Angel Oak Core Impact Fund

Core Impact Fund

Overview
Performance
Distributions
Portfolio
Management Team
Documents

Fact Sheet

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 10/31/21

30-Day SEC Yields

Subsidized	1.92%
Unsubsidized	1.86%

Performance

Total Returns

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

*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

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.