<SEC-DOCUMENT>0001821268-20-000031.txt : 20200820
<SEC-HEADER>0001821268-20-000031.hdr.sgml : 20200820
<ACCEPTANCE-DATETIME>20200820152445
ACCESSION NUMBER:		0001821268-20-000031
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200820
DATE AS OF CHANGE:		20200820
EFFECTIVENESS DATE:		20200820

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIDUCIARY/CLAYMORE ENERGY INFRASTRUCTURE FUND
		CENTRAL INDEX KEY:			0001305197
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21652
		FILM NUMBER:		201119882

	BUSINESS ADDRESS:	
		STREET 1:		227 WEST MONROE STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		312-827-0100

	MAIL ADDRESS:	
		STREET 1:		227 WEST MONROE STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIDUCIARY/CLAYMORE MLP OPPORTUNITY FUND
		DATE OF NAME CHANGE:	20090701

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Fiduciary/Claymore MLP Opportunity Fund
		DATE OF NAME CHANGE:	20041005

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Guggenheim Enhanced Equity Income Fund
		CENTRAL INDEX KEY:			0001310709
		IRS NUMBER:				436922646
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21681
		FILM NUMBER:		201119878

	BUSINESS ADDRESS:	
		STREET 1:		C/O GUGGENHEIM FUNDS
		STREET 2:		227 WEST MONROE STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		312-827-0100

	MAIL ADDRESS:	
		STREET 1:		C/O GUGGENHEIM FUNDS
		STREET 2:		227 WEST MONROE STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Guggenheim Enhanced Equity Income Fund (f/k/a Old Mutual/Claymore Long-Short Fund)
		DATE OF NAME CHANGE:	20100622

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Old Mutual/Claymore Long-Short Fund (f.k.a. Analytic Covered Call Plus Fund)
		DATE OF NAME CHANGE:	20050627

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Old Mutual/Claymore Long-Short Premium Fund (f.k.a. Analytic Covered Call Plus Fund)
		DATE OF NAME CHANGE:	20050411

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GUGGENHEIM STRATEGIC OPPORTUNITIES FUND
		CENTRAL INDEX KEY:			0001380936
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21982
		FILM NUMBER:		201119877

	BUSINESS ADDRESS:	
		STREET 1:		227 WEST MONROE STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		312-827-0100

	MAIL ADDRESS:	
		STREET 1:		227 WEST MONROE STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CLAYMORE/GUGGENHEIM STRATEGIC OPPORTUNITIES FUND
		DATE OF NAME CHANGE:	20090630

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Claymore/Guggenheim Strategic Opportunities Fund
		DATE OF NAME CHANGE:	20070605

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Claymore Strategic Opportunities Fund
		DATE OF NAME CHANGE:	20061113

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Guggenheim Taxable Municipal Managed Duration Trust
		CENTRAL INDEX KEY:			0001495825
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22437
		FILM NUMBER:		201119879

	BUSINESS ADDRESS:	
		STREET 1:		227 WEST MONROE STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		312-827-0100

	MAIL ADDRESS:	
		STREET 1:		227 WEST MONROE STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Guggenheim Build America Bonds Managed Duration Trust
		DATE OF NAME CHANGE:	20100702

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Guggenheim Credit Allocation Fund
		CENTRAL INDEX KEY:			0001551949
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22715
		FILM NUMBER:		201119881

	BUSINESS ADDRESS:	
		STREET 1:		227 WEST MONROE STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		312-827-0100

	MAIL ADDRESS:	
		STREET 1:		227 WEST MONROE STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Guggenheim Dynamic Opportunities Fund
		DATE OF NAME CHANGE:	20120614

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Guggenheim Dynamic Income Fund
		DATE OF NAME CHANGE:	20120608

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Guggenheim Energy & Income Fund
		CENTRAL INDEX KEY:			0001642563
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-23057
		FILM NUMBER:		201119880

	BUSINESS ADDRESS:	
		STREET 1:		227 WEST MONROE STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		312-827-0100

	MAIL ADDRESS:	
		STREET 1:		227 WEST MONROE STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-17G
<SEQUENCE>1
<FILENAME>gug80719-17g.htm
<TEXT>
<html>
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    <title></title>
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         Document created using EDGARfilings PROfile 7.0.1.0
         Copyright 1995 - 2020 Broadridge -->
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
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      <div style="background-color: #FFFFFF;">
        <div style="text-align: justify;">U.S. Securities and Exchange Commission</div>
        <div style="text-align: justify;">100 F Street, NE</div>
        <div style="text-align: justify;">Washington, DC&#160; 20549</div>
      </div>
      <div style="background-color: #FFFFFF;">
        <div><br>
        </div>
      </div>
      <div style="background-color: #FFFFFF;">
        <div style="text-align: justify;">Dear Sirs and Madams:</div>
      </div>
      <div style="background-color: #FFFFFF;">
        <div><br>
        </div>
      </div>
      <div style="background-color: #FFFFFF;">
        <div style="text-align: justify; text-indent: 36pt;">Enclosed for filing on behalf of Fiduciary/Claymore Energy Infrastructure Fund, Guggenheim Credit Allocation Fund, Guggenheim Enhanced Equity Income Fund,
          Guggenheim Energy &amp; Income Fund, Guggenheim Strategic Opportunities Fund, Guggenheim Taxable Municipal Managed Duration Trust, Guggenheim Funds Trust, Guggenheim Variable Funds Trust, Guggenheim Strategy Funds Trust, Rydex Dynamic Funds,
          Rydex Series Funds, Rydex Variable Trust, and Transparent Value Trust (collectively, the &#8220;Trusts&#8221;), pursuant to Rule 17g-1(g)(1)(ii) under the Investment Company Act of 1940, as amended (&#8220;1940 Act&#8221;), are the following:</div>
      </div>
      <div style="background-color: #FFFFFF;">
        <div><br>
        </div>
      </div>
      <table cellspacing="0" cellpadding="0" id="z4424d8b2ef2a4cf18010dd59c2ad60da" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 40pt;">&#160;</td>
            <td style="width: 18pt; vertical-align: top; align: right;">
              <div>(a)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-family: Arial, sans-serif; font-size: 1pt;">&#160;</font>a copy of the joint fidelity bond issued by ICI Mutual Insurance Company naming the Trusts as insureds;</div>
            </td>
          </tr>

      </table>
      <div style="background-color: #FFFFFF;">
        <div><br>
        </div>
      </div>
      <table cellspacing="0" cellpadding="0" id="z6d737a2fbf064bc39ba904cc53d3c131" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 40pt;">&#160;</td>
            <td style="width: 18pt; vertical-align: top; align: right;">
              <div>(b)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div><font style="font-family: Arial, sans-serif; font-size: 1pt;">&#160;</font>a copy of the resolutions of a majority of the Board of Trustees who are not &#8220;interested persons&#8221; of each Trust approving the form and amount of the bond and the
                portion of the premium to be paid by each of the Trusts;</div>
            </td>
          </tr>

      </table>
      <div style="background-color: #FFFFFF;">
        <div><br>
        </div>
      </div>
      <table cellspacing="0" cellpadding="0" id="zb822a900600740f1a89440ab92fc4e9e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 40pt;">&#160;</td>
            <td style="width: 18pt; vertical-align: top; align: right;">
              <div>(c)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div><font style="font-family: Arial, sans-serif; font-size: 1pt;">&#160;</font>the amount of the single insured bond which each Trust would have provided and maintained had it not been named as an insured under a joint insured bond, listed on
                Attachment A to this letter; and</div>
            </td>
          </tr>

      </table>
      <div style="background-color: #FFFFFF;">
        <div><br>
        </div>
      </div>
      <div style="background-color: #FFFFFF;">
        <table cellspacing="0" cellpadding="0" id="z9434507c4cea46f99ad6a7ff6cf8c516" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 3pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 40pt;">&#160;</td>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div style="margin-top: 3pt; margin-bottom: 3pt;">(d)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 3pt; margin-bottom: 3pt;"><font style="font-family: Arial, sans-serif; font-size: 1pt;">&#160;</font>a copy of the agreement between the Trusts entered into pursuant to Rule 17g-1(f) under the 1940 Act.</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
      </div>
      <div style="background-color: #FFFFFF;">
        <div style="text-align: justify; margin-top: 3pt; margin-bottom: 3pt;">The premium for the bond has been paid for the period from June 15, 2020 to June 15, 2021.</div>
        <div style="text-align: justify; margin-top: 3pt; margin-bottom: 3pt;"> <br>
        </div>
      </div>
      <div style="background-color: #FFFFFF;">
        <div style="text-align: justify; margin-top: 3pt; margin-bottom: 3pt;">Please contact the undersigned with any questions or comments.</div>
      </div>
      <div style="background-color: #FFFFFF;">
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 252pt; margin-top: 3pt; margin-bottom: 3pt;">Sincerely,</div>
        <div style="text-align: justify; text-indent: 252pt; margin-top: 3pt; margin-bottom: 3pt;"> <br>
        </div>
      </div>
      <div style="background-color: #FFFFFF;">
        <div style="text-align: justify; text-indent: 252pt; margin-top: 3pt; margin-bottom: 3pt;"><u>/s/ Michael P. Megaris</u></div>
        <div><br>
        </div>
      </div>
      <div style="background-color: #FFFFFF;">
        <div style="text-align: justify; text-indent: 252pt; margin-top: 3pt; margin-bottom: 3pt;">Michael P. Megaris</div>
        <div style="text-align: justify; text-indent: 252pt; margin-top: 3pt; margin-bottom: 3pt;">Assistant Secretary of the Trusts</div>
        <div><br>
        </div>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 8pt;"><br>
      </div>
      <div style="text-align: center; font-weight: bold;">ATTACHMENT A</div>
      <div><br>
      </div>
      <div>The amount of the single insured bond which each Trust would have provided and maintained had it not been named as an insured under a joint insured bond:</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z570bbf27ddc34b5d879fc77f67b2fcd8" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 83.33%; vertical-align: top;">
              <div><u>Trust</u></div>
            </td>
            <td style="width: 16.67%; vertical-align: top;">
              <div style="text-align: right;"><u>Amount</u></div>
            </td>
          </tr>
          <tr>
            <td style="width: 83.33%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>Fiduciary/Claymore Energy Infrastructure Fund</div>
            </td>
            <td style="width: 16.67%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">$525,000</div>
            </td>
          </tr>
          <tr>
            <td style="width: 83.33%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div>Guggenheim Credit Allocation Fund</div>
            </td>
            <td style="width: 16.67%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">$600,000</div>
            </td>
          </tr>
          <tr>
            <td style="width: 83.33%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>Guggenheim Enhanced Equity Income Fund</div>
            </td>
            <td style="width: 16.67%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">$750,000</div>
            </td>
          </tr>
          <tr>
            <td style="width: 83.33%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div>Guggenheim Energy &amp; Income Fund</div>
            </td>
            <td style="width: 16.67%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">$400,000</div>
            </td>
          </tr>
          <tr>
            <td style="width: 83.33%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>Guggenheim Strategic Opportunities Fund</div>
            </td>
            <td style="width: 16.67%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">$900,000</div>
            </td>
          </tr>
          <tr>
            <td style="width: 83.33%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div>Guggenheim Taxable Municipal Managed Duration Trust</div>
            </td>
            <td style="width: 16.67%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">$900,000</div>
            </td>
          </tr>
          <tr>
            <td style="width: 83.33%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>Guggenheim Funds Trust</div>
            </td>
            <td style="width: 16.67%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">$2,500,000</div>
            </td>
          </tr>
          <tr>
            <td style="width: 83.33%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div>Guggenheim Strategy Funds Trust</div>
            </td>
            <td style="width: 16.67%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">$1,000,000</div>
            </td>
          </tr>
          <tr>
            <td style="width: 83.33%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>Guggenheim Variable Funds Trust</div>
            </td>
            <td style="width: 16.67%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">$1,250,000</div>
            </td>
          </tr>
          <tr>
            <td style="width: 83.33%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div>Rydex Dynamic Funds</div>
            </td>
            <td style="width: 16.67%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">$1,000,000</div>
            </td>
          </tr>
          <tr>
            <td style="width: 83.33%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>Rydex Series Funds</div>
            </td>
            <td style="width: 16.67%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">$2,500,000</div>
            </td>
          </tr>
          <tr>
            <td style="width: 83.33%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div>Rydex Variable Trust</div>
            </td>
            <td style="width: 16.67%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">$1,000,000</div>
            </td>
          </tr>
          <tr>
            <td style="width: 83.33%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>Transparent Value Trust</div>
            </td>
            <td style="width: 16.67%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">$900,000</div>
            </td>
          </tr>

      </table>
      <div style="margin-bottom: 8pt;"><br>
      </div>
      <div style="margin-bottom: 8pt;"><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div> <br>
      </div>
      <div> <br>
      </div>
      <div>
        <div style="text-align: center; font-size: 18pt; font-weight: bold;">ICI MUTUAL INSURANCE COMPANY,<br>
          a Risk Retention Group</div>
        <div><br>
        </div>
        <div style="text-align: center;">1401 H St. NW</div>
        <div style="text-align: center;">Washington, DC 20005</div>
        <div style="text-align: center;"><br>
        </div>
        <div style="text-align: center; font-weight: bold;">INVESTMENT COMPANY BLANKET BOND</div>
        <div><br>
        </div>
        <div><br>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div><br>
        <div style="text-align: center; font-size: 18pt; font-weight: bold;">ICI MUTUAL INSURANCE COMPANY,</div>
        <div style="text-align: center; font-size: 18pt; font-weight: bold;">a Risk Retention Group</div>
        <div style="text-align: center;">1401 H St. NW</div>
        <div style="text-align: center;">Washington, DC 20005</div>
        <div><br>
        </div>
        <div style="text-align: center; font-weight: bold;">DECLARATIONS</div>
        <div><br>
        </div>
        <div style="text-align: center;">NOTICE</div>
        <div> This policy is issued by your risk retention group.&#160; Your risk retention group may not be subject to all of the insurance laws and regulations of your state.&#160; State insurance insolvency guaranty funds
          are not available for your risk retention group.
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
        <div>
          <div><font style="font-weight: bold;"> </font>
            <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;" id="z047a4549a14341b1859035b4bd5af9dc">

                <tr>
                  <td style="width: 6%;">
                    <div><font style="font-weight: bold;">Item 1.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 45pt"> <br>
                      </font></div>
                  </td>
                  <td colspan="2">
                    <div>Name of Insured (the &#8220;Insured&#8221;)</div>
                  </td>
                  <td style="width: 18%;">
                    <div style="text-align: center;">Bond Number:</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 6%;">
                    <div>&#160;</div>
                  </td>
                  <td style="font-weight: bold;" colspan="2">
                    <div>Guggenheim Funds Trust</div>
                  </td>
                  <td style="width: 18%; font-weight: bold;">
                    <div style="text-align: center;">05716120B</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 6%;" rowspan="1">&#160;</td>
                  <td style="font-weight: bold;" rowspan="1" colspan="2">&#160;</td>
                  <td style="width: 18%; font-weight: bold;" rowspan="1">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 6%;" rowspan="1">&#160;</td>
                  <td style="width: 38%; font-weight: bold;" rowspan="1"><font style="font-weight: bold;">Principal Office:</font></td>
                  <td style="width: 37.5%; font-weight: bold;" rowspan="1"><font style="font-weight: bold;">Mailing Address:</font></td>
                  <td style="width: 18%; font-weight: bold;" rowspan="1">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 6%;" rowspan="1">&#160;</td>
                  <td style="width: 38%; font-weight: normal;" rowspan="1">
                    <div style="margin-left: 10pt">227 West Monroe Street</div>
                  </td>
                  <td style="width: 37.5%; font-weight: normal;" rowspan="1">
                    <div style="margin-left: 10pt">227 West Monroe Street</div>
                  </td>
                  <td style="width: 18%; font-weight: bold;" rowspan="1">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 6%;" rowspan="1">&#160;</td>
                  <td style="width: 38%; font-weight: normal;" rowspan="1">
                    <div style="margin-left: 10pt">Chicago, IL 60606</div>
                  </td>
                  <td style="width: 37.5%; font-weight: normal;" rowspan="1">
                    <div style="margin-left: 10pt">Chicago, IL 60606</div>
                  </td>
                  <td style="width: 18%; font-weight: bold;" rowspan="1">&#160;</td>
                </tr>

            </table>
          </div>
        </div>
        <div><br>
        </div>
        <div>
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" border="0" id="z195011348f204e9b8b6ca35a28095911" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td style="width: 6%; vertical-align: top; padding-bottom: 2px;">
                <div style="font-weight: bold;">Item 2.</div>
              </td>
              <td style="width: 36%; vertical-align: top; padding-bottom: 2px;">
                <div>Bond Period: from 12:01 a.m. on</div>
              </td>
              <td style="width: 16.67%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center;">June 15, 2020</div>
              </td>
              <td style="width: 16.48%; vertical-align: top; padding-bottom: 2px;">
                <div>, to 12:01 a.m. on</div>
              </td>
              <td style="width: 19.23%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center;">June 15, 2021</div>
              </td>
              <td style="width: 6.41%; vertical-align: top; padding-bottom: 2px;">
                <div>, or</div>
              </td>
            </tr>
            <tr>
              <td style="width: 6%; vertical-align: top;" rowspan="1">&#160;</td>
              <td style="vertical-align: top;" rowspan="1" colspan="5">
                <div style="margin-bottom: 4pt;">the earlier effective date of the termination of this Bond, standard time at the Principal Office as to each of said dates.</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div>
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" border="0" id="z0b1b0df448af4297ba8a7aee92d5de78" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td style="width: 6%; vertical-align: top;">
                <div style="font-weight: bold;">Item 3.</div>
              </td>
              <td style="vertical-align: top;" colspan="4">
                <div>Limit of Liability&#8212;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 6%; vertical-align: top;">&#160;</td>
              <td style="vertical-align: top;" colspan="4">
                <div>Subject to Sections 9, 10 and 12 hereof:</div>
              </td>
            </tr>
            <tr>
              <td style="width: 6%; vertical-align: bottom;">&#160;</td>
              <td style="width: 25%; vertical-align: bottom;">&#160;</td>
              <td style="width: 39.09%; vertical-align: bottom;">&#160;</td>
              <td style="width: 14.55%; vertical-align: bottom;">
                <div style="text-align: center;">LIMIT OF</div>
                <div style="text-align: center;">LIABILITY</div>
              </td>
              <td style="width: 15.45%; vertical-align: bottom;">
                <div style="text-align: center;">DEDUCTIBLE</div>
                <div style="text-align: center;">AMOUNT</div>
              </td>
            </tr>
            <tr>
              <td style="width: 6%; vertical-align: bottom;">&#160;</td>
              <td style="width: 25%; vertical-align: bottom;">
                <div>Insuring Agreement A-</div>
              </td>
              <td style="width: 39.09%; vertical-align: bottom;">
                <div>FIDELITY</div>
              </td>
              <td style="width: 14.55%; vertical-align: bottom;">
                <div style="text-align: right;">$16,225,000</div>
              </td>
              <td style="width: 15.45%; vertical-align: bottom;">
                <div style="text-align: right;">$50,000</div>
              </td>
            </tr>
            <tr>
              <td style="width: 6%; vertical-align: bottom;">&#160;</td>
              <td style="width: 25%; vertical-align: bottom;">
                <div>Insuring Agreement B-</div>
              </td>
              <td style="width: 39.09%; vertical-align: bottom;">
                <div>AUDIT EXPENSE</div>
              </td>
              <td style="width: 14.55%; vertical-align: bottom;">
                <div style="text-align: right;">$50,000</div>
              </td>
              <td style="width: 15.45%; vertical-align: bottom;">
                <div style="text-align: right;">$10,000</div>
              </td>
            </tr>
            <tr>
              <td style="width: 6%; vertical-align: bottom;">&#160;</td>
              <td style="width: 25%; vertical-align: bottom;">
                <div>Insuring Agreement C-</div>
              </td>
              <td style="width: 39.09%; vertical-align: bottom;">
                <div>ON PREMISES</div>
              </td>
              <td style="width: 14.55%; vertical-align: top;">
                <div style="text-align: right;">$16,225,000</div>
              </td>
              <td style="width: 15.45%; vertical-align: bottom;">
                <div style="text-align: right;">$50,000</div>
              </td>
            </tr>
            <tr>
              <td style="width: 6%; vertical-align: bottom;">&#160;</td>
              <td style="width: 25%; vertical-align: bottom;">
                <div>Insuring Agreement D-</div>
              </td>
              <td style="width: 39.09%; vertical-align: bottom;">
                <div>IN TRANSIT</div>
              </td>
              <td style="width: 14.55%; vertical-align: top;">
                <div style="text-align: right;">$16,225,000</div>
              </td>
              <td style="width: 15.45%; vertical-align: bottom;">
                <div style="text-align: right;">$50,000</div>
              </td>
            </tr>
            <tr>
              <td style="width: 6%; vertical-align: bottom;">&#160;</td>
              <td style="width: 25%; vertical-align: bottom;">
                <div>Insuring Agreement E-</div>
              </td>
              <td style="width: 39.09%; vertical-align: bottom;">
                <div>FORGERY OR ALTERATION</div>
              </td>
              <td style="width: 14.55%; vertical-align: top;">
                <div style="text-align: right;">$16,225,000</div>
              </td>
              <td style="width: 15.45%; vertical-align: bottom;">
                <div style="text-align: right;">$50,000</div>
              </td>
            </tr>
            <tr>
              <td style="width: 6%; vertical-align: bottom;">&#160;</td>
              <td style="width: 25%; vertical-align: bottom;">
                <div>Insuring Agreement F-</div>
              </td>
              <td style="width: 39.09%; vertical-align: bottom;">
                <div>SECURITIES</div>
              </td>
              <td style="width: 14.55%; vertical-align: top;">
                <div style="text-align: right;">$16,225,000</div>
              </td>
              <td style="width: 15.45%; vertical-align: bottom;">
                <div style="text-align: right;">$50,000</div>
              </td>
            </tr>
            <tr>
              <td style="width: 6%; vertical-align: bottom;">&#160;</td>
              <td style="width: 25%; vertical-align: bottom;">
                <div>Insuring Agreement G-</div>
              </td>
              <td style="width: 39.09%; vertical-align: bottom;">
                <div>COUNTERFEIT CURRENCY</div>
              </td>
              <td style="width: 14.55%; vertical-align: top;">
                <div style="text-align: right;">$16,225,000</div>
              </td>
              <td style="width: 15.45%; vertical-align: bottom;">
                <div style="text-align: right;">$50,000</div>
              </td>
            </tr>
            <tr>
              <td style="width: 6%; vertical-align: bottom;">&#160;</td>
              <td style="width: 25%; vertical-align: bottom;">
                <div>Insuring Agreement H-</div>
              </td>
              <td style="width: 39.09%; vertical-align: bottom;">
                <div>UNCOLLECTIBLE ITEMS OF DEPOSIT</div>
              </td>
              <td style="width: 14.55%; vertical-align: bottom;">
                <div style="text-align: right;">$25,000</div>
              </td>
              <td style="width: 15.45%; vertical-align: bottom;">
                <div style="text-align: right;">$5,000</div>
              </td>
            </tr>
            <tr>
              <td style="width: 6%; vertical-align: bottom;">&#160;</td>
              <td style="width: 25%; vertical-align: bottom;">
                <div>Insuring Agreement I-</div>
              </td>
              <td style="width: 39.09%; vertical-align: bottom;">
                <div>PHONE/ELECTRONIC TRANSACTIONS</div>
              </td>
              <td style="width: 14.55%; vertical-align: bottom;">
                <div style="text-align: right;">$16,225,000</div>
              </td>
              <td style="width: 15.45%; vertical-align: bottom;">
                <div style="text-align: right;">$50,000</div>
              </td>
            </tr>
            <tr>
              <td style="width: 6%; vertical-align: bottom;">&#160;</td>
              <td style="vertical-align: bottom;" colspan="4">
                <div>If &#8220;Not Covered&#8221; is inserted opposite any Insuring Agreement above, such Insuring Agreement and any reference thereto shall be deemed to be deleted from this Bond.</div>
              </td>
            </tr>
            <tr>
              <td style="width: 6%; vertical-align: bottom;">&#160;</td>
              <td style="vertical-align: bottom;" colspan="4">
                <div>OPTIONAL INSURING AGREEMENTS ADDED BY RIDER:</div>
              </td>
            </tr>
            <tr>
              <td style="width: 6%; vertical-align: bottom;">&#160;</td>
              <td style="width: 25%; vertical-align: bottom;">
                <div>Insuring Agreement J-</div>
              </td>
              <td style="width: 39.09%; vertical-align: bottom;">
                <div>COMPUTER SECURITY</div>
              </td>
              <td style="width: 14.55%; vertical-align: bottom;">
                <div style="text-align: right;">$16,225,000</div>
              </td>
              <td style="width: 15.45%; vertical-align: bottom;">
                <div style="text-align: right;">$50,000</div>
              </td>
            </tr>
            <tr>
              <td style="width: 6%; vertical-align: bottom;">&#160;</td>
              <td style="width: 25%; vertical-align: bottom;">
                <div>Insuring Agreement M-</div>
              </td>
              <td style="width: 39.09%; vertical-align: bottom;">
                <div>SOCIAL ENGINEERING FRAUD</div>
              </td>
              <td style="width: 14.55%; vertical-align: bottom;">
                <div style="text-align: right;">$1,000,000</div>
              </td>
              <td style="width: 15.45%; vertical-align: bottom;">
                <div style="text-align: right;">$50,000</div>
              </td>
            </tr>

