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Angel Oak Multi-Strategy Income Fund

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Investment Objective

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The investment objective of the Angel Oak Multi-Strategy Income Fund (the “Fund”) is current income.

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Fees and Expenses of the Fund

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This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts or waivers if you and your family invest, or agree to invest in the future, at least $100,000 in Class A shares or $250,000 in Class T shares of the Fund. More information about these and other discounts or waivers is available from your financial professional, in the sections “Sales Charges—Class A Shares” and “Sales Charges—Class T Shares” on pages 45–48 of the Prospectus, and in Appendix A—Waivers and Discounts Available from Intermediaries.

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Shareholder fees (fees paid directly from your investment)

Fee Waiver or Reimbursement over Assets, Date of Termination

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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

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May 31, 2019

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Portfolio Turnover

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The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year ended January 31, 2018, the portfolio turnover rate for the Fund was 81% of the average value of its portfolio.

Portfolio Turnover, Rate

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81.00%

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Expense Example

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This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or continue to hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The expenses below reflect the Expense Limit for the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example, No Redemption, By Year, Caption [Text]

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If you redeem your shares at the end of each period:

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If you do not redeem your shares:

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Principal Investment Strategies

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The Fund invests primarily in mortgage-backed and other asset-backed fixed income securities, including securities backed by assets such as credit card receivables, student loans, automobile loans and residential and commercial real estate. The Fund’s allocation of its assets into various asset classes within the asset-backed fixed income market will depend on the views of Angel Oak Capital Advisors, LLC (the “Adviser”), the investment adviser to the Fund, as to the best value relative to what is currently presented in the market place. The Fund’s portfolio managers lead a team of sector specialists responsible for researching opportunities within their sector and making recommendations to the Fund’s portfolio managers. In selecting investments, the Adviser may consider maturity, yield and ratings information and opportunities for price appreciation among other criteria. The Adviser may sell investments if it determines that any of the mentioned factors have changed materially from its initial analysis or that other factors indicate that an investment is no longer earning a return commensurate with its risk. From time to time, the Fund may allocate its assets so as to focus on particular types of asset-backed fixed income securities. The Fund may also invest up to 20% of its net assets in collateralized loan obligations (“CLOs”), which are backed by a pool of corporate debt. CLOs are similar to collateralized mortgage obligations (“CMOs”) (described below), but differ as to the type of underlying loan.

Currently, the Adviser anticipates focusing the Fund’s investments on non-agency, residential mortgage-backed securities (“RMBS”). Residential mortgage loans are generally classified into three categories based on the risk profile of the borrower and the property: (i) Prime, (ii) Alternative-A (“Alt-A”), and (iii) Subprime. Prime residential mortgage loans are extended to borrowers who represent a relatively low risk profile through a strong credit history. Subprime loans are made to borrowers who display poor credit histories and other characteristics that correlate with a higher default risk. Alt-A loans are made to borrowers whose risk profile falls between Prime and Subprime. When selecting RMBS investments for the Fund, the Adviser intends to focus on RMBS that are collateralized by pools of Prime or Alt-A mortgages and that are seasoned (i.e., have a history of timely payments) (these securities are also known as CMOs).

Prime mortgage loans may be either “agency” or “non-agency.” Agency loans have balances that fall within the limits set by the Federal Housing Finance Agency (“FHFA”) and qualify as collateral for securities that are issued by the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”) or the Federal Home Loan Mortgage Corporation (“Freddie Mac”). Non-agency loans have balances that may or may not fall within the limits set by FHFA and do not qualify as collateral for securities that are issued by Ginnie Mae, Fannie Mae or Freddie Mac, and are sponsored by private companies other than government sponsored enterprises (sometimes referred to as “private label paper”). Under normal circumstances, the Fund will concentrate its investments (i.e., invest more than 25% of its total assets (measured at the time of purchase)) in residential mortgage-backed securities (agency and non-agency) and commercial mortgage-backed securities.

The Adviser analyzes a variety of factors when selecting investments for the Fund, such as collateral quality, credit support, structure and market conditions. The Adviser attempts to diversify risks that arise from position sizes, geography, ratings, duration, deal structure and collateral values. The Adviser will also seek to invest in securities that have relatively low volatility. The Adviser seeks to limit risk of principal by targeting assets that it considers undervalued.

The Fund may also invest in the securities of other investment companies (including those that are part of the same group of investment companies as the Fund) that invest primarily in fixed income securities. The Fund may invest, without limitation, in corporate debt securities of any quality and maturity, including high-yield securities (also known as “junk bonds”), and securities that are not rated by any rating agencies. In selecting debt investments, the Adviser may consider maturity, yield, and ratings information and opportunities for price appreciation.

The Fund may invest up to 15% of its net assets in illiquid securities.

In pursuing its investment objectives or for hedging purposes, the Fund may utilize (i) short selling, (ii) borrowing, and (iii) various types of derivative instruments, including structured products, swaps (including credit default swaps), futures contracts, and options, although the Adviser expects that not all such derivatives will be used at all times. Such derivatives may trade over-the-counter or on an exchange and may principally be used for one or more of the following purposes: speculation, currency hedging, duration management, or to pursue the Fund’s investment objective. The Fund may borrow to the maximum extent permitted by applicable law, which generally means that the Fund may borrow up to one-third of its total assets. The Fund may also invest in repurchase agreements and reverse repurchase agreements.

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Principal Risks

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The principal risks of investing in the Fund are summarized below. There may be circumstances that could prevent the Fund from achieving its investment objective and you may lose money by investing in the Fund. You should carefully consider the Fund’s investment risks before deciding whether to invest in the Fund. An investment in the Fund is not a deposit at a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

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Borrowing Risks and Leverage Risks. Borrowing for investment purposes creates leverage, which will exaggerate the effect of any change in the value of securities in the Fund’s portfolio on the Fund’s net asset value (“NAV”) and, therefore, may increase the volatility of the Fund.

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CLO and Collateralized Debt Obligations (“CDOs”) Risks. CLOs and other CDOs are subject to the typical risks associated with fixed-income securities and asset-backed securities. Additionally, the risks of an investment in a CLO or other CDO depend largely on the type of the collateral securities and the class of the CLO or other CDO in which the Fund invests. Such collateral may be insufficient to meet payment obligations and the class of the CLO or other CDO may be subordinate to other classes. CLOs and other CDOs are typically privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in certain CLOs and other CDOs may be characterized by the Fund as illiquid securities. In addition to the typical risks associated with fixed-income securities and asset-backed securities, CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the risk that the collateral may default, decline in value or quality or be downgraded by a rating agency; (iii) the Fund may invest in tranches of CDOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; (v) risk of forced “fire sale” liquidation due to technical defaults such as coverage test failures; and (vi) the CDO’s manager may perform poorly.

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Concentration in Certain Mortgage-Backed Securities Risk. The risks of concentrating in residential mortgage-backed securities (agency and non-agency) and commercial mortgage-backed securities include susceptibility to changes in interest rates and the risks associated with the market’s perception of issuers, the creditworthiness of the parties involved and investing in real estate securities.

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Derivatives Risks. The Fund’s derivative investments have risks, including the imperfect correlation between the value of such instruments and the underlying assets, rate or index; the loss of principal, including the potential loss of amounts greater than the initial amount invested in the derivative instrument; the possible default of the other party to the transaction; and illiquidity of the derivative investments. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. Certain derivatives may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Certain of the Fund’s transactions in derivatives could also affect the amount, timing and character of distributions to shareholders, which may result in the Fund realizing more short-term capital gain and ordinary income subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund’s after-tax returns.

The derivative instruments and techniques that the Fund may principally use include:

Futures. A futures contract is a standardized agreement to buy or sell a specific quantity of an underlying instrument at a specific price at a specific future time. A decision as to whether, when and how to use futures involves the exercise of skill and judgment and even a well-conceived futures transaction may be unsuccessful because of market behavior or unexpected events. In addition to the derivatives risks discussed above, the prices of futures can be highly volatile, using futures can lower total return, and the potential loss from futures can exceed the Fund’s initial investment in such contracts.

Options. If the Fund buys an option, it buys a legal contract giving it the right to buy or sell a specific amount of the underlying instrument or futures contract on the underlying instrument at an agreed-upon price typically in exchange for a premium paid by the Fund. If the Fund sells an option, it sells to another person the right to buy from or sell to the Fund a specific amount of the underlying instrument or futures contract on the underlying instrument at an agreed-upon price typically in exchange for a premium received by the Fund. A decision as to whether, when and how to use options involves the exercise of skill and judgment and even a well-conceived option transaction may be unsuccessful because of market behavior or unexpected events. The prices of options can be highly volatile and the use of options can lower total returns.

Swaps. A swap contract is an agreement between two parties pursuant to which the parties exchange payments at specified dates on the basis of a specified notional amount, with the payments calculated by reference to specified securities, indexes, reference rates, or other instruments. Swap agreements are particularly subject to counterparty credit, liquidity, valuation, correlation and leverage risk. Swaps could result in losses if interest rates or credit quality changes are not correctly anticipated by the Fund or if the reference index, security or investments do not perform as expected. The use of credit default swaps can result in losses if the Fund’s assumptions regarding the creditworthiness of the underlying obligation prove to be incorrect.

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Extension Risk. When interest rates rise, certain obligations may be paid off by the obligor more slowly than anticipated, causing the value of these securities to fall.

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Fixed-Income Instruments Risks. The Fund will invest in loans and other types of fixed-income instruments and securities. Such investments may be secured, partially secured or unsecured and may be unrated, and whether or not rated, may have speculative characteristics. The market price of the Fund’s investments will change in response to changes in interest rates and other factors. Generally, when interest rates rise, the values of fixed-income instruments fall, and vice versa. In typical interest rate environments, the prices of longer-term fixed-income instruments generally fluctuate more than the prices of shorter-term fixed-income instruments as interest rates change. The Fund may face a heightened level of interest rate risk, since the U.S. Federal Reserve Board recently ended its quantitative easing program and has begun to raise rates. In addition, a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. A fund with a negative average portfolio duration may decline in value as interest rates decrease. Most high yield investments pay a fixed rate of interest and are therefore vulnerable to inflation risk. The obligor of a fixed-income instrument may not be able or willing to pay interest or to repay principal when due in accordance with the terms of the associated agreement.

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General Market Risk. The capital markets may experience periods of disruption, instability and volatility. Such conditions may materially and adversely affect the markets globally and in the jurisdictions in which the Fund invests, which may have a negative impact on the Fund’s performance. The Fund’s NAV and investment return will fluctuate based upon changes in the value of its portfolio securities.

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High-Yield Securities Risks. High-yield securities (also known as junk bonds) carry a greater degree of risk and are more volatile than investment grade securities and are considered speculative. High-yield securities may be issued by companies that are restructuring, are smaller and less creditworthy, or are more highly indebted than other companies. This means that they may have more difficulty making scheduled payments of principal and interest. Changes in the value of high-yield securities are influenced more by changes in the financial and business position of the issuing company than by changes in interest rates when compared to investment grade securities. The Fund’s investments in high-yield securities expose it to a substantial degree of credit risk.

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Illiquid Securities Risks. The Fund may, at times, hold illiquid securities, by virtue of the absence of a readily available market for certain of its investments, or because of legal or contractual restrictions on sales. The Fund could lose money if it is unable to dispose of an investment at a time or price that is most beneficial to the Fund.

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Interest Rate Risk. The Fund is exposed to risks associated with changes in interest rates, including the possibility that, in a period of rising interest rates, securities may exhibit additional volatility and may lose value.

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Large Shareholder Transactions Risk. Shares of the Fund are offered to certain other investment companies, large retirement plans and other large investors. As a result, the Fund is subject to the risk that those shareholders may purchase or redeem a large amount of shares of the Fund. To satisfy such large shareholder redemptions, the Fund may have to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund’s NAV and liquidity. In addition, large purchases of Fund shares could adversely affect the Fund’s performance to the extent that the Fund does not immediately invest cash it receives and therefore holds more cash than it ordinarily would. Large shareholder activity could also generate increased transaction costs and cause adverse tax consequences.

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Liquidity and Valuation Risks. It may be difficult for the Fund to purchase and sell particular investments within a reasonable time at a fair price, or the price at which it has been valued for purposes of the Fund’s net asset value, causing the Fund to be less liquid and unable to sell securities for what the Adviser believes is the appropriate price of the investment. Valuation of portfolio investments may be difficult, such as during periods of market turmoil or reduced liquidity and for investments that trade infrequently or irregularly. In these and other circumstances, an investment may be valued using fair value methodologies, which are inherently subjective, reflect good faith judgments based on available information and may not accurately estimate the price at which the Fund could sell the investment at that time. Based on its investment strategies, a significant portion of the Fund’s investments can be difficult to value and potentially less liquid and therefore particularly prone to these risks.

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Management Risk. The Fund may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund.

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Mortgage-Backed and Asset-Backed Securities Risks. Mortgage-backed and other asset-backed securities are subject to the risks of traditional fixed-income instruments. However, they are also subject to prepayment risk and extension risk, meaning that if interest rates fall, the underlying debt may be repaid ahead of schedule, reducing the value of the Fund’s investments and if interest rates rise, there may be fewer prepayments, which would cause the average bond maturity to rise, increasing the potential for the Fund to lose money.

Certain mortgage-backed securities may be secured by pools of mortgages on single-family, multi-family properties, as well as commercial properties. Similarly, asset-backed securities may be secured by pools of loans, such as corporate loans, student loans, automobile loans and credit card receivables. The credit risk on such securities is affected by homeowners or borrowers defaulting on their loans. The values of assets underlying mortgage-backed and asset-backed securities, including CLOs, may decline and therefore may not be adequate to cover underlying investors. Some mortgage-backed and asset-backed securities have experienced extraordinary weakness and volatility in recent years. Possible legislation in the area of residential mortgages, credit cards, corporate loans and other loans that may collateralize the securities in which the Fund may invest could negatively impact the value of the Fund’s investments. To the extent the Fund focuses its investments in particular types of mortgage-backed or asset-backed securities, including CLOs, the Fund may be more susceptible to risk factors affecting such types of securities.

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Other Investment Companies Risks. The Fund will incur higher and duplicative expenses when it invests in mutual funds, ETFs, and other investment companies, which may include those that are part of the same group of investment companies as the Fund (“affiliated underlying funds”). There is also the risk that the Fund may suffer losses due to the investment practices of the underlying funds. When the Fund invests in other investment companies, the Fund will be subject to substantially the same risks as those associated with the direct ownership of securities held by such investment companies. Investments in ETFs are also subject to the following risks: (i) the market price of an ETF’s shares may trade above or below their net asset value; (ii) an active trading market for an ETF’s shares may not develop or be maintained; and (iii) trading of an ETF’s shares may be halted for a number of reasons.

