Subject: Mutual Fund

Angel Oak Capital Advisors' UltraShort Income Fund Celebrates Stellar First-Year Performance

Angel Oak Capital Advisors, LLC (Angel Oak), is pleased to announce that the Angel Oak UltraShort Income Fund (AOUIX) celebrated its one-year anniversary on April 2, 2019. As of April 30, its one-year total return of 3.53%, versus 2.50% for the Morningstar Ultrashort Bond Fund category, places it in the top 1% of 196 funds in that category based on total return. The Fund's benchmark, the Bloomberg Barclays 9-12 Month U.S. Treasury Bill Index, returned 2.54% over the same time period. Since the Fund's April 2, 2018, inception through April 30, 2019, it has delivered an impressive annualized return of 3.56% compared to 2.42% for its benchmark.

The Fund's standout performance has helped it grow to over $160 million in assets.

Through its unique approach to structured credit investing, the Fund offers the potential for a significant yield advantage for short-term, liquid assets. The Fund invests in Angel Oak's best ideas in U.S. credit, primarily structured credit, to meet the Fund's primary objective of seeking to provide current income while seeking to minimize price volatility and maintain liquidity. The average rate duration of assets in the Fund is also maintained under one year, while the average effective maturity is maintained at under two years.

"Since its inception, the Angel Oak UltraShort Income Fund has seen tremendous growth and delivered strong results. We are most pleased with the stability of the Fund's NAV during the more elevated period of volatility in Q4 2018, helping to illustrate the potential benefits of utilizing structured credit for short-duration, fixed-income investing. We believe our deep knowledge of structured credit can provide investors with a terrific alternative to other offerings in the ultrashort bond fund space," said Clayton Triick, CFA^®, Lead Portfolio Manager for AOUIX.

AOUIX has a management team similar to that of the Angel Oak Multi-Strategy Income Fund (ANGIX), which also focuses on structured credit, with a heavy emphasis on non-agency RMBS and CMBS. ANGIX has approximately $7.6 billion in assets under management as of April 30, 2019.

"We have a proven track record of success and have developed a reputation as the leader in structured credit. Our team's expertise in this segment of fixed-income investing has allowed us to create an ultrashort bond fund that we believe is truly differentiated from others," said Sreeni Prabhu, Angel Oak's co-CEO and Chief Investment Officer.

The Fund is available on a variety of major platforms, including Schwab, Fidelity, TD Ameritrade, UBS, and LPL.

For more information on the Angel Oak UltraShort Income Fund, please contact investor relations at 888-685-2915 or visit www.angeloakcapital.com.

About Angel Oak Capital Advisors, LLC

Angel Oak Capital Advisors is an investment management firm focused on providing compelling fixed income investment solutions for its clients. Backed by a value-driven approach, Angel Oak Capital Advisors seeks to deliver attractive risk-adjusted returns through a combination of stable current income and price appreciation. Its experienced investment team seeks the best opportunities in fixed income, with a specialization in mortgage-backed securities and other areas of structured credit.

As of March 31, 2019, Angel Oak Capital Advisors had approximately $9.8 billion in assets under management through a combination of public funds, private funds, and separately managed accounts.

For more information, please visit www.angeloakcapital.com.

Weighted Average Effective Maturity: The average time to maturity of debt securities held in the fund.

Bloomberg Barclays 9-12 Month U.S. Treasury Bill Index: Measures the performance of U.S. Treasury bills, notes, and bonds with a remaining maturity between 9-12 months. The index does not include trading and management costs.

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.

*The Adviser has contractually agreed to waive its fees to limit the Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement to 0.49% of the Fund's average daily net assets through 5/31/20. In addition, the Adviser has voluntarily agreed to limit these expenses to 0.25%; this expense limit is applicable to current investors.

¹The inception date of the Angel Oak UltraShort Income Fund I Class (AOUIX) was 4/2/18, while the inception date of the A Class (AOUAX) was 4/30/18.

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 and may be obtained by calling 855-751-4324.

The Morningstar UltraShort Bond Fund Category Average represents an average of all of the funds in the Morningstar UltraShort Bond Fund Category.

Morningstar Rankings represent a fund's total-return percentile rank relative to all funds that have the same Morningstar Category. The highest percentile rank is 1 and the lowest is 100. It is based on Morningstar total return, which includes both income and capital gains or losses and is not adjusted for sales charges or redemption fees.

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 at 855-751-4324. The Prospectus or Summary Prospectus should be read and carefully considered before investing.

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. See the prospectus for a more detailed description of Fund risks.

It is not possible to invest directly in an index.

The Angel Oak Funds are distributed by Quasar Distributors, LLC.

News published on 9 may 2019 at 13:25 and distributed by: