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1) ANGEL OAK HIGH YIELD OPPORTUNITIES FUND FACT SHEET | DECEMBER 31, 2016 ANHAX | ANHIX | ANHCX Angel Oak High Yield Opportunities Fund The High Yield Opportunities Fund seeks to provide current income. Capital appreciation is a secondary objective. The goal of the Fund is to maximize long-term risk adjusted returns relative to the market with an emphasis on minimizing downside risk. The Fund is diversified and invests principally in high-yield corporate bonds rated below investment grade. The Fund may purchase bonds of any maturity, but will normally have a dollar-weighted average maturity between two and fifteen years. The Fund is managed against the Bank of America Merrill Lynch U.S. High Yield Index. GROWTH OF $10,000 SINCE INCEPTION (AS OF 12/31/2016) ANHIX $25,000 Index 1 $19,000 $16,000 $13,000 2011 2012 2013 2014 2015 $10,000 2016 This chart illustrates the performance of a hypothetical $10,000 investment made in Angel Oak High Yield Opportunities Fund (ANHIX), I Shares since inception on 4/1/09. It assumes reinvestment of capital gains and dividends. This chart is not intended to imply any future performance. Annualized Total Returns (as of 12/31/16) Prior Qtr. YTD 1 Yr. 3 Yr. 5 Yr. Inception2 Class I 2.89% 16.31% 16.31% 5.25% 7.07% 10.16% Class A at NAV 2.84% 15.97% 15.97% 5.00% 6.82% 9.89% Class A at MOP 0.51% 13.34% 13.34% 4.21% 6.33% 9.57% Index1 1.88% 17.49% 17.49% 4.72% 7.35% 12.95% Calendar Year Returns 7777 Category High Yield Bond Funds in Category 602 Criteria Risk-Adjusted Return As of Date 12/31/2016 SHARE CLASSES $22,000 2010 ANHIX Overall Morningstar Rating™ 2016 2015 2014 2013 2012 2011 2010 Class I 16.31% -1.17% 1.44% 6.66% 13.13% 6.16% 13.33% Class A at NAV 15.97% -1.46% 1.30% 6.33% 12.97% 5.90% 13.05% Index1 17.49% -4.64% 2.50% 7.42% 15.58% 4.38% 15.19% Bank of America Merrill Lynch U.S. High Yield Index 2The inception date of the Angel Oak High Yield Opportunities Fund I Class (ANHIX) was 4/1/09, while the inception date of the A Class (ANHAX) was 7/31/12. The returns of ANHAX shown for periods prior to the inception date include the returns of ANHIX and are adjusted to reflect any applicable sales charges and the higher annual operating expenses of Class A. 3 Correlation to Index is monthly as of 12/31/2016. See reverse for definition. 1 Current performance may be lower or higher than the performance data quoted. Performance quoted is past performance and 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. Returns shown for A Shares at NAV do not reflect the maximum sales load of 2.25%; if reflected, performance would be lower than shown. Current performance to the most recent month end can be obtained by calling 855-751-4324. CUSIP Ticker A Shares 03463K703 ANHAX I Shares 03463K885 ANHIX C Shares 03463K802 ANHCX FUND INFORMATION A Shares I Shares Gross Exp Ratio * 1.22% 0.97% Net Exp Ratio* 0.90% 0.65% SEC Yield subsidized 6.26% 6.58% SEC Yield unsubsidized 5.86% 6.18% FUND CHARACTERISTICS Fund Assets (All Classes) $50.0 Million Number of Securities 89 Distribution Monthly Effective Duration 3.7 Maturity Ranges: Under 3 Years 6.8% 3 to 7 Years 64.2% 7 to 10 Years 26.6% Over 10 Years 2.4% Average Coupon 6.8% Average Yield-to-Worst 6.9% FUND STATISTICS (Since Inception) Fund† Index1 Std. Deviation 6.1 8.1 Sharpe Ratio 1.7 1.6 Correlation to Index3 0.9 1.0 Positive Months (%) 71.0 74.2 Negative Months (%) 29.0 25.8 †ANHIX → Learn more: AngelOakCapital.com *Gross and net expense ratios are reported as of the 5/31/16 prospectus. The Adviser has contractually agreed to waive fees through 5/31/18. Must be preceded or accompanied by a prospectus

