
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 6.63%, 07/15/2033(a)
 
 
100,000
 
 
101,471
Borr IHC Ltd. / Borr Finance LLC, 10.38%, 11/15/2030(a)
 
 
185,194
 
 
174,967
Calumet Specialty Products Partners LP / Calumet Finance Corp.
 
 
 
 
8.13%, 01/15/2027(a)
 
 
600,000
 
 
593,632
9.75%, 07/15/2028(a)
 
 
200,000
 
 
192,149
Comstock Resources, Inc.
 
 
 
 
6.75%, 03/01/2029(a)
 
 
100,000
 
 
98,950
5.88%, 01/15/2030(a)
 
 
700,000
 
 
661,349
Encino Acquisition Partners Holdings LLC, 8.50%, 05/01/2028(a)
 
 
250,000
 
 
255,312
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
57
 

TABLE OF CONTENTS

ANGEL OAK HIGH YIELD OPPORTUNITIES ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS — (Continued)
Energy — (Continued)
Genesis Energy LP / Genesis Energy Finance Corp.
 
 
 
 
8.25%, 01/15/2029
 
 
$475,000
 
 
$495,847
8.00%, 05/15/2033
 
 
250,000
 
 
259,436
Greenfire Resources Ltd., 12.00%, 10/01/2028(a)
 
 
198,000
 
 
208,530
Gulfport Energy Operating Corp., 6.75%, 09/01/2029(a)
 
 
430,000
 
 
437,529
Helix Energy Solutions Group, Inc., 9.75%, 03/01/2029(a)
 
 
350,000
 
 
365,798
Hilcorp Energy I LP / Hilcorp Finance Co., 5.75%, 02/01/2029(a)
 
 
900,000
 
 
884,826
Kinetik Holdings LP, 5.88%, 06/15/2030(a)
 
 
250,000
 
 
250,432
Kodiak Gas Services LLC, 7.25%, 02/15/2029(a)
 
 
500,000
 
 
512,531
Moss Creek Resources Holdings, Inc., 8.25%, 09/01/2031(a)
 
 
500,000
 
 
488,555
New Fortress Energy, Inc., 6.50%, 09/30/2026(a)
 
 
500,000
 
 
175,403
Northriver Midstream Finance LP, 6.75%, 07/15/2032(a)
 
 
100,000
 
 
101,897
PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 02/15/2028
 
 
500,000
 
 
481,610
Rockies Express Pipeline LLC, 6.75%, 03/15/2033(a)
 
 
100,000
 
 
104,005
Shelf Drilling Holdings Ltd., 9.63%, 04/15/2029(a)
 
 
1,000,000
 
 
857,203
SunCoke Energy, Inc., 4.88%, 06/30/2029(a)
 
 
1,000,000
 
 
915,435
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 12/31/2030(a)
 
 
1,000,000
 
 
980,456
TransMontaigne Partners LLC, 8.50%, 06/15/2030(a)
 
 
250,000
 
 
261,557
USA Compression Partners LP / USA Compression Finance Corp.
 
 
 
 
6.88%, 09/01/2027
 
 
750,000
 
 
750,434
7.13%, 03/15/2029(a)
 
 
625,000
 
 
639,330
Venture Global Calcasieu Pass LLC
 
 
 
 
4.13%, 08/15/2031(a)
 
 
250,000
 
 
231,100
3.88%, 11/01/2033(a)
 
 
250,000
 
 
218,347
Venture Global LNG, Inc.
 
 
 
 
9.00% to 09/30/2029 then 5 yr. CMT Rate + 5.44%, Perpetual(a)
 
 
1,500,000
 
 
1,501,733
8.38%, 06/01/2031(a)
 
 
700,000
 
 
724,527
Warrior Met Coal, Inc., 7.88%, 12/01/2028(a)
 
 
1,009,000
 
 
1,022,745
Wildfire Intermediate Holdings LLC, 7.50%, 10/15/2029(a)
 
 
500,000
 
 
498,770
 
 
 
 
19,067,253
Financial — 19.6%
 
 
 
 
Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp., 5.25%, 04/15/2030(a)
 
 
500,000
 
 
420,340
Blackstone Mortgage Trust, Inc., 7.75%, 12/01/2029(a)
 
 
600,000
 
 
634,786
Burford Capital Global Finance LLC, 7.50%, 07/15/2033(a)
 
 
250,000
 
 
251,938
Credit Acceptance Corp., 6.63%, 03/15/2030(a)
 
 
600,000
 
 
608,727
Encore Capital Group, Inc., 8.50%, 05/15/2030(a)
 
 
500,000
 
 
529,807
EZCORP, Inc., 7.38%, 04/01/2032(a)
 
 
250,000
 
 
260,990
Freedom Mortgage Corp., 7.63%, 05/01/2026(a)
 
 
500,000
 
 
502,581
Freedom Mortgage Holdings LLC
 
 
 
 
9.25%, 02/01/2029(a)
 
 
1,100,000
 
 
1,147,472
8.38%, 04/01/2032(a)
 
 
1,000,000
 
 
1,023,690
GGAM Finance Ltd.
 
 
 
 
8.00%, 02/15/2027(a)
 
 
500,000
 
 
515,260
6.88%, 04/15/2029(a)
 
 
450,000
 
 
464,720
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
58
 

TABLE OF CONTENTS

ANGEL OAK HIGH YIELD OPPORTUNITIES ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS— (Continued)
Financial — (Continued)
Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/2027(a)
 
 
$1,100,000
 
 
$1,137,276
goeasy Ltd.
 
 
 
 
4.38%, 05/01/2026(a)
 
 
500,000
 
 
493,195
9.25%, 12/01/2028(a)
 
 
200,000
 
 
211,876
7.63%, 07/01/2029(a)
 
 
900,000
 
 
927,498
HAT Holdings I LLC / HAT Holdings II LLC, 3.38%, 06/15/2026(a)
 
 
161,000
 
 
158,075
Jane Street Group / JSG Finance, Inc., 6.13%, 11/01/2032(a)
 
 
500,000
 
 
496,457
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 6.63%, 10/15/2031(a)
 
 
250,000
 
 
249,031
Jefferson Capital Holdings LLC, 9.50%, 02/15/2029(a)
 
 
400,000
 
 
422,492
LD Holdings Group LLC, 6.13%, 04/01/2028(a)
 
 
400,000
 
 
343,379
LPL Holdings, Inc., 4.63%, 11/15/2027(a)
 
 
500,000
 
 
497,486
Macquarie Airfinance Holdings Ltd.
 
 
 
 
8.13%, 03/30/2029(a)
 
 
200,000
 
 
209,203
6.50%, 03/26/2031(a)
 
 
200,000
 
 
211,911
MPT Operating Partnership LP / MPT Finance Corp., 3.50%, 03/15/2031
 
 
500,000
 
 
340,816
Nationstar Mortgage Holdings, Inc.
 
 
 
 
6.00%, 01/15/2027(a)
 
 
650,000
 
 
651,122
6.50%, 08/01/2029(a)
 
 
750,000
 
 
767,677
OneMain Finance Corp.
 
 
 
 
7.50%, 05/15/2031
 
 
250,000
 
 
260,780
7.13%, 11/15/2031
 
 
500,000
 
 
516,618
Panther Escrow Issuer LLC, 7.13%, 06/01/2031(a)
 
 
1,200,000
 
 
1,241,685
PennyMac Financial Services, Inc., 5.75%, 09/15/2031(a)
 
 
450,000
 
 
440,827
PHH Corp., 9.88%, 11/01/2029(a)
 
 
600,000
 
 
601,691
Phoenix Aviation Capital Ltd., 9.25%, 07/15/2030(a)
 
 
1,200,000
 
 
1,258,424
PRA Group, Inc.
 
 
 
 
5.00%, 10/01/2029(a)
 
 
500,000
 
 
462,405
8.88%, 01/31/2030(a)
 
 
100,000
 
 
103,980
Provident Funding Associates LP / PFG Finance Corp., 9.75%, 09/15/2029(a)
 
 
100,000
 
 
104,745
RHP Hotel Properties LP / RHP Finance Corp., 6.50%, 04/01/2032(a)
 
 
300,000
 
 
306,620
Rocket Cos., Inc., 6.38%, 08/01/2033(a)
 
 
800,000
 
 
816,987
Starwood Property Trust, Inc.
 
 
 
 
7.25%, 04/01/2029(a)
 
 
200,000
 
 
209,418
6.00%, 04/15/2030(a)
 
 
900,000
 
 
909,565
Stonex Escrow Issuer LLC, 6.88%, 07/15/2032(a)
 
 
350,000
 
 
356,540
StoneX Group, Inc., 7.88%, 03/01/2031(a)
 
 
1,000,000
 
 
1,051,501
United Wholesale Mortgage LLC, 5.50%, 04/15/2029(a)
 
 
500,000
 
 
489,485
Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, 6.50%, 02/15/2029(a)
 
 
800,000
 
 
778,950
Walker & Dunlop, Inc., 6.63%, 04/01/2033(a)
 
 
250,000
 
 
255,116
 
 
 
 
23,643,142
Industrial — 12.0%
 
 
 
 
Advanced Drainage Systems, Inc., 6.38%, 06/15/2030(a)
 
 
500,000
 
 
508,003
AmeriTex HoldCo Intermediate LLC, 7.63%, 08/15/2033(a)(b)
 
 
100,000
 
 
101,772
Axon Enterprise, Inc., 6.25%, 03/15/2033(a)
 
 
500,000
 
 
513,485
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
59
 

TABLE OF CONTENTS

ANGEL OAK HIGH YIELD OPPORTUNITIES ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS — (Continued)
Industrial — (Continued)
Beacon Mobility Corp., 7.25%, 08/01/2030(a)
 
 
$250,000
 
 
$254,885
Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 02/01/2032(a)
 
 
550,000
 
 
548,018
Builders FirstSource, Inc.
 
 
 
 
5.00%, 03/01/2030(a)
 
 
250,000
 
 
244,927
6.38%, 03/01/2034(a)
 
 
500,000
 
 
507,979
6.75%, 05/15/2035(a)
 
 
100,000
 
 
102,655
Clydesdale Acquisition Holdings, Inc., 6.75%, 04/15/2032(a)
 
 
600,000
 
 
614,991
Coherent Corp., 5.00%, 12/15/2029(a)
 
 
500,000
 
 
489,733
Fortress Transportation and Infrastructure Investors LLC, 5.88%, 04/15/2033(a)
 
 
1,200,000
 
 
1,190,587
Genesee & Wyoming, Inc., 6.25%, 04/15/2032(a)
 
 
300,000
 
 
303,833
Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029(a)
 
 
1,150,000
 
 
1,090,303
Knife River Corp., 7.75%, 05/01/2031(a)
 
 
800,000
 
 
840,191
MIWD Holdco II LLC / MIWD Finance Corp., 5.50%, 02/01/2030(a)
 
 
100,000
 
 
95,434
Moog, Inc., 4.25%, 12/15/2027(a)
 
 
250,000
 
 
244,481
Mueller Water Products, Inc., 4.00%, 06/15/2029(a)
 
 
300,000
 
 
286,921
Owens-Brockway Glass Container, Inc., 7.25%, 05/15/2031(a)
 
 
750,000
 
 
759,365
Quikrete Holdings, Inc., 6.75%, 03/01/2033(a)
 
 
700,000
 
 
718,385
Reworld Holding Corp., 5.00%, 09/01/2030
 
 
500,000
 
 
474,784
Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029(a)
 
 
200,000
 
 
192,577
Sealed Air Corp., 6.50%, 07/15/2032(a)
 
 
400,000
 
 
412,355
Sealed Air Corp./Sealed Air Corp. US, 7.25%, 02/15/2031(a)
 
 
100,000
 
 
104,065
Seaspan Corp., 5.50%, 08/01/2029(a)
 
 
700,000
 
 
667,164
Sensata Technologies, Inc., 5.88%, 09/01/2030(a)
 
 
250,000
 
 
250,472
Smyrna Ready Mix Concrete LLC, 6.00%, 11/01/2028(a)
 
 
500,000
 
 
498,764
Standard Building Solutions, Inc., 6.50%, 08/15/2032(a)
 
 
600,000
 
 
613,129
Stonepeak Nile Parent LLC, 7.25%, 03/15/2032(a)
 
 
100,000
 
 
105,109
Trinity Industries, Inc., 7.75%, 07/15/2028(a)
 
 
100,000
 
 
104,174
Trivium Packaging Finance BV, 12.25%, 01/15/2031(a)
 
 
600,000
 
 
630,517
Vertiv Group Corp., 4.13%, 11/15/2028(a)
 
 
500,000
 
 
486,725
XPO, Inc., 7.13%, 06/01/2031(a)
 
 
500,000
 
 
517,746
 
 
 
 
14,473,529
Technology — 1.7%
 
 
 
 
CACI International, Inc., 6.38%, 06/15/2033(a)
 
 
400,000
 
 
409,516
Unisys Corp., 10.63%, 01/15/2031(a)
 
 
800,000
 
 
840,728
Zebra Technologies Corp., 6.50%, 06/01/2032(a)
 
 
700,000
 
 
718,093
 
 
 
 
1,968,337
Utilities — 1.1%
 
 
 
 
Atlantica Sustainable Infrastructure PLC, 4.13%, 06/15/2028(a)
 
 
250,000
 
 
241,626
NRG Energy, Inc., 6.25%, 11/01/2034(a)
 
 
500,000
 
 
507,026
Pike Corp., 8.63%, 01/31/2031(a)
 
 
225,000
 
 
242,233
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
60
 

TABLE OF CONTENTS

ANGEL OAK HIGH YIELD OPPORTUNITIES ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS — (Continued)
Utilities — (Continued)
Vistra Operations Co. LLC
 
 
 
 
7.75%, 10/15/2031(a)
 
 
$100,000
 
 
$105,917
6.88%, 04/15/2032(a)
 
 
250,000
 
 
259,918
 
 
 
 
1,356,720
TOTAL CORPORATE OBLIGATIONS
(Cost $105,656,656)
 
 
 
 
104,396,811
RESIDENTIAL MORTGAGE-BACKED SECURITIES — 4.6%
 
 
 
 
Bellemeade Re Ltd., Series 2024-1, Class B1, 9.90% (30 day avg SOFR US + 5.55%), 08/25/2034(a)
 
 
500,000
 
 
517,926
Citigroup Mortgage Loan Trust, Inc., Series 2024-1, Class B5, 6.72%, 07/25/2054(a)(c)
 
 
1,016,000
 
 
828,390
JP Morgan Mortgage Trust, Series 2020-3, Class B4, 3.83%, 08/25/2050(a)(c)
 
 
671,804
 
 
593,854
Morgan Stanley Residential Mortgage Loan Trust, Series 2024-3, Class B5, 6.79%, 07/25/2054(a)(c)
 
 
1,160,000
 
 
951,234
PRPM LLC, Series 2024-2, Class A2, 10.04%, 03/25/2029(a)(d)
 
 
500,000
 
 
515,050
Radnor RE Ltd., Series 2024-1, Class B1, 9.50% (30 day avg SOFR US + 5.15%), 09/25/2034(a)
 
 
500,000
 
 
521,290
Rate Mortgage Trust, Series 2024-J1, Class B5, 6.47%, 07/25/2054(a)(c)
 
 
929,000
 
 
713,073
Rithm Capital Corp., Series 2015-1A, Class B6, 5.19%, 05/28/2052(a)(c)
 
 
1,238,739
 
 
919,357
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
(Cost $5,700,701)
 
 
 
 
5,560,174
ASSET-BACKED SECURITIES — 4.0%
 
 
 
 
Automobile — 2.0%
 
 
 
 
CPS Auto Trust, Series 2024-B, Class E, 8.36%, 11/17/2031(a)
 
 
200,000
 
 
211,941
Exeter Automobile Receivables Trust
 
 
 
 
Series 2022-2A, Class E, 6.34%, 10/15/2029(a)
 
 
200,000
 
 
185,391
Series 2023-2A, Class E, 9.75%, 11/15/2030(a)
 
 
200,000
 
 
217,515
Huntington Bank Auto Credit-Linked Notes, Series 2024-1, Class D, 9.60% (30 day avg SOFR US + 5.25%), 05/20/2032(a)
 
 
140,206
 
 
143,554
Research-Driven Pagaya Motor Asset Trust, Series 2025-3A, Class E, 11.09%, 02/27/2034(a)
 
 
500,000
 
 
500,808
Strike Acceptance Auto Funding Trust, Series 2023-1A, Class A, 8.00%, 05/15/2026(a)
 
 
655,173
 
 
657,828
Tricolor Auto Securitization Trust, Series 2023-1A, Class F, 16.00%, 06/17/2030(a)
 
 
200,000
 
 
216,636
Veros Automobile Receivables Trust, Series 2024-1, Class D, 9.87%, 05/15/2031(a)
 
 
250,000
 
 
264,303
 
 
 
 
2,397,976
Consumer — 1.5%
 
 
 
 
Affirm, Inc.
 
 
 
 
Series 2023-B, Class E, 11.32%, 09/15/2028(a)
 
 
200,000
 
 
201,023
Series 2024-A, Class E, 9.17%, 02/15/2029(a)
 
 
100,000
 
 
100,938
Marlette Funding Trust, Series 2023-1A, Class D, 8.15%, 04/15/2033(a)
 
 
250,000
 
 
255,116
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
61
 

TABLE OF CONTENTS

ANGEL OAK HIGH YIELD OPPORTUNITIES ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
ASSET-BACKED SECURITIES — (Continued)
Consumer — (Continued)
Pagaya AI Debt Selection Trust
 
 
 
 
Series 2024-11, Class E, 10.33%, 07/15/2032(a)
 
 
$199,977
 
 
$204,959
Series 2025-1, Class E, 10.08%, 07/15/2032(a)
 
 
249,979
 
 
253,600
Series 2025-5, Class E, 9.70%, 03/15/2033(a)
 
 
500,000
 
 
505,626
Purchasing Power Funding, Series 2024-A, Class E,
10.18%, 08/15/2028(a)
 
 
200,000
 
 
202,312
Upstart Securitization Trust, Series 2023-1, Class C,
11.10%, 02/20/2033(a)
 
 
100,000
 
 
102,416
 
 
 
 
1,825,990
Equipment — 0.5%
 
 
 
 
Octane Receivables Trust
 
 
 
 
Series 2024-1A, Class E, 7.82%, 08/20/2031(a)
 
 
200,000
 
 
204,838
Series 2024-2A, Class E, 9.04%, 07/20/2032(a)
 
 
200,000
 
 
211,866
Series 2024-RVM1, Class E, 8.42%, 01/22/2046(a)
 
 
173,000
 
 
180,168
 
 
 
 
596,872
TOTAL ASSET-BACKED SECURITIES
(Cost $4,711,248)
 
 
 
 
4,820,838
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
COMMON STOCKS — 0.2%
 
 
 
 
Energy — 0.2%
 
 
 
 
Enviva Escrow(e)(f)
 
 
400,000
 
 
0
Enviva LLC(f)
 
 
14,555
 
 
287,461
 
 
 
 
287,461
TOTAL COMMON STOCKS
(Cost $502,758)
 
 
 
 
287,461
SHORT-TERM INVESTMENTS — 3.8%
 
 
 
 
Money Market Funds — 3.8%
 
 
 
 
First American Government Obligations Fund - Class U, 4.25%(g)
 
 
4,578,740
 
 
4,578,740
TOTAL SHORT-TERM INVESTMENTS
(Cost $4,578,740)
 
 
 
 
4,578,740
TOTAL INVESTMENTS — 99.2%
(Cost $121,150,103)
 
 
 
 
$119,644,024
Other Assets in Excess of Liabilities — 0.8%
 
 
 
 
978,742
TOTAL NET ASSETS — 100.0%
 
 
 
 
$120,622,766
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
CMT - Constant Maturity Treasury
LP - Limited Partnership
PIK - Payment in Kind
PLC - Public Limited Company
SOFR - Secured Overnight Financing Rate
See accompanying notes which are an integral part of these financial statements.
 
62
 

TABLE OF CONTENTS

ANGEL OAK HIGH YIELD OPPORTUNITIES ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
(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, 2025, the value of these securities total $103,773,620 or 86.0% 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, 2025.
(d)
Step coupon bond. The rate disclosed is as of July 31, 2025.
(e)
As of July 31, 2025, 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. These securities represented $0 or 0.0% of net assets as of July 31, 2025.
(f)
Non-income producing security. Income is not being accrued.
(g)
The rate shown represents the 7-day annualized yield as of July 31, 2025.
See accompanying notes which are an integral part of these financial statements.
 
63
 

TABLE OF CONTENTS

ANGEL OAK MORTGAGE-BACKED SECURITIES ETF
Schedule of Investments
July 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — 60.5%
 
 
 
 
ATLX Trust
 
 
 
 
Series 2024-RPL1, Class A2, 4.34%, 04/25/2064(a)(b)
 
 
$500,000
 
 
$484,372
Series 2024-RPL1, Class M1, 4.34%, 04/25/2064(a)(b)
 
 
500,000
 
 
475,879
BRAVO Residential Funding Trust, Series 2023-NQM2, Class A3, 4.50%, 05/25/2062(a)(c)
 
 
799,480
 
 
786,382
Chase Mortgage Finance Corp., Series 2024-8, Class A5A, 5.50%, 08/25/2055(a)(b)
 
 
2,500,005
 
 
2,417,195
Colony American Finance Ltd., Series 2020-4, Class D, 2.71%, 12/15/2052(a)
 
 
300,000
 
 
256,383
COLT Funding LLC
 
 
 
 
Series 2021-1, Class M1, 2.29%, 06/25/2066(a)(b)
 
 
1,179,000
 
 
857,658
Series 2021-3, Class M1, 2.30%, 09/27/2066(a)(b)
 
 
135,000
 
 
88,778
Series 2022-1, Class B2, 4.16%, 12/27/2066(a)(b)
 
 
1,300,000
 
 
1,103,194
Series 2022-2, Class B1, 3.96%, 02/25/2067(a)(b)
 
 
500,000
 
 
401,589
Series 2022-3, Class A1, 3.90%, 02/25/2067(a)(b)
 
 
5,641,385
 
 
5,615,474
Series 2022-3, Class B1, 4.22%, 02/25/2067(a)(b)
 
 
2,000,000
 
 
1,730,056
Credit Suisse Mortgage Capital Certificates
 
 
 
 
Series 2021-AFC1, Class M1, 2.19%, 03/25/2056(a)(b)
 
 
1,000,000
 
 
611,310
Series 2021-NQM2, Class M1, 2.28%, 02/25/2066(a)(b)
 
 
50,000
 
 
38,229
Series 2022-ATH2, Class B1, 4.98%, 05/25/2067(a)(b)
 
 
1,750,000
 
 
1,604,769
Series 2022-NQM4, Class A3, 4.82%, 06/25/2067(a)(c)
 
 
1,528,200
 
 
1,520,166
Deephaven Residential Mortgage Trust
 
 
 
 
Series 2021-2, Class M1, 2.22%, 04/25/2066(a)(b)
 
 
100,000
 
 
77,458
Series 2021-3, Class B1, 3.27%, 08/25/2066(a)(b)
 
 
700,000
 
 
528,480
Ellington Financial Mortgage Trust
 
 
 
 
Series 2021-1, Class B2, 4.14%, 02/25/2066(a)(b)
 
 
777,000
 
 
567,194
Series 2021-2, Class M1, 2.30%, 06/25/2066(a)(b)
 
 
139,000
 
 
94,531
Series 2021-3, Class B2, 4.29%, 09/25/2066(a)(b)
 
 
1,000,000
 
 
744,346
Series 2022-1, Class B1, 3.87%, 01/25/2067(a)(b)
 
 
750,000
 
 
560,234
Series 2022-4, Class B1, 5.90%, 09/25/2067(a)(b)
 
 
1,000,000
 
 
1,001,697
FIGRE Trust
 
 
 
 
Series 2024-HE1, Class D, 7.19%, 03/25/2054(a)(b)
 
 
179,551
 
 
184,817
Series 2025-HE1, Class D, 6.59%, 01/25/2055(a)(b)
 
 
2,000,000
 
 
2,041,014
GS Mortgage-Backed Securities Trust
 
 
 
 
Series 2021-MM1, Class A2, 2.50%, 04/25/2052(a)(b)
 
 
808,431
 
 
654,020
Series 2021-PJ9, Class A13, 2.00%, 02/26/2052(a)(b)
 
 
1,500,000
 
 
895,937
Imperial Fund Mortgage Trust, Series 2021-NQM1, Class A3, 1.62%, 06/25/2056(a)(b)
 
 
197,553
 
 
173,314
Invitation Homes Trust, Series 2024-SFR1, Class A,
4.00%, 09/17/2041(a)
 
 
998,290
 
 
974,708
JP Morgan Mortgage Trust
 
 
 
 
Series 2019-6, Class B3, 4.27%, 12/25/2049(a)(b)
 
 
84,124
 
 
78,337
Series 2020-3, Class B4, 3.83%, 08/25/2050(a)(b)
 
 
331,540
 
 
293,071
Series 2021-1, Class A3, 2.50%, 06/25/2051(a)(b)
 
 
1,372,646
 
 
1,110,409
Series 2021-12, Class A8, 2.50%, 02/25/2052(a)(b)
 
 
1,500,000
 
 
1,201,852
Series 2021-13, Class A5, 2.50%, 04/25/2052(a)(b)
 
 
1,500,000
 
 
986,511
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
64
 

TABLE OF CONTENTS

ANGEL OAK MORTGAGE-BACKED SECURITIES ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
Series 2021-4, Class A3, 2.50%, 08/25/2051(a)(b)
 
 
$1,016,845
 
 
$824,540
Series 2021-6, Class A4, 2.50%, 10/25/2051(a)(b)
 
 
923,953
 
 
815,295
Series 2023-4, Class 1A2, 6.00%, 11/25/2053(a)(b)
 
 
717,013
 
 
715,147
Series 2024-5, Class B4, 6.92%, 11/25/2054(a)(b)
 
 
394,546
 
 
369,091
Series 2024-INV1, Class A5A, 5.50%, 04/25/2055(a)(b)
 
 
2,500,000
 
 
2,433,250
Series 2025-CES2, Class M1, 6.24%, 06/25/2055(a)(c)
 
 
1,000,000
 
 
1,014,282
JP Morgan Wealth Management, Series 2020-ATR1, Class A5,
3.00%, 02/25/2050(a)(b)
 
 
1,949,610
 
 
1,687,405
Mello Mortgage Capital Acceptance, Series 2022-INV2, Class A15,
3.00%, 04/25/2052(a)(b)
 
 
2,029,267
 
 
1,712,845
MFRA Trust
 
 
 
 
Series 2021-RPL1, Class A2, 2.07%, 07/25/2060(a)(b)
 
 
500,000
 
 
424,588
Series 2021-RPL1, Class M2, 2.85%, 07/25/2060(a)(b)
 
 
1,000,000
 
 
842,409
Mill City Mortgage Trust, Series 2017-2, Class M3,
3.25%, 07/25/2059(a)(b)
 
 
160,000
 
 
150,661
Morgan Stanley Residential Mortgage Loan Trust
 
 
 
 
Series 2023-3, Class B4, 6.56%, 09/25/2053(a)(b)
 
 
250,000
 
 
209,747
Series 2024-3, Class A9, 6.00%, 07/25/2054(a)(b)
 
 
1,822,374
 
 
1,798,288
New Residential Mortgage Loan Trust, Series 2019-2A, Class B6,
4.74%, 12/25/2057(a)(b)
 
 
290,735
 
 
236,801
Onslow Bay Mortgage Loan Trust
 
 
 
 
Series 2021-J2, Class A1, 2.50%, 07/25/2051(a)(b)
 
 
759,744
 
 
609,819
Series 2021-J3, Class A7, 2.50%, 10/25/2051(a)(b)
 
 
1,500,000
 
 
986,043
Series 2021-NQM1, Class A1, 1.07%, 02/25/2066(a)(b)
 
 
654,096
 
 
554,125
Series 2021-NQM2, Class A3, 1.56%, 05/25/2061(a)(b)
 
 
581,807
 
 
480,121
Series 2022-INV1, Class A18, 3.00%, 12/25/2051(a)(b)
 
 
162,059
 
 
136,269
Pretium Mortgage Credit Partners LLC
 
 
 
 
Series 2025-RPL1, Class A1, 4.00%, 07/25/2069(a)(c)
 
 
1,896,740
 
 
1,854,735
Series 2025-RPL1, Class A2, 4.00%, 07/25/2069(a)(c)
 
 
2,000,000
 
 
1,889,770
Series 2025-RPL2, Class A2, 4.00%, 08/25/2064(a)(c)
 
 
2,000,000
 
 
1,889,518
PRPM LLC
 
 
 
 
Series 2024-2, Class A1, 7.03%, 03/25/2029(a)(c)
 
 
620,642
 
 
630,994
Series 2024-RCF2, Class A2, 3.75%, 03/25/2054(a)(c)
 
 
1,000,000
 
 
955,276
Series 2024-RCF4, Class M1, 4.00%, 07/25/2054(a)(c)
 
 
500,000
 
 
465,469
Series 2025-RCF1, Class A2, 4.50%, 02/25/2055(a)(c)
 
 
1,500,000
 
 
1,443,702
Series 2025-RCF1, Class A3, 4.50%, 02/25/2055(a)(c)
 
 
1,250,000
 
 
1,183,528
Rate Mortgage Trust
 
 
 
 
Series 2021-HB1, Class A1, 2.50%, 12/25/2051(a)(b)
 
 
1,228,170
 
 
995,898
Series 2021-J3, Class A25, 2.50%, 10/25/2051(a)(b)
 
 
500,000
 
 
320,066
RCKT Mortgage Trust, Series 2022-4, Class A2, 3.50%, 06/25/2052(a)(b)
 
 
716,685
 
 
623,905
Rithm Capital Corp., Series 2015-1A, Class B6, 5.19%, 05/28/2052(a)(b)
 
 
660,661
 
 
490,324
Saluda Grade Mortgage Funding LLC
 
 
 
 
Series 2022-SEQ2, Class A3, 4.50%, 02/25/2052(a)(b)
 
 
750,000
 
 
735,599
Series 2023-FIG4, Class A, 6.72%, 11/25/2053(a)(b)
 
 
719,016
 
 
736,965
SGR Residential Mortgage Trust
 
 
 
 
Series 2021-1, Class A3, 1.56%, 07/25/2061(a)(b)
 
 
2,158,561
 
 
1,815,071
Series 2021-1, Class M1, 2.50%, 07/25/2061(a)(b)
 
 
744,000
 
 
480,445
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
65
 

TABLE OF CONTENTS

ANGEL OAK MORTGAGE-BACKED SECURITIES ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
Series 2021-2, Class B2, 4.04%, 12/25/2061(a)(b)
 
 
$910,000
 
 
$652,427
Series 2022-1, Class A3, 3.68%, 03/27/2062(a)(b)
 
 
974,025
 
 
881,804
Starwood Mortgage Residential Trust
 
 
 
 
Series 2022-2, Class A1, 3.16%, 02/25/2067(a)(b)
 
 
1,424,167
 
 
1,359,252
Series 2022-3, Class A1, 4.16%, 03/25/2067(a)(b)
 
 
188,901
 
 
186,038
Series 2022-3, Class A3, 4.16%, 03/25/2067(a)(b)
 
 
944,503
 
 
878,080
Towd Point Mortgage Trust
 
 
 
 
Series 2020-4, Class M1, 2.88%, 10/25/2060(a)
 
 
565,000
 
 
444,760
Series 2024-4, Class A2, 4.50%, 10/27/2064(a)(b)
 
 
500,000
 
 
450,242
Series 2024-4, Class M1, 4.50%, 10/27/2064(a)(b)
 
 
500,000
 
 
436,619
VCAT Asset Securitization LLC, Series 2025-NPL1, Class A1, 5.88%, 01/25/2055(a)(c)
 
 
419,966
 
 
423,054
Verus Securitization Trust
 
 
 
 
Series 2021-3, Class B1, 3.20%, 06/25/2066(a)(b)
 
 
1,750,000
 
 
1,258,934
Series 2021-3, Class M1, 2.40%, 06/25/2066(a)(b)
 
 
1,000,000
 
 
736,393
Series 2021-5, Class M1, 2.33%, 09/25/2066(a)(b)
 
 
250,000
 
 
181,627
Series 2021-8, Class B1, 4.24%, 11/25/2066(a)(b)
 
 
1,000,000
 
 
860,243
Series 2022-2, Class B1, 4.27%, 02/25/2067(a)(b)
 
 
1,300,000
 
 
1,095,465
Series 2022-3, Class A3, 4.13%, 02/25/2067(a)(b)
 
 
206,680
 
 
192,851
Series 2022-4, Class B1, 4.76%, 04/25/2067(a)(b)
 
 
1,500,000
 
 
1,376,959
Series 2022-7, Class B1, 5.33%, 07/25/2067(a)(b)
 
 
1,600,000
 
 
1,576,973
Series 2022-INV1, Class B2, 5.79%, 08/25/2067(a)(b)
 
 
1,500,000
 
 
1,446,258
Vista Point Securitization Trust, Series 2024-CES2, Class A3, 5.91%, 10/25/2054(a)(c)
 
 
500,000
 
 
495,609
Wells Fargo Mortgage-Backed Securities Trust, Series 2021-2, Class A3, 2.50%, 06/25/2051(a)(b)
 
 
295,545
 
 
257,506
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
(Cost $77,999,757)
 
 
 
 
77,862,449
RESIDENTIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY — 44.1%
 
 
 
 
Federal Home Loan Mortgage Corp.
 
 
 
 
Pool QE8504, 5.00%, 08/01/2052
 
 
741,816
 
 
723,672
Pool QI4343, 4.50%, 04/01/2054
 
 
462,211
 
 
439,531
Pool QJ6122, 5.00%, 10/01/2054
 
 
1,903,907
 
 
1,853,769
Pool QJ6384, 5.50%, 10/01/2054
 
 
1,808,044
 
 
1,800,405
Pool QJ7063, 5.50%, 10/01/2054
 
 
2,418,241
 
 
2,415,581
Pool QJ7677, 5.50%, 11/01/2054
 
 
3,465,118
 
 
3,456,975
Pool QJ7705, 5.00%, 11/01/2054
 
 
1,959,150
 
 
1,911,231
Pool QJ7711, 5.00%, 11/01/2054
 
 
1,413,609
 
 
1,378,150
Pool QX0791, 5.50%, 12/01/2054
 
 
1,985,297
 
 
1,984,976
Pool QX1669, 5.00%, 12/01/2054
 
 
2,471,335
 
 
2,432,512
Pool RC1914, 2.00%, 06/01/2036
 
 
286,681
 
 
261,248
Pool SD0803, 3.00%, 01/01/2052
 
 
750,241
 
 
646,843
Pool SD4663, 6.00%, 01/01/2054
 
 
3,086,781
 
 
3,140,540
Pool SD5470, 5.00%, 03/01/2053
 
 
2,042,600
 
 
2,001,576
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
66
 

TABLE OF CONTENTS

ANGEL OAK MORTGAGE-BACKED SECURITIES ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY — (Continued)
Pool SD5781, 6.00%, 07/01/2054
 
 
$415,454
 
 
$423,793
Pool SD6141, 6.00%, 08/01/2054
 
 
1,938,105
 
 
1,967,921
Pool SD6443, 6.00%, 10/01/2053
 
 
1,389,383
 
 
1,411,050
Pool SD6591, 5.00%, 10/01/2054
 
 
1,394,750
 
 
1,358,021
Pool SD7029, 5.00%, 12/01/2054
 
 
485,651
 
 
477,718
Pool SD8160, 2.00%, 08/01/2051
 
 
2,054,200
 
 
1,616,216
Pool SD8243, 3.50%, 09/01/2052
 
 
297,069
 
 
265,573
Federal National Mortgage Association
 
 
 
 
Pool 000TBA, 5.00%, 08/15/2040
 
 
10,000,000
 
 
9,734,321
Pool BR0948, 2.00%, 04/01/2051
 
 
1,520,834
 
 
1,194,320
Pool BU1842, 2.00%, 01/01/2052
 
 
2,600,767
 
 
2,040,772
Pool CB3770, 3.50%, 06/01/2052
 
 
1,833,969
 
 
1,642,384
Pool DC5656, 5.00%, 11/01/2054
 
 
1,978,160
 
 
1,941,829
Pool DC6402, 5.00%, 11/01/2054
 
 
1,967,299
 
 
1,915,492
Pool FM6099, 2.00%, 02/01/2051
 
 
1,202,578
 
 
943,640
Pool FS3826, 3.00%, 01/01/2052
 
 
2,798,316
 
 
2,403,910
Pool FS9287, 5.50%, 09/01/2054
 
 
1,957,570
 
 
1,951,746
Pool MA4839, 4.00%, 12/01/2052
 
 
1,062,962
 
 
980,825
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY
(Cost $56,953,164)
 
 
 
 
56,716,540
RESIDENTIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER — 15.5%
 
 
 
 
Federal National Mortgage Association, Pool 000TBA,
5.50%, 08/15/2040
 
 
20,000,000
 
 
19,897,240
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER
(Cost $19,921,875)
 
 
 
 
19,897,240
COMMERCIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY — 0.2%
 
 
 
 
Federal Home Loan Mortgage Corp., Series 2019-KF58, Class B, 6.58% (30 day avg SOFR US + 2.26%), 01/25/2026(a)
 
 
253,287
 
 
252,262
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY
(Cost $252,021)
 
 
 
 
252,262
ASSET-BACKED SECURITIES — 0.0%(d)
 
 
 
 
Automobile — 0.0%(d)
 
 
 
 
Carvana Auto Receivables Trust, Series 2020-N1A, Class E, 5.20%, 07/15/2027(a)
 
 
38,472
 
 
38,448
TOTAL ASSET-BACKED SECURITIES
(Cost $38,213)
 
 
 
 
38,448
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
67
 

TABLE OF CONTENTS

ANGEL OAK MORTGAGE-BACKED SECURITIES ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Shares
 
 
Value  
SHORT-TERM INVESTMENTS — 2.7%
 
 
 
 
Money Market Funds — 2.7%
 
 
 
 
First American Government Obligations Fund - Class U, 4.25%(e)
 
 
3,535,388
 
 
$3,535,388
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,535,388)
 
 
 
 
3,535,388
TOTAL INVESTMENTS — 123.0%
(Cost $158,700,418)
 
 
 
 
158,302,327
Liabilities in Excess of Other Assets — (23.0)%
 
 
 
 
(29,575,502)
TOTAL NET ASSETS — 100.0%
 
 
 
 
$128,726,825
 
 
 
 
 
 
 
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, 2025, the value of these securities total $78,153,159 or 60.7% 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, 2025.
(c)
Step coupon bond. The rate disclosed is as of July 31, 2025.
(d)
Represents less than 0.05% of net assets.
(e)
The rate shown represents the 7-day annualized yield as of July 31, 2025.
See accompanying notes which are an integral part of these financial statements.
 
