Angel Oak Dynamic Financial Strategies Income Term Trust : Dynamic Financial Strategies Income Term Trust First Quarter Holdings

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Angel Oak Dynamic Financial Strategies Income Term Trust
Schedule of Investments
April 30, 2021 (Unaudited)		Principal
Corporate Obligations ― 129.38%		Amount		Value
Financial ― 126.50%
ANB Corp., 4.000% (SOFR + 3.875%), 9/30/2030 (a)(b)	$	1,000,000	$	1,024,293
Arbor Realty Trust, Inc., 5.000%, 4/30/2026 (b)		1,000,000		1,000,000
Arena Finance II LLC, 6.750%, 9/30/2025 (b)(c)		2,000,000		2,002,500
Atlantic Capital Bancshares, Inc., 5.500% (SOFR + 5.363%), 9/1/2030 (a)(c)		2,500,000		2,657,400
B. Riley Financial, Inc., 6.375%, 2/28/2025 (d)		1,000,000		1,030,000
B. Riley Financial, Inc., 5.500%, 5/31/2026 (d)		500,000		499,800
Bancorp Bank, 4.750%, 8/15/2025 (c)		1,000,000		1,028,103
Bank of California, 4.375% (SOFR + 4.195%), 10/30/2030 (a)(c)		1,675,000		1,753,000
BayCom Corp., 5.250% (SOFR + 5.210%), 9/15/2030 (a)(c)		2,000,000		2,063,479
Big Poppy Holdings, Inc., 6.500%, 7/1/2027		2,000,000		2,060,000
Byline Bancorp, Inc., 6.000% (SOFR + 5.880%), 7/1/2030 (a)(c)		3,000,000		3,338,519
CB&T Holding Corp., 6.250% (SOFR + 6.015%), 12/15/2030 (a)(b)		2,500,000		2,575,000
Central Pacific Financial Corp., 4.750% (SOFR + 4.560%), 11/1/2030 (a)		1,000,000		1,062,356
Citizens Community Bancorp, Inc., 6.000% (SOFR + 5.910%), 9/1/2030 (a)(b)		2,000,000		2,112,579
Clear Blue Financial Holdings LLC, 7.000%, 4/15/2025 (b)		3,000,000		2,989,845
CoastalSouth Bancshares, Inc., 5.950% (SOFR + 5.820%), 9/15/2030 (a)(b)		1,000,000		1,016,370
Cowen, Inc., 7.250%, 5/6/2024 (b)(c)		2,000,000		2,153,606
CRB Group, Inc., 6.500% (SOFR + 6.380%), 9/1/2030 (a)(b)(c)		2,000,000		2,186,575
Customers Bank, 6.125% (3 Month LIBOR USD + 3.443%), 6/26/2029 (a)(b)(c)		2,500,000		2,718,736
Enterprise Bancorp, Inc., 5.250% (SOFR + 5.175%), 7/15/2030 (a)		2,000,000		2,113,795
Equity Bancshares, Inc., 7.000% (SOFR + 6.880%), 6/30/2030 (a)(c)		3,000,000		3,147,599
Evans Bancorp, Inc., 6.000% (SOFR + 5.900%), 7/15/2030 (a)(c)		2,000,000		2,075,386
FedNat Holding Co., 7.750%, 3/15/2029 (c)		2,000,000		2,070,000
Financial Institutions, Inc., 4.375% (SOFR + 4.265%), 10/15/2030 (a)		1,000,000		1,012,658
FirstBank, 4.500% (SOFR + 4.390%), 9/1/2030 (a)		2,000,000		2,068,291
Firstsun Capital Bancorp, 6.000% (SOFR + 5.890%), 7/1/2030 (a)(b)(c)		2,500,000		2,695,736
Flagstar Bancorp, Inc., 4.125% (SOFR + 3.910%), 11/1/2030 (a)(c)		2,000,000		2,046,016
Hallmark Financial Services, Inc., 6.250%, 8/15/2029		2,000,000		1,880,000
Happy Bancshares, Inc., 5.500% (SOFR + 5.345%), 7/31/2030 (a)(b)(c)		3,000,000		3,209,900
Heritage Southeast BanCorp, Inc., 6.000% (SOFR + 5.630%), 6/30/2030 (a)(b)(c)		2,000,000		2,016,771
Hilltop Holdings, Inc., 6.125% (SOFR + 5.800%), 5/15/2035 (a)		250,000		284,597
Homestreet, Inc., 6.500%, 6/1/2026 (c)		3,000,000		3,185,181
Independent Bank Group, Inc., 4.000% (SOFR + 3.885%), 9/15/2030 (a)(c)		2,000,000		2,049,678
Maple Financial Holdings, Inc., 5.000% (SOFR + 4.670%), 2/15/2031 (a)(b)		1,000,000		1,000,000
