[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_102":103},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","mwhqf4q2qf0g3bxd3590303x4","revision",2,"title","Angel Oak Strategic Credit Fund 2026年7月31日半年度业绩报告","originalTitle","Angel Oak Strategic Credit Fund (0001716885) (Filer)","summary","Angel Oak Strategic Credit Fund 报告了截至2026年7月31日的半年度业绩，Fund Institutional Class 和 Class FI 分别实现2.74%和2.79%的总回报，跑赢基准。","reason","基金在2026年7月31日的半年度报告中展示了2.74%-2.79%的总回报，跑赢基准，但部分资产存在违约风险。","source",{"_12":93,"_94":95,"_9":96,"_97":42,"_98":99,"_100":101},"links",{"_90":91,"_78":92},"publishedAt","2026-10-09T14:46:04.000Z","discoveredAt","2026-10-09T15:13:35.928Z","timelineAt","category","ai-products","tags",[84,85,86,87,88,89],"stockSymbols",[83],"score",63,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","fUdGTxtZPDgA",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","1c16293b-75ae-4c06-aed2-0734da2e72d3","Angel Oak Strategic Credit Fund 业绩报告",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿特区 20549

表格 N‑CSR

经认证的注册公司股东报告

管理投资公司

投资公司法案文件编号 811‑23289

天使橡树战略信贷基金

(注册人章程中指定的正式名称)

980 Hammond Drive, Suite 200

亚特兰大，佐治亚州 30328

(主要执行办公室地址) (邮编)

Ward Bortz，总裁

980 Hammond Drive, Suite 200

亚特兰大，佐治亚州 30328

(服务代理人姓名和地址)

副本发送至：

Stephen T. Cohen

Matthew E. Barsamian

Dechert LLP

1900 K Street NW

华盛顿，DC 20006

404‑953‑4900

注册人的电话号码，包括区号

财年结束日期：1月31日

报告期间日期：2026年7月31日

项目 1. 向股东报告。

\n\n\n\n

(a)

以下为根据1940年投资公司法案第30e‑1条规则（“法案”）（17 CFR 270.30e-1）向股东发送的报告副本。

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半年度报告

2026年7月31日

天使橡树战略信贷基金

天使橡树资本顾问公司，有限责任公司

980 Hammond Drive

200室

亚特兰大，GA 30328

(404) 953‑4900

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n	\n	\n	\n
\n
管理层对基金表现的讨论			1
\n
投资结果			2
\n
基金费用概要			3
\n
投资组合持仓			4
\n
资产和负债合并报表			5
\n
合并运营报表			6
\n
净资产变动合并报表			7
\n
财务亮点			8
\n
投资合并明细			10
\n
合并财务报表附注			18
\n
更多信息			29

天使橡树战略信用基金

在该期间基金表现如何？

该基金的机构类份额在截至2026年7月31日的六个月期间，扣除销售费用后回报率为2.74%，其F类份额回报率为2.79%。机构类和F类份额分别以354个基点（bps）和359个基点优于基金基准，即彭博美国综合债券指数。在同一时期，基准指数回报率为-0.80%。

哪些因素影响了表现？

基金表现优于基准主要由于更高的收入产生、更低的久期和较低的企业信用配置。在资产支持证券（ABS）和抵押贷款支持证券（CLO）中的良好证券选择是表现的重要贡献因素。此外，基金在该期间保持较低的利率和利差久期也带来了好处。机构类住房抵押贷款支持证券（RMBS）对相对表现产生了一定的负面影响。

在该期间基金的配置情况如何？

基金略微减少了对非机构类RMBS和CLO的配置，同时显著增加了对ABS的配置，并适度增加了对高收益企业债券的敞口。基金继续保持对证券化信用的超配。

主要贡献者

# ABS

# CLOs

# 非机构类RMBS

主要拖累因素

i 机构类RMBS

过去的表现不能保证未来的收益。

投资涉及风险；本金损失是可能的。该基金的股份在可预见的未来，甚至可能永远都不会在交易所上市。有可能回购要约会超额认购，在这种情况下，股东可能只能部分回购其股份。季度回购要约和流动性是有限的。该基金的衍生品投资存在风险，包括此类工具的价值与基础资产、利率或指数之间相关性不完美，这可能导致此类工具的损失大于基础资产、利率或指数价值的收益；本金损失；交易对方可能违约；以及衍生品投资的流动性不足。该基金可能会投资于流动性差的证券和受限证券。如果合格机构买家不愿意购买这些证券，投资于受限证券可能会导致该基金投资于流动性差的证券的资产金额增加。该基金将面临与外国国家不利的政治和经济发展的相关风险，包括外国存款被没收或国有化、实施经济制裁、与破产和债权人权利相关的不同法律体系和法律，以及可能无法执行法律判决，所有这些都可能导致该基金在其非美国证券投资中亏损。利率的变化通常会导致该基金持有的固定收益工具的价值与这些变化相反。

低于投资等级的工具通常被称为“垃圾”或高收益工具，相对于发行人支付利息和偿还本金的能力而言，它们被视为主要具有投机性。低等级的工具可能特别容易受到经济衰退的影响。该基金购买资产支持证券（包括CLO）所支付的价格；该基金从这些证券中预期获得的收益率；以及这些证券的平均寿命，取决于多个因素，包括对基础资产提前还款率的预期。抵押贷款支持证券面临与投资房地产证券相关的普遍风险；也就是说，如果与一组抵押贷款相关的底层房地产价值下降，它们可能会贬值。

有关这些风险和其他基金风险的更多信息，请参阅招股说明书。

投资结果 – （未审计）

Angel Oak战略信贷基金

基于50,000美元投资的总回报

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上图假设在2017年12月26日（运营开始）投入初始资金50,000美元。所显示的回报包括所有股息的再投资。所显示的回报不反映股东在基金分配或股份回购中需支付的税款。如果没有费用减免和报销，在需要将费用控制在费用上限内时，总回报将减少。过去的表现不能预测未来的表现。投资回报和本金价值将波动，因此您的股份在赎回时可能比原始成本更高或更低。可通过拨打(855) 751-4324获取截至最近月末的业绩数据。指数回报不反映费用或开支的影响。无法直接投资于指数。

\n\n\n\n\n\n\n\n\n\n\n\n

\n	\n
年化费用比率⁽¹⁾
机构类		2.14%
FI类		2.14%

(1) 反映的是截至2026年5月31日的基金当前招募说明书（以及截至当前的补充说明）中规定的费用比率。

总回报⁽¹⁾

(截至2026年7月31日的期间)

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n	\n	\n	\n	\n	\n	\n	\n
		平均年化回报
		一年		三年		五年		自成立以来⁽²⁾
Angel Oak战略信贷基金 – 机构类		6.37%		9.01%		7.74%		6.84%
Angel Oak战略信贷基金 – FI类无销售费		6.37%		9.01%		N/A		8.28%
Angel Oak战略信贷基金 – FI类含销售费		3.43%		8.16%		N/A		8.28%
彭博美国综合债券指数⁽³⁾		2.71%		3.73%		-0.40%		1.58%⁽⁴⁾

(1) 回报数据反映每份额价格的变化，并假设所有分配的再投资。含销售费的FI类份额的总回报包括最高3.00%的延期销售费。

(2) 机构类份额的成立日期为2017年12月26日，FI类份额的成立日期为2022年7月12日。

(3) 彭博美国综合债券指数衡量的是投资级、固定利率债券市场的表现，包括政府和信用证券、机构过手证券、资产支持证券和商业抵押贷款支持证券。业绩数据包括指数中债券价值的变化和利息的再投资。指数回报不反映费用。您不能直接投资于指数；但是，个人可以投资于试图跟踪基准指数表现的交易所交易基金或其他投资工具。

(4) 彭博美国综合债券指数的回报数据是从机构类份额的成立日期开始计算的。FI类份额成立日期的彭博美国综合债券指数回报率为2.40%。

基金费用摘要 – （未经审计）

作为基金的股东，您会持续产生费用，包括基金的管理费和其他费用。此示例旨在帮助您了解投资于基金的持续费用（以美元计算），并将其与投资于其他基金的持续费用进行比较。该示例基于在期初投资1,000美元并持有整个期间的假设。

实际费用

表格中的第一行提供了有关实际账户价值和实际费用的信息。您可以使用此表中的信息，结合您投资的金额，来估算您在该期间支付的费用。只需将您的账户价值除以1,000（例如，8,600美元的账户价值除以1,000等于8.60美元），然后将结果乘以标题为“Expenses Paid During Period”（期间支付的费用）下的第一行中的数字，以估算您在此期间在账户上支付的费用。

用于比较的假设性示例

表格中的第二行提供了基于基金实际费用比率和假设年回报率为5%（在费用前，这并非基金的实际回报率）的假设账户价值和假设费用的信息。假设的账户价值和费用不能用于估算您在该期间的实际结束账户余额或支付的费用。您可以使用此信息来比较投资于该基金和其他基金的持续成本。为此，将此5%的假设性示例与其他基金的股东报告中出现的5%假设性示例进行比较。

请注意，表格中显示的费用仅用于突出显示您的持续成本，不反映任何交易成本。因此，表格中的第二行仅适用于比较持续成本，而无法帮助您确定持有不同基金的相对成本。此外，如果包括这些交易成本，您的成本将更高。

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		开始账户价值		结束账户价值		期间支付的费用⁽¹⁾		年化费用比率
机构类		实际		$1,000.00		$1,027.40		$11.11		2.21%
		假设⁽²⁾		$1,000.00		$1,013.84		$11.03		2.21%
FI类		实际		$1,000.00		$1,027.90		$11.11		2.21%
		假设⁽²⁾		$1,000.00		$1,013.84		$11.03		2.21%

(1) 费用等于基金的年化费用比率，乘以该期间的平均账户价值，乘以最近六个月的天数（181天），再除以最近十二个月的天数（365天）。年化费用比率反映了该期间内有效的费用豁免和费用限制安排，包括利息费用。基金财务报表中包含的“财务亮点”表格也显示了不包括此类报销的总费用比率。

(2) 假设年化回报率为5%（在费用前）。

投资组合持仓 –（未经审计）

Angel Oak Strategic Credit Fund 的投资目标是寻求总回报。

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*作为总投资的百分比。表格中显示的百分比可能与合并投资明细表中的百分比不同，因为投资明细表中的百分比是根据净资产计算的。上述百分比不包括衍生品。

Angel Oak Strategic Credit Fund

合并资产负债表（a）

2026年7月31日（未经审计）

\n	\n	\n	\n	\n
资产			\n	\n
按公允价值计算的证券投资*			$	85,431,522
经纪商的存款用于互换				1,324,706
应收股息和利息				639,835
经纪商的存款用于期货				315,526
应收投资出售款				199,642
应收基金份额出售款				27,684
预付费用				22,124
\n
总资产			$	87,961,039
\n
\n
负债			\n	\n
应付逆回购协议				5,017,000
应付购买的投资				489,321
净互换溢价收入				483,501
向股东分配的款项				362,077
掉期的折旧费				168,489
支付给顾问的款项				86,144
期货合约的变动保证金				76,563
支付给管理人、基金会计师和转让代理的款项				21,047
反向回购协议的应付利息				10,518
支付给托管人的款项				1,055
其他应计费用				36,680
\n
总负债				6,752,395
\n
净资产			$	81,208,644
\n
\n
净资产包括：			\n	\n
实缴资本			$	85,687,052
总可分配收益（累计亏损）				(4,478,408	)
\n
净资产			$	81,208,644
\n
\n
Class FI：			\n	\n
净资产			$	22,643,392
\n
已发行股份（授权无限数量股份，无面值）				1,096,780
\n
每份净资产价值（“NAV”）和发行价格				$20.65
\n
\n
机构类：			\n	\n
净资产			$	58,565,252
\n
已发行股份（授权无限数量股份，无面值）				2,837,863
\n
每份净资产价值（“NAV”）和发行价格				$20.64
\n
\n
*识别成本：			\n	\n
证券投资			$	87,640,702

