CARY / Angel Oak Funds Trust - Angel Oak Income ETF - Pemfailan SEC, Laporan Tahunan, Penyata Proksi

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. )

originalrecord-voteneededletter UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. )

newrecord-voteneededletter UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. )

originalrecord-votenotneededletter UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. )

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant ☒ Filed by a Party other than the Registrant ☐ Check the appropriate box: ☐ Preliminary Proxy Statement ☐ Confidential, for Use of the Commission Only (as permitted by

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. )

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant ☒ Filed by a Party other than the Registrant ☐ Check the appropriate box: ☐ Preliminary Proxy Statement ☐ Confidential, for Use of the Commission Only (as permitted by

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. )

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant ☒ Filed by a Party other than the Registrant ☐ Check the appropriate box: ☐ Preliminary Proxy Statement ☐ Confidential, for Use of the Commission Only (as permitted by

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No.      )

  UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549   SCHEDULE 14A   SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No.      )   Filed by the Registrant ☒ Filed by a Party other than the Registrant ☐ Check the appropriate box:  ☒ Preliminary Proxy Statement ☐ Confidential, for Use of the Commission Only (as

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-A FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES PURSUANT TO SECTION 12(b) or (g) OF THE SECURITIES EXCHANGE ACT OF 1934 Angel Oak Funds Trust (Exact name of registrant

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-A FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES PURSUANT TO SECTION 12(b) or (g) OF THE SECURITIES EXCHANGE ACT OF 1934 Angel Oak Funds Trust (Exact name of registrant as specified in its charter) State of Delaware See Below (State of incorporation or organization) (I.R.S. Employer Identification No.) 3344 Peachtree

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 25 NOTIFICATION OF REMOVAL FROM LISTING AND/OR REGISTRATION UNDER SECTION 12(b) OF THE SECURITIES EXCHANGE ACT OF 1934.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 25 NOTIFICATION OF REMOVAL FROM LISTING AND/OR REGISTRATION UNDER SECTION 12(b) OF THE SECURITIES EXCHANGE ACT OF 1934. Commission File Number 001-41539 Issuer: Angel Oak Funds Trust / Exchange: NYSE Arca, Inc. (Exact name of Issuer as specified in its charter, and name of Exchange where security is listed and/or register

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1900 K Street, N.W. Washington, DC 20006 Tel: +1 202 261 3300 Fax: +1 202 261 3333 www.dechert.com February 16, 2024 Board of Trustees Angel Oak Funds Trust 3344 Peachtree Road NE, Suite 1725 Atlanta, Georgia 30326 Dear Ladies and Gentlemen: You have requested our opinion regarding certain federal income tax consequences to each of the funds identified on Schedule A as a target fund (each, a “Targ

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [_] Pre-Effective Amendment No. ___ [X] Post-Effective Amendment No. 2 (Check appropriate box or boxes.) ANGEL O

As filed with the U.S. Securities and Exchange Commission on February 29, 2024 Registration No. 333-276326 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [] Pre-Effective Amendment No. [X] Post-Effective Amendment No. 2 (Check appropriate box or boxes.) ANGEL OAK FUNDS TRUST (Exact name of registrant as spec

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-A FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES PURSUANT TO SECTION 12(b) or (g) OF THE SECURITIES EXCHANGE ACT OF 1934 Angel Oak Funds Trust (Exact name of registrant

As filed with the Securities and Exchange Commission on February 7, 2024 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.

1900 K Street, N.W.

1900 K Street, N.W. Washington, DC 20006 Tel: +1 202 261 3300 Fax: +1 202 261 3333 www.dechert.com January 29, 2024 Angel Oak Funds Trust 3344 Peachtree Rd. NE Suite 1725 Atlanta, Georgia 30326 Re: Angel Oak Funds Trust Dear Ladies and Gentlemen: We have acted as counsel to Angel Oak Funds Trust, a Delaware statutory trust (the “Trust”) and its separate series identified below (each, an “Acquiring

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [_] Pre-Effective Amendment No. ___ [X] Post-Effective Amendment No. 1 (Check appropriate box or boxes.) ANGEL O

As filed with the U.S. Securities and Exchange Commission on January 29, 2024 Registration No. 333-276326 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [] Pre-Effective Amendment No. [X] Post-Effective Amendment No. 1 (Check appropriate box or boxes.) ANGEL OAK FUNDS TRUST (Exact name of registrant as speci

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Angel Oak Funds Trust c/o U.S. Bancorp Fund Services, LLC 615 East Michigan Street | Milwaukee, Wisconsin 53202 January 29, 2024 VIA EDGAR Ms. Emily Rowland U.S. Securities and Exchange Commission Division of Investment Management 100 F Street NE Washington, DC 20549 Re: Angel Oak Funds Trust (the “Trust”) N-14 File No. 333-276326 Angel Oak High Yield Opportunities ETF (S000083812) Angel Oak Mortg

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Angel Oak Funds Trust c/o U.S. Bancorp Fund Services, LLC 615 East Michigan Street | Milwaukee, Wisconsin 53202 January 26, 2024 VIA EDGAR Ms. Emily Rowland U.S. Securities and Exchange Commission Division of Investment Management 100 F Street NE Washington, DC 20549 Re: Angel Oak Funds Trust (the “Trust”) N-14 File No. 333-276326 Angel Oak High Yield Opportunities ETF (S000083812) Angel Oak Mortg

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Angel Oak Funds Trust c/o U.S. Bancorp Fund Services, LLC 615 East Michigan Street | Milwaukee, Wisconsin 53202 January 8, 2024 VIA EDGAR Ms. Emily Rowland U.S. Securities and Exchange Commission Division of Investment Management 100 F Street NE Washington, DC 20549 Re: Angel Oak Funds Trust (the “Trust”) File Nos. 333-197427 and 811-22980 Angel Oak High Yield Opportunities ETF (S000083812) Angel

1900 K Street, NW

1900 K Street, NW Washington, DC 20006 Tel: +1 202 261 3300 Fax: +1 202 261 3333 www.

ANGEL OAK FUNDS TRUST AMENDED AND RESTATED OPERATING EXPENSE LIMITATION AGREEMENT

ANGEL OAK FUNDS TRUST AMENDED AND RESTATED OPERATING EXPENSE LIMITATION AGREEMENT THIS OPERATING EXPENSE LIMITATION AGREEMENT, dated as of October 6, 2022, as amended and restated March 30, 2023 and December 6, 2023, is made and entered into by and between the Angel Oak Funds Trust, a Delaware statutory trust (the “Trust”), on behalf of each series of the Trust set forth on Schedule A attached hereto, which may be amended from time to time (the “Funds”), and Angel Oak Capital Advisors, LLC (the “Adviser”).

CONSENT OF DECHERT LLP

Three Bryant Park 1095 Avenue of the Americas New York, NY 10036-6797 +1 212 698 3500 Main +1 212 698 3599 Fax www.

THIRD AMENDMENT TO THE AMENDED AND RESTATED CUSTODY AGREEMENT

THIRD AMENDMENT TO THE AMENDED AND RESTATED CUSTODY AGREEMENT THIS THIRD AMENDMENT, effective as of February 20, 2024 to the Amended and Restated Custody Agreement dated as of April 1, 2021, as amended (the “Agreement”), is entered into by and among each management investment company identified on Exhibit B attached hereto (each a “Company”), severally and not jointly, each Company acting for and on behalf of such series as are currently authorized and issued by the Company and may be authorized and issued by the applicable Company in the future subsequent to the date of this Agreement and listed on Exhibit B (each such series a “Fund” and collectively the “Funds”), and U.

FIRST AMENDMENT TO THE AMENDED AND RESTATED MASTER SERVICING AGREEMENT

FIRST AMENDMENT TO THE AMENDED AND RESTATED MASTER SERVICING AGREEMENT THIS FIRST AMENDMENT, effective as of February 20, 2024, to the Amended and Restated Master Servicing Agreement, dated as of October 17, 2022 (the “Agreement”), by and among each management investment company identified on Exhibit A attached hereto (each a “Company”), severally and not jointly, each Company acting on behalf of itself or for and on behalf of such series as are currently authorized and issued by the Company and may be authorized and issued by the applicable Company in the future subsequent to the date of this Agreement and listed on Exhibit A (each such series a “Fund”) and U.