68
 

TABLE OF CONTENTS

ANGEL OAK MORTGAGE-BACKED SECURITIES ETF
Schedule of Open Futures Contracts
July 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Short Futures Contracts
 
 
Contracts Sold
 
 
Expiration
Date
 
 
Notional
Value
 
 
Value/Unrealized
Appreciation
(Depreciation)
U.S. Treasury 10 Year Notes
 
 
(165)
 
 
09/19/2025
 
 
​($18,325,312)
 
 
​($67,831)
U.S. Treasury 5 Year Notes
 
 
(67)
 
 
09/30/2025
 
 
(7,247,516 )
 
 
(1,620)
Total Unrealized Appreciation (Depreciation)
 
 
​($69,451)
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
69
 

TABLE OF CONTENTS

Angel Oak UltraShort Income ETF
Schedule of Investments
July 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
ASSET-BACKED SECURITIES — 28.8%
 
 
 
 
Automobile — 10.2%
AgoraCapital Auto Securities Trust, Series 2025-1A, Class A,
6.40%, 11/25/2032(a)
 
 
$ 1,371,545
 
 
$ 1,372,706
American Credit Acceptance Receivables Trust
Series 2022-4, Class D, 8.00%, 02/15/2029(a)
 
 
5,592,638
 
 
5,655,663
Series 2023-3, Class D, 6.82%, 10/12/2029(a)
 
 
4,315,000
 
 
4,392,864
Series 2024-2, Class D, 6.53%, 04/12/2030(a)
 
 
5,500,000
 
 
5,629,356
Arivo Acceptance Auto Loan Receivables Trust
Series 2022-1A, Class A, 3.93%, 05/15/2028(a)
 
 
10,931
 
 
10,915
Series 2022-2A, Class A, 6.90%, 01/16/2029(a)
 
 
102,991
 
 
103,866
Series 2024-1A, Class A, 6.46%, 04/17/2028(a)
 
 
268,057
 
 
269,889
Series 2025-1A, Class A2, 4.92%, 05/15/2029(a)(b)
 
 
1,000,000
 
 
999,976
Avid Automobile Receivables Trust, Series 2023-1, Class B,
7.12%, 03/15/2027(a)
 
 
20,563
 
 
20,572
Avis Budget Car Rental LLC
Series 2020-1A, Class D, 3.34%, 08/20/2026(a)
 
 
833,333
 
 
831,922
Series 2020-2A, Class C, 4.25%, 02/20/2027(a)
 
 
3,495,000
 
 
3,477,321
Series 2021-2A, Class A, 1.66%, 02/20/2028(a)
 
 
6,000,000
 
 
5,768,425
Series 2022-5A, Class B, 7.09%, 04/20/2027(a)
 
 
1,370,000
 
 
1,383,113
Series 2022-5A, Class C, 6.24%, 04/20/2027(a)
 
 
3,250,000
 
 
3,257,729
Series 2023-3A, Class C, 7.05%, 02/22/2028(a)
 
 
800,000
 
 
816,638
Series 2023-5A, Class A, 5.78%, 04/20/2028(a)
 
 
3,395,000
 
 
3,451,183
Carvana Auto Receivables Trust
Series 2020-N1A, Class E, 5.20%, 07/15/2027(a)
 
 
615,557
 
 
615,163
Series 2021-N2, Class B, 0.75%, 03/10/2028
 
 
360,506
 
 
350,020
Series 2021-N2, Class C, 1.07%, 03/10/2028
 
 
88,433
 
 
85,811
Series 2021-N3, Class C, 1.02%, 06/12/2028
 
 
27,791
 
 
26,805
CPS Auto Trust
Series 2022-D, Class D, 8.73%, 01/16/2029(a)
 
 
3,100,000
 
 
3,223,141
Series 2023-C, Class D, 6.77%, 10/15/2029(a)
 
 
7,300,000
 
 
7,482,170
DT Auto Owner Trust
Series 2022-1A, Class E, 5.53%, 03/15/2029(a)
 
 
2,000,000
 
 
1,992,313
Series 2022-2A, Class D, 5.46%, 03/15/2028(a)
 
 
4,260,000
 
 
4,264,247
Series 2023-2A, Class D, 6.62%, 02/15/2029(a)
 
 
1,245,000
 
 
1,273,621
Exeter Automobile Receivables Trust
Series 2022-3A, Class D, 6.76%, 09/15/2028
 
 
5,575,000
 
 
5,651,076
Series 2022-5A, Class D, 7.40%, 02/15/2029
 
 
5,050,000
 
 
5,139,916
FinBe USA Trust, Series 2025-1A, Class A, 5.70%, 12/15/2028(a)
 
 
469,643
 
 
469,990
Flagship Credit Auto Trust
Series 2021-3, Class D, 1.65%, 09/15/2027(a)
 
 
263,000
 
 
253,710
Series 2021-4, Class D, 2.26%, 12/15/2027(a)
 
 
392,000
 
 
370,873
Series 2022-2, Class C, 5.30%, 04/17/2028(a)
 
 
1,250,000
 
 
1,249,491
Series 2023-3, Class C, 6.01%, 07/16/2029(a)
 
 
585,000
 
 
594,066
GLS Auto Receivables Trust
Series 2022-3A, Class D, 6.42%, 06/15/2028(a)
 
 
4,400,000
 
 
4,452,659
Series 2023-3A, Class C, 6.01%, 05/15/2029(a)
 
 
1,892,000
 
 
1,906,921
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
70
 

TABLE OF CONTENTS

Angel Oak UltraShort Income ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
ASSET-BACKED SECURITIES — (Continued)
 
 
 
 
Automobile — (Continued)
 
 
 
 
Hertz Global Holdings, Inc.
Series 2023-1A, Class B, 6.22%, 06/25/2027(a)
 
 
$1,450,000
 
 
$1,457,012
Series 2023-1A, Class C, 6.91%, 06/25/2027(a)
 
 
3,000,000
 
 
3,022,975
Huntington Bank Auto Credit-Linked Notes, Series 2024-1, Class B1, 6.15%, 05/20/2032(a)
 
 
280,412
 
 
284,072
Lendbuzz Securitization Trust
Series 2023-1A, Class A2, 6.92%, 08/15/2028(a)
 
 
164,015
 
 
166,194
Series 2025-2A, Class A2, 5.18%, 05/15/2030(a)
 
 
500,000
 
 
501,033
Lobel Automobile Receivables Trust
Series 2023-1, Class C, 8.31%, 10/16/2028(a)
 
 
1,750,000
 
 
1,765,298
Series 2023-1, Class D, 8.00%, 03/15/2030(a)
 
 
4,250,000
 
 
4,332,741
Series 2023-2, Class A, 7.59%, 04/16/2029(a)
 
 
98,934
 
 
99,013
Series 2023-2, Class C, 10.04%, 06/15/2029(a)
 
 
1,000,000
 
 
1,041,305
Luxury Lease Partners Auto Lease Trust, Series 2024-4, Class A,
7.29%, 07/15/2030(a)
 
 
280,691
 
 
281,233
Prestige Auto Receivables Trust
Series 2024-1A, Class B, 5.71%, 05/15/2028(a)
 
 
1,000,000
 
 
1,002,979
Series 2025-1A, Class B, 5.34%, 11/15/2028(a)
 
 
5,000,000
 
 
5,027,893
Research-Driven Pagaya Motor Asset Trust
Series 2022-3A, Class B, 6.58%, 11/25/2030(a)
 
 
839,727
 
 
842,570
Series 2023-3A, Class A, 7.13%, 01/26/2032(a)
 
 
133,138
 
 
133,527
Series 2023-4A, Class A, 7.54%, 03/25/2032(a)
 
 
152,024
 
 
152,941
Series 2025-3A, Class A2, 5.15%, 02/27/2034(a)
 
 
4,500,000
 
 
4,520,526
Skopos Auto Receivable Trust, Series 2019-1A, Class E,
7.82%, 06/15/2026(a)
 
 
293,884
 
 
294,475
Strike Acceptance Auto Funding Trust, Series 2025-1A, Class A,
5.84%, 04/15/2032(a)
 
 
1,610,707
 
 
1,609,015
Tricolor Auto Securitization Trust, Series 2024-2A, Class A,
6.36%, 12/15/2027(a)
 
 
480,227
 
 
481,321
US Auto Funding Trust
Series 2022-1A, Class A, 3.98%, 10/15/2025(a)
 
 
7,885
 
 
7,858
Series 2022-1A, Class B, 5.13%, 12/15/2025(a)
 
 
50,000
 
 
21,174
Veros Automobile Receivables Trust
Series 2023-1, Class A, 7.12%, 11/15/2028(a)
 
 
12,984
 
 
12,993
Series 2024-1, Class A, 6.28%, 11/15/2027(a)
 
 
436,908
 
 
438,538
Series 2025-1, Class A, 5.31%, 09/15/2028(a)
 
 
856,967
 
 
858,061
Westlake Automobile Receivables Trust, Series 2025-2A, Class A2B,
0.00% (30 day avg SOFR US + 0.58%), 09/15/2028(a)
 
 
2,000,000
 
 
1,999,828
 
 
107,198,706
Consumer — 16.9%
ACHV ABS TRUST
Series 2023-1PL, Class D, 8.47%, 03/18/2030(a)
 
 
2,287,373
 
 
2,307,781
Series 2023-3PL, Class C, 7.35%, 08/19/2030(a)
 
 
13,185
 
 
13,192
Series 2023-3PL, Class D, 8.36%, 08/19/2030(a)
 
 
4,200,000
 
 
4,259,259
Series 2024-1PL, Class B, 6.34%, 04/25/2031(a)
 
 
393,098
 
 
397,623
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
71
 

TABLE OF CONTENTS

Angel Oak UltraShort Income ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
ASSET-BACKED SECURITIES — (Continued)
 
 
 
 
Consumer — (Continued)
 
 
 
 
Series 2024-1PL, Class C, 6.42%, 04/25/2031(a)
 
 
$523,154
 
 
$528,344
Series 2024-1PL, Class D, 7.29%, 04/25/2031(a)
 
 
3,332,068
 
 
3,383,265
Series 2024-2PL, Class B, 5.43%, 10/27/2031(a)
 
 
533,940
 
 
536,253
Series 2024-2PL, Class C, 5.72%, 10/27/2031(a)
 
 
2,990,412
 
 
2,994,920
Series 2024-3AL, Class C, 5.68%, 12/26/2031(a)
 
 
1,288,425
 
 
1,293,223
Series 2024-3AL, Class D, 6.75%, 12/26/2031(a)
 
 
4,000,000
 
 
4,033,913
Affirm, Inc.
Series 2023-B, Class 1B, 7.44%, 09/15/2028(a)
 
 
500,000
 
 
501,221
Series 2024-X1, Class C, 6.57%, 05/15/2029(a)
 
 
1,650,000
 
 
1,657,335
Bankers Healthcare Group, Inc., Series 2025-2CON, Class B,
5.17%, 09/17/2036(a)
 
 
1,500,000
 
 
1,499,646
Cherry Securitization Trust, Series 2025-1A, Class A,
6.13%, 11/15/2032(a)
 
 
2,000,000
 
 
2,018,271
FREED ABS Trust
Series 2021-3FP, Class D, 2.37%, 11/20/2028(a)
 
 
24,014
 
 
23,941
Series 2022-3FP, Class D, 7.36%, 08/20/2029(a)
 
 
1,066,186
 
 
1,071,918
Series 2022-4FP, Class D, 7.40%, 12/18/2029(a)
 
 
1,923,685
 
 
1,935,696
Lendingpoint Asset Securitization Trust, Series 2021-B, Class C,
3.21%, 02/15/2029(a)
 
 
1,476,313
 
 
1,450,394
LendingPoint Pass-Through Trust, Series 2022-ST2, Class A,
3.25%, 04/15/2028(a)
 
 
13,702
 
 
13,558
Marlette Funding Trust
Series 2023-1A, Class C, 7.20%, 04/15/2033(a)
 
 
8,487,000
 
 
8,535,064
Series 2023-3A, Class C, 7.06%, 09/15/2033(a)
 
 
2,700,000
 
 
2,719,961
Series 2023-4A, Class B, 8.15%, 12/15/2033(a)
 
 
1,755,000
 
 
1,825,877
Series 2025-1A, Class B, 4.95%, 07/16/2035(a)
 
 
2,000,000
 
 
1,997,558
Momnt Technologies Trust, Series 2023-1A, Class A,
6.92%, 03/20/2045(a)
 
 
352,281
 
 
352,305
NetCredit Funding LLC, Series 2024-A, Class A,
7.43%, 10/21/2030(a)
 
 
84,752
 
 
85,899
Oportun Financial Corp.
Series 2022-A, Class B, 5.25%, 06/09/2031(a)
 
 
6,750,000
 
 
6,749,558
Series 2024-2, Class B, 5.83%, 02/09/2032(a)
 
 
500,000
 
 
501,302
Series 2024-3, Class B, 5.48%, 08/15/2029(a)
 
 
2,000,000
 
 
2,000,785
Pagaya AI Debt Selection Trust
Series 2022-1, Class C, 4.89%, 10/15/2029(a)
 
 
3,255,823
 
 
3,228,954
Series 2022-5, Class A, 8.10%, 06/17/2030(a)
 
 
83,838
 
 
84,026
Series 2023-5, Class C, 9.10%, 04/15/2031(a)
 
 
1,068,434
 
 
1,074,810
Series 2023-7, Class ABC, 8.74%, 07/15/2031(a)(c)
 
 
1,162,995
 
 
1,168,818
Series 2023-7, Class C, 8.80%, 07/15/2031(a)
 
 
1,113,961
 
 
1,123,366
Series 2023-8, Class B, 7.96%, 06/16/2031(a)
 
 
5,718,004
 
 
5,826,306
Series 2023-8, Class C, 9.54%, 06/16/2031(a)
 
 
3,801,854
 
 
3,895,811
Series 2024-1, Class B, 7.11%, 07/15/2031(a)
 
 
2,842,109
 
 
2,869,463
Series 2024-1, Class C, 8.34%, 07/15/2031(a)
 
 
3,095,755
 
 
3,142,294
Series 2024-10, Class C, 5.99%, 06/15/2032(a)
 
 
4,169,957
 
 
4,178,235
Series 2024-11, Class B, 5.64%, 07/15/2032(a)
 
 
1,892,325
 
 
1,896,669
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
72
 

TABLE OF CONTENTS

Angel Oak UltraShort Income ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
ASSET-BACKED SECURITIES — (Continued)
 
 
 
 
Consumer — (Continued)
 
 
 
 
Series 2024-11, Class C, 5.87%, 07/15/2032(a)
 
 
$999,885
 
 
$1,002,468
Series 2024-2, Class B, 6.61%, 08/15/2031(a)
 
 
2,747,977
 
 
2,769,807
Series 2024-2, Class C, 7.57%, 08/15/2031(a)
 
 
2,321,689
 
 
2,346,575
Series 2024-3, Class A, 6.26%, 10/15/2031(a)
 
 
1,070,512
 
 
1,076,756
Series 2024-3, Class B, 6.57%, 10/15/2031(a)
 
 
3,506,080
 
 
3,530,392
Series 2024-3, Class C, 7.30%, 10/15/2031(a)
 
 
614,715
 
 
620,950
Series 2024-5, Class B, 6.60%, 10/15/2031(a)
 
 
1,296,935
 
 
1,309,152
Series 2024-6, Class B, 6.59%, 11/15/2031(a)
 
 
1,353,431
 
 
1,364,070
Series 2024-8, Class C, 6.03%, 01/15/2032(a)
 
 
711,915
 
 
713,858
Series 2024-8, Class D, 6.53%, 01/15/2032(a)
 
 
1,275,026
 
 
1,279,854
Series 2024-9, Class B, 5.31%, 03/15/2032(a)
 
 
3,615,789
 
 
3,609,647
Series 2024-9, Class D, 6.17%, 03/15/2032(a)
 
 
1,141,222
 
 
1,142,379
Series 2025-1, Class B, 5.63%, 07/15/2032(a)
 
 
1,999,829
 
 
2,006,685
Series 2025-1, Class C, 5.87%, 07/15/2032(a)
 
 
1,499,872
 
 
1,505,212
Series 2025-2, Class B, 5.33%, 10/15/2032(a)
 
 
1,624,829
 
 
1,623,831
Series 2025-2, Class C, 5.64%, 10/15/2032(a)
 
 
1,999,790
 
 
2,000,418
Series 2025-3, Class A2, 5.37%, 12/15/2032(a)
 
 
1,500,000
 
 
1,507,034
Series 2025-3, Class B, 6.06%, 12/15/2032(a)
 
 
1,500,000
 
 
1,515,606
Series 2025-4, Class B, 5.69%, 01/17/2033(a)
 
 
8,000,000
 
 
8,050,968
Series 2025-4, Class C, 6.15%, 01/17/2033(a)
 
 
3,000,000
 
 
3,012,938
Series 2025-5, Class A2, 5.11%, 03/15/2033(a)
 
 
5,997,930
 
 
6,006,680
Series 2025-5, Class B, 5.44%, 03/15/2033(a)
 
 
4,000,000
 
 
4,002,944
Series 2025-5, Class C, 5.64%, 03/15/2033(a)
 
 
3,500,000
 
 
3,503,502
Series 2025-R1, Class A2, 5.34%, 06/15/2032(a)
 
 
2,300,000
 
 
2,310,704
Series 2025-R1, Class B, 5.71%, 06/15/2032(a)
 
 
1,450,000
 
 
1,453,738
Pagaya Technologies Ltd.
Series 2025-1, Class A, 5.72%, 01/20/2034(a)
 
 
3,500,000
 
 
3,519,053
Series 2025-1, Class C, 6.30%, 01/20/2034(a)
 
 
1,000,000
 
 
1,006,699
Purchasing Power Funding, Series 2024-A, Class B,
6.43%, 08/15/2028(a)
 
 
600,000
 
 
604,112
RCKT Mortgage Trust, Series 2025-1A, Class B,
4.99%, 07/25/2034(a)
 
 
1,100,000
 
 
1,102,176
Reach Financial LLC
Series 2023-1A, Class C, 8.45%, 02/18/2031(a)
 
 
1,500,000
 
 
1,533,114
Series 2024-1A, Class B, 6.29%, 02/18/2031(a)
 
 
2,100,000
 
 
2,118,839
Series 2025-2A, Class A, 4.93%, 08/18/2032(a)
 
 
3,250,000
 
 
3,252,708
Sotheby’s Artfi Master Trust, Series 2024-1A, Class A1,
6.43%, 12/22/2031(a)
 
 
7,321,000
 
 
7,369,436
SpringCastle America LLC, Series 2020-AA, Class A,
1.97%, 09/25/2037(a)
 
 
736,102
 
 
691,803
Theorem Funding Trust
Series 2022-2A, Class B, 9.27%, 12/15/2028(a)
 
 
4,500,000
 
 
4,543,623
Series 2022-3A, Class B, 8.95%, 04/15/2029(a)
 
 
2,700,000
 
 
2,750,300
Upgrade Receivables Trust, Series 2024-1A, Class B,
5.77%, 02/18/2031(a)
 
 
2,000,000
 
 
2,004,949
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
73
 

TABLE OF CONTENTS

Angel Oak UltraShort Income ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
ASSET-BACKED SECURITIES — (Continued)
 
 
 
 
Consumer — (Continued)
 
 
 
 
Upstart Pass-Through Trust Series
Series 2021-ST4, Class A, 2.00%, 07/20/2027(a)
 
 
$32,798
 
 
$32,629
Series 2022-ST3, Class A, 4.30%, 05/20/2030(a)
 
 
313,600
 
 
311,497
Upstart Securitization Trust
Series 2021-2, Class C, 3.61%, 06/20/2031(a)
 
 
137,234
 
 
136,677
Series 2021-3, Class C, 3.28%, 07/20/2031(a)
 
 
487,627
 
 
483,440
Series 2025-1, Class A, 5.45%, 04/20/2035(a)
 
 
3,208,301
 
 
3,219,830
Series 2025-1, Class B, 6.33%, 04/20/2035(a)
 
 
1,000,000
 
 
1,014,879
 
 
178,138,746
Credit Card — 0.6%
American Express Travel Related Services Co., Inc.
Series 2022-3, Class A, 3.75%, 08/15/2027
 
 
3,000,000
 
 
2,998,795
Series 2023-1, Class A, 4.87%, 05/15/2028
 
 
2,000,000
 
 
2,008,079
Mercury Financial Credit Card Master Trust, Series 2024-2A, Class A, 6.56%, 07/20/2029(a)
 
 
1,500,000
 
 
1,510,143
 
 
6,517,017
Equipment — 0.6%
Octane Receivables Trust, Series 2022-2A, Class D,
7.70%, 02/20/2030(a)
 
 
6,000,000
 
 
6,175,119
Fiber — 0.5%
Frontier Communications Parent, Inc., Series 2023-1, Class A2,
6.60%, 08/20/2053(a)
 
 
5,000,000
 
 
5,065,574
TOTAL ASSET-BACKED SECURITIES
(Cost $302,595,676)
 
 
 
 
303,095,162
CORPORATE OBLIGATIONS — 17.5%
 
 
 
 
Basic Materials — 0.8%
Cabot Corp., 3.40%, 09/15/2026
 
 
2,250,000
 
 
2,220,091
Consolidated Energy Finance SA, 6.50%, 05/15/2026(a)
 
 
761,000
 
 
744,844
First Quantum Minerals Ltd., 6.88%, 10/15/2027(a)
 
 
852,000
 
 
854,049
FMC Corp., 3.20%, 10/01/2026
 
 
3,400,000
 
 
3,347,293
International Flavors & Fragrances, Inc., 1.23%, 10/01/2025(a)
 
 
1,066,000
 
 
1,058,814
Methanex Corp., 5.13%, 10/15/2027
 
 
350,000
 
 
348,516
 
 
8,573,607
Communications — 0.4%
Directv Financing LLC / Directv Financing Co.-Obligor, Inc.,
5.88%, 08/15/2027(a)
 
 
800,000
 
 
796,103
Juniper Networks, Inc., 1.20%, 12/10/2025
 
 
789,000
 
 
778,756
Nexstar Media, Inc., 5.63%, 07/15/2027(a)
 
 
450,000
 
 
449,408
Sprint LLC, 7.63%, 03/01/2026
 
 
2,522,000
 
 
2,541,209
 
 
4,565,476
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
74
 

TABLE OF CONTENTS

Angel Oak UltraShort Income ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS — (Continued)
Consumer, Cyclical — 3.1%
American Axle & Manufacturing, Inc., 6.50%, 04/01/2027
 
 
$800,000
 
 
$801,329
AutoNation, Inc., 4.50%, 10/01/2025
 
 
1,600,000
 
 
1,598,187
Beazer Homes USA, Inc., 5.88%, 10/15/2027
 
 
800,000
 
 
798,616
BorgWarner, Inc., 2.65%, 07/01/2027
 
 
2,000,000
 
 
1,932,171
Carnival Corp., 4.00%, 08/01/2028(a)
 
 
3,450,000
 
 
3,352,969
Delta Air Lines, Inc., 7.38%, 01/15/2026
 
 
850,000
 
 
858,877
Ford Motor Credit Co. LLC, 2.90%, 02/16/2028
 
 
3,400,000
 
 
3,191,488
General Motors Financial Co., Inc., 2.40%, 04/10/2028
 
 
3,400,000
 
 
3,209,216
Mattel, Inc., 3.38%, 04/01/2026(a)
 
 
2,000,000
 
 
1,975,553
Meritage Homes Corp., 5.13%, 06/06/2027
 
 
2,100,000
 
 
2,111,855
NCL Corp. Ltd., 5.88%, 03/15/2026(a)
 
 
80,000
 
 
80,347
Newell Brands, Inc., 8.50%, 06/01/2028(a)
 
 
800,000
 
 
840,299
Royal Caribbean Cruises Ltd., 4.25%, 07/01/2026(a)
 
 
2,126,000
 
 
2,118,733
Southwest Airlines Co., 3.00%, 11/15/2026
 
 
3,800,000
 
 
3,719,250
Toll Brothers Finance Corp., 4.88%, 03/15/2027
 
 
2,153,000
 
 
2,159,506
United Airlines, Inc., 4.38%, 04/15/2026(a)
 
 
3,400,000
 
 
3,381,940
 
 
32,130,336
Consumer, Non-cyclical — 1.0%
Ashtead Capital, Inc., 1.50%, 08/12/2026(a)
 
 
2,608,000
 
 
2,524,293
Block Financial LLC, 5.25%, 10/01/2025
 
 
1,400,000
 
 
1,400,274
Bunge Ltd. Finance Corp., 1.63%, 08/17/2025
 
 
125,000
 
 
124,807
Conagra Brands, Inc., 1.38%, 11/01/2027
 
 
3,350,000
 
 
3,113,424
HCA, Inc., 5.20%, 06/01/2028
 
 
2,050,000
 
 
2,085,372
Royalty Pharma PLC, 1.20%, 09/02/2025
 
 
1,655,000
 
 
1,649,346
 
 
10,897,516
Energy — 2.1%
Archrock Partners LP / Archrock Partners Finance Corp.,
6.88%, 04/01/2027(a)
 
 
850,000
 
 
852,703
Continental Resources, Inc., 2.27%, 11/15/2026(a)
 
 
3,400,000
 
 
3,292,329
EQT Corp.
3.13%, 05/15/2026(a)
 
 
1,907,000
 
 
1,879,970
3.90%, 10/01/2027
 
 
1,493,000
 
 
1,473,124
FTAI Infra Escrow Holdings LLC, 10.50%, 06/01/2027(a)
 
 
831,000
 
 
854,738
Occidental Petroleum Corp., 3.20%, 08/15/2026
 
 
3,100,000
 
 
3,048,779
ONEOK, Inc.
5.00%, 03/01/2026
 
 
100,000
 
 
100,109
4.85%, 07/15/2026
 
 
600,000
 
 
601,190
4.55%, 07/15/2028
 
 
2,000,000
 
 
2,002,888
Ovintiv, Inc., 5.38%, 01/01/2026
 
 
2,700,000
 
 
2,702,547
PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 02/15/2028
 
 
800,000
 
 
770,576
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.,
6.00%, 03/01/2027(a)
 
 
100,000
 
 
99,754
USA Compression Partners LP / USA Compression Finance Corp.,
6.88%, 09/01/2027
 
 
300,000
 
 
300,174
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
75
 

TABLE OF CONTENTS

Angel Oak UltraShort Income ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS — (Continued)
Energy — (Continued)
Venture Global LNG, Inc., 8.13%, 06/01/2028(a)
 
 
$800,000
 
 
$828,787
Western Midstream Operating LP, 4.75%, 08/15/2028
 
 
3,400,000
 
 
3,389,706
 
 
22,197,374
Financial — 5.4%
Aircastle Ltd.
5.25%, 08/11/2025(a)
 
 
1,450,000
 
 
1,450,000
2.85%, 01/26/2028(a)
 
 
3,400,000
 
 
3,246,093
Apollo Management Holdings LP, 4.40%, 05/27/2026(a)
 
 
600,000
 
 
598,378
Ares Capital Corp., 7.00%, 01/15/2027
 
 
3,400,000
 
 
3,501,198
Athene Global Funding, 5.62%, 05/08/2026(a)
 
 
1,300,000
 
 
1,310,960
Avolon Holdings Funding Ltd.
2.53%, 11/18/2027(a)
 
 
1,400,000
 
 
1,335,198
6.38%, 05/04/2028(a)
 
 
2,000,000
 
 
2,082,700
Barclays PLC, 5.20%, 05/12/2026
 
 
2,800,000
 
 
2,809,584
Blackstone Mortgage Trust, Inc., 3.75%, 01/15/2027(a)
 
 
800,000
 
 
780,095
Capital One Financial Corp., 4.20%, 10/29/2025
 
 
1,460,000
 
 
1,457,377
Capital One NA, 3.45%, 07/27/2026
 
 
2,400,000
 
 
2,375,560
Comerica, Inc., 3.80%, 07/22/2026
 
 
3,400,000
 
 
3,369,897
Fifth Third Bank NA, 3.85%, 03/15/2026
 
 
3,450,000
 
 
3,432,043
Freedom Mortgage Corp., 6.63%, 01/15/2027(a)
 
 
800,000
 
 
801,134
GGAM Finance Ltd., 8.00%, 02/15/2027(a)
 
 
250,000
 
 
257,630
Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/2027(a)
 
 
850,000
 
 
878,805
Global Payments, Inc., 4.80%, 04/01/2026
 
 
2,750,000
 
 
2,750,304
goeasy Ltd., 4.38%, 05/01/2026(a)
 
 
260,000
 
 
256,461
HAT Holdings I LLC / HAT Holdings II LLC, 3.38%, 06/15/2026(a)
 
 
1,541,000
 
 
1,513,008
Host Hotels & Resorts LP, 4.50%, 02/01/2026
 
 
1,050,000
 
 
1,048,002
Jefferson Capital Holdings LLC, 6.00%, 08/15/2026(a)
 
 
280,000
 
 
280,134
KeyBank NA, 3.40%, 05/20/2026
 
 
1,915,000
 
 
1,894,297
Lloyds Banking Group PLC
4.58%, 12/10/2025
 
 
2,000,000
 
 
1,999,017
4.65%, 03/24/2026
 
 
700,000
 
 
699,684
LPL Holdings, Inc.
5.70%, 05/20/2027
 
 
2,000,000
 
 
2,033,546
4.63%, 11/15/2027(a)
 
 
300,000
 
 
298,491
Manufacturers & Traders Trust Co., 3.40%, 08/17/2027
 
 
500,000
 
 
488,318
Nationstar Mortgage Holdings, Inc., 6.00%, 01/15/2027(a)
 
 
350,000
 
 
350,604
OneMain Finance Corp., 3.50%, 01/15/2027
 
 
400,000
 
 
390,611
PRA Group, Inc., 8.38%, 02/01/2028(a)
 
 
580,000
 
 
593,869
Radian Group, Inc., 4.88%, 03/15/2027
 
 
3,350,000
 
 
3,350,802
Starwood Property Trust, Inc., 4.38%, 01/15/2027(a)
 
 
300,000
 
 
295,112
Synchrony Bank, 5.63%, 08/23/2027
 
 
3,400,000
 
 
3,458,421
Truist Bank, 3.63%, 09/16/2025
 
 
1,600,000
 
 
1,597,089
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
76
 

TABLE OF CONTENTS

Angel Oak UltraShort Income ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS — (Continued)
Financial — (Continued)
United Wholesale Mortgage LLC
5.50%, 11/15/2025(a)
 
 
$200,000
 
 
$200,127
5.75%, 06/15/2027(a)
 
 
400,000
 
 
400,300
VICI Properties LP / VICI Note Co., Inc., 3.75%, 02/15/2027(a)
 
 
3,400,000
 
 
3,342,855
 
 
56,927,704
Industrial — 2.8%
Arrow Electronics, Inc.
7.50%, 01/15/2027
 
 
1,100,000
 
 
1,136,543
3.88%, 01/12/2028
 
 
2,300,000
 
 
2,254,426
Avnet, Inc.
4.63%, 04/15/2026
 
 
274,000
 
 
273,568
6.25%, 03/15/2028
 
 
3,126,000
 
 
3,243,488
Berry Global, Inc., 1.57%, 01/15/2026
 
 
2,250,000
 
 
2,216,103
Boeing Co.
2.75%, 02/01/2026
 
 
2,580,000
 
 
2,555,369
3.10%, 05/01/2026
 
 
832,000
 
 
822,086
Flex Ltd., 3.75%, 02/01/2026
 
 
1,050,000
 
 
1,044,639
GATX Corp.
3.25%, 09/15/2026
 
 
1,298,000
 
 
1,279,326
3.50%, 03/15/2028
 
 
670,000
 
 
652,779
Hexcel Corp., 4.20%, 02/15/2027
 
 
990,000
 
 
982,262
Jabil, Inc., 1.70%, 04/15/2026
 
 
500,000
 
 
490,226
Owens-Brockway Glass Container, Inc., 6.63%, 05/13/2027(a)
 
 
300,000
 
 
300,606
Penske Truck Leasing Co. Lp / PTL Finance Corp.,
5.75%, 05/24/2026(a)
 
 
440,000
 
 
443,181
Rolls-Royce PLC, 3.63%, 10/14/2025(a)
 
 
2,601,000
 
 
2,595,537
Sealed Air Corp., 1.57%, 10/15/2026(a)
 
 
3,400,000
 
 
3,266,121
Silgan Holdings, Inc., 1.40%, 04/01/2026(a)
 
 
3,025,000
 
 
2,958,390
Textron, Inc., 4.00%, 03/15/2026
 
 
2,400,000
 
 
2,390,595
 
 
28,905,245
Technology — 0.5%
CDW LLC / CDW Finance Corp.
2.67%, 12/01/2026
 
 
2,250,000
 
 
2,195,359
4.25%, 04/01/2028
 
 
500,000
 
 
495,304
Hewlett Packard Enterprise Co., 1.75%, 04/01/2026
 
 
2,700,000
 
 
2,650,217
 
 
5,340,880
Utilities — 1.4%
Edison International, 4.70%, 08/15/2025
 
 
1,450,000
 
 
1,449,806
National Fuel Gas Co., 5.50%, 10/01/2026
 
 
3,350,000
 
 
3,374,634
NRG Energy, Inc.
2.00%, 12/02/2025(a)
 
 
2,000,000
 
 
1,977,687
2.45%, 12/02/2027(a)
 
 
1,350,000
 
 
1,279,693
Pacific Gas and Electric Co., 3.15%, 01/01/2026
 
 
2,700,000
 
 
2,681,566
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
77
 

TABLE OF CONTENTS

Angel Oak UltraShort Income ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS — (Continued)
Utilities — (Continued)
Vistra Operations Co. LLC
5.05%, 12/30/2026(a)
 
 
$1,450,000
 
 
$1,453,584
3.70%, 01/30/2027(a)
 
 
1,950,000
 
 
1,923,856
 
 
14,140,826
TOTAL CORPORATE OBLIGATIONS
(Cost $183,191,513)
 
 
 
 
183,678,964
COLLATERALIZED LOAN OBLIGATIONS — 16.1%
 
 
 
 
AMMC CLO Ltd., Series 2016-18A, Class BR, 6.19% (3 mo. Term
SOFR + 1.86%), 05/26/2031(a)
 
 
1,250,000
 
 
1,251,336
Apidos CLO Ltd.
Series 2015-23A, Class ARR, 5.37% (3 mo. Term SOFR + 1.05%), 04/15/2033(a)
 