\n\n\n

(a)	详见合并财务报表附注第1号中的合并基础。

详见附注，这些附注是合并财务报表不可分割的一部分。

Angel Oak战略信用基金

合并运营表（a）

截至2026年7月31日止期间（未经审计）

\n	\n	\n	\n	\n
投资收益			\n	\n
利息			$	4,360,124
股息				153,699
掉期收入				89,533
\n
总投资收益				4,603,356
\n
费用			\n	\n
投资顾问（详见注释5）				526,380
利息费用				182,935
法律				45,683
基金会计				41,446
转让代理				26,306
注册				26,067
受托人				21,426
管理				18,830
审计 & 税务				15,655
印刷				8,896
合规				7,822
托管人				3,356
保险				2,804
其他				4,255
\n
总费用				931,861
\n
净投资收益（损失）				3,671,495
\n
\n
投资的已实现和未实现损益			\n	\n
投资的净已实现损益：			\n	\n
投资				(321,071	)
期货合约				(482,410	)
掉期				1,367
投资的未实现增值/减值的净变动			\n	\n
投资				(556,334	)
期货合约				61,865
掉期				(73,706	)
\n
投资的已实现和未实现损益				(1,370,289	)
\n
运营导致的净资产净增加（减少）			$	2,301,206
\n

\n\n\n

(a)	详见合并财务报表附注第1号中的合并基础。

详见附注，这些附注是合并财务报表不可分割的一部分。

Angel Oak战略信用基金

合并净资产变动表（a）

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至 2026年7月31日（未经审计）		截至 2026年1月31日
由于以下原因导致的净资产增减：			\n	\n	\n			\n	\n
运营			\n	\n	\n			\n	\n
净投资收益（损失）				$3,671,495	\n				$7,847,238
投资交易、期货合约和掉期的净已实现损益				(802,114	)				(554,168	)
投资、期货合约和掉期的未实现增值/减值的净变动				(568,175	)				(97,277	)
\n
运营导致的净资产净增加（减少）				2,301,206					7,195,793
\n
向股东的分配			\n	\n	\n			\n	\n
Class FI的分配				(903,823	)				(1,794,934	)
机构类的分配				(2,549,216	)				(5,998,773	)
\n
向股东的总分配				(3,453,039	)				(7,793,707	)
\n
资本交易 – Class FI			\n	\n	\n			\n	\n
再投资的分配				903,823	\n				1,794,934
\n
总Class FI				903,823					1,794,934
\n
资本交易 – 机构类			\n	\n	\n			\n	\n
股份出售所得				2,266,467	\n				16,943,372
再投资的分配				237,799	\n				244,270
股份回购成本（详见注释7）				(8,048,004	)				(32,463,290	)
\n
总机构类				(5,543,738	)				(15,275,648	)
\n
资本交易导致的净资产净增加（减少）				(4,639,915	)				(13,480,714	)
\n
净资产的总增减				(5,791,748	)				(14,078,628	)
\n
净资产			\n	\n	\n			\n	\n
年初或期初				87,000,392	\n				101,079,020
\n
年末或期末				$81,208,644					$87,000,392
\n
股份交易 – Class FI			\n	\n	\n			\n	\n
再投资分配中发行的股份				43,531	\n				85,101
\n
总Class FI				43,531					85,101
\n
股份交易 – 机构类			\n	\n	\n			\n	\n
发行的股份				108,805	\n				802,926
再投资分配中发行的股份				11,887	\n				11,600
回购的股份（详见注释7）				(388,404	)				(1,537,638	)
\n
总机构类				(267,712	)				(723,112	)
\n
股份交易的净增减				(224,181	)				(638,011	)
\n

\n\n\n

(a)	详见合并财务报表附注第1号中的合并基础。

详见附注，这些附注是合并财务报表不可分割的一部分。

天使橡树战略信贷基金 – 类别 FI

合并财务亮点

（对于在每个年度或期间内发行的份额）

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至 2026年7月31日（未审计）(a)		截至2026年1月31日的年度或期间
		2026 (a)		2025 (a)		2024		2023 (b)
每份额选定数据：			\n	\n	\n			\n	\n	\n			\n	\n	\n			\n	\n	\n			\n	\n
年初或期间的净资产价值				$20.92					$21.08					$20.86					$20.62					$21.13
\n
\n	\n	\n	\n	\n
投资运作收入：			\n	\n	\n			\n	\n	\n			\n	\n	\n			\n	\n	\n			\n	\n
投资净收入（损失）				0.90	\n				1.79	\n				1.86	\n				1.75	\n				0.98
投资的已实现和未实现收益（损失）(c)				(0.33	)				(0.17	)				0.23	\n				0.20	\n				(0.46	)
\n
投资运作总收入				0.57	\n				1.62	\n				2.09	\n				1.95	\n				0.52
\n
\n	\n	\n	\n	\n
减去对股东的分配：			\n	\n	\n			\n	\n	\n			\n	\n	\n			\n	\n	\n			\n	\n
来自投资净收入				(0.84	)				(1.78	)				(1.87	)				(1.71	)				(1.03	)
\n
总分配				(0.84	)				(1.78	)				(1.87	)				(1.71	)				(1.03	)
\n
年末或期间的净资产价值				$20.65					$20.92					$21.08					$20.86					$20.62
\n
\n	\n	\n	\n	\n
总回报 (d)				2.79	%				7.96	%				10.30	%				9.92	%				2.58	%(e)
\n	\n	\n	\n	\n
比率和补充数据：			\n	\n	\n			\n	\n	\n			\n	\n	\n			\n	\n	\n			\n	\n
年末或期间的净资产（千位省略）				$22,643	\n				$22,038	\n				$20,412	\n				$19,462	\n				$9,439
利息支出与平均净资产 (f)				0.43	%				0.41	%				0.21	%				0.42	%				0.13	%
在扣除回扣和追偿前的费用比率 (f)(g)				2.21	%				2.13	%				1.90	%				2.14	%				1.86	%
在扣除回扣和追偿后的费用比率 (f)(g)				2.21	%				2.13	%				1.90	%				2.14	%				1.03	%(h)
在扣除回扣和追偿前的净投资收入（损失）与平均净资产的比率 (f)(g)				8.72	%				8.47	%				8.74	%				8.50	%				7.75	%
在扣除回扣和追偿后的净投资收入（损失）与平均净资产的比率 (f)(g)				8.72	%				8.47	%				8.74	%				8.50	%				8.58	%(h)
投资组合周转率 (d)				48	%				82	%				81	%				49	%				29	%(i)
逆回购协议，年末或期间（千位省略）				$5,017	\n				$4,149	\n				$4,262	\n				$1,549	\n				$6,796
每1000美元高级债务单位的资产覆盖额 (j)				$17,187	\n				$21,969	\n				$24,716	\n				$62,896	\n				$12,838

\n\n\n

(a)	请参阅合并财务报表附注中的注释1，了解合并基础。

\n\n\n

(b)	该类别于2022年7月12日开始运营。

\n\n\n

(c)	每份额的已实现和未实现收益（损失）可能包括为调和年度或期间每份额净资产价值变化所需的平衡金额，且可能与合并损益表中由于年度或期间的份额交易产生的总收益/损失不一致。

\n\n\n

(d)	对于不足一年的期间，未进行年度化处理。

\n\n\n

(e)	总回报假设再投资了股息，如果没有费用减免，则总回报会更低。

\n\n\n

(f)	对于不足一年的期间，已进行年度化处理。

\n\n\n

(g)

包括利息支出。

\n\n\n

(h)	自2023年1月1日起，费用限制协议终止。在2023年1月1日之前，费用上限为0.75%。请参阅注释5。

\n\n\n

(i)	所列数字代表基金在整个财政期间的总周转率。

\n\n\n

(j)	通过从基金的总资产中减去基金的总负债（不包括借款），然后除以高级债务的总单位数计算得出，其中每单位等于1000美元的高级债务。

请参阅随附的注释，这些注释是这些合并财务报表的组成部分。

天使橡树战略信贷基金 – 机构类

合并财务亮点

（对于在每个年度或期间内发行的份额）

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至 2026年7月31日（未审计）(a)		截至2026年1月31日的年度
		2026 (a)		2025 (a)		2024		2023		2022
每份额选定数据：			\n	\n	\n			\n	\n	\n			\n	\n	\n			\n	\n	\n			\n	\n	\n			\n	\n
年初或期间的净资产价值				$20.92					$21.07					$20.86					$20.61					$22.76					$23.03
\n
\n	\n	\n	\n	\n	\n
投资运作收入：			\n	\n	\n			\n	\n	\n			\n	\n	\n			\n	\n	\n			\n	\n	\n			\n	\n
投资净收入（损失）				0.90					1.81					1.85					1.74	\n				1.84	\n				3.22	(b)
投资的已实现和未实现收益（损失）(c)				(0.34	)				(0.18	)				0.23	\n				0.22	\n				(2.06	)				(0.32	)
\n
投资运作总收入				0.56	\n				1.63	\n				2.08	\n				1.96	\n				(0.22	)				2.90
\n
减去对股东的分配：			\n	\n	\n			\n	\n	\n			\n	\n	\n			\n	\n	\n			\n	\n	\n			\n	\n
来自投资净收入				(0.84	)				(1.78	)				(1.87	)				(1.71	)				(1.93	)				(3.17	)
\n
总分配				(0.84	)				(1.78	)				(1.87	)				(1.71	)				(1.93	)				(3.17	)
\n
年末或期间的净资产价值				$20.64					$20.92					$21.07					$20.86					$20.61					$22.76
\n
\n	\n	\n	\n	\n	\n
总回报 (d)				2.74	%				8.02	%				10.26	%				9.98	%				-0.78	%(e)				13.31	%
\n	\n	\n	\n	\n	\n
比率和补充数据：			\n	\n	\n			\n	\n	\n			\n	\n	\n			\n	\n	\n			\n	\n	\n			\n	\n
年末的净资产（千位省略）				$58,565	\n				$64,962	\n				$80,667	\n				$76,438	\n				$71,012	\n				$14,948
利息支出与平均净资产 (f)				0.43	%				0.41	%				0.21	%				0.42	%				0.08	%				N/A
费用与平均净资产的比率（在免除和报销/追回前）(f)				2.21	%(g)				2.13	%(g)				1.90	%(g)				2.14	%(g)				1.96	%(g)				3.36	%
费用与平均净资产的比率（在免除和报销/追回后）(f)				2.21	%(g)				2.13	%(g)				1.90	%(g)				2.14	%(g)				0.93	%(g)(h)				0.75	%
净投资收入（损失）与平均净资产的比率（在免除和报销/追回前）(f)				8.72	%(g)				8.57	%(g)				8.74	%(g)				8.48	%(g)				7.56	%(g)				11.27	%
净投资收入（损失）与平均净资产的比率（在免除和报销/追回后）(f)				8.72	%(g)				8.57	%(g)				8.74	%(g)				8.48	%(g)				8.59	%(g)(h)				13.88	%
投资组合换手率 (d)				48	%				82	%				81	%				49	%				29	%				52	%
逆回购协议，年末或期间结束时 (000’s omitted)				$5,017	\n				$4,149	\n				$4,262	\n				$1,549	\n				$6,796	\n				N/A
每1,000单位高级债务的资产覆盖额 (i)				$17,187	\n				$21,969	\n				$24,716	\n				$62,896	\n				$12,838	\n				N/A

