Angel Oak Financial Strategies Income Term Trust is a closed-end management investment fund. The investment objective of the fund is to seek income with a secondary objective of total return. The Fund invests primarily in debt issued by financial institutions, including subordinated debt (sub-debt), unrated debt, senior debt and high yield securities, focusing on those in the United States community bank sector. The Fund also invests in common equity, preferred equity, convertible securities, warrants, and trust-preferred securities (TruPS) of those institutions. The Fund’s investment policy to invest at least over 80% of its assets in securities of financial institutions is not fundamental and may be changed without Shareholder approval. The investment adviser to the Fund is Angel Oak Capital Advisors, LLC.