The Adviser may be subject to potential conflicts of interest in allocating the Fund’s assets to underlying funds, such as a potential conflict in selecting affiliated underlying funds over unaffiliated underlying funds. In addition, the Fund’s portfolio managers may be subject to potential conflicts of interest in allocating the Fund’s assets among underlying funds, as certain of the Fund’s portfolio managers may also manage an affiliated underlying fund in which the Fund may invest. Both the Adviser and the Fund’s portfolio managers have a fiduciary duty to the Fund to act in the Fund’s best interest when selecting underlying funds. Under the oversight of the Board of Trustees, the Adviser will carefully analyze any such potential conflicts of interest and will take steps to minimize and, where possible, eliminate them.

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Prepayment Risk. When interest rates decline, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

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Rating Agencies Risks. Ratings are not an absolute standard of quality, but rather general indicators that reflect only the view of the originating rating agencies from which an explanation of the significance of such ratings may be obtained. There is no assurance that a particular rating will continue for any given period of time or that any such rating will not be revised downward or withdrawn entirely. Such changes may negatively affect the liquidity or market price of the securities in which the Fund invests. The ratings of securitized assets may not adequately reflect the credit risk of those assets due to their structure.

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Regulatory and Legal Risks. U.S. and non-U.S. government agencies and other regulators regularly adopt new regulations and legislatures enact new statutes that affect the investments held by the Fund, the strategies used by the Fund or the level of regulation or taxation that applies to the Fund. These statutes and regulations may impact the investment strategies, performance, costs and operations of the Fund or the taxation of its shareholders.

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Repurchase Agreement Risks. Repurchase agreements typically involve the acquisition by the Fund of fixed-income securities from a selling financial institution such as a bank or broker-dealer. A Fund may incur a loss if the other party to a repurchase agreement is unwilling or unable to fulfill its contractual obligations to repurchase the underlying security.

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Reverse Repurchase Agreement Risks. A reverse repurchase agreement is the sale by the Fund of a debt obligation to a party for a specified price, with the simultaneous agreement by the Fund to repurchase that debt obligation from that party on a future date at a higher price. Similar to borrowing, reverse repurchase agreements provide the Fund with cash for investment purposes, which creates leverage and subjects the Fund to the risks of leverage. Reverse repurchase agreements also involve the risk that the other party may fail to return the securities in a timely manner or at all. The Fund could lose money if it is unable to recover the securities and/or if the value of collateral held by the Fund, including the value of the investments made with cash collateral, is less than the value of securities.

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RIC-Related Risks of Investments Generating Non-Cash Taxable Income. Certain of the Fund’s investments will require the Fund to recognize taxable income in excess of the cash generated on those investments in that tax year, which could cause the Fund to have difficulty satisfying the annual distribution requirements applicable to regulated investment companies (“RICs”) and avoiding Fund-level U.S. federal income and/or excise taxes.

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Risks Relating to Fund’s RIC Status. To qualify and remain eligible for the special tax treatment accorded to a RIC and its shareholders under the Internal Revenue Code of 1986, as amended, the Fund must meet certain source-of-income, asset diversification and annual distribution requirements. If the Fund fails to qualify as a RIC for any reason and becomes subject to corporate tax, the resulting corporate taxes could substantially reduce its net assets, the amount of income available for distribution and the amount of its distributions.

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Short Sales Risks. The Fund may make short sales of securities, which involves selling a security it does not own in anticipation that the price of the security will decline. Short sales may involve substantial risk and leverage. Short sales expose the Fund to the risk that it will be required to buy (“cover”) the security sold short when the security has appreciated in value or is unavailable, thus resulting in a loss to the Fund. Short sales also involve the risk that losses may exceed the amount invested and may be unlimited.

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Structured Products Risks. The CLOs and other CDOs in which the Fund may invest are structured products. Holders of structured products bear risks of the underlying assets and are subject to issuer repayment or counterparty risk. Certain structured products may be thinly traded or have a limited trading market and as a result may be characterized by the Fund as illiquid securities.

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U.S. Government Securities Risks. U.S. Government securities are not guaranteed against price movement and may decrease in value. Some U.S. Government securities are supported by the full faith and credit of the U.S. Treasury, while others may be supported only by the discretionary authority of the U.S. government to purchase certain obligations of a federal agency or U.S. government sponsored enterprise (“GSE”) or only by the right of the issuer to borrow from the U.S. Treasury. While the U.S. government provides financial support to such agencies and GSEs, no assurance can be given that the U.S. government will always do so. Other obligations are backed solely by the GSE’s own resources. Investments in securities issued by GSEs that are not backed by the U.S. Treasury are subject to higher credit risk than those that are backed by the U.S. Treasury.

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Uncertain Tax Treatment. Below investment grade instruments may present special tax issues for the Fund. U.S. federal income tax rules are not entirely clear about issues such as when the Fund may cease accruing interest, original issue discount (“OID”) or market discount, when and to what extent deductions may be taken for bad debts or worthless instruments, how payments received on obligations in default should be allocated between principal and income and whether exchanges of debt obligations in a bankruptcy or workout context are taxable, which may make it difficult for the Fund to satisfy the annual distribution requirements applicable to RICs.

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There may be circumstances that could prevent the Fund from achieving its investment objective and you may lose money by investing in the Fund.

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An investment in the Fund is not a deposit at a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

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Performance

Performance Information Illustrates Variability of Returns [Text]

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The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows changes in the performance of the Class A shares of the Fund from year-to-year. The table below shows how the Fund’s Class A, Class C, and Institutional Class average annual total returns compare over time to those of a broad-based securities market index. No performance information for Class T shares is provided because Class T shares have not been in operation for a full calendar year. Although Class T and Class A shares will have similar annual returns because they have the same total annual fund operating expenses, average annual total returns for Class T shares will be lower than those shown in the table below for Class A shares because Class T shares generally have a higher initial sales charge than Class A shares.

The Fund is the successor to the investment performance of the Angel Oak Multi-Strategy Income Fund (the “Predecessor Multi-Strategy Income Fund”) as a result of the reorganization of the Predecessor Multi-Strategy Income Fund into the Fund on April 10, 2015. Accordingly, the performance information shown below for periods prior to April 10, 2015 is that of the Predecessor Multi-Strategy Income Fund. The Predecessor Multi-Strategy Income Fund was also advised by the Adviser and had the same investment objective, policies, and strategies as the Fund.

Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. Updated performance information is available online at www.angeloakcapital.com or by calling (855) 751-4324 (toll free).

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The following performance information provides some indication of the risks of investing in the Fund.

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(855) 751-4324

Performance Past Does Not Indicate Future [Text]

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www.angeloakcapital.com

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Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results.

Bar Chart [Heading]

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Annual Total Returns for Class A Shares (years ended December 31st)

Bar Chart Does Not Reflect Sales Loads [Text]

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Sales loads are not reflected in the bar chart. If these amounts were reflected, returns would be less than those shown.

Bar Chart Closing [Text Block]

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Sales loads are not reflected in the bar chart. If these amounts were reflected, returns would be less than those shown.

The calendar year-to-date total return as of March 31, 2018 for the Fund’s Class A shares was 0.80%. During the periods shown in the chart, the highest quarterly return was 9.04% (for the quarter ended March 31, 2012) and the lowest quarterly return was -2.51% (for the quarter ended March 31, 2016).

Year to Date Return, Label

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year-to-date total return

Bar Chart, Year to Date Return, Date

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Mar. 31, 2018

Bar Chart, Year to Date Return

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0.80%

Highest Quarterly Return, Label

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highest quarterly return

Highest Quarterly Return, Date

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Mar. 31, 2012

Highest Quarterly Return

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9.04%

Lowest Quarterly Return, Label

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lowest quarterly return

Lowest Quarterly Return, Date

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Mar. 31, 2016

Lowest Quarterly Return

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(2.51%)

Index No Deduction for Fees, Expenses, Taxes [Text]

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(reflects no deduction for fees, expenses and taxes)

Performance Table Uses Highest Federal Rate

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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.

Performance Table Not Relevant to Tax Deferred

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After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

Performance Table One Class of after Tax Shown [Text]

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After-tax returns are shown for Class A only, and after-tax returns for other classes will vary.

Performance Table Explanation after Tax Higher

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In certain cases, the figure representing “Return After Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.

Performance Table Closing [Text Block]

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NOTE: Class A shares commenced operations on June 28, 2011 as part of the Predecessor Multi-Strategy Income Fund and Institutional Class shares commenced operations on August 16, 2012 as part of the Predecessor Multi-Strategy Income Fund.

Caption

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Angel Oak Multi-Strategy Income Fund Average Annual Total Returns

Angel Oak Multi-Strategy Income Fund | Class A

Maximum Sales Charge (Load) Imposed on Purchases (as a % of the offering price)

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2.25%

Maximum Deferred Sales Charge (Load) (as a % of amount redeemed)

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none

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rr_ManagementFeesOverAssets

0.89%

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0.25%

rr_OtherExpensesOverAssets

0.22%

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0.01%

Plus Recoupment of Fee Waiver/Expense Reimbursement

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1.37%

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0.04%

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Total Annual Fund Operating Expenses After Recoupment of Fee Waiver/Expense Reimbursement

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1.41%

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There is no initial sales charge on purchases of Class A shares of $1 million or more, however, a contingent deferred sales charge of up to 1.00% may be imposed if such Class A shares are redeemed within eighteen (18) months of their purchase.

Expense Breakpoint, Minimum Investment Required [Amount]

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You may qualify for sales charge discounts or waivers if you and your family invest, or agree to invest in the future, at least $100,000 in Class A shares or $250,000 in Class T shares of the Fund.

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$ 100,000

rr_ExpenseExampleYear01

365

rr_ExpenseExampleYear03

653

rr_ExpenseExampleYear05

962

rr_ExpenseExampleYear10

1,838

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365

rr_ExpenseExampleNoRedemptionYear03

653

rr_ExpenseExampleNoRedemptionYear05

962

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$ 1,838

Annual Return 2012

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22.72%

Annual Return 2013

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3.87%

Annual Return 2014

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5.56%

Annual Return 2015

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1.67%

Annual Return 2016

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4.08%

Annual Return 2017

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5.44%

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Class A – Return Before Taxes

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3.06%

rr_AverageAnnualReturnYear05

3.64%

rr_AverageAnnualReturnSinceInception

7.13%

Angel Oak Multi-Strategy Income Fund | Class A | After Taxes on Distributions

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Jun. 28, 2011

rr_RiskReturnAbstract

rr_AverageAnnualReturnLabel

Class A – Return After Taxes on Distributions

rr_AverageAnnualReturnYear01

0.87%

^[3]

rr_AverageAnnualReturnYear05

1.21%

^[3]

Angel Oak Multi-Strategy Income Fund | Class A | After Taxes on Distributions and Sale of Fund Shares

rr_AverageAnnualReturnSinceInception

4.76%

^[3]

rr_RiskReturnAbstract

rr_AverageAnnualReturnLabel

Class A – Return After Taxes on Distributions and Sale of Fund Shares

rr_AverageAnnualReturnYear01

1.71%

^[3]

rr_AverageAnnualReturnYear05

1.64%

^[3]

Angel Oak Multi-Strategy Income Fund | Class A | Bloomberg Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses and taxes)

rr_AverageAnnualReturnSinceInception

4.49%

^[3]

rr_RiskReturnAbstract

rr_AverageAnnualReturnLabel

Bloomberg Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses and taxes)

rr_AverageAnnualReturnYear01

3.54%

rr_AverageAnnualReturnYear05

2.10%

rr_AverageAnnualReturnSinceInception

2.99%

Angel Oak Multi-Strategy Income Fund | Class T

rr_AverageAnnualReturnInceptionDate

Jun. 28, 2011

Maximum Sales Charge (Load) Imposed on Purchases (as a % of the offering price)

rr_RiskReturnAbstract

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

2.50%

Maximum Deferred Sales Charge (Load) (as a % of amount redeemed)

rr_ExchangeFeeOverRedemption

none

rr_ManagementFeesOverAssets

0.89%

rr_DistributionAndService12b1FeesOverAssets

0.25%

rr_OtherExpensesOverAssets

0.22%

^[4]

rr_AcquiredFundFeesAndExpensesOverAssets

0.01%

^[4]

Plus Recoupment of Fee Waiver/Expense Reimbursement

rr_ExpensesOverAssets

1.37%

rr_FeeWaiverOrReimbursementOverAssets

0.04%

^[2]

Total Annual Fund Operating Expenses After Recoupment of Fee Waiver/Expense Reimbursement

rr_NetExpensesOverAssets

1.41%

^[2]

Expense Breakpoint, Minimum Investment Required [Amount]

rr_ExpenseBreakpointDiscounts

You may qualify for sales charge discounts or waivers if you and your family invest, or agree to invest in the future, at least $100,000 in Class A shares or $250,000 in Class T shares of the Fund.

rr_ExpenseBreakpointMinimumInvestmentRequiredAmount

$ 250,000

Other Expenses, New Fund, Based on Estimates [Text]

rr_OtherExpensesNewFundBasedOnEstimates

“Other Expenses” and “Acquired Fund Fees and Expenses” for Class T shares are estimated for the current fiscal year.

Acquired Fund Fees and Expenses, Based on Estimates [Text]

rr_AcquiredFundFeesAndExpensesBasedOnEstimates

“Other Expenses” and “Acquired Fund Fees and Expenses” for Class T shares are estimated for the current fiscal year.

rr_ExpenseExampleYear01

$ 390

rr_ExpenseExampleYear03

677

rr_ExpenseExampleYear05

985

rr_ExpenseExampleYear10

1,858

rr_ExpenseExampleNoRedemptionYear01

390

rr_ExpenseExampleNoRedemptionYear03

677

rr_ExpenseExampleNoRedemptionYear05

985

rr_ExpenseExampleNoRedemptionYear10

$ 1,858

Angel Oak Multi-Strategy Income Fund | Class C

rr_PerformanceOneYearOrLess

No performance information for Class T shares is provided because Class T shares have not been in operation for a full calendar year.

