# EDGAR Filing Document

**Accession Number:** 0001092720
**File Stem:** 0001752724-25-137787
**Filing Date:** 2025-6
**Character Count:** 198454
**Document Hash:** a7744526240cdd7c1e2e440ce8a96fdf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-137787.hdr.sgml**: 20250613

**ACCESSION NUMBER**: 0001752724-25-137787

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250613

**DATE AS OF CHANGE**: 20250613

**EFFECTIVENESS DATE**: 20250613

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RYDEX DYNAMIC FUNDS
- **CENTRAL INDEX KEY:** 0001092720

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09525
- **FILM NUMBER:** 251045154

**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:** NEWCO TRUST
- **DATE OF NAME CHANGE:** 19990806

## Series and Classes Contracts Data

### S&P 500 2x Strategy Fund (Series ID: S000003698)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010355 | A            | RYTTX           |
| C000010356 | C            | RYCTX           |
| C000010357 | H            | RYTNX           |

### Inverse S&P 500 2x Strategy Fund (Series ID: S000003702)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010361 | A            | RYTMX           |
| C000010362 | C            | RYCBX           |
| C000010363 | H            | RYTPX           |

### NASDAQ-100(R) 2x Strategy Fund (Series ID: S000003703)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010364 | A            | RYVLX           |
| C000010365 | C            | RYCCX           |
| C000010366 | H            | RYVYX           |

### Inverse NASDAQ-100(R) 2x Strategy Fund (Series ID: S000003704)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010367 | A            | RYVTX           |
| C000010368 | C            | RYCDX           |
| C000010369 | H            | RYVNX           |

### Dow 2x Strategy Fund (Series ID: S000003705)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010370 | A            | RYLDX           |
| C000010371 | C            | RYCYX           |
| C000010372 | H            | RYCVX           |

### Inverse Dow 2x Strategy Fund (Series ID: S000003706)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010373 | A            | RYIDX           |
| C000010374 | C            | RYCZX           |
| C000010375 | H            | RYCWX           |

### Russell 2000 2x Strategy Fund (Series ID: S000012142)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000033105 | A-Class Shares | RYRUX           |
| C000033106 | C-Class Shares | RYRLX           |
| C000033107 | H-Class Shares | RYRSX           |

### Inverse Russell 2000 2x Strategy Fund (Series ID: S000012143)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000033108 | A-Class Shares | RYIUX           |
| C000033109 | C-Class Shares | RYIZX           |
| C000033110 | H-Class Shares | RYIRX           |

## Internal

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Trustees of Rydex Dynamic Funds

In planning and performing our audits of the financial statements of Rydex Dynamic Funds (the "Trust") as of and for the year ended March 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 opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

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

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

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Trust'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 March 31, 2025.

This report is intended solely for the information and use of management and the Board of Trustees of Rydex Dynamic 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

May 28, 2025

## Financial

On August 5, 2024, Security Investors, LLC ("SI") made a voluntary capital contribution in the amount of $126,647 to Inverse Russell 2000® 2x Strategy Fund, relating to an operational issue. SI serves as the investment adviser to Inverse Russell 2000® 2x Strategy Fund. This capital contribution was a one-time payment to Inverse Russell 2000® 2x Strategy Fund with no contractual restrictions. This payment was not made to stabilize the value or liquidity of the Fund's portfolio.

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

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0001092720

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

**Series ID Record:1**
- **Series ID:** S000003703

**Series ID Record:2**
- **Series ID:** S000003698

**Series ID Record:3**
- **Series ID:** S000012143

**Series ID Record:4**
- **Series ID:** S000003702

**Series ID Record:5**
- **Series ID:** S000012142

**Series ID Record:6**
- **Series ID:** S000003704

**Series ID Record:7**
- **Series ID:** S000003706

**Series ID Record:8**
- **Series ID:** S000003705

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

**Item A.1.a - Report for period ending:** 2025-03-31

**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 Dynamic Funds

- **Item B.1.b - Investment Company Act file number:** 811-09525

- **Item B.1.c - CIK:** 0001092720

- **Item B.1.d - LEI:** 549300O9WV1GMCZ8G606

- **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:** 8

- **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, 811-08821, 811-22437, 811-02753, 811-07584, 811-22946, 811-22309, 811-01136, 811-21309                       |
| Sandra G. Sponem      | No                      | 811-21982, 811-21145, 811-22946, 811-02753, 811-01136, 811-08821, 811-07584, 811-22309, 811-22437, 811-22542, 811-23702, 811-08839 |
| Ronald E. Toupin, Jr. | No                      | 811-21982, 811-01136, 811-22946, 811-02753, 811-23702, 811-08821, 811-07584, 811-22309, 811-22437                                  |
| Angela Brock-Kyle     | No                      | 811-22946, 811-07584, 811-21982, 811-22309, 811-22437, 811-23702, 811-08821, 811-01136, 811-02753                                  |
| Thomas F. Lydon Jr.   | No                      | 811-07584, 811-21982, 811-02753, 811-01136, 811-23702, 811-08821, 811-22309, 811-22946, 811-22437                                  |
| Amy J. Lee            | Yes                     | 811-22309, 811-22946, 811-02753, 811-07584, 811-23702, 811-01136, 811-08821, 811-21982, 811-22437                                  |
| Ronald A. Nyberg      | No                      | 811-21982, 811-08821, 811-07584, 811-22437, 811-21309, 811-22309, 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.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

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - NASDAQ-100 2x Strategy Fund

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

- **a. Full Name of the Fund:** NASDAQ-100 2x Strategy Fund

- **b. Series identification number, if any:** S000003703

- **c. LEI:** 5493004VW811ST3SIP12

- **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 H                 | C000010366                                | RYVYX                        |
|                           2 | Class C                 | C000010365                                | RYCCX                        |
|                           3 | Class A                 | C000010364                                | RYVLX                        |

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

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

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

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

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

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

- [ ] N/A

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

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

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

- **a. Is the Fund authorized to engage in securities lending transactions?** 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:** $841,487.17

- **g. Provide the net income from securities lending activities:** $15,108.91

**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 17a-7 (17 CFR 270.17a-7)

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

- Rule 18f-4(c)(2) (17 CFR 270.18f-4(c)(2))

- 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))

- **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 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: 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 Partners Japan, Ltd.

