Angel Oak Strategic Credit Fund (ASCIX) NPORT-P Angel Oak Strategic Credit Fund (Apr 2023 report)

Angel Oak Strategic Credit Fund
Schedule of Investments
April 30, 2023 (Unaudited)
	Principal
	Amount		Value
Asset-Backed Securities ― 19.35%
Affirm Asset Securitization Trust, Series 2021-B, Class E, 4.610%, 8/17/2026 (a)	$	650,000	$	575,431
Avid Automobile Receivables Trust, Series 2021-1, Class D, 1.990%, 4/17/2028 (a)		1,000,000		922,498
Avis Budget Rental Car Funding LLC, Series 2020-1A, Class D, 3.340%, 8/20/2026 (a)		500,000		439,703
CAL Receivables LLC, Series 2022-1, Class B, 9.100% (SOFR30A + 4.350%), 10/15/2026 (a)(b)		600,000		580,904
Carvana Auto Receivables Trust, Series 2022-P1, Class N, 4.350%, 1/10/2029 (a)		108		106
Carvana Auto Receivables Trust, Series 2022-P2, Class D, 6.280%, 5/10/2029		923,000		927,266
Carvana Auto Receivables Trust, Series 2022-P3, Class D, 6.490%, 9/10/2029		453,000		452,886
Conn's Receivables Funding LLC, Series 2022-A, Class B, 9.520%, 12/15/2026 (a)		500,000		500,607
Continental Finance Credit Card ABS Master Trust, Series 2020-1A, Class C, 5.750%, 12/15/2028 (a)		200,000		169,409
Exeter Automobile Receivables Trust, Series 2022-4A, Class E, 8.230%, 3/15/2030 (a)		500,000		445,355
Foundation Finance Trust, Series 2021-2A, Class D, 5.730%, 1/15/2042 (a)		100,000		93,276
Foursight Capital Automobile Receivables Trust, Series 2022-2, Class D, 7.090%, 10/15/2029 (a)		500,000		505,443
FREED ABS Trust, Series 2022-3FP, Class D, 7.360%, 8/20/2029 (a)		500,000		507,441
Hertz Vehicle Financing LLC, Series 2022-4A, Class D, 6.560%, 9/25/2026 (a)		265,000		253,347
LendingClub Receivables Trust, Series 2019-1, Class CERT, 0.000%, 7/17/2045 (a)		17,660		88,169
Lendingpoint Asset Securitization Trust, Series 2022-A, Class E, 7.020%, 6/15/2029 (a)		100,000		45,414
Lendingpoint Asset Securitization Trust, Series 2022-B, Class C, 8.450%, 10/15/2029 (a)		1,000,000		850,991
Marlette Funding Trust, Series 2022-2A, Class D, 7.500%, 8/15/2032 (a)		500,000		502,107
Mosaic Solar Loan Trust, Series 2018-1A, Class C, 0.000%, 6/22/2043 (a)(c)		79,270		72,524
Mosaic Solar Loan Trust, Series 2019-1A, Class B, 0.000%, 12/21/2043 (a)(c)		28,713		24,834
Pagaya AI Debt Selection Trust, Series 2021-1, Class C, 4.090%, 11/15/2027 (a)		249,897		222,765
Pagaya AI Debt Selection Trust, Series 2021-3, Class C, 3.270%, 5/15/2029 (a)		199,989		178,129
Pagaya AI Debt Selection Trust, Series 2021-5, Class C, 3.930%, 8/15/2029 (a)		299,965		258,995
Pagaya AI Debt Selection Trust, Series 2022-1, Class C, 4.888%, 10/15/2029 (a)		99,987		87,010
Pagaya AI Debt Selection Trust, Series 2022-3, Class B, 8.050%, 3/15/2030 (a)		499,951		498,543
Pagaya AI Debt Selection Trust, Series 2022-5, Class B, 10.310%, 6/17/2030 (a)		500,000		520,986
Pagaya AI Debt Selection Trust, Series 2023-1, Class B, 9.435%, 7/15/2030 (a)		400,000		403,424
Pagaya AI Debt Selection Trust, Series 2023-3, Class B, 9.570%, 12/16/2030 (a)		400,000		401,937
Pretium Mortgage Credit Partners LLC, Series 2021-RN1, Class A1, 1.992%, 2/25/2061 (a)(d)		221,174		204,175
Research-Driven Pagaya Motor Asset Trust, Series 2021-2A, Class A, 2.650%, 3/25/2030 (a)		328,316		289,005
