# EDGAR Filing Document

**Accession Number:** 0000899148
**File Stem:** 0001398344-25-011398
**Filing Date:** 2025-6
**Character Count:** 2717013
**Document Hash:** 6f795ee7c8dbbe8b08c81997a7aec4e5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-011398.hdr.sgml**: 20250605

**ACCESSION NUMBER**: 0001398344-25-011398

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 352

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250605

**DATE AS OF CHANGE**: 20250605

**EFFECTIVENESS DATE**: 20250605

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RYDEX SERIES FUNDS
- **CENTRAL INDEX KEY:** 0000899148

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07584
- **FILM NUMBER:** 251028280

**BUSINESS ADDRESS:**
- **STREET 1:** 702 KING FARM BOULEVARD
- **STREET 2:** SUITE 200
- **CITY:** ROCKVILLE
- **STATE:** MD
- **ZIP:** 20850
- **BUSINESS PHONE:** 301-296-5100

**MAIL ADDRESS:**
- **STREET 1:** 702 KING FARM BOULEVARD
- **STREET 2:** SUITE 200
- **CITY:** ROCKVILLE
- **STATE:** MD
- **ZIP:** 20850

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RYDEX DYNAMIC FUNDS
- **DATE OF NAME CHANGE:** 20170712

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RYDEX SERIES FUNDS
- **DATE OF NAME CHANGE:** 20000229

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RYDEX SERIES TRUST
- **DATE OF NAME CHANGE:** 19930714

## Series and Classes Contracts Data

### U.S. Government Money Market Fund (Series ID: S000003657)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000113321 | Money Market Class Shares | RYFXX           |

### Banking Fund (Series ID: S000003683)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000010303 | Investor Class | RYKIX           |
| C000010304 | Class H        | RYKAX           |
| C000010305 | Class A        | RYBKX           |
| C000010306 | Class C        | RYKCX           |

### Government Long Bond 1.2x Strategy Fund (Series ID: S000003684)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000010307 | Investor Class | RYGBX           |
| C000010309 | Class A        | RYABX           |
| C000010310 | Class C        | RYCGX           |
| C000149021 | Class H        | RYHBX           |

### Mid-Cap 1.5x Strategy Fund (Series ID: S000003685)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010311 | Class H      | RYMDX           |
| C000010312 | Class A      | RYAHX           |
| C000010313 | Class C      | RYDCX           |

### S&P 500 Pure Value Fund (Series ID: S000003688)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010320 | Class H      | RYZAX           |
| C000010321 | Class A      | RYLVX           |
| C000010322 | Class C      | RYVVX           |

### S&P 500 Pure Growth Fund (Series ID: S000003689)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010323 | Class H      | RYAWX           |
| C000010324 | Class A      | RYLGX           |
| C000010325 | Class C      | RYGRX           |

### Inverse Government Long Bond Strategy Fund (Series ID: S000003690)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000010326 | Investor Class | RYJUX           |
| C000010328 | Class A        | RYAQX           |
| C000010329 | Class C        | RYJCX           |
| C000149022 | Class H        | RYHJX           |

### Nova Fund (Series ID: S000003691)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000010330 | Investor Class | RYNVX           |
| C000010332 | Class A        | RYANX           |
| C000010333 | Class C        | RYNCX           |
| C000149023 | Class H        | RYNHX           |

### Inverse S&P 500 Strategy Fund (Series ID: S000003692)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000010334 | Investor Class | RYURX           |
| C000010336 | Class A        | RYARX           |
| C000010337 | Class C        | RYUCX           |
| C000149024 | Class H        | RYUHX           |

### NASDAQ-100 Fund (Series ID: S000003693)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000010338 | Investor Class | RYOCX           |
| C000010340 | Class A        | RYATX           |
| C000010341 | Class C        | RYCOX           |
| C000149025 | Class H        | RYHOX           |

### Inverse NASDAQ-100 Strategy Fund (Series ID: S000003694)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000010342 | Investor Class | RYAIX           |
| C000010344 | Class A        | RYAPX           |
| C000010345 | Class C        | RYACX           |
| C000149026 | Class H        | RYALX           |

### Europe 1.25x Strategy Fund (Series ID: S000003695)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010346 | Class H      | RYEUX           |
| C000010347 | Class A      | RYAEX           |
| C000010348 | Class C      | RYCEX           |

### Russell 2000 1.5x Strategy Fund (Series ID: S000003697)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010352 | Class H      | RYMKX           |
| C000010353 | Class A      | RYAKX           |
| C000010354 | Class C      | RYCMX           |

### S&P SmallCap 600 Pure Value Fund (Series ID: S000003760)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010429 | Class H      | RYAZX           |
| C000010430 | Class A      | RYSVX           |
| C000010431 | Class C      | RYYCX           |

### Weakening Dollar 2x Strategy Fund (Series ID: S000003761)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010432 | Class H      | RYWBX           |
| C000010433 | Class A      | RYWDX           |
| C000010434 | Class C      | RYWJX           |

### S&P SmallCap 600 Pure Growth Fund (Series ID: S000003768)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010445 | Class H      | RYWAX           |
| C000010446 | Class A      | RYSGX           |
| C000010447 | Class C      | RYWCX           |

### S&P MidCap 400 Pure Value Fund (Series ID: S000003769)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010448 | Class H      | RYAVX           |
| C000010449 | Class A      | RYMVX           |
| C000010450 | Class C      | RYMMX           |

### S&P MidCap 400 Pure Growth Fund (Series ID: S000003770)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010451 | Class H      | RYBHX           |
| C000010452 | Class A      | RYMGX           |
| C000010453 | Class C      | RYCKX           |

### Inverse Mid-Cap Strategy Fund (Series ID: S000003771)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010454 | Class H      | RYMHX           |
| C000010455 | Class A      | RYAGX           |
| C000010456 | Class C      | RYCLX           |

### Inverse Russell 2000 Strategy Fund (Series ID: S000003772)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010457 | Class H      | RYSHX           |
| C000010458 | Class A      | RYAFX           |
| C000010459 | Class C      | RYCQX           |

### Real Estate Fund (Series ID: S000003773)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010460 | Class H      | RYHRX           |
| C000010461 | Class A      | RYREX           |
| C000010462 | Class C      | RYCRX           |

### Strengthening Dollar 2x Strategy Fund (Series ID: S000003775)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010466 | Class H      | RYSBX           |
| C000010467 | Class A      | RYSDX           |
| C000010468 | Class C      | RYSJX           |

### Precious Metals Fund (Series ID: S000003798)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000010578 | Investor Class | RYPMX           |
| C000010579 | Class H        | RYMPX           |
| C000010580 | Class A        | RYMNX           |
| C000010581 | Class C        | RYZCX           |

### Telecommunications Fund (Series ID: S000003799)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000010582 | Investor Class | RYMIX           |
| C000010583 | Class H        | RYMAX           |
| C000010584 | Class A        | RYTLX           |
| C000010585 | Class C        | RYCSX           |

### Transportation Fund (Series ID: S000003800)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000010586 | Investor Class | RYPIX           |
| C000010587 | Class H        | RYPAX           |
| C000010588 | Class A        | RYTSX           |
| C000010589 | Class C        | RYCNX           |

### Energy Services Fund (Series ID: S000003801)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000010590 | Investor Class | RYVIX           |
| C000010591 | Class H        | RYVAX           |
| C000010592 | Class A        | RYESX           |
| C000010593 | Class C        | RYVCX           |

### Biotechnology Fund (Series ID: S000003802)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000010594 | Investor Class | RYOIX           |
| C000010595 | Class H        | RYOAX           |
| C000010596 | Class A        | RYBOX           |
| C000010597 | Class C        | RYCFX           |

### Electronics Fund (Series ID: S000003803)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000010598 | Investor Class | RYSIX           |
| C000010599 | Class H        | RYSAX           |
| C000010600 | Class A        | RYELX           |
| C000010601 | Class C        | RYSCX           |

### Internet Fund (Series ID: S000003804)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000010602 | Investor Class | RYIIX           |
| C000010603 | Class H        | RYIAX           |
| C000010604 | Class A        | RYINX           |
| C000010605 | Class C        | RYICX           |

### Utilities Fund (Series ID: S000003805)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000010606 | Investor Class | RYUIX           |
| C000010607 | Class H        | RYAUX           |
| C000010608 | Class A        | RYUTX           |
| C000010609 | Class C        | RYCUX           |

### Energy Fund (Series ID: S000003806)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000010610 | Investor Class | RYEIX           |
| C000010611 | Class H        | RYEAX           |
| C000010612 | Class A        | RYENX           |
| C000010613 | Class C        | RYECX           |

### Financial Services Fund (Series ID: S000003807)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000010614 | Investor Class | RYFIX           |
| C000010615 | Class H        | RYFAX           |
| C000010616 | Class A        | RYFNX           |
| C000010617 | Class C        | RYFCX           |

### Health Care Fund (Series ID: S000003808)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000010618 | Investor Class | RYHIX           |
| C000010619 | Class H        | RYHAX           |
| C000010620 | Class A        | RYHEX           |
| C000010621 | Class C        | RYHCX           |

### Technology Fund (Series ID: S000003809)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000010622 | Investor Class | RYTIX           |
| C000010623 | Class H        | RYTAX           |
| C000010624 | Class A        | RYTHX           |
| C000010625 | Class C        | RYCHX           |

### Basic Materials Fund (Series ID: S000003810)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000010626 | Investor Class | RYBIX           |
| C000010627 | Class H        | RYBAX           |
| C000010628 | Class A        | RYBMX           |
| C000010629 | Class C        | RYBCX           |

### Consumer Products Fund (Series ID: S000003811)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000010630 | Investor Class | RYCIX           |
| C000010631 | Class H        | RYCAX           |
| C000010632 | Class A        | RYPDX           |
| C000010633 | Class C        | RYCPX           |

### Leisure Fund (Series ID: S000003812)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000010634 | Investor Class | RYLIX           |
| C000010635 | Class H        | RYLAX           |
| C000010636 | Class A        | RYLSX           |
| C000010637 | Class C        | RYLCX           |

### Retailing Fund (Series ID: S000003813)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000010638 | Investor Class | RYRIX           |
| C000010639 | Class H        | RYRAX           |
| C000010640 | Class A        | RYRTX           |
| C000010641 | Class C        | RYRCX           |

### S&P 500 Fund (Series ID: S000012221)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000033368 | Class A      | RYSOX           |
| C000033369 | Class C      | RYSYX           |
| C000033370 | Class H      | RYSPX           |

### Russell 2000 Fund (Series ID: S000012222)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000033371 | Class A      | RYRRX           |
| C000033372 | Class C      | RYROX           |
| C000033373 | Class H      | RYRHX           |

### High Yield Strategy Fund (Series ID: S000015881)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000043615 | Class A      | RYHDX           |
| C000043616 | Class C      | RYHHX           |
| C000043617 | Class H      | RYHGX           |

### Inverse High Yield Strategy Fund (Series ID: S000015882)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000043618 | Class A      | RYILX           |
| C000043619 | Class C      | RYIYX           |
| C000043620 | Class H      | RYIHX           |

### Emerging Markets 2x Strategy Fund (Series ID: S000018291)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000050422 | Class A      | RYWTX           |
| C000050423 | Class C      | RYWUX           |
| C000050424 | Class H      | RYWVX           |

### Inverse Emerging Markets 2x Strategy Fund (Series ID: S000018292)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000050425 | Class A      | RYWWX           |
| C000050426 | Class C      | RYWZX           |
| C000050427 | Class H      | RYWYX           |

### Japan 2x Strategy Fund (Series ID: S000018293)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000050428 | Class A      | RYJSX           |
| C000050429 | Class C      | RYJTX           |
| C000050430 | Class H      | RYJHX           |

### Emerging Markets Bond Strategy Fund (Series ID: S000041673)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000129378 | Class A      | RYIEX           |
| C000129379 | Class C      | RYFTX           |
| C000129380 | Class H      | RYGTX           |

### Monthly Rebalance NASDAQ-100 2x Strategy Fund (Series ID: S000047391)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000148762 | Class H      | RMQHX           |
| C000148763 | Class A      | RMQAX           |
| C000148764 | Class C      | RMQCX           |

### Dow Jones Industrial Average Fund (Series ID: S000051596)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000162316 | Class H      | RYDHX           |
| C000162317 | Class A      | RYDAX           |
| C000162318 | Class C      | RYDKX           |

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811- 07584</u>

Rydex Series Funds

(Exact name of registrant as specified in charter)

702 King Farm Boulevard, Suite 200

Rockville, Maryland 20850

(Address of principal executive offices) (Zip code)

Amy J. Lee

Rydex Series Funds

702 King Farm Boulevard, Suite 200

Rockville, Maryland 20850

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>(301) 296-5100</u>

Date of fiscal year end: <u>March 31</u>

Date of reporting period: <u>April 1, 2024 – March 31, 2025</u>

**Item 1. Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940,
as amended (the "Investment Company Act"), is as follows:

![MUFG Logo](mufg-header.jpg)

### Banking Fund

#### Investor Class \| RYKIX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Banking Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Investor Class | $148 | 1.38% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Investor Class shares) returned 15.06%, outperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Financials Index, which returned 20.18% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were regional banks, diversified banks, and asset management & custody banks. No industry detracted from performance. The holdings that contributed the most to performance were Bank of New York Mellon Corp., Wells Fargo & Co., and JP Morgan Chase & Co. Those that detracted the most were Grupo Financiero Galicia SA Sponsored ADR, NU Holdings Limited/Cayman Islands — Class A, and First Financial Bancorp.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-7_ar91.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Investor Class | 15.06% | 16.22% | 6.20% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Financials Index | 20.18% | 21.47% | 12.05% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $25761146 |
| Total Number of Portfolio Holdings | 81 |
| Portfolio Turnover Rate | 280% |
| Total Advisory Fees Paid | $135298 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Financials Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Banking Fund \| Investor Class \| RYKIX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-7_ar92.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| JPMorgan Chase & Co. | 4.2% |
| Bank of America Corp. | 4.1% |
| Citigroup, Inc. | 4.0% |
| Wells Fargo & Co. | 4.0% |
| Capital One Financial Corp. | 3.2% |
| PNC Financial Services Group, Inc. | 3.2% |
| U.S. Bancorp | 3.1% |
| Bank of New York Mellon Corp. | 3.0% |
| Truist Financial Corp. | 2.8% |
| NU Holdings Limited/Cayman Islands — Class A | 2.6% |
| Top 10 Total | 34.2% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYKIX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Banking Fund

#### Class A \| RYBKX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Banking Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $176 | 1.64% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned 14.76%, outperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Financials Index, which returned 20.18% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were regional banks, diversified banks, and asset management & custody banks. No industry detracted from performance. The holdings that contributed the most to performance were Bank of New York Mellon Corp., Wells Fargo & Co., and JP Morgan Chase & Co. Those that detracted the most were Grupo Financiero Galicia SA Sponsored ADR, NU Holdings Limited/Cayman Islands — Class A, and First Financial Bancorp.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-9_ar91.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 14.76% | 15.83% | 5.90% |
| Class A (with sales charge)<sup>†</sup> | 9.31% | 14.71% | 5.38% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Financials Index | 20.18% | 21.47% | 12.05% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $25761146 |
| Total Number of Portfolio Holdings | 81 |
| Portfolio Turnover Rate | 280% |
| Total Advisory Fees Paid | $135298 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Financials Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Banking Fund \| Class A \| RYBKX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-9_ar92.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| JPMorgan Chase & Co. | 4.2% |
| Bank of America Corp. | 4.1% |
| Citigroup, Inc. | 4.0% |
| Wells Fargo & Co. | 4.0% |
| Capital One Financial Corp. | 3.2% |
| PNC Financial Services Group, Inc. | 3.2% |
| U.S. Bancorp | 3.1% |
| Bank of New York Mellon Corp. | 3.0% |
| Truist Financial Corp. | 2.8% |
| NU Holdings Limited/Cayman Islands — Class A | 2.6% |
| Top 10 Total | 34.2% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYBKX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Banking Fund

#### Class C \| RYKCX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Banking Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $256 | 2.39% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned 13.91%, outperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Financials Index, which returned 20.18% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were regional banks, diversified banks, and asset management & custody banks. No industry detracted from performance. The holdings that contributed the most to performance were Bank of New York Mellon Corp., Wells Fargo & Co., and JP Morgan Chase & Co. Those that detracted the most were Grupo Financiero Galicia SA Sponsored ADR, NU Holdings Limited/Cayman Islands — Class A, and First Financial Bancorp.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-10_ar91.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 13.91% | 14.96% | 5.10% |
| Class C (with CDSC)<sup>‡</sup> | 12.91% | 14.96% | 5.10% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Financials Index | 20.18% | 21.47% | 12.05% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $25761146 |
| Total Number of Portfolio Holdings | 81 |
| Portfolio Turnover Rate | 280% |
| Total Advisory Fees Paid | $135298 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Financials Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Banking Fund \| Class C \| RYKCX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-10_ar92.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| JPMorgan Chase & Co. | 4.2% |
| Bank of America Corp. | 4.1% |
| Citigroup, Inc. | 4.0% |
| Wells Fargo & Co. | 4.0% |
| Capital One Financial Corp. | 3.2% |
| PNC Financial Services Group, Inc. | 3.2% |
| U.S. Bancorp | 3.1% |
| Bank of New York Mellon Corp. | 3.0% |
| Truist Financial Corp. | 2.8% |
| NU Holdings Limited/Cayman Islands — Class A | 2.6% |
| Top 10 Total | 34.2% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYKCX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Banking Fund

#### Class H \| RYKAX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Banking Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $176 | 1.64% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned 14.77%, outperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Financials Index, which returned 20.18% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were regional banks, diversified banks, and asset management & custody banks. No industry detracted from performance. The holdings that contributed the most to performance were Bank of New York Mellon Corp., Wells Fargo & Co., and JP Morgan Chase & Co. Those that detracted the most were Grupo Financiero Galicia SA Sponsored ADR, NU Holdings Limited/Cayman Islands — Class A, and First Financial Bancorp.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-8_ar91.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H\*\* | 14.77% | 15.82% | 5.89% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Financials Index | 20.18% | 21.47% | 12.05% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $25761146 |
| Total Number of Portfolio Holdings | 81 |
| Portfolio Turnover Rate | 280% |
| Total Advisory Fees Paid | $135298 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Financials Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>\*\*</sup> | Effective September 20, 2015, the Fund's Advisor Class shares were converted into Class H shares. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Banking Fund \| Class H \| RYKAX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-8_ar92.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| JPMorgan Chase & Co. | 4.2% |
| Bank of America Corp. | 4.1% |
| Citigroup, Inc. | 4.0% |
| Wells Fargo & Co. | 4.0% |
| Capital One Financial Corp. | 3.2% |
| PNC Financial Services Group, Inc. | 3.2% |
| U.S. Bancorp | 3.1% |
| Bank of New York Mellon Corp. | 3.0% |
| Truist Financial Corp. | 2.8% |
| NU Holdings Limited/Cayman Islands — Class A | 2.6% |
| Top 10 Total | 34.2% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYKAX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Basic Materials Fund

#### Investor Class \| RYBIX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Basic Materials Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Investor Class | $137 | 1.39% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Investor Class shares) returned -2.45%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and outperforming the fund's secondary index, the S&P 500 Materials Index, which returned -5.67% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were gold, industrial gases, and silver. Those that detracted the most were specialty chemicals, steel, and commodity chemicals. The holdings that contributed the most to performance were Agnico Eagle Mines Limited, Kinross Gold Corporation, and Newmont Corp. Those that detracted the most were Celanese Corporation, Nucor Corporation, and Cleveland Cliffs Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-59_ar101.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Investor Class | -2.45% | 16.60% | 7.20% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Materials Index | -5.67% | 16.12% | 8.07% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $23034229 |
| Total Number of Portfolio Holdings | 100 |
| Portfolio Turnover Rate | 51% |
| Total Advisory Fees Paid | $215013 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Materials Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Basic Materials Fund \| Investor Class \| RYBIX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-59_ar102.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Linde plc | 4.5% |
| Sherwin-Williams Co. | 2.7% |
| Ecolab, Inc. | 2.5% |
| Air Products and Chemicals, Inc. | 2.4% |
| CRH plc | 2.3% |
| Newmont Corp. | 2.2% |
| Freeport-McMoRan, Inc. | 2.1% |
| Corteva, Inc. | 2.1% |
| Vulcan Materials Co. | 1.7% |
| International Paper Co. | 1.6% |
| Top 10 Total | 24.1% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYBIX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Basic Materials Fund

#### Class A \| RYBMX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Basic Materials Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $162 | 1.64% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned -2.70%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and outperforming the fund's secondary index, the S&P 500 Materials Index, which returned -5.67% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were gold, industrial gases, and silver. Those that detracted the most were specialty chemicals, steel, and commodity chemicals. The holdings that contributed the most to performance were Agnico Eagle Mines Limited, Kinross Gold Corporation, and Newmont Corp. Those that detracted the most were Celanese Corporation, Nucor Corporation, and Cleveland Cliffs Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-61_ar91.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | -2.70% | 16.31% | 6.93% |
| Class A (with sales charge)<sup>†</sup> | -7.32% | 15.18% | 6.41% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Materials Index | -5.67% | 16.12% | 8.07% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $23034229 |
| Total Number of Portfolio Holdings | 100 |
| Portfolio Turnover Rate | 51% |
| Total Advisory Fees Paid | $215013 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Materials Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Basic Materials Fund \| Class A \| RYBMX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-61_ar92.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Linde plc | 4.5% |
| Sherwin-Williams Co. | 2.7% |
| Ecolab, Inc. | 2.5% |
| Air Products and Chemicals, Inc. | 2.4% |
| CRH plc | 2.3% |
| Newmont Corp. | 2.2% |
| Freeport-McMoRan, Inc. | 2.1% |
| Corteva, Inc. | 2.1% |
| Vulcan Materials Co. | 1.7% |
| International Paper Co. | 1.6% |
| Top 10 Total | 24.1% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYBMX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Basic Materials Fund

#### Class C \| RYBCX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Basic Materials Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $234 | 2.38% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned -3.43%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and outperforming the fund's secondary index, the S&P 500 Materials Index, which returned -5.67% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were gold, industrial gases, and silver. Those that detracted the most were specialty chemicals, steel, and commodity chemicals. The holdings that contributed the most to performance were Agnico Eagle Mines Limited, Kinross Gold Corporation, and Newmont Corp. Those that detracted the most were Celanese Corporation, Nucor Corporation, and Cleveland Cliffs Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-62_ar91.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | -3.43% | 15.43% | 6.13% |
| Class C (with CDSC)<sup>‡</sup> | -4.26% | 15.43% | 6.13% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Materials Index | -5.67% | 16.12% | 8.07% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $23034229 |
| Total Number of Portfolio Holdings | 100 |
| Portfolio Turnover Rate | 51% |
| Total Advisory Fees Paid | $215013 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Materials Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Basic Materials Fund \| Class C \| RYBCX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-62_ar92.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Linde plc | 4.5% |
| Sherwin-Williams Co. | 2.7% |
| Ecolab, Inc. | 2.5% |
| Air Products and Chemicals, Inc. | 2.4% |
| CRH plc | 2.3% |
| Newmont Corp. | 2.2% |
| Freeport-McMoRan, Inc. | 2.1% |
| Corteva, Inc. | 2.1% |
| Vulcan Materials Co. | 1.7% |
| International Paper Co. | 1.6% |
| Top 10 Total | 24.1% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYBCX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Basic Materials Fund

#### Class H \| RYBAX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Basic Materials Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $162 | 1.64% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned -2.69%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and outperforming the fund's secondary index, the S&P 500 Materials Index, which returned -5.67% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were gold, industrial gases, and silver. Those that detracted the most were specialty chemicals, steel, and commodity chemicals. The holdings that contributed the most to performance were Agnico Eagle Mines Limited, Kinross Gold Corporation, and Newmont Corp. Those that detracted the most were Celanese Corporation, Nucor Corporation, and Cleveland Cliffs Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-60_ar91.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H<sup>\*\*</sup> | -2.69% | 16.30% | 6.93% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Materials Index | -5.67% | 16.12% | 8.07% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $23034229 |
| Total Number of Portfolio Holdings | 100 |
| Portfolio Turnover Rate | 51% |
| Total Advisory Fees Paid | $215013 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Materials Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>\*\*</sup> | Effective September 30, 2015, the Fund's Advisor Class shares were converted into Class H shares. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Basic Materials Fund \| Class H \| RYBAX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-60_ar92.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Linde plc | 4.5% |
| Sherwin-Williams Co. | 2.7% |
| Ecolab, Inc. | 2.5% |
| Air Products and Chemicals, Inc. | 2.4% |
| CRH plc | 2.3% |
| Newmont Corp. | 2.2% |
| Freeport-McMoRan, Inc. | 2.1% |
| Corteva, Inc. | 2.1% |
| Vulcan Materials Co. | 1.7% |
| International Paper Co. | 1.6% |
| Top 10 Total | 24.1% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYBAX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Biotechnology Fund

#### Investor Class \| RYOIX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Biotechnology Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Investor Class | $137 | 1.39% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Investor Class shares) returned -2.85%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Health Care Index, which returned 0.40% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were pharmaceuticals, health care services, and fertilizers & agricultural chemicals. Those that detracted the most were biotechnology, and life sciences tools & services. The holdings that contributed the most to performance were Gilead Sciences, Inc., Insmed Inc., and Alnylam Pharmaceuticals, Inc. Those that detracted the most were Moderna, Inc., Regeneron Pharmaceuticals, Inc., and Biogen, Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-136_ar81.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Investor Class | -2.85% | 5.62% | 2.45% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Health Care Index | 0.40% | 12.37% | 9.15% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $87100193 |
| Total Number of Portfolio Holdings | 78 |
| Portfolio Turnover Rate | 79% |
| Total Advisory Fees Paid | $825215 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Health Care Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Biotechnology Fund \| Investor Class \| RYOIX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-136_ar82.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| AbbVie, Inc. | 7.9% |
| Amgen, Inc. | 5.2% |
| Gilead Sciences, Inc. | 4.9% |
| Vertex Pharmaceuticals, Inc. | 4.5% |
| Regeneron Pharmaceuticals, Inc. | 3.7% |
| Corteva, Inc. | 3.2% |
| Alnylam Pharmaceuticals, Inc. | 2.8% |
| BeiGene Ltd. ADR | 2.4% |
| AstraZeneca plc ADR | 2.2% |
| Biogen, Inc. | 2.0% |
| Top 10 Total | 38.8% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYOIX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Biotechnology Fund

#### Class A \| RYBOX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Biotechnology Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $161 | 1.64% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned -3.09%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Health Care Index, which returned 0.40% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were pharmaceuticals, health care services, and fertilizers & agricultural chemicals. Those that detracted the most were biotechnology, and life sciences tools & services. The holdings that contributed the most to performance were Gilead Sciences, Inc., Insmed Inc., and Alnylam Pharmaceuticals, Inc. Those that detracted the most were Moderna, Inc., Regeneron Pharmaceuticals, Inc., and Biogen, Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-138_ar81.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | -3.09% | 5.36% | 2.19% |
| Class A (with sales charge)<sup>†</sup> | -7.70% | 4.34% | 1.70% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Health Care Index | 0.40% | 12.37% | 9.15% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $87100193 |
| Total Number of Portfolio Holdings | 78 |
| Portfolio Turnover Rate | 79% |
| Total Advisory Fees Paid | $825215 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Health Care Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Biotechnology Fund \| Class A \| RYBOX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-138_ar82.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| AbbVie, Inc. | 7.9% |
| Amgen, Inc. | 5.2% |
| Gilead Sciences, Inc. | 4.9% |
| Vertex Pharmaceuticals, Inc. | 4.5% |
| Regeneron Pharmaceuticals, Inc. | 3.7% |
| Corteva, Inc. | 3.2% |
| Alnylam Pharmaceuticals, Inc. | 2.8% |
| BeiGene Ltd. ADR | 2.4% |
| AstraZeneca plc ADR | 2.2% |
| Biogen, Inc. | 2.0% |
| Top 10 Total | 38.8% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYBOX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Biotechnology Fund

#### Class C \| RYCFX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Biotechnology Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $233 | 2.38% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned -3.83%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Health Care Index, which returned 0.40% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were pharmaceuticals, health care services, and fertilizers & agricultural chemicals. Those that detracted the most were biotechnology, and life sciences tools & services. The holdings that contributed the most to performance were Gilead Sciences, Inc., Insmed Inc., and Alnylam Pharmaceuticals, Inc. Those that detracted the most were Moderna, Inc., Regeneron Pharmaceuticals, Inc., and Biogen, Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-139_ar81.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | -3.83% | 4.57% | 1.43% |
| Class C (with CDSC)<sup>‡</sup> | -4.61% | 4.57% | 1.43% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Health Care Index | 0.40% | 12.37% | 9.15% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $87100193 |
| Total Number of Portfolio Holdings | 78 |
| Portfolio Turnover Rate | 79% |
| Total Advisory Fees Paid | $825215 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Health Care Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Biotechnology Fund \| Class C \| RYCFX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-139_ar82.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| AbbVie, Inc. | 7.9% |
| Amgen, Inc. | 5.2% |
| Gilead Sciences, Inc. | 4.9% |
| Vertex Pharmaceuticals, Inc. | 4.5% |
| Regeneron Pharmaceuticals, Inc. | 3.7% |
| Corteva, Inc. | 3.2% |
| Alnylam Pharmaceuticals, Inc. | 2.8% |
| BeiGene Ltd. ADR | 2.4% |
| AstraZeneca plc ADR | 2.2% |
| Biogen, Inc. | 2.0% |
| Top 10 Total | 38.8% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYCFX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Biotechnology Fund

#### Class H \| RYOAX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Biotechnology Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $161 | 1.64% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned -3.10%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Health Care Index, which returned 0.40% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were pharmaceuticals, health care services, and fertilizers & agricultural chemicals. Those that detracted the most were biotechnology, and life sciences tools & services. The holdings that contributed the most to performance were Gilead Sciences, Inc., Insmed Inc., and Alnylam Pharmaceuticals, Inc. Those that detracted the most were Moderna, Inc., Regeneron Pharmaceuticals, Inc., and Biogen, Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-137_ar101.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H\*\* | -3.10% | 5.36% | 2.18% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Health Care Index | 0.40% | 12.37% | 9.15% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $87100193 |
| Total Number of Portfolio Holdings | 78 |
| Portfolio Turnover Rate | 79% |
| Total Advisory Fees Paid | $825215 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Health Care Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>\*\*</sup> | Effective September 30, 2015, the Fund's Advisor Class shares were converted into Class H shares. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Biotechnology Fund \| Class H \| RYOAX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-137_ar102.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| AbbVie, Inc. | 7.9% |
| Amgen, Inc. | 5.2% |
| Gilead Sciences, Inc. | 4.9% |
| Vertex Pharmaceuticals, Inc. | 4.5% |
| Regeneron Pharmaceuticals, Inc. | 3.7% |
| Corteva, Inc. | 3.2% |
| Alnylam Pharmaceuticals, Inc. | 2.8% |
| BeiGene Ltd. ADR | 2.4% |
| AstraZeneca plc ADR | 2.2% |
| Biogen, Inc. | 2.0% |
| Top 10 Total | 38.8% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYOAX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Consumer Products Fund

#### Investor Class \| RYCIX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Consumer Products Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Investor Class | $140 | 1.38% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Investor Class shares) returned 2.53%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Consumer Staples Index, which returned 12.43% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were tobacco, food retail, and household products. Those that detracted the most were distillers & vintners, personal care products, and agricultural products & services. The holdings that contributed the most to performance were Phillip Morris International, Inc., Altria Group, Inc., and Coca-Cola Co. Those that detracted the most were Estee Lauder Companies, Inc. - Class A, elf Beauty, Inc., and Celsius Holdings, Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-64_ar101.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Investor Class | 2.53% | 8.90% | 5.44% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Consumer Staples Index | 12.43% | 12.70% | 8.88% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $40581989 |
| Total Number of Portfolio Holdings | 68 |
| Portfolio Turnover Rate | 57% |
| Total Advisory Fees Paid | $409899 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Consumer Staples Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Consumer Products Fund \| Investor Class \| RYCIX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-64_ar102.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Procter & Gamble Co. | 6.7% |
| Coca-Cola Co. | 5.4% |
| Philip Morris International, Inc. | 5.3% |
| PepsiCo, Inc. | 4.8% |
| Altria Group, Inc. | 3.4% |
| Mondelez International, Inc. — Class A | 3.2% |
| Colgate-Palmolive Co. | 2.9% |
| Kenvue, Inc. | 2.3% |
| Kimberly-Clark Corp. | 2.3% |
| Kroger Co. | 2.2% |
| Top 10 Total | 38.5% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
This is a summary of certain changes to the fund since March 31, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by August 1, 2025 at GuggenheimInvestments.com/services/prospectuses-and-reports or, by calling 800 820 0888.

Effective February 24, 2025, the fund executed a one-for-three reverse split of its issued and outstanding shares. There was no difference in the aggregate value of assets as a result of this reverse split, and the increase in the net asset value of the fund was not considered a taxable event. Please refer to a tax consultant for information regarding taxes.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYCIX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Consumer Products Fund

#### Class A \| RYPDX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Consumer Products Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $166 | 1.64% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned 2.27%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Consumer Staples Index, which returned 12.43% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were tobacco, food retail, and household products. Those that detracted the most were distillers & vintners, personal care products, and agricultural products & services. The holdings that contributed the most to performance were Phillip Morris International, Inc., Altria Group, Inc., and Coca-Cola Co. Those that detracted the most were Estee Lauder Companies, Inc. - Class A, elf Beauty, Inc., and Celsius Holdings, Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-66_ar101.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 2.27% | 8.63% | 5.18% |
| Class A (with sales charge)<sup>†</sup> | -2.59% | 7.58% | 4.67% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Consumer Staples Index | 12.43% | 12.70% | 8.88% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $40581989 |
| Total Number of Portfolio Holdings | 68 |
| Portfolio Turnover Rate | 57% |
| Total Advisory Fees Paid | $409899 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Consumer Staples Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Consumer Products Fund \| Class A \| RYPDX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-66_ar102.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Procter & Gamble Co. | 6.7% |
| Coca-Cola Co. | 5.4% |
| Philip Morris International, Inc. | 5.3% |
| PepsiCo, Inc. | 4.8% |
| Altria Group, Inc. | 3.4% |
| Mondelez International, Inc. — Class A | 3.2% |
| Colgate-Palmolive Co. | 2.9% |
| Kenvue, Inc. | 2.3% |
| Kimberly-Clark Corp. | 2.3% |
| Kroger Co. | 2.2% |
| Top 10 Total | 38.5% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
This is a summary of certain changes to the fund since March 31, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by August 1, 2025 at GuggenheimInvestments.com/services/prospectuses-and-reports or, by calling 800 820 0888.

Effective February 24, 2025, the fund executed a one-for-three reverse split of its issued and outstanding shares. There was no difference in the aggregate value of assets as a result of this reverse split, and the increase in the net asset value of the fund was not considered a taxable event. Please refer to a tax consultant for information regarding taxes.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYPDX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Consumer Products Fund

#### Class C \| RYCPX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Consumer Products Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $240 | 2.38% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned 1.51%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Consumer Staples Index, which returned 12.43% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were tobacco, food retail, and household products. Those that detracted the most were distillers & vintners, personal care products, and agricultural products & services. The holdings that contributed the most to performance were Phillip Morris International, Inc., Altria Group, Inc., and Coca-Cola Co. Those that detracted the most were Estee Lauder Companies, Inc. - Class A, elf Beauty, Inc., and Celsius Holdings, Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-67_ar101.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 1.51% | 7.82% | 4.40% |
| Class C (with CDSC)<sup>‡</sup> | 0.59% | 7.82% | 4.40% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Consumer Staples Index | 12.43% | 12.70% | 8.88% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $40581989 |
| Total Number of Portfolio Holdings | 68 |
| Portfolio Turnover Rate | 57% |
| Total Advisory Fees Paid | $409899 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Consumer Staples Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Consumer Products Fund \| Class C \| RYCPX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-67_ar102.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Procter & Gamble Co. | 6.7% |
| Coca-Cola Co. | 5.4% |
| Philip Morris International, Inc. | 5.3% |
| PepsiCo, Inc. | 4.8% |
| Altria Group, Inc. | 3.4% |
| Mondelez International, Inc. — Class A | 3.2% |
| Colgate-Palmolive Co. | 2.9% |
| Kenvue, Inc. | 2.3% |
| Kimberly-Clark Corp. | 2.3% |
| Kroger Co. | 2.2% |
| Top 10 Total | 38.5% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
This is a summary of certain changes to the fund since March 31, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by August 1, 2025 at GuggenheimInvestments.com/services/prospectuses-and-reports or, by calling 800 820 0888.

Effective February 24, 2025, the fund executed a one-for-three reverse split of its issued and outstanding shares. There was no difference in the aggregate value of assets as a result of this reverse split, and the increase in the net asset value of the fund was not considered a taxable event. Please refer to a tax consultant for information regarding taxes.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYCPX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Consumer Products Fund

#### Class H \| RYCAX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Consumer Products Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $166 | 1.64% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned 2.27%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Consumer Staples Index, which returned 12.43% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were tobacco, food retail, and household products. Those that detracted the most were distillers & vintners, personal care products, and agricultural products & services. The holdings that contributed the most to performance were Phillip Morris International, Inc., Altria Group, Inc., and Coca-Cola Co. Those that detracted the most were Estee Lauder Companies, Inc. - Class A, elf Beauty, Inc., and Celsius Holdings, Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-65_ar101.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H\*\* | 2.27% | 8.64% | 5.17% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Consumer Staples Index | 12.43% | 12.70% | 8.88% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $40581989 |
| Total Number of Portfolio Holdings | 68 |
| Portfolio Turnover Rate | 57% |
| Total Advisory Fees Paid | $409899 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Consumer Staples Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>\*\*</sup> | Effective September 30, 2015, the Fund's Advisor Class shares were converted into H-Class shares. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Consumer Products Fund \| Class H \| RYCAX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-65_ar102.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Procter & Gamble Co. | 6.7% |
| Coca-Cola Co. | 5.4% |
| Philip Morris International, Inc. | 5.3% |
| PepsiCo, Inc. | 4.8% |
| Altria Group, Inc. | 3.4% |
| Mondelez International, Inc. — Class A | 3.2% |
| Colgate-Palmolive Co. | 2.9% |
| Kenvue, Inc. | 2.3% |
| Kimberly-Clark Corp. | 2.3% |
| Kroger Co. | 2.2% |
| Top 10 Total | 38.5% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
This is a summary of certain changes to the fund since March 31, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by August 1, 2025 at GuggenheimInvestments.com/services/prospectuses-and-reports or, by calling 800 820 0888.

Effective February 24, 2025, the fund executed a one-for-three reverse split of its issued and outstanding shares. There was no difference in the aggregate value of assets as a result of this reverse split, and the increase in the net asset value of the fund was not considered a taxable event. Please refer to a tax consultant for information regarding taxes.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYCAX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Electronics Fund

#### Investor Class \| RYSIX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Electronics Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Investor Class | $127 | 1.38% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Investor Class shares) returned -15.36%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Information Technology Index, which returned 5.89% for the same period.

**What factors materially affected the fund's performance over the last year?**

No industry contributed to positive performance. The industries that detracted the most from performance were semiconductors and semiconductor materials & equipment. The holdings that contributed the most to performance were NVIDIA Corp., Broadcom, Inc. and Credo Technology Group Holding Ltd. Those that detracted the most were Intel Corp., Advanced Micro Devices, Inc., and SolarEdge Technologies, Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-83_ar121.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Investor Class | -15.36% | 22.33% | 17.40% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Information Technology Index | 5.89% | 24.35% | 20.64% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $69314348 |
| Total Number of Portfolio Holdings | 64 |
| Portfolio Turnover Rate | 95% |
| Total Advisory Fees Paid | $899426 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Information Technology Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Electronics Fund \| Investor Class \| RYSIX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-83_ar122.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| NVIDIA Corp. | 16.2% |
| Broadcom, Inc. | 8.6% |
| Advanced Micro Devices, Inc. | 4.4% |
| Texas Instruments, Inc. | 4.3% |
| QUALCOMM, Inc. | 4.3% |
| Applied Materials, Inc. | 3.5% |
| Analog Devices, Inc. | 3.3% |
| Lam Research Corp. | 3.2% |
| KLA Corp. | 3.1% |
| Micron Technology, Inc. | 3.1% |
| Top 10 Total | 54.0% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYSIX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Electronics Fund

#### Class A \| RYELX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Electronics Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $151 | 1.64% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned -15.58%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Information Technology Index, which returned 5.89% for the same period.

**What factors materially affected the fund's performance over the last year?**

No industry contributed to positive performance. The industries that detracted the most from performance were semiconductors and semiconductor materials & equipment. The holdings that contributed the most to performance were NVIDIA Corp., Broadcom, Inc. and Credo Technology Group Holding Ltd. Those that detracted the most were Intel Corp., Advanced Micro Devices, Inc., and SolarEdge Technologies, Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-85_ar121.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | -15.58% | 22.03% | 17.11% |
| Class A (with sales charge)<sup>†</sup> | -19.58% | 20.85% | 16.54% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Information Technology Index | 5.89% | 24.35% | 20.64% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $69314348 |
| Total Number of Portfolio Holdings | 64 |
| Portfolio Turnover Rate | 95% |
| Total Advisory Fees Paid | $899426 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Information Technology Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Electronics Fund \| Class A \| RYELX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-85_ar122.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| NVIDIA Corp. | 16.2% |
| Broadcom, Inc. | 8.6% |
| Advanced Micro Devices, Inc. | 4.4% |
| Texas Instruments, Inc. | 4.3% |
| QUALCOMM, Inc. | 4.3% |
| Applied Materials, Inc. | 3.5% |
| Analog Devices, Inc. | 3.3% |
| Lam Research Corp. | 3.2% |
| KLA Corp. | 3.1% |
| Micron Technology, Inc. | 3.1% |
| Top 10 Total | 54.0% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYELX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Electronics Fund

#### Class C \| RYSCX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Electronics Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $220 | 2.39% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned -16.21%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Information Technology Index, which returned 5.89% for the same period.

**What factors materially affected the fund's performance over the last year?**

No industry contributed to positive performance. The industries that detracted the most from performance were semiconductors and semiconductor materials & equipment. The holdings that contributed the most to performance were NVIDIA Corp., Broadcom, Inc. and Credo Technology Group Holding Ltd. Those that detracted the most were Intel Corp., Advanced Micro Devices, Inc., and SolarEdge Technologies, Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-86_ar121.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | -16.21% | 21.12% | 16.23% |
| Class C (with CDSC)<sup>‡</sup> | -17.02% | 21.12% | 16.23% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Information Technology Index | 5.89% | 24.35% | 20.64% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $69314348 |
| Total Number of Portfolio Holdings | 64 |
| Portfolio Turnover Rate | 95% |
| Total Advisory Fees Paid | $899426 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Information Technology Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Electronics Fund \| Class C \| RYSCX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-86_ar122.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| NVIDIA Corp. | 16.2% |
| Broadcom, Inc. | 8.6% |
| Advanced Micro Devices, Inc. | 4.4% |
| Texas Instruments, Inc. | 4.3% |
| QUALCOMM, Inc. | 4.3% |
| Applied Materials, Inc. | 3.5% |
| Analog Devices, Inc. | 3.3% |
| Lam Research Corp. | 3.2% |
| KLA Corp. | 3.1% |
| Micron Technology, Inc. | 3.1% |
| Top 10 Total | 54.0% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYSCX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Electronics Fund

#### Class H \| RYSAX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Electronics Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $151 | 1.64% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned -15.58%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Information Technology Index, which returned 5.89% for the same period.

**What factors materially affected the fund's performance over the last year?**

No industry contributed to positive performance. The industries that detracted the most from performance were semiconductors and semiconductor materials & equipment. The holdings that contributed the most to performance were NVIDIA Corp., Broadcom, Inc. and Credo Technology Group Holding Ltd. Those that detracted the most were Intel Corp., Advanced Micro Devices, Inc., and SolarEdge Technologies, Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-84_ar131.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H\*\* | -15.58% | 22.03% | 17.09% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Information Technology Index | 5.89% | 24.35% | 20.64% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $69314348 |
| Total Number of Portfolio Holdings | 64 |
| Portfolio Turnover Rate | 95% |
| Total Advisory Fees Paid | $899426 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Information Technology Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>\*\*</sup> | Effective September 30, 2015, the Fund's Advisor Class shares were converted into Class H shares. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Electronics Fund \| Class H \| RYSAX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-84_ar132.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| NVIDIA Corp. | 16.2% |
| Broadcom, Inc. | 8.6% |
| Advanced Micro Devices, Inc. | 4.4% |
| Texas Instruments, Inc. | 4.3% |
| QUALCOMM, Inc. | 4.3% |
| Applied Materials, Inc. | 3.5% |
| Analog Devices, Inc. | 3.3% |
| Lam Research Corp. | 3.2% |
| KLA Corp. | 3.1% |
| Micron Technology, Inc. | 3.1% |
| Top 10 Total | 54.0% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYSAX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Energy Fund

#### Investor Class \| RYEIX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Energy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Investor Class | $133 | 1.38% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Investor Class shares) returned -6.78%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Energy Index, which returned 2.49% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were oil & gas storage and transportation, integrated oil & gas, and automative retail. Those that detracted the most were oil & gas refining and marketing, oil and gas equipment & services, and semiconductor materials & equipment. The holdings that contributed the most to performance were Williams Companies, Inc., Targa Resources Corp., and EQT Corporation. Those that detracted the most were SolarEdge Technologies, Inc., Marathon Petroleum Corp., and Halliburton Co.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-98_ar91.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Investor Class | -6.78% | 28.52% | 0.72% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Energy Index | 2.49% | 31.58% | 6.24% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $18681851 |
| Total Number of Portfolio Holdings | 88 |
| Portfolio Turnover Rate | 534% |
| Total Advisory Fees Paid | $203285 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Energy Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Energy Fund \| Investor Class \| RYEIX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-98_ar92.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Exxon Mobil Corp. | 6.9% |
| Chevron Corp. | 5.0% |
| ConocoPhillips | 3.5% |
| Equities Corp. | 3.3% |
| Williams Companies, Inc. | 2.6% |
| EOG Resources, Inc. | 2.5% |
| ONEOK, Inc. | 2.3% |
| Kinder Morgan, Inc. | 2.3% |
| Schlumberger N.V. | 2.2% |
| Cheniere Energy, Inc. | 2.1% |
| Top 10 Total | 32.7% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYEIX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Energy Fund

#### Class A \| RYENX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Energy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $158 | 1.64% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned -7.01%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Energy Index, which returned 2.49% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were oil & gas storage and transportation, integrated oil & gas, and automative retail. Those that detracted the most were oil & gas refining and marketing, oil and gas equipment & services, and semiconductor materials & equipment. The holdings that contributed the most to performance were Williams Companies, Inc., Targa Resources Corp., and EQT Corporation. Those that detracted the most were SolarEdge Technologies, Inc., Marathon Petroleum Corp., and Halliburton Co.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-100_ar91.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | -7.01% | 28.19% | 0.47% |
| Class A (with sales charge)<sup>†</sup> | -11.43% | 26.95% | -0.02% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Energy Index | 2.49% | 31.58% | 6.24% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $18681851 |
| Total Number of Portfolio Holdings | 88 |
| Portfolio Turnover Rate | 534% |
| Total Advisory Fees Paid | $203285 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Energy Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Energy Fund \| Class A \| RYENX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-100_ar92.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Exxon Mobil Corp. | 6.9% |
| Chevron Corp. | 5.0% |
| ConocoPhillips | 3.5% |
| Equities Corp. | 3.3% |
| Williams Companies, Inc. | 2.6% |
| EOG Resources, Inc. | 2.5% |
| ONEOK, Inc. | 2.3% |
| Kinder Morgan, Inc. | 2.3% |
| Schlumberger N.V. | 2.2% |
| Cheniere Energy, Inc. | 2.1% |
| Top 10 Total | 32.7% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYENX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Energy Fund

#### Class C \| RYECX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Energy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $230 | 2.39% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned -7.71%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Energy Index, which returned 2.49% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were oil & gas storage and transportation, integrated oil & gas, and automative retail. Those that detracted the most were oil & gas refining and marketing, oil and gas equipment & services, and semiconductor materials & equipment. The holdings that contributed the most to performance were Williams Companies, Inc., Targa Resources Corp., and EQT Corporation. Those that detracted the most were SolarEdge Technologies, Inc., Marathon Petroleum Corp., and Halliburton Co.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-101_ar91.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | -7.71% | 27.23% | -0.29% |
| Class C (with CDSC)<sup>‡</sup> | -8.59% | 27.23% | -0.29% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Energy Index | 2.49% | 31.58% | 6.24% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $18681851 |
| Total Number of Portfolio Holdings | 88 |
| Portfolio Turnover Rate | 534% |
| Total Advisory Fees Paid | $203285 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Energy Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Energy Fund \| Class C \| RYECX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-101_ar92.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Exxon Mobil Corp. | 6.9% |
| Chevron Corp. | 5.0% |
| ConocoPhillips | 3.5% |
| Equities Corp. | 3.3% |
| Williams Companies, Inc. | 2.6% |
| EOG Resources, Inc. | 2.5% |
| ONEOK, Inc. | 2.3% |
| Kinder Morgan, Inc. | 2.3% |
| Schlumberger N.V. | 2.2% |
| Cheniere Energy, Inc. | 2.1% |
| Top 10 Total | 32.7% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYECX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Energy Fund

#### Class H \| RYEAX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Energy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $156 | 1.62% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned -7.01%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Energy Index, which returned 2.49% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were oil & gas storage and transportation, integrated oil & gas, and automative retail. Those that detracted the most were oil & gas refining and marketing, oil and gas equipment & services, and semiconductor materials & equipment. The holdings that contributed the most to performance were Williams Companies, Inc., Targa Resources Corp., and EQT Corporation. Those that detracted the most were SolarEdge Technologies, Inc., Marathon Petroleum Corp., and Halliburton Co.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-99_ar91.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H\*\* | -7.01% | 28.19% | 0.44% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Energy Index | 2.49% | 31.58% | 6.24% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $18681851 |
| Total Number of Portfolio Holdings | 88 |
| Portfolio Turnover Rate | 534% |
| Total Advisory Fees Paid | $203285 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Energy Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>\*\*</sup> | Effective September 20, 2015, the Fund's Advisor Class shares were converted into Class H shares. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Energy Fund \| Class H \| RYEAX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-99_ar92.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Exxon Mobil Corp. | 6.9% |
| Chevron Corp. | 5.0% |
| ConocoPhillips | 3.5% |
| Equities Corp. | 3.3% |
| Williams Companies, Inc. | 2.6% |
| EOG Resources, Inc. | 2.5% |
| ONEOK, Inc. | 2.3% |
| Kinder Morgan, Inc. | 2.3% |
| Schlumberger N.V. | 2.2% |
| Cheniere Energy, Inc. | 2.1% |
| Top 10 Total | 32.7% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYEAX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Energy Services Fund

#### Investor Class \| RYVIX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Energy Services Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Investor Class | $123 | 1.38% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Investor Class shares) returned -21.62%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Energy Index, which returned 2.49% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industry that contributed the most to performance was environmental and facilities services. The industries that detracted from performance were oil & gas drilling, and oil & gas equipment and services. The holdings that contributed the most to performance were Baker Hughes Co., Archrock, Inc. and TechnipFMC Plc. Those that detracted the most were Halliburton Co., SLB (formerly Schlumberger), and Weatherford International plc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-131_ar121.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Investor Class | -21.62% | 23.12% | -9.30% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Energy Index | 2.49% | 31.58% | 6.24% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $4930346 |
| Total Number of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 431% |
| Total Advisory Fees Paid | $64508 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Energy Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Energy Services Fund \| Investor Class \| RYVIX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-131_ar122.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Schlumberger N.V. | 12.7% |
| Baker Hughes Co. | 11.2% |
| Halliburton Co. | 7.5% |
| TechnipFMC plc | 4.3% |
| NOV, Inc. | 4.1% |
| ChampionX Corp. | 4.0% |
| Archrock, Inc. | 3.7% |
| Weatherford International plc | 3.3% |
| Cactus, Inc. — Class A | 3.2% |
| Patterson-UTI Energy, Inc. | 3.0% |
| Top 10 Total | 57.0% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYVIX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Energy Services Fund

#### Class A \| RYESX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Energy Services Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $146 | 1.64% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned -21.81%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Energy Index, which returned 2.49% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industry that contributed the most to performance was environmental and facilities services. The industries that detracted from performance were oil & gas drilling, and oil & gas equipment and services. The holdings that contributed the most to performance were Baker Hughes Co., Archrock, Inc. and TechnipFMC Plc. Those that detracted the most were Halliburton Co., SLB (formerly Schlumberger), and Weatherford International plc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-133_ar131.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | -21.81% | 22.80% | -9.52% |
| Class A (with sales charge)<sup>†</sup> | -25.53% | 21.63% | -9.96% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Energy Index | 2.49% | 31.58% | 6.24% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $4930346 |
| Total Number of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 431% |
| Total Advisory Fees Paid | $64508 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Energy Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Energy Services Fund \| Class A \| RYESX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-133_ar132.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Schlumberger N.V. | 12.7% |
| Baker Hughes Co. | 11.2% |
| Halliburton Co. | 7.5% |
| TechnipFMC plc | 4.3% |
| NOV, Inc. | 4.1% |
| ChampionX Corp. | 4.0% |
| Archrock, Inc. | 3.7% |
| Weatherford International plc | 3.3% |
| Cactus, Inc. — Class A | 3.2% |
| Patterson-UTI Energy, Inc. | 3.0% |
| Top 10 Total | 57.0% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYESX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Energy Services Fund

#### Class C \| RYVCX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Energy Services Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $212 | 2.39% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned -22.40%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Energy Index, which returned 2.49% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industry that contributed the most to performance was environmental and facilities services. The industries that detracted from performance were oil & gas drilling, and oil & gas equipment and services. The holdings that contributed the most to performance were Baker Hughes Co., Archrock, Inc. and TechnipFMC Plc. Those that detracted the most were Halliburton Co., SLB (formerly Schlumberger), and Weatherford International plc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-134_ar131.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | -22.40% | 21.87% | -10.20% |
| Class C (with CDSC)<sup>‡</sup> | -23.18% | 21.87% | -10.20% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Energy Index | 2.49% | 31.58% | 6.24% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $4930346 |
| Total Number of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 431% |
| Total Advisory Fees Paid | $64508 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Energy Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Energy Services Fund \| Class C \| RYVCX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-134_ar132.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Schlumberger N.V. | 12.7% |
| Baker Hughes Co. | 11.2% |
| Halliburton Co. | 7.5% |
| TechnipFMC plc | 4.3% |
| NOV, Inc. | 4.1% |
| ChampionX Corp. | 4.0% |
| Archrock, Inc. | 3.7% |
| Weatherford International plc | 3.3% |
| Cactus, Inc. — Class A | 3.2% |
| Patterson-UTI Energy, Inc. | 3.0% |
| Top 10 Total | 57.0% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYVCX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Energy Services Fund

#### Class H \| RYVAX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Energy Services Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $145 | 1.63% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned -21.85%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Energy Index, which returned 2.49% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industry that contributed the most to performance was environmental and facilities services. The industries that detracted from performance were oil & gas drilling, and oil & gas equipment and services. The holdings that contributed the most to performance were Baker Hughes Co., Archrock, Inc. and TechnipFMC Plc. Those that detracted the most were Halliburton Co., SLB (formerly Schlumberger), and Weatherford International plc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-132_ar141.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H\*\* | -21.85% | 22.78% | -9.53% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Energy Index | 2.49% | 31.58% | 6.24% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $4930346 |
| Total Number of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 431% |
| Total Advisory Fees Paid | $64508 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Energy Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>\*\*</sup> | Effective September 30, 2015, the Fund's Advisor Class shares were converted into Class H shares. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Energy Services Fund \| Class H \| RYVAX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-132_ar142.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Schlumberger N.V. | 12.7% |
| Baker Hughes Co. | 11.2% |
| Halliburton Co. | 7.5% |
| TechnipFMC plc | 4.3% |
| NOV, Inc. | 4.1% |
| ChampionX Corp. | 4.0% |
| Archrock, Inc. | 3.7% |
| Weatherford International plc | 3.3% |
| Cactus, Inc. — Class A | 3.2% |
| Patterson-UTI Energy, Inc. | 3.0% |
| Top 10 Total | 57.0% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYVAX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Financial Services Fund

#### Investor Class \| RYFIX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Financial Services Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Investor Class | $150 | 1.40% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Investor Class shares) returned 14.23%, outperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Financials Index, which returned 20.18% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were diversified banks, investment banking & brokerage, and property & casualty insurance. Those that detracted the most were industrial REITs, hotel & resort REITs, and timber REITs. The holdings that contributed the most to performance were Berkshire Hathaway, Inc. – Class B, JPMorgan Chase & Co., and Visa, Inc. – Class A. Those that detracted the most were XP Inc. — Class A, Block, Inc. - Class A, Coinbase Global Inc. - Class A.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-103_ar81.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Investor Class | 14.23% | 17.63% | 8.68% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Financials Index | 20.18% | 21.47% | 12.05% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $30516623 |
| Total Number of Portfolio Holdings | 159 |
| Portfolio Turnover Rate | 299% |
| Total Advisory Fees Paid | $161918 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Financials Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Financial Services Fund \| Investor Class \| RYFIX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-103_ar82.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Berkshire Hathaway, Inc. — Class B | 3.4% |
| Visa, Inc. — Class A | 2.7% |
| JPMorgan Chase & Co. | 2.7% |
| Mastercard, Inc. — Class A | 2.1% |
| Bank of America Corp. | 1.7% |
| Wells Fargo & Co. | 1.6% |
| Goldman Sachs Group, Inc. | 1.4% |
| Blackstone, Inc. — Class A | 1.3% |
| S&P Global, Inc. | 1.3% |
| Progressive Corp. | 1.3% |
| Top 10 Total | 19.5% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYFIX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Financial Services Fund

#### Class A \| RYFNX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Financial Services Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $175 | 1.64% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned 13.96%, outperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Financials Index, which returned 20.18% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were diversified banks, investment banking & brokerage, and property & casualty insurance. Those that detracted the most were industrial REITs, hotel & resort REITs, and timber REITs. The holdings that contributed the most to performance were Berkshire Hathaway, Inc. – Class B, JPMorgan Chase & Co., and Visa, Inc. – Class A. Those that detracted the most were XP Inc. — Class A, Block, Inc. - Class A, Coinbase Global Inc. - Class A.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-105_ar81.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 13.96% | 17.34% | 8.41% |
| Class A (with sales charge)<sup>†</sup> | 8.54% | 16.21% | 7.88% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Financials Index | 20.18% | 21.47% | 12.05% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $30516623 |
| Total Number of Portfolio Holdings | 159 |
| Portfolio Turnover Rate | 299% |
| Total Advisory Fees Paid | $161918 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Financials Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Financial Services Fund \| Class A \| RYFNX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-105_ar82.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Berkshire Hathaway, Inc. — Class B | 3.4% |
| Visa, Inc. — Class A | 2.7% |
| JPMorgan Chase & Co. | 2.7% |
| Mastercard, Inc. — Class A | 2.1% |
| Bank of America Corp. | 1.7% |
| Wells Fargo & Co. | 1.6% |
| Goldman Sachs Group, Inc. | 1.4% |
| Blackstone, Inc. — Class A | 1.3% |
| S&P Global, Inc. | 1.3% |
| Progressive Corp. | 1.3% |
| Top 10 Total | 19.5% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYFNX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Financial Services Fund

#### Class C \| RYFCX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Financial Services Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $255 | 2.39% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned 13.10%, outperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Financials Index, which returned 20.18% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were diversified banks, investment banking & brokerage, and property & casualty insurance. Those that detracted the most were industrial REITs, hotel & resort REITs, and timber REITs. The holdings that contributed the most to performance were Berkshire Hathaway, Inc. – Class B, JPMorgan Chase & Co., and Visa, Inc. – Class A. Those that detracted the most were XP Inc. — Class A, Block, Inc. - Class A, Coinbase Global Inc. - Class A.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-106_ar81.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 13.10% | 16.47% | 7.60% |
| Class C (with CDSC)<sup>‡</sup> | 12.10% | 16.47% | 7.60% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Financials Index | 20.18% | 21.47% | 12.05% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $30516623 |
| Total Number of Portfolio Holdings | 159 |
| Portfolio Turnover Rate | 299% |
| Total Advisory Fees Paid | $161918 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Financials Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Financial Services Fund \| Class C \| RYFCX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-106_ar82.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Berkshire Hathaway, Inc. — Class B | 3.4% |
| Visa, Inc. — Class A | 2.7% |
| JPMorgan Chase & Co. | 2.7% |
| Mastercard, Inc. — Class A | 2.1% |
| Bank of America Corp. | 1.7% |
| Wells Fargo & Co. | 1.6% |
| Goldman Sachs Group, Inc. | 1.4% |
| Blackstone, Inc. — Class A | 1.3% |
| S&P Global, Inc. | 1.3% |
| Progressive Corp. | 1.3% |
| Top 10 Total | 19.5% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYFCX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Financial Services Fund

#### Class H \| RYFAX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Financial Services Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $177 | 1.65% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned 13.95%, outperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Financials Index, which returned 20.18% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were diversified banks, investment banking & brokerage, and property & casualty insurance. Those that detracted the most were industrial REITs, hotel & resort REITs, and timber REITs. The holdings that contributed the most to performance were Berkshire Hathaway, Inc. – Class B, JPMorgan Chase & Co., and Visa, Inc. – Class A. Those that detracted the most were XP Inc. — Class A, Block, Inc. - Class A, Coinbase Global Inc. - Class A.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-104_ar111.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H\*\* | 13.95% | 17.35% | 8.40% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Financials Index | 20.18% | 21.47% | 12.05% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $30516623 |
| Total Number of Portfolio Holdings | 159 |
| Portfolio Turnover Rate | 299% |
| Total Advisory Fees Paid | $161918 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Financials Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>\*\*</sup> | Effective September 30, 2015, the Fund's Advisor Class shares were converted into Class H shares. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Financial Services Fund \| Class H \| RYFAX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-104_ar112.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Berkshire Hathaway, Inc. — Class B | 3.4% |
| Visa, Inc. — Class A | 2.7% |
| JPMorgan Chase & Co. | 2.7% |
| Mastercard, Inc. — Class A | 2.1% |
| Bank of America Corp. | 1.7% |
| Wells Fargo & Co. | 1.6% |
| Goldman Sachs Group, Inc. | 1.4% |
| Blackstone, Inc. — Class A | 1.3% |
| S&P Global, Inc. | 1.3% |
| Progressive Corp. | 1.3% |
| Top 10 Total | 19.5% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYFAX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Health Care Fund

#### Investor Class \| RYHIX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Health Care Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Investor Class | $136 | 1.39% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Investor Class shares) returned -3.95%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Health Care Index, which returned 0.40% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were health care distributors, pharmaceuticals, and health care services. Those that detracted the most were life sciences tools & services, health care supplies, and managed health care. The holdings that contributed the most to performance were Gilead Sciences, Inc., Boston Scientific Corp., and AbbVie, Inc. Those that detracted the most were Merck & Company, Inc., Moderna, Inc., and DexCom, Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-108_ar101.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Investor Class | -3.95% | 9.67% | 6.05% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Health Care Index | 0.40% | 12.37% | 9.15% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $20109741 |
| Total Number of Portfolio Holdings | 125 |
| Portfolio Turnover Rate | 236% |
| Total Advisory Fees Paid | $195680 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Health Care Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Health Care Fund \| Investor Class \| RYHIX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-108_ar102.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Eli Lilly & Co. | 4.1% |
| UnitedHealth Group, Inc. | 3.5% |
| Johnson & Johnson | 3.1% |
| AbbVie, Inc. | 2.9% |
| Abbott Laboratories | 2.3% |
| Merck & Company, Inc. | 2.2% |
| Intuitive Surgical, Inc. | 2.1% |
| Thermo Fisher Scientific, Inc. | 2.1% |
| Amgen, Inc. | 2.0% |
| Boston Scientific Corp. | 1.9% |
| Top 10 Total | 26.2% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
This is a summary of certain changes to the fund since March 31, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by August 1, 2025 at GuggenheimInvestments.com/services/prospectuses-and-reports or, by calling 800 820 0888.

Effective February 24, 2025, the fund executed a one-for-three reverse split of its issued and outstanding shares. There was no difference in the aggregate value of assets as a result of this reverse split, and the increase in the net asset value of the fund was not considered a taxable event. Please refer to a tax consultant for information regarding taxes.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYHIX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Health Care Fund

#### Class A \| RYHEX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Health Care Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $161 | 1.64% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned -4.20%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Health Care Index, which returned 0.40% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were health care distributors, pharmaceuticals, and health care services. Those that detracted the most were life sciences tools & services, health care supplies, and managed health care. The holdings that contributed the most to performance were Gilead Sciences, Inc., Boston Scientific Corp., and AbbVie, Inc. Those that detracted the most were Merck & Company, Inc., Moderna, Inc., and DexCom, Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-110_ar101.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | -4.20% | 9.39% | 5.77% |
| Class A (with sales charge)<sup>†</sup> | -8.76% | 8.33% | 5.26% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Health Care Index | 0.40% | 12.37% | 9.15% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $20109741 |
| Total Number of Portfolio Holdings | 125 |
| Portfolio Turnover Rate | 236% |
| Total Advisory Fees Paid | $195680 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Health Care Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Health Care Fund \| Class A \| RYHEX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-110_ar102.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Eli Lilly & Co. | 4.1% |
| UnitedHealth Group, Inc. | 3.5% |
| Johnson & Johnson | 3.1% |
| AbbVie, Inc. | 2.9% |
| Abbott Laboratories | 2.3% |
| Merck & Company, Inc. | 2.2% |
| Intuitive Surgical, Inc. | 2.1% |
| Thermo Fisher Scientific, Inc. | 2.1% |
| Amgen, Inc. | 2.0% |
| Boston Scientific Corp. | 1.9% |
| Top 10 Total | 26.2% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
This is a summary of certain changes to the fund since March 31, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by August 1, 2025 at GuggenheimInvestments.com/services/prospectuses-and-reports or, by calling 800 820 0888.

Effective February 24, 2025, the fund executed a one-for-three reverse split of its issued and outstanding shares. There was no difference in the aggregate value of assets as a result of this reverse split, and the increase in the net asset value of the fund was not considered a taxable event. Please refer to a tax consultant for information regarding taxes.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYHEX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Health Care Fund

#### Class C \| RYHCX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Health Care Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $232 | 2.38% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned -4.91%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Health Care Index, which returned 0.40% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were health care distributors, pharmaceuticals, and health care services. Those that detracted the most were life sciences tools & services, health care supplies, and managed health care. The holdings that contributed the most to performance were Gilead Sciences, Inc., Boston Scientific Corp., and AbbVie, Inc. Those that detracted the most were Merck & Company, Inc., Moderna, Inc., and DexCom, Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-111_ar121.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | -4.91% | 8.58% | 4.99% |
| Class C (with CDSC)<sup>‡</sup> | -5.86% | 8.58% | 4.99% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Health Care Index | 0.40% | 12.37% | 9.15% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $20109741 |
| Total Number of Portfolio Holdings | 125 |
| Portfolio Turnover Rate | 236% |
| Total Advisory Fees Paid | $195680 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Health Care Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Health Care Fund \| Class C \| RYHCX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-111_ar122.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Eli Lilly & Co. | 4.1% |
| UnitedHealth Group, Inc. | 3.5% |
| Johnson & Johnson | 3.1% |
| AbbVie, Inc. | 2.9% |
| Abbott Laboratories | 2.3% |
| Merck & Company, Inc. | 2.2% |
| Intuitive Surgical, Inc. | 2.1% |
| Thermo Fisher Scientific, Inc. | 2.1% |
| Amgen, Inc. | 2.0% |
| Boston Scientific Corp. | 1.9% |
| Top 10 Total | 26.2% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
This is a summary of certain changes to the fund since March 31, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by August 1, 2025 at GuggenheimInvestments.com/services/prospectuses-and-reports or, by calling 800 820 0888.

Effective February 24, 2025, the fund executed a one-for-three reverse split of its issued and outstanding shares. There was no difference in the aggregate value of assets as a result of this reverse split, and the increase in the net asset value of the fund was not considered a taxable event. Please refer to a tax consultant for information regarding taxes.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYHCX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Health Care Fund

#### Class H \| RYHAX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Health Care Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $161 | 1.64% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned -4.20%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Health Care Index, which returned 0.40% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were health care distributors, pharmaceuticals, and health care services. Those that detracted the most were life sciences tools & services, health care supplies, and managed health care. The holdings that contributed the most to performance were Gilead Sciences, Inc., Boston Scientific Corp., and AbbVie, Inc. Those that detracted the most were Merck & Company, Inc., Moderna, Inc., and DexCom, Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-109_ar111.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H\*\* | -4.20% | 9.41% | 5.77% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Health Care Index | 0.40% | 12.37% | 9.15% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $20109741 |
| Total Number of Portfolio Holdings | 125 |
| Portfolio Turnover Rate | 236% |
| Total Advisory Fees Paid | $195680 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Health Care Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>\*\*</sup> | Effective September 30, 2015, the Fund's Advisor Class shares were converted into H-Class shares. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Health Care Fund \| Class H \| RYHAX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-109_ar112.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Eli Lilly & Co. | 4.1% |
| UnitedHealth Group, Inc. | 3.5% |
| Johnson & Johnson | 3.1% |
| AbbVie, Inc. | 2.9% |
| Abbott Laboratories | 2.3% |
| Merck & Company, Inc. | 2.2% |
| Intuitive Surgical, Inc. | 2.1% |
| Thermo Fisher Scientific, Inc. | 2.1% |
| Amgen, Inc. | 2.0% |
| Boston Scientific Corp. | 1.9% |
| Top 10 Total | 26.2% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
This is a summary of certain changes to the fund since March 31, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by August 1, 2025 at GuggenheimInvestments.com/services/prospectuses-and-reports or, by calling 800 820 0888.

Effective February 24, 2025, the fund executed a one-for-three reverse split of its issued and outstanding shares. There was no difference in the aggregate value of assets as a result of this reverse split, and the increase in the net asset value of the fund was not considered a taxable event. Please refer to a tax consultant for information regarding taxes.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYHAX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Internet Fund

#### Investor Class \| RYIIX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Internet Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Investor Class | $147 | 1.40% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Investor Class shares) returned 10.61%, outperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and outperforming the fund's secondary index, the S&P 500 Information Technology Index, which returned 5.89% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were communications equipment, interactive home entertainment, and movies & entertainment. Those that detracted the most were application software, home furnishing retail, and passenger ground transportation. The holdings that contributed the most to performance were Netflix, Inc., Meta Platforms, Inc. — Class A, and Sea Ltd. ADR. Those that detracted the most were Airbnb, Inc. — Class A, Adobe, Inc., and Mongo DB, Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-88_ar111.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Investor Class | 10.61% | 10.97% | 10.52% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Information Technology Index | 5.89% | 24.35% | 20.64% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $15101027 |
| Total Number of Portfolio Holdings | 84 |
| Portfolio Turnover Rate | 175% |
| Total Advisory Fees Paid | $125329 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Information Technology Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Internet Fund \| Investor Class \| RYIIX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-88_ar112.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Alphabet, Inc. — Class A | 6.1% |
| Amazon.com, Inc. | 6.1% |
| Meta Platforms, Inc. — Class A | 5.8% |
| Netflix, Inc. | 4.5% |
| Salesforce, Inc. | 3.5% |
| Cisco Systems, Inc. | 3.4% |
| Adobe, Inc. | 3.0% |
| Uber Technologies, Inc. | 2.7% |
| Motorola Solutions, Inc. | 1.9% |
| Arista Networks, Inc. | 1.9% |
| Top 10 Total | 38.9% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYIIX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Internet Fund

#### Class A \| RYINX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Internet Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $172 | 1.64% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned 10.35%, outperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and outperforming the fund's secondary index, the S&P 500 Information Technology Index, which returned 5.89% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were communications equipment, interactive home entertainment, and movies & entertainment. Those that detracted the most were application software, home furnishing retail, and passenger ground transportation. The holdings that contributed the most to performance were Netflix, Inc., Meta Platforms, Inc. — Class A, and Sea Ltd. ADR. Those that detracted the most were Airbnb, Inc. — Class A, Adobe, Inc., and Mongo DB, Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-90_ar111.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 10.35% | 10.69% | 10.24% |
| Class A (with sales charge)<sup>†</sup> | 5.11% | 9.62% | 9.70% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Information Technology Index | 5.89% | 24.35% | 20.64% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $15101027 |
| Total Number of Portfolio Holdings | 84 |
| Portfolio Turnover Rate | 175% |
| Total Advisory Fees Paid | $125329 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Information Technology Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Internet Fund \| Class A \| RYINX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-90_ar112.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Alphabet, Inc. — Class A | 6.1% |
| Amazon.com, Inc. | 6.1% |
| Meta Platforms, Inc. — Class A | 5.8% |
| Netflix, Inc. | 4.5% |
| Salesforce, Inc. | 3.5% |
| Cisco Systems, Inc. | 3.4% |
| Adobe, Inc. | 3.0% |
| Uber Technologies, Inc. | 2.7% |
| Motorola Solutions, Inc. | 1.9% |
| Arista Networks, Inc. | 1.9% |
| Top 10 Total | 38.9% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYINX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Internet Fund

#### Class C \| RYICX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Internet Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $250 | 2.39% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned 9.53%, outperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and outperforming the fund's secondary index, the S&P 500 Information Technology Index, which returned 5.89% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were communications equipment, interactive home entertainment, and movies & entertainment. Those that detracted the most were application software, home furnishing retail, and passenger ground transportation. The holdings that contributed the most to performance were Netflix, Inc., Meta Platforms, Inc. — Class A, and Sea Ltd. ADR. Those that detracted the most were Airbnb, Inc. — Class A, Adobe, Inc., and Mongo DB, Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-91_ar111.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 9.53% | 9.87% | 9.42% |
| Class C (with CDSC)<sup>‡</sup> | 8.53% | 9.87% | 9.42% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Information Technology Index | 5.89% | 24.35% | 20.64% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $15101027 |
| Total Number of Portfolio Holdings | 84 |
| Portfolio Turnover Rate | 175% |
| Total Advisory Fees Paid | $125329 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Information Technology Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Internet Fund \| Class C \| RYICX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-91_ar112.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Alphabet, Inc. — Class A | 6.1% |
| Amazon.com, Inc. | 6.1% |
| Meta Platforms, Inc. — Class A | 5.8% |
| Netflix, Inc. | 4.5% |
| Salesforce, Inc. | 3.5% |
| Cisco Systems, Inc. | 3.4% |
| Adobe, Inc. | 3.0% |
| Uber Technologies, Inc. | 2.7% |
| Motorola Solutions, Inc. | 1.9% |
| Arista Networks, Inc. | 1.9% |
| Top 10 Total | 38.9% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYICX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Internet Fund

#### Class H \| RYIAX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Internet Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $172 | 1.64% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned 10.35%, outperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and outperforming the fund's secondary index, the S&P 500 Information Technology Index, which returned 5.89% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were communications equipment, interactive home entertainment, and movies & entertainment. Those that detracted the most were application software, home furnishing retail, and passenger ground transportation. The holdings that contributed the most to performance were Netflix, Inc., Meta Platforms, Inc. — Class A, and Sea Ltd. ADR. Those that detracted the most were Airbnb, Inc. — Class A, Adobe, Inc., and Mongo DB, Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-89_ar111.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H\*\* | 10.35% | 10.69% | 10.23% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Information Technology Index | 5.89% | 24.35% | 20.64% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $15101027 |
| Total Number of Portfolio Holdings | 84 |
| Portfolio Turnover Rate | 175% |
| Total Advisory Fees Paid | $125329 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Information Technology Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>\*\*</sup> | Effective September 20, 2015, the Fund's Advisor Class shares were converted into Class H shares. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Internet Fund \| Class H \| RYIAX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-89_ar112.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Alphabet, Inc. — Class A | 6.1% |
| Amazon.com, Inc. | 6.1% |
| Meta Platforms, Inc. — Class A | 5.8% |
| Netflix, Inc. | 4.5% |
| Salesforce, Inc. | 3.5% |
| Cisco Systems, Inc. | 3.4% |
| Adobe, Inc. | 3.0% |
| Uber Technologies, Inc. | 2.7% |
| Motorola Solutions, Inc. | 1.9% |
| Arista Networks, Inc. | 1.9% |
| Top 10 Total | 38.9% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYIAX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Leisure Fund

#### Investor Class \| RYLIX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Leisure Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Investor Class | $146 | 1.40% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Investor Class shares) returned 9.15%, outperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and outperforming the fund's secondary index, the S&P 500 Consumer Discretionary Index, which returned 6.86% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were tobacco, movies & entertainment, and interactive home entertainment. Those that detracted the most were casinos & gambling, distillers & vintners, and leisure products. The holdings that contributed the most to performance were Phillip Morris International, Inc., Netflix, Inc, and Sea Limited Sponsored ADR – Class A. Those that detracted the most were Walt Disney Company, Airbnb, Inc. – Class A, and Constellation Brands, Inc. – Class A.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-69_ar101.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Investor Class | 9.15% | 12.82% | 6.33% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Consumer Discretionary Index | 6.86% | 15.63% | 11.42% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $8886474 |
| Total Number of Portfolio Holdings | 96 |
| Portfolio Turnover Rate | 263% |
| Total Advisory Fees Paid | $69609 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Consumer Discretionary Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Leisure Fund \| Investor Class \| RYLIX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-69_ar102.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Netflix, Inc. | 5.0% |
| Philip Morris International, Inc. | 4.0% |
| McDonald's Corp. | 3.7% |
| Walt Disney Co. | 3.4% |
| Comcast Corp. — Class A | 3.0% |
| Starbucks Corp. | 2.6% |
| Altria Group, Inc. | 2.5% |
| Chipotle Mexican Grill, Inc. — Class A | 2.1% |
| Airbnb, Inc. — Class A | 2.1% |
| DoorDash, Inc. — Class A | 2.1% |
| Top 10 Total | 30.5% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYLIX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Leisure Fund

#### Class A \| RYLSX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Leisure Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $171 | 1.64% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned 8.90%, outperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and outperforming the fund's secondary index, the S&P 500 Consumer Discretionary Index, which returned 6.86% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were tobacco, movies & entertainment, and interactive home entertainment. Those that detracted the most were casinos & gambling, distillers & vintners, and leisure products. The holdings that contributed the most to performance were Phillip Morris International, Inc., Netflix, Inc, and Sea Limited Sponsored ADR – Class A. Those that detracted the most were Walt Disney Company, Airbnb, Inc. – Class A, and Constellation Brands, Inc. – Class A.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-71_ar101.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 8.90% | 12.54% | 6.07% |
| Class A (with sales charge)<sup>†</sup> | 3.72% | 11.45% | 5.55% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Consumer Discretionary Index | 6.86% | 15.63% | 11.42% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $8886474 |
| Total Number of Portfolio Holdings | 96 |
| Portfolio Turnover Rate | 263% |
| Total Advisory Fees Paid | $69609 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Consumer Discretionary Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Leisure Fund \| Class A \| RYLSX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-71_ar102.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Netflix, Inc. | 5.0% |
| Philip Morris International, Inc. | 4.0% |
| McDonald's Corp. | 3.7% |
| Walt Disney Co. | 3.4% |
| Comcast Corp. — Class A | 3.0% |
| Starbucks Corp. | 2.6% |
| Altria Group, Inc. | 2.5% |
| Chipotle Mexican Grill, Inc. — Class A | 2.1% |
| Airbnb, Inc. — Class A | 2.1% |
| DoorDash, Inc. — Class A | 2.1% |
| Top 10 Total | 30.5% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYLSX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Leisure Fund

#### Class C \| RYLCX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Leisure Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $249 | 2.39% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned 8.08%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and outperforming the fund's secondary index, the S&P 500 Consumer Discretionary Index, which returned 6.86% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were tobacco, movies & entertainment, and interactive home entertainment. Those that detracted the most were casinos & gambling, distillers & vintners, and leisure products. The holdings that contributed the most to performance were Phillip Morris International, Inc., Netflix, Inc, and Sea Limited Sponsored ADR – Class A. Those that detracted the most were Walt Disney Company, Airbnb, Inc. – Class A, and Constellation Brands, Inc. – Class A.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-72_ar101.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 8.08% | 11.70% | 5.27% |
| Class C (with CDSC)<sup>‡</sup> | 7.08% | 11.70% | 5.27% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Consumer Discretionary Index | 6.86% | 15.63% | 11.42% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $8886474 |
| Total Number of Portfolio Holdings | 96 |
| Portfolio Turnover Rate | 263% |
| Total Advisory Fees Paid | $69609 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Consumer Discretionary Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Leisure Fund \| Class C \| RYLCX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-72_ar102.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Netflix, Inc. | 5.0% |
| Philip Morris International, Inc. | 4.0% |
| McDonald's Corp. | 3.7% |
| Walt Disney Co. | 3.4% |
| Comcast Corp. — Class A | 3.0% |
| Starbucks Corp. | 2.6% |
| Altria Group, Inc. | 2.5% |
| Chipotle Mexican Grill, Inc. — Class A | 2.1% |
| Airbnb, Inc. — Class A | 2.1% |
| DoorDash, Inc. — Class A | 2.1% |
| Top 10 Total | 30.5% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYLCX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Leisure Fund

#### Class H \| RYLAX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Leisure Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $170 | 1.63% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned 8.89%, outperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and outperforming the fund's secondary index, the S&P 500 Consumer Discretionary Index, which returned 6.86% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were tobacco, movies & entertainment, and interactive home entertainment. Those that detracted the most were casinos & gambling, distillers & vintners, and leisure products. The holdings that contributed the most to performance were Phillip Morris International, Inc., Netflix, Inc, and Sea Limited Sponsored ADR – Class A. Those that detracted the most were Walt Disney Company, Airbnb, Inc. – Class A, and Constellation Brands, Inc. – Class A.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-70_ar101.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H\*\* | 8.89% | 12.54% | 6.06% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Consumer Discretionary Index | 6.86% | 15.63% | 11.42% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $8886474 |
| Total Number of Portfolio Holdings | 96 |
| Portfolio Turnover Rate | 263% |
| Total Advisory Fees Paid | $69609 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Consumer Discretionary Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>\*\*</sup> | Effective September 30, 2015, the Fund's Advisor Class shares were converted into H-Class shares. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Leisure Fund \| Class H \| RYLAX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-70_ar102.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Netflix, Inc. | 5.0% |
| Philip Morris International, Inc. | 4.0% |
| McDonald's Corp. | 3.7% |
| Walt Disney Co. | 3.4% |
| Comcast Corp. — Class A | 3.0% |
| Starbucks Corp. | 2.6% |
| Altria Group, Inc. | 2.5% |
| Chipotle Mexican Grill, Inc. — Class A | 2.1% |
| Airbnb, Inc. — Class A | 2.1% |
| DoorDash, Inc. — Class A | 2.1% |
| Top 10 Total | 30.5% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYLAX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Precious Metals Fund

#### Investor Class \| RYPMX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Precious Metals Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Investor Class | $154 | 1.29% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Investor Class shares) returned 39.21%, outperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and outperforming the fund's secondary index, the S&P 500 Materials Index, which returned -5.67% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were gold, silver, and precious metals & minerals. The industry that detracted the most was copper. The holdings that contributed the most to performance were Agnicio Eagle Mines Ltd., Newmont Corp., and Kinross Gold Corp. Those that detracted the most were Freeport-McMoRan, Inc., Seabridge Gold, Inc., and Sibanye Stillwater Ltd. ADR.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-116_ar91.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Investor Class | 39.21% | 17.05% | 10.28% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P 500 Materials Index | -5.67% | 16.12% | 8.07% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $90206360 |
| Total Number of Portfolio Holdings | 37 |
| Portfolio Turnover Rate | 452% |
| Total Advisory Fees Paid | $563136 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Materials Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Precious Metals Fund \| Investor Class \| RYPMX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-116_ar92.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Agnico Eagle Mines Ltd. | 8.4% |
| Newmont Corp. | 8.2% |
| Freeport-McMoRan, Inc. | 7.9% |
| Wheaton Precious Metals Corp. | 6.7% |
| Barrick Gold Corp. | 6.4% |
| Anglogold Ashanti plc | 4.6% |
| Kinross Gold Corp. | 4.4% |
| Gold Fields Ltd. ADR | 4.3% |
| Franco-Nevada Corp. | 4.2% |
| Alamos Gold, Inc. — Class A | 3.8% |
| Top 10 Total | 58.9% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
This is a summary of certain changes to the fund since March 31, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by August 1, 2025 at GuggenheimInvestments.com/services/prospectuses-and-reports or, by calling 800 820 0888.

Effective February 24, 2025, the fund executed a one-for-three reverse split of its issued and outstanding shares. There was no difference in the aggregate value of assets as a result of this reverse split, and the increase in the net asset value of the fund was not considered a taxable event. Please refer to a tax consultant for information regarding taxes.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYPMX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Precious Metals Fund

#### Class A \| RYMNX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Precious Metals Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $184 | 1.54% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned 38.85%, outperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and outperforming the fund's secondary index, the S&P 500 Materials Index, which returned -5.67% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were gold, silver, and precious metals & minerals. The industry that detracted the most was copper. The holdings that contributed the most to performance were Agnicio Eagle Mines Ltd., Newmont Corp., and Kinross Gold Corp. Those that detracted the most were Freeport-McMoRan, Inc., Seabridge Gold, Inc., and Sibanye Stillwater Ltd. ADR.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-118_ar91.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 38.85% | 16.77% | 10.00% |
| Class A (with sales charge)<sup>†</sup> | 32.25% | 15.64% | 9.47% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Materials Index | -5.67% | 16.12% | 8.07% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $90206360 |
| Total Number of Portfolio Holdings | 37 |
| Portfolio Turnover Rate | 452% |
| Total Advisory Fees Paid | $563136 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Materials Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Precious Metals Fund \| Class A \| RYMNX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-118_ar92.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Agnico Eagle Mines Ltd. | 8.4% |
| Newmont Corp. | 8.2% |
| Freeport-McMoRan, Inc. | 7.9% |
| Wheaton Precious Metals Corp. | 6.7% |
| Barrick Gold Corp. | 6.4% |
| Anglogold Ashanti plc | 4.6% |
| Kinross Gold Corp. | 4.4% |
| Gold Fields Ltd. ADR | 4.3% |
| Franco-Nevada Corp. | 4.2% |
| Alamos Gold, Inc. — Class A | 3.8% |
| Top 10 Total | 58.9% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
This is a summary of certain changes to the fund since March 31, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by August 1, 2025 at GuggenheimInvestments.com/services/prospectuses-and-reports or, by calling 800 820 0888.

Effective February 24, 2025, the fund executed a one-for-three reverse split of its issued and outstanding shares. There was no difference in the aggregate value of assets as a result of this reverse split, and the increase in the net asset value of the fund was not considered a taxable event. Please refer to a tax consultant for information regarding taxes.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYMNX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Precious Metals Fund

#### Class C \| RYZCX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Precious Metals Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $271 | 2.28% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned 37.82%, outperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and outperforming the fund's secondary index, the S&P 500 Materials Index, which returned -5.67% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were gold, silver, and precious metals & minerals. The industry that detracted the most was copper. The holdings that contributed the most to performance were Agnicio Eagle Mines Ltd., Newmont Corp., and Kinross Gold Corp. Those that detracted the most were Freeport-McMoRan, Inc., Seabridge Gold, Inc., and Sibanye Stillwater Ltd. ADR.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-119_ar91.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 37.82% | 15.90% | 9.19% |
| Class C (with CDSC)<sup>‡</sup> | 36.82% | 15.90% | 9.19% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Materials Index | -5.67% | 16.12% | 8.07% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $90206360 |
| Total Number of Portfolio Holdings | 37 |
| Portfolio Turnover Rate | 452% |
| Total Advisory Fees Paid | $563136 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Materials Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Precious Metals Fund \| Class C \| RYZCX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-119_ar92.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Agnico Eagle Mines Ltd. | 8.4% |
| Newmont Corp. | 8.2% |
| Freeport-McMoRan, Inc. | 7.9% |
| Wheaton Precious Metals Corp. | 6.7% |
| Barrick Gold Corp. | 6.4% |
| Anglogold Ashanti plc | 4.6% |
| Kinross Gold Corp. | 4.4% |
| Gold Fields Ltd. ADR | 4.3% |
| Franco-Nevada Corp. | 4.2% |
| Alamos Gold, Inc. — Class A | 3.8% |
| Top 10 Total | 58.9% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
This is a summary of certain changes to the fund since March 31, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by August 1, 2025 at GuggenheimInvestments.com/services/prospectuses-and-reports or, by calling 800 820 0888.

Effective February 24, 2025, the fund executed a one-for-three reverse split of its issued and outstanding shares. There was no difference in the aggregate value of assets as a result of this reverse split, and the increase in the net asset value of the fund was not considered a taxable event. Please refer to a tax consultant for information regarding taxes.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYZCX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Precious Metals Fund

#### Class H \| RYMPX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Precious Metals Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $184 | 1.54% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned 38.88%, outperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and outperforming the fund's secondary index, the S&P 500 Materials Index, which returned -5.67% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were gold, silver, and precious metals & minerals. The industry that detracted the most was copper. The holdings that contributed the most to performance were Agnicio Eagle Mines Ltd., Newmont Corp., and Kinross Gold Corp. Those that detracted the most were Freeport-McMoRan, Inc., Seabridge Gold, Inc., and Sibanye Stillwater Ltd. ADR.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-117_ar101.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H\*\* | 38.88% | 16.77% | 9.97% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Materials Index | -5.67% | 16.12% | 8.07% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $90206360 |
| Total Number of Portfolio Holdings | 37 |
| Portfolio Turnover Rate | 452% |
| Total Advisory Fees Paid | $563136 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Materials Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>\*\*</sup> | Effective September 30, 2015, the Fund's Advisor Class shares were converted into Class H shares. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Precious Metals Fund \| Class H \| RYMPX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-117_ar102.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Agnico Eagle Mines Ltd. | 8.4% |
| Newmont Corp. | 8.2% |
| Freeport-McMoRan, Inc. | 7.9% |
| Wheaton Precious Metals Corp. | 6.7% |
| Barrick Gold Corp. | 6.4% |
| Anglogold Ashanti plc | 4.6% |
| Kinross Gold Corp. | 4.4% |
| Gold Fields Ltd. ADR | 4.3% |
| Franco-Nevada Corp. | 4.2% |
| Alamos Gold, Inc. — Class A | 3.8% |
| Top 10 Total | 58.9% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
This is a summary of certain changes to the fund since March 31, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by August 1, 2025 at GuggenheimInvestments.com/services/prospectuses-and-reports or, by calling 800 820 0888.

Effective February 24, 2025, the fund executed a one-for-three reverse split of its issued and outstanding shares. There was no difference in the aggregate value of assets as a result of this reverse split, and the increase in the net asset value of the fund was not considered a taxable event. Please refer to a tax consultant for information regarding taxes.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYMPX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Real Estate Fund

#### Class A \| RYREX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Real Estate Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $172 | 1.65% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned 8.18%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the MSCI U.S. REIT Index, which returned 10.26% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were health care REITs, multi-family residential REITs, and retail REITs. Those that detracted the most were hotel & resort REITs, industrial REITs, and timber REITs. The holdings that contributed the most to performance were Welltower, Inc., Ventas, Inc., and CBRE Group, Inc. – Class A. Those that detracted the most were CoStar Group, Inc., Prologis, Inc., and Host Hotels & Resorts, Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-156_ar111.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 8.18% | 9.08% | 3.21% |
| Class A (with sales charge)<sup>†</sup> | 3.03% | 8.02% | 2.71% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| MSCI U.S. REIT Index | 10.26% | 11.32% | 5.28% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $2049618 |
| Total Number of Portfolio Holdings | 95 |
| Portfolio Turnover Rate | 344% |
| Total Advisory Fees Paid | $37497 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the MSCI U.S. REIT Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Real Estate Fund \| Class A \| RYREX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-156_ar112.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| American Tower Corp. — Class A | 3.3% |
| Prologis, Inc. | 3.3% |
| Welltower, Inc. | 3.3% |
| Equinix, Inc. | 2.9% |
| Simon Property Group, Inc. | 2.4% |
| Realty Income Corp. | 2.4% |
| Crown Castle, Inc. | 2.3% |
| Public Storage | 2.2% |
| Digital Realty Trust, Inc. | 2.2% |
| CBRE Group, Inc. — Class A | 2.1% |
| Top 10 Total | 26.4% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYREX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Real Estate Fund

#### Class C \| RYCRX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Real Estate Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $247 | 2.38% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned 7.38%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the MSCI U.S. REIT Index, which returned 10.26% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were health care REITs, multi-family residential REITs, and retail REITs. Those that detracted the most were hotel & resort REITs, industrial REITs, and timber REITs. The holdings that contributed the most to performance were Welltower, Inc., Ventas, Inc., and CBRE Group, Inc. – Class A. Those that detracted the most were CoStar Group, Inc., Prologis, Inc., and Host Hotels & Resorts, Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-157_ar111.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 7.38% | 8.43% | 2.51% |
| Class C (with CDSC)<sup>‡</sup> | 6.38% | 8.43% | 2.51% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| MSCI U.S. REIT Index | 10.26% | 11.32% | 5.28% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $2049618 |
| Total Number of Portfolio Holdings | 95 |
| Portfolio Turnover Rate | 344% |
| Total Advisory Fees Paid | $37497 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the MSCI U.S. REIT Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Real Estate Fund \| Class C \| RYCRX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-157_ar112.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| American Tower Corp. — Class A | 3.3% |
| Prologis, Inc. | 3.3% |
| Welltower, Inc. | 3.3% |
| Equinix, Inc. | 2.9% |
| Simon Property Group, Inc. | 2.4% |
| Realty Income Corp. | 2.4% |
| Crown Castle, Inc. | 2.3% |
| Public Storage | 2.2% |
| Digital Realty Trust, Inc. | 2.2% |
| CBRE Group, Inc. — Class A | 2.1% |
| Top 10 Total | 26.4% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYCRX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Real Estate Fund

#### Class H \| RYHRX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Real Estate Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $171 | 1.64% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned 8.20%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the MSCI U.S. REIT Index, which returned 10.26% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were health care REITs, multi-family residential REITs, and retail REITs. Those that detracted the most were hotel & resort REITs, industrial REITs, and timber REITs. The holdings that contributed the most to performance were Welltower, Inc., Ventas, Inc., and CBRE Group, Inc. – Class A. Those that detracted the most were CoStar Group, Inc., Prologis, Inc., and Host Hotels & Resorts, Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-155_ar111.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H | 8.20% | 9.09% | 3.22% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| MSCI U.S. REIT Index | 10.26% | 11.32% | 5.28% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $2049618 |
| Total Number of Portfolio Holdings | 95 |
| Portfolio Turnover Rate | 344% |
| Total Advisory Fees Paid | $37497 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the MSCI U.S. REIT Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Real Estate Fund \| Class H \| RYHRX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-155_ar112.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| American Tower Corp. — Class A | 3.3% |
| Prologis, Inc. | 3.3% |
| Welltower, Inc. | 3.3% |
| Equinix, Inc. | 2.9% |
| Simon Property Group, Inc. | 2.4% |
| Realty Income Corp. | 2.4% |
| Crown Castle, Inc. | 2.3% |
| Public Storage | 2.2% |
| Digital Realty Trust, Inc. | 2.2% |
| CBRE Group, Inc. — Class A | 2.1% |
| Top 10 Total | 26.4% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYHRX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Retailing Fund

#### Investor Class \| RYRIX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Retailing Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Investor Class | $139 | 1.38% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Investor Class shares) returned 0.76%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Consumer Discretionary Index, which returned 6.86% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were broadline retail, automotive retail, and computer & electronics retail. Those that detracted the most were other specialty retail, home furnishing retail, and distributors. The holdings that contributed the most to performance were Walmart, Inc., Alibaba Group Holding Limited Sponsored ADR, and Carvana Co. Those that detracted the most were Target Corp., Dollar General Corporation, and Dollar Tree, Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-74_ar91.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Investor Class | 0.76% | 14.52% | 7.22% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Consumer Discretionary Index | 6.86% | 15.63% | 11.42% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $5936200 |
| Total Number of Portfolio Holdings | 63 |
| Portfolio Turnover Rate | 296% |
| Total Advisory Fees Paid | $74556 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Consumer Discretionary Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Retailing Fund \| Investor Class \| RYRIX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-74_ar92.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Amazon.com, Inc. | 8.7% |
| Walmart, Inc. | 4.8% |
| Costco Wholesale Corp. | 4.7% |
| TJX Companies, Inc. | 4.5% |
| Home Depot, Inc. | 4.4% |
| Lowe's Companies, Inc. | 4.4% |
| O'Reilly Automotive, Inc. | 3.5% |
| Carvana Co. | 2.7% |
| PDD Holdings, Inc. ADR | 2.6% |
| Target Corp. | 2.5% |
| Top 10 Total | 42.8% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYRIX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Retailing Fund

#### Class A \| RYRTX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Retailing Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $164 | 1.64% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned 0.50%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Consumer Discretionary Index, which returned 6.86% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were broadline retail, automotive retail, and computer & electronics retail. Those that detracted the most were other specialty retail, home furnishing retail, and distributors. The holdings that contributed the most to performance were Walmart, Inc., Alibaba Group Holding Limited Sponsored ADR, and Carvana Co. Those that detracted the most were Target Corp., Dollar General Corporation, and Dollar Tree, Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-76_ar81.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 0.50% | 14.23% | 6.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A (with sales charge)<sup>†</sup> | -4.27% | 13.12% | 6.44% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Consumer Discretionary Index | 6.86% | 15.63% | 11.42% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $5936200 |
| Total Number of Portfolio Holdings | 63 |
| Portfolio Turnover Rate | 296% |
| Total Advisory Fees Paid | $74556 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Consumer Discretionary Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Retailing Fund \| Class A \| RYRTX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-76_ar82.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Amazon.com, Inc. | 8.7% |
| Walmart, Inc. | 4.8% |
| Costco Wholesale Corp. | 4.7% |
| TJX Companies, Inc. | 4.5% |
| Home Depot, Inc. | 4.4% |
| Lowe's Companies, Inc. | 4.4% |
| O'Reilly Automotive, Inc. | 3.5% |
| Carvana Co. | 2.7% |
| PDD Holdings, Inc. ADR | 2.6% |
| Target Corp. | 2.5% |
| Top 10 Total | 42.8% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYRTX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Retailing Fund

#### Class C \| RYRCX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Retailing Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $239 | 2.39% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned -0.20%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Consumer Discretionary Index, which returned 6.86% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were broadline retail, automotive retail, and computer & electronics retail. Those that detracted the most were other specialty retail, home furnishing retail, and distributors. The holdings that contributed the most to performance were Walmart, Inc., Alibaba Group Holding Limited Sponsored ADR, and Carvana Co. Those that detracted the most were Target Corp., Dollar General Corporation, and Dollar Tree, Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-77_ar81.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | -0.20% | 13.36% | 6.15% |
| Class C (with CDSC)<sup>‡</sup> | -1.25% | 13.36% | 6.15% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Consumer Discretionary Index | 6.86% | 15.63% | 11.42% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $5936200 |
| Total Number of Portfolio Holdings | 63 |
| Portfolio Turnover Rate | 296% |
| Total Advisory Fees Paid | $74556 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Consumer Discretionary Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Retailing Fund \| Class C \| RYRCX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-77_ar82.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Amazon.com, Inc. | 8.7% |
| Walmart, Inc. | 4.8% |
| Costco Wholesale Corp. | 4.7% |
| TJX Companies, Inc. | 4.5% |
| Home Depot, Inc. | 4.4% |
| Lowe's Companies, Inc. | 4.4% |
| O'Reilly Automotive, Inc. | 3.5% |
| Carvana Co. | 2.7% |
| PDD Holdings, Inc. ADR | 2.6% |
| Target Corp. | 2.5% |
| Top 10 Total | 42.8% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYRCX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Retailing Fund

#### Class H \| RYRAX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Retailing Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $164 | 1.64% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned 0.49%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Consumer Discretionary Index, which returned 6.86% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were broadline retail, automotive retail, and computer & electronics retail. Those that detracted the most were other specialty retail, home furnishing retail, and distributors. The holdings that contributed the most to performance were Walmart, Inc., Alibaba Group Holding Limited Sponsored ADR, and Carvana Co. Those that detracted the most were Target Corp., Dollar General Corporation, and Dollar Tree, Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-75_ar81.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H\*\* | 0.49% | 14.22% | 6.95% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Consumer Discretionary Index | 6.86% | 15.63% | 11.42% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $5936200 |
| Total Number of Portfolio Holdings | 63 |
| Portfolio Turnover Rate | 296% |
| Total Advisory Fees Paid | $74556 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Consumer Discretionary Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>\*\*</sup> | Effective September 30, 2015, the Fund's Advisor Class shares were converted into Class H shares. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Retailing Fund \| Class H \| RYRAX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-75_ar82.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Amazon.com, Inc. | 8.7% |
| Walmart, Inc. | 4.8% |
| Costco Wholesale Corp. | 4.7% |
| TJX Companies, Inc. | 4.5% |
| Home Depot, Inc. | 4.4% |
| Lowe's Companies, Inc. | 4.4% |
| O'Reilly Automotive, Inc. | 3.5% |
| Carvana Co. | 2.7% |
| PDD Holdings, Inc. ADR | 2.6% |
| Target Corp. | 2.5% |
| Top 10 Total | 42.8% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYRAX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Technology Fund

#### Investor Class \| RYTIX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Technology Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Investor Class | $138 | 1.38% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Investor Class shares) returned 0.32%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Information Technology Index, which returned 5.89% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were application software, interactive home entertainment, and communications equipment. Those that detracted the most were semiconductor materials & equipment, semiconductors, and technology distributors. The holdings that contributed the most to performance were Palantir Technologies, Inc. — Class A, Apple, Inc., and NVIDIA Corp. Those that detracted the most were Intel Corp., Advanced Micro Devices, Inc., and SolarEdge Technologies, Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-54_ar121.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Investor Class | 0.32% | 17.69% | 14.74% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Information Technology Index | 5.89% | 24.35% | 20.64% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $39471673 |
| Total Number of Portfolio Holdings | 136 |
| Portfolio Turnover Rate | 138% |
| Total Advisory Fees Paid | $459537 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Information Technology Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Technology Fund \| Investor Class \| RYTIX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-54_ar122.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Apple, Inc. | 5.9% |
| Microsoft Corp. | 5.3% |
| NVIDIA Corp. | 4.9% |
| Alphabet, Inc. — Class A | 4.3% |
| Meta Platforms, Inc. — Class A | 3.9% |
| Broadcom, Inc. | 2.6% |
| Salesforce, Inc. | 1.6% |
| Palantir Technologies, Inc. — Class A | 1.6% |
| International Business Machines Corp. | 1.5% |
| Cisco Systems, Inc. | 1.5% |
| Top 10 Total | 33.1% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYTIX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Technology Fund

#### Class A \| RYTHX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Technology Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $164 | 1.64% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned 0.07%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Information Technology Index, which returned 5.89% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were application software, interactive home entertainment, and communications equipment. Those that detracted the most were semiconductor materials & equipment, semiconductors, and technology distributors. The holdings that contributed the most to performance were Palantir Technologies, Inc. — Class A, Apple, Inc., and NVIDIA Corp. Those that detracted the most were Intel Corp., Advanced Micro Devices, Inc., and SolarEdge Technologies, Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-56_ar121.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 0.07% | 17.40% | 14.46% |
| Class A (with sales charge)<sup>†</sup> | -4.68% | 16.26% | 13.90% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Information Technology Index | 5.89% | 24.35% | 20.64% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $39471673 |
| Total Number of Portfolio Holdings | 136 |
| Portfolio Turnover Rate | 138% |
| Total Advisory Fees Paid | $459537 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Information Technology Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Technology Fund \| Class A \| RYTHX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-56_ar122.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Apple, Inc. | 5.9% |
| Microsoft Corp. | 5.3% |
| NVIDIA Corp. | 4.9% |
| Alphabet, Inc. — Class A | 4.3% |
| Meta Platforms, Inc. — Class A | 3.9% |
| Broadcom, Inc. | 2.6% |
| Salesforce, Inc. | 1.6% |
| Palantir Technologies, Inc. — Class A | 1.6% |
| International Business Machines Corp. | 1.5% |
| Cisco Systems, Inc. | 1.5% |
| Top 10 Total | 33.1% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYTHX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Technology Fund

#### Class C \| RYCHX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Technology Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $238 | 2.39% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned -0.68%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Information Technology Index, which returned 5.89% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were application software, interactive home entertainment, and communications equipment. Those that detracted the most were semiconductor materials & equipment, semiconductors, and technology distributors. The holdings that contributed the most to performance were Palantir Technologies, Inc. — Class A, Apple, Inc., and NVIDIA Corp. Those that detracted the most were Intel Corp., Advanced Micro Devices, Inc., and SolarEdge Technologies, Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-57_ar121.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | -0.68% | 16.52% | 13.60% |
| Class C (with CDSC)<sup>‡</sup> | -1.68% | 16.52% | 13.60% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Information Technology Index | 5.89% | 24.35% | 20.64% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $39471673 |
| Total Number of Portfolio Holdings | 136 |
| Portfolio Turnover Rate | 138% |
| Total Advisory Fees Paid | $459537 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Information Technology Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Technology Fund \| Class C \| RYCHX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-57_ar122.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Apple, Inc. | 5.9% |
| Microsoft Corp. | 5.3% |
| NVIDIA Corp. | 4.9% |
| Alphabet, Inc. — Class A | 4.3% |
| Meta Platforms, Inc. — Class A | 3.9% |
| Broadcom, Inc. | 2.6% |
| Salesforce, Inc. | 1.6% |
| Palantir Technologies, Inc. — Class A | 1.6% |
| International Business Machines Corp. | 1.5% |
| Cisco Systems, Inc. | 1.5% |
| Top 10 Total | 33.1% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYCHX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Technology Fund

#### Class H \| RYTAX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Technology Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $164 | 1.64% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned 0.06%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Information Technology Index, which returned 5.89% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were application software, interactive home entertainment, and communications equipment. Those that detracted the most were semiconductor materials & equipment, semiconductors, and technology distributors. The holdings that contributed the most to performance were Palantir Technologies, Inc. — Class A, Apple, Inc., and NVIDIA Corp. Those that detracted the most were Intel Corp., Advanced Micro Devices, Inc., and SolarEdge Technologies, Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-55_ar121.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H\*\* | 0.06% | 17.39% | 14.44% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Information Technology Index | 5.89% | 24.35% | 20.64% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $39471673 |
| Total Number of Portfolio Holdings | 136 |
| Portfolio Turnover Rate | 138% |
| Total Advisory Fees Paid | $459537 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Information Technology Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>\*\*</sup> | Effective September 30, 2015, the Fund's Advisor Class shares were converted into Class H shares. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Technology Fund \| Class H \| RYTAX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-55_ar122.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Apple, Inc. | 5.9% |
| Microsoft Corp. | 5.3% |
| NVIDIA Corp. | 4.9% |
| Alphabet, Inc. — Class A | 4.3% |
| Meta Platforms, Inc. — Class A | 3.9% |
| Broadcom, Inc. | 2.6% |
| Salesforce, Inc. | 1.6% |
| Palantir Technologies, Inc. — Class A | 1.6% |
| International Business Machines Corp. | 1.5% |
| Cisco Systems, Inc. | 1.5% |
| Top 10 Total | 33.1% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYTAX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Telecommunications Fund

#### Investor Class \| RYMIX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Telecommunications Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Investor Class | $154 | 1.40% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Investor Class shares) returned 19.39%, outperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Telecommunication Services Index, which returned 44.21% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were communications equipment, integrated telecommunication services, and wireless telecommunication services. There were no industries that detracted from performance. The holdings that contributed the most to performance were AT&T, Inc., T-Mobile US, Inc., and Cisco Systems, Inc. Those that detracted the most were Comcast Corp. – Class A, NICE Ltd., Sponsored ADR, and Rogers Communications, Inc. – Class B.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-121_ar101.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Investor Class | 19.39% | 5.01% | 3.30% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Telecommunication Services Index | 44.21% | 9.30% | 6.58% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $26903501 |
| Total Number of Portfolio Holdings | 45 |
| Portfolio Turnover Rate | 159% |
| Total Advisory Fees Paid | $134412 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Telecommunication Services Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Telecommunications Fund \| Investor Class \| RYMIX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-121_ar102.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| AT&T, Inc. | 9.2% |
| Cisco Systems, Inc. | 8.7% |
| Verizon Communications, Inc. | 7.9% |
| T-Mobile US, Inc. | 7.0% |
| Comcast Corp. — Class A | 6.9% |
| Motorola Solutions, Inc. | 4.4% |
| Arista Networks, Inc. | 4.2% |
| Charter Communications, Inc. — Class A | 4.2% |
| Liberty Broadband Corp. — Class C | 2.4% |
| Juniper Networks, Inc. | 2.4% |
| Top 10 Total | 57.3% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYMIX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Telecommunications Fund

#### Class A \| RYTLX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Telecommunications Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $181 | 1.65% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned 19.12%, outperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Telecommunication Services Index, which returned 44.21% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were communications equipment, integrated telecommunication services, and wireless telecommunication services. There were no industries that detracted from performance. The holdings that contributed the most to performance were AT&T, Inc., T-Mobile US, Inc., and Cisco Systems, Inc. Those that detracted the most were Comcast Corp. – Class A, NICE Ltd., Sponsored ADR, and Rogers Communications, Inc. – Class B.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-123_ar101.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 19.12% | 4.75% | 3.03% |
| Class A (with sales charge)<sup>†</sup> | 13.45% | 3.74% | 2.53% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Telecommunication Services Index | 44.21% | 9.30% | 6.58% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $26903501 |
| Total Number of Portfolio Holdings | 45 |
| Portfolio Turnover Rate | 159% |
| Total Advisory Fees Paid | $134412 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Telecommunication Services Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Telecommunications Fund \| Class A \| RYTLX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-123_ar102.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| AT&T, Inc. | 9.2% |
| Cisco Systems, Inc. | 8.7% |
| Verizon Communications, Inc. | 7.9% |
| T-Mobile US, Inc. | 7.0% |
| Comcast Corp. — Class A | 6.9% |
| Motorola Solutions, Inc. | 4.4% |
| Arista Networks, Inc. | 4.2% |
| Charter Communications, Inc. — Class A | 4.2% |
| Liberty Broadband Corp. — Class C | 2.4% |
| Juniper Networks, Inc. | 2.4% |
| Top 10 Total | 57.3% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYTLX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Telecommunications Fund

#### Class C \| RYCSX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Telecommunications Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $260 | 2.38% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned 18.20%, outperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Telecommunication Services Index, which returned 44.21% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were communications equipment, integrated telecommunication services, and wireless telecommunication services. There were no industries that detracted from performance. The holdings that contributed the most to performance were AT&T, Inc., T-Mobile US, Inc., and Cisco Systems, Inc. Those that detracted the most were Comcast Corp. – Class A, NICE Ltd., Sponsored ADR, and Rogers Communications, Inc. – Class B.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-124_ar101.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 18.20% | 3.96% | 2.26% |
| Class C (with CDSC)<sup>‡</sup> | 17.20% | 3.96% | 2.26% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Telecommunication Services Index | 44.21% | 9.30% | 6.58% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $26903501 |
| Total Number of Portfolio Holdings | 45 |
| Portfolio Turnover Rate | 159% |
| Total Advisory Fees Paid | $134412 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Telecommunication Services Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Telecommunications Fund \| Class C \| RYCSX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-124_ar102.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| AT&T, Inc. | 9.2% |
| Cisco Systems, Inc. | 8.7% |
| Verizon Communications, Inc. | 7.9% |
| T-Mobile US, Inc. | 7.0% |
| Comcast Corp. — Class A | 6.9% |
| Motorola Solutions, Inc. | 4.4% |
| Arista Networks, Inc. | 4.2% |
| Charter Communications, Inc. — Class A | 4.2% |
| Liberty Broadband Corp. — Class C | 2.4% |
| Juniper Networks, Inc. | 2.4% |
| Top 10 Total | 57.3% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYCSX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Telecommunications Fund

#### Class H \| RYMAX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Telecommunications Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $180 | 1.64% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned 19.12%, outperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Telecommunication Services Index, which returned 44.21% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were communications equipment, integrated telecommunication services, and wireless telecommunication services. There were no industries that detracted from performance. The holdings that contributed the most to performance were AT&T, Inc., T-Mobile US, Inc., and Cisco Systems, Inc. Those that detracted the most were Comcast Corp. – Class A, NICE Ltd., Sponsored ADR, and Rogers Communications, Inc. – Class B.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-122_ar111.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H<sup>\*\*</sup> | 19.12% | 4.75% | 3.05% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Telecommunication Services Index | 44.21% | 9.30% | 6.58% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $26903501 |
| Total Number of Portfolio Holdings | 45 |
| Portfolio Turnover Rate | 159% |
| Total Advisory Fees Paid | $134412 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Telecommunication Services Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>\*\*</sup> | Effective September 30, 2015, the Fund's Advisor Class shares were converted into Class H shares. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Telecommunications Fund \| Class H \| RYMAX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-122_ar112.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| AT&T, Inc. | 9.2% |
| Cisco Systems, Inc. | 8.7% |
| Verizon Communications, Inc. | 7.9% |
| T-Mobile US, Inc. | 7.0% |
| Comcast Corp. — Class A | 6.9% |
| Motorola Solutions, Inc. | 4.4% |
| Arista Networks, Inc. | 4.2% |
| Charter Communications, Inc. — Class A | 4.2% |
| Liberty Broadband Corp. — Class C | 2.4% |
| Juniper Networks, Inc. | 2.4% |
| Top 10 Total | 57.3% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYMAX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Transportation Fund

#### Investor Class \| RYPIX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Transportation Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Investor Class | $132 | 1.39% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Investor Class shares) returned -10.36%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Industrials Index, which returned 5.65% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industry that contributed the most to performance was automobile manufacturers. Those that detracted the most were automotive parts & equipment, cargo ground transportation, and rail transportation. The holdings that contributed the most to performance were Tesla, Inc., United Airlines Holdings, Inc., and Grab Holdings Limited - Class A. Those that detracted the most were Stellantis N.V., United Parcel Service, Inc. - Class B, and TFI International, Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-126_ar91.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | -10.36% | 12.38% | 4.26% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Industrials Index | 5.65% | 19.27% | 10.82% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $6347681 |
| Total Number of Portfolio Holdings | 75 |
| Portfolio Turnover Rate | 100% |
| Total Advisory Fees Paid | $74800 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Industrials Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Transportation Fund \| Investor Class \| RYPIX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-126_ar92.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Tesla, Inc. | 11.1% |
| Uber Technologies, Inc. | 4.8% |
| Union Pacific Corp. | 4.6% |
| United Parcel Service, Inc. — Class B | 3.6% |
| CSX Corp. | 2.9% |
| Norfolk Southern Corp. | 2.9% |
| FedEx Corp. | 2.8% |
| General Motors Co. | 2.6% |
| Ford Motor Co. | 2.4% |
| Old Dominion Freight Line, Inc. | 2.2% |
| Top 10 Total | 39.9% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYPIX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Transportation Fund

#### Class A \| RYTSX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Transportation Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $154 | 1.63% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned -10.59%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Industrials Index, which returned 5.65% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industry that contributed the most to performance was automobile manufacturers. Those that detracted the most were automotive parts & equipment, cargo ground transportation, and rail transportation. The holdings that contributed the most to performance were Tesla, Inc., United Airlines Holdings, Inc., and Grab Holdings Limited - Class A. Those that detracted the most were Stellantis N.V., United Parcel Service, Inc. - Class B, and TFI International, Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-128_ar91.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | -10.59% | 12.10% | 4.00% |
| Class A (with sales charge)<sup>†</sup> | -14.84% | 11.01% | 3.49% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Industrials Index | 5.65% | 19.27% | 10.82% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $6347681 |
| Total Number of Portfolio Holdings | 75 |
| Portfolio Turnover Rate | 100% |
| Total Advisory Fees Paid | $74800 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Industrials Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Transportation Fund \| Class A \| RYTSX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-128_ar92.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Tesla, Inc. | 11.1% |
| Uber Technologies, Inc. | 4.8% |
| Union Pacific Corp. | 4.6% |
| United Parcel Service, Inc. — Class B | 3.6% |
| CSX Corp. | 2.9% |
| Norfolk Southern Corp. | 2.9% |
| FedEx Corp. | 2.8% |
| General Motors Co. | 2.6% |
| Ford Motor Co. | 2.4% |
| Old Dominion Freight Line, Inc. | 2.2% |
| Top 10 Total | 39.9% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYTSX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Transportation Fund

#### Class C \| RYCNX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Transportation Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $225 | 2.38% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned -11.24%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Industrials Index, which returned 5.65% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industry that contributed the most to performance was automobile manufacturers. Those that detracted the most were automotive parts & equipment, cargo ground transportation, and rail transportation. The holdings that contributed the most to performance were Tesla, Inc., United Airlines Holdings, Inc., and Grab Holdings Limited - Class A. Those that detracted the most were Stellantis N.V., United Parcel Service, Inc. - Class B, and TFI International, Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-129_ar91.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | -11.24% | 11.27% | 3.22% |
| Class C (with CDSC)<sup>‡</sup> | -12.11% | 11.27% | 3.22% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Industrials Index | 5.65% | 19.27% | 10.82% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $6347681 |
| Total Number of Portfolio Holdings | 75 |
| Portfolio Turnover Rate | 100% |
| Total Advisory Fees Paid | $74800 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Industrials Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Transportation Fund \| Class C \| RYCNX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-129_ar92.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Tesla, Inc. | 11.1% |
| Uber Technologies, Inc. | 4.8% |
| Union Pacific Corp. | 4.6% |
| United Parcel Service, Inc. — Class B | 3.6% |
| CSX Corp. | 2.9% |
| Norfolk Southern Corp. | 2.9% |
| FedEx Corp. | 2.8% |
| General Motors Co. | 2.6% |
| Ford Motor Co. | 2.4% |
| Old Dominion Freight Line, Inc. | 2.2% |
| Top 10 Total | 39.9% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYCNX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Transportation Fund

#### Class H \| RYPAX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Transportation Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $155 | 1.64% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned -10.60%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Industrials Index, which returned 5.65% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industry that contributed the most to performance was automobile manufacturers. Those that detracted the most were automotive parts & equipment, cargo ground transportation, and rail transportation. The holdings that contributed the most to performance were Tesla, Inc., United Airlines Holdings, Inc., and Grab Holdings Limited - Class A. Those that detracted the most were Stellantis N.V., United Parcel Service, Inc. - Class B, and TFI International, Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-127_ar91.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H\*\* | -10.60% | 12.11% | 3.99% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Industrials Index | 5.65% | 19.27% | 10.82% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $6347681 |
| Total Number of Portfolio Holdings | 75 |
| Portfolio Turnover Rate | 100% |
| Total Advisory Fees Paid | $74800 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Industrials Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>\*\*</sup> | Effective September 30, 2015, the Fund's Advisor Class shares were converted into Class H shares. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Transportation Fund \| Class H \| RYPAX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-127_ar92.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Tesla, Inc. | 11.1% |
| Uber Technologies, Inc. | 4.8% |
| Union Pacific Corp. | 4.6% |
| United Parcel Service, Inc. — Class B | 3.6% |
| CSX Corp. | 2.9% |
| Norfolk Southern Corp. | 2.9% |
| FedEx Corp. | 2.8% |
| General Motors Co. | 2.6% |
| Ford Motor Co. | 2.4% |
| Old Dominion Freight Line, Inc. | 2.2% |
| Top 10 Total | 39.9% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYPAX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Utilities Fund

#### Investor Class \| RYUIX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Utilities Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Investor Class | $154 | 1.39% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Investor Class shares) returned 21.74%, outperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Utilities Index, which returned 23.87% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were electric utilities, multi utilities, and gas utilities. The industries that detracted the most were renewable electricity and construction & engineering. The holdings that contributed the most to performance were Vistra Corp., Southern Co., and Entergy Corporation. Those that detracted the most were XPLR Infrastructure, LP. AES Corporation, and Sunnova Energy International, Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-93_ar111.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Investor Class | 21.74% | 9.34% | 7.46% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Utilities Index | 23.87% | 10.81% | 9.54% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $17448054 |
| Total Number of Portfolio Holdings | 56 |
| Portfolio Turnover Rate | 475% |
| Total Advisory Fees Paid | $221285 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Utilities Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Utilities Fund \| Investor Class \| RYUIX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-93_ar112.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| NextEra Energy, Inc. | 5.0% |
| Southern Co. | 4.3% |
| Duke Energy Corp. | 4.1% |
| Constellation Energy Corp. | 3.4% |
| American Electric Power Company, Inc. | 3.3% |
| Dominion Energy, Inc. | 3.0% |
| Sempra | 2.9% |
| Exelon Corp. | 2.9% |
| Public Service Enterprise Group, Inc. | 2.7% |
| Xcel Energy, Inc. | 2.7% |
| Top 10 Total | 34.3% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYUIX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Utilities Fund

#### Class A \| RYUTX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Utilities Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $182 | 1.64% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned 21.44%, outperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Utilities Index, which returned 23.87% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were electric utilities, multi utilities, and gas utilities. The industries that detracted the most were renewable electricity and construction & engineering. The holdings that contributed the most to performance were Vistra Corp., Southern Co., and Entergy Corporation. Those that detracted the most were XPLR Infrastructure, LP. AES Corporation, and Sunnova Energy International, Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-95_ar111.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 21.44% | 9.07% | 7.20% |
| Class A (with sales charge)<sup>†</sup> | 15.68% | 8.01% | 6.68% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Utilities Index | 23.87% | 10.81% | 9.54% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $17448054 |
| Total Number of Portfolio Holdings | 56 |
| Portfolio Turnover Rate | 475% |
| Total Advisory Fees Paid | $221285 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Utilities Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Utilities Fund \| Class A \| RYUTX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-95_ar112.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| NextEra Energy, Inc. | 5.0% |
| Southern Co. | 4.3% |
| Duke Energy Corp. | 4.1% |
| Constellation Energy Corp. | 3.4% |
| American Electric Power Company, Inc. | 3.3% |
| Dominion Energy, Inc. | 3.0% |
| Sempra | 2.9% |
| Exelon Corp. | 2.9% |
| Public Service Enterprise Group, Inc. | 2.7% |
| Xcel Energy, Inc. | 2.7% |
| Top 10 Total | 34.3% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYUTX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Utilities Fund

#### Class C \| RYCUX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Utilities Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $264 | 2.39% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned 20.51%, outperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Utilities Index, which returned 23.87% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were electric utilities, multi utilities, and gas utilities. The industries that detracted the most were renewable electricity and construction & engineering. The holdings that contributed the most to performance were Vistra Corp., Southern Co., and Entergy Corporation. Those that detracted the most were XPLR Infrastructure, LP. AES Corporation, and Sunnova Energy International, Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-96_ar121.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 20.51% | 8.25% | 6.39% |
| Class C (with CDSC)<sup>‡</sup> | 19.51% | 8.25% | 6.39% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Utilities Index | 23.87% | 10.81% | 9.54% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $17448054 |
| Total Number of Portfolio Holdings | 56 |
| Portfolio Turnover Rate | 475% |
| Total Advisory Fees Paid | $221285 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Utilities Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Utilities Fund \| Class C \| RYCUX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-96_ar122.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| NextEra Energy, Inc. | 5.0% |
| Southern Co. | 4.3% |
| Duke Energy Corp. | 4.1% |
| Constellation Energy Corp. | 3.4% |
| American Electric Power Company, Inc. | 3.3% |
| Dominion Energy, Inc. | 3.0% |
| Sempra | 2.9% |
| Exelon Corp. | 2.9% |
| Public Service Enterprise Group, Inc. | 2.7% |
| Xcel Energy, Inc. | 2.7% |
| Top 10 Total | 34.3% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYCUX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Utilities Fund

#### Class H \| RYAUX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Utilities Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $182 | 1.64% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned 21.42%, outperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Utilities Index, which returned 23.87% for the same period.

**What factors materially affected the fund's performance over the last year?**

The industries that contributed the most to performance were electric utilities, multi utilities, and gas utilities. The industries that detracted the most were renewable electricity and construction & engineering. The holdings that contributed the most to performance were Vistra Corp., Southern Co., and Entergy Corporation. Those that detracted the most were XPLR Infrastructure, LP. AES Corporation, and Sunnova Energy International, Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-94_ar111.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H<sup>\*\*</sup> | 21.42% | 9.07% | 7.19% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Utilities Index | 23.87% | 10.81% | 9.54% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $17448054 |
| Total Number of Portfolio Holdings | 56 |
| Portfolio Turnover Rate | 475% |
| Total Advisory Fees Paid | $221285 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Utilities Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>\*\*</sup> | Effective September 30, 2015, the Fund's Advisor Class shares were converted into Class H shares. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Utilities Fund \| Class H \| RYAUX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-94_ar112.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| NextEra Energy, Inc. | 5.0% |
| Southern Co. | 4.3% |
| Duke Energy Corp. | 4.1% |
| Constellation Energy Corp. | 3.4% |
| American Electric Power Company, Inc. | 3.3% |
| Dominion Energy, Inc. | 3.0% |
| Sempra | 2.9% |
| Exelon Corp. | 2.9% |
| Public Service Enterprise Group, Inc. | 2.7% |
| Xcel Energy, Inc. | 2.7% |
| Top 10 Total | 34.3% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYAUX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Dow Jones Industrial Average<sup>®</sup> Fund

#### Class A \| RYDAX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Dow Jones Industrial Average<sup>®</sup> Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $164 | 1.60% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned 5.62%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the Dow Jones Industrial Average<sup>®</sup>, which returned 7.40% for the same period.

The fund's broad-based securities market index was changed from the Dow Jones Industrial Average to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index were financials, health care, and consumer staples. Those that detracted the most were materials, and communication services. The holdings that contributed the most to return of the underlying index were Goldman Sachs Group, Inc., UnitedHealth Group, Inc., and Visa, Inc. – Class A. Those that detracted the most were Sherwin-Williams Co., Merck & Company, Inc., and Salesforce, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 100% of the daily price movement of the Dow Jones Industrial Average.

#### How did the fund perform since inception?
Cumulative performance\* for the fund since inception (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-34_ar151.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Since Inception<br> (12.01.15)**  |
| Class A (without sales charge) | 5.62% | 14.25% | 10.10% |
| Class A (with sales charge)<sup>†</sup> | 0.61% | 13.15% | 9.52% |
| S&P 500 Index | 8.25% | 18.59% | 13.08% |
| Dow Jones Industrial Average<sup>®</sup> | 7.40% | 16.20% | 12.01% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $28675139 |
| Total Number of Portfolio Holdings | 39 |
| Portfolio Turnover Rate | 327% |
| Total Advisory Fees Paid | $157877 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Dow Jones Industrial Average<sup>®</sup> are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Dow Jones Industrial Average<sup>®</sup> Fund \| Class A \| RYDAX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-34_ar152.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Goldman Sachs Group, Inc. | 6.5% |
| UnitedHealth Group, Inc. | 6.2% |
| Microsoft Corp. | 4.4% |
| Home Depot, Inc. | 4.3% |
| Visa, Inc. — Class A | 4.1% |
| Sherwin-Williams Co. | 4.1% |
| Caterpillar, Inc. | 3.9% |
| McDonald's Corp. | 3.7% |
| Amgen, Inc. | 3.7% |
| American Express Co. | 3.2% |
| Top 10 Total | 44.1% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYDAX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Dow Jones Industrial Average<sup>®</sup> Fund

#### Class C \| RYDKX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Dow Jones Industrial Average<sup>®</sup> Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $241 | 2.35% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned 4.84%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the Dow Jones Industrial Average<sup>®</sup>, which returned 7.40% for the same period.

The fund's broad-based securities market index was changed from the Dow Jones Industrial Average to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index were financials, health care, and consumer staples. Those that detracted the most were materials, and communication services. The holdings that contributed the most to return of the underlying index were Goldman Sachs Group, Inc., UnitedHealth Group, Inc., and Visa, Inc. – Class A. Those that detracted the most were Sherwin-Williams Co., Merck & Company, Inc., and Salesforce, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 100% of the daily price movement of the Dow Jones Industrial Average.

#### How did the fund perform since inception?
Cumulative performance\* for the fund since inception (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-35_ar151.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Since Inception<br> (12.01.15)**  |
| Class C (without CDSC) | 4.84% | 13.41% | 9.28% |
| Class C (with CDSC)<sup>‡</sup> | 3.84% | 13.41% | 9.28% |
| S&P 500 Index | 8.25% | 18.59% | 13.08% |
| Dow Jones Industrial Average<sup>®</sup> | 7.40% | 16.20% | 12.01% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $28675139 |
| Total Number of Portfolio Holdings | 39 |
| Portfolio Turnover Rate | 327% |
| Total Advisory Fees Paid | $157877 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Dow Jones Industrial Average<sup>®</sup> are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Dow Jones Industrial Average<sup>®</sup> Fund \| Class C \| RYDKX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-35_ar152.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Goldman Sachs Group, Inc. | 6.5% |
| UnitedHealth Group, Inc. | 6.2% |
| Microsoft Corp. | 4.4% |
| Home Depot, Inc. | 4.3% |
| Visa, Inc. — Class A | 4.1% |
| Sherwin-Williams Co. | 4.1% |
| Caterpillar, Inc. | 3.9% |
| McDonald's Corp. | 3.7% |
| Amgen, Inc. | 3.7% |
| American Express Co. | 3.2% |
| Top 10 Total | 44.1% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYDKX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Dow Jones Industrial Average<sup>®</sup> Fund

#### Class H \| RYDHX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Dow Jones Industrial Average<sup>®</sup> Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $164 | 1.60% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned 5.61%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the Dow Jones Industrial Average<sup>®</sup>, which returned 7.40% for the same period.

The fund's broad-based securities market index was changed from the Dow Jones Industrial Average to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index were financials, health care, and consumer staples. Those that detracted the most were materials, and communication services. The holdings that contributed the most to return of the underlying index were Goldman Sachs Group, Inc., UnitedHealth Group, Inc., and Visa, Inc. – Class A. Those that detracted the most were Sherwin-Williams Co., Merck & Company, Inc., and Salesforce, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 100% of the daily price movement of the Dow Jones Industrial Average.

#### How did the fund perform since inception?
Cumulative performance\* for the fund since inception (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-33_ar151.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Since Inception<br> (12.01.15)**  |
| Class H | 5.61% | 14.26% | 10.10% |
| S&P 500 Index | 8.25% | 18.59% | 13.08% |
| Dow Jones Industrial Average<sup>®</sup> | 7.40% | 16.20% | 12.01% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $28675139 |
| Total Number of Portfolio Holdings | 39 |
| Portfolio Turnover Rate | 327% |
| Total Advisory Fees Paid | $157877 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Dow Jones Industrial Average<sup>®</sup> are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Dow Jones Industrial Average<sup>®</sup> Fund \| Class H \| RYDHX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-33_ar152.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Goldman Sachs Group, Inc. | 6.5% |
| UnitedHealth Group, Inc. | 6.2% |
| Microsoft Corp. | 4.4% |
| Home Depot, Inc. | 4.3% |
| Visa, Inc. — Class A | 4.1% |
| Sherwin-Williams Co. | 4.1% |
| Caterpillar, Inc. | 3.9% |
| McDonald's Corp. | 3.7% |
| Amgen, Inc. | 3.7% |
| American Express Co. | 3.2% |
| Top 10 Total | 44.1% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYDHX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Mid-Cap 1.5x Strategy Fund

#### Class A \| RYAHX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Mid-Cap 1.5x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $158 | 1.65% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned -9.02%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P MidCap 400 Index, which returned -2.71% for the same period.

The fund's broad-based securities market index was changed from the S&P MidCap 400 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index were financials, real estate, and utilities. The sectors that detracted the most were consumer discretionary, industrials and information technology. The holdings that contributed the most to the return of the underlying index were Texas Pacific Land Corp., Sprouts Farmers Market, Inc., and Interactive Brokers Group., Inc. – Class A. Those that detracted the most were Cleveland-Cliffs, Inc., Celsius Holdings, Inc. and elf Beauty, Inc. The Fund maintained a correlation of over 99% to its benchmark of 150% of the daily price movement of the S&P MidCap 400 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-18_ar151.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | -9.02% | 20.39% | 7.95% |
| Class A (with sales charge)<sup>†</sup> | -13.34% | 19.23% | 7.42% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P MidCap 400 Index | -2.71% | 16.91% | 8.43% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $11410885 |
| Total Number of Portfolio Holdings | 412 |
| Portfolio Turnover Rate | 94% |
| Total Advisory Fees Paid | $107502 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P MidCap 400 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Mid-Cap 1.5x Strategy Fund \| Class A \| RYAHX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-18_ar152.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 7.8% |
| Guggenheim Strategy Fund II | 2.2% |
| RB Global, Inc. | 0.5% |
| Interactive Brokers Group, Inc. — Class A | 0.5% |
| Watsco, Inc. | 0.5% |
| EMCOR Group, Inc. | 0.5% |
| Fidelity National Financial, Inc. | 0.5% |
| DocuSign, Inc. | 0.5% |
| Equitable Holdings, Inc. | 0.5% |
| Casey's General Stores, Inc. | 0.5% |
| Top 10 Total | 14.0% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYAHX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Mid-Cap 1.5x Strategy Fund

#### Class C \| RYDCX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Mid-Cap 1.5x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $229 | 2.41% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned -9.70%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P MidCap 400 Index, which returned -2.71% for the same period.

The fund's broad-based securities market index was changed from the S&P MidCap 400 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index were financials, real estate, and utilities. The sectors that detracted the most were consumer discretionary, industrials and information technology. The holdings that contributed the most to the return of the underlying index were Texas Pacific Land Corp., Sprouts Farmers Market, Inc., and Interactive Brokers Group., Inc. – Class A. Those that detracted the most were Cleveland-Cliffs, Inc., Celsius Holdings, Inc. and elf Beauty, Inc. The Fund maintained a correlation of over 99% to its benchmark of 150% of the daily price movement of the S&P MidCap 400 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-19_ar141.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | -9.70% | 19.49% | 7.14% |
| Class C (with CDSC)<sup>‡</sup> | -10.60% | 19.49% | 7.14% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P MidCap 400 Index | -2.71% | 16.91% | 8.43% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $11410885 |
| Total Number of Portfolio Holdings | 412 |
| Portfolio Turnover Rate | 94% |
| Total Advisory Fees Paid | $107502 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P MidCap 400 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Mid-Cap 1.5x Strategy Fund \| Class C \| RYDCX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-19_ar142.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 7.8% |
| Guggenheim Strategy Fund II | 2.2% |
| RB Global, Inc. | 0.5% |
| Interactive Brokers Group, Inc. — Class A | 0.5% |
| Watsco, Inc. | 0.5% |
| EMCOR Group, Inc. | 0.5% |
| Fidelity National Financial, Inc. | 0.5% |
| DocuSign, Inc. | 0.5% |
| Equitable Holdings, Inc. | 0.5% |
| Casey's General Stores, Inc. | 0.5% |
| Top 10 Total | 14.0% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYDCX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Mid-Cap 1.5x Strategy Fund

#### Class H \| RYMDX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Mid-Cap 1.5x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $159 | 1.66% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned -9.03%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P MidCap 400 Index, which returned -2.71% for the same period.

The fund's broad-based securities market index was changed from the S&P MidCap 400 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index were financials, real estate, and utilities. The sectors that detracted the most were consumer discretionary, industrials and information technology. The holdings that contributed the most to the return of the underlying index were Texas Pacific Land Corp., Sprouts Farmers Market, Inc., and Interactive Brokers Group., Inc. – Class A. Those that detracted the most were Cleveland-Cliffs, Inc., Celsius Holdings, Inc. and elf Beauty, Inc. The Fund maintained a correlation of over 99% to its benchmark of 150% of the daily price movement of the S&P MidCap 400 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-17_ar161.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H | -9.03% | 20.39% | 7.97% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P MidCap 400 Index | -2.71% | 16.91% | 8.43% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $11410885 |
| Total Number of Portfolio Holdings | 412 |
| Portfolio Turnover Rate | 94% |
| Total Advisory Fees Paid | $107502 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P MidCap 400 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Mid-Cap 1.5x Strategy Fund \| Class H \| RYMDX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-17_ar162.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 7.8% |
| Guggenheim Strategy Fund II | 2.2% |
| RB Global, Inc. | 0.5% |
| Interactive Brokers Group, Inc. — Class A | 0.5% |
| Watsco, Inc. | 0.5% |
| EMCOR Group, Inc. | 0.5% |
| Fidelity National Financial, Inc. | 0.5% |
| DocuSign, Inc. | 0.5% |
| Equitable Holdings, Inc. | 0.5% |
| Casey's General Stores, Inc. | 0.5% |
| Top 10 Total | 14.0% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYMDX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse Mid-Cap Strategy Fund

#### Class A \| RYAGX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Inverse Mid-Cap Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $175 | 1.67% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned 9.15%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 8.25% for the same period and outperforming the fund's secondary index, the S&P MidCap 400 Index, which returned -2.71% for the same period.

The fund's broad-based securities market index was changed from the S&P MidCap 400 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index were financials, real estate, and utilities. The sectors that detracted the most were consumer discretionary, industrials and information technology. The holdings that contributed the most to the return of the underlying index were Texas Pacific Land Corp., Sprouts Farmers Market, Inc., and Interactive Brokers Group., Inc. – Class A. Those that detracted the most were Cleveland-Cliffs, Inc., Celsius Holdings, Inc. and elf Beauty, Inc. The Fund maintained a daily correlation of 99% to its benchmark of -100% of the daily price movement of the S&P MidCap 400 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-150_ar151.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 9.15% | -15.05% | -9.45% |
| Class A (with sales charge)<sup>†</sup> | 3.96% | -15.88% | -9.89% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P MidCap 400 Index | -2.71% | 16.91% | 8.43% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $197534 |
| Total Number of Portfolio Holdings | 7 |
| Portfolio Turnover Rate | –% |
| Total Advisory Fees Paid | $3206 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P MidCap 400 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Inverse Mid-Cap Strategy Fund \| Class A \| RYAGX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-150_ar152.jpg)

#### Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund II | 25.4% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 23.6% |
| Total | 49.0% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYAGX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse Mid-Cap Strategy Fund

#### Class C \| RYCLX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Inverse Mid-Cap Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $256 | 2.44% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned 10.23%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 8.25% for the same period and outperforming the fund's secondary index, the S&P MidCap 400 Index, which returned -2.71% for the same period.

The fund's broad-based securities market index was changed from the S&P MidCap 400 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index were financials, real estate, and utilities. The sectors that detracted the most were consumer discretionary, industrials and information technology. The holdings that contributed the most to the return of the underlying index were Texas Pacific Land Corp., Sprouts Farmers Market, Inc., and Interactive Brokers Group., Inc. – Class A. Those that detracted the most were Cleveland-Cliffs, Inc., Celsius Holdings, Inc. and elf Beauty, Inc. The Fund maintained a daily correlation of 99% to its benchmark of -100% of the daily price movement of the S&P MidCap 400 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-151_ar131.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 10.23% | -14.94% | -9.75% |
| Class C (with CDSC)<sup>‡</sup> | 9.37% | -14.94% | -9.75% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P MidCap 400 Index | -2.71% | 16.91% | 8.43% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $197534 |
| Total Number of Portfolio Holdings | 7 |
| Portfolio Turnover Rate | –% |
| Total Advisory Fees Paid | $3206 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P MidCap 400 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Inverse Mid-Cap Strategy Fund \| Class C \| RYCLX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-151_ar132.jpg)

#### Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund II | 25.4% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 23.6% |
| Total | 49.0% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
This is a summary of certain changes to the fund since March 31, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by August 1, 2025 at GuggenheimInvestments.com/services/prospectuses-and-reports or, by calling 800 820 0888.

The fund's (Class C shares) net expense ratio, which reflects expense waivers and/or reimbursements, was 2.44% for the year ended March 31, 2025, an increase of 0.85% compared to the prior year. The primary driver of the increase was the fluctuation of the average net assets of the Class. Class C shares had nominal assets and shares outstanding during the prior year. The fund is designed and operated to acommodate frequent trading by shareholders and, unlike most mutual funds, offers unlimited exchange privileges with no minimum holding periods or transactions fees.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYCLX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse Mid-Cap Strategy Fund

#### Class H \| RYMHX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Inverse Mid-Cap Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $171 | 1.64% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned 8.94%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 8.25% for the same period and outperforming the fund's secondary index, the S&P MidCap 400 Index, which returned -2.71% for the same period.

The fund's broad-based securities market index was changed from the S&P MidCap 400 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index were financials, real estate, and utilities. The sectors that detracted the most were consumer discretionary, industrials and information technology. The holdings that contributed the most to the return of the underlying index were Texas Pacific Land Corp., Sprouts Farmers Market, Inc., and Interactive Brokers Group., Inc. – Class A. Those that detracted the most were Cleveland-Cliffs, Inc., Celsius Holdings, Inc. and elf Beauty, Inc. The Fund maintained a daily correlation of 99% to its benchmark of -100% of the daily price movement of the S&P MidCap 400 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-149_ar141.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H | 8.94% | -15.08% | -9.44% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P MidCap 400 Index | -2.71% | 16.91% | 8.43% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $197534 |
| Total Number of Portfolio Holdings | 7 |
| Portfolio Turnover Rate | –% |
| Total Advisory Fees Paid | $3206 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P MidCap 400 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Inverse Mid-Cap Strategy Fund \| Class H \| RYMHX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-149_ar142.jpg)

#### Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund II | 25.4% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 23.6% |
| Total | 49.0% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYMHX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund

#### Class A \| RMQAX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $128 | 1.26% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned 3.34%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the NASDAQ-100 Index, which returned 6.44% for the same period.

The fund's broad-based securities market index was changed from the NASDAQ-100 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index were communication services, consumer discretionary, and information technology. The sector that detracted the most was real estate. The holdings that contributed the most to the return of the underlying index were Apple, Inc., Broadcom, Inc. and NVIDIA Corp. Those that detracted the most were Advanced Micro Devices, Inc., Microsoft Corporation, and Intel Corp. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the monthly price movement of the NASDAQ-100 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-31_ar111.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 3.34% | 32.98% | 27.58% |
| Class A (with sales charge)<sup>†</sup> | -1.57% | 31.69% | 26.96% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| NASDAQ-100 Index | 6.44% | 20.76% | 17.24% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $311395391 |
| Total Number of Portfolio Holdings | 114 |
| Portfolio Turnover Rate | 1,036% |
| Total Advisory Fees Paid | $2503821 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the NASDAQ-100 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund \| Class A \| RMQAX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-31_ar112.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Apple, Inc. | 6.4% |
| Microsoft Corp. | 5.4% |
| NVIDIA Corp. | 5.1% |
| Amazon.com, Inc. | 3.9% |
| Broadcom, Inc. | 2.5% |
| Meta Platforms, Inc. — Class A | 2.4% |
| Costco Wholesale Corp. | 2.0% |
| Netflix, Inc. | 1.9% |
| Tesla, Inc. | 1.8% |
| Alphabet, Inc. — Class A | 1.7% |
| Top 10 Total | 33.1% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
This is a summary of certain changes to the fund since March 31, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by August 1, 2025 at GuggenheimInvestments.com/services/prospectuses-and-reports or, by calling 800 820 0888.

The fund's (Class A shares) net expense ratio, which reflects expense waivers and/or reimbursements, was 1.26% for the year ended March 31, 2025, a decrease of 0.16% compared to the prior year. The primary driver of the decrease was a decrease in interest expense on rehypothecated collateral associated with certain derivatives.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RMQAX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund

#### Class C \| RMQCX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $204 | 2.01% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned 2.57%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the NASDAQ-100 Index, which returned 6.44% for the same period.

The fund's broad-based securities market index was changed from the NASDAQ-100 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index were communication services, consumer discretionary, and information technology. The sector that detracted the most was real estate. The holdings that contributed the most to the return of the underlying index were Apple, Inc., Broadcom, Inc. and NVIDIA Corp. Those that detracted the most were Advanced Micro Devices, Inc., Microsoft Corporation, and Intel Corp. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the monthly price movement of the NASDAQ-100 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-32_ar111.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 2.57% | 31.97% | 26.60% |
| Class C (with CDSC)<sup>‡</sup> | 1.76% | 31.97% | 26.60% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| NASDAQ-100 Index | 6.44% | 20.76% | 17.24% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $311395391 |
| Total Number of Portfolio Holdings | 114 |
| Portfolio Turnover Rate | 1,036% |
| Total Advisory Fees Paid | $2503821 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the NASDAQ-100 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund \| Class C \| RMQCX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-32_ar112.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Apple, Inc. | 6.4% |
| Microsoft Corp. | 5.4% |
| NVIDIA Corp. | 5.1% |
| Amazon.com, Inc. | 3.9% |
| Broadcom, Inc. | 2.5% |
| Meta Platforms, Inc. — Class A | 2.4% |
| Costco Wholesale Corp. | 2.0% |
| Netflix, Inc. | 1.9% |
| Tesla, Inc. | 1.8% |
| Alphabet, Inc. — Class A | 1.7% |
| Top 10 Total | 33.1% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
This is a summary of certain changes to the fund since March 31, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by August 1, 2025 at GuggenheimInvestments.com/services/prospectuses-and-reports or, by calling 800 820 0888.

The fund's (Class C shares) net expense ratio, which reflects expense waivers and/or reimbursements, was 2.01% for the year ended March 31, 2025, a decrease of 0.16% compared to the prior year. The primary driver of the decrease was a decrease in interest expense on rehypothecated collateral associated with certain derivatives.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RMQCX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund

#### Class H \| RMQHX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $129 | 1.27% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned 3.32%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the NASDAQ-100 Index, which returned 6.44% for the same period.

The fund's broad-based securities market index was changed from the NASDAQ-100 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index were communication services, consumer discretionary, and information technology. The sector that detracted the most was real estate. The holdings that contributed the most to the return of the underlying index were Apple, Inc., Broadcom, Inc. and NVIDIA Corp. Those that detracted the most were Advanced Micro Devices, Inc., Microsoft Corporation, and Intel Corp. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the monthly price movement of the NASDAQ-100 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-30_ar111.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H | 3.32% | 32.94% | 27.89% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| NASDAQ-100 Index | 6.44% | 20.76% | 17.24% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $311395391 |
| Total Number of Portfolio Holdings | 114 |
| Portfolio Turnover Rate | 1,036% |
| Total Advisory Fees Paid | $2503821 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the NASDAQ-100 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund \| Class H \| RMQHX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-30_ar112.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Apple, Inc. | 6.4% |
| Microsoft Corp. | 5.4% |
| NVIDIA Corp. | 5.1% |
| Amazon.com, Inc. | 3.9% |
| Broadcom, Inc. | 2.5% |
| Meta Platforms, Inc. — Class A | 2.4% |
| Costco Wholesale Corp. | 2.0% |
| Netflix, Inc. | 1.9% |
| Tesla, Inc. | 1.8% |
| Alphabet, Inc. — Class A | 1.7% |
| Top 10 Total | 33.1% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
This is a summary of certain changes to the fund since March 31, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by August 1, 2025 at GuggenheimInvestments.com/services/prospectuses-and-reports or, by calling 800 820 0888.

The fund's (Class H shares) net expense ratio, which reflects expense waivers and/or reimbursements, was 1.27% for the year ended March 31, 2025, a decrease of 0.16% compared to the prior year. The primary driver of the decrease was a decrease in interest expense on rehypothecated collateral associated with certain derivatives.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RMQHX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### NASDAQ-100 Fund

#### Investor Class \| RYOCX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the NASDAQ-100 Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Investor Class | $127 | 1.24% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Investor Class shares) returned 5.15%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the NASDAQ-100 Index, which returned 6.44% for the same period.

The fund's broad-based securities market index was changed from the NASDAQ-100 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index were communication services, consumer discretionary, and information technology. The sector that detracted the most was real estate. The holdings that contributed the most to the return of the underlying index were Apple, Inc., Broadcom, Inc. and NVIDIA Corp. Those that detracted the most were Advanced Micro Devices, Inc., Microsoft Corp., and Intel Corp. The Fund maintained a daily correlation of over 99% to its benchmark of 100% of the daily price movement of the NASDAQ-100 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-195_ar121.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Investor Class | 5.15% | 19.26% | 15.72% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| NASDAQ-100 Index | 6.44% | 20.76% | 17.24% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $1662484368 |
| Total Number of Portfolio Holdings | 115 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $12331336 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the NASDAQ-100 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| NASDAQ-100 Fund \| Investor Class \| RYOCX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-195_ar122.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Apple, Inc. | 9.0% |
| Microsoft Corp. | 7.5% |
| NVIDIA Corp. | 7.1% |
| Amazon.com, Inc. | 5.4% |
| Broadcom, Inc. | 3.5% |
| Meta Platforms, Inc. — Class A | 3.4% |
| Costco Wholesale Corp. | 2.8% |
| Netflix, Inc. | 2.7% |
| Tesla, Inc. | 2.5% |
| Alphabet, Inc. — Class A | 2.4% |
| Top 10 Total | 46.3% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYOCX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### NASDAQ-100 Fund

#### Class A \| RYATX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the NASDAQ-100 Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $153 | 1.49% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned 4.89%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the NASDAQ-100 Index, which returned 6.44% for the same period.

The fund's broad-based securities market index was changed from the NASDAQ-100 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index were communication services, consumer discretionary, and information technology. The sector that detracted the most was real estate. The holdings that contributed the most to the return of the underlying index were Apple, Inc., Broadcom, Inc. and NVIDIA Corp. Those that detracted the most were Advanced Micro Devices, Inc., Microsoft Corp., and Intel Corp. The Fund maintained a daily correlation of over 99% to its benchmark of 100% of the daily price movement of the NASDAQ-100 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-197_ar121.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 4.89% | 18.96% | 15.42% |
| Class A (with sales charge)<sup>†</sup> | -0.09% | 17.80% | 14.85% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| NASDAQ-100 Index | 6.44% | 20.76% | 17.24% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $1662484368 |
| Total Number of Portfolio Holdings | 115 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $12331336 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the NASDAQ-100 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| NASDAQ-100 Fund \| Class A \| RYATX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-197_ar122.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Apple, Inc. | 9.0% |
| Microsoft Corp. | 7.5% |
| NVIDIA Corp. | 7.1% |
| Amazon.com, Inc. | 5.4% |
| Broadcom, Inc. | 3.5% |
| Meta Platforms, Inc. — Class A | 3.4% |
| Costco Wholesale Corp. | 2.8% |
| Netflix, Inc. | 2.7% |
| Tesla, Inc. | 2.5% |
| Alphabet, Inc. — Class A | 2.4% |
| Top 10 Total | 46.3% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYATX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### NASDAQ-100 Fund

#### Class C \| RYCOX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the NASDAQ-100 Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $229 | 2.24% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned 4.10%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the NASDAQ-100 Index, which returned 6.44% for the same period.

The fund's broad-based securities market index was changed from the NASDAQ-100 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index were communication services, consumer discretionary, and information technology. The sector that detracted the most was real estate. The holdings that contributed the most to the return of the underlying index were Apple, Inc., Broadcom, Inc. and NVIDIA Corp. Those that detracted the most were Advanced Micro Devices, Inc., Microsoft Corp., and Intel Corp. The Fund maintained a daily correlation of over 99% to its benchmark of 100% of the daily price movement of the NASDAQ-100 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-198_ar121.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 4.10% | 18.08% | 14.57% |
| Class C (with CDSC)<sup>‡</sup> | 3.15% | 18.08% | 14.57% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| NASDAQ-100 Index | 6.44% | 20.76% | 17.24% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $1662484368 |
| Total Number of Portfolio Holdings | 115 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $12331336 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the NASDAQ-100 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| NASDAQ-100 Fund \| Class C \| RYCOX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-198_ar122.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Apple, Inc. | 9.0% |
| Microsoft Corp. | 7.5% |
| NVIDIA Corp. | 7.1% |
| Amazon.com, Inc. | 5.4% |
| Broadcom, Inc. | 3.5% |
| Meta Platforms, Inc. — Class A | 3.4% |
| Costco Wholesale Corp. | 2.8% |
| Netflix, Inc. | 2.7% |
| Tesla, Inc. | 2.5% |
| Alphabet, Inc. — Class A | 2.4% |
| Top 10 Total | 46.3% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYCOX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### NASDAQ-100 Fund

#### Class H \| RYHOX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the NASDAQ-100 Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $153 | 1.49% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned 4.88%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the NASDAQ-100 Index, which returned 6.44% for the same period.

The fund's broad-based securities market index was changed from the NASDAQ-100 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index were communication services, consumer discretionary, and information technology. The sector that detracted the most was real estate. The holdings that contributed the most to the return of the underlying index were Apple, Inc., Broadcom, Inc. and NVIDIA Corp. Those that detracted the most were Advanced Micro Devices, Inc., Microsoft Corp., and Intel Corp. The Fund maintained a daily correlation of over 99% to its benchmark of 100% of the daily price movement of the NASDAQ-100 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-199_ar121.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H | 4.88% | 18.96% | 15.42% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| NASDAQ-100 Index | 6.44% | 20.76% | 17.24% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $1662484368 |
| Total Number of Portfolio Holdings | 115 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $12331336 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the NASDAQ-100 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| NASDAQ-100 Fund \| Class H \| RYHOX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-199_ar122.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Apple, Inc. | 9.0% |
| Microsoft Corp. | 7.5% |
| NVIDIA Corp. | 7.1% |
| Amazon.com, Inc. | 5.4% |
| Broadcom, Inc. | 3.5% |
| Meta Platforms, Inc. — Class A | 3.4% |
| Costco Wholesale Corp. | 2.8% |
| Netflix, Inc. | 2.7% |
| Tesla, Inc. | 2.5% |
| Alphabet, Inc. — Class A | 2.4% |
| Top 10 Total | 46.3% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYHOX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse NASDAQ-100<sup>®</sup> Strategy Fund

#### Investor Class \| RYAIX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Inverse NASDAQ-100<sup>®</sup> Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Investor Class | $140 | 1.41% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Investor Class shares) returned -1.41%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the NASDAQ-100 Index, which returned 6.44% for the same period.

The fund's broad-based securities market index was changed from the NASDAQ-100 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index were communication services, consumer discretionary, and information technology. The sector that detracted the most was real estate. The holdings that contributed the most to the return of the underlying index were Apple, Inc., Broadcom, Inc. and NVIDIA Corp. Those that detracted the most were Advanced Micro Devices, Inc., Microsoft Corp., and Intel Corp. The Fund maintained a daily correlation of over 99% to its benchmark of -100% of the daily price movement of the NASDAQ-100 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-200_ar111.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Investor Class | -1.41% | -18.19% | -16.40% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| NASDAQ-100 Index | 6.44% | 20.76% | 17.24% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $11941858 |
| Total Number of Portfolio Holdings | 14 |
| Portfolio Turnover Rate | –% |
| Total Advisory Fees Paid | $133836 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the NASDAQ-100 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Inverse NASDAQ-100<sup>®</sup> Strategy Fund \| Investor Class \| RYAIX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-200_ar112.jpg)

#### Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund II | 10.3% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 7.3% |
| Total | 17.6% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
This is a summary of certain changes to the fund since March 31, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by August 1, 2025 at GuggenheimInvestments.com/services/prospectuses-and-reports or, by calling 800 820 0888.

Effective February 24, 2025, the fund executed a one-for-ten reverse split of its issued and outstanding shares. There was no difference in the aggregate value of assets as a result of this reverse split, and the increase in the net asset value of the fund was not considered a taxable event. Please refer to a tax consultant for information regarding taxes.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYAIX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse NASDAQ-100<sup>®</sup> Strategy Fund

#### Class A \| RYAPX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Inverse NASDAQ-100<sup>®</sup> Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $164 | 1.65% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned -1.59%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the NASDAQ-100 Index, which returned 6.44% for the same period.

The fund's broad-based securities market index was changed from the NASDAQ-100 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index were communication services, consumer discretionary, and information technology. The sector that detracted the most was real estate. The holdings that contributed the most to the return of the underlying index were Apple, Inc., Broadcom, Inc. and NVIDIA Corp. Those that detracted the most were Advanced Micro Devices, Inc., Microsoft Corp., and Intel Corp. The Fund maintained a daily correlation of over 99% to its benchmark of -100% of the daily price movement of the NASDAQ-100 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-202_ar121.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | -1.59% | -18.40% | -16.49% |
| Class A (with sales charge)<sup>†</sup> | -6.24% | -19.19% | -16.90% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| NASDAQ-100 Index | 6.44% | 20.76% | 17.24% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $11941858 |
| Total Number of Portfolio Holdings | 14 |
| Portfolio Turnover Rate | –% |
| Total Advisory Fees Paid | $133836 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the NASDAQ-100 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Inverse NASDAQ-100<sup>®</sup> Strategy Fund \| Class A \| RYAPX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-202_ar122.jpg)

#### Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund II | 10.3% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 7.3% |
| Total | 17.6% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
This is a summary of certain changes to the fund since March 31, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by August 1, 2025 at GuggenheimInvestments.com/services/prospectuses-and-reports or, by calling 800 820 0888.

Effective February 24, 2025, the fund executed a one-for-ten reverse split of its issued and outstanding shares. There was no difference in the aggregate value of assets as a result of this reverse split, and the increase in the net asset value of the fund was not considered a taxable event. Please refer to a tax consultant for information regarding taxes.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYAPX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse NASDAQ-100<sup>®</sup> Strategy Fund

#### Class C \| RYACX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Inverse NASDAQ-100<sup>®</sup> Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $235 | 2.38% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned -2.36%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the NASDAQ-100 Index, which returned 6.44% for the same period.

The fund's broad-based securities market index was changed from the NASDAQ-100 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index were communication services, consumer discretionary, and information technology. The sector that detracted the most was real estate. The holdings that contributed the most to the return of the underlying index were Apple, Inc., Broadcom, Inc. and NVIDIA Corp. Those that detracted the most were Advanced Micro Devices, Inc., Microsoft Corp., and Intel Corp. The Fund maintained a daily correlation of over 99% to its benchmark of -100% of the daily price movement of the NASDAQ-100 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-203_ar111.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | -2.36% | -19.01% | -17.23% |
| Class C (with CDSC)<sup>‡</sup> | -3.26% | -19.01% | -17.23% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| NASDAQ-100 Index | 6.44% | 20.76% | 17.24% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $11941858 |
| Total Number of Portfolio Holdings | 14 |
| Portfolio Turnover Rate | –% |
| Total Advisory Fees Paid | $133836 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the NASDAQ-100 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Inverse NASDAQ-100<sup>®</sup> Strategy Fund \| Class C \| RYACX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-203_ar112.jpg)

#### Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund II | 10.3% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 7.3% |
| Total | 17.6% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
This is a summary of certain changes to the fund since March 31, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by August 1, 2025 at GuggenheimInvestments.com/services/prospectuses-and-reports or, by calling 800 820 0888.

Effective February 24, 2025, the fund executed a one-for-ten reverse split of its issued and outstanding shares. There was no difference in the aggregate value of assets as a result of this reverse split, and the increase in the net asset value of the fund was not considered a taxable event. Please refer to a tax consultant for information regarding taxes.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYACX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse NASDAQ-100<sup>®</sup> Strategy Fund

#### Class H \| RYALX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Inverse NASDAQ-100<sup>®</sup> Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $166 | 1.67% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned -1.66%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the NASDAQ-100 Index, which returned 6.44% for the same period.

The fund's broad-based securities market index was changed from the NASDAQ-100 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index were communication services, consumer discretionary, and information technology. The sector that detracted the most was real estate. The holdings that contributed the most to the return of the underlying index were Apple, Inc., Broadcom, Inc. and NVIDIA Corp. Those that detracted the most were Advanced Micro Devices, Inc., Microsoft Corp., and Intel Corp. The Fund maintained a daily correlation of over 99% to its benchmark of -100% of the daily price movement of the NASDAQ-100 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-204_ar111.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H | -1.66% | -18.40% | -16.62% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| NASDAQ-100 Index | 6.44% | 20.76% | 17.24% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $11941858 |
| Total Number of Portfolio Holdings | 14 |
| Portfolio Turnover Rate | –% |
| Total Advisory Fees Paid | $133836 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the NASDAQ-100 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Inverse NASDAQ-100<sup>®</sup> Strategy Fund \| Class H \| RYALX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-204_ar112.jpg)

#### Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund II | 10.3% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 7.3% |
| Total | 17.6% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
This is a summary of certain changes to the fund since March 31, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by August 1, 2025 at GuggenheimInvestments.com/services/prospectuses-and-reports or, by calling 800 820 0888.

Effective February 24, 2025, the fund executed a one-for-ten reverse split of its issued and outstanding shares. There was no difference in the aggregate value of assets as a result of this reverse split, and the increase in the net asset value of the fund was not considered a taxable event. Please refer to a tax consultant for information regarding taxes.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYALX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Russell 2000<sup>®</sup> 1.5x Strategy Fund

#### Class A \| RYAKX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Russell 2000<sup>®</sup> 1.5x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $159 | 1.68% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned -11.26%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the Russell 2000 Index, which returned -4.01% for the same period.

The fund's broad-based securities market index was changed from the Russell 2000 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index were financials, consumer staples, and utilities. The sectors that detracted the most were health care, consumer discretionary, and energy. The holdings that contributed the most to the Sprouts Farmers Market, Inc., Insmed, Inc., and Corcept Therapeutics, Inc. Those that detracted the most were Super Micro Computer, Inc., MicroStrategy Inc. - Class A, and Atkore, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 150% of the daily price movement of the Russell 2000 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-163_ar121.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | -11.26% | 14.56% | 4.72% |
| Class A (with sales charge)<sup>†</sup> | -15.48% | 13.45% | 4.21% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Russell 2000 Index | -4.01% | 13.27% | 7.25% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $5228766 |
| Total Number of Portfolio Holdings | 1968 |
| Portfolio Turnover Rate | 10% |
| Total Advisory Fees Paid | $51951 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Russell 2000 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Russell 2000<sup>®</sup> 1.5x Strategy Fund \| Class A \| RYAKX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-163_ar122.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund II | 12.2% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 10.8% |
| Sprouts Farmers Market, Inc. | 0.4% |
| Insmed, Inc. | 0.4% |
| FTAI Aviation Ltd. | 0.3% |
| Corcept Therapeutics, Inc. | 0.2% |
| SouthState Corp. | 0.2% |
| Carpenter Technology Corp. | 0.2% |
| Applied Industrial Technologies, Inc. | 0.2% |
| Mueller Industries, Inc. | 0.2% |
| Top 10 Total | 25.1% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYAKX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Russell 2000<sup>®</sup> 1.5x Strategy Fund

#### Class C \| RYCMX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Russell 2000<sup>®</sup> 1.5x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $221 | 2.35% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned -11.94%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the Russell 2000 Index, which returned -4.01% for the same period.

The fund's broad-based securities market index was changed from the Russell 2000 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index were financials, consumer staples, and utilities. The sectors that detracted the most were health care, consumer discretionary, and energy. The holdings that contributed the most to the Sprouts Farmers Market, Inc., Insmed, Inc., and Corcept Therapeutics, Inc. Those that detracted the most were Super Micro Computer, Inc., MicroStrategy Inc. - Class A, and Atkore, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 150% of the daily price movement of the Russell 2000 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-164_ar121.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | -11.94% | 13.70% | 3.93% |
| Class C (with CDSC)<sup>‡</sup> | -12.81% | 13.70% | 3.93% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Russell 2000 Index | -4.01% | 13.27% | 7.25% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $5228766 |
| Total Number of Portfolio Holdings | 1968 |
| Portfolio Turnover Rate | 10% |
| Total Advisory Fees Paid | $51951 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Russell 2000 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Russell 2000<sup>®</sup> 1.5x Strategy Fund \| Class C \| RYCMX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-164_ar122.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund II | 12.2% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 10.8% |
| Sprouts Farmers Market, Inc. | 0.4% |
| Insmed, Inc. | 0.4% |
| FTAI Aviation Ltd. | 0.3% |
| Corcept Therapeutics, Inc. | 0.2% |
| SouthState Corp. | 0.2% |
| Carpenter Technology Corp. | 0.2% |
| Applied Industrial Technologies, Inc. | 0.2% |
| Mueller Industries, Inc. | 0.2% |
| Top 10 Total | 25.1% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYCMX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Russell 2000<sup>®</sup> 1.5x Strategy Fund

#### Class H \| RYMKX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Russell 2000<sup>®</sup> 1.5x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $159 | 1.68% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned -11.26%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the Russell 2000 Index, which returned -4.01% for the same period.

The fund's broad-based securities market index was changed from the Russell 2000 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index were financials, consumer staples, and utilities. The sectors that detracted the most were health care, consumer discretionary, and energy. The holdings that contributed the most to the Sprouts Farmers Market, Inc., Insmed, Inc., and Corcept Therapeutics, Inc. Those that detracted the most were Super Micro Computer, Inc., MicroStrategy Inc. - Class A, and Atkore, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 150% of the daily price movement of the Russell 2000 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-162_ar121.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H | -11.26% | 14.56% | 4.70% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Russell 2000 Index | -4.01% | 13.27% | 7.25% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $5228766 |
| Total Number of Portfolio Holdings | 1968 |
| Portfolio Turnover Rate | 10% |
| Total Advisory Fees Paid | $51951 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Russell 2000 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Russell 2000<sup>®</sup> 1.5x Strategy Fund \| Class H \| RYMKX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-162_ar122.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund II | 12.2% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 10.8% |
| Sprouts Farmers Market, Inc. | 0.4% |
| Insmed, Inc. | 0.4% |
| FTAI Aviation Ltd. | 0.3% |
| Corcept Therapeutics, Inc. | 0.2% |
| SouthState Corp. | 0.2% |
| Carpenter Technology Corp. | 0.2% |
| Applied Industrial Technologies, Inc. | 0.2% |
| Mueller Industries, Inc. | 0.2% |
| Top 10 Total | 25.1% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYMKX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Russell 2000<sup>®</sup> Fund

#### Class A \| RYRRX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Russell 2000<sup>®</sup> Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $158 | 1.63% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned -5.57%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the Russell 2000 Index, which returned -4.01% for the same period.

The fund's broad-based securities market index was changed from the Russell 2000 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index were financials, consumer staples, and utilities. The sectors that detracted the most were health care, consumer discretionary, and energy. The holdings that contributed the most to the Sprouts Farmers Market, Inc., Insmed, Inc., and Corcept Therapeutics, Inc. Those that detracted the most were Super Micro Computer, Inc., MicroStrategy, Inc. - Class A, and Atkore, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 100% of the daily price movement of the Russell 2000 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-36_ar131.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | -5.57% | 11.46% | 4.53% |
| Class A (with sales charge)<sup>†</sup> | -10.05% | 10.38% | 4.02% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Russell 2000 Index | -4.01% | 13.27% | 7.25% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $11519129 |
| Total Number of Portfolio Holdings | 1964 |
| Portfolio Turnover Rate | 22% |
| Total Advisory Fees Paid | $142966 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Russell 2000 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Russell 2000<sup>®</sup> Fund \| Class A \| RYRRX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-36_ar132.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Vanguard Russell 2000 ETF | 11.0% |
| iShares Russell 2000 Index ETF | 11.0% |
| Sprouts Farmers Market, Inc. | 0.3% |
| Insmed, Inc. | 0.3% |
| FTAI Aviation Ltd. | 0.2% |
| Corcept Therapeutics, Inc. | 0.2% |
| SouthState Corp. | 0.2% |
| Carpenter Technology Corp. | 0.2% |
| Applied Industrial Technologies, Inc. | 0.2% |
| Mueller Industries, Inc. | 0.2% |
| Top 10 Total | 23.8% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYRRX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Russell 2000<sup>®</sup> Fund

#### Class C \| RYROX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Russell 2000<sup>®</sup> Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $229 | 2.36% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned -6.26%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the Russell 2000 Index, which returned -4.01% for the same period.

The fund's broad-based securities market index was changed from the Russell 2000 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index were financials, consumer staples, and utilities. The sectors that detracted the most were health care, consumer discretionary, and energy. The holdings that contributed the most to the Sprouts Farmers Market, Inc., Insmed, Inc., and Corcept Therapeutics, Inc. Those that detracted the most were Super Micro Computer, Inc., MicroStrategy, Inc. - Class A, and Atkore, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 100% of the daily price movement of the Russell 2000 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-37_ar121.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | -6.26% | 10.62% | 3.74% |
| Class C (with CDSC)<sup>‡</sup> | -7.19% | 10.62% | 3.74% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Russell 2000 Index | -4.01% | 13.27% | 7.25% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $11519129 |
| Total Number of Portfolio Holdings | 1964 |
| Portfolio Turnover Rate | 22% |
| Total Advisory Fees Paid | $142966 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Russell 2000 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Russell 2000<sup>®</sup> Fund \| Class C \| RYROX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-37_ar122.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Vanguard Russell 2000 ETF | 11.0% |
| iShares Russell 2000 Index ETF | 11.0% |
| Sprouts Farmers Market, Inc. | 0.3% |
| Insmed, Inc. | 0.3% |
| FTAI Aviation Ltd. | 0.2% |
| Corcept Therapeutics, Inc. | 0.2% |
| SouthState Corp. | 0.2% |
| Carpenter Technology Corp. | 0.2% |
| Applied Industrial Technologies, Inc. | 0.2% |
| Mueller Industries, Inc. | 0.2% |
| Top 10 Total | 23.8% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYROX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Russell 2000<sup>®</sup> Fund

#### Class H \| RYRHX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Russell 2000<sup>®</sup> Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $157 | 1.62% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned -5.56%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the Russell 2000 Index, which returned -4.01% for the same period.

The fund's broad-based securities market index was changed from the Russell 2000 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index were financials, consumer staples, and utilities. The sectors that detracted the most were health care, consumer discretionary, and energy. The holdings that contributed the most to the Sprouts Farmers Market, Inc., Insmed, Inc., and Corcept Therapeutics, Inc. Those that detracted the most were Super Micro Computer, Inc., MicroStrategy, Inc. - Class A, and Atkore, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 100% of the daily price movement of the Russell 2000 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-38_ar121.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H | -5.56% | 11.46% | 4.53% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Russell 2000 Index | -4.01% | 13.27% | 7.25% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $11519129 |
| Total Number of Portfolio Holdings | 1964 |
| Portfolio Turnover Rate | 22% |
| Total Advisory Fees Paid | $142966 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Russell 2000 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Russell 2000<sup>®</sup> Fund \| Class H \| RYRHX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-38_ar122.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Vanguard Russell 2000 ETF | 11.0% |
| iShares Russell 2000 Index ETF | 11.0% |
| Sprouts Farmers Market, Inc. | 0.3% |
| Insmed, Inc. | 0.3% |
| FTAI Aviation Ltd. | 0.2% |
| Corcept Therapeutics, Inc. | 0.2% |
| SouthState Corp. | 0.2% |
| Carpenter Technology Corp. | 0.2% |
| Applied Industrial Technologies, Inc. | 0.2% |
| Mueller Industries, Inc. | 0.2% |
| Top 10 Total | 23.8% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYRHX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse Russell 2000<sup>®</sup> Strategy Fund

#### Class A \| RYAFX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Inverse Russell 2000<sup>®</sup> Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $169 | 1.62% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned 9.22%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 8.25% for the same period and outperforming the fund's secondary index, the Russell 2000 Index, which returned -4.01% for the same period.

The fund's broad-based securities market index was changed from the Russell 2000 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index were financials, consumer staples, and utilities The sectors that detracted the most were health care, consumer discretionary, and energy. The holdings that contributed the most to the Sprouts Farmers Market, Inc., Insmed, Inc., and Corcept Therapeutics, Inc. Those that detracted the most were Super Micro Computer, Inc., MicroStrategy, Inc. - Class A, and Atkore, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of -100% of the daily price movement of the Russell 2000 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-153_ar131.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 9.22% | -13.60% | -8.75% |
| Class A (with sales charge)<sup>†</sup> | 4.02% | -14.44% | -9.19% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Russell 2000 Index | -4.01% | 13.27% | 7.25% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $2112754 |
| Total Number of Portfolio Holdings | 9 |
| Portfolio Turnover Rate | –% |
| Total Advisory Fees Paid | $15993 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Russell 2000 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Inverse Russell 2000<sup>®</sup> Strategy Fund \| Class A \| RYAFX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-153_ar132.jpg)

#### Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 21.1% |
| Guggenheim Strategy Fund II | 21.1% |
| Total | 42.2% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
This is a summary of certain changes to the fund since March 31, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by August 1, 2025 at GuggenheimInvestments.com/services/prospectuses-and-reports or, by calling 800 820 0888.

Effective February 24, 2025, the fund executed a one-for-three reverse split of its issued and outstanding shares. There was no difference in the aggregate value of assets as a result of this reverse split, and the increase in the net asset value of the fund was not considered a taxable event. Please refer to a tax consultant for information regarding taxes.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYAFX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse Russell 2000<sup>®</sup> Strategy Fund

#### Class C \| RYCQX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Inverse Russell 2000<sup>®</sup> Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $249 | 2.39% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned 8.57%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 8.25% for the same period and outperforming the fund's secondary index, the Russell 2000 Index, which returned -4.01% for the same period.

The fund's broad-based securities market index was changed from the Russell 2000 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index were financials, consumer staples, and utilities The sectors that detracted the most were health care, consumer discretionary, and energy. The holdings that contributed the most to the Sprouts Farmers Market, Inc., Insmed, Inc., and Corcept Therapeutics, Inc. Those that detracted the most were Super Micro Computer, Inc., MicroStrategy, Inc. - Class A, and Atkore, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of -100% of the daily price movement of the Russell 2000 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-154_ar101.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 8.57% | -14.23% | -9.42% |
| Class C (with CDSC)<sup>‡</sup> | 7.57% | -14.23% | -9.42% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Russell 2000 Index | -4.01% | 13.27% | 7.25% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $2112754 |
| Total Number of Portfolio Holdings | 9 |
| Portfolio Turnover Rate | –% |
| Total Advisory Fees Paid | $15993 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Russell 2000 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Inverse Russell 2000<sup>®</sup> Strategy Fund \| Class C \| RYCQX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-154_ar102.jpg)

#### Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 21.1% |
| Guggenheim Strategy Fund II | 21.1% |
| Total | 42.2% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
This is a summary of certain changes to the fund since March 31, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by August 1, 2025 at GuggenheimInvestments.com/services/prospectuses-and-reports or, by calling 800 820 0888.

Effective February 24, 2025, the fund executed a one-for-three reverse split of its issued and outstanding shares. There was no difference in the aggregate value of assets as a result of this reverse split, and the increase in the net asset value of the fund was not considered a taxable event. Please refer to a tax consultant for information regarding taxes.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYCQX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse Russell 2000<sup>®</sup> Strategy Fund

#### Class H \| RYSHX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Inverse Russell 2000<sup>®</sup> Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $169 | 1.62% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned 9.22%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 8.25% for the same period and outperforming the fund's secondary index, the Russell 2000 Index, which returned -4.01% for the same period.

The fund's broad-based securities market index was changed from the Russell 2000 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index were financials, consumer staples, and utilities The sectors that detracted the most were health care, consumer discretionary, and energy. The holdings that contributed the most to the Sprouts Farmers Market, Inc., Insmed, Inc., and Corcept Therapeutics, Inc. Those that detracted the most were Super Micro Computer, Inc., MicroStrategy, Inc. - Class A, and Atkore, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of -100% of the daily price movement of the Russell 2000 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-152_ar101.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H | 9.22% | -13.61% | -8.74% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Russell 2000 Index | -4.01% | 13.27% | 7.25% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $2112754 |
| Total Number of Portfolio Holdings | 9 |
| Portfolio Turnover Rate | –% |
| Total Advisory Fees Paid | $15993 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Russell 2000 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Inverse Russell 2000<sup>®</sup> Strategy Fund \| Class H \| RYSHX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-152_ar102.jpg)

#### Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 21.1% |
| Guggenheim Strategy Fund II | 21.1% |
| Total | 42.2% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
This is a summary of certain changes to the fund since March 31, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by August 1, 2025 at GuggenheimInvestments.com/services/prospectuses-and-reports or, by calling 800 820 0888.

Effective February 24, 2025, the fund executed a one-for-three reverse split of its issued and outstanding shares. There was no difference in the aggregate value of assets as a result of this reverse split, and the increase in the net asset value of the fund was not considered a taxable event. Please refer to a tax consultant for information regarding taxes.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYSHX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Nova Fund

#### Investor Class \| RYNVX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Nova Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Investor Class | $136 | 1.31% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Investor Class shares) returned 7.21%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index were financials, information technology, and communication services. The sector that detracted from performance was materials. The holdings that contributed the most to the return of the underlying index were Apple, Inc., NVIDIA Corp., and Tesla, Inc. Those that detracted the most were Microsoft Corp., Advanced Micro Devices, Inc., and Intel Corp. The Fund maintained a daily correlation of over 99% to its benchmark of 150% of the daily price movement of the S&P 500 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-185_ar111.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Investor Class | 7.21% | 23.88% | 14.53% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $235453907 |
| Total Number of Portfolio Holdings | 516 |
| Portfolio Turnover Rate | 180% |
| Total Advisory Fees Paid | $1832564 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index is an unmanaged index and, unlike the fund, has no management fees or operating expenses to reduce its reported return.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Nova Fund \| Investor Class \| RYNVX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-185_ar112.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Apple, Inc. | 5.8% |
| Microsoft Corp. | 4.8% |
| NVIDIA Corp. | 4.6% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 3.1% |
| Amazon.com, Inc. | 3.1% |
| Guggenheim Strategy Fund II | 2.4% |
| Meta Platforms, Inc. — Class A | 2.2% |
| Guggenheim Strategy Fund III | 2.0% |
| Berkshire Hathaway, Inc. — Class B | 1.7% |
| Alphabet, Inc. — Class A | 1.6% |
| Top 10 Total | 31.3% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYNVX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Nova Fund

#### Class A \| RYANX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Nova Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $161 | 1.56% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned 6.95%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index were financials, information technology, and communication services. The sector that detracted from performance was materials. The holdings that contributed the most to the return of the underlying index were Apple, Inc., NVIDIA Corp., and Tesla, Inc. Those that detracted the most were Microsoft Corp., Advanced Micro Devices, Inc., and Intel Corp. The Fund maintained a daily correlation of over 99% to its benchmark of 150% of the daily price movement of the S&P 500 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-187_ar111.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 6.95% | 23.57% | 14.26% |
| Class A (with sales charge)<sup>†</sup> | 1.87% | 22.37% | 13.70% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $235453907 |
| Total Number of Portfolio Holdings | 516 |
| Portfolio Turnover Rate | 180% |
| Total Advisory Fees Paid | $1832564 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index is an unmanaged index and, unlike the fund, has no management fees or operating expenses to reduce its reported return. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Nova Fund \| Class A \| RYANX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-187_ar112.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Apple, Inc. | 5.8% |
| Microsoft Corp. | 4.8% |
| NVIDIA Corp. | 4.6% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 3.1% |
| Amazon.com, Inc. | 3.1% |
| Guggenheim Strategy Fund II | 2.4% |
| Meta Platforms, Inc. — Class A | 2.2% |
| Guggenheim Strategy Fund III | 2.0% |
| Berkshire Hathaway, Inc. — Class B | 1.7% |
| Alphabet, Inc. — Class A | 1.6% |
| Top 10 Total | 31.3% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYANX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Nova Fund

#### Class C \| RYNCX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Nova Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $237 | 2.30% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned 6.14%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index were financials, information technology, and communication services. The sector that detracted from performance was materials. The holdings that contributed the most to the return of the underlying index were Apple, Inc., NVIDIA Corp., and Tesla, Inc. Those that detracted the most were Microsoft Corp., Advanced Micro Devices, Inc., and Intel Corp. The Fund maintained a daily correlation of over 99% to its benchmark of 150% of the daily price movement of the S&P 500 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-188_ar111.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 6.14% | 22.65% | 13.41% |
| Class C (with CDSC)<sup>‡</sup> | 5.14% | 22.65% | 13.41% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $235453907 |
| Total Number of Portfolio Holdings | 516 |
| Portfolio Turnover Rate | 180% |
| Total Advisory Fees Paid | $1832564 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index is an unmanaged index and, unlike the fund, has no management fees or operating expenses to reduce its reported return. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Nova Fund \| Class C \| RYNCX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-188_ar112.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Apple, Inc. | 5.8% |
| Microsoft Corp. | 4.8% |
| NVIDIA Corp. | 4.6% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 3.1% |
| Amazon.com, Inc. | 3.1% |
| Guggenheim Strategy Fund II | 2.4% |
| Meta Platforms, Inc. — Class A | 2.2% |
| Guggenheim Strategy Fund III | 2.0% |
| Berkshire Hathaway, Inc. — Class B | 1.7% |
| Alphabet, Inc. — Class A | 1.6% |
| Top 10 Total | 31.3% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYNCX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Nova Fund

#### Class H \| RYNHX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Nova Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $160 | 1.55% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned 6.95%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index were financials, information technology, and communication services. The sector that detracted from performance was materials. The holdings that contributed the most to the return of the underlying index were Apple, Inc., NVIDIA Corp., and Tesla, Inc. Those that detracted the most were Microsoft Corp., Advanced Micro Devices, Inc., and Intel Corp. The Fund maintained a daily correlation of over 99% to its benchmark of 150% of the daily price movement of the S&P 500 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-189_ar111.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H | 6.95% | 23.58% | 14.27% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $235453907 |
| Total Number of Portfolio Holdings | 516 |
| Portfolio Turnover Rate | 180% |
| Total Advisory Fees Paid | $1832564 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index is an unmanaged index and, unlike the fund, has no management fees or operating expenses to reduce its reported return.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Nova Fund \| Class H \| RYNHX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-189_ar112.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Apple, Inc. | 5.8% |
| Microsoft Corp. | 4.8% |
| NVIDIA Corp. | 4.6% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 3.1% |
| Amazon.com, Inc. | 3.1% |
| Guggenheim Strategy Fund II | 2.4% |
| Meta Platforms, Inc. — Class A | 2.2% |
| Guggenheim Strategy Fund III | 2.0% |
| Berkshire Hathaway, Inc. — Class B | 1.7% |
| Alphabet, Inc. — Class A | 1.6% |
| Top 10 Total | 31.3% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYNHX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### S&P 500<sup>®</sup> Fund

#### Class A \| RYSOX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the S&P 500<sup>®</sup> Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $166 | 1.61% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned 6.46%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index were financials, information technology, and communication services. The sector that detracted from performance was materials. The holdings that contributed the most to the return of the underlying index were Apple, Inc., NVIDIA Corp., and Tesla, Inc. Those that detracted the most were Microsoft Corp., Advanced Micro Devices, Inc., and Intel Corp. The Fund maintained a daily correlation of over 99% to its benchmark of 100% of the daily price movement of the S&P 500 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-79_ar111.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 6.46% | 16.61% | 10.60% |
| Class A (with sales charge)<sup>†</sup> | 1.41% | 15.48% | 10.06% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $158842458 |
| Total Number of Portfolio Holdings | 512 |
| Portfolio Turnover Rate | 137% |
| Total Advisory Fees Paid | $1569389 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index is an unmanaged index and, unlike the fund, has no management fees or operating expenses to reduce its reported return. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| S&P 500<sup>®</sup> Fund \| Class A \| RYSOX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-79_ar112.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Apple, Inc. | 6.4% |
| Microsoft Corp. | 5.4% |
| NVIDIA Corp. | 5.1% |
| Amazon.com, Inc. | 3.4% |
| Meta Platforms, Inc. — Class A | 2.4% |
| Berkshire Hathaway, Inc. — Class B | 1.9% |
| Alphabet, Inc. — Class A | 1.7% |
| Broadcom, Inc. | 1.5% |
| Alphabet, Inc. — Class C | 1.4% |
| Tesla, Inc. | 1.4% |
| Top 10 Total | 30.6% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYSOX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### S&P 500<sup>®</sup> Fund

#### Class C \| RYSYX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the S&P 500<sup>®</sup> Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $243 | 2.36% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned 5.66%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index were financials, information technology, and communication services. The sector that detracted from performance was materials. The holdings that contributed the most to the return of the underlying index were Apple, Inc., NVIDIA Corp., and Tesla, Inc. Those that detracted the most were Microsoft Corp., Advanced Micro Devices, Inc., and Intel Corp. The Fund maintained a daily correlation of over 99% to its benchmark of 100% of the daily price movement of the S&P 500 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-80_ar111.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 5.66% | 15.74% | 9.77% |
| Class C (with CDSC)<sup>‡</sup> | 4.66% | 15.74% | 9.77% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $158842458 |
| Total Number of Portfolio Holdings | 512 |
| Portfolio Turnover Rate | 137% |
| Total Advisory Fees Paid | $1569389 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index is an unmanaged index and, unlike the fund, has no management fees or operating expenses to reduce its reported return. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| S&P 500<sup>®</sup> Fund \| Class C \| RYSYX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-80_ar112.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Apple, Inc. | 6.4% |
| Microsoft Corp. | 5.4% |
| NVIDIA Corp. | 5.1% |
| Amazon.com, Inc. | 3.4% |
| Meta Platforms, Inc. — Class A | 2.4% |
| Berkshire Hathaway, Inc. — Class B | 1.9% |
| Alphabet, Inc. — Class A | 1.7% |
| Broadcom, Inc. | 1.5% |
| Alphabet, Inc. — Class C | 1.4% |
| Tesla, Inc. | 1.4% |
| Top 10 Total | 30.6% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYSYX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### S&P 500<sup>®</sup> Fund

#### Class H \| RYSPX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the S&P 500<sup>®</sup> Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $165 | 1.60% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned 6.46%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index were financials, information technology, and communication services. The sector that detracted from performance was materials. The holdings that contributed the most to the return of the underlying index were Apple, Inc., NVIDIA Corp., and Tesla, Inc. Those that detracted the most were Microsoft Corp., Advanced Micro Devices, Inc., and Intel Corp. The Fund maintained a daily correlation of over 99% to its benchmark of 100% of the daily price movement of the S&P 500 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-81_ar111.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H | 6.46% | 16.61% | 10.60% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $158842458 |
| Total Number of Portfolio Holdings | 512 |
| Portfolio Turnover Rate | 137% |
| Total Advisory Fees Paid | $1569389 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index is an unmanaged index and, unlike the fund, has no management fees or operating expenses to reduce its reported return.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| S&P 500<sup>®</sup> Fund \| Class H \| RYSPX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-81_ar112.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Apple, Inc. | 6.4% |
| Microsoft Corp. | 5.4% |
| NVIDIA Corp. | 5.1% |
| Amazon.com, Inc. | 3.4% |
| Meta Platforms, Inc. — Class A | 2.4% |
| Berkshire Hathaway, Inc. — Class B | 1.9% |
| Alphabet, Inc. — Class A | 1.7% |
| Broadcom, Inc. | 1.5% |
| Alphabet, Inc. — Class C | 1.4% |
| Tesla, Inc. | 1.4% |
| Top 10 Total | 30.6% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYSPX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse S&P 500<sup>®</sup> Strategy Fund

#### Investor Class \| RYURX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Inverse S&P 500<sup>®</sup> Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Investor Class | $139 | 1.39% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Investor Class shares) returned -0.51%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index were financials, information technology, and communication services. The sector that detracted from performance was materials. The holdings that contributed the most to the return of the underlying index were Apple, Inc., NVIDIA Corp., and Tesla, Inc. Those that detracted the most were Microsoft Corp., Advanced Micro Devices, Inc., and Intel Corp. The Fund maintained a daily correlation of over 99% to its benchmark of -100% of the daily price movement of the S&P 500 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-190_ar131.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Investor Class | -0.51% | -14.53% | -11.37% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $45429369 |
| Total Number of Portfolio Holdings | 19 |
| Portfolio Turnover Rate | –% |
| Total Advisory Fees Paid | $316201 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index is an unmanaged index and, unlike the fund, has no management fees or operating expenses to reduce its reported return.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Inverse S&P 500<sup>®</sup> Strategy Fund \| Investor Class \| RYURX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-190_ar132.jpg)

#### Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund II | 14.4% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 9.4% |
| Total | 23.8% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
This is a summary of certain changes to the fund since March 31, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by August 1, 2025 at GuggenheimInvestments.com/services/prospectuses-and-reports or, by calling 800 820 0888.

Effective February 24, 2025, the fund executed a one-for-five reverse split of its issued and outstanding shares. There was no difference in the aggregate value of assets as a result of this reverse split, and the increase in the net asset value of the fund was not considered a taxable event. Please refer to a tax consultant for information regarding taxes.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYURX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse S&P 500<sup>®</sup> Strategy Fund

#### Class A \| RYARX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Inverse S&P 500<sup>®</sup> Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $163 | 1.64% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned -0.70%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index were financials, information technology, and communication services. The sector that detracted from performance was materials. The holdings that contributed the most to the return of the underlying index were Apple, Inc., NVIDIA Corp., and Tesla, Inc. Those that detracted the most were Microsoft Corp., Advanced Micro Devices, Inc., and Intel Corp. The Fund maintained a daily correlation of over 99% to its benchmark of -100% of the daily price movement of the S&P 500 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-192_ar131.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | -0.70% | -14.74% | -11.59% |
| Class A (with sales charge)<sup>†</sup> | -5.40% | -15.56% | -12.02% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $45429369 |
| Total Number of Portfolio Holdings | 19 |
| Portfolio Turnover Rate | –% |
| Total Advisory Fees Paid | $316201 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index is an unmanaged index and, unlike the fund, has no management fees or operating expenses to reduce its reported return. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Inverse S&P 500<sup>®</sup> Strategy Fund \| Class A \| RYARX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-192_ar132.jpg)

#### Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund II | 14.4% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 9.4% |
| Total | 23.8% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
This is a summary of certain changes to the fund since March 31, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by August 1, 2025 at GuggenheimInvestments.com/services/prospectuses-and-reports or, by calling 800 820 0888.

Effective February 24, 2025, the fund executed a one-for-five reverse split of its issued and outstanding shares. There was no difference in the aggregate value of assets as a result of this reverse split, and the increase in the net asset value of the fund was not considered a taxable event. Please refer to a tax consultant for information regarding taxes.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYARX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse S&P 500<sup>®</sup> Strategy Fund

#### Class C \| RYUCX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Inverse S&P 500<sup>®</sup> Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $235 | 2.37% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned -1.50%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index were financials, information technology, and communication services. The sector that detracted from performance was materials. The holdings that contributed the most to the return of the underlying index were Apple, Inc., NVIDIA Corp., and Tesla, Inc. Those that detracted the most were Microsoft Corp., Advanced Micro Devices, Inc., and Intel Corp. The Fund maintained a daily correlation of over 99% to its benchmark of -100% of the daily price movement of the S&P 500 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-193_ar131.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | -1.50% | -15.38% | -12.26% |
| Class C (with CDSC)<sup>‡</sup> | -2.40% | -15.38% | -12.26% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $45429369 |
| Total Number of Portfolio Holdings | 19 |
| Portfolio Turnover Rate | –% |
| Total Advisory Fees Paid | $316201 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index is an unmanaged index and, unlike the fund, has no management fees or operating expenses to reduce its reported return. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Inverse S&P 500<sup>®</sup> Strategy Fund \| Class C \| RYUCX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-193_ar132.jpg)

#### Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund II | 14.4% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 9.4% |
| Total | 23.8% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
This is a summary of certain changes to the fund since March 31, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by August 1, 2025 at GuggenheimInvestments.com/services/prospectuses-and-reports or, by calling 800 820 0888.

Effective February 24, 2025, the fund executed a one-for-five reverse split of its issued and outstanding shares. There was no difference in the aggregate value of assets as a result of this reverse split, and the increase in the net asset value of the fund was not considered a taxable event. Please refer to a tax consultant for information regarding taxes.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYUCX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse S&P 500<sup>®</sup> Strategy Fund

#### Class H \| RYUHX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Inverse S&P 500<sup>®</sup> Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $162 | 1.63% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned -0.72%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index were financials, information technology, and communication services. The sector that detracted from performance was materials. The holdings that contributed the most to the return of the underlying index were Apple, Inc., NVIDIA Corp., and Tesla, Inc. Those that detracted the most were Microsoft Corp., Advanced Micro Devices, Inc., and Intel Corp. The Fund maintained a daily correlation of over 99% to its benchmark of -100% of the daily price movement of the S&P 500 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-194_ar131.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H | -0.72% | -14.72% | -11.58% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $45429369 |
| Total Number of Portfolio Holdings | 19 |
| Portfolio Turnover Rate | –% |
| Total Advisory Fees Paid | $316201 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index is an unmanaged index and, unlike the fund, has no management fees or operating expenses to reduce its reported return.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Inverse S&P 500<sup>®</sup> Strategy Fund \| Class H \| RYUHX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-194_ar132.jpg)

#### Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund II | 14.4% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 9.4% |
| Total | 23.8% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
This is a summary of certain changes to the fund since March 31, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by August 1, 2025 at GuggenheimInvestments.com/services/prospectuses-and-reports or, by calling 800 820 0888.

Effective February 24, 2025, the fund executed a one-for-five reverse split of its issued and outstanding shares. There was no difference in the aggregate value of assets as a result of this reverse split, and the increase in the net asset value of the fund was not considered a taxable event. Please refer to a tax consultant for information regarding taxes.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYUHX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### S&P 500<sup>®</sup> Pure Growth Fund

#### Class A \| RYLGX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the S&P 500<sup>®</sup> Pure Growth Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $156 | 1.54% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned 3.19%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Pure Growth Index, which returned 4.79% for the same period.

The fund's broad-based securities market index was changed from the S&P 500 Pure Growth Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index for the reporting period were information technology, communication services, and consumer discretionary. The sectors that detracted were industrials, materials and health care. The holdings that contributed the most to the return of the underlying index for the reporting period were Palantir Technologies, Inc. — Class A, NVIDIA Corp., and Royal Caribbean Group. Those that detracted the most were Super Micro Computer, Inc., Celanese Corp., and Advanced Micro Devices, Inc. The Fund maintained a daily correlation of over 99% to the S&P 500 Pure Growth Index for the reporting period.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-177_ar111.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 3.19% | 13.04% | 7.98% |
| Class A (with sales charge)<sup>†</sup> | -1.71% | 11.94% | 7.45% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Pure Growth Index | 4.79% | 14.89% | 9.76% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $24008492 |
| Total Number of Portfolio Holdings | 94 |
| Portfolio Turnover Rate | 1,148% |
| Total Advisory Fees Paid | $475321 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Pure Growth Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| S&P 500<sup>®</sup> Pure Growth Fund \| Class A \| RYLGX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-177_ar112.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Texas Pacific Land Corp. | 2.2% |
| Royal Caribbean Cruises Ltd. | 2.0% |
| Norwegian Cruise Line Holdings Ltd. | 2.0% |
| Fortinet, Inc. | 1.9% |
| Carnival Corp. | 1.9% |
| Vistra Corp. | 1.9% |
| TKO Group Holdings, Inc. | 1.8% |
| Palantir Technologies, Inc. — Class A | 1.8% |
| United Airlines Holdings, Inc. | 1.8% |
| Live Nation Entertainment, Inc. | 1.8% |
| Top 10 Total | 19.1% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYLGX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### S&P 500<sup>®</sup> Pure Growth Fund

#### Class C \| RYGRX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the S&P 500<sup>®</sup> Pure Growth Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $232 | 2.29% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned 2.41%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Pure Growth Index, which returned 4.79% for the same period.

The fund's broad-based securities market index was changed from the S&P 500 Pure Growth Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index for the reporting period were information technology, communication services, and consumer discretionary. The sectors that detracted were industrials, materials and health care. The holdings that contributed the most to the return of the underlying index for the reporting period were Palantir Technologies, Inc. — Class A, NVIDIA Corp., and Royal Caribbean Group. Those that detracted the most were Super Micro Computer, Inc., Celanese Corp., and Advanced Micro Devices, Inc. The Fund maintained a daily correlation of over 99% to the S&P 500 Pure Growth Index for the reporting period.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-178_ar111.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 2.41% | 12.19% | 7.17% |
| Class C (with CDSC)<sup>‡</sup> | 1.41% | 12.19% | 7.17% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Pure Growth Index | 4.79% | 14.89% | 9.76% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $24008492 |
| Total Number of Portfolio Holdings | 94 |
| Portfolio Turnover Rate | 1,148% |
| Total Advisory Fees Paid | $475321 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Pure Growth Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| S&P 500<sup>®</sup> Pure Growth Fund \| Class C \| RYGRX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-178_ar112.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Texas Pacific Land Corp. | 2.2% |
| Royal Caribbean Cruises Ltd. | 2.0% |
| Norwegian Cruise Line Holdings Ltd. | 2.0% |
| Fortinet, Inc. | 1.9% |
| Carnival Corp. | 1.9% |
| Vistra Corp. | 1.9% |
| TKO Group Holdings, Inc. | 1.8% |
| Palantir Technologies, Inc. — Class A | 1.8% |
| United Airlines Holdings, Inc. | 1.8% |
| Live Nation Entertainment, Inc. | 1.8% |
| Top 10 Total | 19.1% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYGRX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### S&P 500<sup>®</sup> Pure Growth Fund

#### Class H \| RYAWX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the S&P 500<sup>®</sup> Pure Growth Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $157 | 1.55% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned 3.18%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Pure Growth Index, which returned 4.79% for the same period.

The fund's broad-based securities market index was changed from the S&P 500 Pure Growth Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index for the reporting period were information technology, communication services, and consumer discretionary. The sectors that detracted were industrials, materials and health care. The holdings that contributed the most to the return of the underlying index for the reporting period were Palantir Technologies, Inc. — Class A, NVIDIA Corp., and Royal Caribbean Group. Those that detracted the most were Super Micro Computer, Inc., Celanese Corp., and Advanced Micro Devices, Inc. The Fund maintained a daily correlation of over 99% to the S&P 500 Pure Growth Index for the reporting period.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-176_ar111.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H | 3.18% | 13.04% | 7.98% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Pure Growth Index | 4.79% | 14.89% | 9.76% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $24008492 |
| Total Number of Portfolio Holdings | 94 |
| Portfolio Turnover Rate | 1,148% |
| Total Advisory Fees Paid | $475321 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Pure Growth Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| S&P 500<sup>®</sup> Pure Growth Fund \| Class H \| RYAWX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-176_ar112.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Texas Pacific Land Corp. | 2.2% |
| Royal Caribbean Cruises Ltd. | 2.0% |
| Norwegian Cruise Line Holdings Ltd. | 2.0% |
| Fortinet, Inc. | 1.9% |
| Carnival Corp. | 1.9% |
| Vistra Corp. | 1.9% |
| TKO Group Holdings, Inc. | 1.8% |
| Palantir Technologies, Inc. — Class A | 1.8% |
| United Airlines Holdings, Inc. | 1.8% |
| Live Nation Entertainment, Inc. | 1.8% |
| Top 10 Total | 19.1% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYAWX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### S&P 500<sup>®</sup> Pure Value Fund

#### Class A \| RYLVX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the S&P 500<sup>®</sup> Pure Value Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $158 | 1.54% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned 5.45%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Pure Value Index, which returned 7.20% for the same period.

The fund's broad-based securities market index was changed from the S&P 500 Pure Value Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index for the reporting period were financials, industrials, and communication services. Those that detracted the most were consumer staples, consumer discretionary, and materials. The holdings that contributed the most to the return of the underlying index for the reporting period were United Airlines Holdings, Inc., Synchrony Financial, and International Paper Co. Those that detracted the most were Walgreens Boots Alliance, Inc., Ford Motor Co., and Valero Energy Corp. The Fund maintained a daily correlation of over 99% to the S&P 500 Pure Value Index for the reporting period.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-21_ar91.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 5.45% | 19.17% | 6.47% |
| Class A (with sales charge)<sup>†</sup> | 0.44% | 18.01% | 5.95% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Pure Value Index | 7.20% | 21.39% | 8.28% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $22855827 |
| Total Number of Portfolio Holdings | 108 |
| Portfolio Turnover Rate | 2,642% |
| Total Advisory Fees Paid | $142771 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Pure Value Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| S&P 500<sup>®</sup> Pure Value Fund \| Class A \| RYLVX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-21_ar92.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| CVS Health Corp. | 3.3% |
| Centene Corp. | 2.6% |
| Ford Motor Co. | 2.5% |
| General Motors Co. | 2.4% |
| Archer-Daniels-Midland Co. | 2.1% |
| Bunge Global S.A. | 2.1% |
| Mosaic Co. | 2.0% |
| Paramount Global — Class B | 1.9% |
| Tyson Foods, Inc. — Class A | 1.9% |
| Valero Energy Corp. | 1.9% |
| Top 10 Total | 22.7% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYLVX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### S&P 500<sup>®</sup> Pure Value Fund

#### Class C \| RYVVX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the S&P 500<sup>®</sup> Pure Value Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $234 | 2.29% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned 4.67%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Pure Value Index, which returned 7.20% for the same period.

The fund's broad-based securities market index was changed from the S&P 500 Pure Value Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index for the reporting period were financials, industrials, and communication services. Those that detracted the most were consumer staples, consumer discretionary, and materials. The holdings that contributed the most to the return of the underlying index for the reporting period were United Airlines Holdings, Inc., Synchrony Financial, and International Paper Co. Those that detracted the most were Walgreens Boots Alliance, Inc., Ford Motor Co., and Valero Energy Corp. The Fund maintained a daily correlation of over 99% to the S&P 500 Pure Value Index for the reporting period.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-22_ar91.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 4.67% | 18.28% | 5.67% |
| Class C (with CDSC)<sup>‡</sup> | 3.67% | 18.28% | 5.67% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Pure Value Index | 7.20% | 21.39% | 8.28% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $22855827 |
| Total Number of Portfolio Holdings | 108 |
| Portfolio Turnover Rate | 2,642% |
| Total Advisory Fees Paid | $142771 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Pure Value Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| S&P 500<sup>®</sup> Pure Value Fund \| Class C \| RYVVX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-22_ar92.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| CVS Health Corp. | 3.3% |
| Centene Corp. | 2.6% |
| Ford Motor Co. | 2.5% |
| General Motors Co. | 2.4% |
| Archer-Daniels-Midland Co. | 2.1% |
| Bunge Global S.A. | 2.1% |
| Mosaic Co. | 2.0% |
| Paramount Global — Class B | 1.9% |
| Tyson Foods, Inc. — Class A | 1.9% |
| Valero Energy Corp. | 1.9% |
| Top 10 Total | 22.7% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYVVX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### S&P 500<sup>®</sup> Pure Value Fund

#### Class H \| RYZAX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the S&P 500<sup>®</sup> Pure Value Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $159 | 1.55% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned 5.44%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P 500 Pure Value Index, which returned 7.20% for the same period.

The fund's broad-based securities market index was changed from the S&P 500 Pure Value Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index for the reporting period were financials, industrials, and communication services. Those that detracted the most were consumer staples, consumer discretionary, and materials. The holdings that contributed the most to the return of the underlying index for the reporting period were United Airlines Holdings, Inc., Synchrony Financial, and International Paper Co. Those that detracted the most were Walgreens Boots Alliance, Inc., Ford Motor Co., and Valero Energy Corp. The Fund maintained a daily correlation of over 99% to the S&P 500 Pure Value Index for the reporting period.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-20_ar91.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H | 5.44% | 19.17% | 6.47% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P 500 Pure Value Index | 7.20% | 21.39% | 8.28% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $22855827 |
| Total Number of Portfolio Holdings | 108 |
| Portfolio Turnover Rate | 2,642% |
| Total Advisory Fees Paid | $142771 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Pure Value Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| S&P 500<sup>®</sup> Pure Value Fund \| Class H \| RYZAX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-20_ar92.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| CVS Health Corp. | 3.3% |
| Centene Corp. | 2.6% |
| Ford Motor Co. | 2.5% |
| General Motors Co. | 2.4% |
| Archer-Daniels-Midland Co. | 2.1% |
| Bunge Global S.A. | 2.1% |
| Mosaic Co. | 2.0% |
| Paramount Global — Class B | 1.9% |
| Tyson Foods, Inc. — Class A | 1.9% |
| Valero Energy Corp. | 1.9% |
| Top 10 Total | 22.7% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYZAX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### S&P MidCap 400<sup>®</sup> Pure Growth Fund

#### Class A \| RYMGX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the S&P MidCap 400<sup>®</sup> Pure Growth Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $143 | 1.54% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned -14.29%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P MidCap 400 Pure Growth Index, which returned -12.93% for the same period.

The fund's broad-based securities market index was changed from the S&P MidCap 400 Pure Growth Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index for the reporting period were utilities and communication services. Those that detracted the most from the return of the underlying index were industrials, energy, and consumer staples. The holdings that contributed the most to the return of the underlying index for the reporting period were Duolingo, Inc.— Class A., CNX Resources Corp., and Lantheus Holding, Inc. Those that detracted the most were Celsius Holdings, elf Beauty, Inc., and Abercrombie & Fitch Co., Class A. The Fund maintained a daily correlation of over 99% to the S&P MidCap 400 Pure Growth Index for the reporting period.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-146_ar151.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | -14.29% | 13.47% | 4.42% |
| Class A (with sales charge)<sup>†</sup> | -18.36% | 12.37% | 3.91% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P MidCap 400 Pure Growth Index | -12.93% | 15.34% | 6.05% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $25126725 |
| Total Number of Portfolio Holdings | 94 |
| Portfolio Turnover Rate | 716% |
| Total Advisory Fees Paid | $308739 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P MidCap 400 Pure Growth Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| S&P MidCap 400<sup>®</sup> Pure Growth Fund \| Class A \| RYMGX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-146_ar152.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Roivant Sciences Ltd. | 2.2% |
| Carpenter Technology Corp. | 2.2% |
| Valaris Ltd. | 2.0% |
| Globus Medical, Inc. — Class A | 1.9% |
| Hims & Hers Health, Inc. | 1.9% |
| Exelixis, Inc. | 1.7% |
| Masimo Corp. | 1.7% |
| RenaissanceRe Holdings Ltd. | 1.7% |
| Halozyme Therapeutics, Inc. | 1.7% |
| Shift4 Payments, Inc. — Class A | 1.6% |
| Top 10 Total | 18.6% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYMGX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### S&P MidCap 400<sup>®</sup> Pure Growth Fund

#### Class C \| RYCKX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the S&P MidCap 400<sup>®</sup> Pure Growth Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $211 | 2.28% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned -14.91%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P MidCap 400 Pure Growth Index, which returned -12.93% for the same period.

The fund's broad-based securities market index was changed from the S&P MidCap 400 Pure Growth Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index for the reporting period were utilities and communication services. Those that detracted the most from the return of the underlying index were industrials, energy, and consumer staples. The holdings that contributed the most to the return of the underlying index for the reporting period were Duolingo, Inc.— Class A., CNX Resources Corp., and Lantheus Holding, Inc. Those that detracted the most were Celsius Holdings, elf Beauty, Inc., and Abercrombie & Fitch Co., Class A. The Fund maintained a daily correlation of over 99% to the S&P MidCap 400 Pure Growth Index for the reporting period.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-147_ar151.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | -14.91% | 12.62% | 3.64% |
| Class C (with CDSC)<sup>‡</sup> | -15.62% | 12.62% | 3.64% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P MidCap 400 Pure Growth Index | -12.93% | 15.34% | 6.05% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $25126725 |
| Total Number of Portfolio Holdings | 94 |
| Portfolio Turnover Rate | 716% |
| Total Advisory Fees Paid | $308739 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P MidCap 400 Pure Growth Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| S&P MidCap 400<sup>®</sup> Pure Growth Fund \| Class C \| RYCKX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-147_ar152.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Roivant Sciences Ltd. | 2.2% |
| Carpenter Technology Corp. | 2.2% |
| Valaris Ltd. | 2.0% |
| Globus Medical, Inc. — Class A | 1.9% |
| Hims & Hers Health, Inc. | 1.9% |
| Exelixis, Inc. | 1.7% |
| Masimo Corp. | 1.7% |
| RenaissanceRe Holdings Ltd. | 1.7% |
| Halozyme Therapeutics, Inc. | 1.7% |
| Shift4 Payments, Inc. — Class A | 1.6% |
| Top 10 Total | 18.6% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYCKX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### S&P MidCap 400<sup>®</sup> Pure Growth Fund

#### Class H \| RYBHX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the S&P MidCap 400<sup>®</sup> Pure Growth Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $141 | 1.52% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned -14.27%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P MidCap 400 Pure Growth Index, which returned -12.93% for the same period.

The fund's broad-based securities market index was changed from the S&P MidCap 400 Pure Growth Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index for the reporting period were utilities and communication services. Those that detracted the most from the return of the underlying index were industrials, energy, and consumer staples. The holdings that contributed the most to the return of the underlying index for the reporting period were Duolingo, Inc.— Class A., CNX Resources Corp., and Lantheus Holding, Inc. Those that detracted the most were Celsius Holdings, elf Beauty, Inc., and Abercrombie & Fitch Co., Class A. The Fund maintained a daily correlation of over 99% to the S&P MidCap 400 Pure Growth Index for the reporting period.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-145_ar151.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H | -14.27% | 13.45% | 4.42% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P MidCap 400 Pure Growth Index | -12.93% | 15.34% | 6.05% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $25126725 |
| Total Number of Portfolio Holdings | 94 |
| Portfolio Turnover Rate | 716% |
| Total Advisory Fees Paid | $308739 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P MidCap 400 Pure Growth Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| S&P MidCap 400<sup>®</sup> Pure Growth Fund \| Class H \| RYBHX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-145_ar152.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Roivant Sciences Ltd. | 2.2% |
| Carpenter Technology Corp. | 2.2% |
| Valaris Ltd. | 2.0% |
| Globus Medical, Inc. — Class A | 1.9% |
| Hims & Hers Health, Inc. | 1.9% |
| Exelixis, Inc. | 1.7% |
| Masimo Corp. | 1.7% |
| RenaissanceRe Holdings Ltd. | 1.7% |
| Halozyme Therapeutics, Inc. | 1.7% |
| Shift4 Payments, Inc. — Class A | 1.6% |
| Top 10 Total | 18.6% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYBHX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### S&P MidCap 400<sup>®</sup> Pure Value Fund

#### Class A \| RYMVX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the S&P MidCap 400<sup>®</sup> Pure Value Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $152 | 1.55% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned -4.39%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P MidCap 400 Pure Value Index, which returned -2.63% for the same period.

The fund's broad-based securities market index was changed from the S&P MidCap 400 Pure Value Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index for the reporting period were financials, industrials, and real estate. Those that detracted the most were consumer discretionary, energy, and materials. The holdings that contributed the most to the return of the underlying index for the reporting period were Concentrix Corp., MasTec, Inc., and Jefferies Financial Group, Inc. Those that detracted the most were PBF Energy, Inc. — Class A, Cleveland-Cliffs Inc., and Macy's, Inc. The Fund maintained a daily correlation of over 99% to the S&P MidCap 400 Pure Value Index for the reporting period.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-142_ar161.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | -4.39% | 23.96% | 7.51% |
| Class A (with sales charge)<sup>†</sup> | -8.93% | 22.76% | 6.99% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P MidCap 400 Pure Value Index | -2.63% | 26.58% | 9.74% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $5945490 |
| Total Number of Portfolio Holdings | 87 |
| Portfolio Turnover Rate | 3,996% |
| Total Advisory Fees Paid | $69074 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P MidCap 400 Pure Value Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| S&P MidCap 400<sup>®</sup> Pure Value Fund \| Class A \| RYMVX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-142_ar162.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Concentrix Corp. | 4.6% |
| Goodyear Tire & Rubber Co. | 3.1% |
| United States Steel Corp. | 2.9% |
| HF Sinclair Corp. | 2.9% |
| Avnet, Inc. | 2.8% |
| Arrow Electronics, Inc. | 2.5% |
| Lear Corp. | 2.5% |
| ManpowerGroup, Inc. | 2.3% |
| TD SYNNEX Corp. | 2.3% |
| Macy's, Inc. | 2.2% |
| Top 10 Total | 28.1% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYMVX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### S&P MidCap 400<sup>®</sup> Pure Value Fund

#### Class C \| RYMMX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the S&P MidCap 400<sup>®</sup> Pure Value Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $223 | 2.29% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned -5.11%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P MidCap 400 Pure Value Index, which returned -2.63% for the same period.

The fund's broad-based securities market index was changed from the S&P MidCap 400 Pure Value Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index for the reporting period were financials, industrials, and real estate. Those that detracted the most were consumer discretionary, energy, and materials. The holdings that contributed the most to the return of the underlying index for the reporting period were Concentrix Corp., MasTec, Inc., and Jefferies Financial Group, Inc. Those that detracted the most were PBF Energy, Inc. — Class A, Cleveland-Cliffs Inc., and Macy's, Inc. The Fund maintained a daily correlation of over 99% to the S&P MidCap 400 Pure Value Index for the reporting period.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-143_ar161.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | -5.11% | 23.04% | 6.71% |
| Class C (with CDSC)<sup>‡</sup> | -5.99% | 23.04% | 6.71% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P MidCap 400 Pure Value Index | -2.63% | 26.58% | 9.74% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $5945490 |
| Total Number of Portfolio Holdings | 87 |
| Portfolio Turnover Rate | 3,996% |
| Total Advisory Fees Paid | $69074 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P MidCap 400 Pure Value Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| S&P MidCap 400<sup>®</sup> Pure Value Fund \| Class C \| RYMMX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-143_ar162.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Concentrix Corp. | 4.6% |
| Goodyear Tire & Rubber Co. | 3.1% |
| United States Steel Corp. | 2.9% |
| HF Sinclair Corp. | 2.9% |
| Avnet, Inc. | 2.8% |
| Arrow Electronics, Inc. | 2.5% |
| Lear Corp. | 2.5% |
| ManpowerGroup, Inc. | 2.3% |
| TD SYNNEX Corp. | 2.3% |
| Macy's, Inc. | 2.2% |
| Top 10 Total | 28.1% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYMMX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### S&P MidCap 400<sup>®</sup> Pure Value Fund

#### Class H \| RYAVX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the S&P MidCap 400<sup>®</sup> Pure Value Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $153 | 1.56% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned -4.43%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P MidCap 400 Pure Value Index, which returned -2.63% for the same period.