Marble Point Loan Financing Ltd. / MPLF Funding I LLC, 7.500%, 10/16/2025 (b)(c)		1,500,000		1,476,654
Midland States Bancorp, Inc., 4.540% (3 Month LIBOR USD + 4.350%), 6/18/2025 (a)(b)		2,500,000		2,502,496
MidWestOne Financial Group, Inc., 5.750% (SOFR + 5.680%), 7/30/2030 (a)(c)		2,500,000		2,693,428
Obsidian Insurance Holdings, Inc., 6.500%, 12/30/2025 (b)(c)		3,000,000		3,015,000
Ohio National Financial Services, Inc., 6.625%, 5/1/2031 (b)(c)		2,500,000		2,890,764
Old Line Bancshares, Inc., 5.625% (3 Month LIBOR USD + 4.502%), 8/15/2026 (a)		1,000,000		1,008,498
Piedmont Bancorp, Inc., 5.750% (SOFR + 5.615%), 9/1/2030 (a)(b)		2,500,000		2,569,913
Premia Holdings Ltd., 6.900%, 9/23/2030 (b)(e)		3,000,000		3,045,000
Primis Financial Corp., 5.400% (SOFR + 5.310%), 9/1/2030 (a)(c)		2,000,000		2,158,576
Queensborough Co., 6.000% (SOFR + 5.880%), 10/15/2030 (a)(b)		1,000,000		1,047,874
Ready Capital Corp., 6.200%, 7/30/2026 (d)		491,700		510,581
Ready Capital Corp., 5.750%, 2/15/2026 (d)		2,000,000		2,068,000
Signature Bank, 4.000% (AMERIBOR + 3.890%), 10/15/2030 (a)(c)		1,000,000		1,036,427
Spirit of Texas Bancshares, Inc., 6.000% (SOFR + 5.920%), 7/31/2030 (a)(b)		2,500,000		2,631,866
Sterling Bancorp, 3.875% (SOFR + 3.690%), 11/1/2030 (a)		2,000,000		2,039,220
Trinitas Capital Management LLC, 7.750%, 6/15/2023 (b)(c)		2,000,000		2,068,382
Trinity Capital, Inc., 7.000%, 1/16/2025 (b)(d)		2,000,000		2,114,000
Triumph Bancorp, Inc., 4.875% (3 Month LIBOR USD + 3.592%), 11/27/2029 (a)(c)		3,000,000		3,151,881
United Insurance Holdings Corp., 6.250%, 12/15/2027 (c)		1,670,000		1,726,332
US Metro Bancorp, Inc., 5.650% (SOFR + 5.430%), 11/1/2030 (a)(b)(c)		2,000,000		2,112,917
					107,995,578
Technology ― 2.88%
Clear Street Capital LLC, 6.000%, 10/15/2025 (b)(c)		2,500,000		2,460,740
TOTAL CORPORATE OBLIGATIONS - (Cost ― $105,755,443)					110,456,318
Preferred Stocks ― 10.68%		Shares
Financial ― 7.68%
Atlantic Union Bankshares Corp., 6.875%		20,000		552,800
B. Riley Financial, Inc., 7.375%		40,000		1,095,200
CNB Financial Corp., 7.125%		20,000		540,200
Dime Community Bancshares, Inc., 5.500%		25,000		638,250
GMAC Capital Trust I, 5.982% (3 Month LIBOR USD + 5.785%), 2/15/2040 (a)		40,000		1,025,600
Level One Bancorp, Inc., 7.500%		20,000		542,400
Northpointe Bancshares, Inc., 8.250% (SOFR + 7.990%) (a)(b)		40,000		1,062,600
OceanFirst Financial Corp., 7.000% (SOFR + 6.845%) (a)		19,500		545,220
United Community Banks, Inc., 6.875%		20,000		556,400
					6,558,670
Real Estate Investment Trust ― 3.00%
AGNC Investment Corp., 7.000% (3 Month LIBOR USD + 5.111%) (a)		40,000		1,029,200
Annaly Capital Management, Inc., 6.950% (3 Month LIBOR USD + 4.993%) (a)		40,000		1,012,800
Ellington Financial, Inc., 6.750% (3 Month LIBOR USD + 5.196%) (a)		20,000		513,000
					2,555,000
TOTAL PREFERRED STOCKS (Cost ― $8,222,513)					9,113,670
Short-Term Investments ― 0.95%
Money Market Funds ― 0.95%
First American Government Obligations Fund, Class U, 0.031% (f)		813,778		813,778
TOTAL SHORT-TERM INVESTMENTS (Cost ― $813,778)					813,778

