U.S.
Securities and Exchange Commission
100 F
Street, NE
Washington, DC 20549
Dear Sirs and Madams:
Enclosed for filing on behalf of Guggenheim Energy & Income
Fund, Guggenheim Strategic Opportunities Fund, Guggenheim Taxable
Municipal Bond & Investment Grade Debt Trust, Guggenheim Active
Allocation Fund, 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 "Trusts"), pursuant to Rule 17g-1(g)(1)(ii)
under the Investment Company Act of 1940, as amended ("1940 Act"),
are the following:
(a)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;
(b)a copy of the
joint fidelity bond issued by ICI Mutual Insurance Company naming
the Trusts as insureds;
(c)a copy of the
resolutions of a majority of the Board of Trustees who are not
"interested persons" 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, as well as a general-purpose resolution; and
(d)a copy of the
agreement between the Trusts entered into pursuant to Rule
17g-1(f) under the 1940 Act.
The premium for the bond has been paid for the period from June 15,
2022 to June 15, 2023.
Please contact the undersigned with any questions or comments.
Sincerely,
/s/ Mark E. Mathiasen
Mark E. Mathiasen
Secretary of the Trusts
ATTACHMENT A
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:
Trust
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Amount
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Guggenheim Energy & Income Fund
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$400,000
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Guggenheim Strategic Opportunities Fund
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$1,700,000
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Guggenheim Taxable Municipal Bond & Investment Grade Debt
Trust
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$900,000
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Guggenheim Active Allocation Fund
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$1,000,000
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Guggenheim Funds Trust
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$2,500,000
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Guggenheim Strategy Funds Trust
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$1,000,000
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Guggenheim Variable Funds Trust
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$1,250,000
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Rydex Dynamic Funds
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$1,000,000
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Rydex Series Funds
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$2,500,000
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Rydex Variable Trust
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$1,000,000
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Transparent Value Trust
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$750,000
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ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
1401 H St. NW
Washington, DC 20005
INVESTMENT COMPANY BLANKET BOND
Bond (6/18)
ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
1401 H St. NW
Washington, DC 20005
DECLARATIONS
NOTICE
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.
Item
1. Name of Insured (the "Insured")
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Bond Number:
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Guggenheim Funds Trust
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05716122B
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Principal Office:
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Mailing Address:
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227 West Monroe Street
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227 West Monroe Street
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Chicago, IL 60606
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Chicago, IL 60606
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Item
2. Bond Period: from 12:01 a.m. on
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June 15, 2022 , to 12:01 a.m. on
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June 15, 2023 , or
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the earlier effective date of the termination of this Bond,
standard time at the Principal Office as to
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each of said dates.
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Item
3. Limit of Liability—
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Subject to Sections 9, 10 and 12 hereof:
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LIMIT OF
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DEDUCTIBLE
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LIABILITY
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AMOUNT
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Insuring Agreement A-
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FIDELITY
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$17,000,000
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$50,000
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Insuring Agreement B-
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AUDIT EXPENSE
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$50,000
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$10,000
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Insuring Agreement C-
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ON PREMISES
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$17,000,000
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$50,000
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Insuring Agreement D-
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IN TRANSIT
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$17,000,000
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$50,000
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Insuring Agreement E-
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FORGERY OR ALTERATION
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$17,000,000
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$50,000
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Insuring Agreement F-
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SECURITIES
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$17,000,000
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$50,000
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Insuring Agreement G-
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COUNTERFEIT CURRENCY
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$17,000,000
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$50,000
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Insuring Agreement H-
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UNCOLLECTIBLE ITEMS OF DEPOSIT
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$25,000
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$5,000
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Insuring Agreement I-
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PHONE/ELECTRONIC TRANSACTIONS
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$17,000,000
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$50,000
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If "Not Covered" is inserted opposite any Insuring Agreement above,
such Insuring Agreement and any
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reference thereto shall be deemed to be deleted from this Bond.
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OPTIONAL INSURING AGREEMENTS ADDED BY RIDER:
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Insuring Agreement J-
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COMPUTER SECURITY
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$17,000,000
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$50,000
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Insuring Agreement M-
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SOCIAL ENGINEERING FRAUD
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$1,000,000
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$50,000
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Item
4. Offices or Premises Covered--All the Insured'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. Offices or other premises acquired or
established after the effective date of this Bond are covered
subject to the terms of General Agreement A.
Item
5. The liability of ICI Mutual Insurance Company, a Risk
Retention Group (the "Underwriter") is subject to the terms of the
following Riders attached hereto:
Riders: 1-2-3-4-5-6-7-8-9-10-11
and of all Riders applicable to this Bond issued during the Bond
Period.
By: ___/S/
Maggie Sullivan_______
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By: ____/S/
Swenitha Nalli_____________
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Authorized Representative
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Authorized Representative
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Bond (6/18)
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INVESTMENT COMPANY BLANKET BOND
NOTICE
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.
ICI Mutual Insurance Company, a Risk Retention Group (the
"Underwriter"), 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) ("Bond"), 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.
INSURING AGREEMENTS
A.FIDELITY
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.
B.AUDIT
EXPENSE
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.
C.ON
PREMISES
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's offices or premises located
anywhere, except those offices excluded by Rider; and EXCLUDING
loss covered under Insuring Agreement A.
D.IN
TRANSIT
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 "in transit" 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.
E.FORGERY
OR ALTERATION
Loss resulting directly from the Insured having, in good faith,
paid or transferred any Property in reliance upon any Written,
Original:
(1)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
(2)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
(3)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;
which bear (a) a Forgery, or (b) an Alteration, but only to the
extent that the Forgery or Alteration directly causes the loss.
Actual physical possession by the Insured or its authorized
representative of the items listed in
(1) through (3) above is a condition precedent to the Insured
having relied upon the items.
This Insuring Agreement E does not cover loss caused by Forgery or
Alteration of Securities or loss covered under Insuring Agreement
A.
F. SECURITIES
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:
(1)be
Counterfeit, but only to the extent that the Counterfeit directly
causes the loss, or
(2)be lost or
stolen, or
(3)contain a
Forgery or Alteration, but only to the extent the Forgery or
Alteration directly causes the loss,
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.
This Insuring Agreement F does not cover loss covered under
Insuring Agreement A.
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.
G.COUNTERFEIT
CURRENCY
Loss resulting directly from the receipt by the Insured, in good
faith of any Counterfeit Currency. This Insuring Agreement G does
not cover loss covered under Insuring Agreement A.
H.UNCOLLECTIBLE
ITEMS OF DEPOSIT
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
(1)uncollectible
Items of Deposit of a Fund's customer, shareholder or subscriber
credited by the Insured or its agent to such person's Fund account,
or
(2)any Item of
Deposit processed through an automated clearing house which is
reversed by a Fund's customer, shareholder or subscriber and is
deemed uncollectible by the Insured;
PROVIDED, that (a) Items of Deposit shall not be deemed
uncollectible until the Insured'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.
This Insuring Agreement H does not cover loss covered under
Insuring Agreement A.
