Angel Oak Financial Strategies Income Term Trust
  
Schedule of Investments
  
April 30, 2026 (Unaudited)
  
   
CORPORATE OBLIGATIONS - 122.3%
  
Par
   
Value
 
Consumer, Non-cyclical - 2.3%
  
ConnectOne Bancorp, Inc., 8.13% to 06/01/2030 then 3 mo. Term SOFR + 4.42%, 06/01/2035
  
$
4,000,000
    
$
4,210,000
  
Green Dot Corp., 8.75%, 09/15/2029 (a)
    
2,000,000
      
2,200,000
  
USCB Financial Holdings, Inc., 7.63% to 08/15/2030 then 3 mo. Term SOFR + 4.22%, 08/15/2035 (b)
    
4,000,000
      
3,998,964
  
             
10,408,964
  
                 
Financial - 120.0% (c)
  
1864 Bancorp, Inc., 6.50% to 03/30/2031 then 3 mo. Term SOFR + 2.89%, 03/30/2036 (a)
    
2,250,000
      
2,248,654
  
A10 Capital LLC, 5.88%, 08/17/2026 (a)
    
4,000,000
      
3,927,416
  
Alpine Banks of Colorado, 6.25% to 12/30/2030 then 3 mo. Term SOFR + 2.86%, 11/30/2035 (a)
    
2,100,000
      
2,118,526
  
American Coastal Insurance Corp., 6.25%, 12/15/2027
    
3,670,000
      
3,679,289
  
American National Bank, 7.57% (3 mo. Term SOFR + 3.88%), 09/30/2030 (a)
    
2,500,000
      
2,489,697
  
Amur Equipment Finance, Inc., 8.25%, 12/31/2030 (a)(d)
    
3,000,000
      
3,000,000
  
Avidbank Holdings, Inc., 7.29% (3 mo. Term SOFR + 3.60%), 12/30/2029 (a)
    
6,000,000
      
5,890,864
  
Axos Financial, Inc., 7.00% to 10/01/2030 then 3 mo. Term SOFR + 3.79%, 10/01/2035
    
2,000,000
      
2,060,000
  
Ballston SpA Bancorp, Inc., 7.38% to 07/01/2031 then SOFR + 3.78%, 04/01/2036 (a)
    
3,000,000
      
3,003,106
  
Banc of California, 3.25% to 05/01/2026 then 3 mo. Term SOFR + 2.52%, 05/01/2031
    
800,000
      
800,000
  
Banc of California, Inc., 7.86% (3 mo. Term SOFR + 4.20%), 10/30/2030
    
1,425,000
      
1,419,532
  
BancIndependent, Inc., 6.50% to 02/15/2031 then 3 mo. Term SOFR + 2.97%, 02/15/2036 (a)(b)
    
4,300,000
      
4,284,293
  
Bank of America Corp., 5.02% to 07/22/2032 then SOFR + 2.16%, 07/22/2033
    
6,000,000
      
6,040,199
  
Bank of Marin Bancorp, 6.75% to 12/01/2030 then 3 mo. Term SOFR + 3.35%, 12/01/2035 (a)
    
2,600,000
      
2,579,618
  
Bank of New York Mellon Corp., 5.19% to 03/14/2034 then SOFR + 1.42%, 03/14/2035
    
1,000,000
      
1,014,189
  
Bank of Oklahoma NA, 6.11% to 11/06/2035 then 5 yr. CMT Rate + 2.00%, 11/06/2040
    
3,600,000
      
3,666,217
  
BankGuam Holding Co.
  
8.60% (3 mo. Term SOFR + 4.92%), 06/30/2029
    
3,000,000
      
2,979,668
  
4.75% to 07/01/2026 then 3 mo. Term SOFR + 4.13%, 07/01/2031 (a)
    
3,000,000
      
2,922,897
  
Banksouth Holding Co., 7.95% (3 mo. Term SOFR + 4.28%), 07/30/2029 (a)
    
2,600,000
      
2,570,836
  
Banterra Bank, 8.97% (3 mo. LIBOR USD + 4.12%), 06/07/2029 (e)
    
7,500,000
      
7,402,600
  
Banterra Corp., 8.00% to 06/30/2027 then 3 mo. Term SOFR + 3.85%, 09/30/2032 (a)
    
1,250,000
      
1,245,002
  
Bar Harbor Bankshares, 6.94% (3 mo. Term SOFR + 3.27%), 12/01/2029
    
3,000,000
      
2,977,011
  
Bayfirst Financial Corp., 4.50% to 06/30/2026 then SOFR + 3.78%, 06/30/2031 (a)
    
1,022,500
      
985,405
  
BCB Bancorp, Inc., 9.25% to 09/01/2029 then 3 mo. Term SOFR + 5.82%, 09/01/2034
    
3,000,000
      
3,245,051
  
Beacon Financial Corp., 5.50% to 07/01/2027 then 3 mo. Term SOFR + 2.49%, 07/01/2032
    
1,500,000
      
1,451,092
  
Big Poppy Holdings, 6.50%, 07/01/2027
    
3,500,000
      
3,430,000
  
Big Poppy Holdings, Inc., 8.00% to 03/20/2031 then 3 mo. Term SOFR + 4.45%, 03/20/2036 (a)(b)
    
5,000,000
      
5,048,675
  
BRC Group Holdings, Inc.
  