        </table>
        <div style="text-indent: -45pt; margin-left: 45pt;"><br>
        </div>
        <div>
          <hr noshade="noshade" align="center" style="height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); text-align: center; border: medium none;"></div>
        <div style="text-indent: -45pt; margin-left: 45pt;"><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z9d49508b83114b52aca1efbef33961be" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 45pt; vertical-align: top; align: right;"><font style="font-weight: bold;">Item</font>&#160;<font style="font-weight: bold;">4.</font></td>
              <td style="width: auto; vertical-align: top;">
                <div>Offices or Premises Covered--All the Insured&#8217;s offices or other premises in existence at the time this Bond becomes effective are covered under this Bond, except the offices or other premises excluded by Rider.&#160; Offices or other
                  premises acquired or established after the effective date of this Bond are covered subject to the terms of General Agreement A.</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div>
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z9d3c992724a143d4834e1d442d7e3ff7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 45pt; vertical-align: top; align: right; font-weight: bold;">Item 5.</td>
                <td style="width: auto; vertical-align: top;">
                  <div>The liability of ICI Mutual Insurance Company, a Risk Retention Group (the &#8220;Underwriter&#8221;) is subject to the terms of the following Riders attached hereto:</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div style="margin-left: 45pt;">Riders:<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 63pt">&#160;</font>1-2-3-4-5-6-7-8-9-10-11</div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z1a14834871fc45e5a7dcde7be24c4e16" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 45pt; vertical-align: top; align: right;"><br>
                </td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>and of all Riders applicable to this Bond issued during the Bond Period.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
        <div><br>
        </div>
        <div style="text-align: justify;">
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;" id="zabab0a63201d45a592e9821d5d481a19">

              <tr>
                <td style="width: 33.33%;">
                  <div style="text-align: left;">By: ____<u>/S/ Maggie Sullivan</u>_________<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 288pt;"> <br>
                    </font></div>
                </td>
                <td style="width: 15%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 52%;">
                  <div style="text-align: left;">By: ___<u>/S/ Swenith Nalli</u>____________</div>
                </td>
              </tr>
              <tr>
                <td style="width: 33.33%;">
                  <div style="text-align: left; margin-left: 40pt;">Authorized Representative</div>
                </td>
                <td style="width: 15%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 52%;">
                  <div style="text-align: left; margin-left: 40pt;">Authorized Representative</div>
                </td>
              </tr>

          </table>
        </div>
        <div style="text-align: justify;"> <br>
          </div>
        <div style="text-align: justify; text-indent: 36pt;"><br>
          <font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 288pt">&#160;</font></div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <!--PROfilePageNumberReset%Num%2%%%-->
      <div><br>
        <div style="text-align: center; font-weight: bold;">INVESTMENT COMPANY BLANKET BOND</div>
        <div><br>
        </div>
        <div style="text-align: center;">NOTICE</div>
        <div><br>
        </div>
        <div style="text-align: justify;">This policy is issued by your risk retention group. Your risk retention group may not be subject to all of the insurance laws and regulations of your state. State insurance
          insolvency guaranty funds are not available for your risk retention group.</div>
        <div><br>
        </div>
        <div style="text-align: justify;">ICI Mutual Insurance Company, a Risk Retention Group (the &#8220;Underwriter&#8221;), in consideration of an agreed premium, and in reliance upon the Application and all other information
          furnished to the Underwriter by the Insured, and subject to and in accordance with the Declarations, General Agreements, Provisions, Conditions and Limitations and other terms of this bond (including all riders hereto) (&#8220;Bond&#8221;), to the extent of
          the Limit of Liability and subject to the Deductible Amount, agrees to indemnify the Insured for the loss, as described in the Insuring Agreements, sustained by the Insured at any time but discovered during the Bond Period.</div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div style="text-align: center; font-weight: bold;">INSURING AGREEMENTS</div>
        <div><br>
        </div>
        <div><font style="font-weight: bold;">A.</font> &#160;<font style="width: 10pt; font-size: 1px; display: inline-block;" class="HorizontalTab"> </font><font style="font-weight: bold;">FIDELITY</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">Loss resulting directly from any Dishonest or Fraudulent Act committed by an Employee, committed anywhere and whether committed alone or in collusion with other
          persons (whether or not Employees), during the time such Employee has the status of an Employee as defined herein, and even if such loss is not discovered until after he or she ceases to be an Employee; and EXCLUDING loss covered under Insuring
          Agreement B.</div>
        <div><br>
        </div>
        <div><font style="font-weight: bold;">B. &#160;</font><font style="width: 10pt; font-size: 1px; display: inline-block;" class="HorizontalTab"> &#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;">AUDIT
            EXPENSE</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">Expense incurred by the Insured for that part of the costs of audits or examinations required by any governmental regulatory authority or Self-Regulatory
          Organization to be conducted by such authority or Organization or by an independent accountant or other person, by reason of the discovery of loss sustained by the Insured and covered by this Bond.</div>
        <div><br>
        </div>
        <div><font style="font-weight: bold;">C.</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">ON PREMISES</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">Loss of Property resulting directly from any Mysterious Disappearance, or any Dishonest or Fraudulent Act committed by a person physically present in an office or
          on the premises of the Insured at the time the Property is surrendered, while the Property is (or reasonably supposed or believed by the Insured to be) lodged or deposited within the Insured&#8217;s offices or premises located anywhere, except those
          offices excluded by Rider; and EXCLUDING loss covered under Insuring Agreement A.</div>
        <div><br>
        </div>
        <div><font style="font-weight: bold;">D.</font> &#160; &#160; &#160; <font style="font-weight: bold;">IN TRANSIT</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">Loss of Property resulting directly from any Mysterious Disappearance or Dishonest or Fraudulent Act while the Property is physically (not electronically) in
          transit anywhere in the custody of any person authorized by an Insured to act as a messenger, except while in the mail or with a carrier for hire (other than a Security Company); and EXCLUDING loss covered under Insuring Agreement A. Property is
          &#8220;in transit&#8221; beginning immediately upon receipt of such Property by the transporting person and ending immediately upon delivery to the designated recipient or its agent, but only while the Property is being conveyed.</div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div><br>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z0e0fcbcdc9224fe48a05dd4f061e388f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt; vertical-align: top; align: right; font-weight: bold;">E.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">FORGERY OR ALTERATION</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">&#160;Loss resulting directly from the Insured having, in good faith, paid or transferred any Property in reliance upon any Written, Original:</div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="zd2fc06e6999a4887ad2720f8fee65b9f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 22.5pt; vertical-align: top; align: right;">(1)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>bills of exchange, checks, drafts, or other written orders or directions to pay sums certain in money, acceptances, certificates of deposit, due bills, money orders, warrants, orders upon public treasuries, or letters of credit; or</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="zbf953925bf47400aaa33393ad8cf1bfa" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 22.5pt; vertical-align: top; align: right;">(2)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>instructions, requests or applications directed to the Insured, authorizing or acknowledging the transfer, payment, redemption, delivery or receipt of money or Property, or giving notice of any bank account (provided such instructions
                  or requests or applications purport to have been signed or endorsed by (a) any customer of the Insured, or (b) any shareholder of or subscriber to shares issued by any Investment Company, or (c) any financial or banking institution or
                  stockbroker, and further provided such instructions, requests, or applications either bear the forged signature or endorsement or have been altered without the knowledge and consent of such customer, such shareholder or subscriber to
                  shares issued by an Investment Company, or such financial or banking institution or stockbroker); or</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z84a067e9582f4e3c90491459fa551b3f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 22.5pt; vertical-align: top; align: right;">(3)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>withdrawal orders or receipts for the withdrawal of Property, or receipts or certificates of deposit for Property and bearing the name of the Insured as issuer or of another Investment Company for which the Insured acts as agent;</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">which bear (a) a Forgery, or (b) an Alteration, but only to the extent that the Forgery or Alteration directly causes the loss.</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">Actual physical possession by the Insured or its authorized representative of the items listed in (1)&#160;through (3) above is a condition precedent to the Insured
          having relied upon the items.</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">This Insuring Agreement E does not cover loss caused by Forgery or Alteration of Securities or loss covered under Insuring Agreement A.</div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z50f12ca6ab5e45b9ab73a9f668e7c243" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 28pt; vertical-align: top; font-weight: bold;">F.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">SECURITIES</div>
              </td>
            </tr>

        </table>
        <div style="text-align: justify; margin-left: 27pt;"> <br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">Loss resulting directly from the Insured, in good faith, in the ordinary course of business, and in any capacity whatsoever, whether for its own account or for the
          account of others, having acquired, accepted or received, or sold or delivered, or given any value, extended any credit or assumed any liability in reliance on any Written, Original Securities, where such loss results from the fact that such
          Securities prove to:</div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z1d530c5c30c44f69bb1ffaca734c7dbb" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 22.5pt; vertical-align: top; align: right;">(1)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>be Counterfeit, but only to the extent that the Counterfeit directly causes the loss, or</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="zd23100c7a7474206b5dc809405adde94" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 22.5pt; vertical-align: top; align: right;">(2)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>be lost or stolen, or</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="zc52bfa430021419684b9c929cca07cc7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 22.5pt; vertical-align: top; align: right;">(3)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>contain a Forgery or Alteration, but only to the extent the Forgery or Alteration directly causes the loss,</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">and notwithstanding whether or not the act of the Insured causing such loss violated the constitution, by-laws, rules, or regulations of any Self-Regulatory
          Organization, whether or not the Insured was a member thereof.</div>
        <div><br>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div><br>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">This Insuring Agreement F does not cover loss covered under Insuring Agreement A.</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">Actual physical possession by the Insured or its authorized representative of the Securities is a condition precedent to the Insured having relied upon the
          Securities.</div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z6faa96fa1de8483e88bb6fb22d3e2257" class="DSPFListTable">

              <tr style="vertical-align: top;">
                <td style="vertical-align: top; width: 20pt;">
                  <div style="text-align: justify;"><font style="font-weight: bold;">G.&#160;&#160;&#160;&#160;&#160;&#160; <br>
                    </font></div>
                </td>
                <td style="align: left; vertical-align: top; width: auto;">
                  <div style="text-align: justify;"><font style="font-weight: bold;">COUNTERFEIT CURRENCY</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">Loss resulting directly from the receipt by the Insured, in good faith of any Counterfeit Currency.</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">This Insuring Agreement G does not cover loss covered under Insuring Agreement A.</div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="zf7ddff591b7549298daa08832972bd11" class="DSPFListTable">

              <tr style="vertical-align: top;">
                <td style="vertical-align: top; width: 20pt;">
                  <div style="text-align: left;"><font style="font-weight: bold;">H.&#160;&#160;&#160;&#160;&#160;&#160; <br>
                    </font></div>
                </td>
                <td style="align: left; vertical-align: top; width: auto;">
                  <div style="text-align: left;"><font style="font-weight: bold;">UNCOLLECTIBLE ITEMS OF DEPOSIT</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">Loss resulting directly from the payment of dividends, issuance of Fund shares or redemptions or exchanges permitted from an account with the Fund as a consequence
          of</div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z1945239448d445d2a41469781914a69f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 22.5pt; vertical-align: top; align: right;">(1)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>uncollectible Items of Deposit of a Fund&#8217;s customer, shareholder or subscriber credited by the Insured or its agent to such person&#8217;s Fund account, or</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z7b0b48ec75964e6b91f39365694a2683" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 22.5pt; vertical-align: top; align: right;">(2)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any Item of Deposit processed through an automated clearing house which is reversed by a Fund&#8217;s customer, shareholder or subscriber and is deemed uncollectible by the Insured;</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">PROVIDED, that (a) Items of Deposit shall not be deemed uncollectible until the Insured&#8217;s collection procedures have failed, (b) exchanges of shares between Funds
          with exchange privileges shall be covered hereunder only if all such Funds are insured by the Underwriter for uncollectible Items of Deposit, and (c) the Insured Fund shall have implemented and maintained a policy to hold Items of Deposit for the
          minimum number of days stated in its Application (as amended from time to time) before paying any dividend or permitting any withdrawal with respect to such Items of Deposit (other than exchanges between Funds). Regardless of the number of
          transactions between Funds in an exchange program, the minimum number of days an Item of Deposit must be held shall begin from the date the Item of Deposit was first credited to any Insured Fund.</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">This Insuring Agreement H does not cover loss covered under Insuring Agreement A.</div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z717588dcc93f4a3c9e3b9f7a10da5293" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">I.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">PHONE/ELECTRONIC TRANSACTIONS</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">Loss resulting directly from a Phone/Electronic Transaction, where the request for such Phone/Electronic Transaction:</div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="zd65b9b532d6a49cc905e77708339650d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 22.5pt; vertical-align: top; align: right;">(1)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>is transmitted to the Insured or its agents by voice over the telephone or by Electronic Transmission; and</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z4b11c0844b594091a95c6bfe68f47003" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 22.5pt; vertical-align: top; align: right;">(2)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>is made by an individual purporting to be a Fund shareholder or subscriber or an authorized agent of a Fund shareholder or subscriber; and</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="zca3a3822c09244edb0e132c876ffbad5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 22.5pt; vertical-align: top; align: right;">(3)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>is unauthorized or fraudulent and is made with the manifest intent to deceive;</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">PROVIDED, that the entity receiving such request generally maintains and follows during the Bond Period all Phone/Electronic Transaction Security Procedures with
          respect to all Phone/Electronic Transactions; and</div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">4</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div><br>
        <div style="text-align: justify; text-indent: 27pt;">EXCLUDING loss resulting from:</div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z0b6b315685e54b77896f8fc728bad0bc" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 22.5pt; vertical-align: top; align: right;">(1)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the failure to pay for shares attempted to be purchased; or</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z86100c715b0a47ba8bb0814b4f67cc0f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 22.5pt; vertical-align: top; align: right;">(2)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any redemption of Investment Company shares which had been improperly credited to a shareholder&#8217;s account where such shareholder (a) did not cause, directly or indirectly, such shares to be credited to such account, and (b) directly or
                  indirectly received any proceeds or other benefit from such redemption; or</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z596bb267723346be9be63cafab43c998" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 22.5pt; vertical-align: top; align: right;">(3)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any redemption of shares issued by an Investment Company where the proceeds of such redemption were requested (i) to be paid or made payable to other than an Authorized Recipient or an Authorized Bank Account or (ii) to be sent to
                  other than an Authorized Address;</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z33b44b83d5b3471bab2e5e2aae111bb2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 22.5pt; vertical-align: top; align: right;">(4)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the intentional failure to adhere to one or more Phone/Electronic Transaction Security Procedures; or</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z67e6f4be146d496ea80a03d88cf81195" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 22.5pt; vertical-align: top; align: right;">(5)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a Phone/Electronic Transaction request transmitted by electronic mail or transmitted by any method not subject to the Phone/Electronic Transaction Security Procedures; or</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="zcbb2e7889de644aabef339c44cc406c5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 22.5pt; vertical-align: top; align: right;">(6)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the failure or circumvention of any physical or electronic protection device, including any firewall, that imposes restrictions on the flow of electronic traffic in or out of any Computer System.</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">This Insuring Agreement I does not cover loss covered under Insuring Agreement A, &#8220;Fidelity&#8221; or Insuring Agreement J, &#8220;Computer Security&#8221;.</div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div style="text-align: center; font-weight: bold;">GENERAL AGREEMENTS</div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="za05320ce91174c72802560c2881ed3f2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt; vertical-align: top; align: right; font-weight: bold;">A.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">ADDITIONAL OFFICES OR EMPLOYEES&#8212;CONSOLIDATION OR MERGER&#8212;NOTICE</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z8ae2971ba30a401ebdaf969c8551bf78" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">1.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Except as provided in paragraph 2 below, this Bond shall apply to any additional office(s) established by the Insured during the Bond Period and to all Employees during the Bond Period, without the need to give notice thereof or pay
                  additional premiums to the Underwriter for the Bond Period.</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z31cd1e54bab040da8ef5abbdbd65e366" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">2.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>If during the Bond Period an Insured Investment Company shall merge or consolidate with an institution in which such Insured is the surviving entity, or purchase substantially all the assets or capital stock of another institution, or
                  acquire or create a separate investment portfolio, and shall within sixty (60) days notify the Underwriter thereof, then this Bond shall automatically apply to the Property and Employees resulting from such merger, consolidation,
                  acquisition or creation from the date thereof; provided, that the Underwriter may make such coverage contingent upon the payment of an additional premium.</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z0b28692ebe2a4c349b258cdc2588f1c9" class="DSPFListTable">

              <tr style="vertical-align: top;">
                <td style="vertical-align: top; width: 20pt;">
                  <div style="text-align: left;"><font style="font-weight: bold;">B.&#160;&#160;&#160;&#160;&#160;&#160; <br>
                    </font></div>
                </td>
                <td style="align: left; vertical-align: top; width: auto;">
                  <div style="text-align: left;"><font style="font-weight: bold;">WARRANTY</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">No statement made by or on behalf of the Insured, whether contained in the Application or otherwise, shall be deemed to be an absolute warranty, but only a
          warranty that such statement is true to the best of the knowledge of the person responsible for such statement.</div>
        <div style="text-align: justify; margin-left: 27pt;"> <br>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">5</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div><br>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="zdc1f838f285940668265c54edcaeec46" class="DSPFListTable">

              <tr style="vertical-align: top;">
                <td style="vertical-align: top; width: 20pt;">
                  <div style="text-align: left;"><font style="font-weight: bold;">C.&#160;&#160;&#160;&#160;&#160;&#160; <br>
                    </font></div>
                </td>
                <td style="align: left; vertical-align: top; width: auto;">
                  <div style="text-align: left;"><font style="font-weight: bold;">COURT COSTS AND ATTORNEYS&#8217; FEES</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">The Underwriter will indemnify the Insured against court costs and reasonable attorneys&#8217; fees incurred and paid by the Insured in defense of any legal proceeding
          brought against the Insured seeking recovery for any loss which, if established against the Insured, would constitute a loss covered under the terms of this Bond; provided, however, that with respect to Insuring Agreement A this indemnity shall
          apply only in the event that:</div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="zd0fa740502054105980734ee64a0a04a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">1.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>an Employee admits to having committed or is adjudicated to have committed a Dishonest or Fraudulent Act which caused the loss; or</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z79aa4c2e85d744489f6137fb5d54fe41" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">2.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in the absence of such an admission or adjudication, an arbitrator or arbitrators acceptable to the Insured and the Underwriter concludes, after a review of an agreed statement of facts, that an Employee has committed a Dishonest or
                  Fraudulent Act which caused the loss.</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">The Insured shall promptly give notice to the Underwriter of any such legal proceeding and upon request shall furnish the Underwriter with copies of all pleadings
          and other papers therein. At the Underwriter&#8217;s election the Insured shall permit the Underwriter to conduct the defense of such legal proceeding in the Insured&#8217;s name, through attorneys of the Underwriter&#8217;s selection. In such event, the Insured
          shall give all reasonable information and assistance which the Underwriter shall deem necessary to the proper defense of such legal proceeding.</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">If the amount of the Insured&#8217;s liability or alleged liability in any such legal proceeding is greater than the amount which the Insured would be entitled to
          recover under this Bond (other than pursuant to this General Agreement C), or if a Deductible Amount is applicable, or both, the indemnity liability of the Underwriter under this General Agreement C is limited to the proportion of court costs and
          attorneys&#8217; fees incurred and paid by the Insured or by the Underwriter that the amount which the Insured would be entitled to recover under this Bond (other than pursuant to this General Agreement C) bears to the sum of such amount plus the
          amount which the Insured is not entitled to recover. Such indemnity shall be in addition to the Limit of Liability for the applicable Insuring Agreement.</div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z89d38b985c1d400fbb330558a82236f7" class="DSPFListTable">

