Karpus Management (FINS) reports 4.70M-share, 14.06% stake in Angel Oak Trust

Rhea-AI Filing Summary

Karpus Management, Inc. amended its Schedule 13G/A to report beneficial ownership of 4,697,846 shares of Angel Oak Financial Strategies Income Term Trust common stock, equal to 14.06%.

The filing (Amendment No. 5) shows the shares are held directly by accounts managed by Karpus, with sole voting power and sole dispositive power over 4,697,846 shares. The cover date appears as 03/31/2026 and the signature date is 05/14/2026.

Insights

SEC Filings Analyst

Disclosure records a significant institutional stake and voting control.

The filing states Karpus Management, Inc. beneficially owns 4,697,846 shares, representing 14.06% of the common class as of 03/31/2026. The statement attributes ownership to accounts managed by Karpus and reports sole voting and sole dispositive power for the same amount.

Filing mechanics: this is a Schedule 13G/A amendment (Amendment No. 5) signed on 05/14/2026. Subsequent disclosures would be required if ownership or voting power changes above reporting thresholds.

Institutional Ownership Specialist

Large passive/active stake depending on Schedule 13G characterization.

The excerpt identifies Karpus as a registered investment adviser and states the shares are "owned directly by the accounts managed by Karpus." The filing does not include an explicit statement of investment intent in the excerpt.

Implication: the position size (4,697,846 / 14.06%) signals meaningful influence potential via voting; changes in holdings or voting arrangements would be material to future disclosures.

Key Figures

Shares beneficially owned: 4,697,846 shares Percent of class: 14.06% Cover/report date: 03/31/2026 +1 more

4 metrics

Shares beneficially owned 4,697,846 shares reported beneficial ownership in the Schedule 13G/A

Percent of class 14.06% percent of common stock as stated in Item 4

Cover/report date 03/31/2026 date listed near the top of the filing excerpt

Signature date 05/14/2026 signature date on the amendment

Key Terms

Schedule 13G/A, Beneficial ownership, Sole dispositive power

3 terms

Schedule 13G/A regulatory

"Amendment No. 5 and Schedule 13G/A heading"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

Beneficial ownership regulatory

"Item 4. | Ownership (a) | Amount beneficially owned"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

Sole dispositive power regulatory

"(iii) Sole power to dispose or to direct the disposition of: 4,697,846.00"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/14/2026 - 04:11 PM Learn about SEC filing dates

FAQ

What stake does Karpus Management report in FINS?

Karpus Management reports beneficial ownership of 4,697,846 shares, representing 14.06% of the common stock as stated in the amendment.

As of what date is the ownership percentage reported?

The filing indicates a cover/report date of 03/31/2026 and the Schedule amendment was signed on 05/14/2026, linking the position to that period.

Who holds voting and dispositive power over these shares?

The Schedule shows Karpus has sole voting power and sole dispositive power over 4,697,846 shares, per the ownership table in the amendment.

Are the shares held directly or through another entity?

The amendment states the shares are owned directly by accounts managed by Karpus; it also notes informational barriers with its parent, City of London Investment Group plc.

Does this filing indicate Karpus controls the issuer?

The filing shows 14.06% ownership and sole voting power over those shares; it does not state that Karpus controls the issuer in the provided excerpt.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 5)

Angel Oak Financial Strategies Income Term Trust

(Name of Issuer)

Common

(Title of Class of Securities)

03464A100

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 03464A100

1

Names of Reporting Persons

KARPUS MANAGEMENT, INC.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 4,697,846.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 4,697,846.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,697,846.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

14.06 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Angel Oak Financial Strategies Income Term Trust
(b)	Address of issuer's principal executive offices: 3344 Peachtree Road NE, Suite 1725, Atlanta, GA 30326
Item 2.
(a)	Name of person filing: This statement is being filed by Karpus Management, Inc., d/b/a Karpus Investment Management ("Karpus" or the "Reporting Person"). 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 Schedule 13G relates are owned directly by the accounts managed by Karpus.
(b)	Address or principal business office or, if none, residence: 183 Sully's Trail, Pittsford, New York 14534.
(c)	Citizenship: The members of the Karpus Management Committee are US citizens. Karpus is a New York corporation.
(d)	Title of class of securities: Common
(e)	CUSIP No.: 03464A100
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 4,697,846.00
(b)	Percent of class: 14.06 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 4,697,846.00
	(ii) Shared power to vote or to direct the vote: 0.00
	(iii) Sole power to dispose or to direct the disposition of: 4,697,846.00
	(iv) Shared power to dispose or to direct the disposition of: 0.00
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

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.

KARPUS MANAGEMENT, INC.

Signature:	/s/ Jodi L. Hedberg
Name/Title:	Jodi L. Hedberg / Chief Compliance Officer
Date:	05/14/2026