Maximum Sales Charge (Load) Imposed on Purchases (as a % of the offering price)

rr_RiskReturnAbstract

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

none

Maximum Deferred Sales Charge (Load) (as a % of amount redeemed)

rr_ExchangeFeeOverRedemption

1.00%

^[5]

rr_ManagementFeesOverAssets

0.89%

rr_DistributionAndService12b1FeesOverAssets

1.00%

rr_OtherExpensesOverAssets

0.22%

rr_AcquiredFundFeesAndExpensesOverAssets

0.01%

Plus Recoupment of Fee Waiver/Expense Reimbursement

rr_ExpensesOverAssets

2.12%

rr_FeeWaiverOrReimbursementOverAssets

0.04%

^[2]

Total Annual Fund Operating Expenses After Recoupment of Fee Waiver/Expense Reimbursement

rr_NetExpensesOverAssets

2.16%

^[2]

rr_ExpensesDeferredChargesTextBlock

The Fund charges this fee on Class C shares redeemed within one year of purchase.

rr_ExpenseExampleYear01

$ 322

rr_ExpenseExampleYear03

668

rr_ExpenseExampleYear05

1,143

rr_ExpenseExampleYear10

2,455

rr_ExpenseExampleNoRedemptionYear01

219

rr_ExpenseExampleNoRedemptionYear03

668

rr_ExpenseExampleNoRedemptionYear05

1,143

rr_ExpenseExampleNoRedemptionYear10

$ 2,455

rr_AverageAnnualReturnLabel

Class C – Return Before Taxes

rr_AverageAnnualReturnYear01

3.71%

rr_AverageAnnualReturnSinceInception

2.59%

Angel Oak Multi-Strategy Income Fund | Class C | Bloomberg Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses and taxes)

rr_AverageAnnualReturnInceptionDate

Aug. 04, 2015

rr_RiskReturnAbstract

rr_AverageAnnualReturnLabel

Bloomberg Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses and taxes)

rr_AverageAnnualReturnYear01

3.54%

rr_AverageAnnualReturnYear05

2.10%

rr_AverageAnnualReturnSinceInception

2.57%

Angel Oak Multi-Strategy Income Fund | Institutional Class

rr_AverageAnnualReturnInceptionDate

Aug. 04, 2015

Maximum Sales Charge (Load) Imposed on Purchases (as a % of the offering price)

rr_RiskReturnAbstract

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

none

Maximum Deferred Sales Charge (Load) (as a % of amount redeemed)

rr_ExchangeFeeOverRedemption

none

rr_ManagementFeesOverAssets

0.89%

rr_DistributionAndService12b1FeesOverAssets

none

rr_OtherExpensesOverAssets

0.22%

rr_AcquiredFundFeesAndExpensesOverAssets

0.01%

Plus Recoupment of Fee Waiver/Expense Reimbursement

rr_ExpensesOverAssets

1.12%

rr_FeeWaiverOrReimbursementOverAssets

0.04%

^[2]

Total Annual Fund Operating Expenses After Recoupment of Fee Waiver/Expense Reimbursement

rr_NetExpensesOverAssets

1.16%

^[2]

rr_ExpenseExampleYear01

$ 118

rr_ExpenseExampleYear03

360

rr_ExpenseExampleYear05

621

rr_ExpenseExampleYear10

1,367

rr_ExpenseExampleNoRedemptionYear01

118

rr_ExpenseExampleNoRedemptionYear03

360

rr_ExpenseExampleNoRedemptionYear05

621

rr_ExpenseExampleNoRedemptionYear10

$ 1,367

rr_AverageAnnualReturnLabel

Institutional Class – Return Before Taxes

rr_AverageAnnualReturnYear01

5.74%

rr_AverageAnnualReturnYear05

4.39%

rr_AverageAnnualReturnSinceInception

5.15%

Angel Oak Multi-Strategy Income Fund | Institutional Class | Bloomberg Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses and taxes)

rr_AverageAnnualReturnInceptionDate

Aug. 16, 2012

rr_RiskReturnAbstract

rr_AverageAnnualReturnLabel

Bloomberg Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses and taxes)

rr_AverageAnnualReturnYear01

3.54%

rr_AverageAnnualReturnYear05

2.10%

rr_AverageAnnualReturnSinceInception

2.24%

Angel Oak Flexible Income Fund

rr_AverageAnnualReturnInceptionDate

Aug. 16, 2012

[1]	There is no initial sales charge on purchases of Class A shares of $1 million or more, however, a contingent deferred sales charge of up to 1.00% may be imposed if such Class A shares are redeemed within eighteen (18) months of their purchase.
[2]	Angel Oak Capital Advisors, LLC (the "Adviser") has contractually agreed to waive its fees and/or reimburse certain expenses (exclusive of any front-end sales loads, taxes, interest on borrowings, dividends on securities sold short, brokerage commissions, 12b-1 fees, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization and extraordinary expenses) to limit the Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement to 0.99% of the Fund's average daily net assets (the "Expense Limit") through May 31, 2019. The contractual arrangement may only be changed or eliminated by the Board of Trustees upon 60 days' written notice to the Adviser. The Adviser may recoup from the Fund any waived amount or reimbursed expenses pursuant to this agreement if such recoupment does not cause the Fund to exceed the lesser of (i) the Expense Limit in effect at the time of the waiver or reimbursement and (ii) the Expense Limit in effect at the time of recoupment and the recoupment is made within three years after the end of the month in which the Adviser incurred the expense.
[3]	After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. In certain cases, the figure representing "Return After Taxes on Distributions and Sale of Fund Shares" may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A only, and after-tax returns for other classes will vary.
[4]	"Other Expenses" and "Acquired Fund Fees and Expenses" for Class T shares are estimated for the current fiscal year.
[5]	The Fund charges this fee on Class C shares redeemed within one year of purchase.

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XML 14 R10.htm IDEA: XBRL DOCUMENT

Angel Oak Flexible Income Fund

Investment Objective

The Angel Oak Flexible Income Fund (the “Fund”) seeks current income

with a secondary objective of total return.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts or waivers if you and your family invest, or agree to invest in the future, at least $100,000 in Class A shares or $250,000 in Class T shares of the Fund. More information about these and other discounts or waivers is available from your financial professional and in the section “Sales Charges—Class A Shares” and “Sales Charges—Class T Shares” on pages 45–48 of the Prospectus, and in Appendix A—Waivers and Discounts Available from Intermediaries.

Shareholder fees (fees paid directly from your investment)

Shareholder Fees - Angel Oak Flexible Income Fund	Class A		Class T	Class C		Institutional Class
Maximum Sales Charge (Load) Imposed on Purchases (as a % of the offering price)	2.25%		2.50%	none		none
Maximum Deferred Sales Charge (Load) (as a % of amount redeemed)	none	^[1]	none	1.00%	^[2]	none

[1]	There is no initial sales charge on purchases of Class A shares of $1 million or more, however, a contingent deferred sales charge of up to 1.00% may be imposed if such Class A shares are redeemed within eighteen (18) months of their purchase.
[2]	The Fund charges this fee on Class C shares redeemed within one year of purchase.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses - Angel Oak Flexible Income Fund		Class A	Class T		Class C	Institutional Class
Management Fees		0.89%	0.89%		0.89%	0.89%
Distribution and Service (12b-1) Fees		0.25%	0.25%		1.00%	none
Other Expenses		0.22%	0.22%	^[1]	0.22%	0.21%
Acquired Fund Fees and Expenses		0.02%	0.02%	^[1]	0.02%	0.02%
Total Annual Fund Operating Expenses		1.38%	1.38%		2.13%	1.12%
Less Fee Waiver/Expense Reimbursement	^[2]	(0.26%)	(0.26%)		(0.26%)	(0.25%)
Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement	^[2]	1.12%	1.12%		1.87%	0.87%

[1]

"Other Expenses" and "Acquired Fund Fees and Expenses" for Class T shares are estimated for the current fiscal year.

[2]

Angel Oak Capital Advisors, LLC (the "Adviser") has contractually agreed to waive its fees and/or reimburse certain expenses (exclusive of any front-end sales loads, taxes, interest on borrowings, dividends on securities sold short, brokerage commissions, 12b-1 fees, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization and extraordinary expenses) to limit the Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement to 0.85% of the Fund's average daily net assets (the "Expense Limit") through May 31, 2019. The contractual arrangement may only be changed or eliminated by the Board of Trustees upon 60 days' written notice to the Adviser. The Adviser may recoup from the Fund any waived amount or reimbursed expenses pursuant to this agreement if such recoupment does not cause the Fund to exceed the lesser of (i) the Expense Limit in effect at the time of the waiver or reimbursement and (ii) the Expense Limit in effect at the time of recoupment and the recoupment is made within three years after the end of the month in which the Adviser incurred the expense.

Expense Example

If you redeem your shares at the end of each period:

Expense Example - Angel Oak Flexible Income Fund - USD ($)	One Year	Three Years	Five Years	Ten Years
Class A	337	627	939	1,823
Class T	361	651	962	1,844
Class C	293	642	1,120	2,442
Institutional Class	89	331	593	1,341

If you do not redeem your shares:

Expense Example No Redemption - Angel Oak Flexible Income Fund - USD ($)	One Year	Three Years	Five Years	Ten Years
Class A	337	627	939	1,823
Class T	361	651	962	1,844
Class C	190	642	1,120	2,442
Institutional Class	89	331	593	1,341

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example above, affect the Fund’s performance. For the fiscal year ended January 31, 2018, the portfolio turnover rate for the Fund was 102% of the average value of its portfolio.

Principal Investment Strategies

The Fund seeks to generate current income across various market environments with a secondary focus on generating positive total return. In pursuit of the Fund’s investment objective, the Adviser has the flexibility to allocate the Fund’s assets among a broad range of fixed income instruments and derivatives using a variety of strategies, which means that the Fund’s investments are not limited to those in a particular index. The Adviser may allocate the Fund’s assets across several different sectors and issuers or may select a single or limited number of securities, strategies or sectors, including cash and short-term investments.

The fixed-income instruments in which the Fund principally invests may include corporate debt obligations (domestic and non-U.S.); bank subordinated debt; asset-backed securities and residential and commercial mortgage-backed securities; structured or non-structured debt instruments (such as collateralized debt and loan obligations); high-yield securities (also known as “junk bonds”); U.S. Government securities; and floating or variable rate obligation.

The Fund’s portfolio of fixed-income instruments will depend on the views of the Adviser as to the best value relative to what is currently presented in the marketplace. The Fund’s portfolio managers lead a team of sector specialists responsible for researching opportunities within their sector and making recommendations to the Fund’s portfolio managers. In selecting investments, the Adviser may consider maturity, yield and ratings information and opportunities for price appreciation among other criteria. The Adviser may sell investments if it determines that an investment is no longer earning a return commensurate with its risk or that a different security will better help the Fund achieve its investment objective.

The Fund may invest, without limitation, in fixed-income instruments of any quality and maturity. The Adviser will allocate the Fund’s investments based on its analysis of market conditions and investment opportunities in light of domestic and foreign fiscal, economic and political environments. The Fund’s portfolio managers will manage the Fund’s duration based on the Adviser’s expectations of future interest rates and market conditions. The Adviser is not limited to constructing a portfolio with a certain target duration and may cause the Fund’s duration to be negative. Duration is a measure of a fixed income security’s price sensitivity to interest rate changes. In other words, the longer a fund’s duration, the more sensitive its market value will be to changes in interest rates. A fund with negative duration may increase in value when interest rates rise, and generally incurs a loss when interest rates fall. The Fund may also invest, without limitation, in a variety of asset-backed securities, including collateralized loan obligations (“CLOs”), collateralized mortgage obligations (“CMOs”) and collateralized debt obligations (“CDOs”).

The Fund may invest up to 15% of its net assets in securities that are deemed to be illiquid, which may include private placements, certain Rule 144A securities, and securities of issuers that are bankrupt or in default. Among its fixed-income investments, the Fund may invest in preferred securities, and in the securities of other investment companies (including those that are part of the same group of investment companies as the Fund) that invest primarily in fixed-income securities.

In pursuing its investment objectives or for hedging purposes, the Fund may utilize (i) short selling, (ii) borrowing and (iii) various types of over-the-counter and exchange-traded derivative instruments, including structured products, swaps, futures contracts and options. The Fund may borrow to the maximum extent permitted by applicable law, which generally means that the Fund may borrow up to one-third of its total assets. The Fund may also invest in repurchase agreements and reverse repurchase agreements. The Fund may engage in active and frequent trading of its portfolio securities.

Principal Risks

•

Bank Subordinated Debt Risks. Banks may issue subordinated debt securities, which have a lower priority to full payment behind other more senior debt securities. In addition to the risks generally associated with fixed income instruments (e.g., interest rate risk, counterparty risk, credit risk, etc.), bank subordinated debt is also subject to risks inherent to banks. Because banks are highly regulated and operate in a highly competitive environment, it may be difficult for a bank to meet its debt obligations. Banks also may be affected by changes in legislation and regulations applicable to the financial markets. Bank subordinated debt is often issued by smaller community banks that may be overly concentrated in a specific geographic region, lack the capacity to comply with new regulatory requirements or lack adequate capital.

•

Collateralized Loan Obligations (“CLOs”) and Collateralized Debt Obligations (“CDOs”) Risks. CLOs and other CDOs are subject to the typical risks associated with fixed-income securities and asset-backed securities. Additionally, the risks of an investment in a CLO or other CDO depend largely on the type of the collateral securities and the class of the CLO or other CDO in which the Fund invests. Such collateral may be insufficient to meet payment obligations and the class of the CLO or other CDO may be subordinate to other classes. CLOs and other CDOs are typically privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in certain CLOs and other CDOs may be characterized by the Fund as illiquid securities. In addition to the typical risks associated with fixed-income securities and asset-backed securities, CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the risk that the collateral may default, decline in value or quality or be downgraded by a rating agency; (iii) the Fund may invest in tranches of CDOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; (v) risk of forced “fire sale” liquidation due to technical defaults such as coverage test failures; and (vi) the CDO’s manager may perform poorly.

•

Concentration in the Group of Industries Related to Banks and Diversified Financials Risk. Issuers in the group of industries relating to banking and diversified financials (“banking”) are particularly susceptible to interest rate risk, credit risk market risk, competition and general changes in economic conditions. Such issuers may also be affected by legislative or regulatory changes. In addition, financial market volatility and borrowers’ financial difficulties may significantly affect the values of the Fund’s investments in issuers in the banking industry. More generally, market events and conditions, monetary policy and other related factors can impact issuers in the banking industry in similar ways, which can result in increased volatility in the value of the Fund’s portfolio, and the possibility that many of the Fund’s holdings may lose value simultaneously.