The fund's broad-based securities market index was changed from the S&P MidCap 400 Pure Value Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index for the reporting period were financials, industrials, and real estate. Those that detracted the most were consumer discretionary, energy, and materials. The holdings that contributed the most to the return of the underlying index for the reporting period were Concentrix Corp., MasTec, Inc., and Jefferies Financial Group, Inc. Those that detracted the most were PBF Energy, Inc. — Class A, Cleveland-Cliffs Inc., and Macy's, Inc. The Fund maintained a daily correlation of over 99% to the S&P MidCap 400 Pure Value Index for the reporting period.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-141_ar151.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H | -4.43% | 23.97% | 7.51% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P MidCap 400 Pure Value Index | -2.63% | 26.58% | 9.74% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $5945490 |
| Total Number of Portfolio Holdings | 87 |
| Portfolio Turnover Rate | 3,996% |
| Total Advisory Fees Paid | $69074 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P MidCap 400 Pure Value Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| S&P MidCap 400<sup>®</sup> Pure Value Fund \| Class H \| RYAVX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-141_ar152.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Concentrix Corp. | 4.6% |
| Goodyear Tire & Rubber Co. | 3.1% |
| United States Steel Corp. | 2.9% |
| HF Sinclair Corp. | 2.9% |
| Avnet, Inc. | 2.8% |
| Arrow Electronics, Inc. | 2.5% |
| Lear Corp. | 2.5% |
| ManpowerGroup, Inc. | 2.3% |
| TD SYNNEX Corp. | 2.3% |
| Macy's, Inc. | 2.2% |
| Top 10 Total | 28.1% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYAVX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### S&P SmallCap 600<sup>®</sup> Pure Growth Fund

#### Class A \| RYSGX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the S&P SmallCap 600<sup>®</sup> Pure Growth Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $151 | 1.55% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned -4.62%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P SmallCap 600 Pure Growth Index, which returned -2.74% for the same period.

The fund's broad-based securities market index was changed from the S&P SmallCap 600 Pure Growth Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index for the reporting period were health care, financials and consumer staples. The sectors that detracted were energy, industrials, and information technology. The holdings that contributed the most to the return of the underlying index for the reporting period were Corcept Therapeutics, Inc., Carpenter Technology Corp., and TG Therapeutics, Inc. Those that detracted the most were Dave & Buster's Entertainment, Inc., Par Pacific Holdings, Inc., and MARA Holdings, Inc. The Fund maintained a daily correlation of over 99% to the S&P 600 Pure Growth Index for the reporting period.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-173_ar121.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | -4.62% | 12.44% | 4.07% |
| Class A (with sales charge)<sup>†</sup> | -9.15% | 11.35% | 3.56% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P SmallCap 600 Pure Growth Index | -2.74% | 14.41% | 5.91% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $3244135 |
| Total Number of Portfolio Holdings | 135 |
| Portfolio Turnover Rate | 3,105% |
| Total Advisory Fees Paid | $83093 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P SmallCap 600 Pure Growth Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| S&P SmallCap 600<sup>®</sup> Pure Growth Fund \| Class A \| RYSGX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-173_ar122.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Corcept Therapeutics, Inc. | 2.9% |
| TG Therapeutics, Inc. | 2.0% |
| Protagonist Therapeutics, Inc. | 2.0% |
| Palomar Holdings, Inc. | 1.9% |
| InterDigital, Inc. | 1.7% |
| ADMA Biologics, Inc. | 1.6% |
| DXP Enterprises, Inc. | 1.6% |
| Krystal Biotech, Inc. | 1.5% |
| Chefs' Warehouse, Inc. | 1.5% |
| Adtalem Global Education, Inc. | 1.4% |
| Top 10 Total | 18.1% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYSGX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### S&P SmallCap 600<sup>®</sup> Pure Growth Fund

#### Class C \| RYWCX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the S&P SmallCap 600<sup>®</sup> Pure Growth Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $223 | 2.29% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned -5.33%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P SmallCap 600 Pure Growth Index, which returned -2.74% for the same period.

The fund's broad-based securities market index was changed from the S&P SmallCap 600 Pure Growth Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index for the reporting period were health care, financials and consumer staples. The sectors that detracted were energy, industrials, and information technology. The holdings that contributed the most to the return of the underlying index for the reporting period were Corcept Therapeutics, Inc., Carpenter Technology Corp., and TG Therapeutics, Inc. Those that detracted the most were Dave & Buster's Entertainment, Inc., Par Pacific Holdings, Inc., and MARA Holdings, Inc. The Fund maintained a daily correlation of over 99% to the S&P 600 Pure Growth Index for the reporting period.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-174_ar121.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | -5.33% | 11.61% | 3.29% |
| Class C (with CDSC)<sup>‡</sup> | -6.17% | 11.61% | 3.29% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P SmallCap 600 Pure Growth Index | -2.74% | 14.41% | 5.91% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $3244135 |
| Total Number of Portfolio Holdings | 135 |
| Portfolio Turnover Rate | 3,105% |
| Total Advisory Fees Paid | $83093 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P SmallCap 600 Pure Growth Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| S&P SmallCap 600<sup>®</sup> Pure Growth Fund \| Class C \| RYWCX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-174_ar122.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Corcept Therapeutics, Inc. | 2.9% |
| TG Therapeutics, Inc. | 2.0% |
| Protagonist Therapeutics, Inc. | 2.0% |
| Palomar Holdings, Inc. | 1.9% |
| InterDigital, Inc. | 1.7% |
| ADMA Biologics, Inc. | 1.6% |
| DXP Enterprises, Inc. | 1.6% |
| Krystal Biotech, Inc. | 1.5% |
| Chefs' Warehouse, Inc. | 1.5% |
| Adtalem Global Education, Inc. | 1.4% |
| Top 10 Total | 18.1% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYWCX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### S&P SmallCap 600<sup>®</sup> Pure Growth Fund

#### Class H \| RYWAX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the S&P SmallCap 600<sup>®</sup> Pure Growth Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $152 | 1.56% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned -4.63%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P SmallCap 600 Pure Growth Index, which returned -2.74% for the same period.

The fund's broad-based securities market index was changed from the S&P SmallCap 600 Pure Growth Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index for the reporting period were health care, financials and consumer staples. The sectors that detracted were energy, industrials, and information technology. The holdings that contributed the most to the return of the underlying index for the reporting period were Corcept Therapeutics, Inc., Carpenter Technology Corp., and TG Therapeutics, Inc. Those that detracted the most were Dave & Buster's Entertainment, Inc., Par Pacific Holdings, Inc., and MARA Holdings, Inc. The Fund maintained a daily correlation of over 99% to the S&P 600 Pure Growth Index for the reporting period.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-172_ar121.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H | -4.63% | 12.42% | 4.06% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P SmallCap 600 Pure Growth Index | -2.74% | 14.41% | 5.91% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $3244135 |
| Total Number of Portfolio Holdings | 135 |
| Portfolio Turnover Rate | 3,105% |
| Total Advisory Fees Paid | $83093 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P SmallCap 600 Pure Growth Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| S&P SmallCap 600<sup>®</sup> Pure Growth Fund \| Class H \| RYWAX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-172_ar122.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Corcept Therapeutics, Inc. | 2.9% |
| TG Therapeutics, Inc. | 2.0% |
| Protagonist Therapeutics, Inc. | 2.0% |
| Palomar Holdings, Inc. | 1.9% |
| InterDigital, Inc. | 1.7% |
| ADMA Biologics, Inc. | 1.6% |
| DXP Enterprises, Inc. | 1.6% |
| Krystal Biotech, Inc. | 1.5% |
| Chefs' Warehouse, Inc. | 1.5% |
| Adtalem Global Education, Inc. | 1.4% |
| Top 10 Total | 18.1% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYWAX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### S&P SmallCap 600<sup>®</sup> Pure Value Fund

#### Class A \| RYSVX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the S&P SmallCap 600<sup>®</sup> Pure Value Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $149 | 1.55% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned -8.30%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P SmallCap 600 Pure Value Index, which returned -6.58% for the same period.

The fund's broad-based securities market index was changed from the S&P SmallCap 600 Pure Value Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index for the reporting period were financials, communication services, and consumer staples. Those that detracted the most were consumer discretionary, materials, and industrials. The holdings that contributed the most to the return of the underlying index for the reporting period were United Natural Foods, Inc., Lumen Technologies, and EchoStar Corp.—Class A. Those that detracted the most were Kohl's Corp., Xerox Holdings Corp., and ODP Corp. The Fund maintained a daily correlation of over 99% to the S&P 600 Pure Value Index for the reporting period.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-166_ar101.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | -8.30% | 22.46% | 3.71% |
| Class A (with sales charge)<sup>†</sup> | -12.66% | 21.28% | 3.21% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P SmallCap 600 Pure Value Index | -6.58% | 25.16% | 5.97% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $3463892 |
| Total Number of Portfolio Holdings | 149 |
| Portfolio Turnover Rate | 1,587% |
| Total Advisory Fees Paid | $118348 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P SmallCap 600 Pure Value Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| S&P SmallCap 600<sup>®</sup> Pure Value Fund \| Class A \| RYSVX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-166_ar102.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| SpartanNash Co. | 1.8% |
| World Kinect Corp. | 1.7% |
| Titan International, Inc. | 1.6% |
| Viasat, Inc. | 1.6% |
| B&G Foods, Inc. | 1.6% |
| Lincoln National Corp. | 1.6% |
| ProAssurance Corp. | 1.6% |
| Par Pacific Holdings, Inc. | 1.5% |
| Dana, Inc. | 1.5% |
| United Natural Foods, Inc. | 1.4% |
| Top 10 Total | 15.9% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYSVX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### S&P SmallCap 600<sup>®</sup> Pure Value Fund

#### Class C \| RYYCX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the S&P SmallCap 600<sup>®</sup> Pure Value Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $219 | 2.30% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned -8.99%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P SmallCap 600 Pure Value Index, which returned -6.58% for the same period.

The fund's broad-based securities market index was changed from the S&P SmallCap 600 Pure Value Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index for the reporting period were financials, communication services, and consumer staples. Those that detracted the most were consumer discretionary, materials, and industrials. The holdings that contributed the most to the return of the underlying index for the reporting period were United Natural Foods, Inc., Lumen Technologies, and EchoStar Corp.—Class A. Those that detracted the most were Kohl's Corp., Xerox Holdings Corp., and ODP Corp. The Fund maintained a daily correlation of over 99% to the S&P 600 Pure Value Index for the reporting period.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-167_ar101.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | -8.99% | 21.57% | 2.94% |
| Class C (with CDSC)<sup>‡</sup> | -9.90% | 21.57% | 2.94% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P SmallCap 600 Pure Value Index | -6.58% | 25.16% | 5.97% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $3463892 |
| Total Number of Portfolio Holdings | 149 |
| Portfolio Turnover Rate | 1,587% |
| Total Advisory Fees Paid | $118348 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P SmallCap 600 Pure Value Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| S&P SmallCap 600<sup>®</sup> Pure Value Fund \| Class C \| RYYCX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-167_ar102.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| SpartanNash Co. | 1.8% |
| World Kinect Corp. | 1.7% |
| Titan International, Inc. | 1.6% |
| Viasat, Inc. | 1.6% |
| B&G Foods, Inc. | 1.6% |
| Lincoln National Corp. | 1.6% |
| ProAssurance Corp. | 1.6% |
| Par Pacific Holdings, Inc. | 1.5% |
| Dana, Inc. | 1.5% |
| United Natural Foods, Inc. | 1.4% |
| Top 10 Total | 15.9% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYYCX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### S&P SmallCap 600<sup>®</sup> Pure Value Fund

#### Class H \| RYAZX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the S&P SmallCap 600<sup>®</sup> Pure Value Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $149 | 1.55% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned -8.31%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the S&P SmallCap 600 Pure Value Index, which returned -6.58% for the same period.

The fund's broad-based securities market index was changed from the S&P SmallCap 600 Pure Value Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index for the reporting period were financials, communication services, and consumer staples. Those that detracted the most were consumer discretionary, materials, and industrials. The holdings that contributed the most to the return of the underlying index for the reporting period were United Natural Foods, Inc., Lumen Technologies, and EchoStar Corp.—Class A. Those that detracted the most were Kohl's Corp., Xerox Holdings Corp., and ODP Corp. The Fund maintained a daily correlation of over 99% to the S&P 600 Pure Value Index for the reporting period.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-165_ar101.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H | -8.31% | 22.47% | 3.72% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P SmallCap 600 Pure Value Index | -6.58% | 25.16% | 5.97% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $3463892 |
| Total Number of Portfolio Holdings | 149 |
| Portfolio Turnover Rate | 1,587% |
| Total Advisory Fees Paid | $118348 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P SmallCap 600 Pure Value Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| S&P SmallCap 600<sup>®</sup> Pure Value Fund \| Class H \| RYAZX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-165_ar102.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| SpartanNash Co. | 1.8% |
| World Kinect Corp. | 1.7% |
| Titan International, Inc. | 1.6% |
| Viasat, Inc. | 1.6% |
| B&G Foods, Inc. | 1.6% |
| Lincoln National Corp. | 1.6% |
| ProAssurance Corp. | 1.6% |
| Par Pacific Holdings, Inc. | 1.5% |
| Dana, Inc. | 1.5% |
| United Natural Foods, Inc. | 1.4% |
| Top 10 Total | 15.9% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYAZX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Emerging Markets Bond Strategy Fund

#### Class A \| RYIEX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Emerging Markets Bond Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $165 | 1.61% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned 4.38%, underperforming the fund's benchmark, the Bloomberg Emerging Markets USD Aggregate Bond Index, which returned 7.43% for the same period and underperforming the fund's secondary index, the ICE BofA BBB & Lower Sovereign USD External Debt Index, which returned 7.24% for the same period.

The fund's broad-based securities market index was changed from the ICE Bank of America BBB & Lower Sovereign USD External Debt Index to the Bloomberg Emerging Markets USD Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The credit default swap spreads of the emerging markets countries were mixed during the period, with the majority of countries experiencing modest moves. Argentina experienced notable credit default swap spread tightening throughout the year. Conversely, Nigeria, Brazil, and Colombia experienced some of the larger increases in credit default swap spreads. Additionally, the State of Qatar was removed from the credit default swap while the Republic of the Ivory Coast was added.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-27_ar111.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 4.38% | 1.00% | 1.11% |
| Class A (with sales charge)<sup>†</sup> | -0.59% | 0.02% | 0.62% |
| Bloomberg Emerging Markets USD Aggregate Bond Index | 7.43% | 3.13% | 3.21% |
| ICE BofA BBB & Lower Sovereign USD External Debt Index | 7.24% | 3.58% | 2.88% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $389065 |
| Total Number of Portfolio Holdings | 7 |
| Portfolio Turnover Rate | 0% |
| Total Advisory Fees Paid | $4050 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg Emerging Markets USD Aggregate Bond Index and the ICE BofA BBB & Lower Sovereign USD External Debt Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Emerging Markets Bond Strategy Fund \| Class A \| RYIEX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-27_ar112.jpg)

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments. The Fund's target exposure is achieved through a combination of total return swaps, credit default swaps, and interest rate futures contracts.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYIEX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Emerging Markets Bond Strategy Fund

#### Class C \| RYFTX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Emerging Markets Bond Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $241 | 2.37% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned 3.58%, underperforming the fund's benchmark, the Bloomberg Emerging Markets USD Aggregate Bond Index, which returned 7.43% for the same period and underperforming the fund's secondary index, the ICE BofA BBB & Lower Sovereign USD External Debt Index, which returned 7.24% for the same period.

The fund's broad-based securities market index was changed from the ICE Bank of America BBB & Lower Sovereign USD External Debt Index to the Bloomberg Emerging Markets USD Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The credit default swap spreads of the emerging markets countries were mixed during the period, with the majority of countries experiencing modest moves. Argentina experienced notable credit default swap spread tightening throughout the year. Conversely, Nigeria, Brazil, and Colombia experienced some of the larger increases in credit default swap spreads. Additionally, the State of Qatar was removed from the credit default swap while the Republic of the Ivory Coast was added.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-28_ar111.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 3.58% | 0.25% | 0.32% |
| Class C (with CDSC)<sup>‡</sup> | 2.63% | 0.25% | 0.32% |
| Bloomberg Emerging Markets USD Aggregate Bond Index | 7.43% | 3.13% | 3.21% |
| ICE BofA BBB & Lower Sovereign USD External Debt Index | 7.24% | 3.58% | 2.88% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $389065 |
| Total Number of Portfolio Holdings | 7 |
| Portfolio Turnover Rate | 0% |
| Total Advisory Fees Paid | $4050 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg Emerging Markets USD Aggregate Bond Index and the ICE BofA BBB & Lower Sovereign USD External Debt Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Emerging Markets Bond Strategy Fund \| Class C \| RYFTX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-28_ar112.jpg)

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments. The Fund's target exposure is achieved through a combination of total return swaps, credit default swaps, and interest rate futures contracts.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYFTX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Emerging Markets Bond Strategy Fund

#### Class H \| RYGTX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Emerging Markets Bond Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $164 | 1.60% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned 4.39%, underperforming the fund's benchmark, the Bloomberg Emerging Markets USD Aggregate Bond Index, which returned 7.43% for the same period and underperforming the fund's secondary index, the ICE BofA BBB & Lower Sovereign USD External Debt Index, which returned 7.24% for the same period.

The fund's broad-based securities market index was changed from the ICE Bank of America BBB & Lower Sovereign USD External Debt Index to the Bloomberg Emerging Markets USD Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The credit default swap spreads of the emerging markets countries were mixed during the period, with the majority of countries experiencing modest moves. Argentina experienced notable credit default swap spread tightening throughout the year. Conversely, Nigeria, Brazil, and Colombia experienced some of the larger increases in credit default swap spreads. Additionally, the State of Qatar was removed from the credit default swap while the Republic of the Ivory Coast was added.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-29_ar111.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H | 4.39% | 1.03% | 1.11% |
| Bloomberg Emerging Markets USD Aggregate Bond Index | 7.43% | 3.13% | 3.21% |
| ICE BofA BBB & Lower Sovereign USD External Debt Index | 7.24% | 3.58% | 2.88% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $389065 |
| Total Number of Portfolio Holdings | 7 |
| Portfolio Turnover Rate | 0% |
| Total Advisory Fees Paid | $4050 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg Emerging Markets USD Aggregate Bond Index and the ICE BofA BBB & Lower Sovereign USD External Debt Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Emerging Markets Bond Strategy Fund \| Class H \| RYGTX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-29_ar112.jpg)

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments. The Fund's target exposure is achieved through a combination of total return swaps, credit default swaps, and interest rate futures contracts.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYGTX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Government Long Bond 1.2x Strategy Fund

#### Investor Class \| RYGBX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Government Long Bond 1.2x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Investor Class | $99 | 1.00% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Investor Class shares) returned -2.94%, underperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 4.88% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index, which returned -0.11% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

Yields of long-term Treasury bond prices rose slightly. The market exhibited volatility throughout the year in response to economic data and shifts in expectations regarding Federal Reserve policy decisions. Yields began to decline from their 2024 April levels, which were among the highest of the year, as weaker inflation reports spurred hopes for rate cuts to move up on the calendar. Long-term treasury yields briefly dropped below 4% in late September before rising steadily through year end. The first quarter of 2025 saw the implementation of significant cost cutting measures by the government along with tariffs on our largest and closest trading partners. Uncertainty about the long-term economic impacts of such changes have increased expectations for the Fed to cut rates more aggressively throughout the remainder of 2025.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-12_ar121.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Investor Class | -2.94% | -13.97% | -3.65% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index | -0.11% | -10.12% | -1.63% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $83770846 |
| Total Number of Portfolio Holdings | 7 |
| Portfolio Turnover Rate | 1,616% |
| Total Advisory Fees Paid | $108637 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Government Long Bond 1.2x Strategy Fund \| Investor Class \| RYGBX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-12_ar122.jpg)

#### Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| U.S. Treasury Bonds | 85.3% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 0.6% |
| Guggenheim Strategy Fund II | 0.6% |
| Total | 86.5% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
This is a summary of certain changes to the fund since March 31, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by August 1, 2025 at GuggenheimInvestments.com/services/prospectuses-and-reports or, by calling 800 820 0888.

Effective February 24, 2025, the fund executed a one-for-five reverse split of its issued and outstanding shares. There was no difference in the aggregate value of assets as a result of this reverse split, and the increase in the net asset value of the fund was not considered a taxable event. Please refer to a tax consultant for information regarding taxes.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYGBX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Government Long Bond 1.2x Strategy Fund

#### Class A \| RYABX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Government Long Bond 1.2x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $122 | 1.24% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned -3.14%, underperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 4.88% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index, which returned -0.11% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

Yields of long-term Treasury bond prices rose slightly. The market exhibited volatility throughout the year in response to economic data and shifts in expectations regarding Federal Reserve policy decisions. Yields began to decline from their 2024 April levels, which were among the highest of the year, as weaker inflation reports spurred hopes for rate cuts to move up on the calendar. Long-term treasury yields briefly dropped below 4% in late September before rising steadily through year end. The first quarter of 2025 saw the implementation of significant cost cutting measures by the government along with tariffs on our largest and closest trading partners. Uncertainty about the long-term economic impacts of such changes have increased expectations for the Fed to cut rates more aggressively throughout the remainder of 2025.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-14_ar131.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | -3.14% | -14.22% | -3.90% |
| Class A (with sales charge)<sup>†</sup> | -7.74% | -15.05% | -4.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index | -0.11% | -10.12% | -1.63% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $83770846 |
| Total Number of Portfolio Holdings | 7 |
| Portfolio Turnover Rate | 1,616% |
| Total Advisory Fees Paid | $108637 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Government Long Bond 1.2x Strategy Fund \| Class A \| RYABX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-14_ar132.jpg)

#### Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| U.S. Treasury Bonds | 85.3% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 0.6% |
| Guggenheim Strategy Fund II | 0.6% |
| Total | 86.5% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
This is a summary of certain changes to the fund since March 31, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by August 1, 2025 at GuggenheimInvestments.com/services/prospectuses-and-reports or, by calling 800 820 0888.

Effective February 24, 2025, the fund executed a one-for-five reverse split of its issued and outstanding shares. There was no difference in the aggregate value of assets as a result of this reverse split, and the increase in the net asset value of the fund was not considered a taxable event. Please refer to a tax consultant for information regarding taxes.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYABX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Government Long Bond 1.2x Strategy Fund

#### Class C \| RYCGX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Government Long Bond 1.2x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $196 | 2.00% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned -3.89%, underperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 4.88% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index, which returned -0.11% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

Yields of long-term Treasury bond prices rose slightly. The market exhibited volatility throughout the year in response to economic data and shifts in expectations regarding Federal Reserve policy decisions. Yields began to decline from their 2024 April levels, which were among the highest of the year, as weaker inflation reports spurred hopes for rate cuts to move up on the calendar. Long-term treasury yields briefly dropped below 4% in late September before rising steadily through year end. The first quarter of 2025 saw the implementation of significant cost cutting measures by the government along with tariffs on our largest and closest trading partners. Uncertainty about the long-term economic impacts of such changes have increased expectations for the Fed to cut rates more aggressively throughout the remainder of 2025.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-15_ar121.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | -3.89% | -14.87% | -4.62% |
| Class C (with CDSC)<sup>‡</sup> | -4.82% | -14.87% | -4.62% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index | -0.11% | -10.12% | -1.63% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $83770846 |
| Total Number of Portfolio Holdings | 7 |
| Portfolio Turnover Rate | 1,616% |
| Total Advisory Fees Paid | $108637 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Government Long Bond 1.2x Strategy Fund \| Class C \| RYCGX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-15_ar122.jpg)

#### Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| U.S. Treasury Bonds | 85.3% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 0.6% |
| Guggenheim Strategy Fund II | 0.6% |
| Total | 86.5% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
This is a summary of certain changes to the fund since March 31, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by August 1, 2025 at GuggenheimInvestments.com/services/prospectuses-and-reports or, by calling 800 820 0888.

Effective February 24, 2025, the fund executed a one-for-five reverse split of its issued and outstanding shares. There was no difference in the aggregate value of assets as a result of this reverse split, and the increase in the net asset value of the fund was not considered a taxable event. Please refer to a tax consultant for information regarding taxes.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYCGX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Government Long Bond 1.2x Strategy Fund

#### Class H \| RYHBX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Government Long Bond 1.2x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $123 | 1.25% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned -3.18%, underperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 4.88% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index, which returned -0.11% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

Yields of long-term Treasury bond prices rose slightly. The market exhibited volatility throughout the year in response to economic data and shifts in expectations regarding Federal Reserve policy decisions. Yields began to decline from their 2024 April levels, which were among the highest of the year, as weaker inflation reports spurred hopes for rate cuts to move up on the calendar. Long-term treasury yields briefly dropped below 4% in late September before rising steadily through year end. The first quarter of 2025 saw the implementation of significant cost cutting measures by the government along with tariffs on our largest and closest trading partners. Uncertainty about the long-term economic impacts of such changes have increased expectations for the Fed to cut rates more aggressively throughout the remainder of 2025.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-16_ar121.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H | -3.18% | -14.19% | -3.87% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index | -0.11% | -10.12% | -1.63% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $83770846 |
| Total Number of Portfolio Holdings | 7 |
| Portfolio Turnover Rate | 1,616% |
| Total Advisory Fees Paid | $108637 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Government Long Bond 1.2x Strategy Fund \| Class H \| RYHBX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-16_ar122.jpg)

#### Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| U.S. Treasury Bonds | 85.3% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 0.6% |
| Guggenheim Strategy Fund II | 0.6% |
| Total | 86.5% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
This is a summary of certain changes to the fund since March 31, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by August 1, 2025 at GuggenheimInvestments.com/services/prospectuses-and-reports or, by calling 800 820 0888.

Effective February 24, 2025, the fund executed a one-for-five reverse split of its issued and outstanding shares. There was no difference in the aggregate value of assets as a result of this reverse split, and the increase in the net asset value of the fund was not considered a taxable event. Please refer to a tax consultant for information regarding taxes.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYHBX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse Government Long Bond Strategy Fund

#### Investor Class \| RYJUX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Inverse Government Long Bond Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Investor Class | $514 | 4.95% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Investor Class shares) returned 7.82%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 4.88% for the same period and outperforming the fund's secondary index, the Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index, which returned -0.11% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

Yields of long-term Treasury bond prices rose slightly. The market exhibited volatility throughout the year in response to economic data and shifts in expectations regarding Federal Reserve policy decisions. Yields began to decline from their 2024 April levels, which were among the highest of the year, as weaker inflation reports spurred hopes for rate cuts to move up on the calendar. Long-term treasury yields briefly dropped below 4% in late September before rising steadily through year end. The first quarter of 2025 saw the implementation of significant cost cutting measures by the government along with tariffs on our largest and closest trading partners. Uncertainty about the long-term economic impacts of such changes have increased expectations for the Fed to cut rates more aggressively throughout the remainder of 2025.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-180_ar131.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Investor Class | 7.82% | 12.96% | 1.65% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index | -0.11% | -10.12% | -1.63% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $16311997 |
| Total Number of Portfolio Holdings | 12 |
| Portfolio Turnover Rate | 643% |
| Total Advisory Fees Paid | $134549 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Inverse Government Long Bond Strategy Fund \| Investor Class \| RYJUX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-180_ar132.jpg)

#### Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund II | 21.0% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 20.1% |
| Total | 41.1% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYJUX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse Government Long Bond Strategy Fund

#### Class A \| RYAQX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Inverse Government Long Bond Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $538 | 5.18% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned 7.56%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 4.88% for the same period and outperforming the fund's secondary index, the Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index, which returned -0.11% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

Yields of long-term Treasury bond prices rose slightly. The market exhibited volatility throughout the year in response to economic data and shifts in expectations regarding Federal Reserve policy decisions. Yields began to decline from their 2024 April levels, which were among the highest of the year, as weaker inflation reports spurred hopes for rate cuts to move up on the calendar. Long-term treasury yields briefly dropped below 4% in late September before rising steadily through year end. The first quarter of 2025 saw the implementation of significant cost cutting measures by the government along with tariffs on our largest and closest trading partners. Uncertainty about the long-term economic impacts of such changes have increased expectations for the Fed to cut rates more aggressively throughout the remainder of 2025.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-182_ar131.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 7.56% | 12.68% | 1.40% |
| Class A (with sales charge)<sup>†</sup> | 2.45% | 11.59% | 0.91% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index | -0.11% | -10.12% | -1.63% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $16311997 |
| Total Number of Portfolio Holdings | 12 |
| Portfolio Turnover Rate | 643% |
| Total Advisory Fees Paid | $134549 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Inverse Government Long Bond Strategy Fund \| Class A \| RYAQX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-182_ar132.jpg)

#### Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund II | 21.0% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 20.1% |
| Total | 41.1% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYAQX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse Government Long Bond Strategy Fund

#### Class C \| RYJCX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Inverse Government Long Bond Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $613 | 5.93% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned 6.75%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 4.88% for the same period and outperforming the fund's secondary index, the Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index, which returned -0.11% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

Yields of long-term Treasury bond prices rose slightly. The market exhibited volatility throughout the year in response to economic data and shifts in expectations regarding Federal Reserve policy decisions. Yields began to decline from their 2024 April levels, which were among the highest of the year, as weaker inflation reports spurred hopes for rate cuts to move up on the calendar. Long-term treasury yields briefly dropped below 4% in late September before rising steadily through year end. The first quarter of 2025 saw the implementation of significant cost cutting measures by the government along with tariffs on our largest and closest trading partners. Uncertainty about the long-term economic impacts of such changes have increased expectations for the Fed to cut rates more aggressively throughout the remainder of 2025.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-183_ar131.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 6.75% | 11.84% | 0.64% |
| Class C (with CDSC)<sup>‡</sup> | 5.79% | 11.84% | 0.64% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index | -0.11% | -10.12% | -1.63% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $16311997 |
| Total Number of Portfolio Holdings | 12 |
| Portfolio Turnover Rate | 643% |
| Total Advisory Fees Paid | $134549 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Inverse Government Long Bond Strategy Fund \| Class C \| RYJCX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-183_ar132.jpg)

#### Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund II | 21.0% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 20.1% |
| Total | 41.1% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYJCX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse Government Long Bond Strategy Fund

#### Class H \| RYHJX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Inverse Government Long Bond Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $539 | 5.19% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned 7.56%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 4.88% for the same period and outperforming the fund's secondary index, the Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index, which returned -0.11% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

Yields of long-term Treasury bond prices rose slightly. The market exhibited volatility throughout the year in response to economic data and shifts in expectations regarding Federal Reserve policy decisions. Yields began to decline from their 2024 April levels, which were among the highest of the year, as weaker inflation reports spurred hopes for rate cuts to move up on the calendar. Long-term treasury yields briefly dropped below 4% in late September before rising steadily through year end. The first quarter of 2025 saw the implementation of significant cost cutting measures by the government along with tariffs on our largest and closest trading partners. Uncertainty about the long-term economic impacts of such changes have increased expectations for the Fed to cut rates more aggressively throughout the remainder of 2025.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-184_ar131.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H | 7.56% | 12.73% | 1.44% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index | -0.11% | -10.12% | -1.63% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $16311997 |
| Total Number of Portfolio Holdings | 12 |
| Portfolio Turnover Rate | 643% |
| Total Advisory Fees Paid | $134549 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Inverse Government Long Bond Strategy Fund \| Class H \| RYHJX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-184_ar132.jpg)

#### Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund II | 21.0% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 20.1% |
| Total | 41.1% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYHJX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### High Yield Strategy Fund

#### Class A \| RYHDX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the High Yield Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $158 | 1.53% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned 6.41%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 4.88% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Corporate High Yield Index, which returned 7.69% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Corporate High Yield Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

High yield securities continued to generate positive returns for the reporting period. Over the period risk-assets produced strong returns as robust economic data and multiple rate cuts provided ongoing support for returns. All sectors contributed positively to the Bloomberg U.S. Corporate High Yield Index (the "Index") with notable positive contribution from communications and consumer discretionary. On the ratings side, BB-rated holdings led contribution to the index returns.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-40_ar151.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 6.41% | 4.41% | 3.48% |
| Class A (with sales charge)<sup>†</sup> | 1.35% | 3.40% | 2.98% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| Bloomberg U.S. Corporate High Yield Index | 7.69% | 7.29% | 5.01% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $27871471 |
| Total Number of Portfolio Holdings | 18 |
| Portfolio Turnover Rate | –% |
| Total Advisory Fees Paid | $253680 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Corporate High Yield Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| High Yield Strategy Fund \| Class A \| RYHDX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-40_ar152.jpg)

#### Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund III | 7.1% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 4.8% |
| Guggenheim Strategy Fund II | 4.8% |
| Total | 16.7% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of total return swaps, credit default swaps, and interest rate futures contracts. 

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYHDX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### High Yield Strategy Fund

#### Class C \| RYHHX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the High Yield Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $234 | 2.28% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned 5.62%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 4.88% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Corporate High Yield Index, which returned 7.69% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Corporate High Yield Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

High yield securities continued to generate positive returns for the reporting period. Over the period risk-assets produced strong returns as robust economic data and multiple rate cuts provided ongoing support for returns. All sectors contributed positively to the Bloomberg U.S. Corporate High Yield Index (the "Index") with notable positive contribution from communications and consumer discretionary. On the ratings side, BB-rated holdings led contribution to the index returns.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-41_ar171.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 5.62% | 3.64% | 2.69% |
| Class C (with CDSC)<sup>‡</sup> | 4.65% | 3.64% | 2.69% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| Bloomberg U.S. Corporate High Yield Index | 7.69% | 7.29% | 5.01% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $27871471 |
| Total Number of Portfolio Holdings | 18 |
| Portfolio Turnover Rate | –% |
| Total Advisory Fees Paid | $253680 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Corporate High Yield Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| High Yield Strategy Fund \| Class C \| RYHHX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-41_ar172.jpg)

#### Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund III | 7.1% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 4.8% |
| Guggenheim Strategy Fund II | 4.8% |
| Total | 16.7% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of total return swaps, credit default swaps, and interest rate futures contracts. 

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYHHX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### High Yield Strategy Fund

#### Class H \| RYHGX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the High Yield Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $158 | 1.53% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned 6.41%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 4.88% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Corporate High Yield Index, which returned 7.69% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Corporate High Yield Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

High yield securities continued to generate positive returns for the reporting period. Over the period risk-assets produced strong returns as robust economic data and multiple rate cuts provided ongoing support for returns. All sectors contributed positively to the Bloomberg U.S. Corporate High Yield Index (the "Index") with notable positive contribution from communications and consumer discretionary. On the ratings side, BB-rated holdings led contribution to the index returns.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-42_ar141.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H | 6.41% | 4.43% | 3.45% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| Bloomberg U.S. Corporate High Yield Index | 7.69% | 7.29% | 5.01% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $27871471 |
| Total Number of Portfolio Holdings | 18 |
| Portfolio Turnover Rate | –% |
| Total Advisory Fees Paid | $253680 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Corporate High Yield Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| High Yield Strategy Fund \| Class H \| RYHGX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-42_ar142.jpg)

#### Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund III | 7.1% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 4.8% |
| Guggenheim Strategy Fund II | 4.8% |
| Total | 16.7% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of total return swaps, credit default swaps, and interest rate futures contracts. 

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYHGX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse High Yield Strategy Fund

#### Class A \| RYILX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Inverse High Yield Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $148 | 1.48% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned 0.52%, underperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 4.88% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Corporate High Yield Index, which returned 7.69% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Corporate High Yield Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

High yield securities continued to generate positive returns for the reporting period. Over the period risk-assets produced strong returns as robust economic data and multiple rate cuts provided ongoing support for returns. All sectors contributed positively to the Bloomberg U.S. Corporate High Yield Index (the "Index") with notable positive contribution from communications and consumer discretionary. On the ratings side, BB-rated holdings led contribution to the index returns.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-43_ar121.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 0.52% | -2.81% | -3.52% |
| Class A (with sales charge)<sup>†</sup> | -4.24% | -3.75% | -3.98% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| Bloomberg U.S. Corporate High Yield Index | 7.69% | 7.29% | 5.01% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $3881320 |
| Total Number of Portfolio Holdings | 7 |
| Portfolio Turnover Rate | –% |
| Total Advisory Fees Paid | $33262 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Corporate High Yield Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Inverse High Yield Strategy Fund \| Class A \| RYILX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-43_ar122.jpg)

#### Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund II | 5.9% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 5.8% |
| Total | 11.7% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of credit default swaps and interest rate futures contracts.

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYILX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse High Yield Strategy Fund

#### Class C \| RYIYX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Inverse High Yield Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $225 | 2.25% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned -0.21%, underperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 4.88% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Corporate High Yield Index, which returned 7.69% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Corporate High Yield Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

High yield securities continued to generate positive returns for the reporting period. Over the period risk-assets produced strong returns as robust economic data and multiple rate cuts provided ongoing support for returns. All sectors contributed positively to the Bloomberg U.S. Corporate High Yield Index (the "Index") with notable positive contribution from communications and consumer discretionary. On the ratings side, BB-rated holdings led contribution to the index returns.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-44_ar131.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | -0.21% | -3.53% | -4.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C (with CDSC)<sup>‡</sup> | -1.21% | -3.53% | -4.28% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| Bloomberg U.S. Corporate High Yield Index | 7.69% | 7.29% | 5.01% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $3881320 |
| Total Number of Portfolio Holdings | 7 |
| Portfolio Turnover Rate | –% |
| Total Advisory Fees Paid | $33262 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Corporate High Yield Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Inverse High Yield Strategy Fund \| Class C \| RYIYX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-44_ar132.jpg)

#### Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund II | 5.9% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 5.8% |
| Total | 11.7% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of credit default swaps and interest rate futures contracts.

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYIYX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse High Yield Strategy Fund

#### Class H \| RYIHX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Inverse High Yield Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $150 | 1.50% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned 0.40%, underperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 4.88% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Corporate High Yield Index, which returned 7.69% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Corporate High Yield Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

High yield securities continued to generate positive returns for the reporting period. Over the period risk-assets produced strong returns as robust economic data and multiple rate cuts provided ongoing support for returns. All sectors contributed positively to the Bloomberg U.S. Corporate High Yield Index (the "Index") with notable positive contribution from communications and consumer discretionary. On the ratings side, BB-rated holdings led contribution to the index returns.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-45_ar121.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H | 0.40% | -2.82% | -3.43% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| Bloomberg U.S. Corporate High Yield Index | 7.69% | 7.29% | 5.01% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $3881320 |
| Total Number of Portfolio Holdings | 7 |
| Portfolio Turnover Rate | –% |
| Total Advisory Fees Paid | $33262 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Corporate High Yield Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Inverse High Yield Strategy Fund \| Class H \| RYIHX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-45_ar122.jpg)

#### Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund II | 5.9% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 5.8% |
| Total | 11.7% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of credit default swaps and interest rate futures contracts.

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYIHX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Emerging Markets 2x Strategy Fund

#### Class A \| RYWTX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Emerging Markets 2x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $198 | 1.79% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned 20.96%, outperforming the fund's broad-based securities market index, the MSCI World ex US Index, which returned 2.74% for the same period and outperforming the fund's secondary index, the S&P Emerging 50 ADR Index, which returned 17.60% for the same period.

The fund's broad-based securities market index was changed from the S&P Emerging 50 ADR Index to the MSCI World ex US Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index for the reporting period were broadline retail, semiconductors & semiconductor equipment, and banks. Those that detracted the most were diversified consumer services, beverages, and metals & mining. The holdings that contributed the most to the return of the underlying index were Alibaba Group Holding Ltd. ADR, Taiwan Semiconductor Manufacturing Company, Ltd. ADR, and JD.com ADR. Those that detracted the most were New Oriental Education & Technology Group, Inc. ADR, Fomento Económico Mexicano SAB de CV ADR, and POSCO Holdings, Inc. ADR. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the S&P Emerging Markets 50 ADR Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-46_ar101.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 20.96% | 9.49% | 1.64% |
| Class A (with sales charge)<sup>†</sup> | 15.21% | 8.42% | 1.14% |
| MSCI World ex US Index | 2.74% | 9.41% | 2.78% |
| S&P Emerging 50 ADR Index | 17.60% | 11.07% | 6.06% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $6499710 |
| Total Number of Portfolio Holdings | 55 |
| Portfolio Turnover Rate | 925% |
| Total Advisory Fees Paid | $29663 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The MSCI World ex US Index and the S&P Emerging 50 ADR Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Emerging Markets 2x Strategy Fund \| Class A \| RYWTX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-46_ar102.jpg)

#### Country Diversification<sup>3</sup> (% of Total Investments) as of 3.31.25

---

| | |
|:---|:---|
| **Geographic Region** | **% of Net Assets** |
| United States | 54.7% |
| Taiwan, Province of China | 10.0% |
| Cayman Islands | 9.9% |
| India | 8.0% |
| China | 7.7% |
| Brazil | 5.3% |
| Republic of Korea | 1.7% |
| Other | 2.7% |
| **Total Investments** | 100.0% |

---

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Taiwan Semiconductor Manufacturing Company Ltd. ADR | 9.0% |
| Alibaba Group Holding Ltd. ADR | 7.3% |
| HDFC Bank Ltd. ADR | 3.4% |
| ICICI Bank Ltd. ADR | 2.4% |
| Infosys Ltd. ADR | 2.1% |
| PDD Holdings, Inc. ADR | 2.0% |
| JD.com, Inc. ADR | 1.9% |
| NetEase, Inc. ADR | 1.2% |
| Vale S.A. ADR | 1.2% |
| Trip.com Group Ltd. ADR | 1.1% |
| Top 10 Total | 31.6% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

<sup>3</sup> Country Diversification (% of Total Investments) includes temporary cash investments. 

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYWTX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Emerging Markets 2x Strategy Fund

#### Class C \| RYWUX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Emerging Markets 2x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $279 | 2.54% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned 20.05%, outperforming the fund's broad-based securities market index, the MSCI World ex US Index, which returned 2.74% for the same period and outperforming the fund's secondary index, the S&P Emerging 50 ADR Index, which returned 17.60% for the same period.

The fund's broad-based securities market index was changed from the S&P Emerging 50 ADR Index to the MSCI World ex US Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index for the reporting period were broadline retail, semiconductors & semiconductor equipment, and banks. Those that detracted the most were diversified consumer services, beverages, and metals & mining. The holdings that contributed the most to the return of the underlying index were Alibaba Group Holding Ltd. ADR, Taiwan Semiconductor Manufacturing Company, Ltd. ADR, and JD.com ADR. Those that detracted the most were New Oriental Education & Technology Group, Inc. ADR, Fomento Económico Mexicano SAB de CV ADR, and POSCO Holdings, Inc. ADR. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the S&P Emerging Markets 50 ADR Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-47_ar101.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 20.05% | 8.64% | 0.86% |
| Class C (with CDSC)<sup>‡</sup> | 19.05% | 8.64% | 0.86% |
| MSCI World ex US Index | 2.74% | 9.41% | 2.78% |
| S&P Emerging 50 ADR Index | 17.60% | 11.07% | 6.06% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $6499710 |
| Total Number of Portfolio Holdings | 55 |
| Portfolio Turnover Rate | 925% |
| Total Advisory Fees Paid | $29663 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The MSCI World ex US Index and the S&P Emerging 50 ADR Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Emerging Markets 2x Strategy Fund \| Class C \| RYWUX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-47_ar102.jpg)

#### Country Diversification<sup>3</sup> (% of Total Investments) as of 3.31.25

---

| | |
|:---|:---|
| **Geographic Region** | **% of Net Assets** |
| United States | 54.7% |
| Taiwan, Province of China | 10.0% |
| Cayman Islands | 9.9% |
| India | 8.0% |
| China | 7.7% |
| Brazil | 5.3% |
| Republic of Korea | 1.7% |
| Other | 2.7% |
| **Total Investments** | 100.0% |

---

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Taiwan Semiconductor Manufacturing Company Ltd. ADR | 9.0% |
| Alibaba Group Holding Ltd. ADR | 7.3% |
| HDFC Bank Ltd. ADR | 3.4% |
| ICICI Bank Ltd. ADR | 2.4% |
| Infosys Ltd. ADR | 2.1% |
| PDD Holdings, Inc. ADR | 2.0% |
| JD.com, Inc. ADR | 1.9% |
| NetEase, Inc. ADR | 1.2% |
| Vale S.A. ADR | 1.2% |
| Trip.com Group Ltd. ADR | 1.1% |
| Top 10 Total | 31.6% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

<sup>3</sup> Country Diversification (% of Total Investments) includes temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYWUX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Emerging Markets 2x Strategy Fund

#### Class H \| RYWVX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Emerging Markets 2x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $199 | 1.80% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned 20.75%, outperforming the fund's broad-based securities market index, the MSCI World ex US Index, which returned 2.74% for the same period and outperforming the fund's secondary index, the S&P Emerging 50 ADR Index, which returned 17.60% for the same period.

The fund's broad-based securities market index was changed from the S&P Emerging 50 ADR Index to the MSCI World ex US Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index for the reporting period were broadline retail, semiconductors & semiconductor equipment, and banks. Those that detracted the most were diversified consumer services, beverages, and metals & mining. The holdings that contributed the most to the return of the underlying index were Alibaba Group Holding Ltd. ADR, Taiwan Semiconductor Manufacturing Company, Ltd. ADR, and JD.com ADR. Those that detracted the most were New Oriental Education & Technology Group, Inc. ADR, Fomento Económico Mexicano SAB de CV ADR, and POSCO Holdings, Inc. ADR. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the S&P Emerging Markets 50 ADR Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-48_ar101.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H | 20.75% | 9.40% | 1.58% |
| MSCI World ex US Index | 2.74% | 9.41% | 2.78% |
| S&P Emerging 50 ADR Index | 17.60% | 11.07% | 6.06% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $6499710 |
| Total Number of Portfolio Holdings | 55 |
| Portfolio Turnover Rate | 925% |
| Total Advisory Fees Paid | $29663 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The MSCI World ex US Index and the S&P Emerging 50 ADR Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Emerging Markets 2x Strategy Fund \| Class H \| RYWVX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-48_ar102.jpg)

#### Country Diversification<sup>3</sup> (% of Total Investments) as of 3.31.25

---

| | |
|:---|:---|
| **Geographic Region** | **% of Net Assets** |
| United States | 54.7% |
| Taiwan, Province of China | 10.0% |
| Cayman Islands | 9.9% |
| India | 8.0% |
| China | 7.7% |
| Brazil | 5.3% |
| Republic of Korea | 1.7% |
| Other | 2.7% |
| **Total Investments** | 100.0% |

---

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Taiwan Semiconductor Manufacturing Company Ltd. ADR | 9.0% |
| Alibaba Group Holding Ltd. ADR | 7.3% |
| HDFC Bank Ltd. ADR | 3.4% |
| ICICI Bank Ltd. ADR | 2.4% |
| Infosys Ltd. ADR | 2.1% |
| PDD Holdings, Inc. ADR | 2.0% |
| JD.com, Inc. ADR | 1.9% |
| NetEase, Inc. ADR | 1.2% |
| Vale S.A. ADR | 1.2% |
| Trip.com Group Ltd. ADR | 1.1% |
| Top 10 Total | 31.6% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

<sup>3</sup> Country Diversification (% of Total Investments) includes temporary cash investments. 

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYWVX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse Emerging Markets 2x Strategy Fund

#### Class A \| RYWWX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Inverse Emerging Markets 2x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $150 | 1.76% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned -29.83%, underperforming the fund's broad-based securities market index, the MSCI World ex US Index, which returned 2.74% for the same period and underperforming the fund's secondary index, the S&P Emerging 50 ADR Index, which returned 17.60% for the same period.

The fund's broad-based securities market index was changed from the S&P Emerging 50 ADR Index to the MSCI World ex US Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index for the reporting period were broadline retail, semiconductors & semiconductor equipment, and banks. Those that detracted the most were diversified consumer services, beverages, and metals & mining. The holdings that contributed the most to the return of the underlying index were Alibaba Group Holding Ltd. ADR, Taiwan Semiconductor Manufacturing Company, Ltd. ADR, and JD.com ADR. Those that detracted the most were New Oriental Education & Technology Group, Inc. ADR, Fomento Económico Mexicano SAB de CV ADR, and POSCO Holdings, Inc. ADR. The Fund maintained a daily correlation of over 99% to its benchmark of -200% of the daily price movement of the S&P Emerging Markets 50 ADR Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-50_ar141.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | -29.83% | -29.87% | -22.42% |
| Class A (with sales charge)<sup>†</sup> | -33.19% | -30.55% | -22.79% |
| MSCI World ex US Index | 2.74% | 9.41% | 2.78% |
| S&P Emerging 50 ADR Index | 17.60% | 11.07% | 6.06% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $138332 |
| Total Number of Portfolio Holdings | 4 |
| Portfolio Turnover Rate | –% |
| Total Advisory Fees Paid | $2852 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The MSCI World ex US Index and the S&P Emerging 50 ADR Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Inverse Emerging Markets 2x Strategy Fund \| Class A \| RYWWX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-50_ar142.jpg)

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
This is a summary of certain changes to the fund since March 31, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by August 1, 2025 at GuggenheimInvestments.com/services/prospectuses-and-reports or, by calling 800 820 0888.

Effective February 24, 2025, the fund executed a one-for-twenty reverse split of its issued and outstanding shares. There was no difference in the aggregate value of assets as a result of this reverse split, and the increase in the net asset value of the fund was not considered a taxable event. Please refer to a tax consultant for information regarding taxes.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYWWX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse Emerging Markets 2x Strategy Fund

#### Class C \| RYWZX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Inverse Emerging Markets 2x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $215 | 2.53% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned -30.36%, underperforming the fund's broad-based securities market index, the MSCI World ex US Index, which returned 2.74% for the same period and underperforming the fund's secondary index, the S&P Emerging 50 ADR Index, which returned 17.60% for the same period.

The fund's broad-based securities market index was changed from the S&P Emerging 50 ADR Index to the MSCI World ex US Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index for the reporting period were broadline retail, semiconductors & semiconductor equipment, and banks. Those that detracted the most were diversified consumer services, beverages, and metals & mining. The holdings that contributed the most to the return of the underlying index were Alibaba Group Holding Ltd. ADR, Taiwan Semiconductor Manufacturing Company, Ltd. ADR, and JD.com ADR. Those that detracted the most were New Oriental Education & Technology Group, Inc. ADR, Fomento Económico Mexicano SAB de CV ADR, and POSCO Holdings, Inc. ADR. The Fund maintained a daily correlation of over 99% to its benchmark of -200% of the daily price movement of the S&P Emerging Markets 50 ADR Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-51_ar141.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | -30.36% | -30.25% | -22.82% |
| Class C (with CDSC)<sup>‡</sup> | -31.02% | -30.25% | -22.82% |
| MSCI World ex US Index | 2.74% | 9.41% | 2.78% |
| S&P Emerging 50 ADR Index | 17.60% | 11.07% | 6.06% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $138332 |
| Total Number of Portfolio Holdings | 4 |
| Portfolio Turnover Rate | –% |
| Total Advisory Fees Paid | $2852 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The MSCI World ex US Index and the S&P Emerging 50 ADR Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Inverse Emerging Markets 2x Strategy Fund \| Class C \| RYWZX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-51_ar142.jpg)

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
This is a summary of certain changes to the fund since March 31, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by August 1, 2025 at GuggenheimInvestments.com/services/prospectuses-and-reports or, by calling 800 820 0888.

Effective February 24, 2025, the fund executed a one-for-twenty reverse split of its issued and outstanding shares. There was no difference in the aggregate value of assets as a result of this reverse split, and the increase in the net asset value of the fund was not considered a taxable event. Please refer to a tax consultant for information regarding taxes.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYWZX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse Emerging Markets 2x Strategy Fund

#### Class H \| RYWYX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Inverse Emerging Markets 2x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $146 | 1.72% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned -29.89%, underperforming the fund's broad-based securities market index, the MSCI World ex US Index, which returned 2.74% for the same period and underperforming the fund's secondary index, the S&P Emerging 50 ADR Index, which returned 17.60% for the same period.

The fund's broad-based securities market index was changed from the S&P Emerging 50 ADR Index to the MSCI World ex US Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index for the reporting period were broadline retail, semiconductors & semiconductor equipment, and banks. Those that detracted the most were diversified consumer services, beverages, and metals & mining. The holdings that contributed the most to the return of the underlying index were Alibaba Group Holding Ltd. ADR, Taiwan Semiconductor Manufacturing Company, Ltd. ADR, and JD.com ADR. Those that detracted the most were New Oriental Education & Technology Group, Inc. ADR, Fomento Económico Mexicano SAB de CV ADR, and POSCO Holdings, Inc. ADR. The Fund maintained a daily correlation of over 99% to its benchmark of -200% of the daily price movement of the S&P Emerging Markets 50 ADR Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-52_ar141.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H | -29.89% | -29.64% | -22.30% |
| MSCI World ex US Index | 2.74% | 9.41% | 2.78% |
| S&P Emerging 50 ADR Index | 17.60% | 11.07% | 6.06% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $138332 |
| Total Number of Portfolio Holdings | 4 |
| Portfolio Turnover Rate | –% |
| Total Advisory Fees Paid | $2852 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The MSCI World ex US Index and the S&P Emerging 50 ADR Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Inverse Emerging Markets 2x Strategy Fund \| Class H \| RYWYX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-52_ar142.jpg)

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
This is a summary of certain changes to the fund since March 31, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by August 1, 2025 at GuggenheimInvestments.com/services/prospectuses-and-reports or, by calling 800 820 0888.

Effective February 24, 2025, the fund executed a one-for-twenty reverse split of its issued and outstanding shares. There was no difference in the aggregate value of assets as a result of this reverse split, and the increase in the net asset value of the fund was not considered a taxable event. Please refer to a tax consultant for information regarding taxes.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYWYX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Europe 1.25x Strategy Fund

#### Class A \| RYAEX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Europe 1.25x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $164 | 1.61% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned 4.06%, outperforming the fund's broad-based securities market index, the MSCI World ex US Index, which returned 2.74% for the same period and underperforming the fund's secondary index, the STOXX Europe 50 Index, which returned 5.51% for the same period.

The fund's broad-based securities market index was changed from the STOXX Europe 50 Index to the MSCI World ex US Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index for the reporting period were financials, industrials, and communication services. Those that detracted the most were information technology, consumer discretionary, and health care. The holdings that contributed the most to the return of the underlying index for the reporting period were HSBC Holdings, PLC, SAP SE, and Roche Holding PAR AG. Those that detracted the most were Novo Nordisk, Inc.—Class B, ASML Holding, N.V., and LVMH Moet Hennessy Louis Vuitton SE. The Fund maintained a daily correlation of over 99% to its benchmark of 125% of the daily price movement of the STOXX Europe 50 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-160_ar81.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 4.06% | 14.00% | 4.75% |
| Class A (with sales charge<sup>†</sup> | -0.89% | 12.90% | 4.24% |
| MSCI World ex US Index | 2.74% | 9.41% | 2.78% |
| STOXX Europe 50 Index | 5.51% | 13.29% | 5.99% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $14862295 |
| Total Number of Portfolio Holdings | 58 |
| Portfolio Turnover Rate | 4,585% |
| Total Advisory Fees Paid | $30291 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The MSCI World ex US Index and the STOXX Europe 50 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Europe 1.25x Strategy Fund \| Class A \| RYAEX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-160_ar82.jpg)

#### Country Diversification<sup>3</sup> (% of Total Investments) as of 3.31.25

---

| | |
|:---|:---|
| **Geographic Region** | **% of Net Assets** |
| United States | 55.5% |
| France | 10.6% |
| United Kingdom | 8.5% |
| Switzerland | 8.3% |
| Germany | 6.9% |
| Netherlands | 4.1% |
| Italy | 1.7% |
| Other | 4.4% |
| **Total Investments** | 100.0% |

---

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| SAP SE ADR | 2.0% |
| Nestle S.A. ADR | 2.0% |
| ASML Holding N.V. — Class G | 2.0% |
| Roche Holding AG ADR | 1.7% |
| AstraZeneca plc ADR | 1.7% |
| Shell plc ADR | 1.7% |
| Novo Nordisk A/S ADR | 1.7% |
| Novartis AG ADR | 1.7% |
| HSBC Holdings plc ADR | 1.5% |
| Siemens AG ADR | 1.3% |
| Top 10 Total | 17.3% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of equity futures contracts and currency futures contracts. 

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

<sup>3</sup> Country Diversification (% of Total Investments) includes temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
This is a summary of certain changes to the fund since March 31, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by August 1, 2025 at GuggenheimInvestments.com/services/prospectuses-and-reports or, by calling 800 820 0888.

The fund's (Class A shares) net expense ratio, which reflects expense waivers and/or reimbursements, was 1.61% for the year ended March 31, 2025, a decrease of 0.05% compared to the prior year. The primary driver of the decrease was the impact of a 0.10% voluntary waiver by the adviser, which took effect on August 1, 2024.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYAEX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Europe 1.25x Strategy Fund

#### Class C \| RYCEX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Europe 1.25x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $240 | 2.36% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned 3.27%, outperforming the fund's broad-based securities market index, the MSCI World ex US Index, which returned 2.74% for the same period and underperforming the fund's secondary index, the STOXX Europe 50 Index, which returned 5.51% for the same period.

The fund's broad-based securities market index was changed from the STOXX Europe 50 Index to the MSCI World ex US Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index for the reporting period were financials, industrials, and communication services. Those that detracted the most were information technology, consumer discretionary, and health care. The holdings that contributed the most to the return of the underlying index for the reporting period were HSBC Holdings, PLC, SAP SE, and Roche Holding PAR AG. Those that detracted the most were Novo Nordisk, Inc.—Class B, ASML Holding, N.V., and LVMH Moet Hennessy Louis Vuitton SE. The Fund maintained a daily correlation of over 99% to its benchmark of 125% of the daily price movement of the STOXX Europe 50 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-161_ar81.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 3.27% | 12.98% | 3.92% |
| Class C (with CDSC)<sup>‡</sup> | 2.37% | 12.98% | 3.92% |
| MSCI World ex US Index | 2.74% | 9.41% | 2.78% |
| STOXX Europe 50 Index | 5.51% | 13.29% | 5.99% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $14862295 |
| Total Number of Portfolio Holdings | 58 |
| Portfolio Turnover Rate | 4,585% |
| Total Advisory Fees Paid | $30291 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The MSCI World ex US Index and the STOXX Europe 50 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Europe 1.25x Strategy Fund \| Class C \| RYCEX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-161_ar82.jpg)

#### Country Diversification<sup>3</sup> (% of Total Investments) as of 3.31.25

---

| | |
|:---|:---|
| **Geographic Region** | **% of Net Assets** |
| United States | 55.5% |
| France | 10.6% |
| United Kingdom | 8.5% |
| Switzerland | 8.3% |
| Germany | 6.9% |
| Netherlands | 4.1% |
| Italy | 1.7% |
| Other | 4.4% |
| **Total Investments** | 100.0% |

---

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| SAP SE ADR | 2.0% |
| Nestle S.A. ADR | 2.0% |
| ASML Holding N.V. — Class G | 2.0% |
| Roche Holding AG ADR | 1.7% |
| AstraZeneca plc ADR | 1.7% |
| Shell plc ADR | 1.7% |
| Novo Nordisk A/S ADR | 1.7% |
| Novartis AG ADR | 1.7% |
| HSBC Holdings plc ADR | 1.5% |
| Siemens AG ADR | 1.3% |
| Top 10 Total | 17.3% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of equity futures contracts and currency futures contracts. 

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

<sup>3</sup> Country Diversification (% of Total Investments) includes temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
This is a summary of certain changes to the fund since March 31, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by August 1, 2025 at GuggenheimInvestments.com/services/prospectuses-and-reports or, by calling 800 820 0888.

The fund's (Class C shares) net expense ratio, which reflects expense waivers and/or reimbursements, was 2.36% for the year ended March 31, 2025, a decrease of 0.06% compared to the prior year. The primary driver of the decrease was the impact of a 0.10% voluntary waiver by the adviser, which took effect on August 1, 2024.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYCEX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Europe 1.25x Strategy Fund

#### Class H \| RYEUX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Europe 1.25x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $162 | 1.59% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned 4.08%, outperforming the fund's broad-based securities market index, the MSCI World ex US Index, which returned 2.74% for the same period and underperforming the fund's secondary index, the STOXX Europe 50 Index, which returned 5.51% for the same period.

The fund's broad-based securities market index was changed from the STOXX Europe 50 Index to the MSCI World ex US Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index for the reporting period were financials, industrials, and communication services. Those that detracted the most were information technology, consumer discretionary, and health care. The holdings that contributed the most to the return of the underlying index for the reporting period were HSBC Holdings, PLC, SAP SE, and Roche Holding PAR AG. Those that detracted the most were Novo Nordisk, Inc.—Class B, ASML Holding, N.V., and LVMH Moet Hennessy Louis Vuitton SE. The Fund maintained a daily correlation of over 99% to its benchmark of 125% of the daily price movement of the STOXX Europe 50 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-159_ar81.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H | 4.08% | 13.84% | 4.69% |
| MSCI World ex US Index | 2.74% | 9.41% | 2.78% |
| STOXX Europe 50 Index | 5.51% | 13.29% | 5.99% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $14862295 |
| Total Number of Portfolio Holdings | 58 |
| Portfolio Turnover Rate | 4,585% |
| Total Advisory Fees Paid | $30291 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The MSCI World ex US Index and the STOXX Europe 50 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Europe 1.25x Strategy Fund \| Class H \| RYEUX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-159_ar82.jpg)

#### Country Diversification<sup>3</sup> (% of Total Investments) as of 3.31.25

---

| | |
|:---|:---|
| **Geographic Region** | **% of Net Assets** |
| United States | 55.5% |
| France | 10.6% |
| United Kingdom | 8.5% |
| Switzerland | 8.3% |
| Germany | 6.9% |
| Netherlands | 4.1% |
| Italy | 1.7% |
| Other | 4.4% |
| **Total Investments** | 100.0% |

---

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| SAP SE ADR | 2.0% |
| Nestle S.A. ADR | 2.0% |
| ASML Holding N.V. — Class G | 2.0% |
| Roche Holding AG ADR | 1.7% |
| AstraZeneca plc ADR | 1.7% |
| Shell plc ADR | 1.7% |
| Novo Nordisk A/S ADR | 1.7% |
| Novartis AG ADR | 1.7% |
| HSBC Holdings plc ADR | 1.5% |
| Siemens AG ADR | 1.3% |
| Top 10 Total | 17.3% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of equity futures contracts and currency futures contracts. 

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

<sup>3</sup> Country Diversification (% of Total Investments) includes temporary cash investments.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
This is a summary of certain changes to the fund since March 31, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by August 1, 2025 at GuggenheimInvestments.com/services/prospectuses-and-reports or, by calling 800 820 0888.

The fund's (Class H shares) net expense ratio, which reflects expense waivers and/or reimbursements, was 1.59% for the year ended March 31, 2025, a decrease of 0.10% compared to the prior year. The primary driver of the decrease was the impact of a 0.10% voluntary waiver by the adviser, which took effect on August 1, 2024.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYEUX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Japan 2x Strategy Fund

#### Class A \| RYJSX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Japan 2x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $133 | 1.53% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned -26.07%, underperforming the fund's broad-based securities market index, the MSCI World ex US Index, which returned 2.74% for the same period and underperforming the fund's secondary index, the Nikkei-225 Stock Average Index, which returned -10.45% for the same period.

The fund's broad-based securities market index was changed from the Nikkei-225 Stock Average Index to the MSCI World ex US Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index for the reporting period were financials, communication services, and utilities. Those that detracted the most were information technology, materials, and industrials. The holdings that contributed the most to the return of the underlying index were KONAMI Group Corp., Bandai Namco Holdings, Inc., and Sony Group Corp. Those that detracted the most were Tokyo Electron, Ltd., Lasertec Corp., and Shin-Etsu Chemical Co., Ltd. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the fair value of the Nikkei-225 Stock Average Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-24_ar91.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A (without sales charge) | -26.07% | 5.78% | 3.51% |
| Class A (with sales charge)<sup>†</sup> | -29.59% | 4.76% | 3.01% |
| MSCI World ex US Index | 2.74% | 9.41% | 2.78% |
| Nikkei-225 Stock Average Index | -10.45% | 6.24% | 4.03% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $860400 |
| Total Number of Portfolio Holdings | 6 |
| Portfolio Turnover Rate | –% |
| Total Advisory Fees Paid | $10959 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The MSCI World ex US Index and the Nikkei-225 Stock Average Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Japan 2x Strategy Fund \| Class A \| RYJSX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-24_ar92.jpg)

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of equity futures contracts and currency futures contracts.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYJSX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Japan 2x Strategy Fund

#### Class C \| RYJTX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Japan 2x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $195 | 2.25% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned -26.70%, underperforming the fund's broad-based securities market index, the MSCI World ex US Index, which returned 2.74% for the same period and underperforming the fund's secondary index, the Nikkei-225 Stock Average Index, which returned -10.45% for the same period.

The fund's broad-based securities market index was changed from the Nikkei-225 Stock Average Index to the MSCI World ex US Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index for the reporting period were financials, communication services, and utilities. Those that detracted the most were information technology, materials, and industrials. The holdings that contributed the most to the return of the underlying index were KONAMI Group Corp., Bandai Namco Holdings, Inc., and Sony Group Corp. Those that detracted the most were Tokyo Electron, Ltd., Lasertec Corp., and Shin-Etsu Chemical Co., Ltd. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the fair value of the Nikkei-225 Stock Average Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-25_ar91.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | -26.70% | 4.98% | 2.73% |
| Class C (with CDSC)<sup>‡</sup> | -27.40% | 4.98% | 2.73% |
| MSCI World ex US Index | 2.74% | 9.41% | 2.78% |
| Nikkei-225 Stock Average Index | -10.45% | 6.24% | 4.03% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $860400 |
| Total Number of Portfolio Holdings | 6 |
| Portfolio Turnover Rate | –% |
| Total Advisory Fees Paid | $10959 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The MSCI World ex US Index and the Nikkei-225 Stock Average Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Japan 2x Strategy Fund \| Class C \| RYJTX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-25_ar92.jpg)

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of equity futures contracts and currency futures contracts.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYJTX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Japan 2x Strategy Fund

#### Class H \| RYJHX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Japan 2x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $133 | 1.53% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned -26.07%, underperforming the fund's broad-based securities market index, the MSCI World ex US Index, which returned 2.74% for the same period and underperforming the fund's secondary index, the Nikkei-225 Stock Average Index, which returned -10.45% for the same period.

The fund's broad-based securities market index was changed from the Nikkei-225 Stock Average Index to the MSCI World ex US Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The sectors that contributed the most to the return of the underlying index for the reporting period were financials, communication services, and utilities. Those that detracted the most were information technology, materials, and industrials. The holdings that contributed the most to the return of the underlying index were KONAMI Group Corp., Bandai Namco Holdings, Inc., and Sony Group Corp. Those that detracted the most were Tokyo Electron, Ltd., Lasertec Corp., and Shin-Etsu Chemical Co., Ltd. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the fair value of the Nikkei-225 Stock Average Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-26_ar91.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H | -26.07% | 5.79% | 3.55% |
| MSCI World ex US Index | 2.74% | 9.41% | 2.78% |
| Nikkei-225 Stock Average Index | -10.45% | 6.24% | 4.03% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $860400 |
| Total Number of Portfolio Holdings | 6 |
| Portfolio Turnover Rate | –% |
| Total Advisory Fees Paid | $10959 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The MSCI World ex US Index and the Nikkei-225 Stock Average Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Japan 2x Strategy Fund \| Class H \| RYJHX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-26_ar92.jpg)

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of equity futures contracts and currency futures contracts.

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYJHX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Strengthening Dollar 2x Strategy Fund

#### Class A \| RYSDX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Strengthening Dollar 2x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $196 | 1.92% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned 4.61%, underperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 4.88% for the same period and outperforming the fund's secondary index, the U.S. Dollar Index, which returned -0.33% for the same period.

The fund's broad-based securities market index was changed from the U.S. Dollar Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The Canadian dollar contributed the most to the return of the underlying index for the reporting period. The British pound, Swedish krona and euro detracted the most from the DXY during the one-year period ended 3/31/2025. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the U.S. Dollar Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-114_ar91.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 4.61% | 4.04% | 2.42% |
| Class A (with sales charge)<sup>†</sup> | -0.35% | 3.03% | 1.92% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| U.S. Dollar Index | -0.33% | 1.02% | 0.58% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $2176180 |
| Total Number of Portfolio Holdings | 5 |
| Portfolio Turnover Rate | –% |
| Total Advisory Fees Paid | $24900 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the U.S. Dollar Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Strengthening Dollar 2x Strategy Fund \| Class A \| RYSDX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-114_ar92.jpg)

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of total return swaps and futures contracts. 

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYSDX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Strengthening Dollar 2x Strategy Fund

#### Class C \| RYSJX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Strengthening Dollar 2x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $272 | 2.67% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned 3.83%, underperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 4.88% for the same period and outperforming the fund's secondary index, the U.S. Dollar Index, which returned -0.33% for the same period.

The fund's broad-based securities market index was changed from the U.S. Dollar Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The Canadian dollar contributed the most to the return of the underlying index for the reporting period. The British pound, Swedish krona and euro detracted the most from the DXY during the one-year period ended 3/31/2025. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the U.S. Dollar Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-115_ar91.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 3.83% | 3.26% | 1.66% |
| Class C (with CDSC)<sup>‡</sup> | 2.83% | 3.26% | 1.66% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| U.S. Dollar Index | -0.33% | 1.02% | 0.58% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $2176180 |
| Total Number of Portfolio Holdings | 5 |
| Portfolio Turnover Rate | –% |
| Total Advisory Fees Paid | $24900 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the U.S. Dollar Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Strengthening Dollar 2x Strategy Fund \| Class C \| RYSJX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-115_ar92.jpg)

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of total return swaps and futures contracts. 

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYSJX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Strengthening Dollar 2x Strategy Fund

#### Class H \| RYSBX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Strengthening Dollar 2x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $195 | 1.91% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned 4.61%, underperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 4.88% for the same period and outperforming the fund's secondary index, the U.S. Dollar Index, which returned -0.33% for the same period.

The fund's broad-based securities market index was changed from the U.S. Dollar Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The Canadian dollar contributed the most to the return of the underlying index for the reporting period. The British pound, Swedish krona and euro detracted the most from the DXY during the one-year period ended 3/31/2025. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the U.S. Dollar Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-113_ar91.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H | 4.61% | 4.05% | 2.42% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| U.S. Dollar Index | -0.33% | 1.02% | 0.58% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $2176180 |
| Total Number of Portfolio Holdings | 5 |
| Portfolio Turnover Rate | –% |
| Total Advisory Fees Paid | $24900 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the U.S. Dollar Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Strengthening Dollar 2x Strategy Fund \| Class H \| RYSBX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-113_ar92.jpg)

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of total return swaps and futures contracts. 

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYSBX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Weakening Dollar 2x Strategy Fund

#### Class A \| RYWDX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Weakening Dollar 2x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $192 | 1.92% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned -0.25%, underperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 4.88% for the same period and outperforming the fund's secondary index, the U.S. Dollar Index, which returned -0.33% for the same period.

The fund's broad-based securities market index was changed from the U.S. Dollar Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The Canadian dollar contributed the most to the return of the underlying index for the reporting period. The British pound, Swedish krona and euro detracted the most from the DXY during the one-year period ended 3/31/2025. The Fund maintained a daily correlation of over 99% to its benchmark of -200% of the daily price movement of the U.S. Dollar Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-170_ar111.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | -0.25% | -4.21% | -4.04% |
| Class A (with sales charge)<sup>†</sup> | -4.98% | -5.14% | -4.51% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| U.S. Dollar Index | -0.33% | 1.02% | 0.58% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $1107081 |
| Total Number of Portfolio Holdings | 5 |
| Portfolio Turnover Rate | –% |
| Total Advisory Fees Paid | $10009 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the U.S. Dollar Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Weakening Dollar 2x Strategy Fund \| Class A \| RYWDX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-170_ar112.jpg)

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of total return swaps and futures contracts. 

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
This is a summary of certain changes to the fund since March 31, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by August 1, 2025 at GuggenheimInvestments.com/services/prospectuses-and-reports or, by calling 800 820 0888.

Effective February 24, 2025, the fund executed a one-for-three reverse split of its issued and outstanding shares. There was no difference in the aggregate value of assets as a result of this reverse split, and the increase in the net asset value of the fund was not considered a taxable event. Please refer to a tax consultant for information regarding taxes.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYWDX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Weakening Dollar 2x Strategy Fund

#### Class C \| RYWJX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Weakening Dollar 2x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $271 | 2.73% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned -1.14%, underperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 4.88% for the same period and underperforming the fund's secondary index, the U.S. Dollar Index, which returned -0.33% for the same period.

The fund's broad-based securities market index was changed from the U.S. Dollar Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The Canadian dollar contributed the most to the return of the underlying index for the reporting period. The British pound, Swedish krona and euro detracted the most from the DXY during the one-year period ended 3/31/2025. The Fund maintained a daily correlation of over 99% to its benchmark of -200% of the daily price movement of the U.S. Dollar Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-171_ar121.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | -1.14% | -4.98% | -4.79% |
| Class C (with CDSC)<sup>‡</sup> | -2.08% | -4.98% | -4.79% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| U.S. Dollar Index | -0.33% | 1.02% | 0.58% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $1107081 |
| Total Number of Portfolio Holdings | 5 |
| Portfolio Turnover Rate | –% |
| Total Advisory Fees Paid | $10009 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the U.S. Dollar Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Weakening Dollar 2x Strategy Fund \| Class C \| RYWJX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-171_ar122.jpg)

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of total return swaps and futures contracts. 

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
This is a summary of certain changes to the fund since March 31, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by August 1, 2025 at GuggenheimInvestments.com/services/prospectuses-and-reports or, by calling 800 820 0888.

The fund's (Class C shares) net expense ratio, which reflects expense waivers and/or reimbursements, was 2.73% for the year ended March 31, 2025, an increase of 0.27% compared to the prior year. The primary driver of the increase was the fluctuation of the average net assets and average shares outstanding of the Class. The fund is designed and operated to acommodate frequent trading by shareholders and, unlike most mutual funds, offers unlimited exchange privileges with no minimum holding periods or transactions fees.

Effective February 24, 2025, the fund executed a one-for-three reverse split of its issued and outstanding shares. There was no difference in the aggregate value of assets as a result of this reverse split, and the increase in the net asset value of the fund was not considered a taxable event. Please refer to a tax consultant for information regarding taxes.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYWJX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Weakening Dollar 2x Strategy Fund

#### Class H \| RYWBX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the Weakening Dollar 2x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $191 | 1.91% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned -0.24%, underperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 4.88% for the same period and outperforming the fund's secondary index, the U.S. Dollar Index, which returned -0.33% for the same period.

The fund's broad-based securities market index was changed from the U.S. Dollar Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

**What factors materially affected the fund's performance over the last year?**

The Canadian dollar contributed the most to the return of the underlying index for the reporting period. The British pound, Swedish krona and euro detracted the most from the DXY during the one-year period ended 3/31/2025. The Fund maintained a daily correlation of over 99% to its benchmark of -200% of the daily price movement of the U.S. Dollar Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092701-169_ar111.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H | -0.24% | -4.21% | -4.05% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| U.S. Dollar Index | -0.33% | 1.02% | 0.58% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $1107081 |
| Total Number of Portfolio Holdings | 5 |
| Portfolio Turnover Rate | –% |
| Total Advisory Fees Paid | $10009 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the U.S. Dollar Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Weakening Dollar 2x Strategy Fund \| Class H \| RYWBX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-169_ar112.jpg)

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of total return swaps and futures contracts. 

#### What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
This is a summary of certain changes to the fund since March 31, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by August 1, 2025 at GuggenheimInvestments.com/services/prospectuses-and-reports or, by calling 800 820 0888.

Effective February 24, 2025, the fund executed a one-for-three reverse split of its issued and outstanding shares. There was no difference in the aggregate value of assets as a result of this reverse split, and the increase in the net asset value of the fund was not considered a taxable event. Please refer to a tax consultant for information regarding taxes.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYWBX-033125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### U.S. Government Money Market Fund

#### Money Market Class \| RYFXX
Annual Shareholder Report \| 3.31.25

This annual shareholder report contains important information about the U.S. Government Money Market Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### This report describes changes to the fund that occurred during the reporting period.

#### What were the fund costs for the last year?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Money Market Class | $107 | 1.05% |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any.

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Money Market Class shares) returned 3.98%.

**What factors materially affected the fund's performance over the last year?**

Solid economic data dampened rate-cut expectations and inflation remained above the U.S. Federal Reserve's (the "Fed") target level. At its June 2024 meeting, the Fed noted that economic activity continued to expand at a solid pace, but that inflation remained elevated. In September the Fed decreased its key Fed Funds rate by 50 basis-points citing restrictive monetary policy and the need to support economic momentum. This was followed by two additional 25 basis-point cuts through year end. The first quarter of 2025 saw the implementation of significant cost cutting measures by the government along with discussions on increasing tariffs. Uncertainty about the economic impacts of such changes has resulted in the market pricing in three 25 basis point rate cuts for the remainder of 2025.

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| U.S. Government Money Market Fund | 3.98% | 2.03% | 1.24% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $288419958 |
| Total Number of Portfolio Holdings | 18 |
| Total Advisory Fees Paid | $1317888 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| U.S. Government Money Market Fund \| Money Market Class \| RYFXX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092701-6_ar131.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

#### How has the fund changed over the reporting period?
There were no material changes for the period.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYFXX-033125

**Guggenheim Investments**<sub>2</sub>

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.**

The registrant's Board of Trustees has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. No substantive amendments were approved or waivers were granted to the code of ethics during the period covered by this report. The code of ethics is filed as an exhibit to this Form N-CSR.

**Item 3. Audit Committee Financial Expert.**

The registrant's Board of Trustees has determined that it has at least one audit committee financial expert serving on its audit committee (the "Audit Committee"), Sandra G. Sponem. Ms. Sponem is "independent," meaning that she is not an "interested person" of the registrant (as that term is defined in Section 2(a)(19) of the Investment Company Act) and she does not accept any consulting, advisory, or other compensatory fee from the registrant (except in her capacity as a Board or committee member).

(Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as amended, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the Audit Committee and Board of Trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations or liability of any other member of the audit committee or Board of Trustees.)

**Item 4. Principal Accountant Fees and Services.**

(a)&nbsp;&nbsp;&nbsp;&nbsp; <u>Audit Fees.</u> The aggregate Audit Fees billed by the registrant's principal accountant for professional services rendered for the audit of the annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for the fiscal years ended March 31, 2025 and March 31, 2024 were $933,342 and $919,853, respectively.

(b)&nbsp;&nbsp;&nbsp;&nbsp; <u>Audit Related Fees.</u> The aggregate Audit-Related Fees billed by the registrant's principal accountant for assurance and related services that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item for the fiscal years ended March 31, 2025 and March 31, 2024 were $0 and $0, respectively.

(c)&nbsp;&nbsp;&nbsp;&nbsp; <u>Tax Fees:</u> The aggregate Tax Fees billed by the registrant's principal accountant for professional services rendered for tax compliance, tax advice, and tax planning, including preparation of tax returns and distribution assistance, for the fiscal years ended March 31, 2025 and March 31, 2024 were $464,374 and $439,140, respectively. These services consisted of (i) preparation of U.S. federal, state and excise tax returns; (ii) U.S. federal and state tax planning, advice and assistance regarding statutory, regulatory or administrative developments, (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired and (iv) review of U.S. federal excise distribution calculations.

(d) &nbsp;&nbsp;&nbsp;&nbsp; <u>All Other Fees.</u> The aggregate All Other Fees billed by the registrant's principal accountant for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item, for the fiscal years ended March 31, 2025 and March 31, 2024 were $0 and $0, respectively.

(e)&nbsp;&nbsp;&nbsp;&nbsp; <u>Audit Committee Pre-Approval Policies and Procedures.</u>

(1) The registrant's pre-approval policy requires the Audit Committee to pre-approve any engagement of the registrant's independent auditors to provide any services, other than "prohibited non-audit services," to the registrant, including the fees and other compensation to be paid to the independent auditors (unless an exception is available under Rule 2-01 of Regulation S-X). The independent auditors or the Chief Accounting Officer of the registrant (or an officer of the registrant who reports to the Chief Accounting Officer) report to the Audit Committee at each of its regular scheduled meetings all audit, audit-related and permissible non-audit services initiated since the last such report (unless the services were contained in the initial audit plan, as previously presented to, and approved by, the Audit Committee). The report includes a general description of the services and projected fees, and the means by which such services were approved by the Audit Committee. The Audit Committee is also required to pre-approve any engagement of the registrant's independent auditors, including the fees and other compensation to be paid to the independent auditors, to provide any non-audit services to the registrant's investment adviser (or any "control affiliate" of the investment adviser providing ongoing services to the registrant), if the engagement relates directly to the operations or financial reporting of the registrant (unless an exception is available under Rule 2-01 of Regulation S-X).

(2) None of the services described in each of Items 4(b) through (d) were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) &nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(g) &nbsp;&nbsp;&nbsp;&nbsp; <u>Non-Audit Fees.</u> The aggregate non-audit fees billed by the registrant's accountant for the most recent fiscal year and the preceding fiscal year for services rendered to the registrant, the investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant were $464,374 and $439,140, respectively. These aggregate fees were less than the aggregate fees billed for the same periods by the registrant's principal accountant for audit services rendered to the registrant, the investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

(h) &nbsp;&nbsp;&nbsp;&nbsp; <u>Auditor Independence.</u> The registrant's Audit Committee was provided with information relating to the provision of non-audit services by Ernst & Young, LLP to the registrant's investment adviser (not including any sub adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved by the Audit Committee so that a determination could be made whether the provision of such services is compatible with maintaining Ernst & Young, LLP's independence.

(i)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(j)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not required at this time**.**

**Item 6. Investments.**

(a) The Schedule of Investments is included under Item 7 of this Form.

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

![](fp0092701-206_i.jpg)<br>

**3.31.2025** 

**Rydex Funds Annual Financial Report**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Sector Funds** | &nbsp;&nbsp;**Domestic Equity Funds** |
| &nbsp;&nbsp;**Banking Fund** | &nbsp;&nbsp;**Dow Jones Industrial Average<sup>®</sup>** **Fund** |
| &nbsp;&nbsp;**Basic Materials Fund** | &nbsp;&nbsp;**Mid-Cap 1.5x Strategy Fund** |
| &nbsp;&nbsp;**Biotechnology Fund** | &nbsp;&nbsp;**Inverse Mid-Cap Strategy Fund** |
| &nbsp;&nbsp;**Consumer Products Fund** | &nbsp;&nbsp;**Monthly Rebalance NASDAQ-100<sup>®</sup>** **2x Strategy Fund** |
| &nbsp;&nbsp;**Electronics Fund** | &nbsp;&nbsp;**NASDAQ-100<sup>®</sup>** **Fund** |
| &nbsp;&nbsp;**Energy Fund** | &nbsp;&nbsp;**Inverse NASDAQ-100<sup>®</sup>** **Strategy Fund** |
| &nbsp;&nbsp;**Energy Services Fund** | &nbsp;&nbsp;**Russell 2000<sup>®</sup>** **1.5x Strategy Fund** |
| &nbsp;&nbsp;**Financial Services Fund** | &nbsp;&nbsp;**Russell 2000<sup>®</sup>** **Fund** |
| &nbsp;&nbsp;**Health Care Fund** | &nbsp;&nbsp;**Inverse Russell 2000<sup>®</sup>** **Strategy Fund** |
| &nbsp;&nbsp;**Internet Fund** | &nbsp;&nbsp;**Nova Fund** |
| &nbsp;&nbsp;**Leisure Fund** | &nbsp;&nbsp;**S&P 500<sup>®</sup>** **Fund** |
| &nbsp;&nbsp;**Precious Metals Fund** | &nbsp;&nbsp;**Inverse S&P 500<sup>®</sup>** **Strategy Fund** |
| &nbsp;&nbsp;**Real Estate Fund** | &nbsp;&nbsp;**S&P 500<sup>®</sup>** **Pure Growth Fund** |
| &nbsp;&nbsp;**Retailing Fund** | &nbsp;&nbsp;**S&P 500<sup>®</sup>** **Pure Value Fund** |
| &nbsp;&nbsp;**Technology Fund** | &nbsp;&nbsp;**S&P MidCap 400<sup>®</sup>** **Pure Growth Fund** |
| &nbsp;&nbsp;**Telecommunications Fund** | &nbsp;&nbsp;**S&P MidCap 400<sup>®</sup>** **Pure Value Fund** |
| &nbsp;&nbsp;**Transportation Fund** | &nbsp;&nbsp;**S&P SmallCap 600<sup>®</sup>** **Pure Growth Fund** |
| &nbsp;&nbsp;**Utilities Fund** | &nbsp;&nbsp;**S&P SmallCap 600<sup>®</sup>** **Pure Value Fund** |
| &nbsp;&nbsp;**Fixed Income Funds** | &nbsp;&nbsp;**International Equity Funds** |
| &nbsp;&nbsp;**Emerging Markets Bond Strategy Fund** | &nbsp;&nbsp;**Emerging Markets 2x Strategy Fund** |
| &nbsp;&nbsp;**Government Long Bond 1.2x Strategy Fund** | &nbsp;&nbsp;**Inverse Emerging Markets 2x Strategy Fund** |
| &nbsp;&nbsp;**Inverse Government Long Bond Strategy Fund** | &nbsp;&nbsp;**Europe 1.25x Strategy Fund** |
| &nbsp;&nbsp;**High Yield Strategy Fund** | &nbsp;&nbsp;**Japan 2x Strategy Fund** |
| &nbsp;&nbsp;**Inverse High Yield Strategy Fund** |  |
| &nbsp;&nbsp;**Specialty Funds** | &nbsp;&nbsp;**Money Market Fund** |
| &nbsp;&nbsp;**Strengthening Dollar 2x Strategy Fund** | &nbsp;&nbsp;**U.S. Government Money Market Fund** |
| &nbsp;&nbsp;**Weakening Dollar 2x Strategy Fund** |  |

---

**GuggenheimInvestments.com**<br>

This report and the financial statements contained herein are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

Distributed by Guggenheim Funds Distributors, LLC.

**TABLE OF CONTENTS** <br>

---

| | |
|:---|:---|
| Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Financial Report) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BANKING FUND  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;BASIC MATERIALS FUND  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;BIOTECHNOLOGY FUND  | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;CONSUMER PRODUCTS FUND  | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;ELECTRONICS FUND  | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;ENERGY FUND  | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;ENERGY SERVICES FUND  | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL SERVICES FUND  | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;HEALTH CARE FUND  | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;INTERNET FUND  | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;LEISURE FUND  | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRECIOUS METALS FUND  | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;REAL ESTATE FUND  | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;RETAILING FUND  | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;TECHNOLOGY FUND  | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;TELECOMMUNICATIONS FUND  | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;TRANSPORTATION FUND  | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;UTILITIES FUND  | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;DOW JONES INDUSTRIAL AVERAGE<sup>®</sup> FUND  | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;MID-CAP 1.5x STRATEGY FUND  | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;INVERSE MID-CAP STRATEGY FUND  | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;MONTHLY REBALANCE NASDAQ-100<sup>®</sup> 2x STRATEGY FUND  | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;NASDAQ-100<sup>®</sup> FUND  | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;INVERSE NASDAQ-100<sup>®</sup> STRATEGY FUND  | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;RUSSELL 2000<sup>®</sup> 1.5x STRATEGY FUND  | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;RUSSELL 2000<sup>®</sup> FUND  | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;INVERSE RUSSELL 2000<sup>®</sup> STRATEGY FUND  | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;NOVA FUND  | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> FUND  | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;INVERSE S&P 500<sup>®</sup> STRATEGY FUND  | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> PURE GROWTH FUND  | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> PURE VALUE FUND  | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P MIDCAP 400<sup>®</sup> PURE GROWTH FUND  | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P MIDCAP 400<sup>®</sup> PURE VALUE FUND  | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P SMALLCAP 600<sup>®</sup> PURE GROWTH FUND  | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P SMALLCAP 600<sup>®</sup> PURE VALUE FUND  | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;EMERGING MARKETS BOND STRATEGY FUND  | 306 |

---

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 1

**TABLE OF CONTENTS** (concluded)<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;GOVERNMENT LONG BOND 1.2x STRATEGY FUND  | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;INVERSE GOVERNMENT LONG BOND STRATEGY FUND  | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;HIGH YIELD STRATEGY FUND  | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;INVERSE HIGH YIELD STRATEGY FUND  | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;EMERGING MARKETS 2x STRATEGY FUND  | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;INVERSE EMERGING MARKETS 2x STRATEGY FUND  | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;EUROPE 1.25x STRATEGY FUND  | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;JAPAN 2x STRATEGY FUND  | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;STRENGTHENING DOLLAR 2x STRATEGY FUND  | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;WEAKENING DOLLAR 2x STRATEGY FUND  | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. GOVERNMENT MONEY MARKET FUND  | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;NOTES TO FINANCIAL STATEMENTS  | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM  | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;OTHER INFORMATION  | 416 |
| ITEM 8: CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES  | 420 |
| ITEM 9: PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES  | 421 |
| ITEM 10: RENUMERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES  | 422 |
| ITEM 11: STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT  | 423 |

---

2 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **BANKING FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 98.5%** | **COMMON STOCKS<sup>†</sup>** **- 98.5%** | **COMMON STOCKS<sup>†</sup>** **- 98.5%** |
| **Banks - 91.5%** | **Banks - 91.5%** | **Banks - 91.5%** |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 4369 | $1071716 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 25011 | 1043709 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 14589 | 1035673 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 14415 | 1034853 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | 4678 | 822252 |
| &nbsp;&nbsp;&nbsp;U.S. Bancorp | 18802 | 793820 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 9196 | 771269 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 17544 | 721936 |
| &nbsp;&nbsp;&nbsp;NU Holdings Limited/Cayman Islands — Class A\* | 64513 | 660613 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | 2973 | 531424 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 12850 | 503720 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | 5518 | 494027 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 30802 | 462338 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 20104 | 436860 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 4282 | 422419 |
| &nbsp;&nbsp;&nbsp;KeyCorp | 26102 | 417371 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | 9835 | 402940 |
| &nbsp;&nbsp;&nbsp;ICICI Bank Ltd. ADR | 12308 | 387948 |
| &nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | 5560 | 369406 |
| &nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | 3902 | 350244 |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank | 5498 | 329550 |
| &nbsp;&nbsp;&nbsp;First Horizon Corp. | 16175 | 314119 |
| &nbsp;&nbsp;&nbsp;Popular, Inc. | 3281 | 303066 |
| &nbsp;&nbsp;&nbsp;SouthState Corp. | 3253 | 301943 |
| &nbsp;&nbsp;&nbsp;Webster Financial Corp. | 5749 | 296361 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada | 2503 | 282138 |
| &nbsp;&nbsp;&nbsp;Commerce Bancshares, Inc. | 4523 | 281466 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorporation | 3621 | 278201 |
| &nbsp;&nbsp;&nbsp;Comerica, Inc. | 4628 | 273330 |
| &nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | 2152 | 269430 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp North America | 5391 | 268795 |
| &nbsp;&nbsp;&nbsp;Bank of Nova Scotia | 5547 | 263094 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp | 12161 | 257692 |
| &nbsp;&nbsp;&nbsp;Prosperity Bancshares, Inc. | 3509 | 250437 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | 2470 | 249717 |
| &nbsp;&nbsp;&nbsp;Synovus Financial Corp. | 5339 | 249545 |
| &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | 2331 | 247179 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc. — Class A | 132 | 244744 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | 2123 | 238753 |
| &nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce | 4185 | 235616 |
| &nbsp;&nbsp;&nbsp;Barclays plc ADR<sup>1</sup> | 15270 | 234547 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | 7551 | 229248 |
| &nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | 8995 | 224335 |
| &nbsp;&nbsp;&nbsp;United Bankshares, Inc. | 6191 | 214642 |
| &nbsp;&nbsp;&nbsp;FNB Corp. | 15936 | 214339 |
| &nbsp;&nbsp;&nbsp;Bank of Montreal | 2217 | 211746 |
| &nbsp;&nbsp;&nbsp;Bank OZK | 4829 | 209820 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | 3967 | 208069 |
| &nbsp;&nbsp;&nbsp;Valley National Bancorp | 22856 | 203190 |
| &nbsp;&nbsp;&nbsp;First Financial Bankshares, Inc. | 5644 | 202732 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings plc ADR<sup>1</sup> | 3529 | 202670 |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp. | 8411 | 189500 |
| &nbsp;&nbsp;&nbsp;International Bancshares Corp. | 2938 | 185270 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc.\* | 2436 | 181969 |
| &nbsp;&nbsp;&nbsp;Fulton Financial Corp. | 9802 | 177318 |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Galicia S.A. ADR\* | 3251 | 177082 |
| &nbsp;&nbsp;&nbsp;Eastern Bankshares, Inc. | 10789 | 176940 |
| &nbsp;&nbsp;&nbsp;Banco Bradesco S.A. ADR | 77017 | 171748 |
| &nbsp;&nbsp;&nbsp;UBS Group AG | 5587 | 171130 |
| &nbsp;&nbsp;&nbsp;First Hawaiian, Inc. | 6927 | 169296 |
| &nbsp;&nbsp;&nbsp;Cathay General Bancorp | 3837 | 165106 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp. | 2525 | 158191 |
| &nbsp;&nbsp;&nbsp;Simmons First National Corp. — Class A | 7518 | 154345 |
| &nbsp;&nbsp;&nbsp;First Interstate BancSystem, Inc. — Class A | 5359 | 153535 |
| &nbsp;&nbsp;&nbsp;Bancorp, Inc.\* | 2898 | 153130 |
| &nbsp;&nbsp;&nbsp;CVB Financial Corp. | 8097 | 149471 |
| &nbsp;&nbsp;&nbsp;First Financial Bancorp | 5920 | 147882 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corporation of Florida | 5505 | 141644 |
| &nbsp;&nbsp;&nbsp;Banner Corp. | 2214 | 141187 |
| &nbsp;&nbsp;&nbsp;BOK Financial Corp. | 912 | 94985 |
| **Total Banks** |  | 23584781 |
| **Savings & Loans - 3.8%** | **Savings & Loans - 3.8%** | **Savings & Loans - 3.8%** |
| &nbsp;&nbsp;&nbsp;Flagstar Financial, Inc. | 16560 | 192427 |
| &nbsp;&nbsp;&nbsp;Axos Financial, Inc.\* | 2873 | 185366 |
| &nbsp;&nbsp;&nbsp;WSFS Financial Corp. | 3263 | 169252 |
| &nbsp;&nbsp;&nbsp;WaFd, Inc. | 5197 | 148530 |
| &nbsp;&nbsp;&nbsp;Banc of California, Inc. | 9743 | 138253 |
| &nbsp;&nbsp;&nbsp;Pacific Premier Bancorp, Inc. | 6375 | 135915 |
| **Total Savings & Loans** |  | 969743 |
| **Diversified Financial Services - 3.2%** | **Diversified Financial Services - 3.2%** | **Diversified Financial Services - 3.2%** |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 4593 | 823525 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $24,199,959) |  | 25378049 |
| **PREFERRED STOCKS<sup>†</sup>** **- 1.0%** | **PREFERRED STOCKS<sup>†</sup>** **- 1.0%** | **PREFERRED STOCKS<sup>†</sup>** **- 1.0%** |
| **Banks - 1.0%** | **Banks - 1.0%** | **Banks - 1.0%** |
| Itau Unibanco Holding S.A. | Itau Unibanco Holding S.A. | Itau Unibanco Holding S.A. |
| &nbsp;&nbsp;&nbsp;ADR | 43758 | 240667 |
| **Total Preferred Stocks** | **Total Preferred Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $197,412) |  | 240667 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.1%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.1%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.1%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25 | $13810 | 13810 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25 | 10584 | 10584 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $24,394) |  | 24394 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 3

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **BANKING FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.8%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.8%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.8%** |
| **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.27%<sup>4</sup> | 214346 | $214346 |
| **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp;(Cost $214,346) |  | 214346 |
| **Total Investments - 100.4%** | **Total Investments - 100.4%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $24,636,111) | &nbsp;&nbsp;&nbsp;(Cost $24,636,111) | $25857456 |
| **Other Assets & Liabilities, net - (0.4)%** | **Other Assets & Liabilities, net - (0.4)%** | (96310) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $25761146 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp;A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is on loan at March 31, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Securities lending collateral — See Note 7. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of March 31, 2025. |
|  | &nbsp;&nbsp;&nbsp;ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $25378049 | $— | $— | $25378049 |
| Preferred Stocks | 240667 |  |  | 240667 |
| Repurchase Agreements |  | 24394 |  | 24394 |
| Securities Lending Collateral | 214346 |  |  | 214346 |
| Total Assets | $25833062 | $24394 | $— | $25857456 |

---

4 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**BANKING FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES**  |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value - including $208,978 of securities loaned (cost $24,611,717) | $25833062 |
| Repurchase agreements, at value (cost $24,394) | 24394 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Securities sold | 151547 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 107230 |
| &nbsp;&nbsp;&nbsp;Dividends | 69321 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims | 1035 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 708 |
| &nbsp;&nbsp;&nbsp;Interest | 3 |
| **Total assets** | 26187300 |
| **Liabilities:** | **Liabilities:** |
| Overdraft due to custodian bank | 201 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Return of securities lending collateral | 214346 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 165493 |
| &nbsp;&nbsp;&nbsp;Management fees | 17733 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 9549 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 2138 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 642 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 201 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 15851 |
| **Total liabilities** | 426154 |
| **Net assets** | $25761146 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $34793946 |
| Total distributable earnings (loss) | (9032800) |
| Net assets | $25761146 |
| **Investor Class:** | **Investor Class:** |
| Net assets | $23151349 |
| Capital shares outstanding | 235452 |
| Net asset value per share | $98.33 |
| **Class A:** | **Class A:** |
| Net assets | $2278116 |
| Capital shares outstanding | 26364 |
| Net asset value per share | $86.41 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $90.72 |
| **Class C:** | **Class C:** |
| Net assets | $173792 |
| Capital shares outstanding | 2409 |
| Net asset value per share | $72.14 |
| **Class H:** | **Class H:** |
| Net assets | $157889 |
| Capital shares outstanding | 1884 |
| Net asset value per share | $83.81 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS**  |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $9,125) | $527215 |
| Interest | 3960 |
| Income from securities lending, net | 1552 |
| &nbsp;&nbsp;&nbsp;Total investment income | 532727 |
| **Expenses:** | **Expenses:** |
| Management fees | 143749 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 6301 |
| &nbsp;&nbsp;&nbsp;Class C | 2470 |
| &nbsp;&nbsp;&nbsp;Class H | 543 |
| Transfer agent fees | 36933 |
| Portfolio accounting and administration fees | 25799 |
| Registration fees | 20133 |
| Professional fees | 8222 |
| Custodian fees | 2367 |
| Trustees' fees\* | 1641 |
| Line of credit fees | 196 |
| Miscellaneous | 3630 |
| &nbsp;&nbsp;&nbsp;Total expenses | 251984 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (8451) |
| Net expenses | 243533 |
| Net investment income | 289194 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments | 1049372 |
| Net realized gain | 1049372 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | (1909793) |
| Net change in unrealized appreciation (depreciation) | (1909793) |
| Net realized and unrealized loss | (860421) |
| **Net decrease in net assets resulting from operations** | $(571227) |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 5

**BANKING FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $289194 | $291615 |
| Net realized gain on investments | 1049372 | 271737 |
| Net change in unrealized appreciation (depreciation) on investments | (1909793) | 2440315 |
| Net increase (decrease) in net assets resulting from operations | (571227) | 3003667 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (173671) | (68740) |
| &nbsp;&nbsp;&nbsp;Class A | (101730) | (46546) |
| &nbsp;&nbsp;&nbsp;Class C | (9507) | (5758) |
| &nbsp;&nbsp;&nbsp;Class H | (6707) | (3113) |
| Total distributions to shareholders | (291615) | (124157) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 56535563 | 49655248 |
| &nbsp;&nbsp;&nbsp;Class A | 1334795 | 3251051 |
| &nbsp;&nbsp;&nbsp;Class C | 73767 | 77970 |
| &nbsp;&nbsp;&nbsp;Class H | 302766 | 417622 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 170841 | 67792 |
| &nbsp;&nbsp;&nbsp;Class A | 101356 | 46127 |
| &nbsp;&nbsp;&nbsp;Class C | 9507 | 5758 |
| &nbsp;&nbsp;&nbsp;Class H | 6707 | 3067 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (55912178) | (29991468) |
| &nbsp;&nbsp;&nbsp;Class A | (1866195) | (4243656) |
| &nbsp;&nbsp;&nbsp;Class C | (241429) | (653022) |
| &nbsp;&nbsp;&nbsp;Class H | (401362) | (324799) |
| Net increase from capital share transactions | 114138 | 18311690 |
| Net increase (decrease) in net assets | (748704) | 21191200 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 26509850 | 5318650 |
| &nbsp;&nbsp;&nbsp;End of year | $25761146 | $26509850 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 566825 | 632229 |
| &nbsp;&nbsp;&nbsp;Class A | 15794 | 50010 |
| &nbsp;&nbsp;&nbsp;Class C | 1034 | 1375 |
| &nbsp;&nbsp;&nbsp;Class H | 3753 | 6000 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 1604 | 864 |
| &nbsp;&nbsp;&nbsp;Class A | 1082 | 664 |
| &nbsp;&nbsp;&nbsp;Class C | 121 | 98 |
| &nbsp;&nbsp;&nbsp;Class H | 74 | 45 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (599608) | (388185) |
| &nbsp;&nbsp;&nbsp;Class A | (22127) | (64468) |
| &nbsp;&nbsp;&nbsp;Class C | (3414) | (12251) |
| &nbsp;&nbsp;&nbsp;Class H | (5075) | (4785) |
| Net increase (decrease) in shares | (39937) | 221596 |

---

6 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**BANKING FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $88.13 | $70.50 | $99.66 | $95.71 | $51.83 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 1.71 | 1.96 | 1.43 | 1.03 | 1.25 |
| Net gain (loss) on investments (realized and unrealized) | 11.82 <sup>d</sup> | 16.90 | (28.00) | 3.42 | 44.89 |
| Total from investment operations | 13.53 | 18.86 | (26.57) | 4.45 | 46.14 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (3.33) | (1.23) | (2.59) | (.50) | (2.26) |
| Total distributions | (3.33) | (1.23) | (2.59) | (.50) | (2.26) |
| Net asset value, end of period | $98.33 | $88.13 | $70.50 | $99.66 | $95.71 |
| **Total Return** | **15.06%** | **26.99%** | **(27.01** **%)** | **4.62%** | **90.06%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $23151 | $23499 | $1531 | $4239 | $9027 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.80% | 2.46% | 1.62% | 1.02% | 1.79% |
| Total expenses | 1.43% | 1.43% | 1.40% | 1.36% | 1.43% |
| Net expenses<sup>b</sup> | 1.38% | 1.39% | 1.40% | 1.36% | 1.43% |
| Portfolio turnover rate | 280% | 233% | 384% | 501% | 799% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $77.97 | $62.66 | $89.12 | $85.85 | $46.98 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 1.16 | 1.49 | 1.08 | .71 | 1.02 |
| Net gain (loss) on investments (realized and unrealized) | 10.61 <sup>d</sup> | 15.05 | (24.95) | 3.06 | 40.11 |
| Total from investment operations | 11.77 | 16.54 | (23.87) | 3.77 | 41.13 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (3.33) | (1.23) | (2.59) | (.50) | (2.26) |
| Total distributions | (3.33) | (1.23) | (2.59) | (.50) | (2.26) |
| Net asset value, end of period | $86.41 | $77.97 | $62.66 | $89.12 | $85.85 |
| **Total Return<sup>c</sup>** | **14.76%** | **26.66%** | **(27.18** **%)** | **4.36%** | **88.72%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $2278 | $2465 | $2845 | $4591 | $4050 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.36% | 2.25% | 1.38% | 0.77% | 1.67% |
| Total expenses | 1.69% | 1.69% | 1.65% | 1.61% | 1.69% |
| Net expenses<sup>b</sup> | 1.64% | 1.65% | 1.65% | 1.61% | 1.69% |
| Portfolio turnover rate | 280% | 233% | 384% | 501% | 799% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 7

**BANKING FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $66.03 | $53.62 | $77.28 | $75.07 | $41.57 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .46 | .85 | .41 | .03 | .49 |
| Net gain (loss) on investments (realized and unrealized) | 8.98 <sup>d</sup> | 12.79 | (21.48) | 2.68 | 35.27 |
| Total from investment operations | 9.44 | 13.64 | (21.07) | 2.71 | 35.76 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (3.33) | (1.23) | (2.59) | (.50) | (2.26) |
| Total distributions | (3.33) | (1.23) | (2.59) | (.50) | (2.26) |
| Net asset value, end of period | $72.14 | $66.03 | $53.62 | $77.28 | $75.07 |
| **Total Return<sup>c</sup>** | **13.91%** | **25.72%** | **(27.73** **%)** | **3.58%** | **87.34%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $174 | $308 | $828 | $2010 | $892 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.64% | 1.54% | 0.61% | 0.03% | 0.93% |
| Total expenses | 2.44% | 2.43% | 2.40% | 2.36% | 2.45% |
| Net expenses<sup>b</sup> | 2.39% | 2.41% | 2.40% | 2.36% | 2.45% |
| Portfolio turnover rate | 280% | 233% | 384% | 501% | 799% |

---

8 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**BANKING FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $75.71 | $60.85 | $86.66 | $83.48 | $45.73 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 1.17 | 1.47 | .91 | .63 | .85 |
| Net gain (loss) on investments (realized and unrealized) | 10.26 <sup>d</sup> | 14.62 | (24.13) | 3.05 | 39.16 |
| Total from investment operations | 11.43 | 16.09 | (23.22) | 3.68 | 40.01 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (3.33) | (1.23) | (2.59) | (.50) | (2.26) |
| Total distributions | (3.33) | (1.23) | (2.59) | (.50) | (2.26) |
| Net asset value, end of period | $83.81 | $75.71 | $60.85 | $86.66 | $83.48 |
| **Total Return** | **14.77%** | **26.66%** | **(27.18** **%)** | **4.38%** | **88.66%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $158 | $237 | $114 | $2316 | $4601 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.42% | 2.23% | 1.16% | 0.71% | 1.15% |
| Total expenses | 1.69% | 1.69% | 1.65% | 1.60% | 1.63% |
| Net expenses<sup>b</sup> | 1.64% | 1.65% | 1.65% | 1.60% | 1.63% |
| Portfolio turnover rate | 280% | 233% | 384% | 501% | 799% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>c</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>d</sup> The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 9

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **BASIC MATERIALS FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 99.5%** | **COMMON STOCKS<sup>†</sup>** **- 99.5%** | **COMMON STOCKS<sup>†</sup>** **- 99.5%** |
| **Chemicals - 33.1%** | **Chemicals - 33.1%** | **Chemicals - 33.1%** |
| &nbsp;&nbsp;&nbsp;Linde plc | 2233 | $1039774 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | 1794 | 626447 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | 2222 | 563321 |
| &nbsp;&nbsp;&nbsp;Air Products and Chemicals, Inc. | 1892 | 557989 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | 4876 | 364140 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | 3118 | 340953 |
| &nbsp;&nbsp;&nbsp;Dow, Inc. | 9554 | 333626 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 3932 | 305163 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries N.V. — Class A | 4105 | 288992 |
| &nbsp;&nbsp;&nbsp;RPM International, Inc. | 2299 | 265948 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 3250 | 253988 |
| &nbsp;&nbsp;&nbsp;Nutrien Ltd. | 4905 | 243631 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical Co. | 2463 | 217015 |
| &nbsp;&nbsp;&nbsp;Mosaic Co. | 7757 | 209517 |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | 2811 | 202448 |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems Ltd.\* | 5594 | 185553 |
| &nbsp;&nbsp;&nbsp;Celanese Corp. — Class A | 3147 | 178655 |
| &nbsp;&nbsp;&nbsp;FMC Corp. | 3816 | 160997 |
| &nbsp;&nbsp;&nbsp;Balchem Corp. | 916 | 152056 |
| &nbsp;&nbsp;&nbsp;Element Solutions, Inc. | 6559 | 148299 |
| &nbsp;&nbsp;&nbsp;Cabot Corp. | 1769 | 147075 |
| &nbsp;&nbsp;&nbsp;Westlake Corp. | 1264 | 126438 |
| &nbsp;&nbsp;&nbsp;Avient Corp. | 3300 | 122628 |
| &nbsp;&nbsp;&nbsp;Ashland, Inc. | 2015 | 119469 |
| &nbsp;&nbsp;&nbsp;Olin Corp. | 4839 | 117297 |
| &nbsp;&nbsp;&nbsp;Huntsman Corp. | 6761 | 106756 |
| &nbsp;&nbsp;&nbsp;Chemours Co. | 7216 | 97632 |
| &nbsp;&nbsp;&nbsp;Innospec, Inc. | 1003 | 95034 |
| &nbsp;&nbsp;&nbsp;Hawkins, Inc. | 453 | 47982 |
| **Total Chemicals** |  | 7618823 |
| **Mining - 28.8%** | **Mining - 28.8%** | **Mining - 28.8%** |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | 10506 | 507230 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 13008 | 492483 |
| &nbsp;&nbsp;&nbsp;Barrick Gold Corp. | 17456 | 339345 |
| &nbsp;&nbsp;&nbsp;Agnico Eagle Mines Ltd. | 2668 | 289238 |
| &nbsp;&nbsp;&nbsp;Kinross Gold Corp. | 22016 | 277622 |
| &nbsp;&nbsp;&nbsp;Wheaton Precious Metals Corp. | 3347 | 259828 |
| &nbsp;&nbsp;&nbsp;Anglogold Ashanti plc | 6995 | 259654 |
| &nbsp;&nbsp;&nbsp;Harmony Gold Mining Company Ltd. ADR | 17372 | 256584 |
| &nbsp;&nbsp;&nbsp;Rio Tinto plc ADR | 4196 | 252096 |
| &nbsp;&nbsp;&nbsp;BHP Group Ltd. ADR<sup>1</sup> | 5046 | 244933 |
| &nbsp;&nbsp;&nbsp;Franco-Nevada Corp. | 1517 | 239018 |
| &nbsp;&nbsp;&nbsp;Alamos Gold, Inc. — Class A | 8912 | 238307 |
| &nbsp;&nbsp;&nbsp;Gold Fields Ltd. ADR | 10677 | 235855 |
| &nbsp;&nbsp;&nbsp;Eldorado Gold Corp.\* | 13908 | 233933 |
| &nbsp;&nbsp;&nbsp;Royal Gold, Inc. | 1412 | 230876 |
| &nbsp;&nbsp;&nbsp;IAMGOLD Corp.\* | 36709 | 229431 |
| &nbsp;&nbsp;&nbsp;Pan American Silver Corp. | 8858 | 228802 |
| &nbsp;&nbsp;&nbsp;First Majestic Silver Corp. | 33800 | 226122 |
| &nbsp;&nbsp;&nbsp;Hudbay Minerals, Inc. | 28413 | 215655 |
| &nbsp;&nbsp;&nbsp;B2Gold Corp. | 75387 | 214853 |
| &nbsp;&nbsp;&nbsp;Equinox Gold Corp.\* | 31067 | 213741 |
| &nbsp;&nbsp;&nbsp;Southern Copper Corp. | 2088 | 195144 |
| &nbsp;&nbsp;&nbsp;Alcoa Corp. | 6124 | 186782 |
| &nbsp;&nbsp;&nbsp;Coeur Mining, Inc.\* | 21338 | 126321 |
| &nbsp;&nbsp;&nbsp;MP Materials Corp.\* | 5062 | 123563 |
| &nbsp;&nbsp;&nbsp;Hecla Mining Co. | 21727 | 120802 |
| &nbsp;&nbsp;&nbsp;SSR Mining, Inc.\* | 9228 | 92557 |
| &nbsp;&nbsp;&nbsp;Century Aluminum Co.\* | 3486 | 64700 |
| &nbsp;&nbsp;&nbsp;Kaiser Aluminum Corp. | 512 | 31037 |
| **Total Mining** |  | 6626512 |
| **Packaging & Containers - 10.8%** | **Packaging & Containers - 10.8%** | **Packaging & Containers - 10.8%** |
| &nbsp;&nbsp;&nbsp;Packaging Corporation of America | 1490 | 295050 |
| &nbsp;&nbsp;&nbsp;Smurfit WestRock plc | 6329 | 285185 |
| &nbsp;&nbsp;&nbsp;Ball Corp. | 5160 | 268681 |
| &nbsp;&nbsp;&nbsp;Amcor plc | 27185 | 263694 |
| &nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | 2552 | 227792 |
| &nbsp;&nbsp;&nbsp;AptarGroup, Inc. | 1478 | 219306 |
| &nbsp;&nbsp;&nbsp;Berry Global Group, Inc. | 2809 | 196096 |
| &nbsp;&nbsp;&nbsp;Graphic Packaging Holding Co. | 7384 | 191689 |
| &nbsp;&nbsp;&nbsp;Sonoco Products Co. | 3229 | 152538 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. | 2959 | 151264 |
| &nbsp;&nbsp;&nbsp;Sealed Air Corp. | 4837 | 139789 |
| &nbsp;&nbsp;&nbsp;O-I Glass, Inc.\* | 8228 | 94375 |
| **Total Packaging & Containers** |  | 2485459 |
| **Iron & Steel - 10.1%** | **Iron & Steel - 10.1%** | **Iron & Steel - 10.1%** |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | 2893 | 348144 |
| &nbsp;&nbsp;&nbsp;Vale S.A. ADR | 31687 | 316236 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | 2308 | 288685 |
| &nbsp;&nbsp;&nbsp;Reliance, Inc. | 951 | 274601 |
| &nbsp;&nbsp;&nbsp;United States Steel Corp. | 4980 | 210455 |
| &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | 1153 | 208901 |
| &nbsp;&nbsp;&nbsp;ArcelorMittal S.A. | 7077 | 204171 |
| &nbsp;&nbsp;&nbsp;ATI, Inc.\* | 3643 | 189545 |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co. | 3491 | 160621 |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc.\* | 15530 | 127657 |
| **Total Iron & Steel** |  | 2329016 |
| **Building Materials - 8.9%** | **Building Materials - 8.9%** | **Building Materials - 8.9%** |
| &nbsp;&nbsp;&nbsp;CRH plc | 5897 | 518759 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | 1676 | 391011 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 791 | 378201 |
| &nbsp;&nbsp;&nbsp;Cemex SAB de CV ADR | 37434 | 210005 |
| &nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | 803 | 178210 |
| &nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | 1847 | 169887 |
| &nbsp;&nbsp;&nbsp;Knife River Corp.\* | 1783 | 160844 |
| &nbsp;&nbsp;&nbsp;Aspen Aerogels, Inc.\* | 7618 | 48679 |
| **Total Building Materials** |  | 2055596 |
| **Coal - 2.3%** | **Coal - 2.3%** | **Coal - 2.3%** |
| &nbsp;&nbsp;&nbsp;Teck Resources Ltd. — Class B | 6165 | 224591 |
| &nbsp;&nbsp;&nbsp;Core Natural Resources, Inc. | 1826 | 140785 |
| &nbsp;&nbsp;&nbsp;Warrior Met Coal, Inc. | 2288 | 109183 |
| &nbsp;&nbsp;&nbsp;Alpha Metallurgical Resources, Inc.\* | 400 | 50100 |
| **Total Coal** |  | 524659 |
| **Biotechnology - 2.1%** | **Biotechnology - 2.1%** | **Biotechnology - 2.1%** |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | 7507 | 472415 |

---

10 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **BASIC MATERIALS FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Forest Products & Paper - 1.6%** | **Forest Products & Paper - 1.6%** | **Forest Products & Paper - 1.6%** |
| &nbsp;&nbsp;&nbsp;International Paper Co. | 7161 | $382039 |
| **Household Products & Housewares - 1.1%** | **Household Products & Housewares - 1.1%** | **Household Products & Housewares - 1.1%** |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 1467 | 261082 |
| **Housewares - 0.4%** | **Housewares - 0.4%** | **Housewares - 0.4%** |
| &nbsp;&nbsp;&nbsp;Scotts Miracle-Gro Co. — Class A | 1853 | 101711 |
| **Environmental Control - 0.3%** | **Environmental Control - 0.3%** | **Environmental Control - 0.3%** |
| &nbsp;&nbsp;&nbsp;PureCycle Technologies, Inc.\* | 10161 | 70314 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $14,559,997) |  | 22927626 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.7%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25 | $85496 | 85496 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25 | 65523 | 65523 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $151,019) |  | 151019 |
| **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.8%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.8%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.8%** |
| **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.27%<sup>4</sup> | 189200 | $189200 |
| **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp;(Cost $189,200) |  | 189200 |
| **Total Investments - 101.0%** | **Total Investments - 101.0%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $14,900,216) | &nbsp;&nbsp;&nbsp;(Cost $14,900,216) | $23267845 |
| **Other Assets & Liabilities, net - (1.0)%** | **Other Assets & Liabilities, net - (1.0)%** | (233616) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $23034229 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp;A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is on loan at March 31, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Securities lending collateral — See Note 7. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of March 31, 2025. |
|  | &nbsp;&nbsp;&nbsp;ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $22927626 | $— | $— | $22927626 |
| Repurchase Agreements |  | 151019 |  | 151019 |
| Securities Lending Collateral | 189200 |  |  | 189200 |
| Total Assets | $23116826 | $151019 | $— | $23267845 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 11

**BASIC MATERIALS FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES**  |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value - including $183,675 of securities loaned (cost $14,749,197) | $23116826 |
| Repurchase agreements, at value (cost $151,019) | 151019 |
| Cash | 464 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Dividends | 29568 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 1748 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims | 458 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 278 |
| &nbsp;&nbsp;&nbsp;Interest | 18 |
| **Total assets** | 23300379 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Return of securities lending collateral | 189200 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 27588 |
| &nbsp;&nbsp;&nbsp;Management fees | 15882 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 9156 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 2098 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 1915 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 252 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 20059 |
| **Total liabilities** | 266150 |
| **Net assets** | $23034229 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $16776480 |
| Total distributable earnings (loss) | 6257749 |
| Net assets | $23034229 |
| **Investor Class:** | **Investor Class:** |
| Net assets | $15304849 |
| Capital shares outstanding | 201461 |
| Net asset value per share | $75.97 |
| **Class A:** | **Class A:** |
| Net assets | $6036102 |
| Capital shares outstanding | 88054 |
| Net asset value per share | $68.55 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $71.97 |
| **Class C:** | **Class C:** |
| Net assets | $853280 |
| Capital shares outstanding | 15551 |
| Net asset value per share | $54.87 |
| **Class H:** | **Class H:** |
| Net assets | $839998 |
| Capital shares outstanding | 12759 |
| Net asset value per share | $65.84 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS**  |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $11,899) | $505252 |
| Interest | 6164 |
| Income from securities lending, net | 9901 |
| &nbsp;&nbsp;&nbsp;Total investment income | 521317 |
| **Expenses:** | **Expenses:** |
| Management fees | 228443 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 16773 |
| &nbsp;&nbsp;&nbsp;Class C | 12430 |
| &nbsp;&nbsp;&nbsp;Class H | 2700 |
| Transfer agent fees | 58159 |
| Portfolio accounting and administration fees | 41003 |
| Registration fees | 33603 |
| Professional fees | 12892 |
| Custodian fees | 3685 |
| Trustees' fees\* | 3044 |
| Line of credit fees | 383 |
| Miscellaneous | 4811 |
| &nbsp;&nbsp;&nbsp;Total expenses | 417926 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (13430) |
| Net expenses | 404496 |
| Net investment income | 116821 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments | 3071365 |
| Net realized gain | 3071365 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | (3707128) |
| Net change in unrealized appreciation (depreciation) | (3707128) |
| Net realized and unrealized loss | (635763) |
| **Net decrease in net assets resulting from operations** | $(518942) |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

12 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**BASIC MATERIALS FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $116821 | $220977 |
| Net realized gain on investments | 3071365 | 3098421 |
| Net change in unrealized appreciation (depreciation) on investments | (3707128) | (1001241) |
| Net increase (decrease) in net assets resulting from operations | (518942) | 2318157 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (1661579) | (430177) |
| &nbsp;&nbsp;&nbsp;Class A | (713109) | (163593) |
| &nbsp;&nbsp;&nbsp;Class C | (147923) | (58233) |
| &nbsp;&nbsp;&nbsp;Class H | (127539) | (29080) |
| Total distributions to shareholders | (2650150) | (681083) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 11309203 | 15390212 |
| &nbsp;&nbsp;&nbsp;Class A | 1487818 | 1725949 |
| &nbsp;&nbsp;&nbsp;Class C | 117383 | 348442 |
| &nbsp;&nbsp;&nbsp;Class H | 217844 | 68201 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 1611461 | 417109 |
| &nbsp;&nbsp;&nbsp;Class A | 700267 | 159729 |
| &nbsp;&nbsp;&nbsp;Class C | 147355 | 57991 |
| &nbsp;&nbsp;&nbsp;Class H | 127139 | 28998 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (15053250) | (20690843) |
| &nbsp;&nbsp;&nbsp;Class A | (2494375) | (2660085) |
| &nbsp;&nbsp;&nbsp;Class C | (913888) | (1389009) |
| &nbsp;&nbsp;&nbsp;Class H | (374616) | (690092) |
| Net decrease from capital share transactions | (3117659) | (7233398) |
| Net decrease in net assets | (6286751) | (5596324) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 29320980 | 34917304 |
| &nbsp;&nbsp;&nbsp;End of year | $23034229 | $29320980 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 135558 | 192395 |
| &nbsp;&nbsp;&nbsp;Class A | 19279 | 23750 |
| &nbsp;&nbsp;&nbsp;Class C | 1888 | 5700 |
| &nbsp;&nbsp;&nbsp;Class H | 2870 | 972 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 20557 | 5424 |
| &nbsp;&nbsp;&nbsp;Class A | 9892 | 2270 |
| &nbsp;&nbsp;&nbsp;Class C | 2595 | 993 |
| &nbsp;&nbsp;&nbsp;Class H | 1870 | 427 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (178830) | (260804) |
| &nbsp;&nbsp;&nbsp;Class A | (32621) | (36612) |
| &nbsp;&nbsp;&nbsp;Class C | (14848) | (23075) |
| &nbsp;&nbsp;&nbsp;Class H | (5492) | (9742) |
| Net decrease in shares | (37282) | (98302) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 13

**BASIC MATERIALS FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $86.40 | $80.67 | $89.73 | $78.37 | $42.39 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .46 | .67 | .89 | .60 | .43 |
| Net gain (loss) on investments (realized and unrealized) | (2.31) | 6.81 | (8.66) | 12.39 | 37.12 |
| Total from investment operations | (1.85) | 7.48 | (7.77) | 12.99 | 37.55 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.04) | (1.75) | (1.29) |  | (.54) |
| Net realized gains | (8.54) |  |  | (1.63) | (1.03) |
| Total distributions | (8.58) | (1.75) | (1.29) | (1.63) | (1.57) |
| Net asset value, end of period | $75.97 | $86.40 | $80.67 | $89.73 | $78.37 |
| **Total Return** | **(2.45** **%)** | **9.55%** | **(8.59** **%)** | **16.72%** | **89.00%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $15305 | $19369 | $23164 | $51058 | $38112 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.55% | 0.85% | 1.11% | 0.71% | 0.67% |
| Total expenses | 1.44% | 1.43% | 1.39% | 1.36% | 1.43% |
| Net expenses<sup>b</sup> | 1.39% | 1.40% | 1.39% | 1.36% | 1.43% |
| Portfolio turnover rate | 51% | 49% | 126% | 169% | 162% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $78.99 | $74.08 | $82.73 | $72.55 | $39.41 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .24 | .46 | .56 | .35 | .25 |
| Net gain (loss) on investments (realized and unrealized) | (2.10) | 6.20 | (7.92) | 11.46 | 34.46 |
| Total from investment operations | (1.86) | 6.66 | (7.36) | 11.81 | 34.71 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.04) | (1.75) | (1.29) |  | (.54) |
| Net realized gains | (8.54) |  |  | (1.63) | (1.03) |
| Total distributions | (8.58) | (1.75) | (1.29) | (1.63) | (1.57) |
| Net asset value, end of period | $68.55 | $78.99 | $74.08 | $82.73 | $72.55 |
| **Total Return<sup>c</sup>** | **(2.70** **%)** | **9.29%** | **(8.83** **%)** | **16.43%** | **88.52%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $6036 | $7228 | $7563 | $7506 | $5599 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.32% | 0.63% | 0.77% | 0.45% | 0.44% |
| Total expenses | 1.69% | 1.68% | 1.64% | 1.61% | 1.69% |
| Net expenses<sup>b</sup> | 1.64% | 1.65% | 1.64% | 1.61% | 1.69% |
| Portfolio turnover rate | 51% | 49% | 126% | 169% | 162% |

---

14 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**BASIC MATERIALS FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $65.40 | $62.10 | $70.12 | $62.18 | $34.17 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (.30) | (.11) | — <sup>d</sup> | (.18) | (.17) |
| Net gain (loss) on investments (realized and unrealized) | (1.65) | 5.16 | (6.73) | 9.75 | 29.75 |
| Total from investment operations | (1.95) | 5.05 | (6.73) | 9.57 | 29.58 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.04) | (1.75) | (1.29) |  | (.54) |
| Net realized gains | (8.54) |  |  | (1.63) | (1.03) |
| Total distributions | (8.58) | (1.75) | (1.29) | (1.63) | (1.57) |
| Net asset value, end of period | $54.87 | $65.40 | $62.10 | $70.12 | $62.18 |
| **Total Return<sup>c</sup>** | **(3.43** **%)** | **8.47%** | **(9.51** **%)** | **15.57%** | **87.07%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $853 | $1695 | $2627 | $3839 | $2534 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.47%) | (0.18%) | — <sup>e</sup> | (0.27%) | (0.34%) |
| Total expenses | 2.43% | 2.43% | 2.39% | 2.36% | 2.44% |
| Net expenses<sup>b</sup> | 2.38% | 2.40% | 2.39% | 2.36% | 2.44% |
| Portfolio turnover rate | 51% | 49% | 126% | 169% | 162% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 15

**BASIC MATERIALS FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $76.20 | $71.53 | $79.95 | $70.17 | $38.15 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .24 | .41 | .28 | .56 | .19 |
| Net gain (loss) on investments (realized and unrealized) | (2.02) | 6.01 | (7.41) | 10.85 | 33.40 |
| Total from investment operations | (1.78) | 6.42 | (7.13) | 11.41 | 33.59 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.04) | (1.75) | (1.29) |  | (.54) |
| Net realized gains | (8.54) |  |  | (1.63) | (1.03) |
| Total distributions | (8.58) | (1.75) | (1.29) | (1.63) | (1.57) |
| Net asset value, end of period | $65.84 | $76.20 | $71.53 | $79.95 | $70.17 |
| **Total Return** | **(2.69** **%)** | **9.29%** | **(8.85** **%)** | **16.42%** | **88.51%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $840 | $1030 | $1563 | $10420 | $2108 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.33% | 0.59% | 0.38% | 0.73% | 0.33% |
| Total expenses | 1.69% | 1.68% | 1.65% | 1.60% | 1.68% |
| Net expenses<sup>b</sup> | 1.64% | 1.65% | 1.65% | 1.60% | 1.68% |
| Portfolio turnover rate | 51% | 49% | 126% | 169% | 162% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>c</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>d</sup> Less than $0.01 per share.

<sup>e</sup> Less than 0.01% or (0.01%).

16 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **BIOTECHNOLOGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 99.4%** | **COMMON STOCKS<sup>†</sup>** **- 99.4%** | **COMMON STOCKS<sup>†</sup>** **- 99.4%** |
| **Biotechnology - 75.8%** | **Biotechnology - 75.8%** | **Biotechnology - 75.8%** |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 14717 | $4585081 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 37674 | 4221372 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.\* | 7994 | 3875651 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 5077 | 3219986 |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | 43585 | 2742804 |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc.\* | 9122 | 2463122 |
| &nbsp;&nbsp;&nbsp;BeiGene Ltd. ADR\* | 7699 | 2095437 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.\* | 13038 | 1784120 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma plc — Class A | 49676 | 1546414 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp.\* | 4929 | 1519463 |
| &nbsp;&nbsp;&nbsp;Insmed, Inc.\* | 19715 | 1504057 |
| &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical, Inc.\* | 20691 | 1462647 |
| &nbsp;&nbsp;&nbsp;Intra-Cellular Therapies, Inc.\* | 11075 | 1461014 |
| &nbsp;&nbsp;&nbsp;Illumina, Inc.\* | 17445 | 1384086 |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc.\* | 34137 | 1260338 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.\* | 19286 | 1167767 |
| &nbsp;&nbsp;&nbsp;Argenx SE ADR\* | 1953 | 1155912 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc.\* | 17966 | 1146410 |
| &nbsp;&nbsp;&nbsp;Moderna, Inc.\* | 39698 | 1125438 |
| &nbsp;&nbsp;&nbsp;Bridgebio Pharma, Inc.\* | 28613 | 989151 |
| &nbsp;&nbsp;&nbsp;Guardant Health, Inc.\* | 22653 | 965018 |
| &nbsp;&nbsp;&nbsp;TG Therapeutics, Inc.\* | 24299 | 958110 |
| &nbsp;&nbsp;&nbsp;Legend Biotech Corp. ADR\* | 28093 | 953196 |
| &nbsp;&nbsp;&nbsp;Blueprint Medicines Corp.\* | 10759 | 952279 |
| &nbsp;&nbsp;&nbsp;Revolution Medicines, Inc.\* | 26754 | 946021 |
| &nbsp;&nbsp;&nbsp;BioNTech SE ADR\* | 10369 | 944201 |
| &nbsp;&nbsp;&nbsp;ADMA Biologics, Inc.\* | 43818 | 869349 |
| &nbsp;&nbsp;&nbsp;Cytokinetics, Inc.\* | 20961 | 842423 |
| &nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals, Inc.\* | 27488 | 829313 |
| &nbsp;&nbsp;&nbsp;Roivant Sciences Ltd.\* | 81405 | 821376 |
| &nbsp;&nbsp;&nbsp;Axsome Therapeutics, Inc.\* | 6919 | 806963 |
| &nbsp;&nbsp;&nbsp;Sarepta Therapeutics, Inc.\* | 12405 | 791687 |
| &nbsp;&nbsp;&nbsp;CRISPR Therapeutics AG\*<sup>,1</sup> | 22773 | 774965 |
| &nbsp;&nbsp;&nbsp;PTC Therapeutics, Inc.\* | 13828 | 704675 |
| &nbsp;&nbsp;&nbsp;Ultragenyx Pharmaceutical, Inc.\* | 19026 | 688931 |
| &nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals, Inc.\* | 20328 | 681801 |
| &nbsp;&nbsp;&nbsp;SpringWorks Therapeutics, Inc.\* | 15390 | 679161 |
| &nbsp;&nbsp;&nbsp;Avidity Biosciences, Inc.\* | 22941 | 677218 |
| &nbsp;&nbsp;&nbsp;Amicus Therapeutics, Inc.\* | 74384 | 606973 |
| &nbsp;&nbsp;&nbsp;Veracyte, Inc.\* | 20235 | 599968 |
| &nbsp;&nbsp;&nbsp;Arcellx, Inc.\* | 9039 | 592958 |
| &nbsp;&nbsp;&nbsp;Apellis Pharmaceuticals, Inc.\* | 26577 | 581239 |
| &nbsp;&nbsp;&nbsp;Viking Therapeutics, Inc.\* | 24057 | 580977 |
| &nbsp;&nbsp;&nbsp;Summit Therapeutics, Inc.\* | 30008 | 578854 |
| &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals, Inc.\* | 34621 | 575055 |
| &nbsp;&nbsp;&nbsp;Recursion Pharmaceuticals, Inc. — Class A\*<sup>,1</sup> | 102430 | 541855 |
| &nbsp;&nbsp;&nbsp;Denali Therapeutics, Inc.\* | 36601 | 497591 |
| &nbsp;&nbsp;&nbsp;Nuvalent, Inc. — Class A\* | 6993 | 495944 |
| &nbsp;&nbsp;&nbsp;Beam Therapeutics, Inc.\* | 25359 | 495261 |
| &nbsp;&nbsp;&nbsp;Dynavax Technologies Corp.\* | 38117 | 494378 |
| &nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals, Inc.\* | 37085 | 472463 |
| &nbsp;&nbsp;&nbsp;Krystal Biotech, Inc.\* | 2520 | 454356 |
| &nbsp;&nbsp;&nbsp;Ideaya Biosciences, Inc.\* | 26912 | 440819 |
| &nbsp;&nbsp;&nbsp;Immunovant, Inc.\* | 24485 | 418449 |
| &nbsp;&nbsp;&nbsp;Celldex Therapeutics, Inc.\* | 21816 | 395960 |
| &nbsp;&nbsp;&nbsp;Iovance Biotherapeutics, Inc.\* | 118443 | 394415 |
| &nbsp;&nbsp;&nbsp;Dyne Therapeutics, Inc.\* | 36025 | 376822 |
| &nbsp;&nbsp;&nbsp;Novavax, Inc.\*<sup>,1</sup> | 55748 | 357345 |
| &nbsp;&nbsp;&nbsp;Intellia Therapeutics, Inc.\*<sup>,1</sup> | 41511 | 295143 |
| &nbsp;&nbsp;&nbsp;Geron Corp.\* | 159425 | 253486 |
| **Total Biotechnology** |  | 66097268 |
| **Pharmaceuticals - 18.6%** | **Pharmaceuticals - 18.6%** | **Pharmaceuticals - 18.6%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 32779 | 6867856 |
| &nbsp;&nbsp;&nbsp;AstraZeneca plc ADR | 25870 | 1901445 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc.\* | 12079 | 1335937 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. | 145587 | 1268063 |
| &nbsp;&nbsp;&nbsp;Alkermes plc\* | 31357 | 1035408 |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals plc\* | 8239 | 1022872 |
| &nbsp;&nbsp;&nbsp;Protagonist Therapeutics, Inc.\* | 13168 | 636805 |
| &nbsp;&nbsp;&nbsp;Vaxcyte, Inc.\* | 16618 | 627496 |
| &nbsp;&nbsp;&nbsp;Ascendis Pharma A/S ADR\* | 3534 | 550809 |
| &nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals, Inc.\* | 1488 | 492870 |
| &nbsp;&nbsp;&nbsp;Agios Pharmaceuticals, Inc.\* | 16450 | 481985 |
| **Total Pharmaceuticals** |  | 16221546 |
| **Healthcare-Products - 4.0%** | **Healthcare-Products - 4.0%** | **Healthcare-Products - 4.0%** |
| &nbsp;&nbsp;&nbsp;Natera, Inc.\* | 12303 | 1739767 |
| &nbsp;&nbsp;&nbsp;Exact Sciences Corp.\* | 27321 | 1182726 |
| &nbsp;&nbsp;&nbsp;Twist Bioscience Corp.\* | 14516 | 569898 |
| **Total Healthcare-Products** |  | 3492391 |
| **Healthcare-Services - 1.0%** | **Healthcare-Services - 1.0%** | **Healthcare-Services - 1.0%** |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.\* | 2827 | 861359 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $51,116,424) |  | 86672564 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.9%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.9%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.9%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25 | $432521 | 432521 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25 | 331479 | 331479 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $764,000) |  | 764000 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 17

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **BIOTECHNOLOGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 1.5%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 1.5%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 1.5%** |
| **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.27%<sup>4</sup> | 1265702 | $1265702 |
| **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,265,702) |  | 1265702 |
| **Total Investments - 101.8%** | **Total Investments - 101.8%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $53,146,126) | &nbsp;&nbsp;&nbsp;(Cost $53,146,126) | $88702266 |
| **Other Assets & Liabilities, net - (1.8)%** | **Other Assets & Liabilities, net - (1.8)%** | (1602073) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $87100193 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp;A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is on loan at March 31, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Securities lending collateral — See Note 7. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of March 31, 2025. |
|  | &nbsp;&nbsp;&nbsp;ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $86672564 | $— | $— | $86672564 |
| Repurchase Agreements |  | 764000 |  | 764000 |
| Securities Lending Collateral | 1265702 |  |  | 1265702 |
| Total Assets | $87938266 | $764000 | $— | $88702266 |

---

18 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**BIOTECHNOLOGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES**  |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value - including $1,125,567 of securities loaned (cost $52,382,126) | $87938266 |
| Repurchase agreements, at value (cost $764,000) | 764000 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 10333 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims | 4335 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 181 |
| &nbsp;&nbsp;&nbsp;Interest | 92 |
| **Total assets** | 88717207 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Return of securities lending collateral | 1265702 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 163445 |
| &nbsp;&nbsp;&nbsp;Management fees | 61694 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 35561 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 7439 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 3902 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 986 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 78285 |
| **Total liabilities** | 1617014 |
| **Net assets** | $87100193 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $46597334 |
| Total distributable earnings (loss) | 40502859 |
| Net assets | $87100193 |
| **Investor Class:** | **Investor Class:** |
| Net assets | $69948780 |
| Capital shares outstanding | 1099554 |
| Net asset value per share | $63.62 |
| **Class A:** | **Class A:** |
| Net assets | $12539724 |
| Capital shares outstanding | 233007 |
| Net asset value per share | $53.82 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $56.50 |
| **Class C:** | **Class C:** |
| Net assets | $517373 |
| Capital shares outstanding | 12947 |
| Net asset value per share | $39.96 |
| **Class H:** | **Class H:** |
| Net assets | $4094316 |
| Capital shares outstanding | 80374 |
| Net asset value per share | $50.94 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS**  |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $965) | $884121 |
| Interest | 26160 |
| Income from securities lending, net | 7853 |
| &nbsp;&nbsp;&nbsp;Total investment income | 918134 |
| **Expenses:** | **Expenses:** |
| Management fees | 876759 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 35515 |
| &nbsp;&nbsp;&nbsp;Class C | 7837 |
| &nbsp;&nbsp;&nbsp;Class H | 12168 |
| Transfer agent fees | 223844 |
| Portfolio accounting and administration fees | 157370 |
| Registration fees | 127825 |
| Professional fees | 48536 |
| Custodian fees | 13598 |
| Trustees' fees\* | 11711 |
| Line of credit fees | 440 |
| Miscellaneous | 21865 |
| &nbsp;&nbsp;&nbsp;Total expenses | 1537468 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (51544) |
| Net expenses | 1485924 |
| Net investment loss | (567790) |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments | 15323055 |
| Net realized gain | 15323055 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | (16898230) |
| Net change in unrealized appreciation (depreciation) | (16898230) |
| Net realized and unrealized loss | (1575175) |
| **Net decrease in net assets resulting from operations** | $(2142965) |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 19

**BIOTECHNOLOGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment loss | $(567790) | $(480703) |
| Net realized gain on investments | 15323055 | 14859997 |
| Net change in unrealized appreciation (depreciation) on investments | (16898230) | (5138730) |
| Net increase (decrease) in net assets resulting from operations | (2142965) | 9240564 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (9701133) |  |
| &nbsp;&nbsp;&nbsp;Class A | (1949576) |  |
| &nbsp;&nbsp;&nbsp;Class C | (113689) |  |
| &nbsp;&nbsp;&nbsp;Class H | (693526) |  |
| Total distributions to shareholders | (12457924) |  |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 64276404 | 27388563 |
| &nbsp;&nbsp;&nbsp;Class A | 2045858 | 1750509 |
| &nbsp;&nbsp;&nbsp;Class C | 241921 | 185861 |
| &nbsp;&nbsp;&nbsp;Class H | 259634 | 438546 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 9212273 |  |
| &nbsp;&nbsp;&nbsp;Class A | 1904738 |  |
| &nbsp;&nbsp;&nbsp;Class C | 113011 |  |
| &nbsp;&nbsp;&nbsp;Class H | 692709 |  |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (80516169) | (40330995) |
| &nbsp;&nbsp;&nbsp;Class A | (3864732) | (4351712) |
| &nbsp;&nbsp;&nbsp;Class C | (686376) | (1010807) |
| &nbsp;&nbsp;&nbsp;Class H | (1354279) | (1653324) |
| Net decrease from capital share transactions | (7675008) | (17583359) |
| Net decrease in net assets | (22275897) | (8342795) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 109376090 | 117718885 |
| &nbsp;&nbsp;&nbsp;End of year | $87100193 | $109376090 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 893682 | 389294 |
| &nbsp;&nbsp;&nbsp;Class A | 32226 | 29027 |
| &nbsp;&nbsp;&nbsp;Class C | 4610 | 3821 |
| &nbsp;&nbsp;&nbsp;Class H | 4355 | 7277 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 136701 |  |
| &nbsp;&nbsp;&nbsp;Class A | 33387 |  |
| &nbsp;&nbsp;&nbsp;Class C | 2662 |  |
| &nbsp;&nbsp;&nbsp;Class H | 12828 |  |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (1114226) | (579083) |
| &nbsp;&nbsp;&nbsp;Class A | (60853) | (72392) |
| &nbsp;&nbsp;&nbsp;Class C | (13621) | (21302) |
| &nbsp;&nbsp;&nbsp;Class H | (22635) | (29105) |
| Net decrease in shares | (90884) | (272463) |

---

20 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**BIOTECHNOLOGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $74.64 | $68.29 | $73.30 | $94.01 | $71.72 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (.37) | (.26) | (.24) | (.52) | (.58) |
| Net gain (loss) on investments (realized and unrealized) | (1.23) | 6.61 | (3.87) | (4.42) | 29.82 |
| Total from investment operations | (1.60) | 6.35 | (4.11) | (4.94) | 29.24 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains | (9.42) |  | (.90) | (15.77) | (6.95) |
| Total distributions | (9.42) |  | (.90) | (15.77) | (6.95) |
| Net asset value, end of period | $63.62 | $74.64 | $68.29 | $73.30 | $94.01 |
| **Total Return** | **(2.85** **%)** | **9.30%** | **(5.64** **%)** | **(6.81** **%)** | **40.80%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $69949 | $88328 | $93776 | $122777 | $151506 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.50%) | (0.37%) | (0.34%) | (0.56%) | (0.62%) |
| Total expenses | 1.44% | 1.43% | 1.39% | 1.36% | 1.45% |
| Net expenses<sup>b</sup> | 1.39% | 1.40% | 1.39% | 1.36% | 1.45% |
| Portfolio turnover rate | 79% | 51% | 61% | 65% | 115% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $64.71 | $59.35 | $63.98 | $84.21 | $64.92 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (.47) | (.38) | (.35) | (.65) | (.73) |
| Net gain (loss) on investments (realized and unrealized) | (1.00) | 5.74 | (3.38) | (3.81) | 26.97 |
| Total from investment operations | (1.47) | 5.36 | (3.73) | (4.46) | 26.24 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains | (9.42) |  | (.90) | (15.77) | (6.95) |
| Total distributions | (9.42) |  | (.90) | (15.77) | (6.95) |
| Net asset value, end of period | $53.82 | $64.71 | $59.35 | $63.98 | $84.21 |
| **Total Return<sup>c</sup>** | **(3.09** **%)** | **9.03%** | **(5.87** **%)** | **(7.04** **%)** | **40.44%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $12540 | $14770 | $16121 | $19263 | $22317 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.75%) | (0.62%) | (0.59%) | (0.80%) | (0.87%) |
| Total expenses | 1.69% | 1.68% | 1.64% | 1.61% | 1.69% |
| Net expenses<sup>b</sup> | 1.64% | 1.65% | 1.64% | 1.61% | 1.69% |
| Portfolio turnover rate | 79% | 51% | 61% | 65% | 115% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 21

**BIOTECHNOLOGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $50.77 | $46.92 | $51.15 | $70.90 | $55.85 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (.74) | (.66) | (.64) | (1.09) | (1.15) |
| Net gain (loss) on investments (realized and unrealized) | (.65) | 4.51 | (2.69) | (2.89) | 23.15 |
| Total from investment operations | (1.39) | 3.85 | (3.33) | (3.98) | 22.00 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains | (9.42) |  | (.90) | (15.77) | (6.95) |
| Total distributions | (9.42) |  | (.90) | (15.77) | (6.95) |
| Net asset value, end of period | $39.96 | $50.77 | $46.92 | $51.15 | $70.90 |
| **Total Return<sup>c</sup>** | **(3.83** **%)** | **8.21%** | **(6.58** **%)** | **(7.74** **%)** | **39.39%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $517 | $980 | $1725 | $3174 | $8221 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (1.50%) | (1.38%) | (1.34%) | (1.58%) | (1.61%) |
| Total expenses | 2.43% | 2.43% | 2.39% | 2.36% | 2.45% |
| Net expenses<sup>b</sup> | 2.38% | 2.40% | 2.39% | 2.36% | 2.45% |
| Portfolio turnover rate | 79% | 51% | 61% | 65% | 115% |

---

22 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**BIOTECHNOLOGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $61.74 | $56.63 | $61.09 | $81.10 | $62.70 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (.45) | (.36) | (.34) | (.64) | (.66) |
| Net gain (loss) on investments (realized and unrealized) | (.93) | 5.47 | (3.22) | (3.60) | 26.01 |
| Total from investment operations | (1.38) | 5.11 | (3.56) | (4.24) | 25.35 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains | (9.42) |  | (.90) | (15.77) | (6.95) |
| Total distributions | (9.42) |  | (.90) | (15.77) | (6.95) |
| Net asset value, end of period | $50.94 | $61.74 | $56.63 | $61.09 | $81.10 |
| **Total Return** | **(3.10** **%)** | **9.02%** | **(5.87** **%)** | **(7.04** **%)** | **40.45%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $4094 | $5299 | $6096 | $9352 | $9565 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.74%) | (0.62%) | (0.59%) | (0.82%) | (0.83%) |
| Total expenses | 1.69% | 1.68% | 1.64% | 1.61% | 1.72% |
| Net expenses<sup>b</sup> | 1.64% | 1.65% | 1.64% | 1.61% | 1.72% |
| Portfolio turnover rate | 79% | 51% | 61% | 65% | 115% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>c</sup> Total return does not reflect the impact of any applicable sales charges.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 23

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **CONSUMER PRODUCTS FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 100.0%** | **COMMON STOCKS<sup>†</sup>** **- 100.0%** | **COMMON STOCKS<sup>†</sup>** **- 100.0%** |
| **Food - 32.7%** | **Food - 32.7%** | **Food - 32.7%** |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc. — Class A | 18967 | $1286911 |
| &nbsp;&nbsp;&nbsp;Kroger Co. | 13286 | 899329 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | 11011 | 826266 |
| &nbsp;&nbsp;&nbsp;Hershey Co. | 4555 | 779042 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | 12812 | 766030 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | 22389 | 681297 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc. — Class A | 10319 | 658455 |
| &nbsp;&nbsp;&nbsp;McCormick & Company, Inc. | 7830 | 644487 |
| &nbsp;&nbsp;&nbsp;Kellanova | 7775 | 641360 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.\* | 3698 | 564463 |
| &nbsp;&nbsp;&nbsp;US Foods Holding Corp.\* | 8135 | 532517 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | 18248 | 486674 |
| &nbsp;&nbsp;&nbsp;Performance Food Group Co.\* | 6167 | 484911 |
| &nbsp;&nbsp;&nbsp;J M Smucker Co. | 4030 | 477192 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | 13350 | 413049 |
| &nbsp;&nbsp;&nbsp;Ingredion, Inc. | 2955 | 399546 |
| &nbsp;&nbsp;&nbsp;The Campbell's Co. | 9671 | 386066 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | 7238 | 385785 |
| &nbsp;&nbsp;&nbsp;Albertsons Companies, Inc. — Class A | 16925 | 372181 |
| &nbsp;&nbsp;&nbsp;Post Holdings, Inc.\* | 2856 | 332324 |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. | 3180 | 289062 |
| &nbsp;&nbsp;&nbsp;Flowers Foods, Inc. | 13812 | 262566 |
| &nbsp;&nbsp;&nbsp;Simply Good Foods Co.\* | 7084 | 244327 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. | 3899 | 212535 |
| &nbsp;&nbsp;&nbsp;Grocery Outlet Holding Corp.\* | 12058 | 168571 |
| &nbsp;&nbsp;&nbsp;Lancaster Colony Corp. | 490 | 85750 |
| **Total Food** |  | 13280696 |
| **Beverages - 25.9%** | **Beverages - 25.9%** | **Beverages - 25.9%** |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 30401 | 2177320 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 12899 | 1934076 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | 26130 | 894169 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.\* | 15187 | 888743 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc. — Class A | 3844 | 705451 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners plc | 7593 | 660819 |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp. — Class B | 15143 | 513954 |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev S.A. ADR<sup>1</sup> | 7475 | 460161 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co. — Class B | 7467 | 454516 |
| &nbsp;&nbsp;&nbsp;Diageo plc ADR | 4046 | 423980 |
| &nbsp;&nbsp;&nbsp;Fomento Economico Mexicano SAB de CV ADR | 4184 | 408275 |
| &nbsp;&nbsp;&nbsp;Primo Brands Corp. — Class A | 11109 | 394258 |
| &nbsp;&nbsp;&nbsp;Celsius Holdings, Inc.\* | 10300 | 366886 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | 174 | 234900 |
| **Total Beverages** |  | 10517508 |
| **Cosmetics & Personal Care - 16.7%** | **Cosmetics & Personal Care - 16.7%** | **Cosmetics & Personal Care - 16.7%** |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 15850 | 2701157 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 12686 | 1188678 |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. | 38808 | 930616 |
| &nbsp;&nbsp;&nbsp;Estee Lauder Companies, Inc. — Class A | 9395 | 620070 |
| &nbsp;&nbsp;&nbsp;Unilever plc ADR | 8016 | 477353 |
| &nbsp;&nbsp;&nbsp;Haleon plc ADR<sup>1</sup> | 41684 | 428928 |
| &nbsp;&nbsp;&nbsp;elf Beauty, Inc.\* | 3959 | 248586 |
| &nbsp;&nbsp;&nbsp;Inter Parfums, Inc. | 1620 | 184469 |
| **Total Cosmetics & Personal Care** |  | 6779857 |
| **Agriculture - 13.8%** | **Agriculture - 13.8%** | **Agriculture - 13.8%** |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 13622 | 2162220 |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | 22800 | 1368456 |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 13511 | 648663 |
| &nbsp;&nbsp;&nbsp;British American Tobacco plc ADR | 12362 | 511416 |
| &nbsp;&nbsp;&nbsp;Bunge Global S.A. | 5721 | 437199 |
| &nbsp;&nbsp;&nbsp;Darling Ingredients, Inc.\* | 10307 | 321991 |
| &nbsp;&nbsp;&nbsp;Vital Farms, Inc.\* | 4488 | 136749 |
| **Total Agriculture** |  | 5586694 |
| **Household Products & Housewares - 6.8%** | **Household Products & Housewares - 6.8%** | **Household Products & Housewares - 6.8%** |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 6511 | 925994 |
| &nbsp;&nbsp;&nbsp;Church & Dwight Company, Inc. | 6376 | 701934 |
| &nbsp;&nbsp;&nbsp;Clorox Co. | 3895 | 573539 |
| &nbsp;&nbsp;&nbsp;WD-40 Co. | 940 | 229360 |
| &nbsp;&nbsp;&nbsp;Spectrum Brands Holdings, Inc. | 2556 | 182882 |
| &nbsp;&nbsp;&nbsp;Reynolds Consumer Products, Inc. | 6519 | 155543 |
| **Total Household Products & Housewares** |  | 2769252 |
| **Retail - 2.1%** | **Retail - 2.1%** | **Retail - 2.1%** |
| &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 1316 | 571196 |
| &nbsp;&nbsp;&nbsp;Freshpet, Inc.\* | 3210 | 266976 |
| **Total Retail** |  | 838172 |
| **Pharmaceuticals - 1.1%** | **Pharmaceuticals - 1.1%** | **Pharmaceuticals - 1.1%** |
| &nbsp;&nbsp;&nbsp;BellRing Brands, Inc.\* | 5894 | 438867 |
| **Internet - 0.9%** | **Internet - 0.9%** | **Internet - 0.9%** |
| &nbsp;&nbsp;&nbsp;Maplebear, Inc.\* | 9087 | 362480 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $20,598,023) |  | 40573526 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.0%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.0%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.0%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25 | $11174 | 11174 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25 | 8564 | 8564 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $19,738) |  | 19738 |

---

24 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **CONSUMER PRODUCTS FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 1.7%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 1.7%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 1.7%** |
| **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.27%<sup>4</sup> | 684243 | $684243 |
| **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp;(Cost $684,243) |  | 684243 |
| **Total Investments - 101.7%** | **Total Investments - 101.7%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $21,302,004) | &nbsp;&nbsp;&nbsp;(Cost $21,302,004) | $41277507 |
| **Other Assets & Liabilities, net - (1.7)%** | **Other Assets & Liabilities, net - (1.7)%** | (695518) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $40581989 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp;A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is on loan at March 31, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Securities lending collateral — See Note 7. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of March 31, 2025. |
|  | &nbsp;&nbsp;&nbsp;ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $40573526 | $— | $— | $40573526 |
| Repurchase Agreements |  | 19738 |  | 19738 |
| Securities Lending Collateral | 684243 |  |  | 684243 |
| Total Assets | $41257769 | $19738 | $— | $41277507 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 25

**CONSUMER PRODUCTS FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES**  |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value - including $666,802 of securities loaned (cost $21,282,266) | $41257769 |
| Repurchase agreements, at value (cost $19,738) | 19738 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Dividends | 102225 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 12438 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 127 |
| &nbsp;&nbsp;&nbsp;Interest | 3 |
| **Total assets** | 41392300 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Return of securities lending collateral | 684243 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 36844 |
| &nbsp;&nbsp;&nbsp;Management fees | 28419 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 16698 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 3427 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 2624 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 472 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 37584 |
| **Total liabilities** | 810311 |
| **Net assets** | $40581989 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $19682774 |
| Total distributable earnings (loss) | 20899215 |
| Net assets | $40581989 |
| **Investor Class:** | **Investor Class:** |
| Net assets | $30487355 |
| Capital shares outstanding | 199918 |
| Net asset value per share | $152.50 |
| **Class A:** | **Class A:** |
| Net assets | $7787328 |
| Capital shares outstanding | 61118 |
| Net asset value per share | $127.41 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $133.76 |
| **Class C:** | **Class C:** |
| Net assets | $956623 |
| Capital shares outstanding | 10989 |
| Net asset value per share | $87.05 |
| **Class H:** | **Class H:** |
| Net assets | $1350683 |
| Capital shares outstanding | 11392 |
| Net asset value per share | $118.56 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS**  |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $277) | $1391344 |
| Interest | 10615 |
| Income from securities lending, net | 867 |
| &nbsp;&nbsp;&nbsp;Total investment income | 1402826 |
| **Expenses:** | **Expenses:** |
| Management fees | 435501 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 20107 |
| &nbsp;&nbsp;&nbsp;Class C | 17589 |
| &nbsp;&nbsp;&nbsp;Class H | 3469 |
| Transfer agent fees | 110666 |
| Portfolio accounting and administration fees | 78169 |
| Registration fees | 64928 |
| Professional fees | 25238 |
| Custodian fees | 6856 |
| Trustees' fees\* | 5913 |
| Line of credit fees | 276 |
| Miscellaneous | 7594 |
| &nbsp;&nbsp;&nbsp;Total expenses | 776306 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (25602) |
| Net expenses | 750704 |
| Net investment income | 652122 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments | 8881885 |
| Net realized gain | 8881885 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | (8786719) |
| Net change in unrealized appreciation (depreciation) | (8786719) |
| Net realized and unrealized gain | 95166 |
| **Net increase in net assets resulting from operations** | $747288 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

26 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**CONSUMER PRODUCTS FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $652122 | $845472 |
| Net realized gain on investments | 8881885 | 9038604 |
| Net change in unrealized appreciation (depreciation) on investments | (8786719) | (9386084) |
| Net increase in net assets resulting from operations | 747288 | 497992 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (2275500) | (4528074) |
| &nbsp;&nbsp;&nbsp;Class A | (545931) | (1009716) |
| &nbsp;&nbsp;&nbsp;Class C | (135211) | (579599) |
| &nbsp;&nbsp;&nbsp;Class H | (105760) | (180801) |
| Total distributions to shareholders | (3062402) | (6298190) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 34884877 | 30668858 |
| &nbsp;&nbsp;&nbsp;Class A | 2252657 | 1318675 |
| &nbsp;&nbsp;&nbsp;Class C | 81328 | 190577 |
| &nbsp;&nbsp;&nbsp;Class H | 678521 | 507400 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 2204811 | 4402722 |
| &nbsp;&nbsp;&nbsp;Class A | 539309 | 991237 |
| &nbsp;&nbsp;&nbsp;Class C | 133942 | 568974 |
| &nbsp;&nbsp;&nbsp;Class H | 104579 | 180564 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (53083484) | (45479254) |
| &nbsp;&nbsp;&nbsp;Class A | (3042112) | (2493154) |
| &nbsp;&nbsp;&nbsp;Class C | (2221168) | (1917191) |
| &nbsp;&nbsp;&nbsp;Class H | (729449) | (896056) |
| Net decrease from capital share transactions | (18196189) | (11956648) |
| Net decrease in net assets | (20511303) | (17756846) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 61093292 | 78850138 |
| &nbsp;&nbsp;&nbsp;End of year | $40581989 | $61093292 |
| **Capital share activity\*:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 222048 | 188444 |
| &nbsp;&nbsp;&nbsp;Class A | 17392 | 9405 |
| &nbsp;&nbsp;&nbsp;Class C | 876 | 1704 |
| &nbsp;&nbsp;&nbsp;Class H | 5433 | 3684 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 14402 | 30061 |
| &nbsp;&nbsp;&nbsp;Class A | 4213 | 7981 |
| &nbsp;&nbsp;&nbsp;Class C | 1528 | 6431 |
| &nbsp;&nbsp;&nbsp;Class H | 878 | 1554 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (341504) | (279334) |
| &nbsp;&nbsp;&nbsp;Class A | (23129) | (18343) |
| &nbsp;&nbsp;&nbsp;Class C | (24011) | (18984) |
| &nbsp;&nbsp;&nbsp;Class H | (5897) | (6684) |
| Net decrease in shares | (127771) | (74081) |

---

\* Reverse share split — Capital share activity has been restated to reflect a 1:3 reverse share split effective February 24, 2025. See Note 11 in the Notes to Financial Statements.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 27

**CONSUMER PRODUCTS FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **Year Ended <br> March 31, <br> 2025<sup>f</sup>** | **Year Ended <br> March 31, <br> 2024<sup>f</sup>** | **Year Ended <br> March 31, <br> 2023<sup>f</sup>** | **Year Ended <br> March 31, <br> 2022<sup>f</sup>** | **Year Ended <br> March 31, <br> 2021<sup>f</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $158.12 | $171.72 | $181.58 | $200.15 | $158.63 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 2.10 | 2.25 | 2.91 | 1.98 | 2.10 |
| Net gain (loss) on investments (realized and unrealized) | 1.94 | 1.04 <sup>d</sup> | (.50)<sup>e</sup> | 6.54 | 55.32 |
| Total from investment operations | 4.04 | 3.29 | 2.41 | 8.52 | 57.42 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (2.43) | (2.64) | (1.86) | (1.86) | (2.19) |
| Net realized gains | (7.23) | (14.25) | (10.41) | (25.23) | (13.71) |
| Total distributions | (9.66) | (16.89) | (12.27) | (27.09) | (15.90) |
| Net asset value, end of period | $152.50 | $158.12 | $171.72 | $181.58 | $200.15 |
| **Total Return** | **2.53%** | **2.71%** | **1.40%** | **4.89%** | **36.78%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $30487 | $48221 | $62816 | $67612 | $83023 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.35% | 1.39% | 1.65% | 1.01% | 1.12% |
| Total expenses | 1.43% | 1.43% | 1.39% | 1.36% | 1.45% |
| Net expenses<sup>b</sup> | 1.38% | 1.40% | 1.39% | 1.36% | 1.45% |
| Portfolio turnover rate | 57% | 43% | 79% | 60% | 38% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025<sup>f</sup>** | **Year Ended <br> March 31, <br> 2024<sup>f</sup>** | **Year Ended <br> March 31, <br> 2023<sup>f</sup>** | **Year Ended <br> March 31, <br> 2022<sup>f</sup>** | **Year Ended <br> March 31, <br> 2021<sup>f</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $133.98 | $148.57 | $159.14 | $179.17 | $143.64 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 1.46 | 1.62 | 2.04 | 1.32 | 1.50 |
| Net gain (loss) on investments (realized and unrealized) | 1.63 | .68 <sup>d</sup> | (.34)<sup>e</sup> | 5.74 | 49.93 |
| Total from investment operations | 3.09 | 2.30 | 1.70 | 7.06 | 51.43 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (2.43) | (2.64) | (1.86) | (1.86) | (2.19) |
| Net realized gains | (7.23) | (14.25) | (10.41) | (25.23) | (13.71) |
| Total distributions | (9.66) | (16.89) | (12.27) | (27.09) | (15.90) |
| Net asset value, end of period | $127.41 | $133.98 | $148.57 | $159.14 | $179.17 |
| **Total Return<sup>c</sup>** | **2.27%** | **2.46%** | **1.13%** | **4.65%** | **36.43%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $7787 | $8393 | $9449 | $9820 | $10751 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.12% | 1.15% | 1.34% | 0.76% | 0.89% |
| Total expenses | 1.69% | 1.68% | 1.64% | 1.61% | 1.69% |
| Net expenses<sup>b</sup> | 1.64% | 1.65% | 1.64% | 1.61% | 1.69% |
| Portfolio turnover rate | 57% | 43% | 79% | 60% | 38% |

---

28 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**CONSUMER PRODUCTS FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025<sup>f</sup>** | **Year Ended <br> March 31, <br> 2024<sup>f</sup>** | **Year Ended <br> March 31, <br> 2023<sup>f</sup>** | **Year Ended <br> March 31, <br> 2022<sup>f</sup>** | **Year Ended <br> March 31, <br> 2021<sup>f</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $95.21 | $111.52 | $123.41 | $146.04 | $120.23 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .30 | .39 | .66 |  | .18 |
| Net gain (loss) on investments (realized and unrealized) | 1.20 | .19 <sup>d</sup> | (.28)<sup>e</sup> | 4.46 | 41.53 |
| Total from investment operations | 1.50 | .58 | .38 | 4.46 | 41.71 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (2.43) | (2.64) | (1.86) | (1.86) | (2.19) |
| Net realized gains | (7.23) | (14.25) | (10.41) | (25.23) | (13.71) |
| Total distributions | (9.66) | (16.89) | (12.27) | (27.09) | (15.90) |
| Net asset value, end of period | $87.05 | $95.21 | $111.52 | $123.41 | $146.04 |
| **Total Return<sup>c</sup>** | **1.51%** | **1.70%** | **0.37%** | **3.87%** | **35.40%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $957 | $3103 | $4845 | $6578 | $9035 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.32% | 0.38% | 0.56% |  | 0.12% |
| Total expenses | 2.43% | 2.43% | 2.39% | 2.36% | 2.45% |
| Net expenses<sup>b</sup> | 2.38% | 2.40% | 2.39% | 2.36% | 2.45% |
| Portfolio turnover rate | 57% | 43% | 79% | 60% | 38% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 29

**CONSUMER PRODUCTS FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025<sup>f</sup>** | **Year Ended <br> March 31, <br> 2024<sup>f</sup>** | **Year Ended <br> March 31, <br> 2023<sup>f</sup>** | **Year Ended <br> March 31, <br> 2022<sup>f</sup>** | **Year Ended <br> March 31, <br> 2021<sup>f</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $125.33 | $140.13 | $150.80 | $171.18 | $137.79 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 1.37 | 1.50 | 1.86 | 1.14 | 1.47 |
| Net gain (loss) on investments (realized and unrealized) | 1.52 | .59 <sup>d</sup> | (.26)<sup>e</sup> | 5.57 | 47.82 |
| Total from investment operations | 2.89 | 2.09 | 1.60 | 6.71 | 49.29 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (2.43) | (2.64) | (1.86) | (1.86) | (2.19) |
| Net realized gains | (7.23) | (14.25) | (10.41) | (25.23) | (13.71) |
| Total distributions | (9.66) | (16.89) | (12.27) | (27.09) | (15.90) |
| Net asset value, end of period | $118.56 | $125.33 | $140.13 | $150.80 | $171.18 |
| **Total Return** | **2.27%** | **2.45%** | **1.14%** | **4.65%** | **36.43%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $1351 | $1376 | $1741 | $2443 | $5601 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.12% | 1.15% | 1.28% | 0.68% | 0.90% |
| Total expenses | 1.69% | 1.68% | 1.64% | 1.61% | 1.69% |
| Net expenses<sup>b</sup> | 1.64% | 1.65% | 1.64% | 1.61% | 1.69% |
| Portfolio turnover rate | 57% | 43% | 79% | 60% | 38% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>c</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>d</sup> The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

<sup>e</sup> The amount shown for a share outstanding throughout the period does not agree with the aggregate net gain on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

<sup>f</sup> Reverse share split — Per share amounts have been restated to reflect 1:3 reverse share split effective February 24, 2025. See Note 11 in the Notes to Financial Statements.

30 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **ELECTRONICS FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 100.0%** | **COMMON STOCKS<sup>†</sup>** **- 100.0%** | **COMMON STOCKS<sup>†</sup>** **- 100.0%** |
| **Semiconductors - 92.7%** | **Semiconductors - 92.7%** | **Semiconductors - 92.7%** |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 103516 | $11219064 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 35732 | 5982609 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.\* | 29778 | 3059392 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 16670 | 2995599 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 19479 | 2992169 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 16765 | 2432937 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 11301 | 2279073 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | 30144 | 2191469 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | 3189 | 2167882 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 24562 | 2134192 |
| &nbsp;&nbsp;&nbsp;Intel Corp.\* | 87461 | 1986239 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 26011 | 1601497 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 2077 | 1204619 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd. ADR | 7190 | 1193540 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductor N.V. | 6166 | 1171910 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 22880 | 1107621 |
| &nbsp;&nbsp;&nbsp;ASML Holding N.V. — Class G | 1646 | 1090689 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.\* | 22851 | 929807 |
| &nbsp;&nbsp;&nbsp;ARM Holdings plc ADR\*<sup>,1</sup> | 8682 | 927151 |
| &nbsp;&nbsp;&nbsp;United Microelectronics Corp. ADR<sup>1</sup> | 115878 | 828528 |
| &nbsp;&nbsp;&nbsp;Teradyne, Inc. | 9999 | 825917 |
| &nbsp;&nbsp;&nbsp;Entegris, Inc. | 9107 | 796680 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 11199 | 723791 |
| &nbsp;&nbsp;&nbsp;STMicroelectronics N.V. — Class Y | 32118 | 705311 |
| &nbsp;&nbsp;&nbsp;ASE Technology Holding Company Ltd. ADR | 78201 | 685041 |
| &nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries, Inc. | 20349 | 671110 |
| &nbsp;&nbsp;&nbsp;Astera Labs, Inc.\* | 10255 | 611916 |
| &nbsp;&nbsp;&nbsp;Qorvo, Inc.\* | 8434 | 610706 |
| &nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp.\* | 11038 | 578943 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc.\* | 5720 | 574174 |
| &nbsp;&nbsp;&nbsp;Onto Innovation, Inc.\* | 4403 | 534260 |
| &nbsp;&nbsp;&nbsp;Rambus, Inc.\* | 10299 | 533231 |
| &nbsp;&nbsp;&nbsp;MKS Instruments, Inc. | 6642 | 532356 |
| &nbsp;&nbsp;&nbsp;Cirrus Logic, Inc.\* | 5252 | 523388 |
| &nbsp;&nbsp;&nbsp;GLOBALFOUNDRIES, Inc.\* | 12274 | 453033 |
| &nbsp;&nbsp;&nbsp;Nova Ltd.\* | 2333 | 430042 |
| &nbsp;&nbsp;&nbsp;Semtech Corp.\* | 11835 | 407124 |
| &nbsp;&nbsp;&nbsp;Allegro MicroSystems, Inc.\* | 15302 | 384539 |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc.\* | 3306 | 372157 |
| &nbsp;&nbsp;&nbsp;Synaptics, Inc.\* | 5698 | 363077 |
| &nbsp;&nbsp;&nbsp;Power Integrations, Inc. | 7124 | 359762 |
| &nbsp;&nbsp;&nbsp;Impinj, Inc.\* | 3877 | 351644 |
| &nbsp;&nbsp;&nbsp;Amkor Technology, Inc. | 18118 | 327211 |
| &nbsp;&nbsp;&nbsp;FormFactor, Inc.\* | 11477 | 324684 |
| &nbsp;&nbsp;&nbsp;Ambarella, Inc.\* | 6188 | 311442 |
| &nbsp;&nbsp;&nbsp;Diodes, Inc.\* | 6912 | 298391 |
| &nbsp;&nbsp;&nbsp;Axcelis Technologies, Inc.\* | 5340 | 265238 |
| &nbsp;&nbsp;&nbsp;Veeco Instruments, Inc.\* | 11886 | 238671 |
| &nbsp;&nbsp;&nbsp;ACM Research, Inc. — Class A\* | 10145 | 236784 |
| &nbsp;&nbsp;&nbsp;SiTime Corp.\* | 1456 | 222579 |
| &nbsp;&nbsp;&nbsp;Penguin Solutions, Inc.\* | 12647 | 219678 |
| &nbsp;&nbsp;&nbsp;MaxLinear, Inc. — Class A\* | 18235 | 198032 |
| &nbsp;&nbsp;&nbsp;Wolfspeed, Inc.\*<sup>,1</sup> | 39214 | 119995 |
| **Total Semiconductors** |  | 64286894 |
| **Energy-Alternate Sources - 4.2%** | **Energy-Alternate Sources - 4.2%** | **Energy-Alternate Sources - 4.2%** |
| &nbsp;&nbsp;&nbsp;SolarEdge Technologies, Inc.\*<sup>,1</sup> | 49375 | 798888 |
| &nbsp;&nbsp;&nbsp;First Solar, Inc.\* | 6298 | 796256 |
| &nbsp;&nbsp;&nbsp;Canadian Solar, Inc.\*<sup>,1</sup> | 78413 | 678272 |
| &nbsp;&nbsp;&nbsp;Enphase Energy, Inc.\* | 10818 | 671257 |
| **Total Energy-Alternate Sources** |  | 2944673 |
| **Electronics - 1.0%** | **Electronics - 1.0%** | **Electronics - 1.0%** |
| &nbsp;&nbsp;&nbsp;Camtek Ltd.<sup>1</sup> | 11433 | 670317 |
| **Electrical Components & Equipment - 0.8%** | **Electrical Components & Equipment - 0.8%** | **Electrical Components & Equipment - 0.8%** |
| &nbsp;&nbsp;&nbsp;Universal Display Corp. | 3943 | 549969 |
| **Telecommunications - 0.8%** | **Telecommunications - 0.8%** | **Telecommunications - 0.8%** |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding Ltd.\* | 13488 | 541678 |
| **Computers - 0.5%** | **Computers - 0.5%** | **Computers - 0.5%** |
| &nbsp;&nbsp;&nbsp;Rigetti Computing, Inc.\*<sup>,1</sup> | 41101 | 325520 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $39,726,826) |  | 69319051 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.5%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.5%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.5%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25 | $196130 | 196130 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25 | 150311 | 150311 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $346,441) |  | 346441 |
|  | **Shares** |  |
| **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 4.1%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 4.1%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 4.1%** |
| **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.27%<sup>4</sup> | 2868524 | 2868524 |
| **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,868,524) |  | 2868524 |
| **Total Investments - 104.6%** | **Total Investments - 104.6%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $42,941,791) | &nbsp;&nbsp;&nbsp;(Cost $42,941,791) | $72534016 |
| **Other Assets & Liabilities, net - (4.6)%** | **Other Assets & Liabilities, net - (4.6)%** | (3219668) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $69314348 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 31

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **ELECTRONICS FUND** |  |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp;A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is on loan at March 31, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Securities lending collateral — See Note 7. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of March 31, 2025. |
|  | &nbsp;&nbsp;&nbsp;ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $69319051 | $— | $— | $69319051 |
| Repurchase Agreements |  | 346441 |  | 346441 |
| Securities Lending Collateral | 2868524 |  |  | 2868524 |
| Total Assets | $72187575 | $346441 | $— | $72534016 |

---

32 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**ELECTRONICS FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES**  |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value - including $2,820,055 of securities loaned (cost $42,595,350) | $72187575 |
| Repurchase agreements, at value (cost $346,441) | 346441 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 52869 |
| &nbsp;&nbsp;&nbsp;Dividends | 32494 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 5151 |
| &nbsp;&nbsp;&nbsp;Interest | 42 |
| **Total assets** | 72624572 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Return of securities lending collateral | 2868524 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 268788 |
| &nbsp;&nbsp;&nbsp;Management fees | 51870 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 32913 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 6255 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 2882 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 986 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 78006 |
| **Total liabilities** | 3310224 |
| **Net assets** | $69314348 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $47142558 |
| Total distributable earnings (loss) | 22171790 |
| Net assets | $69314348 |
| **Investor Class:** | **Investor Class:** |
| Net assets | $59464758 |
| Capital shares outstanding | 169152 |
| Net asset value per share | $351.55 |
| **Class A:** | **Class A:** |
| Net assets | $6521303 |
| Capital shares outstanding | 20481 |
| Net asset value per share | $318.41 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $334.29 |
| **Class C:** | **Class C:** |
| Net assets | $1175918 |
| Capital shares outstanding | 4409 |
| Net asset value per share | $266.71 |
| **Class H:** | **Class H:** |
| Net assets | $2152369 |
| Capital shares outstanding | 6981 |
| Net asset value per share | $308.32 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS**  |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $7,802) | $908549 |
| Interest | 35736 |
| Income from securities lending, net | 26010 |
| &nbsp;&nbsp;&nbsp;Total investment income | 970295 |
| **Expenses:** | **Expenses:** |
| Management fees | 955601 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 20794 |
| &nbsp;&nbsp;&nbsp;Class C | 16932 |
| &nbsp;&nbsp;&nbsp;Class H | 8275 |
| Transfer agent fees | 242283 |
| Portfolio accounting and administration fees | 171523 |
| Registration fees | 120633 |
| Professional fees | 44341 |
| Custodian fees | 14881 |
| Trustees' fees\* | 12123 |
| Line of credit fees | 125 |
| Miscellaneous | 51313 |
| &nbsp;&nbsp;&nbsp;Total expenses | 1658824 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (56175) |
| Net expenses | 1602649 |
| Net investment loss | (632354) |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments | 4410129 |
| Net realized gain | 4410129 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | (18705975) |
| Net change in unrealized appreciation (depreciation) | (18705975) |
| Net realized and unrealized loss | (14295846) |
| **Net decrease in net assets resulting from operations** | $(14928200) |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 33

**ELECTRONICS FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment loss | $(632354) | $(258356) |
| Net realized gain on investments | 4410129 | 2298068 |
| Net change in unrealized appreciation (depreciation) on investments | (18705975) | 25104892 |
| Net increase (decrease) in net assets resulting from operations | (14928200) | 27144604 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (1394936) |  |
| &nbsp;&nbsp;&nbsp;Class A | (155503) |  |
| &nbsp;&nbsp;&nbsp;Class C | (33818) |  |
| &nbsp;&nbsp;&nbsp;Class H | (64591) |  |
| Total distributions to shareholders | (1648848) |  |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 135266366 | 117824436 |
| &nbsp;&nbsp;&nbsp;Class A | 3874272 | 3569727 |
| &nbsp;&nbsp;&nbsp;Class C | 598290 | 870356 |
| &nbsp;&nbsp;&nbsp;Class H | 2056531 | 1607175 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 1279879 |  |
| &nbsp;&nbsp;&nbsp;Class A | 150263 |  |
| &nbsp;&nbsp;&nbsp;Class C | 32658 |  |
| &nbsp;&nbsp;&nbsp;Class H | 63674 |  |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (144876751) | (101602963) |
| &nbsp;&nbsp;&nbsp;Class A | (3740466) | (4009456) |
| &nbsp;&nbsp;&nbsp;Class C | (915642) | (848357) |
| &nbsp;&nbsp;&nbsp;Class H | (2132780) | (5124430) |
| Net increase (decrease) from capital share transactions | (8343706) | 12286488 |
| Net increase (decrease) in net assets | (24920754) | 39431092 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 94235102 | 54804010 |
| &nbsp;&nbsp;&nbsp;End of year | $69314348 | $94235102 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 315754 | 369137 |
| &nbsp;&nbsp;&nbsp;Class A | 9826 | 12025 |
| &nbsp;&nbsp;&nbsp;Class C | 1740 | 3332 |
| &nbsp;&nbsp;&nbsp;Class H | 5093 | 5523 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 3052 |  |
| &nbsp;&nbsp;&nbsp;Class A | 395 |  |
| &nbsp;&nbsp;&nbsp;Class C | 102 |  |
| &nbsp;&nbsp;&nbsp;Class H | 173 |  |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (343864) | (318257) |
| &nbsp;&nbsp;&nbsp;Class A | (9606) | (13692) |
| &nbsp;&nbsp;&nbsp;Class C | (2803) | (3413) |
| &nbsp;&nbsp;&nbsp;Class H | (5799) | (19867) |
| Net increase (decrease) in shares | (25937) | 34788 |

---

34 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**ELECTRONICS FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $422.50 | $293.83 | $304.55 | $281.78 | $137.65 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (2.24) | (.90) | (.35) | (1.59) | (.71) |
| Net gain (loss) on investments (realized and unrealized) | (61.50) | 129.57 | (10.37) | 35.88 | 150.08 |
| Total from investment operations | (63.74) | 128.67 | (10.72) | 34.29 | 149.37 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains | (7.21) |  |  | (11.52) | (5.24) |
| Total distributions | (7.21) |  |  | (11.52) | (5.24) |
| Net asset value, end of period | $351.55 | $422.50 | $293.83 | $304.55 | $281.78 |
| **Total Return** | **(15.36** **%)** | **43.79%** | **(3.52** **%)** | **11.63%** | **109.05%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $59465 | $82055 | $42114 | $60738 | $55324 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.52%) | (0.27%) | (0.14%) | (0.51%) | (0.33%) |
| Total expenses | 1.43% | 1.43% | 1.39% | 1.36% | 1.44% |
| Net expenses<sup>b</sup> | 1.38% | 1.39% | 1.39% | 1.36% | 1.44% |
| Portfolio turnover rate | 95% | 96% | 147% | 281% | 163% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $384.31 | $267.90 | $278.40 | $259.00 | $127.06 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (3.02) | (1.69) | (.95) | (2.15) | (1.15) |
| Net gain (loss) on investments (realized and unrealized) | (55.67) | 118.10 | (9.55) | 33.07 | 138.33 |
| Total from investment operations | (58.69) | 116.41 | (10.50) | 30.92 | 137.18 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains | (7.21) |  |  | (11.52) | (5.24) |
| Total distributions | (7.21) |  |  | (11.52) | (5.24) |
| Net asset value, end of period | $318.41 | $384.31 | $267.90 | $278.40 | $259.00 |
| **Total Return<sup>c</sup>** | **(15.58** **%)** | **43.45%** | **(3.77** **%)** | **11.35%** | **108.53%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $6521 | $7635 | $5769 | $8827 | $5156 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.78%) | (0.56%) | (0.41%) | (0.76%) | (0.58%) |
| Total expenses | 1.69% | 1.68% | 1.64% | 1.61% | 1.69% |
| Net expenses<sup>b</sup> | 1.64% | 1.65% | 1.64% | 1.61% | 1.69% |
| Portfolio turnover rate | 95% | 96% | 147% | 281% | 163% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 35

**ELECTRONICS FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $325.49 | $228.60 | $239.35 | $225.59 | $111.87 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (5.01) | (3.35) | (2.30) | (3.58) | (2.32) |
| Net gain (loss) on investments (realized and unrealized) | (46.56) | 100.24 | (8.45) | 28.86 | 121.28 |
| Total from investment operations | (51.57) | 96.89 | (10.75) | 25.28 | 118.96 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains | (7.21) |  |  | (11.52) | (5.24) |
| Total distributions | (7.21) |  |  | (11.52) | (5.24) |
| Net asset value, end of period | $266.71 | $325.49 | $228.60 | $239.35 | $225.59 |
| **Total Return<sup>c</sup>** | **(16.21** **%)** | **42.38%** | **(4.49** **%)** | **10.51%** | **106.98%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $1176 | $1748 | $1246 | $1838 | $2987 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (1.53%) | (1.31%) | (1.16%) | (1.48%) | (1.34%) |
| Total expenses | 2.44% | 2.43% | 2.39% | 2.36% | 2.44% |
| Net expenses<sup>b</sup> | 2.39% | 2.40% | 2.39% | 2.36% | 2.44% |
| Portfolio turnover rate | 95% | 96% | 147% | 281% | 163% |

---

36 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**ELECTRONICS FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $372.36 | $259.59 | $269.75 | $251.22 | $123.34 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (2.97) | (1.56) | (.97) | (2.32) | (1.23) |
| Net gain (loss) on investments (realized and unrealized) | (53.86) | 114.33 | (9.19) | 32.37 | 134.35 |
| Total from investment operations | (56.83) | 112.77 | (10.16) | 30.05 | 133.12 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains | (7.21) |  |  | (11.52) | (5.24) |
| Total distributions | (7.21) |  |  | (11.52) | (5.24) |
| Net asset value, end of period | $308.32 | $372.36 | $259.59 | $269.75 | $251.22 |
| **Total Return** | **(15.58** **%)** | **43.44%** | **(3.77** **%)** | **11.35%** | **108.53%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $2152 | $2798 | $5674 | $2051 | $8383 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.79%) | (0.56%) | (0.43%) | (0.85%) | (0.60%) |
| Total expenses | 1.69% | 1.68% | 1.64% | 1.60% | 1.67% |
| Net expenses<sup>b</sup> | 1.64% | 1.65% | 1.64% | 1.60% | 1.67% |
| Portfolio turnover rate | 95% | 96% | 147% | 281% | 163% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>c</sup> Total return does not reflect the impact of any applicable sales charges.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 37

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **ENERGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 99.4%** | **COMMON STOCKS<sup>†</sup>** **- 99.4%** | **COMMON STOCKS<sup>†</sup>** **- 99.4%** |
| **Oil & Gas - 63.8%** | **Oil & Gas - 63.8%** | **Oil & Gas - 63.8%** |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 10798 | $1284206 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 5626 | 941174 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 6169 | 647868 |
| &nbsp;&nbsp;&nbsp;Equities Corp. | 11350 | 606430 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 3685 | 472564 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | 3124 | 385752 |
| &nbsp;&nbsp;&nbsp;Hess Corp. | 2405 | 384151 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 2587 | 376900 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | 2720 | 359230 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 6609 | 326220 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 1966 | 314324 |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp. | 2587 | 287985 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 7611 | 284651 |
| &nbsp;&nbsp;&nbsp;BP plc ADR | 8326 | 281336 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. — Class A | 9089 | 262672 |
| &nbsp;&nbsp;&nbsp;Shell plc ADR | 3524 | 258239 |
| &nbsp;&nbsp;&nbsp;Canadian Natural Resources Ltd. | 7606 | 234265 |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro S.A. ADR | 16092 | 230759 |
| &nbsp;&nbsp;&nbsp;Suncor Energy, Inc. | 5720 | 221478 |
| &nbsp;&nbsp;&nbsp;Cenovus Energy, Inc. | 14500 | 201695 |
| &nbsp;&nbsp;&nbsp;Antero Resources Corp.\* | 4873 | 197064 |
| &nbsp;&nbsp;&nbsp;Ovintiv, Inc. | 4418 | 189090 |
| &nbsp;&nbsp;&nbsp;Permian Resources Corp. | 13088 | 181269 |
| &nbsp;&nbsp;&nbsp;Viper Energy, Inc. | 3949 | 178297 |
| &nbsp;&nbsp;&nbsp;Range Resources Corp. | 4307 | 171978 |
| &nbsp;&nbsp;&nbsp;Equinor ASA ADR<sup>1</sup> | 6396 | 169174 |
| &nbsp;&nbsp;&nbsp;APA Corp. | 7554 | 158785 |
| &nbsp;&nbsp;&nbsp;Transocean Ltd.\* | 47028 | 149079 |
| &nbsp;&nbsp;&nbsp;Chord Energy Corp. | 1305 | 147100 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | 2676 | 136717 |
| &nbsp;&nbsp;&nbsp;HF Sinclair Corp. | 3957 | 130106 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp. — Class A | 5054 | 127664 |
| &nbsp;&nbsp;&nbsp;Seadrill Ltd.\* | 4712 | 117800 |
| &nbsp;&nbsp;&nbsp;CNX Resources Corp.\* | 3664 | 115343 |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corp. | 4019 | 114140 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | 85 | 112624 |
| &nbsp;&nbsp;&nbsp;Weatherford International plc | 2022 | 108278 |
| &nbsp;&nbsp;&nbsp;California Resources Corp. | 2398 | 105440 |
| &nbsp;&nbsp;&nbsp;Civitas Resources, Inc. | 2958 | 103205 |
| &nbsp;&nbsp;&nbsp;SM Energy Co. | 3427 | 102639 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc. | 12181 | 100128 |
| &nbsp;&nbsp;&nbsp;Noble Corporation plc | 4091 | 96957 |
| &nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc.<sup>1</sup> | 3184 | 96252 |
| &nbsp;&nbsp;&nbsp;Crescent Energy Co. — Class A | 8362 | 93989 |
| &nbsp;&nbsp;&nbsp;Valaris Ltd.\* | 2169 | 85155 |
| &nbsp;&nbsp;&nbsp;Helmerich & Payne, Inc. | 3218 | 84054 |
| &nbsp;&nbsp;&nbsp;Comstock Resources, Inc.\* | 3580 | 72817 |
| &nbsp;&nbsp;&nbsp;PBF Energy, Inc. — Class A | 3506 | 66930 |
| &nbsp;&nbsp;&nbsp;Vital Energy, Inc.\* | 2077 | 44074 |
| **Total Oil & Gas** |  | 11918047 |
| **Pipelines - 17.1%** | **Pipelines - 17.1%** | **Pipelines - 17.1%** |
| &nbsp;&nbsp;&nbsp;Williams Companies, Inc. | 8075 | 482562 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | 4413 | 437858 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 14744 | 420646 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | 1718 | 397545 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | 1861 | 373075 |
| &nbsp;&nbsp;&nbsp;Enbridge, Inc. | 5252 | 232716 |
| &nbsp;&nbsp;&nbsp;TC Energy Corp.<sup>1</sup> | 3816 | 180153 |
| &nbsp;&nbsp;&nbsp;Golar LNG Ltd. | 4659 | 176995 |
| &nbsp;&nbsp;&nbsp;DT Midstream, Inc. | 1804 | 174050 |
| &nbsp;&nbsp;&nbsp;Antero Midstream Corp. | 7634 | 137412 |
| &nbsp;&nbsp;&nbsp;Pembina Pipeline Corp. | 3196 | 127936 |
| &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc.<sup>1</sup> | 8700 | 72297 |
| **Total Pipelines** |  | 3213245 |
| **Oil & Gas Services - 9.0%** | **Oil & Gas Services - 9.0%** | **Oil & Gas Services - 9.0%** |
| &nbsp;&nbsp;&nbsp;Schlumberger N.V. | 9973 | 416872 |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 8357 | 367290 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | 9747 | 247281 |
| &nbsp;&nbsp;&nbsp;TechnipFMC plc | 6437 | 203989 |
| &nbsp;&nbsp;&nbsp;NOV, Inc. | 8923 | 135808 |
| &nbsp;&nbsp;&nbsp;ChampionX Corp. | 4429 | 131984 |
| &nbsp;&nbsp;&nbsp;Liberty Energy, Inc. — Class A | 5809 | 91957 |
| &nbsp;&nbsp;&nbsp;Tidewater, Inc.\* | 1857 | 78495 |
| **Total Oil & Gas Services** |  | 1673676 |
| **Energy-Alternate Sources - 3.4%** | **Energy-Alternate Sources - 3.4%** | **Energy-Alternate Sources - 3.4%** |
| &nbsp;&nbsp;&nbsp;First Solar, Inc.\* | 1491 | 188507 |
| &nbsp;&nbsp;&nbsp;SolarEdge Technologies, Inc.\*<sup>,1</sup> | 10096 | 163353 |
| &nbsp;&nbsp;&nbsp;Enphase Energy, Inc.\* | 2564 | 159096 |
| &nbsp;&nbsp;&nbsp;Sunrun, Inc.\* | 10648 | 62397 |
| &nbsp;&nbsp;&nbsp;Plug Power, Inc.\*<sup>,1</sup> | 27567 | 37216 |
| &nbsp;&nbsp;&nbsp;Green Plains, Inc.\* | 6102 | 29595 |
| **Total Energy-Alternate Sources** |  | 640164 |
| **Mining - 1.6%** | **Mining - 1.6%** | **Mining - 1.6%** |
| &nbsp;&nbsp;&nbsp;Cameco Corp. | 4916 | 202343 |
| &nbsp;&nbsp;&nbsp;Uranium Energy Corp.\* | 15603 | 74582 |
| &nbsp;&nbsp;&nbsp;Centrus Energy Corp. — Class A\* | 437 | 27186 |
| **Total Mining** |  | 304111 |
| **Transportation - 1.2%** | **Transportation - 1.2%** | **Transportation - 1.2%** |
| &nbsp;&nbsp;&nbsp;Scorpio Tankers, Inc. | 3149 | 118339 |
| &nbsp;&nbsp;&nbsp;Frontline plc | 7737 | 114895 |
| **Total Transportation** |  | 233234 |
| **Coal - 1.0%** | **Coal - 1.0%** | **Coal - 1.0%** |
| &nbsp;&nbsp;&nbsp;Core Natural Resources, Inc. | 1436 | 110716 |
| &nbsp;&nbsp;&nbsp;Peabody Energy Corp. | 5144 | 69701 |
| **Total Coal** |  | 180417 |
| **Retail - 0.9%** | **Retail - 0.9%** | **Retail - 0.9%** |
| &nbsp;&nbsp;&nbsp;Murphy USA, Inc. | 347 | 163024 |

---

38 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **ENERGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Metal Fabricate & Hardware - 0.8%** | **Metal Fabricate & Hardware - 0.8%** | **Metal Fabricate & Hardware - 0.8%** |
| &nbsp;&nbsp;&nbsp;Tenaris S.A. ADR | 3579 | $139975 |
| **Machinery-Diversified - 0.6%** | **Machinery-Diversified - 0.6%** | **Machinery-Diversified - 0.6%** |
| &nbsp;&nbsp;&nbsp;Cactus, Inc. — Class A | 2318 | 106234 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $8,929,161) |  | 18572127 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.4%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.4%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.4%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25 | $42295 | 42295 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25 | 32414 | 32414 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $74,709) |  | 74709 |
|  | **Shares** |  |
| **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 2.4%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 2.4%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 2.4%** |
| **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.27%<sup>4</sup> | 441254 | 441254 |
| **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp;(Cost $441,254) |  | 441254 |
| **Total Investments - 102.2%** | **Total Investments - 102.2%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $9,445,124) | &nbsp;&nbsp;&nbsp;(Cost $9,445,124) | $19088090 |
| **Other Assets & Liabilities, net - (2.2)%** | **Other Assets & Liabilities, net - (2.2)%** | (406239) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $18681851 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp;A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is on loan at March 31, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Securities lending collateral — See Note 7. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of March 31, 2025. |
|  | &nbsp;&nbsp;&nbsp;ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $18572127 | $— | $— | $18572127 |
| Repurchase Agreements |  | 74709 |  | 74709 |
| Securities Lending Collateral | 441254 |  |  | 441254 |
| Total Assets | $19013381 | $74709 | $— | $19088090 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 39

**ENERGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES**  |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value - including $424,549 of securities loaned (cost $9,370,415) | $19013381 |
| Repurchase agreements, at value (cost $74,709) | 74709 |
| Cash | 2798 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Securities sold | 3948820 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 28272 |
| &nbsp;&nbsp;&nbsp;Dividends | 13463 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 662 |
| &nbsp;&nbsp;&nbsp;Interest | 9 |
| **Total assets** | 23082114 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 3916911 |
| &nbsp;&nbsp;&nbsp;Return of securities lending collateral | 441254 |
| &nbsp;&nbsp;&nbsp;Management fees | 13559 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 7683 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 2055 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 1635 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 212 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 16954 |
| **Total liabilities** | 4400263 |
| **Net assets** | $18681851 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $22645102 |
| Total distributable earnings (loss) | (3963251) |
| Net assets | $18681851 |
| **Investor Class:** | **Investor Class:** |
| Net assets | $12292021 |
| Capital shares outstanding | 48257 |
| Net asset value per share | $254.72 |
| **Class A:** | **Class A:** |
| Net assets | $3923916 |
| Capital shares outstanding | 16950 |
| Net asset value per share | $231.50 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $243.04 |
| **Class C:** | **Class C:** |
| Net assets | $1424481 |
| Capital shares outstanding | 7506 |
| Net asset value per share | $189.78 |
| **Class H:** | **Class H:** |
| Net assets | $1041433 |
| Capital shares outstanding | 4667 |
| Net asset value per share | $223.15 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS**  |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $12,227) | $774870 |
| Interest | 5786 |
| Income from securities lending, net | 4123 |
| &nbsp;&nbsp;&nbsp;Total investment income | 784779 |
| **Expenses:** | **Expenses:** |
| Management fees | 215981 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 10237 |
| &nbsp;&nbsp;&nbsp;Class C | 17562 |
| &nbsp;&nbsp;&nbsp;Class H | 3846 |
| Transfer agent fees | 54399 |
| Portfolio accounting and administration fees | 38767 |
| Registration fees | 30407 |
| Professional fees | 15366 |
| Custodian fees | 3518 |
| Trustees' fees\* | 3269 |
| Line of credit fees | 101 |
| Miscellaneous | 1059 |
| &nbsp;&nbsp;&nbsp;Total expenses | 394512 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (12696) |
| Net expenses | 381816 |
| Net investment income | 402963 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments | 4093626 |
| Net realized gain | 4093626 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | (6928450) |
| Net change in unrealized appreciation (depreciation) | (6928450) |
| Net realized and unrealized loss | (2834824) |
| **Net decrease in net assets resulting from operations** | $(2431861) |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

40 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**ENERGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $402963 | $761104 |
| Net realized gain on investments | 4093626 | 10149054 |
| Net change in unrealized appreciation (depreciation) on investments | (6928450) | (8687737) |
| Net increase (decrease) in net assets resulting from operations | (2431861) | 2222421 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (470416) | (1379867) |
| &nbsp;&nbsp;&nbsp;Class A | (162082) | (122041) |
| &nbsp;&nbsp;&nbsp;Class C | (81371) | (71490) |
| &nbsp;&nbsp;&nbsp;Class H | (47235) | (36889) |
| Total distributions to shareholders | (761104) | (1610287) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 158246066 | 231819975 |
| &nbsp;&nbsp;&nbsp;Class A | 2433008 | 2695528 |
| &nbsp;&nbsp;&nbsp;Class C | 390123 | 752936 |
| &nbsp;&nbsp;&nbsp;Class H | 1848361 | 5454292 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 448965 | 1308347 |
| &nbsp;&nbsp;&nbsp;Class A | 155462 | 117682 |
| &nbsp;&nbsp;&nbsp;Class C | 80481 | 69867 |
| &nbsp;&nbsp;&nbsp;Class H | 46056 | 36342 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (168714924) | (272676183) |
| &nbsp;&nbsp;&nbsp;Class A | (2602684) | (3672418) |
| &nbsp;&nbsp;&nbsp;Class C | (700410) | (1516746) |
| &nbsp;&nbsp;&nbsp;Class H | (3277842) | (4148511) |
| Net decrease from capital share transactions | (11647338) | (39758889) |
| Net decrease in net assets | (14840303) | (39146755) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 33522154 | 72668909 |
| &nbsp;&nbsp;&nbsp;End of year | $18681851 | $33522154 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 591109 | 869045 |
| &nbsp;&nbsp;&nbsp;Class A | 9965 | 11283 |
| &nbsp;&nbsp;&nbsp;Class C | 1880 | 3642 |
| &nbsp;&nbsp;&nbsp;Class H | 7487 | 22654 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 1742 | 5398 |
| &nbsp;&nbsp;&nbsp;Class A | 663 | 531 |
| &nbsp;&nbsp;&nbsp;Class C | 418 | 377 |
| &nbsp;&nbsp;&nbsp;Class H | 204 | 170 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (631322) | (1048889) |
| &nbsp;&nbsp;&nbsp;Class A | (10710) | (15653) |
| &nbsp;&nbsp;&nbsp;Class C | (3527) | (7663) |
| &nbsp;&nbsp;&nbsp;Class H | (13590) | (17865) |
| Net decrease in shares | (45681) | (176970) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 41

**ENERGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $283.41 | $246.39 | $239.96 | $152.94 | $81.74 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 4.61 | 4.93 | 7.06 | 3.62 | 1.44 |
| Net gain (loss) on investments (realized and unrealized) | (23.72) | 38.98 | 6.01 <sup>d</sup> | 84.29 | 72.59 |
| Total from investment operations | (19.11) | 43.91 | 13.07 | 87.91 | 74.03 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (9.58) | (6.89) | (6.64) | (.89) | (2.83) |
| Total distributions | (9.58) | (6.89) | (6.64) | (.89) | (2.83) |
| Net asset value, end of period | $254.72 | $283.41 | $246.39 | $239.96 | $152.94 |
| **Total Return** | **(6.78** **%)** | **18.30%** | **5.34%** | **57.65%** | **91.43%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $12292 | $24579 | $64350 | $57612 | $18220 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.71% | 1.91% | 2.79% | 1.99% | 2.02% |
| Total expenses | 1.43% | 1.45% | 1.39% | 1.36% | 1.42% |
| Net expenses<sup>b</sup> | 1.38% | 1.41% | 1.39% | 1.36% | 1.42% |
| Portfolio turnover rate | 534% | 500% | 363% | 382% | 939% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $259.15 | $226.42 | $221.55 | $141.62 | $76.01 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 3.50 | 3.80 | 5.79 | 2.67 | 1.00 |
| Net gain (loss) on investments (realized and unrealized) | (21.57) | 35.82 | 5.72 <sup>d</sup> | 78.15 | 67.44 |
| Total from investment operations | (18.07) | 39.62 | 11.51 | 80.82 | 68.44 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (9.58) | (6.89) | (6.64) | (.89) | (2.83) |
| Total distributions | (9.58) | (6.89) | (6.64) | (.89) | (2.83) |
| Net asset value, end of period | $231.50 | $259.15 | $226.42 | $221.55 | $141.62 |
| **Total Return<sup>c</sup>** | **(7.01** **%)** | **18.02%** | **5.08%** | **57.25%** | **90.89%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $3924 | $4414 | $4726 | $4015 | $2214 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.43% | 1.61% | 2.48% | 1.60% | 1.60% |
| Total expenses | 1.69% | 1.68% | 1.64% | 1.61% | 1.68% |
| Net expenses<sup>b</sup> | 1.64% | 1.65% | 1.64% | 1.61% | 1.68% |
| Portfolio turnover rate | 534% | 500% | 363% | 382% | 939% |

---

42 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**ENERGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $215.84 | $191.16 | $189.40 | $122.07 | $66.27 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 1.40 | 1.68 | 3.61 | 1.32 | .56 |
| Net gain (loss) on investments (realized and unrealized) | (17.88) | 29.89 | 4.79 <sup>d</sup> | 66.90 | 58.07 |
| Total from investment operations | (16.48) | 31.57 | 8.40 | 68.22 | 58.63 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (9.58) | (6.89) | (6.64) | (.89) | (2.83) |
| Total distributions | (9.58) | (6.89) | (6.64) | (.89) | (2.83) |
| Net asset value, end of period | $189.78 | $215.84 | $191.16 | $189.40 | $122.07 |
| **Total Return<sup>c</sup>** | **(7.71** **%)** | **17.14%** | **4.29%** | **56.07%** | **89.48%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $1424 | $1885 | $2366 | $1640 | $746 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.69% | 0.84% | 1.82% | 0.91% | 1.05% |
| Total expenses | 2.44% | 2.43% | 2.39% | 2.36% | 2.44% |
| Net expenses<sup>b</sup> | 2.39% | 2.40% | 2.39% | 2.36% | 2.44% |
| Portfolio turnover rate | 534% | 500% | 363% | 382% | 939% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 43

**ENERGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $250.19 | $218.83 | $214.30 | $137.02 | $73.61 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 3.79 | 2.97 | 5.41 | 2.80 | 1.06 |
| Net gain (loss) on investments (realized and unrealized) | (21.25) | 35.28 | 5.76 <sup>d</sup> | 75.37 | 65.18 |
| Total from investment operations | (17.46) | 38.25 | 11.17 | 78.17 | 66.24 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (9.58) | (6.89) | (6.64) | (.89) | (2.83) |
| Total distributions | (9.58) | (6.89) | (6.64) | (.89) | (2.83) |
| Net asset value, end of period | $223.15 | $250.19 | $218.83 | $214.30 | $137.02 |
| **Total Return** | **(7.01** **%)** | **18.02%** | **5.08%** | **57.25%** | **90.87%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $1041 | $2643 | $1227 | $2079 | $1578 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.58% | 1.28% | 2.40% | 1.73% | 1.60% |
| Total expenses | 1.67% | 1.68% | 1.65% | 1.61% | 1.68% |
| Net expenses<sup>b</sup> | 1.62% | 1.65% | 1.65% | 1.61% | 1.68% |
| Portfolio turnover rate | 534% | 500% | 363% | 382% | 939% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>c</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>d</sup> The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

44 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **ENERGY SERVICES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 99.5%** | **COMMON STOCKS<sup>†</sup>** **- 99.5%** | **COMMON STOCKS<sup>†</sup>** **- 99.5%** |
| **Oil & Gas Services - 71.4%** | **Oil & Gas Services - 71.4%** | **Oil & Gas Services - 71.4%** |
| &nbsp;&nbsp;&nbsp;Schlumberger N.V. | 14943 | $624617 |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 12522 | 550342 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | 14604 | 370503 |
| &nbsp;&nbsp;&nbsp;TechnipFMC plc | 6715 | 212798 |
| &nbsp;&nbsp;&nbsp;NOV, Inc. | 13372 | 203522 |
| &nbsp;&nbsp;&nbsp;ChampionX Corp. | 6636 | 197753 |
| &nbsp;&nbsp;&nbsp;Archrock, Inc. | 7002 | 183732 |
| &nbsp;&nbsp;&nbsp;Liberty Energy, Inc. — Class A | 8705 | 137800 |
| &nbsp;&nbsp;&nbsp;Oceaneering International, Inc.\* | 5708 | 124491 |
| &nbsp;&nbsp;&nbsp;Tidewater, Inc.\* | 2782 | 117595 |
| &nbsp;&nbsp;&nbsp;Kodiak Gas Services, Inc. | 3145 | 117309 |
| &nbsp;&nbsp;&nbsp;Atlas Energy Solutions, Inc.<sup>1</sup> | 5433 | 96925 |
| &nbsp;&nbsp;&nbsp;Select Water Solutions, Inc. — Class A | 9087 | 95414 |
| &nbsp;&nbsp;&nbsp;Helix Energy Solutions Group, Inc.\* | 10740 | 89249 |
| &nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure, Inc. — Class A | 4090 | 88998 |
| &nbsp;&nbsp;&nbsp;Aris Water Solutions, Inc. — Class A | 2589 | 82952 |
| &nbsp;&nbsp;&nbsp;Expro Group Holdings N.V.\* | 7959 | 79112 |
| &nbsp;&nbsp;&nbsp;ProPetro Holding Corp.\* | 9156 | 67297 |
| &nbsp;&nbsp;&nbsp;RPC, Inc. | 11015 | 60583 |
| &nbsp;&nbsp;&nbsp;ProFrac Holding Corp. — Class A\*<sup>,1</sup> | 2620 | 19886 |
| **Total Oil & Gas Services** |  | 3520878 |
| **Oil & Gas - 21.9%** | **Oil & Gas - 21.9%** | **Oil & Gas - 21.9%** |
| &nbsp;&nbsp;&nbsp;Weatherford International plc | 3031 | 162310 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc. | 18253 | 150040 |
| &nbsp;&nbsp;&nbsp;Noble Corporation plc | 6132 | 145328 |
| &nbsp;&nbsp;&nbsp;Transocean Ltd.\* | 45343 | 143737 |
| &nbsp;&nbsp;&nbsp;Valaris Ltd.\* | 3249 | 127556 |
| &nbsp;&nbsp;&nbsp;Helmerich & Payne, Inc. | 4821 | 125925 |
| &nbsp;&nbsp;&nbsp;Seadrill Ltd.\* | 4957 | 123925 |
| &nbsp;&nbsp;&nbsp;Borr Drilling Ltd.<sup>1</sup> | 34325 | 75172 |
| &nbsp;&nbsp;&nbsp;Nabors Industries Ltd.\* | 602 | 25109 |
| **Total Oil & Gas** |  | 1079102 |
| **Machinery-Diversified - 3.2%** | **Machinery-Diversified - 3.2%** | **Machinery-Diversified - 3.2%** |
| &nbsp;&nbsp;&nbsp;Cactus, Inc. — Class A | 3473 | 159167 |
| **Metal Fabricate & Hardware - 3.0%** | **Metal Fabricate & Hardware - 3.0%** | **Metal Fabricate & Hardware - 3.0%** |
| &nbsp;&nbsp;&nbsp;Tenaris S.A. ADR | 3751 | 146702 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,508,501) |  | 4905849 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 1.1%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 1.1%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 1.1%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25 | $30878 | 30878 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25 | 23664 | 23664 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $54,542) |  | 54542 |
|  | **Shares** |  |
| **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 2.9%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 2.9%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 2.9%** |
| **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.27%<sup>4</sup> | 143516 | 143516 |
| **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp;(Cost $143,516) |  | 143516 |
| **Total Investments - 103.5%** | **Total Investments - 103.5%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,706,559) | &nbsp;&nbsp;&nbsp;(Cost $2,706,559) | $5103907 |
| **Other Assets & Liabilities, net - (3.5)%** | **Other Assets & Liabilities, net - (3.5)%** | (173561) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $4930346 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp;A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is on loan at March 31, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Securities lending collateral — See Note 7. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of March 31, 2025. |
|  | &nbsp;&nbsp;&nbsp;ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 45

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **ENERGY SERVICES FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $4905849 | $— | $— | $4905849 |
| Repurchase Agreements |  | 54542 |  | 54542 |
| Securities Lending Collateral | 143516 |  |  | 143516 |
| Total Assets | $5049365 | $54542 | $— | $5103907 |

---

46 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**ENERGY SERVICES FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES**  |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value - including $134,350 of securities loaned (cost $2,652,017) | $5049365 |
| Repurchase agreements, at value (cost $54,542) | 54542 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Dividends | 6112 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 3801 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims | 160 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 48 |
| &nbsp;&nbsp;&nbsp;Interest | 6 |
| **Total assets** | 5114034 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Return of securities lending collateral | 143516 |
| &nbsp;&nbsp;&nbsp;Securities purchased | 27349 |
| &nbsp;&nbsp;&nbsp;Management fees | 3670 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 2452 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 492 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 443 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 70 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 10 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 5686 |
| **Total liabilities** | 183688 |
| **Net assets** | $4930346 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $41898593 |
| Total distributable earnings (loss) | (36968247) |
| Net assets | $4930346 |
| **Investor Class:** | **Investor Class:** |
| Net assets | $3616439 |
| Capital shares outstanding | 17205 |
| Net asset value per share | $210.20 |
| **Class A:** | **Class A:** |
| Net assets | $771009 |
| Capital shares outstanding | 3981 |
| Net asset value per share | $193.67 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $203.33 |
| **Class C:** | **Class C:** |
| Net assets | $315718 |
| Capital shares outstanding | 1927 |
| Net asset value per share | $163.84 |
| **Class H:** | **Class H:** |
| Net assets | $227180 |
| Capital shares outstanding | 1211 |
| Net asset value per share | $187.60 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS**  |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $16) | $148244 |
| Interest | 2404 |
| Income from securities lending, net | 492 |
| &nbsp;&nbsp;&nbsp;Total investment income | 151140 |
| **Expenses:** | **Expenses:** |
| Management fees | 68537 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | 2388 |
| &nbsp;&nbsp;&nbsp;Class C | 4492 |
| &nbsp;&nbsp;&nbsp;Class H | 1545 |
| Transfer agent fees | 17523 |
| Portfolio accounting and administration fees | 12302 |
| Registration fees | 7865 |
| Professional fees | 6242 |
| Trustees' fees\* | 1250 |
| Custodian fees | 1242 |
| Line of credit fees | 180 |
| Miscellaneous | 418 |
| &nbsp;&nbsp;&nbsp;Total expenses | 123984 |
| Less: | Less: |
| Expenses reimbursed by Adviser |  |
| &nbsp;&nbsp;&nbsp;Total waived expenses | (4029) |
| Net expenses | 119955 |
| Net investment income | 31185 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments | 2346310 |
| Net realized gain | 2346310 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | (4159427) |
| Net change in unrealized appreciation (depreciation) | (4159427) |
| Net realized and unrealized loss | (1813117) |
| **Net decrease in net assets resulting from operations** | $(1781932) |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 47

**ENERGY SERVICES FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $31185 | $1489 |
| Net realized gain (loss) on investments | 2346310 | (1622348) |
| Net change in unrealized appreciation (depreciation) on investments | (4159427) | 2917554 |
| Net increase (decrease) in net assets resulting from operations | (1781932) | 1296695 |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 42268472 | 80881054 |
| &nbsp;&nbsp;&nbsp;Class A | 1336902 | 2254084 |
| &nbsp;&nbsp;&nbsp;Class C | 156340 | 121373 |
| &nbsp;&nbsp;&nbsp;Class H | 73711 | 3381767 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (49464550) | (102094522) |
| &nbsp;&nbsp;&nbsp;Class A | (1629942) | (2540156) |
| &nbsp;&nbsp;&nbsp;Class C | (301464) | (662919) |
| &nbsp;&nbsp;&nbsp;Class H | (560637) | (3827092) |
| Net decrease from capital share transactions | (8121168) | (22486411) |
| Net decrease in net assets | (9903100) | (21189716) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 14833446 | 36023162 |
| &nbsp;&nbsp;&nbsp;End of year | $4930346 | $14833446 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 177670 | 317141 |
| &nbsp;&nbsp;&nbsp;Class A | 6049 | 10056 |
| &nbsp;&nbsp;&nbsp;Class C | 820 | 645 |
| &nbsp;&nbsp;&nbsp;Class H | 354 | 14895 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (205584) | (424550) |
| &nbsp;&nbsp;&nbsp;Class A | (7316) | (11542) |
| &nbsp;&nbsp;&nbsp;Class C | (1599) | (3706) |
| &nbsp;&nbsp;&nbsp;Class H | (2736) | (16942) |
| Net decrease in shares | (32342) | (114003) |

---

48 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**ENERGY SERVICES FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $268.17 | $213.90 | $231.88 | $169.20 | $75.50 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 1.18 | .15 | (.56) | (.63) | .20 |
| Net gain (loss) on investments (realized and unrealized) | (59.15) | 54.12 | (17.42) | 63.81 | 95.34 |
| Total from investment operations | (57.97) | 54.27 | (17.98) | 63.18 | 95.54 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  |  |  | (.50) | (1.84) |
| Total distributions |  |  |  | (.50) | (1.84) |
| Net asset value, end of period | $210.20 | $268.17 | $213.90 | $231.88 | $169.20 |
| **Total Return** | **(21.62** **%)** | **25.37%** | **(7.75** **%)** | **37.44%** | **127.06%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $3616 | $12100 | $32626 | $9376 | $4703 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.48% | 0.06% | (0.26%) | (0.35%) | 0.82% |
| Total expenses | 1.43% | 1.45% | 1.39% | 1.36% | 1.42% |
| Net expenses<sup>b</sup> | 1.38% | 1.42% | 1.39% | 1.36% | 1.42% |
| Portfolio turnover rate | 431% | 296% | 242% | 290% | 770% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $247.69 | $198.04 | $215.25 | $157.49 | $70.51 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .61 | (.38) | (1.16) | (1.04) | .19 |
| Net gain (loss) on investments (realized and unrealized) | (54.63) | 50.03 | (16.05) | 59.30 | 88.63 |
| Total from investment operations | (54.02) | 49.65 | (17.21) | 58.26 | 88.82 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  |  |  | (.50) | (1.84) |
| Total distributions |  |  |  | (.50) | (1.84) |
| Net asset value, end of period | $193.67 | $247.69 | $198.04 | $215.25 | $157.49 |
| **Total Return<sup>c</sup>** | **(21.81** **%)** | **25.07%** | **(8.00** **%)** | **37.09%** | **126.39%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $771 | $1300 | $1334 | $1036 | $676 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.28% | (0.17%) | (0.58%) | (0.61%) | 0.87% |
| Total expenses | 1.69% | 1.68% | 1.64% | 1.61% | 1.68% |
| Net expenses<sup>b</sup> | 1.64% | 1.65% | 1.64% | 1.61% | 1.68% |
| Portfolio turnover rate | 431% | 296% | 242% | 290% | 770% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 49

**ENERGY SERVICES FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $211.16 | $170.13 | $186.29 | $137.36 | $62.08 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (.92) | (1.79) | (2.20) | (2.02) | (.01) |
| Net gain (loss) on investments (realized and unrealized) | (46.40) | 42.82 | (13.96) | 51.45 | 77.13 |
| Total from investment operations | (47.32) | 41.03 | (16.16) | 49.43 | 77.12 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  |  |  | (.50) | (1.84) |
| Total distributions |  |  |  | (.50) | (1.84) |
| Net asset value, end of period | $163.84 | $211.16 | $170.13 | $186.29 | $137.36 |
| **Total Return<sup>c</sup>** | **(22.40** **%)** | **24.12%** | **(8.67** **%)** | **36.07%** | **124.62%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $316 | $571 | $981 | $814 | $479 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.48%) | (0.95%) | (1.27%) | (1.37%) | (0.03%) |
| Total expenses | 2.44% | 2.43% | 2.40% | 2.36% | 2.43% |
| Net expenses<sup>b</sup> | 2.39% | 2.40% | 2.40% | 2.36% | 2.43% |
| Portfolio turnover rate | 431% | 296% | 242% | 290% | 770% |

---

50 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**ENERGY SERVICES FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $240.05 | $191.93 | $208.59 | $152.63 | $68.37 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .57 | (.49) | (1.52) | (.75) | .02 |
| Net gain (loss) on investments (realized and unrealized) | (53.02) | 48.61 | (15.14) | 57.21 | 86.08 |
| Total from investment operations | (52.45) | 48.12 | (16.66) | 56.46 | 86.10 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  |  |  | (.50) | (1.84) |
| Total distributions |  |  |  | (.50) | (1.84) |
| Net asset value, end of period | $187.60 | $240.05 | $191.93 | $208.59 | $152.63 |
| **Total Return** | **(21.85** **%)** | **25.07%** | **(7.99** **%)** | **37.09%** | **126.23%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $227 | $863 | $1082 | $11057 | $689 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.26% | (0.23%) | (0.76%) | (0.43%) | 0.11% |
| Total expenses | 1.68% | 1.68% | 1.65% | 1.62% | 1.68% |
| Net expenses<sup>b</sup> | 1.63% | 1.65% | 1.65% | 1.62% | 1.68% |
| Portfolio turnover rate | 431% | 296% | 242% | 290% | 770% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>c</sup> Total return does not reflect the impact of any applicable sales charges.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 51

