Fund Description: Angel Oak Financial Strategies Income Term Trust is an exchange-traded closed-end fund (CEF) or a closed-end ETF that is officially described as a non-diversified, closed-end management investment company. <p> INVESTMENT OBJECTIVE: The Angel Oak Financial Strategies Income Term Trust seeks current income with a secondary objective of total return. The Fund will terminate on or before 5/31/2031 provided, that if the Board of Trustees believes that it is in the best interests of the Fund to do so. <p> FUND STRATEGY: In pursuing its investment objective, the Fund invests primarily in debt issued by financial institutions, including subordinated debt, unrated debt, senior debt and high yield securities, focusing on those in the U.S. community bank sector. The Fund may also invest in common equity, preferred equity, convertible securities and warrants of these institutions. The Fund will, under normal circumstances, invest at least a majority of its net assets plus the amount of any borrowings for investment purposes in securities issued by U.S. community banks. To a lesser extent, but up to 50% the Fund may invest in similar securities of other U.S. and foreign financial services companies that are not U.S. community banks and may be of any size. These companies may include, but are not limited to, banks, thrifts, finance companies, brokerage and advisory firms, insurance companies and financial holding companies. Together with U.S. community banks, these types of companies are referred to as financial institutions, and the Fund will, under normal circumstances, invest at least 80% of the value of its net assets plus the amount of any borrowings for investment purposes in securities of such financial institutions. The Fund also will target at least 80% in debt issued by Federal Deposit Insurance Corporation (FDIC) insured institutions that accept deposits and any holding company of such institutions which includes community bank debt and securitizations of community bank debt. The Fund will, under normal circumstances, invest at least 50% of its depository institution debt investments in debt investments rated investment grade. A significant portion of the Fund’s assets may be invested in investments rated below investment grade or that are unrated, including subordinated notes (commonly referred to the residual or equity tranche) in securitizations of community bank debt. The Fund may extend the Termination Date under certain provisions (see prospectus for further informaion). The Fund may use leverage. <p> FUND MANAGEMENT: The investment adviser to the Fund is Angel Oak Capital Advisors, LLC.