Angel Oak Funds AR

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Semi-Annual Report

July 31, 2023

Angel Oak Multi-Strategy Income Fund

Angel Oak Financials Income Impact Fund

Angel Oak High Yield Opportunities Fund

Angel Oak UltraShort Income Fund

Angel Oak Total Return Bond Fund

Angel Oak UltraShort Income ETF

Angel Oak Income ETF

Angel Oak Capital Advisors, LLC

3344 Peachtree Road NE

Suite 1725

Atlanta, GA 30326

(404) 953-4900

Table of Contents



Investment Results			1

Summary of Funds’ Expenses			10

Portfolio Holdings			12

Statements of Assets and Liabilities			16

Statements of Operations			18

Statement of Cash Flows			20

Statements of Changes in Net Assets			21

Financial Highlights			28

Schedules of Investments			42

Notes to the Financial Statements			114

Additional Information			136

Investment Results – (Unaudited)

Angel Oak Multi-Strategy Income Fund

Total Return Based on a $500,000 Investment

LOGO

The Fund is the successor to the investment performance of the Angel Oak Multi-Strategy Income Fund (the “Predecessor Multi-Strategy Income Fund”) as a result of the reorganization of the Predecessor Multi-Strategy Income Fund into the Fund on April 10, 2015. Accordingly, the performance information shown in the chart above and table below for periods prior to April 10, 2015, is that of the Predecessor Multi-Strategy Income Fund. The Predecessor Multi-Strategy Income Fund was also advised by the Fund’s investment adviser, Angel Oak Capital Advisors, LLC (the “Adviser”), and had the same investment objective, policies, and strategies as the Fund.

The chart above assumes an initial investment of $500,000 made on July 31, 2013. Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Performance data current to the most recent month-end can be obtained by calling (855) 751-4324. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.

Total Returns⁽¹⁾

(For the period ended July 31, 2023)


	Average Annual Returns
	One Year	Three Year			Five Year			Ten Year			Since Inception⁽²⁾
Angel Oak Multi-Strategy Income Fund, Institutional Class	-4.55%		-1.06	%		-0.63	%		2.05	%		2.39	%
Angel Oak Multi-Strategy Income Fund, Class A without load	-4.79%		-1.34	%		-0.86	%		1.79	%		3.76	%
Angel Oak Multi-Strategy Income Fund, Class A with load	-6.97%		-2.08	%		-1.32	%		1.56	%		3.57	%
Angel Oak Multi-Strategy Income Fund, Class C without load	-5.47%		-2.07	%		-1.61	%		N/A			-0.07	%
Angel Oak Multi-Strategy Income Fund, Class C with load	-6.37%		-2.07	%		-1.61	%		N/A			-0.07	%
Bloomberg U.S. Aggregate Bond Index⁽³⁾	-3.37%		-4.46	%		0.75	%		1.50	%		1.29	%⁽⁴⁾

(1) Return figures reflect any change in price per share and assume the reinvestment of all distributions. Total returns for Class A Shares, with load, include the maximum 2.25% sales charge. Total returns for Class C Shares, with load, include the maximum 1.00% deferred sales charge.

(2) Inception date is August 16, 2012, for Institutional Class Shares, June 28, 2011, for Class A Shares, and August 4, 2015, for Class C Shares.

(3) The Bloomberg U.S. Aggregate Bond Index measures the performance of the investment-grade, fixed-rate bond market, including government and credit securities, agency pass-through securities, asset-backed securities and commercial mortgage-backed securities. Performance figures include the change in value of the bonds in the index and the reinvestment of interest. The index return does not reflect expenses. You cannot invest directly in an index; however, an individual can invest in exchange-traded funds or other investment vehicles that attempt to track the performance of a benchmark index.

Investment Results – (Unaudited) (continued)

(4) The return shown for the Bloomberg U.S. Aggregate Bond Index is from the inception date of the Institutional Class Shares. The Bloomberg U.S. Aggregate Bond Index return from the inception date of Class A Shares is 1.78% and for Class C Shares is 1.04%.

Investment Results – (Unaudited) (continued)

Angel Oak Financials Income Impact Fund

Total Return Based on a $500,000 Investment

LOGO

The chart above assumes an initial investment of $500,000 made on November 3, 2014 (commencement of operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Performance data current to the most recent month-end can be obtained by calling (855) 751-4324. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.

Total Returns⁽¹⁾

(For the period ended July 31, 2023)


	Average Annual Returns
	One Year	Three Year			Five Year			Since Inception⁽²⁾
Angel Oak Financials Income Impact Fund, Institutional Class	-7.97%		-0.19	%		0.17	%		1.34	%
Angel Oak Financials Income Impact Fund, Class A without load	-8.08%		-0.33	%		-0.06	%		1.12	%
Angel Oak Financials Income Impact Fund, Class A with load	-10.16%		-1.08	%		-0.52	%		0.86	%
Angel Oak Financials Income Impact Fund, Class C without load	-8.91%		-1.32	%		-0.90	%		-0.26	%
Angel Oak Financials Income Impact Fund, Class C with load	-9.79%		-1.32	%		-0.90	%		-0.26	%
Bloomberg U.S. Aggregate 3-5 Year Index⁽³⁾	-1.67%		-2.55	%		1.07	%		1.15	%⁽⁴⁾

(2) Inception date is November 3, 2014, for Institutional Class and Class A Shares and August 4, 2015, for Class C Shares.

(3) The Bloomberg U.S. Aggregate 3-5 Year Index tracks bonds with 3-5 year maturities within the Bloomberg U.S. Aggregate Bond Index. Performance figures include the change in value of the bonds in the index and the reinvestment of interest. The index return does not reflect expenses. You cannot invest directly in an index; however, an individual can invest in exchange-traded funds or other investment vehicles that attempt to track the performance of a benchmark index.

(4) The return shown for the Bloomberg U.S. Aggregate 3-5 Year Index is from the inception date of the Institutional Class and Class A Shares. The Bloomberg U.S. Aggregate 3-5 Year Index return from the inception date of the Class C Shares is 1.05%.

Investment Results – (Unaudited) (continued)

Angel Oak High Yield Opportunities Fund

Total Return Based on a $500,000 Investment

LOGO

The Fund is the successor to the investment performance of the Rainier High Yield Fund (the “Predecessor High Yield Fund”) as a result of the reorganization of the Predecessor High Yield Fund into the Fund on April 15, 2016. Accordingly, the performance information shown in the chart above and table below for periods prior to April 15, 2016, is that of the Predecessor High Yield Fund’s Institutional Shares and Original Shares for the Fund’s Institutional Class and Class A shares, respectively. The Predecessor High Yield Fund was managed by the same portfolio managers as the Fund and when the Predecessor High Yield Fund was reorganized into the Fund had substantially the same investment objectives, policies, and strategies as the Fund.

Total Returns⁽¹⁾

(For the period ended July 31, 2023)


	Average Annual Returns
	One Year	Three Year			Five Year			Ten Year			Since Inception⁽²⁾
Angel Oak High Yield Opportunities Fund, Institutional Class	6.64%		3.75	%		3.94	%		4.80	%		7.44	%
Angel Oak High Yield Opportunities Fund, Class A without load	6.24%		3.44	%		3.65	%		4.54	%		4.79	%
Angel Oak High Yield Opportunities Fund, Class A with load	3.81%		2.66	%		3.17	%		4.30	%		4.58	%
Bloomberg U.S. High Yield Corporate Bond Index⁽³⁾	4.41%		2.04	%		3.42	%		4.38	%		8.72	%⁽⁴⁾

(1) Return figures reflect any change in price per share and assume the reinvestment of all distributions. Total returns for Class A Shares, with load, include the maximum 2.25% sales charge.

(2) Inception date is March 31, 2009, for Institutional Class Shares and July 31, 2012, for Class A Shares.

(3) The Bloomberg U.S. High Yield Corporate Bond Index is an unmanaged market value-weighted index that covers the universe of fixed-rate, non-investment grade debt. Performance figures include the change in value of the bonds in the index and the reinvestment of interest. The index return does not reflect expenses. You cannot invest directly in an index; however, an individual can invest in exchange-traded funds or other investment vehicles that attempt to track the performance of a benchmark index.

(4) The return shown for the Bloomberg U.S. High Yield Corporate Bond Index is from the inception date of the Institutional Class Shares. The Bloomberg U.S. High Yield Corporate Bond Index return from the inception date of Class A Shares is 4.83%.

Investment Results – (Unaudited) (continued)

Angel Oak UltraShort Income Fund

Total Return Based on a $500,000 Investment

LOGO

The chart above assumes an initial investment of $500,000 made on April 2, 2018 (commencement of operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Performance data current to the most recent month-end can be obtained by calling (855) 751-4324. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.

Total Returns⁽¹⁾

(For the period ended July 31, 2023)


	Average Annual Returns
	One Year	Three Year			Five Year			Since Inception⁽²⁾
Angel Oak UltraShort Income Fund, Institutional Class	2.53%		0.85	%		1.69	%		1.78	%
Angel Oak UltraShort Income Fund, Class A	2.25%		0.63	%		1.43	%		1.50	%
Angel Oak UltraShort Income Fund, Class A1 without load	2.18%		N/A			N/A			2.16	%
Angel Oak UltraShort Income Fund, Class A1 with load	0.14%		N/A			N/A			0.64	%
Bloomberg Short Treasury: 9-12 Months Index⁽³⁾	2.76%		0.67	%		1.50	%		1.51	%⁽⁴⁾
Bloomberg Short Term Government/Corporate Index⁽⁵⁾	3.58%		1.18	%		1.68	%		1.70	%⁽⁶⁾

(1) Return figures reflect any change in price per share and assume the reinvestment of all distributions. Total returns for Class A1 Shares, with load, include the maximum 1.50% sales charge and the maximum 0.50% deferred sales charge.

(2) Inception date is April 2, 2018, for Institutional Class, April 30, 2018, for Class A Shares, and July 22, 2022, for Class A1 Shares.

(3) The Bloomberg Short Treasury: 9-12 Months Index measures the performance of U.S. Treasury bills, notes, and bonds with a remaining maturity between 9-12 months. Performance figures include the change in value of the bonds in the index and the reinvestment of interest. The index return does not reflect expenses. You cannot invest directly in an index; however, an individual can invest in exchange-traded funds or other investment vehicles that attempt to track the performance of a benchmark index.

(4) The return shown for the Bloomberg Short Treasury: 9-12 Months Index is from the inception date of the Institutional Class Shares. The Bloomberg Short Treasury: 9-12 Months Index return from the inception date of the Class A Shares is 1.52% and for Class A1 Shares is 2.78%.

Investment Results – (Unaudited) (continued)

(5) The Bloomberg Short Term Government/Corporate Index is an unmanaged index that represents securities that have fallen out of the U.S. Government/Corporate Index because of the standard minimum one year maturity constraint. Sectors include treasuries, agencies, industrials, utilities and financial institutions. Performance figures include the change in value of the bonds in the index and the reinvestment of interest. The index return does not reflect expenses. You cannot invest directly in an index; however, an individual can invest in exchange-traded funds or other investment vehicles that attempt to track the performance of a benchmark index.

(6) The return shown for the Bloomberg Short Term Government/Corporate Index is from the inception date of the Institutional Class Shares. The Bloomberg Short Term Government/Corporate Index return from the inception date of the Class A Shares is 1.70% and for Class A1 Shares is 3.57%.

Investment Results – (Unaudited) (continued)

Angel Oak Total Return Bond Fund

Total Return Based on a $500,000 Investment

The chart above assumes an initial investment of $500,000 made on June 4, 2021 (commencement of operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Performance data current to the most recent month-end can be obtained by calling (855) 751-4324. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.

Total Returns⁽¹⁾

(For the period ended July 31, 2023)


	Average Annual Returns
	One Year			Since Inception⁽²⁾
Angel Oak Total Return Bond Fund, Institutional Class		-5.23	%		-5.22	%
Bloomberg U.S. Aggregate Bond Index⁽³⁾		-3.37	%		-5.10	%

(1) Return figures reflect any change in price per share and assume the reinvestment of all distributions.

(2) Inception date is June 4, 2021.

Investment Results – (Unaudited) (continued)

Angel Oak UltraShort Income ETF

Total Return Based on a $10,000 Investment

The chart above assumes an initial investment of $10,000 made on October 24, 2022 (commencement of operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Performance data current to the most recent month-end can be obtained by calling (855) 751-4324. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.

Cumulative Returns⁽¹⁾

(For the period ended July 31, 2023)


	Since Inception⁽²⁾
Angel Oak UltraShort Income ETF – NAV		4.71	%
Angel Oak UltraShort Income ETF – Market Price		4.73	%
Bloomberg U.S. Treasury Bills Index⁽³⁾		3.50	%
Bloomberg Short Term Government/Corporate Index⁽⁴⁾		3.48	%

(1) Return figures reflect any change in price per share and assume the reinvestment of all distributions.

(2) Inception date is October 24, 2022.

(3) The Bloomberg U.S. Treasury Bills Index tracks the market for treasury bills issued by the U.S. government. Performance figures include the change in value of the bonds in the index and the reinvestment of interest. The index return does not reflect expenses. You cannot invest directly in an index; however, an individual can invest in exchange-traded funds or other investment vehicles that attempt to track the performance of a benchmark index.

(4) The Bloomberg Short Term Government/Corporate Total Return Index is an unmanaged index that represents securities that have fallen out of the U.S. Government/Corporate Index because of the standard minimum one year maturity constraint. Sectors include treasuries, agencies, industrials, utilities and financial institutions. Performance figures include the change in value of the bonds in the index and the reinvestment of interest. The index return does not reflect expenses. You cannot invest directly in an index; however, an individual can invest in exchange-traded funds or other investment vehicles that attempt to track the performance of a benchmark index.

Investment Results – (Unaudited) (continued)

Angel Oak Income ETF

Total Return Based on a $10,000 Investment

LOGO

The chart above assumes an initial investment of $10,000 made on November 7, 2022 (commencement of operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Performance data current to the most recent month-end can be obtained by calling (855) 751-4324. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.

Cumulative Returns⁽¹⁾

(For the period ended July 31, 2023)


		Since Inception⁽²⁾
Angel Oak Income ETF – NAV		4.97%
Angel Oak Income ETF – Market Price		5.00%
Bloomberg U.S. Aggregate Bond Index⁽³⁾		5.98%

(1) Return figures reflect any change in price per share and assume the reinvestment of all distributions.

(2) Inception date is November 7, 2022.

Summary of Funds’ Expenses – (Unaudited)

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other expenses of the Funds. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period.

Actual Expenses

The first lines of the tables below provide information about actual account values and actual expenses. You may use the information in these lines, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the numbers in the first lines under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second lines of the tables below provide information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees or exchange fees. Therefore, the second lines of the tables below are useful in comparing ongoing costs only and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


Angel Oak Multi-Strategy Income Fund		Beginning Account Value	Ending Account Value	Expenses Paid During Period⁽¹⁾	Annualized Expense Ratio
Class A	Actual	$1,000.00	$1,006.90	$11.59	2.33%
	Hypothetical⁽²⁾	$1,000.00	$1,013.24	$11.63	2.33%
Class C	Actual	$1,000.00	$1,003.10	$15.30	3.08%
	Hypothetical⁽²⁾	$1,000.00	$1,009.52	$15.35	3.08%
Institutional Class	Actual	$1,000.00	$1,008.20	$10.36	2.08%
	Hypothetical⁽²⁾	$1,000.00	$1,014.48	$10.39	2.08%


Angel Oak Financials Income Impact Fund		Beginning Account Value	Ending Account Value	Expenses Paid During Period⁽¹⁾	Annualized Expense Ratio
Class A	Actual	$1,000.00	$955.10	$4.61	0.95%
	Hypothetical⁽²⁾	$1,000.00	$1,020.08	$4.76	0.95%
Class C	Actual	$1,000.00	$950.70	$8.22	1.70%
	Hypothetical⁽²⁾	$1,000.00	$1,016.36	$8.50	1.70%
Institutional Class	Actual	$1,000.00	$955.10	$3.39	0.70%
	Hypothetical⁽²⁾	$1,000.00	$1,021.32	$3.51	0.70%


Angel Oak High Yield Opportunities Fund		Beginning Account Value	Ending Account Value	Expenses Paid During Period⁽¹⁾	Annualized Expense Ratio
Class A	Actual	$1,000.00	$1,033.80	$4.03	0.80%
	Hypothetical⁽²⁾	$1,000.00	$1,020.83	$4.01	0.80%
Institutional Class	Actual	$1,000.00	$1,036.20	$2.78	0.55%
	Hypothetical⁽²⁾	$1,000.00	$1,022.07	$2.76	0.55%

Summary of Funds’ Expenses – (Unaudited) (continued)


Angel Oak UltraShort Income Fund		Beginning Account Value	Ending Account Value	Expenses Paid During Period⁽¹⁾	Annualized Expense Ratio
Class A	Actual	$1,000.00	$1,025.60	$3.01	0.60%
	Hypothetical⁽²⁾	$1,000.00	$1,021.82	$3.01	0.60%
Class A1	Actual	$1,000.00	$1,024.60	$3.01	0.60%
	Hypothetical⁽²⁾	$1,000.00	$1,021.82	$3.01	0.60%
Institutional Class	Actual	$1,000.00	$1,026.90	$1.76	0.35%
	Hypothetical⁽²⁾	$1,000.00	$1,023.06	$1.76	0.35%


Angel Oak Total Return Bond Fund		Beginning Account Value	Ending Account Value	Expenses Paid During Period⁽¹⁾	Annualized Expense Ratio
Institutional Class	Actual	$1,000.00	$984.20	$2.16	0.44%
	Hypothetical⁽²⁾	$1,000.00	$1,022.61	$2.21	0.44%


Angel Oak UltraShort Income ETF		Beginning Account Value	Ending Account Value	Expenses Paid During Period⁽¹⁾	Annualized Expense Ratio
	Actual	$1,000.00	$1,027.40	$1.46	0.29%
	Hypothetical⁽²⁾	$1,000.00	$1,023.36	$1.45	0.29%


Angel Oak Income ETF		Beginning Account Value	Ending Account Value	Expenses Paid During Period⁽¹⁾	Annualized Expense Ratio
	Actual	$1,000.00	$1,025.00	$3.97	0.79%
	Hypothetical⁽²⁾	$1,000.00	$1,020.88	$3.96	0.79%

(1) Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days (181) in the most recent six month period and divided by the number of days in the most recent twelve month period (365). The annualized expense ratios reflect fee waiver and expense limitation arrangements, including interest expense, in effect during the period. The “Financial Highlights” tables in the Funds’ financial statements, included in the report, also show the gross expense ratios, without such reimbursements.

(2) Hypothetical assumes 5% annual return before expenses.

Portfolio Holdings – (Unaudited)

The investment objective of Angel Oak Multi-Strategy Income Fund is current income.

LOGO

The investment objective of Angel Oak Financials Income Impact Fund is to seek current income with a secondary objective of total return.

LOGO

* As a percentage of total investments. The percentages presented in the table above may differ from those in the Schedule of Investments because the percentages in the Schedule of Investments are calculated based on net assets.

(a) Less than 0.005%.

Portfolio Holdings – (Unaudited) (continued)

The investment objective of Angel Oak High Yield Opportunities Fund is to earn a high level of current income with a secondary objective of capital appreciation.

LOGO

The investment objective of Angel Oak UltraShort Income Fund is to seek to provide current income while seeking to minimize price volatility and maintain liquidity.

LOGO

Portfolio Holdings – (Unaudited) (continued)

The investment objective of Angel Oak Total Return Bond Fund is to seek total return.

LOGO

The investment objective of Angel Oak UltraShort Income ETF is to seek to provide current income while seeking to minimize price volatility and maintain liquidity.

LOGO

Portfolio Holdings – (Unaudited) (continued)

The investment objective of Angel Oak Income ETF is current income.

LOGO

Statements of Assets and Liabilities

July 31, 2023 (Unaudited)


	Multi-Strategy Income Fund (a)			Financials Income Impact Fund			High Yield Opportunities Fund			UltraShort Income Fund			Total Return Bond Fund
Assets
Investments in unaffiliated securities at fair value*		$3,119,235,927			$85,090,715			$66,170,634			$543,299,936			$33,227,975
Investments in affiliated securities at fair value*		122,385,177			—			—			4,931,063			—
Cash		584,396			—			—			—			—
Due from Adviser		—			—			—			—			4,582
Deposit at broker for futures*		4,229,561			—			—			733,925			220,278
Deposit at broker for swaps*		2,746,448			—			—			—			—
Receivable for Fund shares sold		4,266,728			752,051			84,599			222,342			—
Receivable for investments sold		29,780,953			—			—			—			—
Dividends and interest receivable		14,813,899			926,923			906,012			1,336,201			159,155
Prepaid expenses		115,517			24,278			21,054			54,117			32,785

Total Assets		3,298,158,606			86,793,967			67,182,299			550,577,584			33,644,775


Liabilities
Payable for credit agreements		100,000,000			—			—			—			—
Payable for reverse repurchase agreements		100,000,000			—			—			—			—
Payable for investments purchased		324,558,250			—			41,667			1,237,142			—
Payable for Fund shares redeemed		4,877,960			112,043			24,602			926,255			—
Payable for distributions to shareholders		4,950,893			199,431			288,931			538,193			127,793
Payable to Adviser		2,029,350			27,106			9,842			94,370			—
Interest payable for credit agreements		981,750			—			—			—			—
Interest payable for reverse repurchase agreements		731,743			—			—			—			—
Payable to administrator, fund accountant, and transfer agent		366,000			24,782			14,204			84,691			8,666
12b-1 fees accrued		99,213			25,430			3,661			16,431			—
Payable to custodian		51,294			650			1,380			9,293			570
Other accrued expenses		185,303			34,388			17,347			48,847			16,077

Total Liabilities		538,831,756			423,830			401,634			2,955,222			153,106

Net Assets		$2,759,326,850			$86,370,137			$66,780,665			$547,622,362			$33,491,669


Net Assets consist of:
Paid-in capital		$4,760,791,473			$153,231,436			$75,512,606			$614,269,716			$40,114,189
Total distributable earnings (accumulated deficit)		(2,001,464,623	)		(66,861,299	)		(8,731,941	)		(66,647,354	)		(6,622,520	)

Net Assets		$2,759,326,850			$86,370,137			$66,780,665			$547,622,362			$33,491,669


Class A:
Net Assets		$151,288,831			$1,931,784			$3,486,635			$26,769,926			$—

Shares outstanding (unlimited number of shares authorized, no par value)		17,910,154			254,565			326,471			2,786,214			—

Net asset value (“NAV”) per share		$8.45			$7.59			$10.68			$9.61			$—


Offering price per share (NAV/0.9775) (b)		$8.64			$7.76			$10.93			$9.61			$—


Class C:
Net Assets		$40,462,001			$3,719,097			$—			$—			$—

Shares outstanding (unlimited number of shares authorized, no par value)		4,843,631			498,208			—			—			—


Net asset value (“NAV”) and offering price per share		$8.35			$7.46			$—			$—			$—


*Minimum redemption price per share (NAV0.99) (c)**		$8.27			$7.39			$—			$—			$—


Institutional Class:
Net Assets		$2,567,576,018			$80,719,256			$63,294,030			$520,326,217			$33,491,669

Shares outstanding (unlimited number of shares authorized, no par value)		304,859,687			10,673,633			5,947,808			54,166,102			3,995,616


Net asset value (“NAV”) and offering price per share		$8.42			$7.56			$10.64			$9.61			$8.38


Class A1:
Net Assets		$—			$—			$—			$526,219			$—

Shares outstanding (unlimited number of shares authorized, no par value)		—			—			—			54,875			—


Net asset value (“NAV”) per share		$—			$—			$—			$9.59			$—


Offering price per share (NAV/0.985) (d)		$—			$—			$—			$9.74			$—


*Minimum redemption price per share (NAV0.995) (e)**		$—			$—			$—			$9.54			$—


*Cost of Investments:
Investments in unaffiliated securities		$3,703,269,846			$98,272,335			$70,320,853			$567,926,484			$36,096,518
Investments in affiliated securities		141,005,038			—			—			4,879,821			—
Required margin held as collateral for futures contracts		4,495,600			—			—			616,975			162,400
Required margin held as collateral for swaps		2,492,518			—			—			—			—

(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 contingent deferred sales charge (“CDSC”) of 0.50% may be charged.

See accompanying notes which are an integral part of these financial statements.

Statements of Assets and Liabilities

July 31, 2023 (Unaudited)


	UltraShort Income ETF		Income ETF
Assets
Investments in securities at fair value*		$89,832,204		$39,580,091
Deposit at broker for futures*		—		124,954
Dividends and interest receivable		250,856		167,325

Total Assets		90,083,060		39,872,370


Liabilities
Payable for investments purchased		1,067,942		450,588
Payable to Adviser		21,797		25,701

Total Liabilities		1,089,739		476,289

Net Assets		$88,993,321		$39,396,081

Net Assets consist of:
Paid-in capital		$88,417,178		$39,169,725
Total distributable earnings (accumulated deficit)		576,143		226,356

Net Assets		$88,993,321		$39,396,081


Shares outstanding (unlimited number of shares authorized, no par value)		1,760,000		1,950,000

Net asset value (“NAV”) and offering price per share		$50.56		$20.20


*Cost of Investments:
Investments in securities		$89,785,504		$39,726,708
Required margin held as collateral for futures contracts		—		21,950

See accompanying notes which are an integral part of these financial statements.

Statements of Operations

For the Period Ended July 31, 2023 (Unaudited)


	Multi-Strategy Income Fund (a)			Financials Income Impact Fund			High Yield Opportunities Fund			UltraShort Income Fund			Total Return Bond Fund
Investment Income
Interest		$111,265,824			$2,482,210			$2,379,726			$13,858,723			$801,211
Dividends from unaffiliated investments		1,597,457			88,357			—			—			29,842
Dividends from affiliated investments		3,297,177			—			—			133,910			—

Total Investment Income		116,160,458			2,570,567			2,379,726			13,992,633			831,053


Expenses
Interest expense		15,782,478			4,635			240			—			—
Investment Advisory (See Note 5)		12,831,921			396,587			177,923			1,349,371			84,618
Fund accounting		574,088			9,605			18,123			118,153			9,497
Administration		239,833			17,846			14,783			63,736			12,741
Legal		231,490			14,911			4,374			54,452			2,199
Transfer agent		224,573			33,896			15,196			54,777			7,059
12b-1 – Class A		201,087			3,938			4,336			40,992			—
12b-1 – Class A1		—			—			—			643			—
12b-1 – Class C		215,262			19,909			—			—			—
Trustee		129,252			18,299			16,647			41,041			15,637
Custodian		119,241			2,912			4,441			21,344			1,917
Printing		97,423			6,428			2,849			14,146			1,819
Registration		71,675			32,096			21,323			56,619			27,135
Audit & tax		56,852			16,303			14,609			18,882			14,513
Insurance		23,401			724			362			5,409			181
Compliance		5,611			5,611			5,611			5,611			5,611
Miscellaneous		42,431			5,313			2,800			11,743			809

Total Expenses		30,846,618			589,013			303,617			1,856,919			183,736

Fees contractually recouped by Adviser (See Note 5)		3,729			—			—			—			—
Fees contractually waived by Adviser (See Note 5)		(377,810	)		(253,066	)		(121,118	)		(741,921	)		(109,272	)

Net Expenses		30,472,537			335,947			182,499			1,114,998			74,464

Net Investment Income (Loss)		85,687,921			2,234,620			2,197,227			12,877,635			756,589


Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on investments in unaffiliated securities		(207,041,340	)		(2,308,506	)		(356,244	)		(5,139,666	)		(536,883	)
Net realized gain (loss) on futures contracts		36,513,927			—			—			2,187,002			(115,385	)
Net realized gain (loss) on securities sold short		(1,165,785	)		—			—			—			—
Net realized gain (loss) on swaps		(189,023	)		—			—			—			—
Net change in unrealized appreciation/depreciation on unaffiliated investments		139,167,254			(4,015,236	)		495,703			6,068,780			(346,191	)
Net change in unrealized appreciation/depreciation on affiliated investments		(4,088,574	)		—			—			523			—
Net change in unrealized appreciation/depreciation on swaps		(2,745,770	)		—			—			—			—
Net change in unrealized appreciation/depreciation on futures contracts		(23,721,546	)		—			—			(103,245	)		(278,655	)

Net Realized and Unrealized Gain (Loss) on Investments		(63,270,857	)		(6,323,742	)		139,459			3,013,394			(1,277,114	)

Net increase (decrease) in net assets resulting from operations		$22,417,064			($4,089,122	)		$2,336,686			$15,891,029			($520,525	)

(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.

Statements of Operations

For the Period Ended July 31, 2023 (Unaudited)


	UltraShort Income ETF			Income ETF
Investment Income
Interest		$1,856,096			$1,330,065

Total Investment Income		1,856,096			1,330,065


Expenses
Investment Advisory (See Note 5)		159,762			169,392

Total Expenses		159,762			169,392

Fees contractually recouped (waived) by Adviser (See Note 5)		(75,524	)		(34,220	)

Net Expenses		84,238			135,172

Net Investment Income (Loss)		1,771,858			1,194,893


Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on investments		43,286			50,419
Net realized gain (loss) on futures contracts		—			34,578
Net change in unrealized appreciation/depreciation on investments		(175,911	)		(435,688	)
Net change in unrealized appreciation/depreciation on futures contracts		—			36,431

Net Realized and Unrealized Gain (Loss) on Investments		(132,625	)		(314,260	)

Net increase (decrease) in net assets resulting from operations		$1,639,233			$880,633

See accompanying notes which are an integral part of these financial statements.

Multi-Strategy Income Fund

Consolidated Statement of Cash Flows (a)

For the Period Ended July 31, 2023 (Unaudited)


CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase (decrease) in net assets resulting from operations	$22,417,064
Net adjustments to reconcile net increase in net assets from operations to net cash provided by (used in) operating activities:
Net amortization and accretion of premium and discount on investments and other cost adjustments	(4,134,286	)
Net realized paydown gains on mortgage backed and other asset backed securities	(5,033,981	)
Purchases of short-term investments, net	(124,815,649	)
Purchases of investments	(341,356,676	)
Proceeds from sales of long-term investments	848,741,376
Net realized (gain) loss on investments	207,041,340
Net change in unrealized appreciation/depreciation on investments	(135,078,680	)
Net payments for securities sold short	(1,165,785	)
Net realized (gain) loss on securities sold short	1,165,785
Change in:
Receivable for investments sold	(20,285,659	)
Dividends and interest receivable	2,268,835
Prepaid expenses	(37,802	)
Payable for investments purchased	102,273,648
Interest payable for credit agreements	(1,257,500	)
Interest payable for reverse repurchase agreements	(991,295	)
Payable to Adviser	(121,872	)
Payable to administrator, fund accountant and transfer agent	9,291
Payable to custodian	17,391
12b-1 fees accrued	27,955
Other accrued expenses	(46,769	)

Net cash provided by (used in) operating activities	549,636,731

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from shares sold	672,828,054
Payment on shares redeemed	(847,849,789	)
Distributions paid to shareholders	(30,697,151	)
Proceeds from reverse repurchase agreements	100,000,000
Repayments of reverse repurchase agreements	(249,842,609	)
Increase (decrease) in borrowings	(200,000,000	)

Net cash provided by (used in) financing activities	(555,561,495	)

Net change in cash	(5,924,764	)

CASH AND RESTRICTED CASH:
Beginning Balance	13,485,169

Ending Balance	$7,560,405

SUPPLEMENTAL DISCLOSURES:
Cash paid for interest	$18,031,273
Cash held in money market investments	130,645,748
Non-cash financing activities - distributions reinvested	57,684,283
Non-cash financing activities - (increase) decrease in receivable for Fund shares sold	49,722,988
Non-cash financing activities - increase (decrease) in payable for Fund shares redeemed	(1,049,850	)
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE BEGINNING OF YEAR OR PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES:
Cash	$356,683
Deposit at broker for reverse repurchase agreements	3,907,000
Deposit at broker for futures	8,981,067
Deposit at broker for swaps	240,419

	$13,485,169

RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF YEAR OR PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES:
Cash	$584,396
Deposit at broker for futures	4,229,561
Deposit at broker for swaps	2,746,448

	$7,560,405

(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.

Angel Oak Multi-Strategy Income Fund

Consolidated Statements of Changes in Net Assets


	For the Period Ended July 31, 2023 (Unaudited) (a)			For the Year Ended January 31, 2023 (a)
Increase (Decrease) in Net Assets due to:
Operations
Net investment income (loss)		$85,687,921			$246,118,503
Net realized gain (loss) on investment transactions, futures contracts, swaps, and securities sold short		(171,882,221	)		(329,933,256	)
Net change in unrealized appreciation/depreciation on investments and futures contracts		108,611,364			(535,234,497	)

Net increase (decrease) in net assets resulting from operations		22,417,064			(619,049,250	)

Distributions to Shareholders
Distributions, Class A		(4,716,984	)		(11,252,681	)
Distributions, Class C		(1,109,412	)		(2,543,601	)
Distributions, Institutional Class		(82,179,128	)		(237,275,677	)

Total distributions to shareholders		(88,005,524	)		(251,071,959	)

Capital Transactions – Class A
Proceeds from shares sold		39,154,244			55,165,501
Reinvestment of distributions		3,544,903			8,235,003
Amount paid for shares redeemed		(38,218,680	)		(207,857,948	)

Total Class A		4,480,467			(144,457,444	)

Capital Transactions – Class C
Proceeds from shares sold		2,752,191			2,927,281
Reinvestment of distributions		834,256			1,916,694
Amount paid for shares redeemed		(8,639,242	)		(19,468,158	)

Total Class C		(5,052,795	)		(14,624,183	)

Capital Transactions – Institutional Class
Proceeds from shares sold		581,198,631			1,922,584,974
Reinvestment of distributions		53,305,124			160,861,663
Amount paid for shares redeemed		(799,942,017	)		(5,290,316,865	)

Total Institutional Class		(165,438,262	)		(3,206,870,228	)

Net increase (decrease) in net assets resulting from capital transactions		(166,010,590	)		(3,365,951,855	)

Total Increase (Decrease) in Net Assets		(231,599,050	)		(4,236,073,064	)

Net Assets
Beginning of year or period		2,990,925,900			7,226,998,964

End of year or period		$2,759,326,850			$2,990,925,900

Share Transactions – Class A
Shares sold		4,566,530			5,945,445
Shares issued in reinvestment of distributions		417,922			886,923
Shares redeemed		(4,499,865	)		(22,171,642	)

Total Class A		484,587			(15,339,274	)

Share Transactions – Class C
Shares sold		328,108			326,745
Shares issued in reinvestment of distributions		99,418			210,355
Shares redeemed		(1,028,562	)		(2,142,240	)

Total Class C		(601,036	)		(1,605,140	)

Share Transactions – Institutional Class
Shares sold		68,446,019			206,660,021
Shares issued in reinvestment of distributions		6,301,212			17,289,202
Shares redeemed		(94,299,533	)		(567,448,144	)

Total Institutional Class		(19,552,302	)		(343,498,921	)

Net increase (decrease) in share transactions		(19,668,751	)		(360,443,335	)

(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.

Angel Oak Financials Income Impact Fund

Statements of Changes in Net Assets


	For the Period Ended July 31, 2023 (Unaudited)			For the Year Ended January 31, 2023
Increase (Decrease) in Net Assets due to:
Operations
Net investment income (loss)		$2,234,620			$5,644,491
Net realized gain (loss) on investment transactions		(2,308,506	)		(3,058,652	)
Net change in unrealized appreciation/depreciation on investments		(4,015,236	)		(11,304,317	)

Net increase (decrease) in net assets resulting from operations		(4,089,122	)		(8,718,478	)

Distributions to Shareholders
Distributions, Class A		(73,741	)		(285,634	)
Distributions, Class C		(81,877	)		(214,360	)
Distributions, Institutional Class		(2,090,761	)		(5,252,982	)

Total distributions to shareholders		(2,246,379	)		(5,752,976	)

Capital Transactions – Class A
Proceeds from shares sold		109,508			7,686,268
Reinvestment of distributions		63,051			274,647
Amount paid for shares redeemed		(3,885,689	)		(5,545,874	)

Total Class A		(3,713,130	)		2,415,041

Capital Transactions – Class C
Proceeds from shares sold		104,719			6,121,420
Reinvestment of distributions		59,090			167,176
Amount paid for shares redeemed		(590,729	)		(4,609,226	)

Total Class C		(426,920	)		1,679,370

Capital Transactions – Institutional Class
Proceeds from shares sold		13,572,420			36,906,252
Reinvestment of distributions		930,476			2,707,443
Amount paid for shares redeemed		(20,978,490	)		(92,662,779	)

Total Institutional Class		(6,475,594	)		(53,049,084	)

Net increase (decrease) in net assets resulting from capital transactions		(10,615,644	)		(48,954,673	)

Total Increase (Decrease) in Net Assets		(16,951,145	)		(63,426,127	)

Net Assets
Beginning of year or period		103,321,282			166,747,409

End of year or period		$86,370,137			$103,321,282

Share Transactions – Class A
Shares sold		14,521			891,756
Shares issued in reinvestment of distributions		8,072			32,705
Shares redeemed		(491,656	)		(671,454	)

Total Class A		(469,063	)		253,007

Share Transactions – Class C
Shares sold		13,912			713,037
Shares issued in reinvestment of distributions		7,761			20,128
Shares redeemed		(77,268	)		(568,783	)

Total Class C		(55,595	)		164,382

Share Transactions – Institutional Class
Shares sold		1,775,226			4,286,387
Shares issued in reinvestment of distributions		120,620			319,221
Shares redeemed		(2,676,697	)		(10,940,708	)

Total Institutional Class		(780,851	)		(6,335,100	)

Net increase (decrease) in share transactions		(1,305,509	)		(5,917,711	)

See accompanying notes which are an integral part of these financial statements.

Angel Oak High Yield Opportunities Fund

Statements of Changes in Net Assets


	For the Period Ended July 31, 2023 (Unaudited)			For the Year Ended January 31, 2023
Increase (Decrease) in Net Assets due to:
Operations
Net investment income (loss)		$2,197,227			$3,822,365
Net realized gain (loss) on investment transactions		(356,244	)		(1,967,678	)
Net change in unrealized appreciation/depreciation on investments		495,703			(4,234,264	)

Net increase (decrease) in net assets resulting from operations		2,336,686			(2,379,577	)

Distributions to Shareholders
Distributions, Class A		(99,681	)		(220,212	)
Distributions, Institutional Class		(1,856,257	)		(3,644,808	)

Total distributions to shareholders		(1,955,938	)		(3,865,020	)

Capital Transactions – Class A
Proceeds from shares sold		1,693,259			5,670,162
Reinvestment of distributions		98,700			218,084
Amount paid for shares redeemed		(1,739,360	)		(6,869,415	)

Total Class A		52,599			(981,169	)

Capital Transactions – Institutional Class
Proceeds from shares sold		10,760,584			8,512,748
Reinvestment of distributions		346,031			738,044
Amount paid for shares redeemed		(7,870,527	)		(13,251,255	)

Total Institutional Class		3,236,088			(4,000,463	)

Net increase (decrease) in net assets resulting from capital transactions		3,288,687			(4,981,632	)

Total Increase (Decrease) in Net Assets		3,669,435			(11,226,229	)

Net Assets
Beginning of year or period		63,111,230			74,337,459

End of year or period		$66,780,665			$63,111,230

Share Transactions – Class A
Shares sold		160,896			535,154
Shares issued in reinvestment of distributions		9,349			20,440
Shares redeemed		(165,225	)		(651,218	)

Total Class A		5,020			(95,624	)

Share Transactions – Institutional Class
Shares sold		1,024,460			817,887
Shares issued in reinvestment of distributions		32,878			69,592
Shares redeemed		(751,385	)		(1,266,858	)

Total Institutional Class		305,953			(379,379	)

Net increase (decrease) in share transactions		310,973			(475,003	)

See accompanying notes which are an integral part of these financial statements.

Angel Oak UltraShort Income Fund

Statements of Changes in Net Assets


	For the Period Ended July 31, 2023 (Unaudited)				For the Year Ended January 31, 2023 (a)
Increase (Decrease) in Net Assets due to:
Operations
Net investment income (loss)			$12,877,635				$22,651,352
Net realized gain (loss) on investment transactions and futures contracts			(2,952,664	)			(30,251,012	)
Net change in unrealized appreciation/depreciation on investments and futures contracts			5,966,058				(28,050,354	)

Net increase (decrease) in net assets resulting from operations			15,891,029				(35,650,014	)

Distributions to Shareholders
Distributions, Class A			(657,626	)			(1,613,505	)
Distributions, Class A1			(10,466	)			(7,019	)
Distributions, Institutional Class			(12,447,181	)			(22,436,611	)

Total distributions to shareholders			(13,115,273	)			(24,057,135	)

Capital Transactions – Class A
Proceeds from shares sold			2,993,164				79,194,866
Reinvestment of distributions			611,335				1,461,291
Amount paid for shares redeemed			(16,516,341	)			(207,385,738	)

Total Class A			(12,911,842	)			(126,729,581	)

Capital Transactions – Class A1
Proceeds from shares sold			—				515,011
Reinvestment of distributions			10,391				7,018

Total Class A1			10,391				522,029

Capital Transactions – Institutional Class
Proceeds from shares sold			67,320,291				629,850,657
Reinvestment of distributions			9,430,032				17,077,383
Amount paid for shares redeemed			(212,899,534	)			(1,430,986,089	)

Total Institutional Class			(136,149,211	)			(784,058,049	)

Net increase (decrease) in net assets resulting from capital transactions			(149,050,662	)			(910,265,601	)

Total Increase (Decrease) in Net Assets			(146,274,906	)			(969,972,750	)

Net Assets
Beginning of year or period			693,897,268				1,663,870,018

End of year or period		$	547,622,362			$	693,897,268

Share Transactions – Class A
Shares sold			312,576				8,128,678
Shares issued in reinvestment of distributions			63,796				151,093
Shares redeemed			(1,724,627	)			(21,282,811	)

Total Class A			(1,348,255	)			(13,003,040	)

Share Transactions – Class A1
Shares sold			—				53,053
Shares issued in reinvestment of distributions			1,087				735

Total Class A1			1,087				53,788

Share Transactions – Institutional Class
Shares sold			7,027,589				64,427,692
Shares issued in reinvestment of distributions			984,343				1,764,255
Shares redeemed			(22,228,978	)			(146,914,639	)

Total Institutional Class			(14,217,046	)			(80,722,692	)

Net increase (decrease) in share transactions			(15,564,214	)			(93,671,944	)

(a)	Class A1 commenced operations on July 12, 2022.

See accompanying notes which are an integral part of these financial statements.

Angel Oak Total Return Bond Fund

Statements of Changes in Net Assets


	For the Period Ended July 31, 2023 (Unaudited)				For the Year Ended January 31, 2023
Increase (Decrease) in Net Assets due to:
Operations
Net investment income (loss)			$756,589				$961,225
Net realized gain (loss) on investment transactions and futures contracts			(652,268	)			(2,801,853	)
Net change in unrealized appreciation/depreciation on investments and futures contracts			(624,846	)			(1,427,032	)

Net increase (decrease) in net assets resulting from operations			(520,525	)			(3,267,660	)

Distributions to Shareholders
Distributions, Institutional Class			(773,468	)			(994,943	)

Total distributions to shareholders			(773,468	)			(994,943	)

Capital Transactions – Institutional Class
Proceeds from shares sold			—				31,250
Reinvestment of distributions			—				558
Amount paid for shares redeemed			—				(116,137	)

Total Institutional Class			—				(84,329	)

Net increase (decrease) in net assets resulting from capital transactions			—				(84,329	)

Total Increase (Decrease) in Net Assets			(1,293,993	)			(4,346,932	)

Net Assets
Beginning of year or period			34,785,662				39,132,594

End of year or period		$	33,491,669			$	34,785,662

Share Transactions – Institutional Class
Shares sold			—				3,235
Shares issued in reinvestment of distributions			—				59
Shares redeemed			—				(12,550	)

Total Institutional Class			—				(9,256	)

Net increase (decrease) in share transactions			—				(9,256	)

See accompanying notes which are an integral part of these financial statements.

Angel Oak UltraShort Income ETF

Statements of Changes in Net Assets


	For the Period Ended July 31, 2023 (Unaudited)				For the Period Ended January 31, 2023 (a)
Increase (Decrease) in Net Assets due to:
Operations
Net investment income (loss)			$1,771,858				$527,103
Net realized gain (loss) on investment transactions			43,286				11,525
Net change in unrealized appreciation/depreciation on investments			(175,911	)			222,611

Net increase (decrease) in net assets resulting from operations			1,639,233				761,239

Distributions to Shareholders
Distributions			(1,507,543	)			(316,786	)

Total distributions to shareholders			(1,507,543	)			(316,786	)

Capital Transactions
Proceeds from shares sold			42,327,134				46,090,044

Net increase (decrease) in net assets resulting from capital transactions			42,327,134				46,090,044

Total Increase (Decrease) in Net Assets			42,458,824				46,534,497

Net Assets
Beginning of period			46,534,497				—

End of period		$	88,993,321			$	46,534,497

Share Transactions
Shares sold			840,000				920,000

Net increase (decrease) in share transactions			840,000				920,000

(a)	Fund commenced operations on October 24, 2022.

See accompanying notes which are an integral part of these financial statements.

Angel Oak Income ETF

Statements of Changes in Net Assets


	For the Period Ended July 31, 2023 (Unaudited)				For the Period Ended January 31, 2023 (a)
Increase (Decrease) in Net Assets due to:
Operations
Net investment income (loss)			$1,194,893				$317,913
Net realized gain (loss) on investment transactions and futures contracts			84,997				29,404
Net change in unrealized appreciation/depreciation on investments and futures contracts			(399,257	)			289,071

Net increase (decrease) in net assets resulting from operations			880,633				636,388

Distributions to Shareholders
Distributions			(1,142,421	)			(148,244	)

Total distributions to shareholders			(1,142,421	)			(148,244	)

Capital Transactions
Proceeds from shares sold			7,028,705				33,148,155
Amount paid for shares redeemed			(1,007,135	)			—

Net increase (decrease) in net assets resulting from capital transactions			6,021,570				33,148,155

Total Increase (Decrease) in Net Assets			5,759,782				33,636,299

Net Assets
Beginning of period			33,636,299				—

End of period		$	39,396,081			$	33,636,299

Share Transactions
Shares sold			350,000				1,650,000
Shares redeemed			(50,000	)			—

Net increase (decrease) in share transactions			300,000				1,650,000

(a)	Fund commenced operations on November 7, 2022.

See accompanying notes which are an integral part of these financial statements.

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, 2023 (Unaudited)			For the Year Ended January 31, 2023			For the Year Ended January 31, 2022			For the Year Ended January 31, 2021			For the Year Ended January 31, 2020			For the Year Ended January 31, 2019
Selected Per Share Data:
Net asset value, beginning of year or period		$8.63			$10.24			$10.43			$11.10			$11.04			$11.26


Income from investment operations:
Net investment income (loss)		0.24			0.48			0.47			0.46			0.50			0.52
Net realized and unrealized gain (loss) on investments (b)		(0.17	)		(1.62	)		(0.19	)		(0.68	)		0.06			(0.22	)

Total from investment operations		0.07			(1.14	)		0.28			(0.22	)		0.56			0.30

Less distributions to shareholders:
From net investment income		(0.25	)		(0.47	)		(0.47	)		(0.45	)		(0.50	)		(0.52	)

Total distributions		(0.25	)		(0.47	)		(0.47	)		(0.45	)		(0.50	)		(0.52	)


Net asset value, end of year or period		$8.45			$8.63			$10.24			$10.43			$11.10			$11.04


Total return (c)(d)		0.69	%		-11.28	%		2.71	%		-1.76	%		5.08	%		2.72	%

Ratios and Supplemental Data:
Net assets, end of year or period (000’s omitted)		$151,2	89		$150,4	50		$335,4	39		$396,7	11		$496,1	14		$590,3	86
Ratio of expenses to average net assets before waiver and reimbursement/recoupment (e)		2.36	%		1.79	%		1.29	%		1.40	%		1.37	%		1.35	%
Ratio of expenses to average net assets before waiver and reimbursement/recoupment excluding interest expense (e)		1.27	%		1.23	%		1.20	%		1.21	%		1.20	%		1.20	%
Ratio of expenses to average net assets after waiver and reimbursement/recoupment (e)		2.33	%		1.77	%		1.28	%		1.38	%		1.36	%		1.37	%
Ratio of expenses to average net assets after waiver and reimbursement/recoupment excluding interest expense (e)		1.24	%		1.21	%		1.19	%		1.19	%		1.19	%		1.22	%
Ratio of net investment income (loss) to average net assets before waiver and reimbursement/recoupment (e)		5.70	%		4.83	%		4.42	%		4.41	%		4.46	%		4.69	%
Ratio of net investment income (loss) to average net assets after waiver and reimbursement/recoupment (e)		5.73	%		4.85	%		4.43	%		4.43	%		4.47	%		4.67	%
Portfolio turnover rate (d)		11	%		14	%		56	%		67	%		63	%		71	%

(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.

See accompanying notes which are an integral part of these financial statements.

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, 2023 (Unaudited)			For the Year Ended January 31, 2023			For the Year Ended January 31, 2022			For the Year Ended January 31, 2021			For the Year Ended January 31, 2020			For the Year Ended January 31, 2019
Selected Per Share Data:
Net asset value, beginning of year or period		$8.54			$10.13			$10.34			$11.00			$10.95			$11.17


Income from investment operations:
Net investment income (loss)		0.21			0.39			0.38			0.37			0.41			0.44
Net realized and unrealized gain (loss) on investments (b)		(0.18	)		(1.58	)		(0.20	)		(0.66	)		0.06			(0.22	)

Total from investment operations		0.03			(1.19	)		0.18			(0.29	)		0.47			0.22

Less distributions to shareholders:
From net investment income		(0.22	)		(0.40	)		(0.39	)		(0.37	)		(0.42	)		(0.44	)

Total distributions		(0.22	)		(0.40	)		(0.39	)		(0.37	)		(0.42	)		(0.44	)


Net asset value, end of year or period		$8.35			$8.54			$10.13			$10.34			$11.00			$10.95


Total return (c)(d)		0.31	%		-11.88	%		1.78	%		-2.41	%		4.27	%		2.04	%

Ratios and Supplemental Data:
Net assets, end of year or period (000’s omitted)		$40,4	62		$46,5	12		$71,4	45		$87,7	43		$116,3	28		$102,4	87
Ratio of expenses to average net assets before waiver and reimbursement/recoupment (e)		3.11	%		2.54	%		2.04	%		2.15	%		2.12	%		2.10	%
Ratio of expenses to average net assets before waiver and reimbursement/recoupment excluding interest expense (e)		2.02	%		1.98	%		1.95	%		1.96	%		1.95	%		1.95	%
Ratio of expenses to average net assets after waiver and reimbursement/recoupment (e)		3.08	%		2.52	%		2.03	%		2.13	%		2.11	%		2.12	%
Ratio of expenses to average net assets after waiver and reimbursement/recoupment excluding interest expense (e)		1.99	%		1.96	%		1.94	%		1.94	%		1.94	%		1.97	%
Ratio of net investment income (loss) to average net assets before waiver and reimbursement/recoupment (e)		4.95	%		4.17	%		3.69	%		3.67	%		3.70	%		3.94	%
Ratio of net investment income (loss) to average net assets after waiver and reimbursement/recoupment (e)		4.98	%		4.19	%		3.70	%		3.69	%		3.71	%		3.92	%
Portfolio turnover rate (d)		11	%		14	%		56	%		67	%		63	%		71	%

(a)	Financial Highlights have been consolidated. See Note 1 in the Notes to Financial Statements for basis of consolidation.

(b)

(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.

See accompanying notes which are an integral part of these financial statements.

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, 2023 (Unaudited)			For the Year Ended January 31, 2023			For the Year Ended January 31, 2022			For the Year Ended January 31, 2021			For the Year Ended January 31, 2020			For the Year Ended January 31, 2019
Selected Per Share Data:
Net asset value, beginning of year or period		$8.61			$10.21			$10.41			$11.08			$11.02			$11.23


Income from investment operations:
Net investment income (loss)		0.25			0.49			0.49			0.48			0.53			0.55
Net realized and unrealized gain (loss) on investments (b)		(0.18	)		(1.59	)		(0.19	)		(0.68	)		0.06			(0.21	)

Total from investment operations		0.07			(1.10	)		0.30			(0.20	)		0.59			0.34

Less distributions to shareholders:
From net investment income		(0.26	)		(0.50	)		(0.50	)		(0.47	)		(0.53	)		(0.55	)

Total distributions		(0.26	)		(0.50	)		(0.50	)		(0.47	)		(0.53	)		(0.55	)


Net asset value, end of year or period		$8.42			$8.61			$10.21			$10.41			$11.08			$11.02


Total return (c)		0.82	%		-10.98	%		2.87	%		-1.60	%		5.45	%		3.05	%

Ratios and Supplemental Data:
Net assets, end of year or period (000’s omitted)		$2,567,5	76		$2,793,9	64		$6,820,1	15		$5,927,5	10		$7,153,3	85		$6,555,2	91
Ratio of expenses to average net assets before waiver and reimbursement/recoupment (d)		2.11	%		1.54	%		1.04	%		1.15	%		1.12	%		1.10	%
Ratio of expenses to average net assets before waiver and reimbursement/recoupment excluding interest expense (d)		1.02	%		0.98	%		0.95	%		0.96	%		0.95	%		0.95	%
Ratio of expenses to average net assets after waiver and reimbursement/recoupment (d)		2.08	%		1.52	%		1.03	%		1.13	%		1.11	%		1.12	%
Ratio of expenses to average net assets after waiver and reimbursement/recoupment excluding interest expense (d)		0.99	%		0.96	%		0.94	%		0.94	%		0.94	%		0.97	%
Ratio of net investment income (loss) to average net assets before waiver and reimbursement/recoupment (d)		5.94	%		5.03	%		4.69	%		4.65	%		4.70	%		4.94	%
Ratio of net investment income (loss) to average net assets after waiver and reimbursement/recoupment (d)		5.97	%		5.05	%		4.70	%		4.67	%		4.71	%		4.92	%
Portfolio turnover rate (c)		11	%		14	%		56	%		67	%		63	%		71	%

(a)	Financial Highlights have been consolidated. See Note 1 in the Notes to Financial Statements for basis of consolidation.

(b)

(c)	Not annualized for periods less than one year.

(d)	Annualized for periods less than one year.

See accompanying notes which are an integral part of these financial statements.

Angel Oak Financials Income Impact Fund – Class A

Financial Highlights

(For a share outstanding during each year or period)


	For the Period Ended July 31, 2023 (Unaudited)			For the Year Ended January 31, 2023			For the Year Ended January 31, 2022			For the Year Ended January 31, 2021			For the Year Ended January 31, 2020			For the Year Ended January 31, 2019
Selected Per Share Data:
Net asset value, beginning of year or period		$8.14			$8.96			$8.80			$9.60			$9.33			$9.45


Income from investment operations:
Net investment income (loss)		0.17			0.33			0.33			0.34			0.40			0.44
Net realized and unrealized gain (loss) on investments (a)		(0.53	)		(0.82	)		0.15			(0.75	)		0.27			(0.13	)

Total from investment operations		(0.36	)		(0.49	)		0.48			(0.41	)		0.67			0.31

Less distributions to shareholders:
From net investment income		(0.19	)		(0.33	)		(0.32	)		(0.38	)		(0.40	)		(0.43	)
Return of capital		—			—			—			(0.01	)		—			—

Total distributions		(0.19	)		(0.33	)		(0.32	)		(0.39	)		(0.40	)		(0.43	)


Net asset value, end of year or period		$7.59			$8.14			$8.96			$8.80			$9.60			$9.33


Total return (b)(c)		-4.49	%		-5.59	%		5.48	%		-4.16	%		7.39	%		3.36	%

Ratios and Supplemental Data:
Net assets, end of year or period (000’s omitted)		$1,9	32		$5,8	93		$4,2	17		$2,7	65		$13,7	20		$7,0	86
Ratio of expenses to average net assets before waiver and reimbursement/recoupment (d)		1.52	%		1.44	%		1.35	%		1.39	%		1.34	%		1.42	%
Ratio of expenses to average net assets before waiver and reimbursement/recoupment excluding interest expense (d)		1.51	%		1.43	%		1.35	%		1.37	%		1.34	%		1.42	%
Ratio of expenses to average net assets after waiver and reimbursement/recoupment (d)		0.95	%		0.95	%		0.94	%		0.96	%		0.94	%		0.94	%
Ratio of expenses to average net assets after waiver and reimbursement/recoupment excluding interest expense (d)		0.94	%		0.94	%		0.94	%		0.94	%		0.94	%		0.94	%
Ratio of net investment income (loss) to average net assets before waiver and reimbursement/recoupment (d)		4.18	%		3.29	%		3.14	%		3.63	%		3.78	%		4.22	%
Ratio of net investment income (loss) to average net assets after waiver and reimbursement/recoupment (d)		4.75	%		3.78	%		3.55	%		4.06	%		4.18	%		4.70	%
Portfolio turnover rate (c)		8	%		11	%		32	%		30	%		36	%		45	%

(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)	Total return does not include the effect of sales charges.

(c)	Not annualized for periods less than one year.

(d)	Annualized for periods less than one year.

See accompanying notes which are an integral part of these financial statements.

