Angel Oak Dynamic Financial Strategies Income Term Trust
Schedule of Investments
October 31, 2020 (Unaudited)
	Principal
Corporate Obligations ― 118.54%	Amount		Value
Financial ― 115.48%
ANB Corp., 4.000% (SOFR + 3.875%), 9/30/2030 (a)(b)	$	1,000,000	$	1,000,145
Arena Finance II LLC, 6.750%, 9/30/2025 (b)		2,000,000		2,002,500
Atlantic Capital Bancshares, Inc., 5.500% (SOFR + 5.363%), 9/1/2030 (a)(b)(c)		2,500,000		2,495,554
B Riley Financial, Inc., 6.375%, 2/28/2025		40,000		950,400
Bancorp Bank, 4.750%, 8/15/2025 (c)		1,000,000		1,009,953
Bank of California, 4.375% (SOFR + 4.195%), 10/30/2030 (a)		2,000,000		2,002,918
BayCom Corp., 5.250% (SOFR + 5.210%), 9/15/2030 (a)		2,000,000		1,971,784
Big Poppy Holdings, Inc., 6.500%, 7/1/2027		2,000,000		2,030,000
Byline Bancorp, Inc., 6.000% (SOFR + 5.880%), 7/1/2030 (a)(d)		3,000,000		3,072,121
Central Pacific Financial Corp., 4.750% (SOFR + 4.560%), 11/1/2030 (a)(b)		1,000,000		997,802
Citizens Community Bancorp, Inc., 6.000% (SOFR + 5.910%), 9/1/2030 (a)(b)		2,000,000		1,996,253
Clear Blue Financial Holdings LLC, 7.000%, 4/15/2025 (b)		3,000,000		2,962,660
CoastalSouth Bancshares, Inc., 5.950% (SOFR + 5.820%), 9/15/2030 (a)(b)		1,000,000		1,000,123
Cowen, Inc., 7.250%, 5/6/2024 (b)(c)		2,000,000		2,081,782
CRB Group, Inc., 6.500% (SOFR + 6.380%), 9/1/2030 (a)(b)		2,000,000		2,055,023
Customers Bank, 6.125% (3 Month LIBOR USD + 3.443%), 6/26/2029 (a)(b)		2,500,000		2,595,535
Enterprise Bancorp, Inc., 5.250%, 7/15/2030 (e)		2,000,000		1,999,482
Equity Bancshares, Inc., 7.000% (SOFR + 6.880%), 6/30/2030 (a)(c)		3,000,000		2,992,507
Evans Bancorp, Inc., 6.000% (SOFR + 5.900%), 7/15/2030 (a)(b)(d)		2,000,000		1,999,584
FedNat Holding Co., 7.500%, 3/15/2029 (c)		2,000,000		2,087,120
Financial Institutions, Inc., 4.375% (SOFR + 4.265%), 10/15/2030 (a)(b)		1,000,000		999,166
FirstBank, 4.500% (SOFR + 4.390%), 9/1/2030 (a)		2,000,000		1,996,236
Firstsun Capital Bancorp, 6.000% (SOFR + 5.890%), 7/1/2030 (a)(b)(c)		2,500,000		2,587,500
Flagstar Bancorp, Inc., 4.125% (SOFR + 3.910%), 11/1/2030 (a)		2,000,000		2,007,607
Hallmark Financial Services, Inc., 6.250%, 8/15/2029 (f)		2,000,000		1,800,000
Happy Bancshares, Inc., 5.500% (SOFR + 5.345%), 7/31/2030 (a)(b)(d)		3,000,000		2,989,439
Heritage Southeast BanCorp, Inc., 6.000% (SOFR + 5.630%), 6/30/2030 (a)(b)(c)		2,000,000		1,998,804
Hilltop Holdings, Inc., 6.125% (SOFR + 5.800%), 5/15/2035 (a)		250,000		267,189
Homestreet, Inc., 6.500%, 6/1/2026 (d)		3,000,000		3,191,692
Independent Bank Group, Inc., 4.000% (SOFR + 3.885%), 9/15/2030 (a)		2,000,000		2,034,878
Marble Point Loan Financing Ltd. / MPLF Funding I LLC, 7.500%, 10/16/2025 (b)(c)		1,500,000		1,501,704
Midland States Bancorp, Inc., 4.583% (3 Month LIBOR USD + 4.350%), 6/18/2025 (a)(b)		2,500,000		2,487,771
MidWestOne Financial Group, Inc., 5.750% (SOFR + 5.680%), 7/30/2030 (a)(d)		2,500,000		2,499,496