 
12,827,622
 
 
12,827,262
Series 2019-31A, Class A1R, 5.68% (3 mo. Term SOFR + 1.36%), 04/15/2031(a)
 
 
3,843,084
 
 
3,847,861
Assurant CLO Ltd.
Series 2018-2A, Class A, 5.63% (3 mo. Term SOFR + 1.30%), 04/20/2031(a)
 
 
680,806
 
 
680,970
Series 2018-2A, Class B1, 6.04% (3 mo. Term SOFR + 1.71%), 04/20/2031(a)
 
 
3,000,000
 
 
3,001,932
Atlas Senior Loan Fund Ltd., Series 2022-20A, Class XR, 5.48% (3 mo. Term SOFR + 1.15%), 10/19/2037(a)
 
 
1,400,000
 
 
1,399,972
BCRED BSL Static CLO Ltd., Series 2025-1A, Class AR, 5.54% (3 mo. Term SOFR + 1.25%), 07/24/2035(a)
 
 
3,000,000
 
 
2,999,358
Bean Creak CLO Ltd., Series 2015-1A, Class BR, 6.04% (3 mo. Term SOFR + 1.71%), 04/20/2031(a)
 
 
3,574,752
 
 
3,576,186
Black Diamond CLO Ltd., Series 2019-2A, Class A1AR, 5.64% (3 mo. Term SOFR + 1.32%), 07/23/2032(a)
 
 
7,434,567
 
 
7,441,979
Blackstone, Inc., Series 2018-1A, Class A1, 5.61% (3 mo. Term SOFR + 1.29%), 04/15/2031(a)
 
 
3,719,455
 
 
3,722,014
BlueMountain CLO Ltd., Series 2018-22A, Class A2, 5.98% (3 mo. Term SOFR + 1.66%), 07/15/2031(a)
 
 
4,500,000
 
 
4,504,320
Brightwood Capital MM, Series 2021-2A, Class C1, 7.48% (3 mo. Term SOFR + 3.16%), 11/15/2030(a)
 
 
3,000,000
 
 
3,002,580
Carlyle Group, Inc., Series 2014-1A, Class A1R2, 5.55% (3 mo. Term
SOFR + 1.23%), 04/17/2031(a)
 
 
6,360,269
 
 
6,363,283
CBAM Ltd., Series 2019-10A, Class A1R, 5.71% (3 mo. Term SOFR + 1.38%), 04/20/2032(a)
 
 
6,558,750
 
 
6,558,139
Fortress Credit Opportunities
Series 2025-31A, Class A1, 5.82% (3 mo. Term SOFR + 1.50%), 07/20/2033(a)
 
 
8,000,000
 
 
8,013,696
Series 2025-35A, Class A1, 5.73% (3 mo. Term SOFR + 1.40%), 07/20/2033(a)
 
 
6,150,000
 
 
6,150,000
Gallatin CLO Ltd., Series 2017-1A, Class A1R, 5.67% (3 mo. Term
SOFR + 1.35%), 07/15/2031(a)
 
 
2,289,950
 
 
2,290,910
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
78
 

TABLE OF CONTENTS

Angel Oak UltraShort Income ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
COLLATERALIZED LOAN OBLIGATIONS — (Continued)
 
 
 
 
Goldentree Loan Opportunities Ltd., Series 2016-12X, Class CR, 6.54%
(3 mo. Term SOFR + 2.21%), 07/21/2030(e)
 
 
$2,320,000
 
 
$2,326,468
Greywolf CLO Ltd.
Series 2018-1A, Class A2, 6.21% (3 mo. Term SOFR + 1.89%), 04/26/2031(a)
 
 
4,280,000
 
 
4,287,576
Series 2020-3RA, Class A1R2, 5.56% (3 mo. Term SOFR + 1.23%), 04/22/2033(a)
 
 
4,008,149
 
 
4,017,055
Highbridge Loan Management Ltd., Series 11A-17, Class BR, 6.07%
(3 mo. Term SOFR + 1.81%), 05/06/2030(a)
 
 
4,659,515
 
 
4,661,785
LJV I MM CLO LLC, Series 2022-1A, Class A1, 6.16% (3 mo. Term SOFR + 1.85%), 04/28/2034(a)
 
 
6,454,562
 
 
6,467,103
Madison Park Funding Ltd.
Series 2015-18A, Class ARR, 5.53% (3 mo. Term SOFR + 1.20%), 10/21/2030(a)
 
 
796,553
 
 
797,312
Series 2016-21A, Class AARR, 5.66% (3 mo. Term SOFR + 1.34%), 10/15/2032(a)
 
 
4,862,792
 
 
4,871,516
Series 2021-52A, Class X, 5.49% (3 mo. Term SOFR + 1.16%), 01/22/2035(a)
 
 
394,737
 
 
394,734
MP CLO Ltd., Series 2013-1A, Class BR, 6.24% (3 mo. Term SOFR + 1.91%), 10/20/2030(a)
 
 
1,422,674
 
 
1,420,381
OCP CLO Ltd.
Series 2014-5A, Class A1R, 5.66% (3 mo. Term SOFR + 1.34%), 04/26/2031(a)
 
 
124,570
 
 
124,608
Series 2017-13A, Class X, 5.43% (3 mo. Term SOFR + 1.10%), 11/26/2037(a)
 
 
1,666,667
 
 
1,666,633
Octagon Investment Partners Ltd.
Series 2013-1A, Class BR2, 5.98% (3 mo. Term SOFR + 1.66%), 01/25/2031(a)
 
 
5,309,500
 
 
5,313,498
Series 2016-1A, Class XRR, 5.62% (3 mo. Term SOFR + 1.30%), 04/24/2037(a)
 
 
4,342,105
 
 
4,355,904
Series 2018-1A, Class A1A, 5.65% (3 mo. Term SOFR + 1.32%), 01/20/2031(a)
 
 
808,536
 
 
808,901
Octagon Loan Funding, Series 2014-1A, Class ARR, 5.76% (3 mo. Term SOFR + 1.44%), 11/18/2031(a)
 
 
3,232,381
 
 
3,238,080
OZLM Ltd., Series 2019-24A, Class A1AR, 5.75% (3 mo. Term SOFR + 1.42%), 07/20/2032(a)
 
 
4,365,466
 
 
4,366,449
Parliament Funding, Series 2020-1A, Class BR, 6.24% (3 mo. Term
SOFR + 1.91%), 10/20/2031(a)
 
 
4,539,303
 
 
4,540,492
Race Point CLO Ltd., Series 2016-10A, Class B1R, 6.23% (3 mo. Term SOFR + 1.91%), 07/25/2031(a)
 
 
3,000,000
 
 
3,009,366
Romark CLO Ltd., Series 2021-5A, Class X, 5.58% (3 mo. Term SOFR + 1.26%), 01/15/2035(a)
 
 
631,579
 
 
631,568
Sound Point CLO Ltd.
Series 2014-1RA, Class A, 5.74% (3 mo. Term SOFR + 1.41%), 07/18/2031(a)
 
 
2,227,662
 
 
2,230,148
Series 2015-2A, Class ARRR, 5.80% (3 mo. Term SOFR + 1.47%), 07/20/2032(a)
 
 
5,725,268
 
 
5,731,812
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
79
 

TABLE OF CONTENTS

Angel Oak UltraShort Income ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
COLLATERALIZED LOAN OBLIGATIONS — (Continued)
 
 
 
 
Steele Creek CLO Ltd.
Series 2019-1A, Class ARR, 5.36% (3 mo. Term SOFR + 1.04%), 04/15/2032(a)
 
 
$2,095,437
 
 
$2,095,379
Series 2019-2A, Class ARR, 5.32% (3 mo. Term SOFR + 1.00%), 07/15/2032(a)
 
 
4,477,282
 
 
4,477,157
Symphony CLO Ltd., Series 2021-26A, Class AR, 5.67% (3 mo. Term SOFR + 1.34%), 04/20/2033(a)
 
 
2,717,129
 
 
2,721,666
THL Credit Lake Shore MM CLO Ltd.
Series 2019-2A, Class A1RR, 5.72% (3 mo. Term SOFR + 1.40%), 10/17/2031(a)
 
 
995,714
 
 
995,991
Series 2019-2A, Class BRR, 6.02% (3 mo. Term SOFR + 1.70%), 10/17/2031(a)
 
 
1,500,000
 
 
1,497,209
TIAA CLO Ltd., Series 2017-2A, Class A, 5.73% (3 mo. Term SOFR + 1.41%), 01/16/2031(a)
 
 
2,279,493
 
 
2,280,875
Upland CLO Ltd., Series 2016-1A, Class A2R, 6.24% (3 mo. Term
SOFR + 1.91%), 04/20/2031(a)
 
 
3,500,000
 
 
3,510,119
Venture CDO Ltd., Series 2018-32A, Class A1, 5.69% (3 mo. Term SOFR + 1.36%), 07/18/2031(a)
 
 
1,516,062
 
 
1,517,631
Voya CLO Ltd., Series 2022-3A, Class X, 5.93% (3 mo. Term SOFR + 1.60%), 10/20/2036(a)
 
 
550,000
 
 
549,987
Wind River CLO Ltd., Series 2014-1A, Class BRR, 6.19% (3 mo. Term SOFR + 1.86%), 07/18/2031(a)
 
 
5,976,004
 
 
5,980,923
Woodmont Trust, Series 2019-6A, Class BR, 6.43% (3 mo. Term SOFR + 2.11%), 07/15/2031(a)
 
 
1,000,000
 
 
1,002,948
TOTAL COLLATERALIZED LOAN OBLIGATIONS
(Cost $169,594,587)
 
 
 
 
169,523,072
COMMERCIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY — 14.8%
 
 
 
 
Federal Home Loan Mortgage Corp.
Pool WN1022, 2.10%, 11/01/2026
 
 
3,000,000
 
 
2,908,174
Series K052, Class A2, 3.15%, 11/25/2025
 
 
2,085,981
 
 
2,076,669
Series K053, Class A2, 3.00%, 12/25/2025
 
 
4,912,141
 
 
4,882,904
Series K055, Class A2, 2.67%, 03/25/2026
 
 
5,137,081
 
 
5,076,546
Series K056, Class A2, 2.53%, 05/25/2026
 
 
3,095,849
 
 
3,051,842
Series K059, Class A2, 3.12%, 09/25/2026(c)
 
 
1,940,000
 
 
1,912,945
Series K060, Class A2, 3.30%, 10/25/2026
 
 
692,000
 
 
682,604
Series K061, Class A2, 3.35%, 11/25/2026(c)
 
 
960,784
 
 
947,369
Series K062, Class A2, 3.41%, 12/25/2026
 
 
320
 
 
315
Series K070, Class A1, 3.03%, 04/25/2027
 
 
1,122,149
 
 
1,107,761
Series K734, Class A2, 3.21%, 02/25/2026
 
 
2,498,327
 
 
2,483,799
Series K735, Class A2, 2.86%, 05/25/2026
 
 
840,129
 
 
830,028
Series K736, Class A2, 2.28%, 07/25/2026
 
 
3,096,210
 
 
3,034,332
Series K737, Class A2, 2.53%, 10/25/2026
 
 
5,000,000
 
 
4,895,170
Series K-F100, Class AL, 4.56% (30 day avg SOFR US + 0.24%), 11/25/2027
 
 
5,035,744
 
 
5,010,551
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
80
 

TABLE OF CONTENTS

Angel Oak UltraShort Income ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
COMMERCIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY — (Continued)
 
 
 
 
Series K-F100, Class AS, 4.50% (30 day avg SOFR US + 0.18%), 01/25/2028
 
 
$4,065,462
 
 
$4,039,231
Series K-F101, Class AS, 4.52% (30 day avg SOFR US + 0.20%), 01/25/2031
 
 
70,012
 
 
69,269
Series K-F102, Class AS, 4.52% (30 day avg SOFR US + 0.20%), 01/25/2031
 
 
5,358,668
 
 
5,282,232
Series K-F104, Class AS, 4.57% (30 day avg SOFR US + 0.25%), 01/25/2031
 
 
2,663,145
 
 
2,649,971
Series K-F105, Class AS, 4.57% (30 day avg SOFR US + 0.25%), 02/25/2031
 
 
2,609,591
 
 
2,599,054
Series K-F106, Class AS, 4.57% (30 day avg SOFR US + 0.25%), 01/25/2031
 
 
2,066,499
 
 
2,041,614
Series K-F108, Class AS, 4.57% (30 day avg SOFR US + 0.25%), 02/25/2031
 
 
2,255,006
 
 
2,243,627
Series K-F109, Class AS, 4.56% (30 day avg SOFR US + 0.24%), 03/25/2031
 
 
313,095
 
 
310,902
Series K-F114, Class AS, 4.54% (30 day avg SOFR US + 0.22%), 05/25/2031
 
 
5,595,703
 
 
5,516,373
Series K-F115, Class AS, 4.53% (30 day avg SOFR US + 0.21%), 06/25/2031
 
 
5,166,754
 
 
5,091,800
Series K-F118, Class AS, 4.52% (30 day avg SOFR US + 0.20%), 07/25/2028
 
 
3,852,160
 
 
3,821,852
Series K-F121, Class AS, 4.50% (30 day avg SOFR US + 0.18%), 08/25/2028
 
 
4,808,314
 
 
4,766,284
Series KF123, Class AS, 4.52% (30 day avg SOFR US + 0.20%), 09/25/2028
 
 
4,136,912
 
 
4,102,066
Series KF124, Class AS, 4.54% (30 day avg SOFR US + 0.22%), 10/25/2031
 
 
445,586
 
 
442,348
Series KF125, Class AS, 4.54% (30 day avg SOFR US + 0.22%), 10/25/2028
 
 
1,371,334
 
 
1,360,436
Series KF129, Class AS, 4.57% (30 day avg SOFR US + 0.25%), 01/25/2029
 
 
2,903,235
 
 
2,881,559
Series KF130, Class AS, 4.61% (30 day avg SOFR US + 0.29%), 01/25/2029
 
 
1,927,125
 
 
1,922,197
Series KF133, Class AS, 4.69% (30 day avg SOFR US + 0.37%), 02/25/2029
 
 
930,529
 
 
926,899
Series KF134, Class AS, 4.73% (30 day avg SOFR US + 0.41%), 03/25/2032
 
 
1,044,875
 
 
1,043,254
Series KF136, Class AS, 4.73% (30 day avg SOFR US + 0.41%), 04/25/2032
 
 
745,651
 
 
741,561
Series KF141, Class AS, 4.89% (30 day avg SOFR US + 0.57%), 07/25/2032
 
 
870,781
 
 
873,931
Series KF155, Class AS, 4.99% (30 day avg SOFR US + 0.67%), 02/25/2030
 
 
206,474
 
 
207,837
Series KF160, Class AS, 5.02% (30 day avg SOFR US + 0.70%), 10/25/2030
 
 
572,299
 
 
576,004
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
81
 

TABLE OF CONTENTS

Angel Oak UltraShort Income ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
COMMERCIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY — (Continued)
 
Series KF166, Class AS, 4.92% (30 day avg SOFR US + 0.60%), 01/25/2032
 
 
$5,000,000
 
 
$5,014,390
Series KF37, Class A, 4.79% (30 day avg SOFR US + 0.47%), 09/25/2027
 
 
645,487
 
 
645,762
Series KF57, Class A, 4.97% (30 day avg SOFR US + 0.65%), 12/25/2028
 
 
171,519
 
 
172,387
Series KF59, Class A, 4.97% (30 day avg SOFR US + 0.65%), 02/25/2029
 
 
704,184
 
 
706,387
Series KF61, Class A, 4.96% (30 day avg SOFR US + 0.64%), 03/25/2029
 
 
725,942
 
 
728,204
Series KF67, Class A, 4.95% (30 day avg SOFR US + 0.63%), 08/25/2029
 
 
376,524
 
 
378,395
Series KF75, Class AS, 4.87% (SOFR 1M Historical Calendar Day Compounded + 0.55%), 12/25/2029
 
 
1,456,141
 
 
1,459,106
Series KF81, Class AS, 4.72% (30 day avg SOFR US + 0.40%), 06/25/2027
 
 
2,048,942
 
 
2,046,951
Series KF82, Class AS, 4.74% (30 day avg SOFR US + 0.42%), 06/25/2030
 
 
5,286,282
 
 
5,268,356
Series KF85, Class AS, 4.65% (30 day avg SOFR US + 0.33%), 08/25/2030
 
 
3,918,835
 
 
3,897,496
Series KF88, Class AL, 4.76% (30 day avg SOFR US + 0.44%), 09/25/2030
 
 
3,814,283
 
 
3,804,408
Series KF91, Class AS, 4.70% (30 day avg SOFR US + 0.38%), 10/25/2030
 
 
2,969,198
 
 
2,952,862
Series KF94, Class AL, 4.73% (30 day avg SOFR US + 0.41%), 11/25/2030
 
 
6,069,890
 
 
6,045,094
Series KF96, Class AL, 4.69% (30 day avg SOFR US + 0.37%), 12/25/2030
 
 
236,641
 
 
235,230
Series KF96, Class AS, 4.62% (30 day avg SOFR US + 0.30%), 11/25/2030
 
 
616,188
 
 
610,408
Series KF97, Class AS, 4.57% (30 day avg SOFR US + 0.25%), 12/25/2030
 
 
2,436,429
 
 
2,407,684
Series KF98, Class AL, 4.60% (30 day avg SOFR US + 0.28%), 12/25/2030
 
 
6,394,910
 
 
6,329,298
Series KJ21, Class A2, 3.70%, 09/25/2026
 
 
749,227
 
 
744,881
Federal National Mortgage Association
Pool AN0287, 2.95%, 11/01/2025
 
 
3,000,000
 
 
2,994,222
Pool AN0571, 3.10%, 01/01/2026
 
 
1,300,000
 
 
1,290,006
Pool AN1614, 2.47%, 06/01/2026
 
 
3,000,000
 
 
2,949,696
Pool AN3381, 2.52%, 10/01/2026
 
 
2,730,920
 
 
2,666,326
Pool BM7189, 3.03%, 10/01/2025(c)
 
 
189,986
 
 
189,213
Series 2015-M10, Class A2, 3.09%, 04/25/2027(c)
 
 
2,245,595
 
 
2,194,164
Series 2016-M3, Class A2, 2.70%, 02/25/2026
 
 
1,752,419
 
 
1,741,363
Series 2016-M9, Class A2, 2.29%, 06/25/2026
 
 
1,678,196
 
 
1,651,219
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
82
 

TABLE OF CONTENTS

Angel Oak UltraShort Income ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
COMMERCIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY — (Continued)
 
Series 2017-M15, Class ATS2, 3.16%, 11/25/2027(c)
 
 
$1,305,588
 
 
$1,274,901
Series 2019-M28, Class AV, 2.23%, 02/25/2027
 
 
3,058,004
 
 
3,004,388
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY
(Cost $156,113,501)
 
 
 
 
155,814,107
RESIDENTIAL MORTGAGE-BACKED SECURITIES — 10.5%
 
 
 
 
ATLX Trust, Series 2024-RPL1, Class A1, 3.85%, 04/25/2064(a)(d)
 
 
922,807
 
 
899,929
Bellemeade Re Ltd.
Series 2023-1, Class M1B, 8.60% (30 day avg SOFR US + 4.25%), 10/25/2033(a)
 
 
200,000
 
 
206,007
Series 2024-1, Class M1A, 6.50% (30 day avg SOFR US + 2.15%), 08/25/2034(a)
 
 
2,375,000
 
 
2,381,429
BRAVO Residential Funding Trust
Series 2021-NQM3, Class A1, 1.70%, 04/25/2060(a)(c)
 
 
4,424,545
 
 
4,130,728
Series 2022-NQM3, Class A3, 5.50%, 07/25/2062(a)(c)
 
 
368,096
 
 
375,688
Series 2023-NQM2, Class A3, 4.50%, 05/25/2062(a)(d)
 
 
799,480
 
 
786,382
Series 2024-NQM4, Class A1A, 4.35%, 01/25/2060(a)(d)
 
 
1,808,341
 
 
1,778,561
Series 2024-NQM4, Class A2, 4.35%, 01/25/2060(a)(d)
 
 
1,808,341
 
 
1,768,927
Series 2024-NQM4, Class A3, 4.35%, 01/25/2060(a)(d)
 
 
904,171
 
 
858,210
Series 2024-NQM8, Class A1B, 4.30%, 08/01/2053(a)(d)
 
 
1,874,295
 
 
1,826,971
Series 2025-NQM3, Class A3, 5.88%, 03/25/2065(a)(d)
 
 
950,149
 
 
950,683
Cascade Funding Mortgage Trust, Series 2024-NR1, Class A1,
6.41%, 11/25/2029(a)(d)
 
 
938,107
 
 
949,807
COLT Funding LLC
Series 2022-3, Class A1, 3.90%, 02/25/2067(a)(c)
 
 
697,954
 
 
694,748
Series 2025-7, Class A1, 5.47%, 06/25/2070(a)(d)
 
 
2,083,000
 
 
2,101,318
Colt Mortgage Loan Trust, Series 2025-1, Class A3, 6.08%, 01/25/2070(a)(d)
 
 
1,863,225
 
 
1,867,842
Connecticut Avenue Securities Trust
Series 2023-R08, Class 1M1, 5.85% (30 day avg SOFR US + 1.50%), 10/25/2043(a)
 
 
604,365
 
 
607,590
Series 2025-R01, Class 1A1, 5.30% (30 day avg SOFR US + 0.95%), 01/25/2045(a)
 
 
1,386,883
 
 
1,393,964
Series 2025-R03, Class 2A1, 5.80% (30 day avg SOFR US + 1.45%), 03/25/2045(a)
 
 
574,132
 
 
579,295
Series 2025-R05, Class 2A1, 5.32% (30 day avg SOFR US + 1.00%), 07/25/2045(a)
 
 
2,250,000
 
 
2,254,912
COOPR Residential Mortgage Trust
Series 2025-CES1, Class A1A, 5.65%, 05/25/2060(a)(d)
 
 
1,460,638
 
 
1,468,851
Series 2025-CES2, Class A1B, 5.60%, 06/25/2060(a)(d)
 
 
1,825,180
 
 
1,844,463
Credit Suisse Mortgage Capital Certificates, Series 2022-ATH1, Class A1A, 2.87%, 01/25/2067(a)(c)
 
 
2,068,532
 
 
1,992,952
Ellington Financial Mortgage Trust, Series 2025-CES1, Class A1B, 5.88%, 01/25/2060(a)(d)
 
 
2,354,306
 
 
2,374,207
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
83
 

TABLE OF CONTENTS

Angel Oak UltraShort Income ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
FIGRE Trust
Series 2024-HE4, Class A, 5.06%, 09/25/2054(a)(c)
 
 
$1,234,298
 
 
$1,238,087
Series 2024-SL1, Class A1, 5.75%, 07/25/2053(a)(c)
 
 
3,152,075
 
 
3,197,704
FirstKey Homes Trust, Series 2020-SFR2, Class B, 1.57%, 10/19/2037(a)
 
 
425,000
 
 
419,161
GCAT Trust
Series 2021-NQM2, Class A2, 1.24%, 05/25/2066(a)(c)
 
 
1,414,806
 
 
1,146,748
Series 2023-NQM2, Class A3, 6.60%, 11/25/2067(a)(d)
 
 
342,020
 
 
341,725
GS Mortgage-Backed Securities Trust
Series 2024-HE1, Class A1, 5.95% (30 day avg SOFR US + 1.60%), 08/25/2054(a)
 
 
1,058,169
 
 
1,068,814
Series 2025-HE1, Class A1, 6.09% (30 day avg SOFR US + 1.55%), 10/25/2055(a)
 
 
2,508,000
 
 
2,526,479
JP Morgan Mortgage Trust
Series 2023-4, Class 1A4A, 5.50%, 11/25/2053(a)(c)
 
 
829,414
 
 
827,514
Series 2023-HE1, Class A1, 6.10% (30 day avg SOFR US + 1.75%), 11/25/2053(a)
 
 
251,823
 
 
255,965
MFRA Trust, Series 2023-NQM4, Class A3, 6.78%, 12/25/2068(a)(d)
 
 
1,205,611
 
 
1,209,925
New York Mortgage Trust, Inc., Series 2025-CP1, Class A1, 3.75%, 11/25/2069(a)(c)
 
 
2,000,000
 
 
1,916,820
Oaktown Re, Series 2021-2, Class M1B, 7.25% (30 day avg SOFR US + 2.90%), 04/25/2034(a)
 
 
1,598,176
 
 
1,614,512
Onslow Bay Mortgage Loan Trust
Series 2024-NQM2, Class A3, 6.18%, 12/25/2063(a)(d)
 
 
1,018,603
 
 
1,017,859
Series 2025-NQM2, Class A3, 5.95%, 11/25/2064(a)(d)
 
 
1,179,160
 
 
1,179,960
Series 2025-NQM4, Class A3, 5.76%, 02/25/2055(a)(d)
 
 
1,869,671
 
 
1,874,594
Pretium Mortgage Credit Partners LLC
Series 2024-NPL4, Class A1, 7.00%, 07/25/2054(a)(d)
 
 
1,738,557
 
 
1,740,592
Series 2024-NPL5, Class A1, 5.96%, 09/25/2054(a)(d)
 
 
926,513
 
 
918,838
PRPM LLC
Series 2024-2, Class A1, 7.03%, 03/25/2029(a)(d)
 
 
775,802
 
 
788,742
Series 2024-NQM2, Class A1, 6.33%, 06/25/2069(a)(d)
 
 
1,203,456
 
 
1,220,347
Series 2024-NQM4, Class A3, 6.13%, 12/26/2069(a)(d)
 
 
1,850,765
 
 
1,864,268
Series 2024-RCF1, Class A1, 4.00%, 01/25/2054(a)(d)
 
 
748,971
 
 
733,087
Series 2024-RCF4, Class A1, 4.00%, 07/25/2054(a)(d)
 
 
639,097
 
 
626,248
Series 2024-RCF5, Class A1, 4.00%, 08/25/2054(a)(d)
 
 
1,599,999
 
 
1,571,254
Series 2025-NQM2, Class A3, 6.10%, 04/25/2070(a)(d)
 
 
979,290
 
 
975,561
Series 2025-NQM3, Class A1, 5.61%, 05/25/2070(a)(d)
 
 
2,500,000
 
 
2,519,765
Radnor RE Ltd., Series 2024-1, Class M1A, 6.35% (30 day avg SOFR US + 2.00%), 09/25/2034(a)
 
 
1,007,266
 
 
1,008,640
RCKT Mortgage Trust
Series 2024-CES1, Class M1, 6.57%, 02/25/2044(a)(c)
 
 
4,377,000
 
 
4,384,029
Series 2024-CES3, Class M1, 6.87%, 05/25/2044(a)(c)
 
 
4,090,000
 
 
4,162,622
Series 2025-CES7, Class A1B, 5.48%, 07/25/2055(a)(d)
 
 
3,000,000
 
 
3,021,522
Rithm Capital Corp., Series 2022-NQM4, Class A3,
5.00%, 06/25/2062(a)(d)
 
 
913,128
 
 
889,624
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
84
 

TABLE OF CONTENTS

Angel Oak UltraShort Income ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
Saluda Grade Mortgage Funding LLC, Series 2025-NPL1, Class A1, 7.12%, 01/25/2030(a)(d)
 
 
$1,069,646
 
 
$1,067,497
Sequoia Mortgage Trust, Series 2023-4, Class A10,
6.00%, 11/25/2053(a)(c)
 
 
259,333
 
 
259,918
SGR Residential Mortgage Trust, Series 2019-3, Class A1,
2.70%, 09/25/2059(a)(c)
 
 
51,805
 
 
51,425
Starwood Mortgage Residential Trust
Series 2021-2, Class A3, 1.43%, 05/25/2065(a)(c)
 
 
588,602
 
 
555,784
Series 2021-SFR2, Class F, 7.31% (1 mo. Term SOFR + 2.96%), 01/17/2039(a)
 
 
401,400
 
 
398,333
Series 2022-SFR3, Class A, 5.99% (1 mo. Term SOFR + 1.65%), 05/17/2039(a)
 
 
983,926
 
 
988,631
Towd Point Mortgage Trust
Series 2017-2, Class A2, 3.25%, 04/25/2057(a)(c)
 
 
15,323
 
 
15,343
Series 2019-HY3, Class A1A, 5.47% (1 mo. Term SOFR + 1.11%), 10/25/2059(a)
 
 
393,952
 
 
394,383
Series 2021-SJ2, Class A2, 2.50%, 12/25/2061(a)(c)
 
 
1,500,000
 
 
1,389,629
Series 2025-CRM1, Class A1, 5.80%, 01/25/2065(a)(d)
 
 
2,278,762
 
 
2,307,572
Verus Securitization Trust
Series 2022-3, Class A3, 4.13%, 02/25/2067(a)(c)
 
 
172,234
 
 
160,709
Series 2022-7, Class A3, 5.35%, 07/25/2067(a)(c)
 
 
707,963
 
 
716,218
Series 2022-8, Class A3, 6.13%, 09/25/2067(a)(d)
 
 
305,661
 
 
309,173
Series 2023-2, Class A2, 6.60%, 03/25/2068(a)(d)
 
 
572,283
 
 
573,384
Series 2025-2, Class A3, 5.66%, 03/25/2070(a)(d)
 
 
2,376,469
 
 
2,370,777
Series 2025-4, Class A3, 5.75%, 05/25/2070(a)(d)
 
 
1,602,381
 
 
1,613,066
Vista Point Securitization Trust
Series 2024-CES1, Class A1, 6.68%, 05/25/2054(a)(d)
 
 
4,051,978
 
 
4,122,118
Series 2024-CES2, Class A1, 5.25%, 10/25/2054(a)(d)
 
 
816,991
 
 
817,459
Series 2024-CES2, Class A2, 5.66%, 10/25/2054(a)(d)
 
 
2,000,000
 
 
1,997,684
Series 2024-CES3, Class A1, 5.68%, 01/25/2055(a)(d)
 
 
899,846
 
 
907,482
Series 2025-CES1, Class A1, 5.81%, 04/25/2055(a)(d)
 
 
3,762,272
 
 
3,804,274
Series 2025-CES1, Class A2, 0.00%, 04/25/2055(a)(d)
 
 
3,000,000
 
 
3,015,000
Series 2025-CES2, Class A1, 5.60%, 08/25/2055(a)(c)
 
 
2,050,000
 
 
2,064,354
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
(Cost $109,707,995)
 
 
 
 
110,254,683
RESIDENTIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER — 1.8%
 
 
 
 
Connecticut Avenue Securities Trust
Series 2024-R02, Class 1M1, 5.45% (30 day avg SOFR US + 1.10%), 02/25/2044(a)
 
 
1,163,270
 
 
1,167,635
Series 2024-R03, Class 2M1, 5.50% (30 day avg SOFR US + 1.15%), 03/25/2044(a)
 
 
1,179,434
 
 
1,182,476
Series 2024-R05, Class 2M1, 5.35% (30 day avg SOFR US + 1.00%), 07/25/2044(a)
 
 
1,420,358
 
 
1,422,371
Series 2024-R06, Class 1M1, 5.40% (30 day avg SOFR US + 1.05%), 09/25/2044(a)
 
 
1,093,313
 
 
1,094,810
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
85
 

TABLE OF CONTENTS

Angel Oak UltraShort Income ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER — (Continued)
Federal Home Loan Mortgage Corp.
Series 2016-SC02, Class M2, 3.64%, 10/25/2046(c)
 
 
$52,126
 
 
$50,510
Series 2022-DNA3, Class M1B, 7.25% (30 day avg SOFR US + 2.90%), 04/25/2042(a)
 
 
4,627,000
 
 
4,765,838
Series 2023-DNA1, Class M1A, 6.45% (30 day avg SOFR US + 2.10%), 03/25/2043(a)
 
 
1,218,785
 
 
1,239,727
Series 2023-HQA2, Class M1A, 6.35% (30 day avg SOFR US + 2.00%), 06/25/2043(a)
 
 
742,526
 
 
748,029
Series 2024-DNA1, Class M1, 5.70% (30 day avg SOFR US + 1.35%), 02/25/2044(a)
 
 
954,543
 
 
960,217
Series 2024-DNA2, Class A1, 5.60% (30 day avg SOFR US + 1.25%), 05/25/2044(a)
 
 
781,892
 
 
786,045
Series 2024-HQA2, Class M1, 5.55% (30 day avg SOFR US + 1.20%), 08/25/2044(a)
 
 
1,752,559
 
 
1,757,206
Series 2025-HQA1, Class A1, 5.30% (30 day avg SOFR US + 0.95%), 02/25/2045(a)
 
 
2,131,250
 
 
2,134,884
Series 2025-HQA1, Class M1, 5.50% (30 day avg SOFR US + 1.15%), 02/25/2045(a)
 
 
1,357,316
 
 
1,359,854
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES -
U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER
(Cost $18,641,342)
 
 
 
 
18,669,602
COMMERCIAL MORTGAGE-BACKED SECURITIES — 1.3%
 
 
 
 
ACREC Trust, Series 2021-FL1, Class AS, 5.96% (1 mo. Term SOFR + 1.61%), 10/16/2036(a)
 
 
700,000
 
 
700,077
Arbor Realty Collateralized Loan Obligation Ltd., Series 2025-BTR1, Class A, 6.28% (1 mo. Term SOFR + 1.93%), 01/20/2041(a)
 
 
1,000,000
 
 
1,004,778
BrightSpire Capital, Inc., Series 2021-FL1, Class AS, 6.07% (1 mo. Term SOFR + 1.71%), 08/19/2038(a)
 
 
2,000,000
 
 
1,988,916
Commercial Mortgage Pass Through Certificates, Series 2025-SBX, Class B, 5.73%, 08/10/2041(a)(b)(c)
 
 
3,000,000
 
 
3,006,441
KREF Ltd., Series 2021-FL2, Class A, 5.53% (1 mo. Term SOFR + 1.18%), 02/15/2039(a)
 
 
732,041
 
 
730,560
MF1 Multifamily Housing Mortgage Loan Trust
Series 2021-FL5, Class C, 6.16% (1 mo. Term SOFR + 1.81%), 07/15/2036(a)
 
 
1,000,000
 
 
1,000,898
Series 2021-FL7, Class AS, 5.91% (1 mo. Term SOFR + 1.56%), 10/16/2036(a)
 
 
3,500,000
 
 
3,506,909
TPG Real Estate Finance Issuer Ltd., Series 2022-FL5, Class AS,
6.49% (1 mo. Term SOFR + 2.15%), 02/15/2039(a)
 
 
500,000
 
 
501,010
Wells Fargo Commercial Mortgage Trust, Series 2025-VTT, Class C, 5.83%, 03/15/2038(a)(c)
 
 
1,000,000
 
 
996,358
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $13,330,558)
 
 
 
 
13,435,947
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
86
 

TABLE OF CONTENTS

Angel Oak UltraShort Income ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Shares
 
 
Value  
COMMON STOCKS — 0.3%
 
 
 
 
Financial — 0.3%
 
 
Citigroup, Inc.
 
 
2,850,000
 
 
$2,849,181
TOTAL COMMON STOCKS
(Cost $2,847,772)
 
 
 
 
2,849,181
SHORT-TERM INVESTMENTS — 10.4%
 
 
 
 
Money Market Funds — 10.4%
 
 
 
 
First American Government Obligations Fund - Class U, 4.25%(f)
 
 
108,740,666
 
 
108,740,666
TOTAL SHORT-TERM INVESTMENTS
(Cost $108,740,666)
 
 
 
 
108,740,666
TOTAL INVESTMENTS — 101.5%
(Cost $1,064,763,610)
 
 
 
 
1,066,061,384
Liabilities in Excess of Other Assets — (1.5)%
 
 
 
 
(16,036,701)
TOTAL NET ASSETS — 100.0%
 
 
 
 
$1,050,024,683
 
 
 
 
 
 
 
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 pursuant to 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, 2025, the value of these securities total $658,797,228 or 62.7% 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, 2025.
(d)
Step coupon bond. The rate disclosed is as of July 31, 2025.
(e)
Security is exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. As of July 31, 2025, the value of these securities total $2,326,468 or 0.2% of the Fund’s net assets.
(f)
The rate shown represents the 7-day annualized yield as of July 31, 2025.
See accompanying notes which are an integral part of these financial statements.
 