•

The derivative instruments and techniques that the Fund may principally use include:

Swaps. A swap contract is an agreement between two parties pursuant to which the parties exchange payments at specified dates on the basis of a specified notional amount, with the payments calculated by reference to specified securities, indexes, reference rates, currencies or other instruments. Swap agreements are particularly subject to counterparty credit, liquidity, valuation, correlation and leverage risk. Swaps could result in losses if interest rate or foreign currency exchange rates or credit quality changes are not correctly anticipated by the Fund or if the reference index, security or investments do not perform as expected. The use of credit default swaps can result in losses if the Fund’s assumptions regarding the creditworthiness of the underlying obligation prove to be incorrect.

•

Extension Risk. When interest rates rise, certain obligations may be paid off by the obligor more slowly than anticipated, causing the value of these securities to fall.

•

Fixed-Income Instruments Risks. The Fund will invest in fixed-income instruments and securities. Such investments may be secured, partially secured or unsecured and may be unrated, and whether or not rated, may have speculative characteristics. The market price of the Fund’s investments will change in response to changes in interest rates and other factors. Generally, when interest rates rise, the values of fixed-income instruments fall, and vice versa. In typical interest rate environments, the prices of longer-term fixed-income instruments generally fluctuate more than the prices of shorter-term fixed-income instruments as interest rates change. The Fund may face a heightened level of interest rate risk, since the U.S. Federal Reserve Board recently ended its quantitative easing program and has begun to raise rates. In addition, a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. A fund with a negative average portfolio duration may decline in value as interest rates decrease. Most high yield investments pay a fixed rate of interest and are therefore vulnerable to inflation risk. The obligor of a fixed-income instrument may not be able or willing to pay interest or to repay principal when due in accordance with the terms of the associated agreement.

•

Floating or Variable Rate Securities Risk. Floating or variable rate securities pay interest at rates that adjust in response to changes in a specified interest rate or reset at predetermined dates (such as the end of a calendar quarter). Securities with floating or variable interest rates are generally less sensitive to interest rate changes than securities with fixed interest rates, but may decline in value if their interest rates do not rise as much, or as quickly, as comparable market interest rates. Although floating or variable rate securities are generally less sensitive to interest rate risk than fixed rate securities, they are subject to credit, liquidity and default risk and may be subject to legal or contractual restrictions on resale, which could impair their value.

•

Foreign Securities Risks. Investments in securities or other instruments of non-U.S. issuers involve certain risks not involved in domestic investments and may experience more rapid and extreme changes in value than investments in securities of U.S. companies. Financial markets in foreign countries often are not as developed, efficient or liquid as financial markets in the United States, and therefore, the prices of non-U.S. securities and instruments can be more volatile. In addition, the Fund will be subject to risks associated with adverse political and economic developments in foreign countries, which may include the imposition of economic sanctions. Generally, there is less readily available and reliable information about non-U.S. issuers due to less rigorous disclosure or accounting standards and regulatory practices.

•

Management Risk. The Fund may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund.

•

Other Investment Companies Risks. The Fund will incur higher and duplicative expenses when it invests in mutual funds, ETFs, and other investment companies, which may include those that are part of the same group of investment companies as the Fund (“affiliated underlying funds”). There is also the risk that the Fund may suffer losses due to the investment practices of the underlying funds. When the Fund invests in other investment companies, the Fund will be subject to substantially the same risks as those associated with the direct ownership of securities held by such investment companies. ETFs may be less liquid than other investments, and thus their share values more volatile than the values of the investments they hold. Investments in ETFs are also subject to the following risks: (i) the market price of an ETF’s shares may trade above or below their net asset value; (ii) an active trading market for an ETF’s shares may not develop or be maintained; and (iii) trading of an ETF’s shares may be halted for a number of reasons.

•

Portfolio Turnover Risk. Frequent trading increases the Fund’s portfolio turnover rate and may increase transaction costs, such as brokerage commissions, dealer mark-ups and may result in higher taxes when Fund shares are held in a taxable account. Increased transaction costs could detract from the Fund’s performance.

•

Preferred Securities Risk. Preferred securities may pay fixed or adjustable rates of return and are subject to many of the risks associated with debt securities (e.g., interest rate risk, call risk and extension risk). In addition, preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. Because many preferred securities allow the issuer to convert their preferred stock into common stock, preferred securities are often sensitive to declining common stock values. A company’s preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred stock of larger companies.

•

Repurchase Agreement Risks. Repurchase agreements typically involve the acquisition by the Fund of fixed-income securities from a selling financial institution such as a bank or broker-dealer. The Fund may incur a loss if the other party to a repurchase agreement is unwilling or unable to fulfill its contractual obligations to repurchase the underlying security.

•

Short Sales Risks. The Fund may make short sales of securities, which involves selling a security it does not own in anticipation that the price of the security will decline. Short sales may involve substantial risk and leverage. Short sales expose the Fund to the risk that it will be required to buy (“cover”) the security sold short when the security has appreciated in value or is unavailable, thus resulting in a loss to the Fund. Short sales involve the risk that losses may exceed the amount invested and may be unlimited.

•

Unrated Securities Risks. Unrated securities may be less liquid than comparable rated securities and involve the risk that Angel Oak may not accurately evaluate the security’s comparative credit rating.

•

Performance

The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Institutional Class shares of the Fund from year to year. The table below shows how the Fund’s Class A, Class C, and Institutional Class average annual total returns compare over time to those of a broad-based securities market index. No performance information for Class T shares is provided because Class T shares have not been in operation for a full calendar year. Although Class T and Class A shares will have similar annual returns because they have the same total annual fund operating expenses, average annual total returns for Class T shares will be lower than those shown in the table below for Class A shares because Class T shares generally have a higher initial sales charge than Class A shares.

Annual Total Return for Institutional Class Shares (year ended December 31 st)

The calendar year-to-date total return as of March 31, 2018 for the Fund’s Institutional Class shares was 0.63%. During the periods shown in the chart, the highest quarterly return was 3.29% (for the quarter ended September 30, 2016) and the lowest quarterly return was -7.11% (for the quarter ended March 31, 2016).

Angel Oak Flexible Income Fund Average Annual Total Returns For the period ended December 31, 2017

Average Annual Returns - Angel Oak Flexible Income Fund	Label	Average Annual Returns, 1 Year		Average Annual Returns, Since Inception		Average Annual Returns, Inception Date
Institutional Class	Institutional Class – Return Before Taxes	5.88%		3.03%		Nov. 03, 2014
Class A	Class A – Return Before Taxes	3.27%		2.08%		Nov. 03, 2014
Class C	Class C – Return Before Taxes	3.86%		0.66%		Aug. 04, 2015
After Taxes on Distributions \| Institutional Class	Institutional Class – Return After Taxes on Distributions	3.81%	^[1]	0.96%	^[1]
After Taxes on Distributions and Sale of Fund Shares \| Institutional Class	Institutional Class – Return After Taxes on Distributions and Sale of Fund Shares	3.30%	^[1]	1.35%	^[1]
Barclays Aggregate Bond Index Institutional Class and Class A Comparison (reflects no deduction for fees, expenses, and taxes)	Bloomberg Barclays Aggregate Bond Index (reflects no deduction for fees, expenses, and taxes)	3.54%		2.41%		Nov. 03, 2014
Bloomberg Barclays Aggregate Bond Index Class C Comparison (reflects no deduction for fees, expenses, and taxes)	Bloomberg Barclays Aggregate Bond Index (reflects no deduction for fees, expenses, and taxes)	3.54%		2.57%		Aug. 04, 2015

[1]

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. In certain cases, the figure representing "Return After Taxes on Distributions and Sale of Fund Shares" may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class only, and after-tax returns for other classes will vary.

XML 15 R17.htm IDEA: XBRL DOCUMENT

Label

Element

Value

rr_RiskReturnAbstract

rr_RiskReturnHeading

Angel Oak Flexible Income Fund

rr_ObjectiveHeading

Investment Objective

Objective, Secondary [Text Block]

rr_ObjectivePrimaryTextBlock

The Angel Oak Flexible Income Fund (the “Fund”) seeks current income

rr_ObjectiveSecondaryTextBlock

with a secondary objective of total return.

rr_ExpenseHeading

Fees and Expenses of the Fund

rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts or waivers if you and your family invest, or agree to invest in the future, at least $100,000 in Class A shares or $250,000 in Class T shares of the Fund. More information about these and other discounts or waivers is available from your financial professional and in the section “Sales Charges—Class A Shares” and “Sales Charges—Class T Shares” on pages 45–48 of the Prospectus, and in Appendix A—Waivers and Discounts Available from Intermediaries.

rr_ShareholderFeesCaption

Shareholder fees (fees paid directly from your investment)

Fee Waiver or Reimbursement over Assets, Date of Termination

rr_OperatingExpensesCaption

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination

May 31, 2019

rr_PortfolioTurnoverHeading

Portfolio Turnover

rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example above, affect the Fund’s performance. For the fiscal year ended January 31, 2018, the portfolio turnover rate for the Fund was 102% of the average value of its portfolio.

Portfolio Turnover, Rate

rr_PortfolioTurnoverRate

102.00%

rr_ExpenseExampleHeading

Expense Example

rr_ExpenseExampleNarrativeTextBlock

Expense Example, No Redemption, By Year, Caption [Text]

rr_ExpenseExampleByYearCaption

If you redeem your shares at the end of each period:

rr_ExpenseExampleNoRedemptionByYearCaption

If you do not redeem your shares:

rr_StrategyHeading

Principal Investment Strategies

rr_StrategyNarrativeTextBlock

rr_RiskHeading

Principal Risks

rr_RiskNarrativeTextBlock

•

The derivative instruments and techniques that the Fund may principally use include:

Swaps. A swap contract is an agreement between two parties pursuant to which the parties exchange payments at specified dates on the basis of a specified notional amount, with the payments calculated by reference to specified securities, indexes, reference rates, currencies or other instruments. Swap agreements are particularly subject to counterparty credit, liquidity, valuation, correlation and leverage risk. Swaps could result in losses if interest rate or foreign currency exchange rates or credit quality changes are not correctly anticipated by the Fund or if the reference index, security or investments do not perform as expected. The use of credit default swaps can result in losses if the Fund’s assumptions regarding the creditworthiness of the underlying obligation prove to be incorrect.

•

Extension Risk. When interest rates rise, certain obligations may be paid off by the obligor more slowly than anticipated, causing the value of these securities to fall.

•

Management Risk. The Fund may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund.

•

Other Investment Companies Risks. The Fund will incur higher and duplicative expenses when it invests in mutual funds, ETFs, and other investment companies, which may include those that are part of the same group of investment companies as the Fund (“affiliated underlying funds”). There is also the risk that the Fund may suffer losses due to the investment practices of the underlying funds. When the Fund invests in other investment companies, the Fund will be subject to substantially the same risks as those associated with the direct ownership of securities held by such investment companies. ETFs may be less liquid than other investments, and thus their share values more volatile than the values of the investments they hold. Investments in ETFs are also subject to the following risks: (i) the market price of an ETF’s shares may trade above or below their net asset value; (ii) an active trading market for an ETF’s shares may not develop or be maintained; and (iii) trading of an ETF’s shares may be halted for a number of reasons.

•

Repurchase Agreement Risks. Repurchase agreements typically involve the acquisition by the Fund of fixed-income securities from a selling financial institution such as a bank or broker-dealer. The Fund may incur a loss if the other party to a repurchase agreement is unwilling or unable to fulfill its contractual obligations to repurchase the underlying security.

•

Short Sales Risks. The Fund may make short sales of securities, which involves selling a security it does not own in anticipation that the price of the security will decline. Short sales may involve substantial risk and leverage. Short sales expose the Fund to the risk that it will be required to buy (“cover”) the security sold short when the security has appreciated in value or is unavailable, thus resulting in a loss to the Fund. Short sales involve the risk that losses may exceed the amount invested and may be unlimited.

•

rr_RiskLoseMoney

There may be circumstances that could prevent the Fund from achieving its investment objective and you may lose money by investing in the Fund.

rr_RiskNotInsuredDepositoryInstitution

An investment in the Fund is not a deposit at a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

rr_BarChartAndPerformanceTableHeading

Performance

Performance Information Illustrates Variability of Returns [Text]

rr_PerformanceNarrativeTextBlock

rr_PerformanceInformationIllustratesVariabilityOfReturns

The following performance information provides some indication of the risks of investing in the Fund.

rr_PerformanceAvailabilityPhone

(855) 751-4324

Performance Past Does Not Indicate Future [Text]

rr_PerformanceAvailabilityWebSiteAddress

www.angeloakcapital.com

rr_PerformancePastDoesNotIndicateFuture

Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results.

Bar Chart [Heading]

rr_BarChartHeading

Annual Total Return for Institutional Class Shares (year ended December 31 st)

Bar Chart Closing [Text Block]

rr_BarChartClosingTextBlock

Year to Date Return, Label

rr_YearToDateReturnLabel

year-to-date total return

Bar Chart, Year to Date Return, Date

rr_BarChartYearToDateReturnDate

Mar. 31, 2018

Bar Chart, Year to Date Return

rr_BarChartYearToDateReturn

0.63%

Highest Quarterly Return, Label

rr_HighestQuarterlyReturnLabel

highest quarterly return

Highest Quarterly Return, Date

rr_BarChartHighestQuarterlyReturnDate

Sep. 30, 2016

Highest Quarterly Return

rr_BarChartHighestQuarterlyReturn

3.29%

Lowest Quarterly Return, Label

rr_LowestQuarterlyReturnLabel

lowest quarterly return

Lowest Quarterly Return, Date

rr_BarChartLowestQuarterlyReturnDate

Mar. 31, 2016

Lowest Quarterly Return

rr_BarChartLowestQuarterlyReturn

(7.11%)

Index No Deduction for Fees, Expenses, Taxes [Text]

rr_IndexNoDeductionForFeesExpensesTaxes

(reflects no deduction for fees, expenses, and taxes)

Performance Table Uses Highest Federal Rate

rr_PerformanceTableUsesHighestFederalRate

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.

Performance Table Not Relevant to Tax Deferred

rr_PerformanceTableNotRelevantToTaxDeferred

After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

Performance Table One Class of after Tax Shown [Text]

rr_PerformanceTableOneClassOfAfterTaxShown

After-tax returns are shown for Institutional Class only, and after-tax returns for other classes will vary.