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **FINANCIAL SERVICES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 98.6%** | **COMMON STOCKS<sup>†</sup>** **- 98.6%** | **COMMON STOCKS<sup>†</sup>** **- 98.6%** |
| **Banks - 24.7%** | **Banks - 24.7%** | **Banks - 24.7%** |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 3343 | $820038 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 12649 | 527843 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 6607 | 474317 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | 752 | 410810 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 3170 | 369844 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 5000 | 354950 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | 1455 | 255745 |
| &nbsp;&nbsp;&nbsp;U.S. Bancorp | 5852 | 247071 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 2863 | 240120 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 5462 | 224761 |
| &nbsp;&nbsp;&nbsp;NU Holdings Limited/Cayman Islands — Class A\* | 21935 | 224614 |
| &nbsp;&nbsp;&nbsp;ICICI Bank Ltd. ADR | 6627 | 208883 |
| &nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | 3126 | 207692 |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank | 3203 | 191988 |
| &nbsp;&nbsp;&nbsp;Popular, Inc. | 2067 | 190929 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada | 1628 | 183508 |
| &nbsp;&nbsp;&nbsp;Bank of Nova Scotia | 3747 | 177720 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | 925 | 165344 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 3999 | 156761 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | 1719 | 153902 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 9587 | 143901 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 6259 | 136008 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 1332 | 131402 |
| &nbsp;&nbsp;&nbsp;KeyCorp | 8126 | 129935 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | 3062 | 125450 |
| &nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | 1215 | 109058 |
| &nbsp;&nbsp;&nbsp;First Horizon Corp. | 5035 | 97780 |
| &nbsp;&nbsp;&nbsp;Commerce Bancshares, Inc. | 1408 | 87620 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorporation | 1127 | 86587 |
| &nbsp;&nbsp;&nbsp;Comerica, Inc. | 1440 | 85046 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp North America | 1677 | 83615 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp | 3785 | 80204 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | 770 | 77847 |
| &nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | 2799 | 69807 |
| &nbsp;&nbsp;&nbsp;Bank OZK | 1505 | 65392 |
| &nbsp;&nbsp;&nbsp;Valley National Bancorp | 7113 | 63235 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc. — Class A | 32 | 59332 |
| &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | 559 | 59276 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | 509 | 57242 |
| **Total Banks** |  | 7535577 |
| **Diversified Financial Services - 23.3%** | **Diversified Financial Services - 23.3%** | **Diversified Financial Services - 23.3%** |
| &nbsp;&nbsp;&nbsp;Visa, Inc. — Class A | 2342 | 820777 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc. — Class A | 1194 | 654455 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 4643 | 363454 |
| &nbsp;&nbsp;&nbsp;American Express Co. | 1344 | 361603 |
| &nbsp;&nbsp;&nbsp;Blackrock, Inc. | 381 | 360609 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 1748 | 301530 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. — Class A | 1130 | 299778 |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc. — Class A | 1563 | 258817 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 1429 | 256220 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | 1696 | 232250 |
| &nbsp;&nbsp;&nbsp;Ares Management Corp. — Class A | 1437 | 210679 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 430 | 208167 |
| &nbsp;&nbsp;&nbsp;Discover Financial Services | 1206 | 205864 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc. — Class A\* | 1136 | 195653 |
| &nbsp;&nbsp;&nbsp;XP, Inc. — Class A | 13855 | 190506 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 2436 | 184795 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc. — Class A | 1221 | 181270 |
| &nbsp;&nbsp;&nbsp;Blue Owl Capital, Inc. | 8674 | 173827 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | 1098 | 152523 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | 667 | 150936 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 2629 | 139179 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | 413 | 135109 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 1464 | 134498 |
| &nbsp;&nbsp;&nbsp;TPG, Inc. | 2573 | 122037 |
| &nbsp;&nbsp;&nbsp;SoFi Technologies, Inc.\* | 9072 | 105507 |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc. | 2772 | 101095 |
| &nbsp;&nbsp;&nbsp;SEI Investments Co. | 1212 | 94088 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc. | 1595 | 85444 |
| &nbsp;&nbsp;&nbsp;Invesco Ltd. | 5026 | 76244 |
| &nbsp;&nbsp;&nbsp;Virtu Financial, Inc. — Class A | 1970 | 75096 |
| &nbsp;&nbsp;&nbsp;Franklin Resources, Inc. | 3890 | 74883 |
| &nbsp;&nbsp;&nbsp;SLM Corp. | 2515 | 73866 |
| &nbsp;&nbsp;&nbsp;Hamilton Lane, Inc. — Class A | 395 | 58725 |
| &nbsp;&nbsp;&nbsp;Upstart Holdings, Inc.\* | 1262 | 58090 |
| **Total Diversified Financial Services** |  | 7097574 |
| **Insurance - 18.6%** | **Insurance - 18.6%** | **Insurance - 18.6%** |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. — Class B\* | 1950 | 1038531 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | 1382 | 391120 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Companies, Inc. | 1396 | 340666 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | 843 | 291037 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. | 2810 | 270266 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson plc | 790 | 266981 |
| &nbsp;&nbsp;&nbsp;Chubb Ltd. | 796 | 240384 |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | 2157 | 239837 |
| &nbsp;&nbsp;&nbsp;Travelers Companies, Inc. | 890 | 235369 |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | 1080 | 223636 |
| &nbsp;&nbsp;&nbsp;American International Group, Inc. | 2567 | 223175 |
| &nbsp;&nbsp;&nbsp;Aon plc — Class A | 553 | 220697 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | 2553 | 204980 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | 1742 | 194547 |
| &nbsp;&nbsp;&nbsp;Everest Group Ltd. | 512 | 186025 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. | 1484 | 183615 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 1352 | 168189 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | 995 | 146981 |
| &nbsp;&nbsp;&nbsp;W R Berkley Corp. | 2034 | 144739 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | 1578 | 133136 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | 2383 | 124130 |
| &nbsp;&nbsp;&nbsp;Corebridge Financial, Inc. | 2696 | 85113 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | 770 | 70486 |
| &nbsp;&nbsp;&nbsp;Erie Indemnity Co. — Class A | 126 | 52800 |
| **Total Insurance** |  | 5676440 |
| **REITs** **- 18.5%** | **REITs** **- 18.5%** | **REITs** **- 18.5%** |
| &nbsp;&nbsp;&nbsp;American Tower Corp. — Class A | 1443 | 313997 |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. | 2766 | 309211 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | 2011 | 308105 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | 328 | 267435 |

---

52 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **FINANCIAL SERVICES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | 1338 | $222215 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. | 3806 | 220786 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. | 2055 | 214193 |
| &nbsp;&nbsp;&nbsp;Public Storage | 705 | 210999 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | 1455 | 208487 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | 5445 | 177616 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | 1148 | 170466 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | 785 | 168477 |
| &nbsp;&nbsp;&nbsp;Ventas, Inc. | 2447 | 168256 |
| &nbsp;&nbsp;&nbsp;Equity Residential | 2210 | 158192 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | 1778 | 152979 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp. | 679 | 149387 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. | 4769 | 139636 |
| &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. | 3981 | 138738 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | 817 | 136913 |
| &nbsp;&nbsp;&nbsp;Sun Communities, Inc. | 957 | 123108 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. | 2655 | 119926 |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | 1262 | 116748 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. | 5421 | 115142 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp. | 1543 | 113812 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. | 5603 | 113293 |
| &nbsp;&nbsp;&nbsp;Gaming and Leisure Properties, Inc. | 2201 | 112031 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | 910 | 111293 |
| &nbsp;&nbsp;&nbsp;American Homes 4 Rent — Class A | 2886 | 109120 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Co. — Class A | 913 | 103881 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. | 1540 | 102718 |
| &nbsp;&nbsp;&nbsp;Annaly Capital Management, Inc. | 4935 | 100230 |
| &nbsp;&nbsp;&nbsp;BXP, Inc. | 1437 | 96552 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | 6534 | 92848 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc. | 2289 | 89614 |
| &nbsp;&nbsp;&nbsp;AGNC Investment Corp.<sup>1</sup> | 9028 | 86488 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | 3548 | 61984 |
| &nbsp;&nbsp;&nbsp;Lineage, Inc. | 972 | 56988 |
| **Total REITS** |  | 5661864 |
| **Commercial Services - 6.5%** | **Commercial Services - 6.5%** | **Commercial Services - 6.5%** |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 776 | 394286 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | 565 | 263115 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.\* | 3645 | 237836 |
| &nbsp;&nbsp;&nbsp;StoneCo Ltd. — Class A\* | 18834 | 197380 |
| &nbsp;&nbsp;&nbsp;Block, Inc. — Class A\* | 3232 | 175595 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | 1549 | 151678 |
| &nbsp;&nbsp;&nbsp;Corpay, Inc.\* | 428 | 149252 |
| &nbsp;&nbsp;&nbsp;Toast, Inc. — Class A\* | 3964 | 131486 |
| &nbsp;&nbsp;&nbsp;Affirm Holdings, Inc.\* | 2374 | 107281 |
| &nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | 395 | 85458 |
| &nbsp;&nbsp;&nbsp;Shift4 Payments, Inc. — Class A\*<sup>,1</sup> | 1010 | 82527 |
| **Total Commercial Services** |  | 1975894 |
| **Private Equity - 3.2%** | **Private Equity - 3.2%** | **Private Equity - 3.2%** |
| &nbsp;&nbsp;&nbsp;Blackstone, Inc. — Class A | 2898 | 405083 |
| &nbsp;&nbsp;&nbsp;KKR & Company, Inc. — Class A | 2424 | 280239 |
| &nbsp;&nbsp;&nbsp;Brookfield Corp. | 3642 | 190877 |
| &nbsp;&nbsp;&nbsp;Carlyle Group, Inc. | 2438 | 106272 |
| **Total Private Equity** |  | 982471 |
| **Software - 2.8%** | **Software - 2.8%** | **Software - 2.8%** |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.\* | 1554 | 343170 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. — Class A | 357 | 201883 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | 2573 | 192152 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 612 | 111751 |
| **Total Software** |  | 848956 |
| **Internet - 0.6%** | **Internet - 0.6%** | **Internet - 0.6%** |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Inc. — Class A\* | 4815 | 200401 |
| **Investment Companies - 0.4%** | **Investment Companies - 0.4%** | **Investment Companies - 0.4%** |
| &nbsp;&nbsp;&nbsp;Ares Capital Corp. | 5339 | 118312 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $25,649,317) |  | 30097489 |
| **PREFERRED STOCKS<sup>†</sup>** **- 0.6%** | **PREFERRED STOCKS<sup>†</sup>** **- 0.6%** | **PREFERRED STOCKS<sup>†</sup>** **- 0.6%** |
| **Banks - 0.6%** | **Banks - 0.6%** | **Banks - 0.6%** |
| Itau Unibanco Holding S.A. | Itau Unibanco Holding S.A. | Itau Unibanco Holding S.A. |
| &nbsp;&nbsp;&nbsp;ADR  | 33195 | 182570 |
| **Total Preferred Stocks** | **Total Preferred Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $148,951) |  | 182570 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.6%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.6%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.6%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25 | $97712 | 97712 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25 | 74885 | 74885 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $172,597) |  | 172597 |
|  | **Shares** |  |
| **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.4%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.4%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.4%** |
| **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.27%<sup>4</sup> | 131147 | 131147 |
| **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp;(Cost $131,147) |  | 131147 |
| **Total Investments - 100.2%** | **Total Investments - 100.2%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $26,102.012) | &nbsp;&nbsp;&nbsp;(Cost $26,102.012) | $30583803 |
| **Other Assets & Liabilities, net - (0.2)%** | **Other Assets & Liabilities, net - (0.2)%** | (67180) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $30516623 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 53

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **FINANCIAL SERVICES FUND** |  |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp;A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is on loan at March 31, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Securities lending collateral — See Note 7. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of March 31, 2025. |
|  | &nbsp;&nbsp;&nbsp;ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;REIT — Real Estate Investment Trust |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $30097489 | $— | $— | $30097489 |
| Preferred Stocks | 182570 |  |  | 182570 |
| Repurchase Agreements |  | 172597 |  | 172597 |
| Securities Lending Collateral | 131147 |  |  | 131147 |
| Total Assets | $30411206 | $172597 | $— | $30583803 |

---

54 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**FINANCIAL SERVICES FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES**  |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value - including $126,376 of securities loaned (cost $25,929,415) | $30411206 |
| Repurchase agreements, at value (cost $172,597) | 172597 |
| Cash | 124 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 131049 |
| &nbsp;&nbsp;&nbsp;Dividends | 43787 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims | 299 |
| &nbsp;&nbsp;&nbsp;Interest | 21 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 16 |
| **Total assets** | 30759099 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Return of securities lending collateral | 131147 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 47539 |
| &nbsp;&nbsp;&nbsp;Management fees | 23343 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 13071 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 2815 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 1261 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 291 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 23009 |
| **Total liabilities** | 242476 |
| **Net assets** | $30516623 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $28967610 |
| Total distributable earnings (loss) | 1549013 |
| Net assets | $30516623 |
| **Investor Class:** | **Investor Class:** |
| Net assets | $26294651 |
| Capital shares outstanding | 272377 |
| Net asset value per share | $96.54 |
| **Class A:** | **Class A:** |
| Net assets | $2888127 |
| Capital shares outstanding | 33217 |
| Net asset value per share | $86.95 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $91.29 |
| **Class C:** | **Class C:** |
| Net assets | $694571 |
| Capital shares outstanding | 10032 |
| Net asset value per share | $69.24 |
| **Class H:** | **Class H:** |
| Net assets | $639274 |
| Capital shares outstanding | 7659 |
| Net asset value per share | $83.47 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS**  |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $3,502) | $442605 |
| Interest | 5287 |
| Income from securities lending, net | 313 |
| &nbsp;&nbsp;&nbsp;Total investment income | 448205 |
| **Expenses:** | **Expenses:** |
| Management fees | 172033 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 5525 |
| &nbsp;&nbsp;&nbsp;Class C | 7172 |
| &nbsp;&nbsp;&nbsp;Class H | 1137 |
| Transfer agent fees | 45707 |
| Portfolio accounting and administration fees | 30874 |
| Registration fees | 24265 |
| Professional fees | 9093 |
| Custodian fees | 2743 |
| Trustees' fees\* | 1832 |
| Line of credit fees | 178 |
| Miscellaneous | 7185 |
| &nbsp;&nbsp;&nbsp;Total expenses | 307744 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (10115) |
| Net expenses | 297629 |
| Net investment income | 150576 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments | 1008949 |
| Net realized gain | 1008949 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | (336174) |
| Net change in unrealized appreciation (depreciation) | (336174) |
| Net realized and unrealized gain | 672775 |
| **Net increase in net assets resulting from operations** | $823351 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 55

**FINANCIAL SERVICES FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $150576 | $152925 |
| Net realized gain (loss) on investments | 1008949 | (195131) |
| Net change in unrealized appreciation (depreciation) on investments | (336174) | 4604554 |
| Net increase in net assets resulting from operations | 823351 | 4562348 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (120954) |  |
| &nbsp;&nbsp;&nbsp;Class A | (20403) |  |
| &nbsp;&nbsp;&nbsp;Class C | (7575) |  |
| &nbsp;&nbsp;&nbsp;Class H | (3992) |  |
| Total distributions to shareholders | (152924) |  |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 64301723 | 44844326 |
| &nbsp;&nbsp;&nbsp;Class A | 2139664 | 1349282 |
| &nbsp;&nbsp;&nbsp;Class C | 363490 | 87965 |
| &nbsp;&nbsp;&nbsp;Class H | 539650 | 95281 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 118066 |  |
| &nbsp;&nbsp;&nbsp;Class A | 19992 |  |
| &nbsp;&nbsp;&nbsp;Class C | 7527 |  |
| &nbsp;&nbsp;&nbsp;Class H | 3985 |  |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (71527406) | (19986831) |
| &nbsp;&nbsp;&nbsp;Class A | (1442455) | (1342196) |
| &nbsp;&nbsp;&nbsp;Class C | (554541) | (280194) |
| &nbsp;&nbsp;&nbsp;Class H | (304344) | (197524) |
| Net increase (decrease) from capital share transactions | (6334649) | 24570109 |
| Net increase (decrease) in net assets | (5664222) | 29132457 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 36180845 | 7048388 |
| &nbsp;&nbsp;&nbsp;End of year | $30516623 | $36180845 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 685969 | 597215 |
| &nbsp;&nbsp;&nbsp;Class A | 24965 | 20506 |
| &nbsp;&nbsp;&nbsp;Class C | 5092 | 1688 |
| &nbsp;&nbsp;&nbsp;Class H | 6726 | 1600 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 1182 |  |
| &nbsp;&nbsp;&nbsp;Class A | 222 |  |
| &nbsp;&nbsp;&nbsp;Class C | 105 |  |
| &nbsp;&nbsp;&nbsp;Class H | 46 |  |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (802699) | (273868) |
| &nbsp;&nbsp;&nbsp;Class A | (17767) | (21022) |
| &nbsp;&nbsp;&nbsp;Class C | (8332) | (5621) |
| &nbsp;&nbsp;&nbsp;Class H | (3956) | (3256) |
| Net increase (decrease) in shares | (108447) | 317242 |

---

56 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**FINANCIAL SERVICES FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $85.13 | $66.11 | $101.95 | $88.84 | $54.80 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .76 | .86 | .87 | .64 | .88 |
| Net gain (loss) on investments (realized and unrealized) | 11.38 | 18.16 | (19.17) | 13.35 | 33.16 |
| Total from investment operations | 12.14 | 19.02 | (18.30) | 13.99 | 34.04 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.73) |  | (2.30) | (.34) |  |
| Net realized gains |  |  | (15.24) | (.54) |  |
| Total distributions | (.73) |  | (17.54) | (.88) |  |
| Net asset value, end of period | $96.54 | $85.13 | $66.11 | $101.95 | $88.84 |
| **Total Return** | **14.23%** | **28.77%** | **(18.35** **%)** | **15.72%** | **62.12%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $26295 | $33024 | $4269 | $32004 | $32328 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.81% | 1.12% | 1.00% | 0.63% | 1.19% |
| Total expenses | 1.45% | 1.43% | 1.40% | 1.36% | 1.41% |
| Net expenses<sup>b</sup> | 1.40% | 1.39% | 1.40% | 1.36% | 1.41% |
| Portfolio turnover rate | 299% | 119% | 177% | 406% | 246% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $76.92 | $59.89 | $94.54 | $82.65 | $51.10 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .49 | .63 | .76 | .36 | .55 |
| Net gain (loss) on investments (realized and unrealized) | 10.26 | 16.40 | (17.87) | 12.41 | 31.00 |
| Total from investment operations | 10.75 | 17.03 | (17.11) | 12.77 | 31.55 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.72) |  | (2.30) | (.34) |  |
| Net realized gains |  |  | (15.24) | (.54) |  |
| Total distributions | (.72) |  | (17.54) | (.88) |  |
| Net asset value, end of period | $86.95 | $76.92 | $59.89 | $94.54 | $82.65 |
| **Total Return<sup>c</sup>** | **13.96%** | **28.44%** | **(18.56** **%)** | **15.42%** | **61.74%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $2888 | $1984 | $1576 | $3276 | $2780 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.59% | 0.96% | 0.97% | 0.39% | 0.86% |
| Total expenses | 1.69% | 1.69% | 1.64% | 1.61% | 1.70% |
| Net expenses<sup>b</sup> | 1.64% | 1.65% | 1.64% | 1.61% | 1.70% |
| Portfolio turnover rate | 299% | 119% | 177% | 406% | 246% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 57

**FINANCIAL SERVICES FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $61.84 | $48.51 | $81.13 | $71.57 | $44.59 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (.13) | .11 | .15 | (.28) | (.03) |
| Net gain (loss) on investments (realized and unrealized) | 8.26 | 13.22 | (15.23) | 10.72 | 27.01 |
| Total from investment operations | 8.13 | 13.33 | (15.08) | 10.44 | 26.98 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.73) |  | (2.30) | (.34) |  |
| Net realized gains |  |  | (15.24) | (.54) |  |
| Total distributions | (.73) |  | (17.54) | (.88) |  |
| Net asset value, end of period | $69.24 | $61.84 | $48.51 | $81.13 | $71.57 |
| **Total Return<sup>c</sup>** | **13.10%** | **27.48%** | **(19.17** **%)** | **14.55%** | **60.51%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $695 | $814 | $829 | $1216 | $1036 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.20%) | 0.20% | 0.24% | (0.35%) | (0.06%) |
| Total expenses | 2.44% | 2.44% | 2.40% | 2.36% | 2.43% |
| Net expenses<sup>b</sup> | 2.39% | 2.40% | 2.40% | 2.36% | 2.43% |
| Portfolio turnover rate | 299% | 119% | 177% | 406% | 246% |

---

58 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**FINANCIAL SERVICES FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $73.87 | $57.51 | $91.63 | $80.10 | $49.53 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .48 | .59 | (.06) | .41 | .68 |
| Net gain (loss) on investments (realized and unrealized) | 9.85 | 15.77 | (16.52) | 12.00 | 29.89 |
| Total from investment operations | 10.33 | 16.36 | (16.58) | 12.41 | 30.57 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.73) |  | (2.30) | (.34) |  |
| Net realized gains |  |  | (15.24) | (.54) |  |
| Total distributions | (.73) |  | (17.54) | (.88) |  |
| Net asset value, end of period | $83.47 | $73.87 | $57.51 | $91.63 | $80.10 |
| **Total Return** | **13.95%** | **28.45%** | **(18.56** **%)** | **15.47%** | **61.72%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $639 | $358 | $374 | $12923 | $3250 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.60% | 0.95% | (0.08%) | 0.45% | 1.07% |
| Total expenses | 1.70% | 1.68% | 1.66% | 1.61% | 1.69% |
| Net expenses<sup>b</sup> | 1.65% | 1.65% | 1.66% | 1.61% | 1.69% |
| Portfolio turnover rate | 299% | 119% | 177% | 406% | 246% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>c</sup> Total return does not reflect the impact of any applicable sales charges.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 59

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **HEALTH CARE FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 99.4%** | **COMMON STOCKS<sup>†</sup>** **- 99.4%** | **COMMON STOCKS<sup>†</sup>** **- 99.4%** |
| **Pharmaceuticals - 32.4%** | **Pharmaceuticals - 32.4%** | **Pharmaceuticals - 32.4%** |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 1004 | $829214 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 3713 | 615764 |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 2777 | 581837 |
| &nbsp;&nbsp;&nbsp;Merck & Company, Inc. | 4946 | 443953 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | 14268 | 361551 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 5567 | 339531 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | 422 | 284002 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | 4107 | 278249 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | 1552 | 255537 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 1102 | 252424 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. — Class A | 813 | 226087 |
| &nbsp;&nbsp;&nbsp;AstraZeneca plc ADR | 3006 | 220941 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | 1335 | 183923 |
| &nbsp;&nbsp;&nbsp;Novo Nordisk A/S ADR<sup>1</sup> | 2643 | 183530 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.\* | 2325 | 158774 |
| &nbsp;&nbsp;&nbsp;GSK plc ADR<sup>1</sup> | 3868 | 149846 |
| &nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc.\* | 1255 | 143346 |
| &nbsp;&nbsp;&nbsp;Novartis AG ADR | 1271 | 141691 |
| &nbsp;&nbsp;&nbsp;Alkermes plc\* | 4255 | 140500 |
| &nbsp;&nbsp;&nbsp;Teva Pharmaceutical Industries Ltd. ADR\* | 9087 | 139667 |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals plc\* | 1096 | 136068 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc.\* | 918 | 101531 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. | 11071 | 96429 |
| &nbsp;&nbsp;&nbsp;Henry Schein, Inc.\* | 1277 | 87462 |
| &nbsp;&nbsp;&nbsp;Option Care Health, Inc.\* | 2167 | 75737 |
| &nbsp;&nbsp;&nbsp;Vaxcyte, Inc.\* | 1263 | 47691 |
| &nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals, Inc.\* | 133 | 44054 |
| **Total Pharmaceuticals** |  | 6519339 |
| **Healthcare-Products - 28.2%** | **Healthcare-Products - 28.2%** | **Healthcare-Products - 28.2%** |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 3502 | 464540 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.\* | 845 | 418503 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 827 | 411515 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.\* | 3820 | 385362 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 1725 | 353625 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | 944 | 351404 |
| &nbsp;&nbsp;&nbsp;Medtronic plc | 2342 | 210452 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp.\* | 2836 | 205553 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | 2249 | 181517 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.\* | 428 | 179739 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | 791 | 177065 |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | 1498 | 175236 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | 1315 | 148832 |
| &nbsp;&nbsp;&nbsp;STERIS plc | 643 | 145736 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.\* | 522 | 137082 |
| &nbsp;&nbsp;&nbsp;Natera, Inc.\* | 936 | 132360 |
| &nbsp;&nbsp;&nbsp;Cooper Companies, Inc.\* | 1566 | 132092 |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc. | 3709 | 126959 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | 550 | 123134 |
| &nbsp;&nbsp;&nbsp;Waters Corp.\* | 325 | 119785 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc.\* | 1858 | 114769 |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.\* | 647 | 102782 |
| &nbsp;&nbsp;&nbsp;Avantor, Inc.\* | 6117 | 99157 |
| &nbsp;&nbsp;&nbsp;Exact Sciences Corp.\* | 2078 | 89957 |
| &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | 1534 | 89938 |
| &nbsp;&nbsp;&nbsp;Masimo Corp.\* | 510 | 84966 |
| &nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc.\* | 743 | 78543 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc.\* | 771 | 75250 |
| &nbsp;&nbsp;&nbsp;Bruker Corp. | 1448 | 60439 |
| &nbsp;&nbsp;&nbsp;Repligen Corp.\* | 466 | 59294 |
| &nbsp;&nbsp;&nbsp;PROCEPT BioRobotics Corp.\* | 936 | 54531 |
| &nbsp;&nbsp;&nbsp;Dentsply Sirona, Inc. | 3512 | 52469 |
| &nbsp;&nbsp;&nbsp;TransMedics Group, Inc.\* | 701 | 47163 |
| &nbsp;&nbsp;&nbsp;Twist Bioscience Corp.\* | 1183 | 46445 |
| &nbsp;&nbsp;&nbsp;Tandem Diabetes Care, Inc.\* | 1831 | 35082 |
| **Total Healthcare-Products** |  | 5671276 |
| **Biotechnology - 20.9%** | **Biotechnology - 20.9%** | **Biotechnology - 20.9%** |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 1263 | 393488 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 3211 | 359793 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.\* | 687 | 333071 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 386 | 244813 |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc.\* | 707 | 190904 |
| &nbsp;&nbsp;&nbsp;Argenx SE ADR\* | 259 | 153293 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.\* | 992 | 135745 |
| &nbsp;&nbsp;&nbsp;BioNTech SE ADR\* | 1414 | 128759 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma plc — Class A | 3777 | 117578 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp.\* | 374 | 115293 |
| &nbsp;&nbsp;&nbsp;Insmed, Inc.\* | 1500 | 114435 |
| &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical, Inc.\* | 1574 | 111266 |
| &nbsp;&nbsp;&nbsp;Intra-Cellular Therapies, Inc.\* | 843 | 111209 |
| &nbsp;&nbsp;&nbsp;CRISPR Therapeutics AG\*<sup>,1</sup> | 3179 | 108181 |
| &nbsp;&nbsp;&nbsp;Illumina, Inc.\* | 1327 | 105284 |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc.\* | 2595 | 95807 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.\* | 1466 | 88766 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc.\* | 1366 | 87165 |
| &nbsp;&nbsp;&nbsp;Moderna, Inc.\* | 3020 | 85617 |
| &nbsp;&nbsp;&nbsp;Bridgebio Pharma, Inc.\* | 2175 | 75190 |
| &nbsp;&nbsp;&nbsp;Guardant Health, Inc.\* | 1723 | 73400 |
| &nbsp;&nbsp;&nbsp;TG Therapeutics, Inc.\* | 1848 | 72867 |
| &nbsp;&nbsp;&nbsp;Blueprint Medicines Corp.\* | 819 | 72490 |
| &nbsp;&nbsp;&nbsp;Legend Biotech Corp. ADR\* | 2135 | 72441 |
| &nbsp;&nbsp;&nbsp;Revolution Medicines, Inc.\* | 2034 | 71922 |
| &nbsp;&nbsp;&nbsp;ADMA Biologics, Inc.\* | 3332 | 66107 |
| &nbsp;&nbsp;&nbsp;Axsome Therapeutics, Inc.\* | 554 | 64613 |
| &nbsp;&nbsp;&nbsp;Cytokinetics, Inc.\* | 1594 | 64063 |
| &nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals, Inc.\* | 2089 | 63025 |
| &nbsp;&nbsp;&nbsp;Roivant Sciences Ltd.\* | 6191 | 62467 |
| &nbsp;&nbsp;&nbsp;Sarepta Therapeutics, Inc.\* | 944 | 60246 |
| &nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals, Inc.\* | 1582 | 53060 |
| &nbsp;&nbsp;&nbsp;Avidity Biosciences, Inc.\* | 1745 | 51512 |
| &nbsp;&nbsp;&nbsp;Apellis Pharmaceuticals, Inc.\* | 2022 | 44221 |
| &nbsp;&nbsp;&nbsp;Viking Therapeutics, Inc.\* | 1829 | 44170 |
| &nbsp;&nbsp;&nbsp;Krystal Biotech, Inc.\* | 227 | 40928 |
| &nbsp;&nbsp;&nbsp;Iovance Biotherapeutics, Inc.\* | 9007 | 29993 |
| &nbsp;&nbsp;&nbsp;Novavax, Inc.\* | 4239 | 27172 |
| **Total Biotechnology** |  | 4190354 |

---

60 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **HEALTH CARE FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Healthcare-Services - 16.6%** | **Healthcare-Services - 16.6%** | **Healthcare-Services - 16.6%** |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 1339 | $701301 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 715 | 310997 |
| &nbsp;&nbsp;&nbsp;Cigna Group | 908 | 298732 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 717 | 247759 |
| &nbsp;&nbsp;&nbsp;ICON plc\* | 1058 | 185140 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | 665 | 175959 |
| &nbsp;&nbsp;&nbsp;Centene Corp.\* | 2834 | 172052 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.\* | 938 | 165369 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | 576 | 134058 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.\* | 406 | 133732 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 787 | 133160 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp.\* | 864 | 116208 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc. — Class B | 600 | 112740 |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. | 649 | 83981 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc.\* | 918 | 81124 |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc.\* | 530 | 79776 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc.\* | 520 | 79544 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.\* | 255 | 77696 |
| &nbsp;&nbsp;&nbsp;Acadia Healthcare Company, Inc.\* | 1737 | 52666 |
| **Total Healthcare-Services** |  | 3341994 |
| **Software - 0.9%** | **Software - 0.9%** | **Software - 0.9%** |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc. — Class A\* | 783 | 181367 |
| **Internet - 0.4%** | **Internet - 0.4%** | **Internet - 0.4%** |
| &nbsp;&nbsp;&nbsp;Hims & Hers Health, Inc.\* | 2362 | 69797 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $12,038,902) |  | 19974127 |
| **RIGHTS<sup>†††</sup>** **- 0.0%** | **RIGHTS<sup>†††</sup>** **- 0.0%** | **RIGHTS<sup>†††</sup>** **- 0.0%** |
| **Pharmaceuticals - 0.0%** | **Pharmaceuticals - 0.0%** | **Pharmaceuticals - 0.0%** |
| Johnson & Johnson |  |  |
| &nbsp;&nbsp;&nbsp;Expires 12/31/29 | 752 |  |
| **Total Rights** | **Total Rights** |  |
| &nbsp;&nbsp;&nbsp;(Cost $—) |  |  |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.7%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25 | $80063 | 80063 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25 | 61359 | 61359 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $141,422) |  | 141422 |
|  | **Shares** |  |
| **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 1.7%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 1.7%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 1.7%** |
| **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.27%<sup>4</sup> | 346686 | 346686 |
| **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp;(Cost $346,686) |  | 346686 |
| **Total Investments - 101.8%** | **Total Investments - 101.8%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $12,527,010) | &nbsp;&nbsp;&nbsp;(Cost $12,527,010) | $20462235 |
| **Other Assets & Liabilities, net - (1.8)%** | **Other Assets & Liabilities, net - (1.8)%** | (352494) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $20109741 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp;A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>†††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 3 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is on loan at March 31, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Securities lending collateral — See Note 7. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of March 31, 2025. |
|  | &nbsp;&nbsp;&nbsp;ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 61

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **HEALTH CARE FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $19974127 | $— | $— | $19974127 |
| Rights |  |  | — \* |  |
| Repurchase Agreements |  | 141422 |  | 141422 |
| Securities Lending Collateral | 346686 |  |  | 346686 |
| Total Assets | $20320813 | $141422 | $— | $20462235 |

---

\* Security has a market value of $0.

62 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**HEALTH CARE FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES**  |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value - including $332,272 of securities loaned (cost $12,385,588) | $20320813 |
| Repurchase agreements, at value (cost $141,422) | 141422 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Securities sold | 4294930 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 20616 |
| &nbsp;&nbsp;&nbsp;Dividends | 18726 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims | 2645 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 26 |
| &nbsp;&nbsp;&nbsp;Interest | 17 |
| **Total assets** | 24799195 |
| **Liabilities:** | **Liabilities:** |
| Overdraft due to custodian bank | 1 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 4297474 |
| &nbsp;&nbsp;&nbsp;Return of securities lending collateral | 346686 |
| &nbsp;&nbsp;&nbsp;Management fees | 14605 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 8460 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 1761 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 1424 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 237 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 18806 |
| **Total liabilities** | 4689454 |
| **Net assets** | $20109741 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $15118531 |
| Total distributable earnings (loss) | 4991210 |
| Net assets | $20109741 |
| **Investor Class:** | **Investor Class:** |
| Net assets | $14420234 |
| Capital shares outstanding | 114545 |
| Net asset value per share | $125.89 |
| **Class A:** | **Class A:** |
| Net assets | $4284515 |
| Capital shares outstanding | 38792 |
| Net asset value per share | $110.45 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $115.96 |
| **Class C:** | **Class C:** |
| Net assets | $437702 |
| Capital shares outstanding | 4995 |
| Net asset value per share | $87.63 |
| **Class H:** | **Class H:** |
| Net assets | $967290 |
| Capital shares outstanding | 9149 |
| Net asset value per share | $105.73 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS**  |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $1,731) | $283651 |
| Interest | 6834 |
| Income from securities lending, net | 160 |
| &nbsp;&nbsp;&nbsp;Total investment income | 290645 |
| **Expenses:** | **Expenses:** |
| Management fees | 207902 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | 12273 |
| &nbsp;&nbsp;&nbsp;Class C | 6779 |
| &nbsp;&nbsp;&nbsp;Class H | 2575 |
| Transfer agent fees | 53079 |
| Portfolio accounting and administration fees | 37316 |
| Registration fees | 29149 |
| Professional fees | 10994 |
| Custodian fees | 3363 |
| Trustees' fees\* | 2724 |
| Line of credit fees | 33 |
| Miscellaneous | 7223 |
| &nbsp;&nbsp;&nbsp;Total expenses | 373410 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (12222) |
| Net expenses | 361188 |
| Net investment loss | (70543) |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments | 667040 |
| Net realized gain | 667040 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | (1383216) |
| Net change in unrealized appreciation (depreciation) | (1383216) |
| Net realized and unrealized loss | (716176) |
| **Net decrease in net assets resulting from operations** | $(786719) |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 63

**HEALTH CARE FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment loss | $(70543) | $(71670) |
| Net realized gain on investments | 667040 | 1685621 |
| Net change in unrealized appreciation (depreciation) on investments | (1383216) | 1402616 |
| Net increase (decrease) in net assets resulting from operations | (786719) | 3016567 |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 62563005 | 29374905 |
| &nbsp;&nbsp;&nbsp;Class A | 1382494 | 2065989 |
| &nbsp;&nbsp;&nbsp;Class C | 134737 | 425218 |
| &nbsp;&nbsp;&nbsp;Class H | 475851 | 732223 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (64575158) | (32465824) |
| &nbsp;&nbsp;&nbsp;Class A | (2435233) | (2082409) |
| &nbsp;&nbsp;&nbsp;Class C | (660095) | (1051086) |
| &nbsp;&nbsp;&nbsp;Class H | (702059) | (945315) |
| Net decrease from capital share transactions | (3816458) | (3946299) |
| Net decrease in net assets | (4603177) | (929732) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 24712918 | 25642650 |
| &nbsp;&nbsp;&nbsp;End of year | $20109741 | $24712918 |
| **Capital share activity\*:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 484091 | 244749 |
| &nbsp;&nbsp;&nbsp;Class A | 12161 | 19618 |
| &nbsp;&nbsp;&nbsp;Class C | 1466 | 4875 |
| &nbsp;&nbsp;&nbsp;Class H | 4295 | 7227 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (498701) | (270873) |
| &nbsp;&nbsp;&nbsp;Class A | (21454) | (20038) |
| &nbsp;&nbsp;&nbsp;Class C | (7276) | (12773) |
| &nbsp;&nbsp;&nbsp;Class H | (6423) | (9518) |
| Net decrease in shares | (31841) | (36733) |

---

\* Reverse share split — Capital share activity has been restated to reflect a 1:3 reverse share split effective February 24, 2025. See Note 11 in the Notes to Financial Statements.

64 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**HEALTH CARE FUND**<br>

**FINANCIAL HIGHLIGHTS** <br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **Year Ended <br> March 31, <br> 2025<sup>d</sup>** | **Year Ended <br> March 31, <br> 2024<sup>d</sup>** | **Year Ended <br> March 31, <br> 2023<sup>d</sup>** | **Year Ended <br> March 31, <br> 2022<sup>d</sup>** | **Year Ended <br> March 31, <br> 2021<sup>d</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $131.07 | $115.10 | $124.65 | $117.73 | $90.81 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (.26) | (.21) | (.30) | (.36) | (.45) |
| Net gain (loss) on investments (realized and unrealized) | (4.92) | 16.18 | (7.36) | 11.51 | 37.51 |
| Total from investment operations | (5.18) | 15.97 | (7.66) | 11.15 | 37.06 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  |  | (1.89) | (4.23) | (10.14) |
| Total distributions |  |  | (1.89) | (4.23) | (10.14) |
| Net asset value, end of period | $125.89 | $131.07 | $115.10 | $124.65 | $117.73 |
| **Total Return** | **(3.95** **%)** | **13.86%** | **(6.16** **%)** | **9.40%** | **41.24%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $14420 | $16929 | $17873 | $25478 | $20831 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.20%) | (0.19%) | (0.26%) | (0.29%) | (0.41%) |
| Total expenses | 1.44% | 1.43% | 1.39% | 1.35% | 1.46% |
| Net expenses<sup>b</sup> | 1.39% | 1.40% | 1.39% | 1.35% | 1.46% |
| Portfolio turnover rate | 236% | 116% | 268% | 238% | 256% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025<sup>d</sup>** | **Year Ended <br> March 31, <br> 2024<sup>d</sup>** | **Year Ended <br> March 31, <br> 2023<sup>d</sup>** | **Year Ended <br> March 31, <br> 2022<sup>d</sup>** | **Year Ended <br> March 31, <br> 2021<sup>d</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $115.29 | $101.50 | $110.42 | $104.98 | $81.98 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (.50) | (.45) | (.48) | (.57) | (.63) |
| Net gain (loss) on investments (realized and unrealized) | (4.34) | 14.24 | (6.55) | 10.24 | 33.77 |
| Total from investment operations | (4.84) | 13.79 | (7.03) | 9.67 | 33.14 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  |  | (1.89) | (4.23) | (10.14) |
| Total distributions |  |  | (1.89) | (4.23) | (10.14) |
| Net asset value, end of period | $110.45 | $115.29 | $101.50 | $110.42 | $104.98 |
| **Total Return<sup>c</sup>** | **(4.20** **%)** | **13.60%** | **(6.38** **%)** | **9.14%** | **40.87%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $4285 | $5544 | $4923 | $5650 | $5575 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.44%) | (0.43%) | (0.49%) | (0.50%) | (0.63%) |
| Total expenses | 1.69% | 1.68% | 1.64% | 1.61% | 1.69% |
| Net expenses<sup>b</sup> | 1.64% | 1.65% | 1.64% | 1.61% | 1.69% |
| Portfolio turnover rate | 236% | 116% | 268% | 238% | 256% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 65

**HEALTH CARE FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025<sup>d</sup>** | **Year Ended <br> March 31, <br> 2024<sup>d</sup>** | **Year Ended <br> March 31, <br> 2023<sup>d</sup>** | **Year Ended <br> March 31, <br> 2022<sup>d</sup>** | **Year Ended <br> March 31, <br> 2021<sup>d</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $92.15 | $81.73 | $89.98 | $86.86 | $69.62 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (1.09) | (.99) | (1.02) | (1.17) | (1.20) |
| Net gain (loss) on investments (realized and unrealized) | (3.43) | 11.41 | (5.34) | 8.52 | 28.58 |
| Total from investment operations | (4.52) | 10.42 | (6.36) | 7.35 | 27.38 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  |  | (1.89) | (4.23) | (10.14) |
| Total distributions |  |  | (1.89) | (4.23) | (10.14) |
| Net asset value, end of period | $87.63 | $92.15 | $81.73 | $89.98 | $86.86 |
| **Total Return<sup>c</sup>** | **(4.91** **%)** | **12.78%** | **(7.07** **%)** | **8.34%** | **39.82%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $438 | $996 | $1529 | $2699 | $3147 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (1.20%) | (1.20%) | (1.25%) | (1.26%) | (1.39%) |
| Total expenses | 2.43% | 2.43% | 2.39% | 2.36% | 2.45% |
| Net expenses<sup>b</sup> | 2.38% | 2.40% | 2.39% | 2.36% | 2.45% |
| Portfolio turnover rate | 236% | 116% | 268% | 238% | 256% |

---

66 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**HEALTH CARE FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025<sup>d</sup>** | **Year Ended <br> March 31, <br> 2024<sup>d</sup>** | **Year Ended <br> March 31, <br> 2023<sup>d</sup>** | **Year Ended <br> March 31, <br> 2022<sup>d</sup>** | **Year Ended <br> March 31, <br> 2021<sup>d</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $110.36 | $97.16 | $105.77 | $100.71 | $78.94 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (.48) | (.42) | (.63) | (.51) | (.63) |
| Net gain (loss) on investments (realized and unrealized) | (4.15) | 13.62 | (6.09) | 9.80 | 32.54 |
| Total from investment operations | (4.63) | 13.20 | (6.72) | 9.29 | 31.91 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  |  | (1.89) | (4.23) | (10.14) |
| Total distributions |  |  | (1.89) | (4.23) | (10.14) |
| Net asset value, end of period | $105.73 | $110.36 | $97.16 | $105.77 | $100.71 |
| **Total Return** | **(4.20** **%)** | **13.58%** | **(6.38** **%)** | **9.14%** | **40.93%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $967 | $1245 | $1318 | $10297 | $1760 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.44%) | (0.43%) | (0.64%) | (0.46%) | (0.68%) |
| Total expenses | 1.69% | 1.68% | 1.65% | 1.61% | 1.76% |
| Net expenses<sup>b</sup> | 1.64% | 1.65% | 1.65% | 1.61% | 1.76% |
| Portfolio turnover rate | 236% | 116% | 268% | 238% | 256% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>c</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>d</sup> Reverse share split — Per share amounts have been restated to reflect a 1:3 reverse share split effective February 24, 2025. See Note 11 in the Notes to Financial Statements.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 67

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **INTERNET FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 99.5%** | **COMMON STOCKS<sup>†</sup>** **- 99.5%** | **COMMON STOCKS<sup>†</sup>** **- 99.5%** |
| **Internet - 56.2%** | **Internet - 56.2%** | **Internet - 56.2%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. — Class A | 5987 | $925830 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.\* | 4833 | 919527 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. — Class A | 1517 | 874338 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.\* | 724 | 675152 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.\* | 5696 | 415010 |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc. — Class A\* | 2332 | 278581 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc. — Class A\* | 1512 | 276348 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 56 | 257987 |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. ADR | 1565 | 206940 |
| &nbsp;&nbsp;&nbsp;Coupang, Inc.\* | 8984 | 197019 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | 2808 | 190186 |
| &nbsp;&nbsp;&nbsp;Spotify Technology S.A.\* | 340 | 187010 |
| &nbsp;&nbsp;&nbsp;Shopify, Inc. — Class A\* | 1834 | 175110 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc. — Class A\* | 939 | 169151 |
| &nbsp;&nbsp;&nbsp;JD.com, Inc. ADR | 3980 | 163658 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | 956 | 160704 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc.\* | 617 | 156638 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.\* | 79 | 154119 |
| &nbsp;&nbsp;&nbsp;Trip.com Group Ltd. ADR | 2370 | 150685 |
| &nbsp;&nbsp;&nbsp;Pinterest, Inc. — Class A\* | 4803 | 148893 |
| &nbsp;&nbsp;&nbsp;Sea Ltd. ADR\* | 1134 | 147976 |
| &nbsp;&nbsp;&nbsp;Baidu, Inc. ADR\* | 1541 | 141818 |
| &nbsp;&nbsp;&nbsp;Zillow Group, Inc. — Class C\* | 1902 | 130401 |
| &nbsp;&nbsp;&nbsp;Reddit, Inc. — Class A\* | 1241 | 130181 |
| &nbsp;&nbsp;&nbsp;F5, Inc.\* | 487 | 129673 |
| &nbsp;&nbsp;&nbsp;Chewy, Inc. — Class A\* | 3564 | 115866 |
| &nbsp;&nbsp;&nbsp;Snap, Inc. — Class A\* | 13103 | 114127 |
| &nbsp;&nbsp;&nbsp;Bilibili, Inc. ADR\* | 5962 | 113934 |
| &nbsp;&nbsp;&nbsp;Roku, Inc.\* | 1533 | 107984 |
| &nbsp;&nbsp;&nbsp;Wix.com Ltd.\* | 585 | 95577 |
| &nbsp;&nbsp;&nbsp;Match Group, Inc. | 3046 | 95035 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc.\* | 1606 | 75771 |
| &nbsp;&nbsp;&nbsp;Lyft, Inc. — Class A\* | 6032 | 71600 |
| &nbsp;&nbsp;&nbsp;Wayfair, Inc. — Class A\* | 2105 | 67423 |
| &nbsp;&nbsp;&nbsp;IAC, Inc.\* | 1396 | 64132 |
| &nbsp;&nbsp;&nbsp;Cargurus, Inc.\* | 1917 | 55842 |
| &nbsp;&nbsp;&nbsp;Trump Media & Technology Group Corp.\* | 2412 | 47130 |
| &nbsp;&nbsp;&nbsp;TripAdvisor, Inc.\* | 3117 | 44168 |
| &nbsp;&nbsp;&nbsp;Ziff Davis, Inc.\* | 1089 | 40925 |
| &nbsp;&nbsp;&nbsp;Bumble, Inc. — Class A\* | 4562 | 19799 |
| **Total Internet** |  | 8492248 |
| **Software - 25.6%** | **Software - 25.6%** | **Software - 25.6%** |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 1987 | 533231 |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.\* | 1195 | 458318 |
| &nbsp;&nbsp;&nbsp;Workday, Inc. — Class A\* | 1114 | 260153 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc. — Class A\* | 1471 | 215001 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 1446 | 208976 |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp. — Class A\* | 3520 | 205181 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc. — Class A\* | 1783 | 200926 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.\* | 965 | 199996 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc. — Class A\* | 850 | 196886 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc. — Class A\* | 1901 | 188598 |
| &nbsp;&nbsp;&nbsp;Zoom Communications, Inc. — Class A\* | 2087 | 153958 |
| &nbsp;&nbsp;&nbsp;Nutanix, Inc. — Class A\* | 2063 | 144018 |
| &nbsp;&nbsp;&nbsp;DocuSign, Inc.\* | 1739 | 141555 |
| &nbsp;&nbsp;&nbsp;NetEase, Inc. ADR | 1246 | 128238 |
| &nbsp;&nbsp;&nbsp;Twilio, Inc. — Class A\* | 1287 | 126010 |
| &nbsp;&nbsp;&nbsp;MongoDB, Inc.\* | 691 | 121201 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.\* | 1431 | 115196 |
| &nbsp;&nbsp;&nbsp;Dropbox, Inc. — Class A\* | 3532 | 94340 |
| &nbsp;&nbsp;&nbsp;Box, Inc. — Class A\* | 2259 | 69713 |
| &nbsp;&nbsp;&nbsp;ZoomInfo Technologies, Inc. — Class A\* | 5695 | 56950 |
| &nbsp;&nbsp;&nbsp;DigitalOcean Holdings, Inc.\* | 1317 | 43975 |
| **Total Software** |  | 3862420 |
| **Telecommunications - 11.3%** | **Telecommunications - 11.3%** | **Telecommunications - 11.3%** |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 8226 | 507626 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 668 | 292457 |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.\* | 3699 | 286599 |
| &nbsp;&nbsp;&nbsp;Telefonaktiebolaget LM Ericsson ADR | 15481 | 120133 |
| &nbsp;&nbsp;&nbsp;Nokia Oyj ADR<sup>1</sup> | 22364 | 117858 |
| &nbsp;&nbsp;&nbsp;Juniper Networks, Inc. | 3188 | 115374 |
| &nbsp;&nbsp;&nbsp;Ciena Corp.\* | 1603 | 96869 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions, Inc.\* | 4753 | 53186 |
| &nbsp;&nbsp;&nbsp;Extreme Networks, Inc.\* | 3179 | 42058 |
| &nbsp;&nbsp;&nbsp;Viasat, Inc.\* | 3721 | 38773 |
| &nbsp;&nbsp;&nbsp;Applied Digital Corp.\*<sup>,1</sup> | 5659 | 31804 |
| **Total Telecommunications** |  | 1702737 |
| **Commercial Services - 2.2%** | **Commercial Services - 2.2%** | **Commercial Services - 2.2%** |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.\* | 4003 | 261196 |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp.\* | 375 | 70252 |
| **Total Commercial Services** |  | 331448 |
| **Computers - 1.4%** | **Computers - 1.4%** | **Computers - 1.4%** |
| &nbsp;&nbsp;&nbsp;Okta, Inc.\* | 1340 | 140995 |
| &nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc.\* | 1133 | 70631 |
| **Total Computers** |  | 211626 |
| **Real Estate - 1.3%** | **Real Estate - 1.3%** | **Real Estate - 1.3%** |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.\* | 2454 | 194430 |
| **Entertainment - 0.8%** | **Entertainment - 0.8%** | **Entertainment - 0.8%** |
| &nbsp;&nbsp;&nbsp;DraftKings, Inc. — Class A\* | 3773 | 125301 |
| **Investment Companies - 0.3%** | **Investment Companies - 0.3%** | **Investment Companies - 0.3%** |
| &nbsp;&nbsp;&nbsp;Core Scientific, Inc.\* | 5932 | 42948 |
| **Healthcare-Services - 0.2%** | **Healthcare-Services - 0.2%** | **Healthcare-Services - 0.2%** |
| &nbsp;&nbsp;&nbsp;Teladoc Health, Inc.\* | 4809 | 38280 |

---

68 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **INTERNET FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Electronics - 0.2%** | **Electronics - 0.2%** | **Electronics - 0.2%** |
| &nbsp;&nbsp;&nbsp;Applied Optoelectronics, Inc.\* | 1892 | $29042 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $8,541,059) |  | 15030480 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.9%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.9%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.9%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25 | $76094 | 76094 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25 | 58317 | 58317 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $134,411) |  | 134411 |
| **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.9%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.9%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.9%** |
| **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.27%<sup>4</sup> | 139570 | 139570 |
| **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp;(Cost $139,570) |  | 139570 |
| **Total Investments - 101.3%** | **Total Investments - 101.3%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $8,815,040) | &nbsp;&nbsp;&nbsp;(Cost $8,815,040) | $15304461 |
| **Other Assets & Liabilities, net - (1.3)%** | **Other Assets & Liabilities, net - (1.3)%** | (203434) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $15101027 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp;A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is on loan at March 31, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Securities lending collateral — See Note 7. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of March 31, 2025. |
|  | &nbsp;&nbsp;&nbsp;ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $15030480 | $— | $— | $15030480 |
| Repurchase Agreements |  | 134411 |  | 134411 |
| Securities Lending Collateral | 139570 |  |  | 139570 |
| Total Assets | $15170050 | $134411 | $— | $15304461 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 69

**INTERNET FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES**  |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value - including $133,084 of securities loaned (cost $8,680,629) | $15170050 |
| Repurchase agreements, at value (cost $134,411) | 134411 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Securities sold | 2787212 |
| &nbsp;&nbsp;&nbsp;Dividends | 3309 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims | 362 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 85 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 71 |
| &nbsp;&nbsp;&nbsp;Interest | 16 |
| **Total assets** | 18095516 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 2813708 |
| &nbsp;&nbsp;&nbsp;Return of securities lending collateral | 139570 |
| &nbsp;&nbsp;&nbsp;Management fees | 12587 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 7809 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 4012 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 1518 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 191 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 15094 |
| **Total liabilities** | 2994489 |
| **Net assets** | $15101027 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $10294098 |
| Total distributable earnings (loss) | 4806929 |
| Net assets | $15101027 |
| **Investor Class:** | **Investor Class:** |
| Net assets | $8474492 |
| Capital shares outstanding | 61964 |
| Net asset value per share | $136.76 |
| **Class A:** | **Class A:** |
| Net assets | $1649034 |
| Capital shares outstanding | 13589 |
| Net asset value per share | $121.35 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $127.40 |
| **Class C:** | **Class C:** |
| Net assets | $4284661 |
| Capital shares outstanding | 45723 |
| Net asset value per share | $93.71 |
| **Class H:** | **Class H:** |
| Net assets | $692840 |
| Capital shares outstanding | 5986 |
| Net asset value per share | $115.74 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS**  |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $2,216) | $59429 |
| Interest | 4876 |
| Income from securities lending, net | 2121 |
| &nbsp;&nbsp;&nbsp;Total investment income | 66426 |
| **Expenses:** | **Expenses:** |
| Management fees | 133158 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 4308 |
| &nbsp;&nbsp;&nbsp;Class C | 39183 |
| &nbsp;&nbsp;&nbsp;Class H | 1912 |
| Transfer agent fees | 35000 |
| Portfolio accounting and administration fees | 23899 |
| Registration fees | 19930 |
| Professional fees | 9795 |
| Custodian fees | 2181 |
| Trustees' fees\* | 1914 |
| Miscellaneous | 324 |
| &nbsp;&nbsp;&nbsp;Total expenses | 271604 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (7829) |
| Net expenses | 263775 |
| Net investment loss | (197349) |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments | 3898131 |
| Net realized gain | 3898131 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | (2566194) |
| Net change in unrealized appreciation (depreciation) | (2566194) |
| Net realized and unrealized gain | 1331937 |
| **Net increase in net assets resulting from operations** | $1134588 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

70 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INTERNET FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment loss | $(197349) | $(321230) |
| Net realized gain on investments | 3898131 | 230876 |
| Net change in unrealized appreciation (depreciation) on investments | (2566194) | 5041324 |
| Net increase in net assets resulting from operations | 1134588 | 4950970 |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 28889168 | 67759919 |
| &nbsp;&nbsp;&nbsp;Class A | 1698744 | 2033502 |
| &nbsp;&nbsp;&nbsp;Class C | 897028 | 382516 |
| &nbsp;&nbsp;&nbsp;Class H | 253209 | 141027 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (53536522) | (54950256) |
| &nbsp;&nbsp;&nbsp;Class A | (2100584) | (1922686) |
| &nbsp;&nbsp;&nbsp;Class C | (283567) | (325691) |
| &nbsp;&nbsp;&nbsp;Class H | (285085) | (226709) |
| Net increase (decrease) from capital share transactions | (24467609) | 12891622 |
| Net increase (decrease) in net assets | (23333021) | 17842592 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 38434048 | 20591456 |
| &nbsp;&nbsp;&nbsp;End of year | $15101027 | $38434048 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 205920 | 632253 |
| &nbsp;&nbsp;&nbsp;Class A | 14278 | 21711 |
| &nbsp;&nbsp;&nbsp;Class C | 9659 | 5346 |
| &nbsp;&nbsp;&nbsp;Class H | 2223 | 1586 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (407285) | (539260) |
| &nbsp;&nbsp;&nbsp;Class A | (17769) | (20504) |
| &nbsp;&nbsp;&nbsp;Class C | (2989) | (4358) |
| &nbsp;&nbsp;&nbsp;Class H | (2494) | (2516) |
| Net increase (decrease) in shares | (198457) | 94258 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 71

**INTERNET FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $123.64 | $94.80 | $115.59 | $195.59 | $105.23 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (1.35) | (1.18) | (.99) | (2.11) | (2.03) |
| Net gain (loss) on investments (realized and unrealized) | 14.47 | 30.02 | (19.80) | (34.69) | 92.39 |
| Total from investment operations | 13.12 | 28.84 | (20.79) | (36.80) | 90.36 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  |  |  | (43.20) |  |
| Total distributions |  |  |  | (43.20) |  |
| Net asset value, end of period | $136.76 | $123.64 | $94.80 | $115.59 | $195.59 |
| **Total Return** | **10.61%** | **30.42%** | **(17.99** **%)** | **(23.48** **%)** | **85.87%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $8474 | $32558 | $16148 | $8777 | $25113 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.98%) | (1.09%) | (1.13%) | (1.18%) | (1.21%) |
| Total expenses | 1.45% | 1.42% | 1.39% | 1.36% | 1.44% |
| Net expenses<sup>b</sup> | 1.40% | 1.38% | 1.39% | 1.36% | 1.44% |
| Portfolio turnover rate | 175% | 205% | 133% | 150% | 284% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $109.97 | $84.53 | $103.33 | $179.98 | $97.07 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (1.42) | (1.26) | (1.10) | (2.28) | (2.22) |
| Net gain (loss) on investments (realized and unrealized) | 12.80 | 26.70 | (17.70) | (31.17) | 85.13 |
| Total from investment operations | 11.38 | 25.44 | (18.80) | (33.45) | 82.91 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  |  |  | (43.20) |  |
| Total distributions |  |  |  | (43.20) |  |
| Net asset value, end of period | $121.35 | $109.97 | $84.53 | $103.33 | $179.98 |
| **Total Return<sup>c</sup>** | **10.35%** | **30.10%** | **(18.19** **%)** | **(23.67** **%)** | **85.41%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $1649 | $1878 | $1342 | $2240 | $2952 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (1.19%) | (1.33%) | (1.39%) | (1.44%) | (1.45%) |
| Total expenses | 1.69% | 1.69% | 1.65% | 1.61% | 1.69% |
| Net expenses<sup>b</sup> | 1.64% | 1.65% | 1.65% | 1.61% | 1.69% |
| Portfolio turnover rate | 175% | 205% | 133% | 150% | 284% |

---

72 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INTERNET FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $85.56 | $66.26 | $81.61 | $152.56 | $82.90 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (1.82) | (1.54) | (1.32) | (2.89) | (2.91) |
| Net gain (loss) on investments (realized and unrealized) | 9.97 | 20.84 | (14.03) | (24.86) | 72.57 |
| Total from investment operations | 8.15 | 19.30 | (15.35) | (27.75) | 69.66 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  |  |  | (43.20) |  |
| Total distributions |  |  |  | (43.20) |  |
| Net asset value, end of period | $93.71 | $85.56 | $66.26 | $81.61 | $152.56 |
| **Total Return<sup>c</sup>** | **9.53%** | **29.13%** | **(18.81** **%)** | **(24.24** **%)** | **84.03%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $4285 | $3341 | $2522 | $2821 | $4124 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (1.96%) | (2.08%) | (2.14%) | (2.19%) | (2.21%) |
| Total expenses | 2.44% | 2.44% | 2.40% | 2.36% | 2.43% |
| Net expenses<sup>b</sup> | 2.39% | 2.40% | 2.40% | 2.36% | 2.43% |
| Portfolio turnover rate | 175% | 205% | 133% | 150% | 284% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 73

**INTERNET FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $104.88 | $80.62 | $98.55 | $173.71 | $93.70 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (1.40) | (1.19) | (1.09) | (2.23) | (1.75) |
| Net gain (loss) on investments (realized and unrealized) | 12.26 | 25.45 | (16.84) | (29.73) | 81.76 |
| Total from investment operations | 10.86 | 24.26 | (17.93) | (31.96) | 80.01 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  |  |  | (43.20) |  |
| Total distributions |  |  |  | (43.20) |  |
| Net asset value, end of period | $115.74 | $104.88 | $80.62 | $98.55 | $173.71 |
| **Total Return** | **10.35%** | **30.09%** | **(18.19** **%)** | **(23.67** **%)** | **85.39%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $693 | $656 | $579 | $947 | $1067 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (1.22%) | (1.33%) | (1.39%) | (1.45%) | (1.42%) |
| Total expenses | 1.69% | 1.68% | 1.65% | 1.61% | 1.76% |
| Net expenses<sup>b</sup> | 1.64% | 1.65% | 1.65% | 1.61% | 1.76% |
| Portfolio turnover rate | 175% | 205% | 133% | 150% | 284% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>c</sup> Total return does not reflect the impact of any applicable sales charges.

74 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **LEISURE FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 99.5%** | **COMMON STOCKS<sup>†</sup>** **- 99.5%** | **COMMON STOCKS<sup>†</sup>** **- 99.5%** |
| **Retail - 20.7%** | **Retail - 20.7%** | **Retail - 20.7%** |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 1066 | $332986 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 2375 | 232964 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc. — Class A\* | 3699 | 185727 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | 937 | 147446 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | 565 | 117384 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | 190 | 87296 |
| &nbsp;&nbsp;&nbsp;Yum China Holdings, Inc. | 1637 | 85222 |
| &nbsp;&nbsp;&nbsp;Restaurant Brands International, Inc. | 1230 | 81967 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. — Class A | 441 | 73484 |
| &nbsp;&nbsp;&nbsp;Cava Group, Inc.\* | 825 | 71288 |
| &nbsp;&nbsp;&nbsp;Dutch Bros, Inc. — Class A\* | 1095 | 67605 |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc.\* | 407 | 60663 |
| &nbsp;&nbsp;&nbsp;Wingstop, Inc. | 214 | 48274 |
| &nbsp;&nbsp;&nbsp;Shake Shack, Inc. — Class A\* | 498 | 43909 |
| &nbsp;&nbsp;&nbsp;Sweetgreen, Inc. — Class A\* | 1477 | 36955 |
| &nbsp;&nbsp;&nbsp;Cheesecake Factory, Inc.<sup>1</sup> | 720 | 35035 |
| &nbsp;&nbsp;&nbsp;Wendy's Co. | 2287 | 33459 |
| &nbsp;&nbsp;&nbsp;Cracker Barrel Old Country Store, Inc. | 762 | 29581 |
| &nbsp;&nbsp;&nbsp;Papa John's International, Inc. | 592 | 24319 |
| &nbsp;&nbsp;&nbsp;Dave & Buster's Entertainment, Inc.\* | 964 | 16938 |
| &nbsp;&nbsp;&nbsp;Bloomin' Brands, Inc. | 2152 | 15430 |
| &nbsp;&nbsp;&nbsp;Jack in the Box, Inc. | 541 | 14710 |
| **Total Retail** |  | 1842642 |
| **Internet - 17.9%** | **Internet - 17.9%** | **Internet - 17.9%** |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.\* | 478 | 445749 |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc. — Class A\* | 1540 | 183968 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc. — Class A\* | 998 | 182405 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 39 | 179670 |
| &nbsp;&nbsp;&nbsp;Spotify Technology S.A.\* | 245 | 134757 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | 631 | 106071 |
| &nbsp;&nbsp;&nbsp;Trip.com Group Ltd. ADR | 1616 | 102745 |
| &nbsp;&nbsp;&nbsp;Sea Ltd. ADR\* | 775 | 101130 |
| &nbsp;&nbsp;&nbsp;MakeMyTrip Ltd.\* | 846 | 82900 |
| &nbsp;&nbsp;&nbsp;Roku, Inc.\* | 1013 | 71356 |
| **Total Internet** |  | 1590751 |
| **Media - 14.7%** | **Media - 14.7%** | **Media - 14.7%** |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | 3022 | 298272 |
| &nbsp;&nbsp;&nbsp;Comcast Corp. — Class A | 7137 | 263355 |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc. — Class A\* | 380 | 140041 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc.\* | 10293 | 110444 |
| &nbsp;&nbsp;&nbsp;Fox Corp. — Class A | 1894 | 107201 |
| &nbsp;&nbsp;&nbsp;News Corp. — Class A | 3294 | 89663 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband Corp. — Class C\* | 906 | 77055 |
| &nbsp;&nbsp;&nbsp;New York Times Co. — Class A | 1232 | 61107 |
| &nbsp;&nbsp;&nbsp;Paramount Global — Class B | 4967 | 59405 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. — Class A | 283 | 50719 |
| &nbsp;&nbsp;&nbsp;Sirius XM Holdings, Inc. | 2059 | 46420 |
| **Total Media** |  | 1303682 |
| **Entertainment - 10.1%** | **Entertainment - 10.1%** | **Entertainment - 10.1%** |
| &nbsp;&nbsp;&nbsp;Flutter Entertainment plc\* | 603 | 133595 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.\* | 835 | 109034 |
| &nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc. | 615 | 93978 |
| &nbsp;&nbsp;&nbsp;Warner Music Group Corp. — Class A | 2721 | 85303 |
| &nbsp;&nbsp;&nbsp;DraftKings, Inc. — Class A\* | 2490 | 82693 |
| &nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | 530 | 58867 |
| &nbsp;&nbsp;&nbsp;Light & Wonder, Inc. — Class A\* | 629 | 54478 |
| &nbsp;&nbsp;&nbsp;Vail Resorts, Inc. | 338 | 54087 |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.\* | 1914 | 47850 |
| &nbsp;&nbsp;&nbsp;Red Rock Resorts, Inc. — Class A | 999 | 43326 |
| &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp.\* | 1104 | 39380 |
| &nbsp;&nbsp;&nbsp;Cinemark Holdings, Inc. | 1499 | 37310 |
| &nbsp;&nbsp;&nbsp;Penn Entertainment, Inc.\* | 2096 | 34186 |
| &nbsp;&nbsp;&nbsp;United Parks & Resorts, Inc.\* | 528 | 24003 |
| **Total Entertainment** |  | 898090 |
| **Lodging - 8.2%** | **Lodging - 8.2%** | **Lodging - 8.2%** |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | 727 | 165429 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc. — Class A | 679 | 161738 |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels Corp. — Class A | 615 | 75337 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | 1919 | 74131 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | 658 | 59556 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts Ltd. | 679 | 56696 |
| &nbsp;&nbsp;&nbsp;MGM Resorts International\* | 1790 | 53056 |
| &nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | 651 | 42855 |
| &nbsp;&nbsp;&nbsp;Choice Hotels International, Inc. | 303 | 40232 |
| **Total Lodging** |  | 729030 |
| **Agriculture - 7.4%** | **Agriculture - 7.4%** | **Agriculture - 7.4%** |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 2226 | 353333 |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | 3725 | 223575 |
| &nbsp;&nbsp;&nbsp;British American Tobacco plc ADR | 2028 | 83898 |
| **Total Agriculture** |  | 660806 |
| **Leisure Time - 7.3%** | **Leisure Time - 7.3%** | **Leisure Time - 7.3%** |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | 736 | 151204 |
| &nbsp;&nbsp;&nbsp;Carnival Corp.\* | 5367 | 104818 |
| &nbsp;&nbsp;&nbsp;Viking Holdings Ltd.\* | 1990 | 79103 |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Inc. — Class A\* | 677 | 65405 |
| &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd.\* | 3411 | 64673 |
| &nbsp;&nbsp;&nbsp;Brunswick Corp. | 759 | 40872 |
| &nbsp;&nbsp;&nbsp;Harley-Davidson, Inc. | 1498 | 37824 |
| &nbsp;&nbsp;&nbsp;YETI Holdings, Inc.\* | 1113 | 36840 |
| &nbsp;&nbsp;&nbsp;Peloton Interactive, Inc. — Class A\* | 5717 | 36131 |
| &nbsp;&nbsp;&nbsp;Polaris, Inc. | 788 | 32261 |
| **Total Leisure Time** |  | 649131 |
| **Software - 5.5%** | **Software - 5.5%** | **Software - 5.5%** |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 955 | 138017 |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp. — Class A\* | 2325 | 135524 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.\* | 637 | 132018 |
| &nbsp;&nbsp;&nbsp;NetEase, Inc. ADR | 825 | 84909 |
| **Total Software** |  | 490468 |
| **Beverages - 4.8%** | **Beverages - 4.8%** | **Beverages - 4.8%** |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc. — Class A | 629 | 115434 |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp. — Class B | 2474 | 83968 |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev S.A. ADR | 1268 | 78058 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 75

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **LEISURE FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co. — Class B | 1220 | $| 74261 |
| &nbsp;&nbsp;&nbsp;Diageo plc ADR | 700 |  | 73353 |
| **Total Beverages** |  |  | 425074 |
| **Toys, Games & Hobbies - 1.3%** | **Toys, Games & Hobbies - 1.3%** | **Toys, Games & Hobbies - 1.3%** | **Toys, Games & Hobbies - 1.3%** |
| &nbsp;&nbsp;&nbsp;Hasbro, Inc. | 1031 |  | 63396 |
| &nbsp;&nbsp;&nbsp;Mattel, Inc.\* | 2837 |  | 55123 |
| **Total Toys, Games & Hobbies** |  |  | 118519 |
| **Food Service - 0.8%** | **Food Service - 0.8%** | **Food Service - 0.8%** | **Food Service - 0.8%** |
| &nbsp;&nbsp;&nbsp;Aramark | 1931 |  | 66658 |
| **Telecommunications - 0.6%** | **Telecommunications - 0.6%** | **Telecommunications - 0.6%** | **Telecommunications - 0.6%** |
| &nbsp;&nbsp;&nbsp;EchoStar Corp. — Class A\* | 2164 |  | 55355 |
| **Food - 0.2%** | **Food - 0.2%** | **Food - 0.2%** | **Food - 0.2%** |
| &nbsp;&nbsp;&nbsp;Krispy Kreme, Inc. | 2755 |  | 13554 |
| **Total Common Stocks** | **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,667,806) |  |  | 8843760 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.6%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.6%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.6%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25 | $29413 | 29413 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25 | 22541 | 22541 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $51,954) |  | 51954 |
|  | **Shares** |  |
| **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.3%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.3%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.3%** |
| **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.27%<sup>4</sup> | 27710 | 27710 |
| **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp;(Cost $27,710) |  | 27710 |
| **Total Investments - 100.4%** | **Total Investments - 100.4%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,747,470) | &nbsp;&nbsp;&nbsp;(Cost $5,747,470) | $8923424 |
| **Other Assets & Liabilities, net - (0.4)%** | **Other Assets & Liabilities, net - (0.4)%** | (36950) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $8886474 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp;A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is on loan at March 31, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Securities lending collateral — See Note 7. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of March 31, 2025. |
|  | &nbsp;&nbsp;&nbsp;ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $8843760 | $— | $— | $8843760 |
| Repurchase Agreements |  | 51954 |  | 51954 |
| Securities Lending Collateral | 27710 |  |  | 27710 |
| Total Assets | $8871470 | $51954 | $— | $8923424 |

---

76 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**LEISURE FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES**  |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value - including $26,568 of securities loaned (cost $5,695,516) | $8871470 |
| Repurchase agreements, at value (cost $51,954) | 51954 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Securities sold | 103431 |
| &nbsp;&nbsp;&nbsp;Dividends | 15675 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 1050 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 924 |
| &nbsp;&nbsp;&nbsp;Interest | 6 |
| **Total assets** | 9044510 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 107101 |
| &nbsp;&nbsp;&nbsp;Return of securities lending collateral | 27710 |
| &nbsp;&nbsp;&nbsp;Management fees | 7898 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 4746 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 952 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 678 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 112 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 8839 |
| **Total liabilities** | 158036 |
| **Net assets** | $8886474 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $7491056 |
| Total distributable earnings (loss) | 1395418 |
| Net assets | $8886474 |
| **Investor Class:** | **Investor Class:** |
| Net assets | $6305998 |
| Capital shares outstanding | 69469 |
| Net asset value per share | $90.77 |
| **Class A:** | **Class A:** |
| Net assets | $1655183 |
| Capital shares outstanding | 20354 |
| Net asset value per share | $81.32 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $85.38 |
| **Class C:** | **Class C:** |
| Net assets | $227760 |
| Capital shares outstanding | 3356 |
| Net asset value per share | $67.87 |
| **Class H:** | **Class H:** |
| Net assets | $697533 |
| Capital shares outstanding | 8853 |
| Net asset value per share | $78.79 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS**  |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $425) | $125383 |
| Interest | 2023 |
| Income from securities lending, net | 7381 |
| &nbsp;&nbsp;&nbsp;Total investment income | 134787 |
| **Expenses:** | **Expenses:** |
| Management fees | 73958 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 4409 |
| &nbsp;&nbsp;&nbsp;Class C | 2658 |
| &nbsp;&nbsp;&nbsp;Class H | 2501 |
| Transfer agent fees | 19416 |
| Portfolio accounting and administration fees | 13274 |
| Registration fees | 10501 |
| Professional fees | 3909 |
| Custodian fees | 1297 |
| Trustees' fees\* | 837 |
| Line of credit fees | 41 |
| Miscellaneous | 2739 |
| &nbsp;&nbsp;&nbsp;Total expenses | 135540 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (4349) |
| Net expenses | 131191 |
| Net investment income | 3596 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments | 455516 |
| Net realized gain | 455516 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | (359531) |
| Net change in unrealized appreciation (depreciation) | (359531) |
| Net realized and unrealized gain | 95985 |
| **Net increase in net assets resulting from operations** | $99581 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 77

**LEISURE FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $3596 | $35412 |
| Net realized gain on investments | 455516 | 445439 |
| Net change in unrealized appreciation (depreciation) on investments | (359531) | (86095) |
| Net increase in net assets resulting from operations | 99581 | 394756 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (20964) | (4283) |
| &nbsp;&nbsp;&nbsp;Class A | (8259) | (1567) |
| &nbsp;&nbsp;&nbsp;Class C | (1537) | (220) |
| &nbsp;&nbsp;&nbsp;Class H | (4652) | (1111) |
| Total distributions to shareholders | (35412) | (7181) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 24778616 | 28182518 |
| &nbsp;&nbsp;&nbsp;Class A | 250558 | 320756 |
| &nbsp;&nbsp;&nbsp;Class C | 28935 | 19815 |
| &nbsp;&nbsp;&nbsp;Class H | 114364 | 1246731 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 20097 | 4166 |
| &nbsp;&nbsp;&nbsp;Class A | 6219 | 1122 |
| &nbsp;&nbsp;&nbsp;Class C | 1531 | 220 |
| &nbsp;&nbsp;&nbsp;Class H | 4575 | 1103 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (23113644) | (43870062) |
| &nbsp;&nbsp;&nbsp;Class A | (635115) | (1314667) |
| &nbsp;&nbsp;&nbsp;Class C | (102346) | (96413) |
| &nbsp;&nbsp;&nbsp;Class H | (870812) | (1868660) |
| Net increase (decrease) from capital share transactions | 482978 | (17373371) |
| Net increase (decrease) in net assets | 547147 | (16985796) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 8339327 | 25325123 |
| &nbsp;&nbsp;&nbsp;End of year | $8886474 | $8339327 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 266706 | 368511 |
| &nbsp;&nbsp;&nbsp;Class A | 3034 | 4855 |
| &nbsp;&nbsp;&nbsp;Class C | 468 | 347 |
| &nbsp;&nbsp;&nbsp;Class H | 1485 | 19672 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 206 | 54 |
| &nbsp;&nbsp;&nbsp;Class A | 71 | 16 |
| &nbsp;&nbsp;&nbsp;Class C | 21 | 4 |
| &nbsp;&nbsp;&nbsp;Class H | 54 | 16 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (254754) | (594121) |
| &nbsp;&nbsp;&nbsp;Class A | (8002) | (19188) |
| &nbsp;&nbsp;&nbsp;Class C | (1527) | (1664) |
| &nbsp;&nbsp;&nbsp;Class H | (11695) | (28613) |
| Net decrease in shares | (3933) | (250111) |

---

78 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**LEISURE FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $83.50 | $72.93 | $80.27 | $100.94 | $53.01 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .14 | .27 | .21 | (.44) | (.34) |
| Net gain (loss) on investments (realized and unrealized) | 7.53 | 10.35 | (7.55) | (14.80) | 48.27 |
| Total from investment operations | 7.67 | 10.62 | (7.34) | (15.24) | 47.93 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.40) | (.05) |  |  |  |
| Net realized gains |  |  |  | (5.43) |  |
| Total distributions | (.40) | (.05) |  | (5.43) |  |
| Net asset value, end of period | $90.77 | $83.50 | $72.93 | $80.27 | $100.94 |
| **Total Return** | **9.15%** | **14.58%** | **(9.14** **%)** | **(15.52** **%)** | **90.42%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $6306 | $4786 | $20629 | $5574 | $40995 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.16% | 0.36% | 0.30% | (0.45%) | (0.39%) |
| Total expenses | 1.45% | 1.43% | 1.39% | 1.36% | 1.41% |
| Net expenses<sup>b</sup> | 1.40% | 1.40% | 1.39% | 1.36% | 1.41% |
| Portfolio turnover rate | 263% | 214% | 145% | 168% | 144% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $75.02 | $65.70 | $72.50 | $91.96 | $48.41 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (.08) | .10 | (.12) | (.51) | (.41) |
| Net gain (loss) on investments (realized and unrealized) | 6.78 | 9.27 | (6.68) | (13.52) | 43.96 |
| Total from investment operations | 6.70 | 9.37 | (6.80) | (14.03) | 43.55 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.40) | (.05) |  |  |  |
| Net realized gains |  |  |  | (5.43) |  |
| Total distributions | (.40) | (.05) |  | (5.43) |  |
| Net asset value, end of period | $81.32 | $75.02 | $65.70 | $72.50 | $91.96 |
| **Total Return<sup>c</sup>** | **8.90%** | **14.28%** | **(9.38** **%)** | **(15.72** **%)** | **89.96%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $1655 | $1894 | $2600 | $4351 | $4291 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.11%) | 0.15% | (0.20%) | (0.59%) | (0.56%) |
| Total expenses | 1.69% | 1.68% | 1.64% | 1.61% | 1.68% |
| Net expenses<sup>b</sup> | 1.64% | 1.65% | 1.64% | 1.61% | 1.68% |
| Portfolio turnover rate | 263% | 214% | 145% | 168% | 144% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 79

**LEISURE FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $63.14 | $55.72 | $61.94 | $80.01 | $42.44 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (.56) | (.35) | (.50) | (1.04) | (.87) |
| Net gain (loss) on investments (realized and unrealized) | 5.69 | 7.82 | (5.72) | (11.60) | 38.44 |
| Total from investment operations | 5.13 | 7.47 | (6.22) | (12.64) | 37.57 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.40) | (.05) |  |  |  |
| Net realized gains |  |  |  | (5.43) |  |
| Total distributions | (.40) | (.05) |  | (5.43) |  |
| Net asset value, end of period | $67.87 | $63.14 | $55.72 | $61.94 | $80.01 |
| **Total Return<sup>c</sup>** | **8.08%** | **13.43%** | **(10.04** **%)** | **(16.35** **%)** | **88.52%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $228 | $277 | $318 | $591 | $942 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.86%) | (0.60%) | (0.96%) | (1.38%) | (1.36%) |
| Total expenses | 2.44% | 2.43% | 2.39% | 2.36% | 2.44% |
| Net expenses<sup>b</sup> | 2.39% | 2.40% | 2.39% | 2.36% | 2.44% |
| Portfolio turnover rate | 263% | 214% | 145% | 168% | 144% |

---

80 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**LEISURE FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $72.70 | $63.67 | $70.26 | $89.30 | $47.01 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (.09) | .10 | (.10) | (.59) | (.40) |
| Net gain (loss) on investments (realized and unrealized) | 6.58 | 8.98 | (6.49) | (13.02) | 42.69 |
| Total from investment operations | 6.49 | 9.08 | (6.59) | (13.61) | 42.29 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.40) | (.05) |  |  |  |
| Net realized gains |  |  |  | (5.43) |  |
| Total distributions | (.40) | (.05) |  | (5.43) |  |
| Net asset value, end of period | $78.79 | $72.70 | $63.67 | $70.26 | $89.30 |
| **Total Return** | **8.89%** | **14.26%** | **(9.38** **%)** | **(15.72** **%)** | **89.96%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $698 | $1382 | $1779 | $2023 | $6594 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.12%) | 0.15% | (0.16%) | (0.69%) | (0.55%) |
| Total expenses | 1.68% | 1.68% | 1.64% | 1.61% | 1.68% |
| Net expenses<sup>b</sup> | 1.63% | 1.65% | 1.64% | 1.61% | 1.68% |
| Portfolio turnover rate | 263% | 214% | 145% | 168% | 144% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>c</sup> Total return does not reflect the impact of any applicable sales charges.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 81

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **PRECIOUS METALS FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 99.5%** | **COMMON STOCKS<sup>†</sup>** **- 99.5%** | **COMMON STOCKS<sup>†</sup>** **- 99.5%** |
| **Mining - 99.5%** | **Mining - 99.5%** | **Mining - 99.5%** |
| &nbsp;&nbsp;&nbsp;Agnico Eagle Mines Ltd. | 70126 | $7602360 |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | 152919 | 7382929 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 189299 | 7166860 |
| &nbsp;&nbsp;&nbsp;Wheaton Precious Metals Corp. | 77695 | 6031463 |
| &nbsp;&nbsp;&nbsp;Barrick Gold Corp. | 297253 | 5778598 |
| &nbsp;&nbsp;&nbsp;Anglogold Ashanti plc | 111656 | 4144671 |
| &nbsp;&nbsp;&nbsp;Kinross Gold Corp. | 313751 | 3956400 |
| &nbsp;&nbsp;&nbsp;Gold Fields Ltd. ADR | 175281 | 3871957 |
| &nbsp;&nbsp;&nbsp;Franco-Nevada Corp. | 23826 | 3754024 |
| &nbsp;&nbsp;&nbsp;Alamos Gold, Inc. — Class A | 128309 | 3430983 |
| &nbsp;&nbsp;&nbsp;Pan American Silver Corp. | 116805 | 3017073 |
| &nbsp;&nbsp;&nbsp;Royal Gold, Inc. | 16369 | 2676495 |
| &nbsp;&nbsp;&nbsp;Harmony Gold Mining Company Ltd. ADR | 164888 | 2435396 |
| &nbsp;&nbsp;&nbsp;Osisko Gold Royalties Ltd. | 95924 | 2025915 |
| &nbsp;&nbsp;&nbsp;Eldorado Gold Corp.\* | 114325 | 1922946 |
| &nbsp;&nbsp;&nbsp;IAMGOLD Corp.\* | 305278 | 1907987 |
| &nbsp;&nbsp;&nbsp;Coeur Mining, Inc.\* | 310548 | 1838446 |
| &nbsp;&nbsp;&nbsp;First Majestic Silver Corp. | 264558 | 1769893 |
| &nbsp;&nbsp;&nbsp;Hecla Mining Co. | 316179 | 1757955 |
| &nbsp;&nbsp;&nbsp;Equinox Gold Corp.\* | 246570 | 1696402 |
| &nbsp;&nbsp;&nbsp;Sandstorm Gold Ltd. | 212678 | 1605719 |
| &nbsp;&nbsp;&nbsp;Sibanye Stillwater Ltd. ADR\*<sup>,1</sup> | 330215 | 1512385 |
| &nbsp;&nbsp;&nbsp;Fortuna Mining Corp.\* | 236426 | 1442199 |
| &nbsp;&nbsp;&nbsp;B2Gold Corp. | 486879 | 1387605 |
| &nbsp;&nbsp;&nbsp;New Gold, Inc.\* | 370246 | 1373613 |
| &nbsp;&nbsp;&nbsp;SSR Mining, Inc.\* | 134311 | 1347139 |
| &nbsp;&nbsp;&nbsp;Centerra Gold, Inc. | 188619 | 1197731 |
| &nbsp;&nbsp;&nbsp;MAG Silver Corp. | 74268 | 1134815 |
| &nbsp;&nbsp;&nbsp;Seabridge Gold, Inc.\* | 86960 | 1014823 |
| &nbsp;&nbsp;&nbsp;Endeavour Silver Corp.\* | 235255 | 1004539 |
| &nbsp;&nbsp;&nbsp;Silvercorp Metals, Inc. | 223372 | 864450 |
| &nbsp;&nbsp;&nbsp;Novagold Resources, Inc.\* | 230855 | 674097 |
| &nbsp;&nbsp;&nbsp;McEwen Mining, Inc.\* | 75379 | 569111 |
| &nbsp;&nbsp;&nbsp;Perpetua Resources Corp.\* | 42839 | 457949 |
| **Total Mining** |  | 89754928 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $53,767,301) |  | 89754928 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.6%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.6%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.6%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25 | $320545 | 320545 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25 | 245662 | 245662 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $566,207) |  | 566207 |
|  | **Shares** |  |
| **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.5%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.5%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.5%** |
| **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.27%<sup>4</sup> | 450000 | 450000 |
| **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp;(Cost $450,000) |  | 450000 |
| **Total Investments - 100.6%** | **Total Investments - 100.6%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $54,783,508) | &nbsp;&nbsp;&nbsp;(Cost $54,783,508) | $90771135 |
| **Other Assets & Liabilities, net - (0.6)%** | **Other Assets & Liabilities, net - (0.6)%** | (564775) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $90206360 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp;A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is on loan at March 31, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Securities lending collateral — See Note 7. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of March 31, 2025. |
|  | &nbsp;&nbsp;&nbsp;ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

82 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **PRECIOUS METALS FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $89754928 | $— | $— | $89754928 |
| Repurchase Agreements |  | 566207 |  | 566207 |
| Securities Lending Collateral | 450000 |  |  | 450000 |
| Total Assets | $90204928 | $566207 | $— | $90771135 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 83

**PRECIOUS METALS FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES**  |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value - including $458,000 of securities loaned (cost $54,217,301) | $90204928 |
| Repurchase agreements, at value (cost $566,207) | 566207 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 936227 |
| &nbsp;&nbsp;&nbsp;Dividends | 3656 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims | 3230 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 402 |
| &nbsp;&nbsp;&nbsp;Interest | 69 |
| **Total assets** | 91714719 |
| **Liabilities:** | **Liabilities:** |
| Overdraft due to custodian bank | 1 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Securities purchased | 699557 |
| &nbsp;&nbsp;&nbsp;Return of securities lending collateral | 450000 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 203737 |
| &nbsp;&nbsp;&nbsp;Management fees | 50861 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 29543 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 6951 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 2777 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 807 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 64125 |
| **Total liabilities** | 1508359 |
| **Net assets** | $90206360 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $122368575 |
| Total distributable earnings (loss) | (32162215) |
| Net assets | $90206360 |
| **Investor Class:** | **Investor Class:** |
| Net assets | $78264972 |
| Capital shares outstanding | 538073 |
| Net asset value per share | $145.45 |
| **Class A:** | **Class A:** |
| Net assets | $8427390 |
| Capital shares outstanding | 62582 |
| Net asset value per share | $134.66 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $141.38 |
| **Class C:** | **Class C:** |
| Net assets | $903704 |
| Capital shares outstanding | 8669 |
| Net asset value per share | $104.25 |
| **Class H:** | **Class H:** |
| Net assets | $2610294 |
| Capital shares outstanding | 20204 |
| Net asset value per share | $129.20 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS**  |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $105,010) | $972325 |
| Interest | 23325 |
| Income from securities lending, net | 8325 |
| Other income | 26 |
| &nbsp;&nbsp;&nbsp;Total investment income | 1004001 |
| **Expenses:** | **Expenses:** |
| Management fees | 603332 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 19571 |
| &nbsp;&nbsp;&nbsp;Class C | 9422 |
| &nbsp;&nbsp;&nbsp;Class H | 6712 |
| Transfer agent fees | 174633 |
| Portfolio accounting and administration fees | 122722 |
| Registration fees | 82969 |
| Professional fees | 29639 |
| Custodian fees | 10606 |
| Trustees' fees\* | 7967 |
| Line of credit fees | 11 |
| Miscellaneous | 46090 |
| &nbsp;&nbsp;&nbsp;Total expenses | 1113674 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (40196) |
| Net expenses | 1073478 |
| Net investment loss | (69477) |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments | 2420511 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (3) |
| Net realized gain | 2420508 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | 19210074 |
| Net change in unrealized appreciation (depreciation) | 19210074 |
| Net realized and unrealized gain | 21630582 |
| **Net increase in net assets resulting from operations** | $21561105 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

84 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**PRECIOUS METALS FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income (loss) | $(69477) | $77389 |
| Net realized gain (loss) on investments | 2420508 | (3579217) |
| Net change in unrealized appreciation (depreciation) on investments | 19210074 | (2840129) |
| Net increase (decrease) in net assets resulting from operations | 21561105 | (6341957) |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | (1400288) |
| &nbsp;&nbsp;&nbsp;Class A |  | (280268) |
| &nbsp;&nbsp;&nbsp;Class C |  | (63185) |
| &nbsp;&nbsp;&nbsp;Class H |  | (78773) |
| Total distributions to shareholders |  | (1822514) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 491770166 | 313283695 |
| &nbsp;&nbsp;&nbsp;Class A | 2665192 | 2870709 |
| &nbsp;&nbsp;&nbsp;Class C | 424624 | 691727 |
| &nbsp;&nbsp;&nbsp;Class H | 4664057 | 2898452 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 1350549 |
| &nbsp;&nbsp;&nbsp;Class A |  | 272009 |
| &nbsp;&nbsp;&nbsp;Class C |  | 63121 |
| &nbsp;&nbsp;&nbsp;Class H |  | 78773 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (482605434) | (330913484) |
| &nbsp;&nbsp;&nbsp;Class A | (3963142) | (3922482) |
| &nbsp;&nbsp;&nbsp;Class C | (833587) | (1371976) |
| &nbsp;&nbsp;&nbsp;Class H | (5026090) | (3056070) |
| Net increase (decrease) from capital share transactions | 7095786 | (17754977) |
| Net increase (decrease) in net assets | 28656891 | (25919448) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 61549469 | 87468917 |
| &nbsp;&nbsp;&nbsp;End of year | $90206360 | $61549469 |
| **Capital share activity\*:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 3981526 | 3164330 |
| &nbsp;&nbsp;&nbsp;Class A | 23246 | 30221 |
| &nbsp;&nbsp;&nbsp;Class C | 4750 | 8885 |
| &nbsp;&nbsp;&nbsp;Class H | 43948 | 30751 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 14392 |
| &nbsp;&nbsp;&nbsp;Class A |  | 3121 |
| &nbsp;&nbsp;&nbsp;Class C |  | 926 |
| &nbsp;&nbsp;&nbsp;Class H |  | 942 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (3933597) | (3349993) |
| &nbsp;&nbsp;&nbsp;Class A | (34353) | (42596) |
| &nbsp;&nbsp;&nbsp;Class C | (9641) | (18283) |
| &nbsp;&nbsp;&nbsp;Class H | (47033) | (34112) |
| Net increase (decrease) in shares | 28846 | (191416) |

---

\* Reverse share split — Capital share activity has been restated to reflect a 1:3 reverse share split effective February 24, 2025. See Note 11 in the Notes to Financial Statements.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 85

**PRECIOUS METALS FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **Year Ended <br> March 31, <br> 2025<sup>d</sup>** | **Year Ended <br> March 31, <br> 2024<sup>d</sup>** | **Year Ended <br> March 31, <br> 2023<sup>d</sup>** | **Year Ended <br> March 31, <br> 2022<sup>d</sup>** | **Year Ended <br> March 31, <br> 2021<sup>d</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $104.48 | $112.40 | $143.95 | $132.65 | $79.51 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (.05) | .18 | .54 | .48 | (.18) |
| Net gain (loss) on investments (realized and unrealized) | 41.02 | (4.50) | (24.80) | 18.65 | 54.82 |
| Total from investment operations | 40.97 | (4.32) | (24.26) | 19.13 | 54.64 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (3.60) | (7.29) | (7.83) | (1.50) |
| Total distributions |  | (3.60) | (7.29) | (7.83) | (1.50) |
| Net asset value, end of period | $145.45 | $104.48 | $112.40 | $143.95 | $132.65 |
| **Total Return** | **39.21%** | **(3.46** **%)** | **(16.34** **%)** | **15.84%** | **68.71%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $78265 | $51211 | $74345 | $63069 | $87174 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.04%) | 0.19% | 0.48% | 0.35% | (0.13%) |
| Total expenses | 1.34% | 1.33% | 1.30% | 1.26% | 1.34% |
| Net expenses<sup>b</sup> | 1.29% | 1.30% | 1.30% | 1.26% | 1.34% |
| Portfolio turnover rate | 452% | 387% | 424% | 114% | 281% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025<sup>d</sup>** | **Year Ended <br> March 31, <br> 2024<sup>d</sup>** | **Year Ended <br> March 31, <br> 2023<sup>d</sup>** | **Year Ended <br> March 31, <br> 2022<sup>d</sup>** | **Year Ended <br> March 31, <br> 2021<sup>d</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $96.98 | $104.87 | $135.27 | $125.45 | $75.43 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (.30) | (.03) | .24 | .12 | (.51) |
| Net gain (loss) on investments (realized and unrealized) | 37.98 | (4.26) | (23.35) | 17.53 | 52.03 |
| Total from investment operations | 37.68 | (4.29) | (23.11) | 17.65 | 51.52 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (3.60) | (7.29) | (7.83) | (1.50) |
| Total distributions |  | (3.60) | (7.29) | (7.83) | (1.50) |
| Net asset value, end of period | $134.66 | $96.98 | $104.87 | $135.27 | $125.45 |
| **Total Return<sup>c</sup>** | **38.85%** | **(3.68** **%)** | **(16.54** **%)** | **15.57%** | **68.28%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $8427 | $7146 | $8698 | $11664 | $18801 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.26%) | (0.02%) | 0.23% | 0.08% | (0.41%) |
| Total expenses | 1.59% | 1.58% | 1.54% | 1.51% | 1.59% |
| Net expenses<sup>b</sup> | 1.54% | 1.55% | 1.54% | 1.51% | 1.59% |
| Portfolio turnover rate | 452% | 387% | 424% | 114% | 281% |

---

86 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**PRECIOUS METALS FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025<sup>d</sup>** | **Year Ended <br> March 31, <br> 2024<sup>d</sup>** | **Year Ended <br> March 31, <br> 2023<sup>d</sup>** | **Year Ended <br> March 31, <br> 2022<sup>d</sup>** | **Year Ended <br> March 31, <br> 2021<sup>d</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $75.64 | $83.32 | $110.26 | $104.58 | $63.49 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (.90) | (.57) | (.39) | (.63) | (1.29) |
| Net gain (loss) on investments (realized and unrealized) | 29.51 | (3.51) | (19.26) | 14.14 | 43.88 |
| Total from investment operations | 28.61 | (4.08) | (19.65) | 13.51 | 42.59 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (3.60) | (7.29) | (7.83) | (1.50) |
| Total distributions |  | (3.60) | (7.29) | (7.83) | (1.50) |
| Net asset value, end of period | $104.25 | $75.64 | $83.32 | $110.26 | $104.58 |
| **Total Return<sup>c</sup>** | **37.82%** | **(4.43** **%)** | **(17.16** **%)** | **14.70%** | **67.04%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $904 | $1026 | $1836 | $2231 | $2086 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (1.02%) | (0.76%) | (0.48%) | (0.59%) | (1.20%) |
| Total expenses | 2.33% | 2.33% | 2.29% | 2.26% | 2.35% |
| Net expenses<sup>b</sup> | 2.28% | 2.30% | 2.29% | 2.26% | 2.35% |
| Portfolio turnover rate | 452% | 387% | 424% | 114% | 281% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 87

**PRECIOUS METALS FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025<sup>d</sup>** | **Year Ended <br> March 31, <br> 2024<sup>d</sup>** | **Year Ended <br> March 31, <br> 2023<sup>d</sup>** | **Year Ended <br> March 31, <br> 2022<sup>d</sup>** | **Year Ended <br> March 31, <br> 2021<sup>d</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $93.03 | $100.77 | $130.38 | $121.22 | $72.91 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (.44) | (.06) | .18 | .24 | (.75) |
| Net gain (loss) on investments (realized and unrealized) | 36.61 | (4.08) | (22.50) | 16.75 | 50.56 |
| Total from investment operations | 36.17 | (4.14) | (22.32) | 16.99 | 49.81 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (3.60) | (7.29) | (7.83) | (1.50) |
| Total distributions |  | (3.60) | (7.29) | (7.83) | (1.50) |
| Net asset value, end of period | $129.20 | $93.03 | $100.77 | $130.38 | $121.22 |
| **Total Return** | **38.88%** | **(3.71** **%)** | **(16.54** **%)** | **15.57%** | **68.30%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $2610 | $2167 | $2591 | $4028 | $2628 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.41%) | (0.05%) | 0.18% | 0.20% | (0.59%) |
| Total expenses | 1.59% | 1.58% | 1.54% | 1.51% | 1.60% |
| Net expenses<sup>b</sup> | 1.54% | 1.55% | 1.54% | 1.51% | 1.60% |
| Portfolio turnover rate | 452% | 387% | 424% | 114% | 281% |

---

 <sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. 

<sup>c</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>d</sup> Reverse share split — Per share amounts have been restated to reflect a 1:3 reverse share split effective February 24, 2025. See Note 11 in the Notes to Financial Statements.

88 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **REAL ESTATE FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 99.2%** | **COMMON STOCKS<sup>†</sup>** **- 99.2%** | **COMMON STOCKS<sup>†</sup>** **- 99.2%** |
| **REITs** **- 90.5%** | **REITs** **- 90.5%** | **REITs** **- 90.5%** |
| **REITs** **-Diversified - 23.5%** | **REITs** **-Diversified - 23.5%** | **REITs** **-Diversified - 23.5%** |
| &nbsp;&nbsp;&nbsp;American Tower Corp. — Class A | 315 | $68544 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | 72 | 58705 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. | 449 | 46799 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | 318 | 45566 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | 1190 | 38818 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp. | 149 | 32782 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. | 1042 | 30510 |
| &nbsp;&nbsp;&nbsp;Gaming and Leisure Properties, Inc. | 481 | 24483 |
| &nbsp;&nbsp;&nbsp;WP Carey, Inc. | 387 | 24424 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Co. — Class A | 199 | 22642 |
| &nbsp;&nbsp;&nbsp;Vornado Realty Trust | 465 | 17200 |
| &nbsp;&nbsp;&nbsp;National Storage Affiliates Trust | 376 | 14814 |
| &nbsp;&nbsp;&nbsp;EPR Properties | 252 | 13258 |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic Corp. | 275 | 12408 |
| &nbsp;&nbsp;&nbsp;Broadstone Net Lease, Inc. | 686 | 11689 |
| &nbsp;&nbsp;&nbsp;Outfront Media, Inc. | 639 | 10313 |
| &nbsp;&nbsp;&nbsp;Uniti Group, Inc. | 1527 | 7696 |
| **Total REITs-Diversified** |  | 480651 |
| **REITs** **-Apartments - 11.8%** | **REITs** **-Apartments - 11.8%** | **REITs** **-Apartments - 11.8%** |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | 171 | 36700 |
| &nbsp;&nbsp;&nbsp;Equity Residential | 483 | 34573 |
| &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. | 870 | 30320 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | 178 | 29829 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. | 580 | 26199 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | 199 | 24338 |
| &nbsp;&nbsp;&nbsp;American Homes 4 Rent — Class A | 631 | 23858 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | 66 | 20234 |
| &nbsp;&nbsp;&nbsp;Independence Realty Trust, Inc. | 700 | 14861 |
| **Total REITs-Apartments** |  | 240912 |
| **REITs** **-Health Care - 10.8%** | **REITs** **-Health Care - 10.8%** | **REITs** **-Health Care - 10.8%** |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | 440 | 67412 |
| &nbsp;&nbsp;&nbsp;Ventas, Inc. | 535 | 36787 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. | 1224 | 24749 |
| &nbsp;&nbsp;&nbsp;Omega Healthcare Investors, Inc. | 576 | 21934 |
| &nbsp;&nbsp;&nbsp;Healthcare Realty Trust, Inc. | 953 | 16106 |
| &nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | 538 | 15376 |
| &nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | 487 | 14756 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | 775 | 13539 |
| &nbsp;&nbsp;&nbsp;Medical Properties Trust, Inc.<sup>1</sup> | 1844 | 11119 |
| **Total REITs-Health Care** |  | 221778 |
| **REITs** **-Warehouse/Industries - 9.1%** | **REITs** **-Warehouse/Industries - 9.1%** | **REITs** **-Warehouse/Industries - 9.1%** |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. | 605 | 67633 |
| &nbsp;&nbsp;&nbsp;EastGroup Properties, Inc. | 112 | 19729 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc. | 501 | 19614 |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | 323 | 17429 |
| &nbsp;&nbsp;&nbsp;STAG Industrial, Inc. | 480 | 17338 |
| &nbsp;&nbsp;&nbsp;Americold Realty Trust, Inc. | 764 | 16395 |
| &nbsp;&nbsp;&nbsp;Terreno Realty Corp. | 254 | 16058 |
| &nbsp;&nbsp;&nbsp;Lineage, Inc. | 213 | 12488 |
| **Total REITs-Warehouse/Industries** |  | 186684 |
| **REITs** **-Shopping Centers - 7.0%** | **REITs** **-Shopping Centers - 7.0%** | **REITs** **-Shopping Centers - 7.0%** |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. | 1185 | 25169 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp. | 337 | 24857 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | 197 | 19271 |
| &nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. | 718 | 19063 |
| &nbsp;&nbsp;&nbsp;Phillips Edison & Company, Inc. | 420 | 15326 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust | 664 | 14854 |
| &nbsp;&nbsp;&nbsp;Urban Edge Properties | 545 | 10355 |
| &nbsp;&nbsp;&nbsp;Acadia Realty Trust | 494 | 10349 |
| &nbsp;&nbsp;&nbsp;SITE Centers Corp. | 407 | 5226 |
| **Total REITs-Shopping Centers** |  | 144470 |
| **REITs** **-Storage - 6.7%** | **REITs** **-Storage - 6.7%** | **REITs** **-Storage - 6.7%** |
| &nbsp;&nbsp;&nbsp;Public Storage | 154 | 46091 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | 251 | 37271 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | 388 | 33384 |
| &nbsp;&nbsp;&nbsp;CubeSmart | 484 | 20672 |
| **Total REITs-Storage** |  | 137418 |
| **REITs** **-Office Property - 6.6%** | **REITs** **-Office Property - 6.6%** | **REITs** **-Office Property - 6.6%** |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | 276 | 25533 |
| &nbsp;&nbsp;&nbsp;BXP, Inc. | 314 | 21098 |
| &nbsp;&nbsp;&nbsp;Cousins Properties, Inc. | 509 | 15016 |
| &nbsp;&nbsp;&nbsp;SL Green Realty Corp. | 238 | 13733 |
| &nbsp;&nbsp;&nbsp;Kilroy Realty Corp. | 398 | 13038 |
| &nbsp;&nbsp;&nbsp;Highwoods Properties, Inc. | 406 | 12034 |
| &nbsp;&nbsp;&nbsp;COPT Defense Properties | 427 | 11644 |
| &nbsp;&nbsp;&nbsp;Douglas Emmett, Inc. | 679 | 10864 |
| &nbsp;&nbsp;&nbsp;LXP Industrial Trust | 1181 | 10216 |
| &nbsp;&nbsp;&nbsp;Equity Commonwealth\* | 937 | 1509 |
| **Total REITs-Office Property** |  | 134685 |
| **REITs** **-Single Tenant - 5.0%** | **REITs** **-Single Tenant - 5.0%** | **REITs** **-Single Tenant - 5.0%** |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. | 831 | 48206 |
| &nbsp;&nbsp;&nbsp;Agree Realty Corp. | 246 | 18989 |
| &nbsp;&nbsp;&nbsp;NNN REIT, Inc. | 441 | 18809 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. | 511 | 16679 |
| **Total REITs-Single Tenant** |  | 102683 |
| **REITs** **-Regional Malls - 3.7%** | **REITs** **-Regional Malls - 3.7%** | **REITs** **-Regional Malls - 3.7%** |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | 293 | 48661 |
| &nbsp;&nbsp;&nbsp;Macerich Co. | 818 | 14045 |
| &nbsp;&nbsp;&nbsp;Tanger, Inc. | 390 | 13178 |
| **Total REITs-Regional Malls** |  | 75884 |
| **REITs** **-Hotels - 3.5%** | **REITs** **-Hotels - 3.5%** | **REITs** **-Hotels - 3.5%** |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | 1428 | 20292 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. | 162 | 14813 |
| &nbsp;&nbsp;&nbsp;Apple Hospitality REIT, Inc. | 841 | 10857 |
| &nbsp;&nbsp;&nbsp;Park Hotels & Resorts, Inc. | 861 | 9195 |
| &nbsp;&nbsp;&nbsp;Sunstone Hotel Investors, Inc. | 947 | 8911 |
| &nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust | 701 | 7101 |
| **Total REITs-Hotels** |  | 71169 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 89

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **REAL ESTATE FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **REITs** **-Manufactured Homes - 2.4%** | **REITs** **-Manufactured Homes - 2.4%** | **REITs** **-Manufactured Homes - 2.4%** |
| &nbsp;&nbsp;&nbsp;Sun Communities, Inc. | 209 | $26886 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. | 336 | 22411 |
| **Total REITs-Manufactured Homes** |  | 49297 |
| **Specialized Reit's - 0.4%** | **Specialized Reit's - 0.4%** | **Specialized Reit's - 0.4%** |
| &nbsp;&nbsp;&nbsp;DiamondRock Hospitality Co. | 1063 | 8206 |
| **Total REITs** |  | 1853837 |
| **Real Estate - 7.3%** | **Real Estate - 7.3%** | **Real Estate - 7.3%** |
| **Real Estate Management/Services - 7.3%** | **Real Estate Management/Services - 7.3%** | **Real Estate Management/Services - 7.3%** |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc. — Class A\* | 329 | 43027 |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.\* | 488 | 38664 |
| &nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc.\* | 83 | 20577 |
| &nbsp;&nbsp;&nbsp;Compass, Inc. — Class A\* | 1647 | 14378 |
| &nbsp;&nbsp;&nbsp;Newmark Group, Inc. — Class A | 900 | 10953 |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield plc\* | 990 | 10118 |
| &nbsp;&nbsp;&nbsp;Redfin Corp.\* | 721 | 6640 |
| &nbsp;&nbsp;&nbsp;eXp World Holdings, Inc. | 605 | 5917 |
| **Total Real Estate Management/Services** |  | 150274 |
| **Total Real Estate** |  | 150274 |
| **Internet - 1.4%** | **Internet - 1.4%** | **Internet - 1.4%** |
| **E-Commerce/Services - 1.4%** | **E-Commerce/Services - 1.4%** | **E-Commerce/Services - 1.4%** |
| &nbsp;&nbsp;&nbsp;Zillow Group, Inc. — Class C\* | 378 | 25916 |
| &nbsp;&nbsp;&nbsp;Opendoor Technologies, Inc.\* | 2123 | 2165 |
| **Total E-Commerce/Services** |  | 28081 |
| **Total Internet** |  | 28081 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,372,449) |  | 2032192 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.7%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25 | $8468 | 8468 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25 | 6489 | 6489 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $14,957) |  | 14957 |
|  | **Shares** |  |
| **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.1%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.1%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.1%** |
| **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.27%<sup>4</sup> | 2075 | 2075 |
| **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,075) |  | 2075 |
| **Total Investments - 100.0%** | **Total Investments - 100.0%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,389,481) | &nbsp;&nbsp;&nbsp;(Cost $1,389,481) | $2049224 |
| **Other Assets & Liabilities, net - 0.0%** | **Other Assets & Liabilities, net - 0.0%** | 394 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $2049618 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp;A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is on loan at March 31, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Securities lending collateral — See Note 7. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of March 31, 2025. |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;REIT — Real Estate Investment Trust |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

90 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **REAL ESTATE FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $2032192 | $— | $— | $2032192 |
| Repurchase Agreements |  | 14957 |  | 14957 |
| Securities Lending Collateral | 2075 |  |  | 2075 |
| Total Assets | $2034267 | $14957 | $— | $2049224 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 91

**REAL ESTATE FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES**  |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value - including $2,002 of securities loaned (cost $1,374,524) | $2034267 |
| Repurchase agreements, at value (cost $14,957) | 14957 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 34200 |
| &nbsp;&nbsp;&nbsp;Dividends | 7818 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 7 |
| &nbsp;&nbsp;&nbsp;Interest | 2 |
| **Total assets** | 2091251 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Securities purchased | 33275 |
| &nbsp;&nbsp;&nbsp;Return of securities lending collateral | 2075 |
| &nbsp;&nbsp;&nbsp;Management fees | 1467 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 978 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 442 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 177 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 84 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 39 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 3096 |
| **Total liabilities** | 41633 |
| **Net assets** | $2049618 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $8270136 |
| Total distributable earnings (loss) | (6220518) |
| Net assets | $2049618 |
| **Class A:** | **Class A:** |
| Net assets | $476905 |
| Capital shares outstanding | 11804 |
| Net asset value per share | $40.40 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $42.41 |
| **Class C:** | **Class C:** |
| Net assets | $19542 |
| Capital shares outstanding | 595 |
| Net asset value per share | $32.84 |
| **Class H:** | **Class H:** |
| Net assets | $1553171 |
| Capital shares outstanding | 38523 |
| Net asset value per share | $40.32 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS**  |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends | $137017 |
| Interest | 1291 |
| Income from securities lending, net | 241 |
| &nbsp;&nbsp;&nbsp;Total investment income | 138549 |
| **Expenses:** | **Expenses:** |
| Management fees | 39839 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 1219 |
| &nbsp;&nbsp;&nbsp;Class C | 532 |
| &nbsp;&nbsp;&nbsp;Class H | 10366 |
| Transfer agent fees | 9965 |
| Portfolio accounting and administration fees | 7151 |
| Registration fees | 4684 |
| Professional fees | 1638 |
| Custodian fees | 804 |
| Trustees' fees\* | 529 |
| Line of credit fees | 58 |
| Miscellaneous | 2897 |
| &nbsp;&nbsp;&nbsp;Total expenses | 79682 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (2342) |
| Net expenses | 77340 |
| Net investment income | 61209 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments | 544317 |
| Net realized gain | 544317 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | 29903 |
| Net change in unrealized appreciation (depreciation) | 29903 |
| Net realized and unrealized gain | 574220 |
| **Net increase in net assets resulting from operations** | $635429 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

92 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**REAL ESTATE FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $61209 | $32581 |
| Net realized gain (loss) on investments | 544317 | (36172) |
| Net change in unrealized appreciation (depreciation) on investments | 29903 | 194275 |
| Net increase in net assets resulting from operations | 635429 | 190684 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (5190) | (6465) |
| &nbsp;&nbsp;&nbsp;Class C | (728) | (2581) |
| &nbsp;&nbsp;&nbsp;Class H | (26663) | (45070) |
| Total distributions to shareholders | (32581) | (54116) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1376486 | 591538 |
| &nbsp;&nbsp;&nbsp;Class C | 124418 | 50541 |
| &nbsp;&nbsp;&nbsp;Class H | 16376197 | 5981741 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 5190 | 6454 |
| &nbsp;&nbsp;&nbsp;Class C | 728 | 2581 |
| &nbsp;&nbsp;&nbsp;Class H | 26619 | 43900 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1254580) | (774547) |
| &nbsp;&nbsp;&nbsp;Class C | (209785) | (69641) |
| &nbsp;&nbsp;&nbsp;Class H | (17456563) | (6169856) |
| Net decrease from capital share transactions | (1011290) | (337289) |
| Net decrease in net assets | (408442) | (200721) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 2458060 | 2658781 |
| &nbsp;&nbsp;&nbsp;End of year | $2049618 | $2458060 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 34057 | 16705 |
| &nbsp;&nbsp;&nbsp;Class C | 3684 | 1715 |
| &nbsp;&nbsp;&nbsp;Class H | 419664 | 169328 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 125 | 182 |
| &nbsp;&nbsp;&nbsp;Class C | 21 | 88 |
| &nbsp;&nbsp;&nbsp;Class H | 640 | 1238 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (31419) | (21815) |
| &nbsp;&nbsp;&nbsp;Class C | (6636) | (2401) |
| &nbsp;&nbsp;&nbsp;Class H | (435282) | (175501) |
| Net decrease in shares | (15146) | (10461) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 93

**REAL ESTATE FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $37.63 | $35.12 | $47.38 | $40.87 | $30.70 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .44 | .50 | .65 | .21 | .32 |
| Net gain (loss) on investments (realized and unrealized) | 2.65 | 2.74 | (11.59) | 6.48 | 13.33 |
| Total from investment operations | 3.09 | 3.24 | (10.94) | 6.69 | 13.65 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.32) | (.73) | (1.32) | (.18) | (3.48) |
| Total distributions | (.32) | (.73) | (1.32) | (.18) | (3.48) |
| Net asset value, end of period | $40.40 | $37.63 | $35.12 | $47.38 | $40.87 |
| **Total Return<sup>b</sup>** | **8.18%** | **9.34%** | **(23.05** **%)** | **16.36%** | **45.79%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $477 | $340 | $491 | $988 | $1049 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.11% | 1.42% | 1.65% | 0.46% | 0.87% |
| Total expenses | 1.70% | 1.69% | 1.65% | 1.61% | 1.70% |
| Net expenses<sup>c</sup> | 1.65% | 1.66% | 1.65% | 1.61% | 1.70% |
| Portfolio turnover rate | 344% | 249% | 308% | 380% | 499% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $30.85 | $29.13 | $39.90 | $34.44 | $26.48 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (.03) | .20 | .31 | (.09) | (.03) |
| Net gain (loss) on investments (realized and unrealized) | 2.34 | 2.25 | (9.76) | 5.73 | 11.47 |
| Total from investment operations | 2.31 | 2.45 | (9.45) | 5.64 | 11.44 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.32) | (.73) | (1.32) | (.18) | (3.48) |
| Total distributions | (.32) | (.73) | (1.32) | (.18) | (3.48) |
| Net asset value, end of period | $32.84 | $30.85 | $29.13 | $39.90 | $34.44 |
| **Total Return<sup>b</sup>** | **7.38%** | **8.55%** | **(23.65** **%)** | **16.37%** | **44.71%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $20 | $109 | $120 | $322 | $194 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.10%) | 0.68% | 0.94% | (0.22%) | (0.09%) |
| Total expenses | 2.43% | 2.44% | 2.40% | 2.36% | 2.45% |
| Net expenses<sup>c</sup> | 2.38% | 2.41% | 2.40% | 2.36% | 2.45% |
| Portfolio turnover rate | 344% | 249% | 308% | 380% | 499% |

---

94 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**REAL ESTATE FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $37.55 | $35.05 | $47.28 | $40.78 | $30.63 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .54 | .53 | .54 | .22 | .23 |
| Net gain (loss) on investments (realized and unrealized) | 2.55 | 2.70 | (11.45) | 6.46 | 13.40 |
| Total from investment operations | 3.09 | 3.23 | (10.91) | 6.68 | 13.63 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.32) | (.73) | (1.32) | (.18) | (3.48) |
| Total distributions | (.32) | (.73) | (1.32) | (.18) | (3.48) |
| Net asset value, end of period | $40.32 | $37.55 | $35.05 | $47.28 | $40.78 |
| **Total Return** | **8.20%** | **9.33%** | **(23.04** **%)** | **16.37%** | **45.83%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $1553 | $2009 | $2048 | $36643 | $10907 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.35% | 1.50% | 1.33% | 0.49% | 0.60% |
| Total expenses | 1.69% | 1.70% | 1.65% | 1.62% | 1.66% |
| Net expenses<sup>c</sup> | 1.64% | 1.66% | 1.65% | 1.62% | 1.66% |
| Portfolio turnover rate | 344% | 249% | 308% | 380% | 499% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>c</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 95

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **RETAILING FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 99.7%** | **COMMON STOCKS<sup>†</sup>** **- 99.7%** | **COMMON STOCKS<sup>†</sup>** **- 99.7%** |
| **Retail - 70.7%** | **Retail - 70.7%** | **Retail - 70.7%** |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | 3259 | $286108 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 295 | 279005 |
| &nbsp;&nbsp;&nbsp;TJX Companies, Inc. | 2188 | 266498 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | 707 | 259108 |
| &nbsp;&nbsp;&nbsp;Lowe's Companies, Inc. | 1108 | 258419 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.\* | 145 | 207724 |
| &nbsp;&nbsp;&nbsp;Carvana Co.\* | 770 | 160992 |
| &nbsp;&nbsp;&nbsp;Target Corp. | 1432 | 149443 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 1120 | 143125 |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.\* | 33 | 125822 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | 2187 | 120504 |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | 1117 | 98218 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.\* | 265 | 97133 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | 597 | 94386 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | 449 | 90500 |
| &nbsp;&nbsp;&nbsp;Burlington Stores, Inc.\* | 376 | 89612 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc.\* | 1168 | 87682 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | 733 | 87330 |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.\* | 755 | 86145 |
| &nbsp;&nbsp;&nbsp;Best Buy Company, Inc. | 1152 | 84799 |
| &nbsp;&nbsp;&nbsp;CarMax, Inc.\* | 1032 | 80413 |
| &nbsp;&nbsp;&nbsp;GameStop Corp. — Class A\*<sup>,1</sup> | 2934 | 65487 |
| &nbsp;&nbsp;&nbsp;Murphy USA, Inc. | 137 | 64364 |
| &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc.\* | 536 | 62369 |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc. — Class A\* | 767 | 61720 |
| &nbsp;&nbsp;&nbsp;Walgreens Boots Alliance, Inc.\* | 5426 | 60608 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. | 1908 | 57850 |
| &nbsp;&nbsp;&nbsp;AutoNation, Inc.\* | 333 | 53919 |
| &nbsp;&nbsp;&nbsp;Lithia Motors, Inc. — Class A | 178 | 52250 |
| &nbsp;&nbsp;&nbsp;Gap, Inc. | 2411 | 49691 |
| &nbsp;&nbsp;&nbsp;Five Below, Inc.\* | 589 | 44131 |
| &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co. — Class A\* | 555 | 42385 |
| &nbsp;&nbsp;&nbsp;Academy Sports & Outdoors, Inc. | 856 | 39042 |
| &nbsp;&nbsp;&nbsp;Signet Jewelers Ltd. | 660 | 38320 |
| &nbsp;&nbsp;&nbsp;Macy's, Inc. | 3028 | 38032 |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc.\* | 354 | 38030 |
| &nbsp;&nbsp;&nbsp;Nordstrom, Inc. | 1428 | 34915 |
| &nbsp;&nbsp;&nbsp;Urban Outfitters, Inc.\* | 644 | 33746 |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc. | 859 | 33681 |
| &nbsp;&nbsp;&nbsp;RH\* | 142 | 33286 |
| &nbsp;&nbsp;&nbsp;American Eagle Outfitters, Inc. | 2758 | 32048 |
| &nbsp;&nbsp;&nbsp;Victoria's Secret & Co.\* | 1460 | 27127 |
| &nbsp;&nbsp;&nbsp;Foot Locker, Inc.\* | 1732 | 24421 |
| &nbsp;&nbsp;&nbsp;National Vision Holdings, Inc.\* | 1815 | 23196 |
| &nbsp;&nbsp;&nbsp;Kohl's Corp.<sup>1</sup> | 2517 | 20589 |
| &nbsp;&nbsp;&nbsp;ODP Corp.\* | 954 | 13671 |
| **Total Retail** |  | 4197844 |
| **Internet - 24.4%** | **Internet - 24.4%** | **Internet - 24.4%** |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.\* | 2706 | 514844 |
| &nbsp;&nbsp;&nbsp;PDD Holdings, Inc. ADR\* | 1303 | 154210 |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. ADR | 990 | 130908 |
| &nbsp;&nbsp;&nbsp;Coupang, Inc.\* | 5853 | 128356 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | 1830 | 123946 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.\* | 62 | 120954 |
| &nbsp;&nbsp;&nbsp;JD.com, Inc. ADR | 2573 | 105802 |
| &nbsp;&nbsp;&nbsp;Chewy, Inc. — Class A\* | 2322 | 75488 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc.\* | 1046 | 49350 |
| &nbsp;&nbsp;&nbsp;Wayfair, Inc. — Class A\* | 1371 | 43913 |
| **Total Internet** |  | 1447771 |
| **Distribution & Wholesale - 2.5%** | **Distribution & Wholesale - 2.5%** | **Distribution & Wholesale - 2.5%** |
| &nbsp;&nbsp;&nbsp;LKQ Corp. | 1708 | 72658 |
| &nbsp;&nbsp;&nbsp;Pool Corp. | 228 | 72584 |
| **Total Distribution & Wholesale** |  | 145242 |
| **Software - 1.3%** | **Software - 1.3%** | **Software - 1.3%** |
| &nbsp;&nbsp;&nbsp;Global-e Online Ltd\* | 2225 | 79321 |
| **Commercial Services - 0.8%** | **Commercial Services - 0.8%** | **Commercial Services - 0.8%** |
| &nbsp;&nbsp;&nbsp;Valvoline, Inc.\* | 1306 | 45462 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,323,298) |  | 5915640 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.5%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.5%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.5%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25 | $16658 | 16658 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25 | 12767 | 12767 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $29,425) |  | 29425 |
|  | **Shares** |  |
| **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.9%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.9%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.9%** |
| **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.27%<sup>4</sup> | 53968 | 53968 |
| **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp;(Cost $53,968) |  | 53968 |
| **Total Investments - 101.1%** | **Total Investments - 101.1%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,406,691) | &nbsp;&nbsp;&nbsp;(Cost $3,406,691) | $5999033 |
| **Other Assets & Liabilities, net - (1.1)%** | **Other Assets & Liabilities, net - (1.1)%** | (62833) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $5936200 |

---

96 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **RETAILING FUND** |  |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp;A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is on loan at March 31, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Securities lending collateral — See Note 7. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of March 31, 2025. |
|  | &nbsp;&nbsp;&nbsp;ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $5915640 | $— | $— | $5915640 |
| Repurchase Agreements |  | 29425 |  | 29425 |
| Securities Lending Collateral | 53968 |  |  | 53968 |
| Total Assets | $5969608 | $29425 | $— | $5999033 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 97

**RETAILING FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES**  |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value - including $52,836 of securities loaned (cost $3,377,266) | $5969608 |
| Repurchase agreements, at value (cost $29,425) | 29425 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Securities sold | 892073 |
| &nbsp;&nbsp;&nbsp;Dividends | 4965 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 511 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 22 |
| &nbsp;&nbsp;&nbsp;Interest | 4 |
| **Total assets** | 6896608 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 891466 |
| &nbsp;&nbsp;&nbsp;Return of securities lending collateral | 53968 |
| &nbsp;&nbsp;&nbsp;Management fees | 4927 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 2893 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 594 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 218 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 79 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 6263 |
| **Total liabilities** | 960408 |
| **Net assets** | $5936200 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $4831175 |
| Total distributable earnings (loss) | 1105025 |
| Net assets | $5936200 |
| **Investor Class:** | **Investor Class:** |
| Net assets | $4977302 |
| Capital shares outstanding | 96059 |
| Net asset value per share | $51.82 |
| **Class A:** | **Class A:** |
| Net assets | $599288 |
| Capital shares outstanding | 12486 |
| Net asset value per share | $48.00 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $50.39 |
| **Class C:** | **Class C:** |
| Net assets | $42482 |
| Capital shares outstanding | 1064 |
| Net asset value per share | $39.93 |
| **Class H:** | **Class H:** |
| Net assets | $317128 |
| Capital shares outstanding | 6791 |
| Net asset value per share | $46.70 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS**  |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $157) | $107051 |
| Interest | 2721 |
| Income from securities lending, net | 360 |
| &nbsp;&nbsp;&nbsp;Total investment income | 110132 |
| **Expenses:** | **Expenses:** |
| Management fees | 79212 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 1875 |
| &nbsp;&nbsp;&nbsp;Class C | 655 |
| &nbsp;&nbsp;&nbsp;Class H | 881 |
| Transfer agent fees | 19937 |
| Portfolio accounting and administration fees | 14218 |
| Registration fees | 10435 |
| Professional fees | 4215 |
| Custodian fees | 1400 |
| Trustees' fees\* | 960 |
| Line of credit fees | 20 |
| Miscellaneous | 2927 |
| &nbsp;&nbsp;&nbsp;Total expenses | 136735 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (4656) |
| Net expenses | 132079 |
| Net investment loss | (21947) |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments | 628972 |
| Net realized gain | 628972 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | (593590) |
| Net change in unrealized appreciation (depreciation) | (593590) |
| Net realized and unrealized gain | 35382 |
| **Net increase in net assets resulting from operations** | $13435 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

98 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**RETAILING FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 28, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment loss | $(21947) | $(9976) |
| Net realized gain on investments | 628972 | 690181 |
| Net change in unrealized appreciation (depreciation) on investments | (593590) | 648186 |
| Net increase in net assets resulting from operations | 13435 | 1328391 |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 25633421 | 27699473 |
| &nbsp;&nbsp;&nbsp;Class A | 319096 | 244458 |
| &nbsp;&nbsp;&nbsp;Class C | 29848 | 108390 |
| &nbsp;&nbsp;&nbsp;Class H | 123353 | 16566 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (29180206) | (27611388) |
| &nbsp;&nbsp;&nbsp;Class A | (486061) | (620195) |
| &nbsp;&nbsp;&nbsp;Class C | (59851) | (194132) |
| &nbsp;&nbsp;&nbsp;Class H | (204918) | (292400) |
| Net decrease from capital share transactions | (3825318) | (649228) |
| Net increase (decrease) in net assets | (3811883) | 679163 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 9748083 | 9068920 |
| &nbsp;&nbsp;&nbsp;End of year | $5936200 | $9748083 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 492051 | 622418 |
| &nbsp;&nbsp;&nbsp;Class A | 6577 | 6259 |
| &nbsp;&nbsp;&nbsp;Class C | 733 | 3140 |
| &nbsp;&nbsp;&nbsp;Class H | 2518 | 425 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (561923) | (629522) |
| &nbsp;&nbsp;&nbsp;Class A | (9799) | (15500) |
| &nbsp;&nbsp;&nbsp;Class C | (1439) | (5786) |
| &nbsp;&nbsp;&nbsp;Class H | (4197) | (7656) |
| Net decrease in shares | (75479) | (26222) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 99

**RETAILING FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $51.43 | $42.39 | $46.75 | $57.11 | $28.62 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (.10) | (.03) | (.08) | (.30) | (.25) |
| Net gain (loss) on investments (realized and unrealized) | .49 | 9.07 | (4.28) | (5.31) | 28.74 |
| Total from investment operations | .39 | 9.04 | (4.36) | (5.61) | 28.49 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  |  |  | (4.75) |  |
| Total distributions |  |  |  | (4.75) |  |
| Net asset value, end of period | $51.82 | $51.43 | $42.39 | $46.75 | $57.11 |
| **Total Return** | **0.76%** | **21.33%** | **(9.33** **%)** | **(10.94** **%)** | **99.55%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $4977 | $8533 | $7334 | $7998 | $24987 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.19%) | (0.08%) | (0.19%) | (0.53%) | (0.52%) |
| Total expenses | 1.43% | 1.43% | 1.40% | 1.36% | 1.43% |
| Net expenses<sup>b</sup> | 1.38% | 1.40% | 1.40% | 1.36% | 1.43% |
| Portfolio turnover rate | 296% | 299% | 371% | 214% | 270% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $47.76 | $39.46 | $43.64 | $53.75 | $27.00 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (.24) | (.11) | (.17) | (.42) | (.38) |
| Net gain (loss) on investments (realized and unrealized) | .48 | 8.41 | (4.01) | (4.94) | 27.13 |
| Total from investment operations | .24 | 8.30 | (4.18) | (5.36) | 26.75 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  |  |  | (4.75) |  |
| Total distributions |  |  |  | (4.75) |  |
| Net asset value, end of period | $48.00 | $47.76 | $39.46 | $43.64 | $53.75 |
| **Total Return<sup>c</sup>** | **0.50%** | **21.03%** | **(9.58** **%)** | **(11.17** **%)** | **99.07%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $599 | $750 | $985 | $1917 | $2133 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.50%) | (0.27%) | (0.45%) | (0.79%) | (0.83%) |
| Total expenses | 1.69% | 1.69% | 1.65% | 1.61% | 1.67% |
| Net expenses<sup>b</sup> | 1.64% | 1.65% | 1.65% | 1.61% | 1.67% |
| Portfolio turnover rate | 296% | 299% | 371% | 214% | 270% |

---

100 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**RETAILING FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $40.01 | $33.31 | $37.12 | $46.74 | $23.67 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (.50) | (.34) | (.39) | (.70) | (.62) |
| Net gain (loss) on investments (realized and unrealized) | .42 | 7.04 | (3.42) | (4.17) | 23.69 |
| Total from investment operations | (.08) | 6.70 | (3.81) | (4.87) | 23.07 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  |  |  | (4.75) |  |
| Total distributions |  |  |  | (4.75) |  |
| Net asset value, end of period | $39.93 | $40.01 | $33.31 | $37.12 | $46.74 |
| **Total Return<sup>c</sup>** | **(0.20** **%)** | **20.11%** | **(10.26** **%)** | **(11.84** **%)** | **97.47%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $42 | $71 | $147 | $196 | $294 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (1.24%) | (1.01%) | (1.18%) | (1.54%) | (1.65%) |
| Total expenses | 2.44% | 2.43% | 2.40% | 2.36% | 2.44% |
| Net expenses<sup>b</sup> | 2.39% | 2.40% | 2.40% | 2.36% | 2.44% |
| Portfolio turnover rate | 296% | 299% | 371% | 214% | 270% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 101

**RETAILING FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $46.47 | $38.40 | $42.47 | $52.44 | $26.35 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (.24) | (.10) | (.18) | (.38) | (.39) |
| Net gain (loss) on investments (realized and unrealized) | .47 | 8.17 | (3.89) | (4.84) | 26.48 |
| Total from investment operations | .23 | 8.07 | (4.07) | (5.22) | 26.09 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  |  |  | (4.75) |  |
| Total distributions |  |  |  | (4.75) |  |
| Net asset value, end of period | $46.70 | $46.47 | $38.40 | $42.47 | $52.44 |
| **Total Return** | **0.49%** | **21.02%** | **(9.58** **%)** | **(11.18** **%)** | **99.01%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $317 | $394 | $603 | $673 | $661 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.52%) | (0.26%) | (0.47%) | (0.73%) | (0.91%) |
| Total expenses | 1.69% | 1.68% | 1.65% | 1.60% | 1.69% |
| Net expenses<sup>b</sup> | 1.64% | 1.65% | 1.65% | 1.60% | 1.69% |
| Portfolio turnover rate | 296% | 299% | 371% | 214% | 270% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>c</sup> Total return does not reflect the impact of any applicable sales charges.

102 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **TECHNOLOGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 99.7%** | **COMMON STOCKS<sup>†</sup>** **- 99.7%** | **COMMON STOCKS<sup>†</sup>** **- 99.7%** |
| **Software - 32.3%** | **Software - 32.3%** | **Software - 32.3%** |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 5594 | $2099932 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 2375 | 637355 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc. — Class A\* | 7373 | 622281 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 4264 | 596150 |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.\* | 1429 | 548064 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 878 | 539083 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.\* | 642 | 511122 |
| &nbsp;&nbsp;&nbsp;MicroStrategy, Inc. — Class A\* | 1250 | 360337 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp. — Class A\* | 1282 | 339692 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.\* | 1325 | 336987 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 547 | 322500 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.\* | 750 | 321638 |
| &nbsp;&nbsp;&nbsp;Workday, Inc. — Class A\* | 1333 | 311295 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.\* | 1182 | 309448 |
| &nbsp;&nbsp;&nbsp;Atlassian Corp. — Class A\* | 1314 | 278844 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc. — Class A\* | 1761 | 257388 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 1729 | 249875 |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp. — Class A\* | 4212 | 245517 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc. — Class A\* | 2132 | 240255 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.\* | 1154 | 239167 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc. — Class A\* | 2275 | 225703 |
| &nbsp;&nbsp;&nbsp;NetEase, Inc. ADR | 2183 | 224674 |
| &nbsp;&nbsp;&nbsp;ANSYS, Inc.\* | 662 | 209563 |
| &nbsp;&nbsp;&nbsp;Zoom Communications, Inc. — Class A\* | 2495 | 184056 |
| &nbsp;&nbsp;&nbsp;Samsara, Inc. — Class A\* | 4623 | 177200 |
| &nbsp;&nbsp;&nbsp;HubSpot, Inc.\* | 304 | 173672 |
| &nbsp;&nbsp;&nbsp;Nutanix, Inc. — Class A\* | 2467 | 172221 |
| &nbsp;&nbsp;&nbsp;DocuSign, Inc.\* | 2080 | 169312 |
| &nbsp;&nbsp;&nbsp;PTC, Inc.\* | 1086 | 168276 |
| &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.\* | 866 | 162254 |
| &nbsp;&nbsp;&nbsp;Monday.com Ltd.\* | 631 | 153434 |
| &nbsp;&nbsp;&nbsp;Twilio, Inc. — Class A\* | 1541 | 150879 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc.\* | 3138 | 147957 |
| &nbsp;&nbsp;&nbsp;MongoDB, Inc.\* | 826 | 144880 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.\* | 1713 | 137896 |
| &nbsp;&nbsp;&nbsp;Manhattan Associates, Inc.\* | 766 | 132549 |
| &nbsp;&nbsp;&nbsp;Dropbox, Inc. — Class A\* | 4228 | 112930 |
| &nbsp;&nbsp;&nbsp;Gitlab, Inc. — Class A\* | 2227 | 104669 |
| &nbsp;&nbsp;&nbsp;Confluent, Inc. — Class A\* | 4268 | 100042 |
| &nbsp;&nbsp;&nbsp;Unity Software, Inc.\* | 4822 | 94463 |
| &nbsp;&nbsp;&nbsp;IonQ, Inc.\*<sup>,1</sup> | 3941 | 86978 |
| &nbsp;&nbsp;&nbsp;SoundHound AI, Inc. — Class A\*<sup>,1</sup> | 8451 | 68622 |
| &nbsp;&nbsp;&nbsp;ZoomInfo Technologies, Inc. — Class A\* | 6815 | 68150 |
| **Total Software** |  | 12737310 |
| **Semiconductors - 25.7%** | **Semiconductors - 25.7%** | **Semiconductors - 25.7%** |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 17905 | 1940544 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 6180 | 1034717 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.\* | 5150 | 529111 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 2883 | 518075 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 3369 | 517512 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 2899 | 420703 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 1956 | 394467 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | 5214 | 379058 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | 551 | 374570 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 4248 | 369109 |
| &nbsp;&nbsp;&nbsp;Intel Corp. | 15127 | 343534 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd. ADR | 1889 | 313574 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductor N.V. | 1613 | 306567 |
| &nbsp;&nbsp;&nbsp;ASML Holding N.V. — Class G | 440 | 291557 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 4499 | 277003 |
| &nbsp;&nbsp;&nbsp;ARM Holdings plc ADR\*<sup>,1</sup> | 2387 | 254908 |
| &nbsp;&nbsp;&nbsp;STMicroelectronics N.V. — Class Y | 9342 | 205150 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 3957 | 191558 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.\* | 3953 | 160848 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 268 | 155435 |
| &nbsp;&nbsp;&nbsp;Teradyne, Inc. | 1729 | 142815 |
| &nbsp;&nbsp;&nbsp;Entegris, Inc. | 1577 | 137956 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 1936 | 125124 |
| &nbsp;&nbsp;&nbsp;Astera Labs, Inc.\* | 1773 | 105795 |
| &nbsp;&nbsp;&nbsp;Qorvo, Inc.\* | 1457 | 105501 |
| &nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp.\* | 1909 | 100127 |
| &nbsp;&nbsp;&nbsp;Rambus, Inc.\* | 1781 | 92211 |
| &nbsp;&nbsp;&nbsp;MKS Instruments, Inc. | 1150 | 92172 |
| &nbsp;&nbsp;&nbsp;Cirrus Logic, Inc.\* | 910 | 90686 |
| &nbsp;&nbsp;&nbsp;GLOBALFOUNDRIES, Inc.\* | 2124 | 78397 |
| &nbsp;&nbsp;&nbsp;Impinj, Inc.\* | 507 | 45985 |
| &nbsp;&nbsp;&nbsp;Axcelis Technologies, Inc.\* | 922 | 45796 |
| **Total Semiconductors** |  | 10140565 |
| **Computers - 17.3%** | **Computers - 17.3%** | **Computers - 17.3%** |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 10508 | 2334142 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 2447 | 608471 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc. — Class A\* | 1066 | 375850 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.\* | 3325 | 320064 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc. — Class C | 3225 | 293959 |
| &nbsp;&nbsp;&nbsp;Accenture plc — Class A | 814 | 254001 |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies Ltd.\* | 1086 | 247521 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. — Class A | 3166 | 242199 |
| &nbsp;&nbsp;&nbsp;Infosys Ltd. ADR | 12599 | 229932 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | 7302 | 202192 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 11813 | 182275 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc.\* | 914 | 181356 |
| &nbsp;&nbsp;&nbsp;CyberArk Software Ltd.\* | 523 | 176774 |
| &nbsp;&nbsp;&nbsp;Okta, Inc.\* | 1601 | 168457 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings plc | 1976 | 167861 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | 1881 | 165227 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer, Inc.\*<sup>,1</sup> | 4272 | 146273 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp.\* | 3609 | 145912 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Inc. — Class A\* | 3202 | 141753 |
| &nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc.\* | 1353 | 84346 |
| &nbsp;&nbsp;&nbsp;Varonis Systems, Inc.\* | 2080 | 84136 |
| &nbsp;&nbsp;&nbsp;Sandisk Corp.\* | 1713 | 81556 |
| **Total Computers** |  | 6834257 |
| **Internet - 14.8%** | **Internet - 14.8%** | **Internet - 14.8%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. — Class A | 11006 | 1701968 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. — Class A | 2643 | 1523319 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.\* | 2443 | 416874 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 103

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **TECHNOLOGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Shopify, Inc. — Class A\* | 2771 | $264575 |
| &nbsp;&nbsp;&nbsp;Sea Ltd. ADR\* | 1861 | 242842 |
| &nbsp;&nbsp;&nbsp;Baidu, Inc. ADR\* | 2495 | 229615 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc. — Class A\* | 1122 | 202117 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc.\* | 738 | 187356 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | 1122 | 179812 |
| &nbsp;&nbsp;&nbsp;Pinterest, Inc. — Class A\* | 5745 | 178095 |
| &nbsp;&nbsp;&nbsp;F5, Inc.\* | 595 | 158431 |
| &nbsp;&nbsp;&nbsp;Reddit, Inc. — Class A\* | 1485 | 155777 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | 5673 | 150561 |
| &nbsp;&nbsp;&nbsp;Snap, Inc. — Class A\* | 15678 | 136555 |
| &nbsp;&nbsp;&nbsp;Match Group, Inc. | 3645 | 113724 |
| **Total Internet** |  | 5841621 |
| **Telecommunications - 4.3%** | **Telecommunications - 4.3%** | **Telecommunications - 4.3%** |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 9841 | 607288 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 798 | 349372 |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.\* | 4428 | 343082 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | 5222 | 239063 |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding Ltd.\* | 2331 | 93613 |
| &nbsp;&nbsp;&nbsp;InterDigital, Inc. | 288 | 59544 |
| **Total Telecommunications** |  | 1691962 |
| **Electronics - 3.5%** | **Electronics - 3.5%** | **Electronics - 3.5%** |
| &nbsp;&nbsp;&nbsp;Amphenol Corp. — Class A | 5594 | 366911 |
| &nbsp;&nbsp;&nbsp;TE Connectivity plc | 1593 | 225123 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.\* | 1357 | 203238 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc.\* | 2399 | 157494 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | 1118 | 152126 |
| &nbsp;&nbsp;&nbsp;Flex Ltd.\* | 4196 | 138804 |
| &nbsp;&nbsp;&nbsp;Coherent Corp.\* | 2012 | 130659 |
| **Total Electronics** |  | 1374355 |
| **Energy-Alternate Sources - 0.6%** | **Energy-Alternate Sources - 0.6%** | **Energy-Alternate Sources - 0.6%** |
| &nbsp;&nbsp;&nbsp;First Solar, Inc.\* | 1090 | 137809 |
| &nbsp;&nbsp;&nbsp;Enphase Energy, Inc.\* | 1873 | 116219 |
| **Total Energy-Alternate Sources** |  | 254028 |
| **Investment Companies - 0.6%** | **Investment Companies - 0.6%** | **Investment Companies - 0.6%** |
| &nbsp;&nbsp;&nbsp;MARA Holdings, Inc.\* | 6543 | 75244 |
| &nbsp;&nbsp;&nbsp;Riot Platforms, Inc.\* | 8332 | 59324 |
| &nbsp;&nbsp;&nbsp;Core Scientific, Inc.\* | 7098 | 51390 |
| &nbsp;&nbsp;&nbsp;Cleanspark, Inc.\*<sup>,1</sup> | 7326 | 49231 |
| **Total Investment Companies** |  | 235189 |
| **Office & Business Equipment - 0.4%** | **Office & Business Equipment - 0.4%** | **Office & Business Equipment - 0.4%** |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp. — Class A\* | 539 | 152300 |
| **Electrical Components & Equipment - 0.2%** | **Electrical Components & Equipment - 0.2%** | **Electrical Components & Equipment - 0.2%** |
| &nbsp;&nbsp;&nbsp;Universal Display Corp. | 563 | 78527 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $16,916,101) |  | 39340114 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.5%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.5%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.5%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25 | $120266 | 120266 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25 | 92171 | 92171 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $212,437) |  | 212437 |
|  | **Shares** |  |
| **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 1.2%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 1.2%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 1.2%** |
| **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.27%<sup>4</sup> | 467774 | 467774 |
| **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp;(Cost $467,774) |  | 467774 |
| **Total Investments - 101.4%** | **Total Investments - 101.4%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $17,596,312) | &nbsp;&nbsp;&nbsp;(Cost $17,596,312) | $40020325 |
| **Other Assets & Liabilities, net - (1.4)%** | **Other Assets & Liabilities, net - (1.4)%** | (548652) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $39471673 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp;A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is on loan at March 31, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Securities lending collateral — See Note 7. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of March 31, 2025. |
|  | &nbsp;&nbsp;&nbsp;ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

104 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **TECHNOLOGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $39340114 | $— | $— | $39340114 |
| Repurchase Agreements |  | 212437 |  | 212437 |
| Securities Lending Collateral | 467774 |  |  | 467774 |
| Total Assets | $39807888 | $212437 | $— | $40020325 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 105

**TECHNOLOGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES**  |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value - including $447,622 of securities loaned (cost $17,383,875) | $39807888 |
| Repurchase agreements, at value (cost $212,437) | 212437 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Dividends | 12304 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 10672 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims | 1108 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 100 |
| &nbsp;&nbsp;&nbsp;Interest | 26 |
| **Total assets** | 40044535 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Return of securities lending collateral | 467774 |
| &nbsp;&nbsp;&nbsp;Management fees | 28302 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 17421 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 11439 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 4141 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 3413 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 503 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 39869 |
| **Total liabilities** | 572862 |
| **Net assets** | $39471673 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $19443681 |
| Total distributable earnings (loss) | 20027992 |
| Net assets | $39471673 |
| **Investor Class:** | **Investor Class:** |
| Net assets | $27047315 |
| Capital shares outstanding | 146721 |
| Net asset value per share | $184.35 |
| **Class A:** | **Class A:** |
| Net assets | $9132735 |
| Capital shares outstanding | 55268 |
| Net asset value per share | $165.24 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $173.48 |
| **Class C:** | **Class C:** |
| Net assets | $2443673 |
| Capital shares outstanding | 18012 |
| Net asset value per share | $135.67 |
| **Class H:** | **Class H:** |
| Net assets | $847950 |
| Capital shares outstanding | 5280 |
| Net asset value per share | $160.60 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS**  |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $1,501) | $374450 |
| Interest | 16636 |
| Income from securities lending, net | 764 |
| &nbsp;&nbsp;&nbsp;Total investment income | 391850 |
| **Expenses:** | **Expenses:** |
| Management fees | 488239 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 23301 |
| &nbsp;&nbsp;&nbsp;Class C | 29539 |
| &nbsp;&nbsp;&nbsp;Class H | 3861 |
| Transfer agent fees | 124379 |
| Portfolio accounting and administration fees | 87635 |
| Registration fees | 70374 |
| Professional fees | 26555 |
| Custodian fees | 7693 |
| Trustees' fees\* | 6714 |
| Line of credit fees | 82 |
| Miscellaneous | 12330 |
| &nbsp;&nbsp;&nbsp;Total expenses | 880702 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (28702) |
| Net expenses | 852000 |
| Net investment loss | (460150) |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments | 6023320 |
| Net realized gain | 6023320 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | (4855155) |
| Net change in unrealized appreciation (depreciation) | (4855155) |
| Net realized and unrealized gain | 1168165 |
| **Net increase in net assets resulting from operations** | $708015 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

106 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**TECHNOLOGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment loss | $(460150) | $(400991) |
| Net realized gain on investments | 6023320 | 4495145 |
| Net change in unrealized appreciation (depreciation) on investments | (4855155) | 11784979 |
| Net increase in net assets resulting from operations | 708015 | 15879133 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (1530798) | (1548617) |
| &nbsp;&nbsp;&nbsp;Class A | (459868) | (227970) |
| &nbsp;&nbsp;&nbsp;Class C | (184496) | (91187) |
| &nbsp;&nbsp;&nbsp;Class H | (57400) | (87573) |
| Total distributions to shareholders | (2232562) | (1955347) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 79367937 | 120416346 |
| &nbsp;&nbsp;&nbsp;Class A | 3403242 | 2572213 |
| &nbsp;&nbsp;&nbsp;Class C | 833942 | 747840 |
| &nbsp;&nbsp;&nbsp;Class H | 3054402 | 4472665 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 1459040 | 1514370 |
| &nbsp;&nbsp;&nbsp;Class A | 446832 | 226883 |
| &nbsp;&nbsp;&nbsp;Class C | 182134 | 90293 |
| &nbsp;&nbsp;&nbsp;Class H | 54967 | 87101 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (89094206) | (119846391) |
| &nbsp;&nbsp;&nbsp;Class A | (3152579) | (2736773) |
| &nbsp;&nbsp;&nbsp;Class C | (1435843) | (1447009) |
| &nbsp;&nbsp;&nbsp;Class H | (3478421) | (4714179) |
| Net increase (decrease) from capital share transactions | (8358553) | 1383359 |
| Net increase (decrease) in net assets | (9883100) | 15307145 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 49354773 | 34047628 |
| &nbsp;&nbsp;&nbsp;End of year | $39471673 | $49354773 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 396477 | 767301 |
| &nbsp;&nbsp;&nbsp;Class A | 18497 | 18121 |
| &nbsp;&nbsp;&nbsp;Class C | 5424 | 6073 |
| &nbsp;&nbsp;&nbsp;Class H | 17882 | 31365 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 6811 | 9148 |
| &nbsp;&nbsp;&nbsp;Class A | 2325 | 1517 |
| &nbsp;&nbsp;&nbsp;Class C | 1152 | 721 |
| &nbsp;&nbsp;&nbsp;Class H | 294 | 598 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (444843) | (755479) |
| &nbsp;&nbsp;&nbsp;Class A | (17475) | (18662) |
| &nbsp;&nbsp;&nbsp;Class C | (9474) | (12187) |
| &nbsp;&nbsp;&nbsp;Class H | (20333) | (32507) |
| Net increase (decrease) in shares | (43263) | 16009 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 107

**TECHNOLOGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $191.70 | $141.40 | $168.83 | $177.69 | $100.21 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (1.39) | (.97) | (.68) | (1.32) | (.96) |
| Net gain (loss) on investments (realized and unrealized) | 3.29 | 55.52 | (20.64) | 6.56 | 81.24 |
| Total from investment operations | 1.90 | 54.55 | (21.32) | 5.24 | 80.28 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains | (9.25) | (4.25) | (6.11) | (14.10) | (2.80) |
| Total distributions | (9.25) | (4.25) | (6.11) | (14.10) | (2.80) |
| Net asset value, end of period | $184.35 | $191.70 | $141.40 | $168.83 | $177.69 |
| **Total Return** | **0.32%** | **39.06%** | **(11.94** **%)** | **1.94%** | **80.31%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $27047 | $36092 | $23656 | $32397 | $35562 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.70%) | (0.61%) | (0.50%) | (0.68%) | (0.65%) |
| Total expenses | 1.43% | 1.44% | 1.39% | 1.36% | 1.44% |
| Net expenses<sup>b</sup> | 1.38% | 1.40% | 1.39% | 1.36% | 1.44% |
| Portfolio turnover rate | 138% | 211% | 121% | 175% | 195% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $173.09 | $128.33 | $154.37 | $163.90 | $92.79 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (1.75) | (1.27) | (.93) | (1.68) | (1.24) |
| Net gain (loss) on investments (realized and unrealized) | 3.15 | 50.28 | (19.00) | 6.25 | 75.15 |
| Total from investment operations | 1.40 | 49.01 | (19.93) | 4.57 | 73.91 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains | (9.25) | (4.25) | (6.11) | (14.10) | (2.80) |
| Total distributions | (9.25) | (4.25) | (6.11) | (14.10) | (2.80) |
| Net asset value, end of period | $165.24 | $173.09 | $128.33 | $154.37 | $163.90 |
| **Total Return<sup>c</sup>** | **0.07%** | **38.72%** | **(12.16** **%)** | **1.69%** | **79.86%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $9133 | $8987 | $6538 | $8305 | $9190 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.97%) | (0.87%) | (0.75%) | (0.96%) | (0.90%) |
| Total expenses | 1.69% | 1.68% | 1.64% | 1.61% | 1.69% |
| Net expenses<sup>b</sup> | 1.64% | 1.65% | 1.64% | 1.61% | 1.69% |
| Portfolio turnover rate | 138% | 211% | 121% | 175% | 195% |

---

108 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**TECHNOLOGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $144.59 | $108.59 | $132.87 | $143.81 | $82.23 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (2.58) | (1.97) | (1.59) | (2.60) | (2.01) |
| Net gain (loss) on investments (realized and unrealized) | 2.91 | 42.22 | (16.58) | 5.76 | 66.39 |
| Total from investment operations | .33 | 40.25 | (18.17) | 3.16 | 64.38 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains | (9.25) | (4.25) | (6.11) | (14.10) | (2.80) |
| Total distributions | (9.25) | (4.25) | (6.11) | (14.10) | (2.80) |
| Net asset value, end of period | $135.67 | $144.59 | $108.59 | $132.87 | $143.81 |
| **Total Return<sup>c</sup>** | **(0.68** **%)** | **37.69%** | **(12.82** **%)** | **0.92%** | **78.52%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $2444 | $3023 | $2856 | $4194 | $6214 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (1.71%) | (1.62%) | (1.51%) | (1.70%) | (1.65%) |
| Total expenses | 2.44% | 2.43% | 2.39% | 2.36% | 2.44% |
| Net expenses<sup>b</sup> | 2.39% | 2.40% | 2.39% | 2.36% | 2.44% |
| Portfolio turnover rate | 138% | 211% | 121% | 175% | 195% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 109

**TECHNOLOGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $168.44 | $124.98 | $150.57 | $160.17 | $90.72 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (1.69) | (1.26) | (.92) | (1.62) | (1.01) |
| Net gain (loss) on investments (realized and unrealized) | 3.10 | 48.97 | (18.56) | 6.12 | 73.26 |
| Total from investment operations | 1.41 | 47.71 | (19.48) | 4.50 | 72.25 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains | (9.25) | (4.25) | (6.11) | (14.10) | (2.80) |
| Total distributions | (9.25) | (4.25) | (6.11) | (14.10) | (2.80) |
| Net asset value, end of period | $160.60 | $168.44 | $124.98 | $150.57 | $160.17 |
| **Total Return** | **0.06%** | **38.72%** | **(12.17** **%)** | **1.68%** | **79.85%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $848 | $1253 | $997 | $1355 | $1734 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.96%) | (0.88%) | (0.76%) | (0.93%) | (0.83%) |
| Total expenses | 1.69% | 1.69% | 1.64% | 1.60% | 1.74% |
| Net expenses<sup>b</sup> | 1.64% | 1.65% | 1.64% | 1.60% | 1.74% |
| Portfolio turnover rate | 138% | 211% | 121% | 175% | 195% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>c</sup> Total return does not reflect the impact of any applicable sales charges.

110 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **TELECOMMUNICATIONS FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 99.6%** | **COMMON STOCKS<sup>†</sup>** **- 99.6%** | **COMMON STOCKS<sup>†</sup>** **- 99.6%** |
| **Telecommunications - 73.4%** | **Telecommunications - 73.4%** | **Telecommunications - 73.4%** |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 87350 | $2470258 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 38068 | 2349176 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 46910 | 2127838 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 7006 | 1868570 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 2727 | 1193908 |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.\* | 14613 | 1132215 |
| &nbsp;&nbsp;&nbsp;Juniper Networks, Inc. | 17944 | 649393 |
| &nbsp;&nbsp;&nbsp;Frontier Communications Parent, Inc.\* | 15505 | 556009 |
| &nbsp;&nbsp;&nbsp;Ciena Corp.\* | 9025 | 545381 |
| &nbsp;&nbsp;&nbsp;Telefonaktiebolaget LM Ericsson ADR | 61247 | 475277 |
| &nbsp;&nbsp;&nbsp;EchoStar Corp. — Class A\* | 18452 | 472002 |
| &nbsp;&nbsp;&nbsp;BCE, Inc. | 19777 | 454080 |
| &nbsp;&nbsp;&nbsp;Nokia Oyj ADR<sup>1</sup> | 83237 | 438659 |
| &nbsp;&nbsp;&nbsp;Vodafone Group plc ADR | 45662 | 427853 |
| &nbsp;&nbsp;&nbsp;TELUS Corp.<sup>1</sup> | 29291 | 420033 |
| &nbsp;&nbsp;&nbsp;AST SpaceMobile, Inc.\*<sup>,1</sup> | 17950 | 408183 |
| &nbsp;&nbsp;&nbsp;America Movil SAB de CV ADR | 28302 | 402455 |
| &nbsp;&nbsp;&nbsp;Rogers Communications, Inc. — Class B | 14770 | 394802 |
| &nbsp;&nbsp;&nbsp;Telephone & Data Systems, Inc. | 9620 | 372679 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc.\* | 85449 | 334960 |
| &nbsp;&nbsp;&nbsp;Iridium Communications, Inc. | 11265 | 307760 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions, Inc.\* | 26753 | 299366 |
| &nbsp;&nbsp;&nbsp;Calix, Inc.\* | 8110 | 287418 |
| &nbsp;&nbsp;&nbsp;Extreme Networks, Inc.\* | 17894 | 236738 |
| &nbsp;&nbsp;&nbsp;InterDigital, Inc. | 1092 | 225771 |
| &nbsp;&nbsp;&nbsp;Viasat, Inc.\* | 20946 | 218257 |
| &nbsp;&nbsp;&nbsp;CommScope Holding Company, Inc.\* | 36720 | 194983 |
| &nbsp;&nbsp;&nbsp;Harmonic, Inc.\* | 19761 | 189508 |
| &nbsp;&nbsp;&nbsp;Gogo, Inc.\* | 18106 | 156074 |
| &nbsp;&nbsp;&nbsp;Globalstar, Inc.\* | 6964 | 145269 |
| **Total Telecommunications** |  | 19754875 |
| **Media - 15.8%** | **Media - 15.8%** | **Media - 15.8%** |
| &nbsp;&nbsp;&nbsp;Comcast Corp. — Class A | 50246 | 1854077 |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc. — Class A\* | 3054 | 1125491 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband Corp. — Class C\* | 7716 | 656246 |
| &nbsp;&nbsp;&nbsp;Liberty Global Ltd. — Class A\* | 38441 | 442456 |
| &nbsp;&nbsp;&nbsp;Liberty Latin America Ltd. — Class C\* | 28474 | 176823 |
| **Total Media** |  | 4255093 |
| **Internet - 5.6%** | **Internet - 5.6%** | **Internet - 5.6%** |
| &nbsp;&nbsp;&nbsp;F5, Inc.\* | 2325 | 619078 |
| &nbsp;&nbsp;&nbsp;Roku, Inc.\* | 8631 | 607967 |
| &nbsp;&nbsp;&nbsp;Cogent Communications Holdings, Inc. | 4322 | 264982 |
| **Total Internet** |  | 1492027 |
| **Computers - 2.3%** | **Computers - 2.3%** | **Computers - 2.3%** |
| &nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc.\* | 6372 | 397230 |
| &nbsp;&nbsp;&nbsp;NetScout Systems, Inc.\* | 10913 | 229282 |
| **Total Computers** |  | 626512 |
| **Software - 1.9%** | **Software - 1.9%** | **Software - 1.9%** |
| &nbsp;&nbsp;&nbsp;Nice Ltd. ADR\* | 3233 | 498432 |
| **Electronics - 0.6%** | **Electronics - 0.6%** | **Electronics - 0.6%** |
| &nbsp;&nbsp;&nbsp;Applied Optoelectronics, Inc.\* | 10646 | 163416 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $25,355,385) |  | 26790355 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.5%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.5%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.5%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25 | $71163 | 71163 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25 | 54539 | 54539 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $125,702) |  | 125702 |
|  | **Shares** |  |
| **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 2.5%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 2.5%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 2.5%** |
| **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.27%<sup>4</sup> | 684207 | 684207 |
| **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp;(Cost $684,207) |  | 684207 |
| **Total Investments - 102.6%** | **Total Investments - 102.6%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $26,165,294) | &nbsp;&nbsp;&nbsp;(Cost $26,165,294) | $27600264 |
| **Other Assets & Liabilities, net - (2.6)%** | **Other Assets & Liabilities, net - (2.6)%** | (696763) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $26903501 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 111

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **TELECOMMUNICATIONS FUND** |  |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp;A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is on loan at March 31, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Securities lending collateral — See Note 7. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of March 31, 2025. |
|  | &nbsp;&nbsp;&nbsp;ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $26790355 | $— | $— | $26790355 |
| Repurchase Agreements |  | 125702 |  | 125702 |
| Securities Lending Collateral | 684207 |  |  | 684207 |
| Total Assets | $27474562 | $125702 | $— | $27600264 |

---

112 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**TELECOMMUNICATIONS FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES**  |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value- including $659,475 of securities loaned (cost $26,039,592) | $27474562 |
| Repurchase agreements, at value (cost $125,702) | 125702 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Dividends | 34432 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 10144 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 1684 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims | 1208 |
| &nbsp;&nbsp;&nbsp;Interest | 15 |
| **Total assets** | 27647747 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Return of securities lending collateral | 684207 |
| &nbsp;&nbsp;&nbsp;Management fees | 19210 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 11393 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 5727 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 2316 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 72 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 268 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 21053 |
| **Total liabilities** | 744246 |
| **Net assets** | $26903501 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $28516136 |
| Total distributable earnings (loss) | (1612635) |
| Net assets | $26903501 |
| **Investor Class:** | **Investor Class:** |
| Net assets | $26601466 |
| Capital shares outstanding | 511162 |
| Net asset value per share | $52.04 |
| **Class A:** | **Class A:** |
| Net assets | $184165 |
| Capital shares outstanding | 3951 |
| Net asset value per share | $46.61 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $48.93 |
| **Class C:** | **Class C:** |
| Net assets | $11615 |
| Capital shares outstanding | 299 |
| Net asset value per share | $38.85 |
| **Class H:** | **Class H:** |
| Net assets | $106255 |
| Capital shares outstanding | 2346 |
| Net asset value per share | $45.29 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS**  |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $13,587) | $312767 |
| Interest | 3755 |
| Income from securities lending, net | 8007 |
| &nbsp;&nbsp;&nbsp;Total investment income | 324529 |
| **Expenses:** | **Expenses:** |
| Management fees | 142809 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 510 |
| &nbsp;&nbsp;&nbsp;Class C | 180 |
| &nbsp;&nbsp;&nbsp;Class H | 346 |
| Transfer agent fees | 37451 |
| Portfolio accounting and administration fees | 25629 |
| Professional fees | 3439 |
| Custodian fees | 2292 |
| Trustees' fees\* | 787 |
| Line of credit fees | 51 |
| Miscellaneous | 31831 |
| &nbsp;&nbsp;&nbsp;Total expenses | 245325 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (8397) |
| Net expenses | 236928 |
| Net investment income | 87601 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments | (65563) |
| Net realized loss | (65563) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | 1188382 |
| Net change in unrealized appreciation (depreciation) | 1188382 |
| Net realized and unrealized gain | 1122819 |
| **Net increase in net assets resulting from operations** | $1210420 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 113

**TELECOMMUNICATIONS FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $87601 | $34191 |
| Net realized loss on investments | (65563) | (342667) |
| Net change in unrealized appreciation (depreciation) on investments | 1188382 | (142776) |
| Net increase (decrease) in net assets resulting from operations | 1210420 | (451252) |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (50338) | (26701) |
| &nbsp;&nbsp;&nbsp;Class A | (621) | (2067) |
| &nbsp;&nbsp;&nbsp;Class C | (35) | (525) |
| &nbsp;&nbsp;&nbsp;Class H | (370) | (1690) |
| Total distributions to shareholders | (51364) | (30983) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 49507108 | 16845642 |
| &nbsp;&nbsp;&nbsp;Class A | 1084877 | 356728 |
| &nbsp;&nbsp;&nbsp;Class C | 66158 | 30651 |
| &nbsp;&nbsp;&nbsp;Class H | 109806 | 2683 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 50303 | 26583 |
| &nbsp;&nbsp;&nbsp;Class A | 621 | 2067 |
| &nbsp;&nbsp;&nbsp;Class C | 35 | 525 |
| &nbsp;&nbsp;&nbsp;Class H | 370 | 1690 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (27858153) | (20759144) |
| &nbsp;&nbsp;&nbsp;Class A | (1032833) | (501197) |
| &nbsp;&nbsp;&nbsp;Class C | (82282) | (37327) |
| &nbsp;&nbsp;&nbsp;Class H | (126264) | (17010) |
| Net increase (decrease) from capital share transactions | 21719746 | (4048109) |
| Net increase (decrease) in net assets | 22878802 | (4530344) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 4024699 | 8555043 |
| &nbsp;&nbsp;&nbsp;End of year | $26903501 | $4024699 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 976689 | 384658 |
| &nbsp;&nbsp;&nbsp;Class A | 24782 | 9249 |
| &nbsp;&nbsp;&nbsp;Class C | 1838 | 936 |
| &nbsp;&nbsp;&nbsp;Class H | 2758 | 71 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 936 | 619 |
| &nbsp;&nbsp;&nbsp;Class A | 13 | 54 |
| &nbsp;&nbsp;&nbsp;Class C | 1 | 16 |
| &nbsp;&nbsp;&nbsp;Class H | 8 | 45 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (553480) | (480325) |
| &nbsp;&nbsp;&nbsp;Class A | (23533) | (13018) |
| &nbsp;&nbsp;&nbsp;Class C | (2305) | (1155) |
| &nbsp;&nbsp;&nbsp;Class H | (2907) | (460) |
| Net increase (decrease) in shares | 424800 | (99310) |

---

114 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**TELECOMMUNICATIONS FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $43.66 | $44.78 | $53.37 | $56.03 | $43.19 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .27 | .49 | .11 | .58 | .66 |
| Net gain (loss) on investments (realized and unrealized) | 8.20 | (.92) | (8.10) | (3.00) | 13.33 |
| Total from investment operations | 8.47 | (.43) | (7.99) | (2.42) | 13.99 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.09) | (.69) | (.60) | (.24) | (1.15) |
| Total distributions | (.09) | (.69) | (.60) | (.24) | (1.15) |
| Net asset value, end of period | $52.04 | $43.66 | $44.78 | $53.37 | $56.03 |
| **Total Return** | **19.39%** | **(0.91** **%)** | **(14.87** **%)** | **(4.36** **%)** | **32.55%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $26601 | $3799 | $8152 | $997 | $1773 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.52% | 1.13% | 0.26% | 1.02% | 1.33% |
| Total expenses | 1.45% | 1.42% | 1.40% | 1.36% | 1.46% |
| Net expenses<sup>b</sup> | 1.40% | 1.39% | 1.40% | 1.36% | 1.46% |
| Portfolio turnover rate | 159% | 466% | 471% | 551% | 344% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $39.20 | $40.35 | $48.30 | $50.87 | $39.40 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .29 | .32 | .22 | .37 | .41 |
| Net gain (loss) on investments (realized and unrealized) | 7.21 | (.78) | (7.57) | (2.70) | 12.21 |
| Total from investment operations | 7.50 | (.46) | (7.35) | (2.33) | 12.62 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.09) | (.69) | (.60) | (.24) | (1.15) |
| Total distributions | (.09) | (.69) | (.60) | (.24) | (1.15) |
| Net asset value, end of period | $46.61 | $39.20 | $40.35 | $48.30 | $50.87 |
| **Total Return<sup>c</sup>** | **19.12%** | **(1.08** **%)** | **(15.12** **%)** | **(4.59** **%)** | **32.20%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $184 | $105 | $258 | $368 | $467 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.65% | 0.82% | 0.54% | 0.71% | 0.90% |
| Total expenses | 1.70% | 1.69% | 1.65% | 1.61% | 1.70% |
| Net expenses<sup>b</sup> | 1.65% | 1.66% | 1.65% | 1.61% | 1.70% |
| Portfolio turnover rate | 159% | 466% | 471% | 551% | 344% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 115

**TELECOMMUNICATIONS FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $32.95 | $34.29 | $41.46 | $44.03 | $34.47 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .06 | — <sup>d</sup> | (.08) | (.01) | .01 |
| Net gain (loss) on investments (realized and unrealized) | 5.93 | (.65) | (6.49) | (2.32) | 10.70 |
| Total from investment operations | 5.99 | (.65) | (6.57) | (2.33) | 10.71 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.09) | (.69) | (.60) | (.24) | (1.15) |
| Total distributions | (.09) | (.69) | (.60) | (.24) | (1.15) |
| Net asset value, end of period | $38.85 | $32.95 | $34.29 | $41.46 | $44.03 |
| **Total Return<sup>c</sup>** | **18.20%** | **(1.84** **%)** | **(15.76** **%)** | **(5.30** **%)** | **31.22%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $12 | $25 | $33 | $122 | $188 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.17% | — <sup>e</sup> | (0.22%) | (0.02%) | 0.03% |
| Total expenses | 2.43% | 2.45% | 2.39% | 2.36% | 2.43% |
| Net expenses<sup>b</sup> | 2.38% | 2.42% | 2.39% | 2.36% | 2.43% |
| Portfolio turnover rate | 159% | 466% | 471% | 551% | 344% |

---

116 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**TELECOMMUNICATIONS FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $38.11 | $39.24 | $47.00 | $49.50 | $38.36 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .30 | .28 | .22 | .44 | .28 |
| Net gain (loss) on investments (realized and unrealized) | 6.97 | (.72) | (7.38) | (2.70) | 12.01 |
| Total from investment operations | 7.27 | (.44) | (7.16) | (2.26) | 12.29 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.09) | (.69) | (.60) | (.24) | (1.15) |
| Total distributions | (.09) | (.69) | (.60) | (.24) | (1.15) |
| Net asset value, end of period | $45.29 | $38.11 | $39.24 | $47.00 | $49.50 |
| **Total Return** | **19.12%** | **(1.12** **%)** | **(15.14** **%)** | **(4.60** **%)** | **32.24%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $106 | $95 | $111 | $124 | $245 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.70% | 0.73% | 0.55% | 0.86% | 0.61% |
| Total expenses | 1.69% | 1.70% | 1.65% | 1.61% | 1.68% |
| Net expenses<sup>b</sup> | 1.64% | 1.67% | 1.65% | 1.61% | 1.68% |
| Portfolio turnover rate | 159% | 466% | 471% | 551% | 344% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>c</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>d</sup> Less than $0.01 per share.

<sup>e</sup> Less than 0.01% or (0.01%).

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 117

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **TRANSPORTATION FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 99.5%** | **COMMON STOCKS<sup>†</sup>** **- 99.5%** | **COMMON STOCKS<sup>†</sup>** **- 99.5%** |
| **Transportation - 40.4%** | **Transportation - 40.4%** | **Transportation - 40.4%** |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 1225 | $289394 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc. — Class B | 2069 | 227569 |
| &nbsp;&nbsp;&nbsp;CSX Corp. | 6176 | 181760 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 764 | 180953 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | 730 | 177959 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 835 | 138151 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | 826 | 99327 |
| &nbsp;&nbsp;&nbsp;Canadian National Railway Co. | 901 | 87812 |
| &nbsp;&nbsp;&nbsp;ZTO Express Cayman, Inc. ADR | 4382 | 86939 |
| &nbsp;&nbsp;&nbsp;CH Robinson Worldwide, Inc. | 838 | 85811 |
| &nbsp;&nbsp;&nbsp;XPO, Inc.\* | 792 | 85203 |
| &nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City Ltd. | 1212 | 85095 |
| &nbsp;&nbsp;&nbsp;Golden Ocean Group Ltd. | 10480 | 83630 |
| &nbsp;&nbsp;&nbsp;J.B. Hunt Transport Services, Inc. | 556 | 82260 |
| &nbsp;&nbsp;&nbsp;Star Bulk Carriers Corp.<sup>1</sup> | 5107 | 79465 |
| &nbsp;&nbsp;&nbsp;TFI International, Inc. | 1014 | 78534 |
| &nbsp;&nbsp;&nbsp;ZIM Integrated Shipping Services Ltd.<sup>1</sup> | 4752 | 69332 |
| &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. | 1438 | 62539 |
| &nbsp;&nbsp;&nbsp;Kirby Corp.\* | 587 | 59293 |
| &nbsp;&nbsp;&nbsp;Ryder System, Inc. | 410 | 58962 |
| &nbsp;&nbsp;&nbsp;Landstar System, Inc. | 374 | 56175 |
| &nbsp;&nbsp;&nbsp;Matson, Inc. | 385 | 49345 |
| &nbsp;&nbsp;&nbsp;Saia, Inc.\* | 128 | 44727 |
| &nbsp;&nbsp;&nbsp;Hub Group, Inc. — Class A | 973 | 36166 |
| &nbsp;&nbsp;&nbsp;Werner Enterprises, Inc. | 1088 | 31878 |
| &nbsp;&nbsp;&nbsp;ArcBest Corp. | 377 | 26609 |
| &nbsp;&nbsp;&nbsp;Forward Air Corp.\* | 1028 | 20653 |
| **Total Transportation** |  | 2565541 |
| **Auto Manufacturers - 24.3%** | **Auto Manufacturers - 24.3%** | **Auto Manufacturers - 24.3%** |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.\* | 2706 | 701287 |
| &nbsp;&nbsp;&nbsp;General Motors Co. | 3476 | 163476 |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. | 15394 | 154402 |
| &nbsp;&nbsp;&nbsp;Rivian Automotive, Inc. — Class A\*<sup>,1</sup> | 6987 | 86988 |
| &nbsp;&nbsp;&nbsp;Ferrari N.V. | 190 | 81297 |
| &nbsp;&nbsp;&nbsp;Toyota Motor Corp. ADR<sup>1</sup> | 457 | 80674 |
| &nbsp;&nbsp;&nbsp;Stellantis N.V. | 7181 | 80499 |
| &nbsp;&nbsp;&nbsp;Li Auto, Inc. ADR\* | 3050 | 76860 |
| &nbsp;&nbsp;&nbsp;NIO, Inc. ADR\*<sup>,1</sup> | 18308 | 69754 |
| &nbsp;&nbsp;&nbsp;Lucid Group, Inc.\*<sup>,1</sup> | 18833 | 45576 |
| **Total Auto Manufacturers** |  | 1540813 |
| **Airlines - 11.5%** | **Airlines - 11.5%** | **Airlines - 11.5%** |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | 2954 | 128794 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.\* | 1679 | 115935 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | 3333 | 111922 |
| &nbsp;&nbsp;&nbsp;Copa Holdings S.A. — Class A | 902 | 83399 |
| &nbsp;&nbsp;&nbsp;Ryanair Holdings plc ADR | 1834 | 77707 |
| &nbsp;&nbsp;&nbsp;American Airlines Group, Inc.\* | 6005 | 63353 |
| &nbsp;&nbsp;&nbsp;Alaska Air Group, Inc.\* | 1185 | 58326 |
| &nbsp;&nbsp;&nbsp;SkyWest, Inc.\* | 529 | 46219 |
| &nbsp;&nbsp;&nbsp;JetBlue Airways Corp.\* | 5568 | 26838 |
| &nbsp;&nbsp;&nbsp;Allegiant Travel Co. — Class A\* | 347 | 17922 |
| **Total Airlines** |  | 730415 |
| **Auto Parts & Equipment - 10.8%** | **Auto Parts & Equipment - 10.8%** | **Auto Parts & Equipment - 10.8%** |
| &nbsp;&nbsp;&nbsp;Mobileye Global, Inc. — Class A\*<sup>,1</sup> | 5831 | 83937 |
| &nbsp;&nbsp;&nbsp;Aptiv plc\* | 1405 | 83597 |
| &nbsp;&nbsp;&nbsp;Autoliv, Inc. | 943 | 83408 |
| &nbsp;&nbsp;&nbsp;Magna International, Inc. | 2349 | 79843 |
| &nbsp;&nbsp;&nbsp;BorgWarner, Inc. | 2142 | 61368 |
| &nbsp;&nbsp;&nbsp;Gentex Corp. | 2359 | 54965 |
| &nbsp;&nbsp;&nbsp;Lear Corp. | 581 | 51256 |
| &nbsp;&nbsp;&nbsp;Dorman Products, Inc.\* | 321 | 38693 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co.\* | 4053 | 37450 |
| &nbsp;&nbsp;&nbsp;Visteon Corp.\* | 438 | 33998 |
| &nbsp;&nbsp;&nbsp;QuantumScape Corp.\* | 7748 | 32232 |
| &nbsp;&nbsp;&nbsp;Adient plc\* | 1891 | 24318 |
| &nbsp;&nbsp;&nbsp;Fox Factory Holding Corp.\* | 1007 | 23503 |
| **Total Auto Parts & Equipment** |  | 688568 |
| **Internet - 7.1%** | **Internet - 7.1%** | **Internet - 7.1%** |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.\* | 4161 | 303170 |
| &nbsp;&nbsp;&nbsp;Grab Holdings Ltd. — Class A\* | 20986 | 95067 |
| &nbsp;&nbsp;&nbsp;Lyft, Inc. — Class A\* | 4406 | 52299 |
| **Total Internet** |  | 450536 |
| **Commercial Services - 1.6%** | **Commercial Services - 1.6%** | **Commercial Services - 1.6%** |
| &nbsp;&nbsp;&nbsp;GXO Logistics, Inc.\* | 1310 | 51195 |
| &nbsp;&nbsp;&nbsp;Avis Budget Group, Inc.\* | 412 | 31271 |
| &nbsp;&nbsp;&nbsp;Hertz Global Holdings, Inc.\*<sup>,1</sup> | 4356 | 17162 |
| **Total Commercial Services** |  | 99628 |
| **Home Builders - 1.1%** | **Home Builders - 1.1%** | **Home Builders - 1.1%** |
| &nbsp;&nbsp;&nbsp;Thor Industries, Inc. | 628 | 47609 |
| &nbsp;&nbsp;&nbsp;Winnebago Industries, Inc. | 684 | 23570 |
| **Total Home Builders** |  | 71179 |
| **Building Materials - 0.7%** | **Building Materials - 0.7%** | **Building Materials - 0.7%** |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing Co.\* | 607 | 46587 |
| **Aerospace & Defense - 0.7%** | **Aerospace & Defense - 0.7%** | **Aerospace & Defense - 0.7%** |
| &nbsp;&nbsp;&nbsp;Joby Aviation, Inc.\* | 6968 | 41947 |
| **Leisure Time - 0.7%** | **Leisure Time - 0.7%** | **Leisure Time - 0.7%** |
| &nbsp;&nbsp;&nbsp;Harley-Davidson, Inc. | 1657 | 41839 |
| **Retail - 0.6%** | **Retail - 0.6%** | **Retail - 0.6%** |
| &nbsp;&nbsp;&nbsp;Patrick Industries, Inc. | 453 | 38306 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,206,520) |  | 6315359 |

---

118 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **TRANSPORTATION FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.5%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.5%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.5%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25 | $18615 | $18615 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25 | 14267 | 14267 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $32,882) |  | 32882 |
|  | **Shares** |  |
| **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 6.3%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 6.3%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 6.3%** |
| **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.27%<sup>4</sup> | 399310 | 399310 |
| **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp;(Cost $399,310) |  | 399310 |
| **Total Investments - 106.3%** | **Total Investments - 106.3%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,638,712) | &nbsp;&nbsp;&nbsp;(Cost $4,638,712) | $6747551 |
| **Other Assets & Liabilities, net - (6.3)%** | **Other Assets & Liabilities, net - (6.3)%** | (399870) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $6347681 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp;A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is on loan at March 31, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Securities lending collateral — See Note 7. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of March 31, 2025. |
|  | &nbsp;&nbsp;&nbsp;ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $6315359 | $— | $— | $6315359 |
| Repurchase Agreements |  | 32882 |  | 32882 |
| Securities Lending Collateral | 399310 |  |  | 399310 |
| Total Assets | $6714669 | $32882 | $— | $6747551 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 119

**TRANSPORTATION FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES**  |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value - including $378,870 of securities loaned (cost $4,605,830) | $6714669 |
| Repurchase agreements, at value (cost $32,882) | 32882 |
| Cash | 484 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Dividends | 14014 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 875 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 167 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims | 117 |
| &nbsp;&nbsp;&nbsp;Interest | 4 |
| **Total assets** | 6763212 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Return of securities lending collateral | 399310 |
| &nbsp;&nbsp;&nbsp;Management fees | 4535 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 3221 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 631 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 547 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 91 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 7196 |
| **Total liabilities** | 415531 |
| **Net assets** | $6347681 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $5187099 |
| Total distributable earnings (loss) | 1160582 |
| Net assets | $6347681 |
| **Investor Class:** | **Investor Class:** |
| Net assets | $3846345 |
| Capital shares outstanding | 71364 |
| Net asset value per share | $53.90 |
| **Class A:** | **Class A:** |
| Net assets | $2040739 |
| Capital shares outstanding | 43578 |
| Net asset value per share | $46.83 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $49.17 |
| **Class C:** | **Class C:** |
| Net assets | $185138 |
| Capital shares outstanding | 4791 |
| Net asset value per share | $38.64 |
| **Class H:** | **Class H:** |
| Net assets | $275459 |
| Capital shares outstanding | 6139 |
| Net asset value per share | $44.87 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS**  |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $9,005) | $155071 |
| Interest | 2456 |
| Income from securities lending, net | 5218 |
| &nbsp;&nbsp;&nbsp;Total investment income | 162745 |
| **Expenses:** | **Expenses:** |
| Management fees | 79472 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 8266 |
| &nbsp;&nbsp;&nbsp;Class C | 2722 |
| &nbsp;&nbsp;&nbsp;Class H | 826 |
| Transfer agent fees | 20372 |
| Portfolio accounting and administration fees | 14264 |
| Registration fees | 12063 |
| Professional fees | 5239 |
| Custodian fees | 1399 |
| Trustees' fees\* | 1140 |
| Line of credit fees | 20 |
| Miscellaneous | 370 |
| &nbsp;&nbsp;&nbsp;Total expenses | 146153 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (4672) |
| Net expenses | 141481 |
| Net investment income | 21264 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments | 1703404 |
| Net realized gain | 1703404 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | (2943506) |
| Net change in unrealized appreciation (depreciation) | (2943506) |
| Net realized and unrealized loss | (1240102) |
| **Net decrease in net assets resulting from operations** | $(1218838) |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

120 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**TRANSPORTATION FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $21264 | $41418 |
| Net realized gain (loss) on investments | 1703404 | (287164) |
| Net change in unrealized appreciation (depreciation) on investments | (2943506) | 586127 |
| Net increase (decrease) in net assets resulting from operations | (1218838) | 340381 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (60813) | (12384) |
| &nbsp;&nbsp;&nbsp;Class A | (42353) | (8129) |
| &nbsp;&nbsp;&nbsp;Class C | (4356) | (1000) |
| &nbsp;&nbsp;&nbsp;Class H | (4764) | (725) |
| Total distributions to shareholders | (112286) | (22238) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 9585177 | 31587618 |
| &nbsp;&nbsp;&nbsp;Class A | 921536 | 1457449 |
| &nbsp;&nbsp;&nbsp;Class C | 55741 | 194980 |
| &nbsp;&nbsp;&nbsp;Class H | 14752 | 1200445 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 58919 | 12097 |
| &nbsp;&nbsp;&nbsp;Class A | 42091 | 8065 |
| &nbsp;&nbsp;&nbsp;Class C | 3579 | 930 |
| &nbsp;&nbsp;&nbsp;Class H | 4578 | 703 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (11289488) | (32364144) |
| &nbsp;&nbsp;&nbsp;Class A | (3086232) | (2285805) |
| &nbsp;&nbsp;&nbsp;Class C | (315278) | (748914) |
| &nbsp;&nbsp;&nbsp;Class H | (79051) | (1373938) |
| Net decrease from capital share transactions | (4083676) | (2310514) |
| Net decrease in net assets | (5414800) | (1992371) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 11762481 | 13754852 |
| &nbsp;&nbsp;&nbsp;End of year | $6347681 | $11762481 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 158681 | 547710 |
| &nbsp;&nbsp;&nbsp;Class A | 18204 | 28562 |
| &nbsp;&nbsp;&nbsp;Class C | 1334 | 4639 |
| &nbsp;&nbsp;&nbsp;Class H | 300 | 27017 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 923 | 208 |
| &nbsp;&nbsp;&nbsp;Class A | 759 | 159 |
| &nbsp;&nbsp;&nbsp;Class C | 78 | 22 |
| &nbsp;&nbsp;&nbsp;Class H | 86 | 14 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (193403) | (575081) |
| &nbsp;&nbsp;&nbsp;Class A | (60242) | (45165) |
| &nbsp;&nbsp;&nbsp;Class C | (7491) | (16906) |
| &nbsp;&nbsp;&nbsp;Class H | (1609) | (30498) |
| Net decrease in shares | (82380) | (59319) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 121

**TRANSPORTATION FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $60.86 | $55.68 | $74.70 | $84.28 | $37.39 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .21 | .21 | .19 | .04 | (.20) |
| Net gain (loss) on investments (realized and unrealized) | (6.39) | 5.06 | (14.50) | .07 | 47.09 |
| Total from investment operations | (6.18) | 5.27 | (14.31) | .11 | 46.89 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.29) | (.09) |  |  |  |
| Net realized gains | (.49) |  | (4.71) | (9.69) |  |
| Total distributions | (.78) | (.09) | (4.71) | (9.69) |  |
| Net asset value, end of period | $53.90 | $60.86 | $55.68 | $74.70 | $84.28 |
| **Total Return** | **(10.36** **%)** | **9.49%** | **(18.40** **%)** | **(0.71** **%)** | **125.41%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $3846 | $6400 | $7367 | $10814 | $65281 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.36% | 0.36% | 0.32% | 0.05% | (0.29%) |
| Total expenses | 1.44% | 1.43% | 1.39% | 1.35% | 1.41% |
| Net expenses<sup>b</sup> | 1.39% | 1.40% | 1.39% | 1.35% | 1.41% |
| Portfolio turnover rate | 100% | 207% | 185% | 162% | 205% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $53.11 | $48.72 | $66.33 | $76.03 | $33.82 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .04 | .10 | .03 | (.04) | (.34) |
| Net gain (loss) on investments (realized and unrealized) | (5.54) | 4.38 | (12.93) | .03 | 42.55 |
| Total from investment operations | (5.50) | 4.48 | (12.90) | (.01) | 42.21 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.29) | (.09) |  |  |  |
| Net realized gains | (.49) |  | (4.71) | (9.69) |  |
| Total distributions | (.78) | (.09) | (4.71) | (9.69) |  |
| Net asset value, end of period | $46.83 | $53.11 | $48.72 | $66.33 | $76.03 |
| **Total Return<sup>c</sup>** | **(10.59** **%)** | **9.23%** | **(18.60** **%)** | **(0.95** **%)** | **124.81%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $2041 | $4506 | $4935 | $7123 | $7785 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.09% | 0.20% | 0.07% | (0.05%) | (0.59%) |
| Total expenses | 1.68% | 1.68% | 1.64% | 1.61% | 1.68% |
| Net expenses<sup>b</sup> | 1.63% | 1.65% | 1.64% | 1.61% | 1.68% |
| Portfolio turnover rate | 100% | 207% | 185% | 162% | 205% |

---

122 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**TRANSPORTATION FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $44.28 | $40.94 | $57.20 | $67.28 | $30.15 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (.27) | (.17) | (.32) | (.52) | (.67) |
| Net gain (loss) on investments (realized and unrealized) | (4.59) | 3.60 | (11.23) | .13 | 37.80 |
| Total from investment operations | (4.86) | 3.43 | (11.55) | (.39) | 37.13 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.29) | (.09) |  |  |  |
| Net realized gains | (.49) |  | (4.71) | (9.69) |  |
| Total distributions | (.78) | (.09) | (4.71) | (9.69) |  |
| Net asset value, end of period | $38.64 | $44.28 | $40.94 | $57.20 | $67.28 |
| **Total Return<sup>c</sup>** | **(11.24** **%)** | **8.39%** | **(19.21** **%)** | **(1.68** **%)** | **123.15%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $185 | $481 | $946 | $1772 | $1954 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.63%) | (0.40%) | (0.70%) | (0.80%) | (1.33%) |
| Total expenses | 2.43% | 2.43% | 2.39% | 2.36% | 2.43% |
| Net expenses<sup>b</sup> | 2.38% | 2.40% | 2.39% | 2.36% | 2.43% |
| Portfolio turnover rate | 100% | 207% | 185% | 162% | 205% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 123

**TRANSPORTATION FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $50.92 | $46.71 | $63.86 | $73.53 | $32.70 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .05 | .08 | .03 | (.25) | (.32) |
| Net gain (loss) on investments (realized and unrealized) | (5.32) | 4.22 | (12.47) | .27 | 41.15 |
| Total from investment operations | (5.27) | 4.30 | (12.44) | .02 | 40.83 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.29) | (.09) |  |  |  |
| Net realized gains | (.49) |  | (4.71) | (9.69) |  |
| Total distributions | (.78) | (.09) | (4.71) | (9.69) |  |
| Net asset value, end of period | $44.87 | $50.92 | $46.71 | $63.86 | $73.53 |
| **Total Return** | **(10.60** **%)** | **9.24%** | **(18.60** **%)** | **(0.94** **%)** | **124.86%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $275 | $375 | $506 | $600 | $1169 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.10% | 0.17% | 0.07% | (0.35%) | (0.56%) |
| Total expenses | 1.69% | 1.68% | 1.64% | 1.61% | 1.68% |
| Net expenses<sup>b</sup> | 1.64% | 1.65% | 1.64% | 1.61% | 1.68% |
| Portfolio turnover rate | 100% | 207% | 185% | 162% | 205% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>c</sup> Total return does not reflect the impact of any applicable sales charges.

124 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **UTILITIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 99.0%** | **COMMON STOCKS<sup>†</sup>** **- 99.0%** | **COMMON STOCKS<sup>†</sup>** **- 99.0%** |
| **Electric - 86.8%** | **Electric - 86.8%** | **Electric - 86.8%** |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 12333 | $874286 |
| &nbsp;&nbsp;&nbsp;Southern Co. | 8115 | 746174 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 5926 | 722794 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 2910 | 586743 |
| &nbsp;&nbsp;&nbsp;American Electric Power Company, Inc. | 5231 | 571591 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | 9233 | 517694 |
| &nbsp;&nbsp;&nbsp;Sempra | 7181 | 512436 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | 11065 | 509875 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | 5805 | 477752 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 6731 | 476487 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 4216 | 466247 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | 3949 | 463771 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | 26775 | 459995 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | 5311 | 454037 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | 4038 | 440061 |
| &nbsp;&nbsp;&nbsp;Ameren Corp. | 3819 | 383428 |
| &nbsp;&nbsp;&nbsp;PPL Corp. | 10618 | 383416 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | 2714 | 375265 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | 10034 | 363532 |
| &nbsp;&nbsp;&nbsp;Edison International | 6130 | 361180 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 5689 | 353344 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. | 4695 | 352641 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | 8715 | 352260 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 3491 | 333251 |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | 4714 | 303346 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | 4244 | 292624 |
| &nbsp;&nbsp;&nbsp;National Grid plc ADR | 4029 | 264343 |
| &nbsp;&nbsp;&nbsp;Fortis, Inc. | 5660 | 257983 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | 2631 | 250603 |
| &nbsp;&nbsp;&nbsp;Brookfield Renewable Corp. | 8745 | 244160 |
| &nbsp;&nbsp;&nbsp;OGE Energy Corp. | 4922 | 226215 |
| &nbsp;&nbsp;&nbsp;AES Corp. | 17199 | 213612 |
| &nbsp;&nbsp;&nbsp;Talen Energy Corp.\* | 972 | 194079 |
| &nbsp;&nbsp;&nbsp;IDACORP, Inc. | 1593 | 185138 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc. — Class C | 5969 | 180682 |
| &nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | 3096 | 165574 |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co. | 3643 | 162478 |
| &nbsp;&nbsp;&nbsp;Ormat Technologies, Inc. | 2084 | 147485 |
| &nbsp;&nbsp;&nbsp;Northwestern Energy Group, Inc. | 2398 | 138772 |
| &nbsp;&nbsp;&nbsp;Otter Tail Corp. | 1473 | 118385 |
| &nbsp;&nbsp;&nbsp;Hawaiian Electric Industries, Inc.\* | 9235 | 101123 |
| &nbsp;&nbsp;&nbsp;Oklo, Inc.\*<sup>,1</sup> | 4549 | 98395 |
| &nbsp;&nbsp;&nbsp;MGE Energy, Inc. | 633 | 58844 |
| **Total Electric** |  | 15142101 |
| **Gas - 8.0%** | **Gas - 8.0%** | **Gas - 8.0%** |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | 2408 | 372229 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. | 8147 | 326613 |
| &nbsp;&nbsp;&nbsp;National Fuel Gas Co. | 2544 | 201459 |
| &nbsp;&nbsp;&nbsp;UGI Corp. | 6028 | 199346 |
| &nbsp;&nbsp;&nbsp;ONE Gas, Inc. | 2098 | 158588 |
| &nbsp;&nbsp;&nbsp;MDU Resources Group, Inc. | 8179 | 138307 |
| **Total Gas** |  | 1396542 |
| **Water - 3.7%** | **Water - 3.7%** | **Water - 3.7%** |
| &nbsp;&nbsp;&nbsp;American Water Works Company, Inc. | 2727 | 402287 |
| &nbsp;&nbsp;&nbsp;Essential Utilities, Inc. | 6124 | 242082 |
| **Total Water** |  | 644369 |
| **Energy-Alternate Sources - 0.5%** | **Energy-Alternate Sources - 0.5%** | **Energy-Alternate Sources - 0.5%** |
| &nbsp;&nbsp;&nbsp;XPLR Infrastructure, LP\* | 7704 | 73188 |
| &nbsp;&nbsp;&nbsp;Sunnova Energy International, Inc.\*<sup>,1</sup> | 49408 | 18380 |
| **Total Energy-Alternate Sources** |  | 91568 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $11,270,635) |  | 17274580 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.4%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.4%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.4%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25 | $39788 | 39788 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25 | 30493 | 30493 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $70,281) |  | 70281 |
|  | **Shares** |  |
| **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.7%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.7%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.7%** |
| **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.27%<sup>4</sup> | 115458 | 115458 |
| **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp;(Cost $115,458) |  | 115458 |
| **Total Investments - 100.1%** | **Total Investments - 100.1%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $11,456,374) | &nbsp;&nbsp;&nbsp;(Cost $11,456,374) | $17460319 |
| **Other Assets & Liabilities, net - (0.1)%** | **Other Assets & Liabilities, net - (0.1)%** | (12265) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $17448054 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 125

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **UTILITIES FUND** |  |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp;A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is on loan at March 31, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Securities lending collateral — See Note 7. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of March 31, 2025. |
|  | &nbsp;&nbsp;&nbsp;ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $17274580 | $— | $— | $17274580 |
| Repurchase Agreements |  | 70281 |  | 70281 |
| Securities Lending Collateral | 115458 |  |  | 115458 |
| Total Assets | $17390038 | $70281 | $— | $17460319 |

---

126 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**UTILITIES FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES**  |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value - including $87,546 of securities loaned (cost $11,386,093) | $17390038 |
| Repurchase agreements, at value (cost $70,281) | 70281 |
| Cash | 2349 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 234199 |
| &nbsp;&nbsp;&nbsp;Dividends | 23122 |
| &nbsp;&nbsp;&nbsp;Securities sold | 18159 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 54 |
| &nbsp;&nbsp;&nbsp;Interest | 9 |
| **Total assets** | 17738211 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 128383 |
| &nbsp;&nbsp;&nbsp;Return of securities lending collateral | 115458 |
| &nbsp;&nbsp;&nbsp;Management fees | 12695 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 8444 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 1810 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 1531 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 273 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 21563 |
| **Total liabilities** | 290157 |
| **Net assets** | $17448054 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $14727128 |
| Total distributable earnings (loss) | 2720926 |
| Net assets | $17448054 |
| **Investor Class:** | **Investor Class:** |
| Net assets | $9836644 |
| Capital shares outstanding | 165581 |
| Net asset value per share | $59.41 |
| **Class A:** | **Class A:** |
| Net assets | $6111813 |
| Capital shares outstanding | 114808 |
| Net asset value per share | $53.24 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $55.90 |
| **Class C:** | **Class C:** |
| Net assets | $583767 |
| Capital shares outstanding | 14066 |
| Net asset value per share | $41.50 |
| **Class H:** | **Class H:** |
| Net assets | $915830 |
| Capital shares outstanding | 17954 |
| Net asset value per share | $51.01 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS**  |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $5,015) | $868875 |
| Interest | 6521 |
| Income from securities lending, net | 886 |
| &nbsp;&nbsp;&nbsp;Total investment income | 876282 |
| **Expenses:** | **Expenses:** |
| Management fees | 235107 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 14591 |
| &nbsp;&nbsp;&nbsp;Class C | 5921 |
| &nbsp;&nbsp;&nbsp;Class H | 2152 |
| Transfer agent fees | 59613 |
| Portfolio accounting and administration fees | 42201 |
| Registration fees | 27913 |
| Professional fees | 9877 |
| Custodian fees | 3779 |
| Trustees' fees\* | 2765 |
| Line of credit fees | 471 |
| Miscellaneous | 16966 |
| &nbsp;&nbsp;&nbsp;Total expenses | 421356 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (13822) |
| Net expenses | 407534 |
| Net investment income | 468748 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments | 511896 |
| Net realized gain | 511896 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | 2505748 |
| Net change in unrealized appreciation (depreciation) | 2505748 |
| Net realized and unrealized gain | 3017644 |
| **Net increase in net assets resulting from operations** | $3486392 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 127

**UTILITIES FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $468748 | $303851 |
| Net realized gain on investments | 511896 | 602047 |
| Net change in unrealized appreciation (depreciation) on investments | 2505748 | (1034402) |
| Net increase (decrease) in net assets resulting from operations | 3486392 | (128504) |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (247320) | (335092) |
| &nbsp;&nbsp;&nbsp;Class A | (44625) | (172630) |
| &nbsp;&nbsp;&nbsp;Class C | (5104) | (34955) |
| &nbsp;&nbsp;&nbsp;Class H | (6802) | (28809) |
| Total distributions to shareholders | (303851) | (571486) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 138984357 | 33347601 |
| &nbsp;&nbsp;&nbsp;Class A | 2229951 | 993331 |
| &nbsp;&nbsp;&nbsp;Class C | 301566 | 628816 |
| &nbsp;&nbsp;&nbsp;Class H | 833371 | 1058498 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 244277 | 331250 |
| &nbsp;&nbsp;&nbsp;Class A | 44623 | 171729 |
| &nbsp;&nbsp;&nbsp;Class C | 4917 | 33611 |
| &nbsp;&nbsp;&nbsp;Class H | 6700 | 27589 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (139398058) | (36872854) |
| &nbsp;&nbsp;&nbsp;Class A | (2258464) | (1754754) |
| &nbsp;&nbsp;&nbsp;Class C | (501917) | (1138951) |
| &nbsp;&nbsp;&nbsp;Class H | (739909) | (2083156) |
| Net decrease from capital share transactions | (248586) | (5257290) |
| Net increase (decrease) in net assets | 2933955 | (5957280) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 14514099 | 20471379 |
| &nbsp;&nbsp;&nbsp;End of year | $17448054 | $14514099 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 2448075 | 703176 |
| &nbsp;&nbsp;&nbsp;Class A | 44588 | 23160 |
| &nbsp;&nbsp;&nbsp;Class C | 7626 | 18640 |
| &nbsp;&nbsp;&nbsp;Class H | 17709 | 24643 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 4252 | 7145 |
| &nbsp;&nbsp;&nbsp;Class A | 866 | 4116 |
| &nbsp;&nbsp;&nbsp;Class C | 122 | 1021 |
| &nbsp;&nbsp;&nbsp;Class H | 136 | 690 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (2452645) | (774299) |
| &nbsp;&nbsp;&nbsp;Class A | (44708) | (40855) |
| &nbsp;&nbsp;&nbsp;Class C | (12970) | (33733) |
| &nbsp;&nbsp;&nbsp;Class H | (15433) | (48639) |
| Net decrease in shares | (2382) | (114935) |

---

128 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**UTILITIES FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $49.12 | $50.77 | $54.36 | $47.92 | $41.80 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 1.01 | .91 | .69 | .77 | .76 |
| Net gain (loss) on investments (realized and unrealized) | 9.66 | (1.07) | (3.86) | 7.02 | 6.37 |
| Total from investment operations | 10.67 | (.16) | (3.17) | 7.79 | 7.13 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.38) | (1.49) | (.42) | (1.35) | (1.01) |
| Total distributions | (.38) | (1.49) | (.42) | (1.35) | (1.01) |
| Net asset value, end of period | $59.41 | $49.12 | $50.77 | $54.36 | $47.92 |
| **Total Return** | **21.74%** | **(0.14** **%)** | **(5.84** **%)** | **16.53%** | **17.17%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $9837 | $8148 | $11671 | $52202 | $21099 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.79% | 1.90% | 1.30% | 1.55% | 1.68% |
| Total expenses | 1.44% | 1.43% | 1.39% | 1.36% | 1.45% |
| Net expenses<sup>b</sup> | 1.39% | 1.40% | 1.39% | 1.36% | 1.45% |
| Portfolio turnover rate | 475% | 163% | 293% | 175% | 156% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $44.16 | $45.92 | $49.34 | $43.72 | $38.30 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .74 | .76 | .56 | .57 | .57 |
| Net gain (loss) on investments (realized and unrealized) | 8.72 | (1.03) | (3.56) | 6.40 | 5.86 |
| Total from investment operations | 9.46 | (.27) | (3.00) | 6.97 | 6.43 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.38) | (1.49) | (.42) | (1.35) | (1.01) |
| Total distributions | (.38) | (1.49) | (.42) | (1.35) | (1.01) |
| Net asset value, end of period | $53.24 | $44.16 | $45.92 | $49.34 | $43.72 |
| **Total Return<sup>c</sup>** | **21.44%** | **(0.40** **%)** | **(6.09** **%)** | **16.24%** | **16.91%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $6112 | $5037 | $5862 | $6522 | $5399 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.48% | 1.76% | 1.18% | 1.26% | 1.39% |
| Total expenses | 1.69% | 1.68% | 1.64% | 1.61% | 1.70% |
| Net expenses<sup>b</sup> | 1.64% | 1.65% | 1.64% | 1.61% | 1.70% |
| Portfolio turnover rate | 475% | 163% | 293% | 175% | 156% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 129

**UTILITIES FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $34.76 | $36.75 | $39.87 | $35.84 | $31.80 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .28 | .33 | .16 | .18 | .21 |
| Net gain (loss) on investments (realized and unrealized) | 6.84 | (.83) | (2.86) | 5.20 | 4.84 |
| Total from investment operations | 7.12 | (.50) | (2.70) | 5.38 | 5.05 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.38) | (1.49) | (.42) | (1.35) | (1.01) |
| Total distributions | (.38) | (1.49) | (.42) | (1.35) | (1.01) |
| Net asset value, end of period | $41.50 | $34.76 | $36.75 | $39.87 | $35.84 |
| **Total Return<sup>c</sup>** | **20.51%** | **(1.13** **%)** | **(6.79** **%)** | **15.37%** | **16.02%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $584 | $670 | $1226 | $1556 | $2646 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.73% | 0.95% | 0.43% | 0.48% | 0.61% |
| Total expenses | 2.44% | 2.43% | 2.39% | 2.36% | 2.45% |
| Net expenses<sup>b</sup> | 2.39% | 2.40% | 2.39% | 2.36% | 2.45% |
| Portfolio turnover rate | 475% | 163% | 293% | 175% | 156% |

---

130 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**UTILITIES FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $42.33 | $44.08 | $47.38 | $42.04 | $36.86 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .71 | .67 | .52 | .63 | .42 |
| Net gain (loss) on investments (realized and unrealized) | 8.35 | (.93) | (3.40) | 6.06 | 5.77 |
| Total from investment operations | 9.06 | (.26) | (2.88) | 6.69 | 6.19 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.38) | (1.49) | (.42) | (1.35) | (1.01) |
| Total distributions | (.38) | (1.49) | (.42) | (1.35) | (1.01) |
| Net asset value, end of period | $51.01 | $42.33 | $44.08 | $47.38 | $42.04 |
| **Total Return** | **21.42%** | **(0.39** **%)** | **(6.09** **%)** | **16.23%** | **16.92%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $916 | $658 | $1713 | $2148 | $719 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.49% | 1.61% | 1.14% | 1.45% | 1.08% |
| Total expenses | 1.69% | 1.68% | 1.64% | 1.61% | 1.72% |
| Net expenses<sup>b</sup> | 1.64% | 1.65% | 1.64% | 1.61% | 1.72% |
| Portfolio turnover rate | 475% | 163% | 293% | 175% | 156% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>c</sup> Total return does not reflect the impact of any applicable sales charges.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 131

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **DOW JONES INDUSTRIAL AVERAGE<sup>®</sup>** **FUND**  |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 80.6%** | **COMMON STOCKS<sup>†</sup>** **- 80.6%** | **COMMON STOCKS<sup>†</sup>** **- 80.6%** |
| **Financial - 19.8%** | **Financial - 19.8%** | **Financial - 19.8%** |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | 3383 | $1848099 |
| &nbsp;&nbsp;&nbsp;Visa, Inc. — Class A | 3383 | 1185606 |
| &nbsp;&nbsp;&nbsp;American Express Co. | 3383 | 910196 |
| &nbsp;&nbsp;&nbsp;Travelers Companies, Inc. | 3383 | 894668 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 3383 | 829850 |
| **Total Financial** |  | 5668419 |
| **Consumer, Non-cyclical - 15.7%** | **Consumer, Non-cyclical - 15.7%** | **Consumer, Non-cyclical - 15.7%** |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 3383 | 1771846 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 3383 | 1053974 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 3383 | 576531 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 3383 | 561037 |
| &nbsp;&nbsp;&nbsp;Merck & Company, Inc. | 3383 | 303658 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 3383 | 242290 |
| **Total Consumer, Non-cyclical** |  | 4509336 |
| **Technology - 14.4%** | **Technology - 14.4%** | **Technology - 14.4%** |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 3383 | 1269944 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 3383 | 907862 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 3383 | 841217 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 3383 | 751466 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 3383 | 366649 |
| **Total Technology** |  | 4137138 |
| **Industrial - 10.1%** | **Industrial - 10.1%** | **Industrial - 10.1%** |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 3383 | 1115714 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 3383 | 716350 |
| &nbsp;&nbsp;&nbsp;Boeing Co.\* | 3383 | 576971 |
| &nbsp;&nbsp;&nbsp;3M Co. | 3383 | 496827 |
| **Total Industrial** |  | 2905862 |
| **Consumer, Cyclical - 9.8%** | **Consumer, Cyclical - 9.8%** | **Consumer, Cyclical - 9.8%** |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | 3383 | 1239836 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 3383 | 1056748 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | 3383 | 296993 |
| &nbsp;&nbsp;&nbsp;NIKE, Inc. — Class B | 3383 | 214753 |
| **Total Consumer, Cyclical** |  | 2808330 |
| **Communications - 4.7%** | **Communications - 4.7%** | **Communications - 4.7%** |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.\* | 3383 | 643650 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | 3383 | 333902 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 3383 | 208765 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 3383 | 153453 |
| **Total Communications** |  | 1339770 |
| **Basic Materials - 4.1%** | **Basic Materials - 4.1%** | **Basic Materials - 4.1%** |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | 3383 | 1181310 |
| **Energy - 2.0%** | **Energy - 2.0%** | **Energy - 2.0%** |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 3383 | 565942 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $18,314,431) |  | 23116107 |
| **MUTUAL FUNDS<sup>†</sup>** **- 4.5%** | **MUTUAL FUNDS<sup>†</sup>** **- 4.5%** | **MUTUAL FUNDS<sup>†</sup>** **- 4.5%** |
| &nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 67906 | 681100 |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II<sup>1</sup> | 24698 | 614001 |
| **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,285,414) |  | 1295101 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 0.7%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 0.7%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 0.7%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;4.08% due 04/08/25<sup>2,3</sup> | $96000 | 95921 |
| &nbsp;&nbsp;&nbsp;4.20% due 06/12/25<sup>3,4</sup> | 50000 | 49581 |
| &nbsp;&nbsp;&nbsp;4.19% due 06/12/25<sup>3,4</sup> | 50000 | 49581 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $195,083) |  | 195083 |
| **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 18.1%** | **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 18.1%** | **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 18.1%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25<sup>4</sup> | 2943867 | 2943867 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25<sup>4</sup> | 2256144 | 2256144 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,200,011) |  | 5200011 |
| **Total Investments - 103.9%** | **Total Investments - 103.9%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $24,994,939) | &nbsp;&nbsp;&nbsp;(Cost $24,994,939) | $29806302 |
| **Other Assets & Liabilities, net - (3.9)%** | **Other Assets & Liabilities, net - (3.9)%** | (1131163) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $28675139 |

---

132 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **DOW JONES INDUSTRIAL AVERAGE<sup>®</sup>** **FUND**  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation\*\*** |
| **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** |
| Dow Jones Industrial Average Mini Futures Contracts | 6 | Jun 2025 | $1268220 | $12769 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** |
| **Counterparty** | **Index** | **Type** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Depreciation** |
| **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** |
| Barclays Bank plc | Dow Jones Industrial Average | Pay | 5.24% (SOFR + 0.90%) | At Maturity | 06/26/25 | 46 | $1951095 | $(15971) |
| BNP Paribas | Dow Jones Industrial Average | Pay | 5.23% (Federal <br> Funds Rate +<br> 0.90%) | At Maturity | 06/26/25 | 55 | 2317195 | (25018) |
|  |  |  |  |  |  |  | $4268290 | $(40989) |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\* | &nbsp;&nbsp;&nbsp;Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Affiliated issuer. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as futures collateral at March 31, 2025. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the effective yield at the time of purchase. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as equity index swap collateral at March 31, 2025. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;SOFR — Secured Overnight Financing Rate |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $23116107 | $— | $— | $23116107 |
| Mutual Funds | 1295101 |  |  | 1295101 |
| U.S. Treasury Bills |  | 195083 |  | 195083 |
| Repurchase Agreements |  | 5200011 |  | 5200011 |
| Equity Futures Contracts\*\* | 12769 |  |  | 12769 |
| Total Assets | $24423977 | $5395094 | $— | $29819071 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Equity Index Swap Agreements\*\* | $– $| 40989 | $– $| 40989 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 133

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **DOW JONES INDUSTRIAL AVERAGE<sup>®</sup>** **FUND**  |  |

---

**Affiliated Transactions** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliate issuer").

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the year ended March 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 03/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 03/31/25** | **Shares <br> 03/31/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Guggenheim Strategy Fund II | $607579 | $— | $— | $— | $6422 | $614001 | 24698 | $34514 |
| &nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 672952 |  |  |  | 8148 | 681100 | 67906 | 33836 |
|  | $1280531 | $— | $— | $— | $14570 | $1295101 |  | $68350 |

---

134 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**DOW JONES INDUSTRIAL AVERAGE<sup>®</sup>** **FUND** <br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in unaffiliated issuers, at value (cost $18,509,514) | $23311190 |
| Investments in affiliated issuers, at value (cost $1,285,414) | 1295101 |
| Repurchase agreements, at value (cost $5,200,011) | 5200011 |
| Segregated cash with broker | 131241 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 96452 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 21042 |
| &nbsp;&nbsp;&nbsp;Dividends | 10141 |
| &nbsp;&nbsp;&nbsp;Interest | 629 |
| **Total assets** | 30065807 |
| **Liabilities:** | **Liabilities:** |
| Unrealized depreciation on OTC swap agreements | 40989 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 1286268 |
| &nbsp;&nbsp;&nbsp;Management fees | 14273 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 9020 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 6409 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 6271 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 1969 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 232 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 25237 |
| **Total liabilities** | 1390668 |
| **Net assets** | $28675139 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $25109800 |
| Total distributable earnings (loss) | 3565339 |
| Net assets | $28675139 |
| **Class A:** | **Class A:** |
| Net assets | $5757353 |
| Capital shares outstanding | 57950 |
| Net asset value per share | $99.35 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $104.30 |
| **Class C:** | **Class C:** |
| Net assets | $2521418 |
| Capital shares outstanding | 27450 |
| Net asset value per share | $91.85 |
| **Class H:** | **Class H:** |
| Net assets | $20396368 |
| Capital shares outstanding | 205126 |
| Net asset value per share | $99.43 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends from securities of unaffiliated issuers | $334603 |
| Dividends from securities of affiliated issuers | 68350 |
| Interest | 124807 |
| &nbsp;&nbsp;&nbsp;Total investment income | 527760 |
| **Expenses:** | **Expenses:** |
| Management fees | 170940 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 8552 |
| &nbsp;&nbsp;&nbsp;Class C | 25164 |
| &nbsp;&nbsp;&nbsp;Class H | 42136 |
| Transfer agent fees | 49719 |
| Portfolio accounting and administration fees | 34770 |
| Registration fees | 26217 |
| Professional fees | 10177 |
| Custodian fees | 3134 |
| Trustees' fees\* | 2446 |
| Miscellaneous | 23450 |
| &nbsp;&nbsp;&nbsp;Total expenses | 396705 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (11372) |
| Expenses waived by Adviser | (1691) |
| &nbsp;&nbsp;&nbsp;Total waived/reimbursed expenses | (13063) |
| Net expenses | 383642 |
| Net investment income | 144118 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 1244876 |
| &nbsp;&nbsp;&nbsp;Swap agreements | (246379) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (93812) |
| Net realized gain | 904685 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | (657033) |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | 14570 |
| &nbsp;&nbsp;&nbsp;Swap agreements | (90568) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (33451) |
| Net change in unrealized appreciation (depreciation) | (766482) |
| Net realized and unrealized gain | 138203 |
| **Net increase in net assets resulting from operations** | $282321 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 135

**DOW JONES INDUSTRIAL AVERAGE<sup>®</sup>** **FUND** <br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $144118 | $200734 |
| Net realized gain on investments | 904685 | 1257583 |
| Net change in unrealized appreciation (depreciation) on investments | (766482) | 2422418 |
| Net increase in net assets resulting from operations | 282321 | 3880735 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (60597) | (21691) |
| &nbsp;&nbsp;&nbsp;Class C | (45412) | (22672) |
| &nbsp;&nbsp;&nbsp;Class H | (284841) | (125457) |
| Total distributions to shareholders | (390850) | (169820) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 3943460 | 3228603 |
| &nbsp;&nbsp;&nbsp;Class C | 714406 | 1275512 |
| &nbsp;&nbsp;&nbsp;Class H | 121815021 | 60224253 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 60450 | 21667 |
| &nbsp;&nbsp;&nbsp;Class C | 41968 | 21421 |
| &nbsp;&nbsp;&nbsp;Class H | 284261 | 125178 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (2430775) | (3459658) |
| &nbsp;&nbsp;&nbsp;Class C | (1080255) | (1846636) |
| &nbsp;&nbsp;&nbsp;Class H | (121237376) | (61937128) |
| Net increase (decrease) from capital share transactions | 2111160 | (2346788) |
| Net increase in net assets | 2002631 | 1364127 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 26672508 | 25308381 |
| &nbsp;&nbsp;&nbsp;End of year | $28675139 | $26672508 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 39367 | 37560 |
| &nbsp;&nbsp;&nbsp;Class C | 7763 | 16180 |
| &nbsp;&nbsp;&nbsp;Class H | 1195793 | 695077 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 581 | 247 |
| &nbsp;&nbsp;&nbsp;Class C | 436 | 261 |
| &nbsp;&nbsp;&nbsp;Class H | 2731 | 1423 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (24982) | (41584) |
| &nbsp;&nbsp;&nbsp;Class C | (11857) | (23085) |
| &nbsp;&nbsp;&nbsp;Class H | (1200080) | (722979) |
| Net increase (decrease) in shares | 9752 | (36900) |

---

136 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**DOW JONES INDUSTRIAL AVERAGE<sup>®</sup>** **FUND** <br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $95.64 | $80.18 | $86.09 | $82.82 | $57.33 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .72 | .79 | .52 | .05 | .02 |
| Net gain (loss) on investments (realized and unrealized) | 4.74 | 15.35 | (3.90)<sup>e</sup> | 4.32 <sup>f</sup> | 29.21 |
| Total from investment operations | 5.46 | 16.14 | (3.38) | 4.37 | 29.23 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.24) | (.59) | (.47) |  | (.06) |
| Net realized gains | (1.51) | (.09) | (2.06) | (1.10) | (3.68) |
| Total distributions | (1.75) | (.68) | (2.53) | (1.10) | (3.74) |
| Net asset value, end of period | $99.35 | $95.64 | $80.18 | $86.09 | $82.82 |
| **Total Return<sup>b</sup>** | **5.62%** | **20.22%** | **(3.90** **%)** | **5.23%** | **51.61%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $5757 | $4111 | $3749 | $4632 | $2952 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.72% | 0.93% | 0.65% | 0.05% | 0.02% |
| Total expenses<sup>c</sup> | 1.66% | 1.67% | 1.57% | 1.56% | 1.69% |
| Net expenses<sup>d</sup> | 1.60% | 1.63% | 1.55% | 1.55% | 1.68% |
| Portfolio turnover rate | 327% | 140% | 414% | 240% | 110% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $89.21 | $75.39 | $81.70 | $79.25 | $55.37 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (.02) | .14 | (.03) | (.56) | (.49) |
| Net gain (loss) on investments (realized and unrealized) | 4.41 | 14.36 | (3.75)<sup>e</sup> | 4.11 <sup>f</sup> | 28.11 |
| Total from investment operations | 4.39 | 14.50 | (3.78) | 3.55 | 27.62 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.24) | (.59) | (.47) |  | (.06) |
| Net realized gains | (1.51) | (.09) | (2.06) | (1.10) | (3.68) |
| Total distributions | (1.75) | (.68) | (2.53) | (1.10) | (3.74) |
| Net asset value, end of period | $91.85 | $89.21 | $75.39 | $81.70 | $79.25 |
| **Total Return<sup>b</sup>** | **4.84%** | **19.32%** | **(4.61** **%)** | **4.43%** | **50.52%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $2521 | $2775 | $2846 | $3001 | $2842 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.02%) | 0.17% | (0.04 %) | (0.68 %) | (0.70%) |
| Total expenses<sup>c</sup> | 2.41% | 2.42% | 2.32% | 2.32% | 2.44% |
| Net expenses<sup>d</sup> | 2.35% | 2.38% | 2.30% | 2.31% | 2.43% |
| Portfolio turnover rate | 327% | 140% | 414% | 240% | 110% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 137

**DOW JONES INDUSTRIAL AVERAGE<sup>®</sup>** **FUND** <br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $95.73 | $80.26 | $86.15 | $82.88 | $57.36 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .70 | .79 | .60 | .17 | .03 |
| Net gain (loss) on investments (realized and unrealized) | 4.75 | 15.36 | (3.96)<sup>e</sup> | 4.20 <sup>f</sup> | 29.23 |
| Total from investment operations | 5.45 | 16.15 | (3.36) | 4.37 | 29.26 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.24) | (.59) | (.47) |  | (.06) |
| Net realized gains | (1.51) | (.09) | (2.06) | (1.10) | (3.68) |
| Total distributions | (1.75) | (.68) | (2.53) | (1.10) | (3.74) |
| Net asset value, end of period | $99.43 | $95.73 | $80.26 | $86.15 | $82.88 |
| **Total Return** | **5.61%** | **20.21%** | **(3.87** **%)** | **5.23%** | **51.64%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $20396 | $19786 | $18713 | $23009 | $17500 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.71% | 0.93% | 0.74% | 0.19% | 0.05% |
| Total expenses<sup>c</sup> | 1.66% | 1.67% | 1.57% | 1.57% | 1.70% |
| Net expenses<sup>d</sup> | 1.60% | 1.63% | 1.56% | 1.55% | 1.69% |
| Portfolio turnover rate | 327% | 140% | 414% | 240% | 110% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>c</sup> Does not include expenses of the underlying funds in which the Fund invests.