              <tr style="vertical-align: top;">
                <td style="vertical-align: top; width: 20pt;">
                  <div style="text-align: left;"><font style="font-weight: bold;">D.&#160;&#160;&#160;&#160;&#160;&#160; <br>
                    </font></div>
                </td>
                <td style="align: left; vertical-align: top; width: auto;">
                  <div style="text-align: left;"><font style="font-weight: bold;">INTERPRETATION</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27.35pt;">This Bond shall be interpreted with due regard to the purpose of fidelity bonding under Rule 17g-1 under the Investment Company Act of 1940 (i.e., to protect
          innocent third parties from harm) and to the structure of the investment management industry (in which a loss of Property resulting from a cause described in any Insuring Agreement ordinarily gives rise to a potential legal liability on the part
          of the Insured), such that the term &#8220;loss&#8221; as used herein shall include an Insured&#8217;s legal liability for direct compensatory damages resulting directly from a misappropriation, or measurable diminution in value, of Property.</div>
        <div><br>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">6</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div><br>
        <div><br>
        </div>
        <div style="text-align: center; font-weight: bold;">THIS BOND, INCLUDING THE FOREGOING INSURING AGREEMENTS<br>
          AND GENERAL AGREEMENTS, IS SUBJECT TO THE FOLLOWING<br>
          PROVISIONS, CONDITIONS AND LIMITATIONS:</div>
        <div><br>
        </div>
        <div style="text-align: justify; font-weight: bold;">SECTION 1. DEFINITIONS</div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: -18pt; margin-left: 18pt;">The following terms used in this Bond shall have the meanings stated in this Section:</div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zb02502d72ced4e30b6cd3acd38b0d75f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div style="font-weight: bold;">A.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-weight: bold;">&#8220;Alteration&#8221;</font> means the marking, changing or altering in a material way of the terms, meaning or legal effect of a document with the intent to deceive.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z435c258094c1470e8af0e35e0779f73b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div style="font-weight: bold;">B.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-weight: bold;">&#8220;Application&#8221;</font> means the Insured&#8217;s application (and any attachments and materials submitted in connection therewith) furnished to the Underwriter for this Bond.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="za0d68188f07d4228b04c5eda155b193b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div style="font-weight: bold;">C.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-weight: bold;">&#8220;Authorized Address&#8221;</font> means (1) any Officially Designated address to which redemption proceeds may be sent, (2) any address designated in writing (not to include
                    Electronic Transmission) by the Shareholder of Record and received by the Insured at least one (1) day prior to the effective date of such designation, or (3) any address designated by voice over the telephone or by Electronic
                    Transmission by the Shareholder of Record at least 15 days prior to the effective date of such designation.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z8d4b4b1b5c7344a4b7e814de3e352e90" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div style="font-weight: bold;">D.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-weight: bold;">&#8220;Authorized Bank Account&#8221;</font> means any Officially Designated bank account to which redemption proceeds may be sent.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z490d7c16e2754b91a90843dc7033bc97" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div style="font-weight: bold;">E.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-weight: bold;">&#8220;Authorized Recipient&#8221;</font> means (1) the Shareholder of Record, or (2) any other Officially Designated person to whom redemption proceeds may be sent.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zeb61d1715c774b4aad995defbbd3f6d3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div style="font-weight: bold;">F.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-weight: bold;">&#8220;Computer System&#8221;</font> means (1) computers with related peripheral components, including storage components, (2) systems and applications software, (3) terminal devices,
                    (4) related communications networks or customer communication systems, and (5) related electronic funds transfer systems; by which data or monies are electronically collected, transmitted, processed, stored or retrieved.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z783cd8562f8b4cc78f93848951da6621" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div style="font-weight: bold;">G.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-weight: bold;">&#8220;Counterfeit&#8221;</font> means a Written imitation of an actual valid Original which is intended to deceive and to be taken as the Original.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z6ff2aef1991b4e9c87b5726649082293" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div style="font-weight: bold;">H.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-weight: bold;">&#8220;Cryptocurrency&#8221;</font> means a digital or electronic medium of exchange, operating independently of a central bank, in which encryption techniques are used to regulate
                    generation of units and to verify transfer of units from one person to another.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z109e8c1abff443f4b5c49234513c9af8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div style="font-weight: bold;">I.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-weight: bold;">&#8220;Currency&#8221;</font> means a medium of exchange in current use authorized or adopted by a domestic or foreign government as part of its official currency.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zc20f21b2ca7a49aaabf511f350bfcacb" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div style="font-weight: bold;">J.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-weight: bold;">&#8220;Deductible Amount&#8221;</font> means, with respect to any Insuring Agreement, the amount set forth under the heading &#8220;Deductible Amount&#8221; in Item 3 of the Declarations or in
                    any Rider for such Insuring Agreement, applicable to each Single Loss covered by such Insuring Agreement.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zf8c2f2de444c419f904e2f6ab40ac44a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div style="font-weight: bold;">K.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-weight: bold;">&#8220;Depository&#8221;</font> means any &#8220;securities depository&#8221; (other than any foreign securities depository) in which an Investment Company may deposit its Securities in
                    accordance with Rule 17f-4 under the Investment Company Act of 1940.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">7</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z1274a15fdc574010b88c3bb3f3e5653f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div style="font-weight: bold;">L.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-weight: bold;">&#8220;Dishonest or Fraudulent Act&#8221;</font> means any dishonest or fraudulent act, including &#8220;larceny and embezzlement&#8221; as defined in Section 37 of the Investment Company Act of
                    1940, committed with the conscious manifest intent (1) to cause the Insured to sustain a loss and (2) to obtain an improper financial benefit for the perpetrator or any other person or entity. A Dishonest or Fraudulent Act does not mean
                    or include a reckless act, a negligent act, or a grossly negligent act. As used in this definition, &#8220;improper financial benefit&#8221; does not include any employee benefits received in the course of employment, including salaries,
                    commissions, fees, bonuses, promotions, awards, profit sharing or pensions.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zd2453fd815e24865923e4207a502d451" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div style="font-weight: bold;">M.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-weight: bold;">&#8220;Electronic Transmission&#8221;</font> means any transmission effected by electronic means, including but not limited to a transmission effected by telephone tones,
                    Telefacsimile, wireless device, or over the Internet.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zd766cf48eb764b7c875dff62ed05dcd1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div style="font-weight: bold;">N.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-weight: bold;">&#8220;Employee&#8221;</font> means:</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="zf2efbc76401545cd9e027cf557bb21a0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 22.5pt; vertical-align: top; align: right;">(1)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>each officer, director, trustee, partner or employee of the Insured, and</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z2a29f265ad3c4fa085cfc8312a8ee198" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 22.5pt; vertical-align: top; align: right;">(2)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>each officer, director, trustee, partner or employee of any predecessor of the Insured whose principal assets are acquired by the Insured by consolidation or merger with, or purchase of assets or capital stock of, such predecessor, and</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z74a715023c844fd5852ea39fa163b4cb" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 22.5pt; vertical-align: top; align: right;">(3)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>each attorney performing legal services for the Insured and each employee of such attorney or of the law firm of such attorney while performing services for the Insured, and</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z538f596509cf449a9185f428548d85db" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 22.5pt; vertical-align: top; align: right;">(4)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>each student who is an authorized intern of the Insured, while in any of the Insured&#8217;s offices, and</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z209758311ffa4c5999bdad4ef742aeff" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 22.5pt; vertical-align: top; align: right;">(5)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>each officer, director, trustee, partner or employee of</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z3e168e0f8e6742068bc24045da7a2ffb" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 27pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>an investment adviser,</div>
              </td>
            </tr>

        </table>
        <table cellspacing="0" cellpadding="0" id="z36991ed32a39460ab7ad26374a0a2ec6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 27pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>an underwriter (distributor),</div>
              </td>
            </tr>

        </table>
        <table cellspacing="0" cellpadding="0" id="z5b033cf43c604c6babc16afc906310b4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 27pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a transfer agent or shareholder accounting recordkeeper, or</div>
              </td>
            </tr>

        </table>
        <table cellspacing="0" cellpadding="0" id="z6d8dc08fbda04311aa10e976bb8f9446" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 27pt; vertical-align: top; align: right;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>an administrator authorized by written agreement to keep financial and/or other required records,</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 54pt;">for an Investment Company named as an Insured, BUT ONLY while (i) such officer, partner or employee is performing acts coming within the scope of the usual duties
          of an officer or employee of an Insured, or (ii) such officer, director, trustee, partner or employee is acting as a member of any committee duly elected or appointed to examine or audit or have custody of or access to the Property of the
          Insured, or (iii) such director or trustee (or anyone acting in a similar capacity) is acting outside the scope of the usual duties of a director or trustee; PROVIDED, that the term &#8220;Employee&#8221; shall not include any officer, director, trustee,
          partner or employee of a transfer agent, shareholder accounting recordkeeper or administrator (x) which is not an &#8220;affiliated person&#8221; (as defined in Section 2(a) of the Investment Company Act of 1940) of an Investment Company named as an Insured
          or of the adviser or underwriter of such Investment Company, or (y) which is a &#8220;Bank&#8221; (as defined in Section 2(a) of the Investment Company Act of 1940), and</div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z5e1ea95a69d9408bb74c7367dcd7980b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 22.5pt; vertical-align: top; align: right;">(6)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>each individual assigned, by contract or by any agency furnishing temporary personnel, in either case on a contingent or part-time basis, to perform the usual duties of an employee in any office of the Insured, and</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div><br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">8</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="zc9cacc43c63d471fa73d7df689254b4f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 22.5pt; vertical-align: top; align: right;">(7)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>each individual assigned to perform the usual duties of an employee or officer of any entity authorized by written agreement with the Insured to perform services as electronic data processor of checks or other accounting records of the
                  Insured, but excluding a processor which acts as transfer agent or in any other agency capacity for the Insured in issuing checks, drafts or securities, unless included under subsection (5) hereof, and</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z875ff6b84d9b44e18640d0b9653037cc" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 22.5pt; vertical-align: top; align: right;">(8)</td>
              <td style="width: auto; vertical-align: top;">
                <div>each officer, partner or employee of</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z91896c0c9ccd4e9dbbfbf14796037b39" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 49.5pt;"><br>
              </td>
              <td style="width: 22.5pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top;">
                <div>any Depository or Exchange,</div>
              </td>
            </tr>

        </table>
        <table cellspacing="0" cellpadding="0" id="ze57239e3dc5248ab9831fa3912a4c3fb" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 49.5pt;"><br>
              </td>
              <td style="width: 22.5pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any nominee in whose name is registered any Security included in the systems for the central handling of securities established and maintained by any Depository, and</div>
              </td>
            </tr>