5.00%, 12/31/2026 (f)
    
2,000,000
      
1,916,800
  
6.00%, 01/31/2028 (f)
    
3,000,000
      
2,449,200
  
Bridgewater Bancshares, Inc., 7.63% to 06/30/2030 then 3 mo. Term SOFR + 3.88%, 06/30/2035 (b)
    
4,000,000
      
4,152,043
  
Burke & Herbert Financial Services Corp., 3.25% to 12/01/2026 then 3 mo. Term SOFR + 2.30%, 12/01/2031
    
2,000,000
      
1,848,325
  
Capital One Financial Corp., 6.18% to 01/30/2035 then SOFR + 2.04%, 01/30/2036 (b)
    
3,000,000
      
3,056,876
  
Carrington Holding Co. LLC, 9.75%, 05/15/2031 (a)(b)
    
1,500,000
      
1,513,864
  
CB Financial Services, Inc., 3.88% to 12/15/2026 then 3 mo. Term SOFR + 2.80%, 12/15/2031 (a)
    
5,500,000
      
5,169,309
  
CB&T Holding Corp., 9.70% (3 mo. Term SOFR + 6.02%), 12/15/2030 (a)
    
5,000,000
      
4,998,875
  
Central Bancshares, Inc., 7.83% (3 mo. Term SOFR + 4.13%), 06/30/2029 (a)
    
5,000,000
      
4,863,618
  
Chemung Financial Corp., 7.75% to 06/15/2030 then 3 mo. Term SOFR + 4.15%, 06/15/2035 (a)
    
2,000,000
      
2,085,971
  
Citigroup, Inc., 5.17% (SOFR + 1.49%), 09/11/2036 (b)
    
3,000,000
      
2,973,392
  
Citizens Bancshares of Batesville, Inc., 7.00% to 10/15/2030 then 3 mo. Term SOFR + 3.63%, 10/15/2035 (a)(b)
    
2,500,000
      
2,486,583
  
Citizens Community Bancorp, Inc., 4.75% to 04/01/2027 then 3 mo. Term SOFR + 3.29%, 04/01/2032 (a)
    
1,500,000
      
1,421,883
  
Clear Blue Financial Holdings LLC, 5.38%, 12/30/2028 (a)(b)
    
10,000,000
      
9,487,075
  
Clear Street Holdings LLC
  
8.25%, 10/30/2029 (a)
    
4,000,000
      
3,934,523
  
8.00%, 09/30/2030 (a)(b)
    
5,000,000
      
4,866,756
  
Climate First Bancorp, Inc., 8.00% to 11/01/2030 then 3 mo. Term SOFR + 4.72%, 11/01/2035 (a)
    
4,000,000
      
3,973,319
  
Colony Bankcorp, Inc., 5.25% to 05/20/2027 then 3 mo. Term SOFR + 2.65%, 05/20/2032 (a)
    
1,000,000
      
922,985
  
Commercial Credit, Inc., 8.75%, 08/30/2030 (a)
    
2,500,000
      
2,467,504
  
Compeer Financial ACA, 7.88% to 02/15/2031 then 5 yr. CMT Rate + 4.16%, Perpetual (a)
    
1,000,000
      
1,021,055
  
Cornerstone Capital Bancorp, Inc., 7.25%, 02/15/2036 (a)
    
4,000,000
      
3,982,193
  
Customers Bancorp, Inc.
  
2.88% to 08/15/2026 then 3 mo. Term SOFR + 2.35%, 08/15/2031
    
1,000,000
      
950,614
  
6.88% to 01/15/2031 then 3 mo. Term SOFR + 3.42%, 01/15/2036 (b)
    
3,500,000
      
3,516,838
  
Dickinson Financial Corp., 6.50% to 11/15/2030 then 3 mo. Term SOFR + 3.10%, 11/15/2035 (a)
    
3,100,000
      
3,091,424
  
Dime Community Bancshares, Inc., 5.00% to 05/15/2027 then 3 mo. Term SOFR + 2.18%, 05/15/2032
    
1,250,000
      
1,195,135
  
Eagle Bancorp, Inc., 10.00%, 09/30/2029
    
2,500,000
      
2,616,800
  
EF Holdco, 5.88%, 04/01/2027 (a)
    
5,000,000
      
4,825,199
  
Equity Bancshares, Inc., 7.13% to 08/01/2030 then SOFR + 3.49%, 08/01/2035
    
4,000,000
      
4,102,330
  
EverBank Financial Corp.
  
8.38% to 03/01/2030 then 3 mo. Term SOFR + 5.02%, 09/01/2034 (a)(b)
    
5,000,000
      
5,295,421
  
7.50% to 09/01/2030 then 3 mo. Term SOFR + 4.07%, 09/01/2035 (a)
    
2,000,000
      
2,075,176
  
F&M Financial Corp., 9.00% to 08/01/2030 then 3 mo. Term SOFR + 5.39%, 08/01/2035 (a)
    
4,500,000
      
4,630,423
  
Fidelity Federal Bancorp
  
8.31% (3 mo. Term SOFR + 4.65%), 11/01/2029 (a)
    
2,000,000
      
1,988,977
  
7.54% (3 mo. Term SOFR + 3.84%), 03/30/2031 (a)
    
1,000,000
      
983,357
  
Fidelity Financial Corp., 5.00% to 04/30/2027 then 3 mo. Term SOFR + 2.47%, 04/30/2032 (a)
    
5,000,000
      
4,745,005
  
Fifth Third Bancorp
  
4.90% to 09/06/2029 then SOFR + 1.49%, 09/06/2030
    
1,000,000
      
1,003,947
  
5.63% to 01/29/2031 then SOFR + 1.84%, 01/29/2032 (b)
    
1,000,000
      
1,032,609
  
Financial Institutions, Inc., 6.50% to 12/15/2030 then 3 mo. Term SOFR + 3.12%, 12/15/2035
    
7,600,000
      
7,646,386
  
First Bank, 7.13% to 06/30/2030 then 3 mo. Term SOFR + 3.43%, 06/30/2035 (a)
    
2,000,000
      
2,056,090
  
First Citizens BancShares, Inc.
  
5.60% to 09/05/2030 then 5 yr. CMT Rate + 1.85%, 09/05/2035
    
1,000,000
      
978,851
  
6.25% to 03/12/2035 then 5 yr. CMT Rate + 1.97%, 03/12/2040
    
3,000,000
      
2,946,586
  
First Commerce Bancorp, Inc., 7.75% to 12/30/2030 then 3 mo. Term SOFR + 4.32%, 12/30/2035 (a)(b)
    
3,000,000
      
3,005,937
  
First Financial Bancorp, 6.38% to 12/01/2030 then 3 mo. Term SOFR + 3.00%, 12/01/2035
    
4,350,000
      
4,406,938
  
First Foundation, Inc., 3.50% to 02/01/2027 then SOFR + 2.04%, 02/01/2032
    
1,000,000
      
940,039
  
First Help Financial LLC
  
6.00%, 11/15/2026 (a)
    
2,000,000
      
1,965,458
  
9.50%, 04/30/2031 (a)
    
3,000,000
      
3,010,937
  
First Interstate BancSystem, Inc., 7.63% to 06/15/2030 then 3 mo. Term SOFR + 3.98%, 06/15/2035
    
4,000,000
      
4,200,000
  
First National of Nebraska, Inc., 7.25% to 06/15/2030 then 3 mo. Term SOFR + 3.61%, 06/15/2035 (a)(b)
    
5,000,000
      
5,193,569
  
First Northwest Bancorp, 6.69% (3 mo. Term SOFR + 3.00%), 03/30/2031
    
1,000,000
      
985,862
  
First Paragould Bankshares, Inc., 7.03% (3 mo. Term SOFR + 3.36%), 12/15/2027 (a)
    
2,250,000
      
2,224,869
  
Five Star Bancorp, 6.00% to 09/01/2027 then SOFR + 3.29%, 09/01/2032 (a)
    
1,000,000
      
974,236
  
Flagstar Bancorp, Inc., 7.57% (3 mo. Term SOFR + 3.91%), 11/01/2030
    
2,375,000
      
2,261,224
  
Flushing Financial Corp., 3.13% to 12/01/2026 then 3 mo. Term SOFR + 2.04%, 12/01/2031
    
2,000,000
      
1,810,094
  
FNB Corp.
  
6.31% (3 mo. Term SOFR + 2.66%), 02/14/2029
    
600,000
      
596,226
  
5.72% to 12/11/2029 then SOFR + 1.93%, 12/11/2030 (b)
    
5,000,000
      
5,055,877
  
Forbright, Inc.
  
8.06% (3 mo. Term SOFR + 4.39%), 12/01/2029 (a)
    
2,000,000
      
1,976,987
  
4.00% to 01/01/2027 then SOFR + 2.89%, 01/01/2032 (a)
    
1,000,000
      
971,651
  
Fulton Financial Corp., 3.75% to 03/15/2030 then 3 mo. Term SOFR + 2.70%, 03/15/2035
    
3,000,000
      
2,741,886
  
GBank Financial Holdings, Inc., 7.25% to 01/15/2031 then 3 mo. Term SOFR + 3.82%, 01/15/2036 (a)(b)
    
3,000,000
      
2,967,549
  
Georgia Banking Co., Inc., 4.13% to 06/15/2026 then 3 mo. Term SOFR + 3.40%, 06/15/2031 (a)
    
1,000,000
      
979,220
  
Golden Pear Funding HoldCo LLC, 9.00%, 02/28/2028
    
5,000,000
      
5,001,964
  
Golden State Bank, 4.50% to 12/15/2026 then 3 mo. Term SOFR + 3.35%, 12/15/2031 (a)
    
1,000,000
      
897,234
  
Goldman Sachs Group, Inc., 7.50% to 05/10/2029 then 5 yr. CMT Rate + 2.81%, Perpetual
    
2,000,000
      
2,091,506
  
Hanmi Financial Corp., 3.75% to 09/01/2026 then 3 mo. Term SOFR + 3.10%, 09/01/2031
    
3,500,000
      
3,362,299
  
Hanover Bancorp, Inc., 7.25% to 03/15/2031 then 3 mo. Term SOFR + 3.86%, 03/15/2036 (a)(b)
    
3,000,000
      
3,009,958
  
Hilltop Holdings, Inc., 6.13% to 05/15/2030 then 3 mo. Term SOFR + 5.80%, 05/15/2035
    
250,000
      
243,958
  
Hometown Financial Group, Inc., 8.75%, 03/15/2027 (a)(b)
    
2,000,000
      
2,024,352
  
Horizon Bancorp, Inc., 7.00% to 09/15/2030 then 3 mo. Term SOFR + 3.60%, 09/15/2035
    
2,000,000
      
2,042,844
  
Huntington Bancshares, Inc., 5.71% to 02/02/2034 then SOFR + 1.87%, 02/02/2035 (b)
    
6,000,000
      
6,142,343
  
Independent Bank Corp., 7.25% to 04/01/2030 then 3 mo. Term SOFR + 3.53%, 04/01/2035 (b)
    
3,000,000
      
3,202,560
  
JPMorgan Chase & Co., 6.25% to 10/23/2033 then SOFR + 1.81%, 10/23/2034
    
4,000,000
      
4,291,419
  
KeyCorp
  
5.00% to 09/15/2026 then 3 mo. Term SOFR + 3.87%, Perpetual
    
300,000
      
297,509
  
6.40% to 03/06/2034 then SOFR + 2.42%, 03/06/2035
    
4,000,000
      
4,254,495
  
Lawrence Bancshares, Inc., 8.50% to 06/30/2030 then 3 mo. Term SOFR + 4.79%, 06/30/2035 (a)(b)
    
3,000,000
      
3,069,204
  
M&T Bank Corp., 7.41% to 10/30/2028 then SOFR + 2.80%, 10/30/2029
    
6,000,000
      
6,395,872
  
Maple Financial Holdings, Inc., 8.33% (3 mo. Term SOFR + 4.67%), 02/15/2031 (a)
    
2,000,000
      
1,982,116
  
Mascoma Mutual Financial Services Corp., 7.88% to 09/15/2030 then 3 mo. Term SOFR + 4.54%, 09/15/2035 (a)
    
2,000,000
      
2,021,023
  
Mechanics Bancorp, 3.50% to 01/30/2027 then 3 mo. Term SOFR + 2.15%, 01/30/2032
    
3,000,000
      
2,740,674
  
Mercantile Bank Corp., 3.25% to 01/30/2027 then 3 mo. Term SOFR + 2.12%, 01/30/2032
    
1,500,000
      
1,419,863
  
Meridian Corp., 7.64% (3 mo. Term SOFR + 3.95%), 12/30/2029
    
4,000,000
      
3,992,536
  
Midwest Bankcentre, Inc., 7.00% to 10/15/2030 then 3 mo. Term SOFR + 3.68%, 10/15/2035 (a)
    
2,000,000
      
1,992,892
  
Millennium Consolidated Holdings LLC, 8.38%, 03/01/2030 (a)(b)
    
5,000,000
      
5,038,398
  
Minnwest Corp., 7.75% to 09/01/2030 then 3 mo. Term SOFR + 4.29%, 09/01/2035 (a)(b)
    
2,500,000
      
2,531,979
  
Morgan Stanley, 5.59% to 01/18/2035 then SOFR + 1.42%, 01/18/2036 (b)
    
6,500,000
      
6,665,586
  
MS Transverse Insurance Group LLC, 6.00%, 12/15/2026 (a)
    
5,000,000
      
5,000,699
  
Nano Financial Holdings, Inc., 13.00%, 07/01/2026 (a)(d)
    
5,000,000
      
2,500,000
  
NBT Bancorp, Inc., 6.49% (3 mo. Term SOFR + 2.80%), 03/31/2031
    
1,000,000
      
983,361
  
NewtekOne, Inc.
  
8.13%, 02/01/2027 (a)
    
2,250,000
      
2,261,130
  
8.38%, 04/01/2030 (a)
    
750,000
      
740,561
  
NexBank Capital, Inc.
  
4.00% to 08/15/2026 then 3 mo. Term SOFR + 3.39%, 08/15/2031 (a)
    
2,000,000
      
1,899,166
  
6.00%, 07/15/2032 (a)
    
1,500,000
      
1,425,727
  
Northpointe Bancshares, Inc.
  
9.00% to 09/01/2029 then 3 mo. Term SOFR + 5.50%, 09/01/2034 (a)
    
1,200,000
      
1,270,684
  
7.50% to 12/15/2030 then 3 mo. Term SOFR + 4.24%, 12/15/2035 (a)
    
4,000,000
      
3,961,610
  
Northrim BanCorp, Inc., 6.88% to 12/01/2030 then 3 mo. Term SOFR + 3.48%, 12/01/2035
    
3,600,000
      
3,651,486
  
Northwest Bancshares, Inc., 7.57% (3 mo. Term SOFR + 3.89%), 09/15/2030
    
1,000,000
      
999,382
  
Oakstar Bancshares, Inc., 7.20% (3 mo. Term SOFR + 3.52%), 04/15/2031 (a)
    
1,000,000
      
981,743
  
Obsidian Insurance Holdings, Inc., 8.00%, 11/15/2030 (a)
    
5,000,000
      
4,944,361
  
OceanFirst Financial Corp., 6.38% to 11/15/2030 then 3 mo. Term SOFR + 3.08%, 11/15/2035 (b)
    
5,250,000
      
5,269,871
  
Oconomowoc Bancshares, Inc., 8.50% to 09/01/2030 then 3 mo. Term SOFR + 5.09%, 09/01/2035 (a)
    
4,000,000
      
4,151,890
  
Old National Bancorp, 5.77% to 02/15/2031 then 3 mo. Term SOFR + 2.20%, 02/15/2036
    
4,800,000
      
4,793,571
  
Olney Bancshares of Texas, Inc., 7.00% (3 mo. Term SOFR + 3.32%), 03/15/2031 (a)
    
1,000,000
      
985,985
  
Patriot National Bancorp, Inc., 0.00% (g)
    
3,166,259
      
3,878,667
  
PCAP Holdings LP, 6.50%, 07/15/2028 (a)(d)(h)
    
2,000,000
      
0
  
Peoples Financial Services Corp., 7.75% to 06/15/2030 then 3 mo. Term SOFR + 4.11%, 06/15/2035
    
3,000,000
      
3,144,009
  
PeoplesBancorp, 8.00% to 12/30/2029 then 3 mo. Term SOFR + 4.24%, 12/30/2034 (a)
    
1,250,000
      
1,296,006
  
PhenixFIN Corp., 5.25%, 11/01/2028 (f)
    
1,750,000
      
1,694,000
  
Pinnacle Bank, 5.96% to 01/15/2031 then 5 yr. CMT Rate + 2.30%, 01/15/2036
    
5,600,000
      
5,565,999
  
PNC Financial Services Group, Inc., 5.68% to 01/22/2034 then SOFR + 1.90%, 01/22/2035
    
1,000,000
      
1,031,074
  
Preferred Bank/Los Angeles CA, 3.38% to 06/15/2026 then 3 mo. Term SOFR + 2.78%, 06/15/2031
    
4,600,000
      
4,444,114
  
Primis Financial Corp., 8.98% (3 mo. Term SOFR + 5.31%), 09/01/2030 (b)
    
2,000,000
      
1,971,268
  
Provident Financial Services, Inc., 9.00% to 05/15/2029 then 3 mo. Term SOFR + 4.77%, 05/15/2034
    
4,118,000
      
4,390,853
  
Quaint Oak Bancorp, Inc., 11.00%, 03/01/2028 (a)
    
1,250,000
      
1,271,287
  
Queensborough Co., 9.56% (3 mo. Term SOFR + 5.88%), 10/15/2030 (a)
    
1,500,000
      
1,480,111
  
RBB Bancorp, 6.97% (3 mo. Term SOFR + 3.29%), 04/01/2031
    
1,500,000
      
1,437,745
  
ReadyCap Holdings LLC, 9.38%, 03/01/2028 (a)
    
4,000,000
      
3,886,943
  
Regions Financial Corp., 5.50% to 09/06/2034 then SOFR + 2.06%, 09/06/2035
    
6,000,000
      
6,030,157
  
Reliable Community Bancshares, Inc., 7.00% to 01/30/2031 then 3 mo. Term SOFR + 3.41%, 01/30/2036 (a)
    
4,000,000
      
3,950,770
  
Renasant Corp., 4.50% to 09/15/2030 then 3 mo. Term SOFR + 4.03%, 09/15/2035 (b)
    
2,000,000
      
1,828,942
  
River Financial Corp., 7.10% (3 mo. Term SOFR + 3.42%), 03/15/2031 (a)
    
1,000,000
      
978,591
  
Sandy Spring Bancorp, Inc., 6.53% (3 mo. Term SOFR + 2.88%), 11/15/2029
    
4,750,000
      
4,724,833
  
SCRE Intermediate Holdco LLC, 6.50% (or 1.00% PIK), 02/15/2030 (a)
    
2,000,000
      
1,853,987
  
Shore Bancshares, Inc., 6.25% to 11/15/2030 then 3 mo. Term SOFR + 2.88%, 11/15/2035
    
2,100,000
      
2,110,630
  
Silver Queen Financial Services, Inc., 7.27% (3 mo. Term SOFR + 3.60%), 12/01/2027 (a)(b)
    
3,800,000
      
3,764,980
  
Simmons First National Corp., 6.25% to 10/01/2030 then 3 mo. Term SOFR + 3.02%, 10/01/2035 (b)
    
7,500,000
      
7,553,044
  
SmartFinancial, Inc., 7.25% to 09/01/2030 then 3 mo. Term SOFR + 3.85%, 09/01/2035 (b)
    
5,000,000
      
5,164,787
  
South State Bank NA, 8.38% to 08/15/2029 then 3 mo. Term SOFR + 4.61%, 08/15/2034
    
2,000,000
      
2,122,600
  
South Street Securities Funding LLC, 6.25%, 12/30/2026 (a)(b)
    
6,000,000
      
6,000,771
  
Southern Financial Corp., 4.88% to 10/20/2026 then 3 mo. Term SOFR + 3.93%, 10/20/2031 (a)
    
1,500,000
      
1,406,074
  
Southside Bancshares, Inc., 7.00% to 08/15/2030 then 3 mo. Term SOFR + 3.57%, 08/15/2035 (b)
    
4,000,000
      
4,119,067
  
SouthState Corp., 7.00% to 06/13/2030 then 3 mo. Term SOFR + 3.19%, 06/13/2035
    
4,000,000
      
4,152,207
  
Tectonic Financial, Inc., 7.25% to 02/15/2031 then 3 mo. Term SOFR + 3.68%, 02/15/2036 (a)(b)
    
3,000,000
      
2,986,901
  
Texas Capital Bancshares, Inc., 5.30% to 02/27/2031 then SOFR + 1.94%, 02/27/2032
    
3,300,000
      
3,274,078
  
Texas State Bankshares, Inc., 7.49% (3 mo. Term SOFR + 3.81%), 06/15/2029 (a)
    
4,000,000
      
4,001,648
  
Trinitas Capital Management LLC, 7.75%, 11/01/2030 (a)(b)
    
8,000,000
      
7,930,000
  
Truist Financial Corp., 5.15% to 08/05/2031 then SOFR + 1.57%, 08/05/2032
    
6,000,000
      
6,080,199
  
Trustmark Corp., 6.00% to 12/01/2030 then 3 mo. Term SOFR + 2.60%, 12/01/2035
    
2,600,000
      
2,561,228
  
Universal Insurance Holdings, Inc., 5.63%, 11/30/2026
    
7,000,000
      
6,945,677
  
Univest Financial Corp.
  
