THIRD AMENDMENT TO THE

ANGEL OAKS FUNDS TRUST

CUSTODY AGREEMENT

THIS THIRD AMENDMENT dated as of March 21, 2018, 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 national banking association (the “Custodian”).

RECITALS

WHEREAS, the parties have entered into the Agreement; and

WHEREAS, the parties desire to add the Angel Oak UltraShort Income Fundto the Agreement; and

WHEREAS, Article 15.02 of the Agreement allows for its amendment by a written instrument executed by both parties.

NOW, THEREFORE, the parties agree to amend the following:

Exhibit B of the Agreement is hereby superseded and replaced in its entirety with Exhibit B attached hereto.

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment to be executed by a duly authorized officer on one or more counterparts as of the date and year first written above.

ANGEL OAK FUNDS TRUST		U.S. BANK, N.A.
By:	/s/ Dory Black	By:	/s/ Anita Zagrodnik

Printed Name: Dory Black Printed Name: Anita Zagrodnik

Title: President Title: Senior VP

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Exhibit B to the Custody Agreement – Angel Oak Funds Trust

Fund Names

Separate Series of Angel Oak Funds Trust

Name of Series

Angel Oak Flexible Income Fund

Angel Oak Multi-Strategy Income Fund

Angel Oak High Yield Opportunities Fund

Angel Oak UltraShort Income Fund

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