        </table>
        <table cellspacing="0" cellpadding="0" id="z5483218f9ed245188a4c9e19cb5649bf" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 49.5pt;"><br>
              </td>
              <td style="width: 22.5pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any recognized service company which provides clerks or other personnel to any Depository or Exchange on a contract basis,</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="margin-left: 49.5pt;">while such officer, partner or employee is performing services for any Depository in the operation of systems for the central handling of securities, and</div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z9b1e2e2b88734470a0bad7d22bdd501b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 22.5pt; vertical-align: top; align: right;">(9)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in the case of an Insured which is an &#8220;employee benefit plan&#8221; (as defined in Section 3 of the Employee Retirement Income Security Act of 1974 (&#8220;ERISA&#8221;)) for officers, directors or employees of another Insured (&#8220;In-House Plan&#8221;), any
                  &#8220;fiduciary&#8221; or other &#8220;plan official&#8221; (within the meaning of Section 412 of ERISA) of such In-House Plan, provided that such fiduciary or other plan official is a director, partner, officer, trustee or employee of an Insured (other than an
                  In-House Plan).</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">Each employer of temporary personnel and each entity referred to in subsections (6) and (7) and their respective partners, officers and employees shall
          collectively be deemed to be one person for all the purposes of this Bond.</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">Brokers, agents, independent contractors, or representatives of the same general character shall not be considered Employees, except as provided in subsections
          (3), (6), and (7).</div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zc9549ec567ce4875b6e7c2b6ceaa269e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div style="font-weight: bold;">O.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-weight: bold;">&#8220;Exchange&#8221;</font> means any national securities exchange registered under the Securities Exchange Act of 1934.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z66f597eb861542368f669a07466748a0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div style="font-weight: bold;">P.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-weight: bold;">&#8220;Forgery&#8221;</font> means the physical signing on a document of the name of another person with the intent to deceive. A Forgery may be by means of mechanically reproduced
                    facsimile signatures as well as handwritten signatures. Forgery does not include the signing of an individual&#8217;s own name, regardless of such individual&#8217;s authority, capacity or purpose.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z25a6f580bf12499380febfc75c306c33" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div style="font-weight: bold;">Q.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-weight: bold;">&#8220;Items of Deposit&#8221;</font> means one or more checks or drafts.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="ze75fb6720410436eaf3c546c454c5327" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div style="font-weight: bold;">R.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-weight: bold;">&#8220;Investment Company&#8221;</font> or <font style="font-weight: bold;">&#8220;Fund&#8221;</font> means an investment company registered under the Investment Company Act of 1940.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z0ef9bc3284724dddba84f2baceb628dc" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div style="font-weight: bold;">S.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-weight: bold;">&#8220;Limit of Liability&#8221;</font> means, with respect to any Insuring Agreement, the limit of liability of the Underwriter for any Single Loss covered by such Insuring Agreement
                    as set forth under the heading &#8220;Limit of Liability&#8221; in Item 3 of the Declarations or in any Rider for such Insuring Agreement.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z0ea5db308e45428eb364b4e590053b19" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div style="font-weight: bold;">T.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-weight: bold;">&#8220;Mysterious Disappearance&#8221;</font> means any disappearance of Property which, after a reasonable investigation has been conducted, cannot be explained.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">9</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z08265147895043d29e352ca579aa8837" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div style="font-weight: bold;">U.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-weight: bold;">&#8220;Non-Fund&#8221;</font> means any corporation, business trust, partnership, trust or other entity which is not an Investment Company.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="za7f3ddffe947496d963effda34ef0289" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div style="font-weight: bold;">V.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-weight: bold;">&#8220;Officially Designated&#8221;</font> means designated by the Shareholder of Record:</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z138942e5ecf6449bb888cf98a55d4f84" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27.35pt;"><br>
              </td>
              <td style="width: 22.15pt; vertical-align: top; align: right;">(1)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in the initial account application,</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z25a70aaf7fde4d6ebec93d5e739d387b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27.35pt;"><br>
              </td>
              <td style="width: 22.15pt; vertical-align: top; align: right;">(2)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in writing accompanied by a signature guarantee, or</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="za9eddafc648847d5b1e78ca680a95d97" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27.35pt;"><br>
              </td>
              <td style="width: 22.15pt; vertical-align: top; align: right;">(3)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in writing or by Electronic Transmission, where such designation is verified via a callback to the Shareholder of Record by the Insured at a predetermined telephone number provided by the Shareholder of Record to the Insured in writing
                  at least 30 days prior to such callback.</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z695eee9dd71649cc916ef8c6837b4dd3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div style="font-weight: bold;">W.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-weight: bold;">&#8220;Original&#8221;</font> means the first rendering or archetype and does not include photocopies or electronic transmissions even if received and printed.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="ze8d6a5c6ab954d82b1c60250adc537fb" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div style="font-weight: bold;">X.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-weight: bold;">&#8220;Phone/Electronic Transaction&#8221;</font> means any (1) redemption of shares issued by an Investment Company, (2) election concerning dividend options available to Fund
                    shareholders, (3) exchange of shares in a registered account of one Fund into shares in an identically registered account of another Fund in the same complex pursuant to exchange privileges of the two Funds, or (4) purchase of shares
                    issued by an Investment Company, which redemption, election, exchange or purchase is requested by voice over the telephone or through an Electronic Transmission.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z172e226758c54a91b54cdcb551c894a2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div style="font-weight: bold;">Y.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-weight: bold;">&#8220;Phone/Electronic Transaction Security Procedures&#8221;</font> means security procedures for Phone/<br>
                    Electronic Transactions as set forth in the Application and/or as otherwise provided in writing to the Underwriter.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z7e1bfa0bfd374bc9bcb13e93f6188647" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div style="font-weight: bold;">Z.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-weight: bold;">&#8220;Property&#8221;</font> means the following tangible items: money, postage and revenue stamps, precious metals, Securities, bills of exchange, acceptances, checks, drafts, or
                    other written orders or directions to pay sums certain in money, certificates of deposit, due bills, money orders, letters of credit, financial futures contracts, conditional sales contracts, abstracts of title, insurance policies,
                    deeds, mortgages, and assignments of any of the foregoing, and other valuable papers, including books of account and other records used by the Insured in the conduct of its business, and all other instruments similar to or in the nature
                    of the foregoing (but excluding all data processing records), (1) in which the Insured has a legally cognizable interest, (2) in which the Insured acquired or should have acquired such an interest by reason of a predecessor&#8217;s declared
                    financial condition at the time of the Insured&#8217;s consolidation or merger with, or purchase of the principal assets of, such predecessor or (3) which are held by the Insured for any purpose or in any capacity.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z72394321c57a47c98b8e94de28bc4335" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div style="font-weight: bold;">AA.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-weight: bold;">&#8220;Securities&#8221;</font> means original negotiable or non-negotiable agreements or instruments which represent an equitable or legal interest, ownership or debt (including
                    stock certificates, bonds, promissory notes, and assignments thereof), which are in the ordinary course of business transferable by physical delivery with appropriate endorsement or assignment. &#8220;Securities&#8221; does not include bills of
                    exchange, acceptances, certificates of deposit, checks, drafts, or other written orders or directions to pay sums certain in money, due bills, money orders, or letters of credit.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z5dca3db7bde4491c9197317834251e43" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div style="font-weight: bold;">BB.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-weight: bold;">&#8220;Security Company&#8221;</font> means an entity which provides or purports to provide the transport of Property by secure means, including, without limitation, by use of armored
                    vehicles or guards.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">10</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zaae5e2cd1d1d4dc3ab391dea901dbd93" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div style="font-weight: bold;">CC.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-weight: bold;">&#8220;Self-Regulatory Organization&#8221;</font> means any association of investment advisers or securities dealers registered under the federal securities laws, or any Exchange.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z3454bb736c944512a2d1237793d0239b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div style="font-weight: bold;">DD.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-weight: bold;">&#8220;Shareholder of Record&#8221;</font> means the record owner of shares issued by an Investment Company or, in the case of joint ownership of such shares, all record owners, as
                    designated (1) in the initial account application, or (2) in writing accompanied by a signature guarantee, or (3) pursuant to procedures as set forth in the Application and/or as otherwise provided in writing to the Underwriter.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z7245907cede24643abba735d1cbec940" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div style="font-weight: bold;">EE.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-weight: bold;">&#8220;Single Loss&#8221;</font> means:</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z7618f5be15f640a797ffe5f911e8c177" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27.35pt;"><br>
              </td>
              <td style="width: 22.15pt; vertical-align: top; align: right;">(1)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>all loss&#160; caused by any one act (other than a Dishonest or Fraudulent Act) committed by one person, or</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z2274c356523e450cb3a8f07e0fc85b5f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27.35pt;"><br>
              </td>
              <td style="width: 22.15pt; vertical-align: top; align: right;">(2)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>all loss caused by Dishonest or Fraudulent Acts committed by one person, or</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z0dd8e50e72054ffd8017072b01681769" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27.35pt;"><br>
              </td>
              <td style="width: 22.15pt; vertical-align: top; align: right;">(3)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>all expenses incurred with respect to any one audit or examination, or</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="za1a6de17b92b4d669bc12ffb09fd24f0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27.35pt;"><br>
              </td>
              <td style="width: 22.15pt; vertical-align: top; align: right;">(4)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>all loss caused by any one occurrence or event other than those specified in subsections (1)&#160;through (3) above.</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">All acts or omissions of one or more persons which directly or indirectly aid or, by failure to report or otherwise, permit the continuation of an act referred to
          in subsections (1) and (2) above of any other person shall be deemed to be the acts of such other person for purposes of this subsection.</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">All acts or occurrences or events which have as a common nexus any fact, circumstance, situation, transaction or series of facts, circumstances, situations, or
          transactions shall be deemed to be one act, one occurrence, or one event.</div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zbf8747f39f5e4dd9be03012ac3531ed9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div style="font-weight: bold;">FF.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-weight: bold;">&#8220;Telefacsimile&#8221;</font> means a system of transmitting and reproducing fixed graphic material (as, for example, printing) by means of signals transmitted over telephone
                    lines or over the Internet.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z9b320a57c0e641e48bc51f368f0d914f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div style="font-weight: bold;">GG.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-weight: bold;">&#8220;Written&#8221;</font> means expressed through letters or marks placed upon paper and visible to the eye.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div style="text-align: justify; font-weight: bold;">SECTION 2. EXCLUSIONS</div>
        <div><br>
        </div>
        <div style="text-align: justify;">THIS BOND DOES NOT COVER:</div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="zddc8d0ea7fe24fa49cbd1a67ac887d7c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt; vertical-align: top; align: right;">A.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Loss resulting from (1) riot or civil commotion outside the United States of America and Canada, or (2) war, revolution, insurrection, action by armed forces, or usurped power, wherever occurring; except if such loss occurs while the
                  Property is in transit, is otherwise covered under Insuring Agreement D, and when such transit was initiated, the Insured or any person initiating such transit on the Insured&#8217;s behalf had no knowledge of such riot, civil commotion, war,
                  revolution, insurrection, action by armed forces, or usurped power.</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z73c8521aa2624a54a4ab1ec766f8b60e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div>B.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;">Loss in time of peace or war resulting from nuclear fission or fusion or radioactivity, or biological or chemical agents or hazards, or fire, smoke, or explosion, or the effects of any of the foregoing.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zcf5bf6c555ee4f108cd140511635183c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div>C.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;">Loss resulting from any Dishonest or Fraudulent Act committed by any person while acting in the capacity of a member of the Board of Directors or any equivalent body of the Insured or of any other entity.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">11</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z0116c53c7b204fd895d3aaef579f5ba3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div>D.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;">Loss resulting from any nonpayment or other default of any loan or similar transaction made by the Insured or any of its partners, directors, officers or employees, whether or not authorized and whether
                    procured in good faith or through a Dishonest or Fraudulent Act, unless such loss is otherwise covered under Insuring Agreement A, E, or F.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z3d39f0c5326c412fa0f29452829bd272" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div>E.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;">Loss resulting from any violation by the Insured or by any Employee of any law, or any rule or regulation pursuant thereto or adopted by a Self-Regulatory Organization, regulating the issuance, purchase
                    or sale of securities, securities transactions upon security exchanges or over the counter markets, Investment Companies, or investment advisers, unless such loss, in the absence of such law, rule or regulation, would be covered under
                    Insuring Agreement A, E, or F.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z48659db9a16d4dfc900eb165c77b9912" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div>F.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;">Loss resulting from Property that is the object of a Dishonest or Fraudulent Act or Mysterious Disappearance while in the custody of any Security Company, unless such loss is covered under this Bond and
                    is in excess of the amount recovered or received by the Insured under (1) the Insured&#8217;s contract with such Security Company, and (2) insurance or indemnity of any kind carried by such Security Company for the benefit of, or otherwise
                    available to, users of its service, in which case this Bond shall cover only such excess, subject to the applicable Limit of Liability and Deductible Amount.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z0d30d1a2307a4a24aefd2ab40060edd0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div>G.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;">Potential income, including but not limited to interest and dividends, not realized by the Insured because of a loss covered under this Bond, except when covered under Insuring Agreement H.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zab5aab9a17cd43ffaf5313ac2cfe64b0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div>H.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;">Loss in the form of (1) damages of any type for which the Insured is legally liable, except direct compensatory damages, or (2) taxes, fines, or penalties, including without limitation two-thirds of
                    treble damage awards pursuant to judgments under any statute or regulation.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z96c6464b688c465cbb0caa0f2c34a85c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div>I.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;">Loss resulting from the surrender of Property away from an office of the Insured as a result of kidnap, ransom, or extortion, or a threat</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z52f1fe475100414dab5df02807d5414e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 22.5pt; vertical-align: top; align: right;">(1)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>to do bodily harm to any person, except where the Property is in transit in the custody of any person acting as messenger as a result of a threat to do bodily harm to such person, if the Insured had no knowledge of such threat at the
                  time such transit was initiated, or</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z983f66e8a932478cb7c00be7ec6ff1a2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 22.5pt; vertical-align: top; align: right;">(2)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>to do damage to the premises or Property of the Insured,</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: -9pt; margin-left: 36pt;">unless such loss is otherwise covered under Insuring Agreement A.</div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z31355dc2e048411e8c798dc5e31775b7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div>J.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;">All costs, fees, and other expenses incurred by the Insured in establishing the existence of or amount of loss covered under this Bond, except to the extent certain audit expenses are covered under
                    Insuring Agreement B.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z93f095011ab74c9187998d0437b33a6a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div>K.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;">Loss resulting from payments made to or withdrawals from any account, involving funds erroneously credited to such account, unless such loss is otherwise covered under Insuring Agreement A.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zcc7f9a47b91948e79622648aea6219da" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div>L.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;">Loss resulting from uncollectible Items of Deposit which are drawn upon a financial institution outside the United States of America, its territories and possessions, or Canada.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z4ecfc259771f49638e87d9534afbdbfc" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div>M.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;">Loss resulting from the Dishonest or Fraudulent Acts or other acts or omissions of an Employee primarily engaged in the sale of shares issued by an Investment Company to persons other than (1) a person
                    registered as a broker under the Securities Exchange Act of 1934 or (2) an &#8220;accredited investor&#8221; as defined in Rule 501(a) of Regulation D under the Securities Act of 1933, which is not an individual.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">12</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z1ed5d41362204bb096579feea1382e60" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div>N.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;">Loss resulting from the use of credit, debit, charge, access, convenience, identification, cash management or other cards, whether such cards were issued or purport to have been issued by the Insured or
                    by anyone else, unless such loss is otherwise covered under Insuring Agreement A.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z7c4c5093913a4040bab5aac799ab2cbf" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div>O.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;">Loss resulting from any purchase, redemption or exchange of securities issued by an Investment Company or other Insured, or any other instruction, request, acknowledgement, notice or transaction involving
                    securities issued by an Investment Company or other Insured or the dividends in respect thereof, when any of the foregoing is requested, authorized or directed or purported to be requested, authorized or directed by voice over the
                    telephone or by Electronic Transmission, unless such loss is otherwise covered under Insuring Agreement A or Insuring Agreement I.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z9ae80fd0ddc94da6858fc0612ae20301" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div>P.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;">Loss resulting from any Dishonest or Fraudulent Act or committed by an Employee as defined in Section 1.N(2), unless such loss (1) could not have been reasonably discovered by the due diligence of the
                    Insured at or prior to the time of acquisition by the Insured of the assets acquired from a predecessor, and (2) arose out of a lawsuit or valid claim brought against the Insured by a person unaffiliated with the Insured or with any
                    person affiliated with the Insured.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z7e28d4195b09415e91466d62d05bf9b4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div>Q.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;">Loss resulting from the unauthorized entry of data into, or the deletion or destruction of data in, or the change of data elements or programs within, any Computer System, unless such loss is otherwise
                    covered under Insuring Agreement A.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z675b6338515a47c9a0293bfb105fc5a6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div>R.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;">Loss resulting from the theft, disappearance, destruction, disclosure, or unauthorized use of confidential or personal information (including, but not limited to, trade secrets, personal shareholder or
                    client information, shareholder or client lists, personally identifiable financial or medical information, intellectual property, or any other type of non-public information), whether such information is owned by the Insured or held by
                    the Insured in any capacity (including concurrently with another person); provided, however, this exclusion shall not apply to loss arising out of the use of such information to support or facilitate the commission of an act otherwise
                    covered by this Bond.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z8bf63224f873432895bd3e3437c2440b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div>S.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;">All costs, fees, and other expenses arising from a data security breach or incident, including, but not limited to, forensic audit expenses, fines, penalties, expenses to comply with federal and state
                    laws and expenses related to notifying affected individuals.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zf674ffc32e85424e82f022d1baca4f57" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div>T.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;">Loss resulting from vandalism or malicious mischief.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z50e4d3e8dad04c09b3c4f2cfbb5b5672" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top; align: right;">
                  <div>U.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;">Loss resulting from the theft, disappearance, or destruction of Cryptocurrency or from the change in value of Cryptocurrency, unless such loss (1) is sustained by any investment company registered under
                    the Investment Company Act of 1940 that is named as an Insured and (2) is otherwise covered under Insuring Agreement A.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div style="text-align: justify; font-weight: bold;">SECTION 3. ASSIGNMENT OF RIGHTS</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">Upon payment to the Insured hereunder for any loss, the Underwriter shall be subrogated to the extent of such payment to all of the Insured&#8217;s rights and claims in
          connection with such loss; provided, however, that the Underwriter shall not be subrogated to any such rights or claims one named Insured under this Bond may have against another named Insured under this Bond. At the request of the Underwriter,
          the Insured shall execute all assignments or other documents and take such action as the Underwriter may deem necessary or desirable to secure and perfect such rights and claims, including the execution of documents necessary to enable the
          Underwriter to bring suit in the name of the Insured.</div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">13</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">Assignment of any rights or claims under this Bond shall not bind the Underwriter without the Underwriter&#8217;s written consent.</div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-weight: bold;">SECTION 4. LOSS</font>&#8212;<font style="font-weight: bold;">NOTICE</font>&#8212;<font style="font-weight: bold;">PROOF</font>&#8212;<font style="font-weight: bold;">LEGAL
            PROCEEDINGS</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">This Bond is for the use and benefit only of the Insured and the Underwriter shall not be liable hereunder to anyone other than the Insured. As soon as practicable
          and not more than sixty (60) days after discovery of any loss covered hereunder, the Insured shall give the Underwriter written notice thereof and, as soon as practicable and within one year after such discovery, shall also furnish to the
          Underwriter affirmative proof of loss with full particulars. The Underwriter may extend the sixty-day notice period or the one-year proof of loss period if the Insured requests an extension and shows good cause therefor.</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">The Insured shall provide the Underwriter with such information, assistance, and cooperation as the Underwriter may reasonably request.</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">See also General Agreement C (Court Costs and Attorneys&#8217; Fees).</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">The Underwriter shall not be liable hereunder for loss of Securities unless each of the Securities is identified in such proof of loss by a certificate or bond
          number or by such identification means as the Underwriter may require. The Underwriter shall have a reasonable period after receipt of a proper affirmative proof of loss within which to investigate the claim, but where the Property is Securities
          and the loss is clear and undisputed, settlement shall be made within forty-eight (48) hours even if the loss involves Securities of which duplicates may be obtained.</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">The Insured shall not bring legal proceedings against the Underwriter to recover any loss hereunder prior to sixty (60) days after filing such proof of loss or
          subsequent to twenty-four (24) months after the discovery of such loss or, in the case of a legal proceeding to recover hereunder on account of any judgment against the Insured in or settlement of any suit mentioned in General Agreement C or to
          recover court costs or attorneys&#8217; fees paid in any such suit, twenty-four (24) months after the date of the final judgment in or settlement of such suit. If any limitation in this Bond is prohibited by any applicable law, such limitation shall be
          deemed to be amended to be equal to the minimum period of limitation permitted by such law.</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">Notice hereunder shall be given to Manager, Professional Liability Claims, ICI Mutual Insurance Company, RRG, 1401 H St. NW, Washington, DC 20005.</div>
        <div><br>
        </div>
        <div style="text-indent: -27pt; margin-left: 27pt; font-weight: bold;">SECTION 5. DISCOVERY</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">For all purposes under this Bond, a loss is discovered, and discovery of a loss occurs, when the Insured</div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z8145168189a64cc19fb390a2b7b48109" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 22.5pt; vertical-align: top; align: right;">(1)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>becomes aware of facts, or</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z61da2c1ea2074fd79333ba99626b7b7e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 22.5pt; vertical-align: top; align: right;">(2)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>receives notice of an actual or potential claim by a third party which alleges that the Insured is liable under circumstances,</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">which would cause a reasonable person to assume that a loss of a type covered by this Bond has been or is likely to be incurred, regardless of when the act or acts
          causing or contributing to such loss occurred, even though the exact amount or details of the loss may not be known.</div>
        <div><br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">14</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div style="text-indent: -27pt; margin-left: 27pt; font-weight: bold;">SECTION 6. VALUATION OF PROPERTY</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">For the purpose of determining the amount of any loss hereunder, the value of any Property shall be the market value of such Property at the close of business on
          the first business day before the discovery of such loss; except that</div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z4d0a00b5d46c4e9fbd2cde2836e726d1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 22.5pt; vertical-align: top; align: right;">(1)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the value of any Property replaced by the Insured prior to the payment of a claim therefor shall be the actual market value of such Property at the time of replacement, but not in excess of the market value of such Property on the
                  first business day before the discovery of the loss of such Property;</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="za262de030e9d488cb73644a8ce4b850b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 22.5pt; vertical-align: top; align: right;">(2)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the value of Securities which must be produced to exercise subscription, conversion, redemption or deposit privileges shall be the market value of such privileges immediately preceding the expiration thereof if the loss of such
                  Securities is not discovered until after such expiration, but if there is no quoted or other ascertainable market price for such Property or privileges referred to in clauses (1) and (2), their value shall be fixed by agreement between
                  the parties or by arbitration before an arbitrator or arbitrators acceptable to the parties; and</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="zc07e014b3b924a79ba6b096527355586" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 22.5pt; vertical-align: top; align: right;">(3)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the value of books of accounts or other records used by the Insured in the conduct of its business shall be limited to the actual cost of blank books, blank pages or other materials if the books or records are reproduced plus the cost
                  of labor for the transcription or copying of data furnished by the Insured for reproduction.</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-indent: -27pt; margin-left: 27pt; font-weight: bold;">SECTION 7. LOST SECURITIES</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">The maximum liability of the Underwriter hereunder for lost Securities shall be the payment for, or replacement of, such Securities having an aggregate value not
          to exceed the applicable Limit of Liability. If the Underwriter shall make payment to the Insured for any loss of Securities, the Insured shall assign to the Underwriter all of the Insured&#8217;s right, title and interest in and to such Securities. In
          lieu of such payment, the Underwriter may, at its option, replace such lost Securities, and in such case the Insured shall cooperate to effect such replacement. To effect the replacement of lost Securities, the Underwriter may issue or arrange
          for the issuance of a lost instrument bond. If the value of such Securities does not exceed the applicable Deductible Amount (at the time of the discovery of the loss), the Insured will pay the usual premium charged for the lost instrument bond
          and will indemnify the issuer of such bond against all loss and expense that it may sustain because of the issuance of such bond.</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">If the value of such Securities exceeds the applicable Deductible Amount (at the time of discovery of the loss), the Insured will pay a proportion of the usual
          premium charged for the lost instrument bond, equal to the percentage that the applicable Deductible Amount bears to the value of such Securities upon discovery of the loss, and will indemnify the issuer of such bond against all loss and expense
          that is not recovered from the Underwriter under the terms and conditions of this Bond, subject to the applicable Limit of Liability.</div>
        <div><br>
        </div>
        <div style="text-indent: -27pt; margin-left: 27pt; font-weight: bold;">SECTION 8. SALVAGE</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">If any recovery is made, whether by the Insured or the Underwriter, on account of any loss within the applicable Limit of Liability hereunder, the Underwriter
          shall be entitled to the full amount of such recovery to reimburse the Underwriter for all amounts paid hereunder with respect to such loss. If any recovery is made, whether by the Insured or the Underwriter, on account of any loss in excess of
          the applicable Limit of Liability hereunder plus the Deductible Amount applicable to such loss from any source other than suretyship, insurance, reinsurance, security or indemnity taken by or for the benefit of the Underwriter, the amount of such
          recovery, net of the actual costs and expenses of recovery, shall </div>
        <div style="text-align: justify; margin-left: 27pt;"> <br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;"> <br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">15</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div style="text-align: justify; margin-left: 27pt;"> <br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">be applied to reimburse the Insured in full for the portion of such loss in excess of such Limit of Liability, and the remainder, if any, shall be paid first to
          reimburse the Underwriter for all amounts paid hereunder with respect to such loss and then to the Insured to the extent of the portion of such loss within the Deductible Amount. The Insured shall execute all documents which the Underwriter deems
          necessary or desirable to secure to the Underwriter the rights provided for herein.</div>
        <div><br>
        </div>
        <div>
          <div style="font-weight: bold;">SECTION 9. NON-REDUCTION AND NON-ACCUMULATION OF LIABILITY AND TOTAL LIABILITY</div>
        </div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">Prior to its termination, this Bond shall continue in force up to the Limit of Liability for each Insuring Agreement for each Single Loss, notwithstanding any
          previous loss (other than such Single Loss) for which the Underwriter may have paid or be liable to pay hereunder; PROVIDED, however, that regardless of the number of years this Bond shall continue in force and the number of premiums which shall
          be payable or paid, the liability of the Underwriter under this Bond with respect to any Single Loss shall be limited to the applicable Limit of Liability irrespective of the total amount of such Single Loss and shall not be cumulative in amounts
          from year to year or from period to period.</div>
        <div><br>
        </div>
        <div>
          <div style="font-weight: bold;">SECTION 10. MAXIMUM LIABILITY OF UNDERWRITER; OTHER BONDS OR POLICIES</div>
        </div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">The maximum liability of the Underwriter for any Single Loss covered by any Insuring Agreement under this Bond shall be the Limit of Liability applicable to such
          Insuring Agreement, subject to the applicable Deductible Amount and the other provisions of this Bond. Recovery for any Single Loss may not be made under more than one Insuring Agreement. If any Single Loss covered under this Bond is recoverable
          or recovered in whole or in part because of an unexpired discovery period under any other bonds or policies issued by the Underwriter to the Insured or to any predecessor in interest of the Insured, the maximum liability of the Underwriter shall
          be the greater of either (1) the applicable Limit of Liability under this Bond, or (2) the maximum liability of the Underwriter under such other bonds or policies.</div>
        <div><br>
        </div>
        <div>
          <div>
            <div style="text-align: justify;"><font style="font-weight: bold;">SECTION </font><font style="font-weight: bold;">11.</font> <font style="font-weight: bold;">OTHER INSURANCE</font></div>
          </div>
        </div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">Notwithstanding anything to the contrary herein, if any loss covered by this Bond shall also be covered by other insurance or suretyship for the benefit of the
          Insured, the Underwriter shall be liable hereunder only for the portion of such loss in excess of the amount recoverable under such other insurance or suretyship, but not exceeding the applicable Limit of Liability of this Bond.</div>
        <div><br>
        </div>
        <div>
          <div style="font-weight: bold;">SECTION 12. DEDUCTIBLE AMOUNT</div>
        </div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">The Underwriter shall not be liable under any Insuring Agreement unless the amount of the loss covered thereunder, after deducting the net amount of all
          reimbursement and/or recovery received by the Insured with respect to such loss (other than from any other bond, suretyship or insurance policy or as an advance by the Underwriter hereunder) shall exceed the applicable Deductible Amount; in such
          case the Underwriter shall be liable only for such excess, subject to the applicable Limit of Liability and the other terms of this Bond.</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">No Deductible Amount shall apply to any loss covered under Insuring Agreement A sustained by any Investment Company named as an Insured.</div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">16</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div><br>
        </div>
        <div>
          <div style="font-weight: bold;">SECTION 13. TERMINATION</div>
        </div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">The Underwriter may terminate this Bond as to any Insured or all Insureds only by written notice to such Insured or Insureds and, if this Bond is terminated as to
          any Investment Company, to each such Investment Company terminated thereby and to the Securities and Exchange Commission, Washington, D.C., in all cases not less than sixty (60) days prior to the effective date of termination specified in such
          notice.</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">The Insured may terminate this Bond only by written notice to the Underwriter not less than sixty (60) days prior to the effective date of the termination
          specified in such notice. Notwithstanding the foregoing, when the Insured terminates this Bond as to any Investment Company, the effective date of termination shall be not less than sixty (60) days from the date the Underwriter provides written
          notice of the termination to each such Investment Company terminated thereby and to the Securities and Exchange Commission, Washington, D.C.</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">This Bond will terminate as to any Insured that is a Non-Fund immediately and without notice upon (1)&#160;the takeover of such Insured&#8217;s business by any State or
          Federal official or agency, or by any receiver or liquidator, or (2) the filing of a petition under any State or Federal statute relative to bankruptcy or reorganization of the Insured, or assignment for the benefit of creditors of the Insured.</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">Premiums are earned until the effective date of termination. The Underwriter shall refund the unearned premium computed at short rates in accordance with the
          Underwriter&#8217;s standard short rate cancellation tables if this Bond is terminated by the Insured or pro rata if this Bond is terminated by the Underwriter.</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">Upon the detection by any Insured that an Employee has committed any Dishonest or Fraudulent Act(s), the Insured shall immediately remove such Employee from a
          position that may enable such Employee to cause the Insured to suffer a loss by any subsequent Dishonest or Fraudulent Act(s). The Insured, within two (2) business days of such detection, shall notify the Underwriter with full and complete
          particulars of the detected Dishonest or Fraudulent Act(s).</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">For purposes of this section, detection occurs when any partner, officer, or supervisory employee of any Insured, who is not in collusion with such Employee,
          becomes aware that the Employee has committed any Dishonest or Fraudulent Act(s).</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">This Bond shall terminate as to any Employee by written notice from the Underwriter to each Insured and, if such Employee is an Employee of an Insured Investment
          Company, to the Securities and Exchange Commission, in all cases not less than sixty (60) days prior to the effective date of termination specified in such notice.</div>
        <div><br>
        </div>
        <div>
          <div style="font-weight: bold;">SECTION 14. RIGHTS AFTER TERMINATION</div>
        </div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">At any time prior to the effective date of termination of this Bond as to any Insured, such Insured may, by written notice to the Underwriter, elect to purchase
          the right under this Bond to an additional period of twelve (12) months within which to discover loss sustained by such Insured prior to the effective date of such termination and shall pay an additional premium therefor as the Underwriter may
          require.</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">Such additional discovery period shall terminate immediately and without notice upon the takeover of such Insured&#8217;s business by any State or Federal official or
          agency, or by any receiver or liquidator. Promptly after such termination the Underwriter shall refund to the Insured any unearned premium.</div>
        <div><br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">17</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">The right to purchase such additional discovery period may not be exercised by any State or Federal official or agency, or by any receiver or liquidator, acting or
          appointed to take over the Insured&#8217;s business.</div>
        <div><br>
        </div>
        <div>
          <div style="font-weight: bold;">SECTION 15. CENTRAL HANDLING OF SECURITIES</div>
        </div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">The Underwriter shall not be liable for loss in connection with the central handling of securities within the systems established and maintained by any Depository
          (&#8220;Systems&#8221;), unless the amount of such loss exceeds the amount recoverable or recovered under any bond or policy or participants&#8217; fund insuring the Depository against such loss (the &#8220;Depository&#8217;s Recovery&#8221;); in such case the Underwriter shall be
          liable hereunder only for the Insured&#8217;s share of such excess loss, subject to the applicable Limit of Liability, the Deductible Amount and the other terms of this Bond.</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">For determining the Insured&#8217;s share of such excess loss, (1) the Insured shall be deemed to have an interest in any certificate representing any security included
          within the Systems equivalent to the interest the Insured then has in all certificates representing the same security included within the Systems; (2) the Depository shall have reasonably and fairly apportioned the Depository&#8217;s Recovery among all
          those having an interest as recorded by appropriate entries in the books and records of the Depository in Property involved in such loss, so that each such interest shall share in the Depository&#8217;s Recovery in the ratio that the value of each such
          interest bears to the total value of all such interests; and (3) the Insured&#8217;s share of such excess loss shall be the amount of the Insured&#8217;s interest in such Property in excess of the amount(s) so apportioned to the Insured by the Depository.</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">This Bond does not afford coverage in favor of any Depository or Exchange or any nominee in whose name is registered any security included within the Systems.</div>
        <div><br>
        </div>
        <div>
          <div style="font-weight: bold;">SECTION 16. ADDITIONAL COMPANIES INCLUDED AS INSURED</div>
        </div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">If more than one entity is named as the Insured:</div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="ze2f3a73bfc044c3b860be042e0717f8d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">A.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the total liability of the Underwriter hereunder for each Single Loss shall not exceed the Limit of Liability which would be applicable if there were only one named Insured, regardless of the number of Insured entities which sustain
                  loss as a result of such Single Loss,</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="zcde0b21fceb249d58e9d36c5d0fca1e8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">B.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the Insured first named in Item 1 of the Declarations shall be deemed authorized to make, adjust, and settle, and receive and enforce payment of, all claims hereunder as the agent of each other Insured for such purposes and for the
                  giving or receiving of any notice required or permitted to be given hereunder; provided, that the Underwriter shall promptly furnish each named Insured Investment Company with (1) a copy of this Bond and any amendments thereto, (2) a copy
                  of each formal filing of a claim hereunder by any other Insured, and (3) notification of the terms of the settlement of each such claim prior to the execution of such settlement,</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z2d65df60078b41928351ce63d5aa6261" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">C.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the Underwriter shall not be responsible or have any liability for the proper application by the Insured first named in Item 1 of the Declarations of any payment made hereunder to the first named Insured,</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z1d04f7f63b1d46d38c7bc6663084cbc3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">D.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>for the purposes of Sections 4 and 13, knowledge possessed or discovery made by any partner, officer or supervisory Employee of any Insured shall constitute knowledge or discovery by every named Insured,</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div><br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">18</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z149deb6ed08c42e796b297be07d71735" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">E.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>if the first named Insured ceases for any reason to be covered under this Bond, then the Insured next named shall thereafter be considered as the first named Insured for the purposes of this Bond, and</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z6b57c7e425b8405bbb8dbcfd4938525d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">F.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>each named Insured shall constitute &#8220;the Insured&#8221; for all purposes of this Bond.</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div>
          <div style="font-weight: bold;">SECTION 17. NOTICE AND CHANGE OF CONTROL</div>
        </div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">Within thirty (30) days after learning that there has been a change in control of an Insured by transfer of its outstanding voting securities the Insured shall
          give written notice to the Underwriter of:</div>
        <table cellspacing="0" cellpadding="0" id="z49f584282c12417d8eb08e535e65424d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">A.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the names of the transferors and transferees (or the names of the beneficial owners if the voting securities are registered in another name), and</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z027a4f302ed7474a8da94f0643417ca6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">B.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the total number of voting securities owned by the transferors and the transferees (or the beneficial owners), both immediately before and after the transfer, and</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z9f8828d97d354e30be45d69c7d3e3503" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">C.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the total number of outstanding voting securities.</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">As used in this Section, &#8220;control&#8221; means the power to exercise a controlling influence over the management or policies of the Insured.</div>
        <div><br>
        </div>
        <div>
          <div style="font-weight: bold;">SECTION 18. CHANGE OR MODIFICATION</div>
        </div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">This Bond may only be modified by written Rider forming a part hereof over the signature of the Underwriter&#8217;s authorized representative. Any Rider which modifies
          the coverage provided by Insuring Agreement A, Fidelity, in a manner which adversely affects the rights of an Insured Investment Company shall not become effective until at least sixty (60) days after the Underwriter has given written notice
          thereof to the Securities and Exchange Commission, Washington, D.C., and to each Insured Investment Company affected thereby.</div>
        <div><br>
        </div>
        <div>
          <div style="font-weight: bold;">SECTION 19. COMPLIANCE WITH APPLICABLE TRADE AND ECONOMIC SANCTIONS</div>
        </div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">This Bond shall not be deemed to provide any coverage, and the Underwriter shall not be required to pay any loss or provide any benefit hereunder, to the extent
          that the provision of such coverage, payment of such loss or provision of such benefit would cause the Underwriter to be in violation of any applicable trade or economic sanctions, laws or regulations, including, but not limited to, any
          sanctions, laws or regulations administered and enforced by the U.S. Department of Treasury Office of Foreign Assets Control (OFAC).</div>
        <div><br>
        </div>
        <div>
          <div style="font-weight: bold;">SECTION 20. ANTI-BUNDLING</div>
        </div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 27pt;">If any Insuring Agreement requires that an enumerated type of document be Counterfeit, or contain a Forgery or Alteration, the Counterfeit, Forgery, or Alteration
          must be on or of the enumerated document itself, not on or of some other document submitted with, accompanying or incorporated by reference into the enumerated document.</div>
        <div><br>
        </div>
        <div style="text-align: justify;">IN WITNESS WHEREOF, the Underwriter has caused this Bond to be executed on the Declarations Page.</div>
        <div><br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">19</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div style="text-align: center; font-size: 18pt; font-weight: bold;">ICI MUTUAL INSURANCE COMPANY,</div>
        <div style="text-align: center; font-size: 18pt; font-weight: bold;">a Risk Retention Group</div>
        <div><br>
        </div>
        <div style="text-align: center; font-weight: bold;">INVESTMENT COMPANY BLANKET BOND</div>
        <div><br>
        </div>
        <div style="text-align: center; font-weight: bold;">RIDER NO. 1</div>
        <div style="text-align: center; font-weight: bold;"> <br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;" id="ze8efa568005946a092d92249a39b5638">