7.25% to 11/15/2027 then 3 mo. Term SOFR + 3.10%, 11/15/2032
    
1,250,000
      
1,266,806
  
6.00% to 11/15/2030 then 3 mo. Term SOFR + 2.62%, 11/15/2035
    
1,600,000
      
1,581,245
  
US Bancorp, 5.05% to 02/12/2030 then SOFR + 1.06%, 02/12/2031
    
2,500,000
      
2,538,299
  
Vast Holdings, Inc., 7.89% (3 mo. Term SOFR + 4.21%), 04/15/2031 (a)
    
1,250,000
      
1,228,948
  
VCT Holdings LLC, 6.00%, 12/30/2026 (a)
    
5,000,000
      
4,943,750
  
VeraBank, Inc., 7.50% to 06/01/2030 then 3 mo. Term SOFR + 3.69%, 06/01/2035 (a)
    
2,000,000
      
2,083,391
  
VyStar Credit Union, 4.25%, 03/15/2032 (a)
    
3,000,000
      
2,730,102
  
Webster Financial Corp., 5.78% to 09/11/2030 then 5 yr. CMT Rate + 2.13%, 09/11/2035
    
4,000,000
      
4,056,362
  
Wells Fargo & Co., 5.61% to 04/23/2035 then SOFR + 1.74%, 04/23/2036
    
3,000,000
      
3,077,752
  
Western Alliance Bancorp, 3.00% to 06/15/2026 then 3 mo. Term SOFR + 2.25%, 06/15/2031
    
3,000,000
      
2,895,000
  
Western Alliance Bank, 6.54% to 11/15/2030 then 5 yr. CMT Rate + 2.85%, 11/15/2035
    
6,100,000
      
6,034,700
  
Western Capital Corp., 6.88%, 12/15/2030 (a)(b)
    
3,000,000
      
3,057,254
  
White River Bancshares Co., 6.63% to 02/28/2031 then 3 mo. Term SOFR + 3.25%, 02/29/2036 (a)
    
2,000,000
      
1,973,189
  
Wintrust Financial Corp., 4.85%, 06/06/2029
    
5,000,000
      
4,918,054
  
WSFS Financial Corp., 5.38% to 12/15/2030 then 3 mo. Term SOFR + 1.89%, 12/15/2035
    
3,500,000
      
3,474,475
  
Zions Bancorp NA, 3.25%, 10/29/2029
    
2,000,000
      
1,863,105
  
             
547,311,203
  
TOTAL CORPORATE OBLIGATIONS (Cost $561,987,456)
      
557,720,167
  
                 
PREFERRED STOCKS - 6.2%
  
Shares
   
Value
 
Financial - 3.2%
          
Bayfirst Financial Corp., 0.00%
    
100
      
1,000,000
  
BRC Group Holdings, Inc., Series B, 7.38%, Perpetual (g)
    
27,310
      
382,613
  
Dime Community Bancshares, Inc., 5.50%, Perpetual
    
25,000
      
488,500
  
First Busey Corp., Series B, 8.25%, Perpetual
    
40,000
      
1,034,400
  
First Citizens BancShares, Inc.
    
–
    
$
–
  
Series A, 5.38%, Perpetual
    
140,000
      
3,000,200
  
Series E, 6.63% to 3/15/2031 then 5 yr. CMT Rate + 2.83%, Perpetual
    
40,000
      
1,007,600
  
First Merchants Corp., Series A, 7.50%, Perpetual
    
40,000
      
1,019,200
  
Fulton Financial Corp., Series A, 5.13%, Perpetual
    
42,572
      
787,582
  
M&T Bank Corp., Series K, 6.35%, Perpetual
    
40,000
      
1,002,800
  
United Fidelity Bank FSB, Series QIB, 7.00%, Perpetual (a)(g)
    
1,000
      
500,000
  
Valley National Bancorp, Series C, 8.25% to 09/30/2029 then 5 yr. CMT Rate + 4.18%, Perpetual
    
50,000
      
1,303,000
  
WaFd, Inc., Series A, 4.88%, Perpetual
    
25,000
      
411,250
  
WesBanco, Inc., Series B, 7.38% to 10/01/2030 then 5 yr. CMT Rate + 3.80%, Perpetual
    
100,000
      
2,572,000
  
             
14,509,145
  
                 
Real Estate Investment Trust - 3.0%
          
AGNC Investment Corp., Series C, 9.04% (3 mo. Term SOFR + 5.37%), Perpetual
    
40,000
      
1,032,400
  
Annaly Capital Management, Inc., Series F, 8.92% (3 mo. Term SOFR + 5.25%), Perpetual
    
40,000
      
1,038,400
  
Ellington Financial, Inc., Series B, 6.25% to 01/30/2027 then 5 yr. CMT Rate + 4.99%, Perpetual
    
80,000
      
1,957,600
  
Inpoint Commercial Real Estate Income, Inc., Series A, 6.75%, Perpetual
    
80,000
      
1,680,000
  
Lument Finance Trust, Inc., Series A, 7.88%, Perpetual
    
40,000
      
794,800
  
PennyMac Mortgage Investment Trust, 9.00%, 06/15/2030
    
37,691
      
963,005
  
Rithm Capital Corp.
    
–
    
$
–
  
Series D, 7.00% to 11/15/2026 then 5 yr. CMT Rate + 6.22%, Perpetual
    
200,000
      
5,030,000
  
Series E, 8.75%, Perpetual
    
40,000
      
1,000,000
  
TPG RE Finance Trust, Inc., Series C, 6.25%, Perpetual
    
30,000
      
552,900
  
             
14,049,105
  
TOTAL PREFERRED STOCKS (Cost $30,313,919)
      
28,558,250
  
                 
COMMON STOCKS - 3.3%
  
Shares
   
Value
 
Financial - 3.2%
          
Bank7 Corp.
    
10,000
      
429,400
  
Citigroup, Inc.
    
11,000
      
1,407,780
  
Columbia Banking System, Inc.
    
25,000
      
740,000
  
DMMS Purchaser, Inc. (d)(g)
    
1,406
      
2,499,207
  
First Citizens BancShares, Inc. - Class A
    
400
      
793,528
  
First United Corp.
    