Angel Oak Financials Income Impact Fund – Class C

Financial Highlights

(For a share outstanding during each year or period)


	For the Period Ended July 31, 2023 (Unaudited)			For the Year Ended January 31, 2023			For the Year Ended January 31, 2022			For the Year Ended January 31, 2021			For the Year Ended January 31, 2020			For the Year Ended January 31, 2019
Selected Per Share Data:
Net asset value, beginning of year or period		$8.01			$8.87			$8.72			$9.51			$9.25			$9.37


Income from investment operations:
Net investment income (loss)		0.15			0.25			0.24			0.30			0.34			0.37
Net realized and unrealized gain (loss) on investments (a)		(0.54	)		(0.85	)		0.16			(0.76	)		0.26			(0.12	)

Total from investment operations		(0.39	)		(0.60	)		0.40			(0.46	)		0.60			0.25

Less distributions to shareholders:
From net investment income		(0.16	)		(0.26	)		(0.25	)		(0.32	)		(0.34	)		(0.37	)
Return of capital		—			—			—			(0.01	)		—			—

Total distributions		(0.16	)		(0.26	)		(0.25	)		(0.33	)		(0.34	)		(0.37	)


Net asset value, end of year or period		$7.46			$8.01			$8.87			$8.72			$9.51			$9.25


Total return (b)(c)		-4.93	%		-6.79	%		4.63	%		-4.79	%		6.59	%		2.69	%

Ratios and Supplemental Data:
Net assets, end of year or period (000’s omitted)		$3,7	19		$4,4	37		$3,4	52		$5,5	53		$6,1	62		$2,0	39
Ratio of expenses to average net assets before waiver and reimbursement/recoupment (d)		2.27	%		2.19	%		2.10	%		2.15	%		2.09	%		2.17	%
Ratio of expenses to average net assets before waiver and reimbursement/recoupment excluding interest expense (d)		2.26	%		2.18	%		2.10	%		2.12	%		2.09	%		2.17	%
Ratio of expenses to average net assets after waiver and reimbursement/recoupment (d)		1.70	%		1.70	%		1.69	%		1.72	%		1.69	%		1.69	%
Ratio of expenses to average net assets after waiver and reimbursement/recoupment excluding interest expense (d)		1.69	%		1.69	%		1.69	%		1.69	%		1.69	%		1.69	%
Ratio of net investment income (loss) to average net assets before waiver and reimbursement/recoupment (d)		3.50	%		2.51	%		2.38	%		2.97	%		3.02	%		3.49	%
Ratio of net investment income (loss) to average net assets after waiver and reimbursement/recoupment (d)		4.07	%		3.00	%		2.79	%		3.40	%		3.42	%		3.97	%
Portfolio turnover rate (c)		8	%		11	%		32	%		30	%		36	%		45	%

(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)	Total return does not include the effect of sales charges.

(c)	Not annualized for periods less than one year.

(d)	Annualized for periods less than one year.

See accompanying notes which are an integral part of these financial statements.

Angel Oak Financials Income Impact Fund – Institutional Class

Financial Highlights

(For a share outstanding during each year or period)


	For the Period Ended July 31, 2023 (Unaudited)			For the Year Ended January 31, 2023			For the Year Ended January 31, 2022			For the Year Ended January 31, 2021			For the Year Ended January 31, 2020			For the Year Ended January 31, 2019
Selected Per Share Data:
Net asset value, beginning of year or period		$8.12			$8.94			$8.79			$9.58			$9.32			$9.44


Income from investment operations:
Net investment income (loss)		0.20			0.34			0.34			0.38			0.43			0.46
Net realized and unrealized gain (loss) on investments (a)		(0.56	)		(0.81	)		0.15			(0.76	)		0.26			(0.13	)

Total from investment operations		(0.36	)		(0.47	)		0.49			(0.38	)		0.69			0.33

Less distributions to shareholders:
From net investment income		(0.20	)		(0.35	)		(0.34	)		(0.40	)		(0.43	)		(0.45	)
Return of capital		—			—			—			(0.01	)		—			—

Total distributions		(0.20	)		(0.35	)		(0.34	)		(0.41	)		(0.43	)		(0.45	)


Net asset value, end of year or period		$7.56			$8.12			$8.94			$8.79			$9.58			$9.32


Total return (b)		-4.49	%		-5.37	%		5.64	%		-3.81	%		7.55	%		3.61	%

Ratios and Supplemental Data:
Net assets, end of year or period (000’s omitted)		$80,7	19		$92,9	91		$159,0	78		$134,3	35		$258,3	92		$122,3	63
Ratio of expenses to average net assets before waiver and reimbursement/recoupment (c)		1.27	%		1.19	%		1.10	%		1.14	%		1.09	%		1.17	%
Ratio of expenses to average net assets before waiver and reimbursement/recoupment excluding interest expense (c)		1.26	%		1.18	%		1.10	%		1.12	%		1.09	%		1.17	%
Ratio of expenses to average net assets after waiver and reimbursement/recoupment (c)		0.70	%		0.70	%		0.69	%		0.71	%		0.69	%		0.69	%
Ratio of expenses to average net assets after waiver and reimbursement/recoupment excluding interest expense (c)		0.69	%		0.69	%		0.69	%		0.69	%		0.69	%		0.69	%
Ratio of net investment income (loss) to average net assets before waiver and reimbursement/recoupment (c)		4.50	%		3.50	%		3.38	%		3.91	%		4.02	%		4.48	%
Ratio of net investment income (loss) to average net assets after waiver and reimbursement/recoupment (c)		5.07	%		3.99	%		3.79	%		4.34	%		4.42	%		4.96	%
Portfolio turnover rate (b)		8	%		11	%		32	%		30	%		36	%		45	%

(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.

Angel Oak High Yield Opportunities Fund — Class A

Financial Highlights

(For a share outstanding during each year or period)


	For the Period Ended July 31, 2023 (Unaudited)				For the Year Ended January 31, 2023				For the Year Ended January 31, 2022				For the Year Ended January 31, 2021				For the Year Ended January 31, 2020				For the Year Ended January 31, 2019
Selected Per Share Data:
Net asset value, beginning of year or period		$	10.63			$	11.59			$	11.78			$	11.76			$	11.39			$	12.00


Income from investment operations:
Net investment income (loss)			0.34				0.58				0.58				0.58				0.64				0.65
Net realized and unrealized gain (loss) on investments (a)			0.01				(0.96	)			(0.19	)			0.03				0.37				(0.61	)

Total from investment operations			0.35				(0.38	)			0.39				0.61				1.01				0.04

Less distributions to shareholders:
From net investment income			(0.30	)			(0.58	)			(0.58	)			(0.59	)			(0.64	)			(0.65	)

Total distributions			(0.30	)			(0.58	)			(0.58	)			(0.59	)			(0.64	)			(0.65	)


Net asset value, end of year or period		$	10.68			$	10.63			$	11.59			$	11.78			$	11.76			$	11.39


Total return (b)(c)			3.38	%			-3.13	%			3.34	%			5.68	%			9.08	%			0.41	%

Ratios and Supplemental Data:
Net assets, end of year or period (000’s omitted)			$3,48	7			$3,41	7			$4,83	4			$3,98	6			$7,77	1			$2,75	4
Ratio of expenses to average net assets before waiver and reimbursement/recoupment (d)			1.18	%			1.23	%			1.14	%			1.14	%			1.14	%			1.24	%
Ratio of expenses to average net assets after waiver and reimbursement/recoupment (d)			0.80	%			0.89	%			0.90	%			0.90	%			0.90	%			0.90	%
Ratio of net investment income (loss) to average net assets before waiver and reimbursement/recoupment (d)			6.16	%			5.02	%			4.60	%			5.18	%			5.20	%			5.28	%
Ratio of net investment income (loss) to average net assets after waiver and reimbursement/recoupment (d)			6.54	%			5.36	%			4.84	%			5.42	%			5.44	%			5.62	%
Portfolio turnover rate (c)			7	%			33	%			38	%			58	%			36	%			33	%

(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)	Total return does not include the effect of sales charges.

(c)	Not annualized for periods less than one year.

(d)	Annualized for periods less than one year.

See accompanying notes which are an integral part of these financial statements.

Angel Oak High Yield Opportunities Fund – Institutional Class

Financial Highlights

(For a share outstanding during each year or period)


	For the Period Ended July 31, 2023 (Unaudited)			For the Year Ended January 31, 2023			For the Year Ended January 31, 2022			For the Year Ended January 31, 2021			For the Year Ended January 31, 2020			For the Year Ended January 31, 2019
Selected Per Share Data:
Net asset value, beginning of year or period		$10.58			$11.54			$11.73			$11.71			$11.35			$11.95


Income from investment operations:
Net investment income (loss)		0.36			0.60			0.60			0.63			0.67			0.69
Net realized and unrealized gain (loss) on investments (a)		0.02			(0.95	)		(0.18	)		0.01			0.36			(0.61	)

Total from investment operations		0.38			(0.35	)		0.42			0.64			1.03			0.08

Less distributions to shareholders:
From net investment income		(0.32	)		(0.61	)		(0.61	)		(0.62	)		(0.67	)		(0.68	)

Total distributions		(0.32	)		(0.61	)		(0.61	)		(0.62	)		(0.67	)		(0.68	)


Net asset value, end of year or period		$10.64			$10.58			$11.54			$11.73			$11.71			$11.35


Total return (b)		3.62	%		-2.89	%		3.62	%		5.97	%		9.28	%		0.74	%

Ratios and Supplemental Data:
Net assets, end of year or period (000’s omitted)		$63,2	94		$59,6	94		$69,5	03		$68,2	45		$64,7	97		$48,4	26
Ratio of expenses to average net assets before waiver and reimbursement/recoupment (c)		0.93	%		0.98	%		0.89	%		0.89	%		0.89	%		0.99	%
Ratio of expenses to average net assets after waiver and reimbursement/recoupment (c)		0.55	%		0.64	%		0.65	%		0.65	%		0.65	%		0.65	%
Ratio of net investment income (loss) to average net assets before waiver and reimbursement/recoupment (c)		6.43	%		5.30	%		4.86	%		5.41	%		5.52	%		5.59	%
Ratio of net investment income (loss) to average net assets after waiver and reimbursement/recoupment (c)		6.81	%		5.64	%		5.10	%		5.65	%		5.76	%		5.93	%
Portfolio turnover rate (b)		7	%		33	%		38	%		58	%		36	%		33	%

(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.

Angel Oak UltraShort Income Fund – Class A

Financial Highlights

(For a share outstanding during each year or period)


	For the Period Ended July 31, 2023 (Unaudited)			For the Year Ended January 31, 2023			For the Year Ended January 31, 2022			For the Year Ended January 31, 2021			For the Year Ended January 31, 2020			For the Period Ended January 31, 2019 (a)
Selected Per Share Data:
Net asset value, beginning of year or period		$9.56			$10.00			$10.08			$10.12			$10.02			$10.01


Income from investment operations:
Net investment income (loss)		0.14			0.12			0.08			0.19			0.29			0.20
Net realized and unrealized gain (loss) on investments (b)		0.10			(0.36	)		(0.05	)		(0.04	)		0.10			0.01

Total from investment operations		0.24			(0.24	)		0.03			0.15			0.39			0.21

Less distributions to shareholders:
From net investment income		(0.19	)		(0.20	)		(0.11	)		(0.19	)		(0.29	)		(0.20	)
From net realized gain		—			—			—			—			—			–	(c)

Total distributions		(0.19	)		(0.20	)		(0.11	)		(0.19	)		(0.29	)		(0.20	)


Net asset value, end of year or period		$9.61			$9.56			$10.00			$10.08			$10.12			$10.02


Total return (d)		2.56	%		-2.42	%		0.27	%		1.52	%		3.92	%		2.12	%

Ratios and Supplemental Data:
Net assets, end of year or period (000’s omitted)		$26,7	70		$39,5	36		$171,3	28		$66,3	66		$51,5	29		$7,9	03
Ratio of expenses to average net assets before waiver and reimbursement/recoupment (e)		0.84	%		0.79	%		0.78	%		0.79	%		0.84	%		0.94	%
Ratio of expenses to average net assets after waiver and reimbursement/recoupment (e)		0.60	%		0.60	%		0.56	%		0.51	%		0.50	%		0.50	%
Ratio of net investment income (loss) to average net assets before waiver and reimbursement/recoupment (e)		3.71	%		1.51	%		0.56	%		1.45	%		2.22	%		2.32	%
Ratio of net investment income (loss) to average net assets after waiver and reimbursement/recoupment (e)		3.95	%		1.70	%		0.78	%		1.73	%		2.56	%		2.76	%
Portfolio turnover rate (d)		23	%		31	%		92	%		81	%		156	%		179	%

(a)	Class commenced operations on April 30, 2018.

(b)	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.

(c)	Less than (0.005).

(d)	Not annualized for periods less than one year.

(e)	Annualized for periods less than one year.

See accompanying notes which are an integral part of these financial statements.

Angel Oak UltraShort Income Fund – Class A1

Financial Highlights

(For a share outstanding during each period)


	For the Period Ended July 31, 2023 (Unaudited)			For the Period Ended January 31, 2023 (a)
Selected Per Share Data:
Net asset value, beginning of period		$9.55			$9.70


Income from investment operations:
Net investment income (loss)		0.19			0.13
Net realized and unrealized gain (loss) on investments (b)		0.04			(0.14	)

Total from investment operations		0.23			(0.01	)

Less distributions to shareholders:
From net investment income		(0.19	)		(0.14	)

Total distributions		(0.19	)		(0.14	)


Net asset value, end of period		$9.59			$9.55


Total return (c)(d)		2.46	%		-0.25	%

Ratios and Supplemental Data:
Net assets, end of period (000’s omitted)		$526			$513
Ratio of expenses to average net assets before waiver and reimbursement/recoupment (e)		0.84	%		0.79	%
Ratio of expenses to average net assets after waiver and reimbursement/recoupment (e)		0.60	%		0.60	%
Ratio of net investment income (loss) to average net assets before waiver and reimbursement/recoupment (e)		3.75	%		2.32	%
Ratio of net investment income (loss) to average net assets after waiver and reimbursement/recoupment (e)		3.99	%		2.51	%
Portfolio turnover rate (c)		23	%		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 period, and may not reconcile with the aggregate gain/(loss) in the Statements of Operations due to share transactions for the period.

(c)	Not annualized for periods less than one year.

(d)	Total return does not include the effect of sales charges.

(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.

Angel Oak UltraShort Income Fund – Institutional Class

Financial Highlights

(For a share outstanding during each year or period)


	For the Period Ended July 31, 2023 (Unaudited)			For the Year Ended January 31, 2023			For the Year Ended January 31, 2022			For the Year Ended January 31, 2021			For the Year Ended January 31, 2020			For the Period Ended January 31, 2019 (a)
Selected Per Share Data:
Net asset value, beginning of year or period		$9.56			$10.01			$10.09			$10.12			$10.02			$10.00


Income from investment operations:
Net investment income (loss)		0.19			0.19			0.11			0.21			0.31			0.24
Net realized and unrealized gain (loss) on investments (b)		0.07			(0.41	)		(0.06	)		(0.03	)		0.10			0.02

Total from investment operations		0.26			(0.22	)		0.05			0.18			0.41			0.26

Less distributions to shareholders:
From net investment income		(0.21	)		(0.23	)		(0.13	)		(0.21	)		(0.31	)		(0.24	)
From net realized gain		—			—			—			—			—			–	(c)

Total distributions		(0.21	)		(0.23	)		(0.13	)		(0.21	)		(0.31	)		(0.24	)


Net asset value, end of year or period		$9.61			$9.56			$10.01			$10.09			$10.12			$10.02


Total return (d)		2.69	%		-2.24	%		0.51	%		1.87	%		4.16	%		2.60	%

Ratios and Supplemental Data:
Net assets, end of year or period (000’s omitted)		$520,3	26		$653,8	48		$1,492,5	42		$796,4	07		$357,3	03		$106,5	96
Ratio of expenses to average net assets before waiver and reimbursement/recoupment (e)		0.59	%		0.54	%		0.53	%		0.54	%		0.59	%		0.77	%
Ratio of expenses to average net assets after waiver and reimbursement/recoupment (e)		0.35	%		0.35	%		0.31	%		0.26	%		0.25	%		0.26	%
Ratio of net investment income (loss) to average net assets before waiver and reimbursement/recoupment (e)		3.97	%		1.82	%		0.82	%		1.67	%		2.58	%		2.37	%
Ratio of net investment income (loss) to average net assets after waiver and reimbursement/recoupment (e)		4.21	%		2.01	%		1.04	%		1.95	%		2.92	%		2.88	%
Portfolio turnover rate (d)		23	%		31	%		92	%		81	%		156	%		179	%

(a)	Class commenced operations on April 2, 2018.

(b)	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.

(c)	Less than (0.005).

(d)	Not annualized for periods less than one year.

(e)	Annualized for periods less than one year.

See accompanying notes which are an integral part of these financial statements.

Angel Oak Total Return Bond Fund – Institutional Class

Financial Highlights

(For a share outstanding during each year or period)


	For the Period Ended July 31, 2023 (Unaudited)			For the Year Ended January 31, 2023			For the Period Ended January 31, 2022 (a)
Selected Per Share Data:
Net asset value, beginning of year or period		$8.71			$9.77			$10.00


Income from investment operations:
Net investment income (loss)		0.19			0.24			0.09
Net realized and unrealized gain (loss) on investments (b)		(0.33	)		(1.05	)		(0.22	)

Total from investment operations		(0.14	)		(0.81	)		(0.13	)

Less distributions to shareholders:
From net investment income		(0.19	)		(0.25	)		(0.10	)

Total distributions		(0.19	)		(0.25	)		(0.10	)


Net asset value, end of year or period		$8.38			$8.71			$9.77


Total return (c)		-1.58	%		-8.32	%		-1.28	%

Ratios and Supplemental Data:
Net assets, end of year or period (000’s omitted)		$33,4	92		$34,7	86		$39,1	33
Ratio of expenses to average net assets before waiver and reimbursement/recoupment (d)		1.09	%		1.17	%		0.97	%
Ratio of expenses to average net assets after waiver and reimbursement/recoupment (d)		0.44	%		0.58	%		0.59	%
Ratio of net investment income (loss) to average net assets before waiver and reimbursement/recoupment (d)		3.82	%		2.08	%		1.06	%
Ratio of net investment income (loss) to average net assets after waiver and reimbursement/recoupment (d)		4.47	%		2.67	%		1.44	%
Portfolio turnover rate (c)		25	%		53	%		22	%

(a)	Class commenced operations on June 4, 2021.

(b)

(c)	Not annualized for periods less than one year.

(d)	Annualized for periods less than one year.

See accompanying notes which are an integral part of these financial statements.

Angel Oak UltraShort Income ETF

Financial Highlights

(For a share outstanding during each period)


	For the Period Ended July 31, 2023 (Unaudited)			For the Period Ended January 31, 2023 (a)
Selected Per Share Data:
Net asset value, beginning of period		$50.58			$50.00


Income from investment operations:
Net investment income (loss) (b)		1.53			0.69
Net realized and unrealized gain (loss) on investments (c)		(0.17	)		0.27

Total from investment operations		1.36			0.96

Less distributions to shareholders:
From net investment income		(1.38	)		(0.38	)

Total distributions		(1.38	)		(0.38	)

Net asset value, end of period		$50.56			$50.58


Total return on net asset value (d)(e)		2.74	%		1.92	%
Total return on market value (d)(f)		2.78	%		1.90	%

Ratios and Supplemental Data:
Net assets, end of period (000’s omitted)		$88,9	93		$46,5	34
Ratio of expenses to average net assets before waiver and reimbursement/recoupment (g)		0.55	%		0.55	%
Ratio of expenses to average net assets after waiver and reimbursement/recoupment (g)		0.29	%		0.29	%
Ratio of net investment income (loss) to average net assets before waiver and reimbursement/recoupment (g)		5.84	%		4.80	%
Ratio of net investment income (loss) to average net assets after waiver and reimbursement/recoupment (g)		6.10	%		5.06	%
Portfolio turnover rate (d)		45	%		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 period.

(c)	Net realized and unrealized gain (loss) per share may include balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain/(loss) in the Statements of Operations due to share transactions for the period.

(d)	Not annualized for periods less than one year.

(e)	Total return on net asset value is computed based upon the net asset value of common stock on the first business day and the closing net asset value on the last business day of the period. Dividends and distributions are assumed to be reinvested.

(f)	Total return on market value is computed based upon the New York 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.

See accompanying notes which are an integral part of these financial statements.

Angel Oak Income ETF

Financial Highlights

(For a share outstanding during each period)


	For the Period Ended July 31, 2023 (Unaudited)			For the Period Ended January 31, 2023 (a)
Selected Per Share Data:
Net asset value, beginning of period		$20.39			$20.00


Income from investment operations:
Net investment income (loss) (b)		0.70			0.26
Net realized and unrealized gain (loss) on investments (c)		(0.21	)		0.23

Total from investment operations		0.49			0.49

Less distributions to shareholders:
From net investment income		(0.68	)		(0.10	)

Total distributions		(0.68	)		(0.10	)


Net asset value, end of period		$20.20			$20.39


Total return on net asset value (d)(e)		2.50	%		2.41	%
Total return on market value (d)(f)		2.45	%		2.49	%

Ratios and Supplemental Data:
Net assets, end of period (000’s omitted)		$39,3	96		$33,6	36
Ratio of expenses to average net assets before waiver and reimbursement/recoupment (g)		0.99	%		0.99	%
Ratio of expenses to average net assets after waiver and reimbursement/recoupment (g)		0.79	%		0.79	%
Ratio of net investment income (loss) to average net assets before waiver and reimbursement/recoupment (g)		6.78	%		5.44	%
Ratio of net investment income (loss) to average net assets after waiver and reimbursement/recoupment (g)		6.98	%		5.64	%
Portfolio turnover rate (d)		18	%		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 period.

(c)	Net realized and unrealized gain (loss) per share may include balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain/(loss) in the Statements of Operations due to share transactions for the period.

(d)	Not annualized for periods less than one year.

(e)	Total return on net asset value is computed based upon the net asset value of common stock on the first business day and the closing net asset value on the last business day of the period. Dividends and distributions are assumed to be reinvested.

(f)	Total return on market value is computed based upon the New York 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.

See accompanying notes which are an integral part of these financial statements.

Angel Oak Multi-Strategy Income Fund

Consolidated Schedule of Investments

July 31, 2023 (Unaudited)


	Principal Amount		Value
Asset-Backed Securities – 14.43%
ACC Trust, Series 2022-1, Class D, 6.650%, 10/20/2028 (a)		$1,500,000		$1,417,386
ACHV TRUST, Series 2023-1PL, Class B, 6.800%, 3/18/2030 (a)		1,500,000		1,503,983
ACHV TRUST, Series 2023-1PL, Class D, 8.470%, 3/18/2030 (a)		4,800,000		4,881,893
ACHV TRUST, Series 2023-3PL, Class B, 7.170%, 8/19/2030 (a)(b)		1,000,000		1,005,032
ACHV TRUST, Series 2023-3PL, Class C, 7.350%, 8/19/2030 (a)(b)		1,250,000		1,256,255
ACHV TRUST, Series 2023-3PL, Class D, 8.360%, 8/19/2030 (a)(b)		800,000		812,506
Affirm Asset Securitization Trust, Series 2021-B, Class D, 2.540%, 8/17/2026 (a)		4,500,000		4,137,048
Affirm Asset Securitization Trust, Series 2021-B, Class E, 4.610%, 8/17/2026 (a)		2,900,000		2,594,201
American Credit Acceptance Receivables Trust, Series 2022-1, Class F, 4.870%, 11/13/2028 (a)		1,540,000		1,290,015
Aqua Finance Trust, Series 2021-A, Class C, 3.140%, 7/17/2046 (a)		2,220,000		1,632,794
Arivo Acceptance Auto Loan Receivables Trust, Series 2022-1A, Class D, 7.380%, 9/17/2029 (a)		500,000		457,977
Avant Credit Card Master Trust, Series 2021-1A, Class C, 2.160%, 4/15/2027 (a)		2,500,000		2,323,953
Avant Loans Funding Trust, Series 2021-REV1, Class B, 1.640%, 7/15/2030 (a)		1,793,000		1,722,338
Avid Automobile Receivables Trust, Series 2021-1, Class D, 1.990%, 4/17/2028 (a)		1,570,000		1,464,909
Avis Budget Rental Car Funding LLC, Series 2019-2A, Class D, 3.040%, 9/22/2025 (a)		4,500,000		4,204,233
Avis Budget Rental Car Funding LLC, Series 2020-1A, Class D, 3.340%, 8/20/2026 (a)		4,500,000		3,956,328
BHG Securitization Trust, Series 2021-B, Class D, 3.170%, 10/17/2034 (a)		1,170,000		942,477
CAL Receivables LLC, Series 2022-1, Class B, 9.418% (SOFR30A + 4.350%), 10/15/2026 (a)(c)		9,580,000		9,438,206
Carvana Auto Receivables Trust, Series 2021-N1, Class F, 4.550%, 1/10/2028 (a)		2,500,000		2,293,160
Carvana Auto Receivables Trust, Series 2021-N2, Class E, 2.900%, 3/10/2028 (a)(d)		26,900,000		24,306,248
Carvana Auto Receivables Trust, Series 2021-P2, Class D, 2.020%, 5/10/2028		5,000,000		4,273,250
Carvana Auto Receivables Trust, Series 2021-N3, Class E, 3.160%, 6/12/2028 (a)		3,310,000		2,904,177
Carvana Auto Receivables Trust, Series 2021-N4, Class E, 4.530%, 9/11/2028 (a)		3,120,000		2,819,113
Carvana Auto Receivables Trust, Series 2022-P2, Class D, 6.280%, 5/10/2029		1,300,000		1,286,262
Chase Auto Credit Linked Notes, Series 2021-2, Class E, 2.280%, 12/26/2028 (a)		316,145		307,972
Conn’s Receivables Funding LLC, Series 2022-A, Class B, 9.520%, 12/15/2026 (a)		486,003		488,475
Consumer Loan Underlying Bond Credit Trust, Series 2017-P2, Class CL1, 0.000%, 1/15/2024 (a)(e)		125,000		1,144
Continental Credit Card ABS LLC, Series 2019-1A, Class B, 4.950%, 8/15/2026 (a)		3,700,000		3,556,599
Continental Finance Credit Card ABS Master Trust, Series 2020-1A, Class A, 2.240%, 12/15/2028 (a)		1,500,000		1,450,503
Continental Finance Credit Card ABS Master Trust, Series 2020-1A, Class B, 3.660%, 12/15/2028 (a)		2,300,000		2,098,002
Continental Finance Credit Card ABS Master Trust, Series 2020-1A, Class C, 5.750%, 12/15/2028 (a)		1,700,000		1,440,073
CPS Auto Receivables Trust, Series 2021-B, Class E, 3.410%, 6/15/2028 (a)		7,750,000		7,246,839
CPS Auto Receivables Trust, Series 2022-A, Class E, 4.880%, 4/16/2029 (a)		5,400,000		4,792,716
DT Auto Owner Trust, Series 2021-4A, Class E, 3.340%, 7/17/2028 (a)		3,000,000		2,643,246
DT Auto Owner Trust, Series 2021-3A, Class E, 2.650%, 9/15/2028 (a)		5,250,000		4,685,342
Exeter Automobile Receivables Trust, Series 2021-4A, Class E, 4.020%, 1/17/2028 (a)		5,750,000		5,097,024
Exeter Automobile Receivables Trust, Series 2021-3A, Class E, 3.040%, 12/15/2028 (a)		1,700,000		1,508,954
Exeter Automobile Receivables Trust, Series 2023-3A, Class D, 6.680%, 4/16/2029		700,000		712,847
Exeter Automobile Receivables Trust, Series 2022-1A, Class E, 5.020%, 10/15/2029 (a)		2,000,000		1,777,362
Exeter Automobile Receivables Trust, Series 2023-2A, Class E, 9.750%, 11/15/2030 (a)		600,000		602,611
Fat Brands Fazoli’s Native LLC, Series 2021-1, Class A2, 6.000%, 7/25/2051 (a)		2,000,000		1,783,236
Flagship Credit Auto Trust, Series 2020-4, Class E, 3.840%, 7/17/2028 (a)(d)		10,700,000		9,903,310
Flagship Credit Auto Trust, Series 2021-2, Class E, 3.160%, 9/15/2028 (a)		4,100,000		3,412,081

See accompanying notes which are an integral part of these financial statements.

Angel Oak Multi-Strategy Income Fund

Consolidated Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Asset-Backed Securities – (continued)
Flagship Credit Auto Trust, Series 2021-4, Class E, 4.030%, 3/15/2029 (a)	$	4,000,000	$	3,410,820
Flagship Credit Auto Trust, Series 2022-1, Class E, 5.370%, 6/15/2029 (a)		1,500,000		1,330,394
Foundation Finance Trust, Series 2021-1A, Class A, 1.270%, 5/15/2041 (a)		1,204,791		1,067,405
Foundation Finance Trust, Series 2021-1A, Class B, 1.870%, 5/15/2041 (a)		5,000,000		4,480,670
Foundation Finance Trust, Series 2021-2A, Class D, 5.730%, 1/15/2042 (a)		1,740,000		1,602,331
Foundation Finance Trust, Series 2023-1A, Class D, 9.180%, 12/15/2043 (a)		1,200,000		1,229,204
Foursight Capital Automobile Receivables Trust, Series 2021-1, Class E, 2.980%, 4/15/2027 (a)		5,105,000		4,819,993
Foursight Capital Automobile Receivables Trust, Series 2021-2, Class E, 3.350%, 10/15/2027 (a)		2,500,000		2,272,810
Foursight Capital Automobile Receivables Trust, Series 2021-2, Class F, 4.190%, 2/15/2029 (a)		900,000		783,018
Foursight Capital Automobile Receivables Trust, Series 2022-1, Class E, 4.690%, 8/15/2029 (a)		4,500,000		4,101,224
Foursight Capital Automobile Receivables Trust, Series 2022-2, Class D, 7.090%, 10/15/2029 (a)		500,000		490,903
Foursight Capital Automobile Receivables Trust, Series 2023-1, Class D, 7.410%, 2/15/2030 (a)		2,380,000		2,382,228
FREED ABS Trust, Series 2022-3FP, Class D, 7.360%, 8/20/2029 (a)		500,000		496,806
GLS Auto Receivables Issuer Trust, Series 2021-2A, Class E, 2.870%, 5/15/2028 (a)		2,000,000		1,831,506
GLS Auto Receivables Issuer Trust, Series 2021-3A, Class E, 3.200%, 10/16/2028 (a)		7,500,000		6,789,420
GLS Auto Receivables Issuer Trust, Series 2021-4A, Class E, 4.430%, 10/16/2028 (a)		5,000,000		4,581,165
Goldman Home Improvement Trust, Series 2021-GRN2, Class C, 2.770%, 6/25/2051 (a)		9,644,000		8,600,413
Goldman Home Improvement Trust, Series 2021-GRN2, Class D, 4.000%, 6/25/2051 (a)		2,621,000		2,332,818
Goodgreen Trust, Series 2017-2A, Class A, 3.260%, 10/15/2053 (a)		3,762,210		3,241,072
Goodleap Sustainable Home Solutions Trust, Series 2023-2GS, Class B, 7.800%, 5/20/2055 (a)		900,000		869,920
GoodLeap Sustainable Home Solutions Trust, Series 2021-3CS, Class A, 2.100%, 5/20/2048 (a)		1,162,840		901,084
Helios Issuer LLC, Series 2021-B, Class A, 1.620%, 7/20/2048 (a)		2,306,761		1,861,053
Hertz Vehicle Financing LLC, Series 2021-1A, Class D, 3.980%, 12/26/2025 (a)(d)		13,000,000		12,218,388
Hertz Vehicle Financing LLC, Series 2022-4A, Class D, 6.560%, 9/25/2026 (a)		3,800,000		3,621,966
Hertz Vehicle Financing LP, Series 2021-2A, Class D, 4.340%, 12/27/2027 (a)		4,185,000		3,639,222
JP Morgan Chase Bank, Series 2020-1, Class E, 3.715%, 1/25/2028 (a)		20,143		20,049
LendingClub Receivables Trust, Series 2019-7, Class R1, 0.000%, 1/15/2027 (a)(e)		8,702,377		1,424,543
LendingClub Receivables Trust, Series 2019-7, Class R2, 0.000%, 1/15/2027 (a)(e)		1,779,730		291,334
LendingClub Receivables Trust, Series 2019-1, Class CERT, 0.000%, 7/17/2045 (a)		932,340		3,261,554
Lendingpoint Asset Securitization Trust, Series 2022-A, Class E, 7.020%, 6/15/2029 (a)(e)		3,320,000		1,378,597
Lendingpoint Asset Securitization Trust, Series 2022-B, Class C, 8.450%, 10/15/2029 (a)		1,500,000		1,256,677
LendingPoint Asset Securitization Trust, Series 2021-B, Class C, 3.210%, 2/15/2029 (a)		2,000,000		1,894,106
LendingPoint Pass-Through Trust, Series 2022-ST3, Class CERT, 0.000%, 5/15/2028 (a)(e)		1,576,000		607,954
Lobel Automobile Receivables Trust, Series 2023-1, Class C, 8.310%, 10/16/2028 (a)		800,000		788,429
LP LMS Asset Securitization Trust, Series 2023-1A, Class B, 7.484%, 10/17/2033 (a)		800,000		755,779
Marlette Funding Trust, Series 2022-2A, Class D, 7.500%, 8/15/2032 (a)		500,000		496,540
Marlette Funding Trust, Series 2022-3A, Class D, 7.800%, 11/15/2032 (a)		1,000,000		998,664
Marlette Funding Trust, Series 2023-2A, Class D, 7.920%, 6/15/2033 (a)		2,500,000		2,513,505
Marlette Funding Trust, Series 2023-3A, Class B, 6.710%, 9/15/2033 (a)		3,000,000		3,007,089
Mosaic Solar Loan Trust, Series 2019-1A, Class B, 0.000%, 12/21/2043 (a)(f)		1,064,189		843,016
Mosaic Solar Loan Trust, Series 2021-2A, Class B, 2.090%, 4/22/2047 (a)		971,298		712,160

See accompanying notes which are an integral part of these financial statements.

Angel Oak Multi-Strategy Income Fund

Consolidated Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Asset-Backed Securities – (continued)
Octane Receivables Trust, Series 2023-2A, Class D, 7.380%, 6/20/2031 (a)	$	2,259,000	$	2,245,487
Oportun Financial Corp., Series 2022-3, Class C, 10.147%, 1/8/2030 (a)		2,100,000		2,155,505
Pagaya AI Debt Selection Trust, Series 2020-3, Class C, 6.430%, 5/17/2027 (a)		1,537,139		1,536,286
Pagaya AI Debt Selection Trust, Series 2021-1, Class C, 4.090%, 11/15/2027 (a)		8,596,456		7,545,840
Pagaya AI Debt Selection Trust, Series 2021-3, Class B, 1.740%, 5/15/2029 (a)		4,499,755		4,376,259
Pagaya AI Debt Selection Trust, Series 2021-3, Class C, 3.270%, 5/15/2029 (a)		3,299,820		2,745,616
Pagaya AI Debt Selection Trust, Series 2021-5, Class C, 3.930%, 8/15/2029 (a)		2,399,717		2,062,986
Pagaya AI Debt Selection Trust, Series 2022-1, Class B, 3.344%, 10/15/2029 (a)(d)		6,999,074		6,526,651
Pagaya AI Debt Selection Trust, Series 2022-1, Class C, 4.888%, 10/15/2029 (a)		6,299,167		5,275,584
Pagaya AI Debt Selection Trust, Series 2022-3, Class B, 8.050%, 3/15/2030 (a)		1,199,884		1,194,616
Pagaya AI Debt Selection Trust, Series 2022-5, Class B, 10.310%, 6/17/2030 (a)		1,399,948		1,432,063
Pagaya AI Debt Selection Trust, Series 2023-1, Class B, 9.435%, 7/15/2030 (a)		1,599,778		1,630,743
Pagaya AI Debt Selection Trust, Series 2023-3, Class B, 9.570%, 12/16/2030 (a)		1,200,000		1,219,501
Pagaya AI Debt Selection Trust, Series 2023-5, Class B, 7.625%, 4/15/2031 (a)		4,000,000		4,014,496
Pagaya AI Debt Selection Trust, Series 2023-5, Class C, 9.099%, 4/15/2031 (a)		750,000		759,910
Reach Financial LLC, Series 2022-2A, Class C, 8.400%, 5/15/2030 (a)		1,600,000		1,618,205
Reach Financial LLC, Series 2023-1A, Class A, 7.050%, 2/18/2031 (a)		4,000,000		4,012,592
Reach Financial LLC, Series 2023-1A, Class C, 8.450%, 2/18/2031 (a)		600,000		600,098
Republic Finance Issuance Trust, Series 2020-A, Class D, 7.000%, 11/20/2030 (a)		1,150,000		1,046,552
Saluda Grade Fund Trust, Series 2022-SG2, Class A, 5.000%, 5/15/2052 (a)		15,000,000		14,021,820
Santander Bank Auto Credit-Linked Notes, Series 2022-A, Class B, 5.281%, 5/15/2032 (a)		765,371		756,787
Santander Bank Auto Credit-Linked Notes, Series 2022-C, Class C, 6.986%, 12/15/2032 (a)		1,348,605		1,352,678
Santander Bank Auto Credit-Linked Notes, Series 2022-C, Class D, 8.197%, 12/15/2032 (a)		993,709		1,007,064
Santander Consumer Auto Receivables Trust, Series 2021-AA, Class E, 3.280%, 3/15/2027 (a)		1,750,000		1,598,705
Santander Consumer Auto Receivables Trust, Series 2021-AA, Class F, 5.790%, 8/15/2028 (a)		500,000		449,961
Skopos Auto Receivables Trust, Series 2019-1A, Class E, 7.820%, 6/15/2026 (a)		2,650,000		2,649,815
Stone Street Receivables Funding LLC, Series 2015-1A, Class C, 5.600%, 12/15/2054 (a)		606,307		513,932
TH MSR Issuer Trust, Series 2019-FT1, Class A, 8.212% (TSFR1M + 2.914%), 6/25/2024 (a)(c)		2,000,000		1,953,290
Theorem Funding Trust, Series 2022-2A, Class B, 9.270%, 12/15/2028 (a)		3,700,000		3,754,257
Tricolor Auto Securitization Trust, Series 2022-1A, Class F, 9.800%, 7/16/2029 (a)		2,520,000		2,459,974
UNIFY Auto Receivables Trust, Series 2021-1A, Class B, 1.290%, 11/16/2026 (a)		5,000,000		4,670,600
United Auto Credit Securitization Trust, Series 2021-1, Class F, 4.300%, 9/10/2027 (a)		1,035,000		1,006,574
Upgrade Master Pass-Thru Trust, Series 2019-ST3, Class A, 3.750%, 11/15/2025 (a)		16,715		16,682
Upgrade Master Pass-Thru Trust, Series 2021-PT2, Class A, 14.922%, 5/15/2027 (a)(g)		5,112,797		4,623,262
Upstart Pass-Through Trust, Series 2020-ST4, Class CERT, 0.000%, 11/20/2026 (a)(e)		3,500,000		643,433
Upstart Pass-Through Trust, Series 2021-ST4, Class CERT, 0.000%, 7/20/2027 (a)(e)		1,475,000		369,138
Upstart Pass-Through Trust, Series 2021-ST6, Class CERT, 0.000%, 8/20/2027 (a)(e)		5,450,000		1,671,321
Upstart Pass-Through Trust, Series 2021-ST7, Class CERT, 0.000%, 9/20/2029 (a)(e)		1,500,000		706,589
Upstart Pass-Through Trust, Series 2021-ST8, Class CERT, 0.000%, 10/20/2029 (a)(e)		2,370,000		820,036
Upstart Pass-Through Trust, Series 2021-ST8, Class A, 1.750%, 10/20/2029 (a)		1,549,874		1,496,115
Upstart Pass-Through Trust, Series 2021-ST9, Class CERT, 0.000%, 11/20/2029 (a)(e)		1,629,000		539,053
Upstart Pass-Through Trust, Series 2022-ST1, Class CERT, 0.000%, 3/20/2030 (a)(e)		2,400,000		804,262
Upstart Pass-Through Trust, Series 2022-ST2, Class CERT, 0.000%, 4/20/2030 (a)(e)		1,500,000		436,276
Upstart Securitization Trust, Series 2019-1, Class CERT, 0.000%, 4/20/2026 (a)		20,143		884,250
Upstart Securitization Trust, Series 2019-3, Class CERT, 0.000%, 1/21/2030 (a)(h)		25,442		2,272,716
Upstart Securitization Trust, Series 2021-1, Class C, 4.060%, 3/20/2031 (a)		8,000,000		7,720,456

See accompanying notes which are an integral part of these financial statements.

Angel Oak Multi-Strategy Income Fund

Consolidated Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Asset-Backed Securities – (continued)
Upstart Securitization Trust, Series 2021-2, Class C, 3.610%, 6/20/2031 (a)	$	5,500,000	$	5,099,000
Upstart Securitization Trust, Series 2021-3, Class C, 3.280%, 7/20/2031 (a)		13,476,000		12,141,836
Upstart Securitization Trust, Series 2021-4, Class C, 3.190%, 9/20/2031 (a)		5,250,000		4,541,476
Upstart Securitization Trust, Series 2021-5, Class C, 4.150%, 11/20/2031 (a)		9,100,000		7,839,750
Upstart Securitization Trust, Series 2022-1, Class C, 5.710%, 3/20/2032 (a)		1,800,000		1,380,406
Upstart Securitization Trust, Series 2022-2, Class C, 8.430%, 5/20/2032 (a)		1,500,000		1,454,273
Upstart Securitization Trust, Series 2023-1, Class C, 11.100%, 2/20/2033 (a)		800,000		782,242
Upstart Securitization Trust, Series 2023-2, Class B, 7.920%, 6/20/2033 (a)		1,000,000		999,298
US Auto Funding Trust, Series 2022-1A, Class A, 3.980%, 4/15/2025 (a)		2,137,086		2,068,483
US Auto Funding Trust, Series 2022-1A, Class B, 5.130%, 12/15/2025 (a)		1,300,000		1,238,887
US Auto Funding Trust, Series 2022-1A, Class D, 9.140%, 7/15/2027 (a)(e)		2,053,000		437,971
Veros Auto Receivables Trust, Series 2022-1, Class D, 7.230%, 7/16/2029 (a)		500,000		478,899
Veros Automobile Receivables Trust, Series 2020-1, Class D, 5.640%, 2/16/2027 (a)		5,970,000		5,733,630
Veros Automobile Receivables Trust, Series 2023-1, Class D, 11.460%, 8/15/2030 (a)		700,000		715,994
Westlake Automobile Receivables Trust, Series 2021-1A, Class F, 3.910%, 9/15/2027 (a)		4,000,000		3,670,560
Westlake Automobile Receivables Trust, Series 2021-3A, Class F, 4.250%, 6/15/2028 (a)		3,000,000		2,660,820


TOTAL ASSET-BACKED SECURITIES (Cost – $455,334,513)				$398,079,470

Collateralized Debt Obligations – 0.10%
Anchorage Credit Funding Ltd., Series 2020-11A, Class E, 7.050%, 4/25/2038 (a)		3,500,000		2,844,618


TOTAL COLLATERALIZED DEBT OBLIGATIONS (Cost – $3,410,470)				$2,844,618

Collateralized Loan Obligations – 3.81%
Allegro CLO Ltd., Series 2014-1RX, Class SUB, 0.000%, 10/21/2028 (e)(g)(i)		4,000,000		120,000
ALM CLO Ltd., Series 2020-1A, Class SUB, 0.000%, 10/15/2029 (a)(e)(g)		6,000,000		2,160,000
Ares CLO Ltd., Series 2020-58A, Class BR, 7.158% (TSFR3M + 1.850%), 1/15/2035 (a)(c)		5,000,000		4,854,665
AUF Funding LLC, Series 2022-1A, Class A1LN, 7.826% (TSFR3M + 2.500%), 1/20/2031 (a)(c)		4,482,115		4,491,738
Barings CLO Ltd., Series 2018-4A, Class D, 8.470% (TSFR3M + 3.162%), 10/15/2030 (a)(c)		2,750,000		2,649,955
Barings CLO Ltd., Series 2015-2A, Class DR, 8.538% (TSFR3M + 3.212%), 10/20/2030 (a)(c)		1,250,000		1,192,051
Barings Middle Market CLO Ltd., Series 2018-II, Class COM, 0.000%, 1/15/2031 (e)(g)		1,500,000		1,222,345
Blackrock MT Hood CLO LLC, Series 2023-1A, Class VDN, 0.000%, 4/20/2035 (a)(e)(g)		2,000,000		940,000
Carbone CLO Ltd., Series 2017-1A, Class A1, 6.728% (TSFR3M + 1.402%), 1/20/2031 (a)(c)		1,566,606		1,558,775
Carlyle CLO Ltd., Series 2017-3A, Class SUB, 0.000%, 7/20/2029 (a)(e)(g)		5,525,000		607,750
CBAM Ltd., Series 2018-6A, Class B1R, 7.670% (TSFR3M + 2.362%), 1/15/2031 (a)(c)		5,000,000		4,906,275
CIFC Funding Ltd., Series 2015-2X, Class INC, 0.000%, 4/15/2030 (g)(i)(j)		5,000,000		—
CIFC Funding Ltd., Series 2021-6A, Class B, 7.220% (TSFR3M + 1.912%), 10/15/2034 (a)(c)		1,000,000		980,486
East West Investment Management CLO Ltd., Series 2019-FAL, Class D, 10.298% (TSFR3M + 4.972%), 1/20/2033 (a)(c)		5,000,000		4,775,730
Eaton Vance CLO Ltd., Series 2019-1A, Class SUB, 0.000%, 4/15/2031 (a)(e)(g)		5,000,000		2,600,000
Garrison Funding Ltd., Series 2018-2RA, Class BR, 8.549% (3 Month LIBOR USD + 3.170%), 11/20/2029 (a)(c)		4,500,000		4,368,222
Golub Capital Partners CLO Ltd., Series 2013-17A, Class A1R, 7.263% (TSFR3M + 1.912%), 10/25/2030 (a)(c)		805,624		806,982
Golub Capital Partners CLO Ltd., Series 2017-34A, Class B1R, 7.926% (3 Month LIBOR USD + 2.600%), 3/14/2031 (a)(c)		1,550,000		1,526,865

See accompanying notes which are an integral part of these financial statements.

Angel Oak Multi-Strategy Income Fund

Consolidated Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Collateralized Loan Obligations – (continued)
ICG US CLO Ltd., Series 2021-1A, Class E, 11.900% (TSFR3M + 6.592%), 4/17/2034 (a)(c)	$	2,000,000	$	1,823,266
Jay Park CLO Ltd., Series 2016-1X, Class SUB, 0.000%, 10/20/2027 (e)(g)(i)		4,000,000		600,000
LJV MM CLO LLC, Series 2022-1A, Class A1, 7.219% (TSFR3M + 1.850%), 4/28/2034 (a)(c)		5,000,000		4,907,100
Madison Park Funding Ltd., Series 2018-30A, Class A, 6.320% (TSFR3M + 1.012%), 4/15/2029 (a)(c)		4,016,032		3,988,827
Madison Park Funding Ltd., Series 2014-13A, Class BR2, 7.082% (TSFR3M + 1.762%), 4/19/2030 (a)(c)		4,200,000		4,172,179
Magnetite Ltd., Series 2015-14RA, Class B, 7.172% (TSFR3M + 1.862%), 10/18/2031 (a)(c)		7,710,000		7,642,815
MCF CLO LLC, Series 2017-3A, Class ER, 14.738% (TSFR3M + 9.412%), 7/20/2033 (a)(c)(e)		3,000,000		2,891,304
Monroe Capital MML CLO Ltd., Series 2018-2A, Class E, 12.629% (3 Month LIBOR USD + 7.250%), 11/22/2030 (a)(c)(e)		4,080,000		3,855,718
Monroe Capital MML CLO Ltd., Series 2019-2A, Class D, 10.607% (TSFR3M + 5.262%), 10/22/2031 (a)(c)		700,000		686,346
Monroe Capital MML CLO Ltd., Series 2021-1A, Class E, 13.919% (3 Month LIBOR USD + 8.540%), 5/20/2033 (a)(c)(e)		3,000,000		2,779,860
Monroe Capital MML CLO Ltd., Series 2019-1A, Class ER, 13.739% (3 Month LIBOR USD + 8.360%), 11/22/2033 (a)(c)(e)		4,440,000		3,968,223
Northwoods Capital Ltd., Series 2018-17A, Class SUB, 0.000%, 4/22/2031 (a)(e)(g)		2,650,000		901,000
Sound Point CLO Ltd., Series 2013-1A, Class A3R, 7.462% (TSFR3M + 2.112%), 1/26/2031 (a)(c)		2,400,000		2,265,444
Sound Point CLO Ltd., Series 2014-1RA, Class E, 11.672% (TSFR3M + 6.362%), 7/18/2031 (a)(c)		4,500,000		3,325,482
Steele Creek CLO Ltd., Series 2016-1A, Class CR, 7.452% (3 Month LIBOR USD + 1.900%), 6/15/2031 (a)(c)(k)		17,756,577		16,942,953
Strata CLO Ltd., Series 2021-1A, Class SUB, 0.000%, 10/20/2033 (a)(e)(g)		3,000,000		1,470,000
TCI-Flatiron CLO Ltd., Series 2017-1A, Class AR, 6.290% (3 Month LIBOR USD + 0.960%), 11/18/2030 (a)(c)		1,180,560		1,172,901
THL Credit Wind River CLO Ltd., Series 2019-3A, Class E2R, 12.320% (TSFR3M + 7.012%), 4/15/2031 (a)(c)		1,500,000		1,361,790
Wellfleet CLO Ltd., Series 2015-1A, Class SUB, 0.000%, 7/20/2029 (a)(e)(g)		4,900,000		735,000


TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost – $123,707,021)				$105,252,047

Commercial Mortgage-Backed Securities – 2.56%
Capital Funding Mortgage Trust, Series 2020-9, Class B, 20.105% (TSFR1M + 14.900%), 11/19/2023 (a)(c)		4,207,662		4,165,522
GS Mortgage Securities Corp. Trust, Series 2018-TWR, Class G, 9.444% (TSFR1M + 4.222%), 7/15/2031 (a)(c)		500,000		76,635
Harvest SBA Loan Trust, Series 2018-1, Class A, 7.400% (TSFR1M + 2.364%), 8/25/2044 (a)(c)		556,182		551,146
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2018-PTC, Class A, 6.719% (TSFR1M + 1.497%), 4/15/2031 (a)(c)(k)		3,500,000		3,082,978
Med Trust, Series 2021-MDLN, Class G, 10.586% (TSFR1M + 5.364%), 11/15/2038 (a)(c)		2,144,707		2,003,697
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C7, Class G, 4.184%, 2/15/2046 (a)(e)(g)		1,000,000		51,250
Newtek Small Business Loan Trust, Series 2018-1, Class B, 9.000% (PRIME + 0.750%), 2/25/2044 (a)(c)		900,586		903,537
Sutherland Commercial Mortgage Loans, Series 2017-SBC6, Class B, 5.031%, 5/25/2037 (a)(g)		3,521,628		3,459,682
X-Caliber Funding LLC, 11.000%, 10/15/2024 (a)		4,000,000		3,721,524

See accompanying notes which are an integral part of these financial statements.

Angel Oak Multi-Strategy Income Fund

Consolidated Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Commercial Mortgage-Backed Securities – (continued)
X-Caliber Funding LLC, 11.705% (TSFR1M + 6.614%), 11/6/2024 (a)(c)	$	1,628,000	$	1,625,063
X-Caliber Funding LLC, 12.090% (TSFR1M + 7.750%), 3/15/2024 (a)(c)		748,203		724,067
X-Caliber Funding LLC, 5.000%, 10/15/2024 (a)		300,000		280,040
X-Caliber Funding LLC, 7.000%, 9/30/2023 (a)		3,621,300		3,238,945
X-Caliber Funding LLC, 7.891% (TSFR1M + 2.750%), 3/15/2024 (a)(c)		3,990,418		3,936,515
X-Caliber Funding LLC, Series 2021-7, Class A, 8.205% (TSFR1M + 3.114%), 1/6/2026 (a)(c)		4,415,390		4,284,580
X-Caliber Funding LLC, Series 2021-7, Class B1, 11.205% (TSFR1M + 6.114%), 1/6/2026 (a)(c)		165,000		156,221
X-Caliber Funding LLC, Series 2021-7, Class B2, 0.000%, 1/6/2026 (a)		1,788,000		1,758,233
X-Caliber Funding LLC, Series 2021-CT6, Class B1, 11.205% (TSFR1M + 6.114%), 1/6/2026 (a)(c)		9,375,000		8,875,959
X-Caliber Funding LLC, Series 2021-CT6, Class B2, 5.250%, 1/6/2026 (a)		2,180,000		2,135,247
X-Caliber Mortgage Trust, Series 2019-1, Class B1, 20.867% (TSFR1M + 15.754%), 11/6/2023 (a)(c)		5,129,931		5,060,523
X-Caliber Mortgage Trust, Series 2020-1, Class B1, 12.727% (TSFR1M + 7.614%), 2/6/2024 (a)(c)		1,995,666		1,953,286
X-Caliber Mortgage Trust, Series 2020-2, Class B1, 12.705% (1 Month LIBOR USD + 7.500%), 3/6/2024 (a)(c)		6,765,846		6,721,037
X-Caliber Mortgage Trust, Series 2020-5, Class A, 8.483% (TSFR1M + 3.370%), 10/15/2023 (a)(c)		2,221,023		2,170,124
X-Caliber Mortgage Trust, Series 2020-5, Class B1, 13.483% (TSFR1M + 8.370%), 10/15/2023 (a)(c)		5,182,388		4,959,198
X-Caliber Mortgage Trust, Series 2021-10, Class B1, 13.233% (TSFR1M + 8.120%), 6/6/2024 (a)(c)		2,000,000		1,954,912
X-Caliber Mortgage Trust, Series 2021-9, Class B1, 13.233% (TSFR1M + 8.120%), 3/1/2024 (a)(c)		1,215,000		759,346
X-Caliber Mortgage Trust, Series 2021-WY4, Class B1, 13.233% (TSFR1M + 8.120%), 2/15/2024 (a)(c)		2,020,000		1,974,441


TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost – $74,916,600)				$70,583,708

Commercial Mortgage-Backed Securities – U.S. Government Agency – 0.61%
Federal Home Loan Mortgage Corp., Series 2017-KF35, Class B, 7.968% (SOFR30A + 2.864%), 8/25/2024 (a)(c)		2,063,287		2,017,566
Federal Home Loan Mortgage Corp., Series 2017-KF41, Class B, 7.718% (SOFR30A + 2.614%), 11/25/2024 (a)(c)		600,479		569,083
Federal Home Loan Mortgage Corp., Series 2019-KF58, Class B, 7.368% (SOFR30A + 2.264%), 1/25/2026 (a)(c)		1,182,007		1,120,929
Federal Home Loan Mortgage Corp., Series 2019-KF64, Class B, 7.518% (SOFR30A + 2.414%), 6/25/2026 (a)(c)		2,487,563		2,350,877
Federal National Mortgage Association, Series 2019-01, Class B10, 10.683% (SOFR30A + 5.614%), 10/25/2049 (a)(c)		1,500,000		1,336,335
Federal National Mortgage Association, Series 2019-01, Class CE, 13.933% (SOFR30A + 8.864%), 10/25/2049 (a)(c)		2,000,000		1,945,696
Federal National Mortgage Association, Series 2020-01, Class CE, 12.683% (SOFR30A + 7.614%), 3/25/2050 (a)(c)		8,000,000		7,506,600


TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY (Cost – $17,818,030)				$16,847,086

See accompanying notes which are an integral part of these financial statements.

Angel Oak Multi-Strategy Income Fund

Consolidated Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Shares		Value
Common Stocks – 0.50%
Real Estate Investment Trust – 0.50%
Annaly Capital Management, Inc.		84,833	$	1,704,295
Ellington Financial, Inc.		103,500		1,399,320
PennyMac Mortgage Investment Trust		81,182		1,037,506
Redwood Trust, Inc.		929,117		6,996,251
Rithm Capital Corp.		258,870		2,609,410


TOTAL COMMON STOCKS (Cost – $20,753,415)				$13,746,782


Corporate Obligations – 3.80%	Principal Amount
Basic Materials – 0.28%
Copper Mountain Mining Corp., 8.000%, 4/9/2026 (a)(e)(i)		$2,223,690		2,257,045
CVR Partners LP / CVR Nitrogen Finance Corp., 6.125%, 6/15/2028 (a)		1,700,000		1,536,837
Mercer International, Inc., 5.500%, 1/15/2026		650,000		627,951
Mercer International, Inc., 5.125%, 2/1/2029		1,400,000		1,144,499
Taseko Mines Ltd., 7.000%, 2/15/2026 (a)		2,300,000		2,122,393


				7,688,725

Communications – 0.28%
Consolidated Communications, Inc., 6.500%, 10/1/2028 (a)		2,400,000		1,873,627
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 5.875%, 8/15/2027 (a)		1,900,000		1,715,753
EquipmentShare.com, Inc., 9.000%, 5/15/2028 (a)		500,000		496,104
Gray Escrow, Inc., 5.375%, 11/15/2031 (a)		3,900,000		2,675,459
Townsquare Media, Inc., 6.875%, 2/1/2026 (a)		1,000,000		964,680


				7,725,623

Consumer, Cyclical – 0.32%
American Axle & Manufacturing, Inc., 5.000%, 10/1/2029		1,700,000		1,452,058
FirstCash, Inc., 4.625%, 9/1/2028 (a)		1,500,000		1,340,078
Goodyear Tire & Rubber Co., 5.000%, 7/15/2029		1,500,000		1,384,787
Hawaiian Brand Intellectual Property Ltd., 5.750%, 1/20/2026 (a)		1,300,000		1,226,854
NCL Corp Ltd., 8.375%, 2/1/2028 (a)		300,000		313,028
Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd., 8.000%, 9/20/2025 (a)		400,000		403,802
White Cap Buyer LLC, 6.875%, 10/15/2028 (a)		3,100,000		2,796,484


				8,917,091

Consumer, Non-cyclical – 0.15%
Medline Borrower LP, 5.250%, 10/1/2029 (a)		900,000		796,039
NESCO Holdings, Inc., 5.500%, 4/15/2029 (a)		1,700,000		1,547,850
Upbound Group, Inc., 6.375%, 2/15/2029 (a)		2,100,000		1,928,735


				4,272,624

Energy – 0.11%
Calumet Specialty Products Partners LP / Calumet Finance Corp., 9.750%, 7/15/2028 (a)		200,000		199,743
CITGO Petroleum Corp., 7.000%, 6/15/2025 (a)		100,000		98,902
Enviva Partners LP / Enviva Partners Finance Corp., 6.500%, 1/15/2026 (a)		200,000		169,982
New Fortress Energy, Inc., 6.500%, 9/30/2026 (a)		200,000		183,755

See accompanying notes which are an integral part of these financial statements.

