Andrea Mullins

About Andrea N. Mullins

Andrea N. Mullins (born 1967) serves as an Independent Trustee of Angel Oak Strategic Credit Fund (ASCIX) with an indefinite term, having joined the ASCIX board in 2019. Her 30+ year background spans asset management operations, accounting, and compliance, including serving as CFO of the Eagle Family of Funds (now Carillon Family of Funds) through 2010 and working at Raymond James from 1990–2010; she has also been an independent contractor and former CCO with SWM Advisors (2014–2022), and remains an independent contractor with SWM Advisors .

Past Roles

External Roles

Board Governance

• Independence and leadership: Mullins is an Independent Trustee; the Board has an Independent Chairman (Ira P. Cohen). The Board’s majority are Independent Trustees, and Independent Trustees meet in separate quarterly executive sessions alongside each quarterly Board meeting .
• Committee structure: All Independent Trustees (including Mullins) comprise four standing committees—Audit, Financial & Administrative Oversight; Nominating & Governance; Compliance Oversight; Valuation & Risk Management—each operating under Board-adopted charters (Audit charter (Appendix G), Nominating & Governance charter (Appendix H)) .
• Attendance: Each Trustee attended at least 75% of Board and committee meetings in FY ended January 31, 2025 .

Additional governance context: In connection with the pending Brookfield transaction, the adviser and Brookfield committed to Section 15(f) safeguards—no “unfair burden” and at least 75% independent board for three years; Cheryl M. Pate will resign to maintain independence thresholds .

Fixed Compensation

• Independent Trustee pay structure: Annual retainer $75,000; $12,000 per regularly scheduled meeting; Committee Chairs receive $12,000 annually; Board Chair receives an additional $17,000; no pension or retirement plans .

Performance Compensation

• No performance-based compensation, equity awards, or incentive metrics are disclosed for Trustees; the proxy details cash retainers and meeting-based fees and notes the absence of pension/retirement plans .

Other Directorships & Interlocks

• Public and registered fund boards: See External Roles table above for current and recent registered investment company boards and chair/audit chair roles, including NXG funds, CRM Mutual Fund Trust, Valued Advisers Trust, and Angel Oak affiliated trusts .
• Interlocks/conflicts: The proxy states neither Independent Trustees nor their immediate families own securities of the Adviser, the principal underwriter, or their affiliates, and had no direct or indirect interests over $120,000 with such parties during the last two calendar years .

Expertise & Qualifications

• Operational and financial acumen from Raymond James and CFO tenure at Eagle Family of Funds; compliance leadership experience as CCO; ongoing audit oversight across multiple funds; Board noted her experience and skills collectively support effective oversight for the Trust .

Equity Ownership

Additional ownership context:

• ASCIX shares outstanding as of April 28, 2025: FI Class 981,263.627; Institutional Class 3,534,492.815; Total 4,515,756.442 .
• Trustees and officers as a group beneficially own less than 1% of outstanding shares across the Funds .
• Neither Independent Trustees nor immediate family members own securities of the Adviser, principal underwriter, or their affiliates .

Governance Assessment

• Independence and audit depth: Mullins is an Independent Trustee with extensive audit chair experience across multiple registered funds, supporting strong committee performance at ASCIX .
• Attendance and engagement: She met the minimum 75% attendance threshold across Board and committees in FY 2025—a positive engagement signal .
• Alignment caution: Mullins holds no ASCIX shares (range “A” = None), which can be viewed as a modest alignment gap for this specific fund; however, she holds an aggregate “E” (> $100,000) across the broader family, including a significant position in the High Yield Opportunities ETF .
• Conflicts and related-party exposure: No >$120,000 direct or indirect interests with the Adviser, distributor, or affiliates; no securities holdings in such entities—reducing related-party risk .
• Board structure and process: Independent Chair, quarterly executive sessions of Independent Trustees, four standing committees with charters and regular meetings indicate robust governance mechanics .
• Transaction oversight: The Board (including Independent Trustees) approved new advisory agreements in connection with Brookfield’s majority acquisition, with Section 15(f) commitments (no unfair burden; ≥75% independent board for three years), and planned resignation of an interested trustee to maintain independence—suggesting active governance in change-of-control scenarios .

RED FLAGS / WATCH ITEMS

• No direct ASCIX share ownership (range A = None) may be viewed as a skin‑in‑the‑game shortfall for this fund specifically, despite broader family holdings .
• Multiple external board commitments could pose time-allocation risk; current attendance at ≥75% mitigates, but should be monitored over time .
• Ongoing change-in-control process (Brookfield) requires continued vigilance on independence thresholds and any service or fee changes; current disclosures indicate no fee increases and maintenance of expense limitation agreements through September 30, 2027 if approved and closed .