ANGEL OAK FUNDS TRUST AMENDED AND RESTATED DISTRIBUTION AND SHAREHOLDER SERVICING PLAN (12b-1 Plan)

ANGEL OAK FUNDS TRUST AMENDED AND RESTATED DISTRIBUTION AND SHAREHOLDER SERVICING PLAN (12b-1 Plan) The following Distribution and Shareholder Servicing Plan (the “Plan”) has been adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), by Angel Oak Funds Trust (the “Trust”), a Delaware statutory trust, on behalf of each series of the Trust listed on Schedule A (the “Funds”).

FIRST AMENDMENT TO ETF DISTRIBUTION AGREEMENT

FIRST AMENDMENT TO ETF DISTRIBUTION AGREEMENT This first amendment (“Amendment”) to the ETF distribution agreement (the “Agreement”) dated as of October 17, 2022 by and between Angel Oak Funds Trust and Quasar Distributors, LLC (together, the “Parties”) is effective as of , 20.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [_] Pre-Effective Amendment No. ___ [_] Post-Effective Amendment No. ____ (Check appropriate box or boxes.) ANGE

As filed with the U.S. Securities and Exchange Commission on December 29, 2023 1933 Act Registration No. 333-[] UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [] Pre-Effective Amendment No. [] Post-Effective Amendment No. (Check appropriate box or boxes.) ANGEL OAK FUNDS TRUST (Exact name of registrant as sp

ANGEL OAK FUNDS TRUST INVESTMENT ADVISORY AGREEMENT ANGEL OAK CAPITAL ADVISORS, LLC

ANGEL OAK FUNDS TRUST INVESTMENT ADVISORY AGREEMENT with ANGEL OAK CAPITAL ADVISORS, LLC THIS INVESTMENT ADVISORY AGREEMENT is made as of the 6th day of October, 2022, by and between Angel Oak Funds Trust, a Delaware statutory trust (hereinafter called the “Trust”), on behalf of the series of the Trust indicated on Schedule A, which may be amended from time to time (each a “Fund”, and together the “Funds”), and Angel Oak Capital Advisors, LLC, a Delaware limited liability corporation (hereinafter called the “Adviser”).

POWER OF ATTORNEY

POWER OF ATTORNEY The person whose signature appears below hereby constitutes and appoints Adam Langley, Daniel Fazioli, Douglas P.

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We hereby consent to the incorporation by reference in this Registration Statement on Form N-14 of our report dated March 31, 2023, relating to the financial statements and financial highlights of Angel Oak High Yield Opportunities Fund and Angel Oak Total Return Bond Fund, each a series of Angel Oak Funds Trust, for the year ended January 31, 2023, and to the references to our firm under the headings “Other Service Providers” and “Appendix B – Financial Highlights of the Target Funds” in the Prospectus and “Independent Registered Public Accounting Firm” and “Financial Statements” in the Statement of Additional Information.

Level 1

Angel Oak High Yield Opportunities Fund Schedule of Investments October 31, 2022 (Unaudited) Principal Corporate Obligations ― 72.

Level 1

Angel Oak UltraShort Income ETF Schedule of Investments October 31, 2022 (Unaudited) Principal Amount Value Asset-Backed Securities ― 6.

Long Futures Contracts

Angel Oak Core Impact Fund Schedule of Investments October 31, 2022 (Unaudited) Principal Amount Value Asset-Backed Securities ― 17.

Short Futures Contracts

NPORT-EX 2 aomultistrategyfund-nport.htm N-PORT EX Angel Oak Multi-Strategy Income Fund Consolidated Schedule of Investments October 31, 2022 (Unaudited) Principal Amount Value Asset-Backed Securities ― 11.41% ACC Trust, Series 2022-1, Class D, 6.650%, 10/20/2028 (a) $1,500,000 $1,440,697 Affirm Asset Securitization Trust, Series 2021-B, Class D, 2.540%, 8/17/2026 (a) 4,500,000 4,019,481 Affirm As

Short Futures Contracts

NPORT-EX 2 aoultrashortincomefund-nport.htm N-PORT EX Angel Oak UltraShort Income Fund Schedule of Investments October 31, 2022 (Unaudited) Principal Amount Value Asset-Backed Securities ― 39.31% ACC Auto Trust, Series 2021-A, Class A, 1.080%, 4/15/2027 (a) $522,096 $511,435 ACC Auto Trust, Series 2021-A, Class B, 1.790%, 4/15/2027 (a) 4,611,000 4,374,631 ACC Trust, Series 2021-1, Class B, 1.430%,

Level 1

Angel Oak Financials Income Impact Fund Schedule of Investments October 31, 2022 (Unaudited) Principal Amount Value Collateralized Debt Obligations ― 1.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-A FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES PURSUANT TO SECTION 12(b) or (g) OF THE SECURITIES EXCHANGE ACT OF 1934 Angel Oak Funds Trust (Exact name of registrant

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-A FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES PURSUANT TO SECTION 12(b) or (g) OF THE SECURITIES EXCHANGE ACT OF 1934 Angel Oak Funds Trust (Exact name of registrant as specified in its charter) State of Delaware See Below (State of incorporation or organization) (I.R.S. Employer Identification No.) 3344 Peachtree

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September 15, 2022 VIA EDGAR U.S. Securities and Exchange Commission Division of Investment Management 100 F Street, NE Washington, DC 20549 Attn: Ms. Elisabeth M. Bentzinger Re: Angel Oak Funds Trust (File Nos. 333-197427 and 811-22980) (the ?Registrant?) Dear Ms. Bentzinger: This letter responds to comments you conveyed to Joshua J. Hinderliter and Cheri A. Van Eperen via telephone on September

Level 1

Angel Oak Financials Income Fund Schedule of Investments April 30, 2022 (Unaudited) Principal Amount Value Collateralized Debt Obligations ― 4.

Short Futures Contracts

Angel Oak Multi-Strategy Income Fund Consolidated Schedule of Investments April 30, 2022 (Unaudited) Principal Amount Value Asset-Backed Securities ― 10.

Angel Oak Funds Trust

Angel Oak Funds Trust c/o U.S. Bank Global Fund Service 615 East Michigan Street Milwaukee, WI 53202 July 18, 2022 VIA EDGAR TRANSMISSION U.S. Securities and Exchange Commission Division of Investment Management 100 F Street, NE Washington, DC 20549 Re: Angel Oak Funds Trust (the “Trust”) File Nos. 333-197427 and 811-22980 Angel Oak Financials Income Fund (S000046807) Dear Sir or Madam: Pursuant t

Level 1

Angel Oak High Yield Opportunities Fund Schedule of Investments April 30, 2022 (Unaudited) Shares Value Common Stocks ― 0.

Level 1

Angel Oak Financials Income Fund Schedule of Investments April 30, 2022 (Unaudited) Principal Amount Value Collateralized Debt Obligations ― 4.

Value & Unrealized Appreciation

Angel Oak UltraShort Income Fund Schedule of Investments April 30, 2022 (Unaudited) Principal Amount Value Asset-Backed Securities ― 39.

Level 1

Angel Oak Core Impact Fund Schedule of Investments April 30, 2022 (Unaudited) Principal Amount Value Asset-Backed Securities ― 28.

Short Futures Contracts

Angel Oak Multi-Strategy Income Fund Consolidated Schedule of Investments April 30, 2022 (Unaudited) Principal Amount Value Asset-Backed Securities ― 10.

Level 1

Angel Oak Core Impact Fund Schedule of Investments October 31, 2021 (Unaudited) Principal Amount Value Asset-Backed Securities ― 30.

December 2030

Angel Oak Multi-Strategy Income Fund Schedule of Investments October 31, 2021 (Unaudited) Principal Asset-Backed Securities ― 10.

Level 1

Angel Oak Financials Income Fund Schedule of Investments October 31, 2021 (Unaudited) Principal Amount Value Collateralized Debt Obligations ― 4.

December 2021

Angel Oak UltraShort Income Fund Schedule of Investments October 31, 2021 (Unaudited) Principal Amount Value Asset-Backed Securities ― 38.

Level 1

Angel Oak High Yield Opportunities Fund Schedule of Investments October 31, 2021 (Unaudited) Common Stocks ― 0.