Angel Oak Multi-Strategy Income Fund

Consolidated Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Corporate Obligations – (continued)
Energy – (continued)
SunCoke Energy, Inc., 4.875%, 6/30/2029 (a)	$	2,550,000	$	2,199,483
Venture Global LNG, Inc., 8.375%, 6/1/2031 (a)		250,000		253,948


				3,105,813

Financial – 2.49%
Arbor Realty Trust, Inc., 4.500%, 3/15/2027 (a)		5,000,000		4,237,090
B. Riley Financial, Inc., 6.375%, 2/28/2025 (l)		7,000,000		6,661,200
Banc of California, Inc., 5.250%, 4/15/2025		3,650,000		3,389,603
Columbia Banking System, Inc., 10.581% (TSFR3M + 5.522%), 12/10/2025 (a)(c)		2,500,000		2,473,943
Customers Bank, 6.125% (3 Month LIBOR USD + 3.443%), 6/26/2029 (a)(c)		1,000,000		871,620
First Bancshares, Inc., 6.400% (3 Month LIBOR USD + 3.390%), 5/1/2033 (c)		1,000,000		858,679
First NBC Bank Holding Co., 5.750%, 2/18/2025 (e)(j)(m)		13,500,000		1,312,200
Freedom Mortgage Corp., 7.625%, 5/1/2026 (a)		1,900,000		1,741,969
Georgia Banking Co., Inc., 4.125% (TSFR3M + 3.400%), 6/15/2031 (a)(c)		4,000,000		3,381,984
Hanmi Financial Corp., 3.750% (TSFR3M + 3.100%), 9/1/2031 (c)		3,300,000		2,652,945
HAT Holdings I LLC / HAT Holdings II LLC, 6.000%, 4/15/2025 (a)		200,000		197,006
Jacksonville Bancorp, Inc., 9.302% (3 Month LIBOR USD + 3.750%), 9/15/2038 (a)(c)		1,200,000		1,140,421
Kingstone Cos, Inc., 12.000%, 12/30/2024 (a)(e)		1,852,000		1,768,660
LD Holdings Group LLC, 6.125%, 4/1/2028 (a)		800,000		516,908
Luther Burbank Corp., 6.500%, 9/30/2024 (a)		3,300,000		3,146,572
Midland States Bancorp, Inc., 5.000% (TSFR3M + 3.610%), 9/30/2029 (c)		750,000		665,696
Nationstar Mortgage Holdings, Inc., 5.500%, 8/15/2028 (a)		2,500,000		2,266,500
NMI Holdings, Inc., 7.375%, 6/1/2025 (a)		1,900,000		1,920,495
Northern Bancorp, Inc., 4.750% (TSFR3M + 3.275%), 12/30/2029 (a)(c)		1,000,000		858,563
OneMain Finance Corp., 4.000%, 9/15/2030		800,000		629,214
PennyMac Financial Services, Inc., 4.250%, 2/15/2029 (a)		900,000		743,543
PennyMac Financial Services, Inc., 5.750%, 9/15/2031 (a)		900,000		760,274
PHH Mortgage Corp., 7.875%, 3/15/2026 (a)		2,500,000		2,253,401
PRA Group, Inc., 5.000%, 10/1/2029 (a)		2,600,000		1,985,620
Preferred Bank, 3.375% (TSFR3M + 2.780%), 6/15/2031 (c)		1,500,000		1,177,699
Preferred Pass-Through Trust, 6.697% (N/A + 0.000%), 12/29/2049 (a)(e)(n)		1,000,000		720,000
Ready Capital Corp., 6.200%, 7/30/2026 (l)		8,000,000		7,555,200
StoneX Group, Inc., 8.625%, 6/15/2025 (a)		2,700,000		2,732,495
TIAA FSB Holdings, Inc., 4.381%, 1/7/2035 (e)(g)		5,000,000		3,150,000
Trinitas Capital Management LLC, 6.000%, 7/30/2026 (a)		2,000,000		1,862,500
Trinity Capital, Inc., 7.000%, 1/16/2025 (e)(l)		2,500,000		2,462,500
United Wholesale Mortgage LLC, 5.500%, 4/15/2029 (a)		2,800,000		2,464,133
Zais Group LLC, 7.000%, 11/15/2023 (a)		169,200		168,988


				68,727,621

Industrial – 0.17%
Brundage-Bone Concrete Pumping Holdings, Inc., 6.000%, 2/1/2026 (a)		1,400,000		1,346,079
Clearwater Paper Corp., 4.750%, 8/15/2028 (a)		1,400,000		1,233,922
Covanta Holding Corp., 4.875%, 12/1/2029 (a)		200,000		176,812
Owens-Brockway Glass Container, Inc., 7.250%, 5/15/2031 (a)		225,000		228,931
Seaspan Corp., 5.500%, 8/1/2029 (a)		1,350,000		1,102,099

See accompanying notes which are an integral part of these financial statements.

Angel Oak Multi-Strategy Income Fund

Consolidated Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Corporate Obligations – (continued)
Industrial – (continued)
Smyrna Ready Mix Concrete LLC, 6.000%, 11/1/2028 (a)	$	200,000	$	190,855
XPO, Inc., 7.125%, 6/1/2031 (a)		250,000		253,202


				4,531,900


TOTAL CORPORATE OBLIGATIONS (Cost – $130,165,904)				$104,969,397


Investment Companies – 4.44%	Shares
Affiliated Exchange Traded Funds – 0.53%
Angel Oak Income ETF		481,200		9,725,052
Angel Oak Ultrashort Income ETF		95,900		4,850,143


				14,575,195

Affiliated Mutual Funds – 3.91%
Angel Oak Financials Income Impact Fund, Institutional Class		5,147,772		38,917,156
Angel Oak High Yield Opportunities Fund, Institutional Class		3,336,241		35,497,603
Angel Oak Total Return Bond Fund, Institutional Class		3,985,110		33,395,223


				107,809,982


TOTAL INVESTMENT COMPANIES (Cost – $141,005,038)				$122,385,177

Preferred Stocks – 0.26%
Real Estate Investment Trust – 0.26%
AGNC Investment Corp., 6.500% (3 Month LIBOR + 4.993%) (c)		66,529		1,541,477
Dynex Capital, Inc., 6.900% (3 Month LIBOR USD + 5.461%) (c)		173,425		3,888,189
MFA Financial, Inc., 6.500% (3 Month LIBOR USD + 5.345%) (c)		92,942		1,826,310


TOTAL PREFERRED STOCKS (Cost – $7,802,601)				$7,255,976


	Principal Amount
Residential Mortgage-Backed Securities – 65.03%
A&D Mortgage Trust, Series 2023-NQM2, Class A1, 6.132%, 5/25/2068 (a)(o)		$9,683,669		9,566,555
A&D Mortgage LLC, Series 2023-NQM3, Class A3, 7.341%, 7/25/2068 (a)(o)		12,796,000		12,894,197
Adjustable Rate Mortgage Trust, Series 2005-10, Class 3A12, 3.526%, 1/25/2036 (g)		10,779		3,035
Adjustable Rate Mortgage Trust, Series 2005-11, Class 2A3, 4.151%, 2/25/2036 (g)(k)		5,718,951		4,408,671
Adjustable Rate Mortgage Trust, Series 2005-12, Class 2A1, 4.097%, 3/25/2036 (g)		1,444,109		1,077,207
Adjustable Rate Mortgage Trust, Series 2005-3, Class 7A1, 4.960%, 7/25/2035 (g)		287,259		223,410
Adjustable Rate Mortgage Trust, Series 2007-1, Class 2A1, 4.708%, 3/25/2037 (g)(k)		2,868,646		2,548,591
Adjustable Rate Mortgage Trust, Series 2007-1, Class 3A22, 4.602%, 3/25/2037 (g)		278,449		212,115
Adjustable Rate Mortgage Trust, Series 2007-2, Class 1A1, 4.622%, 6/25/2037 (g)(k)		1,679,065		1,326,574
Adjustable Rate Mortgage Trust, Series 2007-2, Class 1A21, 4.622%, 6/25/2037 (g)		1,769,528		1,265,779
Agate Bay Mortgage Trust, Series 2015-4, Class B4, 3.513%, 6/25/2045 (a)(g)		2,018,000		1,479,820
American Home Mortgage Assets Trust, Series 2006-1, Class 1A2, 5.602% (TSFR1M + 0.304%), 5/25/2046 (c)		1,502,822		1,156,875
American Home Mortgage Assets Trust, Series 2006-1, Class XC, 0.009%, 5/25/2046 (e)(g)(h)		14,815,515		403,426

See accompanying notes which are an integral part of these financial statements.

Angel Oak Multi-Strategy Income Fund

Consolidated Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Residential Mortgage-Backed Securities – (continued)
American Home Mortgage Assets Trust, Series 2006-6, Class XP, 0.042%, 12/25/2046 (e)(g)(h)	$	60,568,362	$	1,103,556
American Home Mortgage Assets Trust, Series 2007-3, Class 22A1, 6.750%, 6/25/2037 (o)		268,328		245,554
American Home Mortgage Assets Trust, Series 2007-5, Class XP, 0.065%, 6/25/2047 (e)(g)(h)		16,523,929		786,076
American Home Mortgage Investment Trust, Series 2005-2, Class 2A1, 7.985% (TSFR1M + 3.254%), 9/25/2045 (c)		401,061		288,624
American Home Mortgage Investment Trust, Series 2006-3, Class 22A1, 7.490% (6 Month LIBOR USD + 1.750%), 12/25/2036 (c)(k)		3,613,340		2,996,857
American Home Mortgage Investment Trust, Series 2006-3, Class 3A2, 6.750%, 12/25/2036 (k)(o)		6,262,946		2,440,933
American Home Mortgage Investment Trust, Series 2007-1, Class GA1A, 5.572% (TSFR1M + 0.274%), 5/25/2047 (c)		150,765		101,349
American Home Mortgage Investment Trust, Series 2007-2, Class 11A1, 5.642% (TSFR1M + 0.574%), 3/25/2047 (c)(e)		3,847,985		1,553,535
American Home Mortgage Investment Trust, Series 2007-A, Class 13A1, 6.600%, 1/25/2037 (a)(e)(o)		2,211,292		919,092
AMSR Trust, Series 2023-SFR1, Class C, 4.000%, 4/17/2040 (a)		1,000,000		899,476
Arroyo Mortgage Trust, Series 2022-1, Class M1, 3.650%, 12/25/2056 (a)		2,000,000		1,359,956
Banc of America Funding Trust, Series 2007-8, Class 2A1, 7.000%, 10/25/2037 (k)		3,720,037		2,356,141
Banc of America Funding Trust, Series 2009-R14A, Class 2A, 5.500% (-2 x TSFR1M + 15.127%), 7/26/2035 (a)(c)(p)		287,677		260,584
Banc of America Funding Trust, Series 2015-R8, Class 3A2, 4.088%, 8/26/2035 (a)(g)		1,841,364		1,364,797
Bank of America Alternative Loan Trust, Series 2005-10, Class 1CB4, 5.500%, 11/25/2035		308,106		282,355
Bank of America Alternative Loan Trust, Series 2006-7, Class A2, 5.707%, 10/25/2036 (g)		3,438,222		1,032,959
Bank of America Alternative Loan Trust, Series 2006-7, Class A4, 6.498%, 10/25/2036 (k)(o)		10,117,169		3,347,427
Bank of America Alternative Loan Trust, Series 2006-9, Class 30PO, 0.000%, 1/25/2037 (f)		147,661		78,848
Bank of America Funding Trust, Series 2007-2, Class 1A16, 6.000% (TSFR1M + 0.714%), 3/25/2037 (c)		2,255,015		1,444,854
Bank of America Funding Trust, Series 2007-A, Class 2A5, 5.829% (TSFR1M + 0.574%), 2/20/2047 (c)		987,127		732,026
Bank of America Funding Trust, Series 2007-B, Class A1, 5.789% (TSFR1M + 0.534%), 4/20/2047 (c)(k)		2,845,927		2,284,004
Bank of America Funding Trust, Series 2007-C, Class 7A4, 5.809% (TSFR1M + 0.554%), 5/20/2047 (c)(k)		2,073,760		1,740,474
Bank of America Funding Trust, Series 2014-R1, Class A2, 4.084% (1 Month LIBOR USD + 0.150%), 6/26/2037 (a)(c)(k)		3,948,445		3,111,789
Bank of America Mortgage Trust, Series 2007-1, Class 1A4, 6.000%, 3/25/2037		825,463		730,794
Bayview Financial Mortgage Pass-Through Trust, Series 2005-D, Class APO, 0.000%, 12/28/2035 (f)		246,068		182,716
BCAP LLC Trust, Series 2007-AA3, Class 1A1A, 5.832% (TSFR1M + 0.534%), 4/25/2037 (c)		930,989		791,451
BCAP LLC Trust, Series 2010-RR6, Class 1410, 3.912%, 12/26/2035 (a)(g)(k)		4,534,244		3,533,337
BCAP LLC Trust, Series 2010-RR7, Class 9A12, 4.775%, 5/26/2036 (a)(g)		876,046		497,821
BCAP LLC Trust, Series 2010-RR9, Class 7A2, 3.407%, 1/27/2037 (a)(g)(k)		5,546,922		5,074,485
BCAP LLC Trust, Series 2012-RR1, Class 3A4, 6.344%, 10/26/2035 (a)(g)		1,538,312		1,203,232
BCAP LLC Trust, Series 2012-RR11, Class 1A2, 3.547%, 1/26/2037 (a)(g)		922,008		789,213
BCAP LLC Trust, Series 2012-RR4, Class 4A7, 5.945%, 2/26/2036 (a)(g)		1,904,701		1,143,920
BCAP LLC Trust, Series 2013-RR1, Class 6A2, 6.203%, 5/26/2036 (a)(g)		2,943,586		2,152,223
Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-6, Class 1A1, 4.883%, 8/25/2035 (g)		1,430,760		1,200,264

See accompanying notes which are an integral part of these financial statements.

Angel Oak Multi-Strategy Income Fund

Consolidated Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Residential Mortgage-Backed Securities – (continued)
Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-2, Class 3A1, 4.219%, 7/25/2036 (g)	$	402,716	$	299,732
Bear Stearns ALT-A Trust, Series 2005-5, Class 21A1, 4.857%, 7/25/2035 (g)		413,915		383,611
Bear Stearns Asset Backed Securities Trust, Series 2005-AC5, Class 1A2, 5.500% (TSFR1M + 1.114%), 8/25/2035 (c)		1,226,152		760,066
Bear Stearns Asset Backed Securities Trust, Series 2007-AC6, Class A1, 6.500%, 10/25/2037		2,162,086		1,161,466
Bear Stearns Asset Backed Securities Trust, Series 2007-SD3, Class A, 5.912% (TSFR1M + 0.614%), 5/25/2037 (c)		20,270		17,162
Bear Stearns Mortgage Funding Trust, Series 2006-AR1, Class 1A1, 5.832% (TSFR1M + 0.534%), 7/25/2036 (c)		447,430		298,132
Bellemeade Re Ltd., Series 2020-4A, Class B1, 10.412% (TSFR1M + 5.114%), 6/25/2030 (a)(c)		2,500,000		2,519,347
Bellemeade Re Ltd., Series 2021-1A, Class M2, 9.919% (SOFR30A + 4.850%), 3/25/2031 (a)(c)		500,000		517,563
Bellemeade Re Ltd., Series 2021-2A, Class M2, 7.969% (SOFR30A + 2.900%), 6/25/2031 (a)(c)		8,250,000		8,232,304
Bellemeade Re Ltd., Series 2021-3A, Class M2, 8.219% (SOFR30A + 3.150%), 9/25/2031 (a)(c)		2,900,000		2,868,274
Bellemeade Re Ltd., Series 2022-1, Class M1C, 8.769% (SOFR30A + 3.700%), 1/26/2032 (a)(c)		2,500,000		2,481,278
Bellemeade Re Ltd., Series 2022-1, Class M2, 9.669% (SOFR30A + 4.600%), 1/26/2032 (a)(c)		3,750,000		3,754,635
Boston Lending Trust, Series 2021-1, Class A, 2.000%, 7/25/2061 (a)(g)		3,966,995		3,358,593
BRAVO Residential Funding Trust, Series 2021-A, Class A1, 1.991%, 10/25/2059 (a)(o)		2,930,882		2,740,418
BRAVO Residential Funding Trust, Series 2021-NQM3, Class A2, 1.853%, 4/25/2060 (a)(g)		2,501,885		2,177,623
Cascade MH Asset Trust, Series 2021-MH1, Class B3, 7.595%, 2/25/2046 (a)(g)		3,000,000		2,254,173
Chase Mortgage Finance Corp., Series 2021-CL1, Class B, 11.569% (SOFR30A + 6.500%), 2/25/2050 (a)(c)		2,159,000		1,856,064
Chase Mortgage Finance Corp., Series 2021-CL1, Class M3, 6.619% (SOFR30A + 1.550%), 2/25/2050 (a)(c)		2,330,818		1,987,812
Chase Mortgage Finance Corp., Series 2021-CL1, Class M4, 7.719% (SOFR30A + 2.650%), 2/25/2050 (a)(c)		2,411,232		2,053,118
Chase Mortgage Finance Corp., Series 2021-CL1, Class M5, 8.319% (SOFR30A + 3.250%), 2/25/2050 (a)(c)		964,374		802,394
Chase Mortgage Finance Trust, Series 2006-A1, Class 2A2, 4.460%, 9/25/2036 (g)		957,369		833,962
Chase Mortgage Finance Trust, Series 2006-S2, Class 2A6, 6.000%, 10/25/2036		746,921		312,085
ChaseFlex Trust, Series 2005-2, Class 5A6, 5.000%, 6/25/2035		1,372,119		858,721
ChaseFlex Trust, Series 2007-1, Class 2A10, 5.912% (TSFR1M + 0.614%), 2/25/2037 (c)(e)		2,319,365		556,239
Chevy Chase Funding LLC Mortgage-Backed Certificates, Series 2005-4A, Class NIO, 0.414%, 4/25/2037 (a)(e)(g)(h)		16,651,116		193,353
Chevy Chase Funding LLC Mortgage-Backed Certificates, Series 2006-1A, Class A1, 5.562% (TSFR1M + 0.264%), 12/25/2046 (a)(c)(k)		2,852,656		1,811,728
Chevy Chase Funding LLC Mortgage-Backed Certificates, Series 2006-2A, Class A1, 5.542% (TSFR1M + 0.244%), 4/25/2047 (a)(c)(k)		7,885,744		6,897,360
Chevy Chase Funding LLC Mortgage-Backed Certificates, Series 2006-4A, Class A2, 5.592% (TSFR1M + 0.294%), 11/25/2047 (a)(c)(k)		3,460,601		2,580,916
CIM Trust, Series 2019-J1, Class B5, 3.944%, 8/25/2049 (a)(g)		613,000		336,280
CIM Trust, Series 2021-J1, Class B4, 2.657%, 3/25/2051 (a)(g)		1,334,350		584,432
CIM Trust, Series 2021-J1, Class B5, 2.657%, 3/25/2051 (a)(g)		810,000		232,937
CIM Trust, Series 2021-J1, Class B6, 2.657%, 3/25/2051 (a)(g)		1,413,945		327,429
CIM Trust, Series 2021-J2, Class B4, 2.673%, 4/25/2051 (a)(g)		1,595,955		702,677
CIM Trust, Series 2021-J2, Class B5, 2.673%, 4/25/2051 (a)(g)		718,000		212,701

See accompanying notes which are an integral part of these financial statements.

Angel Oak Multi-Strategy Income Fund

Consolidated Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Residential Mortgage-Backed Securities – (continued)
CIM Trust, Series 2021-J2, Class B6, 2.673%, 4/25/2051 (a)(g)	$	1,437,424	$	326,502
CIM Trust, Series 2021-J3, Class B4, 2.617%, 6/25/2051 (a)(g)		1,281,000		470,095
CIM Trust, Series 2021-J3, Class B5, 2.617%, 6/25/2051 (a)(g)		481,000		125,756
CIM Trust, Series 2021-J3, Class B6, 2.617%, 6/25/2051 (a)(g)		800,773		153,058
Citicorp. Mortgage Securities, Inc., Series 2005-2, Class 1APO, 0.000%, 3/25/2035 (f)		35,290		20,801
Citigroup Mortgage Loan Trust, Series 2005-12, Class 2A1, 6.212% (TSFR1M + 0.914%), 8/25/2035 (a)(c)		1,127,528		955,429
Citigroup Mortgage Loan Trust, Series 2005-3, Class 2A2, 4.764%, 8/25/2035 (g)		270,708		242,946
Citigroup Mortgage Loan Trust, Series 2005-7, Class 2A2A, 4.680%, 9/25/2035 (g)		1,619,603		1,033,932
Citigroup Mortgage Loan Trust, Series 2006-4, Class 2A1A, 6.000%, 12/25/2035		377,312		347,804
CitiMortgage Alternative Loan Trust, Series 2006-A4, Class 1A3, 6.000%, 9/25/2036 (k)		2,907,936		2,697,334
CitiMortgage Alternative Loan Trust, Series 2006-A4, Class 1A5, 6.000% (TSFR1M + 0.764%), 9/25/2036 (c)		1,556,364		1,170,840
CitiMortgage Alternative Loan Trust, Series 2006-A6, Class 1APO, 0.000%, 11/25/2036 (f)		74,445		34,629
CitiMortgage Alternative Loan Trust, Series 2006-A7, Class 1A1, 6.000%, 12/25/2036 (g)(k)		1,994,508		1,595,309
CitiMortgage Alternative Loan Trust, Series 2006-A7, Class 1A9, 6.000% (TSFR1M + 0.764%), 12/25/2036 (c)(k)		3,832,114		2,875,484
CitiMortgage Alternative Loan Trust, Series 2007-A3, Class 1A2, 6.000% (TSFR1M + 0.714%), 3/25/2037 (c)(k)		2,289,049		1,782,446
CitiMortgage Alternative Loan Trust, Series 2007-A3, Class APO, 0.000%, 3/25/2037 (f)		119,274		52,438
CitiMortgage Alternative Loan Trust, Series 2007-A4, Class 1A9, 6.000% (TSFR1M + 0.714%), 4/25/2037 (c)		1,461,680		1,096,523
CitiMortgage Alternative Loan Trust, Series 2007-A4, Class APO, 0.000%, 4/25/2037 (f)		103,628		48,566
CitiMortgage Alternative Loan Trust, Series 2007-A5, Class 1A3, 5.912% (TSFR1M + 0.614%), 5/25/2037 (c)(k)		3,729,623		2,790,683
CitiMortgage Alternative Loan Trust, Series 2007-A6, Class 1A1, 6.000% (TSFR1M + 0.714%), 6/25/2037 (c)		1,586,203		1,187,831
COLT Funding LLC, Series 2021-3R, Class M1, 2.355%, 12/25/2064 (a)(g)		2,862,000		1,992,370
COLT Mortgage Loan Trust, Series 2020-2R, Class B1, 4.118%, 10/26/2065 (a)(g)		3,605,000		2,693,267
COLT Mortgage Loan Trust, Series 2023-1, Class A1, 6.048%, 4/25/2068 (a)(o)		2,833,759		2,788,595
CountryWide Alternative Loan Trust Resecuritization, Series 2005-58R, Class A, 0.060%, 12/20/2035 (a)(g)(h)		39,903,783		2,661,383
CountryWide Alternative Loan Trust Resecuritization, Series 2005-59R, Class A, 2.210%, 12/20/2035 (a)(g)(h)		10,470,688		254,815
CountryWide Alternative Loan Trust, Series 2004-32CB, Class 2A2, 5.500% (TSFR1M + 0.514%), 2/25/2035 (c)		484,307		302,911
CountryWide Alternative Loan Trust, Series 2005-14, Class 2X, 0.043%, 5/25/2035 (e)(g)(h)		17,611,305		436,126
CountryWide Alternative Loan Trust, Series 2005-16, Class X2, 0.102%, 6/25/2035 (e)(g)(h)		16,427,374		253,080
CountryWide Alternative Loan Trust, Series 2005-24, Class 1AX, 0.005%, 7/20/2035 (e)(g)(h)		7,906,063		91,086
CountryWide Alternative Loan Trust, Series 2005-24, Class 2A1A, 5.524% (12 Month US Treasury Average + 1.310%), 7/20/2035 (c)		371,639		244,800
CountryWide Alternative Loan Trust, Series 2005-27, Class 1A4, 3.726%, 8/25/2035 (g)		496,464		399,043
CountryWide Alternative Loan Trust, Series 2005-27, Class 1A5, 3.816%, 8/25/2035 (g)		452,033		414,998
CountryWide Alternative Loan Trust, Series 2005-27, Class 2X1, 0.078%, 8/25/2035 (e)(g)(h)		20,492,494		136,501

See accompanying notes which are an integral part of these financial statements.

Angel Oak Multi-Strategy Income Fund

Consolidated Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Residential Mortgage-Backed Securities – (continued)
CountryWide Alternative Loan Trust, Series 2005-38, Class X, 0.000%, 9/25/2035 (e)(g)(h)	$	42,510,140	$	451,543
CountryWide Alternative Loan Trust, Series 2005-3CB, Class 1A4, 5.250%, 3/25/2035		348,443		318,026
CountryWide Alternative Loan Trust, Series 2005-41, Class 2X2, 0.005%, 9/25/2035 (e)(g)(h)		3,616,803		107,911
CountryWide Alternative Loan Trust, Series 2005-42CB, Class A4, 5.500% (TSFR1M + 0.794%), 10/25/2035 (c)(e)		1,091,585		584,107
CountryWide Alternative Loan Trust, Series 2005-44, Class 1X, 0.022%, 10/25/2035 (e)(g)(h)		18,288,579		322,483
CountryWide Alternative Loan Trust, Series 2005-51, Class 1X, 1.312%, 11/20/2035 (e)(g)(h)		14,707,285		859,994
CountryWide Alternative Loan Trust, Series 2005-51, Class 3X2, 0.045%, 11/20/2035 (e)(g)(h)		11,763,137		183,799
CountryWide Alternative Loan Trust, Series 2005-51, Class 4X, 0.026%, 11/20/2035 (e)(g)(h)		16,836,403		290,209
CountryWide Alternative Loan Trust, Series 2005-56, Class 4X, 0.062%, 11/25/2035 (e)(g)(h)		21,322,720		305,235
CountryWide Alternative Loan Trust, Series 2005-70CB, Class A4, 5.500%, 12/25/2035 (k)		3,299,822		2,316,954
CountryWide Alternative Loan Trust, Series 2005-85CB, Class 2A5, 6.512% (TSFR1M + 1.214%), 2/25/2036 (c)		1,286,965		952,856
CountryWide Alternative Loan Trust, Series 2005-J11, Class 1A4, 5.500% (TSFR1M + 0.514%), 11/25/2035 (c)(e)		2,659,096		1,313,423
CountryWide Alternative Loan Trust, Series 2005-J14, Class A8, 5.500%, 12/25/2035		1,511,486		1,007,706
CountryWide Alternative Loan Trust, Series 2005-J9, Class 1A6, 5.500%, 8/25/2035		592,296		440,012
CountryWide Alternative Loan Trust, Series 2006-26CB, Class A15, 6.000% (TSFR1M + 0.664%), 9/25/2036 (c)		682,152		348,524
CountryWide Alternative Loan Trust, Series 2006-27CB, Class A4, 6.000%, 11/25/2036 (e)		624,251		491,166
CountryWide Alternative Loan Trust, Series 2006-29T1, Class 2A13, 5.712% (TSFR1M + 0.414%), 10/25/2036 (c)		1,571,170		738,689
CountryWide Alternative Loan Trust, Series 2006-40T1, Class 1A5, 6.000%, 1/25/2037		478,433		378,836
CountryWide Alternative Loan Trust, Series 2006-HY10, Class 1X, 0.476%, 5/25/2036 (e)(g)(h)		2,719,464		37,170
CountryWide Alternative Loan Trust, Series 2006-OA1, Class 1X, 0.047%, 3/20/2046 (e)(g)(h)		10,893,909		105,911
CountryWide Alternative Loan Trust, Series 2006-OA10, Class XAD, 0.027%, 8/25/2046 (e)(h)(o)		22,047,707		56,023
CountryWide Alternative Loan Trust, Series 2006-OA10, Class XNB, 0.103%, 8/25/2046 (e)(g)(h)		20,833,039		159,456
CountryWide Alternative Loan Trust, Series 2006-OA10, Class XPP, 0.136%, 8/25/2046 (e)(g)(h)		12,642,354		67,548
CountryWide Alternative Loan Trust, Series 2006-OA3, Class X, 0.137%, 5/25/2036 (e)(g)(h)		15,038,607		225,474
CountryWide Home Loan Mortgage Pass-Through Trust, Series 2004-20, Class X, 0.196%, 10/25/2034 (e)(g)(h)		5,952,650		212,087
CountryWide Home Loan Mortgage Pass-Through Trust, Series 2004-25, Class 1X, 0.114%, 2/25/2035 (e)(g)(h)		12,001,066		121,283
CountryWide Home Loan Mortgage Pass-Through Trust, Series 2004-25, Class 2A3, 6.152% (TSFR1M + 0.854%), 2/25/2035 (c)		1,302,025		1,080,613
CountryWide Home Loan Mortgage Pass-Through Trust, Series 2004-29, Class 1X, 0.004%, 2/25/2035 (e)(g)(h)		2,769,664		34,997

See accompanying notes which are an integral part of these financial statements.

Angel Oak Multi-Strategy Income Fund

Consolidated Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Residential Mortgage-Backed Securities – (continued)
CountryWide Home Loan Mortgage Pass-Through Trust, Series 2005-1, Class 1X, 0.127%, 3/25/2035 (e)(g)(h)	$	3,059,488	$	79,672
CountryWide Home Loan Mortgage Pass-Through Trust, Series 2005-11, Class 4X, 0.043%, 4/25/2035 (g)(h)		4,827,539		34,942
CountryWide Home Loan Mortgage Pass-Through Trust, Series 2005-2, Class 2X, 0.123%, 3/25/2035 (e)(g)(h)		7,973,036		141,808
CountryWide Home Loan Mortgage Pass-Through Trust, Series 2005-7, Class 3A2, 3.369%, 3/25/2035 (g)(k)		3,528,824		2,752,677
CountryWide Home Loan Mortgage Pass-Through Trust, Series 2005-7, Class 3X, 0.861%, 3/25/2035 (e)(g)(h)		965,577		39,067
CountryWide Home Loan Mortgage Pass-Through Trust, Series 2006-12, Class X, 0.143%, 7/25/2036 (e)(g)(h)		14,802,465		86,624
CountryWide Home Loan Mortgage Pass-Through Trust, Series 2006-8, Class 1A1, 6.000%, 5/25/2036		1,204,766		812,725
CountryWide Home Loan Mortgage Pass-Through Trust, Series 2006-HYB1, Class 3A1, 3.815%, 3/20/2036 (g)(k)		4,198,761		3,832,314
CountryWide Home Loan Mortgage Pass-Through Trust, Series 2007-18, Class 2A1, 6.500%, 11/25/2037		1,877,909		1,091,007
CountryWide Home Loan Mortgage Pass-Through Trust, Series 2007-4, Class 1A1, 6.000%, 5/25/2037		1,338,859		943,778
CountryWide Home Loan Mortgage Pass-Through Trust, Series 2007-7, Class A3, 5.750%, 6/25/2037		697,142		409,547
CountryWide Home Loan Mortgage Pass-Through Trust, Series 2007-8, Class 1A12, 5.875%, 1/25/2038 (e)		2,631,922		1,472,871
CountryWide Home Loan Mortgage Pass-Through Trust, Series 2007-J2, Class 2A1, 6.000% (TSFR1M + 0.764%), 7/25/2037 (c)(e)		4,477,808		810,318
Credit Suisse First Boston Mortgage Securities Corp., Series 2005-10, Class 6A12, 5.500%, 11/25/2035 (e)(k)		2,279,036		1,137,585
Credit Suisse Mortgage Trust, Series 2014-3R, Class 1A1, 2.468% (TSFR1M + 0.564%), 3/27/2036 (a)(c)		391,142		295,051
Credit Suisse Mortgage Trust, Series 2015-6R, Class 1A2, 4.215%, 7/27/2035 (a)(g)		6,674,449		4,808,480
Credit Suisse Mortgage Trust, Series 2017-RPL3, Class B5, 4.453%, 8/1/2057 (a)(g)		9,680,413		8,389,337
Credit Suisse Mortgage Trust, Series 2020-RPL4, Class B3, 3.989%, 1/25/2060 (a)(g)		10,124,150		7,170,794
Credit Suisse Mortgage Trust, Series 2020-RPL4, Class B4, 3.989%, 1/25/2060 (a)(g)		10,125,738		6,440,486
Credit Suisse Mortgage Trust, Series 2020-RPL4, Class XS, 1.584%, 1/25/2060 (a)(g)(h)		191,745,014		8,933,975
Credit Suisse Mortgage Trust, Series 2021-AFC1, Class B1, 3.251%, 3/25/2056 (a)(g)		3,031,450		1,859,140
Credit Suisse Mortgage Trust, Series 2021-AFC1, Class B2, 4.255%, 3/25/2056 (a)(g)		1,539,950		1,051,978
Credit Suisse Mortgage Trust, Series 2021-INV1, Class AIOS, 0.040%, 7/25/2056 (a)(g)(h)		115,170,922		210,417
Credit Suisse Mortgage Trust, Series 2021-INV1, Class AX4, 0.400%, 7/25/2056 (a)(g)(h)		7,790,283		139,859
Credit Suisse Mortgage Trust, Series 2021-INV1, Class B1, 3.082%, 7/25/2056 (a)(g)(k)		5,628,558		4,532,756
Credit Suisse Mortgage Trust, Series 2021-INV1, Class B3, 3.082%, 7/25/2056 (a)(g)		4,252,409		3,197,395
Credit Suisse Mortgage Trust, Series 2021-INV1, Class B4, 3.082%, 7/25/2056 (a)(g)		2,375,923		1,607,711
Credit Suisse Mortgage Trust, Series 2021-INV1, Class B5, 3.082%, 7/25/2056 (a)(g)		1,625,868		756,825
Credit Suisse Mortgage Trust, Series 2021-INV1, Class B6, 3.082%, 7/25/2056 (a)(g)		1,323,281		311,142
Credit Suisse Mortgage Trust, Series 2021-INV2, Class A11X, 0.222% (SOFR30A + 4.100%), 11/25/2056 (a)(c)(e)(h)		21,003,853		782,352
Credit Suisse Mortgage Trust, Series 2021-INV2, Class A15X, 0.500%, 11/25/2056 (a)(g)(h)		12,583,966		283,504
Credit Suisse Mortgage Trust, Series 2021-INV2, Class A3X, 0.500%, 11/25/2056 (a)(g)(h)		172,269,110		3,878,811

See accompanying notes which are an integral part of these financial statements.

Angel Oak Multi-Strategy Income Fund

Consolidated Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Residential Mortgage-Backed Securities – (continued)
Credit Suisse Mortgage Trust, Series 2021-INV2, Class AIOS, 0.040%, 11/25/2056 (a)(e)(g)(h)	$	333,890,471	$	612,355
Credit Suisse Mortgage Trust, Series 2021-INV2, Class AX1, 0.137%, 11/25/2056 (a)(e)(g)(h)		299,325,398		1,931,846
Credit Suisse Mortgage Trust, Series 2021-INV2, Class AX4, 0.150%, 11/25/2056 (a)(g)(h)		19,274,028		130,023
Credit Suisse Mortgage Trust, Series 2021-INV2, Class B4, 3.287%, 11/25/2056 (a)(g)		4,330,867		2,926,493
Credit Suisse Mortgage Trust, Series 2021-INV2, Class B5, 3.287%, 11/25/2056 (a)(g)		2,826,731		1,561,543
Credit Suisse Mortgage Trust, Series 2021-INV2, Class B6, 3.287%, 11/25/2056 (a)(g)		2,362,185		594,441
Credit Suisse Mortgage Trust, Series 2021-NQM2, Class M1, 2.282%, 2/25/2066 (a)(g)		1,000,000		611,648
Credit Suisse Mortgage Trust, Series 2021-NQM7, Class A2, 1.961%, 10/25/2066 (a)(g)		2,771,362		2,245,155
Credit Suisse Mortgage Trust, Series 2021-NQM8, Class A2, 2.303%, 10/25/2066 (a)(g)		1,749,811		1,424,291
Credit Suisse Mortgage Trust, Series 2022-NQM4, Class A2, 4.819%, 6/25/2067 (a)(o)		4,114,572		3,872,158
Credit Suisse Mortgage Trust, Series 2022-NQM4, Class A3, 4.819%, 6/25/2067 (a)(o)		7,314,795		6,692,197
Credit Suisse Mortgage Trust, Series 2022-NQM5, Class M1, 5.169%, 6/25/2067 (a)(g)		500,000		403,205
Credit Suisse Mortgage-Backed Trust, Series 2006-4, Class 1A1, 6.000% (TSFR1M + 0.814%), 5/25/2036 (c)		1,724,439		836,256
CSMCM Trust, Series 2018-RPL1, Class CERT, 2.778%, 7/25/2057 (a)(e)(g)		12,443,160		9,560,080
CSMCM Trust, Series 2018-RPL3, Class C, 2.741%, 7/25/2050 (a)(e)(g)		10,080,464		8,098,120
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series 2005-5, Class 2A4, 5.500%, 11/25/2035 (k)		3,389,956		1,968,445
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series 2005-5, Class 2A7, 5.500%, 11/25/2035		221,332		161,577
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series 2005-6, Class 1A4, 5.500%, 12/25/2035		368,688		327,269
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series 2006-AR1, Class 2A1, 3.500%, 2/25/2036 (g)		391,631		287,305
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series 2006-AR5, Class 1A1, 5.672% (TSFR1M + 0.374%), 10/25/2036 (c)(e)(k)		7,273,072		2,258,456
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series 2007-AB1, Class PO, 0.000%, 4/25/2037 (f)		442,473		251,563
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series 2007-AR1, Class A1, 5.652% (TSFR1M + 0.354%), 1/25/2047 (c)(k)		5,562,313		5,030,161
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series 2007-AR1, Class A2, 5.772% (TSFR1M + 0.474%), 1/25/2047 (c)		966,038		658,415
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series 2007-BAR1, Class A4, 5.892% (TSFR1M + 0.594%), 3/25/2037 (c)(e)(k)		76,432,950		4,633,365
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series 2007-OA2, Class A1, 4.984% (12 Month US Treasury Average + 0.770%), 4/25/2047 (c)		649,234		558,946
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series 2007-OA5, Class A1A, 5.612% (TSFR1M + 0.314%), 8/25/2047 (c)		1,332,061		1,080,063
Deutsche Alt-B Securities, Inc. Mortgage Loan Trust, Series 2006-AB2, Class A1, 5.888%, 6/25/2036 (g)		341,031		301,055
Deutsche Alt-B Securities, Inc. Mortgage Loan Trust, Series 2006-AB2, Class A2, 6.160%, 6/25/2036 (g)		1,517,334		1,378,147
Deutsche Alt-B Securities, Inc. Mortgage Loan Trust, Series 2006-AB2, Class A5B, 4.804%, 6/25/2036 (o)		332,018		287,038
Deutsche Alt-B Securities, Inc. Mortgage Loan Trust, Series 2006-AB2, Class A8, 5.734%, 6/25/2036 (g)(k)		2,830,021		2,557,541

See accompanying notes which are an integral part of these financial statements.

Angel Oak Multi-Strategy Income Fund

Consolidated Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Residential Mortgage-Backed Securities – (continued)
Deutsche Alt-B Securities, Inc. Mortgage Loan Trust, Series 2006-AB3, Class A5B, 6.800%, 7/25/2036 (o)	$	177,424	$	148,153
Deutsche Alt-B Securities, Inc. Mortgage Loan Trust, Series 2006-AB4, Class A1C, 6.000%, 10/25/2036 (g)(k)		4,385,633		3,939,500
Deutsche Alt-B Securities, Inc. Mortgage Loan Trust, Series 2006-AB4, Class A4B, 6.500%, 10/25/2036 (k)(o)		5,900,500		5,248,908
Deutsche Mortgage Securities, Inc. REMIC Trust, Series 2009-RS6, Class A2B, 3.835%, 8/25/2037 (a)(g)(k)		7,728,363		7,340,461
DSLA Mortgage Loan Trust, Series 2004-AR1, Class X2, 0.009%, 9/19/2044 (e)(g)(h)		13,313,131		140,986
DSLA Mortgage Loan Trust, Series 2004-AR2, Class C, 0.000%, 11/19/2044 (e)(j)		1,000		1
DSLA Mortgage Loan Trust, Series 2004-AR2, Class X2, 0.000%, 11/19/2044 (e)(g)(h)		12,628,020		128,856
DSLA Mortgage Loan Trust, Series 2004-AR4, Class X2, 0.162%, 1/19/2045 (e)(g)(h)		11,149,976		62,596
DSLA Mortgage Loan Trust, Series 2005-AR1, Class 1A, 5.901% (TSFR1M + 0.654%), 2/19/2045 (c)(k)		18,102,378		16,188,595
DSLA Mortgage Loan Trust, Series 2005-AR1, Class C, 0.000%, 2/19/2045 (e)(j)		1,000,000		10,000
DSLA Mortgage Loan Trust, Series 2005-AR1, Class X2, 0.293%, 2/19/2045 (e)(g)(h)		20,278,792		201,835
DSLA Mortgage Loan Trust, Series 2005-AR2, Class 2A1C, 5.801% (TSFR1M + 0.554%), 3/19/2045 (c)(k)		1,280,274		1,124,716
DSLA Mortgage Loan Trust, Series 2005-AR2, Class C, 0.000%, 3/19/2045		1		310,287
DSLA Mortgage Loan Trust, Series 2005-AR4, Class 1A, 5.881% (TSFR1M + 0.634%), 8/19/2045 (c)		139,055		99,748
DSLA Mortgage Loan Trust, Series 2005-AR4, Class 2A1A, 5.881% (TSFR1M + 0.634%), 8/19/2045 (c)		1,138,948		938,021
DSLA Mortgage Loan Trust, Series 2005-AR5, Class 2A1A, 6.021% (TSFR1M + 0.774%), 9/19/2045 (c)(k)		9,346,638		4,985,086
DSLA Mortgage Loan Trust, Series 2006-AR1, Class 1A1A, 5.134% (12 Month US Treasury Average + 0.920%), 3/19/2046 (c)(k)		7,786,063		5,423,218
DSLA Mortgage Loan Trust, Series 2006-AR2, Class 2A1A, 5.561% (TSFR1M + 0.314%), 10/19/2036 (c)(k)		19,158,358		15,347,818
DSLA Mortgage Loan Trust, Series 2007-AR1, Class 1A1A, 5.501% (TSFR1M + 0.254%), 4/19/2047 (c)(k)		33,028,881		26,006,478
Eagle RE Ltd., Series 2021-1, Class M2, 9.519% (SOFR30A + 4.450%), 10/25/2033 (a)(c)		6,900,000		7,218,525
Eagle RE Ltd., Series 2021-2, Class B1, 10.069% (SOFR30A + 5.000%), 4/25/2034 (a)(c)		1,489,000		1,465,179
Eagle RE Ltd., Series 2021-2, Class M2, 9.319% (SOFR30A + 4.250%), 4/25/2034 (a)(c)		3,000,000		3,042,189
First Horizon Alternative Mortgage Securities Trust, Series 2005-AA9, Class 3A1, 4.754%, 11/25/2035 (g)		794,142		481,315
First Horizon Alternative Mortgage Securities Trust, Series 2005-FA8, Class 1A18, 5.500%, 11/25/2035		6,064		4,694
First Horizon Alternative Mortgage Securities Trust, Series 2006-AA2, Class 2A1, 4.855%, 5/25/2036 (g)		351,672		282,855
First Horizon Alternative Mortgage Securities Trust, Series 2006-FA1, Class 1A12, 6.000%, 4/25/2036		213,180		130,807
First Horizon Alternative Mortgage Securities Trust, Series 2006-FA1, Class 1A8, 5.500% (TSFR1M + 0.614%), 4/25/2036 (c)(e)		3,600,725		1,426,345
First Horizon Mortgage Pass-Through Trust, Series 2005-AR4, Class 4A3, 4.626%, 9/25/2035 (g)		39,252		27,549
Flagstar Mortgage Trust, Series 2017-2, Class B5, 4.012%, 10/25/2047 (a)(g)		1,153,000		674,413
Flagstar Mortgage Trust, Series 2018-2, Class B5, 4.012%, 4/25/2048 (a)(g)		2,810,546		2,195,831
Flagstar Mortgage Trust, Series 2018-6RR, Class B5, 4.921%, 10/25/2048 (a)(g)		2,478,000		1,725,855

See accompanying notes which are an integral part of these financial statements.

Angel Oak Multi-Strategy Income Fund

Consolidated Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Residential Mortgage-Backed Securities – (continued)
Flagstar Mortgage Trust, Series 2021-1, Class B4, 3.130%, 2/1/2051 (a)(g)	$	2,746,737	$	1,793,037
Flagstar Mortgage Trust, Series 2021-1, Class B5, 3.130%, 2/1/2051 (a)(g)		1,222,000		499,721
Flagstar Mortgage Trust, Series 2021-1, Class B6C, 2.789%, 2/1/2051 (a)(e)(g)		2,932,342		743,422
Flagstar Mortgage Trust, Series 2021-10IN, Class B5, 3.516%, 10/25/2051 (a)(g)		1,222,885		663,835
Flagstar Mortgage Trust, Series 2021-10IN, Class B6C, 3.322%, 10/25/2051 (a)(g)		13,749,948		5,753,473
Flagstar Mortgage Trust, Series 2021-2, Class B4, 2.780%, 4/25/2051 (a)(g)		1,340,188		516,366
Flagstar Mortgage Trust, Series 2021-2, Class B5, 2.780%, 4/25/2051 (a)(g)		1,343,000		523,077
Flagstar Mortgage Trust, Series 2021-2, Class B6C, 2.780%, 4/25/2051 (a)(g)		1,792,016		409,784
Flagstar Mortgage Trust, Series 2021-6INV, Class B5, 3.492%, 8/25/2051 (a)(g)		3,039,305		1,712,645
Flagstar Mortgage Trust, Series 2021-6INV, Class B6C, 3.288%, 8/25/2051 (a)(g)		10,453,662		4,002,916
Flagstar Mortgage Trust, Series 2021-9INV, Class AX1, 0.490%, 9/25/2041 (a)(g)(h)		230,574,291		3,479,597
Flagstar Mortgage Trust, Series 2021-9INV, Class B4, 2.990%, 9/25/2041 (a)(g)		536,840		413,184
Flagstar Mortgage Trust, Series 2021-9INV, Class B5, 2.990%, 9/25/2041 (a)(g)		1,342,518		574,203
Flagstar Mortgage Trust, Series 2021-9INV, Class B6C, 2.828%, 9/25/2041 (a)(g)		1,827,125		496,138
GCAT Trust, Series 2020-NQM2, Class M1, 3.589%, 4/25/2065 (a)(g)		1,500,000		1,171,467
GMAC Mortgage Corp. Loan Trust, Series 2005-AR5, Class 5A1, 3.581%, 9/19/2035 (g)		23,488		17,917
GMAC Mortgage Corp. Loan Trust, Series 2006-AR1, Class 1A1, 3.280%, 4/19/2036 (g)		711,151		568,693
Goldman Sachs Mortgage Pass-Through Trust, Series 2022-1, Class PT, 4.272%, 2/25/2053 (a)(g)		52,156,637		48,181,518
Greenpoint Mortgage Funding Trust, Series 2005-AR1, Class X1, 0.219%, 6/25/2045 (e)(g)(h)		15,458,183		285,683
Greenpoint Mortgage Funding Trust, Series 2005-AR3, Class X1, 0.319%, 8/25/2045 (e)(g)(h)		22,073,963		1,155,726
GreenPoint Mortgage Funding Trust, Series 2005-AR4, Class 4A1A, 6.032% (TSFR1M + 0.734%), 10/25/2045 (c)		1,362,238		822,851
GreenPoint Mortgage Funding Trust, Series 2005-AR4, Class X4, 0.124%, 10/25/2045 (e)(g)(h)		11,712,153		215,492
GreenPoint Mortgage Funding Trust, Series 2006-AR3, Class 4X, 1.000%, 4/25/2036 (e)(h)		21,793,760		411,967
GS Mortgage-Backed Securities Corp. Trust, Series 2019-PJ1, Class B4, 4.072%, 8/25/2049 (a)(g)		1,500,000		1,145,018
GS Mortgage-Backed Securities Corp. Trust, Series 2019-PJ1, Class B5, 4.072%, 8/25/2049 (a)(g)		577,000		389,850
GS Mortgage-Backed Securities Corp. Trust, Series 2019-PJ3, Class AIOS, 0.220%, 3/25/2050 (a)(g)(h)		33,481,493		309,804
GS Mortgage-Backed Securities Corp. Trust, Series 2019-PJ3, Class B6, 3.958%, 3/25/2050 (a)(g)		1,703,244		924,471
GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ5, Class B4, 3.268%, 3/27/2051 (a)(g)		2,151,438		1,486,265
GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ5, Class B5, 3.268%, 3/27/2051 (a)(g)		1,763,871		999,379
GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ6, Class AX1, 0.025%, 1/25/2043 (a)(e)(g)(h)		333,066,688		318,745
GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ6, Class B4, 2.775%, 3/25/2044 (a)(g)		1,799,815		1,181,015
GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ6, Class B5, 2.775%, 4/25/2045 (a)(g)		1,543,782		775,311
GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ6, Class B6, 2.775%, 5/25/2051 (a)(g)		1,699,134		541,144

See accompanying notes which are an integral part of these financial statements.

Angel Oak Multi-Strategy Income Fund

Consolidated Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Residential Mortgage-Backed Securities – (continued)
GS Mortgage-Backed Securities Corp. Trust, Series 2020-RPL1, Class B1, 3.841%, 7/25/2059 (a)(g)	$	6,323,000	$	4,766,922
GS Mortgage-Backed Securities Corp. Trust, Series 2021-HP1, Class B1, 3.218%, 1/25/2052 (a)(g)(k)		4,569,699		3,661,467
GS Mortgage-Backed Securities Corp. Trust, Series 2021-HP1, Class B3, 3.218%, 1/25/2052 (a)(g)(k)		3,657,108		2,721,089
GS Mortgage-Backed Securities Corp. Trust, Series 2021-HP1, Class B4, 3.218%, 1/25/2052 (a)(g)		3,667,037		2,424,340
GS Mortgage-Backed Securities Corp. Trust, Series 2021-HP1, Class B5, 3.218%, 1/25/2052 (a)(g)		1,472,758		930,371
GS Mortgage-Backed Securities Corp. Trust, Series 2021-HP1, Class B6, 3.218%, 1/25/2052 (a)(g)		4,284,784		1,250,330
GS Mortgage-Backed Securities Corp. Trust, Series 2021-INV1, Class B3, 3.031%, 12/25/2051 (a)(g)		4,134,722		3,050,664
GS Mortgage-Backed Securities Corp. Trust, Series 2021-INV1, Class B4, 3.031%, 12/25/2051 (a)(g)		2,959,251		1,955,535
GS Mortgage-Backed Securities Corp. Trust, Series 2021-INV1, Class B5, 3.031%, 12/25/2051 (a)(g)		1,779,708		958,851
GS Mortgage-Backed Securities Corp. Trust, Series 2021-INV1, Class B6, 2.933%, 12/25/2051 (a)(g)		2,457,469		564,554
GS Mortgage-Backed Securities Corp. Trust, Series 2021-PJ1, Class B4, 2.751%, 6/25/2051 (a)(g)		2,356,442		1,424,717
GS Mortgage-Backed Securities Corp. Trust, Series 2021-PJ1, Class B5, 2.751%, 6/25/2051 (a)(g)		1,039,000		317,190
GS Mortgage-Backed Securities Corp. Trust, Series 2021-PJ1, Class B6, 2.751%, 6/25/2051 (a)(g)		2,074,101		490,682
GS Mortgage-Backed Securities Corp. Trust, Series 2021-PJ3, Class B4, 2.651%, 8/25/2051 (a)(g)		1,254,279		807,303
GS Mortgage-Backed Securities Corp. Trust, Series 2021-PJ3, Class B5, 2.651%, 8/25/2051 (a)(g)		1,261,818		538,932
GS Mortgage-Backed Securities Corp. Trust, Series 2021-PJ3, Class B6, 2.651%, 8/25/2051 (a)(g)		2,205,653		506,153
GS Mortgage-Backed Securities Corp. Trust, Series 2021-PJ4, Class AX1, 0.017%, 9/25/2051 (a)(g)(h)		488,145,366		298,257
GS Mortgage-Backed Securities Corp. Trust, Series 2021-PJ4, Class B1, 2.617%, 9/25/2051 (a)(g)(k)		4,974,424		3,858,278
GS Mortgage-Backed Securities Corp. Trust, Series 2021-PJ4, Class B2, 2.617%, 9/25/2051 (a)(g)		7,836,976		5,869,448
GS Mortgage-Backed Securities Corp. Trust, Series 2021-PJ4, Class B4, 2.617%, 9/25/2051 (a)(g)		2,665,104		1,229,202
GS Mortgage-Backed Securities Corp. Trust, Series 2021-PJ4, Class B5, 2.617%, 9/25/2051 (a)(g)		1,244,000		371,824
GS Mortgage-Backed Securities Corp. Trust, Series 2021-PJ4, Class B6, 2.617%, 9/25/2051 (a)(g)		2,486,517		563,885
GS Mortgage-Backed Securities Corp. Trust, Series 2021-PJ5, Class B4, 2.588%, 10/25/2051 (a)(g)		3,710,830		2,020,250
GS Mortgage-Backed Securities Corp. Trust, Series 2021-PJ5, Class B5, 2.588%, 10/25/2051 (a)(g)		1,194,000		353,838

See accompanying notes which are an integral part of these financial statements.

Angel Oak Multi-Strategy Income Fund

Consolidated Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Residential Mortgage-Backed Securities – (continued)
GS Mortgage-Backed Securities Corp. Trust, Series 2021-PJ5, Class B6, 2.588%, 10/25/2051 (a)(g)	$	2,977,725	$	668,356
GS Mortgage-Backed Securities Corp. Trust, Series 2021-PJ6, Class AX1, 0.025%, 11/25/2051 (a)(e)(g)(h)		837,574,579		912,119
GS Mortgage-Backed Securities Corp. Trust, Series 2021-PJ6, Class B4, 2.681%, 11/25/2051 (a)(g)		5,471,057		3,475,237
GS Mortgage-Backed Securities Corp. Trust, Series 2021-PJ6, Class B5, 2.681%, 11/25/2051 (a)(g)		1,038,000		302,829
GS Mortgage-Backed Securities Corp. Trust, Series 2021-PJ6, Class B6, 2.681%, 11/25/2051 (a)(g)		4,655,946		934,127
GS Mortgage-Backed Securities Corp. Trust, Series 2021-PJ7, Class B1, 2.722%, 1/25/2052 (a)(d)(g)		8,394,814		6,387,455
GS Mortgage-Backed Securities Corp. Trust, Series 2021-PJ7, Class B4, 2.722%, 1/25/2052 (a)(g)		7,559,230		4,788,863
GS Mortgage-Backed Securities Corp. Trust, Series 2021-PJ7, Class B5, 2.722%, 1/25/2052 (a)(g)		1,788,819		701,342
GS Mortgage-Backed Securities Corp. Trust, Series 2021-PJ7, Class B6, 2.722%, 1/25/2052 (a)(g)		3,248,523		716,572
GS Mortgage-Backed Securities Corp. Trust, Series 2021-PJ8, Class B4, 2.768%, 1/25/2052 (a)(g)		3,851,683		2,268,557
GS Mortgage-Backed Securities Corp. Trust, Series 2021-PJ8, Class B5, 2.768%, 1/25/2052 (a)(g)		1,237,000		355,698
GS Mortgage-Backed Securities Corp. Trust, Series 2021-PJ8, Class B6, 2.768%, 1/25/2052 (a)(g)		3,082,062		632,510
GS Mortgage-Backed Securities Corp. Trust, Series 2021-PJ9, Class B4, 2.934%, 2/26/2052 (a)(g)		3,360,838		2,198,123
GS Mortgage-Backed Securities Corp. Trust, Series 2021-PJ9, Class B5, 2.934%, 2/26/2052 (a)(g)		1,265,529		651,902
GS Mortgage-Backed Securities Corp. Trust, Series 2021-PJ9, Class B6, 2.890%, 2/26/2052 (a)(g)		5,670,272		1,221,586
GS Mortgage-Backed Securities Corp. Trust, Series 2021-RPL1, Class A1, 1.750%, 12/25/2060 (a)(g)		5,408,866		4,823,589
GS Mortgage-Backed Securities Trust, Series 2021-MM1, Class B1, 2.732%, 4/25/2052 (a)(g)(k)		4,676,122		3,668,310
GS Mortgage-Backed Securities Trust, Series 2021-MM1, Class B2, 2.732%, 4/25/2052 (a)(g)(k)		4,680,984		3,556,476
GS Mortgage-Backed Securities Trust, Series 2021-MM1, Class B3, 2.732%, 4/25/2052 (a)(g)(k)		2,593,560		1,910,564
GS Mortgage-Backed Securities Trust, Series 2021-MM1, Class B4, 2.732%, 4/25/2052 (a)(g)		1,523,773		579,895
GS Mortgage-Backed Securities Trust, Series 2021-MM1, Class B5, 2.732%, 4/25/2052 (a)(g)		849,000		222,711
GS Mortgage-Backed Securities Trust, Series 2021-MM1, Class B6, 2.732%, 4/25/2052 (a)(g)		2,030,944		378,968
GS Mortgage-Backed Securities Trust, Series 2021-PJ11, Class A2, 2.500%, 4/25/2052 (a)(g)		1,341,570		1,063,467
GS Mortgage-Backed Securities Trust, Series 2021-PJ11, Class B4, 2.861%, 4/25/2052 (a)(g)		1,300,000		514,025
GS Mortgage-Backed Securities Trust, Series 2021-PJ11, Class B5, 2.861%, 4/25/2052 (a)(g)		1,606,000		476,568
GS Mortgage-Backed Securities Trust, Series 2021-PJ11, Class B6, 2.861%, 4/25/2052 (a)(g)		2,938,523		626,099
GS Mortgage-Backed Securities Trust, Series 2021-PJ2, Class B2, 2.731%, 7/25/2051 (a)(g)(k)		5,397,435		4,020,927
GS Mortgage-Backed Securities Trust, Series 2021-PJ2, Class B3, 2.731%, 7/25/2051 (a)(g)(k)		4,015,307		2,897,317

See accompanying notes which are an integral part of these financial statements.

