Angel Oak Macro Blitz

Jackson Hole put the Federal Reserve back at the center of the market conversation. In this episode, we unpack the key messages from Chairman Kevin Warsh's speech, what they could mean for the path of interest rates and inflation, and why housing affordability may improve over time even without a meaningful decline in home prices.__________Consumer Price Index (CPI): An index that measures changes in the prices of a basket of goods and services purchased by consumers and is commonly used to gauge inflation.Core Personal Consumption Expenditures (PCE) Price Index: An index that measures changes in consumer prices excluding food and energy to provide a clearer view of underlying inflation trends.__________Investing involves risk. Principal loss is possible.Investors should carefully consider the investment objectives, risks, charges and expenses of the Angel Oak Funds. This and other important information about each Fund is contained in the Prospectus or Summary Prospectus for each Fund, which can be obtained by calling Shareholder Services or . The Prospectus or Summary Prospectus should be read carefully before investing.The Angel Oak Funds are distributed by Quasar Distributors, LLC.© 2026 Angel Oak Capital Advisors, which is the adviser to the Angel Oak Funds.

This month’s episode examines a stronger-than-expected payroll report that signals continued economic resilience—but with key caveats around sustainability. The team connects the dots across shifting Federal Reserve expectations, rising yields, and growing signs of consumer strain to deliver a more nuanced outlook for the second half of 2026.__________Investing involves risk. Principal loss is possible.Investors should carefully consider the investment objectives, risks, charges and expenses of the Angel Oak Funds. This and other important information about each Fund is contained in the Prospectus or Summary Prospectus for each Fund, which can be obtained by calling Shareholder Services or . The Prospectus or Summary Prospectus should be read carefully before investing.The Angel Oak Funds are distributed by Quasar Distributors, LLC.© 2026 Angel Oak Capital Advisors, which is the adviser to the Angel Oak Funds.

After years on the sidelines, banks are returning to mortgage-backed securities. This episode explores the forces driving the shift, from stronger balance sheets to a steepening yield curve, and what it signals for long-term MBS demand.__________Investing involves risk. Principal loss is possible.Investors should carefully consider the investment objectives, risks, charges and expenses of the Angel Oak Funds. This and other important information about each Fund is contained in the Prospectus or Summary Prospectus for each Fund, which can be obtained by calling Shareholder Services or ⁠⁠⁠clicking here⁠⁠⁠. The Prospectus or Summary Prospectus should be read carefully before investing.The Angel Oak Funds are distributed by Quasar Distributors, LLC.© 2026 Angel Oak Capital Advisors, which is the adviser to the Angel Oak Funds.

The team breaks down a pivotal moment for markets: a cooling labor backdrop, inflation eventually easing toward the low-2% range, and the prospects of a new Federal Reserve chair who could meaningfully reshape policy. From shifting consumer behavior to potential balance-sheet tightening, the discussion spotlights the key developments investors should watch as 2026 begins.__________Investing involves risk. Principal loss is possible.Investors should carefully consider the investment objectives, risks, charges and expenses of the Angel Oak Funds. This and other important information about each Fund is contained in the Prospectus or Summary Prospectus for each Fund, which can be obtained by calling Shareholder Services or ⁠⁠clicking here⁠⁠. The Prospectus or Summary Prospectus should be read carefully before investing.The Angel Oak Funds are distributed by Quasar Distributors, LLC.© 2026 Angel Oak Capital Advisors, which is the adviser to the Angel Oak Funds.

In this episode, we delve into the Federal Reserve’s unexpected tone shift following its latest interest rate cut, explore the outlook for the yield curve, and discuss the conclusion of quantitative tightening.__________Investing involves risk. Principal loss is possible.Investors should carefully consider the investment objectives, risks, charges and expenses of the Angel Oak Funds. This and other important information about each Fund is contained in the Prospectus or Summary Prospectus for each Fund, which can be obtained by calling Shareholder Services or ⁠⁠clicking here⁠⁠. The Prospectus or Summary Prospectus should be read carefully before investing.The Angel Oak Funds are distributed by Quasar Distributors, LLC.© 2025 Angel Oak Capital Advisors, which is the adviser to the Angel Oak Funds.