Angel Oak Multi-Strategy Income Fund Institutional Shares is an open-end mutual fund in the multisector bond category focused on generating current income. Managed by Angel Oak, the strategy allocates opportunistically across structured credit and traditional fixed income, emphasizing agency and non-agency residential and commercial mortgage‑backed securities, collateralized loan obligations, and asset‑backed securities, complemented by positions in Treasuries and corporate bonds. The team blends a top‑down view of relative value across fixed‑income sectors with bottom‑up security selection to build a diversified portfolio targeting stable cash flows and measured price appreciation. The fund’s mandate allows investment across credit qualities and maturities, including high‑yield and unrated issues, to capture differentiated income sources within securitized markets. Within its peer group, it is classified as multisector bond and carries a relatively higher expense profile typical of actively managed structured‑credit strategies. Key portfolio characteristics may include moderate interest‑rate sensitivity and a significant allocation to mortgage‑related instruments, reflecting its core competency in housing‑related credit markets. This approach positions the fund as a specialized income solution bridging securitized credit and broader fixed‑income exposures.