Angel Oak Multi-Strategy Income Fund

Consolidated Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Residential Mortgage-Backed Securities – (continued)
GS Mortgage-Backed Securities Trust, Series 2022-GR1, Class B1, 3.200%, 6/25/2052 (a)(g)	$	6,443,243	$	5,069,009
GS Mortgage-Backed Securities Trust, Series 2022-GR1, Class B2, 3.200%, 6/25/2052 (a)(d)(g)		10,502,322		8,012,663
GS Mortgage-Backed Securities Trust, Series 2022-GR1, Class B4, 3.200%, 6/25/2052 (a)(g)		3,825,747		2,494,884
GS Mortgage-Backed Securities Trust, Series 2022-GR1, Class B5, 3.200%, 6/25/2052 (a)(g)		1,200,599		669,417
GS Mortgage-Backed Securities Trust, Series 2022-GR1, Class B6, 3.200%, 6/25/2052 (a)(g)		5,539,576		1,872,698
GS Mortgage-Backed Securities Trust, Series 2022-LTV1, Class A14, 3.000%, 6/25/2052 (a)(d)(g)		59,557,500		46,334,484
GS Mortgage-Backed Securities Trust, Series 2022-LTV1, Class A15X, 0.222% (SOFR30A + 4.150%), 6/25/2052 (a)(c)(e)(h)		14,704,634		562,629
GS Mortgage-Backed Securities Trust, Series 2022-LTV1, Class AIOS, 0.220%, 6/25/2052 (a)(g)(h)		202,984,279		2,167,060
GS Mortgage-Backed Securities Trust, Series 2022-LTV1, Class AX1, 0.123%, 6/25/2052 (a)(g)(h)		261,753,044		1,433,360
GS Mortgage-Backed Securities Trust, Series 2022-LTV1, Class AX4, 0.125%, 6/25/2052 (a)(g)(h)		26,478,897		157,682
GS Mortgage-Backed Securities Trust, Series 2022-LTV1, Class B1, 3.248%, 6/25/2052 (a)(d)(g)		12,182,231		9,630,833
GS Mortgage-Backed Securities Trust, Series 2022-LTV1, Class B2, 3.248%, 6/25/2052 (a)(g)(k)		4,780,848		3,639,454
GS Mortgage-Backed Securities Trust, Series 2022-LTV1, Class B4, 3.248%, 6/25/2052 (a)(g)		4,934,255		3,238,934
GS Mortgage-Backed Securities Trust, Series 2022-LTV1, Class B5, 3.248%, 6/25/2052 (a)(g)		770,917		414,743
GS Mortgage-Backed Securities Trust, Series 2022-LTV1, Class B6, 3.203%, 6/25/2052 (a)(g)		5,582,181		1,976,315
GS Mortgage-Backed Securities Trust, Series 2023-CCM1, Class A1, 6.650%, 8/25/2053 (g)		4,687,831		4,690,071
GS Mortgage-Backed Securities Trust, Series 2023-CCM1, Class B1, 7.525%, 8/25/2053 (g)		2,300,000		2,128,015
GS Mortgage-Backed Securities Trust, Series 2023-PJ3, Class A16, 5.500%, 10/27/2053 (a)(g)		4,896,460		4,788,645
GSAA Home Equity Trust, Series 2005-14, Class 2A2, 5.912% (TSFR1M + 0.614%),12/25/2035 (c)		1,347,235		748,089
GSAA Home Equity Trust, Series 2005-14, Class 2A3, 6.112% (TSFR1M + 0.814%), 12/25/2035 (c)(k)		2,424,108		1,909,576
GSAA Home Equity Trust, Series 2005-15, Class 2A2, 5.912% (TSFR1M + 0.614%), 1/25/2036 (c)		1,766,280		815,663
GSAA Home Equity Trust, Series 2006-16, Class A2, 5.752% (TSFR1M + 0.454%), 10/25/2036 (c)		1,434,542		619,579
GSAA Home Equity Trust, Series 2006-18, Class AF3A, 5.772%, 11/25/2036 (g)(k)		6,215,067		1,826,397
GSAA Home Equity Trust, Series 2006-18, Class AF5A, 6.502%, 11/25/2036 (o)		2,046,781		796,118
GSAA Home Equity Trust, Series 2006-20, Class 1A2, 5.772% (TSFR1M + 0.474%), 12/25/2046 (c)(k)		10,260,765		3,884,480
GSAA Home Equity Trust, Series 2006-20, Class A4A, 5.872% (TSFR1M + 0.574%), 12/25/2046 (c)		2,391,929		1,102,950
GSAA Home Equity Trust, Series 2006-4, Class 4A3, 3.779%, 3/25/2036 (g)(k)		5,282,827		3,168,840
GSAA Home Equity Trust, Series 2006-8, Class 2A2, 5.772% (TSFR1M + 0.474%), 5/25/2036 (c)		3,690,524		777,457
GSAA Home Equity Trust, Series 2007-1, Class 1A2, 5.752% (TSFR1M + 0.454%), 2/25/2037 (c)		1,788,644		668,847

See accompanying notes which are an integral part of these financial statements.

Angel Oak Multi-Strategy Income Fund

Consolidated Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Residential Mortgage-Backed Securities – (continued)
GSAA Home Equity Trust, Series 2007-10, Class A2A, 6.500%, 11/25/2037	$	2,370,686	$	1,241,391
GSAA Home Equity Trust, Series 2007-2, Class AF4A, 6.483%, 3/25/2037 (o)		2,051,355		875,143
GSAA Home Equity Trust, Series 2007-2, Class AV1, 5.492% (TSFR1M + 0.194%), 3/25/2037 (c)(e)		3,354,128		675,350
GSAA Home Equity Trust, Series 2007-5, Class 1F4A, 6.032%, 5/25/2037 (k)(o)		4,585,813		2,401,590
GSAA Home Equity Trust, Series 2007-5, Class 2A1A, 5.652% (TSFR1M + 0.354%), 4/25/2047 (c)(k)		2,004,054		1,663,678
GSMSC Resecuritization Trust, Series 2014-5R, Class 3B1, 5.446% (TSFR1M + 0.264%), 2/26/2037 (a)(c)		2,052,654		1,788,642
GSMSC Resecuritization Trust, Series 2014-5R, Class 3B2, 5.446% (TSFR1M + 0.264%), 2/26/2037 (a)(c)		5,707,000		4,698,242
GSMSC Resecuritization Trust, Series 2014-5R, Class 3B3, 5.446% (TSFR1M + 0.264%), 2/26/2037 (a)(c)(k)		5,707,000		4,383,278
GSMSC Resecuritization Trust, Series 2014-5R, Class 3B4, 5.446% (TSFR1M + 0.264%), 2/26/2037 (a)(c)(k)		5,709,149		3,908,786
GSR Mortgage Loan Trust, Series 2005-6F, Class 3A1, 5.912% (TSFR1M + 0.614%), 7/25/2035 (c)		550,913		411,677
GSR Mortgage Loan Trust, Series 2005-6F, Class 3A6, 5.742% (TSFR1M + 0.444%), 7/25/2035 (c)		1,812,804		1,478,659
GSR Mortgage Loan Trust, Series 2005-AR3, Class 5A1, 4.982%, 5/25/2035 (g)		953,037		846,851
GSR Mortgage Loan Trust, Series 2005-AR3, Class 8A1, 3.622%, 5/25/2035 (g)		600,768		509,307
GSR Mortgage Loan Trust, Series 2005-AR5, Class 2A3, 4.462%, 10/25/2035 (g)		855,084		592,936
GSR Mortgage Loan Trust, Series 2006-1F, Class 2A5, 6.000%, 2/25/2036		886,235		471,917
GSR Mortgage Loan Trust, Series 2006-2F, Class 3A4, 6.000%, 2/25/2036		285,308		163,946
GSR Mortgage Loan Trust, Series 2007-2F, Class 3A3, 6.000%, 3/25/2037		281,066		158,541
GSR Mortgage Loan Trust, Series 2007-2F, Class 3A7, 6.000%, 3/25/2037 (k)		6,108,050		3,658,007
GSR Mortgage Loan Trust, Series 2007-3F, Class 4A1, 5.712% (TSFR1M + 0.414%), 5/25/2037 (c)(e)		4,541,203		992,534
HarborView Mortgage Loan Trust, Series 2004-11, Class X1, 0.000%, 1/19/2035 (e)(g)(h)		6,945,177		60,993
HarborView Mortgage Loan Trust, Series 2004-7, Class X1, 0.500%, 11/19/2034 (e)(g)(h)		1,633,439		13,373
HarborView Mortgage Loan Trust, Series 2004-9, Class 4A2, 6.141% (TSFR1M + 0.894%), 12/19/2034 (c)(k)		1,842,385		1,320,778
HarborView Mortgage Loan Trust, Series 2005-1, Class X, 0.530%, 3/19/2035 (e)(g)(h)		5,609,744		185,851
HarborView Mortgage Loan Trust, Series 2005-10, Class X, 0.079%, 11/19/2035 (e)(g)(h)		28,801,184		259
HarborView Mortgage Loan Trust, Series 2005-11, Class X, 0.307%, 8/19/2045 (e)(g)(h)		8,528,611		33,372
HarborView Mortgage Loan Trust, Series 2005-12, Class X2B, 0.092%, 10/19/2035 (e)(g)(h)		8,271,763		44,229
HarborView Mortgage Loan Trust, Series 2005-13, Class X, 0.776%, 2/19/2036 (e)(g)(h)		13,858,202		167,158
HarborView Mortgage Loan Trust, Series 2005-15, Class 2A11, 5.909% (TSFR1M + 0.654%), 10/20/2045 (c)(k)		2,544,649		1,811,958
HarborView Mortgage Loan Trust, Series 2005-15, Class 3A11, 6.214% (12 Month US Treasury Average + 2.000%), 10/20/2045 (c)(k)		2,850,444		2,418,428
HarborView Mortgage Loan Trust, Series 2005-3, Class X2, 0.035%, 6/19/2035 (e)(g)(h)		40,694,478		253,364
HarborView Mortgage Loan Trust, Series 2005-8, Class 2A2A, 5.714% (12 Month US Treasury Average + 1.500%), 9/19/2035 (c)		1,000,719		820,740
HarborView Mortgage Loan Trust, Series 2005-8, Class 2XA1, 0.035%, 9/19/2035 (e)(g)(h)		22,309,495		1,138
HarborView Mortgage Loan Trust, Series 2006-14, Class 2A1A, 5.661% (TSFR1M + 0.414%), 1/25/2047 (c)(k)		15,077,194		11,297,733
HarborView Mortgage Loan Trust, Series 2006-4, Class 1A2A, 5.741% (TSFR1M + 0.494%), 5/19/2046 (c)(k)		4,728,191		2,479,582

See accompanying notes which are an integral part of these financial statements.

Angel Oak Multi-Strategy Income Fund

Consolidated Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Residential Mortgage-Backed Securities – (continued)
HarborView Mortgage Loan Trust, Series 2007-6, Class 1A1A, 5.561% (TSFR1M + 0.314%), 8/19/2037 (c)(k)	$	11,926,594	$	8,643,930
HarborView Mortgage Loan Trust, Series 2007-6, Class 2A1A, 5.551% (TSFR1M + 0.304%), 8/19/2037 (c)		1,518,415		1,341,626
Home RE Ltd., Series 2019-1, Class M2, 8.662% (TSFR1M + 3.364%),5/25/2029 (a)(c)		20,083,000		20,406,397
Home RE Ltd., Series 2021-1, Class B1, 9.062% (TSFR1M + 3.764%), 7/25/2033 (a)(c)		3,083,042		3,057,579
Home RE Ltd., Series 2021-1, Class M1C, 7.712% (TSFR1M + 15.014%), 7/25/2033 (a)(c)		9,182,587		9,118,823
Home RE Ltd., Series 2021-2, Class M2, 8.319% (SOFR30A + 3.250%), 1/25/2034 (a)(c)		8,250,000		8,042,521
Home RE Ltd., Series 2022-1, Class B1, 14.069% (SOFR30A + 9.000%), 10/25/2034 (a)(c)		500,000		542,743
Home RE Ltd., Series 2022-1, Class M2, 11.819% (SOFR30A + 6.750%), 10/25/2034 (a)(c)		500,000		526,289
HomeBanc Mortgage Trust, Series 2005-1, Class A2, 6.032% (TSFR1M + 0.734%), 3/25/2035 (c)		565,673		393,373
HSI Asset Loan Obligation Trust, Series 2007-AR1, Class 2A1, 4.182%, 1/25/2037 (g)		389,957		259,156
IMPAC Secured Assets Trust, Series 2006-2, Class 1A2C, 5.972% (TSFR1M + 0.674%), 8/25/2036 (c)(k)		3,940,928		2,500,314
IndyMac Index Mortgage Loan Trust, Series 2004-AR12, Class AX2, 0.543%, 12/25/2034 (e)(g)(h)		1,944,857		1,622
IndyMac Index Mortgage Loan Trust, Series 2004-AR14, Class 1A1B, 6.272% (TSFR1M + 0.974%), 1/25/2035 (c)		926		1,578
IndyMac Index Mortgage Loan Trust, Series 2004-AR2, Class AX2, 4.308%, 6/25/2034 (e)(g)(h)(k)		6,465,559		5,535,954
IndyMac Index Mortgage Loan Trust, Series 2005-16IP, Class AX, 0.001%, 7/25/2045 (e)(g)(h)		13,455,241		26,682
IndyMac Index Mortgage Loan Trust, Series 2005-AR10, Class AX, 0.897%, 6/25/2035 (e)(g)(h)		28,326,973		161,011
IndyMac Index Mortgage Loan Trust, Series 2005-AR12, Class AX2, 0.197%, 7/25/2035 (e)(g)(h)		43,511,416		76,014
IndyMac Index Mortgage Loan Trust, Series 2005-AR13, Class 1A1, 3.923%, 8/25/2035 (g)		2,075,364		902,476
IndyMac Index Mortgage Loan Trust, Series 2005-AR14, Class 2X, 0.012%, 7/25/2035 (e)(g)(h)		20,801,928		226,283
IndyMac Index Mortgage Loan Trust, Series 2005-AR19, Class A1, 3.263%, 10/25/2035 (g)(k)		4,398,426		3,790,893
IndyMac Index Mortgage Loan Trust, Series 2005-AR2, Class AX2, 0.648%, 2/25/2035 (e)(g)(h)		10,647,864		5,430
IndyMac Index Mortgage Loan Trust, Series 2005-AR4, Class AX2, 0.733%, 3/25/2035 (e)(g)(h)		13,241,168		210,680
IndyMac Index Mortgage Loan Trust, Series 2005-AR5, Class 2A1, 3.261%, 5/25/2035 (g)		983,664		865,568
IndyMac Index Mortgage Loan Trust, Series 2005-AR6, Class 2A1, 5.892% (TSFR1M + 0.594%), 4/25/2035 (c)(k)		2,013,857		1,705,125
IndyMac Index Mortgage Loan Trust, Series 2005-AR7, Class 4A1, 4.031%, 6/25/2035 (g)		803,351		719,371
IndyMac Index Mortgage Loan Trust, Series 2005-AR8, Class 2A1A, 5.872% (TSFR1M + 0.574%), 4/25/2035 (c)(k)		2,198,767		1,946,729
IndyMac Index Mortgage Loan Trust, Series 2005-AR8, Class AX2, 0.036%, 5/25/2035 (e)(g)(h)		17,791,921		136,909
IndyMac Index Mortgage Loan Trust, Series 2006-AR25, Class 5A1, 3.268%, 9/25/2036 (g)(k)		4,182,946		3,531,829
IndyMac Index Mortgage Loan Trust, Series 2007-AR1, Class 3A1, 2.828%, 3/25/2037 (g)		907,682		725,531

See accompanying notes which are an integral part of these financial statements.

Angel Oak Multi-Strategy Income Fund

Consolidated Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Residential Mortgage-Backed Securities – (continued)
IndyMac Index Mortgage Loan Trust, Series 2007-AR13, Class 4A1, 3.351%, 7/25/2037 (g)(k)	$	3,361,304	$	2,497,983
IndyMac Index Mortgage Loan Trust, Series 2007-AR9, Class 2A1, 3.664%, 4/25/2037 (g)(k)		3,489,165		2,428,996
JP Morgan Alternative Loan Trust, Series 2006-A7, Class 1A4, 5.872% (TSFR1M + 0.574%), 12/25/2036 (c)		1,088,471		944,018
JP Morgan Alternative Loan Trust, Series 2007-A2, Class 11A1, 5.772% (TSFR1M + 0.474%), 6/25/2037 (c)(k)		22,256,492		11,731,708
JP Morgan Chase Bank, Series 2019-CL1, Class M2, 7.112% (TSFR1M + 1.814%), 4/25/2047 (a)(c)		3,865,580		3,681,644
JP Morgan Chase Bank, Series 2019-CL1, Class M4, 8.012% (TSFR1M + 2.714%), 4/25/2047 (a)(c)		1,431,158		1,385,239
JP Morgan Chase Bank, Series 2020-CL1, Class B, 15.412% (TSFR1M + 10.114%), 10/25/2057 (a)(c)(d)		6,731,914		6,958,396
JP Morgan Chase Bank, Series 2020-CL1, Class M2, 7.912% (TSFR1M + 2.614%), 10/25/2057 (a)(c)		3,443,967		3,469,143
JP Morgan Chase Bank, Series 2020-CL1, Class M4, 9.762% (TSFR1M + 4.464%), 10/25/2057 (a)(c)		1,101,169		1,121,073
JP Morgan Chase Bank, Series 2020-CL1, Class M5, 11.012% (TSFR1M + 5.714%), 10/25/2057 (a)(c)		2,114,968		2,149,865
JP Morgan Chase Bank, Series 2021-CL1, Class B, 11.969% (SOFR30A + 6.900%), 3/25/2051 (a)(c)		1,151,000		1,075,415
JP Morgan Chase Bank, Series 2021-CL1, Class M5, 8.719% (SOFR30A + 3.650%), 3/25/2051 (a)(c)		434,116		378,454
JP Morgan Mortgage Trust, Series 2005-A6, Class 7A1, 4.181%, 8/25/2035 (g)		4,263		3,216
JP Morgan Mortgage Trust, Series 2005-A8, Class 3A1, 3.927%, 11/25/2035 (e)(g)		1,444,635		1,109,265
JP Morgan Mortgage Trust, Series 2005-ALT1, Class 2A1, 4.310%, 10/25/2035 (g)(k)		5,551,502		4,468,926
JP Morgan Mortgage Trust, Series 2005-S3, Class 1A14, 5.500%, 1/25/2036 (e)		1,155,779		941,057
JP Morgan Mortgage Trust, Series 2006-A6, Class 1A4L, 3.775%, 10/25/2036 (g)		1,516,475		1,280,437
JP Morgan Mortgage Trust, Series 2006-A6, Class 3A2, 4.221%, 10/25/2036 (g)		413,709		279,364
JP Morgan Mortgage Trust, Series 2006-A7, Class 2A3, 3.899%, 1/25/2037 (g)		1,037,038		943,442
JP Morgan Mortgage Trust, Series 2007-A4, Class 3A3, 4.288%, 6/25/2037 (g)		1,324,298		988,489
JP Morgan Mortgage Trust, Series 2018-1, Class B1, 3.611%, 6/25/2048 (a)(g)(k)		2,588,491		2,269,902
JP Morgan Mortgage Trust, Series 2019-1, Class B5, 4.493%, 5/25/2049 (a)(g)		1,691,330		1,396,675
JP Morgan Mortgage Trust, Series 2019-1, Class B6, 2.608%, 5/25/2049 (a)(g)		3,527,169		2,332,288
JP Morgan Mortgage Trust, Series 2019-6, Class B5, 4.242%, 12/25/2049 (a)(g)		1,859,478		1,155,286
JP Morgan Mortgage Trust, Series 2019-7, Class AX1, 0.012%, 2/25/2050 (a)(e)(g)(h)		21,729,615		217
JP Morgan Mortgage Trust, Series 2019-7, Class B4, 3.996%, 2/25/2050 (a)(g)		2,914,688		2,017,850
JP Morgan Mortgage Trust, Series 2019-7, Class B5, 3.996%, 2/25/2050 (a)(g)		1,199,000		700,065
JP Morgan Mortgage Trust, Series 2019-7, Class B6, 3.996%, 2/25/2050 (a)(g)		1,554,174		744,589
JP Morgan Mortgage Trust, Series 2019-8, Class AX1, 0.171%, 3/25/2050 (a)(e)(g)(h)		53,019,867		309,053
JP Morgan Mortgage Trust, Series 2019-8, Class B5, 4.171%, 3/25/2050 (a)(g)		1,834,999		1,190,454
JP Morgan Mortgage Trust, Series 2019-8, Class B6, 4.171%, 3/25/2050 (a)(g)		2,555,114		1,331,641
JP Morgan Mortgage Trust, Series 2019-9, Class B4, 3.808%, 5/25/2050 (a)(g)		2,848,150		2,255,307
JP Morgan Mortgage Trust, Series 2019-9, Class B5, 3.808%, 5/25/2050 (a)(g)		2,532,102		1,950,334
JP Morgan Mortgage Trust, Series 2019-9, Class B6, 3.642%, 5/25/2050 (a)(g)		4,860,294		2,488,670
JP Morgan Mortgage Trust, Series 2019-LTV1, Class B4, 4.616%, 6/25/2049 (a)(g)		4,971,902		4,329,770
JP Morgan Mortgage Trust, Series 2019-LTV1, Class B5, 4.616%, 6/25/2049 (a)(g)		1,836,404		1,436,751
JP Morgan Mortgage Trust, Series 2019-LTV1, Class B6, 4.221%, 6/25/2049 (a)(g)		2,833,219		1,830,713
JP Morgan Mortgage Trust, Series 2019-LTV3, Class B5, 4.387%, 3/25/2050 (a)(g)		1,801,244		1,423,833
JP Morgan Mortgage Trust, Series 2020-1, Class B4, 3.830%, 6/25/2050 (a)(g)		3,900,647		2,905,678

See accompanying notes which are an integral part of these financial statements.

Angel Oak Multi-Strategy Income Fund

Consolidated Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Residential Mortgage-Backed Securities – (continued)
JP Morgan Mortgage Trust, Series 2020-1, Class B5, 3.830%, 6/25/2050 (a)(g)	$	2,162,332	$	1,475,032
JP Morgan Mortgage Trust, Series 2020-1, Class B6, 3.511%, 6/25/2050 (a)(g)		3,536,254		1,901,518
JP Morgan Mortgage Trust, Series 2020-2, Class B4, 3.825%, 7/25/2050 (a)(g)		290,442		224,051
JP Morgan Mortgage Trust, Series 2020-3, Class B4, 3.845%, 8/25/2050 (a)(g)		208,426		157,144
JP Morgan Mortgage Trust, Series 2020-3, Class B5, 3.845%, 8/25/2050 (a)(g)		1,654,436		1,224,978
JP Morgan Mortgage Trust, Series 2020-5, Class B4, 3.578%, 12/25/2050 (a)(g)		3,500,961		2,689,596
JP Morgan Mortgage Trust, Series 2020-5, Class B5, 3.578%, 12/25/2050 (a)(g)		1,749,547		1,205,307
JP Morgan Mortgage Trust, Series 2020-5, Class B6, 3.578%, 12/25/2050 (a)(e)(g)		4,062,829		2,046,626
JP Morgan Mortgage Trust, Series 2020-9, Class B6, 2.836%, 5/25/2051 (a)(g)		1,075,745		382,687
JP Morgan Mortgage Trust, Series 2020-LTV1, Class B5, 4.252%, 6/25/2050 (a)(g)		2,830,660		2,293,078
JP Morgan Mortgage Trust, Series 2020-LTV1, Class B6, 4.016%, 6/25/2050 (a)(g)		9,222,197		6,702,167
JP Morgan Mortgage Trust, Series 2020-LTV2, Class B4, 4.025%, 11/25/2050 (a)(g)		7,509,265		5,719,424
JP Morgan Mortgage Trust, Series 2020-LTV2, Class B5, 4.025%, 11/25/2050 (a)(g)		3,080,675		2,399,061
JP Morgan Mortgage Trust, Series 2020-LTV2, Class B6, 4.025%, 11/25/2050 (a)(g)		8,425,835		5,354,980
JP Morgan Mortgage Trust, Series 2021-10, Class B5, 2.827%, 12/25/2051 (a)(g)		2,419,865		1,164,887
JP Morgan Mortgage Trust, Series 2021-10, Class B6, 2.809%, 12/25/2051 (a)(g)		3,959,004		951,202
JP Morgan Mortgage Trust, Series 2021-15, Class B3, 3.129%, 6/25/2052 (a)(d)(g)		8,871,586		6,513,749
JP Morgan Mortgage Trust, Series 2021-15, Class B4, 3.129%, 6/25/2052 (a)(g)		5,161,316		3,406,866
JP Morgan Mortgage Trust, Series 2021-15, Class B5, 3.129%, 6/25/2052 (a)(g)		4,127,893		2,271,749
JP Morgan Mortgage Trust, Series 2021-15, Class B6, 3.054%, 6/25/2052 (a)(g)		8,181,469		2,206,084
JP Morgan Mortgage Trust, Series 2021-3, Class B4, 2.967%, 7/25/2051 (a)(g)		2,076,219		1,362,236
JP Morgan Mortgage Trust, Series 2021-3, Class B5, 2.967%, 7/25/2051 (a)(e)(g)		2,500,342		985,900
JP Morgan Mortgage Trust, Series 2021-3, Class B6, 2.943%, 7/25/2051 (a)(e)(g)		3,146,493		834,249
JP Morgan Mortgage Trust, Series 2021-6, Class B4, 2.863%, 10/25/2051 (a)(g)		3,705,989		2,371,644
JP Morgan Mortgage Trust, Series 2021-6, Class B5, 2.863%, 10/25/2051 (a)(g)		2,964,981		1,643,694
JP Morgan Mortgage Trust, Series 2021-6, Class B6, 2.785%, 10/25/2051 (a)(g)		4,632,025		1,099,689
JP Morgan Mortgage Trust, Series 2021-7, Class B4, 2.803%, 11/25/2051 (a)(g)		1,816,904		1,165,193
JP Morgan Mortgage Trust, Series 2021-7, Class B5, 2.803%, 11/25/2051 (a)(g)		1,816,904		718,740
JP Morgan Mortgage Trust, Series 2021-7, Class B6, 2.801%, 11/25/2051 (a)(g)		2,822,635		672,775
JP Morgan Mortgage Trust, Series 2021-8, Class B4, 2.847%, 12/25/2051 (a)(g)		3,097,744		1,970,577
JP Morgan Mortgage Trust, Series 2021-8, Class B5, 2.847%, 12/25/2051 (a)(g)		2,212,267		942,536
JP Morgan Mortgage Trust, Series 2021-8, Class B6, 2.847%, 12/25/2051 (a)(g)		3,172,877		660,675
JP Morgan Mortgage Trust, Series 2021-INV6, Class A5A, 2.500%, 4/25/2052 (a)(g)		1,228,130		966,523
JP Morgan Mortgage Trust, Series 2022-1, Class B4, 3.093%, 7/25/2052 (a)(d)(g)		14,016,751		8,948,995
JP Morgan Mortgage Trust, Series 2022-1, Class B5, 3.093%, 7/25/2052 (a)(g)		6,818,265		3,555,903
JP Morgan Mortgage Trust, Series 2022-1, Class B6, 2.397%, 7/25/2052 (a)(g)		5,942,917		1,370,740
JP Morgan Mortgage Trust, Series 2023-6, Class B3, 6.292%, 12/25/2053 (a)(g)		4,935,000		4,631,767
JP Morgan Mortgage Trust, Series 2023-6, Class B4, 6.292%, 12/25/2053 (a)(g)		1,604,000		1,213,276
JP Morgan Mortgage Trust, Series 2023-6, Class B5, 6.292%, 12/25/2053 (a)(g)		1,234,000		712,442
JP Morgan Mortgage Trust, Series 2023-6, Class B6, 6.292%, 12/25/2053 (a)(g)		986,203		473,069
Lake Summit Mortgage Trust, 6.680%, 8/28/2049 (g)		139,786,410		135,251,599
Lake Summit Mortgage Trust, 8.882%, 8/15/2049 (e)(g)		3,665,334		3,624,685
Legacy Mortgage Asset Trust, Series 2021-GS1, Class A1, 1.892%, 10/25/2066 (a)(o)		5,614,099		5,247,363
Lehman Mortgage Trust, Series 2007-5, Class PO1, 0.000%, 6/25/2037 (f)		17,177		11,798
Lehman Mortgage Trust, Series 2007-9, Class AP, 0.000%, 10/25/2037 (f)		14,008		9,971
Lehman XS Trust, Series 2005-3, Class 3A3A, 4.896%, 9/25/2035 (o)		1,035,079		944,226
Lehman XS Trust, Series 2006-GP4, Class 3A4, 6.112% (TSFR1M + 0.814%), 8/25/2046 (c)(k)		3,504,087		1,948,255
Lehman XS Trust, Series 2007-9, Class WFIO, 0.550%, 4/25/2037 (e)(h)		17,039,570		51,528

See accompanying notes which are an integral part of these financial statements.

Angel Oak Multi-Strategy Income Fund

Consolidated Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Residential Mortgage-Backed Securities – (continued)
Luminent Mortgage Trust, Series 2006-1, Class A1, 6.132% (TSFR1M + 0.834%), 4/25/2036 (c)(k)	$	3,693,154	$	3,226,727
Luminent Mortgage Trust, Series 2006-1, Class X, 0.023%, 4/25/2036 (e)(g)(h)		25,946,579		277,369
Luminent Mortgage Trust, Series 2006-2, Class X, 0.057%, 2/25/2046 (e)(g)(h)		31,226,153		104,046
Luminent Mortgage Trust, Series 2006-3, Class 12X, 1.000%, 5/25/2036 (e)(h)		7,596,767		188,567
Luminent Mortgage Trust, Series 2006-5, Class X, 0.773%, 7/25/2036 (e)(g)(h)		27,183,947		40,939
MASTR Adjustable Rate Mortgages Trust, Series 2004-15, Class 2A2, 4.006%, 12/25/2034 (g)		4,821		3,649
MASTR Adjustable Rate Mortgages Trust, Series 2005-2, Class 5A1, 4.037%, 3/25/2035 (g)		13,747		11,086
MASTR Adjustable Rate Mortgages Trust, Series 2005-7, Class 2A1, 4.277%, 9/25/2035 (g)		1,316,014		1,199,507
MASTR Adjustable Rate Mortgages Trust, Series 2006-2, Class 3A1, 4.035%, 1/25/2036 (g)		599,387		534,113
MASTR Alternative Loan Trust, Series 2004-6, Class 30PO, 0.000%, 7/25/2034 (f)		78,147		66,276
MASTR Alternative Loan Trust, Series 2006-1, Class A2, 6.000% (TSFR1M + 0.814%), 2/25/2036 (c)		1,934,301		692,312
MASTR Alternative Loan Trust, Series 2007-1, Class 15PO, 0.000%, 10/1/2033 (e)(f)		2,913		862
MASTR Alternative Loan Trust, Series 2007-HF1, Class 4A1, 7.000%, 10/25/2047 (k)		9,655,769		4,901,336
MASTR Asset Securitization Trust, Series 2005-2, Class PO, 0.000%, 11/25/2035 (f)		10,929		7,191
MASTR Asset Securitization Trust, Series 2007-1, Class AP, 0.000%, 11/25/2037 (e)(f)		403		306
MASTR Resecuritization Trust, Series 2008-4, Class A1, 6.000%, 6/27/2036 (a)(g)		1,384,014		1,179,603
Mello Mortgage Capital Acceptance, Series 2018-MTG1, Class B4, 3.674%, 3/25/2048 (a)(g)		1,799,000		1,388,357
Mello Mortgage Capital Acceptance, Series 2018-MTG1, Class B5, 3.674%, 3/25/2048 (a)(g)		1,499,000		1,071,461
Mello Mortgage Capital Acceptance, Series 2021-INV4, Class B4, 3.205%, 12/25/2051 (a)(g)		3,061,891		2,006,439
Mello Mortgage Capital Acceptance, Series 2021-INV4, Class B5, 3.205%, 12/25/2051 (a)(g)		1,190,199		645,723
Mello Mortgage Capital Acceptance, Series 2021-INV4, Class B6, 2.985%, 12/25/2051 (a)(e)(g)		3,918,247		1,337,948
Mello Mortgage Capital Acceptance, Series 2021-MTG1, Class B4, 2.643%, 4/25/2051 (a)(g)		1,083,749		706,106
Mello Mortgage Capital Acceptance, Series 2021-MTG1, Class B5, 2.643%, 4/25/2051 (a)(g)		541,403		228,620
Mello Mortgage Capital Acceptance, Series 2021-MTG1, Class B6, 2.643%, 4/25/2051 (a)(g)		1,514,186		338,171
Mello Mortgage Capital Acceptance, Series 2021-MTG2, Class B4, 2.665%, 6/25/2051 (a)(g)		1,656,252		988,567
Mello Mortgage Capital Acceptance, Series 2021-MTG2, Class B5, 2.665%, 6/25/2051 (a)(g)		349,000		94,137
Mello Mortgage Capital Acceptance, Series 2021-MTG2, Class B6, 2.665%, 6/25/2051 (a)(g)		1,209,493		238,889
Mello Mortgage Capital Acceptance, Series 2021-MTG3, Class B5, 2.902%, 7/1/2051 (a)(g)		488,000		140,579
Mello Mortgage Capital Acceptance, Series 2021-MTG3, Class B6, 2.902%, 7/1/2051 (a)(g)		1,137,709		251,409
Mello Warehouse Securitization Trust, Series 2021-3, Class F, 10.562% (TSFR1M + 5.264%), 11/25/2055 (a)(c)(e)		18,750,000		16,711,313
Merrill Lynch Mortgage Backed Securities Trust, Series 2007-1, Class 1A1, 3.700%, 4/25/2037 (g)		1,527,677		1,325,107
Merrill Lynch Mortgage Investors Trust, Series 2004-A, Class A1, 5.872% (TSFR1M + 0.574%), 4/25/2029 (c)		595,218		539,799
Merrill Lynch Mortgage Investors Trust, Series 2006-A3, Class 3A1, 4.082%, 5/25/2036 (g)		446,986		357,817
Merrill Lynch Mortgage Investors Trust, Series 2006-AF2, Class AV1, 5.732% (TSFR1M + 0.434%), 9/25/2037 (c)(k)		4,357,802		2,587,611
MFA Trust, Series 2021-AEI2, Class B1, 3.285%, 10/25/2051 (a)(g)(k)		3,180,034		2,534,627
MFA Trust, Series 2021-AEI2, Class B2, 3.285%, 10/25/2051 (a)(g)(k)		5,833,450		4,477,966
MFA Trust, Series 2021-AEI2, Class B4, 3.285%, 10/25/2051 (a)(g)		2,811,208		1,866,406
MFA Trust, Series 2021-AEI2, Class B5, 3.285%, 10/25/2051 (a)(g)		2,029,026		1,112,945
MFA Trust, Series 2021-AEI2, Class B6, 3.285%, 10/25/2051 (a)(g)		4,060,956		1,333,797
MFA Trust, Series 2021-RPL1, Class A2, 2.072%, 7/25/2060 (a)(g)		4,106,000		3,274,638
MFA Trust, Series 2021-RPL1, Class M2, 2.855%, 7/25/2060 (a)(g)		4,500,000		3,368,948

See accompanying notes which are an integral part of these financial statements.

Angel Oak Multi-Strategy Income Fund

Consolidated Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Residential Mortgage-Backed Securities – (continued)
Morgan Stanley ABS Capital Inc. Trust, Series 2007-HE6, Class A1, 5.472% (TSFR1M + 0.174%), 5/25/2037 (c)(k)	$	4,645,261	$	4,150,940
Morgan Stanley ABS Capital Inc. Trust, Series 2007-HE6, Class A3, 5.592% (TSFR1M + 0.294%), 5/25/2037 (c)(k)		13,491,559		11,965,947
Morgan Stanley ABS Capital Inc. Trust, Series 2007-HE6, Class A4, 5.662% (TSFR1M + 0.364%), 5/25/2037 (c)(k)		1,942,785		1,698,920
Morgan Stanley Mortgage Loan Trust, Series 2005-1, Class 4A1, 5.712% (TSFR1M + 0.414%), 3/25/2035 (c)		711,174		594,282
Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 1A, 3.938%, 7/25/2035 (g)(k)		7,337,292		4,222,347
Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 3A, 4.500%, 7/25/2035 (g)		651,041		565,923
Morgan Stanley Mortgage Loan Trust, Series 2005-6AR, Class 5A1, 3.729%, 11/25/2035 (e)(g)		2,065,825		1,177,272
Morgan Stanley Mortgage Loan Trust, Series 2006-11, Class 1A3, 6.424%, 8/25/2036 (e)(o)		3,290,757		1,120,328
Morgan Stanley Mortgage Loan Trust, Series 2006-11, Class 1A6, 6.231%, 8/25/2036 (e)(o)		2,640,758		901,991
Morgan Stanley Mortgage Loan Trust, Series 2006-11, Class 2A3, 6.000%, 8/25/2036 (e)		2,312,130		1,114,039
Morgan Stanley Mortgage Loan Trust, Series 2006-3AR, Class 1AX, 0.029%, 3/25/2036 (e)(g)(h)		14,527,384		1,320,597
Morgan Stanley Mortgage Loan Trust, Series 2006-3AR, Class 2A1, 4.169%, 3/25/2036 (g)(k)		5,185,535		3,705,433
Morgan Stanley Mortgage Loan Trust, Series 2006-3AR, Class 2A3, 4.169%, 3/25/2036 (g)(k)		2,635,688		1,874,457
Morgan Stanley Mortgage Loan Trust, Series 2006-5AR, Class AX, 0.406%, 4/25/2036 (e)(g)(h)		15,825,003		355,983
Morgan Stanley Mortgage Loan Trust, Series 2006-7, Class 4A2, 6.000% (TSFR1M + 0.864%), 6/25/2036 (c)(e)		3,254,136		1,044,073
Morgan Stanley Mortgage Loan Trust, Series 2006-9AR, Class A1, 5.752% (TSFR1M + 0.454%), 8/25/2036 (c)		1,920,518		626,532
Morgan Stanley Mortgage Loan Trust, Series 2007-12, Class 3A22, 6.000%, 8/25/2037		2,562,618		1,287,085
Morgan Stanley Mortgage Loan Trust, Series 2007-6XS, Class 2A5S, 6.500%, 2/25/2047 (e)(o)		2,511,010		991,698
Morgan Stanley Resecuritization Trust, Series 2015-R4, Class CB3, 4.388%, 8/26/2047 (a)(g)		1,010,309		679,750
Morgan Stanley Residential Mortgage Loan Trust, Series 2021-1, Class B4, 2.949%, 3/25/2051 (a)(g)		799,154		354,942
Morgan Stanley Residential Mortgage Loan Trust, Series 2021-1, Class B5, 2.949%, 3/25/2051 (a)(g)		988,000		312,292
Morgan Stanley Residential Mortgage Loan Trust, Series 2021-1, Class B6, 2.949%, 3/25/2051 (a)(g)		1,124,310		274,404
Morgan Stanley Residential Mortgage Loan Trust, Series 2021-3, Class B4, 2.823%, 6/25/2051 (a)(g)		1,093,000		423,512
Morgan Stanley Residential Mortgage Loan Trust, Series 2021-3, Class B5, 2.823%, 6/25/2051 (a)(g)		781,000		233,507
Morgan Stanley Residential Mortgage Loan Trust, Series 2021-3, Class B6, 2.793%, 6/25/2051 (a)(g)		938,058		208,406
Morgan Stanley Residential Mortgage Loan Trust, Series 2021-4, Class B1, 2.932%, 7/25/2051 (a)(g)		7,447,708		5,737,119
Morgan Stanley Residential Mortgage Loan Trust, Series 2021-4, Class B2, 2.932%, 7/25/2051 (a)(g)(k)		3,528,560		2,614,910
Morgan Stanley Residential Mortgage Loan Trust, Series 2021-4, Class B4, 2.932%, 7/25/2051 (a)(g)		1,240,000		490,765
Morgan Stanley Residential Mortgage Loan Trust, Series 2021-4, Class B5, 2.932%, 7/25/2051 (a)(g)		690,000		199,879

See accompanying notes which are an integral part of these financial statements.

Angel Oak Multi-Strategy Income Fund

Consolidated Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Residential Mortgage-Backed Securities – (continued)
Morgan Stanley Residential Mortgage Loan Trust, Series 2021-4, Class B6, 2.930%, 7/25/2051 (a)(g)	$	827,000	$	173,926
Morgan Stanley Residential Mortgage Loan Trust, Series 2021-5, Class B2, 2.997%, 8/25/2051 (a)(g)(k)		6,170,712		4,613,952
Morgan Stanley Residential Mortgage Loan Trust, Series 2021-5, Class B4, 2.997%, 8/25/2051 (a)(g)		2,057,222		994,895
Morgan Stanley Residential Mortgage Loan Trust, Series 2021-5, Class B5, 2.987%, 8/25/2051 (a)(g)		956,000		286,734
Morgan Stanley Residential Mortgage Loan Trust, Series 2021-5, Class B6, 2.987%, 8/25/2051 (a)(g)		1,196,665		255,596
MortgageIT Mortgage Loan Trust, Series 2006-1, Class 1X, 0.009%, 4/25/2036 (e)(g)(h)		8,166,033		83,530
New Residential Mortgage Loan Trust, Series 2019-6A, Class B5IA, 1.750%, 9/25/2059 (a)(e)(g)(h)		14,684,907		1,252,050
New Residential Mortgage Loan Trust, Series 2019-6A, Class B6, 4.415%, 9/25/2059 (a)(d)(g)		20,419,848		11,004,031
New Residential Mortgage Loan Trust, Series 2022-SFR2, Class E2, 4.000%, 9/4/2039 (a)		2,554,000		2,071,179
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-AP1, Class A3, 5.654%, 1/25/2036 (e)(g)		3,376,654		1,303,959
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-AR4, Class A3, 5.752% (TSFR1M + 0.454%), 12/25/2036 (c)		107,859		71,957
Nomura Resecuritization Trust, Series 2014-3R, Class 4A15, 1.986% (TSFR1M + 0.274%), 3/26/2037 (a)(c)(k)		3,994,743		2,967,479
Nomura Resecuritization Trust, Series 2015-2R, Class 3A1, 4.789% (TSFR1M + 0.264%), 11/26/2036 (a)(c)		633,190		619,351
Oaktown Re Ltd., Series 2019-1A, Class B1B, 9.533% (SOFR30A + 4.464%), 7/25/2029 (a)(c)		1,620,000		1,640,691
OBX Trust, Series 2021-INV3, Class A3, 2.500%, 10/25/2051 (a)(g)		1,298,465		1,028,653
Oceanview Mortgage Trust, Series 2021-5, Class B4, 2.975%, 10/25/2051 (a)(g)		1,715,000		701,687
Oceanview Mortgage Trust, Series 2021-5, Class B5, 2.975%, 10/25/2051 (a)(g)		734,000		224,095
PHH Alternative Mortgage Trust, Series 2007-1, Class 21PO, 0.000%, 2/25/2037 (f)		12,666		9,019
PHH Alternative Mortgage Trust, Series 2007-2, Class 1A3, 6.072% (TSFR1M + 0.774%), 5/25/2037 (c)		778,599		576,650
PHH Alternative Mortgage Trust, Series 2007-2, Class 2A2, 6.000%, 5/25/2037		1,194,099		975,313
PRET LLC, Series 2022-NPL3, Class A2, 7.870%, 6/25/2052 (a)(o)		1,000,000		960,755
Pretium Mortgage Credit Partners LLC, Series 2021-NPL2, Class A1, 1.992%, 6/27/2060 (a)(o)		1,129,151		1,042,994
Pretium Mortgage Credit Partners LLC, Series 2021-NPL4, Class A1, 2.363%, 10/27/2060 (a)(o)		2,431,635		2,274,194
Pretium Mortgage Credit Partners LLC, Series 2021-NPL6, Class A1, 2.487%, 7/25/2051 (a)(o)		4,627,219		4,364,444
PRPM LLC, Series 2021-2, Class A1, 2.115%, 3/25/2026 (a)(g)		596,431		563,512
PRPM LLC, Series 2021-3, Class A1, 1.867%, 4/25/2026 (a)(o)		523,966		489,362
PRPM LLC, Series 2021-7, Class A1, 1.867%, 8/25/2026 (a)(o)		2,520,855		2,318,693
PRPM LLC, Series 2021-RPL1, Class M1, 2.680%, 7/25/2051 (a)(g)		6,167,000		4,853,133
PRPM LLC, Series 2022-5, Class A1, 6.900%, 9/27/2027 (a)(o)		3,611,989		3,567,583
Radnor RE Ltd., Series 2021-1, Class M2, 8.219% (SOFR30A + 3.150%), 12/27/2033 (a)(c)		3,250,000		3,192,335
Radnor RE Ltd., Series 2021-2, Class M2, 10.069% (SOFR30A + 5.000%), 11/25/2031 (a)(c)		3,214,672		3,297,694
Radnor RE Ltd., Series 2022-1, Class M1B, 11.819% (SOFR30A + 6.750%), 9/25/2032 (a)(c)		300,000		326,980
Radnor RE Ltd., Series 2023-1, Class M1A, 7.767% (SOFR30A + 2.700%), 7/25/2033 (a)(b)(c)		4,500,000		4,525,335
Radnor RE Ltd., Series 2023-1, Class M2, 10.917% (SOFR30A + 5.850%), 7/25/2033 (a)(b)(c)		1,000,000		1,014,391
Rate Mortgage Trust, Series 2021-HB1, Class B4, 2.705%, 12/25/2051 (a)(g)		2,573,051		1,457,903

See accompanying notes which are an integral part of these financial statements.

Angel Oak Multi-Strategy Income Fund

Consolidated Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Residential Mortgage-Backed Securities – (continued)
Rate Mortgage Trust, Series 2021-HB1, Class B5, 2.705%, 12/25/2051 (a)(g)	$	575,000	$	156,166
Rate Mortgage Trust, Series 2021-HB1, Class B6, 2.705%, 12/25/2051 (a)(g)		1,340,138		265,113
Rate Mortgage Trust, Series 2021-J1, Class B4, 2.717%, 7/25/2051 (a)(g)		1,291,000		483,214
Rate Mortgage Trust, Series 2021-J1, Class B5, 2.717%, 7/25/2051 (a)(g)		922,000		252,861
Rate Mortgage Trust, Series 2021-J1, Class B6, 2.717%, 7/25/2051 (a)(g)		737,919		145,273
Rate Mortgage Trust, Series 2022-J1, Class B4, 2.748%, 1/25/2052 (a)(g)		3,650,812		1,748,458
RBSSP Resecuritization Trust, Series 2009-12, Class 19A2, 3.803%, 12/25/2035 (a)(g)(k)		7,445,628		6,572,732
RBSSP Resecuritization Trust, Series 2009-3, Class 3A3, 5.750%, 9/26/2035 (a)(g)		1,511,932		1,327,221
Residential Accredit Loans, Inc. Trust, Series 2005-QA13, Class 2A1, 4.852%, 12/25/2035 (g)(k)		3,619,988		3,233,185
Residential Accredit Loans, Inc. Trust, Series 2005-QA8, Class CB21, 4.920%, 7/25/2035 (g)		458,482		327,183
Residential Accredit Loans, Inc. Trust, Series 2005-QO5, Class X, 1.743%, 1/25/2046 (e)(g)(h)		22,856,338		1,432,978
Residential Accredit Loans, Inc. Trust, Series 2005-QS10, Class 3A3, 5.500%, 8/25/2035		755,053		611,406
Residential Accredit Loans, Inc. Trust, Series 2005-QS13, Class 1A6, 5.500%, 9/25/2035		429,299		370,162
Residential Accredit Loans, Inc. Trust, Series 2005-QS13, Class AP, 0.000%, 9/25/2035 (f)		209,680		106,295
Residential Accredit Loans, Inc. Trust, Series 2005-QS14, Class 2A1, 6.000%, 9/25/2035 (k)		6,139,636		2,672,338
Residential Accredit Loans, Inc. Trust, Series 2005-QS15, Class 3A, 6.000%, 10/25/2035 (k)		5,061,870		4,272,491
Residential Accredit Loans, Inc. Trust, Series 2005-QS16, Class A1, 5.500% (TSFR1M + 0.814%), 11/25/2035 (c)		372,675		229,050
Residential Accredit Loans, Inc. Trust, Series 2005-QS17, Class A1, 6.000%, 12/25/2035 (k)		1,887,729		1,722,367
Residential Accredit Loans, Inc. Trust, Series 2005-QS17, Class AP, 0.000%, 12/25/2035 (f)		290,975		168,268
Residential Accredit Loans, Inc. Trust, Series 2005-QS7, Class A1, 5.500%, 6/25/2035		1,243,365		1,096,997
Residential Accredit Loans, Inc. Trust, Series 2006-QA5, Class 1A1, 5.772% (TSFR1M + 0.474%), 7/25/2036 (c)		112,141		55,722
Residential Accredit Loans, Inc. Trust, Series 2006-QA5, Class 1A2, 5.772% (TSFR1M + 0.474%), 7/25/2036 (c)(k)		6,063,453		2,681,938
Residential Accredit Loans, Inc. Trust, Series 2006-QA5, Class 1A3, 5.852% (TSFR1M + 0.554%), 7/25/2036 (c)		585,138		256,917
Residential Accredit Loans, Inc. Trust, Series 2006-QA7, Class 2A1, 5.782% (TSFR1M + 0.484%), 8/25/2036 (c)(k)		5,057,356		3,981,080
Residential Accredit Loans, Inc. Trust, Series 2006-QA8, Class A2, 5.772% (TSFR1M + 0.474%), 9/25/2036 (c)		367,028		300,184
Residential Accredit Loans, Inc. Trust, Series 2006-QA9, Class A1, 5.772% (TSFR1M + 0.474%), 11/25/2036 (c)		1,514,733		807,763
Residential Accredit Loans, Inc. Trust, Series 2006-QO7, Class X3, 1.500%, 9/25/2046 (e)(h)		14,156,764		425,354
Residential Accredit Loans, Inc. Trust, Series 2006-QS10, Class A10, 6.000%, 8/25/2036		185,560		151,102
Residential Accredit Loans, Inc. Trust, Series 2006-QS10, Class A15, 6.000%, 8/25/2036		242,214		197,690
Residential Accredit Loans, Inc. Trust, Series 2006-QS10, Class A4, 5.750%, 8/25/2036		1,294,390		1,112,912
Residential Accredit Loans, Inc. Trust, Series 2006-QS11, Class 1A1, 6.500%, 8/25/2036 (k)		3,237,822		2,882,454
Residential Accredit Loans, Inc. Trust, Series 2006-QS11, Class 1A2, 6.000%, 8/25/2036 (k)		2,282,602		2,054,422
Residential Accredit Loans, Inc. Trust, Series 2006-QS11, Class 1A8, 6.000%, 8/25/2036 (k)		2,274,156		1,987,633
Residential Accredit Loans, Inc. Trust, Series 2006-QS12, Class 2A18, 5.750%, 9/25/2036		280,447		231,946
Residential Accredit Loans, Inc. Trust, Series 2006-QS12, Class 2A4, 6.000%, 9/25/2036 (k)		2,832,442		2,186,432
Residential Accredit Loans, Inc. Trust, Series 2006-QS12, Class 2A7, 6.062% (TSFR1M + 0.764%), 9/25/2036 (c)(k)		2,747,191		1,803,701
Residential Accredit Loans, Inc. Trust, Series 2006-QS12, Class AP, 0.000%, 9/25/2036 (f)		79,371		46,720
Residential Accredit Loans, Inc. Trust, Series 2006-QS14, Class A1, 6.500%, 11/25/2036		790,164		658,479
Residential Accredit Loans, Inc. Trust, Series 2006-QS14, Class A13, 6.500%, 11/25/2036		803,818		668,807

See accompanying notes which are an integral part of these financial statements.

Angel Oak Multi-Strategy Income Fund

Consolidated Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Residential Mortgage-Backed Securities – (continued)
Residential Accredit Loans, Inc. Trust, Series 2006-QS14, Class A15, 5.712% (TSFR1M + 0.414%), 11/25/2036 (c)		$ 1,531,216		$ 817,605
Residential Accredit Loans, Inc. Trust, Series 2006-QS14, Class A25, 6.500%, 11/25/2036 (k)		5,224,566		4,603,689
Residential Accredit Loans, Inc. Trust, Series 2006-QS15, Class A5, 6.500%, 10/25/2036		1,045,081		945,010
Residential Accredit Loans, Inc. Trust, Series 2006-QS15, Class AP, 0.000%, 10/25/2036 (f)		119,279		58,110
Residential Accredit Loans, Inc. Trust, Series 2006-QS16, Class A3, 6.000% (TSFR1M + 0.664%), 11/25/2036 (c)(k)		6,817,815		5,157,207
Residential Accredit Loans, Inc. Trust, Series 2006-QS16, Class AP, 0.000%, 11/25/2036 (f)		103,680		48,374
Residential Accredit Loans, Inc. Trust, Series 2006-QS17, Class A6, 6.250%, 12/25/2036 (k)		4,325,354		3,737,759
Residential Accredit Loans, Inc. Trust, Series 2006-QS18, Class 2A1, 5.862% (TSFR1M + 0.564%), 12/25/2036 (c)(k)		4,726,317		3,172,479
Residential Accredit Loans, Inc. Trust, Series 2006-QS2, Class 1A5, 6.412% (TSFR1M + 1.114%), 2/25/2036 (c)		661,081		395,835
Residential Accredit Loans, Inc. Trust, Series 2006-QS3, Class 1A1, 5.500% (TSFR1M + 0.814%), 3/25/2036 (c)(k)		2,649,218		1,622,717
Residential Accredit Loans, Inc. Trust, Series 2006-QS3, Class 1A8, 5.812% (TSFR1M + 0.514%), 3/25/2036 (c)		1,429,289		845,927
Residential Accredit Loans, Inc. Trust, Series 2006-QS3, Class 2AP, 0.000%, 3/25/2036 (f)		508,957		268,507
Residential Accredit Loans, Inc. Trust, Series 2006-QS4, Class A2, 6.000%, 4/25/2036		1,166,494		908,242
Residential Accredit Loans, Inc. Trust, Series 2006-QS5, Class A1, 6.000%, 5/25/2036		830,011		699,095
Residential Accredit Loans, Inc. Trust, Series 2006-QS5, Class A9, 6.000%, 5/25/2036		1,185,862		1,019,617
Residential Accredit Loans, Inc. Trust, Series 2006-QS5, Class AP, 0.000%, 5/25/2036 (f)		30,558		17,667
Residential Accredit Loans, Inc. Trust, Series 2006-QS9, Class 1A10, 6.500%, 7/25/2036		1,410,521		1,238,056
Residential Accredit Loans, Inc. Trust, Series 2006-QS9, Class 1A8, 6.062% (TSFR1M + 0.764%), 7/25/2036 (c)		980,760		696,030
Residential Accredit Loans, Inc. Trust, Series 2006-QS9, Class 1AP, 0.000%, 7/25/2036 (f)		36,356		20,920
Residential Accredit Loans, Inc. Trust, Series 2006-QS9, Class 2AP, 0.000%, 7/25/2036 (e)(f)		14,951		3,924
Residential Accredit Loans, Inc. Trust, Series 2007-QA2, Class A3, 5.712% (TSFR1M + 0.414%), 2/25/2037 (c)(k)		5,284,422		4,404,006
Residential Accredit Loans, Inc. Trust, Series 2007-QS1, Class 1AP, 0.000%, 1/25/2037 (f)		26,656		13,775
Residential Accredit Loans, Inc. Trust, Series 2007-QS1, Class 2A10, 6.000%, 1/25/2037		1,518,655		1,321,017
Residential Accredit Loans, Inc. Trust, Series 2007-QS1, Class 2AP, 0.000%, 1/25/2037 (f)		794,238		400,250
Residential Accredit Loans, Inc. Trust, Series 2007-QS10, Class A1, 6.500%, 9/25/2037 (k)		6,366,442		5,574,393
Residential Accredit Loans, Inc. Trust, Series 2007-QS3, Class A2, 6.000%, 2/25/2037 (k)		10,108,598		8,031,473
Residential Accredit Loans, Inc. Trust, Series 2007-QS3, Class AP, 0.000%, 2/25/2037 (f)		400,705		183,482
Residential Accredit Loans, Inc. Trust, Series 2007-QS4, Class 4A3, 0.000%, 3/25/2037 (e)(f)		541,694		22,485
Residential Accredit Loans, Inc. Trust, Series 2007-QS5, Class A1, 5.500%, 3/25/2037		172,905		124,785
Residential Accredit Loans, Inc. Trust, Series 2007-QS5, Class A7, 0.000%, 3/25/2037 (f)		169,106		82,441
Residential Accredit Loans, Inc. Trust, Series 2007-QS5, Class AP, 0.000%, 3/25/2037 (f)		185,759		89,400
Residential Accredit Loans, Inc. Trust, Series 2007-QS6, Class A1, 5.742% (TSFR1M + 0.444%), 4/25/2037 (c)(k)		3,011,667		1,834,352
Residential Accredit Loans, Inc. Trust, Series 2007-QS6, Class AP, 0.000%, 4/25/2037 (f)		339,777		155,907
Residential Accredit Loans, Inc. Trust, Series 2007-QS7, Class 1A7, 5.962% (TSFR1M + 0.664%), 5/25/2037 (c)		497,559		328,992
Residential Accredit Loans, Inc. Trust, Series 2007-QS7, Class 2A1, 6.750%, 6/25/2037 (k)		29,475,372		12,147,213

See accompanying notes which are an integral part of these financial statements.