Ohio National Financial Services, Inc., 6.625%, 5/1/2031 (b)(c)		2,500,000		2,527,208
Old Line Bancshares, Inc., 5.625% (3 Month LIBOR USD + 4.502%), 8/15/2026 (a)		1,000,000		988,136
Piedmont Bancorp, Inc., 5.750% (SOFR + 5.615%), 9/1/2030 (a)(b)		2,500,000		2,512,500
Queensborough Co., 6.000% (SOFR + 5.880%), 10/15/2030 (a)(b)		1,000,000		999,889
Ready Capital Corp., 6.200%, 7/30/2026		19,668		437,613
Signature Bank, 4.000%, 10/15/2030 (d)(e)		1,000,000		1,004,280
Southern National Bancorp of Virginia, Inc., 5.400% (SOFR + 5.310%), 9/1/2030 (a)(c)		2,000,000		2,044,661
Spirit of Texas Bancshares, Inc., 6.000% (SOFR + 5.920%), 7/31/2030 (a)(b)		2,500,000		2,494,300
Sterling Bancorp, 3.875% (SOFR + 3.690%), 11/1/2030 (a)		2,000,000		1,999,373
Synovus Bank, 4.000% (5 Year CMT Rate + 3.625%), 10/29/2030 (a)		1,000,000		1,006,055
Trinitas Capital Management LLC, 7.750%, 6/15/2023 (b)(c)		2,000,000		2,069,197
Trinity Capital, Inc., 7.000%, 1/16/2025 (b)		80,000		1,942,000
Triumph Bancorp, Inc., 4.875% (3 Month LIBOR USD + 3.330%), 11/27/2029 (a)(c)		3,000,000		3,024,179
UMB Financial Corp., 3.700% (5 Year CMT Rate + 3.437%), 9/17/2030 (a)		2,000,000		2,032,936
United Insurance Holdings Corp., 6.250%, 12/15/2027 (c)		1,670,000		1,641,927
US Metro Bancorp, Inc., 5.650%, 11/1/2030 (a)(b)		2,000,000		2,000,000
				94,388,982
Technology ― 3.06%
Clear Street Capital LLC, 6.000%, 10/15/2025 (b)		2,500,000		2,500,000
TOTAL CORPORATE OBLIGATIONS - (Cost ― $96,035,718)				96,888,982
Preferred Stocks ― 9.11%	Shares
Financial ― 6.89%
Atlantic Union Bankshares Corp.		20,000		533,400
B Riley Financial, Inc.		40,000		1,006,000
CNB Financial Corp.		20,000		508,000
Dime Community Bancshares, Inc.		25,000		607,000
Ellington Financial, Inc.		20,000		398,000
GMAC Capital Trust I, 6.065% (3 Month LIBOR USD + 5.785%), 2/15/2040 (a)		40,000		1,029,600
Level One Bancorp, Inc.		20,000		500,000
OceanFirst Financial Corp.		19,500		513,728
United Community Banks, Inc.		20,000		534,600
				5,630,328
Real Estate Investment Trusts ― 2.22%
AGNC Investment Corp.		40,000		914,000
Annaly Capital Management, Inc.		40,000		900,400
				1,814,400
TOTAL PREFERRED STOCKS (Cost ― $7,222,514)				7,444,728
Short-Term Investments ― 1.54%
Money Market Funds ― 1.54%
Fidelity Institutional Money Market Government Portfolio, Institutional Class 0.010% (g)		1,260,976		1,260,976
TOTAL SHORT-TERM INVESTMENTS (Cost ― $1,260,976)				1,260,976
TOTAL INVESTMENTS ― 129.19% (Cost ― $104,519,208)				105,594,686
Liabilities in Excess of Other Assets ― (29.19%)				(23,856,763	)
NET ASSETS ― 100.00%			$	81,737,923

LIBOR	London Inter-Bank Offered Rate
SOFR	Secured Overnight Financing Rate
CMT	Constant Maturity Treasury
(a)	Variable or floating rate security based on a reference index and spread. Certain securities are fixed to variable and are currently in the fixed phase. Rate disclosed is the rate in effect as of October 31, 2020.
