# EDGAR Filing Document

**Accession Number:** 0000899148
**File Stem:** 0001752724-23-057135
**Filing Date:** 2023-3
**Character Count:** 90046
**Document Hash:** daabb7b98e6cd5f1df5efb1dcfb1b4e2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-057135.hdr.sgml**: 20230315

**ACCESSION NUMBER**: 0001752724-23-057135

**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:** RYDEX SERIES FUNDS
- **CENTRAL INDEX KEY:** 0000899148
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07584
- **FILM NUMBER:** 23734582

**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:** RYDEX DYNAMIC FUNDS
- **DATE OF NAME CHANGE:** 20170712

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RYDEX SERIES FUNDS
- **DATE OF NAME CHANGE:** 20000229

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RYDEX SERIES TRUST
- **DATE OF NAME CHANGE:** 19930714

## Series and Classes Contracts Data

### Guggenheim Multi-Hedge Strategies Fund (Series ID: S000003763)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000010438 | Class P             | RYMSX           |
| C000010439 | Class A             | RYMQX           |
| C000010440 | Class C             | RYMRX           |
| C000088407 | Institutional Class | RYIMX           |

### Commodities Strategy Fund (Series ID: S000003774)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010463 | Class H      | RYMBX           |
| C000010464 | Class A      | RYMEX           |
| C000010465 | Class C      | RYMJX           |

### Guggenheim Managed Futures Strategy Fund (Series ID: S000014094)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000038557 | Class P             | RYMFX           |
| C000039064 | Class A             | RYMTX           |
| C000039065 | Class C             | RYMZX           |
| C000088408 | Institutional Class | RYIFX           |

## Internal

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Trustees

of Rydex Series Funds

In planning and performing our audits of the financial statements of Rydex Series Funds (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 opinions 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 Rydex Series Funds 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**

Rydex Series Funds 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 Rydex Series Funds 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 Rydex Series Funds, 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"). Rydex Series Funds has been named as a defendant in one or more of these suits. 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 an opposition 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 the Rydex Series Funds. Defendants filed an opposition to the certiorari petition on August 26, 2020, and plaintiffs filed a reply in support of the petition for certiorari on September 8, 2020. On March 12, 2021, the Solicitor General filed an amicus brief recommending that certiorari be denied. Plaintiffs filed a supplemental brief in response to the Solicitor General's amicus brief on March 31, 2021, and Defendants filed a supplemental brief on April 1, 2021. 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. 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 Rydex Series Funds related to the Tribune LBO.

None of these lawsuits alleges any wrongdoing on the part of Rydex Series Funds. The following series of Rydex Series Funds held shares of Tribune and tendered these shares as part of Tribune's LBO: Nova Fund, S&P 500<sup>®</sup> Pure Value Fund, Multi-Cap Core Equity Fund, S&P 500<sup>®</sup> Fund, Multi-Hedge Strategies Fund and Hedged Equity Fund (the "Funds"). The value of the proceeds received by the foregoing Funds was $28,220, $109,242, $9,860, $3,400, $1,181,160, and $10,880, respectively.