Angel Oak Multi-Strategy Income Fund

Consolidated Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Residential Mortgage-Backed Securities – (continued)
Residential Accredit Loans, Inc. Trust, Series 2007-QS8, Class A13, 6.000%, 6/25/2037		$ 1,724,135		$ 1,541,357
Residential Accredit Loans, Inc. Trust, Series 2007-QS9, Class AP, 0.000%, 7/25/2037 (f)		883,722		376,577
Residential Asset Securitization Trust, Series 2005-A10, Class A3, 5.500%, 9/25/2035 (k)		4,053,722		2,333,837
Residential Asset Securitization Trust, Series 2005-A10, Class A4, 5.500%, 9/25/2035		1,103,882		807,878
Residential Asset Securitization Trust, Series 2005-A11, Class 1A1, 5.500% (TSFR1M + 0.564%), 10/25/2035 (c)		1,768,079		942,445
Residential Asset Securitization Trust, Series 2005-A11, Class 1A3, 5.500%, 10/25/2035		1,591,997		1,342,746
Residential Asset Securitization Trust, Series 2005-A11, Class PO, 0.000%, 10/25/2035 (f)		531,149		307,164
Residential Asset Securitization Trust, Series 2005-A14, Class A3, 5.500%, 12/25/2035		612,607		434,831
Residential Asset Securitization Trust, Series 2005-A4, Class A1, 5.500% (TSFR1M + 0.564%), 4/25/2035 (c)		2,768,759		1,398,387
Residential Asset Securitization Trust, Series 2006-A14C, Class 2A4, 6.000%, 12/25/2036 (e)		3,069,394		1,095,639
Residential Asset Securitization Trust, Series 2006-A2, Class A5, 6.000% (TSFR1M + 0.814%), 1/25/2046 (c)		1,852,515		427,764
Residential Asset Securitization Trust, Series 2006-A8, Class 2A1, 6.500%, 8/25/2036		1,617,326		515,363
Residential Asset Securitization Trust, Series 2006-A8, Class 2A2, 6.750%, 8/25/2036 (e)(k)		10,293,480		3,403,508
Residential Asset Securitization Trust, Series 2006-A8, Class 2A3, 6.000%, 8/25/2036 (e)(k)		6,224,034		1,879,216
Residential Asset Securitization Trust, Series 2006-A8, Class 2A4, 6.500%, 8/25/2036 (k)		10,223,636		3,266,391
Residential Asset Securitization Trust, Series 2007-A6, Class 1A4, 6.000%, 6/25/2037 (k)		2,156,327		1,692,329
Residential Funding Mortgage Securities Trust, Series 2005-S7, Class AP, 0.000%, 11/25/2035 (f)		22,418		14,798
Residential Funding Mortgage Securities Trust, Series 2006-S10, Class 1A3, 6.000%, 10/25/2036		413,509		358,352
Residential Funding Mortgage Securities Trust, Series 2006-S10, Class 1AP, 0.000%, 10/25/2036 (f)		12,004		6,689
Residential Funding Mortgage Securities Trust, Series 2006-S4, Class AP, 0.000%, 4/25/2036 (f)		113,096		80,414
Residential Funding Mortgage Securities Trust, Series 2006-S5, Class A12, 6.000%, 6/25/2036		483,096		435,244
Residential Funding Mortgage Securities Trust, Series 2006-S5, Class A4, 0.000%, 6/25/2036 (f)		32,422		18,608
Residential Funding Mortgage Securities Trust, Series 2006-S5, Class A9, 6.000%, 6/25/2036		627,046		559,259
Residential Funding Mortgage Securities Trust, Series 2006-S7, Class A7, 6.250%, 8/25/2036		54,792		46,996
Residential Funding Mortgage Securities Trust, Series 2006-S9, Class A4, 5.750%, 9/25/2036 (k)		4,036,425		3,594,178
Residential Funding Mortgage Securities Trust, Series 2006-SA1, Class 1A1, 4.637%, 2/25/2036 (g)		704,430		504,021
Residential Funding Mortgage Securities Trust, Series 2007-S1, Class A7, 6.000%, 1/25/2037		1,267,364		1,135,355
Residential Funding Mortgage Securities Trust, Series 2007-S5, Class AP, 0.000%, 5/25/2037 (f)		188,771		119,190
Rocket Mortgage Trust, Series 2021-2, Class B4, 2.563%, 6/25/2051 (a)(g)		2,474,764		1,379,297
Rocket Mortgage Trust, Series 2021-2, Class B5, 2.563%, 6/25/2051 (a)(g)		1,566,000		419,405
Rocket Mortgage Trust, Series 2021-2, Class B6, 2.563%, 6/25/2051 (a)(g)		870,254		162,764

See accompanying notes which are an integral part of these financial statements.

Angel Oak Multi-Strategy Income Fund

Consolidated Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Residential Mortgage-Backed Securities – (continued)
Rocket Mortgage Trust, Series 2021-4, Class B4, 3.007%, 9/25/2051 (a)(d)(g)		$ 9,272,357		$ 6,053,820
Rocket Mortgage Trust, Series 2021-4, Class B5, 3.007%, 9/25/2051 (a)(g)		7,949,274		3,716,603
Rocket Mortgage Trust, Series 2021-4, Class B6, 3.007%, 9/25/2051 (a)(g)		6,252,521		1,367,958
Rocket Mortgage Trust, Series 2021-6, Class B5, 2.794%, 12/25/2051 (a)(g)		1,948,000		567,974
Rocket Mortgage Trust, Series 2021-6, Class B6, 2.794%, 12/25/2051 (a)(g)		1,947,847		402,873
Rocket Mortgage Trust, Series 2022-1, Class B3, 2.757%, 1/25/2052 (a)(d)(g)		9,279,922		6,475,316
Rocket Mortgage Trust, Series 2022-1, Class B4, 2.757%, 1/25/2052 (a)(g)		5,197,193		3,257,055
Rocket Mortgage Trust, Series 2022-1, Class B5, 2.757%, 1/25/2052 (a)(g)		2,245,000		697,016
Rocket Mortgage Trust, Series 2022-1, Class B6, 2.757%, 1/25/2052 (a)(g)		2,093,380		440,514
Saluda Grade Alternative Mortgage Trust, Series 2020-SEQ1, Class A1, 3.321%, 5/25/2050 (a)(g)		4,983,275		4,617,727
Saluda Grade Alternative Mortgage Trust, Series 2020-SEQ1, Class C, 3.111%, 5/25/2050 (a)(e)(g)(h)		37,978,108		886,865
Saluda Grade Alternative Mortgage Trust, Series 2021-FIG2, Class C, 0.000%, 10/25/2051 (a)(g)(h)		149,483		546,496
Saluda Grade Alternative Mortgage Trust, Series 2021-FIG2, Class M1, 4.250%, 10/25/2051 (a)(g)		1,449,524		1,681,037
Saluda Grade Alternative Mortgage Trust, Series 2021-FIG2, Class M2, 6.000%, 10/25/2051 (a)(g)		1,159,619		1,345,710
Saluda Grade Alternative Mortgage Trust, Series 2021-MF1, Class A1, 2.805%, 11/25/2029 (a)(g)		14,000,000		12,682,824
Saluda Grade Alternative Mortgage Trust, Series 2022-SEQ2, Class B1, 5.500%, 5/25/2055 (a)(g)		3,153,250		2,882,301
Saluda Grade Alternative Mortgage Trust, Series 2022-SEQ2, Class B2, 6.000%, 5/25/2055 (a)(g)		2,011,000		1,824,011
Saluda Grade Alternative Mortgage Trust, Series 2022-SEQ2, Class B3, 7.769%, 5/25/2055 (a)(g)		2,309,200		2,047,274
Saluda Grade Alternative Mortgage Trust, Series 2022-SEQ2, Class CERT, 5.530%, 5/25/2055 (a)		38,061,600		34,990,295
Saluda Grade Alternative Mortgage Trust, Series 2022-SEQ2, Class M1, 5.000%, 5/25/2055 (a)(g)		5,213,750		4,932,244
Saluda Grade Alternative Mortgage Trust, Series 2022-SEQ2, Class XS, 3.325%, 5/25/2055 (a)(e)(g)(h)		137,375,566		6,979,503
Saluda Grade Alternative Mortgage Trust, Series 2023-SEQ3, Class A2, 6.889%, 6/1/2053 (a)(g)		4,250,000		4,196,212
Sequoia Mortgage Trust, Series 2004-4, Class A, 5.931% (6 Month LIBOR USD + 0.520%), 5/20/2034 (c)		575,282		466,216
Sequoia Mortgage Trust, Series 2004-7, Class A3B, 6.280% (6 Month LIBOR USD + 1.100%), 8/20/2034 (c)		26,667		18,737
Sequoia Mortgage Trust, Series 2005-2, Class XA, 0.022%, 3/20/2035 (e)(g)(h)		4,641,333		35,140
Sequoia Mortgage Trust, Series 2007-1, Class 5A1, 4.018%, 10/20/2046 (g)(k)		2,005,266		1,443,988
Sequoia Mortgage Trust, Series 2020-3, Class B4, 3.322%, 4/25/2050 (a)(g)		2,353,881		1,495,120
Sequoia Mortgage Trust, Series 2021-1, Class B4, 2.673%, 3/25/2051 (a)(g)		2,482,964		1,224,809
Sequoia Mortgage Trust, Series 2021-7, Class B4, 2.866%, 11/25/2051 (a)(g)		1,624,858		643,805
SG Residential Mortgage Trust, Series 2021-2, Class A2, 1.942%, 12/25/2061 (a)(d)(g)		8,429,534		6,744,521
Shellpoint Asset Funding Trust, Series 2013-1, Class B4, 3.848%, 7/25/2043 (a)(g)		782,566		668,273
Shellpoint Asset Funding Trust, Series 2013-1, Class B5, 3.848%, 7/25/2043 (a)(g)(k)		2,733,914		1,583,103
Spruce Hill Mortgage Loan Trust, Series 2020-SH1, Class B2, 4.676%, 1/28/2050 (a)(g)		6,000,000		4,682,532
STAR Trust, Series 2021-1, Class B1, 3.520%, 5/25/2065 (a)(g)		1,158,500		841,691

See accompanying notes which are an integral part of these financial statements.

Angel Oak Multi-Strategy Income Fund

Consolidated Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Residential Mortgage-Backed Securities – (continued)
Starwood Mortgage Residential Trust, Series 2021-5, Class A3, 2.436%, 9/25/2066 (a)(d)(g)	$	8,539,660	$	6,798,176
Starwood Mortgage Residential Trust, Series 2022-SFR3, Class A, 6.880% (TSFR1M + 1.650%), 5/17/2024 (a)(c)		1,991,594		1,990,960
Structured Adjustable Rate Mortgage Loan Trust, Series 2005-18, Class 3A1, 4.226%, 9/25/2035 (g)(k)		1,833,176		1,536,005
Structured Adjustable Rate Mortgage Loan Trust, Series 2005-23, Class 4A1, 3.858%, 1/25/2036 (g)		299,085		233,671
Structured Adjustable Rate Mortgage Loan Trust, Series 2007-5, Class 3A1, 4.142%, 6/25/2037 (g)(k)		3,324,753		2,600,638
Structured Adjustable Rate Mortgage Loan Trust, Series 2007-8, Class 1A2, 6.727% (TSFR1M + 1.614%), 9/25/2037 (c)		776,863		523,501
Structured Asset Mortgage Investments Trust, Series 2004-AR1, Class X, 0.000%, 3/19/2034 (e)(g)(h)		4,675,558		47
Structured Asset Mortgage Investments Trust, Series 2004-AR7, Class X, 0.126%, 4/19/2035 (e)(g)(h)		7,000,516		130,714
Structured Asset Mortgage Investments Trust, Series 2005-AR2, Class 1X, 0.009%, 5/25/2045 (e)(g)(h)		7,556,537		93,694
Structured Asset Mortgage Investments Trust, Series 2005-AR3, Class 1X, 0.011%, 8/25/2035 (e)(g)(h)		10,636,044		135,652
Structured Asset Mortgage Investments Trust, Series 2006-AR5, Class 1X, 0.000%, 5/25/2046 (e)(g)(h)		10,980,251		389,964
Structured Asset Mortgage Investments Trust, Series 2006-AR5, Class 4X, 0.000%, 5/25/2046 (e)(g)(h)		35,333,664		1,134,670
Structured Asset Mortgage Investments Trust, Series 2006-AR8, Class X, 0.400%, 10/25/2036 (e)(h)		77,598,769		1,255,936
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2003-6A, Class 2A1, 6.574%, 3/25/2033 (g)		13,423		12,391
Terwin Mortgage Trust, Series 2005-18AL, Class PX, 0.434%, 1/25/2037 (a)(e)(g)(h)		23,706,779		1,345,028
Triangle Re Ltd., Series 2021-1, Class B1, 9.912% (TSFR1M + 0.274%), 8/25/2033 (a)(c)		1,500,000		1,506,633
Triangle Re Ltd., Series 2021-3, Class M1B, 7.969% (SOFR30A + 2.900%), 2/25/2034 (a)(c)		8,400,000		8,328,163
Triangle Re Ltd., Series 2021-3, Class M2, 8.819% (SOFR30A + 3.750%), 2/25/2034 (a)(c)		2,200,000		2,189,103
Unison Trust, Series 2021-1, Class A, 4.500%, 4/25/2050 (a)(g)		8,838,501		7,647,018
Unlock Hea Trust, Series 2022-1, Class A, 7.000%, 9/25/2035 (a)(d)(o)		23,039,634		22,193,780
Unlock Hea Trust, Series 2022-1, Class B, 8.000%, 9/25/2035 (a)(o)		10,000,000		9,334,460
UWM Mortgage Trust, Series 2021-INV1, Class B2, 3.160%, 8/25/2051 (a)(g)		7,353,798		5,649,144
UWM Mortgage Trust, Series 2021-INV1, Class B4, 3.160%, 8/25/2051 (a)(g)		2,152,448		1,425,517
UWM Mortgage Trust, Series 2021-INV1, Class B5, 3.160%, 8/25/2051 (a)(g)		1,613,617		1,024,064
UWM Mortgage Trust, Series 2021-INV1, Class B6, 3.160%, 8/25/2051 (a)(e)(g)		3,400,594		954,571
UWM Mortgage Trust, Series 2021-INV2, Class B2, 3.248%, 9/25/2051 (a)(d)(g)		8,845,403		6,781,806
UWM Mortgage Trust, Series 2021-INV2, Class B3, 3.248%, 9/25/2051 (a)(g)(k)		5,192,431		3,831,485
UWM Mortgage Trust, Series 2021-INV2, Class B4, 3.248%, 9/25/2051 (a)(g)		2,883,722		1,897,106
UWM Mortgage Trust, Series 2021-INV2, Class B5, 3.248%, 9/25/2051 (a)(g)		2,115,435		1,330,158
UWM Mortgage Trust, Series 2021-INV2, Class B6, 2.934%, 9/25/2051 (a)(e)(g)		4,380,896		1,575,423
UWM Mortgage Trust, Series 2021-INV3, Class B4, 3.238%, 11/25/2051 (a)(g)		5,989,444		3,900,422
UWM Mortgage Trust, Series 2021-INV3, Class B5, 3.238%, 11/25/2051 (a)(g)		4,392,516		2,574,542

See accompanying notes which are an integral part of these financial statements.

Angel Oak Multi-Strategy Income Fund

Consolidated Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Residential Mortgage-Backed Securities – (continued)
UWM Mortgage Trust, Series 2021-INV3, Class B6, 2.966%, 11/25/2051 (a)(g)		$ 9,982,729		$ 4,189,891
Verus Securitization Trust, Series 2022-3, Class M1, 4.096%, 2/25/2067 (a)(g)		2,500,000		1,807,818
Verus Securitization Trust, Series 2022-7, Class M1, 5.390%, 7/25/2067 (a)(g)		750,000		637,175
Verus Securitization Trust, Series 2022-8, Class A3, 6.127%, 9/25/2067 (a)(o)		661,586		645,283
Verus Securitization Trust, Series 2023-2, Class A2, 6.599%, 3/25/2068 (a)(o)		3,271,135		3,227,838
Verus Securitization Trust, Series 2023-INV1, Class A2, 6.556%, 2/25/2068 (a)(o)		1,592,579		1,592,154
Verus Securitization Trust, Series 2023-INV1, Class M1, 7.627%, 2/25/2068 (a)(g)		2,300,000		2,287,794
Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2004-AR10, Class X, 0.002%, 7/25/2044 (e)(g)(h)		8,827,891		65,326
Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2004-AR3, Class B1, 4.519%, 6/25/2034 (g)		519,372		475,942
Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2005-AR18, Class 1A2, 3.974%, 1/25/2036 (g)(k)		12,526,911		11,486,876
Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2005-AR6, Class X, 0.047%, 4/25/2045 (e)(g)(h)		15,910,111		294,830
Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-HY6, Class 1A1, 3.783%, 6/25/2037 (g)(k)		1,836,731		1,627,540
Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-OA4, Class 1XPP, 0.166%, 5/25/2047 (e)(g)(h)		69,978,929		22,813
Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-OA5, Class 1XPP, 0.126%, 6/25/2047 (e)(g)(h)		59,643,838		1,730
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust, Series 2003-MS7, Class P, 0.000%, 3/25/2033 (f)		232		163
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust, Series 2005-5, Class CB11, 6.000% (TSFR1M + 1.514%), 7/25/2035 (c)(k)		3,224,958		2,859,615
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust, Series 2005-AR1, Class A1A, 5.932% (TSFR1M + 0.634%), 12/25/2035 (c)(k)		2,735,061		1,758,414
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust, Series 2006-5, Class 2CB2, 6.000% (TSFR1M + 0.714%), 7/25/2036 (c)		493,373		285,491
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust, Series 2006-AR8, Class 3X1, 0.036%, 10/25/2046 (e)(g)(h)		11,905,920		220,843
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust, Series 2007-OA4, Class XPPP, 0.000%, 4/25/2047 (e)(g)(h)		20,869,039		52,131
Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A1, 5.732% (TSFR1M + 0.434%), 3/25/2037 (c)(k)		3,015,103		1,899,494
Wells Fargo Alternative Loan Trust, Series 2007-PA2, Class 1A1, 6.000%, 6/25/2037		813,871		728,041
Wells Fargo Alternative Loan Trust, Series 2007-PA3, Class 4A1, 6.500%, 7/25/2037		1,524,578		1,284,524
Wells Fargo Alternative Loan Trust, Series 2007-PA3, Class 4A3, 6.500%, 7/25/2037		1,672,458		1,409,120
Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR11, Class A1, 5.680%, 8/25/2036 (g)		136,117		98,783
Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR14, Class 1A3, 4.570%, 10/25/2036 (g)		373,896		255,976
Wells Fargo Mortgage Backed Securities Trust, Series 2007-17, Class APO, 0.000%, 1/25/2038 (f)		16,378		10,426
Wells Fargo Mortgage Backed Securities Trust, Series 2019-3, Class B4, 3.729%, 7/25/2049 (a)(g)		1,627,000		1,124,021
Wells Fargo Mortgage Backed Securities Trust, Series 2019-4, Class B4, 3.521%, 9/25/2049 (a)(g)		2,124,000		1,363,842

See accompanying notes which are an integral part of these financial statements.

Angel Oak Multi-Strategy Income Fund

Consolidated Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Residential Mortgage-Backed Securities – (continued)
Wells Fargo Mortgage Backed Securities Trust, Series 2021-1, Class B4, 2.708%, 12/25/2050 (a)(g)		$ 1,818,000		$ 697,805
Wells Fargo Mortgage Backed Securities Trust, Series 2021-1, Class B5, 2.708%, 12/25/2050 (a)(g)		1,011,000		391,809
Wells Fargo Mortgage Backed Securities Trust, Series 2021-1, Class B6, 2.708%, 12/25/2050 (a)(g)		1,420,044		333,991
Wells Fargo Mortgage Backed Securities Trust, Series 2022-1, Class B2, 2.975%, 8/25/2051 (a)(g)(k)		4,691,063		3,523,500
Wells Fargo Mortgage Backed Securities Trust, Series 2022-1, Class B4, 2.975%, 8/25/2051 (a)(g)		1,563,044		999,698
Wells Fargo Mortgage Backed Securities Trust, Series 2022-1, Class B5, 2.975%, 8/25/2051 (a)(g)		1,158,000		405,413
Wells Fargo Mortgage Backed Securities Trust, Series 2022-1, Class B6, 2.975%, 8/25/2051 (a)(g)		1,852,327		414,558
Wells Fargo Mortgage Loan Trust, Series 2010-RR2, Class 1A4, 3.619%, 9/27/2035 (a)(g)		3,768,497		3,099,495
Western Mortgage Reference Notes, Series 2021-CL2, Class B, 13.569% (SOFR30A + 8.500%), 7/25/2059 (a)(c)		6,600,000		6,418,480
Western Mortgage Reference Notes, Series 2021-CL2, Class M4, 10.419% (SOFR30A + 5.350%), 7/25/2059 (a)(c)		13,161,188		13,056,688
Western Mortgage Reference Notes, Series 2021-CL2, Class M5, 11.569% (SOFR30A + 6.500%), 7/25/2059 (a)(c)		7,687,693		7,465,910
WinWater Mortgage Loan Trust, Series 2014-1, Class B5, 3.919%, 6/20/2044 (a)(g)(k)		2,370,000		1,689,936
WinWater Mortgage Loan Trust, Series 2014-2, Class B5, 4.052%, 9/20/2044 (a)(g)		1,938,000		1,313,415
WinWater Mortgage Loan Trust, Series 2015-A, Class B5, 3.839%, 6/20/2045 (a)(g)		3,901,062		1,828,187
ZeroDown LLC, Series 2021-SFR1, Class A, 3.861%, 9/25/2024 (a)(g)(j)		12,188,053		11,844,350
ZeroDown LLC, Series 2021-SFR1, Class B, 7.677%, 9/25/2024 (a)(j)		3,250,112		3,089,231


TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (Cost – $2,254,655,720)			$	1,794,432,869

Residential Mortgage-Backed Securities – U.S. Government Agency – 13.49%
Federal National Mortgage Association, 4.500%, 8/1/2052		3,413,538		3,270,310
Government National Mortgage Association, 5.000%, 8/15/2040		169,750,000		166,340,741
Government National Mortgage Association, 4.500%, 8/20/2052		8,773,093		8,440,961
Government National Mortgage Association, 5.000%, 8/20/2052		23,773,519		23,303,468
Government National Mortgage Association, 4.500%, 9/20/2052		15,717,177		15,122,157
Government National Mortgage Association, 4.500%, 11/20/2052		24,433,401		23,508,401
Government National Mortgage Association, 5.500%, 11/20/2052		10,363,034		10,298,203
Government National Mortgage Association, 6.000%, 11/20/2052		9,666,684		9,713,065
Government National Mortgage Association, 5.500%, 12/20/2052		10,642,966		10,576,383
Government National Mortgage Association, 5.500%, 3/20/2053		90,000,000		89,436,960
Government National Mortgage Association, 4.500%, 5/20/2053		10,305,130		9,914,998
Government National Mortgage Association, 5.500%, 6/20/2053		2,294,879		2,280,522


TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY (Cost – $375,060,924)				$372,206,169

Residential Mortgage-Backed Securities – U.S. Government Agency Credit Risk Transfer –0.97%
Connecticut Avenue Securities Trust, Series 2019-R07, Class 1M2, 7.283% (SOFR30A + 2.214%), 10/25/2039 (a)(c)		273,981		274,810

See accompanying notes which are an integral part of these financial statements.

Angel Oak Multi-Strategy Income Fund

Consolidated Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Residential Mortgage-Backed Securities – U.S. Government Agency Credit Risk Transfer – (continued)
Connecticut Avenue Securities Trust, Series 2022-R08, Class 1M1, 7.619% (SOFR30A + 2.550%), 7/25/2042 (a)(c)		$ 683,788		$ 700,047
Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, 6.769% (SOFR30A + 1.700%), 7/25/2043 (a)(c)		2,500,000		2,509,382
Federal Home Loan Mortgage Corp., Series 2021-HQA1, Class B2, 10.069% (SOFR30A + 5.000%), 8/25/2033 (a)(c)		3,121,727		3,035,880
Federal Home Loan Mortgage Corp., Series 2021-DNA6, Class B2, 12.569% (SOFR30A + 7.500%), 10/25/2041 (a)(c)		5,100,000		5,361,375
Federal Home Loan Mortgage Corp., Series 2022-DNA1, Class B1, 8.469% (SOFR30A + 3.400%), 1/25/2042 (a)(c)		2,000,000		2,021,250
Federal Home Loan Mortgage Corp., Series 2018-SPI4, Class B, 4.514%, 11/25/2048 (a)(d)(g)		20,395,427		12,729,928


TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER (Cost – $33,198,372)				$26,632,672

Whole Loans – 0.23%
Agency High Balance Residential Mortgages, 5.125%, 5/24/2048		482,326		460,475
Agency High Balance Residential Mortgages, 4.000% to 4.500%, 4/26/2037 to 8/24/2037 (e)		1,880,985		1,786,629
Savannah Grand, 10.010%, 8/6/2023		4,050,000		4,044,810


TOTAL WHOLE LOANS (Cost – $6,360,147)				$6,291,914


Warrants – 0.00% (q)	Shares
Financial – 0.00%
Kingstone Cos, Inc. (a)(e)		90,000		56,160


TOTAL WARRANTS (Cost – $0)				$56,160


Short-Term Investments – 7.25%	Principal Amount
U.S. Treasury Bills – 2.52%
4.286%, 8/24/2023 (r)		$20,000,000		19,942,851
5.181%, 10/5/2023 (r)		25,000,000		24,762,559
5.199%, 10/26/2023 (r)		25,000,000		24,685,901


				69,391,311


	Shares
Money Market Funds – 4.73%
First American Government Obligations Fund, Class U, 5.162% (s)		130,645,748		130,645,748


TOTAL SHORT-TERM INVESTMENTS (Cost – $200,086,129)			$	200,037,059

See accompanying notes which are an integral part of these financial statements.

Angel Oak Multi-Strategy Income Fund

Consolidated Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Value

TOTAL INVESTMENTS – 117.48% (Cost – $3,844,274,884)	$	3,241,621,104

Liabilities in Excess of Other Assets – (17.48%)		(482,294,253	)


NET ASSETS – 100.00%	$	2,759,326,850

LIBOR: London Inter-Bank Offered Rate

SOFR: Secured Overnight Financing Rate

SOFR30A: Secured Overnight Financing Rate 30 Day Average

TSFR1M: 1 Month Term Secured Overnight Financing Rate

TSFR3M: 3 Month Term Secured Overnight Financing Rate

(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 July 31, 2023, the value of these securities amounted to $1,793,037,254 or 64.98% of net assets.

(b)	Security issued on a when-issued basis. On July 31, 2023, the total value of investments purchased on a when-issued basis was $8,613,519 or 0.31% of net assets.

(c)

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 July 31, 2023.

(d)	All or a portion of the security has been pledged as collateral in connection with open reverse repurchase agreements. At July 31, 2023, the value of securities pledged amounted to $224,522,550.

(e)	Illiquid security. At July 31, 2023, the value of these securities amounted to $171,005,745 or 6.20% of net assets.

(f)	Principal only security.

(g)	Variable rate security. The coupon is based on an underlying pool of assets. Rate disclosed is the rate in effect as of July 31, 2023.

(h)	Interest only security.

(i)	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 July 31, 2023, the value of securities pledged amounted to $2,977,045 or 0.11% of net assets.

(j)

As of July 31, 2023, 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 $16,255,783 or 0.59% of net assets. Value determined using significant unobservable inputs.

(k)	All or a portion of the security has been pledged as collateral in connection with open credit agreements. At July 31, 2023, the value of securities pledged amounted to $514,298,799.

(l)	Security issued as a “Baby Bond”, with a par value of $25 per bond. The principal balance disclosed above represents the issuer’s outstanding principal that corresponds to the bonds held in the Fund.

(m)	Security identified as in default as to the payment of interest. Income is not being accrued.

(n)	Auction rate security. Rate disclosed is the rate in effect as of July 31, 2023.

(o)	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 July 31, 2023.

(p)	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.

(q)	Less than 0.005%.

(r)	Rate disclosed is the effective yield as of July 31, 2023.

(s)	Rate disclosed is the seven day yield as of July 31, 2023.

See accompanying notes which are an integral part of these financial statements.

Angel Oak Multi-Strategy Income Fund

Consolidated Schedule of Investments – (continued)

July 31, 2023 (Unaudited)

Consolidated Schedule of Open Futures Contracts


Short Futures Contracts	Expiration Month	Number of Contracts			Notional Value			Value & Unrealized Appreciation (Depreciation)
10-Year U.S. Treasury Note Future	September 2023		(433	)	($	48,238,906	)	$	1,341,461
10 Year ERIS SOFR Swap Future	December 2030		(600	)		(46,104,720	)		843,660
10 Year ERIS SOFR Swap Future	March 2032		(559	)		(45,849,739	)		918,772
10 Year ERIS SOFR Swap Future	September 2032		(1,067	)		(91,006,244	)		7,666,182
Total								$	10,770,075

Consolidated Schedule of Open Reverse Repurchase Agreements


Counterparty	Interest Rate			Trade Date		Maturity Date		Net Closing Amount		Face Value
Barclays Capital, Inc.		6.966	%		6/20/2023		9/20/2023	$	81,812,252	$	80,381,270
Barclays Capital, Inc.		6.966	%		7/10/2023		9/20/2023		13,276,304		13,093,875
Barclays Capital, Inc.		6.966	%		7/14/2023		9/20/2023		6,610,711		6,524,855
Total										$	100,000,000

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.

Consolidated Schedule of Centrally Cleared Credit Default Swaps – Buy Protection

Reference Obligation

Pay (Receive)
Fixed Rate

Payment
Frequency

Maturity Date

Counterparty

Notional
Amount

Value

Premium
Paid
(Received)

Unrealized
Appreciation
(Depreciation)

Markit CDX.NA.HY

5.000%

Quarterly

12/20/2027

Wells Fargo Securities, LLC

$49,500,000

($2,167,142)

$578,628

($2,745,770)

See accompanying notes which are an integral part of these financial statements.

Angel Oak Financials Income Impact Fund

Schedule of Investments

July 31, 2023 (Unaudited)


	Shares		Value
Common Stocks – 1.84%
Financial – 1.84%
AmeriServ Financial, Inc.		21,000		$69,300
Bank7 Corp.		7,000		185,220
Eagle Bancorp Montana, Inc.		13,800		181,884
Financial Institutions, Inc.		2,100		40,278
First United Corp.		28,700		492,492
Greene County Bancorp, Inc.		8,800		303,248
Independent Bank Corp.		5,200		313,300


TOTAL COMMON STOCKS (Cost – $1,545,951)				$1,585,722


Corporate Obligations – 91.98%	Principal Amount
Financial – 91.98%
A10 Capital LLC, 5.875%, 8/17/2026 (a)		$1,000,000		931,080
Banc of California, Inc., 5.250%, 4/15/2025		500,000		464,329
BankFinancial Corp., 3.750% (TSFR3M + 2.990%), 5/15/2031 (a)(b)		2,000,000		1,689,852
BankGuam Holding Co., 4.750% (TSFR3M + 4.130%), 7/1/2031 (a)(b)		2,000,000		1,717,981
Brookline Bancorp, Inc., 6.000% (3 Month LIBOR USD + 3.315%), 9/15/2029 (b)		500,000		467,359
CB Financial Services, Inc., 3.875% (TSFR3M + 2.800%), 12/15/2031 (a)(b)		1,000,000		816,189
Central Pacific Financial Corp., 4.750% (TSFR3M + 4.560%), 11/1/2030 (b)		1,000,000		867,584
Citizens Community Bancorp, Inc., 4.750% (TSFR3M + 3.290%), 4/1/2032 (a)(b)		1,300,000		1,071,470
Civista Bancshares, Inc., 3.250% (SOFR + 2.190%), 12/1/2031 (b)		2,500,000		2,087,942
Clear Street Holdings LLC, 5.875%, 5/15/2026 (a)		2,000,000		1,874,049
Colony Bankcorp, Inc., 5.250% (TSFR3M + 2.650%), 5/20/2032 (a)(b)		1,000,000		834,356
Dickinson Financial Corp., 4.250% (TSFR3M + 4.030%), 11/15/2030 (a)(b)		1,250,000		1,083,200
Dime Community Bancshares, Inc., 5.000% (TSFR3M + 2.180%), 5/15/2032 (b)		1,000,000		826,806
Equity Bancshares, Inc., 7.000% (TSFR3M + 6.880%), 6/30/2030 (b)		1,000,000		908,843
FedNat Holding Co., 7.750%, 3/15/2029 (c)(d)(e)		2,500,000		775,000
Fidelity Bank, 5.875% (TSFR3M + 3.892%), 5/31/2030 (b)		2,000,000		1,809,676
Fidelity Financial Corp., 5.000% (TSFR3M + 2.470%), 4/30/2032 (a)(b)		3,000,000		2,483,021
Financial Institutions, Inc., 6.000% (3 Month LIBOR USD + 3.944%), 4/15/2030 (b)		1,500,000		1,369,494
First Bancshares, Inc., 6.400% (3 Month LIBOR USD + 3.390%), 5/1/2033 (b)		2,500,000		2,146,698
First Business Financial Services, Inc., 5.500% (SOFR + 4.332%), 8/15/2029 (a)(b)		750,000		698,996
First Foundation, Inc., 3.500% (SOFR + 2.040%), 2/1/2032 (b)		1,000,000		619,736
First Internet Bancorp, 3.750% (SOFR + 3.110%), 9/1/2031 (b)		1,000,000		826,179
First Northwest Bancorp, 3.750% (SOFR + 3.000%), 3/30/2031 (b)		1,500,000		1,270,136
Firstsun Capital Bancorp, 6.000% (TSFR3M + 5.890%), 7/1/2030 (a)(b)		2,000,000		1,807,726
Flushing Financial Corp., 3.125% (TSFR3M + 2.035%), 12/1/2031 (b)		3,000,000		2,420,237
Flushing Financial Corp., 6.000% (TSFR3M + 3.130%), 9/1/2032 (b)		500,000		424,311
FS Bancorp, Inc., 3.750% (TSFR3M + 3.370%), 2/15/2031 (b)		1,000,000		853,045
Home Bancshares, Inc., 5.500% (TSFR3M + 5.345%), 7/31/2030 (a)(b)		1,000,000		891,257
Homestreet, Inc., 6.500%, 6/1/2026		750,000		534,970
Independent Bank Corp., 5.950% (TSFR3M + 5.825%), 5/31/2030 (a)(b)		750,000		680,144
Jamesmark Bancshares, Inc., 3.750% (TSFR3M + 3.050%), 10/1/2031 (a)(b)		850,000		698,954
Kingstone Cos, Inc., 12.000%, 12/30/2024 (a)(c)		4,028,000		3,846,740
Limestone Bancorp, Inc., 5.750% (TSFR3M + 4.212%), 7/31/2029 (a)(b)		1,000,000		936,560
Malvern Bancorp, Inc., 9.466% (3 Month LIBOR USD + 4.145%), 2/15/2027 (b)		500,000		495,007
Marble Point Loan Financing Ltd. / MPLF Funding LLC, 7.500%, 10/16/2025 (a)		3,500,000		3,320,625
Mercantile Bank Corp., 3.250% (SOFR + 2.120%), 1/30/2032 (b)		3,000,000		2,399,164

See accompanying notes which are an integral part of these financial statements.

Angel Oak Financials Income Impact Fund

Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Corporate Obligations – (continued)
Financial – (continued)
Midwest Bankcentre, Inc., 3.625% (TSFR3M + 2.950%), 6/15/2031 (a)(b)	$	1,500,000	$	1,250,231
Narragansett Financial Corp., 3.875% (TSFR3M + 3.190%), 5/15/2031 (a)(b)		2,000,000		1,686,808
New York Community Bancorp, Inc., 5.900% (TSFR3M + 3.042%), 11/6/2028 (b)		1,000,000		945,269
NexBank Capital, Inc., 4.000% (TSFR3M + 3.390%), 8/15/2031 (a)(b)		3,000,000		2,424,922
NexBank Capital, Inc., 6.000%, 7/15/2032 (a)(f)		1,000,000		851,635
Northpointe Bancshares, Inc., 6.000% (TSFR3M + 4.905%), 9/30/2029 (a)(b)		1,000,000		929,532
Oakstar Bancshares, Inc., 4.250% (TSFR3M + 3.516%), 4/15/2031 (a)(b)		1,000,000		856,192
OceanFirst Financial Corp., 5.250% (TSFR3M + 5.095%), 5/15/2030 (b)		1,000,000		901,339
Olney Bancshares of Texas, Inc., 4.000% (TSFR3M + 3.320%), 3/15/2031 (a)(b)		1,250,000		1,068,103
Peapack Gladstone Financial Corp., 8.092% (3 Month LIBOR USD + 2.540%), 12/15/2027 (b)		1,000,000		969,200
Preferred Bank, 3.375% (TSFR3M + 2.780%), 6/15/2031 (b)		4,000,000		3,140,530
Primis Financial Corp., 9.581% (3 Month LIBOR USD + 3.950%), 1/31/2027 (a)(b)		1,000,000		981,388
RBB Bancorp, 4.000% (TSFR3M + 3.290%), 4/1/2031 (b)		3,000,000		2,610,784
River Financial Corp., 4.000% (TSFR3M + 3.420%), 3/15/2031 (a)(b)		1,000,000		854,482
SmartFinancial, Inc., 5.625% (TSFR3M + 2.812%), 10/2/2028 (a)(b)		1,250,000		1,239,390
South Street Securities Funding LLC, 6.250%, 12/30/2026 (a)		1,000,000		928,864
Stellar Bancorp, Inc., 4.700% (SOFR + 3.392%), 10/1/2029 (b)		1,000,000		911,902
Summit Financial Group, Inc., 3.250% (TSFR3M + 2.300%), 12/1/2031 (b)		1,000,000		800,561
Texas State Bankshares, Inc., 5.750% (3 Month LIBOR USD + 3.550%), 6/15/2029 (a)(b)		2,000,000		1,888,295
TIAA FSB Holdings, Inc., 10.256% (3 Month LIBOR USD + 4.704%), 3/15/2026 (b)		1,000,000		998,527
Trinitas Capital Management LLC, 6.000%, 7/30/2026 (a)		2,000,000		1,862,500
Trinity Capital, Inc., 4.250%, 12/15/2026		2,000,000		1,713,174
Truist Bank, 3.625%, 9/16/2025		1,000,000		946,293
Truist Financial Corp., 6.047% (SOFR + 2.050%), 6/8/2027 (b)		500,000		501,095
Valley National Bancorp, 6.250% (TSFR3M + 2.780%), 9/30/2032 (b)		1,000,000		832,395
Webster Financial Corp., 4.000% (TSFR3M + 2.530%), 12/30/2029 (b)		50,000		46,406
Zais Group LLC, 7.000%, 11/15/2023 (a)		360,000		359,551


TOTAL CORPORATE OBLIGATIONS (Cost – $92,524,423)				$79,448,084


Preferred Stocks – 0.85%	Shares
Financial – 0.85%
First Guaranty Bancshares, Inc., 6.750%		40,000		732,800


TOTAL PREFERRED STOCKS (Cost – $1,000,000)				$732,800

Warrants – 0.14%
Financial – 0.14%
Kingstone Cos, Inc. (a)(c)		195,750		122,148


TOTAL WARRANTS (Cost – $0)				$122,148

See accompanying notes which are an integral part of these financial statements.

Angel Oak Financials Income Impact Fund

Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Shares		Value
Short-Term Investments – 3.71%
Money Market Funds – 3.71%
First American Government Obligations Fund, Class U, 5.162% (g)		3,201,961		$3,201,961


TOTAL SHORT-TERM INVESTMENTS (Cost – $3,201,961)				$3,201,961


TOTAL INVESTMENTS – 98.52% (Cost – $98,272,335)				$85,090,715
Other Assets in Excess of Liabilities – 1.48%				1,279,422


NET ASSETS – 100.00%				$86,370,137

LIBOR: London Inter-Bank Offered Rate

SOFR: Secured Overnight Financing Rate

TSFR3M: 3 Month Term Secured Overnight Financing Rate

(a)

(b)

(c)	Illiquid security. At July 31, 2023, the value of these securities amounted to $4,743,888 or 5.49% of net assets.

(d)

As of July 31, 2023, 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 $775,000 or 0.90% of net assets. Value determined using significant unobservable inputs.

(e)	Security identified as in default as to the payment of interest. Income is not being accrued.

(f)	Variable rate security. The coupon is based on an underlying pool of assets. Rate disclosed is the rate in effect as of July 31, 2023.

(g)	Rate disclosed is the seven day yield as of July 31, 2023.

See accompanying notes which are an integral part of these financial statements.

Angel Oak High Yield Opportunities Fund

Schedule of Investments

July 31, 2023 (Unaudited)


	Principal Amount		Value

Asset-Backed Securities – 3.98%
Exeter Automobile Receivables Trust, Series 2023-2A, Class E, 9.750%, 11/15/2030 (a)		$200,000		$200,870
Foundation Finance Trust, Series 2017-1A, Class C, 5.400%, 7/15/2033 (a)		200,000		190,883
Foundation Finance Trust, Series 2023-1A, Class D, 9.180%, 12/15/2043 (a)		200,000		204,868
Foursight Capital Automobile Receivables Trust, Series 2023-1, Class D, 7.410%, 2/15/2030 (a)		200,000		200,187
Lobel Automobile Receivables Trust, Series 2023-1, Class C, 8.310%, 10/16/2028 (a)		200,000		197,107
Octane Receivables Trust, Series 2023-2A, Class D, 7.380%, 6/20/2031 (a)		200,000		198,804
Oportun Financial Corp., Series 2022-3, Class C, 10.147%, 1/8/2030 (a)		200,000		205,286
Pagaya AI Debt Selection Trust, Series 2023-1, Class B, 9.435%, 7/15/2030 (a)		299,958		305,764
Pagaya AI Debt Selection Trust, Series 2023-3, Class B, 9.570%, 12/16/2030 (a)		200,000		203,250
Pagaya AI Debt Selection Trust, Series 2023-5, Class C, 9.099%, 4/15/2031 (a)		100,000		101,321
Skopos Auto Receivables Trust, Series 2019-1A, Class E, 7.820%, 6/15/2026 (a)		350,000		349,976
Upstart Securitization Trust, Series 2023-1, Class C, 11.100%, 2/20/2033 (a)		100,000		97,780
USASF Receivables LLC, Series 2020-1A, Class D, 9.350%, 3/15/2027 (a)		200,000		201,883


TOTAL ASSET-BACKED SECURITIES (Cost – $2,641,136)				$2,657,979

Corporate Obligations – 71.17%
Basic Materials – 6.52%
Cleveland-Cliffs, Inc., 5.875%, 6/1/2027		400,000		393,133
Cleveland-Cliffs, Inc., 6.750%, 4/15/2030 (a)		500,000		487,077
Compass Minerals International, Inc., 6.750%, 12/1/2027 (a)		500,000		487,691
Copper Mountain Mining Corp., 8.000%, 4/9/2026 (a)(b)(c)		505,384		512,965
CVR Partners LP / CVR Nitrogen Finance Corp., 6.125%, 6/15/2028 (a)		1,000,000		904,021
Hecla Mining Co., 7.250%, 2/15/2028		500,000		495,668
Mercer International, Inc., 5.125%, 2/1/2029		750,000		613,125
Taseko Mines Ltd., 7.000%, 2/15/2026 (a)		500,000		461,390


				4,355,070

Communications – 8.74%
AMC Networks, Inc., 4.750%, 8/1/2025		500,000		443,419
Audacy Capital Corp., 6.500%, 5/1/2027 (a)(b)		100,000		1,613
Audacy Capital Corp., 6.750%, 3/31/2029 (a)(b)		200,000		4,500
Cars.com, Inc., 6.375%, 11/1/2028 (a)		500,000		472,058
CMG Media Corp., 8.875%, 12/15/2027 (a)		250,000		193,410
Consolidated Communications, Inc., 6.500%, 10/1/2028 (a)		500,000		390,339
CSC Holdings LLC, 5.500%, 4/15/2027 (a)		500,000		429,484
Cumulus Media New Holdings, Inc., 6.750%, 7/1/2026 (a)		542,000		408,465
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 5.875%, 8/15/2027 (a)		1,000,000		903,028
EquipmentShare.com, Inc., 9.000%, 5/15/2028 (a)		500,000		496,104
Gray Escrow, Inc., 5.375%, 11/15/2031 (a)		1,000,000		686,015
Lamar Media Corp., 4.875%, 1/15/2029		250,000		233,350
Nexstar Media, Inc., 5.625%, 7/15/2027 (a)		250,000		235,290
Outfront Media Capital LLC / Outfront Media Capital Corp., 5.000%, 8/15/2027 (a)		250,000		230,000
Townsquare Media, Inc., 6.875%, 2/1/2026 (a)		300,000		289,404
Univision Communications, Inc., 6.625%, 6/1/2027 (a)		250,000		243,690
Urban One, Inc., 7.375%, 2/1/2028 (a)		200,000		176,800


				5,836,969

See accompanying notes which are an integral part of these financial statements.

Angel Oak High Yield Opportunities Fund

Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Corporate Obligations – (continued)
Consumer, Cyclical – 11.09%
American Airlines, Inc. / AAdvantage Loyalty IP Ltd., 5.500%, 4/20/2026 (a)	$	500,000	$	493,008
American Axle & Manufacturing, Inc., 5.000%, 10/1/2029		1,000,000		854,152
Aramark Services, Inc., 6.375%, 5/1/2025 (a)		500,000		500,434
Beacon Roofing Supply, Inc., 4.500%, 11/15/2026 (a)		250,000		238,272
Carnival Corp., 6.000%, 5/1/2029 (a)		350,000		314,928
Clarios Global LP, 6.750%, 5/15/2025 (a)		226,000		226,752
Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.750%, 10/20/2028 (a)		500,000		484,118
FirstCash, Inc., 4.625%, 9/1/2028 (a)		500,000		446,692
Ford Motor Co., 6.100%, 8/19/2032		1,000,000		967,970
Goodyear Tire & Rubber Co., 5.000%, 7/15/2029		500,000		461,596
Hawaiian Brand Intellectual Property Ltd., 5.750%, 1/20/2026 (a)		500,000		471,867
Installed Building Products, Inc., 5.750%, 2/1/2028 (a)		100,000		94,786
Lithia Motors, Inc., 4.625%, 12/15/2027 (a)		250,000		231,634
Marriott Ownership Resorts, Inc., 4.750%, 1/15/2028		500,000		452,685
New Red Finance, Inc., 4.375%, 1/15/2028 (a)		250,000		231,223
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd., 8.000%, 9/20/2025 (a)		300,000		302,844
Suburban Propane Partners LP / Suburban Energy Finance Corp., 5.000%, 6/1/2031 (a)		100,000		85,738
VistaJet Malta Finance PLC / Vista Management Holding, Inc., 9.500%, 6/1/2028 (a)		100,000		95,627
White Cap Buyer LLC, 6.875%, 10/15/2028 (a)		500,000		451,046


				7,405,372

Consumer, Non-cyclical – 6.98%
Arrow Bidco LLC, 9.500%, 3/15/2024 (a)		470,000		471,936
CPI CG, Inc., 8.625%, 3/15/2026 (a)		234,000		226,168
Korn Ferry, 4.625%, 12/15/2027 (a)		250,000		235,306
Matthews International Corp., 5.250%, 12/1/2025 (a)		250,000		240,982
Medline Borrower LP, 5.250%, 10/1/2029 (a)		500,000		442,244
NESCO Holdings, Inc., 5.500%, 4/15/2029 (a)		100,000		91,050
Performance Food Group, Inc., 4.250%, 8/1/2029 (a)		500,000		444,612
Prime Security Services Borrower LLC / Prime Finance, Inc., 3.375%, 8/31/2027 (a)		250,000		220,978
Select Medical Corp., 6.250%, 8/15/2026 (a)		500,000		496,177
Simmons Foods, Inc., 4.625%, 3/1/2029 (a)		250,000		208,995
Sotheby’s, 7.375%, 10/15/2027 (a)		300,000		266,114
Sotheby’s / Bidfair Holdings, Inc., 5.875%, 6/1/2029 (a)		500,000		388,399
TreeHouse Foods, Inc., 4.000%, 9/1/2028		250,000		218,538
Upbound Group, Inc., 6.375%, 2/15/2029 (a)		500,000		459,223
US Foods, Inc., 6.250%, 4/15/2025 (a)		250,000		250,868


				4,661,590

Energy – 19.47%
Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.750%, 1/15/2028 (a)		1,250,000		1,203,094
Archrock Partners LP / Archrock Partners Finance Corp., 6.875%, 4/1/2027 (a)		700,000		683,120
Atlantica Sustainable Infrastructure PLC, 4.125%, 6/15/2028 (a)		250,000		226,639
Calumet Specialty Products Partners LP / Calumet Finance Corp., 8.125%, 1/15/2027 (a)		600,000		577,431
Calumet Specialty Products Partners LP / Calumet Finance Corp., 9.750%, 7/15/2028 (a)		200,000		199,743
CITGO Petroleum Corp., 7.000%, 6/15/2025 (a)		500,000		494,512
Comstock Resources, Inc., 6.750%, 3/1/2029 (a)		100,000		93,385
Comstock Resources, Inc., 5.875%, 1/15/2030 (a)		100,000		88,609
CrownRock LP / CrownRock Finance, Inc., 5.000%, 5/1/2029 (a)		250,000		235,375

See accompanying notes which are an integral part of these financial statements.

Angel Oak High Yield Opportunities Fund

Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Corporate Obligations –(continued)
Energy – (continued)
Encino Acquisition Partners Holdings LLC, 8.500%, 5/1/2028 (a)	$	250,000	$	229,692
Enviva Partners LP / Enviva Partners Finance Corp., 6.500%, 1/15/2026 (a)		750,000		637,433
Hilcorp Energy I LP / Hilcorp Finance Co., 5.750%, 2/1/2029 (a)		900,000		833,310
Kinetik Holdings LP, 5.875%, 6/15/2030 (a)		250,000		240,556
New Fortress Energy, Inc., 6.750%, 9/15/2025 (a)		250,000		238,607
New Fortress Energy, Inc., 6.500%, 9/30/2026 (a)		500,000		459,387
PBF Holding Co. LLC / PBF Finance Corp., 6.000%, 2/15/2028		500,000		472,610
Shelf Drilling Holdings Ltd., 8.250%, 2/15/2025 (a)		1,500,000		1,434,203
SunCoke Energy, Inc., 4.875%, 6/30/2029 (a)		500,000		431,271
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 7.500%, 10/1/2025 (a)		500,000		501,327
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.000%, 12/31/2030 (a)		500,000		444,280
Transocean, Inc., 11.500%, 1/30/2027 (a)		113,000		118,624
USA Compression Partners LP / USA Compression Finance Corp., 6.875%, 9/1/2027		750,000		723,174
Venture Global Calcasieu Pass LLC, 4.125%, 8/15/2031 (a)		250,000		212,298
Venture Global Calcasieu Pass LLC, 3.875%, 11/1/2033 (a)		250,000		203,517
Warrior Met Coal, Inc., 7.875%, 12/1/2028 (a)		2,000,000		2,022,738


				13,004,935

Financial – 10.70%
Enact Holdings, Inc., 6.500%, 8/15/2025 (a)		500,000		495,525
Freedom Mortgage Corp., 7.625%, 5/1/2026 (a)		500,000		458,413
Global Aircraft Leasing Co. Ltd., 6.50% Cash or 7.250% PIK, 9/15/2024 (a)		433,620		408,321
goeasy Ltd., 4.375%, 5/1/2026 (a)		500,000		457,736
HAT Holdings I LLC / HAT Holdings II LLC, 3.375%, 6/15/2026 (a)		750,000		679,208
LD Holdings Group LLC, 6.125%, 4/1/2028 (a)		400,000		258,454
LPL Holdings, Inc., 4.625%, 11/15/2027 (a)		500,000		471,688
MPT Operating Partnership LP / MPT Finance Corp., 3.500%, 3/15/2031		500,000		360,660
Nationstar Mortgage Holdings, Inc., 6.000%, 1/15/2027 (a)		650,000		621,764
NMI Holdings, Inc., 7.375%, 6/1/2025 (a)		250,000		252,697
PennyMac Financial Services, Inc., 5.750%, 9/15/2031 (a)		250,000		211,187
PRA Group, Inc., 7.375%, 9/1/2025 (a)		250,000		241,010
PRA Group, Inc., 5.000%, 10/1/2029 (a)		500,000		381,850
Realogy Group LLC / Realogy Co-Issuer Corp., 5.250%, 4/15/2030 (a)		500,000		360,841
Starwood Property Trust, Inc., 5.500%, 11/1/2023 (a)		500,000		496,955
StoneX Group, Inc., 8.625%, 6/15/2025 (a)		400,000		404,814
United Wholesale Mortgage LLC, 5.500%, 4/15/2029 (a)		500,000		440,024
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 6.500%, 2/15/2029 (a)		200,000		139,318


				7,140,465

Industrial – 7.67%
Brundage-Bone Concrete Pumping Holdings, Inc., 6.000%, 2/1/2026 (a)		250,000		240,371
Builders FirstSource, Inc., 5.000%, 3/1/2030 (a)		250,000		234,000
Cargo Aircraft Management, Inc., 4.750%, 2/1/2028 (a)		500,000		445,194
Coherent Corp., 5.000%, 12/15/2029 (a)		500,000		450,508
Covanta Holding Corp., 5.000%, 9/1/2030		250,000		216,794
Fortress Transportation and Infrastructure Investors LLC, 9.750%, 8/1/2027 (a)		250,000		260,522
Great Lakes Dredge & Dock Corp., 5.250%, 6/1/2029 (a)		100,000		83,632
Knife River Holding Co., 7.750%, 5/1/2031 (a)		500,000		510,468
MIWD Holdco LLC / MIWD Finance Corp., 5.500%, 2/1/2030 (a)		100,000		84,609

See accompanying notes which are an integral part of these financial statements.

Angel Oak High Yield Opportunities Fund

Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Corporate Obligations –(continued)
Industrial – (continued)
Moog, Inc., 4.250%, 12/15/2027 (a)	$	250,000	$	231,305
Mueller Water Products, Inc., 4.000%, 6/15/2029 (a)		300,000		267,611
Owens-Brockway Glass Container, Inc., 7.250%, 5/15/2031 (a)		225,000		228,931
Roller Bearing Co. of America, Inc., 4.375%, 10/15/2029 (a)		200,000		178,500
Seaspan Corp., 5.500%, 8/1/2029 (a)		500,000		408,185
Sensata Technologies BV, 5.875%, 9/1/2030 (a)		250,000		241,153
Smyrna Ready Mix Concrete LLC, 6.000%, 11/1/2028 (a)		250,000		238,569
Spirit AeroSystems, Inc., 7.500%, 4/15/2025 (a)		100,000		100,062
Vertiv Group Corp., 4.125%, 11/15/2028 (a)		500,000		449,298
XPO, Inc., 7.125%, 6/1/2031 (a)		250,000		253,201


				5,122,913


TOTAL CORPORATE OBLIGATIONS (Cost – $51,990,832)				$47,527,314

Residential Mortgage-Backed Securities – 16.79%
Bellemeade Re Ltd., Series 2021-2A, Class M2, 7.969% (SOFR30A + 2.900%), 6/25/2031 (a)(d)		710,000		708,477
Bellemeade Re Ltd., Series 2021-1A, Class M2, 9.919% (SOFR30A + 4.850%), 3/25/2031 (a)(d)		640,000		662,480
GCAT Trust, Series 2023-NQM2, Class B1, 7.031%, 11/25/2067 (a)(e)		850,000		746,846
GS Mortgage-Backed Securities Corp Trust, Series 2019-PJ1, Class B6, 4.072%, 8/25/2049 (a)(e)		511,534		289,996
Home RE Ltd., Series 2021-2, Class B1, 9.219% (SOFR30A + 4.150%), 1/25/2034 (a)(d)		800,000		749,577
JP Morgan Mortgage Trust, Series 2020-2, Class B4, 3.825%, 7/25/2050 (a)(e)		716,795		552,947
JP Morgan Mortgage Trust, Series 2020-3, Class B4, 3.845%, 8/25/2050 (a)(e)		713,281		537,782
New Residential Mortgage Loan Trust, Series 2022-SFR2, Class E1, 4.000%, 9/4/2039 (a)		760,000		657,004
Oaktown Re Ltd., Series 2021-2, Class B1, 9.469% (SOFR30A + 4.400%), 4/25/2034 (a)(d)		1,000,000		923,491
Progress Residential Trust, Series 2021-SFR1, Class F, 2.757%, 4/17/2038 (a)		765,000		665,141
Progress Residential Trust, Series 2021-SFR9, Class F, 4.053%, 11/17/2040 (a)		500,000		412,108
PRPM LLC, Series 2021-1, Class A1, 2.115%, 1/25/2026 (a)(e)		508,824		479,839
Radnor RE Ltd., Series 2021-2, Class B1, 11.069% (SOFR30A + 6.000%), 11/25/2031 (a)(d)		750,000		788,852
Radnor RE Ltd., Series 2021-1, Class M2, 8.219% (SOFR30A + 3.150%), 12/27/2033 (a)(d)		750,000		736,693
STAR Trust, Series 2021-1, Class B1, 3.520%, 5/25/2065 (a)(e)		1,000,000		726,535
Verus Securitization Trust, Series 2021-1, Class M1, 1.968%, 1/25/2066 (a)(e)		726,000		465,171
Verus Securitization Trust, Series 2023-INV1, Class B1, 7.627%, 2/25/2068 (a)(e)		750,000		698,993
Verus Securitization Trust, Series 2023-3, Class B1, 7.987%, 3/25/2068 (a)(e)		450,000		410,844


TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (Cost – $11,191,205)				$11,212,776

Residential Mortgage-Backed Securities – U.S. Government Agency Credit Risk Transfer – 4.98%
Connecticut Avenue Securities Trust, Series 2022-R04, Class 1M2, 8.169% (SOFR30A + 3.100%), 3/25/2042 (a)(d)		370,000		377,177
Federal Home Loan Mortgage Corp., Series 2021-DNA2, Class B1, 8.469% (SOFR30A + 3.400%), 8/25/2033 (a)(d)		500,000		515,679
Federal Home Loan Mortgage Corp., Series 2021-DNA6, Class B1, 8.469% (SOFR30A + 3.400%), 10/25/2041 (a)(d)		1,000,000		1,009,496

See accompanying notes which are an integral part of these financial statements.

