Guggenheim Macro Markets

The war in Iran and spike in oil prices have threatened the generally strong U.S. economy and elevated volatility in the markets. In this episode of Macro Markets, Portfolio Manager Evan Serdensky and U.S. Economist Matt Bush discuss our outlook and portfolio strategy in this environment, and provide insights from our latest Quarterly Macro Themes publication. Related Content:1Q 2026 Quarterly Macro Themes Research spotlight on what’s next. Read 1Q26 Macro Themes 1Q 2026 Corporate Credit QuarterlyA Record Supply Year Is Taking Shape on Solid GroundRead Corporate Credit QuarterlyMacro Markets Podcast Episode 82: The Next Test for Equities?Equity market opportunities and risks, plus some of the advantages of unit investment trusts. Listen to Macro MarketsInvesting involves risk, including the possible loss of principal. Stock markets can be volatile. Investments in securities of small and medium capitalization companies may involve greater risk of loss and more abrupt fluctuations in market price than investments in larger companies. Equity or stock investments 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. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This 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. The content contained herein 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.This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.© 2026 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.5348153

Equity markets have shown remarkable resilience through chaotic trade policies, the rise of AI, and now a war in the Middle East. But with the Iran conflict continuing to unfold, oil at elevated levels, and volatility spiking, that resilience could face a tough test. Equity Strategist Michael Schwager and Equity Product Strategist Ryan Sundby join Macro Markets to discuss market opportunities and risks in this environment, and address some of the advantages of unit investment trusts. Related Content:1Q26 Corporate Credit Quarterly: A Record Supply Year Is Taking Shape on Solid GroundHow record credit issuance may reshape market dynamic in 2026. Read Corporate Credit QuarterlyMacro Markets Podcast Episode 81: AI’s Macro and Market Impact: A Framework for InvestorsU.S. Economist Matt Bush and Market Strategist Maria Giraldo join the latest episode of Macro Markets to discuss insights from our new white paper, “AI’s Promise and History’s Lessons.”Listen to Macro MarketsAI’s Promise and History’s Lessons Artificial intelligence is poised to reshape the economic landscape, creating significant opportunities for investors, but also notable risks.Read NowInvesting involves risk, including the possible loss of principal. 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. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.Read the Trust’s prospectus carefully before investing. It contains the Trust’s investment objectives, risks, charges, expenses and other information, which should be considered carefully before investing. Obtain a prospectus at GuggenheimInvestments.comThis material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This 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. The content contained herein 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.This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.© 2026 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.5302252

U.S. Economist Matt Bush and Market Strategist Maria Giraldo join the latest episode of Macro Markets to discuss insights from our new white paper, “AI’s Promise and History’s Lessons.” They explore how artificial intelligence is driving innovation and long-term productivity gains, even as it creates short-term disruptions in labor markets and deepens economic divides. Learn how investors can position for the challenges and opportunities ahead.Related Content:AI’s Promise and History’s Lessons Our new paper addresses the economic and market implications of AI in the context of investment opportunities across infrastructure, equity, and credit markets. [Read Now]Macro Markets: Fixed Income Outlook: Sunny with a Chance of Tail Risks Steve Brown, Chief Investment Officer for Fixed Income, joins Macro Markets to review current market conditions for bonds and discuss our economic outlook and portfolio strategy for the coming year.[Listen Now] First Quarter 2026 Fixed-Income Sector ViewsOur investment team evaluates sectors across the fixed-income market.[Read Now]Investing involves risk, including the possible loss of principal. 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. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This 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. The content contained herein 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.This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.© 2026 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.SP 67841

Steve Brown, Chief Investment Officer for Fixed Income, joins Macro Markets to review current market conditions for bonds and discuss our economic outlook and portfolio strategy for the coming year. He shares his views on the incoming Federal Reserve chair, opportunities in credit and structured products, and the impact of artificial intelligence on markets and the economy.Related Content:AI’s Promise and History’s Lessons Our new paper addresses the economic and market implications of AI in the context of investment opportunities across infrastructure, equity, and credit markets.[Read Now]First Quarter 2026 Fixed-Income Sector ViewsOur investment team evaluates sectors across the fixed-income market.[Read Now]10 Macro Themes Driving Markets in 2026 10 macroeconomic trends likely to shape monetary policy and investment performance this year.[Read Now] Investing involves risk, including the possible loss of principal. 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. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This 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. The content contained herein 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.This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.© 2026 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.SP 67701

