X0101 EFFECT 33 LIVE 2016-03-30 17:30:00

N-14

0001612930 Angel Oak Funds Trust 333-209619 0001612930 Angel Oak Funds Trust S000053719 Angel Oak High Yield Opportunities Fund C000168882 Class A 0000917125 RAINIER INVESTMENT MANAGEMENT MUTUAL FUNDS S000025240 Rainier High Yield Fund C000075207 Institutional 0001612930 Angel Oak Funds Trust S000053719 Angel Oak High Yield Opportunities Fund C000168883 Institutional Class 0000917125 RAINIER INVESTMENT MANAGEMENT MUTUAL FUNDS S000025240 Rainier High Yield Fund C000116760 Original