Angel Oak High Yield Opportunities Fund

Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Residential Mortgage-Backed Securities – U.S. Government Agency Credit Risk Transfer –(continued)
Federal Home Loan Mortgage Corp., Series 2022-HQA1, Class M2, 10.319% (SOFR30A + 5.250%), 3/25/2042 (a)(d)	$	650,000	$	693,522
Federal Home Loan Mortgage Corp., Series 2021-HQA1, Class B2, 10.069% (SOFR30A + 5.000%), 8/25/2033 (a)(d)		750,000		729,375


TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER (Cost – $3,050,364)				$3,325,249


Short-Term Investments – 2.17%		Shares
Money Market Funds – 2.17%
First American Government Obligations Fund, Class U, 5.162% (f)		1,447,316		1,447,316


TOTAL SHORT-TERM INVESTMENTS (Cost – $1,447,316)				$1,447,316


TOTAL INVESTMENTS – 99.09% (Cost – $70,320,853)				$66,170,634
Other Assets in Excess of Liabilities – 0.91%				610,031


NET ASSETS – 100.00%				$66,780,665

LIBOR: London Inter-Bank Offered Rate

SOFR: Secured Overnight Financing Rate

SOFR30A: Secured Overnight Financing Rate 30 Day Average

PIK: Payment In-Kind

(a)

(b)	Illiquid security. At July 31, 2023, the value of these securities amounted to $519,078 or 0.78% of net assets.

(c)	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 July 31, 2023, the value of securities pledged amounted to $512,965 or 0.77% of net assets.

(d)

(e)	Variable rate security. The coupon is based on an underlying pool of assets. Rate disclosed is the rate in effect as of July 31, 2023.

(f)	Rate disclosed is the seven day yield as of July 31, 2023.

See accompanying notes which are an integral part of these financial statements.

Angel Oak UltraShort Income Fund

Schedule of Investments

July 31, 2023 (Unaudited)


	Principal Amount		Value
Asset-Backed Securities – 45.72%
ACC Trust, Series 2022-1, Class B, 2.550%, 2/20/2025 (a)	$	2,400,000	$	2,363,736
ACHV TRUST, Series 2023-2PL, Class B, 6.880%, 5/20/2030 (a)		1,200,000		1,189,350
ACM Auto Trust, Series 2023-2A, Class A, 7.970%, 6/20/2030 (a)		1,123,418		1,127,330
Affirm Asset Securitization Trust, Series 2021-B, Class B, 1.240%, 8/17/2026 (a)		150,000		141,980
Affirm Asset Securitization Trust, Series 2021-B, Class D, 2.540%, 8/17/2026 (a)		250,000		229,836
Affirm Asset Securitization Trust, Series 2023-A, Class 1A, 6.610%, 1/18/2028 (a)		400,000		399,147
Affirm Asset Securitization Trust, Series 2023-A, Class A, 6.610%, 1/18/2028 (a)		600,000		598,052
Ally Auto Receivables Trust, Series 2022-3, Class A2, 5.290%, 6/16/2025		816,120		816,153
American Credit Acceptance Receivables Trust, Series 2023-2, Class A, 5.890%, 10/13/2026 (a)		602,748		602,647
American Credit Acceptance Receivables Trust, Series 2022-1, Class D, 2.460%, 3/13/2028 (a)		2,335,000		2,203,143
Arivo Acceptance Auto Loan Receivables Trust, Series 2021-1A, Class C, 3.770%, 3/15/2027 (a)		150,000		140,530
Arivo Acceptance Auto Loan Receivables Trust, Series 2022-1A, Class A, 3.930%, 5/15/2028 (a)		937,399		915,161
Arivo Acceptance Auto Loan Receivables Trust, Series 2022-2A, Class A, 6.900%, 1/16/2029 (a)		471,791		473,954
Avant Credit Card Master Trust, Series 2021-1A, Class A, 1.370%, 4/15/2027 (a)		3,500,000		3,209,776
Avant Credit Card Master Trust, Series 2021-1A, Class B, 1.620%, 4/15/2027 (a)		2,250,000		2,111,470
Avant Loans Funding Trust, Series 2021-REV1, Class A, 1.210%, 7/15/2030 (a)		1,729,056		1,701,897
Avid Automobile Receivables Trust, Series 2021-1, Class C, 1.550%, 5/15/2026 (a)		1,500,000		1,468,159
Avid Automobile Receivables Trust, Series 2019-1, Class D, 4.030%, 7/15/2026 (a)		1,000,000		1,000,482
Avid Automobile Receivables Trust, Series 2023-1, Class B, 7.120%, 3/15/2027 (a)		2,600,000		2,607,972
Avid Automobile Receivables Trust, Series 2021-1, Class D, 1.990%, 4/17/2028 (a)		1,000,000		933,063
Avis Budget Rental Car Funding AESOP LLC, Series 2018-1A, Class B, 4.000%, 9/20/2024 (a)		500,000		500,111
BA Credit Card Trust, Series 2021-A1, Class A1, 0.440%, 9/15/2026		2,638,000		2,547,809
BHG Securitization Trust, Series 2022-B, Class A, 3.750%, 6/18/2035 (a)		965,981		955,367
CARDS II Trust, Series 2021-1A, Class A, 0.602%, 4/15/2027 (a)		325,000		313,846
CarNow Auto Receivables Trust, Series 2021-1A, Class D, 3.640%, 2/17/2026 (a)		1,250,000		1,222,375
CarNow Auto Receivables Trust, Series 2022-1A, Class B, 4.890%, 3/16/2026 (a)		957,796		953,106
Carvana Auto Receivables Trust, Series 2019-4A, Class D, 3.070%, 7/15/2025 (a)		240,271		238,353
Carvana Auto Receivables Trust, Series 2021-P2, Class A3, 0.490%, 3/10/2026		807,785		789,007
Carvana Auto Receivables Trust, Series 2023-N1, Class A, 6.360%, 4/12/2027 (a)		1,357,113		1,347,332
Carvana Auto Receivables Trust, Series 2020-N1A, Class E, 5.200%, 7/15/2027 (a)		1,450,000		1,396,317
Carvana Auto Receivables Trust, Series 2021-N1, Class C, 1.300%, 1/10/2028		1,475,746		1,383,155
Carvana Auto Receivables Trust, Series 2021-N2, Class B, 0.750%, 3/10/2028		1,972,258		1,826,970
Carvana Auto Receivables Trust, Series 2021-N2, Class C, 1.070%, 3/10/2028		585,395		539,843
Carvana Auto Receivables Trust, Series 2021-N3, Class C, 1.020%, 6/12/2028		1,519,520		1,416,398
CFMT Issuer Trust, Series 2021-GRN1, Class A, 1.100%, 3/20/2041 (a)		1,487,572		1,377,346
Chase Auto Credit Linked Notes, Series 2020-1, Class B, 0.991%, 1/25/2028 (a)		20,143		19,994
Chase Auto Credit Linked Notes, Series 2020-1, Class C, 1.389%, 1/25/2028 (a)		55,394		55,058
Chase Auto Credit Linked Notes, Series 2021-2, Class D, 1.138%, 12/26/2028 (a)		404,666		393,112
Citibank Credit Card Issuance Trust, Series 2017-A5, Class A5, 6.026% (TSFR1M + 0.734%), 4/22/2026 (b)		1,865,000		1,873,184
Consumer Loan Underlying Bond CLUB Certificate Trust, Series 2019-33, Class PT, 11.173%, 10/17/2044 (a)(c)(d)		504,104		466,905
Consumer Loan Underlying Bond CLUB Credit Trust, Series 2019-P2, Class C, 4.410%, 10/15/2026 (a)		52,936		52,836
Continental Finance Credit Card ABS Master Trust, Series 2020-1A, Class A, 2.240%, 12/15/2028 (a)		500,000		483,501
Continental Finance Credit Card ABS Master Trust, Series 2021-A, Class A, 2.550%, 12/17/2029 (a)		2,000,000		1,841,680
CPS Auto Receivables Trust, Series 2023-A, Class B, 5.470%, 11/16/2026 (a)		750,000		741,340

See accompanying notes which are an integral part of these financial statements.

Angel Oak UltraShort Income Fund

Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Asset-Backed Securities – (continued)
CPS Auto Receivables Trust, Series 2023-B, Class A, 5.910%, 8/16/2027 (a)	$	1,955,115	$	1,954,995
CPS Auto Receivables Trust, Series 2021-B, Class E, 3.410%, 6/15/2028 (a)		500,000		467,538
CPS Auto Receivables Trust, Series 2022-C, Class B, 4.880%, 4/15/2030 (a)		1,170,000		1,158,618
Credit Suisse ABS Trust, Series 2020-AT1, Class A, 2.610%, 10/15/2026 (a)		155,471		152,002
Donlen Fleet Lease Funding LLC, Series 2021-2, Class B, 0.980%, 12/11/2034 (a)		1,500,000		1,422,993
DT Auto Owner Trust, Series 2022-2A, Class B, 4.220%, 1/15/2027 (a)		1,700,000		1,675,908
DT Auto Owner Trust, Series 2023-2A, Class A, 5.880%, 4/15/2027 (a)		832,460		831,037
DT Auto Owner Trust, Series 2022-3A, Class B, 6.740%, 7/17/2028 (a)		2,700,000		2,702,128
DT Auto Owner Trust, Series 2021-3A, Class E, 2.650%, 9/15/2028 (a)		500,000		446,223
Exeter Automobile Receivables Trust, Series 2023-2A, Class A2, 5.870%, 11/17/2025		850,000		850,535
Exeter Automobile Receivables Trust, Series 2023-1A, Class A3, 5.580%, 4/15/2026		700,000		697,534
FHF Trust, Series 2021-2A, Class A, 0.830%, 12/15/2026 (a)		1,093,368		1,044,922
FHF Trust, Series 2021-1A, Class A, 1.270%, 3/15/2027 (a)		1,401,474		1,353,301
FHF Trust, Series 2022-2A, Class A, 6.140%, 12/15/2027 (a)		733,508		725,013
First Investors Auto Owner Trust, Series 2019-2A, Class F, 5.690%, 7/15/2026 (a)		500,000		491,935
First Investors Auto Owner Trust, Series 2019-1A, Class F, 6.150%, 7/15/2026 (a)		450,000		448,963
Flagship Credit Auto Trust, Series 2019-4, Class D, 3.120%, 1/15/2026 (a)		950,000		923,521
Flagship Credit Auto Trust, Series 2022-4, Class A2, 6.150%, 9/15/2026 (a)		1,310,300		1,311,809
Foundation Finance Trust, Series 2017-1A, Class C, 5.400%, 7/15/2033 (a)		1,300,000		1,240,738
Foundation Finance Trust, Series 2020-1A, Class A, 3.540%, 7/16/2040 (a)		772,313		748,987
Foundation Finance Trust, Series 2021-1A, Class A, 1.270%, 5/15/2041 (a)		803,194		711,604
Foundation Finance Trust, Series 2021-2A, Class A, 2.190%, 1/15/2042 (a)		987,961		900,958
Foursight Capital Automobile Receivables Trust, Series 2023-1, Class A2, 5.430%, 10/15/2026 (a)		731,580		728,620
Foursight Capital Automobile Receivables Trust, Series 2020-1, Class F, 4.620%, 6/15/2027 (a)		1,750,000		1,746,335
Foursight Capital Automobile Receivables Trust, Series 2022-2, Class B, 5.190%, 10/15/2027 (a)		1,200,000		1,176,160
FREED ABS Trust, Series 2022-4FP, Class B, 7.580%, 12/18/2029 (a)		2,000,000		2,014,966
Genesis Sales Finance Master Trust, Series 2021-AA, Class A, 1.200%, 12/21/2026 (a)		2,000,000		1,870,592
GLS Auto Receivables Issuer Trust, Series 2020-1A, Class D, 3.680%, 11/16/2026 (a)		450,000		434,909
GLS Auto Receivables Issuer Trust, Series 2023-1A, Class B, 6.190%, 6/15/2027 (a)		2,493,000		2,486,695
GLS Auto Receivables Issuer Trust, Series 2021-1A, Class E, 3.140%, 1/18/2028 (a)		2,400,000		2,254,598
Goldman Home Improvement Trust, Series 2021-GRN2, Class A, 1.150%, 6/25/2051 (a)		1,635,813		1,516,441
Hertz Vehicle Financing LLC, Series 2022-3A, Class A, 3.370%, 3/25/2025 (a)		1,850,000		1,834,338
Hertz Vehicle Financing LLC, Series 2022-3A, Class C, 4.350%, 3/25/2025 (a)		800,000		791,466
LAD Auto Receivables Trust, Series 2023-1A, Class A2, 5.680%, 10/15/2026 (a)		1,617,269		1,613,968
LAD Auto Receivables Trust, Series 2022-1A, Class A, 5.210%, 6/15/2027 (a)		567,011		561,524
Lendbuzz Securitization Trust, Series 2022-1A, Class A, 4.220%, 5/17/2027 (a)		3,952,458		3,833,406
Lendbuzz Securitization Trust, Series 2023-1A, Class A2, 6.920%, 8/15/2028 (a)		1,000,000		994,464
LendingPoint Asset Securitization Trust, Series 2021-B, Class B, 1.680%, 2/15/2029 (a)		601,839		599,079
LendingPoint Asset Securitization Trust, Series 2022-A, Class B, 2.410%, 6/15/2029 (a)		1,362,824		1,355,943
LendingPoint Asset Securitization Trust, Series 2022-B, Class A, 4.770%, 10/15/2029 (a)		392,056		387,171
LendingPoint Asset Securitization Trust, Series 2022-C, Class B, 7.460%, 2/15/2030 (a)		2,000,000		1,996,106
LendingPoint Pass-Through Trust, Series 2022-ST1, Class A, 2.500%, 3/15/2028 (a)		771,337		747,917
LendingPoint Pass-Through Trust, Series 2022-ST2, Class A, 3.250%, 4/15/2028 (a)		1,082,322		1,042,653
LL ABS Trust, Series 2020-1A, Class C, 6.540%, 1/17/2028 (a)		1,328,612		1,329,644
LL ABS Trust, Series 2021-1A, Class A, 1.070%, 5/15/2029 (a)		2,751,538		2,706,003
LL ABS Trust, Series 2021-1A, Class B, 2.170%, 5/15/2029 (a)		1,000,000		938,409
Lobel Automobile Receivables Trust, Series 2023-1, Class A, 6.970%, 7/15/2026 (a)		586,749		584,690
Marlette Funding Trust, Series 2021-1A, Class D, 2.470%, 6/16/2031 (a)		1,000,000		939,366

See accompanying notes which are an integral part of these financial statements.

Angel Oak UltraShort Income Fund

Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Asset-Backed Securities – (continued)
Mercury Financial Credit Card Master Trust, Series 2022-1A, Class A, 2.500%, 9/21/2026 (a)	$	5,000,000	$	4,740,650
Mercury Financial Credit Card Master Trust, Series 2023-1A, Class A, 8.040%, 9/20/2027 (a)		700,000		705,453
Octane Receivables Trust, Series 2020-1A, Class D, 5.450%, 3/20/2028 (a)		3,100,000		3,024,499
Octane Receivables Trust, Series 2023-2A, Class A2, 5.880%, 6/20/2031 (a)		1,500,000		1,493,943
Oportun Funding LLC, Series 2021-A, Class A, 1.210%, 3/8/2028 (a)(d)		615,549		590,951
Oportun Funding LLC, Series 2022-1, Class A, 3.250%, 6/15/2029 (a)		414,088		410,844
Oportun Issuance Trust, Series 2021-C, Class A, 2.180%, 10/8/2031 (a)		2,000,000		1,817,672
Pagaya AI Debt Selection Trust, Series 2020-3, Class C, 6.430%, 5/17/2027 (a)		3,789,560		3,787,456
Pagaya AI Debt Selection Trust, Series 2021-1, Class A, 1.180%, 11/15/2027 (a)		52,082		52,086
Pagaya AI Debt Selection Trust, Series 2021-1, Class B, 2.130%, 11/15/2027 (a)		5,047,919		4,982,675
Pagaya AI Debt Selection Trust, Series 2021-1, Class C, 4.090%, 11/15/2027 (a)		199,918		175,485
Pagaya AI Debt Selection Trust, Series 2021-HG1, Class A, 1.220%, 1/16/2029 (a)		4,899,091		4,718,354
Pagaya AI Debt Selection Trust, Series 2021-HG1, Class B, 1.820%, 1/16/2029 (a)		1,069,465		1,009,409
Pagaya AI Debt Selection Trust, Series 2021-3, Class B, 1.740%, 5/15/2029 (a)		3,499,810		3,403,757
Pagaya AI Debt Selection Trust, Series 2021-5, Class B, 2.630%, 8/15/2029 (a)		999,882		940,975
Pagaya AI Debt Selection Trust, Series 2022-1, Class A, 2.030%, 10/15/2029 (a)		2,060,446		2,011,463
Pagaya AI Debt Selection Trust, Series 2022-1, Class B, 3.344%, 10/15/2029 (a)		4,699,379		4,382,180
Pagaya AI Debt Selection Trust, Series 2022-3, Class A, 6.060%, 3/15/2030 (a)		1,733,520		1,731,225
Pagaya AI Debt Selection Trust, Series 2022-5, Class A, 8.096%, 6/17/2030 (a)		2,895,565		2,927,433
Pagaya AI Debt Selection Trust, Series 2023-1, Class A, 7.556%, 7/15/2030 (a)		1,193,289		1,197,748
Pagaya AI Debt Selection Trust, Series 2023-3, Class A, 7.600%, 12/16/2030 (a)		2,370,675		2,383,308
Pagaya AI Debt Selection Trust, Series 2023-5, Class B, 7.625%, 4/15/2031 (a)		2,000,000		2,007,248
Prestige Auto Receivables Trust, Series 2023-1A, Class A2, 5.880%, 3/16/2026 (a)		800,000		798,343
Prestige Auto Receivables Trust, Series 2022-1A, Class B, 6.550%, 7/17/2028 (a)		1,160,000		1,165,284
Purchasing Power Funding LLC, Series 2021-A, Class A, 1.570%, 10/15/2025 (a)		1,189,101		1,185,279
Santander Bank Auto Credit-Linked Notes, Series 2022-A, Class B, 5.281%, 5/15/2032 (a)		191,343		189,197
Santander Drive Auto Receivables Trust, Series 2022-7, Class A2, 5.810%, 1/15/2026		302,685		302,935
Santander Drive Auto Receivables Trust, Series 2023-2, Class A2, 5.870%, 3/16/2026		1,350,000		1,351,103
Skopos Auto Receivables Trust, Series 2019-1A, Class D, 5.240%, 4/15/2025 (a)		2,064,703		2,067,445
Skopos Auto Receivables Trust, Series 2019-1A, Class E, 7.820%, 6/15/2026 (a)		500,000		499,965
SpringCastle America Funding LLC, Series 2020-AA, Class A, 1.970%, 9/25/2037 (a)		8,878,851		8,074,640
Tesla Auto Lease Trust, Series 2023-A, Class A2, 5.860%, 8/20/2025 (a)		1,000,000		1,000,587
Tesla Auto Lease Trust, Series 2021-B, Class D, 1.320%, 9/22/2025 (a)		2,105,000		1,993,454
Theorem Funding Trust, Series 2021-1A, Class B, 1.840%, 12/15/2027 (a)		2,000,000		1,959,188
Theorem Funding Trust, Series 2022-1A, Class A, 1.850%, 2/15/2028 (a)		862,154		853,020
Theorem Funding Trust, Series 2023-1A, Class A, 7.580%, 4/15/2029 (a)		3,364,096		3,383,934
Theorem Funding Trust, Series 2022-3A, Class A, 7.600%, 4/15/2029 (a)		3,077,482		3,099,231
Theorem Funding Trust, Series 2022-3A, Class B, 8.950%, 4/15/2029 (a)		1,400,000		1,438,101
Tricolor Auto Securitization Trust, Series 2022-1A, Class B, 4.340%, 5/15/2025 (a)		800,000		794,978
Tricolor Auto Securitization Trust, Series 2023-1A, Class A, 6.480%, 8/17/2026 (a)		453,355		452,914
UNIFY Auto Receivables Trust, Series 2021-1A, Class B, 1.290%, 11/16/2026 (a)		1,450,000		1,354,474
United Auto Credit Securitization Trust, Series 2023-1, Class A, 5.570%, 7/10/2025 (a)		349,528		349,527
United Auto Credit Securitization Trust, Series 2022-2, Class B, 5.410%, 12/10/2025 (a)		1,000,000		995,589
United Auto Credit Securitization Trust, Series 2022-1, Class C, 2.610%, 6/10/2027 (a)		2,000,000		1,977,340
Upgrade Master Pass-Thru Trust, Series 2019-ST3, Class A, 3.750%, 11/15/2025 (a)		14,707		14,678
Upstart Pass-Through Trust, Series 2020-ST5, Class A, 3.000%, 12/20/2026 (a)		2,178,421		2,108,952
Upstart Pass-Through Trust, Series 2020-ST6, Class A, 3.000%, 1/20/2027 (a)		443,164		427,749
Upstart Pass-Through Trust, Series 2021-ST1, Class A, 2.750%, 2/20/2027 (a)		1,770,263		1,708,097
Upstart Pass-Through Trust, Series 2021-ST2, Class A, 2.500%, 4/20/2027 (a)		3,739,254		3,602,962
Upstart Pass-Through Trust, Series 2021-ST3, Class A, 2.000%, 5/20/2027 (a)		2,654,577		2,536,966

See accompanying notes which are an integral part of these financial statements.

Angel Oak UltraShort Income Fund

Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Asset-Backed Securities – (continued)
Upstart Pass-Through Trust, Series 2021-ST4, Class A, 2.000%, 7/20/2027 (a)	$	4,444,438		$ 4,226,790
Upstart Pass-Through Trust, Series 2021-ST6, Class A, 1.850%, 8/20/2027 (a)		3,037,360		2,894,376
Upstart Pass-Through Trust, Series 2020-ST1, Class A, 3.750%, 2/20/2028 (a)		977,850		970,212
Upstart Pass-Through Trust, Series 2020-ST3, Class A, 3.350%, 4/20/2028 (a)		1,387,426		1,369,974
Upstart Pass-Through Trust, Series 2021-ST7, Class A, 1.850%, 9/20/2029 (a)		598,387		588,098
Upstart Pass-Through Trust, Series 2021-ST8, Class A, 1.750%, 10/20/2029 (a)		2,473,203		2,387,417
Upstart Pass-Through Trust, Series 2021-ST10, Class A, 2.250%, 1/20/2030 (a)		1,901,815		1,843,998
Upstart Pass-Through Trust, Series 2022-ST1, Class A, 2.600%, 3/20/2030 (a)		1,765,627		1,707,148
Upstart Pass-Through Trust, Series 2022-2A, Class A, 4.250%, 6/17/2030 (a)		579,359		557,710
Upstart Pass-Through Trust, Series 2022-4A, Class A, 7.010%, 11/15/2030 (a)		562,972		563,990
Upstart Securitization Trust, Series 2019-3, Class C, 5.381%, 1/21/2030 (a)		541,614		538,101
Upstart Securitization Trust, Series 2021-1, Class C, 4.060%, 3/20/2031 (a)		2,000,000		1,930,114
Upstart Securitization Trust, Series 2021-2, Class B, 1.750%, 6/20/2031 (a)		3,751,215		3,697,670
Upstart Securitization Trust, Series 2021-2, Class C, 3.610%, 6/20/2031 (a)		250,000		231,773
Upstart Securitization Trust, Series 2021-3, Class A, 0.830%, 7/20/2031 (a)		43,425		42,691
Upstart Securitization Trust, Series 2021-3, Class B, 1.660%, 7/20/2031 (a)		1,350,000		1,313,816
Upstart Securitization Trust, Series 2021-4, Class A, 0.840%, 9/20/2031 (a)		47,209		46,671
Upstart Securitization Trust, Series 2021-4, Class B, 1.840%, 9/20/2031 (a)		4,000,000		3,801,956
Upstart Securitization Trust, Series 2021-5, Class A, 1.310%, 11/20/2031 (a)		143,569		141,941
Upstart Securitization Trust, Series 2022-2, Class A, 4.370%, 5/20/2032 (a)		191,975		190,441
Upstart Securitization Trust, Series 2022-4, Class A, 5.980%, 8/20/2032 (a)		1,291,103		1,284,096
Upstart Securitization Trust, Series 2023-1, Class A, 6.590%, 2/20/2033 (a)		663,824		663,071
Upstart Securitization Trust, Series 2023-2, Class A, 6.770%, 6/20/2033 (a)		1,000,000		1,001,715
Upstart Structured Pass-Through Trust, Series 2022-1A, Class A, 3.400%, 4/15/2030 (a)		621,289		610,167
US Auto Funding Trust, Series 2022-1A, Class A, 3.980%, 4/15/2025 (a)		1,818,796		1,760,411
US Auto Funding Trust, Series 2022-1A, Class B, 5.130%, 12/15/2025 (a)		750,000		714,742
USASF Receivables LLC, Series 2020-1A, Class D, 9.350%, 3/15/2027 (a)		6,578,000		6,639,912
Veros Automobile Receivables Trust, Series 2020-1, Class C, 2.990%, 6/16/2025 (a)		557,083		555,932
Veros Automobile Receivables Trust, Series 2022-1, Class A, 3.470%, 12/15/2025 (a)		917,033		910,253
Veros Automobile Receivables Trust, Series 2023-1, Class A, 7.120%, 11/15/2028 (a)		1,766,986		1,768,143
Westlake Automobile Receivables Trust, Series 2022-3A, Class A2, 5.240%, 7/15/2025 (a)		3,225,434		3,223,015
Westlake Automobile Receivables Trust, Series 2020-2A, Class D, 2.760%, 1/15/2026 (a)		993,868		983,251
Westlake Automobile Receivables Trust, Series 2023-1A, Class A2A, 5.510%, 6/15/2026 (a)		1,000,000		998,742
Westlake Automobile Receivables Trust, Series 2023-2A, Class A2B, 5.818% (SOFR30A + 0.750%), 7/15/2026 (a)(b)		300,000		300,568


TOTAL ASSET-BACKED SECURITIES (Cost – $254,497,106)			$	250,355,159

Collateralized Loan Obligations – 10.90%
Barings Middle Market CLO Ltd., Series 2021-IA, Class X, 6.838% (TSFR3M + 1.512%), 7/20/2033 (a)(b)		2,285,714		2,283,504
Cathedral Lake CLO Ltd., Series 2021-6A, Class X, 6.613% (TSFR3M + 1.262%), 4/25/2034 (a)(b)		2,315,789		2,314,812
Cedar Funding CLO Ltd., Series 2014-4A, Class X, 6.507% (TSFR3M + 1.162%), 7/23/2034 (a)(b)		1,428,568		1,424,350
Cerberus Loan Funding LP, Series 2021-6A, Class A, 6.970% (TSFR3M + 1.662%), 11/22/2033 (a)(b)		968,528		963,281
CIFC Funding Ltd., Series 2015-3A, Class AR, 6.452% (TSFR3M + 1.132%), 4/19/2029 (a)(b)		4,166,721		4,149,996
Elevation CLO Ltd., Series 2021-13A, Class X, 6.570% (TSFR3M + 1.262%), 7/15/2034 (a)(b)		1,600,000		1,599,464

See accompanying notes which are an integral part of these financial statements.

Angel Oak UltraShort Income Fund

Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Collateralized Loan Obligations – (continued)
Elevation CLO Ltd., Series 2021-14A, Class X, 6.538% (TSFR3M + 1.212%), 10/20/2034 (a)(b)	$	2,250,000		$ 2,249,177
First Eagle Commercial Loan Funding LLC, Series 2016-1A, Class A1AR, 7.303% (3 Month LIBOR USD + 1.690%), 1/25/2032 (a)(b)		5,182,628		5,156,741
Golub Capital Partners CLO Ltd., Series 2018-36A, Class A, 6.626% (3 Month LIBOR USD + 1.300%), 2/5/2031 (a)(b)		1,676,524		1,667,345
Great Lakes CLO Ltd., Series 2021-5A, Class AX, 6.520% (TSFR3M + 1.212%), 4/15/2033 (a)(b)		1,660,000		1,652,462
Hayfin Kingsland Ltd., Series 2019-2A, Class XR, 6.538% (TSFR3M + 1.212%), 10/20/2034 (a)(b)		1,500,000		1,499,544
ICG US CLO Ltd., Series 2015-1X, Class A1R, 6.722% (TSFR3M + 1.402%), 10/19/2028 (b)(e)		899,631		893,806
Jamestown CLO Ltd., Series 2016-9A, Class XRR, 6.513% (TSFR3M + 1.162%), 7/25/2034 (a)(b)		1,666,669		1,666,669
Lake Shore MM CLO Ltd., Series 2021-1A, Class X, 6.750% (TSFR3M + 1.442%), 10/15/2033 (a)(b)		2,850,000		2,846,320
Madison Park Funding Ltd., Series 12A, Class AR, 6.437% (TSFR3M + 1.092%), 4/22/2027 (a)(b)		2,703,839		2,692,175
Madison Park Funding Ltd., Series 2018-30A, Class A, 6.320% (TSFR3M + 1.012%), 4/15/2029 (a)(b)		944,949		938,548
Marble Point CLO Ltd., Series 2020-3A, Class X, 6.432% (TSFR3M + 1.112%), 1/19/2034 (a)(b)		666,664		664,749
Monroe Capital MML CLO Ltd., Series 2018-1A, Class A, 7.020% (3 Month LIBOR USD + 1.450%), 4/15/2030 (a)(b)		1,751,998		1,733,639
Monroe Capital MML CLO Ltd., Series 2021-2A, Class X, 6.557% (3 Month LIBOR USD + 1.000%), 9/14/2033 (a)(b)		2,558,000		2,555,675
Mountain View CLO LLC, Series 2016-1A, Class XR, 6.373% (TSFR3M + 1.062%), 4/14/2033 (a)(b)		1,263,158		1,260,000
Mountain View CLO Ltd., Series 2019-1A, Class XR, 6.320% (TSFR3M + 1.012%), 10/15/2034 (a)(b)		543,750		542,317
Neuberger Berman CLO Ltd., Series 2015-20A, Class XR, 6.520% (TSFR3M + 1.212%), 7/15/2034 (a)(b)		3,000,000		2,998,611
Owl Rock CLO Ltd., Series 2019-1A, Class A, 7.179% (3 Month LIBOR USD + 1.800%), 5/20/2031 (a)(b)		3,000,000		2,991,147
OZLM Ltd., Series 2015-14A, Class X, 6.570% (TSFR3M + 1.262%), 7/15/2034 (a)(b)		466,667		465,359
Saranac CLO Ltd., Series 2014-2A, Class A1AR, 6.609% (3 Month LIBOR USD + 1.230%), 11/20/2029 (a)(b)		3,228,781		3,217,002
Symphony CLO Ltd., Series 2021-25A, Class X, 6.282% (TSFR3M + 0.962%), 4/19/2034 (a)(b)		250,000		249,334
TCW CLO Ltd., Series 2020-1A, Class XRR, 6.438% (3 Month LIBOR USD + 0.850%), 4/20/2034 (a)(b)		1,714,286		1,713,542
TCW CLO Ltd., Series 2021-2A, Class X, 6.613% (3 Month LIBOR USD + 1.000%), 7/25/2034 (a)(b)		2,133,333		2,132,640
TCW CLO Ltd., Series 2019-1A, Class XR, 6.318% (3 Month LIBOR USD + 1.000%), 8/16/2034 (a)(b)		2,133,333		2,132,883
THL Credit Lake Shore MM CLO Ltd., Series 2019-1A, Class X, 6.570% (TSFR3M + 1.262%), 4/15/2033 (a)(b)		1,000,000		996,120
Wellfleet CLO Ltd., Series 2019-XA, Class X, 6.588% (TSFR3M + 1.262%), 7/20/2032 (a)(b)		2,045,455		2,044,728


TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost – $59,734,260)			$	59,695,940

Commercial Mortgage-Backed Securities – 3.17%
BXP Trust, Series 2017-CQHP, Class A, 6.119% (TSFR1M + 0.897%), 11/15/2034 (a)(b)		1,000,000		966,079
BXP Trust, Series 2017-CQHP, Class C, 6.519% (TSFR1M + 1.297%), 11/15/2034 (a)(b)		3,000,000		2,750,844

See accompanying notes which are an integral part of these financial statements.

Angel Oak UltraShort Income Fund

Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Commercial Mortgage-Backed Securities – (continued)
Credit Suisse Mortgage Trust, Series 2017-PFHP, Class A, 6.219% (TSFR1M + 0.997%), 12/15/2030 (a)(b)		$ 620,000		$ 586,809
Greystone CRE Notes Ltd., Series 2021-HC2, Class A, 7.136% (TSFR1M + 1.914%), 12/15/2039 (a)(b)		4,000,000		3,894,284
GS Mortgage-Backed Securities Corp. Trust, Series 2018-TWR, Class B, 6.719% (TSFR1M + 1.497%), 7/15/2031 (a)(b)		775,000		664,471
GS Mortgage-Backed Securities Corp. Trust, Series 2018-HART, Class B, 6.583% (TSFR1M + 1.353%), 10/15/2031 (a)(b)		683,000		648,160
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2018-PTC, Class A, 6.719% (TSFR1M + 1.497%), 4/15/2031 (a)(b)		1,253,000		1,103,706
Natixis Commercial Mortgage Securities Trust, Series 2019-MILE, Class A, 6.801% (TSFR1M + 1.579%), 7/15/2036 (a)(b)		848,857		808,231
Velocity Commercial Capital Loan Trust, Series 2021-2, Class A, 1.520%, 8/25/2051 (a)(c)		3,607,460		3,049,245
Velocity Commercial Capital Loan Trust, Series 2021-3, Class A, 1.960%, 10/25/2051 (a)(c)		2,355,161		1,945,914
Velocity Commercial Capital Loan Trust, Series 2021-4, Class A, 2.520%, 12/26/2051 (a)(c)		1,140,930		961,721


TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost – $19,244,003)			$	17,379,464

Commercial Mortgage-Backed Securities - U.S. Government Agency – 7.26%
Federal Home Loan Mortgage Corp., Series K-F67, Class A, 5.738% (SOFR30A + 0.634%), 8/25/2029 (b)		1,429,070		1,411,435
Federal Home Loan Mortgage Corp., Series K-F155, Class AS, 5.735% (SOFR30A + 0.670%), 2/25/2030 (b)		1,000,000		1,001,245
Federal Home Loan Mortgage Corp., Series K-036, Class A2, 3.527%, 10/25/2023 (c)		1,288,241		1,282,656
Federal Home Loan Mortgage Corp., Series K-F29, Class A, 5.578% (SOFR30A + 0.474%), 2/25/2024 (b)		1,197,440		1,196,616
Federal Home Loan Mortgage Corp., Series K-F51, Class A, 5.618% (SOFR30A + 0.514%), 8/25/2025 (b)		1,471,501		1,466,590
Federal Home Loan Mortgage Corp., Series K-F60, Class A, 5.708% (SOFR30A + 0.604%), 2/25/2026 (b)		1,102,723		1,097,317
Federal Home Loan Mortgage Corp., Series K-F62, Class A, 5.698% (SOFR30A + 0.594%), 4/25/2026 (b)		759,819		750,461
Federal Home Loan Mortgage Corp., Series K-F64, Class A, 5.658% (SOFR30A + 0.554%), 6/25/2026 (b)		282,464		278,596
Federal Home Loan Mortgage Corp., Series K-F68, Class A, 5.708% (SOFR30A + 0.604%), 7/25/2026 (b)		6,235,205		6,187,655
Federal Home Loan Mortgage Corp., Series K-F74, Class AS, 5.596% (MSOFR1MC + 0.530%), 1/25/2027 (b)		118,534		117,836
Federal Home Loan Mortgage Corp., Series K-F81, Class AS, 5.465% (SOFR30A + 0.400%), 6/25/2027 (b)		1,359,777		1,352,785
Federal Home Loan Mortgage Corp., Series K-F86, Class AS, 5.385% (SOFR30A + 0.320%), 8/25/2027 (b)		4,313,676		4,276,993
Federal Home Loan Mortgage Corp., Series K-F86, Class AL, 5.508% (SOFR30A + 0.404%), 8/25/2027 (b)		1,315,851		1,295,951
Federal Home Loan Mortgage Corp., Series K-F93, Class AS, 5.375% (SOFR30A + 0.310%), 10/25/2027 (b)		975,971		966,681
Federal Home Loan Mortgage Corp., Series K-F93, Class AL, 5.498% (SOFR30 + 0.394%), 10/25/2027 (b)		1,141,487		1,122,566
Federal Home Loan Mortgage Corp., Series K-F100, Class AL, 5.348% (SOFR30A + 0.244%), 11/25/2027 (b)		3,024,932		2,956,433

See accompanying notes which are an integral part of these financial statements.

Angel Oak UltraShort Income Fund

Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Commercial Mortgage-Backed Securities - U.S. Government Agency – (continued)
Federal Home Loan Mortgage Corp., Series K-F100, Class AS, 5.245% (SOFR30A + 0.180%), 1/25/2028 (b)	$	2,290,674		$ 2,256,529
Federal Home Loan Mortgage Corp., Series K-F43, Class A, 5.458% (SOFR30A + 0.354%), 1/25/2028 (b)		2,126,080		2,085,414
Federal Home Loan Mortgage Corp., Series K-F48, Class A, 5.508% (SOFR30A + 0.404%), 6/25/2028 (b)		828,851		809,456
Federal Home Loan Mortgage Corp., Series K-F84, Class AL, 5.518% (SOFR30A + 0.414%), 7/25/2030 (b)		1,867,178		1,818,516
Federal Home Loan Mortgage Corp., Series K-F92, Class AS, 5.425% (SOFR30A + 0.360%), 10/25/2030 (b)		438,110		427,716
Federal Home Loan Mortgage Corp., Series K-F91, Class AL, 5.548% (SOFR30A + 0.444%), 10/25/2030 (b)		880,000		855,983
Federal Home Loan Mortgage Corp., Series K-F96, Class AS, 5.365% (SOFR30A + 0.300%), 11/25/2030 (b)		389,230		378,557
Federal Home Loan Mortgage Corp., Series K-F94, Class AL, 5.518% (SOFR30A + 0.414%), 11/25/2030 (b)		824,659		799,406
Federal Home Loan Mortgage Corp., Series K-F99, Class AS, 5.265% (SOFR30A + 0.200%), 12/25/2030 (b)		1,421,770		1,397,428
Federal Home Loan Mortgage Corp., Series K-F114, Class AS, 5.285% (SOFR30A + 0.220%), 5/25/2031 (b)		292,291		286,079
Federal National Mortgage Association, 2.500%, 9/1/2024		1,938,330		1,869,450


TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY (Cost – $40,301,715)			$	39,746,350

Corporate Obligations – 2.15%
Consumer, Cyclical – 0.42%
Ford Motor Credit Co. LLC, 3.370%, 11/17/2023		300,000		297,260
Ford Motor Credit Co. LLC, 5.584%, 3/18/2024		2,000,000		1,987,512


				2,284,772

Consumer, Non-cyclical – 0.51%
Prime Security Services Borrower LLC / Prime Finance, Inc., 5.250%, 4/15/2024 (a)		2,802,000		2,776,594

Energy – 0.09%
Occidental Petroleum Corp., 6.950%, 7/1/2024		472,000		475,611


Financial – 1.13%
goeasy Ltd., 5.375%, 12/1/2024 (a)		1,000,000		975,917
OneMain Finance Corp., 6.125%, 3/15/2024		1,275,000		1,272,895
Starwood Property Trust, Inc., 5.500%, 11/1/2023 (a)		4,000,000		3,975,640


				6,224,452


TOTAL CORPORATE OBLIGATIONS (Cost – $11,906,097)			$	11,761,429


Investment Companies – 0.90%	Shares
Affiliated Exchange Traded Funds – 0.90%
Angel Oak Ultrashort Income ETF		97,500		4,931,063


TOTAL INVESTMENT COMPANIES (Cost – $4,879,821)				$4,931,063

See accompanying notes which are an integral part of these financial statements.

Angel Oak UltraShort Income Fund

Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Residential Mortgage-Backed Securities – 23.95%
Banc of America Funding Corp., Series 2015-R3, Class 7A1, 5.617% (1 Month LIBOR USD + 0.205%), 4/29/2037 (a)(b)		$461,889	$	457,469
Bellemeade Re Ltd., Series 2019-1A, Class M2, 8.112% (TSFR1M + 2.814%), 3/25/2029 (a)(b)		1,210,653		1,217,587
Bellemeade Re Ltd., Series 2019-3A, Class M1C, 7.362% (TSFR1M + 2.064%), 7/25/2029 (a)(b)		975,930		979,010
BRAVO Residential Funding Trust, Series 2021-A, Class A1, 1.991%, 10/25/2059 (a)(f)		366,360		342,552
Bunker Hill Loan Depositary Trust, Series 2019-3, Class A3, 3.135%, 11/25/2059 (a)(f)		1,074,877		1,020,731
Cascade Funding Mortgage Trust, Series 2021-HB6, Class A, 0.898%, 6/25/2036 (a)(c)		1,052,404		991,438
CIM Trust, Series 2021-NR2, Class A1, 2.568%, 7/25/2059 (a)(f)		2,413,791		2,298,571
Chase Home Lending Mortgage Trust, Series 2019-ATR2, Class A11, 6.050% (TSFR1M + 1.014%), 7/25/2049 (a)(b)		1,380,951		1,306,438
CIM Trust, Series 2019-INV2, Class A11, 6.100% (SOFR30A + 1.064%), 5/25/2049 (a)(b)		191,121		179,177
COLT Funding LLC, Series 2021-3R, Class A3, 1.513%, 12/25/2064 (a)(c)		752,570		623,825
COLT Mortgage Loan Trust, Series 2020-2, Class A3, 3.698%, 3/25/2065 (a)(c)		1,710,000		1,570,599
COLT Mortgage Loan Trust, Series 2022-7, Class A3, 6.250%, 4/25/2067 (a)(c)		611,628		584,676
Credit Suisse Mortgage Trust, Series 2019-AFC1, Class A3, 2.877%, 7/25/2049 (a)(f)		1,589,907		1,442,521
Credit Suisse Mortgage Trust, Series 2019-NQM1, Class A1, 2.656%, 10/25/2059 (a)(f)		1,204,451		1,145,238
Credit Suisse Mortgage Trust, Series 2021-NQM1, Class A1, 0.809%, 5/25/2065 (a)(c)		1,642,495		1,392,652
Credit Suisse Mortgage Trust, Series 2021-NQM3, Class A3, 1.632%, 4/25/2066 (a)(c)		5,494,060		4,402,231
Credit Suisse Mortgage Trust, Series 2021-NQM5, Class A3, 1.349%, 5/25/2066 (a)(c)		3,207,612		2,464,790
Credit Suisse Mortgage Trust, Series 2021-NQM7, Class A2, 1.961%, 10/25/2066 (a)(c)		3,422,491		2,772,652
Credit Suisse Mortgage Trust, Series 2021-NQM8, Class A2, 2.303%, 10/25/2066 (a)(c)		4,046,185		3,293,465
Flagstar Mortgage Trust, Series 2018-6RR, Class 1A2, 6.112% (TSFR1M + 0.814%), 10/25/2048 (a)(b)		1,113,728		1,054,236
Galton Funding Mortgage Trust, Series 2017-1, Class A21, 3.500%, 7/25/2056 (a)(c)		36,802		32,954
GCAT Trust, Series 2020-NQM2, Class A1, 1.555%, 4/25/2065 (a)(f)		1,167,911		1,046,159
GCAT Trust, Series 2022-NQM4, Class A3, 5.730%, 8/25/2067 (a)(f)		598,860		578,278
GS Mortgage-Backed Securities Corp. Trust, Series 2014-EB1A, Class B2, 4.286%, 7/25/2044 (a)(c)		1,847,659		1,812,600
GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ2, Class A1, 3.500%, 7/25/2050 (a)(c)		231,285		202,030
GS Mortgage-Backed Securities Corp. Trust, Series 2021-PJ9, Class A8, 2.500%, 2/26/2052 (a)(c)		8,189,783		7,015,589
GS Mortgage-Backed Securities Corp. Trust, Series 2021-PJ10, Class A8, 2.500%, 3/25/2052 (a)(c)		4,192,099		3,590,009
GS Mortgage-Backed Securities Corp. Trust, Series 2021-RPL1, Class A1, 1.750%, 12/25/2060 (a)(c)		600,985		535,954
GS Mortgage-Backed Securities Corp. Trust, Series 2021-NQM1, Class A3, 1.532%, 7/25/2061 (a)(c)		1,577,762		1,293,761
Imperial Fund Mortgage Trust, Series 2021-NQM1, Class A3, 1.617%, 6/25/2056 (a)(c)		1,323,104		1,089,878
JP Morgan Mortgage Trust, Series 2018-1, Class B1, 3.611%, 6/25/2048 (a)(c)		862,830		756,634
JP Morgan Mortgage Trust, Series 2019-1, Class A11, 6.362% (TSFR1M + 1.064%), 5/25/2049 (a)(b)		1,626,029		1,549,530
JP Morgan Mortgage Trust, Series 2019-5, Class A11, 6.050% (TSFR1M + 1.014%), 11/25/2049 (a)(b)		771,090		725,041
JP Morgan Mortgage Trust, Series 2019-6, Class A3, 3.500%, 12/25/2049 (a)(c)		1,715,883		1,555,925
JP Morgan Mortgage Trust, Series 2019-LTV3, Class A3, 3.500%, 3/25/2050 (a)(c)		171,493		159,721
JP Morgan Mortgage Trust, Series 2021-1, Class A11, 5.717% (SOFR30A + 0.650%), 6/25/2051 (a)(b)		4,229,114		3,893,914

See accompanying notes which are an integral part of these financial statements.

Angel Oak UltraShort Income Fund

Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Residential Mortgage-Backed Securities – (continued)
JP Morgan Mortgage Trust, Series 2023-HE1, Class A1, 6.818% (SOFR30A + 1.750%), 11/25/2053 (a)(b)	$	956,496	$	952,768
Legacy Mortgage Asset Trust, Series 2021-GS1, Class A1, 1.892%, 10/25/2066 (a)(f)		552,367		516,284
Mello Mortgage Capital Acceptance, Series 2021-MTG2, Class A10, 2.500%, 6/25/2051 (a)(c)		3,673,058		3,120,700
METLIFE Securitization Trust, Series 2020-INV1, Class A5, 3.000%, 5/25/2050 (a)(c)		1,825,834		1,544,188
MFA Trust, Series 2023-INV1, Class A3, 6.600%, 2/25/2058 (a)(f)		1,435,391		1,429,938
Mill City Mortgage Loan Trust, Series 2021-NMR1, Class A1, 1.125%, 11/25/2060 (a)(c)		1,093,800		994,971
New Residential Mortgage Loan Trust, Series 2021-INV1, Class A6, 2.500%, 6/25/2051 (a)(c)		2,329,071		2,020,956
NLT Trust, Series 2021-INV2, Class A3, 1.520%, 8/25/2056 (a)(c)		1,909,415		1,539,418
NMLT Trust, Series 2021-INV1, Class A3, 1.797%, 5/25/2056 (a)(c)		1,436,245		1,175,656
OBX Trust, Series 2018-EXP1, Class 2A2, 6.412% (TSFR1M + 1.114%), 4/25/2048 (a)(b)		70,407		68,044
OBX Trust, Series 2020-EXP1, Class 2A1, 6.162% (TSFR1M + 0.864%), 2/25/2060 (a)(b)		494,185		453,109
OBX Trust, Series 2021-NQM1, Class A3, 1.329%, 2/25/2066 (a)(c)		4,576,841		3,640,813
Pepper Residential Securities Trust, Series 23A, Class A1U, 6.122% (SOFR + 1.064%), 8/18/2060 (a)(b)		15,889		15,527
Pretium Mortgage Credit Partners LLC, Series 2021-NPL3, Class A1, 1.868%, 7/25/2051 (a)(f)		4,770,388		4,380,256
PRKCM Trust, Series 2023-AFC1, Class A3, 7.304%, 2/25/2058 (a)(f)		1,457,524		1,464,717
PRPM LLC, Series 2021-3, Class A1, 1.867%, 4/25/2026 (a)(f)		90,138		84,185
PRPM LLC, Series 2021-5, Class A1, 1.793%, 6/25/2026 (a)(f)		102,905		91,289
PRPM LLC, Series 2021-6, Class A1, 1.793%, 7/25/2026 (a)(f)		2,988,455		2,731,636
PRPM LLC, Series 2021-7, Class A1, 1.867%, 8/25/2026 (a)(f)		837,675		770,497
PRPM LLC, Series 2021-9, Class A1, 2.363%, 10/25/2026 (a)(f)		2,003,362		1,882,135
PRPM LLC, Series 2022-NQM1, Class A3, 5.500%, 8/25/2067 (a)(f)		2,358,726		2,174,391
RCO Mortgage LLC, Series 2022-1, Class A1, 2.981%, 1/25/2027 (a)(f)		2,710,795		2,563,552
Saluda Grade Alternative Mortgage Trust, Series 2021-MF1, Class A1, 2.805%, 11/25/2029 (a)(c)		5,000,000		4,529,580
SG Residential Mortgage Trust, Series 2021-2, Class A2, 1.942%, 12/25/2061 (a)(c)		4,086,056		3,269,278
Starwood Mortgage Residential Trust, Series 2020-INV1, Class A3, 1.593%, 11/25/2055 (a)(c)		2,176,435		1,919,381
Starwood Mortgage Residential Trust, Series 2021-3, Class A3, 1.518%, 6/25/2056 (a)(c)		3,295,938		2,597,529
Starwood Mortgage Residential Trust, Series 2021-5, Class A2, 2.178%, 9/25/2066 (a)(c)		4,215,509		3,354,702
Starwood Mortgage Residential Trust, Series 2021-5, Class A3, 2.436%, 9/25/2066 (a)(c)		3,720,661		2,961,910
Towd Point Mortgage Trust, Series 2019-HY3, Class A1A, 6.412% (TSFR1M + 1.114%), 10/25/2059 (a)(b)		1,237,602		1,239,430
Tricon American Homes Trust, Series 2017-SFR2, Class A, 2.928%, 1/17/2036 (a)		2,356,424		2,324,393
Tricon American Homes Trust, Series 2017-SFR2, Class D, 3.672%, 1/17/2036 (a)		2,000,000		1,976,204
TRK Trust, Series 2022-INV1, Class A1, 2.577%, 2/25/2057 (a)(c)		3,389,445		2,969,737
Verus Securitization Trust, Series 2019-INV3, Class A2, 2.947%, 11/25/2059 (a)(c)		1,000,314		942,161
Verus Securitization Trust, Series 2019-INV3, Class M1, 3.279%, 11/25/2059 (a)(c)		2,513,000		2,091,839
Verus Securitization Trust, Series 2021-4, Class A2, 1.247%, 7/25/2066 (a)(c)		1,683,464		1,343,878
Verus Securitization Trust, Series 2021-5, Class A3, 1.373%, 9/25/2066 (a)(c)		2,414,926		1,929,975
Verus Securitization Trust, Series 2021-8, Class A3, 2.491%, 11/25/2066 (a)(c)		1,776,052		1,454,601
Verus Securitization Trust, Series 2022-3, Class A3, 4.130%, 2/25/2067 (a)(c)		3,445,715		3,038,641
Verus Securitization Trust, Series 2022-5, Class A3, 3.800%, 4/25/2067 (a)(c)		926,143		772,057
Verus Securitization Trust, Series 2023-3, Class A3, 6.743%, 3/25/2068 (a)(f)		958,703		947,662
Verus Securitization Trust, Series 2023-2, Class A3, 6.852%, 3/25/2068 (a)(f)		934,610		923,525
Visio Trust, Series 2021-1R, Class A3, 1.688%, 5/25/2056 (a)		1,582,481		1,379,659
Wells Fargo Mortgage-Backed Securities Trust, Series 2020-2, Class A3, 3.000%, 12/25/2049 (a)(c)		130,428		123,591
WinWater Mortgage Loan Trust, Series 2015-A, Class AX1, 0.339%, 6/20/2045 (a)(c)(g)		6,339,027		82,135


TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (Cost – $148,726,121)				$131,164,733

See accompanying notes which are an integral part of these financial statements.

Angel Oak UltraShort Income Fund

Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Residential Mortgage - Backed Securities-U.S. Government Agency – 0.88%
Federal Home Loan Mortgage Corp., Series 5078, Class AB, 2.000%, 9/25/2035	$	2,333,764		$ 2,225,708
Federal Home Loan Mortgage Corp., Series 4776, Class QM, 3.000%, 6/15/2045		319,091		312,306
Federal National Mortgage Association, 2.919%, 10/1/2025 (c)		1,693,966		1,612,952
Federal National Mortgage Association, Series 2017-61, Class K, 3.500%, 8/25/2046		736,190		691,824


TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY (Cost – $5,061,825)				$4,842,790

Residential Mortgage-Backed Securities – U.S. Government Agency Credit Risk Transfer – 0.88%
Connecticut Avenue Securities Trust, Series 2019-R03, Class 1M2, 7.333% (SOFR30A + 2.264%), 9/25/2031 (a)(b)		33,507		33,594
Connecticut Avenue Securities Trust, Series 2020-R02, Class 2M2, 7.183% (SOFR30A + 2.114%), 1/25/2040 (a)(b)		481,823		483,330
Connecticut Avenue Securities Trust, Series 2022-R08, Class 1M1, 7.619% (SOFR30A + 2.550%), 7/25/2042 (a)(b)		427,367		437,529
Federal Home Loan Mortgage Corp., Series 2022-DNA1, Class M1A, 6.069% (SOFR30A + 1.000%), 1/25/2042 (a)(b)		787,192		781,526
Federal Home Loan Mortgage Corp., Series 2022-DNA3, Class M1A, 7.069% (SOFR30A + 2.000%), 4/25/2042 (a)(b)		364,672		367,182
Federal Home Loan Mortgage Corp., Series 2023-HQA1, Class M1A, 7.069% (SOFR30A + 2.000%), 5/25/2043 (a)(b)		947,108		954,072
Federal Home Loan Mortgage Corp., Series 2016-SC02, Class M2, 3.647%, 10/25/2046 (c)		1,855,096		1,734,600


TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER (Cost – $4,892,388)				$4,791,833

Short-Term Investments – 4.30%
U.S. Treasury Bills – 2.70%
5.113%, 9/19/2023 (h)		5,000,000		4,964,492
5.199%, 10/26/2023 (h)		5,000,000		4,937,180
5.218%, 11/30/2023 (h)		5,000,000		4,911,586


				$14,813,258


Money Market Funds – 1.60%	Shares
First American Government Obligations Fund, Class U, 5.162% (i)		8,748,980		8,748,980


TOTAL SHORT-TERM INVESTMENTS (Cost – $23,562,969)				$23,562,238


TOTAL INVESTMENTS – 100.11% (Cost – $572,806,305)			$	548,230,999

Liabilities in Excess of Other Assets – (0.11%)				(608,637	)


NET ASSETS – 100.00%			$	547,622,362

LIBOR: London Inter-Bank Offered Rate

SOFR: Secured Overnight Financing Rate

SOFR30A: Secured Overnight Financing Rate 30 Day Average

TSFR1M: 1 Month Term Secured Overnight Financing Rate

TSFR3M: 3 Month Term Secured Overnight Financing Rate

MSOFR1MC: 1 Month Secured Overnight Financing Rate Index

See accompanying notes which are an integral part of these financial statements.

Angel Oak UltraShort Income Fund

Schedule of Investments – (continued)

July 31, 2023 (Unaudited)

(a)

(b)

(c)	Variable rate security. The coupon is based on an underlying pool of assets. Rate disclosed is the rate in effect as of July 31, 2023.

(d)	Illiquid security. At July 31, 2023, the value of these securities amounted to $1,057,856 or 0.19% of net assets.

(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 July 31, 2023, the value of securities pledged amounted to $893,806 or 0.16% of net assets.

(f)	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 July 31, 2023.

(g)	Interest only security.

(h)	Rate disclosed is the effective yield as of July 31, 2023.

(i)	Rate disclosed is the seven day yield as of July 31, 2023.

