https://www.sec.gov/Archives/edgar/data/1612930/000089418923008790/angeloakclassmerger497esti.htm(click on above link for more details)
Registration No. 333-197427; 811-22980
ANGEL OAK HIGH YIELD OPPORTUNITIES FUND
Class A | Class C | Institutional Class
ANGEL OAK TOTAL RETURN BOND FUND
Class A | Class C | Institutional Class
Each, a series of Angel Oak Funds Trust (the “Trust”)
Supplement dated December 8, 2023,
to the Summary Prospectuses, Prospectus and
Statement of Additional Information (“SAI”) each dated May 31, 2023, as supplemented to date
Conversion of Class A Shares of the Angel Oak High Yield Opportunities Fund into Institutional Class
Based on a recommendation of Angel Oak Capital Advisors, LLC. (the “Adviser”), on December 6, 2023, the Board of Trustees of the Trust (the “Board”) has approved converting the Class A shares of the Angel Oak High Yield Opportunities Fund (the “HY Fund”) into Institutional Class shares of the HY Fund and then closing the Class A shares of the HY Fund after the close of business on or around January 19, 2024.
Prior to the conversion, shareholders of Class A shares may redeem their investments as described in the HY Fund’s Prospectus. If shares are not redeemed prior to the conversion, each shareholder owning Class A shares of the HY Fund will own Institutional Class shares of the HY Fund equal to the aggregate value of the shareholder’s Class A shares. Because Class A shareholders will own Institutional Class shares following the conversion, those shareholders will no longer be subject to a Distribution and Service (Rule 12b-1) Fee.
The conversion is expected to be a tax-free event for federal income tax purposes. Please see the Prospectus for more information about the fees and expenses associated with Institutional Class shares.
Class C Shares Not Available
Class C shares for both the HY Fund and the Angel Oak Total Return Bond Fund (the “Total Return Bond Fund”), which have never launched, will no longer be available for purchase...