87
 

TABLE OF CONTENTS

Angel Oak Income ETF
Schedule of Open Futures Contracts
July 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Short Futures Contracts
 
 
Contracts Sold
 
 
Expiration
Date
 
 
Notional
Value
 
 
Value/Unrealized
Appreciation
(Depreciation)
U.S. Treasury 2 Year Notes
 
 
(71)
 
 
09/30/2025
 
 
​($14,695,891)
 
 
$65,205
 
 
 
 
 
 
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
88
 

TABLE OF CONTENTS

ANGEL OAK INCOME ETF
Schedule of Investments
July 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — 31.4%
 
 
 
 
ATLX Trust
 
 
 
 
Series 2024-RPL1, Class A2, 4.34%, 04/25/2064(a)(b)
 
 
$1,700,000
 
 
$1,646,863
Series 2024-RPL1, Class M1, 4.34%, 04/25/2064(a)(b)
 
 
5,000,000
 
 
4,758,795
Bellemeade Re Ltd.
 
 
 
 
Series 2023-1, Class B1, 11.05% (30 day avg SOFR US + 6.70%), 10/25/2033(a)
 
 
200,000
 
 
214,483
Series 2023-1, Class M1B, 8.60% (30 day avg SOFR US + 4.25%), 10/25/2033(a)
 
 
1,000,000
 
 
1,030,035
Series 2024-1, Class M2, 8.95% (30 day avg SOFR US + 4.60%), 08/25/2034(a)
 
 
900,000
 
 
935,602
BRAVO Residential Funding Trust
 
 
 
 
Series 2021-NQM2, Class A2, 1.28%, 03/25/2060(a)(b)
 
 
140,196
 
 
135,058
Series 2024-NQM4, Class A2, 4.35%, 01/25/2060(a)(c)
 
 
452,085
 
 
442,232
Series 2024-NQM4, Class A3, 4.35%, 01/25/2060(a)(c)
 
 
904,171
 
 
858,210
Cascade Funding Mortgage Trust
 
 
 
 
Series 2024-NR1, Class A1, 6.41%, 11/25/2029(a)(c)
 
 
938,107
 
 
949,807
Series 2024-R1, Class M1, 4.00%, 10/25/2054(a)(c)
 
 
1,000,000
 
 
919,207
Chase Mortgage Finance Corp.
 
 
 
 
Series 2024-4, Class B4, 6.17%, 03/25/2055(a)(b)
 
 
2,018,606
 
 
1,853,872
Series 2024-5, Class B4, 6.25%, 04/25/2055(a)(b)
 
 
1,884,154
 
 
1,730,925
Colony American Finance Ltd., Series 2020-4, Class D, 2.71%, 12/15/2052(a)
 
 
300,000
 
 
256,383
COLT Funding LLC
 
 
 
 
Series 2021-5, Class B1, 4.24%, 11/26/2066(a)(b)
 
 
3,500,000
 
 
2,974,282
Series 2021-HX1, Class B3A, 4.14%, 10/25/2066(a)(b)
 
 
2,000,000
 
 
1,481,250
Series 2022-1, Class B2, 4.16%, 12/27/2066(a)(b)
 
 
3,300,000
 
 
2,800,416
Series 2022-3, Class B1, 4.22%, 02/25/2067(a)(b)
 
 
2,000,000
 
 
1,730,056
Series 2022-4, Class A2, 4.50%, 03/25/2067(a)(b)
 
 
501,753
 
 
480,513
Series 2022-4, Class B1, 4.70%, 03/25/2067(a)(b)
 
 
2,000,000
 
 
1,779,842
Series 2022-5, Class B1, 4.73%, 03/25/2067(a)(b)
 
 
1,250,000
 
 
1,158,088
Series 2025-5, Class B1, 7.44%, 05/25/2070(a)(b)
 
 
500,000
 
 
499,592
Credit Suisse Mortgage Capital Certificates
 
 
 
 
Series 2021-NQM6, Class A3, 1.59%, 07/25/2066(a)(b)
 
 
145,890
 
 
118,708
Series 2022-ATH2, Class B1, 4.98%, 05/25/2067(a)(b)
 
 
2,500,000
 
 
2,292,527
Series 2022-ATH2, Class B2, 4.98%, 05/25/2067(a)(b)
 
 
3,000,000
 
 
2,562,549
Series 2022-NQM4, Class A3, 4.82%, 06/25/2067(a)(c)
 
 
196,603
 
 
195,569
Deephaven Residential Mortgage Trust
 
 
 
 
Series 2021-2, Class B1, 3.17%, 04/25/2066(a)(b)
 
 
400,000
 
 
302,943
Series 2021-2, Class B2, 3.93%, 04/25/2066(a)(b)
 
 
1,300,000
 
 
1,036,363
Series 2021-3, Class B1, 3.27%, 08/25/2066(a)(b)
 
 
2,948,000
 
 
2,225,657
Series 2021-3, Class B2, 4.13%, 08/25/2066(a)(b)
 
 
1,000,000
 
 
775,245
Series 2022-1, Class B1, 4.26%, 01/25/2067(a)(b)
 
 
1,750,000
 
 
1,486,648
Series 2022-3, Class A3, 5.30%, 07/25/2067(a)(b)
 
 
246,233
 
 
248,371
Series 2022-3, Class B1, 5.27%, 07/25/2067(a)(b)
 
 
1,243,000
 
 
1,171,204
Ellington Financial Mortgage Trust
 
 
 
 
Series 2021-1, Class B2, 4.14%, 02/25/2066(a)(b)
 
 
1,000,000
 
 
729,980
Series 2021-2, Class B1, 3.20%, 06/25/2066(a)(b)
 
 
2,315,000
 
 
1,659,774
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
89
 

TABLE OF CONTENTS

ANGEL OAK INCOME ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
Series 2021-2, Class M1, 2.30%, 06/25/2066(a)(b)
 
 
$700,000
 
 
$476,057
Series 2021-3, Class B2, 4.29%, 09/25/2066(a)(b)
 
 
1,500,000
 
 
1,116,519
Series 2022-1, Class B1, 3.87%, 01/25/2067(a)(b)
 
 
1,250,000
 
 
933,724
Series 2022-4, Class B1, 5.90%, 09/25/2067(a)(b)
 
 
1,500,000
 
 
1,502,545
Series 2024-CES1, Class B1, 7.04%, 01/26/2060(a)(b)
 
 
1,000,000
 
 
996,067
Series 2024-CES1, Class B2, 8.03%, 01/26/2060(a)(b)
 
 
1,000,000
 
 
1,012,150
Series 2024-NQM1, Class B3, 7.60%, 11/25/2069(a)(b)
 
 
400,000
 
 
375,451
Series 2025-INV2, Class B1, 7.47%, 05/26/2070(a)(b)
 
 
1,000,000
 
 
988,438
Series 2025-INV2, Class B2, 7.47%, 05/26/2070(a)(b)
 
 
1,000,000
 
 
941,939
Series 2025-NQM1, Class B2, 7.45%, 01/25/2070(a)(b)
 
 
1,804,000
 
 
1,725,371
FIGRE Trust
 
 
 
 
Series 2024-HE1, Class D, 7.19%, 03/25/2054(a)(b)
 
 
718,204
 
 
739,269
Series 2024-HE4, Class C, 5.30%, 09/25/2054(a)(b)
 
 
887,872
 
 
879,734
GCAT Trust
 
 
 
 
Series 2021-NQM2, Class A3, 1.50%, 05/25/2066(a)(b)
 
 
193,284
 
 
157,484
Series 2022-NQM2, Class A3, 4.21%, 02/25/2067(a)(b)
 
 
752,605
 
 
697,832
Series 2025-NQM2, Class B1, 7.20%, 04/25/2070(a)(b)
 
 
1,000,000
 
 
985,096
GS Mortgage-Backed Securities Trust
 
 
 
 
Series 2021-MM1, Class A2, 2.50%, 04/25/2052(a)(b)
 
 
808,431
 
 
654,020
Series 2024-PJ7, Class B4, 6.69%, 11/25/2054(a)(b)
 
 
1,529,000
 
 
1,298,256
Series 2024-PJ8, Class B5, 6.90%, 02/25/2055(a)(b)
 
 
1,262,000
 
 
1,120,050
Series 2024-PJ8, Class B6, 6.90%, 02/25/2055(a)(b)
 
 
1,734,641
 
 
1,243,229
Series 2024-RPL4, Class M1, 4.00%, 09/25/2061(a)(b)
 
 
1,500,000
 
 
1,415,595
Invitation Homes Trust, Series 2024-SFR1, Class A,
4.00%, 09/17/2041(a)
 
 
998,290
 
 
974,708
JP Morgan Mortgage Trust
 
 
 
 
Series 2014-2, Class B2, 3.40%, 06/25/2029(a)(b)
 
 
21,186
 
 
20,490
Series 2019-INV3, Class B5, 4.36%, 05/25/2050(a)(b)
 
 
1,626,679
 
 
1,436,131
Series 2020-3, Class B4, 3.83%, 08/25/2050(a)(b)
 
 
331,540
 
 
293,071
Series 2020-4, Class B2, 3.64%, 11/25/2050(a)(b)
 
 
1,150,626
 
 
1,011,037
Series 2023-6, Class A3, 5.50%, 12/26/2053(a)(b)
 
 
1,068,467
 
 
1,056,912
Series 2023-6, Class B4, 6.17%, 12/26/2053(a)(b)
 
 
517,522
 
 
431,168
Series 2023-7, Class B4, 6.23%, 02/25/2054(a)(b)
 
 
1,035,500
 
 
819,619
Series 2024-1, Class B6, 5.81%, 06/25/2054(a)(b)
 
 
2,285,608
 
 
1,469,733
Series 2024-10, Class B4, 6.98%, 03/25/2055(a)(b)
 
 
3,520,553
 
 
3,309,478
Series 2024-10, Class B5, 6.98%, 03/25/2055(a)(b)
 
 
1,421,000
 
 
1,204,425
Series 2024-9, Class B5, 7.00%, 02/25/2055(a)(b)
 
 
1,339,000
 
 
1,139,901
Series 2025-CCM1, Class A2, 5.50%, 06/25/2055(a)(b)
 
 
3,276,536
 
 
3,244,538
Series 2025-CES2, Class M1, 6.24%, 06/25/2055(a)(c)
 
 
1,500,000
 
 
1,521,423
L Street Securities, Series 2015-WF1, Class 1M2, 9.71% (30 day avg SOFR US + 5.36%), 11/25/2025(a)
 
 
27,694
 
 
28,077
Legacy Mortgage Asset Trust, Series 2021-GS3, Class A1,
5.75%, 07/25/2061(a)(c)
 
 
931,790
 
 
939,259
Mello Mortgage Capital Acceptance, Series 2022-INV2, Class A15,
3.00%, 04/25/2052(a)(b)
 
 
405,853
 
 
342,569
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
90
 

TABLE OF CONTENTS

ANGEL OAK INCOME ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
MFRA Trust
 
 
 
 
Series 2021-INV2, Class B1, 4.39%, 11/25/2056(a)(b)
 
 
$1,329,000
 
 
$1,126,642
Series 2021-NQM2, Class A3, 1.47%, 11/25/2064(a)(b)
 
 
362,058
 
 
316,726
Morgan Stanley Residential Mortgage Loan Trust, Series 2023-3, Class B4, 6.56%, 09/25/2053(a)(b)
 
 
1,198,000
 
 
1,005,109
New Residential Mortgage LLC, Series 2025-FHT1, Class A, 6.55%, 03/25/2032(a)(c)
 
 
927,925
 
 
929,618
New Residential Mortgage Loan Trust
 
 
 
 
Series 2017-5A, Class B4, 6.03%, 06/25/2057(a)(b)
 
 
245,145
 
 
243,340
Series 2019-2A, Class B6, 4.74%, 12/25/2057(a)(b)
 
 
1,431,312
 
 
1,165,788
Oaktown Re, Series 2021-2, Class M1B, 7.25% (30 day avg SOFR US + 2.90%), 04/25/2034(a)
 
 
1,420,601
 
 
1,435,122
Onslow Bay Mortgage Loan Trust
 
 
 
 
Series 2019-EXP1, Class 1A3, 4.00%, 01/25/2059(a)(b)
 
 
69,490
 
 
68,812
Series 2021-J2, Class A1, 2.50%, 07/25/2051(a)(b)
 
 
1,519,487
 
 
1,219,638
Pretium Mortgage Credit Partners LLC
 
 
 
 
Series 2024-NPL4, Class A1, 7.00%, 07/25/2054(a)(c)
 
 
869,278
 
 
870,296
Series 2024-NPL6, Class A1, 5.93%, 10/25/2054(a)(c)
 
 
872,911
 
 
873,045
Series 2024-NPL7, Class A1, 5.93%, 10/25/2054(a)(c)
 
 
927,761
 
 
930,849
Series 2025-RPL1, Class A2, 4.00%, 07/25/2069(a)(c)
 
 
1,500,000
 
 
1,417,328
Progress Residential Trust, Series 2023-SFR2, Class D,
4.50%, 10/17/2040(a)
 
 
200,000
 
 
193,158
PRPM LLC
 
 
 
 
Series 2022-NQM1, Class B1, 5.41%, 08/25/2067(a)(b)
 
 
1,500,000
 
 
1,476,756
Series 2024-2, Class A1, 7.03%, 03/25/2029(a)(c)
 
 
775,802
 
 
788,742
Series 2024-2, Class A2, 10.04%, 03/25/2029(a)(c)
 
 
1,500,000
 
 
1,545,150
Series 2024-5, Class A1, 5.69%, 09/25/2029(a)(c)
 
 
436,699
 
 
440,104
Series 2024-7, Class A1, 5.87%, 11/25/2029(a)(c)
 
 
853,660
 
 
856,596
Series 2024-RCF1, Class M1, 4.00%, 01/25/2054(a)(c)
 
 
250,000
 
 
235,861
Series 2024-RCF2, Class A3, 3.75%, 03/25/2054(a)(c)
 
 
2,000,000
 
 
1,881,502
Series 2024-RCF4, Class M1, 4.00%, 07/25/2054(a)(c)
 
 
1,850,000
 
 
1,722,237
Series 2025-2, Class A1, 6.47%, 05/25/2030(a)(c)
 
 
1,431,965
 
 
1,443,505
Series 2025-NQM2, Class A3, 6.10%, 04/25/2070(a)(c)
 
 
3,917,159
 
 
3,902,243
Series 2025-NQM2, Class B1, 7.88%, 04/25/2070(a)(b)
 
 
1,000,000
 
 
1,019,934
Series 2025-RPL4, Class A3, 3.00%, 05/25/2055(a)(c)
 
 
2,000,000
 
 
1,780,380
Radnor RE Ltd.
 
 
 
 
Series 2024-1, Class M1C, 7.85% (30 day avg SOFR US + 3.50%), 09/25/2034(a)
 
 
500,000
 
 
507,661
Series 2024-1, Class M2, 8.35% (30 day avg SOFR US + 4.00%), 09/25/2034(a)
 
 
1,000,000
 
 
1,030,120
Rate Mortgage Trust, Series 2021-J3, Class A25, 2.50%, 10/25/2051(a)(b)
 
 
500,000
 
 
320,066
RCKT Mortgage Trust, Series 2022-4, Class A2, 3.50%, 06/25/2052(a)(b)
 
 
2,468,582
 
 
2,149,007
Rithm Capital Corp.
 
 
 
 
Series 2015-1A, Class B6, 5.19%, 05/28/2052(a)(b)
 
 
854,388
 
 
634,103
Series 2021-NQM3, Class B1, 3.40%, 11/27/2056(a)(b)
 
 
2,000,000
 
 
1,594,908
Series 2022-SFR2, Class E2, 4.00%, 09/04/2039(a)
 
 
700,000
 
 
666,564
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
91
 

TABLE OF CONTENTS

ANGEL OAK INCOME ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
Saluda Grade Mortgage Funding LLC
 
 
 
 
Series 2020-SEQ1, Class A1, 3.32%, 05/25/2050(a)(b)
 
 
$134,637
 
 
$130,838
Series 2023-FIG3, Class A, 7.07%, 08/25/2053(a)(b)
 
 
684,525
 
 
699,752
Series 2023-FIG4, Class A, 6.72%, 11/25/2053(a)(b)
 
 
1,438,032
 
 
1,473,930
Series 2025-NPL1, Class A1, 7.12%, 01/25/2030(a)(c)
 
 
2,852,388
 
 
2,846,658
Series 2025-NPL1, Class A2, 9.05%, 01/25/2030(a)(c)
 
 
500,000
 
 
497,417
Series 2025-NPL2, Class A1, 7.77%, 05/25/2030(a)(c)
 
 
3,004,368
 
 
3,023,374
Sequoia Mortgage Trust
 
 
 
 
Series 2018-2, Class A19, 3.50%, 02/25/2048(a)(b)
 
 
162,517
 
 
144,559
Series 2023-2, Class B4, 5.02%, 03/25/2053(a)(b)
 
 
1,402,591
 
 
1,238,126
Series 2023-4, Class B4, 6.05%, 11/25/2053(a)(b)
 
 
1,441,053
 
 
1,217,106
Series 2024-2, Class B4, 6.22%, 03/25/2054(a)(b)
 
 
1,432,910
 
 
1,268,425
SGR Residential Mortgage Trust
 
 
 
 
Series 2021-1, Class A3, 1.56%, 07/25/2061(a)(b)
 
 
1,467,282
 
 
1,233,795
Series 2021-2, Class A1, 1.74%, 12/25/2061(a)(b)
 
 
342,645
 
 
290,828
Series 2021-2, Class A2, 1.94%, 12/25/2061(a)(b)
 
 
553,482
 
 
445,513
Series 2021-2, Class B2, 4.04%, 12/25/2061(a)(b)
 
 
910,000
 
 
652,427
Starwood Mortgage Residential Trust
 
 
 
 
Series 2019-INV1, Class B1, 3.66%, 09/27/2049(a)(b)
 
 
500,000
 
 
463,679
Series 2021-1, Class B1, 3.52%, 05/25/2065(a)(b)
 
 
600,000
 
 
511,127
Series 2021-3, Class M1, 2.49%, 06/25/2056(a)(b)
 
 
1,000,000
 
 
745,969
Series 2022-3, Class A3, 4.16%, 03/25/2067(a)(b)
 
 
944,503
 
 
878,080
Towd Point Mortgage Trust
 
 
 
 
Series 2017-6, Class B4, 3.33%, 10/25/2057(a)(b)
 
 
3,000,000
 
 
2,061,939
Series 2018-5, Class B3, 3.48%, 07/25/2058(a)(b)
 
 
2,000,000
 
 
1,326,872
Series 2019-1, Class B2, 3.79%, 03/25/2058(a)(b)
 
 
2,000,000
 
 
1,532,346
Series 2021-SJ2, Class A2, 2.50%, 12/25/2061(a)(b)
 
 
2,000,000
 
 
1,852,838
Tricon American Homes Trust, Series 2020-SFR1, Class D,
2.55%, 07/17/2038(a)
 
 
200,000
 
 
194,773
VCAT Asset Securitization LLC, Series 2025-NPL1, Class A1,
5.88%, 01/25/2055(a)(c)
 
 
419,966
 
 
423,054
Verus Securitization Trust
 
 
 
 
Series 2021-1, Class M1, 1.97%, 01/25/2066(a)(b)
 
 
1,926,000
 
 
1,386,056
Series 2021-3, Class B2, 3.96%, 06/25/2066(a)(b)
 
 
1,257,000
 
 
898,217
Series 2021-3, Class M1, 2.40%, 06/25/2066(a)(b)
 
 
1,500,000
 
 
1,104,590
Series 2021-4, Class A3, 1.35%, 07/25/2066(a)(b)
 
 
596,510
 
 
486,433
Series 2021-6, Class M1, 2.94%, 10/25/2066(a)(b)
 
 
290,000
 
 
210,315
Series 2021-7, Class B1, 4.14%, 10/25/2066(a)(b)
 
 
400,000
 
 
317,580
Series 2021-8, Class B1, 4.24%, 11/25/2066(a)(b)
 
 
2,000,000
 
 
1,720,486
Series 2022-2, Class B1, 4.27%, 02/25/2067(a)(b)
 
 
3,800,000
 
 
3,202,127
Series 2022-3, Class A3, 4.13%, 02/25/2067(a)(b)
 
 
2,066,803
 
 
1,928,507
Series 2022-3, Class B2, 4.07%, 02/25/2067(a)(b)
 
 
1,500,000
 
 
1,139,896
Series 2022-4, Class B1, 4.76%, 04/25/2067(a)(b)
 
 
4,500,000
 
 
4,130,878
Series 2022-7, Class B1, 5.33%, 07/25/2067(a)(b)
 
 
1,100,000
 
 
1,084,169
Series 2022-7, Class B2, 5.33%, 07/25/2067(a)(b)
 
 
1,325,000
 
 
1,298,648
Series 2022-8, Class A3, 6.13%, 09/25/2067(a)(c)
 
 
305,661
 
 
309,173
Series 2022-INV1, Class B1, 5.79%, 08/25/2067(a)(b)
 
 
1,500,000
 
 
1,467,156
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
92
 

TABLE OF CONTENTS

ANGEL OAK INCOME ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — (Continued)
Series 2022-INV1, Class B2, 5.79%, 08/25/2067(a)(b)
 
 
$2,730,000
 
 
$2,632,190
Series 2023-INV1, Class M1, 7.49%, 02/25/2068(a)(b)
 
 
126,000
 
 
128,013
Series 2025-4, Class B1, 7.44%, 05/25/2070(a)(b)
 
 
1,000,000
 
 
1,014,899
Series 2025-4, Class B2, 7.44%, 05/25/2070(a)(b)
 
 
1,000,000
 
 
965,408
Vista Point Securitization Trust
 
 
 
 
Series 2024-CES1, Class B2, 10.35%, 05/25/2054(a)(b)
 
 
1,000,000
 
 
1,051,967
Series 2024-CES2, Class A3, 5.91%, 10/25/2054(a)(c)
 
 
500,000
 
 
495,608
Series 2024-CES2, Class B1, 7.50%, 10/25/2054(a)(b)
 
 
1,000,000
 
 
1,018,287
Series 2024-CES3, Class B1, 7.83%, 01/25/2055(a)(b)
 
 
1,250,000
 
 
1,266,367
Series 2025-CES2, Class B1, 7.06%, 08/25/2055(a)(c)
 
 
1,000,000
 
 
1,006,774
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
(Cost $173,363,179)
 
 
 
 
173,150,493
ASSET-BACKED SECURITIES — 21.8%
 
 
 
 
Automobile — 13.0%
 
 
 
 
AgoraCapital Auto Securities Trust
 
 
 
 
Series 2025-1A, Class B, 7.27%, 11/25/2032(a)
 
 
1,000,000
 
 
1,007,126
Series 2025-1A, Class C, 10.17%, 11/25/2032(a)
 
 
500,000
 
 
505,086
Arivo Acceptance Auto Loan Receivables Trust, Series 2025-1A, Class D, 5.82%, 01/15/2032(a)(d)
 
 
500,000
 
 
499,923
Avis Budget Car Rental LLC
 
 
 
 
Series 2021-2A, Class D, 4.08%, 02/20/2028(a)
 
 
2,000,000
 
 
1,931,840
Series 2023-2A, Class D, 7.26%, 10/20/2027(a)
 
 
1,500,000
 
 
1,506,590
Series 2023-4A, Class D, 7.31%, 06/20/2029(a)
 
 
2,250,000
 
 
2,278,675
Series 2023-7A, Class D, 7.31%, 08/21/2028(a)
 
 
1,000,000
 
 
1,009,671
Bridgecrest Lending Auto Securitization Trust, Series 2023-1, Class E, 10.37%, 07/15/2030(a)
 
 
2,000,000
 
 
2,226,181
CarNow Auto Receivables Trust, Series 2022-1A, Class D,
5.79%, 09/15/2027(a)
 
 
738,045
 
 
714,861
Carvana Auto Receivables Trust
 
 
 
 
Series 2021-N4, Class E, 4.53%, 09/11/2028(a)
 
 
3,270,335
 
 
3,182,499
Series 2023-N2, Class E, 9.94%, 04/10/2030(a)
 
 
1,000,000
 
 
1,064,790
Series 2023-N3, Class E, 9.49%, 09/10/2030(a)
 
 
2,411,000
 
 
2,569,800
Series 2024-P2, Class D, 6.10%, 06/10/2031
 
 
375,000
 
 
384,633
CPS Auto Trust
 
 
 
 
Series 2022-C, Class E, 9.08%, 04/15/2030(a)
 
 
1,000,000
 
 
1,046,916
Series 2022-D, Class E, 12.12%, 06/17/2030(a)
 
 
1,000,000
 
 
1,106,247
Series 2024-A, Class E, 8.42%, 08/15/2031(a)
 
 
5,200,000
 
 
5,488,722
Series 2024-B, Class E, 8.36%, 11/17/2031(a)
 
 
1,500,000
 
 
1,589,556
Series 2024-C, Class E, 8.04%, 03/15/2032(a)
 
 
500,000
 
 
525,738
Series 2025-B, Class E, 7.95%, 03/15/2033(a)
 
 
3,000,000
 
 
3,130,031
Exeter Automobile Receivables Trust
 
 
 
 
Series 2022-1A, Class E, 5.02%, 10/15/2029(a)
 
 
3,000,000
 
 
2,939,242
Series 2022-5A, Class E, 10.45%, 04/15/2030(a)
 
 
1,000,000
 
 
1,052,615
Series 2022-6A, Class E, 11.61%, 06/17/2030(a)
 
 
2,000,000
 
 
2,198,301
Series 2023-2A, Class E, 9.75%, 11/15/2030(a)
 
 
1,000,000
 
 
1,087,575
Series 2024-1A, Class E, 7.89%, 08/15/2031(a)
 
 
1,000,000
 
 
1,048,493
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
93
 

TABLE OF CONTENTS

ANGEL OAK INCOME ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
ASSET-BACKED SECURITIES — (Continued)
Automobile — (Continued)
Series 2024-2A, Class E, 7.98%, 10/15/2031(a)
 
 
$1,354,000
 
 
$1,422,730
Series 2024-3A, Class E, 7.84%, 10/15/2031(a)
 
 
2,505,000
 
 
2,625,712
Series 2024-5A, Class E, 7.22%, 05/17/2032(a)
 
 
2,414,000
 
 
2,482,751
Series 2025-1A, Class E, 7.48%, 09/15/2032(a)
 
 
2,000,000
 
 
2,062,248
FHF Trust, Series 2024-3A, Class D, 6.01%, 12/15/2031(a)
 
 
1,000,000
 
 
1,003,242
FinBe USA Trust, Series 2025-1A, Class B, 6.60%, 12/16/2030(a)
 
 
1,000,000
 
 
1,004,864
Flagship Credit Auto Trust, Series 2024-1, Class E,
8.60%, 05/15/2031(a)
 
 
585,000
 
 
599,019
GLS Auto Receivables Trust
 
 
 
 
Series 2023-1A, Class E, 11.42%, 03/15/2030(a)
 
 
1,000,000
 
 
1,102,257
Series 2023-3A, Class E, 9.27%, 08/15/2030(a)
 
 
1,500,000
 
 
1,611,593
Series 2023-4A, Class E, 9.72%, 08/15/2030(a)
 
 
1,000,000
 
 
1,091,330
Series 2024-3A, Class E, 7.25%, 06/16/2031(a)
 
 
1,000,000
 
 
1,032,037
Series 2025-2A, Class E, 7.73%, 06/15/2032(a)
 
 
1,410,000
 
 
1,471,261
Hertz Global Holdings, Inc.
 
 
 
 
Series 2021-2A, Class D, 4.34%, 12/27/2027(a)
 
 
1,000,000
 
 
964,300
Series 2022-2A, Class D, 5.16%, 06/26/2028(a)
 
 
1,000,000
 
 
956,764
Huntington Bank Auto Credit-Linked Notes, Series 2024-1, Class D,
9.60% (30 day avg SOFR US + 5.25%), 05/20/2032(a)
 
 
280,412
 
 
287,109
JPMorgan Chase Bank NA, Series 2021-2, Class G,
8.48%, 12/26/2028(a)
 
 
473,097
 
 
474,168
Kinetic Advantage Master Owner Trust, Series 2024-1A, Class A,
6.99% (30 day avg SOFR US + 2.65%), 11/15/2027(a)
 
 
500,000
 
 
501,347
Lobel Automobile Receivables Trust, Series 2023-2, Class D,
11.00%, 09/16/2030(a)
 
 
1,000,000
 
 
1,067,821
Luxury Lease Partners Auto Lease Trust, Series 2024-4, Class A,
7.29%, 07/15/2030(a)
 
 
400,987
 
 
401,762
Prestige Auto Receivables Trust
 
 
 
 
Series 2022-1A, Class D, 8.08%, 08/15/2028(a)
 
 
25,000
 
 
25,162
Series 2024-1A, Class E, 7.94%, 04/15/2031(a)
 
 
300,000
 
 
311,546
Series 2024-2A, Class E, 6.75%, 11/17/2031(a)
 
 
750,000
 
 
749,681
SAFCO Auto Receivables Trust, Series 2025-1A, Class D,
6.60%, 12/10/2030(a)
 
 
1,000,000
 
 
1,006,838
Santander Holdings USA, Inc., Series 2024-A, Class F,
10.17%, 06/15/2032(a)
 
 
243,605
 
 
247,030
SBNA Auto Receivables Trust, Series 2024-A, Class E,
8.00%, 04/15/2032(a)
 
 
1,500,000
 
 
1,570,203
Securitized Term Auto Receivables Trust, Series 2025-A, Class D,
6.75%, 07/25/2031(a)
 
 
772,940
 
 
784,077
Skopos Auto Receivable Trust, Series 2019-1A, Class E,
7.82%, 06/15/2026(a)
 
 
106,867
 
 
107,082
Strike Acceptance Auto Funding Trust, Series 2023-1A, Class A,
8.00%, 05/15/2026(a)
 
 
251,299
 
 
252,317
Tricolor Auto Securitization Trust
 
 
 
 
Series 2023-1A, Class F, 16.00%, 06/17/2030(a)
 
 
800,000
 
 
866,542
Series 2025-2A, Class F, 11.23%, 03/15/2032(a)
 
 
600,000
 
 
633,973
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
94
 

TABLE OF CONTENTS

ANGEL OAK INCOME ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
ASSET-BACKED SECURITIES — (Continued)
Automobile — (Continued)
United Auto Credit Securitization Trust, Series 2022-1, Class E,
5.00%, 11/10/2028(a)
 
 
$686,155
 
 
$682,368
US Auto Funding Trust, Series 2022-1A, Class A, 3.98%, 10/15/2025(a)
 
 
7,885
 
 
7,858
Veros Automobile Receivables Trust
 
 
 
 
Series 2024-1, Class C, 7.57%, 12/15/2028(a)
 
 
680,000
 
 
699,060
Series 2024-1, Class D, 9.87%, 05/15/2031(a)
 
 
500,000
 
 
528,607
Series 2025-1, Class C, 6.17%, 12/17/2029(a)
 
 
530,000
 
 
537,613
Series 2025-1, Class D, 8.79%, 05/17/2032(a)
 
 
530,000
 
 
551,618
 
 
 
 
71,819,001
Consumer — 7.4%
 
 
 
 
ACHV ABS TRUST, Series 2024-2PL, Class D, 6.40%, 10/27/2031(a)
 
 
537,297
 
 
538,081
Affirm, Inc.
 
 
 
 
Series 2024-A, Class 1E, 9.17%, 02/15/2029(a)
 
 
1,000,000
 
 
1,009,377
Series 2024-A, Class D, 6.89%, 02/15/2029(a)
 
 
200,000
 
 
201,493
Series 2024-A, Class E, 9.17%, 02/15/2029(a)
 
 
200,000
 
 
201,875
Series 2024-B, Class E, 7.35%, 09/15/2029(a)
 
 
1,000,000
 
 
1,002,491
Aqua Finance Trust, Series 2021-A, Class C, 3.14%, 07/17/2046(a)
 
 
180,000
 
 
166,584
Bankers Healthcare Group, Inc.
 
 
 
 
Series 2022-C, Class E, 9.73%, 10/17/2035(a)
 
 
500,000
 
 
541,566
Series 2024-1CON, Class D, 8.00%, 04/17/2035(a)
 
 
200,000
 
 
209,969
Foundation Finance Trust
 
 
 
 
Series 2021-1A, Class D, 4.96%, 05/15/2041(a)
 
 
72,155
 
 
69,259
Series 2025-2A, Class E, 8.35%, 04/15/2052(a)
 
 
350,000
 
 
351,404
GreenSky Home Improvement Trust
 
 
 
 
Series 2024-1, Class E, 9.00%, 06/25/2059(a)
 
 
500,000
 
 
519,895
Series 2025-2A, Class E, 7.79%, 06/25/2060(a)
 
 
1,000,000
 
 
1,008,671
Lendingpoint Asset Securitization Trust, Series 2021-B, Class C,
3.21%, 02/15/2029(a)
 
 
140,601
 
 
138,133
Marlette Funding Trust
 
 
 
 
Series 2022-3A, Class D, 7.80%, 11/15/2032(a)
 
 
2,636,000
 
 
2,673,178
Series 2023-1A, Class D, 8.15%, 04/15/2033(a)
 
 
3,000,000
 
 
3,061,391
Series 2023-2A, Class D, 7.92%, 06/15/2033(a)
 
 
3,500,000
 
 
3,570,435
Momnt Technologies Trust
 
 
 
 
Series 2023-1A, Class B, 8.29%, 03/20/2045(a)
 
 
100,000
 
 
100,976
Series 2023-1A, Class C, 11.24%, 03/20/2045(a)
 
 
100,000
 
 
100,492
Oportun Financial Corp., Series 2021-B, Class D, 5.41%, 05/08/2031(a)
 
 
690,120
 
 
682,150
Pagaya AI Debt Selection Trust
 
 
 
 
Series 2021-1, Class C, 4.09%, 11/15/2027(a)
 
 
6,380
 
 
6,305
Series 2021-5, Class C, 3.93%, 08/15/2029(a)
 
 
109,092
 
 
106,962
Series 2022-1, Class C, 4.89%, 10/15/2029(a)
 
 
1,713,591
 
 
1,699,450
Series 2022-2, Class C, 7.50%, 01/15/2030(a)
 
 
434,287
 
 
437,589
Series 2023-8, Class C, 9.54%, 06/16/2031(a)
 
 
524,394
 
 
537,353
Series 2024-11, Class E, 10.33%, 07/15/2032(a)
 
 
799,908
 
 
819,838
Series 2024-7, Class D, 10.90%, 12/15/2031(a)
 
 
378,675
 
 
392,858
Series 2024-9, Class E, 10.11%, 03/15/2032(a)
 
 
535,250
 
 
550,358
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
95
 

TABLE OF CONTENTS

ANGEL OAK INCOME ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
ASSET-BACKED SECURITIES — (Continued)
Consumer — (Continued)
Series 2025-1, Class E, 10.08%, 07/15/2032(a)
 
 
$999,915
 
 
$1,014,399
Series 2025-3, Class E, 12.63%, 12/15/2032(a)
 
 
750,000
 
 
771,738
Series 2025-4, Class D, 6.57%, 01/17/2033(a)
 
 
2,500,000
 
 
2,509,010
Series 2025-5, Class E, 9.70%, 03/15/2033(a)
 
 
1,287,500
 
 
1,301,987
Series 2025-R1, Class D, 6.94%, 06/15/2032(a)
 
 
1,267,000
 
 
1,273,169
Series 2025-R1, Class E, 12.11%, 06/15/2032(a)
 
 
750,000
 
 
758,133
Pagaya Technologies Ltd.
 