I. PHONE/ELECTRONIC TRANSACTIONS
Loss resulting directly from a Phone/Electronic Transaction, where
the request for such Phone/Electronic Transaction:
(1)is
transmitted to the Insured or its agents by voice over the
telephone or by Electronic Transmission; and
(2)is made by
an individual purporting to be a Fund shareholder or subscriber or
an authorized agent of a Fund shareholder or subscriber;
and
(3)is
unauthorized or fraudulent and is made with the manifest intent to
deceive;
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
EXCLUDING loss resulting from:
(1)the failure
to pay for shares attempted to be purchased; or
(2)any
redemption of Investment Company shares which had been improperly
credited to a shareholder'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
(3)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;
(4)the
intentional failure to adhere to one or more Phone/Electronic
Transaction Security Procedures; or
(5)a
Phone/Electronic Transaction request transmitted by electronic mail
or transmitted by any method not subject to the Phone/Electronic
Transaction Security Procedures; or
(6)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.
This Insuring Agreement I does not cover loss covered under
Insuring Agreement A, "Fidelity" or Insuring Agreement J, "Computer
Security".
GENERAL AGREEMENTS
A.ADDITIONAL
OFFICES OR EMPLOYEES—CONSOLIDATION OR MERGER— NOTICE
1.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.
2.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.
B.WARRANTY
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.
C.COURT
COSTS AND ATTORNEYS' FEES
The Underwriter will indemnify the Insured against court costs and
reasonable attorneys' 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:
1.an Employee
admits to having committed or is adjudicated to have committed a
Dishonest or Fraudulent Act which caused the loss; or
2.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.
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's election the Insured shall permit the
Underwriter to conduct the defense of such legal proceeding in the
Insured's name, through attorneys of the Underwriter'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.
If the amount of the Insured'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' 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.
D.INTERPRETATION
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 "loss" as used herein
shall include an Insured's legal liability for direct compensatory
damages resulting directly from a misappropriation, or measurable
diminution in value, of Property.
THIS BOND, INCLUDING THE FOREGOING INSURING AGREEMENTS AND GENERAL
AGREEMENTS, IS SUBJECT TO THE FOLLOWING PROVISIONS, CONDITIONS AND
LIMITATIONS:
SECTION 1. DEFINITIONS
The following terms used in this Bond shall have the meanings
stated in this Section:
A."Alteration"
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.
B."Application"
means the Insured's application (and any attachments and materials
submitted in connection therewith) furnished to the Underwriter for
this Bond.
C."Authorized
Address" 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.
D."Authorized
Bank Account" means any Officially Designated bank account
to which redemption proceeds may be sent.
E."Authorized
Recipient" means (1) the Shareholder of Record, or (2) any
other Officially Designated person to whom redemption proceeds may
be sent.
F."Computer
System" 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.
G."Counterfeit"
means a Written imitation of an actual valid Original which is
intended to deceive and to be taken as the Original.
H."Cryptocurrency"
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.
I."Currency"
means a medium of exchange in current use authorized or adopted by
a domestic or foreign government as part of its official
currency.
J."Deductible
Amount" means, with respect to any Insuring Agreement, the
amount set forth under the heading "Deductible Amount" in Item 3 of
the Declarations or in any Rider for such Insuring Agreement,
applicable to each Single Loss covered by such Insuring
Agreement.
K."Depository"
means any "securities depository" (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.
L."Dishonest
or Fraudulent Act" means any dishonest or fraudulent act,
including "larceny and embezzlement" 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, "improper financial benefit" does
not include any employee benefits received in the course of
employment, including salaries, commissions, fees, bonuses,
promotions, awards, profit sharing or pensions.
M."Electronic
Transmission" 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.
N."Employee"
means:
(1)each
officer, director, trustee, partner or employee of the Insured,
and
(2)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
(3)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
(4)each student
who is an authorized intern of the Insured, while in any of the
Insured's offices, and
(5)each
officer, director, trustee, partner or employee of
(a)an
investment adviser,
(b)an
underwriter (distributor),
(c)a transfer
agent or shareholder accounting recordkeeper, or
(d)an
administrator authorized by written agreement to keep financial
and/or other required records,
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
"Employee" shall not include any officer, director, trustee,
partner or employee of a transfer agent, shareholder accounting
recordkeeper or administrator (x) which is not an "affiliated
person" (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
"Bank" (as defined in Section 2(a) of the Investment Company Act of
1940), and
(6)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
(7)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
(8)each
officer, partner or employee of
(a)any
Depository or Exchange,
(b)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
(c)any
recognized service company which provides clerks or other personnel
to any Depository or Exchange on a contract basis,
while such officer, partner or employee is performing services for
any Depository in the operation of systems for the central handling
of securities, and
(9)in the case
of an Insured which is an "employee benefit plan" (as defined in
Section 3 of the Employee Retirement Income Security Act of 1974
("ERISA")) for officers, directors or employees of another
Insured ("In-House Plan"), any "fiduciary" or other "plan
official" (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).
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.
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).
O."Exchange"
means any national securities exchange registered under the
Securities Exchange Act of 1934.
P."Forgery"
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's
own name, regardless of such individual's authority, capacity or
purpose.
Q."Items
of Deposit" means one or more checks or drafts.
R."Investment
Company" or "Fund" means an
investment company registered under the Investment Company Act of
1940.
S."Limit
of Liability" 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
"Limit of Liability" in Item 3 of the Declarations or in any Rider
for such Insuring Agreement.
T."Mysterious
Disappearance" means any disappearance of Property which,
after a reasonable investigation has been conducted, cannot be
explained.
U."Non-Fund"
means any corporation, business trust, partnership, trust or other
entity which is not an Investment Company.
V."Officially
Designated" means designated by the Shareholder of
Record:
(1)in the
initial account application,
(2)in writing
accompanied by a signature guarantee, or
(3)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.
W."Original"
means the first rendering or archetype and does not include
photocopies or electronic transmissions even if received and
printed.
X."Phone/Electronic
Transaction" 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.
Y."Phone/Electronic
Transaction Security Procedures" means security procedures for
Phone/ Electronic Transactions as set forth in the Application
and/or as otherwise provided in writing to the
Underwriter.
Z."Property"
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's declared financial condition at the time
of the Insured'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.
AA."Securities"
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. "Securities" 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.
BB."Security
Company" 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.
CC."Self-Regulatory
Organization"
means any association of investment advisers or securities dealers
registered under the federal securities laws, or any Exchange.
DD."Shareholder
of Record" 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.
EE."Single
Loss" means:
(1)all loss
caused by any one act (other than a Dishonest or Fraudulent Act)
committed by one person, or
(2)all loss
caused by Dishonest or Fraudulent Acts committed by one person,
or
(3)all expenses
incurred with respect to any one audit or examination,
or
(4)all loss
caused by any one occurrence or event other than those specified in
subsections (1) through
(3) above.
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.
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.
FF."Telefacsimile"
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.
GG."Written"
means expressed through letters or marks placed upon paper and
visible to the eye.