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

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0000899148

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

**Series ID Record:1**
- **Series ID:** S000003774

**Series ID Record:2**
- **Series ID:** S000003763

**Series ID Record:3**
- **Series ID:** S000014094

**Class ID Record:1**
- **Class ID:** C000088408

**Class ID Record:2**
- **Class ID:** C000039064

**Class ID Record:3**
- **Class ID:** C000038557

**Class ID Record:4**
- **Class ID:** C000039065

### 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:** Rydex Series Funds

- **Item B.1.b - Investment Company Act file number:** 811-07584

- **Item B.1.c - CIK:** 0000899148

- **Item B.1.d - LEI:** 5493004D62WV1EDNTU07

- **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/mf/products

### 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:** 52

- **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, 811-02753, 811-22946, 811-22309, 811-01136, 811-21309                       |
| Sandra G. Sponem      | No                      | 811-21982, 811-21145, 811-22946, 811-02753, 811-01136, 811-08821, 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, 811-02753, 811-23702, 811-08821, 811-23057, 811-22309, 811-22437                                  |
| Angela Brock-Kyle     | No                      | 811-09525, 811-22946, 811-23057, 811-21982, 811-22309, 811-22437, 811-23702, 811-08821, 811-01136, 811-02753                                  |
| Thomas F. Lydon Jr.   | No                      | 811-09525, 811-21982, 811-02753, 811-01136, 811-23702, 811-08821, 811-23057, 811-22309, 811-22946, 811-22437                                  |
| Amy J. Lee            | Yes                     | 811-22309, 811-22946, 811-02753, 811-23702, 811-01136, 811-23057, 811-08821, 811-21982, 811-22437, 811-09525                                  |
| Ronald A. Nyberg      | No                      | 811-21982, 811-08821, 811-22437, 811-09525, 811-21309, 811-22309, 811-23308, 811-22946, 811-01136, 811-23702, 811-02753, 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

- **Item B.23 - Did the Registrant pay any dividend or make any distribution required to be accompanied by a written statement?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - Commodities Strategy Fund

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

- **a. Full Name of the Fund:** Commodities Strategy Fund

- **b. Series identification number, if any:** S000003774

- **c. LEI:** 549300Y83L5ISW76HS10

- **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?:** 3

- **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 | Class A                 | C000010464                                | RYMEX                        |
|                           2 | Class H                 | C000010463                                | RYMBX                        |
|                           3 | Class C                 | C000010465                                | RYMJX                        |

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** Yes

**Item C.5 - Does the fund invest in a controlled foreign corporation?** —

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

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** U.S. Bank, N.A.

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** U.S. Bancorp Asset Management, Inc.

- **ii. LEI, if any:** 8KUMV9EIJ75IBFMLFD23

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** Yes

- **iv. Is the cash collateral manager an affiliated person of the Fund?** 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 22d-1 (17 CFR 270.22d-1)

- 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?** 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:** U.S. Bank N.A.

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

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

- **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, 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: 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:** 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: 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:** 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:** 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:** $227.19

**Aggregate Commission:** $227.19

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

| Name                                  | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| Citigroup Global Markets Inc.         | 8-8177            |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $166,892,261.10           |
| BARCLAYS CAPITAL INC.                 | 8-41342           |    000019714 | AC28XWWI3WIBK2824319 | NY      | US        | $992,901,025.14           |
| J.P. MORGAN SECURITIES LLC            | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $928,557,708.88           |
| MIZUHO SECURITIES USA LLC             | 8-37710           |    000019647 | 7TK5RJIZDFROZCA6XF66 | NY      | US        | $94,936,473.13            |
| Morgan Stanley & Co. LLC              | 8-15869           |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $31,608,789.96            |
| BOFA SECURITIES, INC.                 | 8-69787           |    000283942 | 549300HN4UKV1E2R3U73 | NY      | US        | $350,013,142.68           |
| GOLDMAN SACHS & CO. LLC               | 8-129             |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $28,084,666.56            |
| TD SECURITIES (USA) LLC               | 8-36747           |    000018476 | SUVUFHICNZMP2WKHG940 | NY      | US        | $27,893,824.55            |
| Nomura Securities International, Inc. | 8-15255           |    000004297 | OXTKY6Q8X53C9ILVV871 | NY      | US        | $156,663,813.79           |
| BNY MELLON CAPITAL MARKETS, LLC       | 8-35255           |    000017454 | VJW2DOOHGDT6PR0ZRO63 | NY      | US        | $32,111,074.83            |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $2,857,032,218.42