Level 1

Angel Oak High Yield Opportunities Fund Schedule of Investments April 30, 2021 (Unaudited) Principal Amount Value Collateralized Loan Obligations ― 0.

Level 1

Angel Oak Multi-Strategy Income Fund Schedule of Investments April 30, 2021 (Unaudited) Principal Amount Value Asset-Backed Securities ― 9.

Expiration Month

Angel Oak UltraShort Income Fund Schedule of Investments April 30, 2021 (Unaudited) Principal Amount Value Asset-Backed Securities ― 38.

Level 1

Angel Oak Financials Income Fund Schedule of Investments April 30, 2021 (Unaudited) Principal Amount Value Collateralized Debt Obligations ― 5.

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1900 K Street, NW Washington, DC 20006 +1 202 261 3300 Main +1 202 261 3333 Fax www.

1900 K Street, NW

1900 K Street, NW Washington, DC 20006 +1 202 261 3300 Main +1 202 261 3333 Fax www.

Level 1

Angel Oak Financials Income Fund Schedule of Investments October 31, 2020 (Unaudited) Principal Collateralized Debt Obligations ― 13.

September 2021

Angel Oak UltraShort Income Fund Schedule of Investments October 31, 2020 (Unaudited) Principal Asset-Backed Securities ? 36.

Net Closing

Angel Oak Multi-Strategy Income Fund Consolidated Schedule of Investments October 31, 2020 (Unaudited) Principal Amount Value Asset-Backed Securities ― 10.

Level 1

Angel Oak High Yield Opportunities Fund Schedule of Investments October 31, 2020 (Unaudited) Principal Collateralized Loan Obligations ― 1.

- N-PORT EX

Angel Oak High Yield Opportunities Fund Schedule of Investments April 30, 2020 (Unaudited) Principal Amount Value Collateralized Loan Obligations ― 4.

- N-PORT EX

Angel Oak UltraShort Income Fund Schedule of Investments April 30, 2020 (Unaudited) Principal Amount Value Asset-Backed Securities ― 37.

- N-PORT EX

Angel Oak Multi-Strategy Income Fund Consolidated Schedule of Investments April 30, 2020 (Unaudited) Principal Amount Value Asset-Backed Securities ― 4.

- N-PORT EX

Angel Oak Financials Income Fund Schedule of Investments April 30, 2020 (Unaudited) Principal Amount Value Collateralized Debt Obligations ― 12.

Angel Oak Multi-Strategy Income Fund

[852111.PARTF]1 Angel Oak Multi-Strategy Income Fund Consolidated Schedule of Investments October 31, 2019 (Unaudited) Principal Amount Value Asset-Backed Securities — 5.32% ACC Trust, Series 2018-1, Class C, 6.810%, 2/21/2023 (a) $ 1,800,000 $ 1,847,084 American Express Credit Account Master Trust, Series 2019-4, Class A, 2.154% (1 Month LIBOR USD + 0.240%), 4/15/2024 (b) 20,000,000 20,038,560 Aq

Angel Oak Financials Income Fund

[852111.PARTF]26 Angel Oak Financials Income Fund Schedule of Investments October 31, 2019 (Unaudited) Principal Amount Value Collateralized Debt Obligations — 6.96% Financial Institution Note Securitization Ltd., Series 2015-1A, Class C, 7.000%, 7/30/2026 (a)(b) $ 3,725,000 $ 3,782,950 Financial Institution Note Securitization Ltd., Series 2015-1, 11.660%, 7/30/2026 (a)(b)(c) 6,666,000 6,649,335

Angel Oak High Yield Opportunities Fund

[852111.PARTF]30 Angel Oak High Yield Opportunities Fund Schedule of Investments October 31, 2019 (Unaudited) Principal Amount Value Collateralized Loan Obligations — 6.02% AMMC CLO Ltd., Series 2016-19A, Class E, 9.001% (3 Month LIBOR USD + 7.000%), 10/16/2028 (a)(b) $ 500,000 $ 488,379 Carlyle Global Market Strategies CLO Ltd., Series 2016-3A, Class D, 8.966% (3 Month LIBOR USD + 7.000%), 10/22/

Angel Oak UltraShort Income Fund

[852111.PARTF]34 Angel Oak UltraShort Income Fund Schedule of Investments October 31, 2019 (Unaudited) Principal Amount Value Asset-Backed Securities — 47.27% ACC Trust, Series 2018-1, Class C, 6.810%, 2/21/2023 (a) $ 1,000,000 $ 1,026,158 American Credit Acceptance Receivables Trust, Series 2018-2, Class C, 3.700%, 7/10/2024 (a) 2,418,000 2,449,175 American Express Credit Account Master Trust, Se

Angel Oak Funds Trust NPORT-EX - - ANGEL OAK FUNDS TRUST

NPORT-EX 1 d762263dnportex.htm ANGEL OAK FUNDS TRUST Angel Oak Multi-Strategy Income Fund Consolidated Schedule of Investments April 30, 2019 (Unaudited) Principal Amount Value Asset-Backed Securities — 9.91% ACC Trust, Series 2019-1, Class A, 3.750%, 5/20/2022 (a) $ 4,160,800 $ 4,182,815 ACC Trust, Series 2018-1, Class C, 6.810%, 2/21/2023 (a) 1,800,000 1,833,662 Accredited Mortgage Loan Trust, S

Angel Oak Funds Trust CORRESP - -

Angel Oak Funds Trust c/o U.S. Bank Global Fund Services 615 East Michigan Street Milwaukee, WI 53202 May 28, 2019 VIA EDGAR TRANSMISSION Ms. Elisabeth Bentzinger U.S. Securities and Exchange Commission (the ?Commission?) Division of Investment Management 100 F Street NE Washington, DC 20549 RE: Angel Oak Funds Trust (the ?Trust?) (File Nos. 333-197427 and 811-22980) Dear Ms. Bentzinger: Below ple

Angel Oak Funds Trust

Angel Oak Funds Trust c/o U.S. Bank Global Fund Services 615 East Michigan Street Milwaukee, WI 53202 March 29, 2019 VIA EDGAR TRANSMISSION U.S. Securities and Exchange Commission Division of Investment Management 100 F Street, NE Washington, DC 20549 Re: Angel Oak Funds Trust (the “Trust”) File Nos. 333-197427 and 811-22980 Dear Sir or Madam: Pursuant to Rule 485(a) of the Securities Act of 1933

I, Dory Black, certify that:

EX-99.CERT 2 d654152dex99cert.htm CERTIFICATIONS Exhibit 99.CERT CERTIFICATION I, Dory Black, certify that: 1. I have reviewed this report on Form N-Q of Angel Oak Funds Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statement

Angel Oak Funds Trust ANGEL OAK FUNDS TRUST (Quarterly Schedule of Portfolio Holdings)

N-Q 1 d654152dnq.htm ANGEL OAK FUNDS TRUST UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number: 811-22980 Angel Oak Funds Trust (Exact name of registrant as specified in charter) One Buckhead Plaza 3060 Peachtree Road NW Suite 500 Atlanta, GA 30305 (A

Angel Oak Funds Trust DEFINITIVE ADDITIONAL PROXY SOLICITATION MATERIALS

DEFA14A 1 aoftdefa14a.htm DEFINITIVE ADDITIONAL PROXY SOLICITATION MATERIALS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. [ ]) Filed by the Registrant ☒ Filed by a Party other than the Registrant ☐ Check the appropriate box: ☐ Preliminary Proxy Statement. ☐ Confid

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. [ ])

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. [ ]) Filed by the Registrant ☒ Filed by a Party other than the Registrant ☐ Check the appropriate box: ☐ Preliminary Proxy Statement. ☐ Confidential, for use of the Commission Only (as permitted by Rule 14a-6(e)(2)). ☒

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Angel Oak Capital Advisors, LLC c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, CA 91741 December 7, 2018 VIA EDGAR TRANSMISSION Mr. Keith Gregory U.S. Securities and Exchange Commission (“Commission”) Division of Investment Management 100 F Street NE Washington, DC 20549 RE: Angel Oak Funds Trust (CIK# 0001612930), File No. 811-22980 with respect to each of its ser

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. [ ])

