Menu I - AOUIX A - AOUAX Angel Oak UltraShort Income Fund Prospectus Fact Sheet Fund Alert TOTAL ASSETS $1.5B As of 9/30/21 OVERVIEW The Fund will invest across a diversified basket of U.S. fixed income. The primary focus of Fund assets will be within the best relative value opportunities of structured credit, including RMBS, CMBS, ABS, and CLOs. The Fund may also include allocations to government bonds and agency-backed securities, which include U.S. Treasury securities, agency RMBS, and agency CMBS. This combination of structured credit, U.S. Treasuries, corporates, and agency-backed bonds should provide balance to the Fund and enhance price stability. The Fund’s average rate duration will be maintained below 1.0, while the average effective maturity will be maintained below 2.0 years. Objective The UltraShort Income Fund seeks to provide current income while seeking to minimize price volatility and maintain liquidity. As of 11/30/21 30-Day SEC Yields Subsidized 1.18% Unsubsidized 0.94% PERFORMANCE TOTAL RETURNS Daily Monthly Quarterly The inception date of the Angel Oak UltraShort Income Fund I Class (AOUIX) was 4/2/18. ANNUAL RETURNS AOUIX Bloomberg 9-12 Month U.S. Treasury Bill Index 2020 2019 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 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. Short-term performance, in particular, is not a good indication of the Fund’s future performance and an investment should not be made based solely on returns. Performance is net of fees. The inception date of the Angel Oak UltraShort Income Fund I Class (AOUIX) was 4/2/18. GROWTH OF $10,000 SINCE INCEPTION As of 9/30/21 AOUIX Bloomberg 9-12 Month U.S. Treasury Bill Index Jul 2018 Jan 2019 Jul 2019 Jan 2020 Jul 2020 Jan 2021 Jul 2021 $9,750 $10,000 $10,250 $10,500 $10,750 $11,000 This chart illustrates the performance of a hypothetical $10,000 investment made in Angel Oak UltraShort Income Fund (AOUIX) I Shares. The inception date of the Angel Oak UltraShort Income Fund I Class (AOUIX) was 4/2/18. It assumes reinvestment of capital gains and dividends. This chart is not intended to imply any future performance. FUND STATISTICS As of 9/30/21 AOUIX Index Standard Deviation (%) 2.4 0.3 Sharpe Ratio 0.9 2.6 Correlation to Index 0.0 1.0 AOUIX Index % Positive Months 95.1 92.7 % Negative Months 4.9 7.3 DISTRIBUTIONS Ticker Record Date Payable Date Reinvestment Price ($/share) Ordinary Income ($/share) ST Cap Gains ($/share) LT Cap Gains ($/share) AOUIX 11/29/21 11/30/21 10.04 0.01052 - - AOUIX 10/29/21 10/31/21 10.05 0.01035 - - AOUIX 9/29/21 9/30/21 10.06 0.00970 - - AOUIX 8/30/21 8/31/21 10.07 0.01002 - - AOUIX 7/29/21 7/30/21 10.07 0.01057 - - AOUIX 6/29/21 6/30/21 10.07 0.01052 - - AOUIX 5/27/21 5/28/21 10.07 0.01087 - - AOUIX 4/29/21 4/30/21 10.08 0.01095 - - AOUIX 3/30/21 3/31/21 10.08 0.01229 - - AOUIX 2/25/21 2/26/21 10.08 0.01134 - - AOUIX 1/28/21 1/29/21 10.09 0.01274 - - AOUIX 12/30/20 12/31/20 10.07 0.01261 - - AOUIX 11/29/20 11/30/20 10.05 0.01451 - - AOUIX 10/29/20 10/30/20 10.05 0.01498 - - AOUIX 9/29/20 9/30/20 10.05 0.01428 - - AOUIX 8/30/20 8/31/20 10.03 0.0165 - - AOUIX 7/30/20 7/31/20 10.01 0.02018 - - AOUIX 6/29/20 6/30/20 9.99 0.01884 - - AOUIX 5/28/20 5/29/20 9.89 0.02363 - - AOUIX 4/29/20 4/30/20 9.77 0.02347 - - AOUIX 3/30/20 3/31/20 9.66 0.02119 - - AOUIX 2/27/20 2/28/20 10.14 0.02152 - - AOUIX 1/30/20 1/31/20 10.12 0.02397 - - AOUIX 12/30/19 12/31/19 10.10 0.02566 - - AOUIX 11/27/19 11/29/19 10.10 0.02423 - - AOUIX 10/30/19 10/31/19 10.11 0.02544 - - AOUIX 9/27/19 9/30/19 10.11 0.02477 - - AOUIX 8/29/19 8/30/19 10.12 0.02601 - - AOUIX 7/30/19 7/31/19 10.08 0.02702 - - AOUIX 6/27/19 6/28/19 10.08 0.02667 - - AOUIX 5/30/19 5/31/19 10.08 0.02782 - - AOUIX 4/29/19 4/30/19 10.06 0.02698 - - AOUIX 3/28/19 3/29/19 10.04 0.02804 - - AOUIX 2/27/19 2/28/19 10.03 0.02506 - - AOUIX 1/30/19 1/31/19 10.02 0.02343 - - AOUIX 12/30/18 12/31/18 10.01 0.02760 - - AOUIX 12/20/18 12/21/18 10.01 0.00167 0.00007 0.00180 AOUIX 11/29/18 11/30/18 10.02 0.02671 - - AOUIX 10/30/18 10/31/18 10.02 0.02551 - - AOUIX 9/27/18 9/28/18 10.02 0.02386 - - AOUIX 8/30/18 8/31/18 10.03 0.02399 - - AOUIX 7/30/18 7/31/18 10.02 0.02363 - - AOUIX 6/28/18 6/29/18 10.01 0.02119 - - AOUIX 5/30/18 5/31/18 10.03 0.01909 - - AOUIX 4/29/18 4/30/18 10.01 0.01923 - - *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 Treasury/Government & Muni. Agency MBS ABS Non-Agency RMBS CLO CMBS Corporate Cash and Equivalents CREDIT QUALITY As of 9/30/21 AAA AA A BBB BB B Unrated 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. 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) $1.5 Billion Number of Securities 564 Effective Duration 0.7 Average Price (Portfolio) $100.60 Weighted Average Life 1.4 Floating Rate (%) 34.1 Yield-to-Worst (LA) (%) 0.80 FUND INFORMATION As of 9/30/21 Ticker AOUIX CUSIP 03463K828 Gross Expense Ratio 0.56% Net Expense Ratio 0.37% The Adviser has contractually agreed to waive its fees to limit the Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement to 0.35% of the Fund’s average daily net assets through 5/31/22. In addition, the Adviser has voluntarily agreed to limit these expenses to 0.30%; this expense limit is applicable to current investors. As of 11/30/21 Distribution Yield 1.28% 30-Day SEC Yield (Subsidized) 1.18% 30-Day SEC Yield (Unsubsidized) 0.94% MANAGEMENT TEAM Clayton Triick, CFA® Senior Portfolio Manager Sreeni Prabhu Managing Partner, Co-CEO & Group Chief Investment Officer Colin McBurnette Senior Portfolio Manager RECENT INSIGHTS 11 - 08 - 2021 UltraShort Income Fund Commentary Read commentary 11 - 02 - 2021 3Q 2021 UltraShort Income Fund Investor Call Replay Listen to the 3Q 2021 UltraShort Income Fund Investor Call Replay. Watch video DOCUMENTS Fund Marketing Materials Fund Legal Materials UltraShort Income Fund Fact Sheet UltraShort Income Fund Historical Allocation 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. The Fund’s derivative investments have risks, including the imperfect correlation between the value of such instruments and the underlying asset, rate, or index, which creates the possibility that the loss on such instruments may be greater than the gain in the value of the underlying asset, rate, or index; the loss of principal; the possible default of the other party to the transaction; and illiquidity of the derivative investments. The Fund may invest in illiquid securities and restricted securities. Investments in restricted securities could have the effect of increasing the amount of the Fund’s assets invested in illiquid securities if qualified institutional buyers are unwilling to purchase these securities. Changes in interest rates generally will cause the value of fixed-income instruments held by the Fund to vary inversely to such changes. Below-investment-grade instruments are commonly referred to as “junk” or high-yield instruments, and are regarded as predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal. Lower-grade instruments may be particularly susceptible to economic downturns. The price paid by the Fund for asset-backed securities, including CLOs; the yield the Fund expects to receive from such securities; and the average life of such securities are based on a number of factors, including the anticipated rate of prepayment of the underlying assets. Mortgage-backed securities are subject to the general risks associated with investing in real estate securities; that is, they may lose value if the value of the underlying real estate to which a pool of mortgages relates declines. For more information on these risks and other risks of the Fund, please see the Prospectus. Diversification does not guarantee a profit or protect against a loss in declining markets. ©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. 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