              <tr>
                <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>&#160;</div>
                </td>
                <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>&#160;</div>
                </td>
                <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>
                    <div style="text-align: right; font-weight: bold;"><br>
                    </div>
                  </div>
                </td>
              </tr>
              <tr>
                <td style="width: 33.33%; font-weight: bold;">
                  <div>INSURED</div>
                </td>
                <td style="width: 33.33%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 33.33%;">
                  <div>
                    <div>
                      <div style="text-align: right; font-weight: bold;">&#160;BOND NUMBER</div>
                    </div>
                  </div>
                </td>
              </tr>
              <tr>
                <td style="width: 33.33%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 33.33%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 33.33%;">
                  <div>&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="font-weight: bold;">Guggenheim Funds Trust</div>
                </td>
                <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="font-weight: bold;">&#160;</div>
                </td>
                <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: right; font-weight: bold;">05716120B</div>
                </td>
              </tr>
              <tr>
                <td style="width: 33.33%;">
                  <div><font style="font-weight: bold;">EFFECTIVE DATE</font></div>
                </td>
                <td style="width: 33.33%;">
                  <div style="text-align: center;"><font style="font-weight: bold;">BOND PERIOD</font></div>
                </td>
                <td style="width: 33.33%;">
                  <div style="text-align: right;"><font style="font-weight: bold;">AUTHORIZED REPRESENTATIVE</font></div>
                </td>
              </tr>
              <tr>
                <td style="width: 33.33%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 33.33%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 33.33%;">
                  <div>&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div><font style="font-weight: bold;">June 15, 2020</font></div>
                </td>
                <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: center;"><font style="font-weight: bold;"><font style="font-weight: bold;">June 15, 2020 </font><font style="font-weight: bold;">to </font><font style="font-weight: bold;">June 15, 2021</font></font></div>
                </td>
                <td style="width: 33.33%; text-align: left; font-weight: bold; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: right;">&#160;/S/ Maggie Sullivan</div>
                </td>
              </tr>
              <tr>
                <td style="width: 33.33%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 33.33%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 33.33%;">
                  <div>&#160;</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div style="text-align: justify;">In consideration of the premium charged for this Bond, it is hereby understood and agreed that Item 1 of the Declarations, Name of Insured, shall include the following:</div>
        <div><br>
        </div>
        <div style="text-indent: -1.5pt; margin-left: 18pt;">Security Investors, LLC</div>
        <div style="text-indent: -1.5pt; margin-left: 18pt;">Guggenheim Funds Distributors, LLC</div>
        <div style="text-indent: -1.5pt; margin-left: 18pt;">Fiduciary/Claymore Energy Infrastructure Fund</div>
        <div style="text-indent: -1.5pt; margin-left: 18pt;">Guggenheim Taxable Municipal Managed Duration Trust</div>
        <div style="text-indent: -1.5pt; margin-left: 18pt;">Guggenheim Credit Allocation Fund</div>
        <div style="text-indent: -1.5pt; margin-left: 18pt;">Guggenheim Energy &amp; Income Fund</div>
        <div style="text-indent: -1.5pt; margin-left: 18pt;">Guggenheim Enhanced Equity Income Fund</div>
        <div style="text-indent: -1.45pt; margin-left: 18pt; margin-bottom: 3pt;">Guggenheim Strategic Opportunities Fund</div>
        <div style="text-indent: -1.5pt; margin-left: 18pt;">Guggenheim Funds Trust, a series fund consisting of:</div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z971b327474f646358ddaec6ffee6fe53" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Guggenheim Alpha Opportunity Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zf07e1b806def4025a9d799db48ec6d9e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Guggenheim Capital Stewardship Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zed73b96cc87744c18f7c6cfee3eefcad" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Guggenheim Diversified Income Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z345dbe47da4b4306b33a2f4b359bec39" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Guggenheim Floating Rate Strategies Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zac1fed2eb5c54a63aedf763363bd9d4b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Guggenheim High Yield Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z72d793af8beb47dfaa659dc37a189bac" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Guggenheim Investment Grade Bond Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z2e317197c8f145adaaeb6b9c26ae296f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Guggenheim Large Cap Value Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zf52a6ad08e0648468f091e2b6552a516" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Guggenheim Limited Duration Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zdc7f2fc2092840659dee4c6543d72f2b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Guggenheim Macro Opportunities Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z1fba5400d9e24993b69adfbd258e80c8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Guggenheim Market Neutral Real Estate Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z29b5de54c54e4300a66ed4a9afaf09cd" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Guggenheim Municipal Income Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z68febe7385e9495aaa9df065aa0edf0b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Guggenheim Risk Managed Real Estate Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z70eba466b5334737896b8f0b2e0e50cf" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Guggenheim SMid Cap Value Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z1b2d2d48884b4144a4bf981137380efd" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Guggenheim Small Cap Value Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z1b00467103b0476994954654df49ce63" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Guggenheim StylePlus &#8211; Large Core Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z3efbf3b47c5e47728e6895871ae0b0e3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Guggenheim StylePlus &#8211; Mid Growth Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zdf4ff673659b47fe9d17069e5c7f6bb1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Guggenheim Total Return Bond Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="za9e7726ba0f5466481148a23690d2379" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Guggenheim World Equity Income Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zc5f60f4b3d5b4a6686f564895ebee798" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt; margin-bottom: 3pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="margin-bottom: 3pt;">Guggenheim Ultra Short Duration Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div style="text-indent: -1.5pt; margin-left: 18pt;">Guggenheim Variable Funds Trust, a series fund consisting of:</div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zb76c48592c134f80a55c5d3f0a40b559" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Series A (StylePlus &#8211; Large Core Series)</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z77bd5e91ff2b4511a082d99309e0508f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Series B (Large Cap Value Series)</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <div> <br>
          </div>
          <div> </div>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="page-break-after: always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
          </div>
          <div> <br>
          </div>
          <table cellspacing="0" cellpadding="0" id="z07c7b3e4ac0643328981f3373145adef" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Series D (World Equity Income Series)</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zf38a04e8c76247bbacc5e104be2418fd" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Series E (Total Return Bond Series)</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z5c2ac67d118244449f06bef04d3426c4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Series F (Floating Rate Strategies Fund)</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="za43ed738d8494658af7a2ef0d0beffe2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Series J (StylePlus &#8211; Mid Growth Series)</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="za120325a56d447e1ab5b8305ef4e24cf" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Series N (Managed Asset Allocation Series)</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zf09ac5a738f54994b4b779dec845ef1c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Series O (All Cap Value Series)</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z4cb0dea5acc0420c827af15fdfc7c622" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Series P (High Yield Series)</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zd2501df11d5a408786839efec74b57a5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Series Q (Small Cap Value Series)</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zcfdce95f2ef9460680150f28ff118d5d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Series V (SMid Cap Value Series)</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zde7185cce76d45e1bf0f6ac209c749a8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Series X (StylePlus &#8211; Small Growth Series)</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zad5b7795956e48958fd3ec2e0b0e965d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Series Y (StylePlus &#8211; Large Growth Series)</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zaac3be4afb7b4d4fa3067d5769893ecd" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt; margin-bottom: 3pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="margin-bottom: 3pt;">Series Z (Alpha Opportunity Series)</div>
                </td>
              </tr>

          </table>
        </div>
        <div style="text-indent: -1.5pt; margin-left: 18pt;">Guggenheim Strategy Funds Trust, a series fund consisting of:</div>
        <div>
          <table cellspacing="0" cellpadding="0" id="za744d019828c48e9addfeda091a4c68e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Guggenheim Strategy Fund II</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z946937cfe1b240da92cd969e5eae0c66" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Guggenheim Strategy Fund III</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z8487949e398f465cb8c3e300126641b6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt; margin-bottom: 3pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="margin-bottom: 3pt;">Guggenheim Variable Insurance Strategy Fund III</div>
                </td>
              </tr>

          </table>
        </div>
        <div style="text-indent: 18pt;">Transparent Value Trust, a series fund consisting of:</div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z88f14e4fa6f04f019993abaf1bb22fd0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Guggenheim Directional Allocation Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zfd30c1b99d924749ae9d23f7cc5bfd46" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Guggenheim RBP<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup> Large-Cap Market Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zd76e9a907c0a418c812950bdd43c21f1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Guggenheim RBP<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup> Large-Cap Defensive Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z49b80a4041d648468d84ed6e84128184" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Guggenheim RBP<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup> Dividend Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z0361b540d479485893d7307c4746e54a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt; margin-bottom: 3pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="margin-bottom: 3pt;">Guggenheim RBP<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup> Large-Cap Value Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div style="margin-left: 18pt;">Rydex Series Funds, a series fund consisting of:</div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z42191c3058b24f88a4ab61361a9e0140" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Banking Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z29a2afcdc2ef448cb21fb7f96714bb69" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Basic Materials Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z9792a545c0674d08ad38d03635d5af1e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Biotechnology Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z996b0015cf57415cb9ebb9878e4b4337" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Commodities Strategy Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z784998abaefd4a7795518941c0a8d393" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Consumer Products Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z7b6017070a49471c8a05d073061fa5a0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Dow Jones Industrial Average Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z37fdff7c2f174f7abaa0623ff5daf38a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Electronics Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z829eaafe0f214fa2991f7c05574b1892" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Emerging Markets 2x Strategy Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z880cc37777de4395896625f33e1f3801" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Emerging Markets Bond Strategy Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z8e8c31a6abd84cecb84dd84a7bb629c3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Energy Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z27a5988b76ca455281975e25693a4875" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Energy Services Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="za4a272b27fb24e3a857241f5d9ce3942" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Europe 1.25x Strategy Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z62500819d6ea4b2f8608edf9a3772b7d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Financial Services Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z6ea4fb8460d84ae8bb6d00fbf56ebaeb" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Government Long Bond 1.2x Strategy Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z92fd8094e807426fbb6703eca8d3adb8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Health Care Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z5effde3027394ac7b55a8982e648e886" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>High Yield Strategy Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="ze453e1f711cf48008731f000f2f50767" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Internet Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zf318a6a1139f4be5afcee12068ac7019" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Inverse Emerging Markets 2x Strategy Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z15ae18a61446412fa8176d4638937778" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
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              <tr>
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                  <div style="margin-left: 36pt;">o</div>
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                <td style="width: 54pt; vertical-align: top; align: right;">
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                <td style="width: auto; vertical-align: top;">
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                <td style="width: 54pt; vertical-align: top; align: right;">
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                <td style="width: auto; vertical-align: top;">
                  <div>Inverse Russell 2000<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup> Strategy Fund</div>
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              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
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              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
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          <div> <br>
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          <div> <br>
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                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
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                  <div>Leisure Fund</div>
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                  <div style="margin-left: 36pt;">o</div>
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                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
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              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
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                <td style="width: auto; vertical-align: top;">
                  <div>Mid-Cap 1.5x Strategy Fund</div>
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              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
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                <td style="width: auto; vertical-align: top;">
                  <div>Monthly Rebalance NASDAQ-100<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup> 2x Strategy Fund</div>
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                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
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                <td style="width: auto; vertical-align: top;">
                  <div>Multi-Hedge Strategies Fund</div>
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              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>NASDAQ-100<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup> Fund</div>
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              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Nova Fund</div>
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        <div>
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              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Precious Metals Fund</div>
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        <div>
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              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Real Estate Fund</div>
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        <div>
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              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Retailing Fund</div>
                </td>
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        <div>
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              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Russell 2000<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup> Fund</div>
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        <div>
          <table cellspacing="0" cellpadding="0" id="zbc1473d0b71e40d98b3adc1c5f3f848c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Russell 2000<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup> 1.5x Strategy Fund</div>
                </td>
              </tr>

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        <div>
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              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>S&amp;P 500 Fund</div>
                </td>
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        <div>
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              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>S&amp;P 500 Pure Growth Fund</div>
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              </tr>

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              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>S&amp;P 500 Pure Value Fund</div>
                </td>
              </tr>

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        <div>
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              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>S&amp;P MidCap 400 Pure Growth Fund</div>
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              </tr>

          </table>
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        <div>
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              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>S&amp;P MidCap 400 Pure Value Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zea296fac297943deb07eeb5b4a482490" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>S&amp;P SmallCap 600 Pure Growth Fund</div>
                </td>
              </tr>

          </table>
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        <div>
          <table cellspacing="0" cellpadding="0" id="zee8701d4fbfb4ea7b2de3c3aec8f43f9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>S&amp;P SmallCap 600 Pure Value Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z431dc7fd9a82443285cfbbd96f84de93" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Strengthening Dollar 2x Strategy Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
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              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Technology Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zaea46534fb824669a4ca811d8da0c758" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Telecommunications Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zc9a69d9f22ec455fb0f28cd73b01448a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Transportation Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zd83e3b698b914cdf82d6faaa63b65a04" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>U.S. Government Money Market Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z9f1ad22297a84f4d8cbe7d6faa5b1ca4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Utilities Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z3fe62032bcf54188ad888695c428aeba" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt; margin-bottom: 3pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="margin-bottom: 3pt;">Weakening Dollar 2x Strategy Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div style="margin-left: 18pt;">Rydex Variable Trust, a series fund consisting of:</div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z20eb4c50001a49078471b39cc7987cb2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Banking Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z0516f66c8a1b4f3d9ec2ab386803ee7e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Basic Materials Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zd5c48fa298184fb3a1847b2241f263ea" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Biotechnology Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z7f9d3d772aac4e989c30bede3c59b2f9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Commodities Strategy Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="za9df0c6d54144a3dbf6a7f51ce129da4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Consumer Products Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z7a38a78eb02543358257ce5cf6714c26" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Dow 2x Strategy Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z57f70e5994d94075ae58d6f29cbd90d3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
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              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
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              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
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              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
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        <div>
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              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
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          </table>
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        <div>
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              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
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        <div>
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              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
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        <div>
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              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
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        <div>
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              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
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        <div>
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              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
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                <td style="width: 54pt; vertical-align: top; align: right;">
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                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
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                  <div style="margin-left: 36pt;">o</div>
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              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
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          </table>
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        <div>
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              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
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              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
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              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>NASDAQ-100<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup> Fund</div>
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          <table cellspacing="0" cellpadding="0" id="ze2eb98d303d74a39a207c43dc19879a3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Nova Fund</div>
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        <div>
          <table cellspacing="0" cellpadding="0" id="ze3b3fd80449c4925897ae163e3e4e9d5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
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                <td style="width: auto; vertical-align: top;">
                  <div>Precious Metals Fund</div>
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        <div>
          <table cellspacing="0" cellpadding="0" id="z1236f36b08c04ebb829fade0ed1aebe7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Real Estate Fund</div>
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              </tr>

          </table>
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        <div>
          <table cellspacing="0" cellpadding="0" id="z095bcb5d5d2547aba1a0e1eb78e54de4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
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                </td>
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          </table>
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        <div>
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              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
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                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Russell 2000<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup> 1.5x Strategy Fund</div>
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        <div>
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              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
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                <td style="width: auto; vertical-align: top;">
                  <div>Russell 2000<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup> 2x Strategy Fund</div>
                </td>
              </tr>

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        <div>
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              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
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                <td style="width: auto; vertical-align: top;">
                  <div>S&amp;P 500 2x Strategy Fund</div>
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              </tr>

          </table>
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        <div>
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              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>S&amp;P 500 Pure Growth Fund</div>
                </td>
              </tr>

          </table>
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        <div>
          <table cellspacing="0" cellpadding="0" id="za360a229835a48dca530ec9c3252a942" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>S&amp;P 500 Pure Value Fund</div>
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              </tr>

          </table>
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        <div>
          <table cellspacing="0" cellpadding="0" id="ze0217fbce2c440a8a860c8af701ec327" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
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                <td style="width: auto; vertical-align: top;">
                  <div>S&amp;P Midcap 400 Pure Growth Fund</div>
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              </tr>

          </table>
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        <div>
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              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>S&amp;P Midcap 400 Pure Value Fund</div>
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              </tr>

          </table>
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        <div>
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              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>S&amp;P SmallCap 600 Pure Growth Fund</div>
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              </tr>

          </table>
        </div>
        <div>
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              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>S&amp;P SmallCap 600 Pure Value Fund</div>
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              </tr>

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        <div>
          <table cellspacing="0" cellpadding="0" id="z18e9819a1af24333b1042f59034ccba0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Strengthening Dollar 2x Strategy Fund</div>
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          </table>
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        <div>
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              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Technology Fund</div>
                </td>
              </tr>

          </table>
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        <div>
          <table cellspacing="0" cellpadding="0" id="z40c73e69d6c444ddb128375bb18e9ce2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Telecommunications Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zc556c8e54a334c1cba9c40a2d605affb" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Transportation Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z88f2c73f84e643049c09bd6bf29120e4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>U.S. Government Money Market Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zb0ab2b851bba47e0915835ed60127fa5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Utilities Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zf6aeadba8e834799a9fadd14aef1de23" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt; margin-bottom: 3pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="margin-bottom: 3pt;">Weakening Dollar 2x Strategy Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div style="margin-left: 18pt;">Rydex Dynamic Funds, a series fund consisting of:</div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zc47304b1bb5f44e685bd3223614002a0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Dow 2x Strategy Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z8b595519a75642aea4543a107fb1a704" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Inverse Dow 2x Strategy Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zd191a3f10aa645a3a61e308ef2ce3ad3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Inverse NASDAQ-100 2x Strategy Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z4f1b42e4756f4942846d375f80cd03c8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Inverse Russell 2000 2x Strategy Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zdfe3a2472d2d42a396ff3ce6a75ba182" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Inverse S&amp;P 500 2x Strategy Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z53f6ac2a30864568b3f019b68a2913d7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>NASDAQ-100 2x Strategy Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zc1e2a354bfad459db04a94555a14c85e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>Russell 2000 2x Strategy Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zbadc54f9f8954f78a64a804df8546e92" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">o</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div>S&amp;P 500 2x Strategy Fund</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div style="text-align: justify;">Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.</div>
        <div><br>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div><br>
        <div style="text-align: center; font-size: 18pt; font-weight: bold;">ICI MUTUAL INSURANCE COMPANY,</div>
        <div style="text-align: center; font-size: 18pt; font-weight: bold;">a Risk Retention Group</div>
        <div><br>
        </div>
        <div style="text-align: center; font-weight: bold;">INVESTMENT COMPANY BLANKET BOND</div>
        <div><br>
        </div>
        <div style="text-align: center; font-weight: bold;">RIDER NO. 2</div>
        <div><br>
        </div>
        <div>
          <div>
            <table cellspacing="0" cellpadding="0" border="0" id="z6017a652d82e4ab9ad51c1a7df13dae1" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

                <tr>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>
                      <div style="text-align: right; font-weight: bold;"><br>
                      </div>
                    </div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%; font-weight: bold;">
                    <div>INSURED</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>
                      <div>
                        <div style="text-align: right; font-weight: bold;">&#160;BOND NUMBER</div>
                      </div>
                    </div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="font-weight: bold;">Guggenheim Funds Trust</div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="font-weight: bold;">&#160;</div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right; font-weight: bold;">05716120B</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%;">
                    <div><font style="font-weight: bold;">EFFECTIVE DATE</font></div>
                  </td>
                  <td style="width: 33.33%;">
                    <div style="text-align: center;"><font style="font-weight: bold;">BOND PERIOD</font></div>
                  </td>
                  <td style="width: 33.33%;">
                    <div style="text-align: right;"><font style="font-weight: bold;">AUTHORIZED REPRESENTATIVE</font></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div><font style="font-weight: bold;">June 15, 2020</font></div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center;"><font style="font-weight: bold;"><font style="font-weight: bold;">June 15, 2020 </font><font style="font-weight: bold;">to </font><font style="font-weight: bold;">June 15, 2021</font></font></div>
                  </td>
                  <td style="width: 33.33%; text-align: left; font-weight: bold; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right;">&#160;/S/ Maggie Sullivan</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <br>
        <div style="text-align: justify;">In consideration of the premium charged for this Bond, it is hereby understood and agreed that this Bond (other than Insuring Agreements C and D) does not cover loss resulting from
          or in connection with any business, activities, or acts or omissions of (including services rendered by) any Insured which is <u>not</u> an Insured Fund (&#8220;Non-Fund Insured&#8221;) or any Employee of a Non-Fund Insured, <u>except</u> loss, otherwise
          covered by the terms of this Bond, resulting from or in connection with (1) services rendered by a Non-Fund Insured to an Insured Fund, or to shareholders of such Fund in connection with the issuance, transfer, or redemption of their Fund shares,
          or (2) in the case of a Non-Fund Insured substantially all of whose business is rendering the services described in (1) above, the general business, activities or operations of such Non-Fund Insured, <u>excluding</u> (a) the rendering of
          services (other than those described in (1) above) to any person, or (b) the sale of goods or property of any kind.</div>
        <div><br>
        </div>
        <div style="text-align: justify;">It is further understood and agreed that with respect to any Non-Fund Insured, Insuring Agreements C and D only cover loss of Property which a Non-Fund Insured uses or holds, or in
          which a Non-Fund Insured has an interest, in each case wholly or partially in connection with the rendering of services by a Non-Fund Insured to an Insured Fund, or to shareholders of such Fund in connection with the issuance, transfer, or
          redemption of their Fund shares.</div>
        <div><br>
        </div>
        <div>
          <div style="text-align: justify;">Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.</div>
        </div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z396499f9c31b4363988a474fca21ac48" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td style="width: 100%; vertical-align: top;">
                <div style="text-align: right;">RN0003.0-02 (07/20) sp</div>
              </td>
            </tr>

        </table>
        <div style="text-align: justify;"><br>
        </div>
        <div><br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div style="text-align: center; font-size: 18pt; font-weight: bold;">ICI MUTUAL INSURANCE COMPANY,</div>
        <div style="text-align: center; font-size: 18pt; font-weight: bold;">a Risk Retention Group</div>
        <div><br>
        </div>
        <div style="text-align: center; font-weight: bold;">INVESTMENT COMPANY BLANKET BOND</div>
        <div><br>
        </div>
        <div style="text-align: center; font-weight: bold;">RIDER NO. 3</div>
        <div><br>
        </div>
        <div>
          <div>
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                <tr>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>
                      <div style="text-align: right; font-weight: bold;"><br>
                      </div>
                    </div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%; font-weight: bold;">
                    <div>INSURED</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>
                      <div>
                        <div style="text-align: right; font-weight: bold;">&#160;BOND NUMBER</div>
                      </div>
                    </div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="font-weight: bold;">Guggenheim Funds Trust</div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="font-weight: bold;">&#160;</div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right; font-weight: bold;">05716120B</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%;">
                    <div><font style="font-weight: bold;">EFFECTIVE DATE</font></div>
                  </td>
                  <td style="width: 33.33%;">
                    <div style="text-align: center;"><font style="font-weight: bold;">BOND PERIOD</font></div>
                  </td>
                  <td style="width: 33.33%;">
                    <div style="text-align: right;"><font style="font-weight: bold;">AUTHORIZED REPRESENTATIVE</font></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div><font style="font-weight: bold;">June 15, 2020</font></div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center;"><font style="font-weight: bold;"><font style="font-weight: bold;">June 15, 2020 </font><font style="font-weight: bold;">to </font><font style="font-weight: bold;">June 15, 2021</font></font></div>
                  </td>
                  <td style="width: 33.33%; text-align: left; font-weight: bold; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right;">&#160;/S/ Maggie Sullivan</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <br>
        <div style="text-align: justify;">In consideration of the premium charged for this Bond, it is hereby understood and agreed that the Deductible Amount for Insuring Agreement E, Forgery or Alteration, and Insuring
          Agreement F, Securities, shall not apply with respect to loss through Forgery of a signature on the following documents:</div>
        <div><br>
        </div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 27pt; vertical-align: top; align: right;">(1)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>letter requesting redemption of $50,000 or less payable by check to the Shareholder of Record and sent to an Authorized Address; or</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="zd6255ad003af44aeaaf450ec9dbafcff" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 27pt; vertical-align: top; align: right;">(2)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>letter requesting redemption of $50,000 or less by wire transfer to the Shareholder of Record of an Authorized Bank Account; or</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z4d61b39888364d3e995f048968549f44" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 27pt; vertical-align: top; align: right;">(3)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>written request to a trustee or custodian for a Designated Retirement Account (&#8220;DRA&#8221;) which holds shares of an Insured Fund, where such request (a) purports to be from or at the instruction of the Owner of such DRA, and (b) directs
                  such trustee or custodian to transfer $50,000 or less from such DRA to a trustee or custodian for another DRA established for the benefit of such Owner;</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify;"><u>provided</u>, that the Limit of Liability for a Single Loss as described above shall be $50,000 and that the Insured shall bear 20% of each such loss. This Rider shall not apply
          in the case of any such Single Loss which exceeds $50,000; in such case the Deductible Amounts and Limits of Liability set forth in Item 3 of the Declarations shall control.</div>
        <div><br>
        </div>
        <div style="text-align: justify;">For purposes of this Rider:</div>
        <div><br>
        </div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 27pt; vertical-align: top; align: right;">(A)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>&#8220;Designated Retirement Account&#8221; means any retirement plan or account described or qualified under the Internal Revenue Code of 1986, as amended, or a subaccount thereof.</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z919338e7f4734699ac66172627c0f99a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 27pt; vertical-align: top; align: right;">(B)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>&#8220;Owner&#8221; means the individual for whose benefit the DRA, or a subaccount thereof, is established.</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div>
          <div style="text-align: justify;">Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.</div>
        </div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z1a10c497ed5f40f587b37c35baa066a7" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td style="width: 100%; vertical-align: top;">
                <div style="text-align: right;">RN0027.0-02 (07/18) nb</div>
              </td>
            </tr>

        </table>
        <div style="text-align: justify;"><br>
        </div>
        <div style="text-align: center; font-size: 18pt; font-weight: bold;"> <br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div style="text-align: center; font-size: 18pt; font-weight: bold;"> <br>
        </div>
        <div style="text-align: center; font-size: 18pt; font-weight: bold;">ICI MUTUAL INSURANCE COMPANY,</div>
        <div style="text-align: center; font-size: 18pt; font-weight: bold;">a Risk Retention Group</div>
        <div><br>
        </div>
        <div style="text-align: center; font-weight: bold;">INVESTMENT COMPANY BLANKET BOND</div>
        <div><br>
        </div>
        <div style="text-align: center; font-weight: bold;">RIDER NO. 4</div>
        <div><br>
        </div>
        <div>
          <div>
            <table cellspacing="0" cellpadding="0" border="0" id="zb22be7a2e9a54fa284ece7f3a2b86772" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