<sup>d</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>e</sup> The amount shown for a share outstanding throughout the period does not agree with the aggregate net gain on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

<sup>f</sup> The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating maret value of the investments of the Fund.

138 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **MID-CAP 1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 77.9%** | **COMMON STOCKS<sup>†</sup>** **- 77.9%** | **COMMON STOCKS<sup>†</sup>** **- 77.9%** |
| **Financial - 19.7%** | **Financial - 19.7%** | **Financial - 19.7%** |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc. — Class A | 354 | $58619 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | 846 | 55058 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | 1009 | 52559 |
| &nbsp;&nbsp;&nbsp;Gaming and Leisure Properties, Inc. REIT | 893 | 45454 |
| &nbsp;&nbsp;&nbsp;WP Carey, Inc. REIT | 712 | 44934 |
| &nbsp;&nbsp;&nbsp;Unum Group | 535 | 43581 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc. — Class A | 214 | 42137 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. REIT | 622 | 41487 |
| &nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | 451 | 40482 |
| &nbsp;&nbsp;&nbsp;American Homes 4 Rent — Class A REIT | 1033 | 39058 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | 160 | 38400 |
| &nbsp;&nbsp;&nbsp;Annaly Capital Management, Inc. REIT | 1883 | 38244 |
| &nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc.\* | 154 | 38178 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | 72 | 35043 |
| &nbsp;&nbsp;&nbsp;Omega Healthcare Investors, Inc. REIT | 917 | 34919 |
| &nbsp;&nbsp;&nbsp;First Horizon Corp. | 1706 | 33130 |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc. | 895 | 32641 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Co. — Class A REIT | 286 | 32541 |
| &nbsp;&nbsp;&nbsp;CubeSmart REIT | 736 | 31435 |
| &nbsp;&nbsp;&nbsp;Stifel Financial Corp. | 333 | 31388 |
| &nbsp;&nbsp;&nbsp;Primerica, Inc. | 109 | 31014 |
| &nbsp;&nbsp;&nbsp;American Financial Group, Inc. | 235 | 30865 |
| &nbsp;&nbsp;&nbsp;Carlyle Group, Inc. | 687 | 29946 |
| &nbsp;&nbsp;&nbsp;EastGroup Properties, Inc. REIT | 169 | 29769 |
| &nbsp;&nbsp;&nbsp;Old Republic International Corp. | 759 | 29768 |
| &nbsp;&nbsp;&nbsp;SouthState Corp. | 320 | 29702 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc. REIT | 741 | 29010 |
| &nbsp;&nbsp;&nbsp;Webster Financial Corp. | 558 | 28765 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | 176 | 28424 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc. | 530 | 28392 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorporation | 355 | 27275 |
| &nbsp;&nbsp;&nbsp;Agree Realty Corp. REIT | 348 | 26862 |
| &nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. REIT | 996 | 26444 |
| &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | 249 | 26404 |
| &nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | 209 | 26167 |
| &nbsp;&nbsp;&nbsp;NNN REIT, Inc. | 610 | 26016 |
| &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings, Inc. | 346 | 25559 |
| &nbsp;&nbsp;&nbsp;Comerica, Inc. | 428 | 25278 |
| &nbsp;&nbsp;&nbsp;Commerce Bancshares, Inc. | 397 | 24705 |
| &nbsp;&nbsp;&nbsp;SEI Investments Co. | 314 | 24376 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | 216 | 24291 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp North America | 481 | 23983 |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. REIT | 431 | 23257 |
| &nbsp;&nbsp;&nbsp;Evercore, Inc. — Class A | 115 | 22968 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | 222 | 22444 |
| &nbsp;&nbsp;&nbsp;Prosperity Bancshares, Inc. | 310 | 22125 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp | 1038 | 21995 |
| &nbsp;&nbsp;&nbsp;First American Financial Corp. | 335 | 21986 |
| &nbsp;&nbsp;&nbsp;STAG Industrial, Inc. REIT | 607 | 21925 |
| &nbsp;&nbsp;&nbsp;RLI Corp. | 271 | 21769 |
| &nbsp;&nbsp;&nbsp;Synovus Financial Corp. | 459 | 21454 |
| &nbsp;&nbsp;&nbsp;Voya Financial, Inc. | 313 | 21209 |
| &nbsp;&nbsp;&nbsp;Hamilton Lane, Inc. — Class A | 141 | 20962 |
| &nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc. REIT | 1043 | 20620 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. | 117 | 20352 |
| &nbsp;&nbsp;&nbsp;SLM Corp. | 685 | 20118 |
| &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | 809 | 20047 |
| &nbsp;&nbsp;&nbsp;Vornado Realty Trust REIT | 540 | 19975 |
| &nbsp;&nbsp;&nbsp;Essent Group Ltd. | 342 | 19740 |
| &nbsp;&nbsp;&nbsp;Healthcare Realty Trust, Inc. REIT | 1154 | 19503 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | 198 | 18125 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | 597 | 18125 |
| &nbsp;&nbsp;&nbsp;Home BancShares, Inc. | 602 | 17019 |
| &nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | 682 | 17009 |
| &nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | 369 | 16317 |
| &nbsp;&nbsp;&nbsp;United Bankshares, Inc. | 465 | 16122 |
| &nbsp;&nbsp;&nbsp;Cousins Properties, Inc. REIT | 546 | 16107 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust REIT | 715 | 15995 |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | 95 | 15963 |
| &nbsp;&nbsp;&nbsp;Independence Realty Trust, Inc. REIT | 750 | 15922 |
| &nbsp;&nbsp;&nbsp;FNB Corp. | 1171 | 15750 |
| &nbsp;&nbsp;&nbsp;First Financial Bankshares, Inc. | 419 | 15050 |
| &nbsp;&nbsp;&nbsp;Janus Henderson Group plc | 414 | 14966 |
| &nbsp;&nbsp;&nbsp;Bank OZK | 343 | 14903 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | 280 | 14686 |
| &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. | 331 | 13786 |
| &nbsp;&nbsp;&nbsp;Valley National Bancorp | 1546 | 13744 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | 770 | 13452 |
| &nbsp;&nbsp;&nbsp;Kemper Corp. | 196 | 13103 |
| &nbsp;&nbsp;&nbsp;EPR Properties REIT | 247 | 12995 |
| &nbsp;&nbsp;&nbsp;Rayonier, Inc. REIT | 457 | 12741 |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp. | 534 | 12031 |
| &nbsp;&nbsp;&nbsp;Western Union Co. | 1100 | 11638 |
| &nbsp;&nbsp;&nbsp;Flagstar Financial, Inc. | 986 | 11457 |
| &nbsp;&nbsp;&nbsp;Kilroy Realty Corp. REIT | 346 | 11335 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc.\* | 150 | 11205 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial, Inc.\* | 191 | 11076 |
| &nbsp;&nbsp;&nbsp;International Bancshares Corp. | 174 | 10972 |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic Corp. REIT | 233 | 10513 |
| &nbsp;&nbsp;&nbsp;Federated Hermes, Inc. — Class B | 254 | 10356 |
| &nbsp;&nbsp;&nbsp;COPT Defense Properties REIT | 366 | 9981 |
| &nbsp;&nbsp;&nbsp;National Storage Affiliates Trust REIT | 228 | 8983 |
| &nbsp;&nbsp;&nbsp;Park Hotels & Resorts, Inc. REIT | 672 | 7177 |
| **Total Financial** |  | 2243356 |
| **Industrial - 16.5%** | **Industrial - 16.5%** | **Industrial - 16.5%** |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 150 | 55445 |
| &nbsp;&nbsp;&nbsp;Carlisle Companies, Inc. | 145 | 49373 |
| &nbsp;&nbsp;&nbsp;Graco, Inc. | 550 | 45930 |
| &nbsp;&nbsp;&nbsp;Flex Ltd.\* | 1247 | 41251 |
| &nbsp;&nbsp;&nbsp;XPO, Inc.\* | 382 | 41096 |
| &nbsp;&nbsp;&nbsp;AECOM | 432 | 40059 |
| &nbsp;&nbsp;&nbsp;Owens Corning | 279 | 39847 |
| &nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | 123 | 39024 |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 115 | 37068 |
| &nbsp;&nbsp;&nbsp;Woodward, Inc. | 193 | 35221 |
| &nbsp;&nbsp;&nbsp;CNH Industrial N.V. | 2846 | 34949 |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings, Inc. | 184 | 34805 |
| &nbsp;&nbsp;&nbsp;ITT, Inc. | 265 | 34227 |
| &nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | 381 | 34008 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 139

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **MID-CAP 1.5x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;RBC Bearings, Inc.\* | 102 | $| 32821 |
| &nbsp;&nbsp;&nbsp;Coherent Corp.\* | 504 |  | 32730 |
| &nbsp;&nbsp;&nbsp;Clean Harbors, Inc.\* | 165 |  | 32522 |
| &nbsp;&nbsp;&nbsp;AptarGroup, Inc. | 216 |  | 32050 |
| &nbsp;&nbsp;&nbsp;Saia, Inc.\* | 87 |  | 30400 |
| &nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | 298 |  | 29398 |
| &nbsp;&nbsp;&nbsp;TopBuild Corp.\* | 95 |  | 28970 |
| &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | 370 |  | 28172 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 125 |  | 28168 |
| &nbsp;&nbsp;&nbsp;nVent Electric plc | 536 |  | 28097 |
| &nbsp;&nbsp;&nbsp;Middleby Corp.\* | 175 |  | 26597 |
| &nbsp;&nbsp;&nbsp;Acuity, Inc. | 100 |  | 26335 |
| &nbsp;&nbsp;&nbsp;Berry Global Group, Inc. | 377 |  | 26318 |
| &nbsp;&nbsp;&nbsp;Donaldson Company, Inc. | 389 |  | 26086 |
| &nbsp;&nbsp;&nbsp;Tetra Tech, Inc. | 872 |  | 25506 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | 245 |  | 25470 |
| &nbsp;&nbsp;&nbsp;Graphic Packaging Holding Co. | 977 |  | 25363 |
| &nbsp;&nbsp;&nbsp;Advanced Drainage Systems, Inc. | 230 |  | 24989 |
| &nbsp;&nbsp;&nbsp;Fortune Brands Innovations, Inc. | 404 |  | 24595 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | 216 |  | 24592 |
| &nbsp;&nbsp;&nbsp;Crane Co. | 158 |  | 24202 |
| &nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | 108 |  | 23968 |
| &nbsp;&nbsp;&nbsp;Toro Co. | 328 |  | 23862 |
| &nbsp;&nbsp;&nbsp;MasTec, Inc.\* | 200 |  | 23342 |
| &nbsp;&nbsp;&nbsp;Fabrinet\* | 117 |  | 23109 |
| &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. | 527 |  | 22919 |
| &nbsp;&nbsp;&nbsp;Esab Corp. | 185 |  | 21552 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Company, Inc. | 137 |  | 21520 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | 198 |  | 21194 |
| &nbsp;&nbsp;&nbsp;Flowserve Corp. | 428 |  | 20904 |
| &nbsp;&nbsp;&nbsp;Trex Company, Inc.\* | 349 |  | 20277 |
| &nbsp;&nbsp;&nbsp;Universal Display Corp. | 144 |  | 20085 |
| &nbsp;&nbsp;&nbsp;Fluor Corp.\* | 558 |  | 19988 |
| &nbsp;&nbsp;&nbsp;Oshkosh Corp. | 212 |  | 19945 |
| &nbsp;&nbsp;&nbsp;Chart Industries, Inc.\* | 137 |  | 19777 |
| &nbsp;&nbsp;&nbsp;NEXTracker, Inc. — Class A\* | 468 |  | 19722 |
| &nbsp;&nbsp;&nbsp;Ryder System, Inc. | 137 |  | 19702 |
| &nbsp;&nbsp;&nbsp;Kirby Corp.\* | 187 |  | 18889 |
| &nbsp;&nbsp;&nbsp;MSA Safety, Inc. | 128 |  | 18776 |
| &nbsp;&nbsp;&nbsp;AGCO Corp. | 202 |  | 18699 |
| &nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | 203 |  | 18672 |
| &nbsp;&nbsp;&nbsp;Valmont Industries, Inc. | 65 |  | 18549 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies, Inc. — Class A | 89 |  | 18149 |
| &nbsp;&nbsp;&nbsp;GATX Corp. | 116 |  | 18011 |
| &nbsp;&nbsp;&nbsp;Arrow Electronics, Inc.\* | 170 |  | 17651 |
| &nbsp;&nbsp;&nbsp;Landstar System, Inc. | 115 |  | 17273 |
| &nbsp;&nbsp;&nbsp;AAON, Inc. | 220 |  | 17189 |
| &nbsp;&nbsp;&nbsp;Knife River Corp.\* | 184 |  | 16599 |
| &nbsp;&nbsp;&nbsp;Cognex Corp. | 553 |  | 16496 |
| &nbsp;&nbsp;&nbsp;Littelfuse, Inc. | 81 |  | 15936 |
| &nbsp;&nbsp;&nbsp;Vontier Corp. | 484 |  | 15899 |
| &nbsp;&nbsp;&nbsp;Sonoco Products Co. | 320 |  | 15117 |
| &nbsp;&nbsp;&nbsp;Novanta, Inc.\* | 117 |  | 14961 |
| &nbsp;&nbsp;&nbsp;Timken Co. | 208 |  | 14949 |
| &nbsp;&nbsp;&nbsp;Hexcel Corp. | 264 |  | 14457 |
| &nbsp;&nbsp;&nbsp;Avnet, Inc. | 282 |  | 13561 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. | 264 |  | 13496 |
| &nbsp;&nbsp;&nbsp;Exponent, Inc. | 165 |  | 13375 |
| &nbsp;&nbsp;&nbsp;Belden, Inc. | 131 |  | 13133 |
| &nbsp;&nbsp;&nbsp;Sensata Technologies Holding plc | 487 |  | 11819 |
| &nbsp;&nbsp;&nbsp;EnerSys | 128 |  | 11722 |
| &nbsp;&nbsp;&nbsp;Terex Corp. | 216 |  | 8160 |
| &nbsp;&nbsp;&nbsp;Greif, Inc. — Class A | 84 |  | 4619 |
| **Total Industrial** |  |  | 1883707 |
| **Consumer, Non-cyclical - 12.8%** | **Consumer, Non-cyclical - 12.8%** | **Consumer, Non-cyclical - 12.8%** | **Consumer, Non-cyclical - 12.8%** |
| &nbsp;&nbsp;&nbsp;RB Global, Inc. | 600 |  | 60180 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.\* | 325 |  | 49608 |
| &nbsp;&nbsp;&nbsp;US Foods Holding Corp.\* | 750 |  | 49095 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp.\* | 145 |  | 44699 |
| &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical, Inc.\* | 620 |  | 43828 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp.\* | 310 |  | 41695 |
| &nbsp;&nbsp;&nbsp;Illumina, Inc.\* | 516 |  | 40940 |
| &nbsp;&nbsp;&nbsp;Performance Food Group Co.\* | 508 |  | 39944 |
| &nbsp;&nbsp;&nbsp;Service Corporation International | 469 |  | 37614 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc.\* | 325 |  | 35945 |
| &nbsp;&nbsp;&nbsp;Avantor, Inc.\* | 2216 |  | 35921 |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc.\* | 911 |  | 33634 |
| &nbsp;&nbsp;&nbsp;Penumbra, Inc.\* | 125 |  | 33426 |
| &nbsp;&nbsp;&nbsp;Encompass Health Corp. | 328 |  | 33220 |
| &nbsp;&nbsp;&nbsp;BellRing Brands, Inc.\* | 418 |  | 31124 |
| &nbsp;&nbsp;&nbsp;Chemed Corp. | 49 |  | 30151 |
| &nbsp;&nbsp;&nbsp;Albertsons Companies, Inc. — Class A | 1320 |  | 29027 |
| &nbsp;&nbsp;&nbsp;Ingredion, Inc. | 210 |  | 28394 |
| &nbsp;&nbsp;&nbsp;Globus Medical, Inc. — Class A\* | 370 |  | 27084 |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp.\* | 142 |  | 26602 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc.\* | 414 |  | 26417 |
| &nbsp;&nbsp;&nbsp;Morningstar, Inc. | 88 |  | 26389 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | 19 |  | 25650 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc.\* | 282 |  | 24920 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.\* | 81 |  | 24680 |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals plc\* | 197 |  | 24458 |
| &nbsp;&nbsp;&nbsp;Masimo Corp.\* | 145 |  | 24157 |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. | 186 |  | 24068 |
| &nbsp;&nbsp;&nbsp;H&R Block, Inc. | 436 |  | 23941 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc.\* | 226 |  | 22058 |
| &nbsp;&nbsp;&nbsp;Repligen Corp.\* | 170 |  | 21631 |
| &nbsp;&nbsp;&nbsp;Sarepta Therapeutics, Inc.\* | 311 |  | 19848 |
| &nbsp;&nbsp;&nbsp;Option Care Health, Inc.\* | 554 |  | 19362 |
| &nbsp;&nbsp;&nbsp;FTI Consulting, Inc.\* | 115 |  | 18869 |
| &nbsp;&nbsp;&nbsp;Shift4 Payments, Inc. — Class A\*<sup>,1</sup> | 224 |  | 18303 |
| &nbsp;&nbsp;&nbsp;Celsius Holdings, Inc.\* | 513 |  | 18273 |
| &nbsp;&nbsp;&nbsp;WEX, Inc.\*<sup>,1</sup> | 114 |  | 17900 |
| &nbsp;&nbsp;&nbsp;Post Holdings, Inc.\* | 149 |  | 17338 |
| &nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc.\* | 94 |  | 16264 |
| &nbsp;&nbsp;&nbsp;Darling Ingredients, Inc.\* | 518 |  | 16182 |
| &nbsp;&nbsp;&nbsp;Cytokinetics, Inc.\* | 384 |  | 15433 |
| &nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc. — Class A\* | 63 |  | 15344 |
| &nbsp;&nbsp;&nbsp;GXO Logistics, Inc.\* | 389 |  | 15202 |
| &nbsp;&nbsp;&nbsp;Bruker Corp. | 360 |  | 15026 |
| &nbsp;&nbsp;&nbsp;Valvoline, Inc.\* | 414 |  | 14411 |
| &nbsp;&nbsp;&nbsp;Euronet Worldwide, Inc.\* | 134 |  | 14318 |
| &nbsp;&nbsp;&nbsp;Roivant Sciences Ltd.\* | 1370 |  | 13823 |

---

140 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **MID-CAP 1.5x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Perrigo Company plc | 444 | $| 12450 |
| &nbsp;&nbsp;&nbsp;Brink's Co. | 142 |  | 12235 |
| &nbsp;&nbsp;&nbsp;Flowers Foods, Inc. | 637 |  | 12109 |
| &nbsp;&nbsp;&nbsp;elf Beauty, Inc.\* | 184 |  | 11553 |
| &nbsp;&nbsp;&nbsp;Lancaster Colony Corp. | 63 |  | 11025 |
| &nbsp;&nbsp;&nbsp;Graham Holdings Co. — Class B | 11 |  | 10569 |
| &nbsp;&nbsp;&nbsp;Haemonetics Corp.\* | 164 |  | 10422 |
| &nbsp;&nbsp;&nbsp;Insperity, Inc. | 115 |  | 10261 |
| &nbsp;&nbsp;&nbsp;Amedisys, Inc.\* | 107 |  | 9911 |
| &nbsp;&nbsp;&nbsp;Dentsply Sirona, Inc. | 647 |  | 9666 |
| &nbsp;&nbsp;&nbsp;Envista Holdings Corp.\* | 560 |  | 9666 |
| &nbsp;&nbsp;&nbsp;Acadia Healthcare Company, Inc.\* | 302 |  | 9157 |
| &nbsp;&nbsp;&nbsp;ManpowerGroup, Inc. | 153 |  | 8856 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp.\* | 131 |  | 7141 |
| &nbsp;&nbsp;&nbsp;LivaNova plc\* | 177 |  | 6953 |
| &nbsp;&nbsp;&nbsp;Boston Beer Company, Inc. — Class A\* | 28 |  | 6688 |
| &nbsp;&nbsp;&nbsp;Coty, Inc. — Class A\* | 1192 |  | 6520 |
| &nbsp;&nbsp;&nbsp;Sotera Health Co.\* | 498 |  | 5807 |
| &nbsp;&nbsp;&nbsp;Avis Budget Group, Inc.\* | 55 |  | 4175 |
| **Total Consumer, Non-cyclical** |  |  | 1461560 |
| **Consumer, Cyclical - 11.5%** | **Consumer, Cyclical - 11.5%** | **Consumer, Cyclical - 11.5%** | **Consumer, Cyclical - 11.5%** |
| &nbsp;&nbsp;&nbsp;Watsco, Inc. | 113 |  | 57438 |
| &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 121 |  | 52519 |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.\* | 430 |  | 49063 |
| &nbsp;&nbsp;&nbsp;Burlington Stores, Inc.\* | 204 |  | 48619 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | 188 |  | 37893 |
| &nbsp;&nbsp;&nbsp;Somnigroup International, Inc. | 622 |  | 37245 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. — Class A | 217 |  | 36159 |
| &nbsp;&nbsp;&nbsp;Toll Brothers, Inc. | 325 |  | 34317 |
| &nbsp;&nbsp;&nbsp;Core & Main, Inc. — Class A\* | 619 |  | 29904 |
| &nbsp;&nbsp;&nbsp;Aramark | 863 |  | 29791 |
| &nbsp;&nbsp;&nbsp;GameStop Corp. — Class A\*<sup>,1</sup> | 1323 |  | 29529 |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc. — Class A\* | 349 |  | 28084 |
| &nbsp;&nbsp;&nbsp;Murphy USA, Inc. | 59 |  | 27719 |
| &nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | 239 |  | 26546 |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Inc. — Class A\* | 274 |  | 26471 |
| &nbsp;&nbsp;&nbsp;Lithia Motors, Inc. — Class A | 87 |  | 25538 |
| &nbsp;&nbsp;&nbsp;Light & Wonder, Inc. — Class A\* | 287 |  | 24857 |
| &nbsp;&nbsp;&nbsp;Skechers USA, Inc. — Class A\* | 428 |  | 24302 |
| &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc.\* | 199 |  | 23156 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | 253 |  | 22899 |
| &nbsp;&nbsp;&nbsp;Cava Group, Inc.\* | 265 |  | 22899 |
| &nbsp;&nbsp;&nbsp;American Airlines Group, Inc.\* | 2140 |  | 22577 |
| &nbsp;&nbsp;&nbsp;WESCO International, Inc. | 145 |  | 22518 |
| &nbsp;&nbsp;&nbsp;Wingstop, Inc. | 95 |  | 21430 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. | 705 |  | 21375 |
| &nbsp;&nbsp;&nbsp;Mattel, Inc.\* | 1097 |  | 21315 |
| &nbsp;&nbsp;&nbsp;Autoliv, Inc. | 233 |  | 20609 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp. — Class A\* | 337 |  | 20233 |
| &nbsp;&nbsp;&nbsp;Alaska Air Group, Inc.\* | 401 |  | 19737 |
| &nbsp;&nbsp;&nbsp;Vail Resorts, Inc. | 122 |  | 19523 |
| &nbsp;&nbsp;&nbsp;Crocs, Inc.\* | 182 |  | 19328 |
| &nbsp;&nbsp;&nbsp;Gentex Corp. | 740 |  | 17242 |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels Corp. — Class A | 139 |  | 17027 |
| &nbsp;&nbsp;&nbsp;VF Corp. | 1078 |  | 16731 |
| &nbsp;&nbsp;&nbsp;Whirlpool Corp. | 180 |  | 16223 |
| &nbsp;&nbsp;&nbsp;Dolby Laboratories, Inc. — Class A | 199 |  | 15982 |
| &nbsp;&nbsp;&nbsp;Lear Corp. | 175 |  | 15438 |
| &nbsp;&nbsp;&nbsp;FirstCash Holdings, Inc. | 127 |  | 15281 |
| &nbsp;&nbsp;&nbsp;Gap, Inc. | 724 |  | 14922 |
| &nbsp;&nbsp;&nbsp;Warner Music Group Corp. — Class A | 472 |  | 14797 |
| &nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | 216 |  | 14219 |
| &nbsp;&nbsp;&nbsp;AutoNation, Inc.\* | 84 |  | 13601 |
| &nbsp;&nbsp;&nbsp;Five Below, Inc.\* | 179 |  | 13411 |
| &nbsp;&nbsp;&nbsp;KB Home | 226 |  | 13135 |
| &nbsp;&nbsp;&nbsp;Thor Industries, Inc. | 173 |  | 13115 |
| &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co. — Class A\* | 164 |  | 12525 |
| &nbsp;&nbsp;&nbsp;PVH Corp. | 181 |  | 11700 |
| &nbsp;&nbsp;&nbsp;Brunswick Corp. | 215 |  | 11578 |
| &nbsp;&nbsp;&nbsp;RH\* | 49 |  | 11486 |
| &nbsp;&nbsp;&nbsp;Macy's, Inc. | 904 |  | 11354 |
| &nbsp;&nbsp;&nbsp;MSC Industrial Direct Company, Inc. — Class A | 145 |  | 11262 |
| &nbsp;&nbsp;&nbsp;Travel + Leisure Co. | 223 |  | 10323 |
| &nbsp;&nbsp;&nbsp;Choice Hotels International, Inc. | 73 |  | 9693 |
| &nbsp;&nbsp;&nbsp;Harley-Davidson, Inc. | 373 |  | 9418 |
| &nbsp;&nbsp;&nbsp;YETI Holdings, Inc.\* | 276 |  | 9135 |
| &nbsp;&nbsp;&nbsp;Penske Automotive Group, Inc. | 61 |  | 8783 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co.\* | 928 |  | 8575 |
| &nbsp;&nbsp;&nbsp;Wendy's Co. | 557 |  | 8149 |
| &nbsp;&nbsp;&nbsp;Columbia Sportswear Co. | 104 |  | 7872 |
| &nbsp;&nbsp;&nbsp;Nordstrom, Inc. | 317 |  | 7751 |
| &nbsp;&nbsp;&nbsp;Scotts Miracle-Gro Co. — Class A | 140 |  | 7685 |
| &nbsp;&nbsp;&nbsp;Capri Holdings Ltd.\* | 384 |  | 7576 |
| &nbsp;&nbsp;&nbsp;Hilton Grand Vacations, Inc.\* | 202 |  | 7557 |
| &nbsp;&nbsp;&nbsp;Polaris, Inc. | 171 |  | 7001 |
| &nbsp;&nbsp;&nbsp;Visteon Corp.\* | 90 |  | 6986 |
| &nbsp;&nbsp;&nbsp;Marriott Vacations Worldwide Corp. | 105 |  | 6745 |
| &nbsp;&nbsp;&nbsp;Under Armour, Inc. — Class A\* | 615 |  | 3844 |
| &nbsp;&nbsp;&nbsp;Under Armour, Inc. — Class C\* | 417 |  | 2481 |
| **Total Consumer, Cyclical** |  |  | 1314196 |
| **Technology - 7.1%** | **Technology - 7.1%** | **Technology - 7.1%** | **Technology - 7.1%** |
| &nbsp;&nbsp;&nbsp;DocuSign, Inc.\* | 658 |  | 53561 |
| &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.\* | 272 |  | 50962 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc.\* | 974 |  | 45924 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Inc. — Class A\* | 1009 |  | 44668 |
| &nbsp;&nbsp;&nbsp;Entegris, Inc. | 492 |  | 43040 |
| &nbsp;&nbsp;&nbsp;Duolingo, Inc.\* | 123 |  | 38196 |
| &nbsp;&nbsp;&nbsp;Manhattan Associates, Inc.\* | 199 |  | 34435 |
| &nbsp;&nbsp;&nbsp;CACI International, Inc. — Class A\* | 73 |  | 26785 |
| &nbsp;&nbsp;&nbsp;Genpact Ltd. | 523 |  | 26349 |
| &nbsp;&nbsp;&nbsp;Doximity, Inc. — Class A\* | 435 |  | 25243 |
| &nbsp;&nbsp;&nbsp;ExlService Holdings, Inc.\* | 524 |  | 24738 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc.\* | 757 |  | 23770 |
| &nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp.\* | 449 |  | 23550 |
| &nbsp;&nbsp;&nbsp;CommVault Systems, Inc.\* | 143 |  | 22560 |
| &nbsp;&nbsp;&nbsp;KBR, Inc. | 434 |  | 21618 |
| &nbsp;&nbsp;&nbsp;Onto Innovation, Inc.\* | 161 |  | 19536 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc.\* | 194 |  | 19474 |
| &nbsp;&nbsp;&nbsp;Dropbox, Inc. — Class A\* | 705 |  | 18831 |
| &nbsp;&nbsp;&nbsp;Rambus, Inc.\* | 347 |  | 17966 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 141

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **MID-CAP 1.5x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Science Applications International Corp. | 159 | $| 17851 |
| &nbsp;&nbsp;&nbsp;MKS Instruments, Inc. | 219 |  | 17553 |
| &nbsp;&nbsp;&nbsp;Cirrus Logic, Inc.\* | 173 |  | 17240 |
| &nbsp;&nbsp;&nbsp;Appfolio, Inc. — Class A\* | 76 |  | 16712 |
| &nbsp;&nbsp;&nbsp;Qualys, Inc.\* | 119 |  | 14986 |
| &nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc.\* | 225 |  | 14026 |
| &nbsp;&nbsp;&nbsp;BILL Holdings, Inc.\* | 305 |  | 13997 |
| &nbsp;&nbsp;&nbsp;Maximus, Inc. | 184 |  | 12547 |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc.\* | 106 |  | 11932 |
| &nbsp;&nbsp;&nbsp;Allegro MicroSystems, Inc.\* | 426 |  | 10705 |
| &nbsp;&nbsp;&nbsp;Power Integrations, Inc. | 185 |  | 9343 |
| &nbsp;&nbsp;&nbsp;ASGN, Inc.\* | 144 |  | 9075 |
| &nbsp;&nbsp;&nbsp;Parsons Corp.\* | 152 |  | 9000 |
| &nbsp;&nbsp;&nbsp;ZoomInfo Technologies, Inc. — Class A\* | 883 |  | 8830 |
| &nbsp;&nbsp;&nbsp;Concentrix Corp. | 151 |  | 8402 |
| &nbsp;&nbsp;&nbsp;Crane NXT Co. | 160 |  | 8224 |
| &nbsp;&nbsp;&nbsp;Synaptics, Inc.\* | 128 |  | 8156 |
| &nbsp;&nbsp;&nbsp;Blackbaud, Inc.\* | 124 |  | 7694 |
| &nbsp;&nbsp;&nbsp;Amkor Technology, Inc. | 369 |  | 6664 |
| &nbsp;&nbsp;&nbsp;IPG Photonics Corp.\* | 86 |  | 5430 |
| **Total Technology** |  |  | 809573 |
| **Energy - 3.2%** | **Energy - 3.2%** | **Energy - 3.2%** | **Energy - 3.2%** |
| &nbsp;&nbsp;&nbsp;Antero Resources Corp.\* | 952 |  | 38499 |
| &nbsp;&nbsp;&nbsp;Ovintiv, Inc. | 847 |  | 36252 |
| &nbsp;&nbsp;&nbsp;DT Midstream, Inc. | 330 |  | 31838 |
| &nbsp;&nbsp;&nbsp;Range Resources Corp. | 785 |  | 31345 |
| &nbsp;&nbsp;&nbsp;Permian Resources Corp. | 2082 |  | 28836 |
| &nbsp;&nbsp;&nbsp;Chord Energy Corp. | 199 |  | 22431 |
| &nbsp;&nbsp;&nbsp;Antero Midstream Corp. | 1090 |  | 19620 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | 378 |  | 19312 |
| &nbsp;&nbsp;&nbsp;Viper Energy, Inc. | 427 |  | 19279 |
| &nbsp;&nbsp;&nbsp;NOV, Inc. | 1240 |  | 18873 |
| &nbsp;&nbsp;&nbsp;ChampionX Corp. | 621 |  | 18506 |
| &nbsp;&nbsp;&nbsp;HF Sinclair Corp. | 521 |  | 17131 |
| &nbsp;&nbsp;&nbsp;CNX Resources Corp.\* | 484 |  | 15236 |
| &nbsp;&nbsp;&nbsp;Weatherford International plc | 237 |  | 12691 |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corp. | 446 |  | 12666 |
| &nbsp;&nbsp;&nbsp;Civitas Resources, Inc. | 289 |  | 10083 |
| &nbsp;&nbsp;&nbsp;Valaris Ltd.\* | 213 |  | 8362 |
| &nbsp;&nbsp;&nbsp;PBF Energy, Inc. — Class A | 319 |  | 6090 |
| **Total Energy** |  |  | 367050 |
| **Basic Materials - 3.2%** | **Basic Materials - 3.2%** | **Basic Materials - 3.2%** | **Basic Materials - 3.2%** |
| &nbsp;&nbsp;&nbsp;Reliance, Inc. | 176 |  | 50820 |
| &nbsp;&nbsp;&nbsp;RPM International, Inc. | 418 |  | 48354 |
| &nbsp;&nbsp;&nbsp;Royal Gold, Inc. | 214 |  | 34991 |
| &nbsp;&nbsp;&nbsp;United States Steel Corp. | 733 |  | 30976 |
| &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | 163 |  | 29532 |
| &nbsp;&nbsp;&nbsp;Alcoa Corp. | 841 |  | 25651 |
| &nbsp;&nbsp;&nbsp;ATI, Inc.\* | 464 |  | 24142 |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems Ltd.\* | 710 |  | 23551 |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co. | 370 |  | 17024 |
| &nbsp;&nbsp;&nbsp;Cabot Corp. | 176 |  | 14633 |
| &nbsp;&nbsp;&nbsp;NewMarket Corp. | 25 |  | 14161 |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc.\* | 1576 |  | 12955 |
| &nbsp;&nbsp;&nbsp;Avient Corp. | 297 |  | 11037 |
| &nbsp;&nbsp;&nbsp;Westlake Corp. | 109 |  | 10903 |
| &nbsp;&nbsp;&nbsp;Olin Corp. | 377 |  | 9138 |
| &nbsp;&nbsp;&nbsp;Ashland, Inc. | 154 |  | 9131 |
| **Total Basic Materials** |  |  | 366999 |
| **Utilities - 2.4%** | **Utilities - 2.4%** | **Utilities - 2.4%** | **Utilities - 2.4%** |
| &nbsp;&nbsp;&nbsp;Essential Utilities, Inc. | 822 |  | 32494 |
| &nbsp;&nbsp;&nbsp;OGE Energy Corp. | 654 |  | 30058 |
| &nbsp;&nbsp;&nbsp;National Fuel Gas Co. | 295 |  | 23361 |
| &nbsp;&nbsp;&nbsp;UGI Corp. | 699 |  | 23116 |
| &nbsp;&nbsp;&nbsp;IDACORP, Inc. | 173 |  | 20106 |
| &nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | 326 |  | 15993 |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co. | 356 |  | 15878 |
| &nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | 294 |  | 15723 |
| &nbsp;&nbsp;&nbsp;Spire, Inc. | 190 |  | 14867 |
| &nbsp;&nbsp;&nbsp;Black Hills Corp. | 233 |  | 14131 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings, Inc. | 196 |  | 14073 |
| &nbsp;&nbsp;&nbsp;ONE Gas, Inc. | 184 |  | 13909 |
| &nbsp;&nbsp;&nbsp;Ormat Technologies, Inc. | 187 |  | 13234 |
| &nbsp;&nbsp;&nbsp;ALLETE, Inc. | 188 |  | 12352 |
| &nbsp;&nbsp;&nbsp;Northwestern Energy Group, Inc. | 200 |  | 11574 |
| **Total Utilities** |  |  | 270869 |
| **Communications - 1.5%** | **Communications - 1.5%** | **Communications - 1.5%** | **Communications - 1.5%** |
| &nbsp;&nbsp;&nbsp;Ciena Corp.\* | 463 |  | 27979 |
| &nbsp;&nbsp;&nbsp;New York Times Co. — Class A | 531 |  | 26338 |
| &nbsp;&nbsp;&nbsp;Frontier Communications Parent, Inc.\* | 721 |  | 25855 |
| &nbsp;&nbsp;&nbsp;Maplebear, Inc.\* | 527 |  | 21022 |
| &nbsp;&nbsp;&nbsp;Hims & Hers Health, Inc.\* | 622 |  | 18380 |
| &nbsp;&nbsp;&nbsp;Chewy, Inc. — Class A\* | 539 |  | 17523 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. — Class A | 95 |  | 17026 |
| &nbsp;&nbsp;&nbsp;EchoStar Corp. — Class A\* | 393 |  | 10053 |
| &nbsp;&nbsp;&nbsp;Iridium Communications, Inc. | 354 |  | 9671 |
| **Total Communications** |  |  | 173847 |
| **Total Common Stocks** | **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,694,549) |  |  | 8891157 |
| **MUTUAL FUNDS<sup>†</sup>** **- 10.0%** | **MUTUAL FUNDS<sup>†</sup>** **- 10.0%** | **MUTUAL FUNDS<sup>†</sup>** **- 10.0%** | **MUTUAL FUNDS<sup>†</sup>** **- 10.0%** |
| &nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class<sup>2</sup> | 88750 |  | 890167 |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II<sup>2</sup> | 9844 |  | 244712 |
| **Total Mutual Funds** | **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,123,599) |  |  | 1134879 |
|  | **Face<br> Amount** |  |  |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 1.5%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 1.5%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 1.5%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 1.5%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;4.20% due 06/12/25<sup>3,4</sup> | $100000 |  | 99162 |
| &nbsp;&nbsp;&nbsp;4.08% due 04/08/25<sup>4,5</sup> | 76000 |  | 75937 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $175,098) |  |  | 175099 |

---

142 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **MID-CAP 1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>††,6</sup>** **- 13.6%** | **REPURCHASE AGREEMENTS<sup>††,6</sup>** **- 13.6%** | **REPURCHASE AGREEMENTS<sup>††,6</sup>** **- 13.6%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25<sup>3</sup> | $879033 | $879033 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25<sup>3</sup> | 673680 | 673680 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,552,713) |  | 1552713 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SECURITIES LENDING COLLATERAL<sup>†,7</sup>** **- 0.4%** | **SECURITIES LENDING COLLATERAL<sup>†,7</sup>** **- 0.4%** | **SECURITIES LENDING COLLATERAL<sup>†,7</sup>** **- 0.4%** |
| **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.27%<sup>8</sup> | 50077 | $50077 |
| **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp;(Cost $50,077) |  | 50077 |
| **Total Investments - 103.4%** | **Total Investments - 103.4%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $9,596,036) | &nbsp;&nbsp;&nbsp;(Cost $9,596,036) | $11803925 |
| **Other Assets & Liabilities, net - (3.4)%** | **Other Assets & Liabilities, net - (3.4)%** | (393040) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $11410885 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Depreciation\*\*** |
| **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** |
| S&P MidCap 400 Index Mini Futures Contracts | 1 | Jun 2025 | $293890 | $(10192) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** |
| **Counterparty** | **Index** | **Type** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Depreciation** |
| **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** |
| Barclays Bank plc | S&P MidCap 400 Index | Pay | 5.19% (SOFR + 0.85%) | At Maturity | 06/26/25 | 262 | $765286 | $(17734) |
| BNP Paribas | S&P MidCap 400 Index | Pay | 4.88% (Federal<br> Funds Rate +<br> 0.55%) | At Maturity | 06/26/25 | 260 | 758065 | (18667) |
| Goldman Sachs International | S&P MidCap 400 Index | Pay | 4.58% (Federal<br> Funds Rate +<br> 0.25%) | At Maturity | 06/25/25 | 2193 | 6401365 | (196371) |
|  |  |  |  |  |  |  | $7924716 | $(232772) |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\* | &nbsp;&nbsp;&nbsp;Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| \*\*\* | &nbsp;&nbsp;&nbsp;A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is on loan at March 31, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Affiliated issuer. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as equity index swap collateral at March 31, 2025. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the effective yield at the time of purchase. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as futures collateral at March 31, 2025. |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Securities lending collateral — See Note 7. |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of March 31, 2025. |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;REIT — Real Estate Investment Trust |
|  | &nbsp;&nbsp;&nbsp;SOFR — Secured Overnight Financing Rate |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 143

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **MID-CAP 1.5x STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $8891157 | $— | $— | $8891157 |
| Mutual Funds | 1134879 |  |  | 1134879 |
| U.S. Treasury Bills |  | 175099 |  | 175099 |
| Repurchase Agreements |  | 1552713 |  | 1552713 |
| Securities Lending Collateral | 50077 |  |  | 50077 |
| Total Assets | $10076113 | $1727812 | $— | $11803925 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Equity Futures Contracts\*\* | $10192 | $— | $— | $10192 |
| Equity Index Swap Agreements\*\* |  | 232772 |  | 232772 |
| Total Liabilities | $10192 | $232772 | $— | $242964 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

**Affiliated Transactions** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the year ended March 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 03/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 03/31/25** | **Shares <br> 03/31/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Guggenheim Strategy Fund II | $242153 | $— | $— | $— | $2559 | $244712 | 9844 | $13756 |
| &nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 879517 |  |  |  | 10650 | 890167 | 88750 | 44222 |
|  | $1121670 | $— | $— | $— | $13209 | $1134879 |  | $57978 |

---

144 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**MID-CAP 1.5x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in unaffiliated issuers, at value - including $49,215 of securities loaned (cost $6,919,724) | $9116333 |
| Investments in affiliated issuers, at value (cost $1,123,599) | 1134879 |
| Repurchase agreements, at value (cost $1,552,713) | 1552713 |
| Cash | 67 |
| Segregated cash with broker | 170 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 21732 |
| &nbsp;&nbsp;&nbsp;Dividends | 13915 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 570 |
| &nbsp;&nbsp;&nbsp;Interest | 187 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 2 |
| **Total assets** | 11840568 |
| **Liabilities:** | **Liabilities:** |
| Unrealized depreciation on OTC swap agreements | 232772 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 111244 |
| &nbsp;&nbsp;&nbsp;Return of securities lending collateral | 50077 |
| &nbsp;&nbsp;&nbsp;Management fees | 8217 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 7378 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 4890 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 2489 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 490 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 135 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 11991 |
| **Total liabilities** | 429683 |
| **Net assets** | $11410885 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $10365829 |
| Total distributable earnings (loss) | 1045056 |
| Net assets | $11410885 |
| **Class A:** | **Class A:** |
| Net assets | $3369186 |
| Capital shares outstanding | 28505 |
| Net asset value per share | $118.20 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $124.09 |
| **Class C:** | **Class C:** |
| Net assets | $245438 |
| Capital shares outstanding | 2599 |
| Net asset value per share | $94.44 |
| **Class H:** | **Class H:** |
| Net assets | $7796261 |
| Capital shares outstanding | 65656 |
| Net asset value per share | $118.74 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $98) | $153846 |
| Dividends from securities of affiliated issuers | 57978 |
| Interest | 106272 |
| Income from securities lending, net | 209 |
| &nbsp;&nbsp;&nbsp;Total investment income | 318305 |
| **Expenses:** | **Expenses:** |
| Management fees | 123429 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 8850 |
| &nbsp;&nbsp;&nbsp;Class C | 3021 |
| &nbsp;&nbsp;&nbsp;Class H | 24681 |
| Transfer agent fees | 29761 |
| Portfolio accounting and administration fees | 20922 |
| Registration fees | 15799 |
| Professional fees | 5953 |
| Interest expense | 4064 |
| Custodian fees | 1963 |
| Trustees' fees\* | 1445 |
| Line of credit fees | 28 |
| Miscellaneous | 5430 |
| &nbsp;&nbsp;&nbsp;Total expenses | 245346 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (13717) |
| Expenses waived by Adviser | (2210) |
| &nbsp;&nbsp;&nbsp;Total waived/reimbursed expenses | (15927) |
| Net expenses | 229419 |
| Net investment income | 88886 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 106747 |
| &nbsp;&nbsp;&nbsp;Swap agreements | (108715) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (58) |
| Net realized loss | (2026) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | (512552) |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | 13209 |
| &nbsp;&nbsp;&nbsp;Swap agreements | (444435) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (87339) |
| Net change in unrealized appreciation (depreciation) | (1031117) |
| Net realized and unrealized loss | (1033143) |
| **Net decrease in net assets resulting from operations** | $(944257) |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 145

**MID-CAP 1.5x STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $88886 | $104474 |
| Net realized gain (loss) on investments | (2026) | 1646978 |
| Net change in unrealized appreciation (depreciation) on investments | (1031117) | 1910935 |
| Net increase (decrease) in net assets resulting from operations | (944257) | 3662387 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (22755) | (12601) |
| &nbsp;&nbsp;&nbsp;Class C | (3515) | (1279) |
| &nbsp;&nbsp;&nbsp;Class H | (78204) | (30819) |
| Total distributions to shareholders | (104474) | (44699) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 890937 | 1023710 |
| &nbsp;&nbsp;&nbsp;Class C | 276211 | 199913 |
| &nbsp;&nbsp;&nbsp;Class H | 31074590 | 23963867 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 22729 | 12590 |
| &nbsp;&nbsp;&nbsp;Class C | 3106 | 1278 |
| &nbsp;&nbsp;&nbsp;Class H | 76993 | 30338 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1170454) | (1680856) |
| &nbsp;&nbsp;&nbsp;Class C | (207027) | (160513) |
| &nbsp;&nbsp;&nbsp;Class H | (32196305) | (24085146) |
| Net decrease from capital share transactions | (1229220) | (694819) |
| Net increase (decrease) in net assets | (2277951) | 2922869 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 13688836 | 10765967 |
| &nbsp;&nbsp;&nbsp;End of year | $11410885 | $13688836 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 6760 | 10264 |
| &nbsp;&nbsp;&nbsp;Class C | 2655 | 2417 |
| &nbsp;&nbsp;&nbsp;Class H | 232970 | 230583 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 159 | 119 |
| &nbsp;&nbsp;&nbsp;Class C | 27 | 15 |
| &nbsp;&nbsp;&nbsp;Class H | 536 | 285 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (9106) | (16724) |
| &nbsp;&nbsp;&nbsp;Class C | (2033) | (1864) |
| &nbsp;&nbsp;&nbsp;Class H | (239921) | (227051) |
| Net decrease in shares | (7953) | (1956) |

---

146 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**MID-CAP 1.5x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $130.78 | $100.88 | $115.54 | $131.92 | $56.02 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .86 | .96 | .41 | (.72) | (.68) |
| Net gain (loss) on investments (realized and unrealized) | (12.49) | 29.35 | (15.07) | 6.46 | 77.00 |
| Total from investment operations | (11.63) | 30.31 | (14.66) | 5.74 | 76.32 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.95) | (.41) |  |  | (.42) |
| Net realized gains |  |  |  | (22.12) |  |
| Total distributions | (.95) | (.41) |  | (22.12) | (.42) |
| Net asset value, end of period | $118.20 | $130.78 | $100.88 | $115.54 | $131.92 |
| **Total Return<sup>b</sup>** | **(9.02** **%)** | **30.15%** | **(12.69** **%)** | **3.49%** | **136.41%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $3369 | $4014 | $3736 | $4017 | $4337 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.67% | 0.90% | 0.41% | (0.54%) | (0.75%) |
| Total expenses<sup>c</sup> | 1.77% | 1.78% | 1.70% | 1.66% | 1.75% |
| Net expenses<sup>d</sup> | 1.65% | 1.68% | 1.65% | 1.65% | 1.72% |
| Portfolio turnover rate | 94% | 57% | 44% | 159% | 501% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $105.47 | $82.02 | $94.68 | $112.55 | $48.18 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (.10) | .15 | (.34) | (1.48) | (1.12) |
| Net gain (loss) on investments (realized and unrealized) | (9.98) | 23.71 | (12.32) | 5.73 | 65.91 |
| Total from investment operations | (10.08) | 23.86 | (12.66) | 4.25 | 64.79 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.95) | (.41) |  |  | (.42) |
| Net realized gains |  |  |  | (22.12) |  |
| Total distributions | (.95) | (.41) |  | (22.12) | (.42) |
| Net asset value, end of period | $94.44 | $105.47 | $82.02 | $94.68 | $112.55 |
| **Total Return<sup>b</sup>** | **(9.70** **%)** | **29.20%** | **(13.37** **%)** | **2.71%** | **134.67%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $245 | $206 | $113 | $231 | $653 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.09%) | 0.17% | (0.42%) | (1.31%) | (1.59%) |
| Total expenses<sup>c</sup> | 2.53% | 2.54% | 2.45% | 2.41% | 2.52% |
| Net expenses<sup>d</sup> | 2.41% | 2.44% | 2.40% | 2.39% | 2.50% |
| Portfolio turnover rate | 94% | 57% | 44% | 159% | 501% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 147

**MID-CAP 1.5x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $131.39 | $101.34 | $116.07 | $132.43 | $56.24 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .87 | .98 | .36 | (.76) | (.60) |
| Net gain (loss) on investments (realized and unrealized) | (12.57) | 29.48 | (15.09) | 6.52 | 77.21 |
| Total from investment operations | (11.70) | 30.46 | (14.73) | 5.76 | 76.61 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.95) | (.41) |  |  | (.42) |
| Net realized gains |  |  |  | (22.12) |  |
| Total distributions | (.95) | (.41) |  | (22.12) | (.42) |
| Net asset value, end of period | $118.74 | $131.39 | $101.34 | $116.07 | $132.43 |
| **Total Return** | **(9.03** **%)** | **30.16%** | **(12.69** **%)** | **3.49%** | **136.39%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $7796 | $9469 | $6917 | $10327 | $12089 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.66% | 0.92% | 0.36% | (0.57%) | (0.64%) |
| Total expenses<sup>c</sup> | 1.77% | 1.79% | 1.70% | 1.66% | 1.74% |
| Net expenses<sup>d</sup> | 1.66% | 1.68% | 1.65% | 1.65% | 1.72% |
| Portfolio turnover rate | 94% | 57% | 44% | 159% | 501% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>c</sup> Does not include expenses of the underlying funds in which the Fund invests.

<sup>d</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

148 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **INVERSE MID-CAP STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MUTUAL FUNDS<sup>†</sup>** **- 49.0%** | **MUTUAL FUNDS<sup>†</sup>** **- 49.0%** | **MUTUAL FUNDS<sup>†</sup>** **- 49.0%** |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II<sup>1</sup> | 2020 | $50217 |
| &nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 4630 | 46439 |
| **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $95,671) |  | 96656 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 70.3%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 70.3%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 70.3%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25<sup>3</sup> | $78647 | $78647 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25<sup>3</sup> | 60275 | 60275 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $138,922) |  | 138922 |
| **Total Investments - 119.3%** | **Total Investments - 119.3%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $234,593) | &nbsp;&nbsp;&nbsp;(Cost $234,593) | $235578 |
| **Other Assets & Liabilities, net - (19.3)%** | **Other Assets & Liabilities, net - (19.3)%** | (38044) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $197534 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** |
| **Counterparty** | **Index** | **Type** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Appreciation** |
| **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** |
| Goldman Sachs International | S&P MidCap 400 Index | Receive | 4.28% (Federal<br> Funds Rate -<br> 0.05%) | At Maturity | 06/25/25 | 16 | $46191 | $1429 |
| BNP Paribas | S&P MidCap 400 Index | Receive | 4.48% (Federal<br> Funds Rate +<br> 0.15%) | At Maturity | 06/26/25 | 19 | 56151 | 1384 |
| Barclays Bank plc | S&P MidCap 400 Index | Receive | 4.89% (SOFR +<br> 0.55%) | At Maturity | 06/26/25 | 33 | 96407 | 1266 |
|  |  |  |  |  |  |  | $198749 | $4079 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Affiliated issuer. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as equity index swap collateral at March 31, 2025. |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;SOFR — Secured Overnight Financing Rate |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 149

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **INVERSE MID-CAP STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Mutual Funds | $96656 | $— | $— | $96656 |
| Repurchase Agreements |  | 138922 |  | 138922 |
| Equity Index Swap Agreements\*\* |  | 4079 |  | 4079 |
| Total Assets | $96656 | $143001 | $— | $239657 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

**Affiliated Transactions** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the year ended March 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 03/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 03/31/25** | **Shares <br> 03/31/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Guggenheim Strategy Fund II | $49692 | $— | $— | $— | $525 | $50217 | 2020 | $2823 |
| &nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 45884 |  |  |  | 555 | 46439 | 4630 | 2307 |
|  | $95576 | $— | $— | $— | $1080 | $96656 |  | $5130 |

---

150 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE MID-CAP STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in affiliated issuers, at value (cost $95,671) | $96656 |
| Repurchase agreements, at value (cost $138,922) | 138922 |
| Unrealized appreciation on OTC swap agreements | 4079 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 18897 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 800 |
| &nbsp;&nbsp;&nbsp;Dividends | 382 |
| &nbsp;&nbsp;&nbsp;Interest | 17 |
| **Total assets** | 259753 |
| **Liabilities:** | **Liabilities:** |
| Segregated cash due to broker | 58703 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 2458 |
| &nbsp;&nbsp;&nbsp;Management fees | 223 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 162 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 91 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 14 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 4 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 564 |
| **Total liabilities** | 62219 |
| **Net assets** | $197534 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $6433434 |
| Total distributable earnings (loss) | (6235900) |
| Net assets | $197534 |
| **Class A:** | **Class A:** |
| Net assets | $25030 |
| Capital shares outstanding | 588 |
| Net asset value per share | $42.60 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $44.72 |
| **Class C:** | **Class C:** |
| Net assets | $3464 |
| Capital shares outstanding | 96 |
| Net asset value per share | $35.91 |
| **Class H:** | **Class H:** |
| Net assets | $169040 |
| Capital shares outstanding | 3971 |
| Net asset value per share | $42.57 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends from securities of affiliated issuers | $5130 |
| Interest | 15271 |
| &nbsp;&nbsp;&nbsp;Total investment income | 20401 |
| **Expenses:** | **Expenses:** |
| Management fees | 3737 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 171 |
| &nbsp;&nbsp;&nbsp;Class C | 343 |
| &nbsp;&nbsp;&nbsp;Class H | 781 |
| Transfer agent fees | 915 |
| Portfolio accounting and administration fees | 634 |
| Registration fees | 542 |
| Professional fees | 264 |
| Interest expense | 130 |
| Trustees' fees\* | 56 |
| Custodian fees | 54 |
| Miscellaneous | 2 |
| &nbsp;&nbsp;&nbsp;Total expenses | 7629 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (415) |
| Expenses waived by Adviser | (116) |
| &nbsp;&nbsp;&nbsp;Total waived/reimbursed expenses | (531) |
| Net expenses | 7098 |
| Net investment income | 13303 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Swap agreements | 55350 |
| Net realized gain | 55350 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | 1080 |
| &nbsp;&nbsp;&nbsp;Swap agreements | 17309 |
| Net change in unrealized appreciation (depreciation) | 18389 |
| Net realized and unrealized gain | 73739 |
| **Net increase in net assets resulting from operations** | $87042 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 151

**INVERSE MID-CAP STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $13303 | $75618 |
| Net realized gain (loss) on investments | 55350 | (219383) |
| Net change in unrealized appreciation (depreciation) on investments | 18389 | 72499 |
| Net increase (decrease) in net assets resulting from operations | 87042 | (71266) |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (4006) | (3819) |
| &nbsp;&nbsp;&nbsp;Class C | (644) | (10) |
| &nbsp;&nbsp;&nbsp;Class H | (30749) | (52183) |
| Total distributions to shareholders | (35399) | (56012) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 486117 | 87472 |
| &nbsp;&nbsp;&nbsp;Class C | 380462 |  |
| &nbsp;&nbsp;&nbsp;Class H | 3771347 | 5523737 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 4006 | 3804 |
| &nbsp;&nbsp;&nbsp;Class C | 644 | 10 |
| &nbsp;&nbsp;&nbsp;Class H | 30749 | 52182 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (546389) | (89458) |
| &nbsp;&nbsp;&nbsp;Class C | (405685) |  |
| &nbsp;&nbsp;&nbsp;Class H | (4140131) | (7533294) |
| Net decrease from capital share transactions | (418880) | (1955547) |
| Net decrease in net assets | (367237) | (2082825) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 564771 | 2647596 |
| &nbsp;&nbsp;&nbsp;End of year | $197534 | $564771 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 12446 | 1433 |
| &nbsp;&nbsp;&nbsp;Class C | 11881 |  |
| &nbsp;&nbsp;&nbsp;Class H | 77603 | 98363 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 107 | 70 |
| &nbsp;&nbsp;&nbsp;Class C | 21 |  |
| &nbsp;&nbsp;&nbsp;Class H | 823 | 960 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (12975) | (1477) |
| &nbsp;&nbsp;&nbsp;Class C | (11808) |  |
| &nbsp;&nbsp;&nbsp;Class H | (85221) | (132116) |
| Net decrease in shares | (7123) | (32767) |

---

152 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE MID-CAP STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $47.91 | $59.40 | $57.57 | $63.60 | $127.90 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 1.21 | 2.02 | .90 | (.75) | (.45) |
| Net gain (loss) on investments (realized and unrealized) | 1.98 | (9.45) | .93 <sup>e</sup> | (5.28) | (63.36) |
| Total from investment operations | 3.19 | (7.43) | 1.83 | (6.03) | (63.81) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (8.50) | (4.06) |  |  | (.49) |
| Total distributions | (8.50) | (4.06) |  |  | (.49) |
| Net asset value, end of period | $42.60 | $47.91 | $59.40 | $57.57 | $63.60 |
| **Total Return<sup>b</sup>** | **9.15%** | **(13.31** **%)** | **3.18%** | **(9.48** **%)** | **(49.94** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $25 | $48 | $58 | $61 | $100 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.87% | 3.52% | 1.48% | (1.25%) | (1.29%) |
| Total expenses<sup>c</sup> | 1.79% | 1.73% | 1.66% | 1.66% | 1.76% |
| Net expenses<sup>d</sup> | 1.67% | 1.64% | 1.61% | 1.63% | 1.73% |
| Portfolio turnover rate |  |  |  | 24% | 42% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $41.44 | $51.61 | $50.06 | $55.65 | $112.07 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .59 | 1.67 | (.54) | (1.10) | (.83) |
| Net gain (loss) on investments (realized and unrealized) | 2.38 | (7.78) | 2.09 <sup>e</sup> | (4.49) | (55.10) |
| Total from investment operations | 2.97 | (6.11) | 1.55 | (5.59) | (55.93) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (8.50) | (4.06) |  |  | (.49) |
| Total distributions | (8.50) | (4.06) |  |  | (.49) |
| Net asset value, end of period | $35.91 | $41.44 | $51.61 | $50.06 | $55.65 |
| **Total Return<sup>b</sup>** | **10.23%** | **(12.73** **%)** | **3.10%** | **(10.04** **%)** | **(50.08** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $3 | $— <sup>f</sup> | $— <sup>f</sup> | $— <sup>f</sup> | $3 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.79% | 3.97% | (0.94 %) | (2.11 %) | (1.95%) |
| Total expenses<sup>c</sup> | 2.55% | 1.59% | 2.39% | 2.39% | 2.49% |
| Net expenses<sup>d</sup> | 2.44% | 1.59% | 2.39% | 2.39% | 2.46% |
| Portfolio turnover rate |  |  |  | 24% | 42% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 153

**INVERSE MID-CAP STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $47.96 | $59.44 | $57.62 | $63.65 | $128.00 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 1.62 | 2.08 | .81 | (.84) | (.42) |
| Net gain (loss) on investments (realized and unrealized) | 1.49 | (9.50) | 1.01 <sup>e</sup> | (5.19) | (63.44) |
| Total from investment operations | 3.11 | (7.42) | 1.82 | (6.03) | (63.86) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (8.50) | (4.06) |  |  | (.49) |
| Total distributions | (8.50) | (4.06) |  |  | (.49) |
| Net asset value, end of period | $42.57 | $47.96 | $59.44 | $57.62 | $63.65 |
| **Total Return** | **8.94%** | **(13.30** **%)** | **3.16%** | **(9.47** **%)** | **(49.94** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $169 | $516 | $2589 | $291 | $779 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.43% | 3.54% | 1.32% | (1.40%) | (1.38%) |
| Total expenses<sup>c</sup> | 1.77% | 1.71% | 1.71% | 1.66% | 1.77% |
| Net expenses<sup>d</sup> | 1.64% | 1.64% | 1.67% | 1.64% | 1.75% |
| Portfolio turnover rate |  |  |  | 24% | 42% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>c</sup> Does not include expenses of the underlying funds in which the Fund invests.

<sup>d</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>e</sup> The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

<sup>f</sup> Less than $1,000 in Net Assets.

154 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **MONTHLY REBALANCE NASDAQ-100<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 68.6%** | **COMMON STOCKS<sup>†</sup>** **- 68.6%** | **COMMON STOCKS<sup>†</sup>** **- 68.6%** |
| **Technology - 32.7%** | **Technology - 32.7%** | **Technology - 32.7%** |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 90396 | $20079663 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 44734 | 16792696 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 146829 | 15913327 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 46650 | 7810610 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc. — Class A\* | 33296 | 2810182 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 4139 | 2541305 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 16374 | 2515210 |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.\* | 6439 | 2469550 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.\* | 23991 | 2464835 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 13478 | 2421997 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 12028 | 1745503 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 7342 | 1480661 |
| &nbsp;&nbsp;&nbsp;Intel Corp.\* | 64104 | 1455802 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 16495 | 1433251 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | 19004 | 1381591 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | 1967 | 1337167 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc. — Class A\* | 3462 | 1220632 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp. — Class A\* | 4579 | 1213298 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.\* | 11385 | 1095920 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.\* | 4058 | 1032071 |
| &nbsp;&nbsp;&nbsp;MicroStrategy, Inc. — Class A\* | 3519 | 1014422 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.\* | 2289 | 981638 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 1590 | 937432 |
| &nbsp;&nbsp;&nbsp;ASML Holding N.V. — Class G | 1337 | 885936 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.\* | 3183 | 833310 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 5331 | 822467 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 12810 | 788712 |
| &nbsp;&nbsp;&nbsp;Workday, Inc. — Class A\* | 3168 | 739823 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductor N.V. | 3755 | 713675 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. — Class A | 7323 | 560210 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 3858 | 557558 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.\* | 2613 | 541544 |
| &nbsp;&nbsp;&nbsp;Atlassian Corp. — Class A\* | 2428 | 515246 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc. — Class A\* | 4696 | 465890 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc.\* | 2272 | 450810 |
| &nbsp;&nbsp;&nbsp;ANSYS, Inc.\* | 1297 | 410578 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 7962 | 385440 |
| &nbsp;&nbsp;&nbsp;GLOBALFOUNDRIES, Inc.\* | 8182 | 301998 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.\* | 6238 | 253824 |
| &nbsp;&nbsp;&nbsp;ARM Holdings plc ADR\*<sup>,1</sup> | 1938 | 206959 |
| &nbsp;&nbsp;&nbsp;MongoDB, Inc.\* | 1103 | 193466 |
| **Total Technology** |  | 101776209 |
| **Communications - 18.2%** | **Communications - 18.2%** | **Communications - 18.2%** |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.\* | 63771 | 12133071 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. — Class A | 13178 | 7595272 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.\* | 6333 | 5905713 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. — Class A | 35100 | 5427864 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. — Class C | 33079 | 5167932 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 16904 | 4508466 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 58897 | 3634534 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 486 | 2238958 |
| &nbsp;&nbsp;&nbsp;Comcast Corp. — Class A | 55837 | 2060385 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.\* | 9802 | 1672613 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.\* | 751 | 1465103 |
| &nbsp;&nbsp;&nbsp;PDD Holdings, Inc. ADR\* | 9889 | 1170363 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc. — Class A\* | 5840 | 1067377 |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc. — Class A\* | 2101 | 774282 |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc. — Class A\* | 6409 | 765619 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc.\* | 36341 | 389939 |
| &nbsp;&nbsp;&nbsp;Trade Desk, Inc. — Class A\* | 6698 | 366514 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | 1962 | 314430 |
| **Total Communications** |  | 56658435 |
| **Consumer, Non-cyclical - 7.7%** | **Consumer, Non-cyclical - 7.7%** | **Consumer, Non-cyclical - 7.7%** |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 20305 | 3044532 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.\* | 5280 | 2615025 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 7953 | 2477757 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 18437 | 2065866 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.\* | 3802 | 1843286 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 6024 | 1840513 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc. — Class A | 19150 | 1299327 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | 5975 | 1228042 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 1591 | 1009060 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.\* | 14646 | 955651 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.\* | 14408 | 843156 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | 20086 | 687343 |
| &nbsp;&nbsp;&nbsp;AstraZeneca plc ADR | 8621 | 633643 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. — Class A | 2076 | 617859 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners plc | 6824 | 593893 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | 6770 | 546407 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | 17692 | 538368 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.\* | 1204 | 505620 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.\* | 5785 | 395058 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.\* | 2166 | 296395 |
| **Total Consumer, Non-cyclical** |  | 24036801 |
| **Consumer, Cyclical - 6.1%** | **Consumer, Cyclical - 6.1%** | **Consumer, Cyclical - 6.1%** |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 6572 | 6215666 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.\* | 21872 | 5668348 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 16817 | 1649580 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.\* | 848 | 1214828 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc. — Class A | 4081 | 972094 |
| &nbsp;&nbsp;&nbsp;Copart, Inc.\* | 14303 | 809407 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | 7770 | 756565 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | 8490 | 658399 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 4884 | 624126 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.\* | 1722 | 487429 |
| **Total Consumer, Cyclical** |  | 19056442 |
| **Industrial - 1.3%** | **Industrial - 1.3%** | **Industrial - 1.3%** |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 9622 | 2037459 |
| &nbsp;&nbsp;&nbsp;CSX Corp. | 28049 | 825482 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.\* | 1134 | 596427 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 3147 | 520671 |
| **Total Industrial** |  | 3980039 |
| **Basic Materials - 1.0%** | **Basic Materials - 1.0%** | **Basic Materials - 1.0%** |
| &nbsp;&nbsp;&nbsp;Linde plc | 7002 | 3260411 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 155

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **MONTHLY REBALANCE NASDAQ-100<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Utilities - 1.0%** | **Utilities - 1.0%** | **Utilities - 1.0%** |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 4631 | $933748 |
| &nbsp;&nbsp;&nbsp;American Electric Power Company, Inc. | 7894 | 862577 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | 14882 | 685763 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 8506 | 602140 |
| **Total Utilities** |  | 3084228 |
| **Energy - 0.4%** | **Energy - 0.4%** | **Energy - 0.4%** |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 4285 | 685086 |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 14659 | 644263 |
| **Total Energy** |  | 1329349 |
| **Financial - 0.2%** | **Financial - 0.2%** | **Financial - 0.2%** |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.\* | 6072 | 481085 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $185,316,795) |  | 213662999 |
| **MUTUAL FUNDS<sup>†</sup>** **- 1.9%** | **MUTUAL FUNDS<sup>†</sup>** **- 1.9%** | **MUTUAL FUNDS<sup>†</sup>** **- 1.9%** |
| &nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class<sup>2</sup> | 301467 | 3023718 |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II<sup>2</sup> | 115431 | 2869626 |
| **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,770,077) |  | 5893344 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 19.9%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 19.9%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 19.9%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;4.16% due 06/05/25<sup>3,4</sup> | $40000000 | 39697028 |
| &nbsp;&nbsp;&nbsp;4.22% due 04/01/25<sup>4</sup> | 12000000 | 12000000 |
| &nbsp;&nbsp;&nbsp;4.20% due 06/12/25<sup>3,4</sup> | 5700000 | 5652234 |
| &nbsp;&nbsp;&nbsp;4.08% due 04/08/25<sup>4,5</sup> | 4193000 | 4189538 |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;4.19% due 06/12/25<sup>4</sup> | 300000 | 297486 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $61,835,474) |  | 61836286 |
| **REPURCHASE AGREEMENTS<sup>††,6</sup>** **- 10.0%** | **REPURCHASE AGREEMENTS<sup>††,6</sup>** **- 10.0%** | **REPURCHASE AGREEMENTS<sup>††,6</sup>** **- 10.0%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25<sup>3</sup> | 17649163 | 17649163 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25<sup>3</sup> | 13526105 | 13526105 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $31,175,268) |  | 31175268 |
|  | **Shares** |  |
| **SECURITIES LENDING COLLATERAL<sup>†,7</sup>** **- 0.0%** | **SECURITIES LENDING COLLATERAL<sup>†,7</sup>** **- 0.0%** | **SECURITIES LENDING COLLATERAL<sup>†,7</sup>** **- 0.0%** |
| **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.27%<sup>8</sup> | 54230 | 54230 |
| **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp;(Cost $54,230) |  | 54230 |
| **Total Investments - 100.4%** | **Total Investments - 100.4%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $284,151,844) | &nbsp;&nbsp;&nbsp;(Cost $284,151,844) | $312622127 |
| **Other Assets & Liabilities, net - (0.4)%** | **Other Assets & Liabilities, net - (0.4)%** | (1226736) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $311395391 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Depreciation\*\*** |
| **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** |
| NASDAQ-100 Index Mini Futures Contracts | 407 | Jun 2025 | $158320965 | $(4235619) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** |
| **Counterparty** | **Index** | **Type** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Depreciation** |
| **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** |
| Barclays Bank plc | NASDAQ-100 Index | Pay | 5.34% (SOFR + 1.00%) | At Maturity | 06/26/25 | 1496 | $28847525 | $(955481) |
| BNP Paribas | NASDAQ-100 Index | Pay | 5.23% (Federal<br> Funds Rate +<br> 0.90%) | At Maturity | 06/26/25 | 5500 | 106036967 | (3376452) |
| Goldman Sachs International | NASDAQ-100 Index | Pay | 4.93% (Federal<br> Funds Rate +<br> 0.60%) | At Maturity | 06/25/25 | 6066 | 116935174 | (4557382) |
|  |  |  |  |  |  |  | $251819666 | $(8889315) |

---

156 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **MONTHLY REBALANCE NASDAQ-100<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\* | &nbsp;&nbsp;&nbsp;Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| \*\*\* | &nbsp;&nbsp;&nbsp;A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is on loan at March 31, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Affiliated issuer. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as equity index swap collateral at March 31, 2025. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the effective yield at the time of purchase. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as futures collateral at March 31, 2025. |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Securities lending collateral — See Note 7. |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of March 31, 2025. |
|  | &nbsp;&nbsp;&nbsp;ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;SOFR — Secured Overnight Financing Rate |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $213662999 | $— | $— | $213662999 |
| Mutual Funds | 5893344 |  |  | 5893344 |
| U.S. Treasury Bills |  | 61836286 |  | 61836286 |
| Repurchase Agreements |  | 31175268 |  | 31175268 |
| Securities Lending Collateral | 54230 |  |  | 54230 |
| Total Assets | $219610573 | $93011554 | $— | $312622127 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Equity Futures Contracts\*\* | $4235619 | $— | $— | $4235619 |
| Equity Index Swap Agreements\*\* |  | 8889315 |  | 8889315 |
| Total Liabilities | $4235619 | $8889315 | $— | $13124934 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 157

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **MONTHLY REBALANCE NASDAQ-100<sup>®</sup>** **2x STRATEGY FUND** |  |

---

**Affiliated Transactions** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the year ended March 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 03/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 03/31/25** | **Shares <br> 03/31/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Guggenheim Strategy Fund II | $2839614 | $— | $— | $— | $30012 | $2869626 | 115431 | $161308 |
| &nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 2987542 |  |  |  | 36176 | 3023718 | 301467 | 150213 |
|  | $5827156 | $— | $— | $— | $66188 | $5893344 |  | $311521 |

---

158 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**MONTHLY REBALANCE NASDAQ-100<sup>®</sup>** **2x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in unaffiliated issuers, at value - including $52,647 of securities loaned (cost $247,206,499) | $275553515 |
| Investments in affiliated issuers, at value (cost $5,770,077) | 5893344 |
| Repurchase agreements, at value (cost $31,175,268) | 31175268 |
| Cash | 2 |
| Segregated cash with broker | 13351193 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 3532618 |
| &nbsp;&nbsp;&nbsp;Investment Adviser | 190160 |
| &nbsp;&nbsp;&nbsp;Dividends | 82805 |
| &nbsp;&nbsp;&nbsp;Interest | 3772 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 2 |
| **Total assets** | 329782679 |
| **Liabilities:** | **Liabilities:** |
| Unrealized depreciation on OTC swap agreements | 8889315 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Swap settlement | 6491106 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 1634295 |
| &nbsp;&nbsp;&nbsp;Management fees | 357620 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 209699 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 100497 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 82769 |
| &nbsp;&nbsp;&nbsp;Return of securities lending collateral | 54230 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 13508 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 6179 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 548070 |
| **Total liabilities** | 18387288 |
| **Net assets** | $311395391 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $420278727 |
| Total distributable earnings (loss) | (108883336) |
| Net assets | $311395391 |
| **Class A:** | **Class A:** |
| Net assets | $6905853 |
| Capital shares outstanding | 16380 |
| Net asset value per share | $421.60 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $442.62 |
| **Class C:** | **Class C:** |
| Net assets | $1441535 |
| Capital shares outstanding | 3813 |
| Net asset value per share | $378.06 |
| **Class H:** | **Class H:** |
| Net assets | $303048003 |
| Capital shares outstanding | 696716 |
| Net asset value per share | $434.97 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $4,751) | $4166702 |
| Dividends from securities of affiliated issuers | 311521 |
| Interest | 6555621 |
| Income from securities lending, net | 10388 |
| &nbsp;&nbsp;&nbsp;Total investment income | 11044232 |
| **Expenses:** | **Expenses:** |
| Management fees | 6056431 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | 20830 |
| &nbsp;&nbsp;&nbsp;Class C | 19514 |
| &nbsp;&nbsp;&nbsp;Class H | 1656656 |
| Transfer agent fees | 1451113 |
| Portfolio accounting and administration fees | 877879 |
| Registration fees | 783935 |
| Interest expense | 296758 |
| Professional fees | 295440 |
| Custodian fees | 91219 |
| Trustees' fees\* | 74412 |
| Line of credit fees | 469 |
| Miscellaneous | 485218 |
| &nbsp;&nbsp;&nbsp;Total expenses | 12109874 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (673045) |
| Expenses waived by Adviser | (2879565) |
| &nbsp;&nbsp;&nbsp;Total waived/reimbursed expenses | (3552610) |
| Net expenses | 8557264 |
| Net investment income | 2486968 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 106836915 |
| &nbsp;&nbsp;&nbsp;Swap agreements | (20526280) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (11569809) |
| Net realized gain | 74740826 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | (130215550) |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | 66188 |
| &nbsp;&nbsp;&nbsp;Swap agreements | (12329957) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (5869482) |
| Net change in unrealized appreciation (depreciation) | (148348801) |
| Net realized and unrealized loss | (73607975) |
| **Net decrease in net assets resulting from operations** | $(71121007) |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 159

**MONTHLY REBALANCE NASDAQ-100<sup>®</sup>** **2x STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $2486968 | $1215164 |
| Net realized gain on investments | 74740826 | 204655816 |
| Net change in unrealized appreciation (depreciation) on investments | (148348801) | 99936035 |
| Net increase (decrease) in net assets resulting from operations | (71121007) | 305807015 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1883172) | (229861) |
| &nbsp;&nbsp;&nbsp;Class C | (457837) | (52499) |
| &nbsp;&nbsp;&nbsp;Class H | (71272450) | (16565287) |
| Total distributions to shareholders | (73613459) | (16847647) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 8288204 | 5788991 |
| &nbsp;&nbsp;&nbsp;Class C | 1778829 | 442703 |
| &nbsp;&nbsp;&nbsp;Class H | 7640922633 | 2095676099 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1827807 | 211140 |
| &nbsp;&nbsp;&nbsp;Class C | 387048 | 36396 |
| &nbsp;&nbsp;&nbsp;Class H | 71235810 | 16560168 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (9143336) | (6391583) |
| &nbsp;&nbsp;&nbsp;Class C | (2019721) | (326833) |
| &nbsp;&nbsp;&nbsp;Class H | (7905285093) | (2138872563) |
| Net decrease from capital share transactions | (192007819) | (26875482) |
| Net increase (decrease) in net assets | (336742285) | 262083886 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 648137676 | 386053790 |
| &nbsp;&nbsp;&nbsp;End of year | $311395391 | $648137676 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 15238 | 14718 |
| &nbsp;&nbsp;&nbsp;Class C | 3697 | 1149 |
| &nbsp;&nbsp;&nbsp;Class H | 13988627 | 4803990 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 3368 | 507 |
| &nbsp;&nbsp;&nbsp;Class C | 794 | 94 |
| &nbsp;&nbsp;&nbsp;Class H | 127239 | 38772 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (16663) | (16225) |
| &nbsp;&nbsp;&nbsp;Class C | (4396) | (933) |
| &nbsp;&nbsp;&nbsp;Class H | (14645505) | (4858568) |
| Net decrease in shares | (527601) | (16496) |

---

160 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**MONTHLY REBALANCE NASDAQ-100<sup>®</sup>** **2x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $508.07 | $298.90 | $429.31 | $355.42 | $141.86 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 2.41 | 1.04 | .32 | (3.11) | (1.74) |
| Net gain (loss) on investments (realized and unrealized) | 44.25 <sup>f</sup> | 224.62 | (130.73) | 88.53 | 233.57 |
| Total from investment operations | 46.66 | 225.66 | (130.41) | 85.42 | 231.83 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (1.60) | (.60) |  |  |  |
| Net realized gains | (131.53) | (15.89) |  | (11.53) | (18.27) |
| Total distributions | (133.13) | (16.49) |  | (11.53) | (18.27) |
| Net asset value, end of period | $421.60 | $508.07 | $298.90 | $429.31 | $355.42 |
| **Total Return<sup>b</sup>** | **3.34%** | **76.76%** | **(30.38** **%)** | **23.48%** | **164.83%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $6906 | $7335 | $4614 | $8376 | $5504 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.44% | 0.26% | 0.12% | (0.70%) | (0.60%) |
| Total expenses<sup>c</sup> | 1.82% | 1.95% | 1.77% | 1.69% | 1.77% |
| Net expenses<sup>d,e</sup> | 1.26% | 1.42% | 1.31% | 1.32% | 1.33% |
| Portfolio turnover rate | 1036% | 334% | 1054% | 922% | 509% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $469.27 | $278.89 | $403.95 | $337.38 | $136.06 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (1.55) | (1.79) | (1.56) | (6.08) | (3.70) |
| Net gain (loss) on investments (realized and unrealized) | 43.47 <sup>f</sup> | 208.66 | (123.50) | 84.18 | 223.29 |
| Total from investment operations | 41.92 | 206.87 | (125.06) | 78.10 | 219.59 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (1.60) | (.60) |  |  |  |
| Net realized gains | (131.53) | (15.89) |  | (11.53) | (18.27) |
| Total distributions | (133.13) | (16.49) |  | (11.53) | (18.27) |
| Net asset value, end of period | $378.06 | $469.27 | $278.89 | $403.95 | $337.38 |
| **Total Return<sup>b</sup>** | **2.57%** | **75.44%** | **(30.96** **%)** | **22.55%** | **162.86%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $1442 | $1745 | $951 | $1433 | $1751 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.31 %) | (0.49%) | (0.61%) | (1.44%) | (1.34%) |
| Total expenses<sup>c</sup> | 2.56% | 2.71% | 2.52% | 2.44% | 2.52% |
| Net expenses<sup>d,e</sup> | 2.01% | 2.17% | 2.06% | 2.07% | 2.08% |
| Portfolio turnover rate | 1036% | 334% | 1054% | 922% | 509% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 161

**MONTHLY REBALANCE NASDAQ-100<sup>®</sup>** **2x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $521.10 | $306.31 | $440.25 | $364.34 | $145.23 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 2.07 | .96 | .27 | (3.35) | (1.81) |
| Net gain (loss) on investments (realized and unrealized) | 44.93 <sup>f</sup> | 230.32 | (134.21) | 90.79 | 239.19 |
| Total from investment operations | 47.00 | 231.28 | (133.94) | 87.44 | 237.38 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (1.60) | (.60) |  |  |  |
| Net realized gains | (131.53) | (15.89) |  | (11.53) | (18.27) |
| Total distributions | (133.13) | (16.49) |  | (11.53) | (18.27) |
| Net asset value, end of period | $434.97 | $521.10 | $306.31 | $440.25 | $364.34 |
| **Total Return** | **3.32%** | **76.74%** | **(30.42** **%)** | **23.46%** | **164.81%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $303048 | $639058 | $380489 | $113538 | $90776 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.37% | 0.24% | 0.10% | (0.71%) | (0.60%) |
| Total expenses<sup>c</sup> | 1.80% | 1.95% | 1.77% | 1.69% | 1.77% |
| Net expenses<sup>d,e</sup> | 1.27% | 1.43% | 1.32% | 1.33% | 1.33% |
| Portfolio turnover rate | 1036% | 334% | 1054% | 922% | 509% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>c</sup> Does not include expenses of the underlying funds in which the Fund invests.

<sup>d</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>e</sup> Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **03/31/25** | **03/31/24** | **03/31/23** | **03/31/22** | **03/31/21** |
| Class A | 1.21% | 1.22% | 1.27% | 1.32% | 1.33% |
| Class C | 1.96% | 1.97% | 2.02% | 2.06% | 2.08% |
| Class H | 1.23% | 1.24% | 1.28% | 1.33% | 1.33% |

---

<sup>f</sup> The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

162 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **NASDAQ-100<sup>®</sup>** **FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 95.9%** | **COMMON STOCKS<sup>†</sup>** **- 95.9%** | **COMMON STOCKS<sup>†</sup>** **- 95.9%** |
| **Technology - 45.7%** | **Technology - 45.7%** | **Technology - 45.7%** |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 674255 | $149772263 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 333669 | 125256006 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 1095177 | 118695283 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 347963 | 58259445 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc. — Class A\* | 248345 | 20960318 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 30871 | 18954485 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 122132 | 18760697 |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.\* | 48024 | 18418645 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.\* | 178944 | 18384707 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 100525 | 18064342 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 89715 | 13019441 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 54769 | 11045264 |
| &nbsp;&nbsp;&nbsp;Intel Corp.\* | 478149 | 10858764 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 123035 | 10690511 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | 141751 | 10305298 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | 14674 | 9975385 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc. — Class A\* | 25823 | 9104673 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp. — Class A\* | 34152 | 9049255 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.\* | 84915 | 8173918 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.\* | 30269 | 7698315 |
| &nbsp;&nbsp;&nbsp;MicroStrategy, Inc. — Class A\* | 26250 | 7567087 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.\* | 17074 | 7322185 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 11858 | 6991240 |
| &nbsp;&nbsp;&nbsp;ASML Holding N.V. — Class G | 9973 | 6608409 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.\* | 23742 | 6215656 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 39761 | 6134327 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 95552 | 5883137 |
| &nbsp;&nbsp;&nbsp;Workday, Inc. — Class A\* | 23631 | 5518547 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductor N.V. | 28006 | 5322820 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. — Class A | 54619 | 4178354 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 28779 | 4159141 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.\* | 19490 | 4039303 |
| &nbsp;&nbsp;&nbsp;Atlassian Corp. — Class A\* | 18109 | 3842911 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc. — Class A\* | 35034 | 3475723 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc.\* | 16944 | 3362028 |
| &nbsp;&nbsp;&nbsp;ANSYS, Inc.\* | 9679 | 3063984 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 59390 | 2875070 |
| &nbsp;&nbsp;&nbsp;GLOBALFOUNDRIES, Inc.\* | 61028 | 2252543 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.\* | 46536 | 1893550 |
| &nbsp;&nbsp;&nbsp;ARM Holdings plc ADR\*<sup>,1</sup> | 14457 | 1543863 |
| &nbsp;&nbsp;&nbsp;MongoDB, Inc.\* | 8224 | 1442490 |
| **Total Technology** |  | 759139383 |
| **Communications - 25.4%** | **Communications - 25.4%** | **Communications - 25.4%** |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.\* | 475672 | 90501355 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. — Class A | 98292 | 56651577 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.\* | 47236 | 44048987 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. — Class A | 261810 | 40486298 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. — Class C | 246729 | 38546472 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 126079 | 33626530 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 439311 | 27109882 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 3624 | 16695442 |
| &nbsp;&nbsp;&nbsp;Comcast Corp. — Class A | 416484 | 15368260 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.\* | 73114 | 12476173 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.\* | 5598 | 10920970 |
| &nbsp;&nbsp;&nbsp;PDD Holdings, Inc. ADR\* | 73757 | 8729141 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc. — Class A\* | 43562 | 7961827 |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc. — Class A\* | 15675 | 5776708 |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc. — Class A\* | 47801 | 5710307 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc.\* | 271072 | 2908602 |
| &nbsp;&nbsp;&nbsp;Trade Desk, Inc. — Class A\* | 49960 | 2733811 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | 14631 | 2344764 |
| **Total Communications** |  | 422597106 |
| **Consumer, Non-cyclical - 10.8%** | **Consumer, Non-cyclical - 10.8%** | **Consumer, Non-cyclical - 10.8%** |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 151451 | 22708563 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.\* | 39384 | 19505714 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 59322 | 18481769 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 137520 | 15409116 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.\* | 28356 | 13747556 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 44929 | 13727157 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc. — Class A | 142840 | 9691694 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | 44562 | 9158828 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 11872 | 7529578 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.\* | 109239 | 7127845 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.\* | 107463 | 6288735 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | 149822 | 5126909 |
| &nbsp;&nbsp;&nbsp;AstraZeneca plc ADR | 64302 | 4726197 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. — Class A | 15490 | 4610134 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners plc | 50901 | 4429914 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | 50498 | 4075693 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | 131959 | 4015513 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.\* | 8981 | 3771571 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.\* | 43152 | 2946850 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.\* | 16164 | 2211882 |
| **Total Consumer, Non-cyclical** |  | 179291218 |
| **Consumer, Cyclical - 8.5%** | **Consumer, Cyclical - 8.5%** | **Consumer, Cyclical - 8.5%** |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 49018 | 46360244 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.\* | 163139 | 42279103 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 125434 | 12303821 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.\* | 6324 | 9059636 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc. — Class A | 30444 | 7251761 |
| &nbsp;&nbsp;&nbsp;Copart, Inc.\* | 106683 | 6037191 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | 57952 | 5642786 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | 63324 | 4910776 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 36433 | 4655773 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.\* | 12841 | 3634774 |
| **Total Consumer, Cyclical** |  | 142135865 |
| **Industrial - 1.8%** | **Industrial - 1.8%** | **Industrial - 1.8%** |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 71768 | 15196874 |
| &nbsp;&nbsp;&nbsp;CSX Corp. | 209217 | 6157256 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.\* | 8461 | 4450063 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 23471 | 3883277 |
| **Total Industrial** |  | 29687470 |
| **Basic Materials - 1.5%** | **Basic Materials - 1.5%** | **Basic Materials - 1.5%** |
| &nbsp;&nbsp;&nbsp;Linde plc | 52222 | 24316652 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 163

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **NASDAQ-100<sup>®</sup>** **FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Utilities - 1.4%** | **Utilities - 1.4%** | **Utilities - 1.4%** |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 34547 | $6965712 |
| &nbsp;&nbsp;&nbsp;American Electric Power Company, Inc. | 58881 | 6433927 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | 111003 | 5115018 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 63446 | 4491342 |
| **Total Utilities** |  | 23005999 |
| **Energy - 0.6%** | **Energy - 0.6%** | **Energy - 0.6%** |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 31962 | 5110085 |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 109335 | 4805273 |
| **Total Energy** |  | 9915358 |
| **Financial - 0.2%** | **Financial - 0.2%** | **Financial - 0.2%** |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.\* | 45289 | 3588248 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $432,634,174) |  | 1593677299 |
| **MUTUAL FUNDS<sup>†</sup>** **- 3.1%** | **MUTUAL FUNDS<sup>†</sup>** **- 3.1%** | **MUTUAL FUNDS<sup>†</sup>** **- 3.1%** |
| &nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class<sup>2</sup> | 2756359 | 27646283 |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II<sup>2</sup> | 575584 | 14309030 |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund III<sup>2</sup> | 370504 | 9236660 |
| **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $51,083,879) |  | 51191973 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 0.7%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 0.7%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 0.7%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;4.22% due 04/01/25<sup>3</sup> | $10000000 | 10000000 |
| &nbsp;&nbsp;&nbsp;4.08% due 04/08/25<sup>3,4</sup> | 1446000 | 1444806 |
| &nbsp;&nbsp;&nbsp;4.20% due 06/12/25<sup>3,5</sup> | 650000 | 644553 |
| &nbsp;&nbsp;&nbsp;4.19% due 06/12/25<sup>3</sup> | 100000 | 99162 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $12,188,519) |  | 12188521 |
| **REPURCHASE AGREEMENTS<sup>††,6</sup>** **- 0.9%** | **REPURCHASE AGREEMENTS<sup>††,6</sup>** **- 0.9%** | **REPURCHASE AGREEMENTS<sup>††,6</sup>** **- 0.9%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25<sup>5</sup> | 8736060 | 8736060 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25<sup>5</sup> | 6695210 | 6695210 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $15,431,270) |  | 15431270 |
|  | **Shares** |  |
| **SECURITIES LENDING COLLATERAL<sup>†,7</sup>** **- 0.1%** | **SECURITIES LENDING COLLATERAL<sup>†,7</sup>** **- 0.1%** | **SECURITIES LENDING COLLATERAL<sup>†,7</sup>** **- 0.1%** |
| **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.27%<sup>8</sup> | 1203840 | 1203840 |
| **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,203,840) |  | 1203840 |
| **Total Investments - 100.7%** | **Total Investments - 100.7%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $512,541,682) | &nbsp;&nbsp;&nbsp;(Cost $512,541,682) | $1673692903 |
| **Other Assets & Liabilities, net - (0.7)%** | **Other Assets & Liabilities, net - (0.7)%** | (11208535) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $1662484368 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Depreciation\*\*** |
| **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** |
| NASDAQ-100 Index Mini Futures Contracts | 58 | Jun 2025 | $22561710 | $(583324) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** |
| **Counterparty** | **Index** | **Type** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Depreciation** |
| **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** |
| Barclays Bank plc | NASDAQ-100 Index | Pay | 5.34% (SOFR + 1.00%) | At Maturity | 06/26/25 | 156 | $3010488 | $(99698) |
| BNP Paribas | NASDAQ-100 Index | Pay | 5.23% (Federal<br> Funds Rate +<br> 0.90%) | At Maturity | 06/26/25 | 1094 | 21081675 | (698266) |
| Goldman Sachs International | NASDAQ-100 Index | Pay | 4.93% (Federal<br> Funds Rate +<br> 0.60%) | At Maturity | 06/25/25 | 1314 | 25335059 | (1141116) |
|  |  |  |  |  |  |  | $49427222 | $(1939080) |

---

164 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **NASDAQ-100<sup>®</sup>** **FUND** |  |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\* | &nbsp;&nbsp;&nbsp;Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| \*\*\* | &nbsp;&nbsp;&nbsp;A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is on loan at March 31, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Affiliated issuer. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the effective yield at the time of purchase. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as futures collateral at March 31, 2025. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as equity index swap collateral at March 31, 2025. |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Securities lending collateral — See Note 7. |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of March 31, 2025. |
|  | &nbsp;&nbsp;&nbsp;ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;SOFR — Secured Overnight Financing Rate |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $1593677299 | $— | $— | $1593677299 |
| Mutual Funds | 51191973 |  |  | 51191973 |
| U.S. Treasury Bills |  | 12188521 |  | 12188521 |
| Repurchase Agreements |  | 15431270 |  | 15431270 |
| Securities Lending Collateral | 1203840 |  |  | 1203840 |
| Total Assets | $1646073112 | $27619791 | $— | $1673692903 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Equity Futures Contracts\*\* | $583324 | $— | $— | $583324 |
| Equity Index Swap Agreements\*\* |  | 1939080 |  | 1939080 |
| Total Liabilities | $583324 | $1939080 | $— | $2522404 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 165

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **NASDAQ-100<sup>®</sup>** **FUND** |  |

---

**Affiliated Transactions** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates,and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the year ended March 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 03/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 03/31/25** | **Shares <br> 03/31/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Guggenheim Strategy Fund II | $14159378 | $— | $— | $— | $149652 | $14309030 | 575584 | $804341 |
| &nbsp;&nbsp;Guggenheim Strategy Fund III | 9140329 |  |  |  | 96331 | 9236660 | 370504 | 506270 |
| &nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 27315520 |  |  |  | 330763 | 27646283 | 2756359 | 1373417 |
|  | $50615227 | $— | $— | $— | $576746 | $51191973 |  | $2684028 |

---

166 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**NASDAQ-100<sup>®</sup>** **FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in unaffiliated issuers, at value - including $1,168,710 of securities loaned (cost $446,026,533) | $1607069660 |
| Investments in affiliated issuers, at value (cost $51,083,879) | 51191973 |
| Repurchase agreements, at value (cost $15,431,270) | 15431270 |
| Segregated cash with broker | 267752 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Securities sold | 15036287 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 688007 |
| &nbsp;&nbsp;&nbsp;Dividends | 495368 |
| &nbsp;&nbsp;&nbsp;Investment Adviser | 49552 |
| &nbsp;&nbsp;&nbsp;Interest | 1867 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 48 |
| **Total assets** | 1690231784 |
| **Liabilities:** | **Liabilities:** |
| Unrealized depreciation on OTC swap agreements | 1939080 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 20733318 |
| &nbsp;&nbsp;&nbsp;Return of securities lending collateral | 1203840 |
| &nbsp;&nbsp;&nbsp;Management fees | 1035713 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 700064 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 268637 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 82803 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 79859 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 18811 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 12241 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 1673050 |
| **Total liabilities** | 27747416 |
| **Net assets** | $1662484368 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $464875978 |
| Total distributable earnings (loss) | 1197608390 |
| Net assets | $1662484368 |
| **Investor Class:** | **Investor Class:** |
| Net assets | $1462294239 |
| Capital shares outstanding | 19383575 |
| Net asset value per share | $75.44 |
| **Class A:** | **Class A:** |
| Net assets | $102393151 |
| Capital shares outstanding | 1544585 |
| Net asset value per share | $66.29 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $69.60 |
| **Class C:** | **Class C:** |
| Net assets | $66790885 |
| Capital shares outstanding | 1290442 |
| Net asset value per share | $51.76 |
| **Class H:** | **Class H:** |
| Net assets | $31006093 |
| Capital shares outstanding | 467850 |
| Net asset value per share | $66.27 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $20,396) | $14114524 |
| Dividends from securities of affiliated issuers | 2684028 |
| Interest | 1782171 |
| Income from securities lending, net | 35301 |
| &nbsp;&nbsp;&nbsp;Total investment income | 18616024 |
| **Expenses:** | **Expenses:** |
| Management fees | 14018043 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 262618 |
| &nbsp;&nbsp;&nbsp;Class C | 785300 |
| &nbsp;&nbsp;&nbsp;Class H | 98066 |
| Transfer agent fees | 4069523 |
| Registration fees | 2151863 |
| Portfolio accounting and administration fees | 1989014 |
| Professional fees | 797380 |
| Custodian fees | 242669 |
| Trustees' fees\* | 198107 |
| Interest expense | 49343 |
| Miscellaneous | 1409861 |
| &nbsp;&nbsp;&nbsp;Total expenses | 26071787 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (933924) |
| Expenses waived by Adviser | (752783) |
| &nbsp;&nbsp;&nbsp;Total waived expenses | (1686707) |
| Net expenses | 24385080 |
| Net investment loss | (5769056) |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 122874655 |
| &nbsp;&nbsp;&nbsp;Swap agreements | 5345477 |
| &nbsp;&nbsp;&nbsp;Futures contracts | (2971597) |
| Net realized gain | 125248535 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | (13781166) |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | 576746 |
| &nbsp;&nbsp;&nbsp;Swap agreements | (2342258) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (776967) |
| Net change in unrealized appreciation (depreciation) | (16323645) |
| Net realized and unrealized gain | 108924890 |
| **Net increase in net assets resulting from operations** | $103155834 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 167

**NASDAQ-100<sup>®</sup>** **FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment loss | $(5769056) | $(2716420) |
| Net realized gain on investments | 125248535 | 212641501 |
| Net change in unrealized appreciation (depreciation) on investments | (16323645) | 293377084 |
| Net increase in net assets resulting from operations | 103155834 | 503302165 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (113208401) |  |
| &nbsp;&nbsp;&nbsp;Class A | (8532921) |  |
| &nbsp;&nbsp;&nbsp;Class C | (7570215) |  |
| &nbsp;&nbsp;&nbsp;Class H | (3238974) |  |
| Total distributions to shareholders | (132550511) |  |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 1323796953 | 1542602229 |
| &nbsp;&nbsp;&nbsp;Class A | 20271162 | 19822679 |
| &nbsp;&nbsp;&nbsp;Class C | 8027183 | 10446786 |
| &nbsp;&nbsp;&nbsp;Class H | 52745985 | 37156428 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 109280454 |  |
| &nbsp;&nbsp;&nbsp;Class A | 7780644 |  |
| &nbsp;&nbsp;&nbsp;Class C | 6620660 |  |
| &nbsp;&nbsp;&nbsp;Class H | 3238968 |  |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (1509846946) | (1651676803) |
| &nbsp;&nbsp;&nbsp;Class A | (17094626) | (14123233) |
| &nbsp;&nbsp;&nbsp;Class C | (25353295) | (25335049) |
| &nbsp;&nbsp;&nbsp;Class H | (60863209) | (32030171) |
| Net decrease from capital share transactions | (81396067) | (113137134) |
| Net increase (decrease) in net assets | (110790744) | 390165031 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 1773275112 | 1383110081 |
| &nbsp;&nbsp;&nbsp;End of year | $1662484368 | $1773275112 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 16182813 | 23161963 |
| &nbsp;&nbsp;&nbsp;Class A | 283150 | 343412 |
| &nbsp;&nbsp;&nbsp;Class C | 139809 | 222984 |
| &nbsp;&nbsp;&nbsp;Class H | 723560 | 633174 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 1289901 |  |
| &nbsp;&nbsp;&nbsp;Class A | 104438 |  |
| &nbsp;&nbsp;&nbsp;Class C | 113562 |  |
| &nbsp;&nbsp;&nbsp;Class H | 43488 |  |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (18405963) | (24846491) |
| &nbsp;&nbsp;&nbsp;Class A | (236163) | (243576) |
| &nbsp;&nbsp;&nbsp;Class C | (445701) | (543161) |
| &nbsp;&nbsp;&nbsp;Class H | (839297) | (543569) |
| Net decrease in shares | (1046403) | (1815264) |

---

168 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**NASDAQ-100<sup>®</sup>** **FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $76.79 | $55.65 | $68.39 | $63.43 | $39.68 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (.20) | (.07) | (.10) | (.37) | (.28) |
| Net gain (loss) on investments (realized and unrealized) | 4.80 | 21.21 | (8.57) | 8.70 | 26.64 |
| Total from investment operations | 4.60 | 21.14 | (8.67) | 8.33 | 26.36 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains | (5.95) |  | (4.07) | (3.37) | (2.61) |
| Total distributions | (5.95) |  | (4.07) | (3.37) | (2.61) |
| Net asset value, end of period | $75.44 | $76.79 | $55.65 | $68.39 | $63.43 |
| **Total Return** | **5.15%** | **37.99%** | **(11.56** **%)** | **12.69%** | **66.78%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $1462294 | $1560083 | $1224330 | $1424456 | $1386721 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.25%) | (0.11%) | (0.19%) | (0.53%) | (0.50%) |
| Total expenses<sup>b</sup> | 1.33% | 1.34% | 1.30% | 1.25% | 1.33% |
| Net expenses<sup>c</sup> | 1.24% | 1.27% | 1.27% | 1.24% | 1.33% |
| Portfolio turnover rate | 35% | 70% | 50% | 44% | 57% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $68.25 | $49.59 | $61.69 | $57.63 | $36.29 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (.36) | (.21) | (.21) | (.50) | (.39) |
| Net gain (loss) on investments (realized and unrealized) | 4.35 | 18.87 | (7.82) | 7.93 | 24.34 |
| Total from investment operations | 3.99 | 18.66 | (8.03) | 7.43 | 23.95 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains | (5.95) |  | (4.07) | (3.37) | (2.61) |
| Total distributions | (5.95) |  | (4.07) | (3.37) | (2.61) |
| Net asset value, end of period | $66.29 | $68.25 | $49.59 | $61.69 | $57.63 |
| **Total Return<sup>d</sup>** | **4.89%** | **37.63%** | **(11.78** **%)** | **12.40%** | **66.37%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $102393 | $95089 | $64133 | $74179 | $69808 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.50%) | (0.36%) | (0.43%) | (0.78%) | (0.75%) |
| Total expenses<sup>b</sup> | 1.58% | 1.59% | 1.54% | 1.50% | 1.58% |
| Net expenses<sup>c</sup> | 1.49% | 1.51% | 1.52% | 1.49% | 1.58% |
| Portfolio turnover rate | 35% | 70% | 50% | 44% | 57% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 169

**NASDAQ-100<sup>®</sup>** **FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $54.80 | $40.11 | $51.32 | $48.76 | $31.18 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (.72) | (.52) | (.48) | (.82) | (.66) |
| Net gain (loss) on investments (realized and unrealized) | 3.63 | 15.21 | (6.66) | 6.75 | 20.85 |
| Total from investment operations | 2.91 | 14.69 | (7.14) | 5.93 | 20.19 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains | (5.95) |  | (4.07) | (3.37) | (2.61) |
| Total distributions | (5.95) |  | (4.07) | (3.37) | (2.61) |
| Net asset value, end of period | $51.76 | $54.80 | $40.11 | $51.32 | $48.76 |
| **Total Return<sup>d</sup>** | **4.10%** | **36.62%** | **(12.45** **%)** | **11.57%** | **65.17%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $66791 | $81249 | $72314 | $106419 | $115315 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (1.25%) | (1.12%) | (1.19%) | (1.53%) | (1.50%) |
| Total expenses<sup>b</sup> | 2.33% | 2.34% | 2.29% | 2.25% | 2.33% |
| Net expenses<sup>c</sup> | 2.24% | 2.27% | 2.27% | 2.24% | 2.33% |
| Portfolio turnover rate | 35% | 70% | 50% | 44% | 57% |

---

170 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**NASDAQ-100<sup>®</sup>** **FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $68.24 | $49.57 | $61.67 | $57.61 | $36.28 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (.36) | (.20) | (.21) | (.51) | (.38) |
| Net gain (loss) on investments (realized and unrealized) | 4.34 | 18.87 | (7.82) | 7.94 | 24.32 |
| Total from investment operations | 3.98 | 18.67 | (8.03) | 7.43 | 23.94 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains | (5.95) |  | (4.07) | (3.37) | (2.61) |
| Total distributions | (5.95) |  | (4.07) | (3.37) | (2.61) |
| Net asset value, end of period | $66.27 | $68.24 | $49.57 | $61.67 | $57.61 |
| **Total Return** | **4.88%** | **37.66%** | **(11.77** **%)** | **12.41%** | **66.36%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $31006 | $36854 | $22333 | $28879 | $24532 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.50%) | (0.35%) | (0.42%) | (0.79%) | (0.75%) |
| Total expenses<sup>b</sup> | 1.58% | 1.59% | 1.54% | 1.50% | 1.59% |
| Net expenses<sup>c</sup> | 1.49% | 1.51% | 1.52% | 1.49% | 1.59% |
| Portfolio turnover rate | 35% | 70% | 50% | 44% | 57% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Does not include expenses of the underlying funds in which the Fund invests.

<sup>c</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>d</sup> Total return does not reflect the impact of any applicable sales charges.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 171

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **INVERSE NASDAQ-100<sup>®</sup>** **STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MUTUAL FUNDS<sup>†</sup>** **- 17.6%** | **MUTUAL FUNDS<sup>†</sup>** **- 17.6%** | **MUTUAL FUNDS<sup>†</sup>** **- 17.6%** |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II<sup>1</sup> | 49399 | $1228068 |
| &nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 87169 | 874301 |
| **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,033,556) |  | 2102369 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 39.4%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 39.4%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 39.4%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;4.22% due 05/06/25<sup>2</sup> | $1700000 | 1692997 |
| &nbsp;&nbsp;&nbsp;4.23% due 04/24/25<sup>2</sup> | 1300000 | 1296483 |
| &nbsp;&nbsp;&nbsp;4.26% due 04/03/25<sup>2</sup> | 1200000 | 1199717 |
| &nbsp;&nbsp;&nbsp;4.20% due 06/12/25<sup>2,3</sup> | 450000 | 446229 |
| &nbsp;&nbsp;&nbsp;4.08% due 04/08/25<sup>2,4</sup> | 66000 | 65946 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,701,406) |  | 4701372 |
| **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 8.4%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 8.4%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 8.4%** |
| Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp;4.22% due 04/10/25<sup>2</sup> | 1000000 | 998945 |
| **Total Federal Agency Discount Notes** | **Total Federal Agency Discount Notes** |  |
| &nbsp;&nbsp;&nbsp;(Cost $998,945) |  | 998945 |
| **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 31.3%** | **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 31.3%** | **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 31.3%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25<sup>3</sup> | 2117649 | 2117649 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25<sup>3</sup> | 1622940 | 1622940 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,740,589) |  | 3740589 |
| **Total Investments - 96.7%** | **Total Investments - 96.7%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $11,474,496) | &nbsp;&nbsp;&nbsp;(Cost $11,474,496) | $11543275 |
| **Other Assets & Liabilities, net - 3.3%** | **Other Assets & Liabilities, net - 3.3%** | 398583 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $11941858 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation\*\*** |
| **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** |
| NASDAQ-100 Index Mini Futures Contracts | 7 | Jun 2025 | $2722965 | $83747 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** |
| **Counterparty** | **Index** | **Type** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Appreciation** |
| **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** |
| Barclays Bank plc | NASDAQ-100 Index | Receive | 4.99% (SOFR + 0.65%) | At Maturity | 06/26/25 | 215 | $4136768 | $137025 |
| Goldman Sachs International | NASDAQ-100 Index | Receive | 4.73% (Federal<br> Funds Rate +<br> 0.40%) | At Maturity | 06/25/25 | 127 | 2455168 | 89516 |
| BNP Paribas | NASDAQ-100 Index | Receive | 4.83% (Federal<br> Funds Rate +<br> 0.50%) | At Maturity | 06/26/25 | 136 | 2615733 | 86637 |
|  |  |  |  |  |  |  | $9207669 | $313178 |

---

172 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **INVERSE NASDAQ-100<sup>®</sup>** **STRATEGY FUND** |  |

---

---

| | |
|:---|:---|
| \*\* | &nbsp;&nbsp;&nbsp;Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Affiliated issuer. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the effective yield at the time of purchase. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as equity index swap collateral at March 31, 2025. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as futures collateral at March 31, 2025. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;SOFR — Secured Overnight Financing Rate |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Mutual Funds | $2102369 | $— | $— | $2102369 |
| U.S. Treasury Bills |  | 4701372 |  | 4701372 |
| Federal Agency Discount Notes |  | 998945 |  | 998945 |
| Repurchase Agreements |  | 3740589 |  | 3740589 |
| Equity Futures Contracts\*\* | 83747 |  |  | 83747 |
| Equity Index Swap Agreements\*\* |  | 313178 |  | 313178 |
| Total Assets | $2186116 | $9754084 | $— | $11940200 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 173

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **INVERSE NASDAQ-100<sup>®</sup>** **STRATEGY FUND** |  |

---

**Affiliated Transactions** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the year ended March 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 03/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 03/31/25** | **Shares <br> 03/31/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Guggenheim Strategy Fund II | $1215224 | $— | $— | $— | $12844 | $1228068 | 49399 | $69032 |
| &nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 863841 |  |  |  | 10460 | 874301 | 87169 | 43434 |
|  | $2079065 | $— | $— | $— | $23304 | $2102369 |  | $112466 |

---

174 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE NASDAQ-100<sup>®</sup>** **STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in unaffiliated issuers, at value (cost $5,700,351) | $5700317 |
| Investments in affiliated issuers, at value (cost $2,033,556) | 2102369 |
| Repurchase agreements, at value (cost $3,740,589) | 3740589 |
| Segregated cash with broker | 89063 |
| Unrealized appreciation on OTC swap agreements | 313178 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 296917 |
| &nbsp;&nbsp;&nbsp;Dividends | 8384 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 5799 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 1015 |
| &nbsp;&nbsp;&nbsp;Interest | 453 |
| **Total assets** | 12258084 |
| **Liabilities:** | **Liabilities:** |
| Segregated cash due to broker | 90000 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 192320 |
| &nbsp;&nbsp;&nbsp;Management fees | 9628 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 5746 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 572 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 256 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 160 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 17544 |
| **Total liabilities** | 316226 |
| **Net assets** | $11941858 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $93859573 |
| Total distributable earnings (loss) | (81917715) |
| Net assets | $11941858 |
| **Investor Class:** | **Investor Class:** |
| Net assets | $11044092 |
| Capital shares outstanding | 70157 |
| Net asset value per share | $157.42 |
| **Class A:** | **Class A:** |
| Net assets | $521612 |
| Capital shares outstanding | 3490 |
| Net asset value per share | $149.46 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $156.91 |
| **Class C:** | **Class C:** |
| Net assets | $131496 |
| Capital shares outstanding | 1114 |
| Net asset value per share | $118.04 |
| **Class H:** | **Class H:** |
| Net assets | $244658 |
| Capital shares outstanding | 1665 |
| Net asset value per share | $146.94 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends from securities of affiliated issuers | $112466 |
| Interest | 750925 |
| &nbsp;&nbsp;&nbsp;Total investment income | 863391 |
| **Expenses:** | **Expenses:** |
| Management fees | 153011 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 1614 |
| &nbsp;&nbsp;&nbsp;Class C | 2353 |
| &nbsp;&nbsp;&nbsp;Class H | 1000 |
| Transfer agent fees | 36874 |
| Portfolio accounting and administration fees | 25937 |
| Registration fees | 20993 |
| Interest expense | 8928 |
| Professional fees | 8038 |
| Custodian fees | 2214 |
| Trustees' fees\* | 1906 |
| Miscellaneous | 7791 |
| &nbsp;&nbsp;&nbsp;Total expenses | 270659 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (17004) |
| Expenses waived by Adviser | (2171) |
| &nbsp;&nbsp;&nbsp;Total waived/reimbursed expenses | (19175) |
| Net expenses | 251484 |
| Net investment income | 611907 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 692 |
| &nbsp;&nbsp;&nbsp;Swap agreements | (1091481) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (319815) |
| Net realized loss | (1410604) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | (155) |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | 23304 |
| &nbsp;&nbsp;&nbsp;Swap agreements | 383447 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 98494 |
| Net change in unrealized appreciation (depreciation) | 505090 |
| Net realized and unrealized loss | (905514) |
| **Net decrease in net assets resulting from operations** | $(293607) |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 175

**INVERSE NASDAQ-100<sup>®</sup>** **STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $611907 | $857387 |
| Net realized loss on investments | (1410604) | (7363158) |
| Net change in unrealized appreciation (depreciation) on investments | 505090 | 1233909 |
| Net decrease in net assets resulting from operations | (293607) | (5271862) |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (772383) | (633663) |
| &nbsp;&nbsp;&nbsp;Class A | (34626) | (43792) |
| &nbsp;&nbsp;&nbsp;Class C | (20917) | (10242) |
| &nbsp;&nbsp;&nbsp;Class H | (29461) | (14762) |
| Total distributions to shareholders | (857387) | (702459) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 51947510 | 64417535 |
| &nbsp;&nbsp;&nbsp;Class A | 617988 | 3458929 |
| &nbsp;&nbsp;&nbsp;Class C | 644819 | 737897 |
| &nbsp;&nbsp;&nbsp;Class H | 2556464 | 8247456 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 764080 | 625369 |
| &nbsp;&nbsp;&nbsp;Class A | 34626 | 43782 |
| &nbsp;&nbsp;&nbsp;Class C | 20917 | 10242 |
| &nbsp;&nbsp;&nbsp;Class H | 29461 | 14762 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (56225503) | (73872760) |
| &nbsp;&nbsp;&nbsp;Class A | (915168) | (3531658) |
| &nbsp;&nbsp;&nbsp;Class C | (668903) | (563509) |
| &nbsp;&nbsp;&nbsp;Class H | (2608849) | (8405636) |
| Net decrease from capital share transactions | (3802558) | (8817591) |
| Net decrease in net assets | (4953552) | (14791912) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 16895410 | 31687322 |
| &nbsp;&nbsp;&nbsp;End of year | $11941858 | $16895410 |
| **Capital share activity\*:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 2707794 | 319371 |
| &nbsp;&nbsp;&nbsp;Class A | 40298 | 16798 |
| &nbsp;&nbsp;&nbsp;Class C | 44377 | 4496 |
| &nbsp;&nbsp;&nbsp;Class H | 150444 | 42712 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 54773 | 3382 |
| &nbsp;&nbsp;&nbsp;Class A | 2611 | 248 |
| &nbsp;&nbsp;&nbsp;Class C | 1994 | 72 |
| &nbsp;&nbsp;&nbsp;Class H | 2261 | 85 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (3613795) | (359730) |
| &nbsp;&nbsp;&nbsp;Class A | (91252) | (17795) |
| &nbsp;&nbsp;&nbsp;Class C | (57529) | (3561) |
| &nbsp;&nbsp;&nbsp;Class H | (171977) | (43340) |
| Net decrease in shares | (930001) | (37262) |

---

\* Reverse share split — Capital share activity has been restated to reflect a 1:10 reverse share split effective February 24, 2025. See Note 11 in the Notes to Financial Statements.

176 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE NASDAQ-100<sup>®</sup>** **STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **Year Ended <br> March 31, <br> 2025<sup>f</sup>** | **Year Ended <br> March 31, <br> 2024<sup>f</sup>** | **Year Ended <br> March 31, <br> 2023<sup>f</sup>** | **Year Ended <br> March 31, <br> 2022<sup>f</sup>** | **Year Ended <br> March 31, <br> 2021<sup>f</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $168.96 | $230.51 | $217.26 | $261.66 | $476.50 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 5.77 | 8.10 | 4.00 | (2.80) | (4.00) |
| Net gain (loss) on investments (realized and unrealized) | (9.16) | (60.95) | 9.25 <sup>e</sup> | (41.60) | (210.54) |
| Total from investment operations | (3.39) | (52.85) | 13.25 | (44.40) | (214.54) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (8.15) | (8.70) |  |  | (.30) |
| Total distributions | (8.15) | (8.70) |  |  | (.30) |
| Net asset value, end of period | $157.42 | $168.96 | $230.51 | $217.26 | $261.66 |
| **Total Return** | **(1.41** **%)** | **(23.27** **%)** | **6.07%** | **(16.97** **%)** | **(45.03** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $11044 | $15568 | $29762 | $14902 | $26018 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.68% | 4.04% | 1.55% | (1.22%) | (1.28%) |
| Total expenses<sup>b</sup> | 1.52% | 1.54% | 1.59% | 1.46% | 1.54% |
| Net expenses<sup>c</sup> | 1.41% | 1.45% | 1.55% | 1.44% | 1.52% |
| Portfolio turnover rate |  |  |  | 23% | 37% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025<sup>f</sup>** | **Year Ended <br> March 31, <br> 2024<sup>f</sup>** | **Year Ended <br> March 31, <br> 2023<sup>f</sup>** | **Year Ended <br> March 31, <br> 2022<sup>f</sup>** | **Year Ended <br> March 31, <br> 2021<sup>f</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $161.23 | $220.99 | $208.82 | $252.17 | $460.40 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 5.14 | 7.40 | 3.30 | (3.10) | (4.50) |
| Net gain (loss) on investments (realized and unrealized) | (8.76) | (58.46) | 8.87 <sup>e</sup> | (40.25) | (203.43) |
| Total from investment operations | (3.62) | (51.06) | 12.17 | (43.35) | (207.93) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (8.15) | (8.70) |  |  | (.30) |
| Total distributions | (8.15) | (8.70) |  |  | (.30) |
| Net asset value, end of period | $149.46 | $161.23 | $220.99 | $208.82 | $252.17 |
| **Total Return<sup>d</sup>** | **(1.59** **%)** | **(23.51** **%)** | **5.84%** | **(17.21** **%)** | **(45.17** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $522 | $836 | $1311 | $1885 | $1489 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.44% | 3.80% | 1.35% | (1.41%) | (1.51%) |
| Total expenses<sup>b</sup> | 1.76% | 1.78% | 1.82% | 1.70% | 1.78% |
| Net expenses<sup>c</sup> | 1.65% | 1.69% | 1.78% | 1.68% | 1.76% |
| Portfolio turnover rate |  |  |  | 23% | 37% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 177

**INVERSE NASDAQ-100<sup>®</sup>** **STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025<sup>f</sup>** | **Year Ended <br> March 31, <br> 2024<sup>f</sup>** | **Year Ended <br> March 31, <br> 2023<sup>f</sup>** | **Year Ended <br> March 31, <br> 2022<sup>f</sup>** | **Year Ended <br> March 31, <br> 2021<sup>f</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $130.31 | $181.92 | $173.13 | $210.72 | $387.64 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 3.20 | 4.80 | (2.40) | (3.80) | (6.00) |
| Net gain (loss) on investments (realized and unrealized) | (7.32) | (47.71) | 11.19 <sup>e</sup> | (33.79) | (170.62) |
| Total from investment operations | (4.12) | (42.91) | 8.79 | (37.59) | (176.62) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (8.15) | (8.70) |  |  | (.30) |
| Total distributions | (8.15) | (8.70) |  |  | (.30) |
| Net asset value, end of period | $118.04 | $130.31 | $181.92 | $173.13 | $210.72 |
| **Total Return<sup>d</sup>** | **(2.36** **%)** | **(24.06** **%)** | **5.08%** | **(17.85** **%)** | **(45.58** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $131 | $160 | $40 | $707 | $73 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.69% | 3.10% | (1.22 %) | (2.16%) | (2.26%) |
| Total expenses<sup>b</sup> | 2.49% | 2.55% | 2.56% | 2.45% | 2.55% |
| Net expenses<sup>c</sup> | 2.38% | 2.46% | 2.55% | 2.43% | 2.54% |
| Portfolio turnover rate |  |  |  | 23% | 37% |

---

178 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE NASDAQ-100<sup>®</sup>** **STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025<sup>f</sup>** | **Year Ended <br> March 31, <br> 2024<sup>f</sup>** | **Year Ended <br> March 31, <br> 2023<sup>f</sup>** | **Year Ended <br> March 31, <br> 2022<sup>f</sup>** | **Year Ended <br> March 31, <br> 2021<sup>f</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $158.67 | $217.68 | $205.68 | $248.31 | $453.58 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 5.15 | 7.10 | .90 | (3.20) | (4.60) |
| Net gain (loss) on investments (realized and unrealized) | (8.73) | (57.41) | 11.10 <sup>e</sup> | (39.43) | (200.37) |
| Total from investment operations | (3.58) | (50.31) | 12.00 | (42.63) | (204.97) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (8.15) | (8.70) |  |  | (.30) |
| Total distributions | (8.15) | (8.70) |  |  | (.30) |
| Net asset value, end of period | $146.94 | $158.67 | $217.68 | $205.68 | $248.31 |
| **Total Return** | **(1.66** **%)** | **(23.41** **%)** | **5.83%** | **(17.16** **%)** | **(45.21** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $245 | $332 | $574 | $2567 | $337 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.48% | 3.79% | 0.39% | (1.49%) | (1.51%) |
| Total expenses<sup>b</sup> | 1.79% | 1.80% | 1.83% | 1.72% | 1.79% |
| Net expenses<sup>c</sup> | 1.67% | 1.71% | 1.80% | 1.71% | 1.78% |
| Portfolio turnover rate |  |  |  | 23% | 37% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Does not include expenses of the underlying funds in which the Fund invests.

<sup>c</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>d</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>e</sup> The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

<sup>f</sup> Reverse share split – Per share amounts have been restated to reflect a 1:10 reverse share split effective February 24, 2025. See Note 11 in the Notes to Financial Statements.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 179

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 63.7%** | **COMMON STOCKS<sup>†</sup>** **- 63.7%** | **COMMON STOCKS<sup>†</sup>** **- 63.7%** |
| **Financial - 16.6%** | **Financial - 16.6%** | **Financial - 16.6%** |
| &nbsp;&nbsp;&nbsp;FTAI Aviation Ltd. | 140 | $15544 |
| &nbsp;&nbsp;&nbsp;SouthState Corp. | 135 | 12531 |
| &nbsp;&nbsp;&nbsp;Mr Cooper Group, Inc.\* | 87 | 10405 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | 95 | 9604 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp | 434 | 9196 |
| &nbsp;&nbsp;&nbsp;Terreno Realty Corp. REIT | 137 | 8661 |
| &nbsp;&nbsp;&nbsp;Jackson Financial, Inc. — Class A | 102 | 8546 |
| &nbsp;&nbsp;&nbsp;Essent Group Ltd. | 144 | 8312 |
| &nbsp;&nbsp;&nbsp;Hamilton Lane, Inc. — Class A | 55 | 8177 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. REIT | 241 | 7866 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | 84 | 7689 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | 252 | 7651 |
| &nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | 262 | 7488 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. REIT | 81 | 7407 |
| &nbsp;&nbsp;&nbsp;Home BancShares, Inc. | 256 | 7237 |
| &nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | 157 | 6943 |
| &nbsp;&nbsp;&nbsp;Radian Group, Inc. | 208 | 6878 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust REIT | 300 | 6711 |
| &nbsp;&nbsp;&nbsp;Independence Realty Trust, Inc. REIT | 312 | 6624 |
| &nbsp;&nbsp;&nbsp;First Financial Bankshares, Inc. | 180 | 6466 |
| &nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | 209 | 6333 |
| &nbsp;&nbsp;&nbsp;United Bankshares, Inc. | 182 | 6310 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | 120 | 6294 |
| &nbsp;&nbsp;&nbsp;Phillips Edison & Company, Inc. REIT | 169 | 6167 |
| &nbsp;&nbsp;&nbsp;Enstar Group Ltd.\* | 18 | 5983 |
| &nbsp;&nbsp;&nbsp;Macerich Co. REIT | 347 | 5958 |
| &nbsp;&nbsp;&nbsp;Piper Sandler Cos. | 24 | 5944 |
| &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. | 142 | 5914 |
| &nbsp;&nbsp;&nbsp;Valley National Bancorp | 655 | 5823 |
| &nbsp;&nbsp;&nbsp;ServisFirst Bancshares, Inc. | 70 | 5782 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | 326 | 5695 |
| &nbsp;&nbsp;&nbsp;Moelis & Co. — Class A | 97 | 5661 |
| &nbsp;&nbsp;&nbsp;SL Green Realty Corp. REIT | 98 | 5655 |
| &nbsp;&nbsp;&nbsp;MARA Holdings, Inc.\* | 474 | 5451 |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | 92 | 5296 |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp. | 226 | 5092 |
| &nbsp;&nbsp;&nbsp;Tanger, Inc. REIT | 148 | 5001 |
| &nbsp;&nbsp;&nbsp;Upstart Holdings, Inc.\* | 108 | 4971 |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic Corp. REIT | 110 | 4963 |
| &nbsp;&nbsp;&nbsp;Axos Financial, Inc.\* | 75 | 4839 |
| &nbsp;&nbsp;&nbsp;Blackstone Mortgage Trust, Inc. — Class A REIT | 240 | 4800 |
| &nbsp;&nbsp;&nbsp;Palomar Holdings, Inc.\* | 35 | 4798 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc.\* | 64 | 4781 |
| &nbsp;&nbsp;&nbsp;International Bancshares Corp. | 75 | 4729 |
| &nbsp;&nbsp;&nbsp;StepStone Group, Inc. — Class A | 90 | 4701 |
| &nbsp;&nbsp;&nbsp;StoneX Group, Inc.\* | 62 | 4697 |
| &nbsp;&nbsp;&nbsp;United Community Banks, Inc. | 166 | 4670 |
| &nbsp;&nbsp;&nbsp;HA Sustainable Infrastructure Capital, Inc. | 159 | 4649 |
| &nbsp;&nbsp;&nbsp;BGC Group, Inc. — Class A | 494 | 4530 |
| &nbsp;&nbsp;&nbsp;Fulton Financial Corp. | 250 | 4522 |
| &nbsp;&nbsp;&nbsp;National Health Investors, Inc. REIT | 61 | 4506 |
| &nbsp;&nbsp;&nbsp;Compass, Inc. — Class A\* | 512 | 4470 |
| &nbsp;&nbsp;&nbsp;Broadstone Net Lease, Inc. REIT | 260 | 4430 |
| &nbsp;&nbsp;&nbsp;PJT Partners, Inc. — Class A | 32 | 4412 |
| &nbsp;&nbsp;&nbsp;Eastern Bankshares, Inc. | 266 | 4362 |
| &nbsp;&nbsp;&nbsp;First BanCorp | 223 | 4275 |
| &nbsp;&nbsp;&nbsp;COPT Defense Properties REIT | 156 | 4254 |
| &nbsp;&nbsp;&nbsp;Genworth Financial, Inc. — Class A\* | 593 | 4204 |
| &nbsp;&nbsp;&nbsp;WSFS Financial Corp. | 81 | 4201 |
| &nbsp;&nbsp;&nbsp;Baldwin Insurance Group, Inc. — Class A\* | 92 | 4112 |
| &nbsp;&nbsp;&nbsp;Community Financial System, Inc. | 72 | 4094 |
| &nbsp;&nbsp;&nbsp;Flagstar Financial, Inc. | 350 | 4067 |
| &nbsp;&nbsp;&nbsp;Apple Hospitality REIT, Inc. | 315 | 4067 |
| &nbsp;&nbsp;&nbsp;Cathay General Bancorp | 94 | 4045 |
| &nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corp. | 126 | 3924 |
| &nbsp;&nbsp;&nbsp;NMI Holdings, Inc. — Class A\* | 108 | 3893 |
| &nbsp;&nbsp;&nbsp;Walker & Dunlop, Inc. | 45 | 3841 |
| &nbsp;&nbsp;&nbsp;Four Corners Property Trust, Inc. REIT | 133 | 3817 |
| &nbsp;&nbsp;&nbsp;McGrath RentCorp | 34 | 3788 |
| &nbsp;&nbsp;&nbsp;Bank of Hawaii Corp. | 54 | 3724 |
| &nbsp;&nbsp;&nbsp;WesBanco, Inc. | 120 | 3715 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | 37 | 3704 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp. | 59 | 3696 |
| &nbsp;&nbsp;&nbsp;Goosehead Insurance, Inc. — Class A | 31 | 3660 |
| &nbsp;&nbsp;&nbsp;Burford Capital Ltd. | 277 | 3659 |
| &nbsp;&nbsp;&nbsp;Douglas Emmett, Inc. REIT | 222 | 3552 |
| &nbsp;&nbsp;&nbsp;BankUnited, Inc. | 103 | 3547 |
| &nbsp;&nbsp;&nbsp;Simmons First National Corp. — Class A | 171 | 3511 |
| &nbsp;&nbsp;&nbsp;LXP Industrial Trust REIT | 401 | 3469 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc. | 69 | 3455 |
| &nbsp;&nbsp;&nbsp;Artisan Partners Asset Management, Inc. — Class A | 88 | 3441 |
| &nbsp;&nbsp;&nbsp;Bancorp, Inc.\* | 64 | 3382 |
| &nbsp;&nbsp;&nbsp;Enova International, Inc.\* | 35 | 3380 |
| &nbsp;&nbsp;&nbsp;CVB Financial Corp. | 183 | 3378 |
| &nbsp;&nbsp;&nbsp;TowneBank | 98 | 3351 |
| &nbsp;&nbsp;&nbsp;Acadia Realty Trust REIT | 159 | 3331 |
| &nbsp;&nbsp;&nbsp;Victory Capital Holdings, Inc. — Class A | 57 | 3299 |
| &nbsp;&nbsp;&nbsp;Urban Edge Properties REIT | 173 | 3287 |
| &nbsp;&nbsp;&nbsp;First Merchants Corp. | 81 | 3276 |
| &nbsp;&nbsp;&nbsp;First Financial Bancorp | 131 | 3272 |
| &nbsp;&nbsp;&nbsp;Outfront Media, Inc. REIT | 201 | 3244 |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield plc\* | 316 | 3230 |
| &nbsp;&nbsp;&nbsp;WaFd, Inc. | 112 | 3201 |
| &nbsp;&nbsp;&nbsp;Curbline Properties Corp. REIT | 132 | 3193 |
| &nbsp;&nbsp;&nbsp;InvenTrust Properties Corp. REIT | 107 | 3143 |
| &nbsp;&nbsp;&nbsp;First Interstate BancSystem, Inc. — Class A | 109 | 3123 |
| &nbsp;&nbsp;&nbsp;Riot Platforms, Inc.\* | 433 | 3083 |
| &nbsp;&nbsp;&nbsp;BancFirst Corp. | 28 | 3076 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corporation of Florida | 119 | 3062 |
| &nbsp;&nbsp;&nbsp;Banner Corp. | 48 | 3061 |
| &nbsp;&nbsp;&nbsp;Cohen & Steers, Inc. | 38 | 3049 |
| &nbsp;&nbsp;&nbsp;Park National Corp. | 20 | 3028 |
| &nbsp;&nbsp;&nbsp;Arbor Realty Trust, Inc. REIT | 254 | 2985 |
| &nbsp;&nbsp;&nbsp;Provident Financial Services, Inc. | 173 | 2970 |
| &nbsp;&nbsp;&nbsp;Renasant Corp. | 86 | 2918 |
| &nbsp;&nbsp;&nbsp;Trustmark Corp. | 84 | 2897 |
| &nbsp;&nbsp;&nbsp;Pacific Premier Bancorp, Inc. | 133 | 2836 |
| &nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group, Inc.\* | 52 | 2752 |

---

180 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;NBT Bancorp, Inc. | 64 | $2746 |
| &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp. | 51 | 2741 |
| &nbsp;&nbsp;&nbsp;Stewart Information Services Corp. | 38 | 2711 |
| &nbsp;&nbsp;&nbsp;Banc of California, Inc. | 191 | 2710 |
| &nbsp;&nbsp;&nbsp;Sunstone Hotel Investors, Inc. REIT | 281 | 2644 |
| &nbsp;&nbsp;&nbsp;Cleanspark, Inc.\*<sup>,1</sup> | 384 | 2580 |
| &nbsp;&nbsp;&nbsp;First Busey Corp. | 117 | 2527 |
| &nbsp;&nbsp;&nbsp;OFG Bancorp | 63 | 2521 |
| &nbsp;&nbsp;&nbsp;Stock Yards Bancorp, Inc. | 36 | 2486 |
| &nbsp;&nbsp;&nbsp;Pathward Financial, Inc. | 34 | 2480 |
| &nbsp;&nbsp;&nbsp;Farmer Mac — Class C | 13 | 2438 |
| &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp. | 57 | 2436 |
| &nbsp;&nbsp;&nbsp;Bank of NT Butterfield & Son Ltd. | 62 | 2413 |
| &nbsp;&nbsp;&nbsp;City Holding Co. | 20 | 2349 |
| &nbsp;&nbsp;&nbsp;St. Joe Co. | 50 | 2347 |
| &nbsp;&nbsp;&nbsp;FB Financial Corp. | 49 | 2272 |
| &nbsp;&nbsp;&nbsp;Lemonade, Inc.\* | 72 | 2263 |
| &nbsp;&nbsp;&nbsp;First Bancorp | 56 | 2248 |
| &nbsp;&nbsp;&nbsp;DiamondRock Hospitality Co. REIT | 289 | 2231 |
| &nbsp;&nbsp;&nbsp;SiriusPoint Ltd.\* | 129 | 2230 |
| &nbsp;&nbsp;&nbsp;Newmark Group, Inc. — Class A | 183 | 2227 |
| &nbsp;&nbsp;&nbsp;Global Net Lease, Inc. REIT | 277 | 2227 |
| &nbsp;&nbsp;&nbsp;Nelnet, Inc. — Class A | 20 | 2219 |
| &nbsp;&nbsp;&nbsp;LTC Properties, Inc. REIT | 62 | 2198 |
| &nbsp;&nbsp;&nbsp;First Commonwealth Financial Corp. | 139 | 2160 |
| &nbsp;&nbsp;&nbsp;Getty Realty Corp. REIT | 69 | 2151 |
| &nbsp;&nbsp;&nbsp;Mercury General Corp. | 38 | 2124 |
| &nbsp;&nbsp;&nbsp;Elme Communities REIT | 122 | 2123 |
| &nbsp;&nbsp;&nbsp;Northwest Bancshares, Inc. | 176 | 2115 |
| &nbsp;&nbsp;&nbsp;Innovative Industrial Properties, Inc. REIT | 39 | 2110 |
| &nbsp;&nbsp;&nbsp;Lakeland Financial Corp. | 35 | 2080 |
| &nbsp;&nbsp;&nbsp;Nicolet Bankshares, Inc. | 19 | 2070 |
| &nbsp;&nbsp;&nbsp;Customers Bancorp, Inc.\* | 41 | 2058 |
| &nbsp;&nbsp;&nbsp;Pagseguro Digital Ltd. — Class A\* | 260 | 1984 |
| &nbsp;&nbsp;&nbsp;Hilltop Holdings, Inc. | 65 | 1979 |
| &nbsp;&nbsp;&nbsp;S&T Bancorp, Inc. | 53 | 1964 |
| &nbsp;&nbsp;&nbsp;National Bank Holdings Corp. — Class A | 51 | 1952 |
| &nbsp;&nbsp;&nbsp;Two Harbors Investment Corp. REIT | 144 | 1924 |
| &nbsp;&nbsp;&nbsp;Stellar Bancorp, Inc. | 68 | 1881 |
| &nbsp;&nbsp;&nbsp;Veris Residential, Inc. REIT | 111 | 1878 |
| &nbsp;&nbsp;&nbsp;UMH Properties, Inc. REIT | 99 | 1851 |
| &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance, Inc. REIT | 193 | 1847 |
| &nbsp;&nbsp;&nbsp;Veritex Holdings, Inc. | 73 | 1823 |
| &nbsp;&nbsp;&nbsp;Westamerica BanCorp | 36 | 1823 |
| &nbsp;&nbsp;&nbsp;JBG SMITH Properties REIT | 113 | 1820 |
| &nbsp;&nbsp;&nbsp;NETSTREIT Corp. | 114 | 1807 |
| &nbsp;&nbsp;&nbsp;Ladder Capital Corp. — Class A REIT | 158 | 1803 |
| &nbsp;&nbsp;&nbsp;Triumph Financial, Inc.\* | 31 | 1792 |
| &nbsp;&nbsp;&nbsp;HCI Group, Inc. | 12 | 1791 |
| &nbsp;&nbsp;&nbsp;Core Scientific, Inc.\* | 246 | 1781 |
| &nbsp;&nbsp;&nbsp;Employers Holdings, Inc. | 35 | 1772 |
| &nbsp;&nbsp;&nbsp;TriCo Bancshares | 44 | 1759 |
| &nbsp;&nbsp;&nbsp;PennyMac Mortgage Investment Trust REIT | 120 | 1758 |
| &nbsp;&nbsp;&nbsp;Alexander & Baldwin, Inc. REIT | 101 | 1740 |
| &nbsp;&nbsp;&nbsp;Compass Diversified Holdings | 93 | 1736 |
| &nbsp;&nbsp;&nbsp;Trupanion, Inc.\* | 46 | 1714 |
| &nbsp;&nbsp;&nbsp;WisdomTree, Inc. | 192 | 1713 |
| &nbsp;&nbsp;&nbsp;Sandy Spring Bancorp, Inc. | 61 | 1705 |
| &nbsp;&nbsp;&nbsp;Apartment Investment and Management Co. — Class A REIT | 193 | 1698 |
| &nbsp;&nbsp;&nbsp;Hope Bancorp, Inc. | 162 | 1696 |
| &nbsp;&nbsp;&nbsp;Uniti Group, Inc. REIT | 335 | 1688 |
| &nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust REIT | 165 | 1671 |
| &nbsp;&nbsp;&nbsp;Xenia Hotels & Resorts, Inc. REIT | 142 | 1670 |
| &nbsp;&nbsp;&nbsp;RLJ Lodging Trust REIT | 210 | 1657 |
| &nbsp;&nbsp;&nbsp;QCR Holdings, Inc. | 23 | 1640 |
| &nbsp;&nbsp;&nbsp;ProAssurance Corp.\* | 70 | 1635 |
| &nbsp;&nbsp;&nbsp;Ellington Financial, Inc. REIT | 122 | 1618 |
| &nbsp;&nbsp;&nbsp;Root, Inc. — Class A\* | 12 | 1601 |
| &nbsp;&nbsp;&nbsp;Safety Insurance Group, Inc. | 20 | 1578 |
| &nbsp;&nbsp;&nbsp;LendingClub Corp.\* | 152 | 1569 |
| &nbsp;&nbsp;&nbsp;Berkshire Hills Bancorp, Inc. | 60 | 1565 |
| &nbsp;&nbsp;&nbsp;Redfin Corp.\* | 169 | 1556 |
| &nbsp;&nbsp;&nbsp;1st Source Corp. | 26 | 1555 |
| &nbsp;&nbsp;&nbsp;Virtus Investment Partners, Inc. | 9 | 1551 |
| &nbsp;&nbsp;&nbsp;German American Bancorp, Inc. | 41 | 1537 |
| &nbsp;&nbsp;&nbsp;Coastal Financial Corp.\* | 17 | 1537 |
| &nbsp;&nbsp;&nbsp;Dynex Capital, Inc. REIT | 117 | 1523 |
| &nbsp;&nbsp;&nbsp;Centerspace REIT | 23 | 1489 |
| &nbsp;&nbsp;&nbsp;Empire State Realty Trust, Inc. — Class A REIT | 188 | 1470 |
| &nbsp;&nbsp;&nbsp;Franklin BSP Realty Trust, Inc. REIT | 114 | 1452 |
| &nbsp;&nbsp;&nbsp;Dime Community Bancshares, Inc. | 52 | 1450 |
| &nbsp;&nbsp;&nbsp;MFA Financial, Inc. REIT | 141 | 1447 |
| &nbsp;&nbsp;&nbsp;Easterly Government Properties, Inc. REIT | 136 | 1442 |
| &nbsp;&nbsp;&nbsp;Chimera Investment Corp. REIT | 112 | 1437 |
| &nbsp;&nbsp;&nbsp;Cannae Holdings, Inc. | 78 | 1430 |
| &nbsp;&nbsp;&nbsp;Peoples Bancorp, Inc. | 48 | 1424 |
| &nbsp;&nbsp;&nbsp;Preferred Bank/Los Angeles CA | 17 | 1422 |
| &nbsp;&nbsp;&nbsp;Origin Bancorp, Inc. | 41 | 1421 |
| &nbsp;&nbsp;&nbsp;First Bancshares, Inc. | 42 | 1420 |
| &nbsp;&nbsp;&nbsp;Enact Holdings, Inc. | 40 | 1390 |
| &nbsp;&nbsp;&nbsp;AMERISAFE, Inc. | 26 | 1366 |
| &nbsp;&nbsp;&nbsp;OceanFirst Financial Corp. | 80 | 1361 |
| &nbsp;&nbsp;&nbsp;Kennedy-Wilson Holdings, Inc. | 156 | 1354 |
| &nbsp;&nbsp;&nbsp;Brookline Bancorp, Inc. | 124 | 1352 |
| &nbsp;&nbsp;&nbsp;American Assets Trust, Inc. REIT | 67 | 1349 |
| &nbsp;&nbsp;&nbsp;Safehold, Inc. REIT | 72 | 1348 |
| &nbsp;&nbsp;&nbsp;Perella Weinberg Partners | 72 | 1325 |
| &nbsp;&nbsp;&nbsp;ARMOUR Residential REIT, Inc. | 77 | 1317 |
| &nbsp;&nbsp;&nbsp;Bank First Corp. | 13 | 1310 |
| &nbsp;&nbsp;&nbsp;Navient Corp. | 103 | 1301 |
| &nbsp;&nbsp;&nbsp;Hut 8 Corp.\* | 111 | 1290 |
| &nbsp;&nbsp;&nbsp;Live Oak Bancshares, Inc. | 48 | 1280 |
| &nbsp;&nbsp;&nbsp;Piedmont Office Realty Trust, Inc. — Class A REIT | 171 | 1260 |
| &nbsp;&nbsp;&nbsp;NexPoint Residential Trust, Inc. REIT | 31 | 1225 |
| &nbsp;&nbsp;&nbsp;ConnectOne Bancorp, Inc. | 50 | 1215 |
| &nbsp;&nbsp;&nbsp;Southside Bancshares, Inc. | 41 | 1187 |
| &nbsp;&nbsp;&nbsp;Byline Bancorp, Inc. | 45 | 1177 |
| &nbsp;&nbsp;&nbsp;Encore Capital Group, Inc.\* | 34 | 1165 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 181

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;First Mid Bancshares, Inc. | 33 | $1152 |
| &nbsp;&nbsp;&nbsp;Fidelis Insurance Holdings Ltd. | 71 | 1150 |
| &nbsp;&nbsp;&nbsp;Heritage Financial Corp. | 47 | 1144 |
| &nbsp;&nbsp;&nbsp;Ready Capital Corp. REIT<sup>1</sup> | 224 | 1140 |
| &nbsp;&nbsp;&nbsp;Hamilton Insurance Group Ltd. — Class B\* | 55 | 1140 |
| &nbsp;&nbsp;&nbsp;Marcus & Millichap, Inc. | 33 | 1137 |
| &nbsp;&nbsp;&nbsp;Univest Financial Corp. | 40 | 1134 |
| &nbsp;&nbsp;&nbsp;Tompkins Financial Corp. | 18 | 1134 |
| &nbsp;&nbsp;&nbsp;Redwood Trust, Inc. REIT | 184 | 1117 |
| &nbsp;&nbsp;&nbsp;PRA Group, Inc.\* | 54 | 1113 |
| &nbsp;&nbsp;&nbsp;Community Trust Bancorp, Inc. | 22 | 1108 |
| &nbsp;&nbsp;&nbsp;eXp World Holdings, Inc. | 113 | 1105 |
| &nbsp;&nbsp;&nbsp;Paramount Group, Inc. REIT | 255 | 1097 |
| &nbsp;&nbsp;&nbsp;Burke & Herbert Financial Services Corp. | 19 | 1066 |
| &nbsp;&nbsp;&nbsp;Central Pacific Financial Corp. | 39 | 1055 |
| &nbsp;&nbsp;&nbsp;Old Second Bancorp, Inc. | 63 | 1048 |
| &nbsp;&nbsp;&nbsp;Brandywine Realty Trust REIT | 234 | 1044 |
| &nbsp;&nbsp;&nbsp;Terawulf, Inc.\* | 372 | 1016 |
| &nbsp;&nbsp;&nbsp;NB Bancorp, Inc.\* | 56 | 1012 |
| &nbsp;&nbsp;&nbsp;Brookfield Business Corp. — Class A | 38 | 1011 |
| &nbsp;&nbsp;&nbsp;Mercantile Bank Corp. | 23 | 999 |
| &nbsp;&nbsp;&nbsp;Hanmi Financial Corp. | 44 | 997 |
| &nbsp;&nbsp;&nbsp;Whitestone REIT — Class B | 68 | 991 |
| &nbsp;&nbsp;&nbsp;BrightSpire Capital, Inc. REIT | 178 | 990 |
| &nbsp;&nbsp;&nbsp;Acadian Asset Management, Inc. | 38 | 983 |
| &nbsp;&nbsp;&nbsp;Amerant Bancorp, Inc. | 47 | 970 |
| &nbsp;&nbsp;&nbsp;Capitol Federal Financial, Inc. | 173 | 969 |
| &nbsp;&nbsp;&nbsp;Horizon Bancorp, Inc. | 63 | 950 |
| &nbsp;&nbsp;&nbsp;Plymouth Industrial REIT, Inc. | 58 | 945 |
| &nbsp;&nbsp;&nbsp;F&G Annuities & Life, Inc. | 26 | 937 |
| &nbsp;&nbsp;&nbsp;Merchants Bancorp | 25 | 925 |
| &nbsp;&nbsp;&nbsp;Northeast Bank | 10 | 915 |
| &nbsp;&nbsp;&nbsp;Dave, Inc.\* | 11 | 909 |
| &nbsp;&nbsp;&nbsp;Equity Bancshares, Inc. — Class A | 23 | 906 |
| &nbsp;&nbsp;&nbsp;First Community Bankshares, Inc. | 24 | 905 |
| &nbsp;&nbsp;&nbsp;Eagle Bancorp, Inc. | 43 | 903 |
| &nbsp;&nbsp;&nbsp;Bowhead Specialty Holdings, Inc.\* | 22 | 894 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp. | 29 | 893 |
| &nbsp;&nbsp;&nbsp;Tiptree, Inc. — Class A | 37 | 891 |
| &nbsp;&nbsp;&nbsp;KKR Real Estate Finance Trust, Inc. REIT | 82 | 886 |
| &nbsp;&nbsp;&nbsp;SITE Centers Corp. REIT | 68 | 873 |
| &nbsp;&nbsp;&nbsp;Patria Investments Ltd. — Class A | 77 | 869 |
| &nbsp;&nbsp;&nbsp;Gladstone Commercial Corp. REIT | 58 | 869 |
| &nbsp;&nbsp;&nbsp;United Fire Group, Inc. | 29 | 854 |
| &nbsp;&nbsp;&nbsp;Business First Bancshares, Inc. | 35 | 852 |
| &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding Corp.\* | 15 | 840 |
| &nbsp;&nbsp;&nbsp;Heritage Commerce Corp. | 87 | 828 |
| &nbsp;&nbsp;&nbsp;Armada Hoffler Properties, Inc. REIT | 110 | 826 |
| &nbsp;&nbsp;&nbsp;New York Mortgage Trust, Inc. REIT | 127 | 824 |
| &nbsp;&nbsp;&nbsp;Orchid Island Capital, Inc. REIT | 109 | 820 |
| &nbsp;&nbsp;&nbsp;Camden National Corp. | 20 | 809 |
| &nbsp;&nbsp;&nbsp;Washington Trust Bancorp, Inc. | 26 | 802 |
| &nbsp;&nbsp;&nbsp;CBL & Associates Properties, Inc. REIT | 30 | 797 |
| &nbsp;&nbsp;&nbsp;TrustCo Bank Corporation NY | 26 | 792 |
| &nbsp;&nbsp;&nbsp;Summit Hotel Properties, Inc. REIT | 145 | 784 |
| &nbsp;&nbsp;&nbsp;First Financial Corp. | 16 | 784 |
| &nbsp;&nbsp;&nbsp;Universal Insurance Holdings, Inc. | 33 | 782 |
| &nbsp;&nbsp;&nbsp;GCM Grosvenor, Inc. — Class A | 59 | 781 |
| &nbsp;&nbsp;&nbsp;Orrstown Financial Services, Inc. | 26 | 780 |
| &nbsp;&nbsp;&nbsp;CTO Realty Growth, Inc. REIT | 40 | 772 |
| &nbsp;&nbsp;&nbsp;Republic Bancorp, Inc. — Class A | 12 | 766 |
| &nbsp;&nbsp;&nbsp;Global Medical REIT, Inc. | 87 | 761 |
| &nbsp;&nbsp;&nbsp;Esquire Financial Holdings, Inc. | 10 | 754 |
| &nbsp;&nbsp;&nbsp;Amalgamated Financial Corp. | 26 | 747 |
| &nbsp;&nbsp;&nbsp;Metrocity Bankshares, Inc. | 27 | 744 |
| &nbsp;&nbsp;&nbsp;Universal Health Realty Income Trust REIT | 18 | 737 |
| &nbsp;&nbsp;&nbsp;Diversified Healthcare Trust REIT | 301 | 722 |
| &nbsp;&nbsp;&nbsp;HomeTrust Bancshares, Inc. | 21 | 720 |
| &nbsp;&nbsp;&nbsp;Hippo Holdings, Inc.\* | 28 | 716 |
| &nbsp;&nbsp;&nbsp;SmartFinancial, Inc. | 23 | 715 |
| &nbsp;&nbsp;&nbsp;LendingTree, Inc.\* | 14 | 704 |
| &nbsp;&nbsp;&nbsp;Farmland Partners, Inc. REIT | 63 | 702 |
| &nbsp;&nbsp;&nbsp;Farmers National Banc Corp. | 53 | 692 |
| &nbsp;&nbsp;&nbsp;NET Lease Office Properties REIT\* | 22 | 690 |
| &nbsp;&nbsp;&nbsp;Capital City Bank Group, Inc. | 19 | 683 |
| &nbsp;&nbsp;&nbsp;Peapack-Gladstone Financial Corp. | 24 | 682 |
| &nbsp;&nbsp;&nbsp;P10, Inc. — Class A | 58 | 682 |
| &nbsp;&nbsp;&nbsp;MidWestOne Financial Group, Inc. | 23 | 681 |
| &nbsp;&nbsp;&nbsp;Southern Missouri Bancorp, Inc. | 13 | 676 |
| &nbsp;&nbsp;&nbsp;Financial Institutions, Inc. | 27 | 674 |
| &nbsp;&nbsp;&nbsp;Community Healthcare Trust, Inc. REIT | 37 | 672 |
| &nbsp;&nbsp;&nbsp;Invesco Mortgage Capital, Inc. REIT | 85 | 671 |
| &nbsp;&nbsp;&nbsp;TPG RE Finance Trust, Inc. REIT | 82 | 668 |
| &nbsp;&nbsp;&nbsp;Peakstone Realty Trust REIT | 53 | 668 |
| &nbsp;&nbsp;&nbsp;Great Southern Bancorp, Inc. | 12 | 664 |
| &nbsp;&nbsp;&nbsp;Cipher Mining, Inc.\* | 282 | 649 |
| &nbsp;&nbsp;&nbsp;FTAI Infrastructure, Inc. | 142 | 643 |
| &nbsp;&nbsp;&nbsp;Five Star Bancorp | 23 | 639 |
| &nbsp;&nbsp;&nbsp;World Acceptance Corp.\* | 5 | 633 |
| &nbsp;&nbsp;&nbsp;One Liberty Properties, Inc. REIT | 24 | 631 |
| &nbsp;&nbsp;&nbsp;Alexander's, Inc. REIT | 3 | 628 |
| &nbsp;&nbsp;&nbsp;Selectquote, Inc.\* | 187 | 625 |
| &nbsp;&nbsp;&nbsp;CNB Financial Corp. | 28 | 623 |
| &nbsp;&nbsp;&nbsp;Bar Harbor Bankshares | 21 | 619 |
| &nbsp;&nbsp;&nbsp;Columbia Financial, Inc.\* | 41 | 615 |
| &nbsp;&nbsp;&nbsp;Arrow Financial Corp. | 23 | 605 |
| &nbsp;&nbsp;&nbsp;South Plains Financial, Inc. | 18 | 596 |
| &nbsp;&nbsp;&nbsp;Shore Bancshares, Inc. | 44 | 596 |
| &nbsp;&nbsp;&nbsp;Service Properties Trust REIT | 228 | 595 |
| &nbsp;&nbsp;&nbsp;Alerus Financial Corp. | 32 | 591 |
| &nbsp;&nbsp;&nbsp;Northrim BanCorp, Inc. | 8 | 586 |
| &nbsp;&nbsp;&nbsp;Northfield Bancorp, Inc. | 53 | 578 |
| &nbsp;&nbsp;&nbsp;Peoples Financial Services Corp. | 13 | 578 |
| &nbsp;&nbsp;&nbsp;FRP Holdings, Inc.\* | 20 | 571 |
| &nbsp;&nbsp;&nbsp;Diamond Hill Investment Group, Inc. | 4 | 571 |
| &nbsp;&nbsp;&nbsp;Mid Penn Bancorp, Inc. | 22 | 570 |
| &nbsp;&nbsp;&nbsp;Real Brokerage, Inc.\* | 138 | 560 |
| &nbsp;&nbsp;&nbsp;Hudson Pacific Properties, Inc. REIT | 189 | 558 |
| &nbsp;&nbsp;&nbsp;Greenlight Capital Re Ltd. — Class A\* | 41 | 556 |
| &nbsp;&nbsp;&nbsp;Ambac Financial Group, Inc.\* | 63 | 551 |
| &nbsp;&nbsp;&nbsp;Carter Bankshares, Inc.\* | 34 | 550 |

---

182 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;HarborOne Bancorp, Inc. | 53 | $550 |
| &nbsp;&nbsp;&nbsp;Enterprise Bancorp, Inc. | 14 | 545 |
| &nbsp;&nbsp;&nbsp;Saul Centers, Inc. REIT | 15 | 541 |
| &nbsp;&nbsp;&nbsp;Third Coast Bancshares, Inc.\* | 16 | 534 |
| &nbsp;&nbsp;&nbsp;Flushing Financial Corp. | 42 | 533 |
| &nbsp;&nbsp;&nbsp;International Money Express, Inc.\* | 42 | 530 |
| &nbsp;&nbsp;&nbsp;Bank of Marin Bancorp | 24 | 530 |
| &nbsp;&nbsp;&nbsp;First Business Financial Services, Inc. | 11 | 519 |
| &nbsp;&nbsp;&nbsp;Gladstone Land Corp. REIT | 49 | 516 |
| &nbsp;&nbsp;&nbsp;Chatham Lodging Trust REIT | 71 | 506 |
| &nbsp;&nbsp;&nbsp;Sierra Bancorp | 18 | 502 |
| &nbsp;&nbsp;&nbsp;Kearny Financial Corp. | 80 | 501 |
| &nbsp;&nbsp;&nbsp;Midland States Bancorp, Inc. | 29 | 496 |
| &nbsp;&nbsp;&nbsp;ACNB Corp. | 12 | 494 |
| &nbsp;&nbsp;&nbsp;Investors Title Co. | 2 | 482 |
| &nbsp;&nbsp;&nbsp;Community West Bancshares | 26 | 480 |
| &nbsp;&nbsp;&nbsp;Guaranty Bancshares, Inc. | 12 | 480 |
| &nbsp;&nbsp;&nbsp;Heritage Insurance Holdings, Inc.\* | 33 | 476 |
| &nbsp;&nbsp;&nbsp;Hingham Institution For Savings | 2 | 476 |
| &nbsp;&nbsp;&nbsp;California BanCorp\* | 33 | 473 |
| &nbsp;&nbsp;&nbsp;Southern States Bancshares, Inc. | 13 | 465 |
| &nbsp;&nbsp;&nbsp;First Bank/Hamilton NJ | 31 | 459 |
| &nbsp;&nbsp;&nbsp;First Foundation, Inc. | 88 | 457 |
| &nbsp;&nbsp;&nbsp;Anywhere Real Estate, Inc.\* | 136 | 453 |
| &nbsp;&nbsp;&nbsp;Donegal Group, Inc. — Class A | 23 | 452 |
| &nbsp;&nbsp;&nbsp;Home Bancorp, Inc. | 10 | 448 |
| &nbsp;&nbsp;&nbsp;Unity Bancorp, Inc. | 11 | 448 |
| &nbsp;&nbsp;&nbsp;Claros Mortgage Trust, Inc. REIT | 120 | 448 |
| &nbsp;&nbsp;&nbsp;NerdWallet, Inc. — Class A\* | 49 | 443 |
| &nbsp;&nbsp;&nbsp;Citizens & Northern Corp. | 22 | 443 |
| &nbsp;&nbsp;&nbsp;West BanCorp, Inc. | 22 | 439 |
| &nbsp;&nbsp;&nbsp;Farmers & Merchants Bancorp Incorporated/Archbold OH | 18 | 430 |
| &nbsp;&nbsp;&nbsp;Civista Bancshares, Inc. | 22 | 430 |
| &nbsp;&nbsp;&nbsp;Legacy Housing Corp.\* | 17 | 429 |
| &nbsp;&nbsp;&nbsp;Postal Realty Trust, Inc. — Class A REIT | 30 | 428 |
| &nbsp;&nbsp;&nbsp;HBT Financial, Inc. | 19 | 426 |
| &nbsp;&nbsp;&nbsp;Northeast Community Bancorp, Inc. | 18 | 422 |
| &nbsp;&nbsp;&nbsp;American Coastal Insurance Corp. | 36 | 417 |
| &nbsp;&nbsp;&nbsp;Atlanticus Holdings Corp.\* | 8 | 409 |
| &nbsp;&nbsp;&nbsp;NewtekOne, Inc. | 34 | 407 |
| &nbsp;&nbsp;&nbsp;First Bancorp, Inc. | 16 | 396 |
| &nbsp;&nbsp;&nbsp;Southern First Bancshares, Inc.\* | 12 | 395 |
| &nbsp;&nbsp;&nbsp;Bridgewater Bancshares, Inc.\* | 28 | 389 |
| &nbsp;&nbsp;&nbsp;Colony Bankcorp, Inc. | 24 | 388 |
| &nbsp;&nbsp;&nbsp;RMR Group, Inc. — Class A | 23 | 383 |
| &nbsp;&nbsp;&nbsp;FS Bancorp, Inc. | 10 | 380 |
| &nbsp;&nbsp;&nbsp;RBB Bancorp | 23 | 379 |
| &nbsp;&nbsp;&nbsp;BayCom Corp. | 15 | 378 |
| &nbsp;&nbsp;&nbsp;Orange County Bancorp, Inc. | 16 | 374 |
| &nbsp;&nbsp;&nbsp;First of Long Island Corp. | 30 | 371 |
| &nbsp;&nbsp;&nbsp;Capital Bancorp, Inc. | 13 | 368 |
| &nbsp;&nbsp;&nbsp;Red River Bancshares, Inc. | 7 | 362 |
| &nbsp;&nbsp;&nbsp;Regional Management Corp. | 12 | 361 |
| &nbsp;&nbsp;&nbsp;Ares Commercial Real Estate Corp. REIT | 78 | 361 |
| &nbsp;&nbsp;&nbsp;Ponce Financial Group, Inc.\* | 28 | 355 |
| &nbsp;&nbsp;&nbsp;Chicago Atlantic Real Estate Finance, Inc. REIT | 24 | 353 |
| &nbsp;&nbsp;&nbsp;Bit Digital, Inc.\* | 173 | 349 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Services, Inc. | 6 | 348 |
| &nbsp;&nbsp;&nbsp;First Internet Bancorp | 13 | 348 |
| &nbsp;&nbsp;&nbsp;Plumas Bancorp | 8 | 346 |
| &nbsp;&nbsp;&nbsp;Timberland Bancorp, Inc. | 11 | 332 |
| &nbsp;&nbsp;&nbsp;HomeStreet, Inc.\* | 28 | 329 |
| &nbsp;&nbsp;&nbsp;MBIA, Inc.\* | 65 | 324 |
| &nbsp;&nbsp;&nbsp;Industrial Logistics Properties Trust REIT | 94 | 323 |
| &nbsp;&nbsp;&nbsp;Waterstone Financial, Inc. | 24 | 323 |
| &nbsp;&nbsp;&nbsp;ChoiceOne Financial Services, Inc. | 11 | 316 |
| &nbsp;&nbsp;&nbsp;Blue Foundry Bancorp\* | 33 | 304 |
| &nbsp;&nbsp;&nbsp;PCB Bancorp | 16 | 299 |
| &nbsp;&nbsp;&nbsp;City Office REIT, Inc. | 57 | 296 |
| &nbsp;&nbsp;&nbsp;MVB Financial Corp. | 17 | 294 |
| &nbsp;&nbsp;&nbsp;AG Mortgage Investment Trust, Inc. REIT | 40 | 292 |
| &nbsp;&nbsp;&nbsp;Fidelity D&D Bancorp, Inc. | 7 | 291 |
| &nbsp;&nbsp;&nbsp;Onity Group, Inc.\* | 9 | 291 |
| &nbsp;&nbsp;&nbsp;Norwood Financial Corp. | 12 | 290 |
| &nbsp;&nbsp;&nbsp;BRT Apartments Corp. REIT | 17 | 289 |
| &nbsp;&nbsp;&nbsp;Alpine Income Property Trust, Inc. REIT | 17 | 284 |
| &nbsp;&nbsp;&nbsp;Primis Financial Corp. | 29 | 283 |
| &nbsp;&nbsp;&nbsp;Parke Bancorp, Inc. | 15 | 283 |
| &nbsp;&nbsp;&nbsp;John Marshall Bancorp, Inc. | 17 | 281 |
| &nbsp;&nbsp;&nbsp;Middlefield Banc Corp. | 10 | 280 |
| &nbsp;&nbsp;&nbsp;Oak Valley Bancorp | 11 | 275 |
| &nbsp;&nbsp;&nbsp;Bankwell Financial Group, Inc. | 9 | 272 |
| &nbsp;&nbsp;&nbsp;LCNB Corp. | 18 | 266 |
| &nbsp;&nbsp;&nbsp;Investar Holding Corp. | 15 | 264 |
| &nbsp;&nbsp;&nbsp;Provident Bancorp, Inc.\* | 23 | 264 |
| &nbsp;&nbsp;&nbsp;Medallion Financial Corp. | 30 | 261 |
| &nbsp;&nbsp;&nbsp;USCB Financial Holdings, Inc. | 14 | 260 |
| &nbsp;&nbsp;&nbsp;FrontView REIT, Inc. | 20 | 256 |
| &nbsp;&nbsp;&nbsp;Virginia National Bankshares Corp. | 7 | 253 |
| &nbsp;&nbsp;&nbsp;Crawford & Co. — Class A | 22 | 251 |
| &nbsp;&nbsp;&nbsp;Princeton Bancorp, Inc. | 8 | 244 |
| &nbsp;&nbsp;&nbsp;Velocity Financial, Inc.\* | 13 | 243 |
| &nbsp;&nbsp;&nbsp;FVCBankcorp, Inc.\* | 23 | 243 |
| &nbsp;&nbsp;&nbsp;Franklin Street Properties Corp. REIT | 136 | 242 |
| &nbsp;&nbsp;&nbsp;OppFi, Inc. | 26 | 242 |
| &nbsp;&nbsp;&nbsp;Greene County Bancorp, Inc. | 10 | 241 |
| &nbsp;&nbsp;&nbsp;Chemung Financial Corp. | 5 | 238 |
| &nbsp;&nbsp;&nbsp;First Western Financial, Inc.\* | 12 | 236 |
| &nbsp;&nbsp;&nbsp;Sky Harbour Group Corp.\* | 18 | 234 |
| &nbsp;&nbsp;&nbsp;Bank7 Corp. | 6 | 232 |
| &nbsp;&nbsp;&nbsp;Braemar Hotels & Resorts, Inc. REIT | 92 | 229 |
| &nbsp;&nbsp;&nbsp;Ames National Corp. | 13 | 228 |
| &nbsp;&nbsp;&nbsp;BCB Bancorp, Inc. | 23 | 227 |
| &nbsp;&nbsp;&nbsp;First Financial Northwest, Inc. | 10 | 227 |
| &nbsp;&nbsp;&nbsp;ESSA Bancorp, Inc. | 12 | 226 |
| &nbsp;&nbsp;&nbsp;Seven Hills Realty Trust REIT | 18 | 225 |
| &nbsp;&nbsp;&nbsp;RE/MAX Holdings, Inc. — Class A\* | 26 | 218 |
| &nbsp;&nbsp;&nbsp;LINKBANCORP, Inc. | 32 | 217 |
| &nbsp;&nbsp;&nbsp;National Bankshares, Inc. | 8 | 213 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 183

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Silvercrest Asset Management Group, Inc. — Class A | 13 | $| 213 |
| &nbsp;&nbsp;&nbsp;Maui Land & Pineapple Company, Inc.\* | 12 |  | 211 |
| &nbsp;&nbsp;&nbsp;James River Group Holdings Ltd. | 49 |  | 206 |
| &nbsp;&nbsp;&nbsp;NexPoint Diversified Real Estate Trust REIT | 53 |  | 203 |
| &nbsp;&nbsp;&nbsp;Peoples Bancorp of North Carolina, Inc. | 7 |  | 191 |
| &nbsp;&nbsp;&nbsp;Pioneer Bancorp, Inc.\* | 16 |  | 187 |
| &nbsp;&nbsp;&nbsp;Granite Point Mortgage Trust, Inc. REIT | 72 |  | 187 |
| &nbsp;&nbsp;&nbsp;Nexpoint Real Estate Finance, Inc. REIT | 12 |  | 184 |
| &nbsp;&nbsp;&nbsp;Orion Properties, Inc. REIT | 83 |  | 178 |
| &nbsp;&nbsp;&nbsp;Angel Oak Mortgage REIT, Inc. | 18 |  | 172 |
| &nbsp;&nbsp;&nbsp;Sunrise Realty Trust, Inc. REIT | 15 |  | 166 |
| &nbsp;&nbsp;&nbsp;Stratus Properties, Inc.\* | 9 |  | 160 |
| &nbsp;&nbsp;&nbsp;Kingsway Financial Services, Inc.\* | 20 |  | 158 |
| &nbsp;&nbsp;&nbsp;NI Holdings, Inc.\* | 11 |  | 157 |
| &nbsp;&nbsp;&nbsp;Star Holdings\* | 18 |  | 153 |
| &nbsp;&nbsp;&nbsp;AlTi Global, Inc.\* | 47 |  | 143 |
| &nbsp;&nbsp;&nbsp;Advanced Flower Capital, Inc. REIT | 25 |  | 139 |
| &nbsp;&nbsp;&nbsp;Consumer Portfolio Services, Inc.\* | 13 |  | 113 |
| &nbsp;&nbsp;&nbsp;B Riley Financial, Inc. | 29 |  | 112 |
| &nbsp;&nbsp;&nbsp;Strawberry Fields REIT, Inc. | 9 |  | 107 |
| &nbsp;&nbsp;&nbsp;Paysign, Inc.\* | 48 |  | 102 |
| &nbsp;&nbsp;&nbsp;Forge Global Holdings, Inc.\* | 160 |  | 90 |
| &nbsp;&nbsp;&nbsp;SWK Holdings Corp.\* | 5 |  | 87 |
| &nbsp;&nbsp;&nbsp;GoHealth, Inc. — Class A\* | 6 |  | 74 |
| &nbsp;&nbsp;&nbsp;Maiden Holdings Ltd.\* | 124 |  | 71 |
| &nbsp;&nbsp;&nbsp;Clipper Realty, Inc. REIT | 18 |  | 69 |
| &nbsp;&nbsp;&nbsp;Resolute Holdings Management, Inc.\* | 2 |  | 63 |
| &nbsp;&nbsp;&nbsp;Roadzen, Inc.\* | 57 |  | 59 |
| &nbsp;&nbsp;&nbsp;Transcontinental Realty Investors, Inc.\* | 2 |  | 56 |
| &nbsp;&nbsp;&nbsp;Offerpad Solutions, Inc.\* | 14 |  | 23 |
| &nbsp;&nbsp;&nbsp;American Realty Investors, Inc.\* | 2 |  | 22 |
| **Total Financial** |  |  | 865415 |
| **Consumer, Non-cyclical - 15.0%** | **Consumer, Non-cyclical - 15.0%** | **Consumer, Non-cyclical - 15.0%** | **Consumer, Non-cyclical - 15.0%** |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.\* | 139 |  | 21217 |
| &nbsp;&nbsp;&nbsp;Insmed, Inc.\* | 240 |  | 18310 |
| &nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc.\* | 112 |  | 12793 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc.\* | 172 |  | 10975 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc.\* | 118 |  | 10428 |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. | 76 |  | 9834 |
| &nbsp;&nbsp;&nbsp;Primo Brands Corp. — Class A | 277 |  | 9831 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc.\* | 95 |  | 9272 |
| &nbsp;&nbsp;&nbsp;Revolution Medicines, Inc.\* | 237 |  | 8380 |
| &nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc.\* | 79 |  | 8351 |
| &nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals, Inc.\* | 25 |  | 8281 |
| &nbsp;&nbsp;&nbsp;Option Care Health, Inc.\* | 236 |  | 8248 |
| &nbsp;&nbsp;&nbsp;Blueprint Medicines Corp.\* | 87 |  | 7700 |
| &nbsp;&nbsp;&nbsp;TG Therapeutics, Inc.\* | 193 |  | 7610 |
| &nbsp;&nbsp;&nbsp;Stride, Inc.\* | 59 |  | 7464 |
| &nbsp;&nbsp;&nbsp;Alkermes plc\* | 221 |  | 7297 |
| &nbsp;&nbsp;&nbsp;Guardant Health, Inc.\* | 166 |  | 7072 |
| &nbsp;&nbsp;&nbsp;Bridgebio Pharma, Inc.\* | 196 |  | 6776 |
| &nbsp;&nbsp;&nbsp;Glaukos Corp.\* | 67 |  | 6594 |
| &nbsp;&nbsp;&nbsp;Vaxcyte, Inc.\* | 171 |  | 6457 |
| &nbsp;&nbsp;&nbsp;ADMA Biologics, Inc.\* | 319 |  | 6329 |
| &nbsp;&nbsp;&nbsp;Cytokinetics, Inc.\* | 157 |  | 6310 |
| &nbsp;&nbsp;&nbsp;Krystal Biotech, Inc.\* | 34 |  | 6130 |
| &nbsp;&nbsp;&nbsp;Axsome Therapeutics, Inc.\* | 51 |  | 5948 |
| &nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare, Inc.\* | 69 |  | 5932 |
| &nbsp;&nbsp;&nbsp;Integer Holdings Corp.\* | 46 |  | 5428 |
| &nbsp;&nbsp;&nbsp;PTC Therapeutics, Inc.\* | 106 |  | 5402 |
| &nbsp;&nbsp;&nbsp;Brink's Co. | 61 |  | 5256 |
| &nbsp;&nbsp;&nbsp;Herc Holdings, Inc. | 39 |  | 5237 |
| &nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc.\* | 52 |  | 5233 |
| &nbsp;&nbsp;&nbsp;GEO Group, Inc.\* | 175 |  | 5112 |
| &nbsp;&nbsp;&nbsp;Verra Mobility Corp.\* | 227 |  | 5110 |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. | 56 |  | 5090 |
| &nbsp;&nbsp;&nbsp;CBIZ, Inc.\* | 67 |  | 5083 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | 72 |  | 4884 |
| &nbsp;&nbsp;&nbsp;Lancaster Colony Corp. | 27 |  | 4725 |
| &nbsp;&nbsp;&nbsp;Avidity Biosciences, Inc.\* | 158 |  | 4664 |
| &nbsp;&nbsp;&nbsp;WD-40 Co. | 19 |  | 4636 |
| &nbsp;&nbsp;&nbsp;RadNet, Inc.\* | 92 |  | 4574 |
| &nbsp;&nbsp;&nbsp;iRhythm Technologies, Inc.\* | 43 |  | 4501 |
| &nbsp;&nbsp;&nbsp;Insperity, Inc. | 50 |  | 4462 |
| &nbsp;&nbsp;&nbsp;Haemonetics Corp.\* | 69 |  | 4385 |
| &nbsp;&nbsp;&nbsp;Simply Good Foods Co.\* | 127 |  | 4380 |
| &nbsp;&nbsp;&nbsp;Remitly Global, Inc.\* | 205 |  | 4264 |
| &nbsp;&nbsp;&nbsp;SpringWorks Therapeutics, Inc.\* | 96 |  | 4236 |
| &nbsp;&nbsp;&nbsp;Akero Therapeutics, Inc.\* | 104 |  | 4210 |
| &nbsp;&nbsp;&nbsp;ICU Medical, Inc.\* | 30 |  | 4166 |
| &nbsp;&nbsp;&nbsp;CorVel Corp.\* | 37 |  | 4143 |
| &nbsp;&nbsp;&nbsp;StoneCo Ltd. — Class A\* | 395 |  | 4140 |
| &nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals, Inc.\* | 123 |  | 4125 |
| &nbsp;&nbsp;&nbsp;ABM Industries, Inc. | 87 |  | 4120 |
| &nbsp;&nbsp;&nbsp;Rhythm Pharmaceuticals, Inc.\* | 76 |  | 4026 |
| &nbsp;&nbsp;&nbsp;Protagonist Therapeutics, Inc.\* | 81 |  | 3917 |
| &nbsp;&nbsp;&nbsp;Arcellx, Inc.\* | 59 |  | 3870 |
| &nbsp;&nbsp;&nbsp;Graham Holdings Co. — Class B | 4 |  | 3843 |
| &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals, Inc.\* | 154 |  | 3734 |
| &nbsp;&nbsp;&nbsp;Oscar Health, Inc. — Class A\* | 284 |  | 3723 |
| &nbsp;&nbsp;&nbsp;Laureate Education, Inc. — Class A\* | 179 |  | 3661 |
| &nbsp;&nbsp;&nbsp;Alarm.com Holdings, Inc.\* | 65 |  | 3617 |
| &nbsp;&nbsp;&nbsp;Scholar Rock Holding Corp.\* | 112 |  | 3601 |
| &nbsp;&nbsp;&nbsp;PROCEPT BioRobotics Corp.\* | 61 |  | 3554 |
| &nbsp;&nbsp;&nbsp;TriNet Group, Inc. | 44 |  | 3487 |
| &nbsp;&nbsp;&nbsp;Alight, Inc. — Class A | 584 |  | 3463 |
| &nbsp;&nbsp;&nbsp;Huron Consulting Group, Inc.\* | 24 |  | 3443 |
| &nbsp;&nbsp;&nbsp;Nuvalent, Inc. — Class A\* | 48 |  | 3404 |
| &nbsp;&nbsp;&nbsp;Patterson Companies, Inc. | 108 |  | 3374 |
| &nbsp;&nbsp;&nbsp;Amicus Therapeutics, Inc.\* | 405 |  | 3305 |
| &nbsp;&nbsp;&nbsp;Concentra Group Holdings Parent, Inc. | 151 |  | 3277 |
| &nbsp;&nbsp;&nbsp;EVERTEC, Inc. | 89 |  | 3273 |
| &nbsp;&nbsp;&nbsp;Veracyte, Inc.\* | 106 |  | 3143 |
| &nbsp;&nbsp;&nbsp;Twist Bioscience Corp.\* | 80 |  | 3141 |
| &nbsp;&nbsp;&nbsp;CoreCivic, Inc.\* | 152 |  | 3084 |
| &nbsp;&nbsp;&nbsp;Vericel Corp.\* | 68 |  | 3034 |
| &nbsp;&nbsp;&nbsp;TransMedics Group, Inc.\* | 45 |  | 3028 |
| &nbsp;&nbsp;&nbsp;LivaNova plc\* | 76 |  | 2985 |
| &nbsp;&nbsp;&nbsp;Inter Parfums, Inc. | 25 |  | 2847 |
| &nbsp;&nbsp;&nbsp;Biohaven Ltd.\* | 118 |  | 2837 |
| &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals, Inc.\* | 167 |  | 2774 |

---

184 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;J & J Snack Foods Corp. | 21 | $2766 |
| &nbsp;&nbsp;&nbsp;Payoneer Global, Inc.\* | 377 | 2756 |
| &nbsp;&nbsp;&nbsp;Marqeta, Inc. — Class A\* | 653 | 2690 |
| &nbsp;&nbsp;&nbsp;Tarsus Pharmaceuticals, Inc.\* | 52 | 2671 |
| &nbsp;&nbsp;&nbsp;Chefs' Warehouse, Inc.\* | 49 | 2669 |
| &nbsp;&nbsp;&nbsp;Novocure Ltd.\* | 149 | 2655 |
| &nbsp;&nbsp;&nbsp;Neogen Corp.\* | 301 | 2610 |
| &nbsp;&nbsp;&nbsp;Strategic Education, Inc. | 31 | 2603 |
| &nbsp;&nbsp;&nbsp;CONMED Corp. | 43 | 2597 |
| &nbsp;&nbsp;&nbsp;Surgery Partners, Inc.\* | 108 | 2565 |
| &nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals, Inc. — Class B\* | 24 | 2523 |
| &nbsp;&nbsp;&nbsp;Soleno Therapeutics, Inc.\* | 35 | 2501 |
| &nbsp;&nbsp;&nbsp;Beam Therapeutics, Inc.\* | 128 | 2500 |
| &nbsp;&nbsp;&nbsp;Select Medical Holdings Corp. | 149 | 2488 |
| &nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals, Inc.\* | 55 | 2478 |
| &nbsp;&nbsp;&nbsp;John Wiley & Sons, Inc. — Class A | 55 | 2451 |
| &nbsp;&nbsp;&nbsp;Summit Therapeutics, Inc.\* | 126 | 2431 |
| &nbsp;&nbsp;&nbsp;LiveRamp Holdings, Inc.\* | 91 | 2379 |
| &nbsp;&nbsp;&nbsp;Addus HomeCare Corp.\* | 24 | 2373 |
| &nbsp;&nbsp;&nbsp;Dynavax Technologies Corp.\* | 182 | 2361 |
| &nbsp;&nbsp;&nbsp;Denali Therapeutics, Inc.\* | 173 | 2352 |
| &nbsp;&nbsp;&nbsp;LeMaitre Vascular, Inc. | 28 | 2349 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co. — Class A\* | 71 | 2324 |
| &nbsp;&nbsp;&nbsp;Progyny, Inc.\* | 104 | 2323 |
| &nbsp;&nbsp;&nbsp;Arcutis Biotherapeutics, Inc.\* | 148 | 2315 |
| &nbsp;&nbsp;&nbsp;Agios Pharmaceuticals, Inc.\* | 79 | 2315 |
| &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals, Inc.\* | 70 | 2292 |
| &nbsp;&nbsp;&nbsp;Perdoceo Education Corp. | 91 | 2291 |
| &nbsp;&nbsp;&nbsp;United Natural Foods, Inc.\* | 82 | 2246 |
| &nbsp;&nbsp;&nbsp;Edgewise Therapeutics, Inc.\* | 102 | 2244 |
| &nbsp;&nbsp;&nbsp;ICF International, Inc. | 26 | 2209 |
| &nbsp;&nbsp;&nbsp;Omnicell, Inc.\* | 63 | 2202 |
| &nbsp;&nbsp;&nbsp;BioCryst Pharmaceuticals, Inc.\* | 286 | 2145 |
| &nbsp;&nbsp;&nbsp;AtriCure, Inc.\* | 66 | 2129 |
| &nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals, Inc.\* | 165 | 2102 |
| &nbsp;&nbsp;&nbsp;Travere Therapeutics, Inc.\* | 117 | 2097 |
| &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co. | 67 | 2091 |
| &nbsp;&nbsp;&nbsp;Integra LifeSciences Holdings Corp.\* | 95 | 2089 |
| &nbsp;&nbsp;&nbsp;UFP Technologies, Inc.\* | 10 | 2017 |
| &nbsp;&nbsp;&nbsp;Andersons, Inc. | 46 | 1975 |
| &nbsp;&nbsp;&nbsp;Apogee Therapeutics, Inc.\* | 52 | 1943 |
| &nbsp;&nbsp;&nbsp;Universal Corp. | 34 | 1906 |
| &nbsp;&nbsp;&nbsp;Ideaya Biosciences, Inc.\* | 116 | 1900 |
| &nbsp;&nbsp;&nbsp;Teladoc Health, Inc.\* | 237 | 1887 |
| &nbsp;&nbsp;&nbsp;MannKind Corp.\* | 371 | 1866 |
| &nbsp;&nbsp;&nbsp;Astrana Health, Inc.\* | 60 | 1861 |
| &nbsp;&nbsp;&nbsp;Recursion Pharmaceuticals, Inc. — Class A\*<sup>,1</sup> | 348 | 1841 |
| &nbsp;&nbsp;&nbsp;agilon health, Inc.\* | 425 | 1840 |
| &nbsp;&nbsp;&nbsp;CG oncology, Inc.\* | 75 | 1837 |
| &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals, Inc.\* | 219 | 1835 |
| &nbsp;&nbsp;&nbsp;WK Kellogg Co. | 91 | 1814 |
| &nbsp;&nbsp;&nbsp;Upbound Group, Inc. | 75 | 1797 |
| &nbsp;&nbsp;&nbsp;Kymera Therapeutics, Inc.\* | 65 | 1779 |
| &nbsp;&nbsp;&nbsp;Weis Markets, Inc. | 23 | 1772 |
| &nbsp;&nbsp;&nbsp;TreeHouse Foods, Inc.\* | 65 | 1761 |
| &nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings, Inc.\* | 53 | 1759 |
| &nbsp;&nbsp;&nbsp;ANI Pharmaceuticals, Inc.\* | 26 | 1741 |
| &nbsp;&nbsp;&nbsp;Tandem Diabetes Care, Inc.\* | 90 | 1724 |
| &nbsp;&nbsp;&nbsp;Pediatrix Medical Group, Inc.\* | 119 | 1724 |
| &nbsp;&nbsp;&nbsp;Helen of Troy Ltd.\* | 32 | 1712 |
| &nbsp;&nbsp;&nbsp;Vita Coco Company, Inc.\* | 55 | 1686 |
| &nbsp;&nbsp;&nbsp;NeoGenomics, Inc.\* | 176 | 1670 |
| &nbsp;&nbsp;&nbsp;Universal Technical Institute, Inc.\* | 65 | 1669 |
| &nbsp;&nbsp;&nbsp;Brookdale Senior Living, Inc. — Class A\* | 264 | 1653 |
| &nbsp;&nbsp;&nbsp;Celldex Therapeutics, Inc.\* | 90 | 1633 |
| &nbsp;&nbsp;&nbsp;Inmode Ltd.\* | 91 | 1614 |
| &nbsp;&nbsp;&nbsp;Ocular Therapeutix, Inc.\* | 220 | 1613 |
| &nbsp;&nbsp;&nbsp;Flywire Corp.\* | 168 | 1596 |
| &nbsp;&nbsp;&nbsp;Ardelyx, Inc.\* | 325 | 1596 |
| &nbsp;&nbsp;&nbsp;GeneDx Holdings Corp.\* | 18 | 1594 |
| &nbsp;&nbsp;&nbsp;Pacira BioSciences, Inc.\* | 64 | 1590 |
| &nbsp;&nbsp;&nbsp;Disc Medicine, Inc.\* | 32 | 1588 |
| &nbsp;&nbsp;&nbsp;National Healthcare Corp. | 17 | 1578 |
| &nbsp;&nbsp;&nbsp;CRA International, Inc. | 9 | 1559 |
| &nbsp;&nbsp;&nbsp;Amphastar Pharmaceuticals, Inc.\* | 53 | 1536 |
| &nbsp;&nbsp;&nbsp;US Physical Therapy, Inc. | 21 | 1520 |
| &nbsp;&nbsp;&nbsp;AdaptHealth Corp.\* | 140 | 1518 |
| &nbsp;&nbsp;&nbsp;Dole plc | 105 | 1517 |
| &nbsp;&nbsp;&nbsp;PROG Holdings, Inc. | 57 | 1516 |
| &nbsp;&nbsp;&nbsp;Legalzoom.com, Inc.\* | 176 | 1515 |
| &nbsp;&nbsp;&nbsp;Aurinia Pharmaceuticals, Inc.\* | 185 | 1487 |
| &nbsp;&nbsp;&nbsp;Barrett Business Services, Inc. | 36 | 1481 |
| &nbsp;&nbsp;&nbsp;Vera Therapeutics, Inc.\* | 61 | 1465 |
| &nbsp;&nbsp;&nbsp;Alphatec Holdings, Inc.\* | 143 | 1450 |
| &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce, Inc. | 47 | 1449 |
| &nbsp;&nbsp;&nbsp;Turning Point Brands, Inc. | 24 | 1427 |
| &nbsp;&nbsp;&nbsp;Driven Brands Holdings, Inc.\* | 83 | 1423 |
| &nbsp;&nbsp;&nbsp;Syndax Pharmaceuticals, Inc.\* | 115 | 1413 |
| &nbsp;&nbsp;&nbsp;BrightSpring Health Services, Inc.\* | 78 | 1411 |
| &nbsp;&nbsp;&nbsp;Viridian Therapeutics, Inc.\* | 104 | 1402 |
| &nbsp;&nbsp;&nbsp;Vital Farms, Inc.\* | 46 | 1402 |
| &nbsp;&nbsp;&nbsp;Innoviva, Inc.\* | 77 | 1396 |
| &nbsp;&nbsp;&nbsp;Immunovant, Inc.\* | 81 | 1384 |
| &nbsp;&nbsp;&nbsp;National Beverage Corp. | 33 | 1371 |
| &nbsp;&nbsp;&nbsp;Ingles Markets, Inc. — Class A | 21 | 1368 |
| &nbsp;&nbsp;&nbsp;Novavax, Inc.\* | 212 | 1359 |
| &nbsp;&nbsp;&nbsp;Artivion, Inc.\* | 55 | 1352 |
| &nbsp;&nbsp;&nbsp;Collegium Pharmaceutical, Inc.\* | 45 | 1343 |
| &nbsp;&nbsp;&nbsp;Arlo Technologies, Inc.\* | 134 | 1323 |
| &nbsp;&nbsp;&nbsp;Geron Corp.\* | 822 | 1307 |
| &nbsp;&nbsp;&nbsp;AMN Healthcare Services, Inc.\* | 53 | 1296 |
| &nbsp;&nbsp;&nbsp;LifeStance Health Group, Inc.\* | 194 | 1292 |
| &nbsp;&nbsp;&nbsp;Liquidia Corp.\* | 87 | 1283 |
| &nbsp;&nbsp;&nbsp;Utz Brands, Inc. | 91 | 1281 |
| &nbsp;&nbsp;&nbsp;Coursera, Inc.\* | 190 | 1265 |
| &nbsp;&nbsp;&nbsp;RxSight, Inc.\* | 50 | 1263 |
| &nbsp;&nbsp;&nbsp;Iovance Biotherapeutics, Inc.\* | 378 | 1259 |
| &nbsp;&nbsp;&nbsp;MiMedx Group, Inc.\* | 165 | 1254 |
| &nbsp;&nbsp;&nbsp;Nurix Therapeutics, Inc.\* | 105 | 1247 |
| &nbsp;&nbsp;&nbsp;CareDx, Inc.\* | 70 | 1243 |
| &nbsp;&nbsp;&nbsp;Heidrick & Struggles International, Inc. | 29 | 1242 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 185

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Kforce, Inc. | 25 | $1222 |
| &nbsp;&nbsp;&nbsp;STAAR Surgical Co.\* | 69 | 1216 |
| &nbsp;&nbsp;&nbsp;Adaptive Biotechnologies Corp.\* | 163 | 1211 |
| &nbsp;&nbsp;&nbsp;Herbalife Ltd.\* | 139 | 1200 |
| &nbsp;&nbsp;&nbsp;First Advantage Corp.\*<sup>,1</sup> | 85 | 1198 |
| &nbsp;&nbsp;&nbsp;Dyne Therapeutics, Inc.\* | 113 | 1182 |
| &nbsp;&nbsp;&nbsp;Kiniksa Pharmaceuticals International plc\* | 53 | 1177 |
| &nbsp;&nbsp;&nbsp;Quanex Building Products Corp. | 62 | 1153 |
| &nbsp;&nbsp;&nbsp;BioLife Solutions, Inc.\* | 50 | 1142 |
| &nbsp;&nbsp;&nbsp;89bio, Inc.\* | 156 | 1134 |
| &nbsp;&nbsp;&nbsp;Janux Therapeutics, Inc.\* | 42 | 1134 |
| &nbsp;&nbsp;&nbsp;Pennant Group, Inc.\* | 45 | 1132 |
| &nbsp;&nbsp;&nbsp;Myriad Genetics, Inc.\* | 126 | 1118 |
| &nbsp;&nbsp;&nbsp;Harrow, Inc.\* | 42 | 1117 |
| &nbsp;&nbsp;&nbsp;Axogen, Inc.\* | 59 | 1092 |
| &nbsp;&nbsp;&nbsp;Cimpress plc\* | 24 | 1086 |
| &nbsp;&nbsp;&nbsp;WaVe Life Sciences Ltd.\* | 134 | 1083 |
| &nbsp;&nbsp;&nbsp;Hackett Group, Inc. | 37 | 1081 |
| &nbsp;&nbsp;&nbsp;Xeris Biopharma Holdings, Inc.\* | 194 | 1065 |
| &nbsp;&nbsp;&nbsp;Moneylion, Inc.\* | 12 | 1038 |
| &nbsp;&nbsp;&nbsp;Embecta Corp. | 81 | 1033 |
| &nbsp;&nbsp;&nbsp;Healthcare Services Group, Inc.\* | 102 | 1028 |
| &nbsp;&nbsp;&nbsp;BrightView Holdings, Inc.\* | 80 | 1027 |
| &nbsp;&nbsp;&nbsp;Mister Car Wash, Inc.\* | 130 | 1026 |
| &nbsp;&nbsp;&nbsp;Deluxe Corp. | 64 | 1012 |
| &nbsp;&nbsp;&nbsp;Avadel Pharmaceuticals plc\* | 129 | 1010 |
| &nbsp;&nbsp;&nbsp;Enliven Therapeutics, Inc.\* | 51 | 1004 |
| &nbsp;&nbsp;&nbsp;Intellia Therapeutics, Inc.\* | 140 | 995 |
| &nbsp;&nbsp;&nbsp;Xencor, Inc.\* | 93 | 990 |
| &nbsp;&nbsp;&nbsp;Udemy, Inc.\* | 127 | 986 |
| &nbsp;&nbsp;&nbsp;SpartanNash Co. | 48 | 972 |
| &nbsp;&nbsp;&nbsp;Matthews International Corp. — Class A | 43 | 956 |
| &nbsp;&nbsp;&nbsp;Owens & Minor, Inc.\* | 104 | 939 |
| &nbsp;&nbsp;&nbsp;Replimune Group, Inc.\* | 95 | 926 |
| &nbsp;&nbsp;&nbsp;Evolus, Inc.\* | 76 | 914 |
| &nbsp;&nbsp;&nbsp;Praxis Precision Medicines, Inc.\* | 24 | 909 |
| &nbsp;&nbsp;&nbsp;Zymeworks, Inc.\* | 76 | 905 |
| &nbsp;&nbsp;&nbsp;Spyre Therapeutics, Inc.\* | 56 | 904 |
| &nbsp;&nbsp;&nbsp;Avanos Medical, Inc.\* | 63 | 903 |
| &nbsp;&nbsp;&nbsp;Transcat, Inc.\* | 12 | 893 |
| &nbsp;&nbsp;&nbsp;ARS Pharmaceuticals, Inc.\* | 71 | 893 |
| &nbsp;&nbsp;&nbsp;Anavex Life Sciences Corp.\*<sup>,1</sup> | 103 | 884 |
| &nbsp;&nbsp;&nbsp;Paragon 28, Inc.\* | 67 | 875 |
| &nbsp;&nbsp;&nbsp;John B Sanfilippo & Son, Inc. | 12 | 850 |
| &nbsp;&nbsp;&nbsp;Cass Information Systems, Inc. | 19 | 822 |
| &nbsp;&nbsp;&nbsp;Vir Biotechnology, Inc.\* | 124 | 804 |
| &nbsp;&nbsp;&nbsp;SI-BONE, Inc.\* | 57 | 800 |
| &nbsp;&nbsp;&nbsp;Prothena Corporation plc\* | 62 | 767 |
| &nbsp;&nbsp;&nbsp;Cogent Biosciences, Inc.\* | 128 | 767 |
| &nbsp;&nbsp;&nbsp;Orthofix Medical, Inc.\* | 47 | 767 |
| &nbsp;&nbsp;&nbsp;OPKO Health, Inc.\* | 449 | 745 |
| &nbsp;&nbsp;&nbsp;B&G Foods, Inc.<sup>1</sup> | 108 | 742 |
| &nbsp;&nbsp;&nbsp;Castle Biosciences, Inc.\* | 37 | 741 |
| &nbsp;&nbsp;&nbsp;Paysafe Ltd.\* | 47 | 737 |
| &nbsp;&nbsp;&nbsp;Carriage Services, Inc. — Class A | 19 | 736 |
| &nbsp;&nbsp;&nbsp;Willdan Group, Inc.\* | 18 | 733 |
| &nbsp;&nbsp;&nbsp;ArriVent Biopharma, Inc.\* | 39 | 721 |
| &nbsp;&nbsp;&nbsp;Rocket Pharmaceuticals, Inc.\* | 107 | 714 |
| &nbsp;&nbsp;&nbsp;Ennis, Inc. | 35 | 703 |
| &nbsp;&nbsp;&nbsp;Arbutus Biopharma Corp.\* | 201 | 701 |
| &nbsp;&nbsp;&nbsp;Kura Oncology, Inc.\* | 106 | 700 |
| &nbsp;&nbsp;&nbsp;Accolade, Inc.\* | 100 | 698 |
| &nbsp;&nbsp;&nbsp;Cytek Biosciences, Inc.\* | 169 | 678 |
| &nbsp;&nbsp;&nbsp;Repay Holdings Corp.\* | 121 | 674 |
| &nbsp;&nbsp;&nbsp;Cross Country Healthcare, Inc.\* | 45 | 670 |
| &nbsp;&nbsp;&nbsp;Mineralys Therapeutics, Inc.\* | 42 | 667 |
| &nbsp;&nbsp;&nbsp;Immunome, Inc.\* | 99 | 666 |
| &nbsp;&nbsp;&nbsp;Hertz Global Holdings, Inc.\*<sup>,1</sup> | 169 | 666 |
| &nbsp;&nbsp;&nbsp;Varex Imaging Corp.\* | 57 | 661 |
| &nbsp;&nbsp;&nbsp;Mission Produce, Inc.\* | 63 | 660 |
| &nbsp;&nbsp;&nbsp;Trevi Therapeutics, Inc.\* | 104 | 654 |
| &nbsp;&nbsp;&nbsp;Enhabit, Inc.\* | 73 | 642 |
| &nbsp;&nbsp;&nbsp;Omeros Corp.\* | 78 | 641 |
| &nbsp;&nbsp;&nbsp;ImmunityBio, Inc.\* | 213 | 641 |
| &nbsp;&nbsp;&nbsp;Phibro Animal Health Corp. — Class A | 30 | 641 |
| &nbsp;&nbsp;&nbsp;SunOpta, Inc.\* | 130 | 632 |
| &nbsp;&nbsp;&nbsp;iRadimed Corp. | 12 | 630 |
| &nbsp;&nbsp;&nbsp;Sezzle, Inc.\* | 18 | 628 |
| &nbsp;&nbsp;&nbsp;Arvinas, Inc.\* | 89 | 625 |
| &nbsp;&nbsp;&nbsp;Green Dot Corp. — Class A\* | 74 | 625 |
| &nbsp;&nbsp;&nbsp;Seneca Foods Corp. — Class A\* | 7 | 623 |
| &nbsp;&nbsp;&nbsp;KalVista Pharmaceuticals, Inc.\* | 54 | 623 |
| &nbsp;&nbsp;&nbsp;Monro, Inc. | 43 | 622 |
| &nbsp;&nbsp;&nbsp;Arcus Biosciences, Inc.\* | 79 | 620 |
| &nbsp;&nbsp;&nbsp;PACS Group, Inc.\* | 55 | 618 |
| &nbsp;&nbsp;&nbsp;MGP Ingredients, Inc. | 21 | 617 |
| &nbsp;&nbsp;&nbsp;Kelly Services, Inc. — Class A | 46 | 606 |
| &nbsp;&nbsp;&nbsp;Treace Medical Concepts, Inc.\* | 72 | 604 |
| &nbsp;&nbsp;&nbsp;Lincoln Educational Services Corp.\* | 38 | 603 |
| &nbsp;&nbsp;&nbsp;Day One Biopharmaceuticals, Inc.\* | 76 | 603 |
| &nbsp;&nbsp;&nbsp;Dianthus Therapeutics, Inc.\* | 33 | 599 |
| &nbsp;&nbsp;&nbsp;Mind Medicine MindMed, Inc.\* | 102 | 597 |
| &nbsp;&nbsp;&nbsp;Sage Therapeutics, Inc.\* | 75 | 596 |
| &nbsp;&nbsp;&nbsp;UroGen Pharma Ltd.\* | 53 | 586 |
| &nbsp;&nbsp;&nbsp;Krispy Kreme, Inc. | 119 | 585 |
| &nbsp;&nbsp;&nbsp;ZipRecruiter, Inc. — Class A\* | 99 | 583 |
| &nbsp;&nbsp;&nbsp;Surmodics, Inc.\* | 19 | 580 |
| &nbsp;&nbsp;&nbsp;Akebia Therapeutics, Inc.\* | 301 | 578 |
| &nbsp;&nbsp;&nbsp;Calavo Growers, Inc. | 24 | 576 |
| &nbsp;&nbsp;&nbsp;Metsera, Inc.\* | 21 | 572 |
| &nbsp;&nbsp;&nbsp;OrthoPediatrics Corp.\* | 23 | 566 |
| &nbsp;&nbsp;&nbsp;Natural Grocers by Vitamin Cottage, Inc. | 14 | 563 |
| &nbsp;&nbsp;&nbsp;Zevra Therapeutics, Inc.\* | 75 | 562 |
| &nbsp;&nbsp;&nbsp;AnaptysBio, Inc.\* | 30 | 558 |
| &nbsp;&nbsp;&nbsp;ACCO Brands Corp. | 131 | 549 |
| &nbsp;&nbsp;&nbsp;Cullinan Therapeutics, Inc.\* | 71 | 537 |
| &nbsp;&nbsp;&nbsp;Honest Company, Inc.\* | 114 | 536 |
| &nbsp;&nbsp;&nbsp;American Public Education, Inc.\* | 24 | 536 |
| &nbsp;&nbsp;&nbsp;Tourmaline Bio, Inc.\* | 34 | 517 |
| &nbsp;&nbsp;&nbsp;Hain Celestial Group, Inc.\* | 124 | 515 |
| &nbsp;&nbsp;&nbsp;CorMedix, Inc.\* | 83 | 511 |
| &nbsp;&nbsp;&nbsp;ORIC Pharmaceuticals, Inc.\* | 90 | 502 |

---

186 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Altimmune, Inc.\* | 100 | $500 |
| &nbsp;&nbsp;&nbsp;AngioDynamics, Inc.\* | 53 | 498 |
| &nbsp;&nbsp;&nbsp;Village Super Market, Inc. — Class A | 13 | 494 |
| &nbsp;&nbsp;&nbsp;EyePoint Pharmaceuticals, Inc.\* | 91 | 493 |
| &nbsp;&nbsp;&nbsp;Tejon Ranch Co.\* | 31 | 491 |
| &nbsp;&nbsp;&nbsp;Bioventus, Inc. — Class A\* | 53 | 485 |
| &nbsp;&nbsp;&nbsp;Capricor Therapeutics, Inc.\* | 51 | 484 |
| &nbsp;&nbsp;&nbsp;Theravance Biopharma, Inc.\* | 54 | 482 |
| &nbsp;&nbsp;&nbsp;REGENXBIO, Inc.\* | 67 | 479 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co.\* | 13 | 476 |
| &nbsp;&nbsp;&nbsp;Fulgent Genetics, Inc.\* | 28 | 473 |
| &nbsp;&nbsp;&nbsp;Community Health Systems, Inc.\* | 175 | 473 |
| &nbsp;&nbsp;&nbsp;Niagen Bioscience, Inc.\* | 68 | 469 |
| &nbsp;&nbsp;&nbsp;LENZ Therapeutics, Inc.\* | 18 | 463 |
| &nbsp;&nbsp;&nbsp;Savara, Inc.\* | 167 | 463 |
| &nbsp;&nbsp;&nbsp;Relay Therapeutics, Inc.\* | 175 | 458 |
| &nbsp;&nbsp;&nbsp;Celcuity, Inc.\* | 45 | 455 |
| &nbsp;&nbsp;&nbsp;Ardent Health Partners, Inc.\* | 33 | 454 |
| &nbsp;&nbsp;&nbsp;Organogenesis Holdings, Inc.\* | 105 | 454 |
| &nbsp;&nbsp;&nbsp;Pulse Biosciences, Inc.\* | 28 | 451 |
| &nbsp;&nbsp;&nbsp;Rigel Pharmaceuticals, Inc.\* | 25 | 450 |
| &nbsp;&nbsp;&nbsp;Verve Therapeutics, Inc.\* | 98 | 448 |
| &nbsp;&nbsp;&nbsp;MeiraGTx Holdings plc\* | 66 | 447 |
| &nbsp;&nbsp;&nbsp;Pacific Biosciences of California, Inc.\*<sup>,1</sup> | 377 | 445 |
| &nbsp;&nbsp;&nbsp;Franklin Covey Co.\* | 16 | 442 |
| &nbsp;&nbsp;&nbsp;KinderCare Learning Companies, Inc.\* | 38 | 440 |
| &nbsp;&nbsp;&nbsp;Nuvation Bio, Inc.\* | 249 | 438 |
| &nbsp;&nbsp;&nbsp;Tactile Systems Technology, Inc.\* | 33 | 436 |
| &nbsp;&nbsp;&nbsp;USANA Health Sciences, Inc.\* | 16 | 431 |
| &nbsp;&nbsp;&nbsp;Keros Therapeutics, Inc.\* | 42 | 428 |
| &nbsp;&nbsp;&nbsp;Limoneira Co. | 24 | 425 |
| &nbsp;&nbsp;&nbsp;Distribution Solutions Group, Inc.\* | 15 | 420 |
| &nbsp;&nbsp;&nbsp;Aldeyra Therapeutics, Inc.\* | 73 | 420 |
| &nbsp;&nbsp;&nbsp;Zimvie, Inc.\* | 38 | 410 |
| &nbsp;&nbsp;&nbsp;Aveanna Healthcare Holdings, Inc.\* | 75 | 407 |
| &nbsp;&nbsp;&nbsp;MaxCyte, Inc.\* | 147 | 401 |
| &nbsp;&nbsp;&nbsp;Aura Biosciences, Inc.\* | 67 | 393 |
| &nbsp;&nbsp;&nbsp;Nathan's Famous, Inc. | 4 | 386 |
| &nbsp;&nbsp;&nbsp;Vanda Pharmaceuticals, Inc.\* | 83 | 381 |
| &nbsp;&nbsp;&nbsp;Nano-X Imaging Ltd.\*<sup>,1</sup> | 76 | 380 |
| &nbsp;&nbsp;&nbsp;SIGA Technologies, Inc.\* | 69 | 378 |
| &nbsp;&nbsp;&nbsp;Esperion Therapeutics, Inc.\*<sup>,1</sup> | 261 | 376 |
| &nbsp;&nbsp;&nbsp;DocGo, Inc.\* | 141 | 372 |
| &nbsp;&nbsp;&nbsp;CompoSecure, Inc. — Class A | 34 | 370 |
| &nbsp;&nbsp;&nbsp;Viemed Healthcare, Inc.\* | 50 | 364 |
| &nbsp;&nbsp;&nbsp;Pulmonx Corp.\* | 54 | 363 |
| &nbsp;&nbsp;&nbsp;Westrock Coffee Co.\* | 50 | 361 |
| &nbsp;&nbsp;&nbsp;Heron Therapeutics, Inc.\*<sup>,1</sup> | 162 | 356 |
| &nbsp;&nbsp;&nbsp;Bicara Therapeutics, Inc.\* | 27 | 352 |
| &nbsp;&nbsp;&nbsp;2seventy bio, Inc.\* | 71 | 351 |
| &nbsp;&nbsp;&nbsp;Erasca, Inc.\* | 253 | 347 |
| &nbsp;&nbsp;&nbsp;Cerus Corp.\* | 249 | 346 |
| &nbsp;&nbsp;&nbsp;Quanterix Corp.\* | 53 | 345 |
| &nbsp;&nbsp;&nbsp;Astria Therapeutics, Inc.\* | 64 | 342 |
| &nbsp;&nbsp;&nbsp;Maravai LifeSciences Holdings, Inc. — Class A\* | 154 | 340 |
| &nbsp;&nbsp;&nbsp;Arcturus Therapeutics Holdings, Inc.\* | 32 | 339 |
| &nbsp;&nbsp;&nbsp;Phathom Pharmaceuticals, Inc.\* | 54 | 339 |
| &nbsp;&nbsp;&nbsp;Taysha Gene Therapies, Inc.\* | 241 | 335 |
| &nbsp;&nbsp;&nbsp;OraSure Technologies, Inc.\* | 99 | 334 |
| &nbsp;&nbsp;&nbsp;Ceribell, Inc.\* | 17 | 327 |
| &nbsp;&nbsp;&nbsp;Stoke Therapeutics, Inc.\* | 49 | 326 |
| &nbsp;&nbsp;&nbsp;Verastem, Inc.\* | 54 | 326 |
| &nbsp;&nbsp;&nbsp;Entrada Therapeutics, Inc.\* | 36 | 325 |
| &nbsp;&nbsp;&nbsp;Atea Pharmaceuticals, Inc.\* | 108 | 323 |
| &nbsp;&nbsp;&nbsp;Target Hospitality Corp.\* | 49 | 322 |
| &nbsp;&nbsp;&nbsp;OmniAb, Inc.\* | 133 | 319 |
| &nbsp;&nbsp;&nbsp;National Research Corp. — Class A | 24 | 307 |
| &nbsp;&nbsp;&nbsp;Mama's Creations, Inc.\* | 47 | 306 |
| &nbsp;&nbsp;&nbsp;Sana Biotechnology, Inc.\* | 182 | 306 |
| &nbsp;&nbsp;&nbsp;Aquestive Therapeutics, Inc.\* | 104 | 302 |
| &nbsp;&nbsp;&nbsp;Avita Medical, Inc.\* | 37 | 301 |
| &nbsp;&nbsp;&nbsp;Resources Connection, Inc. | 46 | 301 |
| &nbsp;&nbsp;&nbsp;Anika Therapeutics, Inc.\* | 20 | 301 |
| &nbsp;&nbsp;&nbsp;Alico, Inc. | 10 | 298 |
| &nbsp;&nbsp;&nbsp;Nevro Corp.\* | 51 | 298 |
| &nbsp;&nbsp;&nbsp;Custom Truck One Source, Inc.\* | 69 | 291 |
| &nbsp;&nbsp;&nbsp;Absci Corp.\* | 116 | 291 |
| &nbsp;&nbsp;&nbsp;Performant Healthcare, Inc.\* | 98 | 290 |
| &nbsp;&nbsp;&nbsp;Ironwood Pharmaceuticals, Inc. — Class A\* | 197 | 290 |
| &nbsp;&nbsp;&nbsp;Ocugen, Inc.\* | 402 | 284 |
| &nbsp;&nbsp;&nbsp;Utah Medical Products, Inc. | 5 | 280 |
| &nbsp;&nbsp;&nbsp;Tyra Biosciences, Inc.\* | 30 | 279 |
| &nbsp;&nbsp;&nbsp;Precigen, Inc.\* | 185 | 276 |
| &nbsp;&nbsp;&nbsp;Terns Pharmaceuticals, Inc.\* | 98 | 270 |
| &nbsp;&nbsp;&nbsp;HF Foods Group, Inc.\* | 55 | 269 |
| &nbsp;&nbsp;&nbsp;Compass Therapeutics, Inc.\* | 141 | 268 |
| &nbsp;&nbsp;&nbsp;Monte Rosa Therapeutics, Inc.\* | 57 | 264 |
| &nbsp;&nbsp;&nbsp;Allogene Therapeutics, Inc.\* | 179 | 261 |
| &nbsp;&nbsp;&nbsp;ACELYRIN, Inc.\* | 105 | 259 |
| &nbsp;&nbsp;&nbsp;Fulcrum Therapeutics, Inc.\* | 90 | 259 |
| &nbsp;&nbsp;&nbsp;Annexon, Inc.\* | 133 | 257 |
| &nbsp;&nbsp;&nbsp;Guardian Pharmacy Services, Inc. — Class A\* | 12 | 255 |
| &nbsp;&nbsp;&nbsp;TrueBlue, Inc.\* | 48 | 255 |
| &nbsp;&nbsp;&nbsp;Cardiff Oncology, Inc.\* | 81 | 254 |
| &nbsp;&nbsp;&nbsp;SoundThinking, Inc.\* | 15 | 254 |
| &nbsp;&nbsp;&nbsp;Semler Scientific, Inc.\* | 7 | 253 |
| &nbsp;&nbsp;&nbsp;Nature's Sunshine Products, Inc.\* | 20 | 251 |
| &nbsp;&nbsp;&nbsp;Spire Global, Inc.\* | 31 | 251 |
| &nbsp;&nbsp;&nbsp;Beyond Meat, Inc.\*<sup>,1</sup> | 82 | 250 |
| &nbsp;&nbsp;&nbsp;Inogen, Inc.\* | 35 | 250 |
| &nbsp;&nbsp;&nbsp;CVRx, Inc.\* | 20 | 245 |
| &nbsp;&nbsp;&nbsp;Olaplex Holdings, Inc.\* | 191 | 242 |
| &nbsp;&nbsp;&nbsp;Accuray, Inc.\* | 133 | 238 |
| &nbsp;&nbsp;&nbsp;Quad/Graphics, Inc. | 43 | 234 |
| &nbsp;&nbsp;&nbsp;NeuroPace, Inc.\* | 19 | 234 |
| &nbsp;&nbsp;&nbsp;CPI Card Group, Inc.\* | 8 | 233 |
| &nbsp;&nbsp;&nbsp;Rapport Therapeutics, Inc.\* | 23 | 231 |
| &nbsp;&nbsp;&nbsp;Medifast, Inc.\* | 17 | 229 |
| &nbsp;&nbsp;&nbsp;Candel Therapeutics, Inc.\* | 40 | 226 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 187