\n\n\n

(a)	有关合并财务报表的注释，请参见合并财务报表的注释1。

\n\n\n

(b)	使用平均份额发行方法计算。

\n\n\n

(c)	每股净实现和未实现收益（损失）可能包括为调和年度或期间内每股净资产价值变化所需的平衡金额，可能与合并损益表中年度或期间内的总收益/损失不一致，这是由于年度或期间内的份额交易所致。

\n\n\n

(d)	对于少于一年的期间，未进行年度化处理。

\n\n\n

(e)	总回报假设再投资了股息，如果没有费用免除，总回报将更低。

\n\n\n

(f)	对于少于一年的期间，进行年度化处理。

\n\n\n

(g)

包括利息费用。

\n\n\n

(h)	自2023年1月1日起，费用限制协议终止。在2023年1月1日之前，费用上限为0.75%。参见注释5。

\n\n\n

(i)	通过从基金的总资产中减去基金的总负债（不包括借款），然后除以总高级债务数量计算，其中一单位等于1,000美元的高级债务。

请参阅附注，这些附注是这些合并财务报表不可分割的一部分。

Angel Oak Strategic Credit Fund

合并投资明细表

截至2026年7月31日（未经审计）

\n	\n	\n	\n	\n	\n	\n	\n
		面值			价值
资产支持证券 — 28.0%		\n	\n	\n		\n	\n

汽车 — 9.6%
AgoraCapital Auto Securities Trust，2025‑1A系列，C级，10.17%，2032年11月25日 (a)			500,000				519,642
Arivo Acceptance Auto Loan Receivables Trust		\n	\n	\n		\n	\n
2022‑1A系列，D级，7.38%，2029年9月17日 (a)			1,000,000				984,009
2026‑1A系列，E级，8.72%，2034年10月16日 (a)			250,000				250,493
Exeter Automobile Receivables Trust，2022‑2A系列，E级，6.34%，2029年10月15日 (a)			500,000				487,168
FHF Trust
2025‑1A系列，D级，5.95%，2032年6月15日 (a)			300,000				283,323
2026‑1A系列，E级，9.16%，2034年5月15日			500,000				516,352
Flagship Credit Auto Trust，2024‑1系列，E级，8.60%，2031年5月15日 (a)			200,000				168,411
Hertz Corp.，2025‑6A系列，D级，8.30%，2032年5月25日 (a)			250,000				249,156
Lobel Automobile Receivables Trust，2026‑1系列，E级，8.37%，2031年1月15日 (a)			750,000				749,429
Prestige Auto Receivables Trust
2024‑2A系列，E级，6.75%，2031年11月17日 (a)			250,000				222,904
2026‑1A系列，E级，8.55%，2033年11月15日 (a)			500,000				498,704
Research-Driven Pagaya Motor Asset Trust
2021‑2A系列，A级，2.65%，2030年3月25日 (a)			50,633				50,279
2025‑3A系列，E级，11.09%，2034年2月27日 (a)			185,619				186,427
2025‑6A系列，E级，10.53%，2034年8月25日 (a)			250,000				248,443
2026‑3A系列，E1级，11.39%，2035年3月26日 (a)			250,000				250,053
2026‑3A系列，E2级，11.75%，2035年3月26日 (a)			250,000				236,680
2026‑4A系列，XS级，10.00%，2035年5月25日 (a)			500,000				477,586
2026‑R1A系列，D级，7.72%，2034年7月25日 (a)			500,000				494,077
Santander Holdings USA, Inc.，2024‑A系列，F级，10.17%，2032年6月15日 (a)			91,054				93,953
Strike Acceptance Auto Funding Trust，2023‑1A系列，A级，8.00%，2026年10月15日 (a)			143,056				143,607
Truist Bank，2026‑1系列，D级，10.10%，2034年6月26日			693,765				704,205
美国汽车融资信托，2022-1A系列，D级，9.14%，2027年7月15日 (a)			1,450,000				15
\n		\n	\n	\n
\n	\n			7,814,916
\n		\n	\n	\n
消费者 — 17.8%
ACHD信托
2025-DS1系列，B级，9.38%，2034年1月9日 (a)			150,000				151,083
2025-DS1系列，C级，11.33%，2034年1月9日 (a)			600,000				601,832
Affirm, Inc.
2025-X1系列，CERT级，0.00%，2030年4月15日 (a)			10,100				131,193
2025-X2系列，CERT级，0.00%，2030年10月15日 (a)(b)			4,500				166,725
2026-X1系列，CERT级，0.00%，2031年4月15日 (a)(b)			12,500				845,861
AMCR ABS信托，2026-A系列，D级，12.08%，2033年5月18日 (a)			250,000				261,771
Aqua金融信托，2021-A系列，C级，3.14%，2046年7月17日 (a)			255,228				235,036
银行家医疗集团，Inc.，2026-1CON系列，E级，8.03%，2037年6月17日 (a)			500,000				497,418
Freedom金融网络有限责任公司
2026-DS1系列，B级，8.25%，2034年7月10日 (a)			300,000				301,875
2026-DS1系列，C级，10.42%，2034年7月10日 (a)			750,000				755,323
Lendingpoint资产证券化信托，2022-A系列，E级，7.02%，2029年6月15日 (a)			100,000				1
Marlette融资信托，2021-2A系列，R级，0.00%，2031年9月15日 (a)			18,149				232,796
Momnt科技信托，2023-1A系列，B级，8.29%，2045年3月20日 (a)			500,000				521,632
Oportun金融公司
2025-C系列，E级，9.20%，2033年7月8日 (a)			500,000				499,721
2025-D系列，E级，10.82%，2033年2月8日 (a)			200,000				200,395
2026-A系列，E级，9.38%，2034年1月9日 (a)			250,000				249,375

请参阅附注，这些附注是这些合并财务报表的组成部分。

Angel Oak战略信贷基金

合并投资明细表 – （继续）

2026年7月31日（未经审计）

\n	\n	\n	\n	\n	\n	\n	\n
		面值			价值
Pagaya AI债务选择信托		\n	\n	\n		\n	\n
2021-1系列，C级，4.09%，2027年11月15日 (a)		$	4,009			$	3,996
2021-3系列，C级，3.27%，2029年5月15日 (a)			11,393				11,298
2022-2系列，C级，7.50%，2030年1月15日 (a)			122,666				122,782
2024-11系列，F级，12.00%，2032年7月15日 (a)			233,648				225,473
2024-6系列，D级，11.35%，2031年11月15日 (a)			175,596				175,989
2025-1系列，F级，12.00%，2032年7月15日 (a)			180,937				178,446
2025-5系列，F级，12.00%，2033年3月15日 (a)			199,992				195,177
2025-6系列，F1级，10.79%，2033年4月15日 (a)			499,954				489,516
2025-6系列，F2级，12.00%，2033年4月15日 (a)			249,977				245,759
2025-R2系列，D级，5.80%，2032年10月15日 (a)			184,361				183,041
2025-R2系列，E级，9.34%，2032年10月15日 (a)			535,906				352,466
2026-3系列，E级，10.16%，2033年12月15日 (a)			500,000				503,490
2026-4系列，E级，10.73%，2034年1月16日 (a)			750,000				752,073
Pagaya科技有限公司，2025-2系列，E级，8.71%，2033年7月20日 (a)			500,000				502,636
PAR发行人信托，2026-2A系列，CERT级，0.00%，2034年4月15日 (a)			978,067				1,018,970
Powerpay资产证券化融资有限责任公司，2024-1A系列，B级，8.46%，2039年2月18日 (a)			179,877				183,568
Prosper市场发行信托，2024-1A系列，D级，10.98%，2029年8月15日 (a)			500,000				500,839
RCKT抵押贷款信托，2025-2A系列，E级，7.83%，2034年11月27日 (a)			500,000				424,790
Republic金融发行信托，2024-A系列，D级，9.49%，2032年8月20日 (a)			250,000				250,506
Upgrade Master Pass-Thru信托
2026-ST1系列，CERT级，0.00%，2034年3月15日 (a)			1,000,000				787,886
2026-ST2系列，CRT1级，0.00%，2034年6月15日 (a)			1,000,000				822,660
Upstart Pass-Through信托系列
2021-ST9系列，CERT级，0.00%，2029年11月20日 (a)			200,000				11,611
2022-ST1系列，CERT级，0.00%，2030年3月20日 (a)			100,000				10,220
Upstart资产证券化信托
2022-1系列，C级，5.71%，2032年3月20日 (a)			114,125				36,203
2022-2系列，C级，8.43%，2032年5月20日 (a)			123,607				87,463
2022-4系列，R级，0.00%，2032年8月20日 (a)			9,967				688,416
\n		\n	\n	\n
\n	\n			14,417,311
\n		\n	\n	\n
设备 — 0.6%
Octane应收款信托，2024-RPT1系列，R2级，8.71%，2030年2月22日			500,000				502,807
\n		\n	\n	\n
\n
总资产支持证券（成本24,238,894美元）				22,735,034
\n		\n	\n	\n
抵押贷款债券 — 27.8%		\n	\n	\n		\n	\n
ABPCI直接贷款基金ABS有限公司，2022-2A系列，B级，4.99%，2032年3月1日 (a)			217,046				205,130
Apidos CLO有限公司，2019-32A系列，ER级， 9.23%（3个月期SOFR + 5.50%），2033年1月20日 (a)			700,000				706,438
First Eagle Private Credit LLC，Series 2016‑1A，Class CR， 9.07% (3 mo. Term SOFR + 5.26%)，01/25/2032 (a)(c)			4,764,391				4,796,108
Fort Washington CLO Ltd.，Series 2021‑2A，Class E， 10.60% (3 mo. Term SOFR + 6.87%)，10/20/2034 (a)			1,000,000				999,969
Golub Capital Partners ABS Funding Ltd.
Series 2020‑1A，Class B，4.50%，01/22/2029 (a)			54,990				51,271
Series 2021‑1A，Class B，3.82%，04/20/2029 (a)			167,946				165,667
Halsey Point CLO Ltd.，Series 2022‑6A，Class FR， 12.20% (3 mo. Term SOFR + 8.47%)，01/20/2038 (a)			250,000				220,550
Ivy Hill Middle Market Credit Fund Ltd.，Series 2024‑22A，Class ER， 10.33% (3 mo. Term SOFR + 6.60%)，07/20/2038 (a)			1,000,000				1,000,000