Patricia Zobel, Head of Macroeconomic Research and Market Strategy, joins Macro Markets to discuss our newly published report, “10 Macro Themes for 2026". From steady but slow growth and disinflation to AI-driven infrastructure investment and intensifying competition, these dynamics create a complex opportunity set favoring active management in fixed-income markets.Related Content:10 Macro Themes for 2026Guggenheim Investments’ Macroeconomic Research and Market Strategy Team identifies 10 macroeconomic trends we believe are likely to shape monetary policy and investment performance this year.Read NowMacro Markets: The Investing Outlook for 2026 Anne Walsh joins Macro Markets to discuss portfolio strategy within the context of our 2026 outlook for growth, inflation, monetary policy, private credit, and the impact of AI on markets and the economy. Listen NowWalsh: ‘Expect the Unexpected’Anne Walsh, CIO of Guggenheim Partners Investment Management, joined CNBC Power Lunch to discuss market conditions and strategies for portfolio protection in a period of policy uncertainty.Watch NowInvesting involves risk, including the possible loss of principal. 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. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This 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. The content contained herein 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.This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.© 2025 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.SP 67296

Anne Walsh, CIO of Guggenheim Partners Investment Management, joins Macro Markets to discuss portfolio strategy within the context of our 2026 outlook for growth, inflation, monetary policy, private credit, and the impact of AI on markets and the economy. In this complex landscape, she makes the case for why she believes now is not a time for sitting on the sidelines.Related Content:The Risk Mitigation Advantage in Active Fixed-Income ManagementWhy active has the potential to outperform passive in fixed incomeRead Now2026 Outlook for Fixed-Income and EquitiesAnne Walsh, CIO of Guggenheim Partners Investment Management, joins CNBC to share her 2026 market outlook and insights on the December Federal Open Market Committee meeting.Watch NowMacro Markets Podcast Episode 77: Agency MBS: From Zero to Hero How Agency MBS shifted in the risk-reward equation and the opportunity going forward.Listen to Macro MarketsInvesting involves risk, including the possible loss of principal. 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. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This 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. The content contained herein 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.This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.© 2025 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.SP 67120

For two decades, we typically looked past Agency mortgage-backed securities (MBS) to find better relative value opportunities in the non-government sponsored credit markets. But something fundamental changed, and over the past three years these securities have claimed an increasingly significant allocation in our total return strategies. What sparked this pivot? Portfolio Manager Adam Bloch and Louis Pacilio from our Structured Credit team unpack the mechanics of the Agency MBS market, explain what shifted in the risk-reward equation, discuss the future of Fannie Mae and Freddie Mac, and explore the opportunity going forward.Related Content:Fourth Quarter 2025 Fixed-Income Sector ViewsRelative value across the fixed-income market.Read Fixed-Income Sector ViewsThe ABCs of Asset-Backed Finance Finding value in complexity: The structure, risks, and investor-friendly features of asset-backed finance.Read The ABCs of Asset-Backed FinanceMacro Markets Podcast Episode 76: Why and Where (and How) to Invest in Asset-Backed Finance Relative value opportunities in ABS, CLOs, and residential and commercial MBS, as well as insights into the process for managing these complex investments.Listen to Macro MarketsInvesting involves risk, including the possible loss of principal. 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. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This 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. The content contained herein 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.This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.© 2025 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.SP 66824

Asset-backed investments have typically traded at higher yields and wider spreads than comparably rated corporate securities. Karthik Narayanan, Head of Structured Credit, explains why this relative value opportunity exists and where he sees value across asset-backed securities, collateralized loan obligations, and residential and commercial mortgage-backed securities. He also offers insights into the process for managing these complex investments.Related Content:The ABCs of Asset-Backed FinanceFinding value in complexity: The structure, risks, and investor-friendly features of asset-backed finance.Read the ReportInterest Rate Expectations Support Fixed Income Steve Brown, CIO for Fixed Income, joins Bloomberg TV to discuss monetary and fiscal policy, macroeconomic trends, and credit market opportunities. Watch Now Fourth Quarter 2025 Fixed-Income Sector ViewsRelative value across the fixed-income market.Read Fixed-Income Sector ViewsInvesting involves risk, including the possible loss of principal. 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. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This 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. The content contained herein 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.This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.© 2025 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.SP 66698

The stock market continues to power ahead even as the labor market shows signs of weakening and inflation pressures mount. Michael Schwager, Equity Strategist, and Ryan Sundby, Equity Product Specialist, join Macro Markets to discuss forces driving the gains, why the rally might have room to run, and the relative value of blue chip stocks in this environment. Related Content:Fourth Quarter 2025 Fixed-Income Sector ViewsRelative value across the fixed-income market.Read Fixed-Income Sector ViewsPrivate Credit Has More Room to ExpandAnne Walsh, CIO of Guggenheim Partners Investment Management, joins CNBC to share her outlook on the economy, monetary policy, and the credit markets. Watch Now Macro Markets Podcast Episode 74: Fed Easing Resumes, Adding Tailwinds and Volatility to the Outlook Matt Bush and Evan Serdensky provide an update to our macroeconomic outlook and discuss portfolio strategy for the road ahead. Listen to Macro MarketsInvesting involves risk, including the possible loss of principal. Stock markets can be volatile. Investments in securities of small and medium capitalization companies may involve greater risk of loss and more abrupt fluctuations in market price than investments in larger companies. Equity or stock investments 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. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This 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. The content contained herein 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.This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.© 2025 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.SP 66399