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Y-mAbs Therapeutics, Inc.\* | 51 | $226 |
| &nbsp;&nbsp;&nbsp;Inhibrx Biosciences, Inc.\* | 16 | 224 |
| &nbsp;&nbsp;&nbsp;Voyager Therapeutics, Inc.\* | 66 | 223 |
| &nbsp;&nbsp;&nbsp;4D Molecular Therapeutics, Inc.\* | 69 | 223 |
| &nbsp;&nbsp;&nbsp;iTeos Therapeutics, Inc.\* | 37 | 221 |
| &nbsp;&nbsp;&nbsp;Beta Bionics, Inc.\* | 18 | 220 |
| &nbsp;&nbsp;&nbsp;XOMA Royalty Corp.\* | 11 | 219 |
| &nbsp;&nbsp;&nbsp;Blade Air Mobility, Inc.\* | 80 | 218 |
| &nbsp;&nbsp;&nbsp;Lifecore Biomedical, Inc.\* | 31 | 218 |
| &nbsp;&nbsp;&nbsp;Fennec Pharmaceuticals, Inc.\* | 35 | 213 |
| &nbsp;&nbsp;&nbsp;Humacyte, Inc.\* | 124 | 211 |
| &nbsp;&nbsp;&nbsp;Priority Technology Holdings, Inc.\* | 31 | 211 |
| &nbsp;&nbsp;&nbsp;Olema Pharmaceuticals, Inc.\* | 56 | 211 |
| &nbsp;&nbsp;&nbsp;European Wax Center, Inc. — Class A\* | 52 | 205 |
| &nbsp;&nbsp;&nbsp;MediWound Ltd.\* | 13 | 202 |
| &nbsp;&nbsp;&nbsp;Quantum-Si, Inc.\* | 167 | 200 |
| &nbsp;&nbsp;&nbsp;Information Services Group, Inc. | 50 | 196 |
| &nbsp;&nbsp;&nbsp;Cargo Therapeutics, Inc.\* | 47 | 191 |
| &nbsp;&nbsp;&nbsp;Joint Corp.\* | 15 | 187 |
| &nbsp;&nbsp;&nbsp;Sanara Medtech, Inc.\* | 6 | 185 |
| &nbsp;&nbsp;&nbsp;Alumis, Inc.\* | 30 | 184 |
| &nbsp;&nbsp;&nbsp;Acacia Research Corp.\* | 56 | 179 |
| &nbsp;&nbsp;&nbsp;Alta Equipment Group, Inc. | 38 | 178 |
| &nbsp;&nbsp;&nbsp;Cadiz, Inc.\* | 60 | 176 |
| &nbsp;&nbsp;&nbsp;Forrester Research, Inc.\* | 19 | 176 |
| &nbsp;&nbsp;&nbsp;Korro Bio, Inc.\* | 10 | 174 |
| &nbsp;&nbsp;&nbsp;Puma Biotechnology, Inc.\* | 58 | 172 |
| &nbsp;&nbsp;&nbsp;Design Therapeutics, Inc.\* | 44 | 170 |
| &nbsp;&nbsp;&nbsp;Nektar Therapeutics\* | 247 | 168 |
| &nbsp;&nbsp;&nbsp;Zenas Biopharma, Inc.\* | 21 | 166 |
| &nbsp;&nbsp;&nbsp;Neurogene, Inc.\* | 14 | 164 |
| &nbsp;&nbsp;&nbsp;Prime Medicine, Inc.\* | 82 | 163 |
| &nbsp;&nbsp;&nbsp;Enanta Pharmaceuticals, Inc.\* | 29 | 160 |
| &nbsp;&nbsp;&nbsp;Perspective Therapeutics, Inc.\* | 74 | 158 |
| &nbsp;&nbsp;&nbsp;Regulus Therapeutics, Inc.\* | 89 | 156 |
| &nbsp;&nbsp;&nbsp;ADC Therapeutics S.A.\* | 110 | 155 |
| &nbsp;&nbsp;&nbsp;BRC, Inc. — Class A\* | 73 | 152 |
| &nbsp;&nbsp;&nbsp;InfuSystem Holdings, Inc.\* | 28 | 151 |
| &nbsp;&nbsp;&nbsp;Septerna, Inc.\* | 26 | 151 |
| &nbsp;&nbsp;&nbsp;Inmune Bio, Inc.\* | 19 | 148 |
| &nbsp;&nbsp;&nbsp;Upstream Bio, Inc.\* | 24 | 147 |
| &nbsp;&nbsp;&nbsp;Lifeway Foods, Inc.\* | 6 | 147 |
| &nbsp;&nbsp;&nbsp;Orchestra BioMed Holdings, Inc.\* | 34 | 146 |
| &nbsp;&nbsp;&nbsp;Cartesian Therapeutics, Inc.\*<sup>,1</sup> | 11 | 145 |
| &nbsp;&nbsp;&nbsp;scPharmaceuticals, Inc.\* | 55 | 145 |
| &nbsp;&nbsp;&nbsp;Sera Prognostics, Inc. — Class A\* | 39 | 144 |
| &nbsp;&nbsp;&nbsp;Nkarta, Inc.\* | 78 | 144 |
| &nbsp;&nbsp;&nbsp;Beauty Health Co.\* | 103 | 138 |
| &nbsp;&nbsp;&nbsp;Alector, Inc.\* | 112 | 138 |
| &nbsp;&nbsp;&nbsp;Stereotaxis, Inc.\* | 78 | 137 |
| &nbsp;&nbsp;&nbsp;Biote Corp. — Class A\* | 41 | 137 |
| &nbsp;&nbsp;&nbsp;ProKidney Corp.\* | 155 | 136 |
| &nbsp;&nbsp;&nbsp;Foghorn Therapeutics, Inc.\* | 37 | 135 |
| &nbsp;&nbsp;&nbsp;Editas Medicine, Inc.\* | 116 | 135 |
| &nbsp;&nbsp;&nbsp;Achieve Life Sciences, Inc.\* | 50 | 133 |
| &nbsp;&nbsp;&nbsp;Quipt Home Medical Corp.\* | 57 | 133 |
| &nbsp;&nbsp;&nbsp;C4 Therapeutics, Inc.\* | 83 | 133 |
| &nbsp;&nbsp;&nbsp;Maze Therapeutics, Inc.\* | 12 | 132 |
| &nbsp;&nbsp;&nbsp;Zentalis Pharmaceuticals, Inc.\* | 83 | 132 |
| &nbsp;&nbsp;&nbsp;Kodiak Sciences, Inc.\* | 47 | 132 |
| &nbsp;&nbsp;&nbsp;Larimar Therapeutics, Inc.\* | 61 | 131 |
| &nbsp;&nbsp;&nbsp;Adverum Biotechnologies, Inc.\* | 30 | 131 |
| &nbsp;&nbsp;&nbsp;Coherus Biosciences, Inc.\* | 153 | 123 |
| &nbsp;&nbsp;&nbsp;Lyell Immunopharma, Inc.\* | 221 | 119 |
| &nbsp;&nbsp;&nbsp;MBX Biosciences, Inc.\* | 16 | 118 |
| &nbsp;&nbsp;&nbsp;Atossa Therapeutics, Inc.\* | 175 | 118 |
| &nbsp;&nbsp;&nbsp;Sonida Senior Living, Inc.\* | 5 | 116 |
| &nbsp;&nbsp;&nbsp;Neumora Therapeutics, Inc.\* | 116 | 116 |
| &nbsp;&nbsp;&nbsp;Solid Biosciences, Inc.\* | 31 | 115 |
| &nbsp;&nbsp;&nbsp;Lexeo Therapeutics, Inc.\* | 33 | 114 |
| &nbsp;&nbsp;&nbsp;Pliant Therapeutics, Inc.\* | 84 | 113 |
| &nbsp;&nbsp;&nbsp;Lineage Cell Therapeutics, Inc.\* | 250 | 113 |
| &nbsp;&nbsp;&nbsp;Fate Therapeutics, Inc.\* | 140 | 111 |
| &nbsp;&nbsp;&nbsp;MacroGenics, Inc.\* | 85 | 108 |
| &nbsp;&nbsp;&nbsp;Caribou Biosciences, Inc.\* | 115 | 105 |
| &nbsp;&nbsp;&nbsp;Third Harmonic Bio, Inc.\* | 30 | 104 |
| &nbsp;&nbsp;&nbsp;Ventyx Biosciences, Inc.\* | 89 | 102 |
| &nbsp;&nbsp;&nbsp;Waldencast plc — Class A\* | 34 | 102 |
| &nbsp;&nbsp;&nbsp;HireQuest, Inc. | 8 | 95 |
| &nbsp;&nbsp;&nbsp;Tango Therapeutics, Inc.\* | 69 | 95 |
| &nbsp;&nbsp;&nbsp;Zura Bio Ltd.\* | 70 | 90 |
| &nbsp;&nbsp;&nbsp;Veru, Inc.\* | 182 | 89 |
| &nbsp;&nbsp;&nbsp;Chegg, Inc.\* | 138 | 88 |
| &nbsp;&nbsp;&nbsp;XBiotech, Inc.\* | 27 | 87 |
| &nbsp;&nbsp;&nbsp;Biomea Fusion, Inc.\* | 41 | 87 |
| &nbsp;&nbsp;&nbsp;Telomir Pharmaceuticals, Inc.\* | 27 | 87 |
| &nbsp;&nbsp;&nbsp;Cassava Sciences, Inc.\* | 58 | 87 |
| &nbsp;&nbsp;&nbsp;Emerald Holding, Inc. | 22 | 86 |
| &nbsp;&nbsp;&nbsp;Cabaletta Bio, Inc.\* | 62 | 86 |
| &nbsp;&nbsp;&nbsp;Renovaro, Inc.\* | 158 | 86 |
| &nbsp;&nbsp;&nbsp;Black Diamond Therapeutics, Inc.\* | 55 | 85 |
| &nbsp;&nbsp;&nbsp;Corbus Pharmaceuticals Holdings, Inc.\* | 16 | 85 |
| &nbsp;&nbsp;&nbsp;Artiva Biotherapeutics, Inc.\* | 28 | 84 |
| &nbsp;&nbsp;&nbsp;Innovage Holding Corp.\* | 28 | 83 |
| &nbsp;&nbsp;&nbsp;FiscalNote Holdings, Inc.\* | 103 | 83 |
| &nbsp;&nbsp;&nbsp;Inovio Pharmaceuticals, Inc.\* | 50 | 81 |
| &nbsp;&nbsp;&nbsp;Sutro Biopharma, Inc.\* | 119 | 77 |
| &nbsp;&nbsp;&nbsp;TScan Therapeutics, Inc.\* | 56 | 77 |
| &nbsp;&nbsp;&nbsp;Gyre Therapeutics, Inc.\* | 10 | 77 |
| &nbsp;&nbsp;&nbsp;Contineum Therapeutics, Inc. — Class A\* | 11 | 77 |
| &nbsp;&nbsp;&nbsp;Anteris Technologies Global Corp.\* | 21 | 76 |
| &nbsp;&nbsp;&nbsp;Ispire Technology, Inc.\* | 28 | 76 |
| &nbsp;&nbsp;&nbsp;Greenwich Lifesciences, Inc.\* | 8 | 76 |
| &nbsp;&nbsp;&nbsp;Lexicon Pharmaceuticals, Inc.\* | 160 | 74 |
| &nbsp;&nbsp;&nbsp;CervoMed, Inc.\* | 8 | 73 |
| &nbsp;&nbsp;&nbsp;Jasper Therapeutics, Inc.\* | 17 | 73 |
| &nbsp;&nbsp;&nbsp;Invivyd, Inc.\* | 115 | 70 |
| &nbsp;&nbsp;&nbsp;Pyxis Oncology, Inc.\* | 71 | 70 |
| &nbsp;&nbsp;&nbsp;Kyverna Therapeutics, Inc.\* | 36 | 69 |
| &nbsp;&nbsp;&nbsp;Actinium Pharmaceuticals, Inc.\* | 43 | 69 |
| &nbsp;&nbsp;&nbsp;Forafric Global plc\* | 8 | 69 |
| &nbsp;&nbsp;&nbsp;Acumen Pharmaceuticals, Inc.\* | 60 | 66 |

---

188 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Applied Therapeutics, Inc.\* | 135 | $| 66 |
| &nbsp;&nbsp;&nbsp;Inozyme Pharma, Inc.\* | 72 |  | 66 |
| &nbsp;&nbsp;&nbsp;HilleVax, Inc.\* | 45 |  | 65 |
| &nbsp;&nbsp;&nbsp;Alto Neuroscience, Inc.\* | 30 |  | 65 |
| &nbsp;&nbsp;&nbsp;BioAge Labs, Inc.\* | 17 |  | 64 |
| &nbsp;&nbsp;&nbsp;Bluebird Bio, Inc.\* | 13 |  | 63 |
| &nbsp;&nbsp;&nbsp;Nautilus Biotechnology, Inc.\* | 71 |  | 61 |
| &nbsp;&nbsp;&nbsp;X4 Pharmaceuticals, Inc.\* | 237 |  | 56 |
| &nbsp;&nbsp;&nbsp;Fractyl Health, Inc.\* | 47 |  | 56 |
| &nbsp;&nbsp;&nbsp;Akoya Biosciences, Inc.\* | 39 |  | 54 |
| &nbsp;&nbsp;&nbsp;Shattuck Labs, Inc.\* | 57 |  | 54 |
| &nbsp;&nbsp;&nbsp;Mersana Therapeutics, Inc.\* | 157 |  | 54 |
| &nbsp;&nbsp;&nbsp;RAPT Therapeutics, Inc.\* | 43 |  | 52 |
| &nbsp;&nbsp;&nbsp;Metagenomi, Inc.\* | 38 |  | 52 |
| &nbsp;&nbsp;&nbsp;Climb Bio, Inc.\* | 41 |  | 50 |
| &nbsp;&nbsp;&nbsp;DLH Holdings Corp.\* | 12 |  | 49 |
| &nbsp;&nbsp;&nbsp;Zynex, Inc.\* | 22 |  | 48 |
| &nbsp;&nbsp;&nbsp;Aerovate Therapeutics, Inc.\* | 19 |  | 48 |
| &nbsp;&nbsp;&nbsp;AirSculpt Technologies, Inc.\* | 20 |  | 47 |
| &nbsp;&nbsp;&nbsp;Agenus, Inc.\* | 30 |  | 45 |
| &nbsp;&nbsp;&nbsp;Cibus, Inc.\* | 24 |  | 45 |
| &nbsp;&nbsp;&nbsp;Tenaya Therapeutics, Inc.\* | 77 |  | 44 |
| &nbsp;&nbsp;&nbsp;Werewolf Therapeutics, Inc.\* | 45 |  | 44 |
| &nbsp;&nbsp;&nbsp;Skye Bioscience, Inc.\* | 27 |  | 43 |
| &nbsp;&nbsp;&nbsp;CAMP4 Therapeutics Corp.\* | 10 |  | 40 |
| &nbsp;&nbsp;&nbsp;Galectin Therapeutics, Inc.\*<sup>,1</sup> | 30 |  | 37 |
| &nbsp;&nbsp;&nbsp;Acrivon Therapeutics, Inc.\* | 18 |  | 37 |
| &nbsp;&nbsp;&nbsp;Boundless Bio, Inc.\* | 23 |  | 35 |
| &nbsp;&nbsp;&nbsp;Fibrobiologics, Inc.\* | 38 |  | 34 |
| &nbsp;&nbsp;&nbsp;Tevogen Bio Holdings, Inc.\* | 31 |  | 33 |
| &nbsp;&nbsp;&nbsp;Harvard Bioscience, Inc.\* | 59 |  | 33 |
| &nbsp;&nbsp;&nbsp;Century Therapeutics, Inc.\* | 64 |  | 30 |
| &nbsp;&nbsp;&nbsp;Generation Bio Co.\* | 73 |  | 30 |
| &nbsp;&nbsp;&nbsp;PepGen, Inc.\* | 21 |  | 29 |
| &nbsp;&nbsp;&nbsp;ALX Oncology Holdings, Inc.\* | 47 |  | 29 |
| &nbsp;&nbsp;&nbsp;Scilex Holding Co.\* | 113 |  | 28 |
| &nbsp;&nbsp;&nbsp;Outlook Therapeutics, Inc.\* | 23 |  | 28 |
| &nbsp;&nbsp;&nbsp;Ovid therapeutics, Inc.\* | 87 |  | 27 |
| &nbsp;&nbsp;&nbsp;MarketWise, Inc. | 54 |  | 27 |
| &nbsp;&nbsp;&nbsp;Verrica Pharmaceuticals, Inc.\* | 56 |  | 25 |
| &nbsp;&nbsp;&nbsp;IGM Biosciences, Inc.\* | 21 |  | 24 |
| &nbsp;&nbsp;&nbsp;ModivCare, Inc.\* | 17 |  | 22 |
| &nbsp;&nbsp;&nbsp;Elevation Oncology, Inc.\* | 78 |  | 20 |
| &nbsp;&nbsp;&nbsp;Prelude Therapeutics, Inc.\* | 20 |  | 15 |
| &nbsp;&nbsp;&nbsp;Q32 Bio, Inc.\* | 9 |  | 15 |
| &nbsp;&nbsp;&nbsp;Lyra Therapeutics, Inc.\* | 70 |  | 9 |
| &nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals, Inc.\* <sup>†††</sup> | 24 |  |  |
| **Total Consumer, Non-cyclical** |  |  | 786237 |
| **Industrial - 10.0%** | **Industrial - 10.0%** | **Industrial - 10.0%** | **Industrial - 10.0%** |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 53 |  | 11943 |
| &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | 154 |  | 11726 |
| &nbsp;&nbsp;&nbsp;Fabrinet\* | 50 |  | 9875 |
| &nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc. — Class A\* | 86 |  | 9590 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | 83 |  | 8884 |
| &nbsp;&nbsp;&nbsp;Rocket Lab USA, Inc.\* | 491 |  | 8779 |
| &nbsp;&nbsp;&nbsp;Chart Industries, Inc.\* | 59 |  | 8517 |
| &nbsp;&nbsp;&nbsp;Fluor Corp.\* | 235 |  | 8418 |
| &nbsp;&nbsp;&nbsp;NEXTracker, Inc. — Class A\* | 198 |  | 8344 |
| &nbsp;&nbsp;&nbsp;SPX Technologies, Inc.\* | 62 |  | 7984 |
| &nbsp;&nbsp;&nbsp;JBT Marel Corp. | 65 |  | 7943 |
| &nbsp;&nbsp;&nbsp;GATX Corp. | 50 |  | 7764 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies, Inc. — Class A | 38 |  | 7749 |
| &nbsp;&nbsp;&nbsp;Badger Meter, Inc. | 40 |  | 7610 |
| &nbsp;&nbsp;&nbsp;Knife River Corp.\* | 78 |  | 7036 |
| &nbsp;&nbsp;&nbsp;Moog, Inc. — Class A | 39 |  | 6761 |
| &nbsp;&nbsp;&nbsp;CSW Industrials, Inc. | 23 |  | 6705 |
| &nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | 198 |  | 6530 |
| &nbsp;&nbsp;&nbsp;Itron, Inc.\* | 62 |  | 6495 |
| &nbsp;&nbsp;&nbsp;Novanta, Inc.\* | 49 |  | 6266 |
| &nbsp;&nbsp;&nbsp;Federal Signal Corp. | 83 |  | 6105 |
| &nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc.\* | 204 |  | 6057 |
| &nbsp;&nbsp;&nbsp;Dycom Industries, Inc.\* | 39 |  | 5941 |
| &nbsp;&nbsp;&nbsp;Franklin Electric Company, Inc. | 62 |  | 5821 |
| &nbsp;&nbsp;&nbsp;Matson, Inc. | 45 |  | 5768 |
| &nbsp;&nbsp;&nbsp;ESCO Technologies, Inc. | 36 |  | 5728 |
| &nbsp;&nbsp;&nbsp;Exponent, Inc. | 70 |  | 5674 |
| &nbsp;&nbsp;&nbsp;Sanmina Corp.\* | 74 |  | 5637 |
| &nbsp;&nbsp;&nbsp;Belden, Inc. | 56 |  | 5614 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing Co.\* | 71 |  | 5449 |
| &nbsp;&nbsp;&nbsp;Bloom Energy Corp. — Class A\* | 277 |  | 5446 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Inc. — Class A | 214 |  | 5440 |
| &nbsp;&nbsp;&nbsp;Kadant, Inc. | 16 |  | 5391 |
| &nbsp;&nbsp;&nbsp;Boise Cascade Co. | 54 |  | 5297 |
| &nbsp;&nbsp;&nbsp;Golar LNG Ltd. | 138 |  | 5243 |
| &nbsp;&nbsp;&nbsp;Arcosa, Inc. | 67 |  | 5167 |
| &nbsp;&nbsp;&nbsp;EnerSys | 55 |  | 5037 |
| &nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. | 51 |  | 4861 |
| &nbsp;&nbsp;&nbsp;Plexus Corp.\* | 37 |  | 4741 |
| &nbsp;&nbsp;&nbsp;Enpro, Inc. | 29 |  | 4692 |
| &nbsp;&nbsp;&nbsp;AeroVironment, Inc.\* | 39 |  | 4648 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc.\* | 41 |  | 4642 |
| &nbsp;&nbsp;&nbsp;Construction Partners, Inc. — Class A\* | 64 |  | 4600 |
| &nbsp;&nbsp;&nbsp;Granite Construction, Inc. | 61 |  | 4599 |
| &nbsp;&nbsp;&nbsp;OSI Systems, Inc.\* | 22 |  | 4275 |
| &nbsp;&nbsp;&nbsp;Atmus Filtration Technologies, Inc. | 116 |  | 4261 |
| &nbsp;&nbsp;&nbsp;Primoris Services Corp. | 74 |  | 4248 |
| &nbsp;&nbsp;&nbsp;Cactus, Inc. — Class A | 92 |  | 4216 |
| &nbsp;&nbsp;&nbsp;RXO, Inc.\* | 219 |  | 4183 |
| &nbsp;&nbsp;&nbsp;Mirion Technologies, Inc.\* | 284 |  | 4118 |
| &nbsp;&nbsp;&nbsp;Frontdoor, Inc.\* | 106 |  | 4073 |
| &nbsp;&nbsp;&nbsp;Griffon Corp. | 55 |  | 3933 |
| &nbsp;&nbsp;&nbsp;Joby Aviation, Inc.\* | 601 |  | 3618 |
| &nbsp;&nbsp;&nbsp;Terex Corp. | 92 |  | 3476 |
| &nbsp;&nbsp;&nbsp;AZZ, Inc. | 41 |  | 3428 |
| &nbsp;&nbsp;&nbsp;Enerpac Tool Group Corp. | 76 |  | 3409 |
| &nbsp;&nbsp;&nbsp;Leonardo DRS, Inc. | 103 |  | 3387 |
| &nbsp;&nbsp;&nbsp;Trinity Industries, Inc. | 115 |  | 3227 |
| &nbsp;&nbsp;&nbsp;Archer Aviation, Inc. — Class A\* | 449 |  | 3192 |
| &nbsp;&nbsp;&nbsp;Mercury Systems, Inc.\* | 72 |  | 3102 |
| &nbsp;&nbsp;&nbsp;Hub Group, Inc. — Class A | 82 |  | 3048 |
| &nbsp;&nbsp;&nbsp;Energizer Holdings, Inc. | 100 |  | 2992 |
| &nbsp;&nbsp;&nbsp;Albany International Corp. — Class A | 43 |  | 2969 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 189

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Atkore, Inc. | 49 | $2939 |
| &nbsp;&nbsp;&nbsp;TTM Technologies, Inc.\* | 141 | 2892 |
| &nbsp;&nbsp;&nbsp;Vishay Intertechnology, Inc. | 175 | 2782 |
| &nbsp;&nbsp;&nbsp;AAR Corp.\* | 48 | 2688 |
| &nbsp;&nbsp;&nbsp;Standex International Corp. | 16 | 2582 |
| &nbsp;&nbsp;&nbsp;Triumph Group, Inc.\* | 101 | 2559 |
| &nbsp;&nbsp;&nbsp;Gibraltar Industries, Inc.\* | 43 | 2522 |
| &nbsp;&nbsp;&nbsp;Alamo Group, Inc. | 14 | 2495 |
| &nbsp;&nbsp;&nbsp;Werner Enterprises, Inc. | 85 | 2490 |
| &nbsp;&nbsp;&nbsp;MYR Group, Inc.\* | 22 | 2488 |
| &nbsp;&nbsp;&nbsp;O-I Glass, Inc.\* | 213 | 2443 |
| &nbsp;&nbsp;&nbsp;Hillman Solutions Corp.\* | 271 | 2382 |
| &nbsp;&nbsp;&nbsp;Materion Corp. | 29 | 2366 |
| &nbsp;&nbsp;&nbsp;Hillenbrand, Inc. | 98 | 2366 |
| &nbsp;&nbsp;&nbsp;ArcBest Corp. | 33 | 2329 |
| &nbsp;&nbsp;&nbsp;Kennametal, Inc. | 108 | 2301 |
| &nbsp;&nbsp;&nbsp;Masterbrand, Inc.\* | 176 | 2299 |
| &nbsp;&nbsp;&nbsp;Scorpio Tankers, Inc. | 61 | 2292 |
| &nbsp;&nbsp;&nbsp;World Kinect Corp. | 79 | 2240 |
| &nbsp;&nbsp;&nbsp;Argan, Inc. | 17 | 2230 |
| &nbsp;&nbsp;&nbsp;Tecnoglass, Inc. | 31 | 2218 |
| &nbsp;&nbsp;&nbsp;Powell Industries, Inc. | 13 | 2214 |
| &nbsp;&nbsp;&nbsp;Worthington Enterprises, Inc. | 44 | 2204 |
| &nbsp;&nbsp;&nbsp;Greenbrier Companies, Inc. | 43 | 2202 |
| &nbsp;&nbsp;&nbsp;Tennant Co. | 26 | 2074 |
| &nbsp;&nbsp;&nbsp;DHT Holdings, Inc. | 186 | 1953 |
| &nbsp;&nbsp;&nbsp;Greif, Inc. — Class A | 35 | 1925 |
| &nbsp;&nbsp;&nbsp;Benchmark Electronics, Inc. | 50 | 1901 |
| &nbsp;&nbsp;&nbsp;Lindsay Corp. | 15 | 1898 |
| &nbsp;&nbsp;&nbsp;International Seaways, Inc. | 56 | 1859 |
| &nbsp;&nbsp;&nbsp;Knowles Corp.\* | 120 | 1824 |
| &nbsp;&nbsp;&nbsp;IES Holdings, Inc.\* | 11 | 1816 |
| &nbsp;&nbsp;&nbsp;NuScale Power Corp.\* | 126 | 1784 |
| &nbsp;&nbsp;&nbsp;CTS Corp. | 42 | 1745 |
| &nbsp;&nbsp;&nbsp;Enovix Corp.\* | 226 | 1659 |
| &nbsp;&nbsp;&nbsp;Air Transport Services Group, Inc.\* | 71 | 1593 |
| &nbsp;&nbsp;&nbsp;NV5 Global, Inc.\* | 79 | 1522 |
| &nbsp;&nbsp;&nbsp;Helios Technologies, Inc. | 47 | 1508 |
| &nbsp;&nbsp;&nbsp;SFL Corporation Ltd. | 178 | 1460 |
| &nbsp;&nbsp;&nbsp;Vicor Corp.\* | 31 | 1450 |
| &nbsp;&nbsp;&nbsp;Xometry, Inc. — Class A\* | 58 | 1445 |
| &nbsp;&nbsp;&nbsp;Janus International Group, Inc.\* | 196 | 1411 |
| &nbsp;&nbsp;&nbsp;DXP Enterprises, Inc.\* | 17 | 1398 |
| &nbsp;&nbsp;&nbsp;Tutor Perini Corp.\* | 60 | 1391 |
| &nbsp;&nbsp;&nbsp;Apogee Enterprises, Inc. | 30 | 1390 |
| &nbsp;&nbsp;&nbsp;Golden Ocean Group Ltd. | 169 | 1349 |
| &nbsp;&nbsp;&nbsp;Thermon Group Holdings, Inc.\* | 48 | 1337 |
| &nbsp;&nbsp;&nbsp;TriMas Corp. | 56 | 1312 |
| &nbsp;&nbsp;&nbsp;Teekay Tankers Ltd. — Class A | 33 | 1263 |
| &nbsp;&nbsp;&nbsp;Energy Recovery, Inc.\* | 79 | 1255 |
| &nbsp;&nbsp;&nbsp;American Woodmark Corp.\* | 21 | 1235 |
| &nbsp;&nbsp;&nbsp;Proto Labs, Inc.\* | 34 | 1191 |
| &nbsp;&nbsp;&nbsp;PureCycle Technologies, Inc.\* | 170 | 1176 |
| &nbsp;&nbsp;&nbsp;Worthington Steel, Inc. | 45 | 1140 |
| &nbsp;&nbsp;&nbsp;Napco Security Technologies, Inc. | 49 | 1128 |
| &nbsp;&nbsp;&nbsp;Dorian LPG Ltd. | 50 | 1117 |
| &nbsp;&nbsp;&nbsp;Marten Transport Ltd. | 81 | 1111 |
| &nbsp;&nbsp;&nbsp;Ducommun, Inc.\* | 19 | 1103 |
| &nbsp;&nbsp;&nbsp;Astec Industries, Inc. | 32 | 1102 |
| &nbsp;&nbsp;&nbsp;Cadre Holdings, Inc. | 36 | 1066 |
| &nbsp;&nbsp;&nbsp;Pactiv Evergreen, Inc. | 59 | 1063 |
| &nbsp;&nbsp;&nbsp;Bel Fuse, Inc. — Class B | 14 | 1048 |
| &nbsp;&nbsp;&nbsp;Limbach Holdings, Inc.\* | 14 | 1043 |
| &nbsp;&nbsp;&nbsp;Gorman-Rupp Co. | 29 | 1018 |
| &nbsp;&nbsp;&nbsp;Ichor Holdings Ltd.\* | 45 | 1017 |
| &nbsp;&nbsp;&nbsp;FLEX LNG Ltd. | 44 | 1012 |
| &nbsp;&nbsp;&nbsp;Astronics Corp.\* | 40 | 967 |
| &nbsp;&nbsp;&nbsp;CECO Environmental Corp.\* | 41 | 935 |
| &nbsp;&nbsp;&nbsp;Sturm Ruger & Company, Inc. | 23 | 904 |
| &nbsp;&nbsp;&nbsp;NANO Nuclear Energy, Inc.\*<sup>,1</sup> | 34 | 900 |
| &nbsp;&nbsp;&nbsp;American Superconductor Corp.\* | 48 | 871 |
| &nbsp;&nbsp;&nbsp;Applied Optoelectronics, Inc.\* | 56 | 860 |
| &nbsp;&nbsp;&nbsp;Ryerson Holding Corp. | 37 | 849 |
| &nbsp;&nbsp;&nbsp;Mesa Laboratories, Inc. | 7 | 831 |
| &nbsp;&nbsp;&nbsp;Great Lakes Dredge & Dock Corp.\* | 95 | 826 |
| &nbsp;&nbsp;&nbsp;Genco Shipping & Trading Ltd. | 61 | 815 |
| &nbsp;&nbsp;&nbsp;Metallus, Inc.\* | 58 | 775 |
| &nbsp;&nbsp;&nbsp;Enviri Corp.\* | 111 | 738 |
| &nbsp;&nbsp;&nbsp;FARO Technologies, Inc.\* | 27 | 737 |
| &nbsp;&nbsp;&nbsp;Forward Air Corp.\* | 36 | 723 |
| &nbsp;&nbsp;&nbsp;Columbus McKinnon Corp. | 42 | 711 |
| &nbsp;&nbsp;&nbsp;Hyster-Yale, Inc. | 17 | 706 |
| &nbsp;&nbsp;&nbsp;JELD-WEN Holding, Inc.\* | 117 | 699 |
| &nbsp;&nbsp;&nbsp;Nordic American Tankers Ltd. | 281 | 691 |
| &nbsp;&nbsp;&nbsp;Insteel Industries, Inc. | 26 | 684 |
| &nbsp;&nbsp;&nbsp;LSI Industries, Inc. | 39 | 663 |
| &nbsp;&nbsp;&nbsp;Montrose Environmental Group, Inc.\* | 46 | 656 |
| &nbsp;&nbsp;&nbsp;Myers Industries, Inc. | 54 | 644 |
| &nbsp;&nbsp;&nbsp;Willis Lease Finance Corp. | 4 | 632 |
| &nbsp;&nbsp;&nbsp;Heartland Express, Inc. | 68 | 627 |
| &nbsp;&nbsp;&nbsp;Costamare, Inc. | 63 | 620 |
| &nbsp;&nbsp;&nbsp;National Presto Industries, Inc. | 7 | 615 |
| &nbsp;&nbsp;&nbsp;Clearwater Paper Corp.\* | 24 | 609 |
| &nbsp;&nbsp;&nbsp;Ardagh Metal Packaging S.A. | 199 | 601 |
| &nbsp;&nbsp;&nbsp;Kimball Electronics, Inc.\* | 36 | 592 |
| &nbsp;&nbsp;&nbsp;Ardmore Shipping Corp. | 60 | 587 |
| &nbsp;&nbsp;&nbsp;Smith & Wesson Brands, Inc. | 61 | 569 |
| &nbsp;&nbsp;&nbsp;Evolv Technologies Holdings, Inc.\* | 182 | 568 |
| &nbsp;&nbsp;&nbsp;Eastman Kodak Co.\* | 87 | 550 |
| &nbsp;&nbsp;&nbsp;Aspen Aerogels, Inc.\* | 85 | 543 |
| &nbsp;&nbsp;&nbsp;Northwest Pipe Co.\* | 13 | 537 |
| &nbsp;&nbsp;&nbsp;Covenant Logistics Group, Inc. — Class A | 24 | 533 |
| &nbsp;&nbsp;&nbsp;LSB Industries, Inc.\* | 78 | 514 |
| &nbsp;&nbsp;&nbsp;Teekay Corporation Ltd. | 76 | 499 |
| &nbsp;&nbsp;&nbsp;nLight, Inc.\* | 64 | 497 |
| &nbsp;&nbsp;&nbsp;Luxfer Holdings plc | 41 | 486 |
| &nbsp;&nbsp;&nbsp;Olympic Steel, Inc. | 15 | 473 |
| &nbsp;&nbsp;&nbsp;Allient, Inc. | 21 | 462 |
| &nbsp;&nbsp;&nbsp;NVE Corp. | 7 | 446 |
| &nbsp;&nbsp;&nbsp;Standard BioTools, Inc.\* | 407 | 440 |
| &nbsp;&nbsp;&nbsp;Graham Corp.\* | 15 | 432 |
| &nbsp;&nbsp;&nbsp;Intuitive Machines, Inc.\* | 58 | 432 |

---

190 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Greif, Inc. — Class B | 7 | $| 415 |
| &nbsp;&nbsp;&nbsp;Bowman Consulting Group Ltd.\* | 19 |  | 415 |
| &nbsp;&nbsp;&nbsp;Manitowoc Company, Inc.\* | 48 |  | 412 |
| &nbsp;&nbsp;&nbsp;Byrna Technologies, Inc.\* | 24 |  | 404 |
| &nbsp;&nbsp;&nbsp;Park Aerospace Corp. | 29 |  | 390 |
| &nbsp;&nbsp;&nbsp;CryoPort, Inc.\* | 63 |  | 383 |
| &nbsp;&nbsp;&nbsp;Latham Group, Inc.\* | 59 |  | 379 |
| &nbsp;&nbsp;&nbsp;AerSale Corp.\* | 49 |  | 367 |
| &nbsp;&nbsp;&nbsp;Centuri Holdings, Inc.\* | 22 |  | 361 |
| &nbsp;&nbsp;&nbsp;MicroVision, Inc.\* | 290 |  | 360 |
| &nbsp;&nbsp;&nbsp;Ranpak Holdings Corp.\* | 63 |  | 341 |
| &nbsp;&nbsp;&nbsp;ChargePoint Holdings, Inc.\* | 564 |  | 341 |
| &nbsp;&nbsp;&nbsp;Pure Cycle Corp.\* | 31 |  | 325 |
| &nbsp;&nbsp;&nbsp;Radiant Logistics, Inc.\* | 52 |  | 320 |
| &nbsp;&nbsp;&nbsp;SmartRent, Inc.\* | 264 |  | 319 |
| &nbsp;&nbsp;&nbsp;Turtle Beach Corp.\* | 22 |  | 314 |
| &nbsp;&nbsp;&nbsp;Safe Bulkers, Inc. | 85 |  | 314 |
| &nbsp;&nbsp;&nbsp;GrafTech International Ltd.\* | 357 |  | 312 |
| &nbsp;&nbsp;&nbsp;Mistras Group, Inc.\* | 29 |  | 307 |
| &nbsp;&nbsp;&nbsp;Tredegar Corp.\* | 39 |  | 300 |
| &nbsp;&nbsp;&nbsp;Karat Packaging, Inc. | 11 |  | 292 |
| &nbsp;&nbsp;&nbsp;Universal Logistics Holdings, Inc. | 11 |  | 289 |
| &nbsp;&nbsp;&nbsp;Park-Ohio Holdings Corp. | 12 |  | 259 |
| &nbsp;&nbsp;&nbsp;Redwire Corp.\* | 31 |  | 257 |
| &nbsp;&nbsp;&nbsp;L B Foster Co. — Class A\* | 13 |  | 256 |
| &nbsp;&nbsp;&nbsp;Proficient Auto Logistics, Inc.\* | 30 |  | 251 |
| &nbsp;&nbsp;&nbsp;Orion Group Holdings, Inc.\* | 48 |  | 251 |
| &nbsp;&nbsp;&nbsp;Eve Holding, Inc.\* | 73 |  | 242 |
| &nbsp;&nbsp;&nbsp;Mayville Engineering Company, Inc.\* | 18 |  | 242 |
| &nbsp;&nbsp;&nbsp;Pangaea Logistics Solutions Ltd. | 50 |  | 238 |
| &nbsp;&nbsp;&nbsp;Himalaya Shipping Ltd.\* | 43 |  | 236 |
| &nbsp;&nbsp;&nbsp;Smith-Midland Corp.\* | 7 |  | 218 |
| &nbsp;&nbsp;&nbsp;Bel Fuse, Inc. — Class A | 3 |  | 216 |
| &nbsp;&nbsp;&nbsp;Eastern Co. | 8 |  | 203 |
| &nbsp;&nbsp;&nbsp;Concrete Pumping Holdings, Inc. | 35 |  | 191 |
| &nbsp;&nbsp;&nbsp;Stoneridge, Inc.\* | 40 |  | 184 |
| &nbsp;&nbsp;&nbsp;Omega Flex, Inc. | 5 |  | 174 |
| &nbsp;&nbsp;&nbsp;AMMO, Inc.\* | 124 |  | 171 |
| &nbsp;&nbsp;&nbsp;Gencor Industries, Inc.\* | 14 |  | 170 |
| &nbsp;&nbsp;&nbsp;Core Molding Technologies, Inc.\* | 11 |  | 167 |
| &nbsp;&nbsp;&nbsp;Arq, Inc.\* | 38 |  | 159 |
| &nbsp;&nbsp;&nbsp;908 Devices, Inc.\* | 34 |  | 152 |
| &nbsp;&nbsp;&nbsp;Perma-Fix Environmental Services, Inc.\* | 20 |  | 146 |
| &nbsp;&nbsp;&nbsp;NN, Inc.\* | 64 |  | 145 |
| &nbsp;&nbsp;&nbsp;Taylor Devices, Inc.\* | 4 |  | 129 |
| &nbsp;&nbsp;&nbsp;Twin Disc, Inc. | 17 |  | 129 |
| &nbsp;&nbsp;&nbsp;Sight Sciences, Inc.\* | 49 |  | 118 |
| &nbsp;&nbsp;&nbsp;GoPro, Inc. — Class A\* | 174 |  | 115 |
| &nbsp;&nbsp;&nbsp;Virgin Galactic Holdings, Inc.\* | 37 |  | 112 |
| &nbsp;&nbsp;&nbsp;PAMT CORP\* | 9 |  | 109 |
| &nbsp;&nbsp;&nbsp;NL Industries, Inc. | 12 |  | 95 |
| &nbsp;&nbsp;&nbsp;Ultralife Corp.\* | 16 |  | 86 |
| &nbsp;&nbsp;&nbsp;Net Power, Inc.\* | 30 |  | 79 |
| &nbsp;&nbsp;&nbsp;Caesarstone Ltd.\* | 30 |  | 73 |
| &nbsp;&nbsp;&nbsp;Quest Resource Holding Corp.\* | 24 |  | 62 |
| &nbsp;&nbsp;&nbsp;VirTra, Inc.\* | 15 |  | 61 |
| &nbsp;&nbsp;&nbsp;Amprius Technologies, Inc.\* | 22 |  | 59 |
| &nbsp;&nbsp;&nbsp;Southland Holdings, Inc.\* | 14 |  | 42 |
| &nbsp;&nbsp;&nbsp;LanzaTech Global, Inc.\* | 157 |  | 38 |
| &nbsp;&nbsp;&nbsp;374Water, Inc.\* | 92 |  | 31 |
| &nbsp;&nbsp;&nbsp;Bridger Aerospace Group Holdings, Inc.\* | 13 |  | 15 |
| &nbsp;&nbsp;&nbsp;Solidion Technology, Inc.\* | 69 |  | 8 |
| **Total Industrial** |  |  | 522885 |
| **Consumer, Cyclical - 6.7%** | **Consumer, Cyclical - 6.7%** | **Consumer, Cyclical - 6.7%** | **Consumer, Cyclical - 6.7%** |
| &nbsp;&nbsp;&nbsp;Beacon Roofing Supply, Inc.\* | 85 |  | 10514 |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc.\* | 61 |  | 9092 |
| &nbsp;&nbsp;&nbsp;Aurora Innovation, Inc.\* | 1335 |  | 8978 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp. — Class A\* | 141 |  | 8466 |
| &nbsp;&nbsp;&nbsp;Meritage Homes Corp. | 99 |  | 7017 |
| &nbsp;&nbsp;&nbsp;Champion Homes, Inc.\* | 74 |  | 7012 |
| &nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc. | 18 |  | 6875 |
| &nbsp;&nbsp;&nbsp;FirstCash Holdings, Inc. | 53 |  | 6377 |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc.\* | 27 |  | 5963 |
| &nbsp;&nbsp;&nbsp;Cavco Industries, Inc.\* | 11 |  | 5716 |
| &nbsp;&nbsp;&nbsp;Installed Building Products, Inc. | 33 |  | 5658 |
| &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co. — Class A\* | 69 |  | 5270 |
| &nbsp;&nbsp;&nbsp;KB Home | 89 |  | 5173 |
| &nbsp;&nbsp;&nbsp;Kontoor Brands, Inc. | 76 |  | 4874 |
| &nbsp;&nbsp;&nbsp;SkyWest, Inc.\* | 54 |  | 4718 |
| &nbsp;&nbsp;&nbsp;Shake Shack, Inc. — Class A\* | 53 |  | 4673 |
| &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp. | 128 |  | 4566 |
| &nbsp;&nbsp;&nbsp;Urban Outfitters, Inc.\* | 87 |  | 4559 |
| &nbsp;&nbsp;&nbsp;Rush Enterprises, Inc. — Class A | 85 |  | 4540 |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc.\* | 41 |  | 4405 |
| &nbsp;&nbsp;&nbsp;Dorman Products, Inc.\* | 36 |  | 4339 |
| &nbsp;&nbsp;&nbsp;Academy Sports & Outdoors, Inc. | 95 |  | 4333 |
| &nbsp;&nbsp;&nbsp;H&E Equipment Services, Inc. | 45 |  | 4265 |
| &nbsp;&nbsp;&nbsp;M/I Homes, Inc.\* | 37 |  | 4225 |
| &nbsp;&nbsp;&nbsp;Tri Pointe Homes, Inc.\* | 127 |  | 4054 |
| &nbsp;&nbsp;&nbsp;GMS, Inc.\* | 54 |  | 3951 |
| &nbsp;&nbsp;&nbsp;Cinemark Holdings, Inc. | 154 |  | 3833 |
| &nbsp;&nbsp;&nbsp;Patrick Industries, Inc. | 45 |  | 3805 |
| &nbsp;&nbsp;&nbsp;UniFirst Corp. | 21 |  | 3654 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co.\* | 393 |  | 3631 |
| &nbsp;&nbsp;&nbsp;Hilton Grand Vacations, Inc.\* | 96 |  | 3591 |
| &nbsp;&nbsp;&nbsp;Life Time Group Holdings, Inc.\* | 118 |  | 3564 |
| &nbsp;&nbsp;&nbsp;Resideo Technologies, Inc.\* | 201 |  | 3558 |
| &nbsp;&nbsp;&nbsp;Sweetgreen, Inc. — Class A\* | 138 |  | 3453 |
| &nbsp;&nbsp;&nbsp;Signet Jewelers Ltd. | 58 |  | 3367 |
| &nbsp;&nbsp;&nbsp;Cheesecake Factory, Inc.<sup>1</sup> | 67 |  | 3260 |
| &nbsp;&nbsp;&nbsp;Peloton Interactive, Inc. — Class A\* | 490 |  | 3097 |
| &nbsp;&nbsp;&nbsp;PriceSmart, Inc. | 35 |  | 3075 |
| &nbsp;&nbsp;&nbsp;LCI Industries | 34 |  | 2972 |
| &nbsp;&nbsp;&nbsp;Visteon Corp.\* | 38 |  | 2950 |
| &nbsp;&nbsp;&nbsp;Red Rock Resorts, Inc. — Class A | 68 |  | 2949 |
| &nbsp;&nbsp;&nbsp;HNI Corp. | 65 |  | 2883 |
| &nbsp;&nbsp;&nbsp;American Eagle Outfitters, Inc. | 248 |  | 2882 |
| &nbsp;&nbsp;&nbsp;VSE Corp. | 24 |  | 2880 |
| &nbsp;&nbsp;&nbsp;OPENLANE, Inc.\* | 149 |  | 2873 |
| &nbsp;&nbsp;&nbsp;Hanesbrands, Inc.\* | 487 |  | 2810 |
| &nbsp;&nbsp;&nbsp;Atlanta Braves Holdings, Inc. — Class C\* | 70 |  | 2801 |
| &nbsp;&nbsp;&nbsp;Acushnet Holdings Corp. | 39 |  | 2678 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 191

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Steven Madden Ltd. | 100 | $2664 |
| &nbsp;&nbsp;&nbsp;International Game Technology plc | 158 | 2569 |
| &nbsp;&nbsp;&nbsp;Century Communities, Inc. | 38 | 2550 |
| &nbsp;&nbsp;&nbsp;Green Brick Partners, Inc.\* | 43 | 2507 |
| &nbsp;&nbsp;&nbsp;Phinia, Inc. | 58 | 2461 |
| &nbsp;&nbsp;&nbsp;Dana, Inc. | 181 | 2413 |
| &nbsp;&nbsp;&nbsp;OneSpaWorld Holdings Ltd. | 140 | 2351 |
| &nbsp;&nbsp;&nbsp;La-Z-Boy, Inc. | 58 | 2267 |
| &nbsp;&nbsp;&nbsp;REV Group, Inc. | 71 | 2243 |
| &nbsp;&nbsp;&nbsp;Warby Parker, Inc. — Class A\* | 122 | 2224 |
| &nbsp;&nbsp;&nbsp;JetBlue Airways Corp.\* | 431 | 2078 |
| &nbsp;&nbsp;&nbsp;Victoria's Secret & Co.\* | 110 | 2044 |
| &nbsp;&nbsp;&nbsp;United Parks & Resorts, Inc.\* | 43 | 1955 |
| &nbsp;&nbsp;&nbsp;Papa John's International, Inc. | 47 | 1931 |
| &nbsp;&nbsp;&nbsp;LGI Homes, Inc.\* | 29 | 1928 |
| &nbsp;&nbsp;&nbsp;MillerKnoll, Inc. | 96 | 1837 |
| &nbsp;&nbsp;&nbsp;Sonos, Inc.\* | 167 | 1782 |
| &nbsp;&nbsp;&nbsp;Madison Square Garden Entertainment Corp.\* | 54 | 1768 |
| &nbsp;&nbsp;&nbsp;Buckle, Inc. | 43 | 1648 |
| &nbsp;&nbsp;&nbsp;Foot Locker, Inc.\* | 116 | 1636 |
| &nbsp;&nbsp;&nbsp;AMC Entertainment Holdings, Inc. — Class A\* | 562 | 1613 |
| &nbsp;&nbsp;&nbsp;IMAX Corp.\* | 60 | 1581 |
| &nbsp;&nbsp;&nbsp;Interface, Inc. — Class A | 79 | 1567 |
| &nbsp;&nbsp;&nbsp;Wolverine World Wide, Inc. | 112 | 1558 |
| &nbsp;&nbsp;&nbsp;Everi Holdings, Inc.\* | 112 | 1531 |
| &nbsp;&nbsp;&nbsp;Sabre Corp.\* | 532 | 1495 |
| &nbsp;&nbsp;&nbsp;Adient plc\* | 116 | 1492 |
| &nbsp;&nbsp;&nbsp;G-III Apparel Group Ltd.\* | 54 | 1477 |
| &nbsp;&nbsp;&nbsp;Blue Bird Corp.\* | 45 | 1457 |
| &nbsp;&nbsp;&nbsp;Steelcase, Inc. — Class A | 130 | 1425 |
| &nbsp;&nbsp;&nbsp;Monarch Casino & Resort, Inc. | 18 | 1399 |
| &nbsp;&nbsp;&nbsp;National Vision Holdings, Inc.\* | 109 | 1393 |
| &nbsp;&nbsp;&nbsp;Winnebago Industries, Inc. | 40 | 1378 |
| &nbsp;&nbsp;&nbsp;Fox Factory Holding Corp.\* | 59 | 1377 |
| &nbsp;&nbsp;&nbsp;MRC Global, Inc.\* | 118 | 1355 |
| &nbsp;&nbsp;&nbsp;Lions Gate Entertainment Corp. — Class B\* | 171 | 1354 |
| &nbsp;&nbsp;&nbsp;Super Group SGHC Ltd. | 206 | 1327 |
| &nbsp;&nbsp;&nbsp;Topgolf Callaway Brands Corp.\* | 196 | 1292 |
| &nbsp;&nbsp;&nbsp;Sally Beauty Holdings, Inc.\* | 142 | 1282 |
| &nbsp;&nbsp;&nbsp;Winmark Corp. | 4 | 1271 |
| &nbsp;&nbsp;&nbsp;Global Business Travel Group I\* | 175 | 1270 |
| &nbsp;&nbsp;&nbsp;Camping World Holdings, Inc. — Class A | 78 | 1260 |
| &nbsp;&nbsp;&nbsp;Cracker Barrel Old Country Store, Inc. | 31 | 1203 |
| &nbsp;&nbsp;&nbsp;Oxford Industries, Inc. | 20 | 1173 |
| &nbsp;&nbsp;&nbsp;Gentherm, Inc.\* | 43 | 1150 |
| &nbsp;&nbsp;&nbsp;Sonic Automotive, Inc. — Class A | 20 | 1139 |
| &nbsp;&nbsp;&nbsp;Rush Street Interactive, Inc.\* | 106 | 1136 |
| &nbsp;&nbsp;&nbsp;Allegiant Travel Co. — Class A | 22 | 1136 |
| &nbsp;&nbsp;&nbsp;ScanSource, Inc.\* | 32 | 1088 |
| &nbsp;&nbsp;&nbsp;XPEL, Inc.\* | 35 | 1028 |
| &nbsp;&nbsp;&nbsp;PC Connection, Inc. | 16 | 999 |
| &nbsp;&nbsp;&nbsp;Pursuit Attractions and Hospitality, Inc.\* | 28 | 991 |
| &nbsp;&nbsp;&nbsp;Portillo's, Inc. — Class A\*<sup>,1</sup> | 79 | 939 |
| &nbsp;&nbsp;&nbsp;Dream Finders Homes, Inc. — Class A\* | 41 | 925 |
| &nbsp;&nbsp;&nbsp;BJ's Restaurants, Inc.\* | 26 | 891 |
| &nbsp;&nbsp;&nbsp;Ethan Allen Interiors, Inc. | 32 | 886 |
| &nbsp;&nbsp;&nbsp;First Watch Restaurant Group, Inc.\* | 53 | 882 |
| &nbsp;&nbsp;&nbsp;Beazer Homes USA, Inc.\* | 41 | 836 |
| &nbsp;&nbsp;&nbsp;Malibu Boats, Inc. — Class A\* | 27 | 828 |
| &nbsp;&nbsp;&nbsp;BlueLinx Holdings, Inc.\* | 11 | 825 |
| &nbsp;&nbsp;&nbsp;Dave & Buster's Entertainment, Inc.\* | 45 | 791 |
| &nbsp;&nbsp;&nbsp;Caleres, Inc. | 45 | 775 |
| &nbsp;&nbsp;&nbsp;Bloomin' Brands, Inc. | 107 | 767 |
| &nbsp;&nbsp;&nbsp;Standard Motor Products, Inc. | 30 | 748 |
| &nbsp;&nbsp;&nbsp;Douglas Dynamics, Inc. | 32 | 743 |
| &nbsp;&nbsp;&nbsp;Lions Gate Entertainment Corp. — Class A\* | 83 | 735 |
| &nbsp;&nbsp;&nbsp;Hovnanian Enterprises, Inc. — Class A\* | 7 | 733 |
| &nbsp;&nbsp;&nbsp;Accel Entertainment, Inc.\* | 72 | 714 |
| &nbsp;&nbsp;&nbsp;Golden Entertainment, Inc. | 27 | 713 |
| &nbsp;&nbsp;&nbsp;Jack in the Box, Inc. | 26 | 707 |
| &nbsp;&nbsp;&nbsp;Sun Country Airlines Holdings, Inc.\* | 56 | 690 |
| &nbsp;&nbsp;&nbsp;Rush Enterprises, Inc. — Class B | 12 | 678 |
| &nbsp;&nbsp;&nbsp;Daktronics, Inc.\* | 55 | 670 |
| &nbsp;&nbsp;&nbsp;Wabash National Corp. | 60 | 663 |
| &nbsp;&nbsp;&nbsp;Atlanta Braves Holdings, Inc. — Class A\* | 15 | 658 |
| &nbsp;&nbsp;&nbsp;MarineMax, Inc.\* | 30 | 645 |
| &nbsp;&nbsp;&nbsp;Arhaus, Inc.\* | 74 | 644 |
| &nbsp;&nbsp;&nbsp;American Axle & Manufacturing Holdings, Inc.\* | 158 | 643 |
| &nbsp;&nbsp;&nbsp;Miller Industries, Inc. | 15 | 636 |
| &nbsp;&nbsp;&nbsp;Build-A-Bear Workshop, Inc. — Class A | 17 | 632 |
| &nbsp;&nbsp;&nbsp;A-Mark Precious Metals, Inc. | 24 | 609 |
| &nbsp;&nbsp;&nbsp;Forestar Group, Inc.\* | 28 | 592 |
| &nbsp;&nbsp;&nbsp;ODP Corp.\* | 41 | 588 |
| &nbsp;&nbsp;&nbsp;Titan International, Inc.\* | 70 | 587 |
| &nbsp;&nbsp;&nbsp;Shoe Carnival, Inc. | 26 | 572 |
| &nbsp;&nbsp;&nbsp;Marcus Corp. | 32 | 534 |
| &nbsp;&nbsp;&nbsp;Nu Skin Enterprises, Inc. — Class A | 71 | 515 |
| &nbsp;&nbsp;&nbsp;RCI Hospitality Holdings, Inc. | 12 | 515 |
| &nbsp;&nbsp;&nbsp;Dine Brands Global, Inc. | 22 | 512 |
| &nbsp;&nbsp;&nbsp;Titan Machinery, Inc.\* | 29 | 494 |
| &nbsp;&nbsp;&nbsp;Xperi, Inc.\* | 63 | 486 |
| &nbsp;&nbsp;&nbsp;indie Semiconductor, Inc. — Class A\*<sup>,1</sup> | 234 | 476 |
| &nbsp;&nbsp;&nbsp;Lindblad Expeditions Holdings, Inc.\* | 50 | 463 |
| &nbsp;&nbsp;&nbsp;EVgo, Inc.\* | 172 | 457 |
| &nbsp;&nbsp;&nbsp;America's Car-Mart, Inc.\* | 10 | 454 |
| &nbsp;&nbsp;&nbsp;MasterCraft Boat Holdings, Inc.\* | 26 | 448 |
| &nbsp;&nbsp;&nbsp;Arko Corp. | 111 | 438 |
| &nbsp;&nbsp;&nbsp;Global Industrial Co. | 19 | 425 |
| &nbsp;&nbsp;&nbsp;Kura Sushi USA, Inc. — Class A\* | 8 | 410 |
| &nbsp;&nbsp;&nbsp;Lovesac Co.\* | 22 | 400 |
| &nbsp;&nbsp;&nbsp;Hudson Technologies, Inc.\* | 64 | 395 |
| &nbsp;&nbsp;&nbsp;Haverty Furniture Companies, Inc. | 20 | 394 |
| &nbsp;&nbsp;&nbsp;Shyft Group, Inc. | 48 | 388 |
| &nbsp;&nbsp;&nbsp;Movado Group, Inc. | 23 | 385 |
| &nbsp;&nbsp;&nbsp;Cooper-Standard Holdings, Inc.\* | 25 | 383 |
| &nbsp;&nbsp;&nbsp;Potbelly Corp.\* | 40 | 380 |
| &nbsp;&nbsp;&nbsp;El Pollo Loco Holdings, Inc.\* | 36 | 371 |

---

192 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Clean Energy Fuels Corp.\* | 235 | $| 364 |
| &nbsp;&nbsp;&nbsp;Genesco, Inc.\* | 17 |  | 361 |
| &nbsp;&nbsp;&nbsp;Petco Health & Wellness Company, Inc.\* | 116 |  | 354 |
| &nbsp;&nbsp;&nbsp;Zumiez, Inc.\* | 22 |  | 328 |
| &nbsp;&nbsp;&nbsp;Methode Electronics, Inc. | 48 |  | 306 |
| &nbsp;&nbsp;&nbsp;Funko, Inc. — Class A\* | 43 |  | 295 |
| &nbsp;&nbsp;&nbsp;Hyliion Holdings Corp.\* | 205 |  | 287 |
| &nbsp;&nbsp;&nbsp;Xponential Fitness, Inc. — Class A\* | 34 |  | 283 |
| &nbsp;&nbsp;&nbsp;Tile Shop Holdings, Inc.\* | 43 |  | 279 |
| &nbsp;&nbsp;&nbsp;OneWater Marine, Inc. — Class A\* | 17 |  | 275 |
| &nbsp;&nbsp;&nbsp;Weyco Group, Inc. | 9 |  | 274 |
| &nbsp;&nbsp;&nbsp;JAKKS Pacific, Inc. | 11 |  | 271 |
| &nbsp;&nbsp;&nbsp;Frontier Group Holdings, Inc.\* | 61 |  | 265 |
| &nbsp;&nbsp;&nbsp;ThredUp, Inc. — Class A\* | 109 |  | 263 |
| &nbsp;&nbsp;&nbsp;Denny's Corp.\* | 71 |  | 261 |
| &nbsp;&nbsp;&nbsp;Landsea Homes Corp.\* | 40 |  | 257 |
| &nbsp;&nbsp;&nbsp;Hamilton Beach Brands Holding Co. — Class A | 13 |  | 252 |
| &nbsp;&nbsp;&nbsp;Savers Value Village, Inc.\* | 34 |  | 235 |
| &nbsp;&nbsp;&nbsp;Aeva Technologies, Inc.\* | 32 |  | 224 |
| &nbsp;&nbsp;&nbsp;Solid Power, Inc.\* | 213 |  | 224 |
| &nbsp;&nbsp;&nbsp;Flexsteel Industries, Inc. | 6 |  | 219 |
| &nbsp;&nbsp;&nbsp;Biglari Holdings, Inc. — Class B\* | 1 |  | 217 |
| &nbsp;&nbsp;&nbsp;Escalade, Inc. | 14 |  | 214 |
| &nbsp;&nbsp;&nbsp;Reservoir Media, Inc.\* | 28 |  | 214 |
| &nbsp;&nbsp;&nbsp;Full House Resorts, Inc.\* | 49 |  | 205 |
| &nbsp;&nbsp;&nbsp;Sleep Number Corp.\* | 32 |  | 203 |
| &nbsp;&nbsp;&nbsp;Citi Trends, Inc.\* | 9 |  | 199 |
| &nbsp;&nbsp;&nbsp;Superior Group of Companies, Inc. | 18 |  | 197 |
| &nbsp;&nbsp;&nbsp;Luminar Technologies, Inc.\* | 36 |  | 194 |
| &nbsp;&nbsp;&nbsp;Rocky Brands, Inc. | 11 |  | 191 |
| &nbsp;&nbsp;&nbsp;Leslie's, Inc.\* | 258 |  | 190 |
| &nbsp;&nbsp;&nbsp;Holley, Inc.\* | 68 |  | 175 |
| &nbsp;&nbsp;&nbsp;Johnson Outdoors, Inc. — Class A | 7 |  | 174 |
| &nbsp;&nbsp;&nbsp;Designer Brands, Inc. — Class A<sup>1</sup> | 47 |  | 172 |
| &nbsp;&nbsp;&nbsp;Clarus Corp. | 44 |  | 165 |
| &nbsp;&nbsp;&nbsp;Webtoon Entertainment, Inc.\* | 21 |  | 161 |
| &nbsp;&nbsp;&nbsp;Hooker Furnishings Corp. | 16 |  | 161 |
| &nbsp;&nbsp;&nbsp;Torrid Holdings, Inc.\* | 28 |  | 154 |
| &nbsp;&nbsp;&nbsp;Virco Mfg. Corp. | 15 |  | 142 |
| &nbsp;&nbsp;&nbsp;J Jill, Inc. | 7 |  | 137 |
| &nbsp;&nbsp;&nbsp;EVI Industries, Inc. | 8 |  | 134 |
| &nbsp;&nbsp;&nbsp;Wheels Up Experience, Inc.\* | 124 |  | 125 |
| &nbsp;&nbsp;&nbsp;Blink Charging Co.\* | 135 |  | 124 |
| &nbsp;&nbsp;&nbsp;Destination XL Group, Inc.\* | 77 |  | 112 |
| &nbsp;&nbsp;&nbsp;iRobot Corp.\* | 41 |  | 111 |
| &nbsp;&nbsp;&nbsp;Marine Products Corp. | 13 |  | 109 |
| &nbsp;&nbsp;&nbsp;GrowGeneration Corp.\* | 92 |  | 99 |
| &nbsp;&nbsp;&nbsp;SES AI Corp.\* | 184 |  | 96 |
| &nbsp;&nbsp;&nbsp;Vera Bradley, Inc.\* | 42 |  | 94 |
| &nbsp;&nbsp;&nbsp;Lifetime Brands, Inc. | 19 |  | 94 |
| &nbsp;&nbsp;&nbsp;ONE Group Hospitality, Inc.\* | 30 |  | 90 |
| &nbsp;&nbsp;&nbsp;Traeger, Inc.\* | 48 |  | 81 |
| &nbsp;&nbsp;&nbsp;Purple Innovation, Inc.\* | 83 |  | 63 |
| &nbsp;&nbsp;&nbsp;Commercial Vehicle Group, Inc.\* | 46 |  | 53 |
| &nbsp;&nbsp;&nbsp;Livewire Group, Inc.\* | 26 |  | 52 |
| &nbsp;&nbsp;&nbsp;Tilly's, Inc. — Class A\* | 21 |  | 46 |
| &nbsp;&nbsp;&nbsp;CompX International, Inc. | 2 |  | 41 |
| &nbsp;&nbsp;&nbsp;United Homes Group, Inc.\* | 12 |  | 33 |
| &nbsp;&nbsp;&nbsp;QVC Group, Inc. — Class B\* | 2 |  | 13 |
| **Total Consumer, Cyclical** |  |  | 349812 |
| **Technology - 5.8%** | **Technology - 5.8%** | **Technology - 5.8%** | **Technology - 5.8%** |
| &nbsp;&nbsp;&nbsp;ExlService Holdings, Inc.\* | 216 |  | 10197 |
| &nbsp;&nbsp;&nbsp;CommVault Systems, Inc.\* | 60 |  | 9466 |
| &nbsp;&nbsp;&nbsp;ACI Worldwide, Inc.\* | 145 |  | 7933 |
| &nbsp;&nbsp;&nbsp;Rambus, Inc.\* | 147 |  | 7611 |
| &nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Inc. — Class A\* | 260 |  | 6968 |
| &nbsp;&nbsp;&nbsp;SPS Commerce, Inc.\* | 52 |  | 6902 |
| &nbsp;&nbsp;&nbsp;Qualys, Inc.\* | 52 |  | 6548 |
| &nbsp;&nbsp;&nbsp;IonQ, Inc.\* | 283 |  | 6246 |
| &nbsp;&nbsp;&nbsp;Varonis Systems, Inc.\* | 152 |  | 6148 |
| &nbsp;&nbsp;&nbsp;Box, Inc. — Class A\* | 196 |  | 6049 |
| &nbsp;&nbsp;&nbsp;Tenable Holdings, Inc.\* | 165 |  | 5772 |
| &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc.\* | 37 |  | 5550 |
| &nbsp;&nbsp;&nbsp;Maximus, Inc. | 79 |  | 5387 |
| &nbsp;&nbsp;&nbsp;Workiva, Inc.\* | 70 |  | 5314 |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc.\* | 45 |  | 5066 |
| &nbsp;&nbsp;&nbsp;Intapp, Inc.\* | 73 |  | 4262 |
| &nbsp;&nbsp;&nbsp;Waystar Holding Corp.\* | 110 |  | 4110 |
| &nbsp;&nbsp;&nbsp;Freshworks, Inc. — Class A\* | 285 |  | 4021 |
| &nbsp;&nbsp;&nbsp;SiTime Corp.\* | 26 |  | 3975 |
| &nbsp;&nbsp;&nbsp;Power Integrations, Inc. | 78 |  | 3939 |
| &nbsp;&nbsp;&nbsp;BlackLine, Inc.\* | 81 |  | 3922 |
| &nbsp;&nbsp;&nbsp;ASGN, Inc.\* | 59 |  | 3718 |
| &nbsp;&nbsp;&nbsp;SoundHound AI, Inc. — Class A\*<sup>,1</sup> | 450 |  | 3654 |
| &nbsp;&nbsp;&nbsp;WNS Holdings Ltd.\* | 59 |  | 3628 |
| &nbsp;&nbsp;&nbsp;Synaptics, Inc.\* | 54 |  | 3441 |
| &nbsp;&nbsp;&nbsp;Semtech Corp.\* | 100 |  | 3440 |
| &nbsp;&nbsp;&nbsp;Blackbaud, Inc.\* | 55 |  | 3413 |
| &nbsp;&nbsp;&nbsp;Zeta Global Holdings Corp. — Class A\* | 246 |  | 3336 |
| &nbsp;&nbsp;&nbsp;Braze, Inc. — Class A\* | 91 |  | 3283 |
| &nbsp;&nbsp;&nbsp;C3.ai, Inc. — Class A\* | 152 |  | 3200 |
| &nbsp;&nbsp;&nbsp;Privia Health Group, Inc.\* | 142 |  | 3188 |
| &nbsp;&nbsp;&nbsp;Clear Secure, Inc. — Class A | 121 |  | 3135 |
| &nbsp;&nbsp;&nbsp;DigitalOcean Holdings, Inc.\* | 92 |  | 3072 |
| &nbsp;&nbsp;&nbsp;Progress Software Corp. | 59 |  | 3039 |
| &nbsp;&nbsp;&nbsp;FormFactor, Inc.\* | 106 |  | 2999 |
| &nbsp;&nbsp;&nbsp;Impinj, Inc.\* | 32 |  | 2902 |
| &nbsp;&nbsp;&nbsp;ACV Auctions, Inc. — Class A\* | 204 |  | 2874 |
| &nbsp;&nbsp;&nbsp;PAR Technology Corp.\* | 46 |  | 2822 |
| &nbsp;&nbsp;&nbsp;Diodes, Inc.\* | 63 |  | 2720 |
| &nbsp;&nbsp;&nbsp;Ambarella, Inc.\* | 54 |  | 2718 |
| &nbsp;&nbsp;&nbsp;Vertex, Inc. — Class A\* | 77 |  | 2696 |
| &nbsp;&nbsp;&nbsp;NCR Atleos Corp.\* | 100 |  | 2638 |
| &nbsp;&nbsp;&nbsp;Alignment Healthcare, Inc.\* | 140 |  | 2607 |
| &nbsp;&nbsp;&nbsp;AvePoint, Inc.\* | 177 |  | 2556 |
| &nbsp;&nbsp;&nbsp;CSG Systems International, Inc. | 40 |  | 2419 |
| &nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries, Inc. | 73 |  | 2408 |
| &nbsp;&nbsp;&nbsp;Rapid7, Inc.\* | 87 |  | 2306 |
| &nbsp;&nbsp;&nbsp;Agilysys, Inc.\* | 31 |  | 2249 |
| &nbsp;&nbsp;&nbsp;Axcelis Technologies, Inc.\* | 45 |  | 2235 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 193

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;PagerDuty, Inc.\* | 121 | $2211 |
| &nbsp;&nbsp;&nbsp;Alkami Technology, Inc.\* | 84 | 2205 |
| &nbsp;&nbsp;&nbsp;Rigetti Computing, Inc.\*<sup>,1</sup> | 263 | 2083 |
| &nbsp;&nbsp;&nbsp;Pitney Bowes, Inc. | 228 | 2063 |
| &nbsp;&nbsp;&nbsp;NetScout Systems, Inc.\* | 97 | 2038 |
| &nbsp;&nbsp;&nbsp;Adeia, Inc. | 154 | 2036 |
| &nbsp;&nbsp;&nbsp;AvidXchange Holdings, Inc.\* | 240 | 2035 |
| &nbsp;&nbsp;&nbsp;NCR Voyix Corp.\* | 202 | 1969 |
| &nbsp;&nbsp;&nbsp;Phreesia, Inc.\* | 76 | 1943 |
| &nbsp;&nbsp;&nbsp;D-Wave Quantum, Inc.\*<sup>,1</sup> | 254 | 1930 |
| &nbsp;&nbsp;&nbsp;Photronics, Inc.\* | 88 | 1827 |
| &nbsp;&nbsp;&nbsp;ACM Research, Inc. — Class A\* | 72 | 1680 |
| &nbsp;&nbsp;&nbsp;Asana, Inc. — Class A\* | 112 | 1632 |
| &nbsp;&nbsp;&nbsp;Appian Corp. — Class A\* | 56 | 1613 |
| &nbsp;&nbsp;&nbsp;Donnelley Financial Solutions, Inc.\* | 36 | 1574 |
| &nbsp;&nbsp;&nbsp;Veeco Instruments, Inc.\* | 77 | 1546 |
| &nbsp;&nbsp;&nbsp;Diebold Nixdorf, Inc.\* | 35 | 1530 |
| &nbsp;&nbsp;&nbsp;Schrodinger Incorporated/United States\* | 77 | 1520 |
| &nbsp;&nbsp;&nbsp;Sprout Social, Inc. — Class A\* | 69 | 1517 |
| &nbsp;&nbsp;&nbsp;Verint Systems, Inc.\* | 85 | 1517 |
| &nbsp;&nbsp;&nbsp;Evolent Health, Inc. — Class A\* | 159 | 1506 |
| &nbsp;&nbsp;&nbsp;Digi International, Inc.\* | 52 | 1447 |
| &nbsp;&nbsp;&nbsp;SolarWinds Corp. | 76 | 1401 |
| &nbsp;&nbsp;&nbsp;Jamf Holding Corp.\* | 113 | 1373 |
| &nbsp;&nbsp;&nbsp;Innodata, Inc.\* | 38 | 1364 |
| &nbsp;&nbsp;&nbsp;NextNav, Inc.\* | 111 | 1351 |
| &nbsp;&nbsp;&nbsp;Ultra Clean Holdings, Inc.\* | 62 | 1327 |
| &nbsp;&nbsp;&nbsp;Grid Dynamics Holdings, Inc.\* | 82 | 1283 |
| &nbsp;&nbsp;&nbsp;Penguin Solutions, Inc.\* | 72 | 1251 |
| &nbsp;&nbsp;&nbsp;PROS Holdings, Inc.\* | 64 | 1218 |
| &nbsp;&nbsp;&nbsp;MaxLinear, Inc. — Class A\* | 110 | 1195 |
| &nbsp;&nbsp;&nbsp;Sapiens International Corporation N.V. | 43 | 1165 |
| &nbsp;&nbsp;&nbsp;Fastly, Inc. — Class A\* | 180 | 1139 |
| &nbsp;&nbsp;&nbsp;V2X, Inc.\* | 23 | 1128 |
| &nbsp;&nbsp;&nbsp;Blend Labs, Inc. — Class A\* | 334 | 1119 |
| &nbsp;&nbsp;&nbsp;Amplitude, Inc. — Class A\* | 107 | 1090 |
| &nbsp;&nbsp;&nbsp;Vimeo, Inc.\* | 202 | 1063 |
| &nbsp;&nbsp;&nbsp;Planet Labs PBC\* | 306 | 1034 |
| &nbsp;&nbsp;&nbsp;Cohu, Inc.\* | 64 | 941 |
| &nbsp;&nbsp;&nbsp;Yext, Inc.\* | 146 | 899 |
| &nbsp;&nbsp;&nbsp;Olo, Inc. — Class A\* | 147 | 888 |
| &nbsp;&nbsp;&nbsp;Ibotta, Inc. — Class A\*<sup>,1</sup> | 21 | 886 |
| &nbsp;&nbsp;&nbsp;CEVA, Inc.\* | 34 | 871 |
| &nbsp;&nbsp;&nbsp;PDF Solutions, Inc.\* | 45 | 860 |
| &nbsp;&nbsp;&nbsp;OneSpan, Inc. | 55 | 839 |
| &nbsp;&nbsp;&nbsp;Alpha & Omega Semiconductor Ltd.\* | 33 | 820 |
| &nbsp;&nbsp;&nbsp;Integral Ad Science Holding Corp.\* | 100 | 806 |
| &nbsp;&nbsp;&nbsp;MeridianLink, Inc.\* | 43 | 797 |
| &nbsp;&nbsp;&nbsp;Daily Journal Corp.\* | 2 | 795 |
| &nbsp;&nbsp;&nbsp;Porch Group, Inc.\* | 109 | 795 |
| &nbsp;&nbsp;&nbsp;I3 Verticals, Inc. — Class A\* | 32 | 789 |
| &nbsp;&nbsp;&nbsp;Xerox Holdings Corp.<sup>1</sup> | 162 | 783 |
| &nbsp;&nbsp;&nbsp;Enfusion, Inc. — Class A\* | 68 | 758 |
| &nbsp;&nbsp;&nbsp;N-able, Inc.\* | 100 | 709 |
| &nbsp;&nbsp;&nbsp;Logility Supply Chain Solutions, Inc. — Class A | 47 | 670 |
| &nbsp;&nbsp;&nbsp;Climb Global Solutions, Inc. | 6 | 665 |
| &nbsp;&nbsp;&nbsp;PlayAGS, Inc.\* | 54 | 654 |
| &nbsp;&nbsp;&nbsp;Cantaloupe, Inc.\* | 82 | 645 |
| &nbsp;&nbsp;&nbsp;Weave Communications, Inc.\* | 54 | 599 |
| &nbsp;&nbsp;&nbsp;Simulations Plus, Inc. | 24 | 588 |
| &nbsp;&nbsp;&nbsp;Conduent, Inc.\* | 217 | 586 |
| &nbsp;&nbsp;&nbsp;Consensus Cloud Solutions, Inc.\* | 25 | 577 |
| &nbsp;&nbsp;&nbsp;Life360, Inc.\* | 15 | 576 |
| &nbsp;&nbsp;&nbsp;Ouster, Inc.\* | 64 | 575 |
| &nbsp;&nbsp;&nbsp;E2open Parent Holdings, Inc.\* | 285 | 570 |
| &nbsp;&nbsp;&nbsp;Corsair Gaming, Inc.\* | 64 | 567 |
| &nbsp;&nbsp;&nbsp;BigCommerce Holdings, Inc.\* | 98 | 564 |
| &nbsp;&nbsp;&nbsp;Red Violet, Inc. | 15 | 564 |
| &nbsp;&nbsp;&nbsp;Pagaya Technologies Ltd. — Class A\*<sup>,1</sup> | 50 | 524 |
| &nbsp;&nbsp;&nbsp;Mitek Systems, Inc.\* | 62 | 511 |
| &nbsp;&nbsp;&nbsp;PubMatic, Inc. — Class A\* | 55 | 503 |
| &nbsp;&nbsp;&nbsp;SEMrush Holdings, Inc. — Class A\* | 51 | 476 |
| &nbsp;&nbsp;&nbsp;Cerence, Inc.\* | 60 | 474 |
| &nbsp;&nbsp;&nbsp;GigaCloud Technology, Inc. — Class A\*<sup>,1</sup> | 33 | 469 |
| &nbsp;&nbsp;&nbsp;Bandwidth, Inc. — Class A\* | 34 | 445 |
| &nbsp;&nbsp;&nbsp;Unisys Corp.\* | 96 | 441 |
| &nbsp;&nbsp;&nbsp;Talkspace, Inc.\* | 171 | 438 |
| &nbsp;&nbsp;&nbsp;Vishay Precision Group, Inc.\* | 17 | 410 |
| &nbsp;&nbsp;&nbsp;BigBear.ai Holdings, Inc.\* | 142 | 406 |
| &nbsp;&nbsp;&nbsp;3D Systems Corp.\* | 176 | 373 |
| &nbsp;&nbsp;&nbsp;Health Catalyst, Inc.\* | 82 | 371 |
| &nbsp;&nbsp;&nbsp;Navitas Semiconductor Corp.\* | 179 | 367 |
| &nbsp;&nbsp;&nbsp;Domo, Inc. — Class B\* | 47 | 365 |
| &nbsp;&nbsp;&nbsp;8x8, Inc.\* | 182 | 364 |
| &nbsp;&nbsp;&nbsp;Digital Turbine, Inc.\* | 133 | 361 |
| &nbsp;&nbsp;&nbsp;ReposiTrak, Inc.<sup>1</sup> | 17 | 345 |
| &nbsp;&nbsp;&nbsp;IBEX Holdings Ltd.\* | 14 | 341 |
| &nbsp;&nbsp;&nbsp;Cricut, Inc. — Class A | 65 | 335 |
| &nbsp;&nbsp;&nbsp;EverCommerce, Inc.\* | 33 | 333 |
| &nbsp;&nbsp;&nbsp;Immersion Corp. | 42 | 318 |
| &nbsp;&nbsp;&nbsp;Asure Software, Inc.\* | 33 | 315 |
| &nbsp;&nbsp;&nbsp;Viant Technology, Inc. — Class A\* | 25 | 310 |
| &nbsp;&nbsp;&nbsp;Aehr Test Systems\* | 39 | 284 |
| &nbsp;&nbsp;&nbsp;Inspired Entertainment, Inc.\* | 33 | 282 |
| &nbsp;&nbsp;&nbsp;SkyWater Technology, Inc.\* | 39 | 276 |
| &nbsp;&nbsp;&nbsp;Arteris, Inc.\* | 39 | 269 |
| &nbsp;&nbsp;&nbsp;Digimarc Corp.\* | 21 | 269 |
| &nbsp;&nbsp;&nbsp;Rimini Street, Inc.\* | 77 | 268 |
| &nbsp;&nbsp;&nbsp;Kaltura, Inc.\* | 134 | 252 |
| &nbsp;&nbsp;&nbsp;Definitive Healthcare Corp.\* | 78 | 225 |
| &nbsp;&nbsp;&nbsp;ON24, Inc.\* | 40 | 208 |
| &nbsp;&nbsp;&nbsp;Outbrain, Inc.\* | 54 | 201 |
| &nbsp;&nbsp;&nbsp;Richardson Electronics Ltd. | 18 | 201 |
| &nbsp;&nbsp;&nbsp;Telos Corp.\* | 76 | 181 |
| &nbsp;&nbsp;&nbsp;CS Disco, Inc.\* | 41 | 168 |
| &nbsp;&nbsp;&nbsp;Rackspace Technology, Inc.\* | 93 | 157 |
| &nbsp;&nbsp;&nbsp;Playstudios, Inc.\* | 123 | 156 |
| &nbsp;&nbsp;&nbsp;eGain Corp.\* | 32 | 155 |
| &nbsp;&nbsp;&nbsp;Everspin Technologies, Inc.\* | 27 | 138 |
| &nbsp;&nbsp;&nbsp;WM Technology, Inc.\* | 119 | 134 |
| &nbsp;&nbsp;&nbsp;QuickLogic Corp.\* | 21 | 107 |

---

194 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;TTEC Holdings, Inc. | 28 | $| 92 |
| &nbsp;&nbsp;&nbsp;Rekor Systems, Inc.\* | 101 |  | 90 |
| &nbsp;&nbsp;&nbsp;Golden Matrix Group, Inc.\* | 28 |  | 55 |
| &nbsp;&nbsp;&nbsp;Airship AI Holdings, Inc.\* | 11 |  | 42 |
| &nbsp;&nbsp;&nbsp;Silvaco Group, Inc.\* | 8 |  | 36 |
| &nbsp;&nbsp;&nbsp;GCT Semiconductor Holding, Inc.\* | 11 |  | 18 |
| &nbsp;&nbsp;&nbsp;System1, Inc.\* | 33 |  | 13 |
| **Total Technology** |  |  | 302513 |
| **Energy - 3.0%** | **Energy - 3.0%** | **Energy - 3.0%** | **Energy - 3.0%** |
| &nbsp;&nbsp;&nbsp;ChampionX Corp. | 264 |  | 7867 |
| &nbsp;&nbsp;&nbsp;CNX Resources Corp.\* | 201 |  | 6328 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp. — Class A | 239 |  | 6037 |
| &nbsp;&nbsp;&nbsp;Archrock, Inc. | 230 |  | 6035 |
| &nbsp;&nbsp;&nbsp;Core Natural Resources, Inc. | 73 |  | 5628 |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corp. | 193 |  | 5481 |
| &nbsp;&nbsp;&nbsp;SM Energy Co. | 158 |  | 4732 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc. | 541 |  | 4447 |
| &nbsp;&nbsp;&nbsp;Noble Corporation plc | 185 |  | 4385 |
| &nbsp;&nbsp;&nbsp;California Resources Corp. | 96 |  | 4221 |
| &nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc. | 138 |  | 4172 |
| &nbsp;&nbsp;&nbsp;Helmerich & Payne, Inc. | 135 |  | 3526 |
| &nbsp;&nbsp;&nbsp;Liberty Energy, Inc. — Class A | 218 |  | 3451 |
| &nbsp;&nbsp;&nbsp;Warrior Met Coal, Inc. | 72 |  | 3436 |
| &nbsp;&nbsp;&nbsp;Valaris Ltd.\* | 86 |  | 3376 |
| &nbsp;&nbsp;&nbsp;Gulfport Energy Corp.\* | 18 |  | 3315 |
| &nbsp;&nbsp;&nbsp;Transocean Ltd.\* | 1014 |  | 3214 |
| &nbsp;&nbsp;&nbsp;Oceaneering International, Inc.\* | 140 |  | 3053 |
| &nbsp;&nbsp;&nbsp;Tidewater, Inc.\* | 68 |  | 2874 |
| &nbsp;&nbsp;&nbsp;Kinetik Holdings, Inc. — Class A | 53 |  | 2753 |
| &nbsp;&nbsp;&nbsp;PBF Energy, Inc. — Class A | 138 |  | 2634 |
| &nbsp;&nbsp;&nbsp;Comstock Resources, Inc.\* | 129 |  | 2624 |
| &nbsp;&nbsp;&nbsp;Crescent Energy Co. — Class A | 227 |  | 2552 |
| &nbsp;&nbsp;&nbsp;DNOW, Inc.\* | 145 |  | 2477 |
| &nbsp;&nbsp;&nbsp;Kodiak Gas Services, Inc. | 63 |  | 2350 |
| &nbsp;&nbsp;&nbsp;Peabody Energy Corp. | 170 |  | 2304 |
| &nbsp;&nbsp;&nbsp;Seadrill Ltd.\* | 91 |  | 2275 |
| &nbsp;&nbsp;&nbsp;Sitio Royalties Corp. — Class A | 111 |  | 2206 |
| &nbsp;&nbsp;&nbsp;Talos Energy, Inc.\* | 202 |  | 1963 |
| &nbsp;&nbsp;&nbsp;Alpha Metallurgical Resources, Inc.\* | 15 |  | 1879 |
| &nbsp;&nbsp;&nbsp;Atlas Energy Solutions, Inc.<sup>1</sup> | 103 |  | 1838 |
| &nbsp;&nbsp;&nbsp;Sunrun, Inc.\* | 308 |  | 1805 |
| &nbsp;&nbsp;&nbsp;Sable Offshore Corp.\* | 71 |  | 1801 |
| &nbsp;&nbsp;&nbsp;Helix Energy Solutions Group, Inc.\* | 200 |  | 1662 |
| &nbsp;&nbsp;&nbsp;Plug Power, Inc.\*<sup>,1</sup> | 1149 |  | 1551 |
| &nbsp;&nbsp;&nbsp;Kosmos Energy Ltd.\* | 651 |  | 1484 |
| &nbsp;&nbsp;&nbsp;Delek US Holdings, Inc. | 89 |  | 1341 |
| &nbsp;&nbsp;&nbsp;Select Water Solutions, Inc. — Class A | 126 |  | 1323 |
| &nbsp;&nbsp;&nbsp;Expro Group Holdings N.V.\* | 131 |  | 1302 |
| &nbsp;&nbsp;&nbsp;NextDecade Corp.\* | 159 |  | 1237 |
| &nbsp;&nbsp;&nbsp;Aris Water Solutions, Inc. — Class A | 37 |  | 1185 |
| &nbsp;&nbsp;&nbsp;Par Pacific Holdings, Inc.\* | 76 |  | 1084 |
| &nbsp;&nbsp;&nbsp;Bristow Group, Inc.\* | 34 |  | 1074 |
| &nbsp;&nbsp;&nbsp;SunCoke Energy, Inc. | 116 |  | 1067 |
| &nbsp;&nbsp;&nbsp;Array Technologies, Inc.\* | 210 |  | 1023 |
| &nbsp;&nbsp;&nbsp;Core Laboratories, Inc. | 67 |  | 1004 |
| &nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure, Inc. — Class A | 43 |  | 936 |
| &nbsp;&nbsp;&nbsp;CVR Energy, Inc. | 48 |  | 931 |
| &nbsp;&nbsp;&nbsp;Diversified Energy Company plc | 68 |  | 919 |
| &nbsp;&nbsp;&nbsp;Innovex International, Inc.\* | 50 |  | 898 |
| &nbsp;&nbsp;&nbsp;ProPetro Holding Corp.\* | 121 |  | 889 |
| &nbsp;&nbsp;&nbsp;Vitesse Energy, Inc. | 36 |  | 885 |
| &nbsp;&nbsp;&nbsp;Vital Energy, Inc.\* | 41 |  | 870 |
| &nbsp;&nbsp;&nbsp;REX American Resources Corp.\* | 22 |  | 826 |
| &nbsp;&nbsp;&nbsp;Shoals Technologies Group, Inc. — Class A\* | 233 |  | 774 |
| &nbsp;&nbsp;&nbsp;Borr Drilling Ltd.\*<sup>,1</sup> | 327 |  | 716 |
| &nbsp;&nbsp;&nbsp;Flowco Holdings, Inc. — Class A\* | 27 |  | 693 |
| &nbsp;&nbsp;&nbsp;NPK International, Inc.\* | 116 |  | 674 |
| &nbsp;&nbsp;&nbsp;Excelerate Energy, Inc. — Class A | 23 |  | 659 |
| &nbsp;&nbsp;&nbsp;RPC, Inc. | 118 |  | 649 |
| &nbsp;&nbsp;&nbsp;TETRA Technologies, Inc.\* | 173 |  | 581 |
| &nbsp;&nbsp;&nbsp;SandRidge Energy, Inc. | 48 |  | 548 |
| &nbsp;&nbsp;&nbsp;VAALCO Energy, Inc. | 145 |  | 545 |
| &nbsp;&nbsp;&nbsp;Nabors Industries Ltd.\* | 13 |  | 542 |
| &nbsp;&nbsp;&nbsp;Matrix Service Co.\* | 38 |  | 472 |
| &nbsp;&nbsp;&nbsp;Granite Ridge Resources, Inc. | 77 |  | 468 |
| &nbsp;&nbsp;&nbsp;Riley Exploration Permian, Inc. | 16 |  | 467 |
| &nbsp;&nbsp;&nbsp;Oil States International, Inc.\* | 84 |  | 433 |
| &nbsp;&nbsp;&nbsp;Hallador Energy Co.\* | 35 |  | 430 |
| &nbsp;&nbsp;&nbsp;Green Plains, Inc.\* | 88 |  | 427 |
| &nbsp;&nbsp;&nbsp;BKV Corp.\* | 20 |  | 420 |
| &nbsp;&nbsp;&nbsp;Fluence Energy, Inc.\* | 85 |  | 412 |
| &nbsp;&nbsp;&nbsp;ASP Isotopes, Inc.\* | 76 |  | 356 |
| &nbsp;&nbsp;&nbsp;Natural Gas Services Group, Inc.\* | 16 |  | 352 |
| &nbsp;&nbsp;&nbsp;Forum Energy Technologies, Inc.\* | 17 |  | 342 |
| &nbsp;&nbsp;&nbsp;Berry Corp. | 106 |  | 340 |
| &nbsp;&nbsp;&nbsp;Infinity Natural Resources, Inc. — Class A\* | 18 |  | 338 |
| &nbsp;&nbsp;&nbsp;Ramaco Resources, Inc. — Class A | 41 |  | 337 |
| &nbsp;&nbsp;&nbsp;Ranger Energy Services, Inc. — Class A | 23 |  | 326 |
| &nbsp;&nbsp;&nbsp;HighPeak Energy, Inc. | 20 |  | 253 |
| &nbsp;&nbsp;&nbsp;DMC Global, Inc.\* | 29 |  | 244 |
| &nbsp;&nbsp;&nbsp;ProFrac Holding Corp. — Class A\*<sup>,1</sup> | 32 |  | 243 |
| &nbsp;&nbsp;&nbsp;NACCO Industries, Inc. — Class A | 7 |  | 236 |
| &nbsp;&nbsp;&nbsp;Ring Energy, Inc.\* | 204 |  | 235 |
| &nbsp;&nbsp;&nbsp;Evolution Petroleum Corp. | 44 |  | 228 |
| &nbsp;&nbsp;&nbsp;PrimeEnergy Resources Corp.\* | 1 |  | 228 |
| &nbsp;&nbsp;&nbsp;Amplify Energy Corp.\* | 58 |  | 217 |
| &nbsp;&nbsp;&nbsp;W&T Offshore, Inc. | 139 |  | 216 |
| &nbsp;&nbsp;&nbsp;Montauk Renewables, Inc.\* | 95 |  | 199 |
| &nbsp;&nbsp;&nbsp;T1 Energy, Inc.\* | 156 |  | 197 |
| &nbsp;&nbsp;&nbsp;SEACOR Marine Holdings, Inc.\* | 35 |  | 177 |
| &nbsp;&nbsp;&nbsp;FutureFuel Corp. | 38 |  | 148 |
| &nbsp;&nbsp;&nbsp;Geospace Technologies Corp.\* | 20 |  | 144 |
| &nbsp;&nbsp;&nbsp;Empire Petroleum Corp.\* | 22 |  | 138 |
| &nbsp;&nbsp;&nbsp;FuelCell Energy, Inc.\*<sup>,1</sup> | 29 |  | 133 |
| &nbsp;&nbsp;&nbsp;Energy Vault Holdings, Inc.\* | 144 |  | 100 |
| &nbsp;&nbsp;&nbsp;Aemetis, Inc.\* | 53 |  | 92 |
| &nbsp;&nbsp;&nbsp;Mammoth Energy Services, Inc.\* | 36 |  | 73 |
| &nbsp;&nbsp;&nbsp;Stem, Inc.\* | 209 |  | 73 |
| &nbsp;&nbsp;&nbsp;Sunnova Energy International, Inc.\*<sup>,1</sup> | 152 |  | 57 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 195

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;TPI Composites, Inc.\* | 68 | $| 55 |
| &nbsp;&nbsp;&nbsp;SolarMax Technology, Inc.\* | 42 |  | 50 |
| &nbsp;&nbsp;&nbsp;Ramaco Resources, Inc. — Class B | 7 |  | 50 |
| &nbsp;&nbsp;&nbsp;Prairie Operating Co.\* | 7 |  | 38 |
| &nbsp;&nbsp;&nbsp;Drilling Tools International Corp.\* | 15 |  | 36 |
| &nbsp;&nbsp;&nbsp;Verde Clean Fuels, Inc.\* | 5 |  | 17 |
| **Total Energy** |  |  | 156708 |
| **Communications - 2.6%** | **Communications - 2.6%** | **Communications - 2.6%** | **Communications - 2.6%** |
| &nbsp;&nbsp;&nbsp;Hims & Hers Health, Inc.\* | 269 |  | 7949 |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding Ltd.\* | 197 |  | 7912 |
| &nbsp;&nbsp;&nbsp;InterDigital, Inc. | 35 |  | 7236 |
| &nbsp;&nbsp;&nbsp;Q2 Holdings, Inc.\* | 81 |  | 6481 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc.\* | 1408 |  | 5519 |
| &nbsp;&nbsp;&nbsp;Telephone & Data Systems, Inc. | 137 |  | 5307 |
| &nbsp;&nbsp;&nbsp;EchoStar Corp. — Class A\* | 168 |  | 4297 |
| &nbsp;&nbsp;&nbsp;AST SpaceMobile, Inc.\* | 184 |  | 4184 |
| &nbsp;&nbsp;&nbsp;TEGNA, Inc. | 224 |  | 4081 |
| &nbsp;&nbsp;&nbsp;Cogent Communications Holdings, Inc. | 61 |  | 3740 |
| &nbsp;&nbsp;&nbsp;Cargurus, Inc.\* | 121 |  | 3525 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions, Inc.\* | 304 |  | 3402 |
| &nbsp;&nbsp;&nbsp;Yelp, Inc. — Class A\* | 88 |  | 3259 |
| &nbsp;&nbsp;&nbsp;Calix, Inc.\* | 82 |  | 2906 |
| &nbsp;&nbsp;&nbsp;Extreme Networks, Inc.\* | 177 |  | 2342 |
| &nbsp;&nbsp;&nbsp;ePlus, Inc.\* | 37 |  | 2258 |
| &nbsp;&nbsp;&nbsp;Upwork, Inc.\* | 173 |  | 2258 |
| &nbsp;&nbsp;&nbsp;Ziff Davis, Inc.\* | 59 |  | 2217 |
| &nbsp;&nbsp;&nbsp;Cable One, Inc. | 8 |  | 2126 |
| &nbsp;&nbsp;&nbsp;Magnite, Inc.\* | 175 |  | 1997 |
| &nbsp;&nbsp;&nbsp;DigitalBridge Group, Inc. | 220 |  | 1940 |
| &nbsp;&nbsp;&nbsp;Despegar.com Corp.\* | 99 |  | 1860 |
| &nbsp;&nbsp;&nbsp;Viasat, Inc.\* | 170 |  | 1771 |
| &nbsp;&nbsp;&nbsp;A10 Networks, Inc. | 99 |  | 1618 |
| &nbsp;&nbsp;&nbsp;CommScope Holding Company, Inc.\* | 296 |  | 1572 |
| &nbsp;&nbsp;&nbsp;Applied Digital Corp.\*<sup>,1</sup> | 276 |  | 1551 |
| &nbsp;&nbsp;&nbsp;Harmonic, Inc.\* | 154 |  | 1477 |
| &nbsp;&nbsp;&nbsp;Globalstar, Inc.\* | 67 |  | 1398 |
| &nbsp;&nbsp;&nbsp;fuboTV, Inc.\* | 462 |  | 1349 |
| &nbsp;&nbsp;&nbsp;Sprinklr, Inc. — Class A\* | 160 |  | 1336 |
| &nbsp;&nbsp;&nbsp;QuinStreet, Inc.\* | 74 |  | 1320 |
| &nbsp;&nbsp;&nbsp;Sphere Entertainment Co.\* | 37 |  | 1211 |
| &nbsp;&nbsp;&nbsp;Revolve Group, Inc.\* | 55 |  | 1182 |
| &nbsp;&nbsp;&nbsp;IDT Corp. — Class B | 22 |  | 1129 |
| &nbsp;&nbsp;&nbsp;HealthStream, Inc. | 35 |  | 1126 |
| &nbsp;&nbsp;&nbsp;Liberty Latin America Ltd. — Class C\* | 178 |  | 1105 |
| &nbsp;&nbsp;&nbsp;Cars.com, Inc.\* | 90 |  | 1014 |
| &nbsp;&nbsp;&nbsp;NETGEAR, Inc.\* | 39 |  | 954 |
| &nbsp;&nbsp;&nbsp;ADTRAN Holdings, Inc.\* | 108 |  | 942 |
| &nbsp;&nbsp;&nbsp;Liquidity Services, Inc.\* | 30 |  | 930 |
| &nbsp;&nbsp;&nbsp;EverQuote, Inc. — Class A\* | 35 |  | 917 |
| &nbsp;&nbsp;&nbsp;Opendoor Technologies, Inc.\* | 891 |  | 909 |
| &nbsp;&nbsp;&nbsp;Shenandoah Telecommunications Co. | 71 |  | 893 |
| &nbsp;&nbsp;&nbsp;Couchbase, Inc.\* | 55 |  | 866 |
| &nbsp;&nbsp;&nbsp;Figs, Inc. — Class A\* | 180 |  | 826 |
| &nbsp;&nbsp;&nbsp;Gogo, Inc.\* | 90 |  | 776 |
| &nbsp;&nbsp;&nbsp;Powerfleet Incorporated NJ\* | 139 |  | 763 |
| &nbsp;&nbsp;&nbsp;RealReal, Inc.\* | 138 |  | 744 |
| &nbsp;&nbsp;&nbsp;Stagwell, Inc.\* | 119 |  | 720 |
| &nbsp;&nbsp;&nbsp;Sinclair, Inc. | 45 |  | 717 |
| &nbsp;&nbsp;&nbsp;Grindr, Inc.\* | 36 |  | 644 |
| &nbsp;&nbsp;&nbsp;Scholastic Corp. | 34 |  | 642 |
| &nbsp;&nbsp;&nbsp;Thryv Holdings, Inc.\* | 50 |  | 640 |
| &nbsp;&nbsp;&nbsp;Shutterstock, Inc.<sup>1</sup> | 34 |  | 633 |
| &nbsp;&nbsp;&nbsp;Groupon, Inc.\* | 32 |  | 601 |
| &nbsp;&nbsp;&nbsp;National CineMedia, Inc.\* | 97 |  | 567 |
| &nbsp;&nbsp;&nbsp;Gannett Company, Inc.\* | 195 |  | 563 |
| &nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.\* | 486 |  | 539 |
| &nbsp;&nbsp;&nbsp;TechTarget, Inc.\* | 36 |  | 533 |
| &nbsp;&nbsp;&nbsp;Gray Media, Inc. | 119 |  | 514 |
| &nbsp;&nbsp;&nbsp;Anterix, Inc.\* | 14 |  | 512 |
| &nbsp;&nbsp;&nbsp;Boston Omaha Corp. — Class A\* | 35 |  | 510 |
| &nbsp;&nbsp;&nbsp;Clearfield, Inc.\* | 17 |  | 505 |
| &nbsp;&nbsp;&nbsp;Bumble, Inc. — Class A\* | 115 |  | 499 |
| &nbsp;&nbsp;&nbsp;Ribbon Communications, Inc.\* | 126 |  | 494 |
| &nbsp;&nbsp;&nbsp;Stitch Fix, Inc. — Class A\* | 139 |  | 452 |
| &nbsp;&nbsp;&nbsp;Ooma, Inc.\* | 34 |  | 445 |
| &nbsp;&nbsp;&nbsp;Spok Holdings, Inc. | 27 |  | 444 |
| &nbsp;&nbsp;&nbsp;Preformed Line Products Co. | 3 |  | 420 |
| &nbsp;&nbsp;&nbsp;Open Lending Corp. — Class A\* | 142 |  | 392 |
| &nbsp;&nbsp;&nbsp;Nextdoor Holdings, Inc.\* | 256 |  | 392 |
| &nbsp;&nbsp;&nbsp;Beyond, Inc.\* | 66 |  | 383 |
| &nbsp;&nbsp;&nbsp;MediaAlpha, Inc. — Class A\* | 39 |  | 360 |
| &nbsp;&nbsp;&nbsp;WideOpenWest, Inc.\* | 69 |  | 342 |
| &nbsp;&nbsp;&nbsp;Liberty Latin America Ltd. — Class A\* | 51 |  | 323 |
| &nbsp;&nbsp;&nbsp;Vivid Seats, Inc. — Class A\* | 108 |  | 320 |
| &nbsp;&nbsp;&nbsp;AMC Networks, Inc. — Class A\* | 46 |  | 316 |
| &nbsp;&nbsp;&nbsp;Gambling.com Group Ltd.\* | 25 |  | 315 |
| &nbsp;&nbsp;&nbsp;Backblaze, Inc. — Class A\* | 64 |  | 309 |
| &nbsp;&nbsp;&nbsp;Aviat Networks, Inc.\* | 16 |  | 307 |
| &nbsp;&nbsp;&nbsp;ATN International, Inc. | 14 |  | 284 |
| &nbsp;&nbsp;&nbsp;BARK, Inc.\* | 202 |  | 281 |
| &nbsp;&nbsp;&nbsp;BlackSky Technology, Inc.\*<sup>,1</sup> | 36 |  | 278 |
| &nbsp;&nbsp;&nbsp;LifeMD, Inc.\* | 50 |  | 272 |
| &nbsp;&nbsp;&nbsp;EW Scripps Co. — Class A\* | 84 |  | 249 |
| &nbsp;&nbsp;&nbsp;Eventbrite, Inc. — Class A\* | 116 |  | 245 |
| &nbsp;&nbsp;&nbsp;1-800-Flowers.com, Inc. — Class A\* | 41 |  | 242 |
| &nbsp;&nbsp;&nbsp;Getty Images Holdings, Inc.\* | 139 |  | 240 |
| &nbsp;&nbsp;&nbsp;iHeartMedia, Inc. — Class A\* | 144 |  | 238 |
| &nbsp;&nbsp;&nbsp;Advantage Solutions, Inc.\* | 156 |  | 236 |
| &nbsp;&nbsp;&nbsp;OptimizeRx Corp.\* | 26 |  | 225 |
| &nbsp;&nbsp;&nbsp;Lands' End, Inc.\* | 22 |  | 224 |
| &nbsp;&nbsp;&nbsp;Tucows, Inc. — Class A\* | 12 |  | 203 |
| &nbsp;&nbsp;&nbsp;Entravision Communications Corp. — Class A | 86 |  | 181 |
| &nbsp;&nbsp;&nbsp;Townsquare Media, Inc. — Class A | 19 |  | 155 |
| &nbsp;&nbsp;&nbsp;Nerdy, Inc.\* | 104 |  | 148 |
| &nbsp;&nbsp;&nbsp;1stdibs.com, Inc.\* | 37 |  | 112 |
| &nbsp;&nbsp;&nbsp;AudioEye, Inc.\* | 10 |  | 111 |
| &nbsp;&nbsp;&nbsp;Cardlytics, Inc.\* | 57 |  | 104 |
| &nbsp;&nbsp;&nbsp;LiveOne, Inc.\* | 103 |  | 72 |
| &nbsp;&nbsp;&nbsp;Vacasa, Inc. — Class A\* | 13 |  | 70 |
| &nbsp;&nbsp;&nbsp;RumbleON, Inc. — Class B\* | 24 |  | 68 |
| &nbsp;&nbsp;&nbsp;Value Line, Inc. | 1 |  | 39 |
| &nbsp;&nbsp;&nbsp;aka Brands Holding Corp.\* | 1 |  | 13 |

---

196 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Solo Brands, Inc. — Class A\* | 39 | $| 6 |
| **Total Communications** |  |  | 136124 |
| **Basic Materials - 2.0%** | **Basic Materials - 2.0%** | **Basic Materials - 2.0%** | **Basic Materials - 2.0%** |
| &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | 67 |  | 12139 |
| &nbsp;&nbsp;&nbsp;Balchem Corp. | 44 |  | 7304 |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co. | 157 |  | 7224 |
| &nbsp;&nbsp;&nbsp;Cabot Corp. | 74 |  | 6152 |
| &nbsp;&nbsp;&nbsp;Coeur Mining, Inc.\* | 874 |  | 5174 |
| &nbsp;&nbsp;&nbsp;Hecla Mining Co. | 831 |  | 4620 |
| &nbsp;&nbsp;&nbsp;Avient Corp. | 124 |  | 4608 |
| &nbsp;&nbsp;&nbsp;Sensient Technologies Corp. | 59 |  | 4391 |
| &nbsp;&nbsp;&nbsp;HB Fuller Co. | 76 |  | 4265 |
| &nbsp;&nbsp;&nbsp;Innospec, Inc. | 35 |  | 3316 |
| &nbsp;&nbsp;&nbsp;Sylvamo Corp. | 49 |  | 3287 |
| &nbsp;&nbsp;&nbsp;Hawkins, Inc. | 27 |  | 2860 |
| &nbsp;&nbsp;&nbsp;SSR Mining, Inc.\* | 280 |  | 2808 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies, Inc. | 44 |  | 2797 |
| &nbsp;&nbsp;&nbsp;Uranium Energy Corp.\* | 573 |  | 2739 |
| &nbsp;&nbsp;&nbsp;Quaker Chemical Corp. | 19 |  | 2349 |
| &nbsp;&nbsp;&nbsp;Ingevity Corp.\* | 51 |  | 2019 |
| &nbsp;&nbsp;&nbsp;Perimeter Solutions, Inc.\* | 184 |  | 1853 |
| &nbsp;&nbsp;&nbsp;Constellium SE\* | 180 |  | 1816 |
| &nbsp;&nbsp;&nbsp;Rogers Corp.\* | 26 |  | 1756 |
| &nbsp;&nbsp;&nbsp;Stepan Co. | 30 |  | 1651 |
| &nbsp;&nbsp;&nbsp;Century Aluminum Co.\* | 73 |  | 1355 |
| &nbsp;&nbsp;&nbsp;Kaiser Aluminum Corp. | 22 |  | 1334 |
| &nbsp;&nbsp;&nbsp;Centrus Energy Corp. — Class A\* | 20 |  | 1244 |
| &nbsp;&nbsp;&nbsp;United States Lime & Minerals, Inc. | 14 |  | 1237 |
| &nbsp;&nbsp;&nbsp;Tronox Holdings plc — Class A | 165 |  | 1162 |
| &nbsp;&nbsp;&nbsp;Radius Recycling, Inc. — Class A | 37 |  | 1068 |
| &nbsp;&nbsp;&nbsp;Orion S.A. | 81 |  | 1047 |
| &nbsp;&nbsp;&nbsp;Ecovyst, Inc.\* | 162 |  | 1004 |
| &nbsp;&nbsp;&nbsp;Novagold Resources, Inc.\* | 336 |  | 981 |
| &nbsp;&nbsp;&nbsp;Energy Fuels, Inc.\* | 261 |  | 974 |
| &nbsp;&nbsp;&nbsp;AdvanSix, Inc. | 37 |  | 838 |
| &nbsp;&nbsp;&nbsp;Koppers Holdings, Inc. | 27 |  | 756 |
| &nbsp;&nbsp;&nbsp;MAC Copper Ltd. — Class A\* | 75 |  | 716 |
| &nbsp;&nbsp;&nbsp;Ivanhoe Electric Incorporated / US\* | 116 |  | 674 |
| &nbsp;&nbsp;&nbsp;Oil-Dri Corporation of America | 14 |  | 643 |
| &nbsp;&nbsp;&nbsp;Perpetua Resources Corp.\* | 55 |  | 588 |
| &nbsp;&nbsp;&nbsp;Rayonier Advanced Materials, Inc.\* | 95 |  | 546 |
| &nbsp;&nbsp;&nbsp;Intrepid Potash, Inc.\* | 16 |  | 470 |
| &nbsp;&nbsp;&nbsp;Compass Minerals International, Inc.\* | 50 |  | 464 |
| &nbsp;&nbsp;&nbsp;Mativ Holdings, Inc. | 74 |  | 461 |
| &nbsp;&nbsp;&nbsp;Encore Energy Corp.\* | 250 |  | 343 |
| &nbsp;&nbsp;&nbsp;Ur-Energy, Inc.\* | 492 |  | 332 |
| &nbsp;&nbsp;&nbsp;Caledonia Mining Corporation plc | 25 |  | 312 |
| &nbsp;&nbsp;&nbsp;Codexis, Inc.\* | 110 |  | 296 |
| &nbsp;&nbsp;&nbsp;i-80 Gold Corp.\* | 440 |  | 256 |
| &nbsp;&nbsp;&nbsp;Dakota Gold Corp.\* | 96 |  | 254 |
| &nbsp;&nbsp;&nbsp;Kronos Worldwide, Inc. | 31 |  | 232 |
| &nbsp;&nbsp;&nbsp;Lifezone Metals Ltd.\* | 53 |  | 222 |
| &nbsp;&nbsp;&nbsp;Lightwave Logic, Inc.\* | 171 |  | 175 |
| &nbsp;&nbsp;&nbsp;Piedmont Lithium, Inc.\* | 27 |  | 170 |
| &nbsp;&nbsp;&nbsp;American Vanguard Corp. | 37 |  | 163 |
| &nbsp;&nbsp;&nbsp;Contango ORE, Inc.\* | 12 |  | 123 |
| &nbsp;&nbsp;&nbsp;Northern Technologies International Corp. | 11 |  | 115 |
| &nbsp;&nbsp;&nbsp;Valhi, Inc. | 3 |  | 49 |
| &nbsp;&nbsp;&nbsp;Critical Metals Corp.\* | 11 |  | 15 |
| **Total Basic Materials** |  |  | 105747 |
| **Utilities - 2.0%** | **Utilities - 2.0%** | **Utilities - 2.0%** | **Utilities - 2.0%** |
| &nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | 126 |  | 6738 |
| &nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | 136 |  | 6672 |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co. | 143 |  | 6378 |
| &nbsp;&nbsp;&nbsp;Spire, Inc. | 78 |  | 6103 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings, Inc. | 85 |  | 6103 |
| &nbsp;&nbsp;&nbsp;Black Hills Corp. | 100 |  | 6065 |
| &nbsp;&nbsp;&nbsp;Brookfield Infrastructure Corp. — Class A | 166 |  | 6008 |
| &nbsp;&nbsp;&nbsp;ONE Gas, Inc. | 78 |  | 5896 |
| &nbsp;&nbsp;&nbsp;Ormat Technologies, Inc. | 79 |  | 5591 |
| &nbsp;&nbsp;&nbsp;ALLETE, Inc. | 81 |  | 5322 |
| &nbsp;&nbsp;&nbsp;Northwestern Energy Group, Inc. | 86 |  | 4977 |
| &nbsp;&nbsp;&nbsp;MGE Energy, Inc. | 51 |  | 4741 |
| &nbsp;&nbsp;&nbsp;Otter Tail Corp. | 58 |  | 4661 |
| &nbsp;&nbsp;&nbsp;Avista Corp. | 110 |  | 4606 |
| &nbsp;&nbsp;&nbsp;American States Water Co. | 53 |  | 4170 |
| &nbsp;&nbsp;&nbsp;Chesapeake Utilities Corp. | 31 |  | 3981 |
| &nbsp;&nbsp;&nbsp;California Water Service Group | 82 |  | 3974 |
| &nbsp;&nbsp;&nbsp;Hawaiian Electric Industries, Inc.\* | 242 |  | 2650 |
| &nbsp;&nbsp;&nbsp;SJW Group | 46 |  | 2516 |
| &nbsp;&nbsp;&nbsp;Northwest Natural Holding Co. | 53 |  | 2264 |
| &nbsp;&nbsp;&nbsp;Middlesex Water Co. | 25 |  | 1602 |
| &nbsp;&nbsp;&nbsp;Unitil Corp. | 22 |  | 1269 |
| &nbsp;&nbsp;&nbsp;York Water Co. | 21 |  | 728 |
| &nbsp;&nbsp;&nbsp;Ameresco, Inc. — Class A\* | 47 |  | 568 |
| &nbsp;&nbsp;&nbsp;Consolidated Water Company Ltd. | 22 |  | 539 |
| &nbsp;&nbsp;&nbsp;Altus Power, Inc.\* | 107 |  | 529 |
| &nbsp;&nbsp;&nbsp;Genie Energy Ltd. — Class B | 20 |  | 301 |
| &nbsp;&nbsp;&nbsp;RGC Resources, Inc. | 11 |  | 230 |
| &nbsp;&nbsp;&nbsp;Global Water Resources, Inc. | 18 |  | 186 |
| **Total Utilities** |  |  | 105368 |
| **Government - 0.0%** | **Government - 0.0%** | **Government - 0.0%** | **Government - 0.0%** |
| &nbsp;&nbsp;&nbsp;Banco Latinoamericano de Comercio Exterior S.A. — Class E | 38 |  | 1391 |
| **Total Common Stocks** | **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,365,796) |  |  | 3332200 |
| **WARRANT<sup>†</sup>** **- 0.0%** | **WARRANT<sup>†</sup>** **- 0.0%** | **WARRANT<sup>†</sup>** **- 0.0%** | **WARRANT<sup>†</sup>** **- 0.0%** |
| Danimer Scientific, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;Expiring 07/15/25\* | 2 |  |  |
| **Total Warrant** | **Total Warrant** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $—) |  |  |  |
| **RIGHTS<sup>†</sup>** **- 0.0%** | **RIGHTS<sup>†</sup>** **- 0.0%** | **RIGHTS<sup>†</sup>** **- 0.0%** | **RIGHTS<sup>†</sup>** **- 0.0%** |
| **Consumer, Non-cyclical - 0.0%** | **Consumer, Non-cyclical - 0.0%** | **Consumer, Non-cyclical - 0.0%** | **Consumer, Non-cyclical - 0.0%** |
| Cartesian Therapeutics Inc.\* | 179 |  |  |
| Tobira Therapeutics, Inc.\*<sup>,†††</sup> | 14 |  |  |
| Novartis AG\*<sup>,†††</sup> | 100 |  |  |
| Sanofi SA | 52 |  |  |
| **Total Consumer, Non-cyclical** |  |  |  |
| **Total Rights** | **Total Rights** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $39) |  |  |  |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 197

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MUTUAL FUNDS<sup>†</sup>** **- 23.0%** | **MUTUAL FUNDS<sup>†</sup>** **- 23.0%** | **MUTUAL FUNDS<sup>†</sup>** **- 23.0%** |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II<sup>2</sup> | 25618 | $636857 |
| &nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class<sup>2</sup> | 56061 | 562295 |
| **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,183,372) |  | 1199152 |
|  | **Face<br> Amount<sup>~</sup>** |  |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 1.7%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 1.7%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 1.7%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;4.20% due 06/12/25<sup>3,4</sup> | 50000 | 49581 |
| &nbsp;&nbsp;&nbsp;4.08% due 04/08/25<sup>4,5</sup> | 40000 | 39967 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $89,547) |  | 89548 |
| **REPURCHASE AGREEMENTS<sup>††,6</sup>** **- 13.2%** | **REPURCHASE AGREEMENTS<sup>††,6</sup>** **- 13.2%** | **REPURCHASE AGREEMENTS<sup>††,6</sup>** **- 13.2%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25<sup>3</sup> | 390744 | 390744 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25<sup>3</sup> | 299462 | 299462 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $690,206) |  | 690206 |
|  | **Shares** |  |
| **SECURITIES LENDING COLLATERAL<sup>†,7</sup>** **- 0.5%** | **SECURITIES LENDING COLLATERAL<sup>†,7</sup>** **- 0.5%** | **SECURITIES LENDING COLLATERAL<sup>†,7</sup>** **- 0.5%** |
| **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.27%<sup>8</sup> | 26293 | 26293 |
| **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp;(Cost $26,293) |  | 26293 |
| **Total Investments - 102.1%** | **Total Investments - 102.1%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,355,253) | &nbsp;&nbsp;&nbsp;(Cost $5,355,253) | $5337399 |
| **Other Assets & Liabilities, net - (2.1)%** | **Other Assets & Liabilities, net - (2.1)%** | (108633) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $5228766 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Depreciation\*\*** |
| **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** |
| Russell 2000 Index Mini Futures Contracts | 5 | Jun 2025 | $506775 | $(8446) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** |
| **Counterparty** | **Index** | **Type** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Depreciation** |
| **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** |
| Barclays Bank plc | Russell 2000 Index | Pay | 5.09% (SOFR + 0.75%) | At Maturity | 06/26/25 | 414 | $833406 | $(25649) |
| BNP Paribas | Russell 2000 Index | Pay | 4.88% (Federal<br> Funds Rate +<br> 0.55%) | At Maturity | 06/26/25 | 589 | 1184898 | (36468) |
| Goldman Sachs International | Russell 2000 Index | Pay | 4.68% (Federal<br> Funds Rate +<br> 0.35%) | At Maturity | 06/25/25 | 979 | 1969085 | (80654) |
|  |  |  |  |  |  |  | $3987389 | $(142771) |

---

198 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | |
|:---|:---|
| <sup>~</sup> | &nbsp;&nbsp;&nbsp;The face amount is denominated in U.S. dollars unless otherwise indicated. |
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\* | &nbsp;&nbsp;&nbsp;Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| \*\*\* | &nbsp;&nbsp;&nbsp;A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs, unless otherwise noted — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>†††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 3 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is on loan at March 31, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Affiliated issuer. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as equity index swap collateral at March 31, 2025. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the effective yield at the time of purchase. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as futures collateral at March 31, 2025. |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Securities lending collateral — See Note 7. |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of March 31, 2025. |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;REIT — Real Estate Investment Trust |
|  | &nbsp;&nbsp;&nbsp;SOFR — Secured Overnight Financing Rate |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $3332200 | $— | $— \* | $3332200 |
| Warrant | — \* |  |  |  |
| Rights | — \* |  | — \* |  |
| Mutual Funds | 1199152 |  |  | 1199152 |
| U.S. Treasury Bills |  | 89548 |  | 89548 |
| Repurchase Agreements |  | 690206 |  | 690206 |
| Securities Lending Collateral | 26293 |  |  | 26293 |
| Total Assets | $4557645 | $779754 | $— | $5337399 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Equity Futures Contracts\*\* | $8446 | $— | $— | $8446 |
| Equity Index Swap Agreements\*\* |  | 142771 |  | 142771 |
| Total Liabilities | $8446 | $142771 | $— | $151217 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Security has a market value of $0. |
| \*\* | &nbsp;&nbsp;&nbsp;This derivative is reported as unrealized appreciation/depreciation at period end. |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 199

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

**Affiliated Transactions** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the year ended March 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 03/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 03/31/25** | **Shares <br> 03/31/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Guggenheim Strategy Fund II | $630196 | $— | $— | $— | $6661 | $636857 | 25618 | $35799 |
| &nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 555568 |  |  |  | 6727 | 562295 | 56061 | 27934 |
|  | $1185764 | $— | $— | $— | $13388 | $1199152 |  | $63733 |

---

200 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in unaffiliated issuers, at value - including $24,565 of securities loaned (cost $3,481,675) | $3448041 |
| Investments in affiliated issuers, at value (cost $1,183,372) | 1199152 |
| Repurchase agreements, at value (cost $690,206) | 690206 |
| Cash | 73 |
| Segregated cash with broker | 46227 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 27570 |
| &nbsp;&nbsp;&nbsp;Dividends | 8086 |
| &nbsp;&nbsp;&nbsp;Securities sold | 156 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 86 |
| &nbsp;&nbsp;&nbsp;Interest | 84 |
| **Total assets** | 5419681 |
| **Liabilities:** | **Liabilities:** |
| Unrealized depreciation on OTC swap agreements | 142771 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Return of securities lending collateral | 26293 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 4651 |
| &nbsp;&nbsp;&nbsp;Management fees | 3760 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 2500 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 2420 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 1081 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 226 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 67 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 15 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 7131 |
| **Total liabilities** | 190915 |
| **Net assets** | $5228766 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $8522234 |
| Total distributable earnings (loss) | (3293468) |
| Net assets | $5228766 |
| **Class A:** | **Class A:** |
| Net assets | $931797 |
| Capital shares outstanding | 19348 |
| Net asset value per share | $48.16 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $50.56 |
| **Class C:** | **Class C:** |
| Net assets | $9537 |
| Capital shares outstanding | 278 |
| Net asset value per share | $34.31 |
| **Class H:** | **Class H:** |
| Net assets | $4287432 |
| Capital shares outstanding | 89615 |
| Net asset value per share | $47.84 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $138) | $48861 |
| Dividends from securities of affiliated issuers | 63733 |
| Interest | 72599 |
| Income from securities lending, net | 1282 |
| &nbsp;&nbsp;&nbsp;Total investment income | 186475 |
| **Expenses:** | **Expenses:** |
| Management fees | 60017 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 2540 |
| &nbsp;&nbsp;&nbsp;Class C | 246 |
| &nbsp;&nbsp;&nbsp;Class H | 14071 |
| Transfer agent fees | 14520 |
| Portfolio accounting and administration fees | 10173 |
| Registration fees | 7913 |
| Professional fees | 2996 |
| Interest expense | 1584 |
| Custodian fees | 1049 |
| Trustees' fees\* | 708 |
| Line of credit fees | 59 |
| Miscellaneous | 4408 |
| &nbsp;&nbsp;&nbsp;Total expenses | 120284 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (6670) |
| Expenses waived by Adviser | (1396) |
| &nbsp;&nbsp;&nbsp;Total waived/reimbursed expenses | (8066) |
| Net expenses | 112218 |
| Net investment income | 74257 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 140240 |
| &nbsp;&nbsp;&nbsp;Swap agreements | (379622) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (145900) |
| Net realized loss | (385282) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | (284973) |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | 13388 |
| &nbsp;&nbsp;&nbsp;Swap agreements | (342741) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (21519) |
| Net change in unrealized appreciation (depreciation) | (635845) |
| Net realized and unrealized loss | (1021127) |
| **Net decrease in net assets resulting from operations** | $(946870) |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 201

**RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $74257 | $86505 |
| Net realized gain (loss) on investments | (385282) | 638902 |
| Net change in unrealized appreciation (depreciation) on investments | (635845) | 781468 |
| Net increase (decrease) in net assets resulting from operations | (946870) | 1506875 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (13953) | (1949) |
| &nbsp;&nbsp;&nbsp;Class C | (187) | (43) |
| &nbsp;&nbsp;&nbsp;Class H | (83177) | (12432) |
| Total distributions to shareholders | (97317) | (14424) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 140218 | 207195 |
| &nbsp;&nbsp;&nbsp;Class C | 14182 | 524610 |
| &nbsp;&nbsp;&nbsp;Class H | 7405182 | 3917573 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 13482 | 1880 |
| &nbsp;&nbsp;&nbsp;Class C | 187 | 43 |
| &nbsp;&nbsp;&nbsp;Class H | 82955 | 12382 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (57091) | (303541) |
| &nbsp;&nbsp;&nbsp;Class C | (134719) | (437323) |
| &nbsp;&nbsp;&nbsp;Class H | (8313410) | (4495631) |
| Net decrease from capital share transactions | (849014) | (572812) |
| Net increase (decrease) in net assets | (1893201) | 919639 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 7121967 | 6202328 |
| &nbsp;&nbsp;&nbsp;End of year | $5228766 | $7121967 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 2269 | 4576 |
| &nbsp;&nbsp;&nbsp;Class C | 378 | 14942 |
| &nbsp;&nbsp;&nbsp;Class H | 125316 | 88623 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 218 | 41 |
| &nbsp;&nbsp;&nbsp;Class C | 4 | 1 |
| &nbsp;&nbsp;&nbsp;Class H | 1350 | 270 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1053) | (6512) |
| &nbsp;&nbsp;&nbsp;Class C | (3512) | (12255) |
| &nbsp;&nbsp;&nbsp;Class H | (147108) | (99091) |
| Net decrease in shares | (22138) | (9405) |

---

202 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $54.91 | $44.36 | $56.57 | $101.22 | $39.16 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .62 | .61 | .22 | (1.02) | (.94) |
| Net gain (loss) on investments (realized and unrealized) | (6.64) | 10.05 | (12.43) | (7.02) | 63.25 |
| Total from investment operations | (6.02) | 10.66 | (12.21) | (8.04) | 62.31 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.73) | (.11) |  |  | (.25) |
| Net realized gains |  |  |  | (36.61) |  |
| Total distributions | (.73) | (.11) |  | (36.61) | (.25) |
| Net asset value, end of period | $48.16 | $54.91 | $44.36 | $56.57 | $101.22 |
| **Total Return<sup>b</sup>** | **(11.26** **%)** | **24.07%** | **(21.58** **%)** | **(11.85** **%)** | **159.26%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $932 | $984 | $879 | $1268 | $1749 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.12% | 1.32% | 0.48% | (1.18%) | (1.40%) |
| Total expenses<sup>c</sup> | 1.80% | 1.77% | 1.75% | 1.71% | 1.79% |
| Net expenses<sup>d</sup> | 1.68% | 1.67% | 1.69% | 1.68% | 1.77% |
| Portfolio turnover rate | 10% | 8% | 9% | 62% |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $39.56 | $32.26 | $41.41 | $84.58 | $32.98 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .17 | .29 | (.09) | (1.28) | (1.27) |
| Net gain (loss) on investments (realized and unrealized) | (4.69) | 7.12 | (9.06) | (5.28) | 53.12 |
| Total from investment operations | (4.52) | 7.41 | (9.15) | (6.56) | 51.85 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.73) | (.11) |  |  | (.25) |
| Net realized gains |  |  |  | (36.61) |  |
| Total distributions | (.73) | (.11) |  | (36.61) | (.25) |
| Net asset value, end of period | $34.31 | $39.56 | $32.26 | $41.41 | $84.58 |
| **Total Return<sup>b</sup>** | **(11.94** **%)** | **23.13%** | **(22.10** **%)** | **(12.52** **%)** | **157.38%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $10 | $135 | $23 | $35 | $75 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | .46% | 0.82% | (0.27%) | (1.93%) | (2.16%) |
| Total expenses<sup>c</sup> | 2.48% | 2.49% | 2.50% | 2.46% | 2.52% |
| Net expenses<sup>d</sup> | 2.35% | 2.38% | 2.44% | 2.43% | 2.50% |
| Portfolio turnover rate | 10% | 8% | 9% | 62% |  |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 203

**RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $54.55 | $44.08 | $56.20 | $100.81 | $39.00 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .62 | .61 | .21 | (.98) | (.98) |
| Net gain (loss) on investments (realized and unrealized) | (6.60) | 9.97 | (12.33) | (7.02) | 63.04 |
| Total from investment operations | (5.98) | 10.58 | (12.12) | (8.00) | 62.06 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.73) | (.11) |  |  | (.25) |
| Net realized gains |  |  |  | (36.61) |  |
| Total distributions | (.73) | (.11) |  | (36.61) | (.25) |
| Net asset value, end of period | $47.84 | $54.55 | $44.08 | $56.20 | $100.81 |
| **Total Return** | **(11.26** **%)** | **24.07%** | **(21.57** **%)** | **(11.86** **%)** | **159.27%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $4287 | $6004 | $5300 | $8683 | $9482 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.12% | 1.34% | 0.46% | (1.17%) | (1.42%) |
| Total expenses<sup>c</sup> | 1.80% | 1.77% | 1.75% | 1.71% | 1.78% |
| Net expenses<sup>d</sup> | 1.68% | 1.67% | 1.69% | 1.68% | 1.76% |
| Portfolio turnover rate | 10% | 8% | 9% | 62% |  |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>c</sup> Does not include expenses of the underlying funds in which the Fund invests.

<sup>d</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

204 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 48.4%** | **COMMON STOCKS<sup>†</sup>** **- 48.4%** | **COMMON STOCKS<sup>†</sup>** **- 48.4%** |
| **Financial - 12.6%** | **Financial - 12.6%** | **Financial - 12.6%** |
| &nbsp;&nbsp;&nbsp;FTAI Aviation Ltd. | 235 | $26092 |
| &nbsp;&nbsp;&nbsp;SouthState Corp. | 226 | 20977 |
| &nbsp;&nbsp;&nbsp;Mr Cooper Group, Inc.\* | 146 | 17462 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | 158 | 15974 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp | 728 | 15426 |
| &nbsp;&nbsp;&nbsp;Terreno Realty Corp. REIT | 225 | 14224 |
| &nbsp;&nbsp;&nbsp;Jackson Financial, Inc. — Class A | 169 | 14159 |
| &nbsp;&nbsp;&nbsp;Essent Group Ltd. | 241 | 13911 |
| &nbsp;&nbsp;&nbsp;Hamilton Lane, Inc. — Class A | 90 | 13380 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. REIT | 406 | 13252 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | 141 | 12907 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | 421 | 12782 |
| &nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | 438 | 12518 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. REIT | 136 | 12436 |
| &nbsp;&nbsp;&nbsp;Home BancShares, Inc. | 431 | 12184 |
| &nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | 264 | 11674 |
| &nbsp;&nbsp;&nbsp;Radian Group, Inc. | 345 | 11409 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust REIT | 502 | 11230 |
| &nbsp;&nbsp;&nbsp;Independence Realty Trust, Inc. REIT | 523 | 11103 |
| &nbsp;&nbsp;&nbsp;First Financial Bankshares, Inc. | 301 | 10812 |
| &nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | 352 | 10666 |
| &nbsp;&nbsp;&nbsp;United Bankshares, Inc. | 306 | 10609 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | 201 | 10542 |
| &nbsp;&nbsp;&nbsp;Phillips Edison & Company, Inc. REIT | 284 | 10363 |
| &nbsp;&nbsp;&nbsp;Macerich Co. REIT | 577 | 9907 |
| &nbsp;&nbsp;&nbsp;Piper Sandler Cos. | 40 | 9906 |
| &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. | 236 | 9829 |
| &nbsp;&nbsp;&nbsp;Valley National Bancorp | 1096 | 9743 |
| &nbsp;&nbsp;&nbsp;ServisFirst Bancshares, Inc. | 117 | 9664 |
| &nbsp;&nbsp;&nbsp;Enstar Group Ltd.\* | 29 | 9639 |
| &nbsp;&nbsp;&nbsp;SL Green Realty Corp. REIT | 166 | 9578 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | 547 | 9556 |
| &nbsp;&nbsp;&nbsp;Moelis & Co. — Class A | 163 | 9513 |
| &nbsp;&nbsp;&nbsp;MARA Holdings, Inc.\*<sup>,1</sup> | 789 | 9074 |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | 152 | 8751 |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp. | 381 | 8584 |
| &nbsp;&nbsp;&nbsp;Upstart Holdings, Inc.\* | 185 | 8516 |
| &nbsp;&nbsp;&nbsp;Tanger, Inc. REIT | 251 | 8481 |
| &nbsp;&nbsp;&nbsp;Palomar Holdings, Inc.\* | 60 | 8225 |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic Corp. REIT | 182 | 8212 |
| &nbsp;&nbsp;&nbsp;Axos Financial, Inc.\* | 126 | 8130 |
| &nbsp;&nbsp;&nbsp;StepStone Group, Inc. — Class A | 154 | 8043 |
| &nbsp;&nbsp;&nbsp;Blackstone Mortgage Trust, Inc. — Class A REIT | 402 | 8040 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc.\* | 107 | 7993 |
| &nbsp;&nbsp;&nbsp;HA Sustainable Infrastructure Capital, Inc. | 272 | 7953 |
| &nbsp;&nbsp;&nbsp;International Bancshares Corp. | 125 | 7883 |
| &nbsp;&nbsp;&nbsp;United Community Banks, Inc. | 277 | 7792 |
| &nbsp;&nbsp;&nbsp;StoneX Group, Inc.\* | 102 | 7791 |
| &nbsp;&nbsp;&nbsp;Fulton Financial Corp. | 420 | 7598 |
| &nbsp;&nbsp;&nbsp;BGC Group, Inc. — Class A | 822 | 7538 |
| &nbsp;&nbsp;&nbsp;PJT Partners, Inc. — Class A | 54 | 7446 |
| &nbsp;&nbsp;&nbsp;Compass, Inc. — Class A\* | 852 | 7438 |
| &nbsp;&nbsp;&nbsp;Broadstone Net Lease, Inc. REIT | 436 | 7429 |
| &nbsp;&nbsp;&nbsp;Eastern Bankshares, Inc. | 446 | 7314 |
| &nbsp;&nbsp;&nbsp;National Health Investors, Inc. REIT | 99 | 7312 |
| &nbsp;&nbsp;&nbsp;First BanCorp | 374 | 7170 |
| &nbsp;&nbsp;&nbsp;COPT Defense Properties REIT | 260 | 7090 |
| &nbsp;&nbsp;&nbsp;Baldwin Insurance Group, Inc. — Class A\* | 157 | 7016 |
| &nbsp;&nbsp;&nbsp;WSFS Financial Corp. | 135 | 7002 |
| &nbsp;&nbsp;&nbsp;Genworth Financial, Inc. — Class A\* | 980 | 6948 |
| &nbsp;&nbsp;&nbsp;Community Financial System, Inc. | 121 | 6880 |
| &nbsp;&nbsp;&nbsp;Flagstar Financial, Inc. | 587 | 6821 |
| &nbsp;&nbsp;&nbsp;Apple Hospitality REIT, Inc. | 527 | 6804 |
| &nbsp;&nbsp;&nbsp;Cathay General Bancorp | 157 | 6756 |
| &nbsp;&nbsp;&nbsp;NMI Holdings, Inc. — Class A\* | 181 | 6525 |
| &nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corp. | 207 | 6446 |
| &nbsp;&nbsp;&nbsp;Four Corners Property Trust, Inc. REIT | 223 | 6400 |
| &nbsp;&nbsp;&nbsp;Bank of Hawaii Corp. | 92 | 6345 |
| &nbsp;&nbsp;&nbsp;Walker & Dunlop, Inc. | 74 | 6317 |
| &nbsp;&nbsp;&nbsp;WesBanco, Inc. | 202 | 6254 |
| &nbsp;&nbsp;&nbsp;McGrath RentCorp | 56 | 6238 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | 62 | 6207 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp. | 98 | 6140 |
| &nbsp;&nbsp;&nbsp;Goosehead Insurance, Inc. — Class A | 52 | 6139 |
| &nbsp;&nbsp;&nbsp;Burford Capital Ltd. | 463 | 6116 |
| &nbsp;&nbsp;&nbsp;Douglas Emmett, Inc. REIT | 374 | 5984 |
| &nbsp;&nbsp;&nbsp;BankUnited, Inc. | 172 | 5924 |
| &nbsp;&nbsp;&nbsp;Simmons First National Corp. — Class A | 287 | 5892 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc. | 117 | 5859 |
| &nbsp;&nbsp;&nbsp;LXP Industrial Trust REIT | 672 | 5813 |
| &nbsp;&nbsp;&nbsp;Enova International, Inc.\* | 60 | 5794 |
| &nbsp;&nbsp;&nbsp;CVB Financial Corp. | 312 | 5760 |
| &nbsp;&nbsp;&nbsp;Artisan Partners Asset Management, Inc. — Class A | 146 | 5709 |
| &nbsp;&nbsp;&nbsp;Acadia Realty Trust REIT | 271 | 5677 |
| &nbsp;&nbsp;&nbsp;Victory Capital Holdings, Inc. — Class A | 97 | 5613 |
| &nbsp;&nbsp;&nbsp;Bancorp, Inc.\* | 106 | 5601 |
| &nbsp;&nbsp;&nbsp;TowneBank | 163 | 5573 |
| &nbsp;&nbsp;&nbsp;First Financial Bancorp | 223 | 5571 |
| &nbsp;&nbsp;&nbsp;First Merchants Corp. | 137 | 5540 |
| &nbsp;&nbsp;&nbsp;Urban Edge Properties REIT | 291 | 5529 |
| &nbsp;&nbsp;&nbsp;Curbline Properties Corp. REIT | 224 | 5419 |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield plc\* | 530 | 5417 |
| &nbsp;&nbsp;&nbsp;Outfront Media, Inc. REIT | 334 | 5391 |
| &nbsp;&nbsp;&nbsp;First Interstate BancSystem, Inc. — Class A | 187 | 5358 |
| &nbsp;&nbsp;&nbsp;WaFd, Inc. | 187 | 5344 |
| &nbsp;&nbsp;&nbsp;InvenTrust Properties Corp. REIT | 179 | 5257 |
| &nbsp;&nbsp;&nbsp;Cohen & Steers, Inc. | 65 | 5216 |
| &nbsp;&nbsp;&nbsp;Banner Corp. | 81 | 5165 |
| &nbsp;&nbsp;&nbsp;BancFirst Corp. | 47 | 5164 |
| &nbsp;&nbsp;&nbsp;Park National Corp. | 34 | 5148 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corporation of Florida | 199 | 5120 |
| &nbsp;&nbsp;&nbsp;Riot Platforms, Inc.\* | 719 | 5119 |
| &nbsp;&nbsp;&nbsp;Provident Financial Services, Inc. | 297 | 5100 |
| &nbsp;&nbsp;&nbsp;Arbor Realty Trust, Inc. REIT | 426 | 5005 |
| &nbsp;&nbsp;&nbsp;Trustmark Corp. | 143 | 4932 |
| &nbsp;&nbsp;&nbsp;Renasant Corp. | 143 | 4852 |
| &nbsp;&nbsp;&nbsp;Pacific Premier Bancorp, Inc. | 226 | 4818 |
| &nbsp;&nbsp;&nbsp;NBT Bancorp, Inc. | 109 | 4676 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 205

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group, Inc.\* | 88 | $4657 |
| &nbsp;&nbsp;&nbsp;Stewart Information Services Corp. | 64 | 4566 |
| &nbsp;&nbsp;&nbsp;Banc of California, Inc. | 321 | 4555 |
| &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp. | 84 | 4514 |
| &nbsp;&nbsp;&nbsp;Sunstone Hotel Investors, Inc. REIT | 464 | 4366 |
| &nbsp;&nbsp;&nbsp;Cleanspark, Inc.\*<sup>,1</sup> | 638 | 4287 |
| &nbsp;&nbsp;&nbsp;First Busey Corp. | 197 | 4255 |
| &nbsp;&nbsp;&nbsp;OFG Bancorp | 104 | 4162 |
| &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp. | 97 | 4145 |
| &nbsp;&nbsp;&nbsp;Stock Yards Bancorp, Inc. | 60 | 4144 |
| &nbsp;&nbsp;&nbsp;Bank of NT Butterfield & Son Ltd. | 105 | 4087 |
| &nbsp;&nbsp;&nbsp;Pathward Financial, Inc. | 56 | 4085 |
| &nbsp;&nbsp;&nbsp;City Holding Co. | 34 | 3994 |
| &nbsp;&nbsp;&nbsp;St. Joe Co. | 85 | 3991 |
| &nbsp;&nbsp;&nbsp;Farmer Mac — Class C | 21 | 3938 |
| &nbsp;&nbsp;&nbsp;FB Financial Corp. | 84 | 3894 |
| &nbsp;&nbsp;&nbsp;Lemonade, Inc.\* | 123 | 3866 |
| &nbsp;&nbsp;&nbsp;SiriusPoint Ltd.\* | 222 | 3838 |
| &nbsp;&nbsp;&nbsp;First Bancorp | 94 | 3773 |
| &nbsp;&nbsp;&nbsp;Newmark Group, Inc. — Class A | 310 | 3773 |
| &nbsp;&nbsp;&nbsp;Global Net Lease, Inc. REIT | 464 | 3731 |
| &nbsp;&nbsp;&nbsp;First Commonwealth Financial Corp. | 238 | 3699 |
| &nbsp;&nbsp;&nbsp;DiamondRock Hospitality Co. REIT | 479 | 3698 |
| &nbsp;&nbsp;&nbsp;Nelnet, Inc. — Class A | 33 | 3661 |
| &nbsp;&nbsp;&nbsp;Getty Realty Corp. REIT | 117 | 3648 |
| &nbsp;&nbsp;&nbsp;Northwest Bancshares, Inc. | 300 | 3606 |
| &nbsp;&nbsp;&nbsp;Elme Communities REIT | 207 | 3602 |
| &nbsp;&nbsp;&nbsp;Innovative Industrial Properties, Inc. REIT | 66 | 3570 |
| &nbsp;&nbsp;&nbsp;Mercury General Corp. | 63 | 3522 |
| &nbsp;&nbsp;&nbsp;Customers Bancorp, Inc.\* | 70 | 3514 |
| &nbsp;&nbsp;&nbsp;Lakeland Financial Corp. | 59 | 3507 |
| &nbsp;&nbsp;&nbsp;Nicolet Bankshares, Inc. | 32 | 3487 |
| &nbsp;&nbsp;&nbsp;LTC Properties, Inc. REIT | 98 | 3474 |
| &nbsp;&nbsp;&nbsp;Hilltop Holdings, Inc. | 110 | 3350 |
| &nbsp;&nbsp;&nbsp;S&T Bancorp, Inc. | 90 | 3335 |
| &nbsp;&nbsp;&nbsp;National Bank Holdings Corp. — Class A | 87 | 3329 |
| &nbsp;&nbsp;&nbsp;Two Harbors Investment Corp. REIT | 245 | 3273 |
| &nbsp;&nbsp;&nbsp;Pagseguro Digital Ltd. — Class A\* | 426 | 3250 |
| &nbsp;&nbsp;&nbsp;Stellar Bancorp, Inc. | 116 | 3209 |
| &nbsp;&nbsp;&nbsp;Veris Residential, Inc. REIT | 185 | 3130 |
| &nbsp;&nbsp;&nbsp;UMH Properties, Inc. REIT | 167 | 3123 |
| &nbsp;&nbsp;&nbsp;Veritex Holdings, Inc. | 124 | 3096 |
| &nbsp;&nbsp;&nbsp;JBG SMITH Properties REIT | 192 | 3093 |
| &nbsp;&nbsp;&nbsp;Westamerica BanCorp | 61 | 3088 |
| &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance, Inc. REIT | 320 | 3062 |
| &nbsp;&nbsp;&nbsp;Ladder Capital Corp. — Class A REIT | 268 | 3058 |
| &nbsp;&nbsp;&nbsp;Triumph Financial, Inc.\* | 52 | 3006 |
| &nbsp;&nbsp;&nbsp;PennyMac Mortgage Investment Trust REIT | 205 | 3003 |
| &nbsp;&nbsp;&nbsp;TriCo Bancshares | 75 | 2998 |
| &nbsp;&nbsp;&nbsp;Core Scientific, Inc.\* | 413 | 2990 |
| &nbsp;&nbsp;&nbsp;Alexander & Baldwin, Inc. REIT | 172 | 2964 |
| &nbsp;&nbsp;&nbsp;Employers Holdings, Inc. | 58 | 2937 |
| &nbsp;&nbsp;&nbsp;Compass Diversified Holdings | 157 | 2931 |
| &nbsp;&nbsp;&nbsp;Trupanion, Inc.\* | 78 | 2907 |
| &nbsp;&nbsp;&nbsp;Sandy Spring Bancorp, Inc. | 104 | 2907 |
| &nbsp;&nbsp;&nbsp;Apartment Investment and Management Co. — Class A REIT | 328 | 2886 |
| &nbsp;&nbsp;&nbsp;NETSTREIT Corp. REIT | 181 | 2869 |
| &nbsp;&nbsp;&nbsp;Hope Bancorp, Inc. | 273 | 2858 |
| &nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust REIT | 282 | 2857 |
| &nbsp;&nbsp;&nbsp;HCI Group, Inc. | 19 | 2835 |
| &nbsp;&nbsp;&nbsp;Xenia Hotels & Resorts, Inc. REIT | 240 | 2822 |
| &nbsp;&nbsp;&nbsp;ProAssurance Corp.\* | 120 | 2802 |
| &nbsp;&nbsp;&nbsp;Uniti Group, Inc. REIT\* | 554 | 2792 |
| &nbsp;&nbsp;&nbsp;QCR Holdings, Inc. | 39 | 2781 |
| &nbsp;&nbsp;&nbsp;WisdomTree, Inc. | 311 | 2774 |
| &nbsp;&nbsp;&nbsp;Safety Insurance Group, Inc. | 35 | 2761 |
| &nbsp;&nbsp;&nbsp;Virtus Investment Partners, Inc. | 16 | 2758 |
| &nbsp;&nbsp;&nbsp;RLJ Lodging Trust REIT | 347 | 2738 |
| &nbsp;&nbsp;&nbsp;LendingClub Corp.\* | 259 | 2673 |
| &nbsp;&nbsp;&nbsp;Root, Inc. — Class A\* | 20 | 2669 |
| &nbsp;&nbsp;&nbsp;Berkshire Hills Bancorp, Inc. | 101 | 2635 |
| &nbsp;&nbsp;&nbsp;1st Source Corp. | 43 | 2572 |
| &nbsp;&nbsp;&nbsp;Dynex Capital, Inc. REIT | 195 | 2539 |
| &nbsp;&nbsp;&nbsp;Redfin Corp.\* | 275 | 2533 |
| &nbsp;&nbsp;&nbsp;Ellington Financial, Inc. REIT | 190 | 2519 |
| &nbsp;&nbsp;&nbsp;German American Bancorp, Inc. | 67 | 2512 |
| &nbsp;&nbsp;&nbsp;MFA Financial, Inc. REIT | 241 | 2473 |
| &nbsp;&nbsp;&nbsp;Franklin BSP Realty Trust, Inc. REIT | 194 | 2472 |
| &nbsp;&nbsp;&nbsp;Centerspace REIT | 38 | 2460 |
| &nbsp;&nbsp;&nbsp;Coastal Financial Corp.\* | 27 | 2441 |
| &nbsp;&nbsp;&nbsp;Cannae Holdings, Inc. | 133 | 2438 |
| &nbsp;&nbsp;&nbsp;Chimera Investment Corp. REIT | 190 | 2438 |
| &nbsp;&nbsp;&nbsp;First Bancshares, Inc. | 72 | 2434 |
| &nbsp;&nbsp;&nbsp;Peoples Bancorp, Inc. | 82 | 2432 |
| &nbsp;&nbsp;&nbsp;Empire State Realty Trust, Inc. — Class A REIT | 311 | 2432 |
| &nbsp;&nbsp;&nbsp;Easterly Government Properties, Inc. REIT | 229 | 2427 |
| &nbsp;&nbsp;&nbsp;Preferred Bank/Los Angeles CA | 29 | 2426 |
| &nbsp;&nbsp;&nbsp;Origin Bancorp, Inc. | 69 | 2392 |
| &nbsp;&nbsp;&nbsp;AMERISAFE, Inc. | 45 | 2365 |
| &nbsp;&nbsp;&nbsp;Enact Holdings, Inc. | 68 | 2363 |
| &nbsp;&nbsp;&nbsp;Dime Community Bancshares, Inc. | 84 | 2342 |
| &nbsp;&nbsp;&nbsp;Kennedy-Wilson Holdings, Inc. | 268 | 2326 |
| &nbsp;&nbsp;&nbsp;Bank First Corp. | 23 | 2317 |
| &nbsp;&nbsp;&nbsp;OceanFirst Financial Corp. | 136 | 2313 |
| &nbsp;&nbsp;&nbsp;Safehold, Inc. REIT | 122 | 2284 |
| &nbsp;&nbsp;&nbsp;American Assets Trust, Inc. REIT | 113 | 2276 |
| &nbsp;&nbsp;&nbsp;Brookline Bancorp, Inc. | 208 | 2267 |
| &nbsp;&nbsp;&nbsp;Perella Weinberg Partners | 122 | 2245 |
| &nbsp;&nbsp;&nbsp;ARMOUR Residential REIT, Inc. | 130 | 2223 |
| &nbsp;&nbsp;&nbsp;Hut 8 Corp.\* | 191 | 2219 |
| &nbsp;&nbsp;&nbsp;Live Oak Bancshares, Inc. | 82 | 2186 |
| &nbsp;&nbsp;&nbsp;Navient Corp. | 172 | 2172 |
| &nbsp;&nbsp;&nbsp;Piedmont Office Realty Trust, Inc. — Class A REIT | 291 | 2145 |
| &nbsp;&nbsp;&nbsp;NexPoint Residential Trust, Inc. REIT | 53 | 2095 |
| &nbsp;&nbsp;&nbsp;ConnectOne Bancorp, Inc. | 85 | 2066 |
| &nbsp;&nbsp;&nbsp;Southside Bancshares, Inc. | 68 | 1969 |
| &nbsp;&nbsp;&nbsp;Heritage Financial Corp. | 80 | 1946 |
| &nbsp;&nbsp;&nbsp;Univest Financial Corp. | 68 | 1928 |

---

206 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Hamilton Insurance Group Ltd. — Class B\* | 93 | $1928 |
| &nbsp;&nbsp;&nbsp;Byline Bancorp, Inc. | 73 | 1910 |
| &nbsp;&nbsp;&nbsp;Ready Capital Corp. REIT<sup>1</sup> | 374 | 1904 |
| &nbsp;&nbsp;&nbsp;Marcus & Millichap, Inc. | 55 | 1895 |
| &nbsp;&nbsp;&nbsp;Tompkins Financial Corp. | 30 | 1889 |
| &nbsp;&nbsp;&nbsp;eXp World Holdings, Inc. | 193 | 1887 |
| &nbsp;&nbsp;&nbsp;Encore Capital Group, Inc.\* | 55 | 1885 |
| &nbsp;&nbsp;&nbsp;First Mid Bancshares, Inc. | 54 | 1885 |
| &nbsp;&nbsp;&nbsp;Redwood Trust, Inc. REIT | 310 | 1882 |
| &nbsp;&nbsp;&nbsp;PRA Group, Inc.\* | 91 | 1876 |
| &nbsp;&nbsp;&nbsp;Fidelis Insurance Holdings Ltd. | 114 | 1847 |
| &nbsp;&nbsp;&nbsp;Paramount Group, Inc. REIT\* | 427 | 1836 |
| &nbsp;&nbsp;&nbsp;Community Trust Bancorp, Inc. | 36 | 1813 |
| &nbsp;&nbsp;&nbsp;Amerant Bancorp, Inc. | 86 | 1775 |
| &nbsp;&nbsp;&nbsp;Brandywine Realty Trust REIT | 392 | 1748 |
| &nbsp;&nbsp;&nbsp;Burke & Herbert Financial Services Corp. | 31 | 1739 |
| &nbsp;&nbsp;&nbsp;Old Second Bancorp, Inc. | 103 | 1714 |
| &nbsp;&nbsp;&nbsp;Whitestone REIT — Class B REIT | 117 | 1705 |
| &nbsp;&nbsp;&nbsp;Central Pacific Financial Corp. | 63 | 1704 |
| &nbsp;&nbsp;&nbsp;BrightSpire Capital, Inc. REIT | 305 | 1696 |
| &nbsp;&nbsp;&nbsp;Terawulf, Inc.\* | 619 | 1690 |
| &nbsp;&nbsp;&nbsp;NB Bancorp, Inc.\* | 92 | 1662 |
| &nbsp;&nbsp;&nbsp;Acadian Asset Management, Inc. | 64 | 1655 |
| &nbsp;&nbsp;&nbsp;Capitol Federal Financial, Inc. | 292 | 1635 |
| &nbsp;&nbsp;&nbsp;Brookfield Business Corp. — Class A | 61 | 1624 |
| &nbsp;&nbsp;&nbsp;Hanmi Financial Corp. | 71 | 1609 |
| &nbsp;&nbsp;&nbsp;Mercantile Bank Corp. | 37 | 1607 |
| &nbsp;&nbsp;&nbsp;F&G Annuities & Life, Inc. | 44 | 1586 |
| &nbsp;&nbsp;&nbsp;Dave, Inc.\* | 19 | 1571 |
| &nbsp;&nbsp;&nbsp;Merchants Bancorp | 42 | 1554 |
| &nbsp;&nbsp;&nbsp;Plymouth Industrial REIT, Inc. | 95 | 1548 |
| &nbsp;&nbsp;&nbsp;Horizon Bancorp, Inc. | 102 | 1538 |
| &nbsp;&nbsp;&nbsp;First Community Bankshares, Inc. | 40 | 1508 |
| &nbsp;&nbsp;&nbsp;Bowhead Specialty Holdings, Inc.\* | 37 | 1504 |
| &nbsp;&nbsp;&nbsp;KKR Real Estate Finance Trust, Inc. REIT | 139 | 1501 |
| &nbsp;&nbsp;&nbsp;Patria Investments Ltd. — Class A | 132 | 1490 |
| &nbsp;&nbsp;&nbsp;Eagle Bancorp, Inc. | 70 | 1470 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp. | 47 | 1447 |
| &nbsp;&nbsp;&nbsp;United Fire Group, Inc. | 49 | 1444 |
| &nbsp;&nbsp;&nbsp;SITE Centers Corp. REIT | 112 | 1438 |
| &nbsp;&nbsp;&nbsp;Tiptree, Inc. — Class A | 59 | 1421 |
| &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding Corp.\* | 25 | 1400 |
| &nbsp;&nbsp;&nbsp;New York Mortgage Trust, Inc. REIT | 214 | 1389 |
| &nbsp;&nbsp;&nbsp;Business First Bancshares, Inc. | 57 | 1388 |
| &nbsp;&nbsp;&nbsp;CBL & Associates Properties, Inc. REIT | 52 | 1382 |
| &nbsp;&nbsp;&nbsp;Camden National Corp. | 34 | 1376 |
| &nbsp;&nbsp;&nbsp;Northeast Bank | 15 | 1373 |
| &nbsp;&nbsp;&nbsp;Orchid Island Capital, Inc. REIT | 182 | 1369 |
| &nbsp;&nbsp;&nbsp;Armada Hoffler Properties, Inc. REIT | 182 | 1367 |
| &nbsp;&nbsp;&nbsp;TrustCo Bank Corporation NY | 44 | 1341 |
| &nbsp;&nbsp;&nbsp;Equity Bancshares, Inc. — Class A | 34 | 1340 |
| &nbsp;&nbsp;&nbsp;Summit Hotel Properties, Inc. REIT | 247 | 1336 |
| &nbsp;&nbsp;&nbsp;Heritage Commerce Corp. | 140 | 1333 |
| &nbsp;&nbsp;&nbsp;Universal Insurance Holdings, Inc. | 56 | 1327 |
| &nbsp;&nbsp;&nbsp;GCM Grosvenor, Inc. — Class A | 100 | 1323 |
| &nbsp;&nbsp;&nbsp;First Financial Corp. | 27 | 1322 |
| &nbsp;&nbsp;&nbsp;Orrstown Financial Services, Inc. | 44 | 1320 |
| &nbsp;&nbsp;&nbsp;Gladstone Commercial Corp. REIT | 87 | 1303 |
| &nbsp;&nbsp;&nbsp;MidWestOne Financial Group, Inc. | 44 | 1303 |
| &nbsp;&nbsp;&nbsp;CTO Realty Growth, Inc. REIT | 67 | 1294 |
| &nbsp;&nbsp;&nbsp;Esquire Financial Holdings, Inc. | 17 | 1281 |
| &nbsp;&nbsp;&nbsp;Global Medical REIT, Inc. REIT | 143 | 1251 |
| &nbsp;&nbsp;&nbsp;Washington Trust Bancorp, Inc. | 40 | 1234 |
| &nbsp;&nbsp;&nbsp;Universal Health Realty Income Trust REIT | 30 | 1229 |
| &nbsp;&nbsp;&nbsp;Metrocity Bankshares, Inc. | 44 | 1213 |
| &nbsp;&nbsp;&nbsp;Republic Bancorp, Inc. — Class A | 19 | 1213 |
| &nbsp;&nbsp;&nbsp;Diversified Healthcare Trust REIT | 505 | 1212 |
| &nbsp;&nbsp;&nbsp;Amalgamated Financial Corp. | 42 | 1207 |
| &nbsp;&nbsp;&nbsp;LendingTree, Inc.\* | 24 | 1207 |
| &nbsp;&nbsp;&nbsp;Hippo Holdings, Inc.\* | 47 | 1201 |
| &nbsp;&nbsp;&nbsp;HomeTrust Bancshares, Inc. | 35 | 1200 |
| &nbsp;&nbsp;&nbsp;Community Healthcare Trust, Inc. REIT | 64 | 1162 |
| &nbsp;&nbsp;&nbsp;Farmland Partners, Inc. REIT | 104 | 1160 |
| &nbsp;&nbsp;&nbsp;Capital City Bank Group, Inc. | 32 | 1151 |
| &nbsp;&nbsp;&nbsp;SmartFinancial, Inc. | 37 | 1150 |
| &nbsp;&nbsp;&nbsp;Southern Missouri Bancorp, Inc. | 22 | 1144 |
| &nbsp;&nbsp;&nbsp;TPG RE Finance Trust, Inc. REIT | 139 | 1133 |
| &nbsp;&nbsp;&nbsp;P10, Inc. — Class A | 96 | 1128 |
| &nbsp;&nbsp;&nbsp;Farmers National Banc Corp. | 86 | 1122 |
| &nbsp;&nbsp;&nbsp;Invesco Mortgage Capital, Inc. REIT | 141 | 1112 |
| &nbsp;&nbsp;&nbsp;Peapack-Gladstone Financial Corp. | 39 | 1108 |
| &nbsp;&nbsp;&nbsp;Great Southern Bancorp, Inc. | 20 | 1107 |
| &nbsp;&nbsp;&nbsp;NET Lease Office Properties REIT\* | 35 | 1098 |
| &nbsp;&nbsp;&nbsp;CNB Financial Corp. | 49 | 1090 |
| &nbsp;&nbsp;&nbsp;Five Star Bancorp | 39 | 1084 |
| &nbsp;&nbsp;&nbsp;Peakstone Realty Trust REIT | 86 | 1084 |
| &nbsp;&nbsp;&nbsp;Cipher Mining, Inc.\* | 468 | 1076 |
| &nbsp;&nbsp;&nbsp;FTAI Infrastructure, Inc. | 237 | 1074 |
| &nbsp;&nbsp;&nbsp;Selectquote, Inc.\* | 315 | 1052 |
| &nbsp;&nbsp;&nbsp;Alexander's, Inc. REIT | 5 | 1046 |
| &nbsp;&nbsp;&nbsp;Bar Harbor Bankshares | 35 | 1033 |
| &nbsp;&nbsp;&nbsp;Arrow Financial Corp. | 39 | 1025 |
| &nbsp;&nbsp;&nbsp;World Acceptance Corp.\* | 8 | 1012 |
| &nbsp;&nbsp;&nbsp;Service Properties Trust REIT | 382 | 997 |
| &nbsp;&nbsp;&nbsp;Northfield Bancorp, Inc. | 90 | 982 |
| &nbsp;&nbsp;&nbsp;Alerus Financial Corp. | 53 | 978 |
| &nbsp;&nbsp;&nbsp;Peoples Financial Services Corp. | 22 | 978 |
| &nbsp;&nbsp;&nbsp;Shore Bancshares, Inc. | 72 | 975 |
| &nbsp;&nbsp;&nbsp;One Liberty Properties, Inc. REIT | 37 | 972 |
| &nbsp;&nbsp;&nbsp;Columbia Financial, Inc.\* | 64 | 960 |
| &nbsp;&nbsp;&nbsp;Northrim BanCorp, Inc. | 13 | 952 |
| &nbsp;&nbsp;&nbsp;Hingham Institution For Savings | 4 | 951 |
| &nbsp;&nbsp;&nbsp;Hudson Pacific Properties, Inc. REIT\* | 322 | 950 |
| &nbsp;&nbsp;&nbsp;International Money Express, Inc.\* | 75 | 947 |
| &nbsp;&nbsp;&nbsp;HarborOne Bancorp, Inc. | 90 | 933 |
| &nbsp;&nbsp;&nbsp;South Plains Financial, Inc. | 28 | 927 |
| &nbsp;&nbsp;&nbsp;Mid Penn Bancorp, Inc. | 35 | 907 |
| &nbsp;&nbsp;&nbsp;Saul Centers, Inc. REIT | 25 | 902 |
| &nbsp;&nbsp;&nbsp;Third Coast Bancshares, Inc.\* | 27 | 901 |
| &nbsp;&nbsp;&nbsp;Financial Institutions, Inc. | 36 | 899 |
| &nbsp;&nbsp;&nbsp;FRP Holdings, Inc.\* | 31 | 886 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 207

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Greenlight Capital Re Ltd. — Class A\* | 65 | $881 |
| &nbsp;&nbsp;&nbsp;Carter Bankshares, Inc.\* | 54 | 874 |
| &nbsp;&nbsp;&nbsp;Sierra Bancorp | 31 | 864 |
| &nbsp;&nbsp;&nbsp;Diamond Hill Investment Group, Inc. | 6 | 857 |
| &nbsp;&nbsp;&nbsp;Enterprise Bancorp, Inc. | 22 | 856 |
| &nbsp;&nbsp;&nbsp;First Business Financial Services, Inc. | 18 | 849 |
| &nbsp;&nbsp;&nbsp;Real Brokerage, Inc.\* | 205 | 832 |
| &nbsp;&nbsp;&nbsp;Ambac Financial Group, Inc.\* | 95 | 831 |
| &nbsp;&nbsp;&nbsp;Gladstone Land Corp. REIT | 79 | 831 |
| &nbsp;&nbsp;&nbsp;Flushing Financial Corp. | 65 | 826 |
| &nbsp;&nbsp;&nbsp;Midland States Bancorp, Inc. | 48 | 822 |
| &nbsp;&nbsp;&nbsp;California BanCorp\* | 57 | 817 |
| &nbsp;&nbsp;&nbsp;Bank of Marin Bancorp | 37 | 817 |
| &nbsp;&nbsp;&nbsp;Chatham Lodging Trust REIT | 114 | 813 |
| &nbsp;&nbsp;&nbsp;Kearny Financial Corp. | 129 | 808 |
| &nbsp;&nbsp;&nbsp;ACNB Corp. | 19 | 782 |
| &nbsp;&nbsp;&nbsp;Heritage Insurance Holdings, Inc.\* | 54 | 779 |
| &nbsp;&nbsp;&nbsp;Anywhere Real Estate, Inc.\* | 231 | 769 |
| &nbsp;&nbsp;&nbsp;Home Bancorp, Inc. | 17 | 762 |
| &nbsp;&nbsp;&nbsp;Guaranty Bancshares, Inc. | 19 | 761 |
| &nbsp;&nbsp;&nbsp;West BanCorp, Inc. | 38 | 758 |
| &nbsp;&nbsp;&nbsp;Claros Mortgage Trust, Inc. REIT\* | 203 | 757 |
| &nbsp;&nbsp;&nbsp;NerdWallet, Inc. — Class A\* | 83 | 751 |
| &nbsp;&nbsp;&nbsp;Postal Realty Trust, Inc. — Class A REIT | 52 | 743 |
| &nbsp;&nbsp;&nbsp;First Bank/Hamilton NJ | 50 | 741 |
| &nbsp;&nbsp;&nbsp;Community West Bancshares | 40 | 739 |
| &nbsp;&nbsp;&nbsp;Investors Title Co. | 3 | 723 |
| &nbsp;&nbsp;&nbsp;Farmers & Merchants Bancorp Incorporated/Archbold OH | 30 | 717 |
| &nbsp;&nbsp;&nbsp;Southern States Bancshares, Inc. | 20 | 715 |
| &nbsp;&nbsp;&nbsp;Donegal Group, Inc. — Class A | 36 | 707 |
| &nbsp;&nbsp;&nbsp;Citizens & Northern Corp. | 35 | 704 |
| &nbsp;&nbsp;&nbsp;Civista Bancshares, Inc. | 36 | 703 |
| &nbsp;&nbsp;&nbsp;Unity Bancorp, Inc. | 17 | 692 |
| &nbsp;&nbsp;&nbsp;First Foundation, Inc. | 132 | 685 |
| &nbsp;&nbsp;&nbsp;Northeast Community Bancorp, Inc. | 29 | 680 |
| &nbsp;&nbsp;&nbsp;HBT Financial, Inc. | 30 | 672 |
| &nbsp;&nbsp;&nbsp;Atlanticus Holdings Corp.\* | 13 | 665 |
| &nbsp;&nbsp;&nbsp;American Coastal Insurance Corp. | 57 | 659 |
| &nbsp;&nbsp;&nbsp;Legacy Housing Corp.\* | 26 | 656 |
| &nbsp;&nbsp;&nbsp;Bridgewater Bancshares, Inc.\* | 47 | 653 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Services, Inc. | 11 | 639 |
| &nbsp;&nbsp;&nbsp;Colony Bankcorp, Inc. | 39 | 630 |
| &nbsp;&nbsp;&nbsp;BayCom Corp. | 25 | 629 |
| &nbsp;&nbsp;&nbsp;RBB Bancorp | 38 | 627 |
| &nbsp;&nbsp;&nbsp;Capital Bancorp, Inc. | 22 | 623 |
| &nbsp;&nbsp;&nbsp;First Bancorp, Inc. | 25 | 618 |
| &nbsp;&nbsp;&nbsp;First of Long Island Corp. | 50 | 617 |
| &nbsp;&nbsp;&nbsp;NewtekOne, Inc. | 51 | 610 |
| &nbsp;&nbsp;&nbsp;Regional Management Corp. | 20 | 602 |
| &nbsp;&nbsp;&nbsp;RMR Group, Inc. — Class A | 36 | 599 |
| &nbsp;&nbsp;&nbsp;Southern First Bancshares, Inc.\* | 18 | 593 |
| &nbsp;&nbsp;&nbsp;Chicago Atlantic Real Estate Finance, Inc. REIT | 40 | 588 |
| &nbsp;&nbsp;&nbsp;Ares Commercial Real Estate Corp. REIT | 126 | 583 |
| &nbsp;&nbsp;&nbsp;Ponce Financial Group, Inc.\* | 46 | 583 |
| &nbsp;&nbsp;&nbsp;FS Bancorp, Inc. | 15 | 570 |
| &nbsp;&nbsp;&nbsp;Bit Digital, Inc.\* | 282 | 570 |
| &nbsp;&nbsp;&nbsp;Red River Bancshares, Inc. | 11 | 568 |
| &nbsp;&nbsp;&nbsp;Plumas Bancorp | 13 | 563 |
| &nbsp;&nbsp;&nbsp;Orange County Bancorp, Inc. | 24 | 561 |
| &nbsp;&nbsp;&nbsp;Timberland Bancorp, Inc. | 18 | 543 |
| &nbsp;&nbsp;&nbsp;Industrial Logistics Properties Trust REIT | 154 | 530 |
| &nbsp;&nbsp;&nbsp;MBIA, Inc.\* | 105 | 523 |
| &nbsp;&nbsp;&nbsp;ChoiceOne Financial Services, Inc. | 18 | 518 |
| &nbsp;&nbsp;&nbsp;Waterstone Financial, Inc. | 38 | 511 |
| &nbsp;&nbsp;&nbsp;First Internet Bancorp | 19 | 509 |
| &nbsp;&nbsp;&nbsp;HomeStreet, Inc.\* | 43 | 505 |
| &nbsp;&nbsp;&nbsp;Alpine Income Property Trust, Inc. REIT | 30 | 502 |
| &nbsp;&nbsp;&nbsp;AG Mortgage Investment Trust, Inc. REIT | 68 | 496 |
| &nbsp;&nbsp;&nbsp;John Marshall Bancorp, Inc. | 30 | 496 |
| &nbsp;&nbsp;&nbsp;PCB Bancorp | 26 | 486 |
| &nbsp;&nbsp;&nbsp;Onity Group, Inc.\* | 15 | 485 |
| &nbsp;&nbsp;&nbsp;City Office REIT, Inc. | 92 | 477 |
| &nbsp;&nbsp;&nbsp;Middlefield Banc Corp. | 17 | 475 |
| &nbsp;&nbsp;&nbsp;Parke Bancorp, Inc. | 25 | 471 |
| &nbsp;&nbsp;&nbsp;Primis Financial Corp. | 48 | 469 |
| &nbsp;&nbsp;&nbsp;MVB Financial Corp. | 27 | 468 |
| &nbsp;&nbsp;&nbsp;USCB Financial Holdings, Inc. | 25 | 464 |
| &nbsp;&nbsp;&nbsp;BRT Apartments Corp. REIT | 27 | 459 |
| &nbsp;&nbsp;&nbsp;Fidelity D&D Bancorp, Inc. | 11 | 458 |
| &nbsp;&nbsp;&nbsp;Bankwell Financial Group, Inc. | 15 | 453 |
| &nbsp;&nbsp;&nbsp;LCNB Corp. | 30 | 444 |
| &nbsp;&nbsp;&nbsp;Blue Foundry Bancorp\* | 47 | 432 |
| &nbsp;&nbsp;&nbsp;Provident Bancorp, Inc.\* | 37 | 425 |
| &nbsp;&nbsp;&nbsp;FrontView REIT, Inc. | 33 | 422 |
| &nbsp;&nbsp;&nbsp;FVCBankcorp, Inc.\* | 39 | 412 |
| &nbsp;&nbsp;&nbsp;Crawford & Co. — Class A | 36 | 411 |
| &nbsp;&nbsp;&nbsp;Norwood Financial Corp. | 17 | 411 |
| &nbsp;&nbsp;&nbsp;Greene County Bancorp, Inc. | 17 | 410 |
| &nbsp;&nbsp;&nbsp;Franklin Street Properties Corp. REIT | 230 | 409 |
| &nbsp;&nbsp;&nbsp;OppFi, Inc. | 43 | 400 |
| &nbsp;&nbsp;&nbsp;Oak Valley Bancorp | 16 | 399 |
| &nbsp;&nbsp;&nbsp;Virginia National Bankshares Corp. | 11 | 397 |
| &nbsp;&nbsp;&nbsp;Velocity Financial, Inc.\* | 21 | 393 |
| &nbsp;&nbsp;&nbsp;Investar Holding Corp. | 22 | 387 |
| &nbsp;&nbsp;&nbsp;Braemar Hotels & Resorts, Inc. REIT | 155 | 386 |
| &nbsp;&nbsp;&nbsp;First Financial Northwest, Inc. | 17 | 385 |
| &nbsp;&nbsp;&nbsp;Medallion Financial Corp. | 44 | 383 |
| &nbsp;&nbsp;&nbsp;ESSA Bancorp, Inc. | 20 | 377 |
| &nbsp;&nbsp;&nbsp;Seven Hills Realty Trust REIT | 30 | 375 |
| &nbsp;&nbsp;&nbsp;First Western Financial, Inc.\* | 19 | 373 |
| &nbsp;&nbsp;&nbsp;Ames National Corp. | 21 | 368 |
| &nbsp;&nbsp;&nbsp;Silvercrest Asset Management Group, Inc. — Class A | 22 | 360 |
| &nbsp;&nbsp;&nbsp;LINKBANCORP, Inc. | 52 | 353 |
| &nbsp;&nbsp;&nbsp;RE/MAX Holdings, Inc. — Class A\* | 42 | 352 |
| &nbsp;&nbsp;&nbsp;Sky Harbour Group Corp.\* | 27 | 351 |
| &nbsp;&nbsp;&nbsp;Bank7 Corp. | 9 | 349 |
| &nbsp;&nbsp;&nbsp;National Bankshares, Inc. | 13 | 346 |
| &nbsp;&nbsp;&nbsp;BCB Bancorp, Inc. | 35 | 345 |
| &nbsp;&nbsp;&nbsp;Chemung Financial Corp. | 7 | 333 |

---

208 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Maui Land & Pineapple Company, Inc.\* | 18 | $| 316 |
| &nbsp;&nbsp;&nbsp;Pioneer Bancorp, Inc.\* | 27 |  | 316 |
| &nbsp;&nbsp;&nbsp;Granite Point Mortgage Trust, Inc. REIT | 119 |  | 309 |
| &nbsp;&nbsp;&nbsp;Princeton Bancorp, Inc. | 10 |  | 306 |
| &nbsp;&nbsp;&nbsp;NexPoint Diversified Real Estate Trust REIT | 78 |  | 299 |
| &nbsp;&nbsp;&nbsp;Nexpoint Real Estate Finance, Inc. REIT | 19 |  | 291 |
| &nbsp;&nbsp;&nbsp;Orion Properties, Inc. REIT | 132 |  | 282 |
| &nbsp;&nbsp;&nbsp;James River Group Holdings Ltd. | 65 |  | 273 |
| &nbsp;&nbsp;&nbsp;Peoples Bancorp of North Carolina, Inc. | 10 |  | 272 |
| &nbsp;&nbsp;&nbsp;Angel Oak Mortgage REIT, Inc. | 28 |  | 267 |
| &nbsp;&nbsp;&nbsp;Star Holdings\* | 31 |  | 264 |
| &nbsp;&nbsp;&nbsp;NI Holdings, Inc.\* | 18 |  | 257 |
| &nbsp;&nbsp;&nbsp;AlTi Global, Inc.\* | 81 |  | 246 |
| &nbsp;&nbsp;&nbsp;Kingsway Financial Services, Inc.\* | 30 |  | 238 |
| &nbsp;&nbsp;&nbsp;Stratus Properties, Inc.\* | 13 |  | 231 |
| &nbsp;&nbsp;&nbsp;Advanced Flower Capital, Inc. REIT | 40 |  | 223 |
| &nbsp;&nbsp;&nbsp;B Riley Financial, Inc.\* | 48 |  | 186 |
| &nbsp;&nbsp;&nbsp;Consumer Portfolio Services, Inc.\* | 20 |  | 173 |
| &nbsp;&nbsp;&nbsp;Paysign, Inc.\* | 78 |  | 165 |
| &nbsp;&nbsp;&nbsp;Strawberry Fields REIT, Inc. | 13 |  | 155 |
| &nbsp;&nbsp;&nbsp;Forge Global Holdings, Inc.\* | 271 |  | 152 |
| &nbsp;&nbsp;&nbsp;Sunrise Realty Trust, Inc. REIT | 13 |  | 144 |
| &nbsp;&nbsp;&nbsp;GoHealth, Inc. — Class A\* | 11 |  | 135 |
| &nbsp;&nbsp;&nbsp;SWK Holdings Corp.\* | 7 |  | 122 |
| &nbsp;&nbsp;&nbsp;Maiden Holdings Ltd.\* | 207 |  | 118 |
| &nbsp;&nbsp;&nbsp;Clipper Realty, Inc. REIT | 28 |  | 108 |
| &nbsp;&nbsp;&nbsp;Resolute Holdings Management, Inc.\* | 3 |  | 94 |
| &nbsp;&nbsp;&nbsp;Transcontinental Realty Investors, Inc.\* | 3 |  | 84 |
| &nbsp;&nbsp;&nbsp;Roadzen, Inc.\* | 41 |  | 43 |
| &nbsp;&nbsp;&nbsp;Offerpad Solutions, Inc.\* | 25 |  | 41 |
| &nbsp;&nbsp;&nbsp;American Realty Investors, Inc.\* | 3 |  | 33 |
| **Total Financial** |  |  | 1445824 |
| **Consumer, Non-cyclical - 11.4%** | **Consumer, Non-cyclical - 11.4%** | **Consumer, Non-cyclical - 11.4%** | **Consumer, Non-cyclical - 11.4%** |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.\* | 233 |  | 35565 |
| &nbsp;&nbsp;&nbsp;Insmed, Inc.\* | 399 |  | 30440 |
| &nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc.\* | 187 |  | 21359 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc.\* | 289 |  | 18441 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc.\* | 199 |  | 17586 |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. | 128 |  | 16563 |
| &nbsp;&nbsp;&nbsp;Primo Brands Corp. — Class A | 461 |  | 16361 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc.\* | 159 |  | 15518 |
| &nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc.\* | 132 |  | 13954 |
| &nbsp;&nbsp;&nbsp;Revolution Medicines, Inc.\* | 394 |  | 13932 |
| &nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals, Inc.\* | 42 |  | 13912 |
| &nbsp;&nbsp;&nbsp;Option Care Health, Inc.\* | 397 |  | 13875 |
| &nbsp;&nbsp;&nbsp;Blueprint Medicines Corp.\* | 147 |  | 13011 |
| &nbsp;&nbsp;&nbsp;TG Therapeutics, Inc.\* | 323 |  | 12736 |
| &nbsp;&nbsp;&nbsp;Stride, Inc.\* | 98 |  | 12397 |
| &nbsp;&nbsp;&nbsp;Alkermes plc\* | 372 |  | 12283 |
| &nbsp;&nbsp;&nbsp;Guardant Health, Inc.\* | 278 |  | 11843 |
| &nbsp;&nbsp;&nbsp;Bridgebio Pharma, Inc.\* | 325 |  | 11235 |
| &nbsp;&nbsp;&nbsp;Glaukos Corp.\* | 113 |  | 11121 |
| &nbsp;&nbsp;&nbsp;Vaxcyte, Inc.\* | 287 |  | 10837 |
| &nbsp;&nbsp;&nbsp;Cytokinetics, Inc.\* | 264 |  | 10610 |
| &nbsp;&nbsp;&nbsp;ADMA Biologics, Inc.\* | 531 |  | 10535 |
| &nbsp;&nbsp;&nbsp;Krystal Biotech, Inc.\* | 57 |  | 10277 |
| &nbsp;&nbsp;&nbsp;Axsome Therapeutics, Inc.\* | 86 |  | 10030 |
| &nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare, Inc.\* | 115 |  | 9887 |
| &nbsp;&nbsp;&nbsp;Integer Holdings Corp.\* | 77 |  | 9087 |
| &nbsp;&nbsp;&nbsp;PTC Therapeutics, Inc.\* | 176 |  | 8969 |
| &nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc.\* | 87 |  | 8756 |
| &nbsp;&nbsp;&nbsp;Herc Holdings, Inc. | 65 |  | 8728 |
| &nbsp;&nbsp;&nbsp;Brink's Co. | 101 |  | 8702 |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. | 95 |  | 8636 |
| &nbsp;&nbsp;&nbsp;Verra Mobility Corp.\* | 381 |  | 8576 |
| &nbsp;&nbsp;&nbsp;CBIZ, Inc.\* | 111 |  | 8420 |
| &nbsp;&nbsp;&nbsp;GEO Group, Inc.\* | 285 |  | 8325 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | 119 |  | 8072 |
| &nbsp;&nbsp;&nbsp;Lancaster Colony Corp. | 45 |  | 7875 |
| &nbsp;&nbsp;&nbsp;WD-40 Co. | 32 |  | 7808 |
| &nbsp;&nbsp;&nbsp;Avidity Biosciences, Inc.\* | 263 |  | 7764 |
| &nbsp;&nbsp;&nbsp;RadNet, Inc.\* | 153 |  | 7607 |
| &nbsp;&nbsp;&nbsp;iRhythm Technologies, Inc.\* | 72 |  | 7537 |
| &nbsp;&nbsp;&nbsp;Simply Good Foods Co.\* | 215 |  | 7415 |
| &nbsp;&nbsp;&nbsp;Insperity, Inc. | 83 |  | 7406 |
| &nbsp;&nbsp;&nbsp;Haemonetics Corp.\* | 115 |  | 7308 |
| &nbsp;&nbsp;&nbsp;Remitly Global, Inc.\* | 342 |  | 7114 |
| &nbsp;&nbsp;&nbsp;SpringWorks Therapeutics, Inc.\* | 159 |  | 7017 |
| &nbsp;&nbsp;&nbsp;Akero Therapeutics, Inc.\* | 172 |  | 6963 |
| &nbsp;&nbsp;&nbsp;ICU Medical, Inc.\* | 50 |  | 6943 |
| &nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals, Inc.\* | 207 |  | 6943 |
| &nbsp;&nbsp;&nbsp;CorVel Corp.\* | 62 |  | 6942 |
| &nbsp;&nbsp;&nbsp;StoneCo Ltd. — Class A\* | 662 |  | 6938 |
| &nbsp;&nbsp;&nbsp;ABM Industries, Inc. | 144 |  | 6820 |
| &nbsp;&nbsp;&nbsp;Rhythm Pharmaceuticals, Inc.\* | 127 |  | 6727 |
| &nbsp;&nbsp;&nbsp;Graham Holdings Co. — Class B | 7 |  | 6726 |
| &nbsp;&nbsp;&nbsp;Arcellx, Inc.\* | 102 |  | 6691 |
| &nbsp;&nbsp;&nbsp;Protagonist Therapeutics, Inc.\* | 138 |  | 6674 |
| &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals, Inc.\* | 264 |  | 6402 |
| &nbsp;&nbsp;&nbsp;Laureate Education, Inc. — Class A\* | 307 |  | 6278 |
| &nbsp;&nbsp;&nbsp;Oscar Health, Inc. — Class A\* | 473 |  | 6201 |
| &nbsp;&nbsp;&nbsp;Alarm.com Holdings, Inc.\* | 110 |  | 6121 |
| &nbsp;&nbsp;&nbsp;PROCEPT BioRobotics Corp.\* | 103 |  | 6001 |
| &nbsp;&nbsp;&nbsp;Scholar Rock Holding Corp.\* | 186 |  | 5980 |
| &nbsp;&nbsp;&nbsp;TriNet Group, Inc. | 75 |  | 5943 |
| &nbsp;&nbsp;&nbsp;Huron Consulting Group, Inc.\* | 41 |  | 5881 |
| &nbsp;&nbsp;&nbsp;Nuvalent, Inc. — Class A\* | 82 |  | 5815 |
| &nbsp;&nbsp;&nbsp;Alight, Inc. — Class A | 971 |  | 5758 |
| &nbsp;&nbsp;&nbsp;Patterson Companies, Inc. | 182 |  | 5686 |
| &nbsp;&nbsp;&nbsp;Concentra Group Holdings Parent, Inc. | 259 |  | 5620 |
| &nbsp;&nbsp;&nbsp;Amicus Therapeutics, Inc.\* | 679 |  | 5541 |
| &nbsp;&nbsp;&nbsp;EVERTEC, Inc. | 147 |  | 5405 |
| &nbsp;&nbsp;&nbsp;Twist Bioscience Corp.\* | 137 |  | 5379 |
| &nbsp;&nbsp;&nbsp;Veracyte, Inc.\* | 181 |  | 5367 |
| &nbsp;&nbsp;&nbsp;CoreCivic, Inc.\* | 257 |  | 5215 |
| &nbsp;&nbsp;&nbsp;Vericel Corp.\* | 115 |  | 5131 |
| &nbsp;&nbsp;&nbsp;LivaNova plc\* | 129 |  | 5067 |
| &nbsp;&nbsp;&nbsp;TransMedics Group, Inc.\* | 74 |  | 4979 |
| &nbsp;&nbsp;&nbsp;Inter Parfums, Inc. | 43 |  | 4896 |
| &nbsp;&nbsp;&nbsp;Biohaven Ltd.\* | 202 |  | 4856 |
| &nbsp;&nbsp;&nbsp;J & J Snack Foods Corp. | 36 |  | 4742 |
| &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals, Inc.\* | 282 |  | 4684 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 209

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Payoneer Global, Inc.\* | 627 | $4583 |
| &nbsp;&nbsp;&nbsp;Chefs' Warehouse, Inc.\* | 83 | 4520 |
| &nbsp;&nbsp;&nbsp;Novocure Ltd.\* | 251 | 4473 |
| &nbsp;&nbsp;&nbsp;Tarsus Pharmaceuticals, Inc.\* | 87 | 4469 |
| &nbsp;&nbsp;&nbsp;Marqeta, Inc. — Class A\* | 1080 | 4450 |
| &nbsp;&nbsp;&nbsp;CONMED Corp. | 73 | 4408 |
| &nbsp;&nbsp;&nbsp;Neogen Corp.\* | 505 | 4378 |
| &nbsp;&nbsp;&nbsp;Strategic Education, Inc. | 52 | 4366 |
| &nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals, Inc. — Class B\* | 41 | 4311 |
| &nbsp;&nbsp;&nbsp;Surgery Partners, Inc.\* | 181 | 4299 |
| &nbsp;&nbsp;&nbsp;Select Medical Holdings Corp. | 255 | 4259 |
| &nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals, Inc.\* | 94 | 4235 |
| &nbsp;&nbsp;&nbsp;Soleno Therapeutics, Inc.\* | 59 | 4216 |
| &nbsp;&nbsp;&nbsp;Beam Therapeutics, Inc.\* | 215 | 4199 |
| &nbsp;&nbsp;&nbsp;Summit Therapeutics, Inc.\* | 213 | 4109 |
| &nbsp;&nbsp;&nbsp;John Wiley & Sons, Inc. — Class A | 91 | 4055 |
| &nbsp;&nbsp;&nbsp;Addus HomeCare Corp.\* | 41 | 4054 |
| &nbsp;&nbsp;&nbsp;Dynavax Technologies Corp.\* | 311 | 4034 |
| &nbsp;&nbsp;&nbsp;LeMaitre Vascular, Inc. | 48 | 4027 |
| &nbsp;&nbsp;&nbsp;Denali Therapeutics, Inc.\* | 293 | 3983 |
| &nbsp;&nbsp;&nbsp;Arcutis Biotherapeutics, Inc.\* | 252 | 3941 |
| &nbsp;&nbsp;&nbsp;Agios Pharmaceuticals, Inc.\* | 133 | 3897 |
| &nbsp;&nbsp;&nbsp;LiveRamp Holdings, Inc.\* | 149 | 3895 |
| &nbsp;&nbsp;&nbsp;Perdoceo Education Corp. | 154 | 3878 |
| &nbsp;&nbsp;&nbsp;Progyny, Inc.\* | 173 | 3865 |
| &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals, Inc.\* | 118 | 3865 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co. — Class A\* | 118 | 3862 |
| &nbsp;&nbsp;&nbsp;United Natural Foods, Inc.\* | 139 | 3807 |
| &nbsp;&nbsp;&nbsp;Omnicell, Inc.\* | 108 | 3776 |
| &nbsp;&nbsp;&nbsp;Edgewise Therapeutics, Inc.\* | 171 | 3762 |
| &nbsp;&nbsp;&nbsp;ICF International, Inc. | 44 | 3739 |
| &nbsp;&nbsp;&nbsp;AtriCure, Inc.\* | 112 | 3613 |
| &nbsp;&nbsp;&nbsp;BioCryst Pharmaceuticals, Inc.\* | 478 | 3585 |
| &nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals, Inc.\* | 281 | 3580 |
| &nbsp;&nbsp;&nbsp;Integra LifeSciences Holdings Corp.\* | 159 | 3496 |
| &nbsp;&nbsp;&nbsp;Travere Therapeutics, Inc.\* | 195 | 3494 |
| &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co. | 111 | 3464 |
| &nbsp;&nbsp;&nbsp;Andersons, Inc. | 77 | 3306 |
| &nbsp;&nbsp;&nbsp;Apogee Therapeutics, Inc.\* | 88 | 3288 |
| &nbsp;&nbsp;&nbsp;UFP Technologies, Inc.\* | 16 | 3227 |
| &nbsp;&nbsp;&nbsp;Teladoc Health, Inc.\* | 404 | 3216 |
| &nbsp;&nbsp;&nbsp;Universal Corp. | 57 | 3195 |
| &nbsp;&nbsp;&nbsp;Astrana Health, Inc.\* | 102 | 3163 |
| &nbsp;&nbsp;&nbsp;Ideaya Biosciences, Inc.\* | 192 | 3145 |
| &nbsp;&nbsp;&nbsp;Recursion Pharmaceuticals, Inc. — Class A\*<sup>,1</sup> | 587 | 3105 |
| &nbsp;&nbsp;&nbsp;MannKind Corp.\* | 617 | 3104 |
| &nbsp;&nbsp;&nbsp;agilon health, Inc.\* | 714 | 3092 |
| &nbsp;&nbsp;&nbsp;WK Kellogg Co. | 155 | 3089 |
| &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals, Inc.\* | 368 | 3084 |
| &nbsp;&nbsp;&nbsp;CG oncology, Inc.\* | 125 | 3061 |
| &nbsp;&nbsp;&nbsp;Upbound Group, Inc. | 126 | 3019 |
| &nbsp;&nbsp;&nbsp;TreeHouse Foods, Inc.\* | 111 | 3007 |
| &nbsp;&nbsp;&nbsp;Weis Markets, Inc. | 39 | 3005 |
| &nbsp;&nbsp;&nbsp;Kymera Therapeutics, Inc.\* | 109 | 2983 |
| &nbsp;&nbsp;&nbsp;Tandem Diabetes Care, Inc.\* | 155 | 2970 |
| &nbsp;&nbsp;&nbsp;ANI Pharmaceuticals, Inc.\* | 44 | 2946 |
| &nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings, Inc.\* | 88 | 2921 |
| &nbsp;&nbsp;&nbsp;Helen of Troy Ltd.\* | 54 | 2888 |
| &nbsp;&nbsp;&nbsp;NeoGenomics, Inc.\* | 301 | 2856 |
| &nbsp;&nbsp;&nbsp;Vita Coco Company, Inc.\* | 93 | 2850 |
| &nbsp;&nbsp;&nbsp;Pediatrix Medical Group, Inc.\* | 195 | 2826 |
| &nbsp;&nbsp;&nbsp;Universal Technical Institute, Inc.\* | 108 | 2773 |
| &nbsp;&nbsp;&nbsp;Brookdale Senior Living, Inc. — Class A\* | 443 | 2773 |
| &nbsp;&nbsp;&nbsp;Celldex Therapeutics, Inc.\* | 152 | 2759 |
| &nbsp;&nbsp;&nbsp;Flywire Corp.\* | 285 | 2708 |
| &nbsp;&nbsp;&nbsp;Inmode Ltd.\* | 152 | 2696 |
| &nbsp;&nbsp;&nbsp;National Healthcare Corp. | 29 | 2691 |
| &nbsp;&nbsp;&nbsp;Ocular Therapeutix, Inc.\* | 367 | 2690 |
| &nbsp;&nbsp;&nbsp;Pacira BioSciences, Inc.\* | 108 | 2684 |
| &nbsp;&nbsp;&nbsp;Ardelyx, Inc.\* | 546 | 2681 |
| &nbsp;&nbsp;&nbsp;Amphastar Pharmaceuticals, Inc.\* | 91 | 2638 |
| &nbsp;&nbsp;&nbsp;Disc Medicine, Inc.\* | 53 | 2631 |
| &nbsp;&nbsp;&nbsp;AdaptHealth Corp.\* | 240 | 2602 |
| &nbsp;&nbsp;&nbsp;CRA International, Inc. | 15 | 2598 |
| &nbsp;&nbsp;&nbsp;Dole plc | 177 | 2558 |
| &nbsp;&nbsp;&nbsp;PROG Holdings, Inc. | 96 | 2554 |
| &nbsp;&nbsp;&nbsp;Aurinia Pharmaceuticals, Inc.\* | 316 | 2541 |
| &nbsp;&nbsp;&nbsp;US Physical Therapy, Inc. | 35 | 2533 |
| &nbsp;&nbsp;&nbsp;Vera Therapeutics, Inc.\* | 105 | 2522 |
| &nbsp;&nbsp;&nbsp;Legalzoom.com, Inc.\* | 292 | 2514 |
| &nbsp;&nbsp;&nbsp;Barrett Business Services, Inc. | 60 | 2469 |
| &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce, Inc. | 80 | 2466 |
| &nbsp;&nbsp;&nbsp;Alphatec Holdings, Inc.\* | 241 | 2444 |
| &nbsp;&nbsp;&nbsp;Driven Brands Holdings, Inc.\* | 141 | 2417 |
| &nbsp;&nbsp;&nbsp;GeneDx Holdings Corp.\* | 27 | 2391 |
| &nbsp;&nbsp;&nbsp;Syndax Pharmaceuticals, Inc.\* | 194 | 2383 |
| &nbsp;&nbsp;&nbsp;Turning Point Brands, Inc. | 40 | 2377 |
| &nbsp;&nbsp;&nbsp;Innoviva, Inc.\* | 130 | 2357 |
| &nbsp;&nbsp;&nbsp;Vital Farms, Inc.\* | 77 | 2346 |
| &nbsp;&nbsp;&nbsp;Immunovant, Inc.\* | 137 | 2341 |
| &nbsp;&nbsp;&nbsp;Viridian Therapeutics, Inc.\* | 173 | 2332 |
| &nbsp;&nbsp;&nbsp;Artivion, Inc.\* | 94 | 2311 |
| &nbsp;&nbsp;&nbsp;BrightSpring Health Services, Inc.\* | 127 | 2297 |
| &nbsp;&nbsp;&nbsp;Novavax, Inc.\* | 357 | 2288 |
| &nbsp;&nbsp;&nbsp;National Beverage Corp. | 55 | 2285 |
| &nbsp;&nbsp;&nbsp;Collegium Pharmaceutical, Inc.\* | 76 | 2269 |
| &nbsp;&nbsp;&nbsp;Ingles Markets, Inc. — Class A | 34 | 2214 |
| &nbsp;&nbsp;&nbsp;AMN Healthcare Services, Inc.\* | 89 | 2177 |
| &nbsp;&nbsp;&nbsp;Utz Brands, Inc. | 154 | 2168 |
| &nbsp;&nbsp;&nbsp;Liquidia Corp.\* | 147 | 2168 |
| &nbsp;&nbsp;&nbsp;Coursera, Inc.\* | 324 | 2158 |
| &nbsp;&nbsp;&nbsp;Geron Corp.\* | 1348 | 2143 |
| &nbsp;&nbsp;&nbsp;Arlo Technologies, Inc.\* | 217 | 2142 |
| &nbsp;&nbsp;&nbsp;MiMedx Group, Inc.\* | 280 | 2128 |
| &nbsp;&nbsp;&nbsp;Iovance Biotherapeutics, Inc.\* | 635 | 2115 |
| &nbsp;&nbsp;&nbsp;CareDx, Inc.\* | 119 | 2112 |
| &nbsp;&nbsp;&nbsp;Kforce, Inc. | 43 | 2102 |
| &nbsp;&nbsp;&nbsp;RxSight, Inc.\* | 82 | 2071 |
| &nbsp;&nbsp;&nbsp;Nurix Therapeutics, Inc.\* | 174 | 2067 |
| &nbsp;&nbsp;&nbsp;STAAR Surgical Co.\* | 117 | 2063 |
| &nbsp;&nbsp;&nbsp;Herbalife Ltd.\* | 238 | 2054 |

---

210 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;LifeStance Health Group, Inc.\* | 305 | $2031 |
| &nbsp;&nbsp;&nbsp;Adaptive Biotechnologies Corp.\* | 273 | 2028 |
| &nbsp;&nbsp;&nbsp;Heidrick & Struggles International, Inc. | 47 | 2013 |
| &nbsp;&nbsp;&nbsp;First Advantage Corp.\*<sup>,1</sup> | 141 | 1987 |
| &nbsp;&nbsp;&nbsp;Dyne Therapeutics, Inc.\* | 187 | 1956 |
| &nbsp;&nbsp;&nbsp;Kiniksa Pharmaceuticals International plc\* | 87 | 1932 |
| &nbsp;&nbsp;&nbsp;BioLife Solutions, Inc.\* | 84 | 1919 |
| &nbsp;&nbsp;&nbsp;Harrow, Inc.\* | 72 | 1915 |
| &nbsp;&nbsp;&nbsp;Pennant Group, Inc.\* | 75 | 1886 |
| &nbsp;&nbsp;&nbsp;89bio, Inc.\* | 259 | 1883 |
| &nbsp;&nbsp;&nbsp;Quanex Building Products Corp. | 101 | 1878 |
| &nbsp;&nbsp;&nbsp;Myriad Genetics, Inc.\* | 211 | 1872 |
| &nbsp;&nbsp;&nbsp;Axogen, Inc.\* | 100 | 1850 |
| &nbsp;&nbsp;&nbsp;Cimpress plc\* | 40 | 1809 |
| &nbsp;&nbsp;&nbsp;WaVe Life Sciences Ltd.\* | 223 | 1802 |
| &nbsp;&nbsp;&nbsp;Janux Therapeutics, Inc.\* | 66 | 1782 |
| &nbsp;&nbsp;&nbsp;Xeris Biopharma Holdings, Inc.\* | 324 | 1779 |
| &nbsp;&nbsp;&nbsp;BrightView Holdings, Inc.\* | 137 | 1759 |
| &nbsp;&nbsp;&nbsp;Hackett Group, Inc. | 60 | 1753 |
| &nbsp;&nbsp;&nbsp;Mister Car Wash, Inc.\* | 222 | 1752 |
| &nbsp;&nbsp;&nbsp;Embecta Corp. | 137 | 1747 |
| &nbsp;&nbsp;&nbsp;Healthcare Services Group, Inc.\* | 173 | 1744 |
| &nbsp;&nbsp;&nbsp;Moneylion, Inc.\* | 20 | 1730 |
| &nbsp;&nbsp;&nbsp;Avadel Pharmaceuticals plc\* | 218 | 1707 |
| &nbsp;&nbsp;&nbsp;Intellia Therapeutics, Inc.\* | 235 | 1671 |
| &nbsp;&nbsp;&nbsp;Udemy, Inc.\* | 215 | 1668 |
| &nbsp;&nbsp;&nbsp;Xencor, Inc.\* | 156 | 1660 |
| &nbsp;&nbsp;&nbsp;Deluxe Corp. | 104 | 1644 |
| &nbsp;&nbsp;&nbsp;Enliven Therapeutics, Inc.\* | 83 | 1633 |
| &nbsp;&nbsp;&nbsp;SpartanNash Co. | 80 | 1621 |
| &nbsp;&nbsp;&nbsp;Owens & Minor, Inc.\* | 178 | 1607 |
| &nbsp;&nbsp;&nbsp;Evolus, Inc.\* | 130 | 1564 |
| &nbsp;&nbsp;&nbsp;Transcat, Inc.\* | 21 | 1563 |
| &nbsp;&nbsp;&nbsp;Matthews International Corp. — Class A | 70 | 1557 |
| &nbsp;&nbsp;&nbsp;Praxis Precision Medicines, Inc.\* | 41 | 1553 |
| &nbsp;&nbsp;&nbsp;Replimune Group, Inc.\* | 159 | 1550 |
| &nbsp;&nbsp;&nbsp;Zymeworks, Inc.\* | 129 | 1536 |
| &nbsp;&nbsp;&nbsp;Avanos Medical, Inc.\* | 107 | 1533 |
| &nbsp;&nbsp;&nbsp;Anavex Life Sciences Corp.\*<sup>,1</sup> | 176 | 1510 |
| &nbsp;&nbsp;&nbsp;John B Sanfilippo & Son, Inc. | 21 | 1488 |
| &nbsp;&nbsp;&nbsp;ARS Pharmaceuticals, Inc.\* | 116 | 1459 |
| &nbsp;&nbsp;&nbsp;Paragon 28, Inc.\* | 111 | 1450 |
| &nbsp;&nbsp;&nbsp;Cass Information Systems, Inc. | 32 | 1384 |
| &nbsp;&nbsp;&nbsp;Vir Biotechnology, Inc.\* | 211 | 1367 |
| &nbsp;&nbsp;&nbsp;SI-BONE, Inc.\* | 97 | 1361 |
| &nbsp;&nbsp;&nbsp;Spyre Therapeutics, Inc.\* | 82 | 1323 |
| &nbsp;&nbsp;&nbsp;Orthofix Medical, Inc.\* | 81 | 1321 |
| &nbsp;&nbsp;&nbsp;Cogent Biosciences, Inc.\* | 216 | 1294 |
| &nbsp;&nbsp;&nbsp;B&G Foods, Inc.<sup>1</sup> | 183 | 1257 |
| &nbsp;&nbsp;&nbsp;Carriage Services, Inc. — Class A | 32 | 1240 |
| &nbsp;&nbsp;&nbsp;Prothena Corporation plc\* | 100 | 1238 |
| &nbsp;&nbsp;&nbsp;OPKO Health, Inc.\* | 738 | 1225 |
| &nbsp;&nbsp;&nbsp;Willdan Group, Inc.\* | 30 | 1222 |
| &nbsp;&nbsp;&nbsp;Castle Biosciences, Inc.\* | 61 | 1221 |
| &nbsp;&nbsp;&nbsp;ArriVent Biopharma, Inc.\* | 66 | 1220 |
| &nbsp;&nbsp;&nbsp;Ennis, Inc. | 60 | 1205 |
| &nbsp;&nbsp;&nbsp;Accolade, Inc.\* | 172 | 1201 |
| &nbsp;&nbsp;&nbsp;Paysafe Ltd.\* | 76 | 1192 |
| &nbsp;&nbsp;&nbsp;Arbutus Biopharma Corp.\* | 340 | 1187 |
| &nbsp;&nbsp;&nbsp;Hertz Global Holdings, Inc.\*<sup>,1</sup> | 289 | 1139 |
| &nbsp;&nbsp;&nbsp;Repay Holdings Corp.\* | 204 | 1136 |
| &nbsp;&nbsp;&nbsp;Cross Country Healthcare, Inc.\* | 76 | 1132 |
| &nbsp;&nbsp;&nbsp;Kura Oncology, Inc.\* | 171 | 1129 |
| &nbsp;&nbsp;&nbsp;Immunome, Inc.\* | 164 | 1104 |
| &nbsp;&nbsp;&nbsp;Cytek Biosciences, Inc.\* | 275 | 1103 |
| &nbsp;&nbsp;&nbsp;Omeros Corp.\* | 132 | 1085 |
| &nbsp;&nbsp;&nbsp;Green Dot Corp. — Class A\* | 127 | 1072 |
| &nbsp;&nbsp;&nbsp;Mission Produce, Inc.\* | 102 | 1069 |
| &nbsp;&nbsp;&nbsp;Mineralys Therapeutics, Inc.\* | 67 | 1064 |
| &nbsp;&nbsp;&nbsp;KalVista Pharmaceuticals, Inc.\* | 92 | 1062 |
| &nbsp;&nbsp;&nbsp;Arvinas, Inc.\* | 151 | 1060 |
| &nbsp;&nbsp;&nbsp;Varex Imaging Corp.\* | 91 | 1056 |
| &nbsp;&nbsp;&nbsp;Sezzle, Inc.\* | 30 | 1047 |
| &nbsp;&nbsp;&nbsp;Rocket Pharmaceuticals, Inc.\* | 155 | 1034 |
| &nbsp;&nbsp;&nbsp;Enhabit, Inc.\* | 117 | 1028 |
| &nbsp;&nbsp;&nbsp;ImmunityBio, Inc.\* | 341 | 1026 |
| &nbsp;&nbsp;&nbsp;Sage Therapeutics, Inc.\* | 129 | 1026 |
| &nbsp;&nbsp;&nbsp;Phibro Animal Health Corp. — Class A | 48 | 1025 |
| &nbsp;&nbsp;&nbsp;PACS Group, Inc.\* | 91 | 1023 |
| &nbsp;&nbsp;&nbsp;Dianthus Therapeutics, Inc.\* | 56 | 1016 |
| &nbsp;&nbsp;&nbsp;SunOpta, Inc.\* | 209 | 1016 |
| &nbsp;&nbsp;&nbsp;Monro, Inc. | 70 | 1013 |
| &nbsp;&nbsp;&nbsp;Arcus Biosciences, Inc.\* | 128 | 1005 |
| &nbsp;&nbsp;&nbsp;iRadimed Corp. | 19 | 997 |
| &nbsp;&nbsp;&nbsp;ZipRecruiter, Inc. — Class A\* | 169 | 995 |
| &nbsp;&nbsp;&nbsp;Krispy Kreme, Inc. | 202 | 994 |
| &nbsp;&nbsp;&nbsp;Lincoln Educational Services Corp.\* | 62 | 984 |
| &nbsp;&nbsp;&nbsp;Metsera, Inc.\* | 36 | 980 |
| &nbsp;&nbsp;&nbsp;Seneca Foods Corp. — Class A\* | 11 | 980 |
| &nbsp;&nbsp;&nbsp;Surmodics, Inc.\* | 32 | 977 |
| &nbsp;&nbsp;&nbsp;MGP Ingredients, Inc. | 33 | 969 |
| &nbsp;&nbsp;&nbsp;Day One Biopharmaceuticals, Inc.\* | 122 | 967 |
| &nbsp;&nbsp;&nbsp;Treace Medical Concepts, Inc.\* | 115 | 965 |
| &nbsp;&nbsp;&nbsp;Kelly Services, Inc. — Class A | 73 | 961 |
| &nbsp;&nbsp;&nbsp;OrthoPediatrics Corp.\* | 39 | 961 |
| &nbsp;&nbsp;&nbsp;Akebia Therapeutics, Inc.\* | 490 | 941 |
| &nbsp;&nbsp;&nbsp;Calavo Growers, Inc. | 39 | 936 |
| &nbsp;&nbsp;&nbsp;Cullinan Therapeutics, Inc.\* | 122 | 924 |
| &nbsp;&nbsp;&nbsp;UroGen Pharma Ltd.\* | 80 | 885 |
| &nbsp;&nbsp;&nbsp;Natural Grocers by Vitamin Cottage, Inc. | 22 | 884 |
| &nbsp;&nbsp;&nbsp;Honest Company, Inc.\* | 188 | 884 |
| &nbsp;&nbsp;&nbsp;ACCO Brands Corp. | 210 | 880 |
| &nbsp;&nbsp;&nbsp;Hain Celestial Group, Inc.\* | 211 | 876 |
| &nbsp;&nbsp;&nbsp;CorMedix, Inc.\* | 140 | 862 |
| &nbsp;&nbsp;&nbsp;Trevi Therapeutics, Inc.\* | 136 | 855 |
| &nbsp;&nbsp;&nbsp;AngioDynamics, Inc.\* | 91 | 855 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co.\* | 23 | 843 |
| &nbsp;&nbsp;&nbsp;Mind Medicine MindMed, Inc.\* | 143 | 837 |
| &nbsp;&nbsp;&nbsp;Altimmune, Inc.\* | 167 | 835 |
| &nbsp;&nbsp;&nbsp;Fulgent Genetics, Inc.\* | 49 | 828 |
| &nbsp;&nbsp;&nbsp;American Public Education, Inc.\* | 37 | 826 |
| &nbsp;&nbsp;&nbsp;Tourmaline Bio, Inc.\* | 54 | 821 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 211

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Bioventus, Inc. — Class A\* | 89 | $814 |
| &nbsp;&nbsp;&nbsp;ORIC Pharmaceuticals, Inc.\* | 145 | 809 |
| &nbsp;&nbsp;&nbsp;Niagen Bioscience, Inc.\* | 117 | 807 |
| &nbsp;&nbsp;&nbsp;Community Health Systems, Inc.\* | 296 | 799 |
| &nbsp;&nbsp;&nbsp;Village Super Market, Inc. — Class A | 21 | 798 |
| &nbsp;&nbsp;&nbsp;REGENXBIO, Inc.\* | 109 | 779 |
| &nbsp;&nbsp;&nbsp;Theravance Biopharma, Inc.\* | 87 | 777 |
| &nbsp;&nbsp;&nbsp;Tejon Ranch Co.\* | 49 | 777 |
| &nbsp;&nbsp;&nbsp;LENZ Therapeutics, Inc.\* | 30 | 771 |
| &nbsp;&nbsp;&nbsp;KinderCare Learning Companies, Inc.\* | 66 | 765 |
| &nbsp;&nbsp;&nbsp;Verve Therapeutics, Inc.\* | 167 | 763 |
| &nbsp;&nbsp;&nbsp;Ardent Health Partners, Inc.\* | 55 | 756 |
| &nbsp;&nbsp;&nbsp;Pacific Biosciences of California, Inc.\*<sup>,1</sup> | 633 | 747 |
| &nbsp;&nbsp;&nbsp;Tactile Systems Technology, Inc.\* | 56 | 740 |
| &nbsp;&nbsp;&nbsp;Rigel Pharmaceuticals, Inc.\* | 41 | 738 |
| &nbsp;&nbsp;&nbsp;Nuvation Bio, Inc.\* | 419 | 737 |
| &nbsp;&nbsp;&nbsp;USANA Health Sciences, Inc.\* | 27 | 728 |
| &nbsp;&nbsp;&nbsp;AnaptysBio, Inc.\* | 39 | 725 |
| &nbsp;&nbsp;&nbsp;Franklin Covey Co.\* | 26 | 718 |
| &nbsp;&nbsp;&nbsp;Zimvie, Inc.\* | 65 | 702 |
| &nbsp;&nbsp;&nbsp;Distribution Solutions Group, Inc.\* | 25 | 700 |
| &nbsp;&nbsp;&nbsp;Savara, Inc.\* | 251 | 695 |
| &nbsp;&nbsp;&nbsp;Pulse Biosciences, Inc.\* | 43 | 692 |
| &nbsp;&nbsp;&nbsp;Limoneira Co. | 39 | 691 |
| &nbsp;&nbsp;&nbsp;Zevra Therapeutics, Inc.\* | 92 | 689 |
| &nbsp;&nbsp;&nbsp;Keros Therapeutics, Inc.\* | 67 | 683 |
| &nbsp;&nbsp;&nbsp;Organogenesis Holdings, Inc.\* | 158 | 683 |
| &nbsp;&nbsp;&nbsp;MaxCyte, Inc.\* | 247 | 674 |
| &nbsp;&nbsp;&nbsp;Aldeyra Therapeutics, Inc.\* | 117 | 673 |
| &nbsp;&nbsp;&nbsp;Aveanna Healthcare Holdings, Inc.\* | 123 | 667 |
| &nbsp;&nbsp;&nbsp;Nano-X Imaging Ltd.\*<sup>,1</sup> | 129 | 644 |
| &nbsp;&nbsp;&nbsp;Aura Biosciences, Inc.\* | 109 | 639 |
| &nbsp;&nbsp;&nbsp;DocGo, Inc.\* | 240 | 634 |
| &nbsp;&nbsp;&nbsp;Esperion Therapeutics, Inc.\*<sup>,1</sup> | 437 | 629 |
| &nbsp;&nbsp;&nbsp;EyePoint Pharmaceuticals, Inc.\* | 114 | 618 |
| &nbsp;&nbsp;&nbsp;Vanda Pharmaceuticals, Inc.\* | 134 | 615 |
| &nbsp;&nbsp;&nbsp;Heron Therapeutics, Inc.\*<sup>,1</sup> | 277 | 609 |
| &nbsp;&nbsp;&nbsp;Capricor Therapeutics, Inc.\* | 64 | 607 |
| &nbsp;&nbsp;&nbsp;Bicara Therapeutics, Inc.\* | 46 | 599 |
| &nbsp;&nbsp;&nbsp;Pulmonx Corp.\* | 89 | 599 |
| &nbsp;&nbsp;&nbsp;SIGA Technologies, Inc.\* | 109 | 597 |
| &nbsp;&nbsp;&nbsp;Viemed Healthcare, Inc.\* | 81 | 590 |
| &nbsp;&nbsp;&nbsp;Cerus Corp.\* | 417 | 580 |
| &nbsp;&nbsp;&nbsp;Nathan's Famous, Inc. | 6 | 578 |
| &nbsp;&nbsp;&nbsp;Westrock Coffee Co.\* | 80 | 578 |
| &nbsp;&nbsp;&nbsp;Celcuity, Inc.\* | 57 | 576 |
| &nbsp;&nbsp;&nbsp;Maravai LifeSciences Holdings, Inc. — Class A\* | 260 | 575 |
| &nbsp;&nbsp;&nbsp;OraSure Technologies, Inc.\* | 170 | 573 |
| &nbsp;&nbsp;&nbsp;Arcturus Therapeutics Holdings, Inc.\* | 54 | 572 |
| &nbsp;&nbsp;&nbsp;2seventy bio, Inc.\* | 115 | 568 |
| &nbsp;&nbsp;&nbsp;Stoke Therapeutics, Inc.\* | 85 | 565 |
| &nbsp;&nbsp;&nbsp;Astria Therapeutics, Inc.\* | 105 | 561 |
| &nbsp;&nbsp;&nbsp;Relay Therapeutics, Inc.\* | 213 | 558 |
| &nbsp;&nbsp;&nbsp;Quanterix Corp.\* | 85 | 553 |
| &nbsp;&nbsp;&nbsp;MeiraGTx Holdings plc\* | 81 | 549 |
| &nbsp;&nbsp;&nbsp;Atea Pharmaceuticals, Inc.\* | 182 | 544 |
| &nbsp;&nbsp;&nbsp;Ceribell, Inc.\* | 28 | 538 |
| &nbsp;&nbsp;&nbsp;Erasca, Inc.\* | 391 | 536 |
| &nbsp;&nbsp;&nbsp;Entrada Therapeutics, Inc.\*<sup>,1</sup> | 58 | 524 |
| &nbsp;&nbsp;&nbsp;Sana Biotechnology, Inc.\* | 312 | 524 |
| &nbsp;&nbsp;&nbsp;Taysha Gene Therapies, Inc.\* | 377 | 524 |
| &nbsp;&nbsp;&nbsp;OmniAb, Inc.\* | 218 | 523 |
| &nbsp;&nbsp;&nbsp;CompoSecure, Inc. — Class A | 48 | 522 |
| &nbsp;&nbsp;&nbsp;Target Hospitality Corp.\* | 78 | 513 |
| &nbsp;&nbsp;&nbsp;Mama's Creations, Inc.\* | 78 | 508 |
| &nbsp;&nbsp;&nbsp;Aquestive Therapeutics, Inc.\* | 175 | 508 |
| &nbsp;&nbsp;&nbsp;Alico, Inc. | 17 | 507 |
| &nbsp;&nbsp;&nbsp;Nevro Corp.\* | 86 | 502 |
| &nbsp;&nbsp;&nbsp;Performant Healthcare, Inc.\* | 167 | 494 |
| &nbsp;&nbsp;&nbsp;Custom Truck One Source, Inc.\* | 117 | 494 |
| &nbsp;&nbsp;&nbsp;Resources Connection, Inc. | 75 | 491 |
| &nbsp;&nbsp;&nbsp;Avita Medical, Inc.\* | 60 | 488 |
| &nbsp;&nbsp;&nbsp;Ironwood Pharmaceuticals, Inc. — Class A\* | 327 | 481 |
| &nbsp;&nbsp;&nbsp;Absci Corp.\* | 188 | 472 |
| &nbsp;&nbsp;&nbsp;Anika Therapeutics, Inc.\* | 31 | 466 |
| &nbsp;&nbsp;&nbsp;HF Foods Group, Inc.\* | 95 | 466 |
| &nbsp;&nbsp;&nbsp;National Research Corp. — Class A | 36 | 461 |
| &nbsp;&nbsp;&nbsp;Compass Therapeutics, Inc.\* | 240 | 456 |
| &nbsp;&nbsp;&nbsp;Utah Medical Products, Inc. | 8 | 448 |
| &nbsp;&nbsp;&nbsp;Tyra Biosciences, Inc.\* | 48 | 446 |
| &nbsp;&nbsp;&nbsp;Phathom Pharmaceuticals, Inc.\* | 69 | 433 |
| &nbsp;&nbsp;&nbsp;Beyond Meat, Inc.\*<sup>,1</sup> | 141 | 430 |
| &nbsp;&nbsp;&nbsp;Spire Global, Inc.\* | 53 | 429 |
| &nbsp;&nbsp;&nbsp;Guardian Pharmacy Services, Inc. — Class A\* | 20 | 425 |
| &nbsp;&nbsp;&nbsp;ACELYRIN, Inc.\* | 172 | 425 |
| &nbsp;&nbsp;&nbsp;Olaplex Holdings, Inc.\* | 327 | 415 |
| &nbsp;&nbsp;&nbsp;Verastem, Inc.\* | 68 | 410 |
| &nbsp;&nbsp;&nbsp;Accuray, Inc.\* | 229 | 410 |
| &nbsp;&nbsp;&nbsp;Allogene Therapeutics, Inc.\* | 278 | 406 |
| &nbsp;&nbsp;&nbsp;NeuroPace, Inc.\* | 33 | 406 |
| &nbsp;&nbsp;&nbsp;Inogen, Inc.\* | 56 | 399 |
| &nbsp;&nbsp;&nbsp;Semler Scientific, Inc.\* | 11 | 398 |
| &nbsp;&nbsp;&nbsp;Quad/Graphics, Inc. | 73 | 398 |
| &nbsp;&nbsp;&nbsp;SoundThinking, Inc.\* | 23 | 390 |
| &nbsp;&nbsp;&nbsp;Precigen, Inc.\* | 260 | 387 |
| &nbsp;&nbsp;&nbsp;Y-mAbs Therapeutics, Inc.\* | 87 | 385 |
| &nbsp;&nbsp;&nbsp;Annexon, Inc.\* | 199 | 384 |
| &nbsp;&nbsp;&nbsp;Monte Rosa Therapeutics, Inc.\* | 82 | 380 |
| &nbsp;&nbsp;&nbsp;Beta Bionics, Inc.\* | 31 | 379 |
| &nbsp;&nbsp;&nbsp;CVRx, Inc.\* | 31 | 379 |
| &nbsp;&nbsp;&nbsp;XOMA Royalty Corp.\* | 19 | 379 |
| &nbsp;&nbsp;&nbsp;Inhibrx Biosciences, Inc.\* | 27 | 378 |
| &nbsp;&nbsp;&nbsp;Nature's Sunshine Products, Inc.\* | 30 | 376 |
| &nbsp;&nbsp;&nbsp;iTeos Therapeutics, Inc.\* | 63 | 376 |
| &nbsp;&nbsp;&nbsp;Blade Air Mobility, Inc.\* | 137 | 374 |
| &nbsp;&nbsp;&nbsp;Lifecore Biomedical, Inc.\* | 53 | 373 |
| &nbsp;&nbsp;&nbsp;TrueBlue, Inc.\* | 69 | 366 |
| &nbsp;&nbsp;&nbsp;Voyager Therapeutics, Inc.\* | 108 | 365 |
| &nbsp;&nbsp;&nbsp;Fulcrum Therapeutics, Inc.\* | 125 | 360 |

