DYFN Angel Oak Dynamic Financial Strategies Income Term Trust

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CUSIP No.  03462A102                    13G             Page   2   of   6   Pages
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1       NAME OF REPORTING PERSON
        I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
        Sit Investment Associates, Inc.
        41-1404829
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2       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
       (SEE INSTRUCTIONS)
         (a) |___|
         (b) |_X_|
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3       SEC USE ONLY

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4       CITIZENSHIP OR PLACE OF ORGANIZATION
                State of Minnesota
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                        5       SOLE VOTING POWER
                                -0-
NUMBER OF               -------------------------------------------------------
SHARES                  6       SHARED VOTING POWER
BENEFICIALLY                    -0-
OWNED BY                -------------------------------------------------------
EACH                    7       SOLE DISPOSITIVE POWER
REPORTING                       -0-
PERSON          -------------------------------------------------------
WITH                    8       SHARED DISPOSITIVE POWER
                                -0-
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9       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
                -0-
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10      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES (SEE INSTRUCTIONS)
                Not Applicable
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11      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
                0.00%
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12      TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
Sit Investment Associates, Inc. (client accounts)               IA
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CUSIP No.  03462A102            13G             Page   3    of   6   Pages
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ITEM 1 (a)      Name of Issuer:
                Angel Oak Capital Advisors, LLC

ITEM 1 (b)      Address of Issuer's Principal Executive Offices:
                Attn: Legal Department
                c/o Angel Oak Capital Advisors, LLC
                3344 Peachtree Rd. NE, Suite 1725
                Atlanta, GA 30326

ITEM 2 (a)      Name of Person Filing:  Sit Investment Associates, Inc.
Sit Investment Associates, Inc. ("SIA") is an Investment Adviser registered
under section 203 of the Investment Advisers Act of 1940.

SIA has one subsidiary registered Investment Adviser:
1. Sit Fixed Income Advisors II, LLC  41-1894024

SIA is the Investment Advisor for fourteen mutual funds (the "Funds") which
are comprised of five registered investment companies, two of which consist
of series funds as listed below.  SIA has the voting power and dispositive
power for all securities owned by SIA and the following mutual
funds.
        1)      Sit Mid Cap Growth Fund, Inc.
        2)      Sit Large Cap Growth Fund, Inc.
        3)      Sit U.S. Government Securities Fund, Inc.
        Sit Mutual Funds, Inc.
        4)      Sit International Growth Fund (series A)
        5)      Sit Balanced Fund (series B)
        6)      Sit Developing Markets Growth Fund (series C)
        7)      Sit Small Cap Growth fund (series D)
        8)      Sit Dividend Growth Fund (series G)
        9)      Sit Global Dividend Growth Fund (series H)
        10)     Sit Small Cap Dividend Growth Fund (series I)
        11)     Sit ESG Growth Fund (series J)
        Sit Mutual Funds II, Inc.
        12)     Sit Tax-Free Income Fund (series A)
        13)     Sit Minnesota Tax-Free Income Fund (series B)
        14)     Sit Quality Income Fund (series E)

Of the affiliated entities indicated above, only SIA and its affiliates
(client accounts) beneficially owned shares of the Issuer common
stock as of December 31, 2022.

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CUSIP No. 03462A102             13G             Page   4   of   6   Pages
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ITEM 2 (b)      Address of Principal Business Office or, if none, Residence:

                3300 IDS Center
                80 South Eighth Street
                Minneapolis, MN  55402

ITEM 2 (c)      Citizenship:    Minnesota Corporation

ITEM 2 (d)      Title of Class of Securities:  Common Stock

ITEM 2 (e)      CUSIP Number:   03462A102

ITEM 3 (e)

(a) [    ]  Broker or Dealer registered under Section 15 of the Act
(b) [    ]  Bank as defined in section 3(a)(6) of the Act
(c) [    ]  Insurance Company as defined in section 3(a)(19) of the Act
(d) [    ]  Investment company registered under section 8 of the Investment
            Company Act
(e) [ X ]  Investment Adviser registered under section 203 of the
            Investment Advisers Act of 1940.
(f) [    ]  Employee Benefit Plan, Pension Fund which is subject to the
            provisions of the Employee Retirement Income Security Act of
            1974 or Endowment Fund: see section 240.13d-1(b)(1)(ii)(F)
(g) [    ]  Parent Holding Company, in accordance with section 240.13d-
            1(b)(ii)(G) (Note: see Item 7)
(h) [    ]  A savings associations as defined in Section 3(b) of the Federal
       Deposit Insurance Act
(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
(j) [    ]  A non-U.S. institution in accordance with 240.13d-1(b)(1)(ii)(J)
(k) [    ]  Group, in accordance with section 240.13d-1(b)(1)(ii)(K)

ITEM 4   Ownership

(a)     Amount Beneficially Owned:

       Number of shares beneficially owned by each reporting person with sole
       voting power; and aggregate amount beneficially owned by each reporting
       person:

       SIA and Affiliates Ownership as of 12/31/2022:
        Shares
        SIA (client accounts)                                   0
        Total Shares Owned By SIA and Affiliated Entities       0

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CUSIP No. 03462A102             13G             Page   5  of   6  Pages
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(b)     Percent of Class:
        Outstanding as of 12/31/2022:   25,062,638

        SIA and Affiliates Ownership @ 12/31/2022:
        % Owned
        SIA (client accounts)                                   0.00%
        Total Shares Owned By SIA and Affiliated Entities       0.00%


(c)     Number of shares as to which such person has:
        (i)     Sole power to vote or direct the vote:  0
        (ii)    Shared power to vote or to direct the vote: 0
        (iii)   Sole power to dispose or to direct the disposition of:  0
        (iv)    Shared power to dispose or to direct the disposition of:  0

ITEM 5  Ownership of Five Percent or Less of a Class:  If this
statement is being filed to report the fact that as of the date hereof the
reporting person has ceased to be the beneficial owner of more than five
percent of the class of securities, check the following [ X ].

ITEM 6          Ownership of More than Five Percent on Behalf of Another
Person:
                N/A

ITEM 7          Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on by the Parent Holding Company:
                N/A

ITEM 8          Identification and Classification of Members of the Group:
                N/A

ITEM 9          Notice of Dissolution of Group:
                N/A

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CUSIP No.  03462A102            13G             Page   6   of   6   Pages
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ITEM 10 Certification
        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 purposes of 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.

                                SIT INVESTMENT ASSOCIATES, INC.

                                Date:   February 10, 2023

                                By: /s/ Paul E. Rasmussen

                                Title: Vice President