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

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

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

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

**Broker Dealers Record: 5**

- **a. Full name:** Guggenheim 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: 6**

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

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

- **c. CRD number:** 000158538

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

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

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

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

**Broker Dealers Record: 7**

- **a. Full name:** Guggenheim 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 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:** BTIG, LLC

- **ii. SEC file number:** 8-65473

- **iii. CRD number:** 000122225

- **iv. LEI, if any:** 549300GTG9PL6WO3EC51

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $344.95

**Brokers Record: 2**

- **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:** $47,819.65

**Brokers Record: 3**

- **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:** $199,551.14

**Brokers Record: 4**

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

- **ii. SEC file number:** 8-69787

- **iii. CRD number:** 000283942

- **iv. LEI, if any:** 549300HN4UKV1E2R3U73

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $82,584.87

**Brokers Record: 5**

- **i. Full name of broker:** BARCLAYS CAPITAL INC.

- **ii. SEC file number:** 8-41342

- **iii. CRD number:** 000019714

- **iv. LEI, if any:** AC28XWWI3WIBK2824319

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $12,153.53

**Aggregate Commission:** $342,454.14

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

| Name                                       | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| J.P. MORGAN SECURITIES LLC                 | 8-35008           | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $5,791,312,579.13         |
| GOLDMAN SACHS & CO. LLC                    | 8-129             | 000000361    | FOR8UP27PHTHYVLBNG30 | NY      | US        | $15,426,584,736.23        |
| BMO Capital Markets Corp., New York Branch | 8-34344           | 000016686    | RUC0QBLBRPRCU4W1NE59 | NY      | US        | $686,117,413.30           |
| MIZUHO SECURITIES USA LLC                  | 8-37710           | 000019647    | 7TK5RJIZDFROZCA6XF66 | NY      | US        | $453,054,097.19           |
| BARCLAYS CAPITAL INC.                      | 8-41342           | 000019714    | AC28XWWI3WIBK2824319 | NY      | US        | $4,518,502,989.51         |
| DAIWA CAPITAL MARKETS AMERICA INC.         | 8-12242           | 000001576    | M67H5PRC0NQKM73ZAS82 | NY      | US        | $387,830,759.30           |
| CastleOak Securities, LP                   | 8-65786           | 000125334    | 549300MXL7C60HZ59S65 | NY      | US        | $589,649,420.49           |
| Nomura Securities International, Inc.      | 8-15255           | 000004297    | OXTKY6Q8X53C9ILVV871 | NY      | US        | $1,494,055,906.50         |
| BOFA SECURITIES, INC.                      | 8-69787           | 000283942    | 549300HN4UKV1E2R3U73 | NY      | US        | $2,358,230,345.91         |
| BNP Paribas                                | N/A               | N/A          | R0MUWSFPU8MPRO8K5P83 |  |  | $2,280,951,649.89         |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $34,759,931,169.32

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

- **Item C.19.a - Fund's monthly average net assets:** $1,097,062,317.03

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

- **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 - S&P 500 2x Strategy Fund

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

- **a. Full Name of the Fund:** S&P 500 2x Strategy Fund

- **b. Series identification number, if any:** S000003698

- **c. LEI:** 5493007MCR1CU8C2T658

- **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 C                 | C000010356                                | RYCTX                        |
|                           2 | Class H                 | C000010357                                | RYTNX                        |
|                           3 | Class A                 | C000010355                                | RYTTX                        |

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

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

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

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

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

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

- [ ] N/A

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

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

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

- **a. Is the Fund authorized to engage in securities lending transactions?** 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:** $28,934.00

- **g. Provide the net income from securities lending activities:** $82.00

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

Did the Fund rely on the following rules?

- Rule 18f-4(c)(2) (17 CFR 270.18f-4(c)(2))

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

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

- Rule 17a-7 (17 CFR 270.17a-7)

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

- **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 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: 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, LLC

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

- **c. CRD number:** 000040638

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

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

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

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

**Broker Dealers Record: 4**

- **a. Full name:** Guggenheim Securities 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: 5**

- **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: 6**

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

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

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

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

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

**Broker Dealers Record: 7**

- **a. Full name:** Guggenheim 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: 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:** BTIG, LLC

- **ii. SEC file number:** 8-65473

- **iii. CRD number:** 000122225

- **iv. LEI, if any:** 549300GTG9PL6WO3EC51

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,012.60

**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:** $176,655.49

**Brokers Record: 3**

- **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:** $17,106.93

**Brokers Record: 4**

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

- **ii. SEC file number:** 8-69787

- **iii. CRD number:** 000283942

- **iv. LEI, if any:** 549300HN4UKV1E2R3U73

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $106,078.84

**Brokers Record: 5**

- **i. Full name of broker:** BARCLAYS CAPITAL INC.

