FINS - Angel Oak Financial Strategies Income Term Trust

What this means for you

Karpus has told the regulator it may push for changes at this fund. That usually means asking the fund to buy back shares at close to the full value of its holdings, to change who runs it, or to close down and pay holders out.

The investor's notice itself does not require anything from you; the fund's own announcement above does - by the date shown.

Large investors can also sell down and walk away. We show every notice they file, the day it is filed.

Separately, the fund itself has announced a vote - see the box above for what to do and by when.

Email me if this changes

What happened, and when

1. Aug 7, 2026

   A large investor started a fight over the shareholder vote. The meeting is on Sept 25, 2026.

   Original document →

2. July 28, 2026

   Trevor Montano started a fight over the shareholder vote. The meeting is on Sept 25, 2026.

   Original document →

3. July 23, 2026

   A large investor started a fight over the shareholder vote. The meeting is on Sept 25, 2026.

   Original document →

4. May 26, 2026

   The fund said it will repay some borrowed money on July 8, 2026.

   Original document →

5. May 14, 2026

   Karpus cut its stake to 14.1% (from 15.5%), as a passive investor.

   Original document →

About this fund

• Run by Angel Oak Capital Advisors, LLC. Part of the Angel Oak fund family. As of Jan 31, 2026, from the fund's yearly report. Original document →
• Size: about $456 million of holdings, as of April 30, 2026. As of April 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 27% on top of its own money, as of April 30, 2026. Borrowed money makes gains and losses bigger. As of April 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 1.4% a year in management fees; 3.2% a year in total, including interest on borrowed money. Fiscal year ended Jan 31, 2026. As of Jan 31, 2026, from the fund's yearly report. Original document →
• Payouts: last fiscal year (ended Jan 31, 2026) the fund paid $1.35 a share. $0.77 of that was income; $0.58 was your own money back, not income. As of Jan 31, 2026, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Jan 31, 2026): $13.92. The shares traded at $13.25, about 4.8% below that. As of Jan 31, 2026, from the fund's yearly report. Original document →
  Over the last two years the gap ranged from 11.2% below to 3.8% below. As of Jan 31, 2026, from the fund's annual report. Original document →
• How the holdings did: down 0% over the last three months we have (Feb-April 2026), before the share price is taken into account. Over the last 12 months: +8.1%. As of April 30, 2026, from the fund's quarterly holdings report. Original document →
• How the holdings did over the fiscal year (ended Jan 31, 2026): the value of the holdings returned +8.6%. How the share price did: the shares returned +10.5% over the same year, counting payouts and the change in the market price. As of Jan 31, 2026, from the fund's annual report. Original document →
• First reported to the regulator in 2018.

What the fund holds

Mostly bonds (85%), the rest preferred shares, structured notes and shares. About 97% issued in the U.S.

1. Clear Blue Fin Hldgs, Clear Blue Financial Holdings LLC - 2.1%
2. Trinitas Capital Mgmt, Trinitas Capital Management LLC - 1.7%
3. Financial Institutions - 1.7%
4. Simmons First Ntl, Simmons First National Corp - 1.7%
5. Banterra Bank - 1.6%
6. Universal Insurance Hlds, Universal Insurance Holdings Inc - 1.5%
7. Morgan Stanley - 1.5%
8. M&T Bank Corporation - 1.4%
9. Huntington Bancshares Inc/OH - 1.3%
10. Truist Financial - 1.3%

As of April 30, 2026, from the fund's quarterly holdings report. Original document →