Santander Consumer Auto Receivables Trust, Series 2021-AA, Class F, 5.790%, 8/15/2028 (a)		250,000		216,305
Theorem Funding Trust, Series 2022-2A, Class B, 9.270%, 12/15/2028 (a)		1,000,000		1,033,041
Tricolor Auto Securitization Trust, Series 2022-1A, Class F, 9.800%, 7/16/2029 (a)		100,000		96,232
United Auto Credit Securitization Trust, Series 2022-2, Class D, 6.840%, 1/10/2028 (a)		1,000,000		978,879
Upstart Pass-Through Trust, Series 2021-ST9, Class CERT, 0.000%, 11/20/2029 (a)		200,000		56,315
Upstart Pass-Through Trust, Series 2022-ST1, Class CERT, 0.000%, 3/20/2030 (a)		100,000		34,255
Upstart Securitization Trust, Series 2021-1, Class C, 4.060%, 3/20/2031 (a)		500,000		473,213
Upstart Securitization Trust, Series 2021-3, Class C, 3.280%, 7/20/2031 (a)		500,000		452,440
Upstart Securitization Trust, Series 2021-4, Class B, 1.840%, 9/20/2031 (a)		460,000		431,102
Upstart Securitization Trust, Series 2022-1, Class C, 5.710%, 3/20/2032 (a)		200,000		157,765
Upstart Securitization Trust, Series 2022-2, Class C, 8.430%, 5/20/2032 (a)		500,000		489,670
US Auto Funding Trust, Series 2022-1A, Class D, 9.140%, 7/15/2027 (a)		450,000		435,502
TOTAL ASSET-BACKED SECURITIES (Cost ― $16,571,707)			$	15,877,399
Collateralized Loan Obligations ― 3.49%
Allegro CLO Ltd., Series 2018-1X, Class D, 7.642% (3 Month LIBOR USD + 2.850%), 6/13/2031 (b)(e)		500,000		453,550
Blackrock MT Hood CLO LLC, Series 2023-1A, Class VDN, 0.000%, 4/20/2035 (a)(f)(g)		1,000,000		458,000
CARLYLE US CLO Ltd., Series 2017-4A, Class C, 8.060% (3 Month LIBOR USD + 2.800%), 1/15/2030 (a)(b)		500,000		450,919
Ivy Hill Middle Market Credit Fund Ltd., Series 9A, Class DRR, 9.021% (TSFR3M + 3.950%), 4/23/2034 (a)(b)		500,000		457,505
LCM Ltd., Series 23A, Class CR, 8.550% (3 Month LIBOR USD + 3.300%), 10/22/2029 (a)(b)		500,000		423,527
Saranac CLO Ltd., Series 2020-8A, Class E, 13.035% (3 Month LIBOR USD + 8.120%), 2/22/2033 (a)(b)		250,000		206,968
THL Credit Wind River CLO Ltd., Series 2018-1A, Class E, 10.760% (3 Month LIBOR USD + 5.500%), 7/15/2030 (a)(b)		500,000		414,956
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost ― $2,971,292)			$	2,865,425
Commercial Mortgage-Backed Securities ― 1.75%
Capital Funding Mortgage Trust, Series 2020-9, Class B, 19.748% (1 Month LIBOR USD + 14.900%), 11/19/2023 (a)(b)		242,500		239,804
GS Mortgage Securities Corp. Trust, Series 2018-TWR, Class G, 9.123% (1 Month LIBOR USD + 4.175%), 7/15/2031 (a)(b)		311,000		51,223
Med Trust, Series 2021-MDLN, Class G, 10.198% (1 Month LIBOR USD + 5.250%), 11/15/2038 (a)(b)		997,038		916,504
X-Caliber Mortgage Trust, Series 2020-1, Class B1, 12.348% (1 Month LIBOR USD + 7.500%), 2/6/2024 (a)(b)		184,784		179,789
X-Caliber Mortgage Trust, Series 2021-9, Class B1, 12.927% (TSFR1M + 8.120%), 3/15/2024 (a)(b)		50,000		48,797
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost ― $1,711,681)			$	1,436,117
Commercial Mortgage-Backed Securities - U.S. Government Agency ― 0.14%
Federal Home Loan Mortgage Corp., Series 2017-KF41, Class B, 7.358% (1 Month LIBOR USD + 2.500%), 11/25/2024 (a)(b)		129,217		118,920
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Cost ― $127,265)			$	118,920