PRE 14A 1 aoftpre-14a.htm PRELIMINARY PROXY STATEMENT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. [ ]) Filed by the Registrant ☒ Filed by a Party other than the Registrant ☐ Check the appropriate box: ☒ Preliminary Proxy Statement. ☐ Confidential, for use of the

Angel Oak Capital Advisors, LLC

Angel Oak Capital Advisors, LLC c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741 November 16, 2018 VIA EDGAR TRANSMISSION U.S. Securities and Exchange Commission Division of Investment Management 100 F Street, NE Washington, DC 20549 Re: Angel Oak Funds Trust File Nos. 333-197427 and 811-22980 Ladies and Gentlemen: Transmitted herewith on behalf of t

Angel Oak Funds Trust DEFINITIVE INFORMATION STATEMENT

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 14C INFORMATION INFORMATION STATEMENT PURSUANT TO SECTION 14(C) OF THE SECURITIES EXCHANGE ACT OF 1934 Check the appropriate box: [ ] Preliminary Information Statement [ ] Confidential, for Use of the Commission Only (as permitted by Rule 14c-5(d)(2)) [X] Definitive Information Statement Angel Oak Funds Trust (Name of

2

EX-99.CERT 2 d580538dex99cert.htm CERTIFICATIONS Exhibit 99.CERT CERTIFICATION I, Dory Black, certify that: 1. I have reviewed this report on Form N-Q of Angel Oak Funds Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statement

Angel Oak Funds Trust ANGEL OAK FUNDS TRUST (Quarterly Schedule of Portfolio Holdings)

N-Q 1 d580538dnq.htm ANGEL OAK FUNDS TRUST UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number: 811-22980 Angel Oak Funds Trust (Exact name of registrant as specified in charter) One Buckhead Plaza 3060 Peachtree Road NW Suite 500 Atlanta, GA 30305 (A

EX-99.77B ACCT LTTR

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Shareholders and Board of Trustees of Angel Oak Funds Trust In planning and performing our audit of the financial statements of Angel Oak Multi-Strategy Income Fund, Angel Oak Flexible Income Fund, and Angel Oak High Yield Opportunities Fund (the “Funds”), each a series of Angel Oak Funds Trust, as of and for the year ended January 31,

Angel Oak Funds Trust CORRESP

Angel Oak Funds Trust One Buckhead Plaza | 3060 Peachtree Road NW, Suite 500 | Atlanta, Georgia 30305 March 20, 2018 VIA EDGAR TRANSMISSION Mr.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number: 811-22980 Angel Oak Funds Trust (Exact name of r

N-Q 1 d487601dnq.htm ANGEL OAK FUNDS TRUST UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number: 811-22980 Angel Oak Funds Trust (Exact name of registrant as specified in charter) One Buckhead Plaza 3060 Peachtree Road NW Suite 500 Atlanta, GA 30305 (A

I, Dory Black, certify that:

Certifications Exhibit 99.CERT CERTIFICATION I, Dory Black, certify that: 1. I have reviewed this report on Form N-Q of Angel Oak Funds Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with r

Angel Oak Funds Trust One Buckhead Plaza | 3060 Peachtree Road NW, Suite 500 | Atlanta, Georgia 30305

Angel Oak Funds Trust One Buckhead Plaza | 3060 Peachtree Road NW, Suite 500 | Atlanta, Georgia 30305 December 22, 2017 VIA EDGAR TRANSMISSION U.

Angel Oak Funds Trust - ANGEL OAK FUNDS TRUST

N-Q 1 d385376dnq.htm ANGEL OAK FUNDS TRUST UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number: 811-22980 Angel Oak Funds Trust (Exact name of registrant as specified in charter) One Buckhead Plaza 3060 Peachtree Road NW Suite 500 Atlanta, GA 30305 (A

I, Dory Black, certify that:

Certifications Exhibit 99.CERT CERTIFICATION I, Dory Black, certify that: 1. I have reviewed this report on Form N-Q of Angel Oak Funds Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with r

Angel Oak Funds Trust One Buckhead Plaza | 3060 Peachtree Road NW, Suite 500 | Atlanta, Georgia 30305

CORRESP 1 filename1.htm Angel Oak Funds Trust One Buckhead Plaza | 3060 Peachtree Road NW, Suite 500 | Atlanta, Georgia 30305 May 12, 2017 VIA EDGAR TRANSMISSION Mr. Keith Gregory U.S. Securities and Exchange Commission (the “Commission”) Division of Investment Management 100 F Street NE Washington, DC 20549 RE: Angel Oak Funds Trust (the “Trust”) Post-Effective Amendment No. 18 to the Trust’s Reg

EX-99.77Q1 OTHR EXHB

March 29, 2017 Securities and Exchange Commission 100 F Street, N.E. Washington, D.C. 20549-7561 Dear Sirs/Madams: We have read the exhibit to item 77k on Form N-SAR dated March 29, 2017, and have the following comments: 1. We agree with the statements made in the second and third paragraph. 2. We have no basis on which to agree or disagree with the statements made in the second and third sentence

EX-99.77B ACCT LTTR

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Shareholders and Board of Trustees of Angel Oak Funds Trust In planning and performing our audit of the financial statements of Angel Oak Funds Trust comprising Angel Oak Flexible Income Fund, Angel Oak Multi-Strategy Income Fund, and Angel Oak High Yield Opportunities Fund (the “Funds”) as of and for the year or period ended January 3

EX-99.77K CHNG ACCNT

Angel Oak Funds Trust Registration # 811-22980 Form N-SAR Annual Period Ended January 31, 2017 Sub-Item 77K: Change in Independent Registered Public Accounting Firm Deloitte & Touche LLP was previously the principal accountant for Angel Oak High Yield Opportunities Fund (formerly the “Rainier High Yield Fund”).

Angel Oak Funds Trust One Buckhead Plaza | 3060 Peachtree Road NW, Suite 500 | Atlanta, Georgia 30305

Angel Oak Funds Trust One Buckhead Plaza | 3060 Peachtree Road NW, Suite 500 | Atlanta, Georgia 30305 January 31, 2017 VIA EDGAR TRANSMISSION U.

I, Dory Black, certify that:

EX-99.CERT 2 d298568dex99cert.htm CERTIFICATIONS CERTIFICATION I, Dory Black, certify that: 1. I have reviewed this report on Form N-Q of Angel Oak Funds; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misle

Angel Oak Funds Trust - ANGEL OAK FUNDS TRUST

N-Q 1 d298568dnq.htm ANGEL OAK FUNDS TRUST UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number: 811-22980 Angel Oak Funds Trust (Exact name of registrant as specified in charter) One Buckhead Plaza 3060 Peachtree Road NW Suite 500 Atlanta, GA 30305 (A

EX-99.77C VOTES

Angel Oak Funds SUB-ITEM 77C SPECIAL MEETING OF SHAREHOLDERS On March 16, 2016, a special meeting of the shareholders of the Angel Oak Flexible Income Fund was held at the offices of the Trust for the purpose of approving an amendment to the Fund?s fundamental investment policy regarding concentration of investments to require the Fund, under normal circumstances, to invest more than 25% of its total assets (measured at the time of purchase) in the group of industries related to banks and diversified financials.

Angel Oak Funds Trust One Buckhead Plaza | 3060 Peachtree Road NW, Suite 500 | Atlanta, Georgia 30305

Angel Oak Funds Trust One Buckhead Plaza | 3060 Peachtree Road NW, Suite 500 | Atlanta, Georgia 30305 August 31, 2016 VIA EDGAR TRANSMISSION Ms.

Angel Oak Funds Trust One Buckhead Plaza | 3060 Peachtree Road NW, Suite 500 | Atlanta, Georgia 30305

CORRESP 1 filename1.htm Angel Oak Funds Trust One Buckhead Plaza | 3060 Peachtree Road NW, Suite 500 | Atlanta, Georgia 30305 August 4, 2016 VIA EDGAR TRANSMISSION Ms. Lauren Hamilton U.S. Securities and Exchange Commission (the “Commission”) Division of Investment Management 3 World Financial Center New York, NY 10281 RE: Angel Oak Funds Trust (the “Trust”) (File Nos. 333-197427 and 811-22980) De

Angel Oak Funds Trust - ANGEL OAK FUNDS TRUST

Angel Oak Funds Trust UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.