---

212 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Ocugen, Inc.\* | 509 | $360 |
| &nbsp;&nbsp;&nbsp;Humacyte, Inc.\* | 207 | 353 |
| &nbsp;&nbsp;&nbsp;Olema Pharmaceuticals, Inc.\* | 93 | 350 |
| &nbsp;&nbsp;&nbsp;Terns Pharmaceuticals, Inc.\* | 123 | 339 |
| &nbsp;&nbsp;&nbsp;Medifast, Inc.\* | 25 | 337 |
| &nbsp;&nbsp;&nbsp;4D Molecular Therapeutics, Inc.\* | 104 | 336 |
| &nbsp;&nbsp;&nbsp;Fennec Pharmaceuticals, Inc.\* | 55 | 335 |
| &nbsp;&nbsp;&nbsp;Cargo Therapeutics, Inc.\* | 81 | 330 |
| &nbsp;&nbsp;&nbsp;Information Services Group, Inc. | 84 | 328 |
| &nbsp;&nbsp;&nbsp;Joint Corp.\* | 26 | 325 |
| &nbsp;&nbsp;&nbsp;CPI Card Group, Inc.\* | 11 | 321 |
| &nbsp;&nbsp;&nbsp;European Wax Center, Inc. — Class A\* | 78 | 308 |
| &nbsp;&nbsp;&nbsp;Alta Equipment Group, Inc. | 63 | 295 |
| &nbsp;&nbsp;&nbsp;Priority Technology Holdings, Inc.\* | 43 | 293 |
| &nbsp;&nbsp;&nbsp;Puma Biotechnology, Inc.\* | 98 | 290 |
| &nbsp;&nbsp;&nbsp;Cadiz, Inc.\* | 99 | 290 |
| &nbsp;&nbsp;&nbsp;Design Therapeutics, Inc.\* | 74 | 286 |
| &nbsp;&nbsp;&nbsp;Acacia Research Corp.\* | 89 | 285 |
| &nbsp;&nbsp;&nbsp;Zenas Biopharma, Inc.\* | 36 | 284 |
| &nbsp;&nbsp;&nbsp;Quantum-Si, Inc.\* | 236 | 283 |
| &nbsp;&nbsp;&nbsp;Cardiff Oncology, Inc.\* | 90 | 283 |
| &nbsp;&nbsp;&nbsp;Neurogene, Inc.\* | 24 | 281 |
| &nbsp;&nbsp;&nbsp;Nektar Therapeutics\* | 413 | 281 |
| &nbsp;&nbsp;&nbsp;MediWound Ltd.\* | 18 | 279 |
| &nbsp;&nbsp;&nbsp;Sanara Medtech, Inc.\* | 9 | 278 |
| &nbsp;&nbsp;&nbsp;Lifeway Foods, Inc.\* | 11 | 269 |
| &nbsp;&nbsp;&nbsp;Prime Medicine, Inc.\* | 134 | 267 |
| &nbsp;&nbsp;&nbsp;Regulus Therapeutics, Inc.\* | 149 | 261 |
| &nbsp;&nbsp;&nbsp;Enanta Pharmaceuticals, Inc.\* | 47 | 259 |
| &nbsp;&nbsp;&nbsp;BRC, Inc. — Class A\* | 124 | 259 |
| &nbsp;&nbsp;&nbsp;Forrester Research, Inc.\* | 28 | 259 |
| &nbsp;&nbsp;&nbsp;Septerna, Inc.\* | 44 | 255 |
| &nbsp;&nbsp;&nbsp;InfuSystem Holdings, Inc.\* | 47 | 253 |
| &nbsp;&nbsp;&nbsp;ADC Therapeutics S.A.\* | 177 | 250 |
| &nbsp;&nbsp;&nbsp;Perspective Therapeutics, Inc.\* | 117 | 249 |
| &nbsp;&nbsp;&nbsp;Upstream Bio, Inc.\* | 40 | 245 |
| &nbsp;&nbsp;&nbsp;Korro Bio, Inc.\* | 14 | 244 |
| &nbsp;&nbsp;&nbsp;Sera Prognostics, Inc. — Class A\* | 66 | 243 |
| &nbsp;&nbsp;&nbsp;Cartesian Therapeutics, Inc.\*<sup>,1</sup> | 18 | 237 |
| &nbsp;&nbsp;&nbsp;Beauty Health Co.\* | 175 | 235 |
| &nbsp;&nbsp;&nbsp;Inmune Bio, Inc.\* | 30 | 234 |
| &nbsp;&nbsp;&nbsp;Alector, Inc.\* | 190 | 234 |
| &nbsp;&nbsp;&nbsp;Nkarta, Inc.\* | 125 | 230 |
| &nbsp;&nbsp;&nbsp;Editas Medicine, Inc.\* | 195 | 226 |
| &nbsp;&nbsp;&nbsp;Stereotaxis, Inc.\* | 127 | 224 |
| &nbsp;&nbsp;&nbsp;Candel Therapeutics, Inc.\* | 39 | 220 |
| &nbsp;&nbsp;&nbsp;Foghorn Therapeutics, Inc.\* | 60 | 219 |
| &nbsp;&nbsp;&nbsp;C4 Therapeutics, Inc.\* | 136 | 218 |
| &nbsp;&nbsp;&nbsp;Achieve Life Sciences, Inc.\* | 81 | 216 |
| &nbsp;&nbsp;&nbsp;Kodiak Sciences, Inc.\* | 77 | 216 |
| &nbsp;&nbsp;&nbsp;Zentalis Pharmaceuticals, Inc.\* | 135 | 215 |
| &nbsp;&nbsp;&nbsp;Adverum Biotechnologies, Inc.\* | 49 | 214 |
| &nbsp;&nbsp;&nbsp;Orchestra BioMed Holdings, Inc.\* | 50 | 214 |
| &nbsp;&nbsp;&nbsp;Larimar Therapeutics, Inc.\* | 99 | 213 |
| &nbsp;&nbsp;&nbsp;Coherus Biosciences, Inc.\* | 262 | 211 |
| &nbsp;&nbsp;&nbsp;Biote Corp. — Class A\* | 63 | 210 |
| &nbsp;&nbsp;&nbsp;Quipt Home Medical Corp.\* | 87 | 203 |
| &nbsp;&nbsp;&nbsp;Rapport Therapeutics, Inc.\* | 20 | 201 |
| &nbsp;&nbsp;&nbsp;Atossa Therapeutics, Inc.\* | 298 | 201 |
| &nbsp;&nbsp;&nbsp;Lyell Immunopharma, Inc.\* | 372 | 200 |
| &nbsp;&nbsp;&nbsp;Solid Biosciences, Inc.\* | 54 | 200 |
| &nbsp;&nbsp;&nbsp;Neumora Therapeutics, Inc.\* | 198 | 198 |
| &nbsp;&nbsp;&nbsp;Fate Therapeutics, Inc.\* | 236 | 186 |
| &nbsp;&nbsp;&nbsp;Sonida Senior Living, Inc.\* | 8 | 186 |
| &nbsp;&nbsp;&nbsp;MacroGenics, Inc.\* | 145 | 184 |
| &nbsp;&nbsp;&nbsp;scPharmaceuticals, Inc.\* | 69 | 181 |
| &nbsp;&nbsp;&nbsp;Pliant Therapeutics, Inc.\* | 134 | 181 |
| &nbsp;&nbsp;&nbsp;Caribou Biosciences, Inc.\* | 194 | 177 |
| &nbsp;&nbsp;&nbsp;Waldencast plc — Class A\* | 59 | 177 |
| &nbsp;&nbsp;&nbsp;ProKidney Corp.\* | 191 | 167 |
| &nbsp;&nbsp;&nbsp;Lexeo Therapeutics, Inc.\* | 48 | 167 |
| &nbsp;&nbsp;&nbsp;Ventyx Biosciences, Inc.\* | 143 | 164 |
| &nbsp;&nbsp;&nbsp;Third Harmonic Bio, Inc.\* | 47 | 163 |
| &nbsp;&nbsp;&nbsp;Alumis, Inc.\* | 26 | 160 |
| &nbsp;&nbsp;&nbsp;Lineage Cell Therapeutics, Inc.\* | 348 | 157 |
| &nbsp;&nbsp;&nbsp;HireQuest, Inc. | 13 | 155 |
| &nbsp;&nbsp;&nbsp;Tango Therapeutics, Inc.\* | 112 | 153 |
| &nbsp;&nbsp;&nbsp;Veru, Inc.\* | 311 | 152 |
| &nbsp;&nbsp;&nbsp;Chegg, Inc.\* | 236 | 151 |
| &nbsp;&nbsp;&nbsp;XBiotech, Inc.\* | 46 | 149 |
| &nbsp;&nbsp;&nbsp;Cassava Sciences, Inc.\* | 96 | 144 |
| &nbsp;&nbsp;&nbsp;Black Diamond Therapeutics, Inc.\* | 92 | 143 |
| &nbsp;&nbsp;&nbsp;Emerald Holding, Inc. | 36 | 141 |
| &nbsp;&nbsp;&nbsp;Cabaletta Bio, Inc.\* | 102 | 141 |
| &nbsp;&nbsp;&nbsp;Biomea Fusion, Inc.\* | 65 | 138 |
| &nbsp;&nbsp;&nbsp;Innovage Holding Corp.\* | 45 | 134 |
| &nbsp;&nbsp;&nbsp;Greenwich Lifesciences, Inc.\* | 14 | 134 |
| &nbsp;&nbsp;&nbsp;TScan Therapeutics, Inc.\* | 91 | 126 |
| &nbsp;&nbsp;&nbsp;Sutro Biopharma, Inc.\* | 193 | 126 |
| &nbsp;&nbsp;&nbsp;Lexicon Pharmaceuticals, Inc.\* | 271 | 125 |
| &nbsp;&nbsp;&nbsp;Gyre Therapeutics, Inc.\* | 16 | 124 |
| &nbsp;&nbsp;&nbsp;Ispire Technology, Inc.\* | 45 | 123 |
| &nbsp;&nbsp;&nbsp;CervoMed, Inc.\* | 13 | 119 |
| &nbsp;&nbsp;&nbsp;Jasper Therapeutics, Inc.\* | 27 | 116 |
| &nbsp;&nbsp;&nbsp;Invivyd, Inc.\* | 187 | 113 |
| &nbsp;&nbsp;&nbsp;Pyxis Oncology, Inc.\* | 115 | 113 |
| &nbsp;&nbsp;&nbsp;Inozyme Pharma, Inc.\* | 123 | 112 |
| &nbsp;&nbsp;&nbsp;Forafric Global plc\* | 13 | 112 |
| &nbsp;&nbsp;&nbsp;Applied Therapeutics, Inc.\* | 227 | 111 |
| &nbsp;&nbsp;&nbsp;Actinium Pharmaceuticals, Inc.\* | 68 | 109 |
| &nbsp;&nbsp;&nbsp;Acumen Pharmaceuticals, Inc.\* | 99 | 109 |
| &nbsp;&nbsp;&nbsp;FiscalNote Holdings, Inc.\* | 134 | 108 |
| &nbsp;&nbsp;&nbsp;Bluebird Bio, Inc.\* | 22 | 107 |
| &nbsp;&nbsp;&nbsp;HilleVax, Inc.\* | 74 | 107 |
| &nbsp;&nbsp;&nbsp;Corbus Pharmaceuticals Holdings, Inc.\* | 20 | 106 |
| &nbsp;&nbsp;&nbsp;Contineum Therapeutics, Inc. — Class A\* | 15 | 105 |
| &nbsp;&nbsp;&nbsp;Scilex Holding Co.\* | 402 | 100 |
| &nbsp;&nbsp;&nbsp;Inovio Pharmaceuticals, Inc.\* | 61 | 99 |
| &nbsp;&nbsp;&nbsp;Nautilus Biotechnology, Inc.\* | 115 | 99 |
| &nbsp;&nbsp;&nbsp;Alto Neuroscience, Inc.\* | 44 | 95 |
| &nbsp;&nbsp;&nbsp;X4 Pharmaceuticals, Inc.\* | 396 | 94 |
| &nbsp;&nbsp;&nbsp;Zura Bio Ltd.\* | 69 | 89 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 213

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Akoya Biosciences, Inc.\* | 63 | $| 88 |
| &nbsp;&nbsp;&nbsp;Shattuck Labs, Inc.\* | 92 |  | 87 |
| &nbsp;&nbsp;&nbsp;Kyverna Therapeutics, Inc.\* | 45 |  | 87 |
| &nbsp;&nbsp;&nbsp;RAPT Therapeutics, Inc.\* | 71 |  | 87 |
| &nbsp;&nbsp;&nbsp;Mersana Therapeutics, Inc.\* | 248 |  | 85 |
| &nbsp;&nbsp;&nbsp;Artiva Biotherapeutics, Inc.\* | 28 |  | 84 |
| &nbsp;&nbsp;&nbsp;Climb Bio, Inc.\* | 66 |  | 81 |
| &nbsp;&nbsp;&nbsp;Aerovate Therapeutics, Inc.\* | 32 |  | 80 |
| &nbsp;&nbsp;&nbsp;Zynex, Inc.\*<sup>,1</sup> | 36 |  | 79 |
| &nbsp;&nbsp;&nbsp;DLH Holdings Corp.\* | 19 |  | 77 |
| &nbsp;&nbsp;&nbsp;Tenaya Therapeutics, Inc.\* | 130 |  | 74 |
| &nbsp;&nbsp;&nbsp;Renovaro, Inc.\* | 134 |  | 73 |
| &nbsp;&nbsp;&nbsp;AirSculpt Technologies, Inc.\*<sup>,1</sup> | 31 |  | 72 |
| &nbsp;&nbsp;&nbsp;Werewolf Therapeutics, Inc.\* | 72 |  | 70 |
| &nbsp;&nbsp;&nbsp;Agenus, Inc.\* | 46 |  | 69 |
| &nbsp;&nbsp;&nbsp;Cibus, Inc.\* | 32 |  | 60 |
| &nbsp;&nbsp;&nbsp;Fibrobiologics, Inc.\* | 64 |  | 58 |
| &nbsp;&nbsp;&nbsp;Tevogen Bio Holdings, Inc.\* | 53 |  | 57 |
| &nbsp;&nbsp;&nbsp;Acrivon Therapeutics, Inc.\* | 28 |  | 57 |
| &nbsp;&nbsp;&nbsp;Harvard Bioscience, Inc.\* | 96 |  | 54 |
| &nbsp;&nbsp;&nbsp;Skye Bioscience, Inc.\* | 34 |  | 54 |
| &nbsp;&nbsp;&nbsp;Century Therapeutics, Inc.\* | 110 |  | 52 |
| &nbsp;&nbsp;&nbsp;PepGen, Inc.\* | 37 |  | 52 |
| &nbsp;&nbsp;&nbsp;ALX Oncology Holdings, Inc.\* | 80 |  | 50 |
| &nbsp;&nbsp;&nbsp;Generation Bio Co.\* | 117 |  | 47 |
| &nbsp;&nbsp;&nbsp;MarketWise, Inc. | 92 |  | 45 |
| &nbsp;&nbsp;&nbsp;Ovid therapeutics, Inc.\* | 139 |  | 43 |
| &nbsp;&nbsp;&nbsp;Telomir Pharmaceuticals, Inc.\* | 13 |  | 42 |
| &nbsp;&nbsp;&nbsp;IGM Biosciences, Inc.\* | 36 |  | 41 |
| &nbsp;&nbsp;&nbsp;ModivCare, Inc.\* | 26 |  | 34 |
| &nbsp;&nbsp;&nbsp;Outlook Therapeutics, Inc.\* | 27 |  | 33 |
| &nbsp;&nbsp;&nbsp;Fractyl Health, Inc.\* | 26 |  | 31 |
| &nbsp;&nbsp;&nbsp;Boundless Bio, Inc.\* | 18 |  | 27 |
| &nbsp;&nbsp;&nbsp;Elevation Oncology, Inc.\* | 104 |  | 27 |
| &nbsp;&nbsp;&nbsp;Galectin Therapeutics, Inc.\*<sup>,1</sup> | 21 |  | 26 |
| &nbsp;&nbsp;&nbsp;Metagenomi, Inc.\* | 18 |  | 24 |
| &nbsp;&nbsp;&nbsp;Prelude Therapeutics, Inc.\* | 31 |  | 24 |
| &nbsp;&nbsp;&nbsp;Q32 Bio, Inc.\* | 14 |  | 23 |
| &nbsp;&nbsp;&nbsp;Verrica Pharmaceuticals, Inc.\* | 45 |  | 20 |
| &nbsp;&nbsp;&nbsp;Lyra Therapeutics, Inc.\* | 114 |  | 14 |
| &nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals, Inc.\*<sup>, †††</sup> | 84 |  |  |
| **Total Consumer, Non-cyclical** |  |  | 1310916 |
| **Industrial - 7.6%** | **Industrial - 7.6%** | **Industrial - 7.6%** | **Industrial - 7.6%** |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 89 |  | 20055 |
| &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | 258 |  | 19644 |
| &nbsp;&nbsp;&nbsp;Fabrinet\* | 84 |  | 16591 |
| &nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc. — Class A\* | 144 |  | 16057 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | 138 |  | 14772 |
| &nbsp;&nbsp;&nbsp;Rocket Lab USA, Inc.\* | 820 |  | 14662 |
| &nbsp;&nbsp;&nbsp;Chart Industries, Inc.\* | 99 |  | 14292 |
| &nbsp;&nbsp;&nbsp;Fluor Corp.\* | 395 |  | 14149 |
| &nbsp;&nbsp;&nbsp;NEXTracker, Inc. — Class A\* | 334 |  | 14075 |
| &nbsp;&nbsp;&nbsp;SPX Technologies, Inc.\* | 104 |  | 13393 |
| &nbsp;&nbsp;&nbsp;JBT Marel Corp. | 109 |  | 13320 |
| &nbsp;&nbsp;&nbsp;Badger Meter, Inc. | 68 |  | 12937 |
| &nbsp;&nbsp;&nbsp;GATX Corp. | 83 |  | 12887 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies, Inc. — Class A | 63 |  | 12847 |
| &nbsp;&nbsp;&nbsp;Knife River Corp.\* | 131 |  | 11817 |
| &nbsp;&nbsp;&nbsp;CSW Industrials, Inc. | 39 |  | 11369 |
| &nbsp;&nbsp;&nbsp;Moog, Inc. — Class A | 65 |  | 11268 |
| &nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | 333 |  | 10982 |
| &nbsp;&nbsp;&nbsp;Itron, Inc.\* | 104 |  | 10895 |
| &nbsp;&nbsp;&nbsp;Novanta, Inc.\* | 83 |  | 10613 |
| &nbsp;&nbsp;&nbsp;Federal Signal Corp. | 139 |  | 10224 |
| &nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc.\* | 342 |  | 10154 |
| &nbsp;&nbsp;&nbsp;Dycom Industries, Inc.\* | 66 |  | 10054 |
| &nbsp;&nbsp;&nbsp;Franklin Electric Company, Inc. | 105 |  | 9858 |
| &nbsp;&nbsp;&nbsp;Matson, Inc. | 76 |  | 9741 |
| &nbsp;&nbsp;&nbsp;ESCO Technologies, Inc. | 60 |  | 9547 |
| &nbsp;&nbsp;&nbsp;Exponent, Inc. | 117 |  | 9484 |
| &nbsp;&nbsp;&nbsp;Sanmina Corp.\* | 124 |  | 9446 |
| &nbsp;&nbsp;&nbsp;Belden, Inc. | 94 |  | 9424 |
| &nbsp;&nbsp;&nbsp;Bloom Energy Corp. — Class A\* | 468 |  | 9201 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing Co.\* | 119 |  | 9133 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Inc. — Class A | 359 |  | 9126 |
| &nbsp;&nbsp;&nbsp;Kadant, Inc. | 27 |  | 9097 |
| &nbsp;&nbsp;&nbsp;Boise Cascade Co. | 89 |  | 8730 |
| &nbsp;&nbsp;&nbsp;Golar LNG Ltd. | 229 |  | 8700 |
| &nbsp;&nbsp;&nbsp;Arcosa, Inc. | 112 |  | 8637 |
| &nbsp;&nbsp;&nbsp;EnerSys | 91 |  | 8334 |
| &nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. | 87 |  | 8292 |
| &nbsp;&nbsp;&nbsp;Plexus Corp.\* | 62 |  | 7944 |
| &nbsp;&nbsp;&nbsp;Enpro, Inc. | 49 |  | 7928 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc.\* | 69 |  | 7812 |
| &nbsp;&nbsp;&nbsp;AeroVironment, Inc.\* | 65 |  | 7747 |
| &nbsp;&nbsp;&nbsp;Granite Construction, Inc. | 102 |  | 7691 |
| &nbsp;&nbsp;&nbsp;Construction Partners, Inc. — Class A\* | 107 |  | 7690 |
| &nbsp;&nbsp;&nbsp;OSI Systems, Inc.\* | 37 |  | 7191 |
| &nbsp;&nbsp;&nbsp;Atmus Filtration Technologies, Inc. | 194 |  | 7126 |
| &nbsp;&nbsp;&nbsp;Primoris Services Corp. | 124 |  | 7119 |
| &nbsp;&nbsp;&nbsp;RXO, Inc.\* | 369 |  | 7048 |
| &nbsp;&nbsp;&nbsp;Cactus, Inc. — Class A | 152 |  | 6966 |
| &nbsp;&nbsp;&nbsp;Mirion Technologies, Inc.\* | 478 |  | 6931 |
| &nbsp;&nbsp;&nbsp;Frontdoor, Inc.\* | 178 |  | 6839 |
| &nbsp;&nbsp;&nbsp;Griffon Corp. | 89 |  | 6363 |
| &nbsp;&nbsp;&nbsp;Joby Aviation, Inc.\*<sup>,1</sup> | 1000 |  | 6020 |
| &nbsp;&nbsp;&nbsp;Terex Corp. | 157 |  | 5931 |
| &nbsp;&nbsp;&nbsp;AZZ, Inc. | 69 |  | 5769 |
| &nbsp;&nbsp;&nbsp;Enerpac Tool Group Corp. | 128 |  | 5742 |
| &nbsp;&nbsp;&nbsp;Leonardo DRS, Inc. | 170 |  | 5590 |
| &nbsp;&nbsp;&nbsp;Archer Aviation, Inc. — Class A\* | 747 |  | 5311 |
| &nbsp;&nbsp;&nbsp;Trinity Industries, Inc. | 189 |  | 5303 |
| &nbsp;&nbsp;&nbsp;Mercury Systems, Inc.\* | 122 |  | 5257 |
| &nbsp;&nbsp;&nbsp;Hub Group, Inc. — Class A | 141 |  | 5241 |
| &nbsp;&nbsp;&nbsp;Energizer Holdings, Inc. | 169 |  | 5056 |
| &nbsp;&nbsp;&nbsp;Albany International Corp. — Class A | 72 |  | 4971 |
| &nbsp;&nbsp;&nbsp;TTM Technologies, Inc.\* | 238 |  | 4881 |
| &nbsp;&nbsp;&nbsp;Atkore, Inc. | 80 |  | 4799 |
| &nbsp;&nbsp;&nbsp;AAR Corp.\* | 82 |  | 4591 |
| &nbsp;&nbsp;&nbsp;Vishay Intertechnology, Inc. | 288 |  | 4579 |
| &nbsp;&nbsp;&nbsp;Standex International Corp. | 27 |  | 4358 |

---

214 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Alamo Group, Inc. | 24 | 4277 |
| &nbsp;&nbsp;&nbsp;Werner Enterprises, Inc. | 145 | 4249 |
| &nbsp;&nbsp;&nbsp;Gibraltar Industries, Inc.\* | 72 | 4224 |
| &nbsp;&nbsp;&nbsp;MYR Group, Inc.\* | 37 | 4184 |
| &nbsp;&nbsp;&nbsp;O-I Glass, Inc.\* | 358 | 4106 |
| &nbsp;&nbsp;&nbsp;Triumph Group, Inc.\* | 162 | 4105 |
| &nbsp;&nbsp;&nbsp;Hillenbrand, Inc. | 166 | 4007 |
| &nbsp;&nbsp;&nbsp;Hillman Solutions Corp.\* | 455 | 4000 |
| &nbsp;&nbsp;&nbsp;ArcBest Corp. | 56 | 3952 |
| &nbsp;&nbsp;&nbsp;Scorpio Tankers, Inc. | 105 | 3946 |
| &nbsp;&nbsp;&nbsp;Kennametal, Inc. | 184 | 3919 |
| &nbsp;&nbsp;&nbsp;Materion Corp. | 48 | 3917 |
| &nbsp;&nbsp;&nbsp;Masterbrand, Inc.\* | 299 | 3905 |
| &nbsp;&nbsp;&nbsp;World Kinect Corp. | 135 | 3829 |
| &nbsp;&nbsp;&nbsp;Argan, Inc. | 29 | 3804 |
| &nbsp;&nbsp;&nbsp;Tecnoglass, Inc. | 53 | 3792 |
| &nbsp;&nbsp;&nbsp;Powell Industries, Inc. | 22 | 3747 |
| &nbsp;&nbsp;&nbsp;Worthington Enterprises, Inc. | 74 | 3707 |
| &nbsp;&nbsp;&nbsp;Greenbrier Companies, Inc. | 72 | 3688 |
| &nbsp;&nbsp;&nbsp;Tennant Co. | 45 | 3589 |
| &nbsp;&nbsp;&nbsp;DHT Holdings, Inc. | 318 | 3339 |
| &nbsp;&nbsp;&nbsp;Greif, Inc. — Class A | 59 | 3244 |
| &nbsp;&nbsp;&nbsp;Benchmark Electronics, Inc. | 84 | 3194 |
| &nbsp;&nbsp;&nbsp;International Seaways, Inc. | 96 | 3187 |
| &nbsp;&nbsp;&nbsp;Lindsay Corp. | 25 | 3163 |
| &nbsp;&nbsp;&nbsp;IES Holdings, Inc.\* | 19 | 3137 |
| &nbsp;&nbsp;&nbsp;Knowles Corp.\* | 205 | 3116 |
| &nbsp;&nbsp;&nbsp;NuScale Power Corp.\* | 209 | 2959 |
| &nbsp;&nbsp;&nbsp;CTS Corp. | 71 | 2950 |
| &nbsp;&nbsp;&nbsp;Enovix Corp.\* | 380 | 2789 |
| &nbsp;&nbsp;&nbsp;Air Transport Services Group, Inc.\* | 121 | 2715 |
| &nbsp;&nbsp;&nbsp;NV5 Global, Inc.\* | 135 | 2601 |
| &nbsp;&nbsp;&nbsp;Vicor Corp.\* | 54 | 2526 |
| &nbsp;&nbsp;&nbsp;Helios Technologies, Inc. | 78 | 2503 |
| &nbsp;&nbsp;&nbsp;Xometry, Inc. — Class A\* | 100 | 2492 |
| &nbsp;&nbsp;&nbsp;SFL Corporation Ltd. | 302 | 2476 |
| &nbsp;&nbsp;&nbsp;Apogee Enterprises, Inc. | 52 | 2409 |
| &nbsp;&nbsp;&nbsp;DXP Enterprises, Inc.\* | 29 | 2385 |
| &nbsp;&nbsp;&nbsp;Tutor Perini Corp.\* | 102 | 2364 |
| &nbsp;&nbsp;&nbsp;Golden Ocean Group Ltd. | 287 | 2290 |
| &nbsp;&nbsp;&nbsp;Janus International Group, Inc.\* | 317 | 2282 |
| &nbsp;&nbsp;&nbsp;TriMas Corp. | 96 | 2249 |
| &nbsp;&nbsp;&nbsp;Thermon Group Holdings, Inc.\* | 79 | 2200 |
| &nbsp;&nbsp;&nbsp;Teekay Tankers Ltd. — Class A | 57 | 2181 |
| &nbsp;&nbsp;&nbsp;Energy Recovery, Inc.\* | 134 | 2129 |
| &nbsp;&nbsp;&nbsp;Proto Labs, Inc.\* | 59 | 2067 |
| &nbsp;&nbsp;&nbsp;American Woodmark Corp.\* | 35 | 2059 |
| &nbsp;&nbsp;&nbsp;PureCycle Technologies, Inc.\* | 291 | 2014 |
| &nbsp;&nbsp;&nbsp;Worthington Steel, Inc. | 77 | 1950 |
| &nbsp;&nbsp;&nbsp;Napco Security Technologies, Inc. | 83 | 1911 |
| &nbsp;&nbsp;&nbsp;Dorian LPG Ltd. | 85 | 1899 |
| &nbsp;&nbsp;&nbsp;Marten Transport Ltd. | 137 | 1880 |
| &nbsp;&nbsp;&nbsp;Astec Industries, Inc. | 54 | 1860 |
| &nbsp;&nbsp;&nbsp;Ducommun, Inc.\* | 32 | 1857 |
| &nbsp;&nbsp;&nbsp;Cadre Holdings, Inc. | 61 | 1806 |
| &nbsp;&nbsp;&nbsp;Bel Fuse, Inc. — Class B | 24 | 1797 |
| &nbsp;&nbsp;&nbsp;Limbach Holdings, Inc.\* | 24 | 1787 |
| &nbsp;&nbsp;&nbsp;Ichor Holdings Ltd.\* | 78 | 1764 |
| &nbsp;&nbsp;&nbsp;Gorman-Rupp Co. | 49 | 1720 |
| &nbsp;&nbsp;&nbsp;Pactiv Evergreen, Inc. | 95 | 1711 |
| &nbsp;&nbsp;&nbsp;FLEX LNG Ltd.<sup>1</sup> | 72 | 1655 |
| &nbsp;&nbsp;&nbsp;Astronics Corp.\* | 68 | 1644 |
| &nbsp;&nbsp;&nbsp;CECO Environmental Corp.\* | 69 | 1573 |
| &nbsp;&nbsp;&nbsp;Applied Optoelectronics, Inc.\* | 100 | 1535 |
| &nbsp;&nbsp;&nbsp;Sturm Ruger & Company, Inc. | 39 | 1532 |
| &nbsp;&nbsp;&nbsp;NANO Nuclear Energy, Inc.\*<sup>,1</sup> | 57 | 1508 |
| &nbsp;&nbsp;&nbsp;American Superconductor Corp.\* | 82 | 1487 |
| &nbsp;&nbsp;&nbsp;Ryerson Holding Corp. | 64 | 1469 |
| &nbsp;&nbsp;&nbsp;Mesa Laboratories, Inc. | 12 | 1424 |
| &nbsp;&nbsp;&nbsp;Metallus, Inc.\* | 101 | 1349 |
| &nbsp;&nbsp;&nbsp;Great Lakes Dredge & Dock Corp.\* | 155 | 1349 |
| &nbsp;&nbsp;&nbsp;Genco Shipping & Trading Ltd. | 99 | 1323 |
| &nbsp;&nbsp;&nbsp;Enviri Corp.\* | 187 | 1244 |
| &nbsp;&nbsp;&nbsp;JELD-WEN Holding, Inc.\* | 199 | 1188 |
| &nbsp;&nbsp;&nbsp;Forward Air Corp.\* | 59 | 1185 |
| &nbsp;&nbsp;&nbsp;Nordic American Tankers Ltd. | 471 | 1159 |
| &nbsp;&nbsp;&nbsp;Insteel Industries, Inc. | 44 | 1157 |
| &nbsp;&nbsp;&nbsp;FARO Technologies, Inc.\* | 42 | 1147 |
| &nbsp;&nbsp;&nbsp;LSI Industries, Inc. | 67 | 1139 |
| &nbsp;&nbsp;&nbsp;Columbus McKinnon Corp. | 67 | 1134 |
| &nbsp;&nbsp;&nbsp;Hyster-Yale, Inc. | 27 | 1122 |
| &nbsp;&nbsp;&nbsp;Willis Lease Finance Corp. | 7 | 1106 |
| &nbsp;&nbsp;&nbsp;Montrose Environmental Group, Inc.\* | 75 | 1070 |
| &nbsp;&nbsp;&nbsp;National Presto Industries, Inc. | 12 | 1055 |
| &nbsp;&nbsp;&nbsp;Myers Industries, Inc. | 87 | 1038 |
| &nbsp;&nbsp;&nbsp;Heartland Express, Inc. | 110 | 1014 |
| &nbsp;&nbsp;&nbsp;Ardagh Metal Packaging S.A. | 334 | 1009 |
| &nbsp;&nbsp;&nbsp;Costamare, Inc. | 101 | 994 |
| &nbsp;&nbsp;&nbsp;Smith & Wesson Brands, Inc. | 106 | 988 |
| &nbsp;&nbsp;&nbsp;Evolv Technologies Holdings, Inc.\* | 310 | 967 |
| &nbsp;&nbsp;&nbsp;Clearwater Paper Corp.\* | 38 | 964 |
| &nbsp;&nbsp;&nbsp;Ardmore Shipping Corp. | 98 | 959 |
| &nbsp;&nbsp;&nbsp;Kimball Electronics, Inc.\* | 58 | 954 |
| &nbsp;&nbsp;&nbsp;Northwest Pipe Co.\* | 23 | 950 |
| &nbsp;&nbsp;&nbsp;Eastman Kodak Co.\* | 143 | 904 |
| &nbsp;&nbsp;&nbsp;nLight, Inc.\* | 110 | 855 |
| &nbsp;&nbsp;&nbsp;Teekay Corporation Ltd. | 130 | 854 |
| &nbsp;&nbsp;&nbsp;Covenant Logistics Group, Inc. — Class A | 38 | 844 |
| &nbsp;&nbsp;&nbsp;LSB Industries, Inc.\* | 126 | 830 |
| &nbsp;&nbsp;&nbsp;Aspen Aerogels, Inc.\* | 124 | 792 |
| &nbsp;&nbsp;&nbsp;Allient, Inc. | 34 | 747 |
| &nbsp;&nbsp;&nbsp;Luxfer Holdings plc | 63 | 747 |
| &nbsp;&nbsp;&nbsp;Standard BioTools, Inc.\* | 682 | 737 |
| &nbsp;&nbsp;&nbsp;Olympic Steel, Inc. | 23 | 725 |
| &nbsp;&nbsp;&nbsp;NVE Corp. | 11 | 701 |
| &nbsp;&nbsp;&nbsp;Bowman Consulting Group Ltd.\* | 32 | 699 |
| &nbsp;&nbsp;&nbsp;Manitowoc Company, Inc.\* | 81 | 696 |
| &nbsp;&nbsp;&nbsp;Graham Corp.\* | 24 | 692 |
| &nbsp;&nbsp;&nbsp;Byrna Technologies, Inc.\* | 41 | 690 |
| &nbsp;&nbsp;&nbsp;Greif, Inc. — Class B | 11 | 652 |
| &nbsp;&nbsp;&nbsp;CryoPort, Inc.\* | 103 | 626 |
| &nbsp;&nbsp;&nbsp;Latham Group, Inc.\* | 96 | 617 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 215

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;AerSale Corp.\* | 79 | $| 592 |
| &nbsp;&nbsp;&nbsp;MicroVision, Inc.\* | 476 |  | 590 |
| &nbsp;&nbsp;&nbsp;Park Aerospace Corp. | 43 |  | 578 |
| &nbsp;&nbsp;&nbsp;Turtle Beach Corp.\* | 39 |  | 557 |
| &nbsp;&nbsp;&nbsp;Ranpak Holdings Corp.\* | 101 |  | 548 |
| &nbsp;&nbsp;&nbsp;ChargePoint Holdings, Inc.\* | 894 |  | 541 |
| &nbsp;&nbsp;&nbsp;Safe Bulkers, Inc. | 142 |  | 524 |
| &nbsp;&nbsp;&nbsp;GrafTech International Ltd.\* | 599 |  | 524 |
| &nbsp;&nbsp;&nbsp;Mistras Group, Inc.\* | 49 |  | 518 |
| &nbsp;&nbsp;&nbsp;Radiant Logistics, Inc.\* | 84 |  | 517 |
| &nbsp;&nbsp;&nbsp;Pure Cycle Corp.\* | 49 |  | 513 |
| &nbsp;&nbsp;&nbsp;SmartRent, Inc.\* | 422 |  | 511 |
| &nbsp;&nbsp;&nbsp;Centuri Holdings, Inc.\* | 30 |  | 492 |
| &nbsp;&nbsp;&nbsp;Tredegar Corp.\* | 63 |  | 485 |
| &nbsp;&nbsp;&nbsp;Park-Ohio Holdings Corp. | 21 |  | 454 |
| &nbsp;&nbsp;&nbsp;Redwire Corp.\*<sup>,1</sup> | 54 |  | 448 |
| &nbsp;&nbsp;&nbsp;Intuitive Machines, Inc.\* | 59 |  | 439 |
| &nbsp;&nbsp;&nbsp;Karat Packaging, Inc. | 16 |  | 425 |
| &nbsp;&nbsp;&nbsp;Universal Logistics Holdings, Inc. | 16 |  | 420 |
| &nbsp;&nbsp;&nbsp;L B Foster Co. — Class A\* | 21 |  | 413 |
| &nbsp;&nbsp;&nbsp;Mayville Engineering Company, Inc.\* | 30 |  | 403 |
| &nbsp;&nbsp;&nbsp;Himalaya Shipping Ltd. | 70 |  | 384 |
| &nbsp;&nbsp;&nbsp;Pangaea Logistics Solutions Ltd. | 74 |  | 352 |
| &nbsp;&nbsp;&nbsp;Smith-Midland Corp.\* | 11 |  | 342 |
| &nbsp;&nbsp;&nbsp;Orion Group Holdings, Inc.\* | 63 |  | 330 |
| &nbsp;&nbsp;&nbsp;Concrete Pumping Holdings, Inc. | 56 |  | 306 |
| &nbsp;&nbsp;&nbsp;Eastern Co. | 12 |  | 304 |
| &nbsp;&nbsp;&nbsp;Stoneridge, Inc.\* | 64 |  | 294 |
| &nbsp;&nbsp;&nbsp;Gencor Industries, Inc.\* | 24 |  | 292 |
| &nbsp;&nbsp;&nbsp;AMMO, Inc.\* | 211 |  | 291 |
| &nbsp;&nbsp;&nbsp;Bel Fuse, Inc. — Class A | 4 |  | 288 |
| &nbsp;&nbsp;&nbsp;Omega Flex, Inc. | 8 |  | 278 |
| &nbsp;&nbsp;&nbsp;Proficient Auto Logistics, Inc.\* | 33 |  | 276 |
| &nbsp;&nbsp;&nbsp;Core Molding Technologies, Inc.\* | 18 |  | 274 |
| &nbsp;&nbsp;&nbsp;908 Devices, Inc.\* | 56 |  | 251 |
| &nbsp;&nbsp;&nbsp;NN, Inc.\* | 110 |  | 249 |
| &nbsp;&nbsp;&nbsp;Perma-Fix Environmental Services, Inc.\* | 32 |  | 233 |
| &nbsp;&nbsp;&nbsp;Arq, Inc.\* | 50 |  | 208 |
| &nbsp;&nbsp;&nbsp;Eve Holding, Inc.\* | 61 |  | 202 |
| &nbsp;&nbsp;&nbsp;Sight Sciences, Inc.\* | 84 |  | 202 |
| &nbsp;&nbsp;&nbsp;Twin Disc, Inc. | 26 |  | 197 |
| &nbsp;&nbsp;&nbsp;GoPro, Inc. — Class A\* | 295 |  | 196 |
| &nbsp;&nbsp;&nbsp;PAMT CORP\* | 14 |  | 170 |
| &nbsp;&nbsp;&nbsp;Taylor Devices, Inc.\* | 5 |  | 161 |
| &nbsp;&nbsp;&nbsp;NL Industries, Inc. | 20 |  | 158 |
| &nbsp;&nbsp;&nbsp;Virgin Galactic Holdings, Inc.\*<sup>,1</sup> | 46 |  | 139 |
| &nbsp;&nbsp;&nbsp;Net Power, Inc.\* | 50 |  | 132 |
| &nbsp;&nbsp;&nbsp;Ultralife Corp.\* | 24 |  | 129 |
| &nbsp;&nbsp;&nbsp;Caesarstone Ltd.\* | 49 |  | 119 |
| &nbsp;&nbsp;&nbsp;Quest Resource Holding Corp.\* | 40 |  | 104 |
| &nbsp;&nbsp;&nbsp;VirTra, Inc.\* | 25 |  | 102 |
| &nbsp;&nbsp;&nbsp;Amprius Technologies, Inc.\* | 37 |  | 99 |
| &nbsp;&nbsp;&nbsp;Southland Holdings, Inc.\* | 24 |  | 72 |
| &nbsp;&nbsp;&nbsp;LanzaTech Global, Inc.\* | 264 |  | 64 |
| &nbsp;&nbsp;&nbsp;374Water, Inc.\* | 154 |  | 52 |
| &nbsp;&nbsp;&nbsp;Bridger Aerospace Group Holdings, Inc.\* | 23 |  | 26 |
| &nbsp;&nbsp;&nbsp;Solidion Technology, Inc.\* | 24 |  | 3 |
| **Total Industrial** |  |  | 876080 |
| **Consumer, Cyclical - 5.1%** | **Consumer, Cyclical - 5.1%** | **Consumer, Cyclical - 5.1%** | **Consumer, Cyclical - 5.1%** |
| &nbsp;&nbsp;&nbsp;Beacon Roofing Supply, Inc.\* | 143 |  | 17689 |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc.\* | 102 |  | 15203 |
| &nbsp;&nbsp;&nbsp;Aurora Innovation, Inc.\* | 2221 |  | 14936 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp. — Class A\* | 237 |  | 14229 |
| &nbsp;&nbsp;&nbsp;Meritage Homes Corp. | 166 |  | 11766 |
| &nbsp;&nbsp;&nbsp;Champion Homes, Inc.\* | 124 |  | 11750 |
| &nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc. | 30 |  | 11458 |
| &nbsp;&nbsp;&nbsp;FirstCash Holdings, Inc. | 89 |  | 10708 |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc.\* | 45 |  | 9938 |
| &nbsp;&nbsp;&nbsp;Cavco Industries, Inc.\* | 19 |  | 9873 |
| &nbsp;&nbsp;&nbsp;Installed Building Products, Inc. | 55 |  | 9430 |
| &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co. — Class A\* | 115 |  | 8783 |
| &nbsp;&nbsp;&nbsp;KB Home | 148 |  | 8602 |
| &nbsp;&nbsp;&nbsp;Kontoor Brands, Inc. | 127 |  | 8145 |
| &nbsp;&nbsp;&nbsp;SkyWest, Inc.\* | 92 |  | 8038 |
| &nbsp;&nbsp;&nbsp;Shake Shack, Inc. — Class A\* | 88 |  | 7759 |
| &nbsp;&nbsp;&nbsp;Urban Outfitters, Inc.\* | 147 |  | 7703 |
| &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp.\* | 215 |  | 7669 |
| &nbsp;&nbsp;&nbsp;Rush Enterprises, Inc. — Class A | 141 |  | 7531 |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc.\* | 68 |  | 7305 |
| &nbsp;&nbsp;&nbsp;Dorman Products, Inc.\* | 60 |  | 7232 |
| &nbsp;&nbsp;&nbsp;Academy Sports & Outdoors, Inc. | 157 |  | 7161 |
| &nbsp;&nbsp;&nbsp;H&E Equipment Services, Inc. | 75 |  | 7109 |
| &nbsp;&nbsp;&nbsp;M/I Homes, Inc.\* | 62 |  | 7079 |
| &nbsp;&nbsp;&nbsp;Tri Pointe Homes, Inc.\* | 213 |  | 6799 |
| &nbsp;&nbsp;&nbsp;GMS, Inc.\* | 90 |  | 6585 |
| &nbsp;&nbsp;&nbsp;Patrick Industries, Inc. | 76 |  | 6427 |
| &nbsp;&nbsp;&nbsp;Cinemark Holdings, Inc. | 255 |  | 6347 |
| &nbsp;&nbsp;&nbsp;UniFirst Corp. | 35 |  | 6090 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co.\* | 659 |  | 6089 |
| &nbsp;&nbsp;&nbsp;Resideo Technologies, Inc.\* | 344 |  | 6089 |
| &nbsp;&nbsp;&nbsp;Hilton Grand Vacations, Inc.\* | 160 |  | 5986 |
| &nbsp;&nbsp;&nbsp;Life Time Group Holdings, Inc.\* | 197 |  | 5950 |
| &nbsp;&nbsp;&nbsp;Sweetgreen, Inc. — Class A\* | 233 |  | 5830 |
| &nbsp;&nbsp;&nbsp;Signet Jewelers Ltd. | 97 |  | 5632 |
| &nbsp;&nbsp;&nbsp;Cheesecake Factory, Inc.<sup>1</sup> | 112 |  | 5450 |
| &nbsp;&nbsp;&nbsp;PriceSmart, Inc. | 59 |  | 5183 |
| &nbsp;&nbsp;&nbsp;Peloton Interactive, Inc. — Class A\* | 815 |  | 5151 |
| &nbsp;&nbsp;&nbsp;LCI Industries | 58 |  | 5071 |
| &nbsp;&nbsp;&nbsp;Red Rock Resorts, Inc. — Class A | 116 |  | 5031 |
| &nbsp;&nbsp;&nbsp;Visteon Corp.\* | 64 |  | 4968 |
| &nbsp;&nbsp;&nbsp;HNI Corp. | 112 |  | 4967 |
| &nbsp;&nbsp;&nbsp;VSE Corp. | 41 |  | 4920 |
| &nbsp;&nbsp;&nbsp;American Eagle Outfitters, Inc. | 411 |  | 4776 |
| &nbsp;&nbsp;&nbsp;OPENLANE, Inc.\* | 245 |  | 4724 |
| &nbsp;&nbsp;&nbsp;Atlanta Braves Holdings, Inc. — Class C\* | 118 |  | 4721 |
| &nbsp;&nbsp;&nbsp;Hanesbrands, Inc.\* | 817 |  | 4714 |
| &nbsp;&nbsp;&nbsp;Steven Madden Ltd. | 165 |  | 4396 |
| &nbsp;&nbsp;&nbsp;Acushnet Holdings Corp. | 64 |  | 4394 |
| &nbsp;&nbsp;&nbsp;International Game Technology plc | 268 |  | 4358 |
| &nbsp;&nbsp;&nbsp;Century Communities, Inc. | 64 |  | 4294 |
| &nbsp;&nbsp;&nbsp;Green Brick Partners, Inc.\* | 73 |  | 4257 |
| &nbsp;&nbsp;&nbsp;Phinia, Inc. | 99 |  | 4201 |

---

216 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Dana, Inc. | 308 | $4106 |
| &nbsp;&nbsp;&nbsp;OneSpaWorld Holdings Ltd. | 237 | 3979 |
| &nbsp;&nbsp;&nbsp;REV Group, Inc. | 121 | 3823 |
| &nbsp;&nbsp;&nbsp;La-Z-Boy, Inc. | 97 | 3792 |
| &nbsp;&nbsp;&nbsp;Warby Parker, Inc. — Class A\* | 204 | 3719 |
| &nbsp;&nbsp;&nbsp;JetBlue Airways Corp.\* | 722 | 3480 |
| &nbsp;&nbsp;&nbsp;Victoria's Secret & Co.\* | 185 | 3437 |
| &nbsp;&nbsp;&nbsp;United Parks & Resorts, Inc.\* | 72 | 3273 |
| &nbsp;&nbsp;&nbsp;LGI Homes, Inc.\* | 49 | 3257 |
| &nbsp;&nbsp;&nbsp;Papa John's International, Inc. | 78 | 3204 |
| &nbsp;&nbsp;&nbsp;Madison Square Garden Entertainment Corp.\* | 93 | 3045 |
| &nbsp;&nbsp;&nbsp;Sonos, Inc.\* | 284 | 3030 |
| &nbsp;&nbsp;&nbsp;MillerKnoll, Inc. | 157 | 3005 |
| &nbsp;&nbsp;&nbsp;Buckle, Inc. | 73 | 2797 |
| &nbsp;&nbsp;&nbsp;Foot Locker, Inc.\* | 197 | 2778 |
| &nbsp;&nbsp;&nbsp;AMC Entertainment Holdings, Inc. — Class A\* | 935 | 2683 |
| &nbsp;&nbsp;&nbsp;Interface, Inc. — Class A | 135 | 2678 |
| &nbsp;&nbsp;&nbsp;IMAX Corp.\* | 101 | 2661 |
| &nbsp;&nbsp;&nbsp;Wolverine World Wide, Inc. | 187 | 2601 |
| &nbsp;&nbsp;&nbsp;G-III Apparel Group Ltd.\* | 92 | 2516 |
| &nbsp;&nbsp;&nbsp;Adient plc\* | 193 | 2482 |
| &nbsp;&nbsp;&nbsp;Everi Holdings, Inc.\* | 180 | 2461 |
| &nbsp;&nbsp;&nbsp;Blue Bird Corp.\* | 76 | 2460 |
| &nbsp;&nbsp;&nbsp;Sabre Corp.\* | 873 | 2453 |
| &nbsp;&nbsp;&nbsp;Steelcase, Inc. — Class A | 218 | 2389 |
| &nbsp;&nbsp;&nbsp;National Vision Holdings, Inc.\* | 184 | 2352 |
| &nbsp;&nbsp;&nbsp;Fox Factory Holding Corp.\* | 100 | 2334 |
| &nbsp;&nbsp;&nbsp;Monarch Casino & Resort, Inc. | 30 | 2333 |
| &nbsp;&nbsp;&nbsp;Lions Gate Entertainment Corp. — Class B\* | 293 | 2321 |
| &nbsp;&nbsp;&nbsp;Winnebago Industries, Inc. | 67 | 2309 |
| &nbsp;&nbsp;&nbsp;MRC Global, Inc.\* | 199 | 2284 |
| &nbsp;&nbsp;&nbsp;Super Group SGHC Ltd. | 353 | 2273 |
| &nbsp;&nbsp;&nbsp;Winmark Corp. | 7 | 2225 |
| &nbsp;&nbsp;&nbsp;Topgolf Callaway Brands Corp.\* | 334 | 2201 |
| &nbsp;&nbsp;&nbsp;Global Business Travel Group I\* | 296 | 2149 |
| &nbsp;&nbsp;&nbsp;Camping World Holdings, Inc. — Class A | 132 | 2133 |
| &nbsp;&nbsp;&nbsp;Sally Beauty Holdings, Inc.\* | 236 | 2131 |
| &nbsp;&nbsp;&nbsp;Oxford Industries, Inc. | 35 | 2053 |
| &nbsp;&nbsp;&nbsp;Cracker Barrel Old Country Store, Inc. | 52 | 2019 |
| &nbsp;&nbsp;&nbsp;Sonic Automotive, Inc. — Class A | 35 | 1994 |
| &nbsp;&nbsp;&nbsp;Gentherm, Inc.\* | 73 | 1952 |
| &nbsp;&nbsp;&nbsp;Rush Street Interactive, Inc.\* | 179 | 1919 |
| &nbsp;&nbsp;&nbsp;Allegiant Travel Co. — Class A\* | 37 | 1911 |
| &nbsp;&nbsp;&nbsp;ScanSource, Inc.\* | 56 | 1905 |
| &nbsp;&nbsp;&nbsp;XPEL, Inc.\* | 60 | 1763 |
| &nbsp;&nbsp;&nbsp;Pursuit Attractions and Hospitality, Inc.\* | 48 | 1699 |
| &nbsp;&nbsp;&nbsp;PC Connection, Inc. | 27 | 1685 |
| &nbsp;&nbsp;&nbsp;BJ's Restaurants, Inc.\* | 45 | 1542 |
| &nbsp;&nbsp;&nbsp;Portillo's, Inc. — Class A\*<sup>,1</sup> | 127 | 1510 |
| &nbsp;&nbsp;&nbsp;Ethan Allen Interiors, Inc. | 54 | 1496 |
| &nbsp;&nbsp;&nbsp;Dream Finders Homes, Inc. — Class A\* | 66 | 1489 |
| &nbsp;&nbsp;&nbsp;BlueLinx Holdings, Inc.\* | 19 | 1425 |
| &nbsp;&nbsp;&nbsp;Malibu Boats, Inc. — Class A\* | 46 | 1411 |
| &nbsp;&nbsp;&nbsp;Beazer Homes USA, Inc.\* | 69 | 1407 |
| &nbsp;&nbsp;&nbsp;Caleres, Inc. | 81 | 1396 |
| &nbsp;&nbsp;&nbsp;Dave & Buster's Entertainment, Inc.\* | 76 | 1335 |
| &nbsp;&nbsp;&nbsp;Bloomin' Brands, Inc. | 182 | 1305 |
| &nbsp;&nbsp;&nbsp;Hovnanian Enterprises, Inc. — Class A\* | 12 | 1257 |
| &nbsp;&nbsp;&nbsp;Golden Entertainment, Inc. | 47 | 1240 |
| &nbsp;&nbsp;&nbsp;Lions Gate Entertainment Corp. — Class A\* | 140 | 1239 |
| &nbsp;&nbsp;&nbsp;Douglas Dynamics, Inc. | 53 | 1231 |
| &nbsp;&nbsp;&nbsp;Jack in the Box, Inc. | 45 | 1224 |
| &nbsp;&nbsp;&nbsp;Standard Motor Products, Inc. | 49 | 1221 |
| &nbsp;&nbsp;&nbsp;Accel Entertainment, Inc.\* | 122 | 1210 |
| &nbsp;&nbsp;&nbsp;First Watch Restaurant Group, Inc.\* | 72 | 1199 |
| &nbsp;&nbsp;&nbsp;Sun Country Airlines Holdings, Inc.\* | 93 | 1146 |
| &nbsp;&nbsp;&nbsp;Rush Enterprises, Inc. — Class B | 20 | 1130 |
| &nbsp;&nbsp;&nbsp;Wabash National Corp. | 101 | 1116 |
| &nbsp;&nbsp;&nbsp;American Axle & Manufacturing Holdings, Inc.\* | 271 | 1103 |
| &nbsp;&nbsp;&nbsp;Miller Industries, Inc. | 26 | 1102 |
| &nbsp;&nbsp;&nbsp;MarineMax, Inc.\* | 51 | 1096 |
| &nbsp;&nbsp;&nbsp;Build-A-Bear Workshop, Inc. — Class A | 29 | 1078 |
| &nbsp;&nbsp;&nbsp;A-Mark Precious Metals, Inc. | 42 | 1065 |
| &nbsp;&nbsp;&nbsp;Atlanta Braves Holdings, Inc. — Class A\* | 24 | 1053 |
| &nbsp;&nbsp;&nbsp;Arhaus, Inc.\* | 121 | 1053 |
| &nbsp;&nbsp;&nbsp;Titan International, Inc.\* | 118 | 990 |
| &nbsp;&nbsp;&nbsp;ODP Corp.\* | 68 | 974 |
| &nbsp;&nbsp;&nbsp;Forestar Group, Inc.\* | 45 | 951 |
| &nbsp;&nbsp;&nbsp;Shoe Carnival, Inc. | 42 | 924 |
| &nbsp;&nbsp;&nbsp;Marcus Corp. | 55 | 918 |
| &nbsp;&nbsp;&nbsp;Daktronics, Inc.\* | 73 | 889 |
| &nbsp;&nbsp;&nbsp;RCI Hospitality Holdings, Inc. | 20 | 859 |
| &nbsp;&nbsp;&nbsp;Nu Skin Enterprises, Inc. — Class A | 117 | 849 |
| &nbsp;&nbsp;&nbsp;Dine Brands Global, Inc. | 36 | 838 |
| &nbsp;&nbsp;&nbsp;Titan Machinery, Inc.\* | 49 | 835 |
| &nbsp;&nbsp;&nbsp;Xperi, Inc.\* | 108 | 834 |
| &nbsp;&nbsp;&nbsp;indie Semiconductor, Inc. — Class A\*<sup>,1</sup> | 387 | 787 |
| &nbsp;&nbsp;&nbsp;Lindblad Expeditions Holdings, Inc.\* | 84 | 779 |
| &nbsp;&nbsp;&nbsp;Arko Corp. | 190 | 750 |
| &nbsp;&nbsp;&nbsp;Kura Sushi USA, Inc. — Class A\* | 14 | 717 |
| &nbsp;&nbsp;&nbsp;Global Industrial Co. | 32 | 717 |
| &nbsp;&nbsp;&nbsp;Haverty Furniture Companies, Inc. | 35 | 690 |
| &nbsp;&nbsp;&nbsp;MasterCraft Boat Holdings, Inc.\* | 39 | 672 |
| &nbsp;&nbsp;&nbsp;Hudson Technologies, Inc.\* | 105 | 648 |
| &nbsp;&nbsp;&nbsp;Shyft Group, Inc. | 80 | 647 |
| &nbsp;&nbsp;&nbsp;EVgo, Inc.\* | 237 | 630 |
| &nbsp;&nbsp;&nbsp;El Pollo Loco Holdings, Inc.\* | 61 | 628 |
| &nbsp;&nbsp;&nbsp;Potbelly Corp.\* | 65 | 618 |
| &nbsp;&nbsp;&nbsp;Cooper-Standard Holdings, Inc.\* | 40 | 613 |
| &nbsp;&nbsp;&nbsp;Clean Energy Fuels Corp.\* | 395 | 612 |
| &nbsp;&nbsp;&nbsp;Petco Health & Wellness Company, Inc.\* | 199 | 607 |
| &nbsp;&nbsp;&nbsp;Movado Group, Inc. | 36 | 602 |
| &nbsp;&nbsp;&nbsp;Lovesac Co.\* | 33 | 600 |
| &nbsp;&nbsp;&nbsp;America's Car-Mart, Inc.\* | 13 | 590 |
| &nbsp;&nbsp;&nbsp;Zumiez, Inc.\* | 37 | 551 |
| &nbsp;&nbsp;&nbsp;Genesco, Inc.\* | 25 | 531 |
| &nbsp;&nbsp;&nbsp;Methode Electronics, Inc. | 83 | 529 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 217

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Funko, Inc. — Class A\* | 74 | $| 507 |
| &nbsp;&nbsp;&nbsp;Xponential Fitness, Inc. — Class A\* | 57 |  | 475 |
| &nbsp;&nbsp;&nbsp;JAKKS Pacific, Inc. | 19 |  | 469 |
| &nbsp;&nbsp;&nbsp;Hyliion Holdings Corp.\* | 329 |  | 461 |
| &nbsp;&nbsp;&nbsp;OneWater Marine, Inc. — Class A\* | 28 |  | 453 |
| &nbsp;&nbsp;&nbsp;ThredUp, Inc. — Class A\* | 185 |  | 446 |
| &nbsp;&nbsp;&nbsp;Tile Shop Holdings, Inc.\* | 68 |  | 441 |
| &nbsp;&nbsp;&nbsp;Denny's Corp.\* | 119 |  | 437 |
| &nbsp;&nbsp;&nbsp;Frontier Group Holdings, Inc.\* | 99 |  | 430 |
| &nbsp;&nbsp;&nbsp;Weyco Group, Inc. | 14 |  | 427 |
| &nbsp;&nbsp;&nbsp;Flexsteel Industries, Inc. | 11 |  | 401 |
| &nbsp;&nbsp;&nbsp;Aeva Technologies, Inc.\* | 55 |  | 385 |
| &nbsp;&nbsp;&nbsp;Solid Power, Inc.\* | 363 |  | 381 |
| &nbsp;&nbsp;&nbsp;Savers Value Village, Inc.\* | 55 |  | 379 |
| &nbsp;&nbsp;&nbsp;Hamilton Beach Brands Holding Co. — Class A | 19 |  | 369 |
| &nbsp;&nbsp;&nbsp;Escalade, Inc. | 24 |  | 367 |
| &nbsp;&nbsp;&nbsp;Reservoir Media, Inc.\* | 46 |  | 351 |
| &nbsp;&nbsp;&nbsp;Superior Group of Companies, Inc. | 31 |  | 339 |
| &nbsp;&nbsp;&nbsp;Citi Trends, Inc.\* | 15 |  | 332 |
| &nbsp;&nbsp;&nbsp;Sleep Number Corp.\* | 51 |  | 323 |
| &nbsp;&nbsp;&nbsp;Full House Resorts, Inc.\* | 77 |  | 322 |
| &nbsp;&nbsp;&nbsp;Leslie's, Inc.\* | 424 |  | 312 |
| &nbsp;&nbsp;&nbsp;Rocky Brands, Inc. | 17 |  | 295 |
| &nbsp;&nbsp;&nbsp;Designer Brands, Inc. — Class A<sup>1</sup> | 79 |  | 288 |
| &nbsp;&nbsp;&nbsp;Luminar Technologies, Inc.\* | 53 |  | 286 |
| &nbsp;&nbsp;&nbsp;Holley, Inc.\* | 110 |  | 283 |
| &nbsp;&nbsp;&nbsp;Johnson Outdoors, Inc. — Class A | 11 |  | 273 |
| &nbsp;&nbsp;&nbsp;Clarus Corp. | 72 |  | 270 |
| &nbsp;&nbsp;&nbsp;Landsea Homes Corp.\* | 42 |  | 270 |
| &nbsp;&nbsp;&nbsp;Webtoon Entertainment, Inc.\* | 33 |  | 253 |
| &nbsp;&nbsp;&nbsp;Hooker Furnishings Corp. | 25 |  | 251 |
| &nbsp;&nbsp;&nbsp;Virco Mfg. Corp. | 25 |  | 237 |
| &nbsp;&nbsp;&nbsp;Biglari Holdings, Inc. — Class B\* | 1 |  | 217 |
| &nbsp;&nbsp;&nbsp;J Jill, Inc. | 11 |  | 215 |
| &nbsp;&nbsp;&nbsp;Wheels Up Experience, Inc.\* | 211 |  | 213 |
| &nbsp;&nbsp;&nbsp;Blink Charging Co.\* | 227 |  | 208 |
| &nbsp;&nbsp;&nbsp;EVI Industries, Inc. | 12 |  | 201 |
| &nbsp;&nbsp;&nbsp;Torrid Holdings, Inc.\*<sup>,1</sup> | 34 |  | 186 |
| &nbsp;&nbsp;&nbsp;Marine Products Corp. | 21 |  | 176 |
| &nbsp;&nbsp;&nbsp;iRobot Corp.\* | 64 |  | 173 |
| &nbsp;&nbsp;&nbsp;Destination XL Group, Inc.\* | 116 |  | 169 |
| &nbsp;&nbsp;&nbsp;SES AI Corp.\* | 307 |  | 160 |
| &nbsp;&nbsp;&nbsp;ONE Group Hospitality, Inc.\* | 49 |  | 147 |
| &nbsp;&nbsp;&nbsp;Lifetime Brands, Inc. | 29 |  | 143 |
| &nbsp;&nbsp;&nbsp;GrowGeneration Corp.\* | 132 |  | 143 |
| &nbsp;&nbsp;&nbsp;Traeger, Inc.\* | 81 |  | 136 |
| &nbsp;&nbsp;&nbsp;Vera Bradley, Inc.\* | 58 |  | 130 |
| &nbsp;&nbsp;&nbsp;Purple Innovation, Inc.\* | 134 |  | 102 |
| &nbsp;&nbsp;&nbsp;Commercial Vehicle Group, Inc.\* | 79 |  | 91 |
| &nbsp;&nbsp;&nbsp;Livewire Group, Inc.\* | 43 |  | 86 |
| &nbsp;&nbsp;&nbsp;Tilly's, Inc. — Class A\* | 35 |  | 77 |
| &nbsp;&nbsp;&nbsp;CompX International, Inc. | 3 |  | 62 |
| &nbsp;&nbsp;&nbsp;United Homes Group, Inc.\* | 12 |  | 34 |
| &nbsp;&nbsp;&nbsp;QVC Group, Inc. — Class B\* | 2 |  | 13 |
| **Total Consumer, Cyclical** |  |  | 585603 |
| **Technology - 4.4%** | **Technology - 4.4%** | **Technology - 4.4%** | **Technology - 4.4%** |
| &nbsp;&nbsp;&nbsp;ExlService Holdings, Inc.\* | 364 |  | 17184 |
| &nbsp;&nbsp;&nbsp;CommVault Systems, Inc.\* | 101 |  | 15934 |
| &nbsp;&nbsp;&nbsp;ACI Worldwide, Inc.\* | 244 |  | 13349 |
| &nbsp;&nbsp;&nbsp;Rambus, Inc.\* | 247 |  | 12788 |
| &nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Inc. — Class A\* | 433 |  | 11604 |
| &nbsp;&nbsp;&nbsp;SPS Commerce, Inc.\* | 86 |  | 11415 |
| &nbsp;&nbsp;&nbsp;Qualys, Inc.\* | 86 |  | 10830 |
| &nbsp;&nbsp;&nbsp;Varonis Systems, Inc.\* | 255 |  | 10315 |
| &nbsp;&nbsp;&nbsp;IonQ, Inc.\*<sup>,1</sup> | 465 |  | 10263 |
| &nbsp;&nbsp;&nbsp;Box, Inc. — Class A\* | 326 |  | 10060 |
| &nbsp;&nbsp;&nbsp;Tenable Holdings, Inc.\* | 278 |  | 9724 |
| &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc.\* | 63 |  | 9449 |
| &nbsp;&nbsp;&nbsp;Workiva, Inc.\* | 119 |  | 9033 |
| &nbsp;&nbsp;&nbsp;Maximus, Inc. | 132 |  | 9001 |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc.\* | 74 |  | 8330 |
| &nbsp;&nbsp;&nbsp;Intapp, Inc.\* | 123 |  | 7181 |
| &nbsp;&nbsp;&nbsp;Waystar Holding Corp.\* | 182 |  | 6800 |
| &nbsp;&nbsp;&nbsp;Freshworks, Inc. — Class A\* | 478 |  | 6745 |
| &nbsp;&nbsp;&nbsp;Power Integrations, Inc. | 131 |  | 6615 |
| &nbsp;&nbsp;&nbsp;BlackLine, Inc.\* | 136 |  | 6585 |
| &nbsp;&nbsp;&nbsp;SiTime Corp.\* | 43 |  | 6573 |
| &nbsp;&nbsp;&nbsp;ASGN, Inc.\* | 100 |  | 6302 |
| &nbsp;&nbsp;&nbsp;WNS Holdings Ltd.\* | 101 |  | 6211 |
| &nbsp;&nbsp;&nbsp;SoundHound AI, Inc. — Class A\*<sup>,1</sup> | 749 |  | 6082 |
| &nbsp;&nbsp;&nbsp;Synaptics, Inc.\* | 93 |  | 5926 |
| &nbsp;&nbsp;&nbsp;Semtech Corp.\* | 171 |  | 5882 |
| &nbsp;&nbsp;&nbsp;Blackbaud, Inc.\* | 91 |  | 5647 |
| &nbsp;&nbsp;&nbsp;Zeta Global Holdings Corp. — Class A\* | 413 |  | 5600 |
| &nbsp;&nbsp;&nbsp;Braze, Inc. — Class A\* | 155 |  | 5592 |
| &nbsp;&nbsp;&nbsp;C3.ai, Inc. — Class A\* | 260 |  | 5473 |
| &nbsp;&nbsp;&nbsp;Privia Health Group, Inc.\* | 240 |  | 5388 |
| &nbsp;&nbsp;&nbsp;Clear Secure, Inc. — Class A | 207 |  | 5363 |
| &nbsp;&nbsp;&nbsp;DigitalOcean Holdings, Inc.\* | 155 |  | 5175 |
| &nbsp;&nbsp;&nbsp;Progress Software Corp. | 100 |  | 5151 |
| &nbsp;&nbsp;&nbsp;FormFactor, Inc.\* | 179 |  | 5064 |
| &nbsp;&nbsp;&nbsp;Impinj, Inc.\* | 54 |  | 4898 |
| &nbsp;&nbsp;&nbsp;PAR Technology Corp.\* | 79 |  | 4846 |
| &nbsp;&nbsp;&nbsp;ACV Auctions, Inc. — Class A\* | 342 |  | 4819 |
| &nbsp;&nbsp;&nbsp;Diodes, Inc.\* | 108 |  | 4662 |
| &nbsp;&nbsp;&nbsp;NCR Atleos Corp.\* | 170 |  | 4485 |
| &nbsp;&nbsp;&nbsp;Vertex, Inc. — Class A\* | 128 |  | 4481 |
| &nbsp;&nbsp;&nbsp;Ambarella, Inc.\* | 89 |  | 4479 |
| &nbsp;&nbsp;&nbsp;Alignment Healthcare, Inc.\* | 236 |  | 4394 |
| &nbsp;&nbsp;&nbsp;AvePoint, Inc.\* | 299 |  | 4318 |
| &nbsp;&nbsp;&nbsp;CSG Systems International, Inc. | 67 |  | 4052 |
| &nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries, Inc. | 121 |  | 3991 |
| &nbsp;&nbsp;&nbsp;Rapid7, Inc.\* | 146 |  | 3871 |
| &nbsp;&nbsp;&nbsp;Agilysys, Inc.\* | 53 |  | 3845 |
| &nbsp;&nbsp;&nbsp;Axcelis Technologies, Inc.\* | 77 |  | 3825 |
| &nbsp;&nbsp;&nbsp;Alkami Technology, Inc.\* | 140 |  | 3675 |
| &nbsp;&nbsp;&nbsp;PagerDuty, Inc.\* | 201 |  | 3672 |
| &nbsp;&nbsp;&nbsp;Rigetti Computing, Inc.\*<sup>,1</sup> | 437 |  | 3461 |
| &nbsp;&nbsp;&nbsp;Pitney Bowes, Inc. | 381 |  | 3448 |
| &nbsp;&nbsp;&nbsp;NetScout Systems, Inc.\* | 163 |  | 3425 |

---

218 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;AvidXchange Holdings, Inc.\* | 402 | $3409 |
| &nbsp;&nbsp;&nbsp;Adeia, Inc. | 256 | 3384 |
| &nbsp;&nbsp;&nbsp;NCR Voyix Corp.\* | 343 | 3344 |
| &nbsp;&nbsp;&nbsp;Phreesia, Inc.\* | 126 | 3221 |
| &nbsp;&nbsp;&nbsp;D-Wave Quantum, Inc.\*<sup>,1</sup> | 422 | 3207 |
| &nbsp;&nbsp;&nbsp;Photronics, Inc.\* | 145 | 3010 |
| &nbsp;&nbsp;&nbsp;ACM Research, Inc. — Class A\* | 120 | 2801 |
| &nbsp;&nbsp;&nbsp;Asana, Inc. — Class A\* | 192 | 2797 |
| &nbsp;&nbsp;&nbsp;Appian Corp. — Class A\* | 95 | 2737 |
| &nbsp;&nbsp;&nbsp;Donnelley Financial Solutions, Inc.\* | 61 | 2666 |
| &nbsp;&nbsp;&nbsp;Veeco Instruments, Inc.\* | 131 | 2630 |
| &nbsp;&nbsp;&nbsp;Diebold Nixdorf, Inc.\* | 60 | 2623 |
| &nbsp;&nbsp;&nbsp;Sprout Social, Inc. — Class A\* | 118 | 2595 |
| &nbsp;&nbsp;&nbsp;Schrodinger Incorporated/United States\* | 131 | 2586 |
| &nbsp;&nbsp;&nbsp;Evolent Health, Inc. — Class A\* | 272 | 2576 |
| &nbsp;&nbsp;&nbsp;Verint Systems, Inc.\* | 144 | 2570 |
| &nbsp;&nbsp;&nbsp;SolarWinds Corp. | 128 | 2359 |
| &nbsp;&nbsp;&nbsp;Digi International, Inc.\* | 84 | 2338 |
| &nbsp;&nbsp;&nbsp;Innodata, Inc.\* | 64 | 2298 |
| &nbsp;&nbsp;&nbsp;Jamf Holding Corp.\* | 185 | 2248 |
| &nbsp;&nbsp;&nbsp;Ultra Clean Holdings, Inc.\* | 104 | 2227 |
| &nbsp;&nbsp;&nbsp;Penguin Solutions, Inc.\* | 123 | 2137 |
| &nbsp;&nbsp;&nbsp;Grid Dynamics Holdings, Inc.\* | 135 | 2113 |
| &nbsp;&nbsp;&nbsp;NextNav, Inc.\* | 169 | 2057 |
| &nbsp;&nbsp;&nbsp;PROS Holdings, Inc.\* | 108 | 2055 |
| &nbsp;&nbsp;&nbsp;MaxLinear, Inc. — Class A\* | 188 | 2042 |
| &nbsp;&nbsp;&nbsp;Sapiens International Corporation N.V. | 73 | 1978 |
| &nbsp;&nbsp;&nbsp;Fastly, Inc. — Class A\* | 302 | 1912 |
| &nbsp;&nbsp;&nbsp;V2X, Inc.\* | 38 | 1864 |
| &nbsp;&nbsp;&nbsp;Amplitude, Inc. — Class A\* | 177 | 1804 |
| &nbsp;&nbsp;&nbsp;Vimeo, Inc.\* | 342 | 1799 |
| &nbsp;&nbsp;&nbsp;Blend Labs, Inc. — Class A\* | 523 | 1752 |
| &nbsp;&nbsp;&nbsp;Cohu, Inc.\* | 109 | 1603 |
| &nbsp;&nbsp;&nbsp;Ibotta, Inc. — Class A\*<sup>,1</sup> | 37 | 1561 |
| &nbsp;&nbsp;&nbsp;Yext, Inc.\* | 248 | 1528 |
| &nbsp;&nbsp;&nbsp;Planet Labs PBC\* | 448 | 1514 |
| &nbsp;&nbsp;&nbsp;Olo, Inc. — Class A\* | 247 | 1492 |
| &nbsp;&nbsp;&nbsp;CEVA, Inc.\* | 55 | 1409 |
| &nbsp;&nbsp;&nbsp;MeridianLink, Inc.\* | 76 | 1408 |
| &nbsp;&nbsp;&nbsp;PDF Solutions, Inc.\* | 73 | 1395 |
| &nbsp;&nbsp;&nbsp;Integral Ad Science Holding Corp.\* | 172 | 1386 |
| &nbsp;&nbsp;&nbsp;Alpha & Omega Semiconductor Ltd.\* | 55 | 1367 |
| &nbsp;&nbsp;&nbsp;OneSpan, Inc. | 89 | 1357 |
| &nbsp;&nbsp;&nbsp;Porch Group, Inc.\* | 183 | 1334 |
| &nbsp;&nbsp;&nbsp;I3 Verticals, Inc. — Class A\* | 54 | 1332 |
| &nbsp;&nbsp;&nbsp;Xerox Holdings Corp.<sup>1</sup> | 274 | 1323 |
| &nbsp;&nbsp;&nbsp;Enfusion, Inc. — Class A\* | 113 | 1260 |
| &nbsp;&nbsp;&nbsp;Daily Journal Corp.\* | 3 | 1193 |
| &nbsp;&nbsp;&nbsp;N-able, Inc.\* | 168 | 1191 |
| &nbsp;&nbsp;&nbsp;Climb Global Solutions, Inc. | 10 | 1108 |
| &nbsp;&nbsp;&nbsp;PlayAGS, Inc.\* | 91 | 1102 |
| &nbsp;&nbsp;&nbsp;Cantaloupe, Inc.\* | 138 | 1086 |
| &nbsp;&nbsp;&nbsp;Logility Supply Chain Solutions, Inc. — Class A | 74 | 1055 |
| &nbsp;&nbsp;&nbsp;Weave Communications, Inc.\* | 93 | 1031 |
| &nbsp;&nbsp;&nbsp;Red Violet, Inc. | 26 | 977 |
| &nbsp;&nbsp;&nbsp;Conduent, Inc.\* | 360 | 972 |
| &nbsp;&nbsp;&nbsp;Consensus Cloud Solutions, Inc.\* | 42 | 969 |
| &nbsp;&nbsp;&nbsp;BigCommerce Holdings, Inc.\* | 167 | 962 |
| &nbsp;&nbsp;&nbsp;Corsair Gaming, Inc.\* | 105 | 930 |
| &nbsp;&nbsp;&nbsp;Life360, Inc.\* | 24 | 921 |
| &nbsp;&nbsp;&nbsp;Simulations Plus, Inc. | 37 | 907 |
| &nbsp;&nbsp;&nbsp;Mitek Systems, Inc.\* | 108 | 891 |
| &nbsp;&nbsp;&nbsp;Pagaya Technologies Ltd. — Class A\*<sup>,1</sup> | 85 | 891 |
| &nbsp;&nbsp;&nbsp;E2open Parent Holdings, Inc.\* | 444 | 888 |
| &nbsp;&nbsp;&nbsp;PubMatic, Inc. — Class A\* | 92 | 841 |
| &nbsp;&nbsp;&nbsp;SEMrush Holdings, Inc. — Class A\* | 86 | 802 |
| &nbsp;&nbsp;&nbsp;GigaCloud Technology, Inc. — Class A\*<sup>,1</sup> | 56 | 795 |
| &nbsp;&nbsp;&nbsp;Ouster, Inc.\* | 87 | 781 |
| &nbsp;&nbsp;&nbsp;Bandwidth, Inc. — Class A\* | 59 | 773 |
| &nbsp;&nbsp;&nbsp;Cerence, Inc.\* | 97 | 766 |
| &nbsp;&nbsp;&nbsp;Talkspace, Inc.\* | 290 | 742 |
| &nbsp;&nbsp;&nbsp;Unisys Corp.\* | 155 | 712 |
| &nbsp;&nbsp;&nbsp;BigBear.ai Holdings, Inc.\* | 239 | 684 |
| &nbsp;&nbsp;&nbsp;Vishay Precision Group, Inc.\* | 28 | 675 |
| &nbsp;&nbsp;&nbsp;3D Systems Corp.\* | 300 | 636 |
| &nbsp;&nbsp;&nbsp;Domo, Inc. — Class B\* | 81 | 629 |
| &nbsp;&nbsp;&nbsp;Health Catalyst, Inc.\* | 138 | 625 |
| &nbsp;&nbsp;&nbsp;Digital Turbine, Inc.\* | 226 | 614 |
| &nbsp;&nbsp;&nbsp;Navitas Semiconductor Corp.\* | 297 | 609 |
| &nbsp;&nbsp;&nbsp;8x8, Inc.\* | 289 | 578 |
| &nbsp;&nbsp;&nbsp;ReposiTrak, Inc.<sup>1</sup> | 28 | 568 |
| &nbsp;&nbsp;&nbsp;Cricut, Inc. — Class A | 110 | 567 |
| &nbsp;&nbsp;&nbsp;Immersion Corp. | 72 | 546 |
| &nbsp;&nbsp;&nbsp;Asure Software, Inc.\* | 57 | 544 |
| &nbsp;&nbsp;&nbsp;IBEX Holdings Ltd.\* | 21 | 511 |
| &nbsp;&nbsp;&nbsp;EverCommerce, Inc.\* | 50 | 504 |
| &nbsp;&nbsp;&nbsp;Aehr Test Systems\* | 65 | 474 |
| &nbsp;&nbsp;&nbsp;Digimarc Corp.\* | 36 | 462 |
| &nbsp;&nbsp;&nbsp;SkyWater Technology, Inc.\* | 64 | 454 |
| &nbsp;&nbsp;&nbsp;Arteris, Inc.\* | 65 | 449 |
| &nbsp;&nbsp;&nbsp;Viant Technology, Inc. — Class A\* | 36 | 447 |
| &nbsp;&nbsp;&nbsp;Inspired Entertainment, Inc.\* | 52 | 444 |
| &nbsp;&nbsp;&nbsp;Rimini Street, Inc.\* | 125 | 435 |
| &nbsp;&nbsp;&nbsp;Kaltura, Inc.\* | 228 | 429 |
| &nbsp;&nbsp;&nbsp;Definitive Healthcare Corp.\* | 126 | 364 |
| &nbsp;&nbsp;&nbsp;Outbrain, Inc.\* | 92 | 343 |
| &nbsp;&nbsp;&nbsp;ON24, Inc.\* | 65 | 338 |
| &nbsp;&nbsp;&nbsp;Richardson Electronics Ltd. | 29 | 324 |
| &nbsp;&nbsp;&nbsp;Telos Corp.\* | 130 | 309 |
| &nbsp;&nbsp;&nbsp;CS Disco, Inc.\* | 69 | 282 |
| &nbsp;&nbsp;&nbsp;Rackspace Technology, Inc.\* | 159 | 269 |
| &nbsp;&nbsp;&nbsp;Playstudios, Inc.\* | 208 | 264 |
| &nbsp;&nbsp;&nbsp;Everspin Technologies, Inc.\* | 47 | 240 |
| &nbsp;&nbsp;&nbsp;eGain Corp.\* | 45 | 218 |
| &nbsp;&nbsp;&nbsp;WM Technology, Inc.\* | 193 | 218 |
| &nbsp;&nbsp;&nbsp;QuickLogic Corp.\* | 33 | 169 |
| &nbsp;&nbsp;&nbsp;Rekor Systems, Inc.\* | 173 | 153 |
| &nbsp;&nbsp;&nbsp;TTEC Holdings, Inc.\* | 46 | 151 |
| &nbsp;&nbsp;&nbsp;Golden Matrix Group, Inc.\* | 47 | 93 |
| &nbsp;&nbsp;&nbsp;Airship AI Holdings, Inc.\* | 11 | 42 |
| &nbsp;&nbsp;&nbsp;GCT Semiconductor Holding, Inc.\* | 17 | 28 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 219

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;System1, Inc.\* | 56 | $| 21 |
| &nbsp;&nbsp;&nbsp;Silvaco Group, Inc.\* | 1 |  | 5 |
| **Total Technology** |  |  | 506690 |
| **Energy - 2.3%** | **Energy - 2.3%** | **Energy - 2.3%** | **Energy - 2.3%** |
| &nbsp;&nbsp;&nbsp;ChampionX Corp. | 441 |  | 13142 |
| &nbsp;&nbsp;&nbsp;CNX Resources Corp.\* | 338 |  | 10640 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp. — Class A | 401 |  | 10129 |
| &nbsp;&nbsp;&nbsp;Archrock, Inc. | 386 |  | 10129 |
| &nbsp;&nbsp;&nbsp;Core Natural Resources, Inc. | 122 |  | 9406 |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corp. | 321 |  | 9116 |
| &nbsp;&nbsp;&nbsp;SM Energy Co. | 265 |  | 7937 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc. | 900 |  | 7398 |
| &nbsp;&nbsp;&nbsp;Noble Corporation plc | 308 |  | 7300 |
| &nbsp;&nbsp;&nbsp;California Resources Corp. | 163 |  | 7167 |
| &nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc. | 227 |  | 6862 |
| &nbsp;&nbsp;&nbsp;Helmerich & Payne, Inc. | 228 |  | 5955 |
| &nbsp;&nbsp;&nbsp;Warrior Met Coal, Inc. | 122 |  | 5822 |
| &nbsp;&nbsp;&nbsp;Liberty Energy, Inc. — Class A | 366 |  | 5794 |
| &nbsp;&nbsp;&nbsp;Valaris Ltd.\* | 145 |  | 5693 |
| &nbsp;&nbsp;&nbsp;Transocean Ltd.\* | 1687 |  | 5348 |
| &nbsp;&nbsp;&nbsp;Gulfport Energy Corp.\* | 29 |  | 5340 |
| &nbsp;&nbsp;&nbsp;Oceaneering International, Inc.\* | 238 |  | 5191 |
| &nbsp;&nbsp;&nbsp;Tidewater, Inc.\* | 115 |  | 4861 |
| &nbsp;&nbsp;&nbsp;Kinetik Holdings, Inc. — Class A | 90 |  | 4675 |
| &nbsp;&nbsp;&nbsp;PBF Energy, Inc. — Class A | 237 |  | 4524 |
| &nbsp;&nbsp;&nbsp;Comstock Resources, Inc.\* | 218 |  | 4434 |
| &nbsp;&nbsp;&nbsp;Crescent Energy Co. — Class A | 383 |  | 4305 |
| &nbsp;&nbsp;&nbsp;DNOW, Inc.\* | 249 |  | 4253 |
| &nbsp;&nbsp;&nbsp;Kodiak Gas Services, Inc. | 104 |  | 3879 |
| &nbsp;&nbsp;&nbsp;Peabody Energy Corp. | 283 |  | 3835 |
| &nbsp;&nbsp;&nbsp;Seadrill Ltd.\* | 151 |  | 3775 |
| &nbsp;&nbsp;&nbsp;Sitio Royalties Corp. — Class A | 184 |  | 3656 |
| &nbsp;&nbsp;&nbsp;Alpha Metallurgical Resources, Inc.\* | 26 |  | 3257 |
| &nbsp;&nbsp;&nbsp;Talos Energy, Inc.\* | 335 |  | 3256 |
| &nbsp;&nbsp;&nbsp;Sable Offshore Corp.\* | 119 |  | 3019 |
| &nbsp;&nbsp;&nbsp;Sunrun, Inc.\* | 515 |  | 3018 |
| &nbsp;&nbsp;&nbsp;Atlas Energy Solutions, Inc.<sup>1</sup> | 160 |  | 2854 |
| &nbsp;&nbsp;&nbsp;Helix Energy Solutions Group, Inc.\* | 333 |  | 2767 |
| &nbsp;&nbsp;&nbsp;Plug Power, Inc.\*<sup>,1</sup> | 1911 |  | 2580 |
| &nbsp;&nbsp;&nbsp;Kosmos Energy Ltd.\* | 1082 |  | 2467 |
| &nbsp;&nbsp;&nbsp;Select Water Solutions, Inc. — Class A | 215 |  | 2257 |
| &nbsp;&nbsp;&nbsp;Delek US Holdings, Inc. | 149 |  | 2245 |
| &nbsp;&nbsp;&nbsp;Expro Group Holdings N.V.\* | 223 |  | 2217 |
| &nbsp;&nbsp;&nbsp;NextDecade Corp.\* | 273 |  | 2124 |
| &nbsp;&nbsp;&nbsp;Aris Water Solutions, Inc. — Class A | 63 |  | 2018 |
| &nbsp;&nbsp;&nbsp;Bristow Group, Inc.\* | 58 |  | 1832 |
| &nbsp;&nbsp;&nbsp;Par Pacific Holdings, Inc.\* | 128 |  | 1825 |
| &nbsp;&nbsp;&nbsp;SunCoke Energy, Inc. | 197 |  | 1812 |
| &nbsp;&nbsp;&nbsp;Array Technologies, Inc.\* | 353 |  | 1719 |
| &nbsp;&nbsp;&nbsp;Core Laboratories, Inc. | 111 |  | 1664 |
| &nbsp;&nbsp;&nbsp;CVR Energy, Inc.\* | 81 |  | 1571 |
| &nbsp;&nbsp;&nbsp;ProPetro Holding Corp.\* | 205 |  | 1507 |
| &nbsp;&nbsp;&nbsp;Diversified Energy Company plc | 111 |  | 1501 |
| &nbsp;&nbsp;&nbsp;Innovex International, Inc.\* | 81 |  | 1455 |
| &nbsp;&nbsp;&nbsp;Vitesse Energy, Inc. | 59 |  | 1451 |
| &nbsp;&nbsp;&nbsp;Vital Energy, Inc.\* | 67 |  | 1422 |
| &nbsp;&nbsp;&nbsp;REX American Resources Corp.\* | 36 |  | 1353 |
| &nbsp;&nbsp;&nbsp;Shoals Technologies Group, Inc. — Class A\* | 388 |  | 1288 |
| &nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure, Inc. — Class A | 59 |  | 1284 |
| &nbsp;&nbsp;&nbsp;Borr Drilling Ltd.<sup>1</sup> | 548 |  | 1200 |
| &nbsp;&nbsp;&nbsp;Flowco Holdings, Inc. — Class A\* | 45 |  | 1154 |
| &nbsp;&nbsp;&nbsp;Excelerate Energy, Inc. — Class A | 40 |  | 1147 |
| &nbsp;&nbsp;&nbsp;NPK International, Inc.\* | 196 |  | 1139 |
| &nbsp;&nbsp;&nbsp;RPC, Inc. | 200 |  | 1100 |
| &nbsp;&nbsp;&nbsp;TETRA Technologies, Inc.\* | 296 |  | 995 |
| &nbsp;&nbsp;&nbsp;VAALCO Energy, Inc. | 246 |  | 925 |
| &nbsp;&nbsp;&nbsp;Nabors Industries Ltd.\* | 21 |  | 876 |
| &nbsp;&nbsp;&nbsp;SandRidge Energy, Inc. | 76 |  | 868 |
| &nbsp;&nbsp;&nbsp;Riley Exploration Permian, Inc. | 27 |  | 788 |
| &nbsp;&nbsp;&nbsp;Matrix Service Co.\* | 62 |  | 771 |
| &nbsp;&nbsp;&nbsp;Granite Ridge Resources, Inc. | 124 |  | 754 |
| &nbsp;&nbsp;&nbsp;Hallador Energy Co.\* | 60 |  | 737 |
| &nbsp;&nbsp;&nbsp;Oil States International, Inc.\* | 142 |  | 731 |
| &nbsp;&nbsp;&nbsp;Green Plains, Inc.\* | 150 |  | 727 |
| &nbsp;&nbsp;&nbsp;Fluence Energy, Inc.\* | 143 |  | 694 |
| &nbsp;&nbsp;&nbsp;BKV Corp.\* | 33 |  | 693 |
| &nbsp;&nbsp;&nbsp;Berry Corp. | 181 |  | 581 |
| &nbsp;&nbsp;&nbsp;Forum Energy Technologies, Inc.\* | 28 |  | 563 |
| &nbsp;&nbsp;&nbsp;Natural Gas Services Group, Inc.\* | 25 |  | 549 |
| &nbsp;&nbsp;&nbsp;Infinity Natural Resources, Inc. — Class A\* | 29 |  | 544 |
| &nbsp;&nbsp;&nbsp;Ranger Energy Services, Inc. — Class A | 37 |  | 525 |
| &nbsp;&nbsp;&nbsp;Ramaco Resources, Inc. — Class A | 62 |  | 510 |
| &nbsp;&nbsp;&nbsp;ASP Isotopes, Inc.\* | 99 |  | 464 |
| &nbsp;&nbsp;&nbsp;PrimeEnergy Resources Corp.\* | 2 |  | 456 |
| &nbsp;&nbsp;&nbsp;HighPeak Energy, Inc. | 34 |  | 431 |
| &nbsp;&nbsp;&nbsp;Ring Energy, Inc.\* | 349 |  | 401 |
| &nbsp;&nbsp;&nbsp;ProFrac Holding Corp. — Class A\*<sup>,1</sup> | 52 |  | 395 |
| &nbsp;&nbsp;&nbsp;DMC Global, Inc.\* | 46 |  | 387 |
| &nbsp;&nbsp;&nbsp;Evolution Petroleum Corp. | 72 |  | 373 |
| &nbsp;&nbsp;&nbsp;W&T Offshore, Inc. | 233 |  | 361 |
| &nbsp;&nbsp;&nbsp;Amplify Energy Corp.\* | 92 |  | 344 |
| &nbsp;&nbsp;&nbsp;NACCO Industries, Inc. — Class A | 10 |  | 337 |
| &nbsp;&nbsp;&nbsp;T1 Energy, Inc.\* | 264 |  | 333 |
| &nbsp;&nbsp;&nbsp;Montauk Renewables, Inc.\* | 156 |  | 326 |
| &nbsp;&nbsp;&nbsp;SEACOR Marine Holdings, Inc.\* | 57 |  | 288 |
| &nbsp;&nbsp;&nbsp;FutureFuel Corp. | 62 |  | 242 |
| &nbsp;&nbsp;&nbsp;Empire Petroleum Corp.\* | 35 |  | 220 |
| &nbsp;&nbsp;&nbsp;Geospace Technologies Corp.\* | 29 |  | 209 |
| &nbsp;&nbsp;&nbsp;Energy Vault Holdings, Inc.\* | 242 |  | 168 |
| &nbsp;&nbsp;&nbsp;Aemetis, Inc.\* | 85 |  | 148 |
| &nbsp;&nbsp;&nbsp;FuelCell Energy, Inc.\*<sup>,1</sup> | 32 |  | 147 |
| &nbsp;&nbsp;&nbsp;Stem, Inc.\* | 351 |  | 123 |
| &nbsp;&nbsp;&nbsp;Mammoth Energy Services, Inc.\* | 57 |  | 116 |
| &nbsp;&nbsp;&nbsp;Sunnova Energy International, Inc.\*<sup>,1</sup> | 256 |  | 95 |
| &nbsp;&nbsp;&nbsp;Ramaco Resources, Inc. — Class B | 13 |  | 92 |
| &nbsp;&nbsp;&nbsp;TPI Composites, Inc.\*<sup>,1</sup> | 109 |  | 88 |
| &nbsp;&nbsp;&nbsp;Drilling Tools International Corp.\* | 25 |  | 59 |
| &nbsp;&nbsp;&nbsp;Prairie Operating Co.\* | 10 |  | 54 |
| &nbsp;&nbsp;&nbsp;Verde Clean Fuels, Inc.\* | 6 |  | 20 |
| &nbsp;&nbsp;&nbsp;SolarMax Technology, Inc.\* | 15 |  | 18 |
| **Total Energy** |  |  | 261595 |

---

220 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Communications - 2.0%** | **Communications - 2.0%** | **Communications - 2.0%** |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding Ltd.\* | 330 | 13253 |
| &nbsp;&nbsp;&nbsp;Hims & Hers Health, Inc.\* | 447 | 13209 |
| &nbsp;&nbsp;&nbsp;InterDigital, Inc. | 59 | 12198 |
| &nbsp;&nbsp;&nbsp;Q2 Holdings, Inc.\* | 136 | 10881 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc.\* | 2341 | 9177 |
| &nbsp;&nbsp;&nbsp;Telephone & Data Systems, Inc. | 228 | 8833 |
| &nbsp;&nbsp;&nbsp;EchoStar Corp. — Class A\* | 282 | 7214 |
| &nbsp;&nbsp;&nbsp;AST SpaceMobile, Inc.\* | 310 | 7049 |
| &nbsp;&nbsp;&nbsp;TEGNA, Inc. | 373 | 6796 |
| &nbsp;&nbsp;&nbsp;Cogent Communications Holdings, Inc. | 102 | 6254 |
| &nbsp;&nbsp;&nbsp;Cargurus, Inc.\* | 204 | 5943 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions, Inc.\* | 509 | 5696 |
| &nbsp;&nbsp;&nbsp;Yelp, Inc. — Class A\* | 147 | 5443 |
| &nbsp;&nbsp;&nbsp;Calix, Inc.\* | 140 | 4962 |
| &nbsp;&nbsp;&nbsp;Upwork, Inc.\* | 294 | 3837 |
| &nbsp;&nbsp;&nbsp;ePlus, Inc.\* | 62 | 3784 |
| &nbsp;&nbsp;&nbsp;Extreme Networks, Inc.\* | 286 | 3784 |
| &nbsp;&nbsp;&nbsp;Ziff Davis, Inc.\* | 98 | 3683 |
| &nbsp;&nbsp;&nbsp;Cable One, Inc. | 13 | 3455 |
| &nbsp;&nbsp;&nbsp;Magnite, Inc.\* | 297 | 3389 |
| &nbsp;&nbsp;&nbsp;DigitalBridge Group, Inc. | 368 | 3246 |
| &nbsp;&nbsp;&nbsp;Despegar.com Corp.\* | 165 | 3100 |
| &nbsp;&nbsp;&nbsp;Viasat, Inc.\* | 292 | 3043 |
| &nbsp;&nbsp;&nbsp;A10 Networks, Inc. | 167 | 2729 |
| &nbsp;&nbsp;&nbsp;CommScope Holding Company, Inc.\* | 489 | 2597 |
| &nbsp;&nbsp;&nbsp;Applied Digital Corp.\*<sup>,1</sup> | 451 | 2535 |
| &nbsp;&nbsp;&nbsp;Harmonic, Inc.\* | 260 | 2493 |
| &nbsp;&nbsp;&nbsp;Globalstar, Inc.\* | 115 | 2399 |
| &nbsp;&nbsp;&nbsp;Sprinklr, Inc. — Class A\* | 274 | 2288 |
| &nbsp;&nbsp;&nbsp;fuboTV, Inc.\* | 768 | 2243 |
| &nbsp;&nbsp;&nbsp;QuinStreet, Inc.\* | 121 | 2159 |
| &nbsp;&nbsp;&nbsp;Sphere Entertainment Co.\* | 64 | 2094 |
| &nbsp;&nbsp;&nbsp;Revolve Group, Inc.\* | 90 | 1934 |
| &nbsp;&nbsp;&nbsp;Liberty Latin America Ltd. — Class C\* | 306 | 1900 |
| &nbsp;&nbsp;&nbsp;IDT Corp. — Class B | 36 | 1847 |
| &nbsp;&nbsp;&nbsp;HealthStream, Inc. | 57 | 1834 |
| &nbsp;&nbsp;&nbsp;Cars.com, Inc.\* | 155 | 1747 |
| &nbsp;&nbsp;&nbsp;ADTRAN Holdings, Inc.\* | 186 | 1622 |
| &nbsp;&nbsp;&nbsp;NETGEAR, Inc.\* | 66 | 1614 |
| &nbsp;&nbsp;&nbsp;Liquidity Services, Inc.\* | 51 | 1582 |
| &nbsp;&nbsp;&nbsp;EverQuote, Inc. — Class A\* | 59 | 1545 |
| &nbsp;&nbsp;&nbsp;Opendoor Technologies, Inc.\* | 1439 | 1468 |
| &nbsp;&nbsp;&nbsp;Shenandoah Telecommunications Co. | 115 | 1445 |
| &nbsp;&nbsp;&nbsp;Couchbase, Inc.\* | 91 | 1433 |
| &nbsp;&nbsp;&nbsp;Figs, Inc. — Class A\* | 306 | 1405 |
| &nbsp;&nbsp;&nbsp;Gogo, Inc.\* | 153 | 1319 |
| &nbsp;&nbsp;&nbsp;Stagwell, Inc.\* | 203 | 1228 |
| &nbsp;&nbsp;&nbsp;RealReal, Inc.\* | 226 | 1218 |
| &nbsp;&nbsp;&nbsp;Powerfleet Incorporated NJ\* | 221 | 1213 |
| &nbsp;&nbsp;&nbsp;Sinclair, Inc. | 75 | 1195 |
| &nbsp;&nbsp;&nbsp;Thryv Holdings, Inc.\* | 88 | 1127 |
| &nbsp;&nbsp;&nbsp;Shutterstock, Inc.<sup>1</sup> | 57 | 1062 |
| &nbsp;&nbsp;&nbsp;Scholastic Corp. | 55 | 1038 |
| &nbsp;&nbsp;&nbsp;Grindr, Inc.\* | 58 | 1038 |
| &nbsp;&nbsp;&nbsp;Groupon, Inc.\* | 55 | 1032 |
| &nbsp;&nbsp;&nbsp;National CineMedia, Inc. | 164 | 958 |
| &nbsp;&nbsp;&nbsp;Gannett Company, Inc.\* | 328 | 948 |
| &nbsp;&nbsp;&nbsp;TechTarget, Inc.\* | 62 | 918 |
| &nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.\* | 816 | 906 |
| &nbsp;&nbsp;&nbsp;Anterix, Inc.\* | 24 | 878 |
| &nbsp;&nbsp;&nbsp;Gray Media, Inc. | 202 | 873 |
| &nbsp;&nbsp;&nbsp;Ribbon Communications, Inc.\* | 216 | 847 |
| &nbsp;&nbsp;&nbsp;Boston Omaha Corp. — Class A\* | 58 | 846 |
| &nbsp;&nbsp;&nbsp;Preformed Line Products Co. | 6 | 840 |
| &nbsp;&nbsp;&nbsp;Clearfield, Inc.\* | 28 | 832 |
| &nbsp;&nbsp;&nbsp;Bumble, Inc. — Class A\* | 191 | 829 |
| &nbsp;&nbsp;&nbsp;Ooma, Inc.\* | 59 | 772 |
| &nbsp;&nbsp;&nbsp;Spok Holdings, Inc. | 43 | 707 |
| &nbsp;&nbsp;&nbsp;Open Lending Corp. — Class A\* | 241 | 665 |
| &nbsp;&nbsp;&nbsp;Beyond, Inc.\* | 108 | 626 |
| &nbsp;&nbsp;&nbsp;MediaAlpha, Inc. — Class A\* | 66 | 610 |
| &nbsp;&nbsp;&nbsp;Nextdoor Holdings, Inc.\* | 398 | 609 |
| &nbsp;&nbsp;&nbsp;Stitch Fix, Inc. — Class A\* | 180 | 585 |
| &nbsp;&nbsp;&nbsp;WideOpenWest, Inc.\* | 118 | 584 |
| &nbsp;&nbsp;&nbsp;Vivid Seats, Inc. — Class A\* | 182 | 539 |
| &nbsp;&nbsp;&nbsp;Aviat Networks, Inc.\* | 27 | 518 |
| &nbsp;&nbsp;&nbsp;Gambling.com Group Ltd.\* | 41 | 517 |
| &nbsp;&nbsp;&nbsp;AMC Networks, Inc. — Class A\* | 75 | 516 |
| &nbsp;&nbsp;&nbsp;ATN International, Inc. | 24 | 487 |
| &nbsp;&nbsp;&nbsp;Liberty Latin America Ltd. — Class A\* | 74 | 469 |
| &nbsp;&nbsp;&nbsp;Backblaze, Inc. — Class A\* | 94 | 454 |
| &nbsp;&nbsp;&nbsp;LifeMD, Inc.\* | 79 | 430 |
| &nbsp;&nbsp;&nbsp;EW Scripps Co. — Class A\* | 145 | 429 |
| &nbsp;&nbsp;&nbsp;BARK, Inc.\* | 306 | 425 |
| &nbsp;&nbsp;&nbsp;Getty Images Holdings, Inc.\* | 236 | 408 |
| &nbsp;&nbsp;&nbsp;iHeartMedia, Inc. — Class A\* | 244 | 403 |
| &nbsp;&nbsp;&nbsp;Eventbrite, Inc. — Class A\* | 187 | 395 |
| &nbsp;&nbsp;&nbsp;Advantage Solutions, Inc.\* | 250 | 377 |
| &nbsp;&nbsp;&nbsp;OptimizeRx Corp.\* | 41 | 355 |
| &nbsp;&nbsp;&nbsp;1-800-Flowers.com, Inc. — Class A\* | 60 | 354 |
| &nbsp;&nbsp;&nbsp;Lands' End, Inc.\* | 33 | 336 |
| &nbsp;&nbsp;&nbsp;Tucows, Inc. — Class A\* | 19 | 321 |
| &nbsp;&nbsp;&nbsp;Entravision Communications Corp. — Class A | 145 | 304 |
| &nbsp;&nbsp;&nbsp;BlackSky Technology, Inc.\*<sup>,1</sup> | 36 | 278 |
| &nbsp;&nbsp;&nbsp;Townsquare Media, Inc. — Class A | 31 | 252 |
| &nbsp;&nbsp;&nbsp;Nerdy, Inc.\* | 159 | 226 |
| &nbsp;&nbsp;&nbsp;1stdibs.com, Inc.\* | 60 | 182 |
| &nbsp;&nbsp;&nbsp;AudioEye, Inc.\* | 16 | 178 |
| &nbsp;&nbsp;&nbsp;Cardlytics, Inc.\* | 93 | 169 |
| &nbsp;&nbsp;&nbsp;LiveOne, Inc.\* | 170 | 119 |
| &nbsp;&nbsp;&nbsp;Vacasa, Inc. — Class A\* | 22 | 118 |
| &nbsp;&nbsp;&nbsp;RumbleON, Inc. — Class B\* | 33 | 93 |
| &nbsp;&nbsp;&nbsp;Value Line, Inc. | 2 | 77 |
| &nbsp;&nbsp;&nbsp;aka Brands Holding Corp.\* | 2 | 27 |
| &nbsp;&nbsp;&nbsp;Solo Brands, Inc. — Class A\* | 49 | 8 |
| **Total Communications** |  | 227209 |
| **Basic Materials - 1.5%** | **Basic Materials - 1.5%** | **Basic Materials - 1.5%** |
| &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | 111 | 20111 |
| &nbsp;&nbsp;&nbsp;Balchem Corp. | 75 | 12450 |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co. | 264 | 12147 |
| &nbsp;&nbsp;&nbsp;Cabot Corp. | 123 | 10226 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 221

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Coeur Mining, Inc.\* | 1446 | $| 8560 |
| &nbsp;&nbsp;&nbsp;Avient Corp. | 209 |  | 7766 |
| &nbsp;&nbsp;&nbsp;Hecla Mining Co. | 1385 |  | 7701 |
| &nbsp;&nbsp;&nbsp;Sensient Technologies Corp. | 99 |  | 7369 |
| &nbsp;&nbsp;&nbsp;HB Fuller Co. | 127 |  | 7127 |
| &nbsp;&nbsp;&nbsp;Sylvamo Corp. | 82 |  | 5500 |
| &nbsp;&nbsp;&nbsp;Innospec, Inc. | 58 |  | 5496 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies, Inc. | 75 |  | 4768 |
| &nbsp;&nbsp;&nbsp;Hawkins, Inc. | 45 |  | 4766 |
| &nbsp;&nbsp;&nbsp;SSR Mining, Inc.\* | 469 |  | 4704 |
| &nbsp;&nbsp;&nbsp;Uranium Energy Corp.\* | 940 |  | 4493 |
| &nbsp;&nbsp;&nbsp;Quaker Chemical Corp. | 32 |  | 3956 |
| &nbsp;&nbsp;&nbsp;Ingevity Corp.\* | 86 |  | 3405 |
| &nbsp;&nbsp;&nbsp;Perimeter Solutions, Inc.\* | 315 |  | 3172 |
| &nbsp;&nbsp;&nbsp;Constellium SE\* | 305 |  | 3077 |
| &nbsp;&nbsp;&nbsp;Rogers Corp.\* | 44 |  | 2971 |
| &nbsp;&nbsp;&nbsp;Stepan Co. | 50 |  | 2752 |
| &nbsp;&nbsp;&nbsp;Kaiser Aluminum Corp. | 38 |  | 2304 |
| &nbsp;&nbsp;&nbsp;Century Aluminum Co.\* | 124 |  | 2301 |
| &nbsp;&nbsp;&nbsp;United States Lime & Minerals, Inc. | 24 |  | 2121 |
| &nbsp;&nbsp;&nbsp;Centrus Energy Corp. — Class A\* | 33 |  | 2053 |
| &nbsp;&nbsp;&nbsp;Tronox Holdings plc — Class A | 280 |  | 1971 |
| &nbsp;&nbsp;&nbsp;Radius Recycling, Inc. — Class A | 62 |  | 1790 |
| &nbsp;&nbsp;&nbsp;Orion S.A. | 136 |  | 1759 |
| &nbsp;&nbsp;&nbsp;Ecovyst, Inc.\* | 274 |  | 1699 |
| &nbsp;&nbsp;&nbsp;Novagold Resources, Inc.\* | 564 |  | 1647 |
| &nbsp;&nbsp;&nbsp;Energy Fuels, Inc.\* | 391 |  | 1458 |
| &nbsp;&nbsp;&nbsp;AdvanSix, Inc. | 60 |  | 1359 |
| &nbsp;&nbsp;&nbsp;Koppers Holdings, Inc. | 47 |  | 1316 |
| &nbsp;&nbsp;&nbsp;MAC Copper Ltd. — Class A\* | 127 |  | 1212 |
| &nbsp;&nbsp;&nbsp;Ivanhoe Electric Incorporated / US\* | 197 |  | 1145 |
| &nbsp;&nbsp;&nbsp;Oil-Dri Corporation of America | 23 |  | 1056 |
| &nbsp;&nbsp;&nbsp;Perpetua Resources Corp.\* | 91 |  | 973 |
| &nbsp;&nbsp;&nbsp;Rayonier Advanced Materials, Inc.\* | 151 |  | 868 |
| &nbsp;&nbsp;&nbsp;Mativ Holdings, Inc. | 127 |  | 791 |
| &nbsp;&nbsp;&nbsp;Intrepid Potash, Inc.\* | 26 |  | 764 |
| &nbsp;&nbsp;&nbsp;Compass Minerals International, Inc.\* | 81 |  | 753 |
| &nbsp;&nbsp;&nbsp;Encore Energy Corp.\* | 420 |  | 575 |
| &nbsp;&nbsp;&nbsp;Caledonia Mining Corporation plc | 39 |  | 487 |
| &nbsp;&nbsp;&nbsp;Ur-Energy, Inc.\* | 660 |  | 445 |
| &nbsp;&nbsp;&nbsp;i-80 Gold Corp.\* | 686 |  | 399 |
| &nbsp;&nbsp;&nbsp;Dakota Gold Corp.\* | 145 |  | 384 |
| &nbsp;&nbsp;&nbsp;Kronos Worldwide, Inc. | 51 |  | 381 |
| &nbsp;&nbsp;&nbsp;Codexis, Inc.\* | 141 |  | 379 |
| &nbsp;&nbsp;&nbsp;Lifezone Metals Ltd.\* | 86 |  | 360 |
| &nbsp;&nbsp;&nbsp;Lightwave Logic, Inc.\* | 283 |  | 290 |
| &nbsp;&nbsp;&nbsp;Piedmont Lithium, Inc.\* | 43 |  | 271 |
| &nbsp;&nbsp;&nbsp;American Vanguard Corp. | 59 |  | 260 |
| &nbsp;&nbsp;&nbsp;Contango ORE, Inc.\* | 20 |  | 204 |
| &nbsp;&nbsp;&nbsp;Northern Technologies International Corp. | 18 |  | 187 |
| &nbsp;&nbsp;&nbsp;Valhi, Inc. | 6 |  | 98 |
| &nbsp;&nbsp;&nbsp;Critical Metals Corp.\* | 15 |  | 21 |
| **Total Basic Materials** |  |  | 176598 |
| **Utilities - 1.5%** | **Utilities - 1.5%** | **Utilities - 1.5%** | **Utilities - 1.5%** |
| &nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | 232 |  | 11382 |
| &nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | 208 |  | 11124 |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co. | 241 |  | 10749 |
| &nbsp;&nbsp;&nbsp;Spire, Inc. | 132 |  | 10329 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings, Inc. | 141 |  | 10124 |
| &nbsp;&nbsp;&nbsp;Black Hills Corp. | 166 |  | 10068 |
| &nbsp;&nbsp;&nbsp;Brookfield Infrastructure Corp. — Class A | 278 |  | 10061 |
| &nbsp;&nbsp;&nbsp;ONE Gas, Inc. | 130 |  | 9827 |
| &nbsp;&nbsp;&nbsp;Ormat Technologies, Inc. | 133 |  | 9412 |
| &nbsp;&nbsp;&nbsp;ALLETE, Inc. | 134 |  | 8804 |
| &nbsp;&nbsp;&nbsp;Northwestern Energy Group, Inc. | 143 |  | 8275 |
| &nbsp;&nbsp;&nbsp;MGE Energy, Inc. | 84 |  | 7809 |
| &nbsp;&nbsp;&nbsp;Avista Corp. | 185 |  | 7746 |
| &nbsp;&nbsp;&nbsp;Otter Tail Corp. | 96 |  | 7716 |
| &nbsp;&nbsp;&nbsp;American States Water Co. | 88 |  | 6924 |
| &nbsp;&nbsp;&nbsp;Chesapeake Utilities Corp. | 52 |  | 6678 |
| &nbsp;&nbsp;&nbsp;California Water Service Group | 134 |  | 6494 |
| &nbsp;&nbsp;&nbsp;Hawaiian Electric Industries, Inc.\* | 391 |  | 4281 |
| &nbsp;&nbsp;&nbsp;SJW Group | 76 |  | 4157 |
| &nbsp;&nbsp;&nbsp;Northwest Natural Holding Co. | 90 |  | 3845 |
| &nbsp;&nbsp;&nbsp;Middlesex Water Co. | 42 |  | 2692 |
| &nbsp;&nbsp;&nbsp;Unitil Corp. | 38 |  | 2192 |
| &nbsp;&nbsp;&nbsp;York Water Co. | 34 |  | 1179 |
| &nbsp;&nbsp;&nbsp;Ameresco, Inc. — Class A\* | 76 |  | 918 |
| &nbsp;&nbsp;&nbsp;Altus Power, Inc.\* | 179 |  | 886 |
| &nbsp;&nbsp;&nbsp;Consolidated Water Company Ltd. | 35 |  | 857 |
| &nbsp;&nbsp;&nbsp;Genie Energy Ltd. — Class B | 30 |  | 451 |
| &nbsp;&nbsp;&nbsp;RGC Resources, Inc. | 19 |  | 396 |
| &nbsp;&nbsp;&nbsp;Global Water Resources, Inc. | 27 |  | 278 |
| **Total Utilities** |  |  | 175654 |
| **Government - 0.0%** | **Government - 0.0%** | **Government - 0.0%** | **Government - 0.0%** |
| &nbsp;&nbsp;&nbsp;Banco Latinoamericano de Comercio Exterior S.A. — Class E | 65 |  | 2379 |
| **Total Common Stocks** | **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,943,112) |  |  | 5568548 |
| **WARRANT<sup>†</sup>** **- 0.0%** | **WARRANT<sup>†</sup>** **- 0.0%** | **WARRANT<sup>†</sup>** **- 0.0%** | **WARRANT<sup>†</sup>** **- 0.0%** |
| Danimer Scientific, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;Expiring 07/15/25\* | 1 |  |  |
| **Total Warrant** | **Total Warrant** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $—) |  |  |  |
| **RIGHTS<sup>†††</sup>** **- 0.0%** | **RIGHTS<sup>†††</sup>** **- 0.0%** | **RIGHTS<sup>†††</sup>** **- 0.0%** | **RIGHTS<sup>†††</sup>** **- 0.0%** |
| **Consumer, Non-cyclical - 0.0%** | **Consumer, Non-cyclical - 0.0%** | **Consumer, Non-cyclical - 0.0%** | **Consumer, Non-cyclical - 0.0%** |
| Cartesian Therapeutics Inc.\* | 881 |  |  |
| Oncternal Therapeutics, Inc.\* | 7 |  |  |
| Sanofi SA | 261 |  |  |
| Tobira Therapeutics, Inc.\* | 141 |  |  |
| Novartis AG\* | 429 |  |  |
| **Total Consumer, Non-cyclical** |  |  |  |
| **Total Rights** | **Total Rights** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $271) |  |  |  |

---

222 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS\*\*\*<sup>,†</sup>** **- 22.0%** | **EXCHANGE-TRADED FUNDS\*\*\*<sup>,†</sup>** **- 22.0%** | **EXCHANGE-TRADED FUNDS\*\*\*<sup>,†</sup>** **- 22.0%** |
| &nbsp;&nbsp;&nbsp;Vanguard Russell 2000 ETF | 15743 | $1269673 |
| &nbsp;&nbsp;&nbsp;iShares Russell 2000 Index ETF<sup>1</sup> | 6356 | 1267959 |
| **Total Exchange-Traded Funds** | **Total Exchange-Traded Funds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,799,130) |  | 2537632 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 1.3%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 1.3%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 1.3%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;4.08% due 04/08/25<sup>2,3</sup> | $105000 | 104913 |
| &nbsp;&nbsp;&nbsp;4.20% due 06/12/25<sup>3,4</sup> | 50000 | 49581 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $154,494) |  | 154494 |
| **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 29.0%** | **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 29.0%** | **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 29.0%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25<sup>4</sup> | 1890440 | 1890440 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25<sup>4</sup> | 1448810 | 1448810 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,339,250) |  | 3339250 |
|  | **Shares** |  |
| **SECURITIES LENDING COLLATERAL<sup>†,6</sup> - 9.0%** |  |  |
| **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.27%<sup>7</sup> | 1032105 | 1032105 |
| **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,032,105) |  | 1032105 |
| **Total Investments - 109.7%** | **Total Investments - 109.7%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $12,268,362) | &nbsp;&nbsp;&nbsp;(Cost $12,268,362) | $12632029 |
| **Other Assets & Liabilities, net - (9.7)%** | **Other Assets & Liabilities, net - (9.7)%** | (1112900) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $11519129 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Depreciation\*\*** |
| **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** |
| Russell 2000 Index Mini Futures Contracts | 4 | Jun 2025 | $405420 | $(6757) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** |
| **Counterparty** | **Index** | **Type** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Depreciation** |
| **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** |
| Barclays Bank plc | Russell 2000 Index | Pay | 5.09% (SOFR + 0.75%) | At Maturity | 06/26/25 | 392 | $789658 | $(24304) |
| BNP Paribas | Russell 2000 Index | Pay | 4.88% (Federal Funds Rate + 0.55%) | At Maturity | 06/26/25 | 479 | 963854 | (29667) |
| Goldman Sachs International | Russell 2000 Index | Pay | 4.68% (Federal Funds Rate + 0.35%) | At Maturity | 06/25/25 | 608 | 1223490 | (50756) |
|  |  |  |  |  |  |  | $2977002 | $(104727) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 223

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **FUND** |  |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\* | &nbsp;&nbsp;&nbsp;Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| \*\*\* | &nbsp;&nbsp;&nbsp;A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs, unless otherwise noted. — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>†††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 3 inputs – See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is on loan at March 31, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as futures collateral at March 31, 2025. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the effective yield at the time of purchase. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as equity index swap collateral at March 31, 2025. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Securities lending collateral — See Note 7. |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of March 31, 2025. |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;REIT — Real Estate Investment Trust |
|  | &nbsp;&nbsp;&nbsp;SOFR — Secured Overnight Financing Rate |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

224 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $5568548 | $— | $— \* | $5568548 |
| Warrant | — \* |  |  |  |
| Rights |  |  | — \* |  |
| Exchange-Traded Funds | 2537632 |  |  | 2537632 |
| U.S. Treasury Bills |  | 154494 |  | 154494 |
| Repurchase Agreements |  | 3339250 |  | 3339250 |
| Securities Lending Collateral | 1032105 |  |  | 1032105 |
| Total Assets | $9138285 | $3493744 | $— | $12632029 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Equity Futures Contracts\*\* | $6757 | $— | $— | $6757 |
| Equity Index Swap Agreements\*\* |  | 104727 |  | 104727 |
| Total Liabilities | $6757 | $104727 | $— | $111484 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Security has a market value of $0. |
| \*\* | &nbsp;&nbsp;&nbsp;This derivative is reported as unrealized appreciation/depreciation at period end. |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 225

**RUSSELL 2000<sup>®</sup>** **FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value - including $1,004,491 of securities loaned (cost $8,929,112) | $9292779 |
| Repurchase agreements, at value (cost $3,339,250) | 3339250 |
| Cash | 102 |
| Segregated cash with broker | 38530 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 21016 |
| &nbsp;&nbsp;&nbsp;Dividends | 5312 |
| &nbsp;&nbsp;&nbsp;Interest | 404 |
| &nbsp;&nbsp;&nbsp;Securities sold | 243 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 243 |
| **Total assets** | 12697879 |
| **Liabilities:** | **Liabilities:** |
| Unrealized depreciation on OTC swap agreements | 104727 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Return of securities lending collateral | 1032105 |
| &nbsp;&nbsp;&nbsp;Management fees | 7169 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 5379 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 4176 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 3079 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 2438 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 2000 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 1482 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 157 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 16038 |
| **Total liabilities** | 1178750 |
| **Net assets** | $11519129 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $16238230 |
| Total distributable earnings (loss) | (4719101) |
| Net assets | $11519129 |
| **Class A:** | **Class A:** |
| Net assets | $4393663 |
| Capital shares outstanding | 90671 |
| Net asset value per share | $48.46 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $50.88 |
| **Class C:** | **Class C:** |
| Net assets | $1098245 |
| Capital shares outstanding | 27212 |
| Net asset value per share | $40.36 |
| **Class H:** | **Class H:** |
| Net assets | $6027221 |
| Capital shares outstanding | 124678 |
| Net asset value per share | $48.34 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $330) | $150914 |
| Interest | 392395 |
| Income from securities lending, net | 5995 |
| &nbsp;&nbsp;&nbsp;Total investment income | 549304 |
| **Expenses:** | **Expenses:** |
| Management fees | 153167 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 13223 |
| &nbsp;&nbsp;&nbsp;Class C | 20069 |
| &nbsp;&nbsp;&nbsp;Class H | 32819 |
| Transfer agent fees | 45081 |
| Portfolio accounting and administration fees | 41873 |
| Registration fees | 29151 |
| Professional fees | 12159 |
| Custodian fees | 2871 |
| Trustees' fees\* | 2654 |
| Interest expense | 746 |
| Miscellaneous | 2590 |
| &nbsp;&nbsp;&nbsp;Total expenses | 356403 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (10201) |
| Net expenses | 346202 |
| Net investment income | 203102 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments | (495626) |
| &nbsp;&nbsp;&nbsp;Swap agreements | (996412) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (429880) |
| Net realized loss | (1921918) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | (90293) |
| &nbsp;&nbsp;&nbsp;Swap agreements | (378271) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (78410) |
| Net change in unrealized appreciation (depreciation) | (546974) |
| Net realized and unrealized loss | (2468892) |
| **Net decrease in net assets resulting from operations** | $(2265790) |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

226 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**RUSSELL 2000<sup>®</sup>** **FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $203102 | $235333 |
| Net realized gain (loss) on investments | (1921918) | 197472 |
| Net change in unrealized appreciation (depreciation) on investments | (546974) | 3796083 |
| Net increase (decrease) in net assets resulting from operations | (2265790) | 4228888 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (50973) | (9693) |
| &nbsp;&nbsp;&nbsp;Class C | (15825) | (3174) |
| &nbsp;&nbsp;&nbsp;Class H | (272709) | (46037) |
| Total distributions to shareholders | (339507) | (58904) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 3234650 | 12021235 |
| &nbsp;&nbsp;&nbsp;Class C | 1330822 | 2714592 |
| &nbsp;&nbsp;&nbsp;Class H | 111915479 | 67073724 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 50064 | 9570 |
| &nbsp;&nbsp;&nbsp;Class C | 12847 | 2469 |
| &nbsp;&nbsp;&nbsp;Class H | 270851 | 46005 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (5680556) | (9294688) |
| &nbsp;&nbsp;&nbsp;Class C | (4072639) | (553562) |
| &nbsp;&nbsp;&nbsp;Class H | (129084032) | (61143883) |
| Net increase (decrease) from capital share transactions | (22022514) | 10875462 |
| Net increase (decrease) in net assets | (24627811) | 15045446 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 36146940 | 21101494 |
| &nbsp;&nbsp;&nbsp;End of year | $11519129 | $36146940 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 61393 | 258409 |
| &nbsp;&nbsp;&nbsp;Class C | 30275 | 63825 |
| &nbsp;&nbsp;&nbsp;Class H | 2123445 | 1423771 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 879 | 209 |
| &nbsp;&nbsp;&nbsp;Class C | 270 | 64 |
| &nbsp;&nbsp;&nbsp;Class H | 4769 | 1005 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (110262) | (206292) |
| &nbsp;&nbsp;&nbsp;Class C | (93568) | (14751) |
| &nbsp;&nbsp;&nbsp;Class H | (2487887) | (1298866) |
| Net increase (decrease) in shares | (470686) | 227374 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 227

**RUSSELL 2000<sup>®</sup>** **FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $51.81 | $44.08 | $50.66 | $61.82 | $32.24 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .52 | .40 | .13 | (.69) | (.77) |
| Net gain (loss) on investments (realized and unrealized) | (3.32) | 7.42 | (6.71) | (3.41) | 30.35 |
| Total from investment operations | (2.80) | 7.82 | (6.58) | (4.10) | 29.58 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.55) | (.09) |  |  |  |
| Net realized gains |  |  |  | (7.06) |  |
| Total distributions | (.55) | (.09) |  | (7.06) |  |
| Net asset value, end of period | $48.46 | $51.81 | $44.08 | $50.66 | $61.82 |
| **Total Return<sup>b</sup>** | **(5.57** **%)** | **17.77%** | **(12.99** **%)** | **(7.29** **%)** | **91.75%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $4394 | $7184 | $3806 | $5781 | $12421 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.99% | 0.87% | 0.28% | (1.14%) | (1.53%) |
| Total expenses<sup>c</sup> | 1.68% | 1.66% | 1.65% | 1.60% | 1.67% |
| Net expenses<sup>d</sup> | 1.63% | 1.63% | 1.65% | 1.60% | 1.67% |
| Portfolio turnover rate | 22% | 12% | 25% | 76% |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $43.55 | $37.35 | $43.24 | $54.24 | $28.50 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .12 | .05 | (.21) | (.98) | (.95) |
| Net gain (loss) on investments (realized and unrealized) | (2.76) | 6.24 | (5.68) | (2.96) | 26.69 |
| Total from investment operations | (2.64) | 6.29 | (5.89) | (3.94) | 25.74 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.55) | (.09) |  |  |  |
| Net realized gains |  |  |  | (7.06) |  |
| Total distributions | (.55) | (.09) |  | (7.06) |  |
| Net asset value, end of period | $40.36 | $43.55 | $37.35 | $43.24 | $54.24 |
| **Total Return<sup>b</sup>** | **(6.26** **%)** | **16.91%** | **(13.62** **%)** | **(8.05** **%)** | **90.32%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $1098 | $3930 | $1535 | $1904 | $3717 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.27% | 0.12% | (0.56%) | (1.89%) | (2.28%) |
| Total expenses<sup>c</sup> | 2.41% | 2.42% | 2.40% | 2.36% | 2.43% |
| Net expenses<sup>d</sup> | 2.36% | 2.38% | 2.40% | 2.36% | 2.43% |
| Portfolio turnover rate | 22% | 12% | 25% | 76% |  |

---

228 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**RUSSELL 2000<sup>®</sup>** **FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $51.68 | $43.97 | $50.53 | $61.68 | $32.17 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .58 | .42 | .09 | (.66) | (.75) |
| Net gain (loss) on investments (realized and unrealized) | (3.37) | 7.38 | (6.65) | (3.43) | 30.26 |
| Total from investment operations | (2.79) | 7.80 | (6.56) | (4.09) | 29.51 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.55) | (.09) |  |  |  |
| Net realized gains |  |  |  | (7.06) |  |
| Total distributions | (.55) | (.09) |  | (7.06) |  |
| Net asset value, end of period | $48.34 | $51.68 | $43.97 | $50.53 | $61.68 |
| **Total Return** | **(5.56** **%)** | **17.77%** | **(12.98** **%)** | **(7.29** **%)** | **91.73%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $6027 | $25033 | $15761 | $18432 | $29743 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.11% | 0.92% | 0.21% | (1.12%) | (1.52%) |
| Total expenses<sup>c</sup> | 1.67% | 1.67% | 1.65% | 1.61% | 1.67% |
| Net expenses<sup>d</sup> | 1.62% | 1.63% | 1.65% | 1.61% | 1.67% |
| Portfolio turnover rate | 22% | 12% | 25% | 76% |  |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>c</sup> Does not include expenses of the underlying funds in which the Fund invests.

<sup>d</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 229

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **INVERSE RUSSELL 2000<sup>®</sup>** **STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MUTUAL FUNDS<sup>†</sup>** **- 42.2%** | **MUTUAL FUNDS<sup>†</sup>** **- 42.2%** | **MUTUAL FUNDS<sup>†</sup>** **- 42.2%** |
| &nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 44544 | $446771 |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II<sup>1</sup> | 17889 | 444730 |
| **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $868,958) |  | 891501 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 5.1%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 5.1%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 5.1%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;4.20% due 06/12/25<sup>2,3</sup> | $100000 | 99162 |
| &nbsp;&nbsp;&nbsp;4.08% due 04/08/25<sup>3</sup> | 7000 | 6994 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $106,155) |  | 106156 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 22.7%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 22.7%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 22.7%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25<sup>2</sup> | 271913 | 271913 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25<sup>2</sup> | 208390 | 208390 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $480,303) |  | 480303 |
| **Total Investments - 70.0%** | **Total Investments - 70.0%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,455,416) | &nbsp;&nbsp;&nbsp;(Cost $1,455,416) | $1477960 |
| **Other Assets & Liabilities, net - 30.0%** | **Other Assets & Liabilities, net - 30.0%** | 634794 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $2112754 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** |
| **Counterparty** | **Index** | **Type** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Appreciation** |
| **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** |
| Barclays Bank plc | Russell 2000 Index | Receive | 4.69% (SOFR + 0.35%) | At Maturity | 06/26/25 | 790 | $1588730 | $31968 |
| Goldman Sachs International | Russell 2000 Index | Receive | 4.43% (Federal<br> Funds Rate +<br> 0.10%) | At Maturity | 06/25/25 | 173 | 347462 | 11741 |
| BNP Paribas | Russell 2000 Index | Receive | 4.48% (Federal<br> Funds Rate +<br> 0.15%) | At Maturity | 06/26/25 | 81 | 162409 | 4998 |
|  |  |  |  |  |  |  | $2098601 | $48707 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Affiliated issuer. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as equity index swap collateral at March 31, 2025. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the effective yield at the time of purchase. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;SOFR — Secured Overnight Financing Rate |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

230 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **INVERSE RUSSELL 2000<sup>®</sup>** **STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Mutual Funds | $891501 | $— | $— | $891501 |
| U.S. Treasury Bills |  | 106156 |  | 106156 |
| Repurchase Agreements |  | 480303 |  | 480303 |
| Equity Index Swap Agreements\*\* |  | 48707 |  | 48707 |
| Total Assets | $891501 | $635166 | $— | $1526667 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

**Affiliated Transactions** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the year ended March 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 03/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 03/31/25** | **Shares <br> 03/31/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Guggenheim Strategy Fund II | $440079 | $— | $— | $— | $4651 | $444730 | 17889 | $24999 |
| &nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 441426 |  |  |  | 5345 | 446771 | 44544 | 22195 |
|  | $881505 | $— | $— | $— | $9996 | $891501 |  | $47194 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 231

**INVERSE RUSSELL 2000<sup>®</sup>** **STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in unaffiliated issuers, at value (cost $106,155) | $106156 |
| Investments in affiliated issuers, at value (cost $868,958) | 891501 |
| Repurchase agreements, at value (cost $480,303) | 480303 |
| Segregated cash with broker | 2061 |
| Unrealized appreciation on OTC swap agreements | 48707 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 583775 |
| &nbsp;&nbsp;&nbsp;Dividends | 3513 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 803 |
| &nbsp;&nbsp;&nbsp;Interest | 59 |
| **Total assets** | 2116878 |
| **Liabilities:** | **Liabilities:** |
| Overdraft due to custodian bank | 6 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Management fees | 1110 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 633 |
| &nbsp;&nbsp;&nbsp;Licensing fees | 506 |
| &nbsp;&nbsp;&nbsp;Professional fees | 492 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 340 |
| &nbsp;&nbsp;&nbsp;Printing fees | 299 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 70 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 18 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 650 |
| **Total liabilities** | 4124 |
| **Net assets** | $2112754 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $44680166 |
| Total distributable earnings (loss) | (42567412) |
| Net assets | $2112754 |
| **Class A:** | **Class A:** |
| Net assets | $193765 |
| Capital shares outstanding | 1276 |
| Net asset value per share | $151.85 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $159.42 |
| **Class C:** | **Class C:** |
| Net assets | $9568 |
| Capital shares outstanding | 76 |
| Net asset value per share | $126.46 |
| **Class H:** | **Class H:** |
| Net assets | $1909421 |
| Capital shares outstanding | 12517 |
| Net asset value per share | $152.55 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends from securities of affiliated issuers | $47194 |
| Interest | 64623 |
| &nbsp;&nbsp;&nbsp;Total investment income | 111817 |
| **Expenses:** | **Expenses:** |
| Management fees | 19241 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 883 |
| &nbsp;&nbsp;&nbsp;Class C | 28 |
| &nbsp;&nbsp;&nbsp;Class H | 4455 |
| Transfer agent fees | 4559 |
| Portfolio accounting and administration fees | 3262 |
| Registration fees | 2791 |
| Professional fees | 1129 |
| Interest expense | 313 |
| Custodian fees | 281 |
| Trustees' fees\* | 256 |
| Miscellaneous | 798 |
| &nbsp;&nbsp;&nbsp;Total expenses | 37996 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (2138) |
| Expenses waived by Adviser | (1110) |
| &nbsp;&nbsp;&nbsp;Total waived/reimbursed expenses | (3248) |
| Net expenses | 34748 |
| Net investment income | 77069 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Swap agreements | (104069) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (11904) |
| Net realized loss | (115973) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 1 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | 9996 |
| &nbsp;&nbsp;&nbsp;Swap agreements | 106624 |
| Net change in unrealized appreciation (depreciation) | 116621 |
| Net realized and unrealized gain | 648 |
| **Net increase in net assets resulting from operations** | $77717 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

232 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE RUSSELL 2000<sup>®</sup>** **STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $77069 | $145904 |
| Net realized loss on investments | (115973) | (584924) |
| Net change in unrealized appreciation (depreciation) on investments | 116621 | 142974 |
| Net increase (decrease) in net assets resulting from operations | 77717 | (296046) |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (11413) | (22717) |
| &nbsp;&nbsp;&nbsp;Class C | (9) | (871) |
| &nbsp;&nbsp;&nbsp;Class H | (100434) | (106847) |
| Total distributions to shareholders | (111856) | (130435) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 853356 | 611136 |
| &nbsp;&nbsp;&nbsp;Class C | 15944 | 3800 |
| &nbsp;&nbsp;&nbsp;Class H | 6992607 | 18993823 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 11413 | 22700 |
| &nbsp;&nbsp;&nbsp;Class C | 9 | 871 |
| &nbsp;&nbsp;&nbsp;Class H | 100434 | 106719 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1023942) | (707833) |
| &nbsp;&nbsp;&nbsp;Class C | (8117) | (56811) |
| &nbsp;&nbsp;&nbsp;Class H | (7009781) | (22343474) |
| Net decrease from capital share transactions | (68077) | (3369069) |
| Net decrease in net assets | (102216) | (3795550) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 2214970 | 6010520 |
| &nbsp;&nbsp;&nbsp;End of year | $2112754 | $2214970 |
| **Capital share activity\*:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 5826 | 3672 |
| &nbsp;&nbsp;&nbsp;Class C | 136 | 26 |
| &nbsp;&nbsp;&nbsp;Class H | 47580 | 106202 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 89 | 138 |
| &nbsp;&nbsp;&nbsp;Class C |  | 6 |
| &nbsp;&nbsp;&nbsp;Class H | 778 | 644 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (7115) | (4111) |
| &nbsp;&nbsp;&nbsp;Class C | (61) | (385) |
| &nbsp;&nbsp;&nbsp;Class H | (48294) | (124504) |
| Net decrease in shares | (1061) | (18312) |

---

\* Reverse share split — Capital share activity has been restated to reflect a 1:3 reverse share split effective February 24, 2025. See Note 11 in the Notes to Financial Statements.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 233

**INVERSE RUSSELL 2000<sup>®</sup>** **STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025<sup>f</sup>** | **Year Ended <br> March 31, <br> 2024<sup>f</sup>** | **Year Ended <br> March 31, <br> 2023<sup>f</sup>** | **Year Ended <br> March 31, <br> 2022<sup>f</sup>** | **Year Ended <br> March 31, <br> 2021<sup>f</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $147.82 | $180.41 | $165.40 | $165.85 | $361.82 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 5.38 | 6.48 | 2.01 | (1.92) | (1.35) |
| Net gain (loss) on investments (realized and unrealized) | 6.76 | (26.20) | 13.00 <sup>e</sup> | 1.47 | (194.47) |
| Total from investment operations | 12.14 | (19.72) | 15.01 | (.45) | (195.82) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (8.11) | (12.87) |  |  | (.15) |
| Total distributions | (8.11) | (12.87) |  |  | (.15) |
| Net asset value, end of period | $151.85 | $147.82 | $180.41 | $165.40 | $165.85 |
| **Total Return<sup>b</sup>** | **9.22%** | **(11.70** **%)** | **9.07%** | **(0.27** **%)** | **(54.13** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $194 | $366 | $501 | $443 | $320 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.65% | 3.73% | 1.13% | (1.17%) | (1.38%) |
| Total expenses<sup>c</sup> | 1.77% | 1.75% | 1.80% | 1.71% | 1.80% |
| Net expenses<sup>d</sup> | 1.62% | 1.62% | 1.75% | 1.66% | 1.78% |
| Portfolio turnover rate |  |  |  |  | 14% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025<sup>f</sup>** | **Year Ended <br> March 31, <br> 2024<sup>f</sup>** | **Year Ended <br> March 31, <br> 2023<sup>f</sup>** | **Year Ended <br> March 31, <br> 2022<sup>f</sup>** | **Year Ended <br> March 31, <br> 2021<sup>f</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $125.28 | $156.00 | $144.15 | $145.52 | $320.19 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 2.51 | 4.50 | .90 | (2.67) | (1.83) |
| Net gain (loss) on investments (realized and unrealized) | 6.78 | (22.35) | 10.95 <sup>e</sup> | 1.30 | (172.69) |
| Total from investment operations | 9.29 | (17.85) | 11.85 | (1.37) | (174.52) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (8.11) | (12.87) |  |  | (.15) |
| Total distributions | (8.11) | (12.87) |  |  | (.15) |
| Net asset value, end of period | $126.46 | $125.28 | $156.00 | $144.15 | $145.52 |
| **Total Return<sup>b</sup>** | **8.57%** | **(12.35** **%)** | **8.18%** | **(0.91** **%)** | **(54.49** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $10 | $0 | $55 | $28 | $26 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.15% | 2.92% | 0.58% | (1.88%) | (2.15%) |
| Total expenses<sup>c</sup> | 2.56% | 2.49% | 2.55% | 2.46% | 2.57% |
| Net expenses<sup>d</sup> | 2.39% | 2.38% | 2.49% | 2.40% | 2.54% |
| Portfolio turnover rate |  |  |  |  | 14% |

---

234 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE RUSSELL 2000<sup>®</sup>** **STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025<sup>f</sup>** | **Year Ended <br> March 31, <br> 2024<sup>f</sup>** | **Year Ended <br> March 31, <br> 2023<sup>f</sup>** | **Year Ended <br> March 31, <br> 2022<sup>f</sup>** | **Year Ended <br> March 31, <br> 2021<sup>f</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $148.46 | $181.13 | $166.06 | $166.52 | $363.26 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 5.28 | 6.48 | 1.92 | (1.92) | (1.32) |
| Net gain (loss) on investments (realized and unrealized) | 6.92 | (26.28) | 13.15 <sup>e</sup> | 1.46 | (195.27) |
| Total from investment operations | 12.20 | (19.80) | 15.07 | (.46) | (196.59) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (8.11) | (12.87) |  |  | (.15) |
| Total distributions | (8.11) | (12.87) |  |  | (.15) |
| Net asset value, end of period | $152.55 | $148.46 | $181.13 | $166.06 | $166.52 |
| **Total Return** | **9.22%** | **(11.70** **%)** | **9.09%** | **(0.29** **%)** | **(54.13** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $1909 | $1849 | $5454 | $5396 | $5087 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.60% | 3.69% | 1.06% | (1.17%) | (1.42%) |
| Total expenses<sup>c</sup> | 1.78% | 1.74% | 1.78% | 1.71% | 1.81% |
| Net expenses<sup>d</sup> | 1.62% | 1.62% | 1.72% | 1.66% | 1.79% |
| Portfolio turnover rate |  |  |  |  | 14% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>c</sup> Does not include expenses of the underlying funds in which the Fund invests.

<sup>d</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>e</sup> The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

<sup>f</sup> Reverse share split — Per share amounts have been restated to reflect a 1:3 reverse share split effective February 24, 2025. See Note 11 in the Notes to Financial Statements.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 235

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **NOVA FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 82.4%** | **COMMON STOCKS<sup>†</sup>** **- 82.4%** | **COMMON STOCKS<sup>†</sup>** **- 82.4%** |
| **Technology - 23.6%** | **Technology - 23.6%** | **Technology - 23.6%** |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 61303 | $13617235 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 30337 | 11388206 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 99941 | 10831605 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 19129 | 3202768 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 3905 | 1047946 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 3773 | 938194 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 6620 | 925542 |
| &nbsp;&nbsp;&nbsp;Accenture plc — Class A | 2553 | 796638 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc. — Class A\* | 8365 | 706006 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 1142 | 701177 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 4513 | 693242 |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.\* | 1776 | 681149 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.\* | 6613 | 679420 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.\* | 841 | 669554 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 3715 | 667585 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.\* | 2321 | 512546 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 3317 | 481363 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 2025 | 408382 |
| &nbsp;&nbsp;&nbsp;Intel Corp.\* | 17670 | 401286 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 4546 | 395002 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | 5238 | 380803 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | 542 | 368452 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc. — Class A\* | 1005 | 354343 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.\* | 1119 | 284595 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.\* | 631 | 270604 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 437 | 257647 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.\* | 2596 | 249891 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.\* | 877 | 229599 |
| &nbsp;&nbsp;&nbsp;Workday, Inc. — Class A\* | 873 | 203872 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 1308 | 201798 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductor N.V. | 1037 | 197092 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp.\* | 100 | 184416 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. — Class A | 317 | 179264 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | 2162 | 161458 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. — Class A | 2018 | 154377 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 968 | 139895 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.\* | 670 | 138858 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc.\* | 313 | 131379 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc. — Class C | 1273 | 116034 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | 478 | 115896 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 195 | 113096 |
| &nbsp;&nbsp;&nbsp;ANSYS, Inc.\* | 357 | 113012 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 2195 | 106260 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | 3827 | 105970 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.\* | 175 | 101743 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 5360 | 82705 |
| &nbsp;&nbsp;&nbsp;PTC, Inc.\* | 491 | 76081 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings plc | 864 | 73397 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | 830 | 72907 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | 534 | 72058 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer, Inc.\*<sup>,1</sup> | 2055 | 70363 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.\* | 1720 | 69987 |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp. — Class A\* | 210 | 59337 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp.\* | 1419 | 57370 |
| &nbsp;&nbsp;&nbsp;Teradyne, Inc. | 665 | 54929 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 297 | 54232 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.\* | 612 | 49266 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 656 | 42397 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc. | 192 | 41948 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.\* | 231 | 39002 |
| &nbsp;&nbsp;&nbsp;Dayforce, Inc.\* | 649 | 37856 |
| **Total Technology** |  | 55559035 |
| **Consumer, Non-cyclical - 13.9%** | **Consumer, Non-cyclical - 13.9%** | **Consumer, Non-cyclical - 13.9%** |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 3215 | 2655301 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 3756 | 1967205 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 9569 | 1630749 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 9825 | 1629378 |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 7204 | 1509382 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 15800 | 1131596 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 6345 | 1007142 |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 7078 | 938897 |
| &nbsp;&nbsp;&nbsp;Merck & Company, Inc. | 10323 | 926593 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 5597 | 839214 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 1560 | 776256 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.\* | 1455 | 720618 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 2192 | 682918 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 1285 | 652909 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.\* | 6015 | 606793 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | 23126 | 586013 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 5086 | 569886 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 2612 | 535460 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | 1401 | 521522 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.\* | 1048 | 508091 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 1660 | 507180 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 8281 | 505058 |
| &nbsp;&nbsp;&nbsp;Medtronic plc | 5232 | 470147 |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | 6916 | 415098 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 946 | 411472 |
| &nbsp;&nbsp;&nbsp;Cigna Group | 1117 | 367493 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc. — Class A | 5279 | 358180 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | 5145 | 348574 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | 511 | 343898 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 3312 | 310334 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | 1827 | 300816 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | 632 | 294316 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | 1399 | 287537 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 429 | 272085 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 1172 | 268458 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.\* | 4037 | 263414 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 728 | 251560 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. — Class A | 704 | 195775 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 1353 | 192424 |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. | 7823 | 187596 |
| &nbsp;&nbsp;&nbsp;Kroger Co. | 2716 | 183846 |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | 2798 | 176078 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp.\* | 2407 | 174459 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. — Class A | 576 | 171429 |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc. | 267 | 167329 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.\* | 2857 | 167192 |

---

236 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **NOVA FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | 4872 | $| 166720 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 602 |  | 153016 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | 1866 |  | 150605 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | 1996 |  | 149780 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.\* | 334 |  | 140263 |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | 1164 |  | 136165 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | 985 |  | 135703 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | 2250 |  | 134527 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | 599 |  | 134086 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | 492 |  | 130183 |
| &nbsp;&nbsp;&nbsp;Equifax, Inc. | 506 |  | 123241 |
| &nbsp;&nbsp;&nbsp;Centene Corp.\* | 2024 |  | 122877 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.\* | 682 |  | 120237 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc. — Class A | 634 |  | 116352 |
| &nbsp;&nbsp;&nbsp;Church & Dwight Company, Inc. | 1003 |  | 110420 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.\* | 1594 |  | 108854 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | 3560 |  | 108331 |
| &nbsp;&nbsp;&nbsp;Hershey Co. | 603 |  | 103131 |
| &nbsp;&nbsp;&nbsp;Corpay, Inc.\* | 284 |  | 99037 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | 1010 |  | 98899 |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 1953 |  | 93764 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | 812 |  | 91902 |
| &nbsp;&nbsp;&nbsp;STERIS plc | 401 |  | 90887 |
| &nbsp;&nbsp;&nbsp;Kellanova | 1097 |  | 90492 |
| &nbsp;&nbsp;&nbsp;Waters Corp.\* | 242 |  | 89194 |
| &nbsp;&nbsp;&nbsp;McCormick & Company, Inc. | 1030 |  | 84779 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.\* | 597 |  | 81693 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | 340 |  | 79132 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 453 |  | 76648 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.\* | 286 |  | 75106 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc. — Class A | 1168 |  | 74530 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.\* | 226 |  | 74442 |
| &nbsp;&nbsp;&nbsp;Clorox Co. | 503 |  | 74067 |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc. | 2084 |  | 71335 |
| &nbsp;&nbsp;&nbsp;Cooper Companies, Inc.\* | 814 |  | 68661 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | 295 |  | 66045 |
| &nbsp;&nbsp;&nbsp;Estee Lauder Companies, Inc. — Class A | 956 |  | 63096 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | 1146 |  | 61918 |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 327 |  | 58196 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc.\* | 916 |  | 56581 |
| &nbsp;&nbsp;&nbsp;Revvity, Inc. | 497 |  | 52583 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | 1948 |  | 51953 |
| &nbsp;&nbsp;&nbsp;J M Smucker Co. | 434 |  | 51390 |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.\* | 286 |  | 45434 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc. — Class B | 239 |  | 44908 |
| &nbsp;&nbsp;&nbsp;Solventum Corp.\* | 564 |  | 42887 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co. — Class B | 703 |  | 42791 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. | 4871 |  | 42426 |
| &nbsp;&nbsp;&nbsp;Bunge Global S.A. | 545 |  | 41649 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.\* | 655 |  | 39660 |
| &nbsp;&nbsp;&nbsp;Moderna, Inc.\* | 1382 |  | 39180 |
| &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | 644 |  | 37758 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | 1187 |  | 36726 |
| &nbsp;&nbsp;&nbsp;Henry Schein, Inc.\* | 509 |  | 34861 |
| &nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | 154 |  | 33318 |
| &nbsp;&nbsp;&nbsp;The Campbell's Co. | 803 |  | 32056 |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc.\* | 208 |  | 31308 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | 582 |  | 31021 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc.\* | 180 |  | 27535 |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp. — Class B | 743 |  | 25217 |
| **Total Consumer, Non-cyclical** |  |  | 32837227 |
| **Financial - 12.9%** | **Financial - 12.9%** | **Financial - 12.9%** | **Financial - 12.9%** |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. — Class B\* | 7480 |  | 3983698 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 11411 |  | 2799118 |
| &nbsp;&nbsp;&nbsp;Visa, Inc. — Class A | 7033 |  | 2464785 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc. — Class A | 3323 |  | 1821403 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 27021 |  | 1127586 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 13422 |  | 963565 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | 1273 |  | 695427 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | 2390 |  | 676394 |
| &nbsp;&nbsp;&nbsp;American Express Co. | 2265 |  | 609398 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 5050 |  | 589184 |
| &nbsp;&nbsp;&nbsp;Blackrock, Inc. | 594 |  | 562209 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 6954 |  | 544359 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 7660 |  | 543783 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Companies, Inc. | 2004 |  | 489036 |
| &nbsp;&nbsp;&nbsp;Chubb Ltd. | 1521 |  | 459327 |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. REIT | 3782 |  | 422790 |
| &nbsp;&nbsp;&nbsp;Blackstone, Inc. — Class A | 2986 |  | 417383 |
| &nbsp;&nbsp;&nbsp;American Tower Corp. — Class A REIT | 1907 |  | 414963 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 2345 |  | 404513 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. — Class A | 1470 |  | 389976 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. REIT | 2486 |  | 380880 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | 1038 |  | 358359 |
| &nbsp;&nbsp;&nbsp;Aon plc — Class A | 882 |  | 351997 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. REIT | 397 |  | 323694 |
| &nbsp;&nbsp;&nbsp;KKR & Company, Inc. — Class A | 2755 |  | 318506 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | 1616 |  | 284044 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 1555 |  | 278811 |
| &nbsp;&nbsp;&nbsp;U.S. Bancorp | 6366 |  | 268773 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | 1824 |  | 249779 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 2929 |  | 245655 |
| &nbsp;&nbsp;&nbsp;Travelers Companies, Inc. | 924 |  | 244361 |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | 2020 |  | 224604 |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | 1081 |  | 223843 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 5370 |  | 220976 |
| &nbsp;&nbsp;&nbsp;American International Group, Inc. | 2421 |  | 210482 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. REIT | 1251 |  | 207766 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. REIT | 3571 |  | 207154 |
| &nbsp;&nbsp;&nbsp;Public Storage REIT | 643 |  | 192443 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 392 |  | 189771 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | 2362 |  | 189645 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. REIT | 1291 |  | 184987 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. REIT | 1774 |  | 184904 |
| &nbsp;&nbsp;&nbsp;Discover Financial Services | 1024 |  | 174797 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | 1445 |  | 161378 |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc. — Class A\* | 1206 |  | 157721 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. | 1530 |  | 147155 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. | 1174 |  | 145259 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. REIT | 4302 |  | 140331 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson plc | 407 |  | 137546 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 237

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **NOVA FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.\* | 1720 | $| 136275 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. REIT | 865 |  | 128444 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 1688 |  | 128052 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. REIT | 580 |  | 124480 |
| &nbsp;&nbsp;&nbsp;Ventas, Inc. REIT | 1784 |  | 122668 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | 677 |  | 121014 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 968 |  | 120419 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 2734 |  | 107173 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | 1177 |  | 105377 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | 752 |  | 104460 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. REIT | 1199 |  | 103162 |
| &nbsp;&nbsp;&nbsp;Equity Residential REIT | 1394 |  | 99783 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | 427 |  | 96626 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp. REIT | 439 |  | 96584 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | 638 |  | 94245 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 5932 |  | 89039 |
| &nbsp;&nbsp;&nbsp;W R Berkley Corp. | 1225 |  | 87171 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. REIT | 2961 |  | 86698 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 1586 |  | 83963 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 909 |  | 83510 |
| &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. REIT | 2325 |  | 81026 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 3709 |  | 80597 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. REIT | 262 |  | 80321 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. REIT | 477 |  | 79936 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 800 |  | 78920 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | 1784 |  | 73091 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | 858 |  | 72389 |
| &nbsp;&nbsp;&nbsp;Loews Corp. | 721 |  | 66267 |
| &nbsp;&nbsp;&nbsp;KeyCorp | 4065 |  | 64999 |
| &nbsp;&nbsp;&nbsp;Everest Group Ltd. | 175 |  | 63583 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. REIT | 2773 |  | 58899 |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. REIT | 629 |  | 58189 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. REIT | 2854 |  | 57708 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. REIT | 1229 |  | 55514 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust REIT | 435 |  | 53200 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp. REIT | 666 |  | 49124 |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | 343 |  | 45180 |
| &nbsp;&nbsp;&nbsp;Assurant, Inc. | 209 |  | 43838 |
| &nbsp;&nbsp;&nbsp;Erie Indemnity Co. — Class A | 102 |  | 42743 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. REIT | 2853 |  | 40541 |
| &nbsp;&nbsp;&nbsp;BXP, Inc. REIT | 594 |  | 39911 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust REIT | 315 |  | 30813 |
| &nbsp;&nbsp;&nbsp;Invesco Ltd. | 1828 |  | 27731 |
| &nbsp;&nbsp;&nbsp;Franklin Resources, Inc. | 1265 |  | 24351 |
| **Total Financial** |  |  | 30472532 |
| **Communications - 12.5%** | **Communications - 12.5%** | **Communications - 12.5%** | **Communications - 12.5%** |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.\* | 38491 |  | 7323298 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. — Class A | 8937 |  | 5150929 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. — Class A | 23804 |  | 3681050 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. — Class C | 19291 |  | 3013833 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.\* | 1745 |  | 1627265 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 16253 |  | 1002973 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 29293 |  | 828406 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 17179 |  | 779239 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | 7377 |  | 728110 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.\* | 8524 |  | 621059 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 134 |  | 617326 |
| &nbsp;&nbsp;&nbsp;Comcast Corp. — Class A | 15391 |  | 567928 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 1957 |  | 521951 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.\* | 2701 |  | 460899 |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.\* | 4216 |  | 326656 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 682 |  | 298586 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc. — Class A\* | 1384 |  | 252954 |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc. — Class A\* | 1767 |  | 211086 |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc. — Class A\* | 394 |  | 145201 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | 3146 |  | 144024 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | 1954 |  | 132344 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc. — Class A\* | 576 |  | 103761 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc.\* | 9110 |  | 97750 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | 544 |  | 87181 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | 503 |  | 84554 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc.\* | 331 |  | 84031 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | 155 |  | 70469 |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | 802 |  | 66494 |
| &nbsp;&nbsp;&nbsp;F5, Inc.\* | 235 |  | 62573 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | 2213 |  | 58733 |
| &nbsp;&nbsp;&nbsp;Fox Corp. — Class A | 888 |  | 50261 |
| &nbsp;&nbsp;&nbsp;Juniper Networks, Inc. | 1351 |  | 48893 |
| &nbsp;&nbsp;&nbsp;News Corp. — Class A | 1543 |  | 42000 |
| &nbsp;&nbsp;&nbsp;Interpublic Group of Companies, Inc. | 1520 |  | 41283 |
| &nbsp;&nbsp;&nbsp;Match Group, Inc. | 1024 |  | 31949 |
| &nbsp;&nbsp;&nbsp;Paramount Global — Class B | 2428 |  | 29039 |
| &nbsp;&nbsp;&nbsp;Fox Corp. — Class B | 538 |  | 28358 |
| &nbsp;&nbsp;&nbsp;News Corp. — Class B | 456 |  | 13849 |
| **Total Communications** |  |  | 29436295 |
| **Consumer, Cyclical - 6.9%** | **Consumer, Cyclical - 6.9%** | **Consumer, Cyclical - 6.9%** | **Consumer, Cyclical - 6.9%** |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.\* | 11420 |  | 2959607 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 1812 |  | 1713753 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | 17703 |  | 1554146 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | 4054 |  | 1485751 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 2924 |  | 913370 |
| &nbsp;&nbsp;&nbsp;TJX Companies, Inc. | 4587 |  | 558697 |
| &nbsp;&nbsp;&nbsp;Lowe's Companies, Inc. | 2304 |  | 537362 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 4635 |  | 454647 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.\* | 235 |  | 336656 |
| &nbsp;&nbsp;&nbsp;NIKE, Inc. — Class B | 4820 |  | 305974 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc. — Class A\* | 5531 |  | 277712 |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.\* | 68 |  | 259269 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | 982 |  | 223454 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc. — Class A | 934 |  | 222479 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | 2140 |  | 208372 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | 1010 |  | 207495 |
| &nbsp;&nbsp;&nbsp;Copart, Inc.\* | 3578 |  | 202479 |
| &nbsp;&nbsp;&nbsp;Target Corp. | 1870 |  | 195153 |
| &nbsp;&nbsp;&nbsp;General Motors Co. | 4060 |  | 190942 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | 2339 |  | 181390 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | 1138 |  | 179076 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | 181 |  | 178797 |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | 560 |  | 175526 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 1346 |  | 172005 |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. | 15885 |  | 159327 |

---

238 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **NOVA FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;DR Horton, Inc. | 1157 | $| 147089 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.\* | 457 |  | 129358 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | 2180 |  | 120118 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | 2618 |  | 114145 |
| &nbsp;&nbsp;&nbsp;Lennar Corp. — Class A | 953 |  | 109385 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | 478 |  | 99309 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.\* | 1342 |  | 92665 |
| &nbsp;&nbsp;&nbsp;NVR, Inc.\* | 12 |  | 86933 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | 826 |  | 84913 |
| &nbsp;&nbsp;&nbsp;Carnival Corp.\* | 4276 |  | 83510 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.\* | 639 |  | 83441 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | 2419 |  | 81230 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | 502 |  | 79366 |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | 897 |  | 78873 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.\* | 189 |  | 69276 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp.\* | 619 |  | 69210 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | 567 |  | 67552 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | 141 |  | 64783 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc.\* | 825 |  | 61933 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | 844 |  | 59426 |
| &nbsp;&nbsp;&nbsp;Best Buy Company, Inc. | 793 |  | 58373 |
| &nbsp;&nbsp;&nbsp;Aptiv plc\* | 936 |  | 55692 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | 1402 |  | 54159 |
| &nbsp;&nbsp;&nbsp;Pool Corp. | 155 |  | 49344 |
| &nbsp;&nbsp;&nbsp;CarMax, Inc.\* | 628 |  | 48934 |
| &nbsp;&nbsp;&nbsp;LKQ Corp. | 1060 |  | 45092 |
| &nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc. | 272 |  | 41564 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. — Class A | 163 |  | 35981 |
| &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd.\* | 1794 |  | 34014 |
| &nbsp;&nbsp;&nbsp;Hasbro, Inc. | 535 |  | 32897 |
| &nbsp;&nbsp;&nbsp;Walgreens Boots Alliance, Inc.\* | 2927 |  | 32695 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts Ltd. | 365 |  | 30478 |
| &nbsp;&nbsp;&nbsp;MGM Resorts International\* | 913 |  | 27061 |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.\* | 867 |  | 21675 |
| **Total Consumer, Cyclical** |  |  | 16203913 |
| **Industrial - 6.1%** | **Industrial - 6.1%** | **Industrial - 6.1%** | **Industrial - 6.1%** |
| &nbsp;&nbsp;&nbsp;General Electric Co. | 4380 |  | 876657 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | 5436 |  | 720053 |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 1950 |  | 643110 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 2466 |  | 582568 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 2653 |  | 561773 |
| &nbsp;&nbsp;&nbsp;Boeing Co.\* | 3061 |  | 522054 |
| &nbsp;&nbsp;&nbsp;Deere & Co. | 1034 |  | 485308 |
| &nbsp;&nbsp;&nbsp;Eaton Corporation plc | 1612 |  | 438190 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 854 |  | 381490 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | 1490 |  | 344950 |
| &nbsp;&nbsp;&nbsp;GE Vernova, Inc. | 1126 |  | 343745 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc. — Class B | 2985 |  | 328320 |
| &nbsp;&nbsp;&nbsp;3M Co. | 2215 |  | 325295 |
| &nbsp;&nbsp;&nbsp;Amphenol Corp. — Class A | 4942 |  | 324146 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | 525 |  | 319121 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | 229 |  | 316773 |
| &nbsp;&nbsp;&nbsp;Trane Technologies plc | 915 |  | 308282 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | 555 |  | 284166 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 1036 |  | 282393 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | 1090 |  | 270331 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 2301 |  | 252282 |
| &nbsp;&nbsp;&nbsp;CSX Corp. | 7870 |  | 231614 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | 904 |  | 220377 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 924 |  | 218849 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International plc | 2693 |  | 215736 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | 1651 |  | 214184 |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp. | 3296 |  | 208967 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. — Class A | 828 |  | 200508 |
| &nbsp;&nbsp;&nbsp;TE Connectivity plc | 1217 |  | 171986 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 1618 |  | 166978 |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | 944 |  | 162500 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 768 |  | 160750 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.\* | 295 |  | 155155 |
| &nbsp;&nbsp;&nbsp;Garmin Ltd. | 627 |  | 136141 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | 1644 |  | 131569 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 767 |  | 126900 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | 697 |  | 126401 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | 539 |  | 125749 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | 461 |  | 119113 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 249 |  | 119054 |
| &nbsp;&nbsp;&nbsp;Xylem, Inc. | 991 |  | 118385 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.\* | 705 |  | 105588 |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | 1392 |  | 101867 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc.\* | 85 |  | 100377 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | 1009 |  | 98327 |
| &nbsp;&nbsp;&nbsp;Dover Corp. | 559 |  | 98205 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc.\* | 190 |  | 94565 |
| &nbsp;&nbsp;&nbsp;Smurfit WestRock plc | 2018 |  | 90931 |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. | 130 |  | 72908 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc. | 219 |  | 72469 |
| &nbsp;&nbsp;&nbsp;Packaging Corporation of America | 363 |  | 71881 |
| &nbsp;&nbsp;&nbsp;Snap-on, Inc. | 213 |  | 71783 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | 571 |  | 68663 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc.\* | 1003 |  | 65847 |
| &nbsp;&nbsp;&nbsp;Ball Corp. | 1218 |  | 63421 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | 446 |  | 60687 |
| &nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | 500 |  | 60445 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | 865 |  | 60152 |
| &nbsp;&nbsp;&nbsp;Pentair plc | 674 |  | 58962 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc.\* | 470 |  | 58722 |
| &nbsp;&nbsp;&nbsp;Amcor plc | 5898 |  | 57211 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | 308 |  | 55739 |
| &nbsp;&nbsp;&nbsp;Textron, Inc. | 744 |  | 53754 |
| &nbsp;&nbsp;&nbsp;CH Robinson Worldwide, Inc. | 484 |  | 49562 |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | 629 |  | 48358 |
| &nbsp;&nbsp;&nbsp;J.B. Hunt Transport Services, Inc. | 324 |  | 47936 |
| &nbsp;&nbsp;&nbsp;Allegion plc | 355 |  | 46313 |
| &nbsp;&nbsp;&nbsp;Nordson Corp. | 221 |  | 44580 |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc. | 160 |  | 32646 |
| &nbsp;&nbsp;&nbsp;A O Smith Corp. | 481 |  | 31438 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc.\* | 243 |  | 30776 |
| &nbsp;&nbsp;&nbsp;Mohawk Industries, Inc.\* | 213 |  | 24320 |
| **Total Industrial** |  |  | 14240356 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 239

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **NOVA FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Energy - 3.1%** | **Energy - 3.1%** | **Energy - 3.1%** |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 17764 | $2112673 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 6820 | 1140918 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 5207 | 546839 |
| &nbsp;&nbsp;&nbsp;Williams Companies, Inc. | 4974 | 297246 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 2295 | 294311 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | 2532 | 251225 |
| &nbsp;&nbsp;&nbsp;Schlumberger N.V. | 5716 | 238929 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 7889 | 225073 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | 1685 | 208064 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 1290 | 187940 |
| &nbsp;&nbsp;&nbsp;Hess Corp. | 1128 | 180175 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | 889 | 178218 |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 4040 | 177558 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | 1292 | 170634 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 2757 | 136086 |
| &nbsp;&nbsp;&nbsp;Equities Corp. | 2435 | 130102 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 763 | 121988 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | 77 | 102024 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 2681 | 100269 |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp. | 858 | 95513 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | 3543 | 89886 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. — Class A | 3005 | 86845 |
| &nbsp;&nbsp;&nbsp;First Solar, Inc.\* | 437 | 55250 |
| &nbsp;&nbsp;&nbsp;Enphase Energy, Inc.\* | 541 | 33569 |
| &nbsp;&nbsp;&nbsp;APA Corp. | 1510 | 31740 |
| **Total Energy** |  | 7193075 |
| **Utilities - 2.1%** | **Utilities - 2.1%** | **Utilities - 2.1%** |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 8392 | 594909 |
| &nbsp;&nbsp;&nbsp;Southern Co. | 4471 | 411108 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 3166 | 386157 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 1277 | 257482 |
| &nbsp;&nbsp;&nbsp;American Electric Power Company, Inc. | 2176 | 237772 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | 3427 | 192152 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | 4102 | 189020 |
| &nbsp;&nbsp;&nbsp;Sempra | 2585 | 184466 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | 2032 | 167234 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 2343 | 165861 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | 1388 | 163007 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 1414 | 156374 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | 8952 | 153795 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | 1750 | 149607 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | 1296 | 141238 |
| &nbsp;&nbsp;&nbsp;American Water Works Company, Inc. | 795 | 117278 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | 846 | 116976 |
| &nbsp;&nbsp;&nbsp;Ameren Corp. | 1101 | 110540 |
| &nbsp;&nbsp;&nbsp;PPL Corp. | 3013 | 108799 |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | 648 | 100168 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | 2660 | 96372 |
| &nbsp;&nbsp;&nbsp;Edison International | 1579 | 93035 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 1496 | 92917 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. | 1219 | 91559 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | 2093 | 84599 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 826 | 78850 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. | 1918 | 76893 |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | 1047 | 67374 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | 939 | 64744 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | 464 | 44196 |
| &nbsp;&nbsp;&nbsp;AES Corp. | 2902 | 36043 |
| **Total Utilities** |  | 4930525 |
| **Basic Materials - 1.3%** | **Basic Materials - 1.3%** | **Basic Materials - 1.3%** |
| &nbsp;&nbsp;&nbsp;Linde plc | 1943 | 904738 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | 945 | 329985 |
| &nbsp;&nbsp;&nbsp;Air Products and Chemicals, Inc. | 908 | 267787 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | 1028 | 260619 |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | 4646 | 224309 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 5865 | 222049 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | 1706 | 127404 |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | 958 | 115286 |
| &nbsp;&nbsp;&nbsp;International Paper Co. | 2152 | 114809 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | 946 | 103445 |
| &nbsp;&nbsp;&nbsp;Dow, Inc. | 2872 | 100290 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 1043 | 80947 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries N.V. — Class A | 1058 | 74483 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | 577 | 72171 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 710 | 55486 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical Co. | 470 | 41412 |
| &nbsp;&nbsp;&nbsp;Mosaic Co. | 1296 | 35005 |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | 479 | 34498 |
| **Total Basic Materials** |  | 3164723 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $162,903,474) |  | 194037681 |
| **MUTUAL FUNDS<sup>†</sup>** **- 7.5%** | **MUTUAL FUNDS<sup>†</sup>** **- 7.5%** | **MUTUAL FUNDS<sup>†</sup>** **- 7.5%** |
| &nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class<sup>2</sup> | 733906 | 7361079 |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II<sup>2</sup> | 225195 | 5598344 |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund III<sup>2</sup> | 184563 | 4601147 |
| **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $17,418,465) |  | 17560570 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 6.4%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 6.4%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 6.4%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;4.16% due 06/05/25<sup>3,4</sup> | $10000000 | 9924257 |
| &nbsp;&nbsp;&nbsp;4.08% due 04/08/25<sup>4,5</sup> | 3009000 | 3006516 |
| &nbsp;&nbsp;&nbsp;4.20% due 06/12/25<sup>3,4</sup> | 2200000 | 2181564 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $15,112,130) |  | 15112337 |
| **REPURCHASE AGREEMENTS<sup>††,6</sup>** **- 8.5%** | **REPURCHASE AGREEMENTS<sup>††,6</sup>** **- 8.5%** | **REPURCHASE AGREEMENTS<sup>††,6</sup>** **- 8.5%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25<sup>3</sup> | 11284511 | 11284511 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25<sup>3</sup> | 8648312 | 8648312 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $19,932,823) |  | 19932823 |

---

240 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **NOVA FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SECURITIES LENDING COLLATERAL<sup>†,7</sup>** **- 0.0%** | **SECURITIES LENDING COLLATERAL<sup>†,7</sup>** **- 0.0%** | **SECURITIES LENDING COLLATERAL<sup>†,7</sup>** **- 0.0%** |
| **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.27%<sup>8</sup> | 52535 | $52535 |
| **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp;(Cost $52,535) |  | 52535 |
| **Total Investments - 104.8%** | **Total Investments - 104.8%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $215,419,427) | &nbsp;&nbsp;&nbsp;(Cost $215,419,427) | $246695946 |
| **Other Assets & Liabilities, net - (4.8)%** | **Other Assets & Liabilities, net - (4.8)%** | (11242039) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $235453907 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Depreciation\*\*** |
| **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** |
| S&P 500 Index Mini Futures Contracts | 144 | Jun 2025 | $40725000 | $(258708) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** |
| **Counterparty** | **Index** | **Type** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Depreciation** |
| **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** |
| Barclays Bank plc | S&P 500 Index | Pay | 5.24% (SOFR + 0.90%) | At Maturity | 06/26/25 | 1551 | $8704862 | $(155659) |
| BNP Paribas | S&P 500 Index | Pay | 5.18% (Federal<br> Funds Rate +<br> 0.85%) | At Maturity | 06/26/25 | 2343 | 13146544 | (235081) |
| Goldman Sachs International | S&P 500 Index | Pay | 4.93% (Federal<br> Funds Rate +<br> 0.60%) | At Maturity | 06/25/25 | 17314 | 97165778 | (2583673) |
|  |  |  |  |  |  |  | $119017184 | $(2974413) |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\* | &nbsp;&nbsp;&nbsp;Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| \*\*\* | &nbsp;&nbsp;&nbsp;A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is on loan at March 31, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Affiliated issuer. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as equity index swap collateral at March 31, 2025. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the effective yield at the time of purchase. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as futures collateral at March 31, 2025. |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Securities lending collateral — See Note 7. |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of March 31, 2025. |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;REIT — Real Estate Investment Trust |
|  | &nbsp;&nbsp;&nbsp;SOFR — Secured Overnight Financing Rate |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 241

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **NOVA FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $194037681 | $— | $— | $194037681 |
| Mutual Funds | 17560570 |  |  | 17560570 |
| U.S. Treasury Bills |  | 15112337 |  | 15112337 |
| Repurchase Agreements |  | 19932823 |  | 19932823 |
| Securities Lending Collateral | 52535 |  |  | 52535 |
| Total Assets | $211650786 | $35045160 | $— | $246695946 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Equity Futures Contracts\*\* | $258708 | $— | $— | $258708 |
| Equity Index Swap Agreements\*\* |  | 2974413 |  | 2974413 |
| Total Liabilities | $258708 | $2974413 | $— | $3233121 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

**Affiliated Transactions** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the year ended March 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 03/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 03/31/25** | **Shares <br> 03/31/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Guggenheim Strategy Fund II | $5539793 | $— | $— | $— | $58551 | $5598344 | 225195 | $314695 |
| &nbsp;&nbsp;Guggenheim Strategy Fund III | 4553161 |  |  |  | 47986 | 4601147 | 184563 | 252193 |
| &nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 7273011 |  |  |  | 88068 | 7361079 | 733906 | 365685 |
|  | $17365965 | $— | $— | $— | $194605 | $17560570 |  | $932573 |

---

242 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**NOVA FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in unaffiliated issuers, at value - including $51,394 of securities loaned (cost $178,068,139) | $209202553 |
| Investments in affiliated issuers, at value (cost $17,418,465) | 17560570 |
| Repurchase agreements, at value (cost $19,932,823) | 19932823 |
| Cash | 199 |
| Segregated cash with broker | 441 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 514743 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 261708 |
| &nbsp;&nbsp;&nbsp;Dividends | 181456 |
| &nbsp;&nbsp;&nbsp;Interest | 2412 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 16 |
| **Total assets** | 247656921 |
| **Liabilities:** | **Liabilities:** |
| Unrealized depreciation on OTC swap agreements | 2974413 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Securities purchased | 4987972 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 3202264 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 471312 |
| &nbsp;&nbsp;&nbsp;Management fees | 149260 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 102916 |
| &nbsp;&nbsp;&nbsp;Return of securities lending collateral | 52535 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 20508 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 3878 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 2703 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 235253 |
| **Total liabilities** | 12203014 |
| **Net assets** | $235453907 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $303229666 |
| Total distributable earnings (loss) | (67775759) |
| Net assets | $235453907 |
| **Investor Class:** | **Investor Class:** |
| Net assets | $218454601 |
| Capital shares outstanding | 1602114 |
| Net asset value per share | $136.35 |
| **Class A:** | **Class A:** |
| Net assets | $12893559 |
| Capital shares outstanding | 106762 |
| Net asset value per share | $120.77 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $126.79 |
| **Class C:** | **Class C:** |
| Net assets | $612267 |
| Capital shares outstanding | 6398 |
| Net asset value per share | $95.70 |
| **Class H:** | **Class H:** |
| Net assets | $3493480 |
| Capital shares outstanding | 28885 |
| Net asset value per share | $120.94 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 243

**NOVA FUND**<br>

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $721) | $3030331 |
| Dividends from securities of affiliated issuers | 932573 |
| Interest | 1148722 |
| Income from securities lending, net | 109 |
| &nbsp;&nbsp;&nbsp;Total investment income | 5111735 |
| **Expenses:** | **Expenses:** |
| Management fees | 1982955 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 33772 |
| &nbsp;&nbsp;&nbsp;Class C | 7976 |
| &nbsp;&nbsp;&nbsp;Class H | 14061 |
| Transfer agent fees | 575196 |
| Portfolio accounting and administration fees | 398983 |
| Registration fees | 278285 |
| Professional fees | 101898 |
| Interest expense | 56796 |
| Custodian fees | 34450 |
| Trustees' fees\* | 25748 |
| Line of credit fees | 199 |
| Miscellaneous | 146648 |
| &nbsp;&nbsp;&nbsp;Total expenses | 3656967 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (132112) |
| Expenses waived by Adviser | (18279) |
| &nbsp;&nbsp;&nbsp;Total waived expenses | (150391) |
| Net expenses | 3506576 |
| Net investment income | 1605159 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | $11966721 |
| &nbsp;&nbsp;&nbsp;Swap agreements | 4315709 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 3968309 |
| Net realized gain | 20250739 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 923586 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | 194605 |
| &nbsp;&nbsp;&nbsp;Swap agreements | (3952184) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (1645025) |
| Net change in unrealized appreciation (depreciation) | (4479018) |
| Net realized and unrealized gain | 15771721 |
| **Net increase in net assets resulting from operations** | $17376880 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

244 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**NOVA FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $1605159 | $1654145 |
| Net realized gain on investments | 20250739 | 37976910 |
| Net change in unrealized appreciation (depreciation) on investments | (4479018) | 19115218 |
| Net increase in net assets resulting from operations | 17376880 | 58746273 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (1510151) | (1201986) |
| &nbsp;&nbsp;&nbsp;Class A | (103582) | (73774) |
| &nbsp;&nbsp;&nbsp;Class C | (6447) | (7850) |
| &nbsp;&nbsp;&nbsp;Class H | (33965) | (28368) |
| Total distributions to shareholders | (1654145) | (1311978) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 700566889 | 2323334615 |
| &nbsp;&nbsp;&nbsp;Class A | 871834 | 27827480 |
| &nbsp;&nbsp;&nbsp;Class C | 150779 | 723309 |
| &nbsp;&nbsp;&nbsp;Class H | 5946783 | 51548688 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 1487435 | 1187760 |
| &nbsp;&nbsp;&nbsp;Class A | 101813 | 64707 |
| &nbsp;&nbsp;&nbsp;Class C | 6447 | 1489 |
| &nbsp;&nbsp;&nbsp;Class H | 33965 | 28368 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (750720159) | (2348796915) |
| &nbsp;&nbsp;&nbsp;Class A | (1637985) | (37738187) |
| &nbsp;&nbsp;&nbsp;Class C | (630342) | (1025931) |
| &nbsp;&nbsp;&nbsp;Class H | (10082078) | (57853426) |
| Net decrease from capital share transactions | (53904619) | (40698043) |
| Net increase (decrease) in net assets | (38181884) | 16736252 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 273635791 | 256899539 |
| &nbsp;&nbsp;&nbsp;End of year | $235453907 | $273635791 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 4931419 | 22584221 |
| &nbsp;&nbsp;&nbsp;Class A | 6979 | 320857 |
| &nbsp;&nbsp;&nbsp;Class C | 1498 | 9605 |
| &nbsp;&nbsp;&nbsp;Class H | 47460 | 584271 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 9651 | 11089 |
| &nbsp;&nbsp;&nbsp;Class A | 745 | 679 |
| &nbsp;&nbsp;&nbsp;Class C | 59 | 20 |
| &nbsp;&nbsp;&nbsp;Class H | 248 | 297 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (5311951) | (23090070) |
| &nbsp;&nbsp;&nbsp;Class A | (13332) | (437561) |
| &nbsp;&nbsp;&nbsp;Class C | (6514) | (13813) |
| &nbsp;&nbsp;&nbsp;Class H | (83008) | (667576) |
| Net decrease in shares | (416746) | (697981) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 245

**NOVA FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $127.98 | $91.30 | $133.16 | $120.51 | $63.62 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .88 | 1.04 | .77 | (.16) | .05 |
| Net gain (loss) on investments (realized and unrealized) | 8.46 | 36.30 | (24.31) | 25.92 | 57.43 |
| Total from investment operations | 9.34 | 37.34 | (23.54) | 25.76 | 57.48 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.97) | (.66) |  |  | (.59) |
| Net realized gains |  |  | (18.32) | (13.11) |  |
| Total distributions | (.97) | (.66) | (18.32) | (13.11) | (.59) |
| Net asset value, end of period | $136.35 | $127.98 | $91.30 | $133.16 | $120.51 |
| **Total Return** | **7.21%** | **41.05%** | **(16.18** **%)** | **20.83%** | **90.46%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $218455 | $252513 | $225298 | $380170 | $326237 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.63% | 0.99% | 0.74% | (0.12%) | 0.05% |
| Total expenses<sup>b</sup> | 1.36% | 1.43% | 1.30% | 1.25% | 1.33% |
| Net expenses<sup>c</sup> | 1.31% | 1.39% | 1.29% | 1.23% | 1.32% |
| Portfolio turnover rate | 180% | 1047% | 973% | 1027% | 785% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $113.73 | $81.37 | $121.63 | $111.23 | $58.89 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .46 | .73 | .62 | (.45) | (.18) |
| Net gain (loss) on investments (realized and unrealized) | 7.55 | 32.29 | (22.56) | 23.96 | 53.11 |
| Total from investment operations | 8.01 | 33.02 | (21.94) | 23.51 | 52.93 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.97) | (.66) |  |  | (.59) |
| Net realized gains |  |  | (18.32) | (13.11) |  |
| Total distributions | (.97) | (.66) | (18.32) | (13.11) | (.59) |
| Net asset value, end of period | $120.77 | $113.73 | $81.37 | $121.63 | $111.23 |
| **Total Return<sup>d</sup>** | **6.95%** | **40.75%** | **(16.42** **%)** | **20.54%** | **90.00%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $12894 | $12780 | $18585 | $21403 | $18596 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.37% | 0.79% | 0.67% | (0.35%) | (0.20%) |
| Total expenses<sup>b</sup> | 1.62% | 1.70% | 1.55% | 1.50% | 1.59% |
| Net expenses<sup>c</sup> | 1.56% | 1.66% | 1.53% | 1.48% | 1.58% |
| Portfolio turnover rate | 180% | 1047% | 973% | 1027% | 785% |

---

246 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**NOVA FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $90.97 | $65.69 | $103.59 | $96.96 | $51.77 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (.36) | .05 | (.06) | (1.19) | (.74) |
| Net gain (loss) on investments (realized and unrealized) | 6.06 | 25.89 | (19.52) | 20.93 | 46.52 |
| Total from investment operations | 5.70 | 25.94 | (19.58) | 19.74 | 45.78 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.97) | (.66) |  |  | (.59) |
| Net realized gains |  |  | (18.32) | (13.11) |  |
| Total distributions | (.97) | (.66) | (18.32) | (13.11) | (.59) |
| Net asset value, end of period | $95.70 | $90.97 | $65.69 | $103.59 | $96.96 |
| **Total Return<sup>d</sup>** | **6.14%** | **39.70%** | **(17.04** **%)** | **19.64%** | **88.56%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $612 | $1033 | $1021 | $1929 | $3576 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.37%) | 0.07% | (0.08%) | (1.09%) | (0.97%) |
| Total expenses<sup>b</sup> | 2.36% | 2.46% | 2.30% | 2.25% | 2.35% |
| Net expenses<sup>c</sup> | 2.30% | 2.41% | 2.27% | 2.23% | 2.33% |
| Portfolio turnover rate | 180% | 1047% | 973% | 1027% | 785% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 247

**NOVA FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $113.89 | $81.50 | $121.73 | $111.34 | $58.94 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .43 | .72 | .37 | (.48) | (.18) |
| Net gain (loss) on investments (realized and unrealized) | 7.59 | 32.33 | (22.28) | 23.98 | 53.17 |
| Total from investment operations | 8.02 | 33.05 | (21.91) | 23.50 | 52.99 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.97) | (.66) |  |  | (.59) |
| Net realized gains |  |  | (18.32) | (13.11) |  |
| Total distributions | (.97) | (.66) | (18.32) | (13.11) | (.59) |
| Net asset value, end of period | $120.94 | $113.89 | $81.50 | $121.73 | $111.34 |
| **Total Return** | **6.95%** | **40.73%** | **(16.38** **%)** | **20.51%** | **90.03%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $3493 | $7310 | $11996 | $40702 | $53660 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.35% | 0.77% | 0.39% | (0.37%) | (0.20%) |
| Total expenses<sup>b</sup> | 1.61% | 1.69% | 1.55% | 1.50% | 1.59% |
| Net expenses<sup>c</sup> | 1.55% | 1.65% | 1.54% | 1.48% | 1.58% |
| Portfolio turnover rate | 180% | 1047% | 973% | 1027% | 785% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Does not include expenses of the underlying funds in which the Fund invests.

<sup>c</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>d</sup> Total return does not reflect the impact of any applicable sales charges.

248 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **S&P 500<sup>®</sup>** **FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 91.2%** | **COMMON STOCKS<sup>†</sup>** **- 91.2%** | **COMMON STOCKS<sup>†</sup>** **- 91.2%** |
| **Technology - 26.1%** | **Technology - 26.1%** | **Technology - 26.1%** |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 45757 | $10164002 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 22643 | 8499956 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 74595 | 8084606 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 14277 | 2390398 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 2916 | 782538 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 2817 | 700475 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 4941 | 690801 |
| &nbsp;&nbsp;&nbsp;Accenture plc — Class A | 1905 | 594436 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc. — Class A\* | 6244 | 526994 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 853 | 523733 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 3369 | 517512 |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.\* | 1327 | 508944 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.\* | 4937 | 507227 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.\* | 627 | 499180 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 2773 | 498308 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.\* | 1733 | 382698 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 2475 | 359172 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 1511 | 304723 |
| &nbsp;&nbsp;&nbsp;Intel Corp.\* | 13189 | 299522 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 3394 | 294905 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | 3910 | 284257 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | 405 | 275319 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc. — Class A\* | 750 | 264435 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.\* | 835 | 212365 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.\* | 471 | 201988 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 327 | 192793 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.\* | 1938 | 186552 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.\* | 656 | 171741 |
| &nbsp;&nbsp;&nbsp;Workday, Inc. — Class A\* | 652 | 152262 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 976 | 150577 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductor N.V. | 775 | 147297 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp.\* | 74 | 136468 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. — Class A | 237 | 134023 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | 1613 | 120459 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. — Class A | 1508 | 115362 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 722 | 104343 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.\* | 500 | 103625 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc.\* | 234 | 98219 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc. — Class C | 950 | 86593 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | 356 | 86316 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 146 | 84677 |
| &nbsp;&nbsp;&nbsp;ANSYS, Inc.\* | 267 | 84521 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 1638 | 79296 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | 2856 | 79083 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.\* | 130 | 75581 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 4001 | 61735 |
| &nbsp;&nbsp;&nbsp;PTC, Inc.\* | 366 | 56712 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings plc | 645 | 54793 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | 619 | 54373 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | 400 | 53976 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer, Inc.\*<sup>,1</sup> | 1534 | 52524 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.\* | 1284 | 52246 |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp. — Class A\* | 156 | 44079 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp.\* | 1060 | 42856 |
| &nbsp;&nbsp;&nbsp;Teradyne, Inc. | 496 | 40970 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 222 | 40537 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.\* | 458 | 36869 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 490 | 31669 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc. | 143 | 31243 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.\* | 174 | 29378 |
| &nbsp;&nbsp;&nbsp;Dayforce, Inc.\* | 484 | 28232 |
| **Total Technology** |  | 41470474 |
| **Consumer, Non-cyclical - 15.4%** | **Consumer, Non-cyclical - 15.4%** | **Consumer, Non-cyclical - 15.4%** |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 2400 | 1982184 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 2803 | 1468071 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 7142 | 1217140 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 7334 | 1216271 |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 5377 | 1126589 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 11794 | 844686 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 4737 | 751904 |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 5283 | 700790 |
| &nbsp;&nbsp;&nbsp;Merck & Company, Inc. | 7705 | 691601 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 4178 | 626449 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 1165 | 579704 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.\* | 1087 | 538358 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 1637 | 510007 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 960 | 487776 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.\* | 4489 | 452850 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | 17262 | 437419 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 3796 | 425342 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 1950 | 399750 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | 1046 | 389373 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.\* | 782 | 379129 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 1240 | 378857 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 6182 | 377040 |
| &nbsp;&nbsp;&nbsp;Medtronic plc | 3906 | 350993 |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | 5163 | 309883 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 707 | 307517 |
| &nbsp;&nbsp;&nbsp;Cigna Group | 834 | 274386 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc. — Class A | 3940 | 267329 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | 3840 | 260160 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | 382 | 257082 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 2472 | 231626 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | 1364 | 224583 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | 471 | 219340 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | 1045 | 214779 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 321 | 203588 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 875 | 200427 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.\* | 3013 | 196598 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 545 | 188325 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. — Class A | 526 | 146275 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 1010 | 143642 |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. | 5840 | 140043 |
| &nbsp;&nbsp;&nbsp;Kroger Co. | 2028 | 137275 |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | 2088 | 131398 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp.\* | 1797 | 130247 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. — Class A | 430 | 127977 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.\* | 2133 | 124823 |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc. | 199 | 124713 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 249

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **S&P 500<sup>®</sup>** **FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | 3637 | $| 124458 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 450 |  | 114381 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | 1393 |  | 112429 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | 1491 |  | 111885 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.\* | 250 |  | 104988 |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | 869 |  | 101656 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | 736 |  | 101399 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | 1679 |  | 100387 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | 448 |  | 100285 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | 367 |  | 97108 |
| &nbsp;&nbsp;&nbsp;Equifax, Inc. | 378 |  | 92066 |
| &nbsp;&nbsp;&nbsp;Centene Corp.\* | 1510 |  | 91672 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.\* | 510 |  | 89913 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc. — Class A | 474 |  | 86989 |
| &nbsp;&nbsp;&nbsp;Church & Dwight Company, Inc. | 749 |  | 82457 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.\* | 1190 |  | 81265 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | 2657 |  | 80853 |
| &nbsp;&nbsp;&nbsp;Hershey Co. | 450 |  | 76964 |
| &nbsp;&nbsp;&nbsp;Corpay, Inc.\* | 213 |  | 74277 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | 755 |  | 73930 |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 1458 |  | 69999 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | 607 |  | 68700 |
| &nbsp;&nbsp;&nbsp;STERIS plc | 299 |  | 67768 |
| &nbsp;&nbsp;&nbsp;Kellanova | 819 |  | 67559 |
| &nbsp;&nbsp;&nbsp;Waters Corp.\* | 181 |  | 66711 |
| &nbsp;&nbsp;&nbsp;McCormick & Company, Inc. | 770 |  | 63379 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.\* | 446 |  | 61030 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | 255 |  | 59349 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 338 |  | 57190 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.\* | 214 |  | 56199 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.\* | 170 |  | 55996 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc. — Class A | 872 |  | 55642 |
| &nbsp;&nbsp;&nbsp;Clorox Co. | 375 |  | 55219 |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc. | 1555 |  | 53228 |
| &nbsp;&nbsp;&nbsp;Cooper Companies, Inc.\* | 609 |  | 51369 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | 221 |  | 49477 |
| &nbsp;&nbsp;&nbsp;Estee Lauder Companies, Inc. — Class A | 713 |  | 47058 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | 856 |  | 46250 |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 245 |  | 43603 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc.\* | 683 |  | 42189 |
| &nbsp;&nbsp;&nbsp;Revvity, Inc. | 371 |  | 39252 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | 1454 |  | 38778 |
| &nbsp;&nbsp;&nbsp;J M Smucker Co. | 324 |  | 38365 |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.\* | 214 |  | 33996 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc. — Class B | 179 |  | 33634 |
| &nbsp;&nbsp;&nbsp;Solventum Corp.\* | 422 |  | 32089 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co. — Class B | 525 |  | 31957 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. | 3635 |  | 31661 |
| &nbsp;&nbsp;&nbsp;Bunge Global S.A. | 407 |  | 31103 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.\* | 489 |  | 29609 |
| &nbsp;&nbsp;&nbsp;Moderna, Inc.\* | 1031 |  | 29229 |
| &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | 482 |  | 28260 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | 887 |  | 27444 |
| &nbsp;&nbsp;&nbsp;Henry Schein, Inc.\* | 380 |  | 26026 |
| &nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | 115 |  | 24880 |
| &nbsp;&nbsp;&nbsp;The Campbell's Co. | 599 |  | 23912 |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc.\* | 156 |  | 23481 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | 434 |  | 23132 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc.\* | 134 |  | 20498 |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp. — Class B | 555 |  | 18837 |
| **Total Consumer, Non-cyclical** |  |  | 24517719 |
| **Financial - 14.3%** | **Financial - 14.3%** | **Financial - 14.3%** | **Financial - 14.3%** |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. — Class B\* | 5583 |  | 2973394 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 8517 |  | 2089220 |
| &nbsp;&nbsp;&nbsp;Visa, Inc. — Class A | 5249 |  | 1839565 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc. — Class A | 2481 |  | 1359886 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 20169 |  | 841652 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 10017 |  | 719120 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | 951 |  | 519522 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | 1784 |  | 504890 |
| &nbsp;&nbsp;&nbsp;American Express Co. | 1690 |  | 454695 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 3769 |  | 439729 |
| &nbsp;&nbsp;&nbsp;Blackrock, Inc. | 444 |  | 420237 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 5191 |  | 406351 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 5718 |  | 405921 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Companies, Inc. | 1497 |  | 365313 |
| &nbsp;&nbsp;&nbsp;Chubb Ltd. | 1135 |  | 342759 |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. REIT | 2824 |  | 315695 |
| &nbsp;&nbsp;&nbsp;Blackstone, Inc. — Class A | 2229 |  | 311570 |
| &nbsp;&nbsp;&nbsp;American Tower Corp. — Class A REIT | 1424 |  | 309862 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 1750 |  | 301875 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. — Class A | 1098 |  | 291288 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. REIT | 1856 |  | 284358 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | 775 |  | 267561 |
| &nbsp;&nbsp;&nbsp;Aon plc — Class A | 659 |  | 263000 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. REIT | 297 |  | 242159 |
| &nbsp;&nbsp;&nbsp;KKR & Company, Inc. — Class A | 2056 |  | 237694 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | 1206 |  | 211979 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 1161 |  | 208167 |
| &nbsp;&nbsp;&nbsp;U.S. Bancorp | 4752 |  | 200630 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | 1362 |  | 186512 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 2186 |  | 183340 |
| &nbsp;&nbsp;&nbsp;Travelers Companies, Inc. | 691 |  | 182742 |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | 1508 |  | 167674 |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | 807 |  | 167105 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 4009 |  | 164970 |
| &nbsp;&nbsp;&nbsp;American International Group, Inc. | 1808 |  | 157188 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. REIT | 934 |  | 155119 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. REIT | 2666 |  | 154655 |
| &nbsp;&nbsp;&nbsp;Public Storage REIT | 480 |  | 143659 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 293 |  | 141844 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | 1763 |  | 141551 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. REIT | 964 |  | 138132 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. REIT | 1324 |  | 138000 |
| &nbsp;&nbsp;&nbsp;Discover Financial Services | 765 |  | 130586 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | 1078 |  | 120391 |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc. — Class A\* | 900 |  | 117702 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. | 1142 |  | 109838 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. | 876 |  | 108387 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. REIT | 3211 |  | 104743 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson plc | 304 |  | 102737 |

---

250 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **S&P 500<sup>®</sup>** **FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.\* | 1284 | $| 101731 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. REIT | 646 |  | 95925 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 1260 |  | 95584 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. REIT | 433 |  | 92930 |
| &nbsp;&nbsp;&nbsp;Ventas, Inc. REIT | 1332 |  | 91588 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | 506 |  | 90448 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 724 |  | 90066 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 2040 |  | 79968 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | 879 |  | 78697 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | 562 |  | 78067 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. REIT | 895 |  | 77006 |
| &nbsp;&nbsp;&nbsp;Equity Residential REIT | 1041 |  | 74515 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | 319 |  | 72187 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp. REIT | 327 |  | 71943 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | 477 |  | 70462 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 4428 |  | 66464 |
| &nbsp;&nbsp;&nbsp;W R Berkley Corp. | 915 |  | 65111 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. REIT | 2210 |  | 64709 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 1184 |  | 62681 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 678 |  | 62288 |
| &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. REIT | 1735 |  | 60465 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. REIT | 197 |  | 60394 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 2769 |  | 60170 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. REIT | 356 |  | 59658 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 597 |  | 58894 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | 1332 |  | 54572 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | 641 |  | 54081 |
| &nbsp;&nbsp;&nbsp;Loews Corp. | 538 |  | 49448 |
| &nbsp;&nbsp;&nbsp;KeyCorp | 3034 |  | 48514 |
| &nbsp;&nbsp;&nbsp;Everest Group Ltd. | 131 |  | 47596 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. REIT | 2070 |  | 43967 |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. REIT | 469 |  | 43387 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. REIT | 2131 |  | 43089 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. REIT | 917 |  | 41421 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust REIT | 325 |  | 39747 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp. REIT | 497 |  | 36659 |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | 256 |  | 33720 |
| &nbsp;&nbsp;&nbsp;Assurant, Inc. | 157 |  | 32931 |
| &nbsp;&nbsp;&nbsp;Erie Indemnity Co. — Class A | 76 |  | 31848 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. REIT | 2129 |  | 30253 |
| &nbsp;&nbsp;&nbsp;BXP, Inc. REIT | 444 |  | 29832 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust REIT | 235 |  | 22988 |
| &nbsp;&nbsp;&nbsp;Invesco Ltd. | 1365 |  | 20707 |
| &nbsp;&nbsp;&nbsp;Franklin Resources, Inc. | 945 |  | 18191 |
| **Total Financial** |  |  | 22749869 |
| **Communications - 13.9%** | **Communications - 13.9%** | **Communications - 13.9%** | **Communications - 13.9%** |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.\* | 28729 |  | 5465979 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. — Class A | 6670 |  | 3844321 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. — Class A | 17767 |  | 2747489 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. — Class C | 14399 |  | 2249556 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.\* | 1303 |  | 1215087 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 12132 |  | 748666 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 21865 |  | 618342 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 12824 |  | 581697 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | 5507 |  | 543541 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 101 |  | 465298 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.\* | 6363 |  | 463608 |
| &nbsp;&nbsp;&nbsp;Comcast Corp. — Class A | 11488 |  | 423907 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 1461 |  | 389663 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.\* | 2017 |  | 344181 |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.\* | 3146 |  | 243752 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 509 |  | 222845 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc. — Class A\* | 1034 |  | 188984 |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc. — Class A\* | 1318 |  | 157448 |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc. — Class A\* | 294 |  | 108348 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | 2348 |  | 107491 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | 1459 |  | 98818 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc. — Class A\* | 430 |  | 77460 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc.\* | 6801 |  | 72975 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | 406 |  | 65066 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | 376 |  | 63206 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc.\* | 248 |  | 62960 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | 116 |  | 52738 |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | 598 |  | 49580 |
| &nbsp;&nbsp;&nbsp;F5, Inc.\* | 176 |  | 46863 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | 1652 |  | 43844 |
| &nbsp;&nbsp;&nbsp;Fox Corp. — Class A | 664 |  | 37582 |
| &nbsp;&nbsp;&nbsp;Juniper Networks, Inc. | 1008 |  | 36480 |
| &nbsp;&nbsp;&nbsp;News Corp. — Class A | 1151 |  | 31330 |
| &nbsp;&nbsp;&nbsp;Interpublic Group of Companies, Inc. | 1135 |  | 30827 |
| &nbsp;&nbsp;&nbsp;Match Group, Inc. | 765 |  | 23868 |
| &nbsp;&nbsp;&nbsp;Paramount Global — Class B | 1813 |  | 21684 |
| &nbsp;&nbsp;&nbsp;Fox Corp. — Class B | 403 |  | 21242 |
| &nbsp;&nbsp;&nbsp;News Corp. — Class B | 340 |  | 10326 |
| **Total Communications** |  |  | 21977052 |
| **Consumer, Cyclical - 7.6%** | **Consumer, Cyclical - 7.6%** | **Consumer, Cyclical - 7.6%** | **Consumer, Cyclical - 7.6%** |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.\* | 8523 |  | 2208821 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 1352 |  | 1278695 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | 13213 |  | 1159969 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | 3026 |  | 1108999 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 2183 |  | 681904 |
| &nbsp;&nbsp;&nbsp;TJX Companies, Inc. | 3424 |  | 417043 |
| &nbsp;&nbsp;&nbsp;Lowe's Companies, Inc. | 1720 |  | 401156 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 3460 |  | 339391 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.\* | 175 |  | 250702 |
| &nbsp;&nbsp;&nbsp;NIKE, Inc. — Class B | 3598 |  | 228401 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc. — Class A\* | 4128 |  | 207267 |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.\* | 52 |  | 198265 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | 733 |  | 166794 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc. — Class A | 697 |  | 166025 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | 1598 |  | 155597 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | 754 |  | 154902 |
| &nbsp;&nbsp;&nbsp;Copart, Inc.\* | 2671 |  | 151152 |
| &nbsp;&nbsp;&nbsp;Target Corp. | 1396 |  | 145687 |
| &nbsp;&nbsp;&nbsp;General Motors Co. | 3031 |  | 142548 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | 1747 |  | 135480 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | 850 |  | 133756 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | 135 |  | 133357 |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | 419 |  | 131331 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 1006 |  | 128557 |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. | 11857 |  | 118926 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 251

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **S&P 500<sup>®</sup>** **FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;DR Horton, Inc. | 864 | $| 109840 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.\* | 341 |  | 96523 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | 1627 |  | 89648 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | 1955 |  | 85238 |
| &nbsp;&nbsp;&nbsp;Lennar Corp. — Class A | 711 |  | 81609 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | 357 |  | 74170 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.\* | 1002 |  | 69188 |
| &nbsp;&nbsp;&nbsp;NVR, Inc.\* | 9 |  | 65199 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | 617 |  | 63428 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.\* | 478 |  | 62417 |
| &nbsp;&nbsp;&nbsp;Carnival Corp.\* | 3191 |  | 62320 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | 1805 |  | 60612 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | 375 |  | 59287 |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | 670 |  | 58913 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.\* | 141 |  | 51682 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp.\* | 462 |  | 51656 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | 423 |  | 50396 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | 105 |  | 48242 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc.\* | 616 |  | 46243 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | 631 |  | 44429 |
| &nbsp;&nbsp;&nbsp;Best Buy Company, Inc. | 593 |  | 43651 |
| &nbsp;&nbsp;&nbsp;Aptiv plc\* | 699 |  | 41590 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | 1047 |  | 40446 |
| &nbsp;&nbsp;&nbsp;Pool Corp. | 116 |  | 36928 |
| &nbsp;&nbsp;&nbsp;CarMax, Inc.\* | 469 |  | 36544 |
| &nbsp;&nbsp;&nbsp;LKQ Corp. | 792 |  | 33692 |
| &nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc. | 203 |  | 31021 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. — Class A | 122 |  | 26931 |
| &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd.\* | 1340 |  | 25406 |
| &nbsp;&nbsp;&nbsp;Hasbro, Inc. | 399 |  | 24535 |
| &nbsp;&nbsp;&nbsp;Walgreens Boots Alliance, Inc.\* | 2185 |  | 24406 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts Ltd. | 273 |  | 22795 |
| &nbsp;&nbsp;&nbsp;MGM Resorts International\* | 681 |  | 20185 |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.\* | 648 |  | 16200 |
| **Total Consumer, Cyclical** |  |  | 12100095 |
| **Industrial - 6.7%** | **Industrial - 6.7%** | **Industrial - 6.7%** | **Industrial - 6.7%** |
| &nbsp;&nbsp;&nbsp;General Electric Co. | 3269 |  | 654290 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | 4058 |  | 537523 |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 1456 |  | 480189 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 1841 |  | 434918 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 1981 |  | 419477 |
| &nbsp;&nbsp;&nbsp;Boeing Co.\* | 2285 |  | 389707 |
| &nbsp;&nbsp;&nbsp;Deere & Co. | 771 |  | 361869 |
| &nbsp;&nbsp;&nbsp;Eaton Corporation plc | 1204 |  | 327283 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 638 |  | 285001 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | 1112 |  | 257439 |
| &nbsp;&nbsp;&nbsp;GE Vernova, Inc. | 840 |  | 256435 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc. — Class B | 2228 |  | 245058 |
| &nbsp;&nbsp;&nbsp;3M Co. | 1654 |  | 242906 |
| &nbsp;&nbsp;&nbsp;Amphenol Corp. — Class A | 3689 |  | 241961 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | 393 |  | 238885 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | 171 |  | 236543 |
| &nbsp;&nbsp;&nbsp;Trane Technologies plc | 684 |  | 230453 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | 415 |  | 212484 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 773 |  | 210704 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | 814 |  | 201880 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 1718 |  | 188362 |
| &nbsp;&nbsp;&nbsp;CSX Corp. | 5875 |  | 172901 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | 675 |  | 164552 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 690 |  | 163426 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International plc | 2011 |  | 161101 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | 1234 |  | 160087 |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp. | 2460 |  | 155964 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. — Class A | 619 |  | 149897 |
| &nbsp;&nbsp;&nbsp;TE Connectivity plc | 909 |  | 128460 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 1209 |  | 124769 |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | 705 |  | 121359 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 574 |  | 120144 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.\* | 221 |  | 116235 |
| &nbsp;&nbsp;&nbsp;Garmin Ltd. | 468 |  | 101617 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | 1227 |  | 98197 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 572 |  | 94637 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | 520 |  | 94302 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | 402 |  | 93787 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 187 |  | 89410 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | 345 |  | 89141 |
| &nbsp;&nbsp;&nbsp;Xylem, Inc. | 741 |  | 88520 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.\* | 527 |  | 78929 |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | 1039 |  | 76034 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc.\* | 64 |  | 75578 |
| &nbsp;&nbsp;&nbsp;Dover Corp. | 418 |  | 73434 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | 753 |  | 73380 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc.\* | 142 |  | 70675 |
| &nbsp;&nbsp;&nbsp;Smurfit WestRock plc | 1506 |  | 67860 |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. | 98 |  | 54961 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc. | 163 |  | 53938 |
| &nbsp;&nbsp;&nbsp;Snap-on, Inc. | 160 |  | 53921 |
| &nbsp;&nbsp;&nbsp;Packaging Corporation of America | 272 |  | 53862 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | 427 |  | 51347 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc.\* | 749 |  | 49172 |
| &nbsp;&nbsp;&nbsp;Ball Corp. | 909 |  | 47332 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | 334 |  | 45447 |
| &nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | 373 |  | 45092 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | 646 |  | 44923 |
| &nbsp;&nbsp;&nbsp;Pentair plc | 504 |  | 44090 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc.\* | 351 |  | 43854 |
| &nbsp;&nbsp;&nbsp;Amcor plc | 4403 |  | 42709 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | 231 |  | 41804 |
| &nbsp;&nbsp;&nbsp;Textron, Inc. | 556 |  | 40171 |
| &nbsp;&nbsp;&nbsp;CH Robinson Worldwide, Inc. | 362 |  | 37069 |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | 470 |  | 36134 |
| &nbsp;&nbsp;&nbsp;J.B. Hunt Transport Services, Inc. | 242 |  | 35804 |
| &nbsp;&nbsp;&nbsp;Allegion plc | 265 |  | 34572 |
| &nbsp;&nbsp;&nbsp;Nordson Corp. | 166 |  | 33485 |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc. | 119 |  | 24281 |
| &nbsp;&nbsp;&nbsp;A O Smith Corp. | 360 |  | 23530 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc.\* | 182 |  | 23050 |
| &nbsp;&nbsp;&nbsp;Mohawk Industries, Inc.\* | 160 |  | 18269 |
| **Total Industrial** |  |  | 10636580 |

---

252 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **S&P 500<sup>®</sup>** **FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Energy - 3.4%** | **Energy - 3.4%** | **Energy - 3.4%** |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 13258 | $1576774 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 5091 | 851673 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 3886 | 408108 |
| &nbsp;&nbsp;&nbsp;Williams Companies, Inc. | 3713 | 221889 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 1713 | 219675 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | 1890 | 187526 |
| &nbsp;&nbsp;&nbsp;Schlumberger N.V. | 4267 | 178361 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 5889 | 168013 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | 1258 | 155338 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 962 | 140154 |
| &nbsp;&nbsp;&nbsp;Hess Corp. | 842 | 134493 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | 664 | 133112 |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 3016 | 132553 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | 965 | 127448 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 2058 | 101583 |
| &nbsp;&nbsp;&nbsp;Equities Corp. | 1817 | 97082 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 569 | 90972 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | 57 | 75524 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 2001 | 74837 |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp. | 641 | 71356 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | 2645 | 67104 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. — Class A | 2244 | 64852 |
| &nbsp;&nbsp;&nbsp;First Solar, Inc.\* | 326 | 41216 |
| &nbsp;&nbsp;&nbsp;Enphase Energy, Inc.\* | 403 | 25006 |
| &nbsp;&nbsp;&nbsp;APA Corp. | 1127 | 23689 |
| **Total Energy** |  | 5368338 |
| **Utilities - 2.3%** | **Utilities - 2.3%** | **Utilities - 2.3%** |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 6263 | 443984 |
| &nbsp;&nbsp;&nbsp;Southern Co. | 3338 | 306929 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 2364 | 288337 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 953 | 192153 |
| &nbsp;&nbsp;&nbsp;American Electric Power Company, Inc. | 1624 | 177454 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | 2559 | 143483 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | 3063 | 141143 |
| &nbsp;&nbsp;&nbsp;Sempra | 1929 | 137653 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | 1518 | 124931 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 1750 | 123882 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | 1036 | 121668 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 1056 | 116783 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | 6681 | 114780 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | 1306 | 111650 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | 968 | 105493 |
| &nbsp;&nbsp;&nbsp;American Water Works Company, Inc. | 594 | 87627 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | 631 | 87248 |
| &nbsp;&nbsp;&nbsp;Ameren Corp. | 823 | 82629 |
| &nbsp;&nbsp;&nbsp;PPL Corp. | 2250 | 81248 |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | 483 | 74662 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | 1985 | 71917 |
| &nbsp;&nbsp;&nbsp;Edison International | 1179 | 69467 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 1117 | 69377 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. | 911 | 68425 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | 1562 | 63136 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 617 | 58899 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. | 1431 | 57369 |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | 782 | 50322 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | 700 | 48265 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | 346 | 32957 |
| &nbsp;&nbsp;&nbsp;AES Corp. | 2166 | 26902 |
| **Total Utilities** |  | 3680773 |
| **Basic Materials - 1.5%** | **Basic Materials - 1.5%** | **Basic Materials - 1.5%** |
| &nbsp;&nbsp;&nbsp;Linde plc | 1450 | 675178 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | 706 | 246528 |
| &nbsp;&nbsp;&nbsp;Air Products and Chemicals, Inc. | 678 | 199956 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | 768 | 194703 |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | 3468 | 167435 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 4377 | 165713 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | 1273 | 95068 |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | 716 | 86163 |
| &nbsp;&nbsp;&nbsp;International Paper Co. | 1606 | 85680 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | 707 | 77310 |
| &nbsp;&nbsp;&nbsp;Dow, Inc. | 2144 | 74868 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 779 | 60458 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries N.V. — Class A | 790 | 55616 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | 431 | 53910 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 530 | 41420 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical Co. | 351 | 30927 |
| &nbsp;&nbsp;&nbsp;Mosaic Co. | 967 | 26119 |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | 358 | 25783 |
| **Total Basic Materials** |  | 2362835 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $75,782,637) |  | 144863735 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 7.2%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 7.2%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 7.2%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;4.22% due 04/01/25<sup>2</sup> | $11000000 | 11000000 |
| &nbsp;&nbsp;&nbsp;4.20% due 06/12/25<sup>2,3</sup> | 350000 | 347067 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $11,347,062) |  | 11347067 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 1.9%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 1.9%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 1.9%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25<sup>3</sup> | 1712788 | 1712788 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25<sup>3</sup> | 1312660 | 1312660 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,025,448) |  | 3025448 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 253

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **S&P 500<sup>®</sup>** **FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SECURITIES LENDING COLLATERAL<sup>†,5</sup>** **- 0.0%** | **SECURITIES LENDING COLLATERAL<sup>†,5</sup>** **- 0.0%** | **SECURITIES LENDING COLLATERAL<sup>†,5</sup>** **- 0.0%** |
| **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.27%<sup>6</sup> | 45815 | $45815 |
| **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp;(Cost $45,815) |  | 45815 |
| **Total Investments - 100.3%** | **Total Investments - 100.3%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $90,200,962) | &nbsp;&nbsp;&nbsp;(Cost $90,200,962) | $159282065 |
| **Other Assets & Liabilities, net - (0.3)%** | **Other Assets & Liabilities, net - (0.3)%** | (439607) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $158842458 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Depreciation\*\*** |
| **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** |
| S&P 500 Index Mini Futures Contracts | 8 | Jun 2025 | $2262500 | $(6562) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** |
| **Counterparty** | **Index** | **Type** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Depreciation** |
| **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** |
| BNP Paribas | S&P 500 Index | Pay | 5.18% (Federal Funds Rate + 0.85%) | At Maturity | 06/26/25 | 251 | $1410944 | $(25235) |
| Barclays Bank plc | S&P 500 Index | Pay | 5.24% (SOFR + 0.90%) | At Maturity | 06/26/25 | 675 | 3786126 | (67705) |
| Goldman Sachs International | S&P 500 Index | Pay | 4.93% (Federal Funds Rate + 0.60%) | At Maturity | 06/25/25 | 1255 | 7040515 | (183689) |
|  |  |  |  |  |  |  | $12237585 | $(276629) |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\* | &nbsp;&nbsp;&nbsp;Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| \*\*\* | &nbsp;&nbsp;&nbsp;A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is on loan at March 31, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the effective yield at the time of purchase. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as equity index swap collateral at March 31, 2025. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Securities lending collateral — See Note 7. |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of March 31, 2025. |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;REIT — Real Estate Investment Trust |
|  | &nbsp;&nbsp;&nbsp;SOFR — Secured Overnight Financing Rate |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

254 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **S&P 500<sup>®</sup>** **FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $144863735 | $— | $— | $144863735 |
| U.S. Treasury Bills |  | 11347067 |  | 11347067 |
| Repurchase Agreements |  | 3025448 |  | 3025448 |
| Securities Lending Collateral | 45815 |  |  | 45815 |
| Total Assets | $144909550 | $14372515 | $— | $159282065 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Equity Futures Contracts\*\* | $6562 | $— | $— | $6562 |
| Equity Index Swap Agreements\*\* |  | 276629 |  | 276629 |
| Total Liabilities | $6562 | $276629 | $— | $283191 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 255

**S&P 500<sup>®</sup>** **FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value - including $44,820 of securities loaned (cost $87,175,514) | $156256617 |
| Repurchase agreements, at value (cost $3,025,448) | 3025448 |
| Cash | 132 |
| Segregated cash with broker | 171027 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Securities sold | 20025556 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 4315107 |
| &nbsp;&nbsp;&nbsp;Dividends | 86787 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 13300 |
| &nbsp;&nbsp;&nbsp;Interest | 366 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 12 |
| **Total assets** | 183894352 |
| **Liabilities:** | **Liabilities:** |
| Unrealized depreciation on OTC swap agreements | 276629 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 24144109 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 136204 |
| &nbsp;&nbsp;&nbsp;Management fees | 108747 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 79234 |
| &nbsp;&nbsp;&nbsp;Return of securities lending collateral | 45815 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 42825 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 22474 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 2208 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 193649 |
| **Total liabilities** | 25051894 |
| **Net assets** | $158842458 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $113048129 |
| Total distributable earnings (loss) | 45794329 |
| Net assets | $158842458 |
| **Class A:** | **Class A:** |
| Net assets | $20217210 |
| Capital shares outstanding | 237953 |
| Net asset value per share | $84.96 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $89.20 |
| **Class C:** | **Class C:** |
| Net assets | $10306257 |
| Capital shares outstanding | 145642 |
| Net asset value per share | $70.76 |
| **Class H:** | **Class H:** |
| Net assets | $128318991 |
| Capital shares outstanding | 1510134 |
| Net asset value per share | $84.97 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $648) | $2808891 |
| Interest | 628610 |
| Income from securities lending, net | 106 |
| &nbsp;&nbsp;&nbsp;Total investment income | 3437607 |
| **Expenses:** | **Expenses:** |
| Management fees | 1681425 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 48527 |
| &nbsp;&nbsp;&nbsp;Class C | 93524 |
| &nbsp;&nbsp;&nbsp;Class H | 488567 |
| Transfer agent fees | 503861 |
| Portfolio accounting and administration fees | 459638 |
| Registration fees | 250217 |
| Professional fees | 92151 |
| Custodian fees | 29290 |
| Trustees' fees\* | 23440 |
| Interest expense | 3825 |
| Miscellaneous | 103884 |
| &nbsp;&nbsp;&nbsp;Total expenses | 3778349 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (112036) |
| Net expenses | 3666313 |
| Net investment loss | (228706) |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments | 13719477 |
| &nbsp;&nbsp;&nbsp;Swap agreements | 1148571 |
| &nbsp;&nbsp;&nbsp;Futures contracts | (163372) |
| Net realized gain | 14704676 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | (448235) |
| &nbsp;&nbsp;&nbsp;Swap agreements | (331847) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (40588) |
| Net change in unrealized appreciation (depreciation) | (820670) |
| Net realized and unrealized gain | 13884006 |
| **Net increase in net assets resulting from operations** | $13655300 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

256 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**S&P 500<sup>®</sup>** **FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income (loss) | $(228706) | $284404 |
| Net realized gain on investments | 14704676 | 55511 |
| Net change in unrealized appreciation (depreciation) on investments | (820670) | 40190233 |
| Net increase in net assets resulting from operations | 13655300 | 40530148 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (222695) | (117707) |
| &nbsp;&nbsp;&nbsp;Class C | (142130) | (83641) |
| &nbsp;&nbsp;&nbsp;Class H | (1635048) | (818361) |
| Total distributions to shareholders | (1999873) | (1019709) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 12354215 | 22882679 |
| &nbsp;&nbsp;&nbsp;Class C | 10598694 | 7164456 |
| &nbsp;&nbsp;&nbsp;Class H | 683286578 | 890992827 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 216203 | 114592 |
| &nbsp;&nbsp;&nbsp;Class C | 132659 | 78106 |
| &nbsp;&nbsp;&nbsp;Class H | 1623439 | 812458 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (10000899) | (26229266) |
| &nbsp;&nbsp;&nbsp;Class C | (7811267) | (9448939) |
| &nbsp;&nbsp;&nbsp;Class H | (760150692) | (809555290) |
| Net increase (decrease) from capital share transactions | (69751070) | 76811623 |
| Net increase (decrease) in net assets | (58095643) | 116322062 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 216938101 | 100616039 |
| &nbsp;&nbsp;&nbsp;End of year | $158842458 | $216938101 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 146271 | 347472 |
| &nbsp;&nbsp;&nbsp;Class C | 146527 | 125678 |
| &nbsp;&nbsp;&nbsp;Class H | 7950359 | 12992625 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 2357 | 1607 |
| &nbsp;&nbsp;&nbsp;Class C | 1732 | 1299 |
| &nbsp;&nbsp;&nbsp;Class H | 17696 | 11390 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (118717) | (388197) |
| &nbsp;&nbsp;&nbsp;Class C | (109998) | (158653) |
| &nbsp;&nbsp;&nbsp;Class H | (8849525) | (11830812) |
| Net increase (decrease) in shares | (813298) | 1102409 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 257

**S&P 500<sup>®</sup>** **FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $80.64 | $63.54 | $70.89 | $63.06 | $46.64 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (.05) | .15 | .18 | (.18) | (.08) |
| Net gain (loss) on investments (realized and unrealized) | 5.34 | 17.39 | (6.83) | 8.94 | 24.50 |
| Total from investment operations | 5.29 | 17.54 | (6.65) | 8.76 | 24.42 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.14) | (.09) |  |  | (.02) |
| Net realized gains | (.83) | (.35) | (.70) | (.93) | (7.98) |
| Total distributions | (.97) | (.44) | (.70) | (.93) | (8.00) |
| Net asset value, end of period | $84.96 | $80.64 | $63.54 | $70.89 | $63.06 |
| **Total Return<sup>b</sup>** | **6.46%** | **27.72%** | **(9.32** **%)** | **13.82%** | **53.64%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $20217 | $16777 | $15703 | $18856 | $18653 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.06%) | 0.21% | 0.30% | (0.25%) | (0.13%) |
| Total expenses | 1.66% | 1.66% | 1.60% | 1.56% | 1.65% |
| Net expenses<sup>c</sup> | 1.61% | 1.62% | 1.60% | 1.56% | 1.65% |
| Portfolio turnover rate | 137% | 243% | 701% | 268% | 284% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $67.81 | $53.89 | $60.71 | $54.52 | $41.37 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (.59) | (.31) | (.30) | (.60) | (.46) |
| Net gain (loss) on investments (realized and unrealized) | 4.51 | 14.67 | (5.82) | 7.72 | 21.61 |
| Total from investment operations | 3.92 | 14.36 | (6.12) | 7.12 | 21.15 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.14) | (.09) |  |  | (.02) |
| Net realized gains | (.83) | (.35) | (.70) | (.93) | (7.98) |
| Total distributions | (.97) | (.44) | (.70) | (.93) | (8.00) |
| Net asset value, end of period | $70.76 | $67.81 | $53.89 | $60.71 | $54.52 |
| **Total Return<sup>b</sup>** | **5.66%** | **26.78%** | **(10.02** **%)** | **12.99%** | **52.49%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $10306 | $7282 | $7494 | $10273 | $12040 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.82%) | (0.53%) | (0.57%) | (1.00%) | (0.88%) |
| Total expenses | 2.41% | 2.41% | 2.36% | 2.31% | 2.39% |
| Net expenses<sup>c</sup> | 2.36% | 2.38% | 2.36% | 2.31% | 2.39% |
| Portfolio turnover rate | 137% | 243% | 701% | 268% | 284% |

---

258 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**S&P 500<sup>®</sup>** **FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $80.65 | $63.54 | $70.90 | $63.07 | $46.64 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (.06) | .14 | .15 | (.18) | (.08) |
| Net gain (loss) on investments (realized and unrealized) | 5.35 | 17.41 | (6.81) | 8.94 | 24.51 |
| Total from investment operations | 5.29 | 17.55 | (6.66) | 8.76 | 24.43 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.14) | (.09) |  |  | (.02) |
| Net realized gains | (.83) | (.35) | (.70) | (.93) | (7.98) |
| Total distributions | (.97) | (.44) | (.70) | (.93) | (8.00) |
| Net asset value, end of period | $84.97 | $80.65 | $63.54 | $70.90 | $63.07 |
| **Total Return** | **6.46%** | **27.71%** | **(9.32** **%)** | **13.84%** | **53.64%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $128319 | $192879 | $77419 | $130055 | $123613 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.07%) | 0.21% | 0.23% | (0.25%) | (0.13%) |
| Total expenses | 1.65% | 1.65% | 1.61% | 1.56% | 1.65% |
| Net expenses<sup>c</sup> | 1.60% | 1.62% | 1.61% | 1.56% | 1.65% |
| Portfolio turnover rate | 137% | 243% | 701% | 268% | 284% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>c</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 259

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **INVERSE S&P 500<sup>®</sup>** **STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MUTUAL FUNDS<sup>†</sup>** **- 23.8%** | **MUTUAL FUNDS<sup>†</sup>** **- 23.8%** | **MUTUAL FUNDS<sup>†</sup>** **- 23.8%** |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II<sup>1</sup> | 262625 | $6528860 |
| &nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 426990 | 4282712 |
| **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $10,738,043) |  | 10811572 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 29.4%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 29.4%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 29.4%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;4.23% due 04/24/25<sup>2</sup> | $4200000 | 4188637 |
| &nbsp;&nbsp;&nbsp;4.22% due 05/06/25<sup>2</sup> | 4200000 | 4182699 |
| &nbsp;&nbsp;&nbsp;4.20% due 06/12/25<sup>2,3</sup> | 2450000 | 2429469 |
| &nbsp;&nbsp;&nbsp;4.26% due 04/03/25<sup>2</sup> | 2400000 | 2399434 |
| &nbsp;&nbsp;&nbsp;4.08% due 04/08/25<sup>2,4</sup> | 159000 | 158869 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $13,359,182) |  | 13359108 |
| **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 18.7%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 18.7%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 18.7%** |
| Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp;4.22% due 04/10/25<sup>2</sup> | 4000000 | 3995780 |
| Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp;4.23% due 04/10/25<sup>2</sup> | 3000000 | 2996831 |
| Freddie Mac | Freddie Mac | Freddie Mac |
| &nbsp;&nbsp;&nbsp;4.24% due 05/01/25<sup>2</sup> | 1500000 | 1494707 |
| **Total Federal Agency Discount Notes** | **Total Federal Agency Discount Notes** |  |
| &nbsp;&nbsp;&nbsp;(Cost $8,487,318) |  | 8487318 |
| **FEDERAL AGENCY NOTES<sup>††</sup>** **- 14.3%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 14.3%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 14.3%** |
| Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp;4.38% (SOFR + 0.04%, Rate Floor: 0.00%) due 06/20/25<sup>◊</sup> | 2500000 | 2500245 |
| &nbsp;&nbsp;&nbsp;4.34% (SOFR, Rate Floor: 0.00%) due 07/03/25<sup>◊</sup> | 2000000 | 2000016 |
| &nbsp;&nbsp;&nbsp;4.36% (SOFR + 0.02%, Rate Floor: 0.00%) due 05/07/25<sup>◊</sup> | 2000000 | 1999990 |
| **Total Federal Agency Notes** | **Total Federal Agency Notes** |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,500,000) |  | 6500251 |
| **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 13.6%** | **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 13.6%** | **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 13.6%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25<sup>3</sup> | 3502419 | 3502419 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25<sup>3</sup> | 2684211 | 2684211 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,186,630) |  | 6186630 |
| **Total Investments - 99.8%** | **Total Investments - 99.8%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $45,271,173) | &nbsp;&nbsp;&nbsp;(Cost $45,271,173) | $45344879 |
| **Other Assets & Liabilities, net - 0.2%** | **Other Assets & Liabilities, net - 0.2%** | 84490 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $45429369 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation\*\*** |
| **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** |
| S&P 500 Index Mini Futures Contracts | 20 | Jun 2025 | $5656250 | $25738 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** |
| **Counterparty** | **Index** | **Type** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Appreciation** |
| **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** |
| Barclays Bank plc | S&P 500 Index | Receive | 4.94% (SOFR + 0.60%) | At Maturity | 06/26/25 | 3771 | $21160765 | $378392 |
| Goldman Sachs International | S&P 500 Index | Receive | 4.73% (Federal Funds Rate + 0.40%) | At Maturity | 06/25/25 | 2717 | 15248485 | 365341 |
| BNP Paribas | S&P 500 Index | Receive | 4.78% (Federal Funds Rate + 0.45%) | At Maturity | 06/26/25 | 582 | 3263574 | 58361 |
|  |  |  |  |  |  |  | $39672824 | $802094 |

---

260 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **INVERSE S&P 500<sup>®</sup>** **STRATEGY FUND** |  |

---

---

| | |
|:---|:---|
| \*\* | &nbsp;&nbsp;&nbsp;Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>◊</sup> | &nbsp;&nbsp;&nbsp;Variable rate security. Rate indicated is the rate effective at March 31, 2025. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Affiliated issuer. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the effective yield at the time of purchase. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as equity index swap collateral at March 31, 2025. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as futures collateral at March 31, 2025. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;SOFR — Secured Overnight Financing Rate |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Mutual Funds | $10811572 | $— | $— | $10811572 |
| U.S. Treasury Bills |  | 13359108 |  | 13359108 |
| Federal Agency Discount Notes |  | 8487318 |  | 8487318 |
| Federal Agency Notes |  | 6500251 |  | 6500251 |
| Repurchase Agreements |  | 6186630 |  | 6186630 |
| Equity Futures Contracts\*\* | 25738 |  |  | 25738 |
| Equity Index Swap Agreements\*\* |  | 802094 |  | 802094 |
| Total Assets | $10837310 | $35335401 | $— | $46172711 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 261

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **INVERSE S&P 500<sup>®</sup>** **STRATEGY FUND** |  |

---

**Affiliated Transactions** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the year ended March 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 03/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 03/31/25** | **Shares <br> 03/31/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Guggenheim Strategy Fund II | $6460578 | $— | $— | $— | $68282 | $6528860 | 262625 | $367001 |
| &nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 4231473 |  |  |  | 51239 | 4282712 | 426990 | 212758 |
|  | $10692051 | $— | $— | $— | $119521 | $10811572 |  | $579759 |

---

262 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE S&P 500<sup>®</sup>** **STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in unaffiliated issuers, at value (cost $28,346,500) | $28346677 |
| Investments in affiliated issuers, at value (cost $10,738,043) | 10811572 |
| Repurchase agreements, at value (cost $6,186,630) | 6186630 |
| Segregated cash with broker | 134743 |
| Unrealized appreciation on OTC swap agreements | 802094 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 1232371 |
| &nbsp;&nbsp;&nbsp;Dividends | 43232 |
| &nbsp;&nbsp;&nbsp;Interest | 30913 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 29360 |
| **Total assets** | 47617592 |
| **Liabilities:** | **Liabilities:** |
| Segregated cash due to broker | 980000 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 1090170 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 33250 |
| &nbsp;&nbsp;&nbsp;Management fees | 28702 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 14271 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 1724 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 410 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 386 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 39310 |
| **Total liabilities** | 2188223 |
| **Net assets** | $45429369 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $325903220 |
| Total distributable earnings (loss) | (280473851) |
| Net assets | $45429369 |
| **Investor Class:** | **Investor Class:** |
| Net assets | $43576082 |
| Capital shares outstanding | 370497 |
| Net asset value per share | $117.62 |
| **Class A:** | **Class A:** |
| Net assets | $1102552 |
| Capital shares outstanding | 10429 |
| Net asset value per share | $105.72 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $110.99 |
| **Class C:** | **Class C:** |
| Net assets | $68895 |
| Capital shares outstanding | 776 |
| Net asset value per share | $88.78 |
| **Class H:** | **Class H:** |
| Net assets | $681840 |
| Capital shares outstanding | 6442 |
| Net asset value per share | $105.84 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends from securities of affiliated issuers | $579759 |
| Interest | 1524858 |
| &nbsp;&nbsp;&nbsp;Total investment income | 2104617 |
| **Expenses:** | **Expenses:** |
| Management fees | 367697 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 3290 |
| &nbsp;&nbsp;&nbsp;Class C | 2177 |
| &nbsp;&nbsp;&nbsp;Class H | 2356 |
| Transfer agent fees | 88460 |
| Portfolio accounting and administration fees | 62328 |
| Registration fees | 50368 |
| Professional fees | 19673 |
| Interest expense | 10047 |
| Custodian fees | 5312 |
| Trustees' fees\* | 4761 |
| Miscellaneous | 10589 |
| &nbsp;&nbsp;&nbsp;Total expenses | 627058 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (40862) |
| Expenses waived by Adviser | (10634) |
| &nbsp;&nbsp;&nbsp;Total waived/reimbursed expenses | (51496) |
| Net expenses | 575562 |
| Net investment income | 1529055 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 877 |
| &nbsp;&nbsp;&nbsp;Swap agreements | (4383005) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (201496) |
| Net realized loss | (4583624) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | (158) |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | 119521 |
| &nbsp;&nbsp;&nbsp;Swap agreements | 1107655 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 79684 |
| Net change in unrealized appreciation (depreciation) | 1306702 |
| Net realized and unrealized loss | (3276922) |
| **Net decrease in net assets resulting from operations** | $(1747867) |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 263

**INVERSE S&P 500<sup>®</sup>** **STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $1529055 | $1976484 |
| Net realized loss on investments | (4583624) | (12570407) |
| Net change in unrealized appreciation (depreciation) on investments | 1306702 | 2115246 |
| Net decrease in net assets resulting from operations | (1747867) | (8478677) |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (1856228) | (946025) |
| &nbsp;&nbsp;&nbsp;Class A | (75345) | (110261) |
| &nbsp;&nbsp;&nbsp;Class C | (9595) | (16224) |
| &nbsp;&nbsp;&nbsp;Class H | (35316) | (21482) |
| Total distributions to shareholders | (1976484) | (1093992) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 207933965 | 110588564 |
| &nbsp;&nbsp;&nbsp;Class A | 9283518 | 5459230 |
| &nbsp;&nbsp;&nbsp;Class C | 45011 | 147798 |
| &nbsp;&nbsp;&nbsp;Class H | 6834787 | 15057008 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 1830048 | 931300 |
| &nbsp;&nbsp;&nbsp;Class A | 72970 | 109255 |
| &nbsp;&nbsp;&nbsp;Class C | 9594 | 16224 |
| &nbsp;&nbsp;&nbsp;Class H | 35284 | 21466 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (198498907) | (123376671) |
| &nbsp;&nbsp;&nbsp;Class A | (9262090) | (7927015) |
| &nbsp;&nbsp;&nbsp;Class C | (378268) | (423222) |
| &nbsp;&nbsp;&nbsp;Class H | (7351092) | (15201206) |
| Net increase (decrease) from capital share transactions | 10554820 | (14597269) |
| Net increase (decrease) in net assets | 6830469 | (24169938) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 38598900 | 62768838 |
| &nbsp;&nbsp;&nbsp;End of year | $45429369 | $38598900 |
| **Capital share activity\*:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 1726560 | 764862 |
| &nbsp;&nbsp;&nbsp;Class A | 80604 | 39885 |
| &nbsp;&nbsp;&nbsp;Class C | 480 | 1276 |
| &nbsp;&nbsp;&nbsp;Class H | 59213 | 120372 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 17008 | 6662 |
| &nbsp;&nbsp;&nbsp;Class A | 754 | 861 |
| &nbsp;&nbsp;&nbsp;Class C | 118 | 149 |
| &nbsp;&nbsp;&nbsp;Class H | 364 | 169 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (1655465) | (851730) |
| &nbsp;&nbsp;&nbsp;Class A | (81486) | (59651) |
| &nbsp;&nbsp;&nbsp;Class C | (4060) | (3714) |
| &nbsp;&nbsp;&nbsp;Class H | (63977) | (121009) |
| Net increase (decrease) in shares | 80113 | (101868) |

---

\* Reverse share split — Capital share activity has been restated to reflect a 1:5 reverse share split effective February 24, 2025. See Note 11 in the Notes to Financial Statements.

