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.

Nothing is required of you now. If the fund itself announces a buy-back or a vote, it appears in the box above with the date by which you would need to act.

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

Email me if this changes

What happened, and when

1. July 23, 2026

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

   Original document →

2. June 5, 2026

   MetLife Investment Management, LLC now owns 100% of the fund's preferred shares, not the common shares most holders own.

   Original document →

3. May 26, 2026

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

   Original document →

4. May 14, 2026

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

   Original document →

5. Nov 14, 2025

   Karpus cut its stake to 15.5% (from 16.5%), 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 $450 million of holdings, as of July 31, 2026. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 32% on top of its own money, as of July 31, 2026. Borrowed money makes gains and losses bigger. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• The fund's own example of what borrowing does: in a year in which the holdings returned -10%, a share would return about -16.7%; at +10%, about +13.3%. As of Jan 31, 2026, from the fund's annual 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 →
  Among the 90 funds we follow that invest in bonds, 62 charge a lower management fee and 44 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• The fund's own cost example: $1,000 invested costs about $32 in the first year and about $356 over 10 years, assuming the holdings return 5% a year. As of Jan 31, 2026, from the fund's annual 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. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. 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 (a "discount" when the price is below the value) 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 0.4% over the last three months we have (May-July 2026), before the share price is taken into account. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2018.

How this has changed

• Payouts per share: $1.35 in the fiscal year ended Jan 31, 2026; $1.31 in the year ended Jan 31, 2025; $1.21 in the year ended Jan 31, 2024.As of Jan 31, 2026, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.58 in the year ended Jan 31, 2026; $0.59 in the year ended Jan 31, 2025; $0.50 in the year ended Jan 31, 2024.As of Jan 31, 2026, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 2.92% a year in the fiscal year ended Jan 31, 2026; 3.99% a year in the year ended Jan 31, 2025; 3.92% a year in the year ended Jan 31, 2024.As of Jan 31, 2026, from the fund's annual report. Original document →
• Size of the holdings: about $465 million at Jan 31, 2026; $354 million at Jan 31, 2025; $347 million at Jan 31, 2024. From the fund's quarterly holdings reports. Original documents: Jan 31, 2026 →, Jan 31, 2025 →, Jan 31, 2024 →.
• Borrowing: about 22% on top of its own money at Jan 31, 2026; 28% at Jan 31, 2025; 29% at Jan 31, 2024. From the fund's quarterly holdings reports. Original documents: Jan 31, 2026 →, Jan 31, 2025 →, Jan 31, 2024 →.
• The fund had about 33.4 million shares at Jan 31, 2026, up 33.3% from Jan 31, 2024.As of Jan 31, 2026, from the fund's annual report. Original document →
  In between, the fund offered holders the chance to buy more shares. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Jan 31, 2026: the shares returned +10.5%, counting payouts; the holdings +8.6%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Jan 31, 2026, from the fund's annual report. Original document →
• The year ended Jan 31, 2025: the shares returned +20%, counting payouts; the holdings +12%. As of Jan 31, 2025, from the fund's annual report. Original document →
• The year ended Jan 31, 2024: the shares returned +1.1%, counting payouts; the holdings +2.4%. As of Jan 31, 2024, from the fund's annual report. Original document →
• The year ended Jan 31, 2023: the shares returned -12%, counting payouts; the holdings -9.6%. As of Jan 31, 2023, from the fund's annual report. Original document →
• The year ended Jan 31, 2022: the shares returned +3%, counting payouts; the holdings +1.1%. As of Jan 31, 2022, from the fund's annual report. Original document →
• Those five years together: the shares returned +21.6%. $10,000 of shares bought at the start (Feb 1, 2021) would have become about $12,200 by Jan 31, 2026, with every payout counted, before tax. As of Jan 31, 2026, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to July 31, 2026: +6.5%. The quarterly reports carry no share price, so this is the holdings alone. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Of the 76 funds that invest in bonds with a fiscal year ending within six months of this one, 21 reported a higher share return for that year and 54 a lower one. As of Jan 31, 2026, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly bonds (87%), the rest preferred shares, structured notes and shares. About 98% issued in the U.S.

1. Clear Blue Fin Hldgs, Clear Blue Financial Holdings LLC - 2.1%
2. Huntington Bancshares Inc/OH - 2%
3. Pinnacle Bank TN, Pinnacle Bank/Nashville TN - 1.9%
4. Trinitas Capital Mgmt, Trinitas Capital Management LLC - 1.8%
5. Financial Institutions - 1.7%
6. Simmons First Ntl, Simmons First National Corp - 1.7%
7. US Bancorp - 1.7%
8. Webster Financial - 1.6%
9. Morgan Stanley - 1.4%
10. M&T Bank Corporation - 1.4%

As of July 31, 2026, from the fund's quarterly holdings report. Original document →