I, Dory Black, certify that:

EX-99.CERT 2 d177644dex99cert.htm CERTIFICATIONS Exhibit 99.CERT CERTIFICATION I, Dory Black, certify that: 1. I have reviewed this report on Form N-Q of Angel Oak Funds; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were

1900 K Street, N.W.

1900 K Street, N.W. Washington, DC 20006 +1 202 261 3300 Main +1 202 261 3333 Fax www.dechert.com May 31, 2016 VIA EDGAR Securities and Exchange Commission 100 F Street, NE Washington, DC 20549 Re: Angel Oak Funds Trust Post-Effective Amendment No. 16 to Registration Statement on Form N-1A (File Nos. 333-197427 and 811-22980) Ladies and Gentlemen: Our client, Angel Oak Funds Trust (the “Trust”), h

Angel Oak Funds Trust One Buckhead Plaza | 3060 Peachtree Road NW, Suite 500 | Atlanta, Georgia 30305

Angel Oak Funds Trust One Buckhead Plaza | 3060 Peachtree Road NW, Suite 500 | Atlanta, Georgia 30305 May 31, 2016 VIA EDGAR TRANSMISSION Mr.

U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

As filed with the U.S. Securities and Exchange Commission on April 20, 2016 Registration No. 333- 209619 U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. [ ] Post-Effective Amendment No. 1 [X] (Check appropriate box or boxes) ANGEL OAK FUNDS TRUST (Exact Name of Registrant as Specified in Ch

1095 Avenue of the Americas

EX-99.(12) 2 tax-opinion.htm OPINION OF DECHERT LLP REGARDING CERTAIN TAX MATTERS 1095 Avenue of the Americas New York, NY 10036-6797 +1 212 698 3500 Main +1 212 698 3599 Fax www.dechert.com April 15, 2016 Board of Trustees Rainier Investment Management Mutual Funds Rainier High Yield Fund 601 Union Street, Suite 2801 Seattle, Washington 98101 Board of Trustees Angel Oak Funds Trust Angel Oak High

Angel Oak Funds Trust One Buckhead Plaza | 3060 Peachtree Road NW, Suite 500 | Atlanta, Georgia 30305

Angel Oak Funds Trust One Buckhead Plaza | 3060 Peachtree Road NW, Suite 500 | Atlanta, Georgia 30305 April 13, 2016 VIA EDGAR TRANSMISSION Mr.

Angel Oak Funds Trust One Buckhead Plaza | 3060 Peachtree Road NW, Suite 500 | Atlanta, Georgia 30305

Angel Oak Funds Trust One Buckhead Plaza | 3060 Peachtree Road NW, Suite 500 | Atlanta, Georgia 30305 April 1, 2016 VIA EDGAR TRANSMISSION U.

EX-99.77B ACCT LTTR

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Shareholders and Board of Trustees of Angel Oak Funds Trust In planning and performing our audit of the financial statements of Angel Oaks Funds Trust comprising Angel Oak Flexible Income Fund and Angel Oak Multi-Strategy Income Fund (the “Funds”), as of and for the year ended January 31, 2016, in accordance with the standards of the P

FIRST AMENDMENT TO THE ANGEL OAKS FUNDS TRUST TRANSFER AGENT SERVICING AGREEMENT

EX-99.(13)(B)(II) 6 taagmnt.htm AMENDMENT DATED JANUARY 13, 2016 TO THE TRANSFER AGENT SERVICING AGREEMENT FIRST AMENDMENT TO THE ANGEL OAKS FUNDS TRUST TRANSFER AGENT SERVICING AGREEMENT THIS FIRST AMENDMENT dated as of March 21, 2016, to the Transfer Agent Servicing Agreement, dated as of October 16, 2014, (the "Agreement"), is entered into by and between ANGEL OAK FUNDS TRUST, a Delaware statut

SCHEDULE A to the INVESTMENT ADVISORY AGREEMENT Dated October 16, 2014 between ANGEL OAK FUNDS TRUST ANGEL OAK CAPITAL ADVISORS, LLC The Trust will pay to the Adviser as compensation for the Adviser’s services rendered, a fee, computed daily at an an

EX-99.(6)(B) 2 invst-advsryagmnt.htm AMENDED SCHEDULE A DATED JANUARY 13, 2016 TO THE INVESTMENT ADVISORY AGREEMENT SCHEDULE A to the INVESTMENT ADVISORY AGREEMENT Dated October 16, 2014 between ANGEL OAK FUNDS TRUST and ANGEL OAK CAPITAL ADVISORS, LLC The Trust will pay to the Adviser as compensation for the Adviser’s services rendered, a fee, computed daily at an annual rate based on the average

ANGEL OAK FUNDS TRUST OPERATING EXPENSE LIMITATION AGREEMENT

EX-99.(13)(D) 8 exp-limitationagmnt.htm EXPENSE LIMITATION AGREEMENT DATED JANUARY 13, 2016 ANGEL OAK FUNDS TRUST OPERATING EXPENSE LIMITATION AGREEMENT THIS OPERATING EXPENSE LIMITATION AGREEMENT, dated as of January 13, 2016, is made and entered into by and between the Angel Oak Funds Trust, a Delaware statutory trust (the “Trust”), on behalf of each series of the Trust set forth on Schedule A a

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

EX-99.(14)(A) 9 auditorsconsent.htm CONSENT OF COHEN FUND AUDIT SERVICES, LTD. CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We hereby consent to the references to our firm in this Registration Statement on Form N-14 of Angel Oak High Yield Opportunities Fund (formerly Rainer High Yield Fund), a series of Angel Oak Funds Trust, under the heading “Independent Registered Public Accounting

U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

As filed with the U.S. Securities and Exchange Commission on March 24, 2016 Registration No. 333- 209619 U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. 1 x Post-Effective Amendment No. o (Check appropriate box or boxes) ANGEL OAK FUNDS TRUST (Exact Name of Registrant as Specified in Charte

FIRST AMENDMENT TO THE ANGEL OAKS FUNDS TRUST CUSTODY AGREEMENT

FIRST AMENDMENT TO THE ANGEL OAKS FUNDS TRUST CUSTODY AGREEMENT THIS FIRST AMENDMENT dated as of March 21, 2016, to the Custody Agreement, dated as of October 16, 2014, (the "Agreement"), is entered into by and between ANGEL OAK FUNDS TRUST, a Delaware statutory trust (the "Trust") and U.

SECOND AMENDMENT TO THE ANGEL OAKS FUNDS TRUST FUND ADMINISTRATION SERVICING AGREEMENT

EX-99.(13)(A)(II) 5 fund-adminagmnt.htm AMENDMENT DATED JANUARY 13, 2016 TO THE FUND ADMINISTRATION SERVICING AGREEMENT SECOND AMENDMENT TO THE ANGEL OAKS FUNDS TRUST FUND ADMINISTRATION SERVICING AGREEMENT THIS SECOND AMENDMENT dated as of March 21, 2016, to the Fund Administration Servicing Agreement, dated as of October 16, 2014, as amended June 30, 2015 (the "Agreement"), is entered into by an

FIRST AMENDMENT TO THE DISTRIBUTION AGREEMENT

EX-99.(7)(B) 3 distagmnt.htm AMENDMENT DATED JANUARY 13, 2016 TO THE DISTRIBUTION AGREEMENT FIRST AMENDMENT TO THE DISTRIBUTION AGREEMENT THIS FIRST AMENDMENT, dated as of March 21, 2016, is entered into by and among Angel Oak Funds Trust, a Delaware statutory trust (the “Trust”), Quasar Distributors, LLC, a Delaware limited liability company (the “Distributor”), and Angel Oak Capital Advisors, LL

SECOND AMENDMENT TO THE ANGEL OAKS FUNDS TRUST FUND ACCOUNTING SERVICING AGREEMENT

EX-99.(13)(C)(II) 7 fund-accntngagmnt.htm AMENDMENT DATED JANUARY 13, 2016 TO THE FUND ACCOUNTING SERVICING AGREEMENT SECOND AMENDMENT TO THE ANGEL OAKS FUNDS TRUST FUND ACCOUNTING SERVICING AGREEMENT THIS SECOND AMENDMENT, dated as of March 21, 2016, to the Fund Accounting Servicing Agreement, dated as of October 16, 2014, as amended June 30, 2015 (the “Agreement”), is entered into by and between

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We consent to the incorporation by reference in this Pre-Effective Amendment No.