Performance Table Explanation after Tax Higher

rr_PerformanceTableExplanationAfterTaxHigher

Caption

rr_AverageAnnualReturnCaption

Angel Oak Flexible Income Fund Average Annual Total Returns For the period ended December 31, 2017

Angel Oak Flexible Income Fund | Barclays Aggregate Bond Index Institutional Class and Class A Comparison (reflects no deduction for fees, expenses, and taxes)

rr_RiskReturnAbstract

rr_AverageAnnualReturnLabel

Bloomberg Barclays Aggregate Bond Index (reflects no deduction for fees, expenses, and taxes)

rr_AverageAnnualReturnYear01

3.54%

rr_AverageAnnualReturnSinceInception

2.41%

Angel Oak Flexible Income Fund | Bloomberg Barclays Aggregate Bond Index Class C Comparison (reflects no deduction for fees, expenses, and taxes)

rr_AverageAnnualReturnInceptionDate

Nov. 03, 2014

rr_RiskReturnAbstract

rr_AverageAnnualReturnLabel

Bloomberg Barclays Aggregate Bond Index (reflects no deduction for fees, expenses, and taxes)

rr_AverageAnnualReturnYear01

3.54%

rr_AverageAnnualReturnSinceInception

2.57%

Angel Oak Flexible Income Fund | Class A

rr_AverageAnnualReturnInceptionDate

Aug. 04, 2015

Maximum Sales Charge (Load) Imposed on Purchases (as a % of the offering price)

rr_RiskReturnAbstract

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

2.25%

Maximum Deferred Sales Charge (Load) (as a % of amount redeemed)

rr_ExchangeFeeOverRedemption

none

^[1]

rr_ManagementFeesOverAssets

0.89%

rr_DistributionAndService12b1FeesOverAssets

0.25%

rr_OtherExpensesOverAssets

0.22%

rr_AcquiredFundFeesAndExpensesOverAssets

0.02%

rr_ExpensesOverAssets

1.38%

Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.26%)

^[2]

rr_NetExpensesOverAssets

1.12%

^[2]

rr_ExpensesDeferredChargesTextBlock

Expense Breakpoint, Minimum Investment Required [Amount]

rr_ExpenseBreakpointDiscounts

You may qualify for sales charge discounts or waivers if you and your family invest, or agree to invest in the future, at least $100,000 in Class A shares or $250,000 in Class T shares of the Fund.

rr_ExpenseBreakpointMinimumInvestmentRequiredAmount

$ 100,000

rr_ExpenseExampleYear01

337

rr_ExpenseExampleYear03

627

rr_ExpenseExampleYear05

939

rr_ExpenseExampleYear10

1,823

rr_ExpenseExampleNoRedemptionYear01

337

rr_ExpenseExampleNoRedemptionYear03

627

rr_ExpenseExampleNoRedemptionYear05

939

rr_ExpenseExampleNoRedemptionYear10

$ 1,823

rr_AverageAnnualReturnLabel

Class A – Return Before Taxes

rr_AverageAnnualReturnYear01

3.27%

rr_AverageAnnualReturnSinceInception

2.08%

Angel Oak Flexible Income Fund | Class T

rr_AverageAnnualReturnInceptionDate

Nov. 03, 2014

Maximum Sales Charge (Load) Imposed on Purchases (as a % of the offering price)

rr_RiskReturnAbstract

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

2.50%

Maximum Deferred Sales Charge (Load) (as a % of amount redeemed)

rr_ExchangeFeeOverRedemption

none

rr_ManagementFeesOverAssets

0.89%

rr_DistributionAndService12b1FeesOverAssets

0.25%

rr_OtherExpensesOverAssets

0.22%

^[3]

rr_AcquiredFundFeesAndExpensesOverAssets

0.02%

^[3]

rr_ExpensesOverAssets

1.38%

Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.26%)

^[2]

rr_NetExpensesOverAssets

1.12%

^[2]

Expense Breakpoint, Minimum Investment Required [Amount]

rr_ExpenseBreakpointDiscounts

You may qualify for sales charge discounts or waivers if you and your family invest, or agree to invest in the future, at least $100,000 in Class A shares or $250,000 in Class T shares of the Fund.

rr_ExpenseBreakpointMinimumInvestmentRequiredAmount

$ 250,000

Other Expenses, New Fund, Based on Estimates [Text]

rr_OtherExpensesNewFundBasedOnEstimates

“Other Expenses” and “Acquired Fund Fees and Expenses” for Class T shares are estimated for the current fiscal year.

Acquired Fund Fees and Expenses, Based on Estimates [Text]

rr_AcquiredFundFeesAndExpensesBasedOnEstimates

“Other Expenses” and “Acquired Fund Fees and Expenses” for Class T shares are estimated for the current fiscal year.

rr_ExpenseExampleYear01

$ 361

rr_ExpenseExampleYear03

651

rr_ExpenseExampleYear05

962

rr_ExpenseExampleYear10

1,844

rr_ExpenseExampleNoRedemptionYear01

361

rr_ExpenseExampleNoRedemptionYear03

651

rr_ExpenseExampleNoRedemptionYear05

962

rr_ExpenseExampleNoRedemptionYear10

$ 1,844

Angel Oak Flexible Income Fund | Class C

rr_PerformanceOneYearOrLess

No performance information for Class T shares is provided because Class T shares have not been in operation for a full calendar year.

Maximum Sales Charge (Load) Imposed on Purchases (as a % of the offering price)

rr_RiskReturnAbstract

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

none

Maximum Deferred Sales Charge (Load) (as a % of amount redeemed)

rr_ExchangeFeeOverRedemption

1.00%

^[4]

rr_ManagementFeesOverAssets

0.89%

rr_DistributionAndService12b1FeesOverAssets

1.00%

rr_OtherExpensesOverAssets

0.22%

rr_AcquiredFundFeesAndExpensesOverAssets

0.02%

rr_ExpensesOverAssets

2.13%

Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.26%)

^[2]

rr_NetExpensesOverAssets

1.87%

^[2]

rr_ExpensesDeferredChargesTextBlock

The Fund charges this fee on Class C shares redeemed within one year of purchase.

rr_ExpenseExampleYear01

$ 293

rr_ExpenseExampleYear03

642

rr_ExpenseExampleYear05

1,120

rr_ExpenseExampleYear10

2,442

rr_ExpenseExampleNoRedemptionYear01

190

rr_ExpenseExampleNoRedemptionYear03

642

rr_ExpenseExampleNoRedemptionYear05

1,120

rr_ExpenseExampleNoRedemptionYear10

$ 2,442

rr_AverageAnnualReturnLabel

Class C – Return Before Taxes

rr_AverageAnnualReturnYear01

3.86%

rr_AverageAnnualReturnSinceInception

0.66%

Angel Oak Flexible Income Fund | Institutional Class

rr_AverageAnnualReturnInceptionDate

Aug. 04, 2015

Maximum Sales Charge (Load) Imposed on Purchases (as a % of the offering price)

rr_RiskReturnAbstract

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

none

Maximum Deferred Sales Charge (Load) (as a % of amount redeemed)

rr_ExchangeFeeOverRedemption

none

rr_ManagementFeesOverAssets

0.89%

rr_DistributionAndService12b1FeesOverAssets

none

rr_OtherExpensesOverAssets

0.21%

rr_AcquiredFundFeesAndExpensesOverAssets

0.02%

rr_ExpensesOverAssets

1.12%

Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.25%)

^[2]

rr_NetExpensesOverAssets

0.87%

^[2]

rr_ExpenseExampleYear01

$ 89

rr_ExpenseExampleYear03

331

rr_ExpenseExampleYear05

593

rr_ExpenseExampleYear10

1,341

rr_ExpenseExampleNoRedemptionYear01

rr_ExpenseExampleNoRedemptionYear03

331

rr_ExpenseExampleNoRedemptionYear05

593

rr_ExpenseExampleNoRedemptionYear10

$ 1,341

Annual Return 2015

rr_AnnualReturn2015

3.55%

Annual Return 2016

rr_AnnualReturn2016

(0.34%)

Annual Return 2017

rr_AnnualReturn2017

5.88%

rr_AverageAnnualReturnLabel

Institutional Class – Return Before Taxes

rr_AverageAnnualReturnYear01

5.88%

rr_AverageAnnualReturnSinceInception

3.03%

Angel Oak Flexible Income Fund | Institutional Class | After Taxes on Distributions

rr_AverageAnnualReturnInceptionDate

Nov. 03, 2014

rr_RiskReturnAbstract

rr_AverageAnnualReturnLabel

Institutional Class – Return After Taxes on Distributions

rr_AverageAnnualReturnYear01

3.81%

^[5]

Angel Oak Flexible Income Fund | Institutional Class | After Taxes on Distributions and Sale of Fund Shares

rr_AverageAnnualReturnSinceInception

0.96%

^[5]

rr_RiskReturnAbstract

rr_AverageAnnualReturnLabel

Institutional Class – Return After Taxes on Distributions and Sale of Fund Shares

rr_AverageAnnualReturnYear01

3.30%

^[5]

XML 17 R18.htm IDEA: XBRL DOCUMENT

rr_AverageAnnualReturnSinceInception

1.35%

^[5]

[1]	There is no initial sales charge on purchases of Class A shares of $1 million or more, however, a contingent deferred sales charge of up to 1.00% may be imposed if such Class A shares are redeemed within eighteen (18) months of their purchase.
[2]	Angel Oak Capital Advisors, LLC (the "Adviser") has contractually agreed to waive its fees and/or reimburse certain expenses (exclusive of any front-end sales loads, taxes, interest on borrowings, dividends on securities sold short, brokerage commissions, 12b-1 fees, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization and extraordinary expenses) to limit the Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement to 0.85% of the Fund's average daily net assets (the "Expense Limit") through May 31, 2019. The contractual arrangement may only be changed or eliminated by the Board of Trustees upon 60 days' written notice to the Adviser. The Adviser may recoup from the Fund any waived amount or reimbursed expenses pursuant to this agreement if such recoupment does not cause the Fund to exceed the lesser of (i) the Expense Limit in effect at the time of the waiver or reimbursement and (ii) the Expense Limit in effect at the time of recoupment and the recoupment is made within three years after the end of the month in which the Adviser incurred the expense.
[3]	"Other Expenses" and "Acquired Fund Fees and Expenses" for Class T shares are estimated for the current fiscal year.
[4]	The Fund charges this fee on Class C shares redeemed within one year of purchase.
[5]	After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. In certain cases, the figure representing "Return After Taxes on Distributions and Sale of Fund Shares" may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class only, and after-tax returns for other classes will vary.

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Angel Oak High Yield Opportunities Fund

The investment objective of the Angel Oak High Yield Opportunities Fund (the “Fund”) is to earn a high level of current income

with a secondary objective of capital appreciation.

Shareholder fees (fees paid directly from your investment)

Shareholder Fees - Angel Oak High Yield Opportunities Fund	Class A		Class T	Class C		Institutional Class
Maximum Sales Charge (Load) Imposed on Purchases (as a % of the offering price)	2.25%		2.50%	none		none
Maximum Deferred Sales Charge (Load) (as a % of amount redeemed)	none	^[1]	none	1.00%	^[2]	none

[1]	There is no initial sales charge on purchases of Class A shares of $1 million or more, however, a contingent deferred sales charge of up to 1.00% may be imposed if such Class A shares are redeemed within eighteen (18) months of their purchase.
[2]	The Fund charges this fee on Class C shares redeemed within one year of purchase.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses - Angel Oak High Yield Opportunities Fund		Class A	Class T		Class C		Institutional Class
Management Fees		0.55%	0.55%		0.55%		0.55%
Distribution and Service (12b-1) Fees		0.25%	0.25%		1.00%		none
Other Expenses		0.47%	0.47%	^[1]	0.47%	^[1]	0.47%
Acquired Fund Fees and Expenses		0.01%	0.01%	^[1]	0.01%	^[1]	0.01%
Total Annual Fund Operating Expenses		1.28%	1.28%		2.03%		1.03%
Less Fee Waiver/Expense Reimbursement		(0.37%)	(0.37%)		(0.37%)		(0.37%)
Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement	^[2]	0.91%	0.91%		1.66%		0.66%

[1]

"Other Expenses" and "Acquired Fund Fees and Expenses" for Class C and Class T shares are estimated for the current fiscal year.

[2]

Angel Oak Capital Advisors, LLC (the "Adviser") has contractually agreed to waive its fees and/or reimburse certain expenses (exclusive of any front-end sales loads, taxes, interest on borrowings, dividends on securities sold short, brokerage commissions, 12b-1 fees, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization and extraordinary expenses) to limit the Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement to 0.65% of the Fund's average daily net assets (the "Expense Limit") through May 31, 2019. The contractual arrangement may only be changed or eliminated by the Board of Trustees upon 60 days' written notice to the Adviser. The Adviser may recoup from the Fund any waived amount or reimbursed expenses pursuant to this agreement if such recoupment does not cause the Fund to exceed the lesser of (i) the Expense Limit in effect at the time of the waiver or reimbursement and (ii) the Expense Limit in effect at the time of recoupment and the recoupment is made within three years after the end of the month in which the Adviser incurred the expense.

If you redeem your shares at the end of each period:

Expense Example - Angel Oak High Yield Opportunities Fund - USD ($)	One Year	Three Years	Five Years	Ten Years
Class A	316	586	877	1,704
Class T	341	610	900	1,725
Class C	272	601	1,059	2,329
Institutional Class	67	291	533	1,226

Expense Example No Redemption - Angel Oak High Yield Opportunities Fund - USD ($)	One Year	Three Years	Five Years	Ten Years
Class A	316	586	877	1,704
Class T	341	610	900	1,725
Class C	169	601	1,059	2,329
Institutional Class	67	291	533	1,226

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year ended January 31, 2018, the portfolio turnover rate for the High Yield Fund was 46% of the average value of its portfolio.

The Fund’s allocation of its assets into various asset classes will depend on the views of the Adviser as to the best value relative to what is currently presented in the market place. Investment decisions are made based on fundamental research and analysis to identify issuers with the ability to improve their credit profile over time with attractive valuations, resulting in both income and potential capital appreciation. The Fund’s portfolio managers lead a team of sector specialists responsible for researching opportunities within their sector and making recommendations to the Fund’s portfolio managers. In selecting investments, the Adviser may consider maturity, yield and ratings information and opportunities for price appreciation among other criteria. The Adviser seeks to limit risk of principal by targeting assets that it considers undervalued.

The Fund may sell a security if the Adviser no longer believes it is undervalued or if the Adviser believes that a different security will better help the Fund achieve its investment objective. In pursuing its objective, the Fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in below investment grade bonds of corporate issuers. These “high-yield” securities (also known as “junk bonds”) will generally be rated BB or lower by Standard & Poor’s Rating Group (“S&P”) or will be of equivalent quality rating from another Nationally Recognized Statistical Ratings Organization. If a bond is unrated, Angel Oak Capital Advisors, LLC (the “Adviser”), the investment adviser to the Fund, may determine whether it is of comparable quality and therefore eligible for the Fund’s investment.