SECTION 2. EXCLUSIONS
THIS BOND DOES NOT COVER:
A.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's behalf had no knowledge of such riot, civil
commotion, war, revolution, insurrection, action by armed forces,
or usurped power.
B.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.
C.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.
D.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.
E.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.
F.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'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.
G.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.
H.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.
I.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
(1)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
(2)to do damage
to the premises or Property of the Insured,
unless such loss is otherwise covered under Insuring Agreement
A.
J.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.
K.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.
L.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.
M.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 "accredited investor" as defined in Rule 501(a) of
Regulation D under the Securities Act of 1933, which is not an
individual.
N.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.
O.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.
P.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.
Q.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.
R.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.
S.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.
T.Loss
resulting from vandalism or malicious mischief.
U.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.
SECTION 3. ASSIGNMENT OF RIGHTS
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'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.
Assignment of any rights or claims under this Bond shall not bind
the Underwriter without the Underwriter's written consent.
SECTION 4. LOSS—NOTICE—PROOF—LEGAL PROCEEDINGS
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.
The Insured shall provide the Underwriter with such information,
assistance, and cooperation as the Underwriter may reasonably
request.
See also General Agreement C (Court Costs and Attorneys' Fees).
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.
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' 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.
Notice hereunder shall be given to Manager, Professional Liability
Claims, ICI Mutual Insurance Company, RRG, 1401 H St. NW,
Washington, DC 20005, with an electronic copy to
LegalSupport@icimutual.com.
SECTION 5. DISCOVERY
For all purposes under this Bond, a loss is discovered, and
discovery of a loss occurs, when the Insured
(1)becomes
aware of facts, or
(2)receives
notice of an actual or potential claim by a third party which
alleges that the Insured is liable under circumstances,
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.
SECTION 6. VALUATION OF PROPERTY
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
(1)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;
(2)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
(3)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.
SECTION 7. LOST SECURITIES
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'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.
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.
SECTION 8. SALVAGE
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
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.
SECTION 9. NON-REDUCTION AND NON-ACCUMULATION OF LIABILITY AND
TOTAL LIABILITY
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.
SECTION 10. MAXIMUM LIABILITY OF UNDERWRITER; OTHER BONDS OR
POLICIES
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.
SECTION 11. OTHER INSURANCE
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.
SECTION 12. DEDUCTIBLE AMOUNT
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.
No Deductible Amount shall apply to any loss covered under Insuring
Agreement A sustained by any Investment Company named as an
Insured.
SECTION 13. TERMINATION
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.
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.
This Bond will terminate as to any Insured that is a Non-Fund
immediately and without notice upon
(1)the takeover
of such Insured'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.
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'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.
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).
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).
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.
SECTION 14. RIGHTS AFTER TERMINATION
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.
Such additional discovery period shall terminate immediately and
without notice upon the takeover of such Insured'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.
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's business.
SECTION 15. CENTRAL HANDLING OF SECURITIES
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 ("Systems"), unless the amount of such
loss exceeds the amount recoverable or recovered under any bond or
policy or participants' fund insuring the Depository against such
loss (the "Depository's Recovery"); in such case the Underwriter
shall be liable hereunder only for the Insured's share of such
excess loss, subject to the applicable Limit of Liability, the
Deductible Amount and the other terms of this Bond.
For determining the Insured'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'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'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's share of such excess loss shall be the amount
of the Insured's interest in such Property in excess of the
amount(s) so apportioned to the Insured by the Depository.
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.
SECTION 16. ADDITIONAL COMPANIES INCLUDED AS INSURED
If more than one entity is named as the Insured:
A.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,
B.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,
C.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,
D.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,
E.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
F.each named
Insured shall constitute "the Insured" for all purposes of this
Bond.
SECTION 17. NOTICE AND CHANGE OF CONTROL
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:
A.the names of
the transferors and transferees (or the names of the beneficial
owners if the voting securities are registered in another name),
and
B.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
C.the total
number of outstanding voting securities.
As used in this Section, "control" means the power to exercise a
controlling influence over the management or policies of the
Insured.
SECTION 18. CHANGE OR MODIFICATION
This Bond may only be modified by written Rider forming a part
hereof over the signature of the Underwriter'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.
SECTION 19. COMPLIANCE WITH APPLICABLE TRADE AND ECONOMIC
SANCTIONS
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).
SECTION 20. ANTI-BUNDLING
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.
IN WITNESS WHEREOF, the Underwriter has caused this Bond to be
executed on the Declarations Page.
ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 1
INSUREDBOND NUMBER
Guggenheim Funds Trust
|
05716122B
|
EFFECTIVE DATE
|
BOND PERIOD
|
AUTHORIZED REPRESENTATIVE
|
June 15, 2022
|
June 15, 2022 to June 15, 2023
|
/S/ Maggie Sullivan
|
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:
Security Investors, LLC
Guggenheim Funds Distributors, LLC
Guggenheim Active Allocation Fund
Guggenheim Energy & Income Fund