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

- **Item C.19.a - Fund's monthly average net assets:** $28,722,363.69

- **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?** Uncommitted

- **ii. What size is the line of credit?** $200,000,000.00

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

  - **Line Institutions Record: 1 Name of institution:** U.S. Bank, 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   |
|:---|:---|
| Retailing Fund                                | 811-07584         |
| U.S. Government Money Market Fund             | 811-08821         |
| Weakening Dollar 2x Strategy Fund             | 811-08821         |
| Energy Fund                                   | 811-08821         |
| Inverse Emerging Markets 2x Strategy Fund     | 811-07584         |
| Europe 1.25x Strategy Fund                    | 811-08821         |
| Technology Fund                               | 811-07584         |
| Precious Metals Fund                          | 811-07584         |
| Government Long Bond 1.2x Strategy Fund       | 811-07584         |
| Inverse Russell 2000 Strategy Fund            | 811-07584         |
| Utilities Fund                                | 811-07584         |
| S&P SmallCap 600 Pure Value Fund              | 811-07584         |
| S&P 500 Pure Value Fund                       | 811-08821         |
| S&P SmallCap 600 Pure Growth Fund             | 811-08821         |
| Internet Fund                                 | 811-08821         |
| S&P 500 2x Strategy Fund                      | 811-08821         |
| Utilities Fund                                | 811-08821         |
| Dow 2x Strategy Fund                          | 811-08821         |
| Consumer Products Fund                        | 811-08821         |
| NASDAQ-100 Fund                               | 811-08821         |
| Biotechnology Fund                            | 811-08821         |
| Managed Futures Strategy Fund                 | 811-07584         |
| S&P 500 2x Strategy Fund                      | 811-09525         |
| Nova Fund                                     | 811-07584         |
| Long Short Equity Fund                        | 811-07584         |
| Internet Fund                                 | 811-07584         |
| Inverse Russell 2000 Strategy Fund            | 811-08821         |
| Russell 2000 1.5x Strategy Fund               | 811-08821         |
| Inverse Dow 2x Strategy Fund                  | 811-08821         |
| Commodities Strategy Fund                     | 811-08821         |
| Banking Fund                                  | 811-08821         |
| Inverse Dow 2x Strategy Fund                  | 811-09525         |
| Financial Services Fund                       | 811-08821         |
| Retailing Fund                                | 811-08821         |
| Multi-Hedge Strategies Fund                   | 811-08821         |
| Russell 2000 2x Strategy Fund                 | 811-08821         |
| S&P SmallCap 600 Pure Value Fund              | 811-08821         |
| Russell 2000 1.5x Strategy Fund               | 811-07584         |
| Government Long Bond 1.2x Strategy Fund       | 811-08821         |
| Russell 2000 2x Strategy Fund                 | 811-09525         |
| Long Short Equity Fund                        | 811-08821         |
| Leisure Fund                                  | 811-07584         |
| Monthly Rebalance NASDAQ-100 2x Strategy Fund | 811-07584         |
| Electronics Fund                              | 811-07584         |
| Basic Materials Fund                          | 811-08821         |
| Europe 1.25x Strategy Fund                    | 811-07584         |
| Leisure Fund                                  | 811-08821         |
| High Yield Strategy Fund                      | 811-07584         |
| Japan 2x Strategy Fund                        | 811-08821         |
| Inverse S&P 500 Strategy Fund                 | 811-07584         |
| S&P MidCap 400 Pure Growth Fund               | 811-07584         |
| Nova Fund                                     | 811-08821         |
| Inverse NASDAQ-100 Strategy Fund              | 811-07584         |
| Consumer Products Fund                        | 811-07584         |
| Multi-Hedge Strategies Fund                   | 811-07584         |
| Weakening Dollar 2x Strategy Fund             | 811-07584         |
| S&P MidCap 400 Pure Value Fund                | 811-08821         |
| Russell 2000 Fund                             | 811-07584         |
| Emerging Markets 2x Strategy Fund             | 811-07584         |
| S&P MidCap 400 Pure Growth Fund               | 811-08821         |
| Telecommunications Fund                       | 811-07584         |
| Dow Jones Industrial Average Fund             | 811-07584         |
| S&P MidCap 400 Pure Value Fund                | 811-07584         |
| Inverse S&P 500 2x Strategy Fund              | 811-09525         |
| Inverse Government Long Bond Strategy Fund    | 811-08821         |
| Strengthening Dollar 2x Strategy Fund         | 811-07584         |
| Inverse Mid-Cap Strategy Fund                 | 811-08821         |
| U.S. Government Money Market Fund             | 811-07584         |
| NASDAQ-100 2x Strategy Fund                   | 811-08821         |
| Mid-Cap 1.5x Strategy Fund                    | 811-07584         |
| Basic Materials Fund                          | 811-07584         |
| Financial Services Fund                       | 811-07584         |
| Inverse NASDAQ-100 Strategy Fund              | 811-08821         |
| Transportation Fund                           | 811-08821         |
| Banking Fund                                  | 811-07584         |
| S&P 500 Pure Growth Fund                      | 811-08821         |
| S&P 500 Pure Growth Fund                      | 811-07584         |
| Dow 2x Strategy Fund                          | 811-09525         |
| Japan 2x Strategy Fund                        | 811-07584         |
| Health Care Fund                              | 811-08821         |
| Transportation Fund                           | 811-07584         |
| Energy Fund                                   | 811-07584         |
| NASDAQ-100 2x Strategy Fund                   | 811-09525         |
| NASDAQ-100 Fund                               | 811-07584         |
| S&P 500 Pure Value Fund                       | 811-07584         |
| Strengthening Dollar 2x Strategy Fund         | 811-08821         |
| Telecommunications Fund                       | 811-08821         |
| Energy Services Fund                          | 811-08821         |
| Inverse Government Long Bond Strategy Fund    | 811-07584         |
| Energy Services Fund                          | 811-07584         |
| Mid-Cap 1.5x Strategy Fund                    | 811-08821         |
| Emerging Markets Bond Strategy Fund           | 811-07584         |
| S&P SmallCap 600 Pure Growth Fund             | 811-07584         |
| Inverse S&P 500 Strategy Fund                 | 811-08821         |
| Biotechnology Fund                            | 811-07584         |
| Electronics Fund                              | 811-08821         |
| High Yield Strategy Fund                      | 811-08821         |
| Global Managed Futures Strategy Fund          | 811-08821         |
| Inverse NASDAQ-100 2x Strategy Fund           | 811-09525         |
| S&P 500 Fund                                  | 811-07584         |
| Real Estate Fund                              | 811-08821         |
| Real Estate Fund                              | 811-07584         |
| Inverse Mid-Cap Strategy Fund                 | 811-07584         |
| Inverse Russell 2000 2x Strategy Fund         | 811-09525         |
| Technology Fund                               | 811-08821         |
| Precious Metals Fund                          | 811-08821         |
| Inverse High Yield Strategy Fund              | 811-07584         |
| Health Care Fund                              | 811-07584         |