The Fund may purchase securities of companies in any capitalization range – small, medium or large. The Fund’s principal investments include domestic corporate debt securities, collateralized loan obligations (“CLOs”), asset-backed fixed income securities, mortgage-backed securities, foreign debt securities (including corporate fixed income securities registered and sold in the United States by foreign issuers (“Yankee” bonds)), fixed and floating rate bonds, as well as zero coupon bonds. The Fund intends to focus primarily on securities with credit ratings (or equivalent quality) between the range of BB and B of the high-yield market. However, the Fund may invest in or continue to hold securities that have credit ratings lower than B, are bankrupt, or are in default. The Fund may also invest in bank subordinated debt.

The Fund may also invest in private placements and “Rule 144A” securities, which are subject to resale restrictions. The Fund is permitted to invest up to 15% of its net assets in equity securities such as common stock, preferred stock, warrants, rights and exchange-traded funds (“ETFs”). The Fund may also invest up to 20% of its assets in investment grade securities, including U.S. Treasury and U.S. government agency securities. The Fund may invest up to 25% of its assets in foreign debt securities (including Yankee bonds), including those denominated in U.S. dollars. The Fund may invest up to 15% of its net assets in private placements, Rule 144A securities, and securities of issuers that are bankrupt or in default that may be deemed to be illiquid. The Fund may also invest in the securities of other investment companies that invest primarily in high-yield securities. The Fund may invest significantly in debt of issuers in the financial services and energy sectors.

The Fund may purchase bonds of any maturity, but the Fund will normally have a dollar-weighted average maturity between two and fifteen years. The average maturity may be less than two years if the Adviser believes a temporary defensive posture is appropriate. In addition, duration may be one of the characteristics considered in security selection, but the Fund does not focus on bonds with any particular duration. Duration is a measure of interest rate risk using the expected life of a debt security. Duration incorporates a bond’s yield, coupon interest payments, final maturity, call and put features and prepayment exposure into one measure, with a higher duration indicating greater sensitivity to interest rates.

In pursuing its investment objectives or for hedging purposes, the Fund may utilize borrowing. Additionally, the Fund’s principal investment strategies include the use of credit default swaps, interest rate swaps, total return swaps, futures contracts, and options, although the Adviser expects that not all such derivatives will be used at all times. Such derivatives may trade over-the-counter or on an exchange and may principally be used for one or more of the following purposes: speculation, currency hedging, duration management, or to pursue the Fund’s investment objective. The Fund may borrow to the maximum extent permitted by applicable law, which generally means that the Fund may borrow up to one-third of its total assets. The Fund may also invest in repurchase agreements and reverse repurchase agreements.

Bank Subordinated Debt Risks. Banks may issue subordinated debt securities, which have a lower priority to full payment behind other more senior debt securities. In addition to the risks generally associated with fixed income instruments (e.g., interest rate risk, credit risk, etc.), bank subordinated debt is also subject to risks inherent to banks. Because banks are highly regulated and operate in a highly competitive environment, it may be difficult for a bank to meet its debt obligations. Banks also may be affected by changes in legislation and regulations applicable to the financial markets. Bank subordinated debt is often issued by smaller community banks that may be overly concentrated in a specific geographic region, lack the capacity to comply with new regulatory requirements or lack adequate capital.

The derivative instruments and techniques that the Fund may principally use include:

Equity Market Risk. Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. The equity market may experience declines and companies whose equity securities are in the Fund’s portfolio may not increase their earnings at the rate anticipated. The Fund’s net asset value and investment return will fluctuate based upon changes in the value of its portfolio securities.

Extension Risk. When interest rates rise, certain obligations may be paid off by the obligor more slowly than anticipated, causing the value of these securities to fall.

Fixed-Income Instruments Risks. The Fund will invest fixed-income instruments and securities. Such investments may be secured, partially secured or unsecured and may be unrated, and whether or not rated, may have speculative characteristics. The market price of the Fund’s investments will change in response to changes in interest rates and other factors. Generally, when interest rates rise, the values of fixed-income instruments fall, and vice versa. In typical interest rate environments, the prices of longer-term fixed-income instruments generally fluctuate more than the prices of shorter-term fixed-income instruments as interest rates change. The Fund may face a heightened level of interest rate risk, since the U.S. Federal Reserve Board recently ended its quantitative easing program and has begun to raise rates. In addition, a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. A fund with a negative average portfolio duration may decline in value as interest rates decrease. Most high yield investments pay a fixed rate of interest and are therefore vulnerable to inflation risk. The obligor of a fixed-income instrument may not be able or willing to pay interest or to repay principal when due in accordance with the terms of the associated agreement.

Foreign Currency Risks. Changes in foreign currency exchange rates may affect the value of securities in the Fund and the unrealized appreciation or depreciation of investments. Currencies of certain countries may be volatile and therefore may affect the value of the Fund’s investments in foreign currencies or securities denominated in such currencies, which means that the Fund’s NAV could decline as a result of changes in the exchange rates between foreign currencies and the U.S. Dollar. The Fund’s use of futures or options contracts to purchase or sell foreign currencies may result in reduced returns to the Fund.

High-Yield Securities Risks. High-yield securities (also known as “junk bonds”) carry a greater degree of risk and are more volatile than investment grade securities and are considered speculative. High-yield securities may be issued by companies that are restructuring, are smaller and less creditworthy, or are more highly indebted than other companies. This means that they may have more difficulty making scheduled payments of principal and interest. Changes in the value of high-yield securities are influenced more by changes in the financial and business position of the issuing company than by changes in interest rates when compared to investment grade securities. The Fund’s investments in high-yield securities expose it to a substantial degree of credit risk.

Large Shareholder Transactions Risk. Shares of the Fund are offered to certain other investment companies (including those that are part of the same group of investment companies as the Fund), large retirement plans and other large investors. As a result, the Fund is subject to the risk that those shareholders may purchase or redeem a large amount of shares of the Fund. To satisfy such large shareholder redemptions, the Fund may have to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund’s NAV and liquidity. In addition, large purchases of Fund shares could adversely affect the Fund’s performance to the extent that the Fund does not immediately invest cash it receives and therefore holds more cash than it ordinarily would. Large shareholder activity could also generate increased transaction costs and cause adverse tax consequences.

Management Risk. The Fund may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund.

Other Investment Companies Risks. The Fund will incur higher and duplicative expenses when it invests in mutual funds, ETFs, and other investment companies. There is also the risk that the Fund may suffer losses due to the investment practices of the underlying funds. When the Fund invests in other investment companies, the Fund will be subject to substantially the same risks as those associated with the direct ownership of securities held by such investment companies. ETFs may be less liquid than other investments, and thus their share values more volatile than the values of the investments they hold. Investments in ETFs are also subject to the following risks: (i) the market price of an ETF’s shares may trade above or below their net asset value; (ii) an active trading market for an ETF’s shares may not develop or be maintained; and (iii) trading of an ETF’s shares may be halted for a number of reasons.

Repurchase Agreement Risks. Repurchase agreements typically involve the acquisition by the Fund of fixed-income securities from a selling financial institution such as a bank or broker-dealer. The Fund may incur a loss if the other party to a repurchase agreement is unwilling or unable to fulfill its contractual obligations to repurchase the underlying security.

Sector Risk. To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.

Energy Sector Risk. The Fund will invest significantly in securities tied to the energy sector and energy infrastructure. Companies operating in the energy sector are subject to significant governmental regulation and may be affected by fluctuations in the prices of energy commodities, the depletion of natural resources, and changes in the supply or demand for energy commodities. Rising interest rates can also adversely impact the financial performance of these companies by increasing their costs of capital. Extreme weather or other natural disasters, threats of or actual attacks by terrorists, and significant accidents or similar events may adversely affect the securities issued by the company.

Financial Sector Risk. The Fund may invest in companies in the financial sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. This sector can be significantly affected by changes in interest rates, government regulation, the rate of defaults on corporate, consumer and government debt, the availability and cost of capital, and fallout from the housing and sub-prime mortgage crisis. Insurance companies, in particular, may be significantly affected by changes in interest rates, catastrophic events, price and market competition, the imposition of premium rate caps, or other changes in government regulation or tax law and/or rate regulation, which may have an adverse impact on their profitability. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted. In recent years, cyber attacks and technology malfunctions and failures have become increasingly frequent in this sector and have caused significant losses.

The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows changes in the performance of the Institutional Class shares of the Fund from year-to-year. The table below shows how the Fund’s Class A and Institutional Class average annual total returns compare over time to those of certain broad-based securities market indices. Class A shares commenced operations on July 31, 2012. Performance of the Class A shares shown prior to July 31, 2012 reflects the performance of the Institutional Class shares, adjusted to reflect the higher gross annual operating expenses of Class A. Additionally, performance of the Class A shares shown prior to April 15, 2016 has been adjusted to reflect the sales charge (load) that became applicable to purchases of Class A shares (subject to the exceptions described in the Prospectus) on April 15, 2016.

The Fund is the successor to the investment performance of the Rainier High Yield Fund (the “Predecessor High Yield Fund”) as a result of the reorganization of the Predecessor High Yield Fund into the Fund on April 15, 2016. Accordingly, the performance information shown below for periods prior to April 15, 2016 is that of the Predecessor High Yield Fund’s Institutional Shares and Original Shares for the Fund’s Institutional Class and Class A shares, respectively. The Predecessor High Yield Fund had substantially the same investment objectives, policies, and strategies as the Fund.

No performance information for Class C or Class T shares is provided because such classes have not been in operation for a full calendar year. Although Class T and Class A shares will have similar annual returns because they have the same total annual fund operating expenses, average annual total returns for Class T shares will be lower than those shown in the table below for Class A shares because Class T shares generally have a higher initial sales charge than Class A shares. Average annual total returns for Class C shares will be lower than those shown in the table below for Class A and Class T shares because Class C shares generally have a higher distribution and/or service (12b-1) fee than Class A and Class T shares.

Annual Total Returns for Institutional Class Shares (years ended December 31st)

The calendar year-to-date total return as of March 31, 2018 for the Fund’s Institutional Class shares was -0.45%. During the periods shown in the chart, the highest quarterly return was 6.82% (for the quarter ended September 30, 2010) and the lowest quarterly return was -3.89% (for the quarter ended September 30, 2011).

Angel Oak High Yield Opportunities Fund Average Annual Total Returns

Average Annual Returns - Angel Oak High Yield Opportunities Fund	Label	Average Annual Returns, 1 Year		Average Annual Returns, 5 Years		Average Annual Returns, Since Inception		Average Annual Returns, Inception Date
Institutional Class	Institutional Class – Return Before Taxes	7.78%		6.03%		9.88%		Mar. 31, 2009
Class A	Class A – Return Before Taxes	5.24%		5.32%		9.35%		Mar. 31, 2009
After Taxes on Distributions \| Institutional Class	Institutional Class – Return After Taxes on Distributions	5.22%	^[1]	3.19%	^[1]	6.86%	^[1]
After Taxes on Distributions and Sale of Fund Shares \| Institutional Class	Institutional Class – Return After Taxes on Distributions and Sale of Fund Shares	4.37%	^[1]	3.32%	^[1]	6.54%	^[1]
Bloomberg Barclays U.S. Corporate High Yield Bond Index (reflects no deduction for fees, expenses, and taxes)	Bloomberg Barclays U.S. Corporate High Yield Bond Index (reflects no deduction for fees, expenses, and taxes)	7.50%	^[2]	5.78%	^[2]	12.33%	^[2]	Mar. 31, 2009	^[2]
ICE BofA Merrill Lynch High Yield Index (reflects no deduction for fees, expenses, and taxes)	ICE BofA Merrill Lynch High Yield Index (reflects no deduction for fees, expenses, and taxes)	7.48%	^[2]	5.80%	^[2]	12.32%	^[2]	Mar. 31, 2009	^[2]

[1]

[2]

Effective April 1, 2018, the benchmark index changed from the ICE Bank of America Merrill Lynch High Yield Index to the Bloomberg Barclays U.S. Corporate High Yield Bond Index. The benchmark index was changed to more accurately reflect the Fund's investment style.

NOTE: Class A shares commenced operations on July 31, 2012 as the Original Shares class of the Predecessor High Yield Fund, and Institutional Class shares commenced operations on March 31, 2009 as the Institutional Shares of the Predecessor High Yield Fund.

XML 18 R25.htm IDEA: XBRL DOCUMENT

Angel Oak High Yield Opportunities Fund

Element

Value

Angel Oak High Yield Opportunities Fund

rr_RiskReturnHeading

rr_ObjectiveHeading

rr_ObjectivePrimaryTextBlock

The investment objective of the Angel Oak High Yield Opportunities Fund (the “Fund”) is to earn a high level of current income

Objective, Secondary [Text Block]

rr_ObjectiveSecondaryTextBlock

with a secondary objective of capital appreciation.

rr_ExpenseHeading

rr_ExpenseNarrativeTextBlock

rr_ShareholderFeesCaption

Shareholder fees (fees paid directly from your investment)

rr_OperatingExpensesCaption

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Fee Waiver or Reimbursement over Assets, Date of Termination

rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination

May 31, 2019

rr_PortfolioTurnoverHeading

rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year ended January 31, 2018, the portfolio turnover rate for the High Yield Fund was 46% of the average value of its portfolio.

Portfolio Turnover, Rate

rr_PortfolioTurnoverRate

46.00%

rr_ExpenseExampleHeading

rr_ExpenseExampleNarrativeTextBlock

rr_ExpenseExampleByYearCaption

If you redeem your shares at the end of each period:

Expense Example, No Redemption, By Year, Caption [Text]

rr_ExpenseExampleNoRedemptionByYearCaption

rr_StrategyHeading

rr_StrategyNarrativeTextBlock

rr_RiskHeading

rr_RiskNarrativeTextBlock

Bank Subordinated Debt Risks. Banks may issue subordinated debt securities, which have a lower priority to full payment behind other more senior debt securities. In addition to the risks generally associated with fixed income instruments (e.g., interest rate risk, credit risk, etc.), bank subordinated debt is also subject to risks inherent to banks. Because banks are highly regulated and operate in a highly competitive environment, it may be difficult for a bank to meet its debt obligations. Banks also may be affected by changes in legislation and regulations applicable to the financial markets. Bank subordinated debt is often issued by smaller community banks that may be overly concentrated in a specific geographic region, lack the capacity to comply with new regulatory requirements or lack adequate capital.

