Menu I - ANFIX A - ANFLX C - AFLCX Angel Oak Financials Income Fund Prospectus Fact Sheet Fund Alert TOTAL ASSETS $155.0M As of 9/30/21 OVERVIEW The Fund pursues current income and total return while considering social impact in its investment strategy. The Fund seeks to offer investors an attractive yield for investment-grade risk with low correlation to the broader fixed-income market. Specifically, the Fund will invest in the following: Financial institutions including banks, insurance companies, REITs, BDCs and other financial services companies Senior debt, subordinated debt, trust preferred, preferred and common equity securities in the above highlighted financial sub-sectors Financial institutions that have been designated as Responsible Financial Institutions (RFIs) exhibiting strong alignment with environmental, social and governance (ESG) factors Objective The Angel Oak Financials Income Fund seeks current income with a secondary objective of total return. As of 11/30/21 30-Day SEC Yields Subsidized 2.85% Unsubsidized 2.49% PERFORMANCE TOTAL RETURNS Daily Monthly Quarterly The inception date of the Angel Oak Financials Income Fund I Class (ANFIX) was 11/3/14. ANNUAL RETURNS ANFIX Bloomberg U.S. Aggregate 3-5 Year Index 2020 2019 2018 2017 2016 2015 -5.0% -2.5% 0.0% 2.5% 5.0% 7.5% 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 Financials Income I Class (ANFIX) was 11/3/14. GROWTH OF $10,000 SINCE INCEPTION As of 9/30/21 ANFIX Bloomberg U.S. Aggregate 3-5 Year Index Jan 2015 Jan 2016 Jan 2017 Jan 2018 Jan 2019 Jan 2020 Jan 2021 $9,000 $10,000 $11,000 $12,000 $13,000 This chart illustrates the performance of a hypothetical $10,000 investment made in Angel Oak Financials Income Fund (ANFIX) I Class. The inception date of the Angel Oak Financials Income Fund I Class (ANFIX) was 11/3/14. It assumes reinvestment of capital gains and dividends. This chart is not intended to imply any future performance. FUND STATISTICS As of 9/30/21 ANFIX Index Standard Deviation (%) 3.8 2.3 Sharpe Ratio 0.9 1.1 Correlation to Index 0.2 1.0 ANFIX Index % Positive Months 81.7 62.2 % Negative Months 18.3 37.8 DISTRIBUTIONS Ticker Record Date Payable Date Reinvestment Price ($/share) Ordinary Income ($/share) ST Cap Gains ($/share) LT Cap Gains ($/share) ANFIX 11/29/21 11/30/21 8.99 0.03106 - - ANFIX 10/29/21 10/31/21 8.98 0.03193 - - ANFIX 9/29/21 9/30/21 9.00 0.03026 - - ANFIX 8/30/21 8/31/21 9.02 0.03078 - - ANFIX 7/29/21 7/30/21 9.02 0.02678 - - ANFIX 6/29/21 6/30/21 8.96 0.0259 - - ANFIX 5/27/21 5/28/21 8.96 0.02663 - - ANFIX 4/29/21 4/30/21 8.91 0.02672 - - ANFIX 3/30/21 3/31/21 8.86 0.02843 - - ANFIX 2/25/21 2/26/21 8.81 0.02942 - - ANFIX 1/28/21 1/29/21 8.79 0.02978 - - ANFIX 12/30/20 12/31/20 8.73 0.03567 - - ANFIX 11/29/20 11/30/20 8.71 0.03576 - - ANFIX 10/29/20 10/30/20 8.68 0.03866 - - ANFIX 9/29/20 9/30/20 8.67 0.03742 - - ANFIX 8/30/20 8/31/20 8.65 0.03609 - - ANFIX 7/30/20 7/31/20 8.65 0.03506 - - ANFIX 6/29/20 6/30/20 8.66 0.03293 - - ANFIX 5/28/20 5/29/20 8.65 