- **v. Did the Fund draw on the line of credit this period?** —

- **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 - Multi-Hedge Strategies Fund

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

- **a. Full Name of the Fund:** Multi-Hedge Strategies Fund

- **b. Series identification number, if any:** S000003763

- **c. LEI:** 549300XPBFY7BCNE0409

- **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?:** 4

- **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 | Institutional           | C000088407                                | RYIMX                        |
|                           2 | Class P                 | C000010438                                | RYMSX                        |
|                           3 | Class A                 | C000010439                                | RYMQX                        |
|                           4 | Class C                 | C000010440                                | RYMRX                        |

**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

- [x] 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?** —

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

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** U.S. Bank, N.A.

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** U.S. Bancorp Asset Management, Inc.

- **ii. LEI, if any:** 8KUMV9EIJ75IBFMLFD23

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** Yes

- **iv. Is the cash collateral manager an affiliated person of the Fund?** No

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [x] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $307,906.51

- **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)

- Rule 22d-1 (17 CFR 270.22d-1)

**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:** U.S. Bank N.A.

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

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

- **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, 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: 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 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: 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 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:** 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:** $301,281.39

**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:** $14,368.52

**Brokers Record: 3**

- **i. Full name of broker:** Sanford C. Bernstein & Co., LLC

- **ii. SEC file number:** 8-52942

- **iii. CRD number:** 000104474

- **iv. LEI, if any:** 549300I7JYZHT7D5CO04

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $26,008.50

**Aggregate Commission:** $341,658.41

**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        | $1,785,723,798.53         |
| MIZUHO SECURITIES USA LLC                  | 8-37710           | 000019647    | 7TK5RJIZDFROZCA6XF66 | NY      | US        | $7,399,410.06             |
| GOLDMAN SACHS & CO. LLC                    | 8-129             | 000000361    | FOR8UP27PHTHYVLBNG30 | NY      | US        | $38,621,494.27            |
| J.P. MORGAN SECURITIES LLC                 | 8-35008           | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $4,495,091,187.26         |
| BOFA SECURITIES, INC.                      | 8-69787           | 000283942    | 549300HN4UKV1E2R3U73 | NY      | US        | $1,745,277,778.58         |
| TENDER OFFER                               | N/A               | N/A          | N/A                  | MO      | US        | $82,052,350.03            |
| BNY MELLON CAPITAL MARKETS, LLC            | 8-35255           | 000017454    | VJW2DOOHGDT6PR0ZRO63 | NY      | US        | $4,799,365.33             |
| JEFFERIES LLC                              | 8-15074           | 000002347    | 58PU97L1C0WSRCWADL48 | NY      | US        | $8,658,709.80             |
| Nomura Securities International, Inc.      | 8-15255           | 000004297    | OXTKY6Q8X53C9ILVV871 | NY      | US        | $13,983,332.22            |
| BMO Capital Markets Corp., New York Branch | 8-34344           | 000016686    | RUC0QBLBRPRCU4W1NE59 | NY      | US        | $11,625,907.80            |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $8,241,198,264.27

