Summary

• The Ultra Short Duration Fund returned 0.79 percent in the first quarter, compared with a 0.88 percent return for the Bloomberg U. S. Treasury Bill 1–3 Month Index.
• Guggenheim modestly increased the Fund’s duration over the quarter.
• The Fund used the period of spread widening to add modestly to both investment-grade and high-yield corporate bond exposures.
• Guggenheim expects real gross domestic product growth in 2026 to be a tad under 2 percent, supported by tailwinds from ongoing AI investment and fiscal stimulus.
• Guggenheim anticipates that the Fed will remain on pause for the next few meetings to watch how the economy evolves.

Performance Review

▪ The Fund (Institutional Class) returned 0.79 percent in the first quarter, compared with a 0.88 percent return for the Bloomberg U. S. Treasury Bill 1–3 Month Index.

▪ Absolute performance was

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