- **ii. SEC file number:** 8-41342

- **iii. CRD number:** 000019714

- **iv. LEI, if any:** AC28XWWI3WIBK2824319

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $14,104.60

**Aggregate Commission:** $314,958.46

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

| Name                                       | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| GOLDMAN SACHS & CO. LLC                    | 8-129             | 000000361    | FOR8UP27PHTHYVLBNG30 | NY      | US        | $5,971,257,284.48         |
| DAIWA CAPITAL MARKETS AMERICA INC.         | 8-12242           | 000001576    | M67H5PRC0NQKM73ZAS82 | NY      | US        | $44,988,354.16            |
| TD SECURITIES (USA) LLC                    | 8-36747           | 000018476    | SUVUFHICNZMP2WKHG940 | NY      | US        | $49,993,033.33            |
| J.P. MORGAN SECURITIES LLC                 | 8-35008           | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $2,181,985,257.96         |
| BOFA SECURITIES, INC.                      | 8-69787           | 000283942    | 549300HN4UKV1E2R3U73 | NY      | US        | $861,961,084.11           |
| BNP Paribas                                | N/A               | N/A          | R0MUWSFPU8MPRO8K5P83 |  |  | $419,856,126.14           |
| BARCLAYS CAPITAL INC.                      | 8-41342           | 000019714    | AC28XWWI3WIBK2824319 | NY      | US        | $2,319,243,757.02         |
| CastleOak Securities, LP                   | 8-65786           | 000125334    | 549300MXL7C60HZ59S65 | NY      | US        | $121,941,778.17           |
| BMO Capital Markets Corp., New York Branch | 8-34344           | 000016686    | RUC0QBLBRPRCU4W1NE59 | NY      | US        | $78,439,605.08            |
| Nomura Securities International, Inc.      | 8-15255           | 000004297    | OXTKY6Q8X53C9ILVV871 | NY      | US        | $249,163,090.65           |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $12,371,243,866.16

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

- **Item C.19.a - Fund's monthly average net assets:** $233,098,778.19

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

- **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: 3 - Inverse Russell 2000 2x Strategy Fund

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

- **a. Full Name of the Fund:** Inverse Russell 2000 2x Strategy Fund

- **b. Series identification number, if any:** S000012143

- **c. LEI:** 549300XRFR1UG3P8HM64

- **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                 | C000033108                                | RYIUX                        |
|                           2 | Class C                 | C000033109                                | RYIZX                        |
|                           3 | Class H                 | C000033110                                | RYIRX                        |

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

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

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

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

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

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

- [ ] N/A

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

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

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

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

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

- Rule 18f-4(c)(2) (17 CFR 270.18f-4(c)(2))

- 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:** Sammons Financial Network LLC

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

- **c. CRD number:** 000158538

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

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

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

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

**Broker Dealers Record: 2**

- **a. Full name:** Guggenheim Securities 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: 3**

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

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

- **c. CRD number:** 000030096

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

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

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

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

**Broker Dealers Record: 4**

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

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

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

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

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

**Broker Dealers Record: 5**

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

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

- **c. CRD number:** 000039805

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

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

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

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

**Broker Dealers Record: 6**

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

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

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

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

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

**Broker Dealers Record: 7**

- **a. Full name:** GUGGENHEIM 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: 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:** $2,148.52

**Aggregate Commission:** $2,148.52

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

| Name                                       | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| Nomura Securities International, Inc.      | 8-15255           | 000004297    | OXTKY6Q8X53C9ILVV871 | NY      | US        | $988,261.05               |
| GOLDMAN SACHS & CO. LLC                    | 8-129             | 000000361    | FOR8UP27PHTHYVLBNG30 | NY      | US        | $570,016,789.50           |
| BOFA SECURITIES, INC.                      | 8-69787           | 000283942    | 549300HN4UKV1E2R3U73 | NY      | US        | $234,115,352.95           |
| J.P. MORGAN SECURITIES LLC                 | 8-35008           | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $590,790,531.11           |
| BNY MELLON CAPITAL MARKETS, LLC            | 8-35255           | 000017454    | VJW2DOOHGDT6PR0ZRO63 | NY      | US        | $49,627.91                |
| BNP Paribas                                | N/A               | N/A          | R0MUWSFPU8MPRO8K5P83 |  |  | $210,140,240.52           |
| BARCLAYS CAPITAL INC.                      | 8-41342           | 000019714    | AC28XWWI3WIBK2824319 | NY      | US        | $225,519,246.84           |
| BMO Capital Markets Corp., New York Branch | 8-34344           | 000016686    | RUC0QBLBRPRCU4W1NE59 | NY      | US        | $1,288,889.31             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $1,832,908,939.19

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

- **Item C.19.a - Fund's monthly average net assets:** $5,320,422.16

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

### Management Investment Record: 4 - Inverse S&P 500 2x Strategy Fund

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

- **a. Full Name of the Fund:** Inverse S&P 500 2x Strategy Fund

- **b. Series identification number, if any:** S000003702

- **c. LEI:** 5493008O8GGZX7YSDX08

- **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                 | C000010361                                | RYTMX                        |
|                           2 | Class C                 | C000010362                                | RYCBX                        |
|                           3 | Class H                 | C000010363                                | RYTPX                        |

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

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

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

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

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

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

- [ ] N/A

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

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

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

- **a. Is the Fund authorized to engage in securities lending transactions?** 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 18f-4 (17 CFR 270.18f-4)

- Rule 18f-4(c)(2) (17 CFR 270.18f-4(c)(2))

- 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 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: 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 SECURITIES, LLC