 
 
 
Series 2025-1, Class D, 6.74%, 01/20/2034(a)
 
 
1,000,000
 
 
1,006,034
Series 2025-1, Class E, 11.28%, 01/20/2034(a)
 
 
500,000
 
 
511,107
Powerpay Securitization Funding LLC, Series 2024-1A, Class B,
8.46%, 02/18/2039(a)
 
 
300,000
 
 
309,145
Prosper Marketplace Issuance Trust, Series 2024-1A, Class D,
10.98%, 08/15/2029(a)
 
 
500,000
 
 
520,762
Purchasing Power Funding
 
 
 
 
Series 2024-A, Class D, 7.26%, 08/15/2028(a)
 
 
200,000
 
 
200,680
Series 2024-A, Class E, 10.18%, 08/15/2028(a)
 
 
200,000
 
 
202,313
RCKT Mortgage Trust, Series 2025-1A, Class E, 7.12%, 07/25/2034(a)
 
 
1,000,000
 
 
1,004,402
Reach Financial LLC, Series 2024-2A, Class D, 8.83%, 07/15/2031(a)
 
 
600,000
 
 
626,226
Republic Finance Issuance Trust
 
 
 
 
Series 2021-A, Class D, 5.23%, 12/22/2031(a)
 
 
200,000
 
 
194,023
Series 2024-A, Class C, 7.28%, 08/20/2032(a)
 
 
400,000
 
 
409,556
Series 2024-A, Class D, 9.49%, 08/20/2032(a)
 
 
250,000
 
 
255,283
Series 2024-B, Class D, 8.83%, 11/20/2037(a)
 
 
2,000,000
 
 
2,052,745
Theorem Funding Trust, Series 2022-2A, Class B, 9.27%, 12/15/2028(a)
 
 
300,000
 
 
302,908
Upstart Securitization Trust
 
 
 
 
Series 2021-5, Class C, 4.15%, 11/20/2031(a)
 
 
514,445
 
 
508,568
Series 2023-1, Class C, 11.10%, 02/20/2033(a)
 
 
300,000
 
 
307,248
Series 2023-2, Class C, 11.87%, 06/20/2033(a)
 
 
1,000,000
 
 
1,065,587
Series 2025-1, Class B, 6.33%, 04/20/2035(a)
 
 
2,080,000
 
 
2,110,948
Series 2025-2, Class D, 8.00%, 06/20/2035(a)
 
 
750,000
 
 
756,442
 
 
 
 
40,670,546
Credit Card — 0.1%
 
 
 
 
Avant Credit Card Master Trust, Series 2024-1A, Class C,
6.23%, 04/15/2030(a)
 
 
500,000
 
 
496,172
Equipment — 1.3%
 
 
 
 
Octane Receivables Trust
 
 
 
 
Series 2023-1A, Class E, 9.25%, 08/20/2030(a)
 
 
2,000,000
 
 
2,115,312
Series 2024-1A, Class E, 7.82%, 08/20/2031(a)
 
 
900,000
 
 
921,770
Series 2024-2A, Class E, 9.04%, 07/20/2032(a)
 
 
2,000,000
 
 
2,118,658
Series 2024-RVM1, Class D, 6.30%, 01/22/2046(a)
 
 
1,500,000
 
 
1,510,730
Series 2024-RVM1, Class E, 8.42%, 01/22/2046(a)
 
 
500,000
 
 
520,717
 
 
 
 
7,187,187
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
96
 

TABLE OF CONTENTS

ANGEL OAK INCOME ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
ASSET-BACKED SECURITIES — (Continued)
Solar — 0.0%(e)
 
 
 
 
GoodLeap Sustainable Home Solutions Trust
 
 
 
 
Series 2022-3CS, Class A, 4.95%, 07/20/2049(a)
 
 
$153,051
 
 
$136,312
Series 2023-2GS, Class B, 7.80%, 05/20/2055(a)
 
 
100,000
 
 
62,227
 
 
 
 
198,539
TOTAL ASSET-BACKED SECURITIES
(Cost $118,390,191)
 
 
 
 
120,371,445
RESIDENTIAL MORTGAGE-BACKED SECURITIES - U.S. GOVERNMENT AGENCY — 20.1%
 
 
 
 
Federal Home Loan Mortgage Corp.
 
 
 
 
Pool QI4343, 4.50%, 04/01/2054
 
 
2,773,267
 
 
2,637,186
Pool QJ0865, 5.50%, 08/01/2054
 
 
1,000,478
 
 
996,251
Pool QJ6384, 5.50%, 10/01/2054
 
 
4,971,399
 
 
4,950,395
Pool QJ7063, 5.50%, 10/01/2054
 
 
2,418,241
 
 
2,415,581
Pool QJ7675, 6.00%, 11/01/2054
 
 
2,790,830
 
 
2,835,509
Pool QJ7677, 5.50%, 11/01/2054
 
 
2,475,084
 
 
2,469,268
Pool QX0791, 5.50%, 12/01/2054
 
 
2,199,643
 
 
2,199,286
Pool QX1669, 5.00%, 12/01/2054
 
 
988,534
 
 
973,005
Pool RA4179, 2.50%, 12/01/2050
 
 
4,711,456
 
 
3,876,226
Pool RA7673, 4.50%, 07/01/2052
 
 
836,419
 
 
794,331
Pool RJ1430, 6.00%, 05/01/2054
 
 
880,568
 
 
894,115
Pool SD2500, 5.00%, 03/01/2053
 
 
1,311,405
 
 
1,276,870
Pool SD5007, 5.00%, 09/01/2053
 
 
988,141
 
 
965,825
Pool SD5143, 6.00%, 04/01/2054
 
 
853,866
 
 
872,338
Pool SD6195, 5.00%, 10/01/2053
 
 
830,539
 
 
812,820
Pool SD6585, 5.50%, 10/01/2054
 
 
3,651,006
 
 
3,636,930
Pool SD6591, 5.00%, 10/01/2054
 
 
2,324,584
 
 
2,263,368
Pool SD7029, 5.00%, 12/01/2054
 
 
2,913,906
 
 
2,866,310
Pool SD8331, 5.50%, 06/01/2053
 
 
821,455
 
 
820,038
Pool SL0079, 5.00%, 02/01/2055
 
 
3,930,526
 
 
3,842,501
Pool SL0716, 5.00%, 03/01/2055
 
 
3,926,069
 
 
3,834,949
Pool SL0741, 6.00%, 02/01/2055
 
 
4,849,707
 
 
4,938,258
Pool SL0817, 6.00%, 04/01/2055
 
 
3,484,889
 
 
3,588,160
Federal National Mortgage Association
 
 
 
 
Pool 000TBA, 5.00%, 08/15/2040
 
 
5,000,000
 
 
4,867,160
Pool BR0948, 2.00%, 04/01/2051
 
 
3,041,668
 
 
2,388,640
Pool BW5186, 5.00%, 11/01/2052
 
 
839,913
 
 
818,844
Pool BX0432, 6.00%, 11/01/2052
 
 
3,245,301
 
 
3,308,286
Pool CB3000, 2.00%, 12/01/2051
 
 
4,991,063
 
 
3,913,273
Pool DB3770, 5.50%, 05/01/2054
 
 
970,847
 
 
966,745
Pool DC1302, 5.00%, 08/01/2054
 
 
983,859
 
 
965,790
Pool DC3426, 5.00%, 09/01/2054
 
 
983,524
 
 
959,468
Pool DC5739, 5.50%, 11/01/2054
 
 
1,485,655
 
 
1,481,700
Pool FA1342, 5.00%, 03/01/2054
 
 
7,512,729
 
 
7,347,757
Pool FS2078, 3.50%, 06/01/2052
 
 
4,032,565
 
 
3,617,525
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
97
 

TABLE OF CONTENTS

ANGEL OAK INCOME ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES - U.S.
GOVERNMENT AGENCY — (Continued)
Pool FS4653, 5.50%, 05/01/2053
 
 
$1,189,657
 
 
$1,186,849
Pool FS6738, 5.00%, 09/01/2053
 
 
2,306,121
 
 
2,255,699
Pool FS7280, 5.00%, 03/01/2053
 
 
874,284
 
 
853,446
Pool FS7798, 6.00%, 06/01/2054
 
 
916,683
 
 
933,077
Pool FS8870, 5.00%, 09/01/2053
 
 
2,721,587
 
 
2,661,823
Pool FS9192, 3.00%, 07/01/2052
 
 
3,786,304
 
 
3,247,915
Pool FS9409, 5.50%, 10/01/2054
 
 
5,564,122
 
 
5,558,002
Pool MB0302, 5.50%, 02/01/2055
 
 
1,952,943
 
 
1,943,471
Government National Mortgage Association
 
 
 
 
Pool MA8490, 5.00%, 12/20/2052
 
 
795,731
 
 
776,735
Pool MA8570, 5.50%, 01/20/2053
 
 
4,836,870
 
 
4,823,994
Pool MA9018, 6.00%, 07/20/2053
 
 
667,960
 
 
676,957
Pool MA9305, 5.50%, 11/20/2053
 
 
619,703
 
 
618,053
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES - U.S. GOVERNMENT AGENCY
(Cost $111,066,204)
 
 
 
 
110,930,729
COLLATERALIZED LOAN OBLIGATIONS — 10.9%
 
 
 
 
AB BSL CLO Ltd., Series 2025-6A, Class D2, 8.48%, 07/20/2037(a)
 
 
2,000,000
 
 
2,002,718
Allegro CLO Ltd., Series 2021-1A, Class D1R, 7.47% (3 mo. Term SOFR + 3.15%), 07/20/2038(a)
 
 
1,500,000
 
 
1,500,000
AMMC CDO, Series 2025-32A, Class D2, 8.08%, 10/17/2038(a)(d)
 
 
4,000,000
 
 
4,000,000
Anchorage Credit Funding Ltd.
 
 
 
 
Series 2016-3A, Class A2R, 6.68% (3 mo. Term SOFR + 2.36%), 01/28/2039(a)
 
 
1,275,000
 
 
1,278,408
Series 2019-9A, Class BR, 3.05%, 10/25/2037(a)
 
 
1,000,000
 
 
928,360
Apidos CLO Ltd., Series 2023-46A, Class E, 12.27% (3 mo. Term SOFR + 7.95%), 10/24/2036(a)
 
 
1,000,000
 
 
1,003,462
Benefit Street Partners CLO Ltd., Series 2015-8A, Class CR, 7.34% (3 mo. Term SOFR + 3.01%), 01/20/2031(a)
 
 
1,550,000
 
 
1,554,366
Blackstone, Inc., Series 2018-1A, Class C, 6.33% (3 mo. Term SOFR + 2.01%), 04/17/2030(a)
 
 
1,750,000
 
 
1,752,573
Carbone CLO LLC, Series 2017-1A, Class C, 7.19% (3 mo. Term SOFR + 2.86%), 01/20/2031(a)
 
 
2,000,000
 
 
2,004,810
Carlyle Global Market Strategies, Series C17A, Class CR, 7.37% (3 mo. Term SOFR + 3.06%), 04/30/2031(a)
 
 
1,000,000
 
 
1,003,549
Cerberus Loan Funding LP
 
 
 
 
Series 2023-1A, Class C, 8.72% (3 mo. Term SOFR + 4.40%), 03/22/2035(a)
 
 
1,500,000
 
 
1,508,256
Series 2023-2A, Class D2, 12.82% (3 mo. Term SOFR + 8.50%), 07/15/2035(a)
 
 
1,900,000
 
 
1,936,134
Crown Point CLO Ltd., Series 2021-10A, Class D, 8.09% (3 mo. Term SOFR + 3.76%), 07/20/2034(a)
 
 
2,000,000
 
 
2,012,518
Dryden Senior Loan Fund, Series 2018-64A, Class D, 7.24% (3 mo. Term SOFR + 2.91%), 04/18/2031(a)
 
 
1,500,000
 
 
1,505,500
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
98
 

TABLE OF CONTENTS

ANGEL OAK INCOME ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
COLLATERALIZED LOAN OBLIGATIONS — (Continued)
Fortress Credit Opportunities, Series 2025-29A, Class D,
7.83% (3 mo. Term SOFR + 3.50%), 04/20/2033(a)
 
 
$2,500,000
 
 
$2,499,898
Generate CLO Ltd., Series 2023-12A, Class D,
9.58% (3 mo. Term SOFR + 5.25%), 07/20/2036(a)
 
 
2,000,000
 
 
2,000,000
Golub Capital Partners CLO Ltd., Series 2023-69A, Class C,
8.30% (3 mo. Term SOFR + 4.00%), 11/09/2036(a)
 
 
3,000,000
 
 
3,006,936
HPS Private Credit CLO LLC, Series 2023-1A, Class E,
14.17% (3 mo. Term SOFR + 9.85%), 07/15/2035(a)
 
 
2,500,000
 
 
2,506,670
ICG US CLO Ltd., Series 2023-1A, Class D1R,
7.53% (3 mo. Term SOFR + 3.20%), 07/18/2038(a)
 
 
4,000,000
 
 
4,000,000
Jackson Financial, Inc., Series 2021-5A, Class C,
6.59% (3 mo. Term SOFR + 2.26%), 10/18/2034(a)
 
 
2,000,000
 
 
2,003,012
Madison Park Funding Ltd., Series 2015-19A, Class ER3,
11.67% (3 mo. Term SOFR + 7.34%), 01/22/2037(a)
 
 
4,000,000
 
 
4,088,260
Monroe Capital CLO Ltd., Series 2021-2A, Class C,
0.00% (3 mo. Term SOFR + 2.91%), 09/14/2033(a)(b)
 
 
500,000
 
 
502,500
Pikes Peak CLO Ltd., Series 2023-14A, Class D2R,
8.98% (3 mo. Term SOFR + 4.65%), 07/20/2038(a)
 
 
2,300,000
 
 
2,299,876
Regatta Funding Ltd., Series 2025-3A, Class D2,
8.18%, 07/20/2038(a)
 
 
2,000,000
 
 
2,000,000
Sycamore Tree CLO Ltd., Series 2024-5A, Class E,
11.82% (3 mo. Term SOFR + 7.49%), 04/20/2036(a)
 
 
4,000,000
 
 
4,024,104
Trinitas CLO Ltd.
 
 
 
 
Series 2021-17A, Class D, 8.09% (3 mo. Term SOFR + 3.76%), 10/20/2034(a)
 
 
3,150,000
 
 
3,163,703
Series 2025-32A, Class D1, 0.00% (3 mo. Term SOFR + 3.10%), 07/23/2038(a)(d)
 
 
1,500,000
 
 
1,500,000
Verdelite Static CLO Ltd., Series 2024-1A, Class D,
7.18% (3 mo. Term SOFR + 2.85%), 07/20/2032(a)
 
 
2,500,000
 
 
2,504,007
Voya CLO Ltd., Series 2018-1A, Class C,
7.19% (3 mo. Term SOFR + 2.86%), 04/19/2031(a)
 
 
250,000
 
 
250,544
TOTAL COLLATERALIZED LOAN OBLIGATIONS
(Cost $60,379,033)
 
 
 
 
60,340,164
CORPORATE OBLIGATIONS — 6.6%
 
 
 
 
Basic Materials — 0.6%
 
 
 
 
Axalta Coating Systems Dutch Holding B B.V., 7.25%, 02/15/2031(a)
 
 
100,000
 
 
104,119
Barrick International Barbados Corp., 6.35%, 10/15/2036(a)
 
 
100,000
 
 
107,265
Capstone Copper Corp., 6.75%, 03/31/2033(a)
 
 
300,000
 
 
305,947
Cleveland-Cliffs, Inc.
 
 
 
 
6.75%, 04/15/2030(a)
 
 
100,000
 
 
99,599
7.00%, 03/15/2032(a)
 
 
350,000
 
 
341,901
Consolidated Energy Finance SA
 
 
 
 
6.50%, 05/15/2026(a)
 
 
100,000
 
 
97,877
12.00%, 02/15/2031(a)
 
 
100,000
 
 
94,092
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
99
 

TABLE OF CONTENTS

ANGEL OAK INCOME ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS — (Continued)
Basic Materials — (Continued)
CVR Partners LP / CVR Nitrogen Finance Corp., 6.13%, 06/15/2028(a)
 
 
$200,000
 
 
$198,700
First Quantum Minerals Ltd., 8.00%, 03/01/2033(a)
 
 
300,000
 
 
309,502
Freeport-McMoRan, Inc., 5.40%, 11/14/2034
 
 
100,000
 
 
101,287
Hecla Mining Co., 7.25%, 02/15/2028
 
 
100,000
 
 
101,201
Magnera Corp., 4.75%, 11/15/2029(a)
 
 
280,000
 
 
247,741
Mercer International, Inc., 5.13%, 02/01/2029
 
 
100,000
 
 
80,646
Methanex Corp., 5.25%, 12/15/2029
 
 
100,000
 
 
99,135
Mosaic Co., 5.63%, 11/15/2043
 
 
100,000
 
 
95,566
NOVA Chemicals Corp., 8.50%, 11/15/2028(a)
 
 
100,000
 
 
105,141
Nucor Corp., 5.10%, 06/01/2035
 
 
100,000
 
 
100,320
Nutrien Ltd., 2.95%, 05/13/2030
 
 
100,000
 
 
92,985
Olin Corp., 6.63%, 04/01/2033(a)
 
 
100,000
 
 
97,435
Taseko Mines Ltd., 8.25%, 05/01/2030(a)
 
 
300,000
 
 
313,615
 
 
 
 
3,094,074
Communications — 0.3%
 
 
 
 
AT&T, Inc., 4.90%, 08/15/2037
 
 
100,000
 
 
95,514
Cars.com, Inc., 6.38%, 11/01/2028(a)
 
 
300,000
 
 
299,633
Cogent Communications Group LLC / Cogent Finance, Inc., 6.50%, 07/01/2032(a)
 
 
200,000
 
 
196,246
Comcast Corp., 6.50%, 11/15/2035
 
 
100,000
 
 
110,307
Directv Financing LLC / Directv Financing Co.-Obligor, Inc.
 
 
 
 
5.88%, 08/15/2027(a)
 
 
100,000
 
 
99,513
10.00%, 02/15/2031(a)
 
 
200,000
 
 
193,030
Gen Digital, Inc., 6.25%, 04/01/2033(a)
 
 
100,000
 
 
102,198
Gray Media, Inc., 5.38%, 11/15/2031(a)
 
 
200,000
 
 
147,794
T-Mobile USA, Inc., 5.05%, 07/15/2033
 
 
150,000
 
 
150,282
Univision Communications, Inc., 8.00%, 08/15/2028(a)
 
 
200,000
 
 
205,632
Verizon Communications, Inc., 4.27%, 01/15/2036
 
 
200,000
 
 
184,098
 
 
 
 
1,784,247
Consumer, Cyclical — 0.6%
 
 
 
 
Adient Global Holdings Ltd., 7.50%, 02/15/2033(a)
 
 
100,000
 
 
102,042
American Axle & Manufacturing, Inc., 5.00%, 10/01/2029
 
 
100,000
 
 
90,811
BorgWarner, Inc., 5.40%, 08/15/2034
 
 
100,000
 
 
101,170
Caesars Entertainment, Inc.
 
 
 
 
4.63%, 10/15/2029(a)
 
 
270,000
 
 
255,352
6.50%, 02/15/2032(a)
 
 
100,000
 
 
102,044
Carnival Corp.
 
 
 
 
6.00%, 05/01/2029(a)
 
 
100,000
 
 
100,949
6.13%, 02/15/2033(a)
 
 
100,000
 
 
101,837
Champ Acquisition Corp., 8.38%, 12/01/2031(a)
 
 
300,000
 
 
318,133
Cinemark USA, Inc., 7.00%, 08/01/2032(a)
 
 
200,000
 
 
206,699
Clarios Global LP / Clarios US Finance Co., 6.75%, 02/15/2030(a)
 
 
300,000
 
 
309,496
Ford Motor Credit Co. LLC, 6.13%, 03/08/2034
 
 
100,000
 
 
97,586
General Motors Financial Co., Inc., 6.10%, 01/07/2034
 
 
100,000
 
 
103,228
LCM Investments Holdings LLC, 8.25%, 08/01/2031(a)
 
 
100,000
 
 
105,805
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
100
 

TABLE OF CONTENTS

ANGEL OAK INCOME ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS — (Continued)
Consumer, Cyclical — (Continued)
Lithia Motors, Inc., 3.88%, 06/01/2029(a)
 
 
$200,000
 
 
$188,573
Lowe’s Companies, Inc., 5.15%, 07/01/2033
 
 
150,000
 
 
152,284
Meritage Homes Corp., 5.65%, 03/15/2035
 
 
150,000
 
 
149,577
NCL Corp. Ltd., 6.25%, 03/01/2030(a)
 
 
200,000
 
 
202,547
O’Reilly Automotive, Inc., 4.70%, 06/15/2032
 
 
150,000
 
 
149,027
Phinia, Inc.
 
 
 
 
6.75%, 04/15/2029(a)
 
 
100,000
 
 
103,034
6.63%, 10/15/2032(a)
 
 
100,000
 
 
101,961
PulteGroup, Inc., 6.38%, 05/15/2033
 
 
100,000
 
 
107,601
Resideo Funding, Inc., 6.50%, 07/15/2032(a)
 
 
125,000
 
 
126,961
Saks Global Enterprises LLC, 11.00%, 12/15/2029(a)
 
 
50,000
 
 
11,500
Sally Holdings LLC / Sally Capital, Inc., 6.75%, 03/01/2032
 
 
150,000
 
 
154,136
STL Holding Co. LLC, 8.75%, 02/15/2029(a)
 
 
100,000
 
 
104,156
 
 
 
 
3,546,509
Consumer, Non-cyclical — 1.3%
 
 
 
 
Acadia Healthcare Co., Inc., 7.38%, 03/15/2033(a)
 
 
600,000
 
 
618,508
Agilent Technologies, Inc., 4.75%, 09/09/2034
 
 
100,000
 
 
97,828
Amgen, Inc., 5.25%, 03/02/2033
 
 
100,000
 
 
102,034
Ashtead Capital, Inc., 5.95%, 10/15/2033(a)
 
 
200,000
 
 
207,648
B&G Foods, Inc., 8.00%, 09/15/2028(a)
 
 
50,000
 
 
46,813
Baxter International, Inc., 2.54%, 02/01/2032
 
 
100,000
 
 
86,947
Belron UK Finance PLC, 5.75%, 10/15/2029(a)
 
 
100,000
 
 
101,001
Bio-Rad Laboratories, Inc., 3.70%, 03/15/2032
 
 
100,000
 
 
92,224
Brown-Forman Corp., 4.00%, 04/15/2038
 
 
100,000
 
 
87,239
Bunge Ltd. Finance Corp., 2.75%, 05/14/2031
 
 
200,000
 
 
180,489
Conagra Brands, Inc., 5.30%, 11/01/2038
 
 
100,000
 
 
94,195
Concentra Escrow Issuer Corp., 6.88%, 07/15/2032(a)
 
 
100,000
 
 
102,874
Constellation Brands, Inc., 4.90%, 05/01/2033
 
 
100,000
 
 
99,160
DaVita, Inc., 6.88%, 09/01/2032(a)
 
 
250,000
 
 
257,212
Dcli Bidco LLC, 7.75%, 11/15/2029(a)
 
 
100,000
 
 
102,172
EquipmentShare.com, Inc.
 
 
 
 
9.00%, 05/15/2028(a)
 
 
300,000
 
 
316,553
8.63%, 05/15/2032(a)
 
 
100,000
 
 
106,562
Fiesta Purchaser, Inc., 9.63%, 09/15/2032(a)
 
 
200,000
 
 
211,854
GE HealthCare Technologies, Inc., 5.91%, 11/22/2032
 
 
150,000
 
 
159,343
Global Payments, Inc., 5.40%, 08/15/2032
 
 
150,000
 
 
152,016
HCA, Inc., 5.45%, 09/15/2034
 
 
100,000
 
 
100,456
Herc Holdings, Inc., 6.63%, 06/15/2029(a)
 
 
500,000
 
 
512,266
Hertz Global Holdings, Inc., 12.63%, 07/15/2029(a)
 
 
50,000
 
 
52,279
J.M. Smucker Co., 6.20%, 11/15/2033
 
 
150,000
 
 
160,466
JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl, 6.75%, 03/15/2034
 
 
93,000
 
 
101,290
Keurig Dr Pepper, Inc., 5.30%, 03/15/2034
 
 
200,000
 
 
204,523
Kraft Heinz Foods Co., 6.88%, 01/26/2039
 
 
100,000
 
 
107,897
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
101
 

TABLE OF CONTENTS

ANGEL OAK INCOME ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS — (Continued)
Consumer, Non-cyclical — (Continued)
Kroger Co., 5.00%, 09/15/2034
 
 
$100,000
 
 
$98,971
Mars, Inc., 5.20%, 03/01/2035(a)
 
 
200,000
 
 
201,069
Medline Borrower LP, 5.25%, 10/01/2029(a)
 
 
100,000
 
 
98,109
Molina Healthcare, Inc., 6.25%, 01/15/2033(a)
 
 
100,000
 
 
98,787
Molson Coors Beverage Co., 4.20%, 07/15/2046
 
 
100,000
 
 
79,338
Performance Food Group, Inc., 4.25%, 08/01/2029(a)
 
 
150,000
 
 
144,345
Perrigo Finance Unlimited Co., 6.13%, 09/30/2032
 
 
200,000
 
 
202,280
Philip Morris International, Inc., 5.25%, 02/13/2034
 
 
100,000
 
 
101,290
Post Holdings, Inc., 6.38%, 03/01/2033(a)
 
 
100,000
 
 
100,175
Raven Acquisition Holdings LLC, 6.88%, 11/15/2031(a)
 
 
300,000
 
 
303,758
Royalty Pharma PLC, 3.30%, 09/02/2040
 
 
100,000
 
 
75,045
Simmons Foods, Inc., 4.63%, 03/01/2029(a)
 
 
100,000
 
 
94,760
The Campbell’s Co., 5.40%, 03/21/2034
 
 
100,000
 
 
101,046
TreeHouse Foods, Inc., 4.00%, 09/01/2028
 
 
100,000
 
 
92,593
Tyson Foods, Inc., 4.88%, 08/15/2034
 
 
100,000
 
 
97,521
United Rentals North America, Inc., 6.00%, 12/15/2029(a)
 
 
100,000
 
 
101,869
US Foods, Inc., 7.25%, 01/15/2032(a)
 
 
100,000
 
 
104,311
VT Topco, Inc., 8.50%, 08/15/2030(a)
 
 
360,000
 
 
383,735
Williams Scotsman, Inc., 6.63%, 04/15/2030(a)
 
 
200,000
 
 
206,365
Zimmer Biomet Holdings, Inc., 2.60%, 11/24/2031
 
 
200,000
 
 
176,818
 
 
 
 
7,324,034
Diversified — 0.1%
 
 
 
 
Stena International SA, 7.25%, 01/15/2031(a)
 
 
300,000
 
 
305,156
Energy — 0.8%
 
 
 
 
Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 8.63%, 06/15/2029(a)
 
 
200,000
 
 
212,030
Antero Midstream Partners LP / Antero Midstream Finance Corp.,
6.63%, 02/01/2032(a)
 
 
200,000
 
 
205,769
Archrock Partners LP / Archrock Partners Finance Corp.
 
 
 
 
6.88%, 04/01/2027(a)
 
 
36,000
 
 
36,114
6.63%, 09/01/2032(a)
 
 
100,000
 
 
101,571
Aris Water Holdings LLC, 7.25%, 04/01/2030(a)
 
 
100,000
 
 
102,639
Calumet Specialty Products Partners LP / Calumet Finance Corp.,
9.75%, 07/15/2028(a)
 
 
100,000
 
 
96,075
Cheniere Corpus Christi Holdings LLC, 2.74%, 12/31/2039
 
 
150,000
 
 
123,434
Cheniere Energy Partners LP, 5.75%, 08/15/2034
 
 
100,000
 
 
102,552
Comstock Resources, Inc., 5.88%, 01/15/2030(a)
 
 
50,000
 
 
47,239
Continental Resources, Inc., 5.75%, 01/15/2031(a)
 
 
100,000
 
 
100,581
Encino Acquisition Partners Holdings LLC
 
 
 
 
8.50%, 05/01/2028(a)
 
 
100,000
 
 
102,125
8.75%, 05/01/2031(a)
 
 
100,000
 
 
110,415
Energy Transfer LP, 7.38%, 02/01/2031(a)
 
 
100,000
 
 
104,605
Genesis Energy LP / Genesis Energy Finance Corp.
 
 
 
 
8.25%, 01/15/2029
 
 
50,000
 
 
52,194
8.00%, 05/15/2033
 
 
150,000
 
 
155,661
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
102
 

TABLE OF CONTENTS

ANGEL OAK INCOME ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS — (Continued)
Energy — (Continued)
Greenfire Resources Ltd., 12.00%, 10/01/2028(a)
 
 
$40,000
 
 
$42,127
Helix Energy Solutions Group, Inc., 9.75%, 03/01/2029(a)
 
 
200,000
 
 
209,027
Hess Corp., 7.13%, 03/15/2033
 
 
100,000
 
 
114,846
Kinder Morgan, Inc., 5.95%, 08/01/2054
 
 
100,000
 
 
97,611
Kinetik Holdings LP, 5.88%, 06/15/2030(a)
 
 
100,000
 
 
100,173
Moss Creek Resources Holdings, Inc., 8.25%, 09/01/2031(a)
 
 
200,000
 
 
195,422
MPLX LP, 5.00%, 03/01/2033
 
 
100,000
 
 
98,510
New Fortress Energy, Inc., 6.50%, 09/30/2026(a)
 
 
200,000
 
 
70,161
ONEOK, Inc., 6.05%, 09/01/2033
 
 
100,000
 
 
104,984
PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 02/15/2028
 
 
200,000
 
 
192,644
Plains All American Pipeline LP / PAA Finance Corp., 5.70%, 09/15/2034
 
 
100,000
 
 
101,480
Shelf Drilling Holdings Ltd., 9.63%, 04/15/2029(a)
 
 
300,000
 
 
257,161
SunCoke Energy, Inc., 4.88%, 06/30/2029(a)
 
 
300,000
 
 
274,631
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 12/31/2030(a)
 
 
100,000
 
 
98,046
Targa Resources Corp., 6.50%, 03/30/2034
 
 
100,000
 
 
107,499
USA Compression Partners LP / USA Compression Finance Corp.,
7.13%, 03/15/2029(a)
 
 
100,000
 
 
102,293
Venture Global LNG, Inc.
 
 
 
 
9.00% to 09/30/2029 then 5 yr. CMT Rate + 5.44%, Perpetual(a)
 
 
35,000
 
 
35,040
8.38%, 06/01/2031(a)
 
 
100,000
 
 
103,504
Warrior Met Coal, Inc., 7.88%, 12/01/2028(a)
 
 
108,000
 
 
109,471
Western Midstream Operating LP, 6.15%, 04/01/2033
 
 
100,000
 
 
104,353
Wildfire Intermediate Holdings LLC, 7.50%, 10/15/2029(a)
 
 
100,000
 
 
99,754
Williams Cos., Inc., 5.65%, 03/15/2033
 
 
100,000
 
 
103,596
 
 
 
 
4,375,337
Financial — 1.7%
 
 
 
 
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.30%, 01/30/2032
 
 
150,000
 
 
135,769
Aircastle Ltd. / Aircastle Ireland DAC, 5.25%, 03/15/2030(a)
 
 
150,000
 
 
151,559
American Express Co., 5.28% to 07/26/2034 then SOFR + 1.42%, 07/26/2035
 
 
275,000
 
 
278,808
American Tower Corp., 5.55%, 07/15/2033
 
 
150,000
 
 
154,706
Avolon Holdings Funding Ltd., 5.75%, 11/15/2029(a)
 
 
100,000
 
 
102,993
Bank of America Corp., 2.48% to 09/21/2031 then 5 yr. CMT Rate +
1.20%, 09/21/2036
 
 
275,000
 
 
234,204
Blackstone Mortgage Trust, Inc., 7.75%, 12/01/2029(a)
 
 
100,000
 
 
105,798
Capital One Financial Corp., 6.18% to 01/30/2035 then SOFR +
2.04%, 01/30/2036
 
 
275,000
 
 
282,450
Credit Acceptance Corp., 6.63%, 03/15/2030(a)
 
 
300,000
 
 
304,364
Crown Castle, Inc., 5.10%, 05/01/2033
 
 
100,000
 
 
99,576
Enact Holdings, Inc., 6.25%, 05/28/2029
 
 
100,000
 
 
103,374
EZCORP, Inc., 7.38%, 04/01/2032(a)
 
 
275,000
 
 
287,089
Fifth Third Bancorp, 5.63% to 01/29/2031 then SOFR +
1.84%, 01/29/2032
 
 
275,000
 
 
284,946
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
103
 

TABLE OF CONTENTS

ANGEL OAK INCOME ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS — (Continued)
Financial — (Continued)
Freedom Mortgage Holdings LLC
 
 
 
 
9.25%, 02/01/2029(a)
 
 
$100,000
 
 
$104,316
8.38%, 04/01/2032(a)
 
 
100,000
 
 
102,369
GGAM Finance Ltd.
 
 
 
 
8.00%, 02/15/2027(a)
 
 
100,000
 
 
103,052
6.88%, 04/15/2029(a)
 
 
100,000
 
 
103,271
Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/2027(a)
 
 
300,000
 
 
310,166
goeasy Ltd., 7.63%, 07/01/2029(a)
 
 
300,000
 
 
309,166
HAT Holdings I LLC / HAT Holdings II LLC, 3.75%, 09/15/2030(a)
 
 
100,000
 
 
91,006
Jane Street Group / JSG Finance, Inc., 6.13%, 11/01/2032(a)
 
 
100,000
 
 
99,291
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 6.63%, 10/15/2031(a)
 
 
250,000
 
 
249,031
Jefferson Capital Holdings LLC, 9.50%, 02/15/2029(a)
 
 
120,000
 
 
126,748
JPMorgan Chase & Co., 6.25% to 10/23/2033 then SOFR + 1.81%, 10/23/2034
 
 
300,000
 
 
325,667
LPL Holdings, Inc., 4.00%, 03/15/2029(a)
 
 
200,000
 
 
193,944
M&T Bank Corp., 5.40% to 07/30/2030 then 5 yr. CMT Rate + 1.43%, 07/30/2035
 
 
275,000
 
 
275,489
Macquarie Airfinance Holdings Ltd.
 
 
 
 
8.13%, 03/30/2029(a)
 
 
100,000
 
 
104,601
6.50%, 03/26/2031(a)
 
 
100,000
 
 
105,956
Morgan Stanley, 5.95% to 01/19/2033 then 5 yr. CMT Rate + 2.43%, 01/19/2038
 
 
300,000
 
 
309,602
Nationstar Mortgage Holdings, Inc., 7.13%, 02/01/2032(a)
 
 
200,000
 
 
209,009
NMI Holdings, Inc., 6.00%, 08/15/2029
 
 
100,000
 
 
102,120
OneMain Finance Corp.
 
