Menu I - ANGIX A - ANGLX C - ANGCX Angel Oak Multi-Strategy Income Fund Prospectus Fact Sheet Fund Alert TOTAL ASSETS $6.9B As of 9/30/21 OVERVIEW The Fund seeks the best risk-adjusted opportunities in fixed income that offer the potential for both stable income and price appreciation. The team employs a top-down approach to identify relative value opportunities within the structured credit markets and a bottom-up credit selection process to select individual issues. The managers will invest opportunistically across a wide range of credits and issuer types based on relative value within fixed income. Specifically, the Fund targets opportunities in: Agency and Non-Agency Residential Mortgage-Backed Securities (RMBS) Commercial Mortgage-Backed Securities (CMBS) Collateralized Loan Obligations (CLOs) Asset-Backed Securities (ABS) Currently, the Fund has a bias towards credit and low duration assets to manage interest rate risk. This bias is not set for the long term and may change over time as the managers’ view on the global economy, interest rates and capital market conditions change. The team does not manage the portfolio’s asset allocation to resemble the Fund’s benchmark in a relative sense, but instead positions the portfolio with a focus on absolute return. Objective The investment objective of the Angel Oak Multi-Strategy Income Fund is current income. As of 11/30/21 30-Day SEC Yields Subsidized 3.79% Unsubsidized 3.79% PERFORMANCE TOTAL RETURNS Daily Monthly Quarterly The inception date of the Angel Oak Multi-Strategy Income Fund A Class (ANGLX) was 6/28/11, while the inception of the Institutional Class (ANGIX) was 8/16/12. The returns of ANGIX shown for periods prior to the inception date include the returns of ANGLX and are adjusted to reflect the operating expenses of ANGIX. ANNUAL RETURNS 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 Institutional Class (ANGIX) was 8/16/12. The returns of ANGIX for periods prior to the inception date include the returns of ANGLX and are adjusted to reflect the operating expenses of ANGIX. Bloomberg U.S. Aggregate Bond Index: Calculated from inception date of Class A. GROWTH OF $10,000 SINCE INCEPTION This chart illustrates the performance of a hypothetical $10,000 investment made in Angel Oak Multi-Strategy Income Fund (ANGIX) I Shares. The inception date of the Angel Oak Multi-Strategy Income Fund A Class (ANGLX) was 6/28/11, while the inception of the Institutional Class (ANGIX) was 8/16/12. The returns of ANGIX shown for periods prior to the inception date include the returns of ANGLX and are adjusted to reflect the operating expenses of ANGIX. It assumes reinvestment of capital gains and dividends. This chart is not intended to imply any future performance. FUND STATISTICS DISTRIBUTIONS *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 Other includes investments in affiliated funds, common and preferred equity, collateralized debt obligations, and residential mortgage loans. 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 TYPE 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. FUND CHARACTERISTICS FUND INFORMATION As of 9/30/21 Ticker ANGIX CUSIP 03463K406 Gross Expense Ratio 1.17% Net Expense Ratio 0.94% 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 4.77% 30-Day SEC Yield (Subsidized) 3.79% 30-Day SEC Yield (Unsubsidized) 3.79% MANAGEMENT TEAM Sreeni Prabhu Managing Partner, Co-CEO & Group Chief Investment Officer Sam Dunlap Chief Investment Officer, Public Strategies Berkin Kologlu Senior Portfolio Manager Kin Lee Senior Portfolio Manager Colin McBurnette Senior Portfolio Manager Clayton Triick, CFA® Senior Portfolio Manager RECENT INSIGHTS 10 - 29 - 2021 3Q 2021 Multi-Strategy Income Fund Investor Call Replay Listen to the 3Q 2021 Multi-Strategy Income Fund Investor Call Replay. Watch video 11 - 08 - 2021 Multi-Strategy Income Fund Commentary Read commentary DOCUMENTS Fund Marketing Materials Fund Legal Materials Multi-Strategy Income Fund Fact Sheet Multi-Strategy Income Fund Historical Allocation 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 higher and duplicative expenses when it invests in mutual funds, ETFs, and other investment companies. 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. 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