[SCHEDULE 13G/A] Angel Oak Financial Strategies Income Term Trust Amended Passive Investment Disclosure
Angel Oak: Sit advisers report 33.9% shared voting power
Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC reported shared voting and dispositive power over 11,323,734 shares of Angel Oak Financial Strategies Income Term Trust (FINS) common stock, representing 33.9% of the class for each adviser.
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Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC reported shared voting and dispositive power over 11,323,734 shares of Angel Oak Financial Strategies Income Term Trust (FINS) common stock, representing 33.9% of the class for each adviser. The percentage is based on 33,416,851 shares outstanding as of July 31, 2026. The shares are owned by client accounts managed by the advisers; the advisers state they may be deemed beneficial owners through their shared powers but disclaim beneficial ownership.
Key Figures
Shared voting power:11,323,734 sharesShared dispositive power:11,323,734 sharesReported ownership percentage:33.9%+3 more
6 metrics
Shared voting power11,323,734 sharesReported by each adviser
Shared dispositive power11,323,734 sharesReported by each adviser
Reported ownership percentage33.9%Reported by each adviser
Common shares outstanding33,416,851 sharesAs of July 31, 2026
Sole voting power0 sharesReported by each adviser
Sole dispositive power0 sharesReported by each adviser
"disclaim beneficial ownership of such securities"
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.
shared voting powerregulatory
"Shared Voting Power 11,323,734.00"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
shared dispositive powerregulatory
"Shared Dispositive Power 11,323,734.00"
investment adviserregulatory
"is an investment adviser registered under section 203"
An investment adviser is a person or firm that professionally manages money and gives recommendations about buying, selling, or holding investments. Like a financial coach or guide, they have a legal duty to act in a client's best financial interest, so their advice, fees and potential conflicts can directly affect returns and risk — making their role important for investors who want informed, accountable help with portfolios.
Rule 13d-4regulatory
"Pursuant to Rule 13d-4 of the Securities Exchange Act of 1934"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many FINS shares did the reporting advisers report?
Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC each reported shared voting and dispositive power over 11,323,734 FINS common shares.
What percentage of FINS did the reporting advisers report?
Each adviser reported 33.9% of the class. The percentage is based on 33,416,851 shares of common stock outstanding as of July 31, 2026.
Does any single account advised by the reporting firms own more than 5% of FINS?
The advisers state that, except as may be indicated if this is a joint filing with a registered investment company managed by Sit Investment Associates, Inc. or Sit Fixed Income Advisors II, LLC, no single account subject to their investment advice owns more than 5% of the class.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 4)
Angel Oak Financial Strategies Income Term Trust
(Name of Issuer)
Common
(Title of Class of Securities)
03464A100
(CUSIP Number)
10/30/2026
(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
SIT INVESTMENT ASSOCIATES 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
MINNESOTA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
11,323,734.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
11,323,734.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
11,323,734.00
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)
33.9 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP Number(s):
03464A100
1
Names of Reporting Persons
SIT FIXED INCOME ADVISORS II LLC /ADV
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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
11,323,734.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
11,323,734.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
11,323,734.00
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)
33.9 %
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:
980 Hammond Drive, Suite 200, Atlanta, Georgia
Item 2.
(a)
Name of person filing:
Sit Investment Associates, Inc.
Sit Fixed Income Advisors II, LLC
(b)
Address or principal business office or, if none, residence:
80 South Eighth Street, Suite 3300
Minneapolis, MN 55402
(c)
Citizenship:
Sit Investment Associates, Inc. Minnesota
Sit Fixed Income Advisors II, LLC Delaware
(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:
See response to item 9 on each cover page.
(b)
Percent of class:
See response to item 11 on each cover page.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See response to item 5 on each cover page.
(ii) Shared power to vote or to direct the vote:
See response to item 6 on each cover page.
(iii) Sole power to dispose or to direct the disposition of:
See response to item 7 on each cover page.
(iv) Shared power to dispose or to direct the disposition of:
See response to item 8 on each cover page.
The ownership percentages reported are based on 33,416,851 shares of common stock outstanding as of July 31, 2026, as reported in the Issuer's Report on Form N-CSRS filed with the Securities Exchange Commission.
Sit Investment Associates, Inc. ("SIA") is an investment adviser registered under section 203 of the Investment Advisers Act of 1940. Sit Fixed Income Advisors II, LLC ("SFI") is an investment adviser registered under section 203 of the Investment Advisers Act of 1940 and a subsidiary of SIA. SIA and SFI provide investment management services to client accounts ("Accounts"). In their roles as investment advisers SIA and SFI possess shared voting and investment power over securities of the Issuer described in this schedule 13G owned by the Accounts and may be deemed to be the beneficial owner of such shares of the Issuer owned by the Accounts. All securities reported in this schedule 13G are owned by the Accounts. Pursuant to Rule 13d-4 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), SIA and SFI disclaim beneficial ownership of such securities.
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.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
Except as may be indicated if this is a joint filing with a registered investment company managed by SIA or SFI, not more than 5% of the class of such securities is owned by any one Account subject to the investment advice of SIA or SFI.
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.