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

- **c. CRD number:** 000040638

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

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

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

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

**Broker Dealers Record: 4**

- **a. Full name:** 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

**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:** $3,331.97

**Aggregate Commission:** $3,331.97

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

| Name                                       | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| BMO Capital Markets Corp., New York Branch | 8-34344           | 000016686    | RUC0QBLBRPRCU4W1NE59 | NY      | US        | $53,490,079.68            |
| J.P. MORGAN SECURITIES LLC                 | 8-35008           | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $1,315,910,434.79         |
| BARCLAYS CAPITAL INC.                      | 8-41342           | 000019714    | AC28XWWI3WIBK2824319 | NY      | US        | $586,674,860.25           |
| CastleOak Securities, LP                   | 8-65786           | 000125334    | 549300MXL7C60HZ59S65 | NY      | US        | $66,958,540.89            |
| Nomura Securities International, Inc.      | 8-15255           | 000004297    | OXTKY6Q8X53C9ILVV871 | NY      | US        | $143,340,752.97           |
| BNP Paribas                                | N/A               | N/A          | R0MUWSFPU8MPRO8K5P83 |  |  | $452,907,023.42           |
| GOLDMAN SACHS & CO. LLC                    | 8-129             | 000000361    | FOR8UP27PHTHYVLBNG30 | NY      | US        | $1,632,519,895.84         |
| BOFA SECURITIES, INC.                      | 8-69787           | 000283942    | 549300HN4UKV1E2R3U73 | NY      | US        | $517,376,483.84           |
| Citigroup Global Markets Inc.              | 8-8177            | 000007059    | MBNUM2BPBDO7JBLYG310 | NY      | US        | $61,961,460.97            |
| DAIWA CAPITAL MARKETS AMERICA INC.         | 8-12242           | 000001576    | M67H5PRC0NQKM73ZAS82 | NY      | US        | $45,663,566.83            |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $4,936,745,206.48

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

- **Item C.19.a - Fund's monthly average net assets:** $12,102,123.17

- **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   |
|:---|:---|
| Inverse High Yield Strategy Fund              | 811-07584         |
| S&P 500 Fund                                  | 811-07584         |
| Russell 2000 Fund                             | 811-07584         |
| U.S. Government Money Market Fund             | 811-07584         |
| Russell 2000 1.5x Strategy Fund               | 811-07584         |
| Inverse Russell 2000 Strategy Fund            | 811-08821         |
| Energy Fund                                   | 811-08821         |
| Inverse Government Long Bond Strategy Fund    | 811-07584         |
| Technology Fund                               | 811-08821         |
| Nova Fund                                     | 811-08821         |
| Inverse Mid-Cap Strategy Fund                 | 811-08821         |
| Inverse S&P 500 Strategy Fund                 | 811-07584         |
| Emerging Markets 2x Strategy Fund             | 811-07584         |
| Inverse Emerging Markets 2x Strategy Fund     | 811-07584         |
| Precious Metals Fund                          | 811-08821         |
| Energy Services Fund                          | 811-08821         |
| Retailing Fund                                | 811-08821         |
| S&P 500 Pure Value Fund                       | 811-07584         |
| Real Estate Fund                              | 811-07584         |
| Retailing Fund                                | 811-07584         |
| Commodities Strategy Fund                     | 811-07584         |
| Strengthening Dollar 2x Strategy Fund         | 811-08821         |
| Financial Services Fund                       | 811-08821         |
| Internet Fund                                 | 811-08821         |
| Dow 2x Strategy Fund                          | 811-08821         |
| Biotechnology Fund                            | 811-08821         |
| Health Care Fund                              | 811-08821         |
| Inverse Dow 2x Strategy Fund                  | 811-08821         |
| Banking Fund                                  | 811-07584         |
| Russell 2000 2x Strategy Fund                 | 811-08821         |
| Multi-Hedge Strategies Fund                   | 811-07584         |
| Basic Materials Fund                          | 811-08821         |
| Mid-Cap 1.5x Strategy Fund                    | 811-07584         |
| S&P 500 2x Strategy Fund                      | 811-08821         |
| NASDAQ-100 Fund                               | 811-07584         |
| Electronics Fund                              | 811-08821         |
| Emerging Markets Bond Strategy Fund           | 811-07584         |
| NASDAQ-100 2x Strategy Fund                   | 811-08821         |
| S&P SmallCap 600 Pure Growth Fund             | 811-08821         |
| S&P MidCap 400 Pure Growth Fund               | 811-08821         |
| Transportation Fund                           | 811-07584         |
| Inverse NASDAQ-100 Strategy Fund              | 811-07584         |
| Inverse Russell 2000 Strategy Fund            | 811-07584         |
| Leisure Fund                                  | 811-08821         |
| High Yield Strategy Fund                      | 811-08821         |
| Inverse NASDAQ-100 Strategy Fund              | 811-08821         |
| Technology Fund                               | 811-07584         |
| Europe 1.25x Strategy Fund                    | 811-08821         |
| Dow Jones Industrial Average Fund             | 811-07584         |
| Precious Metals Fund                          | 811-07584         |
| Inverse Russell 2000 2x Strategy Fund         | 811-09525         |
| Energy Services Fund                          | 811-07584         |
| Strengthening Dollar 2x Strategy Fund         | 811-07584         |
| S&P SmallCap 600 Pure Growth Fund             | 811-07584         |
| Real Estate Fund                              | 811-08821         |
| Leisure Fund                                  | 811-07584         |
| Telecommunications Fund                       | 811-08821         |
| Consumer Products Fund                        | 811-07584         |
| Weakening Dollar 2x Strategy Fund             | 811-08821         |
| Basic Materials Fund                          | 811-07584         |
| S&P 500 Pure Growth Fund                      | 811-08821         |
| Health Care Fund                              | 811-07584         |
| Inverse Dow 2x Strategy Fund                  | 811-09525         |
| Japan 2x Strategy Fund                        | 811-08821         |
| Multi-Hedge Strategies Fund                   | 811-08821         |
| Inverse Mid-Cap Strategy Fund                 | 811-07584         |
| S&P 500 2x Strategy Fund                      | 811-09525         |
| Dow 2x Strategy Fund                          | 811-09525         |
| Inverse Government Long Bond Strategy Fund    | 811-08821         |
| Monthly Rebalance NASDAQ-100 2x Strategy Fund | 811-07584         |
| S&P MidCap 400 Pure Value Fund                | 811-08821         |
| Japan 2x Strategy Fund                        | 811-07584         |
| Russell 2000 1.5x Strategy Fund               | 811-08821         |
| Energy Fund                                   | 811-07584         |
| Biotechnology Fund                            | 811-07584         |
| Consumer Products Fund                        | 811-08821         |
| Nova Fund                                     | 811-07584         |
| Government Long Bond 1.2x Strategy Fund       | 811-07584         |
| Utilities Fund                                | 811-07584         |
| NASDAQ-100 Fund                               | 811-08821         |
| Financial Services Fund                       | 811-07584         |
| Global Managed Futures Strategy Fund          | 811-08821         |
| Inverse S&P 500 Strategy Fund                 | 811-08821         |
| Mid-Cap 1.5x Strategy Fund                    | 811-08821         |
| Weakening Dollar 2x Strategy Fund             | 811-07584         |
| S&P SmallCap 600 Pure Value Fund              | 811-07584         |
| Utilities Fund                                | 811-08821         |
| Managed Futures Strategy Fund                 | 811-07584         |
| S&P 500 Pure Value Fund                       | 811-08821         |
| S&P SmallCap 600 Pure Value Fund              | 811-08821         |
| NASDAQ-100 2x Strategy Fund                   | 811-09525         |
| Telecommunications Fund                       | 811-07584         |
| Transportation Fund                           | 811-08821         |
| S&P MidCap 400 Pure Value Fund                | 811-07584         |
| Government Long Bond 1.2x Strategy Fund       | 811-08821         |
| Internet Fund                                 | 811-07584         |
| Banking Fund                                  | 811-08821         |
| S&P MidCap 400 Pure Growth Fund               | 811-07584         |
| Commodities Strategy Fund                     | 811-08821         |
| Inverse NASDAQ-100 2x Strategy Fund           | 811-09525         |
| High Yield Strategy Fund                      | 811-07584         |
| Europe 1.25x Strategy Fund                    | 811-07584         |
| S&P 500 Pure Growth Fund                      | 811-07584         |
| U.S. Government Money Market Fund             | 811-08821         |
| Russell 2000 2x Strategy Fund                 | 811-09525         |
| Electronics 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: 5 - Russell 2000 2x Strategy Fund