Common Stocks ― 0.37%	Shares
Financial ― 0.37%
Essent Group Ltd.		4,400		186,868
NMI Holdings, Inc. - Class A (h)		5,000		117,000
TOTAL COMMON STOCKS (Cost ― $299,270)			$	303,868
	Principal
Corporate Obligations ― 5.41%	Amount
Communications ― 0.47%
Gray Escrow, Inc., 5.375%, 11/15/2031 (a)	$	600,000		385,232
Consumer, Cyclical ― 0.48%
Carnival Corp., 6.000%, 5/1/2029 (a)		500,000		392,949
Consumer, Non-cyclical ― 0.54%
Upbound Group, Inc., 6.375%, 2/15/2029 (a)		500,000		439,520
Energy ― 0.56%
New Fortress Energy, Inc., 6.500%, 9/30/2026 (a)		500,000		459,529
Financial ― 2.93%
Freedom Mortgage Corp., 6.625%, 1/15/2027 (a)		500,000		405,517
OneMain Finance Corp., 7.125%, 3/15/2026		1,000,000		975,668
PennyMac Financial Services, Inc., 5.750%, 9/15/2031 (a)		500,000		418,033
United Wholesale Mortgage LLC, 5.500%, 4/15/2029 (a)		700,000		604,464
				2,403,682
Industrial ― 0.43%
Great Lakes Dredge & Dock Corp., 5.250%, 6/1/2029 (a)		450,000		354,404
TOTAL CORPORATE OBLIGATIONS (Cost ― $4,426,077)			$	4,435,316
Residential Mortgage-Backed Securities ― 66.73%
American Home Mortgage Assets Trust, Series 2006-6, Class XP, 0.039%, 12/25/2046 (g)(i)		852,420		17,525
American Home Mortgage Investment Trust, Series 2006-3, Class 3A2, 6.750%, 12/25/2036 (d)		318,140		126,207
Bellemeade Re Ltd., Series 2020-4A, Class B1, 10.020% (1 Month LIBOR USD + 5.000%), 6/25/2030 (a)(b)		250,000		252,372
Bellemeade Re Ltd., Series 2021-3A, Class M2, 7.965% (SOFR30A + 3.150%), 9/25/2031 (a)(b)		500,000		471,951
BRAVO Residential Funding Trust, Series 2021-A, Class A1, 1.991%, 10/25/2059 (a)(d)(j)		527,739		507,465
COLT Mortgage Loan Trust, Series 2021-1, Class M1, 2.287%, 6/25/2066 (a)(g)(j)		1,500,000		1,067,550
CountryWide Alternative Loan Trust, Series 2007-20, Class A1, 5.520% (1 Month LIBOR USD + 0.500%), 8/25/2047 (b)		216,568		84,248
CountryWide Home Loan Mortgage Pass-Through Trust, Series 2004-29, Class 1X, 0.277%, 2/25/2035 (g)(i)		1,696,089		19,464
Credit Suisse Mortgage Trust, Series 2021-NQM2, Class M1, 2.282%, 2/25/2066 (a)(g)(j)		1,215,000		800,928
Credit Suisse Mortgage Trust, Series 2022-NQM4, Class A3, 4.819%, 6/25/2067 (a)(d)(j)		944,223		889,963
Credit Suisse Mortgage Trust, Series 2022-NQM5, Class M1, 5.169%, 6/25/2067 (a)(g)		1,000,000		847,419
CSMC Trust, Series 2017-RPL1, Class B4, 2.957%, 7/25/2057 (a)(g)		1,486,226		295,890
CSMC Trust, Series 2022-ATH1, Class B2, 4.699%, 1/25/2067 (a)(g)		2,000,000		1,605,484
CSMC Trust, Series 2022-ATH1, Class B1, 4.699%, 1/25/2067 (a)(g)		2,000,000		1,665,934
DSLA Mortgage Loan Trust, Series 2004-AR2, Class X2, 0.000%, 11/19/2044 (g)(i)		349,509		3,996
Eagle RE Ltd., Series 2020-1, Class M2, 7.020% (1 Month LIBOR USD + 2.000%), 1/25/2030 (a)(b)		1,250,000		1,217,471
Eagle RE Ltd., Series 2020-1, Class B1, 7.870% (1 Month LIBOR USD + 2.850%), 1/25/2030 (a)(b)		1,000,000		974,154
Eagle RE Ltd., Series 2021-2, Class M2, 9.065% (SOFR30A + 4.250%), 4/25/2034 (a)(b)		2,250,000		2,233,982
Ellington Financial Mortgage Trust, Series 2021-2, Class M1, 2.296%, 6/25/2066 (a)(g)(j)		1,655,000		1,012,344
Ellington Financial Mortgage Trust, Series 2021-2, Class B1, 3.202%, 6/25/2066 (a)(g)		2,000,000		1,134,110
