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SCHEDULE 13D 0001048703 XXXXXXXX LIVE Common Shares 07/14/2025 true 0001745059 03464A100 Angel Oak Financial Strategies Income Term Trust 3060 Peachtree Road Suite 500 Atlanta GA 30305 Daniel L. Lippincott, Pres/CIO 585-586-4680 Karpus Management, Inc. 183 Sully's Trail Pittsford NY 14534 Adam W. Finerman, Esq. 212-589-4233 BakerHostetler 45 Rockfeller Plaza New York NY 10111 0001048703 N KARPUS MANAGEMENT, INC. WC N NY 5513520.11 0.00 5513520.11 0.00 5513520.11 N 16.50 IA Common Shares Angel Oak Financial Strategies Income Term Trust 3060 Peachtree Road Suite 500 Atlanta GA 30305 This statement is filed by: Karpus Management, Inc., d/b/a Karpus Investment Management ("Karpus"). Karpus is a registered investment adviser under Section 203 of the Investment Advisers Act of 1940. Karpus is controlled by City of London Investment Group plc ("CLIG"), which is listed on the London Stock Exchange. However, in accordance with SEC Release No. 34-39538 (January 12, 1998), effective informational barriers have been established between Karpus and CLIG such that voting and investment power over the subject securities is exercised by Karpus independently of CLIG, and, accordingly, attribution of beneficial ownership is not required between Karpus and CLIG. The shares to which this filing relates are owned directly by the Accounts managed by Karpus. Set forth on Schedule A annexed hereto ("Schedule A") is the name and present principal business, occupation or employment and the name, principal business and address of any corporation or other organization in which such employment is conducted of the executive officers and directors of Karpus. To the knowledge of Karpus, except as otherwise disclosed on Schedule A, none of the persons listed on Schedule A beneficially owns any securities of the Issuer or is a party to any contract, agreement or understanding required to be disclosed herein. The address of the principal office of Karpus is 183 Sully's Trail, Pittsford, New York 14534. The principal business of Karpus is serving as a registered investment adviser that provides investment management for individuals, pension plans, profit sharing plans, corporations, endowments, trust, and others. Neither Karpus, nor to the knowledge of Karpus, any person listed on Schedule A has, during the past five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors). Neither Karpus, nor to the knowledge of Karpus, any person listed on Schedule A has, during the last five years, been party to a civil proceeding or a judicial or administrative body of competent jurisdiction as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. Karpus is organized under the laws of the State of New York. Karpus an independent registered investment advisor, has accumulated 5,513,520.11 Shares on behalf of accounts managed by Karpus (the "Accounts") under limited powers of attorney. All funds that have been utilized in making such purchases for the Accounts (which are open market purchases unless otherwise noted) are from such Accounts. The aggregate purchase price of the 5,513,520.11 Shares beneficially owned by Karpus is approximately $69,527,977.90, excluding brokerage commissions. The Shares purchased by Karpus with working capital (which may at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases except as otherwise noted herein. 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. 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. 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 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. No person other than the reporting person is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the Shares. Not applicable. 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. KARPUS MANAGEMENT, INC. /s/ Daniel L. Lippincott Daniel L. Lippincott / President and Chief Investment Officer 07/16/2025