TOTAL INVESTMENTS ― 141.01% (Cost ― $114,791,734)		120,383,766
Liabilities in Excess of Other Assets ― (41.01%)		(35,009,582)
NET ASSETS ― 100.00%	$	85,374,184
LIBOR	London Inter-Bank Offered Rate
SOFR	Secured Overnight Financing Rate
AMERIBOR	American Financial Exchange Overnight Unsecured Lending Rate

1. Variable or floating rate security based on a reference index and spread. Certain securities are fixed to variable and currently in the fixed phase. Rate disclosed is the rate in effect as of April 30, 2021.
2. Security exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. 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. At April 30, 2021, the value of these securities amounted to $57,700,117 or 67.58% of net assets.

1. All or a portion of the security has been pledged as collateral in connection with open reverse repurchase agreements. At April 30, 2021, the value of securities pledged amounted to $67,189,286.
2. Security issued as a "Baby Bond", with a par value of $25 per bond. The principal balance disclosed above represents the issuer's outstanding principal that corresponds to the bonds held in the Fund.
3. As of April 30, 2021, the Fund has fair valued these securities. The value of these securities amounted to $3,045,000 or 3.57% of net assets.
4. Rate disclosed is the seven-day yield as of April 30, 2021.

Schedule of Open Reverse Repurchase Agreements
	Interest		Trade	Maturity		Net Closing
Counterparty	Rate		Date	Date		Amount		Face Value
Lucid Management and Capital Partners LP		1.865%	4/15/2021	5/13/2021	$	16,575,003	$	16,551,000
Lucid Management and Capital Partners LP		1.938%	4/15/2021	7/15/2021		20,044,705		19,947,000
							$	36,498,000

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.

Securities Valuation and Fair Value Measurements (Unaudited)

The Fund has adopted 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 disclosur and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs, if any, during the period. In addition, these standards require e major category of assets and liabilities. These inputs are summarized in the three broad levels listed below:

Level 1 - quoted prices in active markets for identical securities.

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 the fair value of investments based on the best information available).

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

Investments in registered open-end management investment companies, including money market funds, will be valued based upon the net asset value ("NAV") of such investments and are categorized as Lev

Fair values for long-term debt securities, including asset-backed securities, collateralized loan obligations, collateralized mortgage obligations, corporate obligations, whole loans, and mortgage-backed securi 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, off 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, performance and other reference data. In addition to these inputs, mortgage-backed and asset-backed obligations may utilize cash flows, prepayment information, default rates, delinquency and loss assumptio credit enhancements and specific deal information. 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 uno 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 Mar "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 ("NOCP"). If, on a particular day, an exchange-listed 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 Comp 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 markets ("OT 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 ("Boa that are not traded on a listed exchange are valued at the last sale price at the close of the over-the counter market. If a non-exchange listed security does not trade on a particular day, then the mean between t 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. Otherw 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 pric 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 quotatio 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 hier agreements and repurchase agreements are priced at their acquisition cost, which represents fair value. These securities will generally be categorized as Level 2 securities.

