Angel Oak Multi-Strategy Income Fund

Fund Holdings

Asset Allocation

% Long % Short % Net
Cash 10.74 32.35 -21.61
Stocks 0.03 0.0 0.03
Bonds 134.54 0.0 134.54
Other 0.94 0.0 0.94
Foreign Bonds 28.9 42.94 -14.05
Foreign Stocks 0.0 0.0 0.0
Convertible 0.0 0.0 0.0
Preferred 0.15 0.0 0.15

Updated 04.30.2014

Top 10 Holdings

Performance as of 06.30.2014

Portfolio as of 04.30.2014

% Net Assets
Usd Irs 10yr Prim Jun14 25.41
Usd Irs 5yr Prim Jun14 14.23
Harborview Mtg Ln Tr 2006-14 CMO 2.59
Amer Hm Mtg 2005-2 CMO 1.89
Greenpoint Mtg Fdg 2006-Ar3 CMO 1.62
Harborview Mtg Ln Tr 2007-3 CMO 1.58
Chaseflex Tr 2006-1 CMO 1.53
Structured Asset Adj 2005-20 CMO 1.43
Ocean Trails Clo Iv / Ocean Tra 144A FRN 1.38
Wamu Mtg Cert 2006-Ar9 CMO 1.37