0001145549-19-009878.txt : 20190415 0001145549-19-009878.hdr.sgml : 20190415 20190415154330 ACCESSION NUMBER: 0001145549-19-009878 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20190131 FILED AS OF DATE: 20190415 DATE AS OF CHANGE: 20190415 EFFECTIVENESS DATE: 20190415 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Angel Oak Strategic Credit Fund CENTRAL INDEX KEY: 0001716885 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-23289 FILM NUMBER: 19748535 BUSINESS ADDRESS: STREET 1: ONE BUCKHEAD PLAZA STREET 2: 3060 PEACHTREE RD. NW, SUITE 500 CITY: ATLANTA STATE: GA ZIP: 30305 BUSINESS PHONE: 404-953-4900 MAIL ADDRESS: STREET 1: ONE BUCKHEAD PLAZA STREET 2: 3060 PEACHTREE RD. NW, SUITE 500 CITY: ATLANTA STATE: GA ZIP: 30305 N-CEN 1 primary_doc.xml X0201 N-CEN LIVE 0001716885 XXXXXXXX false false false N-2 Angel Oak Strategic Credit Fund 811-23289 0001716885 549300KHR3RXXW4KTW47 3060 Peachtree Road NW Suite 500 Atlanta 30305 US-GA US 4049534900 U.S. Bancorp Fund Services LLC 615 East Michigan Street Milwaukee 53202 8336121912 The books and record required to be maintained by Section 31(a) of the Investment Company Act of 1940. U.S. Bank National Association 1555 N. Rivercenter Drive Suite 302 Milwaukee 53212 8336121912 The books and record required to be maintained by Section 31(a) of the Investment Company Act of 1940. Quasar Distributors 777 E. Wisconsin Avenue 6th Floor Milwaukee 53202 8336121912 The books and record required to be maintained by Section 31(a) of the Investment Company Act of 1940. Angel Oak Capital Advisors, LLC 3060 Peachtree Road NW Suite 500 Atlanta 30305 4049534900 The books and record required to be maintained by Section 31(a) of the Investment Company Act of 1940. Y N N-2 Y Alvin R. Albe, Jr. N/A N Ira P. Cohen 001657889 N Keith M. Schappert N/A N Andrea N. Mullins 002081957 N James E. Stueve 001637711 N Sreeniwas V. Prabhu 004124628 Y Samuel R. Dunlap, III 004411421 Y Adam Langley 004623797 3060 Peachtree Road, NW Suite 500 Atlanta 30305 XXXXXX N N N N N N Quasar Distributors, LLC 8-52323 000103848 N/A N N Cohen & Company, LTD. 00925 N/A N N N N N N N Angel Oak Strategic Credit Fund 549300KHR3RXXW4KTW47 Y N/A N N N N N/A N/A N/A N/A N N N N Angel Oak Capital Advisors, LLC 801-70670 000151090 549300P8D8LB2NFYZM12 N U.S. Bancorp Fund Services, LLC 85-11357 N1GZ7BBF3NP8GI976H15 N N N Intercontinental Exchange, Inc. 5493000F4ZO33MV32P92 N Bank of America Merrill Lynch N/A N Bloomberg L.P. 549300B56MD0ZC402L06 N N U.S. Bank National Association 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N N U.S. Bancorp Fund Services, LLC N1GZ7BBF3NP8GI976H15 N N N R.J. O'Brien Securities, LLC 8-67587 000143624 N/A 116.000000000000 116.000000000000 Pershing LLC 8-17574 000007560 ZI8Q1A8EI8LQFJNM0D94 1593836.000000000000 R.B.C. Dominion Securities, Inc. 8-45411 000031194 549300LCO2FLSSVFFR64 401000.000000000000 Goldman Sachs & Co. LLC 8-129 000000361 FOR8UP27PHTHYVLBNG30 1447757.000000000000 Citigroup Global Markets, Inc. 8-8177 000007059 MBNUM2BPBDO7JBLYG310 1226999.000000000000 Deutsche Bank Trust Co. 8-17822 000002525 9J6MBOOO7BECTDTUZW19 1142179.000000000000 Bank of America 8-33359 000016139 549300PMHS66E71I2D34 972353.000000000000 Morgan Stanley & Co. Inc. 8-15869 000008209 9R7GPTSO7KV3UQJZQ078 718541.000000000000 Nomura Trust and Banking Co. Ltd. 8-15255 000004297 OXTKY6Q8X53C9ILVV871 710721.000000000000 Credit Suisse 8-422 000000816 1V8Y6QCX6YMJ2OELII46 617769.000000000000 J.P. Morgan Chase 8-35008 000000079 ZBUT11V806EZRVTWT807 517223.000000000000 9348378.000000000000 N 5945630.000000000000 Common stock Common Shares N N Common stock N N N 1.250000000000 0.750000000000 N/A 24.490000000000 true INTERNAL CONTROL RPT 2 internalcontrolrpt_3.htm ANGEL OAK STRATEGIC CREDIT FUND INTERNAL CONTROL LETTER

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of

Angel Oak Strategic Credit Fund

In planning and performing our audit of the financial statements of Angel Oak Strategic Credit Fund (the “Fund”) as of and for the year ended January 31, 2019, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Fund’s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles (GAAP). A fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Fund’s annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Fund’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Fund’s internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of January 31, 2019.

This report is intended solely for the information and use of management and the Board of Trustees of the Fund and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ COHEN & COMPANY, LTD.

COHEN & COMPANY, LTD.

Cleveland, Ohio

March 29, 2019