Summary

• The Guggenheim Macro Opportunities Fund (Institutional Class) returned -0.48 percent in the first quarter, compared with a 0.85 percent return for the ICE Bank of America U. S. 3-Month Treasury Bill Index.
• The Fund increased Agency residential mortgage-backed securities (RMBS) exposure reflecting a view that mortgages offer strong relative value.
• Within securitized markets, the Fund increased its allocation to structured credit sectors, with a focus on select asset-backed securities (ABS) subsectors and non-qualified mortgage (non-QM) RMBS.
• Given strong performance of precious metals, the Guggenheim Macro Opportunities Fund pared its exposure and added collars to help protect against downside risks.
• Guggenheim expects more disinflation in the second half of the year, allowing the Federal Reserve (Fed) to proceed with rate cuts to guard against further labor market deterioration.

Performance Review

▪ The Fund (Institutional Class) returned -0.48 percent in the first quarter, compared with a 0.85 percent return for the ICE Bank of America U. S. 3-Month Treasury Bill Index, and a -0.70 percent return for the 25 percent High Yield / Bank Loan / Investment-Grade / Emerging Market Index.

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