Schedule of Open Futures Contracts


Short Futures Contracts	Expiration Month	Number of Contracts			Notional Value			Value & Unrealized Appreciation (Depreciation)
3 Year ERIS SOFR Swap Future	September 2025		(166	)		($15,372,264	)		$82,917
3 Year ERIS SOFR Swap Future	December 2025		(293	)		(27,940,744	)		164,490
4 Year ERIS SOFR Swap Future	December 2026		(300	)		(28,238,730	)		225,720
Total								$	473,127

See accompanying notes which are an integral part of these financial statements.

Angel Oak Total Return Bond Fund

Schedule of Investments

July 31, 2023 (Unaudited)


	Principal Amount		Value
Asset-Backed Securities — 10.01%
Carvana Auto Receivables Trust, Series 2020-N1A, Class E, 5.200%, 7/15/2027 (a)		$150,000		$144,447
Foundation Finance Trust, Series 2021-1A, Class B, 1.870%, 5/15/2041 (a)		596,000		534,096
Foundation Finance Trust, Series 2021-2A, Class D, 5.730%, 1/15/2042 (a)		500,000		460,440
Goldman Home Improvement Trust, Series 2021-GRN2, Class D, 4.000%, 6/25/2051 (a)		500,000		445,024
GoodLeap Sustainable Home Solutions Trust, Series 2021-3CS, Class A, 2.100%, 5/20/2048 (a)		387,613		300,361
Helios Issuer LLC, Series 2021-B, Class A, 1.620%, 7/20/2048 (a)		838,822		676,746
Loanpal Solar Loan Ltd., Series 2021-1GS, Class A, 2.290%, 1/20/2048 (a)		325,364		243,335
Mosaic Solar Loans LLC, Series 2021-2A, Class B, 2.090%, 4/22/2047 (a)		360,007		263,959
Mosaic Solar Loans LLC, Series 2017-2A, Class A, 3.820%, 6/22/2043 (a)		100,577		90,220
Tricolor Auto Securitization Trust, Series 2022-1A, Class F, 9.800%, 7/16/2029 (a)		200,000		195,236


TOTAL ASSET-BACKED SECURITIES (Cost — $3,944,621)				$3,353,864

Commercial Mortgage-Backed Securities — 4.04%
BBCMS Mortgage Trust, Series 2022-C17, Class A5, 4.441%, 9/15/2055		200,000		181,353
Greystone CRE Notes Ltd., Series 2021-HC2, Class C, 8.586% (TSFR1M + 3.364%), 12/15/2039 (a)(b)(c)		250,000		229,609
Med Trust, Series 2021-MDLN, Class D, 7.336% (TSFR1M + 2.114%), 11/15/2038 (a)(b)		497,612		477,380
X-Caliber Funding LLC, 5.000%, 10/15/2024 (a)		500,000		466,732


TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost — $1,407,498)				$1,355,074

Commercial Mortgage-Backed Securities — U.S. Government Agency — 4.55%
Federal Home Loan Mortgage Corp., Series 2019-KF58, Class B, 7.368% (SOFR30A + 2.264%), 1/25/2026 (a)(b)		253,287		240,199
Federal Home Loan Mortgage Corp., Series K-G05, Class A2, 2.000%, 1/25/2031		250,000		207,881
Federal Home Loan Mortgage Corp., Series 2022-KSG3, Class A2, 2.650%, 5/25/2032 (d)		200,000		170,877
Federal Home Loan Mortgage Corp., Series K-SG4, Class A2, 3.400%, 8/25/2032 (d)		1,000,000		904,271


TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES — U.S. GOVERNMENT AGENCY (Cost — $1,623,894)				$1,523,228

Corporate Obligations — 13.99%
Basic Materials — 0.73%
Compass Minerals International, Inc., 6.750%, 12/1/2027 (a)		250,000		243,846

Consumer, Cyclical — 1.15%
Suburban Propane Partners LP / Suburban Energy Finance Corp., 5.000%, 6/1/2031 (a)		450,000		385,821

Energy — 2.42%
New Fortress Energy, Inc., 6.750%, 9/15/2025 (a)		625,000		596,517
Venture Global Calcasieu Pass LLC, 4.125%, 8/15/2031 (a)		250,000		212,298


				808,815

Financial — 8.06%
Bank of America Corp., 5.288% (SOFR + 1.910%), 4/25/2034 (b)		200,000		198,268
Dime Community Bancshares, Inc., 5.000% (TSFR3M + 2.180%), 5/15/2032 (b)		500,000		413,403
Forbright, Inc., 4.000% (TSFR3M + 2.890%), 1/1/2032 (a)(b)		500,000		406,630

See accompanying notes which are an integral part of these financial statements.

Angel Oak Total Return Bond Fund

Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Corporate Obligations – (continued)
Financial – (continued)
HAT Holdings I LLC / HAT Holdings II LLC, 3.375%, 6/15/2026 (a)	$	400,000	$	362,244
Mercantile Bank Corp., 3.250% (SOFR + 2.120%), 1/30/2032 (b)		500,000		399,861
Morgan Stanley, 5.250% (SOFR + 1.870%), 4/21/2034 (b)		200,000		197,244
Preferred Bank, 3.375% (TSFR3M + 2.780%), 6/15/2031 (b)		250,000		196,283
Renasant Corp., 3.000% (TSFR3M + 1.910%), 12/1/2031 (b)		300,000		227,019
Wells Fargo & Co., 5.389% (SOFR + 2.020%), 4/24/2034 (b)		300,000		297,552


				2,698,504

Industrial — 1.63%
Covanta Holding Corp., 4.875%, 12/1/2029 (a)		250,000		221,014
Seaspan Corp., 5.500%, 8/1/2029 (a)		400,000		326,548


				547,562


TOTAL CORPORATE OBLIGATIONS (Cost — $5,367,848)				$4,684,548


Exchange Traded Funds — 4.42%	Shares
Goldman Sachs Access Investment Grade Corporate Bond ETF		10,900		492,379
iShares iBoxx Investment Grade Corporate Bond ETF		4,585		494,492
SPDR Portfolio Corporate Bond ETF		17,100		492,993


TOTAL EXCHANGE TRADED FUNDS (Cost — $1,495,082)				$1,479,864


Residential Mortgage-Backed Securities — 14.53%	Principal Amount
BRAVO Residential Funding Trust, Series 2021-A, Class A1, 1.991%, 10/25/2059 (a)(e)		$293,088		274,042
Corevest American Finance Trust, Series 2020-4, Class D, 2.712%, 12/15/2052 (a)		300,000		232,921
COLT Mortgage Loan Trust, Series 2021-3, Class M1, 2.304%, 9/27/2066 (a)(d)		135,000		74,841
Credit Suisse Mortgage Trust, Series 2021-AFC1, Class M1, 2.193%, 3/25/2056 (a)(d)		1,000,000		570,000
Credit Suisse Mortgage Trust, Series 2021-NQM2, Class M1, 2.282%, 2/25/2066 (a)(d)		50,000		30,582
Deephaven Residential Mortgage Trust, Series 2021-2, Class M1, 2.217%, 4/25/2066 (a)(d)		100,000		63,970
Ellington Financial Mortgage Trust, Series 2021-2, Class M1, 2.296%, 6/25/2066 (a)(d)		139,000		79,865
Imperial Fund Mortgage Trust, Series 2021-NQM1, Class A3, 1.617%, 6/25/2056 (a)(d)		264,621		217,976
JP Morgan Mortgage Trust, Series 2020-2, Class B4, 3.825%, 7/25/2050 (a)(d)		353,743		272,883
JP Morgan Mortgage Trust, Series 2020-3, Class B4, 3.845%, 8/25/2050 (a)(d)		352,009		265,399
MFA Trust, Series 2021-RPL1, Class A2, 2.072%, 7/25/2060 (a)(d)		500,000		398,763
MFA Trust, Series 2021-RPL1, Class M2, 2.855%, 7/25/2060 (a)(d)		500,000		374,328
Mill City Mortgage Loan Trust, Series 2017-2, Class M3, 3.250%, 7/25/2059 (a)(d)		160,000		141,099
OBX Trust, Series 2022-INV1, Class A18, 3.000%, 12/25/2051 (a)(d)		189,162		152,063
PRPM LLC, Series 2021-RPL1, Class M1, 2.680%, 7/25/2051 (a)(d)		1,000,000		786,952
Towd Point Mortgage Trust, Series 2020-4, Class M1, 2.875%, 10/25/2060 (a)		565,000		432,736
Verus Securitization Trust, Series 2021-R3, Class A3, 1.380%, 4/25/2064 (a)(d)		61,334		53,141
Verus Securitization Trust, Series 2021-5, Class M1, 2.331%, 9/25/2066 (a)(d)		250,000		153,383
Wells Fargo Mortgage Backed Securities, Series 2021-2, Class A3, 2.500%, 6/25/2051 (a)(d)		349,327		290,818


TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (Cost — $5,769,704)				$4,865,762

See accompanying notes which are an integral part of these financial statements.

Angel Oak Total Return Bond Fund

Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Residential Mortgage-Backed Securities — U.S. Government Agency — 37.91%
Federal Home Loan Mortgage Corp., 2.000%, 6/1/2036		$379,175		$335,049
Federal Home Loan Mortgage Corp., 3.000%, 1/1/2052		902,056		789,434
Federal Home Loan Mortgage Corp., 5.000%, 7/1/2052		382,614		376,558
Federal Home Loan Mortgage Corp., 5.000%, 8/1/2052		940,038		919,873
Federal Home Loan Mortgage Corp., 3.500%, 9/1/2052		336,560		304,769
Federal National Mortgage Association, 4.000%, 4/1/2042		494,072		470,928
Federal National Mortgage Association, 4.500%, 7/1/2052		382,459		366,412
Federal National Mortgage Association, 4.500%, 8/1/2052		975,297		934,374
Federal National Mortgage Association, 5.000%, 8/1/2052		927,639		907,739
Government National Mortgage Association, 2.000%, 5/20/2036		210,523		184,305
Government National Mortgage Association, 2.500%, 2/20/2051		216,252		187,453
Government National Mortgage Association, 2.500%, 4/20/2051		239,859		207,917
Government National Mortgage Association, 2.500%, 4/20/2051		145,055		125,828
Government National Mortgage Association, 2.500%, 4/20/2051		237,827		203,926
Government National Mortgage Association, 2.500%, 4/20/2051		251,553		217,582
Government National Mortgage Association, 4.500%, 8/20/2052		825,026		793,792
Government National Mortgage Association, 5.500%, 8/20/2052		449,601		446,788
Government National Mortgage Association, 5.000%, 9/20/2052		978,623		958,968
Government National Mortgage Association, 5.500%, 9/20/2052		491,919		488,841
Government National Mortgage Association, 5.000%, 10/20/2052		482,279		473,195
Government National Mortgage Association, 5.500%, 10/20/2052		890,051		884,483
Government National Mortgage Association, 5.000%, 11/20/2052		486,723		476,947
Government National Mortgage Association, 5.500%, 11/20/2052		340,569		338,439
Government National Mortgage Association, 5.500%, 12/20/2052		488,708		485,651
Government National Mortgage Association, 4.500%, 2/20/2053		849,578		817,415


TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES — U.S. GOVERNMENT AGENCY (Cost – $13,228,750)				$12,696,666

Residential Mortgage-Backed Securities — U.S. Government Agency Credit Risk Transfer — 1.51%
Federal Home Loan Mortgage Corp., Series 2021-DNA6, Class B1, 8.469% (SOFR30A + 3.400%), 10/25/2041 (a)(b)		500,000		504,748


TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES — U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER (Cost – $476,558)				$504,748

U.S. Treasury Notes — 4.40%
0.375%, 4/15/2024		500,000		482,771
4.625%, 2/28/2025		1,000,000		992,441


TOTAL U.S. TREASURY NOTES (Cost – $1,493,064)				$1,475,212

Short-Term Investments — 3.85%
U.S. Treasury Bills — 1.48%
5.181%, 10/5/2023 (f)		250,000		247,626
5.199%, 10/26/2023 (f)		250,000		246,859


				494,485

See accompanying notes which are an integral part of these financial statements.

100

Angel Oak Total Return Bond Fund

Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Shares		Value
Money Market Funds — 2.37%
First American Government Obligations Fund, Class U, 5.162% (g)		794,524	$	794,524


TOTAL SHORT-TERM INVESTMENTS (Cost — $1,289,499)				$1,289,009


TOTAL INVESTMENTS — 99.21% (Cost — $36,096,518)				$33,227,975

Other Assets in Excess of Liabilities — 0.79%				263,694


NET ASSETS — 100.00%				$33,491,669

LIBOR: London Inter-Bank Offered Rate

SOFR: Secured Overnight Financing Rate

SOFR30A: Secured Overnight Financing Rate 30 Day Average

TSFR1M: 1 Month Term Secured Overnight Financing Rate

TSFR3M: 3 Month Term Secured Overnight Financing Rate

(a)

(b)

(c)	Illiquid security. At July 31, 2023, the value of these securities amounted to $229,609 or 0.69% of net assets.

(d)	Variable rate security. The coupon is based on an underlying pool of assets. Rate disclosed is the rate in effect as of July 31, 2023.

(e)	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 July 31, 2023.

(f)	Rate disclosed is the effective yield as of July 31, 2023.

(g)	Rate disclosed is the seven day yield as of July 31, 2023.

Schedule of Open Futures Contracts


Long Futures Contracts	Expiration Month	Number of Contracts		Notional Value		Value & Unrealized Appreciation (Depreciation)
10-Year U.S. Treasury Note Future	September 2023		50	$	5,570,313	($	152,519	)
U.S. Treasury Bond Future	September 2023		16		1,991,000		(46,556	)
Total						($	199,075	)

See accompanying notes which are an integral part of these financial statements.

101

Angel Oak UltraShort Income ETF

Schedule of Investments

July 31, 2023 (Unaudited)


	Principal Amount		Value
Asset-Backed Securities – 51.97%
ACC Trust, Series 2022-1, Class B, 2.550%, 2/20/2025 (a)		$300,000		$295,467
ACHV TRUST, Series 2023-1PL, Class B, 6.800%, 3/18/2030 (a)		550,000		551,460
ACHV TRUST, Series 2023-2PL, Class B, 6.880%, 5/20/2030 (a)		300,000		297,338
ACHV TRUST, Series 2023-3PL, Class B, 7.170%, 8/19/2030 (a)(b)		750,000		753,774
ACM Auto Trust, Series 2023-2A, Class A, 7.970%, 6/20/2030 (a)		187,236		187,888
Affirm Asset Securitization Trust, Series 2021-B, Class B, 1.240%, 8/17/2026 (a)		100,000		94,653
Affirm Asset Securitization Trust, Series 2023-A, Class 1A, 6.610%, 1/18/2028 (a)		200,000		199,574
Affirm Asset Securitization Trust, Series 2023-A, Class A, 6.610%, 1/18/2028 (a)		400,000		398,701
American Credit Acceptance Receivables Trust, Series 2023-2, Class A, 5.890%, 10/13/2026 (a)		258,320		258,277
American Credit Acceptance Receivables Trust, Series 2022-1, Class D, 2.460%, 3/13/2028 (a)		250,000		235,883
Arivo Acceptance Auto Loan Receivables Trust, Series 2021-1A, Class C, 3.770%, 3/15/2027 (a)		150,000		140,531
Arivo Acceptance Auto Loan Receivables Trust, Series 2022-1A, Class A, 3.930%, 5/15/2028 (a)		148,794		145,264
Arivo Acceptance Auto Loan Receivables Trust, Series 2022-2A, Class A, 6.900%, 1/16/2029 (a)		314,527		315,970
Avid Automobile Receivables Trust, Series 2021-1, Class C, 1.550%, 5/15/2026 (a)		1,000,000		978,773
Avid Automobile Receivables Trust, Series 2023-1, Class B, 7.120%, 3/15/2027 (a)		400,000		401,226
Avis Budget Rental Car Funding AESOP LLC, Series 2018-1A, Class B, 4.000%, 9/20/2024 (a)		500,000		500,111
BA Credit Card Trust, Series 2021-A1, Class A1, 0.440%, 9/15/2026		400,000		386,324
Bank of Montreal, Series 2021-1A, Class A, 0.530%, 11/21/2025 (a)		1,000,000		959,796
BHG Securitization Trust, Series 2022-B, Class A, 3.750%, 6/18/2035 (a)		201,246		199,035
CARDS II Trust, Series 2021-1A, Class A, 0.602%, 4/15/2027 (a)		300,000		289,704
Carvana Auto Receivables Trust, Series 2021-P2, Class A3, 0.490%, 3/10/2026		208,461		203,615
Carvana Auto Receivables Trust, Series 2023-N1, Class A, 6.360%, 4/12/2027 (a)		339,278		336,833
Carvana Auto Receivables Trust, Series 2020-N1A, Class E, 5.200%, 7/15/2027 (a)		400,000		385,191
Carvana Auto Receivables Trust, Series 2021-N2, Class B, 0.750%, 3/10/2028		980,927		908,666
Carvana Auto Receivables Trust, Series 2021-N2, Class C, 1.070%, 3/10/2028		192,976		177,960
Carvana Auto Receivables Trust, Series 2021-N3, Class C, 1.020%, 6/12/2028		3,143		2,930
Citibank Credit Card Issuance Trust, Series 2017-A5, Class A5, 6.026% (TSFR1M + 0.734%), 4/22/2026 (c)		900,000		903,949
CPS Auto Receivables Trust, Series 2023-A, Class B, 5.470%, 11/16/2026 (a)		250,000		247,113
CPS Auto Receivables Trust, Series 2023-B, Class A, 5.910%, 8/16/2027 (a)		481,720		481,691
DT Auto Owner Trust, Series 2022-2A, Class B, 4.220%, 1/15/2027 (a)		800,000		788,662
DT Auto Owner Trust, Series 2023-2A, Class A, 5.880%, 4/15/2027 (a)		216,440		216,070
DT Auto Owner Trust, Series 2023-3A, Class A, 6.290%, 8/16/2027 (a)		1,000,000		1,001,613
DT Auto Owner Trust, Series 2022-3A, Class B, 6.740%, 7/17/2028 (a)		300,000		300,236
Exeter Automobile Receivables Trust, Series 2023-3A, Class A2, 6.110%, 9/15/2025		1,250,000		1,251,989
Exeter Automobile Receivables Trust, Series 2023-2A, Class A2, 5.870%, 11/17/2025		150,000		150,095
Exeter Automobile Receivables Trust, Series 2023-1A, Class A3, 5.580%, 4/15/2026		300,000		298,943
Flagship Credit Auto Trust, Series 2019-4, Class D, 3.120%, 1/15/2026 (a)		400,000		388,851
Flagship Credit Auto Trust, Series 2022-4, Class A2, 6.150%, 9/15/2026 (a)		245,681		245,964
Foundation Finance Trust, Series 2017-1A, Class C, 5.400%, 7/15/2033 (a)		300,000		286,324
Foursight Capital Automobile Receivables Trust, Series 2023-1, Class A2, 5.430%, 10/15/2026 (a)		243,860		242,873
GLS Auto Receivables Issuer Trust, Series 2021-2A, Class B, 0.770%, 9/15/2025 (a)		2,396		2,368
GLS Auto Receivables Issuer Trust, Series 2021-1A, Class E, 3.140%, 1/18/2028 (a)		600,000		563,650
Hertz Vehicle Financing LLC, Series 2022-3A, Class A, 3.370%, 3/25/2025 (a)		150,000		148,730
Hertz Vehicle Financing LLC, Series 2022-3A, Class C, 4.350%, 3/25/2025 (a)		200,000		197,866
Hertz Vehicle Financing LLC, Series 2021-1A, Class A, 1.210%, 12/26/2025 (a)		1,000,000		941,633
Lendbuzz Securitization Trust, Series 2022-1A, Class A, 4.220%, 5/17/2027 (a)		219,581		212,967
Lendbuzz Securitization Trust, Series 2023-1A, Class A2, 6.920%, 8/15/2028 (a)		500,000		497,232
LendingPoint Pass-Through Trust, Series 2022-ST2, Class A, 3.250%, 4/15/2028 (a)		180,387		173,775

See accompanying notes which are an integral part of these financial statements.

102

Angel Oak UltraShort Income ETF

Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Asset-Backed Securities – (continued)
LL ABS Trust, Series 2020-1A, Class C, 6.540%, 1/17/2028 (a)	$	101,090	$	101,169
Lobel Automobile Receivables Trust, Series 2023-1, Class A, 6.970%, 7/15/2026 (a)		251,464		250,581
Marlette Funding Trust, Series 2023-3A, Class B, 6.710%, 9/15/2033 (a)		500,000		501,182
Mercury Financial Credit Card Master Trust, Series 2023-1A, Class A, 8.040%, 9/20/2027 (a)		300,000		302,337
Nissan Auto Lease Trust, Series 2023-B, Class A2A, 5.740%, 8/15/2025		1,000,000		1,002,845
Octane Receivables Trust, Series 2020-1A, Class D, 5.450%, 3/20/2028 (a)		700,000		682,952
Octane Receivables Trust, Series 2023-2A, Class A2, 5.880%, 6/20/2031 (a)		500,000		497,981
Oportun Funding LLC, Series 2021-A, Class A, 1.210%, 3/8/2028 (a)(d)		377,638		362,546
Pagaya AI Debt Selection Trust, Series 2020-3, Class C, 6.430%, 5/17/2027 (a)		1,024,759		1,024,191
Pagaya AI Debt Selection Trust, Series 2021-1, Class A, 1.180%, 11/15/2027 (a)		5,972		5,972
Pagaya AI Debt Selection Trust, Series 2021-HG1, Class A, 1.220%, 1/16/2029 (a)		627,958		604,791
Pagaya AI Debt Selection Trust, Series 2022-1, Class B, 3.344%, 10/15/2029 (a)		999,868		932,379
Pagaya AI Debt Selection Trust, Series 2022-5, Class A, 8.096%, 6/17/2030 (a)		648,261		655,396
Pagaya AI Debt Selection Trust, Series 2023-1, Class A, 7.556%, 7/15/2030 (a)		511,410		513,320
Pagaya AI Debt Selection Trust, Series 2023-3, Class A, 7.600%, 12/16/2030 (a)		474,135		476,662
Pagaya AI Debt Selection Trust, Series 2023-5, Class A, 7.179%, 4/15/2031 (a)		1,000,000		1,003,772
Pagaya AI Debt Selection Trust, Series 2023-5, Class B, 7.625%, 4/15/2031 (a)		500,000		501,812
Prestige Auto Receivables Trust, Series 2023-1A, Class A2, 5.880%, 3/16/2026 (a)		200,000		199,586
Reach Financial LLC, Series 2022-2A, Class C, 8.400%, 5/15/2030 (a)		400,000		404,551
Reach Financial LLC, Series 2023-1A, Class A, 7.050%, 2/18/2031 (a)		750,000		752,361
Santander Drive Auto Receivables Trust, Series 2022-7, Class A2, 5.810%, 1/15/2026		302,685		302,935
Santander Drive Auto Receivables Trust, Series 2023-2, Class A2, 5.870%, 3/16/2026		150,000		150,123
Skopos Auto Receivables Trust, Series 2019-1A, Class D, 5.240%, 4/15/2025 (a)		201,434		201,702
Skopos Auto Receivables Trust, Series 2019-1A, Class E, 7.820%, 6/15/2026 (a)		100,000		99,993
Tesla Auto Lease Trust, Series 2021-B, Class D, 1.320%, 9/22/2025 (a)		450,000		426,154
Theorem Funding Trust, Series 2023-1A, Class A, 7.580%, 4/15/2029 (a)		1,261,536		1,268,975
Theorem Funding Trust, Series 2022-3A, Class A, 7.600%, 4/15/2029 (a)		261,913		263,764
Theorem Funding Trust, Series 2022-3A, Class B, 8.950%, 4/15/2029 (a)		200,000		205,443
Tricolor Auto Securitization Trust, Series 2023-1A, Class A, 6.480%, 8/17/2026 (a)		755,591		754,856
United Auto Credit Securitization Trust, Series 2023-1, Class A, 5.570%, 7/10/2025 (a)		149,798		149,797
Upstart Pass-Through Trust, Series 2020-ST5, Class A, 3.000%, 12/20/2026 (a)		1,089,211		1,054,476
Upstart Pass-Through Trust, Series 2021-ST1, Class A, 2.750%, 2/20/2027 (a)		927,932		895,346
Upstart Pass-Through Trust, Series 2021-ST4, Class A, 2.000%, 7/20/2027 (a)		398,009		378,519
Upstart Pass-Through Trust, Series 2020-ST1, Class A, 3.750%, 2/20/2028 (a)		297,913		295,586
Upstart Pass-Through Trust, Series 2021-ST8, Class A, 1.750%, 10/20/2029 (a)		280,296		270,574
Upstart Pass-Through Trust, Series 2022-4A, Class A, 7.010%, 11/15/2030 (a)		562,972		563,990
Upstart Securitization Trust, Series 2020-2, Class A, 2.309%, 11/20/2030 (a)		1,571,240		1,536,655
Upstart Securitization Trust, Series 2021-2, Class B, 1.750%, 6/20/2031 (a)		468,902		462,209
Upstart Securitization Trust, Series 2021-3, Class A, 0.830%, 7/20/2031 (a)		14,045		13,808
Upstart Securitization Trust, Series 2021-3, Class B, 1.660%, 7/20/2031 (a)		200,000		194,639
Upstart Securitization Trust, Series 2021-4, Class A, 0.840%, 9/20/2031 (a)		15,839		15,658
Upstart Securitization Trust, Series 2021-4, Class B, 1.840%, 9/20/2031 (a)		600,000		570,293
Upstart Securitization Trust, Series 2021-5, Class A, 1.310%, 11/20/2031 (a)		470,479		465,143
Upstart Securitization Trust, Series 2022-2, Class A, 4.370%, 5/20/2032 (a)		252,125		250,110
Upstart Securitization Trust, Series 2023-1, Class A, 6.590%, 2/20/2033 (a)		219,084		218,835
Upstart Securitization Trust, Series 2023-2, Class A, 6.770%, 6/20/2033 (a)		1,000,000		1,001,715
Upstart Structured Pass-Through Trust, Series 2022-1A, Class A, 3.400%, 4/15/2030 (a)		266,267		261,500
US Auto Funding Trust, Series 2022-1A, Class A, 3.980%, 4/15/2025 (a)		204,615		198,046
US Auto Funding Trust, Series 2022-1A, Class B, 5.130%, 12/15/2025 (a)		50,000		47,650

See accompanying notes which are an integral part of these financial statements.

103

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Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Asset-Backed Securities – (continued)
USASF Receivables LLC, Series 2020-1A, Class D, 9.350%, 3/15/2027 (a)	$	1,150,000	$	1,160,824
Verizon Master Trust, Series 2023-4, Class A1B, 5.919% (SOFR30A + 0.850%), 6/20/2029 (c)		1,000,000		1,005,193
Veros Automobile Receivables Trust, Series 2020-1, Class C, 2.990%, 6/16/2025 (a)		79,206		79,042
Veros Automobile Receivables Trust, Series 2022-1, Class A, 3.470%, 12/15/2025 (a)		131,005		130,036
Veros Automobile Receivables Trust, Series 2023-1, Class A, 7.120%, 11/15/2028 (a)		176,699		176,814
Westlake Automobile Receivables Trust, Series 2020-2A, Class D, 2.760%, 1/15/2026 (a)		566,505		560,453
Westlake Automobile Receivables Trust, Series 2023-1A, Class A2A, 5.510%, 6/15/2026 (a)		500,000		499,371
Westlake Automobile Receivables Trust, Series 2023-2A, Class A2B, 5.818% (SOFR30A + 0.750%), 7/15/2026 (a)(c)		200,000		200,379


TOTAL ASSET-BACKED SECURITIES (Cost – $46,072,565)				$46,254,530

Collateralized Loan Obligations — 9.74%
Apidos CLO, Series 2015-20A, Class A1RA, 6.670% (TSFR3M + 1.362%), 7/16/2031 (a)(c)		1,100,000		1,093,167
Carbone Clo Ltd., Series 2017-1A, Class A1, 6.728% (TSFR3M + 1.402%), 1/20/2031 (a)(c)		921,533		916,926
Golub Capital Partners CLO Ltd., Series 2013-17A, Class A1R, 7.263% (TSFR3M + 1.912%), 10/25/2030 (a)(c)		805,624		806,982
ICG US CLO Ltd., Series 2015-1A, Class A1R, 6.722% (TSFR3M + 1.402%), 10/19/2028 (a)(c)		284,094		282,255
Madison Park Funding Ltd., Series 2018-30A, Class A, 6.320% (TSFR3M + 1.012%), 4/15/2029 (a)(c)		1,493,019		1,482,905
Madison Park Funding Ltd., Series 2014-13A, Class BR2, 7.082% (TSFR3M + 1.762%), 4/19/2030 (a)(c)		800,000		794,701
Madison Park Funding Ltd., Series 2017-23A, Class AR, 6.589% (TSFR3M + 1.232%), 7/27/2031 (a)(c)		781,828		776,538
MCF CLO, Series 2018-1A, Class A1, 6.942% (3 Month LIBOR USD + 1.370%), 7/18/2030 (a)(c)		916,404		909,542
TCI-Flatiron CLO Ltd., Series 2017-1A, Class AR, 6.290% (3 Month LIBOR USD + 0.960%), 11/18/2030 (a)(c)		855,478		849,928
Voya CLO Ltd., Series 2014-2A, Class A1RR, 6.590% (TSFR3M + 1.282%), 4/17/2030 (a)(c)		757,219		752,038


TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost – $8,632,124)				$8,664,982

Commercial Mortgage-Backed Securities – U.S. Government Agency – 8.54%
Federal Home Loan Mortgage Corp., Series K-F67, Class A, 5.738% (SOFR30A + 0.634%), 8/25/2029 (c)		519,662		513,249
Federal Home Loan Mortgage Corp., Series K-F155, Class AS, 5.735% (SOFR30A + 0.670%), 2/25/2030 (c)		250,000		250,311
Federal Home Loan Mortgage Corp., Series K-043, Class A1, 2.532%, 10/25/2023		98,201		97,117
Federal Home Loan Mortgage Corp., Series K-036, Class A2, 3.527%, 10/25/2023 (e)		322,060		320,664
Federal Home Loan Mortgage Corp., Series K-F81, Class AS, 5.465% (SOFR30A + 0.400%), 6/25/2027 (c)		378,066		376,122
Federal Home Loan Mortgage Corp., Series K-F100, Class AS, 5.245% (SOFR30A + 0.180%), 1/25/2028 (c)		416,486		410,278
Federal Home Loan Mortgage Corp., Series K-F46, Class A, 5.438% (SOFR30A + 0.334%), 3/25/2028 (c)		160,100		156,128
Federal Home Loan Mortgage Corp., Series K-F61, Class A, 5.748% (SOFR30A + 0.644%), 3/25/2029 (c)		921,733		902,576
Federal Home Loan Mortgage Corp., Series KF75, Class AS, 5.616% (MSOFR1MC + 0.550%), 12/25/2029 (c)		1,616,501		1,605,582
Federal Home Loan Mortgage Corp., Series K-F114, Class AS, 5.285% (SOFR30A + 0.220%), 5/25/2031 (c)		422,889		413,901

See accompanying notes which are an integral part of these financial statements.

104

Angel Oak UltraShort Income ETF

Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Commercial Mortgage-Backed Securities – U.S. Government Agency – (continued)
Federal Home Loan Mortgage Corp., Series K-F136, Class AS, 5.475% (SOFR30A + 0.410%), 4/25/2032 (c)	$	1,258,446	$	1,239,574
Federal Home Loan Mortgage Corp., Series K-F141, Class AS, 5.635% (SOFR30A + 0.570%), 7/25/2032 (c)		1,319,415		1,311,800


TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY (Cost – $7,645,916)				$7,597,302

Corporate Obligations – 5.09%
Communications – 0.34%
Sprint LLC, 7.875%, 9/15/2023		300,000		300,503

Consumer, Cyclical – 0.32%
Ford Motor Credit Co. LLC, 3.370%, 11/17/2023		200,000		198,173
General Motors Financial Co., Inc., 2.900%, 2/26/2025		100,000		95,655

				293,828

Consumer, Non-cyclical – 0.44%
Mondelez International Holdings Netherlands BV, 2.250%, 9/19/2024 (a)		200,000		192,045
Teva Pharmaceutical Finance Netherlands III BV, 6.000%, 4/15/2024		200,000		199,293

				391,338

Energy – 0.89%
DCP Midstream Operating LP, 5.375%, 7/15/2025		100,000		99,448
MPLX LP, 4.875%, 12/1/2024		100,000		98,785
Occidental Petroleum Corp., 6.950%, 7/1/2024		100,000		100,765
PBF Holding Co. LLC / PBF Finance Corp., 7.250%, 6/15/2025		300,000		299,520
Western Midstream Operating LP, 3.950%, 6/1/2025		100,000		96,533
Williams Companies, Inc., 4.550%, 6/24/2024		100,000		98,890

				793,941

Financial – 2.88%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 1.150%, 10/29/2023		300,000		296,330
American Express Co., 2.500%, 7/30/2024		100,000		96,922
American Tower Corp., 2.400%, 3/15/2025		100,000		94,818
Bank of America Corp., 3.950%, 4/21/2025		100,000		96,886
Capital One Financial Corp., 3.300%, 10/30/2024		100,000		96,608
Crown Castle, Inc., 3.200%, 9/1/2024		100,000		97,147
Enact Holdings, Inc., 6.500%, 8/15/2025 (a)		200,000		198,210
Goldman Sachs Group, Inc., 3.500%, 4/1/2025		100,000		96,491
HAT Holdings I LLC / HAT Holdings II LLC, 6.000%, 4/15/2025 (a)		300,000		295,508
JPMorgan Chase & Co., 3.875%, 9/10/2024		100,000		98,055
OneMain Finance Corp., 6.125%, 3/15/2024		300,000		299,505
PRA Group, Inc., 7.375%, 9/1/2025 (a)		200,000		192,808
Radian Group, Inc., 6.625%, 3/15/2025		200,000		200,000
Starwood Property Trust, Inc., 5.500%, 11/1/2023 (a)		200,000		198,782
StoneX Group, Inc., 8.625%, 6/15/2025 (a)		200,000		202,407

				2,560,477

Utilites – 0.22%
AmeriGas Partners LP / AmeriGas Finance Corp., 5.500%, 5/20/2025		200,000		194,265


TOTAL CORPORATE OBLIGATIONS (Cost – $4,532,143)				$4,534,352

See accompanying notes which are an integral part of these financial statements.

105

Angel Oak UltraShort Income ETF

Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Residential Mortgage-Backed Securities – 14.79%
AMSR Trust, Series 2020-SFR1, Class D, 2.619%, 4/17/2037 (a)	$	446,000	$	402,967
BRAVO Residential Funding Trust, Series 2021-A, Class A1, 1.991%, 10/25/2059 (a)(f)		146,544		137,021
Bellemeade Re Ltd., Series 2019-1A, Class M2, 8.112% (TSFR1M + 2.814%), 3/25/2029 (a)(c)		161,420		162,345
CIM Trust, Series 2018-R3, Class A1, 5.000%, 12/25/2057 (a)(e)		304,179		289,051
CoreVest American Finance Trust, Series 2019-1, Class A, 3.324%, 3/15/2052 (a)		210,019		203,254
Credit Suisse Mortgage Trust, Series 2019-RP10, Class A1, 3.046%, 12/26/2059 (a)(e)		218,801		206,963
FirstKey Homes Trust, Series 2020-SFR2, Class B, 1.567%, 10/19/2037 (a)		425,000		374,978
GCAT Trust, Series 2023-NQM2, Class A3, 6.598%, 11/25/2067 (a)(f)		458,792		440,093
JP Morgan Mortgage Trust, Series 2023-HE1, Class A1, 6.818% (SOFR30A + 1.750%), 11/25/2053 (a)(c)		621,723		619,299
JPMorgan Wealth Management, Series 2020-ATR1, Class A4, 3.000%, 2/25/2050 (a)(e)		637,777		609,575
Legacy Mortgage Asset Trust, Series 2021-GS1, Class A1, 1.892%, 10/25/2066 (a)(f)		263,750		246,520
MFA Trust, Series 2023-INV1, Class A3, 6.600%, 2/25/2058 (a)(f)		526,310		524,311
OBX Trust, Series 2023-NQM1, Class A3, 6.500%, 11/25/2062 (a)(e)		469,459		459,795
PRKCM Trust, Series 2023-AFC1, Class A3, 7.304%, 2/25/2058 (a)(f)		364,381		366,179
Preston Ridge Partners Mortgage LLC, Series 2020-4, Class A1, 2.951%, 10/25/2025 (a)(f)		478,918		476,087
Progress Residential Trust, Series 2019-SFR4, Class A, 2.687%, 10/17/2036 (a)		154,303		144,582
Preston Ridge Partners Mortgage LLC, Series 2021-2, Class A1, 2.115%, 3/25/2026 (a)(e)		477,995		451,613
Preston Ridge Partners Mortgage LLC, Series 2021-3, Class A1, 1.867%, 4/25/2026 (a)(f)		103,514		96,678
Preston Ridge Partners Mortgage LLC, Series 2021-5, Class A1, 1.793%, 6/25/2026 (a)(f)		51,834		45,983
Preston Ridge Partners Mortgage LLC, Series 2021-7, Class A1, 1.867%, 8/25/2026 (a)(f)		193,310		177,807
SG Residential Mortgage Trust, Series 2019-3, Class A1, 2.703%, 9/25/2059 (a)(e)		822,689		789,789
STAR Trust, Series 2021-SFR2, Class F, 8.186% (TSFR1M + 2.964%), 1/17/2024 (a)(c)		401,400		368,878
Starwood Mortgage Residential Trust, Series 2022-SFR3, Class A, 6.880% (TSFR1M + 1.650%), 5/17/2024 (a)(c)		995,797		995,480
Starwood Mortgage Residential Trust, Series 2021-2, Class A3, 1.431%, 5/25/2065 (a)(e)		1,057,617		927,140
Tricon American Homes Trust, Series 2017-SFR2, Class A, 2.928%, 1/17/2036 (a)		451,648		445,509
Tricon American Homes Trust, Series 2017-SFR2, Class D, 3.672%, 1/17/2036 (a)		250,000		247,026
Towd Point Mortgage Trust, Series 2017-5, Class A1, 4.984% (TSFR1M + 0.714%), 2/25/2057 (a)(c)		68,793		67,521
Towd Point Mortgage Trust, Series 2017-2, Class A2, 3.250%, 4/25/2057 (a)(e)		127,000		122,944
Towd Point Mortgage Trust, Series 2019-HY3, Class A1A, 6.412% (TSFR1M + 1.114%), 10/25/2059 (a)(c)		709,058		710,105
Verus Securitization Trust, Series 2022-3, Class A3, 4.130%, 2/25/2067 (a)(e)		215,357		189,915
Verus Securitization Trust, Series 2022-8, Class A3, 6.127%, 9/25/2067 (a)(f)		378,049		368,733
Verus Securitization Trust, Series 2023-1, Class A2, 6.560%, 12/25/2067 (a)(f)		578,327		568,816
Verus Securitization Trust, Series 2023-2, Class A2, 6.599%, 3/25/2068 (a)(f)		934,610		922,239


TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (Cost – $13,258,745)				$13,159,196

Residential Mortgage-Backed Securities – U.S. Government Agency – 1.12%
Federal Home Loan Mortgage Corp., Series 5149, Class BD, 2.000%, 2/25/2031		390,988		377,294
Federal Home Loan Mortgage Corp., Series 4776, Class QM, 3.000%, 6/15/2045		319,091		312,306
Federal National Mortgage Association, 2.919%, 10/1/2025 (e)		298,935		284,639
Government National Mortgage Association, 9.000%, 12/15/2024		5,261		5,272
Government National Mortgage Association, Series 2015-56, Class LB, 1.500%, 4/16/2040		15,834		15,644


TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY (Cost – $1,002,038)				$995,155

See accompanying notes which are an integral part of these financial statements.

106

Angel Oak UltraShort Income ETF

Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Residential Mortgage-Backed Securities – U.S. Government Agency Credit Risk Transfer – 1.52%
Federal Home Loan Mortgage Corp., Series 2022-HQA2, Class M1A, 7.719% (SOFR30A + 2.650%), 7/25/2042 (a)(c)	$	220,214	$	225,243
Federal Home Loan Mortgage Corp., Series 2023-HQA1, Class M1A, 7.069% (SOFR30A + 2.000%), 5/25/2043 (a)(c)		947,108		954,072
Federal National Mortgage Association, Series 2014-C02, Class 2M2, 7.783% (SOFR30A + 2.714%), 5/25/2024 (c)		119,764		121,379
Federal National Mortgage Association, Series 2014-C03, Class 2M2, 8.083% (SOFR30A + 3.014%), 7/25/2024 (c)		57,523		57,281


TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER (Cost – $1,345,607)				$1,357,975

U.S. Treasury Notes – 2.16%
2.500%, 1/31/2025		2,000,000		1,923,555


TOTAL U.S. TREASURY NOTES (Cost – $1,950,294)				$1,923,555


Short-Term Investments – 6.01%
U.S. Treasury Bills – 5.56%
4.587%, 9/14/2023 (g)		1,000,000		994,266
5.184%, 10/10/2023 (g)		2,000,000		1,979,554
5.225%, 11/9/2023 (g)		2,000,000		1,970,681

				4,944,501


Money Market Funds – 0.45%	Shares
First American Government Obligations Fund, Class U, 5.162% (h)		400,656		400,656


SHORT-TERM INVESTMENTS (Cost – $5,346,072)				$5,345,157


TOTAL INVESTMENTS – 100.94% (Cost – $89,785,504)				$89,832,204

Liabilities in Excess of Other Assets – (0.94%)				(838,883	)


NET ASSETS – 100.00%				$88,993,321

LIBOR: London Inter-Bank Offered Rate

SOFR: Secured Overnight Financing Rate

SOFR30A: Secured Overnight Financing Rate 30 Day Average

TSFR1M: 1 Month Term Secured Overnight Financing Rate

TSFR3M: 3 Month Term Secured Overnight Financing Rate

MSOFR1MC: 1 Month Secured Overnight Financing Rate Index

(a)

(b)	Security issued on a when-issued basis. On July 31, 2023, the total value of investments purchased on a when-issued basis was $753,774 or 0.85% of net assets.

See accompanying notes which are an integral part of these financial statements.

107

Angel Oak UltraShort Income ETF

Schedule of Investments – (continued)

July 31, 2023 (Unaudited)

(c)

(d)	Illiquid security. At July 31, 2023, the value of these securities amounted to $362,546 or 0.41% of net assets.

(e)	Variable rate security. The coupon is based on an underlying pool of assets. Rate disclosed is the rate in effect as of July 31, 2023.

(f)	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 July 31, 2023.

(g)	Rate disclosed is the effective yield as of July 31, 2023.

(h)	Rate disclosed is the seven day yield as of July 31, 2023.

See accompanying notes which are an integral part of these financial statements.

108

Angel Oak Income ETF

Schedule of Investments

July 31, 2023 (Unaudited)


	Principal Amount		Value
Asset-Backed Securities — 22.30%
ACHV TRUST, Series 2023-1PL, Class D, 8.470%, 3/18/2030 (a)		$200,000		$203,412
ACHV TRUST, Series 2023-3PL, Class C, 7.350%, 8/19/2030 (a)(b)		250,000		251,251
ACHV TRUST, Series 2023-3PL, Class D, 8.360%, 8/19/2030 (a)(b)		200,000		203,127
ACM Auto Trust, Series 2023-2A, Class A, 7.970%, 6/20/2030 (a)		93,618		93,944
Aqua Finance Trust, Series 2021-A, Class C, 3.140%, 7/17/2046 (a)		180,000		132,389
Continental Finance Credit Card ABS Master Trust, Series 2020-1A, Class B, 3.660%, 12/15/2028 (a)		200,000		182,435
Exeter Automobile Receivables Trust, Series 2021-3A, Class E, 3.040%, 12/15/2028 (a)		300,000		266,286
Exeter Automobile Receivables Trust, Series 2023-3A, Class D, 6.680%, 4/16/2029		300,000		305,506
Exeter Automobile Receivables Trust, Series 2023-2A, Class E, 9.750%, 11/15/2030 (a)		200,000		200,870
Foundation Finance Trust, Series 2017-1A, Class C, 5.400%, 7/15/2033 (a)		200,000		190,883
Foundation Finance Trust, Series 2021-1A, Class D, 4.960%, 5/15/2041 (a)		125,000		108,164
Foundation Finance Trust, Series 2023-1A, Class D, 9.180%, 12/15/2043 (a)		200,000		204,867
Foursight Capital Automobile Receivables Trust, Series 2023-1, Class D, 7.410%, 2/15/2030 (a)		250,000		250,234
Goodleap Sustainable Home Solutions Trust, Series 2023-2GS, Class B, 7.800%, 5/20/2055 (a)		100,000		96,658
Hertz Vehicle Financing LLC, Series 2022-4A, Class D, 6.560%, 9/25/2026 (a)		200,000		190,630
Lendbuzz Securitization Trust, Series 2022-1A, Class A, 4.220%, 5/17/2027 (a)		219,581		212,967
Lobel Automobile Receivables Trust, Series 2023-1, Class C, 8.310%, 10/16/2028 (a)		250,000		246,384
LP LMS Asset Securitization Trust, Series 2023-1A, Class B, 7.484%, 10/17/2033 (a)		200,000		188,945
Marlette Funding Trust, Series 2023-2A, Class D, 7.920%, 6/15/2033 (a)		250,000		251,351
Octane Receivables Trust, Series 2020-1A, Class D, 5.450%, 3/20/2028 (a)		200,000		195,129
Octane Receivables Trust, Series 2023-2A, Class D, 7.380%, 6/20/2031 (a)		150,000		149,103
Oportun Financial Corp., Series 2022-3, Class C, 10.147%, 1/8/2030 (a)		200,000		205,286
Pagaya AI Debt Selection Trust, Series 2021-1, Class C, 4.090%, 11/15/2027 (a)		49,979		43,871
Pagaya AI Debt Selection Trust, Series 2021-5, Class C, 3.930%, 8/15/2029 (a)		299,965		257,873
Pagaya AI Debt Selection Trust, Series 2022-1, Class B, 3.344%, 10/15/2029 (a)		99,987		93,238
Pagaya AI Debt Selection Trust, Series 2022-5, Class B, 10.310%, 6/17/2030 (a)		99,996		102,290
Pagaya AI Debt Selection Trust, Series 2023-1, Class B, 9.435%, 7/15/2030 (a)		299,958		305,764
Pagaya AI Debt Selection Trust, Series 2023-3, Class B, 9.570%, 12/16/2030 (a)		200,000		203,250
Pagaya AI Debt Selection Trust, Series 2023-5, Class C, 9.099%, 4/15/2031 (a)		150,000		151,982
Reach Financial LLC, Series 2023-1A, Class C, 8.450%, 2/18/2031 (a)		200,000		200,033
Republic Finance Issuance Trust, Series 2020-A, Class D, 7.000%, 11/20/2030 (a)		350,000		318,516
Santander Bank Auto Credit-Linked Notes, Series 2022-C, Class C, 6.986%, 12/15/2032 (a)		70,979		71,194
Santander Bank Auto Credit-Linked Notes, Series 2022-C, Class D, 8.197%, 12/15/2032 (a)		70,979		71,933
Skopos Auto Receivables Trust, Series 2019-1A, Class E, 7.820%, 6/15/2026 (a)		400,000		399,972
Theorem Funding Trust, Series 2022-3A, Class B, 8.950%, 4/15/2029 (a)		400,000		410,886
Upstart Securitization Trust, Series 2021-4, Class B, 1.840%, 9/20/2031 (a)		400,000		380,196
Upstart Securitization Trust, Series 2023-1, Class C, 11.100%, 2/20/2033 (a)		100,000		97,780
Upstart Securitization Trust, Series 2023-2, Class B, 7.920%, 6/20/2033 (a)		350,000		349,754
US Auto Funding Trust, Series 2022-1A, Class A, 3.980%, 4/15/2025 (a)		204,615		198,046
USASF Receivables LLC, Series 2020-1A, Class D, 9.350%, 3/15/2027 (a)		690,000		696,494
Veros Automobile Receivables Trust, Series 2023-1, Class D, 11.460%, 8/15/2030 (a)		100,000		102,285


TOTAL ASSET-BACKED SECURITIES (Cost – $8,735,549)				$8,785,178

Collateralized Loan Obligations – 9.50%
Anchorage Capital CLO Ltd., Series 2014-3RA, Class B, 7.127% (TSFR3M + 1.762%), 1/28/2031 (a)(c)		500,000		489,342
Apidos CLO, Series 2018-29A, Class A2, 7.163% (TSFR3M + 1.812%), 7/25/2030 (a)(c)		500,000		489,518
Canyon Capital CLO Ltd., Series 2019-1A, Class BR, 7.270% (TSFR3M + 1.962%), 4/15/2032 (a)(c)		550,000		534,172

See accompanying notes which are an integral part of these financial statements.

109

Angel Oak Income ETF

Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Collateralized Loan Obligations – (continued)
CIFC Funding Ltd., Series 2021-6A, Class B, 7.220% (TSFR3M + 1.912%), 10/15/2034 (a)(c)	$	500,000	$	490,243
Golub Capital Partners CLO Ltd., Series 2017-34A, Class B1R, 7.926% (3 Month LIBOR USD + 2.600%), 3/14/2031 (a)(c)		250,000		246,269
Magnetite Ltd., Series 2019-24A, Class BR, 7.058% (TSFR3M + 1.750%), 4/15/2035 (a)(c)		250,000		245,930
OZLM Ltd., Series 2018-20A, Class A2, 7.238% (TSFR3M + 1.912%), 4/20/2031 (a)(c)		550,000		530,853
Symphony CLO Ltd., Series 2015-16A, Class AR, 6.720% (TSFR3M + 1.412%), 10/15/2031 (a)(c)		725,000		716,334


TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost – $3,703,932)				$3,742,661

Corporate Obligations – 4.29%
Communications – 0.35%
Gray Escrow, Inc., 5.375%, 11/15/2031 (a)		200,000		137,203

Consumer, Cyclical – 1.05%
NCL Corp Ltd., 8.375%, 2/1/2028 (a)		300,000		313,028
Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd., 8.000%, 9/20/2025 (a)		100,000		100,950


				413,978

Energy – 1.36%
Calumet Specialty Products Partners LP / Calumet Finance Corp., 9.750%, 7/15/2028 (a)		100,000		99,872
Enviva Partners LP / Enviva Partners Finance Corp., 6.500%, 1/15/2026 (a)		300,000		254,973
New Fortress Energy, Inc., 6.500%, 9/30/2026 (a)		200,000		183,755


				538,600

Industrial – 1.53%
Covanta Holding Corp., 4.875%, 12/1/2029 (a)		200,000		176,812
Great Lakes Dredge & Dock Corp., 5.250%, 6/1/2029 (a)		100,000		83,632
Mauser Packaging Solutions Holding Co., 7.875%, 8/15/2026 (a)		100,000		99,524
Owens-Brockway Glass Container, Inc., 7.250%, 5/15/2031 (a)		50,000		50,873
Smyrna Ready Mix Concrete LLC, 6.000%, 11/1/2028 (a)		200,000		190,855


				601,696


TOTAL CORPORATE OBLIGATIONS (Cost – $1,705,954)				$1,691,477

Residential Mortgage-Backed Securities – 35.87%
Bellemeade RE Ltd., Series 2021-3A, Class M1B, 6.469% (SOFR30A + 1.400%), 9/25/2031 (a)(c)		150,000		144,001
Bellemeade Re Ltd., Series 2021-2A, Class M2, 7.969% (SOFR30A + 2.900%), 6/25/2031 (a)(c)		290,000		289,378
Bellemeade Re Ltd., Series 2021-1A, Class M2, 9.919% (SOFR30A + 4.850%), 3/25/2031 (a)(c)		348,400		360,638
Corevest American Finance Trust, Series 2020-4, Class D, 2.712%, 12/15/2052 (a)		300,000		232,921
Credit Suisse Mortgage Trust, Series 2021-NQM6, Class A3, 1.585%, 7/25/2066 (a)(d)		192,652		137,496
Credit Suisse Mortgage Trust, Series 2021-NQM6, Class B1, 3.286%, 7/25/2066 (a)(d)		500,000		247,567
Credit Suisse Mortgage Trust, Series 2022-NQM4, Class A3, 4.819%, 6/25/2067 (a)(e)		235,262		215,238
Deephaven Residential Mortgage Trust, Series 2022-3, Class A3, 5.300%, 7/25/2067 (a)(d)		342,845		320,824
Ellington Financial Mortgage Trust, Series 2021-2, Class M1, 2.296%, 6/25/2066 (a)(d)		700,000		402,197
Ellington Financial Mortgage Trust, Series 2021-2, Class B1, 3.202%, 6/25/2066 (a)(d)		315,000		165,452
Ellington Financial Mortgage Trust, Series 2022-4, Class A3, 5.900%, 9/25/2067 (a)(e)		139,287		136,237

See accompanying notes which are an integral part of these financial statements.

110

Angel Oak Income ETF

Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Residential Mortgage-Backed Securities – (continued)
FirstKey Homes Trust, Series 2022-SFR2, Class D, 4.500%, 7/17/2039 (a)	$	250,000	$	228,726
GCAT Trust, Series 2020-NQM2, Class M1, 3.589%, 4/25/2065 (a)(d)		500,000		390,489
GCAT Trust, Series 2023-NQM2, Class B1, 7.031%, 11/25/2067 (a)(d)		150,000		131,796
GS Mortgage-Backed Securities Corp Trust, Series 2019-PJ1, Class B6, 4.072%, 8/25/2049 (a)(d)		511,533		289,995
JP Morgan Mortgage Trust, Series 2014-2, Class B2, 3.414%, 6/25/2029 (a)(d)		21,186		18,205
JP Morgan Mortgage Trust, Series 2020-2, Class B4, 3.825%, 7/25/2050 (a)(d)		353,743		272,883
JP Morgan Mortgage Trust, Series 2020-3, Class B4, 3.845%, 8/25/2050 (a)(d)		352,009		265,399
JP Morgan Mortgage Trust, Series 2020-4, Class B2, 3.648%, 11/25/2050 (a)(d)		280,243		246,388
JP Morgan Mortgage Trust, Series 2023-6, Class B6, 6.292%, 12/25/2053 (a)(d)		330,000		158,297
JP Morgan Mortgage Trust, Series 2023-6, Class B4, 6.292%, 12/25/2053 (a)(d)		535,000		404,677
JP Morgan Mortgage Trust, Series 2023-6, Class B5, 6.292%, 12/25/2053 (a)(d)		411,000		237,288
New Residential Mortgage Loan Trust, Series 2022-SFR2, Class E2, 4.000%, 9/4/2039 (a)		700,000		567,669
New Residential Mortgage Loan Trust, Series 2022-SFR2, Class E1, 4.000%, 9/4/2039 (a)		290,000		250,699
New Residential Mortgage Loan Trust, Series 2017-5A, Class B4, 5.336%, 6/25/2057 (a)(d)		335,869		293,055
Oaktown Re Ltd., Series 2021-2, Class B1, 9.469% (SOFR30A + 4.400%), 4/25/2034 (a)(c)		500,000		461,746
OBX Trust, Series 2019-EXP1, Class 1A3, 4.000%, 1/25/2059 (a)(d)		218,296		202,625
OBX Trust, Series 2023-NQM1, Class A3, 6.500%, 11/25/2062 (a)(d)		469,459		459,795
Pretium Mortgage Credit Partners LLC, Series 2021-NPL3, Class A1, 1.868%, 7/25/2051 (a)(e)		79,772		73,248
Pretium Mortgage Credit Partners LLC, Series 2021-NPL4, Class A1, 2.363%, 10/27/2060 (a)(e)		203,649		190,464
Progress Residential Trust, Series 2021-SFR1, Class F, 2.757%, 4/17/2038 (a)		235,000		204,325
PRPM LLC, Series 2020-4, Class A1, 2.951%, 10/25/2025 (a)(e)		478,918		476,087
PRPM LLC, Series 2022-5, Class A1, 6.900%, 9/27/2027 (a)(e)		236,237		233,333
Radnor RE Ltd., Series 2021-2, Class B1, 11.069% (SOFR30A + 6.000%), 11/25/2031 (a)(c)		250,000		262,951
Radnor RE Ltd., Series 2021-1, Class M2, 8.219% (SOFR30A + 3.150%), 12/27/2033 (a)(c)		500,000		491,129
Saluda Grade Alternative Mortgage Trust, Series 2022-INV1, Class A3, 4.641%, 4/25/2067 (a)(d)		486,876		441,031
Seasoned Credit Risk Transfer Trust, Series 2019-3, Class M, 4.750%, 10/25/2058 (d)		300,000		276,389
Sequoia Mortgage Trust, Series 2018-2, Class A19, 3.500%, 2/25/2048 (a)(d)		158,629		137,850
STAR Trust, Series 2021-1, Class B1, 3.520%, 5/25/2065 (a)(d)		600,000		435,921
Starwood Mortgage Residential Trust, Series 2019-INV1, Class B1, 3.657%, 9/27/2049 (a)(d)		500,000		400,899
Triangle Re Ltd., Series 2021-3, Class B1, 10.019% (SOFR30A + 4.950%), 2/25/2034 (a)(c)		500,000		494,542
Tricon American Homes, Series 2020-SFR1, Class D, 2.548%, 7/17/2038 (a)		200,000		174,657
Verus Securitization Trust, Series 2021-1, Class M1, 1.968%, 1/25/2066 (a)(d)		1,074,000		688,145
Verus Securitization Trust, Series 2022-8, Class A3, 6.127%, 9/25/2067 (a)(e)		378,049		368,733
Verus Securitization Trust, Series 2023-1, Class A2, 6.560%, 12/25/2067 (a)(e)		578,327		568,816
Verus Securitization Trust, Series 2023-INV1, Class A2, 6.556%, 2/25/2068 (a)(e)		655,768		655,593
Wells Fargo Credit Risk Transfer Securities Trust, Series 2015-WF1, Class 1M2, 10.433% (SOFR30A + 5.364%), 11/25/2025 (a)(c)		33,685		24,315


TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (Cost – $14,461,233)				$14,130,109

Residential Mortgage-Backed Securities – U.S. Government Agency – 18.23%
Federal Home Loan Mortgage Corp., 4.500%, 7/1/2052		942,869		903,012
Federal National Mortgage Association, 5.000%, 11/1/2052		947,696		926,774
Government National Mortgage Association, 4.500%, 9/20/2052		482,967		464,683
Government National Mortgage Association, 5.000%, 10/20/2052		964,557		946,391
Government National Mortgage Association, 4.500%, 11/20/2052		977,336		940,336
Government National Mortgage Association, 5.000%, 11/20/2052		681,412		667,726

See accompanying notes which are an integral part of these financial statements.

