# EDGAR Filing Document

**Accession Number:** 0000217087
**File Stem:** 0001752724-23-057136
**Filing Date:** 2023-3
**Character Count:** 245142
**Document Hash:** 3345e8ac539eb4bb33fedc252cf7c712
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-057136.hdr.sgml**: 20230315

**ACCESSION NUMBER**: 0001752724-23-057136

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230315

**DATE AS OF CHANGE**: 20230315

**EFFECTIVENESS DATE**: 20230315

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Guggenheim Variable Funds Trust
- **CENTRAL INDEX KEY:** 0000217087
- **IRS NUMBER:** 480873454
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02753
- **FILM NUMBER:** 23734599

**BUSINESS ADDRESS:**
- **STREET 1:** 702 KING FARM BOULEVARD
- **STREET 2:** SUITE 200
- **CITY:** ROCKVILLE
- **STATE:** MD
- **ZIP:** 20850
- **BUSINESS PHONE:** 301-296-5100

**MAIL ADDRESS:**
- **STREET 1:** 702 KING FARM BOULEVARD
- **STREET 2:** SUITE 200
- **CITY:** ROCKVILLE
- **STATE:** MD
- **ZIP:** 20850

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SBL FUND
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### SERIES A (STYLEPLUS - LARGE CORE SERIES) (Series ID: S000010053)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027852 | A            |  |

### SERIES O (ALL CAP VALUE SERIES) (Series ID: S000010054)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027853 | A            |  |

### SERIES P (HIGH YIELD SERIES) (Series ID: S000010055)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027854 | A            |  |

### SERIES Q (SMALL CAP VALUE SERIES) (Series ID: S000010056)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027855 | A            |  |

### SERIES V (SMID CAP VALUE SERIES) (Series ID: S000010058)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027857 | A            |  |

### SERIES X (STYLEPLUS - SMALL GROWTH SERIES) (Series ID: S000010060)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027859 | A            |  |

### SERIES Y (STYLEPLUS - LARGE GROWTH SERIES) (Series ID: S000010061)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027860 | A            |  |

### SERIES Z (ALPHA OPPORTUNITY SERIES) (Series ID: S000010062)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027861 | A            |  |

### SERIES B (LARGE CAP VALUE SERIES) (Series ID: S000010063)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027862 | A            |  |

### SERIES D (WORLD EQUITY INCOME SERIES) (Series ID: S000010065)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027864 | A            |  |

### SERIES E (TOTAL RETURN BOND SERIES) (Series ID: S000010066)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027865 | A            |  |

### SERIES J (STYLEPLUS - MID GROWTH SERIES) (Series ID: S000010069)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027868 | A            |  |

### SERIES N (MANAGED ASSET ALLOCATION SERIES) (Series ID: S000010070)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027869 | A            |  |

### SERIES F (FLOATING RATE STRATEGIES SERIES) (Series ID: S000040553)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000125779 | A            |  |

## Internal

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Trustees

of Guggenheim Variable Funds Trust

In planning and performing our audits of the financial statements of the Guggenheim Variable Funds Trust (the "Trust") as of and for the year ended December 31, 2022, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Trust's internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

The management of the Trust is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Trust's internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Trust's internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of December 31, 2022.

This report is intended solely for the information and use of management and the Board of Trustees of Guggenheim Variable Funds Trust and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ Ernst & Young LLP

Tysons, Virginia

February 24, 2023

## Legal

**Legal Proceedings**

**Tribune Company**

SBL Fund has been named as a defendant and a putative member of the proposed defendant class of shareholders in the case entitled *Kirschner v. FitzSimons*, No. 12-2652 (S.D.N.Y.) (formerly *Official Committee of Unsecured Creditors of Tribune Co. v. FitzSimons*, Adv. Pro. No. 10-54010 (Bankr. D. Del.)) (the "*FitzSimons* action"), as a result of ownership by certain series of the SBL Fund of shares in the Tribune Company ("Tribune") in 2007, when Tribune effected a leveraged buyout transaction ("LBO") by which Tribune converted to a privately-held company. In his complaint, the plaintiff has alleged that, in connection with the LBO, Tribune insiders and shareholders were overpaid for their Tribune stock using financing that the insiders knew would, and ultimately did, leave Tribune insolvent. The plaintiff has asserted claims against certain insiders, major shareholders, professional advisers, and others involved in the LBO. The plaintiff is also attempting to obtain from former Tribune shareholders, including the SBL Fund, the proceeds they received in connection with the LBO.

In June 2011, a group of Tribune creditors filed multiple actions against former Tribune shareholders involving state law constructive fraudulent conveyance claims arising out of the 2007 LBO (the "SLCFC actions"). SBL Fund has been named as a defendant in two of the SLCFC actions: *Deutsche Bank Trust Co. Americas v. Ohlson Enter.*, No. 12-0064 (S.D.N.Y.) and *Deutsche Bank Trust Co. Americas v. Cantor Fitzgerald & Co.*, No. 11-4900 (S.D.N.Y.). In those actions, the creditors seek to recover from Tribune's former shareholders the proceeds received in connection with the 2007 LBO.

The *FitzSimons* action and the SLCFC actions have been consolidated with the majority of the other Tribune LBO-related lawsuits in a multidistrict litigation proceeding captioned *In re Tribune Company Fraudulent Conveyance Litig.*, No. 11-md-2296 (S.D.N.Y.) (the "MDL Proceeding").

On September 23, 2013, the District Court granted the defendants' omnibus motion to dismiss the SLCFC actions, on the basis that the creditors lacked standing. On September 30, 2013, the creditors filed a notice of appeal of the September 23 order. On October 28, 2013, the defendants filed a joint notice of cross-appeal of that same order. On March 29, 2016, the U.S. Court of Appeals for the Second Circuit issued its opinion on the appeal of the SLCFC actions. The appeals court affirmed the district court's dismissal of those lawsuits, but on different grounds than the district court. The appeals court held that while the plaintiffs have standing under the U.S. Bankruptcy Code, their claims were preempted by Section 546(e) of the Bankruptcy Code—the statutory safe harbor for settlement payments. On April 12, 2016, the Plaintiffs in the SLCFC actions filed a petition seeking rehearing *en banc* before the appeals court. On July 22, 2016, the appeals court denied the petition. On September 9, 2016, the plaintiffs filed a petition for writ of certiorari in the U.S. Supreme Court challenging the Second Circuit's decision that the safe harbor of Section 546(e) applied to their claims. The shareholder defendants, including the Funds, filed a joint brief in opposition to the petition for certiorari on October 24, 2016. On April 3, 2018, Justice Kennedy and Justice Thomas issued a "Statement" related to the petition for certiorari suggesting that the Second Circuit and/or District Court may want to take steps to reexamine the application of the Section 546(e) safe harbor to the previously dismissed state law constructive fraudulent transfer claims based on the Supreme Court's decision in *Merit Management Group LP v. FTI Consulting, Inc*. On April 10, 2018, plaintiffs filed in the Second Circuit a motion for that court to recall its mandate, vacate its prior decision, and remand to the district court for further proceedings consistent with *Merit Management*. On April 20, 2018, the shareholder defendants filed a response to plaintiffs' motion to recall the mandate. On May 15, 2018, the Second Circuit issued an order recalling the mandate "in anticipation of further panel review." On December 19, 2019, the Second Circuit issued an amended opinion that again affirmed the district court's ruling on the basis that plaintiffs' claims were preempted by Section 546(e) of the Bankruptcy Code. Plaintiffs filed a motion for rehearing and rehearing *en banc* on January 2, 2020. The Second Circuit denied the petition on February 6, 2020. On July 6, 2020, plaintiffs filed a new petition for a writ of certiorari in the U.S. Supreme Court. In that petition, plaintiffs stated that "[t]o make it more likely that there will be a quorum for this petition," they have "abandon[ed] the case and let the judgment below stand" with respect to certain defendants. That list did not include SBL Fund. Defendants filed an opposition to the petition for certiorari on August 26, 2020, and plaintiffs filed a reply in support of the petition for certiorari on September 8, 2020. The Court denied the petition for certiorari on April 19, 2021.

On May 23, 2014, the defendants filed motions to dismiss the *FitzSimons* action, including a global motion to dismiss Count I, which is the claim brought against former Tribune shareholders for intentional fraudulent conveyance under U.S. federal law. On January 6, 2017, the United States District Court for the Southern District of New York granted the shareholder defendants' motion to dismiss the intentional fraudulent conveyance claim in the *FitzSimons* action. The Court concluded that the plaintiff had failed to allege that Tribune entered the LBO with actual intent to hinder, delay, or defraud its creditors, and therefore the complaint failed to state a claim. In dismissing the intentional fraudulent conveyance claim, the Court denied the plaintiff's request to amend the complaint. The plaintiff requested that the Court direct entry of a final judgment in order to make the order immediately appealable. On February 23, 2017, the Court issued an order stating that it intended to permit an interlocutory appeal of the dismissal order, but would wait to do so until it has resolved outstanding motions to dismiss filed by other defendants.

On July 18, 2017, the plaintiff submitted a letter to the District Court seeking leave to amend its complaint to add a constructive fraudulent transfer claim. The shareholder defendants opposed that request. On August 24, 2017, the Court denied the plaintiff's request without prejudice to renewal of the request in the event of an intervening change in the law. On March 8, 2018, the plaintiff renewed his request for leave to file a motion to amend the complaint to assert a constructive fraudulent transfer claim based on the Supreme Court's ruling in *Merit Management Group LP v. FTI Consulting, Inc.* The shareholder defendants opposed that request. On June 18, 2018 the District Court ordered that the request would be stayed pending further action by the Second Circuit in the SLCFC actions.

On December 18, 2018, plaintiff filed a letter with the District Court requesting that the stay be dissolved in order to permit briefing on the motion to amend the complaint and indicating plaintiff's intention to file another motion to amend the complaint to reinstate claims for intentional fraudulent transfer. The shareholder defendants opposed that request. On January 14, 2019, the court held a case management conference, during which the court stated that it would not lift the stay prior to further action from the Second Circuit in the SLCFC actions. The court further stated that it would allow the plaintiff to file a motion to amend to try to reinstate its intentional fraudulent transfer claim. On January 23, 2019, the court ordered the parties still facing pending claims to participate in a mediation, to commence on January 28, 2019. The mediation did not result in a settlement of the claims against the shareholder defendants.

On April 4, 2019, plaintiff filed a motion to amend the Fifth Amended Complaint to assert a federal constructive fraudulent transfer claim against certain shareholder defendants. On April 10, 2019, the shareholder defendants filed a brief in opposition to plaintiff's motion to amend. On April 12, 2019, the plaintiff filed a reply brief. On April 23, 2019, the court denied the plaintiff's motion to amend. On June 13, 2019, the court entered judgment pursuant to Rule 54(b). On July 12, 2019, the Plaintiff filed a notice of appeal with respect to the dismissal of his claims and the District Court's denial of his motion for leave to amend. Plaintiff filed an appellate brief on January 7, 2020. The shareholder defendants' brief was filed on April 27, 2020. Plaintiff filed a reply brief on May 18, 2020. The Court held oral argument on August 24, 2020. On August 20, 2021, the Second Circuit affirmed the District Court's orders: (1) dismissing the intentional fraudulent conveyance claims against the shareholder-defendants; and (2) denying the plaintiff leave to amend the complaint to add a constructive fraudulent conveyance claim against the shareholder-defendants. Plaintiff filed a petition for rehearing en banc on September 3, 2021. On October 7, 2021, the Second Circuit denied the petition. On January 5, 2022, Plaintiff filed a petition for certiorari in the U.S. Supreme Court. That petition was denied on February 22, 2022.

As a result of the dismissals above, there are no longer claims pending against Guggenheim Variable Funds Trust related to the Tribune LBO.

None of these lawsuits alleges any wrongdoing on the part of Guggenheim Variable Funds Trust f/k/a SBL Fund. The following series of Guggenheim Variable Funds Trust held shares of Tribune and tendered these shares as part of Tribune's LBO: Series A (StylePlus–Large Core Series) f/k/a Series H (Enhanced Index Series), Series N (Managed Asset Allocation Series) and Series O (All Cap Value Series) (the "Funds"). The value of the proceeds received by the foregoing Funds was $158,950, $51,000 and $3,774,000, respectively.

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0000217087

## N-CEN: Series/Class (Contract) Information

**Series ID Record:1**
- **Series ID:** S000010053

**Series ID Record:2**
- **Series ID:** S000010054

**Series ID Record:3**
- **Series ID:** S000040553

**Series ID Record:4**
- **Series ID:** S000010060

**Series ID Record:5**
- **Series ID:** S000010069

**Series ID Record:6**
- **Series ID:** S000010065

**Series ID Record:7**
- **Series ID:** S000010055

**Series ID Record:8**
- **Series ID:** S000010058

**Series ID Record:9**
- **Series ID:** S000010070

**Series ID Record:10**
- **Series ID:** S000010063

**Series ID Record:11**
- **Series ID:** S000010056

**Series ID Record:12**
- **Series ID:** S000010066

**Series ID Record:13**
- **Series ID:** S000010061

**Series ID Record:14**
- **Series ID:** S000010062

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2022-12-31

**Item A.1.b - Does this report cover a period of less than 12 months?:** No

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** Guggenheim Variable Funds Trust

- **Item B.1.b - Investment Company Act file number:** 811-02753

- **Item B.1.c - CIK:** 0000217087

- **Item B.1.d - LEI:** 549300QDJHZ1HF5UC735

- **Item B.2.a - Street 1:** 702 King Farm Blvd., Suite 200

- **Item B.2.b - City:** Rockville

- **Item B.2.c - State:** MD

- **Item B.2.e - Zip Code:** 20850

- **Item B.2.f - Telephone:** 301-296-5100

- **Item B.2.g - Public Website:** https://www.guggenheiminvestments.com/variable-insurance-funds

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** MUFG Investor Services (US), LLC

- **b. Street 1:** 805 King Farm Blvd

- **c. City:** Rockville

- **d. State, if applicable:** MD

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 20850

- **g. Telephone number:** 240-614-4800

- **h. Briefly describe the books and records kept at this location:** Records of the Trust's securities and cash

- **Item B.4.a - Is this the first filing by the Registrant?:** No

- **Item B.4.b - Is this the last filing by the Registrant?:** No

- **Item B.5.a - Is the Registrant part of a family of investment companies?:** Yes

- **Item B.5.a.i - Full name of family of investment companies:** Guggenheim

### Item B.6 - Organization

- [x] a. Open-end management investment company registered under the Act on Form N-1A

