Menu I - ANHIX A - ANHAX Angel Oak High Yield Opportunities Fund Prospectus Fact Sheet Fund Alert TOTAL ASSETS $75.1M As of 9/30/21 OVERVIEW The Fund primarily seeks to provide current income, with positive environmental, social, governance and capital appreciation as supporting strategies. The goal of the Fund is to maximize long-term risk-adjusted returns relative to the market with an emphasis on minimizing downside risk. The Fund is diversified and invests principally in high-yield corporate bonds rated below investment grade. The Fund may purchase bonds of any maturity, but will normally have a dollar-weighted average maturity between two and fifteen years. The Fund is managed against the Bloomberg U.S. Corporate High Yield Index. Objective The investment objective of the Angel Oak High Yield Opportunities Fund is to earn a high level of current income with a secondary objective of capital appreciation. As of 11/30/21 30-Day SEC Yields Subsidized 4.20% Unsubsidized 3.97% PERFORMANCE TOTAL RETURNS Daily Monthly Quarterly The inception date of the Angel Oak High Yield Opportunities Fund (ANHIX) I Shares was 3/31/09. ANNUAL RETURNS ANHIX Bloomberg U.S. High Yield Corporate Bond Index 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% Performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than what is stated. The inception date of the Angel Oak High Yield Opportunities Fund I Class (ANHIX) was 3/31/09. GROWTH OF $10,000 SINCE INCEPTION As of 9/30/21 ANHIX Bloomberg U.S. Corporate High Yield Index 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 This chart illustrates the performance of a hypothetical $10,000 investment made in Angel Oak High Yield Opportunities Fund (ANHIX) I Class. The inception date of the Angel Oak High Yield Opportunities Fund I Class (ANHIX) was 3/31/09. It assumes reinvestment of capital gains and dividends. This chart is not intended to imply any future performance. FUND STATISTICS As of 9/30/21 ANHIX Index Standard Deviation (%) 7.0 7.9 Sharpe Ratio 1.2 1.3 Correlation to Index 0.9 1.0 ANHIX Index % Positive Months 73.3 74.7 % Negative Months 26.7 25.3 DISTRIBUTIONS Ticker Record Date Payable Date Reinvestment Price ($/share) Ordinary Income ($/share) ST Cap Gains ($/share) LT Cap Gains ($/share) ANHIX 11/29/21 11/30/21 11.65 0.04857 - - ANHIX 10/29/21 10/31/21 11.79 0.05142 - - ANHIX 9/29/21 9/30/21 11.83 0.04859 - - ANHIX 8/30/21 8/31/21 11.84 0.05029 - - ANHIX 7/29/21 7/30/21 11.86 0.05204 - - ANHIX 6/29/21 6/30/21 11.93 0.05113 - - ANHIX 5/27/21 5/28/21 11.88 0.05530 - - ANHIX 4/29/21 4/30/21 11.88 0.05324 - - ANHIX 3/30/21 3/31/21 11.8 0.05488 - - ANHIX 2/25/21 2/26/21 11.77 0.05058 - - ANHIX 1/28/21 1/29/21 11.73 0.02975 - - ANHIX 12/30/20 12/31/20 11.69 0.03787 - - ANHIX 11/29/20 11/30/20 11.49 0.05240 - - ANHIX 10/29/20 10/30/20 11.11 0.05652 - - ANHIX 9/29/20 9/30/20 11.13 0.05794 - - ANHIX 8/30/20 8/31/20 11.33 0.06176 - - ANHIX 7/30/20 7/31/20 11.24 0.05967 - - ANHIX 6/29/20 6/30/20 10.85 0.05702 - - ANHIX 5/28/20 5/29/20 10.71 