16,700
      
620,572
  
Greene County Bancorp, Inc.
    
25,000
      
601,250
  
Kingstone Companies, Inc.
    
75,253
      
1,254,468
  
M&T Bank Corp.
    
5,400
      
1,180,602
  
Pinnacle Financial Partners, Inc.
    
7,000
      
692,580
  
Plumas Bancorp
    
10,700
      
545,807
  
Preferred Bank
    
8,500
      
805,205
  
Prosperity Bancshares, Inc.
    
13,900
      
968,135
  
SouthState Corp.
    
8,000
      
781,360
  
UMB Financial Corp.
    
8,600
      
1,085,062
  
             
14,404,956
  
                 
Real Estate Investment Trust - 0.1%
          
AGNC Investment Corp.
    
30,500
      
336,110
  
Ellington Financial, Inc.
    
15,750
      
208,687
  
             
544,797
  
TOTAL COMMON STOCKS (Cost $12,173,362)
      
14,949,753
  
                 
SHORT-TERM INVESTMENTS
  
SHORT-TERM INVESTMENTS - 1.7%
  
Shares
   
Value
 
Money Market Funds - 1.7%
First American Government Obligations Fund - Class U, 3.60% (i)
    
7,668,449
      
7,668,449
  
TOTAL SHORT-TERM INVESTMENTS (Cost $7,668,449)
      
7,668,449
  
                 
TOTAL INVESTMENTS - 133.5% (Cost $612,143,186)
      
608,896,619
  
Liabilities in Excess of Other Assets - (33.5)%
      
(152,831,900
)
TOTAL NET ASSETS - 100.0%
          
$
456,064,719
  
                 
                 
Percentages are stated as a percent of net assets.
          

CMT - Constant Maturity Treasury
LIBOR - London Interbank Offered Rate
PIK - Payment in Kind
SOFR - Secured Overnight Financing Rate

(a)
Security is exempt from registration under Rule 144A or Section 4(a)(2) under the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities are determined to be liquid by the Adviser, under the procedures established by the Fund’s Board of Trustees, unless otherwise denoted. As of April 30, 2026, the value of these securities total $260,687,402 or 57.2% of the Fund’s net assets.
(b)
All or a portion of the security has been pledged as collateral for the Fund's in connection with open reverse repurchase agreements. At April 30, 2026, the value of securities pledged amounted to $137,361,520.
(c)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect that industry or sector.
(d)
As of April 30, 2026, the Fund has fair valued these securities under the procedures established by Angel Oak Capital Advisors, LLC as Valuation Designee pursuant to Rule 2a-5 under the Investment Company Act of 1940. The value of these securities amounted to $7,999,207 or 1.8% of net assets. Value determined using significant unobservable inputs.
(e)
Securities referencing LIBOR are expected to transition to an alternative reference rate.
(f)
Security issued as a "Baby Bond", with a par value of $25 per bond. The principal balance disclosed represents the issuer's outstanding principal that corresponds to the bonds held in the fund.
(g)
Non-income producing security. Income is not being accrued.
(h)
Issuer is currently in default and not accruing income.
(i)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
Angel Oak Financial Strategies Income Term Trust
  
Schedule of Open Reverse Repurchase Agreements
  
April 30, 2026 (Unaudited)
  
   
Counterparty
  
Interest Rate
  
Trade Date
Maturity Date
  
Net Closing Amount
    
Face Value
  
Lucid Management and Capital Partners LP
  
5.34%
03/18/2026
06/17/2026
  
$
7,193,739
    
$
7,098,000
  
Lucid Management and Capital Partners LP
  
5.38%
04/09/2026
07/09/2026
    
674,039
      
665,000
  
Lucid Management and Capital Partners LP
  
4.81%
04/16/2026
05/14/2026
    
48,640,456
      
48,459,000
  
Lucid Management and Capital Partners LP
  
5.13%
04/16/2026
07/16/2026
    
15,086,106
      
14,893,000
  
Lucid Management and Capital Partners LP
  
4.80%
04/21/2026
05/14/2026
    
4,413,486
      
4,400,000
  
Total
              
$
76,007,827
    
$
75,515,000
  
   
A reverse repurchase agreement, although structured as a sale and repurchase obligation, acts as a financing transaction under which the Fund will effectively pledge certain assets as collateral to secure a short-term loan. Generally, the other party to the agreement makes the loan in an amount less than the fair value of the pledged collateral. At the maturity of the reverse repurchase agreement, the Fund will be required to repay the loan and interest and correspondingly receive back its collateral. While used as collateral, the pledged assets continue to pay principal and interest which are for the benefit of the Fund.
  
Summary of Fair Value Disclosure as of April 30, 2026 (Unaudited)
 
The Fund records its investments at fair value in accordance with fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, these standards require expanded disclosure for each major category of assets. These inputs are summarized in the three broad levels listed below:

Level 1 - quoted prices in active markets for identical securities that the Fund has the ability to access
Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments based on the best information available)

The inputs or methodology used for valuing securities are not an indication of the risks associated with investing in those securities.

Investments in registered open-end management investment companies, including money market funds, will be valued based upon the NAV of such investments and are categorized as Level 1 of the fair value hierarchy.

Fair values for long-term debt securities, including corporate and convertible obligations, are normally determined on the basis of valuations provided by independent pricing services. Vendors typically value such securities based on one or more inputs, including, but not limited to, benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and pricing models such as yield measurers calculated using factors such as cash flows, financial or collateral performance and other reference data. In addition to these inputs, cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information may be utilized. Securities that use similar valuation techniques and inputs are categorized as Level 2 of the fair value hierarchy. To the extent the significant inputs are unobservable; the values generally would be categorized as Level 3.