0.03350 - - ANFIX 4/29/20 4/30/20 8.73 0.03573 - - ANFIX 3/30/20 3/31/20 8.83 0.03265 - - ANFIX 2/27/20 2/28/20 9.63 0.03247 - - ANFIX 1/30/20 1/31/20 9.57 0.03447 - - ANFIX 12/30/19 12/31/19 9.51 0.03224 - - ANFIX 11/27/19 11/29/19 9.49 0.03396 - - ANFIX 10/30/19 10/31/19 9.50 0.03429 - - ANFIX 9/27/19 9/30/19 9.48 0.03461 - - ANFIX 8/29/19 8/30/19 9.51 0.03669 - - ANFIX 7/30/19 7/31/19 9.44 0.03626 - - ANFIX 6/27/19 6/28/19 9.45 0.03485 - - ANFIX 5/30/19 5/31/19 9.40 0.03797 - - ANFIX 4/29/19 4/30/19 9.36 0.03781 - - ANFIX 3/28/19 3/29/19 9.36 0.03957 - - ANFIX 2/27/19 2/28/19 9.31 0.03584 - - ANFIX 1/30/19 1/31/19 9.32 0.03959 - - ANFIX 12/30/18 12/31/18 9.31 0.04236 - - ANFIX 11/29/18 11/30/18 9.31 0.03908 - - ANFIX 10/30/18 10/31/18 9.29 0.04038 - - ANFIX 9/27/18 9/28/18 9.32 0.03926 - - ANFIX 8/30/18 8/31/18 9.35 0.03987 - - ANFIX 7/30/18 7/31/18 9.37 0.03796 - - ANFIX 6/28/18 6/29/18 9.39 0.03695 - - ANFIX 5/30/18 5/31/18 9.44 0.03596 - - ANFIX 4/29/18 4/30/18 9.40 0.03480 - - ANFIX 3/28/18 3/29/18 9.44 0.03418 - - ANFIX 2/27/18 2/28/18 9.45 0.03091 - - ANFIX 1/30/18 1/31/18 9.44 0.03434 - - ANFIX 12/29/17 12/29/17 9.48 0.03437 - - ANFIX 11/29/17 11/30/17 9.48 0.03189 - - ANFIX 10/30/17 10/31/17 9.46 0.03214 - - ANFIX 9/28/17 9/29/17 9.43 0.03351 - - ANFIX 8/30/17 8/31/17 9.45 0.03594 - - ANFIX 7/30/17 7/31/17 9.41 0.03709 - - ANFIX 6/29/17 6/30/17 9.40 0.03582 - - ANFIX 5/30/17 5/31/17 9.39 0.03784 - - ANFIX 4/27/17 4/28/17 9.39 0.03877 - - ANFIX 3/30/17 3/31/17 9.40 0.04009 - - ANFIX 2/27/17 2/28/17 9.45 0.03609 - - ANFIX 1/30/17 1/31/17 9.41 0.03578 - - ANFIX 12/29/16 12/30/16 9.37 0.03776 - - ANFIX 12/27/16* 12/28/16* 9.36 0.01300 - - ANFIX 11/29/16 11/30/16 9.37 0.03643 - - ANFIX 10/30/16 10/31/16 9.34 0.03769 - - ANFIX 9/29/16 9/30/16 9.36 0.03628 - - ANFIX 8/30/16 8/31/16 9.33 0.03761 - - ANFIX 7/28/16 7/29/16 9.33 0.03688 - - ANFIX 6/29/16 6/30/16 9.17 0.03584 - - ANFIX 5/27/16 5/31/16 9.16 0.03850 - - ANFIX 4/28/16 4/29/16 9.20 0.04211 - - ANFIX 3/30/16 3/31/16 9.07 0.04152 - - ANFIX 2/26/16 2/29/16 8.85 0.05198 - - ANFIX 1/29/16 1/30/16 9.56 0.04210 - - ANFIX 12/29/15* 12/30/15* 9.91 0.06043 - - ANFIX 11/27/15 11/30/15 9.99 0.04296 - - ANFIX 10/29/15 10/30/15 10.01 0.04191 ANFIX 9/29/15 9/30/15 10.09 0.04209 - - ANFIX 8/28/15 8/31/15 10.22 0.03715 - - ANFIX 7/30/15 7/31/15 10.27 0.03994 - - ANFIX 6/29/15 6/30/15 10.27 0.03920 - - ANFIX 5/28/15 5/29/15 10.38 0.04117 - - ANFIX 4/29/15 4/30/15 10.27 0.04636 - - ANFIX 3/30/15 3/31/15 10.23 0.03307 - - ANFIX 2/27/15 2/28/15 10.17 0.00655 - - ANFIX 1/29/15 1/30/15 10.13 0.01582 - - *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 Bank Debt Non-Bank Financials Common Equity Preferred Equity Cash and Equivalents 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. CREDIT QUALITY As of 9/30/21 AAA AA A BBB BB Unrated Unrated consists of corporate bonds that do not have ratings. Ratings determined by S&P and Moody’s. FUND CHARACTERISTICS As of 9/30/21 Fund Assets (All Classes) $155.0 Million Number