- [ ] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** 14

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** Yes

### Item B.8 - Directors

| Name                  | Is Interested Person?   | Other Investment Company File Numbers                                                                                                         |
|:---|:---|:---|
| Randall C. Barnes     | No                      | 811-21982, 811-23702, 811-09525, 811-23057, 811-08821, 811-22437, 811-07584, 811-22946, 811-22309, 811-01136, 811-21309                       |
| Sandra G. Sponem      | No                      | 811-21982, 811-21145, 811-22946, 811-01136, 811-08821, 811-07584, 811-22309, 811-23057, 811-22437, 811-22542, 811-09525, 811-23702, 811-08839 |
| Ronald E. Toupin, Jr. | No                      | 811-21982, 811-01136, 811-22946, 811-09525, 811-23702, 811-08821, 811-23057, 811-07584, 811-22309, 811-22437                                  |
| Angela Brock-Kyle     | No                      | 811-09525, 811-22946, 811-07584, 811-23057, 811-21982, 811-22309, 811-22437, 811-23702, 811-08821, 811-01136                                  |
| Thomas F. Lydon Jr.   | No                      | 811-07584, 811-09525, 811-21982, 811-01136, 811-23702, 811-08821, 811-23057, 811-22309, 811-22946, 811-22437                                  |
| Amy J. Lee            | Yes                     | 811-22309, 811-22946, 811-07584, 811-23702, 811-01136, 811-23057, 811-08821, 811-21982, 811-22437, 811-09525                                  |
| Ronald A. Nyberg      | No                      | 811-21982, 811-08821, 811-07584, 811-22437, 811-09525, 811-21309, 811-22309, 811-23308, 811-22946, 811-01136, 811-23702, 811-23057            |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** Elisabeth Miller

- **b. CRD Number, if any:** 004381813

- **c. Street Address 1:** 702 King Farm Blvd., Suite 200

- **d. City:** Rockville

- **e. State, if applicable:** MD

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 20850

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** No

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.13.a - Are the Registrant's officers or directors covered under any insurance policy?:** Yes

- **Item B.13.a.i - If yes, were any claims filed under the policy during the reporting period?:** No

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a.i - Release numbers:**
  - IC-33824

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

- **i. Full name:** Guggenheim Funds Distributors, LLC

- **ii. SEC file number:** 008-48842

- **iii. CRD number:** 000039805

- **iv. LEI, if any:** 549300YLHACOJHH3DN20

- **v. State, if applicable:** MD

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** Yes

- **b. Have any principal underwriters been hired or terminated during the reporting period?** No

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** Ernst & Young LLP

- **b. PCAOB Number:** 42

- **c. LEI, if any:** N/A

- **d. State, if applicable:** VA

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** No

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** No

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

- **Item B.22.a - Were any payments made to shareholders as a result of an error in calculating NAV?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - Series A (StylePlus-Large Core Series)

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Series A (StylePlus-Large Core Series)

- **b. Series identification number, if any:** S000010053

- **c. LEI:** 5493002EPLDHVX7IVS94

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Variable Annuity        | C000027852                                | n/a                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Section 12(d)(1)(G) of the Act (15 USC 80a-12(d)(1)(G))

- Rule 12d1-4 (17 CFR 270.12d1-4)

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Security Investors, LLC

- **ii. SEC file number:** 801-8008

- **iii. CRD number:** 000105477

- **iv. LEI, if any:** 549300R47VF4XGNEC751

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** MUFG Investor Services (US), LLC

- **ii. SEC file number:** 084-05475

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MD

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Services

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** Bloomberg

- **ii. LEI, if any, or provide and describe other identifying number:** 549300B56MD0ZC402L06

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** MUFG Investor Services (US), LLC

- **ii. LEI, if any:** 084-05475

- **iii. State, if applicable:** MD

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** MUFG Investor Services (US), LLC

- **ii. LEI, if any, or other identifying number:** 084-05475

- **iii. State, if applicable:** MD

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** Guggenheim Securities International Ltd

- **b. SEC file number:** N/A

- **c. CRD number:** N/A

- **d. LEI, if any:** N/A

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 2**

- **a. Full name:** Guggenheim Funds Distributors, LLC

- **b. SEC file number:** 8-48842

- **c. CRD number:** 000039805

- **d. LEI, if any:** 549300YLHACOJHH3DN20

- **e. State, if applicable:** IL

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 3**

- **a. Full name:** Guggenheim Partners Japan, Ltd.

- **b. SEC file number:** N/A

- **c. CRD number:** N/A

- **d. LEI, if any:** N/A

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 4**

- **a. Full name:** GUGGENHEIM SECURITIES, LLC

- **b. SEC file number:** 8-49107

- **c. CRD number:** 000040638

- **d. LEI, if any:** 5493005G25VHYWLYJU59

- **e. State, if applicable:** NY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 5**

- **a. Full name:** Sammons Financial Network LLC

- **b. SEC file number:** 8-68905

- **c. CRD number:** 000158538

- **d. LEI, if any:** N/A

- **e. State, if applicable:** IA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 6**

- **a. Full name:** Guggenheim Partners Middle East Limited

- **b. SEC file number:** N/A

- **c. CRD number:** N/A

- **d. LEI, if any:** N/A

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 7**

- **a. Full name:** Guggenheim Investor Services, LLC

- **b. SEC file number:** 8-44742

- **c. CRD number:** 000030096

- **d. LEI, if any:** N/A

- **e. State, if applicable:** NY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** J.P. MORGAN SECURITIES LLC

- **ii. SEC file number:** 8-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,151.00

**Brokers Record: 2**

- **i. Full name of broker:** Citigroup Global Markets Inc.

- **ii. SEC file number:** 8-8177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** MBNUM2BPBDO7JBLYG310

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $19,735.03

**Brokers Record: 3**

- **i. Full name of broker:** TRUIST SECURITIES, INC.

- **ii. SEC file number:** 8-17212

- **iii. CRD number:** 000006271

- **iv. LEI, if any:** CSVTK36R0PNGXEM7NS14

- **v. State, if applicable:** GA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,805.22

**Brokers Record: 4**

- **i. Full name of broker:** Morgan Stanley & Co. LLC

- **ii. SEC file number:** 8-15869

- **iii. CRD number:** 000008209

- **iv. LEI, if any:** 9R7GPTSO7KV3UQJZQ078

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,111.03

**Aggregate Commission:** $23,802.28

**Item C.17.a. Principal transaction counterparties.**

| Name                        | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| J.P. MORGAN SECURITIES LLC  | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $216,453,870.24           |
| Morgan Stanley & Co. LLC    | 8-15869           |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $1,742,000.00             |
| WELLS FARGO SECURITIES, LLC | 8-65876           |    000126292 | VYVVCKR63DVZZN70PB21 | NC      | US        | $912,206,434.15           |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $1,130,402,304.39

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $217,865,203.59

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $1,150,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** Citibank, N.A.

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                    | SEC File number   |
|:---|:---|
| Series D (World Equity Income Series)           | 811-02753         |
| Guggenheim RBP Large-Cap Market Fund            | 811-22309         |
| Series F (Floating Rate Strategies Series)      | 811-02753         |
| Series V (SMid Cap Value Series)                | 811-02753         |
| Guggenheim Small Cap Value Fund                 | 811-01136         |
| Guggenheim Core Bond Fund                       | 811-01136         |
| Series X (StylePlus-Small Growth Series)        | 811-02753         |
| Guggenheim Risk Managed Real Estate Fund        | 811-01136         |
| Guggenheim Market Neutral Real Estate Fund      | 811-01136         |
| Guggenheim Strategy Fund II                     | 811-22946         |
| Series N (Managed Asset Allocation Series)      | 811-02753         |
| Guggenheim RBP Large-Cap Value Fund             | 811-22309         |
| Guggenheim Municipal Income Fund                | 811-01136         |
| Guggenheim Macro Opportunities Fund             | 811-01136         |
| Series J (StylePlus-Mid Growth Series)          | 811-02753         |
| Guggenheim Floating Rate Strategies Fund        | 811-01136         |
| Guggenheim Ultra Short Duration Fund            | 811-01136         |
| Guggenheim SMid Cap Value Fund                  | 811-01136         |
| Series Z (Alpha Opportunity Series)             | 811-02753         |
| Series B (Large Cap Value Series)               | 811-02753         |
| Guggenheim Alpha Opportunity Fund               | 811-01136         |
| Series O (All Cap Value Series)                 | 811-02753         |
| Guggenheim World Equity Income Fund             | 811-01136         |
| Guggenheim High Yield Fund                      | 811-01136         |
| Series Q (Small Cap Value Series)               | 811-02753         |
| Guggenheim Variable Insurance Strategy Fund III | 811-22946         |
| Guggenheim StylePlus-Mid Growth Fund            | 811-01136         |
| Guggenheim RBP Dividend Fund                    | 811-22309         |
| Series Y (StylePlus-Large Growth Series)        | 811-02753         |
| Guggenheim StylePlus-Large Core Fund            | 811-01136         |
| Series E (Total Return Bond Series)             | 811-02753         |
| Guggenheim Limited Duration Fund                | 811-01136         |
| Guggenheim Large Cap Value Fund                 | 811-01136         |
| Series P (High Yield Series)                    | 811-02753         |
| Guggenheim Directional Allocation Fund          | 811-22309         |
| Guggenheim Strategy Fund III                    | 811-22946         |
| Guggenheim RBP Large-Cap Defensive Fund         | 811-22309         |
| Guggenheim Diversified Income Fund              | 811-01136         |
| Guggenheim Total Return Bond Fund               | 811-01136         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 2 - Series O (All Cap Value Series)

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Series O (All Cap Value Series)

- **b. Series identification number, if any:** S000010054

- **c. LEI:** 54930048Q6OB360YDF79

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Variable Annuity        | C000027853                                | n/a                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Security Investors, LLC

- **ii. SEC file number:** 801-8008

- **iii. CRD number:** 000105477

- **iv. LEI, if any:** 549300R47VF4XGNEC751

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** MUFG Investor Services (US), LLC

- **ii. SEC file number:** 084-05475

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MD

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Services

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** MUFG Investor Services (US), LLC

- **ii. LEI, if any:** 084-05475

- **iii. State, if applicable:** MD

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** MUFG Investor Services (US), LLC

- **ii. LEI, if any, or other identifying number:** 084-05475

- **iii. State, if applicable:** MD

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** Guggenheim Partners Middle East Limited

- **b. SEC file number:** N/A

- **c. CRD number:** N/A

- **d. LEI, if any:** N/A

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 2**

- **a. Full name:** Guggenheim Securities International Ltd

- **b. SEC file number:** N/A

- **c. CRD number:** N/A

- **d. LEI, if any:** N/A

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 3**

- **a. Full name:** Guggenheim Partners Japan, Ltd.

- **b. SEC file number:** N/A

- **c. CRD number:** N/A

- **d. LEI, if any:** N/A

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 4**

- **a. Full name:** Guggenheim Investor Services, LLC

- **b. SEC file number:** 8-44742

- **c. CRD number:** 000030096

- **d. LEI, if any:** N/A

- **e. State, if applicable:** NY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 5**

- **a. Full name:** Sammons Financial Network LLC

- **b. SEC file number:** 8-68905

- **c. CRD number:** 000158538

- **d. LEI, if any:** N/A

- **e. State, if applicable:** IA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 6**

- **a. Full name:** Guggenheim Funds Distributors, LLC

- **b. SEC file number:** 8-48842

- **c. CRD number:** 000039805

- **d. LEI, if any:** 549300YLHACOJHH3DN20

- **e. State, if applicable:** IL

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 7**

- **a. Full name:** GUGGENHEIM SECURITIES, LLC

- **b. SEC file number:** 8-49107

- **c. CRD number:** 000040638

- **d. LEI, if any:** 5493005G25VHYWLYJU59

- **e. State, if applicable:** NY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** Tudor, Pickering, Holt & Co. Securities, LLC

- **ii. SEC file number:** 8-66251

- **iii. CRD number:** 000129772

- **iv. LEI, if any:** 254900QNRC4536M3YW31

- **v. State, if applicable:** TX

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $4,413.88

**Brokers Record: 2**

- **i. Full name of broker:** TRUIST SECURITIES, INC.

- **ii. SEC file number:** 8-17212

- **iii. CRD number:** 000006271

- **iv. LEI, if any:** CSVTK36R0PNGXEM7NS14

- **v. State, if applicable:** GA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $6,280.80

**Brokers Record: 3**

- **i. Full name of broker:** NEEDHAM & COMPANY, LLC

- **ii. SEC file number:** 8-33772

- **iii. CRD number:** 000016360

- **iv. LEI, if any:** 254900J2GFQ4J4NK1J89

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,325.20

**Brokers Record: 4**

- **i. Full name of broker:** WELLS FARGO SECURITIES, LLC

- **ii. SEC file number:** 8-65876

- **iii. CRD number:** 000126292

- **iv. LEI, if any:** VYVVCKR63DVZZN70PB21

- **v. State, if applicable:** NC

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $10,978.96

**Brokers Record: 5**

- **i. Full name of broker:** STEPHENS

- **ii. SEC file number:** 8-1927

- **iii. CRD number:** 000003496

- **iv. LEI, if any:** 213800LH6T9XDYZCA534

- **v. State, if applicable:** AR

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $5,174.20

**Brokers Record: 6**

- **i. Full name of broker:** Keefe, Bruyette & Woods, Inc.

- **ii. SEC file number:** 8-10888

- **iii. CRD number:** 000000481

- **iv. LEI, if any:** 549300OM47DQV01G4854

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,740.52

**Brokers Record: 7**

- **i. Full name of broker:** JEFFERIES LLC

- **ii. SEC file number:** 8-15074

- **iii. CRD number:** 000002347

- **iv. LEI, if any:** 58PU97L1C0WSRCWADL48

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $5,042.92

**Brokers Record: 8**

- **i. Full name of broker:** BMO Capital Markets Corp., New York Branch

- **ii. SEC file number:** 8-34344

- **iii. CRD number:** 000016686

- **iv. LEI, if any:** RUC0QBLBRPRCU4W1NE59

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,781.60

**Brokers Record: 9**

- **i. Full name of broker:** COWEN AND COMPANY

- **ii. SEC file number:** 8-22522

- **iii. CRD number:** 000007616

- **iv. LEI, if any:** 549300WR155U7DVMIW58

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,533.04

**Brokers Record: 10**

- **i. Full name of broker:** ROBERT W. BAIRD & CO. INCORPORATED

- **ii. SEC file number:** 8-497

- **iii. CRD number:** 000008158

- **iv. LEI, if any:** 549300772UJAHRD6LO53

- **v. State, if applicable:** WI

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $4,033.20

**Aggregate Commission:** $53,912.07

**Item C.17.a. Principal transaction counterparties.**

| Name                        | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| WELLS FARGO SECURITIES, LLC | 8-65876           | 000126292    | VYVVCKR63DVZZN70PB21 | NC      | US        | $217.59                   |
| TENDER OFFER                | N/A               | N/A          | N/A                  | NY      | US        | $609,268.04               |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $609,485.63

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $97,493,274.69

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $1,150,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** Citibank, N.A.