The Federal Reserve resumed rate cuts at its September meeting, gauging that risks to the labor market currently outweigh inflation risks. Mixed signals from the fixed-income and equity markets reflect the uncertain and complex outlook. Tune in as Matt Bush, our U.S. economist, and Evan Serdensky, portfolio manager on our Total Return team, cut through the noise, update our macroeconomic outlook, and discuss portfolio strategy for the road ahead.Related Insights:Third Quarter 2025 Quarterly Macro ThemesResearch spotlight on what's next. Read 3Q25 Quarterly Macro ThemesThird Quarter 2025 Fixed-Income Sector ViewsRelative value across the fixed-income market.Read 3Q25 Fixed Income Sector Views Macro Markets Podcast Episode 73: Gamechanger: Post-FOMC & Jobs Data Analysis and Outlook Steve Brown and Patricia Zobel join Macro Markets to offer their analysis on the complex forces shaping our economic outlook and portfolio strategy.Listen to Macro MarketsInvesting involves risk, including the possible loss of principal. 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. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This 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. The content contained herein 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.This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.© 2025 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.65755

Steve Brown and Patricia Zobel join Macro Markets to offer their analysis on the complex forces shaping our economic outlook and portfolio strategy.Related Content:Third Quarter 2025 Fixed-Income Sector ViewsRelative value across the fixed-income market.Read 3Q25 Fixed Income Sector Views Macro Markets Episode 72: Credit Cycle Check-InTom Hauser, Head of Corporate Credit, and Dan Montegari, Head of Research for Corporate Credit, join Macro Markets to discuss credit quality and market technicals at this point in the credit cycle.Listen nowViews on Rates and Yield CurveSteve Brown, CIO for Fixed Income, joins Bloomberg TV to discuss the direction of future Federal Reserve policy and his outlook for the yield curve.Watch nowInvesting involves risk, including the possible loss of principal. 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. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This 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. The content contained herein 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.This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.© 2025 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.SP 65558

Tom Hauser, Head of Corporate Credit, and Dan Montegari, Head of Research for Corporate Credit, join Macro Markets to discuss credit quality and market technicals at this point in the credit cycle, as well as what is driving the divergence between the high yield and bank loan sectors. Find out how tariffs and A.I. factor into our bottom-up credit analysis, and where to find value in a time of market volatility and tight spreads. Related Content:Third Quarter 2025 Fixed-Income Sector ViewsRelative value across the fixed-income market.Read 3Q25 Fixed Income Sector Views The Case for Fixed Income in a Volatile WorldPortfolio Manager Adam Bloch joins Asset TV for a fixed-income masterclass, discussing the current macro environment, finding relative value, and why today’s market may represent a once-in-a-lifetime opportunity for fixed-income investors. Watch NowMacro Markets Episode 71: Midyear Outlook—Taking and Avoiding Risk in a Volatile Market and Uncertain WorldAnne Walsh joins Macro Markets for a look back at the first half of 2025 and shares her outlook on the economy, rates, fiscal policy, monetary policy, and relative value. Listen to Macro MarketsInvesting involves risk, including the possible loss of principal. 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. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This 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. The content contained herein 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.This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.© 2025 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.SP 65558

Anne Walsh, Chief Investment Officer of Guggenheim Partners Investment Management, joins Macro Markets for a look back at the first half of 2025 and shares her outlook on the economy, rates, fiscal policy, monetary policy, and relative value. As we head into the second half of the year, the best approach to navigating the noise of market volatility is to stay focused on the long-term signals, which are positive for active fixed-income management. Follow this link to the March 2025 commentary by Walsh referenced in this episode, titled “Don’t Let Policy Volatility Overshadow Market Opportunity.” Related Content:Stay Focused on Macro Themes During Tricky Investment Environment Anne Walsh, CIO of Guggenheim Partners Investment Management, joins Fox Business to discuss Fed policy, rate cuts, and current investment opportunities Watch Now Solving the Core Fixed-Income Conundrum An active, diversified, multisector approach to meeting the total return objectives of core fixed-income management without taking undue risk. Read the Report Macro Markets Episode 70: The Real Opportunity in Real Assets John Tanyeri, Head of Real Assets or Originations, and Matt Lindland, Head of Structured Products, join Macro Markets to review the spectrum of investments in real assets and their place in a diversified portfolio. Listen to Macro MarketsInvesting involves risk, including the possible loss of principal. 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. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This 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. The content contained herein 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.This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.© 2025 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.SP 65360