Financial derivative instruments, such as futures contracts, that are traded on a national securities or commodities exchange are typically valued at the settlement price determined by the relevant exchange. S swaps, interest-rate swaps and currency swaps, are valued by a pricing service. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of th the-counter financial derivative instruments, such as certain futures contracts or swap agreements, derive their values from underlying asset prices, indices, reference rates, other inputs or a combination of the instruments are normally valued on the basis of evaluations provided by independent pricing services or broker dealer quotations. Derivatives that use similar valuation techniques as described above are typi of the fair value hierarchy.

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 F and reports quarterly to the Board. The Valuation and Risk Management Oversight Committee has delegated to the Valuation Committee of Angel Oak Capital Advisors, LLC (the"Adviser") the day to day re 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 brokers and dealers or independent pricing unreliable indicators of market or fair value. Representatives of the Adviser's Valuation Committee report quarterly to the Valuation and Risk Management Oversight Committee.

The following is a summary of the inputs used to value the Fund's net assets as of April 30, 2021:

Assets		Level 1		Level 2		Level 3		Total
Corporate Obligations	$	-	$	107,411,318	$	3,045,000	$	110,456,318
Preferred Stocks		8,568,450		545,220		-		9,113,670
Short-Term Investments		813,778		-		-		813,778
Total		9,3822,228		107,956,538		3,045,000		120,383,766
Other Financial Instruments
Liabilities
Reverse Repurchase Agreements	$	-	$	36,498,000	$	-	$	36,498,000

See the Schedule of Investments for further disaggregation of investment categories. During the period ended April 30, 2021, the Fund recognized $3,045,000 of transfers from Level 2 to Level 3 for securities lacking observable market data due to a decrease in market activity. During the period ended April 30, 2021, the Fund recognized $1,880,000 of transfers from Level 3 to Level 2. 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:

							Change in Net
							Unrealized
	Balance as of			Net Realized Gain		Appreciation						Transfers Into	Transfers Out		Balance as of
	01/31/2021	Discounts/Premiums		(Loss)		(Depreciation)		Purchases		Sales		Level 3	of Level 3		04/31/2021
Corporate	$ 1,700,000	$		$		$	$	$	-	$		$		$ $ (1,880,000)	$	$
Obligations	2,634	-	177,366	-	3,045,000	3,045,000

The total change in unrealized appreciation (depreciation) attributable to Level 3 investments held at April 30, 2021, is $0.

The following is a summary of quantitative information about Level 3 Fair Value Measurements:

				Range/Weighted
					Average
	Fair Value as	Valuation			Unobservable
	of 04/30/21	Techniques	Unobservable Input		Input*
Corporate	$ 3,045,000	Broker Quote	Third Party	$	$101.50
Obligations

*Table presents information for one security, which is valued at $101.50 as of April 30, 2021.

Secured Borrowings

A reverse repurchase agreement is the sale by the Fund of a security to a party for a specified price, with the simultaneous agreement by the Fund to repurchase that security from that party on a future date at a higher price. Reverse repurchase agreements involve the risk that the counterparty will become subject to bankruptcy or other insolvency proceedings or fail to return a security to the Fund. In such situations, the Fund may incur losses as a result of a possible decline in the value of the underlying security during the period while the Fund seeks to

enforce its rights, a possible lack of access to income on the underlying security during this period, or expenses of enforcing its rights. The Fund will segregate assets determined to be liquid by the Adviser or otherwise cover its obligation under the reverse repurchase agreement.

The gross obligations for secured borrowing by the type of collateral pledged and remaining time to maturity is as follows:

Reverse Repurchase Agreements	Overnight and		Up to 30 Days		30-90 Days	Greater than			Total
Continuous			90 Days
Corporate Obligations	$	-	$	16,551,000	$	19,947,000	$	-	$	36,498,000
Total	$	-	$	16,551,000	$	19,947,000	$	-	$	36,498,000