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                    | SEC File number   |
|:---|:---|
| Guggenheim Municipal Income Fund                | 811-01136         |
| Guggenheim Total Return Bond Fund               | 811-01136         |
| Series Z (Alpha Opportunity Series)             | 811-02753         |
| Guggenheim Limited Duration Fund                | 811-01136         |
| Series V (SMid Cap Value Series)                | 811-02753         |
| Guggenheim RBP Large-Cap Value Fund             | 811-22309         |
| Guggenheim Ultra Short Duration Fund            | 811-01136         |
| Guggenheim RBP Large-Cap Market Fund            | 811-22309         |
| Series Y (StylePlus-Large Growth Series)        | 811-02753         |
| Guggenheim StylePlus-Large Core Fund            | 811-01136         |
| Series N (Managed Asset Allocation Series)      | 811-02753         |
| Series Q (Small Cap Value Series)               | 811-02753         |
| Guggenheim Diversified Income Fund              | 811-01136         |
| Series B (Large Cap Value Series)               | 811-02753         |
| Guggenheim SMid Cap Value Fund                  | 811-01136         |
| Guggenheim Variable Insurance Strategy Fund III | 811-22946         |
| Guggenheim High Yield Fund                      | 811-01136         |
| Guggenheim Market Neutral Real Estate Fund      | 811-01136         |
| Guggenheim Alpha Opportunity Fund               | 811-01136         |
| Guggenheim Risk Managed Real Estate Fund        | 811-01136         |
| Series E (Total Return Bond Series)             | 811-02753         |
| Guggenheim Directional Allocation Fund          | 811-22309         |
| Guggenheim StylePlus-Mid Growth Fund            | 811-01136         |
| Series P (High Yield Series)                    | 811-02753         |
| Series X (StylePlus-Small Growth Series)        | 811-02753         |
| Series F (Floating Rate Strategies Series)      | 811-02753         |
| Guggenheim RBP Dividend Fund                    | 811-22309         |
| Guggenheim Floating Rate Strategies Fund        | 811-01136         |
| Series D (World Equity Income Series)           | 811-02753         |
| Guggenheim Core Bond Fund                       | 811-01136         |
| Guggenheim World Equity Income Fund             | 811-01136         |
| Guggenheim Macro Opportunities Fund             | 811-01136         |
| Guggenheim RBP Large-Cap Defensive Fund         | 811-22309         |
| Guggenheim Small Cap Value Fund                 | 811-01136         |
| Guggenheim Strategy Fund II                     | 811-22946         |
| Series A (StylePlus-Large Core Series)          | 811-02753         |
| Guggenheim Strategy Fund III                    | 811-22946         |
| Series J (StylePlus-Mid Growth Series)          | 811-02753         |
| Guggenheim Large Cap Value Fund                 | 811-01136         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 3 - Series F (Floating Rate Strategies Series)

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Series F (Floating Rate Strategies Series)

- **b. Series identification number, if any:** S000040553

- **c. LEI:** 549300JCHW1MWENDS812

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Variable Annuity        | C000125779                                | n/a                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 18f-4(e) (17 CFR 270.18f-4(e))

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Guggenheim Partners Investment Management, LLC

- **ii. SEC file number:** 801-66786

- **iii. CRD number:** 000137432

- **iv. LEI, if any:** 549300XWQLVNUK615E79

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Guggenheim Partners Advisors, LLC

- **ii. SEC file number:** 801-107511

- **iii. CRD number:** 000283238

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** Yes

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** MUFG Investor Services (US), LLC

- **ii. SEC file number:** 084-05475

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MD

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Markit Ltd.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300HLPTRASHS0E726

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** ICE Data Services

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** MUFG Investor Services (US), LLC

- **ii. LEI, if any:** 084-05475

- **iii. State, if applicable:** MD

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** MUFG Investor Services (US), LLC

- **ii. LEI, if any, or other identifying number:** 084-05475

- **iii. State, if applicable:** MD

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** Sammons Financial Network LLC

- **b. SEC file number:** 8-68905

- **c. CRD number:** 000158538

- **d. LEI, if any:** N/A

- **e. State, if applicable:** IA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 2**

- **a. Full name:** GUGGENHEIM SECURITIES, LLC

- **b. SEC file number:** 8-49107

- **c. CRD number:** 000040638

- **d. LEI, if any:** 5493005G25VHYWLYJU59

- **e. State, if applicable:** NY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 3**

- **a. Full name:** Guggenheim Partners Japan, Ltd.

- **b. SEC file number:** N/A

- **c. CRD number:** N/A

- **d. LEI, if any:** N/A

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 4**

- **a. Full name:** Guggenheim Partners Middle East Limited

- **b. SEC file number:** N/A

- **c. CRD number:** N/A

- **d. LEI, if any:** N/A

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 5**

- **a. Full name:** Guggenheim Investor Services, LLC

- **b. SEC file number:** 8-44742

- **c. CRD number:** 000030096

- **d. LEI, if any:** N/A

- **e. State, if applicable:** NY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 6**

- **a. Full name:** Guggenheim Securities International Ltd

- **b. SEC file number:** N/A

- **c. CRD number:** N/A

- **d. LEI, if any:** N/A

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 7**

- **a. Full name:** Guggenheim Funds Distributors, LLC

- **b. SEC file number:** 8-48842

- **c. CRD number:** 000039805

- **d. LEI, if any:** 549300YLHACOJHH3DN20

- **e. State, if applicable:** IL

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** Citigroup Global Markets Inc.

- **ii. SEC file number:** 8-8177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** MBNUM2BPBDO7JBLYG310

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $362.50

**Brokers Record: 2**

- **i. Full name of broker:** JONESTRADING

- **ii. SEC file number:** 8-26089

- **iii. CRD number:** 000006888

- **iv. LEI, if any:** 2138008JJ5PA8H5UIL69

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $539.50

**Aggregate Commission:** $902.00

**Item C.17.a. Principal transaction counterparties.**

| Name                               | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| GOLDMAN SACHS & CO. LLC            | 8-129             |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $4,840,382.73             |
| BARCLAYS CAPITAL INC.              | 8-41342           |    000019714 | AC28XWWI3WIBK2824319 | NY      | US        | $4,929,614.61             |
| WELLS FARGO SECURITIES, LLC        | 8-65876           |    000126292 | VYVVCKR63DVZZN70PB21 | NC      | US        | $3,861,182.72             |
| RBC Capital Markets, LLC           | 8-45411           |    000031194 | 549300LCO2FLSSVFFR64 | NY      | US        | $3,048,747.82             |
| Morgan Stanley & Co. LLC           | 8-15869           |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $3,129,770.38             |
| Citigroup Global Markets Inc.      | 8-8177            |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $4,697,308.82             |
| J.P. MORGAN SECURITIES LLC         | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $10,019,463.54            |
| BOFA SECURITIES, INC.              | 8-69787           |    000283942 | 549300HN4UKV1E2R3U73 | NY      | US        | $6,870,663.45             |
| JEFFERIES LLC                      | 8-15074           |    000002347 | 58PU97L1C0WSRCWADL48 | NY      | US        | $5,913,994.38             |
| CREDIT SUISSE SECURITIES (USA) LLC | 8-422             |    000000816 | 1V8Y6QCX6YMJ2OELII46 | NY      | US        | $4,126,020.41             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $55,813,078.47

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $47,027,328.24

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $1,150,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** Citibank, N.A.

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                    | SEC File number   |
|:---|:---|
| Guggenheim Market Neutral Real Estate Fund      | 811-01136         |
| Series N (Managed Asset Allocation Series)      | 811-02753         |
| Guggenheim Strategy Fund II                     | 811-22946         |
| Series X (StylePlus-Small Growth Series)        | 811-02753         |
| Guggenheim Small Cap Value Fund                 | 811-01136         |
| Guggenheim Core Bond Fund                       | 811-01136         |
| Guggenheim Limited Duration Fund                | 811-01136         |
| Guggenheim Municipal Income Fund                | 811-01136         |
| Guggenheim Macro Opportunities Fund             | 811-01136         |
| Series E (Total Return Bond Series)             | 811-02753         |
| Guggenheim Ultra Short Duration Fund            | 811-01136         |
| Series Y (StylePlus-Large Growth Series)        | 811-02753         |
| Guggenheim RBP Large-Cap Value Fund             | 811-22309         |
| Guggenheim RBP Dividend Fund                    | 811-22309         |
| Guggenheim RBP Large-Cap Market Fund            | 811-22309         |
| Guggenheim Floating Rate Strategies Fund        | 811-01136         |
| Series A (StylePlus-Large Core Series)          | 811-02753         |
| Guggenheim StylePlus-Mid Growth Fund            | 811-01136         |
| Series P (High Yield Series)                    | 811-02753         |
| Series V (SMid Cap Value Series)                | 811-02753         |
| Guggenheim Total Return Bond Fund               | 811-01136         |
| Guggenheim Large Cap Value Fund                 | 811-01136         |
| Guggenheim Risk Managed Real Estate Fund        | 811-01136         |
| Guggenheim Strategy Fund III                    | 811-22946         |
| Guggenheim Diversified Income Fund              | 811-01136         |
| Series Z (Alpha Opportunity Series)             | 811-02753         |
| Series B (Large Cap Value Series)               | 811-02753         |
| Guggenheim High Yield Fund                      | 811-01136         |
| Guggenheim SMid Cap Value Fund                  | 811-01136         |
| Series J (StylePlus-Mid Growth Series)          | 811-02753         |
| Guggenheim Alpha Opportunity Fund               | 811-01136         |
| Guggenheim Directional Allocation Fund          | 811-22309         |
| Guggenheim Variable Insurance Strategy Fund III | 811-22946         |
| Guggenheim RBP Large-Cap Defensive Fund         | 811-22309         |
| Guggenheim StylePlus-Large Core Fund            | 811-01136         |
| Series O (All Cap Value Series)                 | 811-02753         |
| Series Q (Small Cap Value Series)               | 811-02753         |
| Series D (World Equity Income Series)           | 811-02753         |
| Guggenheim World Equity Income Fund             | 811-01136         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 4 - Series X (StylePlus-Small Growth Series)

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Series X (StylePlus-Small Growth Series)

- **b. Series identification number, if any:** S000010060

- **c. LEI:** 549300RSTGB92L5RU061

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Variable Annuity        | C000027859                                | n/a                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 12d1-4 (17 CFR 270.12d1-4)

- Section 12(d)(1)(G) of the Act (15 USC 80a-12(d)(1)(G))

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Security Investors, LLC

- **ii. SEC file number:** 801-8008

- **iii. CRD number:** 000105477

- **iv. LEI, if any:** 549300R47VF4XGNEC751

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** MUFG Investor Services (US), LLC

- **ii. SEC file number:** 084-05475

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MD

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Services

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** Bloomberg

- **ii. LEI, if any, or provide and describe other identifying number:** 549300B56MD0ZC402L06

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** MUFG Investor Services (US), LLC

- **ii. LEI, if any:** 084-05475

- **iii. State, if applicable:** MD

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** MUFG Investor Services (US), LLC

- **ii. LEI, if any, or other identifying number:** 084-05475

- **iii. State, if applicable:** MD

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** Guggenheim Partners Japan, Ltd.

- **b. SEC file number:** N/A

- **c. CRD number:** N/A

- **d. LEI, if any:** N/A

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 2**

- **a. Full name:** Guggenheim Investor Services, LLC

- **b. SEC file number:** 8-44742

- **c. CRD number:** 000030096

- **d. LEI, if any:** N/A

- **e. State, if applicable:** NY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 3**

- **a. Full name:** Guggenheim Partners Middle East Limited

- **b. SEC file number:** N/A

- **c. CRD number:** N/A

- **d. LEI, if any:** N/A

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 4**

- **a. Full name:** GUGGENHEIM SECURITIES, LLC

- **b. SEC file number:** 8-49107

- **c. CRD number:** 000040638

- **d. LEI, if any:** 5493005G25VHYWLYJU59

- **e. State, if applicable:** NY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 5**

- **a. Full name:** Guggenheim Funds Distributors, LLC

- **b. SEC file number:** 8-48842

- **c. CRD number:** 000039805

- **d. LEI, if any:** 549300YLHACOJHH3DN20

- **e. State, if applicable:** IL

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 6**

- **a. Full name:** Sammons Financial Network LLC

- **b. SEC file number:** 8-68905

- **c. CRD number:** 000158538

- **d. LEI, if any:** N/A

- **e. State, if applicable:** IA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 7**

- **a. Full name:** Guggenheim Securities International Ltd

- **b. SEC file number:** N/A

- **c. CRD number:** N/A

- **d. LEI, if any:** N/A

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** Morgan Stanley & Co. LLC

- **ii. SEC file number:** 8-15869

- **iii. CRD number:** 000008209

- **iv. LEI, if any:** 9R7GPTSO7KV3UQJZQ078

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $204.72

**Brokers Record: 2**

- **i. Full name of broker:** J.P. MORGAN SECURITIES LLC

- **ii. SEC file number:** 8-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $433.68

**Brokers Record: 3**

- **i. Full name of broker:** TRUIST SECURITIES, INC.

- **ii. SEC file number:** 8-17212

- **iii. CRD number:** 000006271

- **iv. LEI, if any:** CSVTK36R0PNGXEM7NS14

- **v. State, if applicable:** GA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $303.08

**Brokers Record: 4**

- **i. Full name of broker:** Citigroup Global Markets Inc.

- **ii. SEC file number:** 8-8177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** MBNUM2BPBDO7JBLYG310

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $4,580.18

**Aggregate Commission:** $5,521.66

**Item C.17.a. Principal transaction counterparties.**

| Name                        | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| WELLS FARGO SECURITIES, LLC | 8-65876           |    000126292 | VYVVCKR63DVZZN70PB21 | NC      | US        | $179,270,357.62           |
| Morgan Stanley & Co. LLC    | 8-15869           |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $242,500.00               |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $179,512,857.62

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $27,427,966.93

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $1,150,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** Citibank, N.A.