 
 
 
5.38%, 11/15/2029
 
 
100,000
 
 
98,137
4.00%, 09/15/2030
 
 
300,000
 
 
275,634
Panther Escrow Issuer LLC, 7.13%, 06/01/2031(a)
 
 
200,000
 
 
206,947
PennyMac Financial Services, Inc., 5.75%, 09/15/2031(a)
 
 
125,000
 
 
122,452
PHH Corp., 9.88%, 11/01/2029(a)
 
 
200,000
 
 
200,564
Phoenix Aviation Capital Ltd., 9.25%, 07/15/2030(a)
 
 
300,000
 
 
314,606
PNC Financial Services Group, Inc., 5.68% to 01/22/2034 then SOFR + 1.90%, 01/22/2035
 
 
300,000
 
 
311,393
PRA Group, Inc., 5.00%, 10/01/2029(a)
 
 
100,000
 
 
92,481
Radian Group, Inc., 6.20%, 05/15/2029
 
 
200,000
 
 
207,812
RHP Hotel Properties LP / RHP Finance Corp., 6.50%, 04/01/2032(a)
 
 
100,000
 
 
102,207
Rocket Cos., Inc., 6.38%, 08/01/2033(a)
 
 
200,000
 
 
204,247
Starwood Property Trust, Inc., 6.00%, 04/15/2030(a)
 
 
150,000
 
 
151,594
Stonex Escrow Issuer LLC, 6.88%, 07/15/2032(a)
 
 
150,000
 
 
152,803
StoneX Group, Inc., 7.88%, 03/01/2031(a)
 
 
200,000
 
 
210,300
UBS Group AG, 5.70% to 02/08/2034 then 1 yr. CMT Rate + 1.77%, 02/08/2035(a)
 
 
275,000
 
 
285,082
United Wholesale Mortgage LLC, 5.50%, 04/15/2029(a)
 
 
100,000
 
 
97,897
Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, 6.50%, 02/15/2029(a)
 
 
200,000
 
 
194,738
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
104
 

TABLE OF CONTENTS

ANGEL OAK INCOME ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS — (Continued)
Financial — (Continued)
Walker & Dunlop, Inc., 6.63%, 04/01/2033(a)
 
 
$100,000
 
 
$102,047
Wells Fargo & Co., 5.56% to 07/25/2033 then SOFR + 1.99%,
07/25/2034
 
 
300,000
 
 
309,694
 
 
 
 
9,391,075
Industrial — 0.9%
 
 
 
 
Advanced Drainage Systems, Inc., 6.38%, 06/15/2030(a)
 
 
100,000
 
 
101,601
Amphenol Corp., 5.25%, 04/05/2034
 
 
100,000
 
 
102,659
Arrow Electronics, Inc., 5.88%, 04/10/2034
 
 
100,000
 
 
102,876
Axon Enterprise, Inc., 6.25%, 03/15/2033(a)
 
 
200,000
 
 
205,394
Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 02/01/2032(a)
 
 
300,000
 
 
298,919
Builders FirstSource, Inc., 6.38%, 03/01/2034(a)
 
 
100,000
 
 
101,596
Burlington Northern Santa Fe LLC, 4.13%, 06/15/2047
 
 
100,000
 
 
81,795
Carrier Global Corp., 3.38%, 04/05/2040
 
 
100,000
 
 
78,991
Clydesdale Acquisition Holdings, Inc., 6.75%, 04/15/2032(a)
 
 
200,000
 
 
204,997
Coherent Corp., 5.00%, 12/15/2029(a)
 
 
300,000
 
 
293,840
CRH America Finance, Inc., 5.40%, 05/21/2034
 
 
200,000
 
 
203,987
CSX Corp., 6.15%, 05/01/2037
 
 
100,000
 
 
107,728
Fortress Transportation and Infrastructure Investors LLC
 
 
 
 
7.88%, 12/01/2030(a)
 
 
100,000
 
 
106,125
5.88%, 04/15/2033(a)
 
 
200,000
 
 
198,431
GATX Corp., 5.50%, 06/15/2035
 
 
100,000
 
 
101,341
Genesee & Wyoming, Inc., 6.25%, 04/15/2032(a)
 
 
100,000
 
 
101,278
Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029(a)
 
 
275,000
 
 
260,725
Knife River Corp., 7.75%, 05/01/2031(a)
 
 
100,000
 
 
105,024
MasTec, Inc., 4.50%, 08/15/2028(a)
 
 
100,000
 
 
98,990
Northrop Grumman Corp., 5.20%, 06/01/2054
 
 
100,000
 
 
92,699
Owens-Brockway Glass Container, Inc., 7.25%, 05/15/2031(a)
 
 
350,000
 
 
354,370
Quikrete Holdings, Inc., 6.75%, 03/01/2033(a)
 
 
200,000
 
 
205,253
Reworld Holding Corp., 4.88%, 12/01/2029(a)
 
 
200,000
 
 
191,180
RTX Corp., 6.10%, 03/15/2034
 
 
100,000
 
 
107,876
Sealed Air Corp., 6.50%, 07/15/2032(a)
 
 
150,000
 
 
154,633
Seaspan Corp., 5.50%, 08/01/2029(a)
 
 
100,000
 
 
95,309
Sensata Technologies, Inc., 3.75%, 02/15/2031(a)
 
 
200,000
 
 
182,672
Smyrna Ready Mix Concrete LLC, 6.00%, 11/01/2028(a)
 
 
300,000
 
 
299,258
Standard Building Solutions, Inc., 6.50%, 08/15/2032(a)
 
 
200,000
 
 
204,376
Trivium Packaging Finance BV, 12.25%, 01/15/2031(a)
 
 
150,000
 
 
157,629
United Parcel Service, Inc., 5.50%, 05/22/2054
 
 
100,000
 
 
96,041
Waste Management, Inc., 4.88%, 02/15/2034
 
 
100,000
 
 
101,049
XPO, Inc., 7.13%, 06/01/2031(a)
 
 
100,000
 
 
103,549
 
 
 
 
5,202,191
Technology — 0.2%
 
 
 
 
CACI International, Inc., 6.38%, 06/15/2033(a)
 
 
100,000
 
 
102,379
CDW LLC / CDW Finance Corp., 5.55%, 08/22/2034
 
 
100,000
 
 
100,867
Fiserv, Inc., 5.63%, 08/21/2033
 
 
100,000
 
 
103,081
IBM International Capital Pte Ltd., 4.90%, 02/05/2034
 
 
100,000
 
 
99,472
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
105
 

TABLE OF CONTENTS

ANGEL OAK INCOME ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE OBLIGATIONS — (Continued)
Technology — (Continued)
MSCI, Inc., 3.25%, 08/15/2033(a)
 
 
$100,000
 
 
$87,669
Oracle Corp., 3.90%, 05/15/2035
 
 
150,000
 
 
134,543
Roper Technologies, Inc., 1.75%, 02/15/2031
 
 
150,000
 
 
128,346
Unisys Corp., 10.63%, 01/15/2031(a)
 
 
200,000
 
 
210,182
VMware LLC, 2.20%, 08/15/2031
 
 
150,000
 
 
129,901
Zebra Technologies Corp., 6.50%, 06/01/2032(a)
 
 
100,000
 
 
102,585
 
 
 
 
1,199,025
Utilities — 0.1%
 
 
 
 
NRG Energy, Inc., 6.25%, 11/01/2034(a)
 
 
100,000
 
 
101,405
Pike Corp., 8.63%, 01/31/2031(a)
 
 
50,000
 
 
53,830
Vistra Operations Co. LLC
 
 
 
 
7.75%, 10/15/2031(a)
 
 
50,000
 
 
52,959
6.88%, 04/15/2032(a)
 
 
200,000
 
 
207,934
6.00%, 04/15/2034(a)
 
 
100,000
 
 
103,878
 
 
 
 
520,006
TOTAL CORPORATE OBLIGATIONS
(Cost $36,081,161)
 
 
 
 
36,741,654
COMMERCIAL MORTGAGE-BACKED SECURITIES — 3.8%
 
 
 
 
ALA Trust
 
 
 
 
Series 2025-OANA, Class C, 6.43% (1 mo. Term SOFR + 2.09%), 06/15/2040(a)
 
 
300,000
 
 
300,026
Series 2025-OANA, Class D, 7.43% (1 mo. Term SOFR + 3.09%), 06/15/2040(a)
 
 
200,000
 
 
200,016
Arbor Realty Collateralized Loan Obligation Ltd., Series 2025-BTR1, Class AS, 6.99% (1 mo. Term SOFR + 2.64%), 01/20/2041(a)
 
 
1,000,000
 
 
1,003,037
AREIT CRE Ltd., Series 2024-CRE9, Class AS, 6.58% (1 mo. Term SOFR + 2.24%), 05/17/2041(a)
 
 
800,000
 
 
794,359
ARES Commercial Mortgage Trust, Series 2024-IND, Class D,
7.23% (1 mo. Term SOFR + 2.89%), 07/15/2041(a)
 
 
500,000
 
 
502,461
ARZ Trust, Series 2024-BILT, Class D, 7.00%, 06/11/2029(a)
 
 
250,000
 
 
257,157
Banc of America Re-Remic Trust
 
 
 
 
Series 2024-NASH, Class A, 6.34% (1 mo. Term SOFR + 2.00%), 05/15/2039(a)
 
 
600,000
 
 
603,273
Series 2024-NASH, Class C, 7.84% (1 mo. Term SOFR + 3.50%), 05/15/2039(a)
 
 
200,000
 
 
198,595
Series 2024-NASH, Class D, 9.19% (1 mo. Term SOFR + 4.85%), 05/15/2039(a)
 
 
100,000
 
 
99,289
Series 2025-ASHF, Class C, 7.34% (1 mo. Term SOFR + 3.00%), 02/15/2042(a)
 
 
750,000
 
 
753,650
BX Trust
 
 
 
 
Series 2024-AIRC, Class C, 6.93% (1 mo. Term SOFR + 2.59%), 08/15/2039(a)
 
 
280,859
 
 
282,459
Series 2024-BIO, Class C, 6.98% (1 mo. Term SOFR + 2.64%), 02/15/2041(a)
 
 
200,000
 
 
198,905
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
106
 

TABLE OF CONTENTS

ANGEL OAK INCOME ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — (Continued)
Series 2024-BIO, Class D, 7.98% (1 mo. Term SOFR + 3.64%), 02/15/2041(a)
 
 
$200,000
 
 
$198,694
Series 2024-KING, Class D, 6.83% (1 mo. Term SOFR + 2.49%), 05/15/2034(a)
 
 
493,503
 
 
496,129
Series 2024-PALM, Class D, 6.98% (1 mo. Term SOFR + 2.64%), 06/15/2037(a)
 
 
259,615
 
 
259,729
Series 2024-VLT4, Class E, 7.23% (1 mo. Term SOFR + 2.89%), 07/15/2029(a)
 
 
200,000
 
 
194,299
Series 2024-VLT4, Class F, 8.28% (1 mo. Term SOFR + 3.94%), 07/15/2029(a)
 
 
500,000
 
 
489,824
Series 2025-BIO3, Class D, 6.96%, 02/10/2042(a)(b)
 
 
750,000
 
 
743,188
Series 2025-VLT7, Class D, 7.55% (1 mo. Term SOFR + 3.25%), 07/15/2044(a)
 
 
800,000
 
 
803,662
Commercial Mortgage Pass Through Certificates, Series 2024-WCL1, Class C, 7.23% (1 mo. Term SOFR + 2.89%), 06/15/2041(a)
 
 
1,500,000
 
 
1,495,527
Computershare Corporate Trust
 
 
 
 
Series 2024-1CHI, Class D, 6.71%, 07/15/2035(a)(b)
 
 
300,000
 
 
300,628
Series 2024-1CHI, Class E, 7.57%, 07/15/2035(a)(b)
 
 
200,000
 
 
200,359
DBSG Mortgage Trust, Series 2024-ALTA, Class D,
7.06%, 06/10/2037(a)(b)
 
 
400,000
 
 
403,658
DC Commercial Mortgage Trust
 
 
 
 
Series 2024-HLTN, Class C, 7.04%, 04/13/2040(a)(b)
 
 
500,000
 
 
501,294
Series 2024-HLTN, Class D, 7.71%, 04/13/2040(a)(b)
 
 
300,000
 
 
301,105
Gaea Mortgage Loan Trust, Series 2025-A, Class A, 6.75%, 02/25/2030(a)(b)
 
 
2,643,384
 
 
2,671,528
Hilton USA Trust
 
 
 
 
Series 2024-ORL, Class C, 6.78% (1 mo. Term SOFR + 2.44%), 05/15/2037(a)
 
 
200,000
 
 
200,229
Series 2024-ORL, Class D, 7.53% (1 mo. Term SOFR + 3.19%), 05/15/2037(a)
 
 
200,000
 
 
200,225
HTL Commercial Mortgage Trust
 
 
 
 
Series 2024-T53, Class D, 8.20%, 05/10/2039(a)(b)
 
 
300,000
 
 
306,720
Series 2024-T53, Class F, 11.93%, 05/10/2039(a)(b)
 
 
100,000
 
 
102,490
ICNQ 2024-MF Mortgage Trust, Series 2024-MF, Class E, 6.35%, 12/10/2034(a)(b)
 
 
750,000
 
 
751,115
Jackson Park Trust, Series 2019-LIC, Class E, 3.24%, 10/14/2039(a)(b)
 
 
750,000
 
 
640,486
LBA Trust
 
 
 
 
Series 2024-BOLT, Class E, 8.03% (1 mo. Term SOFR + 3.69%), 06/15/2039(a)
 
 
1,000,000
 
 
1,003,770
Series 2024-BOLT, Class F, 8.78% (1 mo. Term SOFR + 4.44%), 06/15/2039(a)
 
 
300,000
 
 
301,413
Morgan Stanley ABS Capital I, Inc., Series 2024-BPR2, Class A, 7.29%, 05/05/2029(a)
 
 
296,424
 
 
306,412
Morgan Stanley Capital I, Inc., Series 2014-150E, Class A, 3.91%, 09/09/2032(a)
 
 
800,000
 
 
709,512
Stellar Management, Series 2025-IP, Class E, 6.85%, 06/10/2042(a)(b)
 
 
250,000
 
 
251,717
TX Trust, Series 2024-HOU, Class D, 7.58% (1 mo. Term SOFR + 3.24%), 06/15/2039(a)
 
 
200,000
 
 
200,085
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
107
 

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ANGEL OAK INCOME ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Par
 
 
Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — (Continued)
Wells Fargo Commercial Mortgage Trust, Series 2025-VTT, Class E, 6.91%, 03/15/2038(a)(b)
 
 
$1,500,000
 
 
$1,480,850
WFLD Mortgage Trust, Series 2014-MONT, Class A, 3.75%, 08/10/2031(a)(b)
 
 
275,641
 
 
264,682
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $20,794,812)
 
 
 
 
20,972,557
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
EXCHANGE TRADED FUNDS — 3.7%
 
 
 
 
iShares Broad USD High Yield Corporate Bond ETF
 
 
164,300
 
 
6,143,177
iShares iBoxx $ High Yield Corporate Bond ETF
 
 
89,800
 
 
7,218,124
SPDR Bloomberg High Yield Bond ETF
 
 
71,500
 
 
6,927,635
TOTAL EXCHANGE TRADED FUNDS
(Cost $20,069,406)
 
 
 
 
20,288,936
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
RESIDENTIAL MORTGAGE-BACKED SECURITIES - U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER — 0.3%
 
 
 
 
Connecticut Avenue Securities Trust, Series 2024-R02, Class 1B2, 8.05% (30 day avg SOFR US + 3.70%), 02/25/2044(a)
 
 
$1,000,000
 
 
1,035,514
Federal Home Loan Mortgage Corp., Series 2022-HQA3, Class M1B, 7.90% (30 day avg SOFR US + 3.55%), 08/25/2042(a)
 
 
500,000
 
 
525,303
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES - U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER
(Cost $1,496,562)
 
 
 
 
1,560,817
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
PREFERRED STOCKS — 0.1%
 
 
 
 
Financial — 0.1%
 
 
 
 
Goldman Sachs Group, Inc., 5.54% to 01/28/2035 then SOFR + 1.38%, 01/28/2036
 
 
275,000
 
 
281,254
TOTAL PREFERRED STOCKS
(Cost $281,067)
 
 
 
 
281,254
COMMON STOCKS — 0.0%(e)
 
 
 
 
Energy — 0.0%(e)
 
 
 
 
Enviva Escrow(f)(g)
 
 
150,000
 
 
0
Enviva LLC(g)
 
 
5,458
 
 
107,795
TOTAL COMMON STOCKS
(Cost $183,056)
 
 
 
 
107,795
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
108
 

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ANGEL OAK INCOME ETF
Schedule of Investments
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Shares
 
 
Value  
SHORT-TERM INVESTMENTS — 3.4%
 
 
 
 
Money Market Funds — 3.4%
 
 
 
 
First American Government Obligations Fund - Class U, 4.25%(h)
 
 
18,681,105
 
 
$18,681,105
TOTAL SHORT-TERM INVESTMENTS
(Cost $18,681,105)
 
 
 
 
18,681,105
TOTAL INVESTMENTS — 102.1%
(Cost $560,785,776)
 
 
 
 
$563,426,949
Liabilities in Excess of Other Assets — (2.1)%
 
 
 
 
(11,787,678)
TOTAL NET ASSETS — 100.0%
 
 
 
 
$551,639,271
 
 
 
 
 
 
 
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, 2025, the value of these securities total $400,462,730 or 72.6% 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, 2025.
(c)
Step coupon bond. The rate disclosed is as of July 31, 2025.
(d)
Security or a portion of the security purchased on a when-issued or delayed delivery basis.
(e)
Represents less than 0.05% of net assets.
(f)
As of July 31, 2025, 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.
(g)
Non-income producing security. Income is not being accrued.
(h)
The rate shown represents the 7-day annualized yield as of July 31, 2025.
See accompanying notes which are an integral part of these financial statements.
 
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ANGEL OAK INCOME ETF
Schedule of Open Futures Contracts
July 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Short Futures Contracts
 
 
Contracts Sold
 
 
Expiration
Date
 
 
Notional Value
 
 
Value/Unrealized
Appreciation
(Depreciation)
U.S. Treasury 10 Year Notes
 
 
(84)
 
 
09/19/2025
 
 
($9,329,250)
 
 
($10,091)
 
 
 
 
 
 
 
 
 
 
 
 
 
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, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
Multi-Strategy
Income Fund(a)
 
 
UltraShort
Income Fund
Assets
 
 
 
 
Investments in unaffiliated securities at fair value*
 
 
$2,890,936,221
 
 
$668,235,380
Investments in affiliated securities at fair value*
 
 
47,329,383
 
 
—
Cash
 
 
3,116,034
 
 
—
Deposit at broker for swaps
 
 
17,874,003
 
 
—
Dividends and interest receivable
 
 
14,999,595
 
 
2,702,291
Receivable for Fund shares sold
 
 
3,313,626
 
 
174,160
Deposit at broker for futures
 
 
1,333,647
 
 
675,124
Receivable for investments sold
 
 
1,210,464
 
 
—
Deposit at broker for TBA agreements
 
 
528,828
 
 
—
Prepaid expenses
 
 
106,398
 
 
54,738
Total assets
 
 
2,980,748,199
 
 
671,841,693
Liabilities
 
 
 
 
Payable for credit agreements
 
 
100,000,000
 
 
—
Payable for investments purchased
 
 
154,145,705
 
 
9,631,902
Net swap premiums received
 
 
8,512,402
 
 
—
Payable for Fund shares redeemed
 
 
5,507,855
 
 
787,866
Payable for distributions to shareholders
 
 
4,946,085
 
 
964,918
Depreciation on swaps
 
 
2,873,931
 
 
—
Payable to Adviser
 
 
2,082,863
 
 
131,616
Interest payable for credit agreements
 
 
528,222
 
 
—
Payable to administrator, fund accountant, and transfer agent
 
 
122,294
 
 
16,519
12b-1 fees accrued
 
 
129,083
 
 
16,205
Payable to custodian
 
 
30,374
 
 
2,928
Other accrued expenses
 
 
260,176
 
 
43,705
Total liabilities
 
 
279,138,990
 
 
11,595,659
Net Assets
 
 
$2,701,609,209
 
 
$660,246,034
Net Assets consist of:
 
 
 
 
Paid-in capital
 
 
$4,636,101,193
 
 
$714,803,532
Total distributable earnings (accumulated deficit)
 
 
(1,934,491,984)
 
 
(54,557,498)
Net assets
 
 
$2,701,609,209
 
 
$660,246,034
Class A:
 
 
 
 
Net Assets
 
 
$163,855,138
 
 
$25,917,213
Shares outstanding (unlimited number of shares authorized, no par value)
 
 
18,881,151
 
 
2,628,277
Net asset value (“NAV”) per share
 
 
$8.68
 
 
$9.86
Offering price per share (NAV/0.9775)(b)
 
 
$8.88
 
 
$9.86
 
 
 
 
 
 
 
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, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Multi-Strategy
Income Fund(a)
 
 
UltraShort
Income Fund
Class C:
 
 
 
 
Net Assets
 
 
$29,324,582
 
 
$—
Shares outstanding (unlimited number of shares authorized, no par value)
 
 
3,420,995
 
 
—
NAV and offering price per share
 
 
$8.57
 
 
$—
Minimum redemption price per share (NAV*0.99)(c)
 
 
$8.48
 
 
$—
Institutional Class:
 
 
 
 
Net Assets
 
 
$2,508,429,489
 
 
$633,190,579
Shares outstanding (unlimited number of shares authorized, no par value)
 
 
289,985,372
 
 
64,224,871
Net asset value (“NAV”) and offering price per share
 
 
$8.65
 
 
$9.86
Class A1:
 
 
 
 
Net Assets
 
 
$—
 
 
$1,138,242
Shares outstanding (unlimited number of shares authorized, no par value)
 
 
—
 
 
115,663
Net asset value (“NAV”) per share
 
 
$—
 
 
$9.84
Offering price per share (NAV/0.985)(d)
 
 
$—
 
 
$9.99
Minimum redemption price per share (NAV*0.995)(e)
 
 
$—
 
 
$9.79
*Identified Cost:
 
 
 
 
Investments in unaffiliated securities
 
 
$3,087,936,866
 
 
$674,373,394
Investments in affiliated securities
 
 
49,060,309
 
 
—
 
 
 
 
 
 
 
(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.
 
112
 

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ANGEL OAK FUNDS TRUST
Statements of Assets and Liabilities
July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
High Yield
Opportunities ETF
 
 
Mortgage-Backed
Securities ETF
 
 
UltraShort
Income ETF
 
 
Income ETF
Assets
 
 
 
 
 
 
 
 
Investments in securities at fair
value*
 
 
$119,644,024
 
 
$158,302,327
 
 
$1,066,061,384
 
 
$563,426,949
Cash
 
 
—
 
 
—
 
 
1,425
 
 
—
Dividends and interest receivable
 
 
2,101,942
 
 
523,592
 
 
4,483,545
 
 
2,635,504
Receivable for transaction fee
 
 
—
 
 
—
 
 
612
 
 
—
Deposit at broker for futures
 
 
—
 
 
513,922
 
 
340,326
 
 
242,418
Receivable for fund shares sold
 
 
—
 
 
—
 
 
3,061,296
 
 
—
Total assets
 
 
121,745,966
 
 
159,339,841
 
 
1,073,948,588
 
 
566,304,871
Liabilities
 
 
 
 
 
 
 
 
Payable for distributions to shareholders
 
 
717,247
 
 
797,317
 
 
4,777,859
 
 
2,928,853
Payable for investments purchased
 
 
349,987
 
 
29,746,151
 
 
18,853,654
 
 
11,376,447
Payable to Adviser
 
 
55,966
 
 
69,548
 
 
292,392
 
 
360,300
Total liabilities
 
 
1,123,200
 
 
30,613,016
 
 
23,923,905
 
 
14,665,600
Net Assets
 
 
$120,622,766
 
 
$128,726,825
 
 
$1,050,024,683
 
 
$551,639,271
Net Assets consist of:
 
 
 
 
 
 
 
 
Paid-in capital
 
 
$126,261,813
 
 
$132,915,684
 
 
$1,048,721,031
 
 
$548,528,255
Total distributable earnings (accumulated deficit)
 
 
(5,639,047)
 
 
(4,188,859)
 
 
1,303,652
 
 
3,111,016
​Net assets
 
 
$120,622,766
 
 
$128,726,825
 
 
$1,050,024,683
 
 
$551,639,271
Shares outstanding (unlimited number of shares authorized, no par value)
 
 
10,885,384
 
 
15,031,336
 
 
20,580,000
 
 
26,620,000
Net asset value (“NAV”) and offering price per share
 
 
$11.08
 
 
$8.56
 
 
$51.02
 
 
$20.72
*Identified Cost:
 
 
 
 
 
 
 
 
Investments in securities
 
 
$121,150,103
 
 
$158,700,418
 
 
$1,064,763,610
 
 
$560,785,776
 
 
 
 
 
 
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
113
 

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ANGEL OAK FUNDS TRUST
Statements of Operations
For the Period Ended July 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
Multi-Strategy
Income Fund(a)
 
 
UltraShort
Income Fund
Investment Income
Interest
 
 
$​93,644,220
 
 
$15,626,154
Swap income
 
 
608,717
 
 
—
Dividends from unaffiliated investments
 
 
1,886,105
 
 
408,510
Dividends from affiliated investments
 
 
1,092,988
 
 
—
Total investment income
 
 
​97,232,030
 
 
16,034,664
Expenses
 
 
 
 
Investment Advisory (See Note 5)
 
 
12,293,227
 
 
1,323,828
Interest expense
 
 
​4,159,114
 
 
—
12b-1 - Class A
 
 
188,775
 
 
1,407
12b-1 - Class A1
 
 
—
 
 
32,144
12b-1 - Class C
 
 
153,769
 
 
—
Fund accounting
 
 
337,494
 
 
72,543
Legal
 
 
267,658
 
 
39,455
Transfer agent
 
 
196,584
 
 
46,838
Administration
 
 
186,836
 
 
45,592
Trustee
 
 
115,562
 
 
35,978
Custodian
 
 
81,111
 
 
15,127
Registration
 
 
65,103
 
 
42,141
Audit & tax
 
 
64,543
 
 
19,287
Printing
 
 
59,528
 
 
9,955
Insurance
 
 
18,907
 
 
3,169
Compliance
 
 
6,154
 
 
6,154
Miscellaneous
 
 
52,503
 
 
11,139
Total Expenses
 
 
​18,246,868
 
 
1,704,757
Fees contractually recouped by Adviser (See Note 5)
 
 
30,766
 
 
—
Fees contractually waived by Adviser (See Note 5)
 
 
(101,376)
 
 
(618,161)
Net Expenses
 
 
​18,176,258
 
 
1,086,596
Net investment income (loss)
 
 
79,055,772
 
 
14,948,068
Realized and Unrealized Gain (Loss) on Investments
 
 
 
 
Net Realized gain (loss) on:
 
 
 
 
Unaffiliated Securities
 
 
(58,683,855)
 
 
121,374
Affiliated Securities
 
 
(1,814,398)
 
 
—
Future Contracts
 
 
5,051,489
 
 
341,387
Swaps
 
 
562,284
 
 
—
Net change in unrealized appreciation/depreciation on:
 
 
 
 
Unaffiliated Investments
 
 
71,749,917
 
 
(63,688)
Affiliated Investments
 
 
2,507,719
 
 
—
Future Contracts
 
 
519,471
 
 
199,175
Swaps
 
 
(2,774,756)
 
 
—
Net realized and unrealized gain (loss) on investments
 
 
17,117,871
 
 
598,248
Net increase (decrease) in net assets resulting from operations
 
 
$96,173,643
 
 
$15,546,316
 
 
 
 
 
 
 
(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.
 
114
 

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ANGEL OAK FUNDS TRUST
Statements of Operations
For the Period Ended July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
High Yield
Opportunities ETF
 
 
Mortgage-Backed
Securities ETF
 
 
UltraShort
Income ETF
 
 
Income ETF
Investment Income
 
 
 
 
 
 
 
 
Interest
 
 
$4,121,538
 
 
$4,899,904
 
 
$23,308,606
 
 
$14,669,731
Dividends
 
 
148,933
 
 
64,331
 
 
741,341
 
 
453,191
Total investment income
 
 
4,270,471
 
 
4,964,235
 
 
24,049,947
 
 
15,122,922
Expenses
 
 
 
 
 
 
 
 
Investment Advisory (See Note 5)
 
 
320,299
 
 
685,990
 
 
2,353,317
 
 
2,221,666
Total Expenses
 
 
​320,299
 
 
685,990
 
 
2,353,317
 
 
2,221,666
Fees contractually waived by Adviser (See Note 5)
 
 
—
 
 
(260,503)
 
 
(898,539)
 
 
(448,821)
Net Expenses
 
 
320,299
 
 
425,487
 
 
1,454,778
 
 
1,772,845
Net investment income (loss)
 
 
3,950,172
 
 
4,538,748
 
 
22,595,169
 
 
13,350,077
Realized and Unrealized Gain (Loss) on Investments
 
 
 
 
 
 
 
 
Net Realized gain (loss) on:
 
 
 
 
 
 
 
 
Investments
 
 
348,949
 
 
972,058
 
 
(64,930)
 
 
992,841
Future Contracts
 
 
—
 
 
(27,009)
 
 
243,393
 
 
(268,784)
Net change in unrealized appreciation/ depreciation on:
 
 
 
 
 
 
 
 
Investments
 
 
(375,092)
 
 
496,698
 
 
(884,677)
 
 
2,772,409
Future Contracts
 
 
—
 
 
(78,989)
 
 
65,205
 
 
(40,387)
Net realized and unrealized gain (loss) on investments
 
 
(26,143)
 
 
1,362,758
 
 
(641,009)
 
 
3,456,079
Net increase (decrease) in net assets resulting from operations
 
 
$3,924,029
 
 
$5,901,506
 
 
$21,954,160
 
 
$16,806,156
 
 
 
 
 
 
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
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Angel Oak Multi-Strategy Income Fund
Consolidated Statements of Changes in Net Assets(a)
 
 
 
 
 
 
 
 
 
For the
Period Ended
July 31, 2025
(Unaudited)
 
 
For the
Year Ended
January 31, 2025
Increase (Decrease) in Net Assets due to:
 
 
 
 
Operations
 
 
 
 
Net investment income (loss)
 
 
$79,055,772
 
 
$165,947,832
Net realized gain (loss) on investment transactions, futures contracts, and swaps
 
 
(54,884,480)
 
 
(159,746,977)
Net change in unrealized appreciation/depreciation on investments, futures contracts, and swaps
 
 
72,002,351
 
 
186,391,273
Net increase (decrease) in net assets resulting from operations
 
 
96,173,643
 
 
192,592,128
Distributions to Shareholders
 
 
 
 
Distributions, Class A
 
 
(4,046,842)
 
 
(9,085,999)
Distributions, Class C
 
 
(716,634)
 
 
(1,730,961)
Distributions, Institutional Class
 
 
(72,536,872)
 
 
(153,154,212)
Total distributions to shareholders
 
 
(77,300,348)
 
 
(163,971,172)
Capital Transactions - Class A
 
 
 
 
Proceeds from shares sold
 
 
34,302,683
 
 
99,698,648
Reinvestment of distributions
 
 
3,237,391
 
 
6,420,973
Amount paid for shares redeemed
 
 
(20,318,662)
 
 
(96,409,739)
Total Class A
 
 
17,221,412
 
 
9,709,882
Capital Transactions - Class C
 
 
 
 
Proceeds from shares sold
 
 
1,680,880
 
 
11,826,190
Reinvestment of distributions
 
 
524,332
 
 
1,307,460
Amount paid for shares redeemed
 
 
(6,463,044)
 
 
(13,934,861)
Total Class C
 
 
(4,257,832)
 
 
(801,211)
Capital Transactions - Institutional Class
 
 
 
 
Proceeds from shares sold
 
 
413,645,999
 
 
960,786,432
Reinvestment of distributions
 
 
44,654,764
 
 
95,135,034
Amount paid for shares redeemed
 
 
(580,098,326)
 
 
(1,002,043,809)
Total Institutional Class
 
 
(121,797,563)
 
 
53,877,657
Net increase (decrease) in net assets resulting from capital transactions
 
 
(108,833,983)
 
 
62,786,328
Total increase (decrease) in net assets
 
 
(89,960,688)
 
 
91,407,284
Net Assets
 
 
 
 
Beginning of year or period
 
 
2,791,569,897
 
 
2,700,162,613
End of year or period
 
 
$2,701,609,209
 
 
$2,791,569,897
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
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Angel Oak Multi-Strategy Income Fund
Consolidated Statements of Changes in Net Assets(a)(Continued)
 
 
 
 
 
 
 
 
 
For the
Period Ended
July 31, 2025
(Unaudited)
 
 
For the
Year Ended
January 31, 2025
Share Transactions - Class A
 
 
 
 
Shares sold
 
 
3,961,096
 
 
11,627,906
Shares issued in reinvestment of distributions
 
 
372,867
 
 
745,763
Shares redeemed
 
 
(2,345,807)
 
 
(11,133,272)
Total Class A
 
 
1,988,156
 
 
1,240,397
Share Transactions - Class C
 
 
 
 
Shares sold
 
 
196,510
 
 
1,377,987
Shares issued in reinvestment of distributions
 
 
61,124
 
 
153,664
Shares redeemed
 
 
(755,493)
 
 
(1,638,847)
Total Class C
 
 
(497,859)
 
 
(107,196)
Share Transactions - Institutional Class
 
 
 
 
Shares sold
 
 
47,905,938
 
 
111,435,494
Shares issued in reinvestment of distributions
 
 
5,160,721
 
 
11,086,268
Shares redeemed
 
 
(67,161,321)
 
 
(117,048,885)
Total Institutional Class
 
 
(14,094,662)
 
 
5,472,877
Net increase (decrease) in share transactions
 
 
(12,604,365)
 
 
6,606,078
 
 
 
 
 
 
 
(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.
 
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Angel Oak UltraShort Income Fund
Statements of Changes in Net Assets
 
 
 
 
 
 
 
 
 
For the
Period Ended
July 31, 2025
(Unaudited)
 
 
For the
Year Ended
January 31, 2025
Increase (Decrease) in Net Assets due to:
 
 
 
 
Operations
 
 
 
 
Net investment income (loss)
 
 
$14,948,068
 
 
$23,515,231
Net realized gain (loss) on investment transactions and futures contracts
 
 
462,761
 
 
(3,757,738)
Net change in unrealized appreciation/depreciation on investments and futures contracts
 
 
135,487
 
 
9,083,263
Net increase (decrease) in net assets resulting from operations
 
 
15,546,316
 
 
28,840,756
Distributions to Shareholders
 
 
 
 
Distributions, Class A
 
 
(614,908)
 
 
(1,272,092)
Distributions, Class A1
 
 
(26,959)
 
 
(40,536)
Distributions, Institutional Class
 
 
(14,499,065)
 
 
(22,462,258)
Total distributions to shareholders
 
 
(15,140,932)
 
 
(23,774,886)
Capital Transactions - Class A
 
 
 
 
Proceeds from shares sold
 
 
7,721,923
 
 
11,136,715
Reinvestment of distributions
 
 
595,036
 
 
1,236,573
Amount paid for shares redeemed
 
 
(7,850,831)
 
 
(12,673,568)
Total Class A
 
 
466,128
 
 
(300,280)
Capital Transactions - Class A1
 
 
 
 
Proceeds from shares sold
 
 
—
 
 
545,925
Reinvestment of distributions
 
 
20,990
 
 
34,503
Amount paid for shares redeemed
 
 
(10,954)
 
 
(5,832)
Total Class A1
 
 
10,036
 
 
574,596
Capital Transactions - Institutional Class
 
 
 
 
Proceeds from shares sold
 
 
288,563,835
 
 
187,690,468
Reinvestment of distributions
 
 
9,539,925
 
 
17,515,369
Amount paid for shares redeemed
 
 
(119,159,398)
 
 
(185,010,487)
Total Institutional Class
 
 
178,944,362
 
 
20,195,350
Net increase (decrease) in net assets resulting from capital transactions
 
 
179,420,526
 
 
20,469,666
Total increase (decrease) in net assets
 
 
179,825,910
 
 
25,535,536
Net Assets
 
 
 
 
Beginning of year or period
 
 
480,420,124
 
 
454,884,588
End of year or period
 
 
$660,246,034
 
 
$480,420,124
 
 
 
 
 
 
 
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, 2025
(Unaudited)
 
 
For the
Year Ended
January 31, 2025
Share Transactions - Class A
 
 
 
 
Shares sold
 
 
783,548
 
 
1,134,534
Shares issued in reinvestment of distributions
 
 
60,340
 
 
125,920
Shares redeemed
 
 
(796,790)
 
 
(1,291,769)
Total Class A
 
 
47,098
 
 
(31,315)
Share Transactions - Class A1
 
 
 
 
Shares sold
 
 
—
 
 
55,578
Shares issued in reinvestment of distributions
 
 
2,132
 
 
3,511
Shares redeemed
 
 
(1,113)
 
 
(600)
Total Class A1
 
 
1,019
 
 
58,489
Share Transactions - Institutional Class
 
 
 
 
Shares sold
 
 
29,261,562
 
 
19,105,924
Shares issued in reinvestment of distributions
 
 
967,556
 
 
1,784,204
Shares redeemed
 
 
(12,091,768)
 
 
(18,856,937)
Total Institutional Class
 
 
18,137,350
 
 
2,033,191
Net increase (decrease) in share transactions
 
 
18,185,467
 
 
2,060,365
 
 
 
 
 
 
 
See accompanying notes which are an integral part of these financial statements.
 
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Angel Oak High Yield Opportunities ETF(a)
Statements of Changes in Net Assets
 
 
 
 
 
 
 
 
 
For the
Period Ended
July 31, 2025
(Unaudited)
 
 
For the
Year Ended
January 31, 2025
Increase (Decrease) in Net Assets due to:
 
 
 
 
Operations
 
 
 
 
Net investment income (loss)
 
 
$3,950,172
 
 
$6,056,228
Net realized gain (loss) on investment transactions
 
 
348,949
 
 
942,570
Net change in unrealized appreciation/depreciation on
investments
 
 
(375,092)
 
 
825,323
Net increase (decrease) in net assets resulting from operations
 
 
3,924,029
 
 
7,824,121
Distributions to Shareholders
 
 
 
 
​Distributions
 
 
(3,997,216)
 
 
(6,059,277)
Capital Transactions - Institutional Class
 
 
 
 
Proceeds from shares sold
 
 
—
 
 
2,301,926
Amount paid for shares redeemed
 
 
—
 
 
(445,672)
Total Institutional Class
 
 
—
 
 
1,856,254
Capital Transactions - ETF
 
 
 
 
Proceeds from shares sold
 
 
11,839,243
 
 
46,842,977
Amount paid for shares redeemed
 
 
(6,812,355)
 
 
(6,830,003)
Total
 
 
5,026,888
 
 
40,012,974
Net increase (decrease) in net assets resulting from capital transactions
 
 
5,026,888
 
 
41,869,228
Total increase (decrease) in net assets
 
 
4,953,701
 
 
43,634,072
Net Assets
 
 
 
 
Beginning of year or period
 
 
115,669,065
 
 
72,034,993
End of year or period
 
 
$120,622,766
 
 
$115,669,065
Share Transactions - Institutional Class
 
 
 
 
Shares sold
 
 
—
 
 
212,117
Shares redeemed
 
 
—
 
 
(40,968)
Total Institutional Class
 
 
—
 
 
171,149
Share Transactions - ETF
 
 
 
 
Shares sold
 
 
1,075,000
 
 
4,250,001
Shares redeemed
 
 
(625,000)
 
 
(625,001)
Total
 
 
450,000
 
 
3,625,000
Net increase (decrease) in share transactions
 
 
450,000
 
 
3,796,149
 
 
 
 
 
 
 
(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. See Note 1.
See accompanying notes which are an integral part of these financial statements.
 
