# EDGAR Filing Document

**Accession Number:** 0001048703
**File Stem:** 0001072613-25-000469
**Filing Date:** 2025-7
**Character Count:** 10158
**Document Hash:** 560a29a3aa922b01a70bee1659c81ac5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001072613-25-000469.hdr.sgml**: 20250716

**ACCESSION NUMBER**: 0001072613-25-000469

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250716

**DATE AS OF CHANGE**: 20250716

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Angel Oak Financial Strategies Income Term Trust
- **CENTRAL INDEX KEY:** 0001745059

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-91537
- **FILM NUMBER:** 251126530

**BUSINESS ADDRESS:**
- **STREET 1:** 3060 PEACHTREE RD SUITE 500
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30305
- **BUSINESS PHONE:** 404-637-0412

**MAIL ADDRESS:**
- **STREET 1:** 3060 PEACHTREE RD SUITE 500
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30305
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Karpus Management, Inc.
- **CENTRAL INDEX KEY:** 0001048703

**ORGANIZATION NAME:**
- **EIN:** 161290550
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D

**BUSINESS ADDRESS:**
- **STREET 1:** 183 SULLY'S TRAIL
- **CITY:** PITTSFORD
- **STATE:** NY
- **ZIP:** 14534
- **BUSINESS PHONE:** 5855864680

**MAIL ADDRESS:**
- **STREET 1:** 183 SULLY'S TRAIL
- **CITY:** PITTSFORD
- **STATE:** NY
- **ZIP:** 14534

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KARPUS MANAGEMENT INC
- **DATE OF NAME CHANGE:** 19971029

## Ex-99

**SCHEDULE A**

**<u>Executive Officers & Directors of Karpus Management, Inc., d/b/a Karpus Investment Management</u>**

---

| | | | |
|:---|:---|:---|:---|
| <u>**<u>Name</u>**</u> | <u>**<u>Position & Present Principal Occupation</u>**</u> | <u>**<u>Business Address</u>**</u> | <u>**<u>Shares Owned</u>**</u> |
| Kathleen Finnerty Crane | Chief Financial Officer | 183 Sully's Trail, Pittsford, New York 14534 | 120 Shares |
| Daniel Lee Lippincott | President and Chief Investment Officer  | 183 Sully's Trail, Pittsford, New York 14534 | 0 Shares |
| Jodi Lee Hedberg | Chief Compliance Officer | 183 Sully's Trail, Pittsford, New York 14534 | 0 Shares |
| Carlos Manuel Yuste | Director | 17 East Market Street, West Chester, Pennsylvania 19382 | 0 Shares |

---

**SCHEDULE B**

**<u>Transactions in the Shares in the past 60 days.</u>**

---

| | | | |
|:---|:---|:---|:---|
| **<u>Nature of the Transaction</u>** | **Shares**<br> **<u>Purchased/(Sold)</u>** | **Price Per**<br> **<u>Share($)</u>** | **Date of**<br> **<u>Purchase / Sale</u>** |

---

**<u>KARPUS MANAGEMENT, INC., D/B/A/ KARPUS INVESTMENT MANAGEMENT<br> (THROUGH THE ACCOUNTS)</u>**

---

| | | | |
|:---|:---|:---|:---|
| Purchase of Common Stock | 2576 | $13.22 | 5/12/2025 |
| Purchase of Common Stock | 1956393 | $13.23 | 5/14/2025 |
| Purchase of Common Stock | 525 | $13.47 | 5/16/2025 |
| Sale of Common Stock | (175) | $13.33 | 5/19/2025 |
| Purchase of Common Stock | 175 | $13.34 | 5/21/2025 |
| Sale of Common Stock | (175) | $13.36 | 5/22/2025 |
| Sale of Common Stock | (500) | $13.03 | 5/28/2025 |
| Sale of Common Stock | (3710) | $12.90 | 5/29/2025 |
| Purchase of Common Stock | 5 | $12.94 | 5/30/2025 |
| Sale of Common Stock | (710) | $12.88 | 6/4/2025 |
| Sale of Common Stock | (1050) | $12.77 | 6/24/2025 |
| Sale of Common Stock | (1925) | $12.81 | 6/25/2025 |
| Purchase of Common Stock | 14 | $12.95 | 6/30/2025 |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**Angel Oak Financial Strategies Income Term Trust**

