Solutions

Returns for less than one year are calculated as cumulative total returns and are not annualized. NAV represents returns without a 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 are reported as of the 5/31/25 prospectus.

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.

ETFs may trade at a premium or discount to NAV. Shares of any ETF are bought and sold at market prices (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. The Fund is an actively managed ETF, which is a fund that trades like other publicly-traded securities. The Fund is not an index fund and does not seek to replicate the performance of a specified index.

The Angel Oak High Yield Opportunities ETF is the Successor Fund to the Angel Oak High Yield Opportunities Fund, which was reorganized into the ETF on 2/16/24. As a result of the conversion, the Fund adopted the accounting and performance history of its predecessor mutual fund which had an inception date of 3/31/09. The NAV returns shown prior to 2/16/24, reflect the NAV of the predecessor mutual fund’s Institutional shares. Performance for the mutual fund has not been adjusted to reflect the ETF’s expenses. Had the mutual fund been structured as an ETF, its performance may have differed. The ETF has the same investment objective and investment strategy as the mutual fund, and performance of the ETF may differ from that of the Fund.

The Angel Oak Mortgage-Backed Securities ETF is the Successor Fund to the Angel Oak Total Return Bond Fund, which was reorganized into the ETF on 2/16/24. As a result of the conversion, the Fund adopted the accounting and performance history of its predecessor mutual fund which had an inception date of 6/4/21. The NAV returns shown prior to 2/16/24, reflect the NAV of the predecessor mutual fund’s Institutional shares. Performance for the mutual fund has not been adjusted to reflect the Angel Oak Mortgage-Backed Securities ETF’s expenses. Had the mutual fund been structured as an ETF, its performance may have differed. The Angel Oak Mortgage-Backed Securities ETF has the same investment objective as, but a different investment strategy from the Angel Oak Total Return Bond Fund, and performance of the ETF may differ from that of the Fund.