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Angel Oak Mortgage-Backed Securities ETF(a)
Statements of Changes in Net Assets
 
 
 
 
 
 
 
 
 
For the
Period Ended
July 31, 2025
(Unaudited)
 
 
For the
Year Ended
January 31, 2025
Increase (Decrease) in Net Assets due to:
 
 
 
 
Operations
 
 
 
 
Net investment income (loss)
 
 
$4,538,748
 
 
$3,538,782
Net realized gain (loss) on investment transactions and futures contracts
 
 
945,049
 
 
(130,986)
Net change in unrealized appreciation/depreciation on investments and futures contracts
 
 
417,709
 
 
700,515
Net increase (decrease) in net assets resulting from operations
 
 
5,901,506
 
 
4,108,311
Distributions to Shareholders
 
 
 
 
​Distributions
 
 
(4,579,331)
 
 
(3,507,320)
Capital Transactions - Institutional Class
 
 
 
 
Amount paid for shares redeemed
 
 
—
 
 
(5)
Total Institutional Class
 
 
—
 
 
(5)
Capital Transactions - ETF
 
 
 
 
Proceeds from shares sold
 
 
8,782,425
 
 
140,078,020
Amount paid for shares redeemed
 
 
(52,975,530)
 
 
—
Total
 
 
(44,193,105)
 
 
140,078,020
Net increase (decrease) in net assets resulting from capital transactions
 
 
(44,193,105)
 
 
140,078,015
Total increase (decrease) in net assets
 
 
(42,870,930)
 
 
140,679,006
Net Assets
 
 
 
 
Beginning of year or period
 
 
171,597,755
 
 
30,918,749
End of year or period
 
 
$128,726,825
 
 
$171,597,755
Share Transactions - Institutional Class
 
 
 
 
Shares redeemed
 
 
—
 
 
​—
Total Institutional Class
 
 
—
 
 
​—
Share Transactions - ETF
 
 
 
 
Shares sold
 
 
1,025,000
 
 
16,525,000
Shares redeemed
 
 
(6,150,000)
 
 
—
Total
 
 
(5,125,000)
 
 
16,525,000
Net increase (decrease) in share transactions
 
 
(5,125,000)
 
 
16,525,000
 
 
 
 
 
 
 
(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. See Note 1.
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, 2025
(Unaudited)
 
 
For the
Year Ended
January 31, 2025
Increase (Decrease) in Net Assets due to:
 
 
 
 
Operations
 
 
 
 
Net investment income (loss)
 
 
$22,595,169
 
 
$29,539,943
Net realized gain (loss) on investment transactions
 
 
178,463
 
 
567,899
Net change in unrealized appreciation/depreciation on
investments
 
 
(819,472)
 
 
1,317,043
Net increase (decrease) in net assets resulting from operations
 
 
21,954,160
 
 
31,424,885
Distributions to Shareholders
 
 
 
 
Distributions
 
 
(23,216,077)
 
 
(29,681,993)
Capital Transactions
 
 
 
 
Proceeds from shares sold
 
 
317,785,750
 
 
653,122,509
Amount paid for shares redeemed
 
 
—
 
 
(44,204,342)
Transaction Fees
 
 
8,639
 
 
—
Net increase (decrease) in net assets resulting from capital transactions
 
 
317,794,389
 
 
608,918,167
Total increase (decrease) in net assets
 
 
316,532,472
 
 
610,661,059
Net Assets
 
 
 
 
Beginning of year or period
 
 
733,492,211
 
 
122,831,152
End of year or period
 
 
$1,050,024,683
 
 
$733,492,211
Share Transactions
 
 
 
 
Shares sold
 
 
6,216,000
 
 
12,804,000
Shares redeemed
 
 
—
 
 
(864,000)
Net increase (decrease) in share transactions
 
 
6,216,000
 
 
11,940,000
 
 
 
 
 
 
 
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, 2025
(Unaudited)
 
 
For the
Year Ended
January 31, 2025
Increase (Decrease) in Net Assets due to:
 
 
 
 
Operations
 
 
 
 
Net investment income (loss)
 
 
$13,350,077
 
 
$15,598,864
Net realized gain (loss) on investment transactions and futures contracts
 
 
724,057
 
 
1,340,537
Net change in unrealized appreciation/depreciation on investments and futures contracts
 
 
2,732,022
 
 
(1,794,874)
Net increase (decrease) in net assets resulting from operations
 
 
16,806,156
 
 
15,144,527
Distributions to Shareholders
 
 
 
 
Distributions
 
 
(13,651,624)
 
 
(17,033,228)
Capital Transactions
 
 
 
 
Proceeds from shares sold
 
 
187,621,661
 
 
265,562,266
Amount paid for shares redeemed
 
 
(7,245,840)
 
 
(1,434,552)
Transaction Fees
 
 
4,487
 
 
—
Net increase (decrease) in net assets resulting from capital transactions
 
 
180,380,308
 
 
264,127,714
Total increase (decrease) in net assets
 
 
183,534,840
 
 
262,239,013
Net Assets
 
 
 
 
Beginning of year or period
 
 
368,104,431
 
 
105,865,418
End of year or period
 
 
$551,639,271
 
 
$368,104,431
Share Transactions
 
 
 
 
Shares sold
 
 
9,080,000
 
 
12,800,000
Shares redeemed
 
 
(350,000)
 
 
(70,000)
Net increase (decrease) in share transactions
 
 
8,730,000
 
 
12,730,000
 
 
 
 
 
 
 
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, 2025
(Unaudited)
 
 
For the Year Ended January 31,
 
2025
 
 
2024
 
 
2023
 
 
2022
 
 
2021
Selected Per Share Data:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year or
period
 
 
$8.62
 
 
$8.51
 
 
$8.63
 
 
$10.24
 
 
$10.43
 
 
$11.10
INCOME FROM INVESTMENT OPERATIONS:
 
 
 
 
 
 
Net investment income (loss)
 
 
0.23
 
 
0.51
 
 
0.49
 
 
0.48
 
 
0.47
 
 
0.46
Net realized and unrealized gain (loss) on investments(b)
 
 
0.06
 
 
0.10
 
 
(0.13)
 
 
(1.62)
 
 
(0.19)
 
 
(0.68)
Total from investment operations
 
 
0.29
 
 
0.36
 
 
0.36
 
 
(1.14)
 
 
0.28
 
 
(0.22)
LESS DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
From net investment income
 
 
(0.23)
 
 
(0.50)
 
 
(0.48)
 
 
(0.47)
 
 
(0.47)
 
 
(0.45)
Total distributions
 
 
(0.23)
 
 
(0.50)
 
 
(0.48)
 
 
(0.47)
 
 
(0.47)
 
 
(0.45)
Net asset value, end of year or period
 
 
$8.68
 
 
$8.62
 
 
$8.51
 
 
$8.63
 
 
$10.24
 
 
$10.43
Total return(c)(d)
 
 
3.39%
 
 
7.36%
 
 
4.38%
 
 
−11.28%
 
 
2.71%
 
 
−1.76%
RATIOS AND SUPPLEMENTAL DATA:
 
 
 
 
 
 
 
 
 
 
Net assets, end of year or period (000’s omitted)
 
 
$163,855
 
 
$145,599
 
 
$133,198
 
 
$150,450
 
 
$335,439
 
 
$396,711
Ratio of expenses to average net assets before waiver and reimbursement/
recoupment(e)
 
 
​1.55%
 
 
1.64%
 
 
2.13%
 
 
1.79%
 
 
1.29%
 
 
1.40%
Ratio of expenses to average net assets before waiver and reimbursement/
recoupment excluding interest expense(e)
 
 
1.25%
 
 
1.26%
 
 
1.26%
 
 
1.23%
 
 
1.20%
 
 
1.21%
Ratio of expenses to average net assets after waiver and reimbursement/
recoupment(e)
 
 
​1.54%
 
 
1.62%
 
 
2.11%
 
 
1.77%
 
 
1.28%
 
 
1.38%
Ratio of expenses to average net assets after waiver and reimbursement/
recoupment excluding interest expense(e)
 
 
1.24%
 
 
1.24%
 
 
1.24%
 
 
1.21%
 
 
1.19%
 
 
1.19%
Ratio of net investment income (loss) to average net assets before waiver and reimbursement/recoupment(e)
 
 
​5.49%
 
 
5.90%
 
 
5.78%
 
 
4.83%
 
 
4.42%
 
 
4.41%
Ratio of net investment income (loss) to average net assets after waiver and reimbursement/recoupment(e)
 
 
​5.50%
 
 
5.92%
 
 
5.80%
 
 
4.85%
 
 
4.43%
 
 
4.43%
Portfolio turnover rate(d)(f)
 
 
41%
 
 
60%
 
 
32%
 
 
14%
 
 
56%
 
 
67%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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, 2025
(Unaudited)
 
 
For the Year Ended January 31,
 
2025
 
 
2024
 
 
2023
 
 
2022
 
 
2021
Selected Per Share Data:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year or
period
 
 
$8.52
 
 
$8.41
 
 
$8.54
 
 
$10.13
 
 
$10.34
 
 
$11.00
Income from investment operations:
 
 
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
0.21
 
 
0.44
 
 
0.43
 
 
0.39
 
 
0.38
 
 
0.37
Net realized and unrealized gain (loss) on investments(b)
 
 
0.04
 
 
0.11
 
 
(0.14)
 
 
(1.58)
 
 
(0.20)
 
 
(0.66)
Total from investment operations
 
 
0.25
 
 
0.55
 
 
0.29
 
 
(1.19)
 
 
0.18
 
 
(0.29)
Less distributions to shareholders:
 
 
 
 
 
 
 
 
 
 
From net investment income
 
 
(0.20)
 
 
(0.44)
 
 
(0.42)
 
 
(0.40)
 
 
(0.39)
 
 
(0.37)
Total distributions
 
 
(0.20)
 
 
(0.44)
 
 
(0.42)
 
 
(0.40)
 
 
(0.39)
 
 
(0.37)
Net asset value, end of year or period
 
 
$8.57
 
 
$8.52
 
 
$8.41
 
 
$8.54
 
 
$10.13
 
 
$10.34
Total return(c)(d)
 
 
2.93%
 
 
6.66%
 
 
3.51%
 
 
−11.88%
 
 
1.78%
 
 
−2.41%
Ratios and Supplemental Data:
 
 
 
 
 
 
 
 
 
 
 
 
Net assets, end of year or period (000’s omitted)
 
 
$29,325
 
 
$33,373
 
 
$33,868
 
 
$46,512
 
 
$71,445
 
 
$87,743
Ratio of expenses to average net assets before waiver and reimbursement/
recoupment(e)
 
 
​2.30%
 
 
2.39%
 
 
2.88%
 
 
2.54%
 
 
2.04%
 
 
2.15%
Ratio of expenses to average net assets before waiver and reimbursement/
recoupment excluding interest expense(e)
 
 
2.00%
 
 
2.01%
 
 
2.01%
 
 
1.98%
 
 
1.95%
 
 
1.96%
Ratio of expenses to average net assets after waiver and reimbursement/
recoupment(e)
 
 
​2.29%
 
 
2.37%
 
 
2.86%
 
 
2.52%
 
 
2.03%
 
 
2.13%
Ratio of expenses to average net assets after waiver and reimbursement/
recoupment excluding interest expense(e)
 
 
1.99%
 
 
1.99%
 
 
1.99%
 
 
1.96%
 
 
1.94%
 
 
1.94%
Ratio of net investment income (loss) to average net assets before waiver and reimbursement/recoupment(e)
 
 
​4.75%
 
 
5.15%
 
 
5.03%
 
 
4.17%
 
 
3.69%
 
 
3.67%
Ratio of net investment income (loss) to average net assets after waiver and reimbursement/recoupment(e)
 
 
​4.76%
 
 
5.17%
 
 
5.05%
 
 
4.19%
 
 
3.70%
 
 
3.69%
Portfolio turnover rate(d)(f)
 
 
41%
 
 
60%
 
 
32%
 
 
14%
 
 
56%
 
 
67%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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 - Institutional Class
Consolidated Financial Highlights(a)
(For a share outstanding during each year or period)
 
 
 
 
 
 
 
 
 
For the Period
Ended
July 31, 2025
(Unaudited)
 
 
For the Year Ended January 31,
 
2025
 
 
2024
 
 
2023
 
 
2022
 
 
2021
Selected Per Share Data:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year or period
 
 
$8.59
 
 
$8.48
 
 
$8.61
 
 
$10.21
 
 
$10.41
 
 
$11.08
Income from investment operations:
 
 
 
 
 
 
Net investment income (loss)
 
 
0.25
 
 
0.53
 
 
0.51
 
 
0.49
 
 
0.49
 
 
0.48
Net realized and unrealized gain (loss) on investments(b)
 
 
0.05
 
 
0.10
 
 
(0.14)
 
 
(1.59)
 
 
(0.19)
 
 
(0.68)
Total from investment operations
 
 
0.30
 
 
0.63
 
 
0.37
 
 
(1.10)
 
 
0.30
 
 
(0.20)
Less distributions to shareholders:
 
 
 
 
 
 
From net investment income
 
 
(0.24)
 
 
(0.52)
 
 
(0.50)
 
 
(0.50)
 
 
(0.50)
 
 
(0.47)
Total distributions
 
 
(0.24)
 
 
(0.52)
 
 
(0.50)
 
 
(0.50)
 
 
(0.50)
 
 
(0.47)
Net asset value, end of year or period
 
 
$8.65
 
 
$8.59
 
 
$8.48
 
 
$8.61
 
 
$10.21
 
 
$10.41
Total return(c)
 
 
3.53%
 
 
7.65%
 
 
4.54%
 
 
−10.98%
 
 
2.87%
 
 
−1.60%
Ratios and Supplemental Data:
 
 
 
 
 
 
Net assets, end of year or period (000’s omitted)
 
 
$2,508,429
 
 
$2,612,598
 
 
$2,533,096
 
 
$2,793,964
 
 
$6,820,115
 
 
$5,927,510
Ratio of expenses to average net assets before waiver and reimbursement/recoupment(d)
 
 
​1.30%
 
 
1.39%
 
 
1.88%
 
 
1.54%
 
 
1.04%
 
 
1.15%
Ratio of expenses to average net assets before waiver and reimbursement/recoupment excluding interest expense(d)
 
 
1.00%
 
 
1.01%
 
 
1.01%
 
 
0.98%
 
 
0.95%
 
 
0.96%
Ratio of expenses to average net assets after waiver and reimbursement/recoupment(d)
 
 
​1.29%
 
 
1.37%
 
 
1.86%
 
 
1.52%
 
 
1.03%
 
 
1.13%
Ratio of expenses to average net assets after waiver and reimbursement/recoupment excluding interest expense(d)
 
 
0.99%
 
 
0.99%
 
 
0.99%
 
 
0.96%
 
 
0.94%
 
 
0.94%
Ratio of net investment income (loss) to average net assets before waiver and reimbursement/
recoupment(d)
 
 
​5.74%
 
 
6.15%
 
 
6.01%
 
 
5.03%
 
 
4.69%
 
 
4.65%
Ratio of net investment income (loss) to average net assets after waiver and reimbursement/
recoupment(d)
 
 
​5.75%
 
 
6.17%
 
 
6.03%
 
 
5.05%
 
 
4.70%
 
 
4.67%
Portfolio turnover rate(c)(e)
 
 
41%
 
 
60%
 
 
32%
 
 
14%
 
 
56%
 
 
67%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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, 2025
(Unaudited)
 
 
For the Year Ended January 31,
 
2025
 
 
2024
 
 
2023
 
 
2022
 
 
2021
Selected Per Share Data:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year or
period
 
 
$9.85
 
 
$9.74
 
 
$9.56
 
 
$10.00
 
 
$10.08
 
 
$10.12
Income from investment operations:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
0.23
 
 
0.49
 
 
0.36
 
 
0.12
 
 
0.08
 
 
0.19
Net realized and unrealized gain (loss) on investments(a)
 
 
0.01
 
 
0.12
 
 
0.24
 
 
(0.36)
 
 
(0.05)
 
 
(0.04)
Total from investment operations
 
 
0.24
 
 
0.61
 
 
0.60
 
 
(0.24)
 
 
0.03
 
 
0.15
Less distributions to shareholders:
 
 
 
 
 
 
 
 
From net investment income
 
 
(0.23)
 
 
(0.50)
 
 
(0.42)
 
 
(0.20)
 
 
(0.11)
 
 
(0.19)
Total distributions
 
 
(0.23)
 
 
(0.50)
 
 
(0.42)
 
 
(0.20)
 
 
(0.11)
 
 
(0.19)
Net asset value, end of year or period
 
 
$9.86
 
 
$9.85
 
 
$9.74
 
 
$9.56
 
 
$10.00
 
 
$10.08
Total return(b)
 
 
2.50%
 
 
6.39%
 
 
6.36%
 
 
−2.42%
 
 
0.27%
 
 
1.52%
Ratios and Supplemental Data:
 
 
 
 
 
 
 
 
 
 
 
 
Net assets, end of year or period (000’s omitted)
 
 
$25,917
 
 
$25,425
 
 
$25,439
 
 
$39,536
 
 
$171,328
 
 
$66,366
Ratio of expenses to average net assets before waiver and reimbursement/
recoupment(c)
 
 
0.81%
 
 
0.84%
 
 
0.84%
 
 
0.79%
 
 
0.78%
 
 
0.79%
Ratio of expenses to average net assets after waiver and reimbursement/
recoupment(c)
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.56%
 
 
0.51%
Ratio of net investment income (loss) to average net assets before waiver and reimbursement/recoupment(c)
 
 
4.53%
 
 
4.78%
 
 
4.01%
 
 
1.51%
 
 
0.56%
 
 
1.45%
Ratio of net investment income (loss) to average net assets after waiver and reimbursement/recoupment(c)
 
 
4.74%
 
 
5.02%
 
 
4.25%
 
 
1.70%
 
 
0.78%
 
 
1.73%
Portfolio turnover rate(b)
 
 
38%
 
 
92%
 
 
46%
 
 
31%
 
 
92%
 
 
81%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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, 2025
(Unaudited)
 
 
For the Year Ended January 31,
 
2025
 
 
2024
 
 
2023(a)
Selected Per Share Data:
 
 
 
 
 
 
 
 
Net asset value, beginning of year or period
 
 
$9.83
 
 
$9.72
 
 
$9.55
 
 
$9.70
Income from investment operations:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
0.23
 
 
0.50
 
 
0.42
 
 
0.13
Net realized and unrealized gain (loss) on investments(b)
 
 
0.01
 
 
0.11
 
 
0.17
 
 
(0.14)
Total from investment operations
 
 
0.24
 
 
0.61
 
 
0.59
 
 
(0.01)
Less distributions to shareholders:
 
 
 
 
 
 
 
 
From net investment income
 
 
(0.23)
 
 
(0.50)
 
 
(0.42)
 
 
(0.14)
Total distributions
 
 
(0.23)
 
 
(0.50)
 
 
(0.42)
 
 
(0.14)
Net asset value, end of year or period
 
 
$9.84
 
 
$9.83
 
 
$9.72
 
 
$9.55
Total return(c)(d)
 
 
2.50%
 
 
6.40%
 
 
6.27%
 
 
−0.25%
Ratios and Supplemental Data:
 
 
 
 
 
 
 
 
Net assets, end of year or period (000’s omitted)
 
 
$1,138
 
 
$1,127
 
 
$546
 
 
$513
Ratio of expenses to average net assets before waiver and reimbursement/recoupment(e)
 
 
0.81%
 
 
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%
Ratio of net investment income (loss) to average net assets before waiver and reimbursement/recoupment(e)
 
 
4.53%
 
 
4.81%
 
 
4.08%
 
 
2.32%
Ratio of net investment income (loss) to average net assets after waiver and reimbursement/recoupment(e)
 
 
4.74%
 
 
5.05%
 
 
4.32%
 
 
2.51%
Portfolio turnover rate(c)
 
 
38%
 
 
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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TABLE OF CONTENTS

Angel Oak UltraShort Income Fund - Institutional Class
Financial Highlights
(For a share outstanding during each year or period)
 
 
 
 
 
 
 
 
 
For the Period
Ended
July 31, 2025
(Unaudited)
 
 
For the Year Ended January 31,
 
2025
 
 
2024
 
 
2023
 
 
2022
 
 
2021
Selected Per Share Data:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year or
period
 
 
$9.85
 
 
$9.74
 
 
$9.56
 
 
$10.01
 
 
$10.09
 
 
$10.12
Income from investment operations:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
0.27
 
 
0.52
 
 
0.40
 
 
0.19
 
 
0.11
 
 
0.21
Net realized and unrealized gain (loss) on investments(a)
 
 
(0.01)
 
 
0.11
 
 
0.22
 
 
(0.41)
 
 
(0.06)
 
 
(0.03)
Total from investment operations
 
 
0.26
 
 
0.63
 
 
0.62
 
 
(0.22)
 
 
0.05
 
 
0.18
Less distributions to shareholders:
 
 
 
 
 
 
 
 
From net investment income
 
 
(0.25)
 
 
(0.52)
 
 
(0.44)
 
 
(0.23)
 
 
(0.13)
 
 
(0.21)
Total distributions
 
 
(0.25)
 
 
(0.52)
 
 
(0.44)
 
 
(0.23)
 
 
(0.13)
 
 
(0.21)
Net asset value, end of year or period
 
 
$9.86
 
 
$9.85
 
 
$9.74
 
 
$9.56
 
 
$10.01
 
 
$10.09
Total return(b)
 
 
2.62%
 
 
6.66%
 
 
6.64%
 
 
−2.24%
 
 
0.51%
 
 
1.87%
Ratios and Supplemental Data:
 
 
 
 
 
 
 
 
 
 
 
 
Net assets, end of year or period (000’s omitted)
 
 
$633,191
 
 
$453,868
 
 
$428,899
 
 
$653,848
 
 
$1,492,542
 
 
$796,407
Ratio of expenses to average net assets before waiver and reimbursement/
recoupment(c)
 
 
0.56%
 
 
0.59%
 
 
0.59%
 
 
0.54%
 
 
0.53%
 
 
0.54%
Ratio of expenses to average net assets after waiver and reimbursement/
recoupment(c)
 
 
0.35%
 
 
0.35%
 
 
0.35%
 
 
0.35%
 
 
0.31%
 
 
0.26%
Ratio of net investment income (loss) to average net assets before waiver and reimbursement/recoupment(c)
 
 
4.77%
 
 
5.03%
 
 
4.27%
 
 
1.82%
 
 
0.82%
 
 
1.67%
Ratio of net investment income (loss) to average net assets after waiver and reimbursement/recoupment(c)
 
 
4.98%
 
 
5.27%
 
 
4.51%
 
 
2.01%
 
 
1.04%
 
 
1.95%
Portfolio turnover rate(b)
 
 
38%
 
 
92%
 
 
46%
 
 
31%
 
 
92%
 
 
81%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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.
 
129
 

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Angel Oak High Yield Opportunities ETF(a)
Financial Highlights
(For a share outstanding during each year or period)
 
 
 
 
 
 
 
 
 
For the Period
Ended
July 31, 2025
(Unaudited)
 
 
For the Year Ended January 31,
 
2025
 
 
2024
 
 
2023
 
 
2022
 
 
2021
Selected Per Share Data:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year or
period
 
 
$11.08
 
 
$10.85
 
 
$10.58
 
 
$11.54
 
 
$11.73
 
 
$11.71
Income from investment operations:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
0.37(b)
 
 
0.72(b)
 
 
0.72
 
 
0.60
 
 
0.60
 
 
0.63
Net realized and unrealized gain (loss) on investments(c)
 
 
—
 
 
0.22
 
 
0.27
 
 
(0.95)
 
 
(0.18)
 
 
0.01
Total from investment operations
 
 
0.37
 
 
0.94
 
 
0.99
 
 
(0.35)
 
 
0.42
 
 
0.64
Less distributions to shareholders:
 
 
 
 
 
 
 
 
From net investment income
 
 
(0.37)
 
 
(0.71)
 
 
(0.72)
 
 
(0.61)
 
 
(0.61)
 
 
(0.62)
Total distributions
 
 
(0.37)
 
 
(0.71)
 
 
(0.72)
 
 
(0.61)
 
 
(0.61)
 
 
(0.62)
Net asset value, end of year or period
 
 
$11.08
 
 
$11.08
 
 
$10.85
 
 
$10.58
 
 
$11.54
 
 
$11.73
Total return on net asset value(d)(e)
 
 
3.41%
 
 
9.00%
 
 
9.77%
 
 
−2.89%
 
 
3.62%
 
 
5.97%
Total return on market value(d)(f)
 
 
3.39%
 
 
9.04%
 
 
N/A
 
 
N/A
 
 
N/A
 
 
N/A
Ratios and Supplemental Data:
 
 
 
 
 
 
 
 
 
 
 
 
Net assets, end of year or period (000’s omitted)
 
 
$120,623
 
 
$115,669
 
 
$72,035
 
 
$59,694
 
 
$69,503
 
 
$68,245
Ratio of expenses to average net assets before waiver and reimbursement/
recoupment(g)
 
 
0.55%
 
 
0.58%
 
 
0.93%
 
 
0.98%
 
 
0.89%
 
 
0.89%
Ratio of expenses to average net assets after waiver and reimbursement/
recoupment(g)
 
 
0.55%
 
 
0.55%
 
 
0.55%
 
 
0.64%
 
 
0.65%
 
 
0.65%
Ratio of net investment income (loss) to average net assets before waiver and reimbursement/recoupment(g)
 
 
6.78%
 
 
6.55%
 
 
6.48%
 
 
5.30%
 
 
4.86%
 
 
5.41%
Ratio of net investment income (loss) to average net assets after waiver and reimbursement/recoupment(g)
 
 
6.78%
 
 
6.58%
 
 
6.86%
 
 
5.64%
 
 
5.10%
 
 
5.65%
Portfolio turnover rate(d)(h)
 
 
16%
 
 
37%
 
 
20%
 
 
33%
 
 
38%
 
 
58%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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. 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(a)
Financial Highlights
(For a share outstanding during each year or period)
 
 
 
 
 
 
 
 
 
For the Period
Ended
July 31, 2025
(Unaudited)
 
 
For the Year Ended January 31,
 
2025
 
 
2024
 
 
2023
 
 
2022(b)
Selected Per Share Data:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year or period
 
 
$8.51
 
 
$8.51
 
 
$8.71
 
 
$9.77
 
 
$10.00
Income from investment operations:
 
 
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
0.22(c)
 
 
0.45(c)
 
 
0.38
 
 
0.24
 
 
0.09
Net realized and unrealized gain (loss) on investments(d)
 
 
0.07
 
 
(0.04)
 
 
(0.20)
 
 
(1.05)
 
 
(0.22)
Total from investment operations
 
 
0.29
 
 
0.41
 
 
0.18
 
 
(0.81)
 
 
(0.13)
Less distributions to shareholders:
 
 
 
 
 
 
 
 
 
 
From net investment income
 
 
(0.24)
 
 
(0.41)
 
 
(0.38)
 
 
(0.25)
 
 
(0.10)
Total distributions
 
 
(0.24)
 
 
(0.41)
 
 
(0.38)
 
 
(0.25)
 
 
(0.10)
Net asset value, end of year or period
 
 
$8.56
 
 
$8.51
 
 
$8.51
 
 
$8.71
 
 
$9.77
Total return on net asset value(e)(f)
 
 
​3.38%
 
 
4.98%
 
 
2.24%
 
 
−8.32%
 
 
−1.28%
Total return on market value(e)(g)
 
 
3.18%
 
 
5.17%
 
 
N/A
 
 
N/A
 
 
N/A
Ratios and Supplemental Data:
 
 
 
 
 
 
 
 
 
 
Net assets, end of year or period (000’s omitted)
 
 
$128,727
 
 
$171,598
 
 
$30,919
 
 
$34,786
 
 
$39,133
Ratio of expenses to average net assets before waiver and reimbursement/recoupment(h)
 
 
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%
 
 
0.44%
 
 
0.58%
 
 
0.59%
Ratio of net investment income (loss) to average net assets before waiver and reimbursement/recoupment(h)
 
 
4.93%
 
 
4.91%
 
 
3.87%
 
 
2.08%
 
 
1.06%
Ratio of net investment income (loss) to average net assets after waiver and reimbursement/recoupment(h)
 
 
5.23%
 
 
5.24%
 
 
4.53%
 
 
2.67%
 
 
1.44%
Portfolio turnover rate(e)(i)
 
 
45%
 
 
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, 2025
(Unaudited)
 
 
For the Year Ended January 31,
 
2025
 
 
2024
 
 
2023(a)
Selected Per Share Data:
 
 
 
 
 
 
 
 
Net asset value, beginning of year or period
 
 
$51.06
 
 
$50.67
 
 
$50.58
 
 
$50.00
Income from investment operations:
 
 
 
 
 
 
 
 
Net investment income (loss)(b)
 
 
1.34
 
 
2.99
 
 
3.16
 
 
0.69
Net realized and unrealized gain (loss) on investments(c)
 
 
(0.04)
 
 
0.18
 
 
0.15
 
 
0.27
Total from investment operations
 
 
1.30
 
 
3.17
 
 
3.31
 
 
0.96
Less distributions to shareholders:
 
 
 
 
 
 
 
 
From net investment income
 
 
(1.34)
 
 
(2.78)
 
 
(3.19)
 
 
(0.38)
From net realized gain
 
 
—
 
 
—(d)
 
 
(0.03)
 
 
—
Total distributions
 
 
(1.34)
 
 
(2.78)
 
 
(3.22)
 
 
(0.38)
Net asset value, end of year or period
 
 
$51.02
 
 
$51.06
 
 
$50.67
 
 
$50.58
Total return on net asset value(e)(f)
 
 
2.57%
 
 
6.43%
 
 
6.78%
 
 
1.92%
Total return on market value(e)(g)
 
 
2.49%
 
 
6.49%
 
 
6.84%
 
 
1.90%
Ratios and Supplemental Data:
 
 
 
 
 
 
 
 
Net assets, end of year or period (000’s omitted)
 
 
$1,050,025
 
 
$733,492
 
 
$122,831
 
 
$46,534
Ratio of expenses to average net assets before waiver and reimbursement/recoupment(h)
 
 
0.55%
 
 
0.55%
 
 
0.55%
 
 
0.55%
Ratio of expenses to average net assets after waiver and reimbursement/recoupment(h)
 
 
0.34%(i)
 
 
0.29%
 
 
0.29%
 
 
0.29%
Ratio of net investment income (loss) to average net assets before waiver and reimbursement/recoupment(h)
 
 
5.07%
 
 
5.59%
 
 
6.00%
 
 
4.80%
Ratio of net investment income (loss) to average net assets after waiver and reimbursement/recoupment(h)
 
 
5.28%
 
 
5.85%
 
 
6.26%
 
 
5.06%
Portfolio turnover rate(e)(j)
 
 
43%
 
 
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)
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)
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 May 31, 2026.
(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 Income ETF
Financial Highlights
(For a share outstanding during each year or period)
 
 
 
 
 
 
 
 
 
For the Period
Ended
July 31, 2025
(Unaudited)
 
 
For the Year Ended January 31,
 
2025
 
 
2024
 
 
2023(a)
Selected Per Share Data:
 
 
 
 
 
 
 
Net asset value, beginning of year or period
 
 
$20.58
 
 
$20.52
 
 
$20.39
 
 
$20.00
Income from investment operations:
 
 
 
 
 
 
 
 
Net investment income (loss)(b)
 
 
0.61
 
 
1.34
 
 
1.40
 
 
0.26
Net realized and unrealized gain (loss) on investments(c)
 
 
0.13
 
 
0.08
 
 
0.15
 
 
0.23
Total from investment operations
 
 
0.74
 
 
1.42
 
 
1.55
 
 
0.49
Less distributions to shareholders:
 
 
 
 
 
 
 
 
From net investment income
 
 
(0.60)
 
 
(1.27)
 
 
(1.41)
 
 
(0.10)
From net realized gain
 
 
—
 
 
(0.09)
 
 
(0.01)
 
 
—
Total distributions
 
 
(0.60)
 
 
(1.36)
 
 
(1.42)
 
 
(0.10)
Net asset value, end of year or period
 
 
$20.72
 
 
$20.58
 
 
$20.52
 
 
$20.39
Total return on net asset value(d)(e)
 
 
3.67%
 
 
7.10%
 
 
7.95%
 
 
2.41%
Total return on market value(d)(f)
 
 
3.50%
 
 
7.56%
 
 
7.61%
 
 
2.49%
Ratios and Supplemental Data:
 
 
 
 
 
 
 
 
Net assets, end of year or period (000’s omitted)
 
 
$551,639
 
 
$368,104
 
 
$105,865
 
 
$33,636
Ratio of expenses to average net assets before waiver and reimbursement/recoupment(g)
 
 
0.99%
 
 
0.99%
 
 
0.99%
 
 
0.99%
Ratio of expenses to average net assets after waiver and reimbursement/recoupment(g)
 
 
0.79%
 
 
0.79%
 
 
0.79%
 
 
0.79%
Ratio of net investment income (loss) to average net assets before waiver and reimbursement/recoupment(g)
 
 
5.75%
 
 
6.27%
 
 
6.71%
 
 
5.44%
Ratio of net investment income (loss) to average net assets after waiver and reimbursement/recoupment(g)
 
 
5.95%
 
 
6.47%
 
 
6.91%
 
 
5.64%
Portfolio turnover rate(d)(h)
 
 
37%
 
 
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)
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 FUNDS TRUST
NOTES TO THE FINANCIAL STATEMENTS
July 31, 2025 (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 six 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”), and Angel Oak Income ETF (the “Income 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
 
 
Current Income
 
 
06/28/2011
 
 
2.25%
 
 
N/A
 
 
0.25%
Class C
 
 
ANGCX
 
 
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
Price Volatility, and
Maintain Liquidity
 
 
04/30/2018
 
 
N/A
 
 
N/A
 
 
0.25%
Class A1
 
 
AOUNX
 
 
07/22/2022
 
 
1.50%
 
 
0.50%
 
 
0.25%
Institutional Class
 
 
AOUIX
 
 
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
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The Multi-Strategy Income Fund, UltraShort Income Fund, and High Yield Opportunities ETF are diversified series of the Trust. The Mortgage-Backed Securities ETF, UltraShort Income ETF, and Income 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, each Fund identified in the table below as a Target Fund was reorganized into an ETF through the reorganization of the Target Fund into its corresponding Acquiring ETF identified in the table below, pursuant to an Agreement and Plan of Reorganization, which was approved by the Board on December 6, 2023 (each, a “Reorganization”). Shareholder approval was not required to effect the Reorganization for the Angel Oak High Yield Opportunities Fund (the “Target High Yield Fund”). However, due to the increase in advisory fees and 12b-1 fees with respect to the Angel Oak Total Return Bond Fund (the “Target Total Return Bond Fund”). as a result of the Reorganization, shareholder approval was required for the Angel Oak Total Return Bond Fund, in which the Fund’s sole shareholder approved the Reorganization by written consent. The Acquiring ETFs, each a series of the Trust, were established as “shell” funds, organized solely in connection with the Reorganizations for the purpose of acquiring the assets and liabilities of the
 
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ANGEL OAK FUNDS TRUST
NOTES TO THE FINANCIAL STATEMENTS
July 31, 2025 (Unaudited)(Continued)
corresponding Target Funds and continuing the operations of the Target Funds as ETFs. The Acquiring ETFs had no performance history prior to the Reorganizations. Following the Reorganizations, each Target Fund’s performance (Institutional Class Shares) and financial history were adopted by the respective Acquiring ETF.
 