of Securities 99 Effective Duration 2.8 Average Price (Portfolio) $102.6 FUND INFORMATION As of 9/30/21 Ticker ANFIX CUSIP 03463K208 Gross Expense Ratio 1.15% Net Expense Ratio 0.69% 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 4.20% 30-Day SEC Yield (Subsidized) 2.85% 30-Day SEC Yield (Unsubsidized) 2.49% MANAGEMENT TEAM Sreeni Prabhu Managing Partner, Co-CEO & Group Chief Investment Officer Navid Abghari Senior Portfolio Manager Johannes Palsson Senior Portfolio Manager Cheryl Pate, CFA® Portfolio Manager Kevin Parks Portfolio Manager RECENT INSIGHTS 11 - 08 - 2021 Financials Income Fund Commentary Read commentary 11 - 05 - 2021 3Q 2021 Financials Income Fund Investor Call Replay Listen to the 3Q 2021 Financials Income Fund Investor Call Replay. Watch video DOCUMENTS Fund Marketing Materials Fund Legal Materials Tax Materials Financials Income Fund Fact Sheet Returns in Periods of Rising Rates 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. The Fund may make short sales of securities, which involves the risk that losses may exceed the original amount invested. The Fund may use leverage, which may exaggerate the effect of any increase or decrease in the value of securities in the Fund’s portfolio or the Fund’s net asset value, and therefore may increase the volatility of the Fund. Investments in foreign securities involve greater volatility and political, economic, and currency risks and differences in accounting methods. These risks are increased for emerging markets. Investments in fixed-income instruments typically decrease in value when interest rates rise. The Fund will incur higher and duplicative costs when it invests in mutual funds, ETFs, and other investment companies. There is also the risk that the Fund may suffer losses due to the investment practices of the underlying funds. For more information on these risks and other risks of the Fund, please see the Prospectus. ©2021 Angel Oak Capital Advisors, LLC. Glossary Privacy Policy CA Privacy Policy Terms Of Use Social Media Disclosure Contact Us SHAREHOLDER SERVICES: 855-751-4324 The Angel Oak Funds are distributed by Quasar Distributors, LLC. References to other mutual funds should not to be considered an offer of these securities. 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. Investing involves risk. Principal loss is possible. Investors should carefully consider the investment objectives, risks, charges and expenses of the Angel Oak Mutual Funds. This and other important information about each Fund is contained in the Prospectus or Summary Prospectus for each Fund, which can be obtained by calling Shareholder Services or clicking here. The Prospectus or Summary Prospectus should be read carefully before investing. Investment products: Not FDIC Insured May Lose Value Not Bank Guaranteed By continuing on this site or clicking Yes to Accept, you agree to our use of cookies and other technologies to process your personal data to personalize your experience and for other purposes. Yes