Solutions

NAV represents annualized returns without a sales charge. MOP represents annualized returns with the maximum sales charge.

*Gross expense ratios are reported as of the 5/31/21 prospectus. The net expense ratios are reported as of the 1/31/21 Annual Report and are referenced in the 5/31/21 prospectus. The Adviser has contractually agreed to waive fees through 5/31/22.

¹ The inception date of the Angel Oak Multi-Strategy Income Fund A Class (ANGLX) was 6/28/11, while the inception date of the Institutional Class (ANGIX) was 8/16/12, and inception date of the C Class (ANGCX) was 8/4/15. The returns of ANGIX and ANGCX shown for periods prior to the inception date include the returns of ANGLX and are adjusted to reflect the operating expenses of ANGIX and ANGCX. The inception date of the Angel Oak Financials Income Fund A Class and I Class (ANFLX and ANFIX) was 11/3/14, while the inception date of C Class (AFLCX) was 8/4/15. The returns of AFLCX shown for periods prior to the inception date include the returns of ANFLX and are adjusted to reflect the operating expenses of AFLCX. The inception date of the Angel Oak High Yield Opportunities Fund I Class (ANHIX) was 3/31/09, while the inception date of the A Class (ANHAX) was 7/31/12. The returns of ANHAX shown for periods prior to the inception date include the returns of ANHIX and are adjusted to reflect the operating expenses of ANHAX. The inception date of the Angel Oak UltraShort Income Fund I Class (AOUIX) was 4/2/18, while the inception date of the A Class (AOUAX) was 4/30/18. The returns of AOUAX shown for periods prior to the inception date include the returns of AOUIX and are adjusted to reflect the operating expenses of AOUAX. The inception date of the Angel Oak Strategic Credit Fund I Class (ASCIX) was 12/26/17. The inception date of the Angel Oak Financial Strategies Income Term Trust (FINS) was 5/29/19. The inception date of the Angel Oak Dynamic Financial Strategies Income Term Trust (DYFN) was 6/26/20.

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. Current performance for the most recent month-end can be obtained by calling 855-751-4324.

Maximum Offering Price takes into account the Class A maximum sales charge of 2.25% and the Class C contingent deferred sales charge of 1.00% if you redeem your shares within twelve (12) months of purchase, based on the lower of the shares’ cost or current net asset value.