GCAT Trust, Series 2020-NQM2, Class M1, 3.589%, 4/25/2065 (a)(g)(j)		1,500,000		1,226,152
GS Mortgage Securities Corp. Trust, Series 2020-PJ3, Class B6, 3.425%, 10/25/2050 (a)(g)		1,653,995		694,906
GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ6, Class B6, 2.776%, 5/25/2051 (a)(g)		985,798		357,002
GS Mortgage-Backed Securities Trust, Series 2020-NQM1, Class B1, 5.143%, 9/25/2060 (a)(g)(j)		2,408,000		2,027,447
GS Mortgage-Backed Securities Trust, Series 2020-NQM1, Class B2, 6.164%, 9/25/2060 (a)(g)		2,000,000		1,737,214
GSAA Home Equity Trust, Series 2006-15, Class AF6, 6.376%, 9/25/2036 (d)		41,300		17,280
GSAA Home Equity Trust, Series 2006-18, Class AF3A, 5.772%, 11/25/2036 (g)		125,134		38,906
Home RE Ltd., Series 2021-1, Class B1, 8.670% (1 Month LIBOR USD + 3.650%), 7/25/2033 (a)(b)		2,300,000		2,191,171
Home RE Ltd., Series 2021-2, Class B1, 8.965% (SOFR30A + 4.150%), 1/25/2034 (a)(b)		760,000		703,037
Home RE Ltd., Series 2022-1, Class M1C, 10.315% (SOFR30A + 5.500%), 10/25/2034 (a)(b)(j)		2,000,000		1,967,228
Home RE Ltd., Series 2022-1, Class M2, 11.565% (SOFR30A + 6.750%), 10/25/2034 (a)(b)		1,500,000		1,517,610
Home RE Ltd., Series 2022-1, Class B1, 13.815% (SOFR30A + 9.000%), 10/25/2034 (a)(b)		1,500,000		1,501,836
JP Morgan Chase Bank, Series 2021-CL1, Class M5, 8.465% (SOFR30A + 3.650%), 3/27/2051 (a)(b)		48,625		41,728
JP Morgan Chase Bank, Series 2021-CL1, Class B, 11.715% (SOFR30A + 6.900%), 3/27/2051 (a)(b)		75,000		67,819
JP Morgan Chase Bank, Series 2020-CL1, Class M5, 10.620% (1 Month LIBOR USD + 5.600%), 10/25/2057 (a)(b)		155,768		155,974
JP Morgan Mortgage Trust, Series 2019-1, Class B6, 3.307%, 5/25/2049 (a)(g)		205,070		147,449
JP Morgan Mortgage Trust, Series 2019-8, Class B6, 4.073%, 3/25/2050 (a)(g)		255,511		148,901
JP Morgan Mortgage Trust, Series 2022-6, Class B4, 3.310%, 5/25/2052 (a)(g)		3,030,175		1,262,098
JP Morgan Mortgage Trust, Series 2022-6, Class B5, 3.310%, 5/25/2052 (a)(g)		1,265,000		447,673
JP Morgan Mortgage Trust, Series 2022-6, Class B6, 3.310%, 5/25/2052 (a)(g)		1,265,736		353,337
New Residential Mortgage Loan Trust, Series 2022-SFR2, Class E1, 4.000%, 9/19/2039 (a)		850,000		711,694
New Residential Mortgage Loan Trust, Series 2019-6A, Class B6, 4.433%, 9/25/2059 (a)(g)		166,238		95,415
Oaktown Re Ltd., Series 2021-2, Class M2, 8.515% (SOFR30A + 3.700%), 4/25/2034 (a)(b)		1,500,000		1,428,567
Oaktown Re Ltd., Series 2021-2, Class B1, 9.215% (SOFR30A + 4.400%), 4/25/2034 (a)(b)		1,500,000		1,378,143
PRET LLC, Series 2022-NPL3, Class A2, 7.870%, 6/25/2052 (a)(d)		2,000,000		1,948,758
Progress Residential Trust, Series 2021-SFR1, Class F, 2.757%, 4/17/2038 (a)		1,400,000		1,207,317
Progress Residential Trust, Series 2021-SFR9, Class F, 4.053%, 11/19/2040 (a)		500,000		402,238
PRPM LLC, Series 2021-1, Class A1, 2.115%, 1/25/2026 (a)(g)		2,966,621		2,827,555
Radnor RE Ltd., Series 2021-2, Class M2, 9.815% (SOFR30A + 5.000%), 11/25/2031 (a)(b)		2,000,000		1,971,914
Radnor RE Ltd., Series 2021-2, Class B1, 10.815% (SOFR30A + 6.000%), 11/25/2031 (a)(b)		1,000,000		879,574
Radnor RE Ltd., Series 2022-1, Class M1B, 11.565% (SOFR30A + 6.750%), 9/27/2032 (a)(b)		1,000,000		1,022,751