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

- **a. Full Name of the Fund:** Russell 2000 2x Strategy Fund

- **b. Series identification number, if any:** S000012142

- **c. LEI:** 549300PVHLLADOT7V711

- **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 H                 | C000033107                                | RYRSX                        |
|                           2 | Class A                 | C000033105                                | RYRUX                        |
|                           3 | Class C                 | C000033106                                | RYRLX                        |

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

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

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

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

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

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

- [ ] N/A

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

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

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

- **a. Is the Fund authorized to engage in securities lending transactions?** 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:** $365,220.48

- **g. Provide the net income from securities lending activities:** $7,479.31

**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 18f-4(c)(2) (17 CFR 270.18f-4(c)(2))

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

- Rule 17a-7 (17 CFR 270.17a-7)

- 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 International Ltd

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

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

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

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

**Broker Dealers Record: 2**

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

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

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

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

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

**Broker Dealers Record: 3**

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

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

- **c. CRD number:** 000030096

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

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

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

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

**Broker Dealers Record: 4**

- **a. Full name:** Guggenheim 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: 5**

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

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

- **c. CRD number:** 000158538

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

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

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

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

**Broker Dealers Record: 6**

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

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

- **c. CRD number:** 000039805

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

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

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

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

**Broker Dealers Record: 7**

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

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

- **c. CRD number:** 000040638

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

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

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

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

**Item C.16. Brokers.**

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

**Brokers Record: 1**

- **i. Full name of broker:** BARCLAYS CAPITAL INC.

- **ii. SEC file number:** 8-41342

- **iii. CRD number:** 000019714

- **iv. LEI, if any:** AC28XWWI3WIBK2824319

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $8.90

**Brokers Record: 2**

- **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:** $12,272.73

**Brokers Record: 3**

- **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:** $5,836.32

**Brokers Record: 4**

- **i. Full name of broker:** CANTOR FITZGERALD & CO.

- **ii. SEC file number:** 8-201

- **iii. CRD number:** 000000134

- **iv. LEI, if any:** 5493004J7H4GCPG6OB62

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $0.42

**Brokers Record: 5**

- **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:** $1.25

**Aggregate Commission:** $18,119.62

**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        | $36,365,842.78            |
| BARCLAYS CAPITAL INC.                      | 8-41342           | 000019714    | AC28XWWI3WIBK2824319 | NY      | US        | $1,303,083,895.84         |
| Nomura Securities International, Inc.      | 8-15255           | 000004297    | OXTKY6Q8X53C9ILVV871 | NY      | US        | $117,898,977.21           |
| BOFA SECURITIES, INC.                      | 8-69787           | 000283942    | 549300HN4UKV1E2R3U73 | NY      | US        | $865,572,537.89           |
| J.P. MORGAN SECURITIES LLC                 | 8-35008           | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $2,193,577,797.93         |
| CastleOak Securities, LP                   | 8-65786           | 000125334    | 549300MXL7C60HZ59S65 | NY      | US        | $56,987,310.83            |
| GOLDMAN SACHS & CO. LLC                    | 8-129             | 000000361    | FOR8UP27PHTHYVLBNG30 | NY      | US        | $1,582,279,408.45         |
| BNP Paribas                                | N/A               | N/A          | R0MUWSFPU8MPRO8K5P83 |  |  | $274,409,948.88           |
| MIZUHO SECURITIES USA LLC                  | 8-37710           | 000019647    | 7TK5RJIZDFROZCA6XF66 | NY      | US        | $31,465,845.98            |
| BMO Capital Markets Corp., New York Branch | 8-34344           | 000016686    | RUC0QBLBRPRCU4W1NE59 | NY      | US        | $83,871,886.42            |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $6,627,065,902.28