请参阅附注，这些附注是这些合并财务报表的组成部分。

Angel Oak Strategic Credit Fund

合并投资明细表 – （继续）

2026年7月31日（未经审计）

\n	\n	\n	\n	\n	\n	\n	\n
		面值			价值
Man GLG US CLO Ltd.，Series 2024‑1A，Class D2， 8.93% (3 mo. Term SOFR + 5.20%)，07/20/2037 (a)(c)		$	1,000,000			$	1,002,147
Maranon Loan Funding Ltd.，Series 2025‑1A，Class E， 10.75% (3 mo. Term SOFR + 7.00%)，10/15/2037 (a)			3,250,000				3,167,522
Monroe Capital ABS Funding Ltd.，Series 2021‑1A，Class B，3.91%，04/22/2031 (a)			235,504				216,692
Neuberger Berman Loan Advisers Lasalle Street Lending CLO Ltd.，Series 2024‑2A，Class E， 11.23% (3 mo. Term SOFR + 7.50%)，04/20/2038 (a)			2,000,000				2,020,822
OFSI Fund Ltd.，Series 2025‑15A，Class E， 10.23% (3 mo. Term SOFR + 6.50%)，03/31/2038 (a)			1,500,000				1,512,456
Pikes Peak CLO Ltd.
Series 2020‑5A，Class FR，11.55% (3 mo. Term SOFR + 7.82%)，10/20/2037 (a)			1,000,000				926,226
Series 2023‑14A，Class ER，9.73% (3 mo. Term SOFR + 6.00%)，07/20/2038 (a)			2,000,000				1,994,044
Rockford Tower CLO Ltd.，Series 2024‑1A，Class ER， 10.37% (3 mo. Term SOFR + 6.60%)，07/20/2039 (a)			1,000,000				975,000
Star Mountain CFO I LP，Series 2026‑1A，Class C， 11.75% (3 mo. Term SOFR + 8.00%)，12/31/2038 (a)(d)			825,000				825,000
Tikehau US CLO Ltd.，Series 2023‑1A，Class ER， 11.64% (3 mo. Term SOFR + 7.89%)，03/15/2038 (a)			1,750,000				1,753,563
\n		\n	\n	\n
\n
TOTAL COLLATERALIZED LOAN OBLIGATIONS（成本 $22,693,571）				22,538,605
\n		\n	\n	\n
住宅抵押贷款支持证券 — 23.4%		\n	\n	\n		\n	\n
American Home Mortgage Assets LLC，Series 2006‑6，Class XP，0.04%，12/25/2046 (b)(e)			637,546				2,676
Banc of America Alternative Loan Trust
Series 2006‑5，Class CBIO，6.00%，06/25/2046 (b)			614,279				137,556
Series 2006‑6，Class CBIO，6.00%，07/25/2046 (b)			1,143,738				252,211
Bellemeade Re Ltd.
Series 2023‑1，Class B1，10.32% (30 day avg SOFR US + 6.70%)，10/25/2033 (a)			400,000				425,181
Series 2024‑1，Class B1，9.17% (30 day avg SOFR US + 5.55%)，08/25/2034 (a)			650,000				675,926
Series 2025‑1，Class B1，8.67% (30 day avg SOFR US + 5.05%)，10/25/2035 (a)			500,000				520,613
Colony American Finance Ltd.，Series 2020‑4，Class D，2.71%，12/15/2052 (a)			770,000				676,125
Countrywide Home Loan Mortgage Pass Through Trust，Series 2004‑29，Class 1X， 0.09%，02/25/2035 (b)(e)			696,946				7
Credit Suisse Mortgage Capital Certificates
Series 2017-RPL1，Class B4，2.99%，07/25/2057 (a)(e)			1,407,595				541,852
Series 2022-ATH1，Class B2，4.64%，01/25/2067 (a)(e)			2,000,000				1,679,132
Downey Savings & Loan Association Mortgage Loan Trust，Series 2004‑AR2，Class X2， 0.17%，11/19/2044 (b)(e)			246,364				546
Ellington Financial Mortgage Trust
Series 2024-NQM1，Class B3，7.45%，11/25/2069 (a)(e)			1,000,000				982,021
Series 2025-NQM1，Class B3，7.43%，01/25/2070 (a)(e)			500,000				483,298
Series 2026-NQM3，Class B3，6.90%，03/25/2071 (a)(e)			1,000,000				903,157
GS Mortgage-Backed Securities Trust，Series 2020-NQM1，Class B2， 6.46%，09/27/2060 (a)(e)			2,975,000				2,846,909
JP Morgan Mortgage Trust
Series 2021‑11，Class AX1，0.22%，01/25/2052 (a)(b)(e)			67,887,559				704,605
Series 2022‑6，Class B5，3.28%，11/25/2052 (a)(e)			1,265,000				620,816
Series 2023‑6，Class B4，6.04%，12/26/2053 (a)(e)			508,461				430,379
Series 2024‑8，Class B5，6.91%，01/25/2055 (a)(e)			804,000				644,773
2024年系列2024‑8，B6类，6.71%，2055年1月25日 (a)(e)			1,457,423				926,213

请参阅附注，这些附注是这些合并财务报表不可分割的一部分。

Angel Oak战略信用基金

合并投资组合清单 – （继续）

2026年7月31日（未经审计）

\n	\n	\n	\n	\n	\n	\n	\n
		面值			价值
摩根大通银行NA
2020年系列2020‑CL1，M5类，9.44%（1个月期SOFR + 5.71%），2057年10月25日 (a)		$	101,249			$	105,162
2021年系列2021‑CL1，B类，10.52%（30天期SOFR US平均值 + 6.90%），2051年3月25日 (a)			74,979				73,082
2021年系列2021‑CL1，M5类，7.47%（30天期SOFR US平均值 + 3.85%），2051年3月25日 (a)			37,045				37,415
新住宅抵押贷款信托，2015年系列2015‑1A，B6类， 5.12%，2052年5月28日 (a)(e)			1,226,633				1,017,281
Point证券化信托，2025年系列2025‑2，B1类，7.00%，2055年10月25日 (a)(f)			1,500,000				1,407,783
RALI信托
2006年系列2006‑QS6，1AV类，0.76%，2036年6月25日 (b)(e)			3,604,563				96,027
2007年系列2007-QS11，AV类，0.25%，2037年10月25日 (b)(e)			10,535,424				96,140
结构化资产抵押投资公司，2006年系列2006‑AR7，X类， 0.90%，2036年8月25日 (b)			6,677,359				229,594
Unlock Hea信托，2025年系列2025‑2，C类，6.00%，2041年11月25日 (a)			500,000				405,696
Western Alliance Bancorp
2021年系列2021‑CL2，B类，12.12%（30天期SOFR US平均值 + 8.50%），2059年7月25日 (a)			400,000				396,772
2021年系列2021‑CL2，M3类，7.72%（30天期SOFR US平均值 + 4.10%），2059年7月25日 (a)			1,197,659				1,294,480
2021年系列2021‑CL2，M5类，10.12%（30天期SOFR US平均值 + 6.50%），2059年7月25日 (a)			349,199				340,312
\n		\n	\n	\n
\n
总计住宅抵押贷款支持证券（成本18,371,368美元）				18,953,740
\n		\n	\n	\n
公司债务 — 13.0%		\n	\n	\n		\n	\n

基本材料 — 0.6%
Consolidated Energy Finance SA，5.63%，2028年10月15日 (a)			500,000				483,535
\n		\n	\n	\n
通信 — 1.2%
Directv Financing LLC / Directv Financing Co.-Obligor, Inc.，10.00%，2031年2月15日 (a)			500,000				522,945
Gray Media, Inc.，5.38%，2031年11月15日 (a)			600,000				446,493
\n		\n	\n	\n
\n	\n			969,438
\n		\n	\n	\n
可选消费 — 0.6%
Goodyear Tire & Rubber Co.，8.88%，2032年7月15日			250,000				256,811
K Hovnanian Enterprises, Inc.，8.38%，2033年10月1日 (a)			250,000				254,277
\n		\n	\n	\n
\n	\n			511,088
\n		\n	\n	\n
非必需消费 — 2.0%
Fiesta Purchaser, Inc.，9.63%，2032年9月15日 (a)			500,000				469,717
Hertz Corp.，12.63%，2029年7月15日 (a)			250,000				163,246
Raven Acquisition Holdings LLC，6.88%，2031年11月15日 (a)			500,000				486,768
Upbound Group, Inc.，6.38%，2029年2月15日 (a)			500,000				496,624
\n		\n	\n	\n
\n	\n			1,616,355
\n		\n	\n	\n
能源 — 2.5%
Borr IHC Ltd. / Borr Finance LLC，9.00%，2034年1月15日 (a)			250,000				245,062
Calumet Specialty Products Partners LP / Calumet Finance Corp.，9.75%，2031年2月15日 (a)			500,000				535,208
CVR Energy, Inc.，7.88%，2034年2月15日 (a)			500,000				508,418
Sunoco LP，7.88%至2030年9月18日，然后是5年期CMT利率 + 4.23%，永久 (a)			250,000				256,427
Venture Global LNG, Inc.，9.00%至2029年9月30日，然后是5年期CMT利率 + 5.44%，永久 (a)			500,000				498,313
\n		\n	\n	\n
\n	\n			2,043,428
\n		\n	\n	\n
金融 — 4.5%
Burford Capital Global Finance LLC，7.50%，2033年7月15日 (a)			250,000				211,011
Freedom Mortgage Holdings LLC，7.88%，2033年4月1日 (a)			500,000				482,644
goeasy Ltd.，6.88%，2031年2月15日 (a)			250,000				223,777

请参阅附注，这些附注是这些合并财务报表不可分割的一部分。

Angel Oak战略信用基金

合并投资组合清单 – （继续）

2026年7月31日（未经审计）

\n	\n	\n	\n	\n	\n	\n	\n
		面值			价值
Jefferies Finance LLC / JFIN Co.-Issuer Corp.，6.63%，2031年10月15日 (a)		$	500,000			$	491,459
PHH Corp.，9.88%，2029年11月1日 (a)			500,000				495,727
Phoenix Aviation Capital Ltd.，9.25%，2030年7月15日 (a)			500,000				518,083
PRA Group, Inc.，5.00%，2029年10月1日 (a)			500,000				473,970
Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC，6.50%，2029年2月15日 (a)			500,000				493,584
Velocity Commercial Capital LLC，9.38%，2031年2月15日 (a)			250,000				257,620
\n		\n	\n	\n
\n	\n			3,647,875
\n		\n	\n	\n
工业 — 1.3%
Brundage-Bone混凝土泵送控股公司，Inc.，7.50%，2032年2月1日 (a)			500,000				512,870
Trivium包装财务BV，12.25%，2031年1月15日 (a)			500,000				553,597
\n		\n	\n	\n
\n	\n			1,066,467
\n		\n	\n	\n
科技 — 0.3%
Unisys Corp.，10.63%，2031年1月15日 (a)			250,000				235,157
\n		\n	\n	\n
\n
总计公司债务（成本10,495,216美元）				10,573,343
\n		\n	\n	\n
住宅整贷 — 6.4%		\n	\n	\n		\n	\n