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

- **Item C.19.a - Fund's monthly average net assets:** $113,850,629.69

- **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?** Uncommitted

- **ii. What size is the line of credit?** $200,000,000.00

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

  - **Line Institutions Record: 1 Name of institution:** U.S. Bank, 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   |
|:---|:---|
| S&P 500 Pure Growth Fund                      | 811-07584         |
| Europe 1.25x Strategy Fund                    | 811-08821         |
| S&P SmallCap 600 Pure Value Fund              | 811-08821         |
| S&P SmallCap 600 Pure Value Fund              | 811-07584         |
| Mid-Cap 1.5x Strategy Fund                    | 811-08821         |
| Government Long Bond 1.2x Strategy Fund       | 811-08821         |
| Telecommunications Fund                       | 811-07584         |
| Dow 2x Strategy Fund                          | 811-09525         |
| S&P MidCap 400 Pure Value Fund                | 811-07584         |
| Russell 2000 1.5x Strategy Fund               | 811-07584         |
| Russell 2000 2x Strategy Fund                 | 811-08821         |
| Inverse Emerging Markets 2x Strategy Fund     | 811-07584         |
| Real Estate Fund                              | 811-08821         |
| Inverse Government Long Bond Strategy Fund    | 811-08821         |
| Inverse Mid-Cap Strategy Fund                 | 811-07584         |
| Energy Fund                                   | 811-07584         |
| Commodities Strategy Fund                     | 811-08821         |
| Leisure Fund                                  | 811-08821         |
| Emerging Markets Bond Strategy Fund           | 811-07584         |
| Real Estate Fund                              | 811-07584         |
| Financial Services Fund                       | 811-07584         |
| Emerging Markets 2x Strategy Fund             | 811-07584         |
| Technology Fund                               | 811-08821         |
| Telecommunications Fund                       | 811-08821         |
| Multi-Hedge Strategies Fund                   | 811-08821         |
| Japan 2x Strategy Fund                        | 811-07584         |
| S&P MidCap 400 Pure Growth Fund               | 811-08821         |
| Inverse Government Long Bond Strategy Fund    | 811-07584         |
| Precious Metals Fund                          | 811-08821         |
| Inverse NASDAQ-100 Strategy Fund              | 811-08821         |
| Dow Jones Industrial Average Fund             | 811-07584         |
| Long Short Equity Fund                        | 811-07584         |
| Inverse S&P 500 Strategy Fund                 | 811-08821         |
| S&P MidCap 400 Pure Value Fund                | 811-08821         |
| Leisure Fund                                  | 811-07584         |
| Inverse Mid-Cap Strategy Fund                 | 811-08821         |
| Monthly Rebalance NASDAQ-100 2x Strategy Fund | 811-07584         |
| Health Care Fund                              | 811-07584         |
| Electronics Fund                              | 811-08821         |
| Inverse Dow 2x Strategy Fund                  | 811-09525         |
| Technology Fund                               | 811-07584         |
| Russell 2000 1.5x Strategy Fund               | 811-08821         |
| Strengthening Dollar 2x Strategy Fund         | 811-08821         |
| Commodities Strategy Fund                     | 811-07584         |
| S&P 500 Pure Value Fund                       | 811-08821         |
| Precious Metals Fund                          | 811-07584         |
| S&P SmallCap 600 Pure Growth Fund             | 811-07584         |
| High Yield Strategy Fund                      | 811-08821         |
| U.S. Government Money Market Fund             | 811-08821         |
| U.S. Government Money Market Fund             | 811-07584         |
| Inverse NASDAQ-100 2x Strategy Fund           | 811-09525         |
| S&P 500 Pure Growth Fund                      | 811-08821         |
| Transportation Fund                           | 811-07584         |
| Utilities Fund                                | 811-07584         |
| Transportation Fund                           | 811-08821         |
| Weakening Dollar 2x Strategy Fund             | 811-08821         |
| Long Short Equity Fund                        | 811-08821         |
| Utilities Fund                                | 811-08821         |
| Managed Futures Strategy Fund                 | 811-07584         |