Radnor RE Ltd., Series 2022-1, Class M2, 13.315% (SOFR30A + 8.500%), 9/27/2032 (a)(b)		1,000,000		1,028,640
Radnor RE Ltd., Series 2021-1, Class M1C, 7.515% (SOFR30A + 2.700%), 12/27/2033 (a)(b)		2,000,000		1,972,840
Saluda Grade Alternative Mortgage Trust, Series 2022-INV1, Class A3, 4.658%, 10/25/2032 (a)(g)		993,268		911,414
Seasoned Credit Risk Transfer Trust, Series 2019-3, Class M, 4.750%, 10/25/2058 (g)		1,800,000		1,634,380
Traingle Re Ltd., Series 2021-3, Class M2, 8.565% (SOFR30A + 3.750%), 2/25/2034 (a)(b)		1,600,000		1,516,885
Unison Trust, Series 2021-1, Class A, 4.500%, 4/25/2050 (a)(g)		229,580		208,313
Verus Securitization Trust, Series 2021-5, Class M1, 2.331%, 9/25/2066 (a)(g)		450,000		313,691
Verus Securitization Trust, Series 2022-7, Class M1, 5.408%, 7/25/2067 (a)(g)		750,000		662,193
Wells Fargo Credit Risk Transfer Securities Trust, Series 2015-WF1, Class 1M2, 10.270% (1 Month LIBOR USD + 5.250%), 11/25/2025 (a)(b)		11,498		8,350
Western Mortgage Reference Notes, Series 2021-CL2, Class M5, 11.315% (SOFR30A + 6.500%), 7/25/2059 (a)(b)		439,506		427,270
Western Mortgage Reference Notes, Series 2021-CL2, Class B, 13.315% (SOFR30A + 8.500%), 7/25/2059 (a)(b)		400,000		376,734
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (Cost ― $57,276,884)			$	54,767,861
Residential Mortgage-Backed Securities - U.S. Government Agency Credit Risk Transfer ― 6.35%
Connecticut Avenue Securities Trust, Series 2020-R02, Class 2B1, 8.020% (1 Month LIBOR USD + 3.000%), 1/25/2040 (a)(b)		250,000		238,906
Connecticut Avenue Securities Trust, Series 2021-R01, Class 1B1, 7.915% (SOFR30A + 3.100%), 10/25/2041 (a)(b)		700,000		681,625
Federal Home Loan Mortgage Corp., Series 2021-DNA5, Class B1, 7.865% (SOFR30A + 3.050%), 1/25/2034 (a)(b)		1,000,000		968,402
Federal Home Loan Mortgage Corp., Series 2022-HQA1, Class M2, 10.065% (SOFR30A + 5.250%), 3/25/2042 (a)(b)		1,000,000		1,011,263
Federal Home Loan Mortgage Corp., Series 2022-HQA1, Class B2, 15.815% (SOFR30A + 11.000%), 3/25/2042 (a)(b)		1,000,000		963,750
Federal Home Loan Mortgage Corp., Series 2022-HQA3, Class M2, 10.165% (SOFR30A + 5.350%), 8/25/2042 (a)(b)		500,000		502,502
Federal Home Loan Mortgage Corp., Series 2017-SPI1, Class B, 4.117%, 9/25/2047 (a)(g)		273,443		161,689
Federal Home Loan Mortgage Corp., Series 2018-SPI3, Class B, 4.164%, 8/25/2048 (a)(g)		31,030		21,469
Federal Home Loan Mortgage Corp., Series 2018-SPI4, Class B, 4.511%, 11/25/2048 (a)(g)		302,886		191,176
Federal Home Loan Mortgage Corp., Series 2020-DNA1, Class B2, 10.270% (1 Month LIBOR USD + 5.250%), 1/25/2050 (a)(b)		500,000		471,875
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES - U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER (Cost ― $5,336,774)			$	5,212,657
Short-Term Investments ― 3.27%	Shares
Money Market Funds ― 3.27%
First American Government Obligations Fund, Class U, 4.746% (k)		2,681,733		2,681,733
TOTAL SHORT-TERM INVESTMENTS (Cost ― $2,681,733)			$	2,681,733
TOTAL INVESTMENTS ― 106.86% (Cost ― $91,402,683)			$	87,699,296
Liabilities in Excess of Other Assets ― (6.86%)				(5,628,863	)
NET ASSETS ― 100.00%			$	82,070,433