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

- **Item C.19.a - Fund's monthly average net assets:** $53,713,942.68

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

- **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: 6 - Inverse NASDAQ-100 2x Strategy Fund

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

- **a. Full Name of the Fund:** Inverse NASDAQ-100 2x Strategy Fund

- **b. Series identification number, if any:** S000003704

- **c. LEI:** 549300SUYY5XSS8I0E60

- **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 C                 | C000010368                                | RYCDX                        |
|                           2 | Class H                 | C000010369                                | RYVNX                        |
|                           3 | Class A                 | C000010367                                | RYVTX                        |

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

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

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

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

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

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

- [ ] N/A

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

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

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

- **a. Is the Fund authorized to engage in securities lending transactions?** 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 18f-4(c)(2) (17 CFR 270.18f-4(c)(2))

- Rule 18f-4 (17 CFR 270.18f-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 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 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: 3**

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

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

- **c. CRD number:** 000158538

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

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

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

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

**Broker Dealers Record: 4**

- **a. Full name:** Guggenheim 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:** 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: 6**

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

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

- **c. CRD number:** 000030096

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

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

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

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

**Broker Dealers Record: 7**

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

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

- **c. CRD number:** 000040638

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

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

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

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

**Broker Dealers Record: 8**

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

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

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

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

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

**Item C.16. Brokers.**

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

**Brokers Record: 1**

- **i. Full name of broker:** 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:** $14,536.66

**Aggregate Commission:** $14,536.66

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

| Name                                  | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| Nomura Securities International, Inc. | 8-15255           | 000004297    | OXTKY6Q8X53C9ILVV871 | NY      | US        | $826,087,274.27           |
| TD SECURITIES (USA) LLC               | 8-36747           | 000018476    | SUVUFHICNZMP2WKHG940 | NY      | US        | $186,937,763.89           |
| CastleOak Securities, LP              | 8-65786           | 000125334    | 549300MXL7C60HZ59S65 | NY      | US        | $536,910,775.28           |
| BOFA SECURITIES, INC.                 | 8-69787           | 000283942    | 549300HN4UKV1E2R3U73 | NY      | US        | $841,338,078.37           |
| GOLDMAN SACHS & CO. LLC               | 8-129             | 000000361    | FOR8UP27PHTHYVLBNG30 | NY      | US        | $4,814,682,120.50         |
| BARCLAYS CAPITAL INC.                 | 8-41342           | 000019714    | AC28XWWI3WIBK2824319 | NY      | US        | $1,188,419,893.97         |
| J.P. MORGAN SECURITIES LLC            | 8-35008           | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $1,978,602,868.41         |
| MIZUHO SECURITIES USA LLC             | 8-37710           | 000019647    | 7TK5RJIZDFROZCA6XF66 | NY      | US        | $269,898,338.28           |
| Citigroup Global Markets Inc.         | 8-8177            | 000007059    | MBNUM2BPBDO7JBLYG310 | NY      | US        | $450,921,526.41           |
| BNP Paribas                           | N/A               | N/A          | R0MUWSFPU8MPRO8K5P83 |  |  | $1,793,099,287.79         |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $13,162,843,136.39

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

- **Item C.19.a - Fund's monthly average net assets:** $22,685,712.18

- **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   |
|:---|:---|
| Weakening Dollar 2x Strategy Fund             | 811-07584         |
| Energy Fund                                   | 811-08821         |
| Nova Fund                                     | 811-07584         |
| Basic Materials Fund                          | 811-07584         |
| U.S. Government Money Market Fund             | 811-07584         |
| Financial Services Fund                       | 811-08821         |
| High Yield Strategy Fund                      | 811-08821         |
| Inverse Government Long Bond Strategy Fund    | 811-08821         |
| Dow 2x Strategy Fund                          | 811-09525         |
| Utilities Fund                                | 811-08821         |
| S&P 500 Pure Value Fund                       | 811-08821         |
| S&P SmallCap 600 Pure Growth Fund             | 811-08821         |
| Precious Metals Fund                          | 811-07584         |
| Banking Fund                                  | 811-08821         |
| Internet Fund                                 | 811-07584         |
| Weakening Dollar 2x Strategy Fund             | 811-08821         |
| S&P MidCap 400 Pure Value Fund                | 811-08821         |
| High Yield Strategy Fund                      | 811-07584         |
| Global Managed Futures Strategy Fund          | 811-08821         |
| Russell 2000 2x Strategy Fund                 | 811-08821         |
| S&P SmallCap 600 Pure Growth Fund             | 811-07584         |
| Health Care Fund                              | 811-07584         |
| Inverse Mid-Cap Strategy Fund                 | 811-07584         |
| Internet Fund                                 | 811-08821         |
| Transportation Fund                           | 811-07584         |
| S&P 500 2x Strategy Fund                      | 811-09525         |
| NASDAQ-100 2x Strategy Fund                   | 811-08821         |
| Government Long Bond 1.2x Strategy Fund       | 811-08821         |
| Strengthening Dollar 2x Strategy Fund         | 811-08821         |
| Mid-Cap 1.5x Strategy Fund                    | 811-07584         |
| Inverse High Yield Strategy Fund              | 811-07584         |
| NASDAQ-100 Fund                               | 811-08821         |
| S&P MidCap 400 Pure Growth Fund               | 811-07584         |
| Telecommunications Fund                       | 811-08821         |
| Consumer Products Fund                        | 811-08821         |
| Utilities Fund                                | 811-07584         |
| Nova Fund                                     | 811-08821         |
| Commodities Strategy Fund                     | 811-08821         |
| Telecommunications Fund                       | 811-07584         |
| Retailing Fund                                | 811-08821         |
| Monthly Rebalance NASDAQ-100 2x Strategy Fund | 811-07584         |
| Commodities Strategy Fund                     | 811-07584         |
| Inverse Russell 2000 Strategy Fund            | 811-07584         |
| Russell 2000 Fund                             | 811-07584         |
| Real Estate Fund                              | 811-08821         |
| Multi-Hedge Strategies Fund                   | 811-08821         |
| Inverse NASDAQ-100 Strategy Fund              | 811-07584         |
| Electronics Fund                              | 811-07584         |
| Inverse S&P 500 Strategy Fund                 | 811-07584         |
| Inverse Emerging Markets 2x Strategy Fund     | 811-07584         |
| Europe 1.25x Strategy Fund                    | 811-08821         |
| Health Care Fund                              | 811-08821         |
| Emerging Markets 2x Strategy Fund             | 811-07584         |
| Dow 2x Strategy Fund                          | 811-08821         |
| Inverse S&P 500 Strategy Fund                 | 811-08821         |
| Inverse Dow 2x Strategy Fund                  | 811-08821         |
| Russell 2000 2x Strategy Fund                 | 811-09525         |
| Dow Jones Industrial Average Fund             | 811-07584         |
| Government Long Bond 1.2x Strategy Fund       | 811-07584         |
| Basic Materials Fund                          | 811-08821         |
| Inverse Russell 2000 Strategy Fund            | 811-08821         |
| Technology Fund                               | 811-07584         |
| Consumer Products Fund                        | 811-07584         |
| Real Estate Fund                              | 811-07584         |
| Energy Fund                                   | 811-07584         |
| Banking Fund                                  | 811-07584         |
| Precious Metals Fund                          | 811-08821         |
| Energy Services Fund                          | 811-07584         |
| Russell 2000 1.5x Strategy Fund               | 811-07584         |
| Inverse Dow 2x Strategy Fund                  | 811-09525         |
| S&P 500 2x Strategy Fund                      | 811-08821         |
| NASDAQ-100 Fund                               | 811-07584         |
| Inverse Mid-Cap Strategy Fund                 | 811-08821         |
| S&P SmallCap 600 Pure Value Fund              | 811-07584         |
| S&P MidCap 400 Pure Growth Fund               | 811-08821         |
| Electronics Fund                              | 811-08821         |
| S&P 500 Pure Growth Fund                      | 811-08821         |
| Europe 1.25x Strategy Fund                    | 811-07584         |
| Inverse Russell 2000 2x Strategy Fund         | 811-09525         |
| Mid-Cap 1.5x Strategy Fund                    | 811-08821         |
| Financial Services Fund                       | 811-07584         |
| Strengthening Dollar 2x Strategy Fund         | 811-07584         |
| Emerging Markets Bond Strategy Fund           | 811-07584         |
| Biotechnology Fund                            | 811-07584         |
| Leisure Fund                                  | 811-08821         |
| S&P MidCap 400 Pure Value Fund                | 811-07584         |
| Japan 2x Strategy Fund                        | 811-08821         |
| S&P 500 Pure Value Fund                       | 811-07584         |
| Leisure Fund                                  | 811-07584         |
| Energy Services Fund                          | 811-08821         |
| Inverse Government Long Bond Strategy Fund    | 811-07584         |
| NASDAQ-100 2x Strategy Fund                   | 811-09525         |
| Managed Futures Strategy Fund                 | 811-07584         |
| Japan 2x Strategy Fund                        | 811-07584         |
| Multi-Hedge Strategies Fund                   | 811-07584         |
| Inverse NASDAQ-100 Strategy Fund              | 811-08821         |
| S&P SmallCap 600 Pure Value Fund              | 811-08821         |
| Retailing Fund                                | 811-07584         |
| U.S. Government Money Market Fund             | 811-08821         |
| Biotechnology Fund                            | 811-08821         |
| Russell 2000 1.5x Strategy Fund               | 811-08821         |
| Inverse S&P 500 2x Strategy Fund              | 811-09525         |
| Technology Fund                               | 811-08821         |
| Transportation Fund                           | 811-08821         |
| S&P 500 Fund                                  | 811-07584         |
| S&P 500 Pure Growth 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: 7 - Inverse Dow 2x Strategy Fund

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

- **a. Full Name of the Fund:** Inverse Dow 2x Strategy Fund

- **b. Series identification number, if any:** S000003706

- **c. LEI:** 5493004XEAOM0XJ15V77

- **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 C                 | C000010374                                | RYCZX                        |
|                           2 | Class A                 | C000010373                                | RYIDX                        |
|                           3 | Class H                 | C000010375                                | RYCWX                        |

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

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

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

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

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

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

- [ ] N/A

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

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

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

- **a. Is the Fund authorized to engage in securities lending transactions?** 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 18f-4(c)(2) (17 CFR 270.18f-4(c)(2))