                <tr>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>
                      <div style="text-align: right; font-weight: bold;"><br>
                      </div>
                    </div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%; font-weight: bold;">
                    <div>INSURED</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>
                      <div>
                        <div style="text-align: right; font-weight: bold;">&#160;BOND NUMBER</div>
                      </div>
                    </div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="font-weight: bold;">Guggenheim Funds Trust</div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="font-weight: bold;">&#160;</div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right; font-weight: bold;">05716120B</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%;">
                    <div><font style="font-weight: bold;">EFFECTIVE DATE</font></div>
                  </td>
                  <td style="width: 33.33%;">
                    <div style="text-align: center;"><font style="font-weight: bold;">BOND PERIOD</font></div>
                  </td>
                  <td style="width: 33.33%;">
                    <div style="text-align: right;"><font style="font-weight: bold;">AUTHORIZED REPRESENTATIVE</font></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div><font style="font-weight: bold;">June 15, 2020</font></div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center;"><font style="font-weight: bold;"><font style="font-weight: bold;">June 15, 2020 </font><font style="font-weight: bold;">to </font><font style="font-weight: bold;">June 15, 2021</font></font></div>
                  </td>
                  <td style="width: 33.33%; text-align: left; font-weight: bold; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right;">&#160;/S/ Maggie Sullivan</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <br>
        <div style="text-align: justify;">In consideration of the premium charged for this Bond, it is hereby understood and agreed that this Bond does not cover any loss resulting from or in connection with the acceptance
          of any Third Party Check, unless</div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z7eee6df1dff640f5a74f8122100a8a63" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 27pt; vertical-align: top; align: right;">(1)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>such Third Party Check is used to open or increase an account which is registered in the name of one or more of the payees on such Third Party Check, and</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="zcea6e83037174d84aa314a7c277f862f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 27pt; vertical-align: top; align: right;">(2)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>reasonable efforts are made by the Insured, or by the entity receiving Third Party Checks on behalf of the Insured, to verify all endorsements on all Third Party Checks made payable in amounts greater than $100,000 (provided, however,
                  that the isolated failure to make such efforts in a particular instance will not preclude coverage, subject to the exclusions herein and in the Bond),</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: -72pt; margin-left: 72pt;">and then only to the extent such loss is otherwise covered under this Bond.</div>
        <div><br>
        </div>
        <div style="text-align: justify;">For purposes of this Rider, &#8220;Third Party Check&#8221; means a check made payable to one or more parties and offered as payment to one or more other parties.</div>
        <div><br>
        </div>
        <div style="text-align: justify;">It is further understood and agreed that notwithstanding anything to the contrary above or elsewhere in the Bond, this Bond does not cover any loss resulting from or in connection
          with the acceptance of a Third Party Check where:</div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z66c6fc36ee6f4ad59cfc0d14568e3d06" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 27pt; vertical-align: top; align: right;">(1)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any payee on such Third Party Check reasonably appears to be a corporation or other entity; or</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="zba96465967be4556ac7f8b5af3ebd6c8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 27pt; vertical-align: top; align: right;">(2)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>such Third Party Check is made payable in an amount greater than $100,000 and does not include the purported endorsements of all payees on such Third Party Check.</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify;">It is further understood and agreed that this Rider shall not apply with respect to any coverage that may be available under Insuring Agreement A, &#8220;Fidelity.&#8221;</div>
        <div><br>
        </div>
        <div>
          <div style="text-align: justify;">Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.</div>
        </div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z56a889c4ae8f49b6b40db1758bc80498" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td style="width: 100%; vertical-align: top;">
                <div style="text-align: right;">RN0030.0-01 (01/02) sp</div>
              </td>
            </tr>

        </table>
        <div style="text-align: justify;"><br>
        </div>
        <div><br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div><br>
        </div>
        <div style="text-align: center; font-size: 18pt; font-weight: bold;">ICI MUTUAL INSURANCE COMPANY,</div>
        <div style="text-align: center; font-size: 18pt; font-weight: bold;">a Risk Retention Group</div>
        <div><br>
        </div>
        <div style="text-align: center; font-weight: bold;">INVESTMENT COMPANY BLANKET BOND</div>
        <div><br>
        </div>
        <div style="text-align: center; font-weight: bold;">RIDER NO. 5</div>
        <div><br>
        </div>
        <div>
          <div>
            <table cellspacing="0" cellpadding="0" border="0" id="z0955ac73e19c44fbba1da8270777a124" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

                <tr>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>
                      <div style="text-align: right; font-weight: bold;"><br>
                      </div>
                    </div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%; font-weight: bold;">
                    <div>INSURED</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>
                      <div>
                        <div style="text-align: right; font-weight: bold;">&#160;BOND NUMBER</div>
                      </div>
                    </div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="font-weight: bold;">Guggenheim Funds Trust</div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="font-weight: bold;">&#160;</div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right; font-weight: bold;">05716120B</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%;">
                    <div><font style="font-weight: bold;">EFFECTIVE DATE</font></div>
                  </td>
                  <td style="width: 33.33%;">
                    <div style="text-align: center;"><font style="font-weight: bold;">BOND PERIOD</font></div>
                  </td>
                  <td style="width: 33.33%;">
                    <div style="text-align: right;"><font style="font-weight: bold;">AUTHORIZED REPRESENTATIVE</font></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div><font style="font-weight: bold;">June 15, 2020</font></div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center;"><font style="font-weight: bold;"><font style="font-weight: bold;">June 15, 2020 </font><font style="font-weight: bold;">to </font><font style="font-weight: bold;">June 15, 2021</font></font></div>
                  </td>
                  <td style="width: 33.33%; text-align: left; font-weight: bold; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right;">&#160;/S/ Maggie Sullivan</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <br>
        <div style="text-align: justify;">Most property and casualty insurers, including ICI Mutual Insurance Company, a Risk Retention Group (&#8220;ICI Mutual&#8221;), are subject to the requirements of the Terrorism Risk Insurance
          Act of 2002, as amended (the &#8220;Act&#8221;). The Act establishes a federal insurance backstop under which ICI Mutual and these other insurers may be partially reimbursed by the United States Government for future <font style="font-weight: bold;">&#8220;insured
            losses&#8221;</font> resulting from certified<font style="font-weight: bold;"> &#8220;acts of terrorism.&#8221;</font> (Each of these <font style="font-weight: bold;">bolded terms </font>is defined by the Act.) The Act also places certain disclosure and other
          obligations on ICI Mutual and these other insurers.</div>
        <div><br>
        </div>
        <div style="text-align: justify;">Pursuant to the Act, any future losses to ICI Mutual caused by certified <font style="font-weight: bold;">&#8220;acts of terrorism&#8221;</font> may be partially reimbursed by the United Sates
          government under a formula established by the Act. Under this formula, the United States government would generally reimburse ICI Mutual for the Federal Share of Compensation of ICI Mutual&#8217;s <font style="font-weight: bold;">&#8220;insured losses&#8221;</font>
          in excess of ICI Mutual&#8217;s <font style="font-weight: bold;">&#8220;insurer deductible&#8221;</font> until total <font style="font-weight: bold;">&#8220;insured losses&#8221;</font> of all participating insurers reach $100 billion (the &#8220;Cap on Annual Liability&#8221;). If
          total <font style="font-weight: bold;">&#8220;insured losses&#8221; </font>of all property and casualty insurers reach the Cap on Annual Liability in any one calendar year, the Act limits U.S. Government reimbursement and provides that the insurers will
          not be liable under their policies for their portions of such losses that exceed such amount. Amounts otherwise payable under this Bond may be reduced as a result.</div>
        <div><br>
        </div>
        <div style="text-align: justify;">This Bond has no express exclusion for <font style="font-weight: bold;">&#8220;acts of terrorism.&#8221;</font> However, coverage under this Bond remains subject to all applicable terms,
          conditions, and limitations of the Bond (including exclusions) that are permissible under the Act.</div>
        <div><br>
        </div>
        <div style="text-align: justify;">The portion of the premium that is attributable to any coverage potentially available under the Bond for <font style="font-weight: bold;">&#8220;acts of terrorism&#8221;</font> is one percent
          (1%) and does not include any charges for the portion of loss that may be covered by the U.S. Government under the Act</div>
        <div><br>
        </div>
        <div style="text-align: justify;">As used herein, &#8220;Federal Share of Compensation&#8221; shall mean 85% in calendar year 2015 and shall be reduced by 1% per calendar year until equal to 80%.</div>
        <div><br>
        </div>
        <div>
          <div style="text-align: justify;">Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.</div>
        </div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z65dff61f0fa3436794262db72773b2a2" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td style="width: 100%; vertical-align: top;">
                <div style="text-align: right;">RN0053.1-00 (07/18) sp</div>
              </td>
            </tr>

        </table>
        <div style="text-align: justify;"><br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div style="text-align: justify;"><br>
        </div>
        <div style="text-align: justify;"><br>
        </div>
        <div style="text-align: center; font-size: 18pt; font-weight: bold;">ICI MUTUAL INSURANCE COMPANY,</div>
        <div style="text-align: center; font-size: 18pt; font-weight: bold;">a Risk Retention Group</div>
        <div><br>
        </div>
        <div style="text-align: center; font-weight: bold;">INVESTMENT COMPANY BLANKET BOND</div>
        <div><br>
        </div>
        <div style="text-align: center; font-weight: bold;">RIDER NO. 6</div>
        <div><br>
        </div>
        <div>
          <div>
            <table cellspacing="0" cellpadding="0" border="0" id="ze4afcc05369e481a93c72784e1344646" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

                <tr>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>
                      <div style="text-align: right; font-weight: bold;"><br>
                      </div>
                    </div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%; font-weight: bold;">
                    <div>INSURED</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>
                      <div>
                        <div style="text-align: right; font-weight: bold;">&#160;BOND NUMBER</div>
                      </div>
                    </div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="font-weight: bold;">Guggenheim Funds Trust</div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="font-weight: bold;">&#160;</div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right; font-weight: bold;">05716120B</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%;">
                    <div><font style="font-weight: bold;">EFFECTIVE DATE</font></div>
                  </td>
                  <td style="width: 33.33%;">
                    <div style="text-align: center;"><font style="font-weight: bold;">BOND PERIOD</font></div>
                  </td>
                  <td style="width: 33.33%;">
                    <div style="text-align: right;"><font style="font-weight: bold;">AUTHORIZED REPRESENTATIVE</font></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div><font style="font-weight: bold;">June 15, 2020</font></div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center;"><font style="font-weight: bold;"><font style="font-weight: bold;">June 15, 2020 </font><font style="font-weight: bold;">to </font><font style="font-weight: bold;">June 15, 2021</font></font></div>
                  </td>
                  <td style="width: 33.33%; text-align: left; font-weight: bold; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right;">&#160;/S/ Maggie Sullivan</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <br>
        <div style="text-align: justify;">In consideration of the premium charged for this Bond, it is hereby understood and agreed that notwithstanding Section 2.Q of this Bond, this Bond is amended by adding an additional
          Insuring Agreement J as follows:</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 18pt;">J.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt">&#160;</font>COMPUTER SECURITY</div>
        <div><br>
        </div>
        <div style="text-align: justify;">Loss (including loss of Property) resulting directly from Computer Fraud; <u>provided</u>, that the Insured has adopted in writing and generally maintains and follows during the
          Bond Period all Computer Security Procedures. The isolated failure of the Insured to maintain and follow a particular Computer Security Procedure in a particular instance will not preclude coverage under this Insuring Agreement, subject to the
          specific exclusions herein and in the Bond.</div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="zcc4c8f96f53040069626084cca4b3560" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">1.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><u>Definitions</u>. The following terms used in this Insuring Agreement shall have the following meanings:</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z5cecd94d74854c2f86ff47c4922721db" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">a.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>&#8220;Authorized User&#8221; means any person or entity designated by the Insured (through contract, assignment of User Identification, or otherwise) as authorized to use a Covered Computer System, or any part thereof. An individual who invests
                  in an Insured Fund shall not be considered to be an Authorized User solely by virtue of being an investor.</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z6318e8bd59c546c9a3c8e3f96fd5d6b7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">b.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>&#8220;Computer Fraud&#8221; means the unauthorized entry of data into, or the deletion or destruction of data in, or change of data elements or programs within, a Covered Computer System which:</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z2bd401ac8a8946f3a7e789c4de9d205d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 27pt; vertical-align: top; align: right;">(1)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>is committed by any Unauthorized Third Party anywhere, alone or in collusion with other Unauthorized Third Parties; <u>and</u></div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="zf22c11c88a4543328fc6ed46b57afbff" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 27pt; vertical-align: top; align: right;">(2)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>is committed with the conscious manifest intent (a) to cause the Insured to sustain a loss, <u>and</u> (b) to obtain financial benefit for the perpetrator or any other person; <u>and</u></div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div><br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z55cb09e7334a4850adbeeb1ee8cdeb13" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 27pt; vertical-align: top; align: right;">(3)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>causes (x) Property to be transferred, paid or delivered; <u>or</u> (y) an account of the Insured, or of its customer, to be added, deleted, debited or credited; <u>or</u> (z) an unauthorized or fictitious account to be debited or
                  credited.</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="za57370d7b1dc4a28bf5e85e09663f7e0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">c.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>&#8220;Computer Security Procedures&#8221; means procedures for prevention of unauthorized computer access and use and administration of computer access and use as provided in writing to the Underwriter.</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z15dd7bf6f06d47b084ddf83c6af4f129" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">d.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>&#8220;Covered Computer System&#8221; means any Computer System as to which the Insured has possession, custody and control.</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="ze263cd9b0e1f4e259bfdf817de3b3fe4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">e.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>&#8220;Unauthorized Third Party&#8221; means any person or entity that, at the time of the Computer Fraud, is not an Authorized User.</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z4d123b2f799242bf8654b575d9697e33" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">f.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>&#8220;User Identification&#8221; means any unique user name (<font style="font-style: italic;">i.e.</font>, a series of characters) that is assigned to a person or entity by the Insured.</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="zaa92bea05d4343a0af04e970369501d6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">2.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><u>Exclusions</u>. It is further understood and agreed that this Insuring Agreement J shall not cover:</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="zb339063ac34448b892ac62cf03cffcb1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">a.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Any loss covered under Insuring Agreement A, &#8220;Fidelity,&#8221; of this Bond; <u>and</u></div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z02f7301739e04855a221f5c6d96ddbe0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">b.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Any loss resulting from the intentional failure to adhere to one or more Computer Security Procedures; <u>and</u></div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z1b182ca709834e34bfd8cd4acdf08721" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">c.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Any loss resulting from a Computer Fraud committed by or in collusion with:</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z6729285cf5a14d65b1a18845132e18b5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 27pt; vertical-align: top; align: right;">(1)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any Authorized User (whether a natural person or an entity); <u>or</u></div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z3024924fd9974600bac1a42f73ebe136" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 27pt; vertical-align: top; align: right;">(2)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in the case of any Authorized User which is an entity, (a) any director, officer, partner, employee or agent of such Authorized User, or (b) any entity which controls, is controlled by, or is under common control with such Authorized
                  User (&#8220;Related Entity&#8221;), or (c) any director, officer, partner, employee or agent of such Related Entity; <u>or</u></div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z5f5db2b85810438b92dbc0ab2f566c38" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 27pt; vertical-align: top; align: right;">(3)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in the case of any Authorized User who is a natural person, (a) any entity for which such Authorized User is a director, officer, partner, employee or agent (&#8220;Employer Entity&#8221;), or (b) any director, officer, partner, employee or agent
                  of such Employer Entity, or (c) any entity which controls, is controlled by, or is under common control with such Employer Entity (&#8220;Employer-Related Entity&#8221;), or (d) any director, officer, partner, employee or agent of such
                  Employer-Related Entity;</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 54pt;"><u>and</u></div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z55a106ad8a394fefafe0b8d42cbb9ff4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">d.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Any loss resulting from physical damage to or destruction of any Covered Computer System, or any part thereof, or any data, data elements or media associated therewith; <u>and</u></div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div><br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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        </div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="zaa63bbc513e0460f90175fa5156b09b3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">e.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Any loss resulting from Computer Fraud committed by means of wireless access to any Covered Computer System, or any part thereof, or any data, data elements or media associated therewith; <u>and</u></div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z2ab870678170464d8a3f84f36259ce4f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">f.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Any loss not directly and proximately caused by Computer Fraud (including, without limitation, disruption of business and extra expense); <u>and</u></div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z6c5d47c7c5a04fdba415b8354d7dd744" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">g.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Payments made to any person(s) who has threatened to deny or has denied authorized access to a Covered Computer System or otherwise has threatened to disrupt the business of the Insured.</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify;">For purposes of this Insuring Agreement, &#8220;Single Loss,&#8221; as defined in Section 1.EE of this Bond, shall also include all loss caused by Computer Fraud(s) committed by one person, or
          in which one person is implicated, whether or not that person is specifically identified. A series of losses involving unidentified individuals, but arising from the same method of operation, may be deemed by the Underwriter to involve the same
          individual and in that event shall be treated as a Single Loss.</div>
        <div><br>
        </div>
        <div style="text-align: justify;">It is further understood and agreed that nothing in this Rider shall affect the exclusion set forth in Section 2.O of this Bond.</div>
        <div><br>
        </div>
        <div style="text-align: justify;">Coverage under this Insuring Agreement shall terminate upon termination of this Bond. Coverage under this Insuring Agreement may also be terminated without terminating this Bond as
          an entirety:</div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="zcd0349a150be44129b010b3b0c950b1f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 27pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>by written notice from the Underwriter not less than sixty (60) days prior to the effective date of termination specified in such notice; or</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z0235b0d535e54425b52c57960d421cbd" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 27pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>immediately by written notice from the Insured to the Underwriter.</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div>
          <div style="text-align: justify;">Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.</div>
        </div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z2a070ee746b74d1cbfc1fbf175fa899c" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td style="width: 100%; vertical-align: top;">
                <div style="text-align: right;">RN0019.0-04 (07/18) nb</div>
              </td>
            </tr>

        </table>
        <div style="text-align: justify;"><br>
        </div>
        <div style="text-align: justify;"><br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div style="text-align: center; font-size: 18pt; font-weight: bold;">ICI MUTUAL INSURANCE COMPANY,</div>
        <div style="text-align: center; font-size: 18pt; font-weight: bold;">a Risk Retention Group</div>
        <div><br>
        </div>
        <div style="text-align: center; font-weight: bold;">INVESTMENT COMPANY BLANKET BOND</div>
        <div><br>
        </div>
        <div style="text-align: center; font-weight: bold;">RIDER NO. 7</div>
        <div><br>
        </div>
        <div>
          <div>
            <table cellspacing="0" cellpadding="0" border="0" id="z5ccbd2e08e6c428bb8713c6073ab65b6" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

                <tr>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>
                      <div style="text-align: right; font-weight: bold;"><br>
                      </div>
                    </div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%; font-weight: bold;">
                    <div>INSURED</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>
                      <div>
                        <div style="text-align: right; font-weight: bold;">&#160;BOND NUMBER</div>
                      </div>
                    </div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="font-weight: bold;">Guggenheim Funds Trust</div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="font-weight: bold;">&#160;</div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right; font-weight: bold;">05716120B</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%;">
                    <div><font style="font-weight: bold;">EFFECTIVE DATE</font></div>
                  </td>
                  <td style="width: 33.33%;">
                    <div style="text-align: center;"><font style="font-weight: bold;">BOND PERIOD</font></div>
                  </td>
                  <td style="width: 33.33%;">
                    <div style="text-align: right;"><font style="font-weight: bold;">AUTHORIZED REPRESENTATIVE</font></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div><font style="font-weight: bold;">June 15, 2020</font></div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center;"><font style="font-weight: bold;"><font style="font-weight: bold;">June 15, 2020 </font><font style="font-weight: bold;">to </font><font style="font-weight: bold;">June 15, 2021</font></font></div>
                  </td>
                  <td style="width: 33.33%; text-align: left; font-weight: bold; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right;">&#160;/S/ Maggie Sullivan</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <br>
        <div style="text-align: justify;">In consideration of the premium charged for this Bond, it is hereby understood and agreed that, notwithstanding anything to the contrary in General Agreement A of this Bond, Item 1
          of the Declarations shall include any Newly Created Investment Company provided that the Insured shall submit to the Underwriter at least annually, a list of all Newly Created Investment Companies, and the estimated annual assets of each Newly
          Created Investment Company.</div>
        <div><br>
        </div>
        <div style="text-align: justify;">For purposes of this Rider, Newly Created Investment Company shall mean any Investment Company for which registration with the U.S. Securities and Exchange Commission has been
          declared effective after the inception of the Bond Period.</div>
        <div><br>
        </div>
        <div>
          <div style="text-align: justify;">Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.</div>
        </div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="zace44bd3e4724634a5fd1bde5c60aa0e" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td style="width: 100%; vertical-align: top;">
                <div style="text-align: right;">RNV0033.0-00-716 (06/20)</div>
              </td>
            </tr>

        </table>
        <div style="text-align: justify;"><br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div style="text-align: center; font-size: 18pt; font-weight: bold;">ICI MUTUAL INSURANCE COMPANY,</div>
        <div style="text-align: center; font-size: 18pt; font-weight: bold;">a Risk Retention Group</div>
        <div><br>
        </div>
        <div style="text-align: center; font-weight: bold;">INVESTMENT COMPANY BLANKET BOND</div>
        <div><br>
        </div>
        <div style="text-align: center; font-weight: bold;">RIDER NO. 8</div>
        <div><br>
        </div>
        <div>
          <div>
            <table cellspacing="0" cellpadding="0" border="0" id="zb02e0080f93e46a385362d31724f360c" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

                <tr>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>
                      <div style="text-align: right; font-weight: bold;"><br>
                      </div>
                    </div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%; font-weight: bold;">
                    <div>INSURED</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>
                      <div>
                        <div style="text-align: right; font-weight: bold;">&#160;BOND NUMBER</div>
                      </div>
                    </div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="font-weight: bold;">Guggenheim Funds Trust</div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="font-weight: bold;">&#160;</div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right; font-weight: bold;">05716120B</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%;">
                    <div><font style="font-weight: bold;">EFFECTIVE DATE</font></div>
                  </td>
                  <td style="width: 33.33%;">
                    <div style="text-align: center;"><font style="font-weight: bold;">BOND PERIOD</font></div>
                  </td>
                  <td style="width: 33.33%;">
                    <div style="text-align: right;"><font style="font-weight: bold;">AUTHORIZED REPRESENTATIVE</font></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div><font style="font-weight: bold;">June 15, 2020</font></div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center;"><font style="font-weight: bold;"><font style="font-weight: bold;">June 15, 2020 </font><font style="font-weight: bold;">to </font><font style="font-weight: bold;">June 15, 2021</font></font></div>
                  </td>
                  <td style="width: 33.33%; text-align: left; font-weight: bold; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right;">&#160;/S/ Maggie Sullivan</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <br>
        <div style="text-align: justify;">In consideration for the premium charged for this Bond, it is hereby understood and agreed that, with respect to Insuring Agreement I only, the Deductible Amount set forth in Item 3
          of the Declarations (&#8220;Phone/Electronic Deductible&#8221;) shall not apply with respect to a Single Loss, otherwise covered by Insuring Agreement I, caused by:</div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z155c89c1a8a84a5a832609c34400241b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 27pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a Phone/Electronic Redemption requested to be paid or made payable by check to the Shareholder of Record and sent to an Authorized Address; or</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z0566b1f7f0e5406480935b3ce55a87f1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 27pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a Phone/Electronic Redemption requested to be paid or made payable by wire transfer to the Shareholder of Record at an Authorized Bank Account,</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify;"><u>provided</u>, that the Limit of Liability for a Single Loss as described in (a) or (b) above shall be the lesser of 80% of such loss or $40,000 and that the Insured shall bear the
          remainder of each such Loss. This Rider shall not apply if the application of the Phone/Electronic Deductible to the Single Loss would result in coverage of greater than $40,000; in such case the Phone/Electronic Deductible and Limit of Liability
          set forth in Item 3 of the Declarations shall control.</div>
        <div><br>
        </div>
        <div style="text-align: justify;">For purposes of this Rider, &#8220;Phone/Electronic Redemption&#8221; means any redemption of shares issued by an Investment Company, which redemption is requested (a) by voice over the
          telephone, (b) by Telefacsimile, or (c) by transmission over the Internet.</div>
        <div><br>
        </div>
        <div>
          <div style="text-align: justify;">Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.</div>
        </div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z7fedd08e805645ceb822581d36872b10" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td style="width: 100%; vertical-align: top;">
                <div style="text-align: right;">RN0039.0-02 (06/18) nb</div>
              </td>
            </tr>