LIBOR:	London Inter-Bank Offered Rate
SOFR:	Secured Overnight Financing Rate
TSFR1M:	1 Month Term Secured Overnight Financing Rate
TSFR3M:	3 Month Term Secured Overnight Financing Rate
SOFR30A:	Secured Overnight Financing Rate 30 Day Average
(a)	Security exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933.  The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities are determined to be liquid by the Adviser, under the procedures established by the Fund's Board of Trustees, unless otherwise denoted. At April 30, 2023, the value of these securities amounted to $79,962,319 or 97.43% of net assets.
(b)	Variable or floating rate security based on a reference index and spread.  Certain securities are fixed to variable and currently in the fixed phase. Securities that reference SOFR may have been subject to a credit spread adjustment, particularly legacy holdings that previously referenced LIBOR and have transitioned to SOFR as the base lending rate. Rate disclosed is the rate in effect as of April 30, 2023.
(c)	Principal only security.
(d)	Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate disclosed is the rate in effect as of April 30, 2023.
(e)	Security exempt from registration under Regulation S of the Securities Act of 1933. Such securities are treated as liquid securities according to the Fund's liquidity guidelines. At April 30, 2023, the value of securities pledged amounted to $453,550 or 0.55% of net assets.
(f)	Security issued on a when-issued basis. On April 30, 2023, the total value of investments purchased on a when-issued basis was $458,000 or 0.56% of net assets.
(g)	Variable rate security. The coupon is based on an underlying pool of assets. Rate disclosed is the rate in effect as of April 30, 2023.
(h)	Non-income producing security.
(i)	Interest only security.
(j)	All or a portion of the security has been pledged as collateral in connection with open reverse repurchase agreements. At April 30, 2023, the value of securities pledged amounted to $9,499,077.
(k)	Rate disclosed is the seven day yield as of April 30, 2023.

