ANGEL OAK MULTI-STRATEGY INCOME FUND FACT SHEET | DECEMBER 31, 2016 ANGLX | ANGIX | ANGCX CREDIT TYPE SECTOR BREAKDOWN FIRM OVERVIEW Live Chart Mortgage Credit Corporate Credit Non-Agency RMBS CMBS CLO Corporates ABS Cash 60.1% 13.9% 10.8% 6.5% 4.9% 3.8% 74.0% 17.3% • Angel Oak Capital Advisors, LLC, registered investment adviser, established in 2009 • Approximately $5.5 billion in assets as of 12/31/16 • Oversees investments in U.S. mutual funds, separate accounts and private investment partnerships PORTFOLIO MANAGEMENT TEAM Cash + Other 8.7% Fund holdings and sector allocations are subject to change and are not recommendations to buy or sell any security. Past performance is no guarantee of future results. 30-Day SEC Yield: The SEC yield is an annualized yield based on the most recent 30-day period. For the Angel Oak Multi-Strategy Income Fund, subsidized yields reflect fee waivers in effect. Without such waivers, yields would be reduced.

Unsubsidized yields do not reflect fee waivers in effect. As of 12/31/16, the subsidized and unsubsidized 30-Day SEC yield for ANGLX were 4.97% and 5.02 %, respectively, and for ANGIX they were 5.34% and 5.38%, respectively. The unsubsidized SEC yield is higher than the subsidized SEC yield due to the Fund recouping previously waived expenses. Average Price: The weighted average of the prices of the Fund’s portfolio holdings. Bloomberg Barclays U.S.

Aggregate Bond Index: An unmanaged index that measures the performance of the investment-grade universe of bonds issued in the United States. The index includes institutionally traded U.S. Treasury, government sponsored, mortgage and corporate securities. Please note that an investor cannot invest directly in the index; therefore its performance does not reflect a reduction for fees or expenses incurred in managing a portfolio. Correlation: A statistical measure of how two securities move in relation to another.

Index used for comparison is the Bloomberg Barclays Aggregate Bond Index. Effective Duration: Measures a portfolio’s sensitivity to changes in interest rates. Generally, the longer the effective duration, the greater the price change relative to interest rate movements. Floating Rate: A floating-rate security is an investment with interest payments that float or adjust periodically based upon a predetermined benchmark. Investment Grade: A rating that indicates that a bond has a relatively lower risk of default (‘BBB’ or higher). Below investment grade denotes a bond rated below ‘BBB’. Sharpe Ratio: A statistical measure that uses standard deviation and excess return to determine reward per unit of risk. A higher Sharpe ratio implies a better historical risk-adjusted performance.

The Sharpe ratio has been calculated since inception using the 3-month Treasury bill for the risk-free rate of return. Standard Deviation: A statistical measure of portfolio risk used to measure variability of total return around an average, over a specified period of time. The greater the standard deviation over the period, the wider the variability or range of returns and hence, the greater the fund’s volatility—calculated since inception. Brad Friedlander Lead Portfolio Manager Investment experience since 1999 Sreeni Prabhu Chief Investment Officer Investment experience since 1998 Sam Dunlap Portfolio Manager Investment experience since 2002 Berkin Kologlu Portfolio Manager Investment experience since 2002 Ashish Negandhi Portfolio Manager Investment experience since 2007 MUTUAL FUND SALES 888.685.2915 info@angeloakcapital.com The fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. The statutory and summary prospectuses contain this and other important information about the investment company, and it may be obtained by calling 855-751-4324, or visiting www.angeloakcapital.com.

Read it carefully before investing. The value of some mortgage-backed securities may be particularly sensitive to changes in prevailing interest rates, and although the securities are generally supported by some form of government or private insurance, there is no assurance that private guarantors or insurers will meet their obligations. Diversification does not ensure a profit or guarantee against loss. Mutual fund investing involves risk; Principal loss is possible. Investments in debt securities typically decreases when interest rates rise.

This risk is usually greater for longer-term debt securities. Investments in lower rated and non-rated securities present a greater risk of loss to principal and interest than higher rated securities. 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 lose more than the amount invested. The Fund may make short sales of securities, which involves the risk that losses may exceed the original amount invested. As of 12/31/16, the Angel Oak Multi-Strategy Income Fund (ANGLX) received a Morningstar rating of 5 stars overall, 4 stars for the three-year period & 5 stars for the five-year period among 213, 213, and 175 multisector bond funds, respectively.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics.

Ratings for other share classes may vary. © 2016 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely.

Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Not FDIC Insured May Lose Value Not Bank Guaranteed The Angel Oak Funds are distributed by Quasar Distributors, LLC. .