Disclaimers S&P 500 Total Return Index: An American stock market index based on the market capitalizations of 500 large companies having common stock listed on the NYSE or NASDAQ. 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. Spread: The difference in yield between a U.S. Treasury bond and a debt security with the same maturity but of lesser quality. 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. The standard deviation has been calculated since inception. The CBOE Volatility Index (VIX): The VIX is a key measure of market expectations of near-term volatility conveyed by S&P 500 stock index options prices. 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 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 result in losing 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. Must be preceded or accompanied by a current prospectus. To obtain an electronic copy of the prospectus, please visit www.angeloakcapital.com. © 2016 Angel Oak Capital Advisors, which is the advisor to the Angel Oak Funds. Distributed by Quasar Distributors, LLC (Member FINRA.) It is not possible to invest directly in an index. Angel Oak Capital Advisors, LLC 8 .