0.05340 - - ANHIX 4/29/20 4/30/20 10.13 0.04631 - - ANHIX 3/30/20 3/31/20 9.87 0.05630 - - ANHIX 2/27/20 2/28/20 11.48 0.05127 - - ANHIX 1/30/20 1/31/20 11.72 0.05141 - - ANHIX 12/30/19 12/31/19 11.8 0.05053 - - ANHIX 12/19/19* 12/20/19* 11.78 0.01178 - - ANHIX 11/27/19 11/29/19 11.59 0.04872 - - ANHIX 10/30/19 10/31/19 11.53 0.05063 - - ANHIX 9/27/19 9/30/19 11.62 0.05257 - - ANHIX 8/29/19 8/30/19 11.63 0.05690 - - ANHIX 7/30/19 7/31/19 11.65 0.05932 - - ANHIX 6/27/19 6/28/19 11.67 0.05876 - - ANHIX 5/30/19 5/31/19 11.47 0.06183 - - ANHIX 4/29/19 4/30/19 11.69 0.05926 - - ANHIX 3/28/19 3/29/19 11.57 0.05846 - - ANHIX 2/27/19 2/28/19 11.5 0.05000 - - ANHIX 1/30/19 1/31/19 11.35 0.04616 - - ANHIX 12/30/18 12/31/18 10.96 0.06427 - - ANHIX 11/29/18 11/30/18 11.25 0.06227 - - ANHIX 10/30/18 10/31/18 11.44 0.06166 - - ANHIX 9/27/18 9/28/18 11.66 0.05724 - - ANHIX 8/30/18 8/31/18 11.66 0.05913 - - ANHIX 7/30/18 7/31/18 11.65 0.05649 - - ANHIX 6/28/18 6/29/18 11.6 0.05380 - - ANHIX 5/30/18 5/31/18 11.63 0.05580 - - ANHIX 4/29/18 4/30/18 11.67 0.05413 - - ANHIX 3/28/18 3/29/18 11.7 0.05638 - - ANHIX 2/27/18 2/28/18 11.79 0.05244 - - ANHIX 1/30/18 1/31/18 11.95 0.05793 - - ANHIX 12/29/17 12/29/17 11.92 0.05814 - - ANHIX 12/26/17* 12/27/17* 11.92 0.01312 - - ANHIX 11/29/17 11/30/17 11.95 0.05676 - - ANHIX 10/30/17 10/31/17 11.98 0.05811 - - ANHIX 9/28/17 9/29/17 11.94 0.05602 - - ANHIX 8/30/17 8/31/17 11.91 0.05819 - - ANHIX 7/30/17 7/31/17 11.96 0.05785 - - ANHIX 6/29/17 6/30/17 11.89 0.05617 - - ANHIX 5/30/17 5/31/17 11.94 0.05794 - - ANHIX 4/27/17 4/28/17 11.91 0.05578 - - ANHIX 3/30/17 3/31/17 11.86 0.05809 - - ANHIX 2/27/17 2/28/17 11.94 0.05234 - - ANHIX 1/30/17 1/31/17 11.89 0.02402 - - ANHIX 12/29/16 12/30/16 11.69 0.07103 - - ANHIX 12/27/16* 12/28/16* 11.68 0.07279 - - ANHIX 11/29/16 11/30/16 11.53 0.07036 - - ANHIX 10/30/16 10/31/16 11.61 0.04909 - - ANHIX 9/29/16 9/30/16 11.62 0.04772 - - ANHIX 8/30/16 8/31/16 11.65 0.04847 - - ANHIX 7/28/16 7/29/16 11.44 0.04707 - - ANHIX 6/29/16 6/30/16 11.15 0.04544 - - ANHIX 5/27/16 5/31/16 11.05 0.06546 - - ANHIX 4/28/16 4/29/16 11.03 0.05514 - - ANHIX 3/30/16 3/31/16 10.77 0.05590 - - ANHIX 2/26/16 2/29/16 10.39 0.05670 - - ANHIX 1/28/16 1/29/16 10.48 0.05150 - - ANHIX 12/30/15 12/31/15 10.73 0.06358 - - ANHIX 11/27/15 11/30/15 11.04 0.05680 - - ANHIX 10/29/15 10/30/15 11.3 0.05730 - - ANHIX 9/29/15 9/30/15 11.01 0.04980 - - ANHIX 8/28/15 8/31/15 11.28 0.06000 - - ANHIX 7/30/15 7/31/15 11.47 0.05690 - - ANHIX 6/29/15 6/30/15 11.59 0.05600 - - ANHIX 5/28/15 5/29/15 11.76 0.05600 - - ANHIX 4/29/15 4/30/15 11.75 0.05270 - - ANHIX 3/30/15 3/31/15 11.71 0.06070 - - ANHIX 2/26/15 2/27/15 11.82 0.04680 - - ANHIX 1/30/15 1/30/15 11.58 0.05020 - - ANHIX 12/30/14 12/31/14 11.51 0.06091 0.02123 0.13845 ANHIX 11/27/14 11/28/14 11.88 0.05000 - - ANHIX 10/30/14 10/31/14 12.13 0.05830 - - ANHIX 9/29/14 9/30/14 12.09 0.05640 - - ANHIX 8/28/14 8/29/14 12.39 0.05120 - - ANHIX 7/30/14 7/31/14 12.29 0.06130 - - ANHIX 6/27/14 6/30/14 12.5 0.05700 - - ANHIX 