M&A - Angel Oak Funds Trust

Form Type: 497

Filing Date: 2025-04-01

Corporate Action: Merger

Type: New

Accession Number: 000119312525069751

Filing Summary: On April 1, 2025, Angel Oak Companies, LP, the parent of Angel Oak Asset Management Holdings, LLC and Angel Oak Capital Advisors, LLC, announced a strategic partnership with Brookfield Asset Management Ltd., whereby Brookfield will acquire a majority of Angel Oak Companies, LP. The transaction, expected to be completed by September 30, 2025, will not materially change the day-to-day management of the funds. However, it will trigger a change of control of Angel Oak, resulting in the automatic termination of existing investment advisory agreements due to the assignment clause under the Investment Company Act of 1940. The Board of Trustees will consider new investment advisory agreements to replace the terminated contracts, which are expected to maintain the same advisory fees and similar terms. Shareholder approval will be sought at a special meeting to effectuate these new agreements, with details to be shared in an upcoming proxy statement. This supplement is not a proxy and does not solicit votes, emphasizing the need for careful review of the forthcoming materials.

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Form Type: 497K

Filing Date: 2025-04-01

Corporate Action: Acquisition

Type: New

Accession Number: 000119312525069774

Filing Summary: On April 1, 2025, Angel Oak Companies, LP, the parent of Angel Oak Asset Management Holdings, LLC, announced a strategic partnership with Brookfield Asset Management Ltd., where Brookfield will acquire a majority of Angel Oak Companies, LP. This Transaction is expected to be completed by September 30, 2025, and is not anticipated to cause material changes in the day-to-day management of the Funds. However, this Change of Control will result in the automatic termination of existing investment advisory agreements due to assignment provisions defined in the Investment Company Act of 1940. The Board of Trustees will consider new advisory agreements that aim to maintain similar fees and terms as the existing agreements, with no material changes to the investment objectives and strategies of the Funds. Further details regarding the Change of Control and the proposals for shareholder approval will be provided in a forthcoming proxy statement.

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Form Type: 497K

Filing Date: 2025-04-01

Corporate Action: Acquisition

Type: New

Accession Number: 000119312525069775

Filing Summary: On April 1, 2025, Angel Oak Companies, LP announced a strategic partnership with Brookfield Asset Management Ltd., in which Brookfield will acquire a majority stake in Angel Oak Companies, LP. This transaction is expected to close by September 30, 2025, and will result in a change of control of Angel Oak. The current investment advisory agreements, which include provisions for automatic termination upon change of control, will cease to exist due to this acquisition. The Board of Trustees will consider new investment advisory agreements that will need approval from shareholders at a special meeting, with the expectation that these new agreements will maintain similar fees and terms as the existing ones. The supplement emphasizes that this document is not a proxy solicitation, and further details will follow in a proxy statement regarding the shareholder approvals.

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Form Type: 497K

Filing Date: 2025-04-01

Corporate Action: Acquisition

Type: Update

Accession Number: 000119312525069776

Filing Summary: On April 1, 2025, Angel Oak Companies, LP announced a strategic partnership with Brookfield Asset Management Ltd., wherein Brookfield will acquire a majority stake in Angel Oak Companies. This action will result in a change of control of Angel Oak, leading to the automatic termination of existing investment advisory agreements due to 'assignment' as defined under the Investment Company Act of 1940. A new investment advisory agreement will be submitted for approval to the Trust's Board, and subsequently, shareholders will vote on this at a special meeting. The new agreements are expected to maintain similar terms and fee structures, ensuring no significant changes to the funds' investment objectives or strategies. Further details will be provided in an upcoming proxy statement.

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Form Type: 497K

Filing Date: 2025-04-01

Corporate Action: Acquisition

Type: New

Accession Number: 000119312525069777

Filing Summary: On April 1, 2025, Angel Oak Companies, LP announced a strategic partnership with Brookfield Asset Management Ltd., in which Brookfield has agreed to acquire a majority stake in Angel Oak Companies, LP. The completion of the transaction is anticipated by September 30, 2025. This acquisition, which constitutes a change of control, will lead to the automatic termination of existing investment advisory agreements due to the assignment defined under the Investment Company Act of 1940. Subsequently, the Board of Trustees will consider new investment advisory agreements, which, if approved, will maintain similar terms and fees as the existing agreements without materially changing the Funds' investment objectives and strategies. A special shareholder meeting will be convened for shareholders to vote on these new advisory agreements. Information regarding the change of control and the approval process will be outlined in a forthcoming proxy statement.

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Form Type: 497K

Filing Date: 2025-04-01

Corporate Action: Acquisition

Type: Update

Accession Number: 000119312525069779

Filing Summary: On April 1, 2025, Angel Oak Companies, LP announced a strategic partnership with Brookfield Asset Management Ltd., wherein Brookfield will acquire a majority stake in Angel Oak Companies, LP. The transaction is anticipated to close by September 30, 2025, and is not expected to lead to significant changes in the management of the Funds. However, this event will trigger a Change of Control, resulting in the automatic termination of existing investment advisory agreements due to the assignment clause stipulated in the Investment Company Act of 1940. The Board of Trustees will convene before the transaction closes to consider new investment advisory agreements, which, if approved, would need shareholder consent at a special meeting. The new agreements are expected to maintain similar advisory fees and terms, with no major alterations to the Funds' investment objectives and strategies. Further details about the Change of Control and the shareholder vote will be outlined in an upcoming proxy statement.

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Form Type: 497K

Filing Date: 2025-04-01

Corporate Action: Acquisition

Type: New

Accession Number: 000119312525069780

Filing Summary: On April 1, 2025, Angel Oak Companies, LP announced a strategic partnership with Brookfield Asset Management Ltd. in which Brookfield will acquire a majority stake in Angel Oak Companies, LP. The transaction is expected to close by September 30, 2025, and should not affect the day-to-day management of the Funds. However, it could lead to a change of control resulting in the automatic termination of existing investment advisory agreements as per the Investment Company Act of 1940. The Board of Trustees will meet before the transaction closes to consider approving new investment advisory agreements, which must also be approved by shareholders at a special meeting. The new advisory agreements are anticipated to maintain similar advisory fees and terms as the existing ones and will not change the Funds' investment objectives and strategies significantly. Additional details regarding this change of control and shareholder voting will be provided in an upcoming proxy statement.

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