Solutions

Returns for less than one year are calculated as cumulative total returns and are not annualized. NAV represents returns without a sales charge. MOP represents returns with the maximum sales charge.

¹ Returns shown for periods prior to the inception date of a fund include the returns of the oldest share class and are adjusted to reflect the fund’s operating expenses.

² Gross and net expense ratios for the Angel Oak UltraShort Income Fund are reported as of the 5/31/25 prospectus. For the Angel Oak Multi-Strategy Income Fund, the gross expense ratios are reported as of the 5/31/25 prospectus and the net expense ratios are reported as of the 1/31/25 Annual Report. The Adviser has contractually agreed to waive its fees through at least May 31, 2026.

Performance quoted is past performance and is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data shown. Performance would have been lower without expense limitations in effect.

Maximum Offering Price takes into account the Angel Oak Multi-Strategy Income Fund’s Class A maximum sales charge of 2.25% (Angel Oak UltraShort Income Fund Class A1 maximum sales charge of 1.50%) and the Angel Oak Multi-Strategy Income Fund’s Class C contingent deferred sales charge of 1.00% on shares redeemed within one year of purchase.