Guggenheim Strategic Opportunities Fund
Guggenheim Taxable Municipal Bond & Investment Grade Debt
Trust
Guggenheim Funds Trust, a series fund consisting of:
oGuggenheim
Alpha Opportunity Fund o Guggenheim Capital Stewardship Fund o
Guggenheim Diversified Income Fund
o Guggenheim Floating Rate Strategies Fund o Guggenheim High Yield
Fund
o Guggenheim Core Bond Fund
o Guggenheim Large Cap Value Fund o Guggenheim Limited Duration
Fund
o Guggenheim Macro Opportunities Fund
o Guggenheim Market Neutral Real Estate Fund o Guggenheim Municipal
Income Fund
o Guggenheim Risk Managed Real Estate Fund o Guggenheim SMid Cap
Value Fund
o Guggenheim Small Cap Value Fund
o Guggenheim StylePlus – Large Core Fund o Guggenheim StylePlus –
Mid Growth Fund o Guggenheim Total Return Bond Fund
o Guggenheim World Equity Income Fund o Guggenheim Ultra Short
Duration Fund
Guggenheim Variable Funds Trust, a series fund consisting of:
oSeries A
(StylePlus – Large Core Series) o Series B (Large Cap Value
Series)
o Series D (World Equity Income Series) o Series E (Total Return
Bond Series)
oSeries F
(Floating Rate Strategies Fund) o Series J (StylePlus – Mid Growth
Series)
o Series N (Managed Asset Allocation Series) o Series O (All Cap
Value Series)
o Series P (High Yield Series)
o Series Q (Small Cap Value Series) o Series V (SMid Cap Value
Series)
o Series X (StylePlus – Small Growth Series) o Series Y (StylePlus
– Large Growth Series) o Series Z (Alpha Opportunity Series)
Guggenheim Strategy Funds Trust, a series fund consisting of:
oGuggenheim
Strategy Fund II o Guggenheim Strategy Fund III
o Guggenheim Variable Insurance Strategy Fund III
Transparent Value Trust, a series fund consisting of: o Guggenheim
Directional Allocation Fund
o Guggenheim RBP®
Large-Cap Market Fund
oGuggenheim
RBP®
Large-Cap Defensive Fund o Guggenheim RBP®
Dividend Fund
o Guggenheim RBP®
Large-Cap Value Fund
Rydex Series Funds, a series fund consisting of: o Banking Fund
oBasic
Materials Fund o Biotechnology Fund
o Commodities Strategy Fund o Consumer Products Fund
o Dow Jones Industrial Average Fund o Electronics Fund
o Emerging Markets 2x Strategy Fund
o Emerging Markets Bond Strategy Fund o Energy Fund
o Energy Services Fund
o Europe 1.25x Strategy Fund o Financial Services Fund
o Government Long Bond 1.2x Strategy Fund o Health Care Fund
o High Yield Strategy Fund o Internet Fund
o Inverse Emerging Markets 2x Strategy Fund
o Inverse Government Long Bond Strategy Fund o Inverse High Yield
Strategy Fund
o Inverse Mid-Cap Strategy Fund
o Inverse NASDAQ-100®
Strategy Fund o Inverse Russell 2000®
Strategy Fund o Inverse S&P 500 Strategy Fund
o Japan 2x Strategy Fund o Leisure Fund
o Long Short Equity Fund
oManaged
Futures Strategy Fund
o Mid-Cap 1.5x Strategy Fund
o Monthly Rebalance NASDAQ-100®
2x Strategy Fund o Multi-Hedge Strategies Fund
o NASDAQ-100®
Fund o Nova Fund
o Precious Metals Fund o Real Estate Fund
o Retailing Fund
o Russell 2000®
Fund
o Russell 2000®
1.5x Strategy Fund o S&P 500 Fund
o S&P 500 Pure Growth Fund o S&P 500 Pure Value Fund
o S&P MidCap 400 Pure Growth Fund o S&P MidCap 400 Pure
Value Fund
o S&P SmallCap 600 Pure Growth Fund o S&P SmallCap 600 Pure
Value Fund o Strengthening Dollar 2x Strategy Fund o Technology
Fund
o Telecommunications Fund o Transportation Fund
o U.S. Government Money Market Fund o Utilities Fund
o Weakening Dollar 2x Strategy Fund
Rydex Variable Trust, a series fund consisting of: o VA Banking
Fund
oVA Basic
Materials Fund o VA Biotechnology Fund
o VA Commodities Strategy Fund o VA Consumer Products Fund o VA Dow
2x Strategy Fund
o VA Electronics Fund o VA Energy Fund
o VA Energy Services Fund
o VA Europe 1.25x Strategy Fund o VA Financial Services Fund
o VA Global Managed Futures Strategy Fund
o VA Government Long Bond 1.2x Strategy Fund o VA Health Care
Fund
o VA High Yield Strategy Fund o VA Internet Fund
o VA Inverse Dow 2x Strategy Fund
o VA Inverse Government Long Bond Strategy Fund o VA Inverse
Mid-Cap Strategy Fund
o VA Inverse NASDAQ-100®
Strategy Fund o VA Inverse Russell 2000®
Strategy Fund o VA Inverse S&P 500 Strategy Fund
o VA Japan 2x Strategy Fund
o VA Leisure Fund
o VA Long Short Equity Fund
oVA
Mid-Cap 1.5x Strategy Fund o VA Multi-Hedge Strategies Fund
o VA NASDAQ-100®
2x Strategy Fund o VA NASDAQ-100®
Fund
o VA Nova Fund
o VA Precious Metals Fund o VA Real Estate Fund
o VA Retailing Fund
o VA Russell 2000®
1.5x Strategy Fund o VA Russell 2000®
2x Strategy Fund o VA S&P 500 2x Strategy Fund
o VA S&P 500 Pure Growth Fund o VA S&P 500 Pure Value
Fund
o VA S&P Midcap 400 Pure Growth Fund o VA S&P Midcap 400
Pure Value Fund
o VA S&P SmallCap 600 Pure Growth Fund o VA S&P SmallCap
600 Pure Value Fund o VA Strengthening Dollar 2x Strategy Fund o VA
Technology Fund
o VA Telecommunications Fund o VA Transportation Fund
o VA U.S. Government Money Market Fund o VA Utilities Fund
o VA Weakening Dollar 2x Strategy Fund
Rydex Dynamic Funds, a series fund consisting of: o Dow 2x Strategy
Fund
o Inverse Dow 2x Strategy Fund
oInverse
NASDAQ-100 2x Strategy Fund o Inverse Russell 2000 2x Strategy Fund
o Inverse S&P 500 2x Strategy Fund
o NASDAQ-100 2x Strategy Fund o Russell 2000 2x Strategy Fund o
S&P 500 2x Strategy Fund
Except as above stated, nothing herein shall be held to alter,
waive or extend any of the terms of this Bond.
RN0001.0-00 (01/02)
ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 2
INSUREDBOND NUMBER
Guggenheim Funds Trust
|
05716122B
|
EFFECTIVE DATE
|
BOND PERIOD
|
AUTHORIZED REPRESENTATIVE
|
June 15, 2022
|
June 15, 2022 to June 15, 2023
|
/S/ Maggie Sullivan
|
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 not
an Insured Fund ("Non-Fund Insured") or any Employee of a Non-Fund
Insured, except
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, excluding
(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.
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.
Except as above stated, nothing herein shall be held to alter,
waive or extend any of the terms of this Bond.
RN0003.0-02 (07/20)
ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 3
INSUREDBOND NUMBER
Guggenheim Funds Trust
|
05716122B
|
EFFECTIVE DATE
|
BOND PERIOD
|
AUTHORIZED REPRESENTATIVE
|
June 15, 2022
|
June 15, 2022 to June 15, 2023
|
/S/ Maggie Sullivan
|
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:
(1)letter
requesting redemption of $50,000 or less payable by check to the
Shareholder of Record and sent to an Authorized Address;
or
(2)letter
requesting redemption of $50,000 or less by wire transfer to the
Shareholder of Record of an Authorized Bank Account; or
(3)written
request to a trustee or custodian for a Designated Retirement
Account ("DRA") 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;
provided,
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.
For purposes of this Rider:
(A)"Designated
Retirement Account" means any retirement plan or account described
or qualified under the Internal Revenue Code of 1986, as amended,
or a subaccount thereof.
(B)"Owner"
means the individual for whose benefit the DRA, or a subaccount
thereof, is established.
Except as above stated, nothing herein shall be held to alter,
waive or extend any of the terms of this Bond.
RN0027.0-02 (07/18)
ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 4
INSUREDBOND NUMBER
Guggenheim Funds Trust
|
05716122B
|
EFFECTIVE DATE
|
BOND PERIOD
|
AUTHORIZED REPRESENTATIVE
|
June 15, 2022
|
June 15, 2022 to June 15, 2023
|
/S/ Maggie Sullivan
|
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
(1)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
(2)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),
and then only to the extent such loss is otherwise covered under
this Bond.
For purposes of this Rider, "Third Party Check" means a check made
payable to one or more parties and offered as payment to one or
more other parties.
