Guggenheim  SBC  Holdings,  LLC  ("Guggenheim  SBC Holdings"), an investor group
managed by Guggenheim Partners, LLC ("Guggenheim"), acquired control of Security
Benefit  Corporation ("SBC"), the parent company of Security Investors, LLC, the
Funds'  investment  adviser  (the  "Investment  Adviser")  and  Security  Global
Investors,  LLC,  the  sub-adviser  to  certain  of  the  Funds,  pursuant to an
agreement  between  SBC  and  Guggenheim  SBC  Holdings.  Under  the  agreement,
Guggenheim  SBC Holdings received a 100% ownership stake in SBC and consequently
acquired  control  of  the  Investment  Adviser  (the  "Purchase  Transaction").
Guggenheim  is  a  global,  independent,  privately  held, diversified financial
services  firm  with  more  than  $100  billion in assets under supervision. The
Purchase  Transaction  closed  on  July  30,  2010.

Under  the  Investment  Company  Act  of  1940,  the  closing  of  the  Purchase
Transaction  had  the  effect  of  terminating  the  Funds'  investment advisory
agreements  with  the   Investment  Adviser  and  any   investment  sub-advisory
agreements  entered  on  behalf of a Fund (together, the "Previous Agreements").
New  investment advisory ("New Investment Advisory Agreements") and sub-advisory
agreements  ("New  Sub-Advisory  Agreements")  were  approved  by  the  Board of
Directors  of the Funds. The New Investment Advisory Agreements were approved by
Fund  shareholders in a series of special meetings of shareholders. The terms of
the  New  Investment  Advisory  Agreements  and  New Sub-Advisory Agreements are
substantially  identical  to  the corresponding Previous Agreements, except with
respect  to  the  date  of  execution.

Effective  July  30,  2010,  the Funds' distributor, Rydex Distributors, Inc., a
Maryland corporation, became Rydex Distributors, LLC, a Kansas limited liability
company.