264 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE S&P 500<sup>®</sup>** **STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **Year Ended <br> March 31, <br> 2025<sup>e</sup>** | **Year Ended <br> March 31, <br> 2024<sup>e</sup>** | **Year Ended <br> March 31, <br> 2023<sup>e</sup>** | **Year Ended <br> March 31, <br> 2022<sup>e</sup>** | **Year Ended <br> March 31, <br> 2021<sup>e</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $126.51 | $155.00 | $144.39 | $172.31 | $284.62 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 4.50 | 5.85 | 2.10 | (1.40) | (2.35) |
| Net gain (loss) on investments (realized and unrealized) | (5.86) | (30.54) | 8.51 | (26.52) | (109.21) |
| Total from investment operations | (1.36) | (24.69) | 10.61 | (27.92) | (111.56) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (7.53) | (3.80) |  |  | (.75) |
| Total distributions | (7.53) | (3.80) |  |  | (.75) |
| Net asset value, end of period | $117.62 | $126.51 | $155.00 | $144.39 | $172.31 |
| **Total Return** | **(0.51** **%)** | **(16.19** **%)** | **7.34%** | **(16.19** **%)** | **(39.21** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $43576 | $35725 | $56203 | $47555 | $53937 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.76% | 4.04% | 1.31% | (0.91%) | (1.12%) |
| Total expenses<sup>b</sup> | 1.52% | 1.50% | 1.54% | 1.41% | 1.51% |
| Net expenses<sup>c</sup> | 1.39% | 1.40% | 1.49% | 1.39% | 1.50% |
| Portfolio turnover rate |  |  |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025<sup>e</sup>** | **Year Ended <br> March 31, <br> 2024<sup>e</sup>** | **Year Ended <br> March 31, <br> 2023<sup>e</sup>** | **Year Ended <br> March 31, <br> 2022<sup>e</sup>** | **Year Ended <br> March 31, <br> 2021<sup>e</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $114.76 | $141.35 | $132.01 | $157.92 | $261.65 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 3.91 | 5.10 | 2.00 | (1.60) | (2.80) |
| Net gain (loss) on investments (realized and unrealized) | (5.42) | (27.89) | 7.34 | (24.31) | (100.18) |
| Total from investment operations | (1.51) | (22.79) | 9.34 | (25.91) | (102.98) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (7.53) | (3.80) |  |  | (.75) |
| Total distributions | (7.53) | (3.80) |  |  | (.75) |
| Net asset value, end of period | $105.72 | $114.76 | $141.35 | $132.01 | $157.92 |
| **Total Return<sup>d</sup>** | **(0.70** **%)** | **(16.38** **%)** | **7.08%** | **(16.40** **%)** | **(39.38** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $1103 | $1211 | $4164 | $1829 | $1540 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.58% | 3.77% | 1.34% | (1.15%) | (1.39%) |
| Total expenses<sup>b</sup> | 1.77% | 1.76% | 1.79% | 1.66% | 1.78% |
| Net expenses<sup>c</sup> | 1.64% | 1.66% | 1.74% | 1.64% | 1.77% |
| Portfolio turnover rate |  |  |  |  |  |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 265

**INVERSE S&P 500<sup>®</sup>** **STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025<sup>e</sup>** | **Year Ended <br> March 31, <br> 2024<sup>e</sup>** | **Year Ended <br> March 31, <br> 2023<sup>e</sup>** | **Year Ended <br> March 31, <br> 2022<sup>e</sup>** | **Year Ended <br> March 31, <br> 2021<sup>e</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $98.46 | $122.73 | $115.49 | $139.19 | $232.44 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 2.81 | 3.50 | .45 | (2.30) | (4.00) |
| Net gain (loss) on investments (realized and unrealized) | (4.96) | (23.97) | 6.79 | (21.40) | (88.50) |
| Total from investment operations | (2.15) | (20.47) | 7.24 | (23.70) | (92.50) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (7.53) | (3.80) |  |  | (.75) |
| Total distributions | (7.53) | (3.80) |  |  | (.75) |
| Net asset value, end of period | $88.78 | $98.46 | $122.73 | $115.49 | $139.19 |
| **Total Return<sup>d</sup>** | **(1.50** **%)** | **(16.99** **%)** | **6.28%** | **(17.03** **%)** | **(39.82** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $69 | $417 | $801 | $762 | $449 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.96% | 3.03% | 0.35% | (1.92%) | (2.16%) |
| Total expenses<sup>b</sup> | 2.50% | 2.49% | 2.53% | 2.41% | 2.54% |
| Net expenses<sup>c</sup> | 2.37% | 2.39% | 2.48% | 2.39% | 2.53% |
| Portfolio turnover rate |  |  |  |  |  |

---

266 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE S&P 500<sup>®</sup>** **STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025<sup>e</sup>** | **Year Ended <br> March 31, <br> 2024<sup>e</sup>** | **Year Ended <br> March 31, <br> 2023<sup>e</sup>** | **Year Ended <br> March 31, <br> 2022<sup>e</sup>** | **Year Ended <br> March 31, <br> 2021<sup>e</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $114.88 | $141.46 | $132.04 | $157.92 | $261.62 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 4.02 | 5.00 | 1.25 | (1.60) | (2.80) |
| Net gain (loss) on investments (realized and unrealized) | (5.53) | (27.78) | 8.17 | (24.28) | (100.15) |
| Total from investment operations | (1.51) | (22.78) | 9.42 | (25.88) | (102.95) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (7.53) | (3.80) |  |  | (.75) |
| Total distributions | (7.53) | (3.80) |  |  | (.75) |
| Net asset value, end of period | $105.84 | $114.88 | $141.46 | $132.04 | $157.92 |
| **Total Return** | **(0.72** **%)** | **(16.36** **%)** | **7.12%** | **(16.37** **%)** | **(39.37** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $682 | $1246 | $1600 | $2618 | $933 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.64% | 3.81% | 0.86% | (1.15%) | (1.38%) |
| Total expenses<sup>b</sup> | 1.76% | 1.75% | 1.78% | 1.66% | 1.78% |
| Net expenses<sup>c</sup> | 1.63% | 1.64% | 1.74% | 1.64% | 1.76% |
| Portfolio turnover rate |  |  |  |  |  |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Does not include expenses of the underlying funds in which the Fund invests.

<sup>c</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>d</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>e</sup> Reverse share split – Per share amounts have been restated to reflect a 1:5 reverse share split effective February 24, 2025. See Note 11 in the Notes to Financial Statements.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 267

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **S&P 500<sup>®</sup>** **PURE GROWTH FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 99.6%** | **COMMON STOCKS<sup>†</sup>** **- 99.6%** | **COMMON STOCKS<sup>†</sup>** **- 99.6%** |
| **Consumer, Cyclical - 25.6%** | **Consumer, Cyclical - 25.6%** | **Consumer, Cyclical - 25.6%** |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | 2387 | $490385 |
| &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd.\* | 24785 | 469924 |
| &nbsp;&nbsp;&nbsp;Carnival Corp.\* | 23082 | 450791 |
| &nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc. | 2837 | 433522 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.\* | 6206 | 428524 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.\* | 3266 | 426474 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | 7983 | 348059 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | 1495 | 340187 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | 4590 | 323182 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc. — Class A | 1219 | 290366 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts Ltd. | 3291 | 274798 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | 2455 | 252374 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. — Class A | 1138 | 251202 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp.\* | 1975 | 220825 |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | 665 | 208438 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | 5160 | 199331 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.\* | 730 | 189187 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | 163 | 161016 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 150 | 141867 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc. — Class A\* | 2782 | 139684 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | 734 | 116046 |
| **Total Consumer, Cyclical** |  | 6156182 |
| **Technology - 16.0%** | **Technology - 16.0%** | **Technology - 16.0%** |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.\* | 4714 | 453770 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc. — Class A\* | 5089 | 429512 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 3840 | 416179 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc. — Class A\* | 997 | 351522 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp.\* | 162 | 298754 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.\* | 1214 | 268088 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 1570 | 262865 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc. | 1100 | 240328 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer, Inc.\*<sup>,1</sup> | 6935 | 237454 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.\* | 282 | 224511 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 669 | 166354 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.\* | 253 | 147092 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 956 | 133658 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 382 | 102513 |
| &nbsp;&nbsp;&nbsp;Dayforce, Inc.\* | 1708 | 99628 |
| **Total Technology** |  | 3832228 |
| **Financial - 14.0%** | **Financial - 14.0%** | **Financial - 14.0%** |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | 2872 | 393292 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | 1101 | 311594 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. | 3201 | 307872 |
| &nbsp;&nbsp;&nbsp;American Express Co. | 1142 | 307255 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 2141 | 266341 |
| &nbsp;&nbsp;&nbsp;Erie Indemnity Co. — Class A | 601 | 251849 |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc. — Class A\* | 1853 | 242335 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 500 | 242055 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 4536 | 240136 |
| &nbsp;&nbsp;&nbsp;Discover Financial Services | 1309 | 223446 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. REIT | 2481 | 213465 |
| &nbsp;&nbsp;&nbsp;Visa, Inc. — Class A | 540 | 189248 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc. — Class A | 321 | 175947 |
| **Total Financial** |  | 3364835 |
| **Industrial - 13.3%** | **Industrial - 13.3%** | **Industrial - 13.3%** |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | 3233 | 419417 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.\* | 788 | 414448 |
| &nbsp;&nbsp;&nbsp;Trane Technologies plc | 800 | 269536 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | 1240 | 224874 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | 154 | 213027 |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 636 | 209753 |
| &nbsp;&nbsp;&nbsp;GE Vernova, Inc. | 685 | 209117 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc. | 536 | 177368 |
| &nbsp;&nbsp;&nbsp;Garmin Ltd. | 773 | 167841 |
| &nbsp;&nbsp;&nbsp;Amphenol Corp. — Class A | 2510 | 164631 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | 269 | 163512 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. — Class A | 630 | 152561 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | 1850 | 148055 |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. | 261 | 146377 |
| &nbsp;&nbsp;&nbsp;Eaton Corporation plc | 439 | 119333 |
| **Total Industrial** |  | 3199850 |
| **Communications - 12.7%** | **Communications - 12.7%** | **Communications - 12.7%** |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 83 | 382373 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.\* | 5067 | 369182 |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.\* | 4664 | 361367 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc. — Class A\* | 1854 | 338856 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | 1861 | 312834 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc. — Class A\* | 1706 | 307319 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. — Class A | 465 | 268007 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.\* | 278 | 259243 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.\* | 977 | 166715 |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc. — Class A\* | 1199 | 143233 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 312 | 136597 |
| **Total Communications** |  | 3045726 |
| **Consumer, Non-cyclical - 9.8%** | **Consumer, Non-cyclical - 9.8%** | **Consumer, Non-cyclical - 9.8%** |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 1327 | 337297 |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc. | 515 | 322750 |
| &nbsp;&nbsp;&nbsp;Corpay, Inc.\* | 855 | 298156 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.\* | 1068 | 280467 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.\* | 463 | 229310 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.\* | 1965 | 198229 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | 938 | 192787 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc.\* | 1236 | 189071 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | 768 | 171917 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 159 | 131320 |
| **Total Consumer, Non-cyclical** |  | 2351304 |
| **Energy - 4.3%** | **Energy - 4.3%** | **Energy - 4.3%** |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | 395 | 523371 |
| &nbsp;&nbsp;&nbsp;Hess Corp. | 1633 | 260839 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | 1272 | 254998 |
| **Total Energy** |  | 1039208 |
| **Utilities - 3.9%** | **Utilities - 3.9%** | **Utilities - 3.9%** |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | 3797 | 445920 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 3294 | 314445 |

---

268 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **S&P 500<sup>®</sup>** **PURE GROWTH FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 882 | $177837 |
| **Total Utilities** |  | 938202 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $20,470,164) |  | 23927535 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.8%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.8%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.8%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25 | $103321 | 103321 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25 | 79184 | 79184 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $182,505) |  | 182505 |
|  | **Shares** |  |
| **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.8%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.8%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.8%** |
| **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.27%<sup>4</sup> | 182035 | 182035 |
| **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp;(Cost $182,035) |  | 182035 |
| **Total Investments - 101.2%** | **Total Investments - 101.2%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $20,834,704) | &nbsp;&nbsp;&nbsp;(Cost $20,834,704) | $24292075 |
| **Other Assets & Liabilities, net - (1.2)%** | **Other Assets & Liabilities, net - (1.2)%** | (283583) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $24008492 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp;A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is on loan at March 31, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Securities lending collateral — See Note 7. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of March 31, 2025. |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;REIT — Real Estate Investment Trust |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $23927535 | $— | $— | $23927535 |
| Repurchase Agreements |  | 182505 |  | 182505 |
| Securities Lending Collateral | 182035 |  |  | 182035 |
| Total Assets | $24109570 | $182505 | $— | $24292075 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 269

**S&P 500<sup>®</sup>** **PURE GROWTH FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value - including $178,082 of securities loaned (cost $20,652,199) | $24109570 |
| Repurchase agreements, at value (cost $182,505) | 182505 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Dividends | 6686 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 1429 |
| &nbsp;&nbsp;&nbsp;Interest | 22 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 5 |
| **Total assets** | 24300217 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Return of securities lending collateral | 182035 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 20375 |
| &nbsp;&nbsp;&nbsp;Management fees | 15852 |
| &nbsp;&nbsp;&nbsp;Professional fees | 8017 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 6243 |
| &nbsp;&nbsp;&nbsp;Licensing fees | 5074 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 2166 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 750 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 89 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 51124 |
| **Total liabilities** | 291725 |
| **Net assets** | $24008492 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $20805261 |
| Total distributable earnings (loss) | 3203231 |
| Net assets | $24008492 |
| **Class A:** | **Class A:** |
| Net assets | $8589542 |
| Capital shares outstanding | 91815 |
| Net asset value per share | $93.55 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $98.22 |
| **Class C:** | **Class C:** |
| Net assets | $1580399 |
| Capital shares outstanding | 20569 |
| Net asset value per share | $76.83 |
| **Class H:** | **Class H:** |
| Net assets | $13838551 |
| Capital shares outstanding | 147957 |
| Net asset value per share | $93.53 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends | $388595 |
| Interest | 21382 |
| Income from securities lending, net | 128 |
| &nbsp;&nbsp;&nbsp;Total investment income | 410105 |
| **Expenses:** | **Expenses:** |
| Management fees | 509250 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 22432 |
| &nbsp;&nbsp;&nbsp;Class C | 19399 |
| &nbsp;&nbsp;&nbsp;Class H | 142467 |
| Transfer agent fees | 145288 |
| Portfolio accounting and administration fees | 103584 |
| Registration fees | 63070 |
| Professional fees | 22281 |
| Custodian fees | 8944 |
| Trustees' fees\* | 5897 |
| Line of credit fees | 31 |
| Miscellaneous | 56107 |
| &nbsp;&nbsp;&nbsp;Total expenses | 1098750 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (33929) |
| Net expenses | 1064821 |
| Net investment loss | (654716) |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments | 19682649 |
| Net realized gain | 19682649 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | (2984242) |
| Net change in unrealized appreciation (depreciation) | (2984242) |
| Net realized and unrealized gain | 16698407 |
| **Net increase in net assets resulting from operations** | $16043691 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

270 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**S&P 500<sup>®</sup>** **PURE GROWTH FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment loss | $(654716) | $(39909) |
| Net realized gain on investments | 19682649 | 473930 |
| Net change in unrealized appreciation (depreciation) on investments | (2984242) | 3751669 |
| Net increase in net assets resulting from operations | 16043691 | 4185690 |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 2026656 | 2556282 |
| &nbsp;&nbsp;&nbsp;Class C | 568333 | 1772328 |
| &nbsp;&nbsp;&nbsp;Class H | 718963766 | 253179686 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (2863382) | (2695246) |
| &nbsp;&nbsp;&nbsp;Class C | (1227000) | (3076091) |
| &nbsp;&nbsp;&nbsp;Class H | (741025931) | (258609418) |
| Net decrease from capital share transactions | (23557558) | (6872459) |
| Net decrease in net assets | (7513867) | (2686769) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 31522359 | 34209128 |
| &nbsp;&nbsp;&nbsp;End of year | $24008492 | $31522359 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 20269 | 32924 |
| &nbsp;&nbsp;&nbsp;Class C | 7019 | 27685 |
| &nbsp;&nbsp;&nbsp;Class H | 7217940 | 3256450 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (30757) | (34867) |
| &nbsp;&nbsp;&nbsp;Class C | (15798) | (47995) |
| &nbsp;&nbsp;&nbsp;Class H | (7291103) | (3347039) |
| Net decrease in shares | (92430) | (112842) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 271

**S&P 500<sup>®</sup>** **PURE GROWTH FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $90.66 | $74.81 | $90.73 | $84.03 | $53.91 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (.86) | (.15) | (.05) | (1.11) | (.80) |
| Net gain (loss) on investments (realized and unrealized) | 3.75 | 16.00 | (15.87) | 10.27 | 34.07 |
| Total from investment operations | 2.89 | 15.85 | (15.92) | 9.16 | 33.27 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  |  |  | (2.46) | (3.15) |
| Total distributions |  |  |  | (2.46) | (3.15) |
| Net asset value, end of period | $93.55 | $90.66 | $74.81 | $90.73 | $84.03 |
| **Total Return<sup>b</sup>** | **3.19%** | **21.19%** | **(17.55** **%)** | **10.53%** | **61.92%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $8590 | $9275 | $7799 | $10104 | $9724 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.90%) | (0.20%) | (0.06%) | (1.15%) | (1.06%) |
| Total expenses | 1.59% | 1.59% | 1.55% | 1.51% | 1.60% |
| Net expenses<sup>c</sup> | 1.54% | 1.55% | 1.55% | 1.51% | 1.60% |
| Portfolio turnover rate | 1148% | 649% | 434% | 727% | 240% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $75.02 | $62.37 | $76.21 | $71.42 | $46.47 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (1.30) | (.58) | (.55) | (1.55) | (1.16) |
| Net gain (loss) on investments (realized and unrealized) | 3.11 | 13.23 | (13.29) | 8.80 | 29.26 |
| Total from investment operations | 1.81 | 12.65 | (13.84) | 7.25 | 28.10 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  |  |  | (2.46) | (3.15) |
| Total distributions |  |  |  | (2.46) | (3.15) |
| Net asset value, end of period | $76.83 | $75.02 | $62.37 | $76.21 | $71.42 |
| **Total Return<sup>b</sup>** | **2.41%** | **20.28%** | **(18.16** **%)** | **9.71%** | **60.69%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $1580 | $2202 | $3097 | $5339 | $7314 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (1.66%) | (0.91%) | (0.85%) | (1.91%) | (1.80%) |
| Total expenses | 2.34% | 2.34% | 2.30% | 2.26% | 2.35% |
| Net expenses<sup>c</sup> | 2.29% | 2.30% | 2.30% | 2.26% | 2.35% |
| Portfolio turnover rate | 1148% | 649% | 434% | 727% | 240% |

---

272 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**S&P 500<sup>®</sup>** **PURE GROWTH FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $90.65 | $74.79 | $90.70 | $84.00 | $53.89 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (.94) |  | (.02) | (1.19) | (.77) |
| Net gain (loss) on investments (realized and unrealized) | 3.82 | 15.86 | (15.89) | 10.35 | 34.03 |
| Total from investment operations | 2.88 | 15.86 | (15.91) | 9.16 | 33.26 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  |  |  | (2.46) | (3.15) |
| Total distributions |  |  |  | (2.46) | (3.15) |
| Net asset value, end of period | $93.53 | $90.65 | $74.79 | $90.70 | $84.00 |
| **Total Return** | **3.18%** | **21.21%** | **(17.54** **%)** | **10.53%** | **61.92%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $13839 | $20046 | $23313 | $27751 | $22141 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.95%) | (0.00 %)<sup>d</sup> | (0.03%) | (1.21%) | (1.03%) |
| Total expenses | 1.60% | 1.59% | 1.55% | 1.51% | 1.61% |
| Net expenses<sup>c</sup> | 1.55% | 1.55% | 1.55% | 1.51% | 1.61% |
| Portfolio turnover rate | 1148% | 649% | 434% | 727% | 240% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>c</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>d</sup> Less than (0.01%).

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 273

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **S&P 500<sup>®</sup>** **PURE VALUE FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 99.4%** | **COMMON STOCKS<sup>†</sup>** **- 99.4%** | **COMMON STOCKS<sup>†</sup>** **- 99.4%** |
| **Consumer, Non-cyclical - 32.4%** | **Consumer, Non-cyclical - 32.4%** | **Consumer, Non-cyclical - 32.4%** |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | 11186 | $757852 |
| &nbsp;&nbsp;&nbsp;Centene Corp.\* | 9715 | 589798 |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 10084 | 484133 |
| &nbsp;&nbsp;&nbsp;Bunge Global S.A. | 6231 | 476173 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc. — Class A | 6727 | 429250 |
| &nbsp;&nbsp;&nbsp;Kroger Co. | 6015 | 407155 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | 1519 | 401927 |
| &nbsp;&nbsp;&nbsp;Cigna Group | 1086 | 357294 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. — Class A | 1212 | 337045 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | 2427 | 334368 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | 488 | 328419 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | 10173 | 309564 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co. — Class B | 4862 | 295950 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 671 | 291858 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.\* | 840 | 276688 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. | 26257 | 228699 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | 6430 | 171488 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc. — Class B | 886 | 166479 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | 2085 | 156459 |
| &nbsp;&nbsp;&nbsp;J M Smucker Co. | 1208 | 143039 |
| &nbsp;&nbsp;&nbsp;Henry Schein, Inc.\* | 1809 | 123898 |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc. | 3400 | 116382 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.\* | 831 | 113714 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | 1091 | 106831 |
| **Total Consumer, Non-cyclical** |  | 7404463 |
| **Financial - 17.8%** | **Financial - 17.8%** | **Financial - 17.8%** |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 4754 | 337486 |
| &nbsp;&nbsp;&nbsp;American International Group, Inc. | 3591 | 312202 |
| &nbsp;&nbsp;&nbsp;Loews Corp. | 3117 | 286483 |
| &nbsp;&nbsp;&nbsp;Everest Group Ltd. | 770 | 279764 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | 2360 | 263565 |
| &nbsp;&nbsp;&nbsp;Invesco Ltd. | 17296 | 262380 |
| &nbsp;&nbsp;&nbsp;Franklin Resources, Inc. | 11974 | 230500 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | 4778 | 195755 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | 2101 | 168689 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | 1600 | 143248 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 790 | 141647 |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. REIT | 1509 | 139597 |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | 670 | 138737 |
| &nbsp;&nbsp;&nbsp;Assurant, Inc. | 622 | 130465 |
| &nbsp;&nbsp;&nbsp;Travelers Companies, Inc. | 441 | 116627 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. REIT | 3569 | 116421 |
| &nbsp;&nbsp;&nbsp;Chubb Ltd. | 371 | 112038 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | 1310 | 110525 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 2647 | 108924 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 2574 | 107413 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | 550 | 98313 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 6036 | 90600 |
| &nbsp;&nbsp;&nbsp;KeyCorp | 5587 | 89336 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 4099 | 89071 |
| **Total Financial** |  | 4069786 |
| **Consumer, Cyclical - 17.2%** | **Consumer, Cyclical - 17.2%** | **Consumer, Cyclical - 17.2%** |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. | 56191 | 563596 |
| &nbsp;&nbsp;&nbsp;General Motors Co. | 11507 | 541174 |
| &nbsp;&nbsp;&nbsp;Walgreens Boots Alliance, Inc.\* | 32097 | 358524 |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | 4022 | 353654 |
| &nbsp;&nbsp;&nbsp;LKQ Corp. | 6197 | 263620 |
| &nbsp;&nbsp;&nbsp;Aptiv plc\* | 4334 | 257873 |
| &nbsp;&nbsp;&nbsp;CarMax, Inc.\* | 3291 | 256435 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc.\* | 3408 | 255839 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | 5958 | 200070 |
| &nbsp;&nbsp;&nbsp;Best Buy Company, Inc. | 2476 | 182258 |
| &nbsp;&nbsp;&nbsp;Target Corp. | 1348 | 140677 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | 1034 | 123191 |
| &nbsp;&nbsp;&nbsp;MGM Resorts International\* | 4048 | 119983 |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.\* | 4635 | 115875 |
| &nbsp;&nbsp;&nbsp;Lennar Corp. — Class A | 931 | 106860 |
| &nbsp;&nbsp;&nbsp;DR Horton, Inc. | 646 | 82126 |
| **Total Consumer, Cyclical** |  | 3921755 |
| **Energy - 9.5%** | **Energy - 9.5%** | **Energy - 9.5%** |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | 3245 | 428567 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | 2999 | 370316 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 2231 | 325034 |
| &nbsp;&nbsp;&nbsp;APA Corp. | 9533 | 200384 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 3567 | 133406 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 1041 | 123806 |
| &nbsp;&nbsp;&nbsp;Equities Corp. | 2247 | 120057 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 2421 | 119501 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 714 | 119445 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 742 | 118631 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. — Class A | 3913 | 113086 |
| **Total Energy** |  | 2172233 |
| **Basic Materials - 6.0%** | **Basic Materials - 6.0%** | **Basic Materials - 6.0%** |
| &nbsp;&nbsp;&nbsp;Mosaic Co. | 17015 | 459575 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries N.V. — Class A | 2993 | 210707 |
| &nbsp;&nbsp;&nbsp;Dow, Inc. | 5388 | 188149 |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | 1082 | 130208 |
| &nbsp;&nbsp;&nbsp;International Paper Co. | 1908 | 101792 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical Co. | 1124 | 99036 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | 1256 | 93798 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | 741 | 92684 |
| **Total Basic Materials** |  | 1375949 |
| **Communications - 5.8%** | **Communications - 5.8%** | **Communications - 5.8%** |
| &nbsp;&nbsp;&nbsp;Paramount Global — Class B | 37109 | 443824 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc.\* | 30160 | 323617 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 6214 | 175732 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 2723 | 123515 |
| &nbsp;&nbsp;&nbsp;Comcast Corp. — Class A | 3127 | 115386 |
| &nbsp;&nbsp;&nbsp;Fox Corp. — Class A | 1591 | 90050 |
| &nbsp;&nbsp;&nbsp;Fox Corp. — Class B | 949 | 50022 |
| **Total Communications** |  | 1322146 |
| **Industrial - 5.2%** | **Industrial - 5.2%** | **Industrial - 5.2%** |
| &nbsp;&nbsp;&nbsp;Mohawk Industries, Inc.\* | 2288 | 261244 |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc. | 1245 | 254030 |

---

274 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **S&P 500<sup>®</sup>** **PURE VALUE FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | 2267 | $| 174287 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | 1088 |  | 148044 |
| &nbsp;&nbsp;&nbsp;Smurfit WestRock plc | 3082 |  | 138875 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | 479 |  | 116771 |
| &nbsp;&nbsp;&nbsp;Textron, Inc. | 1346 |  | 97248 |
| **Total Industrial** |  |  | 1190499 |
| **Utilities - 4.0%** | **Utilities - 4.0%** | **Utilities - 4.0%** | **Utilities - 4.0%** |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | 3890 |  | 179251 |
| &nbsp;&nbsp;&nbsp;AES Corp. | 12040 |  | 149537 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | 1874 |  | 129212 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 1166 |  | 128948 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | 1269 |  | 120872 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 1642 |  | 101985 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | 5574 |  | 95761 |
| **Total Utilities** |  |  | 905566 |
| **Technology - 1.5%** | **Technology - 1.5%** | **Technology - 1.5%** | **Technology - 1.5%** |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 11333 |  | 174868 |
| &nbsp;&nbsp;&nbsp;Intel Corp.\* | 7663 |  | 174027 |
| **Total Technology** |  |  | 348895 |
| **Total Common Stocks** | **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $20,949,560) |  |  | 22711292 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.6%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.6%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.6%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25 | $76601 | 76601 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25 | 58706 | 58706 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $135,307) |  | 135307 |
| **Total Investments - 100.0%** | **Total Investments - 100.0%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $21,084,867) | &nbsp;&nbsp;&nbsp;(Cost $21,084,867) | $22846599 |
| **Other Assets & Liabilities, net - 0.0%** | **Other Assets & Liabilities, net - 0.0%** | 9228 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $22855827 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;REIT — Real Estate Investment Trust |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $22711292 | $— | $— | $22711292 |
| Repurchase Agreements |  | 135307 |  | 135307 |
| Total Assets | $22711292 | $135307 | $— | $22846599 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 275

**S&P 500<sup>®</sup>** **PURE VALUE FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $20,949,560) | $22711292 |
| Repurchase agreements, at value (cost $135,307) | 135307 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 2435723 |
| &nbsp;&nbsp;&nbsp;Dividends | 45917 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 96 |
| &nbsp;&nbsp;&nbsp;Interest | 16 |
| **Total assets** | 25328351 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Securities purchased | 2336359 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 59269 |
| &nbsp;&nbsp;&nbsp;Management fees | 29124 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 11857 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 10064 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 3980 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 239 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 21632 |
| **Total liabilities** | 2472524 |
| **Net assets** | $22855827 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $41632751 |
| Total distributable earnings (loss) | (18776924) |
| Net assets | $22855827 |
| **Class A:** | **Class A:** |
| Net assets | $2802752 |
| Capital shares outstanding | 26081 |
| Net asset value per share | $107.46 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $112.82 |
| **Class C:** | **Class C:** |
| Net assets | $577767 |
| Capital shares outstanding | 6730 |
| Net asset value per share | $85.85 |
| **Class H:** | **Class H:** |
| Net assets | $19475308 |
| Capital shares outstanding | 180341 |
| Net asset value per share | $107.99 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $14) | $516392 |
| Interest | 5965 |
| Income from securities lending, net | 261 |
| &nbsp;&nbsp;&nbsp;Total investment income | 522618 |
| **Expenses:** | **Expenses:** |
| Management fees | 152962 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 7120 |
| &nbsp;&nbsp;&nbsp;Class C | 7739 |
| &nbsp;&nbsp;&nbsp;Class H | 41932 |
| Transfer agent fees | 45177 |
| Portfolio accounting and administration fees | 31113 |
| Registration fees | 25237 |
| Professional fees | 9145 |
| Custodian fees | 2793 |
| Trustees' fees\* | 2143 |
| Line of credit fees | 144 |
| Miscellaneous | 6788 |
| &nbsp;&nbsp;&nbsp;Total expenses | 332293 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (10191) |
| Net expenses | 322102 |
| Net investment income | 200516 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments | (2302557) |
| Net realized loss | (2302557) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | (234145) |
| Net change in unrealized appreciation (depreciation) | (234145) |
| Net realized and unrealized loss | (2536702) |
| **Net decrease in net assets resulting from operations** | $(2336186) |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

276 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**S&P 500<sup>®</sup>** **PURE VALUE FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $200516 | $112080 |
| Net realized loss on investments | (2302557) | (1915091) |
| Net change in unrealized appreciation (depreciation) on investments | (234145) | 747914 |
| Net decrease in net assets resulting from operations | (2336186) | (1055097) |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (29793) | (44842) |
| &nbsp;&nbsp;&nbsp;Class C | (9570) | (24738) |
| &nbsp;&nbsp;&nbsp;Class H | (92347) | (114337) |
| Total distributions to shareholders | (131710) | (183917) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1041087 | 1311773 |
| &nbsp;&nbsp;&nbsp;Class C | 382569 | 1122162 |
| &nbsp;&nbsp;&nbsp;Class H | 561165916 | 185750419 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 29230 | 44771 |
| &nbsp;&nbsp;&nbsp;Class C | 9195 | 24642 |
| &nbsp;&nbsp;&nbsp;Class H | 85957 | 102176 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1357816) | (2172031) |
| &nbsp;&nbsp;&nbsp;Class C | (803076) | (1541562) |
| &nbsp;&nbsp;&nbsp;Class H | (545625391) | (190450170) |
| Net increase (decrease) from capital share transactions | 14927671 | (5807820) |
| Net increase (decrease) in net assets | 12459775 | (7046834) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 10396052 | 17442886 |
| &nbsp;&nbsp;&nbsp;End of year | $22855827 | $10396052 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 10265 | 14140 |
| &nbsp;&nbsp;&nbsp;Class C | 4754 | 15296 |
| &nbsp;&nbsp;&nbsp;Class H | 5257267 | 1970582 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 271 | 491 |
| &nbsp;&nbsp;&nbsp;Class C | 107 | 334 |
| &nbsp;&nbsp;&nbsp;Class H | 794 | 1114 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (13435) | (24552) |
| &nbsp;&nbsp;&nbsp;Class C | (9853) | (21338) |
| &nbsp;&nbsp;&nbsp;Class H | (5140084) | (2051875) |
| Net increase (decrease) in shares | 110086 | (95808) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 277

**S&P 500<sup>®</sup>** **PURE VALUE FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $102.82 | $88.84 | $101.27 | $89.23 | $48.65 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 1.15 | 1.03 | 1.05 | .89 | .70 |
| Net gain (loss) on investments (realized and unrealized) | 4.46 <sup>d</sup> | 14.67 | (11.35) | 13.43 | 40.58 |
| Total from investment operations | 5.61 | 15.70 | (10.30) | 14.32 | 41.28 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.97) | (1.72) | (2.13) | (2.28) | (.70) |
| Total distributions | (.97) | (1.72) | (2.13) | (2.28) | (.70) |
| Net asset value, end of period | $107.46 | $102.82 | $88.84 | $101.27 | $89.23 |
| **Total Return<sup>b</sup>** | **5.45%** | **17.93%** | **(10.20** **%)** | **16.26%** | **85.10%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $2803 | $2980 | $3456 | $3600 | $2925 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.12% | 1.14% | 1.11% | 0.94% | 1.06% |
| Total expenses | 1.59% | 1.59% | 1.55% | 1.51% | 1.60% |
| Net expenses<sup>c</sup> | 1.54% | 1.55% | 1.55% | 1.51% | 1.60% |
| Portfolio turnover rate | 2642% | 1099% | 594% | 823% | 1207% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $82.95 | $72.52 | $83.72 | $74.69 | $41.11 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .29 | .27 | .30 | .14 | .18 |
| Net gain (loss) on investments (realized and unrealized) | 3.58 <sup>d</sup> | 11.88 | (9.37) | 11.17 | 34.10 |
| Total from investment operations | 3.87 | 12.15 | (9.07) | 11.31 | 34.28 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.97) | (1.72) | (2.13) | (2.28) | (.70) |
| Total distributions | (.97) | (1.72) | (2.13) | (2.28) | (.70) |
| Net asset value, end of period | $85.85 | $82.95 | $72.52 | $83.72 | $74.69 |
| **Total Return<sup>b</sup>** | **4.67%** | **17.07%** | **(10.89** **%)** | **15.40%** | **83.72%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $578 | $972 | $1264 | $1484 | $1805 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.35% | 0.37% | 0.39% | 0.17% | 0.32% |
| Total expenses | 2.34% | 2.34% | 2.30% | 2.26% | 2.35% |
| Net expenses<sup>c</sup> | 2.29% | 2.31% | 2.30% | 2.26% | 2.35% |
| Portfolio turnover rate | 2642% | 1099% | 594% | 823% | 1207% |

---

278 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**S&P 500<sup>®</sup>** **PURE VALUE FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $103.33 | $89.26 | $101.75 | $89.64 | $48.87 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 1.04 | .47 | .98 | .98 | .84 |
| Net gain (loss) on investments (realized and unrealized) | 4.59 <sup>d</sup> | 15.32 | (11.34) | 13.41 | 40.63 |
| Total from investment operations | 5.63 | 15.79 | (10.36) | 14.39 | 41.47 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.97) | (1.72) | (2.13) | (2.28) | (.70) |
| Total distributions | (.97) | (1.72) | (2.13) | (2.28) | (.70) |
| Net asset value, end of period | $107.99 | $103.33 | $89.26 | $101.75 | $89.64 |
| **Total Return** | **5.44%** | **17.95%** | **(10.22** **%)** | **16.26%** | **85.15%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $19475 | $6444 | $12723 | $164615 | $52797 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.99% | 0.51% | 1.01% | 1.01% | 1.17% |
| Total expenses | 1.60% | 1.60% | 1.55% | 1.52% | 1.58% |
| Net expenses<sup>c</sup> | 1.55% | 1.56% | 1.55% | 1.52% | 1.58% |
| Portfolio turnover rate | 2642% | 1099% | 594% | 823% | 1207% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>c</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>d</sup> The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 279

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **S&P MIDCAP 400<sup>®</sup>** **PURE GROWTH FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 100.1%** | **COMMON STOCKS<sup>†</sup>** **- 100.1%** | **COMMON STOCKS<sup>†</sup>** **- 100.1%** |
| **Consumer, Non-cyclical - 27.6%** | **Consumer, Non-cyclical - 27.6%** | **Consumer, Non-cyclical - 27.6%** |
| &nbsp;&nbsp;&nbsp;Roivant Sciences Ltd.\* | 54230 | $547181 |
| &nbsp;&nbsp;&nbsp;Globus Medical, Inc. — Class A\* | 6654 | 487073 |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc.\* | 11752 | 433884 |
| &nbsp;&nbsp;&nbsp;Masimo Corp.\* | 2554 | 425496 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc.\* | 6559 | 418530 |
| &nbsp;&nbsp;&nbsp;Shift4 Payments, Inc. — Class A\*<sup>,1</sup> | 5040 | 411818 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. | 7114 | 387784 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc.\* | 3905 | 381128 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.\* | 2274 | 347103 |
| &nbsp;&nbsp;&nbsp;RB Global, Inc. | 3428 | 343828 |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp.\* | 1726 | 323349 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.\* | 936 | 285190 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp.\* | 876 | 270044 |
| &nbsp;&nbsp;&nbsp;Sarepta Therapeutics, Inc.\* | 4007 | 255727 |
| &nbsp;&nbsp;&nbsp;H&R Block, Inc. | 4651 | 255387 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | 186 | 251100 |
| &nbsp;&nbsp;&nbsp;Valvoline, Inc.\* | 6984 | 243113 |
| &nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc.\* | 1281 | 221639 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc.\* | 1956 | 216334 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc.\* | 1865 | 164810 |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. | 1191 | 154115 |
| &nbsp;&nbsp;&nbsp;elf Beauty, Inc.\* | 1803 | 113210 |
| **Total Consumer, Non-cyclical** |  | 6937843 |
| **Industrial - 24.0%** | **Industrial - 24.0%** | **Industrial - 24.0%** |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 1271 | 409681 |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 1035 | 382567 |
| &nbsp;&nbsp;&nbsp;AAON, Inc. | 4505 | 351976 |
| &nbsp;&nbsp;&nbsp;RBC Bearings, Inc.\* | 1019 | 327884 |
| &nbsp;&nbsp;&nbsp;Chart Industries, Inc.\* | 2147 | 309941 |
| &nbsp;&nbsp;&nbsp;MasTec, Inc.\* | 2545 | 297027 |
| &nbsp;&nbsp;&nbsp;Kirby Corp.\* | 2879 | 290808 |
| &nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | 1238 | 274749 |
| &nbsp;&nbsp;&nbsp;Clean Harbors, Inc.\* | 1361 | 268253 |
| &nbsp;&nbsp;&nbsp;TopBuild Corp.\* | 730 | 222614 |
| &nbsp;&nbsp;&nbsp;Esab Corp. | 1907 | 222165 |
| &nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | 649 | 205908 |
| &nbsp;&nbsp;&nbsp;Acuity, Inc. | 776 | 204360 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 906 | 204158 |
| &nbsp;&nbsp;&nbsp;Knife River Corp.\* | 2185 | 197109 |
| &nbsp;&nbsp;&nbsp;Woodward, Inc. | 1078 | 196724 |
| &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | 2286 | 174056 |
| &nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | 1757 | 173328 |
| &nbsp;&nbsp;&nbsp;Fabrinet\* | 852 | 168279 |
| &nbsp;&nbsp;&nbsp;Belden, Inc. | 1673 | 167718 |
| &nbsp;&nbsp;&nbsp;Owens Corning | 1154 | 164814 |
| &nbsp;&nbsp;&nbsp;nVent Electric plc | 3116 | 163341 |
| &nbsp;&nbsp;&nbsp;Tetra Tech, Inc. | 5299 | 154996 |
| &nbsp;&nbsp;&nbsp;Carlisle Companies, Inc. | 419 | 142669 |
| &nbsp;&nbsp;&nbsp;Saia, Inc.\* | 348 | 121601 |
| &nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | 1285 | 118194 |
| &nbsp;&nbsp;&nbsp;Coherent Corp.\* | 1774 | 115204 |
| **Total Industrial** |  | 6030124 |
| **Consumer, Cyclical - 15.2%** | **Consumer, Cyclical - 15.2%** | **Consumer, Cyclical - 15.2%** |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Inc. — Class A\* | 4013 | 387696 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. — Class A | 2165 | 360754 |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels Corp. — Class A | 2608 | 319480 |
| &nbsp;&nbsp;&nbsp;Alaska Air Group, Inc.\* | 6440 | 316977 |
| &nbsp;&nbsp;&nbsp;American Airlines Group, Inc.\* | 27334 | 288374 |
| &nbsp;&nbsp;&nbsp;Hilton Grand Vacations, Inc.\* | 7687 | 287571 |
| &nbsp;&nbsp;&nbsp;Murphy USA, Inc. | 600 | 281886 |
| &nbsp;&nbsp;&nbsp;Toll Brothers, Inc. | 2534 | 267565 |
| &nbsp;&nbsp;&nbsp;Travel + Leisure Co. | 5457 | 252605 |
| &nbsp;&nbsp;&nbsp;Wingstop, Inc. | 1103 | 248815 |
| &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co. — Class A\* | 3199 | 244307 |
| &nbsp;&nbsp;&nbsp;Crocs, Inc.\* | 1986 | 210913 |
| &nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | 1861 | 206701 |
| &nbsp;&nbsp;&nbsp;Choice Hotels International, Inc. | 1071 | 142207 |
| **Total Consumer, Cyclical** |  | 3815851 |
| **Financial - 11.7%** | **Financial - 11.7%** | **Financial - 11.7%** |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | 1768 | 424320 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | 797 | 387908 |
| &nbsp;&nbsp;&nbsp;Hamilton Lane, Inc. — Class A | 2540 | 377622 |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc. — Class A | 2251 | 372743 |
| &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings, Inc. | 4390 | 324289 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorporation | 3614 | 277663 |
| &nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | 2955 | 265241 |
| &nbsp;&nbsp;&nbsp;SLM Corp. | 6648 | 195252 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | 3662 | 190754 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | 801 | 129361 |
| **Total Financial** |  | 2945153 |
| **Technology - 8.9%** | **Technology - 8.9%** | **Technology - 8.9%** |
| &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.\* | 1929 | 361418 |
| &nbsp;&nbsp;&nbsp;ExlService Holdings, Inc.\* | 7633 | 360354 |
| &nbsp;&nbsp;&nbsp;Appfolio, Inc. — Class A\* | 1356 | 298184 |
| &nbsp;&nbsp;&nbsp;CommVault Systems, Inc.\* | 1749 | 275922 |
| &nbsp;&nbsp;&nbsp;DocuSign, Inc.\* | 3373 | 274562 |
| &nbsp;&nbsp;&nbsp;Doximity, Inc. — Class A\* | 3921 | 227536 |
| &nbsp;&nbsp;&nbsp;Parsons Corp.\* | 3277 | 194031 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc.\* | 2926 | 137961 |
| &nbsp;&nbsp;&nbsp;Manhattan Associates, Inc.\* | 613 | 106074 |
| **Total Technology** |  | 2236042 |
| **Energy - 6.3%** | **Energy - 6.3%** | **Energy - 6.3%** |
| &nbsp;&nbsp;&nbsp;Valaris Ltd.\* | 12773 | 501468 |
| &nbsp;&nbsp;&nbsp;Permian Resources Corp. | 24069 | 333356 |
| &nbsp;&nbsp;&nbsp;Viper Energy, Inc. | 6532 | 294920 |
| &nbsp;&nbsp;&nbsp;CNX Resources Corp.\* | 7919 | 249290 |
| &nbsp;&nbsp;&nbsp;DT Midstream, Inc. | 2109 | 203476 |
| **Total Energy** |  | 1582510 |
| **Basic Materials - 3.4%** | **Basic Materials - 3.4%** | **Basic Materials - 3.4%** |
| &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | 2998 | 543178 |
| &nbsp;&nbsp;&nbsp;ATI, Inc.\* | 5684 | 295738 |
| **Total Basic Materials** |  | 838916 |

---

280 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **S&P MIDCAP 400<sup>®</sup>** **PURE GROWTH FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Communications - 3.0%** | **Communications - 3.0%** | **Communications - 3.0%** |
| &nbsp;&nbsp;&nbsp;Hims & Hers Health, Inc.\* | 16069 | $474839 |
| &nbsp;&nbsp;&nbsp;Chewy, Inc. — Class A\* | 8420 | 273734 |
| **Total Communications** |  | 748573 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $24,369,905) |  | 25135012 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.3%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.3%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.3%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25 | $49439 | 49439 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25 | 37889 | 37889 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $87,328) |  | 87328 |
| **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 1.3%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 1.3%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 1.3%** |
| **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.27%<sup>4</sup> | 326970 | 326970 |
| **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp;(Cost $326,970) |  | 326970 |
| **Total Investments - 101.7%** | **Total Investments - 101.7%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $24,784,203) | &nbsp;&nbsp;&nbsp;(Cost $24,784,203) | $25549310 |
| **Other Assets & Liabilities, net - (1.7)%** | **Other Assets & Liabilities, net - (1.7)%** | (422585) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $25126725 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp;A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is on loan at March 31, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Securities lending collateral — See Note 7. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of March 31, 2025. |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $25135012 | $— | $— | $25135012 |
| Repurchase Agreements |  | 87328 |  | 87328 |
| Securities Lending Collateral | 326970 |  |  | 326970 |
| Total Assets | $25461982 | $87328 | $— | $25549310 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 281

**S&P MIDCAP 400<sup>®</sup>** **PURE GROWTH FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value - including $308,864 of securities loaned (cost $24,696,875) | $25461982 |
| Repurchase agreements, at value (cost $87,328) | 87328 |
| Cash | 758 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Dividends | 8022 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 550 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims | 462 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 35 |
| &nbsp;&nbsp;&nbsp;Interest | 11 |
| **Total assets** | 25559148 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Return of securities lending collateral | 326970 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 41336 |
| &nbsp;&nbsp;&nbsp;Management fees | 15775 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 11008 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 5374 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 2156 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 314 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 29490 |
| **Total liabilities** | 432423 |
| **Net assets** | $25126725 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $24928608 |
| Total distributable earnings (loss) | 198117 |
| Net assets | $25126725 |
| **Class A:** | **Class A:** |
| Net assets | $6461309 |
| Capital shares outstanding | 145069 |
| Net asset value per share | $44.54 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $46.76 |
| **Class C:** | **Class C:** |
| Net assets | $175720 |
| Capital shares outstanding | 5433 |
| Net asset value per share | $32.34 |
| **Class H:** | **Class H:** |
| Net assets | $18489696 |
| Capital shares outstanding | 414539 |
| Net asset value per share | $44.60 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $484) | $310315 |
| Interest | 12380 |
| Income from securities lending, net | 289 |
| &nbsp;&nbsp;&nbsp;Total investment income | 322984 |
| **Expenses:** | **Expenses:** |
| Management fees | 330773 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 20388 |
| &nbsp;&nbsp;&nbsp;Class C | 4002 |
| &nbsp;&nbsp;&nbsp;Class H | 88869 |
| Transfer agent fees | 92691 |
| Portfolio accounting and administration fees | 67284 |
| Registration fees | 48415 |
| Professional fees | 28486 |
| Custodian fees | 5973 |
| Trustees' fees\* | 5347 |
| Line of credit fees | 200 |
| Miscellaneous | 5094 |
| &nbsp;&nbsp;&nbsp;Total expenses | 697522 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (22034) |
| Net expenses | 675488 |
| Net investment loss | (352504) |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments | 3337266 |
| Net realized gain | 3337266 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | (12716976) |
| Net change in unrealized appreciation (depreciation) | (12716976) |
| Net realized and unrealized loss | (9379710) |
| **Net decrease in net assets resulting from operations** | $(9732214) |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

282 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**S&P MIDCAP 400<sup>®</sup>** **PURE GROWTH FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment loss | $(352504) | $(133163) |
| Net realized gain on investments | 3337266 | 7559420 |
| Net change in unrealized appreciation (depreciation) on investments | (12716976) | 10648798 |
| Net increase (decrease) in net assets resulting from operations | (9732214) | 18075055 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1061081) |  |
| &nbsp;&nbsp;&nbsp;Class C | (46264) |  |
| &nbsp;&nbsp;&nbsp;Class H | (3118586) |  |
| Total distributions to shareholders | (4225931) |  |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1082201 | 2098799 |
| &nbsp;&nbsp;&nbsp;Class C | 329317 | 902792 |
| &nbsp;&nbsp;&nbsp;Class H | 356524051 | 512967320 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1040995 |  |
| &nbsp;&nbsp;&nbsp;Class C | 43313 |  |
| &nbsp;&nbsp;&nbsp;Class H | 3065800 |  |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (2908565) | (1479340) |
| &nbsp;&nbsp;&nbsp;Class C | (861886) | (1543282) |
| &nbsp;&nbsp;&nbsp;Class H | (543306886) | (334724356) |
| Net increase (decrease) from capital share transactions | (184991660) | 178221933 |
| Net increase (decrease) in net assets | (198949805) | 196296988 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 224076530 | 27779542 |
| &nbsp;&nbsp;&nbsp;End of year | $25126725 | $224076530 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 19284 | 43587 |
| &nbsp;&nbsp;&nbsp;Class C | 7826 | 23765 |
| &nbsp;&nbsp;&nbsp;Class H | 6217548 | 9671323 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 19791 |  |
| &nbsp;&nbsp;&nbsp;Class C | 1131 |  |
| &nbsp;&nbsp;&nbsp;Class H | 58197 |  |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (53108) | (30814) |
| &nbsp;&nbsp;&nbsp;Class C | (20333) | (43388) |
| &nbsp;&nbsp;&nbsp;Class H | (9459708) | (6541026) |
| Net increase (decrease) in shares | (3209372) | 3123447 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 283

**S&P MIDCAP 400<sup>®</sup>** **PURE GROWTH FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $59.38 | $43.18 | $53.47 | $64.65 | $33.77 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (.42) | (.16) | (.18) | (.69) | (.57) |
| Net gain (loss) on investments (realized and unrealized) | (6.92) | 16.36 | (5.43) | (3.86) | 32.09 |
| Total from investment operations | (7.34) | 16.20 | (5.61) | (4.55) | 31.52 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains | (7.50) |  | (4.68) | (6.63) | (.64) |
| Total distributions | (7.50) |  | (4.68) | (6.63) | (.64) |
| Net asset value, end of period | $44.54 | $59.38 | $43.18 | $53.47 | $64.65 |
| **Total Return<sup>b</sup>** | **(14.29** **%)** | **37.52%** | **(10.32** **%)** | **(8.07** **%)** | **93.55%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $6461 | $9447 | $6319 | $7895 | $11272 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.77%) | (0.34%) | (0.39%) | (1.09%) | (1.08%) |
| Total expenses | 1.59% | 1.59% | 1.55% | 1.51% | 1.59% |
| Net expenses<sup>c</sup> | 1.54% | 1.55% | 1.55% | 1.51% | 1.59% |
| Portfolio turnover rate | 716% | 570% | 372% | 125% | 407% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $45.47 | $33.32 | $42.78 | $53.41 | $28.17 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (.64) | (.41) | (.43) | (.96) | (.78) |
| Net gain (loss) on investments (realized and unrealized) | (4.99) | 12.56 | (4.35) | (3.04) | 26.66 |
| Total from investment operations | (5.63) | 12.15 | (4.78) | (4.00) | 25.88 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains | (7.50) |  | (4.68) | (6.63) | (.64) |
| Total distributions | (7.50) |  | (4.68) | (6.63) | (.64) |
| Net asset value, end of period | $32.34 | $45.47 | $33.32 | $42.78 | $53.41 |
| **Total Return<sup>b</sup>** | **(14.91** **%)** | **36.46%** | **(11.00** **%)** | **(8.76** **%)** | **92.12%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $176 | $764 | $1214 | $2023 | $4005 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (1.52%) | (1.15%) | (1.16%) | (1.85%) | (1.82%) |
| Total expenses | 2.33% | 2.33% | 2.30% | 2.26% | 2.35% |
| Net expenses<sup>c</sup> | 2.28% | 2.30% | 2.30% | 2.26% | 2.35% |
| Portfolio turnover rate | 716% | 570% | 372% | 125% | 407% |

---

284 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**S&P MIDCAP 400<sup>®</sup>** **PURE GROWTH FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $59.43 | $43.24 | $53.54 | $64.74 | $33.82 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (.45) | (.13) | (.17) | (.70) | (.56) |
| Net gain (loss) on investments (realized and unrealized) | (6.88) | 16.32 | (5.45) | (3.87) | 32.12 |
| Total from investment operations | (7.33) | 16.19 | (5.62) | (4.57) | 31.56 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains | (7.50) |  | (4.68) | (6.63) | (.64) |
| Total distributions | (7.50) |  | (4.68) | (6.63) | (.64) |
| Net asset value, end of period | $44.60 | $59.43 | $43.24 | $53.54 | $64.74 |
| **Total Return** | **(14.27** **%)** | **37.44%** | **(10.32** **%)** | **(8.09** **%)** | **93.53%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $18490 | $213865 | $20247 | $29225 | $50599 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.80%) | (0.26%) | (0.36%) | (1.10%) | (1.06%) |
| Total expenses | 1.57% | 1.57% | 1.55% | 1.51% | 1.59% |
| Net expenses<sup>c</sup> | 1.52% | 1.53% | 1.55% | 1.51% | 1.59% |
| Portfolio turnover rate | 716% | 570% | 372% | 125% | 407% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>c</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 285

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **S&P MIDCAP 400<sup>®</sup>** **PURE VALUE FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 99.5%** | **COMMON STOCKS<sup>†</sup>** **- 99.5%** | **COMMON STOCKS<sup>†</sup>** **- 99.5%** |
| **Consumer, Cyclical - 25.8%** | **Consumer, Cyclical - 25.8%** | **Consumer, Cyclical - 25.8%** |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co.\* | 19847 | $183386 |
| &nbsp;&nbsp;&nbsp;Lear Corp. | 1666 | 146975 |
| &nbsp;&nbsp;&nbsp;Macy's, Inc. | 10365 | 130184 |
| &nbsp;&nbsp;&nbsp;Nordstrom, Inc. | 4636 | 113350 |
| &nbsp;&nbsp;&nbsp;Lithia Motors, Inc. — Class A | 379 | 111252 |
| &nbsp;&nbsp;&nbsp;AutoNation, Inc.\* | 653 | 105734 |
| &nbsp;&nbsp;&nbsp;Penske Automotive Group, Inc. | 684 | 98482 |
| &nbsp;&nbsp;&nbsp;Whirlpool Corp. | 987 | 88958 |
| &nbsp;&nbsp;&nbsp;WESCO International, Inc. | 418 | 64916 |
| &nbsp;&nbsp;&nbsp;Thor Industries, Inc. | 787 | 59663 |
| &nbsp;&nbsp;&nbsp;Harley-Davidson, Inc. | 2303 | 58151 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp. — Class A\* | 899 | 53976 |
| &nbsp;&nbsp;&nbsp;PVH Corp. | 826 | 53393 |
| &nbsp;&nbsp;&nbsp;Capri Holdings Ltd.\* | 2521 | 49739 |
| &nbsp;&nbsp;&nbsp;Visteon Corp.\* | 604 | 46882 |
| &nbsp;&nbsp;&nbsp;Gap, Inc. | 2067 | 42601 |
| &nbsp;&nbsp;&nbsp;Polaris, Inc. | 995 | 40735 |
| &nbsp;&nbsp;&nbsp;Marriott Vacations Worldwide Corp. | 513 | 32955 |
| &nbsp;&nbsp;&nbsp;Aramark | 937 | 32345 |
| &nbsp;&nbsp;&nbsp;Under Armour, Inc. — Class A\* | 2262 | 14138 |
| &nbsp;&nbsp;&nbsp;Under Armour, Inc. — Class C\* | 1574 | 9365 |
| **Total Consumer, Cyclical** |  | 1537180 |
| **Industrial - 15.2%** | **Industrial - 15.2%** | **Industrial - 15.2%** |
| &nbsp;&nbsp;&nbsp;Avnet, Inc. | 3411 | 164035 |
| &nbsp;&nbsp;&nbsp;Arrow Electronics, Inc.\* | 1416 | 147023 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | 1303 | 135460 |
| &nbsp;&nbsp;&nbsp;AGCO Corp. | 671 | 62115 |
| &nbsp;&nbsp;&nbsp;Greif, Inc. — Class A | 1103 | 60654 |
| &nbsp;&nbsp;&nbsp;Oshkosh Corp. | 597 | 56166 |
| &nbsp;&nbsp;&nbsp;CNH Industrial N.V. | 4315 | 52988 |
| &nbsp;&nbsp;&nbsp;Berry Global Group, Inc. | 725 | 50612 |
| &nbsp;&nbsp;&nbsp;Terex Corp. | 1154 | 43598 |
| &nbsp;&nbsp;&nbsp;Sonoco Products Co. | 879 | 41524 |
| &nbsp;&nbsp;&nbsp;Flex Ltd.\* | 1149 | 38009 |
| &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. | 723 | 31443 |
| &nbsp;&nbsp;&nbsp;Fluor Corp.\* | 626 | 22423 |
| **Total Industrial** |  | 906050 |
| **Financial - 14.8%** | **Financial - 14.8%** | **Financial - 14.8%** |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial, Inc.\* | 2006 | 116328 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc. — Class A | 368 | 72459 |
| &nbsp;&nbsp;&nbsp;Unum Group | 783 | 63783 |
| &nbsp;&nbsp;&nbsp;Valley National Bancorp | 6968 | 61945 |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc. | 1688 | 61562 |
| &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. | 1343 | 55936 |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp. | 2028 | 45691 |
| &nbsp;&nbsp;&nbsp;Old Republic International Corp. | 1143 | 44828 |
| &nbsp;&nbsp;&nbsp;Kemper Corp. | 663 | 44322 |
| &nbsp;&nbsp;&nbsp;Kilroy Realty Corp. REIT | 1349 | 44193 |
| &nbsp;&nbsp;&nbsp;Essent Group Ltd. | 721 | 41616 |
| &nbsp;&nbsp;&nbsp;FNB Corp. | 3065 | 41224 |
| &nbsp;&nbsp;&nbsp;First American Financial Corp. | 616 | 40428 |
| &nbsp;&nbsp;&nbsp;Bank OZK | 919 | 39931 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. | 223 | 38791 |
| &nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc. REIT | 1745 | 34499 |
| &nbsp;&nbsp;&nbsp;Prosperity Bancshares, Inc. | 435 | 31046 |
| **Total Financial** |  | 878582 |
| **Consumer, Non-cyclical - 14.2%** | **Consumer, Non-cyclical - 14.2%** | **Consumer, Non-cyclical - 14.2%** |
| &nbsp;&nbsp;&nbsp;ManpowerGroup, Inc. | 2378 | 137639 |
| &nbsp;&nbsp;&nbsp;Albertsons Companies, Inc. — Class A | 4678 | 102869 |
| &nbsp;&nbsp;&nbsp;Perrigo Company plc | 3528 | 98925 |
| &nbsp;&nbsp;&nbsp;Performance Food Group Co.\* | 1201 | 94434 |
| &nbsp;&nbsp;&nbsp;Graham Holdings Co. — Class B | 93 | 89360 |
| &nbsp;&nbsp;&nbsp;Avis Budget Group, Inc.\* | 838 | 63604 |
| &nbsp;&nbsp;&nbsp;US Foods Holding Corp.\* | 934 | 61140 |
| &nbsp;&nbsp;&nbsp;Insperity, Inc. | 520 | 46399 |
| &nbsp;&nbsp;&nbsp;Acadia Healthcare Company, Inc.\* | 1488 | 45116 |
| &nbsp;&nbsp;&nbsp;Darling Ingredients, Inc.\* | 1300 | 40612 |
| &nbsp;&nbsp;&nbsp;GXO Logistics, Inc.\* | 946 | 36970 |
| &nbsp;&nbsp;&nbsp;Coty, Inc. — Class A\* | 5369 | 29369 |
| **Total Consumer, Non-cyclical** |  | 846437 |
| **Energy - 11.9%** | **Energy - 11.9%** | **Energy - 11.9%** |
| &nbsp;&nbsp;&nbsp;HF Sinclair Corp. | 5156 | 169530 |
| &nbsp;&nbsp;&nbsp;PBF Energy, Inc. — Class A | 6595 | 125899 |
| &nbsp;&nbsp;&nbsp;NOV, Inc. | 7060 | 107453 |
| &nbsp;&nbsp;&nbsp;Civitas Resources, Inc. | 2416 | 84294 |
| &nbsp;&nbsp;&nbsp;Chord Energy Corp. | 709 | 79918 |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corp. | 2602 | 73897 |
| &nbsp;&nbsp;&nbsp;Ovintiv, Inc. | 1560 | 66768 |
| **Total Energy** |  | 707759 |
| **Basic Materials - 6.6%** | **Basic Materials - 6.6%** | **Basic Materials - 6.6%** |
| &nbsp;&nbsp;&nbsp;United States Steel Corp. | 4127 | 174407 |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc.\* | 15416 | 126720 |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co. | 829 | 38142 |
| &nbsp;&nbsp;&nbsp;Ashland, Inc. | 538 | 31898 |
| &nbsp;&nbsp;&nbsp;Olin Corp. | 930 | 22543 |
| **Total Basic Materials** |  | 393710 |
| **Technology - 6.5%** | **Technology - 6.5%** | **Technology - 6.5%** |
| &nbsp;&nbsp;&nbsp;Concentrix Corp. | 4942 | 274973 |
| &nbsp;&nbsp;&nbsp;BILL Holdings, Inc.\* | 995 | 45660 |
| &nbsp;&nbsp;&nbsp;Maximus, Inc. | 475 | 32390 |
| &nbsp;&nbsp;&nbsp;Amkor Technology, Inc. | 1760 | 31786 |
| **Total Technology** |  | 384809 |
| **Utilities - 4.5%** | **Utilities - 4.5%** | **Utilities - 4.5%** |
| &nbsp;&nbsp;&nbsp;UGI Corp. | 1903 | 62932 |
| &nbsp;&nbsp;&nbsp;Northwestern Energy Group, Inc. | 797 | 46122 |
| &nbsp;&nbsp;&nbsp;Spire, Inc. | 542 | 42412 |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co. | 928 | 41389 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings, Inc. | 524 | 37623 |
| &nbsp;&nbsp;&nbsp;Black Hills Corp. | 567 | 34389 |
| **Total Utilities** |  | 264867 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,361,946) |  | 5919394 |

---

286 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **S&P MIDCAP 400<sup>®</sup>** **PURE VALUE FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.7%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25 | $22031 | $22031 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25 | 16884 | 16884 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $38,915) |  | 38915 |
| **Total Investments - 100.2%** | **Total Investments - 100.2%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,400,861) | &nbsp;&nbsp;&nbsp;(Cost $5,400,861) | $5958309 |
| **Other Assets & Liabilities, net - (0.2)%** | **Other Assets & Liabilities, net - (0.2)%** | (12819) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $5945490 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;REIT — Real Estate Investment Trust |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $5919394 | $— | $— | $5919394 |
| Repurchase Agreements |  | 38915 |  | 38915 |
| Total Assets | $5919394 | $38915 | $— | $5958309 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 287

**S&P MIDCAP 400<sup>®</sup>** **PURE VALUE FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $5,361,946) | $5919394 |
| Repurchase agreements, at value (cost $38,915) | 38915 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Dividends | 6802 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 2344 |
| &nbsp;&nbsp;&nbsp;Interest | 5 |
| **Total assets** | 5967460 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 4536 |
| &nbsp;&nbsp;&nbsp;Management fees | 3450 |
| &nbsp;&nbsp;&nbsp;Professional fees | 2805 |
| &nbsp;&nbsp;&nbsp;Printing fees | 2035 |
| &nbsp;&nbsp;&nbsp;Licensing fees | 1553 |
| &nbsp;&nbsp;&nbsp;Registration fees | 1472 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 1240 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 472 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 191 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 35 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 4181 |
| **Total liabilities** | 21970 |
| **Net assets** | $5945490 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $6157745 |
| Total distributable earnings (loss) | (212255) |
| Net assets | $5945490 |
| **Class A:** | **Class A:** |
| Net assets | $1992724 |
| Capital shares outstanding | 28994 |
| Net asset value per share | $68.73 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $72.16 |
| **Class C:** | **Class C:** |
| Net assets | $149432 |
| Capital shares outstanding | 2734 |
| Net asset value per share | $54.66 |
| **Class H:** | **Class H:** |
| Net assets | $3803334 |
| Capital shares outstanding | 55427 |
| Net asset value per share | $68.62 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends | $175499 |
| Interest | 3107 |
| Income from securities lending, net | 61 |
| &nbsp;&nbsp;&nbsp;Total investment income | 178667 |
| **Expenses:** | **Expenses:** |
| Management fees | 74005 |
| Distribution and service fees | Distribution and service fees |
| &nbsp;&nbsp;&nbsp;Class A | 4856 |
| &nbsp;&nbsp;&nbsp;Class C | 2757 |
| &nbsp;&nbsp;&nbsp;Class H | 19123 |
| Transfer agent fees | 22105 |
| Portfolio accounting and administration fees | 15052 |
| Registration fees | 12626 |
| Professional fees | 4673 |
| Custodian fees | 1449 |
| Trustees' fees\* | 1013 |
| Line of credit fees | 53 |
| Miscellaneous | 2854 |
| &nbsp;&nbsp;&nbsp;Total expenses | 160566 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (4931) |
| Net expenses | 155635 |
| Net investment income | 23032 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments | (489367) |
| Net realized loss | (489367) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | (661321) |
| Net change in unrealized appreciation (depreciation) | (661321) |
| Net realized and unrealized loss | (1150688) |
| **Net decrease in net assets resulting from operations** | $(1127656) |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

288 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**S&P MIDCAP 400<sup>®</sup>** **PURE VALUE FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income (loss) | $23032 | $(2398) |
| Net realized gain (loss) on investments | (489367) | 5688107 |
| Net change in unrealized appreciation (depreciation) on investments | (661321) | (41440) |
| Net increase (decrease) in net assets resulting from operations | (1127656) | 5644269 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (148965) | (6522) |
| &nbsp;&nbsp;&nbsp;Class C | (24013) | (1618) |
| &nbsp;&nbsp;&nbsp;Class H | (510807) | (183212) |
| Total distributions to shareholders | (683785) | (191352) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1545927 | 1437937 |
| &nbsp;&nbsp;&nbsp;Class C | 256794 | 500148 |
| &nbsp;&nbsp;&nbsp;Class H | 264655856 | 89083027 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 148338 | 6510 |
| &nbsp;&nbsp;&nbsp;Class C | 20887 | 1605 |
| &nbsp;&nbsp;&nbsp;Class H | 504414 | 182867 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1194037) | (2231565) |
| &nbsp;&nbsp;&nbsp;Class C | (420920) | (1962755) |
| &nbsp;&nbsp;&nbsp;Class H | (264107166) | (97881236) |
| Net increase (decrease) from capital share transactions | 1410093 | (10863462) |
| Net decrease in net assets | (401348) | (5410545) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 6346838 | 11757383 |
| &nbsp;&nbsp;&nbsp;End of year | $5945490 | $6346838 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 20661 | 20945 |
| &nbsp;&nbsp;&nbsp;Class C | 4173 | 8752 |
| &nbsp;&nbsp;&nbsp;Class H | 3438555 | 1337752 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1946 | 95 |
| &nbsp;&nbsp;&nbsp;Class C | 344 | 29 |
| &nbsp;&nbsp;&nbsp;Class H | 6627 | 2666 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (16135) | (35465) |
| &nbsp;&nbsp;&nbsp;Class C | (7043) | (39052) |
| &nbsp;&nbsp;&nbsp;Class H | (3446097) | (1412035) |
| Net increase (decrease) in shares | 3031 | (116313) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 289

**S&P MIDCAP 400<sup>®</sup>** **PURE VALUE FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $76.40 | $60.65 | $70.65 | $70.16 | $30.53 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .35 | .04 | .49 | .40 | .20 |
| Net gain (loss) on investments (realized and unrealized) | (3.24) | 16.00 | (1.88) | 4.22 | 39.45 |
| Total from investment operations | (2.89) | 16.04 | (1.39) | 4.62 | 39.65 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.29) | (.08) | (.86) | (.02) |
| Net realized gains | (4.78) |  | (8.53) | (3.27) |  |
| Total distributions | (4.78) | (.29) | (8.61) | (4.13) | (.02) |
| Net asset value, end of period | $68.73 | $76.40 | $60.65 | $70.65 | $70.16 |
| **Total Return<sup>b</sup>** | **(4.39** **%)** | **26.51%** | **(1.32** **%)** | **6.67%** | **129.91%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $1993 | $1721 | $2241 | $1400 | $1868 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.46 | 0.07% | 0.75% | 0.55% | 0.41% |
| Total expenses | 1.60% | 1.59% | 1.55% | 1.51% | 1.59% |
| Net expenses<sup>c</sup> | 1.55% | 1.55% | 1.55% | 1.51% | 1.59% |
| Portfolio turnover rate | 3996% | 868% | 1064% | 252% | 454% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $62.15 | $49.75 | $60.04 | $60.66 | $26.59 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (.24) | (.40) | (.02) | (.13) | (.13) |
| Net gain (loss) on investments (realized and unrealized) | (2.47) | 13.09 | (1.66) | 3.64 | 34.22 |
| Total from investment operations | (2.71) | 12.69 | (1.68) | 3.51 | 34.09 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.29) | (.08) | (.86) | (.02) |
| Net realized gains | (4.78) |  | (8.53) | (3.27) |  |
| Total distributions | (4.78) | (.29) | (8.61) | (4.13) | (.02) |
| Net asset value, end of period | $54.66 | $62.15 | $49.75 | $60.04 | $60.66 |
| **Total Return<sup>b</sup>** | **(5.11** **%)** | **25.58%** | **(2.06** **%)** | **5.86%** | **128.24%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $149 | $327 | $1768 | $493 | $1690 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.39%) | (0.77%) | (0.03%) | (0.21%) | (0.30%) |
| Total expenses | 2.34% | 2.33% | 2.30% | 2.26% | 2.34% |
| Net expenses<sup>c</sup> | 2.29% | 2.31% | 2.30% | 2.26% | 2.34% |
| Portfolio turnover rate | 3996% | 868% | 1064% | 252% | 454% |

---

290 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**S&P MIDCAP 400<sup>®</sup>** **PURE VALUE FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $76.31 | $60.56 | $70.54 | $70.05 | $30.48 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .15 |  | .49 | .35 | .31 |
| Net gain (loss) on investments (realized and unrealized) | (3.06) | 16.04 | (1.86) | 4.27 | 39.28 |
| Total from investment operations | (2.91) | 16.04 | (1.37) | 4.62 | 39.59 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.29) | (.08) | (.86) | (.02) |
| Net realized gains | (4.78) |  | (8.53) | (3.27) |  |
| Total distributions | (4.78) | (.29) | (8.61) | (4.13) | (.02) |
| Net asset value, end of period | $68.62 | $76.31 | $60.56 | $70.54 | $70.05 |
| **Total Return** | **(4.43** **%)** | **26.57%** | **(1.30** **%)** | **6.68%** | **129.92%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $3803 | $4299 | $7749 | $28139 | $154269 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.20% | 0.01% | 0.74% | 0.48% | 0.51% |
| Total expenses | 1.61% | 1.59% | 1.55% | 1.51% | 1.54% |
| Net expenses<sup>c</sup> | 1.56% | 1.55% | 1.55% | 1.51% | 1.54% |
| Portfolio turnover rate | 3996% | 868% | 1064% | 252% | 454% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>c</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 291

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **S&P SMALLCAP 600<sup>®</sup>** **PURE GROWTH FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 99.7%** | **COMMON STOCKS<sup>†</sup>** **- 99.7%** | **COMMON STOCKS<sup>†</sup>** **- 99.7%** |
| **Consumer, Non-cyclical - 30.2%** | **Consumer, Non-cyclical - 30.2%** | **Consumer, Non-cyclical - 30.2%** |
| &nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc.\* | 831 | $94917 |
| &nbsp;&nbsp;&nbsp;TG Therapeutics, Inc.\* | 1658 | 65375 |
| &nbsp;&nbsp;&nbsp;Protagonist Therapeutics, Inc.\* | 1324 | 64028 |
| &nbsp;&nbsp;&nbsp;ADMA Biologics, Inc.\* | 2619 | 51961 |
| &nbsp;&nbsp;&nbsp;Krystal Biotech, Inc.\* | 270 | 48681 |
| &nbsp;&nbsp;&nbsp;Chefs' Warehouse, Inc.\* | 872 | 47489 |
| &nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc.\* | 456 | 45892 |
| &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals, Inc.\* | 1791 | 43432 |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. | 470 | 42723 |
| &nbsp;&nbsp;&nbsp;UFP Technologies, Inc.\* | 163 | 32879 |
| &nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings, Inc.\* | 862 | 28610 |
| &nbsp;&nbsp;&nbsp;ICU Medical, Inc.\* | 201 | 27911 |
| &nbsp;&nbsp;&nbsp;Stride, Inc.\* | 214 | 27071 |
| &nbsp;&nbsp;&nbsp;TransMedics Group, Inc.\* | 401 | 26979 |
| &nbsp;&nbsp;&nbsp;CorVel Corp.\* | 230 | 25753 |
| &nbsp;&nbsp;&nbsp;Inspire Medical Systems, Inc.\* | 161 | 25644 |
| &nbsp;&nbsp;&nbsp;Collegium Pharmaceutical, Inc.\* | 846 | 25253 |
| &nbsp;&nbsp;&nbsp;Astrana Health, Inc.\* | 747 | 23164 |
| &nbsp;&nbsp;&nbsp;LeMaitre Vascular, Inc. | 268 | 22485 |
| &nbsp;&nbsp;&nbsp;Phibro Animal Health Corp. — Class A | 970 | 20719 |
| &nbsp;&nbsp;&nbsp;BioLife Solutions, Inc.\* | 847 | 19346 |
| &nbsp;&nbsp;&nbsp;Verra Mobility Corp.\* | 828 | 18638 |
| &nbsp;&nbsp;&nbsp;Integer Holdings Corp.\* | 150 | 17702 |
| &nbsp;&nbsp;&nbsp;ANI Pharmaceuticals, Inc.\* | 250 | 16737 |
| &nbsp;&nbsp;&nbsp;GEO Group, Inc.\* | 573 | 16737 |
| &nbsp;&nbsp;&nbsp;Vericel Corp.\* | 367 | 16376 |
| &nbsp;&nbsp;&nbsp;PROG Holdings, Inc. | 549 | 14604 |
| &nbsp;&nbsp;&nbsp;Artivion, Inc.\* | 569 | 13986 |
| &nbsp;&nbsp;&nbsp;Glaukos Corp.\* | 139 | 13680 |
| &nbsp;&nbsp;&nbsp;Inter Parfums, Inc. | 94 | 10704 |
| &nbsp;&nbsp;&nbsp;Arcus Biosciences, Inc.\* | 1351 | 10605 |
| &nbsp;&nbsp;&nbsp;RadNet, Inc.\* | 205 | 10193 |
| &nbsp;&nbsp;&nbsp;Payoneer Global, Inc.\* | 1284 | 9386 |
| &nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals, Inc.\*<sup>,†††</sup> | 107 |  |
| &nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals, Inc.\*<sup>,†††</sup> | 107 |  |
| **Total Consumer, Non-cyclical** |  | 979660 |
| **Financial - 20.5%** | **Financial - 20.5%** | **Financial - 20.5%** |
| &nbsp;&nbsp;&nbsp;Palomar Holdings, Inc.\* | 442 | 60589 |
| &nbsp;&nbsp;&nbsp;Axos Financial, Inc.\* | 588 | 37938 |
| &nbsp;&nbsp;&nbsp;Acadian Asset Management, Inc. | 1401 | 36230 |
| &nbsp;&nbsp;&nbsp;HCI Group, Inc. | 238 | 35517 |
| &nbsp;&nbsp;&nbsp;Enova International, Inc.\* | 362 | 34955 |
| &nbsp;&nbsp;&nbsp;Pathward Financial, Inc. | 450 | 32828 |
| &nbsp;&nbsp;&nbsp;Trupanion, Inc.\* | 804 | 29965 |
| &nbsp;&nbsp;&nbsp;DiamondRock Hospitality Co. REIT | 3443 | 26580 |
| &nbsp;&nbsp;&nbsp;Bancorp, Inc.\* | 498 | 26314 |
| &nbsp;&nbsp;&nbsp;Goosehead Insurance, Inc. — Class A | 219 | 25855 |
| &nbsp;&nbsp;&nbsp;MARA Holdings, Inc.\* | 2193 | 25219 |
| &nbsp;&nbsp;&nbsp;Mercury General Corp. | 420 | 23478 |
| &nbsp;&nbsp;&nbsp;Preferred Bank/Los Angeles CA | 271 | 22672 |
| &nbsp;&nbsp;&nbsp;Xenia Hotels & Resorts, Inc. REIT | 1920 | 22579 |
| &nbsp;&nbsp;&nbsp;PJT Partners, Inc. — Class A | 162 | 22336 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. REIT | 243 | 22220 |
| &nbsp;&nbsp;&nbsp;Sunstone Hotel Investors, Inc. REIT | 2353 | 22142 |
| &nbsp;&nbsp;&nbsp;WisdomTree, Inc. | 2392 | 21337 |
| &nbsp;&nbsp;&nbsp;NMI Holdings, Inc. — Class A\* | 482 | 17376 |
| &nbsp;&nbsp;&nbsp;Cleanspark, Inc.\* | 2473 | 16619 |
| &nbsp;&nbsp;&nbsp;ServisFirst Bancshares, Inc. | 191 | 15777 |
| &nbsp;&nbsp;&nbsp;Virtu Financial, Inc. — Class A | 404 | 15400 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. REIT | 444 | 14492 |
| &nbsp;&nbsp;&nbsp;NexPoint Residential Trust, Inc. REIT | 310 | 12254 |
| &nbsp;&nbsp;&nbsp;Outfront Media, Inc. REIT | 750 | 12105 |
| &nbsp;&nbsp;&nbsp;Curbline Properties Corp. REIT | 483 | 11684 |
| &nbsp;&nbsp;&nbsp;City Holding Co. | 89 | 10455 |
| &nbsp;&nbsp;&nbsp;BancFirst Corp. | 89 | 9778 |
| **Total Financial** |  | 664694 |
| **Industrial - 18.2%** | **Industrial - 18.2%** | **Industrial - 18.2%** |
| &nbsp;&nbsp;&nbsp;DXP Enterprises, Inc.\* | 619 | 50919 |
| &nbsp;&nbsp;&nbsp;AZZ, Inc. | 509 | 42557 |
| &nbsp;&nbsp;&nbsp;Greenbrier Companies, Inc. | 712 | 36469 |
| &nbsp;&nbsp;&nbsp;Powell Industries, Inc. | 190 | 32363 |
| &nbsp;&nbsp;&nbsp;Trinity Industries, Inc. | 1064 | 29856 |
| &nbsp;&nbsp;&nbsp;Cactus, Inc. — Class A | 630 | 28873 |
| &nbsp;&nbsp;&nbsp;SPX Technologies, Inc.\* | 223 | 28718 |
| &nbsp;&nbsp;&nbsp;Dycom Industries, Inc.\* | 178 | 27117 |
| &nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | 192 | 27049 |
| &nbsp;&nbsp;&nbsp;CSW Industrials, Inc. | 89 | 25945 |
| &nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | 784 | 25856 |
| &nbsp;&nbsp;&nbsp;Griffon Corp. | 283 | 20234 |
| &nbsp;&nbsp;&nbsp;Granite Construction, Inc. | 266 | 20056 |
| &nbsp;&nbsp;&nbsp;Badger Meter, Inc. | 103 | 19595 |
| &nbsp;&nbsp;&nbsp;Enerpac Tool Group Corp. | 408 | 18303 |
| &nbsp;&nbsp;&nbsp;ESCO Technologies, Inc. | 115 | 18299 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Inc. — Class A | 714 | 18150 |
| &nbsp;&nbsp;&nbsp;OSI Systems, Inc.\* | 91 | 17685 |
| &nbsp;&nbsp;&nbsp;Itron, Inc.\* | 159 | 16657 |
| &nbsp;&nbsp;&nbsp;Kadant, Inc. | 48 | 16172 |
| &nbsp;&nbsp;&nbsp;Apogee Enterprises, Inc. | 318 | 14733 |
| &nbsp;&nbsp;&nbsp;AeroVironment, Inc.\* | 123 | 14661 |
| &nbsp;&nbsp;&nbsp;Federal Signal Corp. | 192 | 14121 |
| &nbsp;&nbsp;&nbsp;Frontdoor, Inc.\* | 330 | 12679 |
| &nbsp;&nbsp;&nbsp;Moog, Inc. — Class A | 72 | 12481 |
| **Total Industrial** |  | 589548 |
| **Consumer, Cyclical - 16.8%** | **Consumer, Cyclical - 16.8%** | **Consumer, Cyclical - 16.8%** |
| &nbsp;&nbsp;&nbsp;Cinemark Holdings, Inc. | 1764 | 43906 |
| &nbsp;&nbsp;&nbsp;Freshpet, Inc.\* | 431 | 35846 |
| &nbsp;&nbsp;&nbsp;Cavco Industries, Inc.\* | 67 | 34815 |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc.\* | 222 | 33089 |
| &nbsp;&nbsp;&nbsp;Dorman Products, Inc.\* | 271 | 32667 |
| &nbsp;&nbsp;&nbsp;SkyWest, Inc.\* | 367 | 32065 |
| &nbsp;&nbsp;&nbsp;OPENLANE, Inc.\* | 1568 | 30231 |
| &nbsp;&nbsp;&nbsp;Green Brick Partners, Inc.\* | 514 | 29971 |
| &nbsp;&nbsp;&nbsp;Pursuit Attractions and Hospitality, Inc.\* | 826 | 29232 |
| &nbsp;&nbsp;&nbsp;Sabre Corp.\* | 9566 | 26880 |
| &nbsp;&nbsp;&nbsp;Madison Square Garden Sports Corp. — Class A\* | 138 | 26871 |
| &nbsp;&nbsp;&nbsp;Shake Shack, Inc. — Class A\* | 296 | 26098 |
| &nbsp;&nbsp;&nbsp;Dream Finders Homes, Inc. — Class A\* | 1084 | 24455 |
| &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp.\* | 613 | 21866 |

---

292 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **S&P SMALLCAP 600<sup>®</sup>** **PURE GROWTH FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc.\* | 201 | $21594 |
| &nbsp;&nbsp;&nbsp;Installed Building Products, Inc. | 121 | 20747 |
| &nbsp;&nbsp;&nbsp;Interface, Inc. — Class A | 876 | 17380 |
| &nbsp;&nbsp;&nbsp;Champion Homes, Inc.\* | 159 | 15067 |
| &nbsp;&nbsp;&nbsp;Monarch Casino & Resort, Inc. | 164 | 12751 |
| &nbsp;&nbsp;&nbsp;Dave & Buster's Entertainment, Inc.\* | 719 | 12633 |
| &nbsp;&nbsp;&nbsp;Kontoor Brands, Inc. | 134 | 8593 |
| &nbsp;&nbsp;&nbsp;XPEL, Inc.\* | 264 | 7756 |
| **Total Consumer, Cyclical** |  | 544513 |
| **Energy - 4.5%** | **Energy - 4.5%** | **Energy - 4.5%** |
| &nbsp;&nbsp;&nbsp;Atlas Energy Solutions, Inc.<sup>1</sup> | 1477 | 26350 |
| &nbsp;&nbsp;&nbsp;Archrock, Inc. | 918 | 24088 |
| &nbsp;&nbsp;&nbsp;Core Natural Resources, Inc. | 283 | 21819 |
| &nbsp;&nbsp;&nbsp;Warrior Met Coal, Inc. | 448 | 21379 |
| &nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc. | 675 | 20405 |
| &nbsp;&nbsp;&nbsp;Tidewater, Inc.\* | 430 | 18176 |
| &nbsp;&nbsp;&nbsp;Oceaneering International, Inc.\* | 621 | 13544 |
| **Total Energy** |  | 145761 |
| **Technology - 4.1%** | **Technology - 4.1%** | **Technology - 4.1%** |
| &nbsp;&nbsp;&nbsp;ACI Worldwide, Inc.\* | 550 | 30090 |
| &nbsp;&nbsp;&nbsp;Clear Secure, Inc. — Class A | 1023 | 26506 |
| &nbsp;&nbsp;&nbsp;Impinj, Inc.\* | 260 | 23582 |
| &nbsp;&nbsp;&nbsp;DigitalOcean Holdings, Inc.\* | 445 | 14859 |
| &nbsp;&nbsp;&nbsp;Agilysys, Inc.\* | 181 | 13130 |
| &nbsp;&nbsp;&nbsp;Box, Inc. — Class A\* | 385 | 11881 |
| &nbsp;&nbsp;&nbsp;SPS Commerce, Inc.\* | 61 | 8096 |
| &nbsp;&nbsp;&nbsp;Semtech Corp.\* | 204 | 7018 |
| **Total Technology** |  | 135162 |
| **Communications - 3.2%** | **Communications - 3.2%** | **Communications - 3.2%** |
| &nbsp;&nbsp;&nbsp;InterDigital, Inc. | 264 | 54582 |
| &nbsp;&nbsp;&nbsp;QuinStreet, Inc.\* | 1096 | 19553 |
| &nbsp;&nbsp;&nbsp;Cogent Communications Holdings, Inc. | 249 | 15266 |
| &nbsp;&nbsp;&nbsp;Cargurus, Inc.\* | 464 | 13516 |
| **Total Communications** |  | 102917 |
| **Basic Materials - 2.2%** | **Basic Materials - 2.2%** | **Basic Materials - 2.2%** |
| &nbsp;&nbsp;&nbsp;Century Aluminum Co.\* | 1363 | 25297 |
| &nbsp;&nbsp;&nbsp;Hawkins, Inc. | 227 | 24044 |
| &nbsp;&nbsp;&nbsp;Sylvamo Corp. | 321 | 21530 |
| **Total Basic Materials** |  | 70871 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,825,445) |  | 3233126 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.7%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25 | $12445 | 12445 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25 | 9537 | 9537 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $21,982) |  | 21982 |
|  | **Shares** |  |
| **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.6%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.6%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.6%** |
| **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.27%<sup>4</sup> | 20203 | 20203 |
| **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp;(Cost $20,203) |  | 20203 |
| **Total Investments - 101.0%** | **Total Investments - 101.0%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,867,630) | &nbsp;&nbsp;&nbsp;(Cost $2,867,630) | $3275311 |
| **Other Assets & Liabilities, net - (1.0)%** | **Other Assets & Liabilities, net - (1.0)%** | (31176) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $3244135 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp;A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs, unless otherwise noted — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is on loan at March 31, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Securities lending collateral — See Note 7. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of March 31, 2025. |
|  | &nbsp;&nbsp;&nbsp;REIT — Real Estate Investment Trust |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 293

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **S&P SMALLCAP 600<sup>®</sup>** **PURE GROWTH FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $3233126 | $— | $— \* | $3233126 |
| Repurchase Agreements |  | 21982 |  | 21982 |
| Securities Lending Collateral | 20203 |  |  | 20203 |
| Total Assets | $3253329 | $21982 | $— | $3275311 |

---

\* Security has a market value of $0.

294 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**S&P SMALLCAP 600<sup>®</sup>** **PURE GROWTH FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value - including $19,749 of securities loaned (cost $2,845,648) | $3253329 |
| Repurchase agreements, at value (cost $21,982) | 21982 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 3232 |
| &nbsp;&nbsp;&nbsp;Dividends | 1651 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 8 |
| &nbsp;&nbsp;&nbsp;Interest | 3 |
| **Total assets** | 3280205 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Return of securities lending collateral | 20203 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 3288 |
| &nbsp;&nbsp;&nbsp;Management fees | 1898 |
| &nbsp;&nbsp;&nbsp;Professional fees | 995 |
| &nbsp;&nbsp;&nbsp;Licensing fees | 956 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 670 |
| &nbsp;&nbsp;&nbsp;Printing fees | 570 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 259 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 112 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 7119 |
| **Total liabilities** | 36070 |
| **Net assets** | $3244135 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $6262880 |
| Total distributable earnings (loss) | (3018745) |
| Net assets | $3244135 |
| **Class A:** | **Class A:** |
| Net assets | $958979 |
| Capital shares outstanding | 20022 |
| Net asset value per share | $47.90 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $50.29 |
| **Class C:** | **Class C:** |
| Net assets | $40725 |
| Capital shares outstanding | 1124 |
| Net asset value per share | $36.23 |
| **Class H:** | **Class H:** |
| Net assets | $2244431 |
| Capital shares outstanding | 46935 |
| Net asset value per share | $47.82 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $209) | $135335 |
| Interest | 3834 |
| Income from securities lending, net | 176 |
| &nbsp;&nbsp;&nbsp;Total investment income | 139345 |
| **Expenses:** | **Expenses:** |
| Management fees | 89025 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 2725 |
| &nbsp;&nbsp;&nbsp;Class C | 2232 |
| &nbsp;&nbsp;&nbsp;Class H | 26392 |
| Transfer agent fees | 26498 |
| Portfolio accounting and administration fees | 18108 |
| Registration fees | 11203 |
| Professional fees | 3456 |
| Custodian fees | 1718 |
| Trustees' fees\* | 1075 |
| Line of credit fees | 68 |
| Miscellaneous | 9608 |
| &nbsp;&nbsp;&nbsp;Total expenses | 192108 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (5932) |
| Net expenses | 186176 |
| Net investment loss | (46831) |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments | (3269964) |
| Net realized loss | (3269964) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | (343874) |
| Net change in unrealized appreciation (depreciation) | (343874) |
| Net realized and unrealized loss | (3613838) |
| **Net decrease in net assets resulting from operations** | $(3660669) |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 295

**S&P SMALLCAP 600<sup>®</sup>** **PURE GROWTH FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income (loss) | $(46831) | $966 |
| Net realized gain (loss) on investments | (3269964) | 948891 |
| Net change in unrealized appreciation (depreciation) on investments | (343874) | 409946 |
| Net increase (decrease) in net assets resulting from operations | (3660669) | 1359803 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (94860) |  |
| &nbsp;&nbsp;&nbsp;Class C | (19501) |  |
| &nbsp;&nbsp;&nbsp;Class H | (260296) |  |
| Total distributions to shareholders | (374657) |  |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1392943 | 977493 |
| &nbsp;&nbsp;&nbsp;Class C | 408424 | 488130 |
| &nbsp;&nbsp;&nbsp;Class H | 350976377 | 40031434 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 91158 |  |
| &nbsp;&nbsp;&nbsp;Class C | 17244 |  |
| &nbsp;&nbsp;&nbsp;Class H | 253278 |  |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1393245) | (1067226) |
| &nbsp;&nbsp;&nbsp;Class C | (663558) | (489574) |
| &nbsp;&nbsp;&nbsp;Class H | (347849282) | (41880234) |
| Net increase (decrease) from capital share transactions | 3233339 | (1939977) |
| Net decrease in net assets | (801987) | (580174) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 4046122 | 4626296 |
| &nbsp;&nbsp;&nbsp;End of year | $3244135 | $4046122 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 25198 | 19522 |
| &nbsp;&nbsp;&nbsp;Class C | 9233 | 12418 |
| &nbsp;&nbsp;&nbsp;Class H | 6447990 | 859211 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1668 |  |
| &nbsp;&nbsp;&nbsp;Class C | 416 |  |
| &nbsp;&nbsp;&nbsp;Class H | 4645 |  |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (25912) | (21633) |
| &nbsp;&nbsp;&nbsp;Class C | (16043) | (12751) |
| &nbsp;&nbsp;&nbsp;Class H | (6453879) | (887163) |
| Net decrease in shares | (6684) | (30396) |

---

296 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**S&P SMALLCAP 600<sup>®</sup>** **PURE GROWTH FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $55.36 | $44.74 | $53.16 | $89.23 | $43.85 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (.15) | (.02) | .13 | (.70) | (.62) |
| Net gain (loss) on investments (realized and unrealized) | (1.71) | 10.64 | (8.55)<sup>d</sup> | (5.41) | 46.00 |
| Total from investment operations | (1.86) | 10.62 | (8.42) | (6.11) | 45.38 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.02) |  |  |  |  |
| Net realized gains | (5.58) |  |  | (29.96) |  |
| Total distributions | (5.60) |  |  | (29.96) |  |
| Net asset value, end of period | $47.90 | $55.36 | $44.74 | $53.16 | $89.23 |
| **Total Return<sup>b</sup>** | **(4.62** **%)** | **23.74%** | **(15.84** **%)** | **(11.08** **%)** | **103.49%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $959 | $1056 | $948 | $1406 | $3448 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.28%) | (0.05%) | 0.29% | (0.88%) | (0.86%) |
| Total expenses | 1.60% | 1.59% | 1.55% | 1.51% | 1.58% |
| Net expenses<sup>c</sup> | 1.55% | 1.55% | 1.55% | 1.51% | 1.58% |
| Portfolio turnover rate | 3105% | 942% | 812% | 707% | 752% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $43.46 | $35.39 | $42.35 | $77.59 | $38.41 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (.41) | (.31) | (.20) | (1.17) | (.96) |
| Net gain (loss) on investments (realized and unrealized) | (1.22) | 8.38 | (6.76)<sup>d</sup> | (4.11) | 40.14 |
| Total from investment operations | (1.63) | 8.07 | (6.96) | (5.28) | 39.18 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.02) |  |  |  |  |
| Net realized gains | (5.58) |  |  | (29.96) |  |
| Total distributions | (5.60) |  |  | (29.96) |  |
| Net asset value, end of period | $36.23 | $43.46 | $35.39 | $42.35 | $77.59 |
| **Total Return<sup>b</sup>** | **(5.33** **%)** | **22.80%** | **(16.43** **%)** | **(11.75** **%)** | **102.00%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $41 | $327 | $278 | $483 | $2329 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.96%) | (0.83%) | (0.54 %) | (1.69%) | (1.59%) |
| Total expenses | 2.34% | 2.34% | 2.30% | 2.26% | 2.33% |
| Net expenses<sup>c</sup> | 2.29% | 2.30% | 2.30% | 2.26% | 2.33% |
| Portfolio turnover rate | 3105% | 942% | 812% | 707% | 752% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 297

**S&P SMALLCAP 600<sup>®</sup>** **PURE GROWTH FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $55.29 | $44.67 | $53.15 | $89.21 | $43.84 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (.22) | .04 | .02 | (.81) | (.86) |
| Net gain (loss) on investments (realized and unrealized) | (1.65) | 10.58 | (8.50)<sup>d</sup> | (5.29) | 46.23 |
| Total from investment operations | (1.87) | 10.62 | (8.48) | (6.10) | 45.37 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.02) |  |  |  |  |
| Net realized gains | (5.58) |  |  | (29.96) |  |
| Total distributions | (5.60) |  |  | (29.96) |  |
| Net asset value, end of period | $47.82 | $55.29 | $44.67 | $53.15 | $89.21 |
| **Total Return** | **(4.63** **%)** | **23.77%** | **(15.95** **%)** | **(11.06** **%)** | **103.49%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $2244 | $2664 | $3401 | $3312 | $25071 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.39%) | 0.09% | 0.05% | (0.97%) | (1.05%) |
| Total expenses | 1.61% | 1.57% | 1.55% | 1.51% | 1.54% |
| Net expenses<sup>c</sup> | 1.56% | 1.55% | 1.55% | 1.51% | 1.54% |
| Portfolio turnover rate | 3105% | 942% | 812% | 707% | 752% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>c</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>d</sup> The amount shown for a share outstanding throughout the period does not agree with the aggregate net gain on investments for the period because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

298 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **S&P SMALLCAP 600<sup>®</sup>** **PURE VALUE FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 99.4%** | **COMMON STOCKS<sup>†</sup>** **- 99.4%** | **COMMON STOCKS<sup>†</sup>** **- 99.4%** |
| **Consumer, Cyclical - 27.6%** | **Consumer, Cyclical - 27.6%** | **Consumer, Cyclical - 27.6%** |
| &nbsp;&nbsp;&nbsp;Titan International, Inc.\* | 6780 | $56884 |
| &nbsp;&nbsp;&nbsp;Dana, Inc. | 3880 | 51720 |
| &nbsp;&nbsp;&nbsp;Topgolf Callaway Brands Corp.\* | 7022 | 46275 |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc. | 1158 | 45405 |
| &nbsp;&nbsp;&nbsp;MarineMax, Inc.\* | 1946 | 41839 |
| &nbsp;&nbsp;&nbsp;Adient plc\* | 3122 | 40149 |
| &nbsp;&nbsp;&nbsp;G-III Apparel Group Ltd.\* | 1333 | 36457 |
| &nbsp;&nbsp;&nbsp;Kohl's Corp.<sup>1</sup> | 4452 | 36417 |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc.\* | 162 | 35776 |
| &nbsp;&nbsp;&nbsp;BorgWarner, Inc. | 1197 | 34294 |
| &nbsp;&nbsp;&nbsp;National Vision Holdings, Inc.\* | 2683 | 34289 |
| &nbsp;&nbsp;&nbsp;Foot Locker, Inc.\* | 2369 | 33403 |
| &nbsp;&nbsp;&nbsp;Sonic Automotive, Inc. — Class A | 508 | 28936 |
| &nbsp;&nbsp;&nbsp;JetBlue Airways Corp.\* | 5943 | 28645 |
| &nbsp;&nbsp;&nbsp;ODP Corp.\* | 1886 | 27026 |
| &nbsp;&nbsp;&nbsp;Guess?, Inc. | 2411 | 26690 |
| &nbsp;&nbsp;&nbsp;American Axle & Manufacturing Holdings, Inc.\* | 6480 | 26374 |
| &nbsp;&nbsp;&nbsp;Standard Motor Products, Inc. | 966 | 24082 |
| &nbsp;&nbsp;&nbsp;ScanSource, Inc.\* | 696 | 23671 |
| &nbsp;&nbsp;&nbsp;Caleres, Inc. | 1252 | 21572 |
| &nbsp;&nbsp;&nbsp;Penn Entertainment, Inc.\* | 1322 | 21562 |
| &nbsp;&nbsp;&nbsp;MillerKnoll, Inc. | 1096 | 20978 |
| &nbsp;&nbsp;&nbsp;Century Communities, Inc. | 309 | 20734 |
| &nbsp;&nbsp;&nbsp;Cracker Barrel Old Country Store, Inc. | 516 | 20031 |
| &nbsp;&nbsp;&nbsp;Sally Beauty Holdings, Inc.\* | 2162 | 19523 |
| &nbsp;&nbsp;&nbsp;Allegiant Travel Co. — Class A\* | 295 | 15237 |
| &nbsp;&nbsp;&nbsp;Academy Sports & Outdoors, Inc. | 323 | 14732 |
| &nbsp;&nbsp;&nbsp;Sun Country Airlines Holdings, Inc.\* | 1129 | 13909 |
| &nbsp;&nbsp;&nbsp;Resideo Technologies, Inc.\* | 771 | 13647 |
| &nbsp;&nbsp;&nbsp;Winnebago Industries, Inc. | 393 | 13543 |
| &nbsp;&nbsp;&nbsp;Bloomin' Brands, Inc. | 1877 | 13458 |
| &nbsp;&nbsp;&nbsp;PriceSmart, Inc. | 147 | 12914 |
| &nbsp;&nbsp;&nbsp;Newell Brands, Inc. | 1909 | 11836 |
| &nbsp;&nbsp;&nbsp;Fox Factory Holding Corp.\* | 470 | 10970 |
| &nbsp;&nbsp;&nbsp;Shoe Carnival, Inc. | 465 | 10225 |
| &nbsp;&nbsp;&nbsp;Meritage Homes Corp. | 127 | 9002 |
| &nbsp;&nbsp;&nbsp;Signet Jewelers Ltd. | 133 | 7722 |
| &nbsp;&nbsp;&nbsp;LGI Homes, Inc.\* | 116 | 7710 |
| **Total Consumer, Cyclical** |  | 957637 |
| **Financial - 22.5%** | **Financial - 22.5%** | **Financial - 22.5%** |
| &nbsp;&nbsp;&nbsp;Lincoln National Corp. | 1524 | 54727 |
| &nbsp;&nbsp;&nbsp;ProAssurance Corp.\* | 2325 | 54289 |
| &nbsp;&nbsp;&nbsp;Genworth Financial, Inc. — Class A\* | 6804 | 48240 |
| &nbsp;&nbsp;&nbsp;EZCORP, Inc. — Class A\* | 2976 | 43807 |
| &nbsp;&nbsp;&nbsp;Millrose Properties, Inc. — Class A REIT\* | 1647 | 43662 |
| &nbsp;&nbsp;&nbsp;PRA Group, Inc.\* | 1741 | 35899 |
| &nbsp;&nbsp;&nbsp;United Fire Group, Inc. | 978 | 28812 |
| &nbsp;&nbsp;&nbsp;PennyMac Mortgage Investment Trust REIT | 1678 | 24583 |
| &nbsp;&nbsp;&nbsp;Air Lease Corp. — Class A | 502 | 24252 |
| &nbsp;&nbsp;&nbsp;SiriusPoint Ltd.\* | 1374 | 23756 |
| &nbsp;&nbsp;&nbsp;SITE Centers Corp. REIT | 1786 | 22932 |
| &nbsp;&nbsp;&nbsp;Navient Corp. | 1785 | 22544 |
| &nbsp;&nbsp;&nbsp;New York Mortgage Trust, Inc. REIT | 3279 | 21281 |
| &nbsp;&nbsp;&nbsp;Safehold, Inc. REIT | 1119 | 20948 |
| &nbsp;&nbsp;&nbsp;Global Net Lease, Inc. REIT | 2399 | 19288 |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield plc\* | 1884 | 19254 |
| &nbsp;&nbsp;&nbsp;Jackson Financial, Inc. — Class A | 208 | 17426 |
| &nbsp;&nbsp;&nbsp;JBG SMITH Properties REIT | 1000 | 16110 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc. | 320 | 16026 |
| &nbsp;&nbsp;&nbsp;Hope Bancorp, Inc. | 1518 | 15894 |
| &nbsp;&nbsp;&nbsp;ARMOUR Residential REIT, Inc. | 907 | 15510 |
| &nbsp;&nbsp;&nbsp;Redwood Trust, Inc. REIT | 2535 | 15387 |
| &nbsp;&nbsp;&nbsp;Ellington Financial, Inc. REIT | 1159 | 15368 |
| &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance, Inc. REIT | 1577 | 15092 |
| &nbsp;&nbsp;&nbsp;Hilltop Holdings, Inc. | 491 | 14951 |
| &nbsp;&nbsp;&nbsp;Renasant Corp. | 394 | 13368 |
| &nbsp;&nbsp;&nbsp;Eagle Bancorp, Inc. | 627 | 13167 |
| &nbsp;&nbsp;&nbsp;Franklin BSP Realty Trust, Inc. REIT | 1001 | 12753 |
| &nbsp;&nbsp;&nbsp;KKR Real Estate Finance Trust, Inc. REIT | 1147 | 12388 |
| &nbsp;&nbsp;&nbsp;Capitol Federal Financial, Inc. | 2123 | 11889 |
| &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp. | 277 | 11836 |
| &nbsp;&nbsp;&nbsp;Brookline Bancorp, Inc. | 1048 | 11423 |
| &nbsp;&nbsp;&nbsp;Stewart Information Services Corp. | 159 | 11345 |
| &nbsp;&nbsp;&nbsp;Simmons First National Corp. — Class A | 544 | 11168 |
| &nbsp;&nbsp;&nbsp;Ready Capital Corp. REIT<sup>1</sup> | 2073 | 10551 |
| &nbsp;&nbsp;&nbsp;Encore Capital Group, Inc.\* | 245 | 8399 |
| **Total Financial** |  | 778325 |
| **Consumer, Non-cyclical - 21.6%** | **Consumer, Non-cyclical - 21.6%** | **Consumer, Non-cyclical - 21.6%** |
| &nbsp;&nbsp;&nbsp;SpartanNash Co. | 3072 | 62239 |
| &nbsp;&nbsp;&nbsp;B&G Foods, Inc.<sup>1</sup> | 7998 | 54946 |
| &nbsp;&nbsp;&nbsp;United Natural Foods, Inc.\* | 1821 | 49877 |
| &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce, Inc. | 1537 | 47386 |
| &nbsp;&nbsp;&nbsp;AdaptHealth Corp.\* | 4150 | 44986 |
| &nbsp;&nbsp;&nbsp;AMN Healthcare Services, Inc.\* | 1808 | 44224 |
| &nbsp;&nbsp;&nbsp;Andersons, Inc. | 1010 | 43359 |
| &nbsp;&nbsp;&nbsp;Universal Corp. | 657 | 36825 |
| &nbsp;&nbsp;&nbsp;Patterson Companies, Inc. | 1164 | 36363 |
| &nbsp;&nbsp;&nbsp;Select Medical Holdings Corp. | 1900 | 31730 |
| &nbsp;&nbsp;&nbsp;Owens & Minor, Inc.\* | 2998 | 27072 |
| &nbsp;&nbsp;&nbsp;Avanos Medical, Inc.\* | 1548 | 22183 |
| &nbsp;&nbsp;&nbsp;Enovis Corp.\* | 570 | 21780 |
| &nbsp;&nbsp;&nbsp;TreeHouse Foods, Inc.\* | 797 | 21591 |
| &nbsp;&nbsp;&nbsp;ABM Industries, Inc. | 421 | 19938 |
| &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co. | 584 | 18227 |
| &nbsp;&nbsp;&nbsp;Grocery Outlet Holding Corp.\* | 1189 | 16622 |
| &nbsp;&nbsp;&nbsp;Helen of Troy Ltd.\* | 303 | 16207 |
| &nbsp;&nbsp;&nbsp;Deluxe Corp. | 1023 | 16174 |
| &nbsp;&nbsp;&nbsp;Healthcare Services Group, Inc.\* | 1495 | 15070 |
| &nbsp;&nbsp;&nbsp;Pacira BioSciences, Inc.\* | 576 | 14314 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co. — Class A\* | 404 | 13223 |
| &nbsp;&nbsp;&nbsp;Upbound Group, Inc. | 529 | 12675 |
| &nbsp;&nbsp;&nbsp;Neogen Corp.\* | 1277 | 11072 |
| &nbsp;&nbsp;&nbsp;USANA Health Sciences, Inc.\* | 396 | 10680 |
| &nbsp;&nbsp;&nbsp;Monro, Inc. | 699 | 10114 |
| &nbsp;&nbsp;&nbsp;Matthews International Corp. — Class A | 448 | 9963 |
| &nbsp;&nbsp;&nbsp;MGP Ingredients, Inc. | 308 | 9049 |
| &nbsp;&nbsp;&nbsp;Fortrea Holdings, Inc.\* | 888 | 6704 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 299

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **S&P SMALLCAP 600<sup>®</sup>** **PURE VALUE FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co.\* | 74 | $2713 |
| **Total Consumer, Non-cyclical** |  | 747306 |
| **Energy - 9.5%** | **Energy - 9.5%** | **Energy - 9.5%** |
| &nbsp;&nbsp;&nbsp;Par Pacific Holdings, Inc.\* | 3727 | 53147 |
| &nbsp;&nbsp;&nbsp;Innovex International, Inc.\* | 2041 | 36656 |
| &nbsp;&nbsp;&nbsp;Talos Energy, Inc.\* | 3267 | 31755 |
| &nbsp;&nbsp;&nbsp;Vital Energy, Inc.\* | 1414 | 30005 |
| &nbsp;&nbsp;&nbsp;CVR Energy, Inc.\* | 1505 | 29197 |
| &nbsp;&nbsp;&nbsp;Crescent Energy Co. — Class A | 2439 | 27415 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc. | 3058 | 25137 |
| &nbsp;&nbsp;&nbsp;Peabody Energy Corp. | 1651 | 22371 |
| &nbsp;&nbsp;&nbsp;SunCoke Energy, Inc. | 1856 | 17075 |
| &nbsp;&nbsp;&nbsp;ProPetro Holding Corp.\* | 2270 | 16685 |
| &nbsp;&nbsp;&nbsp;Bristow Group, Inc.\* | 511 | 16137 |
| &nbsp;&nbsp;&nbsp;Sunrun, Inc.\* | 2218 | 12998 |
| &nbsp;&nbsp;&nbsp;REX American Resources Corp.\* | 269 | 10106 |
| **Total Energy** |  | 328684 |
| **Industrial - 6.7%** | **Industrial - 6.7%** | **Industrial - 6.7%** |
| &nbsp;&nbsp;&nbsp;World Kinect Corp. | 2084 | 59102 |
| &nbsp;&nbsp;&nbsp;Enviri Corp.\* | 5338 | 35498 |
| &nbsp;&nbsp;&nbsp;O-I Glass, Inc.\* | 2950 | 33836 |
| &nbsp;&nbsp;&nbsp;Metallus, Inc.\* | 1792 | 23941 |
| &nbsp;&nbsp;&nbsp;Astec Industries, Inc. | 432 | 14882 |
| &nbsp;&nbsp;&nbsp;Vishay Intertechnology, Inc. | 929 | 14771 |
| &nbsp;&nbsp;&nbsp;Dorian LPG Ltd. | 617 | 13784 |
| &nbsp;&nbsp;&nbsp;Heartland Express, Inc. | 1108 | 10216 |
| &nbsp;&nbsp;&nbsp;American Woodmark Corp.\* | 167 | 9825 |
| &nbsp;&nbsp;&nbsp;Masterbrand, Inc.\* | 672 | 8776 |
| &nbsp;&nbsp;&nbsp;ArcBest Corp. | 117 | 8258 |
| **Total Industrial** |  | 232889 |
| **Communications - 5.1%** | **Communications - 5.1%** | **Communications - 5.1%** |
| &nbsp;&nbsp;&nbsp;Viasat, Inc.\* | 5413 | 56404 |
| &nbsp;&nbsp;&nbsp;Scholastic Corp. | 1778 | 33569 |
| &nbsp;&nbsp;&nbsp;IAC, Inc.\* | 675 | 31010 |
| &nbsp;&nbsp;&nbsp;Telephone & Data Systems, Inc. | 560 | 21694 |
| &nbsp;&nbsp;&nbsp;TEGNA, Inc. | 966 | 17600 |
| &nbsp;&nbsp;&nbsp;Shenandoah Telecommunications Co. | 1374 | 17271 |
| **Total Communications** |  | 177548 |
| **Basic Materials - 3.9%** | **Basic Materials - 3.9%** | **Basic Materials - 3.9%** |
| &nbsp;&nbsp;&nbsp;Celanese Corp. — Class A | 567 | 32189 |
| &nbsp;&nbsp;&nbsp;Koppers Holdings, Inc. | 1064 | 29792 |
| &nbsp;&nbsp;&nbsp;AdvanSix, Inc. | 919 | 20815 |
| &nbsp;&nbsp;&nbsp;Kaiser Aluminum Corp. | 303 | 18368 |
| &nbsp;&nbsp;&nbsp;FMC Corp. | 316 | 13332 |
| &nbsp;&nbsp;&nbsp;Chemours Co. | 759 | 10269 |
| &nbsp;&nbsp;&nbsp;Stepan Co. | 183 | 10072 |
| **Total Basic Materials** |  | 134837 |
| **Technology - 2.1%** | **Technology - 2.1%** | **Technology - 2.1%** |
| &nbsp;&nbsp;&nbsp;DXC Technology Co.\* | 1927 | 32856 |
| &nbsp;&nbsp;&nbsp;Corsair Gaming, Inc.\* | 2419 | 21432 |
| &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc.\* | 69 | 10349 |
| &nbsp;&nbsp;&nbsp;Xerox Holdings Corp.<sup>1</sup> | 1485 | 7173 |
| **Total Technology** |  | 71810 |
| **Utilities - 0.4%** | **Utilities - 0.4%** | **Utilities - 0.4%** |
| &nbsp;&nbsp;&nbsp;MDU Resources Group, Inc. | 768 | 12987 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,382,624) |  | 3442023 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.3%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.3%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.3%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25 | $6495 | 6495 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25 | 4977 | 4977 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $11,472) |  | 11472 |
|  | **Shares** |  |
| **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 2.5%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 2.5%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 2.5%** |
| **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.27%<sup>4</sup> | 85640 | 85640 |
| **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp;(Cost $85,640) |  | 85640 |
| **Total Investments - 102.2%** | **Total Investments - 102.2%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,479,736) | &nbsp;&nbsp;&nbsp;(Cost $3,479,736) | $3539135 |
| **Other Assets & Liabilities, net - (2.2)%** | **Other Assets & Liabilities, net - (2.2)%** | (75243) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $3463892 |

---

300 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **S&P SMALLCAP 600<sup>®</sup>** **PURE VALUE FUND** |  |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp;A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is on loan at March 31, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Securities lending collateral — See Note 7. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of March 31, 2025. |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;REIT — Real Estate Investment Trust |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $3442023 | $— | $— | $3442023 |
| Repurchase Agreements |  | 11472 |  | 11472 |
| Securities Lending Collateral | 85640 |  |  | 85640 |
| Total Assets | $3527663 | $11472 | $— | $3539135 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 301

**S&P SMALLCAP 600<sup>®</sup>** **PURE VALUE FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value - including $82,224 of securities loaned (cost $3,468,264) | $3527663 |
| Repurchase agreements, at value (cost $11,472) | 11472 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Securities sold | 17345 |
| &nbsp;&nbsp;&nbsp;Dividends | 6730 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 329 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 30 |
| **Total assets** | 3563569 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Return of securities lending collateral | 85640 |
| &nbsp;&nbsp;&nbsp;Management fees | 2025 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 1677 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 689 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 276 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 100 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 40 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 9230 |
| **Total liabilities** | 99677 |
| **Net assets** | $3463892 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $27812120 |
| Total distributable earnings (loss) | (24348228) |
| Net assets | $3463892 |
| **Class A:** | **Class A:** |
| Net assets | $1276291 |
| Capital shares outstanding | 6941 |
| Net asset value per share | $183.88 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $193.05 |
| **Class C:** | **Class C:** |
| Net assets | $11507 |
| Capital shares outstanding | 77 |
| Net asset value per share | $150.26 |
| **Class H:** | **Class H:** |
| Net assets | $2176094 |
| Capital shares outstanding | 11867 |
| Net asset value per share | $183.37 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends | $262324 |
| Interest | 4465 |
| Income from securities lending, net | 2273 |
| &nbsp;&nbsp;&nbsp;Total investment income | 269062 |
| **Expenses:** | **Expenses:** |
| Management fees | 126795 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 3685 |
| &nbsp;&nbsp;&nbsp;Class C | 779 |
| &nbsp;&nbsp;&nbsp;Class H | 38385 |
| Transfer agent fees | 36787 |
| Portfolio accounting and administration fees | 25793 |
| Registration fees | 17827 |
| Professional fees | 5549 |
| Custodian fees | 2457 |
| Trustees' fees\* | 2254 |
| Line of credit fees | 41 |
| Miscellaneous | 10798 |
| &nbsp;&nbsp;&nbsp;Total expenses | 271150 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (8447) |
| Net expenses | 262703 |
| Net investment income | 6359 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments | (3142620) |
| Net realized loss | (3142620) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | (619719) |
| Net change in unrealized appreciation (depreciation) | (619719) |
| Net realized and unrealized loss | (3762339) |
| **Net decrease in net assets resulting from operations** | $(3755980) |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

302 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**S&P SMALLCAP 600<sup>®</sup>** **PURE VALUE FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income (loss) | $6359 | $(7601) |
| Net realized loss on investments | (3142620) | (855622) |
| Net change in unrealized appreciation (depreciation) on investments | (619719) | (224538) |
| Net decrease in net assets resulting from operations | (3755980) | (1087761) |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | (12537) |
| &nbsp;&nbsp;&nbsp;Class C |  | (1492) |
| &nbsp;&nbsp;&nbsp;Class H |  | (31240) |
| Total distributions to shareholders |  | (45269) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1509737 | 672041 |
| &nbsp;&nbsp;&nbsp;Class C | 430296 | 338768 |
| &nbsp;&nbsp;&nbsp;Class H | 230533406 | 58856482 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 12106 |
| &nbsp;&nbsp;&nbsp;Class C |  | 1154 |
| &nbsp;&nbsp;&nbsp;Class H |  | 30246 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1418061) | (797746) |
| &nbsp;&nbsp;&nbsp;Class C | (429545) | (398324) |
| &nbsp;&nbsp;&nbsp;Class H | (227753142) | (61975679) |
| Net increase (decrease) from capital share transactions | 2872691 | (3260952) |
| Net decrease in net assets | (883289) | (4393982) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 4347181 | 8741163 |
| &nbsp;&nbsp;&nbsp;End of year | $3463892 | $4347181 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 7486 | 3434 |
| &nbsp;&nbsp;&nbsp;Class C | 2594 | 2086 |
| &nbsp;&nbsp;&nbsp;Class H | 1160801 | 332288 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 66 |
| &nbsp;&nbsp;&nbsp;Class C |  | 8 |
| &nbsp;&nbsp;&nbsp;Class H |  | 165 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (6953) | (4191) |
| &nbsp;&nbsp;&nbsp;Class C | (2677) | (2494) |
| &nbsp;&nbsp;&nbsp;Class H | (1164114) | (361004) |
| Net decrease in shares | (2863) | (29642) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 303

**S&P SMALLCAP 600<sup>®</sup>** **PURE VALUE FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $200.53 | $170.77 | $182.48 | $167.98 | $67.45 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .43 | (.23) | .25 | (.34) | (.14) |
| Net gain (loss) on investments (realized and unrealized) | (17.08) | 31.89 <sup>c</sup> | (11.96) | 14.84 <sup>c</sup> | 100.67 <sup>c</sup> |
| Total from investment operations | (16.65) | 31.66 | (11.71) | 14.50 | 100.53 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (1.90) |  |  |  |
| Total distributions |  | (1.90) |  |  |  |
| Net asset value, end of period | $183.88 | $200.53 | $170.77 | $182.48 | $167.98 |
| **Total Return<sup>b</sup>** | **(8.30** **%)** | **18.65%** | **(6.42** **%)** | **8.63%** | **149.04%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $1276 | $1285 | $1212 | $4732 | $3242 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.22% | (0.13 %) | 0.15% | (0.19 %) | (0.31 %) |
| Total expenses | 1.60% | 1.59% | 1.55% | 1.51% | 1.59% |
| Net expenses<sup>d</sup> | 1.55% | 1.56% | 1.55% | 1.51% | 1.59% |
| Portfolio turnover rate | 1587% | 1058% | 1520% | 892% | 1503% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $165.10 | $141.95 | $152.84 | $141.75 | $57.31 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (.95) | (1.46) | (.85) | (1.65) | (.40) |
| Net gain (loss) on investments (realized and unrealized) | (13.89) | 26.51 <sup>c</sup> | (10.04) | 12.74 <sup>c</sup> | 84.84 <sup>c</sup> |
| Total from investment operations | (14.84) | 25.05 | (10.89) | 11.09 | 84.44 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (1.90) |  |  |  |
| Total distributions |  | (1.90) |  |  |  |
| Net asset value, end of period | $150.26 | $165.10 | $141.95 | $152.84 | $141.75 |
| **Total Return<sup>b</sup>** | **(8.99** **%)** | **17.76%** | **(7.13** **%)** | **7.82%** | **147.34%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $12 | $26 | $80 | $140 | $1472 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.59%) | (0.98 %) | (0.60%) | (1.11 %) | (1.07 %) |
| Total expenses | 2.35% | 2.35% | 2.29% | 2.26% | 2.34% |
| Net expenses<sup>d</sup> | 2.30% | 2.32% | 2.29% | 2.26% | 2.34% |
| Portfolio turnover rate | 1587% | 1058% | 1520% | 892% | 1503% |

---

304 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**S&P SMALLCAP 600<sup>®</sup>** **PURE VALUE FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $199.98 | $170.34 | $182.04 | $167.56 | $67.25 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .05 | (.16) | .49 | (.53) | (.13) |
| Net gain (loss) on investments (realized and unrealized) | (16.66) | 31.71 <sup>c</sup> | (12.19) | 15.01 <sup>c</sup> | 100.44 <sup>c</sup> |
| Total from investment operations | (16.61) | 31.55 | (11.70) | 14.48 | 100.31 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (1.91) |  |  |  |
| Total distributions |  | (1.91) |  |  |  |
| Net asset value, end of period | $183.37 | $199.98 | $170.34 | $182.04 | $167.56 |
| **Total Return** | **(8.31** **%)** | **18.63%** | **(6.43** **%)** | **8.64%** | **149.16%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $2176 | $3036 | $7449 | $18001 | $35499 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.02% | (0.09 %) | 0.29% | (0.29 %) | (0.18 %) |
| Total expenses | 1.60% | 1.59% | 1.55% | 1.51% | 1.55% |
| Net expenses<sup>d</sup> | 1.55% | 1.56% | 1.55% | 1.51% | 1.55% |
| Portfolio turnover rate | 1587% | 1058% | 1520% | 892% | 1503% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>c</sup> The amount shown for a share outstanding throughout the year does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

<sup>d</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 305

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **EMERGING MARKETS BOND STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 0.8%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 0.8%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 0.8%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;4.08% due 04/08/25<sup>1,2</sup> | $3000 | $2998 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,998) |  | 2998 |
| **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 92.7%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 92.7%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 92.7%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25<sup>4</sup> | $204281 | 204281 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25<sup>4</sup> | 156559 | 156559 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $360,840) |  | 360840 |
| **Total Investments - 93.5%** | **Total Investments - 93.5%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $363,838) | &nbsp;&nbsp;&nbsp;(Cost $363,838) | $363838 |
| **Other Assets & Liabilities, net - 6.5%** | **Other Assets & Liabilities, net - 6.5%** | 25227 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $389065 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation\*\*** |
| **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** |
| U.S. Treasury 5 Year Note Futures Contracts | 2 | Jun 2025 | $216547 | $1142 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** |
| **Counterparty** | **Index** | **Protection <br> Premium <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Notional <br> Amount** | **Value** | **Upfront <br> Premiums <br> Received** | **Unrealized <br> Depreciation\*\*** |
| Barclays Bank plc<br> ICE | CDX.EM.43.V1 | 1.00% | Quarterly | 06/20/30 | $220000 | $(8382) | $(7930) | $(452) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** |
| **Counterparty** | **Index** | **Type** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Depreciation** |
| **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** |
| Goldman Sachs International | Invesco Emerging Markets Sovereign Debt ETF | Pay | 5.08% (Federal <br> Funds Rate +<br> 0.75%) | At Maturity | 04/30/25 | 8159 | $164567 | $(617) |

---

---

| | |
|:---|:---|
| \*\* | &nbsp;&nbsp;&nbsp;Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as futures collateral at March 31, 2025. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the effective yield at the time of purchase. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as equity index swap collateral at March 31, 2025. |
|  | &nbsp;&nbsp;&nbsp;CDX.EM.43.V1 — Credit Default Swap Emerging Markets Series 43 Index Version 1 |
|  | &nbsp;&nbsp;&nbsp;ICE — Intercontinental Exchange |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

306 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **EMERGING MARKETS BOND STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| U.S. Treasury Bills | $— | $2998 | $— | $2998 |
| Repurchase Agreements |  | 360840 |  | 360840 |
| Interest Rate Futures Contracts\*\* | 1142 |  |  | 1142 |
| Total Assets | $1142 | $363838 | $— | $364980 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Credit Default Swap Agreements\*\* | $— | $452 | $— | $452 |
| Credit Index Swap Agreements\*\* |  | 617 |  | 617 |
| Total Liabilities | $— | $1069 | $— | $1069 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 307

**EMERGING MARKETS BOND STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $2,998) | $2998 |
| Repurchase agreements, at value (cost $360,840) | 360840 |
| Segregated cash with broker | 34338 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Investment Adviser | 186 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 172 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 80 |
| &nbsp;&nbsp;&nbsp;Protection fees on credit default swap agreements | 73 |
| &nbsp;&nbsp;&nbsp;Interest | 43 |
| &nbsp;&nbsp;&nbsp;Variation margin on credit default swap agreements | 1 |
| **Total assets** | 398731 |
| **Liabilities:** | **Liabilities:** |
| Unamortized upfront premiums received on credit default swap agreements | 7930 |
| Unrealized depreciation on OTC swap agreements | 617 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Management fees | 233 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 178 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 126 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 84 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 49 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 5 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 444 |
| **Total liabilities** | 9666 |
| **Net assets** | $389065 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $979346 |
| Total distributable earnings (loss) | (590281) |
| Net assets | $389065 |
| **Class A:** | **Class A:** |
| Net assets | $36091 |
| Capital shares outstanding | 642 |
| Net asset value per share | $56.20 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $59.00 |
| **Class C:** | **Class C:** |
| Net assets | $9945 |
| Capital shares outstanding | 200 |
| Net asset value per share | $49.65 |
| **Class H:** | **Class H:** |
| Net assets | $343029 |
| Capital shares outstanding | 6142 |
| Net asset value per share | $55.85 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Interest | $26191 |
| &nbsp;&nbsp;&nbsp;Total investment income | 26191 |
| **Expenses:** | **Expenses:** |
| Management fees | 4337 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 97 |
| &nbsp;&nbsp;&nbsp;Class C | 142 |
| &nbsp;&nbsp;&nbsp;Class H | 1317 |
| Transfer agent fees | 1298 |
| Portfolio accounting and administration fees | 1189 |
| Registration fees | 756 |
| Professional fees | 291 |
| Custodian fees | 76 |
| Trustees' fees\* | 69 |
| Miscellaneous | 65 |
| &nbsp;&nbsp;&nbsp;Total expenses | 9637 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (287) |
| Net expenses | 9350 |
| Net investment income | 16841 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Swap agreements | 14816 |
| &nbsp;&nbsp;&nbsp;Futures contracts | (7831) |
| Net realized gain | 6985 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Swap agreements | (2318) |
| &nbsp;&nbsp;&nbsp;Futures contracts | 1485 |
| Net change in unrealized appreciation (depreciation) | (833) |
| Net realized and unrealized gain | 6152 |
| **Net increase in net assets resulting from operations** | $22993 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

308 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**EMERGING MARKETS BOND STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $16841 | $40177 |
| Net realized gain (loss) on investments | 6985 | (104857) |
| Net change in unrealized appreciation (depreciation) on investments | (833) | (20813) |
| Net increase (decrease) in net assets resulting from operations | 22993 | (85493) |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (2668) | (12775) |
| &nbsp;&nbsp;&nbsp;Class C | (1568) | (2324) |
| &nbsp;&nbsp;&nbsp;Class H | (32719) | (71481) |
| Total distributions to shareholders | (36955) | (86580) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 12525 | 91950 |
| &nbsp;&nbsp;&nbsp;Class C | 26540 |  |
| &nbsp;&nbsp;&nbsp;Class H | 3140505 | 16585002 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 2668 | 12775 |
| &nbsp;&nbsp;&nbsp;Class C | 960 | 1442 |
| &nbsp;&nbsp;&nbsp;Class H | 31822 | 68368 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (47694) | (291950) |
| &nbsp;&nbsp;&nbsp;Class C | (25369) | (13350) |
| &nbsp;&nbsp;&nbsp;Class H | (3337267) | (16360599) |
| Capital contribution from administrator |  |  |
| &nbsp;&nbsp;&nbsp;Class H | 186 |  |
| Net increase (decrease) from capital share transactions | (195124) | 93638 |
| Net decrease in net assets | (209086) | (78435) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 598151 | 676586 |
| &nbsp;&nbsp;&nbsp;End of year | $389065 | $598151 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 207 | 1555 |
| &nbsp;&nbsp;&nbsp;Class C | 488 |  |
| &nbsp;&nbsp;&nbsp;Class H | 54137 | 285343 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 48 | 229 |
| &nbsp;&nbsp;&nbsp;Class C | 19 | 29 |
| &nbsp;&nbsp;&nbsp;Class H | 573 | 1232 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (846) | (5085) |
| &nbsp;&nbsp;&nbsp;Class C | (490) | (261) |
| &nbsp;&nbsp;&nbsp;Class H | (57591) | (284219) |
| Net decrease in shares | (3455) | (1177) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 309

**EMERGING MARKETS BOND STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $57.69 | $58.60 | $62.44 | $70.11 | $63.93 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 1.67 | 1.79 | .60 | (1.07) | (1.14) |
| Net gain (loss) on investments (realized and unrealized) | .82 | 3.08 | (4.44) | (6.60) | 8.16 |
| Total from investment operations | 2.49 | 4.87 | (3.84) | (7.67) | 7.02 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (3.98) | (5.78) |  |  | (.84) |
| Total distributions | (3.98) | (5.78) |  |  | (.84) |
| Net asset value, end of period | $56.20 | $57.69 | $58.60 | $62.44 | $70.11 |
| **Total Return<sup>b</sup>** | **4.38%** | **8.63%** | **(6.15** **%)** | **(10.98** **%)** | **10.92%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $36 | $71 | $266 | $46 | $48 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.91% | 3.07% | 1.06% | (1.54%) | (1.72%) |
| Total expenses | 1.66% | 1.64% | 1.61% | 1.57% | 1.74% |
| Net expenses<sup>c</sup> | 1.61% | 1.62% | 1.61% | 1.57% | 1.74% |
| Portfolio turnover rate |  |  |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $51.80 | $53.59 | $57.52 | $65.07 | $59.82 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 1.09 | 1.35 | (.04) | (1.47) | (1.56) |
| Net gain (loss) on investments (realized and unrealized) | .74 | 2.64 | (3.89) | (6.08) | 7.65 |
| Total from investment operations | 1.83 | 3.99 | (3.93) | (7.55) | 6.09 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (3.98) | (5.78) |  |  | (.84) |
| Total distributions | (3.98) | (5.78) |  |  | (.84) |
| Net asset value, end of period | $49.65 | $51.80 | $53.59 | $57.52 | $65.07 |
| **Total Return<sup>b</sup>** | **3.58%** | **7.81%** | **(6.83** **%)** | **(11.62** **%)** | **10.10%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $10 | $9 | $22 | $63 | $52 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.10% | 2.53% | (0.07%) | (2.28%) | (2.36%) |
| Total expenses | 2.41% | 2.37% | 2.35% | 2.31% | 2.40% |
| Net expenses<sup>c</sup> | 2.37% | 2.34% | 2.35% | 2.31% | 2.40% |
| Portfolio turnover rate |  |  |  |  |  |

---

310 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**EMERGING MARKETS BOND STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025<sup>d</sup>** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $57.36 | $58.30 | $62.03 | $69.64 | $63.50 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 1.67 | 1.65 | .40 | (1.07) | (1.14) |
| Net gain (loss) on investments (realized and unrealized) | .78 | 3.19 | (4.13) | (6.54) | 8.12 |
| Total from investment operations | 2.45 | 4.84 | (3.73) | (7.61) | 6.98 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (3.98) | (5.78) |  |  | (.84) |
| Total distributions | (3.98) | (5.78) |  |  | (.84) |
| Capital contribution from administrator | .02 |  |  |  |  |
| Net asset value, end of period | $55.85 | $57.36 | $58.30 | $62.03 | $69.64 |
| **Total Return** | **4.39%** | **8.62%** | **(6.01** **%)** | **(10.93** **%)** | **10.93%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $343 | $518 | $389 | $494 | $343 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.93% | 2.85% | 0.70% | (1.52%) | (1.61%) |
| Total expenses | 1.65% | 1.64% | 1.61% | 1.56% | 1.65% |
| Net expenses<sup>c</sup> | 1.60% | 1.62% | 1.61% | 1.56% | 1.65% |
| Portfolio turnover rate |  |  |  |  |  |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>c</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>d</sup> On May 17, 2024, the Fund's administrator made a capital contribution to the Fund's Class H shares, relating to an operational issue. The impact of the capital contribution to the total return for the year ended March 31, 2025 was 0.04% for Class H. See Note 5 in the Notes to Financial Statements.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 311

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **GOVERNMENT LONG BOND 1.2x STRATEGY FUND**  |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MUTUAL FUNDS<sup>†</sup>** **- 1.2%** | **MUTUAL FUNDS<sup>†</sup>** **- 1.2%** | **MUTUAL FUNDS<sup>†</sup>** **- 1.2%** |
| &nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 51284 | $514383 |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II<sup>1</sup> | 20287 | 504345 |
| **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,011,485) |  | 1018728 |
|  | **Face<br> Amount** |  |
| **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 85.3%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 85.3%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 85.3%** |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;4.63% due 02/15/55 | $71000000 | 71465938 |
| **Total U.S. Government Securities** | **Total U.S. Government Securities** |  |
| &nbsp;&nbsp;&nbsp;(Cost $70,222,182) |  | 71465938 |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 0.2%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 0.2%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 0.2%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;4.08% due 04/08/25<sup>2,3</sup> | 196000 | 195838 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $195,839) |  | 195838 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 11.1%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 11.1%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 11.1%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25 | 5254213 | 5254213 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25 | 4026765 | 4026765 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $9,280,978) |  | 9280978 |
| **Total Investments - 97.8%** | **Total Investments - 97.8%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $80,710,484) | &nbsp;&nbsp;&nbsp;(Cost $80,710,484) | $81961482 |
| **Other Assets & Liabilities, net - 2.2%** | **Other Assets & Liabilities, net - 2.2%** | 1809364 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $83770846 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation\*\*** |
| **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** |
| U.S. Treasury Ultra Long Bond Futures Contracts | 241 | Jun 2025 | $29612875 | $475522 |

---

---

| | |
|:---|:---|
| \*\* | &nbsp;&nbsp;&nbsp;Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Affiliated issuer. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as futures collateral at March 31, 2025. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the effective yield at the time of purchase. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

312 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **GOVERNMENT LONG BOND 1.2x STRATEGY FUND**  |  |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Mutual Funds | $1018728 | $— | $— | $1018728 |
| U.S. Government Securities |  | 71465938 |  | 71465938 |
| U.S. Treasury Bills |  | 195838 |  | 195838 |
| Repurchase Agreements |  | 9280978 |  | 9280978 |
| Interest Rate Futures Contracts\*\* | 475522 |  |  | 475522 |
| Total Assets | $1494250 | $80942754 | $— | $82437004 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

**Affiliated Transactions** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the year ended March 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 03/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 03/31/25** | **Shares <br> 03/31/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Guggenheim Strategy Fund II | $1597404 | $— | $(1100000) | $(4531) | $11472 | $504345 | 20287 | $44705 |
| &nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 1806249 |  | (1300000) | (4569) | 12703 | 514383 | 51284 | 40531 |
|  | $3403653 | $— | $(2400000) | $(9100) | $24175 | $1018728 |  | $85236 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 313

**GOVERNMENT LONG BOND 1.2x STRATEGY FUND** <br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in unaffiliated issuers, at value (cost $70,418,021) | $71661776 |
| Investments in affiliated issuers, at value (cost $1,011,485) | 1018728 |
| Repurchase agreements, at value (cost $9,280,978) | 9280978 |
| Cash | 1 |
| Segregated cash with broker | 1020563 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Securities sold | 805250 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 628289 |
| &nbsp;&nbsp;&nbsp;Interest | 413923 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 251054 |
| &nbsp;&nbsp;&nbsp;Dividends | 4013 |
| **Total assets** | 85084575 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 1260659 |
| &nbsp;&nbsp;&nbsp;Management fees | 16784 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 10406 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 3461 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 759 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders | 341 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 262 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 21057 |
| **Total liabilities** | 1313729 |
| **Net assets** | $83770846 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $152541419 |
| Total distributable earnings (loss) | (68770573) |
| Net assets | $83770846 |
| **Investor Class:** | **Investor Class:** |
| Net assets | $81608955 |
| Capital shares outstanding | 762392 |
| Net asset value per share | $107.04 |
| **Class A:** | **Class A:** |
| Net assets | $289409 |
| Capital shares outstanding | 2678 |
| Net asset value per share | $108.07 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $113.46 |
| **Class C:** | **Class C:** |
| Net assets | $255648 |
| Capital shares outstanding | 2340 |
| Net asset value per share | $109.25 |
| **Class H:** | **Class H:** |
| Net assets | $1616834 |
| Capital shares outstanding | 14920 |
| Net asset value per share | $108.37 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends from securities of affiliated issuers | $85236 |
| Interest | 1030701 |
| &nbsp;&nbsp;&nbsp;Total investment income | 1115937 |
| **Expenses:** | **Expenses:** |
| Management fees | 122939 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 1696 |
| &nbsp;&nbsp;&nbsp;Class C | 2359 |
| &nbsp;&nbsp;&nbsp;Class H | 5530 |
| Transfer agent fees | 45224 |
| Portfolio accounting and administration fees | 37509 |
| Registration fees | 34133 |
| Professional fees | 12954 |
| Custodian fees | 3173 |
| Trustees' fees\* | 2923 |
| Miscellaneous | 453 |
| &nbsp;&nbsp;&nbsp;Total expenses | 268893 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (12286) |
| Expenses waived by Adviser | (2016) |
| &nbsp;&nbsp;&nbsp;Total waived/reimbursed expenses | (14302) |
| Net expenses | 254591 |
| Net investment income | 861346 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | (1661387) |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | (9100) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (776748) |
| Net realized loss | (2447235) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 1036624 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | 24175 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 366626 |
| Net change in unrealized appreciation (depreciation) | 1427425 |
| Net realized and unrealized loss | (1019810) |
| **Net decrease in net assets resulting from operations** | $(158464) |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

314 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**GOVERNMENT LONG BOND 1.2x STRATEGY FUND** <br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $861346 | $1312507 |
| Net realized loss on investments | (2447235) | (4687041) |
| Net change in unrealized appreciation (depreciation) on investments | 1427425 | (1764743) |
| Net decrease in net assets resulting from operations | (158464) | (5139277) |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (760182) | (1100587) |
| &nbsp;&nbsp;&nbsp;Class A | (21908) | (22850) |
| &nbsp;&nbsp;&nbsp;Class C | (5915) | (1389) |
| &nbsp;&nbsp;&nbsp;Class H | (73297) | (185370) |
| Total distributions to shareholders | (861302) | (1310196) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 468874976 | 572977937 |
| &nbsp;&nbsp;&nbsp;Class A | 2164865 | 464696 |
| &nbsp;&nbsp;&nbsp;Class C | 683093 | 256440 |
| &nbsp;&nbsp;&nbsp;Class H | 70012097 | 93228054 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 745393 | 1095330 |
| &nbsp;&nbsp;&nbsp;Class A | 21311 | 21720 |
| &nbsp;&nbsp;&nbsp;Class C | 5471 | 1265 |
| &nbsp;&nbsp;&nbsp;Class H | 72782 | 179852 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (401536533) | (572664631) |
| &nbsp;&nbsp;&nbsp;Class A | (2135465) | (2656842) |
| &nbsp;&nbsp;&nbsp;Class C | (531025) | (494082) |
| &nbsp;&nbsp;&nbsp;Class H | (69409817) | (114651594) |
| Net increase (decrease) from capital share transactions | 68967148 | (22241855) |
| Net increase (decrease) in net assets | 67947382 | (28691328) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 15823464 | 44514792 |
| &nbsp;&nbsp;&nbsp;End of year | $83770846 | $15823464 |
| **Capital share activity\*:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 4300980 | 4920668 |
| &nbsp;&nbsp;&nbsp;Class A | 18658 | 3903 |
| &nbsp;&nbsp;&nbsp;Class C | 5924 | 2113 |
| &nbsp;&nbsp;&nbsp;Class H | 642834 | 755567 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 6797 | 9404 |
| &nbsp;&nbsp;&nbsp;Class A | 190 | 175 |
| &nbsp;&nbsp;&nbsp;Class C | 49 | 11 |
| &nbsp;&nbsp;&nbsp;Class H | 665 | 1439 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (3671393) | (4932897) |
| &nbsp;&nbsp;&nbsp;Class A | (18978) | (20835) |
| &nbsp;&nbsp;&nbsp;Class C | (4664) | (3947) |
| &nbsp;&nbsp;&nbsp;Class H | (637022) | (927337) |
| Net increase (decrease) in shares | 644040 | (191736) |

---

\* Reverse share split — Capital share activity has been restated to reflect a 1:5 reverse share split effective February 24, 2025. See Note 11 in the Notes to Financial Statements.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 315

**GOVERNMENT LONG BOND 1.2x STRATEGY FUND** <br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **Year Ended <br> March 31, <br> 2025<sup>e</sup>** | **Year Ended <br> March 31, <br> 2024<sup>e</sup>** | **Year Ended <br> March 31, <br> 2023<sup>e</sup>** | **Year Ended <br> March 31, <br> 2022<sup>e</sup>** | **Year Ended <br> March 31, <br> 2021<sup>e</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $114.30 | $133.97 | $184.71 | $189.64 | $370.56 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 3.90 | 4.00 | 3.20 | 1.95 | 1.25 |
| Net gain (loss) on investments (realized and unrealized) | (7.24) | (19.67) | (50.54) | (4.98) | (72.97) |
| Total from investment operations | (3.34) | (15.67) | (47.34) | (3.03) | (71.72) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (3.92) | (4.00) | (3.40) | (1.90) | (1.25) |
| Net realized gains |  |  |  |  | (107.95) |
| Total distributions | (3.92) | (4.00) | (3.40) | (1.90) | (109.20) |
| Net asset value, end of period | $107.04 | $114.30 | $133.97 | $184.71 | $189.64 |
| **Total Return** | **(2.94** **%)** | **(11.71** **%)** | **(25.66** **%)** | **(1.71** **%)** | **(24.72** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $81609 | $14403 | $17260 | $11904 | $69360 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.54% | 3.42% | 2.15% | 0.95% | 0.40% |
| Total expenses<sup>b</sup> | 1.05% | 1.05% | 1.01% | 0.96% | 1.07% |
| Net expenses<sup>c</sup> | 1.00% | 1.00% | 0.99% | 0.95% | 1.05% |
| Portfolio turnover rate | 1616% | 1573% | 2562% | 2153% | 1938% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025<sup>e</sup>** | **Year Ended <br> March 31, <br> 2024<sup>e</sup>** | **Year Ended <br> March 31, <br> 2023<sup>e</sup>** | **Year Ended <br> March 31, <br> 2022<sup>e</sup>** | **Year Ended <br> March 31, <br> 2021<sup>e</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $115.37 | $135.34 | $186.69 | $191.72 | $373.52 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 3.66 | 3.65 | 3.10 | 1.40 | .55 |
| Net gain (loss) on investments (realized and unrealized) | (7.30) | (19.87) | (51.40) | (5.03) | (73.90) |
| Total from investment operations | (3.64) | (16.22) | (48.30) | (3.63) | (73.35) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (3.66) | (3.75) | (3.05) | (1.40) | (.50) |
| Net realized gains |  |  |  |  | (107.95) |
| Total distributions | (3.66) | (3.75) | (3.05) | (1.40) | (108.45) |
| Net asset value, end of period | $108.07 | $115.37 | $135.34 | $186.69 | $191.72 |
| **Total Return<sup>d</sup>** | **(3.14** **%)** | **(12.04** **%)** | **(25.88** **%)** | **(1.96** **%)** | **(24.98** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $289 | $324 | $2648 | $2231 | $1610 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.23% | 2.93% | 2.18% | 0.66% | 0.18% |
| Total expenses<sup>b</sup> | 1.30% | 1.29% | 1.25% | 1.21% | 1.30% |
| Net expenses<sup>c</sup> | 1.24% | 1.26% | 1.24% | 1.19% | 1.29% |
| Portfolio turnover rate | 1616% | 1573% | 2562% | 2153% | 1938% |

---

316 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**GOVERNMENT LONG BOND 1.2x STRATEGY FUND** <br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025<sup>e</sup>** | **Year Ended <br> March 31, <br> 2024<sup>e</sup>** | **Year Ended <br> March 31, <br> 2023<sup>e</sup>** | **Year Ended <br> March 31, <br> 2022<sup>e</sup>** | **Year Ended <br> March 31, <br> 2021<sup>e</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $116.66 | $134.62 | $183.07 | $188.15 | $370.73 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 2.84 | 2.85 | 2.00 | (.25) | (1.65) |
| Net gain (loss) on investments (realized and unrealized) | (7.38) | (19.86) | (50.45) | (4.83) | (72.98) |
| Total from investment operations | (4.54) | (17.01) | (48.45) | (5.08) | (74.63) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (2.87) | (.95) |  |  |  |
| Net realized gains |  |  |  |  | (107.95) |
| Total distributions | (2.87) | (.95) |  |  | (107.95) |
| Net asset value, end of period | $109.25 | $116.66 | $134.62 | $183.07 | $188.15 |
| **Total Return<sup>d</sup>** | **(3.89** **%)** | **(12.67** **%)** | **(26.47** **%)** | **(2.71** **%)** | **(25.55** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $256 | $120 | $384 | $149 | $169 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.51% | 2.36% | 1.41% | (0.12%) | (0.55%) |
| Total expenses<sup>b</sup> | 2.06% | 2.05% | 2.01% | 1.96% | 2.05% |
| Net expenses<sup>c</sup> | 2.00% | 2.00% | 1.99% | 1.94% | 2.03% |
| Portfolio turnover rate | 1616% | 1573% | 2562% | 2153% | 1938% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 317

**GOVERNMENT LONG BOND 1.2x STRATEGY FUND** <br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025<sup>e</sup>** | **Year Ended <br> March 31, <br> 2024<sup>e</sup>** | **Year Ended <br> March 31, <br> 2023<sup>e</sup>** | **Year Ended <br> March 31, <br> 2022<sup>e</sup>** | **Year Ended <br> March 31, <br> 2021<sup>e</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $115.69 | $135.49 | $186.86 | $191.89 | $373.77 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 3.64 | 3.65 | 3.00 | 1.40 | .65 |
| Net gain (loss) on investments (realized and unrealized) | (7.29) | (19.70) | (51.32) | (5.03) | (74.13) |
| Total from investment operations | (3.65) | (16.05) | (48.32) | (3.63) | (73.48) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (3.67) | (3.75) | (3.05) | (1.40) | (.45) |
| Net realized gains |  |  |  |  | (107.95) |
| Total distributions | (3.67) | (3.75) | (3.05) | (1.40) | (108.40) |
| Net asset value, end of period | $108.37 | $115.69 | $135.49 | $186.86 | $191.89 |
| **Total Return** | **(3.18** **%)** | **(11.87** **%)** | **(25.87** **%)** | **(1.95** **%)** | **(24.98** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $1617 | $977 | $24223 | $49287 | $85087 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.31% | 2.87% | 2.05% | 0.69% | 0.23% |
| Total expenses<sup>b</sup> | 1.31% | 1.28% | 1.25% | 1.21% | 1.29% |
| Net expenses<sup>c</sup> | 1.25% | 1.26% | 1.24% | 1.19% | 1.28% |
| Portfolio turnover rate | 1616% | 1573% | 2562% | 2153% | 1938% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Does not include expenses of the underlying funds in which the Fund invests.

<sup>c</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>d</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>e</sup> Reverse share split — Per share amounts have been restated to reflect a 1:5 reverse share split effective February 24, 2025. See Note 11 in the Notes to Financial Statements.

318 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **INVERSE GOVERNMENT LONG BOND STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MUTUAL FUNDS<sup>†</sup>** **- 41.1%** | **MUTUAL FUNDS<sup>†</sup>** **- 41.1%** | **MUTUAL FUNDS<sup>†</sup>** **- 41.1%** |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II<sup>1</sup> | 137556 | $3419634 |
| &nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 326794 | 3277747 |
| **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,642,019) |  | 6697381 |
|  | **Face<br> Amount** |  |
| **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 29.5%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 29.5%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 29.5%** |
| Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp;4.25% due 04/25/25<sup>2</sup> | $2825000 | 2816996 |
| &nbsp;&nbsp;&nbsp;4.23% due 04/10/25<sup>2</sup> | 2000000 | 1997887 |
| **Total Federal Agency Discount Notes** | **Total Federal Agency Discount Notes** |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,814,883) |  | 4814883 |
| **FEDERAL AGENCY NOTES<sup>††</sup>** **- 6.1%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 6.1%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 6.1%** |
| Federal Farm Credit Bank | Federal Farm Credit Bank | Federal Farm Credit Bank |
| &nbsp;&nbsp;&nbsp;4.36% (SOFR + 0.02%, Rate Floor: 0.00%) due 11/06/25<sup>◊</sup> | 1000000 | 1000033 |
| **Total Federal Agency Notes** | **Total Federal Agency Notes** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,000,000) |  | 1000033 |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 0.7%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 0.7%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 0.7%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;4.08% due 04/08/25<sup>2,3</sup> | 113000 | 112907 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $112,907) |  | 112907 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 105.4%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 105.4%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 105.4%** |
| **Individual Repurchase Agreements** |  |  |
| Barclays Capital, Inc. issued 03/31/25 at 4.00% due 04/01/25 (secured by a U.S. Treasury Bond, at a rate of 4.65% and maturing 02/15/2055 as collateral, with a value of $7,032,900) to be repurchased at $6,895,766 | 6895000 | 6895000 |
| Mizuho Securities USA LLC issued 03/31/25 at 4.10% due 04/01/25 (secured by a U.S. Treasury Bond, at a rate of 4.65% and maturing 02/15/2055 as collateral, with a value of $6,721,961) to be repurchased at $6,590,158 | 6590158 | 6590158 |
| **Joint Repurchase Agreements** |  |  |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25 | 2102129 | 2102129 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25 | 1611046 | 1611046 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $17,198,333) |  | 17198333 |
| **Total Investments - 182.8%** | **Total Investments - 182.8%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $29,768,142) | &nbsp;&nbsp;&nbsp;(Cost $29,768,142) | 29823537 |
| **U.S. Government Securities Sold Short<sup>†</sup>** **- (85.1)%** | **U.S. Government Securities Sold Short<sup>†</sup>** **- (85.1)%** | **U.S. Government Securities Sold Short<sup>†</sup>** **- (85.1)%** |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;4.63% due 02/15/55<sup>††</sup> | 13800000 | (13890563) |
| **Total U.S. Government Securities Sold Short - (85.1)%** | **Total U.S. Government Securities Sold Short - (85.1)%** |  |
| &nbsp;&nbsp;&nbsp;(Proceeds $13,780,693) | &nbsp;&nbsp;&nbsp;(Proceeds $13,780,693) | $(13890563) |
| **Other Assets & Liabilities, net - 2.3%** | **Other Assets & Liabilities, net - 2.3%** | 379023 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $16311997 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation\*\*** |
| **Interest Rate Futures Contracts Sold Short<sup>†</sup>** | **Interest Rate Futures Contracts Sold Short<sup>†</sup>** | **Interest Rate Futures Contracts Sold Short<sup>†</sup>** | **Interest Rate Futures Contracts Sold Short<sup>†</sup>** | **Interest Rate Futures Contracts Sold Short<sup>†</sup>** |
| U.S. Treasury Ultra Long Bond Futures Contracts | 20 | Jun 2025 | $2457500 | $29808 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 319

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **INVERSE GOVERNMENT LONG BOND STRATEGY FUND** |  |

---

---

| | |
|:---|:---|
| \*\* | &nbsp;&nbsp;&nbsp;Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>◊</sup> | &nbsp;&nbsp;&nbsp;Variable rate security. Rate indicated is the rate effective at March 31, 2025. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Affiliated issuer. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the effective yield at the time of purchase. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as futures collateral at March 31, 2025. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;SOFR — Secured Overnight Financing Rate |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Mutual Funds | $6697381 | $— | $— | $6697381 |
| Federal Agency Discount Notes |  | 4814883 |  | 4814883 |
| Federal Agency Notes |  | 1000033 |  | 1000033 |
| U.S. Treasury Bills |  | 112907 |  | 112907 |
| Repurchase Agreements |  | 17198333 |  | 17198333 |
| Interest Rate Futures Contracts\*\* | 29808 |  |  | 29808 |
| Total Assets | $6727189 | $23126156 | $— | $29853345 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| U.S. Government Securities Sold Short | $– $| 13890563 | $– $| 13890563 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

320 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **INVERSE GOVERNMENT LONG BOND STRATEGY FUND** |  |

---

**Affiliated Transactions** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the year ended March 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 03/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 03/31/25** | **Shares <br> 03/31/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Guggenheim Strategy Fund II | $5180462 | $— | $(1800000) | $(19647) | $58819 | $3419634 | 137556 | $214577 |
| &nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 4734506 |  | (1500000) | (3171) | 46412 | 3277747 | 326794 | 180443 |
|  | $9914968 | $— | $(3300000) | $(22818) | $105231 | $6697381 |  | $395020 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 321

**INVERSE GOVERNMENT LONG BOND STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in unaffiliated issuers, at value (cost $5,927,790) | $5927823 |
| Investments in affiliated issuers, at value (cost $6,642,019) | 6697381 |
| Repurchase agreements, at value (cost $17,198,333) | 17198333 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 415829 |
| &nbsp;&nbsp;&nbsp;Securities sold | 100656 |
| &nbsp;&nbsp;&nbsp;Dividends | 26437 |
| &nbsp;&nbsp;&nbsp;Interest | 9071 |
| **Total assets** | 30375530 |
| **Liabilities:** | **Liabilities:** |
| Securities sold short, at value (proceeds $13,780,693) | 13890563 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Interest on short sales | 79341 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 38343 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 21250 |
| &nbsp;&nbsp;&nbsp;Management fees | 10709 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 6736 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 1512 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 663 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 179 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 14237 |
| **Total liabilities** | 14063533 |
| **Net assets** | $16311997 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $251920408 |
| Total distributable earnings (loss) | (235608411) |
| Net assets | $16311997 |
| **Investor Class:** | **Investor Class:** |
| Net assets | $10168872 |
| Capital shares outstanding | 52965 |
| Net asset value per share | $191.99 |
| **Class A:** | **Class A:** |
| Net assets | $2517806 |
| Capital shares outstanding | 13956 |
| Net asset value per share | $180.41 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $189.41 |
| **Class C:** | **Class C:** |
| Net assets | $479292 |
| Capital shares outstanding | 3261 |
| Net asset value per share | $146.97 |
| **Class H:** | **Class H:** |
| Net assets | $3146027 |
| Capital shares outstanding | 17354 |
| Net asset value per share | $181.29 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends from securities of affiliated issuers | $395020 |
| Interest | 1190741 |
| &nbsp;&nbsp;&nbsp;Total investment income | 1585761 |
| **Expenses:** | **Expenses:** |
| Management fees | 161490 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 6848 |
| &nbsp;&nbsp;&nbsp;Class C | 5440 |
| &nbsp;&nbsp;&nbsp;Class H | 7701 |
| Transfer agent fees | 39157 |
| Interest expense | 648340 |
| Portfolio accounting and administration fees | 27373 |
| Professional fees | 10024 |
| Custodian fees | 2330 |
| Trustees' fees\* | 2150 |
| Miscellaneous | 23923 |
| &nbsp;&nbsp;&nbsp;Total expenses | 934776 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (17946) |
| Expenses waived by Adviser | (8995) |
| &nbsp;&nbsp;&nbsp;Total waived/reimbursed expenses | (26941) |
| Net expenses | 907835 |
| Net investment income | 677926 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 779 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | (22818) |
| &nbsp;&nbsp;&nbsp;Investments sold short | 240973 |
| &nbsp;&nbsp;&nbsp;Futures contracts | (137992) |
| Net realized gain | 80942 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | (201) |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | 105231 |
| &nbsp;&nbsp;&nbsp;Investments sold short | 96917 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 80063 |
| Net change in unrealized appreciation (depreciation) | 282010 |
| Net realized and unrealized gain | 362952 |
| **Net increase in net assets resulting from operations** | $1040878 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

322 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE GOVERNMENT LONG BOND STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $677926 | $1563051 |
| Net realized gain on investments | 80942 | 3037041 |
| Net change in unrealized appreciation (depreciation) on investments | 282010 | 1158430 |
| Net increase in net assets resulting from operations | 1040878 | 5758522 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (679462) | (201149) |
| &nbsp;&nbsp;&nbsp;Class A | (209796) | (41496) |
| &nbsp;&nbsp;&nbsp;Class C | (46981) | (11320) |
| &nbsp;&nbsp;&nbsp;Class H | (228988) | (41518) |
| Total distributions to shareholders | (1165227) | (295483) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 93688545 | 146365405 |
| &nbsp;&nbsp;&nbsp;Class A | 1199372 | 873386 |
| &nbsp;&nbsp;&nbsp;Class C | 75313 | 219029 |
| &nbsp;&nbsp;&nbsp;Class H | 5762410 | 12820341 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 649543 | 195362 |
| &nbsp;&nbsp;&nbsp;Class A | 188189 | 38381 |
| &nbsp;&nbsp;&nbsp;Class C | 46981 | 10648 |
| &nbsp;&nbsp;&nbsp;Class H | 228318 | 41355 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (97187867) | (167273388) |
| &nbsp;&nbsp;&nbsp;Class A | (1709139) | (2276323) |
| &nbsp;&nbsp;&nbsp;Class C | (215257) | (642663) |
| &nbsp;&nbsp;&nbsp;Class H | (5608246) | (24814951) |
| Net decrease from capital share transactions | (2881838) | (34443418) |
| Net decrease in net assets | (3006187) | (28980379) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 19318184 | 48298563 |
| &nbsp;&nbsp;&nbsp;End of year | $16311997 | $19318184 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 472974 | 793646 |
| &nbsp;&nbsp;&nbsp;Class A | 6419 | 4973 |
| &nbsp;&nbsp;&nbsp;Class C | 493 | 1456 |
| &nbsp;&nbsp;&nbsp;Class H | 30333 | 75821 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 3423 | 1032 |
| &nbsp;&nbsp;&nbsp;Class A | 1055 | 214 |
| &nbsp;&nbsp;&nbsp;Class C | 322 | 71 |
| &nbsp;&nbsp;&nbsp;Class H | 1273 | 230 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (491543) | (904401) |
| &nbsp;&nbsp;&nbsp;Class A | (9232) | (12690) |
| &nbsp;&nbsp;&nbsp;Class C | (1382) | (4333) |
| &nbsp;&nbsp;&nbsp;Class H | (29390) | (149365) |
| Net decrease in shares | (15255) | (193346) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 323

**INVERSE GOVERNMENT LONG BOND STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $192.41 | $166.83 | $133.30 | $139.52 | $114.58 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 7.65 | 8.64 | (.15) | (3.89) | (1.30) |
| Net gain (loss) on investments (realized and unrealized) | 7.22 | 19.22 | 33.68 | (2.33) | 26.68 |
| Total from investment operations | 14.87 | 27.86 | 33.53 | (6.22) | 25.38 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (15.29) | (2.28) |  |  | (.44) |
| Total distributions | (15.29) | (2.28) |  |  | (.44) |
| Net asset value, end of period | $191.99 | $192.41 | $166.83 | $133.30 | $139.52 |
| **Total Return** | **7.82%** | **16.72%** | **25.15%** | **(4.46** **%)** | **22.19%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $10169 | $13105 | $29663 | $78436 | $36863 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.87% | 4.62% | (0.09%) | (3.02%) | (2.46%) |
| Total expenses<sup>b</sup> | 5.10% | 4.75% | 4.32% | 3.31% | 2.75% |
| Net expenses<sup>c,d</sup> | 4.95% | 4.63% | 4.28% | 3.29% | 2.73% |
| Portfolio turnover rate | 643% | 662% | 1076% | 2058% | 2159% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $182.11 | $158.40 | $126.88 | $133.13 | $109.61 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 6.88 | 7.77 | .56 | (3.77) | (1.09) |
| Net gain (loss) on investments (realized and unrealized) | 6.71 | 18.22 | 30.96 | (2.48) | 25.05 |
| Total from investment operations | 13.59 | 25.99 | 31.52 | (6.25) | 23.96 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (15.29) | (2.28) |  |  | (.44) |
| Total distributions | (15.29) | (2.28) |  |  | (.44) |
| Net asset value, end of period | $180.41 | $182.11 | $158.40 | $126.88 | $133.13 |
| **Total Return<sup>e</sup>** | **7.56%** | **16.42%** | **24.84%** | **(4.69** **%)** | **21.95%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $2518 | $2862 | $3677 | $4385 | $4798 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.69% | 4.40% | 0.37% | (3.11%) | (2.59%) |
| Total expenses<sup>b</sup> | 5.34% | 5.01% | 4.61% | 3.47% | 2.97% |
| Net expenses<sup>c,d</sup> | 5.18% | 4.88% | 4.56% | 3.45% | 2.94% |
| Portfolio turnover rate | 643% | 662% | 1076% | 2058% | 2159% |

---

324 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE GOVERNMENT LONG BOND STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $152.14 | $133.62 | $107.86 | $114.03 | $94.64 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 4.57 | 5.42 | (1.03) | (4.01) | (1.11) |
| Net gain (loss) on investments (realized and unrealized) | 5.55 | 15.38 | 26.79 | (2.16) | 20.94 |
| Total from investment operations | 10.12 | 20.80 | 25.76 | (6.17) | 19.83 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (15.29) | (2.28) |  |  | (.44) |
| Total distributions | (15.29) | (2.28) |  |  | (.44) |
| Net asset value, end of period | $146.97 | $152.14 | $133.62 | $107.86 | $114.03 |
| **Total Return<sup>e</sup>** | **6.75%** | **15.56%** | **23.88%** | **(5.41** **%)** | **21.00%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $479 | $582 | $886 | $1048 | $1500 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.97% | 3.64% | (0.79%) | (3.85%) | (3.32%) |
| Total expenses<sup>b</sup> | 6.08% | 5.76% | 5.35% | 4.22% | 3.70% |
| Net expenses<sup>c,d</sup> | 5.93% | 5.64% | 5.31% | 4.19% | 3.68% |
| Portfolio turnover rate | 643% | 662% | 1076% | 2058% | 2159% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 325

**INVERSE GOVERNMENT LONG BOND STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $182.92 | $159.09 | $127.42 | $133.70 | $109.85 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 6.80 | 7.67 | (.55) | (3.95) | (.98) |
| Net gain (loss) on investments (realized and unrealized) | 6.86 | 18.44 | 32.22 | (2.33) | 25.27 |
| Total from investment operations | 13.66 | 26.11 | 31.67 | (6.28) | 24.29 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (15.29) | (2.28) |  |  | (.44) |
| Total distributions | (15.29) | (2.28) |  |  | (.44) |
| Net asset value, end of period | $181.29 | $182.92 | $159.09 | $127.42 | $133.70 |
| **Total Return** | **7.56%** | **16.43%** | **24.85%** | **(4.70** **%)** | **22.18%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $3146 | $2769 | $14072 | $11922 | $7472 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.64% | 4.37% | (0.36%) | (3.20%) | (2.62%) |
| Total expenses<sup>b</sup> | 5.34% | 4.99% | 4.55% | 3.49% | 2.94% |
| Net expenses<sup>c,d</sup> | 5.19% | 4.88% | 4.51% | 3.47% | 2.92% |
| Portfolio turnover rate | 643% | 662% | 1076% | 2058% | 2159% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Does not include expenses of the underlying funds in which the Fund invests.

<sup>c</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>d</sup> Net expense includes expenses related to short sales. Excluding these expenses, the net expense ratios for the years presented would be:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **03/31/25** | **03/31/24** | **03/31/23** | **03/31/22** | **03/31/21** |
| Investor Class | 1.33% | 1.37% | 1.40% | 1.39% | 1.47% |
| Class A | 1.58% | 1.61% | 1.64% | 1.63% | 1.73% |
| Class C | 2.33% | 2.36% | 2.40% | 2.38% | 2.48% |
| Class H | 1.59% | 1.62% | 1.65% | 1.64% | 1.73% |

---

<sup>e</sup> Total return does not reflect the impact of any applicable sales charges.

326 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **HIGH YIELD STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MUTUAL FUNDS<sup>†</sup>** **- 16.7%** | **MUTUAL FUNDS<sup>†</sup>** **- 16.7%** | **MUTUAL FUNDS<sup>†</sup>** **- 16.7%** |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund III<sup>1</sup> | 79841 | $1990438 |
| &nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 133249 | 1336487 |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II<sup>1</sup> | 53173 | 1321874 |
| **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,578,426) |  | 4648799 |
|  | **Face<br> Amount** |  |
| **FEDERAL AGENCY NOTES<sup>††</sup>** **- 32.3%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 32.3%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 32.3%** |
| Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp;4.38% (SOFR + 0.04%, Rate Floor: 0.00%) due 06/20/25<sup>◊</sup> | $3000000 | 3000294 |
| &nbsp;&nbsp;&nbsp;4.34% (SOFR, Rate Floor: 0.00%) due 07/03/25<sup>◊</sup> | 2000000 | 2000016 |
| &nbsp;&nbsp;&nbsp;4.36% (SOFR + 0.02%, Rate Floor: 0.00%) due 05/07/25<sup>◊</sup> | 2000000 | 1999990 |
| Federal Farm Credit Bank | Federal Farm Credit Bank | Federal Farm Credit Bank |
| &nbsp;&nbsp;&nbsp;4.36% (SOFR + 0.02%, Rate Floor: 0.00%) due 11/06/25<sup>◊</sup> | 2000000 | 2000066 |
| **Total Federal Agency Notes** | **Total Federal Agency Notes** |  |
| &nbsp;&nbsp;&nbsp;(Cost $9,000,000) |  | 9000366 |
| **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 18.9%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 18.9%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 18.9%** |
| Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp;4.22% due 05/02/25<sup>2</sup> | 5290000 | 5270781 |
| **Total Federal Agency Discount Notes** | **Total Federal Agency Discount Notes** |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,270,781) |  | 5270781 |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 13.5%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 13.5%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 13.5%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;4.22% due 05/06/25<sup>2</sup> | 3000000 | 2987643 |
| &nbsp;&nbsp;&nbsp;4.08% due 04/08/25<sup>2,3</sup> | 782000 | 781354 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,769,057) |  | 3768997 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 12.7%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 12.7%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 12.7%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25<sup>5</sup> | 2008678 | 2008678 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25<sup>5</sup> | 1539427 | 1539427 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,548,105) |  | 3548105 |
| **Total Investments - 94.1%** | **Total Investments - 94.1%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $26,166,369) | &nbsp;&nbsp;&nbsp;(Cost $26,166,369) | $26237048 |
| **Other Assets & Liabilities, net - 5.9%** | **Other Assets & Liabilities, net - 5.9%** | 1634423 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $27871471 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 327

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **HIGH YIELD STRATEGY FUND** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation\*\*** |
| **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** |
| U.S. Treasury 5 Year Note Futures Contracts | 249 | Jun 2025 | $26960086 | $147538 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** |
| **Counterparty** | **Index** | **Protection <br> Premium <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Notional <br> Amount** | **Value** | **Upfront <br> Premiums <br> Paid** | **Unrealized <br> Depreciation\*\*** |
| Barclays Bank plc<br> ICE | CDX.NA.HY.44.V1 | 5.00% | Quarterly | 06/20/30 | $18750000 | $968438 | $1101520 | $(133082) |
| Goldman Sachs International<br> ICE | CDX.NA.HY.44.V1 | 5.00% | Quarterly | 06/20/30 | 6700000 | 346055 | 395849 | (49794) |
|  |  |  |  |  |  | $1314493 | $1497369 | $(182876) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** |
| **Counterparty** | **Reference Obligation** | **Type** | **Financing Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Depreciation** |
| **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** |
| BNP Paribas | iShares iBoxx $ High Yield Corporate Bond ETF | Pay | 4.88% (Federal<br> Funds Rate +<br> 0.55%) | At Maturity | 06/26/25 | 1222 | $96419 | $(244) |
| BNP Paribas | SPDR Bloomberg High Yield Bond ETF | Pay | 4.88% (Federal<br> Funds Rate +<br> 0.55%) | At Maturity | 06/26/25 | 1788 | 170405 | (483) |
| Goldman Sachs International | iShares iBoxx $ High Yield Corporate Bond ETF | Pay | 4.33% (Federal Funds Rate) | At Maturity | 04/30/25 | 16337 | 1288826 | (8495) |
|  |  |  |  |  |  |  | $1555650 | $(9222) |

---

---

| | |
|:---|:---|
| \*\* | &nbsp;&nbsp;&nbsp;Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>◊</sup> | &nbsp;&nbsp;&nbsp;Variable rate security. Rate indicated is the rate effective at March 31, 2025. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Affiliated issuer. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the effective yield at the time of purchase. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as futures and credit default swap collateral at March 31, 2025. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as equity index swap collateral at March 31, 2025. |
|  | &nbsp;&nbsp;&nbsp;CDX.NA.HY.44.V1 — Credit Default Swap North American High Yield Series 44 Index Version 1 |
|  | &nbsp;&nbsp;&nbsp;ICE — Intercontinental Exchange |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;SOFR — Secured Overnight Financing Rate |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

328 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **HIGH YIELD STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Mutual Funds | $4648799 | $— | $— | $4648799 |
| Federal Agency Notes |  | 9000366 |  | 9000366 |
| Federal Agency Discount Notes |  | 5270781 |  | 5270781 |
| U.S. Treasury Bills |  | 3768997 |  | 3768997 |
| Repurchase Agreements |  | 3548105 |  | 3548105 |
| Interest Rate Futures Contracts\*\* | 147538 |  |  | 147538 |
| Total Assets | $4796337 | $21588249 | $— | $26384586 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Credit Default Swap Agreements\*\* | $— | $182876 | $— | $182876 |
| Credit Index Swap Agreements\*\* |  | 9222 |  | 9222 |
| Total Liabilities | $— | $192098 | $— | $192098 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

**Affiliated Transactions** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the year ended March 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 03/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 03/31/25** | **Shares <br> 03/31/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Guggenheim Strategy Fund II | $1308049 | $— | $— | $— | $13825 | $1321874 | 53173 | $74309 |
| &nbsp;&nbsp;Guggenheim Strategy Fund III | 1969680 |  |  |  | 20758 | 1990438 | 79841 | 109105 |
| &nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 1320497 |  |  |  | 15990 | 1336487 | 133249 | 66442 |
|  | $4598226 | $— | $— | $— | $50573 | $4648799 |  | $249856 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 329

**HIGH YIELD STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in unaffiliated issuers, at value (cost $18,039,838) | $18040144 |
| Investments in affiliated issuers, at value (cost $4,578,426) | 4648799 |
| Repurchase agreements, at value (cost $3,548,105) | 3548105 |
| Segregated cash with broker | 430661 |
| Unamortized upfront premiums paid on credit default swap agreements | 1497369 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Interest | 44380 |
| &nbsp;&nbsp;&nbsp;Protection fees on credit default swap agreements | 42417 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 21399 |
| &nbsp;&nbsp;&nbsp;Dividends | 19122 |
| **Total assets** | 28292396 |
| **Liabilities:** | **Liabilities:** |
| Segregated cash due to broker | 308748 |
| Unrealized depreciation on OTC swap agreements | 9222 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Variation margin on credit default swap agreements | 27744 |
| &nbsp;&nbsp;&nbsp;Management fees | 20566 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 13024 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 7231 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 2847 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 1414 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 1118 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 360 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 28651 |
| **Total liabilities** | 420925 |
| **Net assets** | $27871471 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $39444229 |
| Total distributable earnings (loss) | (11572758) |
| Net assets | $27871471 |
| **Class A:** | **Class A:** |
| Net assets | $3525199 |
| Capital shares outstanding | 29284 |
| Net asset value per share | $120.38 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $126.38 |
| **Class C:** | **Class C:** |
| Net assets | $476427 |
| Capital shares outstanding | 4866 |
| Net asset value per share | $97.91 |
| **Class H:** | **Class H:** |
| Net assets | $23869845 |
| Capital shares outstanding | 198411 |
| Net asset value per share | $120.31 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends from securities of affiliated issuers | $249856 |
| Interest | 1482962 |
| &nbsp;&nbsp;&nbsp;Total investment income | 1732818 |
| **Expenses:** | **Expenses:** |
| Management fees | 275343 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 7805 |
| &nbsp;&nbsp;&nbsp;Class C | 4466 |
| &nbsp;&nbsp;&nbsp;Class H | 82859 |
| Transfer agent fees | 79988 |
| Portfolio accounting and administration fees | 56007 |
| Registration fees | 46295 |
| Professional fees | 17389 |
| Custodian fees | 4765 |
| Trustees' fees\* | 4234 |
| Line of credit fees | 65 |
| Miscellaneous | 6103 |
| &nbsp;&nbsp;&nbsp;Total expenses | 585319 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (18344) |
| Expenses waived by Adviser | (3319) |
| &nbsp;&nbsp;&nbsp;Total waived expenses | (21663) |
| Net expenses | 563656 |
| Net investment income | 1169162 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 395 |
| &nbsp;&nbsp;&nbsp;Swap agreements | 1650969 |
| &nbsp;&nbsp;&nbsp;Futures contracts | (502573) |
| Net realized gain | 1148791 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | (2255) |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | 50573 |
| &nbsp;&nbsp;&nbsp;Swap agreements | (253765) |
| &nbsp;&nbsp;&nbsp;Futures contracts | 53810 |
| Net change in unrealized appreciation (depreciation) | (151637) |
| Net realized and unrealized gain | 997154 |
| **Net increase in net assets resulting from operations** | $2166316 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

330 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**HIGH YIELD STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $1169162 | $1337382 |
| Net realized gain on investments | 1148791 | 2497595 |
| Net change in unrealized appreciation (depreciation) on investments | (151637) | (237216) |
| Net increase in net assets resulting from operations | 2166316 | 3597761 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (198754) | (137018) |
| &nbsp;&nbsp;&nbsp;Class C | (34933) | (33052) |
| &nbsp;&nbsp;&nbsp;Class H | (2091935) | (1598601) |
| Total distributions to shareholders | (2325622) | (1768671) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1452134 | 1827822 |
| &nbsp;&nbsp;&nbsp;Class C | 351315 | 785584 |
| &nbsp;&nbsp;&nbsp;Class H | 201007649 | 136262338 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 198011 | 136021 |
| &nbsp;&nbsp;&nbsp;Class C | 33671 | 27809 |
| &nbsp;&nbsp;&nbsp;Class H | 2083585 | 1594479 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1111779) | (1695572) |
| &nbsp;&nbsp;&nbsp;Class C | (315389) | (1677806) |
| &nbsp;&nbsp;&nbsp;Class H | (211912158) | (121545224) |
| Net increase (decrease) from capital share transactions | (8212961) | 15715451 |
| Net increase (decrease) in net assets | (8372267) | 17544541 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 36243738 | 18699197 |
| &nbsp;&nbsp;&nbsp;End of year | $27871471 | $36243738 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 11911 | 15897 |
| &nbsp;&nbsp;&nbsp;Class C | 3479 | 8108 |
| &nbsp;&nbsp;&nbsp;Class H | 1613119 | 1177645 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1644 | 1178 |
| &nbsp;&nbsp;&nbsp;Class C | 343 | 289 |
| &nbsp;&nbsp;&nbsp;Class H | 17313 | 13812 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (8919) | (14472) |
| &nbsp;&nbsp;&nbsp;Class C | (3091) | (17200) |
| &nbsp;&nbsp;&nbsp;Class H | (1702902) | (1051014) |
| Net increase (decrease) in shares | (67103) | 134243 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 331

**HIGH YIELD STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $121.29 | $114.48 | $117.11 | $122.60 | $108.68 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 3.92 | 3.96 | 1.41 | (1.36) | (.55) |
| Net gain (loss) on investments (realized and unrealized) | 3.87 | 7.66 | (3.68) | (4.13) | 14.47 <sup>e</sup> |
| Total from investment operations | 7.79 | 11.62 | (2.27) | (5.49) | 13.92 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (8.70) | (4.81) | (.36) |  |  |
| Total distributions | (8.70) | (4.81) | (.36) |  |  |
| Net asset value, end of period | $120.38 | $121.29 | $114.48 | $117.11 | $122.60 |
| **Total Return<sup>b</sup>** | **6.41%** | **10.33%** | **(1.89** **%)** | **(4.48** **%)** | **12.81%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $3525 | $2990 | $2524 | $2962 | $4021 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.18% | 3.40% | 1.28% | (1.10%) | (1.21 %) |
| Total expenses<sup>c</sup> | 1.59% | 1.59% | 1.54% | 1.51% | 1.60% |
| Net expenses<sup>d</sup> | 1.53% | 1.54% | 1.52% | 1.49% | 1.57% |
| Portfolio turnover rate |  |  |  | 40% | 134% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $100.93 | $96.73 | $99.75 | $105.21 | $93.96 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 2.48 | 2.49 | .50 | (1.97) | (.81) |
| Net gain (loss) on investments (realized and unrealized) | 3.20 | 6.52 | (3.16) | (3.49) | 12.06 <sup>e</sup> |
| Total from investment operations | 5.68 | 9.01 | (2.66) | (5.46) | 11.25 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (8.70) | (4.81) | (.36) |  |  |
| Total distributions | (8.70) | (4.81) | (.36) |  |  |
| Net asset value, end of period | $97.91 | $100.93 | $96.73 | $99.75 | $105.21 |
| **Total Return<sup>b</sup>** | **5.62%** | **9.51%** | **(2.62** **%)** | **(5.19** **%)** | **11.97%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $476 | $417 | $1251 | $1313 | $2136 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.44% | 2.55% | 0.53% | (1.86%) | (1.96 %) |
| Total expenses<sup>c</sup> | 2.34% | 2.33% | 2.29% | 2.26% | 2.34% |
| Net expenses<sup>d</sup> | 2.28% | 2.30% | 2.27% | 2.24% | 2.32% |
| Portfolio turnover rate |  |  |  | 40% | 134% |

---

332 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**HIGH YIELD STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $121.22 | $114.41 | $117.03 | $122.51 | $108.54 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 3.95 | 3.98 | 1.61 | (1.41) | (.47) |
| Net gain (loss) on investments (realized and unrealized) | 3.84 | 7.64 | (3.87) | (4.07) | 14.44 <sup>e</sup> |
| Total from investment operations | 7.79 | 11.62 | (2.26) | (5.48) | 13.97 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (8.70) | (4.81) | (.36) |  |  |
| Total distributions | (8.70) | (4.81) | (.36) |  |  |
| Net asset value, end of period | $120.31 | $121.22 | $114.41 | $117.03 | $122.51 |
| **Total Return** | **6.41%** | **10.32%** | **(1.88** **%)** | **(4.47** **%)** | **12.87%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $23870 | $32837 | $14924 | $16947 | $19835 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.20% | 3.41% | 1.45% | (1.14%) | (1.23 %) |
| Total expenses<sup>c</sup> | 1.59% | 1.58% | 1.55% | 1.51% | 1.61% |
| Net expenses<sup>d</sup> | 1.53% | 1.54% | 1.53% | 1.49% | 1.59% |
| Portfolio turnover rate |  |  |  | 40% | 134% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>c</sup> Does not include expenses of the underlying funds in which the Fund invests.

<sup>d</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>e</sup> The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 333

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **INVERSE HIGH YIELD STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MUTUAL FUNDS<sup>†</sup>** **- 11.7%** | **MUTUAL FUNDS<sup>†</sup>** **- 11.7%** | **MUTUAL FUNDS<sup>†</sup>** **- 11.7%** |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II<sup>1</sup> | 9164 | $227829 |
| &nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 22678 | 227461 |
| **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $449,758) |  | 455290 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 1.1%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 1.1%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 1.1%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;4.08% due 04/08/25<sup>2,3</sup> | $42000 | 41965 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $41,966) |  | 41965 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 82.0%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 82.0%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 82.0%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25 | 1801071 | 1801071 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25 | 1380319 | 1380319 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,181,390) |  | 3181390 |
| **Total Investments - 94.8%** | **Total Investments - 94.8%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,673,114) | &nbsp;&nbsp;&nbsp;(Cost $3,673,114) | $3678645 |
| **Other Assets & Liabilities, net - 5.2%** | **Other Assets & Liabilities, net - 5.2%** | 202675 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $3881320 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Depreciation\*\*** |
| **Interest Rate Futures Contracts Sold Short<sup>†</sup>** | **Interest Rate Futures Contracts Sold Short<sup>†</sup>** | **Interest Rate Futures Contracts Sold Short<sup>†</sup>** | **Interest Rate Futures Contracts Sold Short<sup>†</sup>** | **Interest Rate Futures Contracts Sold Short<sup>†</sup>** |
| U.S. Treasury 5 Year Note Futures Contracts | 36 | Jun 2025 | $3897844 | $(19030) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** |
| **Counterparty** | **Index** | **Protection <br> Premium <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Notional <br> Amount** | **Value** | **Upfront <br> Premiums <br> (Received)** | **Unrealized <br> Appreciation\*\*** |
| Barclays Bank plc<br> ICE | CDX.NA.HY.44.V1 | 5.00% | Quarterly | 06/20/30 | $3650000 | $(188523) | $(210288) | $21765 |

---

---

| | |
|:---|:---|
| \*\* | &nbsp;&nbsp;&nbsp;Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Affiliated issuer. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as futures collateral at March 31, 2025. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the effective yield at the time of purchase. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;CDX.NA.HY.44.V1 — Credit Default Swap North American High Yield Series 44 Index Version 1 |
|  | &nbsp;&nbsp;&nbsp;ICE — Intercontinental Exchange |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

334 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **INVERSE HIGH YIELD STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Mutual Funds | $455290 | $— | $— | $455290 |
| U.S. Treasury Bills |  | 41965 |  | 41965 |
| Repurchase Agreements |  | 3181390 |  | 3181390 |
| Credit Default Swap Agreements\*\* |  | 21765 |  | 21765 |
| Total Assets | $455290 | $3245120 | $— | $3700410 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Total** |
| Interest Rate Futures Contracts\*\* | $19030 | $– $– $| 19030 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

**Affiliated Transactions** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the year ended March 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 03/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 03/31/25** | **Shares <br> 03/31/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Guggenheim Strategy Fund II | $721015 | $— | $(500000) | $2072 | $4742 | $227829 | 9164 | $30087 |
| &nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 373439 |  | (150000) | 1000 | 3022 | 227461 | 22678 | 16141 |
|  | $1094454 | $— | $(650000) | $3072 | $7764 | $455290 |  | $46228 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 335

**INVERSE HIGH YIELD STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in unaffiliated issuers, at value (cost $41,966) | $41965 |
| Investments in affiliated issuers, at value (cost $449,758) | 455290 |
| Repurchase agreements, at value (cost $3,181,390) | 3181390 |
| Segregated cash with broker | 420804 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Variation margin on credit default swap agreements | 3981 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 2142 |
| &nbsp;&nbsp;&nbsp;Dividends | 1795 |
| &nbsp;&nbsp;&nbsp;Interest | 386 |
| **Total assets** | 4107753 |
| **Liabilities:** | **Liabilities:** |
| Unamortized upfront premiums received on credit default swap agreements | 210288 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Protection fees on credit default swap agreements | 6083 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 3094 |
| &nbsp;&nbsp;&nbsp;Management fees | 1688 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 995 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 757 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 583 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 237 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 33 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 2675 |
| **Total liabilities** | 226433 |
| **Net assets** | $3881320 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $15023139 |
| Total distributable earnings (loss) | (11141819) |
| Net assets | $3881320 |
| **Class A:** | **Class A:** |
| Net assets | $331011 |
| Capital shares outstanding | 6791 |
| Net asset value per share | $48.74 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $51.17 |
| **Class C:** | **Class C:** |
| Net assets | $8428 |
| Capital shares outstanding | 199 |
| Net asset value per share | $42.41 |
| **Class H:** | **Class H:** |
| Net assets | $3541881 |
| Capital shares outstanding | 70907 |
| Net asset value per share | $49.95 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends from securities of affiliated issuers | $46228 |
| Interest | 193536 |
| &nbsp;&nbsp;&nbsp;Total investment income | 239764 |
| **Expenses:** | **Expenses:** |
| Management fees | 36490 |
| Distribution and service fees | Distribution and service fees |
| &nbsp;&nbsp;&nbsp;Class A | 663 |
| &nbsp;&nbsp;&nbsp;Class C | 191 |
| &nbsp;&nbsp;&nbsp;Class H | 11452 |
| Transfer agent fees | 10330 |
| Registration fees | 8194 |
| Portfolio accounting and administration fees | 7422 |
| Trustees' fees\* | 716 |
| Custodian fees | 706 |
| Miscellaneous | 57 |
| &nbsp;&nbsp;&nbsp;Total expenses | 76221 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (2431) |
| Expenses waived by Adviser | (797) |
| &nbsp;&nbsp;&nbsp;Total waived expenses | (3228) |
| Net expenses | 72993 |
| Net investment income | 166771 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 4 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | 3072 |
| &nbsp;&nbsp;&nbsp;Swap agreements | (284012) |
| &nbsp;&nbsp;&nbsp;Futures contracts | 65584 |
| Net realized loss | (215352) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | 7764 |
| &nbsp;&nbsp;&nbsp;Swap agreements | 34987 |
| &nbsp;&nbsp;&nbsp;Futures contracts | (854) |
| Net change in unrealized appreciation (depreciation) | 41897 |
| Net realized and unrealized loss | (173455) |
| **Net decrease in net assets resulting from operations** | $(6684) |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

336 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE HIGH YIELD STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $166771 | $397509 |
| Net realized loss on investments | (215352) | (1040432) |
| Net change in unrealized appreciation (depreciation) on investments | 41897 | 490522 |
| Net decrease in net assets resulting from operations | (6684) | (152401) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 189227 | 149996 |
| &nbsp;&nbsp;&nbsp;Class C | 19378 | 14129 |
| &nbsp;&nbsp;&nbsp;Class H | 37379350 | 37702557 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (92138) | (259305) |
| &nbsp;&nbsp;&nbsp;Class C | (34610) | (73793) |
| &nbsp;&nbsp;&nbsp;Class H | (39938489) | (49378394) |
| Net decrease from capital share transactions | (2477282) | (11844810) |
| Net decrease in net assets | (2483966) | (11997211) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 6365286 | 18362497 |
| &nbsp;&nbsp;&nbsp;End of year | $3881320 | $6365286 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 3901 | 2986 |
| &nbsp;&nbsp;&nbsp;Class C | 454 | 320 |
| &nbsp;&nbsp;&nbsp;Class H | 747220 | 732244 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1904) | (5233) |
| &nbsp;&nbsp;&nbsp;Class C | (826) | (1679) |
| &nbsp;&nbsp;&nbsp;Class H | (799089) | (960166) |
| Net decrease in shares | (50244) | (231528) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 337

**INVERSE HIGH YIELD STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $48.49 | $49.81 | $49.19 | $50.15 | $62.01 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 1.62 | 1.72 | (.01) | (.64) | (.68) |
| Net gain (loss) on investments (realized and unrealized) | (1.37) | (3.04) | .63 <sup>e</sup> | .82 | (7.31) |
| Total from investment operations | .25 | (1.32) | .62 | .18 | (7.99) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  |  |  | (1.14) | (3.87) |
| Total distributions |  |  |  | (1.14) | (3.87) |
| Net asset value, end of period | $48.74 | $48.49 | $49.81 | $49.19 | $50.15 |
| **Total Return<sup>b</sup>** | **0.52%** | **(2.65** **%)** | **1.26%** | **0.47%** | **(12.88** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $331 | $232 | $351 | $238 | $5612 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.34% | 3.43% | (0.02 %) | (1.31%) | (1.28%) |
| Total expenses<sup>c</sup> | 1.56% | 1.58% | 1.55% | 1.50% | 1.56% |
| Net expenses<sup>d</sup> | 1.48% | 1.54% | 1.55% | 1.49% | 1.54% |
| Portfolio turnover rate |  |  |  | 344% | 438% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $42.50 | $44.00 | $43.75 | $44.74 | $56.62 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 1.14 | 1.17 | .01 | (.81) | (.90) |
| Net gain (loss) on investments (realized and unrealized) | (1.23) | (2.67) | .24 <sup>e</sup> | .96 | (7.11) |
| Total from investment operations | (.09) | (1.50) | .25 | .15 | (8.01) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  |  |  | (1.14) | (3.87) |
| Total distributions |  |  |  | (1.14) | (3.87) |
| Net asset value, end of period | $42.41 | $42.50 | $44.00 | $43.75 | $44.74 |
| **Total Return<sup>b</sup>** | **(0.21** **%)** | **(3.41** **%)** | **0.57%** | **0.45%** | **(14.23** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $8 | $24 | $85 | $119 | $162 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.69% | 2.64% | 0.01% | (1.88%) | (1.78%) |
| Total expenses<sup>c</sup> | 2.32% | 2.33% | 2.29% | 2.26% | 2.36% |
| Net expenses<sup>d</sup> | 2.25% | 2.29% | 2.29% | 2.22% | 2.31% |
| Portfolio turnover rate |  |  |  | 344% | 438% |

---

338 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE HIGH YIELD STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $49.75 | $51.12 | $50.44 | $50.99 | $63.45 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 1.72 | 1.75 | .47 | (.68) | (.74) |
| Net gain (loss) on investments (realized and unrealized) | (1.52) | (3.12) | .21 <sup>e</sup> | 1.27 | (7.85) |
| Total from investment operations | .20 | (1.37) | .68 | .59 | (8.59) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  |  |  | (1.14) | (3.87) |
| Total distributions |  |  |  | (1.14) | (3.87) |
| Net asset value, end of period | $49.95 | $49.75 | $51.12 | $50.44 | $50.99 |
| **Total Return** | **0.40%** | **(2.68** **%)** | **1.35%** | **1.27%** | **(13.58** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $3542 | $6109 | $17927 | $6706 | $3719 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.44% | 3.39% | 0.88% | (1.35%) | (1.26%) |
| Total expenses<sup>c</sup> | 1.56% | 1.58% | 1.54% | 1.52% | 1.62% |
| Net expenses<sup>d</sup> | 1.50% | 1.55% | 1.53% | 1.51% | 1.60% |
| Portfolio turnover rate |  |  |  | 344% | 438% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>c</sup> Does not include expenses of the underlying funds in which the Fund invests.