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:
(1)any payee on
such Third Party Check reasonably appears to be a corporation or
other entity; or
(2)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.
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, "Fidelity."
Except as above stated, nothing herein shall be held to alter,
waive or extend any of the terms of this Bond.
RN0030.0-01 (01/02)
ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 5
INSUREDBOND NUMBER
Guggenheim Funds Trust
|
05716122B
|
EFFECTIVE DATE
|
BOND PERIOD
|
AUTHORIZED REPRESENTATIVE
|
June 15, 2022
|
June 15, 2022 to June 15, 2023
|
/S/ Maggie Sullivan
|
Most property and casualty insurers, including ICI Mutual Insurance
Company, a Risk Retention Group ("ICI Mutual"), are subject to the
requirements of the Terrorism Risk Insurance Act of 2002, as
amended (the "Act"). 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
"insured
losses" resulting from certified "acts of
terrorism." (Each of these bolded terms is
defined by the Act.) The Act also places certain disclosure and
other obligations on ICI Mutual and these other insurers.
Pursuant to the Act, any future losses to ICI Mutual caused by
certified "acts of
terrorism" 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's
"insured
losses" in excess of ICI Mutual's "insurer
deductible" until total "insured losses"
of all participating insurers reach $100 billion (the "Cap on
Annual Liability"). If total "insured losses"
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.
This Bond has no express exclusion for "acts of
terrorism." 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.
The portion of the premium that is attributable to any coverage
potentially available under the Bond for "acts of
terrorism" 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
As used herein, "Federal Share of Compensation" shall mean 80%
beginning on January 1, 2020.
Except as above stated, nothing herein shall be held to alter,
waive or extend any of the terms of this Bond.
RN0053.1-01 (05/21)
ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 6
INSUREDBOND NUMBER
Guggenheim Funds Trust
|
05716122B
|
EFFECTIVE DATE
|
BOND PERIOD
|
AUTHORIZED REPRESENTATIVE
|
June 15, 2022
|
June 15, 2022 to June 15, 2023
|
/S/ Maggie Sullivan
|
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:
J. COMPUTER SECURITY
Loss (including loss of Property) resulting directly from Computer
Fraud; provided,
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.
1.Definitions.
The following terms used in this Insuring Agreement shall have the
following meanings:
a."Authorized
User" 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.
b."Computer
Fraud" 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:
(1)is committed
by any Unauthorized Third Party anywhere, alone or in collusion
with other Unauthorized Third Parties; and
(2)is committed
with the conscious manifest intent (a) to cause the Insured to
sustain a loss, and
(b) to obtain financial benefit for the perpetrator or any other
person; and
(3)causes (x)
Property to be transferred, paid or delivered; or
(y) an account of the Insured, or of its customer, to be added,
deleted, debited or credited; or
(z) an unauthorized or fictitious account to be debited or
credited.
c."Computer
Security Procedures" means procedures for prevention of
unauthorized computer access and use and administration of computer
access and use as provided in writing to the
Underwriter.
d."Covered
Computer System" means any Computer System as to which the Insured
has possession, custody and control.
e."Unauthorized
Third Party" means any person or entity that, at the time of
the
Computer Fraud, is not an Authorized User.
f."User
Identification" means any unique user name (i.e., a series
of characters) that is assigned to a person or entity by the
Insured.
2.Exclusions.
It is further understood and agreed that this Insuring Agreement J
shall not cover:
a.Any loss
covered under Insuring Agreement A, "Fidelity," of this
Bond; and
b.Any loss
resulting from the intentional failure to adhere to one or more
Computer Security Procedures; and
c.Any loss
resulting from a Computer Fraud committed by or in collusion
with:
(1)any
Authorized User (whether a natural person or an entity);
or
(2)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 ("Related Entity"), or (c) any
director, officer, partner, employee or agent of such Related
Entity; or
(3)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
("Employer Entity"), 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 ("Employer-Related
Entity"), or (d) any director, officer, partner, employee or agent
of such Employer-Related Entity;
and
d.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; and
e.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; and
f.Any loss not
directly and proximately caused by Computer Fraud (including,
without limitation, disruption of business and extra
expense); and
g.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.
For purposes of this Insuring Agreement, "Single Loss," 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.
It is further understood and agreed that nothing in this Rider
shall affect the exclusion set forth in Section 2.O of this
Bond.
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:
(a)by written
notice from the Underwriter not less than sixty (60) days prior to
the effective date of termination specified in such notice;
or
(b)immediately
by written notice from the Insured to the Underwriter.
Except as above stated, nothing herein shall be held to alter,
waive or extend any of the terms of this Bond.
RN0019.0-04 (07/18)
ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 7
INSUREDBOND NUMBER
Guggenheim Funds Trust
|
05716122B
|
EFFECTIVE DATE
|
BOND PERIOD
|
AUTHORIZED REPRESENTATIVE
|
June 15, 2022
|
June 15, 2022 to June 15, 2023
|
/S/ Maggie Sullivan
|
|
NEWLY CREATED INVESTMENT COMPANIES
|
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 Underwriter receives, at least annually, a report
that lists (1) all Newly Created Investment Companies created over
the preceding twelve months, and (2) the estimated net assets of
each Newly Created Investment Company as of the date of the
report.
For purposes of this Rider, "Newly Created Investment Company"
shall mean any Investment Company or series thereof
(notwithstanding that such Investment Company's or series'
registration under the Investment Company Act of 1940 may not yet
be effective), which Investment Company or series (1) was not yet
created as of the inception of the Bond Period, and
(2)has (or upon
registration will have) directors who are identical to the
directors of another Insured Fund (other than another Newly Created
Investment Company).
It is further understood and agreed that the title in this Rider is
included solely for convenience and shall not itself be deemed to
be a term or condition of coverage, or a description or
interpretation thereof.
Except as above stated, nothing herein shall be held to alter,
waive or extend any of the terms of this Bond.
RN0033.1-01 (07/21)
ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 8
INSUREDBOND NUMBER
Guggenheim Funds Trust
|
05716122B
|
EFFECTIVE DATE
|
BOND PERIOD
|
AUTHORIZED REPRESENTATIVE
|
June 15, 2022
|
June 15, 2022 to June 15, 2023
|
/S/ Maggie Sullivan
|
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 ("Phone/Electronic Deductible") shall not apply with
respect to a Single Loss, otherwise covered by Insuring Agreement
I, caused by:
(a)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
(b)a
Phone/Electronic Redemption requested to be paid or made payable by
wire transfer to the Shareholder of Record at an Authorized Bank
Account,
provided,
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.
For purposes of this Rider, "Phone/Electronic Redemption" 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.
Except as above stated, nothing herein shall be held to alter,
waive or extend any of the terms of this Bond.
RN0039.0-02 (06/18)
ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 9
INSUREDBOND NUMBER
Guggenheim Funds Trust
|
05716122B
|
EFFECTIVE DATE
|
BOND PERIOD
|
AUTHORIZED REPRESENTATIVE
|
June 15, 2022
|
June 15, 2022 to June 15, 2023
|
/S/ Maggie Sullivan
|
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):
(a)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
(b)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.