The derivative instruments and techniques that the Fund may principally use include:

Extension Risk. When interest rates rise, certain obligations may be paid off by the obligor more slowly than anticipated, causing the value of these securities to fall.

Management Risk. The Fund may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund.

Repurchase Agreement Risks. Repurchase agreements typically involve the acquisition by the Fund of fixed-income securities from a selling financial institution such as a bank or broker-dealer. The Fund may incur a loss if the other party to a repurchase agreement is unwilling or unable to fulfill its contractual obligations to repurchase the underlying security.

Sector Risk. To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.

There may be circumstances that could prevent the Fund from achieving its investment objective and you may lose money by investing in the Fund.

rr_RiskLoseMoney

rr_RiskNotInsuredDepositoryInstitution

An investment in the Fund is not a deposit at a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

rr_BarChartAndPerformanceTableHeading

rr_PerformanceNarrativeTextBlock

Performance Information Illustrates Variability of Returns [Text]

rr_PerformanceInformationIllustratesVariabilityOfReturns

The following performance information provides some indication of the risks of investing in the Fund.

rr_PerformanceAvailabilityPhone

(855) 751-4324

rr_PerformanceAvailabilityWebSiteAddress

www.angeloakcapital.com

Performance Past Does Not Indicate Future [Text]

rr_PerformancePastDoesNotIndicateFuture

Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results.

Bar Chart [Heading]

rr_BarChartHeading

Annual Total Returns for Institutional Class Shares (years ended December 31st)

Bar Chart Closing [Text Block]

rr_BarChartClosingTextBlock

Year to Date Return, Label

rr_YearToDateReturnLabel

year-to-date total return

Bar Chart, Year to Date Return, Date

rr_BarChartYearToDateReturnDate

Mar. 31, 2018

Bar Chart, Year to Date Return

rr_BarChartYearToDateReturn

(0.45%)

Highest Quarterly Return, Label

rr_HighestQuarterlyReturnLabel

highest quarterly return

Highest Quarterly Return, Date

rr_BarChartHighestQuarterlyReturnDate

Sep. 30, 2010

Highest Quarterly Return

rr_BarChartHighestQuarterlyReturn

6.82%

Lowest Quarterly Return, Label

rr_LowestQuarterlyReturnLabel

lowest quarterly return

Lowest Quarterly Return, Date

rr_BarChartLowestQuarterlyReturnDate

Sep. 30, 2011

Lowest Quarterly Return

rr_BarChartLowestQuarterlyReturn

(3.89%)

Performance Table Market Index Changed

rr_PerformanceTableMarketIndexChanged

Index No Deduction for Fees, Expenses, Taxes [Text]

rr_IndexNoDeductionForFeesExpensesTaxes

(reflects no deduction for fees, expenses, and taxes)

Performance Table Uses Highest Federal Rate

rr_PerformanceTableUsesHighestFederalRate

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.

Performance Table Not Relevant to Tax Deferred

rr_PerformanceTableNotRelevantToTaxDeferred

After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

Performance Table One Class of after Tax Shown [Text]

rr_PerformanceTableOneClassOfAfterTaxShown

After-tax returns are shown for Institutional Class only, and after-tax returns for other classes will vary.

Performance Table Explanation after Tax Higher

rr_PerformanceTableExplanationAfterTaxHigher

Performance Table Closing [Text Block]

rr_PerformanceTableClosingTextBlock

Caption

rr_AverageAnnualReturnCaption

Angel Oak High Yield Opportunities Fund Average Annual Total Returns

Angel Oak High Yield Opportunities Fund | Bloomberg Barclays U.S. Corporate High Yield Bond Index (reflects no deduction for fees, expenses, and taxes)

Bloomberg Barclays U.S. Corporate High Yield Bond Index (reflects no deduction for fees, expenses, and taxes)

7.50%

5.78%

12.33%

Angel Oak High Yield Opportunities Fund | ICE BofA Merrill Lynch High Yield Index (reflects no deduction for fees, expenses, and taxes)

ICE BofA Merrill Lynch High Yield Index (reflects no deduction for fees, expenses, and taxes)

7.48%

5.80%

12.32%

Angel Oak High Yield Opportunities Fund | Class A

Maximum Sales Charge (Load) Imposed on Purchases (as a % of the offering price)

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

2.25%

Maximum Deferred Sales Charge (Load) (as a % of amount redeemed)

0.25%

1.28%

Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement

0.91%

rr_ExpensesDeferredChargesTextBlock

rr_ExpenseBreakpointDiscounts

You may qualify for sales charge discounts or waivers if you and your family invest, or agree to invest in the future, at least $100,000 in Class A shares or $250,000 in Class T shares of the Fund.

Expense Breakpoint, Minimum Investment Required [Amount]

rr_ExpenseBreakpointMinimumInvestmentRequiredAmount

$ 100,000

316

586

877

1,704

316

586

877

$ 1,704

Class A – Return Before Taxes

5.24%

5.32%

9.35%

Angel Oak High Yield Opportunities Fund | Class T

Maximum Sales Charge (Load) Imposed on Purchases (as a % of the offering price)

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

2.50%

Maximum Deferred Sales Charge (Load) (as a % of amount redeemed)

0.25%

1.28%

Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement

0.91%

rr_ExpenseBreakpointDiscounts

You may qualify for sales charge discounts or waivers if you and your family invest, or agree to invest in the future, at least $100,000 in Class A shares or $250,000 in Class T shares of the Fund.

Expense Breakpoint, Minimum Investment Required [Amount]

rr_ExpenseBreakpointMinimumInvestmentRequiredAmount

$ 250,000

Other Expenses, New Fund, Based on Estimates [Text]

rr_OtherExpensesNewFundBasedOnEstimates

“Other Expenses” and “Acquired Fund Fees and Expenses” for Class C and Class T shares are estimated for the current fiscal year.

Acquired Fund Fees and Expenses, Based on Estimates [Text]

rr_AcquiredFundFeesAndExpensesBasedOnEstimates

“Other Expenses” and “Acquired Fund Fees and Expenses” for Class C and Class T shares are estimated for the current fiscal year.

$ 341

610

900

1,725

341

610

900

$ 1,725

rr_PerformanceOneYearOrLess

No performance information for Class C or Class T shares is provided because such classes have not been in operation for a full calendar year.

Angel Oak High Yield Opportunities Fund | Class C

Maximum Sales Charge (Load) Imposed on Purchases (as a % of the offering price)

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

Maximum Deferred Sales Charge (Load) (as a % of amount redeemed)

^[5]

2.03%

Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement

1.66%

rr_ExpensesDeferredChargesTextBlock

The Fund charges this fee on Class C shares redeemed within one year of purchase.

Other Expenses, New Fund, Based on Estimates [Text]

rr_OtherExpensesNewFundBasedOnEstimates

“Other Expenses” and “Acquired Fund Fees and Expenses” for Class C and Class T shares are estimated for the current fiscal year.

Acquired Fund Fees and Expenses, Based on Estimates [Text]

rr_AcquiredFundFeesAndExpensesBasedOnEstimates

“Other Expenses” and “Acquired Fund Fees and Expenses” for Class C and Class T shares are estimated for the current fiscal year.

$ 272

601

1,059

2,329

169

601

1,059

$ 2,329

rr_PerformanceOneYearOrLess

No performance information for Class C or Class T shares is provided because such classes have not been in operation for a full calendar year.

Angel Oak High Yield Opportunities Fund | Institutional Class

Maximum Sales Charge (Load) Imposed on Purchases (as a % of the offering price)

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

Maximum Deferred Sales Charge (Load) (as a % of amount redeemed)

1.03%

Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement

0.66%

$ 67

291

533

1,226

291

533

Institutional Class – Return Before Taxes

7.78%

6.03%

9.88%

Angel Oak High Yield Opportunities Fund | Institutional Class | After Taxes on Distributions

Institutional Class – Return After Taxes on Distributions

5.22%

3.19%

6.86%

Angel Oak High Yield Opportunities Fund | Institutional Class | After Taxes on Distributions and Sale of Fund Shares

Institutional Class – Return After Taxes on Distributions and Sale of Fund Shares

4.37%

3.32%

6.54%

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[1]	Effective April 1, 2018, the benchmark index changed from the ICE Bank of America Merrill Lynch High Yield Index to the Bloomberg Barclays U.S. Corporate High Yield Bond Index. The benchmark index was changed to more accurately reflect the Fund's investment style.
[2]	There is no initial sales charge on purchases of Class A shares of $1 million or more, however, a contingent deferred sales charge of up to 1.00% may be imposed if such Class A shares are redeemed within eighteen (18) months of their purchase.
[3]	Angel Oak Capital Advisors, LLC (the "Adviser") has contractually agreed to waive its fees and/or reimburse certain expenses (exclusive of any front-end sales loads, taxes, interest on borrowings, dividends on securities sold short, brokerage commissions, 12b-1 fees, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization and extraordinary expenses) to limit the Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement to 0.65% of the Fund's average daily net assets (the "Expense Limit") through May 31, 2019. The contractual arrangement may only be changed or eliminated by the Board of Trustees upon 60 days' written notice to the Adviser. The Adviser may recoup from the Fund any waived amount or reimbursed expenses pursuant to this agreement if such recoupment does not cause the Fund to exceed the lesser of (i) the Expense Limit in effect at the time of the waiver or reimbursement and (ii) the Expense Limit in effect at the time of recoupment and the recoupment is made within three years after the end of the month in which the Adviser incurred the expense.
[4]	"Other Expenses" and "Acquired Fund Fees and Expenses" for Class C and Class T shares are estimated for the current fiscal year.
[5]	The Fund charges this fee on Class C shares redeemed within one year of purchase.
[6]	After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. In certain cases, the figure representing "Return After Taxes on Distributions and Sale of Fund Shares" may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class only, and after-tax returns for other classes will vary.

Angel Oak UltraShort Income Fund

The Angel Oak UltraShort Income Fund (the “Fund”) seeks to provide current income while seeking to minimize price volatility and maintain liquidity.

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder fees (fees paid directly from your investment)

Shareholder Fees - Angel Oak UltraShort Income Fund	Class A	Class C		Institutional Class
Maximum Sales Charge (Load) Imposed on Purchases (as a % of the offering price)	none	none		none
Maximum Deferred Sales Charge (Load) (as a % of amount redeemed)	none	1.00%	^[1]	none

[1]	The Fund charges this fee on Class C shares redeemed within one year of purchase.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses - Angel Oak UltraShort Income Fund		Class A	Class C	Institutional Class
Management Fees		0.44%	0.44%	0.44%
Distribution and Service (12b-1) Fees		0.25%	1.00%	none
Other Expenses	^[1]	0.16%	0.16%	0.16%
Acquired Fund Fees and Expenses	^[2]	0.01%	0.01%	0.01%
Total Annual Fund Operating Expenses		0.86%	1.61%	0.61%
Less Fee Waiver/Expense Reimbursement		(0.11%)	(0.11%)	(0.11%)
Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement	^[2]	0.75%	1.50%	0.50%

[1]

"Other Expenses" and "Acquired Fund Fees and Expenses" are estimated for the current fiscal year.

[2]

Angel Oak Capital Advisors, LLC (the "Adviser") has contractually agreed to waive its fees and/or reimburse certain expenses (exclusive of any front-end sales loads, taxes, interest on borrowings, dividends on securities sold short, brokerage commissions, 12b-1 fees, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization and extraordinary expenses) to limit the Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement to 0.49% of the Fund's average daily net assets (the "Expense Limit") through May 31, 2019. The contractual arrangement may only be changed or eliminated by the Board of Trustees upon 60 days' written notice to the Adviser. The Adviser may recoup from the Fund any waived amount or reimbursed expenses pursuant to this agreement if such recoupment does not cause the Fund to exceed the lesser of (i) the Expense Limit in effect at the time of the waiver or reimbursement and (ii) the Expense Limit in effect at the time of recoupment and the recoupment is made within three years after the end of the month in which the Adviser incurred the expense.

If you redeem your shares at the end of each period:

Expense Example - Angel Oak UltraShort Income Fund - USD ($)	One Year	Three Years
Class A	77	263
Class C	256	497
Institutional Class	51	184

Expense Example No Redemption - Angel Oak UltraShort Income Fund - USD ($)	One Year	Three Years
Class A	77	263
Class C	153	497
Institutional Class	51	184

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example above, affect the Fund’s performance. Because the Fund commenced operations after its fiscal year end, no portfolio turnover rate has been provided.

In pursuing its objective, the Fund invests in (i) mortgage-backed and other asset-backed fixed income securities, including securities backed by assets such as credit card receivables, student loans, automobile loans, and residential and commercial real estate, (ii) corporate and other debt securities, and (iii) collateralized loan obligations (“CLOs”) and other collateralized debt obligations (“CDOs”), which are backed by a pool of corporate debt (collectively, “Debt Instruments”). Debt Instruments may include floating or variable rate obligations. CLOs are similar to collateralized mortgage obligations (“CMOs”) (described below), but differ as to the type of underlying loan. The Fund may invest up to 30% of its net assets in CLOs.

The Fund may purchase bonds of any maturity, but, under normal circumstances, the Fund will have a dollar-weighted average maturity of less than two years and dollar-weighted average duration of less than one year. Maturity refers to the length of time until a bond’s principal is repaid with interest. Duration is a measure used to determine the sensitivity of a security’s price to changes in interest rates. Duration incorporates a bond’s yield, coupon interest payments, final maturity, call and put features and prepayment exposure into one measure, with a higher duration indicating greater sensitivity to interest rates. For example, if a portfolio has a duration of two years, and interest rates increase (fall) by 1%, the portfolio would decline (increase) in value by approximately 2%. However, duration may not accurately reflect the true interest rate sensitivity of instruments held by the Fund and, therefore the Fund’s exposure to changes in interest rates.

The Fund may invest, without limitation, in Debt Instruments of any quality and maturity, including high-yield securities (also known as “junk bonds”), and securities that are not rated by any rating agencies. In selecting debt investments, the Adviser may consider maturity, yield, and ratings information and opportunities for price appreciation.

The Fund is a non-diversified portfolio under the Investment Company Act of 1940 (the “1940 Act”), meaning it may invest a greater percentage of its assets in a single or limited number of issuers than a diversified fund.

