Looking to the Past
July 20, 2013 | Barron's

Featured in Barron's, Brad Friedlander discussed mortgage-backed bonds that pre-dated the financial crisis. The willingness to re-evaluate the past has helped his Angel Oak Multi-Strategy Income fund beat its peers. Read article >


Angel Oak Multi-Strategy Income Fund. Seeking the best risk-adjusted investment opportunities in fixed income that offer stable, monthly dividend potential with a constant focus on risk management.

We strategically select and invest in alternative asset classes that may present greater income potential than traditional fixed income classes. The fund strives to achieve superior risk-adjusted performance over time in today's complex fixed income market.

ANGLX 5 Stars Overall
among 214 multisector bond funds
as of 6/30/2014.*

  ANGLX Ranked #1
among the 214 multisector bond funds in three-year performance history as of 6/30/2014.**

Manager Q&A
August, 2014

Non-agency RMBS:
Finding Value

Conversation with
Brad Friedlander,
Head Portfolio Manager

Angel Oak Multi-Strategy Income Fund June Update
June 30, 2014

A tug of war in the bond market continued through the second quarter. Despite improving data surrounding jobs and the greater economy, interest rates remained grounded in the lower rungs ...

The Angel Oak Multi-Strategy Income Fund Announces July 2014 Dividend
July 31, 2014 | Press Release | Download PDF >
Earnings Driving Stocks Higher
Brad Friedlander says that current strength in earnings provides more confidence in the market over the long-term.
July 22, 2014 | CNBC
 |  Watch the interview >
Angel Oak Capital Advisors Second Quarter Conference Call
July 17, 2014
Listen to the call >

Non-Agency Mortgage Backs Best As Housing Market Improves
Ashish Negandhi comments on non-agency mortgage backed bonds versus Fannies and Freddies. He believes non-agencies are the last bastion in the fixed-income world where investors can still find good value at a discounted rate.
June 24, 2014 | The Street | Watch the interview >

When Will Interest Rates Rise?
Ashish Neghandi discusses the various factors he believes could give housing a good, steady growth path for the next couple of years.
June 18, 2014 | MarketWatch |  Watch the interview >

Western Asset Bespoke Mortgages Feeding Non-Agency Demand
Brad Friedlander comments on the Home$ense program offered by Angel Oak Funding LLC as a means to provide loans to a huge and underserved population of U.S. borrowers.
June 9, 2014 | Bloomberg
|  Read the article >


Distributed by Unified Financial Securities, Inc., 2960 North Meridian Street, Suite 300, Indianapolis, IN  46208 (Member, FINRA)

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.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Angel Oak Multi-Strategy Income Fund. This and other important information about the Fund is contained in the Prospectus or Summary Prospectus, which can be obtained by calling 877-625-3042. The Prospectus or Summary Prospectus should be read carefully before investing.

*As of 6/30/14, Morningstar rating of 5 stars overall and 5 stars for the three-year period among 214 multisector bond funds. 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.

**The Morningstar Rankings represent a fund’s total-return rank relative to all funds that have the same Morningstar Category. The highest rank is 1 and the lowest is based on the total number of funds ranked in the category. Morningstar total return includes both income and capital gains or losses and is not adjusted for sales charges or redemption fees.

© 2014 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. Past performance is no guarantee of future results.