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

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

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

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

**Shareholder Servicing Agents Record: 1**

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

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

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

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

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

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

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

**Item C.14. Administrators.**

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

**Administrators Record: 1**

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

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

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

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

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

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

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

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

**Broker Dealers Record: 1**

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

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

- **c. CRD number:** 000158538

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

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

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

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

**Broker Dealers Record: 2**

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

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

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

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

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

**Broker Dealers Record: 5**

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

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

- **c. CRD number:** 000039805

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

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

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

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

**Broker Dealers Record: 6**

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

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

- **c. CRD number:** 000040638

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

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

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

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

**Broker Dealers Record: 7**

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

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

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

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

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

**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:** $828.66

**Aggregate Commission:** $828.66

**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        | $204,873,765.11           |
| Nomura Securities International, Inc.      | 8-15255           | 000004297    | OXTKY6Q8X53C9ILVV871 | NY      | US        | $10,371,612.03            |
| BMO Capital Markets Corp., New York Branch | 8-34344           | 000016686    | RUC0QBLBRPRCU4W1NE59 | NY      | US        | $4,638,757.68             |
| J.P. MORGAN SECURITIES LLC                 | 8-35008           | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $532,195,317.58           |
| BNP Paribas                                | N/A               | N/A          | R0MUWSFPU8MPRO8K5P83 |  |  | $310,155,524.73           |
| BOFA SECURITIES, INC.                      | 8-69787           | 000283942    | 549300HN4UKV1E2R3U73 | NY      | US        | $209,079,243.21           |
| BNY MELLON CAPITAL MARKETS, LLC            | 8-35255           | 000017454    | VJW2DOOHGDT6PR0ZRO63 | NY      | US        | $99,016.50                |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $1,271,413,236.84

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

- **Item C.19.a - Fund's monthly average net assets:** $4,152,168.82

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

### Management Investment Record: 8 - Dow 2x Strategy Fund

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

- **a. Full Name of the Fund:** Dow 2x Strategy Fund

- **b. Series identification number, if any:** S000003705

- **c. LEI:** 549300UKHDJBVPFK5N77

- **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 H                 | C000010372                                | RYCVX                        |
|                           2 | Class C                 | C000010371                                | RYCYX                        |
|                           3 | Class A                 | C000010370                                | RYLDX                        |

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

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

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

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

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

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

- [ ] N/A

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

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

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

- **a. Is the Fund authorized to engage in securities lending transactions?** 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 17a-7 (17 CFR 270.17a-7)

- Rule 18f-4(c)(2) (17 CFR 270.18f-4(c)(2))

- Rule 17e-1 (17 CFR 270.17e-1)

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

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

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

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

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

**Shareholder Servicing Agents Record: 1**

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

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

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

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

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

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

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

**Item C.14. Administrators.**

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

**Administrators Record: 1**

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

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

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

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

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

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

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

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

**Broker Dealers Record: 1**

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

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

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

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

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

**Broker Dealers Record: 2**

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

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

- **c. CRD number:** 000158538

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

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

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

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

**Broker Dealers Record: 3**

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

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

- **c. CRD number:** 000039805

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

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

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

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

**Broker Dealers Record: 4**

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

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

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

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

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

**Broker Dealers Record: 5**

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

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

- **c. CRD number:** 000030096

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

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

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

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

**Broker Dealers Record: 7**

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

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

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

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

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

**Broker Dealers Record: 8**

- **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: 9**

- **a. Full name:** GOLDMAN SACHS & CO. LLC

- **b. SEC file number:** 8-129

- **c. CRD number:** 000000361

- **d. LEI, if any:** FOR8UP27PHTHYVLBNG30

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

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

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $1,842.60

**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:** BARCLAYS CAPITAL INC.

- **ii. SEC file number:** 8-41342

- **iii. CRD number:** 000019714

- **iv. LEI, if any:** AC28XWWI3WIBK2824319

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $767.70

**Brokers Record: 2**

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

- **ii. SEC file number:** 8-69787

- **iii. CRD number:** 000283942

- **iv. LEI, if any:** 549300HN4UKV1E2R3U73

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,396.04

**Brokers Record: 3**

- **i. Full name of broker:** BTIG, LLC

- **ii. SEC file number:** 8-65473

- **iii. CRD number:** 000122225

- **iv. LEI, if any:** 549300GTG9PL6WO3EC51

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,109.49

**Brokers Record: 4**

- **i. Full name of broker:** CANTOR FITZGERALD & CO.

- **ii. SEC file number:** 8-201

- **iii. CRD number:** 000000134

- **iv. LEI, if any:** 5493004J7H4GCPG6OB62

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $12,504.32

**Brokers Record: 5**

- **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:** $6,672.61

**Brokers Record: 6**

- **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:** $19,838.51

**Aggregate Commission:** $42,288.67

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

| Name                                       | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| J.P. MORGAN SECURITIES LLC                 | 8-35008           | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $526,311,796.55           |
| BARCLAYS CAPITAL INC.                      | 8-41342           | 000019714    | AC28XWWI3WIBK2824319 | NY      | US        | $879,902,760.20           |
| CastleOak Securities, LP                   | 8-65786           | 000125334    | 549300MXL7C60HZ59S65 | NY      | US        | $6,989,458.23             |
| Academy Securities, Inc.                   | 8-35173           | 000017433    | 2549000QX6RLQOZ2XC11 | NY      | US        | $498,757.79               |
| BNP Paribas                                | N/A               | N/A          | R0MUWSFPU8MPRO8K5P83 |  |  | $882,204,706.58           |
| BOFA SECURITIES, INC.                      | 8-69787           | 000283942    | 549300HN4UKV1E2R3U73 | NY      | US        | $209,373,272.09           |
| BNY MELLON CAPITAL MARKETS, LLC            | 8-35255           | 000017454    | VJW2DOOHGDT6PR0ZRO63 | NY      | US        | $2,033,802.48             |
| Nomura Securities International, Inc.      | 8-15255           | 000004297    | OXTKY6Q8X53C9ILVV871 | NY      | US        | $6,075,129.38             |
| BMO Capital Markets Corp., New York Branch | 8-34344           | 000016686    | RUC0QBLBRPRCU4W1NE59 | NY      | US        | $12,875,262.22            |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $2,526,264,945.52

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

- **Item C.19.a - Fund's monthly average net assets:** $48,915,589.69

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

- [ ] 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 Dynamic Funds

**Date:** 2025-06-13

**Signature:** James Howley

**Title:** CFO