Equity securities, including preferred stocks, that are traded on a national securities exchange, except those listed on the Nasdaq Global Market®, Nasdaq Global Select Market® and the Nasdaq Capital Market® exchanges (collectively, “Nasdaq”), are valued at the last sale price at the close of that exchange. Securities traded on Nasdaq will be valued at the Nasdaq Official Closing Price. If, on a particular day, an exchange-listed or Nasdaq security does not trade, then: (i) the security shall be valued at the mean between the most recent quoted bid and asked prices at the close of the exchange; or (ii) the security shall be valued at the latest sales price on the Composite Market (defined below) for the day such security is being valued. “Composite Market” means a consolidation of the trade information provided by national securities and foreign exchanges and over-the-counter ("OTC") markets as published by a pricing service. In the event market quotations or Composite Market pricing are not readily available, fair value will be determined in accordance with the procedures adopted by the Board of Trustees (“Board”). All equity securities that are not traded on a listed exchange are valued at the last sale price at the close of the OTC market. If a non-exchange listed security does not trade on a particular day, then the mean between the last quoted bid and asked price will be used as long as it continues to reflect the value of the security. If the mean is not available, then bid price can be used as long as the bid price continues to reflect the value of the security. Otherwise, fair value will be determined in accordance with the procedures adopted by the Board. These securities will generally be categorized as Level 3 securities. When using the market quotations or close prices provided by the pricing service and when the market is considered active, the security will be classified as a Level 1 security. Sometimes, an equity security owned by the Fund will be valued by the pricing service with factors other than market quotations or when the market is considered inactive. When this happens, the security will be classified as a Level 2 security.

Short term debt securities having a maturity of 60 days or less are generally valued at amortized cost, which approximates fair market value. These investments are categorized as Level 2 of the fair value hierarchy. Reverse repurchase agreements and repurchase agreements are priced at their acquisition cost, and assessed for credit adjustments, which represents fair value. These securities will generally be categorized as Level 2 securities.

Securities may be fair valued in accordance with the fair valuation procedures approved by the Board. The Valuation and Risk Management Oversight Committee is generally responsible for overseeing the Fund’s valuation processes and reports quarterly to the Board. The Board has selected Angel Oak Capital Advisors, LLC (the “Adviser”) as the Valuation Designee. As such, the Valuation Committee of the Adviser has been delegated the day-to-day responsibilities for making all necessary determinations of the fair value of portfolio securities and other assets for which market quotations are not readily available or if the prices obtained from independent pricing services are deemed to be unreliable indicators of market or fair value. Representatives of the Valuation Designee’s Valuation Committee report quarterly to the Valuation and Risk Management Oversight Committee.

The following is a summary of the investments by their inputs used to value the Fund’s assets as of April 30, 2026:


   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets
                        
  Corporate Obligations
  
$
–
    
$
552,220,167
    
$
5,500,000
    
$
557,720,167
  
  Preferred Stocks
    
27,058,250
      
1,500,000
      
–
      
28,558,250
  
  Common Stocks
    
12,450,546
      
–
      
2,499,207
      
14,949,753
  
  Short-Term Investments
    
7,668,449
      
–
      
–
      
7,668,449
  
Total
  
$
47,177,245
    
$
553,720,167
    
$
7,999,207
    
$
608,896,619
  
Other Financial Instruments
                                
Liabilities
  
$
–
    
$
(75,515,000
)
  
$
–
    
$
(75,515,000
)
Reverse Repurchase Agreements
  

See the Schedule of Investments for further disaggregation of investment categories. During the period ended April 30, 2026, the Fund recognized $985,405 of transfers from Level 3 to Level 2 due to an increase in relevant market activity. See the summary of quantitative information about Level 3 Fair Value Measurements for more information.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

 
Balance as
of 01/31/26
Amortization/
Accretion/
Distributions
Net Realized
Gain (Loss)
Change in Net
Unrealized
Appreciation/Depreciation
Purchases
Sales
Transfers Into Level 3
Transfers Out
of Level 3
Balance as
of 04/30/26
 Corporate Obligations
$4,806,100
$–
$–
$(1,343,195)
$3,022,500
$–
$–
$(985,405)
$5,500,000
 Common Stocks
–
 –
 –
–
2,499,207
 –
 –
 –
2,499,207
Total
$4,806,100
$–
$–
$(1,343,195)
$5,521,707
$–
$–
$(985,405)
$7,999,207

The total change in unrealized appreciation/depreciation attributable to Level 3 investments still held at April 30,2026, is $(1,500,000).
 
The following is a summary of quantitative information about Level 3 Fair Value Measurements:

 
Fair Value as of
04/30/26
Valuation
Techniques
Unobservable Input*
Range**
Weighted Average
 Unobservable Input
 Corporate Obligations
$3,000,000
Transaction Price
Transaction Price
$100.00
$100.00
 Corporate Obligations
$2,500,000
Recovery Analysis
Estimated recovery value
$50.00
Recovery Estimate: 50%
 Corporate Obligations
$0
Recovery Analysis
Estimated recovery from proposed Chapter 11 liquidation plan
$0.00
Recovery Estimate: 0%
 Common Stocks
$2,499,207
Transaction Price
Transaction Price
$1,777.53
$1,777.53

*Significant increases and decreases in the unobservable inputs used to determine fair value of Level 3 assets could result in significantly higher or lower fair value measurements. An increase to the unobservable input would result in an increase to the fair value. A decrease to the unobservable input would have the opposite effect.

**Each input presents information for one security and reflects the value as of April 30, 2026.