住房权益信贷额度 — 6.4%
Selene贷款信托		\n	\n	\n		\n	\n
200342937，Homebridge，10.47%，（基准利率 + 3.72%），2054年10月15日			179,863				190,725
203856941，Homebridge，9.22%，（基准利率 + 2.47%），2055年2月5日			150,000				159,059
204311776, Homebridge, 10.10%, (Prime Rate + 3.35%), 10/31/2054			111,400				118,128
204350809, Homebridge, 9.60%, (Prime Rate + 2.85%), 10/25/2054			59,262				62,841
205390042, Homebridge, 10.35%, (Prime Rate + 3.60%), 10/28/2054			30,854				32,718
206446188, Homebridge, 9.97%, (Prime Rate + 3.22%), 10/25/2054			83,900				88,967
209408253, Homebridge, 12.50%, (Prime Rate + 5.75%), 02/11/2055			117,500				124,596
209533330, Homebridge, 9.22%, (Prime Rate + 2.47%), 10/22/2054			58,302				61,823
210665218, Homebridge, 9.97%, (Prime Rate + 3.22%), 02/07/2055			68,000				72,107
212412795, Homebridge, 9.22%, (Prime Rate + 2.47%), 10/03/2054			30,000				31,812
214555744, Homebridge, 10.60%, (Prime Rate + 3.85%), 10/25/2054			147,000				155,878
221826066, Homebridge, 8.85%, (Prime Rate + 2.10%), 10/21/2054			27,975				29,664
223340912, Homebridge, 12.50%, (Prime Rate + 5.75%), 10/31/2054			230,300				244,209
223344088, Homebridge, 9.85%, (Prime Rate + 3.10%), 10/29/2054			117,251				124,332
226714739, Homebridge, 10.10%, (Prime Rate + 3.35%), 02/09/2055			68,490				72,626
226830642, Homebridge, 11.35%, (Prime Rate + 4.60%), 02/11/2055			176,938				187,624
226986636, Homebridge, 10.85%, (Prime Rate + 4.10%), 02/11/2055			156,600				166,058
228774039, Homebridge, 10.85%, (Prime Rate + 4.10%), 11/05/2054			71,500				75,818
231274334, Homebridge, 10.10%, (Prime Rate + 3.35%), 10/25/2054			29				30
231879170, Homebridge, 10.47%, (Prime Rate + 3.72%), 02/10/2055			84,451				89,552
233741915, Homebridge, 10.60%, (Prime Rate + 3.85%), 11/03/2054			99,591				105,606
233824205, Homebridge, 10.22%, (Prime Rate + 3.47%), 10/07/2054			99,769				105,795
234756119, Homebridge, 11.72%, (Prime Rate + 4.97%), 10/29/2054			99,900				105,933
235802057, Homebridge, 10.97%, (Prime Rate + 4.22%), 10/07/2054			74,500				78,999
238825635, Homebridge, 9.97%, (Prime Rate + 3.22%), 10/22/2054			265,000				281,004
244911739, Homebridge, 9.72%, (Prime Rate + 2.97%), 02/10/2055			20,396				21,627
248297865, Homebridge, 10.85%, (Prime Rate + 4.10%), 10/09/2054			30,000				31,812
248841551, Homebridge, 10.10%, (Prime Rate + 3.35%), 10/14/2054			32,000				33,933
249057289, Homebridge, 9.97%, (Prime Rate + 3.22%), 10/10/2054			97,873				103,784
250194866, Homebridge, 8.85%, (Prime Rate + 2.10%), 02/08/2055			44,000				46,657
255908709, Homebridge, 11.47%, (Prime Rate + 4.72%), 10/07/2054			30,938				32,806

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

Angel Oak Strategic Credit Fund

Consolidated Schedule of Investments – (continued)

July 31, 2026 (Unaudited)

\n	\n	\n	\n	\n	\n	\n	\n
		Par			Value
256836092, Homebridge, 9.72%, (Prime Rate + 2.97%), 02/07/2055		$	50,000			$	53,020
257145764, Homebridge, 9.85%, (Prime Rate + 3.10%), 10/22/2039			63,000				66,805
260158176, Homebridge, 11.35%, (Prime Rate + 4.60%), 11/07/2054			61,690				65,416
261511178, Homebridge, 10.47%, (Prime Rate + 3.72%), 10/15/2054			24,724				26,217
263433743, Homebridge, 9.97%, (Prime Rate + 3.22%), 10/09/2054			24,425				25,900
264089419, Homebridge, 9.60%, (Prime Rate + 2.85%), 02/10/2055			80,000				84,832
264376352, Homebridge, 10.10%, (Prime Rate + 3.35%), 10/18/2054			41,890				44,420
265758400, Homebridge, 9.85%, (Prime Rate + 3.10%), 10/21/2054			112,602				119,403
266826317, Homebridge, 9.22%, (Prime Rate + 2.47%), 10/28/2054			60,446				64,097
268395145, Homebridge, 9.22%, (Prime Rate + 2.47%), 10/09/2054			140,000				148,455
269338273, Homebridge, 9.22%, (Prime Rate + 2.47%), 11/04/2054			35,000				37,114
275399972, Homebridge, 11.35%, (Prime Rate + 4.60%), 10/07/2054			70,064				74,296
275879065, Homebridge, 10.22%, (Prime Rate + 3.47%), 02/06/2055			102,659				108,859
276492808, Homebridge, 9.97%, (Prime Rate + 3.22%), 02/10/2055			744				789
278658248, Homebridge, 10.60%, (Prime Rate + 3.85%), 02/07/2055			59,571				63,168
279785347, Homebridge, 9.60%, (Prime Rate + 2.85%), 02/06/2055			111,000				117,704
282171918, Homebridge, 10.10%, (Prime Rate + 3.35%), 10/08/2054			125,000				132,549
283745529, Homebridge, 10.60%, (Prime Rate + 3.85%), 10/24/2039			75,000				79,530
284377737, Homebridge, 10.35%, (Prime Rate + 3.60%), 10/11/2054			96,237				102,049
285169739, Homebridge, 8.85%, (Prime Rate + 2.10%), 10/29/2054			110,000				116,643
288579896, Homebridge, 9.85%, (Prime Rate + 3.10%), 02/06/2055			30,000				31,812
289514514, Homebridge, 9.47%, (Prime Rate + 2.72%), 02/11/2055			116,671				123,717
291717156, Homebridge, 9.72%, (Prime Rate + 2.97%), 02/10/2055			63,600				67,441
292740251, Homebridge, 10.60%, (Prime Rate + 3.85%), 02/05/2040			35,000				37,114
294371293, Homebridge, 12.50%, (Prime Rate + 5.75%), 10/08/2054			50,000				53,020
295755731, Homebridge, 9.60%, (Prime Rate + 2.85%), 10/11/2054			32,200				34,145
296280889, Homebridge, 10.85%, (Prime Rate + 4.10%), 10/16/2054			198,662				210,660
297070624, Homebridge, 10.60%, (Prime Rate + 3.85%), 02/10/2055			100,000				106,039
\n		\n	\n	\n
\n
TOTAL WHOLE LOANS (Cost $5,084,245)				5,231,737
\n		\n	\n	\n
\n	\n
		Shares
Exchange Traded Funds — 4.0%		\n	\n	\n		\n	\n
Invesco Senior Loan ETF			42,415				864,842
iShares Broad USD High Yield Corporate Bond ETF			64,558				2,374,443
\n		\n	\n	\n
\n
TOTAL EXCHANGE TRADED FUNDS (Cost $3,258,623)				3,239,285
\n		\n	\n	\n
\n	\n
		Par
Commercial Mortgage-Backed Securities — 1.0%		\n	\n	\n		\n	\n
GS Mortgage Securities Corp., Series 2018‑TWR, Class G, 7.90% (1 mo. Term SOFR + 4.22%), 07/15/2031 (a)(g)		$	311,000				8,138
HTL Commercial Mortgage Trust, Series 2024‑T53, Class F, 11.93%, 05/10/2039 (a)(e)			500,000				508,086
Morgan Stanley Capital I, Inc., Series 2014-150E, Class B, 4.26%, 09/09/2032 (a)			123,000				107,756
X‑Caliber Funding LLC 0.00%, 09/15/2026 (a)(h)			209,401				205,601
Series 2021‑9, Class B1, 11.77% (1 mo. Term SOFR + 8.12%), 10/06/2026 (a)(g)			50,000				4
\n		\n	\n	\n
\n
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $1,155,452)				829,585
\n		\n	\n	\n

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

Angel Oak Strategic Credit Fund

Consolidated Schedule of Investments – (continued)

July 31, 2026 (Unaudited)

\n	\n	\n	\n	\n	\n	\n	\n
		Par			Value
Commercial Mortgage-Backed Securities – U.S. Government Agency — 0.1%		\n	\n	\n		\n	\n
Federal Home Loan Mortgage Corp., Series 2017-KF41, Class B, 6.25% (30 day avg SOFR US + 2.61%), 11/25/2026 (a)		$	129,217			$	121,866
\n		\n	\n	\n
\n
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES — U.S. GOVERNMENT AGENCY (Cost $129,217)				121,866
\n		\n	\n	\n
Residential Mortgage-Backed Securities — U.S. Government Agency — 0.1%		\n	\n	\n		\n	\n
Government National Mortgage Association, Series 2025‑63, Class QI, 6.00%, 04/20/2055 (b)			456,297				60,818
\n		\n	\n	\n
\n
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES — U.S. GOVERNMENT AGENCY (Cost $66,607)				60,818
\n		\n	\n	\n
\n	\n
		Shares
Short-Term Investments — 1.4%		\n	\n	\n		\n	\n
\n	\n
Money Market Funds – 1.4%		\n	\n	\n		\n	\n
First American Government Obligations Fund — Class U, 3.60% (i)			1,147,509				1,147,509
\n		\n	\n	\n
\n
TOTAL SHORT-TERM INVESTMENTS (Cost $1,147,509)				1,147,509
\n	\n
\n
TOTAL INVESTMENTS — 105.2% (Cost $87,640,702)				85,431,522
Liabilities in Excess of Other Assets — (5.2)%				(4,222,878	)
\n	\n
\n	\n
TOTAL NET ASSETS — 100.0%		\n	\n	\n		$	81,208,644
\n		\n	\n	\n

Percentages are stated as a percent of net assets.

CMT — Constant Maturity Treasury

LP — Limited Partnership

SOFR — Secured Overnight Financing Rate

\n\n\n

(a)

Security is exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities are determined to be liquid by the Adviser, under the procedures established by the Fund’s Board of Trustees, unless otherwise denoted. As of July 31, 2026, the value of these securities total $73,661,446 or 90.7% of the Fund’s net assets.

\n\n\n

(b)	Interest only security.

\n\n\n

(c)	All or a portion of the security has been pledged as collateral in connection with open reverse repurchase agreements. At July 31, 2026, the value of securities pledged amounted to $5,798,255.

\n\n\n

(d)

As of July 31, 2026, the Fund has fair valued these securities under the procedures established by Angel Oak Capital Advisors, LLC as Valuation Designee pursuant to Rule 2a-5 under the Investment Company Act of 1940. The value of these securities amounted to $825,000 or 1.0% of net assets. Value determined using significant unobservable inputs.