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 Seventeen Million Dollars ($17,000,000)
and the Deductible Amount applicable to any such Single Loss is One
Hundred Thousand Dollars ($100,000).
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 Seventeen Million Dollars ($17,000,000) for the Bond
Period, irrespective of the total amount of such loss or
losses.
For purposes of this Rider, the following terms shall have the
following meanings:
"Online Purchase" means any purchase of shares issued by an
Investment Company, which purchase is requested through an
Electronic Transmission over the Internet.
"Online Redemption" means any redemption of shares issued by an
Investment Company, which redemption is requested through an
Electronic Transmission over the Internet.
"Online Transaction" means any Phone/Electronic Transaction
requested through an Electronic Transmission over the Internet.
Except as above stated, nothing herein shall be held to alter,
waive, or extend any of the terms of this Bond.
RN0038.0-02 (06/18)
ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 10
INSUREDBOND NUMBER
Guggenheim Funds Trust
|
05716122B
|
EFFECTIVE DATE
|
BOND PERIOD
|
AUTHORIZED REPRESENTATIVE
|
June 15, 2022
|
June 15, 2022 to June 15, 2023
|
/S/ Maggie Sullivan
|
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:
•by use of an
automated telephone tone or voice response system;
except insofar as such loss is covered under Insuring Agreement A
"Fidelity" of this Bond.
Except as above stated, nothing herein shall be held to alter,
waive or extend any of the terms of this Bond.
RN0048.0-03 (01/13)
ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 11
INSUREDBOND NUMBER
Guggenheim Funds Trust
|
05716122B
|
EFFECTIVE DATE
|
BOND PERIOD
|
AUTHORIZED REPRESENTATIVE
|
June 15, 2022
|
June 15, 2022 to June 15, 2023
|
/S/ Maggie Sullivan
|
|
SOCIAL ENGINEERING FRAUD
|
|
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:
M.Social
Engineering Fraud
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;
PROVIDED, that the entity receiving such request generally
maintains and follows during the Bond Period all Social Engineering
Security Procedures.
The Limit of Liability for a Single Loss under this Insuring
Agreement M shall be the lesser of
(a)50% of the
amount by which such Single Loss exceeds the Deductible Amount
or
(b)$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).
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.
This Insuring Agreement M does not cover loss covered under any
other Insuring Agreement of this Bond.
It is further understood and agreed that for purposes of this
rider:
1."Communication"
means an instruction that (a) directs an Employee to transfer, pay,
or deliver money from the Insured's own account, (b) contains a
material misrepresentation of fact, and (c) is relied upon by the
Employee, believing it to be true.
2."Social
Engineering Fraud" means the intentional misleading of an Employee
through the use of a Communication, where such
Communication:
(a)is
transmitted to the Employee in writing, by voice over the
telephone, or by Electronic Transmission;
(b)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) 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
(c)is
unauthorized, dishonest or fraudulent and is made with the manifest
intent to deceive.
3."Social
Engineering Security Procedures" 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.
4."Vendor"
means any entity or individual that provides goods or services to
the Insured under a pre-existing, written agreement.
Except as above stated, nothing herein shall be held to alter,
waive, or extend any of the terms of this Bond.
RN0054.0-00 (07/18)
SECRETARY'S CERTIFICATE
The undersigned certifies that he is the duly elected Guggenheim
Energy & Income Fund, Guggenheim Strategic Opportunities Fund,
Guggenheim Taxable Municipal Bond & Investment Grade Debt
Trust, Guggenheim Active Allocation Fund, 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 "Trusts") and that the
resolutions set forth below approving the fidelity bond for the
Trusts, as well as a general purpose resolution, were adopted by
the Boards of Trustees of the Trusts on May 25, 2022, and such
resolutions have not been amended, modified or rescinded and remain
in full force and effect as of the date hereof.
Fidelity Bond Approval Resolutions
WHEREAS, in
connection with the consideration of the joint fidelity bond (the
"Fidelity Bond"), 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, Guggenheim Taxable Municipal Bond
& Investment Grade Debt Trust, Guggenheim Strategic
Opportunities Fund, Guggenheim Energy & Income Fund, and
Guggenheim Active Allocation Fund (collectively, the "Trusts"), the
Boards of Trustees of the Trusts (collectively, the "Board") 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'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
WHEREAS, 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 "1940 Act"), had the Trusts not been named under a
joint insured bond; and
WHEREAS, 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;
NOW, THEREFORE, BE IT
RESOLVED, that the
Board, including a majority of the Independent Trustees, hereby
approves the form and amount of the Fidelity Bond, as discussed at
this meeting; and it is
1
FURTHER
RESOLVED, that the Secretary or Assistant 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' Fidelity Bond coverage as may be required by law; and
it is
FURTHER
RESOLVED, that the that the terms of the Fidelity Bond may
be modified for conformity with Rule 17g-1 under the 1940 Act,
subject to ratification by the Board, including a majority of the
Independent Trustees, and give such notice relating to the Trusts'
Fidelity Bond coverage as may be required by law or regulation; and
it is
FURTHER
RESOLVED, 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.
General-Purpose Resolution
RESOLVED, that the
officers of Guggenheim Funds Trust, Guggenheim Variable Funds
Trust, Guggenheim Strategy Funds Trust, Rydex Dynamic Funds, Rydex
Series Funds, Rydex Variable Trust, Transparent Value Trust,
Guggenheim Taxable Municipal Bond & Investment Grade Debt
Trust, Guggenheim Strategic Opportunities Fund, Guggenheim Energy
& Income Fund, and Guggenheim Active Allocation Fund
(collectively, the "Trusts"), be, and each of them hereby is,
authorized, directed and empowered in the name of and on behalf of
each Trust or series thereof (if any) to take or cause to be taken
any and all such action(s) as deemed necessary or appropriate by
such officer(s) to carry out, comply with or otherwise implement
the matters contemplated by the resolutions adopted by the Boards
of Trustees of the Trusts during this meeting and to execute,
prepare and deliver and file where necessary or appropriate any and
all agreements, instruments, certificates, filings and such other
documents or papers and to make all such payments as they, or any
one of them acting alone, shall deem necessary, appropriate or
convenient to carry out the intent and accomplish the purposes of
the transactions and other matters contemplated by such
resolutions, and the taking of any such foregoing action by such
officer(s) in the name of and on behalf of each Trust or series
thereof (if any) shall be conclusive evidence of such determination
and the authority granted hereby.
IN WITNESS WHEREOF, the undersigned has executed this certificate
this 19th day of August, 2022.