 
 
 
Target Funds
 
 
Acquiring ETFs
Target High Yield Fund
 
 
Acquiring High Yield ETF
Target Total Return Bond Fund
 
 
Acquiring MBS ETF
 
 
 
 
Each Reorganization was accomplished by a tax-free exchange of shares (with an exception for fractional mutual fund shares) of the Acquiring ETFs for shares of the Target Funds of equivalent aggregate net asset value as noted below:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Shares
 
 
Net Assets
 
 
Net Asset Value
Per Share
 
 
Net Unrealized
Appreciation/Depreciation
Target High Yield Fund
 
 
6,810,384
 
 
$74,002,591
 
 
$10.87
 
 
$(2,390,998)
Target Total Return Bond Fund
 
 
3,631,336
 
 
$30,502,641
 
 
$8.40
 
 
$(1,872,216)
 
 
 
 
 
 
 
 
 
 
 
 
 
Fees and expenses incurred to effect the Reorganizations were borne by the Adviser. The management fee of the Acquiring High Yield ETF is 0.55%, which is the same as the management fee of the Target High Yield Fund. The management fee of the Acquiring MBS ETF is 0.79%, which is higher than the management fee of 0.50% for the Target Total Return Bond Fund. The Acquiring High Yield ETF has experienced the same overall operating expenses as compared to its corresponding Target Fund after the applicable Target Fund fee waiver, because the Acquiring High Yield ETF has a unitary fee structure pursuant to which the Adviser has agreed to pay the operating expenses with only limited exceptions. The fee waiver of the Acquiring MBS ETF is 0.49%, which is higher than the fee waiver of 0.44% for the Target Total Return Bond Fund. From February 1, 2024, through February 16, 2024, there was a fee waiver in place for the Target High Yield Opportunities Fund of 0.55%, which was terminated as a result of the Reorganization.
The Reorganizations did not result in a material change to the Target Funds’ investment portfolios as compared to those of the Acquiring ETFs. There are no material differences in accounting policies of the Target Funds as compared to those of the Acquiring ETFs. The Acquiring ETFs did not purchase or sell securities following the Reorganizations for purposes of realigning its investment portfolio.
The High Yield Opportunities ETF, Mortgage-Backed Securities ETF, UltraShort Income ETF, and Income 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”). Prior to December 20, 2024, the ETFs’ shares traded on the New York Stock Exchange Arca, Inc. 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
 
 
 
 
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.
 
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ANGEL OAK FUNDS TRUST
NOTES TO THE FINANCIAL STATEMENTS
July 31, 2025 (Unaudited)(Continued)
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 DTC 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 an investment vehicle in order to purchase residential home equity lines of credit (“HELOCs”). The allocation of the Multi-Strategy Income Fund’s investments, if any, in Hyperion and Helios will vary over time. Helios is reported as a Residential Mortgage-Backed Security in the Multi-Strategy Income Fund's Consolidated Schedule of Investments.
On July 31, 2025, investments in Hyperion and Helios represented 0.18% and 2.26%, respectively, of the total net assets of the Multi-Strategy Income Fund.
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.
At July 31, 2025, investments held by Hyperion and Helios included whole loans and HELOCs, respectively, valued at $4,810,027 and $61,141,758, respectively. At July 31, 2025, Hyperion held $3,116,034 in cash, and there was no cash held in Helios.
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
 
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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, and whole loans are normally determined on the basis of valuations provided by independent pricing services. Vendors typically value such securities based on one or more inputs, including but not limited to, benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and pricing models such as yield measurers calculated using factors such as cash flows, financial or collateral performance and other reference data. In addition to these inputs, cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information may be utilized. Securities that use similar valuation techniques and inputs are categorized as Level 2 of the fair value hierarchy. To the extent the significant inputs are unobservable; the values generally would be categorized as Level 3.
Equity securities, including preferred stocks, that are traded on a national securities exchange, except those listed on the Nasdaq Global Market®, 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 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.
 
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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.
The following is a summary of the investments by their inputs used to value each Fund’s net assets as of July 31, 2025:
 
Multi-Strategy Income Fund
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Assets
 
 
 
 
 
 
 
 
Residential Mortgage-Backed Securities
 
 
$—
 
 
$1,278,187,423
 
 
$10,001
 
 
$1,278,197,424
Asset-Backed Securities
 
 
—
 
 
497,026,345
 
 
—
 
 
497,026,345
Residential Mortgage-Backed Securities – U.S. Government Agency
 
 
—
 
 
292,304,505
 
 
—
 
 
292,304,505
Collateralized Loan Obligations
 
 
—
 
 
211,296,679
 
 
—
 
 
211,296,679
Corporate Obligations
 
 
—
 
 
176,430,707
 
 
150,000
 
 
176,580,707
Commercial Mortgage-Backed Securities
 
 
—
 
 
124,349,358
 
 
—
 
 
124,349,358
Residential Mortgage-Backed Securities – U.S. Government Agency Credit Risk Transfer
 
 
—
 
 
111,651,762
 
 
—
 
 
111,651,762
Commercial Mortgage-Backed Securities – U.S. Government Agency
 
 
—
 
 
86,466,076
 
 
—
 
 
86,466,076
Affiliated Exchange Traded Funds
 
 
27,951,792
 
 
—
 
 
—
 
 
27,951,792
Commercial Real Estate
 
 
—
 
 
19,377,591
 
 
—
 
 
19,377,591
Exchange Traded Funds
 
 
13,905,341
 
 
—
 
 
—
 
 
13,905,341
Common Stocks
 
 
8,224,774
 
 
71,851
 
 
0
 
 
8,296,625
Preferred Stocks
 
 
7,511,645
 
 
—
 
 
—
 
 
7,511,645
Whole Loans
 
 
—
 
 
4,810,027
 
 
—
 
 
4,810,027
Short-Term Investments
 
 
78,539,727
 
 
—
 
 
—
 
 
78,539,727
Total
 
 
$136,133,279
 
 
$2,801,972,324
 
 
$160,001
 
 
$2,938,265,604
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Multi-Strategy Income Fund
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Other Financial Instruments
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
Futures Contracts*
 
 
$212,741
 
 
$—
 
 
$—
 
 
$212,741
Liabilities
 
 
 
 
 
 
 
 
Futures Contracts*
 
 
(67,564)
 
 
—
 
 
—
 
 
(67,564)
Swaps*
 
 
—
 
 
(2,873,931)
 
 
—
 
 
(2,873,931)
Total
 
 
$145,177
 
 
$(2,873,931)
 
 
$—
 
 
$(2,728,754)
 
 
 
 
 
 
 
 
 
 
 
 
 
*
Futures and swaps are reflected at the unrealized appreciation (depreciation) on the instrument as presented in the Consolidated Schedule of Open Futures Contracts and Consolidated Schedule of Centrally Cleared Credit Default Swaps - Buy Protection.
See the Consolidated Schedule of Investments for further disaggregation of investment categories. During the period ended July 31, 2025, the Fund recognized $9,091,460 of transfers from Level 3 to Level 2 due to an increase in relevant market activity. Level 3 holdings as of July 31, 2025, are immaterial and no further quantitative information about Level 3 Fair Value Measurements has been included.
 
UltraShort Income Fund
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Assets
 
 
 
 
 
 
 
 
Asset-Backed Securities
 
 
$—
 
 
$206,409,768
 
 
$—
 
 
$206,409,768
Commercial Mortgage-Backed Securities – U.S. Government Agency
 
 
—
 
 
121,004,557
 
 
—
 
 
121,004,557
Corporate Obligations
 
 
—
 
 
106,162,772
 
 
—
 
 
106,162,772
Collateralized Loan Obligations
 
 
—
 
 
96,956,149
 
 
—
 
 
96,956,149
Residential Mortgage-Backed Securities
 
 
—
 
 
91,258,344
 
 
—
 
 
91,258,344
Commercial Mortgage-Backed Securities
 
 
—
 
 
19,466,740
 
 
—
 
 
19,466,740
Residential Mortgage-Backed Securities – U.S. Government Agency Credit Risk Transfer
 
 
—
 
 
5,482,564
 
 
—
 
 
5,482,564
Common Stock
 
 
—
 
 
999,713
 
 
—
 
 
999,713
Residential Mortgage-Backed Securities – U.S. Government Agency
 
 
—
 
 
924,427
 
 
—
 
 
924,427
Short-Term Investments
 
 
19,570,346
 
 
—
 
 
—
 
 
19,570,346
Total
 
 
$19,570,346
 
 
$648,665,034
 
 
$—
 
 
$668,235,380
Other Financial Instruments
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
Futures Contracts*
 
 
$1,129,853
 
 
$—
 
 
$—
 
 
$1,129,853
 
 
 
 
 
 
 
 
 
 
 
 
 
*
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.
 
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High Yield Opportunities ETF
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Assets
 
 
 
 
 
 
 
 
Corporate Obligations
 
 
$—
 
 
$104,396,811
 
 
$—
 
 
$104,396,811
Residential Mortgage-Backed Securities
 
 
—
 
 
5,560,174
 
 
—
 
 
5,560,174
Asset-Backed Securities
 
 
—
 
 
4,820,838
 
 
—
 
 
4,820,838
Common Stock
 
 
—
 
 
287,461
 
 
0
 
 
287,461
Short-Term Investments
 
 
4,578,740
 
 
—
 
 
—
 
 
4,578,740
Total
 
 
$4,578,740
 
 
$115,065,284
 
 
$—
 
 
$119,644,024
 
 
 
 
 
 
 
 
 
 
 
 
 
See the Schedule of Investments for further disaggregation of investment categories. Level 3 holdings as of July 31, 2025, are immaterial and no further quantitative information about Level 3 Fair Value Measurements has been included.
 
Mortgage-Backed Securities ETF
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Assets
 
 
 
 
 
 
 
 
Residential Mortgage-Backed Securities
 
 
$—
 
 
$77,862,449
 
 
$—
 
 
$77,862,449
Residential Mortgage-Backed Securities – U.S. Government Agency
 
 
—
 
 
56,716,540
 
 
—
 
 
56,716,540
Residential Mortgage-Backed Securities – U.S. Government Agency Credit Risk Transfer
 
 
—
 
 
19,897,240
 
 
—
 
 
19,897,240
Commercial Mortgage-Backed Securities – U.S. Government Agency
 
 
—
 
 
252,262
 
 
—
 
 
252,262
Asset-Backed Securities
 
 
—
 
 
38,448
 
 
—
 
 
38,448
Short-Term Investments
 
 
3,535,388
 
 
—
 
 
—
 
 
3,535,388
Total
 
 
$3,535,388
 
 
$76,904,490
 
 
$—
 
 
$158,302,327
Other Financial Instruments
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
Futures Contracts*
 
 
$(69,451)
 
 
$—
 
 
$—
 
 
$(69,451)
 
 
 
 
 
 
 
 
 
 
 
 
 
*
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.
 
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July 31, 2025 (Unaudited)(Continued)
 
UltraShort Income ETF
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Assets
 
 
 
 
 
 
 
 
Asset-Backed Securities
 
 
$—
 
 
$303,095,162
 
 
$—
 
 
$303,095,162
Corporate Obligations
 
 
—
 
 
183,678,964
 
 
—
 
 
183,678,964
Collateralized Loan Obligations
 
 
—
 
 
169,523,072
 
 
—
 
 
169,523,072
Commercial Mortgage-Backed Securities – U.S. Government Agency
 
 
—
 
 
155,814,107
 
 
—
 
 
155,814,107
Residential Mortgage-Backed Securities
 
 
—
 
 
110,254,683
 
 
—
 
 
110,254,683
Residential Mortgage-Backed Securities – U.S. Government Agency Credit Risk Transfer
 
 
—
 
 
18,669,602
 
 
—
 
 
18,669,602
Commercial Mortgage-Backed Securities
 
 
—
 
 
13,435,947
 
 
—
 
 
13,435,947
Common Stock
 
 
—
 
 
2,849,181
 
 
—
 
 
2,849,181
Short-Term Investments
 
 
108,740,666
 
 
—
 
 
—
 
 
108,740,666
Total
 
 
$108,740,666
 
 
$957,320,717
 
 
$—
 
 
$1,066,061,384
Other Financial Instruments
Assets
 
 
 
 
 
 
 
 
Futures Contracts*
 
 
65,205
 
 
—
 
 
—
 
 
65,205
 
 
 
 
 
 
 
 
 
 
 
 
 
*
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.
 
Income ETF
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Assets
 
 
 
 
 
 
 
 
Residential Mortgage-Backed Securities
 
 
$—
 
 
$173,150,493
 
 
$—
 
 
$173,150,493
Asset-Backed Securities
 
 
—
 
 
120,371,445
 
 
—
 
 
120,371,445
Residential Mortgage-Backed Securities – U.S. Government Agency
 
 
—
 
 
110,930,729
 
 
—
 
 
110,930,729
Collateralized Loan Obligations
 
 
—
 
 
60,340,164
 
 
—
 
 
60,340,164
Corporate Obligations
 
 
—
 
 
36,741,654
 
 
—
 
 
36,741,654
Commercial Mortgage-Backed
Securities
 
 
—
 
 
20,972,557
 
 
—
 
 
20,972,557
Exchange Traded Funds
 
 
20,288,936
 
 
—
 
 
—
 
 
20,288,936
Residential Mortgage-Backed Securities – U.S. Government Agency Credit Risk Transfer
 
 
—
 
 
1,560,817
 
 
—
 
 
1,560,817
Preferred Stock
 
 
—
 
 
281,254
 
 
—
 
 
281,254
Common Stock
 
 
—
 
 
107,795
 
 
0
 
 
107,795
Short-Term Investments
 
 
18,681,105
 
 
—
 
 
—
 
 
18,681,105
Total
 
 
$38,970,041
 
 
$524,456,908
 
 
$—
 
 
$563,426,949
Other Financial Instruments
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
Futures Contracts*
 
 
$(10,091)
 
 
$—
 
 
$—
 
 
$(10,091)
 
 
 
 
 
 
 
 
 
 
 
 
 
*
Futures are reflected at the unrealized appreciation (depreciation) on the instrument as presented in the Schedule of Open Futures Contracts.
 
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July 31, 2025 (Unaudited)(Continued)
See the Schedule of Investments for further disaggregation of investment categories. Level 3 holdings as of July 31, 2025, are immaterial and no further quantitative information about Level 3 Fair Value Measurements has been included.
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, 2025, 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 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 ended January 31, 2025, 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
 
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July 31, 2025 (Unaudited)(Continued)
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 investment 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
 
 
$78,539,727
UltraShort Income Fund
 
 
$19,570,346
High Yield Opportunities ETF
 
 
$4,578,740
Mortgage-Backed Securities ETF
 
 
$3,535,388
UltraShort Income ETF
 
 
$108,740,666
Income ETF
 
 
$18,681,105
 
 
 
 
Reverse Repurchase Agreements – A reverse repurchase agreement is the sale by the Funds of a security to a party for a specified price, with the simultaneous agreement by the Funds to repurchase that security from that party on a future date at a higher price. Proceeds from securities sold under reverse repurchase agreements are reflected as a liability on the Statements of Assets and Liabilities. Interest payments made are recorded as a component of interest expense on the Statements of Operations. Reverse repurchase agreements involve the risk that the counterparty will become subject to bankruptcy or other insolvency proceedings or fail to return a security to the Funds. In such situations, the Funds may incur losses as a result of a possible decline in the value of the underlying security during the period while the Funds seek to enforce their rights, a possible lack of access to income on the underlying security during this period, or expenses of enforcing its rights. As of July 31, 2025, there were no reverse repurchase agreements held.
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,
 
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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 securities 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 securities 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 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 mortgage-backed 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 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 other investment companies, a Fund will incur higher expenses, many of which may be duplicative. 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 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
 
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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.
Warrants – The Funds may invest in warrants. Warrants are securities, typically issued with preferred stock or bonds that give the holder the right to purchase a given number of shares of common stock at a specified price and time. The price of the warrant usually represents a premium over the applicable market value of the common stock at the time of the warrant’s issuance. Warrants have no voting rights with respect to the common stock, receive no dividends and have no rights with respect to the assets of the issuer. Investments in warrants involve certain risks, including the possible lack of a liquid market for the resale of the warrants, potential price fluctuations due to adverse market conditions or other factors and failure of the price of the common stock to rise. If the warrant is not exercised within the specified time period, it becomes worthless.
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.
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, 2025.
 
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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 year, the Multi-Strategy Income Fund 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, 2025.
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.
Second Lien Risk (Multi-Strategy Income Fund only) – Second lien loans, such as HELOC loans, 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
 
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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.
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, 2025, for the Multi-Strategy Income Fund was as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives
 
 
Type of
Derivative Risk
 
 
Consolidated Statement
of Assets and
Liabilities Location
 
 
Falr Value of
Deposit
at Broker for
Futures and
Swaps
 
 
Value of Unrealized
Appreciation
(Depreciation)*
Futures Contracts
 
 
Interest Rate
 
 
Deposit at broker for futures
 
 
$1,333,647
 
 
$145,177
Swaps
 
 
Credit
 
 
Deposit at broker for swaps
 
 
$17,874,003
 
 
$(2,873,931)
 
 
 
 
 
 
 
 
 
 
 
 
 
*
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.
The effect of derivative instruments on the Consolidated Statement of Operations for the period ended July 31, 2025, 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
 
 
$5,051,489
Swaps
 
 
Credit
 
 
Net realized gain (loss) on swaps
 
 
$562,284
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
 
$519,471
Swaps
 
 
Credit
 
 
Net change in unrealized appreciation/depreciation on swaps
 
 
$(2,774,756)
 
 
 
 
 
 
 
 
 
 
The average monthly notional value of long and short futures during the period ended July 31, 2025, was $40,211,348 and $(75,483,447), respectively. The average monthly notional value of long swap contracts during the period ended July 31, 2025, was $321,428,571.
 
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The value and effect of derivative instruments on the Statements of Assets and Liabilities as of July 31, 2025, for the UltraShort Income Fund was as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives
 
 
Type of
Derivative Risk
 
 
Statements of Assets and
Liabilities Location
 
 
Fair Value of
Deposit
at Broker for
Futures
 
 
Value of Unrealized
Appreciation
(Depreciation)*
Futures Contracts
 
 
Interest Rate
 
 
Deposit at broker for futures
 
 
$675,124
 
 
$1,129,853
 
 
 
 
 
 
 
 
 
 
 
 
 
*
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, 2025, 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
 
 
$341,387
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
 
$199,175
 
 
 
 
 
 
 
 
 
 
The average monthly notional value of short futures contracts during the period ended July 31, 2025, was $(97,151,141).
The value and effect of derivative instruments on the Statements of Assets and Liabilities as of July 31, 2025, for the Mortgage-Backed Securities ETF was as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives
 
 
Type of
Derivative Risk
 
 
Statements of Assets and
Liabilities Location
 
 
Fair Value of
Deposit
at Broker for
Futures
 
 
Value of Unrealized
Appreciation
(Depreciation)*
Futures Contracts
 
 
Interest Rate
 
 
Deposit at broker for futures
 
 
$513,922
 
 
$(69,451)
 
 
 
 
 
 
 
 
 
 
 
 
 
*
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, 2025, 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
 
 
$(27,009)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
 
$(78,989)
 
 
 
 
 
 
 
 
 
 
 
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The average monthly notional value of long and short futures contracts during the period ended July 31, 2025, was $2,587,618 and $(10,779,067), respectively.
The value and effect of derivative instruments on the Statements of Assets and Liabilities as of July 31, 2025, for the UltraShort Income ETF was as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives
 
 
Type of
Derivative Risk
 
 
Statements of Assets and
Liabilities Location
 
 
Fair Value of
Deposit
at Broker for
Futures
 
 
Value of Unrealized
Appreciation
(Depreciation)*
Futures Contracts
 
 
Interest Rate
 
 
Deposit at broker for futures
 
 
$340,326
 
 
$65,205
 
 
 
 
 
 
 
 
 
 
 
 
 
*
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, 2025, 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
 
 
$243,393
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
 
$65,205
 
 
 
 
 
 
 
 
 
 
The average monthly notional value of long and short futures contracts during the period ended July 31, 2025, was $148,170 and $(14,822,614).
The value and effect of derivative instruments on the Statements of Assets and Liabilities as of July 31, 2025, for the Income ETF was as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives
 
 
Type of
Derivative Risk
 
 
Statements of Assets and
Liabilities Location
 
 
Fair Value of
Deposit
at Broker for
Futures
 
 
Value of Unrealized
Appreciation
(Depreciation)*
Futures Contracts
 
 
Interest Rate
 
 
Deposit at broker for futures
 
 
$242,418
 
 
$(10,091)
 
 
 
 
 
 
 
 
 
 
 
 
 
*
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, 2025, 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
 
 
$(268,784)
 
 
 
 
 
 
 
 
 
 
 
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July 31, 2025 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
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
 
 
$(40,387)
 
 
 
 
 
 
 
 
 
 
The average monthly notional value of long and short futures contracts during the period ended July 31, 2025, was $1,853,000 and $(16,402,811).
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 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, 2025, 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, 2025.
 
Multi-Strategy Income Fund
 
 
 
 
 
 
 
 
Gross Amounts Not Offset
in Consolidated Statement
of Assets and Liabilities
 
 
Gross Amounts
of Recognized
Assets/Liabilities
 
 
Gross Amounts
Offset in
Consolidated
Statement of Assets
and Liabilities
 
 
Net Amounts of
Assets
Presented in
Consolidated
Statement of
Assets and
Liabilities
 
 
Financial
Instruments*
 
 
Cash
Collateral
Pledged*
 
 
Net Amount
Futures Contracts
 
 
$212,741
 
 
$(67,564)
 
 
$145,177**
 
 
$   —
 
 
$—
 
 
$145,177
Swaps
 
 
$(2,873,931)
 
 
$—
 
 
$(2,873,931)***
 
 
$—
 
 
$2,873,931
 
 
$—
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UltraShort Income Fund
 
 
 
 
 
 
 
 
Gross Amounts Not Offset
in Statements of Assets
and Liabilities
 
 
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****
 
 
Financial
Instruments*
 
 
Cash
Collateral
Pledged*
 
 
Net Amount
Futures Contracts
 
 
$1,129,853
 
 
$   —
 
 
$1,129,853
 
 
$   —
 
 
$   —
 
 
$1,129,853
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-Backed Securities ETF
 
 
 
 
 
 
 
 
Gross Amounts Not Offset
in Statements of Assets
and Liabilities
 
 
Gross Amounts of
Recognized
Liabilities
 
 
Gross Amounts
Offset in
Statements of Assets
and Liabilities
 
 
Net Amounts of
Assets
Presented in
Statements of
Assets and
Liabilities****
 
 
Financial
Instruments*
 
 
Cash
Collateral
Pledged*
 
 
Net Amount
Futures Contracts
 
 
$(69,451)
 
 
$   —
 
 
$(69,451)
 
 
$   —
 
 
$69,451
 
 
$   —
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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July 31, 2025 (Unaudited)(Continued)
 
UltraShort Income ETF
 
 
 
 
 
 
 
 
Gross Amounts Not Offset
in Statements of Assets
and Liabilities
 
 
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****
 
 
Financial
Instruments*
 
 
Cash
Collateral
Pledged*
 
 
Net Amount
Futures Contracts
 
 
$65,205
 
 
$   —
 
 
$65,205
 
 
$   —
 
 
$   —
 
 
$65,205
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income ETF
 
 
 
 
 
 
 
 
Gross Amounts Not Offset
in Statements of Assets
and Liabilities
 
 
Gross Amounts of
Recognized
Liabilities
 
 
Gross Amounts
Offset in
Statements of Assets
and Liabilities
 
 
Net Amounts of
Assets
Presented in
Statements of
Assets and
Liabilities****
 
 
Financial
Instruments*
 
 
Cash
Collateral
Pledged*
 
 
Net Amount
Futures Contracts
 
 
$(10,091)
 
 
$   —
 
 
$(10,091)
 
 
$   —
 
 
$10,091
 
 
$   —
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
*
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.
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%
 
 
 
 
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
 
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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 contractually agreed through May 31, 2026, 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%
 
 
 
 
Prior to February 1, 2025, the Trust’s contractual expense limitation agreement with the Adviser with respect to the UltraShort Income ETF limited the Fund’s expenses to 0.29% of the Fund’s average daily net assets.
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, and other 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 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, 2025, the Adviser waived $6,258 of the Multi- Strategy Income Fund’s expenses, $618,161 of the UltraShort Income Fund’s expenses, $260,503 of the Mortgage-Backed Securities ETF’s expenses, $898,539 of the UltraShort Income ETF’s expenses, and $448,821 of the Income ETF’s expenses. Additionally, during the period ended July 31, 2025, the Multi-Strategy Income Fund repaid $30,766 of previously waived expenses to the Adviser. During the period ended July 31, 2025, The UltraShort Income Fund had $1,267,882 of previously waived expenses expire. 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, 2025, are included in the table below.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Waived
Expenses
Recoverable by
the Adviser
as of
07/31/25
 
 
Recoverable
Expenses
Subject to 36 Month
Limit During
the Year
Ended 01/31/26
 
 
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
Multi-Strategy Income Fund
 
 
$23,824
 
 
$—
 
 
$—
 
 
$17,566
 
 
$6,258
UltraShort Income Fund
 
 
$3,951,012
 
 
$919,331
 
 
$1,332,490
 
 
$1,081,030
 
 
$618,161
Mortgage-Backed Securities ETF
 
 
$458,293
 
 
$—
 
 
$—
 
 
$197,790
 
 
$260,503
UltraShort Income ETF
 
 
$2,447,903
 
 
$27,107
 
 
$209,312
 
 
$1,312,945
 
 
$898,539
Income ETF
 
 
$1,051,725
 
 
$11,283
 
 
$109,491
 
 
$482,130
 
 
$448,821
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
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only be changed or eliminated by the Board of Trustees upon 60 days’ written notice to the Adviser. During the period ended July 31, 2025, the Adviser waived $95,118 of the Multi-Strategy Income Fund’s management fees of underlying funds.
The Distributor acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ shares. Each of the Multi-Strategy Income Fund and the UltraShort Income Fund 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, and Class C shares, as applicable. Each of the ETFs (with the exception of 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.
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, 2025, are included in the Compliance line item that is reflected in the Statements of Operations.
Certain officers, Trustees and shareholders of the Funds are also owners or employees of the Adviser. 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 $75,000 (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 (pro-rated for any periods less than one year), and the Chair of the Board receives an additional $17,000. Independent Trustees are eligible for reimbursement of out-of-pocket expenses incurred in connection with attendance at meetings. For the period ended July 31, 2025, the aggregate compensation paid to the Independent Trustees by the Fund Complex was $278,500. 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.
 
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NOTE 6. INVESTMENT TRANSACTIONS
For the period ended July 31, 2025, 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
 
 
$1,162,587,866
 
 
$1,338,078,233
UltraShort Income Fund
 
 
$391,946,003
 
 
$209,467,508
High Yield Opportunities ETF
 
 
$22,103,225
 
 
$17,899,405
Mortgage-Backed Securities ETF
 
 
$74,904,193
 
 
$120,823,167
UItraShort Income ETF
 
 
$568,575,842
 
 
$338,763,672
Income ETF
 
 
$330,773,344
 
 
$161,919,619
 
 
 
 
 
 
 
For the period ended July 31, 2025, 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
 
 
$217,897,373
 
 
$371,797,217
UltraShort Income Fund
 
 
$73,015,294
 
 
$24,305,529
High Yield Opportunities ETF
 
 
$—
 
 
$—
Mortgage-Backed Securities ETF
 
 
$43,185,925
 
 
$99,158,458
UltraShort Income ETF
 
 
$100,970,739
 
 
$77,393,305
Income ETF
 
 
$58,529,298
 
 
$29,919,788
 
 
 
 
 
 
 
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.
The Multi-Strategy Income Fund had the following investments in affiliates during the period ended July 31, 2025:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Security Name
 
 
Value as of
01/31/25
 
 
Purchases
 
 
Sales
 
 
Net Realized
Gain (Loss) on
Investments in
Affiliates
 
 
Net Change
in Unrealized
Appreciation/
Depreciation
on Investments
in Affiliates
 
 
Value as of
07/31/25
 
 
Share/Par
Balance
 
 
Dividend
Income
High Yield Opportunities ETF
 
 
$25,121,512
 
 
$—
 
 
$(7,581,138)
 
 
$(314,725)
 
 
$235,886
 
 
$17,461,535
 
 
​1,575,240
 
 
$699,443
Mortgage-Backed Securities ETF
 
 
19,217,083
 
 
—
 
 
(8,829,145)
 
 
(1,499,673)
 
 
1,601,992
 
 
10,490,257
 
 
1,224,882
 
 
393,545
Geary
 
 
—
 
 
7,312,500
 
 
—
 
 
—
 
 
19,207
 
 
7,331,707
 
 
7,068,750
 
 
—
Octavia
 
 
8,003,750
 
 
446,500
 
 
—
 
 
—
 
 
641,210
 
 
9,091,460
 
 
8,003,750
 
 
—
Leavenworth
 
 
—
 
 
2,945,000
 
 
—
 
 
—
 
 
9,424
 
 
2,954,424
 
 
2,945,000
 
 
—
Total
 
 
$52,342,345
 
 
$10,704,000
 
 
$(16,410,283)
 
 
$(1,814,398)
 
 
$2,507,719
 
 
$47,329,383
 
 
​20,817,622
 
 
$1,092,988
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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, 2025, National Financial Services, LLC owned, as record shareholder, 39% 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, 2025, no record shareholder held more than 25% of the outstanding shares of the Multi-Strategy Income Fund.
 
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NOTE 9. FEDERAL TAX INFORMATION
The tax characterization of distributions paid for the latest tax year or period ended January 31, 2025, and January 31, 2024, were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
Multi-Strategy Income
Fund
 
 
UltraShort Income
Fund
 
 
High Yield Opportunities
ETF
 
 
2025
 
 
2024
 
 
2025
 
 
2024
 
 
2025
 
 
2024
Distributions paid from:
 
 
 
 
 
 
 
 
 
 
 
 
Ordinary Income
 
 
$163,971,172
 
 
$165,770,788
 
 
$23,774,886
 
 
$25,461,448
 
 
$6,059,277
 
 
$4,560,952
Net Long-Term
Capital Gain
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Total .
 
 
$163,971,172
 
 
$165,770,788
 
 
$23,774,886
 
 
$25,461,448
 
 
$ 6,059,277
 
 
$4,560,952
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-Backed
Securities ETF
 
 
UltraShort Income
ETF
 
 
Income
ETF
 
 
2025
 
 
2024
 
 
2025
 
 
2024
 
 
2025
 
 
2024
Distributions paid from:
 
 
 
 
 
 
 
 
 
 
 
 
Ordinary Income
 
 
$3,507,320
 
 
$1,506,825
 
 
$29,614,235
 
 
$5,260,978
 
 
$16,887,023
 
 
$3,938,223
Net Long-Term
Capital Gain
 
 
—
 
 
—
 
 
67,758
 
 
—
 
 
146,205
 
 
—
Total
 
 
$3,507,320
 
 
$1,506,825
 
 
$29,681,993
 
 
$ 5,260,978
 
 
$17,033,228
 
 
$3,938,223
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of the latest tax year ended January 31, 2025, 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
Tax Cost of Investments
 
 
$3,201,209,778
 
 
$484,157,940
 
 
$117,087,716
 
 
$221,941,893
 
 
$733,759,806
 
 
$371,763,242
Unrealized Appreciation*
 
 
30,247,812
 
 
2,838,405
 
 
1,704,666
 
 
1,026,453
 
 
2,706,717
 
 
3,601,775
Unrealized Depreciation*
 
 
(302,270,470)
 
 
(8,916,089)
 
 
(2,881,676)
 
 
(1,921,235)
 
 
(520,009)
 
 
(3,729,300)
Net Unrealized Appreciation (Depreciation)*
 
 
(272,022,658)
 
 
(6,077,684)
 
 
(1,177,010)
 
 
(894,782)
 
 
2,186,708
 
 
(127,525)
Undistributed Ordinary Income
 
 
4,041,508
 
 
509,002
 
 
558,619
 
 
577,415
 
 
3,173,477
 
 
1,331,487
Undistributed Long-Term Gain (Loss)
 
 
—
 
 
—
 
 
—
 
 
—
 
 
48,554
 
 
355,543
Accumulated Gain (Loss)
 
 
4,041,508
 
 
509,002
 
 
558,619
 
 
577,415
 
 
3,222,031
 
 
1,687,030
Other Accumulated Gain (Loss)
 
 
(1,685,384,129)
 
 
(49,394,200)
 
 
(4,947,469)
 
 
(5,193,667)
 
 
(2,843,170)
 
 
(1,603,021)
Distributable Earnings (Accumulated Deficit)
 
 
$(1,953,365,279)
 
 
$(54,962,882)
 
 
$(5,565,860)
 
 
$(5,511,034)
 
 
$2,565,569
 
 
$(43,516)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
*
Represents aggregated amounts of Funds’ investments, reverse repurchase agreements, futures, and swaps.
The temporary differences between book basis and tax basis in the Funds are primarily attributable to wash sales, partnership adjustments, amortization of callable bonds, preferred stock basis adjustments, future contracts marked-to market, and dividends payable.
As of the latest tax year ended January 31, 2025, the Funds had available for federal tax purposes an unused capital loss carryforward, which is available for offset against future taxable net
 
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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
 
 
Ultra Short
Income Fund
 
 
High Yield
Opportunities
ETF
 
 
Mortgage-Backed
Securities ETF
 
 
UltraShort
Income ETF
 
 
Income ETF
No expiration short-term
 
 
$502,440,351
 
 
$29,370,657
 
 
$950,679
 
 
$501,732
 
 
$   —
 
 
$   —
No expiration long-term
 
 
$1,178,154,308
 
 
$19,595,398
 
 
$3,500,352
 
 
$4,165,966
 
 
$—
 
 
$—
Total
 
 
$1,680,594,659
 
 
$48,966,055
 
 
$4,451,031
 
 
$4,667,698
 
 
$—
 
 
$—
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the latest tax year ended January 31, 2025, the Funds’ utilization of capital loss carryforward was as
follows:
 
 
 
 
Multi-Strategy Income Fund
 
 
$    —
UltraShort Income Fund
 
 
$—
High Yield Opportunities ETF
 
 
$885,459
Mortgage-Backed Securities ETF
 
 
$—
UltraShort Income ETF
 
 
$47,846
Income 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 ended January 31, 2025, 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 subsequently renewed on August 22, 2024, extending the expiration date to August 23, 2026, but 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 5.99% as of July 31, 2025. For the period ended July 31, 2025, the average principal balance and interest rate was approximately $100,000,000 and 5.93%, 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, 2025. For the period ended July 31, 2025, these expenses and commitment fees, amounted to $3,284,500 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, 2025, 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, 2025, through July 31, 2025.
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 25, 2026, for the purposes of having cash available to satisfy redemption requests. Prior to April 25, 2025, the credit facility had a maximum principal availability of $275 million. 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; 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
 
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ANGEL OAK FUNDS TRUST
NOTES TO THE FINANCIAL STATEMENTS
July 31, 2025 (Unaudited)(Continued)
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 6.50% as of July 31, 2025. For the period ended July 31, 2025, 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
 
 
$5,745,000
 
 
6.50%
 
 
$7,490,000
 
 
April 1, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
As of July 31, 2025, the Funds had no outstanding borrowings under this agreement.
NOTE 11. ACCOUNTING PRONOUNCEMENTS AND/OR REGULATORY UPDATES
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 other than the following:
Effective October 1, 2025, Ward Bortz is expected to replace Adam Langley as President of the Trust.
 
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TABLE OF CONTENTS

ANGEL OAK FUNDS TRUST
ADDITIONAL INFORMATION (Unaudited)
1. Shareholder Notification of Federal Tax Status
For the latest tax year ended January 31, 2025, 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 ended January 31, 2025, the Multi-Strategy Income Fund, UltraShort Income Fund, High Yield Opportunities ETF, Mortgage-Backed Securities, UltraShort Income ETF, and Income ETF paid qualified dividend income of 0.00%, 0.00%, 0.00%, 0.00%, 0.00%, and 0.00%, respectively.
For the latest tax year ended January 31, 2025, the percentage of ordinary income dividends paid by the Multi-Strategy Income Fund, UltraShort Income Fund, High Yield Opportunities ETF, Mortgage- Backed Securities, UltraShort Income ETF, and Income ETF that qualifies for the dividends received deduction available to corporations was 0.00%, 0.00%, 0.00%, 0.00%, 0.00%, and 0.00%, respectively.
For the latest tax year ended January 31, 2025, the percentage of taxable ordinary income distributions for the Multi-Strategy Income Fund, UltraShort Income Fund, High Yield Opportunities ETF, Mortgage-Backed Securities, UltraShort Income ETF, and Income 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%, and 5.21%, respectively.
For the latest tax year ended January 31, 2025, the percentage of taxable ordinary income distributions for the Multi-Strategy Income Fund, UltraShort Income Fund, High Yield Opportunities ETF, Mortgage-Backed Securities, UltraShort Income ETF, and Income ETF that are designated as interest related dividends under Internal Revenue 871(k)1(c) was 91.04%, 81.73%, 86.98%, 93.99%, 82.06%, and 78.38%, 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, and Income 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.
 
158