\n\n\n

(e)	票息率根据底层抵押品的加权平均票息率而变化。当构成抵押品的底层资产的加权平均票息率上升或下降时，该证券的票息率将相应上升或下降。所披露的利率截至2026年7月31日。

\n\n\n

（f）	阶梯票息债券。所披露的利率截至2026年7月31日。

\n\n\n

（g）	发行人目前处于违约状态，不累计收益。

\n\n\n

（h）	零票息债券不进行定期利息支付。

\n\n\n

（i）	所显示的利率代表截至2026年7月31日的7天年化收益率。

已合并的未平仓期货合约表

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

多头期货合约

合约
购买

到期
日期

名义价值

价值 / 未实现
增值
（贬值）

美国国债10年期债券

118

09/21/2026

$12,744,000

($93,523

)

美国国债长期债券

09/21/2026

1,191,438

(22,296

)

总未实现增值（贬值）

($115,819

)

请参阅附注，这些附注是这些合并财务报表不可分割的一部分。

Angel Oak战略信贷基金

已合并的投资清单 – （继续）

截至2026年7月31日（未经审计）

已合并的中央清算信用违约互换清单 – 买入保护（a）

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

参考
义务

07/31/26 时的
隐含
信用
利差 (b)

支付
（接收）
固定
利率

支付
频率

到期
日期

交易对手

名义
金额 ^(c)

价值

已支付
（收到）
的保费

未实现
增值
（贬值）

Markit

CDX.NA.IG （d）

0.53

1.00

每季度

06/20/2031

Wells Fargo
证券， LLC

30,000,000

651,990

)

483,501

)

168,489

)

\n\n\n

（a）	如果基金是保护的买方，并且根据该特定互换协议的条款发生了信用事件，基金将从保护的卖方获得等于互换名义金额的金额，并接收参考义务或构成参考指数的底层证券，或者接收以现金或证券形式的净结算金额，等于互换的名义金额减去参考义务或构成参考指数的底层证券的回收价值。

\n\n\n

（b）	在年末，用于确定美国市政债券、公司债券或新兴国家主权债券的信用违约互换协议公允价值的隐含信用利差，以绝对形式表示，是支付/履约风险现状的指标，并代表信用衍生品的违约可能性或风险。特定参考实体的隐含信用利差反映了买卖保护的成本，可能包括进入协议所需的前期付款。更宽的信用利差表示参考实体的信用状况恶化，以及根据协议条款定义的违约或其他信用事件发生的可能性或风险更大。标识为“违约”的信用利差表示参考实体或义务已发生信用事件。

\n\n\n

（c）	如果根据该特定互换协议的条款定义的信用事件发生，该基金作为信用保护的卖方可能需要支付的最大金额或作为信用保护的买方可能收到的最大金额。

\n\n\n

（d）	中央清算的互换，清算代理：洲际交易所。

已合并的未结逆回购协议表

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

交易对手

利率
率

交易日期

到期日期

净结算
金额

面值

Lucid Management and Capital Partners LP

4.86

07/16/2026

08/13/2026

$753,836

$751,000

Lucid Management and Capital Partners LP

4.69

07/16/2026

10/15/2026

4,316,605

4,266,000

5,070,441

5,017,000

逆回购协议虽然被设计为销售和回购义务，但在本质上是一种融资交易，基金将有效地将某些资产作为抵押品以获得短期贷款。通常，协议的另一方提供的贷款金额低于所抵押抵押品的公允价值。在逆回购协议到期时，基金将被要求偿还贷款和利息，并相应地收回其抵押品。作为抵押品期间，所抵押的资产继续支付本金和利息，这些收益归基金所有。

请参阅附注，这些附注是这些合并财务报表不可分割的一部分。

Angel Oak Strategic Credit Fund

合并财务报表附注

2026年7月31日（未审计）

注释1. 组织结构

Angel Oak Strategic Credit Fund（“信托”或“基金”），是一家于2017年8月18日成立的特拉华州法定信托，根据《1940年投资公司法》（以下简称“1940年法案”）修正案定义，是一家持续发行、多样化、封闭式管理投资公司。信托的唯一系列是基金。信托的协议和信托声明授权发行无限数量的股份。请参阅下面的表格，了解有关各类特定信息的摘要：

股票代码

投资
策略

运营开始
时间

最大前端
销售费用

销售费用

最大后端
销售费用

销售费用

12b-1费用

战略信用基金

A类

ASCAX

总回报

N/A

2.25

N/A

0.25

U类

ASCUX

N/A

1.50

N/A

FI类

ASCNX

07/12/2022

N/A

3.00

N/A

机构类

ASCIX

12/26/2017

N/A

基金根据《1940年投资公司法》第23c-3条的规定作为“间隔基金”运作。基金的受托人委员会（“委员会”）已制定一项基本政策，即基金将根据《1940年投资公司法》第23c-3条的规定，定期进行季度回购要约，回购的股份比例为5%至25%之间的受益人股份（“股份”），按净资产价值（“NAV”）进行回购，除非根据监管要求暂停或推迟。每次回购定价不得晚于回购申请截止日后第14天（根据基金招募说明书定义），如果第14天不是营业日，则为下一个营业日。基金不需根据股东的选择回购股份，也不允许将股份兑换为基金任何投资的单位、权益或股份。在每次回购要约中，基金可能仅提供回购其流通股份的最低比例5%。也有可能出现回购要约超额认购的情况，结果是股东可能只能部分回购其股份。基金无意将其股份在任何全国性证券交易所上市交易。基金预计在可预见的未来，股份不会出现二级市场。因此，股份不易变现。尽管基金将定期进行回购要约，以回购部分股份为股东提供流动性，但投资者应将股份视为非流动性资产。基金的基本政策要求基金每三个月进行一次回购要约。季度回购发生在3月、6月、9月和12月。

全资子公司 – 作为其投资策略的一部分，基金直接投资或为遵守某些法规，通过其全资并受控制的子公司Selene Loan Trust（“Selene”）进行投资，Selene是一家根据特拉华州法律成立的法定信托，并于2024年9月18日注册成立。Selene作为投资工具，用于购买整笔贷款。目前，Selene拥有住宅房产净值信用额度（“HELOCs”）。基金对Selene的投资分配可能会随时间而变化。Selene在合并投资明细表中被列为住宅整笔贷款下的住宅房产净值信用额度。

基金的合并财务报表包括Selene的投资活动和财务报表。所有内部账户和交易在合并时均已消除。由于基金可能将其大部分资产投资于其子公司，因此基金可能被视为通过其子公司间接投资于这些投资中的某些。因此，对基金的提及也可能包括其子公司。

截至2026年7月31日，Selene持有的投资包括价值5,231,737美元的HELOCs，占基金总资产的6.44%。截至2026年7月31日，Selene中没有现金持有。

注释2。重要会计政策

以下是对基金在根据美国通用会计原则（\"GAAP\"）编制财务报表时一贯遵循的重要会计政策的总结。基金遵循美国财务会计准则委员会（\"FASB\"）会计准则主题946《金融服务-投资公司》的的投资公司会计和报告指南。金融服务-投资公司。

Angel Oak Strategic Credit Fund

合并财务报表附注 - （继续）

截至2026年7月31日（未审）

注2。重要会计政策 – （继续）

证券估值和公允价值计量：基金根据公允价值会计标准对投资进行估值，这些标准确立了公允价值的权威定义，并规定了公允价值的层级计量方法。这些标准要求关于用于开发公允价值计量的各种输入和估值技术的额外披露，以及对期间内估值技术及相关输入的任何变化的讨论。此外，这些标准要求对每个主要资产类别进行扩展披露。这些输入总结如下三个广泛层级：

\n\n\n\n\n

•

第1级：基金能够访问的相同证券的活跃市场报价

\n\n\n\n\n

•

第2级：其他重要的可观察输入（包括但不限于类似证券的报价、利率、提前还款速度、信用风险等）

\n\n\n\n\n

•

第3级：重要的不可观察输入（包括基金根据可用的最佳信息确定投资公允价值时的自身假设）

用于证券估值的输入或方法不代表投资于这些证券的相关风险。

对注册的开放式管理投资公司的投资，包括货币市场基金，将根据此类投资的净资产值（NAV）进行估值，并被归类为公允价值层级的第1级。

长期债务证券的公允价值，包括资产支持证券（\"ABS\"）、抵押贷款支持证券（\"MBS\"）、抵押贷款债券（\"CLOs\"）、HELOC和公司债务，通常基于独立定价服务提供的估值确定。供应商通常根据一个或多个输入对这些证券进行估值，包括但不限于基准收益率、交易、出价、要价、经销商和交易系统的报价、新发行证券、利差和其他在可比证券市场中观察到的关系；以及定价模型，例如使用现金流、财务或抵押品表现和其他参考数据等因素计算的收益率测量值。除了这些输入外，还可能使用现金流、提前还款信息、违约率、逾期和损失假设、抵押品特征、信用增强和特定交易信息。使用类似估值技术和输入的证券被归类为公允价值层级的第2级。在重要输入不可观察的情况下，这些价值通常被归类为第3级。

上市股票（包括优先股），在国家证券交易所上市的股票，但不包括在纳斯达克全球市场^®、纳斯达克全球精选市场^®和纳斯达克资本市场^®上市的股票（统称为“纳斯达克”），在该交易所收盘时按最近成交价估值。在纳斯达克上市的证券将按纳斯达克官方收盘价估值。如果在某一天，上市交易所或纳斯达克的证券没有交易，则：(i) 该证券将按交易所收盘时最近报价的买入价和卖出价的平均值估值；或(ii) 该证券将按综合市场（如下文定义）当天的最新成交价估值。\"综合市场\"是指由定价服务发布的国家证券和外国交易所及场外交易（\"OTC\"）市场的交易信息的汇总。如果市场报价或综合市场定价不易获得，则将根据理事会（\"理事会\"）采用的程序确定公允价值。所有不在上市交易所交易的股票按场外交易市场收盘时的最近成交价估值。如果某非上市交易所的证券在某一天没有交易，则只要该平均值继续反映该证券的价值，将使用最近报价的买入价和卖出价的平均值。如果无法获得该平均值，则只要买入价继续反映该证券的价值，可以使用买入价。否则，将根据理事会采用的程序确定公允价值。这些证券通常被归类为第3级证券。当使用定价服务提供的市场报价或收盘价，并且市场被认为活跃时，该证券将被归类为第1级证券。有时，基金持有的股票将由定价服务根据市场报价以外的因素进行估值，或者当市场被认为不活跃时进行估值。在这种情况下，该证券将被归类为第2级证券。

到期日为60天或更短的短期债务证券通常按摊销成本估值，这近似于公允市场价值。这些投资被归类为公允价值层级的第 2级。逆回购协议和回购协议按其取得成本定价，并进行信用调整评估，以代表公允价值。这些证券通常被归类为第 2级证券。

天使橡树战略信贷基金

合并财务报表附注 - （继续）

2026年7月31日（未经审计）

注2。重要会计政策 – （继续）

在国家证券或商品交易所交易的金融衍生工具（如期货合约）通常按相关交易所确定的结算价格进行估值。互换交易（如信用违约互换、利率互换和货币互换）由定价服务进行估值。在这些证券活跃交易且未进行估值调整的情况下，它们被归类为公允价值层级的第1级。场外交易的金融衍生工具（如某些期货合约或互换协议）的价值来源于基础资产价格、指数、参考利率、其他输入值或这些因素的组合。这些工具通常根据独立定价服务提供的评估或经纪交易商的报价进行估值。使用上述类似估值技术的衍生工具通常被归类为公允价值层级的第2级。

根据董事会批准的公允估值程序，证券可以进行公允估值。估值与风险管理监督委员会通常负责监督基金的估值流程，并每季度向董事会报告。董事会已选定Angel Oak Capital Advisors, LLC（“顾问”）作为估值指定方。因此，顾问的估值委员会被授权负责对市场报价不易获得或从独立定价服务获得的价格被认为不能可靠反映市场或公允价值的组合证券和其他资产的公允价值进行所有必要的确定。估值指定方估值委员会的代表每季度向估值与风险管理监督委员会报告。