| S&P 500 Pure Value Fund                       | 811-07584         |
| S&P 500 2x Strategy Fund                      | 811-09525         |
| Basic Materials Fund                          | 811-08821         |
| Biotechnology Fund                            | 811-08821         |
| NASDAQ-100 2x Strategy Fund                   | 811-08821         |
| Europe 1.25x Strategy Fund                    | 811-07584         |
| Japan 2x Strategy Fund                        | 811-08821         |
| NASDAQ-100 Fund                               | 811-08821         |
| Banking Fund                                  | 811-08821         |
| S&P 500 2x Strategy Fund                      | 811-08821         |
| Inverse High Yield Strategy Fund              | 811-07584         |
| Nova Fund                                     | 811-07584         |
| Dow 2x Strategy Fund                          | 811-08821         |
| Banking Fund                                  | 811-07584         |
| S&P 500 Fund                                  | 811-07584         |
| Mid-Cap 1.5x Strategy Fund                    | 811-07584         |
| NASDAQ-100 Fund                               | 811-07584         |
| Consumer Products Fund                        | 811-07584         |
| Biotechnology Fund                            | 811-07584         |
| S&P SmallCap 600 Pure Growth Fund             | 811-08821         |
| Electronics Fund                              | 811-07584         |
| Russell 2000 2x Strategy Fund                 | 811-09525         |
| Retailing Fund                                | 811-07584         |
| Inverse Russell 2000 2x Strategy Fund         | 811-09525         |
| Health Care Fund                              | 811-08821         |
| Energy Services Fund                          | 811-07584         |
| Weakening Dollar 2x Strategy Fund             | 811-07584         |
| S&P MidCap 400 Pure Growth Fund               | 811-07584         |
| Government Long Bond 1.2x Strategy Fund       | 811-07584         |
| Internet Fund                                 | 811-07584         |
| Global Managed Futures Strategy Fund          | 811-08821         |
| Consumer Products Fund                        | 811-08821         |
| Inverse Russell 2000 Strategy Fund            | 811-07584         |
| Inverse S&P 500 2x Strategy Fund              | 811-09525         |
| Internet Fund                                 | 811-08821         |
| Strengthening Dollar 2x Strategy Fund         | 811-07584         |
| Energy Fund                                   | 811-08821         |
| Inverse NASDAQ-100 Strategy Fund              | 811-07584         |
| Inverse Russell 2000 Strategy Fund            | 811-08821         |
| Inverse Dow 2x Strategy Fund                  | 811-08821         |
| High Yield Strategy Fund                      | 811-07584         |
| Basic Materials Fund                          | 811-07584         |
| NASDAQ-100 2x Strategy Fund                   | 811-09525         |
| Inverse S&P 500 Strategy Fund                 | 811-07584         |
| Retailing Fund                                | 811-08821         |
| Russell 2000 Fund                             | 811-07584         |
| Financial Services Fund                       | 811-08821         |
| Energy Services Fund                          | 811-08821         |
| Nova Fund                                     | 811-08821         |

- **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 - Managed Futures Strategy Fund

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

- **a. Full Name of the Fund:** Managed Futures Strategy Fund

- **b. Series identification number, if any:** S000014094

- **c. LEI:** 5493008TG2LUF83EGF33

- **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?:** 4

- **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 | Institutional           | C000088408                                | RYIFX                        |
|                           2 | Class A                 | C000039064                                | RYMTX                        |
|                           3 | Class P                 | C000038557                                | RYMFX                        |
|                           4 | Class C                 | C000039065                                | RYMZX                        |

**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

- [x] 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?** —

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

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** U.S. Bank, N.A.