The Fund may invest in non-agency, residential mortgage-backed securities (“RMBS”). Residential mortgage loans are generally classified into three categories based on the risk profile of the borrower and the property: (i) Prime, (ii) Alternative-A (“Alt-A”), and (iii) Subprime. Prime residential mortgage loans are extended to borrowers who represent a relatively low risk profile through a strong credit history. Subprime loans are made to borrowers who display poor credit histories and other characteristics that correlate with a higher default risk. Alt-A loans are made to borrowers whose risk profile falls between Prime and Subprime. When selecting RMBS investments for the Fund, the Adviser intends to focus on RMBS that are collateralized by pools of Prime or Alt-A mortgages and that are seasoned (i.e., have a history of timely payments) (these securities are also known as CMOs).

The Fund may invest in the securities of other investment companies that invest primarily in fixed income securities. The Fund may also invest in repurchase agreements. The Fund may invest up to 15% of its net assets in illiquid securities.

The Fund is not a money market fund and does not seed to maintain a stable net asset value (“NAV”).

The Fund’s allocation of its assets into various asset classes within the corporate credit and asset-backed fixed income market will depend on the views of the Adviser as to the best value relative to what is currently available in the market place, consistent with the Fund’s investment objective. The Fund’s portfolio managers lead a team of sector specialists responsible for researching opportunities within their sector and making recommendations to the Fund’s portfolio managers. In selecting investments, the Adviser may consider maturity, yield, and ratings information and opportunities for price appreciation among other criteria. The Adviser may sell investments if it determines that any of the mentioned factors have changed materially from its initial analysis or that other factors indicate that an investment is no longer earning a return commensurate with its risk. From time to time, the Fund may allocate its assets so as to focus on particular types of asset-backed fixed income securities. Currently, the Adviser anticipates focusing the Fund’s investments on asset-backed fixed income securities.

In pursuing its investment objective or for hedging purposes, the Fund may utilize (i) short selling, (ii) borrowing, and (iii) various types of derivative instruments, including structured products, swaps (including credit default swaps), futures contracts, and options, although the Adviser expects that not all such derivatives will be used at all times. Such derivatives may trade over-the-counter or on an exchange and may principally be used for one or more of the following purposes: speculation, duration management, or to pursue the Fund’s investment objective. The Fund may borrow to the maximum extent permitted by applicable law, which generally means that the Fund may borrow up to one-third of its total assets. The Fund may also invest in reverse repurchase agreements. The Fund may engage in active and frequent trading of its portfolio securities.

Borrowing Risks and Leverage Risks. Borrowing for investment purposes creates leverage, which will exaggerate the effect of any change in the value of securities in the Fund’s portfolio on the Fund’s NAV and, therefore, may increase the volatility of the Fund.

CLO and CDO Risks. CLOs and other CDOs are subject to the typical risks associated with fixed-income securities and asset-backed securities. Additionally, the risks of an investment in a CLO or other CDO depend largely on the type of the collateral securities and the class of the CLO or other CDO in which the Fund invests. Such collateral may be insufficient to meet payment obligations and the class of the CLO or other CDO may be subordinate to other classes. CLOs and other CDOs are typically privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in certain CLOs and other CDOs may be characterized by the Fund as illiquid securities.

Concentration in Certain Mortgage-Backed Securities. The risks of concentrating in residential mortgage-backed securities (agency and non-agency) and commercial mortgage-backed securities include susceptibility to changes in interest rates and the risks associated with the market’s perception of issuers, the creditworthiness of the parties involved and investing in real estate securities.

The derivative instruments and techniques that the Fund may principally use include:

Fixed-Income Instruments Risks. The Fund will invest fixed-income instruments and securities. Such investments may be secured, partially secured or unsecured and may be unrated, and whether or not rated, may have speculative characteristics. The market price of the Fund’s investments will change in response to changes in interest rates and other factors. Generally, when interest rates rise, the values of fixed-income instruments fall, and vice versa. In typical interest rate environments, the prices of longer-term fixed-income instruments generally fluctuate more than the prices of shorter-term fixed-income instruments as interest rates change. In addition, a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. A fund with a negative average portfolio duration may decline in value as interest rates decrease. Most high yield investments pay a fixed rate of interest and are therefore vulnerable to inflation risk. The obligor of a fixed-income instrument may not be able or willing to pay interest or to repay principal when due in accordance with the terms of the associated agreement.

Liquidity and Valuation Risks. It may be difficult for the Fund to purchase and sell particular investments within a reasonable time at a fair price, or the price at which it has been valued for purposes of the Fund’s NAV, causing the Fund to be less liquid and unable to sell securities for what the Adviser believes is the appropriate price of the investment. Valuation of portfolio investments may be difficult, such as during periods of market turmoil or reduced liquidity and for investments that trade infrequently or irregularly. In these and other circumstances, an investment may be valued using fair value methodologies, which are inherently subjective, reflect good faith judgments based on available information and may not accurately estimate the price at which the Fund could sell the investment at that time. Based on its investment strategies, a significant portion of the Fund’s investments can be difficult to value and potentially less liquid and therefore particularly prone to these risks.

Management Risk. The Fund may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund.

NAV Risk. The Fund is not a money market fund, does not attempt to maintain a stable NAV, and is not subject to the rules that govern the quality, maturity, liquidity and other features of securities that money market funds may purchase. Under normal conditions, the Fund’s investment may be more susceptible than a money market fund to interest rate risk, valuation risk, credit risk, and other risks relevant to the Fund’s investments. The Fund’s NAV per share will fluctuate.

New Fund Risk. The Fund is new with limited operating history. As a result, the Fund's performance may not reflect how the Fund may be expected to perform over the long term. In addition, prospective investors have a limited track record and history on which to base their investment decisions.

Non-Diversification Risks. The Fund is classified as “non-diversified” under the 1940 Act. As a result, it can invest a greater portion of its assets in obligations of a single issuer than a “diversified” fund. The Fund may therefore be more susceptible than a diversified fund to being adversely affected by a single corporate, economic, political or regulatory occurrence.

Other Investment Companies Risks. The Fund will incur higher and duplicative expenses when it invests in mutual funds, exchange-traded funds (“ETFs”), and other investment companies. There is also the risk that the Fund may suffer losses due to the investment practices of the underlying funds. When the Fund invests in other investment companies, the Fund will be subject to substantially the same risks as those associated with the direct ownership of securities held by such investment companies. ETFs may be less liquid than other investments, and thus their share values more volatile than the values of the investments they hold. Investments in ETFs are also subject to the following risks: (i) the market price of an ETF’s shares may trade above or below their NAV; (ii) an active trading market for an ETF’s shares may not develop or be maintained; and (iii) trading of an ETF’s shares may be halted for a number of reasons.

Repurchase Agreement Risks. Repurchase agreements typically involve the acquisition by the Fund of fixed-income securities from a selling financial institution such as a bank or broker-dealer. The Fund may incur a loss if the other party to a repurchase agreement is unwilling or unable to fulfill its contractual obligations to repurchase the underlying security.

Sector Risk. To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.

Uncertain Tax Treatment. Below investment grade instruments may present special tax issues for the Fund. U.S. federal income tax rules are not entirely clear about issues such as when the Fund may cease to accrue interest, original issue discount (“OID”) or market discount, when and to what extent deductions may be taken for bad debts or worthless instruments, how payments received on obligations in default should be allocated between principal and income and whether exchanges of debt obligations in a bankruptcy or workout context are taxable, which may make it difficult for the Fund to satisfy the annual distribution requirements applicable to RICs.

U.S. Government Securities Risks. U.S. government securities are not guaranteed against price movement and may decrease in value. Some U.S. Government securities are supported by the full faith and credit of the U.S. Treasury, while others may be supported only by the discretionary authority of the U.S. government to purchase certain obligations of a federal agency or U.S. government sponsored enterprise (“GSE”) or only by the right of the issuer to borrow from the U.S. Treasury. While the U.S. government provides financial support to such agencies and GSEs, no assurance can be given that the U.S. government will always do so. Other obligations are backed solely by the GSE’s own resources. Investments in securities issued by GSEs that are not backed by the U.S. Treasury are subject to higher credit risk than those that are backed by the U.S. Treasury.

Performance information for the Fund is not included because the Fund did not have one calendar year of performance prior to the date of this Prospectus. Performance information will be available once the Fund has at least one calendar year of performance. Updated performance information is available online at www.angeloakcapital.com or by calling (855) 751-4324 (toll free).

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Angel Oak UltraShort Income Fund

Element

Value

Angel Oak UltraShort Income Fund

rr_RiskReturnHeading

rr_ObjectiveHeading

rr_ObjectivePrimaryTextBlock

The Angel Oak UltraShort Income Fund (the “Fund”) seeks to provide current income while seeking to minimize price volatility and maintain liquidity.

rr_ExpenseHeading

rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

rr_ShareholderFeesCaption

Shareholder fees (fees paid directly from your investment)

rr_OperatingExpensesCaption

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Fee Waiver or Reimbursement over Assets, Date of Termination

rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination

May 31, 2019

rr_PortfolioTurnoverHeading

rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example above, affect the Fund’s performance. Because the Fund commenced operations after its fiscal year end, no portfolio turnover rate has been provided.

Other Expenses, New Fund, Based on Estimates [Text]

rr_OtherExpensesNewFundBasedOnEstimates

“Other Expenses” and “Acquired Fund Fees and Expenses” are estimated for the current fiscal year.

Acquired Fund Fees and Expenses, Based on Estimates [Text]

rr_AcquiredFundFeesAndExpensesBasedOnEstimates

“Other Expenses” and “Acquired Fund Fees and Expenses” are estimated for the current fiscal year.

rr_ExpenseExampleHeading

rr_ExpenseExampleNarrativeTextBlock

rr_ExpenseExampleByYearCaption

If you redeem your shares at the end of each period:

Expense Example, No Redemption, By Year, Caption [Text]

rr_ExpenseExampleNoRedemptionByYearCaption

rr_StrategyHeading

rr_StrategyNarrativeTextBlock

The Fund is not a money market fund and does not seed to maintain a stable net asset value (“NAV”).

rr_RiskHeading

rr_RiskNarrativeTextBlock

Borrowing Risks and Leverage Risks. Borrowing for investment purposes creates leverage, which will exaggerate the effect of any change in the value of securities in the Fund’s portfolio on the Fund’s NAV and, therefore, may increase the volatility of the Fund.

The derivative instruments and techniques that the Fund may principally use include:

Fixed-Income Instruments Risks. The Fund will invest fixed-income instruments and securities. Such investments may be secured, partially secured or unsecured and may be unrated, and whether or not rated, may have speculative characteristics. The market price of the Fund’s investments will change in response to changes in interest rates and other factors. Generally, when interest rates rise, the values of fixed-income instruments fall, and vice versa. In typical interest rate environments, the prices of longer-term fixed-income instruments generally fluctuate more than the prices of shorter-term fixed-income instruments as interest rates change. In addition, a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. A fund with a negative average portfolio duration may decline in value as interest rates decrease. Most high yield investments pay a fixed rate of interest and are therefore vulnerable to inflation risk. The obligor of a fixed-income instrument may not be able or willing to pay interest or to repay principal when due in accordance with the terms of the associated agreement.

Liquidity and Valuation Risks. It may be difficult for the Fund to purchase and sell particular investments within a reasonable time at a fair price, or the price at which it has been valued for purposes of the Fund’s NAV, causing the Fund to be less liquid and unable to sell securities for what the Adviser believes is the appropriate price of the investment. Valuation of portfolio investments may be difficult, such as during periods of market turmoil or reduced liquidity and for investments that trade infrequently or irregularly. In these and other circumstances, an investment may be valued using fair value methodologies, which are inherently subjective, reflect good faith judgments based on available information and may not accurately estimate the price at which the Fund could sell the investment at that time. Based on its investment strategies, a significant portion of the Fund’s investments can be difficult to value and potentially less liquid and therefore particularly prone to these risks.

Management Risk. The Fund may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund.

Repurchase Agreement Risks. Repurchase agreements typically involve the acquisition by the Fund of fixed-income securities from a selling financial institution such as a bank or broker-dealer. The Fund may incur a loss if the other party to a repurchase agreement is unwilling or unable to fulfill its contractual obligations to repurchase the underlying security.

Sector Risk. To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.

Uncertain Tax Treatment. Below investment grade instruments may present special tax issues for the Fund. U.S. federal income tax rules are not entirely clear about issues such as when the Fund may cease to accrue interest, original issue discount (“OID”) or market discount, when and to what extent deductions may be taken for bad debts or worthless instruments, how payments received on obligations in default should be allocated between principal and income and whether exchanges of debt obligations in a bankruptcy or workout context are taxable, which may make it difficult for the Fund to satisfy the annual distribution requirements applicable to RICs.

There may be circumstances that could prevent the Fund from achieving its investment objective and you may lose money by investing in the Fund.

rr_RiskLoseMoney

Risk Nondiversified Status [Text]

rr_RiskNondiversifiedStatus

The Fund is classified as “non-diversified” under the 1940 Act. As a result, it can invest a greater portion of its assets in obligations of a single issuer than a “diversified” fund. The Fund may therefore be more susceptible than a diversified fund to being adversely affected by a single corporate, economic, political or regulatory occurrence.

rr_RiskNotInsuredDepositoryInstitution

An investment in the Fund is not a deposit at a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

rr_BarChartAndPerformanceTableHeading

rr_PerformanceNarrativeTextBlock

rr_PerformanceOneYearOrLess

Performance information for the Fund is not included because the Fund did not have one calendar year of performance prior to the date of this Prospectus.

rr_PerformanceAvailabilityPhone

(855) 751-4324

rr_PerformanceAvailabilityWebSiteAddress

www.angeloakcapital.com

Angel Oak UltraShort Income Fund | Class A

Maximum Sales Charge (Load) Imposed on Purchases (as a % of the offering price)

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

Maximum Deferred Sales Charge (Load) (as a % of amount redeemed)

0.44%

0.25%

0.16%

0.86%

Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement

(0.11%)

0.75%

$ 77

263

Angel Oak UltraShort Income Fund | Class C

$ 263

Maximum Sales Charge (Load) Imposed on Purchases (as a % of the offering price)

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

Maximum Deferred Sales Charge (Load) (as a % of amount redeemed)

0.44%

0.16%

1.61%

Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement

(0.11%)

1.50%

rr_ExpensesDeferredChargesTextBlock

The Fund charges this fee on Class C shares redeemed within one year of purchase.

$ 256

497

153

Angel Oak UltraShort Income Fund | Institutional Class

$ 497

Maximum Sales Charge (Load) Imposed on Purchases (as a % of the offering price)

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

Maximum Deferred Sales Charge (Load) (as a % of amount redeemed)

0.44%

0.16%

0.61%

Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement

(0.11%)

0.50%

$ 51

184