Angel Oak Financial Strategies Income Term Trust

Angel Oak Financial Strategies Income Term Trust (the Fund) is a diversified closed-end management investment company. The investment objective of the Fund is to seek current income with a secondary objective of total return. Under normal circumstances, the Fund will invest at least 80% of the value of its net assets plus the amount of any borrowings for investment purposes in securities of United States and non-United States financial institutions, which may include, but are not limited to, banks, thrifts, finance companies, business development companies (BDCs) that invest in loans, commercial mortgage and residential mortgage real estate investment trusts, brokerage and advisory firms, insurance companies and financial holding companies. The Fund invests primarily in debt issued by financial institutions, including subordinated debt, unrated debt, senior debt and high yield securities. Its investment adviser is Angel Oak Capital Advisors, LLC.