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** U.S. Bancorp Asset Management, Inc.

- **ii. LEI, if any:** 8KUMV9EIJ75IBFMLFD23

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** Yes

- **iv. Is the cash collateral manager an affiliated person of the Fund?** 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)

- Rule 22d-1 (17 CFR 270.22d-1)

- 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:** 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:** U.S. Bank N.A.

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

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

- **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 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:** 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: 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 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:** 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:** $228,532.57

**Aggregate Commission:** $228,532.57

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

| Name                       | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| BOFA SECURITIES, INC.      | 8-69787           |    000283942 | 549300HN4UKV1E2R3U73 | NY      | US        | $1,242,389,232.04         |
| J.P. MORGAN SECURITIES LLC | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $3,208,721,039.26         |
| BARCLAYS CAPITAL INC.      | 8-41342           |    000019714 | AC28XWWI3WIBK2824319 | NY      | US        | $1,305,588,061.80         |
| GOLDMAN SACHS & CO. LLC    | 8-129             |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $395,324.25               |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $5,757,093,657.35

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

- **Item C.19.a - Fund's monthly average net assets:** $41,887,751.90

- **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?** Uncommitted

- **ii. What size is the line of credit?** $200,000,000.00

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

  - **Line Institutions Record: 1 Name of institution:** U.S. Bank, 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   |
|:---|:---|
| U.S. Government Money Market Fund             | 811-08821         |
| Real Estate Fund                              | 811-07584         |
| NASDAQ-100 Fund                               | 811-07584         |
| Financial Services Fund                       | 811-07584         |
| Technology Fund                               | 811-07584         |
| Japan 2x Strategy Fund                        | 811-07584         |
| Japan 2x Strategy Fund                        | 811-08821         |
| Government Long Bond 1.2x Strategy Fund       | 811-08821         |
| Health Care Fund                              | 811-07584         |
| Inverse NASDAQ-100 2x Strategy Fund           | 811-09525         |
| Europe 1.25x Strategy Fund                    | 811-08821         |
| Leisure Fund                                  | 811-08821         |
| S&P SmallCap 600 Pure Value Fund              | 811-08821         |
| Inverse Mid-Cap Strategy Fund                 | 811-07584         |
| Long Short Equity Fund                        | 811-08821         |
| Energy Fund                                   | 811-07584         |
| Inverse Russell 2000 Strategy Fund            | 811-08821         |
| Commodities Strategy Fund                     | 811-08821         |
| S&P SmallCap 600 Pure Growth Fund             | 811-08821         |
| S&P MidCap 400 Pure Growth Fund               | 811-08821         |
| Inverse S&P 500 2x Strategy Fund              | 811-09525         |
| Retailing Fund                                | 811-07584         |
| S&P 500 Pure Value Fund                       | 811-08821         |
| Dow 2x Strategy Fund                          | 811-08821         |
| Russell 2000 2x Strategy Fund                 | 811-08821         |
| Mid-Cap 1.5x Strategy Fund                    | 811-08821         |
| Utilities Fund                                | 811-08821         |
| Monthly Rebalance NASDAQ-100 2x Strategy Fund | 811-07584         |
| Utilities Fund                                | 811-07584         |
| Inverse S&P 500 Strategy Fund                 | 811-08821         |
| Inverse NASDAQ-100 Strategy Fund              | 811-08821         |
| U.S. Government Money Market Fund             | 811-07584         |
| S&P MidCap 400 Pure Value Fund                | 811-07584         |
| Weakening Dollar 2x Strategy Fund             | 811-07584         |
| Nova Fund                                     | 811-07584         |
| Inverse NASDAQ-100 Strategy Fund              | 811-07584         |
| S&P 500 Pure Value Fund                       | 811-07584         |
| Technology Fund                               | 811-08821         |
| NASDAQ-100 2x Strategy Fund                   | 811-08821         |