以下是截至2026年7月31日，按用于估值基金净资产的输入值进行的证券投资摘要：

第1级

第2级

第3级

总计

资产

资产支持证券

$–

$22,735,034

$–

$22,735,034

抵押贷款债券

–

21,713,605

825,000

22,538,605

住宅抵押贷款支持证券

–

18,953,740

–

18,953,740

公司债券

–

10,573,343

–

10,573,343

住宅全款贷款

–

5,231,737

–

5,231,737

交易所交易基金

3,239,285

–

3,239,285

商业抵押贷款支持证券

–

829,585

–

829,585

商业抵押贷款支持证券 - 美国政府机构

–

121,866

–

121,866

住宅抵押贷款支持证券 - 美国政府机构

–

60,818

–

60,818

短期投资

1,147,509

–

1,147,509

总计

$4,386,794

$80,219,728

$825,000

$85,431,522

其他金融工具

负债

期货合约*

($115,819)

$–

($115,819)

逆回购协议

–

(5,017,000)

–

(5,017,000)

互换*

–

(168,489)

–

(168,489)

总计

($115,819)

($5,185,489)

$–

($5,301,308)

\n\n\n

*	期货和互换按合并开放期货合约表和合并中央清算信用违约互换 - 买入保护表中所列工具的未实现增值（贬值）反映。

有关投资类别的进一步细分，请参见合并投资表。在截至2026年7月31日的期间内，基金未在第3级之间确认任何转移。有关第3级公允价值计量的定量信息摘要，请参见更多信息。

以下是在确定公允价值时使用了显著不可观测输入值（第3级）的投资的调节表：

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

2026年1月31日余额

摊销/
溢价摊销/
分配

Net Realized
Gain (Loss)

Change in
Net Unrealized
Appreciation/

Depreciation

Purchases

Sales

Transfers
Into
Level 3

Transfers
Out of
Level 3

Balance
as of
07/31/26

Collateralized Loan Obligations

–

825,000

–

825,000

Angel Oak Strategic Credit Fund

Notes to the Consolidated Financial Statements - (continued)

July 31, 2026 (Unaudited)

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES – (continued)

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

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Fair Value
as of
07/31/26

Valuation
Techniques

Unobservable
Input*

Range**

Weighted
Average
Unobservable
Input

Collateralized Loan Obligations

825,000

Transaction Price

100.00

\n\n\n

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.

\n\n\n

**	Each input presents information for one security and reflects the value as of July 31, 2026.

Federal Income Taxes: The Fund intends to elect and continue to qualify to be taxed as a “regulated investment company” under Subchapter M of the Internal Revenue Code of 1986, as amended. If so qualified, the Fund generally will not be subject to federal income tax to the extent it distributes substantially all of its net investment income and capital gains to shareholders. The Fund generally intends to operate in a manner such that it will not be liable for federal income or excise taxes.

The Fund has adopted financial reporting rules regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Consolidated Statement of Operations. During the period ended July 31, 2026, the Fund did not incur any interest or penalties. The Fund has reviewed all open tax years and major jurisdictions and concluded that no provision for income tax would be required in the Fund’s financial statements. The Fund’s 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 Consolidated Statement of Operations. Dividend income and corporate actions, 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 Consolidated Statement of Operations. Payments received from certain investments held by the Fund may be comprised of dividends, capital gains and return of capital. The Fund originally estimates 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 Fund’s shareholders will be reflected in the Form 1099 received by shareholders after the end of the calendar year.

Distributions to Shareholders: Distributions from the Fund’s net investment income are accrued daily and typically paid monthly. The Fund intends to distribute its net realized long term capital gains and net realized short term capital gains, if any, at least annually. Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex‑dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset value per share of the Fund. For the latest tax year ended January 31, 2026, there were no reclassifications.

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

Angel Oak Strategic Credit Fund

Notes to the Consolidated Financial Statements - (continued)

July 31, 2026 (Unaudited)

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES – (continued)

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 Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred.

Cash and Cash Equivalents: Cash and cash equivalents are highly liquid assets including coin, currency and short-term investments that typically mature in 30‑90 days. Short-term investments can include U.S. Government securities 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 securities at fair value on the Consolidated Statement of Assets and Liabilities are investments in First American money market funds held at major financial institutions totaling $1,147,509.

Reverse Repurchase Agreements: A reverse repurchase agreement is the sale by the Fund of a security to a party for a specified price, with the simultaneous agreement by the Fund to repurchase that security from that party on a future date at a higher price. Proceeds from securities sold under reverse repurchase agreements are reflected as a liability on the Consolidated Statement of Assets and Liabilities. Interest payments made are recorded as a component of interest expense on the Consolidated Statement 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 Fund. In such situations, the Fund may incur losses as a result of a possible decline in the value of the underlying security during the period while the Fund seeks to enforce its rights, a possible lack of access to income on the underlying security during this period, or expenses of enforcing its rights. The average daily balance of reverse repurchase agreements outstanding for the Fund during the period ended July 31, 2026, was $5,624,591 at a weighted average daily interest rate of 4.66%.

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

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
Reverse Repurchase Agreements		Overnight and Continuous		Up to 30 Days		30‑90 Days		Greater than 90 Days		Total
Collateralized Loan Obligations		$–		($751,000)		($4,266,000)		$–		($5,017,000)
Gross amount of reverse repurchase agreements in Balance Sheet Offsetting Information Table		($5,017,000)
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 MBS and ABS, including CLOs, and whole loans. If interest rates fall, the underlying debt may be repaid ahead of schedule, reducing the value of the Fund’s investments. If interest rates rise, there may be fewer prepayments, which would cause the average bond maturity to rise, increasing the potential for the Fund to lose money. The value of these investments may be significantly affected by changes in interest rates, the market’s perception of issuers, and the creditworthiness of the parties involved. The ability of the Fund to successfully utilize these instruments may depend on the ability of the Fund’s Adviser to forecast interest rates and other economic factors correctly. These investments may have a structure that makes their reaction to interest rate changes and

Angel Oak Strategic Credit Fund

Notes to the Consolidated Financial Statements - (continued)

July 31, 2026 (Unaudited)

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

other factors difficult to predict, making their value highly volatile. Certain MBS may be secured by pools of mortgages on single-family, multi-family properties, as well as commercial properties. Similarly, ABS may be secured by pools of loans, such as corporate loans, student loans, automobile loans and credit card receivables. Whole loans are sold in their entirety rather than being pooled with other mortgages. Whole loans are mortgage loans, including HELOCs, sold to an investor in a secondary market. The investor purchasing the loan assumes full responsibility of the loan and all the contractual terms and rights associated with the funds. The credit risk on such loans is affected by homeowners or borrowers defaulting on their loans. The values of assets underlying mortgage-backed and ABS, including CLOs, may decline and therefore may not be adequate to cover underlying investors. To the extent the Fund focuses its investments in particular types of MBS or ABS, including CLOs, and whole loans, the Fund may be more susceptible to risk factors affecting such types of investments.

Subordinated Debt of Banks and Diversified Financial Companies: The Fund 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.

Structured Products: The Fund may invest in certain structured products, including community bank debt securitizations. 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 Fund invests. 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 Fund 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.

Futures Contracts: The Fund 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 Fund records 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 Fund may not achieve the anticipated benefits of the futures contract and may realize a loss. See Note 4 for information on futures contract activity during the period ended July 31, 2026.

Swaps: The Fund may invest in credit default swaps, total return swaps, interest rate swaps, equity swaps, currency swaps and other types of swaps. During the year, the Fund used centrally cleared credit default swaps to hedge credit spread risk on its portfolio. Such transactions are subject to market risk, liquidity risk, risk of default by the other party to the transaction, known as “counterparty risk,” regulatory risk and risk of imperfect correlation between the value of such instruments and the underlying assets and may involve commissions or other costs.

A credit default swap agreement may reference one or more debt securities or obligations that are not currently held by the Fund. The Fund is 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.

Angel Oak Strategic Credit Fund

Notes to the Consolidated Financial Statements - (continued)

July 31, 2026 (Unaudited)

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

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 the Fund to greater risk than if the Fund had invested in the reference obligation directly. In addition to general market risks, credit default swaps also involve illiquidity risk, counter-party risk (for OTC swaps) and credit risk.

Swap agreements are primarily entered into by institutional investors and the value of such agreements may be extremely volatile. Certain swap agreements are traded OTC between two parties, while other more standardized swaps must be transacted through a Futures Commission Merchant and centrally cleared and exchange traded. While central clearing and exchange-trading are intended to reduce counterparty credit and liquidity risk, they do not make a swap transaction risk-free. The current regulatory environment regarding swap agreements is subject to change. The Adviser will continue to monitor these developments, particularly to the extent regulatory changes affect the Fund’s ability to enter into swap agreements. See Note 4 for information on swap activity during the period ended July 31, 2026.

Second Lien Risk: Second lien loans, which may include certain HELOC loans, are generally subject to similar drivers of delinquency and default as those associated with investments in senior loans. However, the risk of loss associated with second lien loans are higher than that of loans with first priority over the collateral, because in the event of default on a second lien loan, the first priority lien holder has first claim to the underlying collateral of the loan. It is possible that no collateral recovery value would remain for the second priority lien holder and therefore result in a loss of investment to the Fund. Second lien loans also generally have greater price volatility than senior loans and may be less liquid. Second lien loans are generally of below investment grade quality, and therefore share the same risks as other below investment grade securities.

Macroeconomic Risks: Developments such as public health crises, armed conflict, changing interest rates, inflation, supply chain disruptions, geopolitical risks, natural or environmental disasters, economic sanctions, and tariffs may disrupt economic markets and the prolonged economic impacts of these types of developments are uncertain. The operational and financial performance of the issuers of securities in which the Fund invests depends on future developments, including the duration, spread, and conclusion of global events, and such uncertainty may in turn impact the value of the Fund’s investments.

NOTE 4. DERIVATIVE TRANSACTIONS

The value and effect of derivative instruments on the Consolidated Statement of Assets and Liabilities as of July 31, 2026, was as follows:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n	\n	\n	\n
Derivatives		Type of Derivative Risk		Value of Unrealized Appreciation (Depreciation)*
Futures Contracts		Interest Rate		($115,819)
Swaps		Credit		($168,489)

\n\n\n

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

The effect of derivative instruments on the Consolidated Statement of Operations for the period ended July 31, 2026, was as follows:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n	\n	\n	\n	\n	\n
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		($482,410)
Swaps		Credit		Net realized gain (loss) on swaps		$1,367

Angel Oak Strategic Credit Fund

Notes to the Consolidated Financial Statements - (continued)

July 31, 2026 (Unaudited)

NOTE 4. DERIVATIVE TRANSACTIONS – (continued)

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n	\n	\n	\n	\n	\n
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		$61,865
Swaps		Credit		Net change in unrealized appreciation/depreciation on swaps		($73,706)

The average monthly notional value of long futures contracts during the period ended July 31, 2026, was $15,526,670. The average monthly notional value of long swap contracts during the period ended July 31, 2026, was $40,000,000.

Balance Sheet Offsetting Information

During the ordinary course of business, the Fund 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 Fund 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 Fund manages its cash collateral and securities collateral on a counterparty basis. As of July 31, 2026, the Fund was 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 Consolidated Statement of Assets and Liabilities as of July 31, 2026.

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Gross Amounts Not Offset

in Consolidated Statement of Assets
and Liabilities

Gross
Amounts of
Recognized
Liabilities

Gross Amounts Offset in
Consolidated Statement
of Assets and Liabilities

Net Amounts of
Liabilities Presented in
Consolidated
Statement of
Assets and Liabilities

Financial
Instruments*

Cash
Collateral
Pledged*

Net
Amount

Futures Contracts

($115,819)

$–

($115,819)**

$–

$115,819

$–

Swaps

($168,489)

$–

($168,489)***

$–

$168,489

$–

Reverse Repurchase Agreements

($5,017,000)

$–

($5,017,000)

$–

\n\n\n

*	The amount is limited to the net amounts of financial assets and liabilities and accordingly does not include excess collateral pledged.