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                    | SEC File number   |
|:---|:---|
| Guggenheim SMid Cap Value Fund                  | 811-01136         |
| Guggenheim Diversified Income Fund              | 811-01136         |
| Series E (Total Return Bond Series)             | 811-02753         |
| Guggenheim RBP Large-Cap Value Fund             | 811-22309         |
| Guggenheim Small Cap Value Fund                 | 811-01136         |
| Guggenheim Total Return Bond Fund               | 811-01136         |
| Series N (Managed Asset Allocation Series)      | 811-02753         |
| Guggenheim Directional Allocation Fund          | 811-22309         |
| Series B (Large Cap Value Series)               | 811-02753         |
| Series F (Floating Rate Strategies Series)      | 811-02753         |
| Guggenheim Variable Insurance Strategy Fund III | 811-22946         |
| Series A (StylePlus-Large Core Series)          | 811-02753         |
| Series O (All Cap Value Series)                 | 811-02753         |
| Guggenheim Floating Rate Strategies Fund        | 811-01136         |
| Guggenheim Strategy Fund III                    | 811-22946         |
| Series P (High Yield Series)                    | 811-02753         |
| Guggenheim StylePlus-Large Core Fund            | 811-01136         |
| Guggenheim RBP Dividend Fund                    | 811-22309         |
| Series J (StylePlus-Mid Growth Series)          | 811-02753         |
| Series V (SMid Cap Value Series)                | 811-02753         |
| Series Y (StylePlus-Large Growth Series)        | 811-02753         |
| Guggenheim Macro Opportunities Fund             | 811-01136         |
| Guggenheim Market Neutral Real Estate Fund      | 811-01136         |
| Guggenheim High Yield Fund                      | 811-01136         |
| Guggenheim World Equity Income Fund             | 811-01136         |
| Guggenheim Large Cap Value Fund                 | 811-01136         |
| Guggenheim StylePlus-Mid Growth Fund            | 811-01136         |
| Guggenheim Alpha Opportunity Fund               | 811-01136         |
| Guggenheim Core Bond Fund                       | 811-01136         |
| Guggenheim Municipal Income Fund                | 811-01136         |
| Guggenheim RBP Large-Cap Market Fund            | 811-22309         |
| Guggenheim Limited Duration Fund                | 811-01136         |
| Series Z (Alpha Opportunity Series)             | 811-02753         |
| Guggenheim Strategy Fund II                     | 811-22946         |
| Series D (World Equity Income Series)           | 811-02753         |
| Series Q (Small Cap Value Series)               | 811-02753         |
| Guggenheim Risk Managed Real Estate Fund        | 811-01136         |
| Guggenheim RBP Large-Cap Defensive Fund         | 811-22309         |
| Guggenheim Ultra Short Duration Fund            | 811-01136         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 5 - Series J (StylePlus-Mid Growth Series)

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Series J (StylePlus-Mid Growth Series)

- **b. Series identification number, if any:** S000010069

- **c. LEI:** 549300KTVG0K0HAUNZ26

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Variable Annuity        | C000027868                                | n/a                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Section 12(d)(1)(G) of the Act (15 USC 80a-12(d)(1)(G))

- Rule 12d1-4 (17 CFR 270.12d1-4)

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Security Investors, LLC

- **ii. SEC file number:** 801-8008

- **iii. CRD number:** 000105477

- **iv. LEI, if any:** 549300R47VF4XGNEC751

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** MUFG Investor Services (US), LLC

- **ii. SEC file number:** 084-05475

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MD

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Services

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** Bloomberg

- **ii. LEI, if any, or provide and describe other identifying number:** 549300B56MD0ZC402L06

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** MUFG Investor Services (US), LLC

- **ii. LEI, if any:** 084-05475

- **iii. State, if applicable:** MD

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** MUFG Investor Services (US), LLC

- **ii. LEI, if any, or other identifying number:** 084-05475

- **iii. State, if applicable:** MD

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** Guggenheim Investor Services, LLC

- **b. SEC file number:** 8-44742

- **c. CRD number:** 000030096

- **d. LEI, if any:** N/A

- **e. State, if applicable:** NY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 2**

- **a. Full name:** Guggenheim Partners Middle East Limited

- **b. SEC file number:** N/A

- **c. CRD number:** N/A

- **d. LEI, if any:** N/A

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 3**

- **a. Full name:** GUGGENHEIM SECURITIES, LLC

- **b. SEC file number:** 8-49107

- **c. CRD number:** 000040638

- **d. LEI, if any:** 5493005G25VHYWLYJU59

- **e. State, if applicable:** NY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 4**

- **a. Full name:** Guggenheim Securities International Ltd

- **b. SEC file number:** N/A

- **c. CRD number:** N/A

- **d. LEI, if any:** N/A

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 5**

- **a. Full name:** Guggenheim Funds Distributors, LLC

- **b. SEC file number:** 8-48842

- **c. CRD number:** 000039805

- **d. LEI, if any:** 549300YLHACOJHH3DN20

- **e. State, if applicable:** IL

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 6**

- **a. Full name:** Sammons Financial Network LLC

- **b. SEC file number:** 8-68905

- **c. CRD number:** 000158538

- **d. LEI, if any:** N/A

- **e. State, if applicable:** IA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 7**

- **a. Full name:** Guggenheim Partners Japan, Ltd.

- **b. SEC file number:** N/A

- **c. CRD number:** N/A

- **d. LEI, if any:** N/A

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** TRUIST SECURITIES, INC.

- **ii. SEC file number:** 8-17212

- **iii. CRD number:** 000006271

- **iv. LEI, if any:** CSVTK36R0PNGXEM7NS14

- **v. State, if applicable:** GA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,257.89

**Brokers Record: 2**

- **i. Full name of broker:** Morgan Stanley & Co. LLC

- **ii. SEC file number:** 8-15869

- **iii. CRD number:** 000008209

- **iv. LEI, if any:** 9R7GPTSO7KV3UQJZQ078

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $805.01

**Brokers Record: 3**

- **i. Full name of broker:** Citigroup Global Markets Inc.

- **ii. SEC file number:** 8-8177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** MBNUM2BPBDO7JBLYG310

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $15,611.48

**Brokers Record: 4**

- **i. Full name of broker:** J.P. MORGAN SECURITIES LLC

- **ii. SEC file number:** 8-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,044.81

**Aggregate Commission:** $18,719.19

**Item C.17.a. Principal transaction counterparties.**

| Name                        | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| WELLS FARGO SECURITIES, LLC | 8-65876           |    000126292 | VYVVCKR63DVZZN70PB21 | NC      | US        | $1,103,450,941.29         |
| Morgan Stanley & Co. LLC    | 8-15869           |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $854,300.00               |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $1,104,305,241.29

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $159,705,116.64

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $1,150,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** Citibank, N.A.

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                    | SEC File number   |
|:---|:---|
| Series Z (Alpha Opportunity Series)             | 811-02753         |
| Series X (StylePlus-Small Growth Series)        | 811-02753         |
| Guggenheim Strategy Fund III                    | 811-22946         |
| Guggenheim Limited Duration Fund                | 811-01136         |
| Series N (Managed Asset Allocation Series)      | 811-02753         |
| Guggenheim StylePlus-Mid Growth Fund            | 811-01136         |
| Series Q (Small Cap Value Series)               | 811-02753         |
| Guggenheim RBP Dividend Fund                    | 811-22309         |
| Guggenheim Large Cap Value Fund                 | 811-01136         |
| Guggenheim SMid Cap Value Fund                  | 811-01136         |
| Guggenheim Risk Managed Real Estate Fund        | 811-01136         |
| Series D (World Equity Income Series)           | 811-02753         |
| Series P (High Yield Series)                    | 811-02753         |
| Guggenheim Diversified Income Fund              | 811-01136         |
| Series Y (StylePlus-Large Growth Series)        | 811-02753         |
| Guggenheim Market Neutral Real Estate Fund      | 811-01136         |
| Guggenheim World Equity Income Fund             | 811-01136         |
| Guggenheim Alpha Opportunity Fund               | 811-01136         |
| Guggenheim RBP Large-Cap Market Fund            | 811-22309         |
| Series B (Large Cap Value Series)               | 811-02753         |
| Guggenheim Ultra Short Duration Fund            | 811-01136         |
| Guggenheim Directional Allocation Fund          | 811-22309         |
| Guggenheim Macro Opportunities Fund             | 811-01136         |
| Guggenheim StylePlus-Large Core Fund            | 811-01136         |
| Guggenheim High Yield Fund                      | 811-01136         |
| Guggenheim Core Bond Fund                       | 811-01136         |
| Series V (SMid Cap Value Series)                | 811-02753         |
| Guggenheim Floating Rate Strategies Fund        | 811-01136         |
| Guggenheim Total Return Bond Fund               | 811-01136         |
| Series O (All Cap Value Series)                 | 811-02753         |
| Guggenheim Small Cap Value Fund                 | 811-01136         |
| Guggenheim Strategy Fund II                     | 811-22946         |
| Series E (Total Return Bond Series)             | 811-02753         |
| Series A (StylePlus-Large Core Series)          | 811-02753         |
| Guggenheim Variable Insurance Strategy Fund III | 811-22946         |
| Guggenheim RBP Large-Cap Value Fund             | 811-22309         |
| Guggenheim Municipal Income Fund                | 811-01136         |
| Series F (Floating Rate Strategies Series)      | 811-02753         |
| Guggenheim RBP Large-Cap Defensive Fund         | 811-22309         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 6 - Series D (World Equity Income Series)

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Series D (World Equity Income Series)

- **b. Series identification number, if any:** S000010065

- **c. LEI:** 5493001MQV26KYOSDP36

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Variable Annuity        | C000027864                                | n/a                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** Yes

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Security Investors, LLC

- **ii. SEC file number:** 801-8008

- **iii. CRD number:** 000105477

- **iv. LEI, if any:** 549300R47VF4XGNEC751

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** MUFG Investor Services (US), LLC

- **ii. SEC file number:** 084-05475

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MD

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Bloomberg

- **ii. LEI, if any, or provide and describe other identifying number:** 549300B56MD0ZC402L06

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** ICE Data Services

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** MUFG Investor Services (US), LLC

- **ii. LEI, if any:** 084-05475

- **iii. State, if applicable:** MD

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** MUFG Investor Services (US), LLC

- **ii. LEI, if any, or other identifying number:** 084-05475

- **iii. State, if applicable:** MD

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** Guggenheim Investor Services, LLC

- **b. SEC file number:** 8-44742

- **c. CRD number:** 000030096

- **d. LEI, if any:** N/A

- **e. State, if applicable:** NY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 2**

- **a. Full name:** GUGGENHEIM SECURITIES, LLC

- **b. SEC file number:** 8-49107

- **c. CRD number:** 000040638

- **d. LEI, if any:** 5493005G25VHYWLYJU59

- **e. State, if applicable:** NY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 3**

- **a. Full name:** Guggenheim Partners Japan, Ltd.

- **b. SEC file number:** N/A

- **c. CRD number:** N/A

- **d. LEI, if any:** N/A

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 4**

- **a. Full name:** Guggenheim Partners Middle East Limited

- **b. SEC file number:** N/A

- **c. CRD number:** N/A

- **d. LEI, if any:** N/A

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 5**

- **a. Full name:** Guggenheim Securities International Ltd

- **b. SEC file number:** N/A

- **c. CRD number:** N/A

- **d. LEI, if any:** N/A

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 6**

- **a. Full name:** Guggenheim Funds Distributors, LLC

- **b. SEC file number:** 8-48842

- **c. CRD number:** 000039805

- **d. LEI, if any:** 549300YLHACOJHH3DN20

- **e. State, if applicable:** IL

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 7**

- **a. Full name:** Sammons Financial Network LLC

- **b. SEC file number:** 8-68905

- **c. CRD number:** 000158538

- **d. LEI, if any:** N/A

- **e. State, if applicable:** IA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** BOFA SECURITIES, INC.

- **ii. SEC file number:** 8-69787

- **iii. CRD number:** 000283942

- **iv. LEI, if any:** 549300HN4UKV1E2R3U73

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $9,745.44

**Brokers Record: 2**

- **i. Full name of broker:** Morgan Stanley & Co. LLC

- **ii. SEC file number:** 8-15869

- **iii. CRD number:** 000008209

- **iv. LEI, if any:** 9R7GPTSO7KV3UQJZQ078

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,367.21

**Brokers Record: 3**

- **i. Full name of broker:** TRUIST SECURITIES, INC.

- **ii. SEC file number:** 8-17212

- **iii. CRD number:** 000006271

- **iv. LEI, if any:** CSVTK36R0PNGXEM7NS14

- **v. State, if applicable:** GA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $188.27

**Brokers Record: 4**

- **i. Full name of broker:** Instinet, LLC

- **ii. SEC file number:** 8-23669

- **iii. CRD number:** 000007897

- **iv. LEI, if any:** 549300MGMN3RKMU8FT57

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $105,934.54

**Brokers Record: 5**

- **i. Full name of broker:** Citigroup Global Markets Inc.

- **ii. SEC file number:** 8-8177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** MBNUM2BPBDO7JBLYG310

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $274.67

**Aggregate Commission:** $118,510.13

**Item C.17.a. Principal transaction counterparties.**

| Name          | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| Instinet, LLC | 8-23669           |    000007897 | 549300MGMN3RKMU8FT57 | NY      | US        | $8,816.66                 |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $8,816.66

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $120,342,569.22

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $1,150,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** Citibank, N.A.

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                    | SEC File number   |
|:---|:---|
| Guggenheim Macro Opportunities Fund             | 811-01136         |
| Series X (StylePlus-Small Growth Series)        | 811-02753         |
| Guggenheim Core Bond Fund                       | 811-01136         |
| Guggenheim Municipal Income Fund                | 811-01136         |
| Guggenheim Alpha Opportunity Fund               | 811-01136         |
| Series B (Large Cap Value Series)               | 811-02753         |
| Series N (Managed Asset Allocation Series)      | 811-02753         |
| Guggenheim RBP Large-Cap Defensive Fund         | 811-22309         |
| Guggenheim RBP Large-Cap Value Fund             | 811-22309         |
| Series O (All Cap Value Series)                 | 811-02753         |
| Guggenheim RBP Dividend Fund                    | 811-22309         |
| Guggenheim RBP Large-Cap Market Fund            | 811-22309         |
| Series A (StylePlus-Large Core Series)          | 811-02753         |
| Guggenheim SMid Cap Value Fund                  | 811-01136         |
| Guggenheim Strategy Fund II                     | 811-22946         |
| Guggenheim High Yield Fund                      | 811-01136         |
| Series E (Total Return Bond Series)             | 811-02753         |
| Guggenheim Total Return Bond Fund               | 811-01136         |
| Guggenheim Floating Rate Strategies Fund        | 811-01136         |
| Series J (StylePlus-Mid Growth Series)          | 811-02753         |
| Guggenheim Large Cap Value Fund                 | 811-01136         |
| Series Y (StylePlus-Large Growth Series)        | 811-02753         |
| Series P (High Yield Series)                    | 811-02753         |
| Guggenheim StylePlus-Large Core Fund            | 811-01136         |
| Guggenheim Variable Insurance Strategy Fund III | 811-22946         |
| Guggenheim Risk Managed Real Estate Fund        | 811-01136         |
| Guggenheim Strategy Fund III                    | 811-22946         |
| Series F (Floating Rate Strategies Series)      | 811-02753         |
| Guggenheim Limited Duration Fund                | 811-01136         |
| Guggenheim Small Cap Value Fund                 | 811-01136         |
| Guggenheim Diversified Income Fund              | 811-01136         |
| Guggenheim World Equity Income Fund             | 811-01136         |
| Guggenheim Market Neutral Real Estate Fund      | 811-01136         |
| Series V (SMid Cap Value Series)                | 811-02753         |
| Guggenheim Ultra Short Duration Fund            | 811-01136         |
| Guggenheim Directional Allocation Fund          | 811-22309         |
| Guggenheim StylePlus-Mid Growth Fund            | 811-01136         |
| Series Q (Small Cap Value Series)               | 811-02753         |
| Series Z (Alpha Opportunity Series)             | 811-02753         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 7 - Series P (High Yield Series)

