Menu I - AOIIX A - AOIMX C - AOICX Angel Oak Core Impact Fund Prospectus Fact Sheet Fund Alert OVERVIEW The Angel Oak Core Impact Fund seeks total return while giving special consideration to positive aggregate environmental, social, and/or governance (ESG) impact outcomes. The Fund will look to allocate capital to fixed income securities that have a positive impact on the global environment across all levels of society. The Fund also utilizes active engagement with issuers to positively impact their ESG factors by promoting sustainable practices. Key Impact Goals: Expanding Access to Consumer Credit: Targeting structured investments in credits to near prime and low-to-moderate-income borrowers to assist in broadening credit availability for U.S. consumers Broadening Access to Housing: Mortgage credit lending through agency and non-agency residential mortgage-backed securities (RMBS) investments, particularly to first-time buyers, small-business owners, and self-employed borrowers Supporting Small Businesses: Investing in community banks that are Small Business Administration (SBA)-approved lenders Sponsoring Community Development: Investing in community banks with strong Community Reinvestment Act (CRA) ratings Embedding Environmental Sustainability: Investing in green commercial and residential MBS that meet ENERGY STAR® and Center for International Climate Research (CICERO) environmental standards Promoting CDP environmental reporting elements in public disclosures to improve transparency Strengthening Corporate Governance: Targeting companies with strong and improving ESG factors Promoting Single Asset/Single Borrower (SASB) ESG/sustainable disclosure framework to improve transparency Supporting the Provision of Quality Healthcare Services: Investing in companies and asset-backed securities that provide financing for medical equipment, medical services and facilities that provide healthcare ESG Incorporation: The ESG team partners with the portfolio managers to identify industries, sectors, issuers, and assets that provide positive environmental, societal and governance opportunities. All assets held in the portfolio are evaluated in accordance with Angel Oak’s Responsible Investment Policy. Objective The investment objective of the Angel Oak Core Impact Fund is total return while giving special consideration to positive aggregate environmental, social, and governance outcomes. As of 11/30/21 30-Day SEC Yields Subsidized 2.08% Unsubsidized 1.82% PERFORMANCE TOTAL RETURNS Daily Monthly Quarterly Performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than what is stated. The inception date of the Angel Oak Core Impact Fund I Class (AOIIX) was 6/1/21 FUND STATISTICS DISTRIBUTIONS Ticker Record Date Payable Date Reinvestment Price ($/share) Ordinary Income ($/share) ST Cap Gains ($/share) LT Cap Gains ($/share) AOIIX 11/29/21 11/30/21 9.93 0.01369 - - AOIIX 10/29/21 10/31/21 9.96 0.01331 - - AOIIX 9/29/21 9/30/21 10.01 0.01152 - - AOIIX 8/30/21 8/31/21 10.07 0.01081 - - *Due to our annual tax review, there was additional earned income that was required to be paid out prior to the calendar year end. PORTFOLIO STRATEGY ALLOCATION CREDIT QUALITY The Fund may invest, without limitation, in securities of any quality and maturity. Bond ratings are grades given to bonds that indicate their credit quality as determined by a private independent rating service such as Standard & Poor’s. The firm evaluates a bond issuer’s financial strength, or its ability to pay a bond’s principal and interest in a timely fashion. Ratings are expressed as letters ranging from AAA, which is the highest grade, to D, which is the lowest grade. In limited situations when the rating agency has not issued a formal rating, the Adviser will classify the security as nonrated. FUND CHARACTERISTICS FUND INFORMATION As of 9/30/21 Ticker AOIIX CUSIP 03463K786 Gross Expense Ratio 0.60% Net Expense Ratio 0.36% Gross and net expense ratios are reported as of the 5/31/21 prospectus. The Adviser has contractually agreed to waive its fees to limit the Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement to 0.59% of the Fund’s average daily net assets through 5/31/22. The net expense ratio is applicable to investors. As of 11/30/21 Distribution Yield 1.68% 30-Day SEC Yield (Subsidized) 2.08% 30-Day SEC Yield (Unsubsidized) 1.82% MANAGEMENT TEAM Clayton Triick, CFA® Senior Portfolio Manager Sam Dunlap Chief Investment Officer, Public Strategies Colin McBurnette Senior Portfolio Manager Robert McDonough Director of ESG and Regulatory Initiatives DOCUMENTS Fund Marketing Materials Fund Legal Materials Core Impact Fund Fact Sheet LEARN MORE Get More Insights From Angel Oak Capital Sign up STAY CONNECTED Follow Us On Our Social Media Accounts Mutual fund investing involves risk; principal loss is possible. Investments in debt securities typically decrease when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in lower-rated and nonrated securities present a greater risk of loss to principal and interest than higher-rated securities do. Investments in asset-backed and mortgage-backed securities include additional risks that investors should be aware of, including credit risk, prepayment risk, possible illiquidity, and default, as well as increased susceptibility to adverse economic developments. Derivatives involve risks different from—and in certain cases, greater than—the risks presented by more traditional investments. Derivatives may involve certain costs and risks such as illiquidity, interest rate, market, credit, management, and the risk that a position could not be closed when most advantageous. Investing in derivatives could lead to losses that are greater than the amount invested. The Fund may make short sales of securities, which involves the risk that losses may exceed the original amount invested. The Fund may use leverage, which may exaggerate the effect of any increase or decrease in the value of securities in the Fund’s portfolio or higher and duplicative expenses when it invests in mutual funds, ETFs, and other investment companies. For more information on these risks and other risks of the Fund, please see the Prospectus. ESG investment strategies limit the universe of investment opportunities available to any Fund and will affect a Fund’s exposure to certain issuers, sectors, regions, and types of investments, which may result in a Fund forgoing opportunities to buy or sell certain securities when it might otherwise be advantageous to do so. Adhering to a Fund’s ESG investment strategy may also affect the Fund’s performance relative to similar funds that do not seek to invest in companies based on their ESG impact. Securities of issuers that the Adviser has identified as having favorable ESG characteristics may shift into and out of favor depending on market and economic conditions, and certain investments may be dependent on U.S. and foreign government policies, including tax incentives and subsidies, which may change without notice. ESG determinations are inherently subjective and investors’ views may differ as to what constitutes a positive or negative aggregate ESG impact outcome. There is no guarantee that the Adviser’s views, security selection criteria, or investment judgment will reflect the beliefs or values ofany particular investor. In addition, there can be no assurance that issuers in which any Fund invests will be successful in their efforts to offer solutions that generate a positive ESG impact. When assessing whether an issuer meets any related Fund’s investment strategy and criteria, the Adviser may rely on third-party data that it believes to be reliable, but it does not guarantee the accuracy of such third-party data. ©2021 Angel Oak Capital Advisors, LLC. Glossary Privacy Policy CA Privacy Policy Terms Of Use Social Media Disclosure Contact Us SHAREHOLDER SERVICES: 855-751-4324 The Angel Oak Funds are distributed by Quasar Distributors, LLC. References to other mutual funds should not to be considered an offer of these securities. Past performance is no guarantee of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Investing involves risk. Principal loss is possible. Investors should carefully consider the investment objectives, risks, charges and expenses of the Angel Oak Mutual Funds. This and other important information about each Fund is contained in the Prospectus or Summary Prospectus for each Fund, which can be obtained by calling Shareholder Services or clicking here. The Prospectus or Summary Prospectus should be read carefully before investing. Investment products: Not FDIC Insured May Lose Value Not Bank Guaranteed By continuing on this site or clicking Yes to Accept, you agree to our use of cookies and other technologies to process your personal data to personalize your experience and for other purposes. Yes