        </table>
        <div style="text-align: justify;"><br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div style="text-align: center; font-size: 18pt; font-weight: bold;">ICI MUTUAL INSURANCE COMPANY,</div>
        <div style="text-align: center; font-size: 18pt; font-weight: bold;">a Risk Retention Group</div>
        <div><br>
        </div>
        <div style="text-align: center; font-weight: bold;">INVESTMENT COMPANY BLANKET BOND</div>
        <div><br>
        </div>
        <div style="text-align: center; font-weight: bold;">RIDER NO. 9</div>
        <div><br>
        </div>
        <div>
          <div>
            <table cellspacing="0" cellpadding="0" border="0" id="z57ed6e3a602644af81a97b48feebe9bc" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

                <tr>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>
                      <div style="text-align: right; font-weight: bold;"><br>
                      </div>
                    </div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%; font-weight: bold;">
                    <div>INSURED</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>
                      <div>
                        <div style="text-align: right; font-weight: bold;">&#160;BOND NUMBER</div>
                      </div>
                    </div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="font-weight: bold;">Guggenheim Funds Trust</div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="font-weight: bold;">&#160;</div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right; font-weight: bold;">05716120B</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%;">
                    <div><font style="font-weight: bold;">EFFECTIVE DATE</font></div>
                  </td>
                  <td style="width: 33.33%;">
                    <div style="text-align: center;"><font style="font-weight: bold;">BOND PERIOD</font></div>
                  </td>
                  <td style="width: 33.33%;">
                    <div style="text-align: right;"><font style="font-weight: bold;">AUTHORIZED REPRESENTATIVE</font></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div><font style="font-weight: bold;">June 15, 2020</font></div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center;"><font style="font-weight: bold;"><font style="font-weight: bold;">June 15, 2020 </font><font style="font-weight: bold;">to </font><font style="font-weight: bold;">June 15, 2021</font></font></div>
                  </td>
                  <td style="width: 33.33%; text-align: left; font-weight: bold; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right;">&#160;/S/ Maggie Sullivan</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <br>
        <div style="text-align: justify;">In consideration for the premium charged for this Bond, it is hereby understood and agreed that notwithstanding anything to the contrary in this Bond (including Insuring Agreement
          I), this Bond does not cover any loss resulting from any Online Redemption(s) or Online Purchase(s) involving an aggregate amount in excess of Five Hundred Thousand Dollars ($500,000) per shareholder account per day, unless before such
          redemption(s) or purchase(s), in a procedure initiated by the Insured or by the entity receiving the request for such Online Redemption(s) or Online Purchase(s):</div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z48af33ee868d491ead1125f8105a6431" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 27pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the Shareholder of Record verifies, by some method other than an Electronic Transmission effected over the Internet, that each such redemption or purchase has been authorized, and</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z6adb43a1678c4257aff8dc5e6c8e027d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 27pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>if such redemption or purchase is to be effected by wire to or from a particular bank account, a duly authorized employee of the bank verifies the account number to or from which funds are being transferred, and that the name on the
                  account is the same as the name of the intended recipient of the proceeds.</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify;">It is further understood and agreed that, notwithstanding the Limit of Liability set forth herein or any other provision of this Bond, the Limit of Liability with respect to any
          Single Loss caused by an Online Transaction shall be Sixteen Million Two Hundred Twenty Five Thousand Dollars ($16,225,000) and the Deductible Amount applicable to any such Single Loss is One Hundred Thousand Dollars ($100,000).</div>
        <div><br>
        </div>
        <div style="text-align: justify;">It is further understood and agreed that, notwithstanding Section 9, Non-Reduction and Non-Accumulation of Liability and Total Liability, or any other provision of this Bond, the
          Aggregate Limit of Liability of the Underwriter under this Bond with respect to any and all loss or losses caused by Online Transactions shall be an aggregate of Sixteen Million Two Hundred Twenty Five Thousand Dollars ($16,225,000) for the Bond
          Period, irrespective of the total amount of such loss or losses.</div>
        <div><br>
        </div>
        <div style="text-align: justify;">For purposes of this Rider, the following terms shall have the following meanings:</div>
        <div><br>
        </div>
        <div style="text-align: justify;">&#8220;Online Purchase&#8221; means any purchase of shares issued by an Investment Company, which purchase is requested through an Electronic Transmission over the Internet.</div>
        <div><br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div style="text-align: justify;">&#8220;Online Redemption&#8221; means any redemption of shares issued by an Investment Company, which redemption is requested through an Electronic Transmission over the Internet.</div>
        <div><br>
        </div>
        <div style="text-align: justify;">&#8220;Online Transaction&#8221; means any Phone/Electronic Transaction requested through an Electronic Transmission over the Internet.</div>
        <div><br>
        </div>
        <div>
          <div style="text-align: justify;">Except as above stated, nothing herein shall be held to alter, waive, or extend any of the terms of this Bond.</div>
        </div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="zecd650b125b04838aa6a083a5d75cb13" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td style="width: 100%; vertical-align: top;">
                <div style="text-align: right;">RN0038.0-02 (06/18) nb</div>
              </td>
            </tr>

        </table>
        <div style="text-align: justify;"><br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div><br>
        </div>
        <div style="text-align: center; font-size: 18pt; font-weight: bold;">ICI MUTUAL INSURANCE COMPANY,</div>
        <div style="text-align: center; font-size: 18pt; font-weight: bold;">a Risk Retention Group</div>
        <div><br>
        </div>
        <div style="text-align: center; font-weight: bold;">INVESTMENT COMPANY BLANKET BOND</div>
        <div><br>
        </div>
        <div style="text-align: center; font-weight: bold;">RIDER NO. 10</div>
        <div><br>
        </div>
        <div>
          <div>
            <table cellspacing="0" cellpadding="0" border="0" id="z55eea5ab5ee8439fbf9cb737b2ff51a7" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

                <tr>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>
                      <div style="text-align: right; font-weight: bold;"><br>
                      </div>
                    </div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%; font-weight: bold;">
                    <div>INSURED</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>
                      <div>
                        <div style="text-align: right; font-weight: bold;">&#160;BOND NUMBER</div>
                      </div>
                    </div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="font-weight: bold;">Guggenheim Funds Trust</div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="font-weight: bold;">&#160;</div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right; font-weight: bold;">05716120B</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%;">
                    <div><font style="font-weight: bold;">EFFECTIVE DATE</font></div>
                  </td>
                  <td style="width: 33.33%;">
                    <div style="text-align: center;"><font style="font-weight: bold;">BOND PERIOD</font></div>
                  </td>
                  <td style="width: 33.33%;">
                    <div style="text-align: right;"><font style="font-weight: bold;">AUTHORIZED REPRESENTATIVE</font></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div><font style="font-weight: bold;">June 15, 2020</font></div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center;"><font style="font-weight: bold;"><font style="font-weight: bold;">June 15, 2020 </font><font style="font-weight: bold;">to </font><font style="font-weight: bold;">June 15, 2021</font></font></div>
                  </td>
                  <td style="width: 33.33%; text-align: left; font-weight: bold; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right;">&#160;/S/ Maggie Sullivan</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <br>
        <div style="text-align: justify;">In consideration of the premium charged for this Bond, it is hereby understood and agreed that notwithstanding anything to the contrary in this Bond (including Insuring Agreement I),
          this Bond does not cover loss caused by a Phone/Electronic Transaction requested:</div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zf69433ba4a5c489eb83988240189eca9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">&#8226;</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;">by use of an automated telephone tone or voice response system;</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div style="text-align: justify;">except insofar as such loss is covered under Insuring Agreement A &#8220;Fidelity&#8221; of this Bond.</div>
        <div><br>
        </div>
        <div>
          <div style="text-align: justify;">Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.</div>
        </div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z6faef5eb3a194c83a5024284458fd9dd" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td style="width: 100%; vertical-align: top;">
                <div style="text-align: right;">RN0048.0-03 (01/13) sp</div>
              </td>
            </tr>

        </table>
        <div style="text-align: justify;"><br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div><br>
        </div>
        <div style="text-align: center; font-size: 18pt; font-weight: bold;">ICI MUTUAL INSURANCE COMPANY,</div>
        <div style="text-align: center; font-size: 18pt; font-weight: bold;">a Risk Retention Group</div>
        <div><br>
        </div>
        <div style="text-align: center; font-weight: bold;">INVESTMENT COMPANY BLANKET BOND</div>
        <div><br>
        </div>
        <div style="text-align: center; font-weight: bold;">RIDER NO. 11</div>
        <div><br>
        </div>
        <div>
          <div>
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                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>
                      <div style="text-align: right; font-weight: bold;"><br>
                      </div>
                    </div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%; font-weight: bold;">
                    <div>INSURED</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>
                      <div>
                        <div style="text-align: right; font-weight: bold;">&#160;BOND NUMBER</div>
                      </div>
                    </div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="font-weight: bold;">Guggenheim Funds Trust</div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="font-weight: bold;">&#160;</div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right; font-weight: bold;">05716120B</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%;">
                    <div><font style="font-weight: bold;">EFFECTIVE DATE</font></div>
                  </td>
                  <td style="width: 33.33%;">
                    <div style="text-align: center;"><font style="font-weight: bold;">BOND PERIOD</font></div>
                  </td>
                  <td style="width: 33.33%;">
                    <div style="text-align: right;"><font style="font-weight: bold;">AUTHORIZED REPRESENTATIVE</font></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div><font style="font-weight: bold;">June 15, 2020</font></div>
                  </td>
                  <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center;"><font style="font-weight: bold;"><font style="font-weight: bold;">June 15, 2020 </font><font style="font-weight: bold;">to </font><font style="font-weight: bold;">June 15, 2021</font></font></div>
                  </td>
                  <td style="width: 33.33%; text-align: left; font-weight: bold; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right;">&#160;/S/ Maggie Sullivan</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <br>
        <div style="text-align: center; font-weight: bold;">SOCIAL ENGINEERING FRAUD</div>
        <div><br>
        </div>
        <div style="text-align: justify;">In consideration of the premium charged for this Bond, it is hereby understood and agreed that this Bond is amended by adding an additional Insuring Agreement M, as follows:</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 18pt;">M.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt">&#160;</font>Social Engineering Fraud</div>
        <div><br>
        </div>
        <div style="text-align: justify;">Loss resulting directly from the Insured, in good faith, transferring, paying, or delivering money from its own account as a direct result of a Social Engineering Fraud;</div>
        <div><br>
        </div>
        <div style="text-align: justify;">PROVIDED, that the entity receiving such request generally maintains and follows during the Bond Period all Social Engineering Security Procedures.</div>
        <div><br>
        </div>
        <div style="text-align: justify;">The Limit of Liability for a Single Loss under this Insuring Agreement M shall be the lesser of (a)&#160;50% of the amount by which such Single Loss exceeds the Deductible Amount or
          (b)&#160;$1,000,000, and the Insured shall bear the remainder of any such Single Loss. The Deductible Amount for this Insuring Agreement M is $50,000 (Fifty Thousand Dollars).</div>
        <div><br>
        </div>
        <div style="text-align: justify;">Notwithstanding any other provision of this Bond, the aggregate Limit of Liability under this Bond with respect to any and all loss or losses under this Insuring Agreement M shall be
          $1,000,000 (One Million Dollars) for the Bond Period, irrespective of the total amount of such loss or losses.</div>
        <div><br>
        </div>
        <div style="text-align: justify;">This Insuring Agreement M does not cover loss covered under any other Insuring Agreement of this Bond.</div>
        <div><br>
        </div>
        <div style="text-align: justify;">It is further understood and agreed that for purposes of this rider:</div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="zfb016bf087944f1fb9a53cf3452f6ec1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">1.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>&#8220;Communication&#8221; means an instruction that (a) directs an Employee to transfer, pay, or deliver money from the Insured&#8217;s own account, (b) contains a material misrepresentation of fact, and (c) is relied upon by the Employee, believing
                  it to be true.</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div><br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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        </div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="ze1895d9bc5634eb388cec933a3f8790d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">2.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>&#8220;Social Engineering Fraud&#8221; means the intentional misleading of an Employee through the use of a Communication, where such Communication:</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="zc8e6e07bcf9e411a883baceb88e7f83e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <td style="width: 45pt;"><br>
              </td>
              <td style="width: 27pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>is transmitted to the Employee in writing, by voice over the telephone, or by Electronic Transmission;</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z40a3e7dce2ad439ea9a50f62b7a8bbee" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <td style="width: 45pt;"><br>
              </td>
              <td style="width: 27pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>is made by an individual who purports to be (i) an Employee who is duly authorized by the Insured to instruct another Employee to transfer, pay, or deliver money, or (ii)&#160;an officer or employee of a Vendor who is duly authorized by the
                  Insured to instruct an Employee to transfer, pay, or deliver money; and</div>
              </td>
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        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z8958dde3a60844d88fe360339cd19663" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <td style="width: 45pt;"><br>
              </td>
              <td style="width: 27pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>is unauthorized, dishonest or fraudulent and is made with the manifest intent to deceive.</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="ze46028d4db9942ed8460303c48e96ff7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <td style="width: 27pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">3.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>&#8220;Social Engineering Security Procedures&#8221; means security procedures intended to prevent Social Engineering Fraud as set forth in the Application and/or as otherwise provided in writing to the Underwriter.</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="zc4e3be5b460142c8a69235916b12b6d7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">4.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>&#8220;Vendor&#8221; means any entity or individual that provides goods or services to the Insured under a pre-existing, written agreement.</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div>
          <div style="text-align: justify;">Except as above stated, nothing herein shall be held to alter, waive, or extend any of the terms of this Bond.</div>
        </div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z545fea1d4fcf475f9b9e352c008554a8" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

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              <td style="width: 100%; vertical-align: top;">
                <div style="text-align: right;">RN0054.0-00 (07/18) nb</div>
              </td>
            </tr>

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        <div style="text-align: justify;"><br>
        </div>
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        <div> <br>
        </div>
        <div>
          <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">JOINT INSUREDS AGREEMENT</div>
          <div style="text-align: justify;">THIS AGREEMENT is made effective as of the 15th day of June, 2020, by and between FIDUCIARY/CLAYMORE ENERGY INFRASTRUCTURE FUND, a Delaware statutory trust (&#8220;FMO&#8221;), GUGGENHEIM
            TAXABLE MUNICIPAL MANAGED DURATION TRUST a Delaware statutory trust (&#8220;GBAB&#8221;), GUGGENHEIM CREDIT ALLOCATION FUND, a Delaware statutory trust (&#8220;GGM&#8221;), GUGGENHEIM ENERGY &amp; INCOME FUND, a Delaware statutory trust (&#8220;XGEIX&#8221;), GUGGENHEIM ENHANCED
            EQUITY INCOME FUND, a Delaware statutory trust (&#8220;GPM&#8221;), GUGGENHEIM STRATEGIC OPPORTUNITIES FUND, a Delaware statutory trust (&#8220;GOF&#8221;), GUGGENHEIM FUNDS TRUST, a Delaware statutory trust (&#8220;GFT&#8221;), GUGGENHEIM VARIABLE FUNDS TRUST, a Delaware
            statutory trust (&#8220;GVFT&#8221;), GUGGENHEIM STRATEGY FUNDS TRUST, a Delaware statutory trust (&#8220;GSFT&#8221;), RYDEX DYNAMIC FUNDS, a Delaware statutory trust (&#8220;RDF&#8221;), RYDEX SERIES FUNDS, a Delaware statutory trust (&#8220;RSF&#8221;), RYDEX VARIABLE TRUST, a Delaware
            statutory trust (&#8220;RVT&#8221;), and TRANSPARENT VALUE TRUST, a Delaware Statutory Trust (&#8220;TVT&#8221;) (collectively referred to herein as the &#8220;Trusts&#8221; or singularly as a &#8220;Trust&#8221;).</div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Trusts have been named as insureds under a joint Investment Company Blanket Bond issued by ICI Mutual Insurance Company (the &#8220;Bond&#8221;)
            with a limit of liability that may be changed from time to time (&#8220;Bond Amount&#8221;).&#160; The Trusts desire to enter into this Agreement in accordance with the requirements of Rule 17g-1(f) to assure that the premium for the Bond and any proceeds
            received under the Bond are allocated in an equitable and proportionate manner.</div>
          <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Trusts, therefore, agree that:</div>
          <div>
            <table cellspacing="0" cellpadding="0" id="za485d333265941eb96ce89925ac33c9e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

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                  <td style="width: 72pt; vertical-align: top; align: right;">
                    <div style="margin-left: 36pt; margin-bottom: 12pt;">1.</div>
                  </td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="text-align: justify; margin-bottom: 12pt;"><u>Allocation of Premium</u>.&#160; The portion of the premium paid by each Trust shall be allocated among the Trusts based upon the minimum amount of coverage required under Rule 17g-1
                      under the Investment Company Act of 1940, as amended, based on their respective assets under management as of the date of the Allocation Event.&#160; The current allocations are set forth in <u>Exhibit&#160;A</u>.&#160; From time to time
                      adjustments may be made to the portion of the premiums theretofore paid by a Trust, based on a subsequent change or changes in the net assets of one or more Trusts or the addition or withdrawal of a Trust from the Bond.</div>
                  </td>
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            </table>
          </div>
          <div>
            <table cellspacing="0" cellpadding="0" id="zd65470c480a5461f87420edbd4c6d047" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

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                  <td style="width: 72pt; vertical-align: top; align: right;">
                    <div style="margin-left: 36pt; margin-bottom: 12pt;">2.</div>
                  </td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="text-align: justify; margin-bottom: 12pt;"><u>Allocation Event</u>.&#160; The allocation of the Bond premium shall be determined as of the initial date of each Bond period, as of each date when a Trust is added to this Agreement
                      or when this Agreement is terminated as to a Trust and when the premium amount increases because of an increase in the Bond Amount during the Bond period. When a Trust is added to the Bond, the existing Trusts shall receive a
                      reimbursement for the decreased amount of premium to be paid for the Bond period as a result of the addition of the Trust unless MUFG Investor Services (US), LLC, the administrator for each Trust (&#8220;Administrator&#8221;), determines that the
                      cost of refunding the excess premium would meet or exceed the amount of premium to be refunded.&#160; Any such reimbursement will occur in April immediately following the end of the Bond period, in conjunction with the allocation and
                      payment of the premium for the following year&#8217;s Bond period.&#160; <br>
                    </div>
                  </td>
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            </table>
          </div>
          <div>
            <div>
              <div><br>
              </div>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">1</font></div>
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              </div>
              <div><br>
              </div>
              <div><br>
              </div>
              <div>
                <table cellspacing="0" cellpadding="0" id="z1c96dc307d9a42af8260abb799b43f21" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

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                        <div style="margin-left: 36pt; margin-bottom: 12pt;"><br>
                        </div>
                      </td>
                      <td style="width: auto; vertical-align: top;">
                        <div style="text-align: justify; margin-bottom: 12pt;">When Trusts are subtracted, there shall be no change in amounts owed by the Trusts.</div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
            <table cellspacing="0" cellpadding="0" id="z3b6435c7864e4b6b9ffd48926a739c45" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

                <tr>
                  <td style="width: 72pt; vertical-align: top; align: right;">
                    <div style="margin-left: 36pt; margin-bottom: 12pt;">3.</div>
                  </td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="text-align: justify; margin-bottom: 12pt;"><u>Allocation of Coverage</u>.&#160; In the event any recovery is received under the Bond as a result of a loss sustained by any Trust and by the other named insureds, each Trust shall
                      receive an equitable and proportionate share of the recovery but in no event less than the amount it would have received had it provided and maintained a single insured bond with the minimum coverage required by paragraph (d)(1) of
                      Rule 17g-1.&#160; The remaining amount of any recovery, if any, shall then be applied to the claims of the Trusts based on the premiums paid by the respective Trusts.</div>
                  </td>
                </tr>

            </table>
          </div>
          <div>
            <table cellspacing="0" cellpadding="0" id="ze31917dad66a43268793ac3c7a676a00" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

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                  <td style="width: 72pt; vertical-align: top; align: right;">
                    <div style="margin-left: 36pt; margin-bottom: 12pt;">4.</div>
                  </td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="text-align: justify; margin-bottom: 12pt;"><u>Agent</u>.&#160; The Administrator is hereby appointed as the agent for the Trusts for the purpose of making, adjusting, receiving and enforcing payment of all claims under the Bond
                      and otherwise dealing with ICI Mutual Insurance Company with respect to the Bond.&#160; Any expenses incurred by the Administrator in its capacity as agent in connection with a claim shall be shared by the Trusts in proportion to the Bond
                      proceeds received by the Trusts for the loss.&#160; All other expenses incurred by the Administrator in its capacity as agent shall be shared by the Trusts in the same portion as their premium allocation.</div>
                  </td>
                </tr>

            </table>
          </div>
          <div>
            <table cellspacing="0" cellpadding="0" id="z46c23c45985145b69a31953f78583dbc" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

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                  <td style="width: 72pt; vertical-align: top; align: right;">
                    <div style="margin-left: 36pt; margin-bottom: 12pt;">5.</div>
                  </td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="text-align: justify; margin-bottom: 12pt;"><u>Modification and Termination</u>.&#160; This Agreement, including <u>Exhibit&#160;A</u>, may be modified or amended from time to time, including during a Bond period and after a Party has
                      submitted a claim for loss under the Bond, by mutual written agreement among the Trusts.&#160; Additional registered investment companies for which the Administrator serves as the administrator may be made a party to this Agreement and
                      upon the approval of the Board of Trustees of each party to the Agreement, will be added to the Agreement by the execution of a revised <u>Exhibit&#160;A</u>.&#160; The addition of a party shall trigger an Allocation Event.&#160; This Agreement may
                      be terminated with respect to any one Trust by not less than 75 days&#8217; written notice to the other Trusts.&#160; It shall terminate as to any party as of the date that such party ceases to be an insured under the Bond; provided that such
                      termination shall not affect such party&#8217;s rights and obligations hereunder with respect to any claims on behalf of such party which are paid under the Bond by ICI Mutual Insurance Company after the date such party ceases to be an
                      insured under the Bond.&#160; The Agreement shall continue as to the remaining parties, but shall trigger an Allocation Event.</div>
                  </td>
                </tr>

            </table>
          </div>
          <div>
            <table cellspacing="0" cellpadding="0" id="ze5d67a71d650454197b823300a37f301" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

                <tr>
                  <td style="width: 72pt; vertical-align: top; align: right;">
                    <div style="margin-left: 36pt; margin-bottom: 12pt;">6.</div>
                  </td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="text-align: justify; margin-bottom: 12pt;"><u>Further Assurances</u>.&#160; Each party agrees to perform such further acts and execute such further documents as are necessary to effectuate the purposes hereof.</div>
                  </td>
                </tr>

            </table>
          </div>
          <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
            <div id="DSPFPageBreak" style="page-break-after:always;">
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          </div>
          <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"> <br>
          </div>
          <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as of the date and year first above written.</div>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z11458e08363f481c89404ff9544b1a2e" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td style="width: 50%; vertical-align: top;">
                  <div>FIDCUIARY/CLAYMORE ENERGY INFRASTRUCTURE FUND</div>
                  <div>By:<u>/s/ John L. Sullivan</u><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 208.1pt">&#160;</font><br>
                    <br>
                    <font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18.7pt">&#160;</font>John L. Sullivan<br>
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              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
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                    <font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18.7pt">&#160;</font>John L. Sullivan<br>
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              </tr>
              <tr>
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                  <div>By:<u> /s/ John L. Sullivan</u><br>
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                    <font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18.7pt">&#160;</font>John L. Sullivan<br>
                    <font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18.7pt">&#160;</font>Chief Financial Officer and Treasurer</div>
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              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td style="width: 50%; vertical-align: top;">
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                    <font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18.7pt">&#160;</font>John L. Sullivan<br>
                    <font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18.7pt">&#160;</font>Chief Financial Officer and Treasurer</div>
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              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td style="width: 50%; vertical-align: top;">
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                  <div>By:<u>/s/ John L. Sullivan</u><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 208.1pt">&#160;</font><br>
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                    <font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18.7pt">&#160;</font>John L. Sullivan<br>
                    <font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18.7pt">&#160;</font>Chief Financial Officer and Treasurer</div>
                  <div>&#160;</div>
                </td>
              </tr>

