Security Investors, LLC, the “Adviser” or “SI,” is a Kansas limited liability company. The Adviser, a direct, wholly owned subsidiary of Rydex Holdings, LLC, does business as Guggenheim Investments, and has previously done business as Security Global Investors and Rydex Investments. The Adviser is an indirect, wholly owned subsidiary of Guggenheim Capital, LLC (“Guggenheim Capital”). Guggenheim Capital is the sole owner of Security Investors, LLC through a series of holding companies, including Guggenheim Manager, Inc.; Guggenheim Partners, LLC (“Guggenheim Partners”); GI Holdco II, LLC; GI Holdco, LLC; GMI GPIMH, LLC; Guggenheim Partners Investment Management Holdings, LLC (“GPIMH”) and Rydex Holdings, LLC. Sage Assets, Inc. holds a minority ownership interest in Guggenheim Capital, LLC. Consolidated Investment Services, Inc. owns SAGE Assets, Inc. Sammons Corporation owns Consolidated Investment Services, Inc. Sammons Enterprises, Inc. own Sammons Corporation. Sammons Enterprises, Inc. Employee Stock Ownership Trust owns Sammons Enterprises, Inc. GreatBanc Trust Company is the Trustee for Sammons Enterprises, Inc. Employee Stock Ownership Trust. As of December 31, 2023, the Adviser manages approximately $11,255,391,581 of Regulatory Assets Under Management (“RAUM”), on a discretionary basis and no assets on a non-discretionary basis. The Adviser provides advisory services to pooled investment vehicles that are registered as investment companies (each, a “Registered Fund” and collectively, the “Registered Funds”) under the Investment Company Act of 1940, as amended (“1940 Act”). A Registered Fund’s investment objective, strategies, and any applicable investment restrictions are generally described in that Registered Fund’s Prospectus and Statement of Additional

Information, as each may be supplemented from time to time, and may be changed in accordance with the Registered Fund’s Statement of Additional Information and as permitted by law. Registered Funds are not managed in the interest of any particular investor. Prospective investors in a Registered Fund should review the Registered Fund's Prospectus and Statement of Additional Information to determine whether the Registered Fund is an appropriate investment in light of the potential investor’s individual objectives and risk tolerance. Each Registered Fund is managed in accordance with its investment objective, strategies and restrictions and is not tailored to the individualized needs of any particular Registered Fund shareholder or other fund investor. Therefore, such shareholders and investors must consider whether the Registered Fund, or any other fund, meets their investment objectives and risk tolerance prior to investing. Information about each Registered Fund can be found in its Prospectus and Statement of Additional Information. Additionally, the Adviser offers investment supervisory services to separately-managed accounts (“SMA”) for institutions, such as insurance companies, other financial institutions, pension and profit sharing plans, U.S. governmental entities, non-U.S. governmental entities, colleges, hospitals, charitable organizations, endowment funds and foundations; and certain individuals and trusts. Except as otherwise described herein, investments for SMAs are managed in accordance with the client’s investment objectives, strategies, restrictions and guidelines as communicated to the Adviser by the client (or the client’s primary adviser or Program Sponsor). The description of the Adviser’s investment advisory clients above is a summary and not intended to be exhaustive.