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Series P (High Yield Series)

- **b. Series identification number, if any:** S000010055

- **c. LEI:** 5493006I0TSRF6VO1C08

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Variable Annuity        | C000027854                                | n/a                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 18f-4(d)(i) (17 CFR 270.18f-4(d)(i))

- Rule 17a-7 (17 CFR 270.17a-7)

- Rule 18f-4(e) (17 CFR 270.18f-4(e))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Security Investors, LLC

- **ii. SEC file number:** 801-8008

- **iii. CRD number:** 000105477

- **iv. LEI, if any:** 549300R47VF4XGNEC751

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Guggenheim Partners Advisors, LLC

- **ii. SEC file number:** 801-107511

- **iii. CRD number:** 000283238

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** Yes

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** MUFG Investor Services (US), LLC

- **ii. SEC file number:** 084-05475

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MD

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Markit Ltd.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300HLPTRASHS0E726

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** ICE Data Services

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Refinitiv US LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 213800HQORQAP68CJJ04

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** MUFG Investor Services (US), LLC

- **ii. LEI, if any:** 084-05475

- **iii. State, if applicable:** MD

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** MUFG Investor Services (US), LLC

- **ii. LEI, if any, or other identifying number:** 084-05475

- **iii. State, if applicable:** MD

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** Guggenheim Partners Middle East Limited

- **b. SEC file number:** N/A

- **c. CRD number:** N/A

- **d. LEI, if any:** N/A

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 2**

- **a. Full name:** Guggenheim Funds Distributors, LLC

- **b. SEC file number:** 8-48842

- **c. CRD number:** 000039805

- **d. LEI, if any:** 549300YLHACOJHH3DN20

- **e. State, if applicable:** IL

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 3**

- **a. Full name:** Sammons Financial Network LLC

- **b. SEC file number:** 8-68905

- **c. CRD number:** 000158538

- **d. LEI, if any:** N/A

- **e. State, if applicable:** IA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 4**

- **a. Full name:** Guggenheim Securities International Ltd

- **b. SEC file number:** N/A

- **c. CRD number:** N/A

- **d. LEI, if any:** N/A

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 5**

- **a. Full name:** Guggenheim Partners Japan, Ltd.

- **b. SEC file number:** N/A

- **c. CRD number:** N/A

- **d. LEI, if any:** N/A

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 6**

- **a. Full name:** Guggenheim Investor Services, LLC

- **b. SEC file number:** 8-44742

- **c. CRD number:** 000030096

- **d. LEI, if any:** N/A

- **e. State, if applicable:** NY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 7**

- **a. Full name:** GUGGENHEIM SECURITIES, LLC

- **b. SEC file number:** 8-49107

- **c. CRD number:** 000040638

- **d. LEI, if any:** 5493005G25VHYWLYJU59

- **e. State, if applicable:** NY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** Citigroup Global Markets Inc.

- **ii. SEC file number:** 8-8177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** MBNUM2BPBDO7JBLYG310

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $170.83

**Brokers Record: 2**

- **i. Full name of broker:** JONESTRADING

- **ii. SEC file number:** 8-26089

- **iii. CRD number:** 000006888

- **iv. LEI, if any:** 2138008JJ5PA8H5UIL69

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2.78

**Brokers Record: 3**

- **i. Full name of broker:** BLOOMBERG TRADEBOOK LLC

- **ii. SEC file number:** 8-49219

- **iii. CRD number:** 000040881

- **iv. LEI, if any:** 549300P0PVQNO43T7K36

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $86.00

**Aggregate Commission:** $259.61

**Item C.17.a. Principal transaction counterparties.**

| Name                               | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| MARKETAXESS CORPORATION            | 8-50727           |    000044542 | GPSMMRI21JE7ZCVYF972 | NY      | US        | $2,743,873.96             |
| Citigroup Global Markets Inc.      | 8-8177            |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $1,247,931.91             |
| Morgan Stanley & Co. LLC           | 8-15869           |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $1,143,746.47             |
| J.P. MORGAN SECURITIES LLC         | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $3,021,113.55             |
| DEUTSCHE BANK SECURITIES INC.      | 8-17822           |    000002525 | 9J6MBOOO7BECTDTUZW19 | NY      | US        | $626,198.13               |
| BARCLAYS CAPITAL INC.              | 8-41342           |    000019714 | AC28XWWI3WIBK2824319 | NY      | US        | $1,429,803.65             |
| GOLDMAN SACHS & CO. LLC            | 8-129             |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $6,955,672.92             |
| CREDIT SUISSE SECURITIES (USA) LLC | 8-422             |    000000816 | 1V8Y6QCX6YMJ2OELII46 | NY      | US        | $2,587,766.57             |
| JEFFERIES LLC                      | 8-15074           |    000002347 | 58PU97L1C0WSRCWADL48 | NY      | US        | $2,341,206.91             |
| BOFA SECURITIES, INC.              | 8-69787           |    000283942 | 549300HN4UKV1E2R3U73 | NY      | US        | $3,543,696.66             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $31,142,705.81

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $34,704,480.47

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $1,150,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** Citibank, N.A.

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                    | SEC File number   |
|:---|:---|
| Guggenheim Alpha Opportunity Fund               | 811-01136         |
| Series Z (Alpha Opportunity Series)             | 811-02753         |
| Guggenheim StylePlus-Large Core Fund            | 811-01136         |
| Guggenheim Macro Opportunities Fund             | 811-01136         |
| Guggenheim Risk Managed Real Estate Fund        | 811-01136         |
| Guggenheim SMid Cap Value Fund                  | 811-01136         |
| Series V (SMid Cap Value Series)                | 811-02753         |
| Guggenheim Limited Duration Fund                | 811-01136         |
| Series N (Managed Asset Allocation Series)      | 811-02753         |
| Guggenheim RBP Dividend Fund                    | 811-22309         |
| Guggenheim Small Cap Value Fund                 | 811-01136         |
| Guggenheim RBP Large-Cap Market Fund            | 811-22309         |
| Guggenheim Core Bond Fund                       | 811-01136         |
| Series X (StylePlus-Small Growth Series)        | 811-02753         |
| Guggenheim Strategy Fund III                    | 811-22946         |
| Guggenheim Municipal Income Fund                | 811-01136         |
| Guggenheim Total Return Bond Fund               | 811-01136         |
| Guggenheim RBP Large-Cap Defensive Fund         | 811-22309         |
| Guggenheim High Yield Fund                      | 811-01136         |
| Guggenheim Floating Rate Strategies Fund        | 811-01136         |
| Series B (Large Cap Value Series)               | 811-02753         |
| Series D (World Equity Income Series)           | 811-02753         |
| Series Q (Small Cap Value Series)               | 811-02753         |
| Series Y (StylePlus-Large Growth Series)        | 811-02753         |
| Guggenheim Large Cap Value Fund                 | 811-01136         |
| Guggenheim Ultra Short Duration Fund            | 811-01136         |
| Guggenheim Diversified Income Fund              | 811-01136         |
| Guggenheim Variable Insurance Strategy Fund III | 811-22946         |
| Series J (StylePlus-Mid Growth Series)          | 811-02753         |
| Guggenheim StylePlus-Mid Growth Fund            | 811-01136         |
| Series O (All Cap Value Series)                 | 811-02753         |
| Guggenheim Market Neutral Real Estate Fund      | 811-01136         |
| Guggenheim World Equity Income Fund             | 811-01136         |
| Series A (StylePlus-Large Core Series)          | 811-02753         |
| Series F (Floating Rate Strategies Series)      | 811-02753         |
| Guggenheim Directional Allocation Fund          | 811-22309         |
| Series E (Total Return Bond Series)             | 811-02753         |
| Guggenheim RBP Large-Cap Value Fund             | 811-22309         |
| Guggenheim Strategy Fund II                     | 811-22946         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 8 - Series V (SMid Cap Value Series)

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Series V (SMid Cap Value Series)

- **b. Series identification number, if any:** S000010058

- **c. LEI:** 549300HHX5K5Y48ZKI93

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Variable Annuity        | C000027857                                | n/a                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** Yes

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Security Investors, LLC

- **ii. SEC file number:** 801-8008

- **iii. CRD number:** 000105477

- **iv. LEI, if any:** 549300R47VF4XGNEC751

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** MUFG Investor Services (US), LLC

- **ii. SEC file number:** 084-05475

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MD

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Services

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** MUFG Investor Services (US), LLC

- **ii. LEI, if any:** 084-05475

- **iii. State, if applicable:** MD

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** MUFG Investor Services (US), LLC

- **ii. LEI, if any, or other identifying number:** 084-05475

- **iii. State, if applicable:** MD

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** Guggenheim Partners Japan, Ltd.

- **b. SEC file number:** N/A

- **c. CRD number:** N/A

- **d. LEI, if any:** N/A

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 2**

- **a. Full name:** Sammons Financial Network LLC

- **b. SEC file number:** 8-68905

- **c. CRD number:** 000158538

- **d. LEI, if any:** N/A

- **e. State, if applicable:** IA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 3**

- **a. Full name:** Guggenheim Funds Distributors, LLC

- **b. SEC file number:** 8-48842

- **c. CRD number:** 000039805

- **d. LEI, if any:** 549300YLHACOJHH3DN20

- **e. State, if applicable:** IL

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 4**

- **a. Full name:** Guggenheim Partners Middle East Limited

- **b. SEC file number:** N/A

- **c. CRD number:** N/A

- **d. LEI, if any:** N/A

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 5**

- **a. Full name:** GUGGENHEIM SECURITIES, LLC

- **b. SEC file number:** 8-49107

- **c. CRD number:** 000040638

- **d. LEI, if any:** 5493005G25VHYWLYJU59

- **e. State, if applicable:** NY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 6**

- **a. Full name:** Guggenheim Investor Services, LLC

- **b. SEC file number:** 8-44742

- **c. CRD number:** 000030096

- **d. LEI, if any:** N/A

- **e. State, if applicable:** NY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 7**

- **a. Full name:** Guggenheim Securities International Ltd

- **b. SEC file number:** N/A

- **c. CRD number:** N/A

- **d. LEI, if any:** N/A

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** WELLS FARGO SECURITIES, LLC

- **ii. SEC file number:** 8-65876

- **iii. CRD number:** 000126292

- **iv. LEI, if any:** VYVVCKR63DVZZN70PB21

- **v. State, if applicable:** NC

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $30,086.82

**Brokers Record: 2**

- **i. Full name of broker:** NEEDHAM & COMPANY, LLC

- **ii. SEC file number:** 8-33772

- **iii. CRD number:** 000016360

- **iv. LEI, if any:** 254900J2GFQ4J4NK1J89

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $13,031.04

**Brokers Record: 3**

- **i. Full name of broker:** BMO Capital Markets Corp., New York Branch

- **ii. SEC file number:** 8-34344

- **iii. CRD number:** 000016686

- **iv. LEI, if any:** RUC0QBLBRPRCU4W1NE59

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $10,204.76

**Brokers Record: 4**

- **i. Full name of broker:** STEPHENS

- **ii. SEC file number:** 8-1927

- **iii. CRD number:** 000003496

- **iv. LEI, if any:** 213800LH6T9XDYZCA534

- **v. State, if applicable:** AR

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $16,574.04

**Brokers Record: 5**

- **i. Full name of broker:** TRUIST SECURITIES, INC.

- **ii. SEC file number:** 8-17212

- **iii. CRD number:** 000006271

- **iv. LEI, if any:** CSVTK36R0PNGXEM7NS14

- **v. State, if applicable:** GA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $15,244.92

**Brokers Record: 6**

- **i. Full name of broker:** Tudor, Pickering, Holt & Co. Securities, LLC

- **ii. SEC file number:** 8-66251

- **iii. CRD number:** 000129772

- **iv. LEI, if any:** 254900QNRC4536M3YW31

- **v. State, if applicable:** TX

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $11,456.76

**Brokers Record: 7**

- **i. Full name of broker:** Keefe, Bruyette & Woods, Inc.

- **ii. SEC file number:** 8-10888

- **iii. CRD number:** 000000481

- **iv. LEI, if any:** 549300OM47DQV01G4854

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $13,704.08

**Brokers Record: 8**

- **i. Full name of broker:** ROBERT W. BAIRD & CO. INCORPORATED

- **ii. SEC file number:** 8-497

- **iii. CRD number:** 000008158

- **iv. LEI, if any:** 549300772UJAHRD6LO53

- **v. State, if applicable:** WI

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $14,060.00

**Brokers Record: 9**

- **i. Full name of broker:** COWEN AND COMPANY

- **ii. SEC file number:** 8-22522

- **iii. CRD number:** 000007616

- **iv. LEI, if any:** 549300WR155U7DVMIW58

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $12,948.88

**Brokers Record: 10**

- **i. Full name of broker:** JEFFERIES LLC

- **ii. SEC file number:** 8-15074

- **iii. CRD number:** 000002347

- **iv. LEI, if any:** 58PU97L1C0WSRCWADL48

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $13,162.84

**Aggregate Commission:** $166,026.72

**Item C.17.a. Principal transaction counterparties.**

| Name         | SEC file number   | CRD number   | LEI   | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| TENDER OFFER | N/A               | N/A          | N/A   | NY      | US        | $1,755,481.05             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $1,755,435.21

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $171,558,281.10

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $1,150,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** Citibank, N.A.

