Angel Oak Financial Strategies Income Term Trust

Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year On September 25, 2026, at the Annual Meeting of Shareholders (the “Annual Meeting”) the shareholders of Angel Oak Financial Strategies Income Term Trust (the “Fund”) approved an amendment to Article IV, Section III of the Declaration of Trust of the Fund (the “Declaration of Trust”) that lowers the threshold required for the shareholders of the Fund to remove a trustee of the Fund (a “Trustee”) for “Cause” as defined in Article IV, Section III of the Declaration of Trust from 75% to 66.67% and lowers the threshold required for the Trustees to remove a Trustee for Cause from 75% to 66.67%, making it easier for shareholders of the Fund and the Trustees to remove a Trustee for “Cause.” A copy of the amendment to the Declaration of Trust is attached hereto as Exhibit 3.1. Item 5.07. Submission of Matters to a Vote of Security Holders. (a) On September 25, 2026, the Fund convened the Annual Meeting, at which the matters set forth below in response to Item 5.07(b) were submitted to a vote of shareholders of the Fund. As of the close of business on June 10, 2026, the record date of the Annual Meeting, 33,416,851.4 of the Fund’s common shares and 2,000,000 of the Fund’s Series A Mandatorily Redeemable Preferred Shares (the “MRPS”) were outstanding and entitled to vote. Set forth below are proposals voted upon at the Annual Meeting, and the certified voting results reported by the Fund’s proxy solicitor. Based on the certified voting results, 32,636,945 common shares and MRPS, combined, were voted in person or by proxy at the Annual Meeting, representing 92.15% of all shares entitled to vote. In the case of the MRPS, 1,920,000 were voted in person or by proxy at the Annual Meeting, representing 96% of the MRPS. In each case, the combined common shares and MRPS voted represented a quorum for purposes of holding the Annual Meeting and voting on the applicable proposals. Percentages are based on the total votes cast. (b) The certified voting results for the proposals voted on at the Annual Meeting are set forth below: Proposal 1 : Election of the Class II Trustees. The certified votes for each nominee are set forth below. Nominee for Class II Trustee Votes For Votes Against Withheld ───────────────────────────────────────────────────────────────────────────────── Keith M. Schappert 25,936,960 6,546,688 153,297 Andrea N. Mullins 25,955,397 6,548,197 133,350 Proposal 2: Election of a Class III Trustee. The certified votes for the nominee are set forth below. Nominee for Class III Trustee Votes For (MRPS) Votes Against Withheld ──────────────────────────────────────────────────────────────────────────────────────── Ira P. Cohen 1,920,000 0 0 Proposal 3: Amendment to the Fund’s Declaration of Trust. The certified votes for the approval of an amendment to the Fund’s Declaration of Trust to lower the threshold for shareholders to remove a Trustee for “Cause” as defined in the Declaration of Trust from 75% to 66.67% and lower the threshold for Trustees to remove a Trustee of the Fund for “Cause” from 75% to 66.67% (the “Amendment”) are set forth below. Votes For 26,144,815 Votes Against 1,309,741 Withheld 93,953 Proposal 4: Adjournment to Solicit Additional Proxies. The certified votes for the approval of adjournment of the Annual Meeting for the purposes of soliciting additional proxies if there are not sufficient votes at the Annual Meeting to approve the proposals or establish a quorum are set forth below. Votes For 25,900,593 Votes Against 6,611,235 Withheld 125,113 Proposal 5: Ratification of Auditor. The certified votes for the ratification of the Fund’s independent registered public accounting firm, Cohen & Cohen, Ltd., for the fiscal year ending January 31, 2027 are set forth below. Votes For 31,125,698 Votes Against 1,343,027 Withheld 183,102 Item 9.01. Financial Statements and Exhibits. (d) Exhibits 3.1 Amendment to Declaration of Trust 99.2 Press Release dated September 28, 2026