MASTER SERVICING AGREEMENT

FIRST AMENDMENT TO THE

MASTER SERVICING AGREEMENT

THIS FIRST AMENDMENT, effective as of May 18, 2021, to the Master Servicing Agreement, dated as of April 1, 2021 (the “Agreement”), by and among each management investment company identified on Exhibit A attached hereto (each a “Company”), severally and not jointly, each Company acting on behalf of itself or for and on behalf of such series as are currently authorized and issued by the Company and may be authorized and issued by the applicable Company in the future subsequent to the date of this Agreement and listed on Exhibit A (each such series a “Fund”) and U.S. BANCORP FUND SERVICES, LLC d/b/a U.S. BANK GLOBAL FUND SERVICES, a Wisconsin limited liability company (“USBFS”).

RECITALS

WHEREAS, the parties have entered into the Agreement; and

WHEREAS, each Company and the Custodian desire to the Angel Oak Core Impact Fund to the Agreement; and

WHEREAS, Section 11 of the Agreement provides that the Agreement may be amended by written agreement executed by both parties and authorized or approved by the Board of Directors of the Company.

NOW, THEREFORE, the parties agree to amend and restate Exhibit A of the Agreement for the purposes of adding the Angel Oak Core Impact Fund to the Agreement. Exhibit A of the Agreement is hereby replaced with the Exhibit B attached hereto.

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be executed by a duly authorized officer on one or more counterparts as of the date and year first written above.

EACH COMPANY LISTED ON EXHIBIT A

U.S. BANK NATIONAL ASSOCIATION

By:

Angel Oak Advisors Capital, LLC

By:

/s/ Xxxx X. Black

By:

/s/ Xxxxxxx X. Xxxxxxx

Name:

Xxxx X. Black

Name:

Xxxxxxx X. Xxxxxxx

Title:

General Counsel

Title:

Senior Vice President

Exhibit A to the Master Services Agreement

List of Companies

Angel Oak Funds Trust, with the following series:

•Angel Oak Financials Income Fund

•Angel Oak Multi-Strategy Income Fund

•Angel Oak High Yield Opportunities Fund

•Angel Oak UltraShort Income Fund

•Angel Oak Core Impact Fund

Angel Oak Strategic Credit Fund

Angel Oak Dynamic Financial Strategies Income Term Trust Angel Oak Financial Strategies Income Term Trust