2) ANGEL OAK HIGH YIELD OPPORTUNITIES FUND FACT SHEET | DECEMBER 31, 2016 SECTOR BREAKDOWN CREDIT QUALITY* BBB BB B CCC <CCC Unrated Cash Corporate 87.1% Bonds 1.6% 32.4% 47.6% 11.0% 0.0% 0.5% 6.8% ANHAX | ANHIX | ANHCX PORTFOLIO MANAGEMENT TEAM Matthew Kennedy, CFA® Portfolio Manager Head of Corporate Credit Investment experience since 1995 CLOs 5.9% Equities & ETFs 0.1% Cash 6.9% Sreeni Prabhu Co-CEO, Chief Investment Officer Investment experience since 1998 Fund Index Navid Abghari Portfolio Manager Investment experience since 2005 *Unrated consists of corporate bonds that do not have ratings and excludes Equities and ETFs; total may not equal 100%. TOP 10 ISSUERS Fund TOP 10 SECTORS BCD Acquisition Inc. 3.8% Energy 18.4% 15.6% CVR Partners 3.5% Basic Industries 15.6% 11.8% Jefferies Finance LLC 3.4% Capital Goods 12.5% 5.3% Frontier Communications 3.1% Financial Services 8.7% 2.9% PBF Holding Company, LLC 2.9% Media 4.3% 11.1% Kenan Advantage Group 2.7% Tech & Electronics 4.1% 6.7% Cheniere Corp 2.6% Consumer Goods 3.8% 2.4% Enviva Partners LP 2.4% Telecommunications 3.7% 10.3% CSC Holdings LLC 2.3% Automotive 3.1% 2.0% Tri Pointe Group 2.3% Utility 2.6% 2.7% Fund holdings and sector allocations are as of 12/31/16, are subject to change and are not recommendations to buy or sell any security. 30-Day SEC Yield: The SEC yield is an annualized yield based on the most recent 30-day period. Subsidized yields reflect fee waivers in effect. Without such waivers, yields would be reduced. Unsubsidized yields do not reflect waivers in effect. Average Coupon: Equal to the total interest payments of an issue divided by bond year dollars. Bank of America Merrill Lynch U.S. High Yield Index: Tracks the performance of below investment grade, but not in default, US dollar denominated corporate bonds publicly issued in the US domestic market, and includes issues with a credit rating of BBB or below, as rated by Moody’s and S&P. Correlation: A statistical measure of how two securities move in relation to another. Index used for comparison is the BofA Merill Lynch U.S. HY 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. 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. Yield to Worst (YTW): The lowest potential yield that can be received on a bond without the issuer actually defaulting. It is not possible to invest directly in an index. Diversification does not guarantee a profit or protect from loss in a declining market. The Angel Oak Funds are distributed by Quasar Distributors, LLC. The Fund is the successor to the investment performance of the Predecessor High Yield Fund as a result of the reorganization of the Predecessor High Yield Fund into the Fund on April 15, 2016. Accordingly, the performance information shown below for periods prior to April 15, 2016 is that of the Predecessor High Yield Fund’s Institutional Shares and Original Shares for the Fund’s Institutional Class and Class A shares, respectively. The Predecessor High Yield Fund was managed by the same portfolio managers as the Fund and had substantially the same investment objectives, policies, and strategies as the Fund. Effective April 15, 2016, a sales charge (load) applies to purchases of Class A shares (subject to the exceptions described in the Prospectus), and performance of the Class A shares shown prior to April 15, 2016 has been adjusted to reflect the applicable sales charges. James Hentges, CFA® Portfolio Manager Investment experience since 1996 Berkin Kologlu Portfolio Manager Investment experience since 2002 Johannes Palsson Portfolio Manager Investment experience since 2003 FIRM OVERVIEW • Approximately $5.5 billion in assets as of 12/31/16 • Oversees investments in U.S. mutual funds, separate accounts and private investment partnerships MUTUAL FUND SALES Mutual fund investing involves risk; Principal loss 888.685.2915 is possible. Investments in debt securities typically info@angeloakcapital.com 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 High Yield Opportunities Fund (ANHIX) received a Morningstar rating of 4 stars overall, 5 stars for the three-year period & 4 stars for the five-year period among 602, 602 and 477 high yield 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 May Lose Not Bank Insured Value Guaranteed Past performance is no guarantee of future results.