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                    | SEC File number   |
|:---|:---|
| Guggenheim Market Neutral Real Estate Fund      | 811-01136         |
| Guggenheim Floating Rate Strategies Fund        | 811-01136         |
| Guggenheim Variable Insurance Strategy Fund III | 811-22946         |
| Guggenheim Limited Duration Fund                | 811-01136         |
| Guggenheim RBP Dividend Fund                    | 811-22309         |
| Series X (StylePlus-Small Growth Series)        | 811-02753         |
| Series N (Managed Asset Allocation Series)      | 811-02753         |
| Series Y (StylePlus-Large Growth Series)        | 811-02753         |
| Guggenheim High Yield Fund                      | 811-01136         |
| Guggenheim SMid Cap Value Fund                  | 811-01136         |
| Series A (StylePlus-Large Core Series)          | 811-02753         |
| Series O (All Cap Value Series)                 | 811-02753         |
| Guggenheim Large Cap Value Fund                 | 811-01136         |
| Series E (Total Return Bond Series)             | 811-02753         |
| Series J (StylePlus-Mid Growth Series)          | 811-02753         |
| Guggenheim Municipal Income Fund                | 811-01136         |
| Guggenheim RBP Large-Cap Defensive Fund         | 811-22309         |
| Guggenheim StylePlus-Mid Growth Fund            | 811-01136         |
| Series F (Floating Rate Strategies Series)      | 811-02753         |
| Series Q (Small Cap Value Series)               | 811-02753         |
| Guggenheim Strategy Fund II                     | 811-22946         |
| Guggenheim World Equity Income Fund             | 811-01136         |
| Guggenheim RBP Large-Cap Market Fund            | 811-22309         |
| Guggenheim Ultra Short Duration Fund            | 811-01136         |
| Guggenheim RBP Large-Cap Value Fund             | 811-22309         |
| Guggenheim Risk Managed Real Estate Fund        | 811-01136         |
| Guggenheim Alpha Opportunity Fund               | 811-01136         |
| Guggenheim Core Bond Fund                       | 811-01136         |
| Guggenheim Diversified Income Fund              | 811-01136         |
| Guggenheim Macro Opportunities Fund             | 811-01136         |
| Series P (High Yield Series)                    | 811-02753         |
| Guggenheim StylePlus-Large Core Fund            | 811-01136         |
| Guggenheim Directional Allocation Fund          | 811-22309         |
| Guggenheim Small Cap Value Fund                 | 811-01136         |
| Series D (World Equity Income Series)           | 811-02753         |
| Series B (Large Cap Value Series)               | 811-02753         |
| Guggenheim Total Return Bond Fund               | 811-01136         |
| Series Z (Alpha Opportunity Series)             | 811-02753         |
| Guggenheim Strategy Fund III                    | 811-22946         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 9 - Series N (Managed Asset Allocation Series)

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Series N (Managed Asset Allocation Series)

- **b. Series identification number, if any:** S000010070

- **c. LEI:** 549300QJDJXCBA1UXY78

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Variable Annuity        | C000027869                                | n/a                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [x] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Section 12(d)(1)(G) of the Act (15 USC 80a-12(d)(1)(G))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Security Investors, LLC

- **ii. SEC file number:** 801-8008

- **iii. CRD number:** 000105477

- **iv. LEI, if any:** 549300R47VF4XGNEC751

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** MUFG Investor Services (US), LLC

- **ii. SEC file number:** 084-05475

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MD

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Services

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** Bloomberg

- **ii. LEI, if any, or provide and describe other identifying number:** 549300B56MD0ZC402L06

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** MUFG Investor Services (US), LLC

- **ii. LEI, if any:** 084-05475

- **iii. State, if applicable:** MD

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** MUFG Investor Services (US), LLC

- **ii. LEI, if any, or other identifying number:** 084-05475

- **iii. State, if applicable:** MD

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** Guggenheim Securities International Ltd

- **b. SEC file number:** N/A

- **c. CRD number:** N/A

- **d. LEI, if any:** N/A

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 2**

- **a. Full name:** Sammons Financial Network LLC

- **b. SEC file number:** 8-68905

- **c. CRD number:** 000158538

- **d. LEI, if any:** N/A

- **e. State, if applicable:** IA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 3**

- **a. Full name:** Guggenheim Partners Middle East Limited

- **b. SEC file number:** N/A

- **c. CRD number:** N/A

- **d. LEI, if any:** N/A

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 4**

- **a. Full name:** GUGGENHEIM SECURITIES, LLC

- **b. SEC file number:** 8-49107

- **c. CRD number:** 000040638

- **d. LEI, if any:** 5493005G25VHYWLYJU59

- **e. State, if applicable:** NY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 5**

- **a. Full name:** Guggenheim Investor Services, LLC

- **b. SEC file number:** 8-44742

- **c. CRD number:** 000030096

- **d. LEI, if any:** N/A

- **e. State, if applicable:** NY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 6**

- **a. Full name:** Guggenheim Partners Japan, Ltd.

- **b. SEC file number:** N/A

- **c. CRD number:** N/A

- **d. LEI, if any:** N/A

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 7**

- **a. Full name:** Guggenheim Funds Distributors, LLC

- **b. SEC file number:** 8-48842

- **c. CRD number:** 000039805

- **d. LEI, if any:** 549300YLHACOJHH3DN20

- **e. State, if applicable:** IL

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** GOLDMAN SACHS & CO. LLC

- **ii. SEC file number:** 8-129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,300.57

**Brokers Record: 2**

- **i. Full name of broker:** Instinet, LLC

- **ii. SEC file number:** 8-23669

- **iii. CRD number:** 000007897

- **iv. LEI, if any:** 549300MGMN3RKMU8FT57

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $163.91

**Aggregate Commission:** $3,464.48

**Item C.17.a. Principal transaction counterparties.**

| Name                  | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| BARCLAYS CAPITAL INC. | 8-41342           |    000019714 | AC28XWWI3WIBK2824319 | NY      | US        | $4,210,289.04             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $4,210,289.04

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $39,061,878.69

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $1,150,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** Citibank, N.A.

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                    | SEC File number   |
|:---|:---|
| Guggenheim High Yield Fund                      | 811-01136         |
| Series Q (Small Cap Value Series)               | 811-02753         |
| Series P (High Yield Series)                    | 811-02753         |
| Guggenheim Strategy Fund II                     | 811-22946         |
| Guggenheim Municipal Income Fund                | 811-01136         |
| Guggenheim Ultra Short Duration Fund            | 811-01136         |
| Series J (StylePlus-Mid Growth Series)          | 811-02753         |
| Series V (SMid Cap Value Series)                | 811-02753         |
| Guggenheim Risk Managed Real Estate Fund        | 811-01136         |
| Guggenheim StylePlus-Large Core Fund            | 811-01136         |
| Guggenheim Alpha Opportunity Fund               | 811-01136         |
| Guggenheim Market Neutral Real Estate Fund      | 811-01136         |
| Guggenheim SMid Cap Value Fund                  | 811-01136         |
| Series Z (Alpha Opportunity Series)             | 811-02753         |
| Series O (All Cap Value Series)                 | 811-02753         |
| Guggenheim World Equity Income Fund             | 811-01136         |
| Guggenheim Strategy Fund III                    | 811-22946         |
| Series Y (StylePlus-Large Growth Series)        | 811-02753         |
| Guggenheim Limited Duration Fund                | 811-01136         |
| Guggenheim RBP Dividend Fund                    | 811-22309         |
| Guggenheim RBP Large-Cap Value Fund             | 811-22309         |
| Series B (Large Cap Value Series)               | 811-02753         |
| Series X (StylePlus-Small Growth Series)        | 811-02753         |
| Guggenheim Variable Insurance Strategy Fund III | 811-22946         |
| Guggenheim Floating Rate Strategies Fund        | 811-01136         |
| Guggenheim Small Cap Value Fund                 | 811-01136         |
| Guggenheim Core Bond Fund                       | 811-01136         |
| Series E (Total Return Bond Series)             | 811-02753         |
| Guggenheim Diversified Income Fund              | 811-01136         |
| Guggenheim Total Return Bond Fund               | 811-01136         |
| Guggenheim Macro Opportunities Fund             | 811-01136         |
| Guggenheim RBP Large-Cap Defensive Fund         | 811-22309         |
| Series D (World Equity Income Series)           | 811-02753         |
| Series F (Floating Rate Strategies Series)      | 811-02753         |
| Guggenheim Large Cap Value Fund                 | 811-01136         |
| Guggenheim StylePlus-Mid Growth Fund            | 811-01136         |
| Guggenheim Directional Allocation Fund          | 811-22309         |
| Guggenheim RBP Large-Cap Market Fund            | 811-22309         |
| Series A (StylePlus-Large Core Series)          | 811-02753         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 10 - Series B (Large Cap Value Series)

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Series B (Large Cap Value Series)

- **b. Series identification number, if any:** S000010063

- **c. LEI:** 549300SQROIN3EN8OJ78

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Variable Annuity        | C000027862                                | n/a                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Security Investors, LLC

- **ii. SEC file number:** 801-8008

- **iii. CRD number:** 000105477

- **iv. LEI, if any:** 549300R47VF4XGNEC751

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** MUFG Investor Services (US), LLC

- **ii. SEC file number:** 084-05475

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MD

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Services

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** MUFG Investor Services (US), LLC

- **ii. LEI, if any:** 084-05475

- **iii. State, if applicable:** MD

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** MUFG Investor Services (US), LLC

- **ii. LEI, if any, or other identifying number:** 084-05475

- **iii. State, if applicable:** MD

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** Sammons Financial Network LLC

- **b. SEC file number:** 8-68905

- **c. CRD number:** 000158538

- **d. LEI, if any:** N/A

- **e. State, if applicable:** IA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 2**

- **a. Full name:** GUGGENHEIM SECURITIES, LLC

- **b. SEC file number:** 8-49107

- **c. CRD number:** 000040638

- **d. LEI, if any:** 5493005G25VHYWLYJU59

- **e. State, if applicable:** NY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 3**

- **a. Full name:** Guggenheim Investor Services, LLC

- **b. SEC file number:** 8-44742

- **c. CRD number:** 000030096

- **d. LEI, if any:** N/A

- **e. State, if applicable:** NY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 4**

- **a. Full name:** Guggenheim Partners Japan, Ltd.

- **b. SEC file number:** N/A

- **c. CRD number:** N/A

- **d. LEI, if any:** N/A

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 5**

- **a. Full name:** Guggenheim Funds Distributors, LLC

- **b. SEC file number:** 8-48842

- **c. CRD number:** 000039805

- **d. LEI, if any:** 549300YLHACOJHH3DN20

- **e. State, if applicable:** IL

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 6**

- **a. Full name:** Guggenheim Securities International Ltd

- **b. SEC file number:** N/A

- **c. CRD number:** N/A

- **d. LEI, if any:** N/A

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 7**

- **a. Full name:** Guggenheim Partners Middle East Limited

- **b. SEC file number:** N/A

- **c. CRD number:** N/A

- **d. LEI, if any:** N/A

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** WELLS FARGO SECURITIES, LLC

- **ii. SEC file number:** 8-65876

- **iii. CRD number:** 000126292

- **iv. LEI, if any:** VYVVCKR63DVZZN70PB21

- **v. State, if applicable:** NC

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $18,399.96

**Brokers Record: 2**

- **i. Full name of broker:** NEEDHAM & COMPANY, LLC

- **ii. SEC file number:** 8-33772

- **iii. CRD number:** 000016360

- **iv. LEI, if any:** 254900J2GFQ4J4NK1J89

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,618.04

**Brokers Record: 3**

- **i. Full name of broker:** COWEN AND COMPANY

- **ii. SEC file number:** 8-22522

- **iii. CRD number:** 000007616

- **iv. LEI, if any:** 549300WR155U7DVMIW58

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $4,277.12

**Brokers Record: 4**

- **i. Full name of broker:** Keefe, Bruyette & Woods, Inc.

- **ii. SEC file number:** 8-10888

- **iii. CRD number:** 000000481

- **iv. LEI, if any:** 549300OM47DQV01G4854

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $4,411.16

**Brokers Record: 5**

- **i. Full name of broker:** JEFFERIES LLC

- **ii. SEC file number:** 8-15074

- **iii. CRD number:** 000002347

- **iv. LEI, if any:** 58PU97L1C0WSRCWADL48

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $9,595.44

**Brokers Record: 6**

- **i. Full name of broker:** TRUIST SECURITIES, INC.

- **ii. SEC file number:** 8-17212

- **iii. CRD number:** 000006271

- **iv. LEI, if any:** CSVTK36R0PNGXEM7NS14

- **v. State, if applicable:** GA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $13,856.96

**Brokers Record: 7**

- **i. Full name of broker:** BMO Capital Markets Corp., New York Branch

- **ii. SEC file number:** 8-34344

- **iii. CRD number:** 000016686

- **iv. LEI, if any:** RUC0QBLBRPRCU4W1NE59

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,427.84

**Brokers Record: 8**

- **i. Full name of broker:** ROBERT W. BAIRD & CO. INCORPORATED

- **ii. SEC file number:** 8-497

- **iii. CRD number:** 000008158

- **iv. LEI, if any:** 549300772UJAHRD6LO53

- **v. State, if applicable:** WI

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $5,239.88

**Brokers Record: 9**

- **i. Full name of broker:** Tudor, Pickering, Holt & Co. Securities, LLC

- **ii. SEC file number:** 8-66251

- **iii. CRD number:** 000129772

- **iv. LEI, if any:** 254900QNRC4536M3YW31

- **v. State, if applicable:** TX

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $6,648.40

**Brokers Record: 10**

- **i. Full name of broker:** STEPHENS

- **ii. SEC file number:** 8-1927

- **iii. CRD number:** 000003496

- **iv. LEI, if any:** 213800LH6T9XDYZCA534

- **v. State, if applicable:** AR

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $8,002.56

**Aggregate Commission:** $80,612.34

**Item C.17.a. Principal transaction counterparties.**

| Name         | SEC file number   | CRD number   | LEI   | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| TENDER OFFER | N/A               | N/A          | N/A   | MO      | US        | $1,224,597.53             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $1,224,597.53

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $221,868,556.65

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $1,150,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** Citibank, N.A.

