# EDGAR Filing Document

**Accession Number:** 0000899148
**File Stem:** 0000913181-26-000349
**Filing Date:** 2026-3
**Character Count:** 82333
**Document Hash:** ea905e230957fb9a69127f5bc21fdeaf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000913181-26-000349.hdr.sgml**: 20260313

**ACCESSION NUMBER**: 0000913181-26-000349

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260313

**DATE AS OF CHANGE**: 20260313

**EFFECTIVENESS DATE**: 20260313

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RYDEX SERIES FUNDS
- **CENTRAL INDEX KEY:** 0000899148

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07584
- **FILM NUMBER:** 26751064

**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 of Guggenheim Multi-Hedge Strategies Fund, Guggenheim Managed Futures Strategy Fund and Rydex Commodities <br> Strategy Fund and the Board of Trustees of Rydex Series Funds

In planning and performing our audits of the consolidated financial statements of Guggenheim Multi-Hedge Strategies Fund, Guggenheim Managed Futures Strategy Fund and Rydex Commodities Strategy Fund (collectively referred to as the "Funds") (three of the funds constituting Rydex Series Funds (the "Trust")) as of and for the year ended December 31, 2025, 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 Funds' consolidated 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 trustees 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 Funds' 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, 2025.

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 26, 2026

# 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:** 2025-12-31

**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:** 51

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

### 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.11.a - Have there been any material legal proceedings?:** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** 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 - Did the Registrant rely on any exemptive orders from the Commission?:** No

### 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

**Securities Lending Record: 2**

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

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

- **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)

- 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:** 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))

**Custodians Record: 2**

- **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?** Yes

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

**Shareholder Servicing Agents Record: 1**

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

- **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

- **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 Europe 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: 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

**Broker Dealers Record: 8**

- **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:** $4,346.20

**Aggregate Commission:** $4,346.20

**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        | $208,820,469.77           |
| J.P. MORGAN SECURITIES LLC | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $455,621,039.55           |
| BOFA SECURITIES, INC.      | 8-69787           |    000283942 | 549300HN4UKV1E2R3U73 | NY      | US        | $213,760,342.02           |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $878,201,851.34

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

- **Item C.19.a - Fund's monthly average net assets:** $5,660,858.07

**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:** Bank of New York Mellon

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

### 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

**Securities Lending Record: 2**

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

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

- **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:** $30,808.98

- **g. Provide the net income from securities lending activities:** $434.00

**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)

- 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))

**Custodians Record: 2**

- **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?** Yes

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

**Shareholder Servicing Agents Record: 1**

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

- **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

- **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 Securities Europe 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: 8**

- **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:** $89,850.96

**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:** $8,926.51

**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:** $2,119.89

**Aggregate Commission:** $100,897.36

**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        | $497,878.75               |
| BARCLAYS CAPITAL INC.                 | 8-41342           | 000019714    | AC28XWWI3WIBK2824319 | NY      | US        | $198,530,712.82           |
| MIZUHO SECURITIES USA LLC             | 8-37710           | 000019647    | 7TK5RJIZDFROZCA6XF66 | NY      | US        | $991,102.51               |
| GOLDMAN SACHS & CO. LLC               | 8-129             | 000000361    | FOR8UP27PHTHYVLBNG30 | NY      | US        | $46,345.56                |
| J.P. MORGAN SECURITIES LLC            | 8-35008           | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $450,931,497.47           |
| BOFA SECURITIES, INC.                 | 8-69787           | 000283942    | 549300HN4UKV1E2R3U73 | NY      | US        | $194,723,592.44           |
| TENDER OFFER                          | N/A               | N/A          | N/A                  | CO      | US        | $11,440,700.68            |
| Instinet, LLC                         | 8-23669           | 000007897    | 549300MGMN3RKMU8FT57 | NY      | US        | $30,929.72                |
| Nomura Securities International, Inc. | 8-15255           | 000004297    | OXTKY6Q8X53C9ILVV871 | NY      | US        | $745,893.54               |
| BMO Capital Markets Corp.             | 8-34344           | 000016686    | RUC0QBLBRPRCU4W1NE59 | NY      | US        | $11,218,704.68            |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $869,157,358.17

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

- **Item C.19.a - Fund's monthly average net assets:** $18,035,609.95

**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:** Bank of New York Mellon

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

### 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

**Securities Lending Record: 2**

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

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

- **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)

**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))

**Custodians Record: 2**

- **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?** Yes

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

**Shareholder Servicing Agents Record: 1**

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

- **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

- **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 Securities Europe 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 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: 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 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

**Broker Dealers Record: 8**

- **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:** $153,656.98

**Aggregate Commission:** $153,656.98

**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        | $562,083,481.71           |
| J.P. MORGAN SECURITIES LLC | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $1,242,346,673.37         |
| BARCLAYS CAPITAL INC.      | 8-41342           |    000019714 | AC28XWWI3WIBK2824319 | NY      | US        | $572,631,059.92           |
| GOLDMAN SACHS & CO. LLC    | 8-129             |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $500,018.38               |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $2,377,561,233.38

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

- **Item C.19.a - Fund's monthly average net assets:** $22,559,114.05

**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:** Bank of New York Mellon

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

- **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:

- [ ] 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:** 2026-03-13

**Signature:** James Howley

**Title:** CFO