| NASDAQ-100 2x Strategy Fund                   | 811-09525         |
| S&P 500 Fund                                  | 811-07584         |
| Retailing Fund                                | 811-08821         |
| Electronics Fund                              | 811-08821         |
| Consumer Products Fund                        | 811-08821         |
| Russell 2000 1.5x Strategy Fund               | 811-07584         |
| Emerging Markets 2x Strategy Fund             | 811-07584         |
| Russell 2000 Fund                             | 811-07584         |
| S&P 500 2x Strategy Fund                      | 811-08821         |
| Multi-Hedge Strategies Fund                   | 811-07584         |
| Telecommunications Fund                       | 811-07584         |
| Precious Metals Fund                          | 811-07584         |
| Inverse Government Long Bond Strategy Fund    | 811-07584         |
| Energy Services Fund                          | 811-08821         |
| NASDAQ-100 Fund                               | 811-08821         |
| Transportation Fund                           | 811-08821         |
| Energy Services Fund                          | 811-07584         |
| Inverse Russell 2000 2x Strategy Fund         | 811-09525         |
| Internet Fund                                 | 811-08821         |
| Consumer Products Fund                        | 811-07584         |
| Inverse High Yield Strategy Fund              | 811-07584         |
| Russell 2000 2x Strategy Fund                 | 811-09525         |
| Weakening Dollar 2x Strategy Fund             | 811-08821         |
| Basic Materials Fund                          | 811-07584         |
| Health Care Fund                              | 811-08821         |
| Inverse S&P 500 Strategy Fund                 | 811-07584         |
| S&P MidCap 400 Pure Value Fund                | 811-08821         |
| Global Managed Futures Strategy Fund          | 811-08821         |
| S&P MidCap 400 Pure Growth Fund               | 811-07584         |
| Dow 2x Strategy Fund                          | 811-09525         |
| S&P SmallCap 600 Pure Value Fund              | 811-07584         |
| Telecommunications Fund                       | 811-08821         |
| Transportation Fund                           | 811-07584         |
| Strengthening Dollar 2x Strategy Fund         | 811-07584         |
| S&P 500 Pure Growth Fund                      | 811-07584         |
| Emerging Markets Bond Strategy Fund           | 811-07584         |
| Dow Jones Industrial Average Fund             | 811-07584         |
| High Yield Strategy Fund                      | 811-07584         |
| Energy Fund                                   | 811-08821         |
| Mid-Cap 1.5x Strategy Fund                    | 811-07584         |
| Biotechnology Fund                            | 811-08821         |
| High Yield Strategy Fund                      | 811-08821         |
| Inverse Dow 2x Strategy Fund                  | 811-08821         |
| Russell 2000 1.5x Strategy Fund               | 811-08821         |
| Basic Materials Fund                          | 811-08821         |
| Inverse Emerging Markets 2x Strategy Fund     | 811-07584         |
| S&P 500 Pure Growth Fund                      | 811-08821         |
| Commodities Strategy Fund                     | 811-07584         |
| Banking Fund                                  | 811-08821         |
| Real Estate Fund                              | 811-08821         |
| Multi-Hedge Strategies Fund                   | 811-08821         |
| Internet Fund                                 | 811-07584         |
| Inverse Russell 2000 Strategy Fund            | 811-07584         |
| Precious Metals Fund                          | 811-08821         |
| Europe 1.25x Strategy Fund                    | 811-07584         |
| Government Long Bond 1.2x Strategy Fund       | 811-07584         |
| Banking Fund                                  | 811-07584         |
| Nova Fund                                     | 811-08821         |
| S&P 500 2x Strategy Fund                      | 811-09525         |
| Biotechnology Fund                            | 811-07584         |
| Inverse Dow 2x Strategy Fund                  | 811-09525         |
| Leisure Fund                                  | 811-07584         |
| S&P SmallCap 600 Pure Growth Fund             | 811-07584         |
| Inverse Mid-Cap Strategy Fund                 | 811-08821         |
| Electronics Fund                              | 811-07584         |
| Inverse Government Long Bond Strategy Fund    | 811-08821         |
| Financial Services Fund                       | 811-08821         |
| Long Short Equity Fund                        | 811-07584         |
| Strengthening Dollar 2x Strategy Fund         | 811-08821         |

- **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:** Rydex Series Funds

**Date:** 2023-03-15

**Signature:** Jim Howley

**Title:** CFO