RYDEX FAMILY OF FUNDS
                              RULE 22C-2 AGREEMENT

This Agreement is made as of October 16, 2006, or such other compliance date
mandated by Rule 22c-2 of the Investment Company Act of 1940 ("Rule 22c-2"), by
and between Rydex Distributors Inc. ("Fund Agent"), the distributor of the Rydex
Family of Funds (the "Funds") and Security Distributors, Inc., the Intermediary
firm, ("Intermediary").

WHEREAS, Fund Agent is the principal underwriter and distributor for the Funds;

WHEREAS, the Intermediary submits trades on behalf of client-shareholders or
indirect intermediaries that are registered owners of accounts on the books and
records of Intermediary, and Intermediary maintains on the books of the Fund
Agent one or more account(s) that hold shares of the Funds;

WHEREAS, pursuant to Rule 22c-2, the Funds are required to enter into a written
agreement with Intermediary under which Intermediary agrees to (i) provide, at
the Fund's request, identity and transaction information about the shareholders
who hold their shares through an account with the Intermediary, and (ii) execute
instructions from the Funds to restrict or prohibit future purchases or
exchanges;

WHEREAS, the Agreement shall inure to the benefit of and shall be binding upon
the undersigned and each such entity shall be either a Fund Agent or
Intermediary for purposes of this Agreement (the Fund Agent and the Intermediary
shall be collectively referred to herein as "Parties" and individually as a
"Party");

NOW, THEREFORE, in consideration of the mutual covenants herein contained, which
consideration is full and complete, the Fund Agent and the Intermediary hereby
agree as follows:

1.    SHAREHOLDER INFORMATION

1.1   AGREEMENT TO PROVIDE INFORMATION. Intermediary agrees to provide the Fund,
      upon written request, the taxpayer identification number ("TIN"), if
      known, of any or all Shareholder(s) of the account and the amount, date,
      name or other identifier of any investment professional(s) associated with
      the Shareholder(s) or account (if known), and transaction type (purchase,
      redemption, transfer, or exchange) of every purchase, redemption,
      transfer, or exchange of Shares held through an account maintained by the
      Intermediary during the period covered by the request.

    1.1.1   PERIOD COVERED BY REQUEST. Requests must set forth a specific
            period, not to exceed 90 days from the date of the request, for
            which transaction information is sought. With the written agreement
            of the Intermediary, the Fund may request transaction information
            older than 90 days from the date of the request as it deems
            necessary to investigate compliance with policies established by




            the Fund for the purpose of eliminating or reducing any dilution of
            the value of the outstanding shares issued by the Fund.

    1.1.2   FORM AND TIMING OF RESPONSE. Intermediary agrees to transmit the
            requested information that is on its books and records to the Fund
            or its designee promptly, but in any event not later than 10
            business days, after receipt of a request. If the requested
            information is not on the Intermediary's books and records,
            Intermediary agrees to use reasonable efforts to: (i) promptly
            obtain and transmit the requested information; (ii) obtain
            assurances from the accountholder that the requested information
            will be provided directly to the Fund promptly; or (iii) if directed
            by the Fund, block further purchases of Fund Shares from such
            accountholder. In such instance, Intermediary agrees to inform the
            Fund whether it plans to perform (i), (ii), or (iii). Responses
            required by this paragraph must be communicated in writing and in a
            format mutually agreed upon by the parties. To the extent
            practicable, the format for any transaction information provided to
            the Fund should be consistent with the NSCC Standardized Data
            Reporting Format.

    1.1.3   LIMITATIONS ON USE OF INFORMATION. The Fund agrees not to use the
            information received for marketing or any other similar purpose
            without the prior written consent of the Intermediary.

2.2   AGREEMENT TO RESTRICT TRADING. Intermediary agrees to execute written
      instructions from the Fund to restrict or prohibit further purchases or
      exchanges of Shares by a Shareholder that has been identified by the Fund
      as having engaged in transactions of the Fund's Shares (directly or
      indirectly through the Intermediary's account) that violate policies
      established by the Fund for the purpose of eliminating or reducing any
      dilution of the value of the outstanding Shares issued by the Fund.

    2.2.1   FORM OF INSTRUCTIONS. Instructions must include the TIN, if known,
            and the specific restriction(s) to be executed. If the TIN is not
            known, the instructions must include an equivalent identifying
            number of the Shareholder(s) or account(s) or other agreed upon
            information to which the instruction relates.

    2.2.2   TIMING OF RESPONSE. Intermediary agrees to execute instructions as
            soon as reasonably practicable, but not later than 5 business days
            after receipt of the instructions by the Intermediary.

    2.2.3   CONFIRMATION BY INTERMEDIARY. Intermediary must provide written
            confirmation to the Fund that instructions have been executed.
            Intermediary agrees to provide confirmation as soon as reasonably
            practicable, but not later than 10 business days after the
            instructions have been executed.

3.3   DEFINITIONS. For purposes of this paragraph:




    3.3.1   The term "Fund" includes the fund's principal underwriter and
            transfer agent. The term does not include any "excepted funds" as
            defined in SEC Rule 22c-2(b) under the Investment Company Act of
            1940. 1

    3.3.2   The term "Shares" means the interest of Shareholders corresponding
            to the redeemable securities of record issued by the Fund under the
            Investment Company Act of 1940 that are held by the Intermediary.

    3.3.3   The term "Shareholder" means the beneficial owner of Shares, whether
            the Shares are held directly or by the Intermediary in nominee name.

      IN WITNESS WHEREOF, the undersigned has caused this Agreement to be
executed as of the date first above written.


RYDEX DISTRIBUTORS, INC.                         Security Distributors, Inc.
                                                 -------------------------------
                                                 (Legal Name of Intermediary)


By: /s/ Kevin Farragher                         By: /s/ Gregory J. Garvin
   ----------------------                          -----------------------------

Name: Kevin Farragher                           Name: Gregory J. Garvin
                                                     ---------------------------

Title: Sr. Vice President                       Title: President
                                                      --------------------------


__________________________

1     As defined in SEC Rule 22c-2(b), the term "excepted fund" means any: (1)
money market fund; (2) fund that issues securities that are listed on a national
exchange; and (3) any fund that affirmatively permits short-term trading of its
securities, if its prospectus clearly and prominently discloses that the fund
permits short-term trading of its securities and that such trading may result in
additional costs for the fund