Angel Oak Funds Trust One Buckhead Plaza | 3060 Peachtree Road NW, Suite 500 | Atlanta, Georgia 30305

Angel Oak Funds Trust One Buckhead Plaza | 3060 Peachtree Road NW, Suite 500 | Atlanta, Georgia 30305 March 28, 2016 VIA EDGAR TRANSMISSION Mr.

U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

As filed with the U.S. Securities and Exchange Commission on March 24, 2016 Registration No. 333- 209619 U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. 1 x Post-Effective Amendment No. o (Check appropriate box or boxes) ANGEL OAK FUNDS TRUST (Exact Name of Registrant as Specified in Charte

SCHEDULE A to the INVESTMENT ADVISORY AGREEMENT Dated October 16, 2014 between ANGEL OAK FUNDS TRUST ANGEL OAK CAPITAL ADVISORS, LLC The Trust will pay to the Adviser as compensation for the Adviser?s services rendered, a fee, computed daily at an an

SCHEDULE A to the INVESTMENT ADVISORY AGREEMENT Dated October 16, 2014 between ANGEL OAK FUNDS TRUST and ANGEL OAK CAPITAL ADVISORS, LLC The Trust will pay to the Adviser as compensation for the Adviser’s services rendered, a fee, computed daily at an annual rate based on the average daily net assets of the respective Fund in accordance with the following fee schedule: Advisory Fee Schedule Fund Annual Advisory Fee Angel Oak Flexible Income Fund 0.

ANGEL OAK FUNDS TRUST OPERATING EXPENSE LIMITATION AGREEMENT

EX-99.(13)(D) 8 exp-limitationagmnt.htm EXPENSE LIMITATION AGREEMENT DATED JANUARY 13, 2016 ANGEL OAK FUNDS TRUST OPERATING EXPENSE LIMITATION AGREEMENT THIS OPERATING EXPENSE LIMITATION AGREEMENT, dated as of January 13, 2016, is made and entered into by and between the Angel Oak Funds Trust, a Delaware statutory trust (the “Trust”), on behalf of each series of the Trust set forth on Schedule A a

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

EX-99.(14)(A) 9 auditorsconsent.htm CONSENT OF COHEN FUND AUDIT SERVICES, LTD. CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We hereby consent to the references to our firm in this Registration Statement on Form N-14 of Angel Oak High Yield Opportunities Fund (formerly Rainer High Yield Fund), a series of Angel Oak Funds Trust, under the heading “Independent Registered Public Accounting

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

EX-99.(14)(B) 10 deloitteconsent.htm CONSENT OF DELOITTE & TOUCHE LLP CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We consent to the incorporation by reference in this Pre-Effective Amendment No. 1 to Registration Statement No. 333-209619 on Form N-14 of our report dated May 21, 2015, relating to the financial statements and financial highlights of Rainier High Yield Fund in the Annual

FIRST AMENDMENT TO THE ANGEL OAKS FUNDS TRUST TRANSFER AGENT SERVICING AGREEMENT

EX-99.(13)(B)(II) 6 taagmnt.htm AMENDMENT DATED JANUARY 13, 2016 TO THE TRANSFER AGENT SERVICING AGREEMENT FIRST AMENDMENT TO THE ANGEL OAKS FUNDS TRUST TRANSFER AGENT SERVICING AGREEMENT THIS FIRST AMENDMENT dated as of March 21, 2016, to the Transfer Agent Servicing Agreement, dated as of October 16, 2014, (the "Agreement"), is entered into by and between ANGEL OAK FUNDS TRUST, a Delaware statut

SECOND AMENDMENT TO THE ANGEL OAKS FUNDS TRUST FUND ACCOUNTING SERVICING AGREEMENT

EX-99.(13)(C)(II) 7 fund-accntngagmnt.htm AMENDMENT DATED JANUARY 13, 2016 TO THE FUND ACCOUNTING SERVICING AGREEMENT SECOND AMENDMENT TO THE ANGEL OAKS FUNDS TRUST FUND ACCOUNTING SERVICING AGREEMENT THIS SECOND AMENDMENT, dated as of March 21, 2016, to the Fund Accounting Servicing Agreement, dated as of October 16, 2014, as amended June 30, 2015 (the “Agreement”), is entered into by and between

FIRST AMENDMENT TO THE ANGEL OAKS FUNDS TRUST CUSTODY AGREEMENT

EX-99.(9)(B) 4 custodyagmnt.htm AMENDMENT DATED JANUARY 13, 2016 TO THE CUSTODY AGREEMENT FIRST AMENDMENT TO THE ANGEL OAKS FUNDS TRUST CUSTODY AGREEMENT THIS FIRST AMENDMENT dated as of March 21, 2016, to the Custody Agreement, dated as of October 16, 2014, (the "Agreement"), is entered into by and between ANGEL OAK FUNDS TRUST, a Delaware statutory trust (the "Trust") and U.S. BANK, N.A., a nati

SECOND AMENDMENT TO THE ANGEL OAKS FUNDS TRUST FUND ADMINISTRATION SERVICING AGREEMENT

EX-99.(13)(A)(II) 5 fund-adminagmnt.htm AMENDMENT DATED JANUARY 13, 2016 TO THE FUND ADMINISTRATION SERVICING AGREEMENT SECOND AMENDMENT TO THE ANGEL OAKS FUNDS TRUST FUND ADMINISTRATION SERVICING AGREEMENT THIS SECOND AMENDMENT dated as of March 21, 2016, to the Fund Administration Servicing Agreement, dated as of October 16, 2014, as amended June 30, 2015 (the "Agreement"), is entered into by an

FIRST AMENDMENT TO THE DISTRIBUTION AGREEMENT

EX-99.(7)(B) 3 distagmnt.htm AMENDMENT DATED JANUARY 13, 2016 TO THE DISTRIBUTION AGREEMENT FIRST AMENDMENT TO THE DISTRIBUTION AGREEMENT THIS FIRST AMENDMENT, dated as of March 21, 2016, is entered into by and among Angel Oak Funds Trust, a Delaware statutory trust (the “Trust”), Quasar Distributors, LLC, a Delaware limited liability company (the “Distributor”), and Angel Oak Capital Advisors, LL

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. )

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant ? Filed by a Party other than the Registrant ? Check the appropriate box: ? Preliminary Proxy Statement. ? Confidential, for use of the Commission Only (as permitted by Rule 14a-6(e)(2)). ? Def

Angel Oak Funds Trust One Buckhead Plaza | 3060 Peachtree Road NW, Suite 500 | Atlanta, Georgia 30305

Angel Oak Funds Trust One Buckhead Plaza | 3060 Peachtree Road NW, Suite 500 | Atlanta, Georgia 30305 March 1, 2016 VIA EDGAR TRANSMISSION Mr.

Angel Oak Funds Trust One Buckhead Plaza | 3060 Peachtree Road NW, Suite 500 | Atlanta, Georgia 30305

Angel Oak Funds Trust One Buckhead Plaza | 3060 Peachtree Road NW, Suite 500 | Atlanta, Georgia 30305 February 29, 2016 VIA EDGAR TRANSMISSION Mr.