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          <div><br>
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        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
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            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="width: 50%; vertical-align: top;">
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                <div>By:<u>/s/ John L. Sullivan</u><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 208.1pt">&#160;</font><br>
                  <br>
                  <font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18.7pt">&#160;</font>John L. Sullivan<br>
                  <font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18.7pt">&#160;</font>Chief Financial Officer and Treasurer</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="width: 50%; vertical-align: top;">
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                <div>By:<u>/s/ John L. Sullivan</u><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 208.1pt">&#160;</font><br>
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                  <font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18.7pt">&#160;</font>John L. Sullivan<br>
                  <font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18.7pt">&#160;</font>Chief Financial Officer and Treasurer</div>
              </td>
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            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="width: 50%; vertical-align: top;">
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                <div>By:<u>/s/ John L. Sullivan</u><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 208.1pt">&#160;</font><br>
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                  <font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18.7pt">&#160;</font>John L. Sullivan<br>
                  <font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18.7pt">&#160;</font>Chief Financial Officer and Treasurer</div>
              </td>
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            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="width: 50%; vertical-align: top;">
                <div> <br>
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                <div>By:<u>/s/ John L. Sullivan</u><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 208.1pt">&#160;</font><br>
                  <br>
                  <font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18.7pt">&#160;</font>John L. Sullivan<br>
                  <font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18.7pt">&#160;</font>Chief Financial Officer and Treasurer</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="width: 50%; vertical-align: top;">
                <div> <br>
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                <div>RYDEX DYNAMIC FUNDS</div>
                <div>By:<u>/s/ John L. Sullivan</u><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 208.1pt">&#160;</font><br>
                  <br>
                  <font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18.7pt">&#160;</font>John L. Sullivan<br>
                  <font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18.7pt">&#160;</font>Chief Financial Officer and Treasurer</div>
              </td>
            </tr>

        </table>
      </div>
      <div> <br>
      </div>
      <div> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">4</font></div>
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      </div>
      <div> <br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z80df042052e94f98b38443d53aacc3cd" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="width: 50%; vertical-align: top;">
                <div>RYDEX SERIES FUNDS</div>
                <div>By:<u>/s/ John L. Sullivan</u><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 208.1pt">&#160;</font><br>
                  <br>
                  <font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18.7pt">&#160;</font>John L. Sullivan<br>
                  <font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18.7pt">&#160;</font>Chief Financial Officer and Treasurer</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="width: 50%; vertical-align: top;">
                <div> <br>
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                <div>By:<u> /s/ John L. Sullivan</u><br>
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                  <font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18.7pt">&#160;</font>John L. Sullivan<br>
                  <font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18.7pt">&#160;</font>Chief Financial Officer and Treasurer</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="width: 50%; vertical-align: top;">
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                <div>TRANSPARENT VALUE TRUST</div>
                <div>By:<u>/s/ John L. Sullivan</u><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 208.1pt">&#160;</font><br>
                  <br>
                  <font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18.7pt">&#160;</font>John L. Sullivan<br>
                  <font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18.7pt">&#160;</font>Chief Financial Officer and Treasurer</div>
              </td>
            </tr>

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        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">5</font></div>
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      <div> <br>
      </div>
      <div>
        <div style="text-align: justify; margin-bottom: 12pt;">Dated:&#160; <u>June 15, 2020</u></div>
        <div><br>
        </div>
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      <div>
        <table cellspacing="0" cellpadding="0" id="zba77a619b45c4fe58981ddedafcbd21e" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td style="width: 100%; vertical-align: bottom;" colspan="7">
                <div style="text-align: center; font-weight: bold;"><u>EXHIBIT A</u></div>
                <div style="text-align: center; font-weight: bold;">Joint Insureds Agreement</div>
              </td>
            </tr>
            <tr>
              <td style="width: 43.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">
                <div>A. Bond Period:</div>
              </td>
              <td style="width: 22.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 3.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 2.71%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 28.41%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">
                <div>&#160;</div>
                <div style="text-align: right;">June 15, 2020 through</div>
                <div style="text-align: right;">June 15, 2021</div>
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            </tr>
            <tr>
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                <div>B. Bond Amount:</div>
              </td>
              <td style="width: 22.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 3.17%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
              <td style="width: 18.54%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$16,225,000</div>
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            </tr>
            <tr>
              <td style="width: 43.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">
                <div>C. Premium Amount (Includes Illinois Premium Tax @ 2%):</div>
              </td>
              <td style="width: 22.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 3.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
              <td style="width: 18.54%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$65,255</div>
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            </tr>
            <tr>
              <td style="width: 40.11%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 3.17%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 22.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 3.17%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
              <td style="width: 18.54%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            </tr>
            <tr>
              <td style="width: 65.72%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="3">
                <div>D. Allocation of Premium</div>
              </td>
              <td style="width: 3.17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div>&#160;</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="2">
                <div>&#160;</div>
              </td>
              <td style="width: 18.54%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="4">
                <div>Fiduciary/Claymore Energy Infrastructure Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$2,154</div>
              </td>
            </tr>
            <tr>
              <td style="width: 81.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="6">
                <div>Guggenheim Taxable Municipal Managed Duration Trust</div>
              </td>
              <td style="width: 18.54%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$3,590</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="4">
                <div>Guggenheim Energy &amp; Income Fund</div>
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              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$1,632</div>
              </td>
            </tr>
            <tr>
              <td style="width: 65.72%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="3">
                <div>Guggenheim Credit Allocation Fund</div>
              </td>
              <td style="width: 3.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 12.57%; vertical-align: top; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
              <td style="width: 18.54%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$2,415</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="4">
                <div>Guggenheim Strategic Opportunities Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$3,590</div>
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            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="4">
                <div>Guggenheim Enhanced Equity Income Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$3,003</div>
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            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="4">
                <div>&#160;</div>
                <div style="font-weight: bold;"><u>Guggenheim Variable Funds Trust</u></div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
              <td style="width: 18.54%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="4">
                <div>Series A (StylePlus&#8211;Large Core Series)</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$775</div>
              </td>
            </tr>
            <tr>
              <td style="width: 65.72%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="3">
                <div>Series B (Large Cap Value Series)</div>
              </td>
              <td style="width: 3.17%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$756</div>
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            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="4">
                <div>Series D (World Equity Income Series)</div>
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              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$444</div>
              </td>
            </tr>
            <tr>
              <td style="width: 65.72%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="3">
                <div>Series E (Total Return Bond Series)</div>
              </td>
              <td style="width: 3.17%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$504</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="4">
                <div>Series F (Floating Rate Strategies Series)</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$140</div>
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            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="4">
                <div>Series J (StylePlus&#8211;Mid Growth Series)</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$594</div>
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            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="4">
                <div>Series N (Managed Asset Allocation Series)</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$165</div>
              </td>
            </tr>
            <tr>
              <td style="width: 65.72%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="3">
                <div>Series O (All Cap Value Series)</div>
              </td>
              <td style="width: 3.17%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$347</div>
              </td>
            </tr>
            <tr>
              <td style="width: 65.72%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="3">
                <div>Series P (High Yield Series)</div>
              </td>
              <td style="width: 3.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$162</div>
              </td>
            </tr>
            <tr>
              <td style="width: 65.72%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="3">
                <div>Series Q (Small Cap Value Series)</div>
              </td>
              <td style="width: 3.17%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$226</div>
              </td>
            </tr>
            <tr>
              <td style="width: 65.72%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="3">
                <div>Series V (SMid Cap Value Series)</div>
              </td>
              <td style="width: 3.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$617</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="4">
                <div>Series X (StylePlus&#8211;Small Growth Series)</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$115</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="4">
                <div>Series Y (StylePlus&#8211;Large Growth Series)</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$160</div>
              </td>
            </tr>
            <tr>
              <td style="width: 65.72%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="3">
                <div>Series Z (Alpha Opportunity Series)</div>
              </td>
              <td style="width: 3.17%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$21</div>
              </td>
            </tr>
            <tr>
              <td style="width: 40.11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 3.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 22.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 3.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
              <td style="width: 18.54%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
            </tr>
            <tr>
              <td style="width: 65.72%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="3">
                <div style="font-weight: bold;"><u>Guggenheim Funds Trust</u></div>
              </td>
              <td style="width: 3.17%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
              <td style="width: 18.54%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="4">
                <div>Guggenheim Alpha Opportunity Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$14</div>
              </td>
            </tr>
            <tr>
              <td style="width: 65.72%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="3">
                <div>Guggenheim Capital Stewardship Fund</div>
              </td>
              <td style="width: 3.17%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$72</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="4">
                <div>Guggenheim Diversified Income Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$2</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="4">
                <div>Guggenheim Floating Rate Strategies Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$276</div>
              </td>
            </tr>
            <tr>
              <td style="width: 65.72%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="3">
                <div>Guggenheim High Yield Fund</div>
              </td>
              <td style="width: 3.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$129</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="4">
                <div>Guggenheim Investment Grade Bond Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$385</div>
              </td>
            </tr>
            <tr>
              <td style="width: 65.72%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="3">
                <div>Guggenheim Large Cap Value Fund</div>
              </td>
              <td style="width: 3.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$13</div>
              </td>
            </tr>
            <tr>
              <td style="width: 65.72%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="3">
                <div>Guggenheim Limited Duration Fund</div>
              </td>
              <td style="width: 3.17%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$1,038</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="4">
                <div>Guggenheim Macro Opportunities Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$1,570</div>
              </td>
            </tr>

        </table>
      </div>
      <div> <br>
      </div>
      <div> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">6</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div> <br>
      </div>
      <div> <br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="za45876946d1b4548ae4ead1463ddbaba" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="4">
                <div>Guggenheim Market Neutral Real Estate Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$12</div>
              </td>
            </tr>
            <tr>
              <td style="width: 65.72%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="3">
                <div>Guggenheim Municipal Income Fund</div>
              </td>
              <td style="width: 3.17%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$24</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="4">
                <div>Guggenheim Risk Managed Real Estate Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$97</div>
              </td>
            </tr>
            <tr>
              <td style="width: 65.72%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="3">
                <div>Guggenheim Small Cap Value Fund</div>
              </td>
              <td style="width: 3.17%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$2</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="4">
                <div>Guggenheim SMid Cap Value Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$128</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="4">
                <div>Guggenheim StylePlus&#8211;Large Core Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$72</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="4">
                <div>Guggenheim StylePlus&#8211;Mid Growth Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$31</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="4">
                <div>Guggenheim Total Return Bond Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$5,993</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="4">
                <div>Guggenheim World Equity Income Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$15</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="4">
                <div>Guggenheim Ultra Short Duration Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$174</div>
              </td>
            </tr>
            <tr>
              <td style="width: 40.11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 3.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 22.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 3.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="4">
                <div style="font-weight: bold;"><u>Guggenheim Strategy Funds Trust</u></div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            </tr>
            <tr>
              <td style="width: 65.72%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="3">
                <div>Guggenheim Strategy Fund II</div>
              </td>
              <td style="width: 3.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$1,876</div>
              </td>
            </tr>
            <tr>
              <td style="width: 65.72%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="3">
                <div>Guggenheim Strategy Fund III</div>
              </td>
              <td style="width: 3.17%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$1,479</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="4">
                <div>Guggenheim Variable Insurance Strategy Fund III</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$691</div>
              </td>
            </tr>
            <tr>
              <td style="width: 40.11%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 3.17%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 22.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 3.17%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="4">
                <div style="font-weight: bold;"><u>Rydex Dynamic Funds</u></div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(255, 255, 255);" colspan="4">
                <div>S&amp;P 500 2x Strategy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$627</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(204, 238, 255);" colspan="4">
                <div>Inverse S&amp;P 500 2x Strategy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$160</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(255, 255, 255);" colspan="4">
                <div>Inverse NASDAQ-100 2x Strategy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$54</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(204, 238, 255);" colspan="4">
                <div>NASDAQ-100 2x Strategy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$2,649</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(255, 255, 255);" colspan="4">
                <div>Dow 2x Strategy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$274</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(204, 238, 255);" colspan="4">
                <div>Inverse Dow 2x Strategy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$31</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(255, 255, 255);" colspan="4">
                <div>Russell 2000 2x Strategy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$182</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(204, 238, 255);" colspan="4">
                <div>Inverse Russell 2000 2x Strategy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$69</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="4">&#160;</td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="4">
                <div style="font-weight: bold;"><u>Rydex Series Funds</u></div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(255, 255, 255);" colspan="4">
                <div>Banking Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$21</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(204, 238, 255);" colspan="4">
                <div>Basic Materials Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$65</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(255, 255, 255);" colspan="4">
                <div>Biotechnology Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$603</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(204, 238, 255);" colspan="4">
                <div>Commodities Strategy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$11</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(255, 255, 255);" colspan="4">
                <div>Consumer Products Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$321</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(204, 238, 255);" colspan="4">
                <div>Dow Jones Industrial Average Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$54</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(255, 255, 255);" colspan="4">
                <div>Electronics Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$141</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(204, 238, 255);" colspan="4">
                <div>Emerging Markets 2x Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$8</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(255, 255, 255);" colspan="4">
                <div>Emerging Markets Bond Strategy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$6</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(204, 238, 255);" colspan="4">
                <div>Energy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$36</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(255, 255, 255);" colspan="4">
                <div>Energy Services Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$11</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(204, 238, 255);" colspan="4">
                <div>Europe 1.25x Strategy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$9</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(255, 255, 255);" colspan="4">
                <div>Financial Services Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$31</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(204, 238, 255);" colspan="4">
                <div>Government Long Bond 1.2x Strategy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$101</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(255, 255, 255);" colspan="4">
                <div>Health Care Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$221</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(204, 238, 255);" colspan="4">
                <div>High Yield Strategy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$238</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(255, 255, 255);" colspan="4">
                <div>Internet Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$84</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(204, 238, 255);" colspan="4">
                <div>Inverse Emerging Markets 2x Strategy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$6</div>
              </td>
            </tr>

        </table>
      </div>
      <div> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">7</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div> <br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z1b44536491c441b6b1f4cc98ed35f68e" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Inverse Government Long Bond Strategy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$151</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div>Inverse High Yield Strategy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$6</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Inverse Mid-Cap Strategy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$3</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div>Inverse NASDAQ-100 Strategy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$80</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Inverse Russell 2000 Strategy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$37</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div>Inverse S&amp;P 500 Strategy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$274</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Japan 2x Strategy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$3</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div>Leisure Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$19</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Long Short Equity Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$41</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div>Managed Futures Strategy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$62</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Mid-Cap 1.5x Strategy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$39</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div>Monthly Rebalance NASDAQ-100 2x Strategy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$551</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Multi-Hedge Strategies Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$116</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div>NASDAQ-100 Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$3,494</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Nova Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$941</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div>Precious Metals Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$234</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Real Estate Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$8</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div>Retailing Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$34</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Russell 2000 1.5x Strategy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$58</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div>Russell 2000 Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$18</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>S&amp;P 500 Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$414</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div>S&amp;P 500 Pure Growth Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$136</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>S&amp;P 500 Pure Value Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$129</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div>S&amp;P MidCap 400 Pure Growth Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$152</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>S&amp;P MidCap 400 Pure Value Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$20</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div>S&amp;P SmallCap 600 Pure Growth Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$74</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>S&amp;P SmallCap 600 Pure Value Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$19</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div>Strengthening Dollar 2x Strategy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$11</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Technology Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$119</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div>Telecommunications Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$20</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Transportation Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$68</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div>U.S. Government Money Market Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$629</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div>Utilities Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$115</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div>Weakening Dollar 2x Strategy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$4</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                <div style="font-weight: bold;"><u>Rydex Variable Trust</u></div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div>Banking Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$15</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                <div>Basic Materials Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$36</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div>Biotechnology Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$140</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                <div>Commodities Strategy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$14</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div>Consumer Products Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$70</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                <div>Dow 2x Strategy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$106</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div>Electronics Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$43</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                <div>Energy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$50</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div>Energy Services Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$32</div>
              </td>
            </tr>

        </table>
      </div>
      <div> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">8</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div> <br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z661169f09b7f44318d68db5a7cf2cfe5" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">
                <div>Europe 1.25x Strategy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$12</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">
                <div>Financial Services Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$35</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">
                <div>Global Managed Futures Strategy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$90</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">
                <div>Government Long Bond 1.2x Strategy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$84</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">
                <div>Health Care Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$111</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">
                <div>High Yield Strategy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$21</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">
                <div>Internet Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$77</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">
                <div>Inverse Dow 2x Strategy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$11</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">
                <div>Inverse Government Long Bond Strategy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$27</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">
                <div>Inverse Mid-Cap Strategy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$2</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">
                <div>Inverse NASDAQ-100 Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$4</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">
                <div>Inverse Russell 2000 Strategy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$7</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">
                <div>Inverse S&amp;P 500 Strategy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$23</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">
                <div>Japan 2x Strategy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$9</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">
                <div>Leisure Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$19</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">
                <div>Long Short Equity Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$147</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">
                <div>Mid-Cap 1.5x Strategy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$26</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">
                <div>Multi-Hedge Strategies Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$235</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">
                <div>NASDAQ-100 2x Strategy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$496</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">
                <div>NASDAQ-100 Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$529</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">
                <div>Nova Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$219</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">
                <div>Precious Metals Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$108</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">
                <div>Real Estate Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$46</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">
                <div>Retailing Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$23</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">
                <div>Russell 2000 1.5x Strategy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$23</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">
                <div>Russell 2000 2x Strategy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$31</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">
                <div>S&amp;P 500 2x Strategy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$99</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">
                <div>S&amp;P 500 Pure Growth Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$174</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">
                <div>S&amp;P 500 Pure Value Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$133</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">
                <div>S&amp;P MidCap 400 Pure Growth Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$70</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">
                <div>S&amp;P MidCap 400 Pure Value Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$53</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">
                <div>S&amp;P SmallCap 600 Pure Growth Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$62</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">
                <div>S&amp;P SmallCap 600 Pure Value Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$33</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">
                <div>Strengthening Dollar 2x Strategy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$9</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">
                <div>Technology Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$109</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">
                <div>Telecommunications Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$17</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">
                <div>Transportation Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$21</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">
                <div>U.S. Government Money Market Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$264</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">
                <div>Utilities Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$78</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">
                <div>Weakening Dollar 2x Strategy Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$2</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
            </tr>
            <tr>
              <td style="width: 65.72%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                <div style="font-weight: bold;"><u>Transparent Value Trust</u></div>
              </td>
              <td style="width: 3.17%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">
                <div>Guggenheim RBP Large-Cap Market Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$85</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">
                <div>Guggenheim RBP Large-Cap Defensive Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$95</div>
              </td>
            </tr>
            <tr>
              <td style="width: 65.72%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div>Guggenheim RBP Dividend Fund</div>
              </td>
              <td style="width: 3.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$147</div>
              </td>
            </tr>

        </table>
      </div>
      <div> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">9</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div> <br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="zee1ca1a5f9cf4fc887abb9b6d06b7c4e" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div>Guggenheim RBP Large-Cap Value Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">$24</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                <div>Guggenheim Directional Allocation Fund</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$3,238</div>
              </td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            </tr>
            <tr>
              <td style="width: 68.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                <div>Guggenheim Funds Distributors, LLC and Security Investors, LLC</div>
              </td>
              <td style="width: 12.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 18.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">$8,026</div>
              </td>
            </tr>

        </table>
      </div>
      <div> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">10</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div> <br>
      </div>
      <div>
        <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;"><u>ASSISTANT SECRETARY&#8217;S CERTIFICATE</u></div>
        <div style="text-align: justify;">The undersigned certifies that he is the duly elected Assistant Secretary of Fiduciary/Claymore Energy Infrastructure Fund, Guggenheim Credit Allocation Fund, Guggenheim Enhanced
          Equity Income Fund, Guggenheim Energy &amp; Income Fund, Guggenheim Strategic Opportunities Fund, Guggenheim Taxable Municipal Managed Duration Trust, Guggenheim Funds Trust, Guggenheim Variable Funds Trust, Guggenheim Strategy Funds Trust, Rydex
          Dynamic Funds, Rydex Series Funds, Rydex Variable Trust, and Transparent Value Trust (collectively, the &#8220;Trusts&#8221;) and that the resolutions set forth below approving the fidelity bond for the Trusts were adopted by the Boards of Trustees of the
          Trusts on May 18, 2020, and such resolutions have not been amended, modified or rescinded and remain in full force and effect as of the date hereof.</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-right: 36pt; margin-left: 36pt;"><font style="font-weight: bold;">WHEREAS, </font>in connection with the consideration of the joint fidelity bond (the &#8220;Fidelity Bond&#8221;),
          covering, among others, each of Guggenheim Funds Trust, Guggenheim Variable Funds Trust, Guggenheim Strategy Funds Trust, Rydex Dynamic Funds, Rydex Series Funds, Rydex Variable Trust, Transparent Value Trust, Fiduciary/Claymore Energy
          Infrastructure Fund, Guggenheim Taxable Municipal Managed Duration Trust, Guggenheim Strategic Opportunities Fund, Guggenheim Enhanced Equity Income Fund, Guggenheim Credit Allocation Fund and Guggenheim Energy &amp; Income Fund (collectively,
          the &#8220;Trusts&#8221;), the Boards of Trustees of the Trusts (collectively, the &#8220;Board&#8221;) have duly considered all relevant factors, including, but not limited to, the value of the aggregate assets of each Trust to which any covered person may have access,
          the type and terms of the arrangements made for the custody and safekeeping of such assets, the nature of the securities in each Trust&#8217;s portfolio, the number of the other parties named as insured, the nature of the business activities of such
          other parties, the amount of the Fidelity Bond, and the amount of the premium for such Fidelity Bond, the ratable allocation of the premium among all parties named as insureds, and the extent to which the share of the premium allocated to each
          Trust is less than the premium such Trust would have had to pay if it had provided and maintained a single insured bond; and</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-right: 36pt; margin-left: 36pt;"><font style="font-weight: bold;">WHEREAS, </font>the Board has determined that each of the Trusts is required to provide and maintain a bond
          in the amounts pursuant to the schedule contained in Rule 17g-1(d) under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;), had the Trusts not been named under a joint insured bond; and</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-right: 36pt; margin-left: 36pt;"><font style="font-weight: bold;">WHEREAS</font>, the Board has been advised and has considered that the amount of coverage provided for each
          Trust under the Fidelity Bond is equal to or greater than the amount each company would be required to provide and maintain pursuant to Rule 17g-1(d) under the 1940 Act had it not been named under a joint insured bond;</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-right: 36pt; margin-left: 36pt; font-weight: bold;">NOW, THEREFORE, BE IT</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-right: 36pt; margin-left: 36pt;"><font style="font-weight: bold;">RESOLVED</font>, that the Board, including a majority of the Independent Trustees, hereby approves the
          Fidelity Bond, as discussed at this meeting; and it is</div>
        <div style="text-align: justify; margin-right: 36pt; margin-left: 36pt;"> <br>
        </div>
        <div style="text-align: justify; margin-right: 36pt; margin-left: 36pt;"> <br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-right: 36pt; margin-left: 36pt;"><font style="font-weight: bold;">FURTHER RESOLVED</font>, that the Secretary of the Trusts, be, and he hereby is, designated as the officer of
          the Trusts who shall make such filings and give such notice relating to the Trusts&#8217; Fidelity Bond coverage as may be required by law; and it is</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-right: 36pt; margin-left: 36pt;"><font style="font-weight: bold;">FURTHER RESOLVED</font>, that the payment by each of the Trusts of a proportionate share of the premium on the
          basis of relative bond amounts for the Fidelity Bond, as discussed at this meeting, be, and it hereby is, authorized, ratified and approved by the Board, including a majority of the Independent Trustees.</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-bottom: 12pt;">IN WITNESS WHEREOF, the undersigned has executed this certificate this 17th day of August, 2020.</div>
        <div style="margin-bottom: 12pt;"><br>
        </div>
        <div style="margin-left: 252pt;"><u>/s/ Michael P. Megaris</u><br>
          Michael P. Megaris</div>
        <div style="margin-left: 252pt;">Assistant Secretary of the Trusts</div>
        <div><br>
        </div>
        <br>
      </div>
      <div style="text-align: center;"> <font style="font-size: 8pt;">2</font></div>
      <div style="text-align: center;"><font style="font-size: 8pt;"> <br>
        </font></div>
      <div><font style="font-size: 8pt;"> <br>
        </font></div>
    </div>
  </div>
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</DOCUMENT>
</SEC-DOCUMENT>