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                    | SEC File number   |
|:---|:---|
| Series J (StylePlus-Mid Growth Series)          | 811-02753         |
| Guggenheim Macro Opportunities Fund             | 811-01136         |
| Series N (Managed Asset Allocation Series)      | 811-02753         |
| Guggenheim Strategy Fund II                     | 811-22946         |
| Guggenheim Variable Insurance Strategy Fund III | 811-22946         |
| Series P (High Yield Series)                    | 811-02753         |
| Guggenheim High Yield Fund                      | 811-01136         |
| Guggenheim StylePlus-Mid Growth Fund            | 811-01136         |
| Guggenheim Alpha Opportunity Fund               | 811-01136         |
| Guggenheim RBP Large-Cap Market Fund            | 811-22309         |
| Guggenheim Core Bond Fund                       | 811-01136         |
| Guggenheim Ultra Short Duration Fund            | 811-01136         |
| Guggenheim RBP Dividend Fund                    | 811-22309         |
| Guggenheim Directional Allocation Fund          | 811-22309         |
| Guggenheim World Equity Income Fund             | 811-01136         |
| Series X (StylePlus-Small Growth Series)        | 811-02753         |
| Guggenheim Limited Duration Fund                | 811-01136         |
| Guggenheim Diversified Income Fund              | 811-01136         |
| Guggenheim Large Cap Value Fund                 | 811-01136         |
| Series F (Floating Rate Strategies Series)      | 811-02753         |
| Series O (All Cap Value Series)                 | 811-02753         |
| Guggenheim Market Neutral Real Estate Fund      | 811-01136         |
| Series A (StylePlus-Large Core Series)          | 811-02753         |
| Guggenheim Total Return Bond Fund               | 811-01136         |
| Series Y (StylePlus-Large Growth Series)        | 811-02753         |
| Series Q (Small Cap Value Series)               | 811-02753         |
| Guggenheim RBP Large-Cap Defensive Fund         | 811-22309         |
| Guggenheim Small Cap Value Fund                 | 811-01136         |
| Guggenheim RBP Large-Cap Value Fund             | 811-22309         |
| Series Z (Alpha Opportunity Series)             | 811-02753         |
| Series E (Total Return Bond Series)             | 811-02753         |
| Guggenheim SMid Cap Value Fund                  | 811-01136         |
| Series V (SMid Cap Value Series)                | 811-02753         |
| Guggenheim Strategy Fund III                    | 811-22946         |
| Series D (World Equity Income Series)           | 811-02753         |
| Guggenheim Floating Rate Strategies Fund        | 811-01136         |
| Guggenheim StylePlus-Large Core Fund            | 811-01136         |
| Guggenheim Municipal Income Fund                | 811-01136         |
| Guggenheim Risk Managed Real Estate Fund        | 811-01136         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 11 - Series Q (Small Cap Value Series)

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Series Q (Small Cap Value Series)

- **b. Series identification number, if any:** S000010056

- **c. LEI:** 549300UBMSWQ4DH4F466

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Variable Annuity        | C000027855                                | n/a                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Security Investors, LLC

- **ii. SEC file number:** 801-8008

- **iii. CRD number:** 000105477

- **iv. LEI, if any:** 549300R47VF4XGNEC751

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** MUFG Investor Services (US), LLC

- **ii. SEC file number:** 084-05475

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MD

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Services

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** MUFG Investor Services (US), LLC

- **ii. LEI, if any:** 084-05475

- **iii. State, if applicable:** MD

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** MUFG Investor Services (US), LLC

- **ii. LEI, if any, or other identifying number:** 084-05475

- **iii. State, if applicable:** MD

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** Guggenheim Partners Middle East Limited

- **b. SEC file number:** N/A

- **c. CRD number:** N/A

- **d. LEI, if any:** N/A

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 2**

- **a. Full name:** GUGGENHEIM SECURITIES, LLC

- **b. SEC file number:** 8-49107

- **c. CRD number:** 000040638

- **d. LEI, if any:** 5493005G25VHYWLYJU59

- **e. State, if applicable:** NY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 3**

- **a. Full name:** Guggenheim Funds Distributors, LLC

- **b. SEC file number:** 8-48842

- **c. CRD number:** 000039805

- **d. LEI, if any:** 549300YLHACOJHH3DN20

- **e. State, if applicable:** IL

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 4**

- **a. Full name:** Guggenheim Investor Services, LLC

- **b. SEC file number:** 8-44742

- **c. CRD number:** 000030096

- **d. LEI, if any:** N/A

- **e. State, if applicable:** NY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 5**

- **a. Full name:** Guggenheim Partners Japan, Ltd.

- **b. SEC file number:** N/A

- **c. CRD number:** N/A

- **d. LEI, if any:** N/A

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 6**

- **a. Full name:** Sammons Financial Network LLC

- **b. SEC file number:** 8-68905

- **c. CRD number:** 000158538

- **d. LEI, if any:** N/A

- **e. State, if applicable:** IA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 7**

- **a. Full name:** Guggenheim Securities International Ltd

- **b. SEC file number:** N/A

- **c. CRD number:** N/A

- **d. LEI, if any:** N/A

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** NEEDHAM & COMPANY, LLC

- **ii. SEC file number:** 8-33772

- **iii. CRD number:** 000016360

- **iv. LEI, if any:** 254900J2GFQ4J4NK1J89

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,649.56

**Brokers Record: 2**

- **i. Full name of broker:** COWEN AND COMPANY

- **ii. SEC file number:** 8-22522

- **iii. CRD number:** 000007616

- **iv. LEI, if any:** 549300WR155U7DVMIW58

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $8,637.16

**Brokers Record: 3**

- **i. Full name of broker:** Tudor, Pickering, Holt & Co. Securities, LLC

- **ii. SEC file number:** 8-66251

- **iii. CRD number:** 000129772

- **iv. LEI, if any:** 254900QNRC4536M3YW31

- **v. State, if applicable:** TX

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,710.00

**Brokers Record: 4**

- **i. Full name of broker:** ROBERT W. BAIRD & CO. INCORPORATED

- **ii. SEC file number:** 8-497

- **iii. CRD number:** 000008158

- **iv. LEI, if any:** 549300772UJAHRD6LO53

- **v. State, if applicable:** WI

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $4,179.96

**Brokers Record: 5**

- **i. Full name of broker:** WELLS FARGO SECURITIES, LLC

- **ii. SEC file number:** 8-65876

- **iii. CRD number:** 000126292

- **iv. LEI, if any:** VYVVCKR63DVZZN70PB21

- **v. State, if applicable:** NC

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $9,690.67

**Brokers Record: 6**

- **i. Full name of broker:** TRUIST SECURITIES, INC.

- **ii. SEC file number:** 8-17212

- **iii. CRD number:** 000006271

- **iv. LEI, if any:** CSVTK36R0PNGXEM7NS14

- **v. State, if applicable:** GA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $14,710.80

**Brokers Record: 7**

- **i. Full name of broker:** JEFFERIES LLC

- **ii. SEC file number:** 8-15074

- **iii. CRD number:** 000002347

- **iv. LEI, if any:** 58PU97L1C0WSRCWADL48

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $5,926.36

**Brokers Record: 8**

- **i. Full name of broker:** STEPHENS

- **ii. SEC file number:** 8-1927

- **iii. CRD number:** 000003496

- **iv. LEI, if any:** 213800LH6T9XDYZCA534

- **v. State, if applicable:** AR

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $4,338.00

**Brokers Record: 9**

- **i. Full name of broker:** Keefe, Bruyette & Woods, Inc.

- **ii. SEC file number:** 8-10888

- **iii. CRD number:** 000000481

- **iv. LEI, if any:** 549300OM47DQV01G4854

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $5,706.84

**Brokers Record: 10**

- **i. Full name of broker:** BMO Capital Markets Corp., New York Branch

- **ii. SEC file number:** 8-34344

- **iii. CRD number:** 000016686

- **iv. LEI, if any:** RUC0QBLBRPRCU4W1NE59

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,312.16

**Aggregate Commission:** $68,003.22

**Item C.17.a. Principal transaction counterparties.**

| Name         | SEC file number   | CRD number   | LEI   | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| TENDER OFFER | N/A               | N/A          | N/A   | NJ      | US        | $70,708.22                |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $70,708.22

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $67,218,360.51

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $1,150,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** Citibank, N.A.

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                    | SEC File number   |
|:---|:---|
| Guggenheim Strategy Fund II                     | 811-22946         |
| Series X (StylePlus-Small Growth Series)        | 811-02753         |
| Guggenheim Municipal Income Fund                | 811-01136         |
| Guggenheim Small Cap Value Fund                 | 811-01136         |
| Guggenheim RBP Large-Cap Market Fund            | 811-22309         |
| Guggenheim SMid Cap Value Fund                  | 811-01136         |
| Series B (Large Cap Value Series)               | 811-02753         |
| Series Z (Alpha Opportunity Series)             | 811-02753         |
| Series V (SMid Cap Value Series)                | 811-02753         |
| Guggenheim Strategy Fund III                    | 811-22946         |
| Series P (High Yield Series)                    | 811-02753         |
| Guggenheim RBP Large-Cap Value Fund             | 811-22309         |
| Guggenheim Directional Allocation Fund          | 811-22309         |
| Guggenheim Market Neutral Real Estate Fund      | 811-01136         |
| Series A (StylePlus-Large Core Series)          | 811-02753         |
| Series F (Floating Rate Strategies Series)      | 811-02753         |
| Guggenheim RBP Large-Cap Defensive Fund         | 811-22309         |
| Guggenheim Total Return Bond Fund               | 811-01136         |
| Guggenheim StylePlus-Large Core Fund            | 811-01136         |
| Guggenheim Diversified Income Fund              | 811-01136         |
| Guggenheim Risk Managed Real Estate Fund        | 811-01136         |
| Guggenheim Large Cap Value Fund                 | 811-01136         |
| Series D (World Equity Income Series)           | 811-02753         |
| Guggenheim Macro Opportunities Fund             | 811-01136         |
| Guggenheim RBP Dividend Fund                    | 811-22309         |
| Series E (Total Return Bond Series)             | 811-02753         |
| Guggenheim Alpha Opportunity Fund               | 811-01136         |
| Guggenheim High Yield Fund                      | 811-01136         |
| Guggenheim Ultra Short Duration Fund            | 811-01136         |
| Series N (Managed Asset Allocation Series)      | 811-02753         |
| Guggenheim Floating Rate Strategies Fund        | 811-01136         |
| Guggenheim Limited Duration Fund                | 811-01136         |
| Guggenheim World Equity Income Fund             | 811-01136         |
| Guggenheim Core Bond Fund                       | 811-01136         |
| Guggenheim StylePlus-Mid Growth Fund            | 811-01136         |
| Guggenheim Variable Insurance Strategy Fund III | 811-22946         |
| Series Y (StylePlus-Large Growth Series)        | 811-02753         |
| Series J (StylePlus-Mid Growth Series)          | 811-02753         |
| Series O (All Cap Value Series)                 | 811-02753         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 12 - Series E (Total Return Bond Series)

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Series E (Total Return Bond Series)

- **b. Series identification number, if any:** S000010066

- **c. LEI:** 549300KRQSBPNKM3ER41

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Variable Annuity        | C000027865                                | n/a                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 18f-4(d)(i) (17 CFR 270.18f-4(d)(i))

- Rule 17a-7 (17 CFR 270.17a-7)

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 18f-4(e) (17 CFR 270.18f-4(e))

- Rule 18f-4(f)(17 CFR 270.18f-4(f))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Security Investors, LLC

- **ii. SEC file number:** 801-8008

- **iii. CRD number:** 000105477

- **iv. LEI, if any:** 549300R47VF4XGNEC751

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Guggenheim Partners Advisors, LLC

- **ii. SEC file number:** 801-107511

- **iii. CRD number:** 000283238

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** Yes

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** MUFG Investor Services (US), LLC

- **ii. SEC file number:** 084-05475

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MD

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Bloomberg

- **ii. LEI, if any, or provide and describe other identifying number:** 549300B56MD0ZC402L06

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** Refinitiv US LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 213800HQORQAP68CJJ04

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Markit Ltd.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300HLPTRASHS0E726

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** ICE Data Services

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** MUFG Investor Services (US), LLC

- **ii. LEI, if any:** 084-05475

- **iii. State, if applicable:** MD

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** MUFG Investor Services (US), LLC

- **ii. LEI, if any, or other identifying number:** 084-05475

- **iii. State, if applicable:** MD

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** Guggenheim Partners Middle East Limited

- **b. SEC file number:** N/A

- **c. CRD number:** N/A

- **d. LEI, if any:** N/A

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 2**

- **a. Full name:** GUGGENHEIM SECURITIES, LLC

- **b. SEC file number:** 8-49107

- **c. CRD number:** 000040638

- **d. LEI, if any:** 5493005G25VHYWLYJU59

- **e. State, if applicable:** NY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 3**

- **a. Full name:** Sammons Financial Network LLC

- **b. SEC file number:** 8-68905

- **c. CRD number:** 000158538

- **d. LEI, if any:** N/A

- **e. State, if applicable:** IA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 4**

- **a. Full name:** Guggenheim Investor Services, LLC

- **b. SEC file number:** 8-44742

- **c. CRD number:** 000030096

- **d. LEI, if any:** N/A

- **e. State, if applicable:** NY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 5**

- **a. Full name:** Guggenheim Partners Japan, Ltd.

- **b. SEC file number:** N/A

- **c. CRD number:** N/A

- **d. LEI, if any:** N/A

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 6**

- **a. Full name:** Guggenheim Funds Distributors, LLC

- **b. SEC file number:** 8-48842

- **c. CRD number:** 000039805

- **d. LEI, if any:** 549300YLHACOJHH3DN20

- **e. State, if applicable:** IL

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 7**

- **a. Full name:** Guggenheim Securities International Ltd

- **b. SEC file number:** N/A

- **c. CRD number:** N/A

- **d. LEI, if any:** N/A

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** Bank of America, N.A.

- **ii. SEC file number:** N/A

- **iii. CRD number:** N/A

- **iv. LEI, if any:** B4TYDEB6GKMZO031MB27

- **v. State, if applicable:** NC

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $47.31

**Brokers Record: 2**

- **i. Full name of broker:** Morgan Stanley & Co. LLC

- **ii. SEC file number:** 8-15869

- **iii. CRD number:** 000008209

- **iv. LEI, if any:** 9R7GPTSO7KV3UQJZQ078

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $38.90

**Aggregate Commission:** $86.21

**Item C.17.a. Principal transaction counterparties.**

| Name                                       | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| MIZUHO SECURITIES USA LLC                  | 8-37710           |    000019647 | 7TK5RJIZDFROZCA6XF66 | NY      | US        | $44,248,857.86            |
| Citigroup Global Markets Inc.              | 8-8177            |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $121,189,279.25           |
| BMO Capital Markets Corp., New York Branch | 8-34344           |    000016686 | RUC0QBLBRPRCU4W1NE59 | NY      | US        | $23,952,325.37            |
| WELLS FARGO SECURITIES, LLC                | 8-65876           |    000126292 | VYVVCKR63DVZZN70PB21 | NC      | US        | $39,796,901.74            |
| Morgan Stanley & Co. LLC                   | 8-15869           |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $47,821,702.99            |
| MUFG Securities Americas Inc.              | 8-43026           |    000019685 | K5HU16E3LMSVCCJJJ255 | NY      | US        | $107,760,459.31           |
| BARCLAYS CAPITAL INC.                      | 8-41342           |    000019714 | AC28XWWI3WIBK2824319 | NY      | US        | $701,653,767.61           |
| BOFA SECURITIES, INC.                      | 8-69787           |    000283942 | 549300HN4UKV1E2R3U73 | NY      | US        | $716,413,122.91           |
| GOLDMAN SACHS & CO. LLC                    | 8-129             |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $27,810,010.69            |
| J.P. MORGAN SECURITIES LLC                 | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $139,598,198.59           |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $2,027,803,961.02

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $147,676,076.91

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $1,150,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** Citibank, N.A.

