Guggenheim Ultra Short Duration Fund Q2 2024 Commentary

Bps (basis points): One basis point is equal to 0.01%. Carry: The difference between the cost of financing an asset and the interest received on that asset. Dry powder: highly liquid assets, such as cash or money market instruments, that can be invested when more attractive investment opportunities arise. Duration: A measure of the sensitivity of the price of a bond to a change in interest rates. In general, the higher the duration the more the bond’s price will change with interest rate movements. Spread: Spread refers to the difference between yields on different debt instruments and is used to understand the relative value and risks of different debt instruments.

Risk Considerations This fund may not be suitable for all investors. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. During periods of declining rates, the interest rates on floating rate securities generally reset downward and their value is unlikely to rise to the same extent as comparable fixed rate securities.

Investors in asset-backed securities, including collateralized loan obligations (“CLOs”), generally receive payments that are part interest and part return of principal. These payments may vary based on the rate loans are repaid. Some asset-backed securities may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices volatile and they are subject to liquidity and valuation risk. High yield an unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. When market conditions are deemed appropriate, the fund will leverage to the full extent permitted by its investment policies and restrictions and applicable law. Leveraging will exaggerate the effect on net asset value of any increase or decrease in the market value of the fund’s portfolio. The fund may invest in derivative instruments, which may be more volatile and less liquid, increasing the risk of loss when compared to traditional securities. Certain of the derivative instruments are also subject to the risks of counterparty default and adverse tax treatment. Instruments and strategies (such as borrowing transactions and reverse repurchase agreements) may provide leveraged exposure to a particular investment, which will magnify any gains or losses on those investments. Investments in reverse repurchase agreements expose the fund to the many of the same risks as investments in derivatives. The fund’s investments in other investment vehicles subject the fund to those risks and expenses affecting the investment vehicle. The fund’s investments in foreign securities carry additional risks when compared to U.S. securities, due to the impact of diplomatic, political, or economic developments in the country in question (investments in emerging markets securities are generally subject to an even greater level of risks). Investments in syndicated bank loans generally offer a floating interest rate and involve special types of risks. The fund’s investments in municipal securities can be affected by events that affect the municipal bond market. The fund’s investments in real estate securities subject the fund to the same risks as direct investments in real estate, which is particularly sensitive to economic downturns. The fund’s investments in restricted securities may involve financial and liquidity risk. You may have a gain or loss when you sell your shares. It is important to note that the fund is not guaranteed by the U.S. government. Please read the prospectus for more detailed information regarding these and other risks.

Index Definition The Bloomberg 1-3 Month U.S. Treasury Bill Index measures the U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury with maturities of one to three months.

The referenced fund is offered in multiple share classes. Please read the prospectus for information on fees, expenses and holding periods that may apply to each class.

This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax, and/or legal professional regarding your specific situation.

Read the fund’s prospectus and summary prospectus (if available) carefully before investing. It contains the fund’s investment objectives, risks, charges, expenses, and other information, which should be considered carefully before investing. Obtain a prospectus and summary prospectus (if available) at GuggenheimInvestments.com.

The referenced fund is distributed by Guggenheim Funds Distributors, LLC. Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC (“Guggenheim”), which includes Guggenheim Partners Investment Management (“GPIM”), the investment advisor to the referenced fund. Guggenheim Funds Distributors, LLC, is affiliated with Guggenheim and GPIM.

NOT FDIC INSURED | NOT BANK GUARANTEED | MAY LOSE VALUE Data as of June 30, 2024.