FORM OF TAX OPINION 1095 Avenue of the Americas New York, NY 10036-6797 +1 212 698 3500 Main +1 212 698 3599 Fax www.dechert.com

EX-99.(12) 3 opinion-tax.htm FORM OF OPINION AND CONSENT OF COUNSEL REGARDING CERTAIN TAX MATTERS FORM OF TAX OPINION 1095 Avenue of the Americas New York, NY 10036-6797 +1 212 698 3500 Main +1 212 698 3599 Fax www.dechert.com [April 22, 2016] Board of Trustees Rainier Investment Management Mutual Funds Rainier High Yield Fund 601 Union Street, Suite 2801 Seattle, Washington 98101 Board of Trustee

1900 K Street, NW Washington, DC 20006-1110 +1 202 261 3300 Main +1 202 261 3333 Fax www.dechert.com

EX-99.(11) 2 legal-opinionconsent.htm OPINION AND CONSENT OF COUNSEL REGARDING THE LEGALITY OF SECURITIES BEING OFFERED 1900 K Street, NW Washington, DC 20006-1110 +1 202 261 3300 Main +1 202 261 3333 Fax www.dechert.com February 19, 2016 Angel Oak Funds Trust One Buckhead Plaza 3060 Peachtree Road NW, Suite 500 Atlanta, GA 30305 Re: Opinion and Consent of Counsel regarding the Registration Statem

U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

As filed with the U.S. Securities and Exchange Commission on February 19, 2016 Registration No. 333-[ ] U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. [ ] Post-Effective Amendment No. [ ] (Check appropriate box or boxes) ANGEL OAK FUNDS TRUST (Exact Name of Registrant as Specified in Chart

POWER OF ATTORNEY

POWER OF ATTORNEY The person whose signature appears below hereby constitutes and appoints Dory S.

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

EX-99.(14)(A) 4 consentcohen.htm CONSENT OF COHEN FUND AUDIT SERVICES, LTD. CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We hereby consent to the references to our firm in this Registration Statement on Form N-14 of Angel Oak High Yield Opportunities Fund (formerly Rainer High Yield Fund), a series of Angel Oak Funds Trust, under the heading “Independent Registered Public Accounting Fi

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. )

PRE 14A 1 aoftpre14a.htm PRELIMINARY PROXY STATEMENT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant x Filed by a Party other than the Registrant o Check the appropriate box: x Preliminary Proxy Statement. o Confidential, for use of the Comm

Angel Oak Funds Trust

Angel Oak Funds Trust One Buckhead Plaza | 3060 Peachtree Road NW, Suite 500 | Atlanta, Georgia 30305 February 12, 2016 VIA EDGAR TRANSMISSION U.

Angel Oak Funds Trust

Angel Oak Funds Trust One Buckhead Plaza | 3060 Peachtree Road NW, Suite 500 | Atlanta, Georgia 30305 February 12, 2016 VIA EDGAR TRANSMISSION U.

I, Dory Black, certify that:

EX-99.CERT 2 d105909dex99cert.htm CERTIFICATIONS CERTIFICATION I, Dory Black, certify that: 1. I have reviewed this report on Form N-Q of Angel Oak Funds; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misle

Angel Oak Funds Trust - ANGEL OAK FUNDS TRUST

N-Q 1 d105909dnq.htm ANGEL OAK FUNDS TRUST UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number: 811-22980 Angel Oak Funds Trust (Exact name of registrant as specified in charter) One Buckhead Plaza 3060 Peachtree Road NW Suite 500 Atlanta, GA 30305 (A

2

EX-99.CERT 2 d944523dex99cert.htm CERTIFICATIONS CERTIFICATION I, Michael D. Barolsky, certify that: 1. I have reviewed this report on Form N-Q of Angel Oak Funds; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made,

Angel Oak Funds Trust - ANGEL OAK FUNDS TRUST

Angel Oak Funds Trust UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.

EX-99.77B ACCT LTTR

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Shareholders and Board of Trustees of Angel Oak Funds Trust In planning and performing our audit of the financial statements of Angel Oak Flexible Income Fund (the "Fund"), a series of Angel Oak Funds Trust, as of January 31, 2015, and for the period November 3, 2014 (commencement of operations) through January 31, 2015, in accordance

Angel Oak Funds Trust DEF 14C - - DEFINITIVE INFORMATION STATEMENT

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14C INFORMATION Information Statement Pursuant to Section 14(c) of the Securities Exchange Act of 1934 (Amendment No. ) Check the appropriate box: o Preliminary Information Statement o Confidential, for Use of the Commission Only (as permitted by Rule 14c-5(d)(2)) x Definitive Information Statement ANGEL OAK FUNDS TRU

Angel Oak Funds Trust N-18F1 - - NOTIFICATION OF ELECTION

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-18F-1 NOTIFICATION OF ELECTION PURSUANT TO RULE 18f-1 UNDER THE INVESTMENT COMPANY ACT OF 1940. Angel Oak Funds Trust Exact Name of Registrant NOTIFICATION OF ELECTION The undersigned registered open-end investment company hereby notifies the Securities and Exchange Commission that it elects to commit itself to pay in c

Investment Advisory Agreement between the Registrant and Angel Oak Capital Advisors, LLC was previously filed with Pre-Effective Amendment No. 1 to the Registrant’s Registration Statement on Form N‑1A on October 27, 2014 and is incorporated herein by reference.

ANGEL OAK FUNDS TRUST INVESTMENT ADVISORY AGREEMENT with ANGEL OAK CAPITAL ADVISORS, LLC THIS INVESTMENT ADVISORY AGREEMENT is made as of the 16th.

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A our report dated October 24, 2014, relating to the financial statement of Angel Oak Funds Trust comprising Angel Oak Flexible Income Fund, as of October 17, 2014, and to the references to our firm under the heading “Independent Registered Public Accounting Firm” in the Statement of Additional Information.

Custody Agreement between the Registrant and U.S. Bank National Association was previously filed with Pre-Effective Amendment No. 1 to the Registrant’s Registration Statement on Form N‑1A on October 27, 2014 and is incorporated herein by reference.

CUSTODY AGREEMENT THIS AGREEMENT is made and entered into as of this 16th day of October, 2014, by and between ANGEL OAK FUNDS TRUST, a Delaware statutory trust (the “Trust”), and U.

Angel Oak Funds Trust N-1A/A - - INITIAL REGISTRATION STATEMENT FOR OPEN-END INVESTMENT COMPANIES

Filed with the U.S. Securities and Exchange Commission on October 27, 2014 1933 Act Registration File No. 333-197427 1940 Act File No. 811-22980 U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-1A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [ X ] Pre-Effective Amendment No. 1 [ X ] Post-Effective Amendment No. [ ] and/or REGISTRATION STATEMENT UNDER THE INVESTMENT

Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC was previously filed with Pre-Effective Amendment No. 1 to the Registrant’s Registration Statement on Form N‑1A on October 27, 2014 and is incorporated herein by reference.

EX-99.(H)(3) 7 fund-acctngagmnt.htm FUND ACCOUNTING SERVICING AGREEMENT FUND ACCOUNTING SERVICING AGREEMENT THIS AGREEMENT is made and entered into as of this 16th day of October, 2014, by and between ANGEL OAK FUNDS TRUST, a Delaware statutory trust (the “Trust”) and U.S. BANCORP FUND SERVICES, LLC, a Wisconsin limited liability company (“USBFS”). WHEREAS, the Trust is registered under the Invest

Code of Ethics of Angel Oak Funds Trust was previously filed with Pre-Effective Amendment No. 1 to the Registrant’s Registration Statement on Form N‑1A on October 27, 2014 and is incorporated herein by reference.

ANGEL OAK FUNDS TRUST CODE OF ETHICS (“TRUST CODE”) Adopted: October 16, 2014 Angel Oak Funds Trust (the “Trust”) on behalf of its series the Angel Oak Flexible Income Fund and Angel Oak Multi-Strategy Income Fund and any series of the Trust that the Board of Trustees may establish in the future (each, a “Fund,” and collectively, the “Funds”) adopts as the Trust’s code of ethics the code of ethics of its investment adviser, Angel Oak Capital Advisors, LLC (the “Adviser”), as amended from time to time (the “Adviser Code”), with the following changes: 1.

Code of Ethics of Angel Oak Capital Advisors, LLC was previously filed with Pre-Effective Amendment No. 1 to the Registrant’s Registration Statement on Form N‑1A on October 27, 2014 and is incorporated herein by reference.