What is the investment proposition of ‘real assets’? John Tanyeri, Head of Guggenheim Investments’ Real Assets Group, and Matt Lindland, Head of Structured Products, join Macro Markets to review the spectrum of investments in the asset class—like infrastructure, commercial real estate, and securitized cash flows from hard assets—and their place in a diversified portfolio. They also discuss how trends like digitalization, decarbonization, deglobalization, and demographic shifts should help drive returns going forward. Related Insights:Notes on Treasury Market Activity Update on our macro and market outlook following recent rate volatility. Read NowAttractive Opportunities in Credit Despite Fiscal Policy volatility Anne Walsh, CIO of Guggenheim Partners Investment Management, talks to Bloomberg TV at the Milken Institute Global Conference about trade, tariffs, taxes, and the future direction of monetary policy. Watch Now Macro Markets Podcast Episode 69: Investing for Insurance Companies: Prepare for the Worst and Expect the Best Jamie Crapanzano of our insurance portfolio management team and Ann Bryant of our insurance strategy team join Macro Markets to discuss issues and trends in fixed-income markets—those that apply to all investors as ell as those that are specific to the industry. Listen to Macro MarketsInvesting involves risk, including the possible loss of principal. 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. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This 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. The content contained herein 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.This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.© 2025 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.SP 65249

Jamie Crapanzano of our insurance portfolio management team and Ann Bryant of our insurance strategy team join Macro Markets to discuss issues and trends in fixed-income markets—those that apply to all investors as well as those that are specific to the industry.  Related Content:Second Quarter 2025 Fixed-Income Sector Views Relative value across the fixed-income market. Read Second Quarter 2025 Fixed-Income Sector Views Attractive Opportunities in Credit Despite Fiscal Policy Volatility Anne Walsh, CIO of Guggenheim Partners Investment Management, talks to Bloomberg TV at the Milken Institute Global Conference about trade, tariffs, taxes, and the future direction of monetary policy. Watch Now Changing the Correlation Assumptions in the Risk-Based Capital Calculation The NAIC is considering a major overhaul of the required capital calculation. Planning begins now for life and annuity companies. Read Now. Macro Markets Podcast Episode 68: Private Debt Update: Don’t Shy Away from VolatilityJoe McCurdy and Rusty Parks join Macro Markets to review the drivers of value in the $1.7 trillion private debt market and how today’s market uncertainty can lead to investment opportunities. Listen to Macro MarketsInvesting involves risk, including the possible loss of principal. 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. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This 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. The content contained herein 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.This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.© 2025 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.SP 64968

Joe McCurdy and Rusty Parks join Macro Markets to review the drivers of value in the $1.7 trillion private debt market and how today’s market uncertainty can lead to investment opportunitiesRelated Content:Second Quarter 2025 Fixed-Income Sector Views Relative value across the fixed-income market. Read Second Quarter 2025 Fixed-Income Sector Views Notes on Tariff TurbulenceUpdate on our macro and market outlook following announcement of new tariff and trade policies.Read Notes on Tariff TurbulenceMacro Markets Podcast Episode 67: Outlook and Strategy After the Tariff Gray Swan Steve Brown, CIO for Fixed Income, and Patricia Zobel, Head of Macroeconomic Research and Market Strategy, join Macro Markets to review the tariff-related paradigm shift in trade policy.Listen to Macro MarketsInvesting involves risk, including the possible loss of principal. 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. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This 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. The content contained herein 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.This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.© 2025 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.SP 64830

Steve Brown, CIO for Fixed Income, and Patricia Zobel, Head of Macroeconomic Research and Market Strategy, join Macro Markets to review the tariff-related paradigm shift in trade policy, and update our macro outlook, risk assessment, and portfolio strategy as the market volatility unfolds.Related Content:Notes on Tariff TurbulenceUpdate on our macro and market outlook following announcement of new tariff and trade policies.Read Portfolio Strategy Commentary Don’t Let Policy Volatility Overshadow Market OpportunityLong-term signals are positive for fixed income. Read the CIO Outlook Macro Markets Podcast Episode 66: Asset-Backed Finance: The Evolution of a Portfolio Mainstay Karthik Narayanan, Head of Structured Credit, discusses the role asset-backed finance plays in a diversified fixed-income portfolio.Listen to Macro Markets Investing involves risk, including the possible loss of principal. 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. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This 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. The content contained herein 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.This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.© 2025 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.SP 64599