/s/
Mark E. Mathiasen Mark E. Mathiasen Secretary of the
Trusts
2
JOINT INSUREDS AGREEMENT
THIS AGREEMENT is made effective as of the 25th day of May, 2022,
by and between
GUGGENHEIM TAXABLE MUNICIPAL BOND & INVESTMENT GRADE DEBT
TRUST, a Delaware statutory trust ("GBAB"), GUGGENHEIM ENERGY &
INCOME FUND, a Delaware statutory trust ("XGEIX"), GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND, a Delaware statutory trust ("GOF"),
GUGGENHEIM ACTIVE ALLOCATION FUND, a Delaware statutory trust
("GUG") GUGGENHEIM FUNDS TRUST, a Delaware statutory trust ("GFT"),
GUGGENHEIM VARIABLE FUNDS TRUST, a Delaware statutory trust
("GVFT"), GUGGENHEIM STRATEGY FUNDS TRUST, a Delaware statutory
trust ("GSFT"), RYDEX DYNAMIC FUNDS, a Delaware statutory trust
("RDF"), RYDEX SERIES FUNDS, a Delaware statutory trust ("RSF"),
RYDEX VARIABLE TRUST, a Delaware statutory trust ("RVT"),
TRANSPARENT VALUE TRUST, a Delaware Statutory Trust ("TVT")
(collectively referred to herein as the "Trusts" or singularly as a
"Trust"), SECURITY INVESTORS, LLC, a Kansas limited liability
company, and GUGGENHEIM FUNDS DISTRIBUTORS, LLC, a Kansas limited
liability company.
The Trusts have been named as insureds under a joint Investment
Company Blanket Bond issued by ICI Mutual Insurance Company (the
"Bond") with a limit of liability that may be changed from time to
time ("Bond Amount"). 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.
The Trusts, therefore, agree that:
1.Allocation
of Premium. 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. The current
allocations are set forth in Exhibit
A. 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.
2.Allocation
Event. 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 Security Investors, LLC, determines that the cost of
refunding the excess premium would meet or exceed the amount of
premium to be refunded. Any such reimbursement will occur
immediately following the end of the Bond period, in conjunction
with the allocation and payment of the premium for the following
year's Bond period. When Trusts are subtracted, there shall be no
change in amounts owed by the Trusts.
1
3.Allocation
of Coverage. 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. 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.
4.Agent.
Security Investors, LLC 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.
Any expenses incurred by Security Investors, LLC 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. All other expenses incurred by Security Investors, LLC in its
capacity as agent shall be shared by the Trusts in the same portion
as their premium allocation.
5.Modification
and Termination. This Agreement, including Exhibit
A, 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.
Additional registered investment companies for which Security
Investors, LLC or an affiliate serve as investment adviser 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 Exhibit
A. The addition of a party shall trigger an Allocation
Event. This Agreement may be terminated with respect to any one
Trust by not less than
75 days' written notice to the other Trusts. 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'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. The Agreement shall continue as to the
remaining parties, but shall trigger an Allocation Event.
6.Further
Assurances. Each party agrees to perform such further acts
and execute such further documents as are necessary to effectuate
the purposes hereof.
2
IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed as of the date and year first above written.
GUGGENHEIM STRATEGIC OPPORTUNITIES FUND
By: /s/
James Howley
James Howley, Assistant Treasurer
GUGGENHEIM TAXABLE MUNICIPAL BOND & INVESTMENT GRADE DEBT
TRUST
By: /s/
James Howley
James Howley, Assistant Treasurer
GUGGENHEIM ENERGY & INCOME FUND
By: /s/
James Howley
James Howley, Assistant Treasurer
GUGGENHEIM ACTIVE ALLOCATION FUND
By: /s/
James Howley
James Howley, Assistant Treasurer
GUGGENHEIM FUNDS TRUST
By: /s/
James Howley
James Howley, Assistant Treasurer
GUGGENHEIM VARIABLE FUNDS TRUST
By: /s/
James Howley
James Howley, Assistant Treasurer
3
GUGGENHEIM STRATEGY FUNDS TRUST
By: /s/
James Howley
James Howley, Assistant Treasurer
RYDEX DYNAMIC FUNDS
By: /s/
James Howley
James Howley, Assistant Treasurer
RYDEX SERIES FUNDS
By: /s/
James Howley
James Howley, Assistant Treasurer
RYDEX VARIABLE TRUST
By: /s/
James Howley
James Howley, Assistant Treasurer
TRANSPARENT VALUE TRUST
By: /s/
James Howley
James Howley, Assistant Treasurer
GUGGENHEIM FUNDS DISTRIBUTORS, LLC
By: /s/
Amy J. Lee
Amy J Lee, Vice President, General Counsel and Secretary
SECURITY INVESTORS, LLC
By: /s/
Brian Binder
Brian Binder, Chief Executive Officer and President
4
Dated:
May
25, 2022
EXHIBIT A
|
|
Joint Insureds Agreement
|
|
June 15, 2022 through
|
A. Bond Period:
|
June 15, 2023
|
B. Bond Amount:
|
$17,000,000
|
C. Premium Amount (Includes
|
|
Illinois Premium Tax @ 2%):
|
$68,595
|
D. Allocation of Premium
|
|
Guggenheim Taxable Municipal Bond & Investment Grade Debt
Trust
|
$3,854
|
Guggenheim Energy & Income Fund
|
$1,595
|
Guggenheim Strategic Opportunities Fund
|
$6,645
|
Guggenheim Active Allocation Fund
|
$6,071
|
Guggenheim Variable Funds Trust
|
|
Series A (StylePlus–Large Core Series)
|
$905
|
Series B (Large Cap Value Series)
|
$955
|
Series D (World Equity Income Series)
|
$513
|
Series E (Total Return Bond Series)
|
$598
|
Series F (Floating Rate Strategies Series)
|
$188
|
Series J (StylePlus–Mid Growth Series)
|
$639
|
Series N (Managed Asset Allocation Series)
|
$162
|
Series O (All Cap Value Series)
|
$420
|
Series P (High Yield Series)
|
$147
|
Series Q (Small Cap Value Series)
|
$289
|
Series V (SMid Cap Value Series)
|
$732
|
Series X (StylePlus–Small Growth Series)
|
$109
|
Series Y (StylePlus–Large Growth Series)
|
$175
|
Series Z (Alpha Opportunity Series)
|
$17
|
Guggenheim Funds Trust
|
|
Guggenheim Alpha Opportunity Fund
|
$9
|
Guggenheim Capital Stewardship Fund
|
$48
|
Guggenheim Core Bond Fund
|
$341
|
Guggenheim Diversified Income Fund
|
$2
|
Guggenheim Floating Rate Strategies Fund
|
$341
|
Guggenheim High Yield Fund
|
$48
|
Guggenheim Large Cap Value Fund
|
$11
|
Guggenheim Limited Duration Fund
|
$1,311
|
Guggenheim Macro Opportunities Fund
|
$1,835
|
Guggenheim Market Neutral Real Estate Fund
|
$13
|
Guggenheim Municipal Income Fund
|
$15
|
5
|
|
Guggenheim Funds Trust (cont.)