\n\n\n

**	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 Statement of Assets and Liabilities.

\n\n\n

***	Represents the value of unrealized appreciation (depreciation) as presented in the Consolidated Schedule of Centrally Cleared Credit Default Swaps - Buy Protection, which is included in depreciation for swaps on the Consolidated Statement of Assets and Liabilities.

NOTE 5. FEES AND OTHER RELATED PARTY TRANSACTIONS

Under the terms of the investment advisory agreement, on behalf of the Fund (the “Agreement”), the Adviser manages the Fund’s investments subject to oversight of the Trustees. As compensation for its management services, the Fund is obligated to pay the Adviser a fee computed and accrued daily and paid monthly at an annual rate of 1.25% of the average daily net assets of the Fund. This fee is included in the Investment Advisory line item that is reflected in the Consolidated Statement of Operations.

From April 1, 2020, through December 31, 2022, the Adviser contractually agreed to waive its fees and/or reimburse certain expenses (exclusive of any front‑end sales loads, taxes, interest on borrowings, dividends on securities sold short, brokerage commissions, 12b‑1 fees, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization and extraordinary expenses) to limit the Total Annual Fund Operating Expenses after fee waiver/expense reimbursement to

Angel Oak Strategic Credit Fund

Notes to the Consolidated Financial Statements - (continued)

July 31, 2026 (Unaudited)

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

0.75% (“Expense Limit”) of the Fund’s average daily net assets. Effective January 1, 2023, the Expense Limit was terminated. Prior to January 1, 2023, the Expense Limit excluded certain expenses and consequently, the total annual fund operating expenses after fee waiver/expense reimbursement may have been higher than the Expense Limit.

Quasar Distributors, LLC, a wholly-owned subsidiary of Foreside Financial Group, LLC (doing business as ACA Group) (“the Distributor”), acts as the Fund’s principal underwriter in a continuous public offering of the Fund’s shares.

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 Fund’s Administrator (“Administrator”) and, in that capacity, performs various administrative and accounting services for the Fund. Fund Services also serves as the Fund’s fund accountant and transfer agent. The Administrator prepares various federal and state regulatory filings, reports and returns for the Fund; prepares reports and materials to be supplied to the Trustees; monitors the activities of the Fund’s custodian; coordinates the preparation and payment of the Fund’s expenses and reviews the Fund’s 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 Fund. U.S. Bank, N.A. (the “Custodian”) serves as custodian to the Fund. These fees are included in the Administration, Fund accounting, Transfer agent, and Custodian line items that are reflected in the Consolidated Statement of Operations.

The Fund makes reimbursement payments to the Adviser for the salary associated with the Chief Compliance Officer. The compliance fees expensed by the Fund during the period ended July 31, 2026, are included in the Compliance line item that is reflected in the Consolidated Statement of Operations.

Certain officers, Trustees and shareholders of the Fund are also employees of the Adviser.

NOTE 6. INVESTMENT TRANSACTIONS

For the period ended July 31, 2026, purchases and sales of investment securities, other than short-term investments and short- term U.S. Government securities, were as follows:

\n\n\n\n\n\n\n\n\n\n

\n	\n
Purchases		Sales
$41,692,493		$44,616,995

For the period ended July 31, 2026, there were $7,377,676 of long-term purchases and $7,347,266 of long-term sales of U.S. Government securities for the Fund. These amounts are included in the aggregate purchases and sales of the investment securities displayed in the table above.

NOTE 7. REPURCHASE OFFERS

Shares repurchased during the period ended July 31, 2026, were as follows (See Note 1):

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Repurchase

Offer Date

Repurchase

Request Deadline

NAV on
Repurchase

Pricing Date

Percentage of
Outstanding Shares the
Fund Offered to
Repurchase

Number of
Shares the Fund
Offered to
Repurchase

Percentage of
Shares Repurchased to
Outstanding

Number of
Shares
Repurchased

February 27, 2026

March 20, 2026

$20.77

5.0%

211,599

4.3%

182,794

May 28, 2026

June 18, 2026

$20.72

5.0%

205,610

5.0%

205,610

NOTE 8. BENEFICIAL OWNERSHIP

The beneficial ownership, either directly or indirectly, of 25% or more of the voting securities of a fund creates a presumption of control of a fund, under Section 2(a)(9) of the 1940 Act. At July 31, 2026, Charles Schwab & Co., Inc. and Northern Trust Co. owned, as record shareholders, 46.55% and 27.53% of the outstanding shares of the Fund, respectively.

Angel Oak Strategic Credit Fund

Notes to the Consolidated Financial Statements - (continued)

July 31, 2026 (Unaudited)

NOTE 9. FEDERAL TAX INFORMATION

The tax characterization of distributions paid for the latest tax year ended January 31, 2026, and January 31, 2025, were as follows:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n	\n	\n	\n	\n	\n	\n	\n
		2026			2025
Distributions paid from:
Ordinary Income		$	7,793,707			$	8,781,474
Net Long-Term Capital Gain			–				–

As of the latest tax year ended January 31, 2026, the components of distributable earnings (accumulated deficit) on a tax basis were as follows:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n	\n

Tax Cost of Investments		$92,165,584
Unrealized Appreciation*		1,684,983
Unrealized Depreciation*		(3,351,891)
Net Unrealized Appreciation (Depreciation)*		($1,666,908)
Undistributed Ordinary Income		214,223
Undistributed Long-Term Gain (Loss)		–
Accumulated Gain (Loss)		$214,223
Other Accumulated Gain (Loss)		(1,873,890)
Total Distributable Earnings (Accumulated Deficit)		($3,326,575)

\n\n\n

*	Represents aggregated amounts of Fund’s investments, reverse repurchase agreements, futures, and swaps.

The temporary differences between book basis and tax basis in the Fund are primarily attributable to amortization of callable bonds and wash sales.

As of the latest tax year ended January 31, 2026, the Fund had available for federal tax purposes an unused capital loss carryforward of $1,490,446. For the latest tax year ended January 31, 2026, the Fund did not use any capital loss carryforward.

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:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n	\n

No expiration short-term		$–
No expiration long-term		$1,490,446
Total		$1,490,446

Certain capital losses incurred after October 31 and within the current taxable year, are deemed to arise on the first business day of the Fund’s following taxable year. For the latest tax year ended January 31, 2026, the Fund did not defer any post-October losses.

NOTE 10. SEGMENT REPORTING

The Fund has one reportable segment. Business activities are managed on a consolidated basis and revenues are derived primarily through the Fund’s investments in accordance with its investment objective. The Fund’s Chief Operating Decision Maker (“CODM”) is the Principal Financial Officer, Chief Investment Officer, Head of Portfolio Management – Public Strategies, and the Risk Committee. The CODM assesses performance based on the Fund’s Total Return as reported in the Financial Highlights, and the same accounting policies are applied as described in the summary of significant accounting policies. The Fund’s Total Return is utilized by the CODM to compare results, including the impact of the Fund’s costs, to the Fund’s competitors and to the Fund’s benchmark index.

Angel Oak Strategic Credit Fund

Notes to the Consolidated Financial Statements - (continued)

July 31, 2026 (Unaudited)

NOTE 11. SUBSEQUENT EVENTS

Management of the Fund 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:

Shares repurchased subsequent to July 31, 2026, were as follows (see Note 1):

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Repurchase

Offer Date

Repurchase Request
Deadline

NAV on
Repurchase
Pricing Date

Percentage of
Outstanding Shares
the Fund Offered to
Repurchase

Number of
Shares the Fund
Offered to
Repurchase

Percentage of
Shares Repurchased to
Outstanding

Number of
Shares
Repurchased

August 28, 2026

September 18, 2026

$20.52

5.0%

197,503

7.0%

276,481

Additional Information (Unaudited)

1. Shareholder Notification of Federal Tax Status

For the latest tax year ended January 31, 2026, certain dividends paid by the Fund 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 Fund intends to designate the maximum amount allowable as taxed at a maximum rate of 23.80%.

For the latest tax year ended January 31, 2026, the Fund paid qualified dividend income of 0.00%.

For the latest tax year ended January 31, 2026, the percentage of ordinary income dividends paid by the Fund that qualifies for the dividends received deduction available to corporations was 0.00%.

For the latest tax year ended January 31, 2026, the Fund 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 latest tax year ended January 31, 2026, the percentage of taxable ordinary income distributions that are designated as interest related dividends under Internal Revenue 871(k)1(c) was 81.16%.

2. Disclosure of Portfolio Holdings

The Fund 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 Fund’s 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 Fund uses to determine how to vote proxies related to portfolio securities and information regarding how the Fund voted those proxies during the most recent twelve month period ended June 30, is available without charge upon request by (1) calling the Fund at (855) 751‑4324 and (2) from Trust documents filed with the SEC on the SEC’s website at www.sec.gov.

INVESTMENT ADVISER

Angel Oak Capital Advisors, LLC

980 Hammond Drive, Suite 200

Atlanta, GA 30328

DISTRIBUTOR

Quasar Distributors, LLC

190 Middle Street, Suite 301,

Portland, ME 04101

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Cohen & Company, Ltd.

875 East Wisconsin Avenue, Suite 210

Milwaukee, WI 53202

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 Fund’s prospectus which contains information about the Fund’s management fee and expenses. Please read the prospectus carefully before investing.

SAR-ASCIX

\n\n\n\n

(b)

Not applicable.

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934 (the “Exchange Act”)).

Item 6. Investments.

\n\n\n\n

(a)

Schedule of Investments is included within the financial statements filed under Item 1(a) of this Form.

\n\n\n\n

(b)

Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 9. Proxy Disclosure for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable as no investment advisory agreement was approved during the six-month period reported on this Form N-CSR.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable for semi-annual reports.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable for semi-annual reports.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of Trustees.

Item 16. Controls and Procedures.

\n\n\n

(a)

The Registrant’s Principal Executive Officer and Principal Financial Officer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Exchange Act. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

\n\n\n

(b)

There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

The registrant did not engage in securities lending activities during the fiscal period reported on this Form N-CSR.

Item 18. Recovery of Erroneously Awarded Compensation.

\n\n\n\n

(a)

Not applicable.

\n\n\n\n

(b)

Not applicable.

Item 19. Exhibits.

\n\n\n

(a)	(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.

Not applicable.

(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed.

Not applicable.

(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)).

Filed herewith.

(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not applicable.

(5) Change in the registrant’s independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period.

There was no change in the registrant’s independent public accountant for the period covered by this report.

\n\n\n

(b)	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Filed herewith.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n	\n\n	\n
(Registrant) Angel Oak Strategic Credit Fund
\n	\n
By (Signature and Title)*		/s/ Ward Bortz
\n		Ward Bortz, President (Principal Executive Officer)
\n
Date October 5, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n	\n\n	\n
By (Signature and Title)*		/s/ Ward Bortz
\n		Ward Bortz, President (Principal Executive Officer)
\n
Date October 5, 2026
\n	\n
By (Signature and Title)*		/s/ Nilesh Likhite
\n		Nilesh Likhite, Treasurer (Principal Financial Officer)
\n
Date October 5, 2026

\n\n\n

*	Print the name and title of each signing officer under his or her signature.

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