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                    | SEC File number   |
|:---|:---|
| Guggenheim Strategy Fund III                    | 811-22946         |
| Guggenheim RBP Dividend Fund                    | 811-22309         |
| Guggenheim Variable Insurance Strategy Fund III | 811-22946         |
| Guggenheim World Equity Income Fund             | 811-01136         |
| Guggenheim Diversified Income Fund              | 811-01136         |
| Series Z (Alpha Opportunity Series)             | 811-02753         |
| Series D (World Equity Income Series)           | 811-02753         |
| Series J (StylePlus-Mid Growth Series)          | 811-02753         |
| Series X (StylePlus-Small Growth Series)        | 811-02753         |
| Guggenheim Directional Allocation Fund          | 811-22309         |
| Guggenheim Strategy Fund II                     | 811-22946         |
| Guggenheim High Yield Fund                      | 811-01136         |
| Series Y (StylePlus-Large Growth Series)        | 811-02753         |
| Guggenheim Limited Duration Fund                | 811-01136         |
| Guggenheim StylePlus-Large Core Fund            | 811-01136         |
| Guggenheim RBP Large-Cap Market Fund            | 811-22309         |
| Series O (All Cap Value Series)                 | 811-02753         |
| Series V (SMid Cap Value Series)                | 811-02753         |
| Guggenheim Total Return Bond Fund               | 811-01136         |
| Guggenheim Market Neutral Real Estate Fund      | 811-01136         |
| Guggenheim RBP Large-Cap Defensive Fund         | 811-22309         |
| Series A (StylePlus-Large Core Series)          | 811-02753         |
| Guggenheim RBP Large-Cap Value Fund             | 811-22309         |
| Guggenheim Risk Managed Real Estate Fund        | 811-01136         |
| Series B (Large Cap Value Series)               | 811-02753         |
| Guggenheim Ultra Short Duration Fund            | 811-01136         |
| Guggenheim Floating Rate Strategies Fund        | 811-01136         |
| Series P (High Yield Series)                    | 811-02753         |
| Series F (Floating Rate Strategies Series)      | 811-02753         |
| Guggenheim SMid Cap Value Fund                  | 811-01136         |
| Series Q (Small Cap Value Series)               | 811-02753         |
| Guggenheim Large Cap Value Fund                 | 811-01136         |
| Guggenheim Alpha Opportunity Fund               | 811-01136         |
| Guggenheim Municipal Income Fund                | 811-01136         |
| Guggenheim Small Cap Value Fund                 | 811-01136         |
| Guggenheim StylePlus-Mid Growth Fund            | 811-01136         |
| Series N (Managed Asset Allocation Series)      | 811-02753         |
| Guggenheim Core Bond Fund                       | 811-01136         |
| Guggenheim Macro Opportunities Fund             | 811-01136         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 13 - Series Y (StylePlus-Large Growth Series)

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Series Y (StylePlus-Large Growth Series)

- **b. Series identification number, if any:** S000010061

- **c. LEI:** 5493008QP6PWS1VNJM21

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Variable Annuity        | C000027860                                | n/a                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Section 12(d)(1)(G) of the Act (15 USC 80a-12(d)(1)(G))

- Rule 12d1-4 (17 CFR 270.12d1-4)

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Security Investors, LLC

- **ii. SEC file number:** 801-8008

- **iii. CRD number:** 000105477

- **iv. LEI, if any:** 549300R47VF4XGNEC751

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** MUFG Investor Services (US), LLC

- **ii. SEC file number:** 084-05475

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MD

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Bloomberg

- **ii. LEI, if any, or provide and describe other identifying number:** 549300B56MD0ZC402L06

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** ICE Data Services

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** MUFG Investor Services (US), LLC

- **ii. LEI, if any:** 084-05475

- **iii. State, if applicable:** MD

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** MUFG Investor Services (US), LLC

- **ii. LEI, if any, or other identifying number:** 084-05475

- **iii. State, if applicable:** MD

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** Guggenheim Securities International Ltd

- **b. SEC file number:** N/A

- **c. CRD number:** N/A

- **d. LEI, if any:** N/A

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 2**

- **a. Full name:** Guggenheim Partners Japan, Ltd.

- **b. SEC file number:** N/A

- **c. CRD number:** N/A

- **d. LEI, if any:** N/A

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 3**

- **a. Full name:** Guggenheim Partners Middle East Limited

- **b. SEC file number:** N/A

- **c. CRD number:** N/A

- **d. LEI, if any:** N/A

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 4**

- **a. Full name:** Guggenheim Investor Services, LLC

- **b. SEC file number:** 8-44742

- **c. CRD number:** 000030096

- **d. LEI, if any:** N/A

- **e. State, if applicable:** NY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 5**

- **a. Full name:** Sammons Financial Network LLC

- **b. SEC file number:** 8-68905

- **c. CRD number:** 000158538

- **d. LEI, if any:** N/A

- **e. State, if applicable:** IA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 6**

- **a. Full name:** Guggenheim Funds Distributors, LLC

- **b. SEC file number:** 8-48842

- **c. CRD number:** 000039805

- **d. LEI, if any:** 549300YLHACOJHH3DN20

- **e. State, if applicable:** IL

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 7**

- **a. Full name:** GUGGENHEIM SECURITIES, LLC

- **b. SEC file number:** 8-49107

- **c. CRD number:** 000040638

- **d. LEI, if any:** 5493005G25VHYWLYJU59

- **e. State, if applicable:** NY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** Citigroup Global Markets Inc.

- **ii. SEC file number:** 8-8177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** MBNUM2BPBDO7JBLYG310

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,152.95

**Brokers Record: 2**

- **i. Full name of broker:** J.P. MORGAN SECURITIES LLC

- **ii. SEC file number:** 8-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $194.67

**Brokers Record: 3**

- **i. Full name of broker:** TRUIST SECURITIES, INC.

- **ii. SEC file number:** 8-17212

- **iii. CRD number:** 000006271

- **iv. LEI, if any:** CSVTK36R0PNGXEM7NS14

- **v. State, if applicable:** GA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $156.73

**Brokers Record: 4**

- **i. Full name of broker:** Morgan Stanley & Co. LLC

- **ii. SEC file number:** 8-15869

- **iii. CRD number:** 000008209

- **iv. LEI, if any:** 9R7GPTSO7KV3UQJZQ078

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $178.87

**Aggregate Commission:** $2,683.22

**Item C.17.a. Principal transaction counterparties.**

| Name                        | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| Morgan Stanley & Co. LLC    | 8-15869           |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $343,000.00               |
| WELLS FARGO SECURITIES, LLC | 8-65876           |    000126292 | VYVVCKR63DVZZN70PB21 | NC      | US        | $252,062,793.82           |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $252,405,793.82

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $43,136,741.84

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $1,150,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** Citibank, N.A.

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                    | SEC File number   |
|:---|:---|
| Guggenheim Total Return Bond Fund               | 811-01136         |
| Guggenheim Small Cap Value Fund                 | 811-01136         |
| Guggenheim Macro Opportunities Fund             | 811-01136         |
| Series B (Large Cap Value Series)               | 811-02753         |
| Series N (Managed Asset Allocation Series)      | 811-02753         |
| Series A (StylePlus-Large Core Series)          | 811-02753         |
| Guggenheim RBP Large-Cap Defensive Fund         | 811-22309         |
| Series V (SMid Cap Value Series)                | 811-02753         |
| Guggenheim Strategy Fund III                    | 811-22946         |
| Guggenheim RBP Large-Cap Market Fund            | 811-22309         |
| Guggenheim Diversified Income Fund              | 811-01136         |
| Series X (StylePlus-Small Growth Series)        | 811-02753         |
| Series E (Total Return Bond Series)             | 811-02753         |
| Series J (StylePlus-Mid Growth Series)          | 811-02753         |
| Guggenheim High Yield Fund                      | 811-01136         |
| Guggenheim World Equity Income Fund             | 811-01136         |
| Guggenheim Ultra Short Duration Fund            | 811-01136         |
| Guggenheim SMid Cap Value Fund                  | 811-01136         |
| Guggenheim Limited Duration Fund                | 811-01136         |
| Guggenheim Market Neutral Real Estate Fund      | 811-01136         |
| Guggenheim Variable Insurance Strategy Fund III | 811-22946         |
| Guggenheim RBP Large-Cap Value Fund             | 811-22309         |
| Guggenheim Strategy Fund II                     | 811-22946         |
| Guggenheim Municipal Income Fund                | 811-01136         |
| Series Q (Small Cap Value Series)               | 811-02753         |
| Guggenheim StylePlus-Large Core Fund            | 811-01136         |
| Guggenheim Core Bond Fund                       | 811-01136         |
| Series F (Floating Rate Strategies Series)      | 811-02753         |
| Series P (High Yield Series)                    | 811-02753         |
| Series O (All Cap Value Series)                 | 811-02753         |
| Guggenheim Floating Rate Strategies Fund        | 811-01136         |
| Guggenheim StylePlus-Mid Growth Fund            | 811-01136         |
| Series Z (Alpha Opportunity Series)             | 811-02753         |
| Guggenheim Large Cap Value Fund                 | 811-01136         |
| Guggenheim Alpha Opportunity Fund               | 811-01136         |
| Guggenheim RBP Dividend Fund                    | 811-22309         |
| Series D (World Equity Income Series)           | 811-02753         |
| Guggenheim Directional Allocation Fund          | 811-22309         |
| Guggenheim Risk Managed Real Estate Fund        | 811-01136         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 14 - Series Z (Alpha Opportunity Series)

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Series Z (Alpha Opportunity Series)

- **b. Series identification number, if any:** S000010062

- **c. LEI:** 549300G2R2MR8TG2ES80

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Variable Annuity        | C000027861                                | n/a                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Security Investors, LLC

- **ii. SEC file number:** 801-8008

- **iii. CRD number:** 000105477

- **iv. LEI, if any:** 549300R47VF4XGNEC751

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** MUFG Investor Services (US), LLC

- **ii. SEC file number:** 084-05475

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MD

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Services

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** MUFG Investor Services (US), LLC

- **ii. LEI, if any:** 084-05475

- **iii. State, if applicable:** MD

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** MUFG Investor Services (US), LLC

- **ii. LEI, if any, or other identifying number:** 084-05475

- **iii. State, if applicable:** MD

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** Guggenheim Investor Services, LLC

- **b. SEC file number:** 8-44742

- **c. CRD number:** 000030096

- **d. LEI, if any:** N/A

- **e. State, if applicable:** NY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 2**

- **a. Full name:** Guggenheim Funds Distributors, LLC

- **b. SEC file number:** 8-48842

- **c. CRD number:** 000039805

- **d. LEI, if any:** 549300YLHACOJHH3DN20

- **e. State, if applicable:** IL

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 3**

- **a. Full name:** Guggenheim Partners Middle East Limited

- **b. SEC file number:** N/A

- **c. CRD number:** N/A

- **d. LEI, if any:** N/A

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 4**

- **a. Full name:** Guggenheim Securities International Ltd

- **b. SEC file number:** N/A

- **c. CRD number:** N/A

- **d. LEI, if any:** N/A

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 5**

- **a. Full name:** Sammons Financial Network LLC

- **b. SEC file number:** 8-68905

- **c. CRD number:** 000158538

- **d. LEI, if any:** N/A

- **e. State, if applicable:** IA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 6**

- **a. Full name:** GUGGENHEIM SECURITIES, LLC

- **b. SEC file number:** 8-49107

- **c. CRD number:** 000040638

- **d. LEI, if any:** 5493005G25VHYWLYJU59

- **e. State, if applicable:** NY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 7**

- **a. Full name:** Guggenheim Partners Japan, Ltd.

- **b. SEC file number:** N/A

- **c. CRD number:** N/A

- **d. LEI, if any:** N/A

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** J.P. MORGAN SECURITIES LLC

- **ii. SEC file number:** 8-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $4,208.47

**Brokers Record: 2**

- **i. Full name of broker:** TRUIST SECURITIES, INC.

- **ii. SEC file number:** 8-17212

- **iii. CRD number:** 000006271

- **iv. LEI, if any:** CSVTK36R0PNGXEM7NS14

- **v. State, if applicable:** GA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $6.75

**Brokers Record: 3**

- **i. Full name of broker:** Citigroup Global Markets Inc.

- **ii. SEC file number:** 8-8177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** MBNUM2BPBDO7JBLYG310

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $72.48

**Brokers Record: 4**

- **i. Full name of broker:** Morgan Stanley & Co. LLC

- **ii. SEC file number:** 8-15869

- **iii. CRD number:** 000008209

- **iv. LEI, if any:** 9R7GPTSO7KV3UQJZQ078

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3.94

**Aggregate Commission:** $4,291.64

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $3,867,801.86

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $1,150,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** Citibank, N.A.

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                    | SEC File number   |
|:---|:---|
| Guggenheim StylePlus-Mid Growth Fund            | 811-01136         |
| Series O (All Cap Value Series)                 | 811-02753         |
| Series X (StylePlus-Small Growth Series)        | 811-02753         |
| Guggenheim Diversified Income Fund              | 811-01136         |
| Guggenheim Strategy Fund II                     | 811-22946         |
| Guggenheim Large Cap Value Fund                 | 811-01136         |
| Guggenheim Floating Rate Strategies Fund        | 811-01136         |
| Guggenheim Alpha Opportunity Fund               | 811-01136         |
| Guggenheim SMid Cap Value Fund                  | 811-01136         |
| Series B (Large Cap Value Series)               | 811-02753         |
| Series P (High Yield Series)                    | 811-02753         |
| Series E (Total Return Bond Series)             | 811-02753         |
| Series Q (Small Cap Value Series)               | 811-02753         |
| Guggenheim RBP Large-Cap Market Fund            | 811-22309         |
| Series D (World Equity Income Series)           | 811-02753         |
| Guggenheim Municipal Income Fund                | 811-01136         |
| Guggenheim Core Bond Fund                       | 811-01136         |
| Guggenheim Variable Insurance Strategy Fund III | 811-22946         |
| Guggenheim Macro Opportunities Fund             | 811-01136         |
| Guggenheim RBP Large-Cap Value Fund             | 811-22309         |
| Guggenheim RBP Large-Cap Defensive Fund         | 811-22309         |
| Guggenheim Market Neutral Real Estate Fund      | 811-01136         |
| Guggenheim RBP Dividend Fund                    | 811-22309         |
| Guggenheim Ultra Short Duration Fund            | 811-01136         |
| Series Y (StylePlus-Large Growth Series)        | 811-02753         |
| Guggenheim Strategy Fund III                    | 811-22946         |
| Series V (SMid Cap Value Series)                | 811-02753         |
| Guggenheim Directional Allocation Fund          | 811-22309         |
| Guggenheim Small Cap Value Fund                 | 811-01136         |
| Guggenheim Total Return Bond Fund               | 811-01136         |
| Series F (Floating Rate Strategies Series)      | 811-02753         |
| Series N (Managed Asset Allocation Series)      | 811-02753         |
| Guggenheim StylePlus-Large Core Fund            | 811-01136         |
| Guggenheim Limited Duration Fund                | 811-01136         |
| Series J (StylePlus-Mid Growth Series)          | 811-02753         |
| Series A (StylePlus-Large Core Series)          | 811-02753         |
| Guggenheim World Equity Income Fund             | 811-01136         |
| Guggenheim High Yield Fund                      | 811-01136         |
| Guggenheim Risk Managed Real Estate Fund        | 811-01136         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [x] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** Guggenheim Variable Funds Trust

**Date:** 2023-03-15

**Signature:** Jim Howley

**Title:** CFO