*(Name of Issuer)*

**Common Shares**

*(Title of Class of Securities)*

**03464A100**

*(CUSIP Number)*

**Daniel L. Lippincott, Pres/CIO**<br>Karpus Management, Inc.<br>183 Sully's Trail<br>Pittsford NY 14534<br>585-586-4680

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**07/14/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **03464A100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**KARPUS MANAGEMENT, INC.** | Name of reporting person<br>**KARPUS MANAGEMENT, INC.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**NEW YORK** | Citizenship or place of organization<br>**NEW YORK** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**5513520.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**5513520.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**5513520.00** | Aggregate amount beneficially owned by each reporting person<br>**5513520.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**16.50%** | Percent of class represented by amount in Row (11)<br>**16.50%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Shares

**(b) Name of Issuer:**
Angel Oak Financial Strategies Income Term Trust

**(c) Address of Issuer's Principal Executive Offices:**
3060 Peachtree Road, Suite 500, Atlanta, GA, 30305

**Item 4. Purpose of Transaction**

Karpus purchased the Shares through the Accounts for investment purposes in the ordinary course of business.

Karpus intends to review its investment in the Issuer on an ongoing basis. Depending upon overall market conditions, other investment opportunities available to them, and the availability of Shares at prices that would make the purchase or sale of Shares desirable, Karpus may endeavor to increase or decrease their position in the Issuer through, among other things, the purchase or sale of Shares on the open market or in private transactions or otherwise, on such terms and at such times as Karpus may deem advisable.

Karpus may engage in discussions with management, the Board of Directors, other shareholders of the Issuer and other relevant parties, including representatives of any of the foregoing, concerning its investment in the Common Shares and the Issuer, including, without limitation, matters concerning the Issuer's business, operations, board appointments, governance, performance, management, capitalization, trading of the Common Shares at a discount to the Issuer's net asset value and strategic plans and matters relating to the open or closed end nature of the Issuer and timing of any potential liquidation of the Issuer. Karpus may exchange information with any persons pursuant to appropriate confidentiality or similar agreements or otherwise, work together with any persons pursuant to joint agreements or otherwise, propose changes in the Issuer's business, operations, board appointments, governance, management, capitalization, strategic plans or matters relating to the open or closed end nature of the Issuer or timing of any potential liquidation of the Issuer, or propose or engage in one or more other actions set forth herein.

Karpus has no present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D except as set forth herein or such as would occur upon or in connection with completion of, or following, any of the actions discussed herein.

**Item 5. Interest in Securities of the Issuer**

**(a)**
As of the close of business on July 14, 2025 Karpus beneficially owned an aggregate of 5,513,520.11 Shares held in the Accounts, which represents approximately 16.50% of the 33,416,851 Shares reported outstanding by the Issuer. Shares outstanding are calculated by adding the reported 25,062,638 shares outstanding as of January 31, 2025 on the Form N-CSR filed by the Issuer for the semi-annual period ended January 31, 2025 and the additional issuance of 8,354,213 shares outstanding as of June 18, 2025 on the Form 8-K filed by the Issuer on June 18, 2025.

**(b)**
1. Sole power to vote or direct vote:  5,513,520.11

2. Shared power to vote or direct vote:  0

3. Sole power to dispose or direct the disposition:   5,513,520.11

4. Shared power to dispose or direct the disposition:  0

**(c)**
The transactions in the Shares by Karpus through the Accounts during the past sixty (60) days are set forth in Schedule B and incorporated herein by reference.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

There are no contracts, arrangements, understandings or relationships among the Reporting Persons, or between the Reporting Persons and any other person, with respect to the securities of the Issuer.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** KARPUS MANAGEMENT, INC.

**Signature:** /s/ Daniel L. Lippincott

**Name/Title:** Daniel L. Lippincott / President and Chief Investment Officer

**Date:** 07/16/2025