5/29/14 5/30/14 12.45 0.05240 - - ANHIX 4/29/14 4/30/14 12.35 0.05620 - - ANHIX 3/28/14 3/31/14 12.32 0.06300 - - ANHIX 2/27/14 2/28/14 12.37 0.05330 - - ANHIX 1/30/14 1/31/14 12.18 0.05930 - - ANHIX 12/30/13 12/31/13 12.16 0.06220 0.019 0.217 ANHIX 11/28/13 11/29/13 12.39 0.05790 - - ANHIX 10/30/13 10/31/13 12.39 0.06260 - - ANHIX 9/27/13 9/30/13 12.09 0.06120 - - ANHIX 8/29/13 8/30/13 12.05 0.06030 - - ANHIX 7/30/13 7/31/13 12.24 0.06550 - - ANHIX 6/27/13 6/28/13 12.08 0.05490 - - ANHIX 5/30/13 5/31/13 12.46 0.06780 - - ANHIX 4/29/13 4/30/13 12.62 0.05710 - - ANHIX 3/27/13 3/28/13 12.43 0.06290 - - ANHIX 2/27/13 2/28/13 12.37 0.05810 - - ANHIX 1/30/13 1/31/13 12.39 0.06000 ANHIX 12/28/12 12/31/12 12.33 0.06870 0.0449 0.15 ANHIX 11/29/12 11/30/12 12.43 0.06160 - - ANHIX 10/30/12 10/31/12 12.4 0.06910 - - ANHIX 9/27/12 9/28/12 12.44 0.05410 - - ANHIX 8/30/12 8/31/12 12.32 0.06100 - - ANHIX 7/30/12 7/31/12 12.26 0.06600 - - ANHIX 6/28/12 6/29/12 12.11 0.05770 - - ANHIX 5/30/12 5/31/12 11.92 0.06840 - - ANHIX 4/27/12 4/30/12 12.15 0.06580 - - ANHIX 3/29/12 3/30/12 12.12 0.06140 - - ANHIX 2/28/12 2/29/12 12.22 0.06360 - - ANHIX 1/30/12 1/31/12 12.02 0.05520 - - ANHIX 12/29/11 12/30/11 11.77 0.07160 0.0077 0.0504 ANHIX 11/29/11 11/30/11 11.62 0.04870 - - ANHIX 10/28/11 10/31/11 11.79 0.07060 - - ANHIX 9/29/11 9/30/11 11.35 0.06660 - - ANHIX 8/30/11 8/31/11 11.68 0.07050 - - ANHIX 7/28/11 7/29/11 12.11 0.06100 - - ANHIX 6/29/11 6/30/11 12.01 0.07090 - - ANHIX 5/30/11 5/31/11 12.17 0.07470 - - ANHIX 4/28/11 4/29/11 12.17 0.06560 - - ANHIX 3/30/11 3/31/11 12.06 0.07810 - - ANHIX 2/25/11 2/28/11 12.14 0.06400 - - ANHIX 1/28/11 1/31/11 12.06 0.06490 - - ANHIX 12/30/10 12/31/10 11.92 0.08310 0.3779 0.0355 ANHIX 11/29/10 11/30/10 12.22 0.07470 - - ANHIX 10/28/10 10/29/10 12.5 0.06830 - - ANHIX 9/29/10 9/30/10 12.24 0.06880 - - ANHIX 8/30/10 8/31/10 11.96 0.07830 - - ANHIX 7/29/10 7/30/10 12.01 0.06330 - - ANHIX 6/29/10 6/30/10 11.66 0.07930 - - ANHIX 5/27/10 5/28/10 11.59 0.06930 - - ANHIX 4/29/10 4/30/10 12.01 0.07310 - - ANHIX 3/30/10 3/31/10 11.84 0.09000 - - ANHIX 2/25/10 2/26/10 11.64 0.07010 - - ANHIX 1/28/10 1/29/10 11.72 0.07180 - - ANHIX 12/30/09 12/31/09 11.72 0.08550 0.0832 - ANHIX 11/27/09 11/30/09 11.61 0.08030 - - ANHIX 10/29/09 10/30/09 11.62 0.08040 - - ANHIX 9/29/09 9/30/09 11.62 0.07890 - - ANHIX 8/28/09 8/31/09 11.23 0.07660 - - ANHIX 7/30/09 7/31/09 11.22 0.07600 - - ANHIX 6/29/09 6/30/09 10.79 0.08130 - - ANHIX 5/28/09 5/29/09 10.68 0.07060 - - ANHIX 4/29/09 4/30/09 10.43 0.02580 - - *Due to our annual tax review, there was additional earned income that was required to be paid out prior to the calendar year end. PORTFOLIO SECTOR BREAKDOWN As of 9/30/21 Corp. Bonds CLOs Equities & ETFs Cash and Equivalents CREDIT QUALITY As of 9/30/21 BBB BB B CCC <CCC Unrated Cash *Nonrated consists of corporate bonds that do not have ratings. Total may not equal 100% due to rounding. Ratings determined by S&P and Moody’s. BB includes a 0.7% allocation to BB-rated CLOs. TOP 10 