111

Angel Oak Income ETF

Schedule of Investments – (continued)

July 31, 2023 (Unaudited)


	Principal Amount		Value
Residential Mortgage-Backed Securities – U.S. Government Agency – (continued)
Government National Mortgage Association, 5.000%, 12/20/2052	$	978,285	$	958,637
Government National Mortgage Association, 5.500%, 12/20/2052		195,483		194,260
Government National Mortgage Association, 5.000%, 3/20/2053		494,449		484,518
Government National Mortgage Association, 5.500%, 6/20/2053		698,441		694,072


TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY (Cost – $7,313,890)				$7,180,409

Residential Mortgage-Backed Securities – U.S. Government Agency Credit Risk Transfer – 8.77%
Connecticut Avenue Securities Trust, Series 2021-R01, Class 1B1, 8.169% (SOFR30A + 3.100%), 10/25/2041 (a)(c)		300,000		302,871
Federal Home Loan Mortgage Corp., Series 2021-DNA6, Class B1, 8.469% (SOFR30A + 3.400%), 10/25/2041 (a)(c)		500,000		504,748
Federal Home Loan Mortgage Corp., Series 2021-HQA4, Class B1, 8.819% (SOFR30A + 3.750%), 12/25/2041 (a)(c)		500,000		503,750
Federal Home Loan Mortgage Corp., Series 2022-DNA2, Class M1B, 7.469% (SOFR30A + 2.400%), 2/25/2042 (a)(c)		500,000		501,877
Federal Home Loan Mortgage Corp., Series 2022-HQA1, Class M2, 10.319% (SOFR30A + 5.250%), 3/25/2042 (a)(c)		350,000		373,435
Federal Home Loan Mortgage Corp., Series 2022-DNA3, Class M1B, 7.969% (SOFR30A + 2.900%), 4/25/2042 (a)(c)		500,000		509,386
Federal Home Loan Mortgage Corp., Series 2022-HQA3, Class M1B, 8.619% (SOFR30A + 3.550%), 8/25/2042 (a)(c)		500,000		515,487
Federal Home Loan Mortgage Corp., Series 2021-HQA1, Class B2, 10.069% (SOFR30A + 5.000%), 8/25/2033 (a)(c)		250,000		243,125


TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER (Cost – $3,210,572)				$3,454,679


Short-Term Investments – 1.51%		Shares
Money Market Funds – 1.51%
First American Government Obligations Fund,Class U, 5.162% (f)		595,578		595,578


TOTAL SHORT-TERM INVESTMENTS (Cost – $595,578)				$595,578


TOTAL INVESTMENTS – 100.47% (Cost – $39,726,708)				$39,580,091

Liabilities in Excess of Other Assets – (0.47%)				(184,010	)


NET ASSETS – 100.00%				$39,396,081

LIBOR: London Inter-Bank Offered Rate

SOFR: Secured Overnight Financing Rate

SOFR30A: Secured Overnight Financing Rate 30 Day Average

TSFR3M 3 Month Term Secured Overnight Financing Rate

(a)

See accompanying notes which are an integral part of these financial statements.

112

Angel Oak Income ETF

Schedule of Investments – (continued)

July 31, 2023 (Unaudited)

(b)	Security issued on a when-issued basis. On July 31, 2023, the total value of investments purchased on a when-issued basis was $454,378 or 1.15% of net assets.

(c)

(d)	Variable rate security. The coupon is based on an underlying pool of assets. Rate disclosed is the rate in effect as of July 31, 2023.

(e)	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 July 31, 2023.

(f)	Rate disclosed is the seven day yield as of July 31, 2023.

Schedule of Open Futures Contracts


Short Futures Contracts	Expiration Month	Number of Contracts			Notional Value			Value & Unrealized Appreciation (Depreciation)
10-Year U.S. Treasury Note Future	September 2023		(7	)		($779,844	)		$21,686
5-Year U.S. Treasury Note Future	September 2023		(6	)		(640,922	)		14,745
Total									$36,431

See accompanying notes which are an integral part of these financial statements.

113

Angel Oak Funds Trust

Notes to the Financial Statements

July 31, 2023 (Unaudited)

NOTE 1. ORGANIZATION

Angel Oak Funds Trust (the “Trust”) is a Delaware statutory trust organized on June 20, 2014, and registered with the U.S. Securities and Exchange Commission as an open-end management investment company, as defined in the Investment Company Act of 1940 as amended (the “1940 Act”). The Trust consists of seven series, Angel Oak Multi-Strategy Income Fund (the “Multi- Strategy Income Fund”), Angel Oak Financials Income Impact Fund (the “Financials Income Impact Fund”), Angel Oak High Yield Opportunities Fund (the “High Yield Opportunities Fund”), Angel Oak UltraShort Income Fund (the “UltraShort Income Fund”), Angel Oak Total Return Bond Fund (the “Total Return Bond Fund”), 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

Front-End
Sales Charge

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

Institutional Class

ANGIX

08/16/2012

N/A

Financials Income Impact Fund

Class A

ANFLX

Current Income & Total
Return

11/03/2014

2.25

N/A

0.25

Class C

AFLCX

08/04/2015

N/A

1.00

Institutional Class

ANFIX

11/03/2014

N/A

High Yield Opportunities Fund

Class A

ANHAX

Current Income & Capital
Appreciation

07/31/2012

2.25

N/A

0.25

Class C

ANHCX

N/A

1.00

Institutional Class

ANHIX

03/31/2009

N/A

UltraShort Income Fund

Class A

AOUAX

Current Income, Minimize
Price Volatility, and
Maintain Liquidity

04/30/2018

N/A

0.25

Class A1

AOUNX

07/22/2022

1.50

0.50

0.25

Institutional Class

AOUIX

04/02/2018

N/A

Total Return Bond Fund

Class A

AOIMX

Total Return

N/A

2.25

N/A

0.25

Class C

AOICX

N/A

1.00

Institutional Class

AOIIX

06/04/2021

N/A

UltraShort Income ETF

UYLD

Current Income, Minimize
Price Volatility, and
Maintain Liquidity

10/24/2022

N/A

Income ETF

CARY

Current Income

11/07/2022

N/A

The Multi-Strategy Income Fund, Financials Income Impact Fund, High Yield Opportunities Fund, and UltraShort Income Fund are diversified series of the Trust. The Total Return Bond Fund, 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.

The Financials Income Impact Fund commenced operations on November 3, 2014, under the name “Angel Oak Flexible Income Fund.” On March 16, 2016, shareholders approved a change to the Fund’s fundamental investment policy on the concentration of investments. On December 16, 2018, the Fund’s name was changed to “Angel Oak Financials Income Fund,” and the Fund adopted a new investment policy pursuant to Rule 35d-1 under the 1940 Act and made certain other changes to the Fund’s investment strategies. On September 22, 2022, the Fund’s name was changed to “Angel Oak Financials Income Impact Fund.” As a result, the Fund’s performance during periods prior to these dates may have differed had the Fund’s current investment policies and strategies been in place at those times.

114

Angel Oak Funds Trust

Notes to the Financial Statements - (continued)

July 31, 2023 (Unaudited)

NOTE 1. ORGANIZATION – (continued)

The Total Return Bond Fund commenced operations on June 4, 2021, under the name “Angel Oak Core Impact Fund.” On January 3, 2023, the Fund’s name was changed to “Angel Oak Total Return Bond Fund,” and the Fund adopted certain changes to its investment objective and principal investment strategies. As a result, the Fund’s performance during periods prior to these dates may have differed had the Fund’s current investment policies and strategies been in place at those times.

The UltraShort Income ETF and Income ETF (alone, an “ETF”, together, the “ETFs”) list and principally trade their shares on the New York Stock Exchange Arca (“NYSE”) (“Exchange”). Shares of the ETFs trade on the Exchange at market prices that may be below, at, or above the ETFs’ net asset value (“NAV”). The UltraShort Income ETF, will issue and redeem shares on a continuous basis at NAV only in large blocks of shares, typically 20,000 shares, called “Creation Units.” The Income ETF will issue and redeem shares on a continuous basis at NAV only in creation units of, typically 50,000 shares. Creation Units will be issued and redeemed in exchange for a portfolio of securities and/or a designated amount of U.S. cash, all of which were in cash during the period. Once created, shares generally will trade in the secondary market at market prices that change throughout the day in quantities less than a Creation Unit. Except when aggregated in Creation Units, shares are not redeemable securities of an ETF.

Shares of the ETFs may only be purchased or redeemed by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a 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 Titan Loan Funding Trust (“Titan”), each a statutory trust organized under the laws of the state of Delaware and incorporated on August 2, 2018. Hyperion and Titan act as investment vehicles 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. The allocation of the Multi-Strategy Income Fund’s investments, if any, in Hyperion or Titan will vary over time and might not include all of the types of investments described below.

On July 31, 2023, investments in Hyperion and Titan represented 0.23% and 0.00% of the total net assets of the Multi-Strategy Income Fund, respectively.

The consolidated financial statements of the Multi-Strategy Income Fund include the investment activity and financial statements of Hyperion and Titan. 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 respective subsidiaries, the Multi-Strategy Income Fund may be considered to be investing indirectly in some of those investments through its subsidiary. For that reason, references to the Multi-Strategy Income Fund may also encompass its subsidiaries.

At July 31, 2023, investments held by Hyperion and Titan included whole loans, valued at $6,291,914 and $–, respectively. In addition, Hyperion and Titan held $583,396 and $1,000 in cash, respectively.

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 (“FASB”) Accounting Codification Topic 946 “Financial Services-Investment Companies.”

115

Angel Oak Funds Trust

Notes to the Financial Statements - (continued)

July 31, 2023 (Unaudited)

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES – (continued)

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

•

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”), collateralized loan obligations (“CLO”), collateralized mortgage obligations (“CMO”), 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 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.

116

Angel Oak Funds Trust

Notes to the Financial Statements - (continued)

July 31, 2023 (Unaudited)

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES – (continued)

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 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, 2023:


Multi-Strategy Income Fund
	Level 1		Level 2		Level 3	Total
Assets
Asset-Backed Securities		$–		$398,079,470	$–		$398,079,470
Collateralized Debt Obligations		–		2,844,618	–		2,844,618
Collateralized Loan Obligations		–		105,252,047	–		105,252,047
Commercial Mortgage-Backed Securities		–		70,583,708	–		70,583,708
Commercial Mortgage-Backed Securities – U.S. Government Agency		–		16,847,086	–		16,847,086
Common Stocks		13,746,782		–	–		13,746,782
Corporate Obligations		–		103,657,197	1,312,200		104,969,397
Investment Companies – Affiliated Exchange Traded & Mutual Funds		122,385,177		–	–		122,385,177
Preferred Stocks		7,255,976		–	–		7,255,976
Residential Mortgage-Backed Securities		–		1,779,489,287	14,943,582		1,794,432,869
Residential Mortgage-Backed Securities – U.S. Government Agency		–		372,206,169	–		372,206,169
Residential Mortgage-Backed Securities – U.S. Government Agency Credit Risk Transfer		–		26,632,672	–		26,632,672
Whole Loans		–		6,291,914	–		6,291,914
Warrants		–		56,160	–		56,160
Short-Term Investments		130,645,748		69,391,311	–		200,037,059
Total		$274,033,683		$2,951,331,639	$16,255,782		$3,241,621,104
Other Financial Instruments
Assets
Futures Contracts*		$10,770,075		$–	$–		$10,770,075
Liabilities
Swaps*		–		(2,745,770)	–		(2,745,770)
Reverse Repurchase Agreements		–		(100,000,000)	–		(100,000,000)
Total		$10,770,075		($102,745,770)	$–		($91,975,695)

*	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.

117

Angel Oak Funds Trust

Notes to the Financial Statements - (continued)

July 31, 2023 (Unaudited)

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES – (continued)

See the Consolidated Schedule of Investments for further disaggregation of investment categories. During the period ended July 31, 2023, the Fund recognized $14,933,581 of transfers from Level 2 to Level 3 for securities lacking observable market data due to a decrease in relevant market activity. See the summary of quantitative information about Level 3 Fair Value Measurements for more information.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

Balance as of
01/31/23

Amortization/
Accretion/
Paydowns

Net Realized
Gain (Loss)

Change in Net
Unrealized
Appreciation/
Depreciation

Purchases

Sales

Transfers Into
Level 3

Transfers
Out of
Level 3

Balance as of
07/31/23

Collateralized Loan Obligations

$50,000

$–

($50,000)

$–

Corporate Obligations

$1,312,200

$–

$1,312,200

Residential Mortgage- Backed Securities

$10,001

($34,536)

$–

$34,536

$–

$14,933,581

$–

$14,943,582

The total change in unrealized appreciation/depreciation included in the Consolidated Statement of Operations attributable to Level 3 investments still held at July 31, 2023, is $58,950.

The following is a summary of quantitative information about Level 3 Fair Value Measurements:


	Fair Value as of 07/31/23	Valuation Techniques	Unobservable Input*	Range	Weighted Average Unobservable Input
Collateralized Loan Obligations	$–	Model Valuation	Projected cash contribution to equity	$0.00**	N/A
Corporate Obligations	$1,312,200	Model Valuation	Projected cash flow from liquidation	$9.72**	N/A
Residential Mortgage-Backed Securities	$10,001	Model Valuation	Discounted value of the call rights and underlying collateral of security	$0.10-$1.00	$1.00
Residential Mortgage-Backed Securities	$14,933,581	Consensus Pricing	Trading colors of comparable securities and other deals with similar coupons and characteristics	$95.05-$97.18	$96.74

Significant increases and decreases in the unobservable inputs used to determine fair value of Level 3 assets could result in significantly higher or lower fair value measurements. An increase to the unobservable input would result in an increase to the fair value. A decrease to the unobservable input would have the opposite effect.

**	Each input presents information for one security and reflects the value as of July 31, 2023.

118

Angel Oak Funds Trust

Notes to the Financial Statements - (continued)

July 31, 2023 (Unaudited)

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES – (continued)


Financials Income Impact Fund
	Level 1		Level 2		Level 3		Total
Assets
Common Stocks		$1,585,722		$–		$–		$1,585,722
Corporate Obligations		–		78,673,084		775,000		79,448,084
Preferred Stocks		732,800		–		–		732,800
Warrants		–		122,148		–		122,148
Short-Term Investments		3,201,961		–		–		3,201,961
Total		$5,520,483		$78,795,232		$775,000		$85,090,715

See the Schedule of Investments for further disaggregation of investment categories. During the period ended July 31, 2023, the Fund did not recognize any transfers to or from Level 3. See the summary of quantitative information about Level 3 Fair Value Measurements for more information.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

Balance as of
01/31/23

Amortization/
Accretion

Net Realized
Gain (Loss)

Change in Net
Unrealized
Appreciation/
Depreciation

Purchases

Sales

Transfers Into
Level 3

Transfers
Out of
Level 3

Balance as of
07/31/23

Corporate Obligations

$775,000

$–

$775,000

The total change in unrealized appreciation/depreciation included in the Statement of Operations attributable to Level 3 investments still held at July 31, 2023, is $–.

The following is a summary of quantitative information about Level 3 Fair Value Measurements:

Fair Value as of
07/31/23

Valuation

Techniques

Unobservable

Input*

Range/Weighted Average
Unobservable Input**

Corporate Obligations

$775,000

Model Valuation

Debt recovery estimate
based on 2023 and 2024
projected earnings, and
EBITDA multiples

Recovery Estimate: 31%

EBITDA Multiples: 6x-9x

**Table

presents information for one security, which is priced at $31.00 as of July 31, 2023.


High Yield Opportunities Fund
	Level 1	Level 2		Level 3		Total
Assets
Asset-Backed Securities	$–		$2,657,979	$	–		$2,657,979
Corporate Obligations	–		47,527,314		–		47,527,314
Residential Mortgage-Backed Securities	–		11,212,776		–		11,212,776
Residential Mortgage-Backed Securities – U.S. Government Agency Credit Risk Transfer	–		3,325,249		–		3,325,249
Short-Term Investments	1,447,316		–		–		1,447,316
Total	$1,447,316	$	64,723,318	$	–	$	66,170,634

119

Angel Oak Funds Trust

Notes to the Financial Statements - (continued)

July 31, 2023 (Unaudited)

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES – (continued)

See the Schedule of Investments for further disaggregation of investment categories. For the period ended July 31, 2023, the Fund did not recognize any transfers to or from Level 3.

UltraShort Income Fund

Level 1

Level 2

Level 3

Total

Assets

Asset-Backed Securities

$–

$250,355,159

$–

$250,355,159

Collateralized Loan Obligations

–

59,695,940

–

59,695,940

Commercial Mortgage-Backed Securities

–

17,379,464

–

17,379,464

Commercial Mortgage-Backed Securities – U.S. Government Agency

–

39,746,350

–

39,746,350

Corporate Obligations

–

11,761,429

–

11,761,429

Investment Companies – Affiliated Exchange Traded Funds

4,931,063

–

4,931,063

Residential Mortgage-Backed Securities

–

131,164,733

–

131,164,733

Residential Mortgage-Backed Securities – U.S. Government Agency

–

4,842,790

–

4,842,790

Residential Mortgage-Backed Securities – U.S. Government Agency Credit Risk Transfer

–

4,791,833

–

4,791,833

Short-Term Investments

8,748,980

14,813,258

–

23,562,238

Total

$13,680,043

$534,550,956

$–

$548,230,999

Other Financial Instruments

Assets

Futures Contracts*

$473,127

$–

$473,127

*	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. During the period ended July 31, 2023, the Fund did not recognize any transfers to or from Level 3.

Total Return Bond Fund

Level 1

Level 2

Level 3

Total

Assets

Asset-Backed Securities

$–

$3,353,864

$–

$3,353,864

Commercial Mortgage-Backed Securities

–

1,355,074

–

1,355,074

Commercial Mortgage-Backed Securities – U.S. Government Agency

–

1,523,228

–

1,523,228

Corporate Obligations

–

4,684,548

–

4,684,548

Exchange Traded Funds

1,479,864

–

1,479,864

Residential Mortgage-Backed Securities

–

4,865,762

–

4,865,762

Residential Mortgage-Backed Securities – U.S. Government Agency

–

12,696,666

–

12,696,666

Residential Mortgage-Backed Securities – U.S. Government Agency Credit Risk Transfer

–

504,748

–

504,748

U.S. Treasury Notes

–

1,475,212

–

1,475,212

Short-Term Investments

794,524

494,485

–

1,289,009

Total

$2,274,388

$30,953,587

$–

$33,227,975

Other Financial Instruments

Liabilities

Futures Contracts*

($199,075)

$–

($199,075)

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

120

Angel Oak Funds Trust

Notes to the Financial Statements - (continued)

July 31, 2023 (Unaudited)

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES – (continued)

See the Schedule of Investments for further disaggregation of investment categories. During the period ended July 31, 2023, the Fund did not recognize any transfers to or from Level 3.


UltraShort Income ETF
	Level 1		Level 2		Level 3	Total
Assets
Asset-Backed Securities		$–		$46,254,530	$–		$46,254,530
Collateralized Loan Obligations		–		8,664,982	–		8,664,982
Commercial Mortgage-Backed Securities – U.S. Government Agency		–		7,597,302	–		7,597,302
Corporate Obligations		–		4,534,352	–		4,534,352
Residential Mortgage-Backed Securities		–		13,159,196	–		13,159,196
Residential Mortgage-Backed Securities – U.S. Government Agency		–		995,155	–		995,155
Residential Mortgage-Backed Securities – U.S. Government Agency Credit Risk Transfer		–		1,357,975	–		1,357,975
U.S. Treasury Notes		–		1,923,555	–		1,923,555
Short-Term Investments		400,656		4,944,501	–		5,345,157
Total	$	400,656	$	89,431,548	$–	$	89,832,204

See the Schedule of Investments for further disaggregation of investment categories. During the period ended July 31, 2023, the Fund did not recognize any transfers to or from Level 3.


Income ETF
	Level 1	Level 2	Level 3	Total
Assets
Asset-Backed Securities	$–	$8,785,178	$–	$8,785,178
Collateralized Loan Obligations	–	3,742,661	–	3,742,661
Corporate Obligations	–	1,691,477	–	1,691,477
Residential Mortgage-Backed Securities	–	14,130,109	–	14,130,109
Residential Mortgage-Backed Securities – U.S. Government Agency	–	7,180,409	–	7,180,409
Residential Mortgage-Backed Securities – U.S. Government Agency Credit Risk Transfer	–	3,454,679	–	3,454,679
Short-Term Investments	595,578	–	–	595,578
Total	$595,578	$38,984,513	$–	$39,580,091
Other Financial Instruments
Assets
Futures Contracts*	$36,431	$–	$–	$36,431

*	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. During the period ended July 31, 2023, the Fund did not recognize any transfers to or from Level 3.

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.

121

Angel Oak Funds Trust

Notes to the Financial Statements - (continued)

July 31, 2023 (Unaudited)

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES – (continued)

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, 2023, 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 period 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 year or period ended January 31, 2023, there were no reclassifications.

Share Valuation: The NAV per share of a class of shares of each Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other assets, attributable to that class, minus all liabilities (including estimated accrued expenses) attributable to that class by the total number of shares of that class outstanding, rounded to the nearest cent. The Funds’ NAV will not be calculated on the days on which the New York Stock Exchange is closed for trading.

Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of income and expenses during the period. Actual results could differ from those estimates.

Indemnifications: Under the Trust’s organizational documents, the Trust will indemnify its officers and trustees for certain liabilities that may arise from performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred.

122

Angel Oak Funds Trust

Notes to the Financial Statements - (continued)

July 31, 2023 (Unaudited)

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES – (continued)

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		$130,645,748
Financials Income Impact Fund		$3,201,961
High Yield Opportunities Fund		$1,447,316
UltraShort Income Fund		$8,748,980
Total Return Bond Fund		$794,524
UltraShort Income ETF		$400,656
Income ETF		$595,578

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.

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

Multi-Strategy Income Fund

Reverse Repurchase Agreements

Overnight and
Continuous

Up to 30 Days

30-90 Days

Greater than
90 Days

Total

Asset-Backed Securities

$–

$26,077,923

$–

$26,077,923

Residential Mortgage-Backed Securities

–

68,007,358

–

68,007,358

Residential Mortgage-Backed Securities – U.S. Government Agency Credit Risk Transfer

–

5,914,719

–

5,914,719

Total

$–

$100,000,000

$–

$100,000,000

Gross amount of reverse repurchase agreements in Balance Sheet Offsetting Information Table

$100,000,000

Amounts related to agreements not included in offsetting disclosure in Balance Sheet Offsetting Information Table

$–

NOTE 3. RISKS ASSOCIATED WITH PORTFOLIO ASSETS

Asset-Backed and Mortgage-Backed Securities and Whole Loan Risks: Prepayment risk is associated with mortgage-backed and ABS, including CLOs, and whole loans. If interest rates fall, the underlying debt may be repaid ahead of schedule, reducing the value of the Funds’ investments. If interest rates rise, there may be fewer prepayments, which would cause the average bond maturity to rise, increasing the potential for the Funds to lose money. The value of these 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

123

Angel Oak Funds Trust

Notes to the Financial Statements - (continued)

July 31, 2023 (Unaudited)

NOTE 3. RISKS ASSOCIATED WITH PORTFOLIO ASSETS – (continued)

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 or will be of equivalent quality rating from another Nationally Recognized Statistical Ratings Organization, or if unrated, considered by the Adviser to be of comparable quality.

Structured Products: The Funds may invest in certain structured products. Normally, structured products are privately offered and sold (that is, they are not registered under the securities laws); however, an active dealer market may exist for structured products that qualify for Rule 144A transactions. The risks of an investment in a structured product depend largely on the type of the collateral securities and the class of the structured product in which the Funds invest. In addition to the normal interest rate, default and other risks of fixed-income securities, structured products carry additional risks, including the possibility that distributions from collateral securities will not be adequate to make interest or other payments, the quality of the collateral may decline in value or default, the Funds may invest in structured products that are subordinate to other classes, values may be volatile and disputes with the issuer may produce unexpected investment results.

Common and Preferred Stocks: The Funds may invest in common stock and preferred stock. Common stock represents an equity (ownership) interest in a company, and usually possesses voting rights and earns dividends. Dividends on common stock are not fixed but are declared at the discretion of the issuer. Common stock generally represents the riskiest investment in a company. In addition, common stock generally has the greatest appreciation and depreciation potential because increases and decreases in earnings are usually reflected in a company’s stock price. The Funds may also invest in preferred stock. Preferred stock is a

124

Angel Oak Funds Trust

Notes to the Financial Statements - (continued)

July 31, 2023 (Unaudited)

NOTE 3. RISKS ASSOCIATED WITH PORTFOLIO ASSETS – (continued)

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, 2023.

Swaps: The Funds may invest in credit default swaps, total return swaps, interest rate swaps, equity swaps, currency swaps and other types of swaps. 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.

125

Angel Oak Funds Trust

Notes to the Financial Statements - (continued)

July 31, 2023 (Unaudited)

NOTE 3. RISKS ASSOCIATED WITH PORTFOLIO ASSETS – (continued)

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, 2023.

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.

Macroeconomic Risks: The COVID-19 pandemic, the Russian-Ukrainian war, rising interest rates, heightened inflation, supply chain disruptions, geopolitical risks, and economic sanctions have disrupted economic markets and the prolonged economic impact is uncertain. The operational and financial performance of the issuers of securities in which the Funds invests depends on future developments, including the duration, spread, and conclusion of these 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, 2023, for the Multi-Strategy Income Fund was as follows:


Derivatives	Type of Derivative Risk	Consolidated Statement of Assets and Liabilities Location	Fair Value of Deposit at Broker for Futures and Swaps	Value of Unrealized Appreciation (Depreciation)*
Futures Contracts	Interest Rate	Deposit at broker for futures	$4,229,561	$10,770,075
Swaps	Interest Rate	Deposit at broker for swaps	$2,746,448	($2,745,770)

*	Represents the value of unrealized appreciation (depreciation) as presented in the Consolidated Schedule of Open Futures Contracts and the Consolidated Schedule of Centrally Cleared Credit Default Swaps.

The effect of derivative instruments on the Consolidated Statement of Operations for the period ended July 31, 2023, 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	$36,513,927
Swaps	Interest Rate	Net realized gain (loss) on swaps	($189,023)


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	($23,721,546)
Swaps	Interest Rate	Net change in unrealized appreciation (depreciation) on swaps	($2,745,770)

126

Angel Oak Funds Trust

Notes to the Financial Statements - (continued)

July 31, 2023 (Unaudited)

NOTE 4. DERIVATIVE TRANSACTIONS – (continued)

The average monthly notional value of long and short futures contracts during the period ended July 31, 2023, was $30,817,134 and ($302,371,128), respectively. The average monthly notional value of long swap contracts during the period ended July 31, 2023, was $35,428,571.

The value and effect of derivative instruments on the Statements of Assets and Liabilities as of July 31, 2023, 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

$733,925

$473,127

*	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, 2023, 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

$2,187,002

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

($103,245)

The average monthly notional value of short futures contracts during the period ended July 31, 2023, was ($78,463,910).

The value and effect of derivative instruments on the Statements of Assets and Liabilities as of July 31, 2023, for the Total Return Bond 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

$220,278

($199,075)

*	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, 2023, for the Total Return Bond 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	($115,385)

Derivatives

Type of
Derivative Risk

Location of Gain (Loss) on

Derivatives in Income

Change in Unrealized
Appreciation/Depreciation on
Derivatives

Futures Contracts

Interest Rate

Net change in unrealized
appreciation/depreciation on futures contracts

($278,655)

The average monthly notional value of long futures contracts during the period ended July 31, 2023, was $8,701,801.

127

Angel Oak Funds Trust

Notes to the Financial Statements - (continued)

July 31, 2023 (Unaudited)

NOTE 4. DERIVATIVE TRANSACTIONS – (continued)

The value and effect of derivative instruments on the Statements of Assets and Liabilities as of July 31, 2023, 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

$124,954

$36,431

*	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, 2023, 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

$34,578

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

$36,431

The average monthly notional value of short futures contracts during the period ended July 31, 2023, was $1,057,055.

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, 2023, 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, 2023.

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/Liabilities
Presented in
Consolidated
Statement of
Assets and Liabilities

Financial
Instruments*

Cash Collateral
Pledged*

Net Amount

Assets:

Futures Contracts

$10,770,075

$–

$10,770,075**

$–

$10,770,075

Liabilities:

Swaps

$2,745,770

$–

$2,745,770***

$–

$2,745,770

$–

Reverse Repurchase Agreements

$100,000,000

$–

$100,000,000

$–

128

Angel Oak Funds Trust

Notes to the Financial Statements - (continued)

July 31, 2023 (Unaudited)

NOTE 4. DERIVATIVE TRANSACTIONS – (continued)


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	$	473,127	$	–	$	473,127	$	–	$	–	$	473,127


Total Return Bond Fund
							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 Liabilities Presented in Statements of Assets and Liabilities****		Financial Instruments*		Cash Collateral Pledged*		Net Amount
Futures Contracts	$	199,075	$	–	$	199,075	$	–	$	199,075	$	–


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	$	36,431	$	–	$	36,431	$	–	$	–	$	36,431

*	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, which is included in deposit at broker for 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 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%
Financials Income Impact Fund		0.89%
High Yield Opportunities Fund		0.55%
UltraShort Income Fund		0.44%
Total Return Bond Fund		0.50%
UltraShort Income ETF		0.55%
Income ETF		0.99%

129

Angel Oak Funds Trust

Notes to the Financial Statements - (continued)

July 31, 2023 (Unaudited)

NOTE 5. FEES AND OTHER RELATED PARTY TRANSACTIONS – (continued)

The Adviser contractually agreed through May 31, 2024, to waive or limit its fees and to assume other expenses of the Funds’ 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%
Financials Income Impact Fund		0.69%
High Yield Opportunities Fund		0.55%
UltraShort Income Fund		0.35%
Total Return Bond Fund		0.44%
UltraShort Income ETF		0.29%
Income ETF		0.79%

These operating expense limitations do not apply to front-end sales loads, brokerage fees and commissions, interest on borrowings, dividends on securities sold short, taxes, 12b-1 fees, extraordinary expenses and indirect expenses (such as “acquired funds fees and expenses”) and may only be changed or eliminated by the Board of Trustees upon 60 days’ written notice to the Adviser.

Prior to December 31, 2022, Total Annual Fund Operating Expenses of the Financials Income Impact Fund, the High Yield Opportunities Fund, and Total Return Bond Fund were limited to 0.85%, 0.65%, and 0.59%, respectively. Additionally, effective December 1, 2016, through December 30, 2022, the Adviser voluntarily agreed to waive its fees and/or reimburse certain expenses to limit the total annual fund operating expenses after Fee Waiver/Expense Reimbursement to 0.69% of the Financials Income Impact Fund’s average daily net assets. This voluntary waiver was in addition to the contractual fee waiver/expense limitation agreement discussed above.

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, 2023, the Adviser waived $15,996 of the Multi-Strategy Income Fund’s expenses, $253,066 of the Financial Income Impact Fund’s expenses, $121,118 of the High Yield Opportunities Fund’s expenses, $734,880 of the UltraShort Income Fund’s expenses, $109,272 of the Total Return Bond Fund’s expenses, $75,524 of the UltraShort Income ETF’s expenses, and $34,220 of the Income ETF’s expenses. Additionally, during the period ended July 31, 2023, the Multi-Strategy Income Fund repaid $3,729 of previously waived expenses to the Adviser. During the period ended July 31, 2023, the High Yield Opportunities Fund had $84,101 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, 2023, are included in the table below.


	Total Waived Expenses Recoverable by the Adviser as of 07/31/23	Recoverable Expenses Subject to 36 Month Limit During the Year Ended 01/31/24	Recoverable Expenses Subject to 36 Month Limit During the Year Ended 01/31/25	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
Multi-Strategy Income Fund	$12,267	$–	$–	$–	$12,267
Financials Income Impact Fund	$344,534	$–	$–	$91,468	$253,066
High Yield Opportunities Fund	$616,985	$86,464	$176,290	$233,113	$121,118
UltraShort Income Fund	$3,220,433	$–	$298,340	$2,187,213	$734,880
Total Return Bond Fund	$408,856	$–	$87,232	$212,352	$109,272
UltraShort Income ETF	$102,631	$–	$–	$27,107	$75,524
Income ETF	$45,503	$–	$–	$11,283	$34,220

130

Angel Oak Funds Trust

Notes to the Financial Statements - (continued)

July 31, 2023 (Unaudited)

NOTE 5. FEES AND OTHER RELATED PARTY TRANSACTIONS – (continued)

The Adviser has contractually agreed to waive the amount of the Multi-Strategy Income Fund and UltraShort Income Fund’s management fees to the extent necessary to offset the proportionate share of the management fees incurred by the Funds through its investment in underlying funds for which the Adviser also serves as investment adviser (affiliated investments). This contractual waiver is not subject to recoupment by the Adviser. This arrangement may only be changed or eliminated by the Board of Trustees upon 60 days’ written notice to the Adviser. During the period ended July 31, 2023, the Adviser waived $361,814 and $7,041 of the Multi-Strategy Income Fund and UltraShort Income Fund’s management fees of underlying funds, respectively.

The Distributor acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ shares. The Funds have 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 Funds 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 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.

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.

Certain officers, Trustees and shareholders of the Funds are also owners or employees of the Adviser and may be compensated by the Funds.

NOTE 6. INVESTMENT TRANSACTIONS

For the period ended July 31, 2023, 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	$341,356,676	$848,741,376
Financials Income Impact Fund	$7,230,612	$18,334,930
High Yield Opportunities Fund	$10,105,262	$4,303,680
UltraShort Income Fund	$135,946,100	$284,305,127
Total Return Bond Fund	$8,352,236	$9,744,398
UltraShort Income ETF	$62,770,738	$24,571,832
Income ETF	$12,473,894	$6,185,088

For the period ended July 31, 2023, 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	$126,955,077	$68,840,356
Financials Income Impact Fund	$–	$–
High Yield Opportunities Fund	$989,269	$–
UltraShort Income Fund	$5,033,556	$14,151,252
Total Return Bond Fund	$4,622,907	$1,741,333
UltraShort Income ETF	$7,571,376	$3,498,645
Income ETF	$1,603,049	$1,164,346

131

Angel Oak Funds Trust

Notes to the Financial Statements - (continued)

July 31, 2023 (Unaudited)

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, 2023:


Security Name	Value as of January 31, 2023	Purchases	Sales	Net Realized Gain (Loss) on Investments in Affiliates	Net Change in Unrealized Appreciation /Depreciation on Investments in Affiliates	Value as of July 31, 2023	Share Balance	Dividend Income
Financials Income Impact Fund	$41,799,908	$–	$–	$–	($2,882,752)	$38,917,156	5,147,772	$1,013,916
High Yield Opportunities Fund	35,297,429	–	–	–	200,174	35,497,603	3,336,241	1,052,764
Income ETF	9,806,280	10,162	–	–	(91,390)	9,725,052	481,200	326,666
Total Return Bond Fund	34,710,309	–	–	–	(1,315,086)	33,395,223	3,985,110	771,434
UltraShort Income ETF	4,849,663	–	–	–	480	4,850,143	95,900	132,397
Total	$126,463,589	$10,162	$–	$–	($4,088,574)	$122,385,177	13,046,223	$3,297,177

The UltraShort Income Fund had the following investments in affiliates during the period ended July 31, 2023:

Security Name

Value as of
January 31, 2023

Purchases

Sales

Net Realized
Gain (Loss) on
Investments in
Affiliates

Net Change in
Unrealized
Appreciation
/Depreciation on
Investments in
Affiliates

Value as of
July 31, 2023

Share
Balance

Dividend
Income

UltraShort Income ETF

$4,880,005

$50,535

$–

$523

$4,931,063

97,500

$133,910

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, 2023, the Multi-Strategy Income Fund owned, as beneficial shareholder, 53% of the outstanding shares of the High Yield Opportunities Fund, 45% of the outstanding shares of the Financials Income Impact Fund, and over 99% of the outstanding shares of the Total Return Bond 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, 2023, no shareholder held more than 25% of the outstanding shares of the Multi-Strategy Income Fund or the UltraShort Income Fund.

NOTE 9. FEDERAL TAX INFORMATION

The tax characterization of distributions paid for the year or period ended January 31, 2023, and January 31, 2022, were as follows:


	Multi-Strategy Income Fund				Financials Income Impact Fund				High Yield Opportunities Fund				UltraShort Income Fund
	2023		2022		2023		2022		2023		2022		2023		2022
Distributions paid from:
Ordinary Income		$251,071,959		$328,674,997		$5,752,976		$5,948,903		$3,865,020		$3,841,269		$24,057,135		$17,285,321
Net Long-Term Capital Gain		–		–		–		–		–		–		–		–
Total		$251,071,959		$328,674,997		$5,752,976		$5,948,903		$3,865,020		$3,841,269		$24,057,135		$17,285,321

Total Return Bond Fund

UltraShort Income ETF

Income ETF

2023

2022

2023 (a)

2022

2023 (b)

2022

Distributions paid from:

Ordinary Income

$994,943

$368,515

$316,786

N/A

$148,244

N/A

Net Long-Term Capital Gain

–

N/A

–

N/A

Total

$994,943

$368,515

$316,786

N/A

$148,244

N/A

(a)	Fund commenced operations on October 24, 2022.

(b)	Fund commenced operations on November 7, 2022.

132

Angel Oak Funds Trust

Notes to the Financial Statements - (continued)

July 31, 2023 (Unaudited)

NOTE 9. FEDERAL TAX INFORMATION – (continued)

At January 31, 2023, the components of distributable earnings (accumulated deficit) on a tax basis were as follows:


	Multi-Strategy Income Fund	Financials Income Impact Fund	High Yield Opportunities Fund	UltraShort Income Fund	Total Return Bond Fund	UltraShort Income ETF	Income ETF
Tax Cost of Investments	$4,461,317,015	$109,907,635	$68,162,938	$724,832,694	$37,034,340	$47,408,013	$33,749,623
Unrealized Appreciation*	17,215,874	532,975	246,433	987,887	158,786	291,689	393,991
Unrealized Depreciation*	(757,056,720)	(9,989,594)	(4,976,445)	(31,713,848)	(2,688,025)	(69,078)	(104,920)
Net Unrealized Appreciation (Depreciation)*	($739,840,846)	($9,456,619)	($4,730,012)	($30,725,961)	($2,529,239)	$222,611	$289,071
Undistributed Ordinary Income	5,236,022	197,404	262,755	505,824	108,627	221,839	199,069
Undistributed Long-Term Gain (Loss)	–	–	–	–	–	3	4
Accumulated Gain (Loss)	$5,236,022	$197,404	$262,755	$505,824	$108,627	$221,842	$199,073
Other Accumulated Gain (Loss)	(1,201,271,339)	(51,266,583)	(4,645,432)	(39,202,973)	(2,907,915)	–	–
Distributable Earnings (Accumulated Deficit)	($1,935,876,163)	($60,525,798)	($9,112,689)	($69,423,110)	($5,328,527)	$444,453	$488,144

*	Represents aggregated amounts of Funds’ investments, reverse repurchase agreements, and futures.

The temporary differences between book basis and tax basis in the Funds are primarily attributable to distributions payable, wash sales, partnership adjustments, amortization of callable bonds, and mark to market on futures contracts.

As of January 31, 2023, the Funds had available for federal tax purposes an unused capital loss carryforward, which is available for offset against future taxable net capital gains, as follows:



Multi-Strategy Income Fund		$1,195,937,965
Financials Income Impact Fund		$51,073,158
High Yield Opportunities Fund		$4,415,196
UltraShort Income Fund		$38,676,404
Total Return Bond Fund		$2,799,600
UltraShort Income ETF		$–
Income ETF		$–

For the year or period ended January 31, 2023, the Funds’ utilization of capital loss carryforward was as follows:



Multi-Strategy Income Fund		$–
Financials Income Impact Fund		$–
High Yield Opportunities Fund		$223,759
UltraShort Income Fund		$–
Total Return Bond Fund		$–
UltraShort Income ETF		$–
Income ETF		$–

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Angel Oak Funds Trust

Notes to the Financial Statements - (continued)

July 31, 2023 (Unaudited)

NOTE 9. FEDERAL TAX INFORMATION – (continued)

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 carryforward expires as follows:


	Multi-Strategy Income Fund		Financials Income Impact Fund		High Yield Opportunities Fund		UltraShort Income Fund		Total Return Bond Fund		UltraShort Income ETF		Income ETF
No expiration short-term		$485,272,063	$	34,738,212	$	1,293,466	$	30,809,686		$557,001	$	–	$	–
No expiration long-term		$710,665,902	$	16,334,946	$	3,121,730		$7,866,718	$	2,242,599	$	–	$	–
Total	$	1,195,937,965	$	51,073,158	$	4,415,196	$	38,676,404	$	2,799,600	$	–	$	–

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 tax year ended January 31, 2023, 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 expires in August 2024, but can be terminated prior to this date by either party with 90 days’ notice. Prior to July 26, 2023, the maximum commitment of the Facility was $400 million. Under the Facility, interest is charged a floating rate based on the SOFR rate plus 1.85% and is payable on the last day of each interest period, which was 7.15% as of July 31, 2023. For the period ended July 31, 2023, the average principal balance and interest rate was approximately $239,226,519 and 6.66%, 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, 2023. For the period ended July 31, 2023, these expense and commitment fees, amounted to $8,250,667 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 information, see the Consolidated Schedule of Investments. As of July 31, 2023, the outstanding principal balance under the Facility was $100 million. The amount of the maximum loan outstanding during the period was $300 million from February 1, 2023, through April 23, 2023.

U.S. Bank, N.A. has made available to the Funds’ a $350 million unsecured credit facility, pursuant to a Loan Agreement (“Agreement”) effective June 8, 2016, expiring on April 28, 2024, for the purposes of having cash available to satisfy redemption requests. Prior to April 28, 2023, the credit facility was secured and had a maximum principal availability of $600 million. Advances under the Agreement would be limited to the lesser of $350 million or 20% of the unencumbered assets of the Financials Income Impact Fund, the UltraShort Income Fund, the Total Return Bond Fund, the UltraShort Income ETF, and Income ETF; or 15% of the unencumbered assets of the High Yield Opportunities Fund; or 10% of the unencumbered assets of the Multi-Strategy Income Fund. Principal is due 45 days after the initial advance and at the maturity. Interest is payable monthly in arrears. Under the credit facility, the interest rate paid by the Funds on outstanding borrowings is equal to the lender’s prime rate, minus 1.00% which was 7.50% as of July 31, 2023. For the period ended July 31, 2023, the Funds’ activity under the credit facility was as follows:


	Average Principal Balance	Average Interest Rate	Maximum Loan Outstanding	Period Loan was Outstanding
Financials Income Impact Fund	$60,111	6.97%	$1,800,000	March 14, 2023
High Yield Opportunities Fund	$6,591	7.25%	$183,000	June 14, 2023
UltraShort Income Fund	$44,530	7.25%	$8,060,000	July 10, 2023

As of July 31, 2023, the Funds had no outstanding borrowings under this agreement.

NOTE 11. ACCOUNTING PRONOUNCEMENTS AND/OR REGULATORY UPDATES

In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new

134

Angel Oak Funds Trust

Notes to the Financial Statements - (continued)

July 31, 2023 (Unaudited)

NOTE 11. ACCOUNTING PRONOUNCEMENTS AND/OR REGULATORY UPDATES – (continued)

disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023, and for interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact of these amendments on the financial statements.

In December 2022, the FASB issued an Accounting Standards Update, ASU 2022-06, Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”). ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates and which was effective as of March 12, 2020, through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

In October 2022, the Securities and Exchange Commission (the “SEC”) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

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:

On July 31, 2023, the UltraShort Income ETF and Income ETF declared ordinary income distributions to shareholders of record as of August 2, 2023, payable August 3, 2023, as follows:


	UltraShort Income ETF	Income ETF
Distribution Paid	$469,067	$219,627
Distribution Paid Per Share	$0.26651536	$0.11262913

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Additional Information (Unaudited)

1. Shareholder Notification of Federal Tax Status

For the taxable year ended January 31, 2023, 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 taxable year ended January 31, 2023, the Multi-Strategy Income Fund, Financials Income Impact Fund, High Yield Opportunities Fund, UltraShort Income Fund, Total Return Bond Fund, UltraShort Income ETF, and Income ETF paid qualified dividend income of 0.00%, 0.00%, 0.00%, 0.00%, 0.00%, 0.00%, and 0.00%, respectively.

For the taxable year ended January 31, 2023, the percentage of ordinary income dividends paid by the Multi-Strategy Income Fund, Financials Income Impact Fund, High Yield Opportunities Fund, UltraShort Income Fund, Total Return Bond Fund, 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%, 0.00%, and 0.00%, respectively.

For the taxable year ended January 31, 2023, the Multi-Strategy Income Fund, Financials Income Impact Fund, High Yield Opportunities Fund, UltraShort Income Fund, Total Return Bond Fund, UltraShort Income ETF, and Income ETF did not pay any ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)2(c).

For the taxable year ended January 31, 2023, the percentage of taxable ordinary income distributions for the Multi-Strategy Income Fund, Financials Income Impact Fund, High Yield Opportunities Fund, UltraShort Income Fund, Total Return Bond Fund, UltraShort Income ETF, and Income ETF that are designated as interest related dividends under Internal Revenue 871(k)1(c) was 82.87%, 94.01%, 95.63%, 89.59%, 100.00%, 79.34%, and 75.85%, respectively.

2. Disclosure of Portfolio Holdings

The Funds will file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Part F of Form N-PORT. The Funds’ Part F of Form N-PORT is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0230.

3. Proxy Voting Policies and Procedures

A description of the policies and procedures that the Funds use to determine how to vote proxies related to portfolio securities and information regarding how the Funds voted those proxies during the most recent twelve month period ended June 30, is available without charge upon request by (1) calling the Funds at (855) 751-4324 and (2) from Trust documents filed with the SEC on the SEC’s website at www.sec.gov.

4. Distribution of Premiums and Discounts

Information regarding how often shares of the 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.

5. Liquidity Risk Management Program

The Funds have adopted and implemented a written liquidity risk management program (the "Program") as required by Rule 22e-4 under the 1940 Act (the "Liquidity Rule"). The board has designated the Adviser’s Enterprise Risk Management Committee as the administrator of the Program (the "Administrator"). The Administrator conducts the day-to-day operation of the Program.

In accordance with the Program, the Funds’ liquidity risk is assessed no less frequently than annually taking into consideration certain factors, as applicable, such as (i) investment strategy and liquidity of portfolio investments both during normal and reasonably foreseeable stressed conditions, (ii) short-term and long-term cash flow projections and (iii) holdings of cash and cash equivalents and borrowing arrangements and other funding sources.

At a meeting of the Board held on June 28-29, 2023, the Administrator provided the Board with a written report addressing the Program’s operation, adequacy and effectiveness of implementation for the Funds’ fiscal year ended January 31, 2023. It was noted, among other items, that the Administrator concluded that the Administrator believes (i) the Program operated effectively to assess and manage each Fund’s liquidity risk and (ii) the Program has been adequately and effectively implemented to monitor and, as applicable, respond to the Funds’ liquidity developments.

136

There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s liquidity risk and other principal risks to which an investment in the Fund may be subject.

6. Compensation of Trustees

Each Trustee who is not an “interested person” (i.e., an “Independent Trustee”) of the Fund Complex (which includes affiliated registrants not disclosed in this report) receives an annual retainer of $65,000 (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 as well as the Chair of the Board receive additional annual compensation of $12,000 (pro-rated for any periods less than one year). Independent Trustees are eligible for reimbursement of out-of-pocket expenses incurred in connection with attendance at meetings. The Funds’ Statement of Additional Information includes additional information about the Trustees and is available upon request by calling toll free (855) 751-4324.

7. Trustees and Officers

The business of each Fund is managed under the oversight of the Board. The Board meets periodically to review each Fund’s performance, monitor investment activities and practices, and discuss other matters affecting the Funds. The Trustees are fiduciaries for each Fund’s shareholders and are governed by the laws of the State of Delaware in this regard. The names and addresses of the Trustees and officers of the Trust are listed below along with a description of their principal occupations over at least the last five years. The address of each Trustee and Officer of the Trust is c/o Angel Oak Capital Advisors, LLC, 3344 Peachtree Road NE, Suite 1725, Atlanta, GA 30326. The Funds’ Statement of Additional Information includes additional information about the Trustees and is available upon request by calling toll free (855) 751-4324.


Name and Year of Birth	Position with the Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex⁽¹⁾ Overseen by Trustee	Other Directorships Held During the Past 5 Years
Independent Trustees of the Trust⁽²⁾
Ira P. Cohen 1959	Independent Trustee, Chair	Trustee since 2014, Chair since 2017; indefinite terms	Executive Vice President, Recognos Financial (2015-2021); Independent financial services consultant (since 2005).	10	Trustee, Valued Advisers Trust (since 2010); Trustee, Apollo Diversified Real Estate Fund (formerly, Griffin Institutional Access Real Estate Fund) (since 2014); Trustee, Angel Oak Strategic Credit Fund (since 2017); Trustee, Angel Oak Financial Strategies Income Term Trust (since 2018); Trustee, U.S. Fixed Income Trust (since 2019); Trustee, Angel Oak Credit Opportunities Term Trust (since 2021); Trustee, Angel Oak Dynamic Financial Strategies Income Term Trust (2019-2022); Trustee, Apollo Credit Fund (formerly, Griffin Institutional Access Credit Fund) (2017-2022).

137


Name and Year of Birth	Position with the Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex⁽¹⁾ Overseen by Trustee	Other Directorships Held During the Past 5 Years
Alvin R. Albe, Jr. 1953	Independent Trustee	Since 2014; indefinite term	Retired.	10	Trustee, Angel Oak Strategic Credit Fund (since 2017); Trustee, Angel Oak Financial Strategies Income Term Trust (since 2018); Trustee, Angel Oak Credit Opportunities Term Trust (since 2021); Trustee, Angel Oak Dynamic Financial Strategies Income Term Trust (2019-2022).
Keith M. Schappert 1951	Independent Trustee	Since 2014; indefinite term	President, Schappert Consulting LLC (since 2008); Retired, President and CEO of JP Morgan Investment Management.	10	Director, Commonfund Capital, Inc. (2015-2022); Director, The Commonfund (2012-2022); Trustee, Angel Oak Strategic Credit Fund (since 2017); Trustee, Angel Oak Financial Strategies Income Term Trust (since 2018); Trustee, Angel Oak Credit Opportunities Term Trust (since 2021); Trustee, Angel Oak Dynamic Financial Strategies Income Term Trust (2019-2022); Trustee, Mirae Asset Discovery Funds (2010 - June 2023).

138


Name and Year of Birth	Position with the Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex⁽¹⁾ Overseen by Trustee	Other Directorships Held During the Past 5 Years
Andrea N. Mullins 1967	Independent Trustee	Since 2019; indefinite term	Private Investor; Independent Contractor, SWM Advisors (since 2014).	10	Trustee and Audit Committee Chair, Valued Advisers Trust (since 2013, Chair since 2017); Trustee, Angel Oak Strategic Credit Fund (since 2019); Trustee, Angel Oak Financial Strategies Income Term Trust (since 2019); Trustee, Angel Oak Credit Opportunities Term Trust (since 2021); Trustee and Audit Committee Chair, Cushing Mutual Funds Trust (since 2021); Trustee and Audit Committee Chair, NXG Cushing Midstream Energy Fund (formerly, Cushing MLP & Infrastructure Fund) (since 2021); Trustee and Audit Committee Chair, NXG NextGen Infrastructure Income Fund (formerly, Cushing NextGen Infrastructure Income Fund) (since 2021); Trustee, Angel Oak Dynamic Financial Strategies Income Term Trust (2019-2022).
Interested Trustees of the Trust
Samuel R. Dunlap, III 1979	Interested Trustee	Since 2019; indefinite term	Chief Investment Officer-Public Strategies, Angel Oak Capital Advisors, LLC (since 2009).	10	Trustee, Angel Oak Strategic Credit Fund (since 2019); Trustee, Angel Oak Credit Opportunities Term Trust (since 2021); Trustee, Angel Oak Financial Strategies Income Term Trust (since 2022); Trustee, Angel Oak Dynamic Financial Strategies Income Term Trust (2019-2022).

139

Name and
Year of Birth

Position with
the Trust

Term of Office
and Length of
Time Served

Principal
Occupation(s) During
Past 5 Years

Number of
Portfolios
in Fund
Complex⁽¹⁾
Overseen
by Trustee

Other Directorships Held
During the Past 5 Years

Cheryl M. Pate

1976

Interested Trustee

Since 2022; indefinite term

Senior Portfolio Manager, Angel Oak Capital Advisors, LLC (since 2017).

Trustee, Angel Oak Strategic Credit Fund (since 2022); Trustee, Angel Oak Credit Opportunities Term Trust (since 2022); Trustee, Angel Oak Financial Strategies Income Term Trust (since 2023); Trustee, Angel Oak Dynamic Financial Strategies Income Term Trust (2022-2022).

(1)	The Fund Complex includes each series of the Trust, Angel Oak Strategic Credit Fund, Angel Oak Financial Strategies Income Term Trust, and Angel Oak Credit Opportunities Term Trust.

(2)	The Trustees of the Trust who are not “interested persons” of the Trust as defined in the 1940 Act (“Independent Trustees”).


Name and Year of Birth	Position with the Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Officers
Adam Langley 1967	President	Since 2022; indefinite term (other offices held 2015-2022)	Chief Operating Officer, Angel Oak Capital Advisors, LLC (since 2021); Chief Compliance Officer, Angel Oak Capital Advisors, LLC (2015-2022); Chief Compliance Officer of Falcons I, LLC (2018-2022); Chief Compliance Officer, Angel Oak Strategic Credit Fund (2017-2022); Chief Compliance Officer, Angel Oak Financial Strategies Income Term Trust (2018-2022); Chief Compliance Officer, Angel Oak Dynamic Financial Strategies Income Term Trust (2019-2022); Chief Compliance Officer, Angel Oak Credit Opportunities Term Trust (2021-2022); Chief Compliance Officer, Angel Oak Commercial Real Estate Solutions (2021-2022); Chief Compliance Officer, Buckhead One Financial Opportunities, LLC (2015-2022); Chief Compliance Officer, Angel Oak Capital Partners II, LLC (2016-2022); Chief Compliance Officer, Hawks I, LLC (2018-2022).
Kevin Sluss 1982	Secretary	Since 2023; indefinite term (other offices held 2022-2023)	Chief Risk Officer, Angel Oak Capital Advisors, LLC (since 2022); Senior Quantitative Analytics & Model Development Manager, PNC Bank (2019-2022); Senior Quantitative Analytics & Model Development Consultant, PNC Bank (2016-2019).

140


Name and Year of Birth	Position with the Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Daniel Fazioli 1981	Treasurer	Since 2015; indefinite term	Chief Accounting Officer, Angel Oak Capital Advisors, LLC (since 2015).
Chase Eldredge 1989	Chief Compliance Officer	Since 2022; indefinite term	Chief Compliance Officer, Angel Oak Capital Advisors, LLC (since 2022); Chief Compliance Officer of Falcons I, LLC (since 2022); Chief Compliance Officer, Angel Oak Strategic Credit Fund (since 2022); Chief Compliance Officer, Angel Oak Financial Strategies Income Term Trust (since 2022); Chief Compliance Officer, Angel Oak Credit Opportunities Term Trust (since 2022); Senior Compliance Officer, Angel Oak Capital Advisors, LLC (2020-2022); Compliance Officer, Angel Oak Capital Advisors, LLC (2017-2020).

Each Trustee holds office for an indefinite term and until the earlier of: the Trust’s next meeting of shareholders and the election and qualification of his/her successor; or until the date a trustee dies, resigns or is removed in accordance with the Trust’s Declaration of Trust and By-laws. Each Trustee shall serve during the lifetime of the Trust until he or she: (a) dies; (b) resigns; (c) has reached the mandatory retirement age, if any, as set by the Trustees; (d) is declared incompetent by a court of appropriate jurisdiction; or (e) is removed, or, if sooner, until the next meeting of shareholders called for the purpose of electing Trustees and until the election and qualification of his or her successor. Each officer holds office at the pleasure of the Board.

141

INVESTMENT ADVISER

Angel Oak Capital Advisors, LLC

3344 Peachtree Road NE, Suite 1725

Atlanta, GA 30326

DISTRIBUTOR

Quasar Distributors, LLC

111 East Kilbourn Avenue, Suite 2200

Milwaukee, WI 53202

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Cohen & Company, Ltd.

1350 Euclid Avenue, Suite 800

Cleveland, OH 44115

LEGAL COUNSEL

Dechert LLP

1900 K Street NW

Washington, DC 20006

CUSTODIAN

U.S. Bank National Association

1555 North Rivercenter Drive, Suite 302

Milwaukee, WI 53212

ADMINISTRATOR, TRANSFER AGENT, AND FUND ACCOUNTANT

U.S Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

This report is intended only for the information of shareholders or those who have received the Funds’ prospectus which contains information about the Funds’ management fee and expenses. Please read the prospectus carefully before investing.

SAR-AOFT