Schedule of Open Futures Contracts
Short Futures Contracts	Expiration Month	Number of Contracts	Notional Value	Value & Unrealized Appreciation (Depreciation)
5 Year ERIS Aged Standard Swap Future	June 2024	(1)	($103,649)	($422)

Schedule of Open Reverse Repurchase Agreements
Counterparty	Interest Rate	Trade Date	Maturity Date	Net Closing Amount	Face Value
Goldman Sachs & Co.	7.178%	4/6/2023	5/8/2023	$1,767,685	$1,756,478
Goldman Sachs & Co.	6.326%	4/13/2023	5/15/2023	327,642	325,810
Goldman Sachs & Co.	6.826%	4/13/2023	5/15/2023	1,302,828	1,294,970
Goldman Sachs & Co.	7.126%	4/13/2023	5/15/2023	1,526,287	1,516,680
Total					$4,893,938
A reverse repurchase agreement, although structured as a sale and repurchase obligation, acts as a financing transaction under which the Fund will effectively pledge certain assets as collateral to secure a short-term loan. Generally, the other party to the agreement makes the loan in an amount less than the fair value of the pledged collateral. At the maturity of the reverse repurchase agreement, the Fund will be required to repay the loan and interest and correspondingly receive back its collateral. While used as collateral, the pledged assets continue to pay principal and interest which are for the benefit of the Fund.