<sup>d</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>e</sup> The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 339

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **EMERGING MARKETS 2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 45.9%** | **COMMON STOCKS<sup>†</sup>** **- 45.9%** | **COMMON STOCKS<sup>†</sup>** **- 45.9%** |
| **Communications - 15.4%** | **Communications - 15.4%** | **Communications - 15.4%** |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. ADR | 3599 | $475896 |
| &nbsp;&nbsp;&nbsp;PDD Holdings, Inc. ADR\* | 1122 | 132789 |
| &nbsp;&nbsp;&nbsp;JD.com, Inc. ADR | 3065 | 126033 |
| &nbsp;&nbsp;&nbsp;Trip.com Group Ltd. ADR | 1127 | 71655 |
| &nbsp;&nbsp;&nbsp;Baidu, Inc. ADR\* | 612 | 56322 |
| &nbsp;&nbsp;&nbsp;Chunghwa Telecom Company Ltd. ADR | 829 | 32505 |
| &nbsp;&nbsp;&nbsp;America Movil SAB de CV ADR | 1813 | 25781 |
| &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group ADR | 1451 | 20909 |
| &nbsp;&nbsp;&nbsp;Full Truck Alliance Company Ltd. ADR | 1563 | 19959 |
| &nbsp;&nbsp;&nbsp;Telkom Indonesia Persero Tbk PT ADR | 945 | 13957 |
| &nbsp;&nbsp;&nbsp;Bilibili, Inc. ADR\* | 611 | 11676 |
| &nbsp;&nbsp;&nbsp;Vipshop Holdings Ltd. ADR | 728 | 11415 |
| **Total Communications** |  | 998897 |
| **Technology - 13.6%** | **Technology - 13.6%** | **Technology - 13.6%** |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd. ADR | 3516 | 583656 |
| &nbsp;&nbsp;&nbsp;Infosys Ltd. ADR | 7577 | 138280 |
| &nbsp;&nbsp;&nbsp;NetEase, Inc. ADR | 768 | 79042 |
| &nbsp;&nbsp;&nbsp;United Microelectronics Corp. ADR<sup>1</sup> | 5015 | 35857 |
| &nbsp;&nbsp;&nbsp;ASE Technology Holding Company Ltd. ADR | 3696 | 32377 |
| &nbsp;&nbsp;&nbsp;Wipro Ltd. ADR | 6223 | 19043 |
| **Total Technology** |  | 888255 |
| **Financial - 8.1%** | **Financial - 8.1%** | **Financial - 8.1%** |
| &nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | 3280 | 217924 |
| &nbsp;&nbsp;&nbsp;ICICI Bank Ltd. ADR | 4869 | 153471 |
| &nbsp;&nbsp;&nbsp;KB Financial Group, Inc. ADR | 754 | 40799 |
| &nbsp;&nbsp;&nbsp;Shinhan Financial Group Company Ltd. ADR | 1015 | 32561 |
| &nbsp;&nbsp;&nbsp;KE Holdings, Inc. ADR | 1423 | 28588 |
| &nbsp;&nbsp;&nbsp;Banco Bradesco S.A. ADR | 11066 | 24677 |
| &nbsp;&nbsp;&nbsp;Woori Financial Group, Inc. ADR | 461 | 15388 |
| &nbsp;&nbsp;&nbsp;Banco de Chile ADR | 504 | 13351 |
| **Total Financial** |  | 526759 |
| **Basic Materials - 2.7%** | **Basic Materials - 2.7%** | **Basic Materials - 2.7%** |
| &nbsp;&nbsp;&nbsp;Vale S.A. ADR | 7685 | 76696 |
| &nbsp;&nbsp;&nbsp;Gold Fields Ltd. ADR | 1922 | 42457 |
| &nbsp;&nbsp;&nbsp;POSCO Holdings, Inc. ADR | 617 | 29326 |
| &nbsp;&nbsp;&nbsp;Harmony Gold Mining Company Ltd. ADR | 1176 | 17370 |
| &nbsp;&nbsp;&nbsp;Suzano S.A. ADR | 1459 | 13554 |
| **Total Basic Materials** |  | 179403 |
| **Consumer, Non-cyclical - 2.2%** | **Consumer, Non-cyclical - 2.2%** | **Consumer, Non-cyclical - 2.2%** |
| &nbsp;&nbsp;&nbsp;BeiGene Ltd. ADR\* | 142 | 38648 |
| &nbsp;&nbsp;&nbsp;Fomento Economico Mexicano SAB de CV ADR | 378 | 36885 |
| &nbsp;&nbsp;&nbsp;Ambev S.A. ADR | 9130 | 21273 |
| &nbsp;&nbsp;&nbsp;Dr Reddy's Laboratories Ltd. ADR | 1354 | 17860 |
| &nbsp;&nbsp;&nbsp;TAL Education Group ADR\* | 1220 | 16116 |
| &nbsp;&nbsp;&nbsp;New Oriental Education & Technology Group, Inc. ADR | 253 | 12096 |
| **Total Consumer, Non-cyclical** |  | 142878 |
| **Consumer, Cyclical - 1.4%** | **Consumer, Cyclical - 1.4%** | **Consumer, Cyclical - 1.4%** |
| &nbsp;&nbsp;&nbsp;Li Auto, Inc. ADR\* | 1295 | 32634 |
| &nbsp;&nbsp;&nbsp;XPeng, Inc. ADR\* | 1415 | 29319 |
| &nbsp;&nbsp;&nbsp;NIO, Inc. ADR\*<sup>,1</sup> | 4025 | 15335 |
| &nbsp;&nbsp;&nbsp;H World Group Ltd. ADR | 373 | 13805 |
| **Total Consumer, Cyclical** |  | 91093 |
| **Industrial - 1.1%** | **Industrial - 1.1%** | **Industrial - 1.1%** |
| &nbsp;&nbsp;&nbsp;Cemex SAB de CV ADR | 3547 | 19899 |
| &nbsp;&nbsp;&nbsp;Embraer S.A. ADR\* | 378 | 17463 |
| &nbsp;&nbsp;&nbsp;ZTO Express Cayman, Inc. ADR | 815 | 16170 |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Pacifico SAB de CV ADR | 86 | 15954 |
| **Total Industrial** |  | 69486 |
| **Energy - 0.9%** | **Energy - 0.9%** | **Energy - 0.9%** |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro S.A. ADR | 3995 | 57288 |
| **Utilities - 0.5%** | **Utilities - 0.5%** | **Utilities - 0.5%** |
| &nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo SABESP ADR | 903 | 16128 |
| &nbsp;&nbsp;&nbsp;Centrais Eletricas Brasileiras S.A. ADR<sup>1</sup> | 2135 | 15158 |
| **Total Utilities** |  | 31286 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,483,344) |  | 2985345 |
| **PREFERRED STOCKS<sup>†</sup>** **- 1.9%** | **PREFERRED STOCKS<sup>†</sup>** **- 1.9%** | **PREFERRED STOCKS<sup>†</sup>** **- 1.9%** |
| **Financial - 1.0%** | **Financial - 1.0%** | **Financial - 1.0%** |
| Itau Unibanco Holding S.A. ADR | 11323 | 62276 |
| **Energy - 0.9%** | **Energy - 0.9%** | **Energy - 0.9%** |
| Petroleo Brasileiro S.A. ADR | 4514 | 58862 |
| **Total Preferred Stocks** | **Total Preferred Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $102,830) |  | 121138 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 57.0%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 57.0%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 57.0%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25<sup>3</sup> | $2096964 | 2096964 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25<sup>3</sup> | 1607088 | 1607088 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,704,052) |  | 3704052 |
| **SECURITIES LENDING COLLATERAL<sup>†,4</sup>** **- 0.7%** | **SECURITIES LENDING COLLATERAL<sup>†,4</sup>** **- 0.7%** | **SECURITIES LENDING COLLATERAL<sup>†,4</sup>** **- 0.7%** |
| **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.27%<sup>5</sup> | 48559 | $48559 |
| **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp;(Cost $48,559) |  | 48559 |
| **Total Investments - 105.5%** | **Total Investments - 105.5%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,338,785) | &nbsp;&nbsp;&nbsp;(Cost $6,338,785) | $6859094 |

---

340 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **EMERGING MARKETS 2x STRATEGY FUND** |  |

---

---

| | |
|:---|:---|
| **Shares** | **Value** |
| **Other Assets & Liabilities, net - (5.5)%** | (359384) |
| **Total Net Assets - 100.0%** | $6499710 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** |
| **Counterparty** | **Index** | **Type** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Depreciation** |
| **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** |
| BNP Paribas | S&P Emerging 50 ADR Index | Pay | 4.93% (Federal<br> Funds Rate +<br> 0.60%) | At Maturity | 06/26/25 | 332 | $1059259 | $(15089) |
| Goldman Sachs International | S&P Emerging 50 ADR Index | Pay | 4.83% (Federal<br> Funds Rate +<br> 0.50%) | At Maturity | 06/25/25 | 2755 | 8780656 | (207591) |
|  |  |  |  |  |  |  | $9839915 | $(222680) |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp;A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is on loan at March 31, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as equity index swap collateral at March 31, 2025. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Securities lending collateral — See Note 7. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of March 31, 2025. |
|  | &nbsp;&nbsp;&nbsp;ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 341

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **EMERGING MARKETS 2x STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $2985345 | $— | $— | $2985345 |
| Preferred Stocks | 121138 |  |  | 121138 |
| Repurchase Agreements |  | 3704052 |  | 3704052 |
| Securities Lending Collateral | 48559 |  |  | 48559 |
| Total Assets | $3155042 | $3704052 | $— | $6859094 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Equity Index Swap Agreements\*\* | $– $| 222680 | $– $| 222680 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

342 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**EMERGING MARKETS 2x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value - including $48,898 of securities loaned (cost $2,634,733) | $3155042 |
| Repurchase agreements, at value (cost $3,704,052) | 3704052 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 222886 |
| &nbsp;&nbsp;&nbsp;Dividends | 3231 |
| &nbsp;&nbsp;&nbsp;Interest | 448 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 189 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims | 38 |
| **Total assets** | 7085886 |
| **Liabilities:** | **Liabilities:** |
| Overdraft due to custodian bank | 53 |
| Unrealized depreciation on OTC swap agreements | 222680 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 260410 |
| &nbsp;&nbsp;&nbsp;Return of securities lending collateral | 48559 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 39954 |
| &nbsp;&nbsp;&nbsp;Management fees | 5280 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 2377 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 1558 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 617 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 49 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 4639 |
| **Total liabilities** | 586176 |
| **Net assets** | $6499710 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $23073692 |
| Total distributable earnings (loss) | (16573982) |
| Net assets | $6499710 |
| **Class A:** | **Class A:** |
| Net assets | $158005 |
| Capital shares outstanding | 2405 |
| Net asset value per share | $65.70 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $68.98 |
| **Class C:** | **Class C:** |
| Net assets | $147901 |
| Capital shares outstanding | 2494 |
| Net asset value per share | $59.30 |
| **Class H:** | **Class H:** |
| Net assets | $6193804 |
| Capital shares outstanding | 94660 |
| Net asset value per share | $65.43 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $1,309) | $37324 |
| Interest | 109741 |
| Income from securities lending, net | 909 |
| &nbsp;&nbsp;&nbsp;Total investment income | 147974 |
| **Expenses:** | **Expenses:** |
| Management fees | 33369 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 512 |
| &nbsp;&nbsp;&nbsp;Class C | 1653 |
| &nbsp;&nbsp;&nbsp;Class H | 8348 |
| Transfer agent fees | 8505 |
| Portfolio accounting and administration fees | 7605 |
| Registration fees | 4239 |
| Interest Expense | 1742 |
| Professional fees | 1547 |
| Custodian fees | 660 |
| Trustees' fees\* | 341 |
| Miscellaneous | 3060 |
| &nbsp;&nbsp;&nbsp;Total expenses | 71581 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (3706) |
| Net expenses | 67875 |
| Net investment income | 80099 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments | (199465) |
| &nbsp;&nbsp;&nbsp;Swap agreements | (666390) |
| Net realized loss | (865855) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | 79942 |
| &nbsp;&nbsp;&nbsp;Swap agreements | (156806) |
| Net change in unrealized appreciation (depreciation) | (76864) |
| Net realized and unrealized loss | (942719) |
| **Net decrease in net assets resulting from operations** | $(862620) |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 343

**EMERGING MARKETS 2x STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $80099 | $85880 |
| Net realized gain (loss) on investments | (865855) | 382168 |
| Net change in unrealized appreciation (depreciation) on investments | (76864) | (9018) |
| Net increase (decrease) in net assets resulting from operations | (862620) | 459030 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (6735) | (5559) |
| &nbsp;&nbsp;&nbsp;Class C | (5198) | (1980) |
| &nbsp;&nbsp;&nbsp;Class H | (85935) | (118887) |
| Total distributions to shareholders | (97868) | (126426) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 570811 | 1709814 |
| &nbsp;&nbsp;&nbsp;Class C | 189933 | 71088 |
| &nbsp;&nbsp;&nbsp;Class H | 132228865 | 95653191 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 6735 | 5559 |
| &nbsp;&nbsp;&nbsp;Class C | 4275 | 1880 |
| &nbsp;&nbsp;&nbsp;Class H | 83123 | 118161 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (640770) | (1844361) |
| &nbsp;&nbsp;&nbsp;Class C | (204354) | (98102) |
| &nbsp;&nbsp;&nbsp;Class H | (127773393) | (96053650) |
| Net increase (decrease) from capital share transactions | 4465225 | (436420) |
| Net increase (decrease) in net assets | 3504737 | (103816) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 2994973 | 3098789 |
| &nbsp;&nbsp;&nbsp;End of year | $6499710 | $2994973 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 9093 | 31716 |
| &nbsp;&nbsp;&nbsp;Class C | 3409 | 1483 |
| &nbsp;&nbsp;&nbsp;Class H | 2082667 | 1824086 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 109 | 108 |
| &nbsp;&nbsp;&nbsp;Class C | 76 | 40 |
| &nbsp;&nbsp;&nbsp;Class H | 1350 | 2291 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (10337) | (35082) |
| &nbsp;&nbsp;&nbsp;Class C | (3125) | (2027) |
| &nbsp;&nbsp;&nbsp;Class H | (2037183) | (1826338) |
| Net increase (decrease) in shares | 46059 | (3723) |

---

344 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**EMERGING MARKETS 2x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $56.30 | $54.39 | $68.28 | $116.33 | $44.29 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 1.61 | 1.36 | .89 | (.03) | (.94) |
| Net gain (loss) on investments (realized and unrealized) | 10.04 <sup>d</sup> | 1.76 | (14.78) | (48.02) | 72.98 |
| Total from investment operations | 11.65 | 3.12 | (13.89) | (48.05) | 72.04 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (2.25) | (1.21) |  |  |  |
| Total distributions | (2.25) | (1.21) |  |  |  |
| Net asset value, end of period | $65.70 | $56.30 | $54.39 | $68.28 | $116.33 |
| **Total Return<sup>b</sup>** | **20.96%** | **5.93%** | **(20.35** **%)** | **(41.30** **%)** | **162.66%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $158 | $199 | $370 | $193 | $647 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.55% | 2.58% | 1.67% | (0.03%) | (1.10%) |
| Total expenses | 1.89% | 1.91% | 1.85% | 1.75% | 1.83% |
| Net expenses<sup>c</sup> | 1.79% | 1.84% | 1.82% | 1.75% | 1.83% |
| Portfolio turnover rate | 925% | 905% | 416% | 266% | 632% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $51.39 | $50.17 | $63.47 | $108.94 | $41.79 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .99 | .79 | .69 | (.48) | (1.69) |
| Net gain (loss) on investments (realized and unrealized) | 9.17 <sup>d</sup> | 1.64 | (13.99) | (44.99) | 68.84 |
| Total from investment operations | 10.16 | 2.43 | (13.30) | (45.47) | 67.15 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (2.25) | (1.21) |  |  |  |
| Total distributions | (2.25) | (1.21) |  |  |  |
| Net asset value, end of period | $59.30 | $51.39 | $50.17 | $63.47 | $108.94 |
| **Total Return<sup>b</sup>** | **20.05%** | **5.07%** | **(20.97** **%)** | **(41.74** **%)** | **160.68%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $148 | $110 | $132 | $311 | $449 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.73% | 1.64% | 1.43% | (0.55%) | (1.95%) |
| Total expenses | 2.64% | 2.68% | 2.57% | 2.50% | 2.57% |
| Net expenses<sup>c</sup> | 2.54% | 2.60% | 2.54% | 2.50% | 2.57% |
| Portfolio turnover rate | 925% | 905% | 416% | 266% | 632% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 345

**EMERGING MARKETS 2x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $56.16 | $54.34 | $68.26 | $116.30 | $44.29 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 1.34 | 1.32 | 1.20 | .01 | (1.28) |
| Net gain (loss) on investments (realized and unrealized) | 10.18 <sup>d</sup> | 1.71 | (15.12) | (48.05) | 73.29 |
| Total from investment operations | 11.52 | 3.03 | (13.92) | (48.04) | 72.01 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (2.25) | (1.21) |  |  |  |
| Total distributions | (2.25) | (1.21) |  |  |  |
| Net asset value, end of period | $65.43 | $56.16 | $54.34 | $68.26 | $116.30 |
| **Total Return** | **20.75%** | **5.78%** | **(20.41** **%)** | **(41.31** **%)** | **162.59%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $6194 | $2686 | $2597 | $2810 | $6808 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.16% | 2.53% | 2.35% | 0.01% | (1.29%) |
| Total expenses | 1.90% | 1.93% | 1.82% | 1.75% | 1.81% |
| Net expenses<sup>c</sup> | 1.80% | 1.85% | 1.79% | 1.75% | 1.81% |
| Portfolio turnover rate | 925% | 905% | 416% | 266% | 632% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>c</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>d</sup> The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

346 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **INVERSE EMERGING MARKETS 2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 146.3%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 146.3%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 146.3%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25<sup>2</sup> | $114535 | $114535 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25<sup>2</sup> | 87778 | 87778 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $202,313) |  | 202313 |
| **Total Investments - 146.3%** | **Total Investments - 146.3%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $202,313) | &nbsp;&nbsp;&nbsp;(Cost $202,313) | $202313 |
| **Other Assets & Liabilities, net - (46.3)%** | **Other Assets & Liabilities, net - (46.3)%** | (63981) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $138332 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** |
| **Counterparty** | **Index** | **Type** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Appreciation** |
| **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** |
| Goldman Sachs International | S&P Emerging 50 ADR Index | Receive | 3.83% (Federal<br> Funds Rate -<br> 0.50%) | At Maturity | 06/25/25 | 44 | $141142 | $3523 |
| BNP Paribas | S&P Emerging 50 ADR Index | Receive | 4.13% (Federal<br> Funds Rate -<br> 0.20%) | At Maturity | 06/26/25 | 42 | 133359 | 1900 |
|  |  |  |  |  |  |  | $274501 | $5423 |

---

---

| | |
|:---|:---|
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as equity index swap collateral at March 31, 2025. |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 347

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **INVERSE EMERGING MARKETS 2x STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Repurchase Agreements | $— | $202313 | $— | $202313 |
| Equity Index Swap Agreements\*\* |  | 5423 |  | 5423 |
| Total Assets | $— | $207736 | $— | $207736 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

348 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE EMERGING MARKETS 2x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Repurchase agreements, at value (cost $202,313) | 202313 |
| Unrealized appreciation on OTC swap agreements | 5423 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Swap settlement | 1755 |
| &nbsp;&nbsp;&nbsp;Interest | 24 |
| **Total assets** | 209515 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 70188 |
| &nbsp;&nbsp;&nbsp;Management fees | 307 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 169 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 88 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 36 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 4 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 391 |
| **Total liabilities** | 71183 |
| **Net assets** | $138332 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $20261724 |
| Total distributable earnings (loss) | (20123392) |
| Net assets | $138332 |
| **Class A:** | **Class A:** |
| Net assets | $3993 |
| Capital shares outstanding | 27 |
| Net asset value per share | $147.89 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $155.27 |
| **Class C:** | **Class C:** |
| Net assets | $3546 |
| Capital shares outstanding | 25 |
| Net asset value per share | $141.84 |
| **Class H:** | **Class H:** |
| Net assets | $130793 |
| Capital shares outstanding | 890 |
| Net asset value per share | $146.96 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Interest | $17865 |
| Other income | 23 |
| &nbsp;&nbsp;&nbsp;Total investment income | 17888 |
| **Expenses:** | **Expenses:** |
| Management fees | 3206 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 104 |
| &nbsp;&nbsp;&nbsp;Class C | 64 |
| &nbsp;&nbsp;&nbsp;Class H | 775 |
| Transfer agent fees | 812 |
| Portfolio accounting and administration fees | 734 |
| Professional fees | 166 |
| Custodian fees | 46 |
| Trustees' fees\* | 36 |
| Miscellaneous | 599 |
| &nbsp;&nbsp;&nbsp;Total expenses | 6542 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (354) |
| Net expenses | 6188 |
| Net investment income | 11700 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Swap agreements | (109206) |
| Net realized loss | (109206) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Swap agreements | (10844) |
| Net change in unrealized appreciation (depreciation) | (10844) |
| Net realized and unrealized loss | (120050) |
| **Net decrease in net assets resulting from operations** | $(108350) |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 349

**INVERSE EMERGING MARKETS 2x STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $11700 | $16213 |
| Net realized loss on investments | (109206) | (134331) |
| Net change in unrealized appreciation (depreciation) on investments | (10844) | 26165 |
| Net decrease in net assets resulting from operations | (108350) | (91953) |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (249) | (185) |
| &nbsp;&nbsp;&nbsp;Class C | (223) | (169) |
| &nbsp;&nbsp;&nbsp;Class H | (10862) | (14212) |
| Total distributions to shareholders | (11334) | (14566) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 777225 | 460042 |
| &nbsp;&nbsp;&nbsp;Class C | 85770 | 17007 |
| &nbsp;&nbsp;&nbsp;Class H | 21195738 | 25735086 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 249 | 185 |
| &nbsp;&nbsp;&nbsp;Class C | 223 | 169 |
| &nbsp;&nbsp;&nbsp;Class H | 10752 | 14168 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (810540) | (406762) |
| &nbsp;&nbsp;&nbsp;Class C | (85277) | (17060) |
| &nbsp;&nbsp;&nbsp;Class H | (21280410) | (25809602) |
| Net decrease from capital share transactions | (106270) | (6767) |
| Net decrease in net assets | (225954) | (113286) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 364286 | 477572 |
| &nbsp;&nbsp;&nbsp;End of year | $138332 | $364286 |
| **Capital share activity\*:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 4463 | 1847 |
| &nbsp;&nbsp;&nbsp;Class C | 547 | 71 |
| &nbsp;&nbsp;&nbsp;Class H | 119452 | 99627 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 2 | 1 |
| &nbsp;&nbsp;&nbsp;Class C | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Class H | 65 | 57 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (4713) | (1598) |
| &nbsp;&nbsp;&nbsp;Class C | (547) | (71) |
| &nbsp;&nbsp;&nbsp;Class H | (119976) | (100062) |
| Net decrease in shares | (706) | (127) |

---

\* Reverse share split - Capital share activity has been restated to reflect a 1:20 reverse share split effective February 24, 2025. See Note 11 in the Notes to Financial Statements.

350 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE EMERGING MARKETS 2x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025<sup>d</sup>** | **Year Ended <br> March 31, <br> 2024<sup>d</sup>** | **Year Ended <br> March 31, <br> 2023<sup>d</sup>** | **Year Ended <br> March 31, <br> 2022<sup>d</sup>** | **Year Ended <br> March 31, <br> 2021<sup>d</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $219.27 | $265.61 | $300.57 | $248.83 | $934.09 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 5.37 | 9.40 | 2.20 | (4.60) | (10.80) |
| Net gain (loss) on investments (realized and unrealized) | (67.30) | (48.34) | (37.16) | 56.34 | (674.46) |
| Total from investment operations | (61.93) | (38.94) | (34.96) | 51.74 | (685.26) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (9.45) | (7.40) |  |  |  |
| Total distributions | (9.45) | (7.40) |  |  |  |
| Net asset value, end of period | $147.89 | $219.27 | $265.61 | $300.57 | $248.83 |
| **Total Return<sup>b</sup>** | **(29.83** **%)** | **(15.06** **%)** | **(11.64** **%)** | **20.82%** | **(73.37** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $4 | $60 | $7 | $14 | $2 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.21% | 3.72% | 0.65% | (1.86%) | (1.81%) |
| Total expenses | 1.86% | 1.82% | 2.00% | 1.87% | 1.86% |
| Net expenses<sup>c</sup> | 1.76% | 1.75% | 1.97% | 1.87% | 1.86% |
| Portfolio turnover rate |  |  |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025<sup>d</sup>** | **Year Ended <br> March 31, <br> 2024<sup>d</sup>** | **Year Ended <br> March 31, <br> 2023<sup>d</sup>** | **Year Ended <br> March 31, <br> 2022<sup>d</sup>** | **Year Ended <br> March 31, <br> 2021<sup>d</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $215.46 | $262.83 | $300.43 | $248.01 | $936.48 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 4.78 | 7.80 | .20 | (7.20) | (13.80) |
| Net gain (loss) on investments (realized and unrealized) | (68.95) | (47.77) | (37.80) | 59.62 | (674.67) |
| Total from investment operations | (64.17) | (39.97) | (37.60) | 52.42 | (688.47) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (9.45) | (7.40) |  |  |  |
| Total distributions | (9.45) | (7.40) |  |  |  |
| Net asset value, end of period | $141.84 | $215.46 | $262.83 | $300.43 | $248.01 |
| **Total Return<sup>b</sup>** | **(30.36** **%)** | **(15.60** **%)** | **(12.52** **%)** | **21.13%** | **(73.52** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $4 | $5 | $6 | $7 | $6 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.79% | 3.08% | 0.08% | (2.44%) | (2.62%) |
| Total expenses | 2.62% | 2.59% | 2.76% | 2.48% | 2.66% |
| Net expenses<sup>c</sup> | 2.53% | 2.51% | 2.73% | 2.48% | 2.66% |
| Portfolio turnover rate |  |  |  |  |  |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 351

**INVERSE EMERGING MARKETS 2x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025<sup>d</sup>** | **Year Ended <br> March 31, <br> 2024<sup>d</sup>** | **Year Ended <br> March 31, <br> 2023<sup>d</sup>** | **Year Ended <br> March 31, <br> 2022<sup>d</sup>** | **Year Ended <br> March 31, <br> 2021<sup>d</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $221.54 | $269.12 | $303.40 | $250.77 | $927.73 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 5.60 | 8.60 | 2.20 | (4.60) | (8.40) |
| Net gain (loss) on investments (realized and unrealized) | (70.73) | (48.78) | (36.48) | 57.23 | (668.56) |
| Total from investment operations | (65.13) | (40.18) | (34.28) | 52.63 | (676.96) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (9.45) | (7.40) |  |  |  |
| Total distributions | (9.45) | (7.40) |  |  |  |
| Net asset value, end of period | $146.96 | $221.54 | $269.12 | $303.40 | $250.77 |
| **Total Return** | **(29.89** **%)** | **(15.24** **%)** | **(11.27** **%)** | **20.97%** | **(72.97** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $131 | $299 | $465 | $1265 | $400 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.31% | 3.61% | 0.66% | (1.70%) | (1.85%) |
| Total expenses | 1.82% | 1.83% | 2.01% | 1.75% | 1.89% |
| Net expenses<sup>c</sup> | 1.72% | 1.75% | 1.97% | 1.75% | 1.89% |
| Portfolio turnover rate |  |  |  |  |  |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>c</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>d</sup> Reverse share split — Per share amounts have been restated to reflect a 1:20 reverse share split effective February 24, 2025. See Note 11 in the Notes to Financial Statements.

352 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **EUROPE 1.25x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 44.7%** | **COMMON STOCKS<sup>†</sup>** **- 44.7%** | **COMMON STOCKS<sup>†</sup>** **- 44.7%** |
| **Consumer, Non-cyclical - 15.1%** | **Consumer, Non-cyclical - 15.1%** | **Consumer, Non-cyclical - 15.1%** |
| &nbsp;&nbsp;&nbsp;Nestle S.A. ADR | 2930 | $296428 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG ADR<sup>1</sup> | 6273 | 258134 |
| &nbsp;&nbsp;&nbsp;AstraZeneca plc ADR | 3463 | 254531 |
| &nbsp;&nbsp;&nbsp;Novo Nordisk A/S ADR<sup>1</sup> | 3561 | 247276 |
| &nbsp;&nbsp;&nbsp;Novartis AG ADR | 2205 | 245813 |
| &nbsp;&nbsp;&nbsp;Unilever plc ADR | 2871 | 170968 |
| &nbsp;&nbsp;&nbsp;Sanofi S.A. ADR | 2627 | 145693 |
| &nbsp;&nbsp;&nbsp;RELX plc ADR | 2108 | 106264 |
| &nbsp;&nbsp;&nbsp;L'Oreal S.A. ADR | 1347 | 100163 |
| &nbsp;&nbsp;&nbsp;EssilorLuxottica S.A. ADR | 692 | 99717 |
| &nbsp;&nbsp;&nbsp;GSK plc ADR<sup>1</sup> | 2389 | 92550 |
| &nbsp;&nbsp;&nbsp;British American Tobacco plc ADR | 2205 | 91221 |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev S.A. ADR | 1147 | 70610 |
| &nbsp;&nbsp;&nbsp;Diageo plc ADR | 619 | 64865 |
| **Total Consumer, Non-cyclical** |  | 2244233 |
| **Financial - 9.1%** | **Financial - 9.1%** | **Financial - 9.1%** |
| &nbsp;&nbsp;&nbsp;HSBC Holdings plc ADR<sup>1</sup> | 3951 | 226906 |
| &nbsp;&nbsp;&nbsp;Allianz SE ADR | 4321 | 165235 |
| &nbsp;&nbsp;&nbsp;Banco Santander S.A. ADR | 17107 | 114617 |
| &nbsp;&nbsp;&nbsp;Zurich Insurance Group AG ADR<sup>1</sup> | 3273 | 114130 |
| &nbsp;&nbsp;&nbsp;UBS Group AG | 3548 | 108675 |
| &nbsp;&nbsp;&nbsp;BNP Paribas S.A. ADR | 2378 | 99305 |
| &nbsp;&nbsp;&nbsp;UniCredit SpA ADR | 3471 | 97396 |
| &nbsp;&nbsp;&nbsp;Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen ADR | 7493 | 94786 |
| &nbsp;&nbsp;&nbsp;AXA S.A. ADR | 2083 | 89007 |
| &nbsp;&nbsp;&nbsp;London Stock Exchange Group plc ADR | 2259 | 85209 |
| &nbsp;&nbsp;&nbsp;Intesa Sanpaolo SpA ADR | 2724 | 84172 |
| &nbsp;&nbsp;&nbsp;ING Groep N.V. ADR | 3518 | 68918 |
| **Total Financial** |  | 1348356 |
| **Industrial - 5.0%** | **Industrial - 5.0%** | **Industrial - 5.0%** |
| &nbsp;&nbsp;&nbsp;Siemens AG ADR<sup>1</sup> | 1682 | 194069 |
| &nbsp;&nbsp;&nbsp;Schneider Electric SE ADR | 3212 | 147495 |
| &nbsp;&nbsp;&nbsp;Airbus SE ADR | 2627 | 115825 |
| &nbsp;&nbsp;&nbsp;Safran S.A. ADR | 1673 | 110786 |
| &nbsp;&nbsp;&nbsp;ABB Ltd. ADR | 1780 | 92809 |
| &nbsp;&nbsp;&nbsp;Vinci S.A. ADR | 2600 | 81874 |
| **Total Industrial** |  | 742858 |
| **Technology - 4.0%** | **Technology - 4.0%** | **Technology - 4.0%** |
| &nbsp;&nbsp;&nbsp;SAP SE ADR | 1143 | 306827 |
| &nbsp;&nbsp;&nbsp;ASML Holding N.V. — Class G | 440 | 291557 |
| **Total Technology** |  | 598384 |
| **Energy - 3.5%** | **Energy - 3.5%** | **Energy - 3.5%** |
| &nbsp;&nbsp;&nbsp;Shell plc ADR | 3383 | 247906 |
| &nbsp;&nbsp;&nbsp;TotalEnergies SE ADR | 2535 | 163989 |
| &nbsp;&nbsp;&nbsp;BP plc ADR | 3078 | 104006 |
| **Total Energy** |  | 515901 |
| **Consumer, Cyclical - 2.9%** | **Consumer, Cyclical - 2.9%** | **Consumer, Cyclical - 2.9%** |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE ADR | 1422 | 176143 |
| &nbsp;&nbsp;&nbsp;Cie Financiere Richemont S.A. ADR | 6021 | 104464 |
| &nbsp;&nbsp;&nbsp;Hermes International SCA ADR | 392 | 102716 |
| &nbsp;&nbsp;&nbsp;Mercedes-Benz Group AG ADR | 3230 | 47255 |
| **Total Consumer, Cyclical** |  | 430578 |
| **Basic Materials - 1.9%** | **Basic Materials - 1.9%** | **Basic Materials - 1.9%** |
| &nbsp;&nbsp;&nbsp;Air Liquide S.A. ADR | 3238 | 123109 |
| &nbsp;&nbsp;&nbsp;Rio Tinto plc ADR | 1201 | 72156 |
| &nbsp;&nbsp;&nbsp;BASF SE ADR | 3993 | 49713 |
| &nbsp;&nbsp;&nbsp;Glencore plc ADR\* | 5575 | 40753 |
| **Total Basic Materials** |  | 285731 |
| **Utilities - 1.7%** | **Utilities - 1.7%** | **Utilities - 1.7%** |
| &nbsp;&nbsp;&nbsp;Iberdrola S.A. ADR | 1644 | 106022 |
| &nbsp;&nbsp;&nbsp;National Grid plc ADR | 1141 | 74861 |
| &nbsp;&nbsp;&nbsp;Enel SpA ADR | 8721 | 70291 |
| **Total Utilities** |  | 251174 |
| **Communications - 1.5%** | **Communications - 1.5%** | **Communications - 1.5%** |
| &nbsp;&nbsp;&nbsp;Deutsche Telekom AG ADR | 4039 | 149726 |
| &nbsp;&nbsp;&nbsp;Prosus N.V. ADR | 7428 | 68783 |
| **Total Communications** |  | 218509 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,506,084) |  | 6635724 |
| **MUTUAL FUNDS<sup>†</sup>** **- 0.9%** | **MUTUAL FUNDS<sup>†</sup>** **- 0.9%** | **MUTUAL FUNDS<sup>†</sup>** **- 0.9%** |
| &nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class<sup>2</sup> | 7027 | 70482 |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II<sup>2</sup> | 2760 | 68625 |
| **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $138,225) |  | 139107 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 1.4%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 1.4%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 1.4%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;4.08% due 04/08/25<sup>3,4</sup> | $207000 | 206829 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $206,830) |  | 206829 |
| **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 47.9%** | **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 47.9%** | **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 47.9%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25 | 4030465 | 4030465 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25 | 3088899 | 3088899 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,119,364) |  | 7119364 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 353

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **EUROPE 1.25x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SECURITIES LENDING COLLATERAL<sup>†,6</sup>** **- 4.0%** | **SECURITIES LENDING COLLATERAL<sup>†,6</sup>** **- 4.0%** | **SECURITIES LENDING COLLATERAL<sup>†,6</sup>** **- 4.0%** |
| **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.27%<sup>7</sup> | 601036 | $601036 |
| **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp;(Cost $601,036) |  | 601036 |
| **Total Investments - 98.9%** | **Total Investments - 98.9%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $14,571,539) | &nbsp;&nbsp;&nbsp;(Cost $14,571,539) | $14702060 |
| **Other Assets & Liabilities, net - 1.1%** | **Other Assets & Liabilities, net - 1.1%** | 160235 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $14862295 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation <br> (Depreciation)\*\*** |
| **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** |
| Euro FX Futures Contracts | 89 | Jun 2025 | $12082863 | $31682 |
| **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** |
| STOXX 50 Index Futures Contracts | 244 | Jun 2025 | 11995368 | (242336) |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\* | &nbsp;&nbsp;&nbsp;Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| \*\*\* | &nbsp;&nbsp;&nbsp;A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is on loan at March 31, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Affiliated issuer. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as futures and credit default swap collateral at March 31, 2025. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the effective yield at the time of purchase. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Securities lending collateral — See Note 7. |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of March 31, 2025. |
|  | &nbsp;&nbsp;&nbsp;ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

354 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **EUROPE 1.25x STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $6635724 | $— | $— | $6635724 |
| Mutual Funds | 139107 |  |  | 139107 |
| U.S. Treasury Bills |  | 206829 |  | 206829 |
| Repurchase Agreements |  | 7119364 |  | 7119364 |
| Securities Lending Collateral | 601036 |  |  | 601036 |
| Currency Futures Contracts\*\* | 31682 |  |  | 31682 |
| Total Assets | $7407549 | $7326193 | $— | $14733742 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Total** |
| Equity Futures Contracts\*\* | $242336 | $– $– $| 242336 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

**Affiliated Transactions** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the year ended March 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 03/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 03/31/25** | **Shares <br> 03/31/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Guggenheim Strategy Fund II | $67907 | $— | $— | $— | $718 | $68625 | 2760 | $3858 |
| &nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 69638 |  |  |  | 844 | 70482 | 7027 | 3501 |
|  | $137545 | $— | $— | $— | $1562 | $139107 |  | $7359 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 355

**EUROPE 1.25x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in unaffiliated issuers, at value - including $585,093 of securities loaned (cost $7,313,950) | $7443589 |
| Investments in affiliated issuers, at value (cost $138,225) | 139107 |
| Repurchase agreements, at value (cost $7,119,364) | 7119364 |
| Cash | 142 |
| Segregated cash with broker | 803608 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 150265 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims | 20384 |
| &nbsp;&nbsp;&nbsp;Dividends | 13120 |
| &nbsp;&nbsp;&nbsp;Interest | 861 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 312 |
| &nbsp;&nbsp;&nbsp;Investment Adviser | 186 |
| **Total assets** | 15690938 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Return of securities lending collateral | 601036 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 122687 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 93742 |
| &nbsp;&nbsp;&nbsp;Management fees | 3505 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 1297 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 1039 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 39 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 5298 |
| **Total liabilities** | 828643 |
| **Net assets** | $14862295 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $15424327 |
| Total distributable earnings (loss) | (562032) |
| Net assets | $14862295 |
| **Class A:** | **Class A:** |
| Net assets | $269392 |
| Capital shares outstanding | 2381 |
| Net asset value per share | $113.14 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $118.78 |
| **Class C:** | **Class C:** |
| Net assets | $131496 |
| Capital shares outstanding | 1508 |
| Net asset value per share | $87.20 |
| **Class H:** | **Class H:** |
| Net assets | $14461407 |
| Capital shares outstanding | 130015 |
| Net asset value per share | $111.23 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $7,288) | $50960 |
| Dividends from securities of affiliated issuers | 7359 |
| Interest | 109647 |
| Income from securities lending, net | 5180 |
| &nbsp;&nbsp;&nbsp;Total investment income | 173146 |
| **Expenses:** | **Expenses:** |
| Management fees | 37559 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | 642 |
| &nbsp;&nbsp;&nbsp;Class C | 985 |
| &nbsp;&nbsp;&nbsp;Class H | 9545 |
| Transfer agent and administrative fees | 8644 |
| Portfolio accounting and administration fees | 6367 |
| Registration fees | 4498 |
| Professional fees | 1651 |
| Custodian fees | 731 |
| Trustees' fees\* | 431 |
| Miscellaneous | 3314 |
| &nbsp;&nbsp;&nbsp;Total expenses | 74367 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (7093) |
| Expenses waived by Adviser | (175) |
| &nbsp;&nbsp;&nbsp;Total waived/reimbursed expenses | (7268) |
| Net expenses | 67099 |
| Net investment income | 106047 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 210822 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 100124 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | 3353 |
| Net realized gain | 314299 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | (120573) |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | 1562 |
| &nbsp;&nbsp;&nbsp;Futures contracts | (216096) |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | (50) |
| Net change in unrealized appreciation (depreciation) | (335157) |
| Net realized and unrealized loss | (20858) |
| **Net increase in net assets resulting from operations** | $85189 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

356 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**EUROPE 1.25x STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $106047 | $160899 |
| Net realized gain on investments | 314299 | 373279 |
| Net change in unrealized appreciation (depreciation) on investments | (335157) | 11550 |
| Net increase in net assets resulting from operations | 85189 | 545728 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (7614) | (5330) |
| &nbsp;&nbsp;&nbsp;Class C | (4147) | (2990) |
| &nbsp;&nbsp;&nbsp;Class H | (149240) | (19342) |
| Total distributions to shareholders | (161001) | (27662) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 886834 | 55633399 |
| &nbsp;&nbsp;&nbsp;Class C | 229601 | 905676 |
| &nbsp;&nbsp;&nbsp;Class H | 261867521 | 36893142 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 7566 | 5211 |
| &nbsp;&nbsp;&nbsp;Class C | 1527 | 2052 |
| &nbsp;&nbsp;&nbsp;Class H | 145260 | 19247 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1142580) | (55672258) |
| &nbsp;&nbsp;&nbsp;Class C | (277719) | (918503) |
| &nbsp;&nbsp;&nbsp;Class H | (249215568) | (48981942) |
| Net increase (decrease) from capital share transactions | 12502442 | (12113976) |
| Net increase (decrease) in net assets | 12426630 | (11595910) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 2435665 | 14031575 |
| &nbsp;&nbsp;&nbsp;End of year | $14862295 | $2435665 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 7501 | 511589 |
| &nbsp;&nbsp;&nbsp;Class C | 2478 | 10434 |
| &nbsp;&nbsp;&nbsp;Class H | 2200191 | 340783 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 73 | 48 |
| &nbsp;&nbsp;&nbsp;Class C | 19 | 25 |
| &nbsp;&nbsp;&nbsp;Class H | 1419 | 179 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (9481) | (510986) |
| &nbsp;&nbsp;&nbsp;Class C | (2856) | (10500) |
| &nbsp;&nbsp;&nbsp;Class H | (2086128) | (454633) |
| Net increase (decrease) in shares | 113216 | (113061) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 357

**EUROPE 1.25x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $121.23 | $106.74 | $101.20 | $94.56 | $69.30 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 4.03 | 2.61 | 1.76 | (.96) | (.93) |
| Net gain (loss) on investments (realized and unrealized) | (.15) | 12.63 | 3.78 <sup>e</sup> | 7.60 <sup>e</sup> | 30.74 |
| Total from investment operations | 3.88 | 15.24 | 5.54 | 6.64 | 29.81 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (11.97) | (.75) |  |  | (4.55) |
| Total distributions | (11.97) | (.75) |  |  | (4.55) |
| Net asset value, end of period | $113.14 | $121.23 | $106.74 | $101.20 | $94.56 |
| **Total Return<sup>b</sup>** | **4.06%** | **14.35%** | **5.48%** | **7.02%** | **43.39%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $269 | $520 | $388 | $482 | $130 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.33% | 2.41% | 1.84% | (0.93 %) | (1.10%) |
| Total expenses<sup>c</sup> | 1.74% | 1.74% | 1.79% | 1.72% | 1.75% |
| Net expenses<sup>d</sup> | 1.61% | 1.66% | 1.74% | 1.70% | 1.73% |
| Portfolio turnover rate | 4585% | 1595% | 231% | 517% | 534% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $96.99 | $86.21 | $82.72 | $77.88 | $58.24 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 2.49 | 1.28 | .94 | (1.18) | (.96) |
| Net gain (loss) on investments (realized and unrealized) | (.31) | 10.25 | 2.55 <sup>e</sup> | 6.02 <sup>e</sup> | 25.15 |
| Total from investment operations | 2.18 | 11.53 | 3.49 | 4.84 | 24.19 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (11.97) | (.75) |  |  | (4.55) |
| Total distributions | (11.97) | (.75) |  |  | (4.55) |
| Net asset value, end of period | $87.20 | $96.99 | $86.21 | $82.72 | $77.88 |
| **Total Return<sup>b</sup>** | **3.27%** | **13.48%** | **4.22%** | **6.21%** | **41.93%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $131 | $181 | $165 | $483 | $142 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.59% | 1.47% | 1.17% | (1.41 %) | (1.50%) |
| Total expenses<sup>c</sup> | 2.50% | 2.51% | 2.53% | 2.48% | 2.58% |
| Net expenses<sup>d</sup> | 2.36% | 2.42% | 2.48% | 2.46% | 2.55% |
| Portfolio turnover rate | 4585% | 1595% | 231% | 517% | 534% |

---

358 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**EUROPE 1.25x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $119.37 | $105.14 | $100.11 | $93.56 | $68.79 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 2.93 | 3.64 | 1.01 | (.93) | (.74) |
| Net gain (loss) on investments (realized and unrealized) | .90 <sup>e</sup> | 11.34 | 4.02 <sup>e</sup> | 7.48 <sup>e</sup> | 30.06 |
| Total from investment operations | 3.83 | 14.98 | 5.03 | 6.55 | 29.32 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (11.97) | (.75) |  |  | (4.55) |
| Total distributions | (11.97) | (.75) |  |  | (4.55) |
| Net asset value, end of period | $111.23 | $119.37 | $105.14 | $100.11 | $93.56 |
| **Total Return** | **4.08%** | **14.32%** | **5.01%** | **7.00%** | **42.96%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $14461 | $1735 | $13479 | $4182 | $1410 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.49% | 3.37% | 1.08% | (0.90 %) | (0.88%) |
| Total expenses<sup>c</sup> | 1.77% | 1.76% | 1.77% | 1.71% | 1.77% |
| Net expenses<sup>d</sup> | 1.59% | 1.69% | 1.73% | 1.69% | 1.74% |
| Portfolio turnover rate | 4585% | 1595% | 231% | 517% | 534% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>c</sup> Does not include expenses of the underlying funds in which the Fund invests.

<sup>d</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>e</sup> The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 359

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **JAPAN 2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 45.3%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 45.3%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 45.3%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;4.08% due 04/08/25<sup>1,2</sup> | $390000 | $389678 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $389,679) |  | 389678 |
| **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 56.8%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 56.8%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 56.8%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25 | 276829 | 276829 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25 | 212159 | 212159 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $488,988) |  | 488988 |
| **Total Investments - 102.1%** | **Total Investments - 102.1%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $878,667) | &nbsp;&nbsp;&nbsp;(Cost $878,667) | $878666 |
| **Other Assets & Liabilities, net - (2.1)%** | **Other Assets & Liabilities, net - (2.1)%** | (18266) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $860400 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Depreciation\*\*** |
| **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** |
| Japanese Yen Futures Contracts | 20 | Jun 2025 | $1681500 | $(11711) |
| **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** |
| Micro Nikkei Stock Average Futures Contracts | 5 | Jun 2025 | 90300 | (1836) |
| Nikkei 225 (CME) Index Futures Contracts | 9 | Jun 2025 | 1626300 | (12263) |
|  |  |  | $1716600 | $(14099) |

---

---

| | |
|:---|:---|
| \*\* | &nbsp;&nbsp;&nbsp;Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as futures collateral at March 31, 2025. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the effective yield at the time of purchase. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;CME — Chicago Mercantile Exchange |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

360 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **JAPAN 2x STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| U.S. Treasury Bills | $— | $389678 | $— | $389678 |
| Repurchase Agreements |  | 488988 |  | 488988 |
| Total Assets | $— | $878666 | $— | $878666 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Equity Futures Contracts\*\* | $14099 | $— | $— | $14099 |
| Currency Futures Contracts\*\* | 11711 |  |  | 11711 |
| Total Liabilities | $25810 | $— | $— | $25810 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 361

**JAPAN 2x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $389,679) | $389678 |
| Repurchase agreements, at value (cost $488,988) | 488988 |
| Cash | 3 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 500 |
| &nbsp;&nbsp;&nbsp;Interest | 59 |
| **Total assets** | 879228 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 15615 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 974 |
| &nbsp;&nbsp;&nbsp;Management fees | 535 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 412 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 179 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 73 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 13 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 1027 |
| **Total liabilities** | 18828 |
| **Net assets** | $860400 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $3117766 |
| Total distributable earnings (loss) | (2257366) |
| Net assets | $860400 |
| **Class A:** | **Class A:** |
| Net assets | $246059 |
| Capital shares outstanding | 2178 |
| Net asset value per share | $112.97 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $118.60 |
| **Class C:** | **Class C:** |
| Net assets | $509 |
| Capital shares outstanding | 5 |
| Net asset value per share | $98.18 |
| **Class H:** | **Class H:** |
| Net assets | $613832 |
| Capital shares outstanding | 5388 |
| Net asset value per share | $113.93 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Interest | $79136 |
| &nbsp;&nbsp;&nbsp;Total investment income | 79136 |
| **Expenses:** | **Expenses:** |
| Management fees | 11741 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 857 |
| &nbsp;&nbsp;&nbsp;Class C | 28 |
| &nbsp;&nbsp;&nbsp;Class H | 3050 |
| Transfer agent fees | 3347 |
| Portfolio accounting and administration fees | 2389 |
| Registration fees | 2046 |
| Professional fees | 861 |
| Custodian fees | 203 |
| Trustees' fees\* | 183 |
| Miscellaneous | 36 |
| &nbsp;&nbsp;&nbsp;Total expenses | 24741 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (782) |
| Net expenses | 23959 |
| Net investment income | 55177 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Futures contracts | (733749) |
| Net realized loss | (733749) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | 1 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 27071 |
| Net change in unrealized appreciation (depreciation) | 27072 |
| Net realized and unrealized loss | (706677) |
| **Net decrease in net assets resulting from operations** | $(651500) |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

362 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**JAPAN 2x STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $55177 | $96866 |
| Net realized gain (loss) on investments | (733749) | 1175918 |
| Net change in unrealized appreciation (depreciation) on investments | 27072 | (456037) |
| Net increase (decrease) in net assets resulting from operations | (651500) | 816747 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (12545) | (6903) |
| &nbsp;&nbsp;&nbsp;Class C | (28) | (36) |
| &nbsp;&nbsp;&nbsp;Class H | (51240) | (65831) |
| Total distributions to shareholders | (63813) | (72770) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 143799 | 367084 |
| &nbsp;&nbsp;&nbsp;Class C | 6497 | 54791 |
| &nbsp;&nbsp;&nbsp;Class H | 3550004 | 12144683 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 12545 | 6903 |
| &nbsp;&nbsp;&nbsp;Class C | 28 | 36 |
| &nbsp;&nbsp;&nbsp;Class H | 49842 | 64437 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (241379) | (183316) |
| &nbsp;&nbsp;&nbsp;Class C | (24310) | (34007) |
| &nbsp;&nbsp;&nbsp;Class H | (4731495) | (17911961) |
| Net decrease from capital share transactions | (1234469) | (5491350) |
| Net decrease in net assets | (1949782) | (4747373) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 2810182 | 7557555 |
| &nbsp;&nbsp;&nbsp;End of year | $860400 | $2810182 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1083 | 2483 |
| &nbsp;&nbsp;&nbsp;Class C | 55 | 455 |
| &nbsp;&nbsp;&nbsp;Class H | 26288 | 92132 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 93 | 59 |
| &nbsp;&nbsp;&nbsp;Class C |  |  |
| &nbsp;&nbsp;&nbsp;Class H | 367 | 545 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1828) | (1475) |
| &nbsp;&nbsp;&nbsp;Class C | (205) | (338) |
| &nbsp;&nbsp;&nbsp;Class H | (35841) | (140294) |
| Net decrease in shares | (9988) | (46433) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 363

**JAPAN 2x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $159.13 | $117.27 | $142.84 | $201.08 | $94.96 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 4.71 | 4.91 | 1.39 | (2.21) | (1.95) |
| Net gain (loss) on investments (realized and unrealized) | (45.29) | 44.41 | (26.96) | (56.03) | 109.13 |
| Total from investment operations | (40.58) | 49.32 | (25.57) | (58.24) | 107.18 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (5.58) | (7.46) |  |  | (1.06) |
| Total distributions | (5.58) | (7.46) |  |  | (1.06) |
| Net asset value, end of period | $112.97 | $159.13 | $117.27 | $142.84 | $201.08 |
| **Total Return<sup>b</sup>** | **(26.07** **%)** | **44.34%** | **(17.90** **%)** | **(28.96** **%)** | **112.92%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $246 | $450 | $207 | $207 | $255 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.50% | 3.77% | 1.27% | (1.22%) | (1.26%) |
| Total expenses<sup>c</sup> | 1.58% | 1.57% | 1.50% | 1.51% | 1.58% |
| Net expenses<sup>d</sup> | 1.53% | 1.54% | 1.49% | 1.49% | 1.56% |
| Portfolio turnover rate |  |  |  |  | 15% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $140.30 | $104.92 | $128.84 | $182.53 | $87.00 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 4.00 | 3.51 | .39 | (3.48) | (2.98) |
| Net gain (loss) on investments (realized and unrealized) | (40.54) | 39.33 | (24.31) | (50.21) | 99.57 |
| Total from investment operations | (36.54) | 42.84 | (23.92) | (53.69) | 96.59 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (5.58) | (7.46) |  |  | (1.06) |
| Total distributions | (5.58) | (7.46) |  |  | (1.06) |
| Net asset value, end of period | $98.18 | $140.30 | $104.92 | $128.84 | $182.53 |
| **Total Return<sup>b</sup>** | **(26.70** **%)** | **43.33%** | **(18.57** **%)** | **(29.41** **%)** | **111.34%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $— <sup>e</sup> | $22 | $4 | $5 | $53 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.25% | 3.05% | 0.40% | (2.00%) | (2.02%) |
| Total expenses<sup>c</sup> | 2.29% | 2.30% | 2.30% | 2.25% | 2.32% |
| Net expenses<sup>d</sup> | 2.25% | 2.27% | 2.30% | 2.24% | 2.30% |
| Portfolio turnover rate |  |  |  |  | 15% |

---

364 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**JAPAN 2x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $160.43 | $118.13 | $143.98 | $202.65 | $95.70 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 4.83 | 4.48 | 1.64 | (2.25) | (2.07) |
| Net gain (loss) on investments (realized and unrealized) | (45.75) | 45.28 | (27.49) | (56.42) | 110.08 |
| Total from investment operations | (40.92) | 49.76 | (25.85) | (58.67) | 108.01 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (5.58) | (7.46) |  |  | (1.06) |
| Total distributions | (5.58) | (7.46) |  |  | (1.06) |
| Net asset value, end of period | $113.93 | $160.43 | $118.13 | $143.98 | $202.65 |
| **Total Return** | **(26.07** **%)** | **44.34%** | **(17.95** **%)** | **(28.95** **%)** | **112.94%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $614 | $2338 | $7347 | $1049 | $1560 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.53% | 3.54% | 1.48% | (1.22%) | (1.27%) |
| Total expenses<sup>c</sup> | 1.58% | 1.58% | 1.54% | 1.51% | 1.58% |
| Net expenses<sup>d</sup> | 1.53% | 1.56% | 1.53% | 1.49% | 1.56% |
| Portfolio turnover rate |  |  |  |  | 15% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>c</sup> Does not include expenses of the underlying funds in which the Fund invests.

<sup>d</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>e</sup> Less than $1,000 in Net Assets.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 365

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **STRENGTHENING DOLLAR 2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 2.0%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 2.0%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 2.0%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;4.08% due 04/08/25<sup>1,2</sup> | $44000 | $43964 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $43,964) |  | 43964 |
| **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 91.8%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 91.8%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 91.8%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25<sup>4</sup> | 1131307 | 1131307 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25<sup>4</sup> | 867020 | 867020 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,998,327) |  | 1998327 |
| **Total Investments - 93.8%** | **Total Investments - 93.8%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,042,291) | &nbsp;&nbsp;&nbsp;(Cost $2,042,291) | $2042291 |
| **Other Assets & Liabilities, net - 6.2%** | **Other Assets & Liabilities, net - 6.2%** | 133889 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $2176180 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation\*\*** |
| **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** |
| U.S. Dollar Index Futures Contracts | 32 | Jun 2025 | $3324000 | $21436 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** |
| **Counterparty** | **Index** | **Type** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Appreciation** |
| **OTC Currency Index Swap Agreements<sup>††</sup>** | **OTC Currency Index Swap Agreements<sup>††</sup>** | **OTC Currency Index Swap Agreements<sup>††</sup>** | **OTC Currency Index Swap Agreements<sup>††</sup>** | **OTC Currency Index Swap Agreements<sup>††</sup>** | **OTC Currency Index Swap Agreements<sup>††</sup>** | **OTC Currency Index Swap Agreements<sup>††</sup>** | **OTC Currency Index Swap Agreements<sup>††</sup>** | **OTC Currency Index Swap Agreements<sup>††</sup>** |
| Goldman Sachs International | U.S. Dollar Index | Receive | N/A | At Maturity | 06/20/25 | 10008 | $1039138 | $8065 |

---

---

| | |
|:---|:---|
| \*\* | &nbsp;&nbsp;&nbsp;Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as futures collateral at March 31, 2025. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the effective yield at the time of purchase. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as currency index swap collateral at March 31, 2025. |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

366 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **STRENGTHENING DOLLAR 2x STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| U.S. Treasury Bills | $— | $43964 | $— | $43964 |
| Repurchase Agreements |  | 1998327 |  | 1998327 |
| Currency Futures Contracts\*\* | 21436 |  |  | 21436 |
| Currency Index Swap Agreements\*\* |  | 8065 |  | 8065 |
| Total Assets | $21436 | $2050356 | $— | $2071792 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 367

**STRENGTHENING DOLLAR 2x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $43,964) | $43964 |
| Repurchase agreements, at value (cost $1,998,327) | 1998327 |
| Segregated cash with broker | 5213 |
| Unrealized appreciation on OTC swap agreements | 8065 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 154264 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 4717 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 283 |
| &nbsp;&nbsp;&nbsp;Interest | 242 |
| **Total assets** | 2215075 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 27021 |
| &nbsp;&nbsp;&nbsp;Licensing fees | 5868 |
| &nbsp;&nbsp;&nbsp;Management fees | 1411 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 1321 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 393 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 82 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 35 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 2764 |
| **Total liabilities** | 38895 |
| **Net assets** | $2176180 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $23038149 |
| Total distributable earnings (loss) | (20861969) |
| Net assets | $2176180 |
| **Class A:** | **Class A:** |
| Net assets | $409984 |
| Capital shares outstanding | 6463 |
| Net asset value per share | $63.44 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $66.60 |
| **Class C:** | **Class C:** |
| Net assets | $2271 |
| Capital shares outstanding | 42 |
| Net asset value per share | $54.07 |
| **Class H:** | **Class H:** |
| Net assets | $1763925 |
| Capital shares outstanding | 27915 |
| Net asset value per share | $63.19 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Interest | $150942 |
| &nbsp;&nbsp;&nbsp;Total investment income | 150942 |
| **Expenses:** | **Expenses:** |
| Management fees | 28013 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 993 |
| &nbsp;&nbsp;&nbsp;Class C | 27 |
| &nbsp;&nbsp;&nbsp;Class H | 6782 |
| Transfer agent fees | 6945 |
| Licensing fees | 8263 |
| Portfolio accounting and administration fees | 4748 |
| Registration fees | 3828 |
| Professional fees | 1370 |
| Custodian fees | 400 |
| Trustees' fees\* | 317 |
| Miscellaneous | 848 |
| &nbsp;&nbsp;&nbsp;Total expenses | 62534 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (3113) |
| Net expenses | 59421 |
| Net investment income | 91521 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Swap agreements | (47814) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (377819) |
| Net realized loss | (425633) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Swap agreements | (3016) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (40474) |
| Net change in unrealized appreciation (depreciation) | (43490) |
| Net realized and unrealized loss | (469123) |
| **Net decrease in net assets resulting from operations** | $(377602) |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

368 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**STRENGTHENING DOLLAR 2x STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $91521 | $164524 |
| Net realized loss on investments | (425633) | (654241) |
| Net change in unrealized appreciation (depreciation) on investments | (43490) | 453802 |
| Net decrease in net assets resulting from operations | (377602) | (35915) |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (13671) | (8436) |
| &nbsp;&nbsp;&nbsp;Class C | (131) | (601) |
| &nbsp;&nbsp;&nbsp;Class H | (150721) | (71717) |
| Total distributions to shareholders | (164523) | (80754) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 660718 | 683629 |
| &nbsp;&nbsp;&nbsp;Class C | 35194 | 94305 |
| &nbsp;&nbsp;&nbsp;Class H | 117911292 | 37742379 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 12913 | 7532 |
| &nbsp;&nbsp;&nbsp;Class C | 131 | 206 |
| &nbsp;&nbsp;&nbsp;Class H | 140209 | 71112 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (689981) | (931162) |
| &nbsp;&nbsp;&nbsp;Class C | (42351) | (120696) |
| &nbsp;&nbsp;&nbsp;Class H | (117748091) | (42250193) |
| Net increase (decrease) from capital share transactions | 280034 | (4702888) |
| Net decrease in net assets | (262091) | (4819557) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 2438271 | 7257828 |
| &nbsp;&nbsp;&nbsp;End of year | $2176180 | $2438271 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 10173 | 11321 |
| &nbsp;&nbsp;&nbsp;Class C | 636 | 1775 |
| &nbsp;&nbsp;&nbsp;Class H | 1810989 | 621543 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 195 | 124 |
| &nbsp;&nbsp;&nbsp;Class C | 2 | 4 |
| &nbsp;&nbsp;&nbsp;Class H | 2130 | 1175 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (10677) | (15415) |
| &nbsp;&nbsp;&nbsp;Class C | (766) | (2371) |
| &nbsp;&nbsp;&nbsp;Class H | (1817243) | (704670) |
| Net decrease in shares | (4561) | (86514) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 369

**STRENGTHENING DOLLAR 2x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $62.78 | $58.06 | $52.63 | $48.47 | $55.34 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 1.97 | 2.11 | .38 | (.64) | (.64) |
| Net gain (loss) on investments (realized and unrealized) | 1.03 <sup>e</sup> | 3.88 <sup>e</sup> | 5.05 <sup>e</sup> | 4.80 | (5.95) |
| Total from investment operations | 3.00 | 5.99 | 5.43 | 4.16 | (6.59) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (2.34) | (1.27) |  |  | (.28) |
| Total distributions | (2.34) | (1.27) |  |  | (.28) |
| Net asset value, end of period | $63.44 | $62.78 | $58.06 | $52.63 | $48.47 |
| **Total Return<sup>b</sup>** | **4.61%** | **10.36%** | **10.32%** | **8.58%** | **(11.88** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $410 | $425 | $624 | $1023 | $1464 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.06% | 3.50% | 0.64% | (1.32%) | (1.26%) |
| Total expenses<sup>c</sup> | 2.02% | 1.91% | 1.82% | 1.89% | 1.91% |
| Net expenses<sup>d</sup> | 1.92% | 1.83% | 1.79% | 1.86% | 1.87% |
| Portfolio turnover rate |  |  |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $53.82 | $50.31 | $45.94 | $42.62 | $49.08 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 1.28 | 1.38 | .23 | (.87) | (.90) |
| Net gain (loss) on investments (realized and unrealized) | 1.31 <sup>e</sup> | 3.40 <sup>e</sup> | 4.14 <sup>e</sup> | 4.19 | (5.28) |
| Total from investment operations | 2.59 | 4.78 | 4.37 | 3.32 | (6.18) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (2.34) | (1.27) |  |  | (.28) |
| Total distributions | (2.34) | (1.27) |  |  | (.28) |
| Net asset value, end of period | $54.07 | $53.82 | $50.31 | $45.94 | $42.62 |
| **Total Return<sup>b</sup>** | **3.83%** | **9.57%** | **9.51%** | **7.79%** | **(12.56** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $2 | $9 | $38 | $34 | $35 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.34% | 2.66% | 0.43% | (2.07%) | (2.00%) |
| Total expenses<sup>c</sup> | 2.82% | 2.64% | 2.56% | 2.66% | 2.67% |
| Net expenses<sup>d</sup> | 2.67% | 2.57% | 2.52% | 2.62% | 2.63% |
| Portfolio turnover rate |  |  |  |  |  |

---

370 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**STRENGTHENING DOLLAR 2x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $62.55 | $57.86 | $52.44 | $48.29 | $55.12 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 1.90 | 2.07 | .67 | (.66) | (.70) |
| Net gain (loss) on investments (realized and unrealized) | 1.08 <sup>e</sup> | 3.89 <sup>e</sup> | 4.75 <sup>e</sup> | 4.81 | (5.85) |
| Total from investment operations | 2.98 | 5.96 | 5.42 | 4.15 | (6.55) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (2.34) | (1.27) |  |  | (.28) |
| Total distributions | (2.34) | (1.27) |  |  | (.28) |
| Net asset value, end of period | $63.19 | $62.55 | $57.86 | $52.44 | $48.29 |
| **Total Return** | **4.61%** | **10.35%** | **10.34%** | **8.59%** | **(11.86** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $1764 | $2004 | $6596 | $4190 | $2437 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.92% | 3.46% | 1.08% | (1.36%) | (1.36%) |
| Total expenses<sup>c</sup> | 2.01% | 1.90% | 1.81% | 1.89% | 1.94% |
| Net expenses<sup>d</sup> | 1.91% | 1.83% | 1.77% | 1.85% | 1.90% |
| Portfolio turnover rate |  |  |  |  |  |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>c</sup> Does not include expenses of the underlying funds in which the Fund invests.

<sup>d</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>e</sup> The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the period because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 371

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **WEAKENING DOLLAR 2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 3.2%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 3.2%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 3.2%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;4.08% due 04/08/25<sup>1,2</sup> | $35000 | $34971 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $34,971) |  | 34971 |
| **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 95.8%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 95.8%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 95.8%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25<sup>4</sup> | 600418 | 600418 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25<sup>4</sup> | 460153 | 460153 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,060,571) |  | 1060571 |
| **Total Investments - 99.0%** | **Total Investments - 99.0%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,095,542) | &nbsp;&nbsp;&nbsp;(Cost $1,095,542) | $1095542 |
| **Other Assets & Liabilities, net - 1.0%** | **Other Assets & Liabilities, net - 1.0%** | 11539 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $1107081 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Depreciation\*\*** |
| **Currency Futures Contracts Sold Short<sup>†</sup>** | **Currency Futures Contracts Sold Short<sup>†</sup>** | **Currency Futures Contracts Sold Short<sup>†</sup>** | **Currency Futures Contracts Sold Short<sup>†</sup>** | **Currency Futures Contracts Sold Short<sup>†</sup>** |
| U.S. Dollar Index Futures Contracts | 16 | Jun 2025 | $1662000 | $(13823) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** |
| **Counterparty** | **Index** | **Type** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Depreciation** |
| **OTC Currency Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Currency Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Currency Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Currency Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Currency Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Currency Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Currency Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Currency Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Currency Index Swap Agreements Sold Short<sup>††</sup>** |
| Goldman Sachs International | U.S. Dollar Index | Pay | N/A | At Maturity | 06/20/25 | 5342 | $554618 | $(2922) |

---

---

| | |
|:---|:---|
| \*\* | &nbsp;&nbsp;&nbsp;Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as futures collateral at March 31, 2025. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the effective yield at the time of purchase. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as currency index swap collateral at March 31, 2025. |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

372 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **WEAKENING DOLLAR 2x STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| U.S. Treasury Bills | $— | $34971 | $— | $34971 |
| Repurchase Agreements |  | 1060571 |  | 1060571 |
| Total Assets | $— | $1095542 | $— | $1095542 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Currency Futures Contracts\*\* | $13823 | $— | $— | $13823 |
| Currency Index Swap Agreements\*\* |  | 2922 |  | 2922 |
| Total Liabilities | $13823 | $2922 | $— | $16745 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 373

**WEAKENING DOLLAR 2x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $34,971) | $34971 |
| Repurchase agreements, at value (cost $1,060,571) | 1060571 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 24468 |
| &nbsp;&nbsp;&nbsp;Interest | 128 |
| **Total assets** | 1120138 |
| **Liabilities:** | **Liabilities:** |
| Unrealized depreciation on OTC swap agreements | 2922 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 2656 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 2570 |
| &nbsp;&nbsp;&nbsp;Licensing fees | 2201 |
| &nbsp;&nbsp;&nbsp;Management fees | 910 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 434 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 253 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 53 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 50 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 13 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 995 |
| **Total liabilities** | 13057 |
| **Net assets** | $1107081 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $11651136 |
| Total distributable earnings (loss) | (10544055) |
| Net assets | $1107081 |
| **Class A:** | **Class A:** |
| Net assets | $170707 |
| Capital shares outstanding | 1289 |
| Net asset value per share | $132.43 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $139.03 |
| **Class C:** | **Class C:** |
| Net assets | $398 |
| Capital shares outstanding | 4 |
| Net asset value per share | $99.50 |
| **Class H:** | **Class H:** |
| Net assets | $935976 |
| Capital shares outstanding | 7080 |
| Net asset value per share | $132.20 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Interest | $62444 |
| &nbsp;&nbsp;&nbsp;Total investment income | 62444 |
| **Expenses:** | **Expenses:** |
| Management fees | 11260 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 481 |
| &nbsp;&nbsp;&nbsp;Class C | 4 |
| &nbsp;&nbsp;&nbsp;Class H | 2646 |
| Transfer agent fees | 2702 |
| Licensing fees | 3406 |
| Portfolio accounting and administration fees | 1909 |
| Registration fees | 1457 |
| Professional fees | 540 |
| Custodian fees | 163 |
| Trustees' fees\* | 139 |
| Miscellaneous | 464 |
| &nbsp;&nbsp;&nbsp;Total expenses | 25171 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (1251) |
| Net expenses | 23920 |
| Net investment income | 38524 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments | 42 |
| &nbsp;&nbsp;&nbsp;Swap agreements | (18460) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (109333) |
| Net realized loss | (127751) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Swap agreements | (742) |
| &nbsp;&nbsp;&nbsp;Futures contracts | 11106 |
| Net change in unrealized appreciation (depreciation) | 10364 |
| Net realized and unrealized loss | (117387) |
| **Net decrease in net assets resulting from operations** | $(78863) |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

374 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**WEAKENING DOLLAR 2x STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $38524 | $47547 |
| Net realized loss on investments | (127751) | (225508) |
| Net change in unrealized appreciation (depreciation) on investments | 10364 | (92593) |
| Net decrease in net assets resulting from operations | (78863) | (270554) |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (7608) | (2465) |
| &nbsp;&nbsp;&nbsp;Class C | (19) | (4) |
| &nbsp;&nbsp;&nbsp;Class H | (39911) | (8970) |
| Total distributions to shareholders | (47538) | (11439) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 86458 | 87160 |
| &nbsp;&nbsp;&nbsp;Class C | 500 | 34672 |
| &nbsp;&nbsp;&nbsp;Class H | 51979406 | 14094456 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 7603 | 2464 |
| &nbsp;&nbsp;&nbsp;Class C | 19 | 4 |
| &nbsp;&nbsp;&nbsp;Class H | 39070 | 8717 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (123981) | (91457) |
| &nbsp;&nbsp;&nbsp;Class C | (364) | (36772) |
| &nbsp;&nbsp;&nbsp;Class H | (51700123) | (14466225) |
| Net increase (decrease) from capital share transactions | 288588 | (366981) |
| Net increase (decrease) in net assets | 162187 | (648974) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 944894 | 1593868 |
| &nbsp;&nbsp;&nbsp;End of year | $1107081 | $944894 |
| **Capital share activity\*:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 653 | 598 |
| &nbsp;&nbsp;&nbsp;Class C | 4 | 261 |
| &nbsp;&nbsp;&nbsp;Class H | 370718 | 95858 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 60 | 17 |
| &nbsp;&nbsp;&nbsp;Class C | 1 | 0 |
| &nbsp;&nbsp;&nbsp;Class H | 311 | 62 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (920) | (650) |
| &nbsp;&nbsp;&nbsp;Class C | (3) | (303) |
| &nbsp;&nbsp;&nbsp;Class H | (369279) | (99890) |
| Net decrease in shares | 1545 | (4047) |

---

\* Reverse share split - Capital share activity has been restated to reflect a 1:3 reverse share split effective February 24, 2025. See Note 11 in the Notes to Financial Statements.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 375

**WEAKENING DOLLAR 2x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025<sup>e</sup>** | **Year Ended <br> March 31, <br> 2024<sup>e</sup>** | **Year Ended <br> March 31, <br> 2023<sup>e</sup>** | **Year Ended <br> March 31, <br> 2022<sup>e</sup>** | **Year Ended <br> March 31, <br> 2021<sup>e</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $138.60 | $146.87 | $166.41 | $191.12 | $173.56 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 4.22 | 4.98 | 1.56 | (2.22) | (2.52) |
| Net gain (loss) on investments (realized and unrealized) | (4.85) | (11.78) | (21.10) | (22.49) | 20.44 |
| Total from investment operations | (.63) | (6.80) | (19.54) | (24.71) | 17.92 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (5.54) | (1.47) |  |  | (.36) |
| Total distributions | (5.54) | (1.47) |  |  | (.36) |
| Net asset value, end of period | $132.43 | $138.60 | $146.87 | $166.41 | $191.12 |
| **Total Return<sup>b</sup>** | **(0.25** **%)** | **(4.65** **%)** | **(11.72** **%)** | **(12.95** **%)** | **10.32%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $171 | $207 | $225 | $192 | $387 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.11% | 3.48% | 1.10% | (1.18%) | (1.30%) |
| Total expenses | 2.02% | 1.91% | 1.74% | 1.90% | 1.90% |
| Net expenses<sup>c</sup> | 1.92% | 1.83% | 1.69% | 1.84% | 1.86% |
| Portfolio turnover rate |  |  |  |  | 48% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025<sup>e</sup>** | **Year Ended <br> March 31, <br> 2024<sup>e</sup>** | **Year Ended <br> March 31, <br> 2023<sup>e</sup>** | **Year Ended <br> March 31, <br> 2022<sup>e</sup>** | **Year Ended <br> March 31, <br> 2021<sup>e</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $118.40 | $126.79 | $144.70 | $167.43 | $153.22 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 2.56 | 3.60 | .96 | (3.18) | (3.51) |
| Net gain (loss) on investments (realized and unrealized) | (15.92) | (10.52) | (18.87) | (19.55) | 18.08 |
| Total from investment operations | (13.36) | (6.92) | (17.91) | (22.73) | 14.57 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (5.54) | (1.47) |  |  | (.36) |
| Total distributions | (5.54) | (1.47) |  |  | (.36) |
| Net asset value, end of period | $99.50 | $118.40 | $126.79 | $144.70 | $167.43 |
| **Total Return<sup>b</sup>** | **(1.14** **%)** | **(5.51** **%)** | **(12.38** **%)** | **(13.57** **%)** | **9.50%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $0 | $0 | $6 | $15 | $37 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.23% | 2.87% | 0.81% | (1.93%) | (2.04%) |
| Total expenses | 2.73% | 2.53% | 2.37% | 2.66% | 2.66% |
| Net expenses | 2.73% | 2.46% | 2.32% | 2.59% | 2.62% |
| Portfolio turnover rate |  |  |  |  | 48% |

---

376 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**WEAKENING DOLLAR 2x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025<sup>e</sup>** | **Year Ended <br> March 31, <br> 2024<sup>e</sup>** | **Year Ended <br> March 31, <br> 2023<sup>e</sup>** | **Year Ended <br> March 31, <br> 2022<sup>e</sup>** | **Year Ended <br> March 31, <br> 2021<sup>e</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $138.35 | $146.60 | $166.11 | $190.78 | $173.29 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 4.20 | 5.04 | 1.65 | (2.19) | (2.79) |
| Net gain (loss) on investments (realized and unrealized) | (4.81) | (11.82) | (21.16) | (22.48) | 20.64 |
| Total from investment operations | (.61) | (6.78) | (19.51) | (24.67) | 17.85 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (5.54) | (1.47) |  |  | (.36) |
| Total distributions | (5.54) | (1.47) |  |  | (.36) |
| Net asset value, end of period | $132.20 | $138.35 | $146.60 | $166.11 | $190.78 |
| **Total Return** | **(0.24** **%)** | **(4.64** **%)** | **(11.74** **%)** | **(12.93** **%)** | **10.29%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $936 | $737 | $1363 | $1005 | $1063 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.07% | 3.50% | 1.18% | (1.17%) | (1.47%) |
| Total expenses | 2.01% | 1.89% | 1.74% | 1.90% | 1.88% |
| Net expenses<sup>c</sup> | 1.91% | 1.81% | 1.69% | 1.84% | 1.86% |
| Portfolio turnover rate |  |  |  |  | 48% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>c</sup> Does not include expenses of the underlying funds in which the Fund invests.

<sup>d</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>e</sup> Reverse share split — Per share amounts have been restated to reflect a 1:3 reverse share split effective February 24, 2025. See Note 11 in the Notes to Financial Statements.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 377

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | March 31, 2025 |
| **U.S. GOVERNMENT MONEY MARKET FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **FEDERAL AGENCY NOTES<sup>††</sup>** **- 32.4%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 32.4%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 32.4%** |
| Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp;4.36% (SOFR + 0.02%, Rate Floor: 0.00%) due 05/07/25<sup>◊</sup> | $15000000 | $15000000 |
| &nbsp;&nbsp;&nbsp;4.38% (SOFR + 0.04%, Rate Floor: 0.00%) due 06/20/25<sup>◊</sup> | 15000000 | 15000000 |
| &nbsp;&nbsp;&nbsp;4.34% (SOFR - 0.00%, Rate Floor: 0.00%) due 07/03/25<sup>◊</sup> | 14000000 | 14000068 |
| &nbsp;&nbsp;&nbsp;4.34% (SOFR - 0.00%, Rate Floor: 0.00%) due 05/20/25<sup>◊</sup> | 7655000 | 7654947 |
| Federal Farm Credit Bank | Federal Farm Credit Bank | Federal Farm Credit Bank |
| &nbsp;&nbsp;&nbsp;4.36% (SOFR + 0.02%, Rate Floor: 0.00%) due 11/06/25<sup>◊</sup> | 15000000 | 15000000 |
| &nbsp;&nbsp;&nbsp;5.13% due 05/22/25 | 8700000 | 8699271 |
| &nbsp;&nbsp;&nbsp;4.32% due 02/27/26 | 8500000 | 8499601 |
| &nbsp;&nbsp;&nbsp;4.48% (SOFR + 0.14%, Rate Floor: 0.00%) due 04/21/25<sup>◊</sup> | 8000000 | 8000550 |
| Farmer Mac | Farmer Mac | Farmer Mac |
| &nbsp;&nbsp;&nbsp;4.90% (SOFR + 0.56%, Rate Floor: 0.00%) due 05/28/25<sup>◊</sup> | 1500000 | 1501304 |
| **Total Federal Agency Notes** | **Total Federal Agency Notes** |  |
| &nbsp;&nbsp;&nbsp;(Cost $93,355,741) |  | 93355741 |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 15.0%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 15.0%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 15.0%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;4.23% due 05/01/25<sup>1</sup> | 15000000 | 14947130 |
| &nbsp;&nbsp;&nbsp;4.26% due 04/03/25<sup>1</sup> | 14300000 | 14296613 |
| &nbsp;&nbsp;&nbsp;4.25% due 04/08/25<sup>1</sup> | 14000000 | 13988425 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $43,232,168) |  | 43232168 |
| **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 7.6%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 7.6%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 7.6%** |
| Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp;4.23% due 04/10/25<sup>1</sup> | $12000000 | 11987325 |
| &nbsp;&nbsp;&nbsp;4.24% due 04/23/25<sup>1</sup> | 5000000 | 4987045 |
| &nbsp;&nbsp;&nbsp;4.25% due 04/25/25<sup>1</sup> | 5000000 | 4985833 |
| **Total Federal Agency Discount Notes** | **Total Federal Agency Discount Notes** |  |
| &nbsp;&nbsp;&nbsp;(Cost $21,960,203) |  | 21960203 |
| **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 4.3%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 4.3%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 4.3%** |
| United States Treasury Floating Rate Note | United States Treasury Floating Rate Note | United States Treasury Floating Rate Note |
| &nbsp;&nbsp;&nbsp;4.36% (3 Month U.S. Treasury Bill Rate + 0.13%, Rate Floor: 0.00%) due 07/31/25<sup>◊</sup> | 12500000 | 12502867 |
| **Total U.S. Government Securities** | **Total U.S. Government Securities** |  |
| &nbsp;&nbsp;&nbsp;(Cost $12,502,867) |  | 12502867 |
| **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 39.2%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 39.2%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 39.2%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25 | 64058471 | 64058471 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25 | 49093638 | 49093638 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $113,152,109) |  | 113152109 |
| **Total Investments - 98.5%** | **Total Investments - 98.5%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $284,203,088) | &nbsp;&nbsp;&nbsp;(Cost $284,203,088) | $284203088 |
| **Other Assets & Liabilities, net - 1.5%** | **Other Assets & Liabilities, net - 1.5%** | 4216870 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $288419958 |

---

---

| | |
|:---|:---|
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>◊</sup> | &nbsp;&nbsp;&nbsp;Variable rate security. Rate indicated is the rate effective at March 31, 2025. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the effective yield at the time of purchase. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;SOFR — Secured Overnight Financing Rate |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

378 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **U.S. GOVERNMENT MONEY MARKET FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Federal Agency Notes | $— | $93355741 | $— | $93355741 |
| U.S. Treasury Bills |  | 43232168 |  | 43232168 |
| Federal Agency Discount Notes |  | 21960203 |  | 21960203 |
| U.S. Government Securities |  | 12502867 |  | 12502867 |
| Repurchase Agreements |  | 113152109 |  | 113152109 |
| Total Assets | $— | $284203088 | $— | $284203088 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 379

**U.S. GOVERNMENT MONEY MARKET FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $171,050,979) | $171050979 |
| Repurchase agreements, at value (cost $113,152,109) | 113152109 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 11671161 |
| &nbsp;&nbsp;&nbsp;Interest | 725079 |
| **Total assets** | 296599328 |
| **Liabilities:** | **Liabilities:** |
| Overdraft due to custodian bank | 13 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 7713146 |
| &nbsp;&nbsp;&nbsp;Management fees | 114614 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 97409 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 34268 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders | 3299 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 2696 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 213925 |
| **Total liabilities** | 8179370 |
| **Net assets** | $288419958 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $288282600 |
| Total distributable earnings (loss) | 137358 |
| Net assets | $288419958 |
| Capital shares outstanding | 288260550 |
| Net asset value per share | $1.00 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Interest | $13069249 |
| &nbsp;&nbsp;&nbsp;Total investment income | 13069249 |
| **Expenses:** | **Expenses:** |
| Management fees | 1317888 |
| Transfer agent fees | 481672 |
| Portfolio accounting and administration fees | 398000 |
| Registration fees | 314159 |
| Professional fees | 119220 |
| Custodian fees | 34177 |
| Trustees' fees\* | 28124 |
| Miscellaneous | 75672 |
| &nbsp;&nbsp;&nbsp;Total expenses | 2768912 |
| Net investment income | 10300337 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments | 2129 |
| Net realized gain | 2129 |
| **Net increase in net assets resulting from operations** | $10302466 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

380 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**U.S. GOVERNMENT MONEY MARKET FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $10300337 | $11193014 |
| Net realized gain on investments | 2129 | 996 |
| Net change in unrealized appreciation (depreciation) on investments |  |  |
| Net increase in net assets resulting from operations | 10302466 | 11194010 |
| Distributions to shareholders | (10300331) | (11193012) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares | 5458985385 | 4820555785 |
| Distributions reinvested | 10212588 | 11032690 |
| Cost of shares redeemed | (5456429907) | (4867638651) |
| Net increase (decrease) from capital share transactions | 12768066 | (36050176) |
| Net increase (decrease) in net assets | 12770201 | (36049178) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 275649757 | 311698935 |
| &nbsp;&nbsp;&nbsp;End of year | $288419958 | $275649757 |
| **Capital share activity:** |  |  |
| Shares sold | 5458985385 | 4820555785 |
| Shares issued from reinvestment of distributions | 10212748 | 11032702 |
| Shares redeemed | (5456429908) | (4867638651) |
| Net increase (decrease) in shares | 12768225 | (36050164) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 381

**U.S. GOVERNMENT MONEY MARKET FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .04 | .04 | .02 | — <sup>c</sup> | — <sup>c</sup> |
| Net gain (loss) on investments (realized and unrealized) | — <sup>c</sup> | — <sup>c</sup> | — <sup>c</sup> | — <sup>c</sup> | — <sup>c</sup> |
| Total from investment operations | .04 | .04 | .02 | — <sup>c</sup> | — <sup>c</sup> |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.04) | (.04) | (.02) |  |  |
| Net realized gains | — <sup>c</sup> | — <sup>c</sup> |  |  |  |
| Total distributions | (.04) | (.04) | (.02) |  |  |
| Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** | **3.98%** | **4.33%** | **1.86%** | **0.00** **%<sup>**b**</sup>** | **0.05%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $288420 | $275650 | $311699 | $356201 | $348971 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.91% | 4.26% | 1.81% | (0.04 %) | 0.00 %<sup>d</sup> |
| Total expenses | 1.05% | 1.05% | 0.99% | 0.95% | 1.04% |
| Net expenses<sup>b</sup> | 1.05% | 1.05% | 0.86% | 0.12% | 0.16% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>c</sup> Less than $0.01 per share.

<sup>d</sup> Less than 0.01%.

382 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**NOTES TO FINANCIAL STATEMENTS** <br>

**Note 1 – Organization and Significant Accounting Policies** 

**Organization** 

Rydex Series Funds (the "Trust"), a Delaware statutory trust, is registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940 (the "1940 Act"), as an open-ended investment company. The Trust consists of multiple series. Each series represents a separate fund (each, a "Fund" and collectively, the "Funds").

The Trust may issue an unlimited number of authorized shares. The Trust accounts for the assets of each Fund separately.

The Trust offers a combination of seven separate classes of shares: Investor Class shares, Class A shares, Class C shares, Class H shares, Class P shares, Institutional Class shares and Money Market Class shares. Sales of shares of each Class are made without a front-end sales charge at the net asset value per share ("NAV"), with the exception of Class A shares. Class A shares are sold at the NAV, plus the applicable front-end sales charge. The sales charge varies depending on the amount purchased, but will not exceed 4.75%. Class A share purchases of $1 million or more are exempt from the front-end sales charge but are subject to a 1% contingent deferred sales charge ("CDSC") if shares are redeemed within 12 months of purchase. Class C shares are subject to a 1% CDSC if shares are redeemed within 12 months of purchase. Class C shares of each Fund automatically convert to Class A shares of the same Fund on or about the 10th day of the month following the 8-year anniversary of the purchase of the Class C shares. This conversion will be executed without any sales charge, fee or other charge. After the conversion is completed, the shares will be subject to all features and expenses of Class A shares. Institutional Class shares are offered primarily for direct investment by institutions such as pension and profit sharing plans, endowments, foundations and corporations. Institutional Class shares require a minimum initial investment of $2 million and a minimum account balance of $1 million. At March 31, 2025, the Trust consisted of fifty-one Funds.

This report covers the following Funds:

---

| | |
|:---|:---|
| **Fund Name** | **Investment <br> Company Type** |
| Banking Fund | Diversified |
| Basic Materials Fund | Diversified |
| Biotechnology Fund | Diversified |
| Consumer Products Fund | Diversified |
| Electronics Fund | Non-diversified |
| Energy Fund | Diversified |
| Energy Services Fund | Non-diversified |
| Financial Services Fund | Diversified |
| Health Care Fund | Diversified |
| Internet Fund | Diversified |
| Leisure Fund | Diversified |
| Precious Metals Fund | Non-diversified |
| Real Estate Fund | Diversified |
| Retailing Fund | Diversified |
| Technology Fund | Diversified |
| Telecommunications Fund | Non-diversified |
| Transportation Fund | Diversified |
| Utilities Fund | Diversified |
| Dow Jones Industrial Average<sup>®</sup> Fund | Non-diversified |
| Mid-Cap 1.5x Strategy Fund | Non-diversified |
| Inverse Mid-Cap Strategy Fund | Non-diversified |
| Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund | Non-diversified |
| NASDAQ-100<sup>®</sup> Fund | Non-diversified |
| Inverse NASDAQ-100<sup>®</sup> Strategy Fund | Non-diversified |
| Russell 2000<sup>®</sup> 1.5x Strategy Fund | Non-diversified |
| Russell 2000<sup>®</sup> Fund | Non-diversified |
| Inverse Russell 2000<sup>®</sup> Strategy Fund | Non-diversified |
| Nova Fund | Non-diversified |
| S&P 500<sup>®</sup> Fund | Non-diversified |
| Inverse S&P 500<sup>®</sup> Strategy Fund | Non-diversified |
| S&P 500<sup>®</sup> Pure Growth Fund | Non-diversified |
| S&P 500<sup>®</sup> Pure Value Fund | Non-diversified |
| S&P MidCap 400<sup>®</sup> Pure Growth Fund | Non-diversified |
| S&P MidCap 400<sup>®</sup> Pure Value Fund | Non-diversified |
| S&P SmallCap 600<sup>®</sup> Pure Growth Fund | Non-diversified |
| S&P SmallCap 600<sup>®</sup> Pure Value Fund | Non-diversified |
| Emerging Markets Bond Strategy Fund | Diversified |
| Government Long Bond 1.2x Strategy Fund | Diversified |
| Inverse Government Long Bond Strategy Fund | Diversified |
| High Yield Strategy Fund | Non-diversified |
| Inverse High Yield Strategy Fund | Non-diversified |
| Emerging Markets 2x Strategy Fund | Non-diversified |
| Inverse Emerging Markets 2x Strategy Fund | Non-diversified |
| Europe 1.25x Strategy Fund | Non-diversified |
| Japan 2x Strategy Fund | Non-diversified |
| Strengthening Dollar 2x Strategy Fund | Non-diversified |
| Weakening Dollar 2x Strategy Fund | Non-diversified |
| U.S. Government Money Market Fund | Diversified |

---

At March 31, 2025, Investor Class, Class A, Class C, Class H, and Money Market Class shares have been issued by the Funds.

The Funds are designed and operated to accommodate frequent trading by shareholders and, unlike most mutual funds, offer unlimited exchange privileges with no minimum holding periods or transactions fees, which may cause the Funds to experience high portfolio turnover.

Each of the Sector Funds invests in a specific industry sector. To the extent that the investments of a Sector Fund are concentrated in a single sector, the Fund is subject to legislative or regulatory changes, adverse market conditions and/or increased competition affecting such sector.

The Sector Funds seek capital appreciation and invest substantially all of their assets in equity securities of companies involved in the sector referenced in each Fund's name.

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 383

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

Security Investors, LLC (the "Adviser"), which operates under the name Guggenheim Investments ("GI"), provides advisory services to the Funds. Guggenheim Funds Distributors, LLC ("GFD") serves as distributor of the Funds' shares. GI and GFD are affiliated entities.

**Significant Accounting Policies** 

The Funds operate as investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") and are consistently followed by the Trust. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.

The NAV of each share class of each Fund is calculated by dividing the current value of the Fund's securities and other assets, less all liabilities attributable to the share class by the number of outstanding shares of the share class on the specified date.

The Trust calculates a NAV twice each business day; at 10:45 a.m. and at the close of the New York Stock Exchange ("NYSE"), usually 4:00 p.m. for the Russell 2000<sup>®</sup> Fund, S&P 500<sup>®</sup> Fund, Emerging Markets 2x Strategy Fund, Inverse Emerging Markets 2x Strategy Fund and Emerging Markets Bond Strategy Fund. All other Funds in this report will price at the afternoon NAV. The NAV is calculated using the current market value of each Fund's total assets as of the respective time of calculation. These financial statements are based on the March 31, 2025, afternoon NAV.

**(a) Valuation of Investments** 

The Board of Trustees of the Trust (the "Board") has adopted policies and procedures for the valuation of the Funds' investments (the "Fund Valuation Procedures").

Pursuant to Rule 2a-5 under the 1940 Act, the Board designated the Adviser as the valuation designee to perform fair valuation determinations for the Funds with respect to all Fund investments and/or other assets. As the Funds' valuation designee pursuant to Rule 2a-5, the Adviser has adopted separate procedures (the "Valuation Designee Procedures" and collectively with the Fund Valuation Procedures, the "Valuation Procedures") reasonably designed to prevent violations of the requirements of Rule 2a-5 and Rule 31a-4 under the 1940 Act. The Adviser, in its role as valuation designee, utilizes the assistance of a valuation committee, consisting of representatives from Guggenheim's investment management, fund administration, legal and compliance departments (the "Valuation Committee"), in determining the fair value of the Funds' securities and/or other assets.

Valuations of the Funds' securities and other assets are supplied primarily by independent third-party pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Adviser, with the assistance of the Valuation Committee, convenes monthly, or more frequently as needed, to review the valuation of all assets which have been fair valued. The Adviser, consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly reviews the appropriateness of the inputs, methods, models and assumptions employed by the independent third-party pricing services.

If the independent third-party pricing service cannot or does not provide a valuation for a particular investment or such valuation is deemed unreliable, such investment is fair valued by the Adviser.

Equity securities listed or traded on a recognized U.S. securities exchange or the Nasdaq Stock Market ("NASDAQ") will generally be valued on the basis of the last sale price on the primary U.S. exchange or market on which the security is listed or traded; provided, however, that securities listed on NASDAQ will be valued at the NASDAQ official closing price, which may not necessarily represent the last sale price.

Open-end investment companies are valued at their NAV as of the close of business, on the valuation date. Exchange-traded funds and closed-end investment companies are generally valued at the last quoted sale price.

The U.S. Government Money Market Fund values debt securities at amortized cost pursuant to Rule 2a-7 of the 1940 Act, which approximates market value.

With the exception of the U.S. Government Money Market Fund, U.S. Government securities are valued by independent third-party pricing services, using the last traded fill price, or at the reported bid price at the close of business on the valuation date.

Repurchase agreements are generally valued at amortized cost, provided such amounts approximate market value.

Commercial paper and discount notes with a maturity of greater than 60 days at acquisition are valued at prices that reflect broker-dealer supplied valuations or are obtained from independent third-party pricing services, which may consider the trade activity, treasury spreads, yields or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Commercial paper and discount

384 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

notes with a maturity of 60 days or less at acquisition are valued at amortized cost, unless the Adviser concludes that amortized cost does not represent the fair value of the applicable asset in which case it will be valued using an independent third-party pricing service.

Futures contracts are valued on the basis of the last sale price as of 4:00 p.m. on the valuation date. In the event that the exchange for a specific futures contract closes earlier than 4:00 p.m., the futures contract is valued at the official settlement price of the exchange. However, the underlying securities from which the futures contract value is derived are monitored until 4:00 p.m. to determine if fair valuation of the underlying securities would provide a more accurate valuation of the futures contract.

The value of currency index swap agreements entered into by a Fund is accounted for using the unrealized appreciation or depreciation on the agreements that is determined by marking the agreements to the broker quote.

Swap agreements entered into by a Fund are generally valued using an evaluated price provided by an independent third-party pricing service.

Investments for which market quotations are not readily available are fair valued as determined in good faith by the Adviser. Valuations in accordance with these methods are intended to reflect each security's (or asset's or liability's) "fair value". Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to market prices; sale prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics, or on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis. In connection with futures contracts and other derivative investments, such factors may include obtaining information as to how (a) these contracts and other derivative investments trade in the futures or other derivative markets, respectively, and (b) the securities underlying these contracts and other derivative investments trade in the cash market.

**(b) U.S. Government and Agency Obligations** 

Certain U.S. Government and Agency Obligations are traded on a discount basis; the interest rates shown on the Funds' Schedules of Investments reflect the effective rates paid at the time of purchase by the Funds. Other securities bear interest at the rates shown, payable at fixed dates through maturity.

**(c) Short Sales** 

When a Fund engages in a short sale of a security, an amount equal to the proceeds is reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the market value of the short sale. The Fund maintains a segregated account of cash and/or securities as collateral for short sales.

Fees, if any, paid to brokers to borrow securities in connection with short sales are recorded as interest expense. In addition, the Fund must pay out the dividend rate of the equity or coupon rate of the obligation to the lender and record this as an expense. Short dividend or interest expense is a cost associated with the investment objective of short sales transactions, rather than an operational cost associated with the day-to-day management of any mutual fund. The Fund may also receive rebate income from the broker resulting from the investment of the proceeds from securities sold short.

**(d) Futures Contracts** 

Upon entering into a futures contract, a Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is affected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

**(e) Swap Agreements** 

Swap agreements are marked-to-market daily and the change, if any, is recorded as unrealized appreciation or depreciation. Payments received or made as a result of an agreement or termination of an agreement are recognized as realized gains or losses.

Upon entering into certain centrally-cleared swap transactions, a Fund is required to deposit with its clearing broker an amount of cash or securities as an initial margin. Subsequent variation margin receipts or payments are received or made by the Fund depending on fluctuations in the fair value of the reference entity and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 385

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

Upfront payments received or made by a Fund on credit default swap agreements and interest rate swap agreements are amortized over the expected life of the agreement. Periodic payments received or paid by a Fund are recorded as realized gains or losses. Payments received or made as a result of a credit event or termination of the contract are recognized, net of a proportional amount of the upfront payment, as realized gains or losses.

**(f) Currency Translations** 

The accounting records of the Funds are maintained in U.S. dollars. All assets and liabilities initially expressed in foreign currencies are converted into U.S. dollars at prevailing exchange rates. Purchases and sales of investment securities, dividend and interest income, and certain expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Funds. Foreign investments may also subject the Funds to foreign government exchange restrictions, expropriation, taxation, or other political, social, geopolitical or economic developments, all of which could affect the market and/or credit risk of the investments.

The Funds do not isolate that portion of the results of operations resulting from changes in the foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized gain or loss and unrealized appreciation or depreciation on investments.

Reported net realized foreign exchange gains and losses arise from sales of foreign currencies and currency gains or losses realized between the trade and settlement dates on investment transactions. Net unrealized appreciation and depreciation arise from changes in the fair values of assets and liabilities other than investments in securities at the fiscal period end, resulting from changes in exchange rates.

**(g) Foreign Taxes** 

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income and foreign taxes on capital gains from sales of investments are included with the net realized gain (loss) on investments. Foreign taxes payable or deferred as of March 31, 2025, if any, are disclosed in the Funds' Statements of Assets and Liabilities.

**(h) Security Transactions** 

Security transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses from securities transactions are recorded using the identified cost basis. Proceeds from lawsuits related to investment holdings are recorded as a reduction to cost if the securities are still held and as realized gains if no longer held in the respective Fund. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries, if any. Taxable non-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discounts, is accrued on a daily basis. Dividend income from Real Estate Investment Trusts ("REITs") is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to realized gains. The actual amounts of income, return of capital, and realized gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

**(i) Distributions** 

Dividends from net investment income are declared daily and paid monthly for the Government Long Bond 1.2x Strategy Fund and the U.S. Government Money Market Fund. Distributions of net investment income in the remaining Funds and distributions of net realized gains, if any, in all Funds are declared and paid at least annually. Dividends are reinvested in additional shares unless shareholders request payment in cash. Distributions are recorded on the ex-dividend date and are determined in accordance with U.S. federal income tax regulations which may differ from U.S. GAAP.

**(j) Class Allocations** 

Interest and dividend income, most expenses, all realized gains and losses, and all unrealized appreciation and depreciation are allocated to the share classes based upon the value of the outstanding shares in each share class. Certain costs, such as distribution and service fees are charged directly to specific share classes. In addition, certain expenses have been allocated to the individual Funds in the Trust based on the respective net assets of each Fund included in the Trust.

**(k) Cash** 

The Funds may leave cash overnight in their cash account with their custodian. Periodically, a Fund may have cash due to their custodian bank as an overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate, which was 4.33% at March 31, 2025.

386 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

**(l) Indemnifications** 

Under the Trust's organizational documents, the Trustees and Officers of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, throughout the normal course of business, the Trust, on behalf of the Funds, enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds and/or their affiliates that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

**Note 2 – Financial Instruments and Derivatives** 

As part of their investment strategies, the Funds may utilize short sales and a variety of derivative instruments. These investments involve, to varying degrees, elements of market risk and risks in excess of amounts recognized on the Funds' Statements of Assets and Liabilities. Valuation and accounting treatment of these instruments can be found under Significant Accounting Policies in Note 1 of these Notes to Financial Statements.

**Short Sales** 

A short sale is a transaction in which a Fund sells a security it does not own. If the security sold short decreases in price between the time the Fund sells the security and closes its short position, the Fund will realize a gain on the transaction. Conversely, if the security increases in price during the period, the Fund will realize a loss on the transaction. The risk of such price increases is the principal risk of engaging in short sales.

**Derivatives** 

Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used for investment purposes (including to maintain cash reserves while maintaining exposure to certain other assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. Derivative instruments may also be used to seek to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. U.S. GAAP requires disclosures to enable investors to better understand how and why a Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund's financial position and results of operations.

The Funds utilized derivatives for the following purposes:

**Duration:** the use of an instrument to manage the interest rate risk of a portfolio.

**Index Exposure:** the use of an instrument to obtain exposure to a listed or other type of index.

**Leverage:** gaining total exposure to equities or other assets on the long and short sides at greater than 100% of invested capital.

**Liquidity:** the ability to buy or sell exposure with little price/market impact.

If a Fund's investment strategy consistently involves applying leverage, the value of the Fund's shares will tend to increase or decrease more than the value of any increase or decrease in the underlying index or other asset. In addition, because an investment in derivative instruments generally requires a small investment relative to the amount of investment exposure assumed, an opportunity for increased net income is created; but, at the same time, leverage risk will increase. A Fund's use of leverage, through borrowings or instruments such as derivatives, may cause an investment in the Fund to be more volatile and riskier than if the Fund had not been leveraged.

**Futures Contracts** 

A futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities or other instruments at a set price for delivery at a future date. There are significant risks associated with a Fund's use of futures contracts, including (i) there may be an imperfect or no correlation between the changes in market value of the underlying asset and the prices of futures contracts; (ii) there may not be a liquid secondary market for a futures contract; (iii) trading restrictions or limitations may be imposed by an exchange; and (iv) government regulations may restrict trading in futures contracts. When investing in futures, there is minimal counterparty credit risk to a Fund because futures are

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 387

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. Cash deposits are shown as segregated cash with broker on the Funds' Statements of Assets and Liabilities; securities held as collateral are noted on the Funds' Schedules of Investments.

The following table represents the Funds' use and volume of futures on a monthly basis:

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| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Average Notional Amount** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Average Notional Amount** |
| <br>**Fund** | <br>**Use** | **Long** | **Short** |
| Dow Jones Industrial Average<sup>®</sup> Fund | Index exposure, Liquidity | $800735 | $— |
| Mid-Cap 1.5x Strategy Fund | Index exposure, Leverage, Liquidity | 1647522 |  |
| Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund | Index exposure, Leverage, Liquidity | 256616482 |  |
| NASDAQ-100<sup>®</sup> Fund | Index exposure, Liquidity | 18226366 |  |
| Inverse NASDAQ-100<sup>®</sup> Strategy Fund | Index exposure, Liquidity |  | 3395379 |
| Russell 2000<sup>®</sup> 1.5x Strategy Fund | Index exposure, Leverage, Liquidity,  | 377055 |  |
| Russell 2000<sup>®</sup> Fund | Index exposure, Liquidity | 1706977 |  |
| Inverse Russell 2000<sup>®</sup> Strategy Fund | Index exposure, Liquidity |  | 201353 |
| Nova Fund | Index exposure, Leverage, Liquidity | 70717090 |  |
| S&P 500<sup>®</sup> Fund | Index exposure, Liquidity | 1789729 |  |
| Inverse S&P 500<sup>®</sup> Strategy Fund | Index exposure, Liquidity |  | 3037279 |
| Emerging Markets Bond Strategy Fund | Duration, Index exposure, Leverage, Liquidity | 385479 |  |
| Government Long Bond 1.2x Strategy Fund | Duration, Index exposure, Leverage, Liquidity | 8800328 |  |
| Inverse Government Long Bond Strategy Fund | Duration, Index exposure, Liquidity |  | 3819560 |
| High Yield Strategy Fund | Duration, Index exposure, Liquidity | 35446294 |  |
| Inverse High Yield Strategy Fund | Duration, Index exposure, Liquidity |  | 4811493 |
| Europe 1.25x Strategy Fund | Index exposure, Leverage, Liquidity | 7582193 |  |
| Japan 2x Strategy Fund | Index exposure, Leverage, Liquidity | 5925975 |  |
| Strengthening Dollar 2x Strategy Fund | Index exposure, Leverage, Liquidity | 3888651 |  |
| Weakening Dollar 2x Strategy Fund | Index exposure, Leverage, Liquidity |  | 1810761 |

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**Swap Agreements** 

A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. When utilizing over-the-counter ("OTC") swaps, a Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying asset declines in value. Certain standardized swaps are subject to mandatory central clearing and are executed on a multi-lateral or other trade facility platform, such as a registered exchange. There is limited counterparty credit risk with respect to centrally-cleared swaps as the transaction is facilitated through a central clearinghouse, much like exchange-traded futures contracts. For a Fund utilizing centrally-cleared swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. There is no guarantee that a Fund or an underlying fund could eliminate its exposure under an outstanding swap agreement by entering into an offsetting swap agreement with the same or another party.

Total return swaps involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset (such as an index) for a fixed or variable interest rate. Total return swaps will usually be computed based on the current value of the reference asset as of the close of regular trading on the NYSE or other exchange, with the swap value being adjusted to include dividends accrued, financing charges and/or interest associated with the swap agreement. When utilizing total return swaps, a Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying reference asset declines in value.

388 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

The following table represents the Funds' use and volume of total return swaps on a monthly basis:

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| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Average Notional Amount** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Average Notional Amount** |
| <br>**Fund** | <br>**Use** | **Long** | **Short** |
| Dow Jones Industrial Average<sup>®</sup> Fund | Index exposure, Liquidity | $3093315 | $— |
| Mid-Cap 1.5x Strategy Fund | Index exposure, Leverage, Liquidity | 8388587 |  |
| Inverse Mid-Cap Strategy Fund | Index exposure, Liquidity |  | 363921 |
| Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund | Index exposure, Leverage, Liquidity | 563875909 |  |
| NASDAQ-100<sup>®</sup> Fund | Index exposure, Liquidity | 58819534 |  |
| Inverse NASDAQ-100<sup>®</sup> Strategy Fund | Index exposure, Liquidity |  | 13584070 |
| Russell 2000<sup>®</sup> 1.5x Strategy Fund | Index exposure, Leverage, Liquidity | 5784908 |  |
| Russell 2000<sup>®</sup> Fund | Index exposure, Liquidity | 5117756 |  |
| Inverse Russell 2000<sup>®</sup> Strategy Fund | Index exposure, Liquidity |  | 1929980 |
| Nova Fund | Index exposure, Leverage, Liquidity | 102415297 |  |
| S&P 500<sup>®</sup> Fund | Index exposure, Liquidity | 10553744 |  |
| Inverse S&P 500<sup>®</sup> Strategy Fund | Index exposure, Liquidity |  | 35606390 |
| Emerging Markets Bond Strategy Fund | Duration, Index exposure, Leverage, Liquidity | 197624 |  |
| High Yield Strategy Fund | Duration, Index exposure, Liquidity | 1554640 |  |
| Emerging Markets 2x Strategy Fund | Index exposure, Leverage, Liquidity | 6808934 |  |
| Inverse Emerging Markets 2x Strategy Fund | Index exposure, Leverage, Liquidity |  | 663344 |

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Currency swaps enable the Funds to gain exposure to currencies in a market without actually possessing a given currency, or to hedge a position. Currency swaps involve the exchange of the principal and interest in one currency for the principal and interest in another currency. As in other types of OTC swaps, the Funds may be at risk due to the counterparty's inability to perform.

The following table represents the Funds' use and volume of currency swaps on a monthly basis:

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| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Average Notional Amount** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Average Notional Amount** |
| <br>**Fund** | <br>**Use** | **Long** | **Short** |
| Strengthening Dollar 2x Strategy Fund | Index exposure, Leverage, Liquidity | $1017387 | $— |
| Weakening Dollar 2x Strategy Fund | Index exposure, Leverage, Liquidity |  | 624617 |

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Credit default swaps are instruments which allow for the full or partial transfer of third party credit risk, with respect to a particular entity or entities, from one counterparty to the other. A fund enters into credit default swaps as a "seller" or "buyer" of protection primarily to gain or reduce exposure to the investment grade and/or high yield bond market. A seller of credit default swaps is selling credit protection or assuming credit risk with respect to the underlying entity or entities. The buyer in a credit default swap is obligated to pay the seller a periodic stream of payments over the term of the contract provided that no event of default on an underlying reference obligation has occurred. If a credit event occurs, as defined under the terms of the swap agreement, the seller will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. The notional amount reflects the maximum potential amount the seller of credit protection could be required to pay to the buyer if a credit event occurs. The seller of protection receives periodic premium payments from the buyer and may also receive or pay an upfront premium adjustment to the stated periodic payments. In the event a credit default occurs on a credit default swap referencing an index, a factor adjustment will take place and the buyer of protection will receive a payment reflecting the par less the default recovery rate of the defaulted index component based on its weighting in the index. If no default occurs, the counterparty will pay the stream of payments and have no further obligations to the fund selling the credit protection. For a fund utilizing centrally cleared credit default swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. For OTC credit default swaps, a fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty, or in the case of a credit default swap in which a fund is selling credit protection, the default of a third party issuer.

The quoted market prices and resulting market values for credit default swap agreements on securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 389

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

The following table represents the Funds' use and volume of credit default swaps on a monthly basis:

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| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Average Notional Amount** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Average Notional Amount** |
| <br>**Fund** | <br>**Use** | **Protection Sold** | **Protection Purchased** |
| Emerging Markets Bond Strategy Fund | Duration, Index exposure, Leverage, Liquidity | $411667 | $— |
| High Yield Strategy Fund | Duration, Index exposure, Liquidity | 32516667 |  |
| Inverse High Yield Strategy Fund | Duration, Index exposure, Liquidity |  | 4466667 |

---

**Derivative Investment Holdings Categorized by Risk Exposure** 

The following is a summary of the location of derivative investments on the Funds' Statements of Assets and Liabilities as of March 31, 2025:

---

| | | |
|:---|:---|:---|
| **Derivative Investment Type** | **Asset Derivatives** | **Liability Derivatives** |
| Currency/Equity/Interest rate futures contracts  | Variation margin on futures contracts  | Variation margin on futures contracts  |
| Credit/Currency/Equity swap agreements  | Unamortized upfront premiums paid on credit default swap agreements <br>Unrealized appreciation on OTC swap agreements <br>Variation margin on credit default swap agreements | Unamortized upfront premiums received on credit default swap agreements <br>Unrealized depreciation on OTC swap agreements <br>Variation margin on credit default swap agreements |

---

The following tables set forth the fair value of the Funds' derivative investments categorized by primary risk exposure at March 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivative Investments Value** | **Asset Derivative Investments Value** | **Asset Derivative Investments Value** | **Asset Derivative Investments Value** | **Asset Derivative Investments Value** | **Asset Derivative Investments Value** | **Asset Derivative Investments Value** | **Asset Derivative Investments Value** |
| **Fund** | **Futures <br> Equity <br> Risk\*** | **Swaps <br> Equity <br> Risk** | **Futures <br> Foreign <br> Currency <br> Exchange <br> Risk\*** | **Swaps <br> Currency <br> Risk** | **Futures <br> Interest <br> Rate Risk\*** | **Swaps <br> Credit <br> Risk\*** | **Total Value at <br> March 31, <br> 2025** |
| Dow Jones Industrial Average<sup>®</sup> Fund | $12769 | $— | $— | $— | $— | $— | $12769 |
| Inverse Mid-Cap Strategy Fund |  | 4079 |  |  |  |  | 4079 |
| Inverse NASDAQ-100<sup>®</sup> Strategy Fund | 83747 | 313178 |  |  |  |  | 396925 |
| Inverse Russell 2000<sup>®</sup> Strategy Fund |  | 48707 |  |  |  |  | 48707 |
| Inverse S&P 500<sup>®</sup> Strategy Fund | 25738 | 802094 |  |  |  |  | 827832 |
| Emerging Markets Bond Strategy Fund |  |  |  |  | 1142 |  | 1142 |
| Government Long Bond 1.2x Strategy Fund |  |  |  |  | 475522 |  | 475522 |
| Inverse Government Long Bond Strategy Fund |  |  |  |  | 29808 |  | 29808 |
| High Yield Strategy Fund |  |  |  |  | 147538 |  | 147538 |
| Inverse High Yield Strategy Fund |  |  |  |  |  | 21765 | 21765 |
| Inverse Emerging Markets 2x Strategy Fund |  | 5423 |  |  |  |  | 5423 |
| Europe 1.25x Strategy Fund |  |  | 31682 |  |  |  | 31682 |
| Strengthening Dollar 2x Strategy Fund |  |  | 21436 | 8065 |  |  | 29501 |

---

390 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Liability Derivative Investments Value** | **Liability Derivative Investments Value** | **Liability Derivative Investments Value** | **Liability Derivative Investments Value** | **Liability Derivative Investments Value** | **Liability Derivative Investments Value** | **Liability Derivative Investments Value** | **Liability Derivative Investments Value** |
| **Fund** | **Futures <br> Equity <br> Risk\*** | **Swaps <br> Equity <br> Risk** | **Futures <br> Foreign <br> Currency <br> Exchange <br> Risk\*** | **Swaps <br> Currency <br> Risk** | **Futures <br> Interest <br> Rate Risk\*** | **Swaps <br> Credit <br> Risk\*** | **Total Value at <br> March 31, <br> 2025** |
| Dow Jones Industrial Average<sup>®</sup> Fund | $— | $40989 | $— | $— | $— | $— | $40989 |
| Mid-Cap 1.5x Strategy Fund | 10192 | 232772 |  |  |  |  | 242964 |
| Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund | 4235619 | 8889315 |  |  |  |  | 13124934 |
| NASDAQ-100<sup>®</sup> Fund | 583324 | 1939080 |  |  |  |  | 2522404 |
| Russell 2000<sup>®</sup> 1.5x Strategy Fund | 8446 | 142771 |  |  |  |  | 151217 |
| Russell 2000<sup>®</sup> Fund | 6757 | 104727 |  |  |  |  | 111484 |
| Nova Fund | 258708 | 2974413 |  |  |  |  | 3233121 |
| S&P 500<sup>®</sup> Fund | 6562 | 276629 |  |  |  |  | 283191 |
| Emerging Markets Bond Strategy Fund |  |  |  |  |  | 1069 | 1069 |
| High Yield Strategy Fund |  |  |  |  |  | 192098 | 192098 |
| Inverse High Yield Strategy Fund |  |  |  |  | 19030 |  | 19030 |
| Emerging Markets 2x Strategy Fund |  | 222680 |  |  |  |  | 222680 |
| Europe 1.25x Strategy Fund | 242336 |  |  |  |  |  | 242336 |
| Japan 2x Strategy Fund | 14099 |  | 11711 |  |  |  | 25810 |
| Weakening Dollar 2x Strategy Fund |  |  | 13823 | 2922 |  |  | 16745 |

---

\* Includes cumulative appreciation (depreciation) of futures contracts as reported on the Schedules of Investments. Variation margin is reported within the Statements of Assets and Liabilities.

The following is a summary of the location of derivative investments on the Funds' Statements of Operations for the year ended March 31, 2025:

---

| | |
|:---|:---|
| **Derivative Investment Type** | **Location of Gain (Loss) on Derivatives** |
| Currency/Equity/Interest rate futures contracts | Net realized gain (loss) on futures contracts |
|  | Net change in unrealized appreciation (depreciation) on futures contracts |
| Credit/Currency/Equity swap agreements | Net realized gain (loss) on swap agreements |
|  | Net change in unrealized appreciation (depreciation) on swap agreements  |

---

The following is a summary of the Funds' realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized on the Funds' Statements of Operations categorized by primary risk exposure for the year ended March 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** | **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** | **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** | **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** | **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** | **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** | **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** | **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** |
| **Fund** | **Futures <br> Equity <br> Risk** | **Swaps <br> Equity <br> Risk** | **Futures <br> Foreign <br> Currency <br> Exchange <br> Risk** | **Swaps <br> Currency <br> Risk** | **Futures <br> Interest Rate <br> Risk** | **Swaps <br> Credit <br> Risk** | **Total** |
| Dow Jones Industrial Average<sup>®</sup> Fund | $(93812) | $(246379) | $— | $— | $— | $— | $(340191) |
| Mid-Cap 1.5x Strategy Fund | (58) | (108715) |  |  |  |  | (108773) |
| Inverse Mid-Cap Strategy Fund |  | 55350 |  |  |  |  | 55350 |
| Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund | (11569809) | (20526280) |  |  |  |  | (32096089) |
| NASDAQ-100<sup>®</sup> Fund | (2971597) | 5345477 |  |  |  |  | 2373880 |
| Inverse NASDAQ-100<sup>®</sup> Strategy Fund | (319815) | (1091481) |  |  |  |  | (1411296) |
| Russell 2000<sup>®</sup> 1.5x Strategy Fund | (145900) | (379622) |  |  |  |  | (525522) |
| Russell 2000<sup>®</sup> Fund | (429880) | (996412) |  |  |  |  | (1426292) |
| Inverse Russell 2000<sup>®</sup> Strategy Fund | (11904) | (104069) |  |  |  |  | (115973) |
| Nova Fund | 3968309 | 4315709 |  |  |  |  | 8284018 |
| S&P 500<sup>®</sup> Fund | (163372) | 1148571 |  |  |  |  | 985199 |
| Inverse S&P 500<sup>®</sup> Strategy Fund | (201496) | (4383005) |  |  |  |  | (4584501) |

---

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 391

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** | **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** | **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** | **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** | **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** | **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** | **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** | **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** |
| **Fund** | **Futures <br> Equity <br> Risk** | **Swaps <br> Equity <br> Risk** | **Futures <br> Foreign <br> Currency <br> Exchange <br> Risk** | **Swaps <br> Currency <br> Risk** | **Futures <br> Interest Rate <br> Risk** | **Swaps <br> Credit <br> Risk** | **Total** |
| Emerging Markets Bond Strategy Fund | $— | $— | $— | $— | $(7831) | $14816 | $6985 |
| Government Long Bond 1.2x Strategy Fund |  |  |  |  | (776748) |  | (776748) |
| Inverse Government Long Bond Strategy Fund |  |  |  |  | (137992) |  | (137992) |
| High Yield Strategy Fund |  |  |  |  | (502573) | 1650969 | 1148396 |
| Inverse High Yield Strategy Fund |  |  |  |  | 65584 | (284012) | (218428) |
| Emerging Markets 2x Strategy Fund |  | (666390) |  |  |  |  | (666390) |
| Inverse Emerging Markets 2x Strategy Fund |  | (109206) |  |  |  |  | (109206) |
| Europe 1.25x Strategy Fund | 162616 |  | (62492) |  |  |  | 100124 |
| Japan 2x Strategy Fund | (430100) |  | (303649) |  |  |  | (733749) |
| Strengthening Dollar 2x Strategy Fund |  |  | (377819) | (47814) |  |  | (425633) |
| Weakening Dollar 2x Strategy Fund |  |  | (109333) | (18460) |  |  | (127793) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations** |
| **Fund** | **Futures <br> Equity <br> Risk** | **Swaps <br> Equity <br> Risk** | **Futures <br> Foreign <br> Currency <br> Exchange <br> Risk** | **Swaps <br> Currency <br> Risk** | **Futures <br> Interest Rate <br> Risk** | **Swaps <br> Credit <br> Risk** | **Total** |
| Dow Jones Industrial Average<sup>®</sup> Fund | $(33451) | $(90568) | $— | $— | $— | $— | $(124019) |
| Mid-Cap 1.5x Strategy Fund | (87339) | (444435) |  |  |  |  | (531774) |
| Inverse Mid-Cap Strategy Fund |  | 17309 |  |  |  |  | 17309 |
| Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund | (5869482) | (12329957) |  |  |  |  | (18199439) |
| NASDAQ-100<sup>®</sup> Fund | (776967) | (2342258) |  |  |  |  | (3119225) |
| Inverse NASDAQ-100<sup>®</sup> Strategy Fund | 98494 | 383447 |  |  |  |  | 481941 |
| Russell 2000<sup>®</sup> 1.5x Strategy Fund | (21519) | (342741) |  |  |  |  | (364260) |
| Russell 2000<sup>®</sup> Fund | (78410) | (378271) |  |  |  |  | (456681) |
| Inverse Russell 2000<sup>®</sup> Strategy Fund |  | 106624 |  |  |  |  | 106624 |
| Nova Fund | (1645025) | (3952184) |  |  |  |  | (5597209) |
| S&P 500<sup>®</sup> Fund | (40588) | (331847) |  |  |  |  | (372435) |
| Inverse S&P 500<sup>®</sup> Strategy Fund | 79684 | 1107655 |  |  |  |  | 1187339 |
| Emerging Markets Bond Strategy Fund |  |  |  |  | 1485 | (2318) | (833) |
| Government Long Bond 1.2x Strategy Fund |  |  |  |  | 366626 |  | 366626 |
| Inverse Government Long Bond Strategy Fund |  |  |  |  | 80063 |  | 80063 |
| High Yield Strategy Fund |  |  |  |  | 53810 | (253765) | (199955) |
| Inverse High Yield Strategy Fund |  |  |  |  | (854) | 34987 | 34133 |
| Emerging Markets 2x Strategy Fund |  | (156806) |  |  |  |  | (156806) |
| Inverse Emerging Markets 2x Strategy Fund |  | (10844) |  |  |  |  | (10844) |
| Europe 1.25x Strategy Fund | (267610) |  | 51514 |  |  |  | (216096) |
| Japan 2x Strategy Fund | (89217) |  | 116288 |  |  |  | 27071 |
| Strengthening Dollar 2x Strategy Fund |  |  | (40474) | (3016) |  |  | (43490) |
| Weakening Dollar 2x Strategy Fund |  |  | 11106 | (742) |  |  | 10364 |

---

392 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

In conjunction with short sales and the use of derivative instruments, the Funds are required to maintain collateral in various forms. Depending on the financial instrument utilized and the broker involved, the Funds use margin deposits at the broker, cash and/or securities segregated at the custodian bank, discount notes or repurchase agreements allocated to the Funds as collateral.

The Trust has established counterparty credit guidelines and enters into transactions only with financial institutions rated/identified as investment grade or better. The Trust monitors the counterparty credit risk associated with each such financial institution.

**Foreign Investments** 

There are several risks associated with exposure to foreign currencies, foreign issuers and emerging markets. A Fund's indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, or in the case of short positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad. In addition, the Funds may incur transaction costs in connection with conversions between various currencies. The Funds may, but are not obligated to, engage in currency hedging transactions, which generally involve buying currency forward, options or futures contracts. However, not all currency risks may be effectively hedged, and in some cases the costs of hedging techniques may outweigh expected benefits. In such instances, the value of securities denominated in foreign currencies can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar.

The Funds may invest in securities of foreign companies directly, or in financial instruments, such as ADRs and exchange-traded funds, which are indirectly linked to the performance of foreign issuers. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Investing in securities of foreign companies directly, or in financial instruments that are indirectly linked to the performance of foreign issuers, may involve risks not typically associated with investing in U.S. issuers. The value of securities denominated in foreign currencies, and of dividends from such securities, can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign securities markets generally have less trading volume and less liquidity than U.S. markets, and prices in some foreign markets may fluctuate more than those of securities traded on U.S. markets. Many foreign countries lack accounting and disclosure standards comparable to those that apply to U.S. companies, and it may be more difficult to obtain reliable information regarding a foreign issuer's financial condition and operations. Transaction costs and costs associated with custody services are generally higher for foreign securities than they are for U.S. securities. Some foreign governments levy withholding taxes against dividend and interest income. Although in some countries portions of these taxes are recoverable, the non-recovered portion will reduce the income received by the Funds.

Emerging markets, which consist of countries that have an emerging stock market as defined by Standard & Poor's<sup>®</sup>, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets with similar characteristics as determined by GI, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. As a result, the securities of emerging market issuers may present market, credit, currency, liquidity, legal, political and other risks different from, or greater than, the risks of investing in securities of developed foreign countries. In addition, the risks associated with investing in a narrowly defined geographic area are generally more pronounced with respect to investments in emerging market countries. The Funds may also be subject to this risk with respect to its investments in derivatives or other securities or financial instruments whose returns are related to the returns of emerging market securities.

**Note 3 – Offsetting** 

In the normal course of business, the Funds enter into transactions subject to enforceable master netting arrangements or other similar arrangements. Generally, the right to offset in those agreements allows the Funds to counteract the exposure to a specific counterparty with collateral received from or delivered to that counterparty based on the terms of the arrangements. These arrangements provide for the right to liquidate upon the occurrence of an event of default, credit event upon merger or additional termination event.

In order to better define their contractual rights and to secure rights that will help the Funds mitigate their counterparty risk, the Funds may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with their derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a fund and a counterparty that governs

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 393

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

OTC derivatives, including foreign exchange contracts, and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, are reported separately on the Funds' Statements of Assets and Liabilities as segregated cash with broker/receivable for variation margin, or payable for swap settlement/variation margin. Cash and/or securities pledged or received as collateral by the Funds in connection with an OTC derivative subject to an ISDA Master Agreement generally may not be invested, sold or rehypothecated by the counterparty or the Funds, as applicable, absent an event of default under such agreement, in which case such collateral generally may be applied towards obligations due to and payable by such counterparty or the Funds, as applicable. Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold (*e.g.*, $300,000) before a transfer is required to be made. To the extent amounts due to the Funds from their counterparties are not fully collateralized, contractually or otherwise, the Funds bear the risk of loss from counterparty nonperformance. The Funds attempt to mitigate counterparty risk by only entering into agreements with counterparties that they believe to be of good standing and by monitoring the financial stability of those counterparties.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Funds' Statements of Assets and Liabilities.

The following tables present derivative financial instruments and secured financing transactions that are subject to enforceable netting arrangements:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Gross Amounts Not Offset <br> in the Statements of <br> Assets and Liabilities** | **Gross Amounts Not Offset <br> in the Statements of <br> Assets and Liabilities** | |
| <br>**Fund** | <br>**Instrument** | <br>**Gross <br> Amounts of <br> Recognized <br> Assets** | <br>**Gross <br> Amounts <br> Offset in the <br> Statements <br> of Assets and <br> Liabilities<sup>1</sup>** | <br>**Net Amount <br> of Assets <br> Presented on <br> the Statements <br> of Assets and <br> Liabilities** | **Financial <br> Instruments** | **Cash <br> Collateral <br> Received** | <br>**Net <br> Amount** |
| Inverse Mid-Cap Strategy Fund | Equity index swap agreements | $4079 | $— | $4079 | $— | $(1266) | $2813 |
| Inverse NASDAQ-100<sup>®</sup> Strategy Fund | Equity index swap agreements | 313178 |  | 313178 |  | (90000) | 223178 |
| Inverse Russell 2000<sup>®</sup> Strategy Fund | Equity index swap agreements | 48707 |  | 48707 |  |  | 48707 |
| Inverse S&P 500<sup>®</sup> Strategy Fund | Equity index swap agreements | 802094 |  | 802094 |  | (743733) | 58361 |
| Inverse Emerging Markets 2x Strategy Fund | Equity index swap agreements | 5423 |  | 5423 |  |  | 5423 |
| Strengthening Dollar 2x Strategy Fund | Currency swap agreements | 8065 |  | 8065 |  |  | 8065 |

---

394 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Gross Amounts Not Offset <br> in the Statements of <br> Assets and Liabilities** | **Gross Amounts Not Offset <br> in the Statements of <br> Assets and Liabilities** | |
| <br>**Fund** | <br>**Instrument** | <br>**Gross <br> Amounts of <br> Recognized <br> Assets** | <br>**Gross <br> Amounts <br> Offset in the <br> Statements <br> of Assets and <br> Liabilities<sup>1</sup>** | <br>**Net Amount <br> of Liabilities <br> Presented on <br> the Statements <br> of Assets and <br> Liabilities** | **Financial <br> Instruments** | **Cash <br> Collateral <br> Received** | <br>**Net Amount** |
| Dow Jones Industrial Average<sup>®</sup> Fund | Equity index swap agreements | $40989 | $— | $40989 | $(25018) | $(15971) | $— |
| Mid-Cap 1.5x Strategy Fund | Equity index swap agreements | 232772 |  | 232772 | (232602) | (170) |  |
| Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund | Equity index swap agreements | 8889315 |  | 8889315 | (8888869) | (446) |  |
| NASDAQ-100<sup>®</sup> Fund | Equity index swap agreements | 1939080 |  | 1939080 | (1939080) |  |  |
| Russell 2000<sup>®</sup> 1.5x Strategy Fund | Equity index swap agreements | 142771 |  | 142771 | (117122) | (25649) |  |
| Russell 2000<sup>®</sup> Fund | Equity index swap agreements | 104727 |  | 104727 | (80423) | (24304) |  |
| Nova Fund | Equity index swap agreements | 2974413 |  | 2974413 | (2973972) | (441) |  |
| S&P 500<sup>®</sup> Fund | Equity index swap agreements | 276629 |  | 276629 | (231009) | (45620) |  |
| Emerging Markets Bond Strategy Fund | Equity index swap agreements | 617 |  | 617 | (617) |  |  |
| High Yield Strategy Fund | Credit index swap agreements | 9222 |  | 9222 | (9222) |  |  |
| Emerging Markets 2x Strategy Fund | Equity index swap agreements | 222680 |  | 222680 | (222680) |  |  |
| Weakening Dollar 2x Strategy Fund | Currency swap agreements | 2922 |  | 2922 | (2922) |  |  |

---

<sup>1</sup> Exchange-traded or centrally-cleared derivatives are excluded from these reported amounts.

The Funds have the right to offset deposits against any related derivative liabilities outstanding with each counterparty with the exception of exchange-traded or centrally-cleared derivatives. The following table presents deposits held by others in connection with derivative investments as of March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Counterparty** | **Asset Type** | **Cash Pledged** | **Cash Received** |
| Dow Jones Industrial Average<sup>®</sup> Fund | Barclays Bank plc | Total return swap agreements | $119051 | $— |
|  | Goldman Sachs International | Futures contracts | 12190 |  |
|  |  |  | 131241 |  |
| Mid-Cap 1.5x Strategy Fund | Barclays Bank plc | Total return swap agreements | 170 |  |
| Inverse Mid-Cap Strategy Fund | Barclays Bank plc | Total return swap agreements |  | 58703 |
| Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund | Barclays Bank plc | Total return swap agreements | 446 |  |
|  | Goldman Sachs International | Futures contracts | 13350747 |  |
|  |  |  | 13351193 |  |
| NASDAQ-100<sup>®</sup> Fund | Goldman Sachs International | Futures contracts | 267752 |  |
| Inverse NASDAQ-100<sup>®</sup> Strategy Fund | Barclays Bank plc | Total return swap agreements |  | 30000 |
|  | BNP Paribas | Total return swap agreements |  | 20000 |
|  | Goldman Sachs International | Futures contracts | 89063 |  |
|  | Goldman Sachs International | Total return swap agreements |  | 40000 |
|  |  |  | 89063 | 90000 |

---

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 395

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Counterparty** | **Asset Type** | **Cash Pledged** | **Cash Received** |
| Russell 2000<sup>®</sup> 1.5x Strategy Fund | Barclays Bank plc | Total return swap agreements | $45530 | $— |
|  | Goldman Sachs International | Futures contracts | 697 |  |
|  |  |  | 46227 |  |
| Russell 2000<sup>®</sup> Fund | Barclays Bank plc | Total return swap agreements | 38530 |  |
| Inverse Russell 2000<sup>®</sup> Strategy Fund | Barclays Bank plc | Total return swap agreements | 2061 |  |
| Nova Fund | Barclays Bank plc | Total return swap agreements | 441 |  |
| S&P 500<sup>®</sup> Fund | Barclays Bank plc | Total return swap agreements | 45620 |  |
|  | Goldman Sachs International | Futures contracts | 125407 |  |
|  |  |  | 171027 |  |
| Inverse S&P 500<sup>®</sup> Strategy Fund | Barclays Bank plc | Total return swap agreements |  | 520000 |
|  | Goldman Sachs International | Futures contracts | 134743 |  |
|  | Goldman Sachs International | Total return swap agreements |  | 460000 |
|  |  |  | 134743 | 980000 |
| Emerging Markets Bond Strategy Fund | Barclays Bank plc | Credit default swap agreements | 34338 |  |
| Government Long Bond 1.2x Strategy Fund | Goldman Sachs International | Futures contracts | 1020563 |  |
| High Yield Strategy Fund | Barclays Bank plc | Credit default swap agreements | 426577 |  |
|  | Goldman Sachs International | Credit default swap agreements |  | 308748 |
|  | Goldman Sachs International | Futures contracts | 4084 |  |
|  |  |  | 430661 | 308748 |
| Inverse High Yield Strategy Fund | Barclays Bank plc | Credit default swap agreements | 417555 |  |
|  | Goldman Sachs International | Futures contracts | 3249 |  |
|  |  |  | 420804 |  |
| Europe 1.25x Strategy Fund | Goldman Sachs International | Futures contracts | 803608 |  |
| Strengthening Dollar 2x Strategy Fund | Goldman Sachs International | Futures contracts | 5213 |  |

---

**Note 4 – Fair Value Measurement** 

In accordance with U.S. GAAP, fair value is defined as the price that the Funds would receive to sell an investment or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized below:

Level 1 — unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 — significant other observable inputs (for example quoted prices for securities that are similar based on characteristics such as interest rates, prepayment speeds, credit risk, etc.).

Level 3 — significant unobservable inputs based on the best information available under the circumstances, to the extent observable inputs are not available, which may include assumptions.

Rule 2a-5 sets forth a definition of "readily available market quotations," which is consistent with the definition of a Level 1 input under U.S. GAAP. Rule 2a-5 provides that "a market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable."

Securities for which market quotations are not readily available must be valued at fair value as determined in good faith. Accordingly, any security priced using inputs other than Level 1 inputs will be subject to fair value requirements. The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.

396 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

The inputs or methodologies selected and applied for valuing securities or other assets are not necessarily an indication of the risk associated with investing in those securities. The suitability, appropriateness and accuracy of the techniques, methodologies and sources employed to determine fair valuation are periodically reviewed and subject to change.

**Note 5 – Investment Advisory Agreement and Other Agreements** 

Under the terms of an investment advisory contract between the Trust, on behalf of the Funds, and the Adviser, the Funds pay GI investment advisory fees on a monthly basis calculated daily at the annualized rates below, based on the average daily net assets of the Funds:

---

| | |
|:---|:---|
| **Fund** | **Management Fees <br> (as a % of Net Assets)** |
| Banking Fund | 0.85% |
| Basic Materials Fund | 0.85% |
| Biotechnology Fund | 0.85% |
| Consumer Products Fund | 0.85% |
| Electronics Fund | 0.85% |
| Energy Fund | 0.85% |
| Energy Services Fund | 0.85% |
| Financial Services Fund | 0.85% |
| Health Care Fund | 0.85% |
| Internet Fund | 0.85% |
| Leisure Fund | 0.85% |
| Precious Metals Fund | 0.75% |
| Real Estate Fund | 0.85% |
| Retailing Fund | 0.85% |
| Technology Fund | 0.85% |
| Telecommunications Fund | 0.85% |
| Transportation Fund | 0.85% |
| Utilities Fund | 0.85% |
| Dow Jones Industrial Average<sup>®</sup> Fund | 0.75% |
| Mid-Cap 1.5x Strategy Fund | 0.90% |
| Inverse Mid-Cap Strategy Fund | 0.90% |
| Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund | 0.90% |
| NASDAQ-100<sup>®</sup> Fund | 0.75% |
| Inverse NASDAQ-100<sup>®</sup> Strategy Fund | 0.90% |
| Russell 2000<sup>®</sup> 1.5x Strategy Fund | 0.90% |
| Russell 2000<sup>®</sup> Fund | 0.75% |
| Inverse Russell 2000<sup>®</sup> Strategy Fund | 0.90% |
| Nova Fund | 0.75% |
| S&P 500<sup>®</sup> Fund | 0.75% |
| Inverse S&P 500<sup>®</sup> Strategy Fund | 0.90% |
| S&P 500<sup>®</sup> Pure Growth Fund | 0.75% |
| S&P 500<sup>®</sup> Pure Value Fund | 0.75% |
| S&P MidCap 400<sup>®</sup> Pure Growth Fund | 0.75% |
| S&P MidCap 400<sup>®</sup> Pure Value Fund | 0.75% |
| S&P SmallCap 600<sup>®</sup> Pure Growth Fund | 0.75% |
| S&P SmallCap 600<sup>®</sup> Pure Value Fund | 0.75% |
| Emerging Markets Bond Strategy Fund | 0.75% |
| Government Long Bond 1.2x Strategy Fund | 0.50% |
| Inverse Government Long Bond Strategy Fund | 0.90% |
| High Yield Strategy Fund | 0.75% |
| Inverse High Yield Strategy Fund | 0.75% |
| Emerging Markets 2x Strategy Fund | 0.90% |
| Inverse Emerging Markets 2x Strategy Fund | 0.90% |
| Europe 1.25x Strategy Fund | 0.90% |
| Japan 2x Strategy Fund | 0.75% |
| Strengthening Dollar 2x Strategy Fund | 0.90% |
| Weakening Dollar 2x Strategy Fund | 0.90% |
| U.S. Government Money Market Fund | 0.50% |

---

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 397

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

When the aggregate assets of each series of the Trust (excluding the Managed Futures Strategy Fund and Multi-Hedge Strategies Fund) and each series of Rydex Dynamic Funds equal or exceed $10 billion, the advisory fee rate paid by each individual Fund (excluding the Managed Futures Strategy Fund and Multi-Hedge Strategies Fund) will be reduced in accordance with the asset level and breakpoint schedule set forth below.

---

| | |
|:---|:---|
| **Fund Assets Under Management** | **Fund Asset-Based <br> Breakpoint Reductions** |
| $500 million - $1 billion | 0.025% |
| >$1 billion - $2 billion | 0.050% |
| >$2 billion | 0.075% |

---

GI pays operating expenses on behalf of the Trust, such as audit and accounting related services, legal services, custody, printing and mailing, among others, on a pass-through basis. Such expenses are allocated to various Funds within the complex based on relative net assets.

The Board has adopted separate Distribution Plans applicable to Class A shares and Class H shares for which GFD and other firms that provide distribution and/or shareholder services ("Service Providers") may receive compensation. If a Service Provider provides distribution services, the Funds will pay distribution fees to GFD at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 of the 1940 Act. GFD, in turn, will pay the Service Providers out of its fees. GFD may, at its discretion, retain a portion of such payments to compensate itself for distribution services it performs.

The Board has adopted a separate Distribution and Shareholder Services Plan applicable to Class C shares that allows the Funds to pay annual distribution and service fees of 1.00% of the Funds' Class C shares average daily net assets. The annual 0.25% service fee compensates a shareholder's financial adviser for providing ongoing services to the shareholder. The annual distribution fee of 0.75% reimburses GFD for paying the shareholder's financial adviser an ongoing sales commission. GFD advances the first year's service and distribution fees to the financial adviser. GFD retains the service and distribution fees on accounts with no authorized dealer of record.

For the year ended March 31, 2025, GFD retained sales charges of $119,975 relating to sales of Class A shares of the Trust.

If a Fund invests in a fund that is advised by the same adviser or an affiliated adviser, the investing Fund's adviser has agreed to waive fees at the investing fund level to the extent necessary to offset the proportionate share of any management fee paid by each Fund with respect to its investment in such affiliated fund. Fee waivers will be calculated at the investing fund level without regard to any expense cap in effect for the investing fund. Fees waived under this arrangement are not subject to reimbursement to GI. For the year ended March 31, 2025, the following Funds waived fees related to investments in affiliated funds:

---

| | |
|:---|:---|
| **Fund** | **Amount Waived** |
| Dow Jones Industrial Average<sup>®</sup> Fund | $1691 |
| Mid-Cap 1.5x Strategy Fund | 2210 |
| Inverse Mid-Cap Strategy Fund | 116 |
| Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund | 7508 |
| NASDAQ-100<sup>®</sup> Fund | 68649 |
| Inverse NASDAQ-100<sup>®</sup> Strategy Fund | 2171 |
| Russell 2000<sup>®</sup> 1.5x Strategy Fund | 1396 |
| Inverse Russell 2000<sup>®</sup> Strategy Fund | 1110 |
| Nova Fund | 18279 |
| Inverse S&P 500<sup>®</sup> Strategy Fund | 10634 |
| Government Long Bond 1.2x Strategy Fund | 2016 |
| Inverse Government Long Bond Strategy Fund | 8995 |
| High Yield Strategy Fund | 3319 |
| Inverse High Yield Strategy Fund | 797 |
| Europe 1.25x Strategy Fund | 175 |

---

GI and its affiliates have voluntarily agreed to waive their fees, including but not limited to accounting, shareholder investor services and investment advisory fees, in an attempt to maintain a positive net yield for the U.S. Government Money Market Fund. GI or its affiliates may terminate this voluntary waiver at any time upon notice to the Fund. When shareholder investor services fees are waived, dealer compensation will be reduced to the extent of such waiver.

398 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

GI has contractually agreed to reduce fees and/or reimburse expenses for the Monthly Rebalance NASDAQ-100 2x Strategy Fund to the extent necessary to keep net operating expenses for Class A, Class C and Class H shares (including Rule 12b-1 fees if any) (excluding brokerage, dividends on securities sold short, acquired fund fees and expenses, interest, taxes, litigation, indemnification, and extraordinary expenses) from exceeding 1.35%, 2.10% and 1.35% of the Fund's Class A, Class C and Class H shares average daily net assets, respectively. The Total Annual Fund Operating Expenses After Fee Waiver and /or Expense Reimbursement includes Excluded Expenses and, thus, from time to time may be higher than 1.35%, 2.10% and 1.35%, respectively. This agreement may be terminated only with the approval of the Fund's Board.

Effective August 1, 2022, GI has contractually agreed to waive and/or reimburse expenses for the Inverse S&P 500<sup>®</sup> Strategy Fund, Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund, Inverse NASDAQ-100<sup>®</sup> Strategy Fund, Mid-Cap 1.5x Strategy Fund, Inverse Mid-Cap Strategy Fund, Russell 2000<sup>®</sup> 1.5x Strategy Fund, Inverse Russell 2000<sup>®</sup> Strategy Fund, Inverse Government Long Bond Strategy Fund, Emerging Markets 2x Strategy Fund, Inverse Emerging Markets 2x Strategy Fund, Europe 1.25x Strategy Fund, Strengthening Dollar 2x Strategy Fund and Weakening Dollar 2x Strategy Fund in an amount equal to an annual percentage rate of 0.05% of each Fund's average daily net assets. This agreement shall automatically renew for one-year terms, unless GI provides written notice to the Fund of the termination at least thirty days prior to the end of the then-current term. This agreement may be terminated at any time by the Fund's Board upon sixty days' written notice to the Adviser. In addition, the agreement will terminate automatically if the Advisory Agreement, with respect to a Fund, is terminated, with such termination effective upon the effective date of the termination of the Advisory Agreement.

Effective August 1, 2022, GI has contractually agreed to waive and/or reimburse expenses for the NASDAQ-100<sup>®</sup> Fund in an amount equal to an annual percentage rate of 0.05% of the Fund's average daily net assets in excess of $500,000,000. This agreement shall automatically renew for one-year terms, unless GI provides written notice to the Fund of the termination at least thirty days prior to the end of the then-current term. This agreement may be terminated at any time by the Fund's Board upon sixty days' written notice to the Adviser. In addition, the agreement will terminate automatically if the Advisory Agreement, with respect to the Fund, is terminated, with such termination effective upon the effective date of the termination of the Advisory Agreement.

Effective August 1, 2023, GI has contractually agreed to waive and/or reimburse expenses for the Banking Fund, Basic Materials Fund, Biotechnology Fund, Consumer Products Fund, Electronics Fund, Energy Fund, Energy Services Fund, Financial Services Fund, Health Care Fund, Internet Fund, Leisure Fund, Precious Metals Fund, Real Estate Fund, Retailing Fund, Technology Fund, Telecommunications Fund, Transportation Fund, Utilities Fund, Dow Jones Industrial Average Fund, Nova Fund, S&P 500 Fund, Inverse S&P 500 Strategy Fund, Monthly Rebalance NASDAQ-100 2x Strategy Fund, NASDAQ-100<sup>®</sup> Fund, Inverse NASDAQ-100 Strategy Fund, Mid-Cap 1.5x Strategy Fund, Inverse Mid-Cap Strategy Fund, Russell 2000<sup>®</sup> 1.5x Strategy Fund, Russell 2000<sup>®</sup> Fund, Inverse Russell 2000<sup>®</sup> Strategy Fund, S&P 500<sup>®</sup> Pure Growth Fund, S&P 500<sup>®</sup> Pure Value Fund, S&P MidCap 400<sup>®</sup> Pure Growth Fund, S&P MidCap 400<sup>®</sup> Pure Value Fund, S&P SmallCap 600<sup>®</sup> Pure Growth Fund, S&P 600<sup>®</sup> Pure Value Fund, Emerging Markets Bond Fund, Government Long Bond 1.2x Strategy Fund, Inverse Government Long Bond Strategy Fund, High Yield Strategy Fund, Inverse High Yield Strategy Fund, Emerging Markets 2x Strategy Fund, Inverse Emerging Markets 2x Strategy Fund, Europe 1.25x Strategy Fund, Japan 2x Strategy Fund, Strengthening Dollar 2x Strategy Fund and Weakening Dollar 2x Strategy Fund in an amount equal to an annual percentage rate of 0.05% of each Fund's average daily net assets. This agreement shall automatically renew for one-year terms, unless GI provides written notice to the Fund of the termination at least thirty days prior to the end of the then-current term. This agreement may be terminated at any time by the Fund's Board upon sixty days' written notice to the Adviser. In addition, the agreement will terminate automatically if the Advisory Agreement, with respect to a Fund, is terminated, with such termination effective upon the effective date of the termination of the Advisory Agreement.

On May 21, 2024, the Board approved a waiver and/or expense reimbursement arrangement whereby GI has agreed to waive and/or reimburse, in addition to any other contractual wavier and/or reimbursement arrangements, expenses for Europe 1.25x Strategy Fund in an amount equal to an annual percentage rate of 0.10% of the Fund's average daily net assets. This arrangement went into effect on August 1, 2024 and the end of the initial term is August 1, 2025. This agreement shall automatically renew for one-year terms, unless GI provides written notice to the Fund of the termination at least thirty days prior to the end of the then-current term This agreement may be terminated at any time by the Fund's Board upon sixty days' written notice to the Adviser. In addition, the agreement will terminate automatically if the Advisory Agreement, with respect to the Fund, is terminated, with such termination effective upon the effective date of the termination of the Advisory Agreement.

On May 17, 2024, the Fund's administrator made a one-time capital contribution to the Emerging Markets Bond Strategy Fund Class H shares in the amount of $186, relating to an operational issue. The amount is recorded as a capital contribution from administrator within the Fund's Statements of Changes in Net Assets and the impact of the voluntary capital contribution to the Fund's Class H shares total return is included within the Financial Highlights.

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 399

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

Certain trustees and officers of the Trust are also officers of GI and/or GFD. The Trust does not compensate its officers or trustees who are officers, directors and/or employees of GI or GFD.

MUFG Investor Services (US), LLC ("MUIS") acts as the Funds' administrator, transfer agent and accounting agent. As administrator, transfer agent and accounting agent, MUIS maintains the books and records of the Funds' securities and cash. U.S. Bank, N.A. ("U.S. Bank") acts as the Funds' custodian. As custodian, U.S. Bank is responsible for the custody of the Funds' assets. For providing the aforementioned administrative and accounting services, MUIS is entitled to receive a monthly fee equal to a percentage of the Funds' average daily net assets and out of pocket expenses. For providing the aforementioned transfer agent and custodian services, MUIS and U.S. Bank are entitled to receive a monthly fee based on the number of transactions during the month and the number of accounts under management, subject to certain minimum monthly fees, and out of pocket expenses.

**Note 6 – Repurchase Agreements** 

The Funds transfer uninvested cash balances into a single joint account, the daily aggregate balance of which is invested in one or more repurchase agreements collateralized by obligations of the U.S. Treasury and U.S. government agencies. The joint account includes other funds in the Guggenheim complex not covered in this report. The collateral is in the possession of the Funds' custodian and is evaluated to ensure that its market value exceeds, at a minimum, 102% of the original face amount of the repurchase agreements. Each Fund holds a pro rata share of the collateral based on the dollar amount of the repurchase agreement entered into by each Fund.

At March 31, 2025, the repurchase agreements in the joint account were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty and <br> Terms of Agreement** | **Face Value** | **Repurchase Price** | **Collateral** | **Par Value** | **Fair Value** |
| J.P. Morgan Securities LLC |  |  | U.S. Treasury Inflation Indexed Bond |  |  |
| &nbsp;&nbsp;4.36% |  |  | &nbsp;&nbsp;0.13% |  |  |
| &nbsp;&nbsp;Due 04/01/25 | $146364540 | $146382266 | &nbsp;&nbsp;Due 10/15/26 | $150487149 | $149291832 |
| BofA Securities, Inc. |  |  | U.S. Treasury Strip |  |  |
| &nbsp;&nbsp;4.35% |  |  | &nbsp;&nbsp;0.00% |  |  |
| &nbsp;&nbsp;Due 04/01/25 | 112172013 | 112185567 | &nbsp;&nbsp;Due 08/15/38 - 11/15/40 | 212566482 | 114415455 |

---

In the event of counterparty default, the Funds have the right to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights. GI, acting under the supervision of the Board, reviews the value of the collateral and the creditworthiness of those banks and dealers with which the Funds enter into repurchase agreements to evaluate potential risks.

**Note 7 – Portfolio Securities Loaned** 

The Funds may lend their securities to approved brokers to earn additional income. Securities lending income shown on the Funds' Statements of Operations is shown net of rebates paid to the borrowers and earnings on cash collateral investments shared with the lending agent. Within this arrangement, the Funds act as the lender, U.S. Bank acts as the lending agent, and other approved registered broker dealers act as the borrowers. The Funds receive cash collateral, valued at 102% of the value of the securities on loan. Under the terms of the Funds' securities lending agreement with U.S. Bank, cash collateral and proceeds are invested in the First American Government Obligations Fund — Class X. The Funds bear the risk of loss on cash collateral investments. Collateral is maintained over the life of the loan in an amount not less than the value of loaned securities, as determined at the close of fund business each day; any additional collateral required due to changes in security values is delivered to the Funds the next business day. Although the collateral mitigates the risk, the Funds could experience a delay in recovering their securities and a possible loss of income or value if the borrower fails to return the securities. The Funds have the right under the securities lending agreement to recover the securities from the borrower on demand, including if a Fund determines it would like to vote a security on loan. The Adviser will vote such securities where the benefit of voting outweighs the costs to the Fund or administrative inconvenience of retrieving securities then on loan. Securities lending transactions are accounted for as secured borrowings. The remaining contractual maturity of the securities lending agreement is overnight and continuous.

400 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

At March 31, 2025, the following Funds participated in securities lending transactions, which are subject to enforceable netting arrangements, as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Gross Amounts Not Offset in the <br> Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the <br> Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the <br> Statements of Assets and Liabilities** | **Securities Lending Collateral** | **Securities Lending Collateral** | **Securities Lending Collateral** |
| <br>**Fund** | **Value of <br> Securities <br> Loaned** | **Collateral <br> Received<sup>(a)</sup>** | **Net <br> Amount** | **Cash <br> Collateral <br> Invested** | **Cash <br> Collateral <br> Uninvested** | **Total <br> Collateral** |
| Banking Fund | $208978 | $(208978) | $— | $214346 | $— | $214346 |
| Basic Materials Fund | 183675 | (183675) |  | 189200 |  | 189200 |
| Biotechnology Fund | 1125567 | (1125567) |  | 1265702 |  | 1265702 |
| Consumer Products Fund | 666802 | (666802) |  | 684243 |  | 684243 |
| Electronics Fund | 2820055 | (2820055) |  | 2868524 |  | 2868524 |
| Energy Fund | 424549 | (424549) |  | 441254 |  | 441254 |
| Energy Services Fund | 134350 | (134350) |  | 143516 |  | 143516 |
| Financial Services Fund | 126376 | (126376) |  | 131147 |  | 131147 |
| Health Care Fund | 332272 | (332272) |  | 346686 |  | 346686 |
| Internet Fund | 133084 | (133084) |  | 139570 |  | 139570 |
| Leisure Fund | 26568 | (26568) |  | 27710 |  | 27710 |
| Precious Metals Fund | 458000 | (450000) | 8000 | 450000 \* |  | 450000 |
| Real Estate Fund | 2002 | (2002) |  | 2075 |  | 2075 |
| Retailing Fund | 52836 | (52836) |  | 53968 |  | 53968 |
| Technology Fund | 447622 | (447622) |  | 467774 |  | 467774 |
| Telecommunications Fund | 659475 | (659475) |  | 684207 |  | 684207 |
| Transportation Fund | 378870 | (378870) |  | 399310 |  | 399310 |
| Utilities Fund | 87546 | (87546) |  | 115458 |  | 115458 |
| Mid-Cap 1.5x Strategy Fund | 49215 | (49215) |  | 50077 |  | 50077 |
| Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund | 52647 | (52647) |  | 54230 |  | 54230 |
| NASDAQ-100<sup>®</sup> Fund | 1168710 | (1168710) |  | 1203840 |  | 1203840 |
| Inverse NASDAQ-100<sup>®</sup> Strategy Fund |  |  |  |  |  |  |
| Russell 2000<sup>®</sup> 1.5x Strategy Fund | 24565 | (24565) |  | 26293 |  | 26293 |
| Russell 2000<sup>®</sup> Fund | 1004491 | (1004491) |  | 1032105 |  | 1032105 |
| Nova Fund | 51394 | (51394) |  | 52535 |  | 52535 |
| S&P 500<sup>®</sup> Fund | 44820 | (44820) |  | 45815 |  | 45815 |
| S&P 500<sup>®</sup> Pure Growth Fund | 178082 | (178082) |  | 182035 |  | 182035 |
| S&P MidCap 400<sup>®</sup> Pure Growth Fund | 308864 | (308864) |  | 326970 |  | 326970 |
| S&P SmallCap 600<sup>®</sup> Pure Growth Fund | 19749 | (19749) |  | 20203 |  | 20203 |
| S&P SmallCap 600<sup>®</sup> Pure Value Fund | 82224 | (82224) |  | 85640 |  | 85640 |
| Emerging Markets 2x Strategy Fund | 48898 | (48559) | 339 | 48559 \* |  | 48559 |
| Europe 1.25x Strategy Fund | 585093 | (585093) |  | 601036 |  | 601036 |

---

<sup>(a)</sup> Actual collateral received by the Fund is generally greater than the amount shown due to overcollateralization.

<sup>\*</sup> Subsequent to March 31, 2025, additional collateral was received.

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 401

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

In the event of counterparty default, the Funds have the right to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights. GI, acting under the supervision of the Board, reviews the value of the collateral and the creditworthiness of such counterparties to evaluate potential risks.

**Note 8 – Federal Income Tax Information** 

The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Funds from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax or federal excise tax is required.

Tax positions taken or expected to be taken in the course of preparing the Funds' tax returns are evaluated to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds' tax positions taken, or to be taken, on U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Funds' financial statements. The Funds' U.S. federal income tax returns are subject to examination by the Internal Revenue Service ("IRS") for a period of three years after they are filed.

If a Fund makes a distribution to its shareholders in excess of its current and accumulated "earnings and profits" in any taxable year, the excess distribution will be treated as a return of capital to the extent of each shareholder's basis (for tax purposes) in its shares, and any distribution in excess of basis will be treated as capital gain. A return of capital is not taxable, but it reduces the shareholder's basis in its shares, which reduces the loss (or increases the gain) on a subsequent taxable disposition by such shareholder of the shares.

The tax character of distributions paid during the year ended March 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income** | **Long-Term<br> Capital Gain** | **Total<br> Distributions** |
| Banking Fund | $291615 | $— | $291615 |
| Basic Materials Fund | 537866 | 2112284 | 2650150 |
| Biotechnology Fund | 2249904 | 10208020 | 12457924 |
| Consumer Products Fund | 982105 | 2080297 | 3062402 |
| Electronics Fund | 1648848 |  | 1648848 |
| Energy Fund | 761104 |  | 761104 |
| Financial Services Fund | 152924 |  | 152924 |
| Leisure Fund | 35412 |  | 35412 |
| Real Estate Fund | 32581 |  | 32581 |
| Technology Fund | 2232562 |  | 2232562 |
| Telecommunications Fund | 51364 |  | 51364 |
| Transportation Fund | 41418 | 70868 | 112286 |
| Utilities Fund | 303851 |  | 303851 |

---

402 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income** | **Long-Term<br> Capital Gain** | **Total<br> Distributions** |
| Dow Jones Industrial Average<sup>®</sup> Fund | $390850 | $— | $390850 |
| Mid-Cap 1.5x Strategy Fund | 104474 |  | 104474 |
| Inverse Mid-Cap Strategy Fund | 35399 |  | 35399 |
| Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund | 73613459 |  | 73613459 |
| NASDAQ-100<sup>®</sup> Fund  | 44520109 | 88030402 | 132550511 |
| Inverse NASDAQ-100<sup>®</sup> Strategy Fund | 857387 |  | 857387 |
| Russell 2000<sup>®</sup> 1.5x Strategy Fund | 97317 |  | 97317 |
| Russell 2000<sup>®</sup> Fund | 339507 |  | 339507 |
| Inverse Russell 2000<sup>®</sup> Strategy Fund | 111856 |  | 111856 |
| Nova Fund | 1654145 |  | 1654145 |
| S&P 500<sup>®</sup> Fund | 1999873 |  | 1999873 |
| Inverse S&P 500<sup>®</sup> Strategy Fund | 1976484 |  | 1976484 |
| S&P 500<sup>®</sup> Pure Value Fund | 131710 |  | 131710 |
| S&P MidCap 400<sup>®</sup> Pure Growth Fund | 4225931 |  | 4225931 |
| S&P MidCap 400<sup>®</sup> Pure Value Fund | 683785 |  | 683785 |
| S&P SmallCap 600<sup>®</sup> Pure Growth Fund | 374657 |  | 374657 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income** | **Long-Term<br> Capital Gain** | **Total<br> Distributions** |
| Emerging Markets Bond Strategy Fund | $36955 | $— | $36955 |
| Government Long Bond 1.2x Strategy Fund | 861302 |  | 861302 |
| Inverse Government Long Bond Strategy Fund | 1165227 |  | 1165227 |
| High Yield Strategy Fund | 2325622 |  | 2325622 |
| Emerging Markets 2x Strategy Fund | 97868 |  | 97868 |
| Inverse Emerging Markets 2x Strategy Fund | 11334 |  | 11334 |
| Europe 1.25x Strategy Fund | 161001 |  | 161001 |
| Japan 2x Strategy Fund | 63813 |  | 63813 |
| Strengthening Dollar 2x Strategy Fund | 164523 |  | 164523 |
| Weakening Dollar 2x Strategy Fund | 47538 |  | 47538 |
| U.S. Government Money Market Fund | 10300315 | 16 | 10300331 |

---

The tax character of distributions paid during the year ended March 31, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income** | **Long-Term<br> Capital Gain** | **Total<br> Distributions** |
| Banking Fund | $124157 | $— | $124157 |
| Basic Materials Fund | 558233 | 122850 | 681083 |
| Consumer Products Fund | 988858 | 5309332 | 6298190 |
| Energy Fund | 1610287 |  | 1610287 |
| Leisure Fund | 7181 |  | 7181 |
| Precious Metals Fund | 1822514 |  | 1822514 |
| Real Estate Fund | 54116 |  | 54116 |
| Technology Fund |  | 1955347 | 1955347 |
| Telecommunications Fund | 30983 |  | 30983 |
| Transportation Fund | 22238 |  | 22238 |
| Utilities Fund | 571486 |  | 571486 |

---

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 403

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income** | **Long-Term<br> Capital Gain** | **Total<br> Distributions** |
| Dow Jones Industrial Average<sup>®</sup> Fund | $169820 | $— | $169820 |
| Mid-Cap 1.5x Strategy Fund | 44699 |  | 44699 |
| Inverse Mid-Cap Strategy Fund | 56012 |  | 56012 |
| Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund | 16847647 |  | 16847647 |
| Inverse NASDAQ-100<sup>®</sup> Strategy Fund | 702459 |  | 702459 |
| Russell 2000<sup>®</sup> 1.5x Strategy Fund | 14424 |  | 14424 |
| Russell 2000<sup>®</sup> Fund | 58904 |  | 58904 |
| Inverse Russell 2000<sup>®</sup> Strategy Fund | 130435 |  | 130435 |
| Nova Fund | 1311978 |  | 1311978 |
| S&P 500<sup>®</sup> Fund | 411430 | 608279 | 1019709 |
| Inverse S&P 500<sup>®</sup> Strategy Fund | 1093992 |  | 1093992 |
| S&P 500<sup>®</sup> Pure Value Fund | 183917 |  | 183917 |
| S&P MidCap 400<sup>®</sup> Pure Value Fund | 191352 |  | 191352 |
| S&P SmallCap 600<sup>®</sup> Pure Value Fund | 45269 |  | 45269 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income** | **Long-Term<br> Capital Gain** | **Total<br> Distributions** |
| Emerging Markets Bond Strategy Fund | $86580 | $— | $86580 |
| Government Long Bond 1.2x Strategy Fund | 1310196 |  | 1310196 |
| Inverse Government Long Bond Strategy Fund | 295483 |  | 295483 |
| High Yield Strategy Fund | 1768671 |  | 1768671 |
| Emerging Markets 2x Strategy Fund | 126426 |  | 126426 |
| Inverse Emerging Markets 2x Strategy Fund | 14566 |  | 14566 |
| Europe 1.25x Strategy Fund | 27662 |  | 27662 |
| Japan 2x Strategy Fund | 72770 |  | 72770 |
| Strengthening Dollar 2x Strategy Fund | 80754 |  | 80754 |
| Weakening Dollar 2x Strategy Fund | 11439 |  | 11439 |
| U.S. Government Money Market Fund | 11072089 | 120923 | 11193012 |

---

Note: For U.S. federal income tax purposes, short-term capital gain distributions are treated as ordinary income distributions.

The tax components of distributable earnings/(loss) as of March 31, 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund**  | **Undistributed <br> Ordinary <br> Income**  | **Undistributed <br> Long-Term <br> Capital Gain**  | **Net <br> Unrealized <br> Appreciation<br> (Depreciation)** | **Accumulated<br> Capital and<br> Other Losses** | **Total** |
| Banking Fund | $289194 | $— | $(317965) | $(9004029) | $(9032800) |
| Basic Materials Fund |  |  | 6257749 |  | 6257749 |
| Biotechnology Fund |  | 12716380 | 27786479 |  | 40502859 |
| Consumer Products Fund | 686453 | 2743988 | 17468774 |  | 20899215 |
| Electronics Fund | 786457 | 4060160 | 17476793 | (151620) | 22171790 |
| Energy Fund | 402963 |  | 2255799 | (6622013) | (3963251) |
| Energy Services Fund | 31185 |  | (925215) | (36074217) | (36968247) |
| Financial Services Fund | 119325 |  | 1429688 |  | 1549013 |
| Health Care Fund | 545832 |  | 4445378 |  | 4991210 |
| Internet Fund | 284969 |  | 4521960 |  | 4806929 |
| Leisure Fund | 3596 |  | 2098286 | (706464) | 1395418 |
| Precious Metals Fund | 4573614 |  | 5368347 | (42104176) | (32162215) |
| Real Estate Fund | 61209 |  | 211922 | (6493649) | (6220518) |
| Retailing Fund | 111325 |  | 1220026 | (226326) | 1105025 |
| Technology Fund | 908629 |  | 19119363 |  | 20027992 |
| Telecommunications Fund | 37785 |  | 314144 | (1964564) | (1612635) |
| Transportation Fund | 21264 | 146092 | 993226 |  | 1160582 |
| Utilities Fund | 468748 |  | 3229586 | (977408) | 2720926 |

---

404 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund**  | **Undistributed <br> Ordinary <br> Income**  | **Undistributed <br> Long-Term <br> Capital Gain**  | **Net <br> Unrealized <br> Appreciation<br> (Depreciation)** | **Accumulated<br> Capital and<br> Other Losses** | **Total** |
| Dow Jones Industrial Average<sup>®</sup> Fund | $— | $— | $3565339 | $— | $3565339 |
| Mid-Cap 1.5x Strategy Fund | 88886 |  | 1167620 | (211450) | 1045056 |
| Inverse Mid-Cap Strategy Fund | 13303 |  | 5064 | (6254267) | (6235900) |
| Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund |  |  | (108883336) |  | (108883336) |
| NASDAQ-100<sup>®</sup> Fund  | 229312 | 85893473 | 1111485605 |  | 1197608390 |
| Inverse NASDAQ-100<sup>®</sup> Strategy Fund | 611907 |  | 360099 | (82889721) | (81917715) |
| Russell 2000<sup>®</sup> 1.5x Strategy Fund | 71365 |  | (300279) | (3064554) | (3293468) |
| Russell 2000<sup>®</sup> Fund | 94221 |  | (77329) | (4735993) | (4719101) |
| Inverse Russell 2000<sup>®</sup> Strategy Fund | 77069 |  | 71251 | (42715732) | (42567412) |
| Nova Fund | 1605159 |  | 2828897 | (72209815) | (67775759) |
| S&P 500<sup>®</sup> Fund | 3240507 |  | 42553822 |  | 45794329 |
| Inverse S&P 500<sup>®</sup> Strategy Fund | 1529055 |  | 875800 | (282878706) | (280473851) |
| S&P 500<sup>®</sup> Pure Growth Fund | 1159531 |  | 2043700 |  | 3203231 |
| S&P 500<sup>®</sup> Pure Value Fund | 73164 |  | (1231822) | (17618266) | (18776924) |
| S&P MidCap 400<sup>®</sup> Pure Growth Fund |  |  | 273111 | (74994) | 198117 |
| S&P MidCap 400<sup>®</sup> Pure Value Fund | 23032 |  | 152134 | (387421) | (212255) |
| S&P SmallCap 600<sup>®</sup> Pure Growth Fund |  |  | 212627 | (3231372) | (3018745) |
| S&P SmallCap 600<sup>®</sup> Pure Value Fund | 578 |  | (223391) | (24125415) | (24348228) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund**  | **Undistributed <br> Ordinary <br> Income**  | **Undistributed <br> Long-Term <br> Capital Gain**  | **Net <br> Unrealized <br> Appreciation<br> (Depreciation)** | **Accumulated<br> Capital and<br> Other Losses** | **Total** |
| Emerging Markets Bond Strategy Fund | $6694 | $– $| (1069) | $(595906) | $(590281) |
| Government Long Bond 1.2x Strategy Fund | 7272 | – | 367539 | (69145384) | (68770573) |
| Inverse Government Long Bond Strategy Fund | 677926 | – | (164805) | (236121532) | (235608411) |
| High Yield Strategy Fund | 984215 | – | (143301) | (12413672) | (11572758) |
| Inverse High Yield Strategy Fund |  | – | 26243 | (11168062) | (11141819) |
| Emerging Markets 2x Strategy Fund | 125965 | – | 138797 | (16838744) | (16573982) |
| Inverse Emerging Markets 2x Strategy Fund | 3506 | – | 5423 | (20132321) | (20123392) |
| Europe 1.25x Strategy Fund | 109400 | – | 85259 | (756691) | (562032) |
| Japan 2x Strategy Fund | 7441 | – | (2) | (2264805) | (2257366) |
| Strengthening Dollar 2x Strategy Fund | 91521 | – | 1 | (20953491) | (20861969) |
| Weakening Dollar 2x Strategy Fund | 38520 | – | 1 | (10582576) | (10544055) |
| U.S. Government Money Market Fund | 137358 | – |  |  | 137358 |

---

For U.S. federal income tax purposes, capital loss carryforwards represent realized losses of the Funds that may be carried forward and applied against future capital gains. The Funds are permitted to carry forward capital losses for an unlimited period and such capital loss carryforwards retain their character as either short-term or long-term capital losses. As of March 31, 2025, capital loss carryforwards for the Funds were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Unlimited** | **Unlimited** | |
|<br>**Fund** | **Short-Term** | **Long-Term** | **Total**<br>**<br> Capital Loss <br> Carryforward** |
| Banking Fund | $(8023293) | $(980736) | $(9004029) |
| Energy Fund | (3598580) | (3023433) | (6622013) |
| Energy Services Fund | (22373988) | (13700229) | (36074217) |
| Leisure Fund | (706464) |  | (706464) |
| Precious Metals Fund | (10682178) | (31421998) | (42104176) |
| Real Estate Fund | (4188677) | (2304972) | (6493649) |
| Retailing Fund | (226326) |  | (226326) |
| Telecommunications Fund | (1188041) | (776523) | (1964564) |
| Utilities Fund | (727837) | (249571) | (977408) |

---

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 405

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

---

| | | | |
|:---|:---|:---|:---|
| | **Unlimited** | **Unlimited** | |
| <br>**Fund** | **Short-Term** | **Long-Term** | **Total**<br>**Capital Loss <br> Carryforward** |
| Mid-Cap 1.5x Strategy Fund | $(163085) | $(48365) | $(211450) |
| Inverse Mid-Cap Strategy Fund | (5507952) | (746315) | (6254267) |
| Inverse NASDAQ-100<sup>®</sup> Strategy Fund | (78771291) | (4118430) | (82889721) |
| Russell 2000<sup>®</sup> 1.5x Strategy Fund | (2767555) | (296999) | (3064554) |
| Russell 2000<sup>®</sup> Fund | (2967347) | (1768646) | (4735993) |
| Inverse Russell 2000<sup>®</sup> Strategy Fund | (35896200) | (6819532) | (42715732) |
| Nova Fund | (60252940) | (11956875) | (72209815) |
| Inverse S&P 500<sup>®</sup> Strategy Fund | (254701041) | (28177665) | (282878706) |
| S&P 500<sup>®</sup> Pure Value Fund | (14426821) | (3191445) | (17618266) |
| S&P MidCap 400<sup>®</sup> Pure Value Fund | (387421) |  | (387421) |
| S&P SmallCap 600<sup>®</sup> Pure Growth Fund | (3209274) |  | (3209274) |
| S&P SmallCap 600<sup>®</sup> Pure Value Fund | (24125415) |  | (24125415) |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Unlimited** | **Unlimited** | |
| <br>**Fund** | **Short-Term** | **Long-Term** | **Total**<br>**Capital Loss <br> Carryforward** |
| Emerging Markets Bond Strategy Fund | $(520123) | $(75783) | $(595906) |
| Government Long Bond 1.2x Strategy Fund | (56690267) | (12455117) | (69145384) |
| Inverse Government Long Bond Strategy Fund | (189200230) | (46921302) | (236121532) |
| High Yield Strategy Fund | (9704321) | (2709351) | (12413672) |
| Inverse High Yield Strategy Fund | (9877767) | (1286567) | (11164334) |
| Emerging Markets 2x Strategy Fund | (15223928) | (1614816) | (16838744) |
| Inverse Emerging Markets 2x Strategy Fund | (19253610) | (878711) | (20132321) |
| Europe 1.25x Strategy Fund | (456537) | (300154) | (756691) |
| Japan 2x Strategy Fund | (579584) | (1685221) | (2264805) |
| Strengthening Dollar 2x Strategy Fund | (8420061) | (12533430) | (20953491) |
| Weakening Dollar 2x Strategy Fund | (4239873) | (6342703) | (10582576) |

---

For the year ended March 31, 2025, the following capital loss carryforward amounts were utilized:

---

| | |
|:---|:---|
| **Fund** | **Utilized** |
| Banking Fund | $844181 |
| Energy Fund | 3620037 |
| Energy Services Fund | 1282164 |
| Financial Services Fund | 1184555 |
| Health Care Fund | 132383 |
| Internet Fund | 2744097 |
| Leisure Fund | 421388 |
| Real Estate Fund | 462777 |
| Retailing Fund | 634976 |
| Telecommunications Fund | 806796 |
| Transportation Fund | 606446 |
| Utilities Fund | 431661 |

---

---

| | |
|:---|:---|
| **Fund** | **Utilized** |
| Inverse Mid-Cap Strategy Fund | $55350 |
| Nova Fund | 23191708 |
| S&P 500<sup>®</sup> Pure Growth Fund | 2714701 |

---

---

| | |
|:---|:---|
| **Fund** | **Utilized** |
| Inverse Government Long Bond Strategy Fund | $192125 |
| High Yield Strategy Fund | 4144 |
| Europe 1.25x Strategy Fund | 90816 |

---

406 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

Net investment income and net realized gains (losses) may differ for financial statement and tax purposes because of temporary or permanent book/tax differences. These differences are primarily due to investments in real estate investment trusts, foreign currency gains and losses, losses deferred due to wash sales, distributions in connection with redemption of fund shares, return of capital distributions received, the "mark-to-market," recharacterization, or disposition of certain Passive Foreign Investment Companies (PFICs), the tax treatment of net operating losses, and certain corporate actions. Additional differences may result from the deferral of qualified late-year losses and the "mark-to-market" of certain derivatives. Further differences may be due to investments in swap agreements and the reclassification of distributions paid.

To the extent these differences are permanent and would require a reclassification between Paid in Capital and Total Distributable Earnings (Loss), such reclassifications are made in the period that the differences arise. These reclassifications have no effect on net assets or NAV per share.

The following adjustments were made on the Statements of Assets and Liabilities as of March 31, 2025 for permanent book/tax differences:

---

| | | |
|:---|:---|:---|
| **Fund**  | **Paid In <br> Capital** | **Total <br> Distributable <br> Earnings/(Loss)** |
| Basic Materials Fund | $172423 | $(172423) |
| Biotechnology Fund | 2558892 | (2558892) |
| Consumer Products Fund | 3949923 | (3949923) |
| Electronics Fund | 3963719 | (3963719) |
| Financial Services Fund | 489393 | (489393) |
| Health Care Fund | 672487 | (672487) |
| Internet Fund | 320228 | (320228) |
| Technology Fund | 4257227 | (4257227) |
| Transportation Fund | 195640 | (195640) |

---

---

| | | |
|:---|:---|:---|
| **Fund**  | **Paid In <br> Capital** | **Total <br> Distributable <br> Earnings/(Loss)** |
| Dow Jones Industrial Average<sup>®</sup> Fund | $801120 | $(801120) |
| Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund | 117568331 | (117568331) |
| NASDAQ-100<sup>®</sup> Fund  | 28141605 | (28141605) |
| Russell 2000<sup>®</sup> Fund | 23176 | (23176) |
| Inverse Russell 2000<sup>®</sup> Strategy Fund | (87501) | 87501 |
| S&P 500<sup>®</sup> Fund | 8492149 | (8492149) |
| S&P 500<sup>®</sup> Pure Growth Fund | 15839713 | (15839713) |
| S&P MidCap 400<sup>®</sup> Pure Growth Fund | 746640 | (746640) |
| S&P SmallCap 600<sup>®</sup> Pure Growth Fund | (24733) | 24733 |

---

---

| | | |
|:---|:---|:---|
| **Fund**  | **Paid In <br> Capital** | **Total <br> Distributable <br> Earnings/(Loss)** |
| Emerging Markets Bond Strategy Fund | $1362 | $(1362) |
| Inverse Government Long Bond Strategy Fund | (122836) | 122836 |
| High Yield Strategy Fund | (209334) | 209334 |
| Inverse Emerging Markets 2x Strategy Fund | 508 | (508) |
| Japan 2x Strategy Fund | 4146 | (4146) |
| Weakening Dollar 2x Strategy Fund | (1) | 1 |

---

At March 31, 2025, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 407

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund**  | **Tax <br> Cost** | **Tax <br> Unrealized <br> Appreciation** | **Tax <br> Unrealized <br> Depreciation** | **Net Tax <br> Unrealized <br> Appreciation/ <br> (Depreciation)** |
| Banking Fund | $26175421 | $139113 | $(457078) | $(317965) |
| Basic Materials Fund | 17010096 | 6927136 | (669387) | 6257749 |
| Biotechnology Fund | 60915787 | 35418147 | (7631668) | 27786479 |
| Consumer Products Fund | 23808733 | 18091015 | (622241) | 17468774 |
| Electronics Fund | 55057223 | 22472251 | (4995458) | 17476793 |
| Energy Fund | 16832291 | 2318592 | (62793) | 2255799 |
| Energy Services Fund | 6029122 |  | (925215) | (925215) |
| Financial Services Fund | 29154115 | 1675193 | (245505) | 1429688 |
| Health Care Fund | 16016857 | 4683600 | (238222) | 4445378 |
| Internet Fund | 10782501 | 4746217 | (224257) | 4521960 |
| Leisure Fund | 6825138 | 2183903 | (85617) | 2098286 |
| Precious Metals Fund | 85402788 | 5368347 |  | 5368347 |
| Real Estate Fund | 1837302 | 223495 | (11573) | 211922 |
| Retailing Fund | 4779007 | 1274504 | (54478) | 1220026 |
| Technology Fund | 20900962 | 19943201 | (823838) | 19119363 |
| Telecommunications Fund | 27286120 | 1781538 | (1467394) | 314144 |
| Transportation Fund | 5754325 | 1250377 | (257151) | 993226 |
| Utilities Fund | 14230733 | 3267851 | (38265) | 3229586 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund**  | **Tax <br> Cost** | **Tax <br> Unrealized <br> Appreciation** | **Tax <br> Unrealized <br> Depreciation** | **Net Tax <br> Unrealized <br> Appreciation/ <br> (Depreciation)** |
| Dow Jones Industrial Average<sup>®</sup> Fund | $26199974 | $3750707 | $(185368) | $3565339 |
| Mid-Cap 1.5x Strategy Fund | 10403533 | 1738350 | (570730) | 1167620 |
| Inverse Mid-Cap Strategy Fund | 234593 | 5064 |  | 5064 |
| Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund | 412616148 |  | (108883336) | (108883336) |
| NASDAQ-100<sup>®</sup> Fund  | 560268218 | 1125364818 | (13879213) | 1111485605 |
| Inverse NASDAQ-100<sup>®</sup> Strategy Fund | 11496354 | 360153 | (54) | 360099 |
| Russell 2000<sup>®</sup> 1.5x Strategy Fund | 5494907 | 744011 | (1044290) | (300279) |
| Russell 2000<sup>®</sup> Fund | 12604631 | 1002767 | (1080096) | (77329) |
| Inverse Russell 2000<sup>®</sup> Strategy Fund | 1455416 | 71251 |  | 71251 |
| Nova Fund | 240892636 | 7673334 | (4844437) | 2828897 |
| S&P 500<sup>®</sup> Fund | 116451614 | 43136624 | (582802) | 42553822 |
| Inverse S&P 500<sup>®</sup> Strategy Fund | 45271173 | 875917 | (117) | 875800 |
| S&P 500<sup>®</sup> Pure Growth Fund | 22248375 | 3230629 | (1186929) | 2043700 |
| S&P 500<sup>®</sup> Pure Value Fund | 24078421 |  | (1231822) | (1231822) |
| S&P MidCap 400<sup>®</sup> Pure Growth Fund | 25276199 | 2818970 | (2545859) | 273111 |
| S&P MidCap 400<sup>®</sup> Pure Value Fund | 5806175 | 406134 | (254000) | 152134 |
| S&P SmallCap 600<sup>®</sup> Pure Growth Fund | 3062684 | 402534 | (189907) | 212627 |
| S&P SmallCap 600<sup>®</sup> Pure Value Fund | 3762526 | 199028 | (422419) | (223391) |

---

408 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund**  | **Tax <br> Cost** | **Tax <br> Unrealized <br> Appreciation** | **Tax <br> Unrealized <br> Depreciation** | **Net Tax <br> Unrealized <br> Appreciation/ <br> (Depreciation)** |
| Emerging Markets Bond Strategy Fund | $363838 | $653 | $(1722) | $(1069) |
| Government Long Bond 1.2x Strategy Fund | 81593943 | 367541 | (2) | 367539 |
| Inverse Government Long Bond Strategy Fund | 16097779 | 18414 | (183219) | (164805) |
| High Yield Strategy Fund | 26188251 | 132337 | (275638) | (143301) |
| Inverse High Yield Strategy Fund | 3674167 | 36396 | (10153) | 26243 |
| Emerging Markets 2x Strategy Fund | 6497617 | 366761 | (227964) | 138797 |
| Inverse Emerging Markets 2x Strategy Fund | 202313 | 5423 |  | 5423 |
| Europe 1.25x Strategy Fund | 14616713 | 183370 | (98023) | 85347 |
| Japan 2x Strategy Fund | 878668 |  | (2) | (2) |
| Strengthening Dollar 2x Strategy Fund | 2042290 | 1 |  | 1 |
| Weakening Dollar 2x Strategy Fund | 1095541 | 1 |  | 1 |
| U.S. Government Money Market Fund | 284203088 |  |  |  |

---

Pursuant to U.S. federal income tax regulations applicable to regulated investment companies, the Funds have elected to treat net capital losses and certain ordinary losses realized between November 1 and March 31 of each year as occurring on the first day of the following tax year. The Funds have also elected to treat certain ordinary losses realized between January 1 and March 31 of each year as occurring on the first day of the following tax year. For the year ended March 31, 2025, the following losses reflected in the accompanying financial statements were deferred for U.S. federal income tax purposes until April 1, 2025:

---

| | | |
|:---|:---|:---|
| **Fund**  | **Ordinary** | **Capital** |
| Electronics Fund | $(151620) | $- |

---

---

| | | |
|:---|:---|:---|
| **Fund**  | **Ordinary** | **Capital** |
| S&P MidCap 400<sup>®</sup> Pure Growth Fund | $(74994) | $- |
| S&P SmallCap 600<sup>®</sup> Pure Growth Fund | (22098) |  |

---

---

| | | |
|:---|:---|:---|
| **Fund**  | **Ordinary** | **Capital** |
| Inverse High Yield Strategy Fund | $(3728) | $- |

---

**Note 9 – Securities Transactions** 

For the year ended March 31, 2025, the cost of purchases and proceeds from sales of investment securities, excluding government securities, short-term investments and derivatives, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Banking Fund | $50462854 | $50241554 |
| Basic Materials Fund | 13584702 | 19160622 |
| Biotechnology Fund | 80769386 | 101202913 |
| Consumer Products Fund | 29071438 | 50178012 |
| Electronics Fund | 103644492 | 114029220 |
| Energy Fund | 132756578 | 144611134 |
| Energy Services Fund | 36223358 | 44252154 |
| Financial Services Fund | 64547749 | 70952408 |
| Health Care Fund | 56896168 | 60850504 |
| Internet Fund | 29131891 | 53746053 |
| Leisure Fund | 23523669 | 23097179 |
| Precious Metals Fund | 366536822 | 359658310 |
| Real Estate Fund | 15247139 | 16164583 |
| Retailing Fund | 24792794 | 28601973 |
| Technology Fund | 76299959 | 87233547 |
| Telecommunications Fund | 46760304 | 25089548 |
| Transportation Fund | 9357818 | 13494554 |
| Utilities Fund | 125430428 | 125561016 |

---

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 409

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Dow Jones Industrial Average<sup>®</sup> Fund | $69238536 | $67225214 |
| Mid-Cap 1.5x Strategy Fund | 11009843 | 11464497 |
| Inverse Mid-Cap Strategy Fund |  |  |
| Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund | 5902026411 | 6204628928 |
| NASDAQ-100<sup>®</sup> Fund | 634752509 | 836273984 |
| Inverse NASDAQ-100<sup>®</sup> Strategy Fund |  |  |
| Russell 2000<sup>®</sup> 1.5x Strategy Fund | 525768 | 1063510 |
| Russell 2000<sup>®</sup> Fund | 2839719 | 16718405 |
| Inverse Russell 2000<sup>®</sup> Strategy Fund |  |  |
| Nova Fund | 440988594 | 499868938 |
| S&P 500<sup>®</sup> Fund | 289523036 | 355071769 |
| Inverse S&P 500<sup>®</sup> Strategy Fund |  |  |
| S&P 500<sup>®</sup> Pure Growth Fund | 715407747 | 739498080 |
| S&P 500<sup>®</sup> Pure Value Fund | 552882146 | 537949631 |
| S&P MidCap 400<sup>®</sup> Pure Growth Fund | 374510669 | 563196201 |
| S&P MidCap 400<sup>®</sup> Pure Value Fund | 265323833 | 264558798 |
| S&P SmallCap 600<sup>®</sup> Pure Growth Fund | 351127788 | 348294868 |
| S&P SmallCap 600<sup>®</sup> Pure Value Fund | 233672739 | 230762065 |

---

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Emerging Markets Bond Strategy Fund | $— | $— |
| Government Long Bond 1.2x Strategy Fund |  | 2400000 |
| Inverse Government Long Bond Strategy Fund |  | 3300000 |
| High Yield Strategy Fund |  |  |
| Inverse High Yield Strategy Fund |  | 650000 |
| Emerging Markets 2x Strategy Fund | 20241112 | 18680482 |
| Inverse Emerging Markets 2x Strategy Fund |  |  |
| Europe 1.25x Strategy Fund | 108031898 | 102730223 |
| Japan 2x Strategy Fund |  |  |
| Strengthening Dollar 2x Strategy Fund |  |  |
| Weakening Dollar 2x Strategy Fund |  |  |
| U.S. Government Money Market Fund |  |  |

---

For the year ended March 31, 2025, the cost of purchases and proceeds from sales of government securities were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Government Long Bond 1.2x Strategy Fund | $436265469 | $377085235 |
| Inverse Government Long Bond Strategy Fund | 142797485 | 141455672 |

---

The Funds are permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by a Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common

410 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price. For the year ended March 31, 2025, the Funds engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Purchases**  | **Sales**  | **Realized <br> Gain (Loss)**  |
| Banking Fund | $3910225 | $6345071 | $(56814) |
| Basic Materials Fund | 1186700 | 2249772 | 224748 |
| Biotechnology Fund | 3548451 | 4502541 | 1201815 |
| Consumer Products Fund | 1630391 | 4255890 | 741897 |
| Electronics Fund | 9515967 | 11054047 | 1233098 |
| Energy Fund | 14393363 | 17035611 | 596866 |
| Energy Services Fund | 4815686 | 6215034 | 509701 |
| Financial Services Fund | 9213316 | 6177482 | (58813) |
| Health Care Fund | 8579527 | 8158608 | (36550) |
| Internet Fund | 5991674 | 13783927 | 802559 |
| Leisure Fund | 1833645 | 2567531 | 47871 |
| Precious Metals Fund | 24902022 | 20656714 | 178753 |
| Real Estate Fund | 2781351 | 3913558 | 30039 |
| Retailing Fund | 3322122 | 2266439 | 105522 |
| Technology Fund | 14591171 | 14570015 | 903751 |
| Telecommunications Fund | 2876922 | 3139297 | (77600) |
| Transportation Fund | 715511 | 1214920 | 148084 |
| Utilities Fund | 8053842 | 6272461 | (100795) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Purchases**  | **Sales**  | **Realized <br> Gain (Loss)**  |
| Dow Jones Industrial Average<sup>®</sup> Fund | $4554599 | $1802094 | $141900 |
| Mid-Cap 1.5x Strategy Fund | 1958691 | 1112311 | 131723 |
| Monthly Rebalance Nasdaq-100<sup>®</sup> 2x Strategy Fund | 842658819 | 456803624 | 26323264 |
| NASDAQ-100<sup>®</sup> Fund | 196836245 | 211503651 | 30924079 |
| Russell 2000<sup>®</sup> 1.5x Strategy Fund |  | 437925 | (9611) |
| Russell 2000<sup>®</sup> Fund | 1362095 | 15039642 | (1122466) |
| Nova Fund | 200885254 | 241673086 | 10239191 |
| S&P 500<sup>®</sup> Fund | 155318291 | 130848450 | 1149802 |
| S&P 500<sup>®</sup> Pure Growth Fund | 48994857 | 53648898 | 1206343 |
| S&P 500<sup>®</sup> Pure Value Fund | 12781115 | 9396913 | 431660 |
| S&P MidCap 400 Pure Growth Fund | 3475856 | 6106945 | 635574 |
| S&P MidCap 400 Pure Value Fund | 1724298 | 2555703 | 105056 |
| S&P SmallCap 600 Pure Growth Fund | 1828764 | 2332780 | 29533 |
| S&P SmallCap 600 Pure Value Fund | 1975425 | 1571372 | 116233 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** | **Realized<br> Gain (Loss)** |
| Emerging Markets 2x Strategy Fund | $— | $42318 | $374 |
| Europe 1.25x Strategy Fund | 2046349 | 1393468 | 23021 |

---

**Note 10 – Line of Credit** 

The Trust, along with other affiliated trusts, secured an uncommitted $200,000,000 line of credit from U.S. Bank, N.A. On November 18, 2024, a new line of credit agreement was entered into which expires on November 17, 2025. This line of credit is reserved for emergency or temporary purposes. Borrowings, if any, under this arrangement bear interest equal to the Prime Rate, minus 2%, which shall be paid monthly, averaging 6.07% for the year ended March 31, 2025. The Funds did not have any borrowings outstanding under this agreement at March 31, 2025.

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 411

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

The average daily balances borrowed for the year ended March 31, 2025, were as follows:

---

| | |
|:---|:---|
| **Fund** | **Average Daily Balance** |
| Banking Fund | $3077 |
| Basic Materials Fund | 6529 |
| Biotechnology Fund | 7537 |
| Consumer Products Fund | 4452 |
| Electronics Fund | 2060 |
| Energy Fund | 1630 |
| Energy Services Fund | 3093 |
| Financial Services Fund | 2701 |
| Health Care Fund | 586 |
| High Yield Strategy Fund | 1121 |
| Internet Fund | 3 |
| Leisure Fund | 671 |
| Precious Metals Fund | 189 |
| Real Estate Fund | 937 |
| Retailing Fund | 304 |
| Technology Fund | 1414 |
| Telecommunications Fund | 808 |
| Transportation Fund | 304 |
| Utilities Fund | 7718 |
| Mid-Cap 1.5x Strategy Fund | 485 |
| Monthly Rebalance Nasdaq-100<sup>®</sup> 2x Strategy Fund | 8400 |
| Russell 2000<sup>®</sup> 1.5x Strategy Fund | 893 |
| Nova Fund | 3244 |
| S&P 500<sup>®</sup> Pure Growth Fund | 468 |
| S&P 500<sup>®</sup> Pure Value Fund | 2438 |
| S&P MidCap 400 Pure Growth Fund | 3416 |
| S&P MidCap 400 Pure Value Fund | 912 |
| S&P SmallCap 600 Pure Growth Fund | 1129 |
| S&P SmallCap 600 Pure Value Fund | 652 |

---

**Note 11 – Reverse Share Splits** 

Effective February 24, 2025, a reverse share split occurred for the following Funds:

---

| | |
|:---|:---|
| **Fund** | **Split Type** |
| Consumer Products Fund  | One-for-three reverse split |
| Health Care Fund  | One-for-three reverse split |
| Precious Metals Fund | One-for-three reverse split |
| Inverse NASDAQ-100<sup>®</sup> Strategy Fund  | One-for-ten reverse split |
| Inverse Russell 2000<sup>®</sup> Strategy Fund  | One-for-three reverse split |
| Inverse S&P 500<sup>®</sup> Strategy Fund  | One-for-five reverse split |
| Government Long Bond 1.2x Strategy Fund  | One-for-five reverse split |
| Inverse Emerging Markets 2x Strategy Fund  | One-for-twenty reverse split |
| Weakening Dollar 2x Strategy Fund  | One-for-three reverse split |

---

The effect of the transactions was to divide the number of outstanding shares of each Fund by the noted split ratio, resulting in a corresponding increase in the NAV per share. The share transactions presented in the Statements of Changes in Net Assets and the per share data in the financial highlights have been given retroactive effect to reflect the reverse share split effective February 24, 2025. There were no changes in net assets, results of operations or total return as a result of the transactions.

**Note 12 – Segment Reporting** 

In this reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of their operations. An operating segment is defined in Topic 280 as a component of a public entity

412 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (concluded)<br>

that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Officers of the Trust, subject to the oversight and supervision of the Board, serve as the CODM for the Funds.

Each of the Funds represents a single operating segment, as the CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the Fund's investment objective which is executed by each Fund's portfolio managers as a team. Each of the Funds uses a variety of investments to execute its investment strategy. Please refer to Note 1 – Organization and Significant Accounting Policies of these Notes to Financial Statements for additional details on the significant accounting policies and investment types used by the Funds. Please refer to each Fund's Schedule of Investments for a breakdown of the types of investments from which each of the Funds generates its returns. Financial information in the form of total returns, expense ratios and changes in net assets (*i.e.*, changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks, among other metrics, and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on each Fund's Statement of Assets and Liabilities as "total assets" and significant segment income, expenses, and gain(loss) are listed on each Fund's Statement of Operations.

**Note 13 – Market Risks** 

The value of, or income generated by, the investments held by the Funds are subject to the possibility of rapid and unpredictable fluctuation, and loss that may result from various factors. These factors include, among others, developments affecting (or perceived to affect) individual companies, or issuers or particular industries, or from broader influences, including real or perceived changes in prevailing interest rates (which may change at any time based on changes in monetary policies and various market and other economic conditions), changes in inflation rates or expectations about inflation rates, deflation, adverse investor confidence or sentiment, general outlook for corporate earnings, changing economic, political (including geopolitical), social or financial market conditions, bank failures, increased instability or general uncertainty, extreme weather, natural/environmental or man-made disasters, or geological events, governmental actions, tariffs (which may be imposed by U.S. and foreign governments) and trade disruptions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, terrorism, actual or threatened wars or other armed conflicts (such as the conflict in the Middle East and the ongoing Russia-Ukraine conflict and its collateral economic and other effects, including, but not limited to, sanctions and other international trade barriers) or ratings downgrades, and other similar events, each of which may be temporary or last for extended periods. Different sectors, industries and security types may react differently to such developments. Moreover, changing economic, political, geopolitical, social, financial market or other conditions in one country, geographic region or industry could adversely affect the value, yield and return of the investments held by the Funds in a different country, geographic region, economy, industry or market because of the increasingly interconnected global economies and financial markets. The duration and extent of the foregoing types of factors or conditions are highly uncertain and difficult to predict and have in the past, and may in the future, cause volatility and distress in economies and financial markets or other adverse circumstances, which may negatively affect the value of the Funds' investments and performance of the Funds.

**Note 14 – Subsequent Events** 

The Funds evaluated subsequent events through the date the financial statements are issued and determined there were no material events that would require adjustment to or disclosure in the Funds' financial statements.

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 413

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**<br>

To the Shareholders of Banking Fund, Basic Materials Fund, Biotechnology Fund, Consumer Products Fund, Electronics Fund, Energy Fund, Energy Services Fund, Financial Services Fund, Health Care Fund, Internet Fund, Leisure Fund, Precious Metals Fund, Real Estate Fund, Retailing Fund, Technology Fund, Telecommunications Fund, Transportation Fund, Utilities Fund, Dow Jones Industrial Average<sup>®</sup> Fund, Nova Fund, S&P 500<sup>®</sup> Fund, Inverse S&P 500<sup>®</sup> Strategy Fund, Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund, NASDAQ-100 Fund, Inverse NASDAQ-100<sup>®</sup> Strategy Fund, Mid-Cap 1.5x Strategy Fund, Inverse Mid-Cap Strategy Fund, Russell 2000<sup>®</sup> 1.5x Strategy Fund, Russell 2000<sup>®</sup> Fund, Inverse Russell 2000<sup>®</sup> Strategy Fund, S&P 500<sup>®</sup> Pure Growth Fund, S&P 500<sup>®</sup> Pure Value Fund, S&P MidCap 400<sup>®</sup> Pure Growth Fund, S&P MidCap 400<sup>®</sup> Pure Value Fund, S&P SmallCap 600<sup>®</sup> Pure Growth Fund, S&P SmallCap 600<sup>®</sup> Pure Value Fund, Emerging Markets Bond Strategy Fund, Government Long Bond 1.2x Strategy Fund, Inverse Government Long Bond Strategy Fund, High Yield Strategy Fund, Inverse High Yield Strategy Fund, Emerging Market 2x Strategy Fund, Inverse Emerging Markets 2x Strategy Fund, Europe 1.25x Strategy Fund, Japan 2x Strategy Fund, Strengthening Dollar 2x Strategy Fund, Weakening Dollar 2x Strategy Fund and U.S. Government Money Market Fund and the Board of Trustees of Rydex Series Funds.

**Opinion on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities of Banking Fund, Basic Materials Fund, Biotechnology Fund, Consumer Products Fund, Electronics Fund, Energy Fund, Energy Services Fund, Financial Services Fund, Health Care Fund, Internet Fund, Leisure Fund, Precious Metals Fund, Real Estate Fund, Retailing Fund, Technology Fund, Telecommunications Fund, Transportation Fund, Utilities Fund, Dow Jones Industrial Average<sup>®</sup> Fund, Nova Fund, S&P 500<sup>®</sup> Fund, Inverse S&P 500<sup>®</sup> Strategy Fund, Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund, NASDAQ-100 Fund, Inverse NASDAQ-100<sup>®</sup> Strategy Fund, Mid-Cap 1.5x Strategy Fund, Inverse Mid-Cap Strategy Fund, Russell 2000<sup>®</sup> 1.5x Strategy Fund, Russell 2000<sup>®</sup> Fund, Inverse Russell 2000<sup>®</sup> Strategy Fund, S&P 500<sup>®</sup> Pure Growth Fund, S&P 500<sup>®</sup> Pure Value Fund, S&P MidCap 400<sup>®</sup> Pure Growth Fund, S&P MidCap 400<sup>®</sup> Pure Value Fund, S&P SmallCap 600<sup>®</sup> Pure Growth Fund, S&P SmallCap 600<sup>®</sup> Pure Value Fund, Emerging Markets Bond Strategy Fund, Government Long Bond 1.2x Strategy Fund, Inverse Government Long Bond Strategy Fund, High Yield Strategy Fund, Inverse High Yield Strategy Fund, Emerging Market 2x Strategy Fund, Inverse Emerging Markets 2x Strategy Fund, Europe 1.25x Strategy Fund, Japan 2x Strategy Fund, Strengthening Dollar 2x Strategy Fund, Weakening Dollar 2x Strategy Fund and U.S. Government Money Market Fund (collectively referred to as the "Funds"), (forty-eight of the funds constituting Rydex Series Funds (the "Trust")), including the schedules of investments, as of March 31, 2025, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (forty-eight of the funds constituting Rydex Series Funds) at March 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025, by

414 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** (continued)<br>

correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](fp0092701-206_415.jpg)

We have served as the auditor of one or more Guggenheim investment companies since 1979.

Tysons, Virginia

May 28, 2025

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 415

**OTHER INFORMATION** (Unaudited) <br>

**Federal Income Tax Information** 

This information is being provided as required by the Internal Revenue Code. Amounts shown may differ from those elsewhere in the report because of differences in tax and financial reporting practice.

In January 2026, shareholders will be advised on IRS Form 1099 DIV or substitute 1099 DIV as to the federal tax status of the distributions received by shareholders in the calendar year 2025.

Precious Metals Fund intends to designate $101,234 of foreign tax withholding on foreign source income of $773,670.

The Funds' investment income (dividend income plus short-term capital gains, if any) qualifies as follows:

Of the taxable ordinary income distributions paid during the fiscal year ended March 31, 2025, the following funds had the corresponding percentages qualify for the reduced tax rate pursuant to the Jobs and Growth Tax Relief and Reconciliation Act of 2003 or for the dividends received deduction for corporations. See the qualified dividend income and dividend received deduction columns, respectively, in the table below.

Additionally, of the taxable ordinary income distributions paid during the fiscal year ended March 31, 2025, the following funds had the corresponding percentages qualify as interest related dividends and qualified short-term capital gains as permitted by IRC Section 871(k)(1) and IRC Section 871(k)(2), respectively. See the qualified interest income and qualified short-term capital gain columns, respectively, in the table below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Qualified <br> Dividend <br> Income**  | **Dividend <br> Received <br> Deduction** | **Qualified <br> Interest <br> Income** | **Qualified <br> Short-Term <br> Capital Gain** |
| Basic Materials Fund | 91.40% | 59.39% | 0.65% | 100.00% |
| Biotechnology Fund | 46.75% | 44.25% | 0.00% | 100.00% |
| Consumer Products Fund | 100.00% | 100.00% | 0.56% | 100.00% |
| Electronics Fund | 48.15% | 38.15% | 0.75% | 100.00% |
| Energy Fund | 100.00% | 100.00% | 0.58% | 0.00% |
| Financial Services Fund | 100.00% | 100.00% | 0.29% | 0.00% |
| Leisure Fund | 100.00% | 100.00% | 1.12% | 0.00% |
| Real Estate Fund | 7.94% | 3.46% | 0.72% | 0.00% |
| Retailing Fund | 100.00% | 100.00% | 0.57% | 0.00% |
| Technology Fund | 10.22% | 9.00% | 0.43% | 100.00% |
| Telecommunications Fund | 100.00% | 100.00% | 1.16% | 0.00% |
| Transportation Fund | 100.00% | 100.00% | 1.26% | 0.00% |
| Utilities Fund | 100.00% | 100.00% | 0.60% | 0.00% |

---

416 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**OTHER INFORMATION** (continued)<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Qualified <br> Dividend <br> Income**  | **Dividend <br> Received <br> Deduction** | **Qualified <br> Interest <br> Income** | **Qualified <br> Short-Term <br> Capital Gain** |
| Dow Jones Industrial Average<sup>®</sup> Fund | 51.72% | 51.72% | 21.93% | 100.00% |
| Mid-Cap 1.5x Strategy Fund | 99.43% | 96.16% | 33.15% | 0.00% |
| Inverse Mid-Cap Strategy Fund | 0.00% | 0.00% | 83.12% | 0.00% |
| Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund | 2.15% | 2.14% | 6.03% | 100.00% |
| NASDAQ-100<sup>®</sup> Fund  | 30.02% | 29.26% | 6.89% | 100.00% |
| Inverse NASDAQ-100<sup>®</sup> Strategy Fund | 0.00% | 0.00% | 71.34% | 0.00% |
| Russell 2000<sup>®</sup> 1.5x Strategy Fund | 48.46% | 45.44% | 43.27% | 0.00% |
| Russell 2000<sup>®</sup> Fund | 88.91% | 73.66% | 55.81% | 0.00% |
| Inverse Russell 2000<sup>®</sup> Strategy Fund | 0.00% | 0.00% | 65.04% | 0.00% |
| Nova Fund | 63.57% | 57.79% | 30.15% | 0.00% |
| S&P 500<sup>®</sup> Fund | 57.45% | 56.59% | 6.99% | 100.00% |
| Inverse S&P 500<sup>®</sup> Strategy Fund | 0.00% | 0.00% | 67.15% | 0.00% |
| S&P 500<sup>®</sup> Pure Value Fund | 100.00% | 100.00% | 1.14% | 0.00% |
| S&P MidCap 400<sup>®</sup> Pure Growth Fund | 8.14% | 6.73% | 0.00% | 100.00% |
| S&P MidCap 400<sup>®</sup> Pure Value Fund | 6.40% | 5.84% | 1.01% | 100.00% |
| S&P SmallCap 600<sup>®</sup> Pure Growth Fund | 9.77% | 9.01% | 0.00% | 100.00% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Qualified <br> Dividend <br> Income**  | **Dividend <br> Received <br> Deduction** | **Qualified <br> Interest <br> Income** | **Qualified <br> Short-Term <br> Capital Gain** |
| Emerging Markets Bond Strategy Fund | 0.00% | 1.81% | 62.40% | 0.00% |
| Government Long Bond 1.2x Strategy Fund | 0.00% | 0.00% | 96.90% | 0.00% |
| Inverse Government Long Bond Strategy Fund | 0.00% | 0.00% | 91.06% | 0.00% |
| High Yield Strategy Fund | 0.00% | 0.00% | 55.58% | 0.00% |
| Emerging Markets 2x Strategy Fund | 24.77% | 0.00% | 41.80% | 0.00% |
| Inverse Emerging Markets 2x Strategy Fund | 0.00% | 0.00% | 95.19% | 0.00% |
| Europe 1.25x Strategy Fund | 38.02% | 1.29% | 44.73% | 0.00% |
| Japan 2x Strategy Fund | 0.00% | 0.00% | 94.36% | 0.00% |
| Strengthening Dollar 2x Strategy Fund | 0.00% | 0.00% | 75.00% | 0.00% |
| Weakening Dollar 2x Strategy Fund | 0.00% | 0.00% | 75.02% | 0.00% |
| U.S. Government Money Market Fund | 0.00% | 0.00% | 99.98% | 100.00% |

---

With respect to the taxable year ended March 31, 2025, the Funds hereby designate as capital gain dividends the amounts listed below, or, if subsequently determined to be different, the net capital gain of such year:

---

| | | |
|:---|:---|:---|
| **Fund** | **From long-term <br> capital gain:**  | **From long-term capital <br> gain, using proceeds <br> from shareholder <br> redemptions:** |
| Basic Materials Fund | $2112284 | $168547 |
| Biotechnology Fund | 10208020 | 2787027 |
| Consumer Products Fund | 2080297 | 3949923 |
| Electronics Fund |  | 3963719 |
| Health Care Fund |  | 579373 |
| Technology Fund |  | 4068030 |
| Transportation Fund | 70868 | 195640 |

---

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 417

**OTHER INFORMATION** (continued)<br>

---

| | | |
|:---|:---|:---|
| **Fund** | **From long-term <br> capital gain:**  | **From long-term capital <br> gain, using proceeds <br> from shareholder <br> redemptions:** |
| Dow Jones Industrial Average<sup>®</sup> Fund | $— | $657002 |
| Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund |  | 54584014 |
| NASDAQ-100<sup>®</sup> Fund  | 88030402 | 28141605 |
| S&P 500<sup>®</sup> Fund |  | 3595908 |
| S&P 500<sup>®</sup> Pure Growth Fund |  | 3177568 |
| S&P MidCap 400<sup>®</sup> Pure Growth Fund |  | 1024150 |

---

---

| | | |
|:---|:---|:---|
| **Fund** | **From long-term <br> capital gain:**  | **From long-term capital <br> gain, using proceeds <br> from shareholder <br> redemptions:** |
| U.S. Government Money Market Fund | $16 | $— |

---

Final regulations dated June 24, 2020 enable a regulated investment company to pay Section 199A dividends to its shareholders. Section 199A, enacted as part of the Tax Cuts and Jobs Act of 2017, may allow non-corporate tax payers a deduction of up to 20% of qualified business income from flow-through entities, including dividends from real estate investment trusts. The qualifying percentage of the Real Estate Fund's ordinary income and short-term capital gain distributions, if any, for the purpose of the Section 199A deduction was 74.25%.

**A Brief Note on The Compounding of Returns** 

Many of the Funds described in this report are benchmarked daily to leveraged and/or inverse leveraged versions of published indices. To properly evaluate the performance of these funds, it is essential to understand the effect of mathematical compounding on their respective returns.

Because of the nonlinear effects of leverage applied over time, it is possible for a fund to perform in-line with its benchmark for several individual periods in a row, yet seem to trail the benchmark over the entire period on a cumulative basis. It is also possible that a fund that performs in-line with its benchmark on a daily basis may seem to outperform its benchmark over longer periods.

**An Example of Compounding** 

For example, consider a hypothetical fund that is designed to produce returns that correspond to 150% of an index. On the first day of a period, the index rises from a level of 100 to a level of 106, producing a 6.0% gain and an expectation that the fund will rise by 9.0%. On the same day, the fund's net asset value per share ("NAV") increases from $10.00 to $10.90 for a gain of 9.0% — in line with its benchmark.

On day two, assume the index falls from 106 to 99 for a loss of about 6.6%. The fund, as expected, falls 9.9% to a price of $9.82. On each day, the fund performed exactly in line with its benchmark, but for the two-day period, the fund was down 1.8%, while the index was down only 1.0%. Without taking into account the daily compounding of returns, one would expect the fund to lose 1.5% and would see the fund as trailing by 0.3% when in fact it had performed perfectly. This example is summarized in the table below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Index <br> Level** | **Index <br> Performance** | **Fund <br> Expectation** | **Fund <br> NAV** | **Fund <br> Performance** | **Assessment** |
| Start | 100 |  |  | $10.00 |  |  |
| Day 1 | 106 | 6.0% | 9.0% | $10.90 | 9.0% | In line |
| Day 2 | 99 | -6.6% | -9.9% | $9.82 | -9.9% | In line |
| Cumulative |  | -1.0% | -1.5% |  | -1.8% | -0.3% |

---

As illustrated by this simple example, the effect of leverage can make it difficult to form expectations or judgments about fund performance given only the returns of the unleveraged index.

418 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**OTHER INFORMATION** (concluded)<br>

Because certain funds seek to track the performance of their benchmark on a daily basis, mathematical compounding, especially with respect to those funds that use leverage as part of their investment strategy, may prevent a fund from correlating with the monthly, quarterly, annual or other period performance of its benchmark. Due to the compounding of daily returns, leveraged and inverse funds' returns over periods other than one day will likely differ in amount and possibly direction from the benchmark return for the same period. Investors should monitor their leveraged and inverse funds' holdings to ensure that they are consistent with their strategies, as frequently as daily. For those funds that consistently apply leverage, the value of the fund's shares will tend to increase or decrease more than the value of any increase or decrease in its benchmark index. For more information on correlation, leverage and other risks, please read the prospectus.

In general, any change in direction in an index will produce compounding that seems to work against an investor. Were the index to move in the same direction (either up or down) for two or more periods in a row, the compounding of those returns would work in an investor's favor, causing the fund to seemingly beat its benchmark.

As a general rule of thumb, more leverage in a fund will magnify the compounding effect, while less leverage will generally produce results that are more in line with expectations. In addition, periods of high volatility in an underlying index will also cause the effects of compounding to be more pronounced, while lower volatility will produce a more muted effect.

**Sector Classification** 

Information in the Schedule of Investments is categorized by sectors using sector-level Classifications defined by the Bloomberg Industry Classification System, a widely recognized industry classification system provider. Each Fund's registration statement has investment policies relating to concentration in specific sectors/industries. For purposes of these investment policies, the Funds usually classify sectors/industries based on industry-level Classifications used by widely recognized industry classification system providers such as Bloomberg Industry Classification System, Global Industry Classification Standards and Barclays Global Classification Scheme.

**Quarterly Portfolio Schedules Information** 

The Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds' Form N-PORT is available on the SEC's website at https://www.sec.gov. The Funds' complete schedules of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on our website at www.guggenheiminvestments.com, and will be made available, upon request and without charge, by calling 800.820.0888.

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 419

**ITEM 8: CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

Note: This is not applicable for any fund included in this document.

420 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**ITEM 9: PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

Note: This is not applicable for any fund included in this document.

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 421

**ITEM 10: RENUMERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

The remuneration paid to directors, officers, and others, if applicable, are included as part of the financial statements included under Item 7 of this Form.

422 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**ITEM 11: STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

Note: This is not applicable for any fund included in this document.

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 423

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This page intentionally left blank.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

The information is included as part of the material filed under Item 7 of this Form.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable at this time.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to this registrant.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to this registrant.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchases.**

Not applicable to this registrant.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**Item 16. Controls and Procedures.**

(a)&nbsp;&nbsp;&nbsp;&nbsp; The registrant's President (principal executive officer) and Treasurer (principal financial officer) have evaluated the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) as of a date within 90 days of this filing and have concluded that based on such evaluation as required by Rule 30a-3(b) under the Investment Company Act, that the registrant's disclosure controls and procedures were effective as of that date in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b)&nbsp;&nbsp;&nbsp;&nbsp; There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that the officers listed above believe to have materially affected, or to be reasonably likely to materially affect, the registrant's internal control over financial reporting.

 **Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable to this registrant.

**Item 18. Recovery of Erroneously Awarded Compensation.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

**Item 19. Exhibits.**

[(a)(1) The registrant's code of ethics pursuant to Item 2 of Form N-CSR is attached.](fp0092701-207_ex99code.htm)

[(a)(2) Separate certifications by the President (principal executive officer) and Treasurer (principal financial officer) of the registrant as required by Rule 30a-2(a) under the Investment Company Act (17 CFR 270.30a-2(a)) are attached.](fp0092701-207_ex99cert.htm)

(a)(3) Not applicable.

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b)&nbsp;&nbsp;&nbsp;&nbsp; A certification by the registrant's President (principal executive officer) and Treasurer (principal financial officer) as required by Rule 30a-2(b) under the Investment Company Act (17 CFR 270.30a-2(b)) is attached.](fp0092701-207_ex9906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | Rydex Series Funds |
| By (Signature and Title)\* | /s/ Brian E. Binder |
|  | Brian E. Binder, President and Chief Executive Officer |
| Date | June 5, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Brian E. Binder |
|  | Brian E. Binder, President and Chief Executive Officer |
| Date | June 5, 2025 |
| By (Signature and Title)\* | /s/ James Howley |
|  | James Howley, Chief Financial Officer, Chief Accounting Officer, and Treasurer |
| Date | June 5, 2025 |

---

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

**APPENDIX A**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND**

**SENIOR FINANCIAL OFFICERS**

**I. Covered Officers/Purpose of the Code**

This code of ethics (the "Code") is applicable to Guggenheim Funds (each a "Company" and together the "Companies," each set forth in Exhibit A) and applies to the Companies' President/CEO (Principal Executive Officer), and CFO/Treasurer (Principal Financial and Accounting Officer) (the "Covered Officers") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant
files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting of violations of the Code to an appropriate person or persons identified
in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Covered Officers are expected to dedicate their best efforts to advancing the Trust's interests and to use objective and unbiased standards when making decisions that affect the Trust, while being sensitive to situations that may give rise to actual conflicts of interest, as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Company. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Company.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Company and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Company because of their status as "affiliated persons" of the Company. The Company's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or result from, the contractual relationship between the Company and the investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company or for the adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and the Company. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Company and the adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Company. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Boards of Trustees ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this code.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. **The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.**

\*\*\*

Page 1 of 15

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;· not use his or her personal influence or personal relationships improperly to influence investment decisions
or financial reporting by the Company whereby the Covered Officer would benefit personally to the detriment of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;· not cause the Company to take action, or fail to take action, for the individual personal benefit of the
Covered Officer rather than the benefit the Company;

&nbsp;&nbsp;&nbsp;&nbsp;· report at least annually his or her affiliations or other relationships which may give rise to conflicts
of interest with the Funds (provided that annual completion of the Funds' Trustees and Officers Questionnaire shall satisfy the
requirements of this bullet point).

There are some conflict of interest situations that should always be discussed with the Secretary of the Funds (the "Secretary"), or other senior legal officer, if material. Examples of these include:<u><sup>1</sup></u>

&nbsp;&nbsp;&nbsp;&nbsp;· service as a director on the board of any public company;

&nbsp;&nbsp;&nbsp;&nbsp;· the receipt of any non-de minimus gifts;

&nbsp;&nbsp;&nbsp;&nbsp;· the receipt of any entertainment from any company with which the Company has current or prospective business
dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to
raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;· any ownership interest in, or any consulting or employment relationship with, any of the Company's
service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof;

&nbsp;&nbsp;&nbsp;&nbsp;· a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Company
for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's
employment, such as compensation or equity ownership.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize himself or herself with the disclosure requirements generally
applicable to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the
Company to others, whether within or outside the Company, including to the Company's directors and auditors, and to governmental
regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult
with other officers and employees of the Funds and the adviser with the goal of promoting full, fair, accurate, timely and understandable
disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds;
and

&nbsp;&nbsp;&nbsp;&nbsp;· it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions
imposed by applicable laws, rules and regulations.

<u><sup>1</sup></u> Any activity or relationship that would present a conflict for a Covered Officer would likely also present a conflict for the Covered Officer if a member of the Covered Officer's family engages in such an activity or has such a relationship.

Page 2 of 15

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;· upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing
to the Board that he or she has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;· annually thereafter affirm to the Board that he or she has complied with the requirements of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any other Covered Officer or any employee of the Funds or their affiliated persons
for reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;· notify the Secretary promptly if he or she knows of any violation of this Code. Failure to do so is itself
a violation of this Code.

The Secretary, or other designated senior legal officer of the Funds' investment adviser, is responsible for applying this **Code** to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation.<u><sup>2</sup></u> However, any approvals or waivers<u><sup>3</sup></u> sought by the President/ CEO will be considered by the Audit Committee of the Funds (the "Committee"). The Chair of the Audit Committee of the Trust is authorized and encouraged to consult, as appropriate, with the Chair of the Board of Trustees of the Trust, the Independent Trustees or the Board of Trustees of the Trust and/or with counsel to the Trust, the Investment Adviser(s) or the Independent Trustees.

The Independent Trustees are responsible for granting waivers of this Code of Ethics, as appropriate. Any changes to or waivers of this Code of Ethics will be disclosed on Form N-CSR<u><sup>3</sup></u> to the extent required by Securities and Exchange Commission rules.

The Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;· the Secretary or other designated senior legal officer will take all appropriate action to investigate
any potential violations reported to him or her;

&nbsp;&nbsp;&nbsp;&nbsp;· if, after such investigation, the Secretary believes that no violation has occurred, the Secretary is
not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;· any matter that the Secretary believes is a violation will be reported to the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;· if the Committee concurs that a violation has occurred, it will inform and make a recommendation to the
Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and
procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer
as an officer of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;· the Board will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;· any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

Nothing in this Code, any agreement between the Audit Committee and Covered Officers or any other person serving the Trusts, or any Trust policy or program, prohibits or restricts any person in any way from reporting possible violations of law or regulation to any governmental agency or entity, or otherwise prevents anyone from participating, assisting, or testifying in any proceeding or investigation by any such agency or entity or from making other disclosures that are protected and/or permitted under law or regulation. For more information, please refer to the Guggenheim Capital, LLC Code of Conduct, available on OneGuggenheim.

<u><sup>2</sup></u> The Secretary or other designated senior legal officer is authorized to consult, as appropriate, with counsel to the Company and counsel to the Independent Trustees, and is encouraged to do so.

<u><sup>3</sup></u> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant.

Page 3 of 15

**V. Other Policies and Procedures**

This **Code** shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and their investment advisers' and principal underwriters' codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI. Amendments**

Any amendments to this Code must be approved or ratified by a majority vote of the Board, including a majority of independent directors/trustees.

**VII Confidentiality**

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board and its counsel, the Funds' counsel, the Adviser and its counsel and any other advisers, consultants or counsel retained by the Board of Trustees.

**VIII. Internal Use**

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion.

Page 4 of 15

**Exhibit A - Covered Entities**

**Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust**

**Guggenheim Strategic Opportunities Fund**

**Guggenheim Active Allocation Fund**

**Guggenheim Funds Trust**

**Guggenheim Variable Funds Trust**

**Guggenheim Strategy Funds Trust**

**Transparent Value Trust**

**Rydex Series Funds**

**Rydex Dynamic Funds**

**Rydex Variable Trust**

Page 5 of 15

## Ex-99.Cert

EX.-19(a)(2)(i)

**CERTIFICATION**

I, Brian E. Binder, certify that:

1. I have reviewed this report on Form N-CSR of Rydex Series Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: June 5, 2025 | /s/ Brian E. Binder |
|  | Brian E. Binder, |
|  | President and Chief Executive Officer |

---

EX.-19(a)(2)(ii)

**CERTIFICATION**

I, James Howley, certify that:

1. I have reviewed this report on Form N-CSR of Rydex Series Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: June 5, 2025 | /s/ James Howley |
|  | James Howley, |
|  | Chief Financial Officer, Chief Accounting Officer, and Treasurer |

---

## Exhibit 99.906

EX.-19(b)

**CERTIFICATION**

I, Brian E. Binder, President and Chief Executive Officer, and I, James Howley, Chief Financial Officer, Chief Accounting Officer and Treasurer of Rydex Series Funds (the "Registrant") each certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: June 5, 2025 | /s/ Brian E. Binder |
|  | Brian E. Binder |
|  | President and Chief Executive Officer |

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| | |
|:---|:---|
| Date: June 5, 2025 | /s/ James Howley |
|  | James Howley |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |

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