0001145549-24-021731.txt : 20240409 0001145549-24-021731.hdr.sgml : 20240409 20240409103835 ACCESSION NUMBER: 0001145549-24-021731 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240131 FILED AS OF DATE: 20240409 DATE AS OF CHANGE: 20240409 EFFECTIVENESS DATE: 20240409 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Angel Oak Strategic Credit Fund CENTRAL INDEX KEY: 0001716885 ORGANIZATION NAME: 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: 24831520 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 X0404 N-CEN LIVE 0001716885 XXXXXXXX false false false N-2 Angel Oak Strategic Credit Fund 811-23289 0001716885 549300KHR3RXXW4KTW47 3344 Peachtree Road NE Suite 1725 Atlanta 30326 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 3 Canal Plaza Suite 100 Portland 04101 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 3344 Peachtree Road NE Suite 1725 Atlanta 30326 4049534900 The books and record required to be maintained by Section 31(a) of the Investment Company Act of 1940. N N N-2 Y Samuel R. Dunlap, III 004411421 Y Andrea N. Mullins 002081957 N Keith M. Schappert N/A N Ira P. Cohen N/A N Alvin R. Albe, Jr. N/A N Cheryl M. Pate 005200127 Y Chase Eldredge 007655117 3344 Peachtree Road NE Suite 1725 Atlanta 30326 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 Angel Oak Strategic Credit Fund 549300KHR3RXXW4KTW47 N Interval Fund N N N N N/A N/A N/A Rule 12d1-1 (17 CFR 270.12d1-1) Rule 32a-4 (17 CFR 270.32a-4) Rule 18f-4 (17 CFR 270.18f-4) Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4)) Rule 18f-4(d)(i) (17 CFR 270.18f-4(d)(i)) Rule 18f-4(e) (17 CFR 270.18f-4(e)) 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 ICE Data Pricing & Reference Data, LLC 5493000NQ9LYLDBCTL34 N Merrill Lynch Valuations LLC 54930015EWCI4VNCZP82 N Bloomberg L.P. 549300B56MD0ZC402L06 N Markit Group Limited 213800BVVQOBUSJXSB53 GB 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 Wells Fargo Securities LLC 8-65876 000126292 VYVVCKR63DVZZN70PB21 60.000000000000 60.000000000000 NOMURA SECURITIES INTERNATIONAL INC. 8-15255 000004297 OXTKY6Q8X53C9ILVV871 20494875.000000000000 GOLDMAN SACHS & CO. LLC 8-129 000000361 FOR8UP27PHTHYVLBNG30 17135646.000000000000 WELLS FARGO SECURITIES LLC 8-65876 000126292 VYVVCKR63DVZZN70PB21 7167712.000000000000 J.P. MORGAN SECURITIES LLC 8-35008 000000079 ZBUT11V806EZRVTWT807 6279117.000000000000 ROBERT W. BAIRD & CO. INCORPORATED 8-497 000008158 549300772UJAHRD6LO53 6230359.000000000000 BOFAML SECURITIES, INC. 8-69787 000283942 549300HN4UKV1E2R3U73 5999734.000000000000 BMO NESBITT BURNS SECURITIES LTD. 8-50538 000044057 54JEJPF5RL5INKZRDO43 3632375.000000000000 MORGAN STANLEY & CO. LLC 8-15869 000008209 9R7GPTSO7KV3UQJZQ078 3603139.000000000000 CITIGROUP GLOBAL MARKETS INC. 8-8177 000007059 MBNUM2BPBDO7JBLYG310 2408675.000000000000 MARKETAXESS CORPORATION 8-50727 000044542 GPSMMRI21JE7ZCVYF972 2231407.000000000000 75183039.000000000000 N 88460047.000000000000 N Common stock Common Shares N N Common stock N N N 1.250000000000 2.140000000000 N/A 20.860000000000 true INTERNAL CONTROL RPT 2 ascix_internalcontrolrpt.htm ASCIX INTERNAL CONTROL REPORT

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, 2024, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), 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 PCAOB. 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, 2024.

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.

Milwaukee, Wisconsin

March 29, 2024