Securities Valuation and Fair Value Measurements (Unaudited)

The Fund records its investments at fair value in accordance with fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, these standards require expanded disclosure for each major category of assets. These inputs are summarized in the three broad levels listed below:

Level 1 - quoted prices in active markets for identical securities

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments based on the best information available)

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Investments in registered open-end management investment companies, including money market funds, will be valued based upon the net asset value ("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"), collateralized loan obligations ("CLOs"), collateralized mortgage obligations ("CMOs"), corporate obligations, whole loans, and mortgage-backed securities ("MBS") 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, MBS and ABS may utilize cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information. 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 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 over-the-counter market. If a non-exchange listed security does not trade on a particular day, then the mean between the last quoted bid and asked price will be used as long as it continues to reflect the value of the security. If the mean is not available, then bid price can be used as long as the bid price continues to reflect the value of the security. Otherwise fair value will be determined in accordance with the procedures adopted by the Board. These securities will generally be categorized as Level 3 securities. When using the market quotations or close prices provided by the pricing service and when the market is considered active, the security will be classified as a Level 1 security. Sometimes, an equity security owned by the Fund will be valued by the pricing service with factors other than market quotations or when the market is considered inactive. When this happens, the security will be classified as a Level 2 security.

Short term debt securities having a maturity of 60 days or less are generally valued at amortized cost, which approximates fair market value. These investments are categorized as Level 2 of the fair value hierarchy.  Reverse repurchase agreements and repurchase agreements are priced at their acquisition cost, and assessed for credit adjustments, which represents fair value.  These securities will generally be categorized as Level 2 securities.

Financial derivative instruments, such as futures contracts, that are traded on a national securities or commodities exchange are typically valued at the settlement price determined by the relevant exchange. Swaps, such as credit default swaps, interest-rate swaps and currency swaps, are valued by a pricing service. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.  Over-the-counter financial derivative instruments, such as certain futures contracts or swap agreements, derive their values from underlying asset prices, indices, reference rates, other inputs or a combination of these factors. These instruments are normally valued on the basis of evaluations provided by independent pricing services or broker dealer quotations. Derivatives that use similar valuation techniques as described above are typically categorized as Level 2 of the fair value hierarchy.

Securities may be fair valued in accordance with the fair valuation procedures approved by the Board. The Valuation and Risk Management Oversight Committee is generally responsible for overseeing the Fund's valuation processes and reports quarterly to the Board. The board has selected Angel Oak Capital Advisors, LLC (the "Adviser") as the Valuation Designee. As such, the Valuation Committee of the Adviser has been delegated the day-to-day responsibilities for making all necessary determinations of the fair value of portfolio securities and other assets for which market quotations are not readily available or if the prices obtained from independent pricing services are deemed to be unreliable indicators of market or fair value. Representatives of the Valuation Designee's Valuation Committee report quarterly to the Valuation and Risk Management Oversight Committee.

The following is a summary of the investments by their inputs used to value the Fund's net assets as of April 30, 2023:

	Level 1	Level 2	Level 3	Total
Assets
Asset-Backed Securities	$–	$15,877,399	$–	$15,877,399
Collateralized Loan Obligations	–	2,865,425	–	2,865,425
Commercial Mortgage-Backed Securities	–	1,436,117	–	1,436,117
Commercial Mortgage-Backed Securities - U.S. Government Agency	–	118,920	–	118,920
Common Stocks	303,868	–	–	303,868
Corporate Obligations	–	4,435,316	–	4,435,316
Residential Mortgage-Backed Securities	–	54,767,861	–	54,767,861
Residential Mortgage-Backed Securities - U.S. Government Agency Credit Risk Transfer	–	5,212,657	–	5,212,657
Short-Term Investments	2,681,733	–	–	2,681,733
Total	$2,985,601	$84,713,695	$–	$87,699,296
Other Financial Instruments
Liabilities
Futures Contracts*	$422	$–	$–	$422
Reverse Repurchase Agreements	–	4,893,938	–	4,893,938
Total	$422	$4,893,938	$–	$4,894,360

*Futures are reflected at the unrealized appreciation (depreciation) on the instrument as presented in the Schedule of Investments.

See the Schedule of Investments for further disaggregation of investment categories. During the period ended April 30, 2023, the Fund did not recognize any transfers to or from Level 3.

Secured Borrowings

A reverse repurchase agreement is the sale by the Fund of a security to a party for a specified price, with the simultaneous agreement by the Fund to repurchase that security from that party on a future date at a higher price. 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 Fund. In such situations, the Fund may incur losses as a result of a possible decline in the value of the underlying security during the period while the Fund seeks to enforce its rights, a possible lack of access to income on the underlying security during this period, or expenses of enforcing its rights.

The gross obligations for secured borrowing by the type of collateral pledged and remaining time to maturity on reverse repurchase contracts is as follows:

Reverse Repurchase Agreements	Overnight and Continuous	Up to 30 Days	30-90 Days	Greater than 90 Days	Total
Residential Mortgage-Backed Securities	$–	$4,893,938	$–	$–	$4,893,938
Total	$–	$4,893,938	$–	$–	$4,893,938

The average monthly notional value of short futures contracts during the period ended April 30, 2023, was ($103,552).