(b)	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 October 31, 2020, the value of these securities amounted to $50,796,439 or 62.15% of net assets.
(c)	All or a portion of the security has been pledged as collateral in connection with open reverse repurchase agreements. At October 31, 2020, the value of securities pledged amounted to $28,062,096.
(d)	All or a portion of the security has been pledged as collateral in connection with open credit agreements. At October 31, 2020, the value of securities pledged amounted to $14,756,610.
(e)	Variable rate security. The coupon is based on an underlying pool of assets. Rate disclosed is the rate in effect as of October 31, 2020.
(f)	As of October 31, 2020, the Fund has fair valued these securities. The value of these securities amounted to $1,800,000 or 2.20% of net assets.
(g)	Rate disclosed is the seven-day yield as of October 31, 2020.

Angel Oak Dynamic Financial Strategies Income Term Trust
Schedule of Open Reverse Repurchase Agreements
October 31, 2020 (Unaudited)
	Interest		Trade	Maturity	Net Closing
Counterparty	Rate		Date	Date	Amount		Face Value
Lucid Management and Capital Partners LP		2.448%	10/15/2020	11/12/2020	$	5,049,598	$	5,040,000
Lucid Management and Capital Partners LP		2.445%	10/29/2020	11/25/2020		10,103,490		10,085,000
							$	15,125,000
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 disclosures about the various inputs 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 expanded disclosure for each 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 NAV of such investments and are categorized as Level 1 of the fair value hierarchy.
Fair values for long-term debt securities, including asset-backed securities, collateralized loan obligations, corporate obligations and trust preferred securities are normally determined 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, offers, quotations from dealers 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, financial or collateral 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 assumptions, collateral characteristics, 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 unobservable; the values 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 Market® exchanges (collectively, “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 or Nasdaq security does not 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 Composite Market (defined 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 (“OTC”) as published by a 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 (“Board”). All equity securities 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 the last quoted bid and asked 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. Otherwise Fair Value will be 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 pricing service and when the 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 quotations or when the market is 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 hierarchy.  Reverse repurchase 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. Swaps, such as credit default 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 the fair value hierarchy.  Over-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 these factors. These 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 typically categorized as Level 2 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 Fund's valuation processes 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 responsibilities for making all 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 services are deemed to be 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 October 31, 2020:
Assets			Level 1	Level 2	Level 3	Total
Corporate Obligations			$                                    -	$       95,088,982	$     1,800,000	$       96,888,982
Preferred Stocks			6,931,000	513,728	-	7,444,728
Short-Term Investments			1,260,976	-	-	1,260,976
Total			8,191,976	95,602,710	1,800,000	105,594,686
Other Financial Instruments*
Liabilities
Reverse Repurchase Agreements			$                                  -	$       15,125,000	$                  -	$       15,125,000
*Other financial instruments are derivative instruments, such as reverse repurchase agreements.
See the Schedule of Investments for further disaggregation of investment categories. During the period ended October 31, 2020, the Fund did not recognize any transfers to or from Level 3. 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:
	Balance as of 01/31/2020	Discounts/Premiums	Net Realized Gain (Loss)	Change in Net Unrealized Appreciation (Depreciation)	Purchases	Sales	Transfers Into Level 3	Transfers Out of Level 3	Balance as of 10/31/2020
Corporate Obligations	$                 -	$                                3,245	$                                    -	$             (73,245)	$     1,870,000	$                        -	$                       -	$                 -	$              1,800,000
The total change in unrealized appreciation (depreciation) attributable to Level 3 investments held at October 31, 2020, is ($73,245).
The following is a summary of quantitative information about Level 3 Fair Value Measurements:
	Fair Value as of 10/31/20	Valuation Techniques	Unobservable Input	Range/Weighted Average Unobservable Input*
Corporate Obligations	$  1,800,000	Model Valuation	Fundamentals, external credit rating, regaining NASDAQ compliance, and earnings brought current (1Q and 2Q)	$90.00
*Table presents information for one security, which is valued at $90.00 as of October 31, 2020.
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 Continuous	Up to 30 Days	30-90 Days	Greater than 90 Days	Total
Corporate Obligations			$                                  -	$       15,125,000	$                  -	$                      -	$      15,125,000
Total			$                                  -	$       15,125,000	$                  -	$                      -	$      15,125,000