SECTORS As of 9/30/21 Fund Index Energy 16.93% 13.40% Consumer Cyclical 16.60% 21.36% Basic Industry 15.68% 4.91% Consumer Non-Cyclical 8.77% 13.42% Communications 8.42% 16.21% Capital Goods 6.56% 8.30% Finance Companies 6.20% 2.32% Transportation 5.08% 2.37% Other Financial 3.15% 1.06% REITs 2.77% 1.83% The portfolio is actively managed. Holdings and weightings are subject to change daily and are provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned. Fund composition is based on net assets. Please scroll down to see important information about the Fund. FUND CHARACTERISTICS As of 9/30/21 Fund Assets (All Classes) $75.1 Million Number of Securities 167 Effective Duration 3.5 Maturity Ranges Under 3 Years 6.4 3 to 7 Years 62.6 7 to 10 Years 30.3 Over 10 Years 0.7 Average Coupon (%) 5.97 Average Yield-to-Worst (%) 5.00 FUND INFORMATION As of 9/30/21 Ticker ANHIX CUSIP 03463K885 Gross Expense Ratio 0.90% Net Expense Ratio 0.65% Gross expense ratios are reported as of the 5/31/21 prospectus. The net expense ratios are reported as of the 1/31/21 Annual Report and are referenced in the 5/31/21 prospectus. The Adviser has contractually agreed to waive fees through 5/31/22. As of 11/30/21 Distribution Yield 5.07% 30-Day SEC Yield (Subsidized) 4.20% 30-Day SEC Yield (Unsubsidized) 3.97% MANAGEMENT TEAM Matthew Kennedy, CFA® Head of Corporate Credit, Senior Portfolio Manager Nichole Hammond, CFA® Senior Portfolio Manager Sreeni Prabhu Managing Partner, Co-CEO & Group Chief Investment Officer Berkin Kologlu Senior Portfolio Manager RECENT INSIGHTS 11 - 08 - 2021 High Yield Opportunities Fund Commentary Read commentary 11 - 05 - 2021 3Q 2021 High Yield Opportunities Fund Investor Call Replay Listen to the 3Q 2021 High Yield Opportunities Fund Investor Call Replay. Watch video DOCUMENTS Fund Marketing Materials Fund Legal Materials High Yield Opportunities Fund Fact Sheet LEARN MORE Get More Insights From Angel Oak Capital Sign up STAY CONNECTED Follow Us On Our Social Media Accounts Mutual fund investing involves risk; principal loss is possible. Investments in debt securities typically decrease when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in lower-rated and nonrated securities present a greater risk of loss to principal and interest than higher-rated securities do. Investments in asset-backed and mortgage-backed securities include additional risks that investors should be aware of, including credit risk, prepayment risk, possible illiquidity, and default, as well as increased susceptibility to adverse economic developments. Derivatives involve risks different from—and in certain cases, greater than—the risks presented by more traditional investments. Derivatives may involve certain costs and risks such as illiquidity, interest rate, market, credit, management, and the risk that a position could not be closed when most advantageous. Investing in derivatives could lead to losses that are greater than the amount invested. 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