EX-99.(P)(2) 15 coeangel-oaks.htm CODE OF ETHICS OF ANGEL OAK CAPITAL ADVISORS, LLC ANGEL OAK CAPITAL ADVISORS, LLC CODE OF ETHICS FEBRUARY 2013 TABLE OF CONTENTS I. INTRODUCTION 1 II. STATEMENTS OF POLICIES 2 III. POLICIES AND PROCEDURES 3 IV. APPLICABILITY OF CODE OF ETHICS 3 V. RESTRICTIONS ON PERSONAL INVESTING ACTIVITIES 4 VI. REPORTING REQUIREMENTS 6 VII. EXCEPTIONS FROM REPORTING REQUIREMEN

ANGEL OAK FUNDS TRUST RULE 18F-3 MULTIPLE CLASS PLAN

EX-99.(N) 13 rule18f-3.htm RULE 18F-3 PLAN ANGEL OAK FUNDS TRUST RULE 18F-3 MULTIPLE CLASS PLAN Pursuant to Rule 18f-3 under the Investment Company Act of 1940, as amended (the “1940 Act”), this Multiple Class Plan (the “Plan”) sets forth the method for allocating fees and expenses among each class of shares (each a “Class” and collectively, the “Classes”) of each separate investment series (the “

Angel Oak Funds Trust CORRESP - -

Angel Oak Funds Trust One Buckhead Plaza | 3060 Peachtree Road NW, Suite 500 | Atlanta, Georgia 30305 October 27, 2014 VIA EDGAR TRANSMISSION Mr.

ANGEL OAK FUNDS TRUST OPERATING EXPENSE LIMITATION AGREEMENT

EX-99.(H)(4) 8 op-expenseagmnt.htm EXPENSE LIMITATION AGREEMENT ANGEL OAK FUNDS TRUST OPERATING EXPENSE LIMITATION AGREEMENT THIS OPERATING EXPENSE LIMITATION AGREEMENT, dated as of October 16, 2014, is made and entered into by and between the Angel Oak Funds Trust, a Delaware statutory trust (the “Trust”), on behalf of each series of the Trust set forth on Schedule A attached hereto, which may be

Angel Oak Funds Trust COVER - -

Angel Oak Funds Trust One Buckhead Plaza | 3060 Peachtree Road NW, Suite 500 | Atlanta, Georgia 30305 October 27, 2014 VIA EDGAR TRANSMISSION Mr.

Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC was previously filed with Pre-Effective Amendment No. 1 to the Registrant’s Registration Statement on Form N‑1A on October 27, 2014 and is incorporated herein by reference.

FUND ADMINISTRATION SERVICING AGREEMENT THIS AGREEMENT is made and entered into as of this 16th day of October, 2014, by and between ANGEL OAK FUNDS TRUST, a Delaware statutory trust (the “Trust”) and U.

s incorporated herein by reference.

EX-99.(I) 9 legalopinion.htm OPINION AND CONSENT OF COUNSEL 1900 K Street, N.W. Washington, DC 20006 +1 202 261 3300 Main +1 202 261 3333 Fax www.dechert.com October 27, 2014 Angel Oak Funds Trust One Buckhead Plaza 3060 Peachtree Road NW, Suite 500 Atlanta, Georgia 30305 Dear Ladies and Gentlemen: We have acted as counsel for Angel Oak Funds Trust (the “Registrant”) and its initial investment ser

POWER OF ATTORNEY

EX-99.(P)(4) 16 poa.htm POWERS OF ATTORNEY POWER OF ATTORNEY KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned Trustee or officer of Angel Oak Funds Trust (the “Trust”) hereby appoints Michael D. Barolsky, Christopher M. Remington, Brian P. Smith, and Dory S. Black, each an officer of the Trust, each individually with power of substitution or resubstitution, his true and lawful attorneys-in

Initial Capital Agreement was previously filed with Pre-Effective Amendment No. 1 to the Registrant’s Registration Statement on Form N‑1A on October 27, 2014 and is incorporated herein by reference.

Angel Oak Capital Advisors, LLC One Buckhead Plaza | 3060 Peachtree Rd. NW, Suite 500 | Atlanta, Georgia 30305 October 16, 2014 Angel Oak Funds Trust One Buckhead Plaza 3060 Peachtree Rd. NW, Suite 500 Atlanta, Georgia 30305 RE: Subscription for the Purchase of Shares of Beneficial Interest of the Angel Oak Flexible Income Fund Ladies and Gentlemen: The undersigned hereby subscribes to purchase sh

Distribution Agreement between the Registrant and Quasar Distributors, LLC was previously filed with Pre-Effective Amendment No. 1 to the Registrant’s Registration Statement on Form N‑1A on October 27, 2014 and is incorporated herein by reference.

DISTRIBUTION AGREEMENT THIS AGREEMENT is made and entered into as of this 16th day of October, 2014, by and between Angel Oak Funds Trust, a Delaware statutory trust (the “Trust”) and Quasar Distributors, LLC, a Delaware limited liability company (the “Distributor”).

ANGEL OAK FUNDS TRUST DISTRIBUTION AND SHAREHOLDER SERVICING PLAN (12b-1 Plan)

ANGEL OAK FUNDS TRUST DISTRIBUTION AND SHAREHOLDER SERVICING PLAN (12b-1 Plan) The following Distribution and Shareholder Servicing Plan (the “Plan”) has been adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), by Angel Oak Funds Trust (the “Trust”), a Delaware statutory trust, on behalf of each series of the Trust (the “Funds”).

Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC was previously filed with Pre-Effective Amendment No. 1 to the Registrant’s Registration Statement on Form N‑1A on October 27, 2014 and is incorporated herein by reference.

TRANSFER AGENT SERVICING AGREEMENT THIS AGREEMENT is made and entered into as of this 16th day of October, 2014, by and between ANGEL OAK FUNDS TRUST, a Delaware statutory trust (the "Trust"), and U.

Declaration of Trust dated June 20, 2014 was previously filed with the Registrant’s Initial Registration Statement on Form N‑1A on July 15, 2014 and is incorporated herein by reference.

DECLARATION OF TRUST of Angel Oak Funds Trust (a Delaware Statutory Trust) Dated as of June 20, 2014 TABLE OF CONTENTS DECLARATION OF TRUST Page ARTICLE I Name and Definitions 1 Section 1.

Angel Oak Funds Trust

Angel Oak Funds Trust One Buckhead Plaza 3060 Peachtree Road NW, Suite 500 Atlanta, GA 30305 July 15, 2014 VIA EDGAR TRANSMISSION U.

ANFLX / Angel Oak Financials Income Fund N-8A - - NOTIFICATION OF REGISTRATION

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-8A NOTIFICATION OF REGISTRATION FILED PURSUANT TO SECTION 8(a) OF THE INVESTMENT COMPANY ACT OF 1940 The undersigned investment company hereby notifies the Securities and Exchange Commission that it registers under and pursuant to the provisions of Section 8(a) of the Investment Company Act of 1940 and in connection with such notific

By-Laws were previously filed with the Registrant’s Initial Registration Statement on Form N‑1A on July 15, 2014 and are incorporated herein by reference.

BY-LAWS of Angel Oak Funds Trust (a Delaware Statutory Trust) Effective June 20, 2014 TABLE OF CONTENTS BY-LAWS Page ARTICLE I Introduction 1 Section 1.

Certificate of Trust was previously filed with the Registrant’s Initial Registration Statement on Form N‑1A on July 15, 2014 and is incorporated herein by reference.

EX-99.(A)(1) 2 certificate.htm CERTIFICATE OF TRUST CERTIFICATE OF TRUST Angel Oak Funds Trust This Certificate of Trust is filed in accordance with the provisions of the Delaware Statutory Trust Act (12 Del. Code §3801 et seq.) in order to form a statutory trust and sets forth the following: FIRST: The name of the statutory trust formed by the filing of this Certificate of Trust is Angel Oak Fund

U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-1A

Filed with the U.S. Securities and Exchange Commission on July 15, 2014 1933 Act Registration File No. 333-[ ] 1940 Act File No. 811-22980 U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-1A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [ X ] Pre-Effective Amendment No. [ ] Post-Effective Amendment No. [ ] and/or REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY AC

Code of Ethics for Access Persons

Code of Ethics for Access Persons Quasar Distributors, LLC Code of Ethics For Access Persons Effective March 17, 2014 Pursuant to Rule 17j-1 of the Investment Company Act of 1940, as amended (the “1940 Act”), the Board of Directors/Trustees of an investment company registered under the 1940 Act (hereafter, “Fund” or “Funds”), including a majority of Directors/Trustees who are not interested persons, must approve the code of ethics of the Fund, the code of ethics of each investment adviser to the Fund, and the code of ethics of the principal underwriter of the Fund, as well as any material changes to these codes of ethics.