|
|
Guggenheim Risk Managed Real Estate Fund
|
$128
|
Guggenheim Small Cap Value Fund
|
$2
|
Guggenheim SMid Cap Value Fund
|
$105
|
Guggenheim StylePlus–Large Core Fund
|
$57
|
Guggenheim StylePlus–Mid Growth Fund
|
$20
|
Guggenheim Total Return Bond Fund
|
$5,252
|
Guggenheim Ultra Short Duration Fund
|
$218
|
Guggenheim World Equity Income Fund
|
$12
|
Guggenheim Strategy Funds Trust
|
|
Guggenheim Strategy Fund II
|
$1,469
|
Guggenheim Strategy Fund III
|
$1,810
|
Guggenheim Variable Insurance Strategy Fund III
|
$641
|
Rydex Dynamic Funds
|
|
Dow 2x Strategy Fund
|
$176
|
Inverse Dow 2x Strategy Fund
|
$34
|
Inverse NASDAQ-100 2x Strategy Fund
|
$240
|
Inverse Russell 2000 2x Strategy Fund
|
$113
|
Inverse S&P 500 2x Strategy Fund
|
$416
|
NASDAQ-100 2x Strategy Fund
|
$2,869
|
Russell 2000 2x Strategy Fund
|
$116
|
S&P 500 2x Strategy Fund
|
$947
|
Rydex Series Funds
|
|
Banking Fund
|
$32
|
Basic Materials Fund
|
$151
|
Biotechnology Fund
|
$339
|
Commodities Strategy Fund
|
$133
|
Consumer Products Fund
|
$223
|
Dow Jones Industrial Average Fund
|
$78
|
Electronics Fund
|
$96
|
Emerging Markets 2x Strategy Fund
|
$20
|
Emerging Markets Bond Strategy Fund
|
$1
|
Energy Fund
|
$335
|
Energy Services Fund
|
$135
|
Europe 1.25x Strategy Fund
|
$9
|
Financial Services Fund
|
$33
|
Government Long Bond 1.2x Strategy Fund
|
$216
|
Health Care Fund
|
$112
|
High Yield Strategy Fund
|
$79
|
Internet Fund
|
$27
|
Inverse Emerging Markets 2x Strategy Fund
|
$2
|
Inverse Government Long Bond Strategy Fund
|
$372
|
6
|
|
Rydex Series Funds (cont.)
|
|
Inverse High Yield Strategy Fund
|
$31
|
Inverse Mid-Cap Strategy Fund
|
$1
|
Inverse NASDAQ-100 Strategy Fund
|
$71
|
Inverse Russell 2000 Strategy Fund
|
$45
|
Inverse S&P 500 Strategy Fund
|
$233
|
Japan 2x Strategy Fund
|
$3
|
Leisure Fund
|
$28
|
Long Short Equity Fund
|
$42
|
Managed Futures Strategy Fund
|
$136
|
Mid-Cap 1.5x Strategy Fund
|
$39
|
Monthly Rebalance NASDAQ-100 2x Strategy Fund
|
$184
|
Multi-Hedge Strategies Fund
|
$317
|
NASDAQ-100 Fund
|
$3,382
|
Nova Fund
|
$253
|
Precious Metals Fund
|
$249
|
Real Estate Fund
|
$8
|
Retailing Fund
|
$21
|
Russell 2000 Fund
|
$21
|
Russell 2000 1.5x Strategy Fund
|
$65
|
S&P 500 Fund
|
$170
|
S&P 500 Pure Growth Fund
|
$87
|
S&P 500 Pure Value Fund
|
$354
|
S&P MidCap 400 Pure Growth Fund
|
$87
|
S&P MidCap 400 Pure Value Fund
|
$135
|
S&P SmallCap 600 Pure Growth Fund
|
$14
|
S&P SmallCap 600 Pure Value Fund
|
$25
|
Strengthening Dollar 2x Strategy Fund
|
$16
|
Technology Fund
|
$98
|
Telecommunications Fund
|
$12
|
Transportation Fund
|
$42
|
U.S. Government Money Market Fund
|
$1,098
|
Utilities Fund
|
$103
|
Weakening Dollar 2x Strategy Fund
|
$3
|
Rydex Variable Trust
|
|
Banking Fund
|
$34
|
Basic Materials Fund
|
$80
|
Biotechnology Fund
|
$89
|
Commodities Strategy Fund
|
$157
|
Consumer Products Fund
|
$80
|
Dow 2x Strategy Fund
|
$72
|
Electronics Fund
|
$53
|
Energy Fund
|
$374
|
Energy Services Fund
|
$84
|
7
|
|
Rydex Variable Trust (cont.)
|
|
Europe 1.25x Strategy Fund
|
$9
|
Financial Services Fund
|
$75
|
Global Managed Futures Strategy Fund
|
$125
|
Government Long Bond 1.2x Strategy Fund
|
$64
|
Health Care Fund
|
$117
|
High Yield Strategy Fund
|
$31
|
Internet Fund
|
$30
|
Inverse Dow 2x Strategy Fund
|
$15
|
Inverse Government Long Bond Strategy Fund
|
$40
|
Inverse Mid-Cap Strategy Fund
|
$6
|
Inverse NASDAQ-100 Fund
|
$40
|
Inverse Russell 2000 Strategy Fund
|
$36
|
Inverse S&P 500 Strategy Fund
|
$28
|
Japan 2x Strategy Fund
|
$10
|
Leisure Fund
|
$26
|
Long Short Equity Fund
|
$154
|
Mid-Cap 1.5x Strategy Fund
|
$28
|
Multi-Hedge Strategies Fund
|
$316
|
NASDAQ-100 Fund
|
$223
|
NASDAQ-100 2x Strategy Fund
|
$516
|
Nova Fund
|
$147
|
Precious Metals Fund
|
$129
|
Real Estate Fund
|
$46
|
Retailing Fund
|
$18
|
Russell 2000 1.5x Strategy Fund
|
$23
|
Russell 2000 2x Strategy Fund
|
$9
|
S&P 500 2x Strategy Fund
|
$132
|
S&P 500 Pure Growth Fund
|
$175
|
S&P 500 Pure Value Fund
|
$310
|
S&P MidCap 400 Pure Growth Fund
|
$58
|
S&P MidCap 400 Pure Value Fund
|
$79
|
S&P SmallCap 600 Pure Growth Fund
|
$53
|
S&P SmallCap 600 Pure Value Fund
|
$73
|
Strengthening Dollar 2x Strategy Fund
|
$21
|
Technology Fund
|
$106
|
Telecommunications Fund
|
$15
|
Transportation Fund
|
$24
|
U.S. Government Money Market Fund
|
$458
|
Utilities Fund
|
$128
|
Weakening Dollar 2x Strategy Fund
|
$4
|
Transparent Value Trust
|
|
Guggenheim RBP Large-Cap Market Fund
|
$133
|
Guggenheim RBP Large-Cap Defensive Fund
|
$105
|
8
|
|
Transparent Value Trust (cont.)
|
|
Guggenheim RBP Dividend Fund
|
$251
|
Guggenheim RBP Large-Cap Value Fund
|
$47
|
Guggenheim Directional Allocation Fund
|
$2,986
|
Other
|
|
Guggenheim Funds Distributors, LLC and Security
|
$7,774
|
Investors, LLC
|
|
9
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